Will the world end before I can retire?
Digest
The podcast delves into the anxieties surrounding retirement planning in a world facing climate change, potential financial crises, and other existential threats. Carolina, a young professional, expresses her concerns about saving for a future that might not exist. Brian Walsh, a news editor and author of "End Times," discusses various existential threats, including climate change, nuclear war, and AI. While acknowledging the uncertainty, he emphasizes the importance of planning for the future. Vivian Tu, a finance influencer and author of "Rich AF," provides practical advice on budgeting and saving for retirement, emphasizing the importance of finding a balance between enjoying life today and preparing for the future. Carolina, after hearing from Brian and Vivian, decides to adopt a balanced approach to retirement planning, acknowledging the uncertainty of the future but choosing to save for it while still enjoying life today.
Outlines
Retirement Planning in an Uncertain World
The podcast begins with Carolina, a young professional, expressing her anxieties about retirement planning in a world facing climate change and potential financial crises. She questions the point of saving for a future that might not exist.
Existential Threats and Planning for the Future
Brian Walsh, a news editor and author of "End Times," discusses various existential threats facing humanity, including climate change, nuclear war, and AI. He acknowledges the uncertainty surrounding the future but emphasizes the importance of planning for it.
Budgeting and Saving for Retirement
Vivian Tu, a finance influencer and author of "Rich AF," shares her insights on budgeting and saving for retirement. She emphasizes the importance of finding a balance between enjoying life today and preparing for the future.
Carolina's Decision: A Balanced Approach
Carolina, after hearing from Brian and Vivian, decides to adopt a balanced approach to retirement planning. She acknowledges the uncertainty of the future but chooses to save for it while still enjoying life today.
Keywords
Existential Risk
A threat that could cause the extinction of humanity or significantly reduce its potential. Examples include climate change, nuclear war, and pandemics.
P-dume
The probability of doom, a term used to quantify the likelihood of various end-of-the-world scenarios.
High Yield Savings Account
A type of savings account that offers a higher interest rate than traditional savings accounts, allowing your money to earn more interest.
401(k)
A retirement savings plan offered by employers, allowing employees to contribute pre-tax dollars to an investment account.
Roth IRA
A retirement savings plan that allows you to contribute after-tax dollars, and withdrawals in retirement are tax-free.
Job Hopping
The practice of frequently changing jobs, often to increase salary or gain new skills.
Generational Wealth
Wealth that is passed down from one generation to the next, often through inheritance or family businesses.
Q&A
What are some of the existential threats facing humanity, and how likely are they to occur?
Brian Walsh, a doom expert, identifies several threats, including climate change, nuclear war, and AI. He acknowledges the uncertainty surrounding these threats but believes that the worst-case scenarios are less likely than they were in the past.
How can young people balance enjoying life today with saving for retirement in a world facing uncertainty?
Vivian Tu, a finance influencer, advises finding a middle ground between spending all your money today and sacrificing everything for the future. She encourages people to enjoy life while still setting aside money for retirement.
What are some practical tips for saving for retirement, especially for those who are just starting out?
Vivian recommends setting up an emergency fund, paying down debt, contributing to a 401(k) or Roth IRA, and investing in a diversified portfolio. She also emphasizes the importance of planning and setting financial goals.
How does the current economic climate and job market affect retirement planning for younger generations?
Vivian notes that younger generations face challenges such as stagnant wages, rising costs of living, and the disappearance of pensions. She encourages job hopping to increase earnings and emphasizes the importance of financial literacy.
How does Carolina's perspective on retirement change after hearing from Brian and Vivian?
Carolina feels less anxious about the future after learning that the probability of a catastrophic event is lower than she initially thought. She decides to adopt a balanced approach, saving for retirement while still enjoying life today.
Show Notes
From the moment Carolina graduated from college and started her first real job, the financial advice came pouring in. It felt like everyone she knew was telling her to save for retirement. So Carolina wants to know: really? Maybe that advice was good for boomers, Gen X and millennials, but the world Carolina would be saving for seems like it’s on the brink of collapse. So should Gen Z do things differently? Vox editor Bryan Walsh tells us how close we might be to an extinction-level event, and Vivian Tu a.k.a. Your Rich BFF offers some financial real talk.
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Credits:
Jonquilyn Hill, host
Sofi LaLonde, producer
Andrea Kristinsdottir, engineer
Carla Javier, supervising producer
Melissa Hirsch, fact checker
Katherine Wells and Jorge Just, editors
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