YouSaid · the spoken record

Vivian Tu

lines on the record: 37
first: 2024-11-18
most recent: 2024-11-18
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think I would be more stressed about it if I had dependence of any sort, but I don't. The only thing I gotta take care of is myself. I don't know. I don't know. Maybe I keep thinking about getting a cat. Maybe if I got the cat, I would be more”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Do you ever think like you'll ever feel comfortable with not the sure thing? Like, I don't know. I feel like so much of life is uncertain and it's hard to know for sure. And I think especially with people, I don't know, just being science-minded, analytical, is the not knowing for certain, is that ever difficult?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Definitely need to open a high yield. I think after that, I'll probably open a Roth IRA. I guess I could pay off my car, but I'm 22, so my credit score really needs those monthly payments more than it needs the car to be paid off. I really appreciate you guys making sense of my nonsense. Future doomer is anxiety and turning it into not one but two coherent answers.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“How do I feel about the potential end of the world? I feel better knowing that the chances are only 20%. It's not great odds, but it's definitely lower than I thought it would be. I was pretty sure climate change was going to push that well into the above 50%. Like what I take a medication if I had 20% odds of killing me, like no, but like this was something that was out of my control and I thought the odds were going to be like 60%. So suddenly that's like a threefold reduction. I think it makes me a little bit less anxious about the greater than $1,000 I'm about to spend to go to Machu Picchu.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“I will also say that there's a different attitude towards work between Gen Z and millennials. I think millennials like yourself and myself are, we tie a lot of our self-worth to work. You know, there is part of me that is fueled by the next task, that is fueled by the next milestone, the next achievement. Whereas Gen Z, I think they're adopting a much more alternative lifestyle in part because it's like fun and cool, but also in part because they don't see a realistic route for them to get to the two and a half kids golden retriever tire swing white picket fence house. And because of that, their perception of work as well as like what is like the new normal is very different.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, like hello, like, I'm so tired of girl bossing, but there's a part of me that can't turn it off. And I do wonder, like. Do you ever find a disconnect between millennials and Gen Z when it comes to advice because of that? Because like.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Remember graduating from college and I earnestly read Lean In. I was like, we're gonna get in there. Let me roll up my sleeves. And I think the pandemic did a lot for this because during the pandemic, I was like, oh. What makes me happy? Like, what parts of life really satisfy me other than work? And how do I prioritize that?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Gotta be swiping. You gotta be moving to the next thing. There's always somebody hotter and cooler and better. It sucks to say that, but like, that is what the job market has become for millennials in Gen Z because the only way we are able to be paid our worth is to job jump. And if you are not learning and earning, if you are not getting promoted in a huge raise every two years, you need to go. You need to find somewhere that is going to give you what you need.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“I think it's about providing yourself a life that you are happy with today while also thinking about hey, it's not like you saving for retirement means as money goes in a black hole. You still get to spend it just later. And in fact, what people need to remember is that you're not just setting this money aside and then getting that same number back in retirement. But when you start investing your money, in particular for retirement, when it's got a little bit of room and time to grow, that money gets to work really hard for you. And so you might only put in Hundred thousand dollars. That hundred thousand dollars could be a couple million dollars in retirement”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Oh, yeah. I'm going to be drinking lemon drops on the back of a golf cart. Oh my god. We're going to be getting wild at the retirement code. But, like, how do you do that balance? How do you have the little treat? Carolina, she likes fancy feta cheese. And she's like, should I not be buying this fancy feta cheese? Because I should be saving. Like, how do you prioritize those things?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“You know, if they are just getting by, I think first and foremost, we want to try and maximize that income. So it's really important to be asking for that raise every single year. People always balk when I say this. You need to be asking for a raise somewhere between 10 to 15% every single year. I'm not saying you're getting it. But if you ask for 10 to 15 and you get 8, that's good because eight is still going to help keep you above the inflation rate.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“I think it's really important that your portfolio makes sense for how far you are away from retirement. So when you're 20, yeah, you can be 190% in the stock market and have zero or 10% in bonds. When you're 50, it should look almost flipped, but it really depends on how much you're making, how much you already have, any other investments you might be having, any sort of generational windfalls you might be expected to come into.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Retirement funds, index funds, often make sense. And last step, this is so critically important. P plan. You don't get to have happily ever after. You don't get to ride off into the sunset if you do not have a plan. So write down what your goals are, what those milestones are, what you'd like to accomplish, the amount of money it's going to take to get you there. And then back into what you need to do to get there.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Is total debt. A lot of us have debt, and that is not a bad word. It is just a tool. So with our debt, what I say is rank it from highest to lowest interest rate, make the minimum payment across everything to keep your credit score high, but then any additional funds you have for debt paydown goes towards the interest rate that is the highest. Up next are retirement. So take advantage of tax advantaged accounts like a 401k through your job, 403b, 4057, TSP, whatever type of job you have. You can also open up an IRA or a Roth IRA. IRA literally stands for individual retirement account. And then I, this is important, it's not enough to just open those accounts. You actually have to invest. So you take the cash that you're putting into those accounts and you are making investments that make sense based on your risk profile. Target date.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“I always tell everyone there is a special Yorich BFF method. If you want to be rich AF, you need to strip. And everyone's like, oh, did I pick the wrong career? No, strip is an acronym. S stands for savings. First and foremost, you want to set aside an emergency fund. In particular, I recommend putting your emergency fund into a high yield savings account so that your money waiting for that rainy day gets to earn you more interest in the meantime.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“God forbid you get hit by a truck tomorrow. What was all that for? So I ask folks to kind of find the middle of that barbell and say, you are allowed to enjoy your life today. I promise you, you were not put on this big green earth to work a nine to five to hate your life. That is not your ultimate purpose. You are allowed to have the little treat, you are allowed to take that trip, you are allowed to go and grab a manicure with a friend because it is fun. You are allowed to have fun. You do not want to have so much fun today at the expense of future you because of that uncertainty factor. You want to be able to have fun today and tomorrow.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“You need to enjoy today while also preparing for the future. I think there's two sides of the spectrum, right? Like you've got the folks who are like, nope, I'm going to blow all my cash today. I'm going to go on a shopping spree because who knows if I get to retire in however many years. There's folks on the opposite side of the spectrum that are like, I'm a doomsday prepper, basically. And like I need to only think about retirement, I need to protect myself in the future. I will scrimp and save today. I will have the worst life today so I can have a better future. For these folks, I'm like, what if you never get there?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“We're in an age where it's like we can research so much and find so many things. And it feels like there are so many sure things. But this like retirement and the state of the world feels so uncertain. And I'm just wondering, how do you adjust your mindset to that?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Yes, absolutely. Like, I need to see some of the before times. And I don't have a crystal ball. What I will tell you, though, is that if we do have an apocalypse, the folks who do have money are going to be better off.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Listen. No, I really do. I feel for her. And I also feel for, I would say, her generation, our generation, and even the generation slightly above ours because we lived through so many unprecedented crises.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Oh, yeah. You were hustling Okay, I want to move on to Carolina's question. So she has this question about retirement, and it's kind of a two parter question. I'll start with our first part. First, she's worried about whether there might even be a stable financial market when she is ready to retire. You think about like should we be worried about the basic stability of our financial system?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“I would say my relationship with money very much stemmed from a scarcity mindset. I'm very lucky I am the only daughter to two amazing Chinese immigrant parents, and my parents were very, very focused on the American dream and upward social and economic mobility, and as such it was always about scrimping and saving in my house. There were no conversations around growing your wealth, getting rich. That was for other people.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Think of it that way, if you think like this, not some other person that I'm doing the saving for, this preparation for, it is me just down the line and I care about that person to a certain extent. I mean, maybe not enough to like forego all the good cheese, but like some of it. I think that helps make it worthwhile to me.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Well, it's funny. I mean, like, I can say how I think day to day and I do get worried. And there are times when I get really worried. And that can, yeah, I can spiral when that happens. But when you look at how I'm living my life, for instance, I am saving retirement for retirement, among other things, like wouldn't really do that if I thought there was going to be no future. I have a child. My wife and I do. That's another sort of vote in the favor of a confidence that there will be a future.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Do I have a P doom like across the board? That was interesting. I guess I would say, do I think the world, as we know it, will end by the end of 2100? So I would guess I want to say 20%. Feels that optimistic or pessimistic? Like, I'm not really sure, to be honest.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“When people worry about a big crash, I think it's almost like the analogy I like to use is imagine like a forest, okay? Forestes used to have fires more often, smaller ones. We kind of burn out the deadwood and it reduced the risk of a really, really big fire. And I think I could understand what we worry about now with the global economy is like, it's almost like we have this big forest that is totally unmanaged and like one bad spark could just lead to a total inferno. Now that is like not real great economic analogy making possibly. But yeah, I think that is a concern. Again, that goes back to that idea that we live in a more fragile social and political system than I think we often appreciate.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so we've gotten to this climate change aspect, but one thing that Carolina also brought up is financial crises. Like, could there be a financial collapse of some sort that would make planning for the future worthless? Like, what's the, what's the deal there?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“If I think about how climate change could lead to the end of the world, I think the way what would happen is less directly than it creates so much chaos internationally and within a country like the United States itself that you would then see really major conflicts, really major wars, maybe up into and leading to a nuclear war. That would be the thing that ends it. But like, maybe it would look like Nadnex. I don't know. I don't think it'll look like that. I don't think we'll be all wearing like S&M bondage gear and being on motorcycles and what have you but that said like I still feel confident personally and I think most experts that I speak to that will make it through definitely wouldn't like just right off the future because of climate change at this point as much as I know that's a hard thing to really like wrap your head around”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so what is the climate change scenario where saving for retirement doesn't make sense? Like, are we, like sometimes when I think of this, I think of Mad Max, like, okay, I'm going to have to fight in the first water war and my, you know, grandchildren will fight in the second great water war? Like, what does that worst case scenario look like”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“She's particularly concerned about climate change. That's top of mind for her. Of all of the doom scenarios, does that one seem the most likely? Because I feel like that's the one, like even in our newsroom, like that's the one we talk about the most, you know?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so Caroline is Gen Z, and she's wondering how she should think about retirement. And yeah, there's this aspect of what to do about your 401k and your investments and how much to save. But she's also sort of getting at this question of what's the point of it all? Like, will any of this exist by the time she's in her 60s? Is she foregoing these fancy groceries and trips for no reason? Like, should she be enjoying the expensive feta cheese she wants now rather than saving for the 60 something version of herself?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“That everything is changing, like is there any secure way for me to start doing that? Should I even really be worried about it right now and like, am I ever gonna get to retire because it's not looking so hot and also the planet is looking pretty hot and that's stressful.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Exactly, exactly. That's like you're making big assumptions about the financial market is still. You retire It could not be. A lot is going to happen between now and like 2070. Your job Replaced by Chat GBT”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“I think Survive is like just put away the money the way that everybody tells you that you're supposed to do and hope that it works out and try not to think too hard about how it might not work out at all and you might lose all that money anyways. And then you could have spent it for fun when you were younger. Or for just like being able to afford feta cheese.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“My sister is married to an accountant, and when I was 18, he was like, you need to max out your Roth IRA starting now. And With what money? Am I just going to put that money in the stock market? Like, I think they assume, you know, the stock market is always safe, but then it keeps crashing. So is it?”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“Retirement, I think, is strange because everyone held you to start doing it right away, to start saving right away. And that's like a very future looking thing. And it feels just weird to do that when you know that the future is going to look very different.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT
“One that looms large for a lot of young people in America. How and when should you start saving for retirement? And will that even matter in a future of big, often scary uncertainties about work in the age of AI and the climate crisis? If you're a millennial staring down the barrel of our rickety social safety net or a Gen Z or that just entered the workforce, this might be one of the biggest decisions you make about the future. Okay, explain it to me on whether the world will end before we all retire. Here we go.”
2024-11-18 · Decoder with Nilay Patel · Will the world end before I can retire? · IDENTIFIED FROM THE TRANSCRIPT