Why Biden's Decision Matters to You a Lot More Than You Realize
Plus, the newest workplace benefit
Ric Edelman: It’s Monday, July 22nd. Actually, no, sorry again. This is Sunday night, July 21st. I'm still on the road. I just made it to, uh, where on earth am I? Sioux Falls, South Dakota and as part of my road trip, and we've all heard the news. So, President Joe Biden has said he is going to stop. Naturally I need to comment, but my take on this is not at all what you think I'm going to say. So it's really important that you hear this message because this has direct impact on you and your life. If not immediately, then one day, in the future, maybe tomorrow, maybe in a couple of decades, if not for you, then for your parents. But this is really important. We'll get to what I had already recorded for Monday, July 22nd in a couple of minutes, but I need to share with us with you first because it's a big deal.
Joe Biden has just demonstrated a situation and a handling of the situation that is all too common and frequent. “I will quit when the Lord Almighty tells me to.” That's what he said. “Just look at my record. It's a great record. I've done a terrific job in the past.” That's what he has been saying, right?
Those words, that sentiment is exactly what we frequently hear our aging parents who refuse to stop driving. Isn't it really? Think about this. We are in denial. I've been driving ever since I was a teenager. I've done a great job. Haven't had a ticket. Haven't had an accident. Haven't had an incident in decades. If there were any, they weren't my fault. And so what's the problem? So I had a bad night. Okay, there was a fender bender, there was a collision, there was an incident, but it was just one incident? Look at my record of the past. This attitude that so many have about driving is reflected in the president's attitude about not attempting to win re-election for the next four years.
It was the persistent, often carefully worded, delicately phrased encouragement to help the president reach the decision that he needed to reach for his own sake, his own health. His own legacy. Yes. The past has been admirable. Yes. The track record has been strong, but that's not what any of this is about. Is it? It has nothing to do with the fact you've been a good driver, that you have paid your auto insurance bills timely, that you haven't incurred many accidents or collisions. There haven't been injuries. There has been no property damage. That's all well and good, but that has nothing to do with it, in terms of your ability to continue to perform safely in the future.
And it took a lot of people, a lot of effort, and a lot of repetition to persuade the President to give up the car keys. And that is what you're going to need to do one day. You can either acknowledge up front that your best days are behind you, that your reflexes aren't what they used to be. That you're placing yourself and others at risk by continuing to drive. And you can voluntarily, of your own accord, choose to stop driving. And allow others to support you, to praise you, to assist you in tending to the chores that you need to tend to without being behind the wheel. That's what Lyft is for and Uber. This is what delivery services are for. And all of this is what we need to do. We need to show ourselves. We need to show our older parents who have diminished capacity. Look to Joe Biden. He just voluntarily chose to step aside. It took some persuasion. It took some repetition. It took some gentle and loving help, but he, in the end, made the decision that is right for him, right for his community, our nation. You need to do the same thing when you are no longer able to drive your car as safely as you used to, you need to have these conversations with your parents, aunts and uncles, you need to have others engage with them as well. Your aging parents, financial advisor and attorney and physician and the department of motor vehicles. We need to have repetition. We need to have many people citing information in different ways until the message sinks in. What Joe Biden has just experienced regarding the presidency is what each of us are ultimately going to experience regarding our driving. There is a message for all of us regarding this situation.
Now, off to what I had planned on sharing with you here on Monday, July 22nd.
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Ric Edelman: On today's show, the newest employee benefit for pregnant workers: paying for overnight childcare. Wow. Think about that. You pay for employees to get a nanny who can look after their baby or toddler during the night. They arrive at the client's home at 9:00pm or 10:00pm, and then they leave the next morning at six or seven in the morning. They feed the baby, they change the diaper, they soothe them if they're crying so that parents can sleep.
There are now childcare agencies that offer overnight care for infants. And who are the big customers? Families with two working parents. Parents who had twins, or who have an older child. And new parents who don't have any family support. The price of these services? $28 to $38 an hour.
But why stop there? Coming soon? Robot nannies. We already have robotic teaching assistants in China, Japan, Europe, and the US. They mainly help with teaching science, technology, engineering, and math, the STEM subjects. And from the research, the students like the entertaining learning experience. And some of the workload is taken off the teacher. In China, they're testing cute robots that look and behave like real children. They're designed to be cute, to provide a nurturing response. This is actually encouraging small children to really love their robots. These bots are being used for three to eight year olds after school, while the kids wait for their parents to get home from work. In coming years, it's expected that these robot nannies will do more of the day-to-day care for the children. Overnight nannies, robot nannies – I wonder if mom and dad will be needed at all.
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Ric Edelman: Hey, I did a show last month about Larry Fink bringing needed attention to the retirement crisis that prompted a quick note from James Wheeling. I'll tell you what he sent to me.
Yeah, we've got a retirement crisis in this country. I've been telling you about it for decades. And fortunately, we were thrilled. As I mentioned to you earlier, Larry Fink, the CEO of Blackrock, the world's largest asset manager, has weighed in, adding his voice to those who are sounding the alarm about America's retirement crisis. And I talked about the fact that the typical 401k balance for a 65-year-old is only $500,000. In other words, that's barely enough to provide $1,500 a month in income and retirement. And how so many people are being threatened with running out of money before they die, because life expectancies are growing at such a fast clip.
James Wheeling sent in an email to me. He wrote it to AskRic@TheTruthAYF.com. You can do that too, anytime if you have a question or comment based on what you hear on these podcasts. And James simply said the following, “These are scary figures.” They sure are James. And I'm really glad you feel they're scary because it means you're paying attention and I'm going to credit Larry Fink. I'm really excited that somebody as influential as the CEO of the world's largest money manager is talking about this subject, because until we all start talking about it, and until we all do agree with you, James, that these are scary figures, we're not going to fix it. You can't fix a problem you don't know about. And so we need to have this dialogue and conversation. I'm glad Larry Fink talked about it. James, I'm glad you were listening and I hope you'll spread the word.
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Ric Edelman: Hey, you’ve heard me talk about Ethereum on one of my previous podcasts. Guess what? The SEC has now approved the launch of an Ethereum ETF, and it begins trading tomorrow. And this Wednesday at 2:00pm ET, I'm hosting an important webinar, The New Ethereum ETFs: Answers to the Big Questions, featuring Bitwise CIO Matt Hougan. Together we'll explore why you might want to add spot Ethereum ETFs to your portfolio, the differences between Ethereum and bitcoin – and you’ll get guidance on choosing from the eight available Ethereum ETFs. This webinar benefits both advisors and investors seeking to expand their crypto knowledge. Plus, you’ll earn 1 CE credit! Register now at DACFP.com. The link is in the show notes.
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Ric Edelman: On tomorrow's show, some really cool inventions that I'll bet you would want to use.
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Ric Edelman: I’m glad you’re with me here on The Truth About Your Future. If you like what you're hearing, be sure to follow and subscribe to the show, wherever you get your podcasts, Apple, Spotify, YouTube – and remember leave a review on Apple podcasts. I read them all! Never miss an episode of The Truth About Your Future. Follow and subscribe on your favorite podcast app.
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Links from today’s show:
The New Ethereum ETFs: Answers to the Big Questions (7/24 Bitwise Webinar – Register Now!): https://dacfp.com/webinar-the-new-ethereum-etfs-answers-to-the-big-questions/
Larry Fink Brings Needed Attention to the Retirement Crisis (5/9/24 Episode): https://www.thetayf.com/blogs/this-weeks-stories/larry-fink-brings-needed-attention-to-the-retirement-crisis
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