The Financial Diet's Chelsea Fagan Talks Women & Finance, Cryptocurrencies, and Money Management

[@internetshaquille]

finally the bagel diet

[@Sabrewylf]

Goddamn the Shaq's here.

[@vikingthedude]

I love it when youtubers u watch are fans of other youtubers u also watch

[@kevinclass2010]

Very balanced diet indeed

[@jaredong]

A Plain Bagel is an essential part of a healthy Financial Diet.

[@somosvenezuela4364]

It's important to discuss the role that gender roles have in investing and finance. It's a well known fact that girls are not taught financial literacy the same way boys are, for a variety reasons. We are 50% of the population, so no, it's not "woke bs" to bring this topic up. I'm disappointed at the maturity level of this comment section. It seems like some of you immediately shut down the second anything you don't like is brought up. I'm part of 10% of your audience and I appreciated this collab

[@dogetaxes8893]

It's really a combination of things, it's genetic + environment a strong combination of both. it's also well known that women are small but noticeable gender personality differences, and that this isn't culturally caused. But you are correct we do need to increase financial literacy for women.

[@joshanbajaj9553]

So happy you two did a collaboration! You’re two of my favorite financial KZbin channels

[@Hasna256]

Thanks for having Chelsea on your channel! I learned about your channel through the collab with you on her channel. Have to say the comment section here is horrible and shows the views on women and inequality that some of your male viewers have and it's part of why the finance world feels like it's not for women. It's one of main reasons why a channel like TFD is so needed so women have a welcoming place to get into the broader parts of finance more easily.

[@mrrd4444]

Fun fact about women and finances, in my country The Philippines, precolonial times, women were primarily in charge of finances, trade, and economy, especially in households. The gender division was something like Men = Military power and class inheritance, Women = Spiritual and Economic power. There was even a practice of men taking the names of their spouses if the woman was richer or more socially powerful (either that or they were specifically called "husband of [x]" because the woman's name was more well known). I think at least some of that carried into today, because despite being an under developed country due to corruption and colonisation, in terms of gender equality the Philippines scored high for many years, in part due to women's economic power. I will say that in my family, I did see a disparity where the men pursued business and finances more (we're an exact division of 4 men and 4 women in our immediate family), but I was never made to feel like my participation in finances was unwelcome despite being one of the youngest and also a woman. Both my parents are breadwinners and though my father is a businessman who understands finances more, my mother has a fully independent income and manages the household budget, so I always saw them as fairly equal financially in the household. The Financial Diet did help me at least become more proactive in managing my finances. And I like to message my parents about my very first investment and whatnot and my father is super happy for me, likes to talk to me about my financial goals in the future, which is great.

[@tomlxyz]

This kinda reminds me how it worked in Sparta in ancient times. Men being busy fighting wars and dying and women managing the wealth and ending up being the richest citizen

[@Lord_Saruman]

Canada was a colony and it is certainly not underdeveloped, stop blaming what clearly cannot be blamed !

[@edgarrodriguez8973]

@@Lord_Saruman different thing it was a white settlement as NZ or Aus, not really a colony, with all the advantages that represented in a eurocentric racist world. Big lie what you uttered.

[@Relaxinghypnoasmr]

Plain bagel is the only financial channel I am subbed to, and I’ve never heard of TFD before. Thanks for having Chelsea on!

[@michielecker]

Hi Bagel, Thank you for having Chelsea of TFD on! While I feel like this wasn't on purpose at all, I follow 90% male channels and I've had difficulty finding female-led channels in finance that I find interesting as most that I've come across up to now were "product use/placing" based. Hope I'll like her channel!

[@edgarrodriguez8973]

It is excellent, Chelsea is awesome

[@Antenox]

I'm a boy who loves TFD 😄 TFD was actually the first financial channel I ever subscribed to. In fact, I'm pretty sure I subscribed when it started, because I was subscribing to everything the Greens produced (Crash Course, Brain Scoop, etc.). The only reason I unsubscribed, quite frankly, is because I pursued my financial self-education even more deeply and fervently, and while I love TFD and everything y'all do, I felt like my financial literacy (in no small part because of TFD's education!) had gone beyond TFD's target demographic. Or it might just be my hubris 😅 That said, maybe it's time to rebase my financial self and resubscribe. These are unprecedented circumstances, after all. Would love to hear more of your insight in the future!

[@Antenox]

About crypto: I feel compelled to point out that smart contract cryptocurrencies like Ethereum can also serve as cloud computing platforms. They can consume inputs, execute code based on those inputs, and produce outputs that can then be used as inputs to other computer systems. This is as opposed to cryptos like Bitcoin (which claim to be "gold 2.0," whatever that means), which only store and transfer "value." Does that change your value assessment of crypto in any way? Because I've invested in crypto based on the premise that the applications that can be built on top of Ethereum and other similar cryptos can be evaluated in much the same way as tech companies that operate purely as software service platforms (e.g. Facebook, Uber, etc), but more transparently because of the public nature of blockchain ledgers.

[@vulpixelful]

@@Antenox Unfortunately there are technical problems with using the eth block chain due to the nature of it being a read-only ledger. Folding Ideas has a good segment on this in his video "Line Goes Up, The Problem With Cryptocurrency", but simply, _anything_ can be put in the blockchain, even what you would actually want removed. So if someone hacks your wallet and puts, for example, illegal porn, in it, you're screwed. You could also put malicious code in there and there's no way to patch it. I'm a backend engineer, and I see some buzz on dev twitter about it, but that system is has so much potential for abuse. And if you ever want restitution, good luck explaining how you got stalked, libeled, or scammed with crypto or blockchain tech to a cop or government official who barely understands what a database is, let alone this.

[@Antenox]

@@vulpixelful I've watched that video. It is incredibly factually wrong. Maybe not in the basic aspects of how crypto works, but certainly in the extrapolations he makes. For example, what you just described ("what if someone sends something into your wallet that you don't want/is illegal/etc?") isn't really a problem. Why? For the same reason it isn't a problem to receive spam in your email or phone. Have YOU ever worried what is in your spam folder? No? Why not? If you couldn't delete your spam folder, would that change how you interacted with it? Of course not, because it's still just a spam folder. And yes, someone can post your personal details on the blockchain. How is that different from doing the same somewhere else on the Internet? The running joke about the Internet over the last thirty years is that once it's on the Internet it'll never be deleted. And yes, someone can send "malicious code" into your wallet. But guess what? It can't do anything. Code embedded in a token in your wallet is completely inactive unless you specifically select it and interact with it (think of a token like a Java object that has to adhere to implementing highly standardized external methods; in order for it to actually do anything, you have to instantiate it, and then call its specific methods). Even then, its actions are limited to the blockchain; it can't hack into your computer or phone. And even its actions on the blockchain are limited; you have to specifically give your approval to it to "spend" your tokens. And you have to give a separate approval for every token you have. AND EVEN THEN, it can't ever spend your Ether. The irony is that that video is exactly what it claimed crypto is: a solution seeking a problem. His extrapolations are just repetitions of the slippery slope fallacy in order to invent or exaggerate problems have already been solved/mitigated (or that just plain don't exist) just so that he can claim to have "discovered" them and made the public aware of them.

[@vulpixelful]

@@Antenox I don't _really_ worry about spam in my email, but it's not harmless. Sales and spam emails have trackers on them that can signal to a email campaign provider that you've opened it. A bad actor can take advantage of that. You don't even have to click on shady links for spam to be dangerous... You said yourself that you can activate malicious code in your wallet through interaction. What about if you move even fiat currency on the block chain, have your medical records on there, or property deeds? I wasn't talking about executing malicious code on your machine OS, obviously. Also, if someone put illegal porn in my spam folder, I would want to delete that immediately. And no, I don't dox myself online. Honestly the fact that you brushed off some of the most problematic aspects of blockchain technology says a lot about how open you are to criticizing it (you're not). There's a reason there's an Ethics of Technology class in almost every CS curriculum, "can we" is a separate question from "should we".

[@ricksonpat4451]

You’ve been sharing a lot of great KZbin channels, I want to thank you for that. You make amazing content. And you genuinely care about educating your audience. You are one of the greats!

[@LoganT101]

This was a great conversation! I get her position. I also was terrible with my finances in my early 20s and I understand how important early financial education can be for people. I’m in a good place now and I manage money for a living but finance was something I only learned in my post university life.

[@jonus28]

Commenting for the algorithm. I'll listen to this as a podcast during my workout later today. Thanks for posting!

[@vulpixelful]

Nice, I'm subbed to you both so it was cool to see this solid collab 👍🏾 I came from her podcast where she had you on and listened to this one shortly after. I like how you both brought your own perspective to each other's channels 🙂

[@quinterocruz]

Chelsea is awesome. Cool to see her on your channel!

[@wendynoble6545]

Two great channels!

[@Mike9201984]

I’m pro crypto but I appreciate her skeptical view of it as a currency or investment.

[@Jack-fw4mw]

And there is also the position that Crypto is the future, but acknowledging that you probably don't know which crypto currency will actually be used as currency or store of value in the future.

[@thelaitas]

I love these kinda bite sized podcasts. 45 minutes for a short podcast is perfect.

[@tgeemo]

Hi Richard. I am a fan of your analysis. Could you please help me understand my situation in Russia. The Ruble is in the drain and stock markets are - :/. I am facing high inflation along with Ruble deflation. How should I invest now to keep my purchasing power stable? Should I invest in Russian companies which eventually might go up? Thanks for your response.

[@AGeeksTouch]

Invest in companies that you see long term value in. If there are some Russian companies that you see surviving the war and prospering long-term, invest in those as their stock price goes down and be very patient for 5 years or so after the war is over, as you probably won’t see returns for a while.

[@henriquepcorrea10]

another option would be to get ahold of dollar bills and/or, even though I'm not into the crypto stuff, buy stablecoins tethered to the dollar (preferably not USDT though, it has its problems). your objective now is not to create wealth, but simply try to maintain it, therefore I wouldn't enter in any sort of value stock play.

[@CaedenV]

My wife is absolutely smarter than me. School came so easy and natural to her and she was a straight A student and barely seemed to try. Meanwhile I have struggled with everything that has ever been put in front of me. Finance is hard... just like everything else is hard. But life as an adult for my wife has been difficult. Without the rails of a system that tells her what to do, she just gets overwhelmed easily, and I just don't know what to do to get her interested in finances. I think the big problem is that she wants to subscribe to an authority on finance like Dave Ramsey and then stick with that; But for me I like to pick and choose who I listen to in different areas of life. I like Dave when it comes to the beginnings of becoming financially stable... but when it comes to day to day life and building wealth the guy is super short-sighted. He seems to think that his own success was because of his own conservative finance and saving more than he earns... which isn't exactly wrong... but it has a lot more to do with him building a business and a brand and making a lot of money, and then having the good sense to save more of it than he spends. But for those of us who are not going to build a whole large sales platform just need a different route to success. Anywho - point is that something about Dave Ramsey got her attention for our beginning, but when I have tried to work with her on future plans of finances, it has been impossible to hold her attention on any of it. She hasn't questioned me on any plans I have come up with... but that just isn't healthy or helpful. I wish I knew a good way to get her attention on finance beyond that initial step of 'earn more money, and spend less of it'.

[@acholouscognoscente]

I enjoy the longer videos from time to time.

[@imberrysandy]

I love this interview! The Financial Diet is the first finance youtube channel I watched.

[@aromaticcoffee8509]

This is a great video. I do love the commentary on finance and I agree that due to social norms men do typically handle the finances of their heterosexual relationships even in our modern society. However, I also feel it should be stated that financial education in general is no longer a normal part of our basic education in general. I feel that it is important to note this as to say that women don't receive the education due to gender norms is only addressing a part of the overall problem in the US about financial education.

[@jpcolindesign517]

I'm curious to know what percentage of "Financial Gurus" on the KZbin space actually have formal training in Finance or Economics? I think KZbin really needs to establish a verification system for people, across all subjects of discussion, for people who present their channels with verifiable training in an area of focus, as opposed to those who are "self-taught" in those spaces. It wouldn't necessarily diminish the value of self-trained "experts," but it would help KZbin content consumers to know whose information is coming from formal training and professional experience as opposed to "on the fly" unverifiable "expertise." Not meaning to be diminutive, but we have a glut of people who lack formal training on KZbin who are dispensing what could be considered "questionable" financial advice. I know you did a video on this subject, but I really believe that KZbin needs to help consumers by establishing some guidelines and a taxonomy of levels of "expertise" to help protect content consumers. This is not meant to cast any doubt on this guest's content. It was just a thought that cropped up when viewing the video. Be well.

[@rewsky]

Don't certifications and degrees already exist? Might as well just teach people critical thinking so that they stop and ask themselves for a moment: what authority or expertise does this person have on the subject matter they are talking about? And why would it be on youtube's shoulders to do that for the consumer? And is that even important to the consumer? There's a reason why tucker carlson has the following he has. He isn't interested in giving you accurate information - he's interested in playing off of and feeding into your biases.

[@iloveprivacy8167]

For investing advice, I think that would make sense. But for budgeting, I'm not sure: a lot of that is behavioural, rather than truly financial. The secret of Dave Ramsey's success isn't that he's a financial genius (pretty sure even he says he's not), it's that he's able to get a good number of people to follow through. For which, his & Chelsea's training of "falling on face and getting back up" (sorry Chelsea, I know that's not who you'd ever want to be compared to) is perhaps the best available.

[@thomasa5619]

@@rewsky certifications and degrees aren’t prominently displayed on KZbin though? I could tell you I’m a plumber, electrician, or mechanic, even put it in a channel description, you’ll never know what I do or what I’m qualified in. And you’re right, youtube makes too much money off losers peddling the latest doggie coin or some life hack that doesn’t work

[@spikeygoc]

Just getting time to watch this and it delivers. TFD was one of the first finance channels I found

[@dylandobologna]

Awesome seeing Chelsea on your channel!

[@midimusicforever]

While I think your most critiques of crypto as a currency are valid, I'd like to object to two things. The protection and oversight part - There are currencies like monero, that are not tracable. And the investment vs currency part - There are currencies that are designed to be stable. They are not perfect, but crypto doesn't have to be volatile. All cryptocurrencies are note the same!

[@ThePlainBagel]

Valid points! Stablecoins definitely present a different value proposition and should be treated differently, thanks for highlighting.

[@ericperez-salas4994]

​@@ThePlainBagel An example could be earning 9.25% APY on USDC which seems like a pretty legitimate investment opportunity! In a free market where, without banks and regulation, private companies can lend that same USDC at 11% and keep the difference. Seems like a reasonable system system!

[@eddenoy321]

@@ericperez-salas4994 The spread between 9.25 and 11 % is 1.75 %. What is so special about that ???? Are you high ?

[@Levent_Ergun]

Oh Richard, you gonna enjoy cleaning these cryto bots in the comments now that you have it in the title.

[@linusjacobsson2419]

Drink every time Richard says "... if you will"

[@AAmer1989]

Two very good channels

[@Dubbo9876]

could you get Dan Olsen on and do a podcast with him?

[@chivasowle286]

Love both of you!

[@Dracomies]

Omg Plain Bagel is on here!

[@iloveprivacy8167]

It IS his channel :D (I thought it was a TFD video too, at first.)

[@Dracomies]

@@iloveprivacy8167 Oh I'm so confused! I actually watch both of these channels!

[@ChaosDarkLight]

I really do enjoy these guest shows, from Patrick Boyle to Chelsea Fagan and everyone in between. Hope this continues. I hope to see an AK Fallible collab sometime.

[@brianatford6603]

I love when my faves Collab

[@werbnaright5012]

Cocaine and hookers are the first things to come to mind when you say you were "about as irresponsible as possible" in regards to money.

[@pradhyudh]

Bagel with a headset is dope

[@danOH112]

29:16 this is the crux of where Chelsea’s completely wrong about bitcoin. Thinking the gov will have anywhere near the same control over bitcoin is the naive and unrealistic stance. In terms of other “cryptos” ya sure if they still exists she’s probably right. Other than that, great video.

[@johannesnm9706]

what happens to Companys if the country they are in declares bankruptcy. If it is denoted in say Russian currency

[@Creamy_Goodness]

Take a shot every time he says no kidding

[@tbird-z1r]

Why are you bleeping out the swearwords during the intro?

[@g0ld3sun]

I don’t think gender has much to do with family financing when nobody is taught the basics of money management. Let’s get finance into the school curriculum first.

[@aleydrus8067]

It’s unfortunate to lump value investors into the same bucket as speculative hype-stock investors. Women in general, given their tendency towards low risk, would be really good value investors which values a low risk/high reward strategy.

[@Petkophile]

I wouldn't go as far as saying women are more risk adverse, but when it comes to finance, the finer sex has certainly struck me as more cognizant of risk management and being more deliberate in approaching decisions through that lens. Of course this is a generalization, as everyone is their own unique person, but this is one big difference in mindset that stood out to me -- and being able to evaluate risk effectively is really one of the most important skills one can have in this arena.

[@eriknervik9003]

@@Petkophilewomen are absolutely more risk averse generally. That’s why you see annuities very often marketed in 403b plans, which are the option in most female dominated jobs.

[@raulkaap]

At the moment I have diversified my investments well. But I still have one company to "play with". Only one. Like a little sandbox.

[@f3wbs]

I feel like I've heard her name before...

[@YogiLogic]

We need Graham Stephen..

[@alfredo8431]

Why is she calling me a boy? Lol

[@eddenoy321]

There are no more girls, only women. But for males , it's a different standard.

[@dalay-lam2285]

Where did she go to school? When I was in school in Canada in the early 2000s everyone was required to take home ec and wood work, male and female. Such a sexist school she went to, how was it even allowed is beyond me as she is still pretty young must of not been too long ago.

[@eriknervik9003]

It’s largely a waste of time, it would be far better for women to go to Home Ec and men to woodwork and keep that seperate unless someone really wants to cross over, I actually took home Economics (although they were calling it something else, I can’t remember the euphemism) and while it was useful, it was weird to be one of like 5 boys in a class of 30 girls, Very few women are at all interested in things like shop and making people learn skills they don’t want and which will have little application for them is not good. Especially because it’s done based on false assumptions like men and women’s nature is socially constructed and not inherent

[@flybeep1661]

"heterosexual investing"....yeah ok the moment she said that she lost me. Not going to listen to someone who talks nonsense like that.

[@buckyfanksy]

exactly

[@harryzou930]

I believe she has never used any defi applications and learned about the benefits it brings. Her strategy is good for normal Joe's to preserve wealth and beat inflation by intestine in ETFs and blue chips. You can retire with financial freedom in 30 yrs but is that really what you want. However if you want to build wealth you have to take more risks. This is no difference than starting up your own business. You don't have to make a lot of short term bets to be there thou.

[@johnnyroe8053]

She's not about finance it's more about her political leftist victimism nonsense

[@OkaS14A]

Not all people can get rich solely for reasons dissociated with their personal choices in life!! Let's blame society or the government!

[@caramelsensation6943]

why the hell are gender roles and hetero or non-heterosexuality being brought into investing and finance spheres? What an absolute joke this is, if you want to invest, go invest, even the average joe can do it with brokers like Degiro, you want to get hired in finance then be good at finance, end of story, jesus christ this world is doomed

[@tylerrosenthalcod]

The numbers are gendered

[@elinn1405]

It's very simple, women generally are good with budgeting and saving money but don't feel comfortable investing as much as men do. They often learn from their mothers to play it safe with their money and it's been like that for a long time. One can also argue that women are more risk-averse, but I don't believe that's all there is to it... Because you also do need some amount of financial confidence to throw your money into investments, and I think women generally have a bit less of that

[@tylerrosenthalcod]

@@elinn1405 Yeah men and women are different and people have different personalities

[@tsubaith]

Did you listen to the episode?

[@elinn1405]

@@tylerrosenthalcod The important thing isn't that they're different, but WHY they're different and if they have to be

[@regularguy7502]

Not to impressed with the guest.

[@eddenoy321]

Agree . Seems like a Suzi Ormond/Dave Ramsey 0.2 for millennial females. She is rocking youtube atm.

[@vikingthedude]

*too

[@caramelsensation6943]

Extremely disappointed in The Plain Bagel for engaging with this crap

[@johnnyroe8053]

.

[@elliottmiller3282]

noooooooo she is the worst. Claims to be a financial guru. can barely handle her own finances

[@raulkaap]

Could you please elaborate?

[@elinn1405]

what do you mean?

[@iloveprivacy8167]

? She COULDN'T handle her own finances, learned from those mistakes, now does & teaches much better. Did you just not pay attention to what she actually said, or do you only accept advice from perfect people who've never made any mistakes?

[@elliottmiller3282]

@@iloveprivacy8167 I forget the video, but she's admitted to not being able how to figure out how to give her own employees healthcare. Which is weird since she prides on compensating them. She also criticizes capitalism despite being a business owner. She prides herself on not taking a ton of sponsors yet begs people for their business. She is a thinly veiled Marxist. According to her worldview, you aren't entitled to the things you earn based on how much you serve others or value you provide, but based on your values and positions in life. To her, anyone that is widly more successful than her is evil, regardless of the good or service they develop, or the work they do. She'd gladly take from them if she cold, and she'd do it while telling you that her obviously priveledged upper class lifestyle is spartan. I can't think of a more aggravating youtube channel.

[@raulkaap]

@@elliottmiller3282 OK, thanks for the explanation. Although I have to check out some of her videos to see if I come to the same conclusion.

[@nakfoor1846]

This may be annecdotal but in my experience females seem less interested in thinks like multiplying interest rates and expected rates of return. Whereas males are interested in something like, say, a 30-year excel sheet that compares expected retirement between different rates of return.

[@domino6567]

Don't waste your time watching this crap. It is only about promoting TFD.

[@mirzah.5821]

First time I disliked a Plain Bagel video. Richard, please avoid ideology based content and such guests.

[@buckyfanksy]

oh god, we have woke finance now ? Really.. i thought this is a legit channel

[@AndrewMellor-darkphoton]

hi

[@KevinMaximus]

Destroyed her financial life… oh let me sub. 😨👀.

[@iloveprivacy8167]

No education like experience!

[@AndrewMellor-darkphoton]

first

[@CristianHernandez-312]

Yeah, Sure, Elon, Cahtie, Dalio, JPmorgan et' all are soooooo wrong about crypto lol

[@MadeInChinaPlat]

She tried to hard to avoid the simple answer of "women make decisions based on emotions" mainly why they don't invest properly

[@vikingthedude]

Don’t we all

[@user-kpkxgtj]

@@vikingthedude no, women are the only emotional humans 😅

[@JK-dv3qe]

Z omegs is just randomly posted that