AI transcript
0:00:02 Support for Prop G comes from better help.
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0:00:39 – This is a Reese’s Peanut Butter Cub Sound Experiment.
0:00:42 We’re looking to find the perfect way to hear Reese’s,
0:00:44 so you’ll buy more of them.
0:00:45 Here we go.
0:00:46 Reese’s.
0:00:47 Reese’s.
0:00:49 – Reese’s.
0:00:51 – Reese’s.
0:00:52 – Reese’s.
0:00:54 – Get out of here, you little stinker.
0:00:55 – Reese’s.
0:00:56 – Reese’s.
0:01:01 – Reese’s.
0:01:03 – Peanut Butter Cups.
0:01:06 – That breathy one sounded very creepy, am I right?
0:01:09 – This isn’t your grandpa’s finance podcast.
0:01:11 It’s Vivian2, your rich BFF,
0:01:13 and host of the Net Worth and Chill podcast.
0:01:15 This is money talk that’s actually fun,
0:01:18 actually relatable, and will actually make you money.
0:01:20 I’m breaking down investments, side hustles,
0:01:22 and wealth strategies, no boring spreadsheets,
0:01:24 just real talk that’ll have you
0:01:25 leveling up your financial game.
0:01:27 With amazing guests like Glenda Baker.
0:01:29 – There’s never been any house that I’ve sold
0:01:30 in the last 32 years.
0:01:32 That’s not worth more today
0:01:33 than it was the day that I sold it.
0:01:34 – This is a money podcast
0:01:36 that you’ll actually want to listen to.
0:01:39 Follow Net Worth and Chill wherever you listen to podcasts.
0:01:41 Your bank account will thank you later.
0:01:44 – Welcome to Office Hours with ProveG.
0:01:45 This is the part of the show
0:01:47 where we answer questions about business,
0:01:48 spectac, entrepreneurship,
0:01:49 and whatever else is on your mind.
0:01:51 If you’d like to submit a question,
0:01:52 please email a voice recording
0:01:54 to officehours@provegmedia.com.
0:01:57 Again, that’s Office Hours@provegmedia.com.
0:01:58 So with that, first question.
0:02:03 – Hello, ProveG.
0:02:06 This is Ross from Windermere, Florida,
0:02:09 a loyal fan of your various podcasts.
0:02:12 In fact, I told my younger brother about it,
0:02:15 and he will not miss a single episode.
0:02:19 Anyway, I am 67, about to turn 68,
0:02:21 and therefore keenly interested
0:02:26 in the continued availability of social security and Medicare.
0:02:28 During the campaign,
0:02:30 Donald Trump said he wouldn’t fuck with either of those,
0:02:32 but will he?
0:02:35 What’s your best guess on whether social security
0:02:39 and Medicare are up for some kind of a modification?
0:02:42 And do you think that Congress has the will
0:02:44 to go along with it?
0:02:47 Anyway, thanks again for all that you do.
0:02:49 – I don’t think you have anything to worry about, boss.
0:02:52 Social security is kind of theoretically,
0:02:53 or not theoretically,
0:02:56 is largely considered a very successful social program
0:02:58 before it’s invention about one in five.
0:02:59 Seniors lived in poverty.
0:03:01 Now it’s, I think, one in 12.
0:03:02 It has been very successful.
0:03:04 People depend upon it.
0:03:07 It provides people with a lot of comfort.
0:03:11 And in addition, it’s kind of America’s new alley
0:03:14 of transferring wealth from the young to the poor.
0:03:15 So you can kind of see where I’m going with this.
0:03:17 I’ll come back to that.
0:03:20 But social security is the government’s biggest budget item
0:03:22 and Medicare is the second largest.
0:03:24 As a matter of fact, about 40% of our federal budget
0:03:27 goes to programs for people over the age of 65.
0:03:30 It used to be 10%, then it went to 25 to 40.
0:03:31 Within probably 10 years,
0:03:33 over half of the majority of our federal budget
0:03:37 is gonna go to programs for people over the age of 65.
0:03:39 In 2024, social security accounted
0:03:41 for over 1.4 trillion of federal spending
0:03:45 and the program covered over 71 million workers.
0:03:47 Last year, the U.S. spent over 800 billion on Medicare.
0:03:51 Over 25% of American adults are enrolled in the program.
0:03:53 Now, the future, are the future these benefits uncertain?
0:03:55 Recent reports project that the social security
0:03:57 and Medicare funds would be depleted by 2033
0:04:00 and 2036 respectively.
0:04:01 Before his first term, Trump promised
0:04:03 he would preserve both Medicare and social security.
0:04:05 However, things changed.
0:04:07 Each of his yearly budget proposals
0:04:09 included cuts to both social security and Medicare,
0:04:10 although they were never enacted.
0:04:13 Still, Trump has maintained that he will not make cuts
0:04:16 to the program nor will he change the retirement age.
0:04:20 I don’t see any path other than either deficits,
0:04:22 which are taxes on the young
0:04:26 or some sort of means testing for social security.
0:04:31 And by the way, I do believe there is no reason
0:04:33 that I should have social security.
0:04:34 And people say, “Well, you pay it into it.”
0:04:36 Well, they call it social security tax.
0:04:37 There’s a lot of taxes I pay
0:04:39 where I don’t register the benefits.
0:04:41 It’s not called social security pension fund.
0:04:44 Now to be clear, it’s not adding to the deficit, if you will,
0:04:48 because in fact, it’s an offline budget item.
0:04:49 But at the same time,
0:04:51 it still is the biggest item in our budget.
0:04:55 It used to be 12 workers for every one retired person
0:04:57 now because people are living longer.
0:05:01 It’s now three to one and it is a real tax on the young.
0:05:06 At a minimum, we should lift the cap.
0:05:08 I believe it’s either six or 8%,
0:05:11 but basically the cap is at 160 grand.
0:05:15 So I have analysts working here at Prop G who make 160 grand.
0:05:20 So they make, or they pay $9,000 in social security tax.
0:05:24 I make 16 million and I pay $9,000.
0:05:27 Why on earth are the rich not paying their share
0:05:30 to support our seniors?
0:05:32 So if you’re going to continue to transfer this much money
0:05:35 to seniors and you think it’s a good idea, fine,
0:05:38 but why on earth would it be a regressive tax on the young?
0:05:39 Why?
0:05:40 Because my generation has decided
0:05:42 that the new Gestalt is quite frankly,
0:05:45 let me think, to fuck young people.
0:05:47 I also think we should means test it.
0:05:49 I think if you have over a million dollars in assets
0:05:50 or a hundred thousand in passive income,
0:05:52 you don’t need social security
0:05:53 or you shouldn’t get it and all this bullshit.
0:05:54 If I paid into it,
0:05:57 actually the majority of people who collect social security
0:06:00 for a number of years take out two to three times
0:06:00 what they put into it.
0:06:02 So this notion that I’m entitled to,
0:06:04 no you’re not, it’s a tax.
0:06:06 People who need it are entitled to it.
0:06:07 So I think you got to means test it.
0:06:11 Also when we invented or implemented social security,
0:06:13 the majority of people weren’t living to 65.
0:06:14 Guess what?
0:06:16 Now the majority, the vast majority of people
0:06:20 are living past 65 and or working past the age of 65.
0:06:24 So we need to means test it and we need to lift the age.
0:06:26 What should social security be?
0:06:28 It should be a safety net for seniors
0:06:31 who are no longer working of a certain age
0:06:32 where it doesn’t make sense for them to work
0:06:34 who need the money.
0:06:36 That would be fiscal sanity.
0:06:37 Thanks so much for the question.
0:06:38 Question number two.
0:06:42 – Hey Scott, this is Chase calling from Hawaii.
0:06:46 I started listening to you after your podcast with Geo Vaughn.
0:06:48 Really appreciate what you do.
0:06:50 I’m 24 years old.
0:06:53 I work for the Division of Forestry and Wildlife.
0:06:55 I love it, but the pay is horrendous.
0:06:58 I make about $40,000 a year.
0:07:00 For a while I was complacent, told myself,
0:07:02 “I don’t need to make money, I like what I do.”
0:07:06 But I realized that I absolutely do need to make money.
0:07:07 I want to start a family.
0:07:09 I want to buy a house, buy nice things.
0:07:12 I find myself extremely motivated
0:07:16 to put my all into something, go all in.
0:07:18 But at the same time, I’m completely overwhelmed
0:07:22 by the number of ways there are to make money nowadays.
0:07:24 I feel stuck.
0:07:28 I have my degree in psychology, not going to use it.
0:07:29 If I could go back,
0:07:32 I definitely would have gotten my degree in something else.
0:07:34 What would you do if you were in my shoes?
0:07:36 And how do you navigate finding a balance
0:07:40 between making money and doing something really cool?
0:07:41 Lex?
0:07:43 – Chase, first off, I really appreciate the question.
0:07:45 And the first thing I want you to do,
0:07:48 ’cause I hear some sadness or disappointment
0:07:49 or anger yourself and your voice,
0:07:51 is I want you to forgive yourself.
0:07:53 You’re 24, boss.
0:07:54 You’re doing something important.
0:07:56 You’re working for the Division of Forestry and Wildlife.
0:07:59 That’s like a million species and trees
0:08:01 would like to say thank you, but they can’t.
0:08:04 And when my kids are roaming around the redwoods
0:08:06 and get to see a bear and an aspen.
0:08:09 That’s not a douchey, a bear and an aspen.
0:08:10 You get my point.
0:08:12 You’re doing something meaningful
0:08:14 and you’re getting good experience in your workshopping.
0:08:16 That’s what you’re supposed to do in your 20s.
0:08:19 And you’re still so ridiculously young.
0:08:20 You could have been doing nothing
0:08:21 and you’d still be fine
0:08:23 because you can start your life at 40,
0:08:27 much less you’re an infant professionally at 24.
0:08:28 So this is what you’re gonna do.
0:08:29 You’re gonna forgive yourself and realize
0:08:31 you did something you have.
0:08:33 You’ve got a couple of years under your belt.
0:08:35 You’ve done something important now.
0:08:37 I don’t know enough about you,
0:08:40 but I have a gut for what you may wanna explore.
0:08:41 The first thing is no brainer.
0:08:43 I need you to put together a kitchen cabinet
0:08:45 of some people you trust that are smart,
0:08:48 that know you, that you can call and get advice from
0:08:50 and say I’m thinking about this, I’m thinking about this,
0:08:53 or find people who may be left the service
0:08:55 and are doing other things.
0:08:57 Start to talk to people and find a group of people
0:08:58 that you can call and get advice.
0:09:01 It is very hard to read the label
0:09:02 from inside of the bottle.
0:09:04 Two, and this is where my gut kicks in.
0:09:06 You sound to me like someone
0:09:09 who is a perfect candidate for graduate school.
0:09:11 And I would need to ask some more questions.
0:09:12 Do you like school?
0:09:14 Because here’s the thing about graduate school.
0:09:16 It’s for two people.
0:09:17 It’s for people who are very focused
0:09:19 and need a PhD in microbiology
0:09:23 so they can go do work on coming up with the cure
0:09:24 for cancer, right?
0:09:26 But the vast majority of people at least go back
0:09:29 to get an MBA or what I call the elite and the aimless.
0:09:31 I was one of those people.
0:09:32 I had decent certification.
0:09:33 I was smart, I was hardworking,
0:09:35 but I had no idea what I wanted to do.
0:09:36 I’d spent two years of Morgan Stanley and fixed income.
0:09:38 And all I knew was I didn’t want to do fixed income
0:09:40 at Morgan Stanley anymore.
0:09:41 But I didn’t know what I wanted to do.
0:09:42 And the majority, I would say two thirds
0:09:44 of the people who go to business school
0:09:45 don’t know what they want to do.
0:09:46 Their first essay, they lie.
0:09:48 They pretend they’re really focused.
0:09:49 They don’t know what they want to do.
0:09:51 That’s why they’re going back to graduate school.
0:09:52 That’s where you are.
0:09:54 You’re elite, right?
0:09:55 You obviously went to a school.
0:09:56 You got a psychology degree.
0:10:00 You got a good job servicing our nation
0:10:01 and public service.
0:10:02 You’re elite.
0:10:03 You’re a little bit aimless right now,
0:10:05 which spells to me graduate school.
0:10:06 So this is what I want you to do.
0:10:07 I’m going to start talking to a bunch of people,
0:10:09 including people who’ve left the service,
0:10:11 find out what they’re doing.
0:10:12 Once you put together a kitchen cabinet of people
0:10:14 to bounce ideas off of.
0:10:16 And I want you to think about graduate school
0:10:18 and see if it’s a fit for you.
0:10:20 Anyways, I really appreciate your service
0:10:21 and Chase from Hawaii.
0:10:23 You’re doing, you’re exactly where you should be.
0:10:24 You’re ahead of the game.
0:10:27 You had a good job serving the public,
0:10:29 serving the public good.
0:10:30 You’re 24, you live in Hawaii.
0:10:33 It is good to be Chase.
0:10:36 We have one quick break before our final question.
0:10:37 Stay with us.
0:10:43 Support for ProfG comes from LinkedIn.
0:10:44 It’s 2025.
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0:11:51 No matter how accomplished you are in your career
0:11:52 or how many degrees you have,
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0:13:51 – Welcome back, question number three.
0:13:53 – Hi, Prof. G, my name is Michael.
0:13:55 I live in Altadena, California.
0:13:57 I’m originally from Baltimore, Maryland.
0:13:59 It was a tough city.
0:14:00 When I reflect on my childhood,
0:14:04 I think about times when I caught the public bus to school.
0:14:06 I would be on there with crackheads, dope dealers,
0:14:09 people just going to work trying to survive.
0:14:11 I had conversations with these folks.
0:14:12 I learned a lot.
0:14:15 And it is still the level of grit inside of me.
0:14:18 My question for you is, as I become a new father,
0:14:21 how do I instill that level of grit inside of my children?
0:14:23 So when life gets hard and throws them curveballs,
0:14:25 they have the self-awareness and the durability
0:14:27 to overcome any obstacles.
0:14:30 My wife and I will remain in Southern California
0:14:31 for the foreseeable future.
0:14:33 Thank you.
0:14:33 – Thanks, Michael.
0:14:36 And I hope and trust you are not affected
0:14:38 by the fires in Altadena.
0:14:40 Just be clear, the first couple of years,
0:14:42 let me break it down as a dad.
0:14:44 And not everyone has the same experience.
0:14:45 I’ll give you my experience.
0:14:46 I pretended to like it.
0:14:47 I thought it sucked.
0:14:48 I was stressed out.
0:14:50 I was stressed about money.
0:14:52 I was just trying to keep this little science experiment
0:14:56 away from a body of water and just keep it alive.
0:14:58 And then slowly but surely,
0:15:00 one of my favorite shows growing up
0:15:02 was a show called “Frasier.”
0:15:04 And “Frasier” is said about his son,
0:15:06 you know, you fall in love with your kids.
0:15:09 And that is, I didn’t, a switch didn’t turn on
0:15:10 when my sons were born.
0:15:12 And I’m like, oh, I’m madly in love with this thing.
0:15:13 I was more scared and nauseous than anyone.
0:15:16 By the way, childbirth is so disgusting.
0:15:17 Try not to be in the room.
0:15:19 I’m gonna get you for that.
0:15:21 Anyways, you do fall in love.
0:15:23 Or I found that over time, it just got better and better.
0:15:27 It went from awful to less awful to tolerable to good to now.
0:15:30 I just, quite frankly, I just have purpose in my life.
0:15:32 I’ve figured out finally in my life what my purpose is
0:15:36 and that is to raise loving patriotic men.
0:15:41 And in terms of establishing grit for kids,
0:15:41 I mean, there’s a couple of things.
0:15:45 One, we have a tendency to overprotect offline
0:15:46 and underprotect online.
0:15:48 And it should be reversed.
0:15:50 You’re, fortunately, all this bullshit around smartphones
0:15:52 is probably gonna be solved or at least addressed
0:15:54 by the time your kids are old enough.
0:15:57 But some of the mistakes I’ve made,
0:16:00 I didn’t instill enough about doing chores with my kids,
0:16:01 such that they developed routine
0:16:04 and saw connected reward with effort.
0:16:06 They’re actually pretty good with money for some reason.
0:16:07 I don’t know where they got that,
0:16:09 but they understand the value of money.
0:16:11 Sports and athletics.
0:16:13 I started working out with my kids at a very young age
0:16:16 and pushing them in such that they could understand their limits.
0:16:19 The gift I got from rowing crew was that
0:16:21 when you feel like you can’t take anymore physically,
0:16:24 that means you’re about a third of the way
0:16:25 to your actual limit.
0:16:26 And crew teaches you that.
0:16:28 It teaches you to break limits
0:16:30 that you just are, you know,
0:16:32 exceed limits you never thought were possible.
0:16:34 And you can carry that to the rest of your life.
0:16:37 So how do you do that with kids, sports, working out?
0:16:40 Also letting them fail.
0:16:42 There’s something called bulldozer or close to your parenting
0:16:44 that is supposedly making a generation of fragile kids.
0:16:46 What does that mean?
0:16:48 I had someone call me and say, well, you’re an academic.
0:16:50 Our daughter who straight A’s is getting a B
0:16:52 and the teacher clearly does not like her.
0:16:54 So we’re thinking about calling the principal.
0:16:57 Can you give us, and it’s being unfair to her.
0:16:58 Can you give us some words?
0:17:00 I’m like, that is absolutely the worst thing
0:17:01 you could do for your daughter.
0:17:03 Your daughter’s going to face injustice
0:17:05 and unfair assholes the rest of her life.
0:17:06 And she needs to learn how to deal with it
0:17:08 and maybe cope with disappointment.
0:17:11 And so we have developed this so much bulldozer
0:17:12 and close to your parenting
0:17:14 where we clear out all the obstacles for our kids
0:17:17 that they developed as princess in the peace syndrome
0:17:20 where they show up to college, get their heart broken,
0:17:23 get their first D and they freak out.
0:17:25 You want, you don’t want to use so many sanitary wipes
0:17:27 on your kids lives that they don’t develop
0:17:28 their own immunity.
0:17:29 So what I do in this is hard.
0:17:31 I’ll give you an example.
0:17:33 My youngest is going to meet his friends
0:17:36 at the Westfield Mall, which is a very nice mall in London.
0:17:38 I order him an Uber, which I probably shouldn’t do.
0:17:39 He has a goddamn Uber app.
0:17:40 Why am I doing it?
0:17:42 I typed in the wrong Westfield
0:17:44 and he ended up on the wrong side of town
0:17:47 of London freaking out, calling me, calling his mom,
0:17:49 his mom calling me and I decided to put my foot down.
0:17:52 I’m like, you got a smartphone, you got an Uber account,
0:17:55 figure it out, figure it out, right?
0:17:57 He’s panicked and he did figure it out.
0:17:59 He actually found that the subway was the fastest way
0:18:00 to get to the right mall.
0:18:03 He went in, he has his oyster card and he got there.
0:18:07 That builds confidence, that builds resilience.
0:18:08 Summer jobs.
0:18:13 My oldest who is 17 is now thinking about, you know,
0:18:15 what makes his resume look good for college?
0:18:20 And he’s doing these things that are kind of,
0:18:21 I don’t know, he’s thinking about biology
0:18:22 or something in the sciences.
0:18:25 So he’s going to intern at the medical clinic.
0:18:27 And I said to him, this is what you do.
0:18:30 We vacation on an island or we spend summers on an island.
0:18:33 I’m like, I want you to get a job washing dishes
0:18:35 or being a bus boy.
0:18:37 Services jobs build grit.
0:18:38 It’s where I got a lot of mind.
0:18:39 And not only that, it builds empathy.
0:18:40 So what do we have?
0:18:42 We have chores, we have jobs,
0:18:46 we have sports, and we have a lack of concierge
0:18:47 or bulldozer parenting.
0:18:50 And occasionally we let the kids fail
0:18:53 and then tell them, I don’t know, that’s a tough one.
0:18:54 You need to figure it out.
0:18:58 This, I hope for you that having children
0:18:59 does what it did for me.
0:19:01 And that has given me a sense of purpose
0:19:02 and a sense of peace.
0:19:04 Thanks so much for the question.
0:19:06 That’s all for this episode.
0:19:07 If you’d like to submit a question,
0:19:08 please email a voice recording
0:19:10 to officehours@prophgmedia.com.
0:19:14 Again, that’s officehours@prophgmedia.com.
0:19:23 (upbeat music)
0:19:25 This episode was produced by Jennifer Sanchez.
0:19:27 Our intern is Dan Chalon.
0:19:29 Drew Burroughs is our technical director.
0:19:31 Thank you for listening to Prophogy Pod
0:19:33 from the Box Media Podcast Network.
0:19:34 We will catch you on Saturday
0:19:37 for “No Mercy, No Mouse” as read by George Hahn.
0:19:39 And please follow our Prophogy Markets Pod
0:19:42 wherever you get your pods for new episodes
0:19:43 every Monday and Thursday.

Scott discusses social security and Medicare and whether its future is at risk. He then advises an early-career listener looking to pivot and wraps up with parenting advice.

Music: https://www.davidcuttermusic.com / @dcuttermusic

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