Author Topic: Netflix's Money Explained Credit Cards Episode  (Read 1473 times)

dneck37

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Netflix's Money Explained Credit Cards Episode
« on: May 17, 2021, 12:14:52 PM »
Hey Guys, I thought the Credit Cards episode of the latest Money Explained series was really well done. I thought it was a great explanation of credit card debt and what credit cards are really trying to do to make money off their customers. I'm definitely going to recommend it to young people entering the workforce and just anyone in general that is trying to be more fiscally responsible. Wish they showed something like that to kids in high school!

The rest of the series I thought was ok. The student loans episode left a little to be desired. Wished they would have talked more about how to fix the problem other than just complete government loan forgiveness. Student Loans are a symptom not a root cause otherwise were gonna have to forgive all loans every 10 years.

Dicey

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #1 on: July 12, 2021, 10:40:42 AM »
Holy cow! I'd never heard of this series. I'm starting it tonight. Thanks!

P.S. We make our kid pay for Netflix, lol.

Dicey

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #2 on: July 13, 2021, 07:48:58 AM »
Watched it last night. Should be required viewing for every high school senior. Well worth the time spent. The whole series looks interesting.

zolotiyeruki

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #3 on: July 13, 2021, 12:44:55 PM »
So, I just watched the episode on retirement, and it's .....eh, I hate to say it, but it's terrible.  The episode quickly devolved into a waaah-fest of "I can't save" and "we were sold a dream" and "high earners don't pay enough into SS" and "we'll never be able to retire."  It goes out of its way to wage class warfare against high-earners on the point of SS tax caps, but then ignores Social Security to make the point that because most people can't save up $1MM by retirement, they'll be destitute.  It states (falsely!) that eliminating the salary cap for SS would "solve poverty, and expand benefits."

I was hoping it'd explain (without all the social commentary) about savings rates, types of retirement savings (taxable, IRA/Roth/401k, SS), the 4% rule, and maybe how retirees expenses differ from people who are still in the workforce.  Something suitable for showing teens or young adults who haven't heard all this stuff yet.  Instead, all I got was 20 minutes of "here's a retirement thing!  But it won't help you because of X."
--"Here's what a pension is!"  "But nobody gets them nowadays." (then why even bring it up?)
--"Here's what a 401k is!"  "But lots of people can't afford to save." (you almost certainly can)
--"Here's what Social Security is!"  "But it won't be enough to support you." (it never was meant to, hence why it's called "supplemental")
--"You can save for retirement!"  "But you have to deprive your present self in order to do so." (um, duh, life is about choices and tradeoffs)
--"Ok, well maybe you *can* invest!" "But people have lost money in the stock market!"  (then don't sell when the market is down, silly!)


Cool Friend

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #4 on: July 21, 2021, 11:28:00 AM »
So, I just watched the episode on retirement, and it's .....eh, I hate to say it, but it's terrible.  The episode quickly devolved into a waaah-fest of "I can't save" and "we were sold a dream" and "high earners don't pay enough into SS" and "we'll never be able to retire."  It goes out of its way to wage class warfare against high-earners on the point of SS tax caps, but then ignores Social Security to make the point that because most people can't save up $1MM by retirement, they'll be destitute.  It states (falsely!) that eliminating the salary cap for SS would "solve poverty, and expand benefits."

I was hoping it'd explain (without all the social commentary) about savings rates, types of retirement savings (taxable, IRA/Roth/401k, SS), the 4% rule, and maybe how retirees expenses differ from people who are still in the workforce.  Something suitable for showing teens or young adults who haven't heard all this stuff yet.  Instead, all I got was 20 minutes of "here's a retirement thing!  But it won't help you because of X."
--"Here's what a pension is!"  "But nobody gets them nowadays." (then why even bring it up?)
--"Here's what a 401k is!"  "But lots of people can't afford to save." (you almost certainly can)
--"Here's what Social Security is!"  "But it won't be enough to support you." (it never was meant to, hence why it's called "supplemental")
--"You can save for retirement!"  "But you have to deprive your present self in order to do so." (um, duh, life is about choices and tradeoffs)
--"Ok, well maybe you *can* invest!" "But people have lost money in the stock market!"  (then don't sell when the market is down, silly!)

There's certainly great arguments to be made against the perspective they're showing, but don't you think characterizing it as "waging class warfare" is a little much?

zolotiyeruki

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #5 on: July 21, 2021, 08:52:11 PM »
So, I just watched the episode on retirement, and it's .....eh, I hate to say it, but it's terrible.  The episode quickly devolved into a waaah-fest of "I can't save" and "we were sold a dream" and "high earners don't pay enough into SS" and "we'll never be able to retire."  It goes out of its way to wage class warfare against high-earners on the point of SS tax caps, but then ignores Social Security to make the point that because most people can't save up $1MM by retirement, they'll be destitute.  It states (falsely!) that eliminating the salary cap for SS would "solve poverty, and expand benefits."

I was hoping it'd explain (without all the social commentary) about savings rates, types of retirement savings (taxable, IRA/Roth/401k, SS), the 4% rule, and maybe how retirees expenses differ from people who are still in the workforce.  Something suitable for showing teens or young adults who haven't heard all this stuff yet.  Instead, all I got was 20 minutes of "here's a retirement thing!  But it won't help you because of X."
--"Here's what a pension is!"  "But nobody gets them nowadays." (then why even bring it up?)
--"Here's what a 401k is!"  "But lots of people can't afford to save." (you almost certainly can)
--"Here's what Social Security is!"  "But it won't be enough to support you." (it never was meant to, hence why it's called "supplemental")
--"You can save for retirement!"  "But you have to deprive your present self in order to do so." (um, duh, life is about choices and tradeoffs)
--"Ok, well maybe you *can* invest!" "But people have lost money in the stock market!"  (then don't sell when the market is down, silly!)

There's certainly great arguments to be made against the perspective they're showing, but don't you think characterizing it as "waging class warfare" is a little much?
It pushes a narrative of "that group of rich people over there isn't paying their fair share," which I would classify as class warfare, yes.

In a video about retirement, I'd expect useful, actionable information that's applicable to most viewers.  The video takes a significant amount of time talking about how high earners' SS taxes are capped (for most people, not useful, actionable, or relevant), but doesn't mention bend points in SS (relevant to most people) or how SS benefits are calculated (relevant to everyone).  In other words, if the purpose of the video is to teach people about retirement savings, much of the content is irrelevant, and that irrelevant content is divisive and misleading.

Dicey

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #6 on: July 21, 2021, 10:40:54 PM »
So, I just watched the episode on retirement, and it's .....eh, I hate to say it, but it's terrible.  The episode quickly devolved into a waaah-fest of "I can't save" and "we were sold a dream" and "high earners don't pay enough into SS" and "we'll never be able to retire."  It goes out of its way to wage class warfare against high-earners on the point of SS tax caps, but then ignores Social Security to make the point that because most people can't save up $1MM by retirement, they'll be destitute.  It states (falsely!) that eliminating the salary cap for SS would "solve poverty, and expand benefits."

I was hoping it'd explain (without all the social commentary) about savings rates, types of retirement savings (taxable, IRA/Roth/401k, SS), the 4% rule, and maybe how retirees expenses differ from people who are still in the workforce.  Something suitable for showing teens or young adults who haven't heard all this stuff yet.  Instead, all I got was 20 minutes of "here's a retirement thing!  But it won't help you because of X."
--"Here's what a pension is!"  "But nobody gets them nowadays." (then why even bring it up?)
--"Here's what a 401k is!"  "But lots of people can't afford to save." (you almost certainly can)
--"Here's what Social Security is!"  "But it won't be enough to support you." (it never was meant to, hence why it's called "supplemental")
--"You can save for retirement!"  "But you have to deprive your present self in order to do so." (um, duh, life is about choices and tradeoffs)
--"Ok, well maybe you *can* invest!" "But people have lost money in the stock market!"  (then don't sell when the market is down, silly!)

There's certainly great arguments to be made against the perspective they're showing, but don't you think characterizing it as "waging class warfare" is a little much?
It pushes a narrative of "that group of rich people over there isn't paying their fair share," which I would classify as class warfare, yes.

In a video about retirement, I'd expect useful, actionable information that's applicable to most viewers.  The video takes a significant amount of time talking about how high earners' SS taxes are capped (for most people, not useful, actionable, or relevant), but doesn't mention bend points in SS (relevant to most people) or how SS benefits are calculated (relevant to everyone).  In other words, if the purpose of the video is to teach people about retirement savings, much of the content is irrelevant, and that irrelevant content is divisive and misleading.
I just watched it and agree your assessment nails it. I got the distinct flavor of "It's impossible, why bother to try?", which pissed me off. Not very informative. I thought the gambling episode was terrific, but I know little of gambling. I wonder how much of that they got wrong?

gatortator

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #7 on: July 22, 2021, 08:30:14 AM »
I don't have Netlix, so can't watch these shows.  The two videos series, which I do like,  I first discovered through PBS digital studios.  You can find them on youtube or through PBS Passport.

personal finance focused:  TWO CENTS,  youtube link
https://www.youtube.com/channel/UCL8w_A8p8P1HWI3k6PR5Z6w


economics focused: Crash Courses, Economics,  youtube link
https://www.youtube.com/watch?v=3ez10ADR_gM&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=2

Cool Friend

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #8 on: July 22, 2021, 08:35:20 AM »
So, I just watched the episode on retirement, and it's .....eh, I hate to say it, but it's terrible.  The episode quickly devolved into a waaah-fest of "I can't save" and "we were sold a dream" and "high earners don't pay enough into SS" and "we'll never be able to retire."  It goes out of its way to wage class warfare against high-earners on the point of SS tax caps, but then ignores Social Security to make the point that because most people can't save up $1MM by retirement, they'll be destitute.  It states (falsely!) that eliminating the salary cap for SS would "solve poverty, and expand benefits."

I was hoping it'd explain (without all the social commentary) about savings rates, types of retirement savings (taxable, IRA/Roth/401k, SS), the 4% rule, and maybe how retirees expenses differ from people who are still in the workforce.  Something suitable for showing teens or young adults who haven't heard all this stuff yet.  Instead, all I got was 20 minutes of "here's a retirement thing!  But it won't help you because of X."
--"Here's what a pension is!"  "But nobody gets them nowadays." (then why even bring it up?)
--"Here's what a 401k is!"  "But lots of people can't afford to save." (you almost certainly can)
--"Here's what Social Security is!"  "But it won't be enough to support you." (it never was meant to, hence why it's called "supplemental")
--"You can save for retirement!"  "But you have to deprive your present self in order to do so." (um, duh, life is about choices and tradeoffs)
--"Ok, well maybe you *can* invest!" "But people have lost money in the stock market!"  (then don't sell when the market is down, silly!)

There's certainly great arguments to be made against the perspective they're showing, but don't you think characterizing it as "waging class warfare" is a little much?
It pushes a narrative of "that group of rich people over there isn't paying their fair share," which I would classify as class warfare, yes.

In a video about retirement, I'd expect useful, actionable information that's applicable to most viewers.  The video takes a significant amount of time talking about how high earners' SS taxes are capped (for most people, not useful, actionable, or relevant), but doesn't mention bend points in SS (relevant to most people) or how SS benefits are calculated (relevant to everyone).  In other words, if the purpose of the video is to teach people about retirement savings, much of the content is irrelevant, and that irrelevant content is divisive and misleading.

Okay. I guess personally I see a little bit of a difference between suggesting a tax code could be different to taking up arms against the wealthy.

v8rx7guy

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #9 on: July 22, 2021, 08:37:30 AM »
Finally got a chance to watch the Money Explained series over the last few nights.  I enjoyed it, thanks for the recommendation.

zolotiyeruki

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Re: Netflix's Money Explained Credit Cards Episode
« Reply #10 on: July 22, 2021, 09:13:02 AM »
It pushes a narrative of "that group of rich people over there isn't paying their fair share," which I would classify as class warfare, yes.

In a video about retirement, I'd expect useful, actionable information that's applicable to most viewers.  The video takes a significant amount of time talking about how high earners' SS taxes are capped (for most people, not useful, actionable, or relevant), but doesn't mention bend points in SS (relevant to most people) or how SS benefits are calculated (relevant to everyone).  In other words, if the purpose of the video is to teach people about retirement savings, much of the content is irrelevant, and that irrelevant content is divisive and misleading.

Okay. I guess personally I see a little bit of a difference between suggesting a tax code could be different to taking up arms against the wealthy.
It's the pitting of one group against another, and doing so in a disingenuous manner and inappropriate context, that has me crying foul.

Here's one thing that gives me hope:  currently, in Illinois, we have a flat income tax, as set forth in the state constitution.  Last year, there was a proposed amendment on the ballot which would strip the flat tax restriction and allow progressive tax rates (or regressive, or whatever the legislature picks).  In discussing the issue with my coworker (he's liberal-leaning, I'm pretty conservative), I realized that the biggest problem with such a proposal is not the progressive tax rates themselves.  Rather, such a proposal enables politicians (on both sides!) to divide people into groups, and pit them against each other.  With a flat tax, the politicians have to justify any tax increase to everyone, i.e. it's the politicians vs the people.  With variable tax rates, it's the politicians giving just enough to a majority of the population in order to take something away from the corresponding minority.