{"id":8845,"date":"2020-09-25T20:23:12","date_gmt":"2020-09-26T00:23:12","guid":{"rendered":"https:\/\/www.dailypay.com\/?post_type=podcasts&#038;p=8845"},"modified":"2023-01-03T10:43:07","modified_gmt":"2023-01-03T15:43:07","slug":"financial-awareness-ric-edelman","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/podcasts\/financial-awareness-ric-edelman\/","title":{"rendered":"Financial Wellness, Actions and Hope with Ric Edelman"},"content":{"rendered":"\n<div class=\"wp-block-dailypay-bg-image undefined custom-content__hero\" style=\"background-image:url(\/wp-content\/uploads\/bg-stripes-1.svg);background-position:center center;background-color:#FAD6C0;background-size:cover\" data-version=\"b8da\">\n<div class=\"wp-block-dailypay-wrap undefined wrap mrgTop-40 mrgBtm-40 padH-40 align-left\" data-version=\"4b95\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<iframe allow=\"autoplay *; encrypted-media *; fullscreen *\" frameborder=\"0\" height=\"175\" style=\"width:100%;max-width:660px;overflow:hidden;background:transparent;\" sandbox=\"allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation\" src=\"https:\/\/embed.podcasts.apple.com\/us\/podcast\/financial-awareness-actions-and-hope-with-ric-edelman\/id1524098995?i=1000492305922\"><\/iframe>\n\n\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column label-black is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"has-text-color wp-block-heading\" style=\"color:#000000\">Do you want to be notified of upcoming episodes? 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New podcasts will be added automatically to your library.<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns podcasts-images is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/the-source-by-dailypay\/id1524098995\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"262\" src=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Apple-Podcast-Button.png\" alt=\"\" class=\"wp-image-5085\" srcset=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Apple-Podcast-Button.png 1000w, https:\/\/www.dailypay.com\/wp-content\/uploads\/Apple-Podcast-Button-500x131.png 500w, https:\/\/www.dailypay.com\/wp-content\/uploads\/Apple-Podcast-Button-768x201.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/open.spotify.com\/show\/5g39nTn6gyPtQ39hTRGdPW?si=jL9e-EMaQz-H04av-FYMlw \"><img decoding=\"async\" width=\"687\" height=\"262\" src=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Spotify-Button.png\" alt=\"\" class=\"wp-image-5083\" srcset=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Spotify-Button.png 687w, https:\/\/www.dailypay.com\/wp-content\/uploads\/Spotify-Button-500x191.png 500w\" sizes=\"(max-width: 687px) 100vw, 687px\" \/><\/a><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/podcasts.google.com\/?feed=aHR0cHM6Ly90aGUtc291cmNlLmxpYnN5bi5jb20vcnNz\"><img decoding=\"async\" width=\"1440\" height=\"533\" src=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/google-podcasts-1440x533.png\" alt=\"\" class=\"wp-image-5084\" srcset=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/google-podcasts-1440x533.png 1440w, https:\/\/www.dailypay.com\/wp-content\/uploads\/google-podcasts-500x185.png 500w, https:\/\/www.dailypay.com\/wp-content\/uploads\/google-podcasts-768x284.png 768w, https:\/\/www.dailypay.com\/wp-content\/uploads\/google-podcasts-1536x569.png 1536w, https:\/\/www.dailypay.com\/wp-content\/uploads\/google-podcasts.png 1920w\" sizes=\"(max-width: 1440px) 100vw, 1440px\" \/><\/a><\/figure>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-dailypay-wrap undefined wrap mrgTop-40 mrgBtm-40 padH-40 align-left\" data-version=\"4b95\">\n<p>DailyPay and Ric Edelman have teamed up with the Bipartisan Policy Center\u2019s Funding Our Future Coalition to help guide policies so that more people can secure a financially stable future. Hear Ric discuss the vehicles that exist for those with modest incomes to not only make ends meet, but also to set a path for financial wellness.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-dailypay-bg-image undefined custom-content__guests\" style=\"background-image:url(\/wp-content\/uploads\/bg-blob-4.svg);background-position:center center;background-color:#50c074;background-size:cover\" data-version=\"b8da\">\n<div class=\"wp-block-dailypay-wrap undefined wrap mrgTop-40 mrgBtm-40 padH-40 align-left\" data-version=\"4b95\">\n<h2 class=\"has-text-color wp-block-heading\" style=\"color:#FFFFFF\">About Our Speakers<\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center speaker--25 is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large is-resized speaker__image\"><a href=\"https:\/\/www.canva.com\/design\/DAEEsiLayaI\/97zySlgLjIM_Vfgqr1KkZg\/view?utm_content=DAEEsiLayaI&amp;utm_campaign=designshare&amp;utm_medium=link&amp;utm_source=viewer\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Eric-Edelman-headshot.png\" alt=\"\" class=\"wp-image-9086\" width=\"425\" height=\"425\" srcset=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Eric-Edelman-headshot.png 250w, https:\/\/www.dailypay.com\/wp-content\/uploads\/Eric-Edelman-headshot-150x150.png 150w\" sizes=\"(max-width: 425px) 100vw, 425px\" \/><\/a><\/figure>\n\n\n\n<p><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column bio--75 is-layout-flow wp-block-column-is-layout-flow\">\n<p>Ric Edelman is a leading financial educator and a champion of improving financial literacy for all Americans. An award-winning host on the radio airwaves for some 30 years, producer of several award-winning specials for Public Television, and a #1 New York Times bestselling author, Ric is well regarded for his thought leadership in the financial services industry.&nbsp;<br><\/p>\n\n\n\n<p>He\u2019s in both Research magazine\u2019s Financial Advisor Hall of Fame and Barron\u2019s Hall of Fame, and was ranked three times as the nation\u2019s #1 Independent Financial Advisor by Barron\u2019s and among the Top 10 Wealth Advisors by Forbes.<br><\/p>\n\n\n\n<p>Ric is founder of the RIA Digital Assets Council and the Funding Our Future Coalition, along with the Bipartisan Policy Center. He currently serves as a Distinguished Lecturer at his alma mater, Rowan University. With Jean, his wife, Ric founded Edelman Financial Engines, the nation\u2019s #1 independent financial advisory firm.<br><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center speaker--25 is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large speaker__image\"><img loading=\"lazy\" decoding=\"async\" width=\"420\" height=\"420\" src=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Resource-Center-Headshots_Michael-Baer.png\" alt=\"\" class=\"wp-image-5654\" srcset=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Resource-Center-Headshots_Michael-Baer.png 420w, https:\/\/www.dailypay.com\/wp-content\/uploads\/Resource-Center-Headshots_Michael-Baer-150x150.png 150w\" sizes=\"(max-width: 420px) 100vw, 420px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column bio--75 is-layout-flow wp-block-column-is-layout-flow\">\n<p>Michael Baer is the host and executive producer of The Source podcast. Michael previously oversaw domestic and international payroll news and analysis at Bloomberg Tax, previously BNA.&nbsp;<\/p>\n\n\n\n<p>In a career spanning three decades, Michael transformed the role of managing editor, becoming an information services leader who managed every aspect of world-class global products and platforms, while continuously increasing revenue and achieving market-best customer satisfaction. He directed a team of editors and writers who were charged with translating complicated tax and labor laws into English so non-lawyers could easily understand and apply them, and was integral in organizing and placing that content on easy-to-access web platforms, resulting in the highest net promoter scores the company had seen for any of their offerings.&nbsp;<\/p>\n\n\n\n<p>Michael has been a frequent public speaker for conferences and webinars, and now is the host of The Source, sponsored by DailyPay. Michael joined the DailyPay team in 2019. <br><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center speaker--25 is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column bio--75 is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-dailypay-wrap undefined wrap mrgTop-40 mrgBtm-40 padH-40 align-left custom-content__learn\" data-version=\"4b95\">\n<h2 class=\"has-text-color wp-block-heading\" style=\"color:#4780EA\">In this podcast you will learn \u2026<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Ric Edelman and DailyPay are part of the Funding Our Future Coalition to help people secure their financial futures<\/li><li>How people with modest incomes can financially weather this economic storm<\/li><li>That advanced financial technology is aiding our ability to save<\/li><li>Edelman&#8217;s formula for digging out of a financial hole<\/li><\/ul>\n\n\n\n<span class=\"wp-block-dailypay-btn\"><a href=\"#\" class=\"btn btn-primary\">SUBSCRIBE<\/a><\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-dailypay-bg-image undefined\" style=\"background-image:;background-position:center center;background-color:#F6F6F6;background-size:cover\" data-version=\"b8da\">\n<div class=\"wp-block-dailypay-wrap undefined wrap mrgTop-40 mrgBtm-40 padH-40 align-left read-more--collapsed\" data-version=\"4b95\">\n<p><strong>About this podcast:<\/strong><br><\/p>\n\n\n\n<p>Welcome to The Source, by DailyPay,  the definitive destination for timely and informative regulatory updates and issues in the on-demand pay industry. <\/p>\n\n\n\n<p>DailyPay is the recognized gold standard for providing the daily pay benefit and pay experience. <\/p>\n\n\n\n<p>This material is for general information only and the views expressed herein reflect only the views of the participants. <\/p>\n\n\n\n<p>This program should be considered marketing material and should not be relied on as legal, tax, accounting, or regulatory advice. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>And now, let&#8217;s welcome our host, Michael Baer.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Hello, everyone, and welcome to The Source. The Source,\nsponsored by DailyPay, provides insights into active and upcoming legislation\nimpacting the on-demand pay industry. And with special guests, we help clarify\nissues surrounding early access to pay and the pay experience.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>And speaking of guests, today, I have the pleasure of\ntalking with Mr. Ric Edelman. Ric Edelman, he&#8217;s a leading financial educator\nand a champion of improving financial literacy for all Americans. An\naward-winning host on the radio airwaves for some 30 years, producer of several\naward-winning specials for public television, and a number one New York Times\nbestselling author, Ric is well-regarded for his thought leadership in the\nfinancial services industry. He&#8217;s in both Research Magazine&#8217;s Financial Advisor\nHall of Fame and Barron&#8217;s Hall of Fame, and was ranked three times as the\nnation&#8217;s number one independent financial advisor by Barron&#8217;s and among the top\n10 wealth advisors by Forbes.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Ric is the founder of the RIA Digital Assets Council and\nthe Funding our Future Coalition, along with the Bipartisan Policy Center. He\ncurrently serves as a distinguished lecturer at his alma mater, Rowan University.\nWith Jean, his wife, Ric founded Edelman Financial Engines, the number one\nindependent financial advisory firm. Ric, welcome to the show.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Great to be with you, Mike. Thank you.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Okay, well, let&#8217;s get started here. I have a few\nquestions. You are affiliated with the group Funding our Future, as is\nDailyPay, because we both are focused on raising awareness that tools exist to\nhelp those with modest incomes to secure a more financially stable future. So\nwhat is the first thing you would tell someone who say is a working single mom\nor dad struggling to make ends meet while supporting a family in this\nquarantine economy, no less? What would you tell them? First thing?<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>It&#8217;s a very difficult situation, Mike, for tens of\nmillions of American households, and a lot of the folks watching us today are\ndealing with this on a daily basis. And I get it. As a financial advisor, our\nfirm is devoted to serving middle-class Americans. Most financial advisors tend\nto serve the wealthy, the very rich in America. We don&#8217;t. We serve middle-class\nfolks who are trying to attain financial security for themselves and their\nfamilies, get kids through college, care for aging parents, save for around\nretirement.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And so we see this a lot, and the message that we have is\nreally twofold. Number one, any particular challenges that you&#8217;re going through\nright now in this crisis due to the pandemic is not your fault. This is the\ncircumstance that we are all in and we are all victims of the times that we\nlive in. And at the moment, it&#8217;s a very difficult period of time. The pandemic\nhas caused 30 million Americans to lose their jobs. We are not over yet with\nthis crisis because we are waiting for a vaccine which is going to take, the\nscientists tell us, a year to 18 months before everybody is able to be\nvaccinated. There&#8217;s open debate as to how willing many Americans are to be\nvaccinated. We&#8217;ll have to deal with all of that when it comes.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>But we&#8217;re going to be dealing with this crisis for quite\nsome time. The Department of Labor in fact says that those who lose their jobs\nin this crisis, it could be as many as 10 years before they&#8217;re able to get new\njobs back. The same thing happened in 2008. It took 10 years for the unemployment\nrate to return to &#8217;07 levels. That&#8217;s a pretty common circumstance with most\nrecessions. It takes a long time for everybody to recover who have been\nadversely impacted.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So my first message to you is don&#8217;t ascribe any guilt to\nyourself. Don&#8217;t blame yourself. Don&#8217;t feel that this is due to a weakness or a\nfailing on your part because it&#8217;s not. You&#8217;re not alone. Everybody is going\nthrough something like this or knows someone who is, and just recognize that\nyou will get through this because we always do in America. Never bet against\nAmerica. We are going to get through this, hopefully sooner rather than later.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>The second message that I have for you is because of the\nfirst, because this is just something beyond our control, we need to simply\nrecognize that we need to focus on today. We need to focus on where you are\nright now. Paying the bills is what matters, but not all of the bills. You need\nto focus on your home rent or mortgage, your car, because many people can&#8217;t\nwork without their car. So you lose your car, you lose your job. So you got to\nmake sure you don&#8217;t get your car repossessed, food and medicine. That&#8217;s about\nit. All other expenses can be eliminated, deferred, delayed.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So we just have to prioritize to do whatever we can to get\nthrough the crisis as best as possible so that when job opportunities return or\ngreater stability and certainty of jobs is available, we can then return to the\nlongterm plans that we&#8217;ve gotten, that we had in place before the crisis emerged.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>In other words, we need to focus on today. We need to\nminimize expenses as best we can. We need to avoid liquidating our retirement\naccounts at work. We need to avoid going into debt as best we can. And talking\nwith a financial advisor can be helpful because they may be able to offer you\nideas that you hadn&#8217;t really considered on your own before regarding your\nincome, your expenses, your cash management, your investment strategy, how\nyou&#8217;re managing your retirement plan at work and other employee benefits and so\non.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So focus on the moment because we&#8217;re in the middle of a\nstorm and we&#8217;ve got to make sure that we survive the storm so that our longterm\nfinancial plan won&#8217;t be adversely impacted.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Okay. That&#8217;s great. So I got two things from that. As you\nmentioned, it&#8217;s not your fault that you&#8217;re in a predicament right now. And the\nsecond thing is please prioritize based on actual needs and weather the storm,\nI guess. We&#8217;re all kind of tying ourselves to the masts right now and trying to\nget through this.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Exactly right.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Okay. Second question I have here, DailyPay and Funding\nour Future recently conducted a survey after the pandemic took hold that showed\nthat those that said they are more likely to save for the future vastly\noutnumbered those who stated they were less likely to save by more than three\nto one. So has the pandemic changed some attitudes towards savings for the\nbetter? And do you think maybe this will be retained like the financial habits\nof the generation that went through the Great Depression?<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>I hope so. So yes, it has changed habits and we hope that\nthey stick. There&#8217;s nothing like going through a crisis to help you realize\npersonally that your own individual behavior really matters. So yes, those who\nwere good savers and who managed their expenses effectively and didn&#8217;t amass a\nlot of debt entered this crisis in much better financial condition and were\nable therefore to withstand the job furlough or lay-off or pay cut that\noccurred.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So yes, those who have been managing their money properly,\nprudently, maturely, professionally, are in much better shape and they are\nrecognizing the value of having their good habits. It&#8217;s paying off.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Those who didn&#8217;t do those things and who were having the\nattitude of [inaudible 00:08:43], &#8220;I&#8217;ve got a high income, I&#8217;ve made a lot\nof money and life is good,&#8221; and they&#8217;ve just been wantingly spending it on\ncars and clothes and vacations and jewelry and whatnot, are now realizing that\nthey were living paycheck to paycheck without a lot of stability as a\nfoundation in case there was an interruption in that income. And now, they&#8217;re\nrealizing that they were living beyond their means and life is much more precarious\nthan they realize. Those folks are now looking around saying, &#8220;Look at\neverybody else losing their jobs. I might be at risk too.&#8221; And so it is\ndramatically increasing savings.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Also, there&#8217;s been a side benefit to the lockdown. We&#8217;re\nnot going out to restaurants like we were, we&#8217;re not going to movie theaters or\nballparks. We&#8217;re not traveling to Europe. We&#8217;re not spending money the way we\nwere, and therefore, we have more discretionary income. And a lot of folks are\nsaying, &#8220;I better sock it away as a rainy day fund in case this gets\nworse.&#8221;<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And so, yes, you&#8217;re right, the savings rate has\nskyrocketed, which is great news. Will that persist after the crisis is over,\nwill people internalize this message and stick with their good savings plan? I\nhope so, but I&#8217;m not convinced yet how optimistic I should be on that basis. I\nthink that when the crisis is over, there&#8217;s going to be a sudden release of all\nthe built-up anxieties that have occurred, and people who have not been able to\ntravel, for example, they&#8217;re suddenly going to go on vacation where they can. I\nthink there&#8217;s going to be some of that, at least in the short term. And\nrightfully so. That makes perfect sense. But I do hope that this reinforces for\neverybody the importance of saving as a regular function of your personal\nfinances for yourself and your family in the long run. I hope it sticks as it\ndid, as you noted, with the greatest generation of the Depression babies. They\ndeveloped lifelong savings habits to their benefit.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>That&#8217;s right. And very practical ones too. Great lessons\nthat were learned by those folks who lived during that time. And yeah, we all\nhope that it sticks, that this savings rate continues to increase.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>So next question, advances in technology, and now, really,\nthe practical requirement that even the most simple buy and spend transactions\ninvolve no humans. This technology has also taken the ability to save and\nmonitor one&#8217;s finances to another level. Can you tell me how this benefits our\nfinancial wellness and are there any potential downsides to this development?<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>It&#8217;s wonderful. The ability to save and invest has never\nbeen easier. And it&#8217;s thanks to FinTech, financial technology. I remember back\nwhen my wife and I were newly married in the &#8217;80s, we went to the bank Friday\nafternoon to get 50 bucks out of the bank, and that was our spending money for\nthe week, for the weekend. And if we didn&#8217;t get to the bank by three o&#8217;clock\nwhen they closed, we had no money and we didn&#8217;t do any spending. We weren&#8217;t\ngoing to go to dinner. We weren&#8217;t going to go to the movies and buy popcorn or\nwhatever.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Today, of course, nobody cares about banking hours because\nbanking is essentially 24\/7. We have credit cards, we have debit cards, we have\nready access to cash at all times, and that has gone away. And that was in the\n&#8217;90s. Today, of course, we have online payment systems, PayPal and Venmo and\nZelle and many other services. We have the ability to save and invest in ways that\nnever existed before, online banks that are offering higher rates of return\n24\/7 thank traditional brick and mortar banks.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>We have the ability to invest in a way that never existed.\nMutual funds are extraordinarily prevalent. Now, even the ETF environment,\nexchange traded funds, which are newer, better technologically available\nversions of mutual funds, lower in cost, better pricing throughout the day,\nbetter transparency than mutual funds offer, and the best part is that you can\nnow buy these things commission free and with only $5. You don&#8217;t need to have\nthousands of dollars to invest, going through a broker who&#8217;s going to charge\nyou 3% round trip for the transactions.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So this has demonetized the cost of investing. It has\ndemocratized the opportunity of investing, lowering the barriers to entry. The\nprevalence of 401k plans in the workplace, something that didn&#8217;t exist prior to\nthe 1970s, is now making it easy for every worker to save for their future.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And so these innovations are wonderful. They&#8217;re really\ntaking away all the excuses for you not saving and investing. We even have\nprograms now that will allow you to save the coins, the change when you make\npurchases. It rounds up your purchase to the nearest dollar, takes those coins\nand throws them into a savings account. I mean, literally saving without\ntrying. So we&#8217;ve taken away all the excuses and you really have no reason not\nto be saving for your future.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Okay. And then in terms of, I mean, there have been early\nadopters, and then these technological advances tend to go through these cycles\nof acceptance. But now, I mean, there&#8217;s still, I think with the pandemic, there\nstill has been a certain number of people that had resisted adopting some of\nthese new technologies that are now kind of forced to do that. Would you agree?<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Yes, very much so. The pandemic is radically accelerating\nthe adoption of exponential technologies. It&#8217;s the basis of my most recent\nbook, The Truth About Your Future, which was a New York Times Business\nbestseller when it was released, which talks about financial technology, AI,\nrobotics, big data, 3D printing, nanotech, biotech, bio informatics. All of\nthese technologies are new as a result of the advancing developments of\ncomputers.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And although these advances have been moving along at a\nvery fast clip, the pandemic is actually accelerating this speed of adoption.\nYou can&#8217;t go to the bank, right? Because the bank branches were closed for\nmonths during the lockdown, forcing you to bank online. And today, people are\nrealizing you can just take a photograph of your check with your phone and\ntransmit it to your bank branch immediately. There&#8217;s no reason to go to the\nphysical branch.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So everybody&#8217;s beginning to realize, &#8220;Well, yeah, if\nI need to send money to my child, I can do that through PayPal or Venmo. I\ndon&#8217;t need to write a check and have it take a long time. I don&#8217;t have to\ntransmit money internationally by Western Union, which takes five days and\ncosts 8%. I can do it with Bitcoin. It&#8217;s almost instantaneous and it&#8217;s\nfree.&#8221;<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So yes, this is, I think, going to accelerate the\nadoption. People are growing more and more comfortable. I remember back in the\n&#8217;90s, people were afraid to use credit cards in a department store because they\nwere afraid of giving their credit card number to the merchant in the store.\nAnd then people got comfortable with that and they became nervous about using\ncredit cards on the internet. They were afraid that typing in their number and\nsending it across the wherever was going to put them at risk. Today, we think\nnothing of this. So it&#8217;s merely a question of getting used to it.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And what&#8217;s fascinating is that the adoption of these\ntechnologies is growing, not merely among the gen X, the gen Z and the\nmillennials, it&#8217;s growing among those who are Baby Boomers and Depression\nbabies, people in their sixties, seventies, eighties, even my mom in her\nnineties, who are accepting these technologies, and that&#8217;s really wonderful.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Well, that&#8217;s true. I mean, I think that the pandemic has\naccelerated that I think for those that have resisted until this time. So let&#8217;s\ngo to a different kind of question here. The economic turmoil of businesses\nhaving to shut down or curtail their operations, the stock market seems to have\nkind of shrugged all this off, at least for now. So what advice would you give\nthose who, like you service, those people with modest incomes, maybe you get\npaid hourly to take advantage. How can they take advantage of the market\nstrength?<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Well, we have been very concerned over the past five\nmonths about the stock market. We saw, of course, when the pandemic began, the\nstock market immediately fell 35% in value. It was the fastest decline of that\nsize in stock market history. In fact, the stock market, the NASDAQ fell 10% in\njust six days, which was a record.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>But when that occurred, the stock market then decided,\n&#8220;Well, that&#8217;s really overblown. This isn&#8217;t as big a crisis as we\nthought,&#8221; and we saw what happened in the five months since. The stock\nmarket, from April through the end of August, skyrocketed with more than 50%\ngains. The NASDAQ was up over 70% in just five months.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>We were growing very concerned about that rapid recovery\nin the stock market. Because the pandemic is still with us. The economic impact\nis still here. Millions of Americans remain unemployed. We see continuing\nweakness regarding mortgage delinquencies, car delinquencies, millions of\nAmericans still out of work, small businesses suffering, and the government\nstimulus programs largely expired back in the summertime.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So when we look at what&#8217;s going on in the economy and we\ncompare that to what&#8217;s happening in the stock market, there seems to be a\nmassive disconnect, and that was troubling us for a significant amount. We&#8217;re\nnow beginning to see that the stock market is in fact recognizing that notion.\nSince the end of August, the stock market has fallen three weeks in a row. And\nso far, this week, the stock market is down the biggest yet.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So it does seem to be that the market is going through a\ncorrection. We believe this is healthy. It is something we&#8217;ve been widely\nexpecting. Nobody knows how long this correction will occur, how deep it will\ngo, how long it will last. We&#8217;ll have to wait and see.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So we have two messages for people. Number one, if you&#8217;re\ngoing to invest, which is perfectly fine to do, recognize that investing is a\nlong term activity. You should not be investing in order to get rich quick.\nThat&#8217;s gambling. That&#8217;s speculating. That&#8217;s not investing. Investing is\nsomething you do to achieve longterm goals, such as sending a child to college\nin 10 years, saving for your retirement in 20 years, handling your income in\nretirement for 30 years. So focus on your longterm goals.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And because the markets are sometimes volatile, as we&#8217;ve\nbeen experiencing in 2020, for reasons nobody could have predicted when the\nyear began, we need to recognize that diversification matters a lot. Don&#8217;t put\nall your eggs in one basket. You shouldn&#8217;t be buying only stocks. You should\nown stocks and bonds and real estate and gold and exponential technologies and\nnatural resources. There are 16 or so major asset classes and market sectors,\nand you should be invested in all 16 of them all of the time so that you have a\nlongterm time horizon and the diversification helps reduce the volatility of\nthe markets. So sure, let&#8217;s go ahead and invest, but do so because you&#8217;re\ntrying to achieve longterm goals, not because you&#8217;re trying to get rich quick.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Okay. Yeah. So it does sound like, yeah, go ahead, and\nit&#8217;s okay to invest, but just make sure you&#8217;re diversifying and that you&#8217;re\nlooking at the longterm. So thanks for that message there.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>All right. I think we have one final question for you.\nWithout sharing details of course, and I just kind of thought this up, if you\nwere to create a secret sauce or a formula, like a soda mixture, let&#8217;s say, or\na blend of spices for fried chicken, but apply this instead to individuals\ntrying to break out of financial dire straits, what would be those elements?\nWhat would be in your financial wellness secret sauce?<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>I&#8217;ll give you a four step process for creating the\ningredients. Number one is to join your retirement plan at work. That sometimes\nsurprises people that that&#8217;s my number one comment. I put that ahead of paying\noff credit card debt. So that&#8217;s number two. Why is joining your retirement plan\nat work number one? For the simple reason that the most powerful tool available\nto you for creating wealth is time. The sooner you invest, the more wealth\nyou&#8217;re going to create. So don&#8217;t squander the time. While you&#8217;re trying to pay off\ndebts, which will take you time, keep saving for your retirement.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So you should be adding to your retirement plan at work at\nleast as much as is necessary to qualify for the employer match. Many employers\nwill match your contributions. If you put in 3%, they put in 3%, for example.\nIt&#8217;s literally free money from the employer. So contribute to the retirement\nplan at work.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>After you do that, then take whatever available cash\nyou&#8217;ve got on a regular monthly basis and pay down your credit cards, get rid\nof your expensive debt. You want to get rid of your high interest credit card\nfirst because that&#8217;s providing the most bleeding, that&#8217;s causing the most\ndamage, the highest interest rate, and do whatever it takes to pay down those\ndebts.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>Number three, step three is to build cash reserves, a\nrainy day fund. We normally would tell our clients three to 12 months worth of\nspending, but due to the pandemic, we&#8217;re saying as much as 24 months worth of\nspending, because if you lose your job, it could take a couple of years before\nyou get a new one. So that&#8217;s step number three is build cash reserves.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And finally, step number four, start to invest outside of\nyour retirement plan in a diversified portfolio.<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>So that&#8217;s the four step process. Your retirement plan at\nwork, pay down debt, build cash reserves, and then save and invest beyond that.\nIf you do those four things in that order, I&#8217;m confident you&#8217;ll have a bright\nfinancial future.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Okay. That&#8217;s great. And of course, at DailyPay, we do have\nsave options for our clients, our employees, the employees that subscribe to\nDaily Pay. They get a chance to save out of each day if they want to and put it\nin a number of different vehicles. So that&#8217;s number-<\/p>\n\n\n\n<p>Ric Edelman:<\/p>\n\n\n\n<p>And it&#8217;s an illustration, Michael. It&#8217;s an illustration of\nwhat I put in the FinTech category. If it wasn&#8217;t for financial technology,\nDailyPay wouldn&#8217;t be able to exist. And the fact that the technology does exist\ntoday demonstrates how easy it is to save even incredibly small amounts. People\nare shocked when they discover how saving pennies on a daily basis adds up to\nmassive amounts of money over long periods of time.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>Yeah. Fantastic. Well, I think that&#8217;s about it for now. I\nthank you, Mr. Edelman, so much for your time to come here and give us some\nunderstanding of how people&#8217;s financial future can be a hopeful one, even\nduring this difficult health crisis and economic turmoil.<\/p>\n\n\n\n<p>Michael Baer:<\/p>\n\n\n\n<p>And listeners, I thank you for joining us today at The\nSource, sponsored by DailyPay, where you can get information and analysis of\ndevelopments related to pay experiences. Stay healthy and safe and keep an eye\non your emails. And subscribe to The Source through dailypay.com\/podcasts, as\nwe will have another compelling issue along with updates very soon. Thank you\nvery much for being here.<\/p>\n\n\n\n<p>Speaker 1:<\/p>\n\n\n\n<p>Thanks for attending The Source brought to you by\nDailyPay. Join us again next month for up to date insight on on-demand pay and\npay experiences. Keep an eye on your inbox for more information regarding\nfeatured guests and new topics.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>DailyPay and Ric Edelman have teamed up with the Bipartisan Policy Center\u2019s Funding Our Future Coalition to help guide policies so that more people can secure a financially stable future.<\/p>\n","protected":false},"author":32,"featured_media":8940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[299],"tags":[618,615,431,186,613,614],"class_list":["post-8845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","tag-benefits","tag-executive","tag-financial-inclusion","tag-financial-wellness","tag-hr","tag-operations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - 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the leading provider of the daily pay benefit \u2014 a benefit offered through employers that allow employees to receive instant access to their earned income, works across a wide range of industries, including quick service restaurants, hospitality, retail, healthcare and other services. One in six Americans now has access to DailyPay through our trusted payroll service partners, including ADP, Paycor, SmartLinx, Netspend and other HR and payroll technology providers, who offer the daily pay product to their customers. With DailyPay, employees can pay bills on time and avoid late fees, helping them to reach their financial goals. Companies have reported that DailyPay increases employee engagement and retention and helps to support recruitment. DailyPay is backed by leading venture capital firms and world-class strategic investors. 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