Three Demonstrations of AI’s Capabilities

Plus Ric’s big news

Ric Edelman: It's Friday, November 1st, and we're out of October. I hope you had a wonderful Halloween, lots of candy, lots of fun. And, I think we're all relieved that my 19-day podcast series on the 34 election topics is over. And I mentioned to you yesterday that I had a big announcement that I was going to make today, which I am going to do.

I also want to share just two emails that I received from listeners. I continue to get lots of emails on all of the commentaries from the podcast. Thank you. I continue to read them all, find them fascinating. And I'll tell you this, the overwhelming majority of the emails that I'm getting are intelligent, thoughtful, measured, considerate, and frankly, persuasive. Sharp audience, sharp people. That's a sharp contrast, by the way, to what I'm seeing from folks who are posting to my YouTube page or on X and and other places, other social media where my show's available.

There, the comments tend to be more, frankly, uneducated, immature, inappropriate, frankly. But you, my direct listeners here on the podcast. Wow. I'm just really so impressed and appreciative of everything you've said. Two, I'm going to share with you today.

Only two comments that I think say an awful lot. First, Daniel, he's in Simi Valley, California. Here's what Daniel wrote to me, last night.

Daniel: Hey, Ric. Thank you for your election policies podcasts. I have listened to each episode with fascination. Let me start by saying I am not undecided. I know who I want and I know why. Honestly, I couldn't understand what people see in the other candidate. Interestingly, friends and family who support the other side wonder the same about me.

I'm well aware that most of the sources I follow for news and information tend to promote positive stories about my candidate and play down the negative reports. At the same time, when I listen to media or people who support the other person, I hear only hateful rhetoric about my choice. Your podcast episodes have helped me appreciate what people like about the other candidate.

More importantly, they have helped me get past the lies and exaggerations that come with rhetoric and see the actual flaws in my candidate. My mind has not been changed, but I now realize that it's not so much about what the candidates say or do or promise. It's really about what is important to the person casting the vote.

For some, character is most important. For some, past actions matter more. For others, it is the anticipated future actions that are the deciding factor. So, I appreciate your research and your insights and the time you've spent educating those of us who want to know. Thank you.”

Ric Edelman: Thank you, Daniel. I’d hoped that folks would draw a similar conclusion and value and benefit from this series and if you're the only one, that's good enough for me. I hope and believe that there are some others as well. So, thank you. I really do appreciate that immensely.

And then the second email I'm going to share with you. I'd made the joke, uh, the other day that of all the emails I've received, only one person said that they would vote for me for president. So here is Ahmed he's in Rockville, Maryland

Ahmed: “I would not want you for president, but Secretary of the Treasury would be awesome.”

Ric Edelman: Well, thanks, Ahmed. but I'm not looking for a job. I'm not even looking for the job of president.

Frankly, I've had a better job than that. I have been CEO, which is better than president. And in fact, I've an even better job than CEO. I have been founder. There is nothing better than entrepreneurship in this country. We were founded on capitalism, business creation, business ownership. If you have never been founder of a company, I strongly encourage you to do it. Even as a part-time side gig to your full-time job or other activities.

The internet has made it easier than ever to do it on a part-time basis with little capital requirement, little time, not even a whole lot of knowledge needed. I strongly encourage entrepreneurship. And if you've never seen what it's like or experienced the notion of being a founder of a business, I think you'll really enjoy it and will certainly learn a lot.

So no, I don't want a job as Secretary of the Treasury as much as that would be fun to literally have your name on the money. Nor of president, not that anybody wants me to.

By the way, one last thing before we leave behind a conversation on the presidential election and the podcast series I just completed. I had invited you to tell me who you think I'm going to vote for, for president. I received lots of emails from people with their predictions.

What I can tell you is the following. The predictions came in almost 50-50. Some people saying, I think you're going to vote for Trump. Other people saying, I think you're going to vote for Harris. Which to me says that I did a pretty good job of being objective, which was my goal in explaining all of this as best I could.

Second, nobody was happy about it. In other words, folks who said “I think you're voting for Trump” were very unhappy that they concluded I was voting for Trump. And those who said “you're voting for Harris” were very unhappy that they felt I was voting for Harris. Everybody who wrote to me was convinced based on their interpretation of my commentaries. Everybody who had wrote to me was saying, “I think you're voting for the candidate I don't like, and I'm not happy you're doing it.”

So, all I can tell you is that half of you are wrong. I don't know what else to say since pretty much half of you felt I was going one way versus the other way. Half of you are wrong And that's about all I can tell you. So, I guess I did a pretty good job of being as impartial, unbiased as I possibly could in a topic that is very clearly a very emotional one. And for most folks, a very definitive one. I was among the very small minority, like 5% of the American voters, who have been undecided through this campaign.

So, most of you haven't been able to understand why I've been undecided. And you're pretty much convinced that I've gone for the other person. What can I tell you?

This week marks my 500^th podcast, that I recorded earlier this week. And it was kind of apropos that in this podcast series talking about politics, which I really have never done in my career, delving deeply into it, resulting in lots of folks agreeing and disagreeing on various topics that we covered.

What a high point for me to tell you that this represents the end of this podcast. After 32 years of hosting my radio show. I was the first financial planner in the country to host a radio show. Thank you so much, to WMAL radio in Washington, DC, which took a big chance on me way, way, way, way, way back, in the early 1990s. And then spearheading with ABC Radio, the network, to take my show national and I became not only the first financial planner to host a radio show, but then became the first financial planner to host a national radio show. This led to me being named multiple times to the Talkers Heavy Heavy Hundred, the list of the top 100 most important radio talk show hosts in the country. And I believe the only financial planner ever to be on that list. My show spawned an entire industry of financial advisors, stockbrokers, insurance agents, estate attorneys, accountants and other experts hosting their own shows all across the country. I paved the way with WMAL and ABC Radio, for which I'm forever grateful. And at its peak had half a million listeners weekly to that program.

I left radio three years ago because of technology, frankly, as terrestrial radio is falling by the wayside due to the internet and technology and the emergence of podcasting. So, I moved, as you know, three years ago from radio to this podcast and converted my weekly radio show into a daily podcast, which I've now been doing ever since. And we just crossed the number 500 episode this past week.

So, why am I announcing that I'm leaving it? The podcast will end December 31^st.  It will be my last podcast in this run. And so, we've got two more months together, November and December. And I will share with you during these couple of months, the most important, commentary and topics of all, as I, depart from this effort with you at the end of the year.

Why am I leaving it? Well, there are a couple of reasons. Number one, I've been doing this for 35 years. I think I've said everything really worthwhile that there is for me to say. People have said to me, Ric, you're so smart. You know the answers to everything. Every person who used to call my radio show, you were able to answer every one of their questions. You know so much about everything. And what I've always retorted when people have given me that wonderful comment is: “For 35 years, I've been answering the same 10 questions.”

I mean, people ask me a lot of questions. But if you think about it, they're all about: Should I get a mortgage? Should I save in my 401k? Should I do a Roth IRA or a deductible IRA? And so, there are really only about a dozen questions, 10 or so questions, that people have ever asked me. So, I've come off looking pretty smart, but maybe smart on a very, very narrow list of subjects. Anyway, it's becoming a bit of a treadmill for me after 35 years.

And so, that's part of the reason, but that's not the big part. The really big part is that the amount of work associated with producing this podcast every single day, is a significant amount of work, not just for me, but for my team as well.

My production staff spends at least as much time producing and distributing the podcast as I do in researching it, writing it, recording it, uploading it to them. And it's a big time suck, frankly, and it's preventing us from doing some other things that I really want to start doing, and I'm going to tell you in a moment what’s next, what am I going to do next? I'll tell you that in a moment. But in addition to the time crunch, associated with my production of this podcast.

I am so, very grateful for the support that I've received from our sponsors enabling me to deliver this content to you. A very big thank you to Bitwise, BlackRock, Charles Schwab, Choice, Edelman Financial, Franklin Templeton, GlobalX, Invesco, PIMCO, and State Street Global Advisors. Thank you so much to the sponsors who have made this podcast possible.

There is another reason, a big reason, why I am choosing now, at the end of the year, to put an end to this long run, and that is technology.  AI has now gotten to the point where anybody, anywhere can do a podcast incredibly easily, cheaply. and it is really rather astonishing.  When ChatGPT first emerged, nearly two years ago, I very rapidly demonstrated to you on this podcast, the incredible impact of this technology.

I recorded an entire show using ChatGPT, and a separate piece of software that replicates voices. So, I had ChatGPT write on my computer the script of a show. And I uploaded my voice to this other site called ElevenLabs and had ElevenLabs record the script that ChatGPT wrote in my voice. And when I played that podcast, nobody knew it wasn't me.  And that included my producer of 30 years who didn't know it wasn't me. And my wife Jean, it took her about 30 seconds to say to me, something's off.  She couldn't put her finger on it, but she just knew something wasn't quite right.

So that was almost two years ago. The technology has further advanced and grown in incredible ways. It has now gotten to the point where you don't even have to do much of anything.

And I will illustrate this for you.  I have a 15-minute podcast clip that we have just produced. And all I did was tell my team. I didn't even do it. I wasn't even involved. I just said to Michelle, my producer: “Michelle, I want you to take this couple of news clippings, and I want you to create a podcast in my voice based on these news clippings.”  Here's what Michelle produced.  It took her about 10 minutes.

AI-Generated News Story:

Ric Edelman: Welcome to this special new segment on The Truth About Your Future podcast. In this segment, we're diving deep into the world of science, technology, and the incredible advancements that are redefining what's possible…from the exponential growth of cutting-edge technologies to the latest developments in artificial intelligence.

We'll take a closer look at how these innovations are not only transforming industries, but also changing the way we live, work, and interact with the world. Here's some of our top stories.

Did Amazon just revolutionize grocery shopping with robots?

Amazon is testing a new initiative by integrating robot warehouses within its Whole Foods stores. The company is constructing a micro fulfillment center alongside a Whole Foods in Plymouth Meeting, Pennsylvania. When the facility opens next year, customers will be able to order from Amazon's website and Amazon Fresh while shopping at Whole Foods and collect their items during checkout.

By using robots, Amazon aims to transform how consumers shop in its stores. The integration of advanced technology is expected to improve efficiency and convenience for customers. This approach by Amazon could change the industry, setting new standards through innovation and technological advancement in the grocery sector.

Amazon's integration of robots into Whole Foods stores represents a bold step towards transforming the grocery market. The company's ambition is clear, attract more shoppers and secure a larger grocery market share. By leveraging cutting edge technology, Amazon aims to enhance efficiency, reduce checkout times, and ultimately improve the customer experience.

The competitive landscape is fierce, with traditional grocery giants like Walmart and Kroger holding substantial portions of the market. These competitors have long established customer loyalty and extensive networks that Amazon needs to contend with.

To differentiate itself, Amazon utilizes its technological prowess and vast resources. This strategy not only appeals to tech-savvy consumers, but also positions Amazon as an innovator in the industry. Customer data plays a pivotal role in Amazon's strategy. By analyzing shopping behaviors and preferences, Amazon can tailor its offerings, ensuring high levels of customer retention. This data driven approach allows for personalized shopping experiences, potentially increasing consumer loyalty and spending.

How technology enhances grocery store marketing is a crucial aspect of Amazon's strategy. The use of advanced technology not only streamlines operations, but also helps in reaching and retaining customers more effectively.

In this rapidly evolving market, Amazon's strategic use of robotics and data analytics positions it uniquely against traditional chains, signaling a new era in grocery retailing. I'm looking forward to seeing where this leads in the months and years to come.

And now for our next story.

Did AI just discover over 160, 000 new viruses?

A groundbreaking study from the University of Sydney has unveiled the discovery of over 160,000 new RNA viruses using advanced artificial intelligence technology. This remarkable achievement marks a significant leap forward in our understanding of viral diversity, potentially transforming fields such as medicine and ecology, the vast number of newly identified viruses highlights the complexity and previously uncharted territory of Earth's viral ecosystem. The implications of this discovery are profound. By leveraging AI, researchers can now explore viral diversity with unprecedented depth and precision. This advancement promises to enhance our comprehension of virus host interactions, ecological impacts, and the evolutionary pathways of viruses.

At the core of this groundbreaking approach is a deep-learning algorithm called LeukaProt. It has been specifically designed to handle large datasets and analyze genetic sequence data from various environments. By using technology in this innovative way, researchers are taking an important step towards understanding Earth's viral ecosystems.

This knowledge could lead to future discoveries across different areas of biology and contribute to our overall understanding of life on Earth.

The discovery of over 160,000 new RNA viruses was made possible through advanced methods that went beyond traditional virology. The key to this success was the large-scale analysis of genetic sequence data, which gave a detailed view of viruses in various environments. This analysis used complex bioinformatics tools specifically created to go through huge amounts of data and accurately identify viruses.

At the heart of these methods is the idea of sequence dark matter. This term describes genetic sequences that are not classified or studied using standard methods. Traditional techniques often miss these sequences, leaving a large part of viral diversity unexplored. By using advanced technologies, researchers have started to uncover this sequence dark matter, bringing lineages that were previously unknown.

The study used deep learning algorithms that can work with complicated and large data sets. These algorithms examined genetic material up to 47,250 nucleotides long, enabling precise classification and identification of RNA viruses that had previously gone undetected. By adopting these groundbreaking methods, scientists have discovered new ways to understand how viruses evolve and interact with their environments, opening doors for future discoveries in virology and other fields.

Technological advancements, particularly in AI, are transforming our understanding of the world's unseen inhabitants, viruses. The discovery of over 160,000 new viruses by AI at the University of Sydney exemplifies the profound implications AI holds for biological research. By unraveling complex questions about viral diversity, we gain insights that could revolutionize medicine, ecology, and beyond.

As we embrace these innovations, we stand on the cusp of unprecedented discoveries that will deepen our understanding of life's intricate web across our planet. The journey to explore viral diversity is not only essential, but also a testament to human curiosity and ingenuity in uncovering the mysteries of lifeforms we share Earth with.

As we wrap up this segment, it's clear that the integration of advanced technologies, like robotics and AI, is rapidly reshaping industries in ways we couldn't have imagined even a few years ago. From Amazon's bold step toward revolutionizing the grocery shopping experience with robot-powered micro fulfillment centers, to the discovery of over 160,000 new RNA viruses through artificial intelligence, these advancements demonstrate the immense potential of technology to transform our daily lives and expand our understanding of the world around us.

As we move forward, the role of exponential technologies will only grow more influential, pushing boundaries and offering new solutions. Stay tuned to The Truth About Your Future as we continue to explore how these advancements will shape the world we live in and the future we are building.

End of AI-Generated News Story:

Ric Edelman:  So, that was a really cool experiment that Michelle and I did, of coming up with an AI-generated podcast in my voice where I had absolutely no involvement, other than saying: Here are the news stories, the basis of this that I want you to talk about.”

But then we took it a step further and I said, you know, that's kind of boring, just having the audience listen to me. Let's create another one, Michelle. And this time have me in a conversation with a consumer. Let's pretend that I'm talking with somebody. And so, Michelle created this again, it took her about five or 10 minutes.

Me. Supposedly me. Talking with a consumer named Betty. Both me and Betty are pure AI. Listen in.

AI-Generated Conversation Between Ric and Betty:

Ric Edelman: Today, we're diving into the latest developments in the world of cryptocurrency. Joining me is Betty, a curious consumer who's been following the crypto space. Betty, are you ready to explore some exciting news?

Consumer Betty: Absolutely, Ric. I can't wait to hear what's been happening.

Ric Edelman: Great. Let's get started with our first topic. Betty, have you heard about the incredible crypto resurgence happening in the Philippines right now?

Consumer Betty: No, Ric. What's going on over there?

Ric Edelman: Well, it's quite fascinating. Despite the cryptocurrency market crash two years ago, we're seeing a remarkable comeback in the Philippines. Internet crypto gaming are popping up all over the place.

Consumer Betty: Crypto gaming? What exactly does that involve?

Ric Edelman: These are video games where players can earn cryptocurrency tokens for completing challenges. One cafe owner, Joniel Bon, opened a new internet cafe in Quezon City, and it's buzzing with activity.

Consumer Betty: That sounds interesting. Are people actually making money from this?

Ric Edelman: Believe it or not, some players are earning around twice the Philippines minimum wage, which is about $11 a day. They're converting their game tokens into the local currency.

Consumer Betty: Wow, that's impressive, but isn't this just a fad?

Ric Edelman: It might seem that way, but it's not just gaming. Farmers in the Philippines have started harvesting virtual crops from these games as a source of income. And there's more. Overseas Filipino workers are returning home to become what they call metaverse Filipino workers.

Consumer Betty: That's quite a shift. How widespread is this trend?

Ric Edelman: It's growing rapidly. In November and December alone, the value of crypto transactions in the Philippines increased by 70% compared to the previous two months, reaching $7.3 billion.

Consumer Betty: Those are some big numbers. But isn't there a risk of another crash?

Ric Edelman: You're right to be cautious, While this boom is exciting, it's important to remember that cryptocurrencies can be volatile. The Philippine government is wrestling with how to regulate this technology to ensure it's safe and sustainable.

Consumer Betty: It sounds like an interesting development, but one that needs careful monitoring.

Ric Edelman: Absolutely. It's a perfect example of how crypto and blockchain technology are finding real world applications, but also highlights the need for proper oversight and regulation as these technologies become more mainstream.

Now, Betty, let's talk about some interesting moves made by the state of Wisconsin Investment Board. They've been making waves in the crypto investment space recently.

Consumer Betty: Oh, really? What have they been up to, Ric?

Ric Edelman: Well, they've significantly increased their holdings in the BlackRock Spot Bitcoin ETF. In the second financial quarter of this year, they bought an additional 447,651 shares bringing their total to nearly 2.9 million shares.

Consumer Betty: Wow, that's a lot. What's the value of that investment?

Ric Edelman: As of the end of the quarter, those shares were worth about $98.9 million. But here's where it gets interesting. They also completely sold off their entire holding in the Grayscale Bitcoin trust. Which was worth $63.7 million in the previous quarter.

Consumer Betty: That's quite a shift. Why do you think they made that move?

Ric Edelman: It's hard to say for certain, but it could be due to differences in fees, liquidity, or simply a strategic reallocation. What's clear is that they're still bullish on bitcoin, just changing how they're exposed to it.

Consumer Betty: Did they make any other crypto-related investments?

Ric Edelman: Yes, they did. They also increased their holdings in Coinbase, the popular crypto exchange. They bought an additional 5,180 shares, bringing their total to 98,446 shares, worth nearly $21.9 million. And they didn't stop there. They also purchased more shares in Marathon Digital, a bitcoin mining company.

Consumer Betty: It sounds like they're really diversifying their crypto investments.

Ric Edelman: Exactly, This shows that major institutional investors are continuing to see value in the crypto space, even as they adjust their strategies. It's a fascinating development to watch.

Now, let's talk about some big news from South Korea. Their National Pension Service, which is one of the largest pension funds in the world, just made a pretty interesting move in the crypto space.

Consumer Betty: Oh, that sounds intriguing, Ric. What did they do?

Ric Edelman: Well, they purchased $34 million worth of shares in a company called MicroStrategy. Now, you might be wondering why this is significant in the crypto world.

Consumer Betty: Yeah, I'm not familiar with MicroStrategy. What's their connection to cryptocurrency?

Ric Edelman: Great question. MicroStrategy is actually the largest corporate holder of bitcoin.  They've invested billions of dollars into bitcoin over the past few years. So when an institution buys MicroStrategy shares, it's often viewed as an indirect investment in bitcoin itself.

Consumer Betty: Oh, I see. So, the pension fund is getting exposure to bitcoin without directly buying the cryptocurrency?

Ric Edelman: Exactly right, It's a way for them to gain some bitcoin exposure while potentially reducing some of the regulatory and custody challenges that come with directly holding cryptocurrency.

Consumer Betty: That's pretty clever. Do you think we'll see more pension funds making moves like this?

Ric Edelman: It's certainly possible. This move by South Korea's pension fund could signal growing institutional interest in gaining crypto exposure through more traditional investment vehicles. It's definitely a trend we'll be watching closely in the coming months.

Now, Betty, let's talk about some exciting news from the Securities and Exchange Commission. The SEC has just BlackRock's Spot Bitcoin ETF. This is a big deal in the world of cryptocurrency investing.

Consumer Betty: That sounds interesting, Ric. Can you explain what this means for investors?

Ric Edelman: Certainly. Essentially, the SEC has given the green light for investors to trade options on BlackRock's iShares Bitcoin Trust, which trades under the ticker iBit. This adds a new layer of complexity and opportunity to bitcoin investing.

Consumer Betty: I see. But what exactly are options and why are they important?

Ric Edelman: Great question. Options are financial contracts that give investors the right, but not the obligation, to buy or sell an asset at a predetermined price within a specific time frame. In this case, it allows investors to speculate on the future price of Bitcoin or hedge their existing positions.

Consumer Betty: That sounds like it could be risky. What's the potential impact on the market?

Ric Edelman: You're right to be cautious, Options can be risky, but they can also provide more sophisticated investors with additional tools to manage their portfolios. This approval could potentially increase liquidity in the bitcoin market and attract more institutional investors. It's another sign that cryptocurrency is becoming more mainstream in the financial world.

Consumer Betty: Thanks for explaining that, It's fascinating to see how quickly the crypto market is evolving.

Ric Edelman: Absolutely, Betty. It's a space we'll continue to watch closely. Did you hear about the latest move from luxury watchmaker Rolex?  They've filed a patent for using blockchain technology to authenticate their watches.

Consumer Betty: That's interesting, Ric. How would that work exactly?

Ric Edelman: Well, according to the patent, Rolex wants to improve on how other watch brands use NFC chips in warranty cards. They're looking to use blockchain to store information that can be displayed on a website once a watch certificate card is scanned.

Consumer Betty: So, would this reveal personal information about the watch's ownership?

Ric Edelman: It's not entirely clear from the patent, but it could potentially be a way for current owners to communicate with Rolex service centers for warranty work.

Consumer Betty: That sounds convenient. Is there anything else unique about this system?

Ric Edelman: Yes, there is. Future Rolex watches could have unique identifiers for the case, movement, and bracelet. Each part would have a string of alphanumeric characters comprising eight random digits stored via blockchain and engraved in a way that can be scanned.

Consumer Betty: Wow, that's quite advanced. It seems like Rolex is really embracing technology to protect their brand and enhance customer service.

Ric Edelman: Absolutely, this move shows how blockchain technology is finding applications beyond cryptocurrency, even in traditional luxury markets.

Now let's talk about some exciting developments from two major players in the payments industry, PayPal and Visa. Have you heard about PayPal's latest move in the crypto space?

Consumer Betty: I haven't, Ric. What's PayPal up to now?

Ric Edelman: Well, PayPal has just announced that they're enabling U. S. business accounts to buy, hold, and sell cryptocurrency directly from their accounts. This is a big step forward from their previous offerings, which were limited to retail users.

Consumer Betty: That sounds interesting. Does this mean businesses can now accept crypto payments through PayPal?

Ric Edelman: Not quite yet, For now, it's more about giving businesses the ability to invest in and manage cryptocurrencies as part of their financial strategy. It's a way for them to potentially diversify their assets and tap into the growing crypto market.

Consumer Betty: I see. And what about Visa? You mentioned they had some news too?

Ric Edelman: Yes, Visa is making moves in the stablecoin space. They've announced a new platform called the Visa Tokenized Asset Platform, or VTAP for short. This platform is designed to help banks issue their own fiat backed tokens, including stablecoins.

Consumer Betty: Stablecoins? Those are the cryptocurrencies that are pegged to traditional currencies, right?

Ric Edelman: Exactly, Betty. And Visa's platform could make it easier for banks to create and manage these types of digital assets. It's a sign that traditional financial institutions are getting more serious about integrating blockchain technology into their operations.

Consumer Betty: It sounds like both PayPal and Visa are really embracing cryptocurrency and blockchain.

Do you think this will lead to wider adoption?

Ric Edelman: I believe it will.  When major companies like PayPal and Visa start offering these kinds of services, it adds a level of legitimacy and accessibility to the crypto space. It's another sign that digital assets are becoming an increasingly important part of the financial landscape.

Now let's turn our attention to Susie Orman. Have you heard about her recent comments on bitcoin?

Consumer Betty: No, I haven't, Ric. What did she say?

Ric Edelman: Well, Susie Orman has come out saying that she believes everyone should have some exposure to bitcoin in their portfolio.

Consumer Betty: Really? That's surprising. I thought most traditional financial experts were against cryptocurrencies.

Ric Edelman: You're right, many are. But Orman's take is a bit more nuanced. She recommends having some bitcoin, but with a big caveat. Only invest what you're comfortable potentially losing.

Consumer Betty: That sounds like a balanced approach. Did she give any specific reasons for her recommendation?

Ric Edelman: Yes, she did. Orman believes that as younger generations make more money and mature, bitcoin will become one of their investments of choice. This increased interest could drive up its value over time.

Consumer Betty: I see. So, it's more of a long-term speculation on changing investor demographics.

Ric Edelman: Exactly. She's not claiming bitcoin will become a currency or stable store of value. Instead, she sees it as a speculative asset that could potentially see significant growth due to generational interest.

Consumer Betty: That's an interesting perspective. Did she give any advice on how much to invest?

Ric Edelman: She didn't specify an exact amount, but she did emphasize the importance of only investing what you can afford to lose completely. Orman also suggested using Bitcoin ETFs rather than holding the cryptocurrency directly for added security and ease of management.

Consumer Betty: That makes sense. It sounds like she's advocating for cautious exposure rather than going all in on crypto.

Ric Edelman: It's a measured approach that acknowledges both the potential upside and the significant risks of cryptocurrency investing.

All right, Betty, let's talk about some exciting news from SWIFT, the global messaging system for banks. They've announced plans to begin live trials of digital asset transactions in 2025. This could be a game changer for cross-border payments.

Consumer Betty: That sounds interesting, Ric. Can you explain what exactly SWIFT is planning to do?

Ric Edelman: Sure thing. SWIFT is going to pilot an advanced version of its infrastructure that can handle digital asset and currency transactions across various networks. This means banks will be able to use their existing SWIFT connection to transact with both digital and traditional currencies across borders.

Consumer Betty: Wow, that does sound revolutionary. How many banks are involved in these trials?

Ric Edelman: SWIFT says banks in North America, Europe, and Asia will participate in these live trials. It's a significant step because it's the first time SWIFT is moving beyond just experimenting with blockchain in testing environments to actual real-world settlement.

Consumer Betty: I can see how this could make international transactions much smoother. Are there any potential challenges they might face?

Ric Edelman: One of the main challenges SWIFT is addressing is the current fragmentation in the digital asset space. Their goal is to provide a single system that can work across different platforms and currencies, both traditional and digital.

This could help drive wider adoption of digital assets in the global financial system.

Consumer Betty: It sounds like an ambitious project. When can we expect to see the results of these trials?

Ric Edelman: The live trials are set to begin next year, in 2025. If successful, this could pave the way for more efficient and seamless global transactions in the future, bridging the gap between traditional finance and the emerging world of digital assets.

 Betty, did you hear about Stripe's latest move in the crypto space?

Consumer Betty: No, I haven't, Rick. What's the news?

Ric Edelman: Well, Stripe, the global payments giant, has just reintroduced crypto payment support after a six-year hiatus. They're now allowing businesses to accept USD coin, or USDC, stablecoin payments.

They've introduced a new pay-with-crypto feature that lets businesses integrate stablecoin payments through their platform. This means companies in over 150 countries can now accept USDC from customers.

Consumer Betty: How does it work exactly?

Ric Edelman: Stripe simplifies the process by automatically converting stablecoin payments into fiat currency and settling them in the merchant's Stripe account. They've set payment limits at $10,000 per transaction and $100,000 per month, with a 1.5% transaction fee.

Consumer Betty: That sounds pretty user-friendly. But didn't Stripe stop supporting Bitcoin payments a while back?

Ric Edelman: You're right, they ended bitcoin support in 2018 due to concerns about market volatility, slow transaction speeds, and high fees. This return to crypto, focusing on stablecoins, shows how the landscape has evolved.

Consumer Betty: It certainly seems like more mainstream companies are embracing crypto these days.

Ric Edelman: Absolutely. Stripe is following in the footsteps of competitors like PayPal who've already expanded their crypto services. It's a clear sign that the financial industry is increasingly recognizing the potential of digital assets and blockchain technology. And there you have it, folks. We've covered a lot of ground today in the world of crypto and blockchain.

From the resurgence in the Philippines to major institutional investments, it's clear that this space continues to evolve rapidly.

Consumer Betty: It's certainly a lot to keep up with, Ric.

Ric Edelman: You're absolutely right, That's why I encourage all our listeners to stay informed and keep learning  about these technologies.

They're reshaping finance and beyond in ways we're only beginning to understand.

End of AI-Generated Conversation Between Ric and Betty

Ric Edelman: And then I said to Michelle, well, let's take this a step further. Why does it even have to involve me? And Betty, if you think about it, all she was doing was asking questions as a consumer. She wasn't a participant, really, at the same level as me. we didn't establish her as an equal expert. So, what if we did that?

Let's create a third podcast. This one, two people. So, equal in competency, neither one of them is me. And here is what the result was. We simply had them refer to opening of my book, The Truth About Money. Here is the conversation that AI invented entirely on its own, based on my book. .

AI-Generated Conversation Between Betty and James:

James: Okay, so let's jump into something that hits home for everyone listening. Talking about personal finance. We're diving into this book that’s got everybody buzzing because it tackles a future that feels like light years away. The Truth About Money by Ric Edelman

Betty: It's a big one.

James: It really is. We're talking about financial planning, not for the next 10 or 20 years, but for the next century. You heard that right. A whole hundred years.

Betty: Yeah.

James: We're going to unpack some of the twelve reasons Ric lays out for why planning ahead is so crucial, especially as the very idea of planning of a quote-unquote, normal lifespan gets a serious upgrade.

Betty: Yeah, you know, a lot of people hear financial planning and they tend to freak out a little bit. It can be really intimidating to think about, let alone actually, you know, do something about.

James: Oh, absolutely.

Betty: But that's why we're here, right? To like, break these big, scary ideas down into bite-sized pieces. And hopefully help you feel empowered to make smart choices for your future.

James: Love that. And this book doesn't waste any time. Right out of the gate, it's like, bam, reason number one to protect yourself and your family against financial risks. A classic for a reason, right?

Betty: Right.

James: Life is full of surprises and having that financial cushion can make all the difference.

Betty: Exactly. And that ties directly into the second reason, eliminating debt.

Ric really stresses that carrying debt, especially that high interest debt, can make it incredibly difficult to handle those unexpected curveballs life throws your way.

James: For sure, that makes a lot of sense. But here's where things get really, really interesting. Reason number three is all about increased lifespans. We are talking about the very real possibility of people routinely living to 140.

Betty: It's a mind-blowing thought, isn't it? And it totally changes how we need to think about something as basic as debt. Just picture this, okay? You graduate with student loans in your 20s. Pretty standard experience for a lot of people these days. Yeah. But instead of aiming to pay those loans off in like 10, 20 years, you're now looking at potentially 120 years of managing that debt.

James: 120 years. I haven't even decided what I'm having for dinner tonight. But okay, let's say you do conquer that mountain of debt.

Betty: Yeah.

James: Rick's fourth reason for financial planning is a big one. Especially for those of us with kids or thinking about starting families…the cost of raising children.

Betty: Yeah, and we're not just talking about like the basic necessities here, you know, putting food on the table, clothes on their backs. The USDA estimates that for a child born in 2010, high-income families could end up spending nearly half a million dollars per child just to get them to 18. And that's not even factoring in college, which is a whole other financial black hole

James: Half a million dollars. Wow, suddenly those online shopping sprees are looking a lot less tempting

Betty: Ah.

James: But, here's where Rick throws a bit of a curveball.  He argues that in this future of longer lifespans, we might not just be raising kids for longer. We might be raising them through multiple marriages and career changes, and I'm talking about our own marriages and careers here.

Betty: Interesting. It's a fascinating point. Ric cites research suggesting that women over 70 are already outliving their partners in significant numbers with many remarrying. Now imagine that trend playing out across generations. We might see people getting married, starting families, building careers, then hitting some sort of reset button in their 50s or 60s and doing it all over again.

James: Okay, so part of me is thinking multiple careers. Sign me up. But the practical side of me is wondering, how on earth do you plan for that kind of uncertainty?

Betty: Right. It really is something a lot of people are thinking about these days. Even without the idea of like multiple chapters in your life. And that actually leads us perfectly into Ric's fifth reason for planning carefully. And that is paying for college.  That just total unpredictability of future costs. It's not even just inflation we're talking about. It's like fundamental shifts in what things cost. Housing, education, even just like everyday expenses.

James: Right. It's like you're trying to budget for a trip to another country, but the currency keeps changing its value every five minutes. You touched on housing costs there. Yeah. This book actually gets into some pretty specific numbers about that. Like it really paints this picture where we might not just be buying one house in our lifetime.

Betty: Right.

James: But potentially three. Or more.

Betty: Yeah. And it makes sense when you think about it, right?  Multiple marriages could mean multiple moves. Career changes could mean relocating to different cities or even different countries.

James: Oh, for sure.

Betty: That whole idea of settling down in your forever home might become a thing of the past.

James: Right. And, and who even knows what those homes will even look like in 50 years? Will we all be living in those underwater cities everyone keeps talking about? Okay, probably not.  You're right. The point is, Ric is pushing us to think way beyond our current assumptions.

Betty: Exactly. And reason number six kind of ties into that whole uncertainty thing. Weddings. I mean, they're already a huge expense now. But imagine adding in the possibility of multiple weddings throughout your life. It adds a whole new layer to the financial picture for sure.

James: Yeah, I'm definitely getting a theme here. Multiple everything, multiple careers, multiple marriages, maybe even multiple honeymoons. All joking aside, a big one for anyone who's ever looked at a college brochure and just like felt their heart skip a beat. Yeah. The cost of education.

Betty: It's scary, and it's only getting scarier. This book, The Truth About Money, mentions that by the time a child born in 2010 is ready for college, the cost of tuition at a private university could easily be over $500,000. That's half a million dollars per kid, and that's just for four years.

James: It's like we need to be starting those college savings accounts before they're even born at this point.

Betty: It's not a bad idea, honestly, and that actually highlights Ric's point perfectly. Gotta start early when it comes to financial planning. Compound interest is a powerful thing, but it needs time to work its magic. The sooner you start saving and investing even small amounts, the better off you'll be down the road.

James: Okay, I'm taking notes. So, let's shift gears a little bit and talk about the next reason. It's something that can be a little bit tough to talk about, honestly.

Betty: Yeah.

James: The potential need for long-term care.

Betty: Yeah, it's not the most pleasant topic, but it's important.

James: Absolutely.

Betty: It's a reality a lot of us will face at some point, whether it's for ourselves or for our parents. And the costs associated with long-term care are no joke. Whether it's in-home care or a nursing facility, it can really add up.

James: And you're right, the longer we live, the more likely it is that we'll need some kind of help later in life. I remember this one statistic from the book really stuck with me. Something like 40% percent of people who reach 65 will need some level of long-term care. That's a lot of people.

Betty: It is. And it highlights how important it is to have those, you know, open and honest conversations with your family about this stuff early on, like, what do you want for long-term care? How are you going to manage the costs? These aren't easy conversations to have, but they're so important. And it all ties into Ric's reason for planning. Peace of mind.

James: That makes a lot of sense. Even if we can't predict the future, having a solid financial plan can at least make us feel a little more in control, a little more secure.

Betty: Right. Exactly. It's about reducing that financial anxiety and freeing up your mental energy to focus on the things that really matter. Your family, your passions, your well-being.

James: Absolutely. Okay, so we've talked about a lot. Protecting against risk, eliminating debt, planning for longer lifespans, and the cost of raising children. Maybe even through multiple chapters of our own lives. We talked about the uncertainty of future costs, the potential need for long-term care, and the peace of mind that comes with being financially prepared.  What else does Ric have for us?

Betty: Well, he dives into something that I think often gets overlooked. The next reason is to pass wealth to the next generation. It's not just about, you know, how we handle our own money while we're here, but also what we leave behind for the next generation or even like charities and causes we care about. And when people might be living for a century or more, the impact of our financial decisions, it could really echo through generations.

James: It's like our financial decisions aren't just about us anymore.

Betty: Exactly.

James: It's kind of a big responsibility. Okay, What's the grand finale?

Betty: He comes back to this idea of how we think about retirement and how much that needs to change. In a world where living to 140 is a real possibility, that old model of working for 40 years and then calling it quits just doesn’t work.

James: Yeah, it kind of makes you rethink the whole concept of retirement, doesn't it?

Betty: It really does.

James: We talked earlier about, you know, maybe having multiple careers in a lifetime. Is that kind of what he's getting at? That we'll all be switching careers every decade or so, well into our 70s and 80s?

Betty: Ric doesn't say exactly what it'll look like, but he definitely emphasizes the need for flexibility and lifelong learning. And what's interesting is he sees this as a positive thing, not a negative. Imagine having the financial freedom to pursue different passions. Maybe start a new business or give back to your community. And to do that over the course of several decades, not just a few years at the end of your life.

James: So it's less about reaching some kind of finish line, and more about this ongoing journey of exploration and growth. I like that.

Betty: It's a really interesting way to look at it.

James: But it does make those retirement calculators they tell you to use in your 20s. Seem kind of pointless.

Betty: They definitely need an upgrade for this new reality. That's why he's so big on building a financial plan that's not just about how much money you have, but about making sure your money is aligned with your values and goals, whatever those might be.

James: So, it's not just about picking the right investments. It's about designing a life that's both financially secure and fulfilling over the long term.

Betty: Exactly.

James: Wow. This has been a lot to take in. So, for our listeners tuning in today, what's the one thing they should really walk away thinking about?

Betty: Rick poses a really thought-provoking question to the reader in The Truth About Money.  If the traditional idea of retirement isn't relevant anymore, what does your ideal 100-year life look like? And what would it take financially to make that happen? It's like a challenge to think bigger, to break free from those old ways of thinking, and start making choices today that set you up for a longer, richer, more meaningful life.

James: I love that. Definitely something to ponder. Well, that's about all the time we have for today. Big thanks to everyone for joining us on this deep dive into the wild world of planning for a 100-year lifespan. Until next time, keep those long-term goals in mind and happy planning everybody.

End of AI-Generated Conversation Between Betty and James

Ric Edelman: And so this is why I don't really see a point to continuing to do my podcasts. There are already 4 million podcasts available. Mine is in the top 1% of all podcasts. And I'm at the top of the pyramid already. But now not only have there been 4 million podcasts already available out there, now the bar has been lowered so much lower that anyone, anywhere, can create a podcast and can do it without any particular engagement.

And so, I just find that there's really not a big reason for me to be participating in this kind of a cattle call where it is so widely available to everybody in so many different ways. There's really nothing unique or different or special that I'm presenting to you that is of true value or benefit that, frankly, you can't get elsewhere.

When I began my radio show, I was the first who ever did that. When I launched my television shows, I was the first advisor who ever did that. When I wrote my books, I was the first advisor who ever did that. When I launched my seminars, presenting that content, I was the first advisor doing all of that. If I wasn't doing those things, you didn't have access to it. But nowadays, all of this is available everywhere from everybody, including now artificial intelligence.

So it's time for me to go elsewhere and do other things that are impactful, that others are not doing. That I think do create an important opportunity to further the mission that Jean and I have laid out so many years ago. And so there are three primary things that Gene and I are going to find ourselves engaging in,

The first, as I think I've alluded to you in the past, we many, many years ago became very heavily involved in the fight against Alzheimer's. This is an incredibly dreadful disease. It is the scariest of all diseases. It is the most expensive of all diseases. And despite tens of billions of dollars of research and decades of effort, we still do not have a cure, a treatment, a vaccine, nor even a diagnostic tool that truly works.

And so Jean and I, some years ago created an Alzheimer's research company and we have been developing a diagnostic tool, and we are close to bringing our test to the marketplace. And it now is going to be requiring some more direct effort by us. The work has been done to date by a bunch of PhDs that we have in our company who are doing incredible work with this science. And we are now ready to bring it to the market. But as we are approaching bringing this to the market, we need to get ready and expand our, our business activities. And that's going to take some effort and time on our part. and this will be transformational in the marketplace, not just for Alzheimer's, but for the additional, diseases that we will then be tackling after this.

In addition to that, I have been on the board for a while of the Museum of American Finance. This organization, is awesome. They have memorabilia going way back to the Buttonwood Agreement of 1792 when a bunch of stockbrokers stood under a tree in lower Manhattan and created the New York Stock Exchange. They have that original agreement. They have memorabilia that is incredibly important to the history of the, our nation's capital markets, but that is where the Museum of American Finance ends.  It is all about the capital markets, the financial markets.

What it is not focusing on is personal finance. So, Jean and I, working with the Museum of American Finance, are working to develop the Museum of Personal Finance, which is the newest, latest iteration in the ongoing evolution of money in America. And so we are going to be creating this museum to document the incredible work done by all the first generation financial planners, folks like us, who invented the financial planning field over the past 50 years to not only document our stories, but more importantly, to provide a very big focus on financial literacy and financial education.

We know that we are continuing to develop adults who are financially illiterate. We know that only half the schools in this country require that high school students take even just one personal finance course. And if you aren't taught this stuff in school, if your parents aren't talking to you about it, if your employers aren't helping you with it, you are financially illiterate and making bad financial decisions as a result.

So, our big focus for the Museum of Personal Finance is to have this organization be a beacon for financial education and financial literacy in this country. It's going to be a multi-year multi-million dollar project. And we're very excited to be getting that underway in 2025.

And then finally, we're going to be turning my family office, Tiny Orange into a business consulting and management company, helping to support entrepreneurs, business startups, and those founders I talked about earlier, who I have been among and who I admire so greatly. There are a lot of folks who are starting and operating businesses, but frankly don't have a lot of experience or capital. Don't really know how to go about it most effectively. Who could use some back office support. Because they have a passion for what they're doing.

But that doesn't mean they're really paying the attention they need to accounting and finance, to legal, to HR, to tech, to sales and marketing, and to branding. I think that we can be, with our experience, very helpful to these organizations, and so we will be holding ourselves out as management consultants, and business counselors, and mentors to, small, young, and even some very large companies who might be able to take advantage of the expertise and experience that we have to offer.

In addition, all the other extensive charitable activities that Jean and I are heavily involved with, most importantly, most prominently Rowan University, and our work with the Edelman Planetarium, The Edelman College of Communication and Creative Arts and most significantly, The Edelman Fossil Park and Museum where we anticipate it's opening to be in March. So, lots of exciting things going on. So, while I say goodbye to this podcast, and prior radio show of the past 35 years, it's not the past we're focusing on.

It's the future. I am after all a financial planner at heart and life is all about the future. And we invite you to stay with us on our journey. It has been the honor of a lifetime, the greatest privilege I could ever conceive to have been with you on this journey. Thank you so much for being with us.

I invite you to continue staying with us on this journey and going through the future together. And I'm not sure what else I could possibly say other than I'll see you on Monday.

If you like what you're hearing, be sure to follow and subscribe to the show, wherever you get your podcasts, Apple, Spotify, YouTube, and remember leave a review on Apple podcasts. I read them all. Never miss an episode of The Truth About Your Future. Follow and subscribe on your favorite podcast app.  

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Links from today’s show:  

Ric's #1 Bestseller The Truth About Money: https://www.amazon.com/Truth-About-Money-4th/dp/0062006487

Bitwise: https://bitwiseinvestments.com/

BlackRock: https://www.blackrock.com/us/individual

Charles Schwab: https://www.schwab.com/

Choice: https://www.choiceapp.io/

Edelman Financial: https://www.edelmanfinancialengines.com/

Franklin Templeton: https://www.franklintempleton.com/

GlobalX: https://www.globalxetfs.com

Invesco: https://www.invesco.com/corporate/en/home.html

PIMCO: https://www.pimco.com/us/en

State Street Global Advisors: https://www.ssga.com/us/en/intermediary

Click here for Ric's worksheet to help you evaluate the candidates

The 34 Issues of Election 2024 – The Daily Podcasts https://thetayf.com/blogs/this-weeks-stories/tagged/election-2024

Kamala Harris Official Campaign Website Policy Page: https://www.kamalaharris.com/issues/

Donald Trump Official Campaign Website Policy Page: https://www.donaldjtrump.com/platform

11/13 Webinar - An Innovative Way to Generate Income in a World of Declining Rates: https://www.thetayf.com/pages/november-13-2024-an-innovative-way-to-generate-income

10/9 Webinar Replay- Crypto for RIAs: Yield, Staking, Lending and Custody. What’s beyond the ETFs? https://dacfp.com/events/crypto-for-rias-yield-staking-lending-and-custody-whats-beyond-the-etfs/

Certified in Blockchain and Digital Assets including Crypto Taxation Course/Webinar: https://dacfp.com/certification/

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