Latest / Triple Da Money / $5 VS. $150 DATE CHALLENGE — DID BOOMERS REALLY HAVE IT EASIER?

Transcript

$5 VS. $150 DATE CHALLENGE — DID BOOMERS REALLY HAVE IT EASIER? · Triple Da Money

• 0:00
  SPEAKER_02: Back in my day, I took a girl on a date for only three cents.
• 0:05
  SPEAKER_01: Three cents?
• 0:06
  SPEAKER_02: That's stupid, Grandpa.
• 0:08
  SPEAKER_02: It's not stupid, Austin, it's inflation.
• 0:10
  SPEAKER_02: You did the voice for four seconds and you already broke character?
• 0:14
  SPEAKER_02: I contain multitudes.
• 0:16
  SPEAKER_00: Okay guys, here's the actual challenge.
• 0:18
  SPEAKER_00: 1906,$5.
• 0:21
  SPEAKER_00: 2026,$150.
• 0:24
  SPEAKER_00: You guys are both gonna take a girl on the date and see whose plans are better.
• 0:28
  SPEAKER_02: We'll see about that, grandson.
• 0:30
  SPEAKER_00: Let's find out.
• 0:33
  SPEAKER_00: The rules are simple.
• 0:34
  SPEAKER_00: Plan the whole night, the drive, the outing, everything.
• 0:39
  SPEAKER_01: Step one, I slide into her DMs.
• 0:41
  SPEAKER_01: Hey, you up?
• 0:47
  SPEAKER_02: Step one, I send a letter.
• 0:50
  SPEAKER_02: And then a pigeon after that, just in case the letter gets lost.
• 0:55
  SPEAKER_02: You paid a pigeon in breadcrumbs.
• 0:58
  SPEAKER_02: I'm diversifying my risk.
• 1:00
  SPEAKER_02: Then I walk to the house, knock on the front door, hand her father some flowers, and then ask him for permission to court his daughter.
• 1:08
  SPEAKER_02: You asked her dad?
• 1:09
  SPEAKER_02: It's called respect.
• 1:10
  SPEAKER_01: It's called terrifying.
• 1:12
  SPEAKER_00: Flowers, 25 cents.
• 1:14
  SPEAKER_00: DM, free.
• 1:16
  SPEAKER_00: Moving on.
• 1:16
  SPEAKER_01: Transportation?
• 1:17
  SPEAKER_01: I call an Uber.
• 1:19
  SPEAKER_01: Round trip,$36.
• 1:21
  SPEAKER_02: I take the trolley, 20 cents for two.
• 1:24
  SPEAKER_01: We haven't even started the date yet, and I've already spent all his life savings.
• 1:29
  SPEAKER_02: Precisely.
• 1:30
  SPEAKER_01: Where are you even taking them?
• 1:31
  SPEAKER_01: Dinner and a movie, obviously.
• 1:34
  SPEAKER_02: Same, except my show is a Nickelodeon showing a man trying to sneeze for 45 seconds.
• 1:40
  SPEAKER_02: That's the whole film.
• 1:41
  SPEAKER_02: That's literally it.
• 1:42
  SPEAKER_02: That's the whole thought.
• 1:43
  SPEAKER_02: That's not a movie.
• 1:44
  SPEAKER_01: That's a medical video.
• 1:45
  SPEAKER_01: It was groundbreaking cinema.
• 1:47
  SPEAKER_01: We had dinner, two entrees, an appetizer, and drinks.
• 1:51
  SPEAKER_01: It was$88 with a tip.
• 1:53
  SPEAKER_02: Two course dinner for two.
• 1:55
  SPEAKER_02: And it came out to 30 cents.
• 1:57
  SPEAKER_01: 30 cents?
• 1:58
  SPEAKER_01: I could have bought the whole restaurant.
• 2:00
  SPEAKER_00: Anything after dinner?
• 2:01
  SPEAKER_01: I already ran out of money.
• 2:03
  SPEAKER_01: Nothing.
• 2:03
  SPEAKER_01: So I just went home after dinner.
• 2:05
  SPEAKER_02: I take her to the state fair Ring Toss.
• 2:08
  SPEAKER_02: And I win her a slightly alarming taxidermy bird.
• 2:12
  SPEAKER_02: A what?
• 2:13
  SPEAKER_02: Then two ice cream cones.
• 2:15
  SPEAKER_02: One for me and one for her.
• 2:17
  SPEAKER_02: Two cents in total.
• 2:19
  SPEAKER_02: Getting her home in an Uber,$18.
• 2:22
  SPEAKER_02: She gets home and we're done.
• 2:24
  SPEAKER_02: I get her home, horse and carriage.
• 2:26
  SPEAKER_02: Father's on the porch and he has a pocket watch out.
• 2:29
  SPEAKER_02: And I'm late.
• 2:30
  SPEAKER_02: One minute past seven.
• 2:32
  SPEAKER_02: One minute.
• 2:33
  SPEAKER_02: He's already measuring me for a wedding suit.
• 2:36
  unknown: Shh.
• 2:37
  SPEAKER_02: I'm$22 over budget.
• 2:39
  SPEAKER_02: I have$2.80 left over.
• 2:42
  SPEAKER_02: I got her a burger.
• 2:43
  SPEAKER_00: You could have bought her an entire cow.
• 2:47
  SPEAKER_00: $5 in 1906 just outdid$150 today.
• 2:53
  SPEAKER_00: That's not a trick.
• 2:54
  SPEAKER_00: That's inflation.
• 2:55
  SPEAKER_00: Here's the serious part.
• 2:56
  SPEAKER_00: What you just watched has a name.
• 2:58
  SPEAKER_00: Inflation isn't your money vanishing, it's the things you buy quietly getting more expensive while your money stays the same.
• 3:06
  SPEAKER_00: Same dollar bill, smaller slice of pizza every single year.
• 3:10
  SPEAKER_02: That's why Bessie's 30 cents in a burger is$80 now.
• 3:14
  SPEAKER_01: Okay, but who's doing this?
• 3:16
  SPEAKER_00: Who's shrinking my money?
• 3:18
  SPEAKER_00: Okay, but nobody's doing this to you specifically.
• 3:21
  SPEAKER_00: It happens when there's more money moving through the economy than things to buy it with.
• 3:27
  SPEAKER_00: Prices just creep up to match.
• 3:29
  SPEAKER_01: That sounds made up.
• 3:31
  SPEAKER_00: It's about to sound very real.
• 3:33
  SPEAKER_00: And you don't need to go back to 1906 to see it.
• 3:37
  SPEAKER_00: Look at just the years we've been alive.
• 3:39
  SPEAKER_00: Since 2008, ground beef has gone up 184%.
• 3:44
  SPEAKER_00: College tuition?
• 3:46
  SPEAKER_00: Up 81.
• 3:47
  SPEAKER_00: A new car?
• 3:48
  SPEAKER_00: Up 76.
• 3:49
  SPEAKER_00: Movie tickets?
• 3:50
  SPEAKER_00: Up 50.
• 3:51
  SPEAKER_00: And overall prices on average, they're up 54%.
• 3:56
  SPEAKER_02: So it's not just old people's money getting weak.
• 3:59
  SPEAKER_02: It's happening to my money right now.
• 4:01
  SPEAKER_00: Every year you don't account for it?
• 4:03
  SPEAKER_00: Yes.
• 4:04
  SPEAKER_02: Okay.
• 4:05
  SPEAKER_01: The system's rigged.
• 4:06
  SPEAKER_00: It's not rigged.
• 4:07
  SPEAKER_00: It's math.
• 4:08
  SPEAKER_00: Rigged?
• 4:09
  SPEAKER_00: You can't fix.
• 4:10
  SPEAKER_00: Math, you can plan around.
• 4:12
  SPEAKER_01: Hang on.
• 4:13
  SPEAKER_01: If prices going up is bad, wouldn't prices going down be good?
• 4:17
  SPEAKER_01: Just let stuff get cheaper.
• 4:19
  SPEAKER_00: You'd think, wouldn't you?
• 4:20
  SPEAKER_00: But that's actually a thing called deflation.
• 4:23
  SPEAKER_00: And it's worse.
• 4:24
  SPEAKER_01: No way.
• 4:25
  SPEAKER_00: If you knew your car would be drastically cheaper next month, would you buy it today?
• 4:30
  SPEAKER_00: No, I'd wait.
• 4:32
  SPEAKER_00: Now do that with everything at the same time.
• 4:35
  SPEAKER_00: Across the whole country.
• 4:37
  SPEAKER_00: Nobody buys anything.
• 4:38
  SPEAKER_00: Businesses stop making money and people get laid off.
• 4:41
  SPEAKER_00: That's a big thing that happened in 2008.
• 4:44
  SPEAKER_00: Prices and home values crashed so fast that it took the whole economy down with it.
• 4:50
  SPEAKER_02: So a little inflation is actually the safe setting?
• 4:54
  SPEAKER_00: Right around 2% a year is considered healthy.
• 4:57
  SPEAKER_00: It keeps things moving without wrecking your paycheck.
• 5:00
  SPEAKER_00: Speaking of, do you guys want to know how fast your money actually loses ground?
• 5:04
  SPEAKER_00: There's a shortcut.
• 5:05
  SPEAKER_00: It's this thing called the rule of 72.
• 5:07
  SPEAKER_00: If you take 72 and divide it by the inflation rate, that's how fast it takes for prices to double.
• 5:14
  SPEAKER_01: Give me the numbers.
• 5:15
  SPEAKER_00: Say inflation is running at 3%.
• 5:18
  SPEAKER_00: 72 divided by 3 is 24.
• 5:21
  SPEAKER_00: In 24 years, prices double.
• 5:24
  SPEAKER_00: Which is exactly how a$4 burger becomes an$8 burger and then eventually A$44 burger.
• 5:32
  SPEAKER_00: Here's the number that should actually worry you guys.
• 5:35
  SPEAKER_00: If you guys save$10,000 and just leave it, bank account, mattress, it doesn't matter.
• 5:42
  SPEAKER_00: It earns basically nothing.
• 5:44
  SPEAKER_02: Safe, smart, responsible.
• 5:46
  SPEAKER_00: At 3% inflation, using our rule, in 24 years, that$10,000 still says$10,000 in the statement, but it only buys what$5,000 buys today.
• 5:59
  SPEAKER_02: I lost$5,000 by doing nothing?
• 6:02
  SPEAKER_00: You didn't lose it.
• 6:03
  SPEAKER_00: It's still there.
• 6:05
  SPEAKER_00: It just stopped being worth as much because it just sat there doing nothing while everything else around it got more expensive.
• 6:12
  SPEAKER_01: So safe is it actually safe?
• 6:15
  SPEAKER_00: Safe is a myth.
• 6:17
  SPEAKER_00: It can't outrun 3% a year.
• 6:19
  SPEAKER_00: It's not a reason to panic.
• 6:21
  SPEAKER_00: That's the reason why people actually invest.
• 6:24
  SPEAKER_00: It's not a way to get rich, it's just a way to not lose.
• 6:28
  SPEAKER_01: I am not leaving my birthday money in my sock drawer anymore.
• 6:32
  SPEAKER_00: So, three things.
• 6:34
  SPEAKER_00: One, inflation is the reason five bucks used to cover a whole entire date and now doesn't even cover the Uber.
• 6:42
  SPEAKER_00: Two, a little inflation is healthy, but its evil twin, deflation, can absolutely destroy the economy.
• 6:50
  SPEAKER_00: Three, the rule of 72 tells you exactly how fast your money is losing the race, so you know exactly what you're up against.
• 6:58
  SPEAKER_02: Okay, I'm gonna go invest my$2.80, and I'm gonna be a millionaire by 2026.
• 7:05
  SPEAKER_01: Yeah, but your date will still be 120 years old.
• 7:09
  SPEAKER_02: You did not see her, she was a catch.
• 7:11
  SPEAKER_02: And women like men with money.
• 7:12
  SPEAKER_01: We're triple the money, and I finally understand why grandpa said coke is a nickel.