WEBVTT - What 40 Million Tax Returns Reveal About America 0:00:04.080 --> 0:00:07.000 Everybody's still courting with an army and normal folks. Welcome 0:00:07.360 --> 0:00:13.319 into the shop for shop talk, Alex, how are you? 0:00:13.440 --> 0:00:14.400 I'm doing well? Bill? 0:00:15.040 --> 0:00:15.239 Uh. 0:00:15.440 --> 0:00:17.960 Normally we just kind of play with the avid seeing 0:00:17.960 --> 0:00:20.520 you like I haven't seen you in five or six days? 0:00:20.520 --> 0:00:21.000 How you do that? 0:00:21.760 --> 0:00:24.520 That's also pathetic, and it's usually when people say that, 0:00:24.600 --> 0:00:26.119 it's like you haven't seen you in a month or 0:00:26.160 --> 0:00:28.000 in three months, like I haven't seen you for five 0:00:28.080 --> 0:00:28.800 or six days. 0:00:29.160 --> 0:00:31.720 Well I haven't. And you normally are in the shop 0:00:31.760 --> 0:00:35.239 every day looking at our Sundrys. It's nice not to 0:00:35.320 --> 0:00:38.880 drive three hours around trip. That's true. That's good. Gosh, 0:00:38.920 --> 0:00:41.040 it's true. How are you seriously good? Good? 0:00:41.080 --> 0:00:43.879 Actually going with the kids all next week and we're 0:00:43.920 --> 0:00:46.120 going to Chicago. We're really doing a bunch of fun 0:00:46.159 --> 0:00:47.839 stuff all there. And I still have a ton of 0:00:47.840 --> 0:00:48.360 family there. 0:00:48.400 --> 0:00:50.240 So I was going to say, I know your family 0:00:50.280 --> 0:00:51.199 moved to Florida, but you. 0:00:51.240 --> 0:00:54.400 Used to have lots of up Thereably got the fifteen 0:00:54.440 --> 0:00:55.160 people there. 0:00:55.080 --> 0:00:59.200 Are all Bears fans. Yeah, okay, all right, everyby this 0:00:59.240 --> 0:01:04.920 shop talk number one fourteen. What forty million tax returns 0:01:05.040 --> 0:01:10.080 reveal about America? Actually, I know a little bit about 0:01:10.080 --> 0:01:11.959 this because we've talked about it in the past. I 0:01:12.000 --> 0:01:14.560 think you guys are going to really dive into it 0:01:14.560 --> 0:01:17.280 and like it. Hold on, we have first there you go. 0:01:17.480 --> 0:01:22.679 But first, in honor of shop talk, wasn't fourteen and 0:01:22.720 --> 0:01:27.480 our lovely history lessons? We like to play with Alex 0:01:27.880 --> 0:01:30.720 what happened one hundred and fourteen years ago today? Well? First, Bill, 0:01:30.800 --> 0:01:33.320 what year was one hundred and fourteen years ago? Well 0:01:33.319 --> 0:01:37.560 that would have been nineteen eighteen, ninety nineteen twelve. Do 0:01:37.760 --> 0:01:48.000 this right, Yeah, you're own a business whatever. I've been 0:01:48.040 --> 0:01:52.880 here such for this woman, So kissed my butt. The 0:01:53.000 --> 0:01:58.080 Titanic sank really April fifteenth, nineteen twelve. Well, in that hilarious. 0:01:58.080 --> 0:02:01.760 We shouldna be laughing about people dying. You just did 0:02:01.800 --> 0:02:06.440 it this way the Titanic sake. That's great. 0:02:07.080 --> 0:02:13.600 It's not great though, that's said so funny. Okay, let's 0:02:14.040 --> 0:02:16.960 we're both going word dog, But it is it like 0:02:17.040 --> 0:02:19.480 one hundred and fourteen years ago the Titanic said. 0:02:19.360 --> 0:02:22.080 That's that's yod I may I mentioned this before. 0:02:22.120 --> 0:02:24.680 That was my dad's birthday, also the day Lincoln was assassinated, 0:02:24.680 --> 0:02:25.560 and also Tax Day. 0:02:25.600 --> 0:02:28.240 It's quite a day in American history. Incredable. All right. 0:02:28.280 --> 0:02:32.080 The other thing, the modern oreo cookie was introduced. Really yes, 0:02:32.480 --> 0:02:36.600 Oh that's that's a huge thing. Anybody liked a national 0:02:36.680 --> 0:02:37.480 biscuit company. 0:02:37.480 --> 0:02:39.120 I don't know that was the original name of Nobisco, 0:02:39.240 --> 0:02:41.200 nobisca national biscuit company. 0:02:41.200 --> 0:02:45.360 Do you uh? Lisa introduced me this. She she makes 0:02:45.400 --> 0:02:47.440 homemade chocolate chip cookies and she does it with the 0:02:47.480 --> 0:02:50.320 oreos and she puts them in the freezer so they're 0:02:50.360 --> 0:02:54.680 really cold and hard. But and then she puts a 0:02:54.720 --> 0:02:57.360 glass of milk in the freezer for like fifteen minutes 0:02:57.440 --> 0:02:59.359 and then gives me the glass of milk with a 0:02:59.360 --> 0:03:04.079 hard frozen cookies. Man, I never thought, Oh my gosh. 0:03:03.880 --> 0:03:06.320 It's Grace saying the world. So the oreo thing is important. 0:03:06.320 --> 0:03:08.359 Have you ever had My mom taught us. 0:03:08.600 --> 0:03:08.920 We do it. 0:03:09.000 --> 0:03:14.239 The kids like white chocolate covered oreos and then you 0:03:14.360 --> 0:03:17.840 put it in the freezer. They are ridiculous. I don't 0:03:17.840 --> 0:03:20.680 know if you've ever seen the movie parent Trap. Yeah, 0:03:20.840 --> 0:03:23.200 the Lindsay Lohan versions, the more modern one where do 0:03:23.240 --> 0:03:25.320 you know what she does with the oreo? She dips 0:03:25.320 --> 0:03:26.160 it in peanut butter. 0:03:26.639 --> 0:03:28.959 No need, have you had it? No? You got to 0:03:29.000 --> 0:03:31.840 do that? So good but you got to have milk 0:03:31.880 --> 0:03:33.960 for something like that. You don't have to be you 0:03:34.160 --> 0:03:37.360 have to. It's a moral imperative as an American to 0:03:37.480 --> 0:03:39.400 have very cold milk when you eat stuff like that. 0:03:39.560 --> 0:03:43.840 All right, let's get rolling, Okay, Coming up on shop 0:03:43.880 --> 0:03:47.720 Talk number one fourteen, where oreos were invented the same 0:03:47.800 --> 0:03:50.560 year that the Titanic sank, which is interesting in and 0:03:50.560 --> 0:03:55.520 of itself. What forty million tax returns reveal about America? 0:03:55.600 --> 0:04:13.960 Coming up right after these brief messages from our genter sponsors, everybody, 0:04:14.040 --> 0:04:17.720 welcome back to the shop shop Talk number one fourteen, 0:04:17.960 --> 0:04:22.839 where Alex and I try to be exceedingly interesting. What 0:04:23.040 --> 0:04:26.560 forty million tax returns revealed about America? A few years ago, 0:04:27.200 --> 0:04:31.159 a group of researchers asked a question that gets argued 0:04:31.200 --> 0:04:34.920 about all the time. Does the American dream still exist? Oh? 0:04:34.960 --> 0:04:37.520 My gosh, how many times have we heard that the 0:04:37.640 --> 0:04:43.440 last decade? Does the American dream still exist? Before I 0:04:43.480 --> 0:04:46.840 even read this, I believe the American dream not only exists, 0:04:46.839 --> 0:04:50.600 but is more readily available today than it has been 0:04:50.640 --> 0:04:56.320 in the history of our country. The problem is social media, 0:04:56.560 --> 0:05:01.280 and all of it we've got has created all kinds 0:05:01.320 --> 0:05:06.320 of longing for what some might say is pretty unreachable 0:05:06.360 --> 0:05:09.240 for the vast majority of us. And then when we 0:05:09.360 --> 0:05:12.840 do reach what the quote American dream is, we're unsatisfied 0:05:12.880 --> 0:05:15.440 because we don't have the yacht. Okay, I'm just going 0:05:15.520 --> 0:05:17.800 to tell you. I think that's going on a lot 0:05:17.839 --> 0:05:20.560 in our culture today. But a few years ago, a 0:05:20.600 --> 0:05:23.279 group of researchers asked a question that gets argued about 0:05:23.320 --> 0:05:25.599 all the time. Does the American dream still exist? Not 0:05:25.720 --> 0:05:28.240 on social media, not on cable news, in real life. 0:05:29.040 --> 0:05:33.640 The lead researcher was Raj Chetty, then an economist at 0:05:33.640 --> 0:05:38.040 Harvard University, along with Nathaniel Hendron and a team of researchers. 0:05:38.640 --> 0:05:42.520 They did not conduct a survey. They didn't interview a 0:05:42.520 --> 0:05:47.839 few hundred people. They analyzed the tax records of almost 0:05:47.880 --> 0:05:52.880 forty million American children and their parents forty million. I 0:05:52.920 --> 0:05:57.039 would say this carries weight from a standpoint of the study. 0:05:57.880 --> 0:06:01.120 It's one of the largest studies ever conducted on economic 0:06:01.200 --> 0:06:04.760 mobility in human history. Their goal was simple, if you're 0:06:04.839 --> 0:06:08.279 born poor in the US, what are your chances of 0:06:08.400 --> 0:06:12.080 climbing the latter. What they found was both encouraging and alarming. 0:06:12.520 --> 0:06:16.039 The American dream, Oh they're saying, what I think, The 0:06:16.120 --> 0:06:20.080 American dream is still alive, but where you grow up 0:06:20.200 --> 0:06:23.800 dramatically affects your obs of reaching it. For example, they 0:06:23.800 --> 0:06:26.320 found a child born to parents and the bottom twenty 0:06:26.320 --> 0:06:29.359 five percent of income earners had about an eleven percent 0:06:29.480 --> 0:06:32.000 chance of reaching the top twenty percent of earners if 0:06:32.040 --> 0:06:35.320 they grew up in Salt Lake City. Holy moly, let 0:06:35.360 --> 0:06:38.320 me read that again. They found that a child born 0:06:38.360 --> 0:06:43.600 to parents and the bottom twenty five percent of income 0:06:43.680 --> 0:06:47.800 earners had about an eleven percent chance of reaching the 0:06:47.880 --> 0:06:50.719 top twenty percent if they grew up in Salt Lake 0:06:50.760 --> 0:06:54.240 City and Charlotte, that same child had a four point 0:06:54.400 --> 0:07:00.640 four percent chance, same country, same economy, same generation, but 0:07:00.680 --> 0:07:03.440 more than twice the odds of reaching the top simply 0:07:03.480 --> 0:07:07.200 because of where the child grew up. That's interesting. Now, 0:07:07.360 --> 0:07:09.800 that really is interesting, So you got to keep going. 0:07:10.480 --> 0:07:13.880 It raises an obvious question, what is Salt Lake City 0:07:13.960 --> 0:07:17.640 doing that? Charlotte isn't where the kids smarter, No, with 0:07:17.800 --> 0:07:22.960 the parents trying harder. Now does one city have better slogans? 0:07:23.800 --> 0:07:26.280 I mean, it could be argued, but not really. So 0:07:26.360 --> 0:07:29.560 the research dug deeper and they found four things that 0:07:29.680 --> 0:07:34.120 consistently produced whether children would flourish. The first was family, 0:07:34.760 --> 0:07:40.640 not perfect families, not wealthy families, stable families. Places with 0:07:40.760 --> 0:07:44.960 higher percentages of children growing up in stable homes, regardless 0:07:44.960 --> 0:07:49.280 of income, had dramatically higher rates of upward mobility. The 0:07:49.360 --> 0:07:55.560 second was community. The researchers called it social capital. I 0:07:55.640 --> 0:08:00.480 might call it knowing your neighbors, churches, coaches, mentors, volunteer organizations, 0:08:00.600 --> 0:08:03.640 people who know your name, people who notice when you're struggling, 0:08:04.240 --> 0:08:09.120 people who simply show up. Communities with stronger social connections 0:08:09.160 --> 0:08:14.040 consistently produced better outcomes for children. The third factor my 0:08:14.160 --> 0:08:22.000 big one. Education, not spending, not pretty buildings. Could kids read, 0:08:23.120 --> 0:08:26.760 could they do math? Could they graduate? Were they being 0:08:26.800 --> 0:08:33.079 prepared for opportunity? The fourth was the neighborhood environment, crime rates, trust, 0:08:33.280 --> 0:08:36.840 role models, the presence of working adults. So there's another 0:08:36.880 --> 0:08:41.000 big one, meaning to children, see people getting up and 0:08:41.040 --> 0:08:44.160 going to work every day, the presence of working adults. 0:08:44.200 --> 0:08:47.600 The researchers found that children surrounded by more employed adults 0:08:47.640 --> 0:08:54.480 were significantly more likely to become employed themselves. Really, kids 0:08:54.520 --> 0:08:58.239 become what they see. Now here's the statistic that absolutely 0:08:58.360 --> 0:09:02.640 floors me. Study Chetty and his team looked at families 0:09:02.679 --> 0:09:05.800 who moved. This is going to speak to the thing 0:09:05.880 --> 0:09:09.240 we learned from the guy in Charlotte. They found that 0:09:09.360 --> 0:09:12.320 children who moved from a high poverty neighborhood to a 0:09:12.440 --> 0:09:19.800 higher opportunity neighborhood before age thirteen earned approximately thirty one 0:09:19.840 --> 0:09:24.960 percent more money as adults. That is incredible. I'm gonna 0:09:24.960 --> 0:09:27.760 say it again. They found that children who moved from 0:09:27.800 --> 0:09:33.320 a high poverty neighborhood to a higher opportunity neighborhood before 0:09:33.400 --> 0:09:38.640 age thirteen earned approximately thirty one percent more money as adults. 0:09:38.880 --> 0:09:42.920 Thirty one percent not because they suddenly became smarter. They 0:09:43.000 --> 0:09:47.360 didn't work harder, They didn't, you know, show up. Somebody 0:09:47.400 --> 0:09:51.760 started handing out money because their environment changed. The people 0:09:51.800 --> 0:09:56.239 around them changed, the expectations around them changed, the examples 0:09:56.280 --> 0:09:59.559 they saw every day changed. And it even gets crazier. 0:09:59.600 --> 0:10:04.560 The recent found that every additional year of exposure to 0:10:04.640 --> 0:10:09.160 a better neighborhood before age thirteen increase future earnings by 0:10:09.160 --> 0:10:12.840 about one percent. One year, one percent, one more percent, 0:10:12.920 --> 0:10:17.640 another percent. I mean, think about that. If you earn 0:10:17.720 --> 0:10:20.480 thirty one percent more by age thirteen, if you move 0:10:20.520 --> 0:10:23.680 at three now, you're going to earn forty one percent 0:10:23.720 --> 0:10:28.200 more one year, one percent one more per year, the 0:10:28.240 --> 0:10:32.679 effects compounding. Those children were also more likely to attend college, 0:10:33.440 --> 0:10:38.160 less likely to become single parents, less likely to experience incarceration, 0:10:38.320 --> 0:10:42.840 and more likely to build stable adult lives. That's not economics, 0:10:43.040 --> 0:10:49.520 that's flourishing. Three of our four biggest predictors weren't programs. 0:10:50.120 --> 0:10:55.760 They were relationships, family, community, neighborhood, the things we often 0:10:55.800 --> 0:10:59.120 overlook because they seem ordinary. And who builds those things? 0:10:59.200 --> 0:11:04.280 Who creates families? Who mentors kids, who coaches Little League, 0:11:04.320 --> 0:11:08.280 who teaches Sunday School? Who starts businesses, who engages in 0:11:08.320 --> 0:11:12.000 their community? Who hires somebody trying to rebuild their life, 0:11:12.040 --> 0:11:15.600 who fosters children, who adopts them, Who checks on the 0:11:15.600 --> 0:11:20.280 widow next door, Who notices a struggling teenager, who organizes 0:11:20.320 --> 0:11:24.040 the block party or the potlock alex, who starts the 0:11:24.120 --> 0:11:28.920 service club, Who becomes the trusted neighbor. It doesn't happen 0:11:29.520 --> 0:11:32.960 at Harvard, It doesn't happen in DC. It doesn't happen 0:11:33.000 --> 0:11:37.560 in Manhattan. It's not the billionaires the people that do 0:11:37.640 --> 0:11:41.840 all that, normal folks. The research didn't set out to 0:11:41.880 --> 0:11:44.560 prove the philosophy and army and normal folks. But after 0:11:44.600 --> 0:11:50.360 studying forty million Americans, they accidentally proved the philosophy of 0:11:50.400 --> 0:11:53.240 an army of normal folks, because what they found is 0:11:53.280 --> 0:11:56.200 the American dream grows best in healthy soil, and that 0:11:56.360 --> 0:12:02.000 soil is made up of family, community, neighborhood, education, the 0:12:02.120 --> 0:12:07.559 very things ordinary people help build every single day. So 0:12:07.640 --> 0:12:10.320 maybe the lesson isn't that we need bigger systems. Maybe 0:12:10.360 --> 0:12:13.680 the lesson is we need stronger communities. Maybe the lesson 0:12:14.000 --> 0:12:16.480 is not that every one of us have more influence 0:12:16.559 --> 0:12:19.880 than we think. You may not be able to solve poverty. 0:12:20.360 --> 0:12:23.000 You certainly may not be able to fix Washington. You 0:12:23.080 --> 0:12:27.200 may not be able to reform the education. But you 0:12:27.240 --> 0:12:30.199 can mentor a kid, you can coach them. You can 0:12:30.240 --> 0:12:32.800 foster a child, you can adopt one. You can help 0:12:32.880 --> 0:12:35.600 somebody who has adopted a child. You can help a 0:12:35.640 --> 0:12:39.559 family who is fostering a kid. You can help a neighbor, 0:12:39.600 --> 0:12:42.920 you can strengthen a family, you can build community, And, 0:12:43.000 --> 0:12:46.480 according to one of the largest studies ever conducted, those 0:12:46.520 --> 0:12:49.800 things matter more than most of us even realize. The 0:12:49.800 --> 0:12:54.680 American dream doesn't just happen, but it is alive. It's cultivated, 0:12:54.760 --> 0:12:59.200 one family, one neighborhood, one community a time. See, that's 0:12:59.240 --> 0:13:01.959 what we mean when we say do what you can. 0:13:03.520 --> 0:13:05.320 That's a stark. 0:13:06.160 --> 0:13:09.920 My friend, so Joe Woodward on a recent episode, talked 0:13:09.920 --> 0:13:11.600 about this a little bit. I thought we might as 0:13:11.640 --> 0:13:12.679 well dive deeper into it. 0:13:13.400 --> 0:13:17.800 Yeah. Well, I mean, honestly, when you hear it laid out, 0:13:18.480 --> 0:13:20.640 it makes so much sense, and when we say it 0:13:20.679 --> 0:13:23.520 all the time, it makes so much sense. It's very 0:13:23.679 --> 0:13:27.600 nice to have the largest study ever conducted by Harvard 0:13:27.679 --> 0:13:32.520 with forty million tax receipts to look at and evaluate 0:13:32.559 --> 0:13:34.840 it across the spectrum of our unit in the United 0:13:34.880 --> 0:13:38.920 States to prove what we're saying and armunermal folks is 0:13:38.960 --> 0:13:42.480 the answer, community involvement, all of it. So when we 0:13:42.520 --> 0:13:45.880 say do what you can, we're actually saying, when you 0:13:45.920 --> 0:13:49.920 do what you can, you change lives. That's it. That's it. 0:13:50.520 --> 0:13:51.960 I mean, I guess I'll share one thought. 0:13:52.760 --> 0:13:54.360 It's been on my mind lately and trying to figure 0:13:54.360 --> 0:13:56.559 out what our service clubs too, just the whole idea 0:13:56.600 --> 0:13:59.560 of like doing life with people. I heard somebody riff 0:13:59.600 --> 0:14:01.040 on this too, like, Hey, if you're going to go 0:14:01.040 --> 0:14:03.080 to the Old Miss Baseball game, bringing. 0:14:02.880 --> 0:14:04.080 With you, you know, or if you're have. 0:14:04.160 --> 0:14:06.000 Dinner at your house, bringing with you, like you don't 0:14:06.040 --> 0:14:09.440 need to be like doing some big, grand like crazy things. 0:14:09.480 --> 0:14:12.439 Just include people who are less fortunate and all your 0:14:12.520 --> 0:14:14.440 activities that you would have done anyway, right, you could 0:14:14.440 --> 0:14:16.719 have exposed a kid to DC obviously exposing kids their 0:14:16.760 --> 0:14:19.000 football team all the time, but you know those kind 0:14:19.040 --> 0:14:20.760 of things, right, or bring them to the Grizzlies game, 0:14:20.880 --> 0:14:22.520 or you know, bring them out to dinner with you 0:14:22.680 --> 0:14:23.840 or hang out with you. 0:14:24.160 --> 0:14:27.080 I often this is not to talk about myself, which 0:14:27.080 --> 0:14:31.760 I almost never, never, never do like this, but I've 0:14:31.880 --> 0:14:37.080 often wondered what effect coaching football really has, you know. 0:14:38.120 --> 0:14:41.200 But then I think about, you know, we raise money 0:14:41.240 --> 0:14:43.880 to get our kids on charter buses, and we take 0:14:43.920 --> 0:14:48.800 them to eat at decent places when we're out, and 0:14:48.840 --> 0:14:51.520 by being good, we get to travel to other places. 0:14:51.560 --> 0:14:53.840 And a lot of kids that we've coached had never 0:14:53.880 --> 0:14:58.040 been out of Memphis, and so they're exposed to stuff, 0:14:58.440 --> 0:15:03.360 you know. And when young men who are thirty or 0:15:03.400 --> 0:15:05.880 thirty five or forty come back and say, coach, I 0:15:05.880 --> 0:15:08.000 remember when you said this, you know, it made me 0:15:08.040 --> 0:15:13.080 look at this differently, you know, It does make a difference. 0:15:14.160 --> 0:15:20.720 Just engaging in community, just engaging and someone that may 0:15:20.760 --> 0:15:23.080 not be as fortune as you, just getting to see 0:15:24.080 --> 0:15:26.440 a different look at stuff. It just matters. It's just 0:15:26.880 --> 0:15:29.040 an army and normal folks. It's just being a normal 0:15:29.080 --> 0:15:34.080 person and engaging where you might not otherwise, engage outside 0:15:34.120 --> 0:15:37.920 of your you know, your your vacuum of people and family, 0:15:38.040 --> 0:15:42.720 and it does change lives. It does make a difference. 0:15:43.600 --> 0:15:46.160 I always think of the story of Jeffrey Kanna is 0:15:46.200 --> 0:15:48.320 the founder of the Harlem Children's Zone. Like this great 0:15:48.360 --> 0:15:51.400 charter school network in New York, that's the Harlem Children's 0:15:51.480 --> 0:15:55.040 Zone Zone. Yeah, that's amazing. But one of his board 0:15:55.080 --> 0:15:56.840 members has been stand drunken. Miller is one of the 0:15:56.880 --> 0:15:59.600 most successful investors ever. But they would always bring the 0:15:59.680 --> 0:16:01.920 kids to his you know, like Penthouse, you know, part 0:16:01.920 --> 0:16:04.440 of it and New York kind of thing, but to 0:16:04.480 --> 0:16:06.920 see it and obviously spend time with you know him too, 0:16:07.560 --> 0:16:09.440 and I think you know, Stan probably gave them hundreds 0:16:09.440 --> 0:16:12.360 of millions of dollars, like just an incredible flathrobust to them. 0:16:12.960 --> 0:16:15.640 But they talked about this line, like anything in life, 0:16:15.800 --> 0:16:18.600 you need to have a taste of it, whether it's success, 0:16:18.960 --> 0:16:21.200 or it's drugs, or it's alcohol. You have to get 0:16:21.240 --> 0:16:23.560 a taste of it somewhere, right, So if these kids. 0:16:23.440 --> 0:16:26.560 That's interesting kid, never an alcoholic. If you don't first 0:16:26.640 --> 0:16:30.280 taste alcohol, you'll never have success if you first don't 0:16:30.440 --> 0:16:30.880 taste it. 0:16:30.920 --> 0:16:34.560 See what no one exposes you to it, or or 0:16:34.560 --> 0:16:36.640 what a stable family you know looks like? 0:16:36.760 --> 0:16:41.200 Right, that is such a good point. Yeah, so just 0:16:41.320 --> 0:16:44.040 the taste, just the exposure can light a flame that 0:16:44.160 --> 0:16:47.400 you know your life. You're riff at the beginning too. 0:16:47.560 --> 0:16:51.640 Talking about income and people's expectations, Daniel Kahneman and this 0:16:51.720 --> 0:16:54.840 other guy and Malcolm Gladwell have always talked about this 0:16:55.000 --> 0:17:00.040 that really happiness plateaus after one hundred thousand dollars worth of. 0:17:00.040 --> 0:17:01.360 Income, Is that right? 0:17:01.520 --> 0:17:04.080 So you actually do see happiness increase to one hundred thousand, 0:17:04.119 --> 0:17:04.640 and then there's. 0:17:04.480 --> 0:17:06.679 No money came by happiness to two. 0:17:06.640 --> 0:17:11.119 Hundred thousand, and Malcolm's original book with seventy five thousand, 0:17:11.160 --> 0:17:13.120 and then there's been you know, inflation since. So yeah, 0:17:13.119 --> 0:17:15.320 the number now is supposed one hundred thousand. You get 0:17:15.359 --> 0:17:19.080 no gains after that, no happiness, no happiness gains after that, 0:17:19.119 --> 0:17:22.960 You just buy more stuff Yeah, it's interesting and obviously 0:17:23.000 --> 0:17:24.280 it can create other problems too. 0:17:24.680 --> 0:17:28.879 No, that's also true. Yeah, okay, your body. What forty 0:17:28.960 --> 0:17:33.280 million tax returns were billed about America? The American dreams alive. 0:17:33.680 --> 0:17:38.360 People just need access, they need community, they need family, 0:17:38.680 --> 0:17:41.760 they need coaches. You better close this the right way, 0:17:41.880 --> 0:17:45.680 and they need you a taste, and then they need you. 0:17:46.200 --> 0:17:49.320 That's true. They do, They do need you. So that 0:17:49.480 --> 0:17:51.719 chap Talk one fourteen. I hope you enjoyed it. If 0:17:51.760 --> 0:17:54.840 you did, share friends of the social subscribe to the podcast, 0:17:55.000 --> 0:17:57.959 rate it, review it. 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