[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:15.40,0:00:17.07,Default,,0000,0000,0000,,So thank you so much for having me.
Dialogue: 0,0:00:17.07,0:00:21.34,Default,,0000,0000,0000,,I'm Alexa von Tobel and I'm incredibly\Npassionate about personal finance.
Dialogue: 0,0:00:21.34,0:00:25.31,Default,,0000,0000,0000,,I wanted to start talking to you all today\Nabout my favorite television show,
Dialogue: 0,0:00:25.31,0:00:29.48,Default,,0000,0000,0000,,which would of course be,\NThe Biggest Loser.
Dialogue: 0,0:00:29.48,0:00:32.57,Default,,0000,0000,0000,,I love The Biggest Loser and I'm sure\Nmany of you watch it here.
Dialogue: 0,0:00:32.57,0:00:35.26,Default,,0000,0000,0000,,I love to watch it while\NI'm on the elliptical machine.
Dialogue: 0,0:00:35.26,0:00:39.01,Default,,0000,0000,0000,,Everything from the crazy donut binges,\Nto the dramatic weigh-ins,
Dialogue: 0,0:00:39.01,0:00:41.33,Default,,0000,0000,0000,,it's incredibly entertaining.
Dialogue: 0,0:00:41.33,0:00:44.09,Default,,0000,0000,0000,,Though when I watch it\NI often step back and I think:
Dialogue: 0,0:00:44.09,0:00:45.80,Default,,0000,0000,0000,,"What a great television show."
Dialogue: 0,0:00:45.80,0:00:47.65,Default,,0000,0000,0000,,America is struggling with obesity
Dialogue: 0,0:00:47.65,0:00:50.26,Default,,0000,0000,0000,,and this is a show that\Nbrings that to the forefront.
Dialogue: 0,0:00:50.26,0:00:54.44,Default,,0000,0000,0000,,Six million people view it every Tuesday\Nnight and I often pause and think,
Dialogue: 0,0:00:54.44,0:00:58.49,Default,,0000,0000,0000,,"God I really wish something like this\Nexisted for personal finance."
Dialogue: 0,0:00:58.49,0:01:02.71,Default,,0000,0000,0000,,I really wish that there could be a show\Nlike The Biggest Loser for person finance
Dialogue: 0,0:01:02.71,0:01:06.34,Default,,0000,0000,0000,,but unfortunately money is still so taboo.
Dialogue: 0,0:01:06.34,0:01:08.67,Default,,0000,0000,0000,,In America right now, the average person\N
Dialogue: 0,0:01:08.67,0:01:12.41,Default,,0000,0000,0000,,makes approximately 6 to 10 money\Ndecisions every single day.
Dialogue: 0,0:01:12.41,0:01:14.84,Default,,0000,0000,0000,,Those decisions can range\Nfrom simple things like
Dialogue: 0,0:01:14.84,0:01:16.86,Default,,0000,0000,0000,,whether or not to buy a cup of coffee?
Dialogue: 0,0:01:16.86,0:01:20.36,Default,,0000,0000,0000,,to bigger things like\NWhat should I do with my 401K?
Dialogue: 0,0:01:20.36,0:01:24.82,Default,,0000,0000,0000,,I think what's important about that is\Nthose decisions are completely unguided.
Dialogue: 0,0:01:24.82,0:01:28.61,Default,,0000,0000,0000,,Right now personal finance\Nisn't taught in high schools, colleges,
Dialogue: 0,0:01:28.61,0:01:31.57,Default,,0000,0000,0000,,or graduate programs across\Nthe United States.
Dialogue: 0,0:01:31.57,0:01:35.24,Default,,0000,0000,0000,,People typically learn about personal\Nfinance by talking to their parents,
Dialogue: 0,0:01:35.24,0:01:39.74,Default,,0000,0000,0000,,who unfortunately were also never formally\Neducated about personal finance.
Dialogue: 0,0:01:39.74,0:01:44.04,Default,,0000,0000,0000,,The take away there is most people\Nsimply learn through trial and error.
Dialogue: 0,0:01:44.04,0:01:46.45,Default,,0000,0000,0000,,Money is such an important thing\Nit effects us all
Dialogue: 0,0:01:46.45,0:01:50.08,Default,,0000,0000,0000,,and most people simply\Nlearn about it through trial and error.
Dialogue: 0,0:01:50.08,0:01:53.18,Default,,0000,0000,0000,,So from there, it's easy to understand\Nthat money right now
Dialogue: 0,0:01:53.18,0:01:56.93,Default,,0000,0000,0000,,is the number one thing\Nthat young people really stress about.
Dialogue: 0,0:01:56.93,0:02:02.38,Default,,0000,0000,0000,,Worse 76% of the country feels completely\Nout of control when it comes to money.
Dialogue: 0,0:02:02.38,0:02:06.19,Default,,0000,0000,0000,,Pause for a second, four of your closest\Nfriends, three of them right now
Dialogue: 0,0:02:06.19,0:02:09.46,Default,,0000,0000,0000,,feel out of control when it comes\Nto their personal finances.
Dialogue: 0,0:02:09.46,0:02:12.06,Default,,0000,0000,0000,,Seventy five percent of this room\Nfeels out of control
Dialogue: 0,0:02:12.06,0:02:14.82,Default,,0000,0000,0000,,when it comes to their personal finances.
Dialogue: 0,0:02:14.82,0:02:17.34,Default,,0000,0000,0000,,Unfortunately we're not doing anything\Nto change this.
Dialogue: 0,0:02:17.34,0:02:21.32,Default,,0000,0000,0000,,Right now 84% of college graduates\Nsaid that they need more help
Dialogue: 0,0:02:21.32,0:02:24.56,Default,,0000,0000,0000,,when it comes to personal finance\Nbut they're not getting it,
Dialogue: 0,0:02:24.56,0:02:30.15,Default,,0000,0000,0000,,and as a result of all of this, 61% of the\Ncountry is living paycheck to paycheck.
Dialogue: 0,0:02:30.15,0:02:32.98,Default,,0000,0000,0000,,More than 50% of our country\Nis not quite sure
Dialogue: 0,0:02:32.98,0:02:36.25,Default,,0000,0000,0000,,how they're going to pay their bills\Nnext month. That is staggering.
Dialogue: 0,0:02:36.25,0:02:41.02,Default,,0000,0000,0000,,Think about the stress\Nthat puts on individuals.
Dialogue: 0,0:02:41.02,0:02:44.58,Default,,0000,0000,0000,,So I often ask myself:\NHow on earth did we get here?
Dialogue: 0,0:02:44.58,0:02:47.19,Default,,0000,0000,0000,,How do we end up where\Nthis thing that is so critical
Dialogue: 0,0:02:47.19,0:02:49.98,Default,,0000,0000,0000,,to every single person in this room?
Dialogue: 0,0:02:49.98,0:02:53.17,Default,,0000,0000,0000,,It's something that we've never learned.
Dialogue: 0,0:02:53.17,0:02:56.92,Default,,0000,0000,0000,,I want to take the 1.8 million college\Ngraduating seniors from this year
Dialogue: 0,0:02:56.92,0:03:00.12,Default,,0000,0000,0000,,and I want to walk you through exactly\Nwhat ultimately happens.
Dialogue: 0,0:03:00.12,0:03:03.95,Default,,0000,0000,0000,,I want to introduce you to someone\Nwho will represent the absolute norm
Dialogue: 0,0:03:03.95,0:03:07.48,Default,,0000,0000,0000,,and we're going to find out\Nhow they ended up on such a ride.
Dialogue: 0,0:03:07.48,0:03:11.59,Default,,0000,0000,0000,,So meet Jessica. She's 22 years old,\Nshe studied English.
Dialogue: 0,0:03:11.59,0:03:16.50,Default,,0000,0000,0000,,She's going to graduate from college\Nthis year with $25,000 in student debt,
Dialogue: 0,0:03:16.50,0:03:21.38,Default,,0000,0000,0000,,and $4,000 in credit card debt,\Nand she's going to end up, if she is lucky
Dialogue: 0,0:03:21.38,0:03:26.27,Default,,0000,0000,0000,,and I repeat lucky, with a job right out\Nof college, where she'll make $35,000.
Dialogue: 0,0:03:26.27,0:03:32.45,Default,,0000,0000,0000,,That means that her monthly take home pay\Nwill be approximately $2,300.
Dialogue: 0,0:03:32.45,0:03:35.84,Default,,0000,0000,0000,,I'm going to walk you through\N5 decisions that Jessica's going to make,
Dialogue: 0,0:03:35.84,0:03:39.22,Default,,0000,0000,0000,,some that she's aware were bad decisions,\Nsome that she's not,
Dialogue: 0,0:03:39.22,0:03:42.50,Default,,0000,0000,0000,,and it helps you better understand\Nhow she ended up in a situation
Dialogue: 0,0:03:42.50,0:03:45.92,Default,,0000,0000,0000,,that most of America is in.\NSo first she's not going to have a budget.
Dialogue: 0,0:03:45.92,0:03:47.96,Default,,0000,0000,0000,,Jessica thinks about her life now\Nand says:
Dialogue: 0,0:03:47.96,0:03:51.61,Default,,0000,0000,0000,,"I barely get any money that I'm making.\NWhy am I creating a detailed budget?
Dialogue: 0,0:03:51.61,0:03:53.94,Default,,0000,0000,0000,,I'll be lucky if I can just pay my bills."
Dialogue: 0,0:03:53.94,0:03:57.65,Default,,0000,0000,0000,,She doesn't know that good financial\Nplanning recommends that 50% of her money
Dialogue: 0,0:03:57.65,0:04:00.04,Default,,0000,0000,0000,,that she takes home\Ngoes towards essentials,
Dialogue: 0,0:04:00.04,0:04:03.88,Default,,0000,0000,0000,,30% towards life style,\Nand 20% towards the future.
Dialogue: 0,0:04:03.88,0:04:06.74,Default,,0000,0000,0000,,That's really key, 20% towards\Nher future savings.
Dialogue: 0,0:04:06.74,0:04:09.90,Default,,0000,0000,0000,,Jessica's going to move\Nafter college to a big city.
Dialogue: 0,0:04:09.90,0:04:13.77,Default,,0000,0000,0000,,First she's going to do what every other\Ncollege graduate does, get an apartment.
Dialogue: 0,0:04:13.77,0:04:15.96,Default,,0000,0000,0000,,Then she's going to spend $1,200 on rent.
Dialogue: 0,0:04:15.96,0:04:19.05,Default,,0000,0000,0000,,In the beginning, a simple decision\Nsuch as getting her apartment
Dialogue: 0,0:04:19.05,0:04:22.89,Default,,0000,0000,0000,,is going to throw even the chance of her\Nhaving a balanced budget
Dialogue: 0,0:04:22.89,0:04:26.29,Default,,0000,0000,0000,,completely out of whack, but also put her\Nin jeopardy for years to come
Dialogue: 0,0:04:26.29,0:04:29.89,Default,,0000,0000,0000,,as she won't have that 20%\Ngoing towards her future.
Dialogue: 0,0:04:29.89,0:04:32.85,Default,,0000,0000,0000,,Next Jessica already has lots of debt.\NShe thinks to herself:
Dialogue: 0,0:04:32.85,0:04:35.96,Default,,0000,0000,0000,,"Everyone in America is in debt.\NWhy do I have to worry so much?"
Dialogue: 0,0:04:35.96,0:04:39.96,Default,,0000,0000,0000,,Instead of aggressively paying it down she\Nonly going to pay her minimum payments.
Dialogue: 0,0:04:39.96,0:04:42.30,Default,,0000,0000,0000,,Worse she's going to miss a few\Nof those payments.
Dialogue: 0,0:04:42.30,0:04:44.74,Default,,0000,0000,0000,,She doesn't even understand\Nwhat a credit score is.
Dialogue: 0,0:04:44.74,0:04:48.72,Default,,0000,0000,0000,,Nor does she understand why\Nit's so critical to her financial future.
Dialogue: 0,0:04:48.72,0:04:51.58,Default,,0000,0000,0000,,After that she's not going to think\Nabout emergency savings,
Dialogue: 0,0:04:51.58,0:04:54.80,Default,,0000,0000,0000,,and the reason is she can\Nbarely think about how she pays her bills.
Dialogue: 0,0:04:54.80,0:04:57.20,Default,,0000,0000,0000,,She thinks: "What do I need\Nemergency savings for?"
Dialogue: 0,0:04:57.20,0:04:59.76,Default,,0000,0000,0000,,What she doesn't know\Nis if she loses her job tomorrow
Dialogue: 0,0:04:59.76,0:05:02.91,Default,,0000,0000,0000,,or has any type of an emergency,\Nshe's completely vulnerable
Dialogue: 0,0:05:02.91,0:05:07.70,Default,,0000,0000,0000,,and she's going to rely on credit card\Ndebt to keep her head above water.
Dialogue: 0,0:05:07.70,0:05:11.51,Default,,0000,0000,0000,,Her fourth big mistake is she's not going\Nto negotiate her salary.
Dialogue: 0,0:05:11.51,0:05:13.70,Default,,0000,0000,0000,,She is so thankful that she got a job
Dialogue: 0,0:05:13.70,0:05:16.33,Default,,0000,0000,0000,,that she's not going\Nto negotiate her salary.
Dialogue: 0,0:05:16.33,0:05:19.43,Default,,0000,0000,0000,,She's going to wait for her boss\Nto tell her when she gets one.
Dialogue: 0,0:05:19.43,0:05:22.76,Default,,0000,0000,0000,,So few years later\Nshe's still making just $35,000.
Dialogue: 0,0:05:22.76,0:05:25.39,Default,,0000,0000,0000,,The final major mistake\Nthat Jessica's going to make
Dialogue: 0,0:05:25.39,0:05:28.22,Default,,0000,0000,0000,,is she's not going to think about\Nretirement in her 20's.
Dialogue: 0,0:05:28.22,0:05:30.76,Default,,0000,0000,0000,,The reason she's not\Nis retirement is 43 years away.
Dialogue: 0,0:05:30.76,0:05:33.12,Default,,0000,0000,0000,,Why on earth would she think about it?\NShe says.
Dialogue: 0,0:05:33.12,0:05:37.38,Default,,0000,0000,0000,,Because of that she doesn't take advantage\Nof her employer 401k match program,
Dialogue: 0,0:05:37.38,0:05:41.25,Default,,0000,0000,0000,,and she doesn't open a Roth IRA.\NNow I want to fast forward 15 years.
Dialogue: 0,0:05:41.25,0:05:43.65,Default,,0000,0000,0000,,Applying those exact same\Nbehavioral traits,
Dialogue: 0,0:05:43.65,0:05:47.57,Default,,0000,0000,0000,,not learning much more about personal\Nfinance, making a few more mistakes,
Dialogue: 0,0:05:47.57,0:05:50.81,Default,,0000,0000,0000,,Jessica's going to get married\Nand she's going to have 2 children.
Dialogue: 0,0:05:50.81,0:05:54.03,Default,,0000,0000,0000,,Fifteen years later,\Napplying the national APR of 15%,
Dialogue: 0,0:05:54.03,0:05:57.12,Default,,0000,0000,0000,,Jessica's going to be closer\Nto $20,000 in debt.
Dialogue: 0,0:05:57.12,0:06:00.17,Default,,0000,0000,0000,,As her life grew,\Ncredit card was her answer.
Dialogue: 0,0:06:00.17,0:06:02.43,Default,,0000,0000,0000,,Her interest rate has of course gone up.
Dialogue: 0,0:06:02.43,0:06:05.76,Default,,0000,0000,0000,,From there, she still has about $10,000\Nof her student loans.
Dialogue: 0,0:06:05.76,0:06:10.22,Default,,0000,0000,0000,,So a decision she made 2 decades ago\Nis still haunting her every single month.
Dialogue: 0,0:06:10.22,0:06:15.70,Default,,0000,0000,0000,,Additionally her credit score has gone\Nfrom 622 to something more in the 500's,
Dialogue: 0,0:06:15.70,0:06:20.40,Default,,0000,0000,0000,,and that's because she's amassed more debt\Nand she's missed more payments.
Dialogue: 0,0:06:20.40,0:06:22.56,Default,,0000,0000,0000,,She started thinking about retirement,
Dialogue: 0,0:06:22.56,0:06:26.46,Default,,0000,0000,0000,,but she currently has less than $10,000\Nin her future retirement savings.
Dialogue: 0,0:06:26.46,0:06:30.31,Default,,0000,0000,0000,,Which actually is about\N54% of America right now.
Dialogue: 0,0:06:30.31,0:06:33.47,Default,,0000,0000,0000,,Beyond that, she doesn't set up\Na 529 plan for her children
Dialogue: 0,0:06:33.47,0:06:36.58,Default,,0000,0000,0000,,because she has no other dollars\Nto think about.
Dialogue: 0,0:06:36.58,0:06:40.82,Default,,0000,0000,0000,,So I want to pause for a second and I\Nwant to think about the national impact.
Dialogue: 0,0:06:40.82,0:06:44.16,Default,,0000,0000,0000,,I just walked you through Jessica's story\Nand I want us to pause
Dialogue: 0,0:06:44.16,0:06:51.59,Default,,0000,0000,0000,,and I want us multiply that by a thousand\Nby a million, and by tens of millions.
Dialogue: 0,0:06:51.59,0:06:54.84,Default,,0000,0000,0000,,Jessica's story is the story\Nof tens of millions of Americans
Dialogue: 0,0:06:54.84,0:06:57.37,Default,,0000,0000,0000,,living in our country today.
Dialogue: 0,0:06:57.37,0:07:00.18,Default,,0000,0000,0000,,You understand that\Nand we pause and really think about it.
Dialogue: 0,0:07:00.18,0:07:04.52,Default,,0000,0000,0000,,It helps you better understand why we\Ncurrently are a country where we have
Dialogue: 0,0:07:04.52,0:07:08.83,Default,,0000,0000,0000,,$2.5 trillion, yes trillion dollars\Nin consumer debt.
Dialogue: 0,0:07:08.83,0:07:13.49,Default,,0000,0000,0000,,We're in a position where the American\Ndream of home ownership is not a reality
Dialogue: 0,0:07:13.49,0:07:18.00,Default,,0000,0000,0000,,as 25% of applications\Nare denied immediately.
Dialogue: 0,0:07:18.00,0:07:22.43,Default,,0000,0000,0000,,Where 31% of Americans today\Nhave no retirement savings
Dialogue: 0,0:07:22.43,0:07:25.46,Default,,0000,0000,0000,,and therefore the American dream\Nof pausing when you're 65
Dialogue: 0,0:07:25.46,0:07:28.79,Default,,0000,0000,0000,,when your bones are starting\Nto get brittle and being able to retire,
Dialogue: 0,0:07:28.79,0:07:31.98,Default,,0000,0000,0000,,they're not going to have that\Nas a reality, and finally
Dialogue: 0,0:07:31.98,0:07:36.92,Default,,0000,0000,0000,,and maybe even worse, money is the number\None cause of fights in marriages.
Dialogue: 0,0:07:36.92,0:07:41.44,Default,,0000,0000,0000,,And married couples who fight\Nare 30% more likely to end up in divorce.
Dialogue: 0,0:07:41.44,0:07:45.46,Default,,0000,0000,0000,,So this gives you an idea\Nof where we are today.
Dialogue: 0,0:07:45.46,0:07:49.32,Default,,0000,0000,0000,,But this doesn't give you\Na sense of the domino effect.
Dialogue: 0,0:07:49.32,0:07:52.39,Default,,0000,0000,0000,,Jessica and her husband\Nthey have two beautiful kids.
Dialogue: 0,0:07:52.39,0:07:55.76,Default,,0000,0000,0000,,Those kids will go off to college\Nwith the exact same credit card debt
Dialogue: 0,0:07:55.76,0:07:57.100,Default,,0000,0000,0000,,and student loan debt that Jessica had.
Dialogue: 0,0:07:57.100,0:08:01.92,Default,,0000,0000,0000,,But worse, they're probably going to have\Nto help Jessica with retirement.
Dialogue: 0,0:08:01.92,0:08:05.31,Default,,0000,0000,0000,,That domino is going to fall down for\Ngenerations to come
Dialogue: 0,0:08:05.31,0:08:10.25,Default,,0000,0000,0000,,and as you can see Jessica has flipped\Na domino and the downward financial spiral
Dialogue: 0,0:08:10.25,0:08:16.50,Default,,0000,0000,0000,,that will continue for many generations.\NSo what if we could rewind?
Dialogue: 0,0:08:16.50,0:08:20.39,Default,,0000,0000,0000,,What if I told you that I really believe\Nthat there's a solution to all of this?
Dialogue: 0,0:08:20.39,0:08:23.60,Default,,0000,0000,0000,,I really believe that we can go back\Nto the tens of millions --
Dialogue: 0,0:08:23.60,0:08:28.71,Default,,0000,0000,0000,,We can ultimately go back to Jessica\Nand there's a simple solution.
Dialogue: 0,0:08:28.71,0:08:31.75,Default,,0000,0000,0000,,We can take her\Nbefore she enters the world,
Dialogue: 0,0:08:31.75,0:08:34.94,Default,,0000,0000,0000,,before all of our college seniors do,\Nand we can basically
Dialogue: 0,0:08:34.94,0:08:37.70,Default,,0000,0000,0000,,stop and teach them 5 principles.
Dialogue: 0,0:08:37.70,0:08:41.13,Default,,0000,0000,0000,,We can help them\Navoid making these mistakes,
Dialogue: 0,0:08:41.13,0:08:43.49,Default,,0000,0000,0000,,let them understand why\Na budget is so critical,
Dialogue: 0,0:08:43.49,0:08:46.79,Default,,0000,0000,0000,,learn the principle of living beneath\Ntheir means;
Dialogue: 0,0:08:46.79,0:08:49.54,Default,,0000,0000,0000,,help them better understand\Nthat debt is not an answer
Dialogue: 0,0:08:49.54,0:08:53.08,Default,,0000,0000,0000,,and in fact it is absolutely so important\Nto aggresively pay it down
Dialogue: 0,0:08:53.08,0:08:55.73,Default,,0000,0000,0000,,as it is designed to defeat you;
Dialogue: 0,0:08:55.73,0:08:59.10,Default,,0000,0000,0000,,help them understand that an emergency\Nsavings account is so critical -
Dialogue: 0,0:08:59.10,0:09:01.88,Default,,0000,0000,0000,,if anything happens, you want\Nto be able to sleep at night
Dialogue: 0,0:09:01.88,0:09:03.82,Default,,0000,0000,0000,,and that's why it's there;
Dialogue: 0,0:09:03.82,0:09:07.47,Default,,0000,0000,0000,,help them understand that they have to\Nnegotiate their salaries along the way
Dialogue: 0,0:09:07.47,0:09:09.61,Default,,0000,0000,0000,,that their voice will always\Nbe the loudest;
Dialogue: 0,0:09:09.61,0:09:13.88,Default,,0000,0000,0000,,and finally that retirement is something\Nyou have to think about in your 20's.
Dialogue: 0,0:09:13.88,0:09:16.56,Default,,0000,0000,0000,,I saw this graph many, many years ago.
Dialogue: 0,0:09:16.56,0:09:19.00,Default,,0000,0000,0000,,It's a simple principle,\Nit's compounding interest.
Dialogue: 0,0:09:19.00,0:09:23.41,Default,,0000,0000,0000,,An individual who starts contributing\Nto retirement in her 20's versus her 40's
Dialogue: 0,0:09:23.41,0:09:25.92,Default,,0000,0000,0000,,and they both contribute the same dollars.
Dialogue: 0,0:09:25.92,0:09:28.91,Default,,0000,0000,0000,,This is a really powerful graph\Nand a really important thing,
Dialogue: 0,0:09:28.91,0:09:34.20,Default,,0000,0000,0000,,and I just always wonder\Nwhat if we can make this go viral?
Dialogue: 0,0:09:34.20,0:09:37.10,Default,,0000,0000,0000,,So I want to go back\Nto the educated Jessica.
Dialogue: 0,0:09:37.10,0:09:40.18,Default,,0000,0000,0000,,Let's say we did actually teach her\Nall of these empowered facts.
Dialogue: 0,0:09:40.18,0:09:43.69,Default,,0000,0000,0000,,Years later she'd be in a position\Nwhere she could open the coffee shop
Dialogue: 0,0:09:43.69,0:09:45.68,Default,,0000,0000,0000,,she'd always dreamed of.
Dialogue: 0,0:09:45.68,0:09:49.21,Default,,0000,0000,0000,,She and her husband now own a home\Nbecause they knew about credit score.
Dialogue: 0,0:09:49.21,0:09:53.37,Default,,0000,0000,0000,,They knew not to miss their bills\Nand they knew to keep it in the 700's.
Dialogue: 0,0:09:53.37,0:09:55.45,Default,,0000,0000,0000,,They're looking forward to their\Nretirement.
Dialogue: 0,0:09:55.45,0:09:58.26,Default,,0000,0000,0000,,They took advantage of all those things\Nin their 20's
Dialogue: 0,0:09:58.26,0:10:01.53,Default,,0000,0000,0000,,and compounding interest worked its magic,
Dialogue: 0,0:10:01.53,0:10:04.67,Default,,0000,0000,0000,,and probably best yet,\Nher children have 529 plans.
Dialogue: 0,0:10:04.67,0:10:08.14,Default,,0000,0000,0000,,They'll go off to college and they'll be\Nin a significantly better place
Dialogue: 0,0:10:08.14,0:10:10.86,Default,,0000,0000,0000,,than Jessica was decades ago.
Dialogue: 0,0:10:10.86,0:10:14.38,Default,,0000,0000,0000,,This is the empowered Jessica.
Dialogue: 0,0:10:14.38,0:10:18.44,Default,,0000,0000,0000,,So I wish it weren't true but it is,\Nmoney is such a lifeline.
Dialogue: 0,0:10:18.44,0:10:21.46,Default,,0000,0000,0000,,If you love someone you can travel\Naround the world to see them,
Dialogue: 0,0:10:21.46,0:10:24.67,Default,,0000,0000,0000,,and if you're sick, as I know this week\Nyou're going to want to pay
Dialogue: 0,0:10:24.67,0:10:28.73,Default,,0000,0000,0000,,the best dollars that money can buy\Nto get the best doctors.
Dialogue: 0,0:10:28.73,0:10:32.54,Default,,0000,0000,0000,,Money will affect us every single day\Nof our lives until the day that we die,
Dialogue: 0,0:10:32.54,0:10:35.51,Default,,0000,0000,0000,,and I wish it weren't true,\Nbut it's a fact.\N
Dialogue: 0,0:10:35.51,0:10:37.95,Default,,0000,0000,0000,,I look forward to a future where\Nwe can pause,
Dialogue: 0,0:10:37.95,0:10:40.65,Default,,0000,0000,0000,,we can take all of the people\Nbefore they enter the world
Dialogue: 0,0:10:40.65,0:10:43.68,Default,,0000,0000,0000,,and teach them these\Nbasic financial principles.
Dialogue: 0,0:10:43.68,0:10:44.98,Default,,0000,0000,0000,,That we can empower them
Dialogue: 0,0:10:44.98,0:10:48.15,Default,,0000,0000,0000,,so that they can end up\Nliving really powerful financial lives.
Dialogue: 0,0:10:48.15,0:10:52.12,Default,,0000,0000,0000,,That they can feel great about money and\Nfrom there it ultimately is going to have
Dialogue: 0,0:10:52.12,0:10:55.46,Default,,0000,0000,0000,,fantastic impact on our balance\Nsheets and as our nation as a whole.
Dialogue: 0,0:10:55.46,0:11:01.21,Default,,0000,0000,0000,,But most importantly it's going dwindle\Ndown for many generation to come.
Dialogue: 0,0:11:01.21,0:11:04.55,Default,,0000,0000,0000,,When I think about money\NI think it's not important to be rich.
Dialogue: 0,0:11:04.55,0:11:08.23,Default,,0000,0000,0000,,It's not about being rich. It's about\Nbeing able to live your richest life.
Dialogue: 0,0:11:08.23,0:11:10.78,Default,,0000,0000,0000,,I want that for me.\NI want that for Jessica.
Dialogue: 0,0:11:10.78,0:11:14.41,Default,,0000,0000,0000,,I want that for the hundreds of millions\Nof Americans who deserve just that.
Dialogue: 0,0:11:14.41,0:11:15.52,Default,,0000,0000,0000,,Thank you.
Dialogue: 0,0:11:15.52,0:11:18.81,Default,,0000,0000,0000,,(Applause)