Trump's IndyCar Race, Lindsey Graham's Sis Successor & Toll War in Hormuz Strait | Beth Kobliner

Narrator/Announcer

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Trevor Noah

For 250 years, Americans have valued freedom, independence and the ability to take care of ourselves and our families. This fourth Jace Medical is celebrating with a special anniversary offer. Get a Jace case for just $250. The Jace case is a physician curated emergency supply of critical antibiotics and medications designed to help you prepare for travel disruptions, natural disasters, supply shortages, unexpected emergencies and more. The freedom to act begins with preparedness. Visit jace.com that's jase.com and claim your $250 Jace case today through July 31st. You're listening to Comedy Central. From the most trusted journalists at Comedy Central. It's America's only source for news. This is the Daily show with your host, Michael Cost. Come on, baby. Welcome to the Daily Show. I'm Michael Costa. Whoa. We've got so much to talk about. Tonight, Trump flexes his medical expertise. Daily show historians rank America's greatest moments. And if you're planning a summer trip through the Strait of Hormuz, it just got a lot more expensive. Also, don't do that. Let's get into the headlines. Let's kick things off with some fun news. President Trump hosted an IndyCar event at the White House. Now, if you don't know what IndyCar is, it's for fans who have more class than NASCAR, but less money than F1. And say what you want about Trump, he's a showman. So I expect to see him hype up this exciting event with some energy. Yeah, um, maybe it doesn't have that eye of the tiger energy. This would be like if instead of running up the steps of the museum, Rocky took the chairlift. Laziest Rocky ever. He doesn't even work out. He just drinks the eggs. Stay down, Rocky. Okay. It would still be a better reboot than the new Moana. Oh, poor Disney. I hope the Rock is okay after that. But you know what? I understand why Trump might be a little down. He's had a sad weekend. His best friend was poisoned by his other best friend. No, no, no. Putin did not kill Lindsey Graham while he was in Ukraine. It's just a suspicious coincidence. That makes a lot of sense when you think about it. But according to President Trump, Lindsey died from a specific medical. You know what? Let's let the president just delicately explain it. Do you think we know the whole story about his death? Well, I think we do. We've had great doctors, and they talked about, you know, a certain part of his body literally blew up. That's right. Part of his body blew up. The New England Journal of Medicine calls it Spontaneous Kablooie syndrome. It's actually a fairly common cause of death. We all remember when Queen Elizabeth II died after her vagina went boom. But now the question is, who will fill in the senator's seat until the next election? I assume someone like the Lieutenant Governor or the Secretary of State. Whatever political process we have in place for this, we now know who will fill Senator Lindsey Graham's seat in the U.S. senate. His sister. Or his sister, I guess his sister. A Senate seat that's an inheritance jackpot. Most people just get a garage full of damp boxes. Whose idea was this? President Trump recommended Graham's sister for the

Narrator/Announcer

interim job, calling it a fabulous tribute to Lindsay.

Trevor Noah

So we're going to work for one Senator Graham to another Senator Graham. It's just tragically symmetrical. Yeah, if there's one thing this guy knows all about, it's being tragically symmetrical. But for real, I disagree with this guy who likes who looks like a fingerling potato that they put a dollop of cream on top of. I mean, there was more consideration about who should take over for Pat Sajak, and his whole job was correctly reading up to three words at a time. But still, I'll give her a fair shot. What exactly are her qualifications?

Beth Kobliner

Darlene Graham Nordone has more than two decades of experience in government. She is commissioner of the South Carolina Commission for the Blind. She was business service director and communications director for the South Carolina Department of Employment and Workforce and is president elect of the National Council of State Agencies for the Blind.

Trevor Noah

No surprise there. Another giveaway to the all powerful blind people lobby. I hope everyone bought stock in that company that makes those sticks. They're always tapping on the sidewalk. I'm kidding. Obviously. If anything, she's overqualified. I'm worried she'll make the other senators look bad, which would be embarrassing for the ones who know where they are right now. Let's move on because Lindsey's sister will have her work cut out for her for the next five months plus 36 weeks vacation time because a lot of shit is going down right now. The US Launching strikes for a third straight day as President Trump informed Congress that US Military action is ramping up. We're going to hit him very hard tonight, and we're gonna hit them hard tomorrow, and there's not a damn thing they can do about it. They have nothing. They have nothing going other than they have big mouths. By the way, it doesn't seem fair that Lindsey Graham pushed us into this war and we still have to fight it even after he dies. It feels like when my daughter makes me buy a really complicated Lego set and then five minutes in, she goes to watch tv. Two hours later, I'm sitting by myself assembling a mermaid castle. Like, what the am I doing this for? Anyways, it came out great. Thank you. All right. I knew it.

Narrator/Announcer

Thank you.

Trevor Noah

Of course, the reason why Trump says he went back to war is that Iran wants to charge tolls for ships going through the Strait of Hormuz. And guess what, buddy? Okay. You can't do that. We believe international waterways should be free of tolls. And that's been our position, trying to impose a tolling system. Iran's plan, a form of international extortion, is unacceptable. No country is allowed to charge tolls or fees on an international waterway. That's existing international law. Yeah. News flash. Iran charging a toll is not allowed under international law. Doesn't matter if it's 5% or 1%. The only acceptable number is 0%. Okay. Trump announcing plans to charge a 20% fee on all cargo that passes through the Strait of Hormuz. We're charging 20%. That's like twice what I give a waiter, but maybe 20% is reasonable. What kind of damage are we talking about here? Just a couple hundred bucks. If Trump's fee goes into effect, a massive oil tanker transporting 2 million barrels

Beth Kobliner

could have to pay the US upwards of $32 million.

Trevor Noah

$32 million. Jesus. Although if you sign up for E Z pass, it's only 29.1, so at least I hope they have E Z Pass. Imagine steering your boat through a toll booth, frantically searching your center console for $32 million in quarters. It's crazy to pay $32 million for something that used to be free. This is just like when the grocery store started making us pay 10 cents for bags. Except it's 31.9999 million more. And by the way, we're not even in control of the strait. Iran is. And now you're just giving them ideas.

Beth Kobliner

His foreign minister wrote on social media the following quote, the President is absolutely right. Whoever provides secure and safe passage of commercial vessels through the Strait of Hormuz should be compensated for their service. 20%, of course, is too much.

Trevor Noah

We will be fair. Jesus Christ. How did we end up like this? We're a global superpower and we're haggling over tolls with the Iranians. We're not going to beat the Iranians at haggling. They invented it. And putting raisins on rice. There's no haggling with Iranians. We're going to go in there looking for a deal on the street of Hormuz and end up coming out with an $800 raw silk bedspread that I never wanted in the first place. How are we going to get out of this jam? Today, in a major reversal, President Trump says the US Will not charge tolls on cargo moving through the Strait of Hormuz. I was called by different people and they said, we'd love to do it a different way. We'd love to invest in the United States as opposed to charging a fee. And I like that, actually, because I don't think anybody should be able to charge a fee for the. For the straight. All right. Phew. God, I was worried there for a second. Then I remembered everything Trump says is bullshit. So, thanks.

Beth Kobliner

So,

Trevor Noah

in summary, the bottom line is we're back at war with Iran to stop them from charging tolls that they weren't charging before we went to war with them, so that nobody can charge tolls except we want to charge tolls. Can anything Be more embarrassing than this. Going even further, Trump declaring the US Will soon become, quote, the guardian of the Hormuz Strait. Guardian of the Hormuz Strait? Trump. Trump, you couldn't even protect the reflecting pool from algae. So the guardian of the Strait is a pretty fancy term for a toll booth collector. Some dude's in the middle of i95 right now. Hey, I'm kind of the Lord Protector of the New Jersey Turnpike. What you gonn? I mean, for God's sake, how lame of a nickname can you get? Guardian of Hormuz. That's right, citizen. Who is that? It is I, the guardian of the Strait of Hormuz. Defender of truth, justice, and that little water thing we all learned about three months ago. Wait, you're an actual superhero? Of course I am. That's why I have this costume. This whole costume. That's the wrong spelling of straight. You added a gh. Actually, that's intentional. I don't want the leotard to give the females the wrong idea. Just to be clear, straight man. Straight of Hormuz. Tell the ladies. So your mandate is to protect the shipping lanes?

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That's right.

Trevor Noah

When I'm here, every ship will be safe from missiles. Holy shit. I thought you were protecting the strait from missiles. Well, not for free. I'm not gonna need a little something something for my services. Luckily, I do take Apple pay. Well, well that, that doesn't seem very noble. I mean, Spider man doesn't charge people to help them. Uh, yeah, because that broke sticky bitch lives with his aunt. No thank you. I need an apartment to bring the ladies home, remember? Did you tell the ladies I'm straight? No, I'm still talking to you. Jeez. Jesus. Yeah, well I know you better pay up quickly for that protection. I also take Venmo. My handle is Straightman. That's with a G. H. Just it feels sketchy to charge people to save them. Yeah. Guess what? Not all of us are Batman. Inheriting our dead parents huge fortune. Okay. Wah wah wah. It's just me and my butler in this giant freakin mansion. Well, suck on it, Bruce. Jesus. Holy shit. Can you please do something about these missiles? No. But you can. Now it is customary to tip 30 to 40 to 50%. What can I put you down for? I, I, I guess 30%. Wow. Lowest option. Okay, okay, fine. But you'll still guarantee me total protection, right? Total protection? 100%. 99%. Okay, you know what? I can't guarantee it. They have missiles, man. What do you want me to do? I'm starting to think there's nothing you can do, that you're just a charlatan trying to profit off this conflict. Hey, I'm not gay. I. I didn't say you were.

Sponsor Voice

Good.

Trevor Noah

Now tell the ladies. The guardian of Hormuz. Everybody, we find out America's greatest moments don't go away.

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Trevor Noah

Welcome back to the Daily Show. All summer long, we're celebrating America's 250th birthday. And today that means we're taking a look back at America's top moments. Our countdown continues with the top 10 moments in U.S. history. Number 10, the moon landing. That made the top 10. I mean, sure, the moon, I guess. Personally, I forgot that even happened. Number nine, victory in World War II. Huh?

Narrator/Announcer

Okay, I don't know if that really

Beth Kobliner

made that big of a difference, but yeah, sure.

Trevor Noah

Personally, I forgot that even happened. Number eight, that time Lenny Kravitz's pants ripped open and his dick fell out. I remember exactly where I was when Kravitz's penis fell out. I've never felt prouder to be an American than in that very moment I was at the hospital. It was the birth of my first child. I told my wife, stop pushing so we could all gather around the TV and watch together. Sorry, can you come back to me, I just. I get really emotional when I think about it. It was a moment that truly defined the nation. For a few fleeting seconds, Lenny Kravis penis finally fulfilled America's promise as that shining city on a hill. We were so moved that we actually named our baby Lenny Kravitz's penis. I can't believe she's 10 now. Number seven, the declaration of Independence. What? No, no, no. We're not done talking about Lenny Kravitz's penis. Oh, say, can you see Lenny Kravitzish Lo. I got it as a back tattoo. Check it out. Can you see it? It's right there. That's a peanut.

Beth Kobliner

His dick swinging there.

Trevor Noah

It's all I think about whenever I see Lenny Kravitz or when I see Zoe Kravitz, anytime I close my eyes.

Narrator/Announcer

Really?

Trevor Noah

Are you talking about the time that Lenny Kravitz's pants split open and his penis flopped out? You know it, brother. I'm supposed to be doing the Gettysburg Address, but I'd rather get in on this. But I don't understand why we don't add Lenny Kravitz's penis to Mount Rushmore. Like, do we care about honoring heroes in this country or not? Yeah, like, my family and I, we don't even watch fireworks on the 4th of July anymore. We just watch Lee Kravitz's penis explode out of his pants. Number seven, the Declaration of. Will you stop interrupting us? No one gives a shit about that. Too much time on Lenny Kravitz's penis. Can we move on? Oh, oh, you want us to move on? Yeah, that'd be great. All right, why don't we move on to this moment in American history? What is that? Just some elevator footage of you screwing around behind your wife's back. What the hell? Where did you get that? You didn't actually think we were gonna just leave the Kravitz part of the Countdown to Chance, did you? Oh, my God, you were all psychos. You've lost your goddamn minds. The Lenny Kravitz penis segment can be as long as we want to.

Beth Kobliner

Got it.

Trevor Noah

Okay, fine. And we all want custom trucker hats with an image of the Kravitz pants split on them. Custom trucker hats, guys? That's expensive. Not as expensive as getting divorced.

Narrator/Announcer

Thank you, Lenny Kravitz's pants.

Trevor Noah

Thank you for your service to our country. Thank you. Lenny Kravitz's penis. The penis, not my daughter. Thank you for everything. Number seven, the Declaration of Independence. Okay, fine. The Declaration of Independence. Well, it kind of surprised everyone. It was bigger and longer than people expected. Ha.

Beth Kobliner

I tricked you.

Trevor Noah

I'm still talking about Lenny Kravitz's team. Beth Go Blind will be joining me on the show. Don't.

Narrator/Announcer

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Trevor Noah

Welcome back to the Daily Show. My guest tonight is a financial literacy expert and author of the New York Times Times bestseller, now in its fifth edition called Get a Financial life, Personal finance in your 20s and 30s. Please welcome Beth Kobliner. I told you these people love financial literacy,

Narrator/Announcer

right?

Trevor Noah

Fifth edition.

Beth Kobliner

Yeah.

Trevor Noah

30 years.

Beth Kobliner

Yeah. Long time.

Trevor Noah

Are we not learning? Are we not getting something? How are we as a financial nation?

Beth Kobliner

Not so good.

Trevor Noah

Okay, not so good.

Beth Kobliner

But the problem is that most people have never taken a personal finance class. And 10 years ago, five states had a requirement that you needed one personal finance class to graduate high school. And now more states are required to do that. It's actually 26 states, but you need a while to get the quality programs in place. And the crazy thing is we know if you teach personal finance right, it can improve credit scores, it can improve the way people handle their debt. So it's very important.

Trevor Noah

It sounds like 25 states, 26 states have financial literacy. It sounds about right. I mean, I would say half this country correct.

Beth Kobliner

I guess that's right.

Trevor Noah

Good use of math. No, but I mean, just by taking a class doesn't mean you're financially literate, but you can go through life with an idea.

Beth Kobliner

So I wrote a curriculum. This organization called the Heckscher foundation came to me and said, could you write a curriculum for New York City students? And it's 10 lessons of what you need to know for young people in New York City. And I've been going to Queens, I'm from Queens. And the Bronx.

Sponsor Voice

Thank you.

Beth Kobliner

And the Bronx. And all over all five boroughs. And what I've seen is young people are so enthusiastic to learn about money and they're smart and they're engaged and we just have to give them the tools to get finances, their finances in order.

Trevor Noah

Yeah. I mean, this book is geared towards 20s and 30s. That's right. Why those years in particular?

Beth Kobliner

Well, you know, I've been doing it for so many different generations, but I have to say that in 30 years, this generation, these people today in their 20s, Gen Z has it harder than any other generation in their twenties.

Trevor Noah

Or is it that they're just annoying as now, why is it harder.

Beth Kobliner

Why? It's harder because unemployment rates are higher for this generation than in the past. And there's been a lot of talk about, oh, if you go to college, you're not getting the job. Well, if you didn't go to college, it's even worse. And it's buying a home. Home affordability. You know, back in my day, the average age or the median age for someone to buy a home was 28 years old. Today it's 40 years old. So there's a lot of obstacles young people face, and I'm afraid sometimes they think it's futile and it's not worth it. Like, what could these small things do? But these small things do make a difference, and it's important.

Trevor Noah

Well, let's talk about some specifics, because one of the first things you talk about in here is getting rid of your debt.

Beth Kobliner

Right.

Trevor Noah

Why is debt such a bitch? But what really is it about debt?

Beth Kobliner

A really good name for my chapter next time. But basically, when you say, have a credit card, right? Yeah. The average credit card interest rate now is 22%. That's the highest that it's ever been.

Trevor Noah

That's crazy.

Beth Kobliner

Again, 10 years ago, it was 10%. If you had good credit, you. You can get 8%. This is so expensive. So if you say, charge something on a credit card, say an iPhone, for $1,000, if you paid it off in full at the end of the month, you wouldn't pay any interest. But what most young people do is pay those minimum monthly payments. And so maybe it's $35, whatever it is, and you're being charged 22% on all the rest. That's still there. It would take you for $1,000. IPhone. It would take you 6, 16 years and more than $2,000 in interest if you only made those minimum payments.

Trevor Noah

That's such a good point to make. And I want every young person to know that when the credit card bill comes, they put in bold and a box. Minimum payment.

Beth Kobliner

Right, Right. It sounds so great.

Trevor Noah

You don't have to do the minimum payment. In fact, you shouldn't do the minimum payment.

Beth Kobliner

You should not do the minimum payment. You should pay off the full bill if you can. If you don't have the cash for it. Even if you pay just $10 more than the minimum per month, it would only take you instead of 16 years, it would take you 5 years to pay it off quickly.

Trevor Noah

But how about you just pay it?

Beth Kobliner

You just pay it?

Trevor Noah

Yeah, how about that?

Beth Kobliner

Or how about even you don't charge what you can't afford. I mean, that's the trick.

Trevor Noah

Easier said than done, obviously. But it wasn't until I was 32 and I got a credit card bill that I really thought, well, how does a credit card company make money, right?

Beth Kobliner

They make.

Trevor Noah

Can you just tell me at 32 how a credit card company makes money?

Beth Kobliner

And anyone else that's listening, basically, it's just that they charge you interest on the amount you're not paying back. And they're paying such. They're charging such high interest right now. There are also these new deals where they say, oh, we're not going to charge you interest at the checkout line. And the problem is they don't charge you interest. But they know young people are always late. You know, the vast majority of young people who do those kind of plans, they say something costs $100. You only put down $25 today, and then you pay us off later. But young people are late, and it forces people. Not forces, but it encourages people to buy more than they actually can afford.

Trevor Noah

You talk, you know, you have a great beginning chapter where it's like, hey, if you don't want to read the whole book, just read this. But then you get into great detail about how the system is making it more challenging for young people. And it really is a great guide. I really hope everyone in the 20s and 30s reads it. Besides just debt, you need to be saving money, right? How do you save money?

Beth Kobliner

Well, automatic savings is the thing to do.

Trevor Noah

Oh, yeah, Beth, basically, what does that mean, automatic savings? Almost like you're gonna tell me, right?

Beth Kobliner

Every time you put money into it, say you get a paycheck or you get a gift or whatever it is, people put it into their checking account so they could get at it quickly. But you want to automatically have 10% of the money you put in transfer to a high yield savings account.

Trevor Noah

Okay.

Beth Kobliner

You can find these high yield savings accounts on their websites, nerdwallet.com or bankrate.com and that will pay you closer to 3 or 4%, rather than 1/10 of 1%.

Trevor Noah

And why is it work to set it up automatically? Obviously, it's because you don't think exactly it's gone, right?

Beth Kobliner

You set it and forget it, is what we've been saying for 30 years. And the idea is that if it's done automatically, you barely even notice that it's happening. And, you know, because I've been doing this for 35 years, I meet people now in their like 50s and 60s and even early 70s, and they come over to me and they said, you know what? I read your book. You talked, when I was in my 20s, you talked about putting money a small amount away. I did it. Now I have hundreds of thousands of dollars I wouldn't have had otherwise.

Trevor Noah

Okay, so do you hear that? 20s and 30s, if you put a little bit away and we'll get into exactly investing. Right, but you could potentially have hundreds of thousands of dollars. Do you know how many party drugs that buys? All right, so you, you're putting away money just a little bit, even 10%. It's not that much. Where do you put it? You talk about one of the secrets is s and P500 or the stock market.

Beth Kobliner

Exactly.

Trevor Noah

I don't know how to do that. How do I access that? What do I do?

Beth Kobliner

So once you save about three to six months worth in that high yield savings account and stick with an FDIC insured bank, that's an important thing to do. Once you do that. Not your uncle, not your uncle, not

Trevor Noah

your cousin's broker's friend, not Venmo's credit card, fdic.

Beth Kobliner

Right. That money sitting near a Venmo account isn't getting interest.

Trevor Noah

Right.

Beth Kobliner

So what you want to do is put that next amount, once you have that savings cushion, put it into an s and P500 index fund, a low cost one. Even Warren Buffett has come out and saying, this is the place to put your money. Because over long periods of time, it's been shown to that these index funds, S&P 500 index funds do better than the highly compensated private managers who manage money. So it's important to do this. And it's very, it's counterintuitive because what often is the case is people say, no, you should do your research, do your homework, find the best stock. But that's actually risky to put your money into one stock. These S&P 500 stocks, this S&P 500 fund, it has 500 stocks. So if some do poorly, others will do well. And the track record is over long periods of time, it has beaten some professionally managed funds.

Trevor Noah

How do you even get access to those? Where do you go? And I believe it's pronounced Warren Buffet.

Beth Kobliner

Right.

Trevor Noah

She wrote a book, but she missed that one. How do you, how does someone get access to those funds?

Beth Kobliner

There are companies, and by the way, I don't get any kickbacks or money from anything that I recommend. Vanguard and Fidelity and Schwab offer great low cost S&P 500 index funds. And by the way, just saying that, you know, 75% of young people get their financial advice from social media.

Trevor Noah

Don't say that.

Beth Kobliner

We're talking Instagram and TikTok and. And there's some good people out there giving decent, good financial advice, but a lot of it is paid sponsored and it's biased information. And they're telling you something that will enrich them and not enrich you. So it's very important to pay attention to that.

Trevor Noah

Can you get into one of these with 100 bucks, 500 bucks? You don't need millions of dollars.

Beth Kobliner

No, not at all. You could actually go into some of them with as little as a dollar. There are these things called ETFs, but they're S&P 500 index fund. Yes. So it's very easy to sell start. And again, doing it automatically, having it come out of your paycheck before you know it. It does add up.

Trevor Noah

Yep. Pay off your debt automatically, save some money.

Beth Kobliner

Right.

Trevor Noah

Put it into investments if you can. And then what's kind of the last magic part of the recipe?

Beth Kobliner

Right.

Trevor Noah

Waiting.

Beth Kobliner

No. Retirement accounts. Retirement accounts. Now, when you're a young person, you're like, retirement, I have no money to, you know, pay my bills. How can I? But if you start a job and they have a 401k or you open a Roth IRA and one of those index funds we just talked about that offers you tax favored growth and those plans grow exponentially quickly. It's a very. It's a bad. It's like bad marketing. It shouldn't be called retirement accounts. They should be super smart investing accounts.

Trevor Noah

I like that. Or like young men, get on the beach, big dick account, perhaps. I mean, that would have got me. Not that I needed to be in that account. Right. But it should. It is. The terminology is intimidating.

Beth Kobliner

And that's helpful.

Trevor Noah

What's helpful is it doesn't need to be this intimidating.

Beth Kobliner

It's so interesting because again, doing this for so many years, you banks, investment companies, I am convinced that the jargon and they make it so complicated that you're like, well, I guess I need you to help manage my money. And the fact is you don't need to be a brain surgeon to do this. It's so basic. Just get out of debt, start to save, begin to invest, and it really can make a difference in your life even if you're facing tough times right now. I do feel like these steps have helped people and they will continue to help people.

Trevor Noah

There is a confidence and a deep breath that you can walk through life with if you know that you are gonna be okay. If there's a little something saved.

Beth Kobliner

Absolutely. And I think it's important to get over the hurdle of I can't do this right. And, you know, I mean, I have a cousin. I asked my husband if it's okay to say that. I have a cousin who has a PhD in biochemistry, whatever. And I asked her about her mortgage.

Trevor Noah

Whatever.

Beth Kobliner

I asked her about her mortgage, and she didn't know what the interest rate was. So really, really smart people often don't know much about their own money, and it shouldn't be intimidating. And I think if we teach it more in schools and then we reinforce it and people understand it's not that difficult. I think that goes a long way.

Trevor Noah

And to talk about it. You know, I remember my then girlfriend and I, we were going away, we were boarding our dog, and the application on the dog border said, how much can we spend on your credit card before we call you in case of an emergency?

Beth Kobliner

Right.

Trevor Noah

So I was like, well, I'm curious what her answer's gonna be. I know what my answer's gonna be. So we both wrote it down.

Beth Kobliner

Oh, wow.

Trevor Noah

I was at 80 bucks. You can spend $79 on my dog until you call me.

Beth Kobliner

Right.

Trevor Noah

My wife now was like, $3,000, you know, and I'm like, oh, we need to talk about this.

Beth Kobliner

Yeah, yeah. I mean, people don't, you know, spenders, marry savers. There's all kind of.

Trevor Noah

Right, Right.

Beth Kobliner

Information that you want to talk about with someone. And it's still very awkward. I mean, young people are better about talking about it. And frankly, young people. The one thing I want to say is they're quite good at saving in retirement accounts, these investment accounts, partly because now when you start a company, often you're automatically enrolled in that 401k, which is great. But building awareness and making and demystifying it, I think is so important.

Trevor Noah

One last thing that I want to mention before we take some staff questions, but I forgot about health insurance. Unfortunately, in this country, it can really you up if you have a health problem and you don't have money saved.

Beth Kobliner

Absolutely.

Trevor Noah

Literally the first thing you say in here is, you gotta get health insurance.

Beth Kobliner

Yeah. I mean, it can surprise people, especially young people. You're like, I'm in my 20s. I'm young, I'm healthy. You know, I'm not even that risky, and I probably could go without it. But you can't go without it because it's one of the major causes of. One of the major causes of financial bankruptcy. And if you have some serious health issue or you know, some accidents, you will not only potentially bankrupt yourself, but possibly your family.

Trevor Noah

Family too.

Beth Kobliner

So you need to. The good news is if you're under age 26, you can be on your parents plan if they have health insurance. And in some states like New York up to age 30, you can be on your parents plan if you don't get it from work and you're single.

Trevor Noah

You know, for all the 20 year olds out there, I know you have a perfect body now, but things change. Thank you for coming to talk with us. This is a great book. It's everybody who's 20 and 30, put it in your backpack, read it on the train. Read two pages at a time. It'll help you, it'll help you in life. I was so excited to have you on and I believe financial literacy is under taught, misunderstood. And I was so excited that I said to our staff, what are your questions about finance and money? And look at all these that we got now. This is, this is broke Daily show staff questions. And. Here's one. Beth, I'm worried that AI is a giant stock market bubble that is getting ready to pop. How can I protect my investments when they are mostly in basic funds?

Beth Kobliner

Right. Well, it's a great question.

Trevor Noah

You can say it's a stupid question.

Beth Kobliner

No, it's a great question and it's something we all know but no one knows the answer to to it. So basically the point is you want to not pay attention to that. Honestly, you want to, when you start with your investments, you have your savings, you have your index funds that we talked about. Let it keep growing because people sometimes panic and they say, oh, this terrible thing is going to happen and nobody knows for sure. Then you miss out on the growth of the market. So I would say, and also we know from research that people who try to time the market do worse.

Trevor Noah

So basically that is what she's so often you're saying like set up the systems and then get. And then leave it alone. Leave it alone. Great. Love it. Beth, is it true that paying your credit card bills on the due date increases your credit score? Is it better to pay earlier or closer to the due date?

Beth Kobliner

It doesn't matter. Just pay on time. Pay on time, pay by the due date. Yeah, and that's a great question because there's a myth swirling around that, oh, if you pay off your bill in full, that it hurts your credit score. That is not true. The best way to improve your credit score is pay off your bill in full every single month, you will not pay thousands of dollars in interest and you will have a good credit score.

Trevor Noah

Love it, love it, love it, love it. Is it better to keep the bulk of your savings in a high yield? Well, this staff is smart. Is it better to keep the bulk of your savings in a high yield savings account or should you invest in an index fund, which is safer and will it help grow more? And talk a little bit about the magic that is compound interest, right?

Beth Kobliner

And what it is, compound interest is when you have an investment and you get interest at the end of the year and then the next year that interest grows interest and then the interest grows interest on top of the interest and basically grows exponentially quickly. So here's probably.

Trevor Noah

It's like more mold.

Beth Kobliner

It's like mold, but it's money. But it's money. It's much better than mold in that way. And what I love about it is that say you're 25 years old and you save $1,000 a year. You start at age 25.

Trevor Noah

That's not that much money. You can do that.

Beth Kobliner

Not a lot. You stop at age 34, so you save for 10 years, $1,000 a year and you never invest again. You just let it sit there. It earns 8% by the time you're 60, 65, close to my age, you'd have $160,000. But wait, listen to this. If you wait until you're 35, so you don't save in your 20s and you do that for your 30s, you save $1,000 a year through your 30s, 40s, 50s, so you're saving for 30 years, you'd have less money. You only have $120,000. Because those early years and having money compound for 40 years is really, really powerful.

Trevor Noah

This is great news for 20 year olds because right now it's this doom and gloomy. The world is doomed. What's jobs. But if they can start saving now, they have a foot up. I love it. I love it.

Beth Kobliner

They have time on their side. That's the thing about being young. You have time on your side.

Trevor Noah

You've time.

Beth Kobliner

Yep.

Trevor Noah

Time, yep. Will I ever own a house?

Beth Kobliner

Is that your question?

Trevor Noah

It wasn't my question. There's a lot of housing anxiety. There's of a lot, understandably.

Beth Kobliner

Housing affordability. Understandably. I mean, how. The typical house right now costs $430,000. And in big cities it's much more than that.

Trevor Noah

But that's what my coffee order was.

Beth Kobliner

The key is, first of all, you have to save up for a down payment. So for a $400,000 house, we're talking you have to save 40,000 to $80,000 because it's a 10 to 20% down payment. But again, doing it automatically, thinking about it as this is a priority for me. I'm gonna set up an account in a high yield savings account. I know it'll be safe and that will be my housing account. It will take time, but it is something that is doable. And I think, again, I have a lot of hope for this generation because I feel like, because there's so much attention to it, that they're gonna realize that there are things they can do to, to get to where they want to be.

Trevor Noah

And one thing I like about your book and like talking to you is it does sound like you often are repeating yourself because it actually isn't as complicated as it's meant to be. I mean, pay off your debt, save some money, shut the up, don't check it.

Beth Kobliner

Exactly.

Trevor Noah

Yeah. All right, let's do a few more. This is fun. You guys enjoying this? Of course you are.

Narrator/Announcer

Oof.

Trevor Noah

My parents are getting old. What are the important things to prepare for in terms of both long term care. You're not a physician or a doctor. You don't have to answer that. And financial planning.

Beth Kobliner

It's a tough one, you know, and it is, and it's interesting because I'm hearing that question so much more from young people, much more than I did 20 or 30 years ago.

Trevor Noah

And that's such a more conscientious generation.

Beth Kobliner

Yes.

Trevor Noah

I never once thought about my parents health when I was 25 years old. No, it really is a sweet thing.

Beth Kobliner

Very interesting. And I think broaching the topic, particularly if your parents are still in pretty good health and they're working, you know, asking questions, well, how long do you think you'll stay in the house? Forever, or do you think you want to move or that kind of thing. Doing it gently and trying not to be judgmental, as they maybe were when you were in high school. You know, trying to bring it to a level where let's just have this conversation. I think that more often than not, the parents might be thinking they want to have this conversation too. So it's something that is important to do and ask a lot of questions.

Trevor Noah

Talk about it. Okay, last one. Here we go.

Beth Kobliner

Okay.

Trevor Noah

There's one in particular that I want. Yes, it is. Okay. Is the only way to have enough money for retirement to rob a bank? If so, are there banks with less security than others? Maybe TD or Wells Fargo? Any particular Branches in the tri state area that may have obvious vulnerabilities. I prefer not to travel too far. That's a joke. But are some banks better than others? We talked a little bit about fdic, right?

Beth Kobliner

FDIC insurance is really important. I mean, the answer. That's a great question. Which bank? I mean, I generally recommend robbing a bank from home. Doing it online.

Trevor Noah

Hacking. Hacking, yeah. Yeah.

Beth Kobliner

But I think that you want to have your bank, you know, usually it's convenient for you or you have your money automatically put into this checking account. But then look for that high yield savings account. Often online banks have the best high yield savings account.

Trevor Noah

What kind of numbers are we talking about for a high yield savings?

Beth Kobliner

3%, maybe 4%. And over years that makes a difference. You know, getting paid 1/10 of 1% in a bank. Bank savings account is ridiculous. So try to have it automatically transferred to a high yield savings account.

Trevor Noah

Awesome. All right, staff, thank you for the question. Staff, thank you for paying attention. Thank you so much for talking with us. I so appreciate it. Get a Financial Life. It's available now. Beth Koblener won't be kicked with Bakery Bike after this. Thank you.

Sponsor Voice

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Trevor Noah

That's our show for tonight. Now here it is, your moment of Zen. Even the mayor describes being stuck in his own endless loop of ending an online subscription. I am currently subscribed to something that I don't even know my login for, but they have my credit card information.

Beth Kobliner

Information.

Trevor Noah

And I don't know how to cancel it.

Narrator/Announcer

What is it?

Trevor Noah

Explore more shows from the Daily show podcast universe by searching the Daily Show. Wherever you get your podcasts watch the Daily show weeknights at 1110 Central on Comedy Central and stream full episodes anytime on Paramount. This has been a Comedy Central podcast.

Sponsor Voice

This episode sponsored by Mood. Okay, this is actually genius. Are you ever overwhelmed with choices at the dispensary? What if I told you that you could shop cannabis by the exact mood you want tonight? With Mood, you don't shop by strain names or confusion. You shop by how you want to feel. Want to relax after work, sleep better, feel more creative, or be more social? Mood makes it simple. Pick the Feeling and Mood recommends products to match. Mood has gummies, flour, pre rolls and edibles designed around your mood. I tried Mood's Sleepy Gummies and within an hour I felt calm, settled and ready for bed. No dispensary run, no second guessing, just a smooth, relaxing experience delivered to my door. It's federally legal, third party tested and backed by a 100 day satisfaction guarantee. Go to Mood M O O D.com that's M-O O D.com however you want to feel tonight, Mood helps you get there.