Credit card companies are making billions of dollars off of people who don’t understand the rules of the money game. Can a good coach help level the playing field?
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Explicit content warning
05/05/20 • 44 min
6 Listeners
Against the Rules with Michael Lewis - The Invisible Coach
Transcript Summary
In this episode titled "The Invisible Coach," the host explores the lack of financial coaching and support for individuals struggling with debt and the exploitative nature of financial institutions. The episode introduces Jason Brown, the founder of Tally, an app designed to help users pay off credit card debt at lower interest rates and make wise financial decisions. It delves into the emotional and psychological impact of credit card debt, highlighting how stress can constrict both the body and cognition. The episode also shares the story of Katie Highland, a public school teacher burdened by student loans, dental debt, and credit card debt. A successful GoFundMe campaign helped pay off her student loans, but it emphasized the need for coaching and guidance for people facing financial struggles. The season of "Against the Rules" focuses on coaching and its impact on fairness, exploring the idea that while coaching is prevalent in professions like sports and acting, ordinary people also require coaching. Angela Strange proposes the idea of creating a money coaching business and a "good bank" to address these issues and combat the exploitation perpetrated by financial institutions. Overall, this episode offers compelling insights into the need for coaching, the detrimental effects of financial struggles, and the potential solutions to address these challenges.
Transcript
Pushkin. Welcome to season two of Against the Rules. I'm Michael Lewis. Before we get to where we're going, I want to go back for a moment to where we've been a little backstory from season one. The story involves a woman named Katie Highland. She's in her late thirties, a public school teacher, wife, mother of two small children. Her entire adult life, she'd been made miserable by student loans she'd taken out when she was eighteen years old. I
The Invisible Coach Top Questions Answered
How did Jason Brown's upbringing influence his attitude towards money?
Jason Brown's upbringing in a financially scarce environment instilled in him a desire for financial success and the drive to create a company called Tally to help people with credit card debt.
What was the motivation behind creating the app Tally?
Jason Brown's app, Tally, was created to assist people with credit card debt by paying their bills on time, avoiding high interest rates, and promoting wise financial decisions.
Why is coaching becoming more prevalent in various fields?
Coaching is gaining popularity in various fields because it has been recognized as a valuable support system that can help individuals improve their skills, overcome challenges, and achieve success.
How does Tally help people manage their finances?
Tally provides coaching-like support, removes interference, and makes it easier for people to make smart financial decisions. It helps users pay their credit card bills on time, save money by avoiding high interest rates, and create a buffer for themselves.
What are some common tactics credit card companies use to exploit consumers?
Credit card companies exploit consumers by utilizing cognitive biases, such as the anchoring effect, and employing distractions to charge high interest rates. They take advantage of weaknesses in human behavior to maximize their profits.
How can financial coaching improve overall well-being?
Financial coaching can alleviate anxiety, improve financial well-being, and reduce stress levels. It helps individuals make informed financial decisions, manage debt effectively, and gain confidence in their financial future.
How does the app Tally reward users for good financial behavior?
Tally rewards users for good financial behavior by helping them save money through avoiding high interest rates and paying off debts. It promotes responsible financial habits and provides coaching support.
What problems can arise from credit card debt?
Credit card debt can lead to elevated levels of anxiety and stress in individuals. It can also create financial instability, hinder saving, and impede overall financial well-being.
How does Tally aim to address the emotional consequences of debt?
Tally aims to address the emotional consequences of debt by providing support, coaching-like assistance, and making it easier for users to manage their finances. It helps reduce financial stress and promotes a healthier relationship with money.
How did Tally help improve Katie's financial situation?
Tally helped Katie improve her financial situation by assisting her in saving money, reducing debt, and feeling more confident about her financial future. It helped her develop better financial habits and facilitated open conversations about finances with her husband.
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