Financial Education Is A National Emergency
This installment of The Pomp Letter is free for everyone. I send this email to our investors daily. If you would also like to receive it every morning, join the 185,000 other investors today.
The lack of financial education should be a national emergency in the United States. Only about 50% of states require high schools to teach students personal finance and there are many statistics that point out just how financially illiterate our society is currently:
More than 53% of adults say thinking about their financial situation makes them anxious (source)
44% of adults say discussing their finances is stressful (source)
About 66% of American families don’t have savings that are equivalent to 6 weeks of expenses (source)
78% of adults live paycheck-to-paycheck (source)
80% of young people (people under the age of 35 years old) couldn’t answer majority of financial literacy questions accurately (source)
54% of millennials are concerned about their student loan debt (source)… there is currently over $1.5 trillion in student loan debt
Less than 20% of adults feel confident in their savings habits (source)
These are just some of the statistics that highlight how bad the problem has become. There are plenty more. Here is the craziest part in my opinion — most people believe they will never be able to build a life of wealth because they don’t inherit anything and they don’t have a large salary.
While counterintuitive, here is what the data says:
Approximately 80% of millionaires inherited $0
33% of millionaires never made $100,000 in a single year
The truth is that you can build a life of wealth by simply being educated and having a disciplined approach. It is easy to learn, but obviously difficult to execute.
It has become more apparent over the years that our school systems are not going to solve this financial education problem. Rather than waste time complaining about the lack of change, my brothers and I have decided to do something about it.
Today we are launching The Best Business Show, which we hope will become the most entertaining way for people to learn about business, finance, and investing. Simply, it is the business show that we wish we had when we were learning. Here is the announcement video:
The idea here is that we will livestream for 2 hours every weekday from 11am to 1p EST. We’ll explain what is happening in business and investing, why it is happening, how it impacts the average person, and explain various timeless investing principles.
We aren’t journalists. We will leave that important job to the real professionals. We are simply three guys who educated ourselves over the years and have been able to build a nice life through those acquired skills. Now we’re going to share that information with young people by bringing it to them on the platforms that they are already on.
The internet is powerful. We don’t need a cable news network and we don’t need to ask permission from anyone. With just an internet connection, we can create what we believe will become the largest business show in the world. It won’t be easy. It will take a lot of hard work. But it is the single most impactful thing we can think to do in an effort to make an impact on this pervasive problem.
If you’re interested in checking it out, you can subscribe to the YouTube channel here: https://www.youtube.com/c/anthonypompliano
It would be awesome to see you there each day as we build this :) Hope each of you has a great day. I’ll talk to everyone tomorrow.
BONUS: If you’re really passionate about this, you can purchase a “Day One” t-shirt from our new merchandise store. We’ll only sell these through the month of July, so we’ll always know who was actually tuned in from the beginning! Check it out: Go to the merchandise store
🚨 BONUS: We are running our 5th cohort for the Bitcoin and Crypto Training Course starting tomorrow, Tuesday July 13th. Graduates have already been hired at Coinbase, BlockFi, Gemini, Kraken, and many other great companies. Want to increase chances of being hired? Apply here: https://pompscryptocourse.com
USDC Assets to Be Disclosed in SEC Filings, Circle CEO Says: Circle CEO Jeremy Allaire reiterated his pledge to pull back the curtain a little more on the USDC stablecoin a day after he announced plans to take his company public. “Stablecoins are a more powerful innovation than the closed-loop, wallet garden proprietary types of payment systems of the past,” Allaire said Friday on CoinDesk TV’s “First Mover.” “They deserve a greater degree of transparency.” Read more.
Another Large Bank in South Korea to Provide Custody of Crypto Assets: Woori Financial Group, one of South Korea’s largest banking companies, is getting into digital asset custody. According to a report in The Korea Economic Daily, the bank is setting up a custody joint venture with Coinplug, one of the earliest bitcoin exchanges in South Korea and a blockchain financial services provider. Read more.
Single Buyer Apes Into Mooch’s ETH Fund for $5.7M, Docs Show: SkyBridge Capital’s Ethereum fund has officially launched with a solitary investor committing $5.7 million to the vehicle in its first week, new regulatory documents show. It is now the second crypto-specific private fund offered by Anthony Scaramucci’s investment firm. The other, a bitcoin vehicle, disclosed $46.7 million in sales to 170 investors on Friday. Read more.
Sotheby’s Sells Rare Diamond for $12.3M in Crypto: Sotheby’s, the 277-year-old British auction house, sold a rare 101.38-carat diamond for HK$95.1 million (US$12.3 million) in cryptocurrency on Friday in a Hong Kong auction to an anonymous buyer. The auction house said the sale of the gemstone shows that a “milestone was reached in the adoption of cryptocurrencies.” The diamond, dubbed “The Key 10138,” is the second-largest pear-shaped diamond ever to appear on the public market and came from the world-leading diamond company Diacore, said Sotheby's. Read more.
UK Ad Watchdog to Clamp Down on Crypto Marketing: The U.K. Advertising Standards Authority (ASA) plans to tighten its monitoring of crypto marketing. The advertising regulator said it will ramp up steps to identify and remove misleading or irresponsible ads for crypto products, the Financial Times reported Friday. Efforts will particularly focus on online and social media platforms, with companies being warned or required to add disclaimers to their ads. The authority has identified crypto as a "red alert," said Miles Lockwood, the ASA's director of complaints and investigations. Read more.
Gagan Biyani is the co-founder and CEO of Maven, a new platform for cohort-based courses. He was a co-founder of Udemy, a large online education company, and was co-founder and CEO of Sprig, a food delivery company.
In this conversation, Gagan and I discuss:
building a startup
importance of focus
Bitcoin & crypto course
what students want from online education
I really enjoyed this conversation with Gagan. Hopefully you enjoy it too.
These companies make the podcast possible, so go check them out and thank them for their support!
Exodus is an absolute game changer in the crypto wallet space. With over 100 assets supported, one-click built-in exchange, Trezor hardware wallet integration and 24/7 customer support, this is a no brainer for both newcomers and crypto heavyweights. Download Exodus on desktop, iOS, and Android using my code http://get.exodus.com/pomp
Cosmos is building the Internet of Blockchains, marking a new era of interoperability, scalability, and usability. The free flow of assets and data between blockchains with bridges to Ethereum and Bitcoin will unleash the potential of DeFi, NFTs, and much more. Dive into Cosmos at cosmos.network/pomp
OKEx is a leading crypto exchange known for providing the most options for crypto traders and investors. Whether you want to trade spot, futures, options or swaps, OKEx gives you institutional-grade tools and a best-in-class trading engine. The platform offers credit and debit card funding options and supports 40 different fiat currencies, including EUR, CAD, GBP, TRY, INR and RUB, to name just a few. You can invest, trade, and earn yield, all within one place at okex.com. OKEx is not available to customers in the United States.
Unstoppable Domains makes crypto easier by replacing your address with [AnyName].crypto. They allow you to send and receive over 70 cryptocurrencies, including BTC, ETH, and LINK with a single blockchain domain. Go to unstoppabledomains.com and get [YourName].crypto to make your crypto life easier.
Crypto.com allows you to buy, sell, store, earn, loan, and invest various cryptocurrencies in an user friendly mobile app. Join over one million users today. You can download and earn $50 USD with my code “pomp2020” when you sign up for one of their metal cards today.
Public Rec is on a mission to make comfort look good. Their fan-favorite Flex Short is the ultimate crossover short you’ll need all summer long. From the beach to the gym, this quick-drying short has you covered. Comfort starts with a better fit. Free shipping. Free returns. Visit www.publicrec.com/pomp and use POMP at checkout for 10% off!
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle is also a principal developer of USD Coin (USDC), the fastest growing, fully reserved and regulated dollar stablecoin in the world. The free Circle Account and suite of platform API services bridge the gap between traditional payments and crypto for trading, DeFi, and NFT marketplaces. Create seamless, user-friendly, mainstream customer experiences with crypto-native infrastructure under the hood with Circle. Learn more at circle.com.
Gemini is a leading regulated cryptocurrency exchange, wallet, and custodian that makes it simple and secure to buy bitcoin, ether, and over 30 other cryptocurrencies. Offering industry-leading security, insurance and uptime, Gemini is the go-to trusted platform for beginner and sophisticated investors alike. Open a free account in under 3 minutes at gemini.com/pomp and get $20 of bitcoin after you trade $100 or more within 30 days.
Revolut is a finance app in the US and UK, that say they're the simplest way to access crypto. Sign up today at Revolut.com/pomp and make 3 card transactions to get $15, which you can exchange for any tokens Revolut supports. As usual, when you move your money from fiat to crypto your capital is at risk. See T&C's for details. Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, Member FDIC. Cryptocurrency services provided directly by Paxos Trust Company, LLC.
Did you know nearly 338 million dollars worth of NFTs were sent last year? And in 2021 that number is growing faster than ever. Looking to make your first NFT? Check out NEAR’s fast, scalable, low-cost, open-source platform. Learn why NEAR is the infrastructure for innovation at near.org
LMAX Digital - the market-leading solution for institutional crypto trading & custodial services - offers clients a regulated, transparent and secure trading environment, together with the deepest pool of crypto liquidity. LMAX Digital is also a primary price discovery venue, streaming real-time market data to the industry’s leading analytics platforms. LMAX Digital - secure, liquid, trusted. Learn more at LMAXdigital.com/pomp
You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable.
Nothing in this email is intended to serve as financial advice. Do your own research.