The Stacking Benjamins Show Winning Now and Winning Later (with David Cote)
Jan 13, 2021
Former CEO of Honeywell, David Cote, discusses balancing present and future goals. The hosts share personal experiences with cryptocurrencies and answer a listener's question about taxes. They also talk about improving credit and gaming the system, while highlighting the importance of fixing credit. The podcast emphasizes clear financial planning goals, focusing on Satya Nadella's success at Microsoft. They discuss the impact of fuzzy thinking and setting specific goals, as well as paying taxes on unemployment benefits. The chapter also warns about the unpredictable nature of the cryptocurrency market.
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Bitcoin Is Speculation Not Mature Currency
- Cryptocurrency behaves more like speculative assets than stable currency, driven by retail speculation and low interest rates.
- Institutional adoption adds legitimacy but doesn't remove Wild West volatility and regulatory evolution.
Fix Credit By Changing Habits And Learning The System
- Fix your credit by stopping harmful habits and learning the scoring mechanics rather than paying shady repair services.
- OG recommends a cash diet, automation for minimums, and using free tools like Experian Boost to raise scores.
David Cote's Personal Turnaround Story
- David Cote transformed his life after a financial wake-up when his wife could no longer work and he had $100 in the bank.
- He quit smoking, went back to school while working nights at GE, and treated family survival like a startup burn-rate problem.