The Best One Yet - 💑 “The Parenting Pod” — Our 3 Best Pop-Biz Stories on Parenting

Starting point is 00:00:00 This is Nick. This is Jack. And today's parenting pod is the best one yet. Our top three parenting stories of the past year. Yeties, we have got a special episode for you. More on that in a minute. In the meantime, Jack, three fantastic stories. What do we got?

Starting point is 00:00:16 For our first story, we're going back to November 18th, 2024. Did you know that no U.S. president has ever been an only child? Well, millennials are forming more only child families than ever. So we have some wild data on the only child economy. Second story, Jack, what do we got? We're going back to July 12th. Apple's newest product was Apple Watch for kids. Apple Watch for kids.

Starting point is 00:00:42 It's an I-Watch for toddlers. For our third and final story, we're going back to October 3rd, because we had a live show where we interviewed a New York Times bestselling author and financial expert. And we answered a question from a new parent about the number one financial plan. kids. But Yeties, before we hit that wonderful mix of stories, fantastic mix of stories, Jack. Nick and Jack here, we're in the studio together in Vermont right now, preparing for my paternity leave. I'm basically Jack's Dula. I'm this podcast, Dula is what I am. I'm ready with the mics, ready with the business updates for him. What do we

Starting point is 00:01:17 got? Because Alex and I are expecting our third kid any day now. Now, when this happens any moment, Yeties, Jack is going to be away for about a week before slowly easing back into the flow of the show. I built that bassinet. Just in time. Are you excited for your fraternity week? Very excited for fraternity week. Now, I don't do this show without Jack. So the best is, for the next week,

Starting point is 00:01:37 we won't be publishing our usual daily show. But we also would never leave you guys. Hang it. So for the next five days, we're publishing five of our best of episodes. The best ones yet of the best one yet. Each episode focus on a different industry, theme, or topic. In pop business.

Starting point is 00:01:54 So for the next week, while I'm away, growing the family, we're going to publish five episodes curating our best stories on five surprised subjects. And Jack, today's show, the first of these five episodes where we got.

Starting point is 00:02:04 It makes sense. The best of parenting. Totally. It's our only parent-themed episode, but we're kicking off with it. So, Yides, send this episode to your buddy who has kids or your buddy who's thinking

Starting point is 00:02:13 about having kids. Or your buddy who wants to understand why they're friends who are our parents act the way they act. Best use today's bonus pod is the best business stories in parenting. Jack. I'm still here, Nick.

Starting point is 00:02:25 My phone's not ringing. IBO week initial baby offering. Jack, let's see our three stories. Fifteen years before this song, two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is an norm. Jack Nick, that's it. I don't even think they need to practice.

Starting point is 00:02:44 50% that's a fat tip. Tea Boy City on your at list. If you know, you know, because we're ready to go. We can't wait no more. So just start the show. Start the show. First, a quick word from our sponsor. For our first story, the hot new parenting trend in America is only children.

Starting point is 00:03:16 Millennials are having only child families more than previous generations. And there's actually an entire only child economy that we want to talk about. We'll tell you all the details. But first, to sprinkle on some familial context, Jack, let me make sure I got the numbers right here. You are the third of four boys, correct? Correct. And you're the oldest of two children. I got one sister. There we go. There we go. Molly is the third of three kids. And Alex, my wife,

Starting point is 00:03:42 is a one and only child. Well, Jack, out of all of us, Alex is the only, only child. And actually, that is very, very trendy right now. Let's look to the data. In the 1970s, 11% of American families had one child. Today, that percentage has doubled to 22% of American families with one kid. And now, yet he is sometimes having an only child as a choice, but oftentimes it is not a choice. Fertility can be a major challenge. But more millennials who can choose are choosing to have one child right now. And the only child? It's a phenomenon that has a lot of economics that we want to unpack. Well, Jack, we should explain first. What is the stereotype of your typical only child out there? An only child is spoiled and entitled like Dennis the Menace. Fun fact, America has never had an only

Starting point is 00:04:31 child president. But America has had many only child superheroes. We should point that out, James Bond, Harry Potter, Hermione, Wayne, Bruce Wayne of Batman. Frodo Baggins was an only child, Anakin Skywalker only child. In the fictional world, only children save the world is what we're saying. However, only children have a very particular set of unique skills. Only children are independent. They learn how to entertain themselves. They learn how to solve problems better on their own.

Starting point is 00:05:01 So even though we haven't had an only child president yet, we have had some epic only child inventors. Thomas Edison, Nicola Tesla, Leonardo da Vinci, all only children. But yet he is, this is what Jack and I found fascinating about this story. In general, the reason most families choose to have an only child is the economy. Historically, only child families happen more during economic recessions than during economic boom times. Jack, let's whip out the history books here. Great Depression, eight years long, worst economic period in American history. The percent of only children family more than doubled during the Great Depression. Now, on the flip side of the Great Depression, the post-war economic boom, that's what led to the

Starting point is 00:05:47 baby boom. The number of only children families fell in half during the baby boom years. And despite today's economic growth, most American families are actually living paycheck to paycheck. They're thinking about the prices out there. So in this economy, more millennials are choosing to have one kid, a solo kid, a singleton. Yeah, Jack. What's the wild stats on raising a family right now and how much it costs per a kid? The cost to raise a child and the cost of child care are massively outpacing inflation. On average, it costs $310,000 just to raise a single child at a time. I mean, you could have a kid or you could have a Lamborghini Jack.

Starting point is 00:06:23 So the reason millennials are having only children at double the rates of previous generations, it's economics. You could have 62,000 lattes, I just did the math, or one child. Is that assuming a $6 latte? Well, Jack, side note here, only children do get more spoiled by their grandparents, so that's a nice boost to GDP. I'm not sure that's economically sound, but I like the sentiment of it. Pretty sure Nana buys an only grandchild like 48 Christmas gifts. So Jack, what's the takeaway for our buddies who are anyone who doesn't have to deal with a brother or sister? There is an only child economy.

Starting point is 00:07:00 Yeties, we're not talking about the demographic challenges of a show. shrinking population when we talk about the only child economy. We've covered that in other stories, and we'll cover that again in the future. What we are talking about is the unique purchase and labor decisions made by only children. And we have the perfect case study to prove what those labor and purchasing decisions are. That case study is China. Because yet is China had a one-child policy for 30 years. Therefore, there's an entire generation in China of just only children. And the results of what those only children did in China are fascinating. For example, only children have lower risk tolerance than kids with siblings.

Starting point is 00:07:40 So in only child economies, there are fewer entrepreneurs and more traditional jobs. Another data point, only children are great individual performers, but they're a little less great at collaboration. We see this in China as well, which dominates individual Olympic sports, but struggles more with team sports. Oh, another point, solo children become solid. solo caretakers for their parents when they get old. So they tend to be better savers and long-term investors. So in the only child generation that's being raised right now by millennials,

Starting point is 00:08:11 we'll have fewer founders, but more CEOs. We'll have less splurgeon, but more saving. We'll have a little less purchasing, but a little more prudence. And that is the only child economy. For our second story, Apple just launched Apple Watch for kids. We'll explain why Apple is going somewhere no tech company will. They're explicitly targeting children. Children. Jack and I have noticed that every parent struggles with the same thing, the tech paradox. To give your kid a phone or not. And then if you do give your kid a phone, when do you give them a phone? Right. It's a lot. Now, the data shows, we all know this. Phones are addictive and they can distract kids from real life learning and development.

Starting point is 00:08:55 So you delay when you give your kid a phone. But at the same time, you want to know where your kid is all the time. You can't stick a tracker on them so you'd like to know where they are somehow. The phone will tell you where the kid is all the time. Well, here's the news. Apple just announced a solution to that tech parent paradox. Apple Watch for your kids. Apple Watch for your kids. Tim Cook thinks he's Mr. Rogers. Apple's like going full Nick Jr. on us over here. Here's what happened. On Wednesday, Apple.com opened up a new website showing 15 reasons why parents should get their kids an Apple Watch. Now Jack and I followed the blues clues on that new website and we noticed why Apple is pitching to parents. The top reason a parent would love if their kid

Starting point is 00:09:37 had an Apple Watch, they can be used for calls and messages. The key reason you want your kid to have a phone is so you can call them know where they are. The Apple Watch is also trackable using the Find My app. Yeah, mom and dad, they want to check in to see where that kid is physically. Not where they say they are. They're on the bus. Yeah. But where is the bus at this exact moment? And that's not all. The Apple Watch is waterproof. Kids love stomping in puddles. And that's the bus. And that's the bus. And that's a bus. Yeah. But that's, but they're That's not all because the Apple Watch can pay for things with Apple Pay. Kids love slurping on popsicles. Add it all up, and Apple is positioning the Apple Watch like it's the tickle me Elmo for little Johnny. It's the thing you gotta get Johnny.

Starting point is 00:10:15 But yet is here's what Jack and I find fascinating about this story. There's one interesting thing that Apple left unsaid. They didn't mention that the Apple Watch has no social media. Ah, the lack of social media apps. Because every tech leader for big, their kid from using social media as long as possible. Well, boom, Jack, what is not on the Apple Watch? TikTok? Yep, and Instagram. Neither of them have Apple Watch versions of the app.

Starting point is 00:10:41 Oh, and the Apple Watch doesn't really have a web browser either. So your kid is going to stay locked in to the real world using their hands, building blocks. Now, Bessie, not Roblox. Jack and I have talked to you about, you know, the rise of the dumb phone trend, dumb phones. Well, Apple's basically saying our watch is like a dumb phone. Yeah, they're saying a dumb phone has the same intelligence as an Apple Watch. But an Apple Watch, you can set as Mickey Mouse for the background. And Little Johnny is going to love it.

Starting point is 00:11:11 Yeties, mark our words. This Christmas, the hot new kindergarten toy, isn't going to be a Tomogachi. It's going to be an Apple Watch. Yeah, it's an expensive gift, but you're right. For Little Jill and Little Johnny. So, Jack, what's the takeaway for our buddies who are everyone in Club Apple? Apple is cashing in on their 10-year investment in trust. Yeties, Mr. Marky Mark Zuckerberg-Zuck would love to get kids while they're young with an Instagram for Kids app.

Starting point is 00:11:41 But he hasn't launched that app. No, he hasn't. Because even he knows he's not trusted by parents. On the other hand, Apple might actually be trusted by parents. Because 10 years ago, Apple launched a campaign to earn our trust. In 2014, Apple unveiled a privacy push. automatic encryption of messages, new security features. Basically, make it harder for Zuck to stock your online activity. Zuck, just keep away from the kids, please. People trust their iPhone so much these

Starting point is 00:12:10 days. They upload their driver's license. They upload all their credit card information. They even let their phone scan the contours of their face and take their fingerprints. You're not letting your social security number anywhere near a TikTok. So this Apple watch might be the culmination of a master plan. Trust Apple with your children. No tech company explicitly goes after kids. Nope, but Apple just did. Because Apple is cashing in on its 10-year privacy push. Becoming the $500 wrist accessory for kids is the return on their investment in trust. Now a quick word from our sponsor. For our third and final story, we're going back to October 3rd, 2024. A live show. We did it in Seattle and we interviewed

Starting point is 00:12:58 the New York Times best-selling author Tori Dunlap, the financial feminist. One person in the audience asked us to question about how parents can plan financially for their kid. Okay, this person had had a kid like six weeks ago, by the way. New parent, new parents. So let's go straight to the show. Let's hit it. Now, it wouldn't be T-Boy Hotline if we didn't take questions from the Yetis and the Busties. We have a few great ones.

Starting point is 00:13:20 And these aren't voicemails. These are the live, in-person, real Yetis who are in the audience with us right now. I think Ty's going to kick it off for us. Hey, Ty from Seattle, big fan of the show, both of your shows. My wife and I are new parents. We have a six-week-old at home. Congratulations. Our second date night, it's great.

Starting point is 00:13:49 How would you suggest us as new parents help prepare her for her life ahead of her? And then as she gets older, help her on her path to financial literacy. Ty, what's your new baby's name again? Maxine. Max? Maxine. Maxine. Do you call your son?

Starting point is 00:14:03 I know. That's what we call her a son. Or they got to meet. All right, guys, first of all, quick round of applause for the new parents in the audience on their second date night out. So I am a huge, I think there's glory in the stock market for many reasons. I mean, we cover it on our show all the time. One of the first things I like to do as a gift for my brothers and even for Nick, I kicked off a $529 savings account on behalf of Nick's son. Yeah, thank you.

Starting point is 00:14:38 And I hooked Nick son up with a little pair of baby Nike's and one single share of Nike stock. Yeah, Jack and I now call this tradition the birthday business gift. Nick hooked my son up with Hasbro because he's big Hot Wheels guy. I bought $100 worth of shares of Mattel for your son. And then for the Podson, I bought $100 worth of Disney because he loves Toy Story. Oh, yeah, Toy Story Buzz Light. Yeah, Huff cars. Luca.

Starting point is 00:15:05 Hey, can you tell us about... I just should point out, though, you know, the two stocks I bought your sons are up, and Nike stock has been down. Since I bought it for you, I know. For Maxi's entire life. And I might take the loss for tax reasons for Maxi. But, Jack, if you could take better stocks for our son,

Starting point is 00:15:25 that would be good. Yeah, I think 529s are great. I think, obviously, this is a massive privilege position, but I was really lucky to have, you know, parents to and, and family who always bought me gifts, you know, at Christmas and birthdays. And it got to the point where I remember as a kid, I was like playing with one or two and it just got to be too much. And it's like if you can be intentional with, you know, folks in your life who are, you know, giving gifts and want to celebrate, yeah, 529. I always do the fun gift, exactly what you guys are talking about, actually. I do

Starting point is 00:15:54 the fun gift and then I do the practical gift. So I remember I had a friend who was like, you know, turning 16 and I was like, okay, I'm going to give you your first investment for Rapha, R. A. and I'm also going to get you Sephora, right? Like, I'm going to get you the two things you really like. I will also say very practical advice, but not necessarily, like, you know, strictly about money. Please educate her about money. That is the best gift you can give her because that was the gift my parents gave me. And like, I wouldn't be standing here or sitting here.

Starting point is 00:16:23 I wouldn't be sitting here with you had I not have the privilege of a financial education for my parents. And we see, unfortunately, if you do get a financial education, it's usually for sons. It's usually for boys. not in the same way for girls. So educate her about money, teach her about investing, teach her about as she gets older how to use money as a tool to build the life that she wants to. And that's honestly, in addition to the practical 529 advice, that's the best gift you can give her.

Starting point is 00:16:50 I should point out that our son Maxi can't speak yet, but Jackie has told me that he's interested in Vindia stock. So maybe second birthday gift. How about a fractional share? You know, I think he mouthed out whole share. And Berkshire for year three. You're on it. Ty, the reason we got him at Disney Plus is because he does love cars.

Starting point is 00:17:16 Like, Lightning McQueen is his deity. And I want to show him as he gets old enough that he actually owns part of the company that produced that film. And I want to show him that the value of that ownership can grow and pay dividends. And that's going to be my kind of in-road to teaching him a little bit about it. So I'm typically not an individual stuff. guy. But I think there's value to them and sort of making an emotional, tangible understanding to what this whole stock ownership thing is. Yeah, you own a part of a company and that's very powerful. And I think, yeah, it, you know, we were talking about visualization this whole

Starting point is 00:17:50 time that allows you to like, yeah, I own the thing that I watch or consume or like. Yeah. Now time for the best fact yet. This one whipped up by Jack and me. The most streamed movie ever. What is it, Jack? Most streamed movie ever. What is it? Kids content. It's kid stuff. And it's in a landslide victory. Yeah, Moana was the most watched movie in 2024 with 13 billion hours watched. That is about 185 hours of watching Moana just last year for each of America's 70 million children. It just turned me into an iPad kid listening to that. Nick, that's 107 full viewings of the movie for all of America's children last year.

Starting point is 00:18:32 Okay, but Jack, what was the most watched show in streaming? That was Bluie. Bluey, which was watched four times as many hours as Moana was. Bluey is now worth $3 billion. And it's the most watched thing on television. Besties, since the TV was invented, it's been used as a digital babysitter. And it still is today. Oh, the number one most viewed English language YouTube channel?

Starting point is 00:18:55 What's that? Cocoa Mellon, a show popular with two-year-olds. Kids content. Nothing makes bank like content for babies. Every time Cocoa Mellon plays on YouTube, ad revenues being baked. Kids content. It's the secret giant of media.

Starting point is 00:19:11 Kids are captive audiences, basically. They're not going anywhere. I can't even move. Yetis, you look fantastic today. Thanks for enjoying the first of our five bonus pods during Jack's Paternity Week. And remember to send this to your buddy who has kids or is thinking about having kids.

Starting point is 00:19:27 Or is curious, like, what people who have kids are why they do those things they do. And then send me some sleep prayers because I'm going to need them this week. But we've got another bonus episode coming at you. tomorrow another best of episode stay tuned

The Best One Yet - 💑 “The Parenting Pod” — Our 3 Best Pop-Biz Stories on Parenting

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