Money Rehab with Nicole Lapin
Episode: A Crisis of Financial Confidence is Reshaping the American Dream—Here's How to Navigate It, With U.S. Bank
Date: November 7, 2025
Episode Overview
In this episode, Nicole Lapin explores the contemporary "crisis of financial confidence" affecting Americans and reshaping the concept of the American Dream. Joined by Scott Ford (Head of Wealth Management at U.S. Bank) and Kate Phelan (California Regional Director of Strategic Wealth Planning and Advice), Nicole unpacks why so many people—especially Gen Z and Millennials—feel traditional financial milestones are out of reach, and what practical steps listeners can take to regain control and financial confidence.
The guests discuss recent findings from a U.S. Bank survey, identify emotional and practical barriers to financial progress, and share actionable tips for home buying, retirement planning, emergency preparedness, and building positive financial habits. The conversation is personal and engaging, peppered with relatable anecdotes and memorable advice for all life stages.
Key Discussion Points & Insights
The Crisis of Financial Confidence
[02:14-03:15]
- Survey Findings: U.S. Bank’s annual survey shows growing anxiety about money, mainly due to factors outside personal control—like inflation, the economy, and global events.
- Control vs. External Factors: People feel confident about what they can control (saving, budgeting), but external unpredictability leads to hesitation and missed financial opportunities.
- Quote:
- “People feel pretty good about the things that are within their control...but it’s the things that are outside of their control...that’s where it’s causing a lot of anxiety for folks right now.” — Scott Ford [02:27]
Changing Definitions of Success & The American Dream
[03:45-05:54]
- Consistent Milestones, Shifting Timelines: Home ownership, family, and retirement remain core goals, but achieving them feels less attainable and more nonlinear.
- Younger Generations' Challenges: A quarter of Millennials and Gen Z have given up on owning a home or starting a family.
- Quote:
- “What feels different, especially for Gen Z and millennials...that feels like it’s out of reach for a lot of folks. Some are even giving up.” — Scott Ford [04:03]
- “People are achieving success in much less linear and consistent ways...which isn’t a bad thing, by the way.” — Kate Phelan [04:52]
Home Buying in an Uncertain World
[05:54-07:16]
- Preparing for Homeownership:
- Beyond saving for a down payment: focus on credit health, debt management, and true financial readiness.
- Don’t rush milestones—ensure the decision fits one's life and finances.
- Continue broader financial wellness practices (e.g., retirement savings) while pursuing home ownership.
- Quote:
- “Don’t lose sight of your financial well being beyond that goal...You still need to be doing things like, ‘Am I contributing to my 401k? Am I making these other small money moves?’” — Kate Phelan [06:06]
Rethinking Retirement: Longevity and Instability
[07:25-15:41]
- Shift from Pensions to 401(k)s:
- Rising life expectancy means longer retirements, more need for aggressive/early savings.
- Power of compounding—starting young is critical; matching employer contributions is “free money.”
- The process of planning (not just the plan itself) helps with emotional and practical preparedness.
- Quote:
- “People often underestimate the length of time that they’re actually going to be retired. And if you put it off and start later, you don’t save enough, you’re going to potentially outlive your savings.” — Scott Ford [08:47]
- “Having a financial plan is super helpful to help you get rooted...When you can balance short and long term priorities, it makes it feel a little bit more achievable because you don’t have to achieve all at once. Today. It is truly a journey.” — Kate Phelan [10:35]
Navigating Fear & Staying Motivated Amid Headlines
[16:07-18:15]
- Don’t Let News Paralyze You:
- Financial headlines are inescapable and anxiety-inducing, but external risks aren’t new.
- Maintain focus on personal actions, stay the course.
- Quote:
- “You’ve never had any control over any of those things. I think that what’s different today is...you don’t get a break from the headlines...So it feels terrible and hopeless. But it isn’t. This too shall pass.” — Scott Ford [16:07]
Emergency Preparedness & The Importance of an Emergency Fund
[18:16-20:27]
- Expect the Unexpected:
- Build emergency savings—needing it is a matter of ‘when,’ not ‘if.’
- At least 60% of Americans would be thrown off by a $1,000 surprise expense.
- Review insurance coverage regularly; disasters often reveal underinsurance.
- Quote:
- “My best advice...is you have to accept that bad things are going to happen...It’s kind of a matter of when. So the sooner you can say, ‘You know what, sometimes things are going to go wrong.’ ... You have to have a little bit of money set aside.” — Kate Phelan [18:52]
Building Positive Momentum: Small Wins, Strategies, and Mindset
[21:12-28:46]
- Pay Yourself First:
- Automate savings—out of sight, out of mind; start with small, sustained contributions.
- Debt payoff strategies (“avalanche” vs. “snowball”)—either works if you stick with it.
- Breaking Down Big Goals:
- Nicole’s story: tackling debt “$7 a day” at a time made it manageable and empowering.
- Recognizing progress via incremental steps builds confidence and sustainability.
- Quote:
- “Just getting to the gym is the win, right? So setting up a savings account, automating your savings...you’d be surprised how quickly that balance can start growing.” — Scott Ford [21:12]
- “If you say, ‘OK, I’m just going to chip away at this a little bit now,’ the control is with you...It’s not easy, it’s not glamorous, it’s not fun, but it is the best way to do it...” — Kate Phelan [26:04]
Knowing Where You Stand: The First Step to Progress
[27:02-28:46]
- Financial Awareness:
- Regularly reviewing where your money is and what it’s doing sets a foundation for smart decisions and relieves anxiety rooted in imagination.
- Quote:
- “Regardless of the number of commas that are in your net worth…you should be able to say off the top of your head...‘this is the money I have, this is the debt I have...’” — Kate Phelan [27:02]
- “Sometimes we suffer more in imagination than in reality...But I think facing [your finances] really can calm some anxiety and some of the fear and understanding what it actually looks like in reality, not just in your imagination.” — Nicole Lapin [28:47]
Banks as Community Partners
[30:09-32:28]
- Role in Community:
- US Bank highlights corporate philanthropy and employee volunteerism (over $111M donated, 300,000+ volunteer hours).
- Banks provide access to developmental loans, enabling growth and recovery, especially in the aftermath of disasters.
- Quote:
- “We put our money where our mouth is. Last year we gave $111 million...But what’s even more impressive...through our volunteerism. We did over 300,000 hours of volunteer time...” — Scott Ford [30:09]
Financial Literacy, Family, and Teaching Kids About Money
[32:28-37:45]
- Changing the Narrative:
- Most families don’t talk about money; breaking this taboo is key for building future financial literacy.
- Encourage openness about mistakes as well as successes, model good habits, and make learning about money practical for kids.
- “Save a little, a lot”—the value of starting early and staying consistent.
- Quotes:
- “It’s not what you make but what you keep that counts.” — Scott Ford [33:12]
- “Save a little, a lot.” — Kate Phelan (her father’s advice) [33:39]
- “You have to look in the mirror because [kids] are copying everything...If I’m spending or I’m hoarding or I’m talking negatively about money...they’re picking it up.” — Nicole Lapin [36:17]
Notable Quotes & Memorable Moments
-
On Control & Uncertainty:
“People feel pretty good about the things that are within their control...but it’s the things that are outside of their control...that’s where it’s causing a lot of anxiety for folks.” — Scott Ford [02:27] -
On Breaking Down Debt:
“I broke it down by the day...to $7 a day...and it took me two years. I got out of credit card debt. I never turned back.” — Nicole Lapin [24:19] -
On Financial Education for Kids:
“You have to look in the mirror because they’re copying everything...money doesn’t grow on trees. We all heard that growing up. Is that the right message?...Is it better to say, ‘Money grows where you invest it?’” — Nicole Lapin [36:11] -
On Community Banking:
“I’m really proud about at US bank...we gave $111 million through corporate donations...but even more impressive is the volunteerism.” — Scott Ford [30:09] -
On Financial Planning:
“It’s less about the document...it’s more about the process of thinking through those things. Getting some sense of, ‘Hey, this is where I am today...’” — Scott Ford [13:02] -
On Emergency Prep:
“It’s not a matter of if you have a financial issue, it’s kind of a matter of when. So the sooner you can say, ‘You know what, sometimes things are going to go wrong’ ...You have to have a little bit of money set aside.” — Kate Phelan [18:52] -
On the Importance of Momentum:
“Just getting to the gym is the win...you’d be surprised how quickly that balance can start growing and that’s going to give you the confidence to keep going.” — Scott Ford [21:12] -
On Early & Consistent Savings:
“My dad taught me when I was little to ‘save a little, a lot.’” — Kate Phelan [33:39]
Actionable Takeaways
[Final Tips – 33:05-37:57]
- Scott Ford: “It’s not what you make but what you keep that counts.”
- Kate Phelan: “Save a little, a lot.” Starting early—even with small amounts—compounds over time.
- Start talking about money openly—especially with kids.
- Automate your savings and stay the course, focusing on what you can control.
- In tough times, break up big goals into daily, manageable steps.
This episode blends empathy and expertise, offering hope, motivation, and concrete tips for building a more resilient and confident financial life—no matter where you start.