Summary4 min read

Podcast Summary

Podcast: THE TRUTH ABOUT YOUR FUTURE with Ric Edelman
Host: Ric Edelman
Episode: Euthanasia: The Dominant Social Debate of this Century
Date: December 20, 2024

Main Theme

The episode centers on the growing prominence of euthanasia—specifically medically assisted suicide—as a major social debate in the 21st century. Ric Edelman discusses recent legislative changes, the complexities around public opinion and ballot language, and the wider societal, ethical, and policy ramifications of this evolving issue.

Key Discussion Points & Insights

1. Listener Q&A on SBA Loans

Ric answers Michael from Wantagh, NY, about the merits of SBA loans for small businesses.
Emphasizes the fundamental question: is borrowing money the right approach, not just whether SBA loans are good.
Stresses the high failure rate among small businesses (80%) and the primacy of capital adequacy.

“The number one reason they fail, lack of capital. So you’ve really got to ask yourself, do you have enough capital to operate your business, grow your business, reach profitability...?” (01:00)
Explains differences between borrowing versus raising capital from investors, and the risks of using personal assets as collateral.

“You didn’t get a business loan. You got a home equity loan...if the business fails, you lose your house.” (03:10)
Announces increased focus for 2025 on advising and mentoring startups and established companies following the end of his podcast.

2. The West Virginia Euthanasia Amendment

Ric recaps a November election referendum in West Virginia: a constitutional amendment banning medically assisted suicide.
Result: Extremely close margin—50.5% for, 49.5% against.
Key quote:

“This was an incredibly close vote. The vote was 50.5% voted yes, 49.5% voted no. An incredibly close vote.” (08:32)
Though already illegal, the constitutional amendment aimed to prevent legislative change.
Reads the new constitutional text:

“No person, physician or healthcare provider in the state of West Virginia shall participate in the practice of medically assisted suicide, euthanasia, or mercy killing of a person.” (09:20)
Notes exceptions: pain management and withdrawal of life-sustaining treatment remain allowed.
Points out the paradox that execution of felons is still permitted.

“We’re not going to allow you to do medically assisted suicide, but it’s okay for the state to kill felons. Go figure.” (10:25)

3. Confusion in Ballot Wording and Public Opinion

Discusses claims of confusion among voters due to how the amendment was worded.
The ballot asked: “Do you want the Constitution amended to protect West Virginians against medically assisted suicide?”—some voters misunderstood whether a yes/no meant supporting or opposing euthanasia.

“This confusion, some people say, caused me to vote the opposite of the way I really wanted to vote.” (11:53)
With the vote margin so narrow, this confusion is contentious in West Virginia.

4. The Bigger Picture: Euthanasia’s Growing Legalization

Lists states where medically assisted suicide is allowed: California, Colorado, Hawaii, Maine, New Jersey, New Mexico, Oregon, Vermont, Washington, and D.C.
Notes 23 more states are considering similar legislation.
International moves, e.g. recent approval by UK parliament, adopting similar requirements:
- Patient must be over 18
- Prognosis of <6 months to live
- Need for mental and physical competence; self-administration of drugs
Ric recalls asserting in his 1997 book, The Truth About Money: euthanasia would surpass abortion as the dominant social issue of this century.

“In the 21st century, the dominant social debate will not be the abortion issue, it’ll be the issue of euthanasia. And here we are.” (14:28)

Notable Quotes & Memorable Moments

On the risks of borrowing money for business:

“I want to make sure you’re able to put that money to sufficient good use that it’s going to prove to be a good investment, allow your business to succeed so you can pay off the loan, stay in business and not be saddled with the debt...” (04:15)
On legislative paradoxes:

“It’s okay to prescribe medication that alleviates pain or discomfort...it’s also okay, by the way, I found this funny, for the state to execute convicted felons.” (09:46)
On the implications of ballot confusion:

“A lot of people who support medically assisted suicide but don’t want the Constitution amended voted no, not realizing that they were voting to make medically assisted suicide illegal.” (12:10)

Timestamps for Key Segments

SBA loans and business capital discussion: 00:30 – 05:00
Ric’s 2025 career plans: 05:00 – 06:00
West Virginia euthanasia amendment explained: 08:15 – 10:30
Ballot wording confusion and implications: 11:20 – 13:20
States allowing euthanasia & international trends: 13:20 – 14:20
Ric’s 1997 prediction & reflection on his broadcasting career: 14:28 – 16:15

Tone and Language

Ric maintains his trademark, conversational style, sometimes wryly humorous, but always clear, direct, and empathetic. He encourages critical thinking on both financial and broader social issues, using practical illustrations, personal anecdotes, and direct engagement with his listeners’ questions.

Conclusion

Ric Edelman provides a thoughtful exploration of the nuanced and often emotionally charged issue of euthanasia in America, contextualizing current legislative efforts and highlighting the societal, ethical, and personal finance implications. He also reflects on the impact of language and voter understanding in public policy, while tying these social debates to his decades-long mission to educate and empower listeners on the forces that shape their futures.

For continued updates and insights from Ric Edelman, listeners are encouraged to subscribe to his distribution list.

Loading summary

Transcript1 lines

[00:00]
A
This program provides education, not advice. Sponsors pay a fee for endorsements and interviews. See the Truthayf.com disclosure page for details. This is where technology, innovation, and personal finance come together. This is the truth about your future with Rick Edelman. Foreign It's Friday, December 20th. Hey, we got a question from Michael. He's in Wantog, New York. Here's Michael's question. Are SBA loans a good way to borrow money for a growing small business? Michael, are the loans a good way to borrow money? Well, I'll tell you this. SBA loans are a legitimate way to borrow money. The question really is, should you be borrowing money? See, here's the deal. The number one reason that small businesses fail, and I hope you do know the statistics, 80% of small businesses fail. The number one reason they fail, lack of capital. So you've really got to ask yourself, do you have enough capital to operate your business, grow your business, reach profitability in your business so that the profits can be used to pay your ongoing expenses and allow your business to become sustainable? If you are lacking the revenue, do you have the resources to tide you over? And that means either borrowing the money or raising capital from other investors? Now, here's the issue. If you raise the capital from other investors, you never have to pay them back. They're taking a risk that you'll succeed. If you fail, too bad. They are out of money. They go broke, they lose their investment. If you borrow the money, you do have to repay the loan, even if you're out of business. And that's part of the challenge. Now, a lot of young entrepreneurs are not able to borrow money because they don't have any credit record, they don't have any resources, they don't have any collateral. That's where the Small Business Administration can be helpful, is that they often will provide loans to. To young entrepreneurs who otherwise wouldn't be able to obtain the loans. So I'm not gonna say, is it a good way to go to borrow money. The more fundamental question is, should you be borrowing the money in the first place? Just because you can borrow the money doesn't mean you should. I can't begin to tell you how many times I've seen young entrepreneurs go to the bank to borrow money to start a business. The bank says, what kind of collateral do you have? And the business owner says, well, the only collateral I've got is my home. And they walk out saying, great, I got the loan. No, you didn't get a business loan. You got a home equity loan. The bank forced you to tie your home equity to the business loan as collateral. That's a home equity loan. That is not a business loan, which means if the business fails, you lose your house. So I really want you to be careful before you go borrowing money. I don't care if it's from the SBA or Uncle Edgar. I want to make sure you're able to put that money to sufficient good use that it's going to prove to be a good investment, allow your business to succeed so you can pay off the loan, stay in business and not be saddled with the debt and the ruined credit record as a result of all that. This is, by the way, kind of activity I'm going to be getting involved in more and more in 2025, helping entrepreneurs, startups, new cos, as well as far more established companies that are, you know, either fully operational as a Fortune 500 company or simply a company that's gotten lots of venture capital, equity funds, helping them grow by providing consulting and mentoring services, board roles and advisory roles, you name it. So the kind of question Michael you just asked, I'm going to be spending a lot of my time doing that in 2025. Once this podcast comes to an end, which it's doing in just one week, we'll be back with more here on the Truth about your future. Stay with us. Hey, financial advisors, are you fluent in crypto? Blockchain, Bitcoin, ethereum, stablecoins, tokenization, and most importantly, crypto, Taxation, estate planning and asset allocation. Take the online course. Become certified in blockchain and digital assets. Thousands of financial professionals from 37 countries have enrolled. Become fluent in crypto so you can help your clients and build your practice. Enroll today and get your CBDA designation. Welcome back to the Truth ABOUT your future. Hey, you know, in the November election, there were states that held referendums on a variety of subjects. One state, West Virginia, actually put forth a constitutional amendment, and it was approved by the residents of West Virginia. This constitutional amendment put a ban on medically assisted suicide. This was a incredibly close vote. The vote was 50.5% voted yes, 49.5% voted no. An incredibly close vote. See, medically assisted suicide was already illegal in West Virginia. So why bother with the constitutional ban? Well, there was a member of the legislature who simply wanted to make sure that this ban stayed as a ban and said, we're going to pass a constitutional amendment to make sure the state legislature never votes yes on this. Now, here's the thing. Here's what the amendment did. It added a line that said the following, no person, physician or healthcare provider in the state of West Virginia shall participate in the practice of medically assisted suicide, euthanasia, or mercy killing of a person. By the way, it's okay to prescribe medication that alleviates pain or discomfort. It's also okay to withdraw or withhold life support or life sustaining treatment. And it's also okay, by the way, I found this funny, for the state to execute convicted felons. So we're not going to allow you to do medically assisted suicide, but it's okay for the state to kill felons. Go figure. We'll continue our conversation when we return here on THE TRUTH ABOUT YOUR future. Stay with us. Welcome back. THE TRUTH ABOUT YOUR FUTURE continues. Anyway, as I mentioned, a state legislator pushed for this referendum on this amendment because he said he wanted to, quote, make sure that the terrible scourge of euthanasia is never allowed. But here's the thing, some of the voters have complained saying that the wording of the amendment was confusing on the ballot. Remember, I said the vote was incredibly close. Here's what the question was and I want you to tell me how you would vote. Do you want the Constitution amended to protect West Virginians against medically assisted suicide? See, a lot of people who support medically assisted suicide but don't want the Constitution amended voted no, not realizing that they were voting to make medically assisted suicide illegal. In other words, the way the question was worded was do you want the Constitution amended? Well, maybe I don't want the amendment even though I support medically assisted suicide. This confusion, some people say it caused me to vote the opposite of the way I really wanted to vote. And if that is true, with a vote this close 50.5 versus 49.5, you know, you can see why people in West Virginia are arguing over this right now. Bottom line is this. There are, I think, around 10 states that allow this already. California, Colorado, Hawaii, Maine, New Jersey, New Mexico, Oregon, Vermont, Washington state and the District of Columbia, medically assisted suicide is permitted. Another 23 states are working on legislation that would permit it as well. And in Great Britain, in this election season over there, the parliament there has just voted to permit assisted suicide. There. Their rule is pretty much the same as it is in our states. Here you've got to be over the age of 18. You have to be told by two doctors and a judge that you've got no more than six months to live. You've got to administer the drugs yourself. Nobody can do it for you, which means you need to be both mentally competent and physically able to to do so. This is going to become an increasingly important conversation. I told you this way back in 1997 with the publication of my very first book, the Truth About Money. I said that in the 21st century, the dominant social debate will not be the abortion issue, it'll be the issue of euthanasia. And here we are. It's hard to believe that it's been 35 years on the air. I've done more than 1500 radio broadcasts over the last three decades, more than 500 podcasts in the last three years alone, and my podcasts are winding down. My last one, as I've told you, is December 27th. I'm so glad you've been with me all these years. If you want to stay connected with me, be sure to join my distribution list. Just click on the link in the show notes. I'll make sure you continue to get the latest that I offer on exponential technologies, crypto, Alzheimer's, longevity, investing, all the topics that matter most to us all. Thank you for being with me all these years. I'm looking forward to many more with you. Please subscribe today so we can stay connected. Increased awareness and actionable intelligence about the forces that are shaping our world. This is the truth about your future with Rick Edelman.