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Speaker 1: Doesn't sound like people are great with their money.

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Speaker 2: Either of that, or it's just not going quite as far.

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Speaker 2: For of the average American paycheck is spent within forty

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Speaker 2: eight hours of paiday. Yeah, half of it gone within

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Speaker 2: two days.

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Speaker 1: So basically, like what they're saying is, let's say you

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Speaker 1: get paid on Friday, by into business Sunday.

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Speaker 2: Yeah, half of it's gone.

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Speaker 3: Okay, let's work through this.

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Speaker 1: Okay, because my gut instinct is while people are bad

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Speaker 1: with money, but I do on what you connect to

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Speaker 1: what you said, which is everything getting so expensive that

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Speaker 1: by the time people are taking care of necessities, half

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Speaker 1: the check is gone. I don't know, Like I mean,

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Speaker 1: what would be like you know, the are people buying?

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Speaker 1: Are people paying their rent around their paycheck? Are they

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Speaker 1: paying their car payments around their paycheck? Are they buying

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Speaker 1: their groceries around their paycheck? You know, that's probably logical,

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Speaker 1: although it seems like gabbling up half a paycheck on

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Speaker 1: just those things. I don't know, is that normal for

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Speaker 1: most people?

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Speaker 2: Yeah? If you prioritize your top bills like you mentioned,

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Speaker 2: your rent, your utilities, your insurance, your groceries, what's left

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Speaker 2: for savings at the end of that not a lot.

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Speaker 3: Well too, Yeah, two parts of that. One.

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Speaker 1: The cost of the basics is far out pacing any

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Speaker 1: pay increased people are getting when you factor in you know,

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Speaker 1: property taxes and what they're doing to mortgage payments or

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Speaker 1: rent when you the cost of cars. Now, if you

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Speaker 1: have to replace an automobile, the cost of heck, just

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Speaker 1: the cost of fixing an automobile. I think I told you, well,

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Speaker 1: we did this. It's been a month ago or so.

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Speaker 1: Now I had to get a new battery and it'd

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Speaker 1: been you know, amazingly four years since I'd gotten a battery. Yeah,

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Speaker 1: and it was like, and you know, that little bitty

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Speaker 1: car that I drive, that's got to be about as

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Speaker 1: cheap as a battery can possibly be. And it was

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Speaker 1: two hundred bucks to get to get the battery. I mean,

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Speaker 1: you know, so you've got that obviously, food is just ridiculous.

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Speaker 1: You've got insurance for your automobiles that is just ridiculous.

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Speaker 1: And then you've got you know, all of these other

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Speaker 1: things that you don't really think about that are just

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Speaker 1: sort of the part of the daily existence. And you know,

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Speaker 1: electric bills, heating bill, gas bill, if you if you

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Speaker 1: have gas, your public utility bills, the water bill, the

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Speaker 1: sewer bill, you know, all of those sorts of things

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Speaker 1: that I can I can see that I can see

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Speaker 1: that by the time the two days after the paycheck,

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Speaker 1: half the money's gone.

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Speaker 2: Younger generations are being hit the hardest. Millennials are spending

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Speaker 2: forty percent of their paycheck in the first twelve hours.

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Speaker 2: That's more than any Millennials spend forty percent of their

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Speaker 2: paycheck within the first twelve hours, and that's more than

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Speaker 2: any other generation.

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Speaker 3: Okay, so gen Z.

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Speaker 2: And millennials both admitting that they overspend post payday.

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Speaker 3: So two things.

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Speaker 1: One, let's come back to let's not talk about the

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Speaker 1: young idiots. Let's talk about the people who are no

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Speaker 1: offense Kevin. I'm sure there's many fine people left in

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Speaker 1: your generation. We don't know where they are, but I'm

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Speaker 1: sure they're out there somewhere. Let's like work through this

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Speaker 1: from the people who are losing fifty percent of their

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Speaker 1: paycheck in terms of it's getting gobbled up by rising

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Speaker 1: costs of necessities. First of all, like you said, it

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Speaker 1: eliminates an ability to have a savings because I assume

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Speaker 1: most people have hobbies. I don't have any, but most

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Speaker 1: people do, so they spend money on stuff.

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Speaker 3: So there's that side of it.

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Speaker 1: It eliminates your ability to generally have but build up

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Speaker 1: a savings account, which so when you have larger emergency

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Speaker 1: expenditures then you really get behind the eight ball.

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Speaker 3: That's one side of it.

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Speaker 1: But two, it also dilutes the buying power of non necessities,

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Speaker 1: which is how an economy thrives. You got to go

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Speaker 1: to the store, you buy stuff, toys, you know, all

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Speaker 1: of these variety of things. And if you can't do that,

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Speaker 1: then it's gonna affect every single goal sector of our economy.

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Speaker 2: So gen Z Kevin paid an average of two hundred

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Speaker 2: and seventy five dollars in overdraft or late fees over

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Speaker 2: the past year non affairness.

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Speaker 1: Kevin is a millennial, I think, right, you're part of

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Speaker 1: my little screwed up Yeah, you're a young old you're

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Speaker 1: a young millennial.

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Speaker 2: You're old.

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Speaker 1: Oh why yes, I am very old now. But but

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Speaker 1: but what what was the over the overdraft?

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Speaker 2: Two hundred and seventy five dollars a month, No, over

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Speaker 2: the past year, over the past year.

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Speaker 1: Yeah, because they and that's money just flushed down the

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Speaker 1: toy couldn't you manage your money now. Yeah, there's no

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Speaker 1: reason for a gen Z person to have any sort

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Speaker 1: of like not be able to pay their bills. You

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Speaker 1: can choose where you live, you have mobility options. If

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Speaker 1: you have any sort of employment, you really can. I'm

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Speaker 1: not saying you can move into a penthouse, but you

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Speaker 1: have the ability to, you know, skin noodle in and

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Speaker 1: out of various scenarios. You can live with people like

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Speaker 1: There really is no reason for a gen Z person

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Speaker 1: with any sort of gainful employment to have money troubles

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Speaker 1: unless they're self created.

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Speaker 2: Well right, especially if they have the ability to get

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Speaker 2: a roommate and split the costs.

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Speaker 3: I never had a roommate.

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Speaker 2: Yeah, well times were different way back then.

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Speaker 1: Well no, I also just thought, I don't didn't think

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Speaker 1: I could live with someone. I mean, I just thought

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Speaker 1: that'd be a real thought, that'd be a real burdensome endeavor.

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Speaker 2: That's totally true.

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Speaker 3: Yeah, I mean I never for them.

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Speaker 1: I never they never got the privilege case. I think

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Speaker 1: that's what you're looking for. I never I never had

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Speaker 1: I never had a roommate, and I never lived in

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Speaker 1: an apartment. I lived in like a like a condo

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Speaker 1: or a duplex. But I never lived in an apartment

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Speaker 1: complex ever.

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Speaker 3: No, never.

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Speaker 2: So half of millennials and half of gen z have

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Speaker 2: used early pay access when it's available like a paid

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Speaker 2: a loan, yeah, or like you can request getting your

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Speaker 2: paycheck early.

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Speaker 1: What is going on with people? I mean, I get

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Speaker 1: that things are more expensive. I get that there are

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Speaker 1: emergency expenditors. I get that there are you know, options

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Speaker 1: to the rule.

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Speaker 2: Is that poor budgeting?

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Speaker 3: Well, totally.

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Speaker 1: It's a lack of prioritizing emotion expenses, sure, absolutely avoiding debt.

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Speaker 3: Possibly.

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Speaker 2: So there's the bi weekly paycheck model, and more and

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Speaker 2: more people are saying that that is not aligned correctly

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Speaker 2: with modern financial realities.

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Speaker 1: I know a guy this isn't funny, but he'll laugh

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Speaker 1: if he hears me to talk about this. I know

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Speaker 1: a guy who has lived in his house. We talk

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Speaker 1: about reasons people get upside down. And I only show

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Speaker 1: this because he will chuckle if if he hears this.

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Speaker 1: I know a guy who has lived in his house

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Speaker 1: for twenty five years.

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Speaker 3: He has.

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Speaker 1: He has been divorced twice, he has stayed in the

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Speaker 1: same he has stayed in the same house. And he

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Speaker 1: was telling me the amount of equity that he has

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Speaker 1: saved up in his house and it's like it was

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Speaker 1: so ridiculously low because he's lost the house twice in

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Speaker 1: his divorce of keeps up right.

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Speaker 2: That's an expensive proposition.

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Speaker 1: So that guy, there's your outlier, right, there's the lot

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Speaker 1: does a good job and everything else. But for the

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Speaker 1: most part, it's like, dude, what are you doing with

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Speaker 1: your finances? Like are people still buying stuff off the QVC?

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Speaker 1: Like are they still having anything shipped to their house?

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Speaker 1: Is Amazon? The lure of Amazon?

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Speaker 2: That power now three rolls around for this guy. Maybe

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Speaker 2: you should advise him not.

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Speaker 3: Well, I already had that. I've already told him, you know,

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Speaker 3: this is just not for you.

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Speaker 2: Right, told you've given it a shot twice.

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Speaker 1: Yeah, it's fine to have a girlfriend, and that's wonderful,

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Speaker 1: and I hope you have a long prosperous existence. But

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Speaker 1: you cannot move in with me. And I'm worried that's

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Speaker 1: where it's going to go next if you.

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Speaker 2: But as you mentioned, a big part of this problem

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Speaker 2: is that everything's more expensive. When you look at food prices,

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Speaker 2: they're continuing to climb. Bananas are seven percent more expensive

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Speaker 2: than they were last year. Ground beef is thirteen thirteen

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Speaker 2: percent more expensive than last year. Coffee is surging nineteen

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Speaker 2: percent more expensive than it was last year. So all

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Speaker 2: of these things adding up