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Speaker 1: Let's say good morning now to the host of money

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Speaker 1: on KFI. It's Joel Larsgard.

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Speaker 2: Morning, Joel Morning Amy.

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Speaker 1: Okay, so you remember when your parents used to say this,

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Speaker 1: do you think we're made of money and turn off

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Speaker 1: the lights? Well maybe mother didn't know best in this case.

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Speaker 3: Well I resonate with that so much because I have

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Speaker 3: become that parent, and my kids leave their lights on,

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Speaker 3: and I in the morning, after I drop them off

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Speaker 3: for school, I walk upstairs every day and I turn

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Speaker 3: off all the lights in every bedroom, and I do

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Speaker 3: it with, you know, just a small amount of anger

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Speaker 3: simmering beneath the surface. And you know what, that needs

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Speaker 3: to stop, not just because I need to have a

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Speaker 3: healthier mental life, Amy, but also because it turns out

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Speaker 3: it's not costing me that much money. So I typically

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Speaker 3: think of it as this really frustrating thing because, hey,

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Speaker 3: if the lights are left on all day, it's going

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Speaker 3: to be expensive and it's going to add to the

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Speaker 3: electricity bill. And the truth is it's not actually when

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Speaker 3: you dig into the details. So when you especially and

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Speaker 3: this is truly the case, if you have led bulbs

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Speaker 3: installed in your house, right, so the old incandescent bulbs yes,

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Speaker 3: some people prefer the light that they emit, but they

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Speaker 3: cost a lot more to run.

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Speaker 2: And so that's these LED bulbs. They used to be expensive.

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Speaker 3: Now they're like incredibly cheap and they're incredibly cheap to run.

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Speaker 3: So if you leave I didn't realize this, if you

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Speaker 3: exactly how cheap this was, if you leave an LED

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Speaker 3: bulbon for twenty hours, it would cost you three pennies

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Speaker 3: three pennies. So why am I getting all in a

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Speaker 3: tizzy about three pennies?

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Speaker 2: Yeah?

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Speaker 1: Why are you getting it all in a tizzy? Joel?

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Speaker 2: I'm not going to anymore. I'm a new man.

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Speaker 1: Good and you're saving money by running low power bulbs

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Speaker 1: as opposed to the incandescent, even though I still prefer

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Speaker 1: incandescent by a mile, just for the light.

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Speaker 3: They look good, I agree. But LED bulbs have come

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Speaker 3: a long way and they've man. I remember when they

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Speaker 3: used to be five dollars a bulb, and it was

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Speaker 3: really hard to think about changing out all the light

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Speaker 3: bulbs in your house. And now you can get pretty

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Speaker 3: decent LED bulbs for a dollar bulb, Like, it's not

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Speaker 3: that bad.

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Speaker 2: And when you out of the savings.

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Speaker 3: Especially if you have kids who leave the lights on,

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Speaker 3: put led bulbs at least in their room, and then

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Speaker 3: just maybe you'll have a little more family harmony this

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Speaker 3: holiday season.

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Speaker 1: One last thing to be grumpy about or grinchy about. Okay,

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Speaker 1: so there's people who make decent money, they might even

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Speaker 1: be considered millionaires, but even millionaires aren't feeling rich these days.

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Speaker 3: Yeah, and I totally get this. I mean, this is

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Speaker 3: from somebody who's like millionaires not feeling rich.

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Speaker 2: And there's some people.

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Speaker 3: Who'll be like, oh, that's ridiculous, Like I would love

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Speaker 3: to be in their position. And something like twenty percent

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Speaker 3: of Americans have reached millionaire status from investing over many,

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Speaker 3: many years. And think about even just what's happened with

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Speaker 3: the stock market over the last fifteen years. The number

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Speaker 3: of millionaires in this country has quite drupled in the

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Speaker 3: last fifteen years, so there are a lot more people

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Speaker 3: who pit millionaire status. It's also true that being a

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Speaker 3: millionaire it's not quite what it used to be, right,

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Speaker 3: So a million dollars in twenty fifteen isn't the same

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Speaker 3: as a million dollars in twenty ten. That being said,

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Speaker 3: it is still quite a bit of money. And it

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Speaker 3: was just reading this story story in the Wall Street

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Speaker 3: Journal about people who consider themselves moderate millionaires, And basically

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Speaker 3: it's like, Yeah, I have a million dollar net worth,

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Speaker 3: but I don't feel like I'm rich. And on one hand,

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Speaker 3: I get that, so much of the time your money

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Speaker 3: is tied up in these retirement accounts that you can't

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Speaker 3: tap until you know you reach retirement age, until you're

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Speaker 3: basically right there around age sixty, and so it feels like, Man,

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Speaker 3: I'm socking money away for this future. I'm building up

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Speaker 3: a big net worth, But at what point do I

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Speaker 3: feel like I get to spend like a millionaire? And

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Speaker 3: the truth is when you, yeah, well, I think you

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Speaker 3: can incorporate some of that slowly but surely back into

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Speaker 3: your life as you've done the right things steadily over

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Speaker 3: time and saving up a nest egg for your future.

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Speaker 3: It doesn't have to be all deprivation now. But at

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Speaker 3: the same time, if you go back and look at

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Speaker 3: the millionaire next door, right, this Seminole book, which interviewed

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Speaker 3: a bunch of millionaires, is like, what makes you a millionaire? Well,

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Speaker 3: driving an older car, like living on less than you earn,

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Speaker 3: like living below your means is a crucial part of

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Speaker 3: reaching that status in general. And so it's not that

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Speaker 3: I want people to not abandon the habits that got

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Speaker 3: them there, but I also want them to be able

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Speaker 3: to enjoy some of the here and now.

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Speaker 2: That's why on the show we.

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Speaker 3: Talk about the craft beer equivalent, because I'm a big

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Speaker 3: craft beer guy. So should I wait to drink awesome

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Speaker 3: craft beer until I reach retirement age? Of course, not

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Speaker 3: like I should be drinking awesome craft beers now. And

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Speaker 3: everyone should figure out what that is for themselves so

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Speaker 3: that they can incorporate spending on the things that matter

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Speaker 3: to them while they're still saving and investing for the future.

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Speaker 3: It's really important to do both and and not be

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Speaker 3: grinch like about your spending. But hey be like, hey, yeah,

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Speaker 3: I want to reach millionaire status, but it also doesn't

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Speaker 3: mean I can spend like I'm making a million bucks

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Speaker 3: a year, gotcha.

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Speaker 1: Okay, So, speaking of money, and after the first of

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Speaker 1: the year, we've done our splurging and Christmas and that

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Speaker 1: kind of stuff, I want to just a little preview.

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Speaker 1: I've talked to you about like three practical, easy things

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Speaker 1: you can do for a healthier, wealthier twenty twenty six.

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Speaker 2: So let's do it.

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Speaker 1: Let's do that after the new year.

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Speaker 2: Okay, I'm in great.

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Speaker 1: Thank you, Joe larscard to have a merry Christmas. We'll

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Speaker 1: talk to you next year.

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Speaker 2: He was well, sounds good. Thanks. Hey,