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Speaker 1: Time for Joel Larsguard on a Thursday, host of how

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Speaker 1: to Money Sundays from twelve to two pm. My social

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Speaker 1: addresses at how to Money Joel. Good morning, Joel, Joel.

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Speaker 1: Oh there you are. Hey, Yeah, well let's go no

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Speaker 1: for you, you know it. That's why he's here. He's

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Speaker 1: he's cheap, what he's cheap? But good right, what you

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Speaker 1: pay for you know, right? Joel. You know I've been

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Speaker 1: talking to people, I've been talking about this and discussing

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Speaker 1: eiming on the radio. That's something extraordinary is happening and

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Speaker 1: I don't understand it. And the stock market is at

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Speaker 1: an all time high. It seems like every day it's

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Speaker 1: hitting new levels, especially over the last week week and

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Speaker 1: a half. At the same time, consumer confidence is low

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Speaker 1: and it's dropping. And unemployment, I mean, look at the

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Speaker 1: employment sector. First of all, no one is hiring or

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Speaker 1: very few people are hiring, and they are laying off

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Speaker 1: people by the tens of thousands, soon to be the

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Speaker 1: hundreds of thousands. Has this ever happened and put all

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Speaker 1: the connect the dots on this one for me?

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Speaker 2: Yeah, that's a good que I mean I think there

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Speaker 2: was probably there was really was a similar reaction kind

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Speaker 2: of in the in the heart of COVID right when

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Speaker 2: the stock market it took a massive dive and the

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Speaker 2: things in the overall economy were looking not so great.

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Speaker 2: And then the stock market continued to it started to

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Speaker 2: shoot back up dramatically, and people were like, wait a second,

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Speaker 2: like we're not out of the woods. On Main Street.

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Speaker 2: There's a lot of like uncertainty, there's a lot of

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Speaker 2: difficulty in the labor market, and just like, well, can

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Speaker 2: I actually my business function the way that it used to?

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Speaker 2: And yet we saw the stock market cruise to new

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Speaker 2: heights pretty quickly. It was like such a short recovery time.

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Speaker 2: And I think we were seeing kind of like obviously

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Speaker 2: just not the exact same thing, but something similar happening

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Speaker 2: right now where people on Main Street are feeling more

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Speaker 2: uncertainty and the job market is it's certainly not what

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Speaker 2: it was a few years ago, and the stock market

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Speaker 2: roaring to new heights, up something like forty percent since April,

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Speaker 2: and it's kind of tough to square everything in your mind.

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Speaker 2: And that's why I think we're hearing more calls of

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Speaker 2: this being a potential bubble. Is there a bubble in stocks?

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Speaker 2: I think it's a worthwhile conversation to have. I just

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Speaker 2: think it's also a really hard discussion because especially as

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Speaker 2: individual investors, but really nobody knows.

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Speaker 3: It's hard to predict the future.

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Speaker 2: So could the stock market see a significant decline from

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Speaker 2: here over the next year, Sure it it certainly could.

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Speaker 3: Could it continue, you know.

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Speaker 2: Soaring over the coming year, Yeah it could. It could

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Speaker 2: be up fifteen percent, it could be down twenty percent.

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Speaker 2: It's really really hard to predict, which is why the

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Speaker 2: boring its are so much the time. Even if we

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Speaker 2: are in a time of overinflated stock prices, like staying

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Speaker 2: the course still makes sense for most people.

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Speaker 1: I at the same time, though, I'm having a hard

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Speaker 1: time understanding, for example, the employment world. And I use

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Speaker 1: my daughter Pamela as the poster child of employment. She

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Speaker 1: is a computer nerd and has some extraordinary skills, and

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Speaker 1: she's because she can't get a job because all the

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Speaker 1: entry level, lower level jobs, of which where you start

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Speaker 1: it doesn't matter what your skill set is, they are

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Speaker 1: all disappearing and they're gone. And she's starting her master's

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Speaker 1: degree and as I told her, you're now unemployed with

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Speaker 1: a bachelor's you're gonna be unemployed with the masters in

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Speaker 1: computer technology, and so it's gotten to the point now

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Speaker 1: where you're an expert also on cannabis. I mean she

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Speaker 1: knows an addition of being a pothead, she knows this

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Speaker 1: stuff cold. And I go, you know, you have to

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Speaker 1: go door to door to cannabis stores and get a

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Speaker 1: job at one of those, or you're gonna have to

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Speaker 1: go to a fast food place. You'll still be employed.

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Speaker 1: But instead of making a six figure income with your

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Speaker 1: skill set at a major corporation, you're going to make

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Speaker 1: thirty thousand dollars and you'll still be employed. I mean,

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Speaker 1: that's the way it's going. And I mean she's devastated,

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Speaker 1: and you know what do I say, you are?

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Speaker 3: Yeah?

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Speaker 2: I mean I feel especially for younger people who are

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Speaker 2: entering the job market now, and I don't know that

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Speaker 2: it's quite as bad as graduating into the teeth of

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Speaker 2: the Great Recession back in eight oh nine, where like

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Speaker 2: the employment sector was incredibly locked up. I do think

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Speaker 2: we're part of it too, is like, what did we

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Speaker 2: experience recently.

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Speaker 3: What we experienced.

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Speaker 2: Recently was a job market where employees and workers had

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Speaker 2: so much of an ability to jump ship get paid

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Speaker 2: a lot more, there were a lot more job openings

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Speaker 2: versus job hunters, and we've seen that dissipate, and so

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Speaker 2: I don't think again it's as bad as we've seen

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Speaker 2: in slightly more distant history. But it's cold consolation, right

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Speaker 2: for somebody graduating and saying like, hey, I've got this degree,

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Speaker 2: I'm well prepared. I would make a great employee, and

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Speaker 2: AI is stealing some of those entry level jobs. And

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Speaker 2: just the general economic concerns are causing many employers to,

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Speaker 2: you know, be more careful about when they're hiring and

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Speaker 2: who they're hiring. It does make me think of just

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Speaker 2: some other something I saw recently, which I think is

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Speaker 2: good advice, is that people should be and I think

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Speaker 2: you and I talked about this, actually, Bill, people should

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Speaker 2: be maybe consider more part time work or contract work,

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Speaker 2: because that might get your foot in the door at

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Speaker 2: a place where you're interested in working, and that work

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Speaker 2: that employer is not making quite.

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Speaker 3: The same commitment to you.

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Speaker 2: But so there's something about, especially in today's environment, getting

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Speaker 2: your foot in the door, having a job in a

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Speaker 2: place where you're interested in working and where you think

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Speaker 2: there's room to grow. And I do think at times

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Speaker 2: it is this mix of like a difficult employment economy

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Speaker 2: and also maybe really really high expectations from certain young

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Speaker 2: young workers. I was talking to an older lady in

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Speaker 2: my neighborhood the other day and she was like, man,

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Speaker 2: I just see this unwillingness, like this this desire for

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Speaker 2: young people they gradually college and they're like, yeah, I

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Speaker 2: want to work from home five days a week.

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Speaker 1: Yeah, yeah, you know there's some of that. Yeah, we

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Speaker 1: got the entitlement titlement issue going on too, and that's

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Speaker 1: something else to talk about that we're going to over

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Speaker 1: the next month, two months, six months, all right, Joel,

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Speaker 1: this headline I kind of find interesting. Customers are feeling

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Speaker 1: discount fatigue, And as I asked just before we went

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Speaker 1: to break, how can anybody feel fatigue getting discounts? Explain

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Speaker 1: that one to me.

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Speaker 3: Yeah, it's a good question.

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Speaker 2: I think I see this from multiple angles, and I

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Speaker 2: do think that there is a certain amount of just

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Speaker 2: there's so many sales now, right, there's Prime Day, and

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Speaker 2: now Prime Day is twice a year, and it's like

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Speaker 2: Black Friday is no longer a single day. It's now

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Speaker 2: kind of a seasonal event, and it basically kicks off

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Speaker 2: here as November starts and it you know, runs through

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Speaker 2: the beginning of December, and so it used to be

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Speaker 2: like a few days that you had to pay attention to.

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Speaker 2: And now retailers are like around every major holiday in

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Speaker 2: their own concocted holidays, they're coming up with different ways

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Speaker 2: to try to entice you to buy stuff at a discount,

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Speaker 2: and I it's I think it's harder than ever. You

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Speaker 2: would have thought that the advent of the Internet, we

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Speaker 2: would have it'd be so much easier to price shop

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Speaker 2: and say is this actually is this deal actually a deal?

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Speaker 2: They're you know, the one I'm getting in my email

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Speaker 2: inbox or the one that my favorite website is trying

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Speaker 2: to get me to click on. And it's actually harder

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Speaker 2: in so many ways to know whether or not a

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Speaker 2: good price that you're being pitched is actually a good price,

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Speaker 2: or it's if it's actually more expensive than it was

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Speaker 2: let's say three weeks six weeks ago, and they're making

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Speaker 2: it seem like it's a deal, and so much of

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Speaker 2: that comes down to MSRP, whether or not it's it's

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Speaker 2: legitimate or not. And so it's oh, it's sixty percent off,

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Speaker 2: but what you know, what are they actually charge for

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Speaker 2: it most of the time. Maybe it's actually more only

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Speaker 2: more like ten percent off. So I do think it's

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Speaker 2: getting harder and harder for individual shoppers to know whether

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Speaker 2: deal is a deal, and it feels like they're getting

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Speaker 2: inundated with quote unquote deals.

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Speaker 1: All the time. Yeah, and the other side of that coin,

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Speaker 1: and I am guilty of this. I am looking at

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Speaker 1: a product and there are different brands basically does the

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Speaker 1: same thing, and I assume that the more expensive one

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Speaker 1: is the better one, and that's automatic, and I will

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Speaker 1: go for that. And I've been told over and over

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Speaker 1: again I'm a moron for doing that.

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Speaker 2: Well, I do think one of the things that this

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Speaker 2: recent survey that kind of talks about deal fatigue points

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Speaker 2: out is that people are making decisions based.

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Speaker 3: On value and quality a little bit more.

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Speaker 2: And I think that points to something else where those

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Speaker 2: the Chinese sites like Timu and she and We've been

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Speaker 2: in a data with stuff and you buy it and it

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Speaker 2: looks so good on the app or on the site

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Speaker 2: where you're shopping, and then it comes to the mail

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Speaker 2: and you're like, oh my gosh, the sizings way off.

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Speaker 2: The material is terrible, and it was really cheap, but

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Speaker 2: this belongs to straight in the trash. It wasn't expensive,

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Speaker 2: but it wasn't worth anything. And I do think that's

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Speaker 2: a really important thing for people to consider, especially as

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Speaker 2: they're making purchases going into the holiday season, is not

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Speaker 2: just the price, but how much actual use am I

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Speaker 2: going to get out of this product? Like, for instance,

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Speaker 2: I bought one of those kind of pop up tent

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Speaker 2: saunas because I was like I.

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Speaker 3: Would want to get and do.

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Speaker 2: I like the idea of like getting in the sauna

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Speaker 2: before I get into bed, kind of nice and relaxing,

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Speaker 2: and it's fine, but it's kind of cheap. And so

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Speaker 2: really what I need to do, if I'm into it

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Speaker 2: is to get a full fledged sawn and put my

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Speaker 2: money where my mouth is and spend a couple thousand

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Speaker 2: dollars really to get something that I'm going to use

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Speaker 2: regularly and enjoy. And so I think maybe thinking about

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Speaker 2: the longevity of items that you're buying and not just

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Speaker 2: how to get the absolute lowest price is Also it's

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Speaker 2: really worth considering personal story.

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Speaker 1: Just as everybody knows around here, I have just remodeled

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Speaker 1: my house and it's really nice. You'll never be invited

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Speaker 1: to get to go to it.

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Speaker 3: By the way, Joel good to know.

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Speaker 1: And I bought outdoor for an And so I'm looking

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Speaker 1: at outdoor furniture and I go to Costco and there's

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Speaker 1: a full outdoor set for twenty eighteen hundred dollars by

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Speaker 1: contractor who had nothing to do with it. Said would

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Speaker 1: you like this to still be here next year? And

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Speaker 1: I said yeah. He goes, you're going to have to

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Speaker 1: spend some real money for outdoor furniture that's still going

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Speaker 1: to look good five years, eight years from now. And

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Speaker 1: I sucked it up, per what you were talking about,

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Speaker 1: and frankly, I didn't know you could spend that much

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Speaker 1: money for outdoor furniture. And that's good. Outdoor furniture costs

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Speaker 1: insane amounts of money, more so than indoor furniture because

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Speaker 1: of course what it has to deal with with the weather,

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Speaker 1: with the sun. And he talked me into it, and

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Speaker 1: I spent some real real money. I was about to

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Speaker 1: go to Costco and I didn't.

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Speaker 2: And that's that's the buy once, cry once sort of

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Speaker 2: way of thinking about things. And I think we should

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Speaker 2: probably all be more prone to thinking that way, even

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Speaker 2: about something as simple as our wardrobe. It's like I

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Speaker 2: used to buy the like fifteen to twenty dollars pairs

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Speaker 2: of jeans and I was like, man, these things.

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Speaker 3: Like they're misshapen. They don't last very long.

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Speaker 2: And then I like stepped up my game and I

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Speaker 2: bought jeans were like, you know, sixty seventy eighty bucks.

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Speaker 2: I'm like, I wear I wear jeans every day and.

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Speaker 1: Can stop right there, Joel, you can stop too much hair. Yeah,

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Speaker 1: Costco fifteen dollars shirts are fabulous. The Kirkland jeans are wonderful. Really, yeah,

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Speaker 1: they're they're frozen. To try it out, they're frozen. Burritos

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Speaker 1: are incredible. It's let me tell you, try it out.

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Speaker 1: Fifteen bucks for a shirt and you'll be surprised. Okay,

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Speaker 1: all right, yeah, give it a shot.

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Speaker 3: I'm all saving money. I yeah, well it.

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Speaker 1: Is, I mean, this is I mean, it's actually good

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Speaker 1: quality stuff. It is not garbage.

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Speaker 3: Especially the breadles signature box or briefs are excellent too.

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Speaker 1: Yeah. Yeah, they just did that. Although again now I'm

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Speaker 1: in talk about my underwear, all right, Okay, underwear story.

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Speaker 1: I just I used to buy Duluth underwear. Actually was

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Speaker 1: given to me by a friend. Of mine, and those

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Speaker 1: are twenty bucks a pair, and I bought a couple

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Speaker 1: of them as they wore out after months and months

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Speaker 1: of the elasticity going and I ended up going to

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Speaker 1: Costco and buying the Haines six pack for less money

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Speaker 1: than a single pair of underwear costs with the louth.

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Speaker 1: I'll tell you there's a difference. Now, is it worth

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Speaker 1: that much more? No? And then that's part of the formula,

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Speaker 1: is how long is it going to be worth? How

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Speaker 1: good is it versus expensive inexpensive? But I'll let you

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Speaker 1: figure that out. Just remember Costco clothes, Costco burritos. We'll

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Speaker 1: catch you next week, Joel and Sunday morning, twelve to

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Speaker 1: two pm right here on KFI. All right,