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Speaker 1: It is time for How to Money with Joel Larsgard.

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Speaker 2: Joel heard every Sunday twelve to two pm right here

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Speaker 2: on KFI.

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Speaker 1: His website is howdomoney dot com. All right, Joel, good.

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Speaker 3: Morning, Hello Bill.

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Speaker 1: Oh quick question? All right?

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Speaker 2: The President came up with something that was kind of interesting,

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Speaker 2: and in light of the insane mortgage rates and the

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Speaker 2: cost of financing a home, simply because the cost of

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Speaker 2: the cost of the home, he proposed a fifty year

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Speaker 2: mortgage instead of the standard thirty year mortgage. I've never

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Speaker 2: heard well, of course I've heard of a fifty year mortgage,

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Speaker 2: but I don't know if he was even ever offered

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Speaker 2: by the financial institutions. I think the thirty year worthy outside.

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Speaker 2: So your thoughts on this.

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Speaker 3: I don't like it. I think it's a really bad idea.

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Speaker 4: I think we're seeing the extension, the term extension of

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Speaker 4: debt products, and people keep making their are their own

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Speaker 4: worst enemies so much of the time when they're offered

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Speaker 4: an inferior debt product that keeps them in debt for longer.

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Speaker 4: And so if we just continue to offer people, hey,

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Speaker 4: why I mean, if fifty year mortgage, why not one

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Speaker 4: hundred year mortgage.

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Speaker 1: You know, that's an argument.

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Speaker 2: My friend Mark Tice, who had a company HMS Capital

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Speaker 2: I did commercials for, he actually argued for one hundred

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Speaker 2: year mortgage based on the fact that, well that time,

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Speaker 2: money was so cheap. And the fact is, no one

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Speaker 2: stays in their house anyway longer than seven or eight years.

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Speaker 2: So if you can get your payments as low as possible,

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Speaker 2: assuming you move every seven years or ten years, it

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Speaker 2: makes sense.

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Speaker 1: And this is yeah, go ahead.

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Speaker 3: You'll never own your home. You will never ever own

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Speaker 3: your home.

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Speaker 4: So if you have one hundred your mortgage, or if

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Speaker 4: you have a fifty year mortgage, you're going to Yes,

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Speaker 4: you will lower your payments by a little bit. Let's

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Speaker 4: say on a five hundred thousand dollars house, which doesn't

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Speaker 4: really exist, you know, in this part of the country.

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Speaker 4: But let's just say on a five hundred thousand dollars house,

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Speaker 4: you go from a thirty year mortgage to a fifth

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Speaker 4: ffty year mortgage. You're going to increase the interest rates slightly,

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Speaker 4: and yes, you're going to decrease the monthly payment. But

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Speaker 4: let's say you move from that house eight years down

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Speaker 4: to the line. In one case, in the thirty year

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Speaker 4: mortgage case, you would have paid off at least a

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Speaker 4: chunk of that principal balance. If we're talking about a

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Speaker 4: fifty year mortgage, you're paying even more in interest, so

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Speaker 4: much less towards that principal balance. You move, well, you

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Speaker 4: would have been better off renting than having the fifty

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Speaker 4: year mortgage because you made such a small dent into

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Speaker 4: the principal balance of the loan.

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Speaker 2: And the other fact which a lot of people don't understand,

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Speaker 2: which I hate, is that interest is front loaded. Yes,

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Speaker 2: and I hate that. You would think I would You

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Speaker 2: would think there'd be a law that wouldn't allow front

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Speaker 2: loaded interest, which means the interest payments are huge the

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Speaker 2: first few years of.

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Speaker 4: The loan, which is why the longer you stay in

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Speaker 4: that in that home, right, at some point, just keep

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Speaker 4: paying off that loan is agreed if you have a

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Speaker 4: low interest rate.

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Speaker 3: But yeah, I worry if.

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Speaker 4: People are offered fifty or mortgages, even if they stay

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Speaker 4: in the home for ten or twelve years, they just

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Speaker 4: haven't made much of a dent in the mortgage. They're like,

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Speaker 4: all right, it's time to move. They sell the home,

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Speaker 4: They get to the closing table and they realize because

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Speaker 4: of real tor fees and the transaction costs of buying

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Speaker 4: and selling a home, like they're not walking away with

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Speaker 4: much at all, and so it's a it's just another

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Speaker 4: attempt to allow people to finance something that they can't

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Speaker 4: actually afford. That's going to keep them on the perpetual

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Speaker 4: debt treadmills. It's similar to kind of what we've seen

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Speaker 4: with car loans, where hey, let's bump it out to

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Speaker 4: seven years and then you know what, when you refinance,

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Speaker 4: you can get another seven year loan. And so people

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Speaker 4: are staying in car debt for eight, nine, ten years,

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Speaker 4: which is crazy, And the same thing is going to

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Speaker 4: happen with homes if mortgages are extended to fifty years.

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Speaker 4: I think it's just a terrible, a terrible, terrible idea.

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Speaker 4: And you know, keeping your mortgage around for as long

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Speaker 4: as you can when you have a three percent rate

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Speaker 4: is great, but think about where rates are now. I

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Speaker 4: don't think they're abnormally high historically, but it's certainly not

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Speaker 4: fun to have an eight percent, seven or eight percent

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Speaker 4: mortgage for fifty years either.

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Speaker 2: When are we going to forget three percent money? At

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Speaker 2: what time in our lives were that that is, that

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Speaker 2: is history where we don't pay attention to it.

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Speaker 4: I mean, I think, you know, it's the objects in

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Speaker 4: the rear view mirror closer than the impior whatever. I mean,

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Speaker 4: I think it still feels like I still remember those times.

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Speaker 4: But at some point, just like you know, the high

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Speaker 4: schoolers today don't remember nine eleven, they have no, they don't.

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Speaker 4: They don't remember when that happened. Whereas I was in

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Speaker 4: high school when it happened. I have a distinct memory

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Speaker 4: of exactly where I was when that event occurred. I

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Speaker 4: think the same thing is going to be true over time,

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Speaker 4: that people will not expect two and three percent mortgage

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Speaker 4: interest rates. But for now, like it's still it's still

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Speaker 4: not too far in the rearview mirror, and so people

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Speaker 4: are still like the six and a half percent rates.

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Speaker 4: They're hard to stomach, even though from a historical perspective

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Speaker 4: they're really not all that bad.

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Speaker 2: No, I mean that historical Let's go back to the

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Speaker 2: Civil War era, all right, when you did have a mortgage,

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Speaker 2: when you borrowed to buy a house.

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Speaker 1: Do you know what the interest rate was? I guess

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Speaker 1: six percent?

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Speaker 4: Okay, But then you can go back to other other

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Speaker 4: points a few decades ago, and you're talking about I

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Speaker 4: mean even the point where my parents were buying their

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Speaker 4: first house and you were talking about double digit mid

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Speaker 4: double oh yeah, no during six percent industry.

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Speaker 2: Oh during the Jimmy Carter years. It was crazy. I

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Speaker 2: mean it was double digits. And you wonder, how does anybody,

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Speaker 2: how does anybody buy a home at twelve thirteen percent interest? Well,

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Speaker 2: it was creative financing, is what they did. It was

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Speaker 2: just all kinds of wild different machinations, all right.

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Speaker 3: At some point though, I just worry.

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Speaker 4: I just worry about all of the crafty, clever debt

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Speaker 4: products that people are that are afforded to us now.

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Speaker 4: And what it prevents is people from achieving any sort

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Speaker 4: of financial independence and any sort of margin in their lives.

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Speaker 4: And we were payment buyers to that, you know, to

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Speaker 4: the nth degree, and it just it disallows us from

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Speaker 4: really achieving any meaningful financial goals in our lives if

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Speaker 4: we live that way.

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Speaker 2: Yeah. And when we had three percent money, borrowing money

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Speaker 2: made it was free money basically because you'll be making

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Speaker 2: five percent on your money and you'd be paying three percent.

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Speaker 1: Sure, those days are gone, all right.

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Speaker 2: So Joel the President decided that everybody in America is

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Speaker 2: going to get a tariff check, and and no one

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Speaker 2: knew that he was about to say that. And I'm

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Speaker 2: convinced that the President wakes up in the morning and decides, oh.

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Speaker 1: Let's do this.

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Speaker 2: Let's uh, we'll do a thirty percent tariff, and then

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Speaker 2: by noon it's now let's make it forty percent, and

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Speaker 2: then by dinner time, let's make it twenty two percent.

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Speaker 1: I think that's exactly what happened here.

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Speaker 2: And so he says, we want a two thousand dollars

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Speaker 2: per person tariff check.

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Speaker 1: Let's talk about the's.

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Speaker 2: Ability and how you would even do that, because who

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Speaker 2: is going to be able to get it?

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Speaker 1: Kids, adults, households. When I don't get it.

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Speaker 4: Some would call this flying by the seat of your

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Speaker 4: pants and throwing caution to the wind, and just like

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Speaker 4: making statements that you want to be true even if

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Speaker 4: they can't be or likely won't be. And in this

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Speaker 4: you know, this is while the Supreme Court is weighing

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Speaker 4: the legality of the tariffs to begin with the president's

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Speaker 4: ability to just say, yeah, forty percent tariffs on you Canada,

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Speaker 4: or eighty percent tariffs on you random island in the Pacific, right,

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Speaker 4: so he right now even just that ability for him

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Speaker 4: to create tariffs is legally dubious. And so then giving

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Speaker 4: rebate checks to Americans, which this is being I mean

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Speaker 4: the way that his people on his team are having

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Speaker 4: to talk about this because they weren't ready for it either.

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Speaker 4: Like the Treasury secretary was quoted he was basically saying, yeah,

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Speaker 4: I mean, it could be capped at like people who

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Speaker 4: have an income of one hundred thousand dollars. It could

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Speaker 4: just be these these tariff rebate checks that the President

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Speaker 4: talked about on true social could just be the tax

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Speaker 4: decreases that we're already seeing all the President's agenda.

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Speaker 3: So this is his attempt to say.

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Speaker 4: Maybe we've already kind of given those to you with

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Speaker 4: the big beautiful bill thing that passed. So maybe this

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Speaker 4: will be a check. Maybe it won't be like what

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Speaker 4: this is going to look. I just don't want people

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Speaker 4: to get their hopes up and spend the you know,

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Speaker 4: count their chickens before they hatch, assume they're getting a

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Speaker 4: two thousand dollars check when there's a decent chance they won't.

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Speaker 2: Yeah, and on the tariff, And this is more political

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Speaker 2: than anything else. I think it's legitimate when we talk

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Speaker 2: about a balance of trade and we have to undo

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Speaker 2: that because a lot of countries has been very unfair

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Speaker 2: and I think the president is right about that, and

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Speaker 2: so they nail us, will nail them. And then there

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Speaker 2: are the other fun ones to Brazil tarriff because they're

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Speaker 2: going after Bolsonnaro, the former president that he likes, just

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Speaker 2: a friend of his. Okay, let's tear iff the hell

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Speaker 2: out of that country. Or Canada, let's tear if the

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Speaker 2: hell out of Canada.

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Speaker 1: Why balance of trade.

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Speaker 2: Nope, they ran that ad that he wasn't comfortable with.

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Speaker 1: I mean, it's pretty crazy.

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Speaker 4: To trade policy via personal vendetta. Doesn't really make much

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Speaker 4: sense when you're talking about a country of three hundred

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Speaker 4: and fifty million people with a ton of economic importance worldwide.

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Speaker 4: And I get what you're getting at too, but I

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Speaker 4: also I have a trade and balance with the grocery

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Speaker 4: store that I go to. You know, I give them

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Speaker 4: money and they give me groceries, and guess what, we're

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Speaker 4: both happy with the way the deal is structured. And

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Speaker 4: so yeah, I think it's also okay to have trade

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Speaker 4: imbalances with certain countries as a matter of policy.

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Speaker 3: I don't think that's necessary.

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Speaker 4: It's not a bad thing, but I guess when we're

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Speaker 4: talking about promises of terror freebate checks like this is

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Speaker 4: just another one of those ideas that's floated around because

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Speaker 4: there's just so many of them and it's hard to

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Speaker 4: keep up because something new is hitting the headlines every

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Speaker 4: day or multiple times a day, and this is one

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Speaker 4: of those things that's just it's highly unlikely to happen.

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Speaker 2: I think, yeah, we're in some tough financial times just

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Speaker 2: even understanding. One of the things you talked about is

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Speaker 2: the products, the credit products that are out there that

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Speaker 2: are exploding, and no one knows what the hell's going

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Speaker 2: on and what they mean and how far they go.

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Speaker 2: It was like the times when mortgages you would have

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Speaker 2: a single mortgage lender and then they combined them and

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Speaker 2: made the portfolio and slice them up, and no one

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Speaker 2: had any idea of who owned what. And it's just

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Speaker 2: a really complicated world and not getting any easier, is it.

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Speaker 3: No, No, it's not. And I think that's that's why.

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Speaker 4: Not to puff up my own importance, but I just

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Speaker 4: think that personal finance knowledge is even more necessary in

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Speaker 4: today's day and age because it's so confusing and people

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Speaker 4: are like, oh, buy now, pay later at checkout.

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Speaker 3: This is why not like this obvious?

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Speaker 4: I think we just assume that if it's offered to us,

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Speaker 4: that if somebody vetted it, and it must not be

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Speaker 4: terribly you know, we might be not probably not doing

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Speaker 4: something that's harming ourselves severely if we take advantage of that.

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Speaker 4: But we lose so much of our own optionality and

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Speaker 4: freedom the more we take advantage of some of these

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Speaker 4: more nefarious ways of taking on debt that are allowed

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Speaker 4: for us. And it's just all literally a new kind

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Speaker 4: of credit card offered by US bank that's attempting to

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Speaker 4: merge kind of the worlds of credit cards and buy

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Speaker 4: now and pay later and charging you a fee by

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Speaker 4: being able to delay essentially paying your credit card bill

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Speaker 4: by an extra month or two. And it's just getting

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Speaker 4: worse and worse, and the terms are getting less consumer friendly,

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Speaker 4: and we feel like the frogs sitting in the pot

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Speaker 4: of boiling water and it's getting hotter and hotter, and

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Speaker 4: we're just kind of oblivious to it in so many ways.

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Speaker 2: Yeah, and by the way, just for the rest Joel,

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Speaker 2: when you said you're not blowing your own horn.

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Speaker 1: Yes you are. That's precisely what you're doing.

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Speaker 3: I'm so necessary right now, Bill, that's one's.

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Speaker 2: Yeah, that's exactly my point. Congratulations, we can't live without you.

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Speaker 1: That's all right. We'll do this again next week. I

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Speaker 1: have a good one, Joel, all right, you too, Bill,