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Speaker 1: You're listening to KFI AM sixty on demand.

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Speaker 2: We asked the question, if the housing market crashes, where

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Speaker 2: are you buying your dream home?

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Speaker 3: If the housing market crashes, I'm gonna buy Dean Sharp's house.

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Speaker 3: Obviously it's a killer deal. He is awesome. He knows

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Speaker 3: how to fix houses. Yeah, build houses and make them sweet.

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Speaker 3: So goodbye, Dean.

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Speaker 4: I'm moving in there. You go.

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Speaker 2: Take that, Dean Sharp. You're out of here. Pal, you

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Speaker 2: just got evicted your toasties?

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Speaker 4: Hey?

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Speaker 5: What that's out of this Chris Merrill?

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Speaker 4: It's nice doing well? Okay?

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Speaker 5: How come nobody ever talks on what's so obvious about

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Speaker 5: how property has been just appreciating like crazy here in

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Speaker 5: southern California no matter where you go, from East La.

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Speaker 5: All the wood of Marina Valley or anywhere you go,

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Speaker 5: thirty six of proper last year was bought by Chinese foreigners.

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Speaker 5: Why are we allowing foreigners to buy property?

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Speaker 6: What?

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Speaker 2: You don't believe a free market? What? Wait a minute,

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Speaker 2: what do you you? Anti business?

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Speaker 7: That's a good turney.

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Speaker 2: What's the matter with you? How dare you an anti business?

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Speaker 2: Anti capitalist? Probably a communist? How dare you? I don't know,

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Speaker 2: that's a legit question. I got no answer for you.

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Speaker 2: That policy allows capitalism. First, I guess yeah, that's the uh,

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Speaker 2: that's the answer. Not a bad observation. Fox Newis was

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Speaker 2: talking about this economist that says, look out, the housing

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Speaker 2: market is going to be so so bad it is it?

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Speaker 8: Obviously it would be a big deal. As the housing

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Speaker 8: analyst in this article Melody Right, claimed that home prices

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Speaker 8: could drop by fifty percent, but few experts of.

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Speaker 4: Fifty Oh baby, I'm gonna own ah, I'm gonna own ha.

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Speaker 8: Agree with this tape. Let's be joined right now for

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Speaker 8: more understanding. Dave Meyer, head of investing at Bigger Pockets,

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Speaker 8: given us.

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Speaker 4: Oh good, we went straight to the top.

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Speaker 2: We got the head of investing at Bigger Pockets, so

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Speaker 2: obviously one of the great invest bank.

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Speaker 4: Blogs.

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Speaker 8: Some answers on this. That was quite the take, obviously

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Speaker 8: to say that it would drop by fifty percent, which

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Speaker 8: would far surpass what happened in two thousand and eight.

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Speaker 8: Where do you stand on this and can you state

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Speaker 8: the facts?

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Speaker 4: State the facts?

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Speaker 2: Just fact Joe Friday, Wait a minute, if the housing

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Speaker 2: market dropped by fifty percent, that wouldn't have not surpassed

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Speaker 2: two thousand and eight.

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Speaker 4: That's what we all saw.

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Speaker 2: I had a friend, by the way that bought a

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Speaker 2: condo in downtown San Diego for something like one hundred

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Speaker 2: and twenty thousand dollars. Oh god, it was a good

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Speaker 2: time to have money. The kind of now is worth like,

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Speaker 2: you know, nine hundred thousand. They bought it for like

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Speaker 2: one twenty five. It's crazy.

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Speaker 6: Thanks for having me, Andy, Yeah. I think for the

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Speaker 6: housing market, the much more likely path is a slow

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Speaker 6: and steady return to affordability. I think that's the best

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Speaker 6: thing that could happen for the housing market. And although

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Speaker 6: it can make a very clickable headline to call for

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Speaker 6: these dramatic crashes in the housing market.

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Speaker 2: Are you what someone would have a hot take just

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Speaker 2: for clicks. Not in today's internet driven society, sir, they

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Speaker 2: are very unusual.

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Speaker 6: There has only been one since the Great Depression that

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Speaker 6: happened in two thousand and eight. So if of course,

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Speaker 6: it's on a lot of people's minds, but that does

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Speaker 6: not mean that it's a normal thing that happens in

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Speaker 6: the housing market. And right now there's just no evidence

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Speaker 6: that we are heading towards a crash.

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Speaker 8: Yeah, and obviously, just saying that it obviously brings chills

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Speaker 8: to some people to think about what happened in two

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Speaker 8: thousand and eight. I do want to put up this

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Speaker 8: of what she said in this article courtesy of Newsweeks.

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Speaker 8: She says, quote, I think we're going to correct all

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Speaker 8: the way to a point where household median income, that is,

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Speaker 8: the home price, the median home price, and so that

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Speaker 8: is going to be worse than two thousand and eight.

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Speaker 8: That could evolve a lot.

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Speaker 4: How is that worse? That sounds great?

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Speaker 2: Oh, the median home price will devolve to a point

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Speaker 2: where you could afford it on a normal income.

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Speaker 4: Oh, terrifying news. Faster than last time.

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Speaker 8: When you're talking about median home price in terms of

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Speaker 8: median income as well, that is quite the discrepancy.

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Speaker 4: But could we get closer to that?

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Speaker 6: I think it's possible that we get closer, but it

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Speaker 6: will be very modest. If you actually think about this,

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Speaker 6: The median household income in the United States right now

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Speaker 6: is eighty three thousand dollars.

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Speaker 4: Okay.

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Speaker 6: The median price of a home is about four hundred

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Speaker 6: and thirty thousand dollars. Yeah, So what this is saying

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Speaker 6: that the price of homes could drop more than eighty

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Speaker 6: percent in one event.

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Speaker 9: Nothing like that.

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Speaker 7: Has ever happened.

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Speaker 6: Just for context, in two thousand and eight, the worst

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Speaker 6: housing crash that we've seen in more than one hundred years. Yeah,

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Speaker 6: the home price has dropped nationally, peaked to troth twenty percent.

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Speaker 4: Obviously here it was more.

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Speaker 2: Uh okay, So even if home prices drop by twenty percent,

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Speaker 2: that still means that the median home price in southern

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Speaker 2: California is not attainable to the person making the median

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Speaker 2: income household income. Even if we have a massive crash,

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Speaker 2: we still can't afford a house.

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Speaker 4: Huh.

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Speaker 2: So weird that socialists are starting to get elected around

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Speaker 2: the country, isn't it. It's so bizarre that people are saying, Wow,

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Speaker 2: it's gotten to the point where I can't afford to

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Speaker 2: do the basic things. It's so strange that people are

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Speaker 2: questioning the viability of the American dream.

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Speaker 4: Definitely in a place like this.

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Speaker 2: Where your median home value is nine hundred thousand dollars,

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Speaker 2: that's median. That's not a three to two with a

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Speaker 2: white picket fence and a dog in the front yard

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Speaker 2: where you can raise your two point three kids. We've

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Speaker 2: gotten to the point where people are having fewer children

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Speaker 2: because they can't afford them. They are living in stacked housing, condos, apartments, townhouses,

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Speaker 2: multi family living because the idea of a single family

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Speaker 2: home seems like it's only available to the rich and famous,

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Speaker 2: and that used to be the American dream.

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Speaker 4: Now I understand we also have a space issue.

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Speaker 2: And I also understand because I look in fairness, I

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Speaker 2: live in multi family housing and there is certain convenience

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Speaker 2: to it. I can take off, I don't have to

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Speaker 2: worry about somebody mowing my lawn. Right, I get it,

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Speaker 2: there's good reason for it. The idea is that I

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Speaker 2: live in multi family housing because I want to, not

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Speaker 2: because it's the only thing I can afford. And then

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Speaker 2: we're surprised when we see politicians come by and say

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Speaker 2: the rent is too damn high and we ought to

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Speaker 2: do something about it.

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Speaker 4: Instead of saying to.

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Speaker 2: Our person with the talkback, we need to try to

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Speaker 2: sell to the Chinese investors for as much as we

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Speaker 2: possibly can.

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Speaker 4: How is that beneficial?

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Speaker 2: So this is one of those situations where what might

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Speaker 2: be good for one person is not necessarily good for everyone.

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Speaker 4: And unless we take a long term view, we're.

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Speaker 2: Gonna continue to be stuck in this position, and then

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Speaker 2: you're gonna have more and more politicians that come out

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Speaker 2: and say it's too damn and then those politicians get elected,

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Speaker 2: and then you see basically a coup. That's when you

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Speaker 2: see people that say, we have to turn to a

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Speaker 2: more communist viewpoint or a more socialist viewpoint, and we'll

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Speaker 2: have no one to blame about ourselves. That's the truth. Well,

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Speaker 2: have no one to blame about ourselves. And we've seen

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Speaker 2: this play out in history before. Revolutions come because of

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Speaker 2: affordability issues, and as long as we continue to have

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Speaker 2: affordability issues, we're going to have more and more people

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Speaker 2: stepping up and saying I can't keep voting for the

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Speaker 2: people that keep me poor. And at some point we're

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Speaker 2: gonna stop. This is not a left right thing, because

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Speaker 2: the politicians on both sides are doing this, the Shenanigans. Okay,

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Speaker 2: so don't think that I'm out here screaming about one

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Speaker 2: side or the other. But at some point there's gonna

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Speaker 2: be a revolution unless we get these sorts of things

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Speaker 2: under control. Now, you'd be forgiven for thinking that gen

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Speaker 2: Z is broke because they're always whined about it. They rant,

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Speaker 2: they wait, but maybe, just maybe gen Z has figured

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Speaker 2: out way sooner than the rest of us ever did

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Speaker 2: the best way to go about using their money find

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Speaker 2: out what the Zoomers might be onto it's next time,

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Speaker 2: Chris Meryl.

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Speaker 1: You're listening to KFI AM six forty on demand.

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Speaker 2: I just love when you guys give us talkbacks too,

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Speaker 2: because you always say things on the talkbacks.

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Speaker 4: It made me think.

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Speaker 2: You say things that give us pause, you say things

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Speaker 2: that spark a new conversation. You always add to the program.

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Speaker 2: Whenever you pull up the app and you hit that

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Speaker 2: talkback button and you send us a message, you always

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Speaker 2: say something that I I don't think.

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Speaker 4: I don't think the show would be what it is

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Speaker 4: without that. Mister Merrow, it's so good to hear your

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Speaker 4: voice on Sunday. You're kind of like church man. I'm

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Speaker 4: gonna smoke a nice little spliff chill and you always

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Speaker 4: relax me. Thank you. You make a for a better

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Speaker 4: less trending this week.

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Speaker 2: Yeah, like I said, yeah, basically basically always adding. We

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Speaker 2: asked the question about the housing market. If the housing

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Speaker 2: market crashes, where would you buy.

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Speaker 4: Your dream home?

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Speaker 2: But then we talked about how one economist says, oh,

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Speaker 2: look out the housing market. We're gonna have a price correction.

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Speaker 2: It's gonna be one worse than two thousand and eight.

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Speaker 2: Prices are going to drop by half in just months.

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Speaker 2: It's going to be pandemonium, cats and dogs lying together.

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Speaker 4: It's going to be absolute disaster. A few of you

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Speaker 4: at thoughts, Chris. This is Dan. Hey, Dan.

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Speaker 10: I'll tell you what I did. In two thousand and two.

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Speaker 10: I sold my house. I sat in an apartment after

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Speaker 10: that and watched it go up by two hundred and

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Speaker 10: then two thousand and six the market crashed. Yeah, and

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Speaker 10: so I bought that house back again. Oh with the

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Speaker 10: money that I saved living in an apartment. Well, it's

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Speaker 10: called shorting the housing market.

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Speaker 4: Yeah, man, I hear you, I hear you. I did

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Speaker 4: it wrong. I sold a house.

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Speaker 2: My wife and I were, we left Phoenix, we were

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Speaker 2: living in Phoenix, and then, you know, I say this.

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Speaker 2: I've said this before. I've been fired from some of

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Speaker 2: the greatest radio stations in America, and because I'm a

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Speaker 2: middle aged white guy, I keep falling up. So here

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Speaker 2: i am market number two, biggest talk radio station in

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Speaker 2: the country.

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Speaker 4: Yeah, it's amazing how that works. Kellie.

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Speaker 2: You should try being a middle aged white guy. It

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Speaker 2: really has some benefits.

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Speaker 4: Have you thought about that?

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Speaker 11: You know, No, it's not really anything that I aspire

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Speaker 11: to be met out. I'm dating one, so I think

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Speaker 11: I get the benefits with somebody else without having to

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Speaker 11: actually be that, because that's all I get.

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Speaker 4: That I am. Okay, So you don't have bowlding or

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Speaker 4: a rectile dysfunction, good for you.

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Speaker 7: I have rhythm and yeah, yeah, things like that.

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Speaker 4: Okay, so you basically figured it out.

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Speaker 7: I think.

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Speaker 4: So that's good. That's smart.

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Speaker 2: Got my wife and I sold the house for about

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Speaker 2: it for three hundred thousand. We were in we were

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Speaker 2: in Phoenix. I bought it for three hundred thousand in

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Speaker 2: UH twenty fifteen, did some improvements. I had to fix

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Speaker 2: the foundation. That was a twenty five thousand dollars bill,

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Speaker 2: and then we sold it in twenty twenty. J Ruary

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Speaker 2: twenty twenty, we sold it for three eighty five and

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Speaker 2: we didn't after I put it a new air conditioner,

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Speaker 2: water heater, after you paid the realtor fees and all

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Speaker 2: that other stuff, we really didn't make any money on it.

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Speaker 2: I mean, we paid it off, but I think we

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Speaker 2: cleared something like fifteen grand or something.

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Speaker 4: It wasn't that much, okay, but.

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Speaker 2: We were like, all right, you know we made it

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Speaker 2: went up eighty five thousand dollars in five years.

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Speaker 4: It's not bad.

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Speaker 2: That house just sold last year for seven hundred and

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Speaker 2: twenty seven thousand dollars. Five more years, it would have

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Speaker 2: doubled in price. No, did I short the housing market. No,

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Speaker 2: I'm like the guy that bought this fella's apartment in

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Speaker 2: two thousand and two and then had to sell it

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Speaker 2: back to him in two thousand and six for less

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Speaker 2: than I paid.

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Speaker 4: But that's me. I'm the goober. It's me.

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Speaker 12: The American dream will always be alive. And well, you

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Speaker 12: just marry it. Oh, if you marry it, then you

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Speaker 12: have to pay for house, the cars, the furniture. You

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Speaker 12: don't have to work. You go out and marry it.

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Speaker 12: And there are still opportunities to go out for a

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Speaker 12: woman and married that American dream.

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Speaker 4: Cayla, she sounds like she sounds like she's got like

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Speaker 4: you're planning going on there.

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Speaker 7: You know I wasn't. I kind of like her.

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Speaker 11: I think she makes a lot of sense, and I

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Speaker 11: thought we would be friends in the real World's.

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Speaker 4: Great, right, Yeah, that's pretty smart. Yeah, that's the way

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Speaker 4: to go.

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Speaker 2: Wow, that's another one. I goofed up married a divorced

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Speaker 2: woman with three kids.

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Speaker 7: Doesn't she make a lot of money?

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Speaker 4: Yeah?

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Speaker 7: Doesn't. Isn't she like the bride winner because you work

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Speaker 7: in radio?

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Speaker 4: Yeah?

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Speaker 7: Okay, so you're right.

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Speaker 2: I mean, imagine where she would be if she didn't

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Speaker 2: have a divorce, three kids and me to drag her down.

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Speaker 7: Oh man, she would be queen of the world.

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Speaker 2: People would be like, are you a middle aged white

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Speaker 2: guy really doing something great?

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Speaker 4: Man? Did I luck out? Man? Did I look out? Meanwhile?

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Speaker 2: Gen Z may have figured this out way ahead of us.

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Speaker 2: Fox Business was talking about their obsession with renting everything.

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Speaker 13: A generational shift is underway, and it's moving away from ownership.

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Speaker 13: Gen Z is now renting just about everything, clothes, strollers,

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Speaker 13: even glassware.

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Speaker 2: I understand renting strollers. That makes sense to me, kind

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Speaker 2: of like renting a wedding dress. Never understood why women

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Speaker 2: bought wedding dresses. Oh it's my wedding dress, so beautiful.

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Speaker 2: I'm gonna wear it once, put it in a box.

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Speaker 2: Then in thirty years I'm gonna take it into it.

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Speaker 2: My sister's closet and try to get thirty bucks for it.

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Speaker 4: They won't give it to you because it's an old style.

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Speaker 4: This is true. I had an old wedding dress. I

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Speaker 4: had to take it was my ant old wedding dress.

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Speaker 2: She's like, oh, see if you can take it down

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Speaker 2: to my sister's closet and get something for it. And

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Speaker 2: they did, and they were like, no, that's an old style.

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Speaker 2: Nobody wants that crap. We wouldn't give us anything for it.

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Speaker 2: Like this is a five thousand dollars.

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Speaker 7: Dressing to get a timeless one?

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Speaker 4: Oh is that a thing? Yeah?

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Speaker 13: Okay, and it could end up reshaping the American economy.

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Speaker 13: What used to be considered a fine anchel red flag

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Speaker 13: is suddenly a flex. I think flex means like you're

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Speaker 13: cool or something. I don't know that, but okay.

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Speaker 2: Nothing sounds older than when you try to explain terminology

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Speaker 2: that isn't even fresh. Flex is not a fresh word, dude.

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Speaker 2: Flex has been around for a while. Oh flex?

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Speaker 4: What are these weird kids saying nowadays?

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Speaker 8: Oh?

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Speaker 4: It's like, uh, like I said that was rad. I

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Speaker 4: think that means good or something. I'm not sure.

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Speaker 14: Uh, rock so rent renting glass?

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Speaker 10: Oh?

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Speaker 4: I love that the co host called him out.

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Speaker 13: Flex means like you're cool or something. I don't know that,

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Speaker 13: but okay, so Red yes.

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Speaker 4: Boomer.

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Speaker 13: Renting glasses.

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Speaker 4: Okay, on the final I'll come to you first.

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Speaker 10: Then.

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Speaker 13: I kind of like the idea of renting stuff.

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Speaker 4: You know me, I like used things.

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Speaker 2: Did this old man just say it's a red flag?

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Speaker 2: And now he's like, I kind of like the idea.

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Speaker 4: God is terrible.

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Speaker 2: Pick a lane pal Okay, I'm not even gonna use

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Speaker 2: that audio anymore because they're just terrible.

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Speaker 4: That's miserable.

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Speaker 2: I just I think this is red I kind of

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Speaker 2: like it. God, how do these people get hosting jobs?

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Speaker 2: Honest to god, you ever see somebody, you see somebody good,

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Speaker 2: some local newsperson that ends up getting canned, and then you.

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Speaker 4: See that crap. Oh drives me nuts anyway.

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Speaker 2: According to Business Insider, gen Z is embracing the rental

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Speaker 2: platforms for things like clothing, strollers, and other lifestyle goods,

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Speaker 2: driven by what they're calling values of sustainability, flexibility, social

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Speaker 2: media ready consumption. So they rent it for a period

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Speaker 2: of time, they do their their video posts, and then

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Speaker 2: they take it back. Well, I think if you look

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Speaker 2: at if you look at life like a business. I'm

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Speaker 2: gonna get a little deep here. If you look at

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Speaker 2: life like a business, that makes perfect sense. Ultimately, everything

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Speaker 2: we do is rented. Everything in life is a rental

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Speaker 2: because you can't take it with you. And I try

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Speaker 2: to teach this to my kids. They go, oh, I

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Speaker 2: got a good deal on this car. I go, that's great.

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Speaker 2: But then they turn around they sell it two years later. Look,

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Speaker 2: I've made that mistake by the way I've turned cars over.

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Speaker 2: I get bored with a car and I buy a

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Speaker 2: new car, and then you know, but I've recently grown up,

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Speaker 2: and so I try to instill upon them, which never

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Speaker 2: sink into my own brain until I had a certain age.

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Speaker 4: But I try to instill upon them.

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Speaker 2: The longer you own something, the less you're paying to

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Speaker 2: rent it for the period of time that you have it.

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Speaker 2: Think about this. You buy a car, right, the cars

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Speaker 2: I'm gonna use around numbers are easy. Buy a car

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Speaker 2: is fifty thousand dollars. If you have that car for

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Speaker 2: five years, that car costs you ten thousand dollars a year.

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Speaker 4: Right.

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Speaker 2: If you bought that car for fifty thousan dollars, you

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Speaker 2: keep it for ten years, it costs you five thousand

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Speaker 2: dollars a year. And not only that, but you're not

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Speaker 2: paying for the next car, which inevitably you're gonna pay

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Speaker 2: sixty thousand dollars for, and keep that for five years

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Speaker 2: cost you twelve thousand dollars a year. In other words,

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Speaker 2: the longer you hang on to something, the less expensive

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Speaker 2: the initial investment is broken down if you look at

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Speaker 2: everything like a rental, and when it comes to houses,

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Speaker 2: you buy a house, you pay seven hundred thousand dollars

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Speaker 2: for a house. Right if you hold onto that house

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Speaker 2: for seven years cost you a hundred thousand dollars a year.

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Speaker 2: Hold on to it for fourteen years cost you fifty

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Speaker 2: thousand dollars, Hold on to it for twenty eight years

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Speaker 2: cost you twenty five.

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Speaker 4: You get the point, Right, cost you a lesson the

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Speaker 4: longer you own it, the less it costs you per year.

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Speaker 2: The less it costs you to rent that item in

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Speaker 2: your life, because you can't take.

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Speaker 4: It with you.

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Speaker 2: Even the Egyptians thought you could take it with and

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Speaker 2: they just threw it in. They throw it in the pyramids,

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Speaker 2: and then it's here two thousand years later, and it

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Speaker 2: doesn't matter. It's not looking you take it with you

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Speaker 2: to the afterlife. The best you could hope for us

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Speaker 2: to pass it on to somebody a house. You can

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Speaker 2: pass that on as an inheritance, and maybe they hang

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Speaker 2: on to it a little bit longer. But ultimately everything

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00:19:05,040 --> 00:19:08,640
Speaker 2: in life is a rental. The key is to try

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Speaker 2: to get the lowest price on that rental possible. Or

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Speaker 2: if you're renting something and you look at life like

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Speaker 2: a business. In the case of the gen zs, they

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Speaker 2: may be renting clothing so that they can cut a

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Speaker 2: video so that they can do whatever their influencer lifestyle

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Speaker 2: is bringing about. And if that's the case, then they

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Speaker 2: rent it for a few days rather than buying it.

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Speaker 2: And while the rental price may be I don't know,

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Speaker 2: one hundred dollars to rent it, if you're not paying

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Speaker 2: five hundred dollars to buy it, you're saving four hundred

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Speaker 2: bucks because you weren't gonna wear it again anyway, and

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Speaker 2: then you're making money on it as well.

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Speaker 4: See, but if you're gonna buy it, excuse me.

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Speaker 2: If you're gonna buy it for five hundred dollars but

400
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Speaker 2: you're gonna wear it ten times, that's less expensive than

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Speaker 2: renting it ten times.

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Speaker 4: Okay, So everything is a.

403
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Speaker 2: Value proposition, and it would seem that gen Z is

404
00:19:54,840 --> 00:19:57,040
Speaker 2: starting to figure that out. And for many of them,

405
00:19:57,080 --> 00:19:58,600
Speaker 2: they're saying, you know what, I'm not even gonna own

406
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Speaker 2: a home. I'm gonna rent a home, and I'm gonna

407
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Speaker 2: turn that money that I would be using on a

408
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Speaker 2: home and I'm gonna put it in the stock market.

409
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Speaker 2: I'm gonna get eight to ten percent returns on it

410
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Speaker 2: rather than trying to get a three percent return out

411
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Speaker 2: of house that I that I bought. That's the way

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Speaker 2: they're looking at it. I don't blame them for doing it.

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Speaker 2: It's obviously a bit more complicated than that, but that's

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Speaker 2: the gist. Meanwhile, for the rest of us, get that

415
00:20:23,280 --> 00:20:26,200
Speaker 2: paycheck on Friday, how much of it is left on Monday,

416
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Speaker 2: you'll find out.

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Speaker 4: You'll find out what that is for most of us.

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Speaker 2: And if you're alone, or rather you're not alone, you'll

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Speaker 2: find out that you're just calle. You do the teas

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Speaker 2: next time, just you're not alone, your paycheck Monday, whatever

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Speaker 2: it's next.

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Speaker 1: Chris Merril, you're listening to KFI AM six forty on demand.

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Speaker 2: As one economist that says the housing market is gonna crash.

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Speaker 2: It's gonna be worse than two thousand and eight. Once

425
00:20:53,400 --> 00:20:55,480
Speaker 2: you feel like me, you're like, good, now I'm gonna

426
00:20:55,480 --> 00:20:58,560
Speaker 2: be able to afford a home. So the housing market crashes,

427
00:20:58,680 --> 00:21:02,600
Speaker 2: where are you buying your drink home? You know what

428
00:21:02,640 --> 00:21:05,080
Speaker 2: I just watched? This relates by the way. You know

429
00:21:05,080 --> 00:21:07,639
Speaker 2: what I just watched. I watched The Chief of War

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00:21:08,400 --> 00:21:12,760
Speaker 2: on Amazon No excuse me, Apple, and I think it

431
00:21:12,760 --> 00:21:13,159
Speaker 2: was Apple.

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Speaker 4: This is Jason Momoa show. Have you seen that, Kayla?

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Speaker 7: I have not, but you have me at Jason Momoa.

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00:21:20,040 --> 00:21:23,080
Speaker 2: Yeah, it's it's pretty good. I mean it's a little

435
00:21:24,560 --> 00:21:26,199
Speaker 2: this is gonna sound bad, and I don't mean for

436
00:21:26,200 --> 00:21:29,800
Speaker 2: it bad. It's a little slow moving, but it's one

437
00:21:29,840 --> 00:21:33,840
Speaker 2: of those shows that's it moves slow, but it's okay. Right,

438
00:21:33,880 --> 00:21:35,840
Speaker 2: there's a few of these that, like mad Men was

439
00:21:35,880 --> 00:21:38,800
Speaker 2: slow moving, but it was good. Like I was. I

440
00:21:38,880 --> 00:21:41,160
Speaker 2: was focused on it. But it's one of those things

441
00:21:41,200 --> 00:21:44,680
Speaker 2: if you have add ADHD it might be tough, tough

442
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Speaker 2: for you to focus. But I thought, wow, this is

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Speaker 2: great and the shots of Hawaii are amazing, and I

444
00:21:50,760 --> 00:21:54,440
Speaker 2: was like, maybe Hawaii if the market crashes, it looks

445
00:21:54,480 --> 00:21:55,520
Speaker 2: like a nice place to be.

446
00:21:58,480 --> 00:21:59,240
Speaker 4: That's all I got.

447
00:21:59,720 --> 00:22:01,480
Speaker 2: So the housing market crashes, where are you buying your

448
00:22:01,520 --> 00:22:03,399
Speaker 2: dream home? If you're on the iHeartRadio app to shit

449
00:22:03,440 --> 00:22:05,560
Speaker 2: that talk back button, let us know. In the meantime,

450
00:22:05,640 --> 00:22:07,560
Speaker 2: you get your paycheck on Friday, how much of it

451
00:22:07,640 --> 00:22:13,120
Speaker 2: is left on Monday? Well, if you're like most Americans,

452
00:22:13,600 --> 00:22:16,680
Speaker 2: about half of it is left by Monday. We are

453
00:22:16,720 --> 00:22:20,639
Speaker 2: burning through paychecks about as quick as possible. According to

454
00:22:21,160 --> 00:22:23,639
Speaker 2: something on the YouTube called your Tango.

455
00:22:23,400 --> 00:22:25,480
Speaker 9: Do you ever feel like your paycheck lasts about five

456
00:22:25,520 --> 00:22:27,160
Speaker 9: minutes before it's completely gone?

457
00:22:27,240 --> 00:22:28,679
Speaker 4: Well, if so, you're not alone.

458
00:22:28,720 --> 00:22:31,400
Speaker 9: A recent study of US workers found we spend almost

459
00:22:31,440 --> 00:22:33,960
Speaker 9: all of our paycheck within forty eight hours of it

460
00:22:34,080 --> 00:22:37,119
Speaker 9: hitting our accounts. Wow, and more than a third of

461
00:22:37,160 --> 00:22:39,000
Speaker 9: it has gone in the first twelve hours.

462
00:22:39,960 --> 00:22:42,200
Speaker 4: That's impressive. That's a lot of door dash.

463
00:22:42,320 --> 00:22:44,439
Speaker 9: A study found that more than half gets spent on

464
00:22:44,560 --> 00:22:47,160
Speaker 9: rent and groceries right out the gate, followed by bills

465
00:22:47,240 --> 00:22:49,919
Speaker 9: due within the next week, rent or mortgage and credit

466
00:22:49,960 --> 00:22:52,359
Speaker 9: card bills. Study found that more than half gets spent

467
00:22:52,440 --> 00:22:55,240
Speaker 9: on basics and groceries as the first priority. And after

468
00:22:55,240 --> 00:22:58,280
Speaker 9: those first forty eight hours, you're stretching whatever's left until

469
00:22:58,280 --> 00:22:59,160
Speaker 9: the next pay period.

470
00:22:59,400 --> 00:23:02,440
Speaker 2: Boy, that is so true, which is why what is

471
00:23:02,480 --> 00:23:07,960
Speaker 2: it half the country is living paycheck to paycheck only half? Yeah,

472
00:23:08,000 --> 00:23:12,480
Speaker 2: I mean, yeah, that isn't that wild? And boy, I've

473
00:23:12,480 --> 00:23:14,159
Speaker 2: been there. I've been like, Okay, I got half my

474
00:23:14,200 --> 00:23:17,040
Speaker 2: paycheck left. I sure would like to enjoy my life

475
00:23:17,080 --> 00:23:18,639
Speaker 2: at some point, but I have to be sure I

476
00:23:18,640 --> 00:23:22,399
Speaker 2: have enough money come next Tuesday to be able to

477
00:23:22,400 --> 00:23:24,600
Speaker 2: put gas in my tank in case I run out,

478
00:23:26,280 --> 00:23:28,240
Speaker 2: which is why we all we all get paid on Friday,

479
00:23:28,240 --> 00:23:29,879
Speaker 2: and then we go out Friday night. Right, It's like,

480
00:23:30,000 --> 00:23:31,680
Speaker 2: because I have a little bit of cash, and while

481
00:23:31,720 --> 00:23:34,040
Speaker 2: I got some scratch and I'm not stressing about money

482
00:23:34,080 --> 00:23:35,600
Speaker 2: right now, I'm going to go enjoy my life.

483
00:23:36,080 --> 00:23:38,600
Speaker 4: But then we go spend it, and then we're worried

484
00:23:38,640 --> 00:23:39,879
Speaker 4: about our money for the next two weeks.

485
00:23:39,920 --> 00:23:42,040
Speaker 9: And while it may sound like this is just bad money,

486
00:23:42,080 --> 00:23:44,440
Speaker 9: management of due dates have a lot to do with this.

487
00:23:44,560 --> 00:23:46,879
Speaker 9: About a third of respondent said all of their bills

488
00:23:46,920 --> 00:23:48,840
Speaker 9: are due right in the first week of the month.

489
00:23:50,000 --> 00:23:50,760
Speaker 4: Yeah, that's true.

490
00:23:51,880 --> 00:23:55,080
Speaker 2: Yeah, unless you can get Unless you can like there's

491
00:23:55,080 --> 00:23:58,240
Speaker 2: some credit card companies will let you pick your your date.

492
00:23:59,520 --> 00:24:00,280
Speaker 4: Some of their lenders.

493
00:24:00,359 --> 00:24:02,880
Speaker 2: Ull less, you choose your date, and if you even

494
00:24:02,920 --> 00:24:04,439
Speaker 2: do that, you know you may be able to kind

495
00:24:04,480 --> 00:24:06,000
Speaker 2: of play the system a little bit so that you're

496
00:24:06,000 --> 00:24:09,000
Speaker 2: not boning yourself at the beginning of the month.

497
00:24:09,160 --> 00:24:11,840
Speaker 9: And many are also regularly playing catch up from the

498
00:24:11,880 --> 00:24:12,640
Speaker 9: previous months.

499
00:24:12,880 --> 00:24:14,480
Speaker 4: Yeah, that's totally true. That's how mine.

500
00:24:14,560 --> 00:24:17,320
Speaker 2: I've got let's see, I got rent due, I've got

501
00:24:17,960 --> 00:24:21,879
Speaker 2: utilities are due, I've got car payment due all the

502
00:24:21,920 --> 00:24:22,400
Speaker 2: first like.

503
00:24:22,400 --> 00:24:24,480
Speaker 4: Week of the of the of the month.

504
00:24:26,840 --> 00:24:29,159
Speaker 2: Yeah, and then you like the whole rest of the month, like,

505
00:24:29,160 --> 00:24:30,720
Speaker 2: I got to make sure I have enough to start

506
00:24:30,800 --> 00:24:34,120
Speaker 2: next month. And is there anything better than those months?

507
00:24:34,240 --> 00:24:36,000
Speaker 2: You get three paychecks? You know what I to talk about?

508
00:24:36,040 --> 00:24:38,560
Speaker 2: If you get paid every other week twice a year,

509
00:24:38,600 --> 00:24:42,200
Speaker 2: you get three paychecks yeah, yeah in one month, and.

510
00:24:42,119 --> 00:24:44,000
Speaker 4: You're like, oh, I am rolling in it.

511
00:24:46,200 --> 00:24:48,000
Speaker 9: And while more than one and four said they were

512
00:24:48,000 --> 00:24:50,080
Speaker 9: still able to save a little bit from most of

513
00:24:50,119 --> 00:24:52,520
Speaker 9: their paycheck, most people just don't have enough. So what

514
00:24:52,560 --> 00:24:54,160
Speaker 9: can you do if you're in this situation?

515
00:24:54,280 --> 00:24:55,560
Speaker 4: Well, sell a kidney.

516
00:24:55,760 --> 00:24:57,800
Speaker 9: Getting paid more often would help a lot, but for

517
00:24:57,840 --> 00:24:59,399
Speaker 9: most of us, we're not in charge of that. But

518
00:24:59,480 --> 00:25:01,560
Speaker 9: you can move all of those due dates toward the

519
00:25:01,600 --> 00:25:03,080
Speaker 9: middle or end of the month. Oh, I just though

520
00:25:03,119 --> 00:25:05,920
Speaker 9: I personally do pretty much everything besides my rent comes

521
00:25:05,920 --> 00:25:07,200
Speaker 9: out of the second paycheck.

522
00:25:07,280 --> 00:25:09,000
Speaker 4: Yeah, but you're also a YouTuber, so how much can

523
00:25:09,000 --> 00:25:10,359
Speaker 4: you really make? Not the first?

524
00:25:10,359 --> 00:25:12,439
Speaker 9: We just leave her alone for Daddy Landlord. You can

525
00:25:12,480 --> 00:25:15,040
Speaker 9: also set up automatic transfers to savings so that it

526
00:25:15,080 --> 00:25:17,840
Speaker 9: gets put there before everything gets eaten up with bills.

527
00:25:17,880 --> 00:25:20,440
Speaker 9: Even just a tiny amount like five dollars a paycheck

528
00:25:20,520 --> 00:25:21,480
Speaker 9: adds up over time.

529
00:25:23,560 --> 00:25:27,480
Speaker 4: Okay, not really, five dollars a paycheck.

530
00:25:29,160 --> 00:25:31,400
Speaker 7: Hang on, takes a long time.

531
00:25:31,440 --> 00:25:33,000
Speaker 4: Take a long time.

532
00:25:34,080 --> 00:25:35,760
Speaker 2: It's like one hundred and thirty If you get paid

533
00:25:35,760 --> 00:25:38,720
Speaker 2: twenty six pay periods, you know, every two weeks throughout

534
00:25:38,720 --> 00:25:40,480
Speaker 2: the year, it's twenty six paychecks.

535
00:25:41,119 --> 00:25:43,520
Speaker 4: Yeah, five dollars, five dollars a pay period.

536
00:25:43,560 --> 00:25:46,119
Speaker 2: Okay, come Christmas, you're gonna have one hundred and thirty

537
00:25:46,119 --> 00:25:46,959
Speaker 2: dollars to spend.

538
00:25:47,119 --> 00:25:47,280
Speaker 6: Well.

539
00:25:47,320 --> 00:25:50,119
Speaker 9: You also split your bills across your paychecks, half of

540
00:25:50,160 --> 00:25:52,520
Speaker 9: it from the first paycheck, the second half from the second.

541
00:25:52,560 --> 00:25:54,919
Speaker 9: Timing your cash to the calendar can help cushion the

542
00:25:54,920 --> 00:25:56,800
Speaker 9: blow a bit and at least make it feel like

543
00:25:56,880 --> 00:25:58,760
Speaker 9: your paycheck lasts a little bit longer.

544
00:25:58,920 --> 00:26:06,120
Speaker 2: Yeah, you know, I hate to say this. I think

545
00:26:06,160 --> 00:26:11,399
Speaker 2: my parents were right. My parents said something when I

546
00:26:11,440 --> 00:26:13,200
Speaker 2: was young, and I always thought they.

547
00:26:13,080 --> 00:26:18,440
Speaker 4: Needed to shut up. Dad. He said, you should live

548
00:26:18,520 --> 00:26:26,720
Speaker 4: within your means, spend less than you make ka boomer. God,

549
00:26:26,760 --> 00:26:30,040
Speaker 4: he might have been right. Oh, he might have been

550
00:26:30,080 --> 00:26:30,560
Speaker 4: so right.

551
00:26:32,800 --> 00:26:34,639
Speaker 2: Only about twenty eight percent of us say that we

552
00:26:34,640 --> 00:26:36,960
Speaker 2: put money into savings right away. Half the paycheck has

553
00:26:37,000 --> 00:26:39,320
Speaker 2: gone so fast, so we feel like I can't save anything.

554
00:26:39,359 --> 00:26:41,520
Speaker 4: I gotta put away. This is one of the lessons

555
00:26:41,560 --> 00:26:42,480
Speaker 4: I try to teach my kids.

556
00:26:42,480 --> 00:26:44,040
Speaker 2: When all of a sudden, I found myself turning into

557
00:26:44,119 --> 00:26:46,639
Speaker 2: my father and I said, look, if you can do

558
00:26:46,680 --> 00:26:50,199
Speaker 2: one hundred dollars a paycheck into a four oh one

559
00:26:50,280 --> 00:26:51,760
Speaker 2: k a retirement of some sort.

560
00:26:52,600 --> 00:26:54,200
Speaker 4: And I was showing I'll never forget this. I was

561
00:26:54,240 --> 00:26:54,840
Speaker 4: showing my son.

562
00:26:54,920 --> 00:26:58,159
Speaker 2: We went out to eat it Red Robin Man Robin,

563
00:26:58,920 --> 00:27:00,760
Speaker 2: and I was trying to explained to him.

564
00:27:00,760 --> 00:27:02,720
Speaker 4: Think he was about twenty three, twenty four years.

565
00:27:02,600 --> 00:27:07,160
Speaker 2: Old, and I said, I pulled out a retirement calculator.

566
00:27:07,200 --> 00:27:09,080
Speaker 2: I go, look, look, if you could save two hundred

567
00:27:09,119 --> 00:27:13,560
Speaker 2: dollars a month, that's it from now until you retire,

568
00:27:14,040 --> 00:27:16,760
Speaker 2: you'll retire a millionaire a two hundred dollars a month,

569
00:27:17,480 --> 00:27:17,800
Speaker 2: and his.

570
00:27:17,800 --> 00:27:19,959
Speaker 4: Mind was blown. I could have a million dollars at

571
00:27:19,960 --> 00:27:20,679
Speaker 4: two hundred.

572
00:27:20,400 --> 00:27:23,480
Speaker 2: Dollars a month, And in my mind, I'm thinking, yeah,

573
00:27:23,480 --> 00:27:25,000
Speaker 2: but by the time you're twenty seven, you're gonna be

574
00:27:25,000 --> 00:27:26,720
Speaker 2: saving three hundred dollars a month. By the time you're thirty,

575
00:27:26,720 --> 00:27:28,240
Speaker 2: you're gonna be saving five hundred dollars a month by

576
00:27:28,280 --> 00:27:28,600
Speaker 2: the time.

577
00:27:28,520 --> 00:27:29,160
Speaker 4: You're you know what I mean.

578
00:27:29,359 --> 00:27:30,840
Speaker 2: In my mind, I'm thinking that number is gonna go up,

579
00:27:30,840 --> 00:27:31,919
Speaker 2: and it's gonna go up, but it's gonna go up

580
00:27:31,920 --> 00:27:33,480
Speaker 2: because you're gonna make more money and you're gonna set

581
00:27:33,480 --> 00:27:35,639
Speaker 2: more aside. But yes, if you just save two hundred

582
00:27:35,640 --> 00:27:37,440
Speaker 2: dollars a month starting in your early twenties, you're gonna

583
00:27:37,440 --> 00:27:39,040
Speaker 2: be a millionaire by the time you retire, based on

584
00:27:39,080 --> 00:27:40,560
Speaker 2: average market market gains.

585
00:27:41,560 --> 00:27:44,400
Speaker 4: Did he do it? No, But to his credit, he did.

586
00:27:44,400 --> 00:27:46,199
Speaker 2: When he was about twenty six or twenty seven, he

587
00:27:46,200 --> 00:27:47,320
Speaker 2: started saving for retirement.

588
00:27:47,359 --> 00:27:48,400
Speaker 4: I was very happy about that.

589
00:27:49,760 --> 00:27:52,119
Speaker 2: He was like, I don't have any extra money to

590
00:27:52,200 --> 00:27:54,120
Speaker 2: be able to set aside.

591
00:27:54,359 --> 00:27:56,680
Speaker 4: I said, here's the thing, Yeah, you do.

592
00:27:57,520 --> 00:28:00,879
Speaker 2: You just don't realize it because you're spending and if

593
00:28:00,880 --> 00:28:03,960
Speaker 2: you don't have it to spend, then you figure out

594
00:28:03,960 --> 00:28:06,679
Speaker 2: a way. If you're setting it aside, then you figure

595
00:28:06,680 --> 00:28:08,480
Speaker 2: out a way to get by without that money. But

596
00:28:08,520 --> 00:28:10,640
Speaker 2: the fact that you're spending it right now, you think

597
00:28:10,680 --> 00:28:13,720
Speaker 2: I can't cut back any further. But you can't. And

598
00:28:13,800 --> 00:28:15,760
Speaker 2: unless you're at the point where every dollar is taken

599
00:28:15,760 --> 00:28:18,560
Speaker 2: by your rent and your utilities, yeah you can. You

600
00:28:18,680 --> 00:28:23,800
Speaker 2: just have to figure out what you're gonna sacrifice. Meanwhile,

601
00:28:23,840 --> 00:28:26,240
Speaker 2: we've got a new, big, beautiful bill that is saving

602
00:28:26,320 --> 00:28:29,680
Speaker 2: a lot of people a ton of money right because

603
00:28:29,720 --> 00:28:32,160
Speaker 2: we're not taxing tips. So imagine you open your phone

604
00:28:32,200 --> 00:28:33,879
Speaker 2: and you send somebody a few bucks for doing.

605
00:28:33,760 --> 00:28:37,359
Speaker 4: Something you really liked, and you're thinking that that is

606
00:28:37,400 --> 00:28:41,080
Speaker 4: a tip, that is that is tax free.

607
00:28:41,160 --> 00:28:43,560
Speaker 2: But now the government wants to tell you you're a

608
00:28:43,600 --> 00:28:46,760
Speaker 2: dirty old man, and they might be right, and it

609
00:28:46,800 --> 00:28:47,959
Speaker 2: might cost you to come tax time.

610
00:28:47,960 --> 00:28:48,840
Speaker 4: You're gonna find out why.

611
00:28:48,840 --> 00:28:53,600
Speaker 1: Next Chris Meryl, you're listening to KFI AM six forty

612
00:28:53,880 --> 00:28:54,520
Speaker 1: on demand.

613
00:28:59,320 --> 00:29:03,160
Speaker 2: One Economy, probably looking for clickbait, says the housing market

614
00:29:03,240 --> 00:29:05,920
Speaker 2: is due for a crash or a reset or a correction,

615
00:29:06,000 --> 00:29:08,400
Speaker 2: whatever you want to call it. They say that it's

616
00:29:08,440 --> 00:29:11,000
Speaker 2: going to make twenty eight, two thousand and eight. Excuse me,

617
00:29:11,080 --> 00:29:14,400
Speaker 2: look tame, oh baby, look out.

618
00:29:14,680 --> 00:29:16,360
Speaker 4: So we asked, if that happens, where are you buying

619
00:29:16,400 --> 00:29:20,560
Speaker 4: your dream home? Hey, Chris Merrin, Yay, I like when

620
00:29:20,600 --> 00:29:22,280
Speaker 4: you come on, thanks man.

621
00:29:22,320 --> 00:29:25,440
Speaker 12: Anyway, it's probably.

622
00:29:26,600 --> 00:29:30,240
Speaker 2: More of a chance of the Big Earth by hitting us.

623
00:29:30,640 --> 00:29:33,920
Speaker 9: Oh, making the prices at least cut in half like

624
00:29:34,000 --> 00:29:35,560
Speaker 9: they did in ninety seven.

625
00:29:35,480 --> 00:29:38,840
Speaker 4: Or ninety four. Oh yeah, yeah, I guess, yeah, cuts.

626
00:29:38,680 --> 00:29:39,480
Speaker 15: Prices in half.

627
00:29:39,520 --> 00:29:43,240
Speaker 4: That's how I got into my house. Okay, good night,

628
00:29:43,440 --> 00:29:47,160
Speaker 4: all right, thanks man. So are we praying for an earthquake?

629
00:29:47,200 --> 00:29:47,400
Speaker 5: Man?

630
00:29:48,960 --> 00:29:51,080
Speaker 2: And then when I asked the question, if the housing

631
00:29:51,120 --> 00:29:53,600
Speaker 2: market crashes, where are you buying your dream home? Your

632
00:29:53,680 --> 00:29:59,360
Speaker 2: dream home is not a fault Okay, I mean every

633
00:29:59,400 --> 00:30:01,840
Speaker 2: day's an advent. Sure, I suppose when you do that,

634
00:30:01,840 --> 00:30:02,400
Speaker 2: that's cool.

635
00:30:02,560 --> 00:30:03,280
Speaker 4: I'm down with it.

636
00:30:03,760 --> 00:30:05,400
Speaker 2: If you're on the iHeart Radio, I put that talk

637
00:30:05,400 --> 00:30:07,200
Speaker 2: back button. That's how you get in the conversation. If

638
00:30:07,200 --> 00:30:09,680
Speaker 2: the housing market crashes, where are you buying your dream home?

639
00:30:11,040 --> 00:30:12,440
Speaker 2: Right right on the fault line.

640
00:30:12,520 --> 00:30:15,480
Speaker 15: Yeah, Chris Meryl, this doesn't add anything to your show

641
00:30:15,480 --> 00:30:17,840
Speaker 15: because your show's already great. But I just heard you

642
00:30:17,920 --> 00:30:21,720
Speaker 15: talking about property and owning and renting. But in the

643
00:30:21,840 --> 00:30:23,680
Speaker 15: eighties when I lived in California.

644
00:30:23,800 --> 00:30:27,640
Speaker 4: Yeah, huh, Kyler, she got cut off.

645
00:30:28,720 --> 00:30:30,280
Speaker 7: I don't think we're meant to know what happened in

646
00:30:30,280 --> 00:30:31,480
Speaker 7: the eighties in California.

647
00:30:32,640 --> 00:30:38,160
Speaker 4: She sounded hot though, Yeah, sure, and she said she

648
00:30:38,320 --> 00:30:40,000
Speaker 4: liked me. She said I was great.

649
00:30:40,520 --> 00:30:42,080
Speaker 11: Is that why she sounds hot because she said that

650
00:30:42,160 --> 00:30:44,040
Speaker 11: if she said the opposite, would she still sound hot?

651
00:30:44,200 --> 00:30:44,400
Speaker 4: No?

652
00:30:44,640 --> 00:30:50,360
Speaker 15: Okay, Chris Meryl, this doesn't add anything to your show

653
00:30:50,360 --> 00:30:51,600
Speaker 15: because your show's already great.

654
00:30:51,760 --> 00:30:53,240
Speaker 4: See that's all I need.

655
00:30:53,440 --> 00:30:59,440
Speaker 2: Yeah, it's tough, Okay, all right, all right, thank you,

656
00:30:59,440 --> 00:31:04,120
Speaker 2: hot lady, appreciate you. So you know, the big beautiful

657
00:31:04,120 --> 00:31:07,400
Speaker 2: bill pass right, and the Trump administration passed this whole

658
00:31:07,400 --> 00:31:10,800
Speaker 2: no tax on tips deduction, and this is turning into

659
00:31:10,880 --> 00:31:13,000
Speaker 2: a mess because the IRS now has to define what

660
00:31:13,040 --> 00:31:17,040
Speaker 2: counts as a tip, and they're trying to figure out

661
00:31:17,920 --> 00:31:18,360
Speaker 2: what is.

662
00:31:18,320 --> 00:31:25,840
Speaker 4: The tip and what is just the tip? Are you

663
00:31:25,840 --> 00:31:26,960
Speaker 4: picking up what I'm putting down?

664
00:31:28,000 --> 00:31:28,080
Speaker 2: No?

665
00:31:29,080 --> 00:31:33,840
Speaker 4: Okay, is that a tip? Or is that just the tip?

666
00:31:37,520 --> 00:31:39,040
Speaker 4: Are you picking up what I'm putting down down?

667
00:31:39,160 --> 00:31:41,840
Speaker 7: Nobody wants to pick it up. Nobody wants to do that.

668
00:31:42,080 --> 00:31:47,600
Speaker 4: So the rule on tips excludes pornographic activity.

669
00:31:48,240 --> 00:31:50,920
Speaker 2: So now sex workers, digital creators, and tax experts are

670
00:31:50,920 --> 00:31:54,080
Speaker 2: wondering that the policy is inviting discrimination and subjective audits.

671
00:31:54,600 --> 00:31:57,800
Speaker 2: Conservative groups pushing for the exclusion on just the tip,

672
00:31:57,840 --> 00:32:00,480
Speaker 2: and the IRS has no clear plan on how to

673
00:32:00,600 --> 00:32:01,080
Speaker 2: enforce it.

674
00:32:02,360 --> 00:32:05,000
Speaker 4: So basically, only fans workers are freaking out.

675
00:32:05,000 --> 00:32:11,000
Speaker 2: This is the only fans clause in the.

676
00:32:09,560 --> 00:32:13,400
Speaker 4: Bill because my understanding is.

677
00:32:15,160 --> 00:32:20,680
Speaker 2: OnlyFans workers basically put on a show and then ask

678
00:32:20,800 --> 00:32:21,320
Speaker 2: for tips.

679
00:32:22,160 --> 00:32:22,880
Speaker 4: Am I right on that.

680
00:32:22,920 --> 00:32:25,800
Speaker 7: Killer that they put on a show.

681
00:32:26,040 --> 00:32:31,840
Speaker 4: And that they get paid in tips? Ollie, how does

682
00:32:31,880 --> 00:32:34,520
Speaker 4: it work? No comment?

683
00:32:34,880 --> 00:32:37,760
Speaker 2: Good talk to enforce This is from something called the

684
00:32:37,840 --> 00:32:39,000
Speaker 2: Ryan Gorman Show.

685
00:32:39,080 --> 00:32:40,440
Speaker 4: A new tax rule.

686
00:32:41,080 --> 00:32:43,960
Speaker 14: IRS agents are now going to have to watch content

687
00:32:44,480 --> 00:32:46,520
Speaker 14: on platforms like OnlyFans.

688
00:32:46,960 --> 00:32:51,920
Speaker 2: Wait a minute, the IRS is paying people to watch OnlyFans.

689
00:32:53,000 --> 00:32:55,320
Speaker 14: The issue has to do with the no tax on

690
00:32:55,440 --> 00:33:00,280
Speaker 14: tips deduction in the One Big Beautiful Bill, which blocks

691
00:33:00,320 --> 00:33:04,000
Speaker 14: earned from prostitution or pornographic activity.

692
00:33:04,560 --> 00:33:05,360
Speaker 4: That's crap.

693
00:33:05,720 --> 00:33:11,200
Speaker 14: Now Congress didn't define what counts as pornographicah, so the

694
00:33:11,240 --> 00:33:13,760
Speaker 14: IRS has to figure it out.

695
00:33:14,480 --> 00:33:16,520
Speaker 4: Cale don't ever be that person who just goes.

696
00:33:16,480 --> 00:33:18,400
Speaker 7: Yeah, I thought that was Eileen for a moment.

697
00:33:18,440 --> 00:33:20,520
Speaker 11: I didn't know why she was so excited, but okay,

698
00:33:20,640 --> 00:33:21,840
Speaker 11: good to know that it wasn't. Yeah.

699
00:33:22,080 --> 00:33:24,920
Speaker 4: Yeah, Well she's adding a lot to that conversation.

700
00:33:24,920 --> 00:33:29,760
Speaker 14: On a case by case basis, so that, oh my gosh,

701
00:33:29,840 --> 00:33:33,880
Speaker 14: it means the agents and sometimes tax court judges are

702
00:33:34,000 --> 00:33:38,280
Speaker 14: literally going to review videos to decide if they crossed

703
00:33:38,320 --> 00:33:38,840
Speaker 14: the line.

704
00:33:39,000 --> 00:33:39,680
Speaker 7: Oh my god.

705
00:33:39,880 --> 00:33:42,120
Speaker 14: A tax expert says, it'll often come down to the

706
00:33:42,160 --> 00:33:46,080
Speaker 14: agent's own judgment. Sometimes, you know, it's clearly porn Sometimes

707
00:33:46,120 --> 00:33:49,200
Speaker 14: it's a little more debatable, And it's also apparently unclear

708
00:33:49,640 --> 00:33:52,880
Speaker 14: where the IRS is going to draw the line on content. So,

709
00:33:52,960 --> 00:33:57,280
Speaker 14: for example, can strippers claim the deduction if you're on

710
00:33:57,280 --> 00:33:59,160
Speaker 14: OnlyFans and you're just stripping?

711
00:34:00,120 --> 00:34:01,400
Speaker 4: Is that pornography?

712
00:34:01,600 --> 00:34:02,440
Speaker 7: I don't think it is.

713
00:34:05,480 --> 00:34:08,960
Speaker 2: Okay, First of all, I got really distracted by that

714
00:34:10,320 --> 00:34:15,880
Speaker 2: second genuine question. Not a lawyer, and maybe I'm overthinking this.

715
00:34:16,000 --> 00:34:18,799
Speaker 2: Maybe I've thought myself into a circle and this is wrong.

716
00:34:18,800 --> 00:34:22,279
Speaker 2: But couldn't you say that you are performing an art?

717
00:34:23,000 --> 00:34:25,600
Speaker 2: I mean, isn't how pornography has been protected throughout the years?

718
00:34:25,640 --> 00:34:29,040
Speaker 2: Is that it's artistic expression. Isn't that why pornography is

719
00:34:29,080 --> 00:34:32,080
Speaker 2: protected by the First Amendment in the first place. Why

720
00:34:32,120 --> 00:34:34,760
Speaker 2: throughout all of American history, when it's tried to be banned,

721
00:34:34,760 --> 00:34:37,960
Speaker 2: the Supreme Court has consistently said, you can't ban it.

722
00:34:37,960 --> 00:34:40,800
Speaker 2: It is a freedom of expression, is a freedom of speech.

723
00:34:40,840 --> 00:34:44,320
Speaker 2: It is an art basically. So now you're gonna say

724
00:34:45,560 --> 00:34:52,080
Speaker 2: that it's excluded from from the law because you because

725
00:34:52,120 --> 00:34:56,880
Speaker 2: the government disagrees with the art. Isn't that punishing someone

726
00:34:56,920 --> 00:35:01,600
Speaker 2: based on speech? Again, I'm not a lawyer. There's probably

727
00:35:01,600 --> 00:35:04,880
Speaker 2: some constitutional lawyer that's screaming at the radio and saying, moron,

728
00:35:04,920 --> 00:35:09,120
Speaker 2: you're not seeing it, why you're so dumb? But I mean,

729
00:35:09,640 --> 00:35:12,800
Speaker 2: I first thought, aside from I've never wanted to be

730
00:35:12,840 --> 00:35:16,759
Speaker 2: an IRS agent more in my entire life, is this

731
00:35:16,840 --> 00:35:24,799
Speaker 2: seems very discriminatory and based on a protected right. Some

732
00:35:24,880 --> 00:35:27,960
Speaker 2: adult creators would not qualify anyway. Deduction phases out over

733
00:35:28,000 --> 00:35:30,359
Speaker 2: one hundred and fifty thousand people and it disappears over

734
00:35:30,400 --> 00:35:34,600
Speaker 2: four hundred thousand. Several top earners on OnlyFans, including creators,

735
00:35:34,960 --> 00:35:38,920
Speaker 2: make millions of dollars and are actually over the income limit,

736
00:35:39,360 --> 00:35:41,640
Speaker 2: so they couldn't even claim those deductions because they make

737
00:35:41,719 --> 00:35:45,719
Speaker 2: too much money. The adult industry season is part of

738
00:35:45,719 --> 00:35:48,000
Speaker 2: a broader pressure campaign. Advocates are warning that the IRS

739
00:35:48,040 --> 00:35:50,600
Speaker 2: could be used as a tool to marginalized creators under

740
00:35:50,640 --> 00:35:52,840
Speaker 2: the banner of tax policy.

741
00:35:53,600 --> 00:35:54,239
Speaker 4: So there you go.

742
00:35:56,120 --> 00:35:58,719
Speaker 2: Basically, I guess know what you're getting into before you

743
00:35:58,760 --> 00:36:01,280
Speaker 2: start your page. And once you get that one hundred

744
00:36:01,280 --> 00:36:05,440
Speaker 2: and fifty thousand dollars, stop howl afie know I don't know.

745
00:36:05,520 --> 00:36:08,280
Speaker 4: Move on. There's no business like show business.

746
00:36:08,640 --> 00:36:13,279
Speaker 1: And it's next Chris Merril kfi AM six forty on

747
00:36:13,440 --> 00:36:13,880
Speaker 1: demand