WEBVTT - Friday Flight - Buy Nothing Groups, Student Loan Forgiveness Made Easy, & @jack Cries Hyperinflation! #429 0:00:00.120 --> 0:00:02.880 Welcome to How the Money. I'm Joel, I'm Matt, and 0:00:02.920 --> 0:00:06.880 today we're discussing by nothing groups, student loan forgiveness made Easy, 0:00:07.280 --> 0:00:30.040 and Jack cries hyper inflation. That's right. We're gonna talk 0:00:30.040 --> 0:00:33.080 about Jack Dorsey, plus a bunch of other stories, actual 0:00:33.080 --> 0:00:35.240 stories that we came across this week. And we're not 0:00:35.280 --> 0:00:37.920 going to be comment commenting on the newest iteration of 0:00:37.920 --> 0:00:40.519 his facial hair because that's a constantly changing with that. 0:00:40.600 --> 0:00:42.680 This could be a podcast i think, dedicated solely to 0:00:42.680 --> 0:00:44.960 that which we wanted to see going on right now. Um, 0:00:45.000 --> 0:00:47.720 it's like a very long looking goatee. Oh well, he's 0:00:47.720 --> 0:00:49.800 always said that, like it's just a wild looking beard. 0:00:49.920 --> 0:00:52.440 But but first we wanted to share that we are 0:00:52.479 --> 0:00:56.200 going to have some listener hangs here in Atlanta, not today, 0:00:56.240 --> 0:00:59.920 not this Friday, but rather next Friday, November. We are 0:01:00.080 --> 0:01:02.840 going to be meeting up at Monday Night Garage at 0:01:02.840 --> 0:01:05.160 seven five. I think Joel is going to be paying 0:01:05.160 --> 0:01:09.000 for beers. But please come out if you're in Atlanta 0:01:09.080 --> 0:01:10.880 or near Atlanta, we would love for you to come 0:01:10.880 --> 0:01:13.120 out in November five Money Night Garage. We're gonna have 0:01:13.120 --> 0:01:15.800 a little How the Money listener hang, yes, I'm looking 0:01:15.840 --> 0:01:18.440 forward to it, Matt. Here's why, though, I won't be 0:01:18.440 --> 0:01:21.800 able to pay for beers. Okay, tell me, because I am. 0:01:21.840 --> 0:01:24.000 I just want to ticket to go to the World Series. Okay, 0:01:24.000 --> 0:01:25.600 so you pull the trigger, you're doing it? I did, 0:01:25.760 --> 0:01:28.200 I did, And so yeah, this is instead of fibular cheap. 0:01:28.240 --> 0:01:31.920 This is dumb or criminally insane. No, it's dude, No, 0:01:31.920 --> 0:01:34.399 no it is not. Because you are such a big 0:01:34.440 --> 0:01:36.800 Braves fan and this is something that's gonna be worth 0:01:36.840 --> 0:01:39.000 it for you, right, I mean, And not to mention 0:01:39.160 --> 0:01:41.720 you're since you're covering beers for everybody, we know that 0:01:41.760 --> 0:01:44.440 you're in a You're in a good place financially. It 0:01:44.480 --> 0:01:47.640 would be different if you were saddled with loads of debts. 0:01:47.720 --> 0:01:49.920 It would be different if you hadn't been making smart 0:01:49.960 --> 0:01:52.960 moves with your money for the past fifteen years, ten 0:01:53.000 --> 0:01:55.080 years ago, going going to the World Series, which wasn't 0:01:55.080 --> 0:01:56.880 an option because it's been twenty two years since the 0:01:56.920 --> 0:01:59.920 Braves have been to the World Series. Yeah, and it, 0:02:00.120 --> 0:02:01.760 and that has been one of those like bucket list 0:02:01.800 --> 0:02:03.880 items since I was a kid's going to a World 0:02:03.960 --> 0:02:06.920 Series game, go and enjoy the heck out of it. Like, 0:02:06.920 --> 0:02:09.320 do you feel guilty at all? For kind of I mean, 0:02:09.360 --> 0:02:11.280 this is a small amount, it's a decent I will say, 0:02:11.320 --> 0:02:13.200 it's a small amount of guild for sure. But you 0:02:13.240 --> 0:02:14.800 need to not you need to push that out of 0:02:14.800 --> 0:02:17.240 your mind and just enjoy it to the max. And 0:02:17.280 --> 0:02:20.120 I want you to extract every amount of enjoyment from 0:02:20.160 --> 0:02:22.080 that game. Oh I will, I will, but don't lose 0:02:22.120 --> 0:02:24.120 your voice because we need to record. I thought about that. 0:02:24.160 --> 0:02:27.200 I'll try not to. But fortunately, at least one of 0:02:27.200 --> 0:02:30.360 my friends is a season ticket holder, and so I 0:02:30.400 --> 0:02:32.760 saw that standing room tickets are going for like eight 0:02:32.800 --> 0:02:35.720 hundred bucks. I paid four hundred bucks for the ticket, 0:02:35.800 --> 0:02:38.840 So it's that is awesome. It's definitely it's a discount, right, 0:02:39.160 --> 0:02:41.960 it's not it's not quite full freight, which I'm thinking 0:02:42.000 --> 0:02:43.720 for because because to be honest, like we we all 0:02:43.720 --> 0:02:46.120 have a price threshold, kind of like that that four 0:02:46.160 --> 0:02:48.400 pack of beer I talked about recently, I walked away 0:02:48.400 --> 0:02:50.200 from it. If it was eight hundred dollars to get in, 0:02:50.240 --> 0:02:52.480 I would say no plus standing remotely, like like you 0:02:52.520 --> 0:02:54.720 don't you do not have a guaranteed seats if you're 0:02:54.760 --> 0:02:56.480 just getting that eight hundred dollar ticket yeah, which I'd 0:02:56.520 --> 0:02:57.840 be okay with standing room only if it was like 0:02:58.040 --> 0:02:59.880 even if it was like two fifty or something like that. 0:03:00.040 --> 0:03:02.600 But we all have our breaking point before hundred bucks. 0:03:02.600 --> 0:03:05.120 For me, for this bucket list item, I'm doing it. 0:03:05.240 --> 0:03:08.200 So go Braves. We'll see if we can win game 0:03:08.240 --> 0:03:11.280 three tonight. Um, I'm sure hoping so well. Even though 0:03:11.320 --> 0:03:13.560 I haven't been following it at all, I'm hoping so 0:03:13.600 --> 0:03:15.320 as well. I mean, I'm not so. I mean back 0:03:15.320 --> 0:03:16.520 when I was a kid, like when I was ten 0:03:16.600 --> 0:03:18.480 or eleven years old, there wasn't anything bigger than the 0:03:18.480 --> 0:03:20.640 Braves back in the nineties, right, But I haven't been 0:03:20.680 --> 0:03:22.960 following it as closely. But even I might turn the 0:03:22.960 --> 0:03:24.679 game on here in the next couple of days. Let's 0:03:24.680 --> 0:03:27.720 hope my face Paint Itself gets on the TV. But 0:03:28.360 --> 0:03:30.400 all right, let's move on to the Friday Flights. It's 0:03:30.440 --> 0:03:33.399 a sampling of stories we found interesting this week and 0:03:33.520 --> 0:03:37.280 how those pertain to your money. And so the first 0:03:37.480 --> 0:03:40.600 story we want to cover today. Truly, one person's trash 0:03:40.800 --> 0:03:43.600 is another person's treasure. The New York Times had a 0:03:43.680 --> 0:03:47.560 great right up on by Nothing Groups that's really worth reading. 0:03:47.560 --> 0:03:49.200 Will link to it in our show notes. But the 0:03:49.200 --> 0:03:52.160 passionate folks in these groups, they do a fantastic job 0:03:52.200 --> 0:03:55.320 really of offering up used goods that might otherwise end 0:03:55.360 --> 0:03:58.440 up in the landfill. I'm always amazed at some of 0:03:58.440 --> 0:04:00.920 the things that get posted in our local buy nothing group. 0:04:01.200 --> 0:04:03.920 The New York Times actually mentioned dryer lent being something 0:04:03.960 --> 0:04:06.520 that got snatched up recently. You can use that to 0:04:06.720 --> 0:04:09.560 uh like kindling for a little campfire or hamster beds. 0:04:09.600 --> 0:04:12.440 Apparently I didn't know that, but uh yeah, it's a 0:04:12.440 --> 0:04:17.040 little weird. And somebody in mind this week was requesting acorns. Oh, 0:04:17.080 --> 0:04:19.280 they should come over to our house. The oak trees 0:04:19.279 --> 0:04:21.840 behind our house are dropping acorns left orright? Have you? 0:04:21.880 --> 0:04:23.640 I mean as we're sitting here working, you can hear them. 0:04:24.040 --> 0:04:26.400 Yeah yeah, yeah. So it's it's kind of just a 0:04:26.440 --> 0:04:29.039 fascinating place because you never know what somebody's gonna offer 0:04:29.080 --> 0:04:31.520 up or what somebody's gonna request. And I actually just 0:04:31.560 --> 0:04:34.600 scored two Halloween costumes this week on the buy Nothing group. 0:04:35.279 --> 0:04:36.640 I myself, I'm going to be the man of the 0:04:36.680 --> 0:04:39.480 yell hat from Curious George and my little Dude I 0:04:39.560 --> 0:04:41.640 wish he got a Curio Storge costume, but that would 0:04:41.640 --> 0:04:44.000 have been great, I know, but he's gonna be a dinosaur, 0:04:44.120 --> 0:04:47.560 so free costumes for the wind nights. I didn't know 0:04:47.600 --> 0:04:49.560 you were doing a dinosaur. So I think Westy is 0:04:49.560 --> 0:04:53.440 gonna be an alligator because Kayton, we're planning to be 0:04:53.520 --> 0:04:56.799 low key. It's basically a dinosaur, yeah, but specifically alligator 0:04:56.839 --> 0:04:59.200 lowkey Okay, I don't know what that is, so yeah, 0:04:59.240 --> 0:05:02.400 you'll see. So I mean, what's the weirdest thing that 0:05:02.480 --> 0:05:05.400 you have seen in our local buy nothing group? Because 0:05:05.560 --> 0:05:08.600 you know, with it being predominantly on Facebook, I am 0:05:08.640 --> 0:05:11.599 not on there. Yeah, but I did see that by 0:05:11.600 --> 0:05:14.440 Nothing that they're looking to launch a standalone app, in 0:05:14.480 --> 0:05:16.480 which case I could totally see myself getting on there. 0:05:16.520 --> 0:05:18.960 I just don't like getting inundated with all the other 0:05:19.000 --> 0:05:22.520 distractions actually hop hopping in Facebook. I know. I rarely 0:05:22.680 --> 0:05:25.720 head over there to Facebook in general. I will say. 0:05:25.839 --> 0:05:29.320 The great thing now, though, is I have the news 0:05:29.360 --> 0:05:32.240 feed eradicator plug in. I've had that for years. So 0:05:32.279 --> 0:05:33.719 do you have that on your phone as well? No, 0:05:33.839 --> 0:05:35.640 but I don't usually use it on my phone, so 0:05:35.960 --> 0:05:37.800 I usually go just on the desktop and I go 0:05:37.839 --> 0:05:39.520 straight to the Hat of Money Facebook group to check 0:05:39.520 --> 0:05:41.719 in on things there and I go to local buy 0:05:41.760 --> 0:05:45.560 nothing or the neighborhood civic association groups and groups are 0:05:45.560 --> 0:05:47.680 really the only thing I use Facebook for. I don't 0:05:47.680 --> 0:05:51.080 ever post, I don't really read people stuff that's just um. Yeah, 0:05:51.080 --> 0:05:53.520 there's a lot of crummy things about Facebook or time 0:05:53.520 --> 0:05:55.600 sucking things about Facebook, and I just want to use 0:05:55.640 --> 0:05:58.880 it for only the tools that I enjoy. But I 0:05:58.920 --> 0:06:01.360 just wanted to say, yeah, buy nothing groups can be 0:06:01.600 --> 0:06:04.600 a little weird, a little offbeat, but adorable at the 0:06:04.640 --> 0:06:08.000 same time. And I just encourage other folks to join 0:06:08.080 --> 0:06:09.880 one if they're on Facebook, and if not, to look 0:06:09.920 --> 0:06:12.080 forward to this standalone app in the future so that 0:06:12.120 --> 0:06:14.560 you can still participate, because it really it's like neighbors 0:06:14.560 --> 0:06:16.159 help and neighbors and I think it's it's just like 0:06:16.320 --> 0:06:19.240 it's a good thing. And that's one of the positive 0:06:19.240 --> 0:06:22.279 benefits that the Internet has brought us, that connectivity on 0:06:22.320 --> 0:06:24.760 that level. It's just that's a good stuff. Yeah, there's 0:06:24.760 --> 0:06:26.720 buy nothing groups are a great way to keep you 0:06:26.839 --> 0:06:28.960 from spending all of your money. Uh. And on a 0:06:29.000 --> 0:06:32.520 related note, let's talk about the high price of burnout, 0:06:32.520 --> 0:06:34.200 because there is a great article in the Wall Street 0:06:34.240 --> 0:06:37.440 Journal decelling the reality that most of us tend to 0:06:37.480 --> 0:06:40.680 spend more money when we're exhausted, and when we're overwhelmed, 0:06:40.920 --> 0:06:43.360 we spend on the little conveniences that we might otherwise 0:06:43.440 --> 0:06:46.719 have considered too costly, or these once in a while 0:06:46.839 --> 0:06:50.200 treats kinda like they become more habitual, they become more regular, 0:06:50.240 --> 0:06:53.039 they find their way into our monthly budgets. And so 0:06:53.080 --> 0:06:54.880 when you've been put through the ringer at work, or 0:06:54.920 --> 0:06:57.480 if you have other stressors that are impacting your life, 0:06:57.800 --> 0:07:00.400 it's important to recognize what's going on. We don't want 0:07:00.400 --> 0:07:03.520 you to fall prey to the burnout temptation of just 0:07:03.560 --> 0:07:07.200 scrolling on Instagram, uh and more spur of the moment purchases. 0:07:07.560 --> 0:07:10.120 On one hand, I understand the need for expenses to 0:07:10.160 --> 0:07:12.040 go up if you're working a lot. I was talking 0:07:12.040 --> 0:07:13.560 with a friend of mine earlier this week, and he 0:07:13.600 --> 0:07:16.000 has been working until like eight, nine, even ten o'clock 0:07:16.040 --> 0:07:18.920 at night, and I guarantee that he doesn't have time 0:07:19.000 --> 0:07:20.360 these days to go to the grocery store on the 0:07:20.400 --> 0:07:23.080 way home from More go home, cook himself a nice, affordable, 0:07:23.160 --> 0:07:26.600 healthy meal, eating those hot pockets, hopefully not hot pockets. 0:07:27.160 --> 0:07:29.080 Hopefully the firm is covering dinner for them as well, 0:07:29.080 --> 0:07:30.320 which I'm sure is the case, but there's a lot 0:07:30.320 --> 0:07:32.160 of folks who don't have those kind of perks, and 0:07:32.200 --> 0:07:35.000 in those instances, I understand, especially when it comes to food, 0:07:35.200 --> 0:07:37.640 there's a convenience, Like there's a higher cost of convenience 0:07:37.640 --> 0:07:40.200 that you're gonna pay for in order to eat some 0:07:40.240 --> 0:07:43.080 food quickly without that taking a lot of time. But 0:07:43.160 --> 0:07:45.280 hopefully in addition to that, you're also making a little 0:07:45.280 --> 0:07:46.760 bit more money, and so in my mind it kind 0:07:46.760 --> 0:07:48.760 of balances out a little bit. But on the other hand, 0:07:48.800 --> 0:07:50.880 if you're a little burnt out and that's causing you 0:07:50.960 --> 0:07:54.560 to consume, like buy more dumb stuff, basically, that's definitely 0:07:54.560 --> 0:07:57.200 something we want to warn folks about. When you're consumeristic 0:07:57.480 --> 0:08:00.000 defenses are down, Essentially, it can be easy to get 0:08:00.040 --> 0:08:01.640 knocked in the face all of a sudden you're buying 0:08:01.640 --> 0:08:03.560 a bunch of stuff. That's what we want folks to 0:08:03.600 --> 0:08:05.720 avoid for sure. Yeah, it's like the shields being down 0:08:06.160 --> 0:08:08.400 the money and falcon or something like that, and you're 0:08:08.400 --> 0:08:10.440 just more prone to attack the best star man. Yeah, 0:08:10.800 --> 0:08:14.240 oh yeah, that's right, do you My Star Wars references 0:08:14.240 --> 0:08:17.160 are terrible, but so it just makes me think that 0:08:17.280 --> 0:08:20.640 one yet, breaking that habit of scrolling is is a 0:08:20.640 --> 0:08:22.800 good thing, like working to break that habit is helpful. 0:08:22.960 --> 0:08:25.880 That news feed eradicator app that I mentioned is helpful 0:08:25.920 --> 0:08:28.640 one to help break that habit. And but if you 0:08:28.720 --> 0:08:31.440 still just kind of love the idea of mindless scrolling 0:08:31.800 --> 0:08:34.840 instead of scrolling Instagram where every fourth thing you see 0:08:34.960 --> 0:08:37.200 is an ad, scroll that buy nothing group instead and 0:08:37.240 --> 0:08:39.240 find the funky things that you know you you might 0:08:39.280 --> 0:08:40.720 be able to go pick up from a neighbor for 0:08:40.840 --> 0:08:44.400 free instead of buying something. And also yeah, find alternatives 0:08:44.800 --> 0:08:47.960 uh to the costly purchases that burnout can cause. We 0:08:48.000 --> 0:08:50.800 would say, get outside. You might feel like you can't 0:08:50.800 --> 0:08:53.840 afford to take the time for let's say, a twenty 0:08:53.840 --> 0:08:56.920 minute walk out in nature or in your neighborhood, but 0:08:57.000 --> 0:09:01.120 in reality you probably can't afford not to. Financial margin 0:09:01.320 --> 0:09:03.080 is crucial, But if you feel like you're hitting a 0:09:03.120 --> 0:09:05.480 wall when it comes to the demands on your time, 0:09:05.880 --> 0:09:08.200 it's crucial to take a step back and find ways 0:09:08.200 --> 0:09:10.600 to incorporate activities that are going to lead to better 0:09:10.880 --> 0:09:13.720 health overall for you. You can't just focus only on 0:09:13.760 --> 0:09:17.320 the money and achieving whatever financial goals you've set for yourself. Yeah. Yeah, 0:09:17.360 --> 0:09:20.160 you got to think about the holistic person. And then 0:09:20.160 --> 0:09:23.439 if burnout is this continual struggle for you, and work 0:09:23.920 --> 0:09:27.040 is the perpetual culprit, well it might be time to 0:09:27.080 --> 0:09:31.240 look elsewhere and to prioritize an employer who incorporates better boundaries, 0:09:31.240 --> 0:09:34.319 who doesn't expect you to apply to a Slack message 0:09:34.360 --> 0:09:37.720 at eight pm, expect you to be constantly checking your phone. 0:09:38.040 --> 0:09:41.640 And this is a great time to look elsewhere if 0:09:41.679 --> 0:09:43.839 you're feeling like, you know what, there's no way out 0:09:43.840 --> 0:09:46.640 of this burnout conundrum. Uh, in the in the situation 0:09:46.640 --> 0:09:48.760 that I currently find myself in, I've got to get 0:09:48.760 --> 0:09:50.920 out of it completely. That's right, man. Let's talk about 0:09:50.920 --> 0:09:53.800 cars next. The we we saw that the average price 0:09:54.080 --> 0:09:56.920 of a new car has just topped forty five tho 0:09:57.200 --> 0:10:00.000 dollars for the first time. This is according to consumer 0:10:00.040 --> 0:10:03.640 reports and True Car. Uh. Dude, forty five dollars is 0:10:03.720 --> 0:10:06.720 a tremendous amount of money. Uh, nine times when I 0:10:06.720 --> 0:10:10.000 paid for homers And with supply chain bottlenecks and the 0:10:10.080 --> 0:10:12.480 car industry being basically in the dumps, like you can't 0:10:12.480 --> 0:10:15.120 even get the exact car that you want right now. 0:10:15.160 --> 0:10:16.559 From what I'm sorry, your car is gonna have to 0:10:16.559 --> 0:10:18.920 be hot pig, sir, And it's no seriously exactly yeah, 0:10:18.920 --> 0:10:20.760 from I mean, there's different folks who know who are 0:10:20.800 --> 0:10:24.160 looking at getting new vehicles and basically they can't get 0:10:24.200 --> 0:10:26.319 what they want. It's kind of it's more like a 0:10:26.320 --> 0:10:29.320 beggar's can't be choosers mindset or like take take what 0:10:29.440 --> 0:10:31.520 you can get scenario out there and this that just 0:10:31.559 --> 0:10:34.880 puts it in perspective how expensive new cars are. On 0:10:34.960 --> 0:10:36.920 top of that, the average price on a new truck 0:10:37.360 --> 0:10:40.560 it's even more dude sixty thou dollars. While it's uh, 0:10:40.600 --> 0:10:42.960 it's certainly possible for a new car to be your 0:10:43.120 --> 0:10:45.559 craft beer equivalent, you'll want to make sure that you're 0:10:45.559 --> 0:10:48.640 doing some soul searching before you decide that it definitely is. 0:10:49.040 --> 0:10:51.800 If you're splurge has a couple of extra zeros after it, 0:10:52.440 --> 0:10:54.040 you can think a little bit harder. I think twice. 0:10:54.559 --> 0:10:56.800 And even though use car prices are through the roof 0:10:56.960 --> 0:10:59.400 as well, that just the current stratosphere that new car 0:10:59.440 --> 0:11:02.680 prices have reached just makes it an even bigger financial 0:11:02.800 --> 0:11:05.080 commitment and it means that your personal finances have to 0:11:05.080 --> 0:11:07.520 be an excellent shape in order to make a purchase 0:11:07.679 --> 0:11:12.040 of this magnitude. I agree. And speaking of consumer reports, Matt, 0:11:12.160 --> 0:11:14.080 they were writing a bunch of winning stuff this week. 0:11:14.320 --> 0:11:16.400 I love that they dropped the knowledge about how much 0:11:17.000 --> 0:11:19.199 these cars are costing right now, the average price of 0:11:19.240 --> 0:11:22.400 new car skyrocketing. But they wrote another article which showed 0:11:22.480 --> 0:11:25.520 that Americans are overpaying on their car loans, So in 0:11:25.559 --> 0:11:30.600 addition to the higher sticker price, they're also paying higher 0:11:30.679 --> 0:11:34.120 rates of interest unnecessarily. In fact, despite having a great 0:11:34.120 --> 0:11:37.679 credit score, dealerships often succeed in writing you alone at 0:11:37.679 --> 0:11:40.520 an interest rate far beyond what you should be paying. 0:11:41.160 --> 0:11:43.600 First things first, Matt and I don't like car loans. 0:11:43.640 --> 0:11:45.680 We don't. Nope, I don't really like buying new cars 0:11:45.760 --> 0:11:49.560 in general, or taking out loans to pay for depreciating assets. 0:11:49.840 --> 0:11:52.920 Although one could argue that cars are not a depreciating 0:11:53.040 --> 0:11:56.640 asset in the here now, but that's extremely rare. Count 0:11:56.640 --> 0:11:59.160 on that continuing exactly, we would prefer to see you 0:11:59.160 --> 0:12:02.319 pay cash for car, even if it means buying an 0:12:02.320 --> 0:12:06.400 extremely used car in even like the five thousand dollar range. 0:12:06.559 --> 0:12:09.200 That is exactly how much my current minivan cost, which 0:12:09.280 --> 0:12:11.360 two years ago to the equivalent today might be like 0:12:12.920 --> 0:12:14.880 maybe what you can find find a decent used car 0:12:14.960 --> 0:12:17.960 for right, But if you do decide to take on 0:12:18.000 --> 0:12:20.600 a car loan, know what your credit score is before 0:12:20.600 --> 0:12:22.800 you start the search. And if you've got good credit, 0:12:23.040 --> 0:12:25.440 we would say push to get a competitive rate. Don't 0:12:25.440 --> 0:12:27.640 just take the rate that's given to you. And that 0:12:27.720 --> 0:12:30.600 means shopping around, and so we would say check with 0:12:30.640 --> 0:12:32.800 your local credit union to see what rates you might 0:12:32.880 --> 0:12:36.280 qualify for before you go car shopping. You want to 0:12:36.320 --> 0:12:39.600 have that quote in hand so that when a dealership says, 0:12:39.760 --> 0:12:41.600 here's the rate you qualify at and you say, that's 0:12:41.600 --> 0:12:44.280 funny my credit unions, as I qualify at three and 0:12:44.280 --> 0:12:46.920 a half percent and you're telling me it's that doesn't 0:12:46.920 --> 0:12:50.040 make any sense. And since we're seeing record levels of 0:12:50.080 --> 0:12:53.400 car deebt overall, it's just important to mention that cardet sucks, 0:12:53.600 --> 0:12:55.680 like it's it's a crummy thing to have. We don't 0:12:55.679 --> 0:12:57.720 want you to have it. It might have become perfectly 0:12:57.760 --> 0:13:00.880 normal in our culture overall, but it shouldn't be normal 0:13:00.920 --> 0:13:03.280 for how the money listeners. We want you to avoid it, 0:13:03.320 --> 0:13:05.000 like the plague. Yeah, so the higher costs of new 0:13:05.000 --> 0:13:07.800 cars in general. That, coupled with higher rates of interest 0:13:07.880 --> 0:13:10.640 that these different lenders are pushing on folks. Both of 0:13:10.640 --> 0:13:14.000 those things have led to the average new car monthly 0:13:14.080 --> 0:13:17.280 payment being five hundred and sixty bucks last year, all 0:13:17.360 --> 0:13:19.360 time highs, which would give you more than enough to 0:13:19.440 --> 0:13:22.760 fully fund a roth Ira. So essentially, that car payment 0:13:22.840 --> 0:13:25.439 is keeping you from becoming a millionaire by the time 0:13:25.440 --> 0:13:27.560 you retire. Keep that in mind when you think about 0:13:27.559 --> 0:13:29.960 it like that, the trade off factor, it's like it's 0:13:30.040 --> 0:13:32.600 not worth it. No, not not at all, uh and dued. 0:13:32.640 --> 0:13:34.199 One of the worst parts about buying a new car, 0:13:34.840 --> 0:13:37.480 I mean, besides how much they cost, is the car 0:13:37.520 --> 0:13:40.360 warranty robotcalls that you'll have to endure might be worse 0:13:40.360 --> 0:13:42.199 than the monthly payment. You've seen like the different memes 0:13:42.360 --> 0:13:44.319 right where it's just like we've been trying to contact 0:13:44.320 --> 0:13:46.839 you about your car's extent. Do you have you seen those? 0:13:47.200 --> 0:13:49.319 I have? They're like yeah, and um, like a fortune 0:13:49.360 --> 0:13:52.640 cookie or like on a pregnancy test or my favorite one. 0:13:52.640 --> 0:13:55.199 I actually saw them reasonably that I like looking at memes. Uh, 0:13:55.360 --> 0:13:57.080 It's how I like to spend the remaining minutes I 0:13:57.120 --> 0:13:59.040 have before I go to bed. But there was one 0:13:59.080 --> 0:14:02.120 that I saw that was on the Squid Game invitation card, 0:14:02.240 --> 0:14:04.400 you know the card where they invite folks to the game, 0:14:04.440 --> 0:14:06.240 and he flips it over and it's like, we've been 0:14:06.240 --> 0:14:09.840 trying to contact you. Which on that note, actually next 0:14:09.880 --> 0:14:12.960 week we actually recorded a Squid Game financial Lessons money 0:14:13.040 --> 0:14:15.320 lessons episode, and you can look forward to uh to 0:14:15.440 --> 0:14:19.040 that one next week next Wednesday. But regarding these robocalls, 0:14:19.080 --> 0:14:23.120 Americans receive roughly thirteen billion of these specific types of 0:14:23.160 --> 0:14:26.280 phone calls every year. They're actually the top scam phone 0:14:26.320 --> 0:14:28.720 call in the US right now, according to robo Killer, 0:14:28.960 --> 0:14:32.120 and according to the FTC, the Federal Trade Commission. Uh So, 0:14:32.200 --> 0:14:34.480 David Lazarus from the l A times, he picked up 0:14:34.480 --> 0:14:36.680 his pen, he got to work his proverbial pan. I 0:14:36.760 --> 0:14:39.760 think the laptop his repetic choices. True, he probably actually 0:14:39.800 --> 0:14:42.720 writes things out on the computer. But he noted that 0:14:42.760 --> 0:14:45.880 these these supposed warranties are actually just service contracts that 0:14:45.920 --> 0:14:48.120 aren't worth the paper that they're written on. I think 0:14:48.120 --> 0:14:50.600 we all maybe suspected that, but he is confirming it, 0:14:50.760 --> 0:14:52.560 and we wanted to share that with you. But these 0:14:52.560 --> 0:14:55.600 extended warranties, in general, it's a tenuous decision. These aren't 0:14:55.640 --> 0:14:57.920 great products, and we would prefer for you to have 0:14:58.000 --> 0:15:00.920 the money on hand to pay for these hairs instead 0:15:00.960 --> 0:15:04.360 of plunking down thousands of dollars on a warranty, even 0:15:04.520 --> 0:15:07.640 if it's directly for the manufacturer of your vehicle. But 0:15:07.760 --> 0:15:09.400 if you're getting a call from, you know, one of 0:15:09.440 --> 0:15:13.040 these scam warranty companies, we would recommend that you definitely 0:15:13.080 --> 0:15:14.800 hang up the phone. Yes, and if you open up 0:15:14.800 --> 0:15:18.360 the fortune Cookie, just toss that in the trash, because, yeah, 0:15:18.400 --> 0:15:20.720 you want to avoid these in every turn. The manufacturers 0:15:20.720 --> 0:15:24.240 warranties aren't trash, They're still probably not worth the money. 0:15:24.280 --> 0:15:26.440 It's better just to have the money on hand and 0:15:26.560 --> 0:15:29.280 not put the thousands of hard earned dollars towards that 0:15:29.320 --> 0:15:33.040 extended warranty, especially if the kind of vehicle that you 0:15:33.040 --> 0:15:37.080 you purchased is mostly reliable. But yeah, without being literally 0:15:37.120 --> 0:15:39.440 the hottest, the number one scam these days, we wanted 0:15:39.480 --> 0:15:42.440 to mention hang up the phone, don't even consider it. 0:15:42.760 --> 0:15:45.840 But we've got more to get to on this episode, Matt, 0:15:45.880 --> 0:15:49.720 including cries of hyper inflation from the Twitter Master himself. 0:15:49.800 --> 0:16:00.720 Well we'll talk about that right after this. All Right, 0:16:00.760 --> 0:16:02.880 we're back for the break talking about headlines we came 0:16:02.920 --> 0:16:05.840 across this week. This is our Friday Flights, and of 0:16:05.880 --> 0:16:08.440 course it's time now to get to our ludicrous headline 0:16:08.440 --> 0:16:10.040 of the week, which actually doesn't have to do with 0:16:10.120 --> 0:16:12.440 hyper inflation. Uh. We'll get to that story here in 0:16:12.440 --> 0:16:15.520 a second. But the actual ludicrous headline is Florida Man, 0:16:15.920 --> 0:16:18.560 which you always gotta love Headlina Stori Florida Man. Uh, 0:16:18.600 --> 0:16:22.080 Florida Man, you piqued my interest already wins lottery and 0:16:22.160 --> 0:16:25.760 plans to buy a toothbrush. This is an article from 0:16:25.760 --> 0:16:28.160 a local news organization in Florida and listener Dan he 0:16:28.200 --> 0:16:31.000 posted this in the Facebook group a young dude named Brian. 0:16:31.080 --> 0:16:33.880 He ended up winning a million bucks from a scratch off, 0:16:34.160 --> 0:16:36.360 and you know, good for him, glad he wants some money. 0:16:36.360 --> 0:16:38.560 But we just wanted everyone real quick to know that 0:16:38.640 --> 0:16:42.320 we do not support you playing the lottery. I mean, 0:16:42.600 --> 0:16:43.760 here's the thing. If you buy a new car and 0:16:43.760 --> 0:16:46.280 don't play the lottery, if you are doing it because 0:16:46.320 --> 0:16:48.520 you know that you're just doing it for kicks, and 0:16:48.560 --> 0:16:51.240 if you're in a financial position to absorb that cost, 0:16:51.280 --> 0:16:54.360 and maybe I wanted to be in your budget, like 0:16:54.360 --> 0:16:57.160 like I wanted to be this planned, uh, decisive thing 0:16:57.200 --> 0:16:59.920 that you've decided in a moment of clarity, something that 0:17:00.080 --> 0:17:02.600 your coworkers or something like that. It's it's it feels okay, 0:17:02.640 --> 0:17:04.760 but if you're going to the gas station every every 0:17:04.840 --> 0:17:08.560 day kind of thing, that's probably unhealthy. Exactly. Yeah. But 0:17:08.560 --> 0:17:11.480 but Brian, he was insanely lucky, and so now he's 0:17:11.480 --> 0:17:14.280 got a lot of unexpected money flowing into his life, 0:17:14.600 --> 0:17:16.560 and so what's he gonna do with it? He wants 0:17:16.600 --> 0:17:20.560 a new pair of flip flaps, plus that electric toothbrush 0:17:20.720 --> 0:17:23.040 that we mentioned in the title. Uh, this guy is awesome. 0:17:23.440 --> 0:17:26.120 It sounds like that. Hopefully he'll be able to avoid, 0:17:26.560 --> 0:17:29.040 you know, the lott of curse of declaring bankruptcy within 0:17:29.080 --> 0:17:32.119 just a couple of years of winning. So fingers crossed 0:17:32.119 --> 0:17:34.080 that he'll be able to keep his desires in check 0:17:34.320 --> 0:17:36.639 as that money starts to flow into his account. And 0:17:36.680 --> 0:17:39.080 by the way, you know, he won a million bucks, 0:17:39.119 --> 0:17:41.680 but he's actually receiving less than eight hundred thousand because 0:17:41.680 --> 0:17:44.520 of taxes. Taxes. Gotta keep that in mind. You definitely, yeah, 0:17:44.600 --> 0:17:46.240 did you start spending all that money? You see the 0:17:46.240 --> 0:17:48.400 headline number and it's like, that's not actually how much 0:17:48.400 --> 0:17:50.399 money you're gonna get, And if he lived in a 0:17:50.440 --> 0:17:53.119 state like California, he'd beginning even less but more of 0:17:53.160 --> 0:17:56.040 those state income tax So good on you, Brian. But Matt, 0:17:56.080 --> 0:17:58.280 let's let's just keep moving on. If the ludicrous headline 0:17:58.920 --> 0:18:01.840 was a tweet in my have been one from Twitter 0:18:01.880 --> 0:18:04.920 CEO Jack Dorsey this week, he made a remark about 0:18:05.000 --> 0:18:08.840 hyper inflation, and his tweet read, and I quote, hyper 0:18:08.840 --> 0:18:12.919 inflation is going to change everything. It's happening, end quote, 0:18:13.680 --> 0:18:15.960 And all right, buddy. I didn't know how to respond 0:18:16.000 --> 0:18:18.040 to that. I didn't actually respond to that, and not 0:18:18.040 --> 0:18:19.159 that he would have read it if I didn't. I 0:18:19.160 --> 0:18:20.840 think he was waiting on you to get He's like, 0:18:21.800 --> 0:18:24.240 how do the how do money guys feel about my tweets? 0:18:24.480 --> 0:18:26.760 What do you think about my take? Well? I think 0:18:26.760 --> 0:18:29.080 my complete dismissal love it. Jack tells you everything you 0:18:29.119 --> 0:18:31.680 need to know. It's important to note, though, that there 0:18:31.760 --> 0:18:35.359 is a huge difference between the inflation that is happening 0:18:35.400 --> 0:18:37.160