WEBVTT - Friday Flight - Open Enrollment, Creditors in your DMs, & Falling Rents #276 0:00:00.200 --> 0:00:02.600 Welcome to How the Money. I'm Joel and I and 0:00:02.720 --> 0:00:06.360 Matt and today we're discussing open enrollment, creditors in your 0:00:06.440 --> 0:00:27.960 d m s, and falling rents. Yeah, buddy, this is 0:00:28.000 --> 0:00:30.880 our Friday flight episode where we look at the headlines, 0:00:31.320 --> 0:00:34.120 where we specifically look to the non political headlines and 0:00:34.159 --> 0:00:36.800 we figure out how it is that those stories are 0:00:36.840 --> 0:00:38.800 going to affect us and our money, because you know, 0:00:38.840 --> 0:00:40.760 I have to find any non political headlines this week, 0:00:40.800 --> 0:00:43.239 by the way, it was actually we have a lot. 0:00:43.280 --> 0:00:45.159 I was, I was gonna surprised we there there's a 0:00:45.159 --> 0:00:47.000 good amount that that that was going on this week. 0:00:47.240 --> 0:00:48.640 But yeah, I mean that means that there have been 0:00:48.680 --> 0:00:51.360 a ton of political news and they do have an 0:00:51.400 --> 0:00:53.720 impact here and there on our money. But dude, in 0:00:53.760 --> 0:00:55.160 the end, there is so much more that we can 0:00:55.200 --> 0:00:58.240 do ourselves. There are steps that we can take that 0:00:58.240 --> 0:01:01.840 that that have nothing to do with politics and policy. 0:01:02.200 --> 0:01:04.399 We actually have like a lot of great stories that 0:01:04.440 --> 0:01:06.480 are going to actually help people with their personal finances 0:01:06.480 --> 0:01:08.840 this week on today's episode. So, and that's what we 0:01:08.880 --> 0:01:11.119 do every Friday, every Friday. We look at the news 0:01:11.120 --> 0:01:13.120 and figure out how this has to do with your money. 0:01:13.240 --> 0:01:14.480 Before you get to that real quick. I want to 0:01:14.560 --> 0:01:18.160 let you know that I we had a tropical storm 0:01:18.160 --> 0:01:20.319 come through Atlanta. I know it just over a week ago, 0:01:20.800 --> 0:01:22.960 and I had a limb fall down off a tree 0:01:23.280 --> 0:01:26.360 and bust my rear window in the Nissan leaf. You're 0:01:26.360 --> 0:01:27.760 not sharing this with me, You're sharing this with the 0:01:27.760 --> 0:01:30.280 listeners because because I knew that sometimes we pretend that 0:01:30.319 --> 0:01:32.640 we don't know what the other ones about to say. 0:01:32.640 --> 0:01:34.840 But this is definitely an instance where you sent me 0:01:34.880 --> 0:01:37.120 that picture that morning and I was like, oh no, dude, 0:01:37.160 --> 0:01:39.560 I'm so sorry. Who would have thought that a category 0:01:39.600 --> 0:01:43.000 to hurricane coming ashore in like New Orleans or wherever 0:01:43.040 --> 0:01:46.240 it landed was going to equal us losing power for 0:01:46.360 --> 0:01:49.960 I mean basically like multiple days around Halloween and when 0:01:50.000 --> 0:01:51.920 you when you rode around town, the trees that were down, 0:01:52.200 --> 0:01:54.320 it was just insane. Yeah, I don't know what happened, 0:01:54.360 --> 0:01:56.200 but the amount of wind man that that, Yeah, it 0:01:56.200 --> 0:01:58.640 took down trees in particular, like in our neighborhoods where 0:01:58.640 --> 0:02:01.200 we've got these hundred year old oaks and branches down 0:02:01.280 --> 0:02:04.600 and yeah, all that action. But yeah, the funniest thing 0:02:04.600 --> 0:02:08.160 though about your your story, your windshield was the the 0:02:08.200 --> 0:02:11.519 insurance conversation that you had. Yeah, so with your wife. Well, 0:02:11.800 --> 0:02:13.440 like she asked me, why are you are we gonna 0:02:13.600 --> 0:02:16.320 file an insurance claim like most people probably think to do. 0:02:16.480 --> 0:02:18.120 I had multiple neighbors saying the same thing, Oh, I'm 0:02:18.160 --> 0:02:20.639 sorry about your window. Have you talked to insurance yet? Um? 0:02:20.760 --> 0:02:23.760 And my response, you know, trying to be the super nice, 0:02:23.840 --> 0:02:27.280 not to preachy financial guy, like no, I'm not going 0:02:27.320 --> 0:02:30.959 to talk to insurance. Crazy, it's it's literally. I called 0:02:31.040 --> 0:02:33.240 up a mobile glass repair guy. He came out within 0:02:33.280 --> 0:02:35.560 a couple of days, had to order order the new 0:02:35.600 --> 0:02:39.680 windshield and it was four fifteen dollars was the total 0:02:39.720 --> 0:02:41.560 out the door price to get my car back up 0:02:41.600 --> 0:02:46.440 to ye for fifteen that's nothing, not too bad. Yeah. 0:02:46.480 --> 0:02:49.760 So in a deductible, the minimum deductible on a car 0:02:49.880 --> 0:02:52.400 is typically either two fifty or five hundred, or it 0:02:52.400 --> 0:02:54.480 should be that much or should be more like you 0:02:54.480 --> 0:02:56.560 should have your deductible set even higher, which I'd be 0:02:56.680 --> 0:02:58.639 lower because some people have it set lower, right like 0:02:58.760 --> 0:03:00.239 a round a hunter bucks, because they think, well, I 0:03:00.240 --> 0:03:01.640 don't want to have to pay a you know, full 0:03:01.639 --> 0:03:04.480 four bucks. But the main reason that we do encourage 0:03:04.480 --> 0:03:06.760 folks to raise those deductibles and pay out a pocket 0:03:07.120 --> 0:03:10.000 is to avoid making claims with your insurance company in 0:03:10.080 --> 0:03:12.680 order to keep your premiums low, because the more often 0:03:12.840 --> 0:03:15.240 you use it, you have a higher likelihood of seeing 0:03:15.240 --> 0:03:18.560 your premiums go up. Uh, and those increased rates due 0:03:18.560 --> 0:03:21.280 to maybe higher risk that the insurer proceeds for you 0:03:21.560 --> 0:03:24.160 sticks around four years and years years, way more than 0:03:24.200 --> 0:03:26.200 just a few hundred bucks. Now that's right, that's right. 0:03:26.200 --> 0:03:28.119 So I would rather pay it out a pocket one 0:03:28.160 --> 0:03:30.880 because my deductible is higher than the cost of your 0:03:30.919 --> 0:03:34.519 replacing you got the windows. No, I think my inductible 0:03:34.520 --> 0:03:36.160 is at a thousand, So yeah, there you go. That's 0:03:36.160 --> 0:03:37.840 that's how you get that real saving. The highest amount 0:03:37.880 --> 0:03:39.360 that I can said in my deductible is that five 0:03:39.400 --> 0:03:42.440 thousand dollars. Sadly the interurance company won't let you go 0:03:42.480 --> 0:03:44.880 that high. Um, but but yeah, I just want to 0:03:44.960 --> 0:03:47.760 let let everybody know that that those minor things. Don't 0:03:47.800 --> 0:03:50.640 even call your insurance company about something that's just a 0:03:50.760 --> 0:03:54.040 minor accident. Get a quote first to see whether you 0:03:54.120 --> 0:03:56.720 can afford to replace it on your own, and at 0:03:56.720 --> 0:04:00.200 the same time, UH, call your insurer and see well 0:04:00.240 --> 0:04:02.480 if I do up my deductible, how much can I 0:04:02.520 --> 0:04:05.360 save over the next twelve months um and and then 0:04:05.360 --> 0:04:07.840 pocket that savings put it in a savings account so 0:04:07.880 --> 0:04:10.880 you can be prepared for the next possible accident to 0:04:10.960 --> 0:04:13.880 where you're essentially self insured and you can afford to 0:04:13.880 --> 0:04:16.640 take care of that, you know, busted window, um or 0:04:17.040 --> 0:04:19.520 minor scratch on your own. Yeah. Luckily we didn't have 0:04:19.560 --> 0:04:22.320 any big limbs come down and around our house, but 0:04:23.040 --> 0:04:25.080 if they had been, I think we maybe, hopefully we 0:04:25.080 --> 0:04:27.680 would have avoided a branch because when in the fall, 0:04:27.720 --> 0:04:29.279 I tend to park the van out on the street 0:04:29.360 --> 0:04:31.560 because all the leaves fall on top the car. Man, 0:04:31.600 --> 0:04:33.120 it gets so filthy, you know, like all the leaves 0:04:33.120 --> 0:04:35.039 that get down into like the air vents down into 0:04:35.040 --> 0:04:37.000 the little trim and you kind of hit it with 0:04:37.040 --> 0:04:39.160 a blower and then it like shoots it down further 0:04:39.200 --> 0:04:43.200 into it basically a part of the vehicle at that point. 0:04:43.560 --> 0:04:45.240 But yeah, man, sorry that that happened to you. But 0:04:45.279 --> 0:04:46.960 at the same time, I'm glad you're able to get 0:04:47.000 --> 0:04:49.640 that fixed pretty quickly and easily. Yeah, especially as you're 0:04:49.680 --> 0:04:51.760 riding around town. I'm riding around my bike checking things out, 0:04:51.800 --> 0:04:56.560 and just so many trees down, cars damaged severely. Um, 0:04:56.600 --> 0:04:59.320 some people had had homes damaged, of course, and and 0:04:59.360 --> 0:05:01.120 so yeah, I a bad for those people who have 0:05:01.200 --> 0:05:02.800 like a lot of damage. To take care of a 0:05:03.080 --> 0:05:04.960 busted windshield really not that big a deal in the 0:05:05.000 --> 0:05:06.600 scheme of things, Yeah, not that big of a deal. Man. 0:05:06.960 --> 0:05:09.119 Let's let's continue to talk about some of the stories 0:05:09.120 --> 0:05:11.599 that we came across this week, and let's talk about rent. 0:05:12.120 --> 0:05:15.760 The pandemic has had a pretty meaningful impact on where 0:05:15.800 --> 0:05:18.320 people want to live. There have been a lot of 0:05:18.360 --> 0:05:21.599 stories about people fleeing cities like New York and San Francisco. 0:05:21.680 --> 0:05:24.360 Maybe you've seen podcast episodes out there saying like our 0:05:24.400 --> 0:05:26.479 city is dead. I don't know, it's a it's a question, 0:05:26.520 --> 0:05:29.120 it's a debate for us. But rents are falling in 0:05:29.120 --> 0:05:32.520 many US cities right now because of this lack of demand. Uh, 0:05:32.640 --> 0:05:34.640 this makes sense, right, because you know, the things that 0:05:34.680 --> 0:05:38.159 people love about living in these cities has changed dramatically 0:05:38.240 --> 0:05:40.160 due to COVID. I don't know when there's been this 0:05:40.240 --> 0:05:42.480 kind of period of time where there weren't Broadway players 0:05:42.480 --> 0:05:44.279 going on in New York, I don't think ever. And 0:05:44.279 --> 0:05:46.800 we saw in Bloomberg that They noted that the average 0:05:46.839 --> 0:05:50.360 rents in thirty core cities have dropped more than five percent, 0:05:51.160 --> 0:05:53.320 while average rents in the suburbs of those cities have 0:05:53.520 --> 0:05:56.520 inched up half a percentage point. Again, in cities like 0:05:56.560 --> 0:05:58.400 San Francisco and New York, it's even more. I think 0:05:58.400 --> 0:06:00.800 maybe you know it's it's down more like fifteen percent. 0:06:01.160 --> 0:06:05.040 And these rent price dynamics have the big impact on 0:06:05.040 --> 0:06:07.560 on how you should proceed if you are a renter, 0:06:07.680 --> 0:06:11.040 in particular, if you're looking at maybe uh, resigning that lease, 0:06:11.120 --> 0:06:12.960 or maybe you're looking at a new place. Yeah, totally, 0:06:13.000 --> 0:06:16.080 if you're resigning a lease in the near future, chances 0:06:16.120 --> 0:06:18.200 are you should be paying a lot less and then 0:06:18.240 --> 0:06:20.200 you're paying last year, especially if you live in one 0:06:20.240 --> 0:06:23.360 of these core cities. Knowing, for example, that like in Manhattan, 0:06:23.839 --> 0:06:27.480 Brooklyn or Queens that that rents have plummeted um and 0:06:27.520 --> 0:06:30.360 that the new normal for monthly rent is quite a 0:06:30.400 --> 0:06:32.479 bit less than last year. When you sign your lease, 0:06:32.640 --> 0:06:35.240 that gives you an edge when you're negotiating with your 0:06:35.279 --> 0:06:38.279 current landlord or you're looking around shopping around to find 0:06:38.480 --> 0:06:42.159 another place to live. Um Inventory is way up in 0:06:42.200 --> 0:06:45.200 these locations, So just a couple of tips. Since rents 0:06:45.240 --> 0:06:48.040 are down, don't get married to a particular building or 0:06:48.080 --> 0:06:51.440 a unit. Don't get obsessed with one place and decide 0:06:51.440 --> 0:06:53.159 that you have to have it. The more flexible you 0:06:53.160 --> 0:06:56.159 can be about the place you're willing to live, the 0:06:56.200 --> 0:06:59.719 more you can potentially save. And also to be flexible 0:06:59.720 --> 0:07:02.160 about the terms. If a landlord wants, you know, a 0:07:02.240 --> 0:07:04.240 six month or one year or maybe even like a 0:07:04.279 --> 0:07:06.880 two year lease right now, maybe they're worried about the 0:07:06.920 --> 0:07:10.160 potential for m rents to to drop you in further 0:07:10.240 --> 0:07:12.840 in the coming months. Well, the more you can be flexible, 0:07:13.120 --> 0:07:15.840 the higher likelihood that you'll be able to save money 0:07:16.120 --> 0:07:18.320 on your rent every every month. So obviously we're in 0:07:18.360 --> 0:07:21.240 an odd time. But yeah, you use these falling rent 0:07:21.280 --> 0:07:24.760 prices to your advantage as a renter. Yeah, definitely, man. 0:07:24.800 --> 0:07:27.080 And it's also I think worth pointing out to kind 0:07:27.080 --> 0:07:28.720 of approach some of these stories with a level head, 0:07:28.720 --> 0:07:30.040 because I know when I see a story like this, 0:07:30.080 --> 0:07:32.240 it makes me think, oh, there's an opportunity here, like 0:07:32.280 --> 0:07:33.840 now is the time to live in New York City. 0:07:34.040 --> 0:07:37.600 But like the price, uh, you know, rent prices, it's 0:07:37.640 --> 0:07:39.560 it's only one factor, it's only one reason that you 0:07:39.600 --> 0:07:42.320 should consider moving if you are considered moving at all, 0:07:42.720 --> 0:07:44.680 and so it's it's again something you do want to 0:07:44.720 --> 0:07:46.760 keep in mind. But at the same time, that shouldn't 0:07:46.760 --> 0:07:49.320 be your only reason to you know, one maybe uproot 0:07:49.400 --> 0:07:52.400 yourself or even your family to someplace totally new. Let's 0:07:52.440 --> 0:07:54.400 keep moving man. It's uh, it's enrollment season when it 0:07:54.440 --> 0:07:57.160 comes to healthcare, and we want to specifically talk about 0:07:57.280 --> 0:08:00.040 h s A s, which our health savings accounts. And 0:08:00.120 --> 0:08:02.880 we saw recently that only six percent of people that 0:08:02.920 --> 0:08:06.280 contribute to an h s A actually invest inside of it. 0:08:06.360 --> 0:08:09.800 And this is according to the Employee Benefits Research Institute. 0:08:10.280 --> 0:08:13.120 That is not good, man. Yeah, I would much I 0:08:13.160 --> 0:08:15.280 would like to see a lot more people actually investing 0:08:15.280 --> 0:08:17.800 and not just having that money sitting there as cash. 0:08:18.160 --> 0:08:20.000 Because h A s are are pretty great as a 0:08:20.080 --> 0:08:25.160 vehicle for paying for current medical necessities while avoiding tax 0:08:25.360 --> 0:08:28.760 on that money. But hs A s are overwhelmingly excellent 0:08:28.840 --> 0:08:32.000 if you invest that money for decades instead. Back an 0:08:32.000 --> 0:08:35.800 episode one and five, we discussed hs A s in details, 0:08:35.800 --> 0:08:37.920 so check that out if you want all the details. 0:08:38.160 --> 0:08:41.440 But yeah, especially since we are in the open enrollment season. 0:08:41.640 --> 0:08:43.160 You know, if your health is in good condition. If 0:08:43.160 --> 0:08:46.560 you're enrolling in an hs A eligible healthcare plan. Uh. 0:08:46.559 --> 0:08:48.880 And if you want to invest more for the future, 0:08:49.280 --> 0:08:51.720 go the hs A route. And you know, don't just 0:08:52.000 --> 0:08:54.920 actually stick money, stick cash inside that HUSA where it 0:08:54.960 --> 0:08:56.920 sits there as cash. Make sure that you are actually 0:08:56.960 --> 0:09:00.160 investing the money within that account. That's right. And two 0:09:00.160 --> 0:09:02.040 of our favorite companies, by the way for opening an 0:09:02.200 --> 0:09:05.720 hs A with our fidelity and Lively, because of the 0:09:05.760 --> 0:09:09.240 low fees that they offer and the awesome access to 0:09:09.480 --> 0:09:11.880 investment options. So we'll link to both of those in 0:09:11.880 --> 0:09:14.720 our show notes. Last week, we actually talked about changing 0:09:14.760 --> 0:09:17.439 tax brackets Matt, and then a minor increase in the 0:09:17.440 --> 0:09:19.199 amount that people can save in a set bi A 0:09:19.280 --> 0:09:21.560 I think an additional thousand bucks uh coming up the 0:09:21.559 --> 0:09:23.720 next year the new I R S guidelines. Yeah, exactly. 0:09:24.000 --> 0:09:26.240 And you know what, the h s A actually got 0:09:26.280 --> 0:09:28.400 a little bit of a bump up to an extra 0:09:28.880 --> 0:09:31.840 fifty bucks I think it was so Yeah, and maybe 0:09:31.840 --> 0:09:34.199 in a hundred bucks for families. So the new hs 0:09:34.280 --> 0:09:36.760 A contribution limits are thirty six hundred for individuals and 0:09:37.760 --> 0:09:41.200 families and a little extra note two people over fifty five, 0:09:41.320 --> 0:09:44.240 but they can save an extra thousand dollars a year. Yeah, 0:09:44.320 --> 0:09:46.200 so don't neglect the h s A. You know, Matt 0:09:46.240 --> 0:09:47.520 and I, we really do think it's one of the 0:09:47.520 --> 0:09:50.520 best retirement plans out there if you use it correctly, 0:09:50.760 --> 0:09:52.800 because you're never ever taxed on any of that money, 0:09:53.000 --> 0:09:55.440 which is why it's so important to not be with 0:09:55.440 --> 0:09:58.200 the of people who aren't investing inside of it. Be 0:09:58.400 --> 0:10:01.200 like those six percent of people and start investing inside 0:10:01.200 --> 0:10:02.960 of your hs A because it's just one of the 0:10:03.000 --> 0:10:06.000 best ways to long term invest for your future. Yeah, 0:10:06.080 --> 0:10:08.280 that's right. Pay for those medical expenses out of pocket, 0:10:08.559 --> 0:10:10.720 and try not to touch that HSA money. Treat it 0:10:10.800 --> 0:10:13.200 more like a retirement account, all right. So there's an 0:10:13.200 --> 0:10:16.680 awful new debt collector rule jol via the Consumer Financial 0:10:16.679 --> 0:10:20.319 Protection Bureau also known as the CFPB. They just finalized 0:10:20.320 --> 0:10:23.320 a rule this week that will allow debt collectors to 0:10:23.400 --> 0:10:27.880 contact consumers by email, texts, and by social media like Facebook, Twitter, 0:10:28.040 --> 0:10:32.120 and Instagram. Like, seriously, what is up with that? This is? 0:10:32.320 --> 0:10:35.360 This is such bad news. Consumer reports that they say 0:10:35.400 --> 0:10:38.559 that each creditor will be able to have the ability 0:10:38.640 --> 0:10:42.000 to send an unlimited number of texts, emails, in social 0:10:42.120 --> 0:10:44.600 media messages to you. So that's where the sliding into 0:10:44.600 --> 0:10:47.080 the d m S title came from. That we mentioned 0:10:47.120 --> 0:10:49.560 like I'm not already getting enough spam like on social 0:10:49.559 --> 0:10:51.840 media and in my text message in box. It's it's 0:10:51.920 --> 0:10:54.360 terrible considering you know that this is an industry that 0:10:54.480 --> 0:10:56.920 is like already willing to stoop to some really low 0:10:57.000 --> 0:10:59.360 levels in order to get paid. This is bad news 0:10:59.400 --> 0:11:02.120 for those who owe money. Yeah, and Matt, As it 0:11:02.160 --> 0:11:04.920 turns out a lot of Americans do owe money right 0:11:05.280 --> 0:11:07.800 According to the National Consumer Law Center, one in four 0:11:07.840 --> 0:11:10.440 adults have a bill that is in collections at any 0:11:10.480 --> 0:11:12.760 given time, So this is going to have an impact 0:11:12.760 --> 0:11:15.760 on a whole lot of Americans. And the CFPV did 0:11:15.800 --> 0:11:18.880 say that consumers can opt out of these updated electronic 0:11:18.920 --> 0:11:22.079 communication methods, but they haven't explained how that's going to 0:11:22.120 --> 0:11:24.800 be implemented. So you know, hopefully we'll get an update 0:11:24.800 --> 0:11:26.760 on that and be able to relay that to everyone 0:11:26.920 --> 0:11:29.439 how to to avoid at debt collectors in your d 0:11:29.600 --> 0:11:32.000 m S because it sounds terrible. But even though this 0:11:32.080 --> 0:11:35.480 is the Consumer Financial Protection Bureau who issued this new rule, 0:11:35.679 --> 0:11:38.319 it certainly doesn't seem like this is a federal bureau 0:11:38.400 --> 0:11:41.640 that has at least currently the interests of Americans as 0:11:41.679 --> 0:11:43.480 a whole in mind, Matt, back in the day, you 0:11:43.520 --> 0:11:45.960 and I we get to interview Richard Cordray, who helped 0:11:46.080 --> 0:11:48.800 start and found the CFP was the first director. Yeah, 0:11:48.880 --> 0:11:51.760 and and his mission was a good one, and he 0:11:51.840 --> 0:11:54.200 actually did a great job at reining in some of 0:11:54.200 --> 0:11:58.120 the excesses of the financial services industry and protecting Americans. 0:11:58.200 --> 0:12:00.840 And right now the CFPV has lost sight of some 0:12:00.880 --> 0:12:04.920 of that mission and allowing debt collectors to contact you, 0:12:04.920 --> 0:12:07.480 you know, via d m s on Twitter or through 0:12:07.480 --> 0:12:10.560 Facebook Messenger or texting you at all hours of the day. 0:12:11.080 --> 0:12:13.080 That's just bad news for all of us. Yeah, Like, 0:12:13.120 --> 0:12:16.240 I understand the need to update communication methods right like 0:12:16.240 --> 0:12:18.600 because before this, like they could only make those phone calls. 0:12:18.679 --> 0:12:21.040 But at the same time, the fact that they have 0:12:21.320 --> 0:12:24.760 outlined how often, uh, you can be contacted via these 0:12:24.920 --> 0:12:28.440 you know, social media platforms, which is unlimited. The fact 0:12:28.440 --> 0:12:30.520 that they have that outline and they don't have outlined 0:12:30.559 --> 0:12:32.280 how it is that you can opt out of you know, 0:12:32.320 --> 0:12:34.840 some less electronic communication just kind of tells you where 0:12:34.840 --> 0:12:37.960 their priorities are. In my opinion, So the next steps, 0:12:38.000 --> 0:12:40.200 you know, for if you have debt in collections. First 0:12:40.200 --> 0:12:42.000 of all, luckily this rule doesn't go into effect for 0:12:42.040 --> 0:12:44.280 another year, so there's a chance maybe it can be 0:12:44.520 --> 0:12:48.080 changed before then. But regardless, if you're being contacted by 0:12:48.120 --> 0:12:50.959 a creditor today, you know, by the phone, or if 0:12:50.960 --> 0:12:53.760 it's by Instagram next year, you always want to make 0:12:53.800 --> 0:12:57.640 sure that you verify that the debt is actually yours. 0:12:57.679 --> 0:13:00.720 Because of the Fair Debt Collections Practices Act of nineteen 0:13:00.800 --> 0:13:03.600 seventy seven, you have the right to ask for the 0:13:03.679 --> 0:13:06.679 debt collector to provide you with details of how they 0:13:06.760 --> 0:13:10.280 calculated and arrived at the total debt uh that they're 0:13:10.400 --> 0:13:12.200 they're trying to collect from you, you know, as well 0:13:12.240 --> 0:13:15.120 as the name of the original creditor who you owed. 0:13:15.559 --> 0:13:18.559 And so this is an important step since collection agencies 0:13:18.880 --> 0:13:21.840 incompetence you know, or sometimes they just don't care. Uh. 0:13:21.960 --> 0:13:24.640 That means that they might be seeking a debt from 0:13:24.640 --> 0:13:27.520 someone maybe just with a similar name as as yours, 0:13:27.960 --> 0:13:30.400 or maybe they have the wrong person altogether, they're marking 0:13:30.440 --> 0:13:32.120 up the wrong tree. Yeah, And I just want to 0:13:32.280 --> 0:13:35.480 mention too that obviously debt collectors have a job to 0:13:35.520 --> 0:13:37.240 do and there's a lot of people that do ohe 0:13:37.440 --> 0:13:39.800 a legitimate debt and they should pay that debt. It's 0:13:39.840 --> 0:13:43.199 just that this is an industry that sometimes goes to 0:13:43.559 --> 0:13:46.400 excess when it comes to collecting debts, and sometimes they 0:13:46.480 --> 0:13:48.959 violate the law. Yeah, we're not against people paying their debts, 0:13:48.960 --> 0:13:52.760 but we're maybe against the harassment of individuals in particular. Yeah, 0:13:52.760 --> 0:13:55.360 when the laws being broken. Yeah, exactly that. I wanted 0:13:55.360 --> 0:13:57.680 to mention that, and and hopefully we get a little 0:13:57.679 --> 0:14:00.400 more information on how you can protect yourself from a 0:14:00.480 --> 0:14:03.400 social media harassment campaign from from debt collectors if you 0:14:03.440 --> 0:14:06.120 actually do owe a debt, all right, Matt. One other things, 0:14:06.120 --> 0:14:08.360 speaking of folks reaching out to you via text, there 0:14:08.400 --> 0:14:12.400 have been some reports of new stimulus check text message scams. Obviously, 0:14:12.640 --> 0:14:14.960 there isn't a new round of stimulus checks, not yet 0:14:15.000 --> 0:14:17.520 at least, And so if you receive a text or 0:14:17.559 --> 0:14:21.000 email saying otherwise, don't click on that link, it might 0:14:21.000 --> 0:14:23.280 be tempting because you're like, wait, money and coming towards 0:14:23.280 --> 0:14:26.240 coming my way. That sounds great, I can use it, right, 0:14:27.040 --> 0:14:29.360 but it's not legit. And and it just reminds me 0:14:29.440 --> 0:14:33.440 of our recent conversation with Carol Tario recently on cybersecurity. 0:14:33.760 --> 0:14:35.520 Listen back to that one if you haven't already, for 0:14:35.600 --> 0:14:37.520 some great tips to keep you and your money safe, 0:14:37.640 --> 0:14:40.280 because you know, these sorts of scams, this sort of 0:14:40.320 --> 0:14:43.920 this sort of intrusion into your email inbox and into 0:14:44.600 --> 0:14:47.280 where you hang out in social media, it's just becoming 0:14:47.400 --> 0:14:49.440 more of the norm. And she had some great thoughts 0:14:49.440 --> 0:14:52.880 on how you can protect yourself and your money. All Right, Matt, 0:14:52.880 --> 0:14:55.480 we got more to get to, including a new interesting 0:14:55.480 --> 0:14:57.360 survey on who owes the most when it comes to 0:14:57.440 --> 0:14:59.560 student loans. We'll get to that and more right after 0:14:59.600 --> 0:15:11.280 this break. Alright, we are back. We have a whole 0:15:11.280 --> 0:15:14.040 slew of additional stories that we're gonna get to. Joel, 0:15:14.120 --> 0:15:16.960 let's talk about working from home. We want to make 0:15:16.960 --> 0:15:20.280 sure the individuals out there that you're being careful, that 0:15:20.320 --> 0:15:22.360 you're not working too much. If you're one of the 0:15:22.400 --> 0:15:24.560 millions of folks who are now working from home. I 0:15:24.640 --> 0:15:27.160 don't worry about me, Matt, I'm not. I've got no 0:15:27.480 --> 0:15:29.400 worries at all that you're working too much. Talking to 0:15:29.520 --> 0:15:31.360 other people, they could fall prey to working too much, 0:15:32.120 --> 0:15:34.640 but some folks I know have somewhere between two and 0:15:34.680 --> 0:15:37.840 even three hours back in their day. Thanks to not 0:15:37.920 --> 0:15:40.800 having to get ready for work thanks to not having 0:15:40.880 --> 0:15:43.280 to commute. Yeah, and we live in the great city 0:15:43.280 --> 0:15:46.760 of Atlanta. Work commutes are off the wall, crazy real thing. Uh. 0:15:46.760 --> 0:15:48.320 And so for most folks it's you know, it's more 0:15:48.360 --> 0:15:51.760 like probably under an hour of found time. Even that's nice, 0:15:52.400 --> 0:15:54.560 but many workers are are now using a lot of 0:15:54.560 --> 0:15:57.400 that time that is now there's that they've reclaimed, right, 0:15:57.760 --> 0:15:59.960 but they're taking that and they're dedicating it to their 0:16:00.160 --> 0:16:03.840 employer blame. They're working more. Uh. The University of Chicago 0:16:04.040 --> 0:16:06.880 did a study recently to see where people's extra hours 0:16:07.120 --> 0:16:09.800 are going, and it looks like more than one third 0:16:09.800 --> 0:16:12.080 of the hours that people aren't spending on their commute 0:16:12.440 --> 0:16:15.320 or being spent working. And so this is something we 0:16:15.360 --> 0:16:17.840 want to point out because I think in some situations, 0:16:17.920 --> 0:16:19.720 if you want to work more, that's fine, right. I mean, 0:16:19.760 --> 0:16:22.120 in particular, if you build hourly like that means you're 0:16:22.120 --> 0:16:24.200 probably getting paid more, or if you want to maybe 0:16:24.200 --> 0:16:26.720 get ahead at work, working more is you know, that's 0:16:26.720 --> 0:16:28.800 a good thing to do. But it's about being aware 0:16:28.840 --> 0:16:30.880 of the fact that this might be happening to you 0:16:30.920 --> 0:16:33.280 and you may not even realize it, right, Like like 0:16:33.280 --> 0:16:35.680 it used to leave for work at seven. Uh. And 0:16:35.720 --> 0:16:38.040 maybe you didn't start working though until like seven, five 0:16:38.160 --> 0:16:40.080 or eight, but now you're still used to you know, 0:16:40.320 --> 0:16:42.440 leaving the house quote unquote leaving the house at seven, 0:16:42.640 --> 0:16:44.480 and so you start working at seven, and then you 0:16:44.520 --> 0:16:46.720 take that, you multiply that times too. That's a lot 0:16:46.760 --> 0:16:50.600 of time, a lot of additional time that's going towards work. Yeah. Yeah, 0:16:50.640 --> 0:16:53.640 And that same University of Chicago study revealed that childcare 0:16:53.680 --> 0:16:55.560 obviously makes that list as well. For a lot of people, 0:16:55.680 --> 0:16:58.160 they're spending a lot of time with their kids facilitating 0:16:58.160 --> 0:17:01.400 in home learning, or some of the kids maybe haven't 0:17:01.400 --> 0:17:03.680 been able to go back to daycare. And so yeah, 0:17:03.680 --> 0:17:05.439 you're you are spending a lot more time with your 0:17:05.480 --> 0:17:07.880 kids and it's become harder to work. But a lot 0:17:07.880 --> 0:17:10.040 of people are working more um and I think it 0:17:10.040 --> 0:17:12.760 made sense to Matt, particularly in the beginning of the lockdown, 0:17:12.760 --> 0:17:15.080 that people were working more. Right, We're all trying to 0:17:15.119 --> 0:17:17.320 kind of get our barings and figure out how working 0:17:17.359 --> 0:17:19.919 from home would actually work out in our lives. But 0:17:20.000 --> 0:17:21.680 most of us at this point have developed a bit 0:17:21.680 --> 0:17:23.440 of a rhythm. So it's important to make sure that 0:17:23.480 --> 0:17:26.280 you create some barriers between you and your work so 0:17:26.320 --> 0:17:29.480 that you're not overworking yourself just because your laptop is 0:17:29.560 --> 0:17:31.400 right there in your house. And I think that's what 0:17:31.440 --> 0:17:34.840 people can easily and have easily fallen prey to and 0:17:35.000 --> 0:17:37.399 Matt in episode one eighty two, we talked about you know, 0:17:37.440 --> 0:17:40.200 some tips to help people work from home effectively, and 0:17:40.440 --> 0:17:43.320 a couple of things we mentioned was having a dedicated workspace, 0:17:43.480 --> 0:17:46.720 which means not working from your bed right um, and 0:17:46.800 --> 0:17:49.240 and not working from the kitchen table and all likelihood. 0:17:49.240 --> 0:17:52.240 Either having a called out space in your house where 0:17:52.280 --> 0:17:55.240 you get work done and then having hard work hours. 0:17:55.320 --> 0:17:56.960 Making sure you know when you're on and off the 0:17:56.960 --> 0:17:59.439 clock and not deviating from that can really help you 0:17:59.480 --> 0:18:03.160 to create oppera barriers and avoid overworking just because your 0:18:03.160 --> 0:18:06.280 work is essentially in your house. Now, having a dedicated 0:18:06.359 --> 0:18:08.440 time to work as well as a dedicated space to 0:18:08.480 --> 0:18:10.879 work is ideal. Yeah, and take a couple of breaks 0:18:10.920 --> 0:18:12.400 too during the day. I think when people work from 0:18:12.400 --> 0:18:16.280 home sometimes they forget the rhythms of a normal work day, 0:18:16.440 --> 0:18:18.280 um when they were in the office and there were 0:18:18.359 --> 0:18:20.600 break times built in there too, right, A walk down 0:18:20.640 --> 0:18:23.000 the hall, uh, a visit to see a coworker and 0:18:23.040 --> 0:18:26.040 so take that break, step outside, whatever it takes to 0:18:26.080 --> 0:18:28.560