1 00:00:00,160 --> 00:00:02,640 Speaker 1: Welcome to How the Money. I'm Joel and I and 2 00:00:02,800 --> 00:00:06,280 Speaker 1: Matt and today we're discussing free health insurance by now, 3 00:00:06,360 --> 00:00:28,480 Speaker 1: pay later, and fatter paychecks. Yeah, Joel, that's right. This 4 00:00:28,560 --> 00:00:31,200 Speaker 1: is a fresh Friday flight. Well, we have taken a 5 00:00:31,200 --> 00:00:33,320 Speaker 1: look at some of the different headlines from this past week, 6 00:00:33,400 --> 00:00:36,479 Speaker 1: and specifically, we're gonna talk about how they are going 7 00:00:36,520 --> 00:00:40,440 Speaker 1: to impact your wallet, or your purse, or your credit 8 00:00:40,440 --> 00:00:43,519 Speaker 1: card statement or your checking act wherever it is that 9 00:00:43,560 --> 00:00:45,840 Speaker 1: you're spending money comes out of. We're gonna talk about 10 00:00:45,880 --> 00:00:48,639 Speaker 1: how these headlines affect that money. I have I ever 11 00:00:48,720 --> 00:00:51,080 Speaker 1: mentioned how cool my wallet is? By the way, I've 12 00:00:51,120 --> 00:00:52,680 Speaker 1: got this. We'll put one of the one of the 13 00:00:52,720 --> 00:00:54,800 Speaker 1: slim wallets, right, Yeah, one of the slim wallets in 14 00:00:54,840 --> 00:00:56,840 Speaker 1: like literally you it's it's magnetized and you pull it 15 00:00:56,920 --> 00:00:58,160 Speaker 1: up and all the credit card comes out and it's 16 00:00:58,200 --> 00:01:00,920 Speaker 1: super cool. I'll link to that show notes like that's 17 00:01:01,760 --> 00:01:03,280 Speaker 1: this has made a big difference in my life. And 18 00:01:03,320 --> 00:01:05,160 Speaker 1: it was like twelve dollars. You don't have any back 19 00:01:05,160 --> 00:01:09,640 Speaker 1: problems anymore, right exactly, Seinfeld. People like the huge fat 20 00:01:09,640 --> 00:01:13,280 Speaker 1: wallet where they're so bad causes back problems, especially when 21 00:01:13,280 --> 00:01:15,000 Speaker 1: you're like on a long distance trip in the car 22 00:01:15,040 --> 00:01:17,479 Speaker 1: and you're just like you're slightly imbalanced. You just take 23 00:01:17,480 --> 00:01:19,119 Speaker 1: a lot out of your pocket you need to. Yeah, 24 00:01:19,160 --> 00:01:20,720 Speaker 1: I mean, well I do that. Even I've got a 25 00:01:20,720 --> 00:01:22,920 Speaker 1: skin your wallet, and I like to carry just like 26 00:01:22,959 --> 00:01:25,280 Speaker 1: a little pocket knife, like it kind of slides into 27 00:01:25,280 --> 00:01:27,600 Speaker 1: my wallet as well. So I'm kind of like borderline 28 00:01:27,640 --> 00:01:30,240 Speaker 1: every day carry kind of guy where I'm like, got 29 00:01:30,240 --> 00:01:32,440 Speaker 1: these little cool little things in my pockets. But no 30 00:01:32,440 --> 00:01:34,119 Speaker 1: matter what, even I mean sitting here at the desk, 31 00:01:34,200 --> 00:01:36,480 Speaker 1: getting in the car, I always take my wallet out 32 00:01:36,520 --> 00:01:38,680 Speaker 1: and just set it down. Typically just kind of run 33 00:01:38,760 --> 00:01:42,119 Speaker 1: under my phone. Yeah, anyway, don't let your wallet hurt 34 00:01:42,200 --> 00:01:45,920 Speaker 1: your posture. And check out Joel's. Well you've had that 35 00:01:45,920 --> 00:01:47,400 Speaker 1: thing for like a year now. Yeah, I love it. 36 00:01:47,440 --> 00:01:49,920 Speaker 1: I'm telling you, like, it's been so great. It's one 37 00:01:49,960 --> 00:01:51,880 Speaker 1: of those companies that advertises online where you see the 38 00:01:51,920 --> 00:01:54,200 Speaker 1: ads all the time. It starts with a b uh 39 00:01:54,520 --> 00:01:55,760 Speaker 1: you know I'm talking. I don't want to say their 40 00:01:55,840 --> 00:01:59,040 Speaker 1: name because I mean we don't have a I don't 41 00:01:59,120 --> 00:02:01,160 Speaker 1: relationship with them or I literally saw the wallet on 42 00:02:01,160 --> 00:02:03,160 Speaker 1: an Instagram ad and I was like, Okay, oh my gosh, 43 00:02:03,200 --> 00:02:05,640 Speaker 1: that's that's exactly what I've been looking for for years 44 00:02:05,680 --> 00:02:07,520 Speaker 1: and I've never been able to find. I didn't buy 45 00:02:07,560 --> 00:02:09,320 Speaker 1: it through the Instagram ad. Then I went online and 46 00:02:09,440 --> 00:02:12,079 Speaker 1: ended up shopping and I found found it on eBay 47 00:02:12,080 --> 00:02:15,680 Speaker 1: for like the price. But but yeah, it was one 48 00:02:15,680 --> 00:02:17,720 Speaker 1: of those things. And um, and that was one of 49 00:02:17,760 --> 00:02:21,520 Speaker 1: the best Instagram purchases I've ever made. Well. Aside from 50 00:02:21,520 --> 00:02:24,080 Speaker 1: that tangent, you also wanted to talk about how you 51 00:02:24,080 --> 00:02:26,200 Speaker 1: You've also been spending some big money when it comes 52 00:02:26,200 --> 00:02:29,360 Speaker 1: to some electronics. Yeah, so okay, just really quickly wanted 53 00:02:29,360 --> 00:02:32,320 Speaker 1: to mention that back to school deals on electronics are 54 00:02:32,360 --> 00:02:34,880 Speaker 1: are kind of in in full force right now, and 55 00:02:34,919 --> 00:02:37,320 Speaker 1: so especially if I mean, I'm not sure what the 56 00:02:37,360 --> 00:02:40,320 Speaker 1: remote learning situation is like where you where you are 57 00:02:40,320 --> 00:02:42,519 Speaker 1: and where your kids are. Unfortunately, our kids are back 58 00:02:42,639 --> 00:02:45,120 Speaker 1: in school in person. Um, and I hope your kids 59 00:02:45,160 --> 00:02:47,960 Speaker 1: are as well. But um, either way, you might need 60 00:02:48,000 --> 00:02:50,240 Speaker 1: a laptop for some reason, and right now is a 61 00:02:50,240 --> 00:02:52,560 Speaker 1: good time to buy a laptop. We're able to score 62 00:02:52,720 --> 00:02:55,880 Speaker 1: just a really good deal from best Buy. My wife 63 00:02:56,160 --> 00:02:58,480 Speaker 1: is going back to school and she got the additional 64 00:02:58,520 --> 00:03:02,040 Speaker 1: student discount on that Mac. Yeah, and it's it's gonna be, yeah, 65 00:03:02,120 --> 00:03:03,760 Speaker 1: a laptop that she's gonna be able to use for 66 00:03:03,840 --> 00:03:06,200 Speaker 1: years and years to come in schooling. So I just 67 00:03:06,200 --> 00:03:08,480 Speaker 1: want to mention that if you're like, oh man, I 68 00:03:08,520 --> 00:03:10,440 Speaker 1: think we do need to replace the laptop now, could 69 00:03:10,520 --> 00:03:12,600 Speaker 1: be a good time. There have been some good sales 70 00:03:12,840 --> 00:03:15,000 Speaker 1: float around. And I also wanted to mention the power 71 00:03:15,160 --> 00:03:17,040 Speaker 1: or the influence of your friends. You know, there's always 72 00:03:17,040 --> 00:03:19,000 Speaker 1: that saying if you're gonna have the net worth, that's 73 00:03:19,040 --> 00:03:21,600 Speaker 1: the average of your five closest friends, that kind of thing. Well, 74 00:03:21,760 --> 00:03:24,079 Speaker 1: Emily starts talking about getting a new laptop, and Kate 75 00:03:24,160 --> 00:03:25,639 Speaker 1: kind of jumped on it as well. She's like, oh, yeah, 76 00:03:25,639 --> 00:03:28,440 Speaker 1: I need a new laptop. And I was just, you know, 77 00:03:28,560 --> 00:03:30,680 Speaker 1: politely pointed out there that we've got a pretty solid 78 00:03:30,760 --> 00:03:33,560 Speaker 1: newer laptop. It's just listen, Kate, you're not going back 79 00:03:33,600 --> 00:03:35,280 Speaker 1: to school. Okay, you don't have a reason for this, 80 00:03:35,360 --> 00:03:36,920 Speaker 1: but well, she has taking this class here in the 81 00:03:36,960 --> 00:03:38,760 Speaker 1: fall that we might talk about at some point, but 82 00:03:38,840 --> 00:03:40,480 Speaker 1: she I mean, the main laptop that she uses is 83 00:03:40,480 --> 00:03:43,600 Speaker 1: from is that twenty tin MacBook Air And yeah, that 84 00:03:43,640 --> 00:03:45,240 Speaker 1: thing's a piece. But I'm like, hey, we've got to 85 00:03:45,240 --> 00:03:47,080 Speaker 1: get you an account set up on the new laptop. 86 00:03:47,400 --> 00:03:49,080 Speaker 1: But always be aware of what's going on around you 87 00:03:49,120 --> 00:03:51,480 Speaker 1: because that has an impact on how you view your 88 00:03:51,480 --> 00:03:53,920 Speaker 1: money your things. Uh. And also that's one of the 89 00:03:53,960 --> 00:03:56,400 Speaker 1: quickest ways to get poor is to base spending decisions 90 00:03:56,480 --> 00:03:59,440 Speaker 1: on the spending decisions with people around the Joneses or yeah, 91 00:03:59,560 --> 00:04:02,520 Speaker 1: or the Joel. But I wanted to mention too, you 92 00:04:02,560 --> 00:04:05,200 Speaker 1: can also get that student discounts if you are the 93 00:04:05,240 --> 00:04:07,680 Speaker 1: parent of the students. For all the parents out there 94 00:04:07,720 --> 00:04:10,000 Speaker 1: and you're not going to school if you have a kid, 95 00:04:10,160 --> 00:04:12,000 Speaker 1: oftentimes on some of the different sites, you can get 96 00:04:12,000 --> 00:04:14,360 Speaker 1: the student discount as well. Nice, Okay, well, so yeah, 97 00:04:14,440 --> 00:04:16,760 Speaker 1: keep keep your eyes open. Glad we were able to 98 00:04:16,760 --> 00:04:19,680 Speaker 1: mention that. But yeah, let's get into the Friday flight. 99 00:04:19,920 --> 00:04:22,200 Speaker 1: These are the stories we saw this week in the news, 100 00:04:22,240 --> 00:04:25,800 Speaker 1: and and there are massive impacts for your personal finances, 101 00:04:26,200 --> 00:04:28,520 Speaker 1: um and Matt that by now pay later story. I'm 102 00:04:28,560 --> 00:04:30,240 Speaker 1: really excited to get to that because there's a lot 103 00:04:30,279 --> 00:04:31,800 Speaker 1: of news in that space, and there's a lot of 104 00:04:31,800 --> 00:04:34,400 Speaker 1: stuff I didn't even know, um that I found when 105 00:04:34,440 --> 00:04:36,920 Speaker 1: I was like reading this week That is should be 106 00:04:36,920 --> 00:04:39,280 Speaker 1: a little nerve wracking for someone and you need to 107 00:04:39,320 --> 00:04:41,720 Speaker 1: listen to what we have to say before you make 108 00:04:41,760 --> 00:04:44,320 Speaker 1: a purchase through one of those services. But before we 109 00:04:44,320 --> 00:04:46,120 Speaker 1: get to that, let's let's talk about health insurance for 110 00:04:46,120 --> 00:04:48,520 Speaker 1: a second, Matt. And uh, yeah, believe it or not, 111 00:04:48,920 --> 00:04:52,560 Speaker 1: there are some cheap or even free healthcare plans available 112 00:04:52,920 --> 00:04:54,960 Speaker 1: for a lot of Americans right now for a lot 113 00:04:55,000 --> 00:04:57,560 Speaker 1: of how the money listeners too, And yeah, I mean 114 00:04:57,640 --> 00:05:00,080 Speaker 1: for real, like free health insurance. This is a and 115 00:05:00,320 --> 00:05:02,120 Speaker 1: this is I don't want to sound super sales of 116 00:05:02,160 --> 00:05:04,640 Speaker 1: your gimmicky but this is a limited time offer and 117 00:05:04,680 --> 00:05:07,440 Speaker 1: it won't last long. Uh that is actually true. It 118 00:05:07,480 --> 00:05:09,240 Speaker 1: is true. The Wall Street Journal did a great job 119 00:05:09,279 --> 00:05:13,279 Speaker 1: reporting this week about how, because of the COVID stimulus bills, 120 00:05:13,600 --> 00:05:17,960 Speaker 1: many Americans can receive incredibly cheap and sometimes free healthcare 121 00:05:18,000 --> 00:05:21,039 Speaker 1: plans on the Exchange. And most people don't know about this, 122 00:05:21,120 --> 00:05:24,120 Speaker 1: and they assume that they can't afford to buy healthcare, 123 00:05:24,160 --> 00:05:28,160 Speaker 1: and so some people go without or they overspend by 124 00:05:28,160 --> 00:05:30,279 Speaker 1: going outside of the exchange to buy their health insurance. 125 00:05:30,279 --> 00:05:33,120 Speaker 1: But yeah, it's important to note that you might be 126 00:05:33,120 --> 00:05:35,760 Speaker 1: able to save money by going through the exchange directly. 127 00:05:35,800 --> 00:05:38,720 Speaker 1: And a crucial part of this, to Matt is that anyone, 128 00:05:38,760 --> 00:05:41,719 Speaker 1: anyone who has received unemployment insurance at any point this 129 00:05:41,800 --> 00:05:45,520 Speaker 1: year is automatically qualified to pay nothing on some of 130 00:05:45,560 --> 00:05:47,919 Speaker 1: these A C A plans. So yeah, if you received 131 00:05:47,960 --> 00:05:50,960 Speaker 1: unemployment even for just a week, and you need health insurance, 132 00:05:51,000 --> 00:05:52,320 Speaker 1: this is a no brainer, Like this is where you 133 00:05:52,320 --> 00:05:55,719 Speaker 1: should be going because of some of those stimulus bills. 134 00:05:55,880 --> 00:05:57,640 Speaker 1: It just means that a whole lot of people can 135 00:05:57,640 --> 00:05:59,880 Speaker 1: save a whole lot of money or maybe pay no 136 00:06:00,080 --> 00:06:02,760 Speaker 1: thing for their health insurance for quite a while to come. Yeah, 137 00:06:02,760 --> 00:06:06,480 Speaker 1: and when the average family is spending over a month 138 00:06:06,560 --> 00:06:08,600 Speaker 1: on health insurance, this is a legit way for you 139 00:06:08,640 --> 00:06:09,960 Speaker 1: to save a lot of money. It's a big line 140 00:06:10,000 --> 00:06:12,040 Speaker 1: item in a lot of people's budgets. Yeah. Another aspect 141 00:06:12,120 --> 00:06:14,880 Speaker 1: to important aspect of these subsidies is the fact that 142 00:06:14,920 --> 00:06:17,080 Speaker 1: they no longer have a hard cap. It used to 143 00:06:17,080 --> 00:06:18,400 Speaker 1: be where if you were single and you made more 144 00:06:18,400 --> 00:06:21,600 Speaker 1: than fifty right, you didn't receive any benefit. But that's 145 00:06:21,640 --> 00:06:24,239 Speaker 1: no longer the case. Uh. The current benefit now depends 146 00:06:24,279 --> 00:06:26,359 Speaker 1: on your age as well as your income. So you 147 00:06:26,400 --> 00:06:28,760 Speaker 1: could be say, thirty years old, making what you what 148 00:06:28,920 --> 00:06:31,400 Speaker 1: you believe is a decent income and still see a 149 00:06:31,440 --> 00:06:34,080 Speaker 1: pretty significant discount. But Joel, you mentioned this is a 150 00:06:34,120 --> 00:06:37,080 Speaker 1: limited time offer. It's very true. The deadline to enroll 151 00:06:37,400 --> 00:06:40,880 Speaker 1: is August fifteen. Uh, so you don't have much longer 152 00:06:40,920 --> 00:06:43,880 Speaker 1: to take advantage of this before those subsidies are no 153 00:06:43,960 --> 00:06:48,040 Speaker 1: longer available, before that open enrollment period closes. Before you 154 00:06:48,080 --> 00:06:50,560 Speaker 1: could check out plans at healthcare dot gov or if 155 00:06:50,560 --> 00:06:53,360 Speaker 1: you're stating has its own marketplace, head there, but also 156 00:06:53,400 --> 00:06:55,800 Speaker 1: head over to health sherpa dot com because they can 157 00:06:55,839 --> 00:06:57,719 Speaker 1: help you to find the best plan for you and 158 00:06:57,720 --> 00:07:00,880 Speaker 1: for your situation. Oftentimes it comes down to as well, 159 00:07:00,920 --> 00:07:02,200 Speaker 1: like how much money do you have in the bank? 160 00:07:02,240 --> 00:07:04,680 Speaker 1: Can you afford some of those bronze plans that have 161 00:07:04,720 --> 00:07:07,160 Speaker 1: a higher deductible kind of depends on your own personal 162 00:07:07,240 --> 00:07:10,080 Speaker 1: financial situation, that's right. Yeah. And on the note of 163 00:07:10,080 --> 00:07:13,640 Speaker 1: health coverage, Uh, did you know that colleges offer campus 164 00:07:13,680 --> 00:07:17,320 Speaker 1: health insurance plans. Oftentimes, the cost of this insurance is 165 00:07:17,320 --> 00:07:20,760 Speaker 1: actually baked into the overall cost of tuition. So yeah, 166 00:07:20,840 --> 00:07:23,240 Speaker 1: students and some parents may not even realize that they're 167 00:07:23,240 --> 00:07:25,240 Speaker 1: paying for it. It may just be included in the 168 00:07:25,320 --> 00:07:27,480 Speaker 1: overall price. And you're like, wait a second, I didn't 169 00:07:27,520 --> 00:07:29,920 Speaker 1: know that was a line item. But but the thing is, yeah, 170 00:07:30,000 --> 00:07:32,320 Speaker 1: you you could be paying for this coverage and you 171 00:07:32,400 --> 00:07:34,520 Speaker 1: might not need it. Right if the student can show 172 00:07:34,520 --> 00:07:36,680 Speaker 1: that they're already covered, for instance, if they're still on 173 00:07:36,760 --> 00:07:39,720 Speaker 1: their parents plan, since they can do that until they're 174 00:07:39,720 --> 00:07:43,280 Speaker 1: twenty six. When the Affordable Care Act Obamacare went into effect, 175 00:07:43,320 --> 00:07:46,440 Speaker 1: that was one of the changes. Right, Well, students can 176 00:07:46,440 --> 00:07:49,680 Speaker 1: opt out and avoid paying for that unnecessary insurance that 177 00:07:49,720 --> 00:07:52,080 Speaker 1: the college is kind of trying to push on them. Right, 178 00:07:52,120 --> 00:07:53,920 Speaker 1: So yeah, often this is something that needs to be 179 00:07:53,920 --> 00:07:56,680 Speaker 1: done proactively this summer or at the beginning of the 180 00:07:56,680 --> 00:07:59,200 Speaker 1: false semester. So yeah, I would say look into that 181 00:07:59,280 --> 00:08:01,480 Speaker 1: and see if there is sort of some sort of 182 00:08:01,560 --> 00:08:04,000 Speaker 1: campus health insurance plan that you're being built for. You 183 00:08:04,080 --> 00:08:06,760 Speaker 1: don't have to pay for that, and you can ask 184 00:08:06,760 --> 00:08:09,880 Speaker 1: for that to be removed from your bill if your kid, 185 00:08:10,400 --> 00:08:14,280 Speaker 1: if your child is on another qualifying insurance plan. Yeah, 186 00:08:14,320 --> 00:08:16,760 Speaker 1: and real quick to while we're talking about College Target, 187 00:08:16,920 --> 00:08:19,280 Speaker 1: they are adding a pretty sweet perk in an effort 188 00:08:19,280 --> 00:08:23,120 Speaker 1: to attract workers. They are paying for of college tuition 189 00:08:23,160 --> 00:08:26,280 Speaker 1: and textbooks and new Target employees they're gonna be eligible 190 00:08:26,280 --> 00:08:28,400 Speaker 1: for this starting with their first day of work, so 191 00:08:28,440 --> 00:08:30,480 Speaker 1: it's not like there's this I don't know, like three 192 00:08:30,560 --> 00:08:32,599 Speaker 1: year long investing period or anything like that. So I 193 00:08:32,640 --> 00:08:34,240 Speaker 1: don't know if I told you I'm going to start 194 00:08:34,280 --> 00:08:36,520 Speaker 1: working at the Target next week to pay for at 195 00:08:36,559 --> 00:08:40,320 Speaker 1: LEAs class exactly. Walmart they announced a similar initiative a 196 00:08:40,320 --> 00:08:43,640 Speaker 1: couple of weeks ago, uh, making it even more affordable 197 00:08:43,679 --> 00:08:45,480 Speaker 1: for their associates to get a higher degree. I think 198 00:08:45,520 --> 00:08:50,240 Speaker 1: previously they required their employees to pay a dollar a day, which, honestly, 199 00:08:50,280 --> 00:08:52,240 Speaker 1: I actually kind of liked that plan. Little skin in 200 00:08:52,240 --> 00:08:55,000 Speaker 1: the game. Yeah, it gives like you have to be like, granted, 201 00:08:55,040 --> 00:08:56,840 Speaker 1: if you're gonna go to college, you have to show 202 00:08:56,880 --> 00:08:59,640 Speaker 1: some degree of self motivation. But I don't know, just 203 00:08:59,720 --> 00:09:02,559 Speaker 1: even still like they're being some sort of financial hook 204 00:09:03,400 --> 00:09:04,720 Speaker 1: just to make sure, like are you are you still 205 00:09:04,720 --> 00:09:07,080 Speaker 1: watching it? Yeah, it's sort of like on Netflix, like 206 00:09:07,320 --> 00:09:09,320 Speaker 1: they just want you to just click the okay, like 207 00:09:09,360 --> 00:09:12,120 Speaker 1: it's not much, it's just a dollar. But even still 208 00:09:12,160 --> 00:09:14,000 Speaker 1: that they've decided to walk that back and they're taking 209 00:09:14,000 --> 00:09:16,880 Speaker 1: it all the way down to zero dollars completely free. Uh, 210 00:09:16,880 --> 00:09:19,559 Speaker 1: And so financially obviously that's better. And this new offering 211 00:09:19,559 --> 00:09:22,720 Speaker 1: from Target is available for full time and part time workers. 212 00:09:22,760 --> 00:09:25,840 Speaker 1: By the way, it's just another reminder man that pay 213 00:09:25,920 --> 00:09:28,600 Speaker 1: It's obviously crucial when deciding which jobs you want to pursue, 214 00:09:28,760 --> 00:09:32,360 Speaker 1: but so our secondary benefits. Getting to pursue a free 215 00:09:32,360 --> 00:09:35,440 Speaker 1: college education is a pretty big perk. Yeah, for sure, 216 00:09:35,440 --> 00:09:37,600 Speaker 1: it is a big park, and it could influence whether 217 00:09:37,720 --> 00:09:39,280 Speaker 1: or not you go working an employer or not. Right, 218 00:09:39,320 --> 00:09:41,480 Speaker 1: some of those secondary benefits like oh snap, I do 219 00:09:41,559 --> 00:09:43,319 Speaker 1: want to get, you know, my college degree and getting 220 00:09:43,320 --> 00:09:46,160 Speaker 1: it for free is obviously a huge check mark in 221 00:09:46,600 --> 00:09:49,040 Speaker 1: going to work for that employer. Let's talk about the 222 00:09:49,080 --> 00:09:52,280 Speaker 1: by now pay later companies, Matt, because if someone has 223 00:09:52,400 --> 00:09:55,360 Speaker 1: gone to one of their favorite clothing websites or something 224 00:09:55,360 --> 00:09:57,960 Speaker 1: like that, they have seen the option to break up 225 00:09:58,000 --> 00:10:01,000 Speaker 1: that payment into four easy installments over the coming months, 226 00:10:01,240 --> 00:10:03,400 Speaker 1: and it's it's just becoming a more and more prominent 227 00:10:03,440 --> 00:10:06,720 Speaker 1: way to purchase things when you're shopping online. And Jack 228 00:10:06,760 --> 00:10:09,480 Speaker 1: Dorsey's company, the guy who started Twitter, he's also got 229 00:10:09,480 --> 00:10:12,880 Speaker 1: another company called Square. Guys obviously back he just detect mobile. 230 00:10:13,679 --> 00:10:17,880 Speaker 1: Everybody knows Jack everybody knows. And his intermittent fasting, whatever 231 00:10:17,920 --> 00:10:22,200 Speaker 1: else is interesting, facial hair, well, he he and his 232 00:10:22,240 --> 00:10:25,280 Speaker 1: company Square just purchased the Australian company after pay for 233 00:10:25,880 --> 00:10:29,400 Speaker 1: billion dollars. Uh. We just talked about arbitrage on Wednesday. 234 00:10:29,480 --> 00:10:32,520 Speaker 1: And since most of the buy now, pay later companies 235 00:10:32,559 --> 00:10:35,320 Speaker 1: don't charge interest, well, when you're buying something, going the 236 00:10:35,480 --> 00:10:37,880 Speaker 1: my now pay later route could be sort of like 237 00:10:37,920 --> 00:10:41,160 Speaker 1: a consumption arbitrage move right. You can keep more cash 238 00:10:41,200 --> 00:10:43,360 Speaker 1: in your bank account, earning interest on that money, pay 239 00:10:43,440 --> 00:10:46,200 Speaker 1: that item off over time as long as you're not 240 00:10:46,520 --> 00:10:48,360 Speaker 1: as long as you're not paying interest, right, because like 241 00:10:48,520 --> 00:10:51,679 Speaker 1: you could incorrectly state that, like well, credit cards, that's 242 00:10:51,760 --> 00:10:53,760 Speaker 1: kind of like a form of arbitrage, right, but not, 243 00:10:53,880 --> 00:10:56,040 Speaker 1: I mean not when you're paying out the nose, uh 244 00:10:56,559 --> 00:10:59,280 Speaker 1: to take advantage of that opportunity, exactly. Yeah. So yeah, 245 00:10:59,400 --> 00:11:02,520 Speaker 1: and BNPL has other downsides too, I'm gonna call by 246 00:11:02,520 --> 00:11:05,360 Speaker 1: not pay later BNPL okay uh. And in fact, despite 247 00:11:05,480 --> 00:11:07,640 Speaker 1: the fact that you can use this method and not 248 00:11:07,720 --> 00:11:10,240 Speaker 1: actually pay more for the item, it doesn't actually mean 249 00:11:10,440 --> 00:11:13,160 Speaker 1: that you should because there are other negative side effects 250 00:11:13,160 --> 00:11:15,959 Speaker 1: of these things. Stats have found that people paying with 251 00:11:16,240 --> 00:11:21,040 Speaker 1: BNPL they place orders sorry, okay, they placed orders that 252 00:11:21,080 --> 00:11:25,080 Speaker 1: are eighteen percent larger than shoppers who don't use that right, 253 00:11:25,120 --> 00:11:27,720 Speaker 1: who are using a credit card or more traditional form 254 00:11:27,760 --> 00:11:30,880 Speaker 1: of payment. And since the use of my now pay 255 00:11:30,960 --> 00:11:33,520 Speaker 1: later is spreading faster than like I don't know, the 256 00:11:33,559 --> 00:11:37,200 Speaker 1: delta variant, uh, you're going to see it as an 257 00:11:37,240 --> 00:11:40,080 Speaker 1: option when you're checking out more and more uh and 258 00:11:40,120 --> 00:11:42,000 Speaker 1: at more retailers. They're gonna start offering this in the 259 00:11:42,000 --> 00:11:45,000 Speaker 1: near future. So yeah, some of these buy now, pay 260 00:11:45,080 --> 00:11:47,880 Speaker 1: later companies matt are even encouraging you to pay for 261 00:11:47,920 --> 00:11:51,800 Speaker 1: your groceries and installments, which seems like to me a 262 00:11:51,840 --> 00:11:54,160 Speaker 1: recipe for budgeting disasters, right, I can imagine how that 263 00:11:54,200 --> 00:11:56,560 Speaker 1: actually works. A founder of one of the companies said 264 00:11:56,600 --> 00:11:59,319 Speaker 1: that the buy now, pay later it's going to allow 265 00:11:59,360 --> 00:12:02,439 Speaker 1: folks to expel and they're spending power, And that just 266 00:12:02,440 --> 00:12:04,400 Speaker 1: stood out to me, man, because that is so twisted, 267 00:12:04,400 --> 00:12:06,280 Speaker 1: Like that's such a crappy way of looking at it. 268 00:12:06,760 --> 00:12:09,839 Speaker 1: I feel like it's misleading, because what essentially what they're 269 00:12:09,840 --> 00:12:11,719 Speaker 1: trying to do is is point out that like, oh, yeah, 270 00:12:11,920 --> 00:12:14,079 Speaker 1: you're gonna be able to with the limited dollargy you 271 00:12:14,080 --> 00:12:16,960 Speaker 1: have now it's gonna you're essentially expanding what you're able 272 00:12:17,000 --> 00:12:19,240 Speaker 1: to purchase. And and yes, true, like in the here 273 00:12:19,240 --> 00:12:21,200 Speaker 1: and now, like right now, you are going to be 274 00:12:21,200 --> 00:12:23,559 Speaker 1: able to increase what you're able to buy. But that's 275 00:12:23,559 --> 00:12:25,439 Speaker 1: only because you don't have you know, you're not saddled 276 00:12:25,480 --> 00:12:29,080 Speaker 1: with all these tiny micro loans essentially these payments that 277 00:12:29,120 --> 00:12:31,080 Speaker 1: you have to pay back, right and so you're only 278 00:12:31,120 --> 00:12:33,680 Speaker 1: going to be able to expand like right now. But 279 00:12:33,720 --> 00:12:35,880 Speaker 1: imagine if you put all of your expenses on, you know, 280 00:12:36,040 --> 00:12:38,720 Speaker 1: and they're broken into these small little payments, and picture 281 00:12:38,720 --> 00:12:41,160 Speaker 1: to yourself like five years down the road, like every 282 00:12:41,200 --> 00:12:44,679 Speaker 1: dollar that you're earning is basically immediately getting siphoned off 283 00:12:44,720 --> 00:12:49,080 Speaker 1: onto these expenses, these purchases that you've made in the past. Uh. 284 00:12:49,120 --> 00:12:51,360 Speaker 1: And it's like saying you can afford a much nicer 285 00:12:51,400 --> 00:12:52,959 Speaker 1: car if you take out a ten your car loom, 286 00:12:53,040 --> 00:12:55,520 Speaker 1: and it's like, yeah, sure of course I could, but 287 00:12:55,600 --> 00:12:58,040 Speaker 1: there are other pitfalls to having contr exactly. Yeah, And 288 00:12:58,040 --> 00:12:59,760 Speaker 1: so I just don't like the idea that they're just 289 00:13:00,000 --> 00:13:03,640 Speaker 1: sending this as a win win for the consumer, because like, yes, 290 00:13:03,679 --> 00:13:04,880 Speaker 1: there you are going to be able to win in 291 00:13:04,920 --> 00:13:07,720 Speaker 1: the short term, because yeah, it feels good to get something, uh, 292 00:13:07,760 --> 00:13:10,079 Speaker 1: you know with without having a part with that money 293 00:13:10,240 --> 00:13:12,520 Speaker 1: in the here and now, But eventually it's gonna come 294 00:13:12,600 --> 00:13:15,320 Speaker 1: do Yeah, you become a payment buyer and that is 295 00:13:15,360 --> 00:13:16,839 Speaker 1: not a good month that they have. We want to 296 00:13:16,840 --> 00:13:19,600 Speaker 1: avoid that mindset because that can lead to bigger spending 297 00:13:19,600 --> 00:13:21,080 Speaker 1: issues down the line. And yeah, we don't want you 298 00:13:21,120 --> 00:13:23,240 Speaker 1: to buy things that you can't afford, and by not 299 00:13:23,360 --> 00:13:25,840 Speaker 1: pay later can be a slippery slope taking you in 300 00:13:25,840 --> 00:13:29,560 Speaker 1: that direction. Uh and using binopay later that I'm not 301 00:13:29,559 --> 00:13:33,120 Speaker 1: going to do the because it's only like five syllables, right, 302 00:13:35,200 --> 00:13:37,720 Speaker 1: But that's shortsighted of me. It's okay. Uh. That can 303 00:13:37,760 --> 00:13:41,640 Speaker 1: affect other things as well. People who missed a buy 304 00:13:41,679 --> 00:13:45,280 Speaker 1: now pay later payment saw their credit score take a hit. Uh. 305 00:13:45,280 --> 00:13:46,920 Speaker 1: And it can also impact whether or not you're able 306 00:13:46,960 --> 00:13:50,040 Speaker 1: to get a mortgage. Uh, I'm being serious here. Refinery 307 00:13:50,120 --> 00:13:52,000 Speaker 1: twenty nine. They had an article this week saying that 308 00:13:52,040 --> 00:13:55,040 Speaker 1: by not pay later, users of Klarna, that's one of 309 00:13:55,040 --> 00:13:58,000 Speaker 1: the companies that I think so I don't even know, 310 00:13:58,080 --> 00:14:00,880 Speaker 1: but those consumers they were being declined when they were 311 00:14:00,920 --> 00:14:04,440 Speaker 1: applying for a mortgage. You know, this doesn't necessarily appear 312 00:14:04,480 --> 00:14:06,880 Speaker 1: to be widespread, but yeah, some banks seem to be 313 00:14:06,920 --> 00:14:10,320 Speaker 1: flagging users of these by now pay later services, even 314 00:14:10,320 --> 00:14:12,960 Speaker 1: if they have never missed a payment. We'll keep our 315 00:14:12,960 --> 00:14:15,520 Speaker 1: eyes on that. But because of the mini potential downsides 316 00:14:15,559 --> 00:14:18,079 Speaker 1: to buy now, pay later, it is important to note 317 00:14:18,120 --> 00:14:20,080 Speaker 1: that you have to be careful when using it. Yeah, 318 00:14:20,120 --> 00:14:22,920 Speaker 1: and obviously the people that run those companies math, they're 319 00:14:22,960 --> 00:14:25,000 Speaker 1: trying to make it sound as rosy as possible, right, 320 00:14:25,160 --> 00:14:28,640 Speaker 1: of course, take advantage like what was it expande your 321 00:14:28,680 --> 00:14:31,960 Speaker 1: spending power? I mean, it sounds so sweet, right, and 322 00:14:31,960 --> 00:14:34,200 Speaker 1: then it can be so rotten under the surface, and 323 00:14:34,280 --> 00:14:37,120 Speaker 1: so yeah, I don't think it's the worst thing, right, 324 00:14:37,240 --> 00:14:39,960 Speaker 1: You can potentially use it well, but there's also just 325 00:14:40,000 --> 00:14:43,200 Speaker 1: a lot of potential downside to using those services and 326 00:14:43,240 --> 00:14:45,920 Speaker 1: to becoming a payment buyer in general. So it's just 327 00:14:45,960 --> 00:14:48,440 Speaker 1: like credit cards. We are a big fan of credit cards. 328 00:14:48,560 --> 00:14:50,720 Speaker 1: We talk about all the different benefits of using credit 329 00:14:50,720 --> 00:14:53,080 Speaker 1: cards as much as you can, but you, of course 330 00:14:53,240 --> 00:14:55,200 Speaker 1: need to make sure that you're being responsible as well. 331 00:14:55,320 --> 00:14:58,280 Speaker 1: Most definitely, Okay, we got more to get to, including 332 00:14:58,320 --> 00:15:01,440 Speaker 1: we're gonna talk about paychecks getting fatter. People are making 333 00:15:01,480 --> 00:15:03,560 Speaker 1: more money right now, and well how can you be 334 00:15:03,640 --> 00:15:05,640 Speaker 1: one of those people? We'll talk about that and more 335 00:15:05,840 --> 00:15:17,200 Speaker 1: right after this break. Alright, we are back Joel it's 336 00:15:17,240 --> 00:15:19,240 Speaker 1: the Friday flight where we're discussing some of the different 337 00:15:19,320 --> 00:15:21,880 Speaker 1: news stories that we came across this week, and it 338 00:15:21,960 --> 00:15:25,440 Speaker 1: is now time for our ludicrous headline of the week. 339 00:15:26,360 --> 00:15:29,440 Speaker 1: That was like my movie and answer voice was it okay? Yeah? 340 00:15:29,480 --> 00:15:31,320 Speaker 1: Actually that's pretty good? Is it? Nice? And deep in 341 00:15:31,360 --> 00:15:33,600 Speaker 1: the world? But yeah, it's exactly. It made me think 342 00:15:33,600 --> 00:15:36,080 Speaker 1: of what's her name, Bell? Like Bell? That was a 343 00:15:36,120 --> 00:15:40,800 Speaker 1: great movie. Yeah, yeah, in a world. Anyway. This story 344 00:15:40,960 --> 00:15:44,280 Speaker 1: came from Axios. In the headline read index fund investors 345 00:15:44,480 --> 00:15:48,920 Speaker 1: saved seven billion over the last twenty five years. And man, 346 00:15:48,960 --> 00:15:51,440 Speaker 1: in this article, there was this recent analysis by the 347 00:15:51,480 --> 00:15:55,000 Speaker 1: Investment Company Institute on the impact that index funds have 348 00:15:55,120 --> 00:15:58,040 Speaker 1: had over the past really quarter of a century. Uh. 349 00:15:58,080 --> 00:15:59,840 Speaker 1: The cool thing about index funds, of course, is that 350 00:15:59,840 --> 00:16:03,520 Speaker 1: investors who ought for this incredibly simple investing strategy have 351 00:16:03,880 --> 00:16:07,320 Speaker 1: outperformed most investment managers when it comes to the returns 352 00:16:07,360 --> 00:16:10,880 Speaker 1: that they've generated. But at the same time, index investors 353 00:16:10,960 --> 00:16:14,280 Speaker 1: have saved an insane amount of money and fees three 354 00:16:14,640 --> 00:16:18,480 Speaker 1: and fifty seven billion overall. Uh. And that's through seven 355 00:16:18,480 --> 00:16:21,720 Speaker 1: billion that can then be reinvested and that money calm 356 00:16:21,800 --> 00:16:24,440 Speaker 1: pounds and that's another reason why investors who take this 357 00:16:24,520 --> 00:16:30,000 Speaker 1: path often see their portfolios grow in a particularly exceptional way. Yeah. 358 00:16:30,000 --> 00:16:32,040 Speaker 1: And the reason that we we chose this to be 359 00:16:32,040 --> 00:16:33,680 Speaker 1: the ludicrous headline of the week is just because that 360 00:16:33,760 --> 00:16:37,120 Speaker 1: number felt ludicrous. It felt huge, right at three hundred 361 00:16:37,160 --> 00:16:40,360 Speaker 1: and fifty seven billion dollars going back to investors. That's 362 00:16:40,360 --> 00:16:43,720 Speaker 1: big government money right right right. That feels like Cares 363 00:16:43,760 --> 00:16:45,680 Speaker 1: Act bill or something like that, right, So, yeah, it 364 00:16:45,680 --> 00:16:48,960 Speaker 1: can that much money. Um, that headline just grab my attention. 365 00:16:49,040 --> 00:16:51,880 Speaker 1: Like we talk about index funds all the time on 366 00:16:51,920 --> 00:16:53,800 Speaker 1: the show and the value that they can bring to 367 00:16:53,840 --> 00:16:56,960 Speaker 1: individual investors. But to see that sort of a number, 368 00:16:57,000 --> 00:17:00,760 Speaker 1: to see uh, the accumulated savings over to time reaching 369 00:17:01,680 --> 00:17:03,720 Speaker 1: that high, to to that large of a on on 370 00:17:03,760 --> 00:17:06,680 Speaker 1: that pick of a scale, it just made me realize, like, Okay, 371 00:17:06,720 --> 00:17:09,240 Speaker 1: we gotta talk about this. Yeah. Yeah, and often times too, 372 00:17:09,240 --> 00:17:11,639 Speaker 1: we often sometimes talk about negative things, and this is 373 00:17:11,680 --> 00:17:13,920 Speaker 1: a great positive, right And and we're only gonna see 374 00:17:13,920 --> 00:17:15,480 Speaker 1: this number grow as well, because it was a couple 375 00:17:15,480 --> 00:17:18,159 Speaker 1: of years ago that index fund money that was in 376 00:17:18,160 --> 00:17:22,000 Speaker 1: index funds overtook actively managed funds. I mean, as more 377 00:17:22,040 --> 00:17:24,080 Speaker 1: money pours into that, you're only gonna see that, see 378 00:17:24,080 --> 00:17:26,639 Speaker 1: that number grow exactly. Yeah, And the the average index 379 00:17:26,640 --> 00:17:30,679 Speaker 1: fund charges roughly point one five in fees, while the 380 00:17:30,720 --> 00:17:34,719 Speaker 1: average actively managed fund takes almost one percent cut of 381 00:17:34,760 --> 00:17:37,280 Speaker 1: your money. And so yeah, that that might seem like 382 00:17:37,560 --> 00:17:40,080 Speaker 1: a small spread, like we're talking less than one percent here, right, 383 00:17:40,320 --> 00:17:44,240 Speaker 1: but that number actually has a significant effect on your 384 00:17:44,440 --> 00:17:47,960 Speaker 1: returns over your investing lifetime, and a large enough spread 385 00:17:48,119 --> 00:17:51,800 Speaker 1: could actually mean reducing your the money you have in 386 00:17:51,840 --> 00:17:55,040 Speaker 1: retirement by a third or even half. And so yeah, 387 00:17:55,080 --> 00:17:57,640 Speaker 1: like we discussed on Monday with with Clark Howard, one 388 00:17:57,760 --> 00:18:00,679 Speaker 1: area of our financial lives that has and easier over 389 00:18:00,760 --> 00:18:05,200 Speaker 1: time is investing UH and investors that prioritize index funds, well, 390 00:18:05,200 --> 00:18:08,000 Speaker 1: they've reaped the most rewards. Like our favorite funds Matt 391 00:18:08,160 --> 00:18:10,520 Speaker 1: have expense ratios of not even at that point one 392 00:18:10,560 --> 00:18:14,640 Speaker 1: five percent, but zero to point over percent, right, will 393 00:18:14,680 --> 00:18:16,760 Speaker 1: link specifically to those funds that we love. I love 394 00:18:16,760 --> 00:18:19,600 Speaker 1: this one. Fidelity and Vanguard offer offer the ones that 395 00:18:19,640 --> 00:18:21,760 Speaker 1: we love the most. But it's just so incredible that 396 00:18:21,800 --> 00:18:24,679 Speaker 1: you can be widely diversified now and you can have 397 00:18:24,760 --> 00:18:28,760 Speaker 1: essentially all the money that you're putting in working for 398 00:18:28,960 --> 00:18:31,560 Speaker 1: you not going to line someone else's pockets. And when 399 00:18:31,560 --> 00:18:33,919 Speaker 1: you see that headline number three or fifty seven billion, 400 00:18:34,160 --> 00:18:36,240 Speaker 1: it's like, okay, cool, well, but how much am I 401 00:18:36,280 --> 00:18:38,520 Speaker 1: actually saving? And if you run the numbers, it's like, oh, 402 00:18:38,680 --> 00:18:41,720 Speaker 1: you're gonna save a lot and you're gonna outperform most 403 00:18:41,760 --> 00:18:43,679 Speaker 1: of the people who are trying to beat the market. 404 00:18:43,920 --> 00:18:45,840 Speaker 1: So it's kind of a win win, that's right, dude. 405 00:18:45,880 --> 00:18:50,080 Speaker 1: Let's talk about rising prices. Inflation is now hitting diapers. 406 00:18:50,480 --> 00:18:52,280 Speaker 1: That's something that you and I spend a lot of 407 00:18:52,280 --> 00:18:55,240 Speaker 1: money on. Both of our youngest both our boys are 408 00:18:55,320 --> 00:18:57,560 Speaker 1: in diapers. Still looking forward to the day that we 409 00:18:57,600 --> 00:19:00,720 Speaker 1: can spend less on diapers because it turns out that 410 00:19:00,760 --> 00:19:03,880 Speaker 1: diapers cost the average family one thousand dollars per year 411 00:19:04,000 --> 00:19:07,360 Speaker 1: per child, and yeah, if you've got multiple kids, this 412 00:19:07,440 --> 00:19:10,960 Speaker 1: is a legit expense. But this story came from the 413 00:19:10,960 --> 00:19:13,480 Speaker 1: Wall Street Journal. Uh, the cost of diapers is going up. 414 00:19:13,800 --> 00:19:17,639 Speaker 1: Diaper prices have risen roughly twelve percent in recent months. Um. 415 00:19:17,760 --> 00:19:20,119 Speaker 1: This is partially due to the increased cost of lumber 416 00:19:20,520 --> 00:19:22,320 Speaker 1: as well as gas prices. Like what do those have 417 00:19:22,359 --> 00:19:24,960 Speaker 1: to do with diapers? And it turns out that because 418 00:19:24,960 --> 00:19:28,480 Speaker 1: wood pulp, petroleum they're both used to make diapers absorbent 419 00:19:28,760 --> 00:19:31,280 Speaker 1: rising prices in those areas, in those industries, they are 420 00:19:31,280 --> 00:19:35,200 Speaker 1: affecting what we are paying for a package of diapers. 421 00:19:35,480 --> 00:19:37,040 Speaker 1: And so here's what you need to do in order 422 00:19:37,080 --> 00:19:39,719 Speaker 1: to cut the costs of a very necessary product if 423 00:19:39,800 --> 00:19:42,879 Speaker 1: you have a baby. First of all, be less brand loyal. 424 00:19:43,000 --> 00:19:44,680 Speaker 1: A lot of folks like to get those name brand 425 00:19:44,680 --> 00:19:47,520 Speaker 1: diapers out there, but do you actually need them. No. Personally, 426 00:19:47,560 --> 00:19:49,800 Speaker 1: we like to hit up all di for our diapers. Uh. 427 00:19:49,840 --> 00:19:52,879 Speaker 1: And there's actually this mom blogger that maybe we will 428 00:19:52,880 --> 00:19:54,640 Speaker 1: link to in our in our show notes, she goes 429 00:19:54,640 --> 00:19:57,560 Speaker 1: by joyfully thriving, but she did this incredible breakdown of 430 00:19:57,600 --> 00:19:59,720 Speaker 1: all the different diapers from all the different stores, including 431 00:20:00,040 --> 00:20:02,560 Speaker 1: store brands, including name brands. That she breaks it down 432 00:20:03,200 --> 00:20:05,720 Speaker 1: the different sizes as well as with the different size 433 00:20:05,760 --> 00:20:07,159 Speaker 1: boxes as well, because you know, when you get the 434 00:20:07,160 --> 00:20:09,000 Speaker 1: bigger boxes, you're gonna say more, Yeah, you get a 435 00:20:09,000 --> 00:20:11,400 Speaker 1: better deal, yeah, and and and yeah. That price per 436 00:20:11,440 --> 00:20:14,800 Speaker 1: diaper is like the most important brilliant element, right absolutely, yeah, 437 00:20:14,840 --> 00:20:17,600 Speaker 1: But consistently, you know, when it comes to the everyday prices, 438 00:20:17,680 --> 00:20:20,879 Speaker 1: Walmart and Aldi both consistently deliver the best prices. But 439 00:20:20,920 --> 00:20:23,560 Speaker 1: even Costco they've got the Kirkland signature diapers on sale 440 00:20:23,600 --> 00:20:26,399 Speaker 1: like right now in fact, and when they go on sale, 441 00:20:26,440 --> 00:20:29,040 Speaker 1: it gets that price pretty damn close to the AUDI price. 442 00:20:29,359 --> 00:20:32,080 Speaker 1: And in your in your opinion, you like the the 443 00:20:32,640 --> 00:20:35,399 Speaker 1: Kirkland signature did Yeah, But again I'm not. I'm with you. 444 00:20:35,440 --> 00:20:38,680 Speaker 1: I'm not beholden to a brand name, and so I 445 00:20:38,760 --> 00:20:40,760 Speaker 1: don't care if it's Kirkland signature or if it's all 446 00:20:40,800 --> 00:20:43,000 Speaker 1: these just as long as it's in that like price 447 00:20:43,000 --> 00:20:45,080 Speaker 1: point that I want to pay. Example, and you're gonna 448 00:20:45,080 --> 00:20:47,280 Speaker 1: have to pay even more attention right now because diaper 449 00:20:47,280 --> 00:20:50,600 Speaker 1: prices across the board are going to go up. Um, 450 00:20:50,720 --> 00:20:52,560 Speaker 1: and that's a big pain. I think one of the 451 00:20:52,560 --> 00:20:54,520 Speaker 1: things Matt, that people can consider if they have kids 452 00:20:54,840 --> 00:20:58,160 Speaker 1: is cloth diapers. I know most people might immediately be like, gross, 453 00:20:58,240 --> 00:21:01,680 Speaker 1: no way, but we actually cloth diapers for our first 454 00:21:01,760 --> 00:21:04,840 Speaker 1: two kids. Um, and cloth diapers have gotten much better 455 00:21:04,880 --> 00:21:07,440 Speaker 1: in recent years. I think. Um, it can be a 456 00:21:07,480 --> 00:21:09,920 Speaker 1: little bit of a pain to do all the laundry 457 00:21:09,960 --> 00:21:12,639 Speaker 1: associated with those diapers, but if you don't mind, and 458 00:21:12,680 --> 00:21:16,040 Speaker 1: you're just purely focused on saving money, cloth diapers are 459 00:21:16,080 --> 00:21:19,000 Speaker 1: actually not a bad way to go, getting twelve or 460 00:21:19,000 --> 00:21:21,640 Speaker 1: fourteen cloth diapers and then kind of you know, using 461 00:21:21,680 --> 00:21:24,120 Speaker 1: those every day and washing them, um and drying them 462 00:21:24,119 --> 00:21:26,640 Speaker 1: out like that can save you bookoos of dollars because, 463 00:21:26,640 --> 00:21:29,280 Speaker 1: like you said, thousand dollars per year per child, if 464 00:21:29,320 --> 00:21:32,240 Speaker 1: you can buy a hundred hundred bucks worth of cloth diapers, 465 00:21:32,359 --> 00:21:34,240 Speaker 1: you could save nine hundred bucks right there. Well, you 466 00:21:34,240 --> 00:21:36,040 Speaker 1: can get a hundred dollars worth the cloth diapers if 467 00:21:36,040 --> 00:21:38,600 Speaker 1: you get them used, which is also not as gross 468 00:21:38,600 --> 00:21:41,119 Speaker 1: as it sounds. Yeah, I know that's true. Earlier different 469 00:21:41,119 --> 00:21:43,920 Speaker 1: baby boutiques out there, and you can get really great 470 00:21:43,960 --> 00:21:47,240 Speaker 1: quality use cloth diapers save a ton of money. But yeah, 471 00:21:47,240 --> 00:21:49,119 Speaker 1: like that upfront costs when it comes to cloth diapers 472 00:21:49,240 --> 00:21:51,480 Speaker 1: is pretty steep. But especially if you know that you're 473 00:21:51,480 --> 00:21:54,040 Speaker 1: gonna use these diapers for multiple kids, uh, you're gonna 474 00:21:54,040 --> 00:21:56,040 Speaker 1: be able to save a ton of money. We we 475 00:21:56,080 --> 00:21:58,880 Speaker 1: gave it a shot with our firstborn. Um, but man, 476 00:21:58,960 --> 00:22:02,560 Speaker 1: she like we couldn't beat this rash and it sounds ridiculous. 477 00:22:02,800 --> 00:22:05,800 Speaker 1: It only went away when we use disposable divers We 478 00:22:05,880 --> 00:22:08,920 Speaker 1: trite different detergents and everything, all the different things that 479 00:22:08,960 --> 00:22:11,240 Speaker 1: people write about out there. So for us. It didn't 480 00:22:11,240 --> 00:22:13,480 Speaker 1: work out, but she had sensitive skin. Yeah, it's just 481 00:22:13,520 --> 00:22:16,200 Speaker 1: it's just how she is. Um. But also man diapers, 482 00:22:16,200 --> 00:22:18,280 Speaker 1: they're not the only area of the economy that is 483 00:22:18,320 --> 00:22:20,560 Speaker 1: currently seeing changes. It looks like some of the supply 484 00:22:20,600 --> 00:22:23,480 Speaker 1: problems are getting better in many different industries, but not 485 00:22:23,520 --> 00:22:26,240 Speaker 1: when it comes to furniture. Seen in reports that Vietnam 486 00:22:26,320 --> 00:22:29,120 Speaker 1: is actually having a problem with major outbreaks of COVID 487 00:22:29,240 --> 00:22:32,439 Speaker 1: at the moment. That's obviously troubling of course for the 488 00:22:32,440 --> 00:22:35,720 Speaker 1: health of the Vietnamese people, considering their their vaccination rates 489 00:22:35,720 --> 00:22:38,520 Speaker 1: stand at less than one percent right now. Uh. It 490 00:22:38,560 --> 00:22:40,639 Speaker 1: also has an impact though on furniture prices here in 491 00:22:40,680 --> 00:22:45,720 Speaker 1: the US, because Vietnam they actually manufacture many of the couches, uh, tables, 492 00:22:45,880 --> 00:22:49,080 Speaker 1: you know, bedroom furniture that we buy here in the States. Uh, 493 00:22:49,080 --> 00:22:51,600 Speaker 1: And so it's having an impact on delivery times. And 494 00:22:51,640 --> 00:22:54,119 Speaker 1: so just be aware if you're looking to upgrade a 495 00:22:54,160 --> 00:22:56,320 Speaker 1: piece of furniture in your house that it might be 496 00:22:56,359 --> 00:22:59,920 Speaker 1: incredibly difficult right now. And so instead of buying new, 497 00:23:00,200 --> 00:23:02,840 Speaker 1: like you know, again you probably know where're gonna go 498 00:23:02,880 --> 00:23:05,080 Speaker 1: with this, but consider going thrifting or see if you 499 00:23:05,119 --> 00:23:07,040 Speaker 1: can find a style that you like on Facebook marketplace, 500 00:23:07,240 --> 00:23:09,760 Speaker 1: because you can easily find something that you love at 501 00:23:09,760 --> 00:23:11,800 Speaker 1: a fraction of the price and you'll be able to 502 00:23:11,840 --> 00:23:14,159 Speaker 1: get it right away and you're not contributing to the 503 00:23:14,240 --> 00:23:17,320 Speaker 1: overall consumption and waste. When it comes to furniture, Yeah, 504 00:23:17,400 --> 00:23:19,520 Speaker 1: no doubt love the love that Matt. I love the 505 00:23:19,560 --> 00:23:22,240 Speaker 1: idea of people, especially when you're like, dang, it's gonna 506 00:23:22,240 --> 00:23:23,800 Speaker 1: take me an extra three, four or five months to 507 00:23:23,800 --> 00:23:28,560 Speaker 1: get that couch because of the production delays and shipping delays. Uh. Yeah, 508 00:23:28,600 --> 00:23:30,040 Speaker 1: I guess I will go used, and you know what, 509 00:23:30,080 --> 00:23:31,679 Speaker 1: you might find out that you find something that you 510 00:23:31,680 --> 00:23:34,080 Speaker 1: like just as much. You take something gently used off 511 00:23:34,160 --> 00:23:36,200 Speaker 1: someone else's hands, and you pay a whole lot less 512 00:23:36,200 --> 00:23:39,000 Speaker 1: than you would have buying something new. Uh, Matt, let's 513 00:23:39,200 --> 00:23:41,800 Speaker 1: move on. Wages are rising. That is one of the 514 00:23:41,840 --> 00:23:44,160 Speaker 1: positive sides of the inflation coin. Right. You just talked 515 00:23:44,160 --> 00:23:46,800 Speaker 1: about diaper prices going up, and it's like, oh, that stinks, 516 00:23:47,000 --> 00:23:49,679 Speaker 1: but hopefully your paychecks getting bigger too. And the Bureau 517 00:23:49,720 --> 00:23:53,960 Speaker 1: of Labor Statistics reports that the average salary for food 518 00:23:53,960 --> 00:23:57,240 Speaker 1: service employees is now over seventeen dollars an hour and 519 00:23:57,240 --> 00:23:59,560 Speaker 1: it's been rising actually at a substantial rate over the 520 00:23:59,560 --> 00:24:02,320 Speaker 1: past year year. So yeah, that that increase in hourly 521 00:24:02,400 --> 00:24:06,879 Speaker 1: pay is in addition to many employers increasing benefits like 522 00:24:06,960 --> 00:24:09,800 Speaker 1: we talked about with Target and Walmart, right going to 523 00:24:09,840 --> 00:24:13,680 Speaker 1: college for free, in the addition of sign up bonuses 524 00:24:13,720 --> 00:24:15,760 Speaker 1: that more and more employers are offering in order to 525 00:24:15,800 --> 00:24:18,560 Speaker 1: find workers too. So yeah, CBS, they just announced that 526 00:24:18,560 --> 00:24:21,600 Speaker 1: they're raising their minimum wage to fifteen dollars an hour. 527 00:24:21,920 --> 00:24:25,600 Speaker 1: Chipotle did the same, and then average hourly earnings are 528 00:24:25,640 --> 00:24:27,840 Speaker 1: increasing across the board as well, not just in the 529 00:24:27,840 --> 00:24:31,880 Speaker 1: food services sector. Um, those earnings saw a year over 530 00:24:31,960 --> 00:24:34,280 Speaker 1: year increase of three and a half percent for an 531 00:24:34,359 --> 00:24:37,239 Speaker 1: average of just over thirty bucks an hour as an 532 00:24:37,240 --> 00:24:39,760 Speaker 1: hourly rate across the country. So it's good to see 533 00:24:40,000 --> 00:24:42,439 Speaker 1: what wages rising. Like, I think when we see those 534 00:24:42,480 --> 00:24:45,760 Speaker 1: inflation numbers sometimes we're like, we panic, but ordinary folks 535 00:24:45,760 --> 00:24:48,200 Speaker 1: are seeing you puffed up paychecks at the same time. Yeah. 536 00:24:48,240 --> 00:24:50,680 Speaker 1: Something interesting too about the some of the data from 537 00:24:50,720 --> 00:24:53,280 Speaker 1: the beera of labor statistics is that if you look 538 00:24:53,280 --> 00:24:55,320 Speaker 1: back at the last ten years, it always shows a 539 00:24:55,440 --> 00:24:59,040 Speaker 1: very clear pattern, like what like food service wages always 540 00:24:59,119 --> 00:25:01,480 Speaker 1: kind of either they either plateau or they even drop 541 00:25:01,520 --> 00:25:02,720 Speaker 1: a little bit in the first half of the year 542 00:25:02,720 --> 00:25:04,360 Speaker 1: before they shoot up in the second part of the year, 543 00:25:04,480 --> 00:25:07,919 Speaker 1: which is crazy, like, isn't It hasn't been like a 544 00:25:07,960 --> 00:25:10,000 Speaker 1: normal year. But what that means is we can potentially 545 00:25:10,000 --> 00:25:13,359 Speaker 1: see UH food service wages go up even more because 546 00:25:13,400 --> 00:25:15,920 Speaker 1: typically they stay where they are or they drop, and 547 00:25:15,960 --> 00:25:18,719 Speaker 1: instead we've seen them increase more than we've seen in 548 00:25:19,000 --> 00:25:21,840 Speaker 1: years or decades. Well, especially with some of those restaurants 549 00:25:21,840 --> 00:25:26,520 Speaker 1: still needing employees, still having limited hours of operation or 550 00:25:27,000 --> 00:25:29,199 Speaker 1: having to shut off portions of the restaurant because they 551 00:25:29,200 --> 00:25:31,959 Speaker 1: don't have enough servers or cooks in the kitchen. Like 552 00:25:32,040 --> 00:25:34,800 Speaker 1: I think we could see wages continue to go up. Yeah, 553 00:25:34,880 --> 00:25:37,480 Speaker 1: Lione cooks could be like the new plumbers, Like plumbers 554 00:25:37,480 --> 00:25:40,880 Speaker 1: makes so much money per hour. But in general, we're 555 00:25:40,880 --> 00:25:44,120 Speaker 1: seeing workers gain just greater bargaining power when it comes 556 00:25:44,160 --> 00:25:47,040 Speaker 1: to UH sitting down and whether they're going to take 557 00:25:47,119 --> 00:25:49,440 Speaker 1: or not take a job. But the people that are 558 00:25:49,480 --> 00:25:52,119 Speaker 1: often left out in the cold are these loyal workers 559 00:25:52,160 --> 00:25:55,200 Speaker 1: who continue to get the annual cost of living rays 560 00:25:55,400 --> 00:25:57,760 Speaker 1: as opposed to hopping to a new employer. And you 561 00:25:57,800 --> 00:25:59,520 Speaker 1: know it's like, oh, we just we just offered this 562 00:25:59,640 --> 00:26:03,199 Speaker 1: brand new employee like this, this excellent starting salary, but 563 00:26:03,320 --> 00:26:07,000 Speaker 1: your your race is captive, probably a little demoralizing, right. Uh. 564 00:26:07,000 --> 00:26:09,520 Speaker 1: And so some employers, like Chipotle, they are increasing pay 565 00:26:09,600 --> 00:26:12,440 Speaker 1: for all employees to reflect the value that they place 566 00:26:12,720 --> 00:26:14,200 Speaker 1: on the folks who have been there for a while, 567 00:26:14,560 --> 00:26:16,560 Speaker 1: which is I think that's great. But then there are 568 00:26:16,640 --> 00:26:19,680 Speaker 1: other companies who aren't taking that smart move. Uh. And 569 00:26:19,960 --> 00:26:21,960 Speaker 1: if that's you, your options are really just to shot 570 00:26:22,000 --> 00:26:25,360 Speaker 1: the market and see if switching jobs is right for you. Uh. 571 00:26:25,400 --> 00:26:27,840 Speaker 1: And that can result in higher pay. But you know, 572 00:26:27,880 --> 00:26:30,640 Speaker 1: of course, there are other considerations that you do want 573 00:26:30,640 --> 00:26:32,399 Speaker 1: to keep in mind before you jump ship. Yeah, like 574 00:26:32,480 --> 00:26:34,560 Speaker 1: leaving a job that's a big it's a big move, 575 00:26:34,600 --> 00:26:36,680 Speaker 1: and so you want to make sure you've exhausted your 576 00:26:36,680 --> 00:26:39,720 Speaker 1: options with that employer if you want to stay right. Um, 577 00:26:39,760 --> 00:26:42,720 Speaker 1: So opening up that conversation about pay with your employer 578 00:26:43,119 --> 00:26:45,240 Speaker 1: is crucial if you want to stick around. And it's 579 00:26:45,280 --> 00:26:47,919 Speaker 1: not as taboo as you might think, especially in this 580 00:26:47,960 --> 00:26:51,679 Speaker 1: climate where everybody knows that wages are going up and 581 00:26:51,440 --> 00:26:55,399 Speaker 1: that prices are going up. So yeah, it's important before 582 00:26:55,480 --> 00:26:57,679 Speaker 1: you actually enter into that conversation though, to have some 583 00:26:57,720 --> 00:26:59,960 Speaker 1: facts on your side about what you've been able to 584 00:27:00,000 --> 00:27:03,000 Speaker 1: accomplish in your role, and then what other companies are 585 00:27:03,040 --> 00:27:06,200 Speaker 1: paying for people with your level of experience. If you're 586 00:27:06,359 --> 00:27:09,080 Speaker 1: worth more, then you're making don't be afraid to say so. 587 00:27:09,160 --> 00:27:11,360 Speaker 1: Don't be afraid to have that conversation. There's a way 588 00:27:11,359 --> 00:27:14,800 Speaker 1: to approach it tactually, where you can negotiate well and 589 00:27:14,840 --> 00:27:17,359 Speaker 1: stick up for yourself in order to make more in 590 00:27:17,720 --> 00:27:20,520 Speaker 1: a climate, in an environment where lots of workers are seeing, 591 00:27:20,560 --> 00:27:23,520 Speaker 1: you know, substantial raises. That's right, and you know what, Joel, 592 00:27:23,560 --> 00:27:25,320 Speaker 1: that's gonna be it for what we're gonna talk about today. 593 00:27:25,320 --> 00:27:27,399 Speaker 1: We don't want to keep our listeners any longer. We 594 00:27:27,440 --> 00:27:29,440 Speaker 1: hope you have a great weekend. We've got an ask 595 00:27:29,480 --> 00:27:32,359 Speaker 1: how the money episode lined up for you this coming Monday, 596 00:27:32,600 --> 00:27:35,920 Speaker 1: and Joel, until next time, Best Friends Out, Best Friends Out,