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Speaker 1: Welcome to How the Money. I'm Joel and I am

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Speaker 1: matt and today we're discussing cutting health insurance costs, over

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Speaker 1: paying at the pump, and the cheapest Thanksgiving sides. That's right, Joel,

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Speaker 1: this is our Friday Flight episode. We have a lot

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Speaker 1: of interesting stories to get to this week that have

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Speaker 1: to do with our money, that have to do with

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Speaker 1: our personal finances. On Wednesday, you mentioned how you finally

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Speaker 1: gave in you got yourself that brand new phone. And

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Speaker 1: the last Friday though, we talked about how Google Photos

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Speaker 1: by next year they're gonna stop offering unlimited free storage

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Speaker 1: for Google users, and that it's true Matthew up until point.

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Speaker 1: And if you're telling me Matthew, I don't know. I

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Speaker 1: wish you had a full name that I could refer to. No,

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Speaker 1: I don't, it's just it's short. But for anybody who

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Speaker 1: has a Pixel phone own, they're still it's suchually grandfathered

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Speaker 1: in into the unlimited Google uh photo storage thing. And

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Speaker 1: so it seems like I bought my phone at the

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Speaker 1: perfect time. I didn't even know that when I purchased,

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Speaker 1: and then this came out and I'm like, I wait,

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Speaker 1: I'm a Pixel user. Another pro another win for those

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Speaker 1: pixel phone users out there like you. And Yeah, it's

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Speaker 1: just a great phone. I'm really liking it so far. Diget. Yeah,

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Speaker 1: and with the free photo storage on top of it,

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Speaker 1: I'm that makes me happy. I will say, it's it's

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Speaker 1: really interesting. So your screen, like it has the forward

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Speaker 1: facing camera over in the corner and the screen is

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Speaker 1: cut out around it, and it's it doesn't even look

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Speaker 1: real almost, you know, like the default photo that comes

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Speaker 1: on the you know, the the wallpaper. It almost looks

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Speaker 1: like paper, like it looks like a little hole punch.

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Speaker 1: It's just pretty cool. I know when they're making phones.

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Speaker 1: Back when they manufactured my phone, you couldn't put the

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Speaker 1: camera anywhere near the screen. It's like way up here

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Speaker 1: on the bezel. They've gotten Yeah, they've definitely gotten way

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Speaker 1: better at getting like closer to bezel lists. But there

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Speaker 1: are they're doing weird things with phones now too. How

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Speaker 1: do you feel about the flip phones. I feel like

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Speaker 1: it feels like a stunt to me. You know, actually

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Speaker 1: I recently came across I don't know what it's called.

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Speaker 1: I don't mean flip phones, I mean the full thing.

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Speaker 1: I get scaffolding scream once yeah, I mean it's it

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Speaker 1: feels gimmicky in the same way that there's the phone

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Speaker 1: that has the camera that raises up from the phone

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Speaker 1: seems so ridiculous. It's all about getting like the closest

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Speaker 1: to bezeless as possible, which to me it feels like,

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Speaker 1: I mean, who cares? So the one with the where

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Speaker 1: the camera goes up, it's almost like this old sidekick.

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Speaker 1: Did you ever have one of those? Yeah, I know,

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Speaker 1: I know, I don't never had one, but but like

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Speaker 1: it was slide up, you know, it's like, yeah, I

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Speaker 1: remember them for sure. Yeah. Anyway, I'm still rocking the

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Speaker 1: old phone. Actually I dropped it again recently is even

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Speaker 1: more shattered. So don't be like Matt, get a case

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Speaker 1: on your phone if you're drop it frequently. I don't

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Speaker 1: have a case, so but I don't drop it like

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Speaker 1: you do. What's That's the thing, though, I don't, like,

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Speaker 1: I am willing to live with the cracks. It's just

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Speaker 1: kind of like, oh, I can't believe I did that again.

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Speaker 1: It's so old it doesn't really matter. Uh, there's a

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Speaker 1: new phone on my horizon for sure. If you get

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Speaker 1: a new one, you're gonna put a case on it,

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Speaker 1: I bet though I think so. Yeah, I would think

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Speaker 1: you more. I'm gonna be I just I'm going to

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Speaker 1: completely change my attitude. Like right now, it's I treat

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Speaker 1: my phone like my keys. I throw it in my pocket,

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Speaker 1: when I take it out, I phone on the table.

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Speaker 1: I really do treat it like my keys or my wallet.

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Speaker 1: It's something that I'm able to just to kind a

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Speaker 1: toss around. But whenever I get a new phone, yes,

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Speaker 1: not only I'm sure it will be slightly bigger, but

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Speaker 1: it'll feel more like a tablet. I'm definitely gonna treat

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Speaker 1: it better. Maybe you can get a case for it.

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Speaker 1: All right. I know that's the smart thing to do,

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Speaker 1: but I hate cases. No, I do too. I do too.

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Speaker 1: I can't do the case. But I also don't toss

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Speaker 1: my phone around. All right, Let's get on to our

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Speaker 1: Friday flight, the stories that we found interesting this week

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Speaker 1: that have to do with our personal finances, and Matt

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Speaker 1: the first thing you want to talk about, Mayne. There

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Speaker 1: was an article in CNBC and it reminded me of

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Speaker 1: something I don't think we've ever mentioned on the show before.

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Speaker 1: That most people should not be spending extra money to

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Speaker 1: put premium gas in their cars, and especially with a

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Speaker 1: lot of people hitting the road around Thanksgiving, maybe to

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Speaker 1: go see relatives or maybe just getting away from their

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Speaker 1: house for a while because they've been stuck there. Well,

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Speaker 1: they might be tempted to put in a nicer version

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Speaker 1: of gasoline that they don't actually need to put in

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Speaker 1: their vehicle. And data from the American Automobile Association found

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Speaker 1: that Americans are wasting two billion dollars a year buying

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Speaker 1: premium gasoline that they don't need. And I didn't know

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Speaker 1: it was called. Yeah, it's called the gas gap. Apparently

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Speaker 1: the gas gap has grown like not unlike the wage gap, right,

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Speaker 1: so you I mean, you know when we were kids,

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Speaker 1: you remember when gas was it was like between tears.

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Speaker 1: It was ten cents more essentially per gallon the good

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Speaker 1: old days. And now the gas gap that tear has

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Speaker 1: wideness gotten bigger, And so you could be paying fifty

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Speaker 1: or sixty cents a gallon more if you're filling up

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Speaker 1: your car with premium instead of regular unleaded in most

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Speaker 1: of the country, so every fill up could literally be

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Speaker 1: costing you an extra ten bucks or so, maybe more

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Speaker 1: if you're putting in fancy gas that your car doesn't need.

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Speaker 1: I think about all the roller food that you could

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Speaker 1: be getting from the gas station instead of spending that

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Speaker 1: on gas that you don't need. Sorry, get a hot

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Speaker 1: dog instead. What tiketo? Yeah? Is that a thing? I

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Speaker 1: think so I feel like I just made it up. Taketo. Yeah,

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Speaker 1: I think that's what that's like, A little cigar shaped taco. Yeah. Yeah,

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Speaker 1: not a burrito, not a taco taketo. But yeah, some folks, obviously,

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Speaker 1: you know that have fancier cars with higher performance obviously

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Speaker 1: are going to need the premium gas. But think a

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Speaker 1: lot of folks don't need that, and they think that

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Speaker 1: they are just kind of doing something better for their

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Speaker 1: engine by putting the nicer gas in, being nice to

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Speaker 1: their car exactly. Yeah. Yeah, And so if you're not

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Speaker 1: sure what kind of gas your car needs, make sure

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Speaker 1: to look it up in the owner's manual or online.

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Speaker 1: Sometimes it even says it right there on the inside

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Speaker 1: of the fuel tank door. Uh. They make it really easy.

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Speaker 1: And so if your car doesn't require it, you aren't

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Speaker 1: doing your car a favor by putting in nicer gas.

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Speaker 1: You are just wasting money and something else. Two, as

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Speaker 1: more folks are hitting the road don't speed. We're talking

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Speaker 1: about different ways that maybe save a few bucks here

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Speaker 1: and there, as more of us might be traveling over

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Speaker 1: the coming you know, ten days or so. But making

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Speaker 1: sure that you're driving carefully, making sure that you've given

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Speaker 1: yourself enough time to get to wherever you need to

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Speaker 1: get to, avoiding distractions. These are all easy ways to

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Speaker 1: make sure that you don't get a ticket, which obviously

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Speaker 1: cost you tons of money. Right, If you get a

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Speaker 1: speeding ticket because you're not paying attention, you're having a conversation,

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Speaker 1: maybe an engaging conversation with a family member as you're

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Speaker 1: driving to their parents house, it could be easy to speed. Uh.

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Speaker 1: And so the bummer about getting to eating tickets, right

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Speaker 1: is that not only do you have to pay that ticket,

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Speaker 1: but there's a good chance you're also going to see

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Speaker 1: your insurance rates go up because of that speeding ticket.

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Speaker 1: So make sure that you're taking care of your family

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Speaker 1: and those in your car, uh, that you're taking care

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Speaker 1: of others on the road. But also you don't have

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Speaker 1: to fork out that extra money because you're going a

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Speaker 1: little too faster, maybe because you're distracted. Yeah, and you're

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Speaker 1: gonna mess up your fuel economy if you're going too

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Speaker 1: fast too right, if you're going eighty five or ninety

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Speaker 1: miles an hour like your ninety five like Joel likes to,

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Speaker 1: you're you're risking obviously the speeding ticket. At the same time,

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Speaker 1: you're not being as economical with your gas usage. All right, Matt,

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Speaker 1: let's let's move on. I think for a lot of

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Speaker 1: people hitting the road to getting a COVID test might

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Speaker 1: be something that they're doing in order to make sure

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Speaker 1: that they're keeping their loved ones safe if they're getting

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Speaker 1: together for for Thanksgiving, and it's really important to make

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Speaker 1: sure that you don't get stuck with a huge bill

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Speaker 1: by going to get a free COVID test. And that

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Speaker 1: sounds kind of weird that you might potentially get a

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Speaker 1: bill for it, but some people are and they're getting

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Speaker 1: really expensive bills just for getting a COVID test. And

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Speaker 1: we talked about that back in the spring, kind of

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Speaker 1: the surprise bills that people were getting after getting a

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Speaker 1: simple test. And the Cares Act ensured that COVID testing

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Speaker 1: would be free, but the Department of Health and Human

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Speaker 1: Services has resources based on what state you live in

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Speaker 1: to ensure free testing, including people who are uninsured, will

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Speaker 1: put a link to that in our show notes. If

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Speaker 1: you're unsure where to go or if you're uninsured, unsure,

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Speaker 1: unsured or uninsured. Either way, you're you're gonna want to

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Speaker 1: go to that website. Check out that link in order

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Speaker 1: to find the testing resources near you that are definitely free. Nice. Well,

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Speaker 1: speaking of our health, we're smack in the middle of

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Speaker 1: open enrollments, and so now is a great time to

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Speaker 1: talk about how you might be overpaying for health insurance

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Speaker 1: with your employer. Now, most employers pay a large percentage

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Speaker 1: of their employees premium, so it's a massive win, right.

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Speaker 1: This is one of the benefits that employees receive um.

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Speaker 1: But that may not be a benefit that some are receiving, uh,

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Speaker 1: and they're just assuming that their work sponsor plan is

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Speaker 1: the best deal. But if you're part of a group

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Speaker 1: that doesn't have a whole lot of bargaining power, or

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Speaker 1: maybe you just have a smaller company and they're just

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Speaker 1: not able to contribute as much to your insurance premiums,

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Speaker 1: you can find that even your work sponsor plan could

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Speaker 1: be a bit cost prohibitive, could be a bit expensive,

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Speaker 1: So be sure to shop around get a quote for

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Speaker 1: an individual policy on the healthcare exchange, and you might

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Speaker 1: find there there's big savings to be had, especially if

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Speaker 1: you are in great health. To make sure you're doing

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Speaker 1: that this open enrollment season, in that you're not just

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Speaker 1: basically auto renewing your health insurance with your employer. Yeah. Mat,

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Speaker 1: we were just talking about gasoline, right, And and the

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Speaker 1: big money saver from not speeding is avoiding the ticket.

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Speaker 1: And in a similar way, shopping your health insurance plan

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Speaker 1: that's a big money saver potential. Right. You could save

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Speaker 1: hundreds or even thousands of dollars a year by shopping

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Speaker 1: around and finding a cheaper plan that works better for

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Speaker 1: for you. And and according to get America covered, their

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Speaker 1: nonprofit advocating for health coverage under the Affordable Care Act,

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Speaker 1: two thirds of customers on healthcare dot gov can find

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Speaker 1: plans for ten dollars a month or less. That's really affordable. Yeah,

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Speaker 1: that and actually blew me away when I saw that,

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Speaker 1: I was like, that doesn't seem possible, but yeah, apparently

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Speaker 1: it is. Um So that's obviously crazy affordable for a

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Speaker 1: lot of folks. And it's a aim that that most

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Speaker 1: people aren't talking about it without getting too political here,

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Speaker 1: one of the reasons more folks aren't talking about it

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Speaker 1: is because the federal government slashed funds for marketing and

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Speaker 1: outreach of Obamacare by nine So that's why we're talking

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Speaker 1: about it. We want to make sure people hear about

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Speaker 1: the money saving options that are out there. If you

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Speaker 1: are looking for healthcare coverage on the exchange, and in

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Speaker 1: a particular map with what's happened to a lot of

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Speaker 1: families economically this year. If you've lost your job, if

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Speaker 1: you've been furloughed, if your income has been cut, shopping

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Speaker 1: for healthcare coverage on the exchange could save you a ton.

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Speaker 1: You might qualify for a lot of subsidies that you

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Speaker 1: didn't know you qualified for. Yeah, that's right. You could

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Speaker 1: be eligible for a larger tax Credit's sort of like

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Speaker 1: we've again talked about this previously when it comes to

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Speaker 1: UH the FAFSA and student aid packages that that students

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Speaker 1: are receiving from colleges. But make sure they have your

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Speaker 1: most immediate, up to date information right, your most recent

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Speaker 1: financial information, because that could have an impact on the

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Speaker 1: benefits that are offered to you. And in addition to

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Speaker 1: healthcare dot gov or your state exchange and alternative out

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Speaker 1: there for healthcare are the different health care sharing plans.

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Speaker 1: These companies aren't technically insurance, but they behave really similarly

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Speaker 1: and they're able to get costs down as the customers

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Speaker 1: or the different members agree to healthy behaviors that bring

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Speaker 1: down the overall costs and the overall expenses incurred. Uh said.

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Speaker 1: Era is one of the newer ones that that doesn't

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Speaker 1: have a religious affiliation. My family has been with meta

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Speaker 1: share for years now and has worked really well for

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Speaker 1: us UM. But we're mentioning that because we want folks

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Speaker 1: to know that there are options for you out there.

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Speaker 1: You might feel that you're tied to your job, maybe

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Speaker 1: a job that you uh don't enjoy or a job

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Speaker 1: that's not paying you well because of the fact that

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Speaker 1: you have health insurance through them, but know that there

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Speaker 1: are options out there on the exchange through healthcare dot gov,

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Speaker 1: but there's also these nontraditional alternatives as well. Will make

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Speaker 1: sure to link to an article on the website as

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Speaker 1: well talking about how Meta share has worked out for us. Yeah. Man,

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Speaker 1: I feel like the health sharing companies. People have different

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Speaker 1: takes on whether or not they're a good idea. They're

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Speaker 1: obviously not the exact same thing as health insurance, and

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Speaker 1: that's a really important thing to point out, but for

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Speaker 1: not technically insurance, and that's not for everybody, right, But

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Speaker 1: if you do go to healthcare dot com and you

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Speaker 1: realize that the price for traditional insurance is something that

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Speaker 1: you cannot afford, the costs are just overwhelming, then than

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Speaker 1: health sharing is a decent alternative for a lot of people.

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Speaker 1: I think, Um and Matt, before we go to the break,

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Speaker 1: I want to ask you about Tesla. They're joining the

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Speaker 1: sp yeah next month. So do you care about that

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Speaker 1: at all? I mean, if there was some chatter in

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Speaker 1: the Facebook group about it, and I was just wondering,

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Speaker 1: is this something that's on your radar or is it

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Speaker 1: kind of like a non story for you? Well, I

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Speaker 1: did see that. Just the news of that caused the

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Speaker 1: stock to bump up even more. And how Elon Musk

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Speaker 1: his his net worth He just basically jumped over Zuckerberg

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Speaker 1: wow in that with that one headline. But no, I

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Speaker 1: don't really care all that much. Man. Obviously, you and

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Speaker 1: I we invest for the long haul. You know, we're

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Speaker 1: we're in it for the long term, and market news

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Speaker 1: like this doesn't really affect how we invest. I'm actually

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Speaker 1: almost not looking forward to it to to a certain extent,

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Speaker 1: because there's a lot of volatility with Tesla right like,

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Speaker 1: people are buying it, people are saying it's overvalued, and

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Speaker 1: then you know, you see it drops them and then

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Speaker 1: there's news you know, they launch a new rocket and

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Speaker 1: and their stock prices reflect that as well. They it

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Speaker 1: shoots up. So obviously this is just one company that's

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Speaker 1: gonna be a part of the SMP five hundred. But

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Speaker 1: it's a big company and they throw around a lot

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Speaker 1: of weight, and so I think it could affect the

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Speaker 1: day to day market sort of gyrations. But again, am

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Speaker 1: I concern with that? No? Uh, Like it's it's it's interesting,

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Speaker 1: And I'm actually kind of glad to see that Tesla

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Speaker 1: is a part of the SMP five underd because all

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Speaker 1: of my retirement money is within vou v o O,

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Speaker 1: which is it's not the total stock market index fund,

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Speaker 1: but it's the SMP five hundred index fund. So I

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Speaker 1: guess I am excited to see some of that hopeful

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Speaker 1: growth due to Tesla within my own retirement. Yeah. That

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Speaker 1: there have been a lot of stories written in the

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Speaker 1: past few months about Tesla was at a bubble, especially

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Speaker 1: before they did their stock split. A lot of investors

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Speaker 1: were even short selling Tesla stock and obviously that came

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Speaker 1: back to blow up in their faces. Um and yeah,

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Speaker 1: but I agree. I think it's not really on my

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Speaker 1: radar in a big way. But I will say for

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Speaker 1: people who do own, you know, a fund that mirrors

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Speaker 1: the SMP five hund, having Tesla in there I think

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Speaker 1: is a good thing because I do think Tesla is

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Speaker 1: a good company that will continue to innovate and push

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Speaker 1: the envelope, and I think it's a good business to

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Speaker 1: to invest in. So having them in my portfolio, at

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Speaker 1: least passively, Um, I'm all, I'm all for. Yeah. Yeah, absolutely, man.

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Speaker 1: Uh Like, I'm not willing to go out there and

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Speaker 1: buy Tesla stock, you know, single stock investing, because that's

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Speaker 1: just not how I roll. I'm not willing to take

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Speaker 1: on that risk. But I am glad to see that

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Speaker 1: I have a small portion of that NOWT Sliver, Yes, exact. Yeah.

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Speaker 1: All right, Well let's let's get to some more stories, Matt,

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Speaker 1: including a new era in how real estate closings are

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Speaker 1: done and whether now is a good time or not

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Speaker 1: to start a business. We'll talk about that right after

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Speaker 1: this break. Alright, man, we are back from the break

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Speaker 1: and before we kind of dive into like the real headlines.

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Speaker 1: I saw that Zippia. They created this map listening the

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Speaker 1: most popular Thansgiving sides by state. Uh and apparently mac

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Speaker 1: and cheese is number one in Georgia, along with like

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Speaker 1: South Carolina, North Carolina, Virginia. It kind of like goes

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Speaker 1: up the coast. It's kind of interesting, the old sun Belt.

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Speaker 1: We love the mac and cheese down here. Makes sense,

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Speaker 1: you know, I am a huge fan of mac and cheese,

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Speaker 1: but like, honestly, mac and cheese doesn't really feel like

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Speaker 1: a Thanksgiving side. It's not one of those traditionals. Like

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Speaker 1: to me, mac and cheese is more of a barbecue side.

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Speaker 1: Like if I have some barbecue going on, I'll want

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Speaker 1: some mac and cheese. Oh yeah, that's like the perfect combination.

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Speaker 1: But I'm not gonna be mad at it on Thanksgiving though. Yeah,

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Speaker 1: I'm not gonna not eat it. But in my mind,

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Speaker 1: it's not like a traditional Thanksgiving side. It's not like

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Speaker 1: green bean casserole or something like that, which is like

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Speaker 1: classic Thanksgiving. Um, so what so, what is your number

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Speaker 1: one Thanksgiving side? Like? I said, green by casserole. I'm

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Speaker 1: a fan of that stuffing my in laws that they

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Speaker 1: make this thing called green rice, and it's a combination

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Speaker 1: of of rice, but it's cheesy as well. And then uh,

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Speaker 1: it's green because there's broccoli in it. And so it's

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Speaker 1: sort of like this kind of combination of you know,

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Speaker 1: a side of broccoli plus rice, maybe a little bit

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Speaker 1: of mac and cheese thrown in there as well as

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Speaker 1: a cheesy aspect. It's not like the whole chunk of broccoli, right,

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Speaker 1: there's no it's it's kind of like just the what

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Speaker 1: the florets or the Flowerets's. I feel like that's a

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Speaker 1: more unique one. But even as I get older to

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Speaker 1: remember as a kid hating cranberry sauce, cranberry jelly. My

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Speaker 1: dad's the only one in our family who like digs it. Really,

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Speaker 1: as I get older, I'm like, oh my gosh, I'm

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Speaker 1: totally turning into a dad because I'm like, oh, give

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Speaker 1: me past me some of that cranberry sauce, Like it

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Speaker 1: goes well with the turkey, you know. It's a good

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Speaker 1: combination of flavors and and it's one of many things

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Speaker 1: that makes me realize I'm getting older, so alright, well,

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Speaker 1: I think mashed potatoes that's my number. Yeah. I also

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Speaker 1: saw that rolls were the most popular side in some states.

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Speaker 1: I love a good role, but I'm gonna say it

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Speaker 1: doesn't feel like a side. It feels like something else.

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Speaker 1: Like when I think of the sides, like I'm thinking

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Speaker 1: about the stuffing, the green being cast role, the mashing

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Speaker 1: something in a glass cast role. That's exactly I'm like,

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Speaker 1: an only a side in the same way that those

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Speaker 1: things are, And it just depends on how it's done,

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Speaker 1: you know, Like I've had terrible examples of all the

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Speaker 1: different sides out there. But if you get a side

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Speaker 1: that I've never heard of that's kind of weird, but

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Speaker 1: you do it really well, then that makes all the

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Speaker 1: difference in the world. You know, Like I've had really

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Speaker 1: bad mac and cheese, but I've also like Kate makes

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Speaker 1: amazing mac and cheese with the giant shells and tons

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Speaker 1: of butter. It's terrible for you because soda, you can

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Speaker 1: definitely screwt mac and cheese. Yeah, oh yeah, yeah, yeah.

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Speaker 1: All right, let's uh, while we're talking about food, man,

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Speaker 1: let's talk about grocery store restrictions and in grocery stores

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Speaker 1: around the country are starting to impose new restrictions on

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Speaker 1: purchases again, and that's because shoppers are specifically looking for

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Speaker 1: certain items and there's a little bit of panic buying,

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Speaker 1: just like we saw in the spring starting to happen again.

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Speaker 1: Toilet paper is apparently getting harder to find on a

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Speaker 1: lot of shelves. I saw this firsthand recently at Costco.

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Speaker 1: No Kirkland signature on the shelves again, so it was

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Speaker 1: only the name brain Stuff, So of course I was like,

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Speaker 1: I'm good, uh, but no number two for Joel's Hailey

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Speaker 1: for two weeks. That's right, I gotta hold it until

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Speaker 1: that stuff gets back in stock. But early on in

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Speaker 1: the pandemic there were limits on so many popular items

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Speaker 1: like eggs, milk, diapers, baby formula, all that kind of stuff.

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Speaker 1: It's it's probably a good idea that we start limiting

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Speaker 1: the purchases of popular nests, seria items before things get

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Speaker 1: out of control again, before the shelves are just barren

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Speaker 1: for weeks on end. Right. And it's just important to

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Speaker 1: note too that panic buying actually just kind of fuels

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Speaker 1: the scarcity. The grocery stores are are certainly more prepared

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Speaker 1: than they were back in March, but by only what

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Speaker 1: you need, don't go overboard. I think that's part of

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Speaker 1: the problem is is we we exacerbate the problem when

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Speaker 1: we buy stuff that we don't actually need because we're

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Speaker 1: worried that there's not going to be enough. And so yeah,

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Speaker 1: let's all just take a deep breath, buy toilet paper

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Speaker 1: when you need it, but don't buy too much, and

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Speaker 1: stick to the restrictions that are in place. Yeah, and

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Speaker 1: speaking of restrictions too, I saw that Walmart UH and

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Speaker 1: other stores as well, they're starting to institute there. They're

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Speaker 1: limiting the number of folks that they're allowing into the stores. Again,

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Speaker 1: like that's something that they did back in the spring,

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Speaker 1: but you know, over the summer early fall is something

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Speaker 1: that they've not done. So if you go to the

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Speaker 1: store and you see a line out the door, don't

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Speaker 1: be surprised. That's why we also saw that real estate closing,

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Speaker 1: So if you are refinancing a home, if you're buying

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Speaker 1: a home, they are more and more these days. They're

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Speaker 1: going virtual. Finally, right after the recent election, and you know,

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Speaker 1: some of the issues counting votes, like it surprises me

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Speaker 1: why we're not voting online or you know, on our

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Speaker 1: phones as well, Like there's so much that we can

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Speaker 1: do with secure technology on our devices instead of having

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Speaker 1: to show up in person. And when you look at

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Speaker 1: some of the stories about how votes are being countered,

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Speaker 1: it's like, oh, my gosh, it's so archaic. Well, yeah,

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Speaker 1: we live here in Georgia where they are recounting every

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Speaker 1: vote by hand. Oh, we forgot a hard drive, we

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Speaker 1: forgot a thumb drive, dough, We've forgot to upload it.

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Speaker 1: So even with technology, sometimes there's mistakes. That's true. At least,

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Speaker 1: you know, the pandemic is prodding a change to being

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Speaker 1: able to close on a refinance or a home purchase

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Speaker 1: from the comfort of your own home. You know, at

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Speaker 1: the beginning the pandemic, Joel, you even kind of refinanced

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Speaker 1: and you had to show up in person. You had to,

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Speaker 1: didn't you. You signed the documents in your car. In

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Speaker 1: the car. Yeah, it was. It was weird. Feel like

425
00:18:41,080 --> 00:18:43,560
Speaker 1: you're at like an old timey like drive in restaurant,

426
00:18:43,640 --> 00:18:45,840
Speaker 1: like a sonic they pull up on rollerst car hop

427
00:18:45,880 --> 00:18:48,639
Speaker 1: comes out, yeah exactly. Well yeah, and and so it

428
00:18:48,720 --> 00:18:51,080
Speaker 1: wasn't too bad, But I sure hope that virtual real

429
00:18:51,160 --> 00:18:54,080
Speaker 1: estate closings become the norm because there was no reason

430
00:18:54,119 --> 00:18:55,360
Speaker 1: for me to have to leave my house. I mean,

431
00:18:55,600 --> 00:18:57,720
Speaker 1: you're used to signing all sorts of documents now with

432
00:18:58,000 --> 00:19:00,800
Speaker 1: with things like dot loop and docu signed and and

433
00:19:00,840 --> 00:19:03,760
Speaker 1: finally those are becoming more mainstream and closing attorneys are

434
00:19:03,800 --> 00:19:07,200
Speaker 1: becoming more willing to to let people do closings from

435
00:19:07,240 --> 00:19:09,800
Speaker 1: from their home. And obviously it just makes a lot

436
00:19:09,800 --> 00:19:11,520
Speaker 1: of sense, gonna say people a lot of hassle, no

437
00:19:11,560 --> 00:19:14,359
Speaker 1: reason to drive your car over there and sign physical forms,

438
00:19:14,520 --> 00:19:16,359
Speaker 1: you know, while you're in your car. So it's a

439
00:19:16,400 --> 00:19:19,160
Speaker 1: sign of progress. And I hope that anybody who is refinancing,

440
00:19:19,160 --> 00:19:21,480
Speaker 1: we've talked about rates and how they've continued to sink.

441
00:19:21,520 --> 00:19:23,080
Speaker 1: It's a good time for a lot of people to refinance.

442
00:19:23,160 --> 00:19:25,600
Speaker 1: Hopefully it means you can finish everything off from from

443
00:19:25,600 --> 00:19:28,359
Speaker 1: your house. Yeah, so obviously the pandemic has accelerated, you know,

444
00:19:28,440 --> 00:19:30,399
Speaker 1: this movement towards this. But I think companies do like

445
00:19:30,440 --> 00:19:34,720
Speaker 1: better dot Com, Rocket Mortgage, These online competitors have caused

446
00:19:34,800 --> 00:19:38,400
Speaker 1: a lot of traditional uh in person sort of type

447
00:19:38,480 --> 00:19:41,080
Speaker 1: lenders that you know that would typically require a closing

448
00:19:41,480 --> 00:19:43,600
Speaker 1: in person. I think it's caused a lot of them

449
00:19:43,600 --> 00:19:45,600
Speaker 1: to kind of rethink how they've been doing things as well.

450
00:19:45,680 --> 00:19:49,439
Speaker 1: You know, competition breeds progress, progress and efficiency. Man uh,

451
00:19:49,560 --> 00:19:53,199
Speaker 1: let's talk about getting paid, Okay, Gig economy companies like

452
00:19:53,280 --> 00:19:58,000
Speaker 1: uber uh and even Airbnb are changing workers perceptions on

453
00:19:58,040 --> 00:20:00,399
Speaker 1: what it means to get paid in a timely manner.

454
00:20:00,800 --> 00:20:03,240
Speaker 1: Right with uh, like more traditional employers that can take

455
00:20:03,400 --> 00:20:05,920
Speaker 1: up to a week for payroll to process and maybe

456
00:20:05,920 --> 00:20:08,919
Speaker 1: for the check to clear, and so, fintech companies have

457
00:20:09,119 --> 00:20:12,320
Speaker 1: been springing up around the idea of giving workers access

458
00:20:12,320 --> 00:20:15,879
Speaker 1: to their money more quickly, basically instantly. Right. One of

459
00:20:15,920 --> 00:20:18,160
Speaker 1: the biggest companies here in the States is Earning, which

460
00:20:18,160 --> 00:20:21,359
Speaker 1: has been popular with its users, but there have also

461
00:20:21,560 --> 00:20:23,879
Speaker 1: been critics as well. Yeah, and the critics have basically

462
00:20:23,880 --> 00:20:25,680
Speaker 1: said that functions kind of like a paid a loan.

463
00:20:25,960 --> 00:20:28,879
Speaker 1: There's a suggested tip amount of if you're using to

464
00:20:28,920 --> 00:20:30,919
Speaker 1: earn an app, and if you pay that, you know,

465
00:20:30,960 --> 00:20:33,520
Speaker 1: the the interest rate that you're paying to access your

466
00:20:33,560 --> 00:20:36,719
Speaker 1: money early can be exorbitant. Right, But basically these companies

467
00:20:36,760 --> 00:20:41,040
Speaker 1: are providing a small advance on individual paychecks, and according

468
00:20:41,040 --> 00:20:44,000
Speaker 1: to the Harvard Business Review, one of the big arguments

469
00:20:44,000 --> 00:20:47,280
Speaker 1: in favor of these fintech companies providing this service to

470
00:20:47,359 --> 00:20:50,840
Speaker 1: employees is that it saves employers a ton every year

471
00:20:51,040 --> 00:20:54,360
Speaker 1: because there's less employee turnover. At one company, in particular,

472
00:20:54,840 --> 00:20:59,960
Speaker 1: company called Salary Finance, turnover was apparently lower among active

473
00:21:00,160 --> 00:21:03,639
Speaker 1: users then in prior years. Right, this could save a

474
00:21:03,720 --> 00:21:06,760
Speaker 1: large employer millions of dollars every year basically if they're

475
00:21:06,760 --> 00:21:09,320
Speaker 1: able to get their employees paid on a daily basis

476
00:21:09,359 --> 00:21:11,880
Speaker 1: as opposed to a bi weekly basis. So so it's

477
00:21:11,880 --> 00:21:14,440
Speaker 1: no wonder that employers are starting to move in this direction.

478
00:21:14,720 --> 00:21:17,720
Speaker 1: The technology is available, and if it increases their ability

479
00:21:17,760 --> 00:21:20,399
Speaker 1: to keep great employees, then it's a win win for

480
00:21:20,480 --> 00:21:23,439
Speaker 1: everyone involved. Right. Yeah, Well, it's definitely a win for

481
00:21:23,600 --> 00:21:26,200
Speaker 1: the fintech companies and it's it's a win for employers

482
00:21:26,200 --> 00:21:28,639
Speaker 1: as well. But it may or may not be a

483
00:21:28,680 --> 00:21:31,280
Speaker 1: win for the employees, even though it feels like it's

484
00:21:31,280 --> 00:21:33,840
Speaker 1: a win, right, And that's because we talked about how

485
00:21:33,840 --> 00:21:37,320
Speaker 1: there's never a free lunch, right, Uh, it could cost

486
00:21:37,400 --> 00:21:40,040
Speaker 1: individual employees, and this is why we're a bit more

487
00:21:40,080 --> 00:21:42,119
Speaker 1: critical of it. You know, there's obviously a cost, and

488
00:21:42,160 --> 00:21:44,359
Speaker 1: if your employer is footing the bill, then that's great,

489
00:21:44,920 --> 00:21:48,399
Speaker 1: But in some instances it falls to the employee and

490
00:21:48,440 --> 00:21:50,440
Speaker 1: man one of the most important things in the world

491
00:21:50,440 --> 00:21:52,960
Speaker 1: of personal finances to have enough money in your bank

492
00:21:53,000 --> 00:21:55,600
Speaker 1: account so that you don't need access to your pay

493
00:21:55,880 --> 00:21:58,880
Speaker 1: right away. Right you can afford to wait a week

494
00:21:59,000 --> 00:22:01,520
Speaker 1: because you've got some argin, you've got some cushion, you

495
00:22:01,560 --> 00:22:04,520
Speaker 1: have an emergency fund, uh there in your savings account,

496
00:22:04,800 --> 00:22:06,720
Speaker 1: and so a delay and when you get your paycheck,

497
00:22:06,800 --> 00:22:09,359
Speaker 1: I shouldn't set off a panic in your household. And

498
00:22:09,400 --> 00:22:11,760
Speaker 1: so you know, while this instant access to your paycheck

499
00:22:12,160 --> 00:22:15,280
Speaker 1: might become the norm thanks to these fintech companies, you

500
00:22:15,280 --> 00:22:18,200
Speaker 1: shouldn't need that in order to get by. Yeah. I

501
00:22:18,240 --> 00:22:20,760
Speaker 1: think of it as as like a crutch. Essentially, it's

502
00:22:20,760 --> 00:22:22,920
Speaker 1: a band aid to this wound, and that wound needs

503
00:22:22,920 --> 00:22:26,240
Speaker 1: to be addressed, not just the bleeding, yeah exactly. And Yeah,

504
00:22:26,280 --> 00:22:28,720
Speaker 1: for people to get access to their money earlier means

505
00:22:28,760 --> 00:22:32,000
Speaker 1: they spend it earlier, means they have zero cushion built

506
00:22:32,040 --> 00:22:34,840
Speaker 1: up in their lives financially. And so, yeah, your employer

507
00:22:34,920 --> 00:22:36,639
Speaker 1: might offer you something like this, and if they're putting

508
00:22:36,640 --> 00:22:38,920
Speaker 1: the bill, if they're paying the additional fees in order

509
00:22:38,960 --> 00:22:41,520
Speaker 1: to you know, let you get access to your money earlier.

510
00:22:41,640 --> 00:22:43,240
Speaker 1: I don't think it's a terrible thing, but at the

511
00:22:43,280 --> 00:22:46,400
Speaker 1: same time, it means there's more required of you to

512
00:22:46,520 --> 00:22:48,800
Speaker 1: have a decent emergency fund built up and not be

513
00:22:48,840 --> 00:22:50,679
Speaker 1: relying on the fact that you getting paid now on

514
00:22:50,720 --> 00:22:52,919
Speaker 1: a on a daily basis. Yeah, that's right. And and

515
00:22:52,960 --> 00:22:54,760
Speaker 1: on the note of figuring out how to get paid

516
00:22:55,160 --> 00:22:57,800
Speaker 1: uh an employment man, it turns out the small business

517
00:22:58,080 --> 00:23:01,640
Speaker 1: startups are increasing at a startling rate. There's new data

518
00:23:01,680 --> 00:23:04,200
Speaker 1: from the Census Bureau and they showed that one point

519
00:23:04,240 --> 00:23:08,200
Speaker 1: four million new businesses were founded between June and September.

520
00:23:09,119 --> 00:23:11,159
Speaker 1: It's crazy. And so you know, while it's through that

521
00:23:11,200 --> 00:23:14,840
Speaker 1: a lot of small businesses are really hurting due to

522
00:23:14,880 --> 00:23:17,440
Speaker 1: the pandemic, it is really encouraging to see that there

523
00:23:17,480 --> 00:23:20,639
Speaker 1: are a number there's a record setting number of startups

524
00:23:20,760 --> 00:23:23,240
Speaker 1: that are getting off the ground. UM. This is the

525
00:23:23,280 --> 00:23:26,080
Speaker 1: fastest period of business formation that we've seen in my

526
00:23:26,160 --> 00:23:29,760
Speaker 1: country since two thousand and six. That's good news, right,

527
00:23:29,880 --> 00:23:32,560
Speaker 1: that's great man. It's positive. And there are always ebbs

528
00:23:32,560 --> 00:23:36,000
Speaker 1: and flows. There are cycles in our economy, and obviously

529
00:23:36,040 --> 00:23:38,920
Speaker 1: we've gone through a really tough cycle earlier this year. UM,

530
00:23:38,960 --> 00:23:41,760
Speaker 1: and a lot of small businesses still really having a

531
00:23:41,760 --> 00:23:45,040
Speaker 1: difficult time. Many have have shuttered for good. Necessarily don't

532
00:23:45,040 --> 00:23:46,679
Speaker 1: want to make light of that. But at the same time,

533
00:23:46,720 --> 00:23:48,639
Speaker 1: there are a lot of people who have found that

534
00:23:48,680 --> 00:23:51,280
Speaker 1: this is a really good time to start a new business.

535
00:23:51,560 --> 00:23:54,240
Speaker 1: And sometimes the hardest economic times can be the best

536
00:23:54,240 --> 00:23:56,320
Speaker 1: time to start a new business. And so those numbers

537
00:23:56,359 --> 00:24:00,239
Speaker 1: are encouraging. They're encouraging for local communities, they're encouraging for

538
00:24:00,320 --> 00:24:03,080
Speaker 1: the American economy as a whole. And Matt, we're actually

539
00:24:03,080 --> 00:24:05,000
Speaker 1: gonna talk a little bit more about this on Monday's

540
00:24:05,040 --> 00:24:08,800
Speaker 1: episode with I P lawyer k Gruner. It's one thing

541
00:24:08,840 --> 00:24:10,600
Speaker 1: to have a great idea for a new business, but

542
00:24:10,640 --> 00:24:13,040
Speaker 1: it's another to make sure that you're doing it legally.

543
00:24:13,240 --> 00:24:14,920
Speaker 1: So yeah, looking forward to having her on the show

544
00:24:14,960 --> 00:24:17,440
Speaker 1: next week. And she's not an Internet protocol lawyer, she's

545
00:24:17,480 --> 00:24:21,480
Speaker 1: an intellectual property lawyer. Yes, yes, yeah, So it's gonna

546
00:24:21,480 --> 00:24:23,119
Speaker 1: be it for this episode. And we hope that everyone

547
00:24:23,160 --> 00:24:25,600
Speaker 1: has a good weekend as folks start to prepare for

548
00:24:25,720 --> 00:24:28,840
Speaker 1: the Thanksgiving holiday, whether you are traveling or if you're

549
00:24:28,840 --> 00:24:31,960
Speaker 1: gonna be staying home. Joel, we saw that Zoom they

550
00:24:32,000 --> 00:24:34,359
Speaker 1: are waiving the you know they've got that forty minute

551
00:24:34,480 --> 00:24:37,080
Speaker 1: cap on their free calls, and on Thanksgiving they're going

552
00:24:37,119 --> 00:24:38,680
Speaker 1: to do away with that, so folks will be able

553
00:24:38,720 --> 00:24:42,080
Speaker 1: to have virtual Thanksgiving with family that they are wanting

554
00:24:42,119 --> 00:24:44,040
Speaker 1: to to not see in person. That's a nice little

555
00:24:44,080 --> 00:24:45,800
Speaker 1: bit of good news that you can start your weekend with,

556
00:24:45,880 --> 00:24:48,439
Speaker 1: so no doubt. Listeners can find our show notes up

557
00:24:48,480 --> 00:24:50,560
Speaker 1: on our website at how to money dot com and

558
00:24:50,640 --> 00:24:53,560
Speaker 1: Joel Until next time, best friends out, Best friends out.

559
00:25:00,119 --> 00:25:03,800
Speaker 1: M m mmmmm