1 00:00:00,080 --> 00:00:03,000 Speaker 1: Welcome to How the Money. I'm Joel and I am that, 2 00:00:03,240 --> 00:00:06,720 Speaker 1: and today we're discussing drug money, bear markets in the 3 00:00:06,880 --> 00:00:29,680 Speaker 1: end of millennial subsidies. Yes, I'm guessing you only know 4 00:00:29,840 --> 00:00:31,640 Speaker 1: what one of those stories is going to be about. 5 00:00:31,880 --> 00:00:34,640 Speaker 1: The other two they're gonna have to stick around because 6 00:00:34,680 --> 00:00:37,120 Speaker 1: this is our Friday flight where we cover some of 7 00:00:37,159 --> 00:00:39,480 Speaker 1: the different headlines we've come across this weekend. We're gonna 8 00:00:39,520 --> 00:00:42,479 Speaker 1: discuss how those stories are going to impact you and 9 00:00:42,520 --> 00:00:44,519 Speaker 1: your money. I want to kick this off with a 10 00:00:44,520 --> 00:00:47,880 Speaker 1: little Squid Games question for you. Did you still waiting 11 00:00:47,880 --> 00:00:51,600 Speaker 1: for season? Did you see The Squid Game, a Netflix 12 00:00:51,840 --> 00:00:54,760 Speaker 1: reality show that they're playing. I saw that, and if 13 00:00:54,800 --> 00:00:56,040 Speaker 1: they reach out to me to be on it, I 14 00:00:56,080 --> 00:00:58,560 Speaker 1: figured you'd be pretty excited. I'm on a plane, would 15 00:00:58,600 --> 00:01:00,240 Speaker 1: you Would you do it for real? Heck? Yeah, well 16 00:01:00,360 --> 00:01:03,160 Speaker 1: I feel like so being on some sort of show, 17 00:01:03,160 --> 00:01:05,640 Speaker 1: you couldn't do the show for probably like sixty days 18 00:01:05,720 --> 00:01:08,320 Speaker 1: or something. I'm okay with that if if it means 19 00:01:08,319 --> 00:01:09,720 Speaker 1: I could to be on a game show, because that's 20 00:01:09,760 --> 00:01:14,480 Speaker 1: literally like, um, I don't know, that's one of those things. Yeah, perfectly, 21 00:01:14,520 --> 00:01:16,280 Speaker 1: the price is right, But the Squid Game, that would 22 00:01:16,319 --> 00:01:18,240 Speaker 1: be Actually that probably my vault up to number one 23 00:01:18,240 --> 00:01:20,920 Speaker 1: on my list. See, I feel like if we're looking 24 00:01:20,959 --> 00:01:22,959 Speaker 1: at games that you would probably win at, I think 25 00:01:23,000 --> 00:01:25,319 Speaker 1: you would do a really good job at the prices. 26 00:01:25,400 --> 00:01:27,480 Speaker 1: Right what's the grocery store one where you like run 27 00:01:27,520 --> 00:01:30,399 Speaker 1: through with supermarket sweep. I think you would also do 28 00:01:30,400 --> 00:01:32,639 Speaker 1: pretty good at that one when it comes to prices. 29 00:01:32,720 --> 00:01:34,959 Speaker 1: Right though, where I might screw up is Aldi has 30 00:01:35,280 --> 00:01:37,399 Speaker 1: um messed up my view of what the price of 31 00:01:37,440 --> 00:01:39,960 Speaker 1: a product is, and they're they're getting it from like 32 00:01:40,040 --> 00:01:42,560 Speaker 1: the full price grocery store, and then that's what they're 33 00:01:42,560 --> 00:01:44,080 Speaker 1: based on the prices on. So i'd probably you're gonna 34 00:01:44,120 --> 00:01:48,320 Speaker 1: come in like lower on every single guest exactly. Uh 35 00:01:48,520 --> 00:01:50,480 Speaker 1: you know what. Like So actually I feel like I 36 00:01:50,480 --> 00:01:52,960 Speaker 1: would do pretty good UH and squid games because what 37 00:01:53,080 --> 00:01:55,720 Speaker 1: I like, it's a nice blend. It's a nice combination 38 00:01:55,840 --> 00:01:58,560 Speaker 1: of smarts and strength. You know, it's not like just 39 00:01:58,640 --> 00:02:01,400 Speaker 1: one or the other. Uh. They pepper in a little 40 00:02:01,400 --> 00:02:02,920 Speaker 1: bit of like social skills as well. You have to 41 00:02:03,000 --> 00:02:04,920 Speaker 1: like uh team up with folks. But I guess it 42 00:02:04,960 --> 00:02:08,360 Speaker 1: just depends on what kind of uh tasks or challenges 43 00:02:08,400 --> 00:02:11,079 Speaker 1: that that you have to complete. But I will definitely 44 00:02:11,080 --> 00:02:13,440 Speaker 1: be watching it, and again, I'm not going to probably 45 00:02:13,480 --> 00:02:16,960 Speaker 1: go through the steps to apply, although I kind of wanted, um, 46 00:02:17,000 --> 00:02:18,680 Speaker 1: but if they if they reach out to me proactively 47 00:02:18,680 --> 00:02:19,840 Speaker 1: and they're like, we want you on the show, I'd 48 00:02:19,880 --> 00:02:22,000 Speaker 1: be like, sure, I'm in oh man. What if there 49 00:02:22,080 --> 00:02:24,720 Speaker 1: was some sort of like team version of Squid Games, 50 00:02:24,840 --> 00:02:27,400 Speaker 1: or if there is actually some sort of team version 51 00:02:27,440 --> 00:02:29,560 Speaker 1: of any game show, maybe we should consider doing that. 52 00:02:29,680 --> 00:02:31,799 Speaker 1: What's the what's the one where people travel around the 53 00:02:31,800 --> 00:02:34,360 Speaker 1: world with the best body or a great race? Yeah, okay, 54 00:02:34,360 --> 00:02:36,280 Speaker 1: the Amazing Race or the Amazing Race. Say, but you 55 00:02:36,320 --> 00:02:38,560 Speaker 1: and me on the Amazing Race? We would cry. I 56 00:02:38,600 --> 00:02:39,919 Speaker 1: think I would have to do that, right, so we 57 00:02:39,919 --> 00:02:41,200 Speaker 1: would have to. It's funny that you bring that up, 58 00:02:41,200 --> 00:02:43,840 Speaker 1: because literally, that is one of my few regrets that 59 00:02:43,880 --> 00:02:46,639 Speaker 1: I actually have. So right after graduating from college, I 60 00:02:46,680 --> 00:02:48,400 Speaker 1: was living up in North Carolina in the woods in 61 00:02:48,440 --> 00:02:51,239 Speaker 1: my roommate at the time, Chris. He and I we'd 62 00:02:51,240 --> 00:02:54,240 Speaker 1: work summers at the same Boys Adventure camp together for 63 00:02:54,280 --> 00:02:57,160 Speaker 1: a while, and he was like, Hey, we should apply 64 00:02:57,560 --> 00:03:00,160 Speaker 1: to be on the Amazing Race. And I didn't want 65 00:03:00,160 --> 00:03:01,960 Speaker 1: to do it for some reason. I was like, too 66 00:03:02,040 --> 00:03:04,079 Speaker 1: much in a hurry to get a real job back 67 00:03:04,120 --> 00:03:07,400 Speaker 1: in Atlanta and kind of like start my career. Looking back, 68 00:03:07,680 --> 00:03:09,640 Speaker 1: it's really lame. It's like, truly, I don't have very 69 00:03:09,639 --> 00:03:12,120 Speaker 1: many regrets when I look back over the course of 70 00:03:12,160 --> 00:03:14,919 Speaker 1: my life. There is one of them. They're getting tens 71 00:03:14,919 --> 00:03:17,639 Speaker 1: of thousands of applications, so yours might have gotten lost 72 00:03:17,680 --> 00:03:19,519 Speaker 1: in the shuffle. But if you made it, that would 73 00:03:19,520 --> 00:03:21,079 Speaker 1: have been fun. I think folks would watch that to you. 74 00:03:22,919 --> 00:03:24,560 Speaker 1: I think some of our listeners at least that show 75 00:03:24,560 --> 00:03:26,799 Speaker 1: still on the air, because if it is, yeah, that's 76 00:03:26,919 --> 00:03:30,400 Speaker 1: worth looking into for staying at this even on Well, 77 00:03:30,440 --> 00:03:32,919 Speaker 1: if any how the money listeners are producers on any 78 00:03:32,919 --> 00:03:34,480 Speaker 1: of these games shows, feel free to reach out to us. 79 00:03:34,480 --> 00:03:37,360 Speaker 1: We would love to participate. Absolutely, you're gonna kick it off. Yeah, 80 00:03:37,360 --> 00:03:39,600 Speaker 1: all right, so let's move on. Let's talk about the 81 00:03:39,640 --> 00:03:41,840 Speaker 1: stories we found interesting this week and how they pertain 82 00:03:41,920 --> 00:03:44,400 Speaker 1: to your personal finances. Squad games kind of the story, Yeah, 83 00:03:44,400 --> 00:03:46,440 Speaker 1: squirre game. Well, and the winner gets four point five 84 00:03:46,480 --> 00:03:49,320 Speaker 1: six million dollars, which means you're financially independent overnight if 85 00:03:49,320 --> 00:03:52,600 Speaker 1: you'll beat out yes, four or fifty five other people. 86 00:03:52,840 --> 00:03:55,160 Speaker 1: But um, yeah, so let's let's first start out by 87 00:03:55,200 --> 00:03:57,720 Speaker 1: talking about the stock market, Matt, because that's kind of 88 00:03:58,000 --> 00:04:00,960 Speaker 1: a sore spot on everybody's radar. This week we saw 89 00:04:01,320 --> 00:04:03,840 Speaker 1: a lot of red um, kind of a blood bath 90 00:04:03,920 --> 00:04:07,400 Speaker 1: really right when it comes to the overall stock market, 91 00:04:07,440 --> 00:04:10,200 Speaker 1: a lot of individual stocks as well in particular this week, 92 00:04:10,680 --> 00:04:13,120 Speaker 1: and you know, we talked actually a lot about definitions 93 00:04:13,400 --> 00:04:15,360 Speaker 1: when it comes to what happens to the stock market 94 00:04:15,680 --> 00:04:19,160 Speaker 1: when corrections are happening, and so uh back in episode 95 00:04:19,200 --> 00:04:20,880 Speaker 1: four seventy three if you want to take a listen 96 00:04:20,920 --> 00:04:24,080 Speaker 1: to that one. But a bear market in particular is 97 00:04:24,120 --> 00:04:28,520 Speaker 1: when an index is or more down from it's high, 98 00:04:28,600 --> 00:04:32,159 Speaker 1: and the SMP five actually achieved that designation on Monday. 99 00:04:32,839 --> 00:04:35,239 Speaker 1: The market has been down nine of the past ten weeks, 100 00:04:35,240 --> 00:04:37,280 Speaker 1: and it will likely be down ten out of the 101 00:04:37,360 --> 00:04:40,080 Speaker 1: last eleven weeks by the end of the day today. 102 00:04:40,120 --> 00:04:42,839 Speaker 1: And so yeah, a lot of the financial headlines are 103 00:04:42,880 --> 00:04:46,520 Speaker 1: predictably in the doom and gloom camp and um, so 104 00:04:46,560 --> 00:04:49,359 Speaker 1: I guess Matt, the question would be, how do you 105 00:04:49,400 --> 00:04:52,400 Speaker 1: and I feel about this current kind of somewhat crummy 106 00:04:52,440 --> 00:04:55,599 Speaker 1: moment in the stock market. We get why people are upset, 107 00:04:55,680 --> 00:04:59,800 Speaker 1: but the from our perspective, this is largely actually not 108 00:04:59,880 --> 00:05:02,440 Speaker 1: a bad thing, right, And so for that's for a 109 00:05:02,440 --> 00:05:04,839 Speaker 1: couple of reasons. Because one, we're zooming out over the 110 00:05:04,839 --> 00:05:07,320 Speaker 1: past three years. We are a long term event. The 111 00:05:07,400 --> 00:05:10,919 Speaker 1: s is still up more than over the last ten years. 112 00:05:11,200 --> 00:05:16,200 Speaker 1: It's up something like two, right, And so for for example, 113 00:05:16,200 --> 00:05:18,680 Speaker 1: it just makes me think of like your favorite baseball team, 114 00:05:18,800 --> 00:05:20,960 Speaker 1: if they just got swept but they're still at the 115 00:05:20,960 --> 00:05:23,400 Speaker 1: top of the standings, you're losing me, You're I know, 116 00:05:23,520 --> 00:05:26,120 Speaker 1: I'm sorry if you're like, for instance, the Land of 117 00:05:26,160 --> 00:05:30,400 Speaker 1: Braves are like a fourteen game win streak. Second baseman 118 00:05:30,640 --> 00:05:34,120 Speaker 1: just broke his foot. He's gonna have a hopefully that's 119 00:05:34,120 --> 00:05:37,120 Speaker 1: going to impact the game later today. Are you gonna watch? 120 00:05:37,200 --> 00:05:39,000 Speaker 1: So if we win the game today, we're gonna tie 121 00:05:39,080 --> 00:05:41,599 Speaker 1: our longest winning streak. That's right, that's right. Look at 122 00:05:41,600 --> 00:05:43,200 Speaker 1: you know, in sports stuff, I try to keep in 123 00:05:43,240 --> 00:05:45,560 Speaker 1: touch with the Atlanta stuff at the very least. So. 124 00:05:45,680 --> 00:05:47,960 Speaker 1: But even let's say the Braves lost and didn't win 125 00:05:48,000 --> 00:05:50,839 Speaker 1: fifteen in a row, right, um, there, there's still the 126 00:05:50,880 --> 00:05:53,599 Speaker 1: real we won fourteen in a row, and like we 127 00:05:53,680 --> 00:05:55,039 Speaker 1: moved up the standings in a big way. And so 128 00:05:55,080 --> 00:05:57,359 Speaker 1: it's not a cause for concern, and just because the 129 00:05:57,400 --> 00:06:01,039 Speaker 1: markets have had a tumultuous few months, and I get 130 00:06:01,040 --> 00:06:03,240 Speaker 1: the people are on edge, but when you zoom out 131 00:06:03,279 --> 00:06:05,800 Speaker 1: and you take the bigger perspective, it's like, actually, the 132 00:06:05,800 --> 00:06:09,120 Speaker 1: stock market is still doing good over longer periods of 133 00:06:09,160 --> 00:06:11,920 Speaker 1: time for for all of us investors. Exactly. Yeah, you 134 00:06:11,920 --> 00:06:14,000 Speaker 1: can look to the past and be encouraged by that. 135 00:06:14,400 --> 00:06:16,400 Speaker 1: And what gives me hope too, isn't just looking at 136 00:06:16,400 --> 00:06:18,160 Speaker 1: the past and seeing what the market has done, but 137 00:06:18,520 --> 00:06:21,800 Speaker 1: basically having that inform what I think about what the 138 00:06:21,839 --> 00:06:24,080 Speaker 1: future is going to hold, all right, Because when stocks 139 00:06:24,200 --> 00:06:26,440 Speaker 1: are on sale and the market is on sale like 140 00:06:26,480 --> 00:06:28,640 Speaker 1: it is currently, it just makes it makes me more 141 00:06:28,640 --> 00:06:31,159 Speaker 1: excited about investing because I think there is a lot 142 00:06:31,240 --> 00:06:34,640 Speaker 1: more growth that lies ahead. And granted we don't know 143 00:06:34,839 --> 00:06:37,320 Speaker 1: how quickly we're gonna see that growth and how quickly 144 00:06:37,360 --> 00:06:39,000 Speaker 1: we're gonna see that rebound. It's not going to be. 145 00:06:39,680 --> 00:06:42,680 Speaker 1: Don't think this is gonna be anything like where we're 146 00:06:42,720 --> 00:06:45,240 Speaker 1: gonna be an overnight blip. Yeah, Like literally, it was 147 00:06:45,279 --> 00:06:48,440 Speaker 1: like a one or two month bear market essentially before 148 00:06:48,520 --> 00:06:51,920 Speaker 1: we were back to previous levels. It is most likely 149 00:06:51,920 --> 00:06:53,760 Speaker 1: going to take longer. If you actually, if you look 150 00:06:53,760 --> 00:06:56,840 Speaker 1: at the past eighty years worth of bear markets, on average, 151 00:06:56,880 --> 00:06:59,719 Speaker 1: they're about a year long. Is how how long? They 152 00:06:59,800 --> 00:07:02,480 Speaker 1: laugh us? And I think a little bit overt down 153 00:07:02,680 --> 00:07:06,680 Speaker 1: is the average decline. And so based on those numbers, 154 00:07:06,880 --> 00:07:12,360 Speaker 1: I think we do have uh we maybe we're halfway through. Well, yeah, 155 00:07:12,400 --> 00:07:15,760 Speaker 1: that's the thing because it's the average, and as we've seen, uh, 156 00:07:15,960 --> 00:07:18,840 Speaker 1: nothing about the past year or two has been average. 157 00:07:19,160 --> 00:07:21,320 Speaker 1: It could be much shorter, it could be a lot longer. 158 00:07:21,680 --> 00:07:24,840 Speaker 1: We'll just have to see. But as long term investors, 159 00:07:25,160 --> 00:07:28,120 Speaker 1: within the wealth building phase of our lives, we should 160 00:07:28,200 --> 00:07:30,600 Speaker 1: be staying the course. We should be smiling as we 161 00:07:30,640 --> 00:07:33,360 Speaker 1: continue to buy stocks as they are on sale. That's 162 00:07:33,360 --> 00:07:35,960 Speaker 1: what we're doing here. So for those long term investors, 163 00:07:36,000 --> 00:07:40,480 Speaker 1: some additional good news on the investing front from Vanguard's 164 00:07:40,560 --> 00:07:45,080 Speaker 1: new America Saves Report. Our biggest takeaway from diving into 165 00:07:45,120 --> 00:07:48,520 Speaker 1: that was that employers can have a major impact on 166 00:07:48,600 --> 00:07:52,800 Speaker 1: the financial well being of their employees, and the biggest 167 00:07:52,840 --> 00:07:56,040 Speaker 1: way that companies can do that is by automatically enrolling 168 00:07:56,320 --> 00:07:59,200 Speaker 1: their employees into the different retirement plans, because by doing 169 00:07:59,240 --> 00:08:03,080 Speaker 1: that that ensures that of folks end up participating, which 170 00:08:03,120 --> 00:08:06,840 Speaker 1: is up from sixty six percent of the companies who 171 00:08:06,920 --> 00:08:10,920 Speaker 1: don't auto enroll their employees. One minor change has just 172 00:08:11,000 --> 00:08:14,440 Speaker 1: this outside passive impact on the financial well being with 173 00:08:14,520 --> 00:08:17,440 Speaker 1: their employees. It's amazing. On top of that, small annual 174 00:08:17,520 --> 00:08:21,640 Speaker 1: automatic increases to an employee's contribution amount have dramatic effects 175 00:08:21,680 --> 00:08:24,800 Speaker 1: on an employee's ability to invest for the future as well. 176 00:08:24,880 --> 00:08:27,160 Speaker 1: It's going to have a massive impact on their ability 177 00:08:27,160 --> 00:08:30,520 Speaker 1: to reach financial independence. And so all the different employers 178 00:08:30,560 --> 00:08:33,520 Speaker 1: out there who might be listening to the show, listen 179 00:08:33,559 --> 00:08:35,839 Speaker 1: to the stats, listen to what we're saying here, because 180 00:08:35,840 --> 00:08:39,240 Speaker 1: you can have a massively positive impact on the financial 181 00:08:39,240 --> 00:08:42,120 Speaker 1: health of your employees. And even if you are an 182 00:08:42,120 --> 00:08:45,920 Speaker 1: employee in your company doesn't offer much in this in 183 00:08:45,920 --> 00:08:48,719 Speaker 1: this area, if if they aren't doing much to incentivize 184 00:08:48,760 --> 00:08:51,480 Speaker 1: you to invest more, just know that this is something 185 00:08:51,520 --> 00:08:53,520 Speaker 1: that you're going to need to take the reins on 186 00:08:53,640 --> 00:08:56,280 Speaker 1: because even just you know, bumping up your contribution amount 187 00:08:56,280 --> 00:08:58,960 Speaker 1: by like one or two percent every page check like 188 00:08:59,000 --> 00:09:00,959 Speaker 1: that is going to have a mass an impact on 189 00:09:01,040 --> 00:09:03,960 Speaker 1: your future retirement nest egg. And also it's not that 190 00:09:04,040 --> 00:09:06,400 Speaker 1: the fact that that one or two percent is going 191 00:09:06,480 --> 00:09:08,520 Speaker 1: to be sort of what like tips you over the edge. 192 00:09:08,559 --> 00:09:11,439 Speaker 1: But it's the fact that these small increases over time, 193 00:09:11,679 --> 00:09:15,640 Speaker 1: they're going to compound and the compounding effects of what 194 00:09:15,679 --> 00:09:17,640 Speaker 1: you're saving that's what's going to make the difference over 195 00:09:17,640 --> 00:09:19,439 Speaker 1: the years and over the decades. Yeah, let's say you 196 00:09:19,520 --> 00:09:22,040 Speaker 1: just dialed it up by one percent every year, right 197 00:09:22,160 --> 00:09:26,240 Speaker 1: for your entire thirty plus year career. That is that 198 00:09:26,400 --> 00:09:28,280 Speaker 1: is over time, that one percent every single year, plus 199 00:09:28,280 --> 00:09:30,720 Speaker 1: the compounding effects of that additional money going into your 200 00:09:30,760 --> 00:09:34,040 Speaker 1: retirement accounts, it will have a huge impact. Um And 201 00:09:34,120 --> 00:09:36,440 Speaker 1: it seems trivial, like it seems small and I'm gonna 202 00:09:36,440 --> 00:09:38,880 Speaker 1: go to dial up one percent, Like what what is 203 00:09:38,880 --> 00:09:40,720 Speaker 1: that going to do? But it really does. It matters 204 00:09:40,760 --> 00:09:45,280 Speaker 1: and so um And when employers actually help employees out 205 00:09:45,360 --> 00:09:47,240 Speaker 1: in this area, it makes a big difference too. So 206 00:09:47,360 --> 00:09:49,160 Speaker 1: we'd love to see more of that. It's it's really 207 00:09:49,200 --> 00:09:51,880 Speaker 1: interesting to see that. That's the big takeaway from Vanguard 208 00:09:51,920 --> 00:09:56,319 Speaker 1: is when employers are bigger participants in incentivizing and helping 209 00:09:56,320 --> 00:10:00,360 Speaker 1: their employees invest well, it has an impact. And on 210 00:10:00,400 --> 00:10:03,080 Speaker 1: another investing nomat there was a recent study from one 211 00:10:03,080 --> 00:10:06,480 Speaker 1: of our other favorite low cost investing firms fidelity, and 212 00:10:06,559 --> 00:10:10,720 Speaker 1: it revealed that most teens find investing to be confusing. 213 00:10:11,280 --> 00:10:14,200 Speaker 1: And I don't know about you, but was investing on 214 00:10:14,240 --> 00:10:16,679 Speaker 1: your radar when you were a team barely? Okay, Yeah, 215 00:10:16,720 --> 00:10:18,640 Speaker 1: we talked about We talked about a little bit when 216 00:10:18,679 --> 00:10:21,800 Speaker 1: I was a teenager, but I didn't really understand what's 217 00:10:22,120 --> 00:10:23,440 Speaker 1: I've shared this before. I don't think it was on 218 00:10:23,480 --> 00:10:25,600 Speaker 1: my parents radar where I was a team was. It 219 00:10:25,640 --> 00:10:27,560 Speaker 1: was definitely on my dad's radar. He was investing at 220 00:10:27,600 --> 00:10:30,080 Speaker 1: that point, but we we just didn't talk about it 221 00:10:30,120 --> 00:10:32,240 Speaker 1: that much. I think I shared the story before about 222 00:10:32,240 --> 00:10:33,400 Speaker 1: how he was just like, hey, you ought to at 223 00:10:33,440 --> 00:10:36,960 Speaker 1: least invest in some CDs, and I was like compact discs, 224 00:10:37,160 --> 00:10:39,800 Speaker 1: Why would I want to invest? And c at c 225 00:10:39,960 --> 00:10:41,439 Speaker 1: d s? And I was just I would just sit 226 00:10:41,440 --> 00:10:43,720 Speaker 1: there in silence and think about what he said and 227 00:10:43,760 --> 00:10:46,439 Speaker 1: not understand it, but then also not ask any questions. 228 00:10:46,880 --> 00:10:49,040 Speaker 1: But that was on me. Well, yeah, I feel like 229 00:10:49,080 --> 00:10:52,040 Speaker 1: I was. Ultimately I was less confused and more oblivious. 230 00:10:52,120 --> 00:10:54,640 Speaker 1: Just it wasn't like I didn't know that investing was 231 00:10:54,640 --> 00:10:57,199 Speaker 1: the thing that like c d s. Oh yeah, the 232 00:10:57,240 --> 00:11:00,360 Speaker 1: new Hoodie and the Blowfish definitely invested in that it 233 00:11:00,559 --> 00:11:04,800 Speaker 1: paid massive dividends in just my cultural sensibility and your 234 00:11:04,880 --> 00:11:08,319 Speaker 1: karaoke that's right, that's right, got a whole list and 235 00:11:08,360 --> 00:11:11,160 Speaker 1: the album of songs. Yeah. And but when it comes 236 00:11:11,200 --> 00:11:14,000 Speaker 1: to like how how most teams learn about investing, it 237 00:11:14,080 --> 00:11:16,800 Speaker 1: is typically through the stock market game at school, right 238 00:11:16,800 --> 00:11:21,199 Speaker 1: if if their parents are similarly that, it's uninterested as 239 00:11:21,240 --> 00:11:24,440 Speaker 1: and probably their only exposure, which is one of the 240 00:11:24,440 --> 00:11:27,560 Speaker 1: worst ways to get exposed to investing. It's like the 241 00:11:27,559 --> 00:11:30,480 Speaker 1: exact wrong way to teach kids about how to invest, 242 00:11:30,520 --> 00:11:33,480 Speaker 1: because it makes them think that investing and speculation are 243 00:11:33,840 --> 00:11:35,920 Speaker 1: kind of one and the same thing. And you know 244 00:11:35,920 --> 00:11:38,120 Speaker 1: that picking the right companies to invest in is something 245 00:11:38,120 --> 00:11:40,240 Speaker 1: that you need to figure out. And it's it's no 246 00:11:40,360 --> 00:11:43,880 Speaker 1: secret that we completely disagree with that thesis. Right, We 247 00:11:43,920 --> 00:11:46,080 Speaker 1: want folks to go the simple route and to own 248 00:11:46,440 --> 00:11:50,960 Speaker 1: all the companies, and maybe some simplified investing instruction for 249 00:11:51,000 --> 00:11:54,520 Speaker 1: teenagers would change how confident they feel about investing moving forward. 250 00:11:54,760 --> 00:11:56,920 Speaker 1: Seeing that they are confused by it just makes me 251 00:11:56,960 --> 00:12:02,319 Speaker 1: think that we're overcomplicating something that actually, um for most people, 252 00:12:02,559 --> 00:12:06,760 Speaker 1: should be a ridiculously simple endeavor. Absolutely, man, Yeah, I 253 00:12:06,840 --> 00:12:08,839 Speaker 1: think we could all use a little boost of confidence 254 00:12:08,880 --> 00:12:12,280 Speaker 1: in our financial lives. With inflation continuing to climb, the 255 00:12:12,280 --> 00:12:15,320 Speaker 1: Fed announced a seventy five bases point increase earlier this 256 00:12:15,360 --> 00:12:18,840 Speaker 1: week to the overnight lending rate. They're hoping to rein 257 00:12:18,920 --> 00:12:21,960 Speaker 1: in higher prices. And what we'll actually talk about what 258 00:12:22,040 --> 00:12:24,240 Speaker 1: higher interest rates mean for all of us next week. 259 00:12:24,559 --> 00:12:27,840 Speaker 1: But another factor that might be leading to higher prices 260 00:12:28,080 --> 00:12:31,920 Speaker 1: is the end of millennial subsidies. And you might be thinking, 261 00:12:31,960 --> 00:12:34,440 Speaker 1: all right, let's finally get to that story talking about 262 00:12:34,440 --> 00:12:36,280 Speaker 1: I have no idea it was some sort of government 263 00:12:36,679 --> 00:12:38,600 Speaker 1: towards millennials that I didn't hear about. I've been missing 264 00:12:38,600 --> 00:12:40,720 Speaker 1: out on right. Uh No, So we talked on Wednesday 265 00:12:40,720 --> 00:12:43,200 Speaker 1: about how it's more than just inflation that's leading to 266 00:12:43,240 --> 00:12:46,400 Speaker 1: higher prices. Right now. You've got the rising costs of borrowing, 267 00:12:46,679 --> 00:12:49,600 Speaker 1: You've got secondary costs. They're impacting most folks in a 268 00:12:49,640 --> 00:12:52,680 Speaker 1: big way with the money that we spend. Well. Derrick Thompson, 269 00:12:52,720 --> 00:12:54,959 Speaker 1: he wrote a great piece over in The Atlantic offering 270 00:12:55,120 --> 00:12:58,400 Speaker 1: another reason for higher prices, and that is no more 271 00:12:58,440 --> 00:13:01,760 Speaker 1: millennial subsidies. His basic premise in that that that piece 272 00:13:02,559 --> 00:13:06,440 Speaker 1: is that competitive tech companies like Uber, Door, Dash, Blue 273 00:13:06,480 --> 00:13:09,360 Speaker 1: apron he sided as well. They're being forced to raise 274 00:13:09,440 --> 00:13:12,400 Speaker 1: prices because investors are looking to see these companies not 275 00:13:12,440 --> 00:13:15,560 Speaker 1: just grow their customer base, but they are also expecting 276 00:13:15,640 --> 00:13:19,000 Speaker 1: them to finally actually earn a profit. And so the 277 00:13:19,160 --> 00:13:21,480 Speaker 1: uh so, it seems like that the days of all 278 00:13:21,480 --> 00:13:24,520 Speaker 1: those free trials, all those sweet perks that they're offering 279 00:13:24,559 --> 00:13:28,160 Speaker 1: to lure new customers in those days might be over. 280 00:13:28,200 --> 00:13:31,640 Speaker 1: It's right, investors were willing to continually take losses in 281 00:13:32,320 --> 00:13:34,640 Speaker 1: the hope that this company would grow to such a 282 00:13:34,640 --> 00:13:36,600 Speaker 1: size that eventually they would be able to turn the 283 00:13:36,800 --> 00:13:39,800 Speaker 1: spack it on when it came to earnings. But that's 284 00:13:39,840 --> 00:13:41,840 Speaker 1: proving more difficult to do. But they're like, listen, you 285 00:13:41,840 --> 00:13:45,040 Speaker 1: can't continue to lose money forever. And you know, them 286 00:13:45,080 --> 00:13:47,400 Speaker 1: not losing money means us paying more for those services. 287 00:13:47,840 --> 00:13:50,120 Speaker 1: You know, all of that venture capital funding is starting 288 00:13:50,160 --> 00:13:52,120 Speaker 1: to dry up a little bit or at least demand 289 00:13:52,200 --> 00:13:54,840 Speaker 1: some return. And uh and it's obviously it's not good 290 00:13:54,840 --> 00:13:58,440 Speaker 1: news for people that their rideshare trip might cost fifty 291 00:13:58,480 --> 00:14:03,080 Speaker 1: bucks instead of you know, but like nine bucks, because 292 00:14:03,320 --> 00:14:05,040 Speaker 1: as you're a new customer. Yeah, if that's the reality 293 00:14:05,040 --> 00:14:07,280 Speaker 1: on the ground though, And and those companies. Clearly they 294 00:14:07,280 --> 00:14:10,680 Speaker 1: couldn't lose money in perpetuity, and so yeah, Derek actually 295 00:14:10,760 --> 00:14:13,280 Speaker 1: Matt He ended his piece by saying that, and I quote, 296 00:14:13,280 --> 00:14:15,880 Speaker 1: metro residents will have to go about living the old 297 00:14:15,880 --> 00:14:19,320 Speaker 1: fashioned way by paying what things actually cost. And that 298 00:14:19,360 --> 00:14:21,400 Speaker 1: appears to be the case. So we would say, don't 299 00:14:21,400 --> 00:14:24,320 Speaker 1: be shocked if some of these tech forward companies start 300 00:14:24,400 --> 00:14:27,600 Speaker 1: charging you more for their goods and services. And here's 301 00:14:27,720 --> 00:14:30,200 Speaker 1: the how the money takeaway. Be willing to change your 302 00:14:30,240 --> 00:14:32,600 Speaker 1: habits to save money if the price gets too steep. 303 00:14:32,680 --> 00:14:35,960 Speaker 1: So let's say Uber is costing you twice as much, 304 00:14:36,200 --> 00:14:40,480 Speaker 1: or that meal delivery service is raising their rates rapidly, 305 00:14:40,880 --> 00:14:43,280 Speaker 1: maybe you need to think outside the box and go 306 00:14:43,360 --> 00:14:46,360 Speaker 1: back to square one and start cooking your meals again, 307 00:14:46,600 --> 00:14:49,360 Speaker 1: or start going to pick up your own groceries, or 308 00:14:49,520 --> 00:14:52,520 Speaker 1: to maybe take right Share less frequently and get on 309 00:14:52,560 --> 00:14:54,600 Speaker 1: your bike. Those are as the prices on these goods 310 00:14:54,640 --> 00:14:56,680 Speaker 1: and services rise, we're gonna have to get creative and 311 00:14:56,680 --> 00:14:59,240 Speaker 1: potentially cut them out of our lives to some degree. Yeah, 312 00:14:59,280 --> 00:15:01,240 Speaker 1: I think it seems that we're gonna have to maybe 313 00:15:01,280 --> 00:15:03,280 Speaker 1: live like our grandparents did. We're gonna have to do 314 00:15:03,360 --> 00:15:05,320 Speaker 1: without some of these technologies, some of these luxuries and 315 00:15:05,360 --> 00:15:07,360 Speaker 1: something we're also gonna have to walk uphill to school 316 00:15:07,360 --> 00:15:10,400 Speaker 1: both ways, both ways, and we're living through the I 317 00:15:10,400 --> 00:15:13,040 Speaker 1: wouldn't have to do that again moments of austerity. But 318 00:15:13,120 --> 00:15:14,880 Speaker 1: we've got several other stories that we're gonna get to 319 00:15:15,080 --> 00:15:17,000 Speaker 1: during this episode where we we are going to talk 320 00:15:17,040 --> 00:15:19,720 Speaker 1: about that drug money, and we're also going to talk 321 00:15:19,720 --> 00:15:23,800 Speaker 1: about the amazing returns that crypto hasn't seen over the 322 00:15:23,800 --> 00:15:26,400 Speaker 1: past week. We'll get to all those stories right after this. 323 00:15:36,200 --> 00:15:38,600 Speaker 1: All right, we're back still Friday flight time, talking about 324 00:15:38,600 --> 00:15:41,120 Speaker 1: stories we found interesting this week and how they pertain 325 00:15:41,240 --> 00:15:43,640 Speaker 1: to your money. And we got to talk about crypto 326 00:15:43,760 --> 00:15:46,160 Speaker 1: here for a little bit. Matt in our ludicrous headline 327 00:15:46,200 --> 00:15:49,120 Speaker 1: of the week, because to do it, this one made 328 00:15:49,160 --> 00:15:51,280 Speaker 1: me do a double take. I was like, wait, is 329 00:15:51,280 --> 00:15:53,160 Speaker 1: this from the Onion? Oh oh no, it's from tech 330 00:15:53,200 --> 00:15:55,680 Speaker 1: Crunch and it is a real story, right and it 331 00:15:55,720 --> 00:15:58,680 Speaker 1: read Jay Z and Jack Dorsey launched Bitcoin Academy in 332 00:15:58,840 --> 00:16:02,520 Speaker 1: a public housing complex. Um, yeah, what could go wrong here, 333 00:16:03,040 --> 00:16:07,680 Speaker 1: especially in today's crypto environments. Well, they have this initiative 334 00:16:07,760 --> 00:16:13,040 Speaker 1: from these two incredibly rich celebrities and entrepreneurs is intended 335 00:16:13,240 --> 00:16:17,960 Speaker 1: to emphasize bitcoin as a path to financial freedom, as 336 00:16:18,040 --> 00:16:21,440 Speaker 1: anybody who has invested in crypto in the last couple 337 00:16:21,440 --> 00:16:23,640 Speaker 1: of years knows that sounds nice in the headlines, but 338 00:16:23,680 --> 00:16:26,880 Speaker 1: in reality doesn't work so hot. So yeah, I don't know. 339 00:16:26,920 --> 00:16:29,400 Speaker 1: The headline and the story are ludicrous from our point 340 00:16:29,400 --> 00:16:33,280 Speaker 1: of view, promoting bitcoin in particular and cryptocurrency in general 341 00:16:33,760 --> 00:16:37,560 Speaker 1: as a path to wealth for low income folks. It 342 00:16:37,760 --> 00:16:42,160 Speaker 1: just feels exploitative. And I'm kind of shocked to see 343 00:16:42,160 --> 00:16:45,000 Speaker 1: that this is a thing, like getting back to maybe 344 00:16:45,000 --> 00:16:46,840 Speaker 1: some of my comments earlier mad about teaching kids how 345 00:16:46,840 --> 00:16:49,760 Speaker 1: to invest. The simple concept of owning a fund that 346 00:16:49,800 --> 00:16:53,680 Speaker 1: reflects the broad American economy or the world economy that 347 00:16:53,760 --> 00:16:56,160 Speaker 1: comes with little to no fees is a real path 348 00:16:56,280 --> 00:16:59,880 Speaker 1: to financial freedom that even lower income Americans can can 349 00:17:00,000 --> 00:17:04,320 Speaker 1: were easily achieved over the years, And I understand why 350 00:17:04,400 --> 00:17:07,719 Speaker 1: people are looking to like build their wealth more quickly, 351 00:17:07,800 --> 00:17:10,240 Speaker 1: Like the like in cryptocurrency is supposed to be one 352 00:17:10,240 --> 00:17:12,640 Speaker 1: of those ways where you can win big. But these 353 00:17:12,680 --> 00:17:15,800 Speaker 1: alternatives they're not better, they're not safer, and they're definitely 354 00:17:15,880 --> 00:17:18,399 Speaker 1: not more likely to help these folks build wealth. And 355 00:17:18,440 --> 00:17:21,040 Speaker 1: so I don't know. Seeing this headline, seeing this initiative 356 00:17:21,040 --> 00:17:22,960 Speaker 1: just made me think, you know, what these folks need 357 00:17:23,280 --> 00:17:26,199 Speaker 1: not some sort of like bitcoin academy. They need some 358 00:17:26,240 --> 00:17:28,919 Speaker 1: basic personal finance help and maybe someone to hold their 359 00:17:28,960 --> 00:17:31,119 Speaker 1: hand to help them open a wrath iira um and 360 00:17:31,200 --> 00:17:33,000 Speaker 1: so yeah, I don't know. This just makes me think 361 00:17:33,080 --> 00:17:36,440 Speaker 1: that people who can afford to lose their money the 362 00:17:36,520 --> 00:17:39,640 Speaker 1: least are now more likely to lose it. Yeah, unfortunately, 363 00:17:39,640 --> 00:17:41,000 Speaker 1: it seems like that's the case. What they need is 364 00:17:41,040 --> 00:17:44,800 Speaker 1: an employer who's automatically enrolling them into their for workplace 365 00:17:44,840 --> 00:17:46,960 Speaker 1: for when sexy, but it's going to do the job 366 00:17:47,200 --> 00:17:50,480 Speaker 1: exactly because basically nobody has been making money in the 367 00:17:50,520 --> 00:17:53,520 Speaker 1: crypto space lately, uh with with the only real exception 368 00:17:53,560 --> 00:17:56,679 Speaker 1: being the celebrities out there who are pumping up certain 369 00:17:56,720 --> 00:18:00,119 Speaker 1: coins that pay them for their endorsement as base sic. 370 00:18:00,400 --> 00:18:03,600 Speaker 1: The entire crypto world is going through a nightmare scenario 371 00:18:04,080 --> 00:18:06,600 Speaker 1: of plunging prices, and you know, most of the celebrities 372 00:18:06,600 --> 00:18:08,840 Speaker 1: are actually nowhere to be found right now. For comment, 373 00:18:08,840 --> 00:18:12,160 Speaker 1: where are you met? Seriously? Like like what like does 374 00:18:12,200 --> 00:18:14,960 Speaker 1: he still think that fortune favors the brave? Because you know, 375 00:18:15,000 --> 00:18:17,320 Speaker 1: we've been pretty consistent when it comes to our thoughts 376 00:18:17,359 --> 00:18:20,600 Speaker 1: on crypto, it should be an incredibly minor piece of 377 00:18:20,640 --> 00:18:24,520 Speaker 1: your investment portfolio. Yes, all assets are are currently down, 378 00:18:24,520 --> 00:18:26,960 Speaker 1: but if you had too much of your net worth 379 00:18:27,240 --> 00:18:30,920 Speaker 1: staked on cryptocurrency, you are probably freaking out right now, 380 00:18:30,960 --> 00:18:33,760 Speaker 1: and understandably so. Yeah, for sure if if you are 381 00:18:33,840 --> 00:18:37,520 Speaker 1: over exposed in that asset class, you are feeling the 382 00:18:37,560 --> 00:18:40,760 Speaker 1: pain right now. And that I mean, that's why we 383 00:18:40,800 --> 00:18:44,040 Speaker 1: have always said tread lightly in this space and don't 384 00:18:44,040 --> 00:18:46,480 Speaker 1: put much, if any, of your net worth in it, 385 00:18:46,880 --> 00:18:49,960 Speaker 1: because the volatility in that sector is insane. It's through 386 00:18:49,960 --> 00:18:53,240 Speaker 1: the roof, and so it makes an SMP bear market 387 00:18:53,280 --> 00:18:57,120 Speaker 1: look like child's play. So um, the past tense also too. Matt, 388 00:18:57,160 --> 00:18:59,320 Speaker 1: you use that you had too much of your net 389 00:18:59,359 --> 00:19:01,720 Speaker 1: worth and cryptos you said, well, with it down, you 390 00:19:01,720 --> 00:19:04,520 Speaker 1: probably don't anymore. Right, you probably don't have too much 391 00:19:05,080 --> 00:19:07,399 Speaker 1: too much. You're probably all balanced out, your back in 392 00:19:07,480 --> 00:19:10,240 Speaker 1: balance by losing a ton of money, and so actually 393 00:19:10,240 --> 00:19:12,400 Speaker 1: you're at a healthy one percent of your overall portfolio 394 00:19:12,720 --> 00:19:15,080 Speaker 1: in crypto. Yeah, and you ran the numbers because back 395 00:19:15,160 --> 00:19:17,520 Speaker 1: when Matt damon that commercial air during the Super Bowl, 396 00:19:17,680 --> 00:19:21,000 Speaker 1: bitcoin was at sixty thou dollars today, it's closer closer 397 00:19:21,040 --> 00:19:23,960 Speaker 1: to twenty which means that bitcoin has basically seen a 398 00:19:24,920 --> 00:19:29,480 Speaker 1: decline in just six months or less. And that's three 399 00:19:29,520 --> 00:19:32,000 Speaker 1: times the decline compared to what we've seen in the SMP. 400 00:19:32,640 --> 00:19:36,320 Speaker 1: Meaning if you decided to go big, uh, taking directions 401 00:19:36,359 --> 00:19:40,000 Speaker 1: from you know, Jason Bourne or whoever your favorite Matt 402 00:19:40,080 --> 00:19:42,440 Speaker 1: Damon character is, and say you stuck, let's say twenty 403 00:19:42,480 --> 00:19:46,679 Speaker 1: five dollars in the bitcoin, you'd have eight thousand dollars today. Yeah, 404 00:19:46,920 --> 00:19:50,320 Speaker 1: and so if you want to speculate, that's fine, just 405 00:19:50,440 --> 00:19:52,720 Speaker 1: no more than five percent of your portfolio. And don't 406 00:19:52,760 --> 00:19:56,199 Speaker 1: take investing advice from celebrities because they never want to 407 00:19:56,240 --> 00:19:59,399 Speaker 1: comment after they've given told you what to do, and 408 00:19:59,400 --> 00:20:01,159 Speaker 1: then you end up suffering because of it. And by 409 00:20:01,200 --> 00:20:03,480 Speaker 1: the way, we're actually gonna talk to New York Times 410 00:20:03,520 --> 00:20:06,480 Speaker 1: columnist Kevin Russ, he's a tech writer there about right 411 00:20:06,520 --> 00:20:09,080 Speaker 1: cryptocurrency and the impacts of AI on the future of 412 00:20:09,119 --> 00:20:11,840 Speaker 1: work on Monday Show, so you can look forward to 413 00:20:12,240 --> 00:20:15,320 Speaker 1: more of an expert's take on a cryptocurrency. We are 414 00:20:15,680 --> 00:20:18,280 Speaker 1: just kind of passive haters, I would say over here 415 00:20:18,320 --> 00:20:20,560 Speaker 1: for the most part. And so yeah, crypto is obviously 416 00:20:20,600 --> 00:20:23,360 Speaker 1: having a bad moment, and you know what, I think 417 00:20:23,400 --> 00:20:25,560 Speaker 1: it could get worse too. That's true. All right, Let's 418 00:20:25,600 --> 00:20:27,919 Speaker 1: set up another story that really this actually could have 419 00:20:27,960 --> 00:20:30,280 Speaker 1: been our ludicrous headline of the week as well. A 420 00:20:30,320 --> 00:20:33,280 Speaker 1: new Lending Club survey reveals that thirty six percent of 421 00:20:33,320 --> 00:20:36,879 Speaker 1: households making more than two hundred and fifty thousand dollars 422 00:20:36,920 --> 00:20:41,720 Speaker 1: are living that's right, paycheck to paycheck. Honestly, like this 423 00:20:41,720 --> 00:20:43,840 Speaker 1: feels like a survey that the Onion may have released. 424 00:20:43,840 --> 00:20:46,440 Speaker 1: This could have been another fake headline, right, two fifty 425 00:20:46,760 --> 00:20:49,880 Speaker 1: dollars like that is a lot of money. It's uh, 426 00:20:49,920 --> 00:20:53,000 Speaker 1: it is four times actually the median annual income. It 427 00:20:53,080 --> 00:20:56,080 Speaker 1: actually represents the top five percent of income earners around 428 00:20:56,080 --> 00:20:59,679 Speaker 1: the country. Yet somehow more than one third of these 429 00:20:59,680 --> 00:21:03,120 Speaker 1: eat earners are finding themselves with more month than money. 430 00:21:03,640 --> 00:21:06,440 Speaker 1: They're living on fumes and so it's honestly, it's hard, 431 00:21:06,440 --> 00:21:08,359 Speaker 1: it's hard to know how seriously to take a servery 432 00:21:08,400 --> 00:21:11,560 Speaker 1: like this. I can't imagine that this is actually the case, 433 00:21:11,600 --> 00:21:13,960 Speaker 1: that this is the reality for a lot of folks. Uh, 434 00:21:14,080 --> 00:21:16,000 Speaker 1: because even like you know, even in one of the 435 00:21:16,000 --> 00:21:18,440 Speaker 1: most expensive markets out there, like New York City, or 436 00:21:18,680 --> 00:21:22,040 Speaker 1: like out in the San Francisco area, two fifty, it's 437 00:21:22,040 --> 00:21:26,040 Speaker 1: still a legitimately high salary. You can still live a 438 00:21:26,119 --> 00:21:28,679 Speaker 1: lot of life with that much money. Uh. And this 439 00:21:28,760 --> 00:21:32,280 Speaker 1: just goes to show you that while income it is important, 440 00:21:32,640 --> 00:21:36,840 Speaker 1: smart money habits and intentional spending, both of these always 441 00:21:37,000 --> 00:21:39,720 Speaker 1: need to be a part of the equation in our lives. 442 00:21:39,800 --> 00:21:42,720 Speaker 1: Even as our income escalates, we need to still be 443 00:21:42,840 --> 00:21:45,720 Speaker 1: smart with what we're spending and not just bank on 444 00:21:45,840 --> 00:21:48,840 Speaker 1: that fatter paycheck or on a recent bonus or a 445 00:21:48,880 --> 00:21:51,719 Speaker 1: pay increase that we're expecting to solve all of our 446 00:21:51,720 --> 00:21:54,280 Speaker 1: problems for us. Yeah, you're expecting a bonus or something 447 00:21:54,320 --> 00:21:55,959 Speaker 1: like that, you're planning on it, and you're creating your 448 00:21:55,960 --> 00:21:58,600 Speaker 1: budget expecting that it's coming. Well, that's that's a recipe 449 00:21:58,600 --> 00:22:01,040 Speaker 1: for disaster. You're planning on it, you've already mentally spent 450 00:22:01,160 --> 00:22:03,240 Speaker 1: It's right, Like, you need to know that it's coming. 451 00:22:03,280 --> 00:22:05,919 Speaker 1: But man, do not earmark that money for for things 452 00:22:05,960 --> 00:22:08,639 Speaker 1: that are planning in particular to just go down and 453 00:22:08,720 --> 00:22:12,000 Speaker 1: value and just when if that that kind of income 454 00:22:12,280 --> 00:22:15,440 Speaker 1: that really is that's a that's I'm sure there are 455 00:22:15,480 --> 00:22:18,359 Speaker 1: people who are living paycheck to paycheck, but I'm not 456 00:22:18,400 --> 00:22:21,280 Speaker 1: really sad for them because it really is a discipline issue. Right. 457 00:22:21,320 --> 00:22:24,320 Speaker 1: There's certainly people who are on the lower end of 458 00:22:24,320 --> 00:22:26,880 Speaker 1: the income spectrum and you see those numbers and you're like, man, 459 00:22:27,160 --> 00:22:30,679 Speaker 1: there's just legitimately like they need more money. That is, 460 00:22:30,960 --> 00:22:33,160 Speaker 1: that's the solution there. But when you're talking about people 461 00:22:33,200 --> 00:22:36,159 Speaker 1: at this end of the income spectrum, that's that's not 462 00:22:36,200 --> 00:22:38,240 Speaker 1: going to solve the problem. More money doesn't solve the problem. 463 00:22:38,280 --> 00:22:41,800 Speaker 1: It's it's actually making some changes to how you spend 464 00:22:42,240 --> 00:22:44,639 Speaker 1: or don't spend that money that's coming in. That's right. Um, 465 00:22:44,680 --> 00:22:47,159 Speaker 1: all right, let's let's talk about health insurance and medical 466 00:22:47,160 --> 00:22:51,000 Speaker 1: bills for a second, because hospitals are finally being fined 467 00:22:51,400 --> 00:22:55,560 Speaker 1: for not complying with federal rules to disclose prices to patients. 468 00:22:55,920 --> 00:22:58,960 Speaker 1: And the Wall Street Journal has done some incredible work 469 00:22:58,960 --> 00:23:03,000 Speaker 1: on this front documenting these hospitals that refuse to comply 470 00:23:03,080 --> 00:23:06,400 Speaker 1: with federal guidelines, and two hospitals in our home state, 471 00:23:06,440 --> 00:23:09,320 Speaker 1: matt of Georgia are actually the first ones to get 472 00:23:09,359 --> 00:23:12,520 Speaker 1: taken a task for for not complying. They're being fined. Um, 473 00:23:12,600 --> 00:23:14,800 Speaker 1: and so the we would say the enemy of free 474 00:23:14,800 --> 00:23:18,040 Speaker 1: markets is a lack of transparency, and medical costs have 475 00:23:18,080 --> 00:23:21,800 Speaker 1: obviously soared, and that's largely in part because of how 476 00:23:21,800 --> 00:23:25,639 Speaker 1: difficult hospitals and medical facilities are making it for us 477 00:23:25,640 --> 00:23:27,840 Speaker 1: to figure out how much a procedure is gonna fast. Right. 478 00:23:28,119 --> 00:23:31,920 Speaker 1: So the problem is, one research firm believes that only 479 00:23:32,000 --> 00:23:35,840 Speaker 1: fifty eight percent of medical facilities are complying with these rules, 480 00:23:35,960 --> 00:23:39,200 Speaker 1: still years after they were implemented. Um, it's it's not 481 00:23:39,320 --> 00:23:41,960 Speaker 1: just these two wayward hospitals in our state of Georgia. 482 00:23:42,320 --> 00:23:45,760 Speaker 1: There are UH dozens and dozens and probably hundreds and 483 00:23:45,840 --> 00:23:49,040 Speaker 1: hundreds of these hospital systems that haven't complied. And so 484 00:23:49,400 --> 00:23:52,119 Speaker 1: let's hope that these fines are just the beginning of 485 00:23:52,280 --> 00:23:55,119 Speaker 1: more fines to come, because forcing these hospitals to adopt 486 00:23:55,160 --> 00:23:58,560 Speaker 1: greater levels of transparency, that is what's gonna move the 487 00:23:58,600 --> 00:24:02,320 Speaker 1: needle when it comes to UH price competitiveness, and that's 488 00:24:02,320 --> 00:24:04,119 Speaker 1: going to allow us all to say more money when 489 00:24:04,160 --> 00:24:05,800 Speaker 1: it comes to healthcare, which when you look at an 490 00:24:05,800 --> 00:24:09,600 Speaker 1: inflation chart, Matt, over the past twenty years, healthcare is 491 00:24:09,640 --> 00:24:13,640 Speaker 1: still the reddest highest line. Like care in college, baby, Yeah, 492 00:24:13,640 --> 00:24:15,360 Speaker 1: it's healthcare in college that have soared through the roof. 493 00:24:15,400 --> 00:24:18,000 Speaker 1: And it's because there is no transparency, and there is 494 00:24:18,000 --> 00:24:22,080 Speaker 1: no incentive for these institutions to lower their prices or 495 00:24:22,080 --> 00:24:25,639 Speaker 1: to even make them available to us. Uh. There's a 496 00:24:25,680 --> 00:24:27,760 Speaker 1: common theme here when it comes to the things that 497 00:24:27,800 --> 00:24:30,000 Speaker 1: have gotten the most expensive, uh in the last couple 498 00:24:30,000 --> 00:24:33,120 Speaker 1: of decades. That's right. Yeah, we are big fans of transparency. 499 00:24:33,119 --> 00:24:35,520 Speaker 1: I'm also big fans of free money. Uh, Joe. You 500 00:24:35,520 --> 00:24:37,159 Speaker 1: pick up money off the ground, right, like if you 501 00:24:37,240 --> 00:24:39,880 Speaker 1: if you see a dollar or like a quarter dollar 502 00:24:39,960 --> 00:24:42,679 Speaker 1: quarter pickup pennies though, um, not not really I pick 503 00:24:42,760 --> 00:24:44,800 Speaker 1: up pennies. Well, I know you do where But we've 504 00:24:44,800 --> 00:24:46,760 Speaker 1: talked about this. I kind of want to outlaw the penny, 505 00:24:46,800 --> 00:24:48,760 Speaker 1: Like I think of the penny as being kind of 506 00:24:48,760 --> 00:24:52,120 Speaker 1: worthless and non essentially, especially like consider how much inflation 507 00:24:52,119 --> 00:24:54,080 Speaker 1: we've had. A penny is worth a fraction of what 508 00:24:54,119 --> 00:24:57,920 Speaker 1: it used to be. Pennies are yet, you know, like, 509 00:24:58,000 --> 00:25:00,280 Speaker 1: let's get rid of them. Police. Well, so we're actually 510 00:25:00,280 --> 00:25:03,400 Speaker 1: we're finally getting to our drug money story because there 511 00:25:03,440 --> 00:25:06,200 Speaker 1: has been a warning that was issued in the state 512 00:25:06,200 --> 00:25:09,639 Speaker 1: of Tennessee to not pick up found money. That's because 513 00:25:09,680 --> 00:25:13,040 Speaker 1: there have been some folded dollar bills that folks have 514 00:25:13,040 --> 00:25:17,520 Speaker 1: found at gas stations which contain fentanyl. Sadly, fentanyl has 515 00:25:17,520 --> 00:25:19,879 Speaker 1: it's been on more of our radars as more folks 516 00:25:20,000 --> 00:25:23,560 Speaker 1: have overdose and even died from the drug, which evidently 517 00:25:23,560 --> 00:25:25,760 Speaker 1: I didn't know this until I was researching a little bit. 518 00:25:25,800 --> 00:25:28,760 Speaker 1: It can be one hundred times stronger than morphine, fifty 519 00:25:28,760 --> 00:25:32,159 Speaker 1: times stronger than heroin. Wow, that is kind of mind blowing. 520 00:25:32,359 --> 00:25:33,919 Speaker 1: And that's a part of the reason why folks are 521 00:25:33,920 --> 00:25:36,679 Speaker 1: freaking out because they're like, oh, it's you know, like 522 00:25:36,720 --> 00:25:38,200 Speaker 1: you don't even want it to get on your skin. 523 00:25:38,680 --> 00:25:40,640 Speaker 1: But it turns out. So we're not going to add 524 00:25:40,640 --> 00:25:44,280 Speaker 1: to the hysteria here because according to toxicologists, there isn't 525 00:25:44,320 --> 00:25:48,120 Speaker 1: evidence that you could get sick or overdose from fentanyl 526 00:25:48,400 --> 00:25:51,280 Speaker 1: just by touching it. So I say all that because 527 00:25:51,280 --> 00:25:53,600 Speaker 1: if it was me, I'm probably I'm still gonna pick 528 00:25:53,680 --> 00:25:56,520 Speaker 1: up the dollar. Okay, I'm gonna run the risk. Uh man. 529 00:25:56,520 --> 00:25:59,800 Speaker 1: It's actually planning a road trips hit up all the 530 00:25:59,800 --> 00:26:02,280 Speaker 1: gay stations this week. Whether it's a poop dollar or 531 00:26:02,320 --> 00:26:05,080 Speaker 1: whether it's a fedinyl dollar, I will make it up. 532 00:26:05,240 --> 00:26:07,680 Speaker 1: I'm just gonna go wash my hands, maybe even wash 533 00:26:07,960 --> 00:26:10,000 Speaker 1: the dollar bills as well. But especially I mean if 534 00:26:10,040 --> 00:26:12,679 Speaker 1: you've got kids, because so if it's stays to drop it, 535 00:26:12,880 --> 00:26:14,840 Speaker 1: if it stays on the outside of your body, you're fine. 536 00:26:14,920 --> 00:26:17,200 Speaker 1: But I mean one of our kids, she just constantly 537 00:26:17,200 --> 00:26:19,119 Speaker 1: puts her fingers in her mouth, and like that's a 538 00:26:19,160 --> 00:26:22,639 Speaker 1: situation where they're having kids where there's like a mysterious 539 00:26:22,640 --> 00:26:24,719 Speaker 1: illness and then they do a blood test and they 540 00:26:24,760 --> 00:26:27,000 Speaker 1: realize that whole Oh my gosh, this this kid was 541 00:26:27,040 --> 00:26:29,520 Speaker 1: like this close to death because of the levels of 542 00:26:29,760 --> 00:26:32,439 Speaker 1: fentanyl within their system. And it doesn't take much. When 543 00:26:32,440 --> 00:26:35,240 Speaker 1: you've got something that's a hunter times stronger than morphine, 544 00:26:35,400 --> 00:26:37,320 Speaker 1: it doesn't take. It just takes like a pinch in 545 00:26:37,400 --> 00:26:39,920 Speaker 1: order to like completely send somebody over, especially for a 546 00:26:39,960 --> 00:26:42,600 Speaker 1: little kid. Yes, absolutely so, do be careful, especially with 547 00:26:42,600 --> 00:26:44,720 Speaker 1: little kids. But you know, as grown ups, you see something, 548 00:26:45,000 --> 00:26:46,679 Speaker 1: I at least we trust myself to pick it up 549 00:26:47,040 --> 00:26:49,160 Speaker 1: and make sure not to you know, shove my fingers 550 00:26:49,160 --> 00:26:51,879 Speaker 1: in her mouth. Okay, all right, Yeah, it's a good warning. 551 00:26:51,880 --> 00:26:53,679 Speaker 1: It was interesting when I saw that. I was like, wow, 552 00:26:53,760 --> 00:26:56,320 Speaker 1: that's mean a little freaky. It is a little freaky. 553 00:26:56,480 --> 00:26:58,280 Speaker 1: But at the same time, you know, there's they're sort 554 00:26:58,320 --> 00:27:00,800 Speaker 1: of like maybe it's also were blown kind of like 555 00:27:01,240 --> 00:27:03,240 Speaker 1: razor blades and Halloween candy back in the nineties or 556 00:27:03,240 --> 00:27:05,719 Speaker 1: something like that. And yeah, never take an apple from 557 00:27:05,720 --> 00:27:08,520 Speaker 1: a neighbor, I know. Yeah, but that like I don't 558 00:27:08,520 --> 00:27:10,920 Speaker 1: even know if that there was actually a legitimate first 559 00:27:10,920 --> 00:27:13,680 Speaker 1: occurrence of that. For some reason, that became some sort 560 00:27:13,680 --> 00:27:16,480 Speaker 1: of folklore that got spread around, and then Halloween became 561 00:27:16,560 --> 00:27:19,320 Speaker 1: much scarier for everyone across one of those urban legends. Yeah, 562 00:27:19,320 --> 00:27:21,199 Speaker 1: even though it's still kind of feeds into just like 563 00:27:21,240 --> 00:27:25,000 Speaker 1: the whole Halloween vibe. She's like, watch out, there are 564 00:27:25,000 --> 00:27:26,960 Speaker 1: some neighbors out there. We're trying to get you, right, 565 00:27:27,000 --> 00:27:28,600 Speaker 1: I mean, if they're getting you in that way, that's 566 00:27:28,720 --> 00:27:30,560 Speaker 1: that's the worst kind of trick you could pull. But 567 00:27:30,640 --> 00:27:32,400 Speaker 1: I don't I don't think there was as much truth 568 00:27:32,440 --> 00:27:35,439 Speaker 1: to it, or maybe any truth to it, um. But 569 00:27:35,480 --> 00:27:37,480 Speaker 1: we still worried about it nonetheless. And so you're right, like, 570 00:27:37,520 --> 00:27:39,159 Speaker 1: this is one of those things where it's not a 571 00:27:39,160 --> 00:27:41,040 Speaker 1: bad idea to have it on your radar, especially if 572 00:27:41,040 --> 00:27:43,879 Speaker 1: you have kids. Do know that this exists, and but 573 00:27:44,320 --> 00:27:46,920 Speaker 1: don't worry about it. Be freaking out about it, problem exactly. 574 00:27:47,000 --> 00:27:49,200 Speaker 1: So all right, that's gonna do it for today's Friday Fight. 575 00:27:49,359 --> 00:27:51,800 Speaker 1: We will see you back here on Monday to talk 576 00:27:51,840 --> 00:27:55,800 Speaker 1: about AI and cryptocurrency with Kevin Russe and um yeah, 577 00:27:55,800 --> 00:27:58,200 Speaker 1: if you haven't signed up for the Hot Money newsletter, 578 00:27:58,200 --> 00:28:00,600 Speaker 1: I'm telling you it's getting better and better and better, 579 00:28:00,880 --> 00:28:02,720 Speaker 1: and so you're missing out. You gotta how to money 580 00:28:02,760 --> 00:28:05,240 Speaker 1: dot com slash newsletter. It's a lot of fun. It's free, 581 00:28:05,240 --> 00:28:07,480 Speaker 1: shows up in your inbox, and you only have to 582 00:28:07,480 --> 00:28:09,439 Speaker 1: do anything just sit back and read it and enjoy it. 583 00:28:09,720 --> 00:28:13,080 Speaker 1: So we hope you also enjoy your weekend. Matt. That's 584 00:28:13,080 --> 00:28:15,480 Speaker 1: going to do it. Until next time. Best Friends Out, 585 00:28:15,640 --> 00:28:17,080 Speaker 1: Best Friends Out.