1
00:00:00,120 --> 00:00:02,680
Speaker 1: Welcome to How the Money. I'm Joel and I and

2
00:00:02,800 --> 00:00:06,240
Speaker 1: Matt's and today we're discussing used cars, cost more women

3
00:00:06,320 --> 00:00:28,640
Speaker 1: leaving the workforce, and eating elephant ears. Man, I'm so

4
00:00:28,640 --> 00:00:30,080
Speaker 1: glad that we're gonna be able to back up that

5
00:00:30,200 --> 00:00:33,800
Speaker 1: last topic, eating elephant ears. We can't wait too long

6
00:00:33,840 --> 00:00:36,440
Speaker 1: to get around with what them like we are gonna

7
00:00:36,479 --> 00:00:37,720
Speaker 1: let's just go ahead and do that now, I guess.

8
00:00:37,840 --> 00:00:40,320
Speaker 1: Uh so eating elephant ears. You know, we've got a

9
00:00:40,400 --> 00:00:43,040
Speaker 1: garden and we're we're eating out of it less as

10
00:00:43,080 --> 00:00:46,639
Speaker 1: it's gotten cooler as we're entering the fall months. However, man,

11
00:00:46,680 --> 00:00:48,199
Speaker 1: we're about to I'm about to explain to you how

12
00:00:48,240 --> 00:00:51,120
Speaker 1: we're taking it a whole step further. Alright, we were

13
00:00:51,159 --> 00:00:54,800
Speaker 1: at the International Farmers Market here recently and the girls

14
00:00:55,000 --> 00:00:58,720
Speaker 1: saw another lady there buying what looked like elephant ears.

15
00:00:59,080 --> 00:01:02,480
Speaker 1: And when when you say, okay, yes, the plants, elephant ears,

16
00:01:02,520 --> 00:01:06,000
Speaker 1: the green plant that grows out of the ground. Uh,

17
00:01:06,040 --> 00:01:08,520
Speaker 1: and we're like, you know what those are? Elephant ears?

18
00:01:08,560 --> 00:01:10,280
Speaker 1: I mean, that's exactly like we have all around our

19
00:01:10,319 --> 00:01:12,160
Speaker 1: house and so where kids just asked her, like can

20
00:01:12,200 --> 00:01:15,959
Speaker 1: you eat those? And not surprisingly, she said yes, obviously.

21
00:01:15,959 --> 00:01:18,240
Speaker 1: You know. We were at an international farmers market, so

22
00:01:18,240 --> 00:01:19,920
Speaker 1: they have food kind of from all over the world,

23
00:01:20,080 --> 00:01:23,680
Speaker 1: lots of different types of interesting foods. But she's like, yeah,

24
00:01:23,720 --> 00:01:26,240
Speaker 1: my my husband is from Ghana and that's something that

25
00:01:26,280 --> 00:01:28,800
Speaker 1: they eat there all the time. Interesting. Yeah, and so

26
00:01:28,920 --> 00:01:31,520
Speaker 1: it totally fascinated us, and we're like, no way, we

27
00:01:31,600 --> 00:01:33,840
Speaker 1: have elephant ears at home. And she kind of talked

28
00:01:33,840 --> 00:01:35,440
Speaker 1: to us a little bit how she normally cooks them.

29
00:01:35,520 --> 00:01:37,600
Speaker 1: I thought they were just decorative. Little did you know,

30
00:01:37,760 --> 00:01:39,800
Speaker 1: Little did we know? And so we actually came home

31
00:01:40,200 --> 00:01:42,560
Speaker 1: and we gave it a shot. Man, we listed your

32
00:01:42,560 --> 00:01:44,480
Speaker 1: own elephant ears. We yeah, we we chopped one of them.

33
00:01:44,520 --> 00:01:45,800
Speaker 1: And here's the thing, man, they can get to be

34
00:01:45,880 --> 00:01:48,160
Speaker 1: so big, these elephant ears. I mean, no joke, like

35
00:01:48,200 --> 00:01:50,320
Speaker 1: two feet by three feet, like the size of an

36
00:01:50,360 --> 00:01:54,280
Speaker 1: actual elephant's ear. I guess, yeah, it depends what type

37
00:01:54,320 --> 00:01:56,800
Speaker 1: of elephant. Maybe not dumbo siyes like those he had

38
00:01:56,840 --> 00:01:58,560
Speaker 1: big ears, you know, but I said that would make

39
00:01:58,600 --> 00:02:02,480
Speaker 1: for a lot of eating the vegetable, of course. But yeah, Kate,

40
00:02:02,760 --> 00:02:04,840
Speaker 1: she she cooked it up, she chopped it up, and

41
00:02:04,880 --> 00:02:07,600
Speaker 1: we had it in some curry instead of spinach. Uh.

42
00:02:07,640 --> 00:02:10,280
Speaker 1: And so it served as a great substitute, and it

43
00:02:10,320 --> 00:02:13,600
Speaker 1: tastes pretty good. I will note that if you attempt this,

44
00:02:13,680 --> 00:02:15,240
Speaker 1: you want to make sure that you actually cook it

45
00:02:15,280 --> 00:02:17,160
Speaker 1: all the way, because if you eat it raw, it'll

46
00:02:17,160 --> 00:02:20,160
Speaker 1: mess you up. That's good. It's not like raw let

47
00:02:20,240 --> 00:02:22,679
Speaker 1: us where it's like either or you need to cook

48
00:02:22,720 --> 00:02:24,720
Speaker 1: it otherwise it can make you a little bit sick.

49
00:02:25,000 --> 00:02:27,160
Speaker 1: But man, I was so happy to have found that

50
00:02:27,200 --> 00:02:29,160
Speaker 1: out and so bummed that I didn't know about it sooner,

51
00:02:29,200 --> 00:02:32,080
Speaker 1: because literally, we have elephant ears all over our yard,

52
00:02:32,160 --> 00:02:34,440
Speaker 1: like in the backyard there, I mean, and the self

53
00:02:34,480 --> 00:02:37,880
Speaker 1: propagate as well, and so they'll continue to spread. And now, man,

54
00:02:37,960 --> 00:02:39,480
Speaker 1: I am so happy to know that if you don't

55
00:02:39,480 --> 00:02:41,160
Speaker 1: have spinach or some other green, that we can just

56
00:02:41,200 --> 00:02:45,280
Speaker 1: go outside harvest a single leaf of elephant here and

57
00:02:45,520 --> 00:02:47,160
Speaker 1: and cook it up. Man, we've got some greens in

58
00:02:47,200 --> 00:02:48,880
Speaker 1: our diet. You get the big ones. They feed a

59
00:02:48,919 --> 00:02:53,079
Speaker 1: family for a week, no joke. So yeah, we love

60
00:02:53,160 --> 00:02:55,600
Speaker 1: finding ways to save money at the grocery store. And

61
00:02:55,639 --> 00:02:57,400
Speaker 1: now we're gonna take you to the next level, dude,

62
00:02:57,440 --> 00:02:59,239
Speaker 1: by just eating the stuff that grows in your yard

63
00:02:59,320 --> 00:03:01,360
Speaker 1: in our yard. So yeah, if you have elephant ears.

64
00:03:01,440 --> 00:03:03,000
Speaker 1: Give it a shot. I love it, dude. All right,

65
00:03:03,080 --> 00:03:05,280
Speaker 1: let's get onto to some of the stories we found

66
00:03:05,280 --> 00:03:07,880
Speaker 1: interesting that wasn't a headline, but like that was little

67
00:03:07,880 --> 00:03:09,280
Speaker 1: health tip. Yeah, it was worth talking about it. I

68
00:03:09,320 --> 00:03:11,880
Speaker 1: think let's get to the Friday flight and this is,

69
00:03:12,160 --> 00:03:14,400
Speaker 1: you know, a sampling of stories that that we found

70
00:03:14,560 --> 00:03:17,320
Speaker 1: interesting that affect your money. Not the first one I

71
00:03:17,400 --> 00:03:19,360
Speaker 1: want to get to is I saw this new report

72
00:03:19,440 --> 00:03:22,960
Speaker 1: this week by the International Energy Agency and they said

73
00:03:22,960 --> 00:03:25,880
Speaker 1: that that solar energy prices have gone down a ton

74
00:03:26,040 --> 00:03:28,440
Speaker 1: just in the past year. The agency estimates that the

75
00:03:28,480 --> 00:03:31,919
Speaker 1: cost of solar power has declined worldwide somewhere between twenty

76
00:03:31,919 --> 00:03:35,080
Speaker 1: and fifty just in the last year alone, depending on

77
00:03:35,120 --> 00:03:37,600
Speaker 1: the region. And it seems like policies and lots of

78
00:03:37,600 --> 00:03:41,200
Speaker 1: countries right that incentivized solar power, in addition to technology

79
00:03:41,240 --> 00:03:44,440
Speaker 1: breakthroughs and economies of scale, are leading to to lower

80
00:03:44,480 --> 00:03:48,120
Speaker 1: costs for solar installations all around. And and solar power

81
00:03:48,200 --> 00:03:50,520
Speaker 1: is now cheaper than many of the ways that we've

82
00:03:50,520 --> 00:03:54,080
Speaker 1: traditionally gotten power, and these technological advances will mean that

83
00:03:54,120 --> 00:03:57,080
Speaker 1: we should continue to see lower and lower prices in

84
00:03:57,120 --> 00:03:59,720
Speaker 1: the upcoming years. I just find it fascinating that solar

85
00:03:59,760 --> 00:04:02,960
Speaker 1: prices is are descending at just such a rapid clip. Yeah.

86
00:04:02,960 --> 00:04:04,880
Speaker 1: That's one of the things we love about technology, right,

87
00:04:04,960 --> 00:04:07,400
Speaker 1: you know, like some folks get excited about the new

88
00:04:07,400 --> 00:04:09,720
Speaker 1: technology that we see in our cell phones. Uh they

89
00:04:09,760 --> 00:04:12,520
Speaker 1: take better pictures. Uh, the screens are cooler, you know,

90
00:04:12,560 --> 00:04:14,280
Speaker 1: the batteries less longer, all those types of things. But

91
00:04:14,320 --> 00:04:16,520
Speaker 1: I'm really excited to see how technology is going to

92
00:04:16,560 --> 00:04:19,120
Speaker 1: allow us to be able to spend less on our

93
00:04:19,240 --> 00:04:21,680
Speaker 1: utilities and solve some of the bigger issues that that

94
00:04:21,720 --> 00:04:25,520
Speaker 1: we've got facing us too as a as a species. Yeah, totally, man.

95
00:04:25,600 --> 00:04:27,000
Speaker 1: And you know, I was just talking with a friend

96
00:04:27,000 --> 00:04:29,680
Speaker 1: of mine and him and his wife they recently got

97
00:04:29,680 --> 00:04:31,839
Speaker 1: solar panels put on their roof, and that was one

98
00:04:31,839 --> 00:04:33,240
Speaker 1: of the big reasons they wanted to get them. They

99
00:04:33,240 --> 00:04:36,039
Speaker 1: wanted to make sure that they're moving the energy that

100
00:04:36,080 --> 00:04:38,680
Speaker 1: we used to you know, to something that's renewable. And

101
00:04:38,760 --> 00:04:40,880
Speaker 1: he also went ahead and jumped on it because it's

102
00:04:40,880 --> 00:04:42,960
Speaker 1: important to note that the solar tax credit in the

103
00:04:43,040 --> 00:04:45,599
Speaker 1: US it is still twenty six percent this year, which

104
00:04:45,600 --> 00:04:47,960
Speaker 1: he was able to take advantage of, and it's gonna

105
00:04:47,960 --> 00:04:51,120
Speaker 1: be if you install solar panels next year. So let's

106
00:04:51,120 --> 00:04:52,880
Speaker 1: describe what that means real quick. That means that if

107
00:04:52,960 --> 00:04:56,080
Speaker 1: someone is getting solar installed on their home, the federal

108
00:04:56,160 --> 00:04:58,200
Speaker 1: government will pick up the tap for a quarter of

109
00:04:58,240 --> 00:05:02,080
Speaker 1: that installation, which, come mind, with the following costs just

110
00:05:02,160 --> 00:05:04,080
Speaker 1: makes it a slam dunk scenario for a whole lot

111
00:05:04,120 --> 00:05:07,440
Speaker 1: more people. Yeah, stuff to beat off, right. Uh. But

112
00:05:07,640 --> 00:05:10,200
Speaker 1: so then you know, after next year, the task credit

113
00:05:10,400 --> 00:05:14,800
Speaker 1: is gone unless politicians decided to extend those credits or

114
00:05:15,200 --> 00:05:19,720
Speaker 1: maybe even introduced new incentives for alternative energy installs. So

115
00:05:19,800 --> 00:05:21,920
Speaker 1: just know that, Yeah, the the cost declines that we've

116
00:05:21,960 --> 00:05:24,440
Speaker 1: seen plus the tax credit could make it a smart

117
00:05:24,480 --> 00:05:27,000
Speaker 1: move either this year or next year. The dude, let's

118
00:05:27,000 --> 00:05:29,000
Speaker 1: talk about cars. Let's do it all right. Yeah, so

119
00:05:29,600 --> 00:05:32,919
Speaker 1: used car sales MATT are booming right now. CNBC had

120
00:05:32,920 --> 00:05:35,440
Speaker 1: a great story about what COVID has done to use

121
00:05:35,520 --> 00:05:39,600
Speaker 1: car prices and how companies like Carbon CarMax and Auto Nation,

122
00:05:39,680 --> 00:05:42,760
Speaker 1: who sell a whole lot of used cars, they're reaping

123
00:05:42,800 --> 00:05:45,159
Speaker 1: the benefits. Right now, used car prices have gone up

124
00:05:45,240 --> 00:05:47,640
Speaker 1: quite a bit because of the pandemic, and this is

125
00:05:47,680 --> 00:05:49,880
Speaker 1: I think important news on a couple of fronts. One,

126
00:05:50,000 --> 00:05:52,160
Speaker 1: you need to be a thorough shopper when you're looking

127
00:05:52,160 --> 00:05:54,839
Speaker 1: to buy a used car. Right now, with prices having

128
00:05:54,920 --> 00:05:57,120
Speaker 1: risen quickly, there's a lot more disparity in the prices

129
00:05:57,120 --> 00:05:59,360
Speaker 1: that you'll see when you're shopping. And also like shopping

130
00:05:59,360 --> 00:06:02,360
Speaker 1: at the big sites and with individual owners on sites

131
00:06:02,440 --> 00:06:05,080
Speaker 1: like Craigslist and Auto Trader, that's that's a great way

132
00:06:05,120 --> 00:06:08,000
Speaker 1: to go. There's also a cool site called car Gurus

133
00:06:08,200 --> 00:06:11,039
Speaker 1: that will help you shop used car via dealers too.

134
00:06:11,320 --> 00:06:13,839
Speaker 1: I really like how that site uses deal indicators to

135
00:06:13,880 --> 00:06:15,680
Speaker 1: help you see whether the price is good or not.

136
00:06:15,760 --> 00:06:20,080
Speaker 1: That's something worth using. Also. Secondly, if you're up for downsizing,

137
00:06:20,240 --> 00:06:22,000
Speaker 1: like we've talked about getting rid of a car and

138
00:06:22,040 --> 00:06:24,359
Speaker 1: how that's gonna of course save you money, but also

139
00:06:24,760 --> 00:06:27,160
Speaker 1: right now your car is worth more than it's been

140
00:06:27,200 --> 00:06:30,200
Speaker 1: worth in a while, probably as used car prices have

141
00:06:30,279 --> 00:06:32,920
Speaker 1: gone up, which is not usually the case. So we're

142
00:06:32,920 --> 00:06:35,600
Speaker 1: in this kind of upside down marketplace where if you

143
00:06:35,680 --> 00:06:37,159
Speaker 1: can get rid of a car and now it's actually

144
00:06:37,240 --> 00:06:39,240
Speaker 1: a really good time to do so, you can make

145
00:06:39,279 --> 00:06:41,720
Speaker 1: more money on it than you normally be able to. Yeah,

146
00:06:41,720 --> 00:06:43,880
Speaker 1: that's right, man. And you know, shopping the private marketplace

147
00:06:43,960 --> 00:06:45,920
Speaker 1: like that is usually where you're gonna find the best price,

148
00:06:45,920 --> 00:06:47,760
Speaker 1: where you're gonna get the best deal. But it's also

149
00:06:47,800 --> 00:06:50,600
Speaker 1: important to have any car you're looking to buy inspected

150
00:06:50,640 --> 00:06:53,719
Speaker 1: by a mechanic that you trust. This obviously gives you

151
00:06:53,760 --> 00:06:56,120
Speaker 1: some piece of mind, but it helps to ensure that

152
00:06:56,160 --> 00:06:58,360
Speaker 1: you aren't just buying someone else's problem. You want to

153
00:06:58,400 --> 00:07:00,839
Speaker 1: know what you're getting into, and that's whether or not

154
00:07:00,920 --> 00:07:03,560
Speaker 1: it's a single owner or a dealership vehicle. If you're

155
00:07:03,600 --> 00:07:06,720
Speaker 1: in a situation where that individual or maybe that dealership

156
00:07:06,720 --> 00:07:09,000
Speaker 1: where they won't let you get that vehicle checked out,

157
00:07:09,440 --> 00:07:13,120
Speaker 1: that's certainly a prerequisite before purchasing a used vehicle, and

158
00:07:13,120 --> 00:07:15,040
Speaker 1: and if you can't do that, that's a deal breaker. Man,

159
00:07:15,280 --> 00:07:18,160
Speaker 1: Totally agree. Man, all right, let's get onto kind of

160
00:07:18,160 --> 00:07:21,440
Speaker 1: some of the other effects of COVID, specifically on women,

161
00:07:21,840 --> 00:07:24,240
Speaker 1: and due to the ongoing effects of the pandemic, more

162
00:07:24,280 --> 00:07:27,680
Speaker 1: households than ever are being forced to consider switching from

163
00:07:27,800 --> 00:07:31,320
Speaker 1: dual income to single income households. Obviously, that's going to

164
00:07:31,440 --> 00:07:34,320
Speaker 1: have just a major effect on that household when when

165
00:07:34,320 --> 00:07:37,560
Speaker 1: that decision is made, and in fact, women specifically are

166
00:07:37,760 --> 00:07:40,760
Speaker 1: being forced to leave the workplace in huge numbers. Time

167
00:07:40,800 --> 00:07:44,000
Speaker 1: magazine reported that between August and September, eight hundred and

168
00:07:44,040 --> 00:07:48,280
Speaker 1: sixty five thousand women left work while only two sixteen

169
00:07:48,320 --> 00:07:51,320
Speaker 1: thousand men extually the workforce during that same period of time.

170
00:07:51,520 --> 00:07:55,280
Speaker 1: And that number is specifically regarding people that dropped out

171
00:07:55,280 --> 00:07:58,000
Speaker 1: of the workforce, not people that lost their job during

172
00:07:58,040 --> 00:08:01,160
Speaker 1: that time. And a large reason for these numbers is

173
00:08:01,400 --> 00:08:03,680
Speaker 1: due to the added responsibility of needing to care for

174
00:08:03,800 --> 00:08:06,160
Speaker 1: children who are now at home and who are virtual

175
00:08:06,240 --> 00:08:08,680
Speaker 1: learning to right. But either way, it's just not good

176
00:08:08,720 --> 00:08:11,200
Speaker 1: for the economy. And this is a dramatic shift in

177
00:08:11,240 --> 00:08:13,720
Speaker 1: the amount of income that some American households are able

178
00:08:13,800 --> 00:08:17,120
Speaker 1: to generate, which could lead to some serious personal finance

179
00:08:17,160 --> 00:08:19,840
Speaker 1: issues for a whole lot of families. Matt, Yeah, specifically

180
00:08:19,880 --> 00:08:22,600
Speaker 1: if these households don't adjust their levels of spending. Right.

181
00:08:23,080 --> 00:08:25,040
Speaker 1: If that's the case, and they could find themselves in

182
00:08:25,080 --> 00:08:28,160
Speaker 1: some precarious situations. If you get your household income in half,

183
00:08:28,160 --> 00:08:30,800
Speaker 1: but then don't make any changes any other changes to

184
00:08:30,840 --> 00:08:34,160
Speaker 1: your spending, it will be very easy to outspend what

185
00:08:34,280 --> 00:08:36,880
Speaker 1: you're making. You know. The only possible bright side here

186
00:08:36,960 --> 00:08:40,199
Speaker 1: is that childcare expenses like they really add up, and

187
00:08:40,280 --> 00:08:43,640
Speaker 1: that's at least an automatic cut in most cases. Based

188
00:08:43,640 --> 00:08:46,760
Speaker 1: on calculations from the Census Bureau, working families with a

189
00:08:46,840 --> 00:08:49,599
Speaker 1: kid under the age of five spend an average of

190
00:08:49,640 --> 00:08:53,440
Speaker 1: two fifty dollars a week on childcare, which is about

191
00:08:53,520 --> 00:08:56,840
Speaker 1: ten per cent of the average family's income. Again, at

192
00:08:56,880 --> 00:09:00,240
Speaker 1: least by defaults, expenses are going to be going out

193
00:09:00,360 --> 00:09:03,040
Speaker 1: for a lot of families who used to pay for childcare. Yeah,

194
00:09:03,040 --> 00:09:06,000
Speaker 1: that's good news. Childcare is really expensive, but at the

195
00:09:06,040 --> 00:09:08,200
Speaker 1: same time, right it's it's got all these other effects

196
00:09:08,200 --> 00:09:12,520
Speaker 1: and less income for the household even with the childcare savings.

197
00:09:12,760 --> 00:09:15,600
Speaker 1: And when anybody leaves the workforce for a period of time,

198
00:09:15,880 --> 00:09:18,920
Speaker 1: it can result in hardship finding another job and reduce

199
00:09:19,000 --> 00:09:20,680
Speaker 1: earnings in the future. So there, you know, we've talked

200
00:09:20,679 --> 00:09:22,079
Speaker 1: about that before on the show. But there are things

201
00:09:22,120 --> 00:09:24,640
Speaker 1: that you need to do even while you're out of

202
00:09:24,640 --> 00:09:26,599
Speaker 1: the workforce in order to kind of keep your credentials

203
00:09:26,640 --> 00:09:28,840
Speaker 1: up and keep your resume fresh so that when you

204
00:09:28,920 --> 00:09:31,440
Speaker 1: apply for a job in the future, you've got access

205
00:09:31,480 --> 00:09:34,480
Speaker 1: to better job opportunities. And regardless if you have kids

206
00:09:34,559 --> 00:09:37,840
Speaker 1: or not, you or your partner might be considering stepping

207
00:09:37,880 --> 00:09:40,280
Speaker 1: out of the workforce for various reasons. And before you

208
00:09:40,280 --> 00:09:42,720
Speaker 1: actually pull the trigger on that a simple practical step

209
00:09:42,760 --> 00:09:45,680
Speaker 1: to take before giving notices to attempt to live on

210
00:09:45,760 --> 00:09:48,040
Speaker 1: just one of your incomes for a little while see

211
00:09:48,080 --> 00:09:50,440
Speaker 1: how it works out right. Oftentimes our finances are just

212
00:09:50,480 --> 00:09:52,840
Speaker 1: one big, jumbled mess, but it's important to see what

213
00:09:52,880 --> 00:09:55,480
Speaker 1: it actually looks like if you were to slash your income,

214
00:09:55,679 --> 00:09:58,480
Speaker 1: and maybe even more importantly, it's important to experience what

215
00:09:58,600 --> 00:10:02,760
Speaker 1: it feels like and you know, like there's something about that,

216
00:10:02,840 --> 00:10:05,040
Speaker 1: like trying to live in that way before you actually

217
00:10:05,040 --> 00:10:07,160
Speaker 1: do it, that gives you a sense of how how

218
00:10:07,200 --> 00:10:09,760
Speaker 1: well you're gonna be able to do under those conditions.

219
00:10:10,000 --> 00:10:11,560
Speaker 1: Money is a weird thing, and we can often put

220
00:10:11,600 --> 00:10:13,679
Speaker 1: a lot of our security and our ability to earn,

221
00:10:14,000 --> 00:10:16,240
Speaker 1: and when you remove that ability to bring in money,

222
00:10:16,520 --> 00:10:19,040
Speaker 1: things can go sideways. It can be difficult. So maybe

223
00:10:19,040 --> 00:10:22,000
Speaker 1: that means creating a savings bucket like Ally has something

224
00:10:22,120 --> 00:10:24,120
Speaker 1: like that in their online savings account, which is a

225
00:10:24,200 --> 00:10:26,640
Speaker 1: nice tool, or even taking it a step further and

226
00:10:26,679 --> 00:10:29,760
Speaker 1: setting up an entirely new savings account where your check

227
00:10:29,800 --> 00:10:33,120
Speaker 1: is now direct deposited. Taking measures like this to work

228
00:10:33,160 --> 00:10:35,959
Speaker 1: through the logistics as well as the emotions where one

229
00:10:36,000 --> 00:10:37,920
Speaker 1: of you to quit will prepare you better for what

230
00:10:37,960 --> 00:10:40,320
Speaker 1: that's gonna look and feel like for your family. Yeah,

231
00:10:40,320 --> 00:10:43,840
Speaker 1: this is even good practice even if you aren't planning

232
00:10:43,880 --> 00:10:45,720
Speaker 1: so that to leave the workforce, or even if you

233
00:10:45,720 --> 00:10:47,840
Speaker 1: feel that your job is secure, because as we've all

234
00:10:47,880 --> 00:10:51,160
Speaker 1: seen that, no one's job is perfectly secure, right, And

235
00:10:51,200 --> 00:10:53,840
Speaker 1: how amazing would it be too if we started saving

236
00:10:53,880 --> 00:10:57,040
Speaker 1: more of your money, uh, maybe your paycheck of your

237
00:10:57,080 --> 00:11:00,920
Speaker 1: household income right every single month as an experiments, but

238
00:11:00,920 --> 00:11:02,720
Speaker 1: then you realize that, like, oh, you know what, we

239
00:11:02,760 --> 00:11:05,000
Speaker 1: don't really need to live off of that money. That's

240
00:11:05,000 --> 00:11:07,360
Speaker 1: something that we can continue to do. That would put

241
00:11:07,400 --> 00:11:10,000
Speaker 1: you in an amazing situation if you were able to

242
00:11:10,080 --> 00:11:13,520
Speaker 1: save half of your income and definitely or even if

243
00:11:13,559 --> 00:11:15,760
Speaker 1: it's just for a little bit. Yeah, I love the

244
00:11:15,800 --> 00:11:19,000
Speaker 1: idea of developing a bare bones budget and and seeing

245
00:11:19,000 --> 00:11:21,120
Speaker 1: what that looks like for a little period of time.

246
00:11:21,240 --> 00:11:22,880
Speaker 1: It can be a great and mental exercise and a

247
00:11:22,960 --> 00:11:26,160
Speaker 1: great like personal finance exercise to to put some more

248
00:11:26,160 --> 00:11:28,160
Speaker 1: money away to at the same time, all right, we've

249
00:11:28,160 --> 00:11:30,480
Speaker 1: got some more things to get to, including if you're

250
00:11:30,480 --> 00:11:32,760
Speaker 1: working from home, whether or not your employer should be

251
00:11:32,800 --> 00:11:36,200
Speaker 1: paying for some of the increased expenses you're incurring, and

252
00:11:36,240 --> 00:11:38,440
Speaker 1: we'll get to that and more right after this break.

253
00:11:47,760 --> 00:11:49,679
Speaker 1: All right, we're back, and this is our Friday fight

254
00:11:49,679 --> 00:11:52,079
Speaker 1: where we're talking about stories that we found interesting and

255
00:11:52,440 --> 00:11:55,679
Speaker 1: the ways that they pertain to our personal finances. A

256
00:11:55,679 --> 00:11:57,360
Speaker 1: little bit later on, we're gonna talk about where you

257
00:11:57,360 --> 00:12:00,160
Speaker 1: can earn four percent in the savings account. And I

258
00:12:00,160 --> 00:12:03,080
Speaker 1: did say that correct sounds too good to be true,

259
00:12:03,120 --> 00:12:05,120
Speaker 1: but it's not. It kind of does, um, But we'll

260
00:12:05,120 --> 00:12:06,560
Speaker 1: get to that in a little bit. Jo. I saw

261
00:12:06,679 --> 00:12:09,320
Speaker 1: that a lending Tree survey recently said that one and

262
00:12:09,400 --> 00:12:13,200
Speaker 1: four Americans have already finished their holiday shopping. That sounds

263
00:12:13,200 --> 00:12:16,200
Speaker 1: a little crazy to me. Have you even started? I

264
00:12:16,240 --> 00:12:18,320
Speaker 1: don't believe that, Like, who who are these people? Who

265
00:12:18,320 --> 00:12:21,320
Speaker 1: are of all Americans are already done? They must have

266
00:12:21,440 --> 00:12:24,440
Speaker 1: only interviewed type Americans or something like that, like the

267
00:12:24,440 --> 00:12:26,439
Speaker 1: same type of people who also want to fill out

268
00:12:26,440 --> 00:12:29,920
Speaker 1: a survey about shopping right exactly. Um. No, I have

269
00:12:30,440 --> 00:12:34,640
Speaker 1: at least have some great ideas in mind for my kids. Um,

270
00:12:34,760 --> 00:12:37,319
Speaker 1: and I gotta start formulating something for my wife. Like

271
00:12:37,360 --> 00:12:39,439
Speaker 1: that's funny. I saw in the opposite I've got I've

272
00:12:39,440 --> 00:12:41,959
Speaker 1: got a great idea for for something for Kate, but

273
00:12:42,120 --> 00:12:44,680
Speaker 1: I haven't really thought about the kids yet. Okay, well yeah,

274
00:12:44,720 --> 00:12:47,680
Speaker 1: so yeah, I've begun at least mentally, but I haven't

275
00:12:47,720 --> 00:12:50,719
Speaker 1: really made any purchases yet. So that's one of those

276
00:12:50,760 --> 00:12:53,440
Speaker 1: things where who are these people that already have all

277
00:12:53,480 --> 00:12:56,160
Speaker 1: their Christmas shopping done, that are completely done before Halloween?

278
00:12:56,320 --> 00:12:58,400
Speaker 1: You people are crazy, But congratulations to you. And and and

279
00:12:58,520 --> 00:13:00,360
Speaker 1: that does bring up the point, Matt, that we've talked

280
00:13:00,360 --> 00:13:03,120
Speaker 1: about recently that we're kind of already beginning to see

281
00:13:03,480 --> 00:13:06,560
Speaker 1: the Christmas shopping season getting full swing and and that's

282
00:13:06,559 --> 00:13:08,440
Speaker 1: not usually the case. Um, but I do think it's

283
00:13:08,440 --> 00:13:09,840
Speaker 1: gonna be better for a lot of people if they

284
00:13:09,880 --> 00:13:12,840
Speaker 1: do start shopping earlier. But let's get to a couple

285
00:13:12,960 --> 00:13:15,000
Speaker 1: more stories that we found interesting this week. Matt, I

286
00:13:15,040 --> 00:13:18,520
Speaker 1: saw that restaurants are creating like interesting outdoor dining spaces,

287
00:13:18,520 --> 00:13:21,560
Speaker 1: and many are looking for propane heaters to keep customers

288
00:13:21,600 --> 00:13:24,199
Speaker 1: coming as the weather gets colder. The Wall Street Journal

289
00:13:24,240 --> 00:13:27,280
Speaker 1: reported that that outdoor dining has risen from around a

290
00:13:27,360 --> 00:13:30,120
Speaker 1: fifth of revenue at many restaurants before the pandemic to

291
00:13:30,200 --> 00:13:34,040
Speaker 1: as much as now. Obviously, you know, when we've gone

292
00:13:34,080 --> 00:13:37,320
Speaker 1: out to eat, we're mostly sitting outdoors. And I've seen

293
00:13:37,360 --> 00:13:40,280
Speaker 1: so many local restaurants create interesting spaces for people to

294
00:13:40,280 --> 00:13:43,680
Speaker 1: eat outdoors, are just massively expand the amount of outdoor

295
00:13:43,720 --> 00:13:46,880
Speaker 1: seating they have. I saw though, that one restaurant in Minnesota,

296
00:13:47,200 --> 00:13:48,800
Speaker 1: where I'm guessing it's already snowing, I don't know, I

297
00:13:49,200 --> 00:13:50,800
Speaker 1: just assume it snows nine months out of the year,

298
00:13:50,800 --> 00:13:54,280
Speaker 1: there is adding seven foot tall heated igloes to encourage

299
00:13:54,280 --> 00:13:57,199
Speaker 1: people to continue to come eat at their restaurant. And

300
00:13:57,280 --> 00:13:58,800
Speaker 1: so like, yeah, I don't know, Matt that I think

301
00:13:58,800 --> 00:14:00,680
Speaker 1: there are a couple of tips we can give for

302
00:14:00,800 --> 00:14:04,000
Speaker 1: helping people patronize those restaurants that so need it right

303
00:14:04,040 --> 00:14:06,480
Speaker 1: now during this time. Um. I think one, as the

304
00:14:06,520 --> 00:14:09,120
Speaker 1: weather gets colder, invest in a really warm jacket, which

305
00:14:09,160 --> 00:14:11,679
Speaker 1: you just got one, seriously super practical. If you put

306
00:14:11,760 --> 00:14:13,959
Speaker 1: on a super warm jacket, it's not too bad going

307
00:14:13,960 --> 00:14:16,800
Speaker 1: outside to to eat. Um. And I guess maybe unless

308
00:14:16,800 --> 00:14:18,600
Speaker 1: you live in Minnesota. Down here at least we have

309
00:14:18,720 --> 00:14:20,840
Speaker 1: more months out of the year where it's easier to

310
00:14:20,880 --> 00:14:23,160
Speaker 1: be able to do those outdoor things. But yeah, you

311
00:14:23,240 --> 00:14:26,520
Speaker 1: got some other tips for continuing to to patronize those

312
00:14:26,520 --> 00:14:29,080
Speaker 1: restaurants and give them some business. But yeah, like on

313
00:14:29,120 --> 00:14:30,760
Speaker 1: the note of the jacket that Kate actually she just

314
00:14:30,880 --> 00:14:33,720
Speaker 1: ordered herself a super warm down jacket as well, because

315
00:14:33,720 --> 00:14:35,960
Speaker 1: I mean, we're hanging out with friends more often now

316
00:14:36,280 --> 00:14:39,240
Speaker 1: also outside. You know, there are certain friends who we

317
00:14:39,320 --> 00:14:41,960
Speaker 1: haven't clustered with, you know, like we have with your family,

318
00:14:42,240 --> 00:14:43,520
Speaker 1: but there's other folks too that we want to hang

319
00:14:43,560 --> 00:14:45,360
Speaker 1: out with, and so like we're finding that we're spending

320
00:14:45,400 --> 00:14:47,680
Speaker 1: a lot more time outside and so yeah, just getting

321
00:14:47,680 --> 00:14:50,080
Speaker 1: a good jacket. Uh, it sounds super basic, but at

322
00:14:50,120 --> 00:14:51,520
Speaker 1: the same time, you can do a lot with a

323
00:14:51,520 --> 00:14:53,800
Speaker 1: really warm jacket when you're outside, you know. But yeah,

324
00:14:53,840 --> 00:14:56,760
Speaker 1: as far as restaurants, man, we're still prioritizing more of

325
00:14:56,840 --> 00:14:59,600
Speaker 1: our monthly budget towards take out, you know, specifically at

326
00:14:59,600 --> 00:15:02,440
Speaker 1: our our favorite local spots, and we would recommend for

327
00:15:02,440 --> 00:15:05,600
Speaker 1: folks to do your best to order directly through the

328
00:15:05,640 --> 00:15:08,880
Speaker 1: restaurant and not through these different third party apps where

329
00:15:08,880 --> 00:15:10,480
Speaker 1: they might deliver it for you. But at the same time,

330
00:15:10,520 --> 00:15:13,240
Speaker 1: they're going to take a pretty big cut as well. Yeah,

331
00:15:13,240 --> 00:15:16,600
Speaker 1: and then eat into your favorite local restaurants profits, yeah, exactly,

332
00:15:16,640 --> 00:15:18,400
Speaker 1: and if you can to, you know, pay in cash

333
00:15:19,080 --> 00:15:20,920
Speaker 1: with correct change too. If you if you have that

334
00:15:21,000 --> 00:15:23,880
Speaker 1: laying around, given the coin shortage that we've seen in

335
00:15:23,880 --> 00:15:26,920
Speaker 1: our country, and by paying with cash, you're able to

336
00:15:27,600 --> 00:15:30,880
Speaker 1: avoid sticking the restaurants with those fees, you know, those

337
00:15:30,880 --> 00:15:33,600
Speaker 1: fees that small businesses that they have to pay, They

338
00:15:33,720 --> 00:15:35,800
Speaker 1: do add up. And so yeah, I think we would

339
00:15:35,800 --> 00:15:38,080
Speaker 1: recommend that. Uh and of course too, man, you know,

340
00:15:38,120 --> 00:15:40,680
Speaker 1: tipping even more than you normally would these days is

341
00:15:40,680 --> 00:15:43,200
Speaker 1: a great way to support those folks too. We talked

342
00:15:43,240 --> 00:15:46,320
Speaker 1: about eating elephant ears the plants at the beginning of

343
00:15:46,360 --> 00:15:48,760
Speaker 1: the episode. We love cooking at home and and the

344
00:15:48,800 --> 00:15:51,520
Speaker 1: effect that has on our monthly budget. It allows us

345
00:15:51,600 --> 00:15:53,880
Speaker 1: to save a lot of money. However, we really love

346
00:15:53,920 --> 00:15:56,600
Speaker 1: our local restaurants as well. They just add so much

347
00:15:56,680 --> 00:15:59,040
Speaker 1: character to you know, your town, or your neighborhood or

348
00:15:59,080 --> 00:16:01,320
Speaker 1: your city. And I think would be really sad if

349
00:16:01,440 --> 00:16:03,960
Speaker 1: you know, all what's all the dust clears after COVID,

350
00:16:04,160 --> 00:16:06,800
Speaker 1: after the pandemic, if some of our favorite spots that

351
00:16:06,880 --> 00:16:09,880
Speaker 1: make up the fabric of our communities, if they're not standing,

352
00:16:09,880 --> 00:16:11,320
Speaker 1: you know, if they're not there. Yeah, so we're gotta

353
00:16:11,320 --> 00:16:13,280
Speaker 1: do what we can and uh do our best to

354
00:16:13,680 --> 00:16:17,400
Speaker 1: if we especially if we've maintained work, and our budgets

355
00:16:17,400 --> 00:16:20,600
Speaker 1: are in solid shape. You know, consider dedicating a little

356
00:16:20,600 --> 00:16:23,200
Speaker 1: more of your budget right now to supporting those restaurants.

357
00:16:23,680 --> 00:16:26,040
Speaker 1: And it's gonna taste good doing that and doing it

358
00:16:26,040 --> 00:16:28,320
Speaker 1: at the same time. Uh, let's talk about work from

359
00:16:28,360 --> 00:16:31,280
Speaker 1: home to Matt, We're seeing a lot of companies delaying

360
00:16:31,320 --> 00:16:35,040
Speaker 1: returns UH to the office until July at the earliest.

361
00:16:35,440 --> 00:16:37,480
Speaker 1: The big tech companies really seem to be leading the

362
00:16:37,520 --> 00:16:39,600
Speaker 1: way on this, and a lot of other employers are

363
00:16:39,640 --> 00:16:45,040
Speaker 1: following suit in what's being considered like normal office opening procedures. Google, Slack,

364
00:16:45,040 --> 00:16:48,960
Speaker 1: and Airbnb have all announced plans to continue the delay

365
00:16:49,040 --> 00:16:51,640
Speaker 1: of in person work, and The New York Times reported

366
00:16:51,680 --> 00:16:54,760
Speaker 1: this week that Microsoft, Target, and Ford have delayed their

367
00:16:54,800 --> 00:16:59,360
Speaker 1: office reopenings to the fallout of the pandemic just continues,

368
00:16:59,640 --> 00:17:01,760
Speaker 1: um and and things that we thought might get back

369
00:17:01,760 --> 00:17:04,159
Speaker 1: to normal just aren't getting back to normal. Um and

370
00:17:04,200 --> 00:17:07,120
Speaker 1: this includes working from home. Like it looks like it's

371
00:17:07,119 --> 00:17:11,240
Speaker 1: just gonna continue for the foreseeable future for for many people. Yeah,

372
00:17:11,280 --> 00:17:13,200
Speaker 1: and you know, this is certainly a mixed bag, right.

373
00:17:13,200 --> 00:17:15,360
Speaker 1: If you have been able to work from home, you're

374
00:17:15,359 --> 00:17:18,960
Speaker 1: in a fortunate position. Not everyone has been able to

375
00:17:19,400 --> 00:17:21,480
Speaker 1: UH and and many friends and neighbors have even lost

376
00:17:21,520 --> 00:17:24,800
Speaker 1: their jobs. So I'm thankful for the ability to to

377
00:17:24,800 --> 00:17:27,720
Speaker 1: work from home, obviously doing this podcast UH and doing

378
00:17:27,760 --> 00:17:31,159
Speaker 1: some photography, especially since it is keeping the spread of

379
00:17:31,160 --> 00:17:33,200
Speaker 1: the virus down some. But at the same time, and

380
00:17:33,359 --> 00:17:37,240
Speaker 1: working from home is not this panacea. You know, we're

381
00:17:37,320 --> 00:17:40,520
Speaker 1: all feeling a little disconnected from one another. So for

382
00:17:40,560 --> 00:17:43,400
Speaker 1: that reason, I'm I'm sure that many people are excited

383
00:17:43,400 --> 00:17:45,840
Speaker 1: about the possibility of of going back in July, at

384
00:17:45,880 --> 00:17:48,800
Speaker 1: least on a part time basis, or for some you know,

385
00:17:48,840 --> 00:17:51,280
Speaker 1: more critical meetings where it's good to have everyone together,

386
00:17:51,400 --> 00:17:53,200
Speaker 1: or just the water cooler talk. You know, some people

387
00:17:53,280 --> 00:17:55,000
Speaker 1: just missed that. I know I missed that a little bit,

388
00:17:55,040 --> 00:17:59,119
Speaker 1: but uh yeah. On that note, there's a lingering question

389
00:17:59,119 --> 00:18:01,879
Speaker 1: that a lot of people have. Should my company be

390
00:18:01,960 --> 00:18:05,080
Speaker 1: responsible to pay for increased costs that you might have

391
00:18:05,119 --> 00:18:08,480
Speaker 1: incurred working from home? And some workers are finding that

392
00:18:08,720 --> 00:18:11,240
Speaker 1: they have to buy a new desk, a chair, a computer,

393
00:18:11,400 --> 00:18:13,960
Speaker 1: or a camera. And you're also like using the internet

394
00:18:14,000 --> 00:18:16,560
Speaker 1: that you're paying for your home internet. Some employers have

395
00:18:16,640 --> 00:18:19,359
Speaker 1: been proactive to offer money to employees to help with

396
00:18:19,400 --> 00:18:23,119
Speaker 1: the transition but others haven't offered anything, not even a dime.

397
00:18:23,600 --> 00:18:26,080
Speaker 1: A new survey from a giant insurance company shows that

398
00:18:26,119 --> 00:18:29,960
Speaker 1: only one in ten employers have offered any compensation, but

399
00:18:30,359 --> 00:18:34,200
Speaker 1: sixty of workers believe that employers should offer some sort

400
00:18:34,200 --> 00:18:36,800
Speaker 1: of increased compensation. Yeah, and that's an issue, you know,

401
00:18:36,960 --> 00:18:39,280
Speaker 1: like there's basically a conflict or a disagreement here. So

402
00:18:39,400 --> 00:18:42,560
Speaker 1: if if you feel that your costs have increased since

403
00:18:42,600 --> 00:18:44,879
Speaker 1: you started working from home, I think it's okay to

404
00:18:44,960 --> 00:18:49,000
Speaker 1: ask for some compensation, maybe a splits, say of that

405
00:18:49,040 --> 00:18:50,960
Speaker 1: internet bill. That like that could go a long way.

406
00:18:51,400 --> 00:18:52,920
Speaker 1: But just don't be afraid to ask, you know. I

407
00:18:53,000 --> 00:18:56,320
Speaker 1: think sometimes employers like they haven't made a proactive move

408
00:18:56,800 --> 00:18:59,480
Speaker 1: because they they're not even aware of the problem, right,

409
00:18:59,680 --> 00:19:02,400
Speaker 1: And so make them aware. But we would say that

410
00:19:02,600 --> 00:19:04,320
Speaker 1: make sure that you're doing that in a kind and

411
00:19:04,440 --> 00:19:06,040
Speaker 1: respectful way, Like you don't need to go in with

412
00:19:06,080 --> 00:19:08,680
Speaker 1: guns blazing, you know, making all sorts of crazy demands,

413
00:19:09,200 --> 00:19:11,679
Speaker 1: but at least start that conversation. Yeah, let them know

414
00:19:11,800 --> 00:19:14,600
Speaker 1: of the increased costs you've incurred and ask for compensation

415
00:19:15,119 --> 00:19:17,560
Speaker 1: for those increased costs. And I mean, you know, there's

416
00:19:17,600 --> 00:19:20,040
Speaker 1: really no harm in asking I don't think, especially if

417
00:19:20,080 --> 00:19:22,160
Speaker 1: you do it kindly. And Matt, all right, let's get

418
00:19:22,160 --> 00:19:25,160
Speaker 1: onto savings rates. We talked about that recently on the show.

419
00:19:25,200 --> 00:19:28,320
Speaker 1: But but low savings rates are a plague, especially for

420
00:19:28,359 --> 00:19:31,560
Speaker 1: our listeners, for people that do care about having, you know,

421
00:19:32,200 --> 00:19:34,439
Speaker 1: a robust emergency fund and having a lot of money

422
00:19:34,640 --> 00:19:37,760
Speaker 1: set aside in a savings account. And let's say somebody's

423
00:19:37,760 --> 00:19:40,520
Speaker 1: got five thousand bucks in their savings account, Well, you

424
00:19:40,600 --> 00:19:43,520
Speaker 1: might earn two dollars and fifty cents in interest this

425
00:19:43,600 --> 00:19:46,000
Speaker 1: year on it, at least if you're at a point

426
00:19:46,080 --> 00:19:49,360
Speaker 1: oh five percent interest rate, which is actually higher than

427
00:19:49,440 --> 00:19:51,439
Speaker 1: what a lot of the big banks are gonna offer you.

428
00:19:51,520 --> 00:19:53,840
Speaker 1: But hopefully you're with an online savings account paying you

429
00:19:53,880 --> 00:19:56,480
Speaker 1: more than that. Still, savers are getting fed up with

430
00:19:56,520 --> 00:20:00,000
Speaker 1: insanely low rates. But there are actually some options where

431
00:20:00,119 --> 00:20:03,120
Speaker 1: you can earn a lot more than the average rates.

432
00:20:03,400 --> 00:20:06,480
Speaker 1: So interestingly enough, Matt, you tease to this earlier. A

433
00:20:06,520 --> 00:20:09,399
Speaker 1: cell phone provider is offering an outrageously good rate on

434
00:20:09,440 --> 00:20:11,960
Speaker 1: your savings. If you have self service through T Mobile,

435
00:20:12,200 --> 00:20:14,760
Speaker 1: you can get a four percent rate on your money

436
00:20:15,000 --> 00:20:17,400
Speaker 1: up to three thousand dollars that you have set aside,

437
00:20:17,600 --> 00:20:19,760
Speaker 1: that's really good. I mean, that's like, by far the

438
00:20:19,800 --> 00:20:22,640
Speaker 1: best rate in the country, if you're right, four percent

439
00:20:22,840 --> 00:20:25,719
Speaker 1: is huge. Um it means oftentimes paying more for your

440
00:20:25,760 --> 00:20:28,439
Speaker 1: self service. So don't switch just for that. But if

441
00:20:28,520 --> 00:20:31,200
Speaker 1: you already have T Mobile, if if they're already your

442
00:20:31,240 --> 00:20:35,160
Speaker 1: cell phone provider, take advantage of that UM offering from them,

443
00:20:35,200 --> 00:20:38,280
Speaker 1: because that could easily be a great starter for an

444
00:20:38,320 --> 00:20:41,199
Speaker 1: emergency fund where you're actually making a decent return on

445
00:20:41,240 --> 00:20:44,000
Speaker 1: your money as opposed to you know, earning practically nothing

446
00:20:44,160 --> 00:20:47,000
Speaker 1: most other places. Yeah, that sounds a little weird, right

447
00:20:47,040 --> 00:20:49,240
Speaker 1: that T Mobile like a cell phone service provider that

448
00:20:49,240 --> 00:20:51,040
Speaker 1: they would be providing something like that, But it's legit.

449
00:20:51,080 --> 00:20:53,159
Speaker 1: You know, their money is actually fd I c ensured,

450
00:20:53,240 --> 00:20:54,919
Speaker 1: so in that sense that's that's not a gamble with

451
00:20:54,920 --> 00:20:58,040
Speaker 1: your money, right And another way to get paid more

452
00:20:58,080 --> 00:20:59,920
Speaker 1: on your savings is to you know, you can jump

453
00:21:00,000 --> 00:21:02,080
Speaker 1: through some different hoops with some of the banks and

454
00:21:02,119 --> 00:21:05,879
Speaker 1: credit unions in order to get paid maybe three percent

455
00:21:06,240 --> 00:21:08,840
Speaker 1: or even more. Doctor of credit. They have a list

456
00:21:08,880 --> 00:21:13,000
Speaker 1: of nationwide and regional offers to that are worth checking out.

457
00:21:13,000 --> 00:21:15,280
Speaker 1: We'll make sure to link to those in our show notes. Also,

458
00:21:15,400 --> 00:21:17,639
Speaker 1: you could sign up for a new bank account in

459
00:21:17,720 --> 00:21:20,480
Speaker 1: order to snag a bonus. There's a great list of

460
00:21:20,760 --> 00:21:23,280
Speaker 1: which banks are offering sign up bonuses, as well as

461
00:21:23,280 --> 00:21:25,280
Speaker 1: the details involved, and again we'll make sure to link

462
00:21:25,359 --> 00:21:28,160
Speaker 1: to those in our show notes. Joel, you actually got

463
00:21:28,160 --> 00:21:30,720
Speaker 1: an account with Discover I guess, not that long ago

464
00:21:31,119 --> 00:21:33,560
Speaker 1: because of a sign up bonus, Right, yeah, I did.

465
00:21:33,600 --> 00:21:36,000
Speaker 1: I didn't really plan on sticking around either. I kind

466
00:21:36,000 --> 00:21:37,639
Speaker 1: of was like, all right, sweet, all, I'll take the

467
00:21:37,640 --> 00:21:39,760
Speaker 1: bonus um and and put some money there for a

468
00:21:39,760 --> 00:21:42,080
Speaker 1: little while and transfer back to my normal bank. But

469
00:21:42,280 --> 00:21:43,920
Speaker 1: I end up really liking the interface, and I was like,

470
00:21:43,960 --> 00:21:46,120
Speaker 1: all right, I'm gonna stick it out. Um. So yeah,

471
00:21:46,160 --> 00:21:48,600
Speaker 1: I think these sign up bonuses that's what banks are

472
00:21:48,640 --> 00:21:50,439
Speaker 1: hoping that you'll do when you sign up for an

473
00:21:50,440 --> 00:21:53,080
Speaker 1: account with them. You certainly don't have to, but that

474
00:21:53,200 --> 00:21:55,280
Speaker 1: list that you mentioned, Matt is so great. It gives

475
00:21:55,280 --> 00:21:57,520
Speaker 1: you all the details for you know how much you

476
00:21:57,560 --> 00:21:59,000
Speaker 1: need to put in that bank in order to get

477
00:21:59,040 --> 00:22:01,280
Speaker 1: a certain sign up bonus. And then the other lists

478
00:22:01,320 --> 00:22:03,480
Speaker 1: of banks what you mentioned, there were some hoops you

479
00:22:03,480 --> 00:22:06,280
Speaker 1: need to jump through. Sometimes it's uh setting up direct

480
00:22:06,320 --> 00:22:08,760
Speaker 1: deposit or using a debit card a certain amount of times,

481
00:22:08,960 --> 00:22:12,199
Speaker 1: or saving a certain percentage of your paycheck. There are hoops,

482
00:22:12,440 --> 00:22:14,199
Speaker 1: but you can get paid a whole lot more on

483
00:22:14,240 --> 00:22:16,520
Speaker 1: your money if you're willing to jump through those hoops.

484
00:22:16,520 --> 00:22:18,280
Speaker 1: And so yeah, I think taking a look at those

485
00:22:18,320 --> 00:22:21,119
Speaker 1: lists and seeing how you can potentially stretch your savings

486
00:22:21,160 --> 00:22:23,359
Speaker 1: and make more on that savings right now, at a

487
00:22:23,359 --> 00:22:25,640
Speaker 1: time when most banks just aren't paying very much, it's

488
00:22:25,640 --> 00:22:28,080
Speaker 1: worth looking into, yeah, and it's worth missioning to. I mean,

489
00:22:28,119 --> 00:22:30,240
Speaker 1: we've talked about how it's not always worth it to

490
00:22:30,320 --> 00:22:32,760
Speaker 1: chase the high interest rate, right because oftentimes these are

491
00:22:32,760 --> 00:22:35,320
Speaker 1: promotions that aren't going to be around for maybe a

492
00:22:35,359 --> 00:22:38,000
Speaker 1: super long time. But in particular, if you are with

493
00:22:38,040 --> 00:22:40,919
Speaker 1: one of the giant big banks where you're earning point

494
00:22:41,320 --> 00:22:46,200
Speaker 1: zero anything per cent, right or even less, uh, that's

495
00:22:46,240 --> 00:22:49,199
Speaker 1: a perfect instance and a perfect opportunity for you to

496
00:22:49,240 --> 00:22:51,240
Speaker 1: find the best rate as well as get away from

497
00:22:51,280 --> 00:22:53,520
Speaker 1: you know, some of those those crummier big banks as well.

498
00:22:53,560 --> 00:22:55,679
Speaker 1: And I think sometimes the more you have in savings, like,

499
00:22:55,720 --> 00:22:57,960
Speaker 1: the more reason you have to move. Right, if you've

500
00:22:57,960 --> 00:23:02,000
Speaker 1: got bucks in your savings account, there's just less upside,

501
00:23:02,080 --> 00:23:04,080
Speaker 1: you know, You're we we talked about how much money

502
00:23:04,080 --> 00:23:06,000
Speaker 1: you're gonna make an interest. It's not all that much.

503
00:23:06,000 --> 00:23:09,919
Speaker 1: But if you've if you've got fifteen million exactly, But

504
00:23:09,920 --> 00:23:11,160
Speaker 1: then you can want to have a bunch of bank

505
00:23:11,160 --> 00:23:14,080
Speaker 1: accounts because of the cap on FDIC insurance. Yeah, yeah,

506
00:23:14,080 --> 00:23:16,520
Speaker 1: it gets a little harry. But it also turns out

507
00:23:16,520 --> 00:23:19,400
Speaker 1: that not all of the high interest rate offerings out

508
00:23:19,400 --> 00:23:22,480
Speaker 1: there are legitimate too, So watch out for a new

509
00:23:22,680 --> 00:23:27,199
Speaker 1: slew of blockchain based savings accounts. Linus, block Fi and

510
00:23:27,280 --> 00:23:31,040
Speaker 1: others are building their products as traditional savings accounts, but

511
00:23:31,320 --> 00:23:35,160
Speaker 1: with impressive rates of return somewhere between four and nine percent.

512
00:23:35,600 --> 00:23:38,960
Speaker 1: These websites use a lot of similar terminology to what

513
00:23:39,119 --> 00:23:44,040
Speaker 1: banks use. They saving the savings experience or you know,

514
00:23:44,200 --> 00:23:46,240
Speaker 1: a new kind of account. They just say account, but

515
00:23:46,240 --> 00:23:48,479
Speaker 1: they don't tell you exactly what kind of account it is.

516
00:23:48,720 --> 00:23:51,040
Speaker 1: And so yeah, when you're seeing interest rates that are

517
00:23:51,119 --> 00:23:53,639
Speaker 1: that sky high, um, you do need to start to

518
00:23:53,680 --> 00:23:56,159
Speaker 1: ask questions. These products are not f d i C

519
00:23:56,320 --> 00:23:58,520
Speaker 1: insured and you could lose all of your savings by

520
00:23:58,520 --> 00:24:01,560
Speaker 1: putting your money with one of these banks. It isn't

521
00:24:01,600 --> 00:24:04,600
Speaker 1: really a bank. They're much more speculative, basing things on

522
00:24:04,720 --> 00:24:07,480
Speaker 1: blockchain lending and so yeah, we would say stick with

523
00:24:07,560 --> 00:24:10,320
Speaker 1: traditional banks that are fd i C insured. And while

524
00:24:10,320 --> 00:24:12,760
Speaker 1: there are ways to get paid more on your money,

525
00:24:12,960 --> 00:24:14,359
Speaker 1: you don't want to take on the risk with your

526
00:24:14,400 --> 00:24:16,840
Speaker 1: money that some of these other accounts are gonna put

527
00:24:16,880 --> 00:24:19,240
Speaker 1: you in danger of Yeah, that's right, man, I feel

528
00:24:19,240 --> 00:24:21,080
Speaker 1: like there's somewhere in the middle, right, like there's a

529
00:24:21,080 --> 00:24:23,040
Speaker 1: balance to strike. You don't necessarily want to be with,

530
00:24:23,640 --> 00:24:25,199
Speaker 1: you know, some of the brick and mortars that have

531
00:24:25,240 --> 00:24:28,000
Speaker 1: been around forever, the big names, But at the same time,

532
00:24:28,040 --> 00:24:29,760
Speaker 1: you don't want to go with some of these other

533
00:24:29,760 --> 00:24:32,520
Speaker 1: folks who is just like, oh that sounds super sexy,

534
00:24:32,840 --> 00:24:35,000
Speaker 1: super high rates of return. You probably want to play

535
00:24:35,040 --> 00:24:37,240
Speaker 1: it somewhere safe in the middle, a great online bank

536
00:24:37,240 --> 00:24:40,680
Speaker 1: that's got a great reputation while also having legit savings

537
00:24:40,680 --> 00:24:43,520
Speaker 1: accounts that are fd i C insured. All right, dude,

538
00:24:43,520 --> 00:24:45,720
Speaker 1: well that's gonna be it for this episode. Listeners can

539
00:24:45,720 --> 00:24:47,440
Speaker 1: find our shown utes up on the website at how

540
00:24:47,480 --> 00:24:50,680
Speaker 1: to money dot com. That's right, Thanks for listening to everybody.

541
00:24:50,720 --> 00:24:54,280
Speaker 1: We really appreciate it. Hav an awesome weekend, and Matt

542
00:24:54,359 --> 00:25:06,400
Speaker 1: until next time, Best friends out, Best Friends Out. Mmmm