1 00:00:00,240 --> 00:00:02,960 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,080 --> 00:00:05,720 Speaker 1: and today we're discussing money in the bank, student loan 3 00:00:05,800 --> 00:00:29,560 Speaker 1: forgiveness info, and the streaming password sharing clampdown begins. Yeah, man, 4 00:00:29,600 --> 00:00:31,760 Speaker 1: we've got those stories and you said money in the bank. 5 00:00:31,760 --> 00:00:34,639 Speaker 1: We're specifically talking about that stimmy money in the Bank's 6 00:00:34,640 --> 00:00:36,040 Speaker 1: a lot of money in the bank. You've hold me 7 00:00:36,120 --> 00:00:38,360 Speaker 1: over a lot of people. I'm calling it stimmy money now, 8 00:00:38,479 --> 00:00:40,440 Speaker 1: even though it's it's still hard for me to get behind, 9 00:00:40,479 --> 00:00:42,440 Speaker 1: I'm seeing more and more folks referred to it as 10 00:00:42,600 --> 00:00:44,640 Speaker 1: stimmy money, and I'm okay with it. It's like the 11 00:00:44,680 --> 00:00:46,440 Speaker 1: first time I've ever been on top of a trend. 12 00:00:46,520 --> 00:00:48,400 Speaker 1: So I'm gonna pat myself on the back for that. 13 00:00:48,960 --> 00:00:50,879 Speaker 1: Uh n f T s as well, right, like you're 14 00:00:50,920 --> 00:00:52,600 Speaker 1: gonna you're kind of done with that. But yeah, this 15 00:00:52,640 --> 00:00:55,240 Speaker 1: is our Friday Flight episode. This is where we cover 16 00:00:55,400 --> 00:00:56,960 Speaker 1: a lot of the stories, a lot of the news 17 00:00:56,960 --> 00:00:59,200 Speaker 1: that we came across this week, and specifically we address 18 00:00:59,480 --> 00:01:02,160 Speaker 1: how it's wount affect you and your money. Uh and Joel. 19 00:01:02,160 --> 00:01:03,760 Speaker 1: Before we get to that, though, I wanted to quickly 20 00:01:03,800 --> 00:01:06,720 Speaker 1: talk about the fact that we love online banks right. 21 00:01:07,400 --> 00:01:09,560 Speaker 1: I'm a huge fan of Ally. Actually, I've been with 22 00:01:09,640 --> 00:01:12,000 Speaker 1: him for a number of years now. Online banks are 23 00:01:12,000 --> 00:01:14,720 Speaker 1: great because typically no fees, they often pay the highest 24 00:01:14,720 --> 00:01:17,600 Speaker 1: interest rate. But one of the biggest downsides with online 25 00:01:17,600 --> 00:01:20,200 Speaker 1: banks what are you supposed to do with cash that 26 00:01:20,240 --> 00:01:22,679 Speaker 1: you happen to receive? Uh, you know, like from grandparents 27 00:01:22,680 --> 00:01:25,080 Speaker 1: for birthdays, that kind of thing under under the mattress, right, 28 00:01:25,120 --> 00:01:27,319 Speaker 1: that's where you putting. So I mean literally, up until now, 29 00:01:27,360 --> 00:01:30,000 Speaker 1: we've kind of we've been amassing some cash just from 30 00:01:30,120 --> 00:01:32,479 Speaker 1: kind of odds and inns, different things we've sold where 31 00:01:32,480 --> 00:01:35,319 Speaker 1: folks wanted to give us physical cash instead of you know, 32 00:01:35,360 --> 00:01:37,400 Speaker 1: doing the cash app. But yeah, like birthday money for 33 00:01:37,440 --> 00:01:39,440 Speaker 1: the kids, that kind of thing as well. Uh. And 34 00:01:39,480 --> 00:01:41,440 Speaker 1: so finally I'm like, okay, like we've got to do 35 00:01:41,480 --> 00:01:42,760 Speaker 1: something with this money. I want to I want to 36 00:01:42,800 --> 00:01:44,560 Speaker 1: get it on the books, like right now, it's just 37 00:01:44,640 --> 00:01:47,360 Speaker 1: in the drawer. I wanted on the books. But you 38 00:01:47,400 --> 00:01:49,360 Speaker 1: also know that I closed my account with my local 39 00:01:49,360 --> 00:01:52,680 Speaker 1: bank here, one of the big banks that we don't recommend, right, 40 00:01:53,040 --> 00:01:55,080 Speaker 1: But that leaves time ago, a long time ago. But 41 00:01:55,120 --> 00:01:57,080 Speaker 1: that leaves the question, how are you supposed to get 42 00:01:57,160 --> 00:02:00,960 Speaker 1: cash deposited into your bank. Uh, folks will recommend that 43 00:02:00,960 --> 00:02:03,480 Speaker 1: you do like the prepaid debit card. That's no good 44 00:02:03,640 --> 00:02:07,200 Speaker 1: because associated with US, yes exactly, some banks allow you 45 00:02:07,240 --> 00:02:08,720 Speaker 1: to do like the A t M deposit thing, like 46 00:02:08,720 --> 00:02:10,480 Speaker 1: where the A t M s are linked with with 47 00:02:10,720 --> 00:02:13,560 Speaker 1: their banks as well. Allied doesn't offer that, And so 48 00:02:13,720 --> 00:02:17,320 Speaker 1: the best answer that I've discovered is through a local 49 00:02:17,400 --> 00:02:19,960 Speaker 1: credit union. Uh. You know, we've talked about how great 50 00:02:20,000 --> 00:02:22,560 Speaker 1: credit unions are from you know, oftentimes you can get 51 00:02:22,560 --> 00:02:25,120 Speaker 1: the best rate if you're looking for a loan, but 52 00:02:25,200 --> 00:02:27,920 Speaker 1: they're also great as well because typically they're local, and 53 00:02:27,919 --> 00:02:30,160 Speaker 1: so you can go in in person, make that deposit, 54 00:02:30,160 --> 00:02:33,359 Speaker 1: and then I can digitally electronically transfer that money over 55 00:02:33,440 --> 00:02:35,480 Speaker 1: to the accounts where you know, we mostly keep the 56 00:02:35,480 --> 00:02:38,000 Speaker 1: majority of our money. And so that is yet again 57 00:02:38,040 --> 00:02:42,000 Speaker 1: another reason why we love local credit unions, because you know, 58 00:02:42,080 --> 00:02:44,680 Speaker 1: we love the theos. There's bigger online banks as well 59 00:02:44,720 --> 00:02:46,360 Speaker 1: that offered the good rates, but it's nice to have 60 00:02:46,520 --> 00:02:48,800 Speaker 1: a local credit union on your side for sure, totally. 61 00:02:48,919 --> 00:02:51,840 Speaker 1: And it is that that's like the biggest difficulty of 62 00:02:51,880 --> 00:02:53,919 Speaker 1: doing most of your banking with an online bank is 63 00:02:53,960 --> 00:02:55,400 Speaker 1: what do you do when you have a lot of cash. 64 00:02:55,720 --> 00:02:57,680 Speaker 1: And sometimes you can just incorporate that near budget and 65 00:02:57,680 --> 00:02:59,920 Speaker 1: spend cash when you're going out, but then you're foregoing 66 00:03:00,040 --> 00:03:02,360 Speaker 1: credit card rewards and stuff like that. And and I mean, 67 00:03:02,400 --> 00:03:03,600 Speaker 1: and for me, I like, I just want to be 68 00:03:03,600 --> 00:03:05,519 Speaker 1: able to account for it, because we talked about doing that, 69 00:03:05,520 --> 00:03:07,160 Speaker 1: because we're like, you know what, we can just roll 70 00:03:07,200 --> 00:03:09,800 Speaker 1: that into our groceries and then reduced our grocery budget 71 00:03:09,800 --> 00:03:12,080 Speaker 1: for the month by that same amount. But I like 72 00:03:12,160 --> 00:03:13,639 Speaker 1: to track all of our expenses at the end of 73 00:03:13,639 --> 00:03:15,919 Speaker 1: the year. And you know, literally I told a lot 74 00:03:15,919 --> 00:03:18,240 Speaker 1: of every digital recording of yes, yeah, and then I'm like, well, 75 00:03:18,240 --> 00:03:20,600 Speaker 1: that's going to ruin my records. And then and then 76 00:03:20,840 --> 00:03:23,160 Speaker 1: twenty years from now when we look back at it's 77 00:03:23,160 --> 00:03:24,800 Speaker 1: just gonna mess up. Yeah, what it looks like we 78 00:03:24,840 --> 00:03:26,880 Speaker 1: spent on grocery and you have your budget numbers back 79 00:03:26,880 --> 00:03:28,919 Speaker 1: to what like two thousand nine or something like two 80 00:03:28,919 --> 00:03:33,600 Speaker 1: thousand and six. Sorry for not giving your full credit. 81 00:03:34,040 --> 00:03:38,000 Speaker 1: Uh that's recognized, My bad. But yeah, like you said, 82 00:03:38,040 --> 00:03:39,880 Speaker 1: another good reason to have a relationship with a local 83 00:03:39,920 --> 00:03:42,080 Speaker 1: credit union. And man, it's about time to get onto 84 00:03:42,160 --> 00:03:44,640 Speaker 1: the Friday flight. But before we get to that, we 85 00:03:44,680 --> 00:03:46,960 Speaker 1: had a book giveaway that we announced last Friday, and 86 00:03:47,000 --> 00:03:48,760 Speaker 1: then we have some winners that we need to announce now, 87 00:03:48,920 --> 00:03:51,280 Speaker 1: that's right. Yeah, we appreciate everyone who left us a 88 00:03:51,280 --> 00:03:53,840 Speaker 1: review and thank you for emailing us to let us 89 00:03:53,880 --> 00:03:56,800 Speaker 1: know that you have a review in because that is 90 00:03:56,840 --> 00:04:00,360 Speaker 1: your ticket to entry. And so here are our four winners. 91 00:04:00,440 --> 00:04:04,000 Speaker 1: Uh den z z is one. Uh second was D 92 00:04:04,200 --> 00:04:07,840 Speaker 1: McConnell thirteen, Mitcham thirty six. O four was another, and 93 00:04:07,880 --> 00:04:11,240 Speaker 1: then our fourth winner is R. C Cat thirteen. And 94 00:04:11,280 --> 00:04:13,560 Speaker 1: so all four of you have emailed us and we'll 95 00:04:13,560 --> 00:04:15,160 Speaker 1: we'll make sure to reach back out to you, get 96 00:04:15,200 --> 00:04:16,800 Speaker 1: your mailing address, and we will be sure to get 97 00:04:16,800 --> 00:04:19,400 Speaker 1: those in the mail very soon. Yeah, and let's hope 98 00:04:19,600 --> 00:04:22,320 Speaker 1: USPS gets her act together and start sending stuff a 99 00:04:22,320 --> 00:04:25,080 Speaker 1: little faster, but as fast as we can. We'll get 100 00:04:25,120 --> 00:04:27,120 Speaker 1: him in the mail to you absolutely, and then USPS 101 00:04:27,120 --> 00:04:28,920 Speaker 1: will hope they do the rest. Yeah, and so thanks 102 00:04:28,920 --> 00:04:31,120 Speaker 1: to everybody who entered as well. Will make sure too. Yeah. 103 00:04:31,200 --> 00:04:32,839 Speaker 1: I like this giveaways, man. It's a fun way for 104 00:04:32,920 --> 00:04:35,600 Speaker 1: us to connect with our listeners as well as our 105 00:04:35,640 --> 00:04:38,200 Speaker 1: listeners to dive in a little bit deeper into some 106 00:04:38,279 --> 00:04:40,279 Speaker 1: of the books that are our guests have written, uh, 107 00:04:40,400 --> 00:04:42,000 Speaker 1: some of the guests who have come on the show. Yeah, 108 00:04:42,000 --> 00:04:43,640 Speaker 1: there will be more of these in the future for sure, 109 00:04:43,720 --> 00:04:45,719 Speaker 1: So thanks for playing well. All right, let's go ahead 110 00:04:45,720 --> 00:04:47,600 Speaker 1: and get to those stories, and let's start with the 111 00:04:47,680 --> 00:04:50,680 Speaker 1: tax filing extension. The I r S has announced that 112 00:04:50,720 --> 00:04:53,080 Speaker 1: they are going to extend the tax filing deadline from 113 00:04:53,120 --> 00:04:56,360 Speaker 1: the classic April fifteenth to May seventeenth this year to 114 00:04:56,400 --> 00:04:58,599 Speaker 1: give folks a little more time to get their act together, 115 00:04:58,920 --> 00:05:00,800 Speaker 1: to give those accounting those c p A is out 116 00:05:00,800 --> 00:05:02,680 Speaker 1: there a little more time to get all their work 117 00:05:02,720 --> 00:05:05,360 Speaker 1: done too. And this also applies to any taxes that 118 00:05:05,400 --> 00:05:08,640 Speaker 1: maybe do Those payments also aren't going to be due 119 00:05:08,720 --> 00:05:12,560 Speaker 1: until May seventeen, right, and this applies to federal tax returns, 120 00:05:12,640 --> 00:05:16,320 Speaker 1: not your state taxes. Those might still be due just 121 00:05:16,360 --> 00:05:18,640 Speaker 1: like they normally are, but we would recommend that you 122 00:05:18,720 --> 00:05:22,440 Speaker 1: check with your state's Department of Taxation or revenue to 123 00:05:22,480 --> 00:05:25,240 Speaker 1: make sure on that. And this also doesn't apply if 124 00:05:25,240 --> 00:05:28,320 Speaker 1: you have to make quarterly estimates either. Those are also 125 00:05:28,440 --> 00:05:30,800 Speaker 1: still due on April fifteenth, But for most people, it's 126 00:05:30,880 --> 00:05:32,880 Speaker 1: nice to know you have an extra month to essentially 127 00:05:32,880 --> 00:05:35,720 Speaker 1: file your federal taxes and let's get to our next story, Matt, 128 00:05:35,920 --> 00:05:38,960 Speaker 1: stimmy money. Alright, money in the bank. People have found 129 00:05:39,160 --> 00:05:42,000 Speaker 1: that their stimulus money, in large part has been deposited. 130 00:05:42,040 --> 00:05:44,200 Speaker 1: A lot of people have received that money, some people 131 00:05:44,240 --> 00:05:48,080 Speaker 1: as early as last Friday, right when the bill was 132 00:05:48,080 --> 00:05:50,960 Speaker 1: signed on Thursday. It's incredible. So yeah, now people are 133 00:05:50,960 --> 00:05:52,880 Speaker 1: probably wondering what what should we do with that money? 134 00:05:53,160 --> 00:05:56,360 Speaker 1: And I'm going to suggest gronk and f t S, Like, uh, 135 00:05:56,520 --> 00:06:00,440 Speaker 1: you're buying a digital Gronk super Bowl playing cards probably 136 00:06:00,440 --> 00:06:02,159 Speaker 1: one of the best way to We talked about this 137 00:06:02,240 --> 00:06:04,760 Speaker 1: last week, right n f T S. If you are 138 00:06:04,800 --> 00:06:07,560 Speaker 1: not sure what non fungible tokens are, you can uh yeah, 139 00:06:07,640 --> 00:06:09,680 Speaker 1: listen back to that last Friday's episode where we talked 140 00:06:09,680 --> 00:06:12,680 Speaker 1: about that. And of course we're joking. We would not 141 00:06:12,800 --> 00:06:15,039 Speaker 1: recommend you to dive into n f t s unless 142 00:06:15,080 --> 00:06:16,520 Speaker 1: it's just something that you want to do for fun. 143 00:06:16,760 --> 00:06:18,560 Speaker 1: But like you said, a lot of folks have already 144 00:06:18,600 --> 00:06:20,880 Speaker 1: received their stimulus money. Uh. And if you believe that 145 00:06:20,880 --> 00:06:23,200 Speaker 1: that you are eligible and you haven't received your stimulus 146 00:06:23,200 --> 00:06:25,440 Speaker 1: money yet, you can head over to the get my 147 00:06:25,480 --> 00:06:27,599 Speaker 1: Payment tool on the I r S website to check 148 00:06:27,640 --> 00:06:29,960 Speaker 1: the status of your payment. We'll make sure to link 149 00:06:29,960 --> 00:06:31,320 Speaker 1: to that in our show notes. Yep. And in the 150 00:06:31,360 --> 00:06:33,880 Speaker 1: I R S, by the way, was already short staffed 151 00:06:33,920 --> 00:06:36,039 Speaker 1: and in the middle of a really busy tax season, 152 00:06:36,080 --> 00:06:39,000 Speaker 1: and then this bill gets passed and there's a whole 153 00:06:39,040 --> 00:06:41,320 Speaker 1: lot more thrown onto their plate. Right, So it's important 154 00:06:41,360 --> 00:06:43,479 Speaker 1: to note that if you've already filed your taxes and 155 00:06:43,520 --> 00:06:46,280 Speaker 1: you're do a refund but you haven't received it yet, 156 00:06:46,440 --> 00:06:48,240 Speaker 1: it's important to be patient because the I R S, 157 00:06:48,480 --> 00:06:50,840 Speaker 1: I promise is working on it. You could try to 158 00:06:50,880 --> 00:06:52,400 Speaker 1: call the I R S and figure out why your 159 00:06:52,400 --> 00:06:54,839 Speaker 1: return has been delayed. On the Telly, you could go 160 00:06:54,880 --> 00:06:56,760 Speaker 1: old school, and I don't think I have a chat feature. 161 00:06:56,839 --> 00:06:58,800 Speaker 1: Telly is like really old school. I guess Selly is 162 00:06:58,839 --> 00:07:02,520 Speaker 1: like the most recent way to call somebody. That's true. 163 00:07:02,560 --> 00:07:04,640 Speaker 1: I can't tell you the last time I used the landline, 164 00:07:05,920 --> 00:07:08,560 Speaker 1: but yeah, I would say, don't bother calling guys, because 165 00:07:08,560 --> 00:07:09,680 Speaker 1: you could be on hold for a while. A lot 166 00:07:09,720 --> 00:07:11,720 Speaker 1: of people are asking the same question and you probably 167 00:07:11,760 --> 00:07:13,640 Speaker 1: won't get a great answer. Just know that the I 168 00:07:13,760 --> 00:07:15,760 Speaker 1: R S has a lot on its plate trying to 169 00:07:15,800 --> 00:07:18,920 Speaker 1: distribute the stimulus money and getting refunds out the door 170 00:07:19,040 --> 00:07:21,240 Speaker 1: in the midst of COVID times and so hopefully your 171 00:07:21,280 --> 00:07:24,680 Speaker 1: tax refund also get to put in your bank account soon. 172 00:07:25,000 --> 00:07:27,320 Speaker 1: That's true. Yeah, so let's talk the more about what 173 00:07:27,360 --> 00:07:29,720 Speaker 1: you should actually do if you receive some of that 174 00:07:29,760 --> 00:07:33,320 Speaker 1: Stimmi money from this latest piece of legislation. And the 175 00:07:33,360 --> 00:07:36,440 Speaker 1: answer is that, honestly, it depends, right, And we know 176 00:07:36,520 --> 00:07:38,960 Speaker 1: that's not a great answer, but like it really does 177 00:07:39,000 --> 00:07:42,320 Speaker 1: depend on your specific financial situation. Uh, if you are 178 00:07:42,520 --> 00:07:45,440 Speaker 1: one of the folks that have been majorly hurt by COVID, 179 00:07:45,800 --> 00:07:48,080 Speaker 1: maybe you know, just from a like a business standpoint, 180 00:07:48,080 --> 00:07:50,480 Speaker 1: maybe from a personal finance standpoint, like it's best to 181 00:07:50,560 --> 00:07:53,080 Speaker 1: keep this money on hand in your savings account. Definitely 182 00:07:53,160 --> 00:07:55,320 Speaker 1: don't spend it just on a spur of the moment 183 00:07:55,400 --> 00:07:57,960 Speaker 1: kind of vacation, spontaneous vacation or like an n f 184 00:07:58,000 --> 00:08:02,280 Speaker 1: t of an Elon Musk tweet. Uh. Even you know, 185 00:08:02,480 --> 00:08:04,320 Speaker 1: like doing something smart with your money, like paying down 186 00:08:04,360 --> 00:08:08,239 Speaker 1: debt could be ill advised unless that debt is carrying 187 00:08:08,640 --> 00:08:12,240 Speaker 1: a higher interest rate, like credit card debt specifically. Uh So, 188 00:08:12,360 --> 00:08:14,240 Speaker 1: like we would point folks to check out our Money 189 00:08:14,240 --> 00:08:17,600 Speaker 1: Gears episode that's episode number three O two if you 190 00:08:17,640 --> 00:08:20,720 Speaker 1: haven't yet, so that you can just essentially develop more 191 00:08:20,760 --> 00:08:23,760 Speaker 1: of a game plan for how to proceed with your money, 192 00:08:23,800 --> 00:08:25,680 Speaker 1: because we feel that it's important to go in a 193 00:08:25,720 --> 00:08:28,520 Speaker 1: specific order with your money, and it all depends on 194 00:08:28,560 --> 00:08:32,000 Speaker 1: where you currently are on your journey. Yeah, and Matt, there, 195 00:08:32,000 --> 00:08:35,240 Speaker 1: of course some Americans who are making good money that 196 00:08:35,280 --> 00:08:38,360 Speaker 1: we're still eligible for stimulus funds, right, and so they're 197 00:08:38,360 --> 00:08:41,000 Speaker 1: getting money that they don't necessarily need. For some people, 198 00:08:41,040 --> 00:08:43,720 Speaker 1: these were funds that they needed to get by and 199 00:08:43,720 --> 00:08:45,840 Speaker 1: then for a lot of other people not so much. 200 00:08:46,280 --> 00:08:48,400 Speaker 1: And so if you are one of the fortunate Americans 201 00:08:48,440 --> 00:08:51,280 Speaker 1: that hasn't been negatively affected, or in some cases you 202 00:08:51,280 --> 00:08:53,959 Speaker 1: did even better financially in the past year, you should 203 00:08:53,960 --> 00:08:56,320 Speaker 1: also look to that Money Gears episode to see where 204 00:08:56,360 --> 00:08:58,319 Speaker 1: you're at and how you should proceed with the extra 205 00:08:58,320 --> 00:09:00,720 Speaker 1: money that's hitting your account, and in all likelihood you 206 00:09:00,720 --> 00:09:03,079 Speaker 1: should be investing more with the additional dough that you've 207 00:09:03,120 --> 00:09:05,800 Speaker 1: got on hand now. And also to don't neglect to 208 00:09:05,880 --> 00:09:07,880 Speaker 1: use some of this money in your community at the 209 00:09:07,920 --> 00:09:10,880 Speaker 1: small businesses and restaurants that you love. Many of those 210 00:09:10,880 --> 00:09:13,600 Speaker 1: businesses are still in the rebound, and you know your 211 00:09:13,640 --> 00:09:17,160 Speaker 1: stimulus money could really help them in this recovery. It's 212 00:09:17,200 --> 00:09:19,680 Speaker 1: also too worth considering giving away a chunk of this 213 00:09:19,760 --> 00:09:22,240 Speaker 1: money to nonprofits that you love, because you know, many 214 00:09:22,280 --> 00:09:24,760 Speaker 1: of those have been adversely affected and have been struggling 215 00:09:24,760 --> 00:09:27,199 Speaker 1: because of COVID too. That's right. Yeah, So do you 216 00:09:27,280 --> 00:09:29,400 Speaker 1: have any plans for your stimulus money? Yeah? Man, I 217 00:09:29,400 --> 00:09:31,600 Speaker 1: think I think I'm gonna use some of it to invest, 218 00:09:31,640 --> 00:09:32,760 Speaker 1: some of it to give away, and some of it 219 00:09:32,800 --> 00:09:34,319 Speaker 1: to spend locally. I mean, really, it's going to be 220 00:09:34,400 --> 00:09:37,920 Speaker 1: kind of a trifecta approach with with those three things. Yeah, 221 00:09:38,000 --> 00:09:40,440 Speaker 1: we're definitely gonna be giving away a pretty large chunk 222 00:09:40,480 --> 00:09:43,720 Speaker 1: of that steamless money. But also, man, so on on Monday, 223 00:09:43,760 --> 00:09:46,079 Speaker 1: we we talked with Sean and he mentioned like that 224 00:09:46,160 --> 00:09:49,280 Speaker 1: his you know, his crafty equivalent was travel, but like 225 00:09:49,280 --> 00:09:51,920 Speaker 1: specifically to Hawaii, and that like really kind of got 226 00:09:51,920 --> 00:09:56,160 Speaker 1: me thinking about saving up for a bit for a trip. Uh, Like, Kate, Now, 227 00:09:56,160 --> 00:09:58,000 Speaker 1: we've got a big innniversary coming up next year, and 228 00:09:58,000 --> 00:10:01,720 Speaker 1: we've never gone on a trip like that. We've never flown. No, 229 00:10:01,840 --> 00:10:03,160 Speaker 1: I be flown somewhere to go to the beach, I 230 00:10:03,160 --> 00:10:05,120 Speaker 1: guess on our honeymoon. But like that was a long 231 00:10:05,160 --> 00:10:08,760 Speaker 1: long time ago. Since then, it's only been driving to Florida. Yeah, exactly. 232 00:10:08,800 --> 00:10:10,880 Speaker 1: And so like, here's the thing, this isn't even a 233 00:10:10,880 --> 00:10:13,199 Speaker 1: trip that's going to be this year. This is something 234 00:10:13,480 --> 00:10:15,520 Speaker 1: like we're even considering maybe for next year, which sounds 235 00:10:15,600 --> 00:10:17,439 Speaker 1: kind of crazy, but like that's the best way to 236 00:10:17,520 --> 00:10:19,679 Speaker 1: slowly start saving up for a big financial goal, right, Like, 237 00:10:19,720 --> 00:10:21,680 Speaker 1: when you have time on your side, you just start 238 00:10:21,760 --> 00:10:23,720 Speaker 1: chipping away at it slowly. But who knows, you know, 239 00:10:23,720 --> 00:10:25,680 Speaker 1: we've never done anything like that before, but it's definitely 240 00:10:25,679 --> 00:10:28,040 Speaker 1: something we're considering off in the future a little bit. 241 00:10:28,040 --> 00:10:30,720 Speaker 1: And how about to sneak into your luggage for that trip. Yeah, 242 00:10:30,720 --> 00:10:32,440 Speaker 1: I'm not sure if Kate would appreciate you being a 243 00:10:32,480 --> 00:10:35,439 Speaker 1: third wheel on the on that trip. I promised not 244 00:10:35,480 --> 00:10:39,240 Speaker 1: to bother you guys. All right, let's mention something else, Matt, 245 00:10:39,320 --> 00:10:42,000 Speaker 1: that that made its way into the relief bill that 246 00:10:42,000 --> 00:10:44,640 Speaker 1: we didn't actually cover last week on the show. And 247 00:10:44,720 --> 00:10:47,080 Speaker 1: that's the fact that taxes are going to be waived 248 00:10:47,320 --> 00:10:50,520 Speaker 1: on student loans that are forgiven in the next five years. Yeah, 249 00:10:50,760 --> 00:10:53,400 Speaker 1: this big news if you're one of those people who 250 00:10:53,559 --> 00:10:58,160 Speaker 1: is on track to have your student loans forgiven before January, 251 00:10:58,240 --> 00:11:00,880 Speaker 1: before the bill passed, if you had hit the eligibility 252 00:11:00,960 --> 00:11:03,880 Speaker 1: mark for student loan forgiveness and had the rest of 253 00:11:03,920 --> 00:11:07,240 Speaker 1: your debt discharged, you know, taxes on the forgiven amount, 254 00:11:07,400 --> 00:11:08,719 Speaker 1: and that could be a bit of a shock to 255 00:11:08,800 --> 00:11:11,760 Speaker 1: folks who weren't planning on That's like, you didn't realize 256 00:11:11,760 --> 00:11:14,240 Speaker 1: that that was the case, right. But because of this bill, 257 00:11:14,360 --> 00:11:18,560 Speaker 1: through January of folks who have their student loan debt 258 00:11:18,600 --> 00:11:22,360 Speaker 1: forgiven won't oe tax on the forgiven balance. And that's 259 00:11:22,360 --> 00:11:24,600 Speaker 1: just another bright spot for folks who are headed towards 260 00:11:24,600 --> 00:11:27,439 Speaker 1: forgiveness in the upcoming years. The lack of student loan 261 00:11:27,559 --> 00:11:30,880 Speaker 1: payments over this time for everyone, but people in particular 262 00:11:30,880 --> 00:11:33,600 Speaker 1: who are headed towards PSLF has been a boon. And 263 00:11:33,640 --> 00:11:36,120 Speaker 1: then this on top of that is just really really 264 00:11:36,160 --> 00:11:38,679 Speaker 1: big news for people that are in that camp. That's right, man. 265 00:11:38,720 --> 00:11:40,520 Speaker 1: And we know we were just talking about giving money away. 266 00:11:40,520 --> 00:11:43,160 Speaker 1: We're talking about charity. Let's mention this heartwarming story we 267 00:11:43,200 --> 00:11:46,000 Speaker 1: saw this week as well. There's a small company in 268 00:11:46,000 --> 00:11:49,400 Speaker 1: Atlanta that is doing landlording. A little bit differently. The 269 00:11:49,440 --> 00:11:52,840 Speaker 1: Wall Street Journal ran a fantastic profile of Promise Homes 270 00:11:53,280 --> 00:11:55,720 Speaker 1: UH and they are acquiring rental properties with the hopes 271 00:11:55,760 --> 00:11:59,560 Speaker 1: of spring tenants on towards home ownership. They provide credit 272 00:11:59,640 --> 00:12:02,400 Speaker 1: as well US financial counseling free of charge to push 273 00:12:02,440 --> 00:12:04,480 Speaker 1: them in that direction. Uh. And this is actually a 274 00:12:04,480 --> 00:12:07,360 Speaker 1: for profit company, but they work closely with the nonprofit 275 00:12:07,400 --> 00:12:11,120 Speaker 1: Operation Hope that was specifically founded to reduce the racial 276 00:12:11,200 --> 00:12:13,400 Speaker 1: wealth gap. So we thought that was pretty cool. Yeah, Matt, 277 00:12:13,640 --> 00:12:16,480 Speaker 1: there have been so many stories about Wall Street landlords. 278 00:12:16,520 --> 00:12:20,040 Speaker 1: You know, these giant corporations getting into the rental game 279 00:12:20,280 --> 00:12:23,320 Speaker 1: and the way they treat tenants is pretty awful in 280 00:12:23,360 --> 00:12:26,080 Speaker 1: most cases. The fees and then lack of compassion that 281 00:12:26,160 --> 00:12:29,960 Speaker 1: they bring oftentimes into you know, tenant problems are something 282 00:12:29,960 --> 00:12:32,080 Speaker 1: that's tough to read about. And so yeah, seeing that 283 00:12:32,120 --> 00:12:34,760 Speaker 1: there is a company that's trying to do the exact opposite, 284 00:12:34,800 --> 00:12:37,800 Speaker 1: that's trying to give tenants leg up was just encouraging 285 00:12:37,840 --> 00:12:41,040 Speaker 1: and I thought, yeah, heartwarming and inspiring absolutely. Uh yeah. Well, 286 00:12:41,080 --> 00:12:43,400 Speaker 1: on the note of rental properties, let's give a quick 287 00:12:43,480 --> 00:12:45,280 Speaker 1: update two on a story that we talked about a 288 00:12:45,360 --> 00:12:48,040 Speaker 1: month ago. This one actually specifically has to do with 289 00:12:48,080 --> 00:12:50,680 Speaker 1: where we live in Atlanta. Short term rental sites on 290 00:12:50,720 --> 00:12:53,600 Speaker 1: Airbnb we're about to get shut down cold by the 291 00:12:53,600 --> 00:12:56,400 Speaker 1: city of Atlanta. There was talking about literally banning short 292 00:12:56,480 --> 00:13:00,440 Speaker 1: term rentals altogether. Fortunately that didn't happen, though. The the 293 00:13:00,480 --> 00:13:04,200 Speaker 1: Atlanta City Council just passed short term rental regulations that 294 00:13:04,280 --> 00:13:07,120 Speaker 1: allow folks to keep renting a room or a home 295 00:13:07,240 --> 00:13:10,280 Speaker 1: for thirty days or less. But the city of Atlanta 296 00:13:10,360 --> 00:13:13,080 Speaker 1: is also going to take their cut. If you partake 297 00:13:13,120 --> 00:13:15,520 Speaker 1: in short term rentals, you'll need to get a hundred 298 00:13:15,520 --> 00:13:18,679 Speaker 1: and fifty dollar license and start collecting hotel tax from 299 00:13:18,720 --> 00:13:21,960 Speaker 1: folks to stay in your place. Airbnb might automatically tax 300 00:13:22,000 --> 00:13:24,360 Speaker 1: your guests. It depends on where you live. We'll put 301 00:13:24,559 --> 00:13:27,640 Speaker 1: a link to Airbnb's website where they actually detail whether 302 00:13:27,760 --> 00:13:30,600 Speaker 1: or not they collect those taxes on your behalf. But 303 00:13:30,640 --> 00:13:32,920 Speaker 1: based on some of the headlines that we initially saw 304 00:13:33,000 --> 00:13:35,040 Speaker 1: around this mat this is actually good news, I think, 305 00:13:35,080 --> 00:13:37,360 Speaker 1: because I know there were some people, you know, quaking 306 00:13:37,360 --> 00:13:39,640 Speaker 1: in their boots a little bit that Airbnb, like their 307 00:13:39,679 --> 00:13:42,160 Speaker 1: side income, was gonna get shut down by the city. Yeah, 308 00:13:42,200 --> 00:13:43,760 Speaker 1: I mean not only side income, but for a lot 309 00:13:43,800 --> 00:13:46,000 Speaker 1: of folks, I mean it has turned, it has morphed 310 00:13:46,040 --> 00:13:50,320 Speaker 1: into their primary means of doing business. So that's definitely 311 00:13:50,400 --> 00:13:53,120 Speaker 1: some good news for those folks here in Atlanta. But yeah, 312 00:13:53,120 --> 00:13:55,640 Speaker 1: it's definitely something to be aware of regardless of where 313 00:13:55,679 --> 00:13:57,800 Speaker 1: you live. All Right, so we're gonna take a quick break. 314 00:13:58,240 --> 00:14:00,360 Speaker 1: Then after that, we're gonna get to some news regarding 315 00:14:00,480 --> 00:14:03,640 Speaker 1: refinancing your mortgage. We've got some streaming news as well 316 00:14:03,720 --> 00:14:06,240 Speaker 1: as our ludicrous headline of the week, all of that 317 00:14:06,320 --> 00:14:18,040 Speaker 1: right after this. Alright, we're back, and now it's time 318 00:14:18,120 --> 00:14:20,840 Speaker 1: for our ludicrous headline of the week. This one comes 319 00:14:20,880 --> 00:14:24,400 Speaker 1: from the Washington Post and the headline read, want to 320 00:14:24,440 --> 00:14:27,600 Speaker 1: borrow that e book from the library? Sorry, Amazon won't 321 00:14:27,680 --> 00:14:30,480 Speaker 1: let you. And Matt this one bummed me out because 322 00:14:30,520 --> 00:14:33,400 Speaker 1: there have been some stories recently about Amazon's business tactics 323 00:14:33,680 --> 00:14:36,240 Speaker 1: and they aren't all that friendly, but this one, in particular, 324 00:14:36,280 --> 00:14:38,880 Speaker 1: for me, was frustrating to read about because Amazon is 325 00:14:38,920 --> 00:14:41,360 Speaker 1: refusing to sell e books and audio books that it's 326 00:14:41,400 --> 00:14:44,440 Speaker 1: published where it's been the actual publisher to libraries, and 327 00:14:44,480 --> 00:14:46,800 Speaker 1: I felt like that was super not cool. Yeah, dude, 328 00:14:46,840 --> 00:14:48,880 Speaker 1: that's a huge bummer because I mean, our family we 329 00:14:49,080 --> 00:14:51,400 Speaker 1: used like the Libby app, which is typically uh an 330 00:14:51,440 --> 00:14:54,360 Speaker 1: app that is linked with your local library. It allows 331 00:14:54,360 --> 00:14:56,360 Speaker 1: you to access e books and audio books. I mean, 332 00:14:56,440 --> 00:14:58,840 Speaker 1: our girls have listened through all of the Wizard of 333 00:14:58,840 --> 00:15:00,640 Speaker 1: Oz books. There's like fifteen of them. Like, I think 334 00:15:00,680 --> 00:15:03,680 Speaker 1: it's something like forty hours forty hours of audio book. 335 00:15:03,880 --> 00:15:06,080 Speaker 1: I think they've listened through that like four different times. 336 00:15:06,080 --> 00:15:08,880 Speaker 1: Oh my gosh, it's insane. But the thing is you're 337 00:15:08,880 --> 00:15:11,640 Speaker 1: not You're not gonna find some more popular titles that 338 00:15:11,760 --> 00:15:15,120 Speaker 1: Amazon publishes because well, you know, Amazon doesn't think that 339 00:15:15,120 --> 00:15:18,560 Speaker 1: that libraries deserve these works. They're hanging onto those uh 340 00:15:18,600 --> 00:15:22,040 Speaker 1: not allowing libraries to get those works via something like Libby. Again, 341 00:15:22,080 --> 00:15:24,320 Speaker 1: that's a huge bummer. Yeah, I'm a huge audio book 342 00:15:24,440 --> 00:15:26,480 Speaker 1: fan myself. I listen to quite a few on the 343 00:15:26,520 --> 00:15:29,920 Speaker 1: Libby app through my local library, And yeah, it stinks 344 00:15:29,960 --> 00:15:31,240 Speaker 1: that you're not gonna be able to find some of 345 00:15:31,240 --> 00:15:35,640 Speaker 1: the most popular books that Amazon publishes on your library app. Instead, 346 00:15:35,760 --> 00:15:38,200 Speaker 1: Amazon wants you to go to their website and pay 347 00:15:38,240 --> 00:15:40,320 Speaker 1: them to be able to listen to that stuff. And 348 00:15:40,360 --> 00:15:43,840 Speaker 1: Amazon usually doesn't have a problem selling physical books to libraries. 349 00:15:44,240 --> 00:15:46,640 Speaker 1: It's curious that they're drawing the line here because Matt. 350 00:15:46,720 --> 00:15:50,360 Speaker 1: Interestingly enough, libraries usually pay more for each audio book 351 00:15:50,400 --> 00:15:52,120 Speaker 1: in the book that they purchased. You know, you might 352 00:15:52,160 --> 00:15:55,280 Speaker 1: pay ten bucks for any book and Amazon gets paid 353 00:15:55,280 --> 00:15:58,920 Speaker 1: a hundred bucks by a library because the rights are different. Right, 354 00:15:59,160 --> 00:16:02,200 Speaker 1: So here's me hoping that Amazon is going to relent 355 00:16:02,360 --> 00:16:04,960 Speaker 1: from this and start offering the titles that it publishes 356 00:16:05,000 --> 00:16:07,840 Speaker 1: to local libraries again soon. I feel like it's these 357 00:16:07,960 --> 00:16:10,400 Speaker 1: kind of tactics that are going to quickly make Amazon 358 00:16:10,560 --> 00:16:13,920 Speaker 1: unpopular with their customers if they're shutting down access to 359 00:16:14,120 --> 00:16:16,840 Speaker 1: libraries being able to have the works that they publish. Um, 360 00:16:16,880 --> 00:16:18,920 Speaker 1: I could see a backlash maybe in the works if 361 00:16:18,920 --> 00:16:23,240 Speaker 1: this kind of strategy continues hashtag boycott Amazon or I 362 00:16:23,240 --> 00:16:24,720 Speaker 1: don't know, maybe we can come with something catcher than that, 363 00:16:24,800 --> 00:16:27,240 Speaker 1: and maybe not yet. We'll see. But dude, speaking of 364 00:16:27,760 --> 00:16:32,680 Speaker 1: giant tech companies, the password sharing crackdown is coming. For years, 365 00:16:32,800 --> 00:16:35,760 Speaker 1: most of the major streaming companies like like Netflix especially, 366 00:16:36,000 --> 00:16:38,640 Speaker 1: have taken kind of a laz fair approach to sharing 367 00:16:38,720 --> 00:16:41,800 Speaker 1: streaming passwords with friends and family members. I think that's 368 00:16:41,840 --> 00:16:44,400 Speaker 1: a big reason why they started implementing like the different profiles, 369 00:16:44,400 --> 00:16:45,880 Speaker 1: you know, like when you would you can log in 370 00:16:45,920 --> 00:16:48,440 Speaker 1: and keep up with what you're watching. Uh, that way, 371 00:16:48,480 --> 00:16:51,160 Speaker 1: you're not being recommended to watch something based on maybe 372 00:16:51,160 --> 00:16:53,800 Speaker 1: what your brother in law watched. Right. Uh, but here's 373 00:16:53,800 --> 00:16:55,360 Speaker 1: the thing, it doesn't look like that's gonna be the 374 00:16:55,360 --> 00:16:59,200 Speaker 1: case for much longer. The Streamable reports that Netflix recently 375 00:16:59,240 --> 00:17:03,080 Speaker 1: began implementing the passwords sharing clampdown on the accounts of 376 00:17:03,120 --> 00:17:05,399 Speaker 1: some users. And so the next time you try to, 377 00:17:05,760 --> 00:17:07,920 Speaker 1: like maybe watching an episode of The Queen's Gambit and Joel, 378 00:17:07,960 --> 00:17:09,280 Speaker 1: I know you're a big fan of Queen's Gambit and 379 00:17:09,440 --> 00:17:11,199 Speaker 1: I did like that on your on your parents account, 380 00:17:11,440 --> 00:17:14,560 Speaker 1: Netflix might prompt you to pony up and maybe create 381 00:17:14,560 --> 00:17:16,840 Speaker 1: your own account if you want to find out what 382 00:17:16,960 --> 00:17:19,640 Speaker 1: happened with with Beth and the Russians. We're not gonna 383 00:17:19,640 --> 00:17:22,400 Speaker 1: give any spoilers. Spoilers you like that show, I feel 384 00:17:22,400 --> 00:17:24,440 Speaker 1: like it's a little overrated personally. Now, I really liked it. Yeah, 385 00:17:24,520 --> 00:17:26,600 Speaker 1: and I'm pretty sure I can convince you that that 386 00:17:26,720 --> 00:17:30,600 Speaker 1: was great. But later all right, But yeah, So if 387 00:17:30,640 --> 00:17:32,639 Speaker 1: you have been saving a bit of money because you 388 00:17:32,800 --> 00:17:35,320 Speaker 1: maybe pay for Netflix and a friend pays for Disney 389 00:17:35,320 --> 00:17:38,560 Speaker 1: Plus and you guys split it, you might find your 390 00:17:38,560 --> 00:17:41,400 Speaker 1: streaming bill actually going up pretty soon because you might 391 00:17:41,440 --> 00:17:43,200 Speaker 1: have to pay for both if you want to keep 392 00:17:43,280 --> 00:17:46,840 Speaker 1: watching stuff on each platform, and I understand why Netflix 393 00:17:46,920 --> 00:17:49,360 Speaker 1: is doing this right, and potentially other streaming services too. 394 00:17:49,920 --> 00:17:52,280 Speaker 1: It makes sense that they want revenue from all the 395 00:17:52,320 --> 00:17:54,800 Speaker 1: people that are actually using the platform. Right, But as 396 00:17:54,800 --> 00:17:59,040 Speaker 1: this password sharing crackdown potentially continues, it's important for us 397 00:17:59,080 --> 00:18:01,720 Speaker 1: as individuals to be picky with the services that we 398 00:18:01,800 --> 00:18:04,520 Speaker 1: subscribe to. Don't be afraid to cancel streaming service or 399 00:18:04,560 --> 00:18:07,400 Speaker 1: kind of maybe stop using it altogether. If you're using 400 00:18:07,440 --> 00:18:09,640 Speaker 1: someone else's account and you're prompted to create your own, 401 00:18:10,000 --> 00:18:12,680 Speaker 1: think about it for a minute before you just automatically say, 402 00:18:12,720 --> 00:18:14,160 Speaker 1: all right, I guess I have to pay for it now. 403 00:18:14,280 --> 00:18:16,919 Speaker 1: Maybe you can just eliminate it from your life altogether instead. 404 00:18:17,160 --> 00:18:20,000 Speaker 1: That's right. Let's talk about small businesses during the pandemic. 405 00:18:20,160 --> 00:18:23,200 Speaker 1: Some new research from the nonprofit main Street America finds 406 00:18:23,359 --> 00:18:26,800 Speaker 1: that small businesses have whether the COVID storm far better 407 00:18:27,040 --> 00:18:29,800 Speaker 1: than they thought was going to actually happen. Data initially 408 00:18:29,840 --> 00:18:32,800 Speaker 1: suggested that seven point five million small businesses would likely 409 00:18:32,840 --> 00:18:36,240 Speaker 1: close within six months of the COVID shutdowns, but that 410 00:18:36,280 --> 00:18:39,520 Speaker 1: actually didn't happen. Less than ten percent of the vulnerable 411 00:18:39,560 --> 00:18:42,720 Speaker 1: businesses that were predicted to go away actually shuttered for good. 412 00:18:43,200 --> 00:18:44,760 Speaker 1: And so you know, I think some of the government 413 00:18:44,800 --> 00:18:47,840 Speaker 1: programs that were launched, like the PPP loans certainly contributed 414 00:18:47,920 --> 00:18:50,560 Speaker 1: to that, uh, contributed to them being able to stick around. 415 00:18:50,800 --> 00:18:52,919 Speaker 1: And also this isn't to say that small businesses are 416 00:18:52,960 --> 00:18:55,240 Speaker 1: thriving right now, but you know, but this is great 417 00:18:55,280 --> 00:18:57,680 Speaker 1: news for your you know, your favorite local spots as 418 00:18:57,720 --> 00:18:59,960 Speaker 1: we're on the verge of opening back up the ecout 419 00:19:00,080 --> 00:19:02,119 Speaker 1: me in a very big way. Yeah, it certainly hasn't 420 00:19:02,160 --> 00:19:05,360 Speaker 1: been all rainbows and sunshine. A lot of small businesses 421 00:19:05,359 --> 00:19:07,800 Speaker 1: have had a lot of obstacles to overcome just to 422 00:19:07,880 --> 00:19:10,880 Speaker 1: stay open, right and it's been a really, really difficult time. 423 00:19:11,480 --> 00:19:14,360 Speaker 1: But on that note, Matt, while talking about small businesses, 424 00:19:14,560 --> 00:19:17,159 Speaker 1: there was a great article in the Financial Times, and 425 00:19:17,200 --> 00:19:20,240 Speaker 1: it turns out that many Americans have been starting new 426 00:19:20,280 --> 00:19:23,600 Speaker 1: small businesses in the pandemic to the tunes of millions 427 00:19:23,600 --> 00:19:27,720 Speaker 1: of small businesses, and it detailed how COVID entrepreneurs and 428 00:19:27,760 --> 00:19:31,120 Speaker 1: lots of individuals have turned hobbies into a legit source 429 00:19:31,119 --> 00:19:33,720 Speaker 1: of income over the past year. It feels like self 430 00:19:33,720 --> 00:19:37,240 Speaker 1: employment or starting a passion based business is like having 431 00:19:37,240 --> 00:19:40,240 Speaker 1: a moment in our culture right now, and interestingly enough, 432 00:19:40,280 --> 00:19:42,919 Speaker 1: that kind of tends to be the case in recessions, 433 00:19:43,040 --> 00:19:45,920 Speaker 1: where people get laid off from a job or get 434 00:19:45,920 --> 00:19:48,520 Speaker 1: furloughed and they kind of begin to invent their own job. 435 00:19:48,600 --> 00:19:50,880 Speaker 1: They do something they're passionate about and start to make 436 00:19:50,920 --> 00:19:53,640 Speaker 1: money from it. And Matt, one of our favorite local 437 00:19:53,680 --> 00:19:56,920 Speaker 1: pizza joints, Glade Pizza, was just featured in the Wall 438 00:19:56,960 --> 00:20:00,080 Speaker 1: Street Journal because the owner, Rob birds Song, start to 439 00:20:00,200 --> 00:20:03,840 Speaker 1: glide and he worked in marketing but moved to making 440 00:20:03,880 --> 00:20:06,040 Speaker 1: some of the best pizzas in town and they are 441 00:20:06,040 --> 00:20:08,040 Speaker 1: crushing it. And he was not in the food industry 442 00:20:08,160 --> 00:20:10,400 Speaker 1: but now he is, and his pizzas are the best. 443 00:20:10,600 --> 00:20:13,439 Speaker 1: They're so good, dude, Like they're kind of expensive, but 444 00:20:13,440 --> 00:20:15,399 Speaker 1: they're so they're so worth it though, so worth it. 445 00:20:15,440 --> 00:20:17,680 Speaker 1: I was so surprised when when I heard him talking 446 00:20:17,720 --> 00:20:19,199 Speaker 1: about it that he was like, I mean, I just 447 00:20:19,240 --> 00:20:21,040 Speaker 1: kind of liked pizza, and I bought an oven and 448 00:20:21,040 --> 00:20:22,159 Speaker 1: I started making it at home. And I was like, 449 00:20:22,240 --> 00:20:25,359 Speaker 1: wait a second, this dude wasn't professionally pizza trained, because 450 00:20:25,400 --> 00:20:27,639 Speaker 1: the pizzas are that good. Seeing the best in Atlanta, 451 00:20:27,680 --> 00:20:29,400 Speaker 1: for sure, Yeah, but but he was one of those 452 00:20:29,440 --> 00:20:32,439 Speaker 1: people who made made the pivot in tough times, and 453 00:20:32,480 --> 00:20:35,119 Speaker 1: his business has taken off because of it. So you 454 00:20:35,240 --> 00:20:37,760 Speaker 1: might personally think that now is a terrible time for 455 00:20:37,800 --> 00:20:40,560 Speaker 1: you to start that side hustle or pursue your small 456 00:20:40,600 --> 00:20:43,800 Speaker 1: business dreams full time, but the opposite is likely true. 457 00:20:44,000 --> 00:20:46,200 Speaker 1: It might be easier to start a small business now 458 00:20:46,600 --> 00:20:48,880 Speaker 1: than it will be months from now. Yeah, we've seen 459 00:20:48,920 --> 00:20:50,680 Speaker 1: this too, right, Like it's sort of a perfect storm 460 00:20:50,720 --> 00:20:53,720 Speaker 1: between folks having uh, like, they're spending less money right 461 00:20:53,720 --> 00:20:55,280 Speaker 1: because folks aren't able to kind of live the lives 462 00:20:55,359 --> 00:20:57,120 Speaker 1: or they're normal used to living, and so we've seen 463 00:20:57,400 --> 00:20:59,760 Speaker 1: people savings get bigger. We've seen credit card that go 464 00:20:59,800 --> 00:21:01,880 Speaker 1: down on but the combination of that of the stimulus 465 00:21:01,960 --> 00:21:04,479 Speaker 1: checks and as well, like with interest rates lower too, 466 00:21:04,480 --> 00:21:06,040 Speaker 1: folks want to do other stuff with their money, and 467 00:21:06,080 --> 00:21:08,520 Speaker 1: you know, they're they're not sticking the money in savings 468 00:21:08,520 --> 00:21:10,960 Speaker 1: where they're getting a guaranteed rate, and so there is 469 00:21:11,000 --> 00:21:13,320 Speaker 1: an increased incentive for folks to get out there and 470 00:21:13,320 --> 00:21:15,800 Speaker 1: to pursue something that maybe they wouldn't have otherwise done 471 00:21:15,920 --> 00:21:20,280 Speaker 1: in time to Like, folks oftentimes are salvaging like hours 472 00:21:20,280 --> 00:21:21,959 Speaker 1: from their day by not having to commute and get 473 00:21:22,000 --> 00:21:24,040 Speaker 1: ready for working. So there's a lot of different reasons 474 00:21:24,080 --> 00:21:26,159 Speaker 1: I think that that folks are looking to start their 475 00:21:26,160 --> 00:21:28,280 Speaker 1: own businesses, UH and JEL. You know, we mentioned about 476 00:21:28,280 --> 00:21:31,200 Speaker 1: a month ago that rates would likely will be on 477 00:21:31,240 --> 00:21:34,399 Speaker 1: the rise, specifically mortgage rates, and that has certainly proved 478 00:21:34,440 --> 00:21:36,919 Speaker 1: to be true. Refinances are our way down right now 479 00:21:37,000 --> 00:21:39,399 Speaker 1: is rates have started to tick up. But if you 480 00:21:39,480 --> 00:21:42,320 Speaker 1: haven't yet refinanced in your rate is over four percent, 481 00:21:42,760 --> 00:21:44,800 Speaker 1: we would recommend for you to crunch the numbers. You know, 482 00:21:44,840 --> 00:21:47,040 Speaker 1: there's a good chance that you could save some real 483 00:21:47,080 --> 00:21:49,720 Speaker 1: money every month over the life of the loan by 484 00:21:49,800 --> 00:21:52,840 Speaker 1: jumping on a refine now before the rates continue to climb. 485 00:21:53,080 --> 00:21:55,320 Speaker 1: And if you're in an arm an adjustable rate mortgage, 486 00:21:55,400 --> 00:21:57,199 Speaker 1: that might make even more sense to lock in a 487 00:21:57,200 --> 00:21:59,960 Speaker 1: low rate because your variable rate might not stay low 488 00:22:00,080 --> 00:22:01,880 Speaker 1: for much longer. And so we'll link to a couple 489 00:22:01,920 --> 00:22:04,520 Speaker 1: of our favorite online lenders that are worth getting a 490 00:22:04,560 --> 00:22:06,760 Speaker 1: quote from if you are in that position. But again, 491 00:22:06,760 --> 00:22:08,159 Speaker 1: like we mentioned at the top of the episode, and 492 00:22:08,160 --> 00:22:10,320 Speaker 1: make sure that you're looking at a local credit union 493 00:22:10,359 --> 00:22:12,680 Speaker 1: as well. UH. And the the other thing too, we 494 00:22:12,720 --> 00:22:14,800 Speaker 1: wanted to mention just because rates are starting to take 495 00:22:14,880 --> 00:22:16,800 Speaker 1: up a little bit. They're still at historic close. Like 496 00:22:16,840 --> 00:22:19,920 Speaker 1: if you look back, uh, like to the nineteen seventies, 497 00:22:20,000 --> 00:22:22,320 Speaker 1: we are still at all time lows if you ignore 498 00:22:22,320 --> 00:22:24,240 Speaker 1: the past six months, Like the past six months they've 499 00:22:24,240 --> 00:22:25,720 Speaker 1: been the lowest, right like at the end of the year, 500 00:22:25,800 --> 00:22:29,359 Speaker 1: like December, crazy low. But just pretend that didn't exist 501 00:22:30,080 --> 00:22:32,440 Speaker 1: and look back, you know, over the last like forty 502 00:22:32,520 --> 00:22:34,879 Speaker 1: years or whatever, we are at the absolute bottom. And 503 00:22:34,920 --> 00:22:37,359 Speaker 1: so yeah, I guess I don't want to discourage folks 504 00:22:37,400 --> 00:22:39,160 Speaker 1: from thinking, oh, we miss our chance. You know, it's 505 00:22:39,160 --> 00:22:41,360 Speaker 1: still a great time. Yeah, they're getting still good when 506 00:22:41,359 --> 00:22:43,560 Speaker 1: it comes to refinancing, But you also don't want to 507 00:22:43,560 --> 00:22:46,600 Speaker 1: be too apathetic and keep putting it off because now 508 00:22:46,680 --> 00:22:49,240 Speaker 1: it's a great time. And so too, if you decide 509 00:22:49,280 --> 00:22:52,160 Speaker 1: to do a refinance, we wanted to caution you against 510 00:22:52,280 --> 00:22:54,600 Speaker 1: pulling too much cash out of your home. There are 511 00:22:54,760 --> 00:22:57,199 Speaker 1: some stats flowing around that that show that a lot 512 00:22:57,240 --> 00:22:59,800 Speaker 1: of Americans are taking money. They're doing cash out refives. 513 00:23:00,040 --> 00:23:02,840 Speaker 1: They're super hot right now, but doing a cash out 514 00:23:02,880 --> 00:23:05,240 Speaker 1: REFI could hurt you if you don't have a plan 515 00:23:05,480 --> 00:23:06,919 Speaker 1: for what you want to do with the money that 516 00:23:06,960 --> 00:23:10,200 Speaker 1: you're grabbing from your home's value. If the extra money 517 00:23:10,240 --> 00:23:12,760 Speaker 1: isn't going to go to good use, then you shouldn't 518 00:23:12,760 --> 00:23:14,480 Speaker 1: be doing it. You should just be doing a straight 519 00:23:14,480 --> 00:23:17,639 Speaker 1: At brief finance, and specifically, cash out refin money is 520 00:23:17,680 --> 00:23:20,320 Speaker 1: best used for paying off high interest straight debt or 521 00:23:20,400 --> 00:23:24,240 Speaker 1: for doing home renovations. Even then, though, handle with care, 522 00:23:24,359 --> 00:23:27,159 Speaker 1: because there are big costs associated with a cash out refin, 523 00:23:27,440 --> 00:23:30,200 Speaker 1: and you're often extending your loan term at the same 524 00:23:30,240 --> 00:23:31,920 Speaker 1: time too. You're putting your home at risk if you 525 00:23:31,960 --> 00:23:35,080 Speaker 1: can't pay the mortgage, so there are some potential downsides 526 00:23:35,160 --> 00:23:37,400 Speaker 1: doing a cash out REFI I think people are seeing 527 00:23:37,440 --> 00:23:39,600 Speaker 1: cheap rates, Matt, and they're like, let me just like 528 00:23:39,720 --> 00:23:41,400 Speaker 1: get some money out at the same time. And it's 529 00:23:41,400 --> 00:23:44,080 Speaker 1: not that that can't be a good move in some circumstances, 530 00:23:44,240 --> 00:23:46,280 Speaker 1: but I think too many people are tempted to take 531 00:23:46,320 --> 00:23:48,800 Speaker 1: money out of their home right now when they should 532 00:23:48,840 --> 00:23:50,879 Speaker 1: probably like leave it alone. Yeah, And you know, a 533 00:23:50,880 --> 00:23:52,800 Speaker 1: second ago, I mentioned TOWL rates. We're out their absolute 534 00:23:52,840 --> 00:23:54,600 Speaker 1: best at the end of the year, and I know 535 00:23:54,640 --> 00:23:56,840 Speaker 1: that because we are currently refinancing now, and I'm kicking 536 00:23:56,880 --> 00:23:59,600 Speaker 1: myself a little bit for not having a snag the 537 00:23:59,600 --> 00:24:02,040 Speaker 1: absolute lowest rate but for us, it still makes sense 538 00:24:02,040 --> 00:24:03,600 Speaker 1: for us to go ahead and go through with a refi. 539 00:24:04,080 --> 00:24:06,479 Speaker 1: Our rate uh is pretty good, but it's not as 540 00:24:06,560 --> 00:24:08,200 Speaker 1: good as it could be. We're planning to be here 541 00:24:08,400 --> 00:24:11,000 Speaker 1: for a long long time. Uh, and so this is 542 00:24:11,080 --> 00:24:13,200 Speaker 1: something that we're actually doing. This isn't something that we're 543 00:24:13,200 --> 00:24:15,080 Speaker 1: just talking about. We are living it, man. Yeah, taken 544 00:24:15,040 --> 00:24:16,879 Speaker 1: advantage of that, and now is a great time to 545 00:24:16,920 --> 00:24:19,560 Speaker 1: make it happen. Dude. All right, Well, um, that's gonna 546 00:24:19,560 --> 00:24:21,919 Speaker 1: do it for this episode. For folks that want the 547 00:24:21,920 --> 00:24:24,280 Speaker 1: show notes for this episode and links to some of 548 00:24:24,320 --> 00:24:26,160 Speaker 1: the stuff that we talked about, you can find all 549 00:24:26,160 --> 00:24:28,040 Speaker 1: that up on our website at how to money dot com. 550 00:24:28,320 --> 00:24:30,200 Speaker 1: That's right, So that's gonna be it for this episode. 551 00:24:30,800 --> 00:24:32,479 Speaker 1: We hope everyone has a great weekend and we will 552 00:24:32,520 --> 00:24:34,280 Speaker 1: see you back here on Monday. We've got a great 553 00:24:34,359 --> 00:24:36,879 Speaker 1: listener questions episode lined up for you, So Joel, until 554 00:24:36,920 --> 00:24:39,720 Speaker 1: next time, best Friends Out, Best Friends Out.