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

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Speaker 1: we're talking more potential loan forgiveness, egg fights, and workplace drama. Yeah,

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Speaker 1: and luckily that workplace drama does not include folks fighting

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Speaker 1: over eggs. It's not happening between you and I either,

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Speaker 1: not you and I. We've got plenty of eggs at home.

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Speaker 1: Actually we've got I don't wanna not to brag or anything,

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Speaker 1: but I'm pretty sure we've got eggs, Okay, Richie rich

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Speaker 1: And it's not that we stocked up either, Like literally,

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Speaker 1: we go through one of those twenty four costco flats

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Speaker 1: like uh, in less than a week. I'll just say,

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Speaker 1: I'm sure. Yeah, we definitely throw it out for a

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Speaker 1: family of your size, I was gonna ask you when

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Speaker 1: you used to go into the office to work, did

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Speaker 1: you ever Speaking of workplace drama, it makes me think

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Speaker 1: about folks putting labels on different sauces. People don't want

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Speaker 1: other people. I would not put anything in the main

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Speaker 1: fridge because there was like lots of stinky, rotting stuff

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Speaker 1: in there too. After a point, so we had like

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Speaker 1: a we had a tiny fridge. I shared an office

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Speaker 1: with one other person. We had a tiny fridge and

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Speaker 1: we just kind of shared that because that thing locked

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Speaker 1: down to clean. And then don't let anybody else out

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Speaker 1: their stuff in there because it just you know, you

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Speaker 1: put it too the main fridge or get your own.

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Speaker 1: I like it, man. But yeah, this is our Friday flight,

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Speaker 1: and we're gonna talk about the best stories that we

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Speaker 1: came across this week and how those stories are going

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Speaker 1: to pertain to your personal finances. But Joel, let's let's

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Speaker 1: talk about this, uh, this fancy dance we were invited

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Speaker 1: to do we love our daughters or not. So a

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Speaker 1: friend of our site shot was told us about it's

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Speaker 1: a this guy, it's a it's a little nonprofit group.

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Speaker 1: I'm pretty sure it's not like he's doing this for profit.

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Speaker 1: And it is a daddy daughter dance essentially this and

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Speaker 1: this is it's kind of fancy. You get dressed up

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Speaker 1: and everything, you wear your nicest clothes. You go. It's

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Speaker 1: in a venue in town that I have shot many times.

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Speaker 1: It's a nice spot. A lot of a lot of

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Speaker 1: folks get married there. But it's also really stinking expensive.

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Speaker 1: I think it's a hundreds, like hundred sixty bucks for

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Speaker 1: one kid for one night onto the town with your daughter,

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Speaker 1: which is a lot of money. So you and I

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Speaker 1: started to debate this, and we're like, oh no, this

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Speaker 1: is this is a good fodder for the show. But

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Speaker 1: if that's your let me let me hear your argument.

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Speaker 1: What's yeah, where are you on this? If that's your

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Speaker 1: jam as a dad? And you're like, this is gonna

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Speaker 1: make my daughter feel special, this is what we're into.

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Speaker 1: We like to do this, and I'm gonna budget the money,

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Speaker 1: set it aside to go to this dance, take my

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Speaker 1: daughter to this dance. I think that's great. I will

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Speaker 1: say it's not for me, though, and I don't think

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Speaker 1: it's for my kids. My my daughter, not your jam,

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Speaker 1: my middle daughter. She prefers waffle house. That's what makes

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Speaker 1: her feel special and honestly makes me feel happy to

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Speaker 1: So I think your oldest daughter, you don't. You don't

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Speaker 1: think she's gonna want to go dance and far you

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Speaker 1: might like it. And even if she did, though, I'd

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Speaker 1: still be hard pressed to spend a hundred sixty bucks

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Speaker 1: on this dance. But I don't know that. I think

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Speaker 1: she might be like, oh that was sweet, but it

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Speaker 1: wouldn't mean more to her than there's a lot of

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Speaker 1: other cool things I could do with her. The lost

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Speaker 1: a lot less money, especially for that much. Yeah, I'm

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Speaker 1: kind of on the fence. I'm like, let's go. I

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Speaker 1: wanted to take her to a climbing gym soon and

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Speaker 1: she was like, that sounds awesome. I'd rather fun on

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Speaker 1: my dollars towards those experiences than something like this. Totally. Yeah,

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Speaker 1: I feel like we get around a lot of the

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Speaker 1: draw to go to something like this through daddy daughter dates.

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Speaker 1: And yeah, I'm thinking about taking one of our our

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Speaker 1: youngest daughter to go get her nails done. I'm like,

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Speaker 1: I feel like that's something that she would totally bucks

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Speaker 1: and I would totally do it alongside with her, And

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Speaker 1: I feel like that that would have a even bigger

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Speaker 1: impression on her and that would just be a lot

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Speaker 1: of fun. And the other thing too, And there are

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Speaker 1: also other ways to go party, uh by going to

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Speaker 1: friends weddings. I feel like weddings used to be this

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Speaker 1: huge thing that folks would change their plans in order

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Speaker 1: to make sure that they were able to attend to

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Speaker 1: see family members, to see old friends. And I think

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Speaker 1: that that could definitely be a way that you get

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Speaker 1: some of that dancing elements, you know, where it is

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Speaker 1: a party without having to fork out that much money.

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Speaker 1: You can spend like a action to that on whatever

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Speaker 1: gift you can get for that couple. I get the impetus.

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Speaker 1: I feel like it's a sweet thought, and but it's

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Speaker 1: I definitely get that. I think there's a way to

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Speaker 1: do it for hopefully less money. Like that's that's just

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Speaker 1: a lot of money. What you're missing out prohibitive and

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Speaker 1: it's just not my jam anyway. What's cool, though, is

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Speaker 1: being able to demonstrate how you want your daughter to

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Speaker 1: expect someone that she were to go out out on

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Speaker 1: a date with. Sure, you want to be able to

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Speaker 1: set the bar real high. And so I guess that's

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Speaker 1: the part of it that makes me still consider it

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Speaker 1: a little bit, because it's like there's a whole there's

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Speaker 1: just a formality around it that I want to see

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Speaker 1: shown to my daughters if and when they go to

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Speaker 1: dances or like when they start going on dates. This

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Speaker 1: is in our future to do uh these kind of Yeah,

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Speaker 1: these discussions are in the cards. So maybe we're being cheap.

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Speaker 1: I don't know how, I don't think so it's not

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Speaker 1: gonna happen for me this year, but maybe in the future,

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Speaker 1: especially if there's a sweet discount come the cuts and

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Speaker 1: half or something like that. But all right, let's move on, Matt.

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Speaker 1: Let's get to the Friday flight in the sampling of

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Speaker 1: stories we found interesting this week. Let's get that student

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Speaker 1: one forgiveness to right off the bat, because you know,

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Speaker 1: we still don't know what's going to happen with the

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Speaker 1: Biden administration's ten to student loan forgiveness proposal that's still

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Speaker 1: tied up in the courts. The Supreme Court is set

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Speaker 1: to take that case up, likely in late spring. But

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Speaker 1: there's potentially even more interesting news on the student loan

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Speaker 1: front this week, something potentially even bigger than that student

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Speaker 1: loan forgiveness, and most people being well, what's bigger than

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Speaker 1: just getting a chunk of your debt lopped off? Well,

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Speaker 1: new income based repayment rules could have an even bigger

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Speaker 1: impact on a ton of college grads and the help

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Speaker 1: that they're going to receive if these new IBr income

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Speaker 1: based re payment rules are enacted. And there are a

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Speaker 1: few different income based repayment plans currently on the books,

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Speaker 1: but this new one is basically going to be uh

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Speaker 1: a lot better than the ones that are currently around. Yeah,

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Speaker 1: it's gonna be a lot more generous. It could cut

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Speaker 1: it's gonna cut in half the payment amounts for borrowers

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Speaker 1: based on their discretionary income. And so we can see

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Speaker 1: the average payment amount trop precipitously based on these you know,

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Speaker 1: new income based rules loan balances, they wouldn't be allowed

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Speaker 1: to grow if folks are making on time payments. We

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Speaker 1: we'd see a lot more low income folks with a

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Speaker 1: monthly student loan payment of zero dollars, which would obviously

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Speaker 1: be majorly beneficial for their budget um. And it would

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Speaker 1: also slash the forgiveness timeline from twenty years to ten,

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Speaker 1: so cut that in half two for a whole lot

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Speaker 1: of barbers as well. And so, while we're waiting for

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Speaker 1: the Supreme Court to do their thing, this somewhat quiet proposal.

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Speaker 1: It's it's getting some headlines, but it's not getting nearly

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Speaker 1: the headlines that forgiveness forgiveness was. This could end up

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Speaker 1: making I would say, a much bigger impact than ten

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Speaker 1: thousand dollars lopped off your student loans. That's right. Yeah,

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Speaker 1: so friend of the show Travis over at student loan Planner,

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Speaker 1: He tweeted Biden just proposed a permanent student loan pause

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Speaker 1: and free college for almost all but no one realizes

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Speaker 1: it yet. That's how big of an impact this might have. Yeah, exactly, so,

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Speaker 1: I mean it would be an obvious relief to a

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Speaker 1: lot of folks with significant amounts of student loan debt

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Speaker 1: um and even after pay are set to resume, this

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Speaker 1: would ensure that they kind of don't resume for millions

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Speaker 1: of borrowers. Yeah, it's it's like a way to prolong.

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Speaker 1: We're gonna push this out and then after ten years poof,

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Speaker 1: you don't. You're calling it something else, but that's in

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Speaker 1: effect what it's doing. You're eliminating it. And so yeah,

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Speaker 1: where does this thing stand. Well, it's in this thirty

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Speaker 1: day comment period, but we could see it become an

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Speaker 1: official rule soon after that. And so yeah, one thing

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Speaker 1: that we should mention is that, you know, neither this

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Speaker 1: plan nor the forgiveness endeavor impact the sticker price of

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Speaker 1: a college education. They're not addressing that head on, and

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Speaker 1: we'd love to see some focus on actually bringing down

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Speaker 1: the cost of college, not just helping folks pay for

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Speaker 1: that overpriced education on the back end. And actually, I

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Speaker 1: take that back I think it will have an impact

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Speaker 1: on the sticker price of college because anytime you have

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Speaker 1: the of a good being subsidied subsidized, what does that

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Speaker 1: then do you? You've you've got the partakers, the folks

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Speaker 1: who consume that good. They say, oh, well, if you're

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Speaker 1: gonna give me money to buy this thing, I'm gonna

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Speaker 1: go buy more of that thing. You essentially are reducing

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Speaker 1: the cost of college for individuals. And of course colleges,

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Speaker 1: they only have a limited supply of their education, right, Like,

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Speaker 1: there are only so many students that they can have

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Speaker 1: on campus. And so if they have more folks than

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Speaker 1: ever clamoring to get into their college because it's becoming

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Speaker 1: effectively more affordable for those potential college grads, what are

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Speaker 1: they gonna do to balance out that supply and demand

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Speaker 1: you raise the stinking prices? Like, we only need to

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Speaker 1: look back to the past two or three years to

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Speaker 1: see something a very similar dynamic. Right during the pandemic,

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Speaker 1: we were all wedding on those stemmy checks to show up.

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Speaker 1: And what did that additional cash on hand? Cause it

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Speaker 1: caused prices of all goods and services to skyrockets. Inflation

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Speaker 1: we're talking about now being called yea general inflation. Yeah,

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Speaker 1: and so we only need to look back. I mean,

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Speaker 1: we we have a very recent example as to what

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Speaker 1: this is likely going to do to something like we're

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Speaker 1: not learning from that and the reality, Yeah, this does

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Speaker 1: incentivize people to take out more and more student loan

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Speaker 1: debt because you realize, well, hey, my payments probably are

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Speaker 1: going to be that bad even you know, even if

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Speaker 1: I do take on a d k uh in student

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Speaker 1: loans to get that degree, and eventually they're going to

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Speaker 1: be forgiven, So what's the harm? And it just encourages

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Speaker 1: people to load up on stuff, and we're going to

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Speaker 1: just see the federal government paying hundreds of billions of

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Speaker 1: dollars to more than more than they already are total

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Speaker 1: to subsidize people to go to college. And by the way,

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Speaker 1: this isn't like this, This isn't a political soapbox. This

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Speaker 1: is just economics. This is supply and demand. Uh. And

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Speaker 1: another note, I mean, I don't blame individuals for taking

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Speaker 1: advantage of that, because if you are going to incentivize

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Speaker 1: a certain behavior, I think it would be foolish to

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Speaker 1: not accept the offerings that are being presented to you. Say,

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Speaker 1: I mean kind of like when you get to two

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Speaker 1: and a half percent mortgage, right, you're like, cool, this

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Speaker 1: is great, and then you don't want to pay it

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Speaker 1: off when mortgage rates go up. Yeah, exactly. In going

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Speaker 1: back to to the stimy checks, we were all sitting

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Speaker 1: there waiting for those checks to drop, for for those

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Speaker 1: checks to hit our bank accounts. It's not that as

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Speaker 1: individuals we shouldn't necessarily respond to those incent tis. It's

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Speaker 1: just that we feel that the government is going about

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Speaker 1: this the wrong way. Yeah, for sure, And and and

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Speaker 1: again not attacking the problem. We are trying to put

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Speaker 1: a band aid on a gaping wounds, and the root cause,

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Speaker 1: the root problem still remains unattended. But Matt, you mentioned inflation,

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Speaker 1: and let's talk about egg prices, something that have become

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Speaker 1: massively inflated recently. See more headlines about eggs over the

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Speaker 1: past two weeks. Yes, you have, that's because they've gone

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Speaker 1: up by something something like about in a month. So

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Speaker 1: and uh, my wife Emily shoeing to Costco. You have

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Speaker 1: two crates your lucky dog. But she said they were

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Speaker 1: completely out of all eggs, even the expensive fans. But

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Speaker 1: do you all have any right now in your fridge?

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Speaker 1: Probably have like eighteen eggs in our friend. If you

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Speaker 1: if you'll need some eggs, y'all, y'all let us know,

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Speaker 1: don't don't worry. I'm coming knocking on your door. It

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Speaker 1: is interesting to see egg prices rocking up in the

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Speaker 1: way they are, like they're even higher in California. The

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Speaker 1: l A time says that a dozen eggs is going

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Speaker 1: to cost you seven dollars and thirty seven cents right now.

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Speaker 1: And part of the reason there's so much more expensive

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Speaker 1: in California is because law there only allows for cage

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Speaker 1: free eggs, which means there's even less supply, which means,

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Speaker 1: of course, even higher prices. And that is triple the

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Speaker 1: cost of what you would have paid a year ago.

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Speaker 1: It's something like two dollars and forty cents, and now

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Speaker 1: it's seven dollars and thirty seven cents. So we've seen

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Speaker 1: egg prices just go up precipitously. And apparently there are

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Speaker 1: literally fights breaking out in the egg which sounds like

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Speaker 1: it can actually threaten the precious, preciously loads of five eggs,

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Speaker 1: like no, no, not the egg. Someone gets slammed into

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Speaker 1: the pile of eggs and boom, you just like ruined.

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Speaker 1: A bunch of one thing if you're fighting ever, like

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Speaker 1: cans of beans, right, but like these eggs are gonna

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Speaker 1: be harmed in the actual still half with like a

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Speaker 1: slightly dented can of beans, but the eggs are just ruined.

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Speaker 1: And it's it's not just your normal inflation trends though,

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Speaker 1: that are causing the spike and egg prices. It's the

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Speaker 1: Avian flu, which is leading to the deaths of tens

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Speaker 1: of millions of chickens, wreaking havoc on the supply of

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Speaker 1: just the most basic kitchen staple like that everyone has

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Speaker 1: in the fridge or almost everyone, right, And when something

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Speaker 1: goes up in the price in a big way, like

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Speaker 1: the typically matt we would recommend a substitute for someone

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Speaker 1: to say, hey, guess what chicken went up, but beef

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Speaker 1: prices remain relatively stable. You should substitute and and eat

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Speaker 1: more beef instead of chicken. That typically not how it works,

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Speaker 1: but I'm just saying, like, usually we would say, don't

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Speaker 1: buy the really expensive thing for a while, wait for

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Speaker 1: prices to come down. But when it comes to eggs,

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Speaker 1: there it's just not really any equivalent on that front.

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Speaker 1: So you almost have to grin and merit kind of

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Speaker 1: there is Well, have you ever heard of aquafaba? It's

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Speaker 1: like this, um, it's the water. How do you know

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Speaker 1: about all these weird things? Because my wife is Kate,

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Speaker 1: and so we talked about food stuff. It's the liquid

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Speaker 1: that's left behind in a can of chick piece and

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Speaker 1: so it's like the starchy, protein laden liquid. And evidently

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Speaker 1: and you can you can whip it and create a meringue,

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Speaker 1: which normally called egg whites. So it's like a it's

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Speaker 1: like a vegan egg white substitute. Basically, what's like, what's

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Speaker 1: the yolk substitute? Matt h caldberry cream eggs. It's a

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Speaker 1: good point. It kind of makes one wonder if they

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Speaker 1: should like buy some of those chickens, get the jump

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Speaker 1: in on the backyard chicken trend, go back to their

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Speaker 1: agrarian roots. Yeah, Like I mean we did that for

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Speaker 1: a while away back in the day. Another way you

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Speaker 1: can keep from blowing out your grocery budget is by

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Speaker 1: wasting less food, which is what The New York Times

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Speaker 1: wrote about this week. One of my favorite topics. The

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Speaker 1: average household shovels nearly a third one third of their

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Speaker 1: food into the garbage. Uh. And this article talked about

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Speaker 1: a town in Ohio that's on a mission to do

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Speaker 1: something about it, largely through education, and so much of

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Speaker 1: the waste that that happens obviously, it's it's at the

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Speaker 1: household level. Uh. And so there are a number of

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Speaker 1: things that you can do to reduce food waste. We've

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Speaker 1: got a few tips. First of all, playing your meals.

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Speaker 1: Once you have that plan, make a list, and then

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Speaker 1: shop via that list. Don't go to the grocery store hungry,

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Speaker 1: and you know, bypass the egg. I'll start walking through

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Speaker 1: all the prepared foods that looks so delicious, that costs

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Speaker 1: so much money. Though. But then on the back end

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Speaker 1: of fixing a meal, make sure that you eat, or

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Speaker 1: if you if you don't eat, freeze your leftovers. I

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Speaker 1: know this sounds super basic, but oftentimes the most simple

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Speaker 1: solutions are going to be the most effective. Usually, the

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Speaker 1: biggest food waste culprit is that we're just scraping those

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Speaker 1: leftovers into the trash trash man. Yeah, and it's not

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Speaker 1: always easy. I will say so recently, we bought a

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Speaker 1: bunch of like a Costco. It's like three pounds of

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Speaker 1: sliced chicken breast, for the for the kids, and some

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Speaker 1: other cheeps, some fancy provogom that we've never gotten before.

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Speaker 1: Kids didn't like it? Did I throw that food away?

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Speaker 1: Heck no, I've been eating it for like three days straight.

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Speaker 1: I've noticed you're like, I think you like it, but

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Speaker 1: you're also probably tired of it. But but you're pushing through.

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Speaker 1: I liked it initially, I am getting tired of it.

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Speaker 1: But guess what, it's the weekend, and so I'm gonna

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Speaker 1: toss that in the freezer. I'm gonna revisit those leftovers

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Speaker 1: sometime next week. So do the same thing. Eat those

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Speaker 1: leftovers if you If you feel like you've had it

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Speaker 1: too much, maybe you're getting sick of it, toss it

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Speaker 1: in the freezer and pull that out in a couple

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Speaker 1: of weeks or maybe at the end of the month

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Speaker 1: and once your grocery budget UH is looking a little

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Speaker 1: more lean, and also maybe dial back on how many

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Speaker 1: unless you're making yeah, going back to the afford them anymore.

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Speaker 1: We're not experts on the bird diseases out there, so

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Speaker 1: we don't have any idea where the price of eggs

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Speaker 1: are headed. But if I mean if egg prices continue

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Speaker 1: to go up, you might, you know, want to cut

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Speaker 1: back a bit on the consumption of those and also consider,

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Speaker 1: let me make some adjustments to your budget, because you

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Speaker 1: need to make sure that you're spending is reflecting this

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Speaker 1: this new reality. All right, Matt, We got more to

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Speaker 1: get to on this Friday flight. And we talked just

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Speaker 1: a second ago about one government proposal that could massively

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Speaker 1: impact how much people have to pay on their student loans.

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Speaker 1: But there's another government proposal that might go into effect

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Speaker 1: later this year too that might have an even bigger

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Speaker 1: impact on our economy and on a bunch of individuals.

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Speaker 1: Will discuss that and more right after this the rubber back.

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Speaker 1: Do you think we talked a little bit too much

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Speaker 1: about eggs before the break? I don't want this to

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Speaker 1: be like, yeah, okay, everyone eats them. It's it's really important,

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Speaker 1: like and it's crazy to see something like that. We're

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Speaker 1: all like, inflation eight percent a year. You're like, oh,

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Speaker 1: that's tough of stomach, but a price has literally been up.

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Speaker 1: It felt like it. And so that being said, we

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Speaker 1: gotta stop because now we are talking. Uh, it is

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Speaker 1: now time for our ludicrous headline of the week doesn't

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Speaker 1: comes from Bloomberg on the headline reads airline stocks dip

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Speaker 1: as f a A system failure leads to groundings. Basically,

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Speaker 1: you may have seen this earlier this week, but the

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Speaker 1: f a A may have been to the airport and

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Speaker 1: been like, hopefully your airport that the notification system it

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Speaker 1: had an outage on Wednesday morning and that impacted airlines

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Speaker 1: in a meaningful way, causing obviously more delays and cancelations

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Speaker 1: of flights. And you might be thinking this is kind

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Speaker 1: of a what an odd ludicrous headline, right, Well, it

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Speaker 1: kind of felt like a good way to show that

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Speaker 1: there are all sorts of things that can impact the

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Speaker 1: price of individual stocks, especially in the short term, and

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Speaker 1: many of which are out of the hands of the

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Speaker 1: businesses themselves. You know, this was an an f a A

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Speaker 1: A failure, not the airlines themselves, but still they felt

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Speaker 1: the brunt of that failure at least for a little while. Uh.

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Speaker 1: And so it's just important to keep in mind that

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Speaker 1: all sorts of things can impact the value of an

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Speaker 1: individual stock or even an entire industry. An errant tweet

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Speaker 1: makes me think back to Elon Musk. Haven't heard from

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Speaker 1: him in a while. What's he up to? Who knows?

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Speaker 1: Hopefully he's back to work. Hopefully he's actually like working

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Speaker 1: yet not less tweeting, more running, doing what he's best at.

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Speaker 1: But other environmental effects, you like rising interest rates or

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Speaker 1: even going in and exiting a pandemic, you can't predict

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Speaker 1: these things as an individual investor, as smart as you

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Speaker 1: think you might be. And that's why, you know, buying

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Speaker 1: an entire basket of let's say, five D stocks and

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Speaker 1: an index fund is a far better move, we think

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Speaker 1: for almost everyone out there. What are you referring to,

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Speaker 1: man or three thou that's another approach you can take. Yeah, well,

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Speaker 1: so we had a listener email us last year and

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Speaker 1: he was he told us, Matt, how insane we are

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Speaker 1: for telling our listeners not to invest in single stocks.

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Speaker 1: And he specifically detailed how amazing it's been for him

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Speaker 1: owning Apple and Tesla stock. And he's like, uh, I

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Speaker 1: mean this was probably this was probably nine or ten

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Speaker 1: months ago, and he was talking about how much money

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Speaker 1: he made and how we must be just complete ignoramuses

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Speaker 1: to not suggest that our listeners do the same. Yeah,

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Speaker 1: Tesla in particular was on a nice rod up to

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Speaker 1: the up to its peak. Yes it was, And I

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Speaker 1: didn't want to dissuade him from doing what he wanted

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Speaker 1: to do. But I'm also not willing to change my

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Speaker 1: take and what we recommend folks to invest in based

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Speaker 1: purely on this dude's experience. And so the question is, like,

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Speaker 1: how are those stocks doing now that we're doing so

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Speaker 1: well for him a year ago. Well, even though Tesla

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Speaker 1: as a company has had a solid last twelve months,

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Speaker 1: the stock has dropped more than And that's another thing.

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Speaker 1: It's like, it's not like Tesla's massively missing out on

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Speaker 1: the deliveries of the vehicles they said they're gonna make.

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Speaker 1: They've been doing pretty good on that front, but they

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Speaker 1: delivered more than ever at the you know, by the

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Speaker 1: end of two maybe not quite as many as they

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Speaker 1: were shooting for, but still the most pret on close,

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Speaker 1: and it was the most they've ever done. And yet

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Speaker 1: still the stock has been snake bitten. And so how's

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Speaker 1: that listener feeling now? I don't know, I haven't talked

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Speaker 1: to him in a while, but he's probably not doing

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Speaker 1: not very happy with his individual stock choices, unless he

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Speaker 1: bought that Tesla stock like a bunch of years back. Still,

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Speaker 1: but the truth is that there's just too much data

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Speaker 1: showing how risky it is to invest heavily in just

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Speaker 1: a few companies. And even if that company is a

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Speaker 1: pretty good one, like a company like Southwest, they had issues,

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Speaker 1: right that we talked about last week, and you never

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Speaker 1: know when a storm or an f a, a failure

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Speaker 1: can hurt that company's stock performance. So diversification, we would say,

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Speaker 1: is the only free lunch in Our suggestion as always

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Speaker 1: is to dedicate no more than five percent of your

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Speaker 1: overall portfolio to risk your individual picks. And again, Matt,

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Speaker 1: the the story that that you you mentioned from Bloomberg,

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Speaker 1: it's like, this is this is one of those things

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Speaker 1: that that investors couldn't have predicted that there was going

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Speaker 1: to be some sort of failure in this system that

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Speaker 1: impacts the profitability of airlines. But it did, it does,

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Speaker 1: and there's all sorts of things that we can't predict,

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Speaker 1: and that's why it's best for us to do less

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Speaker 1: predicting and to stick to that basic, boring investing method. Exactly. Yeah,

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Speaker 1: I mean, honestly, it's important to note that basically everyone's

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Speaker 1: strategy failed over the over the past year, right, some

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Speaker 1: just did worse than others. And when you are invested

428
00:20:14,800 --> 00:20:18,359
Speaker 1: in single stocks, you're gonna see potentially higher upsides, but

429
00:20:18,400 --> 00:20:21,240
Speaker 1: also you're gonna see dramatic downsides when things aren't looking

430
00:20:21,280 --> 00:20:23,399
Speaker 1: so great. And many of the folks who did the worst,

431
00:20:23,520 --> 00:20:27,800
Speaker 1: they were heavily allocated to individual stocks, often the tech sector.

432
00:20:28,359 --> 00:20:32,000
Speaker 1: So yeah, we believe that diversification is key. UH and

433
00:20:32,080 --> 00:20:35,080
Speaker 1: the brilliant investing writer Jason's Wage he wrote this week

434
00:20:35,119 --> 00:20:38,600
Speaker 1: about how our response to that failure, how it should

435
00:20:38,640 --> 00:20:42,960
Speaker 1: be to double down. And you know, this might seem counterintuitive,

436
00:20:43,000 --> 00:20:46,040
Speaker 1: it might seem somewhat crazy, but we believe that he

437
00:20:46,240 --> 00:20:49,280
Speaker 1: is spot on or crazy like a fox. Maybe smart

438
00:20:49,760 --> 00:20:54,200
Speaker 1: UH stocks and bonds they had an awful two will

439
00:20:55,240 --> 00:20:57,600
Speaker 1: be a lot better. We're not sure. I mean it probably,

440
00:20:57,640 --> 00:20:59,320
Speaker 1: but it may not. When you look back at the

441
00:20:59,720 --> 00:21:01,920
Speaker 1: tin worst years for the stock market, the average three

442
00:21:02,000 --> 00:21:05,560
Speaker 1: year total returns are over thirty two It's I think

443
00:21:05,560 --> 00:21:08,200
Speaker 1: thirty two and a half percent. That's over ten percent annually.

444
00:21:08,560 --> 00:21:11,359
Speaker 1: Not too shabby. But either way, if you are in

445
00:21:11,400 --> 00:21:14,040
Speaker 1: the wealth building stage of life and you're investing for

446
00:21:14,160 --> 00:21:17,280
Speaker 1: the long term, doubling down, buying while the market is

447
00:21:17,359 --> 00:21:20,480
Speaker 1: on sale, continuing to stick money into these assets at

448
00:21:20,520 --> 00:21:23,600
Speaker 1: the press prices is exactly what you should be doing.

449
00:21:23,960 --> 00:21:26,560
Speaker 1: The mantra that our friend friend of the show Nickma

450
00:21:26,600 --> 00:21:29,000
Speaker 1: Julie has coined is just keep mining, and I think

451
00:21:29,080 --> 00:21:30,359
Speaker 1: keep bying. I think that's a good one. All right,

452
00:21:30,440 --> 00:21:33,440
Speaker 1: let's talk about work for a second map, because in specifically,

453
00:21:33,480 --> 00:21:36,359
Speaker 1: let's talk about something that is happening at Disney this week.

454
00:21:36,400 --> 00:21:39,520
Speaker 1: What former CEO Bob Iger returned to the helmet Disney.

455
00:21:39,760 --> 00:21:42,320
Speaker 1: I think it was last month and maybe two months

456
00:21:42,320 --> 00:21:45,119
Speaker 1: ago and earlier this week. He's he's already making some changes.

457
00:21:45,359 --> 00:21:48,040
Speaker 1: He called workers back into the office. He staid that

458
00:21:48,160 --> 00:21:51,520
Speaker 1: starting marked first, every Disney employee is gonna need to

459
00:21:51,520 --> 00:21:53,639
Speaker 1: start coming in four days a week. And here's what

460
00:21:53,680 --> 00:21:56,840
Speaker 1: he said. I wanted to share this quote from Bob Iger.

461
00:21:56,920 --> 00:21:59,480
Speaker 1: He said, and to creative business like ours, nothing can

462
00:21:59,520 --> 00:22:02,600
Speaker 1: replace the ability to connect, observe, and create with peers

463
00:22:02,800 --> 00:22:05,960
Speaker 1: that comes from being physically together, nor the opportunity to

464
00:22:05,960 --> 00:22:09,960
Speaker 1: grow professionally by learning from leaders and mentors. Bob said,

465
00:22:10,040 --> 00:22:12,800
Speaker 1: it is my belief that working together more in person

466
00:22:13,040 --> 00:22:16,479
Speaker 1: will benefit the company's creativity culture and our employees careers.

467
00:22:16,800 --> 00:22:18,920
Speaker 1: And I think I think he makes a great point here.

468
00:22:19,119 --> 00:22:21,080
Speaker 1: You know these are actually the two main reasons why

469
00:22:21,119 --> 00:22:24,040
Speaker 1: we're likely to see more companies follow suit is because

470
00:22:24,840 --> 00:22:27,360
Speaker 1: it has benefits for the company and for individual employees

471
00:22:27,359 --> 00:22:29,840
Speaker 1: and for their careers. We think that that hybrid work

472
00:22:29,880 --> 00:22:31,840
Speaker 1: is here to stay, at least to some degree, but

473
00:22:32,480 --> 00:22:34,679
Speaker 1: also don't be shocked if your company or your boss

474
00:22:34,920 --> 00:22:37,560
Speaker 1: makes a similar move in the near future. I think

475
00:22:37,560 --> 00:22:40,919
Speaker 1: there were predictions a few years ago that in person

476
00:22:40,960 --> 00:22:42,399
Speaker 1: work was going to be a thing of the past.

477
00:22:42,640 --> 00:22:44,120
Speaker 1: I don't think that's the case, and I think we've

478
00:22:44,119 --> 00:22:47,920
Speaker 1: seen some massive benefits of hybrid work and the ability

479
00:22:47,960 --> 00:22:50,520
Speaker 1: for more employees to do more remote work. But there's

480
00:22:50,560 --> 00:22:53,919
Speaker 1: also something massively important about in person collaboration. And I

481
00:22:53,920 --> 00:22:56,080
Speaker 1: think for a company like Disney, for they're gonna be

482
00:22:56,160 --> 00:22:59,240
Speaker 1: other companies that that see how this experiment goes over

483
00:22:59,240 --> 00:23:01,480
Speaker 1: at Disney, and then they might try to implement it themselves.

484
00:23:01,800 --> 00:23:04,080
Speaker 1: They need to get those creative juices flow and all together.

485
00:23:04,359 --> 00:23:07,359
Speaker 1: I mean, I think as I think we underestimate the

486
00:23:07,440 --> 00:23:11,480
Speaker 1: power of UH like real life interactions like I r L.

487
00:23:12,040 --> 00:23:13,680
Speaker 1: I think that needs to be something that we we

488
00:23:13,720 --> 00:23:15,920
Speaker 1: consider more, not just from like a work standpoint, And

489
00:23:16,240 --> 00:23:19,359
Speaker 1: until the menaverse gets better to collaborate and to to

490
00:23:19,400 --> 00:23:22,680
Speaker 1: work together. But just from a social, like relational level,

491
00:23:22,720 --> 00:23:25,920
Speaker 1: I think hanging out in real life is under under

492
00:23:26,040 --> 00:23:29,440
Speaker 1: rated difficure. And then when he said for our employees careers,

493
00:23:29,480 --> 00:23:31,040
Speaker 1: I think that's what that is. I think when you

494
00:23:31,119 --> 00:23:33,520
Speaker 1: are working in person in front of your boss is

495
00:23:33,600 --> 00:23:36,760
Speaker 1: like your career stands to benefit too. And if you're

496
00:23:36,800 --> 00:23:39,680
Speaker 1: out of sight, you're almost out of mind. And that's

497
00:23:39,680 --> 00:23:41,920
Speaker 1: important to note. If you are all if you want

498
00:23:41,920 --> 00:23:43,080
Speaker 1: to move up the ranks, if you want to get

499
00:23:43,080 --> 00:23:46,080
Speaker 1: paid more, if you want more responsibility, um, then being

500
00:23:46,119 --> 00:23:48,040
Speaker 1: in person is probably going to help you in that

501
00:23:48,119 --> 00:23:50,760
Speaker 1: endeavor exactly. But also from like a friendship level, That's

502
00:23:50,760 --> 00:23:52,880
Speaker 1: what I was getting out, like, not just from how

503
00:23:52,960 --> 00:23:55,040
Speaker 1: is this going to benefit you as an individual professionally,

504
00:23:55,040 --> 00:23:57,600
Speaker 1: but how is this gonna benefit you as an individual

505
00:23:57,640 --> 00:24:00,960
Speaker 1: to like make friends at work and interestingly, having a

506
00:24:00,960 --> 00:24:03,359
Speaker 1: community and having friends at work is it's that's one

507
00:24:03,400 --> 00:24:05,439
Speaker 1: of those things that can keep you working for an

508
00:24:05,480 --> 00:24:08,240
Speaker 1: employer to the extent that they wouldn't need to force

509
00:24:08,280 --> 00:24:10,760
Speaker 1: you to continue to work there with something like a

510
00:24:10,800 --> 00:24:15,560
Speaker 1: non compete agreement because so non compete clauses they might

511
00:24:15,600 --> 00:24:18,480
Speaker 1: be going away soon thanks to the FTC. A new

512
00:24:18,480 --> 00:24:22,200
Speaker 1: proposal would outlaw these agreements. They would allow workers to

513
00:24:22,200 --> 00:24:24,680
Speaker 1: to move freely to other businesses in the same industry,

514
00:24:25,000 --> 00:24:27,760
Speaker 1: and I think this would be a great outcome. We

515
00:24:28,160 --> 00:24:32,160
Speaker 1: don't like non competes. They depress worker wages, They sty

516
00:24:32,320 --> 00:24:35,160
Speaker 1: me innovation, And you might be thinking, this isn't something

517
00:24:35,200 --> 00:24:36,879
Speaker 1: I need to worry about. That's that's not the kind

518
00:24:36,920 --> 00:24:39,199
Speaker 1: of industry that I'm in. But you might be applies

519
00:24:39,240 --> 00:24:41,720
Speaker 1: to like high knowledge professional Yeah, no, it's not just

520
00:24:41,800 --> 00:24:46,560
Speaker 1: high dollar white collar workers. One in five Americans are

521
00:24:46,600 --> 00:24:50,720
Speaker 1: subject to a non compete clause, many of whom work

522
00:24:50,760 --> 00:24:53,000
Speaker 1: in fast food or they work in manual labor. And

523
00:24:53,080 --> 00:24:56,640
Speaker 1: generally overall, we think that non competes are bad for individuals,

524
00:24:56,680 --> 00:24:59,199
Speaker 1: are bad for the economy as a whole. So, you know,

525
00:24:59,240 --> 00:25:01,960
Speaker 1: similar to the new ib R rules, the income based

526
00:25:01,960 --> 00:25:04,639
Speaker 1: for payment rules for student loans. This is in a

527
00:25:04,720 --> 00:25:07,040
Speaker 1: comment period, but it could go into effect later this year.

528
00:25:07,520 --> 00:25:10,040
Speaker 1: And again, while I you know, we might agree with

529
00:25:10,080 --> 00:25:13,120
Speaker 1: the outcome, it does rubly a little bit the wrong way,

530
00:25:13,160 --> 00:25:14,960
Speaker 1: the way in which that this is coming about. I

531
00:25:14,960 --> 00:25:18,520
Speaker 1: would much rather see individuals taking the responsibility of themselves

532
00:25:18,600 --> 00:25:21,119
Speaker 1: to decide what it is that what they're going to

533
00:25:21,200 --> 00:25:22,480
Speaker 1: sign and what they're not going to sign. You know,

534
00:25:22,520 --> 00:25:25,040
Speaker 1: it's one thing to you know, if you download an

535
00:25:25,040 --> 00:25:26,720
Speaker 1: app and they're like, all right, you have to agree

536
00:25:26,720 --> 00:25:29,240
Speaker 1: to all this and then you can use our app,

537
00:25:29,240 --> 00:25:31,840
Speaker 1: that's one thing. But signing a contract for a job,

538
00:25:32,000 --> 00:25:34,240
Speaker 1: I feel like that's something that we should be reading

539
00:25:34,240 --> 00:25:35,840
Speaker 1: over a little bit more. I feel like some of

540
00:25:35,840 --> 00:25:39,200
Speaker 1: the responsibility should be on us as individuals, rather than

541
00:25:39,320 --> 00:25:42,080
Speaker 1: being some mandate that passes or you know, some dictate

542
00:25:42,119 --> 00:25:45,359
Speaker 1: from on high that all businesses have to abide by.

543
00:25:45,359 --> 00:25:46,639
Speaker 1: I can see why you say that. I don't know

544
00:25:46,680 --> 00:25:48,879
Speaker 1: if I agree necessarily, because I do think that these

545
00:25:48,960 --> 00:25:52,560
Speaker 1: many of these um noncompete contracts can be shady, They

546
00:25:52,560 --> 00:25:55,960
Speaker 1: can be hard to decipher, and they take advantage of people,

547
00:25:56,040 --> 00:25:58,680
Speaker 1: and especially a lot of people in low paying industries

548
00:25:58,720 --> 00:26:02,080
Speaker 1: to like security guards or sub sandwich makers, Like a

549
00:26:02,080 --> 00:26:05,120
Speaker 1: lot of people in non high profile jobs are are

550
00:26:05,280 --> 00:26:08,960
Speaker 1: being not maybe not forced, but maybe coerced in designing

551
00:26:09,200 --> 00:26:11,800
Speaker 1: some of these sorts of non compete agreements, and it's

552
00:26:11,800 --> 00:26:14,439
Speaker 1: a bad for the economy and it's bad for those individuals.

553
00:26:14,480 --> 00:26:16,680
Speaker 1: And then also there's I think you underestimate the free

554
00:26:16,680 --> 00:26:19,760
Speaker 1: will of individual, you know, just the indility. I know

555
00:26:19,840 --> 00:26:22,080
Speaker 1: multiple friends. I signed one back in the day when

556
00:26:22,080 --> 00:26:24,479
Speaker 1: I worked for a pressure washing company, and it's one

557
00:26:24,480 --> 00:26:26,480
Speaker 1: of those things like what's for two years, you can't

558
00:26:26,520 --> 00:26:29,399
Speaker 1: go work for another pressure washing company. And I remember like, okay,

559
00:26:29,880 --> 00:26:32,679
Speaker 1: I remember thinking I probably won't work for another pressure

560
00:26:32,720 --> 00:26:36,200
Speaker 1: washing company, but the fact that I wasn't then able

561
00:26:36,240 --> 00:26:37,920
Speaker 1: to once I kind of learned how to do it,

562
00:26:38,200 --> 00:26:40,119
Speaker 1: maybe like I didn't think, I don't think it's a

563
00:26:40,119 --> 00:26:41,639
Speaker 1: good thing for the economy. It wasn't a good thing

564
00:26:41,640 --> 00:26:44,159
Speaker 1: for me personally, even though I was done with pressure

565
00:26:44,160 --> 00:26:46,879
Speaker 1: washing at the time. I have another friend who's an optometrist,

566
00:26:46,960 --> 00:26:48,800
Speaker 1: and it's one of those things where he signed one

567
00:26:48,800 --> 00:26:50,680
Speaker 1: of those things and now he's forced to commute a

568
00:26:50,760 --> 00:26:54,400
Speaker 1: lengthy distance after leaving that work for just ethical reasons,

569
00:26:54,680 --> 00:26:57,080
Speaker 1: um because he disagree with the ethics of the company,

570
00:26:57,240 --> 00:26:59,879
Speaker 1: and so he was put over a barrel essentially because

571
00:26:59,880 --> 00:27:02,399
Speaker 1: of this noncompete. I'd like to see noncompetes go away,

572
00:27:02,480 --> 00:27:05,480
Speaker 1: and I do as well. So I'm just how do

573
00:27:05,520 --> 00:27:07,000
Speaker 1: you get rid of them? That's that's so. I mean,

574
00:27:07,040 --> 00:27:09,359
Speaker 1: we're in agreement as far as whether or not noncompetes

575
00:27:09,359 --> 00:27:11,320
Speaker 1: are good or not. It seems like they suck just

576
00:27:11,440 --> 00:27:14,439
Speaker 1: across the board. But how do we arrive at that point?

577
00:27:14,760 --> 00:27:18,240
Speaker 1: That's the that's the difference though we're not they're not

578
00:27:18,280 --> 00:27:21,560
Speaker 1: going away. They're actually becoming more influential in our society

579
00:27:21,880 --> 00:27:26,080
Speaker 1: and they're negatively impacting the wages of millions. So if

580
00:27:26,119 --> 00:27:29,320
Speaker 1: if this is an FTC mandate, I'm okay with it

581
00:27:29,359 --> 00:27:31,919
Speaker 1: because they're that bad. So all right, that's gonna do

582
00:27:32,000 --> 00:27:34,920
Speaker 1: it for today's episode. You can find our show notes

583
00:27:34,920 --> 00:27:36,639
Speaker 1: and links to some of the stuff we mentioned up

584
00:27:36,640 --> 00:27:38,960
Speaker 1: on our site at how the Money dot com and

585
00:27:39,000 --> 00:27:41,560
Speaker 1: Matt Let's also mention that the people can follow us

586
00:27:41,600 --> 00:27:44,760
Speaker 1: on Instagram at how to Money Pod. And you and

587
00:27:44,800 --> 00:27:47,119
Speaker 1: I were going we're taking a four person trip with

588
00:27:47,119 --> 00:27:50,960
Speaker 1: our ladies, taking a couple's trip to a Bourbon countries. Yea,

589
00:27:51,520 --> 00:27:54,200
Speaker 1: so we may or may not post some pictures uh

590
00:27:54,640 --> 00:27:56,639
Speaker 1: to the account if you'd like to keep up with

591
00:27:56,680 --> 00:27:59,080
Speaker 1: our adventures either way, you can follow us at how

592
00:27:59,080 --> 00:28:02,280
Speaker 1: the Money Pod over there on Instagram. And by the way,

593
00:28:02,320 --> 00:28:05,280
Speaker 1: we've got a great interview lined up for folks UH Monday.

594
00:28:05,359 --> 00:28:08,080
Speaker 1: We're speaking with the founder of y nab you need

595
00:28:08,119 --> 00:28:10,639
Speaker 1: a budget, so if you want to learn more about

596
00:28:10,640 --> 00:28:13,600
Speaker 1: budgeting and budgeting strategy, make sure to look for that one.

597
00:28:13,720 --> 00:28:15,000
Speaker 1: And by the way, it's not as boring as you

598
00:28:15,040 --> 00:28:18,600
Speaker 1: might think, because we actually think budgets can awesome. They

599
00:28:18,640 --> 00:28:22,040
Speaker 1: should be the opposite of depressing. They should actually make

600
00:28:22,080 --> 00:28:24,120
Speaker 1: you feel hopeful about your money, and I think Jesse

601
00:28:24,240 --> 00:28:27,199
Speaker 1: does a great job of helping people connect budgets to

602
00:28:28,080 --> 00:28:30,399
Speaker 1: the possibilities right that your money can to help you achieve.

603
00:28:30,680 --> 00:28:32,240
Speaker 1: All right, man, that's gonna be it for this episode

604
00:28:32,320 --> 00:28:35,480
Speaker 1: until next time. Best Friends Out, Best Friends Out,