1
00:00:00,080 --> 00:00:02,920
Speaker 1: Welcome to How the Money. I'm Joel and I am

2
00:00:03,279 --> 00:00:06,720
Speaker 1: and today we're talking about presidential proposals, content to rent

3
00:00:07,040 --> 00:00:08,039
Speaker 1: and Disney debtors.

4
00:00:27,240 --> 00:00:29,480
Speaker 2: Oh, the alliteration and the rhyming is strong with you

5
00:00:29,520 --> 00:00:30,400
Speaker 2: this morning, Jewels.

6
00:00:30,840 --> 00:00:32,560
Speaker 1: That's what I do. Well, Matt, how.

7
00:00:32,440 --> 00:00:33,120
Speaker 2: Are you doing today?

8
00:00:33,280 --> 00:00:33,640
Speaker 1: Solid?

9
00:00:33,760 --> 00:00:34,159
Speaker 2: Doing good?

10
00:00:34,240 --> 00:00:39,720
Speaker 1: Yeah? Okay, except for can I just say not as

11
00:00:39,720 --> 00:00:40,400
Speaker 1: good as I could be?

12
00:00:40,720 --> 00:00:41,840
Speaker 2: Why? Why is that? Okay?

13
00:00:41,880 --> 00:00:45,040
Speaker 1: So last weekend we talked about this on Friday. Actually,

14
00:00:45,120 --> 00:00:46,440
Speaker 1: right at the end of the show, you said, hey,

15
00:00:46,440 --> 00:00:48,040
Speaker 1: you run your half marathon this weekend?

16
00:00:48,080 --> 00:00:48,479
Speaker 2: WHOA?

17
00:00:49,120 --> 00:00:52,319
Speaker 1: And I was like, yeah, I'm so excited. And then

18
00:00:52,760 --> 00:00:54,639
Speaker 1: and then of course it was a nighttime race. And

19
00:00:54,840 --> 00:00:58,480
Speaker 1: you know what happens sometimes at night in the South.

20
00:00:59,120 --> 00:01:00,840
Speaker 1: I know, well I know what happen, but the listeners

21
00:01:00,920 --> 00:01:04,959
Speaker 1: terrible thunderstorms, and terrible thunderstorms happened, and so what happened

22
00:01:04,959 --> 00:01:07,560
Speaker 1: to this race? It got canceled by a severe thunderstorm,

23
00:01:07,800 --> 00:01:11,360
Speaker 1: rain and insane winds just basically shut the thing down.

24
00:01:11,440 --> 00:01:13,360
Speaker 2: So, Matt, I have huge bummer.

25
00:01:13,400 --> 00:01:16,040
Speaker 1: I've signed up for three races, three races in my life,

26
00:01:16,680 --> 00:01:18,920
Speaker 1: one of which you and I ran together success. The

27
00:01:18,959 --> 00:01:21,240
Speaker 1: other two have been rained out. Wait what was the

28
00:01:21,240 --> 00:01:23,160
Speaker 1: other one? It was like a Memorial Day, same thing,

29
00:01:23,280 --> 00:01:24,520
Speaker 1: just this insane.

30
00:01:24,040 --> 00:01:25,600
Speaker 2: Storm hopped up. Oh wait a minute, that's right. We

31
00:01:25,600 --> 00:01:27,240
Speaker 2: talked about that because you're like, is it frugal or

32
00:01:27,319 --> 00:01:28,600
Speaker 2: cheap to see if I get my money back?

33
00:01:28,640 --> 00:01:31,440
Speaker 1: But they have a cancelation policy again, and typically they

34
00:01:31,480 --> 00:01:33,959
Speaker 1: say I remember, no, sorry, you don't get your money back,

35
00:01:34,160 --> 00:01:36,240
Speaker 1: And so I've realized that in both these cases. Fortunately

36
00:01:36,280 --> 00:01:38,680
Speaker 1: this race they said, hey, you're gonna get the You're

37
00:01:38,720 --> 00:01:40,560
Speaker 1: gonna pay a whole lot less for next year's race,

38
00:01:40,680 --> 00:01:43,920
Speaker 1: which is awesome, which is a super but and I

39
00:01:43,920 --> 00:01:45,480
Speaker 1: am wearing the T shirt even though I didnt. Around

40
00:01:45,480 --> 00:01:48,800
Speaker 1: the race they gave out medals. They gave out metals.

41
00:01:48,840 --> 00:01:50,960
Speaker 1: Apparently too, I did not get my metal because I

42
00:01:50,960 --> 00:01:52,240
Speaker 1: don't feel like I earned it and I don't want

43
00:01:52,240 --> 00:01:53,880
Speaker 1: the metal. No, you don't get your You don't get

44
00:01:53,880 --> 00:01:55,440
Speaker 1: the metal unless we're walking away with the metals.

45
00:01:55,560 --> 00:01:57,200
Speaker 2: That's the same thing with a T shirt too.

46
00:01:57,360 --> 00:01:58,680
Speaker 1: I honestly feel bad wearing the shirt.

47
00:01:58,960 --> 00:02:01,080
Speaker 2: I do. I knew it's a lot of money that

48
00:02:01,160 --> 00:02:03,880
Speaker 2: you're kind of forking out. I'm not necessarily seeing the benefit.

49
00:02:03,640 --> 00:02:05,720
Speaker 1: Of I think I paid eighty bucks for this race

50
00:02:05,800 --> 00:02:07,760
Speaker 1: and to not get to run it, then, oh is

51
00:02:07,800 --> 00:02:09,600
Speaker 1: a huge barrow. Okay, here is a thought.

52
00:02:09,680 --> 00:02:11,880
Speaker 2: What is the benefit though, of having signed up for

53
00:02:11,919 --> 00:02:14,760
Speaker 2: that race, having had some skin in the game. Is

54
00:02:14,800 --> 00:02:17,160
Speaker 2: the fact that you trained like a madman? Right? And

55
00:02:17,200 --> 00:02:19,880
Speaker 2: so I think there's maybe there's a financial lesson to

56
00:02:19,919 --> 00:02:22,040
Speaker 2: be drawn here. The things that we spend our money on.

57
00:02:22,520 --> 00:02:24,640
Speaker 2: It influences how we behave and what it is that

58
00:02:24,639 --> 00:02:26,840
Speaker 2: we do. Like I think about signing up for a

59
00:02:26,840 --> 00:02:29,679
Speaker 2: streaming service. Let's say I'm paying for Netflix. Well, guess

60
00:02:29,680 --> 00:02:32,200
Speaker 2: what I'm probably thinking, Oh, I'm going to watch this

61
00:02:32,280 --> 00:02:35,240
Speaker 2: dumb series, this TV show that I'm not really interested

62
00:02:35,240 --> 00:02:37,000
Speaker 2: in because I want to get my money's worth.

63
00:02:37,000 --> 00:02:37,960
Speaker 1: You're talking about Bridgerton.

64
00:02:38,160 --> 00:02:40,240
Speaker 2: I don't know. That's unlike I never watched that masterpiece

65
00:02:40,280 --> 00:02:44,480
Speaker 2: theater popular like I'm thinking about too. You and I

66
00:02:44,560 --> 00:02:46,799
Speaker 2: with our wives, we went to an all inclusive resort

67
00:02:46,840 --> 00:02:49,200
Speaker 2: earlier this year, first time we'd never done anything like that.

68
00:02:49,240 --> 00:02:51,720
Speaker 2: It was a lot of fun, but you basically prepay

69
00:02:51,800 --> 00:02:54,080
Speaker 2: for all of the food and drink, which means that more.

70
00:02:54,080 --> 00:02:57,840
Speaker 2: While I'm there, I can guarantee you that I ate

71
00:02:57,919 --> 00:03:00,840
Speaker 2: way more and drink much more than then I would

72
00:03:00,880 --> 00:03:03,480
Speaker 2: have otherwise. And so I think that there's a takeaway here,

73
00:03:03,520 --> 00:03:04,960
Speaker 2: which is that the things we spend our money on

74
00:03:05,040 --> 00:03:07,919
Speaker 2: it can have a larger impact than just the impact

75
00:03:07,960 --> 00:03:09,760
Speaker 2: that it has on our wallets. It has a bigger

76
00:03:09,800 --> 00:03:11,919
Speaker 2: impact on like our lives and the things that we do.

77
00:03:12,560 --> 00:03:13,840
Speaker 2: So keep that in mind as well. Having it on

78
00:03:13,840 --> 00:03:14,359
Speaker 2: the ca is true.

79
00:03:14,360 --> 00:03:17,840
Speaker 1: Having it on the calendar made me continue to push

80
00:03:17,880 --> 00:03:20,320
Speaker 1: in the right direction so that I wouldn't show up

81
00:03:20,320 --> 00:03:22,200
Speaker 1: and completely embarrass myself on the day of the race.

82
00:03:22,760 --> 00:03:24,840
Speaker 1: And nobody got to embarrass themselves because no one has

83
00:03:24,840 --> 00:03:25,240
Speaker 1: to run it.

84
00:03:25,320 --> 00:03:27,120
Speaker 2: In your case, though, you signed up for something that

85
00:03:27,240 --> 00:03:30,160
Speaker 2: led to a positive net result, which and so that's

86
00:03:30,160 --> 00:03:30,680
Speaker 2: a great thing.

87
00:03:30,760 --> 00:03:32,320
Speaker 1: So sale a bummer because you don't get the test

88
00:03:32,320 --> 00:03:34,920
Speaker 1: your metal, I guess, right, But yeah, and it just

89
00:03:35,160 --> 00:03:37,280
Speaker 1: they're so interestingly enough in this.

90
00:03:37,280 --> 00:03:38,560
Speaker 2: The next race you're going to sign up for so

91
00:03:38,560 --> 00:03:39,400
Speaker 2: I can avoid.

92
00:03:39,200 --> 00:03:43,160
Speaker 1: I've got to find something just because I feel like

93
00:03:43,200 --> 00:03:45,040
Speaker 1: I've trained for that. I've got to actually do the thing,

94
00:03:45,160 --> 00:03:47,360
Speaker 1: keep it rolling. But so I signed up for next

95
00:03:47,400 --> 00:03:51,000
Speaker 1: year's already because they offered the sweet discount, significant discount.

96
00:03:51,080 --> 00:03:52,400
Speaker 1: But one of the things that you can do when

97
00:03:52,440 --> 00:03:54,880
Speaker 1: signing up, and I realized that I remember seeing this

98
00:03:55,040 --> 00:03:57,160
Speaker 1: before I signed up for the race, was there's essentially

99
00:03:57,160 --> 00:03:59,920
Speaker 1: an insurance policy that you can buy and inclement what

100
00:04:00,240 --> 00:04:03,120
Speaker 1: is covered under the insurance policy. I didn't pay for

101
00:04:03,160 --> 00:04:05,320
Speaker 1: it last time, and guess what, I didn't pay for

102
00:04:05,360 --> 00:04:07,880
Speaker 1: it this time either, Because I think they've run the

103
00:04:07,960 --> 00:04:10,200
Speaker 1: race fourteen out of fifteen years, this.

104
00:04:10,200 --> 00:04:12,160
Speaker 2: Was the only year it's beginning, really.

105
00:04:11,960 --> 00:04:14,320
Speaker 1: And so my guess is most of the time the

106
00:04:14,400 --> 00:04:16,120
Speaker 1: race is going to go off without a hitch, and

107
00:04:16,160 --> 00:04:19,840
Speaker 1: you're wasting your money on the added insurance. So and

108
00:04:19,880 --> 00:04:22,200
Speaker 1: you know that's my style. Yeah, self insure like to

109
00:04:22,520 --> 00:04:25,760
Speaker 1: roll the diece. And plus with races people can handle

110
00:04:25,839 --> 00:04:27,359
Speaker 1: running in the rain. I run in the rain. You

111
00:04:27,440 --> 00:04:30,400
Speaker 1: run in the rain. Yeah sometimes right, Well, I literally

112
00:04:30,440 --> 00:04:32,600
Speaker 1: went on a seven plus mile run that night. Yeah,

113
00:04:32,720 --> 00:04:35,919
Speaker 1: the weather was cool, it was lovely, even after a

114
00:04:36,000 --> 00:04:37,360
Speaker 1: ridiculous storm that was.

115
00:04:37,640 --> 00:04:40,359
Speaker 2: Sadly, they should have race, shouldn't have canceled it, I know,

116
00:04:40,440 --> 00:04:42,200
Speaker 2: Sorry to hear that, buddy. All right, let's move on

117
00:04:42,240 --> 00:04:44,480
Speaker 2: with our Friday flight. Though. The quick sampling of the

118
00:04:44,520 --> 00:04:47,839
Speaker 2: different headlines, the different news stories that we felt were important.

119
00:04:47,839 --> 00:04:49,599
Speaker 2: We've got a lot to get to. We want to

120
00:04:49,600 --> 00:04:52,280
Speaker 2: make the most of your time on this Friday, which

121
00:04:52,279 --> 00:04:55,000
Speaker 2: actually makes me think, should we take a quick informal

122
00:04:55,080 --> 00:04:55,920
Speaker 2: survey of folks?

123
00:04:57,040 --> 00:04:57,960
Speaker 1: Raise your hand right now?

124
00:04:58,200 --> 00:05:01,640
Speaker 2: Yeah? Yeah, no, email us if you think we've been

125
00:05:01,680 --> 00:05:03,880
Speaker 2: talking about maybe trying to make our episodes a little

126
00:05:03,880 --> 00:05:06,200
Speaker 2: bit shorter, because I know, like throughout the week, I'm

127
00:05:06,200 --> 00:05:08,120
Speaker 2: trying to listen to a bunch of different podcasts, and

128
00:05:08,200 --> 00:05:10,840
Speaker 2: if there's one that's like longer, I'm kind of like, yeah,

129
00:05:10,839 --> 00:05:12,599
Speaker 2: there's a tendency to skip some of those. I guess.

130
00:05:12,600 --> 00:05:15,159
Speaker 1: So, do you want more or less out of money?

131
00:05:15,839 --> 00:05:18,520
Speaker 2: Not more or less frequent, but like quantity wise, like

132
00:05:18,560 --> 00:05:20,200
Speaker 2: would you like it if it was ten to twenty

133
00:05:20,200 --> 00:05:22,760
Speaker 2: percent shorter? I don't know. Email us at howdomoneypod at

134
00:05:22,800 --> 00:05:23,840
Speaker 2: gmail dot com.

135
00:05:23,720 --> 00:05:25,920
Speaker 1: Or if you want math to do two extra solo episodes,

136
00:05:25,920 --> 00:05:27,760
Speaker 1: because no, thank you, he's just that entertaining.

137
00:05:27,800 --> 00:05:30,080
Speaker 2: But let's talk about the political scene, Joel, just for

138
00:05:30,080 --> 00:05:32,840
Speaker 2: a second. Generally speaking, we try to avoid politics on

139
00:05:32,880 --> 00:05:35,880
Speaker 2: the show. There's enough of that going on, enough of

140
00:05:35,920 --> 00:05:38,880
Speaker 2: the insanity out there that's warping our brains. And because that,

141
00:05:39,160 --> 00:05:40,880
Speaker 2: we don't think we need to add to it. But

142
00:05:41,120 --> 00:05:44,719
Speaker 2: with some of the recent economic proposals from the top

143
00:05:44,760 --> 00:05:48,560
Speaker 2: two presidential contenders, we thought it merit did a brief mention,

144
00:05:48,760 --> 00:05:51,279
Speaker 2: at least from us. We're not even gonna, you know,

145
00:05:51,279 --> 00:05:54,040
Speaker 2: weigh on the specific proposals and how smart or how

146
00:05:54,080 --> 00:05:57,080
Speaker 2: stupid they might be, because there's certainly some of both. Actually,

147
00:05:57,120 --> 00:05:59,640
Speaker 2: even the Washington Post they were not kind in its

148
00:05:59,680 --> 00:06:02,919
Speaker 2: response to some of the economic platform points points that

149
00:06:02,960 --> 00:06:06,120
Speaker 2: were recently proposed, and even that maybe I'm skintting on

150
00:06:06,160 --> 00:06:09,920
Speaker 2: the ice forty zusand bias there, but we just wanted

151
00:06:09,920 --> 00:06:14,360
Speaker 2: to say that while thinking through a candidate's economic agenda

152
00:06:14,480 --> 00:06:17,600
Speaker 2: is smart, right, it certainly reveals a lot about how

153
00:06:17,640 --> 00:06:20,280
Speaker 2: the lead and how it is that they see the future.

154
00:06:20,520 --> 00:06:22,760
Speaker 2: We also want to recommend that you take it with

155
00:06:22,880 --> 00:06:26,160
Speaker 2: a grain of salt. It's incredibly frustrating to hear promises

156
00:06:26,200 --> 00:06:30,240
Speaker 2: being made without much follow historically without much follow through,

157
00:06:30,480 --> 00:06:33,240
Speaker 2: nor just without any with without there being any sort

158
00:06:33,240 --> 00:06:37,560
Speaker 2: of constitutional authority, and their ability to unilaterally say this

159
00:06:37,640 --> 00:06:38,159
Speaker 2: is going to happen.

160
00:06:38,160 --> 00:06:41,280
Speaker 1: What you're saying is sometimes these assertions or are pie

161
00:06:41,279 --> 00:06:43,680
Speaker 1: in the sky. Their hopes, yes and so a and

162
00:06:43,720 --> 00:06:46,200
Speaker 1: we're also kind of in an aramat in politics where

163
00:06:46,240 --> 00:06:51,839
Speaker 1: we're light on substance from a platform standpoint, Like truly,

164
00:06:51,880 --> 00:06:54,160
Speaker 1: when in the past, I feel like we had more

165
00:06:54,560 --> 00:06:56,960
Speaker 1: hard data to work on. There's way more policy and

166
00:06:57,000 --> 00:06:59,960
Speaker 1: this is opposed to just marketing and sound bites. Yeah,

167
00:07:00,000 --> 00:07:02,000
Speaker 1: and again this is not a partisan suggestion. This is

168
00:07:02,240 --> 00:07:05,200
Speaker 1: equal opportunity sides of the eye. Yeah, equal opportunity to think.

169
00:07:05,200 --> 00:07:07,720
Speaker 1: And so I guess as a voter, when you recognize

170
00:07:07,720 --> 00:07:09,960
Speaker 1: the likelihood that few to none of these policies are

171
00:07:10,000 --> 00:07:12,160
Speaker 1: likely to become reality, and that's not me being a pessimist,

172
00:07:12,240 --> 00:07:15,080
Speaker 1: that's just kind of like how things reality shake out,

173
00:07:16,040 --> 00:07:18,040
Speaker 1: like student loan forgiveness. Thus far, Matt, this was a

174
00:07:18,080 --> 00:07:21,400
Speaker 1: perfect example, a huge policy proposal and something that was

175
00:07:21,440 --> 00:07:24,640
Speaker 1: attempted multiple times and then yet it still hasn't gone

176
00:07:24,640 --> 00:07:26,920
Speaker 1: to the finish line. I think when we realize that

177
00:07:27,040 --> 00:07:29,920
Speaker 1: it can reframe how we interpret the press releases and

178
00:07:29,960 --> 00:07:32,920
Speaker 1: the speeches. And so while political actions, the actions of

179
00:07:32,920 --> 00:07:35,600
Speaker 1: our political leaders, they impact our lives, it often has

180
00:07:35,680 --> 00:07:39,040
Speaker 1: far less positive or negative impact than we like to think,

181
00:07:39,040 --> 00:07:40,480
Speaker 1: and then we tend to think it's going to So

182
00:07:40,800 --> 00:07:42,240
Speaker 1: the truth is when it comes down to it, and

183
00:07:42,280 --> 00:07:44,320
Speaker 1: that's what the show is all about. Solid money and

184
00:07:44,360 --> 00:07:46,160
Speaker 1: wealth building habits are up to us.

185
00:07:46,240 --> 00:07:48,880
Speaker 2: That's right, man. Okay, So one money habit that you

186
00:07:49,120 --> 00:07:53,440
Speaker 2: could actually choose to change is owning nothing, which is

187
00:07:53,480 --> 00:07:56,720
Speaker 2: part of this trend being called under consumption core.

188
00:07:57,080 --> 00:07:58,960
Speaker 1: Don't you love that, Joel Dope new name.

189
00:07:59,160 --> 00:08:04,080
Speaker 2: First there's hard, then there's Parkore. Yeah, sure, now there's

190
00:08:04,360 --> 00:08:07,680
Speaker 2: under consumption cores. There is a recent piece about extreme

191
00:08:07,800 --> 00:08:10,840
Speaker 2: renters who choose to not just rent a place to live,

192
00:08:10,880 --> 00:08:13,640
Speaker 2: but they opt to rent essentially everything in their lives.

193
00:08:13,840 --> 00:08:17,000
Speaker 2: According to a new survey from Credit karm but more Americans,

194
00:08:17,080 --> 00:08:22,800
Speaker 2: especially younger ones, they are content to rent clothing and electronics, furniture,

195
00:08:23,080 --> 00:08:25,320
Speaker 2: leasing a car. This actually falls into this category for

196
00:08:25,360 --> 00:08:27,880
Speaker 2: many as well, and it seems to stem from a

197
00:08:27,920 --> 00:08:30,920
Speaker 2: desire to not be tied down. And I don't know,

198
00:08:30,960 --> 00:08:34,720
Speaker 2: there's like almost like a commitment phobia that is permeating

199
00:08:34,760 --> 00:08:36,840
Speaker 2: our culture, which I'm not a huge fan of. But

200
00:08:37,240 --> 00:08:39,920
Speaker 2: from a financial standpoint, I'm of two minds on this

201
00:08:40,080 --> 00:08:43,439
Speaker 2: because I think renting some things can be far more

202
00:08:43,559 --> 00:08:48,080
Speaker 2: financially savvy, but renting items use less frequently, right, Yeah, exactly,

203
00:08:48,120 --> 00:08:50,680
Speaker 2: But running other things, like especially things that you are

204
00:08:50,760 --> 00:08:53,640
Speaker 2: gonna use frequently, that you're gonna use regularly, and that

205
00:08:53,679 --> 00:08:56,719
Speaker 2: you can get massively discounted. I think for those things,

206
00:08:56,800 --> 00:08:59,640
Speaker 2: running that makes far less sense. It seems like more

207
00:08:59,640 --> 00:09:01,480
Speaker 2: of a life. It's sort of like leasing a car, right,

208
00:09:01,520 --> 00:09:03,960
Speaker 2: Like we when we talk about that, it's oftentimes a

209
00:09:04,000 --> 00:09:07,480
Speaker 2: lifestyle choice. It's because you want the latest and greatest everything.

210
00:09:07,600 --> 00:09:08,959
Speaker 2: It's not the thing it's going to save you the

211
00:09:09,000 --> 00:09:11,840
Speaker 2: most money. But if that's your predisposition, you might do

212
00:09:11,920 --> 00:09:15,200
Speaker 2: better leasing a car just because of sure, if you're

213
00:09:15,200 --> 00:09:17,800
Speaker 2: always gonna end up buying the little the latest technology,

214
00:09:17,800 --> 00:09:19,520
Speaker 2: well you're probably gooding it out every two to three.

215
00:09:19,600 --> 00:09:21,600
Speaker 2: I'm out ahead, because yeah, you're taking that depreciation hit

216
00:09:21,640 --> 00:09:24,000
Speaker 2: every single time. But what we would recommend for folks

217
00:09:24,040 --> 00:09:26,800
Speaker 2: is the be content with something that isn't so cutting

218
00:09:26,880 --> 00:09:29,120
Speaker 2: edge that it was that you're still peeling the plastic

219
00:09:29,160 --> 00:09:31,080
Speaker 2: off of it. Well, you know, so you're saving a

220
00:09:31,120 --> 00:09:34,160
Speaker 2: ton of money while still indulging in the occasional craft

221
00:09:34,200 --> 00:09:34,760
Speaker 2: beer equivalent.

222
00:09:34,840 --> 00:09:36,679
Speaker 1: Right, Yeah. I think I think whether you choose to

223
00:09:36,720 --> 00:09:39,920
Speaker 1: rent or buy random things like clothing or electronics, Matt,

224
00:09:40,240 --> 00:09:43,000
Speaker 1: really it depends on the amount of times you think

225
00:09:43,000 --> 00:09:44,920
Speaker 1: you're gonna use that item. And so it's interesting to

226
00:09:44,920 --> 00:09:47,320
Speaker 1: see people saying, I'm run at this furniture and sit on.

227
00:09:47,440 --> 00:09:50,480
Speaker 1: I'm gonna pay somebody every single month for the ability

228
00:09:50,520 --> 00:09:53,320
Speaker 1: to just have this sofa, but then I'm gonna give

229
00:09:53,360 --> 00:09:54,920
Speaker 1: it back after the end of the year. And the

230
00:09:55,040 --> 00:09:58,720
Speaker 1: truth is, you'd probably be better off buying a used

231
00:09:58,720 --> 00:10:01,800
Speaker 1: couch in the style you like off of Facebook, Marketplace

232
00:10:01,840 --> 00:10:03,720
Speaker 1: or something like that. Instead makes you think I'm going

233
00:10:03,720 --> 00:10:06,920
Speaker 1: on a backpacking trip here in just a few days. Actually,

234
00:10:07,280 --> 00:10:10,040
Speaker 1: And I looked because I was really curious. Someone had

235
00:10:10,040 --> 00:10:11,800
Speaker 1: told me, hey, you should look at Ario. You should

236
00:10:11,800 --> 00:10:14,560
Speaker 1: look into renting some of this equipment instead of buying it, dude,

237
00:10:14,559 --> 00:10:16,200
Speaker 1: And and well, I thought about that, but I looked

238
00:10:16,240 --> 00:10:16,760
Speaker 1: up the pricing.

239
00:10:16,840 --> 00:10:17,600
Speaker 2: Oh was it expensive.

240
00:10:17,600 --> 00:10:19,640
Speaker 1: It's actually really expensive a lot of this stuff.

241
00:10:19,640 --> 00:10:21,360
Speaker 2: And the truth is, I was gonna say, who knows

242
00:10:21,400 --> 00:10:23,800
Speaker 2: if you like backpacking, Like if this is something I mean,

243
00:10:24,280 --> 00:10:27,360
Speaker 2: it's not my cup of tea personally, right, I love hiking,

244
00:10:27,400 --> 00:10:29,079
Speaker 2: but you enjoy your time in the tent.

245
00:10:29,240 --> 00:10:31,319
Speaker 1: So I'm doing I'm doing a shmortgage board of things.

246
00:10:31,320 --> 00:10:32,920
Speaker 1: There are a few items that I think I'm definitely

247
00:10:32,920 --> 00:10:34,920
Speaker 1: going to reuse these things, and it makes sense to buy.

248
00:10:35,160 --> 00:10:37,360
Speaker 1: And then for other things I'm borrowing from friends, which

249
00:10:37,440 --> 00:10:39,840
Speaker 1: is a nice way to go for me. But yeah,

250
00:10:39,840 --> 00:10:42,559
Speaker 1: when I look at like, for the headlamp, have.

251
00:10:42,480 --> 00:10:43,840
Speaker 2: You gotten a pack by the way, I got a

252
00:10:43,880 --> 00:10:46,240
Speaker 2: pack o, Yes, because I've got one that's from like

253
00:10:46,240 --> 00:10:46,839
Speaker 2: twenty years ago.

254
00:10:46,840 --> 00:10:47,560
Speaker 1: I should have borrown it.

255
00:10:48,400 --> 00:10:50,240
Speaker 2: You've never seen it because I don't use it. It's

256
00:10:50,240 --> 00:10:51,800
Speaker 2: probably too small for it. It's been in the addic.

257
00:10:51,800 --> 00:10:54,960
Speaker 1: Okay, but this head adjustable, this headlamp at ari I

258
00:10:55,040 --> 00:10:57,000
Speaker 1: was twelve bucks for the first day, four bucks for

259
00:10:57,000 --> 00:10:59,880
Speaker 1: every day thereafter. What the headlamp no that I bought

260
00:11:00,040 --> 00:11:01,880
Speaker 1: that I owned, that I've had and used for years

261
00:11:01,920 --> 00:11:04,600
Speaker 1: is twenty five bucks. Yeah, you just buy the stupid hit, right.

262
00:11:04,640 --> 00:11:05,040
Speaker 2: That's the thing.

263
00:11:05,040 --> 00:11:06,640
Speaker 1: When you look at the prices on some of these

264
00:11:06,640 --> 00:11:09,080
Speaker 1: things that you're renting, it's like, I dig parts of

265
00:11:09,120 --> 00:11:11,600
Speaker 1: the renting economy and there are some places again where

266
00:11:11,600 --> 00:11:14,320
Speaker 1: if you're using something incredibly infrequently, it makes sense to

267
00:11:14,320 --> 00:11:17,360
Speaker 1: borrow or rent it instead. But then when you dig

268
00:11:17,400 --> 00:11:19,400
Speaker 1: into the numbers just a little bit, it's like, no,

269
00:11:19,520 --> 00:11:21,679
Speaker 1: buy that thing, please, like do not and find a

270
00:11:21,720 --> 00:11:23,280
Speaker 1: deal on it or borrow it from a friend, but

271
00:11:23,520 --> 00:11:27,080
Speaker 1: renting it it actually makes the least sense. But then again,

272
00:11:27,080 --> 00:11:30,079
Speaker 1: there's there's something else where an RV, Matt. If you're

273
00:11:30,120 --> 00:11:33,040
Speaker 1: like thinking, like especially retirees, Matt, this is a popular

274
00:11:33,040 --> 00:11:36,040
Speaker 1: lifestyle choice to buy an RB and to ride around

275
00:11:36,080 --> 00:11:38,199
Speaker 1: the country in it and explore America. So yeah, stay

276
00:11:38,200 --> 00:11:42,680
Speaker 1: at RV parks. Well, that's a really really expensive endeavor,

277
00:11:42,720 --> 00:11:45,640
Speaker 1: And you could rent an RB for a month for

278
00:11:45,800 --> 00:11:48,400
Speaker 1: a fraction of the price of buying it. And that's

279
00:11:48,440 --> 00:11:50,440
Speaker 1: a case where it's like you're testing the waters first,

280
00:11:50,640 --> 00:11:53,840
Speaker 1: you're saving yourself potentially a lot of money, heartache, and hassle.

281
00:11:54,120 --> 00:11:56,400
Speaker 1: And so I think on that one, I'm definitely more

282
00:11:56,440 --> 00:11:59,400
Speaker 1: in the camp of renting before you buy. But I'd

283
00:11:59,480 --> 00:12:02,400
Speaker 1: also like the idea of owning fewer depreciating assets. That

284
00:12:02,440 --> 00:12:05,120
Speaker 1: can be a savvy choice. But do the math because

285
00:12:05,160 --> 00:12:07,760
Speaker 1: you might quickly be paying more to rent those items

286
00:12:07,760 --> 00:12:10,160
Speaker 1: than you would have to buy them. And then, obviously,

287
00:12:10,240 --> 00:12:13,120
Speaker 1: of course, as always when it comes to appreciating assets,

288
00:12:13,440 --> 00:12:16,160
Speaker 1: wealth flows to owners. So we want people to own stocks,

289
00:12:16,400 --> 00:12:19,400
Speaker 1: maybe own fewer possessions, maybe rent those possessions. You're going

290
00:12:19,440 --> 00:12:22,680
Speaker 1: to use on the very rare occasion. But buying, I

291
00:12:22,679 --> 00:12:24,720
Speaker 1: think still makes sense in a lot of these areas

292
00:12:24,760 --> 00:12:27,760
Speaker 1: where younger people are tending to think renting is a

293
00:12:27,760 --> 00:12:28,320
Speaker 1: better idea.

294
00:12:28,480 --> 00:12:31,640
Speaker 2: That's right. Okay, while we are on a buying stuff

295
00:12:31,760 --> 00:12:34,400
Speaker 2: roll or while we're on a consumption roll, let's get

296
00:12:34,440 --> 00:12:37,720
Speaker 2: to the story that Susan actually this past week email

297
00:12:37,800 --> 00:12:39,800
Speaker 2: to us and actually this could have been our ludicrous

298
00:12:39,800 --> 00:12:41,719
Speaker 2: headline of the week, but we actually have a better

299
00:12:41,720 --> 00:12:45,480
Speaker 2: one for you. But the Times they profiled some families

300
00:12:45,520 --> 00:12:49,480
Speaker 2: who are going into debt for a Disney trip. This

301
00:12:49,520 --> 00:12:53,720
Speaker 2: actually isn't a rare phenomenon. Unfortunately. According to lending Tree,

302
00:12:54,120 --> 00:12:57,600
Speaker 2: forty five percent of parents with kids under eighteen went

303
00:12:57,640 --> 00:13:00,679
Speaker 2: into debt in order to pull off a memorable Disney trip.

304
00:13:01,320 --> 00:13:03,760
Speaker 2: And I gotta say, I totally understand. I get it.

305
00:13:04,320 --> 00:13:06,600
Speaker 2: Our family went to Disney last year, and you know

306
00:13:06,679 --> 00:13:08,480
Speaker 2: that this is going to be an experience that your

307
00:13:08,520 --> 00:13:10,520
Speaker 2: kids are going to love. And on top of that,

308
00:13:10,520 --> 00:13:14,400
Speaker 2: price is at Disney, they've certainly risen precipitously in recent years.

309
00:13:14,440 --> 00:13:18,560
Speaker 2: It's so expensive, talking about exceeding the inflation numbers. What's

310
00:13:18,559 --> 00:13:21,240
Speaker 2: happening in Disney is almost criminal with their charge. It's

311
00:13:21,280 --> 00:13:23,520
Speaker 2: essentially like going to Europe, right.

312
00:13:23,440 --> 00:13:24,839
Speaker 1: Like you go to Epcot. I guess you kind of

313
00:13:24,840 --> 00:13:25,959
Speaker 1: are going to Europe, matt.

314
00:13:25,920 --> 00:13:30,080
Speaker 2: Albeit a less authentic, genuine version of actually going to

315
00:13:30,160 --> 00:13:32,679
Speaker 2: see saying the old country. You don't like the way

316
00:13:32,720 --> 00:13:35,240
Speaker 2: the Eiffel Tower sparkles over the Ratittuy ride that is

317
00:13:35,280 --> 00:13:37,320
Speaker 2: one of the best rides, by the way. So there's

318
00:13:37,400 --> 00:13:39,920
Speaker 2: a nerd wallet analysis and they pegged the cost of

319
00:13:39,960 --> 00:13:42,600
Speaker 2: a one week Disney trip between sixty four hundred dollars

320
00:13:42,880 --> 00:13:47,559
Speaker 2: and just over fifteen thousand dollars. Now, so the problem here, though,

321
00:13:47,600 --> 00:13:49,240
Speaker 2: is that we're pointing to the fact that folks are

322
00:13:49,240 --> 00:13:52,520
Speaker 2: going into debt in order to do this kind of trip. Right,

323
00:13:52,559 --> 00:13:56,160
Speaker 2: So imagine that price point with a twenty two percent

324
00:13:56,200 --> 00:13:58,280
Speaker 2: interest rate attached to it, and you don't have to

325
00:13:58,280 --> 00:14:01,280
Speaker 2: imagine actually crush the numbers. So if you were to

326
00:14:01,440 --> 00:14:03,720
Speaker 2: put that, like that fifteen thousand dollars trip fully on

327
00:14:03,760 --> 00:14:06,760
Speaker 2: your credit card, make minimum payments, you are going to

328
00:14:06,800 --> 00:14:09,960
Speaker 2: be paying on that trip for over thirty years while

329
00:14:10,000 --> 00:14:14,160
Speaker 2: also paying nearly thirty thousand dollars in interest a little

330
00:14:14,200 --> 00:14:17,160
Speaker 2: over twenty seven thousand. I think that's nasty. That is terrible.

331
00:14:17,280 --> 00:14:19,840
Speaker 1: Yeah, of course, you know, we don't want people going

332
00:14:19,880 --> 00:14:23,960
Speaker 1: into debt for superfluous things. And we're not saying that

333
00:14:24,040 --> 00:14:26,240
Speaker 1: vacations don't matter, taking time off doesn't matter. But you

334
00:14:26,280 --> 00:14:28,240
Speaker 1: don't have to go to Disney. No one has to

335
00:14:28,280 --> 00:14:30,120
Speaker 1: go to Disney. And I get the appeal and why

336
00:14:30,160 --> 00:14:33,000
Speaker 1: people want to go, But Matt, I think Disney, there's

337
00:14:33,000 --> 00:14:34,920
Speaker 1: no way, no matter how much you love it, it's

338
00:14:34,960 --> 00:14:37,680
Speaker 1: just not worth the high price and subsequent debt hangover

339
00:14:37,760 --> 00:14:39,680
Speaker 1: if you can't pay for it with money that you've

340
00:14:39,720 --> 00:14:41,760
Speaker 1: saved on the front end. Sorry, you got to punt

341
00:14:41,800 --> 00:14:44,600
Speaker 1: Disney to next year or keep potentially the year after.

342
00:14:44,640 --> 00:14:46,600
Speaker 2: You got to keep saving. Right, it's not a right,

343
00:14:47,520 --> 00:14:49,040
Speaker 2: you know. I feel like a lot of folks think

344
00:14:49,080 --> 00:14:50,520
Speaker 2: about it like that. They're like, oh, it's just like

345
00:14:50,560 --> 00:14:53,200
Speaker 2: an American freedom that has been granted to us to

346
00:14:53,240 --> 00:14:54,120
Speaker 2: be able to go to Disney.

347
00:14:54,200 --> 00:14:57,120
Speaker 1: Shake Mickey Mouse's hands. No, that's not necessarily the case. No,

348
00:14:57,240 --> 00:15:01,400
Speaker 1: I agree, And just think about from the psychological perspective too.

349
00:15:01,760 --> 00:15:04,960
Speaker 1: It just sucks to go there, and you know that

350
00:15:05,160 --> 00:15:07,520
Speaker 1: you are going to be paying this for this trip

351
00:15:07,560 --> 00:15:09,760
Speaker 1: for months. For most people, Matt, for years to come,

352
00:15:09,800 --> 00:15:12,480
Speaker 1: like you mentioned, and so yeah, play hopefully not decades.

353
00:15:12,480 --> 00:15:15,080
Speaker 1: Hopefully not decades. And I think too, Matt. You gave

354
00:15:15,080 --> 00:15:16,880
Speaker 1: those headline numbers. You and I both went to Disney.

355
00:15:16,880 --> 00:15:19,120
Speaker 1: We spent a whole lot less than that, or you

356
00:15:19,160 --> 00:15:21,520
Speaker 1: might have spent yeah, closer to the bottom knock number

357
00:15:22,280 --> 00:15:24,440
Speaker 1: right in the middle. Really okay, okay, Wow, we spent

358
00:15:24,480 --> 00:15:26,840
Speaker 1: a little over. I mean it is really six of us.

359
00:15:27,000 --> 00:15:29,720
Speaker 2: And we went all in because we you know, we said, hey,

360
00:15:29,960 --> 00:15:31,520
Speaker 2: we don't live in Florida, it's not like we're going

361
00:15:31,560 --> 00:15:33,920
Speaker 2: to be doing this often, and so for us, we

362
00:15:33,920 --> 00:15:35,000
Speaker 2: were willing to splurge like.

363
00:15:35,000 --> 00:15:36,000
Speaker 1: A one and done. Yeah.

364
00:15:36,080 --> 00:15:39,480
Speaker 2: Well, except that after having gone, it realizes that, oh

365
00:15:39,480 --> 00:15:42,120
Speaker 2: my gosh, the kids really enjoyed it. And I was like, oh,

366
00:15:42,160 --> 00:15:43,720
Speaker 2: I could totally see us coming back here in four

367
00:15:43,800 --> 00:15:46,560
Speaker 2: or five, six years, and so hey, that's a takeaway.

368
00:15:46,840 --> 00:15:48,600
Speaker 2: Don't think that this is going to be this once

369
00:15:48,640 --> 00:15:51,200
Speaker 2: in a lifetime experience. There's a decent chance that you'll

370
00:15:51,240 --> 00:15:52,960
Speaker 2: end up going back again. So you don't have to

371
00:15:53,280 --> 00:15:55,800
Speaker 2: pony up and go all out, and you can stay

372
00:15:55,840 --> 00:15:59,200
Speaker 2: on campus, stay on resort like we did. Yeah, that's

373
00:15:59,440 --> 00:16:00,720
Speaker 2: that's one of the ways you're able to say, we

374
00:16:00,720 --> 00:16:03,800
Speaker 2: say we stayed off exactly and we drove every day,

375
00:16:03,840 --> 00:16:05,720
Speaker 2: and that that made it a heck of a lot cheaper.

376
00:16:05,760 --> 00:16:07,480
Speaker 2: The other thing is to maybe bring your own food

377
00:16:07,480 --> 00:16:09,320
Speaker 2: and you don't have to maybe eat every meal. We

378
00:16:09,360 --> 00:16:11,920
Speaker 2: did that, yeah, pre plans, but like bringing in your

379
00:16:11,920 --> 00:16:14,640
Speaker 2: own food, Disney allows that, it's no big deal and

380
00:16:14,680 --> 00:16:15,960
Speaker 2: it's gonna save you a lot of money because he

381
00:16:15,960 --> 00:16:18,960
Speaker 2: even get the restaurants, even the cheaper ones that there

382
00:16:18,960 --> 00:16:21,680
Speaker 2: are ways, I think to cut back on that price

383
00:16:21,720 --> 00:16:23,760
Speaker 2: that you're going to pay for a Disney trip.

384
00:16:23,920 --> 00:16:24,960
Speaker 1: I'm not going to go into like a lot of

385
00:16:25,000 --> 00:16:27,120
Speaker 1: details about that now, but just think about that to

386
00:16:27,160 --> 00:16:29,080
Speaker 1: still make this a Disney episode, right, No, but there

387
00:16:29,080 --> 00:16:31,960
Speaker 1: are ways to make the price of your Disney trip

388
00:16:32,000 --> 00:16:33,400
Speaker 1: a whole lot less expensive. But if you're going to

389
00:16:33,440 --> 00:16:35,640
Speaker 1: go to Universal, make sure that you set aside money

390
00:16:35,680 --> 00:16:38,000
Speaker 1: at least for one meal to be eaten at the

391
00:16:38,040 --> 00:16:40,400
Speaker 1: Hogshead or the Three Broomsticks. I think that's worth it.

392
00:16:40,480 --> 00:16:42,480
Speaker 1: That's sort of thing. And by the way, Matt Disney

393
00:16:42,480 --> 00:16:44,240
Speaker 1: made a lot of headlines this week about its attempt

394
00:16:44,400 --> 00:16:47,600
Speaker 1: to force a loyal fan whose wife died because of

395
00:16:47,640 --> 00:16:49,520
Speaker 1: a food allergy, and I see something about that. Oh

396
00:16:49,520 --> 00:16:52,840
Speaker 1: my gosh, just terrible. They were trying to force the

397
00:16:52,920 --> 00:16:56,560
Speaker 1: husband into going into arbitration because the fine print that

398
00:16:56,640 --> 00:16:59,600
Speaker 1: apparently he signed when he checked out Disney Plus and

399
00:16:59,600 --> 00:17:01,960
Speaker 1: sign up for a free trial there. They've since backed

400
00:17:02,000 --> 00:17:04,840
Speaker 1: off this ridiculously in humane stance, But I think that

401
00:17:05,119 --> 00:17:09,439
Speaker 1: story reminds me that the terms and services are laden

402
00:17:09,520 --> 00:17:11,360
Speaker 1: with all sorts of things that you and I would

403
00:17:11,400 --> 00:17:12,919
Speaker 1: never sign if we took the time to read it.

404
00:17:12,960 --> 00:17:14,400
Speaker 1: Not that you and I take the time to read

405
00:17:14,400 --> 00:17:16,960
Speaker 1: those terms and services, we also signed them willy nilly

406
00:17:17,040 --> 00:17:19,840
Speaker 1: like that too, But recognize that that's the case, and

407
00:17:19,880 --> 00:17:22,199
Speaker 1: then also recognize that a vocal campaign can make a

408
00:17:22,200 --> 00:17:24,800
Speaker 1: difference when a company is being awful to his customers.

409
00:17:24,840 --> 00:17:26,600
Speaker 1: And so I'm glad that Disney's changed course on this.

410
00:17:26,960 --> 00:17:30,200
Speaker 1: Trying to hold this person to those terms and services

411
00:17:30,200 --> 00:17:32,320
Speaker 1: from Disney Plus for something that happened at a Disney

412
00:17:32,359 --> 00:17:35,359
Speaker 1: park is pretty ridiculous, especially given the circumstances.

413
00:17:35,440 --> 00:17:38,600
Speaker 2: It's pretty dumb, and sadly it's likely that they changed

414
00:17:38,600 --> 00:17:40,760
Speaker 2: course not because they thought that, oh, this is not

415
00:17:40,840 --> 00:17:43,000
Speaker 2: the right thing to do, right, but because it was

416
00:17:43,040 --> 00:17:44,240
Speaker 2: turning into a pr nightmare.

417
00:17:44,240 --> 00:17:46,119
Speaker 1: That's what they're saying. They're saying, Oh, we want to

418
00:17:46,160 --> 00:17:47,560
Speaker 1: do the right thing, and it's like, well you didn't

419
00:17:47,600 --> 00:17:49,000
Speaker 1: want to do the right thing initially.

420
00:17:49,119 --> 00:17:51,080
Speaker 2: Yeah yeah, But uh, okay, we've got more to get to.

421
00:17:51,200 --> 00:17:54,320
Speaker 2: We're gonna talk about gift cards, among other things. Why

422
00:17:54,359 --> 00:17:56,800
Speaker 2: it is that Joel still hates gift cards. He's got

423
00:17:56,840 --> 00:17:59,120
Speaker 2: a whole nother reason to not like them. We'll get

424
00:17:59,119 --> 00:18:09,040
Speaker 2: to that more right after this. All right, Matt, we're

425
00:18:09,040 --> 00:18:10,040
Speaker 2: back from break.

426
00:18:10,640 --> 00:18:12,920
Speaker 1: It's time forced to get to the ludicrous headline. Oh

427
00:18:13,040 --> 00:18:14,600
Speaker 1: the week, it's my favorite. This one comes three and

428
00:18:14,640 --> 00:18:19,040
Speaker 1: a half minutes every week. So Morning Brew is a

429
00:18:19,040 --> 00:18:23,280
Speaker 1: great newsletter, comes out every morning most mornings, and they

430
00:18:23,720 --> 00:18:25,600
Speaker 1: just they have pieces. I think they post on their

431
00:18:25,600 --> 00:18:28,359
Speaker 1: website too, And this is one that really attracted my attention.

432
00:18:28,400 --> 00:18:31,719
Speaker 1: This The headline was study finds people bet on sports

433
00:18:31,800 --> 00:18:35,800
Speaker 1: instead of investing in the stock market. I was repulsed, Matt,

434
00:18:35,800 --> 00:18:38,280
Speaker 1: when I read that the article was based on a

435
00:18:38,320 --> 00:18:42,040
Speaker 1: recent white paper which found and I quote, sharp increases

436
00:18:42,080 --> 00:18:46,440
Speaker 1: in sports betting following legalization. This increase does not displace

437
00:18:46,520 --> 00:18:51,800
Speaker 1: other gambling activity or consumption, but significantly reduces households savings allocations.

438
00:18:52,200 --> 00:18:56,400
Speaker 1: These effects concentrate among financially constrained households. That means people

439
00:18:56,440 --> 00:18:59,600
Speaker 1: aren't doing so well who become further constrained as credit

440
00:18:59,600 --> 00:19:05,439
Speaker 1: card debt increases, available credit decreases and over draft frequency rises. Matt,

441
00:19:05,720 --> 00:19:08,159
Speaker 1: this is not shocking, but it is awful. We have

442
00:19:08,200 --> 00:19:11,800
Speaker 1: talked about sports gambling, the rapid growth of that space,

443
00:19:12,080 --> 00:19:14,280
Speaker 1: and how awful it is for a lot of individuals

444
00:19:14,320 --> 00:19:18,280
Speaker 1: and households, and we're just seeing that, in particular for

445
00:19:18,600 --> 00:19:22,960
Speaker 1: financially vulnerable people, the effects can be significantly damaging. Sure,

446
00:19:23,680 --> 00:19:26,840
Speaker 1: gambling at your fingertips on your phone to me is

447
00:19:26,880 --> 00:19:28,080
Speaker 1: still a really bad idea.

448
00:19:28,280 --> 00:19:30,159
Speaker 2: Yeah. And the news here, though, is that just that

449
00:19:30,200 --> 00:19:33,040
Speaker 2: folks are taking money from traditional investments and then instead

450
00:19:33,080 --> 00:19:37,040
Speaker 2: giving it to draft kings instead. Researchers found that in

451
00:19:37,080 --> 00:19:39,720
Speaker 2: the two to three years that followed the legalization of

452
00:19:39,760 --> 00:19:43,880
Speaker 2: sports betting in a state, net investments dropped fourteen percent,

453
00:19:44,240 --> 00:19:46,440
Speaker 2: which is crazy to think that it would have that

454
00:19:46,560 --> 00:19:49,720
Speaker 2: kind of impact. There's a ton of other terrible stats

455
00:19:49,720 --> 00:19:51,760
Speaker 2: that are coming to light as well, but it's this

456
00:19:51,800 --> 00:19:53,919
Speaker 2: thing that started out as entertainment, but it's leading to

457
00:19:54,320 --> 00:19:57,280
Speaker 2: just a rapid financial deterioration for many folks out there,

458
00:19:57,600 --> 00:20:00,400
Speaker 2: and there doesn't seem to be any desire or will

459
00:20:00,480 --> 00:20:03,040
Speaker 2: to slow down the rise of these different websites and

460
00:20:03,080 --> 00:20:06,240
Speaker 2: different gambling apps because in large part states want that

461
00:20:06,240 --> 00:20:06,879
Speaker 2: extra revenue.

462
00:20:07,000 --> 00:20:08,920
Speaker 1: They see the dollar signs and they're like, come on

463
00:20:09,000 --> 00:20:09,640
Speaker 1: in draftking.

464
00:20:09,760 --> 00:20:12,280
Speaker 2: But yeah, some folks out there can handle it, right,

465
00:20:12,400 --> 00:20:16,320
Speaker 2: they can behave themselves. They're able to allow gambling to

466
00:20:16,359 --> 00:20:18,840
Speaker 2: be a small part of their entertainment budget. That being said,

467
00:20:18,880 --> 00:20:21,879
Speaker 2: others will find it impossible to quit after just a

468
00:20:21,880 --> 00:20:24,720
Speaker 2: few tries, and so we want folks to be wary.

469
00:20:24,800 --> 00:20:27,639
Speaker 2: And I'm not sure what's worse, because I used to

470
00:20:27,720 --> 00:20:31,400
Speaker 2: think that meme stocks and crypto and all the money

471
00:20:31,440 --> 00:20:33,960
Speaker 2: that was getting poured into that was worse. Because of

472
00:20:34,000 --> 00:20:36,880
Speaker 2: the fact that you're almost like tricking yourself into thinking

473
00:20:36,920 --> 00:20:39,359
Speaker 2: that you're investing right, it kind of blurs the lines

474
00:20:39,440 --> 00:20:42,600
Speaker 2: between doing something that seems responsible with something that is

475
00:20:42,640 --> 00:20:45,880
Speaker 2: being treated like entertainment. But when it comes to gambling apps,

476
00:20:45,920 --> 00:20:48,440
Speaker 2: I mean, it's just straight up gambling, and I can't

477
00:20:48,480 --> 00:20:50,960
Speaker 2: imagine there are like, it just doesn't make sense to

478
00:20:50,960 --> 00:20:53,800
Speaker 2: me that folks are thinking, oh, this is a responsible

479
00:20:53,800 --> 00:20:56,800
Speaker 2: way for me to potentially make money, Like, are folks

480
00:20:56,800 --> 00:20:59,679
Speaker 2: actually thinking that, Like when you step back and you

481
00:20:59,720 --> 00:21:02,440
Speaker 2: are about it, No, like nobody is going to say that.

482
00:21:02,480 --> 00:21:04,000
Speaker 2: But I think that's the problem. I think its that

483
00:21:04,000 --> 00:21:06,440
Speaker 2: once you get sucked into gambling, you're not thinking rational.

484
00:21:06,520 --> 00:21:08,680
Speaker 1: That's what's interesting though, too. I think when you're going

485
00:21:08,720 --> 00:21:10,680
Speaker 1: into a casino, most people assume that the house has

486
00:21:10,720 --> 00:21:14,160
Speaker 1: the edge. But there's a lot of like people who

487
00:21:14,200 --> 00:21:16,879
Speaker 1: watch the NFL on Sundays and they think they know

488
00:21:17,240 --> 00:21:19,640
Speaker 1: more than the guy on ESPN or whatever, which they might,

489
00:21:19,760 --> 00:21:21,560
Speaker 1: but like they just think they have some sort of

490
00:21:21,600 --> 00:21:23,680
Speaker 1: an edge about their home team or the choices that

491
00:21:23,800 --> 00:21:25,879
Speaker 1: they might make with how many rebounds so and so

492
00:21:26,000 --> 00:21:27,679
Speaker 1: is going to get in a game. So I do

493
00:21:27,720 --> 00:21:29,880
Speaker 1: think that that there is this mentality for a lot

494
00:21:29,880 --> 00:21:31,920
Speaker 1: of those people that I've got some edge, so I'm

495
00:21:31,920 --> 00:21:33,560
Speaker 1: going to bet on some of these And we've talked

496
00:21:33,560 --> 00:21:35,280
Speaker 1: about maybe the parlays and stuff like that and all

497
00:21:35,280 --> 00:21:38,200
Speaker 1: the really interesting ways the insidious ways that these apps

498
00:21:38,240 --> 00:21:41,840
Speaker 1: are getting into people's wallets. I get why people are interested,

499
00:21:42,000 --> 00:21:43,800
Speaker 1: but the problem is a whole lot of folks are

500
00:21:43,840 --> 00:21:45,800
Speaker 1: losing money that the house still has the edge. In

501
00:21:45,840 --> 00:21:48,119
Speaker 1: this and Matt when you think about it too, the

502
00:21:48,160 --> 00:21:50,000
Speaker 1: lottery effect is real. And I think some people in

503
00:21:50,480 --> 00:21:53,600
Speaker 1: lower socioeconomic rungs might think that's my only way, that's

504
00:21:53,640 --> 00:21:56,720
Speaker 1: my only ticket right to riches is go big or

505
00:21:56,720 --> 00:21:59,840
Speaker 1: go home. But when you run the numbers, even if

506
00:21:59,880 --> 00:22:01,800
Speaker 1: you if you're gambling twenty bucks a week and you

507
00:22:01,840 --> 00:22:04,200
Speaker 1: take that instead and you invest it, which we would prefer,

508
00:22:04,480 --> 00:22:06,640
Speaker 1: you're going to find yourself over the course of thirty

509
00:22:06,720 --> 00:22:09,880
Speaker 1: years as an investor having hundreds of thousands of dollars,

510
00:22:09,920 --> 00:22:12,479
Speaker 1: probably in the neighborhood of four hundred thousand dollars in

511
00:22:12,520 --> 00:22:15,520
Speaker 1: your account. And so it is amazing to see how, yeah,

512
00:22:15,680 --> 00:22:18,720
Speaker 1: just a seemingly small amount where you're like, eh, I'm

513
00:22:18,720 --> 00:22:21,000
Speaker 1: just furring that away, it can turn into something really

514
00:22:21,000 --> 00:22:22,800
Speaker 1: epic at the end of the day. And this is

515
00:22:22,800 --> 00:22:25,760
Speaker 1: why it's so difficult to see that people are yeah,

516
00:22:25,800 --> 00:22:28,600
Speaker 1: investing less, gambling more, because it's going to have a

517
00:22:28,600 --> 00:22:30,679
Speaker 1: long term impact on their ability to retire.

518
00:22:30,720 --> 00:22:35,760
Speaker 2: Well, that's true. Okay, we've all got different definitions of sexy. Jill.

519
00:22:35,840 --> 00:22:37,960
Speaker 2: I'm not going to ask you what your definition is.

520
00:22:38,160 --> 00:22:41,080
Speaker 2: Whatever it is, I'm bringing it back. But there are

521
00:22:41,119 --> 00:22:44,280
Speaker 2: more folks out there who are considering a great credit

522
00:22:44,320 --> 00:22:48,919
Speaker 2: score to be something that they're interested in. A recent

523
00:22:49,000 --> 00:22:52,600
Speaker 2: survey found that two thirds of Americans so that it's

524
00:22:52,600 --> 00:22:55,639
Speaker 2: important for the significant other to have a good credit score.

525
00:22:55,960 --> 00:22:58,160
Speaker 2: Which you know, this doesn't mean that they're gold diggers,

526
00:22:58,240 --> 00:23:00,560
Speaker 2: right because credit scores they've got nothing to do with

527
00:23:00,640 --> 00:23:02,720
Speaker 2: your net worth, how much money you've got in the bank.

528
00:23:03,160 --> 00:23:05,439
Speaker 2: They've got a lot more to do with how you

529
00:23:05,480 --> 00:23:07,679
Speaker 2: handle your debt though, and your ability to pay your

530
00:23:07,720 --> 00:23:09,760
Speaker 2: bills on time. Say, that's sexy if you can do

531
00:23:09,840 --> 00:23:12,480
Speaker 2: those things. Yeah, you're being responsible, right, Like it shows

532
00:23:12,480 --> 00:23:15,160
Speaker 2: that you're an adult. There's essentially some insight here into

533
00:23:15,200 --> 00:23:19,320
Speaker 2: your dependability, your planning skills, and so I get why

534
00:23:19,320 --> 00:23:22,640
Speaker 2: it can be a positive or perhaps a negative indicator

535
00:23:22,680 --> 00:23:25,800
Speaker 2: of somebody that you're interested in. But at the same time,

536
00:23:25,840 --> 00:23:29,000
Speaker 2: I wouldn't necessarily push this to the forefront of your

537
00:23:29,000 --> 00:23:32,640
Speaker 2: different dating criteria. I think they're like, it's good that

538
00:23:32,720 --> 00:23:35,440
Speaker 2: folks are paying attention to this, But at the same time,

539
00:23:36,119 --> 00:23:38,240
Speaker 2: I mean, the survey was performed by Credit Karma, and

540
00:23:38,680 --> 00:23:42,040
Speaker 2: let's see, does credit Karma have any vested interest in

541
00:23:42,480 --> 00:23:45,800
Speaker 2: who in asking folks whether or not the credit score

542
00:23:45,840 --> 00:23:47,280
Speaker 2: should be higher. And now, of course they do like

543
00:23:47,320 --> 00:23:48,880
Speaker 2: eventually that you know, they want you to cut show

544
00:23:48,920 --> 00:23:51,280
Speaker 2: up and then create a profile, and eventually they're going.

545
00:23:51,200 --> 00:23:52,680
Speaker 1: To try to sell you something thing. I would also

546
00:23:52,720 --> 00:23:55,080
Speaker 1: say that why not make it a little more important

547
00:23:55,080 --> 00:23:57,480
Speaker 1: because it is, like you said, it is revelatory.

548
00:23:57,720 --> 00:23:59,440
Speaker 2: Well it is, but I think there's a lot that's

549
00:23:59,480 --> 00:24:02,240
Speaker 2: just other facts. Again, it should be something that you consider,

550
00:24:02,280 --> 00:24:04,120
Speaker 2: it's just not that it shouldn't be a leading indicator.

551
00:24:04,160 --> 00:24:05,879
Speaker 1: Would you say it's like a third date question. What

552
00:24:05,880 --> 00:24:09,600
Speaker 1: would you say, Yeah, I mean third okay, three plus dates.

553
00:24:09,600 --> 00:24:10,800
Speaker 2: I don't need something that you can bring up.

554
00:24:10,840 --> 00:24:12,679
Speaker 1: I don't need to know your net worth, but I

555
00:24:12,720 --> 00:24:15,159
Speaker 1: would like to know maybe your credit score. But then again,

556
00:24:15,440 --> 00:24:17,760
Speaker 1: there are a lot of problems with the credit scoring

557
00:24:17,840 --> 00:24:20,240
Speaker 1: system and with the way the credit bureaus treat our information,

558
00:24:20,320 --> 00:24:24,439
Speaker 1: and so so many inaccuracies. How accurate is your true

559
00:24:24,480 --> 00:24:28,080
Speaker 1: credit score number? That is an important thing to note too.

560
00:24:28,160 --> 00:24:30,520
Speaker 1: So someone might say, no, no, but it's a six twenty,

561
00:24:30,520 --> 00:24:33,080
Speaker 1: But I promise it's Transunion's fault, Like that's not on me,

562
00:24:33,440 --> 00:24:35,680
Speaker 1: and they actually might not be lying. But this also

563
00:24:35,720 --> 00:24:38,560
Speaker 1: makes me think Matt too. There's another data breach that happened,

564
00:24:38,760 --> 00:24:41,080
Speaker 1: and I feel like we as a collective society have

565
00:24:41,320 --> 00:24:44,800
Speaker 1: kind of data breach fatigue. A background check company in

566
00:24:44,840 --> 00:24:47,000
Speaker 1: Florida was hacked in the spring, but it just kind

567
00:24:47,000 --> 00:24:49,160
Speaker 1: of came to light last week, and it turns out

568
00:24:49,160 --> 00:24:51,840
Speaker 1: that the social Security numbers of a bunch of Americans

569
00:24:51,840 --> 00:24:54,280
Speaker 1: have been compromised. And so there's a website mat that

570
00:24:54,320 --> 00:24:56,320
Speaker 1: will link to in the show notes where people can

571
00:24:56,359 --> 00:25:00,520
Speaker 1: check to see if their social Security number has been compromise.

572
00:25:00,840 --> 00:25:02,560
Speaker 1: And with all of the breaches that have happened, I

573
00:25:02,560 --> 00:25:04,879
Speaker 1: mean Equifax breach wasn't even the first, but that was

574
00:25:04,880 --> 00:25:09,080
Speaker 1: one of the biggest. I think people assume that their

575
00:25:09,160 --> 00:25:11,479
Speaker 1: data is out there and they probably assume that correctly.

576
00:25:11,880 --> 00:25:14,240
Speaker 1: But email addresses in this one were also leaked, which

577
00:25:14,280 --> 00:25:17,439
Speaker 1: potentially compounds the problem because scammers could launch more targeted

578
00:25:17,440 --> 00:25:19,960
Speaker 1: attacks on folks. But yeah, while these companies, they need

579
00:25:20,000 --> 00:25:23,800
Speaker 1: to be held accountable for subpar security measures. Truly, when

580
00:25:23,800 --> 00:25:25,280
Speaker 1: it comes down to it, I'm glad that there is

581
00:25:25,320 --> 00:25:28,399
Speaker 1: a federal law that makes freezing your credit free. That is,

582
00:25:28,640 --> 00:25:31,800
Speaker 1: that is the only method we have to protect ourselves

583
00:25:32,119 --> 00:25:35,560
Speaker 1: from at least the worst potential downsides of events like these,

584
00:25:35,600 --> 00:25:37,960
Speaker 1: And it doesn't mean that someone won't try to send

585
00:25:38,000 --> 00:25:41,840
Speaker 1: you a scam, a scam or spam email. That's happening anyway,

586
00:25:41,920 --> 00:25:44,760
Speaker 1: right and you might see an influx of them. But

587
00:25:44,840 --> 00:25:46,879
Speaker 1: we have an article about how to go about freezing

588
00:25:46,920 --> 00:25:48,960
Speaker 1: your credit and why it's super important. We'll link to

589
00:25:48,960 --> 00:25:50,840
Speaker 1: that in the show notes. And especially when you see

590
00:25:50,840 --> 00:25:52,840
Speaker 1: stuff like this matter, I think it creates or should

591
00:25:52,840 --> 00:25:54,960
Speaker 1: create a sense of urgency for listeners to go out

592
00:25:54,960 --> 00:25:57,320
Speaker 1: there and do this task that takes you just a

593
00:25:57,359 --> 00:25:59,560
Speaker 1: few minutes but can protect you in a meaningful way.

594
00:25:59,560 --> 00:26:01,560
Speaker 2: It's true it takes a little bit like if you've

595
00:26:01,560 --> 00:26:03,200
Speaker 2: never done this before, it takes a little bit longer

596
00:26:03,200 --> 00:26:05,080
Speaker 2: because you have to actually create your profile and do

597
00:26:05,160 --> 00:26:07,720
Speaker 2: all that sort of stuff. But then literally the freezing

598
00:26:07,760 --> 00:26:10,399
Speaker 2: and unfreezing, it's as easy as just logging in, and

599
00:26:10,440 --> 00:26:13,520
Speaker 2: there's a button that you can click unfreeze for when

600
00:26:13,600 --> 00:26:16,159
Speaker 2: you need to, say, apply for a mortgage or if

601
00:26:16,160 --> 00:26:17,840
Speaker 2: you want to sign up for a new credit card.

602
00:26:18,080 --> 00:26:20,159
Speaker 2: And also keep in mind too, I forget which one

603
00:26:20,160 --> 00:26:22,200
Speaker 2: of them one of them they all are trying to

604
00:26:22,240 --> 00:26:24,680
Speaker 2: sell you, upsell you on stuff, but one of them

605
00:26:24,680 --> 00:26:26,320
Speaker 2: in particular. Is I forget which one I want to

606
00:26:26,359 --> 00:26:29,159
Speaker 2: say it's Equifax is really sneaky, and how it is

607
00:26:29,200 --> 00:26:31,840
Speaker 2: that they're marketing their products, their privacy products and the

608
00:26:31,880 --> 00:26:34,440
Speaker 2: ability to lock down your credit No, no, no, yeah,

609
00:26:34,480 --> 00:26:36,200
Speaker 2: you don't want the lock you want the freeze. Well,

610
00:26:36,240 --> 00:26:38,760
Speaker 2: you don't need to pay for anything. This is federally

611
00:26:38,960 --> 00:26:41,040
Speaker 2: mandated as something that you can do for free, and

612
00:26:41,240 --> 00:26:43,720
Speaker 2: the credit lock is inferior. Oh yeah, it's going to

613
00:26:43,760 --> 00:26:45,680
Speaker 2: cost you money. I think that's do I want to

614
00:26:45,720 --> 00:26:47,600
Speaker 2: charge like twenty or twenty five bucks a month for that?

615
00:26:47,640 --> 00:26:50,720
Speaker 2: And it's like, sorry, guys, the freeze is way superior

616
00:26:50,760 --> 00:26:53,080
Speaker 2: and it doesn't cost me a dime. Okay. So a

617
00:26:53,200 --> 00:26:57,480
Speaker 2: potentially positive note on the scam front the FTC. They

618
00:26:57,560 --> 00:27:00,800
Speaker 2: have banned fake reviews, which Joe I didn't even know

619
00:27:00,800 --> 00:27:03,280
Speaker 2: that was possible. Yeah, that's like playing wack the moll,

620
00:27:03,359 --> 00:27:05,000
Speaker 2: wasn't it. Well, you're going to get all those fake

621
00:27:05,040 --> 00:27:07,680
Speaker 2: reviews taken down? Well, did you? Yeah? There's something where

622
00:27:07,680 --> 00:27:10,240
Speaker 2: we weren't planning to talk about, but a federal judge

623
00:27:10,240 --> 00:27:15,600
Speaker 2: struck down the FDCs anti the non compete, and so

624
00:27:16,200 --> 00:27:17,920
Speaker 2: it kind of limits what it is that they're able

625
00:27:17,960 --> 00:27:21,000
Speaker 2: to do regardless, we're not talking about that today, But

626
00:27:21,080 --> 00:27:25,520
Speaker 2: companies won't be allowed to incentivize reviews, fake reviews, or

627
00:27:25,640 --> 00:27:28,920
Speaker 2: AI generated reviews, all of these can get a company

628
00:27:29,000 --> 00:27:31,320
Speaker 2: in hot water in a few months time when this

629
00:27:31,680 --> 00:27:35,040
Speaker 2: is supposed to go into effect. Influencers are also being

630
00:27:35,080 --> 00:27:36,879
Speaker 2: held to a higher standard when it comes to the

631
00:27:36,880 --> 00:27:39,119
Speaker 2: reviews that they're going to dish out on either like

632
00:27:39,119 --> 00:27:42,680
Speaker 2: like social media or on their actual websites. And so, yeah,

633
00:27:42,720 --> 00:27:45,400
Speaker 2: we'll see what kind of impact this will have. Hopefully

634
00:27:45,400 --> 00:27:48,520
Speaker 2: it gets cleared up pretty quickly. I would not expect

635
00:27:48,520 --> 00:27:51,160
Speaker 2: an overnight change in how it is that I trust

636
00:27:51,160 --> 00:27:54,000
Speaker 2: different reviews that I come across me either. Yeah, but

637
00:27:54,080 --> 00:27:56,119
Speaker 2: that being said, they're talking about like a fifty thousand

638
00:27:56,119 --> 00:27:59,040
Speaker 2: dollars fee or ticket or you know, every time.

639
00:27:58,920 --> 00:28:02,080
Speaker 1: They violate this this rule. So we'll see if it

640
00:28:02,119 --> 00:28:05,119
Speaker 1: actually ends up happening. You imagine if Amazon got fined,

641
00:28:05,240 --> 00:28:08,720
Speaker 1: truly got fined that much for every fake review, they

642
00:28:08,720 --> 00:28:11,840
Speaker 1: would be forced to change their algorithms and how it

643
00:28:11,880 --> 00:28:14,720
Speaker 1: is that they allow certain reviews, Well they might, I'm

644
00:28:14,720 --> 00:28:19,000
Speaker 1: guessing too. There is going to be more vetting from

645
00:28:19,080 --> 00:28:21,560
Speaker 1: some of these websites like Amazon, like, verify that you're

646
00:28:21,560 --> 00:28:24,119
Speaker 1: an actual human being before you leave this review. Verify

647
00:28:24,200 --> 00:28:25,920
Speaker 1: that you actually own the product and have used the

648
00:28:25,960 --> 00:28:29,119
Speaker 1: product before you write this review too, And so it

649
00:28:29,240 --> 00:28:31,280
Speaker 1: probably is going to reduce the amount of reviews, but

650
00:28:31,520 --> 00:28:35,240
Speaker 1: clarify the reviews that actually do exist. I am curious

651
00:28:35,280 --> 00:28:38,640
Speaker 1: to see the shakeout because, yeah, online reviews are, Man,

652
00:28:38,680 --> 00:28:41,320
Speaker 1: there's a it's like kind of a cesspool at times. Yeah,

653
00:28:41,360 --> 00:28:44,200
Speaker 1: and it's hard to know, especially for some products, right,

654
00:28:44,280 --> 00:28:47,560
Speaker 1: Like I think it depends on the product, but sometimes

655
00:28:47,600 --> 00:28:50,800
Speaker 1: because of those incentives and because of the way the

656
00:28:51,240 --> 00:28:53,840
Speaker 1: seller on a site like Amazon has gone about things,

657
00:28:54,040 --> 00:28:56,760
Speaker 1: they have generated a bunch of fake reviews, and then

658
00:28:56,800 --> 00:28:59,000
Speaker 1: it's hard for the end consumer to know based on

659
00:28:59,040 --> 00:29:01,200
Speaker 1: the star rating whether or not that product is any

660
00:29:01,200 --> 00:29:03,600
Speaker 1: good or not. So again, we'll see how this proceeds.

661
00:29:03,640 --> 00:29:06,440
Speaker 1: But for the time being, what's that plug in, Matt

662
00:29:06,480 --> 00:29:09,520
Speaker 1: we talk about with reviews that people should use fake spot?

663
00:29:09,560 --> 00:29:13,120
Speaker 1: I think, oh man, memory is failing. Yeah, so that's

664
00:29:13,160 --> 00:29:15,720
Speaker 1: a good one, I think to check out so that

665
00:29:15,760 --> 00:29:18,240
Speaker 1: you can at least get a heads up whether or

666
00:29:18,320 --> 00:29:21,360
Speaker 1: not the star rating is accurate. They'll give it usually

667
00:29:21,400 --> 00:29:24,360
Speaker 1: like an A through F rating and then read the

668
00:29:24,440 --> 00:29:26,440
Speaker 1: actual reviews. Because it's easy to spot some of those

669
00:29:26,440 --> 00:29:30,000
Speaker 1: fake reviews yourself. You should be able quickly to realize,

670
00:29:30,120 --> 00:29:34,120
Speaker 1: wait a second, that one feels fake, and then adjust accordingly.

671
00:29:34,440 --> 00:29:36,400
Speaker 1: But now let's talk about gift cards. One of my

672
00:29:37,360 --> 00:29:40,160
Speaker 1: least favorite, the least favorite things. And I've always said

673
00:29:40,160 --> 00:29:42,640
Speaker 1: that part of the reason that I don't love gift

674
00:29:42,640 --> 00:29:46,960
Speaker 1: cards is because of the fact that they go often unused.

675
00:29:46,960 --> 00:29:49,040
Speaker 1: They're end up in people's sock draws or something like that,

676
00:29:49,120 --> 00:29:51,960
Speaker 1: and then they're like, oh, wait a second, oh wait,

677
00:29:52,000 --> 00:29:54,480
Speaker 1: now that companies defunct, and I have a gift card

678
00:29:54,520 --> 00:29:56,160
Speaker 1: that I never ended up using, and cash is just

679
00:29:56,160 --> 00:29:59,440
Speaker 1: a much better gift than gift cards, and something else,

680
00:29:59,680 --> 00:30:01,560
Speaker 1: I haven't new reason to hate them. As you mentioned,

681
00:30:01,880 --> 00:30:05,080
Speaker 1: nearly a quarter of Americans say that they've been given

682
00:30:05,120 --> 00:30:07,400
Speaker 1: a gift card with a zero balance on it. And

683
00:30:07,440 --> 00:30:11,160
Speaker 1: that's not because their friends stink or they've got someone

684
00:30:11,200 --> 00:30:13,040
Speaker 1: pulling a prank on them, but it's because of the

685
00:30:13,080 --> 00:30:15,800
Speaker 1: criminals who steal the information off the back of the

686
00:30:15,840 --> 00:30:17,960
Speaker 1: card and then they siphon the money off that thing.

687
00:30:18,040 --> 00:30:20,440
Speaker 1: So when you buy it fresh off the racket at

688
00:30:20,440 --> 00:30:23,280
Speaker 1: the Kroger or wherever you're buying your gift card, you

689
00:30:23,360 --> 00:30:26,840
Speaker 1: might not know that that card has zero dollars on

690
00:30:26,880 --> 00:30:30,080
Speaker 1: it that's already been robbed. This is a massive problem

691
00:30:30,120 --> 00:30:32,480
Speaker 1: with gift cards, to go along with the other major

692
00:30:32,480 --> 00:30:35,320
Speaker 1: one of forgetting to spend them. But Maryland actually just

693
00:30:35,400 --> 00:30:37,920
Speaker 1: became the first state to do something about this problem.

694
00:30:38,000 --> 00:30:38,240
Speaker 2: Matt.

695
00:30:38,320 --> 00:30:42,920
Speaker 1: They're requiring manufacturers to create more protective packaging, which makes

696
00:30:42,920 --> 00:30:45,960
Speaker 1: it harder for thieves to steal the codes off the back.

697
00:30:46,000 --> 00:30:46,560
Speaker 2: And I like it.

698
00:30:46,760 --> 00:30:48,960
Speaker 1: And this is a this is clearly like a real

699
00:30:49,040 --> 00:30:53,920
Speaker 1: problem that has cost consumers money and just is incredibly annoying.

700
00:30:54,040 --> 00:30:56,920
Speaker 2: Yeah. Well, and what's worth highlighting here as well, like

701
00:30:56,960 --> 00:31:00,600
Speaker 2: because we'll dump on different federal agencies with their inability

702
00:31:00,640 --> 00:31:03,120
Speaker 2: to enforce what it is that they're trying to get done.

703
00:31:03,200 --> 00:31:05,080
Speaker 2: This is how you do it. This is a state

704
00:31:05,120 --> 00:31:07,360
Speaker 2: that had the legislation that was introduced. It was a

705
00:31:07,360 --> 00:31:09,000
Speaker 2: bill and then it was signed into the law. Like

706
00:31:09,040 --> 00:31:11,120
Speaker 2: that is how you actually are able to make some change.

707
00:31:11,320 --> 00:31:12,240
Speaker 1: I'm just a bill.

708
00:31:12,800 --> 00:31:14,479
Speaker 2: Are we going to talk about the BBIL creation process

709
00:31:14,480 --> 00:31:17,320
Speaker 2: on Capitol Hill? So you might be saying, well, yeah,

710
00:31:17,320 --> 00:31:21,600
Speaker 2: that's great for Maryland. I live in North Dakota fellas well.

711
00:31:21,880 --> 00:31:24,080
Speaker 2: It is amazing though, how laws in one state can

712
00:31:24,120 --> 00:31:27,200
Speaker 2: create a domino effect in others, because once these companies

713
00:31:27,240 --> 00:31:30,640
Speaker 2: have to create let's say, new packaging for Maryland specifically,

714
00:31:30,920 --> 00:31:32,760
Speaker 2: well they may as well go ahead and just roll

715
00:31:32,760 --> 00:31:34,320
Speaker 2: it out to the rest of the country. It's like,

716
00:31:34,400 --> 00:31:37,000
Speaker 2: it makes me think of Apple changing to what is

717
00:31:37,040 --> 00:31:41,080
Speaker 2: it USBC, like the oval shape one as opposed to

718
00:31:41,120 --> 00:31:42,840
Speaker 2: the one with the ridges in it. Yeah, because the.

719
00:31:42,800 --> 00:31:45,600
Speaker 1: New charging port no longer lightning. Yes, basically, the.

720
00:31:45,560 --> 00:31:49,440
Speaker 2: EU they made it a requirement, and so therefore they said, okay,

721
00:31:49,440 --> 00:31:50,960
Speaker 2: we'll just go ahead and end up rolling that out.

722
00:31:51,320 --> 00:31:53,320
Speaker 2: It is it will be cost prohibitive for us to

723
00:31:53,400 --> 00:31:54,560
Speaker 2: maintain all these different charges.

724
00:31:54,600 --> 00:31:59,200
Speaker 1: We're not gonna make lightning charging port Apple iPhones in

725
00:31:59,400 --> 00:32:02,520
Speaker 1: for the States and USBC centric ones for Europe.

726
00:32:02,520 --> 00:32:04,160
Speaker 2: Like, we're just gonna do it all the same. From

727
00:32:04,160 --> 00:32:06,480
Speaker 2: business standpoint, it makes sense. And so what I'm pointing

728
00:32:06,480 --> 00:32:07,880
Speaker 2: out here is that there's hope, I think for the

729
00:32:07,960 --> 00:32:10,479
Speaker 2: rest of the country when it comes to the ability

730
00:32:10,480 --> 00:32:12,840
Speaker 2: for us to buy gift cards and not end up

731
00:32:12,840 --> 00:32:15,320
Speaker 2: empty handed or to be seen as a jerk because

732
00:32:15,360 --> 00:32:19,160
Speaker 2: you just handed over something that was blank Yeah, I know.

733
00:32:19,360 --> 00:32:21,840
Speaker 1: Yeah, frustrating experiences the gift giver and the gift getter.

734
00:32:22,280 --> 00:32:25,040
Speaker 1: So it's like, yeah, just secure packaging and that would

735
00:32:25,080 --> 00:32:28,800
Speaker 1: make me feel even better about buying gift cards for somebody,

736
00:32:29,040 --> 00:32:31,320
Speaker 1: even though it's still not my number one choice. All right, man,

737
00:32:31,360 --> 00:32:32,840
Speaker 1: that's going to do it. For this episode, we'll have

738
00:32:33,200 --> 00:32:35,120
Speaker 1: links to some of the stuff we mentioned up on

739
00:32:35,160 --> 00:32:37,360
Speaker 1: our website at how to money dot com. Don't forget

740
00:32:37,360 --> 00:32:39,880
Speaker 1: to sign up for the how to Money newsletter at

741
00:32:39,920 --> 00:32:42,320
Speaker 1: how toomoney dot com slash newsletter. But we hope y'all

742
00:32:42,400 --> 00:32:44,720
Speaker 1: have a great weekend. Until next time, best friends and

743
00:32:44,760 --> 00:32:46,680
Speaker 1: best friends out,