1 00:00:00,080 --> 00:00:03,400 Speaker 1: Welcome to had a Money. I'm Joel and I am Matt. 2 00:00:03,440 --> 00:00:06,920 Speaker 1: Today we're talking about the Save Seesaw brand, warmth and 3 00:00:07,000 --> 00:00:07,840 Speaker 1: money avoidance. 4 00:00:26,960 --> 00:00:30,720 Speaker 2: Happy Friday, everybody, it's the Is there a name for 5 00:00:30,800 --> 00:00:33,200 Speaker 2: the day after the fourth of July? Joel? Other than 6 00:00:33,640 --> 00:00:38,800 Speaker 2: the fifth? There's no How do you say July in Spanish? 7 00:00:38,840 --> 00:00:41,080 Speaker 2: You took Spanish, I should know that June is like 8 00:00:41,159 --> 00:00:42,280 Speaker 2: junior July. 9 00:00:42,720 --> 00:00:43,519 Speaker 1: I should know that too. 10 00:00:43,520 --> 00:00:46,520 Speaker 2: Wholio, who is really? I think so nice? 11 00:00:46,560 --> 00:00:49,880 Speaker 1: Guess, but I feel like it's the slowest day. 12 00:00:49,920 --> 00:00:52,280 Speaker 2: It's like it's the slowest day of like the entire summer, 13 00:00:52,560 --> 00:00:54,760 Speaker 2: because it's the day after the fourth. A lot of 14 00:00:54,760 --> 00:00:56,840 Speaker 2: folks have flex Fridays anyway, where they're kind of like, 15 00:00:56,880 --> 00:00:58,720 Speaker 2: all right, we're gonna dip out of town earlier for vacation. 16 00:00:58,920 --> 00:01:00,120 Speaker 2: There's like nothing getting done. 17 00:01:00,000 --> 00:01:04,920 Speaker 1: Today and celebration hangover and we. 18 00:01:04,880 --> 00:01:07,920 Speaker 2: Ran our or you in your first ten k. So 19 00:01:08,080 --> 00:01:11,600 Speaker 2: congrats to everybody who completed the peach tree. A lot 20 00:01:11,600 --> 00:01:13,280 Speaker 2: of people running some prs. 21 00:01:13,680 --> 00:01:15,840 Speaker 1: Heck yeah, fourth Joly, it's like a big and running. 22 00:01:15,840 --> 00:01:18,000 Speaker 1: Apparently he was back in vogue. I didn't realize this 23 00:01:18,120 --> 00:01:18,880 Speaker 1: is becoming a thing again. 24 00:01:18,880 --> 00:01:20,040 Speaker 2: It's a new thing called yogging. 25 00:01:21,040 --> 00:01:22,880 Speaker 1: It's like it feels like it's nineteen eightyes, Portland, but 26 00:01:22,920 --> 00:01:25,520 Speaker 1: all across the United States. Yeah, so we've got a 27 00:01:25,560 --> 00:01:26,560 Speaker 1: lot to get to on this episode. 28 00:01:26,600 --> 00:01:27,320 Speaker 2: Spontane Era. 29 00:01:27,400 --> 00:01:30,000 Speaker 1: That's right, you're growing your prefontein stash right now. 30 00:01:30,080 --> 00:01:32,440 Speaker 2: Oh yeah. I wonder if that's the inspiration behind me 31 00:01:32,480 --> 00:01:34,800 Speaker 2: when I did as a joke. Yeah, but it's kind 32 00:01:34,800 --> 00:01:36,520 Speaker 2: of sticking around a little bit, all right. 33 00:01:36,680 --> 00:01:38,640 Speaker 1: I keep it around me. I like it. I think 34 00:01:38,880 --> 00:01:42,319 Speaker 1: mustaches are sophisticated. Uh oh, real quick, Matt. We just 35 00:01:42,360 --> 00:01:44,880 Speaker 1: got back from vacation too, and you took a week 36 00:01:44,880 --> 00:01:46,920 Speaker 1: off in Michigan. I took a week, took the family 37 00:01:46,959 --> 00:01:49,400 Speaker 1: down to Tybee Island, just outside of Savannah, and I 38 00:01:49,480 --> 00:01:51,960 Speaker 1: ended up going to a Savannah Bananas game. Thanks to 39 00:01:52,240 --> 00:01:54,880 Speaker 1: listener Gary, who's been emailing us for years. 40 00:01:54,880 --> 00:01:55,280 Speaker 2: He stayed in. 41 00:01:55,320 --> 00:01:57,200 Speaker 1: Contact and he was like, Hey, if you ever want 42 00:01:57,200 --> 00:01:58,840 Speaker 1: to go to a Banana's game, let me know. And 43 00:01:58,920 --> 00:02:00,960 Speaker 1: I never want to go to Brads game again now 44 00:02:01,080 --> 00:02:04,200 Speaker 1: because banana ball is so much more fun than traditional baseball. 45 00:02:04,280 --> 00:02:05,960 Speaker 2: So this is why I need to make sure that 46 00:02:06,000 --> 00:02:08,079 Speaker 2: the first baseball game I take the kids too is 47 00:02:08,120 --> 00:02:10,280 Speaker 2: an actual baseball game, because once she get yeah, I've 48 00:02:10,280 --> 00:02:12,760 Speaker 2: heard that about the Savannah Bananas. Once you go there, 49 00:02:12,800 --> 00:02:14,600 Speaker 2: the kids are never going to want to actually go 50 00:02:14,680 --> 00:02:17,760 Speaker 2: to a real, boring MLB baseball game. 51 00:02:18,120 --> 00:02:20,200 Speaker 1: And basically, did you reach out to him proactively? 52 00:02:20,360 --> 00:02:20,560 Speaker 2: Yeah? 53 00:02:20,560 --> 00:02:22,919 Speaker 1: I was like, oh, yeah, Well, he had told me, 54 00:02:22,960 --> 00:02:24,120 Speaker 1: if you're ever in town, you want to go to 55 00:02:24,200 --> 00:02:25,680 Speaker 1: Banana's game, let me know, just give me heads up. 56 00:02:25,680 --> 00:02:27,280 Speaker 1: So I gave him like a month or two heads up, 57 00:02:27,520 --> 00:02:27,840 Speaker 1: and he was. 58 00:02:27,840 --> 00:02:29,400 Speaker 2: Like, great, I want to go to a Banana's game. 59 00:02:29,240 --> 00:02:31,560 Speaker 1: Because apparently they're like almost impossible to get those tickets. 60 00:02:31,639 --> 00:02:33,680 Speaker 2: Yeah, I was talking to my brother in law sister 61 00:02:33,680 --> 00:02:35,440 Speaker 2: in law. They lived near Savannah. 62 00:02:35,480 --> 00:02:36,480 Speaker 1: You want to go like gary A. 63 00:02:37,360 --> 00:02:39,400 Speaker 2: Evidently folks buying like a year in advance, Like they 64 00:02:39,480 --> 00:02:41,240 Speaker 2: hit and then everyone pounces on them. 65 00:02:41,320 --> 00:02:44,880 Speaker 1: And it's an atmosphere, it's a vibe and it's worth 66 00:02:44,960 --> 00:02:47,239 Speaker 1: checking out for sure. And Major League Baseball? 67 00:02:47,240 --> 00:02:49,080 Speaker 2: Is that where you got the Justin Bieber song stuck 68 00:02:49,080 --> 00:02:51,359 Speaker 2: in your head? That it was they're playing music the 69 00:02:51,360 --> 00:02:54,239 Speaker 2: whole time you mentioned that, I'm like, what Justin Bieber song? 70 00:02:54,280 --> 00:02:55,680 Speaker 2: And you're like, you know you hear about it when 71 00:02:55,680 --> 00:02:58,040 Speaker 2: you're just out and about. I'm like, no, no, there 72 00:02:58,120 --> 00:02:58,480 Speaker 2: was so. 73 00:02:58,360 --> 00:03:00,520 Speaker 1: Many songs I listened to that night that I was like, oh, 74 00:03:00,560 --> 00:03:02,520 Speaker 1: I remember this. I've heard this before. But I'm so 75 00:03:02,720 --> 00:03:04,680 Speaker 1: out of don't know what's going on with popular music, 76 00:03:04,919 --> 00:03:07,520 Speaker 1: but Savannah bananas. Major League Baseball could stand to learn 77 00:03:07,560 --> 00:03:09,880 Speaker 1: a lot because it's there's such a chasm, such a 78 00:03:09,919 --> 00:03:12,680 Speaker 1: gap between the player and the fan, and they just 79 00:03:13,000 --> 00:03:15,480 Speaker 1: they don't there is none of that exists in banana ball. 80 00:03:15,520 --> 00:03:15,680 Speaker 2: There. 81 00:03:15,919 --> 00:03:18,760 Speaker 1: Players are in the stands, they're outside signing autographs at 82 00:03:18,760 --> 00:03:20,280 Speaker 1: the end of the game, and I'm like, it's just 83 00:03:20,320 --> 00:03:22,120 Speaker 1: torn down that wall. Yeah, it's way more fun. 84 00:03:22,160 --> 00:03:24,440 Speaker 2: Well, I will say that they I mean was it? 85 00:03:24,520 --> 00:03:27,440 Speaker 2: Last year was the first season that they instituted the 86 00:03:28,320 --> 00:03:31,640 Speaker 2: pitch clock, shot clock, the pitch clock plus the larger 87 00:03:31,680 --> 00:03:34,760 Speaker 2: bases to allow for more stolen bases, and that alone 88 00:03:35,360 --> 00:03:38,040 Speaker 2: significantly decreased the length of a game. Yea, so well, 89 00:03:38,080 --> 00:03:40,360 Speaker 2: banana ball it's two hours. Platt like you, no matter what, 90 00:03:40,440 --> 00:03:42,440 Speaker 2: don't go past two hours. Really, Yeah, so they just 91 00:03:42,440 --> 00:03:44,400 Speaker 2: stop it. They stop it. Oh, I didn't know that. 92 00:03:44,840 --> 00:03:46,560 Speaker 1: So that's kind of cool too. You know, when you're 93 00:03:46,600 --> 00:03:47,960 Speaker 1: getting out of there, you start at seven. You're done 94 00:03:47,960 --> 00:03:49,840 Speaker 1: at nine. Stick around for an autograph if you want, 95 00:03:49,840 --> 00:03:53,160 Speaker 1: then you peace out. So it's delightful, all right, But 96 00:03:53,520 --> 00:03:55,600 Speaker 1: we digress. We're glad to be back, glad to be 97 00:03:55,600 --> 00:03:58,320 Speaker 1: talking about money again. And let's get to the saving 98 00:03:58,360 --> 00:04:00,320 Speaker 1: of stories we found interesting this week how they pertained 99 00:04:00,320 --> 00:04:02,960 Speaker 1: to your personal finances. We have to start off talking 100 00:04:03,040 --> 00:04:06,840 Speaker 1: about student loans. Student loan forgiveness, of course, as everyone knows, 101 00:04:07,160 --> 00:04:09,240 Speaker 1: was a bust. It was shut down by the Supreme Court, 102 00:04:09,840 --> 00:04:11,720 Speaker 1: much to the stratgrin of the Biden administration. And then 103 00:04:11,720 --> 00:04:14,960 Speaker 1: the Safe Plan was another attempt by the President and 104 00:04:14,960 --> 00:04:17,760 Speaker 1: the Department of Education to at least reduce the burden 105 00:04:17,880 --> 00:04:20,800 Speaker 1: of student loan payments by lowering payments for the vast 106 00:04:20,800 --> 00:04:24,760 Speaker 1: majority of people, some people down to zero dollar payments, 107 00:04:24,960 --> 00:04:29,479 Speaker 1: while also shortening that forgiveness timeline. Well, just as it 108 00:04:29,520 --> 00:04:31,880 Speaker 1: was about to be fully implemented, the legal rug was 109 00:04:31,960 --> 00:04:33,599 Speaker 1: kind of sort of pulled out from under the Save 110 00:04:33,680 --> 00:04:37,560 Speaker 1: Plan as well. Eighteen states have sued over the President's 111 00:04:37,960 --> 00:04:40,360 Speaker 1: lack of authority essentially to push through a generous plan 112 00:04:40,640 --> 00:04:43,040 Speaker 1: like this without the aid of Congress, without any sort 113 00:04:43,040 --> 00:04:46,800 Speaker 1: of congressional approval, making a law and it is kind 114 00:04:46,839 --> 00:04:47,640 Speaker 1: of tenuous. 115 00:04:47,640 --> 00:04:47,880 Speaker 2: Matt. 116 00:04:47,880 --> 00:04:51,520 Speaker 1: I guess the Save Plan it's legal standing because it 117 00:04:51,560 --> 00:04:56,640 Speaker 1: didn't originate from Congress or from legislation, and so I 118 00:04:56,680 --> 00:04:58,760 Speaker 1: think the main beef, it seems like, in these lawsuits 119 00:04:59,080 --> 00:05:02,560 Speaker 1: is with the accelerat forgiveness timeline. And so multiple judges 120 00:05:02,600 --> 00:05:05,400 Speaker 1: agreed with that petition by the States and they put 121 00:05:05,400 --> 00:05:07,279 Speaker 1: at least part of the Safe Plan on ice for 122 00:05:07,320 --> 00:05:10,280 Speaker 1: the time being, and then and then on Sunday, another 123 00:05:10,320 --> 00:05:12,919 Speaker 1: court ruled that this save Plan can move ahead. So 124 00:05:12,960 --> 00:05:15,640 Speaker 1: which constructed. Yeah, it feels like whiplash. And I know 125 00:05:15,680 --> 00:05:18,520 Speaker 1: anybody out there with student loans, especially since July was 126 00:05:18,560 --> 00:05:20,120 Speaker 1: going to be the month and still is going to 127 00:05:20,120 --> 00:05:22,120 Speaker 1: be the month. Now the payments take on this new 128 00:05:22,440 --> 00:05:25,919 Speaker 1: lower form. Exciting news for those folks this past Sunday 129 00:05:26,440 --> 00:05:29,480 Speaker 1: because now they're they're going to be able to experience 130 00:05:29,520 --> 00:05:31,400 Speaker 1: those lower payments at least for the time being. 131 00:05:31,440 --> 00:05:33,600 Speaker 2: Sure. Yeah, So for I guess for all the folks 132 00:05:33,600 --> 00:05:35,680 Speaker 2: out there who have student loans, you're probably wondering what 133 00:05:35,720 --> 00:05:38,560 Speaker 2: this means for you. So the Biden administration they're pushing 134 00:05:38,600 --> 00:05:42,160 Speaker 2: back or attempting to use legal recourse to ensure that 135 00:05:42,520 --> 00:05:47,400 Speaker 2: Save remains fully implemented. They can't use the debt forgiveness 136 00:05:47,440 --> 00:05:50,039 Speaker 2: portion of save at least for now, but the payment 137 00:05:50,080 --> 00:05:52,760 Speaker 2: for many will be reduced dramatically according to the new 138 00:05:52,880 --> 00:05:57,839 Speaker 2: discretionary income rules and the final outcome for the tenure 139 00:05:57,920 --> 00:06:01,760 Speaker 2: forgiveness timeline that remains to be seen. But for the 140 00:06:01,800 --> 00:06:04,320 Speaker 2: time being, no matter what your income level is, if 141 00:06:04,360 --> 00:06:06,479 Speaker 2: you are enrolled in the safe play and your payment 142 00:06:06,640 --> 00:06:09,359 Speaker 2: it's gonna be zero dollars because you'll technically be pushed 143 00:06:09,360 --> 00:06:13,080 Speaker 2: into forbearance by the powers that be. So basically, as 144 00:06:13,080 --> 00:06:15,320 Speaker 2: they're arguing over this, it's like, Okay, everything is going 145 00:06:15,360 --> 00:06:18,600 Speaker 2: to be put on hold again. Payments are going to 146 00:06:18,640 --> 00:06:20,000 Speaker 2: be on pause until further notice. 147 00:06:20,080 --> 00:06:22,479 Speaker 1: That's the last thing I read was basically not just 148 00:06:22,520 --> 00:06:26,279 Speaker 1: that some people, a few million people with incomes and 149 00:06:26,279 --> 00:06:29,919 Speaker 1: family sizes that that made them qualify under the discretionary 150 00:06:29,920 --> 00:06:32,839 Speaker 1: income rules, not just them, not just those folks, would 151 00:06:32,839 --> 00:06:35,960 Speaker 1: experience a zero dollar payment, but that potentially everybody who's 152 00:06:36,040 --> 00:06:38,200 Speaker 1: enrolled and saved is going to experience zero dollar payments 153 00:06:38,240 --> 00:06:41,160 Speaker 1: for the time being while this gets while in the. 154 00:06:41,120 --> 00:06:43,560 Speaker 2: Courts, exactly, Yeah, and not to get political too, but 155 00:06:43,640 --> 00:06:46,640 Speaker 2: like I hate this for folks who hold student loans, 156 00:06:46,640 --> 00:06:50,400 Speaker 2: because even the top Democratic official leader, Nancy Pelosi, like 157 00:06:50,440 --> 00:06:52,080 Speaker 2: last was it last year or a couple of years ago, 158 00:06:52,360 --> 00:06:54,680 Speaker 2: said that this is not something that the president can do, 159 00:06:54,760 --> 00:06:56,480 Speaker 2: but then they just they try to push forward with 160 00:06:56,520 --> 00:06:59,040 Speaker 2: it anyway. And so it just felt like a false promise. 161 00:06:59,480 --> 00:07:00,920 Speaker 2: And that's the part of it that I hate so much, 162 00:07:00,960 --> 00:07:04,600 Speaker 2: that folks are counting on this forgiveness on just some 163 00:07:04,640 --> 00:07:07,880 Speaker 2: of the different promises that that we're going to be made. Yeah. 164 00:07:07,920 --> 00:07:09,560 Speaker 2: So yeah, I don't know. I just hate it full 165 00:07:09,600 --> 00:07:12,600 Speaker 2: as opposed to it actually going through congressional action, them 166 00:07:12,680 --> 00:07:16,160 Speaker 2: actually voting on it, as opposed to the executive branch 167 00:07:16,440 --> 00:07:18,320 Speaker 2: unilaterally doing it on the rim. 168 00:07:18,360 --> 00:07:19,680 Speaker 1: It's like telling your kid you're going to go get 169 00:07:19,720 --> 00:07:21,840 Speaker 1: an ice cream and then being like, psych not gonna 170 00:07:21,840 --> 00:07:23,880 Speaker 1: get checks, scream and how disappointed are they? Whereas if 171 00:07:23,880 --> 00:07:25,440 Speaker 1: you'd never say anything in the first place and you 172 00:07:25,480 --> 00:07:27,080 Speaker 1: just don't get ice cream, like they don't know any. 173 00:07:26,920 --> 00:07:28,720 Speaker 2: Would have been better for them to have never known. 174 00:07:28,840 --> 00:07:31,040 Speaker 1: Yeah, and so we don't know how this is going 175 00:07:31,120 --> 00:07:33,040 Speaker 1: to shake out. My guess is that parts of this 176 00:07:33,120 --> 00:07:35,600 Speaker 1: save plan are going to be implemented, and they are 177 00:07:35,640 --> 00:07:38,840 Speaker 1: being implemented as it stands right now, but what's going 178 00:07:38,920 --> 00:07:42,120 Speaker 1: to happen ultimately still remains to be seen. And so 179 00:07:42,280 --> 00:07:44,760 Speaker 1: I think right now the best course of action is 180 00:07:44,760 --> 00:07:47,560 Speaker 1: to assume that you're going to be paying your full 181 00:07:47,600 --> 00:07:50,280 Speaker 1: student loan payment and to bank that for the time being, 182 00:07:50,640 --> 00:07:53,480 Speaker 1: not to assume that it's going away. I just want 183 00:07:53,480 --> 00:07:54,760 Speaker 1: to I wouldn want to count my chickens. 184 00:07:54,560 --> 00:07:56,040 Speaker 2: Before they have, yes, which is what we said from 185 00:07:56,040 --> 00:07:59,920 Speaker 2: the very beginning, like literally back during COVID, during the pandemic, 186 00:08:00,600 --> 00:08:04,280 Speaker 2: as the forbearans, as payments were paused, we said, hey, 187 00:08:04,560 --> 00:08:06,760 Speaker 2: keep setting that money aside, pay yourself, put that into 188 00:08:06,800 --> 00:08:09,840 Speaker 2: high yield savings, and then when the time comes, you'll 189 00:08:09,840 --> 00:08:11,840 Speaker 2: get to you know, you'll see what it is that 190 00:08:11,840 --> 00:08:12,840 Speaker 2: you'll have to do with that money. 191 00:08:12,840 --> 00:08:15,360 Speaker 1: Don't don't treat it as an excuse to spend more. 192 00:08:15,840 --> 00:08:16,160 Speaker 2: Exactly. 193 00:08:16,160 --> 00:08:17,640 Speaker 1: If you're going to want to invest more, that's fine, 194 00:08:17,640 --> 00:08:20,400 Speaker 1: I guess, but don't inflate your lifestyle. Make sure you 195 00:08:20,640 --> 00:08:24,000 Speaker 1: at least retain the ability to pay your student loans 196 00:08:24,120 --> 00:08:26,120 Speaker 1: when that payment comes back. But for the time being, 197 00:08:26,360 --> 00:08:28,880 Speaker 1: the safe plan is kind of sort of mostly on. 198 00:08:29,160 --> 00:08:32,000 Speaker 1: All right, let's talk about cell phones maths. A new 199 00:08:32,040 --> 00:08:36,240 Speaker 1: survey from whistle Out. It's a cool name for a website. 200 00:08:35,920 --> 00:08:39,199 Speaker 1: They basically document the price of cell phone service and 201 00:08:39,240 --> 00:08:42,439 Speaker 1: what's happening in the cell phone sphere. And they have 202 00:08:42,559 --> 00:08:45,520 Speaker 1: a new annual overspending report, that's what they call it. 203 00:08:45,760 --> 00:08:50,120 Speaker 1: And they found that Americans are wasting fifteen hundred bucks 204 00:08:50,160 --> 00:08:53,160 Speaker 1: a year on cell phone service. I don't know if 205 00:08:53,200 --> 00:08:55,440 Speaker 1: that would have been your guest, like the average American, 206 00:08:55,440 --> 00:08:57,640 Speaker 1: mat was the average Americans spending or wasting on cell 207 00:08:57,640 --> 00:08:58,959 Speaker 1: phone service? I don't think I would have said it 208 00:08:59,000 --> 00:09:00,240 Speaker 1: with that much, that's a lot of money. 209 00:09:00,360 --> 00:09:00,720 Speaker 2: Yeah. 210 00:09:01,360 --> 00:09:04,559 Speaker 1: What they cited in this survey was rising monthly costs, 211 00:09:04,640 --> 00:09:08,160 Speaker 1: which contributed to a lack of affordability, which also shocks me, 212 00:09:08,760 --> 00:09:11,640 Speaker 1: given the reality that you and I have seen prices 213 00:09:11,720 --> 00:09:14,760 Speaker 1: decreasing the exact opposite. Yeah, we see prices going down. Actually, 214 00:09:14,880 --> 00:09:17,080 Speaker 1: well everything else has gone up in price. Cell phone 215 00:09:17,120 --> 00:09:21,120 Speaker 1: service has basically withstood the inflation gauntlet all together. But 216 00:09:21,600 --> 00:09:24,040 Speaker 1: whistle out found that the average American I'm quoting here, 217 00:09:24,120 --> 00:09:26,280 Speaker 1: the average American currently spends one hundred and fifty seven 218 00:09:26,280 --> 00:09:29,600 Speaker 1: dollars a month on a plan from a major carrier 219 00:09:30,160 --> 00:09:32,480 Speaker 1: that would that's like, that's the crux of the issue 220 00:09:32,520 --> 00:09:33,800 Speaker 1: here in their report? 221 00:09:33,800 --> 00:09:36,760 Speaker 2: Did that also include the price of like a phone 222 00:09:36,840 --> 00:09:38,440 Speaker 2: or something like? That's I don't know, that's the part 223 00:09:38,480 --> 00:09:41,000 Speaker 2: I don't understand. I know, I don't understand how that's possible. Yeah, 224 00:09:41,040 --> 00:09:43,800 Speaker 2: so it just makes me slightly questioned, whistle out and 225 00:09:43,800 --> 00:09:44,360 Speaker 2: their motives. 226 00:09:44,480 --> 00:09:46,560 Speaker 1: Yeah, well, how are you coming up with this data? 227 00:09:46,640 --> 00:09:48,280 Speaker 1: I mean, yeah, so maybe it's not as bad as 228 00:09:48,280 --> 00:09:50,840 Speaker 1: they're actually making it, you know, making it sound, because 229 00:09:50,880 --> 00:09:53,439 Speaker 1: I can't. I haven't met anybody who pays that much 230 00:09:53,440 --> 00:09:55,360 Speaker 1: for their cell phone service. I've met people paying sixty 231 00:09:55,360 --> 00:09:56,960 Speaker 1: to seventy eighty bucks a month, but one hundred fifty 232 00:09:56,960 --> 00:09:59,480 Speaker 1: seven is insane. And if that's the average, how's that possible? 233 00:09:59,520 --> 00:10:01,720 Speaker 2: Sure? But even still, this gives us a good excuse 234 00:10:01,760 --> 00:10:04,640 Speaker 2: to talk about the more affordable options out there, because 235 00:10:04,679 --> 00:10:07,400 Speaker 2: fortunately the tide is changing. The big guys are losing 236 00:10:07,480 --> 00:10:10,360 Speaker 2: market share, and you know, us Americans, we're starting to 237 00:10:10,360 --> 00:10:13,080 Speaker 2: realize just how much we can say by avoiding the 238 00:10:13,080 --> 00:10:16,000 Speaker 2: big names, the big name brands that are constantly advertising 239 00:10:16,679 --> 00:10:18,880 Speaker 2: by hopping over to an MV and zero. 240 00:10:18,960 --> 00:10:20,080 Speaker 1: That's, by the way, what's you're paying? 241 00:10:20,120 --> 00:10:20,400 Speaker 2: Format? 242 00:10:20,440 --> 00:10:23,160 Speaker 1: You mentioned the advertising, the guys that sponsor stadiums, the 243 00:10:23,200 --> 00:10:26,480 Speaker 1: guys that they're running the commercials during your favorite sports program. 244 00:10:26,600 --> 00:10:30,720 Speaker 2: Basically, the more you know about it, the more automatically is. Yeah, 245 00:10:30,760 --> 00:10:34,640 Speaker 2: forty seven percent of Americans now get their cell service 246 00:10:34,840 --> 00:10:39,800 Speaker 2: from a discounter like Visible Mint, some of the other 247 00:10:39,880 --> 00:10:43,320 Speaker 2: great boots. That's another boost. Yeah, although, so I noticed 248 00:10:43,360 --> 00:10:46,360 Speaker 2: that Google five they recently increased price on some of 249 00:10:46,400 --> 00:10:49,560 Speaker 2: their multi person plans, making them a little less enticing, 250 00:10:49,559 --> 00:10:52,240 Speaker 2: because that's one that I mean, we were considering ceping 251 00:10:52,280 --> 00:10:55,480 Speaker 2: out with our wives. Slightly less interested in that now. 252 00:10:55,760 --> 00:10:58,280 Speaker 2: But another cheap and this is a newer player, but 253 00:10:58,320 --> 00:11:01,600 Speaker 2: a service provider that's been on our recently is US Mobile. 254 00:11:01,760 --> 00:11:03,960 Speaker 2: I'm not actually totally sure how long they've been around, 255 00:11:04,320 --> 00:11:07,840 Speaker 2: but they offer an unlimited prepaid plan for seventeen dollars 256 00:11:08,040 --> 00:11:10,680 Speaker 2: and fifty cents a month. That's good, which is really 257 00:11:10,720 --> 00:11:13,760 Speaker 2: good man. And yeah, I think we've got like another 258 00:11:14,480 --> 00:11:16,400 Speaker 2: have like another month or two cople months with Mint. 259 00:11:16,440 --> 00:11:19,199 Speaker 2: I think Mint who has been great. I literally don't 260 00:11:19,200 --> 00:11:21,160 Speaker 2: have any complaints with Mint. But I'm like, all right, 261 00:11:21,200 --> 00:11:23,880 Speaker 2: well we know about Mint because of Ryan Reynolds, and 262 00:11:24,360 --> 00:11:26,839 Speaker 2: I don't know like maybe their prices, I will say, 263 00:11:27,000 --> 00:11:29,800 Speaker 2: the plan prices haven't gone up, but they have reduced 264 00:11:30,040 --> 00:11:33,079 Speaker 2: the if you add on data, the cost on that 265 00:11:33,120 --> 00:11:35,800 Speaker 2: has gone up, or or maybe they've reduced the amount 266 00:11:35,800 --> 00:11:37,440 Speaker 2: of data you get. But even and you and I 267 00:11:37,440 --> 00:11:39,199 Speaker 2: were not hich folks will complain about because they're like, 268 00:11:39,800 --> 00:11:42,080 Speaker 2: I think it's literally I think it's twenty dollars for 269 00:11:42,160 --> 00:11:45,600 Speaker 2: an extra three gigs of data. Wow, which it does 270 00:11:45,679 --> 00:11:48,359 Speaker 2: seem like a lot, right, but even still, like, let's's 271 00:11:48,360 --> 00:11:51,920 Speaker 2: imagine you're on like a ten gig fifteen gig a 272 00:11:51,960 --> 00:11:55,760 Speaker 2: month plan prepaid throughout the year. The ability to save 273 00:11:56,000 --> 00:12:00,280 Speaker 2: like more than one hundred dollars every single month, with 274 00:12:00,320 --> 00:12:02,160 Speaker 2: the off chance maybe once or twice a year that 275 00:12:02,200 --> 00:12:05,079 Speaker 2: you might add more data for twenty bucks, you definitely 276 00:12:05,120 --> 00:12:05,720 Speaker 2: come out ahead. 277 00:12:05,720 --> 00:12:08,280 Speaker 1: But so Emily she we're on the five gig plane, 278 00:12:08,280 --> 00:12:10,920 Speaker 1: which is fifteen bucks a month, which is cheaper than 279 00:12:10,960 --> 00:12:13,280 Speaker 1: the US mobile plan you just mentioned. But there has 280 00:12:13,320 --> 00:12:15,840 Speaker 1: been a time or two if we're adding data. Emily 281 00:12:15,880 --> 00:12:18,280 Speaker 1: in particular has run out of data and she's like, 282 00:12:18,440 --> 00:12:21,080 Speaker 1: add me some data, and she's like, I'm sure she's annoyed, 283 00:12:21,080 --> 00:12:22,960 Speaker 1: why are you cheaping out? And going the and so 284 00:12:23,200 --> 00:12:24,640 Speaker 1: I think, oh, we don't need to do this, and 285 00:12:24,920 --> 00:12:27,440 Speaker 1: we don't need unlimited data, that's for sure, because again 286 00:12:27,480 --> 00:12:29,920 Speaker 1: and most people don't. They're on Wi Fi at work, 287 00:12:29,960 --> 00:12:33,280 Speaker 1: at home, and so most folks unless you're just add 288 00:12:33,320 --> 00:12:35,599 Speaker 1: the extra data streaming YouTube while you're driving, which ISA, no, no, 289 00:12:35,640 --> 00:12:36,920 Speaker 1: you're going to get arrested for that or maybe not 290 00:12:36,960 --> 00:12:38,800 Speaker 1: a rest of but you're gonna get all. Don't do that. 291 00:12:38,880 --> 00:12:41,520 Speaker 1: But so I think with the extra when you pay 292 00:12:41,520 --> 00:12:44,240 Speaker 1: fifteen or twenty bucks to top off your data, and 293 00:12:44,320 --> 00:12:45,920 Speaker 1: even if it's just a one month or two months 294 00:12:45,920 --> 00:12:47,959 Speaker 1: out of the year, it starts to make that seventeen 295 00:12:48,000 --> 00:12:51,000 Speaker 1: dollars a month unlimited make a whole lot of sense. 296 00:12:51,040 --> 00:12:53,520 Speaker 2: An extra two to fifty a months times twelve. Yeah. 297 00:12:53,640 --> 00:12:57,360 Speaker 2: So I actually hopped on my usage or whatever on 298 00:12:57,640 --> 00:13:00,200 Speaker 2: and I noticed so when we were when we are 299 00:13:00,240 --> 00:13:02,839 Speaker 2: down in Savannah, we are up in the woods of 300 00:13:02,880 --> 00:13:05,800 Speaker 2: Michigan and where we're staying didn't have Wi Fi and 301 00:13:05,840 --> 00:13:08,679 Speaker 2: we barely had cell phone service. It was like snail's 302 00:13:08,720 --> 00:13:11,720 Speaker 2: pace cell phone coverage. But even still, what that meant 303 00:13:11,760 --> 00:13:15,600 Speaker 2: is anything that I was consuming was coming through data, 304 00:13:16,200 --> 00:13:19,199 Speaker 2: and I've got like twenty five days left, basically a 305 00:13:19,200 --> 00:13:21,640 Speaker 2: whole month, and I'm like, I've only got like one 306 00:13:21,640 --> 00:13:24,800 Speaker 2: gig left. I didn't realize how much data I use, 307 00:13:24,840 --> 00:13:27,199 Speaker 2: So I'm definitely gonna need to make sure, yeah, doing 308 00:13:27,200 --> 00:13:29,960 Speaker 2: big downloads or anything like that while I am connected 309 00:13:29,960 --> 00:13:32,160 Speaker 2: to Wi Fi. But even still, let's say I hit 310 00:13:32,200 --> 00:13:34,960 Speaker 2: that cap in next week or something like that, it's 311 00:13:34,960 --> 00:13:37,880 Speaker 2: still gonna be worth it to add that extra three 312 00:13:37,920 --> 00:13:40,679 Speaker 2: gigs of data for twenty bucks versus going with one 313 00:13:40,679 --> 00:13:41,240 Speaker 2: of the big players. 314 00:13:41,280 --> 00:13:42,800 Speaker 1: Well, and it used to be, and it is with Mint, 315 00:13:42,840 --> 00:13:44,160 Speaker 1: and it is with a lot of these other players. 316 00:13:44,200 --> 00:13:47,320 Speaker 1: It's something close to double the cost to get the unlimited. 317 00:13:47,520 --> 00:13:50,240 Speaker 1: But now that Unlimited is going down in price, I 318 00:13:50,280 --> 00:13:52,280 Speaker 1: see the wisdom and going directly with one of those 319 00:13:52,320 --> 00:13:54,960 Speaker 1: plans if it's cheap enough. So US Mobile we're checking 320 00:13:54,960 --> 00:13:56,880 Speaker 1: out will tramp a link in the show notes for you. 321 00:13:57,320 --> 00:14:01,640 Speaker 1: All Right, Mattlis talk about brands and brand loyalty. I'm 322 00:14:01,679 --> 00:14:04,520 Speaker 1: sure every single person listening to this podcast can name 323 00:14:04,559 --> 00:14:06,960 Speaker 1: a company or two that brings a smile out their face, right, 324 00:14:07,240 --> 00:14:10,280 Speaker 1: I could name a few myself, whether it's a generous 325 00:14:10,320 --> 00:14:12,880 Speaker 1: return policy, one of a kind goods or service. 326 00:14:12,679 --> 00:14:15,080 Speaker 2: Thinking of Costco. I'm thinking of all d yeah, the 327 00:14:15,080 --> 00:14:16,040 Speaker 2: return policy. 328 00:14:15,800 --> 00:14:17,520 Speaker 1: Or even brains that just make cool stuff that are 329 00:14:17,600 --> 00:14:20,600 Speaker 1: off the beaten path, Like as a want to be runner, 330 00:14:20,640 --> 00:14:23,280 Speaker 1: someone who's getting into running, there's a company you're not. 331 00:14:23,320 --> 00:14:25,480 Speaker 2: I want to dude, you run. Now you are a runner. 332 00:14:25,520 --> 00:14:27,840 Speaker 2: We'll see except the identificate, the uh. I don't know 333 00:14:27,840 --> 00:14:29,840 Speaker 2: that identity, not until I grow a stash like hers. 334 00:14:30,800 --> 00:14:33,040 Speaker 2: If only it could be as thick as prefontame. 335 00:14:33,080 --> 00:14:33,840 Speaker 1: Some day you'll get there. 336 00:14:33,840 --> 00:14:34,360 Speaker 2: You'll get there. 337 00:14:34,560 --> 00:14:36,720 Speaker 1: But there's a company I found recently called runner Are 338 00:14:36,800 --> 00:14:38,880 Speaker 1: in in Are and they make you would look at 339 00:14:38,880 --> 00:14:40,560 Speaker 1: these hats and you'd be like, that's so jo, that's 340 00:14:40,560 --> 00:14:43,800 Speaker 1: so because they're bright, they're ostentatious, they're over the top 341 00:14:43,800 --> 00:14:44,920 Speaker 1: and ridiculous, but they're cool. 342 00:14:45,040 --> 00:14:46,280 Speaker 2: I just need to get you a pair of those 343 00:14:46,520 --> 00:14:48,760 Speaker 2: some bright hokahs. What was that? 344 00:14:49,040 --> 00:14:52,200 Speaker 1: I mean, funky stuff is my bier. So yeah, those 345 00:14:52,200 --> 00:14:53,840 Speaker 1: are the kind of things like maybe it is just 346 00:14:53,840 --> 00:14:55,440 Speaker 1: something that's one of the kind nobody else makes it 347 00:14:55,520 --> 00:14:57,880 Speaker 1: like that, or just great customer service, right, that's something 348 00:14:57,880 --> 00:14:59,920 Speaker 1: else you think of Chick fil A. It's the my pleasure, 349 00:15:00,040 --> 00:15:04,120 Speaker 1: it's the trying to create raving fans. People have loyalty, 350 00:15:04,200 --> 00:15:06,400 Speaker 1: strong loyalty to companies like that, and so if you 351 00:15:06,400 --> 00:15:08,800 Speaker 1: were to have an issue with one of these admirable companies, 352 00:15:09,000 --> 00:15:10,480 Speaker 1: you'd likely find that you were able to get it 353 00:15:10,520 --> 00:15:13,200 Speaker 1: resolved without too much trouble, which only adheres you to 354 00:15:13,200 --> 00:15:15,280 Speaker 1: that company even more, not necessarily just because they make 355 00:15:15,360 --> 00:15:18,080 Speaker 1: cool stuff, but because customer service is at the forefront 356 00:15:18,320 --> 00:15:21,760 Speaker 1: of their priority list. And this is what's known as 357 00:15:22,200 --> 00:15:25,000 Speaker 1: brand warmth. And the best companies, of course, have this 358 00:15:25,240 --> 00:15:29,880 Speaker 1: in spades. A recent white paper found that customers report 359 00:15:30,000 --> 00:15:33,240 Speaker 1: feedback to these brands, to these brands that they feel 360 00:15:33,280 --> 00:15:36,240 Speaker 1: like they have almost like a friendship or relationship with, 361 00:15:36,640 --> 00:15:39,480 Speaker 1: even more than they would to a company they consider 362 00:15:39,520 --> 00:15:41,840 Speaker 1: to be uncaring or they're more likely not to just 363 00:15:41,880 --> 00:15:44,400 Speaker 1: give feedback, but they're more likely to complain. And so 364 00:15:44,560 --> 00:15:47,000 Speaker 1: the reason they complain and don't just offer feedback is 365 00:15:47,000 --> 00:15:48,680 Speaker 1: because they know they're going to be shut down cold 366 00:15:48,800 --> 00:15:51,920 Speaker 1: if they try to offer constructive criticism. Like you think 367 00:15:51,920 --> 00:15:53,800 Speaker 1: about the exact opposite of brand warmth, Matt, you think 368 00:15:53,880 --> 00:15:57,080 Speaker 1: probably Comcast, Right, that's probably one of those brands at 369 00:15:57,160 --> 00:15:58,000 Speaker 1: least in when. 370 00:15:58,240 --> 00:16:00,520 Speaker 2: Not very warm feelings. Yeah, when you mentioned. 371 00:16:00,520 --> 00:16:02,480 Speaker 1: Consumer Reports used to have this blog and they would 372 00:16:02,480 --> 00:16:04,880 Speaker 1: identify the worst company in the world every single year, 373 00:16:04,920 --> 00:16:08,360 Speaker 1: and Comcast was typically in the top four, often number one. 374 00:16:09,080 --> 00:16:12,120 Speaker 1: But think about another brand, maybe, ARII, you're probably gonna 375 00:16:12,120 --> 00:16:14,080 Speaker 1: get a fair hearing if you say, based on just 376 00:16:14,120 --> 00:16:18,040 Speaker 1: their general policy, but then also based on their warmth 377 00:16:18,040 --> 00:16:21,080 Speaker 1: towards their customers. And so I think it makes me think, 378 00:16:21,160 --> 00:16:23,400 Speaker 1: don't be afraid to beat this wiki wheel with brands, 379 00:16:23,480 --> 00:16:26,760 Speaker 1: especially that you love and admire, and do it in 380 00:16:26,800 --> 00:16:30,520 Speaker 1: a feedback oriented approach instead of a complaining sort of approach. 381 00:16:30,720 --> 00:16:33,479 Speaker 1: They're often going to respond fondly to that. They're gonna respond. 382 00:16:33,200 --> 00:16:34,240 Speaker 2: Well, well, yeah, I mean, I think it has a 383 00:16:34,280 --> 00:16:35,400 Speaker 2: lot to do with the fact that when you have 384 00:16:35,440 --> 00:16:38,040 Speaker 2: a company or a brand that you love, you want 385 00:16:38,040 --> 00:16:42,120 Speaker 2: them to continue to perform. Well, you know, like Kate 386 00:16:42,200 --> 00:16:45,040 Speaker 2: recently took the kids to see a movie. They went 387 00:16:45,080 --> 00:16:47,800 Speaker 2: to this sort of discount movie theater and she was 388 00:16:47,840 --> 00:16:49,720 Speaker 2: just like, this is the first time she had been there, 389 00:16:50,040 --> 00:16:52,120 Speaker 2: and she said, we didn't make sure this play sticks around. 390 00:16:52,320 --> 00:16:54,520 Speaker 1: I guess they had a deal on Tuesdays. I guess 391 00:16:54,560 --> 00:16:57,080 Speaker 1: it was for kids where they get a two dollars movies. 392 00:16:57,640 --> 00:16:59,760 Speaker 2: I forget the price, but you get a drink and 393 00:16:59,800 --> 00:17:03,000 Speaker 2: a a popcorn, like it's all basically included, and they 394 00:17:03,040 --> 00:17:05,000 Speaker 2: count on you doing the upgrade. They count on you 395 00:17:05,160 --> 00:17:07,440 Speaker 2: getting like pretzel bites or something like that. But it's like, 396 00:17:07,480 --> 00:17:10,400 Speaker 2: oh no, no, you stick with what's included for free. 397 00:17:10,520 --> 00:17:12,399 Speaker 2: But it takes supporting those kind of companies. And I 398 00:17:12,400 --> 00:17:14,400 Speaker 2: think when folks reach out to brands that they love, 399 00:17:14,840 --> 00:17:16,880 Speaker 2: it's in an effort to see them do better, which 400 00:17:16,880 --> 00:17:19,840 Speaker 2: makes me think we haven't mentioned this recently, but if 401 00:17:19,840 --> 00:17:21,880 Speaker 2: you have feedback for us, of course we would love 402 00:17:21,920 --> 00:17:24,359 Speaker 2: to hear from you. Just email us at how tomneypod 403 00:17:24,480 --> 00:17:27,080 Speaker 2: at gmail dot com. Because we make mistakes, we don't 404 00:17:27,080 --> 00:17:30,639 Speaker 2: always do things perfectly, and we truly are trying to improve, 405 00:17:30,760 --> 00:17:33,879 Speaker 2: just like you're trying to run faster jol like, like 406 00:17:34,080 --> 00:17:36,239 Speaker 2: there are things and goals that we have set up 407 00:17:36,240 --> 00:17:37,680 Speaker 2: before us, and we want to make sure that we're 408 00:17:37,680 --> 00:17:40,800 Speaker 2: continuing to deliver a superior podcast where we try to 409 00:17:40,840 --> 00:17:43,040 Speaker 2: write out there to every single one of those emails 410 00:17:43,080 --> 00:17:45,080 Speaker 2: that comes in, we try to we read something up 411 00:17:45,080 --> 00:17:46,960 Speaker 2: on our spam. We read them all, yeah, all the 412 00:17:46,960 --> 00:17:49,000 Speaker 2: ones that don't get filtered. We certainly read and not 413 00:17:49,040 --> 00:17:52,320 Speaker 2: even go looking in the Gmail spam. Yeah, sometimes heavy 414 00:17:52,320 --> 00:17:53,720 Speaker 2: handed with what they consider spam. 415 00:17:53,840 --> 00:17:55,919 Speaker 1: And we'll take we'll take complaint sand feedback either one, 416 00:17:56,040 --> 00:17:58,359 Speaker 1: if you've got complain, if you like. There's somebody who 417 00:17:58,440 --> 00:18:00,359 Speaker 1: left a review recently, Matt. They said that ouranguage has 418 00:18:00,400 --> 00:18:01,399 Speaker 1: gotten more that. 419 00:18:01,520 --> 00:18:01,879 Speaker 2: I don't know. 420 00:18:01,920 --> 00:18:03,240 Speaker 1: I don't know what we said. Did we let some 421 00:18:03,359 --> 00:18:05,160 Speaker 1: slip not that I know, Like I feel like we're 422 00:18:05,160 --> 00:18:09,760 Speaker 1: pretty buttoned up when it comes to language. Ear mustol Okay. 423 00:18:09,800 --> 00:18:12,440 Speaker 2: So the flip side of the coin is that when 424 00:18:12,440 --> 00:18:15,879 Speaker 2: a company tries to sell itself as trustworthy but isn't, 425 00:18:16,160 --> 00:18:18,159 Speaker 2: and that's the case for most of the companies that 426 00:18:18,240 --> 00:18:20,520 Speaker 2: take that pack. There's a new study that finds that 427 00:18:20,560 --> 00:18:24,000 Speaker 2: the use of the word trust in their marketing materials 428 00:18:24,080 --> 00:18:27,840 Speaker 2: is associated with worse outcomes. They're the ones that receive 429 00:18:27,880 --> 00:18:31,600 Speaker 2: more letters from the SEC asking them for marketing clarity, 430 00:18:31,960 --> 00:18:35,200 Speaker 2: or their stock performs more poorly, they pay more in 431 00:18:35,280 --> 00:18:37,800 Speaker 2: auditing fees, which of course is not a great sign. 432 00:18:38,160 --> 00:18:40,840 Speaker 2: And I've always hated this sort of marketing and more 433 00:18:40,840 --> 00:18:42,919 Speaker 2: it's kind of a red flag for me, Like you 434 00:18:42,920 --> 00:18:46,359 Speaker 2: can think of just honest Hlary's use car lot, like 435 00:18:46,760 --> 00:18:48,800 Speaker 2: the fact that you have to put honest in your name, 436 00:18:48,920 --> 00:18:50,800 Speaker 2: it's not a great sign. Or it makes me think 437 00:18:50,840 --> 00:18:52,920 Speaker 2: of even like security companies. 438 00:18:52,560 --> 00:18:55,080 Speaker 1: Riot or like keeping your family safe. 439 00:18:55,240 --> 00:18:59,240 Speaker 2: Yeah, and when there are more ambiguous products or services 440 00:18:59,240 --> 00:19:01,280 Speaker 2: I guess that are being delivered when trust is the 441 00:19:01,280 --> 00:19:04,119 Speaker 2: main reason to do business with them, we would say 442 00:19:04,600 --> 00:19:07,119 Speaker 2: be wary because we feel that trust is something that 443 00:19:07,119 --> 00:19:09,560 Speaker 2: it's more earned as opposed to something that it's put 444 00:19:09,600 --> 00:19:11,200 Speaker 2: out there in marketing materials. Yeah. 445 00:19:11,240 --> 00:19:13,800 Speaker 1: If you hear like ads for the how of Money 446 00:19:13,800 --> 00:19:16,080 Speaker 1: podcast and we're like, trust us. I mean that just 447 00:19:16,480 --> 00:19:18,399 Speaker 1: to me, that's like, well, why, I don't know. I 448 00:19:18,400 --> 00:19:19,240 Speaker 1: don't know you yet. 449 00:19:20,640 --> 00:19:21,080 Speaker 2: I agree. 450 00:19:21,200 --> 00:19:24,760 Speaker 1: Like when companies put that front and center in their 451 00:19:24,800 --> 00:19:27,720 Speaker 1: marketing efforts, I'm typically I don't know, I turn away 452 00:19:27,720 --> 00:19:29,960 Speaker 1: from that. I think it for some people, maybe that 453 00:19:30,000 --> 00:19:32,440 Speaker 1: seems to engender them to the brand. To me, it's 454 00:19:32,560 --> 00:19:34,800 Speaker 1: always seemed to the opposite. And it's interesting to see 455 00:19:35,000 --> 00:19:37,080 Speaker 1: some of this data that the companies that rely on 456 00:19:37,160 --> 00:19:39,520 Speaker 1: that word to try to convince people to do business 457 00:19:39,520 --> 00:19:42,160 Speaker 1: with them seem to be more suspect than companies that don't. 458 00:19:42,400 --> 00:19:44,520 Speaker 1: So we've got more to get to on this episode, 459 00:19:44,560 --> 00:19:48,320 Speaker 1: including we're going to talk about money avoidance and how 460 00:19:48,359 --> 00:19:50,080 Speaker 1: it can create bigger problems down the line. We'll talk 461 00:19:50,080 --> 00:20:00,600 Speaker 1: about that and more. Right after this, we are back 462 00:20:00,640 --> 00:20:03,240 Speaker 1: from the break and it is now time for the 463 00:20:03,280 --> 00:20:05,880 Speaker 1: ludicrous headline of the week. This one is from the Journal. 464 00:20:06,280 --> 00:20:10,040 Speaker 1: The headline reads, his ex is getting his one million 465 00:20:10,080 --> 00:20:14,160 Speaker 1: dollar retirement account. They broke up in nineteen eighty nine. 466 00:20:14,600 --> 00:20:15,879 Speaker 1: What do you think about that, Joel? What do you 467 00:20:15,880 --> 00:20:17,600 Speaker 1: think of when you hear nineteen eighty nine? I think 468 00:20:17,640 --> 00:20:19,600 Speaker 1: you know what I think of? Taylor Swift? Yeah, okay, 469 00:20:20,119 --> 00:20:21,960 Speaker 1: that's the only thing you can't think of. Ryan Adams 470 00:20:22,040 --> 00:20:24,119 Speaker 1: covered that album. Who's one of my favorite artists? And 471 00:20:24,160 --> 00:20:26,159 Speaker 1: now I don't listen to Ryan Adams anymore. He was like, 472 00:20:26,200 --> 00:20:28,480 Speaker 1: literally my all time favorite for many years and now 473 00:20:28,720 --> 00:20:29,399 Speaker 1: he's following off. 474 00:20:29,440 --> 00:20:33,000 Speaker 2: Yeah, he didn't make the best choices, but hey, trust him, Joel. 475 00:20:33,520 --> 00:20:36,320 Speaker 2: Maybe he's turned things around. So nineteen eighty nine, that 476 00:20:36,320 --> 00:20:38,440 Speaker 2: was a long time ago. We are here for this 477 00:20:38,560 --> 00:20:42,520 Speaker 2: financial drama that the Journal is reporting. But basically, this 478 00:20:42,640 --> 00:20:47,000 Speaker 2: dude named Jeff and his lady friend named Margaret Ladynn. 479 00:20:47,040 --> 00:20:50,000 Speaker 1: Except from that's like big Levowski, Right, there's my lady first. 480 00:20:49,840 --> 00:20:52,879 Speaker 2: Is from the eighties. That's her name was Margaret. They 481 00:20:53,000 --> 00:20:55,080 Speaker 2: dated for a while, and again this is almost forty 482 00:20:55,119 --> 00:20:57,800 Speaker 2: years ago, but it was serious enough, at least at 483 00:20:57,800 --> 00:21:01,880 Speaker 2: the time where he made her his sole beneficiary on 484 00:21:01,920 --> 00:21:04,920 Speaker 2: his retirement account. Granted he didn't have a whole lot 485 00:21:04,920 --> 00:21:07,640 Speaker 2: set aside. He was probably just like, oh, I love you, 486 00:21:07,800 --> 00:21:09,840 Speaker 2: or maybe I think I do. They just dated for. 487 00:21:09,800 --> 00:21:11,200 Speaker 1: Probably had like sixty bucks at the time. 488 00:21:11,359 --> 00:21:14,320 Speaker 2: Yeah, exactly. But this act that was made back in 489 00:21:14,359 --> 00:21:17,480 Speaker 2: nineteen eighty seven, so okay, they dated for a couple 490 00:21:17,480 --> 00:21:20,240 Speaker 2: of years. There you go, but it was never updated again, 491 00:21:20,760 --> 00:21:22,960 Speaker 2: and now she stands to inherit. I think it was 492 00:21:23,000 --> 00:21:25,119 Speaker 2: actually more than the headline reads a million. I think 493 00:21:25,160 --> 00:21:27,479 Speaker 2: at this point it's grown to be one point two 494 00:21:27,560 --> 00:21:31,919 Speaker 2: or something. Yes, it's significantly more. So. Yeah, lucky for Margaret. 495 00:21:32,000 --> 00:21:33,320 Speaker 1: Lucky Margaret for sure. 496 00:21:33,359 --> 00:21:33,600 Speaker 2: Right. 497 00:21:33,640 --> 00:21:35,399 Speaker 1: And the family, as you would imagine they document in 498 00:21:35,440 --> 00:21:37,960 Speaker 1: the story, they're not happy about this, Matt. They're doing 499 00:21:38,200 --> 00:21:41,760 Speaker 1: everything they can to try to go into the courts 500 00:21:42,000 --> 00:21:45,040 Speaker 1: to get this overturned. Right. And the truth is, though, 501 00:21:45,200 --> 00:21:49,320 Speaker 1: like we've said many times before, your beneficiary designation trump's 502 00:21:49,320 --> 00:21:51,600 Speaker 1: what your will says, and so even though back in 503 00:21:51,640 --> 00:21:54,720 Speaker 1: the day beneficiary designations were made on index cards, you 504 00:21:54,760 --> 00:21:56,320 Speaker 1: didn't even do it on the internet because the internet 505 00:21:56,320 --> 00:21:58,760 Speaker 1: didn't exist, Like, you couldn't go into Vanguard dot com, 506 00:21:58,840 --> 00:22:02,600 Speaker 1: Fidelity dot com updated in mere seconds. Literally you had 507 00:22:02,600 --> 00:22:05,240 Speaker 1: to go to like hr and get a new index card. Literally, 508 00:22:05,520 --> 00:22:06,919 Speaker 1: his was written on a three and a half by 509 00:22:07,040 --> 00:22:09,760 Speaker 1: five inch card, like, hey, hand me that one back, 510 00:22:09,840 --> 00:22:11,320 Speaker 1: let me light this one in flames and hand you 511 00:22:11,359 --> 00:22:13,840 Speaker 1: another one. That's not how it works anymore. 512 00:22:13,880 --> 00:22:16,399 Speaker 2: Fortunately, probably did burn them because folks were smoking in 513 00:22:16,400 --> 00:22:17,280 Speaker 2: the office, right. 514 00:22:17,240 --> 00:22:23,720 Speaker 1: Exactly along with everything else, mad men Era, Well, let 515 00:22:23,720 --> 00:22:25,880 Speaker 1: this be a lesson to us all. It is easier 516 00:22:25,920 --> 00:22:28,080 Speaker 1: now than ever before to change your beneficiary, and it 517 00:22:28,160 --> 00:22:31,400 Speaker 1: is incredibly important. Think about you know, Jeff's family here 518 00:22:31,720 --> 00:22:34,680 Speaker 1: and Margaret's like apparently she wasn't talking to the journal, 519 00:22:34,720 --> 00:22:37,080 Speaker 1: but her lawyers like, uh, I mean, clearly he made 520 00:22:37,119 --> 00:22:40,760 Speaker 1: her the beneficiary, and so she wants this money and 521 00:22:40,800 --> 00:22:43,280 Speaker 1: she's legally entitled to it, and I get by. The 522 00:22:43,320 --> 00:22:46,000 Speaker 1: family has has their panties in a lot over this. 523 00:22:46,000 --> 00:22:48,840 Speaker 1: They're not very happy. They're trying to pursue legal recourse 524 00:22:48,880 --> 00:22:51,880 Speaker 1: to claw this money back, but they just I don't 525 00:22:51,880 --> 00:22:53,720 Speaker 1: think there's gonna be much that can be done about this. 526 00:22:53,880 --> 00:22:56,600 Speaker 2: It seems it's like it's a fairly ironclad thing. Do 527 00:22:56,640 --> 00:22:59,800 Speaker 2: you think she should continue to what does she owe 528 00:22:59,800 --> 00:23:02,560 Speaker 2: to the family? Do you think she'd just take my money? 529 00:23:02,600 --> 00:23:05,359 Speaker 1: That's a really tough moral question, and as a judgment, 530 00:23:05,400 --> 00:23:07,440 Speaker 1: if it was me, I would feel, really it would 531 00:23:07,440 --> 00:23:08,600 Speaker 1: be hard for me to take that money. 532 00:23:08,640 --> 00:23:10,280 Speaker 2: I don't think I could. Yeah, I think I would 533 00:23:10,280 --> 00:23:12,400 Speaker 2: have to accept for the so I would feel differently. 534 00:23:12,560 --> 00:23:15,240 Speaker 1: Okay, So sorry, if one of my ex girlfriends has 535 00:23:15,240 --> 00:23:17,840 Speaker 1: done this, you go change your maneficiary so I don't 536 00:23:17,880 --> 00:23:18,959 Speaker 1: have to go through this moral quandary. 537 00:23:19,040 --> 00:23:22,040 Speaker 2: Okay, So here is there's no family. Well, like you 538 00:23:22,040 --> 00:23:24,400 Speaker 2: say family, but it's his two brothers brothers. Yeah, yeah, 539 00:23:24,480 --> 00:23:24,840 Speaker 2: so it's not. 540 00:23:24,840 --> 00:23:25,480 Speaker 1: Like a wife and kids. 541 00:23:25,640 --> 00:23:28,320 Speaker 2: Yes, I would feel one hundred percent differently about it 542 00:23:28,400 --> 00:23:30,359 Speaker 2: if he had a wife, if he had some kids. 543 00:23:30,680 --> 00:23:33,440 Speaker 2: But he just had another girlfriend a little bit further 544 00:23:33,480 --> 00:23:35,960 Speaker 2: down the line, and that's it. And so the I'm 545 00:23:35,960 --> 00:23:38,520 Speaker 2: just thinking about his brothers, and I can't imagine that 546 00:23:38,520 --> 00:23:41,280 Speaker 2: they were counting on this money coming from their brother 547 00:23:41,680 --> 00:23:43,760 Speaker 2: when he passed, and so legally, I just feels he's 548 00:23:43,920 --> 00:23:46,560 Speaker 2: just it's owed to her, And I don't know. I 549 00:23:46,560 --> 00:23:49,199 Speaker 2: think if I was her, it would also depend on 550 00:23:49,200 --> 00:23:51,159 Speaker 2: my financial situation. I guess if I was her and 551 00:23:51,200 --> 00:23:53,879 Speaker 2: I'm looking at the brothers and maybe they're not in 552 00:23:53,920 --> 00:23:56,680 Speaker 2: the best financial situation and I was crushing it, I'd say, 553 00:23:57,000 --> 00:23:59,680 Speaker 2: all right, guys, you know what, I totally understand. I'm 554 00:23:59,760 --> 00:24:02,600 Speaker 2: not that seems like split sys generous thing to do. Yeah, 555 00:24:02,880 --> 00:24:04,640 Speaker 2: there's two brothers, Hey how about we all go one 556 00:24:04,680 --> 00:24:07,840 Speaker 2: third in on it. Plus, I guess the brothers are. 557 00:24:07,800 --> 00:24:11,159 Speaker 1: Saying, we're doing what he would have wanted. But like, 558 00:24:11,280 --> 00:24:12,520 Speaker 1: if you how do you know that? 559 00:24:12,560 --> 00:24:14,439 Speaker 2: How do you know that? Yeah, you can't into it 560 00:24:14,520 --> 00:24:16,760 Speaker 2: somebody else's desires and wishes And the fact that he 561 00:24:16,840 --> 00:24:19,920 Speaker 2: never married anybody and had a family makes me think, man, 562 00:24:19,960 --> 00:24:21,719 Speaker 2: maybe he was always like really torn up about it 563 00:24:22,280 --> 00:24:24,359 Speaker 2: Margaret for years, and he left her on there because 564 00:24:24,400 --> 00:24:27,600 Speaker 2: he truly wanted her to be set for life, way 565 00:24:27,640 --> 00:24:28,359 Speaker 2: off into the future. 566 00:24:28,400 --> 00:24:31,360 Speaker 1: But it is, you know, the ultimate lesson here is, 567 00:24:31,400 --> 00:24:34,320 Speaker 1: too is to change your beneficiary on your retirement accounts 568 00:24:34,440 --> 00:24:36,520 Speaker 1: to at least log in and look it up and 569 00:24:36,560 --> 00:24:40,159 Speaker 1: see you even named anybody because you don't want this 570 00:24:40,240 --> 00:24:42,919 Speaker 1: to go through some protracted legal process. Not only does 571 00:24:42,960 --> 00:24:44,879 Speaker 1: it mean that the money that you have worked so 572 00:24:45,000 --> 00:24:47,840 Speaker 1: tirelessly to save and invest and build up that it 573 00:24:47,920 --> 00:24:50,040 Speaker 1: might not go to the person you intend, but also 574 00:24:50,640 --> 00:24:53,320 Speaker 1: the people who love you the most have to endure 575 00:24:53,359 --> 00:24:56,080 Speaker 1: the process of trying to figure this out after your passing. 576 00:24:56,160 --> 00:24:57,359 Speaker 1: And so make it easy on that. 577 00:24:57,440 --> 00:24:59,199 Speaker 2: Make it clear. Yea, yeah, totally. So what's going on 578 00:24:59,240 --> 00:25:04,000 Speaker 2: here basically is inertia bias, which is a totally underestimated, 579 00:25:04,119 --> 00:25:07,680 Speaker 2: underrated behavioral economics term. And when it comes to your 580 00:25:07,760 --> 00:25:11,040 Speaker 2: wealth building journey, the things that we put in motion 581 00:25:11,320 --> 00:25:13,639 Speaker 2: have a significant impact as to what it is that 582 00:25:13,680 --> 00:25:15,919 Speaker 2: we continue to do. Just like in just case, he 583 00:25:15,960 --> 00:25:18,760 Speaker 2: didn't change his beneficiary. He did that once and that 584 00:25:18,880 --> 00:25:20,800 Speaker 2: just kind of carried on through his entire life. 585 00:25:20,920 --> 00:25:22,720 Speaker 1: Is exactly the approach of most people. They signed on 586 00:25:22,760 --> 00:25:25,879 Speaker 1: to their retirement plan, they name a beneficiary, and then they. 587 00:25:25,720 --> 00:25:27,720 Speaker 2: Out of sight. It's a natural because yeah, you don't 588 00:25:27,720 --> 00:25:30,480 Speaker 2: want to have to necessarily revisit those things. But automation 589 00:25:30,800 --> 00:25:32,399 Speaker 2: is one of the things that can help us to 590 00:25:32,440 --> 00:25:35,800 Speaker 2: overcome these human tendencies where you're able to make a 591 00:25:35,840 --> 00:25:40,959 Speaker 2: one time smart decision that reduces the need for ongoing 592 00:25:41,040 --> 00:25:44,720 Speaker 2: self discipline basically, and the same is true for automatic enrollment, 593 00:25:44,960 --> 00:25:47,159 Speaker 2: which is now the default in retirement plans leading up 594 00:25:47,200 --> 00:25:50,080 Speaker 2: to twenty twenty five, when the Secure Act two point 595 00:25:50,160 --> 00:25:54,560 Speaker 2: zero automatic contribution mandate fully kicks in. The standard contribution 596 00:25:54,680 --> 00:25:57,760 Speaker 2: percentage used to be three percent, but many companies have 597 00:25:58,080 --> 00:26:01,920 Speaker 2: gone ahead and made six percent default contribution for new hires. 598 00:26:02,480 --> 00:26:05,480 Speaker 2: This is according to data from Vanguard, which means that 599 00:26:05,560 --> 00:26:07,280 Speaker 2: not only are folks now investing in their four to 600 00:26:07,280 --> 00:26:10,480 Speaker 2: one k because that's the default, they're now auto investing 601 00:26:10,520 --> 00:26:13,560 Speaker 2: at a higher percent of pay which is amazing. This 602 00:26:13,600 --> 00:26:15,040 Speaker 2: is something that we love to see. 603 00:26:15,040 --> 00:26:18,880 Speaker 1: And again we talk about how people, at least speaking 604 00:26:18,920 --> 00:26:22,000 Speaker 1: for myself, knowing myself, a little lazy tendency to procrastinate, 605 00:26:22,280 --> 00:26:25,280 Speaker 1: and so whatever I sign on and I see my 606 00:26:25,280 --> 00:26:28,040 Speaker 1: first paycheck, it doesn't matter if I'm contributing three or 607 00:26:28,080 --> 00:26:30,959 Speaker 1: six percent. For most people, they're not even real they 608 00:26:31,000 --> 00:26:33,160 Speaker 1: don't even realize how much is going out, and they 609 00:26:33,160 --> 00:26:36,879 Speaker 1: get used to that paycheck, and so whatever that default is, 610 00:26:37,119 --> 00:26:39,080 Speaker 1: it's going to stay that way. Most people aren't going 611 00:26:39,119 --> 00:26:40,680 Speaker 1: to go in there and change it unless they're their 612 00:26:40,680 --> 00:26:44,920 Speaker 1: proactive type to increase their contributions. So interestingly enough, Vanguard 613 00:26:45,000 --> 00:26:47,760 Speaker 1: also found that the average annual four oh one K 614 00:26:47,920 --> 00:26:50,560 Speaker 1: contribution rate is eleven point seven percent of pay. So 615 00:26:50,560 --> 00:26:53,480 Speaker 1: there are people who aren't just taking that automatic six 616 00:26:53,480 --> 00:26:56,000 Speaker 1: which is a great baseline. They're going in and they're 617 00:26:56,440 --> 00:26:59,400 Speaker 1: contributing even more to those retirement accounts, more than ever 618 00:26:59,440 --> 00:27:01,399 Speaker 1: in human history, which is awesome. And a big part 619 00:27:01,440 --> 00:27:03,840 Speaker 1: of that, by the way, is that default contribution rate 620 00:27:03,880 --> 00:27:06,560 Speaker 1: going up, that many employees who would otherwise likely be 621 00:27:06,600 --> 00:27:11,040 Speaker 1: contributing nothing are now stocking away. And Matt, I think 622 00:27:11,040 --> 00:27:12,720 Speaker 1: that there's a lot that's made been made over the 623 00:27:12,800 --> 00:27:16,399 Speaker 1: years about people not making enough to invest. It's not 624 00:27:16,440 --> 00:27:18,200 Speaker 1: always that people don't have the money to put into 625 00:27:18,240 --> 00:27:21,080 Speaker 1: the retirement account though right they often could if they 626 00:27:21,119 --> 00:27:23,320 Speaker 1: had the education and maybe the spark. 627 00:27:23,800 --> 00:27:25,720 Speaker 2: But you're just doing other things with their money, yep. 628 00:27:25,960 --> 00:27:29,119 Speaker 1: And because like I said, if they got the smaller 629 00:27:29,160 --> 00:27:32,679 Speaker 1: paycheck from the day one, they wouldn't realize any difference, 630 00:27:32,720 --> 00:27:35,959 Speaker 1: and then they'd find just sublimely later down down the 631 00:27:35,960 --> 00:27:38,880 Speaker 1: line that they have a significant amount of money saved 632 00:27:38,920 --> 00:27:39,960 Speaker 1: up in their retirement accounts. 633 00:27:40,040 --> 00:27:40,520 Speaker 2: So I think. 634 00:27:40,400 --> 00:27:44,520 Speaker 1: Automatic enrollment and higher automatic contribution amounts are going to 635 00:27:44,600 --> 00:27:47,280 Speaker 1: ensure that a whole lot more people are more prepared 636 00:27:47,280 --> 00:27:50,800 Speaker 1: for retirement than the otherwise would be. This is great stuff. 637 00:27:50,840 --> 00:27:54,520 Speaker 1: This is like societal goodness here, and this is private 638 00:27:54,600 --> 00:27:58,520 Speaker 1: companies making helpful decisions and pushing their employees towards better behavior. 639 00:27:58,600 --> 00:28:01,399 Speaker 2: That's right, man, All right, let's talk about interpersonal financial 640 00:28:01,520 --> 00:28:05,720 Speaker 2: issues because money avoidance within relationships can create tension, you 641 00:28:05,760 --> 00:28:09,600 Speaker 2: can create ongoing problems. This is literally why we talk 642 00:28:09,680 --> 00:28:11,960 Speaker 2: about talking about money, and it's. 643 00:28:11,840 --> 00:28:14,200 Speaker 1: Also why we've had so meta but it is necessary. 644 00:28:14,400 --> 00:28:16,520 Speaker 2: We've had a whole lot of different folks on the show, 645 00:28:16,520 --> 00:28:20,639 Speaker 2: like financial therapists specifically in order to address some of 646 00:28:20,640 --> 00:28:23,520 Speaker 2: these underlying issues. Like so, for instance, if you've had 647 00:28:23,680 --> 00:28:26,840 Speaker 2: like traumatic money experience, like you're not necessarily going to 648 00:28:26,880 --> 00:28:29,840 Speaker 2: get past that just because you learned about the reality 649 00:28:29,840 --> 00:28:33,080 Speaker 2: of compounding returns, you've learned about the twenty five times 650 00:28:33,240 --> 00:28:34,400 Speaker 2: your annual expenses rule. 651 00:28:34,480 --> 00:28:37,240 Speaker 1: Yeah, it takes talking through. 652 00:28:37,040 --> 00:28:39,120 Speaker 2: Some of the issues that you might have. And there's 653 00:28:39,160 --> 00:28:42,120 Speaker 2: a new report from experts over at Cornell and Yale, 654 00:28:42,440 --> 00:28:45,960 Speaker 2: and they find that not unexpectedly, that people don't broach 655 00:28:46,000 --> 00:28:48,920 Speaker 2: the topic of money with their significant other because they're 656 00:28:48,960 --> 00:28:52,040 Speaker 2: nervous it's going to cause a fight. It's the literal 657 00:28:52,080 --> 00:28:56,640 Speaker 2: anticipation of conflict that causes them to shove their concerns 658 00:28:56,680 --> 00:28:59,120 Speaker 2: under the rug. And as we all know, of course, 659 00:28:59,240 --> 00:29:00,000 Speaker 2: that's not helpful. 660 00:29:00,120 --> 00:29:01,720 Speaker 1: Just to be assuming things under the rug isn't a 661 00:29:01,720 --> 00:29:02,000 Speaker 1: good thing. 662 00:29:02,000 --> 00:29:03,960 Speaker 2: Map exactly. That's when my wife tells me to clean, 663 00:29:04,000 --> 00:29:05,560 Speaker 2: that's what I do, and she's like, it look so 664 00:29:05,600 --> 00:29:07,440 Speaker 2: clean down here, and I'm like, don't lift the rug up. 665 00:29:07,560 --> 00:29:09,840 Speaker 2: You can't kick the ice cube under the fridge. That's allowed. 666 00:29:09,920 --> 00:29:14,000 Speaker 1: Yeah, that happens all the time in our house too. Yeah, 667 00:29:14,280 --> 00:29:16,880 Speaker 1: you're right. They it's that anticipation, like if I bring 668 00:29:16,920 --> 00:29:19,360 Speaker 1: this up, it's going to cause stress, it's going to 669 00:29:19,480 --> 00:29:22,680 Speaker 1: cause an emotional reaction from my partner or something like that. 670 00:29:22,720 --> 00:29:25,200 Speaker 1: So why don't I just not tackle the subject at all? 671 00:29:25,600 --> 00:29:28,440 Speaker 1: Mum's the word. And I think the first problem here 672 00:29:28,480 --> 00:29:30,120 Speaker 1: is that you're assuming that a fight is going to 673 00:29:30,120 --> 00:29:32,160 Speaker 1: occur if you bring up the topic. The truth is 674 00:29:32,200 --> 00:29:35,080 Speaker 1: it might not. And the second you're only setting yourself 675 00:29:35,160 --> 00:29:37,680 Speaker 1: up for future failure because at some point there's the 676 00:29:37,680 --> 00:29:39,600 Speaker 1: big lump under the rug because you sweep more and 677 00:29:39,600 --> 00:29:42,200 Speaker 1: more stuff underneath it, and then the lump has to 678 00:29:42,240 --> 00:29:47,080 Speaker 1: be addressed, and it's become a more tenuous situation. The 679 00:29:47,120 --> 00:29:49,640 Speaker 1: longer you neglect anything, the worse the problem tends to get. 680 00:29:49,840 --> 00:29:53,080 Speaker 1: It's true with your health, your money, your relationship issues, 681 00:29:53,400 --> 00:29:55,440 Speaker 1: and so I don't think it means you have to 682 00:29:55,480 --> 00:29:57,479 Speaker 1: force the issue in the heat of the moment, like 683 00:29:57,680 --> 00:30:01,120 Speaker 1: all right, well, tempers are, how right, now, let's talk 684 00:30:01,120 --> 00:30:03,840 Speaker 1: about all of our worst money mistakes. The key, though, 685 00:30:03,840 --> 00:30:06,880 Speaker 1: is to have those conversations more regularly when the stakes 686 00:30:06,960 --> 00:30:10,800 Speaker 1: are lower. So using your goals and your dreams to 687 00:30:10,880 --> 00:30:14,560 Speaker 1: jumpstart a money conversation, not harping on the mistakes of 688 00:30:14,680 --> 00:30:17,640 Speaker 1: the person you love. That will set the tone for 689 00:30:17,720 --> 00:30:20,080 Speaker 1: a better conversation that can move you forward in a 690 00:30:20,120 --> 00:30:24,160 Speaker 1: positive manner. So like making changes to for spending habits, 691 00:30:24,240 --> 00:30:27,000 Speaker 1: for instance, it's easier to do when there's something bigger 692 00:30:27,000 --> 00:30:29,280 Speaker 1: that you're aiming for together, when you're on the same 693 00:30:29,320 --> 00:30:31,959 Speaker 1: page and you're like, yeah, let's cut out of this 694 00:30:32,240 --> 00:30:34,200 Speaker 1: some of the silly spending that we've been doing, because 695 00:30:34,240 --> 00:30:36,160 Speaker 1: there are bigger fish we have the fry, there are 696 00:30:36,160 --> 00:30:38,600 Speaker 1: bigger things we want to tackle and accomplished together, and 697 00:30:38,680 --> 00:30:42,200 Speaker 1: so when the setting is calm and you're both ready 698 00:30:42,480 --> 00:30:45,440 Speaker 1: for and expecting the conversation. I think you can make 699 00:30:45,440 --> 00:30:47,080 Speaker 1: a lot of progress. And I think we want like 700 00:30:47,080 --> 00:30:47,960 Speaker 1: a money date right there. 701 00:30:48,040 --> 00:30:48,240 Speaker 2: Yeah. 702 00:30:48,240 --> 00:30:49,719 Speaker 1: One of the tip is to get it on the calendar, 703 00:30:49,800 --> 00:30:52,320 Speaker 1: to say, listen, I know now is not actually the 704 00:30:52,320 --> 00:30:56,520 Speaker 1: best time, but what if next Friday night we put 705 00:30:56,520 --> 00:30:59,760 Speaker 1: it on the calendar and instead of going out, we 706 00:30:59,800 --> 00:31:01,600 Speaker 1: still we opened a nice bottle of the line and 707 00:31:01,640 --> 00:31:03,280 Speaker 1: we talk about some of these money things. I've got 708 00:31:03,280 --> 00:31:05,080 Speaker 1: a few things I want to tackle, and you just 709 00:31:05,200 --> 00:31:07,920 Speaker 1: create an environment, a soft environment, to have some of 710 00:31:07,920 --> 00:31:11,640 Speaker 1: those discussions, because avoiding the topic altogether sure isn't going 711 00:31:11,680 --> 00:31:12,360 Speaker 1: to fix anything. 712 00:31:12,560 --> 00:31:14,640 Speaker 2: Yeah. Or it doesn't have to be a bottle of 713 00:31:14,880 --> 00:31:17,280 Speaker 2: nice one. It can just be some PBR if that's 714 00:31:18,080 --> 00:31:18,720 Speaker 2: more your speed. 715 00:31:18,720 --> 00:31:20,440 Speaker 1: I'm not against it, but I usually save that for 716 00:31:20,840 --> 00:31:21,760 Speaker 1: music shows these days. 717 00:31:21,800 --> 00:31:24,840 Speaker 2: True. Okay, while we're talking about relationships, let's talk about 718 00:31:24,880 --> 00:31:30,240 Speaker 2: something that the Times documented, which is how Koreans are 719 00:31:30,480 --> 00:31:34,240 Speaker 2: combining saving money and friendship in something that is called 720 00:31:34,320 --> 00:31:36,400 Speaker 2: a k moyeme. Yeah. 721 00:31:36,520 --> 00:31:37,800 Speaker 1: Oh, and by the way, this is near and dear 722 00:31:37,800 --> 00:31:41,200 Speaker 1: to your heart. Because you are of Korean descent, have sees. 723 00:31:41,280 --> 00:31:44,240 Speaker 1: I saw this and I was like, friendship koreanness, it 724 00:31:44,240 --> 00:31:46,200 Speaker 1: could be more. Matt's got Matt written all over it. Literally, 725 00:31:46,320 --> 00:31:48,240 Speaker 1: Kate and I. So we had our week Kimchi on 726 00:31:48,280 --> 00:31:50,400 Speaker 1: your Sabit, our weekly date night. 727 00:31:50,360 --> 00:31:52,560 Speaker 2: Last night, and we hit up a new Korean pop 728 00:31:52,640 --> 00:31:54,440 Speaker 2: up here in town that and they're going to open 729 00:31:54,480 --> 00:31:57,120 Speaker 2: in the fall. It was very good. I am curious 730 00:31:57,120 --> 00:32:01,600 Speaker 2: to see how American palettes to some legit Korean food. 731 00:32:01,600 --> 00:32:03,800 Speaker 2: Though Kate and I loved it, I'm curious to try it. Actually, 732 00:32:03,840 --> 00:32:05,720 Speaker 2: I snuffed a picture of the menu and send it 733 00:32:05,720 --> 00:32:08,240 Speaker 2: to my mom and she was very happy. I'm so 734 00:32:08,280 --> 00:32:09,640 Speaker 2: happy you have a place to go with you and 735 00:32:09,680 --> 00:32:13,840 Speaker 2: your family. It's awesome. But basically what these are, they're 736 00:32:13,960 --> 00:32:16,960 Speaker 2: essentially like a savings bucket. They're like sinking funds that 737 00:32:17,040 --> 00:32:19,720 Speaker 2: you contribute to monthly alongside your friends in order to 738 00:32:19,760 --> 00:32:22,960 Speaker 2: save for shared or common mutual goals you might have. 739 00:32:23,280 --> 00:32:25,600 Speaker 2: And so not only are you able to say, for 740 00:32:25,880 --> 00:32:28,360 Speaker 2: let's say, a shared experience like this can be something 741 00:32:28,400 --> 00:32:31,400 Speaker 2: as big as a vacation or even as small as 742 00:32:31,400 --> 00:32:34,960 Speaker 2: a barbecue. But many said that the mutual goal and 743 00:32:35,000 --> 00:32:38,480 Speaker 2: the repeated savings it kept their friendship close as well, 744 00:32:38,520 --> 00:32:40,920 Speaker 2: which is really fascinating. Do you think this is something 745 00:32:40,920 --> 00:32:42,280 Speaker 2: that could work here in the States? Drole. 746 00:32:42,320 --> 00:32:43,400 Speaker 1: I don't know. I don't know if we have the 747 00:32:43,400 --> 00:32:46,920 Speaker 1: cultural ability. Like it's very different sensibilities over there than 748 00:32:46,920 --> 00:32:49,560 Speaker 1: it is here. We're so much more individualistic. 749 00:32:49,120 --> 00:32:51,440 Speaker 2: But I like kind of suffered to do some of 750 00:32:51,480 --> 00:32:53,840 Speaker 2: these more collective action things here in the US with 751 00:32:54,160 --> 00:32:56,160 Speaker 2: so with so much diversity, right, Like you go to 752 00:32:56,160 --> 00:32:59,400 Speaker 2: a well even articulture that's plants or whatever, but like 753 00:32:59,400 --> 00:33:01,480 Speaker 2: you go to somewhere like the culture is so homogenous, 754 00:33:01,760 --> 00:33:03,760 Speaker 2: it's easier to implement things. It makes me think of 755 00:33:03,800 --> 00:33:06,840 Speaker 2: like the different studies coming out of Scandinavia and it's like, well, yeah, 756 00:33:06,880 --> 00:33:09,400 Speaker 2: you can pull off taxes like that. There are expected 757 00:33:10,240 --> 00:33:13,520 Speaker 2: more's and norms that allow that to work, whereas in 758 00:33:13,560 --> 00:33:15,040 Speaker 2: the US it's a little more different. 759 00:33:15,200 --> 00:33:17,840 Speaker 1: They tout the public education in Finland as being top notch, 760 00:33:17,840 --> 00:33:19,600 Speaker 1: and you're like, yeah, there's four million people like and 761 00:33:20,080 --> 00:33:22,880 Speaker 1: they're they're more similar. We're a melting pot. It's it's 762 00:33:22,960 --> 00:33:24,960 Speaker 1: much it's a much more difficult things that task that 763 00:33:25,320 --> 00:33:28,600 Speaker 1: we have at hand. And you're right, I like this, 764 00:33:28,760 --> 00:33:30,400 Speaker 1: and I think there are probably ways that we can 765 00:33:30,440 --> 00:33:32,240 Speaker 1: adopt it to our own friend groups. And I think 766 00:33:32,280 --> 00:33:34,640 Speaker 1: really too, what they're saying is like the I don't know, 767 00:33:34,680 --> 00:33:37,360 Speaker 1: having something that you're building towards with other people, it 768 00:33:37,440 --> 00:33:41,440 Speaker 1: can keep those relationships intact for listener, high school friends. 769 00:33:41,000 --> 00:33:44,280 Speaker 2: Accountability, and I think that's a big part of it. 770 00:33:44,360 --> 00:33:46,719 Speaker 2: But I do I think it can be done with 771 00:33:46,800 --> 00:33:49,840 Speaker 2: closer friends because that's what's required because since we do, 772 00:33:50,040 --> 00:33:53,280 Speaker 2: since we all do have various backgrounds. If you it 773 00:33:53,320 --> 00:33:55,400 Speaker 2: means though that like your friendship of that core group 774 00:33:55,480 --> 00:33:57,960 Speaker 2: needs to be incredibly healthy, which means you're talking about 775 00:33:58,600 --> 00:34:02,360 Speaker 2: important issues but not limited to your personal finances, because 776 00:34:02,400 --> 00:34:04,640 Speaker 2: that means you are able to work towards something. And 777 00:34:04,680 --> 00:34:07,320 Speaker 2: in my mind that is the biggest hurdle because as 778 00:34:07,360 --> 00:34:09,279 Speaker 2: we've seen over I mean what it was all the 779 00:34:09,280 --> 00:34:12,600 Speaker 2: research pointing to declining rates of close friendships and so 780 00:34:12,760 --> 00:34:15,920 Speaker 2: we're not connected more than anything. That's probably what's going 781 00:34:15,960 --> 00:34:17,760 Speaker 2: to keep folks from doing that. But then I've maybe 782 00:34:17,760 --> 00:34:19,960 Speaker 2: the argument could also be made that, hey, you don't 783 00:34:20,000 --> 00:34:21,799 Speaker 2: have to have that before you do this. Maybe by 784 00:34:21,880 --> 00:34:24,279 Speaker 2: implementing this sort of like what you're saying, that can 785 00:34:24,360 --> 00:34:26,800 Speaker 2: allow folks to I don't know, it could draw people closer. 786 00:34:26,800 --> 00:34:28,360 Speaker 1: So maybe you don't have to create your own de 787 00:34:28,520 --> 00:34:31,160 Speaker 1: moin did I say right close? Close enough? Maybe you 788 00:34:31,200 --> 00:34:34,480 Speaker 1: don't have to create that, but maybe it is anything 789 00:34:34,480 --> 00:34:36,360 Speaker 1: you can do to kind of spur on personal finance 790 00:34:36,400 --> 00:34:41,000 Speaker 1: conversations and creating more talking about things that matter more 791 00:34:41,040 --> 00:34:44,719 Speaker 1: than just what you watched on TV. All the Bears great, 792 00:34:44,760 --> 00:34:47,880 Speaker 1: I agree, but still there are better things worth talking about. 793 00:34:48,160 --> 00:34:50,960 Speaker 1: And it's interesting to see how the kind of the 794 00:34:51,000 --> 00:34:54,239 Speaker 1: bondedness you can feel actually money with. Katie had a 795 00:34:54,239 --> 00:34:57,200 Speaker 1: great article recently, Matt just about the fact that we 796 00:34:57,320 --> 00:34:59,000 Speaker 1: pay for everything in our culture these days and we 797 00:34:59,000 --> 00:35:00,680 Speaker 1: don't rely on our friendship to the same extent. 798 00:35:00,680 --> 00:35:01,440 Speaker 2: I think she's spot on. 799 00:35:01,520 --> 00:35:04,400 Speaker 1: I think that is something that we just asking for 800 00:35:04,400 --> 00:35:06,759 Speaker 1: a favor from a friend, like we're so reticent, so 801 00:35:06,840 --> 00:35:09,400 Speaker 1: hesitant to do that. But that's what builds community, that's 802 00:35:09,440 --> 00:35:13,120 Speaker 1: what builds a real relationship. And we've commoditized everything and 803 00:35:13,160 --> 00:35:14,120 Speaker 1: they're downside to that. 804 00:35:14,200 --> 00:35:15,960 Speaker 2: Yeah, there are all right, that's gonna be it. Though 805 00:35:15,960 --> 00:35:19,719 Speaker 2: for today's Friday flight, we hope you have a fantastic 806 00:35:19,760 --> 00:35:22,040 Speaker 2: weekend and we'll see you back here on Monday. Reach 807 00:35:22,080 --> 00:35:24,520 Speaker 2: out to us hown Moneypod at gmail dot com. If 808 00:35:24,560 --> 00:35:26,440 Speaker 2: you have some feedback, if you've got nothing but good 809 00:35:26,480 --> 00:35:28,719 Speaker 2: things to say, share it with the world over at 810 00:35:28,880 --> 00:35:32,120 Speaker 2: Apple Podcasts or wherever you listen to podcasts. But buddy, 811 00:35:32,480 --> 00:35:34,600 Speaker 2: let's get out of here. Until next time, Best friends out, 812 00:35:34,640 --> 00:35:36,359 Speaker 2: Best friends Out,