1 00:00:03,560 --> 00:00:05,680 Speaker 1: What's up this Way Up with Angela Ye and our 2 00:00:05,680 --> 00:00:07,680 Speaker 1: friends of the show is here. She's a regular. I 3 00:00:07,720 --> 00:00:09,720 Speaker 1: would say you're regular now because it's been one year. 4 00:00:09,720 --> 00:00:12,239 Speaker 2: It's my third time on Way Up. Yeah. 5 00:00:12,320 --> 00:00:16,439 Speaker 1: Darryl Fairweather is here, chief economist of Redfinn, also author 6 00:00:17,000 --> 00:00:17,439 Speaker 1: on the Week. 7 00:00:17,640 --> 00:00:19,840 Speaker 3: Yes, my book is finished, but it's not going to 8 00:00:19,880 --> 00:00:23,280 Speaker 3: come out probably till next year. But it is locked 9 00:00:23,280 --> 00:00:23,759 Speaker 3: and loaded. 10 00:00:23,840 --> 00:00:26,119 Speaker 1: All right, Well, congratulations for that. That's a big deal. 11 00:00:26,280 --> 00:00:27,600 Speaker 1: Thank you must feel good. 12 00:00:27,800 --> 00:00:28,360 Speaker 2: But you are the. 13 00:00:28,360 --> 00:00:30,720 Speaker 1: Person I always tell I always tell you this. I 14 00:00:30,760 --> 00:00:33,879 Speaker 1: follow you on X it's called X now just to 15 00:00:33,880 --> 00:00:35,680 Speaker 1: see everything that you're talking about. And I saw that 16 00:00:35,760 --> 00:00:39,360 Speaker 1: recently you said, somebody from Niki Hailey's team please contact 17 00:00:39,400 --> 00:00:41,440 Speaker 1: me because I want to talk about housing. What is 18 00:00:41,440 --> 00:00:43,240 Speaker 1: it that you want to say to someone from her team? 19 00:00:43,560 --> 00:00:46,280 Speaker 3: I just want to know what their policy is. I 20 00:00:46,280 --> 00:00:48,919 Speaker 3: feel like we've I've talked to Biden's team, I've talked 21 00:00:48,960 --> 00:00:51,520 Speaker 3: to Eliabeth Warren's team, the Democrats. They have a plan. 22 00:00:51,760 --> 00:00:55,360 Speaker 3: I wouldn't say it's perfect, but they have policies put 23 00:00:55,360 --> 00:00:57,280 Speaker 3: together and I want to hear from the other side, like, 24 00:00:57,320 --> 00:00:59,960 Speaker 3: what are your policies? I think the Republicans can be 25 00:01:00,080 --> 00:01:02,040 Speaker 3: a lot to the table. They've done a lot at 26 00:01:02,160 --> 00:01:04,040 Speaker 3: the state level, but I want to hear what they're 27 00:01:04,040 --> 00:01:04,960 Speaker 3: doing at the federal level. 28 00:01:05,440 --> 00:01:07,640 Speaker 1: And so what has Biden done so far? Because this 29 00:01:07,760 --> 00:01:10,880 Speaker 1: is something everyone says, you know. And by the way, 30 00:01:11,240 --> 00:01:13,640 Speaker 1: from what we've been seeing, the economy is doing really 31 00:01:13,640 --> 00:01:16,279 Speaker 1: well right now under Biden. They called it the Biden 32 00:01:16,360 --> 00:01:19,399 Speaker 1: booming economy, but people aren't really talking about that so much. 33 00:01:19,800 --> 00:01:22,240 Speaker 1: So what is their plan when it comes to housing? 34 00:01:22,280 --> 00:01:23,200 Speaker 1: What's been happening? 35 00:01:23,680 --> 00:01:26,160 Speaker 3: So what's been happening. I think some of the biggest 36 00:01:26,160 --> 00:01:29,080 Speaker 3: policies have come through that Inflation Reduction Act. You know, 37 00:01:29,080 --> 00:01:30,920 Speaker 3: there are climate policies that are tied to housing, like 38 00:01:30,959 --> 00:01:34,240 Speaker 3: getting housing more resilient and ready for the future. Biden 39 00:01:34,280 --> 00:01:36,840 Speaker 3: has done a good job at that. For the next year, 40 00:01:36,880 --> 00:01:39,679 Speaker 3: I think they're going to be focusing more on making 41 00:01:39,720 --> 00:01:42,880 Speaker 3: housing more affordable, increasing the supply of housing. It's going 42 00:01:42,959 --> 00:01:44,160 Speaker 3: to be hard for them to do at the federal 43 00:01:44,240 --> 00:01:46,440 Speaker 3: level because it's mostly local governments who are in charge 44 00:01:46,480 --> 00:01:48,320 Speaker 3: of that. So they can try to use carrots and 45 00:01:48,320 --> 00:01:51,840 Speaker 3: sticks to get them to increase the supply multifamily housing, 46 00:01:51,960 --> 00:01:53,840 Speaker 3: It's going to be hard and they're also focusing on 47 00:01:53,880 --> 00:01:57,080 Speaker 3: things like the Low Income Housing Tax Credit to get 48 00:01:57,120 --> 00:01:59,840 Speaker 3: more money to people who really need it to afford 49 00:01:59,840 --> 00:02:00,360 Speaker 3: their rent. 50 00:02:00,760 --> 00:02:02,520 Speaker 2: Yeah, I see there is a bill right now. 51 00:02:02,760 --> 00:02:05,520 Speaker 1: It's been they've been kicking this around for a while, 52 00:02:05,560 --> 00:02:10,040 Speaker 1: but it's a twenty five thousand dollars credit to go 53 00:02:10,080 --> 00:02:13,520 Speaker 1: to first time buyers that meet a certain requirement financially, 54 00:02:13,600 --> 00:02:16,360 Speaker 1: a down Payment toward Equity Act. It's still not a 55 00:02:16,400 --> 00:02:18,320 Speaker 1: law though, right, it's a bill right now. 56 00:02:18,600 --> 00:02:20,200 Speaker 3: I think that's right. I mean, there are lots of 57 00:02:20,200 --> 00:02:23,840 Speaker 3: down payment assistance programs, even if that one isn't official yet. 58 00:02:23,919 --> 00:02:25,839 Speaker 3: There's so many at the state level, on the local level. 59 00:02:25,880 --> 00:02:27,880 Speaker 3: So if your first time home buyer, do your research, 60 00:02:27,919 --> 00:02:29,520 Speaker 3: find out what free money you can get for your 61 00:02:29,520 --> 00:02:30,720 Speaker 3: down payment, right And. 62 00:02:30,720 --> 00:02:31,400 Speaker 2: Why wouldn't you. 63 00:02:32,000 --> 00:02:33,880 Speaker 1: Another thing that I see a lot of people doing 64 00:02:34,040 --> 00:02:35,840 Speaker 1: is buying these tiny homes on Amazon. 65 00:02:35,840 --> 00:02:36,680 Speaker 2: I see you on TikTok. 66 00:02:36,720 --> 00:02:38,560 Speaker 1: That's been a thing like I got my first home 67 00:02:38,800 --> 00:02:41,600 Speaker 1: and they're showing themselves putting it together. Do you see 68 00:02:41,600 --> 00:02:45,120 Speaker 1: that as something that could be something that really helps 69 00:02:45,160 --> 00:02:46,280 Speaker 1: when it comes to housing. 70 00:02:46,760 --> 00:02:49,120 Speaker 3: So there have been a lot of innovations and modular 71 00:02:49,200 --> 00:02:52,040 Speaker 3: housing kind of three D printed homes to get the 72 00:02:52,080 --> 00:02:55,440 Speaker 3: construction costs down. The problem is that the reason housing 73 00:02:55,520 --> 00:02:58,720 Speaker 3: is so expensive in cities like New York, Los Angeles, 74 00:02:58,720 --> 00:03:01,200 Speaker 3: San Francisco has more to do with the land. So 75 00:03:01,240 --> 00:03:02,760 Speaker 3: how are you going to afford the land to put 76 00:03:02,800 --> 00:03:05,400 Speaker 3: your tiny home on. It's gonna be a challenge unless 77 00:03:05,400 --> 00:03:07,360 Speaker 3: you're gonna be building it out in some rural area 78 00:03:07,400 --> 00:03:08,480 Speaker 3: where land is really cheap. 79 00:03:08,800 --> 00:03:10,160 Speaker 1: You know, in New York, they are doing this thing 80 00:03:10,200 --> 00:03:11,840 Speaker 1: now where they give you a credit if you'll put 81 00:03:11,880 --> 00:03:14,440 Speaker 1: one of those tiny homes like on your property for 82 00:03:14,600 --> 00:03:15,440 Speaker 1: somebody to rent down. 83 00:03:15,480 --> 00:03:16,919 Speaker 2: People are doing it, especially if it's a. 84 00:03:16,840 --> 00:03:18,760 Speaker 1: Family member or maybe you have kids and you're like, 85 00:03:18,840 --> 00:03:20,920 Speaker 1: all right, I'm gonna rent this to my you know, 86 00:03:21,000 --> 00:03:23,560 Speaker 1: my daughter, and then she'll have this home that will 87 00:03:23,600 --> 00:03:24,720 Speaker 1: place on our property. 88 00:03:25,000 --> 00:03:25,200 Speaker 2: Yeah. 89 00:03:25,240 --> 00:03:28,480 Speaker 3: They're called additional dwelling units or sometimes called granny flats 90 00:03:28,520 --> 00:03:30,760 Speaker 3: or mother in law units. You can put a home 91 00:03:30,880 --> 00:03:31,839 Speaker 3: in your backyard. 92 00:03:32,240 --> 00:03:32,960 Speaker 2: It could be a. 93 00:03:32,919 --> 00:03:34,800 Speaker 3: Small studio, but they even have big ones that are 94 00:03:34,840 --> 00:03:39,160 Speaker 3: two bedrooms. These have been really popular in Seattle. California's 95 00:03:39,160 --> 00:03:41,280 Speaker 3: pass and laws to make them easier. And yeah, it's 96 00:03:41,280 --> 00:03:45,840 Speaker 3: great for intergenerational living because baby boomers empty nesty. Baby 97 00:03:46,040 --> 00:03:48,840 Speaker 3: baby boomers own twice as many homes as millennials with kids. 98 00:03:49,040 --> 00:03:51,280 Speaker 3: So one solution for that is for baby boomers to 99 00:03:51,320 --> 00:03:53,080 Speaker 3: go build a house in their backyard for them to 100 00:03:53,120 --> 00:03:54,640 Speaker 3: live in, have their kids live in, and they have 101 00:03:54,680 --> 00:03:57,440 Speaker 3: the grandchildren there too. You have this great intergenerational living 102 00:03:57,760 --> 00:04:00,320 Speaker 3: arrangement helps with childcare. So I think that's great. 103 00:04:00,320 --> 00:04:01,680 Speaker 1: I think we Shouldah, that is a good way to 104 00:04:01,720 --> 00:04:03,120 Speaker 1: look at it when it comes to like I need 105 00:04:03,120 --> 00:04:04,520 Speaker 1: some help, Ma, come back here. 106 00:04:05,160 --> 00:04:09,800 Speaker 2: Bring the baby to the to the Yeah, exactly, all right. 107 00:04:09,840 --> 00:04:12,280 Speaker 1: Now, one thing that you and I discussed, and you 108 00:04:12,320 --> 00:04:15,760 Speaker 1: know sidebar, we do talk about things offline, was let's 109 00:04:15,800 --> 00:04:19,400 Speaker 1: just say, you know, because right now, housing is something. 110 00:04:19,120 --> 00:04:21,960 Speaker 2: That is a crisis, right for sure. 111 00:04:22,040 --> 00:04:24,760 Speaker 1: Let's say you're not married, but you're dating somebody seriously 112 00:04:24,880 --> 00:04:27,520 Speaker 1: and you decide let's get a house together. What are 113 00:04:27,640 --> 00:04:29,800 Speaker 1: your thoughts about something like that and what types of 114 00:04:29,800 --> 00:04:30,760 Speaker 1: things should be put into place? 115 00:04:30,800 --> 00:04:33,680 Speaker 2: So I should you just not do that? So it's 116 00:04:33,720 --> 00:04:34,240 Speaker 2: weird to. 117 00:04:34,120 --> 00:04:36,200 Speaker 3: Me that people will go to the step of buying 118 00:04:36,200 --> 00:04:38,440 Speaker 3: a home together before getting married, because I've been married 119 00:04:38,480 --> 00:04:41,680 Speaker 3: just mostly an economic contract. And when you're buying a 120 00:04:41,680 --> 00:04:44,120 Speaker 3: home together. You're also entering into an economic contract, So 121 00:04:44,120 --> 00:04:45,880 Speaker 3: I think you should take it as seriously as if 122 00:04:45,920 --> 00:04:48,200 Speaker 3: you were getting married, because if you were to break up, 123 00:04:48,440 --> 00:04:49,720 Speaker 3: you need to figure out what's going to happen with 124 00:04:49,760 --> 00:04:51,400 Speaker 3: the house, same way you would if you were married. 125 00:04:51,640 --> 00:04:53,320 Speaker 3: So just make sure that if you're going to do that, 126 00:04:53,520 --> 00:04:57,239 Speaker 3: have a contract in place, have a plan for what happens, 127 00:04:57,279 --> 00:04:59,279 Speaker 3: because otherwise you don't want to be going through that 128 00:04:59,320 --> 00:05:03,000 Speaker 3: when you're already your partner trying to be out everywhere house. Yeah. 129 00:05:03,320 --> 00:05:05,479 Speaker 1: I mean, and we discussed this the other day on 130 00:05:05,520 --> 00:05:08,920 Speaker 1: the show, as far as how do you discuss finances 131 00:05:09,040 --> 00:05:11,080 Speaker 1: early and how early should you discuss that. 132 00:05:11,480 --> 00:05:13,719 Speaker 2: One woman was on TikTok. 133 00:05:13,320 --> 00:05:15,040 Speaker 1: And she was saying that she met somebody on tin 134 00:05:15,120 --> 00:05:18,240 Speaker 1: to her Tinder match and on their first date he 135 00:05:18,279 --> 00:05:20,840 Speaker 1: basically asked her do you rent or do you own? 136 00:05:21,320 --> 00:05:23,960 Speaker 1: Is that inappropriate? And when should you have those conversations? 137 00:05:24,320 --> 00:05:26,200 Speaker 3: I mean, I wouldn't be offended of somebody asking that, 138 00:05:26,200 --> 00:05:29,080 Speaker 3: because I don't think there's anything wrong with renting. Maybe 139 00:05:29,120 --> 00:05:31,160 Speaker 3: if you own, you'd be less willing to like sell 140 00:05:31,160 --> 00:05:32,920 Speaker 3: that house and move in with somebody else. That might 141 00:05:32,960 --> 00:05:35,440 Speaker 3: be something, But I think as soon as you are 142 00:05:35,480 --> 00:05:37,440 Speaker 3: starting to plan a life together, you got to get 143 00:05:37,440 --> 00:05:39,440 Speaker 3: your finances out there and get it straight because it's 144 00:05:39,440 --> 00:05:41,760 Speaker 3: going to affect everything moving forward. Can you buy a 145 00:05:41,800 --> 00:05:44,400 Speaker 3: home that depends on the credit score, how much income 146 00:05:44,400 --> 00:05:46,119 Speaker 3: they have, and if you're trying to build a life together, 147 00:05:46,160 --> 00:05:48,880 Speaker 3: you need to get your finances aligned. You also need 148 00:05:48,920 --> 00:05:51,840 Speaker 3: to get your goals aligned because say you get some 149 00:05:51,839 --> 00:05:55,799 Speaker 3: great job offer in a different city and your your 150 00:05:55,839 --> 00:05:57,880 Speaker 3: partners don't want to move with you, how are you 151 00:05:57,920 --> 00:05:59,599 Speaker 3: going to settle that? You need to figure out you 152 00:05:59,600 --> 00:06:01,560 Speaker 3: you know, who is really the one who's going to 153 00:06:01,560 --> 00:06:05,120 Speaker 3: be relied on for bringing home the money and who 154 00:06:05,440 --> 00:06:08,440 Speaker 3: is going to be more I guess taking the passenger seat. 155 00:06:08,440 --> 00:06:10,520 Speaker 3: It doesn't have to be gendered. But just getting that 156 00:06:11,120 --> 00:06:13,640 Speaker 3: set like how are we going to set these priorities? 157 00:06:13,640 --> 00:06:14,680 Speaker 3: I think is super important. 158 00:06:15,279 --> 00:06:17,560 Speaker 1: Man, These conversations that people have to have when they 159 00:06:17,560 --> 00:06:20,480 Speaker 1: get together. And you just touched on something too that 160 00:06:20,560 --> 00:06:22,400 Speaker 1: and I notice you also put this on your timeline. 161 00:06:22,440 --> 00:06:23,640 Speaker 2: But this has been a conversation. 162 00:06:24,000 --> 00:06:26,720 Speaker 1: Why do people have such a problem with renting For 163 00:06:26,760 --> 00:06:29,599 Speaker 1: some reason, It's been such a taboo Like allah Mahas, 164 00:06:29,640 --> 00:06:31,960 Speaker 1: I'm like, oh, you're still renting. For some reason people 165 00:06:32,000 --> 00:06:33,719 Speaker 1: look down on it, but right now it is something 166 00:06:33,760 --> 00:06:38,360 Speaker 1: that as far as being a smart financial decision, renting 167 00:06:38,400 --> 00:06:39,800 Speaker 1: is not the worst way to go. 168 00:06:40,000 --> 00:06:42,320 Speaker 3: I mean, if you're just running the numbers on how 169 00:06:42,360 --> 00:06:45,839 Speaker 3: expensive it is to rent versus by this year, unless 170 00:06:45,839 --> 00:06:47,920 Speaker 3: you're putting down a ton of cash for your home, 171 00:06:47,960 --> 00:06:51,160 Speaker 3: it's probably going to be more affordable to rent. And 172 00:06:51,320 --> 00:06:53,279 Speaker 3: it gets into people's heads because let's say you own 173 00:06:53,279 --> 00:06:55,600 Speaker 3: a home and you're trying to move, a lot of 174 00:06:55,600 --> 00:06:57,760 Speaker 3: people don't want to go from owning their home to 175 00:06:57,800 --> 00:07:00,000 Speaker 3: renting their next home, even maybe it would be more 176 00:07:00,040 --> 00:07:01,880 Speaker 3: beneficial for them to hold onto their home, rent it out, 177 00:07:01,880 --> 00:07:03,600 Speaker 3: and then rent their next home. People find it very 178 00:07:03,600 --> 00:07:06,120 Speaker 3: weird to like be a landlord of one home and 179 00:07:06,160 --> 00:07:08,040 Speaker 3: be a rent term another home. I think people want 180 00:07:08,080 --> 00:07:10,640 Speaker 3: to be the king or queen of their own castle. 181 00:07:11,440 --> 00:07:13,320 Speaker 3: So I think I think that that's the status. It's like, 182 00:07:13,400 --> 00:07:14,840 Speaker 3: I own my home, I can do what I want 183 00:07:14,840 --> 00:07:16,920 Speaker 3: with it, and it's mine one hundred percent. But if 184 00:07:16,960 --> 00:07:19,520 Speaker 3: you're getting a mortgage, you know the bank you don't 185 00:07:19,800 --> 00:07:21,000 Speaker 3: own it, ye can they own it? 186 00:07:21,200 --> 00:07:23,160 Speaker 1: They can still take you from you if you don't 187 00:07:23,160 --> 00:07:25,960 Speaker 1: make your payments. I saw this conversation go viral on 188 00:07:26,000 --> 00:07:31,160 Speaker 1: Twitter to somebody had tweeted, so, my whole house is 189 00:07:31,160 --> 00:07:33,920 Speaker 1: paid for, but I still have to pay these property 190 00:07:33,960 --> 00:07:36,240 Speaker 1: taxes every year, so really I don't own it. What's 191 00:07:36,280 --> 00:07:38,160 Speaker 1: the point of buying a house if you still have 192 00:07:38,200 --> 00:07:41,560 Speaker 1: to pay property tax? And so many people weighed in 193 00:07:41,640 --> 00:07:43,840 Speaker 1: on it. Some people were like, yeah, she's right, but 194 00:07:43,880 --> 00:07:46,280 Speaker 1: then there were people that try to explain what property 195 00:07:46,320 --> 00:07:48,160 Speaker 1: tax is for. So I would love for you to 196 00:07:48,200 --> 00:07:50,040 Speaker 1: talk about that here because some people feel like, man, 197 00:07:50,080 --> 00:07:51,760 Speaker 1: you never really own anything if you still have to 198 00:07:51,760 --> 00:07:52,640 Speaker 1: pay property tax. 199 00:07:53,160 --> 00:07:55,760 Speaker 3: The thing people need to understand is that the value 200 00:07:56,080 --> 00:07:59,080 Speaker 3: of your home it's not just what is on that 201 00:07:59,120 --> 00:08:01,360 Speaker 3: piece of land. The value of your home is determined 202 00:08:01,400 --> 00:08:04,720 Speaker 3: by the quality of schools, how well are the road's maintained, 203 00:08:04,880 --> 00:08:07,600 Speaker 3: how safe is your neighborhood, what amenities are there, and 204 00:08:07,680 --> 00:08:10,560 Speaker 3: all of those things are typically paid with with property taxes. 205 00:08:10,800 --> 00:08:13,360 Speaker 3: So if you actually want your home's value to go up, 206 00:08:13,440 --> 00:08:17,120 Speaker 3: you would want to be contributing to better schools, better parks, 207 00:08:17,160 --> 00:08:19,720 Speaker 3: all of that. So I think that we need to 208 00:08:19,760 --> 00:08:23,760 Speaker 3: start understanding that even if you own your home, it's 209 00:08:24,200 --> 00:08:26,520 Speaker 3: you still have an obligation to your community, and your 210 00:08:26,520 --> 00:08:29,080 Speaker 3: community is also providing something to you, and it should 211 00:08:29,120 --> 00:08:30,400 Speaker 3: be reciprocal. 212 00:08:30,000 --> 00:08:31,880 Speaker 1: Yeah, because they can once again, if you don't pay 213 00:08:31,920 --> 00:08:35,880 Speaker 1: your property taxes, take your property from you. But it's 214 00:08:35,920 --> 00:08:38,040 Speaker 1: not supposed to be going toward nothing obviously. That is 215 00:08:38,080 --> 00:08:40,920 Speaker 1: for everything that's being maintained right, right, because. 216 00:08:40,720 --> 00:08:43,040 Speaker 3: If everybody else is chipping in for the schools and 217 00:08:43,080 --> 00:08:45,160 Speaker 3: the roads and all that, it's not fair that somebody 218 00:08:45,200 --> 00:08:47,679 Speaker 3: isn't paying their property taxes and contributing their fair share. 219 00:08:48,040 --> 00:08:50,920 Speaker 1: Now, as we're thinking about the elections this year, do 220 00:08:50,960 --> 00:08:53,440 Speaker 1: you think that this housing crisis is going to be 221 00:08:53,440 --> 00:08:57,439 Speaker 1: something that politicians have to address as they're running for office. 222 00:08:57,600 --> 00:08:59,360 Speaker 3: I think they do have to address it. And if 223 00:08:59,360 --> 00:09:01,960 Speaker 3: you look at the day, the economy is doing so well, 224 00:09:02,000 --> 00:09:05,480 Speaker 3: but consumer sentiment is not matching, like how people feel 225 00:09:05,520 --> 00:09:07,880 Speaker 3: about the economy is not matching the way the economy 226 00:09:08,000 --> 00:09:11,600 Speaker 3: is from like statistics. And I think the big disconnect 227 00:09:11,679 --> 00:09:14,080 Speaker 3: is that people have a hard time feeling like the 228 00:09:14,080 --> 00:09:16,800 Speaker 3: economy is good if they can't personally become a homeowner, 229 00:09:17,000 --> 00:09:18,760 Speaker 3: because being a homeowner is such a part of the 230 00:09:18,800 --> 00:09:22,240 Speaker 3: American dream, such a status symbol in America that you 231 00:09:22,240 --> 00:09:24,000 Speaker 3: don't really make it unless you own a home that 232 00:09:24,000 --> 00:09:26,920 Speaker 3: people aren't going to see Biden's economy as a good 233 00:09:26,960 --> 00:09:30,000 Speaker 3: one if it's one where they can't afford home ownership. 234 00:09:30,400 --> 00:09:30,600 Speaker 2: You know. 235 00:09:30,720 --> 00:09:34,720 Speaker 1: Grant cardone, he's definitely a person who is always pushing renting. 236 00:09:35,480 --> 00:09:37,720 Speaker 1: Basically he says what does he say, live where you 237 00:09:37,800 --> 00:09:41,400 Speaker 1: rent and rent what you own or something like that. 238 00:09:41,400 --> 00:09:44,439 Speaker 3: That's his Like he's separating it like buy somewhere where 239 00:09:44,480 --> 00:09:45,720 Speaker 3: it's an investment, and then. 240 00:09:45,679 --> 00:09:48,120 Speaker 1: Where yeah, like rent out something that you own to somebody, 241 00:09:48,120 --> 00:09:51,599 Speaker 1: but where you live personally that you should rent, you know, 242 00:09:51,640 --> 00:09:54,560 Speaker 1: where you live. I don't know that I necessarily and 243 00:09:54,559 --> 00:09:56,960 Speaker 1: it's different for everybody, you know. I think being a 244 00:09:56,960 --> 00:09:59,720 Speaker 1: homeowner the time that I bought was a great time. 245 00:10:00,040 --> 00:10:02,679 Speaker 1: My interest rate is three point twenty five percent, and that. 246 00:10:02,760 --> 00:10:06,240 Speaker 3: Is lucky right now, jealous. 247 00:10:05,760 --> 00:10:08,240 Speaker 1: And for people listening, and I had to I was 248 00:10:08,240 --> 00:10:11,120 Speaker 1: showing somebody this the difference when your interest rate is 249 00:10:11,160 --> 00:10:13,840 Speaker 1: a three point twenty five versus like a six percent, 250 00:10:14,120 --> 00:10:16,480 Speaker 1: And it does make a huge difference as far as 251 00:10:17,040 --> 00:10:19,920 Speaker 1: what you're paying monthly on a mortgage, you know, So 252 00:10:19,960 --> 00:10:22,719 Speaker 1: people have to understand why your credit matters and why 253 00:10:22,720 --> 00:10:24,520 Speaker 1: having a good credit score and getting the best rate 254 00:10:24,559 --> 00:10:27,280 Speaker 1: you can possibly get matters. But with that being said, 255 00:10:28,000 --> 00:10:30,280 Speaker 1: interest rates, people are waiting for those to job, and 256 00:10:30,320 --> 00:10:32,839 Speaker 1: we keep hearing in twenty twenty four those rates will 257 00:10:32,880 --> 00:10:35,880 Speaker 1: go down. What are your thoughts on what's happening. I 258 00:10:35,880 --> 00:10:38,240 Speaker 1: know nobody can predict it, but we can see what's 259 00:10:38,280 --> 00:10:40,400 Speaker 1: going on, and you're the economist, so well. 260 00:10:40,440 --> 00:10:42,959 Speaker 3: The Chairman of the Federal Reserve came out this week 261 00:10:43,000 --> 00:10:45,400 Speaker 3: and he was basically saying, you know, don't hold your 262 00:10:45,440 --> 00:10:48,000 Speaker 3: breath on us dropping interest rates. We're gonna wait for 263 00:10:48,080 --> 00:10:51,959 Speaker 3: inflation to get down and be even more consistent. We're 264 00:10:51,960 --> 00:10:54,600 Speaker 3: worried about the economy growing and that driving up interest rates. 265 00:10:54,600 --> 00:10:56,560 Speaker 3: So basically what that means is that if you're buying 266 00:10:56,600 --> 00:10:59,760 Speaker 3: a home, don't bet on interest rates coming down this year. 267 00:11:00,000 --> 00:11:03,079 Speaker 3: It come down a little bit since November, but they're 268 00:11:03,120 --> 00:11:04,960 Speaker 3: probably I mean, the chances are they're probably not going 269 00:11:05,000 --> 00:11:06,800 Speaker 3: to come down all that much more, which I think 270 00:11:06,840 --> 00:11:08,079 Speaker 3: take some of the pressure off. You don't have to 271 00:11:08,080 --> 00:11:09,760 Speaker 3: feel like you need to time the market so much. 272 00:11:10,200 --> 00:11:12,320 Speaker 3: Just figure out what you can afford. What homes are 273 00:11:12,360 --> 00:11:14,280 Speaker 3: out there. If you can afford it, great, go for it. 274 00:11:14,360 --> 00:11:17,680 Speaker 3: If you can't rent, nothing wrong with that. And you know, 275 00:11:17,720 --> 00:11:21,640 Speaker 3: the economy isn't a really interesting place. It's growing so much, 276 00:11:21,640 --> 00:11:23,800 Speaker 3: which is why interest rates are high. And what that 277 00:11:23,920 --> 00:11:25,800 Speaker 3: means is that if you have a job, they're probably 278 00:11:25,800 --> 00:11:28,520 Speaker 3: going to have more job security. If you have some 279 00:11:28,559 --> 00:11:31,320 Speaker 3: stock compensation or some investments are probably going to do better, 280 00:11:31,320 --> 00:11:33,040 Speaker 3: and you might actually end up being in a better 281 00:11:33,040 --> 00:11:35,840 Speaker 3: position with more money to put towards your house next year, 282 00:11:35,880 --> 00:11:37,720 Speaker 3: assuming the economy keeps doing so well. 283 00:11:38,200 --> 00:11:41,840 Speaker 1: Yeah, what I'm reading is that wages are outpacing inflation 284 00:11:41,960 --> 00:11:44,720 Speaker 1: right now, which is a positive thing when it comes 285 00:11:44,720 --> 00:11:48,559 Speaker 1: to the economy. And now let's also talk about commercial 286 00:11:48,600 --> 00:11:51,480 Speaker 1: real estate because that's something that has been an issue 287 00:11:51,480 --> 00:11:53,160 Speaker 1: with people not going into office of the way they 288 00:11:53,240 --> 00:11:55,160 Speaker 1: used to. I see that banks are now pulling back 289 00:11:55,160 --> 00:11:59,720 Speaker 1: from lending for commercial properties. You know, also, but is 290 00:11:59,760 --> 00:12:01,760 Speaker 1: there a way that this can benefit when it comes 291 00:12:01,760 --> 00:12:03,880 Speaker 1: to the housing crisis that we're having right now. 292 00:12:04,080 --> 00:12:07,040 Speaker 3: So commercial buildings are being converted into residential that's happening 293 00:12:07,040 --> 00:12:09,040 Speaker 3: in New York City, and it's a great thing when 294 00:12:09,040 --> 00:12:11,080 Speaker 3: it works out, but it can be expensive to do, 295 00:12:11,240 --> 00:12:12,800 Speaker 3: especially if there are regulations. 296 00:12:13,000 --> 00:12:13,840 Speaker 2: So one big. 297 00:12:13,640 --> 00:12:16,760 Speaker 3: Barrier is that if you have a home an apartment building, 298 00:12:16,920 --> 00:12:19,280 Speaker 3: there needs to be windows in every bedroom, there needs 299 00:12:19,320 --> 00:12:21,520 Speaker 3: to be a bathroom, and a lot of these commercial 300 00:12:21,520 --> 00:12:24,280 Speaker 3: office buildings, they're designed so all the bathrooms are in 301 00:12:24,280 --> 00:12:26,240 Speaker 3: the center, there's only one, the plumbing's only in the middle, 302 00:12:26,280 --> 00:12:28,520 Speaker 3: and maybe these huge layouts where the windows are on 303 00:12:28,559 --> 00:12:30,800 Speaker 3: the outside. So it's just really expensive to convert them 304 00:12:31,160 --> 00:12:34,200 Speaker 3: to meet the regulations. If they change the regulations and 305 00:12:34,280 --> 00:12:37,040 Speaker 3: kind of we're more flexible about how these spaces could 306 00:12:37,040 --> 00:12:39,040 Speaker 3: be used for housing, that would allow even more of 307 00:12:39,080 --> 00:12:41,120 Speaker 3: that to happen right now. You know, it's there are 308 00:12:41,120 --> 00:12:42,679 Speaker 3: some projects that are great, but I don't think it's 309 00:12:42,679 --> 00:12:44,880 Speaker 3: going to make a huge difference to the housing market 310 00:12:44,880 --> 00:12:46,199 Speaker 3: this year, all right. 311 00:12:46,200 --> 00:12:48,920 Speaker 1: And another thing that's a big issue, and I would 312 00:12:49,040 --> 00:12:52,520 Speaker 1: really love for you to talk about this is migrant housing. 313 00:12:52,880 --> 00:12:54,640 Speaker 2: And so we see in New York. 314 00:12:54,679 --> 00:12:57,679 Speaker 1: You know, I walk past certain hotels that have been 315 00:12:57,720 --> 00:13:00,920 Speaker 1: converted in buildings, and so some people are saying that 316 00:13:00,960 --> 00:13:03,720 Speaker 1: they feel like we already have a crisis of people 317 00:13:03,720 --> 00:13:06,079 Speaker 1: who are unhoused living in our nap you know, we 318 00:13:06,120 --> 00:13:08,199 Speaker 1: see that in California and San Francisco, we see it 319 00:13:08,240 --> 00:13:11,240 Speaker 1: in New York and Chicago. But then there's migrant housing 320 00:13:11,280 --> 00:13:13,760 Speaker 1: that they're providing for people who are coming here as 321 00:13:13,800 --> 00:13:16,040 Speaker 1: they're waiting to see if they can stay in the country. 322 00:13:16,320 --> 00:13:18,920 Speaker 2: So these and you know, the whole thing is a cycle. 323 00:13:19,360 --> 00:13:23,480 Speaker 1: But what is the connection when it comes to making 324 00:13:23,520 --> 00:13:27,400 Speaker 1: sure that people who are unhoused. 325 00:13:26,400 --> 00:13:27,480 Speaker 2: Are able to get housing? 326 00:13:27,800 --> 00:13:30,199 Speaker 1: But then they're feeling a way because they feel like, well, 327 00:13:30,200 --> 00:13:32,319 Speaker 1: these migrants come and they get housing, but we can't 328 00:13:32,320 --> 00:13:32,840 Speaker 1: even get it. 329 00:13:33,440 --> 00:13:36,199 Speaker 3: I think that the needs of the long term on 330 00:13:36,280 --> 00:13:40,080 Speaker 3: house population are different than the refugee population, which makes 331 00:13:40,120 --> 00:13:42,480 Speaker 3: it like not really a direct comparison. A lot of times, 332 00:13:42,480 --> 00:13:45,040 Speaker 3: long term on house people they need services they need 333 00:13:45,040 --> 00:13:49,480 Speaker 3: like mental health services or rehabilitation, rehabilitation services that refugees 334 00:13:49,520 --> 00:13:52,760 Speaker 3: don't necessarily need. The refugees may be coming with families, 335 00:13:52,800 --> 00:13:54,760 Speaker 3: they may have ties, and it's just like a temporary 336 00:13:54,800 --> 00:13:58,760 Speaker 3: housing situation until they get settled with with family members elsewhere. 337 00:13:58,800 --> 00:14:01,280 Speaker 3: So I think it's just two different child But overall, 338 00:14:01,320 --> 00:14:03,680 Speaker 3: both of these things would be better addressed if we 339 00:14:03,840 --> 00:14:06,839 Speaker 3: had an abundant supply of housing, and that means all 340 00:14:06,920 --> 00:14:11,200 Speaker 3: kinds of housing, everything from single residents, occupants, occupancy housing, 341 00:14:11,200 --> 00:14:12,959 Speaker 3: where you know, you don't necessarily have a bathroom or 342 00:14:12,960 --> 00:14:15,440 Speaker 3: a kitchen your unit. It's more shared. Those kinds of 343 00:14:15,520 --> 00:14:18,400 Speaker 3: housing units can bring down the costs and and make 344 00:14:18,440 --> 00:14:20,960 Speaker 3: it so that on house people and refugees just have 345 00:14:21,040 --> 00:14:22,920 Speaker 3: more options and we're not so constrained. 346 00:14:23,640 --> 00:14:23,840 Speaker 2: You know. 347 00:14:23,880 --> 00:14:27,160 Speaker 1: I saw you speaking with Elizabeth Warren's people too on 348 00:14:27,240 --> 00:14:29,960 Speaker 1: social media, and she's like, just build more houses and 349 00:14:30,040 --> 00:14:31,320 Speaker 1: that is is that the solution? 350 00:14:32,280 --> 00:14:32,560 Speaker 2: It's not. 351 00:14:32,600 --> 00:14:34,560 Speaker 3: I mean, it is a solution, but like, how do 352 00:14:34,600 --> 00:14:36,880 Speaker 3: you get to that sushi, because there are a lot 353 00:14:36,880 --> 00:14:39,320 Speaker 3: of bearriers. Yeah, and one of the biggest barriers are 354 00:14:39,440 --> 00:14:44,320 Speaker 3: just local homeowners blocking housing. If a new development goes in, 355 00:14:44,360 --> 00:14:46,960 Speaker 3: people start showing up, but there are city halls complaining 356 00:14:47,000 --> 00:14:49,280 Speaker 3: that it's going to block their view or you know, 357 00:14:49,320 --> 00:14:51,080 Speaker 3: it's going to bring in the wrong kind of people, 358 00:14:51,160 --> 00:14:53,920 Speaker 3: you know what that means. So I think we needed 359 00:14:53,920 --> 00:14:56,120 Speaker 3: to create the incentives where those people don't have as 360 00:14:56,200 --> 00:14:58,760 Speaker 3: much say over what housing goes in. Because if you're 361 00:14:58,760 --> 00:15:02,000 Speaker 3: a homeowner, you're good and you shouldn't be blocking housing 362 00:15:02,000 --> 00:15:06,120 Speaker 3: that could potentially be used for families and lower income 363 00:15:06,120 --> 00:15:07,920 Speaker 3: people who really do need it. So I think we 364 00:15:07,960 --> 00:15:10,040 Speaker 3: need to kind of shift the power, give more power 365 00:15:10,080 --> 00:15:13,360 Speaker 3: potentially to the states or even the federal government, because 366 00:15:13,400 --> 00:15:16,000 Speaker 3: it's becoming such a national problem that we do need 367 00:15:17,000 --> 00:15:19,960 Speaker 3: a more broad solution instead of just leaving it up 368 00:15:20,040 --> 00:15:21,440 Speaker 3: to local governments. 369 00:15:21,800 --> 00:15:22,000 Speaker 2: You know. 370 00:15:22,120 --> 00:15:25,040 Speaker 1: Alongside of that mansion taxes, we see a lot more 371 00:15:25,120 --> 00:15:27,920 Speaker 1: states are considering these mansion taxes. 372 00:15:28,120 --> 00:15:30,000 Speaker 2: Like you said, if you own a home, you're. 373 00:15:29,880 --> 00:15:33,240 Speaker 1: Good, you know, So we shouldn't want to block other 374 00:15:33,280 --> 00:15:35,480 Speaker 1: people from having the ability to have some place to 375 00:15:35,520 --> 00:15:38,240 Speaker 1: sleep at night for themselves and for their families. But 376 00:15:38,240 --> 00:15:40,760 Speaker 1: we see in California how much that manton tax has 377 00:15:40,800 --> 00:15:44,240 Speaker 1: been affecting homeowners and people wanting to sell their homes 378 00:15:44,400 --> 00:15:46,920 Speaker 1: and even people wanting to buy homes. So what do 379 00:15:46,960 --> 00:15:49,240 Speaker 1: you think about the mansion tax and is that something 380 00:15:49,280 --> 00:15:51,760 Speaker 1: you feel like should be expanded into other states. 381 00:15:52,360 --> 00:15:57,960 Speaker 3: I'm okay with taxing, with taxing housing wealth, but I 382 00:15:57,960 --> 00:15:59,640 Speaker 3: think you have to design it in a way that 383 00:15:59,680 --> 00:16:03,400 Speaker 3: actually leads to more housing getting built. The way the 384 00:16:03,440 --> 00:16:07,520 Speaker 3: mansion tax was designed in LA was honestly pretty dumb. 385 00:16:07,520 --> 00:16:09,200 Speaker 3: What it does is that it taxes you at the 386 00:16:09,200 --> 00:16:11,560 Speaker 3: point of sale. So it's happening is people don't want 387 00:16:11,560 --> 00:16:14,160 Speaker 3: to sell anymore houses that you know, are sitting on 388 00:16:14,240 --> 00:16:18,560 Speaker 3: three million dollar plots of land. They're old, they're they're 389 00:16:18,640 --> 00:16:21,080 Speaker 3: run down. They could be sold and developed into apartment 390 00:16:21,120 --> 00:16:23,360 Speaker 3: buildings now the zoning laws of change. But if they're 391 00:16:23,400 --> 00:16:26,160 Speaker 3: getting taxed because they sell, they're not going to sell. 392 00:16:26,160 --> 00:16:27,360 Speaker 3: They're just going to hold on to it for as 393 00:16:27,400 --> 00:16:29,120 Speaker 3: long as they can. So I think if you're going 394 00:16:29,160 --> 00:16:30,960 Speaker 3: to tax the well, tax it in a way that 395 00:16:31,040 --> 00:16:34,720 Speaker 3: actually motivates people to build those additional dwelling units, that 396 00:16:35,680 --> 00:16:38,040 Speaker 3: actually creates more housing. And one thing that could do 397 00:16:38,040 --> 00:16:40,800 Speaker 3: that is taxing the land value as opposed to the property. 398 00:16:41,080 --> 00:16:44,320 Speaker 3: You own that building in Detroit, right, yes, yeah, so 399 00:16:44,360 --> 00:16:47,040 Speaker 3: they're they're proposing a land value tax there, which would 400 00:16:47,080 --> 00:16:50,440 Speaker 3: mean that if you own a big apartment building, you 401 00:16:50,440 --> 00:16:52,880 Speaker 3: get a benefit, you get a lower tax because you're 402 00:16:52,920 --> 00:16:55,000 Speaker 3: only getting tax or it's only being based on the 403 00:16:55,080 --> 00:16:57,760 Speaker 3: land value, not on the property. We should be giving 404 00:16:57,760 --> 00:17:01,560 Speaker 3: benefits to the landowners that actually developing housing. There's so 405 00:17:01,560 --> 00:17:03,920 Speaker 3: many vacant lots in Detroit where people pay almost no 406 00:17:04,119 --> 00:17:06,080 Speaker 3: taxes and they just sit on it waiting for the 407 00:17:06,160 --> 00:17:07,040 Speaker 3: value to go up. 408 00:17:07,280 --> 00:17:09,439 Speaker 1: You know, that's interesting because that building did come with 409 00:17:09,640 --> 00:17:12,080 Speaker 1: a lot across the street. And so we've been so 410 00:17:12,200 --> 00:17:15,160 Speaker 1: focused on the building that we're trying to figure out 411 00:17:15,200 --> 00:17:17,240 Speaker 1: what are we going to do with this lot that's 412 00:17:17,240 --> 00:17:19,160 Speaker 1: sitting here. But we're like, man, they're about to put 413 00:17:19,160 --> 00:17:21,280 Speaker 1: a big tax on this empty lot that we got 414 00:17:21,359 --> 00:17:24,040 Speaker 1: because we were thinking, can we make this, you know, 415 00:17:24,119 --> 00:17:24,840 Speaker 1: for parking? 416 00:17:24,960 --> 00:17:26,479 Speaker 2: Like what is it that we can do with this? 417 00:17:26,600 --> 00:17:30,960 Speaker 1: Because you know, like I said, building on that we 418 00:17:31,040 --> 00:17:32,520 Speaker 1: might just have to sell it because I don't I 419 00:17:32,560 --> 00:17:34,360 Speaker 1: don't think I have the funds right now as I'm 420 00:17:34,400 --> 00:17:35,480 Speaker 1: working on this to chut it. 421 00:17:35,720 --> 00:17:37,520 Speaker 3: Yeah, I don't make some money on the sale. And 422 00:17:37,680 --> 00:17:39,200 Speaker 3: but that's what the lay value tax is supposed to do. 423 00:17:39,200 --> 00:17:42,320 Speaker 3: It's supposed to motivate you to either sell it or 424 00:17:42,400 --> 00:17:44,560 Speaker 3: do something with it, don't just sit on it because 425 00:17:44,560 --> 00:17:45,920 Speaker 3: that doesn't do anybody any good. 426 00:17:46,080 --> 00:17:48,840 Speaker 2: So yeah, now you're absolutely right about that. 427 00:17:49,040 --> 00:17:50,480 Speaker 1: Now I want to talk about your book, so let 428 00:17:50,520 --> 00:17:52,280 Speaker 1: people know what your book is about. Even though I 429 00:17:52,320 --> 00:17:55,040 Speaker 1: know you know you're done. It's early, but I'm excited 430 00:17:55,200 --> 00:17:55,879 Speaker 1: and so I. 431 00:17:56,119 --> 00:17:57,959 Speaker 3: Do you have a substock I so if you're if 432 00:17:57,960 --> 00:17:59,800 Speaker 3: you want a preview, you can start reading my substock. 433 00:18:00,480 --> 00:18:01,879 Speaker 3: Hate the Game is the name of the book. You 434 00:18:01,880 --> 00:18:03,760 Speaker 3: can go to hate the Game dot subsac dot com 435 00:18:03,800 --> 00:18:06,040 Speaker 3: to read like a little bit of a taste of 436 00:18:06,080 --> 00:18:07,919 Speaker 3: my writing style. But the book is about how to 437 00:18:08,000 --> 00:18:11,480 Speaker 3: use game theory to advance your career, to make decisions 438 00:18:11,520 --> 00:18:13,600 Speaker 3: like how to buy a home, how much to offer, 439 00:18:13,960 --> 00:18:18,040 Speaker 3: how to make relationship decisions. Economics can inform so much 440 00:18:18,160 --> 00:18:22,320 Speaker 3: about making the right choices, And basically what it comes 441 00:18:22,359 --> 00:18:24,000 Speaker 3: down to is, anytime you make a decision, you got 442 00:18:24,040 --> 00:18:26,480 Speaker 3: to evaluate the costs and the benefits and how does 443 00:18:26,480 --> 00:18:28,960 Speaker 3: that compare to your next best option. So, if you're 444 00:18:28,960 --> 00:18:30,800 Speaker 3: going to buy a home, how does that compare it 445 00:18:30,840 --> 00:18:33,159 Speaker 3: to renting? Are you going to be making more money 446 00:18:33,160 --> 00:18:35,160 Speaker 3: owning the home or renting? How is your life going 447 00:18:35,200 --> 00:18:37,160 Speaker 3: to change? How do you weigh things like being close 448 00:18:37,200 --> 00:18:39,480 Speaker 3: to work? How do you weigh things like being able 449 00:18:39,520 --> 00:18:41,320 Speaker 3: to do what you want with the home. Just putting 450 00:18:41,480 --> 00:18:43,600 Speaker 3: the pros and cons list all out there and actually 451 00:18:43,600 --> 00:18:46,040 Speaker 3: putting a value to it can help you make those decisions. 452 00:18:46,040 --> 00:18:48,800 Speaker 3: And if over time, if you keep making decisions that way, 453 00:18:48,960 --> 00:18:52,920 Speaker 3: you're going to see the benefits just keep growing until 454 00:18:52,960 --> 00:18:54,639 Speaker 3: you have the career that you want. 455 00:18:55,200 --> 00:18:57,479 Speaker 2: Dara, do you apply this to your personal life too? 456 00:18:57,840 --> 00:19:02,480 Speaker 3: Oh? Yeah, even relationships, like esays, well, like I have 457 00:19:02,520 --> 00:19:05,040 Speaker 3: a whole chapter in it about my marriage and how 458 00:19:05,560 --> 00:19:07,960 Speaker 3: when you're single, you're playing like an individual game. You're 459 00:19:08,000 --> 00:19:09,840 Speaker 3: only thinking about yourself. But when you get married, you 460 00:19:09,880 --> 00:19:12,080 Speaker 3: got to start acting like a team, and that means 461 00:19:12,119 --> 00:19:14,840 Speaker 3: having the same goals, the same objectives. I think people 462 00:19:14,880 --> 00:19:18,120 Speaker 3: end up breaking up simply because they want different things. Right, 463 00:19:18,160 --> 00:19:20,320 Speaker 3: you gotta be you gotta be in alignment, and that 464 00:19:20,480 --> 00:19:22,240 Speaker 3: is game theory. That's a cooperation game. 465 00:19:22,520 --> 00:19:25,120 Speaker 1: And when you have kids, that comes before everything too. 466 00:19:25,280 --> 00:19:27,680 Speaker 3: Absolutely, yeah, I got to put them first. 467 00:19:27,480 --> 00:19:27,679 Speaker 2: You know. 468 00:19:27,800 --> 00:19:32,119 Speaker 1: Having conversations for married couples, I know somebody who I know, 469 00:19:32,200 --> 00:19:34,400 Speaker 1: she was saying that her husband would make these big 470 00:19:34,440 --> 00:19:38,320 Speaker 1: purchases without consulting with her first, so he might do 471 00:19:38,400 --> 00:19:41,200 Speaker 1: something like buy a whole entertainment system for the base 472 00:19:41,480 --> 00:19:43,879 Speaker 1: for the basement, like a TV and all this stuff, 473 00:19:43,880 --> 00:19:45,639 Speaker 1: and or at one point he even bought a new 474 00:19:45,680 --> 00:19:48,720 Speaker 1: car wow, and didn't even like tell her about it 475 00:19:49,040 --> 00:19:50,880 Speaker 1: or consult with her first. And that made her really 476 00:19:50,920 --> 00:19:53,719 Speaker 1: angry because she's like, I'm shopping and buying my clothes 477 00:19:53,720 --> 00:19:56,240 Speaker 1: and target he just went and bought a new car, 478 00:19:56,320 --> 00:19:58,879 Speaker 1: and I'm thinking about like the kids, the family, and 479 00:19:58,920 --> 00:20:01,159 Speaker 1: he's doing things because he feels like, you know, he 480 00:20:01,200 --> 00:20:04,800 Speaker 1: can flow us and do it. And sometimes and you're 481 00:20:04,840 --> 00:20:07,560 Speaker 1: not aligned in those ways, that can definitely cause resentment 482 00:20:07,640 --> 00:20:08,520 Speaker 1: in a relationship. 483 00:20:08,680 --> 00:20:10,080 Speaker 3: Yeah, and you just got to talk it out and 484 00:20:10,080 --> 00:20:12,320 Speaker 3: figure out where exactly are the things that you care about. 485 00:20:12,320 --> 00:20:14,520 Speaker 3: What are your financial goals, what are your personal goals? 486 00:20:14,600 --> 00:20:16,919 Speaker 3: And sometimes it's just like the solution is, you know, 487 00:20:16,960 --> 00:20:19,240 Speaker 3: you can have this amount of money, do what you 488 00:20:19,240 --> 00:20:20,639 Speaker 3: want with it. I don't need to know about it. 489 00:20:20,680 --> 00:20:22,359 Speaker 3: But everything else we need to talk about. So just 490 00:20:22,400 --> 00:20:24,800 Speaker 3: like putting boundaries around what are the things that are 491 00:20:24,800 --> 00:20:27,239 Speaker 3: discretionary and individual for each of us versus what are 492 00:20:27,240 --> 00:20:29,560 Speaker 3: the things that we really need to be in alignment about. 493 00:20:29,680 --> 00:20:31,840 Speaker 1: But you personally, like, what are some of your rules 494 00:20:31,840 --> 00:20:34,160 Speaker 1: when it comes to relationship and economics. 495 00:20:34,600 --> 00:20:36,919 Speaker 3: You know, my husband and I we're pretty much in 496 00:20:37,000 --> 00:20:39,840 Speaker 3: alignment on things. I feel like we both have similar 497 00:20:39,960 --> 00:20:44,200 Speaker 3: values around money and how to spend that. I think 498 00:20:44,240 --> 00:20:47,120 Speaker 3: that one of the things I always try to think 499 00:20:47,160 --> 00:20:50,560 Speaker 3: through is not just like what is the monetary value 500 00:20:50,600 --> 00:20:52,600 Speaker 3: of a decision, but how much happiness is it going 501 00:20:52,640 --> 00:20:53,800 Speaker 3: to bring to my life? I feel like I'm out 502 00:20:53,840 --> 00:20:55,879 Speaker 3: a point where my time is actually the thing that 503 00:20:55,880 --> 00:20:58,600 Speaker 3: I need to focus on more so instead of you know, 504 00:20:59,240 --> 00:21:02,159 Speaker 3: it's easy to spend money on clothes, but it's harder 505 00:21:02,200 --> 00:21:05,399 Speaker 3: to make time for like things that I enjoy. So 506 00:21:05,680 --> 00:21:07,639 Speaker 3: making those trade offs and making sure that I'm not 507 00:21:07,720 --> 00:21:10,640 Speaker 3: just working, working, working and not focusing on personal care, 508 00:21:10,760 --> 00:21:12,119 Speaker 3: I think that's something I'm working on. 509 00:21:12,480 --> 00:21:15,640 Speaker 1: And then, like you having children, I saw now they 510 00:21:15,640 --> 00:21:19,160 Speaker 1: have this bill that they're proposing where children would have 511 00:21:19,560 --> 00:21:21,440 Speaker 1: bank accounts from when they're born. 512 00:21:21,640 --> 00:21:22,680 Speaker 3: Yeah, the baby bonds. 513 00:21:22,760 --> 00:21:25,200 Speaker 1: Yeah, the baby bonds. What do you think about that? 514 00:21:24,720 --> 00:21:26,320 Speaker 1: That seems amazing to me. 515 00:21:26,840 --> 00:21:29,280 Speaker 3: I think it's great because so many children have the 516 00:21:29,280 --> 00:21:31,600 Speaker 3: benefit of growing up in a household that already has wealth. 517 00:21:31,640 --> 00:21:34,399 Speaker 3: Like if they grow up in a homeowner household, by 518 00:21:34,440 --> 00:21:37,160 Speaker 3: the time they're adults, their parents are gonna have equity, 519 00:21:37,200 --> 00:21:38,680 Speaker 3: they're going to be able to help pay for their 520 00:21:38,720 --> 00:21:41,240 Speaker 3: college or give them a head start buying their next home. 521 00:21:41,480 --> 00:21:43,359 Speaker 3: But the kid that grows up saying a renter household 522 00:21:43,359 --> 00:21:45,400 Speaker 3: where their parents aren't accumulating that much wealth, maybe they're 523 00:21:45,440 --> 00:21:47,840 Speaker 3: lower income, they don't have that same benefit. And if 524 00:21:47,880 --> 00:21:49,680 Speaker 3: you do it in a way where it's baby bonds 525 00:21:49,720 --> 00:21:52,400 Speaker 3: where the money is invested from birth, it has time 526 00:21:52,440 --> 00:21:54,560 Speaker 3: to grow, it has time to go up in value 527 00:21:55,119 --> 00:21:57,760 Speaker 3: in a way that isn't really feasible when you're just 528 00:21:57,920 --> 00:22:00,399 Speaker 3: giving them money directly right away. I think it's a 529 00:22:00,440 --> 00:22:01,520 Speaker 3: smart plank. 530 00:22:01,640 --> 00:22:04,800 Speaker 1: Yeah, I think it's pretty amazing as far as for people, 531 00:22:04,840 --> 00:22:06,080 Speaker 1: because you know, by the time you hit I think 532 00:22:06,119 --> 00:22:09,000 Speaker 1: it's eighteen, and then you're like, wow, they've been investing 533 00:22:09,040 --> 00:22:11,760 Speaker 1: this money since I was you know, since I was born. 534 00:22:12,160 --> 00:22:14,880 Speaker 1: You don't even realize, but you could potentially have access 535 00:22:14,920 --> 00:22:16,879 Speaker 1: to What do you teach your kids about money? 536 00:22:17,119 --> 00:22:19,280 Speaker 3: My kids are pretty young, but I mean, but you know, 537 00:22:19,280 --> 00:22:21,680 Speaker 3: people start very young. Yeah, yeah, I mean I try 538 00:22:21,720 --> 00:22:24,000 Speaker 3: to tell them, like, you know, not everything's free. They 539 00:22:24,000 --> 00:22:27,080 Speaker 3: can't have everything they want. That's definitely something. 540 00:22:27,880 --> 00:22:28,120 Speaker 1: Yeah. 541 00:22:28,280 --> 00:22:30,440 Speaker 3: Yeah. And one thing I actually I do with my 542 00:22:30,560 --> 00:22:33,000 Speaker 3: kids I take them to Goodwill mostly when I go shopping, 543 00:22:33,040 --> 00:22:35,160 Speaker 3: because you know, you don't need to buy everything new, 544 00:22:35,680 --> 00:22:38,119 Speaker 3: Like reuse stuff is just as good as new stuff. 545 00:22:38,160 --> 00:22:40,440 Speaker 3: So trying to show them like there are lower cost 546 00:22:40,520 --> 00:22:42,320 Speaker 3: options that can bring you just as much joy as 547 00:22:42,320 --> 00:22:44,520 Speaker 3: the expensive thing, I think is what I'm focusing on. 548 00:22:44,640 --> 00:22:47,480 Speaker 1: Okay, And then also like the benefit of being philanthropic 549 00:22:47,560 --> 00:22:48,000 Speaker 1: and share. 550 00:22:48,080 --> 00:22:51,520 Speaker 3: Oh yeah, definitely great helping family out, that's always good. 551 00:22:51,680 --> 00:22:52,040 Speaker 2: All right. 552 00:22:52,080 --> 00:22:54,160 Speaker 1: And then one thing I also want to talk about, 553 00:22:54,160 --> 00:22:56,040 Speaker 1: and we discussed this kind of last time when you 554 00:22:56,040 --> 00:22:58,880 Speaker 1: were here, climate change in the housing crisis, and how 555 00:22:58,920 --> 00:23:02,639 Speaker 1: those two things are are interlinked. So just for people listening, 556 00:23:02,640 --> 00:23:04,639 Speaker 1: because I know it is an election year and I 557 00:23:04,640 --> 00:23:08,439 Speaker 1: think that the climate climate change is something that should 558 00:23:08,480 --> 00:23:11,399 Speaker 1: definitely be on everybody's agenda and there should be some 559 00:23:11,480 --> 00:23:14,240 Speaker 1: soda plan. We can't act like it doesn't exist, right, 560 00:23:14,680 --> 00:23:17,120 Speaker 1: Can you talk about how those two things are intertwined. 561 00:23:17,680 --> 00:23:20,439 Speaker 3: Yeah, So, if you own a home, your home's value 562 00:23:20,640 --> 00:23:24,280 Speaker 3: is impacted by your climate, the weather. Like homes in California, 563 00:23:24,359 --> 00:23:26,320 Speaker 3: one reason they're more expense because the weather's so nice there. 564 00:23:26,359 --> 00:23:28,640 Speaker 3: Homes in Florida. The weather is nice, that's why people 565 00:23:28,640 --> 00:23:30,720 Speaker 3: are moving there. But over time, the climate's going to change, 566 00:23:30,720 --> 00:23:32,480 Speaker 3: and there for the value that people's homes are going 567 00:23:32,520 --> 00:23:34,800 Speaker 3: to change. Some people are going to make out well 568 00:23:35,000 --> 00:23:37,240 Speaker 3: because their their climate is getting better, and some people 569 00:23:37,280 --> 00:23:39,439 Speaker 3: are going to you know, be in a spot if 570 00:23:39,440 --> 00:23:42,200 Speaker 3: they're constantly getting hit with natural disasters that's already driving 571 00:23:42,280 --> 00:23:44,879 Speaker 3: up insurance cost insurance costs in Florida gone up like 572 00:23:44,920 --> 00:23:47,840 Speaker 3: thirty percent in one year. It's czy and California insurers 573 00:23:47,840 --> 00:23:51,560 Speaker 3: are leaving, so it's already having an impact on people's 574 00:23:51,920 --> 00:23:53,040 Speaker 3: housing costs through. 575 00:23:52,920 --> 00:23:54,919 Speaker 1: This because of wildfires hurricanes. 576 00:23:55,080 --> 00:23:58,960 Speaker 3: Yeah, they pointed to wildfires and hurricanes. Also, the cost 577 00:23:59,040 --> 00:24:02,280 Speaker 3: of rebuilding is going up because the cost of labor 578 00:24:02,280 --> 00:24:04,719 Speaker 3: and construction and all that cost of living has been 579 00:24:04,760 --> 00:24:07,080 Speaker 3: going up. So if your home is destroyed in California, 580 00:24:07,240 --> 00:24:11,000 Speaker 3: so like say you have a three hundred thousand dollars property, 581 00:24:11,040 --> 00:24:13,040 Speaker 3: Maybe it's not a big expensive lot, but that property 582 00:24:13,040 --> 00:24:16,080 Speaker 3: costs three hundred thousand dollars it's destroyed. Rebuilding it could 583 00:24:16,119 --> 00:24:18,440 Speaker 3: cost twice that because you're gonna have to get new materials, 584 00:24:18,480 --> 00:24:20,840 Speaker 3: all of that. So that's when reason insurance costs are 585 00:24:20,880 --> 00:24:21,320 Speaker 3: going up. 586 00:24:22,240 --> 00:24:23,919 Speaker 1: Well, listen, there's so many things that we have to 587 00:24:23,920 --> 00:24:25,680 Speaker 1: think about. But I want to make sure that people 588 00:24:25,840 --> 00:24:28,080 Speaker 1: like we know, it is an election year, so all 589 00:24:28,119 --> 00:24:30,400 Speaker 1: of these things that matter to us, that we can 590 00:24:31,320 --> 00:24:34,199 Speaker 1: make sure that we are holding people accountable for and 591 00:24:34,240 --> 00:24:36,280 Speaker 1: making sure that these conversations are being had. 592 00:24:36,720 --> 00:24:37,600 Speaker 2: I hope Niki. 593 00:24:37,359 --> 00:24:39,280 Speaker 1: Haley's team reaches as you because I would love to 594 00:24:39,280 --> 00:24:40,760 Speaker 1: hear what they have to say. 595 00:24:40,760 --> 00:24:42,920 Speaker 2: Does Donald Trump have a policy when it comes to. 596 00:24:43,200 --> 00:24:45,480 Speaker 3: Well, you know, he had four years in office, so 597 00:24:45,520 --> 00:24:46,960 Speaker 3: we know what he did with housing. He did have 598 00:24:46,960 --> 00:24:52,640 Speaker 3: the opportunity zones, which incentivized investment in lower income neighborhoods. 599 00:24:53,320 --> 00:24:56,000 Speaker 3: I think it's they're still analyzing the effects of that, 600 00:24:56,040 --> 00:24:57,800 Speaker 3: but I think there's been some success there. I'd love 601 00:24:57,840 --> 00:25:02,440 Speaker 3: to hear Trump talk more about policy, right, but why Yeah. 602 00:25:02,200 --> 00:25:04,720 Speaker 1: He's got other lawsuits to deal with. Yeah, but you 603 00:25:04,760 --> 00:25:06,959 Speaker 1: know what the opportunity zones when you bring that up, 604 00:25:07,000 --> 00:25:10,080 Speaker 1: I know some people have said that it is difficult 605 00:25:10,119 --> 00:25:13,560 Speaker 1: when you don't have the finances like that too, because 606 00:25:13,720 --> 00:25:16,080 Speaker 1: it doesn't kick in, right, you have to hold on 607 00:25:16,119 --> 00:25:18,639 Speaker 1: to the property person a period of time, and some 608 00:25:18,680 --> 00:25:20,679 Speaker 1: people don't have the luxury to be able. 609 00:25:20,440 --> 00:25:21,720 Speaker 2: To do that. You know. 610 00:25:21,960 --> 00:25:26,399 Speaker 3: It was a very like developer focused initiative. It was 611 00:25:26,440 --> 00:25:28,560 Speaker 3: for investors, not for like regular people message. 612 00:25:28,560 --> 00:25:30,439 Speaker 1: So that really does help the developers more than it 613 00:25:30,440 --> 00:25:31,360 Speaker 1: would help the average person. 614 00:25:31,400 --> 00:25:32,159 Speaker 2: Because everybody was like. 615 00:25:32,160 --> 00:25:34,760 Speaker 1: Yes, opportunity zone, if I buy it, an opportunity zone. 616 00:25:34,840 --> 00:25:37,399 Speaker 1: But that's maybe not just for the average person. 617 00:25:38,080 --> 00:25:39,800 Speaker 3: I think it's a little bit too early to tell. 618 00:25:39,880 --> 00:25:43,600 Speaker 3: But in theory, if you give tox bricks to developers 619 00:25:43,600 --> 00:25:45,359 Speaker 3: to build a bunch of apartment buildings, will be more 620 00:25:45,400 --> 00:25:47,359 Speaker 3: apartment buildings for people to live in. I don't know 621 00:25:47,359 --> 00:25:49,000 Speaker 3: if we have the evidence yet to say that it's 622 00:25:49,000 --> 00:25:50,439 Speaker 3: been successful in that way though. 623 00:25:50,680 --> 00:25:52,400 Speaker 1: All right, well, we shall wait and see, and I'll 624 00:25:52,440 --> 00:25:55,359 Speaker 1: be watching your timeline to see what's going on. But 625 00:25:55,440 --> 00:25:58,320 Speaker 1: Daryl Fairweather, always appreciate you for coming through. We're going 626 00:25:58,400 --> 00:26:01,159 Speaker 1: to be pushing this book heavy, so I'm excited about that, 627 00:26:01,200 --> 00:26:02,800 Speaker 1: and thank you so much for everything that you do. 628 00:26:02,840 --> 00:26:05,400 Speaker 2: When you bring attention to things on social media. 629 00:26:05,440 --> 00:26:08,639 Speaker 1: I'll make sure that I'm always reposting and retweeting things 630 00:26:08,680 --> 00:26:10,280 Speaker 1: because I get a lot of my information, like I 631 00:26:10,280 --> 00:26:11,320 Speaker 1: always say, from watching you. 632 00:26:11,520 --> 00:26:14,600 Speaker 3: Yeah, and you can follow me my handles Fairweather PhD 633 00:26:14,880 --> 00:26:19,800 Speaker 3: on Instagram, TikTok x, Twitter, or just google Daryl Fairweather. 634 00:26:19,960 --> 00:26:22,840 Speaker 1: And she knows Daryl's a guy's name. People always She's 635 00:26:22,880 --> 00:26:26,720 Speaker 1: like enough enough of that, all right, Thank you so much, 636 00:26:26,800 --> 00:26:27,480 Speaker 1: Daryl Fairweather. 637 00:26:27,520 --> 00:26:28,280 Speaker 2: We appreciate you. 638 00:26:28,600 --> 00:26:29,000 Speaker 3: Thank you 639 00:26:31,600 --> 00:26:32,159 Speaker 2: Well.