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

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Speaker 1: Today we're discussing Robin Hood, Verse Buffett, people still paying

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Speaker 1: for a O L, and renewing your passport. Now that's right, buddy.

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Speaker 1: This is our Friday Flight episode at the end of

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Speaker 1: the week, where we look back at the news that

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Speaker 1: we came across this week. Two different headlines that we're

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Speaker 1: gonna talk about how they pertain to our personal finances.

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Speaker 1: I'm excited to get to all the stories that we're

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Speaker 1: gonna talk about today, dude. But first, last Friday, we

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Speaker 1: talked about naming our vans. We you and I. We

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Speaker 1: both have Honda Odysse's. You've got a two thousand six,

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Speaker 1: I've got a two thousand twelve. They're both pretty old.

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Speaker 1: But after talking with the card Chick a couple of

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Speaker 1: weeks ago, she suggested that we name our cars, and

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Speaker 1: she said that everybody should do this because what it

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Speaker 1: means is that you take care of your vehicle a

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Speaker 1: little bit more. I think you normally what I think

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Speaker 1: there's some you know, probably behavioral truth to that. Yeah,

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Speaker 1: But at the same time, dude, we're not trying to

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Speaker 1: personify our rides, right We're not trying to make it

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Speaker 1: so that our veins now have a motion, but we

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Speaker 1: do want to take care of them, and so we

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Speaker 1: we we put that out there for listeners. We asked

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Speaker 1: for our listeners to, yeah, leave their thoughts, like what

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Speaker 1: do y'all think that we should name our veins? And

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Speaker 1: we got some yes, some really good suggestions. Yeah, alright,

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Speaker 1: so let's mention maybe the top three that are in

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Speaker 1: the running. Okay, And so we have two vans, so

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Speaker 1: there's three sets of two names, Aldi and Costco one. Obviously,

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Speaker 1: your your van would be named All the mine would

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Speaker 1: be named Costco. You I feel like that one stood

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Speaker 1: out to you because you're like I feel like for

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Speaker 1: in your mind, like that's the number one thing that's

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Speaker 1: different between you and me. Like I feel like if

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Speaker 1: you feel a lot of things that are different between well,

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Speaker 1: there there are, but I'm thinking that if you can

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Speaker 1: convince me to get a Costco membership, then like you

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Speaker 1: will have won the war, you know, but it's not

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Speaker 1: gonna happen, all right, you gonna happen. That's one. Joseph

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Speaker 1: and Maggie is another. And yeah, they at Lanny United

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Speaker 1: reference that literally, like the two best soccer players in Atlanta,

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Speaker 1: United history and MLS history, right probably, So what what listeners,

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Speaker 1: I'm not sure if they know this, but back in

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Speaker 1: the day, back when Miggy and Miguel Admaron, when him

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Speaker 1: and Joseph Martinez, back when they were red hot, they

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Speaker 1: would do this thing after they kind of linked up

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Speaker 1: in play, and you know, when Joseph scored and they

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Speaker 1: would go over to the sideline and went their celebration

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Speaker 1: that some moved from like an anime cartoon. But yeah, yeah,

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Speaker 1: they would like kind of lean into each other, put

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Speaker 1: their fingertips together and it was like this, you know,

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Speaker 1: fusion transfer of energy kind of forth. It's like you

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Speaker 1: and I actually did used to do that sometimes before

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Speaker 1: we recorded, and I don't know if listeners ever knew

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Speaker 1: that we did that, but we stopped doing that, I

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Speaker 1: guess a couple of years ago, but we can do

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Speaker 1: it again. It was It was fun. But yeah, we

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Speaker 1: we like those guys a lot. So those were you know,

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Speaker 1: fitting names. I think maybe for our Honda Odysse's. But

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Speaker 1: there's a third option, how and Homer yes, And so okay,

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Speaker 1: this one stood out to me. This one was by

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Speaker 1: far my favorite because so Homer. Uh, A lot of

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Speaker 1: folks might know Homer was the author of the Iliot

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Speaker 1: and the Odyssey, and of course we have Odyssey vans

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Speaker 1: and so that's the that's the reference right to the Odyssey.

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Speaker 1: And then How. I didn't know this because this isn't

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Speaker 1: a movie that I had seen before. This is a

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Speaker 1: sci fi movie from back in the day, I think

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Speaker 1: maybe the eighties. But How was an artificial intelligence robot.

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Speaker 1: I think in the end he kind of like went

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Speaker 1: a little dark and kind of turned on the people.

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Speaker 1: But that one, I really like that one because I

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Speaker 1: really like sci fi. Not because I'm a dark person,

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Speaker 1: but just yeah, I'm a huge fan of science fiction.

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Speaker 1: And so I don't know. That name in particular stood

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Speaker 1: out to me, and I was like, oh, I could

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Speaker 1: see us naming our van how and and for you

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Speaker 1: to Homer, like not that you're into Greek mythology or anything,

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Speaker 1: but like, Homer makes me think of the Atlanta Braves,

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Speaker 1: makes me think of baseball. The name of the Braves

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Speaker 1: mascot is Homer. So yeah, I think you know, you

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Speaker 1: go how I'll go Homer and Homer. We found the

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Speaker 1: names for me. I decided that I like the other

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Speaker 1: ones too, But yeah, we'll go holl on Homer, especially

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Speaker 1: because I do think you have this dark side where

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Speaker 1: you're gonna turn on me at some point. You're always

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Speaker 1: like looking over your shoulders. Let things seem to be

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Speaker 1: changing a little bit. I'm still me alright. Well, yeah,

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Speaker 1: so now we'll start referring to our minivans by that name. Yeah, well,

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Speaker 1: all right, let's move on, Matt. Let's talk about the

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Speaker 1: the Friday flight, the sampling of stories we found interesting

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Speaker 1: this week. If I was a couple of years younger,

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Speaker 1: you know where I'd be moving right now, West Virginia,

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Speaker 1: because West Virginia is paying people to get vaccinated, at

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Speaker 1: least if you're between the ages of sixteen and thirty five.

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Speaker 1: It's very nice. I'm thirty seven. Don't qualify close. I

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Speaker 1: don't live in West Virginia, but yeah, I feel like

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Speaker 1: that's even better than like the free Crispy creams or

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Speaker 1: at least equivalent, right, or the beer money that we

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Speaker 1: mentioned from Sam Adams. And West Virginia isn't the only

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Speaker 1: state doing this, by the way, Maryland is also offering

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Speaker 1: a hundred dollars to state employees, and Detroit is giving

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Speaker 1: out fifty dollar prepaid debit cards to anyone who drives

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Speaker 1: someone to get faxed, with no limit on how many

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Speaker 1: times you can do it. That's my new part time

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Speaker 1: job if I live in Detroit. Right seriously, I mean

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Speaker 1: I've got to think that like the Uber drivers, like

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Speaker 1: in between shifts, they're like swinging by I don't know,

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Speaker 1: like retirement home or some place where folks need rides,

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Speaker 1: and it's like, hey, eve, anybody here one of one

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Speaker 1: the free lifts, or get vaccinated anyone you're already giving

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Speaker 1: a ride to. Yeah, seriously, it's to me saying I

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Speaker 1: will give you five dollars and take you there right now,

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Speaker 1: a little detail, let's do it right now, get sweet

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Speaker 1: in the pot, offer to split the check card? Right So, yeah,

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Speaker 1: obviously anybody can get vaccinated these days, So get your vaccination.

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Speaker 1: Get back to life, Joel. Last week we mentioned that

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Speaker 1: many tax refunds have been delayed except for mine. Somehow

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Speaker 1: I got mine within a few weeks. But of the

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Speaker 1: returns that have been filed so far this year, the

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Speaker 1: average refund is just shy of three thousand dollars. And

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Speaker 1: so if you aren't sure what to do with your refund,

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Speaker 1: and if you've gotten something decent size like that, So

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Speaker 1: much of that decision comes down to where you curtainly

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Speaker 1: are with your personal finances. You know. We we feel

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Speaker 1: that's not a bad idea to set aside ten percent

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Speaker 1: of any sort of windfall as fund money, but you

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Speaker 1: really should be using the rest of that for saving,

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Speaker 1: you know, whether that's an emergency fund. Definitely, if you

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Speaker 1: don't have anything set aside in your savings account or

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Speaker 1: your checking account for an emergency fund or even two

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Speaker 1: for other near term goals or investing, tax refunds are

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Speaker 1: the perfect time to get that rath ire a going. Um.

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Speaker 1: If you don't know where to start, we'd recommend for

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Speaker 1: folks to listen back to our episode that we did

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Speaker 1: on the seven Money Gears, and that's when we jumped

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Speaker 1: into when to do what with your money, because you

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Speaker 1: want to make sure that you're doing things in the

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Speaker 1: correct order. Uh, for instance, you don't want to start

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Speaker 1: that roth ira if you don't have that basic emergency

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Speaker 1: funds set up. Listen back to that episode for more details. Yeah, man,

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Speaker 1: I agree. I think you know, anytime you get a

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Speaker 1: lump sum, and tax refunds are one of the main times,

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Speaker 1: so people get a lump sum of money throwing their

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Speaker 1: way opening up a roth ira. You know, taking a

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Speaker 1: positive step in your personal finances is the way to go.

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Speaker 1: Uh Now, let's talk about college degree requirements. I saw

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Speaker 1: a story this week that more employers are dropping college

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Speaker 1: degree requirements for certain positions. NPR had this great piece

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Speaker 1: and they found that lots of companies are actually realizing

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Speaker 1: that some of the positions they're looking to fill have

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Speaker 1: like this knee jerk requirement for folks to have a

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Speaker 1: four year college degree, and they're realizing, we're not getting

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Speaker 1: as many applicants as we like for these jobs, and

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Speaker 1: maybe a four year degree isn't as essential as we

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Speaker 1: previously thought it was for this position. So we're gonna

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Speaker 1: like eliminate that requirement so that we can get more

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Speaker 1: qualified candidates applying for the position. Hilton Hotels, Penguin, Random House,

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Speaker 1: and State Street Financial are just a few of the

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Speaker 1: companies that say that they're gaining actually a competitive advantage

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Speaker 1: by broadening the pool of candidates beyond just folks with

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Speaker 1: college degrees. I love reading stuff like this map because,

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Speaker 1: like it's beneficial not only from a diversity standpoint, it's

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Speaker 1: also just smart business to realize that you're creating an

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Speaker 1: artificial barrier maybe of a college degree requirement, when it

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Speaker 1: might not be necessary for a whole lot of positions

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Speaker 1: that employers offer. Oftentimes it's the on the job training

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Speaker 1: that's necessary. It's less the do you have for your

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Speaker 1: college degree, like that might not necessarily come into play

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Speaker 1: um for for a lot of positions out there. Yeah, man,

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Speaker 1: I feel like it's a blunt tool for sorting through

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Speaker 1: the different applicants who might be interested in different positions

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Speaker 1: out there. Positions that these people might be qualified for

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Speaker 1: and they can do a good job in, but maybe

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Speaker 1: they're just not cut out for college. And dude, speaking

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Speaker 1: of jobs, so many restaurants are are struggling to find

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Speaker 1: workers at all right now. Folks are are coming back

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Speaker 1: to restaurants in a pretty major way, but it's hard

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Speaker 1: for supply to keep up with the demand when you

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Speaker 1: can't find enough people to serve those customers. Those folks

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Speaker 1: are hungry, you know. There are more job openings in

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Speaker 1: the US the spring than before the pandemic hit back

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Speaker 1: in March of last year. Uh And from Business Insider,

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Speaker 1: they recently reported that of Florida McDonald's is paying people

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Speaker 1: fifty dollars just to show up for a job interview,

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Speaker 1: and it's still struggling to find applicants. I think I

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Speaker 1: saw that a little bit ago. Taco Bell, they're hosting

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Speaker 1: interviews via their drive through. Folks didn't even need to

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Speaker 1: get out of their car. Like literally, yeah, you're kind

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Speaker 1: of driving through. It's like, wait a minute, do I

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Speaker 1: wanna cheesey bean and right burrito? Or maybe I'll apply

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Speaker 1: for a job. It's pretty quick. You're alive here. Yeah,

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Speaker 1: It's it's insane. It's crazy, right, uh. And into the

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Speaker 1: New York Times Reporter that some companies are turning down massive,

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Speaker 1: huge jobs because they don't have the people to take

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Speaker 1: on the work to get those jobs done. Bank of

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Speaker 1: America they reported that it's a mixture of the increased

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Speaker 1: unemployment assistance that's happening right now, alongside fears of contracting COVID. Obviously,

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Speaker 1: child care is probably another issue for a lot of

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Speaker 1: folks as well. And also man the state of Montana,

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Speaker 1: they say that the labor crunch is so bad that

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Speaker 1: they are ending the increased federal pandemic unemployment assistance in

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Speaker 1: order to incentivize people to hop back into the labor market.

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Speaker 1: They think that folks just don't want to get back

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Speaker 1: to work because they don't need to. Yeah, that's true.

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Speaker 1: People are being pickier when it comes to the jobs

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Speaker 1: that they're being offered too because they've got regular income

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Speaker 1: coming in and they don't have to take that job.

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Speaker 1: And I think in some ways that benefits anybody out

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Speaker 1: there who is looking for a job. Right, A lot

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Speaker 1: of employers have now turned to offering sign up bonuses

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Speaker 1: for even sometimes entry level positions. Of Costco and Kroger

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Speaker 1: have increased their hourly pay rate, and more people aren't

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Speaker 1: taking the first job that's being offered to them because

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Speaker 1: there's just so many options available. And yeah, I think

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Speaker 1: the current environment is incredibly beneficial for workers. So I

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Speaker 1: think what this means is if you're looking for a

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Speaker 1: new job, it's okay a to be a little picky,

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Speaker 1: and we'd say to be sure to negotiate your pay

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Speaker 1: if you're looking for work, like, don't just take the

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Speaker 1: first offer and be like done, I'm in because some

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Speaker 1: of these employers are really hard up to find the

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Speaker 1: right person to fill the gap that they have. The

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Speaker 1: company that you're applying to might need you more than

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Speaker 1: they've led on, and you've got more room to push

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Speaker 1: back on compensation than you think. Just like in the

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Speaker 1: housing market, it's a complete seller's market, or right now,

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Speaker 1: the labor market is completely in your favor as a worker,

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Speaker 1: as an employees market. When it comes to the job market, man,

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Speaker 1: well here's the thing, there are some positions where in

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Speaker 1: the future you may not be able to be so picky.

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Speaker 1: Let's let's talk about robots and warehouse jobs specifically. I

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Speaker 1: was trying to steal my job, Like how I feel

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Speaker 1: like now like our van is gonna seem like the

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Speaker 1: evil one, whereas yours is gonna seem like an all

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Speaker 1: American history loving uh blue van. But that's yeah, we

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Speaker 1: want to talk about robots because CNN had a fascinating

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Speaker 1: art cool about this British supermarket chain Ocado. I guess

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Speaker 1: that's how you say it. But it's new automated warehouse

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Speaker 1: that's set to to take grocery fulfillment and delivery to

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Speaker 1: the next level. Dude, you've got you've got to see

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Speaker 1: the pictures and we'll make you to link to this

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Speaker 1: article in the show notes. But this system can apparently

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Speaker 1: gather in order in fifteen minutes when before like it

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Speaker 1: could take two to three hours depending on how the

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Speaker 1: products would kind of go through all the you know,

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Speaker 1: miles of conveyance. That's how they say it, and uh,

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Speaker 1: engineering that's not good for your ice cream either, Right,

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Speaker 1: it's gonna be melted by the time you get it.

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Speaker 1: And not only that, but it's accurate, which is incredibly impressive,

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Speaker 1: saying better than any instat cart order or Kroger. Are

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Speaker 1: you We've never done instacart, but like the Kroger pick

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Speaker 1: up dude, where someone gathers your groceries for you, it's

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Speaker 1: almost more frustrating than going in the story yourself. It's yeah,

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Speaker 1: it's it's nice from a convenient standpoint, but the inaccuracy

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Speaker 1: you gotta be okay, you gotta be done with rolling

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Speaker 1: with the punches because you're gonna get something that you

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Speaker 1: weren't expecting or like, like we had some friends, substitutes

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Speaker 1: can be ridiculously weird, just like we gave you potatoes

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Speaker 1: because there were no bananas, and you're like what, it's like,

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Speaker 1: that's that's not a start, but like, yeah, that's not

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Speaker 1: gonna different things. But there's a video as well showing

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Speaker 1: just how those robots move along within this warehouse. Will

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Speaker 1: make sure in the link to that too. But they

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Speaker 1: said that these robots can get within five millimeters of

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Speaker 1: each other, which is just crazy. They get so close

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Speaker 1: and they're essentially like robots playing chicken, like the Korean

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Speaker 1: towards each other and they stop last second and like

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Speaker 1: shifts and then they continue along. That's it's really impressive,

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Speaker 1: it really is on the robot front. Matt, There's there's

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Speaker 1: something I've kind of been interested in. Lawnmower robots. Have

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Speaker 1: you seen those things? I have, like, you know, the

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Speaker 1: room bus, Like a lot of people have room bas

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Speaker 1: Now we we don't have one, but I go to

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Speaker 1: people's houses they've got them. It's kind they're kind of

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Speaker 1: fun to watch, and I, you know, I apparently they

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Speaker 1: do a decent job cleaning. But um, but yeah, the

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Speaker 1: lawnmower robots, I'm like, they're kind of like the outdoor

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Speaker 1: equivalent of the room but yeah, but man, it just

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Speaker 1: makes me think, like how much time and money could

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Speaker 1: I save if those things are even just like decent right,

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Speaker 1: Like I'm wondering though, like how will they work? Because

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Speaker 1: my my yard has like some gnarly roots, systems and

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Speaker 1: going on like that. And you know, even when I'm

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Speaker 1: mowing it sometimes you know, my my blade and I'm like, oh,

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Speaker 1: that's terrible. But if you're a lot more, that's okay.

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Speaker 1: But for like a little you know, yard room ba

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Speaker 1: like that could destroy it, right exactly. Yeah, that's what

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Speaker 1: I'm concerned about. But yeah, Like the New York Times

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Speaker 1: had an article about those talks about the like increased efficiency,

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Speaker 1: smaller amount of noise pollution that we're seeing from these

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Speaker 1: lawnmower robots. And two as like labor prices continue to

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Speaker 1: rise and these bots get even better, I think we're

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Speaker 1: gonna see more and more of them. Like it makes

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Speaker 1: me think about even using them at a rental property

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Speaker 1: instead of hiring someone to come out and cut the grass.

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Speaker 1: They can take a ton of money, right yeah, if

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Speaker 1: there're a few hundred bucks, and if that goes multiple years,

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Speaker 1: you know before you need to repair it. Interesting, I

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Speaker 1: thought about it from that damnpoint. I've only thought about

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Speaker 1: it kind of from like my yard, which you know,

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Speaker 1: I don't cut, okay, and I have a dopted the

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Speaker 1: we have a pollinator yard. But because literally we have

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Speaker 1: a lot of clover mixed into the yard, and if

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Speaker 1: you let it grow tall enough, you know, it blossoms

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Speaker 1: and the bees show up and they help also pollinate

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Speaker 1: our garden. So that's kind of taking top prior already,

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Speaker 1: but it's a good thing. You don't live in neighborhood

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Speaker 1: with an h A, right, I personally would hate living

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Speaker 1: in a neighborhood with an h A. Dude. I mean, yeah,

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Speaker 1: I don't know if that's just how I view authority

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Speaker 1: or something like that. I just hate being told what

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Speaker 1: to do when it comes to certain things that I own.

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Speaker 1: Uh my, you know, like, don't tell me what to

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Speaker 1: do with my yard. Like, this is my yard. I

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Speaker 1: should be able to do exactly what I want with it. Matthew,

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Speaker 1: you cannot put up the Christmas lives yet do. Let's

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Speaker 1: talk about wasting money. You might be wondering if folks

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Speaker 1: are still paying for America Online. Most people would believe no,

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Speaker 1: who would be who in the right mind would still

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Speaker 1: be paying? There are, in fact, a lot of folks

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Speaker 1: still giving them money. The reason we're talking about this

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Speaker 1: too is a o L is being bought by a

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Speaker 1: guard gangewin private equity company Apollo Global. And you know,

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Speaker 1: in that process. Some stories have been written about this

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Speaker 1: company that you know, we haven't talked about or thought

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Speaker 1: much about in years. I still miss a O L

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Speaker 1: inst a messenger, though, would you call that like the

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Speaker 1: slack of yesteryear? Like? Essentially, I still think that's the

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Speaker 1: best form of Internet communication ever. Really, Like what's been

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Speaker 1: better than that? Twitter's Wars, Slacks Wars like aim was

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Speaker 1: the Internet at perfection. It's been all downhill since. Never

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Speaker 1: mind all the technological advances with that. But uh, dude,

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Speaker 1: CNBC they reported that one point five million people still

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Speaker 1: pay a L for their services. Of that one point

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Speaker 1: five million, only just a few thousand folks are actually

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Speaker 1: paying for Internet. The rest are paying for technical support

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Speaker 1: and identity theft software. Uh. This software is called a

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Speaker 1: o L advantage, more like a L disadvantaged. Such a joke. Uh,

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Speaker 1: And so I mean we want to point that out

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Speaker 1: because if you, hopefully not you, but someone you know,

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Speaker 1: if they're signed up, make sure that you encourage them

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Speaker 1: to cancel that junk. That is not something you need

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Speaker 1: for real. Yeah, people, some people paying ten bucks a month,

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Speaker 1: some people paying fifteen bucks a month for this thing.

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Speaker 1: And if you're signed up for anything else, that costs

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Speaker 1: you the equivalent of what you pay for streaming every month,

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Speaker 1: like what you pay for Netflix right um for identity

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Speaker 1: theft monitoring. Essentially, it's a big money maker for some

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Speaker 1: of these companies, but it's a big loser for you.

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Speaker 1: It's a waste of your money. Instead, we suggest that

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Speaker 1: you freeze your credit. Don't pay a o l to

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Speaker 1: monitor your credit, but freeze it instead. That's something you

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Speaker 1: can do, and it's free thanks to federal legislation. Uh

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Speaker 1: you know, we we actually have an article on the

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Speaker 1: website detailing how you freeze your credit, and we'll link

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Speaker 1: to that article in the show notes. But it takes

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Speaker 1: very little time. I know there are a lot of

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Speaker 1: like commercials about ID theft monitoring and why you should

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Speaker 1: pay money for it. Don't listen to them, because freezing

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Speaker 1: your credit is free. You do it once, and you

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Speaker 1: don't have to worry about people stealing your identity, and

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Speaker 1: you don't have to pay money to some company who

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Speaker 1: says they're going to keep an eye on it for you.

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Speaker 1: All Right, So we're gonna take a break, but we

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Speaker 1: do have a bunch more stories we're gonna get to,

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Speaker 1: including the face off between Robin Hood and Warren Buffett.

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Speaker 1: It's kind of like the Godzilla versus Can Kong matchup.

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Speaker 1: We'll get to that story plus a few others right

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Speaker 1: after this break. All right, we're back. We're gonna keep

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Speaker 1: rolling with our Friday flight before we get to that

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Speaker 1: UFC like matchup between Robin Hood and Warren Buffett. We're

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Speaker 1: gonna get to as we always do on Friday's are

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Speaker 1: ludicrous headline of the week of the week of the week.

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Speaker 1: I just wanted to get it out there, very understated.

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Speaker 1: I appreciate that, alright. So here's the headline that that

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Speaker 1: ruffled our feathers this week. This one was titled Americans

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Speaker 1: didn't need Financial Literacy Month, They just needed money. And

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Speaker 1: then this was by Helene Olsen from the Washington Post.

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Speaker 1: And I gotta say, Matt, I'm not sure if many

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Speaker 1: of our listeners noticed that April was Financial Literacy Month.

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Speaker 1: You and I, we don't make a big deal out

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Speaker 1: of stuff like that. Like in the HTM world, every

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Speaker 1: month financial literacy month. Right, it's the Yeah, it's the

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Speaker 1: air we breathe exactly. And that's because like I feel like,

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Speaker 1: actually I get annoyed. There's a day for everything. Now

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Speaker 1: there's like a National craft beer Day. But not only

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Speaker 1: is there that there's a national I p a day,

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Speaker 1: a day specifically set aside for that one specific type

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Speaker 1: of beer. But that is a special day. It's probably

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Speaker 1: like the only one I celebrate, right, I think, like

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Speaker 1: tomorrow is National have a Coke Day? Like is it really? Yeah?

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Speaker 1: Like seriously, there's a day for everything. I like looked

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Speaker 1: it up just to see how many goofy days are

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Speaker 1: like surrounding, and I'm like, oh, I guess I'll have

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Speaker 1: a coke tomorrow, um or not, because I just think

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Speaker 1: those days are just a little overblown. But yeah, my

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Speaker 1: problem with this article. You know, partly I agree, like

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Speaker 1: we don't need a financial literacy month necessarily, but ms

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Speaker 1: Olsen wasn't just making fun of the idea that a

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Speaker 1: specific month exists to highlight financial literacy. Well she did.

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Speaker 1: In this article, she was making a statement that it's

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Speaker 1: not important really at all, Like people just need money,

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Speaker 1: not information and education. Instead of teaching a person to fish, essentially,

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Speaker 1: she's saying, just give them fish instead. Yeah, dude, I

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Speaker 1: don't like that. I Mean, one of the lines in

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Speaker 1: the article that stood out was the past year proved

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Speaker 1: the lie of financial literacy. Many people's finances were not

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Speaker 1: a mess because we needed lessons in how to handle

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Speaker 1: our money. We simply needed more money. And dude, it's

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Speaker 1: just not the lesson I got from this pastor. Dude. Yeah,

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Speaker 1: that's we think that's that's wrong basically, you know, like

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Speaker 1: we we feel that it's not that the pandemic didn't

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Speaker 1: cause massive issues to our you know, our world, to

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Speaker 1: our country. Aside from the health side of things, our

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Speaker 1: economy as a whole went through some major difficulties and

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Speaker 1: so did many of our personal financial lives as well.

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Speaker 1: And it's not that inequality and that poverty that they're

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Speaker 1: not real issues. They are, but so is a lack

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Speaker 1: of financial literacy. And you know, you and I, dude,

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Speaker 1: we have heard way too many stories from listeners who

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Speaker 1: made massive shifts in their own personal finances prior to

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Speaker 1: the pandemic that helped them to weather the storm to

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Speaker 1: believe that financial literacy is actually unimportant and that more

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Speaker 1: money is going to solve most money problems out there.

426
00:19:42,680 --> 00:19:45,680
Speaker 1: More money, more problems, right, dude, Seriously, I mean sometimes

427
00:19:46,400 --> 00:19:48,880
Speaker 1: it depends, but it's just that there were a lot

428
00:19:48,920 --> 00:19:50,680
Speaker 1: of issues that we were forced to grapple with this

429
00:19:50,800 --> 00:19:54,000
Speaker 1: year as a nation and as individuals in financial literacy.

430
00:19:54,000 --> 00:19:56,720
Speaker 1: It doesn't solve most of these problems. But it's also

431
00:19:57,000 --> 00:19:59,720
Speaker 1: not a stupid endeavor, right and so like it makes

432
00:19:59,720 --> 00:20:02,000
Speaker 1: me think of like like a bike metaphor, which I

433
00:20:02,040 --> 00:20:03,919
Speaker 1: tend to think of. If you're riding along, so you

434
00:20:03,960 --> 00:20:06,120
Speaker 1: crash your bike and you bust yourself up, you're bleeding

435
00:20:06,160 --> 00:20:08,920
Speaker 1: out everywhere. What you need in that moment You don't

436
00:20:08,920 --> 00:20:12,240
Speaker 1: need to be taught how to properly use your brakes, right, Like,

437
00:20:12,280 --> 00:20:13,680
Speaker 1: what you need in the moment you need a band

438
00:20:13,720 --> 00:20:16,600
Speaker 1: aid if you're really bleeding, maybe need some stitches. But

439
00:20:17,119 --> 00:20:18,719
Speaker 1: the next time you get on your bike, you need

440
00:20:18,760 --> 00:20:20,359
Speaker 1: to make sure that you know how your brakes work

441
00:20:20,400 --> 00:20:21,920
Speaker 1: so that you don't end up in the exact same

442
00:20:21,920 --> 00:20:24,560
Speaker 1: position down the road, Like in the moment, is that

443
00:20:24,600 --> 00:20:26,280
Speaker 1: what you need. No, Like, you don't need a lesson

444
00:20:26,480 --> 00:20:29,359
Speaker 1: on how to properly ride your bike, But before you

445
00:20:29,400 --> 00:20:31,480
Speaker 1: get on your bike again, you need to understand the basics.

446
00:20:31,520 --> 00:20:33,160
Speaker 1: And in the same way, when it comes to our money,

447
00:20:33,359 --> 00:20:35,600
Speaker 1: you have to understand the basic fundamentals of spending less

448
00:20:35,640 --> 00:20:37,560
Speaker 1: than you actually make, of investing your money and making

449
00:20:37,600 --> 00:20:39,360
Speaker 1: sure that you're growing your wealth. I think it would

450
00:20:39,400 --> 00:20:42,159
Speaker 1: be unwise if we were just solely expecting there to

451
00:20:42,240 --> 00:20:44,640
Speaker 1: be more money down the road given to us. Yeah,

452
00:20:44,680 --> 00:20:47,000
Speaker 1: and like we've talked about beforemat there are plenty of

453
00:20:47,040 --> 00:20:50,960
Speaker 1: people making six figures, living paycheck to paycheck. That is

454
00:20:51,119 --> 00:20:54,399
Speaker 1: not a money problem. That is truly a wants and

455
00:20:54,480 --> 00:20:58,600
Speaker 1: desires problem. Uh, spending problem, not knowing how to save,

456
00:20:58,720 --> 00:21:02,280
Speaker 1: not not being essentially some of the most important aspects

457
00:21:02,320 --> 00:21:05,960
Speaker 1: of financial literacy and then actually implementing them into your life.

458
00:21:06,040 --> 00:21:07,840
Speaker 1: All right, but let's move on. Let's talk about the

459
00:21:07,840 --> 00:21:11,040
Speaker 1: battle Royale between Warren Buffett and Robin Hood. This one

460
00:21:11,200 --> 00:21:13,679
Speaker 1: was just really interesting, um, mostly because you know what

461
00:21:13,680 --> 00:21:15,640
Speaker 1: Warren Buffetts said, I think we agreed with, but then

462
00:21:15,640 --> 00:21:19,399
Speaker 1: the clap back from from Robin Hood was quite interesting. Basically,

463
00:21:19,720 --> 00:21:22,960
Speaker 1: the folks who run the robin Hood app they're not

464
00:21:23,000 --> 00:21:26,000
Speaker 1: really making any friends this week. Like, uh, Warren Buffett

465
00:21:26,040 --> 00:21:29,679
Speaker 1: criticized Robin Hood at the annual Berkshire Hathaway Conference. He

466
00:21:29,720 --> 00:21:32,240
Speaker 1: referred to actually many of the account holders robin Hood

467
00:21:32,240 --> 00:21:35,840
Speaker 1: account holders as casino participants. And we actually kind of

468
00:21:35,880 --> 00:21:39,280
Speaker 1: tend to agree with Warren, but robin Hood. They weren't

469
00:21:39,280 --> 00:21:42,439
Speaker 1: fond of the characterization. They responded with a statement of

470
00:21:42,480 --> 00:21:44,480
Speaker 1: their own, and they said, if the last year has

471
00:21:44,480 --> 00:21:47,119
Speaker 1: taught us anything is that people are tired of the

472
00:21:47,119 --> 00:21:50,240
Speaker 1: Warren Buffets and Charlie Mugger's of this world acting like

473
00:21:50,280 --> 00:21:54,719
Speaker 1: they're the only oracles of investing. Wow, that takes some

474
00:21:54,760 --> 00:21:58,600
Speaker 1: guts to attack our favorite best ninety year old friend

475
00:21:59,200 --> 00:22:01,440
Speaker 1: in that sort of way, a man like robin Hood

476
00:22:01,640 --> 00:22:05,080
Speaker 1: showing not much class, I would say in their response

477
00:22:05,119 --> 00:22:07,639
Speaker 1: to Mr Buffett, Yeah, it totally does. Yeah, this feels

478
00:22:07,640 --> 00:22:10,720
Speaker 1: like a juvenile response from from robin Hood. And here's

479
00:22:10,720 --> 00:22:12,919
Speaker 1: the thing. Robin Hood and similar apps essentially promote the

480
00:22:12,960 --> 00:22:16,800
Speaker 1: idea of trading over by and hold investing, and you know,

481
00:22:16,840 --> 00:22:18,919
Speaker 1: like robin Hood, they they don't even offer access to

482
00:22:18,960 --> 00:22:21,440
Speaker 1: retirement accounts like i RA s like roth iras or

483
00:22:21,440 --> 00:22:24,560
Speaker 1: traditional iras. And so if you're trying to figure out

484
00:22:24,640 --> 00:22:27,960
Speaker 1: which app you should use to start investing, we suggest

485
00:22:27,960 --> 00:22:30,520
Speaker 1: avoiding apps and investing with one of the major low

486
00:22:30,560 --> 00:22:34,000
Speaker 1: cost companies like Vanguard or Fidelity. Dude, or at least

487
00:22:34,119 --> 00:22:36,280
Speaker 1: use the m one app, which does allow you to

488
00:22:36,320 --> 00:22:38,719
Speaker 1: open up an ira A. I've actually I've got an

489
00:22:38,760 --> 00:22:40,800
Speaker 1: article up on the site that we can link to

490
00:22:40,880 --> 00:22:42,600
Speaker 1: in the show notes. But I feel like we're sort

491
00:22:42,600 --> 00:22:44,840
Speaker 1: of like the moderators in this fight between robin Hood

492
00:22:45,200 --> 00:22:47,960
Speaker 1: and the the mongers and the Buffets of the world. Right.

493
00:22:48,080 --> 00:22:49,960
Speaker 1: I do feel that a company like robin Hood has

494
00:22:50,320 --> 00:22:53,160
Speaker 1: advanced the democratization of investing. They make it so easy

495
00:22:53,200 --> 00:22:55,520
Speaker 1: for folks to be investing their money instead of just

496
00:22:55,560 --> 00:22:57,800
Speaker 1: spending it and blowing it consuming it, right, because once

497
00:22:57,840 --> 00:23:00,280
Speaker 1: you do that, like, you're never gonna see that that

498
00:23:00,320 --> 00:23:03,359
Speaker 1: money again. Uh, And so I appreciate that. But at

499
00:23:03,359 --> 00:23:05,680
Speaker 1: the same time, Yeah, like you said, we agree with

500
00:23:05,920 --> 00:23:09,720
Speaker 1: Buffet here because the way that folks are going about investing,

501
00:23:10,000 --> 00:23:12,080
Speaker 1: they're they're they're not doing it in a sustainable way.

502
00:23:12,119 --> 00:23:13,520
Speaker 1: They're not doing it in a way that's gonna lead

503
00:23:13,560 --> 00:23:16,080
Speaker 1: to long term wealth. You know, we've seen the market

504
00:23:16,200 --> 00:23:19,879
Speaker 1: only increase, uh since last March, since the pandemic, And

505
00:23:19,920 --> 00:23:22,399
Speaker 1: it'll be interesting to see what happens if there's an

506
00:23:22,440 --> 00:23:24,760
Speaker 1: actual downturn, right, Like, if folks are treating it like

507
00:23:24,760 --> 00:23:27,320
Speaker 1: a casino where they're only gonna win money, Well, what

508
00:23:27,400 --> 00:23:29,760
Speaker 1: happens when the when the house actually wins, What happens

509
00:23:29,760 --> 00:23:31,880
Speaker 1: when you walk away with less money. I think that's

510
00:23:31,880 --> 00:23:34,000
Speaker 1: what Warren Buffett and I think that's what we're afraid

511
00:23:34,040 --> 00:23:36,399
Speaker 1: of with these investors in robin Hood. Yeah, do you

512
00:23:36,400 --> 00:23:39,800
Speaker 1: think there are a lot of people, particularly investing on

513
00:23:39,840 --> 00:23:42,280
Speaker 1: a platform like robin Hood, who are susceptible, who are

514
00:23:42,280 --> 00:23:45,040
Speaker 1: going to be really hurt by potential down swings in

515
00:23:45,080 --> 00:23:48,040
Speaker 1: the market that might be on the horizon. Speaking of

516
00:23:48,080 --> 00:23:51,119
Speaker 1: investing Americans, apparently they can't get enough stocks. This was

517
00:23:51,600 --> 00:23:53,520
Speaker 1: a Wall Street Journal article we saw this week that

518
00:23:53,600 --> 00:23:56,480
Speaker 1: had some fascinating information because as a stock market, like

519
00:23:56,480 --> 00:23:59,919
Speaker 1: you said, Matt continues to soar, more household wealth is

520
00:24:00,040 --> 00:24:02,920
Speaker 1: now in the stock market than ever before. That's almost

521
00:24:02,920 --> 00:24:05,680
Speaker 1: as great of a record as our late home run king,

522
00:24:05,680 --> 00:24:08,920
Speaker 1: Hank Karen. Since my vands called Homer, we'll go the

523
00:24:09,040 --> 00:24:12,439
Speaker 1: Homer King, Hankcaren. But like, yeah, but while some of

524
00:24:12,440 --> 00:24:16,439
Speaker 1: that enthusiasm for stocks has been funneled into more speculative

525
00:24:16,480 --> 00:24:19,200
Speaker 1: investing moves via the likes of some of the apps

526
00:24:19,200 --> 00:24:21,480
Speaker 1: like robin Hood out there, there are also lots of

527
00:24:21,520 --> 00:24:25,320
Speaker 1: folks investing in a more boring fashion in their retirement accounts.

528
00:24:25,320 --> 00:24:27,560
Speaker 1: The kind of investing that you and I'm at are

529
00:24:27,560 --> 00:24:30,879
Speaker 1: big fans of just like every two weeks popping money in,

530
00:24:31,200 --> 00:24:34,080
Speaker 1: putting it into you know, an index fund, and watching

531
00:24:34,080 --> 00:24:36,320
Speaker 1: it grow for years to come. It's not sexy, but

532
00:24:36,400 --> 00:24:39,520
Speaker 1: it works. And if you're looking to invest more, that's great,

533
00:24:39,840 --> 00:24:42,720
Speaker 1: but make sure that you're funneling it into your retirement

534
00:24:42,720 --> 00:24:46,520
Speaker 1: account instead of actively trading stocks on you know, one

535
00:24:46,560 --> 00:24:48,920
Speaker 1: of those fancy little trading apps on your phone. Yeah,

536
00:24:48,960 --> 00:24:51,280
Speaker 1: that's rights. And you know, with more of this money

537
00:24:51,320 --> 00:24:53,719
Speaker 1: pouring into the market, I mean, it's not surprising that

538
00:24:53,880 --> 00:24:57,520
Speaker 1: Americans are more optimistic about their retirement these days, with

539
00:24:57,560 --> 00:25:00,200
Speaker 1: the market at all time highs. A new survey from

540
00:25:00,240 --> 00:25:03,720
Speaker 1: the Employee Benefit Research Institute, they found that seventy of

541
00:25:03,720 --> 00:25:07,600
Speaker 1: workers are confident in their ability to live comfortably in retirement.

542
00:25:07,840 --> 00:25:11,600
Speaker 1: This is up from last March, and that's great. But

543
00:25:12,119 --> 00:25:15,000
Speaker 1: don't let your optimism cause you to to take undue

544
00:25:15,080 --> 00:25:18,600
Speaker 1: risks with your money. The market, it's it's currently flying high,

545
00:25:18,720 --> 00:25:21,320
Speaker 1: it has been for a long time now, besides the

546
00:25:21,400 --> 00:25:25,080
Speaker 1: major but short lived blip last year. But stocks do

547
00:25:25,280 --> 00:25:27,440
Speaker 1: sometimes go down, and so we what we just want

548
00:25:27,480 --> 00:25:30,560
Speaker 1: folks to be prepared mentally, uh, and with your portfolio holdings.

549
00:25:30,560 --> 00:25:33,840
Speaker 1: Make sure that your risk appetite is built for a downturn.

550
00:25:34,560 --> 00:25:36,760
Speaker 1: If you look at the percentage of growth that we've seen,

551
00:25:36,840 --> 00:25:39,200
Speaker 1: even just in the SMP since last March, we've seen

552
00:25:39,240 --> 00:25:43,000
Speaker 1: an increase which is insane, Like it's just worth pointing

553
00:25:43,000 --> 00:25:44,840
Speaker 1: out that that's not normal, and at some point it's

554
00:25:44,840 --> 00:25:47,639
Speaker 1: gonna slow down, or you know, it might even we

555
00:25:47,720 --> 00:25:49,600
Speaker 1: might have a few months of a downturn, and so

556
00:25:49,720 --> 00:25:51,280
Speaker 1: make sure that you can stomach it. Make sure you

557
00:25:51,320 --> 00:25:54,440
Speaker 1: can handle uh, those potential clouds on the horizon. Yeah,

558
00:25:54,480 --> 00:25:57,199
Speaker 1: I feel like everybody looks like they're brilliant in the

559
00:25:57,280 --> 00:26:01,240
Speaker 1: market just continues to climb. But it's the people as

560
00:26:01,320 --> 00:26:04,000
Speaker 1: the market does begin to decline, it's it's the people

561
00:26:04,040 --> 00:26:07,800
Speaker 1: who are investing wisely even as the market continues to soar.

562
00:26:08,160 --> 00:26:10,320
Speaker 1: They're gonna be the ones that are okay, that aren't

563
00:26:10,320 --> 00:26:13,479
Speaker 1: super worried when the market does hit a rough patch. Right,

564
00:26:13,720 --> 00:26:16,040
Speaker 1: all right, Matt, let's transition. Let's talk about travel for

565
00:26:16,040 --> 00:26:18,680
Speaker 1: a second here. Travel, of course, is starting to ramp

566
00:26:18,720 --> 00:26:21,320
Speaker 1: back up in a big way. We're seeing airports become

567
00:26:21,359 --> 00:26:24,800
Speaker 1: more more crowded, flights becoming more crowded, and trip Advisor

568
00:26:24,880 --> 00:26:27,400
Speaker 1: actually had a survey and they said that sixty seven

569
00:26:27,480 --> 00:26:31,200
Speaker 1: percent of Americans do plan to travel this summer, although

570
00:26:32,240 --> 00:26:34,720
Speaker 1: them three out of four plan to do it domestically.

571
00:26:34,720 --> 00:26:37,840
Speaker 1: They're not planning to travel overseas. Most of those folks

572
00:26:37,840 --> 00:26:39,960
Speaker 1: are gonna be driving. But there's also gonna be a

573
00:26:40,040 --> 00:26:42,480
Speaker 1: huge uptick in the number of folks that are flying

574
00:26:42,520 --> 00:26:45,560
Speaker 1: in the coming months too. So and at the same time,

575
00:26:45,880 --> 00:26:48,200
Speaker 1: vaccinated travelers from the US are going to be able

576
00:26:48,240 --> 00:26:50,640
Speaker 1: to go to many parts of Europe this summer as well.

577
00:26:50,720 --> 00:26:53,679
Speaker 1: That's according to some of the officials in Brussels. We

578
00:26:53,680 --> 00:26:55,840
Speaker 1: don't know a firm timeline though, so you know, they

579
00:26:55,840 --> 00:26:57,560
Speaker 1: basically are like, we'll get back to you on that,

580
00:26:57,640 --> 00:26:59,399
Speaker 1: but they're probably gonna be able to come this summer,

581
00:26:59,560 --> 00:27:03,439
Speaker 1: and hopefully we'll have more firm information soon, because I

582
00:27:03,440 --> 00:27:05,000
Speaker 1: know a lot of people do want to, you know,

583
00:27:05,080 --> 00:27:07,280
Speaker 1: jump back over the pond and go visit parts of Europe.

584
00:27:07,440 --> 00:27:09,800
Speaker 1: But I will say I love that the US is

585
00:27:09,880 --> 00:27:11,840
Speaker 1: kind of the major destination right now because there's so

586
00:27:11,960 --> 00:27:14,080
Speaker 1: much to see here and you can travel around the

587
00:27:14,160 --> 00:27:17,160
Speaker 1: United States pretty cheaply too, that's right. Yeah, And so

588
00:27:17,760 --> 00:27:19,320
Speaker 1: you know, when it comes to Europe though, if if

589
00:27:19,320 --> 00:27:22,000
Speaker 1: that sounds nice, you know, either later the summer or

590
00:27:22,040 --> 00:27:24,679
Speaker 1: this fall, and you want to travel to those destinations,

591
00:27:24,760 --> 00:27:28,119
Speaker 1: make sure that your passport isn't expired. Keep in mind

592
00:27:28,160 --> 00:27:31,359
Speaker 1: that some countries only accept passports that won't expire for

593
00:27:31,440 --> 00:27:34,040
Speaker 1: at least six months past the date of your trip,

594
00:27:34,320 --> 00:27:36,800
Speaker 1: and so you know it might not look expired right now,

595
00:27:37,040 --> 00:27:39,520
Speaker 1: but in reality it actually is currently and they want

596
00:27:39,560 --> 00:27:41,960
Speaker 1: to let you on that flight, yes, And that's gonna

597
00:27:41,960 --> 00:27:43,479
Speaker 1: be like a big shock to some people as they

598
00:27:43,480 --> 00:27:45,520
Speaker 1: get to the airport and they're like, my passport still

599
00:27:45,520 --> 00:27:48,600
Speaker 1: got three months left on it, and they're like, I'm sorry, man,

600
00:27:48,640 --> 00:27:50,960
Speaker 1: you can't board this flight because the country that you're

601
00:27:50,960 --> 00:27:54,320
Speaker 1: going to actually use your passport as expired even though

602
00:27:54,320 --> 00:27:56,080
Speaker 1: it's not. That's right. Yeah, So if your if your

603
00:27:56,080 --> 00:27:58,679
Speaker 1: passport is expired or or actually will be soon, make

604
00:27:58,720 --> 00:28:01,320
Speaker 1: sure to renew it now all uh. And that's because

605
00:28:01,400 --> 00:28:04,000
Speaker 1: the pandemic delays have hit the U. S. State Department

606
00:28:04,040 --> 00:28:06,639
Speaker 1: pretty significantly. The last we heard is taking three to

607
00:28:06,680 --> 00:28:09,399
Speaker 1: four months to get your passport renewed because there's a

608
00:28:09,440 --> 00:28:12,879
Speaker 1: backlog of passport renewals UH that they're still working on

609
00:28:13,040 --> 00:28:16,439
Speaker 1: from last spring, and so to get that renewal expedited, like,

610
00:28:16,480 --> 00:28:19,080
Speaker 1: that's gonna cost a lot more money. So instead plan

611
00:28:19,200 --> 00:28:21,359
Speaker 1: ahead and make sure they get it done now. You

612
00:28:21,400 --> 00:28:24,200
Speaker 1: don't want to be strained at the airport missing out

613
00:28:24,200 --> 00:28:26,840
Speaker 1: on that suite vacation that you've been dreaming up all

614
00:28:27,040 --> 00:28:28,919
Speaker 1: year long. Also, just make sure you take a good

615
00:28:28,920 --> 00:28:30,560
Speaker 1: passport picture because you're gonna be stuck with it for

616
00:28:30,600 --> 00:28:32,679
Speaker 1: ten years. You don't want to be looking at your

617
00:28:32,760 --> 00:28:36,400
Speaker 1: ugly mug like just posing terribly like, you know, yeah,

618
00:28:36,440 --> 00:28:39,560
Speaker 1: crack a smile and at least that's right man. Uh

619
00:28:39,720 --> 00:28:41,960
Speaker 1: So that's gonna be it for this episode. Folks can

620
00:28:41,960 --> 00:28:43,680
Speaker 1: find our show notes up on our website at how

621
00:28:43,680 --> 00:28:45,440
Speaker 1: the Money dot com. We hope everyone has a good

622
00:28:45,440 --> 00:28:47,240
Speaker 1: weekend and we will see you back here on Monday.

623
00:28:47,280 --> 00:28:49,320
Speaker 1: We've got an interview lined up with the fellows from

624
00:28:49,360 --> 00:28:51,920
Speaker 1: Earnier Leisure. We're gonna be talking with Troy and Rashad,

625
00:28:52,040 --> 00:28:53,560
Speaker 1: so you can look forward to that. Yeah, and so

626
00:28:53,600 --> 00:28:55,920
Speaker 1: if you randomly stumbled upon this episode, make sure it

627
00:28:55,960 --> 00:28:58,920
Speaker 1: hits subscribes. You can get notified when that episode gets released.

628
00:28:58,960 --> 00:29:00,360
Speaker 1: Ye's right, all right, that's going to do it for

629
00:29:00,360 --> 00:29:02,720
Speaker 1: this episode. Have a great weekend, Matt. Until next time.

630
00:29:03,080 --> 00:29:05,000
Speaker 1: Best Friends Out, best Friends Out,