1 00:00:00,120 --> 00:00:03,279 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,320 --> 00:00:07,280 Speaker 1: and today we're discussing why it's not just inflation and 3 00:00:07,320 --> 00:00:31,080 Speaker 1: how to defy higher prices in your life. Yes, inflation 4 00:00:31,400 --> 00:00:33,720 Speaker 1: is definitely one of the reasons why it feels like 5 00:00:33,720 --> 00:00:36,320 Speaker 1: our dollars are getting stretched. Then, but turns out there 6 00:00:36,360 --> 00:00:39,159 Speaker 1: are a bunch of different reasons why it seems like 7 00:00:39,200 --> 00:00:41,720 Speaker 1: everything is costing more money, while why it feels like 8 00:00:41,720 --> 00:00:44,480 Speaker 1: there is more month than there is money. We're gonna 9 00:00:44,520 --> 00:00:46,519 Speaker 1: talk about all of that, Plus we're gonna discuss some 10 00:00:46,560 --> 00:00:50,320 Speaker 1: of our favorite ways to combat to fight against to 11 00:00:50,440 --> 00:00:53,960 Speaker 1: defy these higher prices. That's looking looking forward to that today, Joel. 12 00:00:53,960 --> 00:00:56,360 Speaker 1: But real quick, we've got a listener. When that we 13 00:00:56,400 --> 00:00:59,560 Speaker 1: wanted to share Mike, he emailed us and he was 14 00:00:59,640 --> 00:01:03,480 Speaker 1: able to save over a thousand dollars by just spending 15 00:01:03,520 --> 00:01:07,240 Speaker 1: about ten minutes re shopping his insurance. Yeah, that's one 16 00:01:07,280 --> 00:01:08,759 Speaker 1: of the things that you and I say from time 17 00:01:08,800 --> 00:01:13,000 Speaker 1: to time, and people maybe closs over it because they're like, Okay, cool, 18 00:01:13,120 --> 00:01:16,240 Speaker 1: not a big deal, sounds like an ad guy, and 19 00:01:16,319 --> 00:01:19,520 Speaker 1: it sounds like something maybe that's bowl ring and there 20 00:01:19,520 --> 00:01:21,959 Speaker 1: are cooler ways to save money. But it really is 21 00:01:22,040 --> 00:01:24,840 Speaker 1: one of those low hanging fruits that could save you 22 00:01:24,880 --> 00:01:27,840 Speaker 1: just a ridiculous amount of money. And Mike experience that 23 00:01:28,840 --> 00:01:32,000 Speaker 1: bucks in just a year. I mean imagine for for 24 00:01:32,040 --> 00:01:34,920 Speaker 1: the average person, that's real money. That's a significant amount 25 00:01:34,920 --> 00:01:38,160 Speaker 1: of money back in their lives. And the great thing is, 26 00:01:38,240 --> 00:01:40,319 Speaker 1: it's not like you had to do a big trade off. 27 00:01:40,480 --> 00:01:42,280 Speaker 1: It's not like you to sell something major that you 28 00:01:42,319 --> 00:01:45,360 Speaker 1: actually loved or that you had to uh, you know, 29 00:01:45,360 --> 00:01:47,080 Speaker 1: get rid of from streaming service and you're like, well, 30 00:01:47,200 --> 00:01:49,720 Speaker 1: I'm actually gonna miss it. You're not. You don't miss 31 00:01:49,720 --> 00:01:52,440 Speaker 1: a thing. Yeah, keep all of those things. Uh and 32 00:01:52,480 --> 00:01:54,400 Speaker 1: also hang on hang on your money is Yeah, it's 33 00:01:54,440 --> 00:01:56,960 Speaker 1: not like all of a sudden you're used to shopping 34 00:01:57,000 --> 00:02:00,080 Speaker 1: at Whole Foods and now you've joined us at shopping 35 00:02:00,080 --> 00:02:02,840 Speaker 1: at Aldi or at Costco. Although that being said, in 36 00:02:02,840 --> 00:02:05,600 Speaker 1: my mind that's a step up because because there's awesome 37 00:02:05,920 --> 00:02:08,959 Speaker 1: stuff to buy at Costco. We like all the above approach. 38 00:02:09,200 --> 00:02:11,200 Speaker 1: Let's just do it all. But but for the easy 39 00:02:11,200 --> 00:02:13,960 Speaker 1: stuff that can save you big bucks, shopping insurance is 40 00:02:13,960 --> 00:02:15,639 Speaker 1: is a huge one absolutely, and one of the things 41 00:02:16,000 --> 00:02:17,400 Speaker 1: Mike said he did as well. He was able to 42 00:02:17,440 --> 00:02:20,160 Speaker 1: drop collision. Uh, and if you have a fully stocked 43 00:02:20,160 --> 00:02:22,800 Speaker 1: emergency fund. I think that is a fantastic way to 44 00:02:23,080 --> 00:02:26,240 Speaker 1: slim down the amount of coverage that that you've got. 45 00:02:26,280 --> 00:02:28,840 Speaker 1: It's not necessary if you're able to self ensure the 46 00:02:28,840 --> 00:02:31,360 Speaker 1: cost of your own vehicles. Were you to cause the question, 47 00:02:31,560 --> 00:02:33,880 Speaker 1: especially if your car is older, it's not worth much. Right, 48 00:02:33,919 --> 00:02:35,680 Speaker 1: Let's say your car is worth in that four to 49 00:02:35,800 --> 00:02:38,440 Speaker 1: six to seven thousand dollar range and you have the 50 00:02:38,440 --> 00:02:41,440 Speaker 1: money on hand to replace it if you get an accident. Yeah, 51 00:02:41,639 --> 00:02:44,240 Speaker 1: totally self insure. If you've got a thirty thousand dollar 52 00:02:44,280 --> 00:02:46,560 Speaker 1: car and you have even if even if you have 53 00:02:46,639 --> 00:02:48,400 Speaker 1: thirty thousand dollars in the bank, it's a little bit 54 00:02:48,400 --> 00:02:51,560 Speaker 1: of a different equation. But still it's something that more 55 00:02:51,600 --> 00:02:55,000 Speaker 1: people should consider. And I think Mike said part of 56 00:02:55,000 --> 00:02:58,440 Speaker 1: his savings, three of his savings was getting rid of 57 00:02:58,520 --> 00:03:01,440 Speaker 1: full coverage. Actually, yeah, it's important to keep in mind 58 00:03:01,480 --> 00:03:03,800 Speaker 1: to just what it would cost replace that car, because 59 00:03:03,840 --> 00:03:05,880 Speaker 1: in your mind you might be saying it's thirty dollars, 60 00:03:05,880 --> 00:03:08,320 Speaker 1: but in today's dollars, I don't know, maybe it's forty. 61 00:03:09,600 --> 00:03:12,320 Speaker 1: Maybe for you to actually get an equivalent vehicle like that, 62 00:03:12,360 --> 00:03:14,160 Speaker 1: it might cost a little bit more so before you 63 00:03:14,240 --> 00:03:17,280 Speaker 1: drop that collision coverage, definitely shop around and see how 64 00:03:17,360 --> 00:03:20,760 Speaker 1: much it would actually cost you to replace it. But Mike, 65 00:03:20,960 --> 00:03:23,840 Speaker 1: thank you for sending that listener win our away, And 66 00:03:23,880 --> 00:03:25,440 Speaker 1: if you have a listener win, shoot us an email 67 00:03:25,520 --> 00:03:27,519 Speaker 1: let us know how it is that you are saving 68 00:03:27,560 --> 00:03:30,400 Speaker 1: big in your life. Yes, for sure. I always love 69 00:03:30,440 --> 00:03:33,320 Speaker 1: to hear it. Always love to hear the the intelligent moves, 70 00:03:33,360 --> 00:03:36,240 Speaker 1: the ways you're saving money, the ways you are building 71 00:03:36,320 --> 00:03:39,840 Speaker 1: wealth more quickly. It's it's fun. We like to vicariously 72 00:03:39,880 --> 00:03:42,160 Speaker 1: live through you. This is something that might could have 73 00:03:42,160 --> 00:03:45,640 Speaker 1: done by shopping his coverage around with many different providers. 74 00:03:45,680 --> 00:03:47,120 Speaker 1: He could have spent a lot of time on the phone. 75 00:03:47,120 --> 00:03:50,000 Speaker 1: The fact is he called up Policy Genius. He hit 76 00:03:50,080 --> 00:03:52,360 Speaker 1: them up and they were able to save him that 77 00:03:52,440 --> 00:03:55,240 Speaker 1: much money. Full disclosure, they are an advertiser on the show. 78 00:03:55,280 --> 00:03:57,600 Speaker 1: You've heard us do reads for them. But we are 79 00:03:57,720 --> 00:04:00,560 Speaker 1: such big fans of what it is that play Genius 80 00:04:00,680 --> 00:04:03,520 Speaker 1: does that we're also totally down talking about them here 81 00:04:03,560 --> 00:04:06,080 Speaker 1: within the show. Yeah. And if you're like, I'm just 82 00:04:06,120 --> 00:04:09,040 Speaker 1: too busy to make those phone calls to save a year, 83 00:04:09,040 --> 00:04:10,720 Speaker 1: well one, how busy are you? Right? I mean, I 84 00:04:10,760 --> 00:04:12,839 Speaker 1: don't believe you, and I'm not I'm not too busy 85 00:04:12,880 --> 00:04:15,800 Speaker 1: to say Bucks. And then and then to know that 86 00:04:15,840 --> 00:04:19,239 Speaker 1: you don't necessarily have to call all like ten different 87 00:04:19,240 --> 00:04:22,160 Speaker 1: insurance companies individually to try to get quotes that can 88 00:04:22,200 --> 00:04:24,320 Speaker 1: be a hassle. And and yeah, policy genius can do 89 00:04:24,360 --> 00:04:26,719 Speaker 1: it on your behalf for free, which is cool. But Matt, 90 00:04:26,760 --> 00:04:28,680 Speaker 1: let's move on. Let's mention the beer that we're having 91 00:04:28,680 --> 00:04:32,479 Speaker 1: on this episode. This is Breakfast Stout by Founders Brewing Company. 92 00:04:32,520 --> 00:04:35,279 Speaker 1: It's a classic, a true classic, one of the o 93 00:04:35,480 --> 00:04:39,000 Speaker 1: G fantastic stouts out there. So looking forward to having 94 00:04:39,000 --> 00:04:41,480 Speaker 1: this one and reminiscing and talking about it at the 95 00:04:41,560 --> 00:04:43,440 Speaker 1: end of the episode. All right, all right, let's get 96 00:04:43,480 --> 00:04:45,320 Speaker 1: onto it, though, Matt, I think right now, a lot 97 00:04:45,360 --> 00:04:48,760 Speaker 1: of people they're blaming inflation for everything. And inflation certainly 98 00:04:49,200 --> 00:04:51,880 Speaker 1: is a big problem right now, but there are other 99 00:04:51,880 --> 00:04:53,680 Speaker 1: things that work here too, And it reminds me of 100 00:04:53,720 --> 00:04:57,279 Speaker 1: the fact, like political discourse is is kind of a 101 00:04:57,279 --> 00:04:59,320 Speaker 1: mess in our country right now. Is that an understatement 102 00:04:59,440 --> 00:05:03,320 Speaker 1: going political that well, we're not gonna get politically using 103 00:05:03,320 --> 00:05:07,040 Speaker 1: this as an example, because everyone knows anybody who has 104 00:05:07,240 --> 00:05:10,000 Speaker 1: two eyes and a brain can see that the way 105 00:05:10,040 --> 00:05:13,320 Speaker 1: we talk about political things in this country is broken. Um. 106 00:05:13,360 --> 00:05:15,480 Speaker 1: And the thing is, the major issues of the day 107 00:05:15,600 --> 00:05:19,000 Speaker 1: that we're rightly discussing, they're almost never as black and 108 00:05:19,040 --> 00:05:21,560 Speaker 1: white as they might seem at first glance, and there's 109 00:05:21,600 --> 00:05:23,919 Speaker 1: there's never a silver bullet answer to some of the 110 00:05:23,960 --> 00:05:27,080 Speaker 1: most true pressing problems that we face, but quick sound 111 00:05:27,080 --> 00:05:31,200 Speaker 1: bites often make us think that they are, and then 112 00:05:31,560 --> 00:05:34,279 Speaker 1: what feels best is to castigate the other side. It 113 00:05:34,279 --> 00:05:37,000 Speaker 1: feels cathartic, and even if at the same time it's 114 00:05:37,040 --> 00:05:41,120 Speaker 1: causing deeper division, more distrust, and even if it's stalling 115 00:05:41,160 --> 00:05:43,680 Speaker 1: progress on the issues that matter. And the same I 116 00:05:43,680 --> 00:05:46,239 Speaker 1: think is true of why our money is being stretched 117 00:05:46,240 --> 00:05:48,480 Speaker 1: further right now. You know, we've talked about inflation a 118 00:05:48,480 --> 00:05:51,000 Speaker 1: lot on the show, and rightfully so, it is a 119 00:05:51,040 --> 00:05:54,000 Speaker 1: major culprit right now of why everything costs more money. 120 00:05:54,160 --> 00:05:56,600 Speaker 1: But there are lots of other reason that that are 121 00:05:56,640 --> 00:05:59,000 Speaker 1: having an impact on why our dollars aren't doing as 122 00:05:59,080 --> 00:06:00,760 Speaker 1: much as they used to, they're not going as far 123 00:06:01,120 --> 00:06:02,640 Speaker 1: as they did just a few years back, and so 124 00:06:02,640 --> 00:06:05,359 Speaker 1: we're gonna talk about that all these other reasons and 125 00:06:05,400 --> 00:06:08,960 Speaker 1: how you can combat that tendency of your money, your 126 00:06:09,000 --> 00:06:12,720 Speaker 1: wealth being eroded alongside what's happening, that's right. Yeah, it's 127 00:06:12,760 --> 00:06:14,640 Speaker 1: not only the fact that you might think that someone 128 00:06:14,680 --> 00:06:16,960 Speaker 1: on the other side of the political aisle has the 129 00:06:17,120 --> 00:06:19,520 Speaker 1: wrong opinion. That's certainly a part of it. But the 130 00:06:19,880 --> 00:06:22,800 Speaker 1: political polarization you know, that we've experienced over the past 131 00:06:22,800 --> 00:06:25,880 Speaker 1: decade has gotten even more extreme. It's been amplified by 132 00:06:25,920 --> 00:06:29,960 Speaker 1: things like the anonymous nature of platforms like Twitter. I 133 00:06:30,000 --> 00:06:32,240 Speaker 1: love engaging with just the a icon on Twitter map. 134 00:06:32,360 --> 00:06:34,480 Speaker 1: I love having political arguments for hours on end with it. 135 00:06:34,839 --> 00:06:37,400 Speaker 1: Just just the general dehumanizing you know that takes place 136 00:06:37,440 --> 00:06:40,040 Speaker 1: on social media in the comment section. But like it's 137 00:06:40,080 --> 00:06:43,039 Speaker 1: also because of partisan media, you know, the pandemic. It's 138 00:06:43,080 --> 00:06:45,919 Speaker 1: exacerbated things as well. Uh, And so it's not just 139 00:06:45,960 --> 00:06:49,200 Speaker 1: because the other side is unquote wrong. And so similarly, 140 00:06:49,320 --> 00:06:53,159 Speaker 1: it's not just inflation that's causing everything to feel like 141 00:06:53,160 --> 00:06:55,520 Speaker 1: it's costing us more money and that aren't dollars aren't 142 00:06:55,560 --> 00:06:57,160 Speaker 1: getting us through to the end of the month. There 143 00:06:57,160 --> 00:07:00,440 Speaker 1: are some other factors as well, And you know, I 144 00:07:00,480 --> 00:07:02,599 Speaker 1: think by zooming out and looking at the entire picture 145 00:07:02,839 --> 00:07:05,800 Speaker 1: that we'll be able to better understand what steps that 146 00:07:05,880 --> 00:07:08,800 Speaker 1: we can begin to immediately implement in our lives to 147 00:07:08,920 --> 00:07:11,760 Speaker 1: make sure that our dollars are going further like they 148 00:07:11,800 --> 00:07:13,200 Speaker 1: used to. Yeah, and so you and I were not 149 00:07:13,200 --> 00:07:15,920 Speaker 1: going to be able to fix or even really offer 150 00:07:16,000 --> 00:07:18,520 Speaker 1: many solutions for what's happening in the political sphere in 151 00:07:18,520 --> 00:07:20,520 Speaker 1: the show, We're gonna leave that, We're gonna leave that behind. 152 00:07:20,640 --> 00:07:22,480 Speaker 1: It was just the example to point out the fact 153 00:07:23,080 --> 00:07:26,400 Speaker 1: that it's you know, similarly, inflation is not the only 154 00:07:26,400 --> 00:07:29,280 Speaker 1: culprit There are lots of culprits behind why political discourse 155 00:07:29,360 --> 00:07:31,560 Speaker 1: is out of control. Next, we're gonna talk about Judaism 156 00:07:31,600 --> 00:07:35,080 Speaker 1: and Christianity. Yes, let's let's hit all of the most 157 00:07:35,120 --> 00:07:38,760 Speaker 1: important topics, the most inflammatory topics today on the show. Um, 158 00:07:38,800 --> 00:07:40,880 Speaker 1: but when it comes to inflation, let's talk about that 159 00:07:40,920 --> 00:07:43,320 Speaker 1: for a second, because it is, of course part of 160 00:07:43,920 --> 00:07:46,360 Speaker 1: the reason prices are going up. It's a big culprit 161 00:07:46,520 --> 00:07:49,200 Speaker 1: and why things cost significantly more than they did just 162 00:07:49,280 --> 00:07:52,600 Speaker 1: a couple of years ago. And inflation, We've said this before, 163 00:07:52,600 --> 00:07:55,040 Speaker 1: it's always at work. It's just that we most most 164 00:07:55,080 --> 00:07:57,400 Speaker 1: of the time, we barely notice it. When we're talking 165 00:07:57,440 --> 00:08:00,800 Speaker 1: about in inflation, annual inflation bump and the pupercent range. 166 00:08:01,000 --> 00:08:03,440 Speaker 1: It's kind of humming along in the background. Most of 167 00:08:03,520 --> 00:08:06,400 Speaker 1: us barely sense it's like upward price. It's like just 168 00:08:06,440 --> 00:08:08,200 Speaker 1: the water that we're swimming in. It's right, right, yeah, 169 00:08:08,240 --> 00:08:10,200 Speaker 1: And so it's kind of like if there was just 170 00:08:10,400 --> 00:08:13,880 Speaker 1: a small leak in your toilet and you know everyone, 171 00:08:13,960 --> 00:08:15,640 Speaker 1: you're like, every couple of days, you might hear it 172 00:08:15,680 --> 00:08:17,080 Speaker 1: and you're running and you're like, wait, did I just 173 00:08:17,120 --> 00:08:19,600 Speaker 1: flashes it running? But if it's a massive leak, you're 174 00:08:19,600 --> 00:08:21,640 Speaker 1: going to see it and immediately and called the plumber 175 00:08:21,800 --> 00:08:24,880 Speaker 1: emergency hotline. But I just say it's it's the toilet ghost. 176 00:08:26,360 --> 00:08:28,680 Speaker 1: That's one way to say it. But when the consumers, 177 00:08:30,280 --> 00:08:33,200 Speaker 1: when the consumer price index throttles up close to a 178 00:08:33,240 --> 00:08:35,679 Speaker 1: double digit increase right over the past year, we are 179 00:08:35,760 --> 00:08:38,720 Speaker 1: bound to notice it and feel the impact in our budgets. 180 00:08:39,280 --> 00:08:42,679 Speaker 1: It's inflation is certainly one reason we're feeling pinched prices 181 00:08:42,760 --> 00:08:46,040 Speaker 1: at the grocery store, prices on used cars, gasoline, We're 182 00:08:46,120 --> 00:08:49,199 Speaker 1: we're feeling it basically everywhere we turn in a meaningful way. 183 00:08:49,440 --> 00:08:52,800 Speaker 1: And inflation is certainly a huge reason why that is right. 184 00:08:53,160 --> 00:08:56,359 Speaker 1: And inflation it is also impacted what is known as 185 00:08:56,400 --> 00:08:59,160 Speaker 1: just our real wages in a major way. Over the 186 00:08:59,160 --> 00:09:00,920 Speaker 1: past eighteen months of well, you know, we've talked a 187 00:09:00,960 --> 00:09:03,000 Speaker 1: lot about the hot job market. We've talked about the 188 00:09:03,040 --> 00:09:06,520 Speaker 1: fact that employers are desperate for qualified candidates to fill 189 00:09:06,559 --> 00:09:09,320 Speaker 1: the different job roles that they have, uh, and that 190 00:09:09,360 --> 00:09:12,400 Speaker 1: has led to some nice wage increases um at least 191 00:09:12,440 --> 00:09:14,760 Speaker 1: on paper. And we've seen this in the often lower 192 00:09:14,800 --> 00:09:17,719 Speaker 1: wage hospitality jobs as well. But the truth is that 193 00:09:17,760 --> 00:09:20,760 Speaker 1: in order to grow your wages to outperform inflation right now, 194 00:09:21,040 --> 00:09:23,959 Speaker 1: you almost inevitably have to find a new job. As 195 00:09:23,960 --> 00:09:27,080 Speaker 1: it turns out, inflation has eroded overall pay by one 196 00:09:27,120 --> 00:09:29,960 Speaker 1: point seven percent last year. So no, you didn't receive 197 00:09:30,240 --> 00:09:33,199 Speaker 1: a pay increase. You are making less than you used 198 00:09:33,240 --> 00:09:35,680 Speaker 1: to make. Even your employer was being generous with the 199 00:09:35,679 --> 00:09:38,040 Speaker 1: five percent pay bump. Ultimately you're still coming out three 200 00:09:38,040 --> 00:09:40,600 Speaker 1: points behind based on what's happening with them. Yeah, and 201 00:09:40,600 --> 00:09:43,400 Speaker 1: so most employers, they're not offering these wage increases that 202 00:09:43,440 --> 00:09:45,679 Speaker 1: are tied to the actual rate of inflation. It's sort 203 00:09:45,720 --> 00:09:47,760 Speaker 1: of like, imagine if there was like I bonds but 204 00:09:47,880 --> 00:09:49,719 Speaker 1: with your but but for your salary, that would be 205 00:09:49,760 --> 00:09:54,040 Speaker 1: amazing iye, salary eye wages. But even though I mean companies, 206 00:09:54,080 --> 00:09:56,280 Speaker 1: they are desperate for labor. And because of that, the 207 00:09:56,360 --> 00:09:59,000 Speaker 1: raising wages at the fastest pace in fifteen years, you 208 00:09:59,080 --> 00:10:01,560 Speaker 1: probably will need a jump ship in order to get 209 00:10:01,600 --> 00:10:04,240 Speaker 1: more than just a just a cost of living inflation 210 00:10:04,400 --> 00:10:08,880 Speaker 1: adjusted bump to your income or lower than inflation adjusted. Right, No, 211 00:10:09,240 --> 00:10:11,400 Speaker 1: almost no employers are actually bumping it up at the 212 00:10:11,520 --> 00:10:13,680 Speaker 1: rate of inflation. So you do have to jump ship 213 00:10:13,679 --> 00:10:17,360 Speaker 1: in order to make enough money to combat the rising 214 00:10:17,440 --> 00:10:20,319 Speaker 1: costs that you're feeling. And and but here's the thing. 215 00:10:20,559 --> 00:10:22,920 Speaker 1: Inflation is part of it, and how inflation is impacted 216 00:10:22,960 --> 00:10:25,319 Speaker 1: wages is part of the story. It's a big part 217 00:10:25,320 --> 00:10:27,200 Speaker 1: of the story. But there are other reasons that we 218 00:10:27,240 --> 00:10:30,040 Speaker 1: have to talk about. Two. That's the main thrust of 219 00:10:30,080 --> 00:10:33,080 Speaker 1: this episode. And so another reason it seems like everything 220 00:10:33,160 --> 00:10:36,600 Speaker 1: is costing us more has less to do with hard 221 00:10:36,679 --> 00:10:40,520 Speaker 1: numbers of wages and inflation and has more to do 222 00:10:40,600 --> 00:10:43,320 Speaker 1: with our propensity to inflate our own lifestyle. We're not 223 00:10:43,320 --> 00:10:46,959 Speaker 1: talking about economic inflation. We're talking about talking about lifestyle 224 00:10:47,240 --> 00:10:50,640 Speaker 1: inflation on the incredibly personal level. And so on Monday, 225 00:10:50,679 --> 00:10:53,120 Speaker 1: you know, I think I was talking about how fancy 226 00:10:53,200 --> 00:10:56,120 Speaker 1: refrigerators had gotten and I was just somewhat shocked and 227 00:10:56,160 --> 00:10:58,600 Speaker 1: surprised as I was looking to see the prices and 228 00:10:58,679 --> 00:11:01,000 Speaker 1: just kind of maybe the unnecessar serry features that some 229 00:11:01,040 --> 00:11:04,839 Speaker 1: of those refrigerators possess, like Wi Fi capabilities and yeah 230 00:11:04,920 --> 00:11:06,840 Speaker 1: yeah yeah, fridges that let you know when things are 231 00:11:06,840 --> 00:11:09,360 Speaker 1: about to go bad. Uh, And they also cost as 232 00:11:09,440 --> 00:11:11,120 Speaker 1: much as a used cast Yeah for the low low price. 233 00:11:12,200 --> 00:11:14,480 Speaker 1: You know, we talk about that's how much the listener 234 00:11:14,520 --> 00:11:16,360 Speaker 1: Mike his his car was worth in that range. And 235 00:11:16,480 --> 00:11:19,400 Speaker 1: imagine having a fridge that rivals the cost of your car. 236 00:11:19,520 --> 00:11:22,280 Speaker 1: That seems that seems nuts, right, But it seems like 237 00:11:22,320 --> 00:11:26,559 Speaker 1: we have this expectation of technology and goods and services 238 00:11:26,559 --> 00:11:28,960 Speaker 1: in our lives, like that they're gonna make everything easier. 239 00:11:29,280 --> 00:11:34,280 Speaker 1: And so we continue this upgrade cycle even with incremental 240 00:11:34,360 --> 00:11:36,400 Speaker 1: changes that happen. We we do it in a cell 241 00:11:36,400 --> 00:11:38,000 Speaker 1: phone space all the time, att and I think people 242 00:11:38,000 --> 00:11:40,000 Speaker 1: are keeping their cell phones longer. But it's one of 243 00:11:40,040 --> 00:11:43,600 Speaker 1: those things where people just assume that they need to 244 00:11:43,679 --> 00:11:46,640 Speaker 1: upgrade every year or every two years without really thinking 245 00:11:46,679 --> 00:11:48,720 Speaker 1: about the improvements that have actually been made. Yeah, there's 246 00:11:48,760 --> 00:11:51,120 Speaker 1: a there's a cycle. There's a habit that is difficult 247 00:11:51,120 --> 00:11:52,640 Speaker 1: to break once you kind of go down that path. 248 00:11:52,720 --> 00:11:54,880 Speaker 1: That's right, and it's important to note that it's gonna 249 00:11:54,920 --> 00:11:58,240 Speaker 1: cost a lot more money if we are opting to 250 00:11:58,360 --> 00:12:00,880 Speaker 1: pursue that sort of upgrade cycle. We're if we're looking 251 00:12:01,280 --> 00:12:04,640 Speaker 1: to bring fancier everything into our lives, and so yeah, 252 00:12:04,679 --> 00:12:07,200 Speaker 1: we have to take an active role to prevent us 253 00:12:07,480 --> 00:12:10,400 Speaker 1: from inflating our own lifestyles if we want to keep 254 00:12:10,400 --> 00:12:12,959 Speaker 1: our spending in check. It is easy for our eyes 255 00:12:13,000 --> 00:12:14,360 Speaker 1: to be drawn to those things, but we have to 256 00:12:14,360 --> 00:12:17,160 Speaker 1: find a way to like shut that down because that 257 00:12:17,360 --> 00:12:19,320 Speaker 1: is certainly one of the things that leads to higher 258 00:12:19,360 --> 00:12:22,360 Speaker 1: prices for all of us, is just the amount of 259 00:12:22,480 --> 00:12:24,880 Speaker 1: spending that we do as individuals. Right, It takes a 260 00:12:24,920 --> 00:12:26,520 Speaker 1: lot of work to make sure that we're not moving 261 00:12:26,520 --> 00:12:29,880 Speaker 1: the goalposts, like Morgan Housel often says, when it comes 262 00:12:29,920 --> 00:12:32,480 Speaker 1: to the lifestyle and what we expect out of our lives. 263 00:12:32,840 --> 00:12:34,480 Speaker 1: One other thing too, Like, we also happened to be 264 00:12:34,960 --> 00:12:37,280 Speaker 1: in a stage of our life where it seems like 265 00:12:37,360 --> 00:12:40,560 Speaker 1: the expenses continue just to get get heaped onto our 266 00:12:40,720 --> 00:12:43,360 Speaker 1: plates with no end in sight. And I don't think 267 00:12:43,360 --> 00:12:45,160 Speaker 1: we're alone. I think there are a good number of 268 00:12:45,160 --> 00:12:47,640 Speaker 1: our our listeners out there who may have gotten married 269 00:12:47,760 --> 00:12:50,880 Speaker 1: over the past several years, or maybe you've recently had 270 00:12:50,880 --> 00:12:52,600 Speaker 1: a baby as well, right, And so it used to 271 00:12:52,600 --> 00:12:55,080 Speaker 1: be just you. Now there are three miles to feed. 272 00:12:55,520 --> 00:12:57,760 Speaker 1: Uh In our case, like ten years ago, it was 273 00:12:57,800 --> 00:12:59,760 Speaker 1: just me and Kate. Now we're a family of six. 274 00:13:00,160 --> 00:13:01,679 Speaker 1: That's a lot more mouths of you, that's a lot 275 00:13:01,679 --> 00:13:04,000 Speaker 1: more clothes, that's a lot more stuff in our lives. 276 00:13:04,000 --> 00:13:07,160 Speaker 1: And so it's worth recognizing that everything is costing you 277 00:13:07,200 --> 00:13:09,960 Speaker 1: more because literally you're having to spend more every month 278 00:13:10,400 --> 00:13:14,360 Speaker 1: to accommodate a growing family, more beds, more mattresses, everything, 279 00:13:14,480 --> 00:13:17,800 Speaker 1: Disney plustream And it's not just your imagination, you know, 280 00:13:17,880 --> 00:13:19,760 Speaker 1: like there are literally more of you than there used 281 00:13:19,760 --> 00:13:22,760 Speaker 1: to be. And like we're just talking about food and clothing, 282 00:13:22,800 --> 00:13:25,280 Speaker 1: but like even just housing. You could get by with 283 00:13:25,320 --> 00:13:27,440 Speaker 1: you by yourself. Are you and your partner living in 284 00:13:27,440 --> 00:13:29,480 Speaker 1: that cute little to one, But when you've got a 285 00:13:29,480 --> 00:13:31,600 Speaker 1: bunch of kids in tow, it's a lot more difficult 286 00:13:31,600 --> 00:13:33,520 Speaker 1: to stay in that little cottage. And so then you 287 00:13:33,559 --> 00:13:36,040 Speaker 1: find yourself upgrading homes to something that's a little bit 288 00:13:36,080 --> 00:13:38,560 Speaker 1: more spacious and with more square footage, and you're also 289 00:13:38,600 --> 00:13:41,559 Speaker 1: going to see a higher price tag. And I wanted 290 00:13:41,559 --> 00:13:43,120 Speaker 1: to mention that because I'm not complaining here. You know, 291 00:13:43,160 --> 00:13:46,240 Speaker 1: family is such an amazing blessing. I love are all 292 00:13:46,280 --> 00:13:48,480 Speaker 1: four of my kids. But that being said, it's important 293 00:13:48,520 --> 00:13:49,680 Speaker 1: to give any of them up to save a little 294 00:13:49,720 --> 00:13:52,920 Speaker 1: more money. But I mentioned it's because I want to 295 00:13:52,920 --> 00:13:55,200 Speaker 1: point out that it's important to enter into, you know, 296 00:13:55,240 --> 00:13:58,000 Speaker 1: the decision of growing your family with your eyes wide open. 297 00:13:58,360 --> 00:14:00,520 Speaker 1: We need to make sure that it's not just something 298 00:14:00,559 --> 00:14:02,560 Speaker 1: that in the same way I think that we're often 299 00:14:02,640 --> 00:14:05,400 Speaker 1: drawn to consume. It can almost become a habit, something 300 00:14:05,440 --> 00:14:07,680 Speaker 1: we do without thinking. It's like a knee jerk reaction 301 00:14:07,760 --> 00:14:10,920 Speaker 1: just because something is presented to us. We think, oh, 302 00:14:11,040 --> 00:14:13,120 Speaker 1: it's time to upgrade. Oh it's time to do that. 303 00:14:13,360 --> 00:14:15,559 Speaker 1: And so I'm going to present this maybe challenging idea 304 00:14:15,640 --> 00:14:18,000 Speaker 1: that I think some people might even enter that sort 305 00:14:18,000 --> 00:14:20,240 Speaker 1: of frame of mind when they're thinking about starting a family. 306 00:14:20,280 --> 00:14:23,040 Speaker 1: They think, oh, well, we've got at least have one kid. 307 00:14:23,360 --> 00:14:25,000 Speaker 1: But I think there are some folks out there, maybe 308 00:14:25,080 --> 00:14:27,000 Speaker 1: who where if they actually thought about it for a second, 309 00:14:27,080 --> 00:14:30,320 Speaker 1: Like maybe being parents isn't necessarily for them. I think 310 00:14:30,320 --> 00:14:34,440 Speaker 1: that's totally fine. Again, I love kids, and I don't 311 00:14:34,440 --> 00:14:37,280 Speaker 1: think we're gonna have a fifth kid. I'm not going 312 00:14:37,320 --> 00:14:38,920 Speaker 1: to rule it out yet at this point in time. 313 00:14:39,040 --> 00:14:40,680 Speaker 1: But what I'm saying here is that with all major 314 00:14:40,720 --> 00:14:42,680 Speaker 1: decisions in life, we want to make sure that you 315 00:14:42,720 --> 00:14:46,320 Speaker 1: are entering into those life decisions with a level of 316 00:14:46,400 --> 00:14:50,200 Speaker 1: intentionality that is appropriate for that decision. Yeah, and well, 317 00:14:50,240 --> 00:14:52,600 Speaker 1: when it comes to specifically expanding your family map, that's 318 00:14:52,640 --> 00:14:54,920 Speaker 1: something you and I have talked about how kids, they 319 00:14:54,920 --> 00:14:57,480 Speaker 1: certainly do cost more money, but they don't cost as much, 320 00:14:57,520 --> 00:14:59,920 Speaker 1: maybe as some of the statistics will make you think. 321 00:15:00,240 --> 00:15:02,480 Speaker 1: The annuals the annual number comes out every year, it's 322 00:15:02,480 --> 00:15:06,040 Speaker 1: something likes is what one kid is going to cost you. 323 00:15:06,040 --> 00:15:07,880 Speaker 1: And so the fact that you have four kids, it's 324 00:15:07,880 --> 00:15:09,560 Speaker 1: basically it's going to cost you a million dollars of 325 00:15:09,600 --> 00:15:11,680 Speaker 1: your lifetime to have those kids, to raise them, to 326 00:15:11,680 --> 00:15:13,440 Speaker 1: send them to college, to feed them, blah blah blah 327 00:15:13,440 --> 00:15:15,720 Speaker 1: blah blah. But and while I will push back on 328 00:15:15,720 --> 00:15:17,840 Speaker 1: certain things, especially college and some of the other other 329 00:15:17,880 --> 00:15:19,960 Speaker 1: things that you just assume, I feel that I am 330 00:15:19,960 --> 00:15:21,600 Speaker 1: starting to feel it a little bit more like as 331 00:15:21,600 --> 00:15:23,960 Speaker 1: the kids get older and you start to realize some 332 00:15:24,000 --> 00:15:26,120 Speaker 1: of those expenses. You know, when their babies it's like, 333 00:15:26,120 --> 00:15:28,280 Speaker 1: oh yeah, they actually don't eat all that much. Oh yeah, 334 00:15:28,360 --> 00:15:30,160 Speaker 1: like like they don't. They just they can wear the 335 00:15:30,200 --> 00:15:32,960 Speaker 1: same five onesies, No big deal. But as they get older, 336 00:15:33,000 --> 00:15:35,000 Speaker 1: as they have their own personalities, I'm starting to come 337 00:15:35,000 --> 00:15:36,760 Speaker 1: around a little bit that it does cost maybe a 338 00:15:36,840 --> 00:15:39,040 Speaker 1: little bit more than than folksing. Even though there are 339 00:15:39,040 --> 00:15:41,120 Speaker 1: still ways that you don't have to meet that headline 340 00:15:41,160 --> 00:15:44,160 Speaker 1: number you can produce the cost of having a child, 341 00:15:44,400 --> 00:15:45,600 Speaker 1: it's still one of those things you want to go 342 00:15:45,640 --> 00:15:48,680 Speaker 1: into with your eyes open knowing that it is going 343 00:15:48,720 --> 00:15:51,120 Speaker 1: to cost a significant amount of money. It's gonna create 344 00:15:51,240 --> 00:15:54,360 Speaker 1: changes in your life on a lot of levels. And 345 00:15:54,440 --> 00:15:58,040 Speaker 1: so yeah, so it's not just these economic things, the 346 00:15:58,080 --> 00:16:00,960 Speaker 1: cycle of inflation or the reduction in real wages. Those 347 00:16:00,960 --> 00:16:03,360 Speaker 1: are factors. Those are big factors to what's happening right now. 348 00:16:03,360 --> 00:16:05,880 Speaker 1: It's not all it's not only just these Jeromee power reasons, 349 00:16:05,960 --> 00:16:08,960 Speaker 1: right exactly, exactly, Yeah, it's and so yeah, we we've 350 00:16:08,960 --> 00:16:11,400 Speaker 1: got to talk about maybe a few other reasons. And 351 00:16:11,440 --> 00:16:13,840 Speaker 1: these are things that we need to consider before we 352 00:16:14,000 --> 00:16:16,960 Speaker 1: make any purchase Basically, we'll talk about those reasons your 353 00:16:16,960 --> 00:16:19,280 Speaker 1: dollar isn't going as far, and then how to combat them. 354 00:16:19,320 --> 00:16:30,600 Speaker 1: We'll get to that right after this. All right, we're 355 00:16:30,640 --> 00:16:33,000 Speaker 1: back from the break, and we're gonna discuss here pretty 356 00:16:33,040 --> 00:16:35,200 Speaker 1: soon how to defy some of those higher prices in 357 00:16:35,200 --> 00:16:37,480 Speaker 1: your life. But Joel, we've got a lot more to 358 00:16:37,560 --> 00:16:41,280 Speaker 1: say as to why it is that things cost more 359 00:16:41,360 --> 00:16:43,600 Speaker 1: than than we realize. And you know, like we just 360 00:16:43,640 --> 00:16:46,560 Speaker 1: discussed before the break, there are many reasons our dollars 361 00:16:46,600 --> 00:16:49,120 Speaker 1: aren't going as far. Another one of those is the 362 00:16:49,160 --> 00:16:52,520 Speaker 1: fact that the cost of borrowing has shot up. In 363 00:16:52,560 --> 00:16:55,240 Speaker 1: a society and in a culture that loves to borrow, 364 00:16:55,280 --> 00:16:57,240 Speaker 1: that is going to have a major impact on our 365 00:16:57,280 --> 00:17:00,840 Speaker 1: ability to buy stuff. So, for instance, interest rates on 366 00:17:00,920 --> 00:17:04,119 Speaker 1: housing they are still historically low, but the massive uptick 367 00:17:04,200 --> 00:17:07,560 Speaker 1: in rates that we've experienced over the past four to 368 00:17:07,640 --> 00:17:11,240 Speaker 1: five months is causing a pretty serious slowdown in the 369 00:17:11,280 --> 00:17:13,840 Speaker 1: housing market. There's a massive difference in the payment on 370 00:17:14,119 --> 00:17:17,400 Speaker 1: your biggest monthly expense when the interest rate was two 371 00:17:17,400 --> 00:17:20,280 Speaker 1: point seven five percent and now it's five point seven 372 00:17:20,359 --> 00:17:24,080 Speaker 1: five percent, Like that three percent difference has a big impact, 373 00:17:24,520 --> 00:17:27,760 Speaker 1: and so realize, especially if you're somebody who is recently 374 00:17:28,200 --> 00:17:30,680 Speaker 1: in the process of purchasing purchasing a home, that that 375 00:17:31,000 --> 00:17:34,040 Speaker 1: is a reason why you're seeing less in your checking 376 00:17:34,080 --> 00:17:36,280 Speaker 1: account at the end of every month. When borrowing money 377 00:17:36,480 --> 00:17:40,960 Speaker 1: is cheap, it leads to more money borrowed. And so 378 00:17:41,119 --> 00:17:43,160 Speaker 1: we saw people take advantage of some of those cheap 379 00:17:43,240 --> 00:17:46,320 Speaker 1: rates for for years, and now we're seeing rates take 380 00:17:46,359 --> 00:17:49,640 Speaker 1: back up and it's having the opposite impact. It's it's 381 00:17:49,680 --> 00:17:52,520 Speaker 1: causing people to stop buying certain things, which is actually 382 00:17:52,560 --> 00:17:54,480 Speaker 1: a good thing. It's gonna bring down inflation in the 383 00:17:54,520 --> 00:17:56,960 Speaker 1: long run. But it's more painful if you are the 384 00:17:56,960 --> 00:17:59,360 Speaker 1: person who is still borrowing at these now higher rates. 385 00:17:59,400 --> 00:18:01,280 Speaker 1: And it's not just interest rates on homes that are 386 00:18:01,320 --> 00:18:05,000 Speaker 1: going up. Borrowing costs for for basically everything are going 387 00:18:05,080 --> 00:18:07,399 Speaker 1: up right now, and that includes the interest rate on 388 00:18:07,440 --> 00:18:09,600 Speaker 1: your credit card. I think they're up to something like 389 00:18:09,640 --> 00:18:12,040 Speaker 1: sixteen and a half percent at this point on average, 390 00:18:12,320 --> 00:18:14,840 Speaker 1: and they're likely to be at the end of the year. 391 00:18:15,320 --> 00:18:18,080 Speaker 1: That remains to be seen, but that impacts a lot 392 00:18:18,200 --> 00:18:20,760 Speaker 1: of folks. Matt for for anybody out there who has 393 00:18:21,000 --> 00:18:24,840 Speaker 1: thousands and thousands or or tens of thousands of dollars 394 00:18:24,920 --> 00:18:28,280 Speaker 1: in credit card debt. The even just the carrying costs 395 00:18:28,359 --> 00:18:31,560 Speaker 1: on that debt have risen already, they'll continue to rise more. 396 00:18:31,800 --> 00:18:34,840 Speaker 1: Now's a perfect time to start eliminating, Like if you 397 00:18:34,880 --> 00:18:37,119 Speaker 1: weren't serious about eliminating that credit card debt from your 398 00:18:37,160 --> 00:18:39,440 Speaker 1: life before, uh, now, it's kind of a nice wake 399 00:18:39,520 --> 00:18:42,000 Speaker 1: up call now, is exactly. Yeah, And it's important to 400 00:18:42,000 --> 00:18:44,720 Speaker 1: realize that anything you're buying with debt right now is 401 00:18:44,720 --> 00:18:46,840 Speaker 1: going to cost you even more than it did just 402 00:18:47,119 --> 00:18:49,679 Speaker 1: months ago. And that is one of those things that 403 00:18:49,680 --> 00:18:52,400 Speaker 1: doesn't get talked about enough. We're talking about inflation, inflation, inflation, 404 00:18:52,400 --> 00:18:54,400 Speaker 1: and it's like, well, what about borrowing rates? What about 405 00:18:54,400 --> 00:18:57,119 Speaker 1: the interest rate on basically everything that you're you're buying 406 00:18:57,119 --> 00:18:59,920 Speaker 1: that you're not paying cash for, well, you know, financing 407 00:19:00,119 --> 00:19:02,760 Speaker 1: car or not paying off your credit card every month, 408 00:19:02,800 --> 00:19:04,600 Speaker 1: it's going to have a bigger impact than it did 409 00:19:05,240 --> 00:19:07,640 Speaker 1: even just nine twelve months ago. And so it's important 410 00:19:07,680 --> 00:19:10,800 Speaker 1: to note that rising interest rates are a big factor 411 00:19:11,080 --> 00:19:14,080 Speaker 1: in why our dollars are being stretched more thin right now, 412 00:19:14,359 --> 00:19:16,840 Speaker 1: why it feels like we're being pinched, even if it 413 00:19:16,880 --> 00:19:19,840 Speaker 1: feels like we're not spending money like crazy people. Yeah, 414 00:19:19,880 --> 00:19:22,240 Speaker 1: even if you're spending a stay the same and you're, 415 00:19:22,240 --> 00:19:25,760 Speaker 1: just like you said, maintaining that balance. Those carrying costs 416 00:19:25,840 --> 00:19:28,600 Speaker 1: have gone up. And okay, so most of us we 417 00:19:28,640 --> 00:19:30,919 Speaker 1: try not to think about this, but almost everything we 418 00:19:30,960 --> 00:19:34,359 Speaker 1: buy comes with ongoing costs. It's so much easier to 419 00:19:34,400 --> 00:19:37,080 Speaker 1: focus just on that initial price tag and assume that 420 00:19:37,080 --> 00:19:39,000 Speaker 1: that that's all we're gonna spend on that item. We 421 00:19:39,080 --> 00:19:41,320 Speaker 1: try not to even think about whether batteries are included 422 00:19:41,680 --> 00:19:44,480 Speaker 1: in those kids toys or not, even though that's probably 423 00:19:44,640 --> 00:19:47,600 Speaker 1: the least of our worries at the moment, paying for batteries. 424 00:19:47,920 --> 00:19:50,520 Speaker 1: But it's important to think about how each of these 425 00:19:50,520 --> 00:19:53,480 Speaker 1: purchases will impact your budget. Uh, not just at the 426 00:19:53,480 --> 00:19:56,600 Speaker 1: point of purchase, but thinking months and even years down 427 00:19:56,640 --> 00:19:59,080 Speaker 1: the road. And I say this because I know it 428 00:19:59,160 --> 00:20:01,840 Speaker 1: might sound we but doing some thinking about how much 429 00:20:01,880 --> 00:20:04,280 Speaker 1: the item that you're buying right now is likely going 430 00:20:04,320 --> 00:20:06,680 Speaker 1: to cost you in the future can shed some light 431 00:20:06,720 --> 00:20:08,639 Speaker 1: on whether or not it makes sense for you to 432 00:20:08,640 --> 00:20:10,600 Speaker 1: purchase it in the first place. It makes me think 433 00:20:10,640 --> 00:20:12,679 Speaker 1: about like the yellow stickers on on a TV, not 434 00:20:12,800 --> 00:20:15,600 Speaker 1: only does it help you to compare uh, the electricity 435 00:20:15,720 --> 00:20:17,920 Speaker 1: usage when you're comparing apples to apples, when you're looking 436 00:20:17,960 --> 00:20:21,160 Speaker 1: at different TVs. But it's just a nice reminder that, hey, 437 00:20:21,200 --> 00:20:23,679 Speaker 1: this is going to cost you money. It's not just 438 00:20:23,720 --> 00:20:25,760 Speaker 1: the price of this TV. And there are so many 439 00:20:25,760 --> 00:20:28,280 Speaker 1: expenses like that that we just assume that we're just 440 00:20:28,280 --> 00:20:30,600 Speaker 1: going to absorb into our life. But what we're trying 441 00:20:30,640 --> 00:20:33,320 Speaker 1: to do is to put a flashing arrow over an 442 00:20:33,320 --> 00:20:36,199 Speaker 1: expense like that. It's a highlight to call out the 443 00:20:36,240 --> 00:20:38,480 Speaker 1: fact that it is not just that sticker price, it 444 00:20:38,560 --> 00:20:41,040 Speaker 1: is the ongoing costs as well. Oh yeah, it's like 445 00:20:41,080 --> 00:20:43,560 Speaker 1: this new TV is gonna cost me forty seven dollars 446 00:20:43,600 --> 00:20:47,359 Speaker 1: a year in higher electricity costs. And granted, you know, 447 00:20:47,600 --> 00:20:50,320 Speaker 1: if you're replacing an old TV, you know likely you're 448 00:20:50,320 --> 00:20:53,440 Speaker 1: actually gonna save money when it comes to electricity usage. 449 00:20:53,440 --> 00:20:55,359 Speaker 1: But if you're just adding another one into your life, 450 00:20:55,359 --> 00:20:56,879 Speaker 1: it's not just the cost of the TV, it's the 451 00:20:56,920 --> 00:21:01,199 Speaker 1: ongoing costs of feeding it, earning it on with electricity. 452 00:21:01,240 --> 00:21:03,360 Speaker 1: And it makes me think to Matt of let's say 453 00:21:03,520 --> 00:21:07,080 Speaker 1: printers right where people are have gotten used to buying 454 00:21:07,119 --> 00:21:10,000 Speaker 1: printers that are like thirty bucks. They're really cheap, but 455 00:21:10,119 --> 00:21:12,639 Speaker 1: the problem is the ink runs out in like a 456 00:21:12,680 --> 00:21:14,800 Speaker 1: week and a half. And then you're forced to go 457 00:21:14,880 --> 00:21:17,160 Speaker 1: buy new in cartridges, and the in cartridge just cost 458 00:21:17,200 --> 00:21:19,359 Speaker 1: more than the printer did originally, Like, man, I just 459 00:21:19,400 --> 00:21:22,040 Speaker 1: printed four and a half sheets of paper, and now 460 00:21:22,040 --> 00:21:23,600 Speaker 1: I gotta get a new in card. That's what it 461 00:21:23,600 --> 00:21:26,000 Speaker 1: feels like exactly. Those Those are the kind of ongoing 462 00:21:26,000 --> 00:21:28,400 Speaker 1: costs we're talking about that need to be factored in 463 00:21:28,560 --> 00:21:31,399 Speaker 1: on the front end, because if you're like, oh sweet, 464 00:21:31,400 --> 00:21:33,960 Speaker 1: a thirty dollar printer, Look how smart I am. Well, 465 00:21:34,400 --> 00:21:36,639 Speaker 1: ultimately it's going to end up costing you quite a 466 00:21:36,640 --> 00:21:39,960 Speaker 1: bit of money every single time you replace the cartridges. 467 00:21:40,119 --> 00:21:42,200 Speaker 1: It's gonna be a big pain. And that makes me think, 468 00:21:42,200 --> 00:21:46,520 Speaker 1: Matt of just maintenance, how the costs of maintaining things 469 00:21:47,040 --> 00:21:51,239 Speaker 1: build up over time and they become a serious, uh 470 00:21:51,560 --> 00:21:55,080 Speaker 1: source of of cost for us over the months. And 471 00:21:55,160 --> 00:21:58,160 Speaker 1: so the main culprit of why an item might cost 472 00:21:58,200 --> 00:22:00,440 Speaker 1: you more at some point in the future or is 473 00:22:00,760 --> 00:22:03,120 Speaker 1: ongoing maintenance that you have to perform. You already talked 474 00:22:03,119 --> 00:22:05,320 Speaker 1: about real estate. The cost of real estate is going 475 00:22:05,440 --> 00:22:08,880 Speaker 1: up because borrowing costs are going up, right, And so 476 00:22:09,200 --> 00:22:11,359 Speaker 1: even if you bought a five thousand dollar house today, 477 00:22:11,359 --> 00:22:13,919 Speaker 1: it's costing you as much as let's say six hundred 478 00:22:13,960 --> 00:22:16,680 Speaker 1: thousand dollar house might have cost you even just six 479 00:22:16,680 --> 00:22:19,760 Speaker 1: months ago. But it's not just the barrow costs that 480 00:22:19,800 --> 00:22:22,000 Speaker 1: have gone up, like it's the maintenance costs on a 481 00:22:22,040 --> 00:22:23,920 Speaker 1: home that you might buy. It's it's one of those 482 00:22:23,920 --> 00:22:26,240 Speaker 1: things that homeowners don't often factor in, but they should 483 00:22:26,520 --> 00:22:30,400 Speaker 1: because labor material prices have risen and we've always said 484 00:22:30,480 --> 00:22:32,720 Speaker 1: to factor in at least one percent of the purchase 485 00:22:32,800 --> 00:22:36,399 Speaker 1: price of the home every year in ongoing maintenance. It's 486 00:22:36,400 --> 00:22:39,040 Speaker 1: a good rule of thumb to have. But everything you buy, 487 00:22:39,359 --> 00:22:41,719 Speaker 1: the big to the small, no matter what it is, 488 00:22:41,720 --> 00:22:44,119 Speaker 1: is going to have some sort of maintenance required. Whether 489 00:22:44,160 --> 00:22:46,560 Speaker 1: it's just replacing batteries, whether it's just the small amount 490 00:22:46,560 --> 00:22:49,160 Speaker 1: of electricity your new television is gonna is gonna suck 491 00:22:49,240 --> 00:22:51,720 Speaker 1: up every single year, or whether it's something as large 492 00:22:51,800 --> 00:22:54,560 Speaker 1: as half a million dollar home costing you five thousand 493 00:22:54,560 --> 00:22:57,040 Speaker 1: dollars a year in upgrades and maintenance that you're gonna 494 00:22:57,040 --> 00:22:58,760 Speaker 1: have to perform. Yeah, I don't think there's any one 495 00:22:58,800 --> 00:23:00,200 Speaker 1: word that kind of sums up what it's like to 496 00:23:00,240 --> 00:23:04,160 Speaker 1: be an adult. The maintenance, because like when you're a kid, 497 00:23:04,160 --> 00:23:06,480 Speaker 1: you don't think about maintaining things, but as an adult, 498 00:23:06,480 --> 00:23:08,359 Speaker 1: so these are the things that we have to think about. 499 00:23:08,400 --> 00:23:11,159 Speaker 1: These are the things that we have to plan for 500 00:23:11,359 --> 00:23:13,840 Speaker 1: from a financial standpoint, and and thinking about them like 501 00:23:13,880 --> 00:23:18,200 Speaker 1: that's another maintain your teeth, maintain your body, maintain your relationships. 502 00:23:18,200 --> 00:23:20,480 Speaker 1: It's true when you're it's everything. When you're a kid, 503 00:23:20,480 --> 00:23:22,760 Speaker 1: your teeth just fall out, Like these are gonna just 504 00:23:22,840 --> 00:23:25,240 Speaker 1: keep growing back, right, it doesn't matter if I get cavities. 505 00:23:25,240 --> 00:23:26,960 Speaker 1: But now what we're saying is that at a certain 506 00:23:27,000 --> 00:23:29,640 Speaker 1: point you mature. And I think a lot of being 507 00:23:29,680 --> 00:23:32,239 Speaker 1: an adult is is accepting the fact that there are 508 00:23:32,280 --> 00:23:33,919 Speaker 1: things that we have to maintain. And it's not just 509 00:23:34,000 --> 00:23:36,000 Speaker 1: like these big things, right, Like it's not just the 510 00:23:36,040 --> 00:23:38,280 Speaker 1: maintenance on your house, but even small things I'm just 511 00:23:38,320 --> 00:23:40,560 Speaker 1: thinking about, like the clothes that you wear, Like they 512 00:23:40,560 --> 00:23:42,240 Speaker 1: need to be washed, they need to be dried. But 513 00:23:42,400 --> 00:23:44,560 Speaker 1: if you don't perform those tasks, well you're gonna be 514 00:23:44,640 --> 00:23:46,840 Speaker 1: You're gonna find yourself replacing your clothes sooner than you 515 00:23:46,880 --> 00:23:50,000 Speaker 1: need to. And regardless of how well you maintain your clothes, 516 00:23:50,040 --> 00:23:52,040 Speaker 1: they're gonna wear out over time, They're gonna need mending. 517 00:23:52,320 --> 00:23:54,560 Speaker 1: Uh Well, I don't know, do you darn your socks, droll, 518 00:23:55,160 --> 00:23:57,160 Speaker 1: I have not darned myself, like a Beatles song, will 519 00:23:57,160 --> 00:23:59,440 Speaker 1: be here. But there are a lot of things that 520 00:23:59,560 --> 00:24:03,080 Speaker 1: we don't plan for, and so much of being prepared 521 00:24:03,119 --> 00:24:06,040 Speaker 1: financially is just thinking ahead, looking off into the future, 522 00:24:06,240 --> 00:24:08,360 Speaker 1: and forecasting what things are gonna cost. For some reason, 523 00:24:08,440 --> 00:24:11,119 Speaker 1: you're making me think that people should maybe ditch the dryer. 524 00:24:11,160 --> 00:24:13,560 Speaker 1: And I should probably do this because we use a dryer, 525 00:24:13,880 --> 00:24:16,280 Speaker 1: but uh, it's it's a little more difficult to do 526 00:24:16,280 --> 00:24:17,800 Speaker 1: when you have as many children as we do and 527 00:24:17,840 --> 00:24:19,439 Speaker 1: as many clothes as we're watching and stuff like that. 528 00:24:19,560 --> 00:24:23,560 Speaker 1: But let's say so we we have before dried clothes 529 00:24:23,920 --> 00:24:27,040 Speaker 1: outside on like a clothes drying line, take it back 530 00:24:27,040 --> 00:24:29,880 Speaker 1: to the sixties and seventy. That's gonna mean less wear 531 00:24:29,880 --> 00:24:32,879 Speaker 1: and tear on your clothes and also less energy expended, 532 00:24:32,960 --> 00:24:34,959 Speaker 1: less cost for you. So I don't know, just one 533 00:24:34,960 --> 00:24:36,840 Speaker 1: little place for you to save money if you want. Okay, 534 00:24:36,840 --> 00:24:38,520 Speaker 1: So one of my favorite things to do is, especially 535 00:24:38,560 --> 00:24:41,199 Speaker 1: in the winter. Uh I don't know that maybe this 536 00:24:41,280 --> 00:24:43,840 Speaker 1: is like a frugal or cheap but stringing, like running 537 00:24:43,840 --> 00:24:46,800 Speaker 1: a line across the south facing windows in your house, 538 00:24:46,960 --> 00:24:49,200 Speaker 1: especially in the winter, because the air is dry already 539 00:24:49,280 --> 00:24:51,439 Speaker 1: in the winter, right, And so a lot of times, folks, 540 00:24:51,640 --> 00:24:53,720 Speaker 1: what do you do to combat dry air in your house? 541 00:24:53,760 --> 00:24:57,840 Speaker 1: You buy humidifiers, which also run on that's right, electricity, 542 00:24:58,000 --> 00:25:00,200 Speaker 1: which costs you money, as opposed to a more of 543 00:25:00,280 --> 00:25:02,840 Speaker 1: way to add moisture to the air in your house, 544 00:25:02,840 --> 00:25:04,600 Speaker 1: which is to actually hang those clothes up. And so 545 00:25:04,840 --> 00:25:07,760 Speaker 1: I'm actually I've already thought through this, but I'm gonna 546 00:25:07,760 --> 00:25:10,520 Speaker 1: see if I can convince Kate to be okay with 547 00:25:10,600 --> 00:25:13,640 Speaker 1: us dringing a lineup inside this one room. I've got 548 00:25:13,640 --> 00:25:15,320 Speaker 1: in mind in particular that we're not totally sure what 549 00:25:15,320 --> 00:25:17,040 Speaker 1: we're gonna do with it, but I can see us 550 00:25:17,240 --> 00:25:19,960 Speaker 1: using that room specifically to dry clothes. As that southerly 551 00:25:20,040 --> 00:25:22,480 Speaker 1: light is blasting through the windows. You could literally string 552 00:25:22,560 --> 00:25:25,400 Speaker 1: something up. You have a really big deck on your back, 553 00:25:25,920 --> 00:25:27,960 Speaker 1: and you could really use some of that space to dry, 554 00:25:28,720 --> 00:25:31,040 Speaker 1: I think. But I like the idea of locking that 555 00:25:31,080 --> 00:25:33,320 Speaker 1: moisture inside that all right, I get it. Two birds 556 00:25:33,359 --> 00:25:35,840 Speaker 1: with one stone, R trail lets get moving. Okay, Let's 557 00:25:35,840 --> 00:25:39,360 Speaker 1: talk about subscriptions for a second, because that's another place 558 00:25:39,520 --> 00:25:41,800 Speaker 1: where many of us are being duped into spending more 559 00:25:41,880 --> 00:25:45,119 Speaker 1: money these days. You know, we're all about using automation 560 00:25:45,200 --> 00:25:48,560 Speaker 1: to our own advantage, but subscriptions are kind of flipping 561 00:25:48,560 --> 00:25:51,600 Speaker 1: things on their head, and businesses are using automation to 562 00:25:51,800 --> 00:25:54,199 Speaker 1: their advantage. The fact that we sign up once and 563 00:25:54,240 --> 00:25:56,920 Speaker 1: we keep paying that bill by road every single every 564 00:25:56,920 --> 00:26:00,760 Speaker 1: single month without even really thinking about it. And so, uh, 565 00:26:00,800 --> 00:26:03,240 Speaker 1: it's it's wise of us to take stock and think 566 00:26:03,280 --> 00:26:05,840 Speaker 1: about the subscriptions that were signed up for. We need 567 00:26:05,840 --> 00:26:08,440 Speaker 1: to be even warier on the front end when we're 568 00:26:08,480 --> 00:26:11,280 Speaker 1: being asked to sign up for a recurring expense. You 569 00:26:11,280 --> 00:26:14,440 Speaker 1: know that they're easier to forget about. It's. Uh, it's 570 00:26:14,480 --> 00:26:16,920 Speaker 1: one thing to whip out your credit card and pay 571 00:26:16,920 --> 00:26:19,000 Speaker 1: for something online, but it's another thing to do it 572 00:26:19,119 --> 00:26:21,399 Speaker 1: once and then to be charged in perpetuity. And so 573 00:26:21,440 --> 00:26:24,800 Speaker 1: it's a good idea to take inventory of the subscriptions 574 00:26:24,800 --> 00:26:28,080 Speaker 1: that you currently have and to consider whether you're getting 575 00:26:28,160 --> 00:26:30,480 Speaker 1: enough value out of them or not. You know, it's 576 00:26:30,480 --> 00:26:32,480 Speaker 1: worth asking whether you can pay a one time fee 577 00:26:32,720 --> 00:26:34,840 Speaker 1: if that's all you need, instead of signing up for 578 00:26:34,920 --> 00:26:37,479 Speaker 1: something that's going to last for the rest of your 579 00:26:37,480 --> 00:26:40,280 Speaker 1: life until you die. And so if there's a lower 580 00:26:40,320 --> 00:26:42,960 Speaker 1: a way to lower the cost like getting the ad 581 00:26:43,000 --> 00:26:46,040 Speaker 1: supported streaming option. Maybe that's another thing to consider. You know, 582 00:26:46,119 --> 00:26:48,119 Speaker 1: keep a running list, we would say, of all your 583 00:26:48,160 --> 00:26:50,640 Speaker 1: subscriptions in one place, so you can check it out 584 00:26:50,680 --> 00:26:52,960 Speaker 1: every quarter and you can eliminate the ones maybe that 585 00:26:52,960 --> 00:26:55,119 Speaker 1: have fallen out with favor with you, the ones that 586 00:26:55,160 --> 00:26:58,000 Speaker 1: you aren't using very much. Man. We we talked about 587 00:26:58,000 --> 00:27:01,560 Speaker 1: that with what you're Microsoft subscription that you did back 588 00:27:01,560 --> 00:27:04,080 Speaker 1: in the day. You used to pay a pretty penny 589 00:27:04,119 --> 00:27:06,960 Speaker 1: for Microsoft Office for for the suite, but then it 590 00:27:06,960 --> 00:27:09,800 Speaker 1: would last for a long time. And now Microsoft wants 591 00:27:09,840 --> 00:27:12,720 Speaker 1: in your pockets every single year for that and sometimes 592 00:27:12,720 --> 00:27:14,480 Speaker 1: it works out to your advantage, but lots of times 593 00:27:14,560 --> 00:27:17,320 Speaker 1: it doesn't. So people have to be particularly careful about 594 00:27:17,359 --> 00:27:21,159 Speaker 1: subscriptions in this day and age where everybody wants to 595 00:27:21,200 --> 00:27:24,080 Speaker 1: charge you a subscription for something. Everybody wants that regular 596 00:27:24,359 --> 00:27:27,600 Speaker 1: income for their business. And the reason they want that 597 00:27:27,680 --> 00:27:30,280 Speaker 1: is because it's predictable. But the fact is, we want 598 00:27:30,320 --> 00:27:32,920 Speaker 1: to see predictable things in our favor, Like you said, 599 00:27:32,920 --> 00:27:35,480 Speaker 1: like automation when it comes to how it is we 600 00:27:35,560 --> 00:27:38,960 Speaker 1: invest is an awesome thing. Automatically seeing money taken out 601 00:27:38,960 --> 00:27:41,640 Speaker 1: of your your paycheck every two weeks or every month. 602 00:27:41,920 --> 00:27:44,240 Speaker 1: That's you know, that allows you to dollar cost average. 603 00:27:44,320 --> 00:27:46,679 Speaker 1: That is an amazing thing. That is something we can 604 00:27:46,720 --> 00:27:49,440 Speaker 1: get behind. But the opposite of that, where these expenses 605 00:27:49,480 --> 00:27:51,960 Speaker 1: are coming out of your account, that is something that 606 00:27:52,000 --> 00:27:55,000 Speaker 1: we're trying to avoid. Uh. And so those are ongoing 607 00:27:55,040 --> 00:27:57,960 Speaker 1: costs that we need to keep in mind, secondary expenses. 608 00:27:58,000 --> 00:28:00,360 Speaker 1: That's another big way that we end up part with 609 00:28:00,400 --> 00:28:02,600 Speaker 1: more of our money. It's not just the initial purchase 610 00:28:02,680 --> 00:28:06,159 Speaker 1: we make, but then the additional purchases that occur that 611 00:28:06,240 --> 00:28:08,200 Speaker 1: sort of feel like like like domino is just falling 612 00:28:08,240 --> 00:28:10,359 Speaker 1: one after the other. We make that initial purchase that 613 00:28:10,480 --> 00:28:12,800 Speaker 1: is the first domino, and then after that there are 614 00:28:12,880 --> 00:28:15,280 Speaker 1: just you can't if it feels like you can't stop it. 615 00:28:15,320 --> 00:28:17,479 Speaker 1: And most of us only think about the initial domino, 616 00:28:17,560 --> 00:28:19,640 Speaker 1: and so then we're always shocked at every single success. 617 00:28:20,119 --> 00:28:21,840 Speaker 1: We look at all these other dominoes that that have fallen, 618 00:28:22,119 --> 00:28:24,000 Speaker 1: all these other expenses in our life. How did that 619 00:28:24,040 --> 00:28:26,719 Speaker 1: even happen? I'm and I think most of us are 620 00:28:27,000 --> 00:28:29,679 Speaker 1: just shocked because we we didn't plan accordingly and we 621 00:28:29,680 --> 00:28:32,880 Speaker 1: didn't think about it before we made that initial purchase. Totally. Yeah, 622 00:28:32,920 --> 00:28:35,720 Speaker 1: And so we'll divide it up into hard secondary expenses 623 00:28:35,720 --> 00:28:39,000 Speaker 1: and then soft secondary expenses. I think an example of 624 00:28:39,000 --> 00:28:41,680 Speaker 1: a hard secondary expenses like if you get a boat. Um, 625 00:28:41,760 --> 00:28:43,600 Speaker 1: if you do that, if you're living that that high 626 00:28:43,680 --> 00:28:45,760 Speaker 1: life and you're out there on the lake, you're also 627 00:28:45,920 --> 00:28:47,880 Speaker 1: you're gonna need a trailer to pull that boat. You're 628 00:28:47,880 --> 00:28:51,000 Speaker 1: gonna need fuel to power that boat. Insurance to make 629 00:28:51,040 --> 00:28:53,840 Speaker 1: sure that you're covered. I don't know, I guess you 630 00:28:53,880 --> 00:28:55,360 Speaker 1: need boat insurance to make sure in case you hit 631 00:28:55,400 --> 00:28:57,840 Speaker 1: somebody or something like that. Um, even at the time 632 00:28:57,920 --> 00:29:00,920 Speaker 1: on the weekends to enjoy the boat. These are all 633 00:29:00,920 --> 00:29:03,800 Speaker 1: gonna cost you. It's gonna be really difficult, if not impossible, 634 00:29:03,840 --> 00:29:07,040 Speaker 1: I think, to even enjoy or utilize that primary purchase 635 00:29:07,080 --> 00:29:10,560 Speaker 1: if you don't follow through with some of these hard secondaries. Uh, 636 00:29:10,600 --> 00:29:13,080 Speaker 1: it's not just the price of the boat, it's everything 637 00:29:13,120 --> 00:29:15,160 Speaker 1: else that comes with it. Yeah. You might be like, oh, 638 00:29:15,160 --> 00:29:19,000 Speaker 1: my neighbors selling his old boat for two thousand dollars 639 00:29:19,120 --> 00:29:20,960 Speaker 1: dollars they have, like that's a deal, I got two 640 00:29:20,960 --> 00:29:23,240 Speaker 1: granted the bank account or right now, and then you 641 00:29:23,240 --> 00:29:25,000 Speaker 1: you haven't thought about the other ways in which that 642 00:29:25,040 --> 00:29:26,560 Speaker 1: boat is going to cost you money. It's gonna cost 643 00:29:26,560 --> 00:29:28,320 Speaker 1: you a lot of money over the years, and what 644 00:29:28,560 --> 00:29:31,120 Speaker 1: the best day of your life is buying a boat 645 00:29:31,120 --> 00:29:33,400 Speaker 1: in the second or the other best day is getting 646 00:29:33,520 --> 00:29:35,440 Speaker 1: selling it. That's why it's such an easy example because 647 00:29:35,600 --> 00:29:37,680 Speaker 1: it's one of those things that has so much, so 648 00:29:37,760 --> 00:29:41,640 Speaker 1: much baggage attached to it exactly, so hard secondary expenses 649 00:29:41,720 --> 00:29:44,760 Speaker 1: are one part of the equation, and it's really important 650 00:29:44,800 --> 00:29:47,080 Speaker 1: before you pop down that two g s or however 651 00:29:47,160 --> 00:29:50,120 Speaker 1: much it is to buy a specific item, to think about, Okay, 652 00:29:50,120 --> 00:29:53,480 Speaker 1: how much is this gonna cost me ongoing with some 653 00:29:53,520 --> 00:29:56,160 Speaker 1: of these other expenses that I'm that are unavoidable, and 654 00:29:56,200 --> 00:29:58,640 Speaker 1: it can be easy for us to feel powerless against 655 00:29:58,760 --> 00:30:02,120 Speaker 1: hard secondary cost, but we have more control over our 656 00:30:02,240 --> 00:30:06,160 Speaker 1: expenses than we think. The more subtle version, though, is 657 00:30:06,320 --> 00:30:10,000 Speaker 1: the soft secondary expenses. So going back to the boat example, Matt, like, 658 00:30:10,560 --> 00:30:13,280 Speaker 1: you've covered all the basics right of the hard secondaries, 659 00:30:13,600 --> 00:30:16,600 Speaker 1: but now there's the temptation to maybe get a new 660 00:30:16,640 --> 00:30:20,360 Speaker 1: truck to pull that new boat. And the old truck 661 00:30:20,440 --> 00:30:22,440 Speaker 1: was perfectly fine, it did the job. It's like, what 662 00:30:22,680 --> 00:30:24,920 Speaker 1: happened to the old truck? Could did it not have 663 00:30:24,960 --> 00:30:26,840 Speaker 1: a trailer hitch? Did you not have attached a trailer 664 00:30:26,920 --> 00:30:28,680 Speaker 1: hitch to that. But now it just it doesn't look 665 00:30:28,720 --> 00:30:30,360 Speaker 1: as good, you know, compared to the new boat that 666 00:30:30,360 --> 00:30:32,120 Speaker 1: you got. And so yeah, yeah, that doesn't have as 667 00:30:32,200 --> 00:30:35,000 Speaker 1: much sparkle as that metallic fleck on the that new 668 00:30:35,080 --> 00:30:37,400 Speaker 1: new boat page the right. And and we've they're always 669 00:30:37,400 --> 00:30:39,440 Speaker 1: so sparkly, aren't they. We've made reference to the did 670 00:30:39,560 --> 00:30:42,960 Speaker 1: Row effect before, which is what a French philosopher who 671 00:30:43,080 --> 00:30:46,960 Speaker 1: who is notoriously frugal, and and yet at one point 672 00:30:46,960 --> 00:30:49,880 Speaker 1: someone gifted him, I think a new rope, new row 673 00:30:50,000 --> 00:30:53,240 Speaker 1: or waistcoat whatever you like, dressing gown. Yeah, and so 674 00:30:53,800 --> 00:30:56,200 Speaker 1: as you did back then, and he basically, what like, 675 00:30:56,240 --> 00:30:58,719 Speaker 1: got consumed by the fact that he needed to upgrade 676 00:30:58,720 --> 00:31:01,800 Speaker 1: everything else around him in order to make this this 677 00:31:01,880 --> 00:31:04,640 Speaker 1: coat now fit into his his new found lifestyle. And 678 00:31:04,720 --> 00:31:08,560 Speaker 1: so yeah, he was perfectly content for a time until 679 00:31:08,560 --> 00:31:10,520 Speaker 1: he got a taste of the good life and then 680 00:31:10,520 --> 00:31:12,480 Speaker 1: he was like, now I need it at all. And 681 00:31:12,800 --> 00:31:16,240 Speaker 1: I think it's just it's a goofy example, But the 682 00:31:16,240 --> 00:31:18,680 Speaker 1: the did Role effect is real in most of our lives, 683 00:31:19,000 --> 00:31:21,360 Speaker 1: where yeah, we get one new thing and we just 684 00:31:21,560 --> 00:31:24,400 Speaker 1: feel the need, we feel this visceral urge to start 685 00:31:24,480 --> 00:31:26,520 Speaker 1: upgrading other things our lives. I think buying a new 686 00:31:26,560 --> 00:31:29,080 Speaker 1: home and then getting new furniture is one of those 687 00:31:29,080 --> 00:31:30,640 Speaker 1: things that go hand in hand for a lot of 688 00:31:30,960 --> 00:31:32,200 Speaker 1: or not even buying the home. But I mean, I 689 00:31:32,240 --> 00:31:34,440 Speaker 1: think the did Row effect is great because it's such 690 00:31:34,480 --> 00:31:37,840 Speaker 1: a small thing. But then like the domino effects continue, right, 691 00:31:37,880 --> 00:31:39,360 Speaker 1: and so in a similar way, like you don't even 692 00:31:39,400 --> 00:31:40,840 Speaker 1: need to buy a new home. It can just be 693 00:31:40,960 --> 00:31:43,880 Speaker 1: a new side table or like a new coffee table, 694 00:31:43,880 --> 00:31:45,880 Speaker 1: and then all of a sudden, you think, you know, 695 00:31:46,040 --> 00:31:48,680 Speaker 1: the couch doesn't look as great as it used to 696 00:31:48,800 --> 00:31:50,400 Speaker 1: next to that, maybe maybe we'll go ahead and take 697 00:31:50,400 --> 00:31:52,280 Speaker 1: advantage and need a new rug while we're at it. Yeah, 698 00:31:52,320 --> 00:31:54,400 Speaker 1: like should we start looking the head, you know, towards 699 00:31:54,400 --> 00:31:56,040 Speaker 1: like the Labor Day sales that are coming up? Can 700 00:31:56,080 --> 00:31:57,920 Speaker 1: we just miss the Memorial Day sales? But it doesn't matter. 701 00:31:57,920 --> 00:32:00,840 Speaker 1: We're gonna let's let's blurge and make happen. But it 702 00:32:00,880 --> 00:32:03,880 Speaker 1: can be some of these smaller things as well. Agreed. Alright, So, 703 00:32:03,880 --> 00:32:06,040 Speaker 1: so we've talked about a lot of the culprits that 704 00:32:06,160 --> 00:32:07,800 Speaker 1: are trying to get us to spend more. Some of 705 00:32:07,840 --> 00:32:10,200 Speaker 1: these are are these macroeconomic things that we have no 706 00:32:10,240 --> 00:32:12,240 Speaker 1: control over. But there are a lot of things that 707 00:32:12,280 --> 00:32:14,680 Speaker 1: are that are micro economic, that are really based in 708 00:32:14,720 --> 00:32:17,160 Speaker 1: our emotions and the way that we look at our 709 00:32:17,200 --> 00:32:19,200 Speaker 1: positions and the way that we think about our money. 710 00:32:19,560 --> 00:32:21,320 Speaker 1: But what can we do about it? Right? What can 711 00:32:21,360 --> 00:32:23,320 Speaker 1: we do about the fact that all these things are 712 00:32:23,360 --> 00:32:26,360 Speaker 1: conspiring against us to get us to spend more and 713 00:32:26,520 --> 00:32:30,920 Speaker 1: to devalue our money essentially, uh, instead of building wealth. Well, 714 00:32:30,960 --> 00:32:33,960 Speaker 1: we'll talk about how to combat these higher prices in 715 00:32:34,000 --> 00:32:45,960 Speaker 1: your life. We'll we'll discuss that right after this. Alright, 716 00:32:46,000 --> 00:32:48,920 Speaker 1: the high prices, they abound for many different reasons. But 717 00:32:49,040 --> 00:32:51,120 Speaker 1: now we're gonna talk about what it is that we 718 00:32:51,160 --> 00:32:53,760 Speaker 1: can do to defy these high prices. We wouldn't leave 719 00:32:53,760 --> 00:32:56,880 Speaker 1: you with a cliffhanger and just be there's good news, guys, 720 00:32:57,040 --> 00:32:59,520 Speaker 1: Let's talk about the beer. Have a good week. No, 721 00:32:59,520 --> 00:33:01,560 Speaker 1: Now that we've exposed you to this new way of thinking, 722 00:33:01,600 --> 00:33:03,959 Speaker 1: let's talk about all the ways, yeah, that you can 723 00:33:04,000 --> 00:33:07,440 Speaker 1: combat the reality of inflation and the pesky maintenance and 724 00:33:07,520 --> 00:33:10,640 Speaker 1: secondary costs that all of those experience. And one of 725 00:33:10,640 --> 00:33:12,560 Speaker 1: the best things that you can do is to simply 726 00:33:12,600 --> 00:33:15,600 Speaker 1: own less stuff. I think since you know everything in 727 00:33:15,600 --> 00:33:17,840 Speaker 1: the world, it requires some type of maintenance. It's helpful 728 00:33:17,880 --> 00:33:20,400 Speaker 1: for us to own fewer things overall. And while I 729 00:33:20,440 --> 00:33:23,480 Speaker 1: say that we're not necessarily minimalists here, you know, although 730 00:33:23,520 --> 00:33:27,200 Speaker 1: we do appreciate a lot of what the minimalist movement 731 00:33:27,200 --> 00:33:30,080 Speaker 1: has to offer. But just pairing down your possessions can 732 00:33:30,160 --> 00:33:33,320 Speaker 1: lead to a happiness boost. I think that because it 733 00:33:33,360 --> 00:33:34,920 Speaker 1: means that there are going to be few items that 734 00:33:34,960 --> 00:33:36,880 Speaker 1: you have to think about, there's gonna be few items 735 00:33:36,880 --> 00:33:39,800 Speaker 1: that you gotta worry about fixing or repairing, and just 736 00:33:39,880 --> 00:33:42,640 Speaker 1: buying less. It's going to keep more money in your account. 737 00:33:42,840 --> 00:33:45,200 Speaker 1: It's gonna mean that that's more money that you can invest, 738 00:33:45,280 --> 00:33:47,200 Speaker 1: and it's going to ensure that you are able to 739 00:33:47,280 --> 00:33:50,280 Speaker 1: keep maintenance to a minimum. And it just makes me 740 00:33:50,280 --> 00:33:52,040 Speaker 1: think of our sell your Stuff challenge that we started 741 00:33:52,080 --> 00:33:53,640 Speaker 1: at the beginning of this year. We've heard from other 742 00:33:53,680 --> 00:33:56,120 Speaker 1: listeners who are doing it successfully. Matt I have ramped 743 00:33:56,200 --> 00:33:59,680 Speaker 1: up my efforts significantly, and it feels so good on 744 00:33:59,760 --> 00:34:02,680 Speaker 1: well levels to get rid of stuff, to make put 745 00:34:02,720 --> 00:34:04,520 Speaker 1: more money in the account, but then also just have 746 00:34:04,560 --> 00:34:06,320 Speaker 1: to less told you don't have to worry about it anymore. 747 00:34:06,320 --> 00:34:08,279 Speaker 1: It's so good. That's how it feels as I'm giving 748 00:34:08,280 --> 00:34:11,000 Speaker 1: it away or or and accepting money in exchange. I'm like, oh, 749 00:34:11,040 --> 00:34:12,760 Speaker 1: now I don't have to think about this thing ever again. 750 00:34:12,840 --> 00:34:16,040 Speaker 1: In full transparency, now that we've shared that we are moving, 751 00:34:16,320 --> 00:34:18,480 Speaker 1: now folks, note that we have an added incentive to 752 00:34:18,480 --> 00:34:20,840 Speaker 1: get things that we don't have to pay for moving 753 00:34:21,080 --> 00:34:23,520 Speaker 1: and then selling later. That's right exactly, So go ahead 754 00:34:23,520 --> 00:34:25,839 Speaker 1: and get rid of it now. Uh, Let's let's talk 755 00:34:25,880 --> 00:34:28,719 Speaker 1: about other other things that we can do, about other 756 00:34:28,719 --> 00:34:31,200 Speaker 1: ways we can fight back against higher costs in our lives. 757 00:34:31,520 --> 00:34:34,160 Speaker 1: And yeah, you're talking about owning less stuff. Well, it's 758 00:34:34,160 --> 00:34:36,000 Speaker 1: important to to run the math right, to run the 759 00:34:36,080 --> 00:34:38,719 Speaker 1: numbers as well, because this is gonna sound like a 760 00:34:38,719 --> 00:34:42,840 Speaker 1: big bummer maybe, but before you buy something, literally tally 761 00:34:42,880 --> 00:34:46,000 Speaker 1: up the likely additional costs of that item so that 762 00:34:46,040 --> 00:34:47,600 Speaker 1: you can see what kind of impact it's going to 763 00:34:47,719 --> 00:34:50,359 Speaker 1: have on your monthly budget. This this sounds weird. Most 764 00:34:50,360 --> 00:34:52,200 Speaker 1: people don't do this, and maybe you don't actually have 765 00:34:52,239 --> 00:34:54,760 Speaker 1: to put pen to paper or or whip out your 766 00:34:54,800 --> 00:34:58,239 Speaker 1: smartphone calculator, but you know, it's a good idea to 767 00:34:58,280 --> 00:35:01,960 Speaker 1: have a decent idea of what those secondary costs might 768 00:35:02,000 --> 00:35:04,359 Speaker 1: be and how much they might cost you. You want 769 00:35:04,360 --> 00:35:06,800 Speaker 1: to ask the question, is this a good move considering 770 00:35:06,840 --> 00:35:09,080 Speaker 1: all of the additional costs I'm going to be incurring 771 00:35:09,480 --> 00:35:11,560 Speaker 1: once I buy this thing? You know, don't don't just 772 00:35:11,800 --> 00:35:14,120 Speaker 1: plunge your head. If the total cost that you're gonna 773 00:35:14,120 --> 00:35:16,680 Speaker 1: incur on that item is more than you're comfortable with 774 00:35:16,960 --> 00:35:20,400 Speaker 1: the initial price tag, it might look reasonable, but the 775 00:35:20,440 --> 00:35:23,000 Speaker 1: amount you'll have to spend in the coming months or years, 776 00:35:23,360 --> 00:35:24,960 Speaker 1: if it makes you feel uncomfortable to go in a 777 00:35:25,000 --> 00:35:27,600 Speaker 1: different direction. Just go back to the printer example, Matt, 778 00:35:27,840 --> 00:35:31,080 Speaker 1: where it's like, yeah, thirty bucks, du no brainer, I 779 00:35:31,360 --> 00:35:33,680 Speaker 1: need a printer. But when you think about how much 780 00:35:33,719 --> 00:35:37,319 Speaker 1: it's gonna cost you on an ongoing basis, it becomes unsustainable. 781 00:35:37,360 --> 00:35:38,680 Speaker 1: At some point you're gonna toss that think in the 782 00:35:38,680 --> 00:35:41,760 Speaker 1: trash or give it away to goodwill because it's costing 783 00:35:41,800 --> 00:35:43,400 Speaker 1: you so much money. Yeah, you know. You know what 784 00:35:43,440 --> 00:35:46,440 Speaker 1: you can't toss in the trash is a pet. That's 785 00:35:46,440 --> 00:35:50,560 Speaker 1: just something I thought, that's there's so expensive and you think, granted, 786 00:35:50,560 --> 00:35:52,319 Speaker 1: I'm not gonna say, like, for instance, you were able 787 00:35:52,360 --> 00:35:54,799 Speaker 1: to get a bogo, basically you are you know, are 788 00:35:54,840 --> 00:35:58,400 Speaker 1: cats called adopted fifty bucks. Fifty bucks from an adoption. 789 00:35:59,440 --> 00:36:01,480 Speaker 1: But if you're right that the only cost that you're 790 00:36:01,520 --> 00:36:03,719 Speaker 1: thinking of, uh, your folks are going to be in 791 00:36:03,760 --> 00:36:06,239 Speaker 1: for a rude awake, it's gonna sound cheap exactly. Then 792 00:36:06,280 --> 00:36:08,959 Speaker 1: there are a lot of costs associated with with owning pets. 793 00:36:08,960 --> 00:36:10,759 Speaker 1: I'm making sure that you're taking care of them the 794 00:36:10,760 --> 00:36:13,239 Speaker 1: best you can. So, yes, you're right, some items cost 795 00:36:13,320 --> 00:36:15,759 Speaker 1: far more when it comes to the secondary cost that 796 00:36:15,760 --> 00:36:17,799 Speaker 1: those are, those are actually far more agreed just than 797 00:36:17,840 --> 00:36:20,160 Speaker 1: the initial cost, like the printer or like a pet, 798 00:36:20,400 --> 00:36:24,359 Speaker 1: because the pet initially that upfront price was near near nothing. 799 00:36:24,400 --> 00:36:26,799 Speaker 1: Fifty bucks for two cats is like what a deal. 800 00:36:27,040 --> 00:36:29,440 Speaker 1: But food for a month, But when we're talking about 801 00:36:29,440 --> 00:36:31,600 Speaker 1: litter and food and yeah, all the other stuff that 802 00:36:31,640 --> 00:36:34,040 Speaker 1: goes along with it, it's like, oh yeah, all right, 803 00:36:34,160 --> 00:36:37,400 Speaker 1: that you need a scratching post and the kind of stuff. 804 00:36:37,520 --> 00:36:40,440 Speaker 1: I mean, it adds up for sure thing. Pet adoption 805 00:36:40,480 --> 00:36:43,960 Speaker 1: agencies they're they're like following the Gillette razor model, right. 806 00:36:44,600 --> 00:36:47,120 Speaker 1: They give you the handle for free, and then they 807 00:36:47,160 --> 00:36:49,520 Speaker 1: got their hooks in you for for the rest of 808 00:36:49,520 --> 00:36:52,000 Speaker 1: your life. Something something else I think that's important to 809 00:36:52,080 --> 00:36:55,480 Speaker 1: keep in mind is perspective, because a good question you 810 00:36:55,560 --> 00:36:57,759 Speaker 1: can ask yourself is like, are you the kind of 811 00:36:57,800 --> 00:36:59,960 Speaker 1: person who goes all in when you start a hot 812 00:37:00,040 --> 00:37:03,120 Speaker 1: be because if so, then budget accordingly. If you're if 813 00:37:03,120 --> 00:37:05,280 Speaker 1: you're more likely to be a little bit more measured 814 00:37:05,320 --> 00:37:08,799 Speaker 1: in your approach. Also, budget accordingly. Some of us are 815 00:37:08,840 --> 00:37:10,960 Speaker 1: content to just own a few items that allow us 816 00:37:10,960 --> 00:37:13,040 Speaker 1: to pursue our hobbies. I'm thinking about how I own 817 00:37:13,480 --> 00:37:16,279 Speaker 1: three discs disks when I go discolfing. Some Joe, I 818 00:37:16,320 --> 00:37:18,160 Speaker 1: think you only have like five of them, But you 819 00:37:18,160 --> 00:37:20,560 Speaker 1: know what, that's totally fine. We throw them in bags 820 00:37:20,800 --> 00:37:23,040 Speaker 1: that aren't disc golf bags. We get to use them 821 00:37:23,080 --> 00:37:25,520 Speaker 1: for all sorts of things. In fact is I haven't 822 00:37:25,520 --> 00:37:28,520 Speaker 1: mastered even two of my discs, so I feel like 823 00:37:28,520 --> 00:37:30,759 Speaker 1: I still have one more than I need. But it's 824 00:37:30,800 --> 00:37:32,799 Speaker 1: good to keep that in mind. We need to be 825 00:37:32,880 --> 00:37:35,360 Speaker 1: prepared as we are pursuing some different hobbies like this. 826 00:37:35,400 --> 00:37:37,160 Speaker 1: For instance, like it makes me think of a buddy 827 00:37:37,440 --> 00:37:40,320 Speaker 1: neighbor of ours who he took up golfing. He's definitely 828 00:37:40,360 --> 00:37:42,560 Speaker 1: the all in type, which is great, but it comes 829 00:37:42,560 --> 00:37:44,560 Speaker 1: with a cost that you've got to come to grips 830 00:37:44,560 --> 00:37:46,799 Speaker 1: with on the front end. You gotta be honest with 831 00:37:46,800 --> 00:37:48,920 Speaker 1: with yourself because he just took a trip across the 832 00:37:48,960 --> 00:37:51,080 Speaker 1: country to play golf with some friends for like like 833 00:37:51,120 --> 00:37:54,000 Speaker 1: four days in a row or sometimes. I'm sure it 834 00:37:54,040 --> 00:37:56,680 Speaker 1: wasn't cheap, Yeah, but was it worth it? Absolutely, I'm 835 00:37:56,680 --> 00:37:59,520 Speaker 1: sure he he had a blast. But knowing your own 836 00:37:59,600 --> 00:38:01,960 Speaker 1: tendon see to ramp up your spending is going to 837 00:38:02,000 --> 00:38:05,080 Speaker 1: be helpful before you ramp up that new endeavor. Yeah, 838 00:38:05,080 --> 00:38:06,279 Speaker 1: we want We don't want to be a buzz kill. 839 00:38:06,360 --> 00:38:08,080 Speaker 1: And if you're like, no, I'm actually getting into golf 840 00:38:08,120 --> 00:38:10,400 Speaker 1: because I'm excited. I'm going to play these courses across 841 00:38:10,400 --> 00:38:13,000 Speaker 1: the country, that's totally fine, totally as long as you 842 00:38:13,040 --> 00:38:14,840 Speaker 1: go into it with your eyes open and you realize 843 00:38:14,840 --> 00:38:18,080 Speaker 1: how much it's gonna cost, and you've budgeted accordingly, like 844 00:38:18,120 --> 00:38:20,480 Speaker 1: you said, Matt, Because if you haven't and it sneaks 845 00:38:20,520 --> 00:38:22,560 Speaker 1: up on you, you're gonna be it's gonna be tough. 846 00:38:22,800 --> 00:38:26,000 Speaker 1: It's it's gonna feel like a biting pain every time 847 00:38:26,360 --> 00:38:29,719 Speaker 1: a new expense associated with that hobby arises. And so 848 00:38:29,760 --> 00:38:31,680 Speaker 1: we want you to avoid that feeling of pain. We 849 00:38:31,719 --> 00:38:35,120 Speaker 1: want you to know what you're getting into. And another 850 00:38:35,160 --> 00:38:38,520 Speaker 1: thing you can do about it is to wait, and 851 00:38:38,600 --> 00:38:40,719 Speaker 1: it can be helpful, we would say, to decide on 852 00:38:40,920 --> 00:38:44,680 Speaker 1: maybe a specific period of chill time before you make 853 00:38:44,680 --> 00:38:47,640 Speaker 1: purchases that are over a certain amount. You might say, 854 00:38:47,760 --> 00:38:50,360 Speaker 1: and and this this is completely up to the individual 855 00:38:50,680 --> 00:38:54,840 Speaker 1: that maybe for any non necessity item over a hunter Bucks, 856 00:38:54,840 --> 00:38:57,480 Speaker 1: that you gotta wait twenty four hours before you complete 857 00:38:57,480 --> 00:39:00,200 Speaker 1: the purchase little rule of thumb. Yeah, or maybe say 858 00:39:00,200 --> 00:39:02,800 Speaker 1: it's even more expensive, it's over like two or fifty dollars, 859 00:39:02,880 --> 00:39:05,399 Speaker 1: or it's over five, give you gotta give it forty 860 00:39:05,400 --> 00:39:09,480 Speaker 1: eight hours before you actually complete that purchase and get 861 00:39:09,480 --> 00:39:12,080 Speaker 1: it shipped to your house. And so those forced a 862 00:39:12,120 --> 00:39:15,920 Speaker 1: waiting periods can actually help you avoid impulse purchases that 863 00:39:15,960 --> 00:39:18,799 Speaker 1: you're going to regret down the road, especially if it's 864 00:39:18,800 --> 00:39:21,960 Speaker 1: a living creature like an animal. And so yeah, you 865 00:39:22,040 --> 00:39:24,080 Speaker 1: definitely need more time to think about something, or a 866 00:39:24,160 --> 00:39:27,400 Speaker 1: child even yes, and even more important, maybe give that 867 00:39:27,400 --> 00:39:30,320 Speaker 1: one at least six months to think about. And really, 868 00:39:30,360 --> 00:39:32,279 Speaker 1: what this waiting period does is it allows you to 869 00:39:32,320 --> 00:39:35,280 Speaker 1: actually take stock of how much this item is actually 870 00:39:35,280 --> 00:39:37,799 Speaker 1: going to cost you, not just today but also in 871 00:39:37,920 --> 00:39:40,720 Speaker 1: the long run, and so having some time to consider 872 00:39:40,800 --> 00:39:43,360 Speaker 1: whether you actually want the item, but also to think about, 873 00:39:43,440 --> 00:39:45,640 Speaker 1: you know, how much those secondary costs are going to 874 00:39:45,680 --> 00:39:48,080 Speaker 1: impact your budget moving forward. I think that's just a 875 00:39:48,080 --> 00:39:50,439 Speaker 1: helpful thing to do, that's right. Yeah, it's also really 876 00:39:50,440 --> 00:39:52,640 Speaker 1: smart to use cash, because we don't want you to 877 00:39:52,680 --> 00:39:56,919 Speaker 1: borrow and pay interest unless you are purchasing something that 878 00:39:57,120 --> 00:39:59,840 Speaker 1: is hopefully going to be going up in value. For instance, 879 00:40:00,000 --> 00:40:02,560 Speaker 1: sorrowing to buy a home that makes a ton of sense. 880 00:40:02,960 --> 00:40:06,640 Speaker 1: Borrowing money to buy clothes that is a bad idea. Actually, 881 00:40:06,680 --> 00:40:09,240 Speaker 1: So here's a stat. Nearly three and five folks surveyed 882 00:40:09,280 --> 00:40:12,600 Speaker 1: by the National Retail Federation, they say that they are 883 00:40:12,640 --> 00:40:15,520 Speaker 1: going into debts or they are borrowing money in order 884 00:40:15,560 --> 00:40:17,839 Speaker 1: to afford just the regular expenses right now, which is 885 00:40:17,960 --> 00:40:21,319 Speaker 1: a crazy stat. Uh. And so paying only with money 886 00:40:21,360 --> 00:40:23,120 Speaker 1: that you actually have is going to help you to 887 00:40:23,160 --> 00:40:25,840 Speaker 1: avoid what we mentioned earlier, right, paying more for an 888 00:40:25,880 --> 00:40:28,400 Speaker 1: item because you're paying interest on it as well. And 889 00:40:28,640 --> 00:40:30,640 Speaker 1: the other thing you don't have to actually use like 890 00:40:30,960 --> 00:40:33,360 Speaker 1: cash like dollar bills with ben France based on it, 891 00:40:34,239 --> 00:40:37,000 Speaker 1: if you're buying stuff with yeah, with Benjamin's, then you're 892 00:40:37,080 --> 00:40:40,320 Speaker 1: you're a high roller. Uh, But like you can still 893 00:40:40,320 --> 00:40:42,600 Speaker 1: pay for whatever you're buying on your credit card in 894 00:40:42,680 --> 00:40:45,560 Speaker 1: order to get the rewards. Were all about that, but 895 00:40:45,719 --> 00:40:48,440 Speaker 1: only if you're committed to paying that balance off on 896 00:40:48,600 --> 00:40:51,120 Speaker 1: time and in full every single month. That's right, Okay. 897 00:40:51,120 --> 00:40:54,160 Speaker 1: So we have a lot of recommendations here in in 898 00:40:54,239 --> 00:40:57,279 Speaker 1: what to do about higher prices and how they're impacting you. 899 00:40:57,600 --> 00:41:00,560 Speaker 1: And so, yeah, we've talked about owning less, doing the math, 900 00:41:00,600 --> 00:41:04,000 Speaker 1: getting some perspective, waiting, using cash. But then something else 901 00:41:04,040 --> 00:41:06,600 Speaker 1: you're you're gonna want to consider is increasing your income. 902 00:41:07,040 --> 00:41:09,120 Speaker 1: And you know, so, so far, Matt, we've talked about 903 00:41:09,120 --> 00:41:12,640 Speaker 1: ways to minimize what you're spending, but maybe that's not 904 00:41:12,760 --> 00:41:14,920 Speaker 1: the problem. Might it might be less about what's flowing 905 00:41:14,920 --> 00:41:17,400 Speaker 1: out of your accounts, and instead you should actually focus 906 00:41:17,440 --> 00:41:19,880 Speaker 1: a little more on what's flowing into your accounts. That 907 00:41:20,160 --> 00:41:23,000 Speaker 1: get Yeah, that might mean focusing a little more on 908 00:41:23,160 --> 00:41:26,040 Speaker 1: collecting a bigger paycheck, making making more money. It's not 909 00:41:26,160 --> 00:41:29,759 Speaker 1: necessarily the right prescription for everyone. You might love your job, 910 00:41:29,800 --> 00:41:32,600 Speaker 1: you might be making enough money to meet your financial needs. 911 00:41:32,600 --> 00:41:35,399 Speaker 1: And in fact, in some instances, Matt, we're totally fine, 912 00:41:35,440 --> 00:41:37,600 Speaker 1: and we encourage people to take a job that pays 913 00:41:37,640 --> 00:41:40,319 Speaker 1: them less if they can still make ends meet and 914 00:41:40,400 --> 00:41:43,400 Speaker 1: resetart financial goals and it's just a better situation for 915 00:41:43,440 --> 00:41:46,200 Speaker 1: them and for their family. That's totally fine. But if 916 00:41:46,239 --> 00:41:48,760 Speaker 1: you find that it's harder to keep up with rising prices, 917 00:41:49,320 --> 00:41:52,960 Speaker 1: increasing your income is something massively important to consider, and 918 00:41:53,000 --> 00:41:55,840 Speaker 1: it's easier now than it normally is thanks to the 919 00:41:55,880 --> 00:41:57,839 Speaker 1: killer job market that we're in. You know, we've heard 920 00:41:57,880 --> 00:42:00,319 Speaker 1: a ton of stories from how to money Less Nerves 921 00:42:00,600 --> 00:42:03,359 Speaker 1: about growing their incomes in big ways. In recent month, 922 00:42:03,440 --> 00:42:08,840 Speaker 1: we're talking about we're talking about pay raises in some instances, 923 00:42:09,160 --> 00:42:12,200 Speaker 1: and so those are those are that's a great way 924 00:42:12,320 --> 00:42:15,319 Speaker 1: to be able to adjust to the reality of things 925 00:42:15,400 --> 00:42:18,640 Speaker 1: costing more is having a lot more money flowing in 926 00:42:18,680 --> 00:42:21,160 Speaker 1: every single month. Increasing your income is a sure fire 927 00:42:21,200 --> 00:42:23,880 Speaker 1: way to feel the pinch a lot less. That's right. Yeah, So, 928 00:42:23,920 --> 00:42:26,920 Speaker 1: continuing the thread, how about one more tip, which is 929 00:42:27,040 --> 00:42:29,560 Speaker 1: to invest more of your money, because I think the 930 00:42:29,560 --> 00:42:31,920 Speaker 1: best way to come back your dollars being stretched thin 931 00:42:32,040 --> 00:42:34,520 Speaker 1: is to find a way to grow those dollars at 932 00:42:34,520 --> 00:42:37,280 Speaker 1: a more rapid clip, and you do that by investing. 933 00:42:37,400 --> 00:42:39,200 Speaker 1: Investing in the market, right like, that's one of the 934 00:42:39,280 --> 00:42:43,279 Speaker 1: absolute best ways to ensure that Inflation and all of 935 00:42:43,320 --> 00:42:45,759 Speaker 1: the secondary expenses that we've talked about today that they 936 00:42:45,800 --> 00:42:49,040 Speaker 1: don't stymy your ability to build wealth, and so that 937 00:42:49,080 --> 00:42:51,920 Speaker 1: means that you will need to be putting your dollars 938 00:42:51,960 --> 00:42:54,440 Speaker 1: to work for you within the markets. Preferably that's in 939 00:42:54,480 --> 00:42:57,160 Speaker 1: tax advantaged accounts through your workplace like a four one 940 00:42:57,239 --> 00:42:59,520 Speaker 1: K and hopefully you also have a match to go 941 00:42:59,560 --> 00:43:03,200 Speaker 1: along with that, but also individual retirement accounts as well 942 00:43:03,320 --> 00:43:06,640 Speaker 1: i ras. And so it's not just about reducing the 943 00:43:06,640 --> 00:43:08,879 Speaker 1: flow of money going out of your account, like you said, Jill, 944 00:43:08,920 --> 00:43:11,160 Speaker 1: but there are ways that not only can you increase 945 00:43:11,239 --> 00:43:13,520 Speaker 1: the money flowing into your accounts, but then once it's 946 00:43:13,520 --> 00:43:17,160 Speaker 1: sitting there sort of in the Noman's land, right between 947 00:43:17,200 --> 00:43:19,120 Speaker 1: you earning it and before you before you spend it, 948 00:43:19,160 --> 00:43:21,680 Speaker 1: you want to grow that money as much as possible. Uh. 949 00:43:21,680 --> 00:43:24,520 Speaker 1: And one of the best ways to beat the biggest 950 00:43:24,520 --> 00:43:27,279 Speaker 1: culprit here, which is inflation, is to make sure that 951 00:43:27,320 --> 00:43:29,839 Speaker 1: you are investing those dollars. Yeah, and even with short 952 00:43:29,960 --> 00:43:31,920 Speaker 1: term bumps in the stock market, it doesn't mean that 953 00:43:32,000 --> 00:43:34,880 Speaker 1: you aren't ultimately combating inflation because you are. So it 954 00:43:34,960 --> 00:43:38,400 Speaker 1: might feel at times when the market is choppy that 955 00:43:38,480 --> 00:43:40,000 Speaker 1: you're like, well, that's not working out, like Matt and 956 00:43:40,040 --> 00:43:43,080 Speaker 1: Joel said, it's not helping me combat inflation. My retirement 957 00:43:43,080 --> 00:43:45,920 Speaker 1: account is actually down right now. Those guys are dumb. Well, 958 00:43:46,000 --> 00:43:48,200 Speaker 1: here's the thing. We always talk about perspective and taking 959 00:43:48,320 --> 00:43:52,399 Speaker 1: the long term approach and investing is a brilliant move 960 00:43:52,440 --> 00:43:54,600 Speaker 1: over the long term. It might look bad in the 961 00:43:54,640 --> 00:43:58,200 Speaker 1: short run, though, and so Matt inflation. Obviously it's attracting 962 00:43:58,200 --> 00:44:01,520 Speaker 1: all the eyeballs right now. Everyone's so focused on what's 963 00:44:01,520 --> 00:44:04,520 Speaker 1: happening with rising prices at the grocery store, or really 964 00:44:04,600 --> 00:44:06,920 Speaker 1: on lots of goods and services that we we use 965 00:44:07,120 --> 00:44:10,959 Speaker 1: on a regular basis. That's understandable. We are noticing higher 966 00:44:10,960 --> 00:44:13,719 Speaker 1: prices all around us. But it's important, I think, for 967 00:44:13,840 --> 00:44:16,640 Speaker 1: us as individuals to pay attention to the other factors 968 00:44:16,680 --> 00:44:19,520 Speaker 1: that impact what we pay for goods and services on 969 00:44:19,560 --> 00:44:23,040 Speaker 1: a hyper individual level, because there's more in our control 970 00:44:23,200 --> 00:44:26,000 Speaker 1: than we realize, I think, and and there are legitimate 971 00:44:26,120 --> 00:44:28,400 Speaker 1: changes that all of us can make in our own 972 00:44:28,400 --> 00:44:31,560 Speaker 1: lives in order to fight back m We we just 973 00:44:31,800 --> 00:44:34,279 Speaker 1: suggest we want you to be careful with what you 974 00:44:34,320 --> 00:44:36,040 Speaker 1: bring into your life. You know, some of those things 975 00:44:36,080 --> 00:44:37,920 Speaker 1: are going to cost you money and others are just 976 00:44:37,920 --> 00:44:40,959 Speaker 1: gonna cost you more brain space, more headaches. The more 977 00:44:41,120 --> 00:44:42,879 Speaker 1: things you add into your life, the more you're gonna 978 00:44:42,920 --> 00:44:46,279 Speaker 1: need to maintain. So think twice before consuming. It's easy 979 00:44:46,360 --> 00:44:48,879 Speaker 1: to point the finger and inflation as being the main 980 00:44:48,960 --> 00:44:52,040 Speaker 1: reason why our budget is busted. But I think, what, 981 00:44:52,239 --> 00:44:54,000 Speaker 1: what what do our parents say, Matt, when you point 982 00:44:54,000 --> 00:44:55,799 Speaker 1: a finger? How many fingers get pointed back at you 983 00:44:55,880 --> 00:45:00,160 Speaker 1: for something like that? So too, okay, but finger get 984 00:45:00,200 --> 00:45:01,880 Speaker 1: pointed back at you, is what I'm saying. And so 985 00:45:01,880 --> 00:45:03,880 Speaker 1: we can point the finger at inflation and it is 986 00:45:03,920 --> 00:45:07,719 Speaker 1: a legitimate finger that's deservedly pointed. But then there are 987 00:45:07,800 --> 00:45:11,320 Speaker 1: other things that we have a lot of control over. Exactly. 988 00:45:11,320 --> 00:45:13,760 Speaker 1: We need to remember that and we need to actually 989 00:45:13,800 --> 00:45:17,400 Speaker 1: combat them with with real effort. Exactly. It's about concentrating 990 00:45:17,400 --> 00:45:19,719 Speaker 1: our efforts within our locus of control. And all of 991 00:45:19,760 --> 00:45:22,160 Speaker 1: the things we talked about today are things that don't 992 00:45:22,239 --> 00:45:27,000 Speaker 1: involve Jerome Powell, that that don't involve the interest rates. 993 00:45:27,040 --> 00:45:29,840 Speaker 1: There are things that we can change today. And you 994 00:45:29,920 --> 00:45:32,600 Speaker 1: might disagree maybe with the FEDS approach to certain different things. 995 00:45:32,719 --> 00:45:34,680 Speaker 1: And you can tweet at JEROMEE. Powell for hours on 996 00:45:34,800 --> 00:45:36,680 Speaker 1: end all that you want, and nothing will change in 997 00:45:36,719 --> 00:45:38,920 Speaker 1: that regard. I'm going to change, so maybe just focus 998 00:45:38,960 --> 00:45:40,560 Speaker 1: on the things that you have some sort of say 999 00:45:40,600 --> 00:45:42,600 Speaker 1: on exactly. All right, man, let's get to our beer. 1000 00:45:42,719 --> 00:45:46,720 Speaker 1: You and I enjoyed. We both enjoyed a Founder's Breakfast Stouts. 1001 00:45:46,800 --> 00:45:49,960 Speaker 1: This is a double chocolate coffee oatmeal stouts. Like I 1002 00:45:49,960 --> 00:45:51,719 Speaker 1: said at the beginning, this is a classic. I think 1003 00:45:51,800 --> 00:45:54,239 Speaker 1: you and I both have a pretty long history with 1004 00:45:54,280 --> 00:45:56,160 Speaker 1: this beer. But what were your thoughts on this one. 1005 00:45:56,200 --> 00:45:58,160 Speaker 1: I've been drinking it since I was about the age 1006 00:45:58,200 --> 00:46:01,359 Speaker 1: of the young lad on the label, Matt, it's it's 1007 00:46:01,360 --> 00:46:05,000 Speaker 1: like a Norman Rockwell style painting of like a little 1008 00:46:05,239 --> 00:46:07,160 Speaker 1: three year old at one point in his oatmeal a 1009 00:46:07,200 --> 00:46:08,959 Speaker 1: few years ago. I forget what state. It was, somewhere 1010 00:46:08,960 --> 00:46:10,480 Speaker 1: in the Northeast. I want to say, try to ban that. 1011 00:46:10,520 --> 00:46:12,799 Speaker 1: They banned the Yeah, they had to change the label 1012 00:46:12,840 --> 00:46:14,960 Speaker 1: in that one state, which may be sad because it's 1013 00:46:14,960 --> 00:46:18,160 Speaker 1: such a cool label. It's a classic. But granted, baby 1014 00:46:18,200 --> 00:46:20,160 Speaker 1: should not drink beer. I think that goes without saying. 1015 00:46:20,400 --> 00:46:24,160 Speaker 1: But I enjoyed this one. It's a yeah, coffee chocolate oatmeal. 1016 00:46:24,760 --> 00:46:26,520 Speaker 1: Three of the best things to put in a stout 1017 00:46:26,640 --> 00:46:29,880 Speaker 1: in this one, great stout. It's it's roasty, it's slightly bitter, 1018 00:46:30,320 --> 00:46:32,880 Speaker 1: but it's got like all of those flavors working together 1019 00:46:33,320 --> 00:46:36,680 Speaker 1: coffee notes as well. Yeah, it's like pulsating in my 1020 00:46:36,680 --> 00:46:39,160 Speaker 1: mouth in a beautiful way. So it's a it's good 1021 00:46:39,200 --> 00:46:41,560 Speaker 1: to revisit this one because it's probably been years since 1022 00:46:41,560 --> 00:46:43,480 Speaker 1: I've had an honestly, yeah nice. I mean, there there 1023 00:46:43,480 --> 00:46:46,719 Speaker 1: are so many fantastic new craft beers out there, it's 1024 00:46:46,760 --> 00:46:48,520 Speaker 1: difficult to go to one that we see on the 1025 00:46:48,560 --> 00:46:50,360 Speaker 1: shelves all the time. But that's what's great about this 1026 00:46:50,400 --> 00:46:53,600 Speaker 1: one is I think wherever it is that you live, 1027 00:46:53,640 --> 00:46:56,640 Speaker 1: there's a good chance that Founders distributes to your state. 1028 00:46:56,719 --> 00:46:58,440 Speaker 1: So there's a very good chance that you can get 1029 00:46:58,480 --> 00:47:02,680 Speaker 1: your hands even Founders Brekfast being point or at least 1030 00:47:02,680 --> 00:47:04,400 Speaker 1: they're in like the forties. So so if you're a 1031 00:47:04,440 --> 00:47:07,000 Speaker 1: fan of coffee, if you're a fan of roasted, dark flavors, 1032 00:47:07,000 --> 00:47:08,759 Speaker 1: even though it's the middle of summer, I don't know. 1033 00:47:08,840 --> 00:47:10,840 Speaker 1: Sometimes you're sitting there in the in the a c. 1034 00:47:11,280 --> 00:47:13,320 Speaker 1: Maybe you feel a little chilly, and what you're looking 1035 00:47:13,320 --> 00:47:15,160 Speaker 1: for isn't a beer to cool you down, but something 1036 00:47:15,200 --> 00:47:17,000 Speaker 1: that maybe kind of warms you up a little bit 1037 00:47:17,000 --> 00:47:19,759 Speaker 1: in this beer is definitely up to the task. We 1038 00:47:19,840 --> 00:47:22,839 Speaker 1: highly recommend it, and if you don't like it, just 1039 00:47:23,000 --> 00:47:26,040 Speaker 1: don't at us, don't let us know. It's okay. Yeah, 1040 00:47:26,080 --> 00:47:28,799 Speaker 1: we drink a lot of beers. We not everyone is, 1041 00:47:28,840 --> 00:47:30,400 Speaker 1: not all of them are winners, but this is a 1042 00:47:30,440 --> 00:47:32,520 Speaker 1: total winner. Every everyone agrees this is a winner at 1043 00:47:32,520 --> 00:47:35,000 Speaker 1: this point. Yeah, it's and honestly it's it's your taste, 1044 00:47:35,000 --> 00:47:37,120 Speaker 1: budge of the fault at fault here if you don't 1045 00:47:37,120 --> 00:47:39,000 Speaker 1: like it exactly all right. So that's gonna be it 1046 00:47:39,120 --> 00:47:41,839 Speaker 1: for this episode. Listeners can find our show notes up 1047 00:47:41,840 --> 00:47:44,120 Speaker 1: on the website at how the Money dot com. So 1048 00:47:44,200 --> 00:47:46,080 Speaker 1: that's gonna be it for today, Joel. Until next time, 1049 00:47:46,280 --> 00:48:00,120 Speaker 1: Best Friends Out, Best Friends Out. M