1 00:00:00,120 --> 00:00:02,960 Speaker 1: Welcome to Had of Money. I'm Joel and I am that, 2 00:00:03,120 --> 00:00:06,240 Speaker 1: and today we're talking about war and t warnings, rocketing 3 00:00:06,360 --> 00:00:08,719 Speaker 1: your RIZ and stocks get smashed. 4 00:00:27,880 --> 00:00:30,040 Speaker 2: So your RIZ headline makes me think of one thing, 5 00:00:30,080 --> 00:00:32,240 Speaker 2: and I've gotta think you're thinking the same thing too. 6 00:00:33,040 --> 00:00:37,000 Speaker 2: I don't know, am I. Rocket Fizz is not the 7 00:00:37,040 --> 00:00:38,680 Speaker 2: name of the candy shop right around the corner from 8 00:00:38,720 --> 00:00:40,320 Speaker 2: us that our kids love it. I was not thinking 9 00:00:40,320 --> 00:00:43,200 Speaker 2: about that really, due Yeah, I don't know. Rocketing YOURRIZ 10 00:00:43,280 --> 00:00:45,559 Speaker 2: makes me think of rocket Fizz, which is kind of 11 00:00:45,640 --> 00:00:47,880 Speaker 2: a terrible store. It's just nothing but candy, nothing with candy. 12 00:00:47,920 --> 00:00:49,360 Speaker 1: It's actually kind of cool though, because they have like 13 00:00:49,400 --> 00:00:52,199 Speaker 1: nostalgia candy that you can't but you can't find anywhere else. 14 00:00:52,240 --> 00:00:54,480 Speaker 2: Yeah, that is pretty cool. Yeah yeah, the kids are like, 15 00:00:54,520 --> 00:00:56,160 Speaker 2: what is that. I'm like, Oh, back when I was 16 00:00:56,160 --> 00:00:57,920 Speaker 2: a kid, this is what we used to get in 17 00:00:57,920 --> 00:00:58,680 Speaker 2: our Halloween best. 18 00:00:58,680 --> 00:01:02,120 Speaker 1: We used to protect smoke with these candy cigarettes. I'm 19 00:01:02,160 --> 00:01:03,080 Speaker 1: surprised anyone sells. 20 00:01:03,160 --> 00:01:05,640 Speaker 2: Of course, the kids are drawn to the candy cigarettes 21 00:01:05,800 --> 00:01:08,400 Speaker 2: and the big League chew right, like the two things 22 00:01:09,640 --> 00:01:12,320 Speaker 2: keep the kids off of But yeah, now this is 23 00:01:12,520 --> 00:01:15,679 Speaker 2: our Friday flight where we cover the most interesting stories 24 00:01:15,680 --> 00:01:17,600 Speaker 2: we've come across this week and how they pertain to 25 00:01:17,959 --> 00:01:20,840 Speaker 2: your personal finances. But Joe, you want to see you 26 00:01:20,880 --> 00:01:22,319 Speaker 2: got to know here. You want to talk about how 27 00:01:22,319 --> 00:01:25,600 Speaker 2: you're waffling on your Rivian, which is still like at 28 00:01:25,680 --> 00:01:28,000 Speaker 2: least two years out, but you're already having second thoughts 29 00:01:28,000 --> 00:01:29,320 Speaker 2: I guess as to whether or not you're gonna get 30 00:01:29,319 --> 00:01:31,920 Speaker 2: I'm gonna be waffling the whole entire time, Matt until 31 00:01:31,959 --> 00:01:35,000 Speaker 2: you take delivery. Actually, what's what's the return policy? I know, 32 00:01:35,280 --> 00:01:38,360 Speaker 2: because after it's in your driveway, you're still going to 33 00:01:38,400 --> 00:01:40,840 Speaker 2: start getting super nervous about the fact that you've just 34 00:01:41,319 --> 00:01:42,840 Speaker 2: have I made a mistake, I know for real. 35 00:01:43,200 --> 00:01:45,639 Speaker 1: No, I think part of it is the secondary costs 36 00:01:45,840 --> 00:01:48,360 Speaker 1: of I'm like, oh, the taxes and all the extra 37 00:01:48,400 --> 00:01:51,280 Speaker 1: insurance costs, even if even if it's a forty five 38 00:01:51,320 --> 00:01:52,920 Speaker 1: thousand dollars vehicle, at the end of the day, it's 39 00:01:52,920 --> 00:01:55,440 Speaker 1: going to cost more than that, right, and so I'm 40 00:01:55,480 --> 00:01:57,760 Speaker 1: nervous about that. But then something else gave me costs 41 00:01:57,800 --> 00:02:01,240 Speaker 1: for a concern just about buying an electric va, specifically 42 00:02:01,240 --> 00:02:03,760 Speaker 1: from one of these startup companies, and I think Rivian 43 00:02:03,800 --> 00:02:06,720 Speaker 1: has a lot more room to run because especially that 44 00:02:06,840 --> 00:02:10,720 Speaker 1: recent investment from VW that they got. But Fisker went busts. 45 00:02:10,800 --> 00:02:12,919 Speaker 1: Oh yeah, think about anybody who bought a Fisker car. 46 00:02:13,040 --> 00:02:15,680 Speaker 1: What happens now that these are not just cars that 47 00:02:16,040 --> 00:02:18,800 Speaker 1: run of themselves. You might not have the same support 48 00:02:19,080 --> 00:02:21,480 Speaker 1: like whendewu went bust or something like that. But these 49 00:02:21,480 --> 00:02:24,919 Speaker 1: are computers on wheels these days. Yeah, these fancier new cars. 50 00:02:25,040 --> 00:02:27,680 Speaker 1: And so you stop doing software updates, you stop supporting 51 00:02:27,720 --> 00:02:31,560 Speaker 1: those cars, do they become like a smartphone that doesn't 52 00:02:31,560 --> 00:02:34,480 Speaker 1: get updates anymore? So interesting, that's what makes me nervous 53 00:02:34,520 --> 00:02:36,080 Speaker 1: about buying from a startup company. So I hadn't really 54 00:02:36,080 --> 00:02:37,800 Speaker 1: thought about that. And I looked into this a little bit, 55 00:02:37,800 --> 00:02:40,800 Speaker 1: and it looks like Rivian says there's seven years of 56 00:02:40,840 --> 00:02:44,000 Speaker 1: support that they're guaranteeing, I guess to their customers, which 57 00:02:44,040 --> 00:02:46,600 Speaker 1: I don't that how they guarantee it. But seven years 58 00:02:46,760 --> 00:02:48,120 Speaker 1: only seven years, Yeah, that's what I was gonna say. 59 00:02:48,120 --> 00:02:49,520 Speaker 1: I was gonna say, that's actually not that long. 60 00:02:49,760 --> 00:02:53,440 Speaker 2: No, in phone terms, it is been not in car terms, yes, exactly. 61 00:02:53,480 --> 00:02:54,920 Speaker 2: And we want folks to hang on to vehicles for 62 00:02:55,000 --> 00:02:56,920 Speaker 2: much longer than that because so We've got a twenty 63 00:02:56,960 --> 00:03:00,160 Speaker 2: twelve Honda Odyssey that we bought used, but we you've 64 00:03:00,160 --> 00:03:02,520 Speaker 2: owned it for a little over eight years now, and 65 00:03:02,560 --> 00:03:04,640 Speaker 2: so I would hate to think that, oh yeah, at 66 00:03:04,639 --> 00:03:08,080 Speaker 2: a certain point, this vehicle is going to stop running optimally. 67 00:03:08,720 --> 00:03:11,560 Speaker 2: But like also it takes away the residual value because 68 00:03:11,600 --> 00:03:14,280 Speaker 2: you're you, you still have value in that car even 69 00:03:14,280 --> 00:03:16,080 Speaker 2: if you were to sell it, but you might not 70 00:03:16,160 --> 00:03:18,600 Speaker 2: if it's it's a car that no longer has any supports. 71 00:03:18,600 --> 00:03:20,200 Speaker 2: A toss up though, because that's the thing. If they 72 00:03:20,200 --> 00:03:22,600 Speaker 2: continue offering support for it, you know, the value is 73 00:03:22,880 --> 00:03:25,000 Speaker 2: it's not going to depreciate nearly as quickly. Right. But 74 00:03:25,080 --> 00:03:27,919 Speaker 2: I've got to think though too with Rivian specifically, because 75 00:03:27,960 --> 00:03:32,160 Speaker 2: they're so geared to the outdoors and clean energy and 76 00:03:32,280 --> 00:03:34,800 Speaker 2: that's like their whole brand. There's no way that they're 77 00:03:34,840 --> 00:03:37,120 Speaker 2: going to stop it at seven years. Yeah, because I mean, well, 78 00:03:37,160 --> 00:03:39,920 Speaker 2: Tesla's well we can look at Tesla, because Tesla they 79 00:03:39,960 --> 00:03:42,600 Speaker 2: still offer support for their older model S came out 80 00:03:42,600 --> 00:03:44,480 Speaker 2: in twenty twelve. You say this and you still and 81 00:03:44,600 --> 00:03:46,400 Speaker 2: the Model S is still get still get. 82 00:03:46,280 --> 00:03:48,360 Speaker 1: Support, true, And I think that they that will be 83 00:03:48,360 --> 00:03:50,440 Speaker 1: the case if they stay in business like. I don't 84 00:03:50,480 --> 00:03:52,280 Speaker 1: see them pulling the rug out from customers, but I 85 00:03:52,320 --> 00:03:55,200 Speaker 1: do see that running because right now they're losing money 86 00:03:55,240 --> 00:03:57,480 Speaker 1: on every car that they sell, and so how long 87 00:03:57,520 --> 00:03:59,680 Speaker 1: can they keep can is it going to take for 88 00:03:59,680 --> 00:04:02,920 Speaker 1: them to profitability? How long will they be along around? 89 00:04:02,960 --> 00:04:06,080 Speaker 1: So I guess that's that's really the key here is 90 00:04:06,240 --> 00:04:08,760 Speaker 1: if Rivian stays around, I think they'll do well by 91 00:04:08,760 --> 00:04:10,320 Speaker 1: their restlers, they'll do the right You're. 92 00:04:10,280 --> 00:04:13,200 Speaker 2: Less worried about them making the right call assuming they're around. 93 00:04:13,320 --> 00:04:15,120 Speaker 2: But the big question is whether or not they are 94 00:04:15,120 --> 00:04:15,800 Speaker 2: going to be around. 95 00:04:15,920 --> 00:04:18,000 Speaker 1: Are there many harder industries to make it in these days, 96 00:04:18,200 --> 00:04:21,080 Speaker 1: especially as EV interest kind of wanes a little bit. 97 00:04:21,080 --> 00:04:22,680 Speaker 1: We're going to talk actually more about cars here in 98 00:04:22,720 --> 00:04:24,560 Speaker 1: just a second, but I don't know. That's a question 99 00:04:24,600 --> 00:04:26,000 Speaker 1: that's on my mind. And I think the next two 100 00:04:26,080 --> 00:04:28,480 Speaker 1: years will learn a lot about what's happening in the 101 00:04:28,480 --> 00:04:31,160 Speaker 1: startup EV space, and that will either make me feel 102 00:04:31,160 --> 00:04:34,000 Speaker 1: a little more comfortable going in that direction or less comfortable, 103 00:04:34,040 --> 00:04:36,640 Speaker 1: and that will, I think influence my decision totally. Let's 104 00:04:36,720 --> 00:04:38,680 Speaker 1: keep talking about cars, though, Matt. In America, we tend 105 00:04:38,680 --> 00:04:40,760 Speaker 1: to think the bigger is better. I like the Ribbean 106 00:04:40,839 --> 00:04:42,080 Speaker 1: cars are kind of big, right. 107 00:04:42,800 --> 00:04:44,599 Speaker 2: The goal tends to be, but they're not too big. 108 00:04:44,640 --> 00:04:48,560 Speaker 2: It's not like they're not like expedition platinums or giant tahoes. 109 00:04:48,640 --> 00:04:51,120 Speaker 1: Especially the models that are coming out next, the R 110 00:04:51,160 --> 00:04:53,159 Speaker 1: two and R three, they're smaller versions, right, so. 111 00:04:53,160 --> 00:04:54,000 Speaker 2: Whe they're more affordable. 112 00:04:54,000 --> 00:04:56,279 Speaker 1: But it feels like what people want is like bigger, bigger, 113 00:04:56,279 --> 00:04:59,400 Speaker 1: more and more and more, bigger house, fancier car. And 114 00:04:59,440 --> 00:05:01,320 Speaker 1: that's how you know, I guess you've made it in 115 00:05:01,360 --> 00:05:04,680 Speaker 1: this country if you've got the bigger vehicle, the bigger house. Well, 116 00:05:04,800 --> 00:05:07,000 Speaker 1: some of those trends are reversing. We've talked about how 117 00:05:07,240 --> 00:05:11,440 Speaker 1: how home sizes new home sizes actually have reduced in size. Well, 118 00:05:11,480 --> 00:05:13,919 Speaker 1: the same thing is actually happening in the car market. Finally, 119 00:05:13,960 --> 00:05:16,400 Speaker 1: for the first time in a long time, people are 120 00:05:16,480 --> 00:05:21,240 Speaker 1: realizing how costly big trucks and SUVs are, and our 121 00:05:21,279 --> 00:05:24,599 Speaker 1: addiction to big automobiles. It's not going away in this country. 122 00:05:24,920 --> 00:05:28,479 Speaker 1: But new statistics from cos reveal how compact cars and 123 00:05:28,520 --> 00:05:32,080 Speaker 1: compact SUVs are seeing a surge of interest. So the 124 00:05:32,480 --> 00:05:36,520 Speaker 1: crossover suv segment MATT in particular, the sales of those 125 00:05:36,960 --> 00:05:40,200 Speaker 1: have seen a twenty plus percent point sales increase in 126 00:05:40,240 --> 00:05:42,919 Speaker 1: the first half of this year. The most popular models, 127 00:05:42,960 --> 00:05:44,920 Speaker 1: by the way, of those kinds of cars we're talking 128 00:05:44,920 --> 00:05:48,200 Speaker 1: about are twenty two thousand to twenty five thousand dollars. 129 00:05:48,600 --> 00:05:52,320 Speaker 1: This is not bad for a brand new car. SI crossovers, Yeah, 130 00:05:52,640 --> 00:05:54,479 Speaker 1: and they're just they get you up off the ground 131 00:05:54,480 --> 00:05:56,000 Speaker 1: a little bit more. I think people really like those 132 00:05:56,000 --> 00:05:57,719 Speaker 1: because they feel like an suv, but they're a micro 133 00:05:57,880 --> 00:06:00,240 Speaker 1: version of it exactly. But Civics and Corolla and are 134 00:06:00,240 --> 00:06:02,200 Speaker 1: feeling the love right now. They're not going to work 135 00:06:02,240 --> 00:06:04,480 Speaker 1: well for a family of six or seven, but it's 136 00:06:04,480 --> 00:06:07,080 Speaker 1: a good reminder, I think to weigh the pros of 137 00:06:07,080 --> 00:06:09,520 Speaker 1: buying a bigger ride with the cons of the higher 138 00:06:09,520 --> 00:06:10,839 Speaker 1: price tag that's attached. 139 00:06:10,520 --> 00:06:12,080 Speaker 2: To You know, so you mentioned Corollas. Have you seen 140 00:06:12,120 --> 00:06:17,239 Speaker 2: any of these Corollas, Corolla Crosses or whatever. They're Toyota Corollas, 141 00:06:17,279 --> 00:06:20,520 Speaker 2: but they're like the crossover version of the Corolla. It's interesting, Yes, 142 00:06:20,560 --> 00:06:22,560 Speaker 2: it's it's like they're most I don't know if it's 143 00:06:22,600 --> 00:06:26,440 Speaker 2: the most affordable crossover suv, but they're gearing it as 144 00:06:26,440 --> 00:06:28,839 Speaker 2: like an suv, so it's I mean, it's got the 145 00:06:28,880 --> 00:06:31,119 Speaker 2: slope back and it's higher up off the ground and everything. 146 00:06:31,160 --> 00:06:32,360 Speaker 2: It's crazy off. Look that up. 147 00:06:32,480 --> 00:06:34,479 Speaker 1: Well, the new Priuses look a lot sleeker than the 148 00:06:34,480 --> 00:06:37,040 Speaker 1: old ones. The old ones used to look so nerdy andy, 149 00:06:37,240 --> 00:06:38,679 Speaker 1: and now the new Prius terrible. 150 00:06:39,480 --> 00:06:43,000 Speaker 2: Yeah. Yeah, it's funny how tastes and style. It's a pendulum, right, 151 00:06:43,040 --> 00:06:44,640 Speaker 2: Like it swings from one end of the spectrum back 152 00:06:44,640 --> 00:06:46,200 Speaker 2: to the other and then it kind of starts coming back. 153 00:06:46,200 --> 00:06:49,080 Speaker 2: Because we I always love station wagons and like all 154 00:06:49,120 --> 00:06:52,159 Speaker 2: of these crossover eshuvs are basically station wagons. They're just 155 00:06:52,160 --> 00:06:54,320 Speaker 2: like a little bit higher up off the ground. But 156 00:06:54,360 --> 00:06:56,720 Speaker 2: when we had our VDA passat wagon, dude that we 157 00:06:56,800 --> 00:06:59,520 Speaker 2: love that thing, and I fully embrace the fact that 158 00:06:59,600 --> 00:07:02,800 Speaker 2: it was a state I think as people have gotten 159 00:07:02,839 --> 00:07:04,880 Speaker 2: used to the idea of having something that's not totally 160 00:07:04,960 --> 00:07:07,839 Speaker 2: an SUV, but it's more suv than it is station wagon. 161 00:07:07,880 --> 00:07:09,760 Speaker 2: I guess like it makes me think of you, like 162 00:07:09,760 --> 00:07:11,720 Speaker 2: the best station wagons are like the old Mercedes or 163 00:07:11,720 --> 00:07:15,160 Speaker 2: the old Volvos, oh, those like from the eighties. Yeah, 164 00:07:16,880 --> 00:07:19,720 Speaker 2: it's like the exactly opposite of electric vehicles. And by 165 00:07:19,720 --> 00:07:21,960 Speaker 2: the way, Consummer reports, they of course are going to 166 00:07:22,080 --> 00:07:25,160 Speaker 2: highlight the best used cars under ten thousand dollars. It's 167 00:07:25,160 --> 00:07:27,640 Speaker 2: going to be the usual players that you're used to seeing, 168 00:07:27,640 --> 00:07:32,520 Speaker 2: Honda Fit, Mazda three, the Honda Accord, even the Lexus. Yes, 169 00:07:32,720 --> 00:07:35,000 Speaker 2: they actually made the list as well, So that's a 170 00:07:35,000 --> 00:07:38,520 Speaker 2: newer player, obviously made by the same company as Toyota. Yeah. 171 00:07:38,520 --> 00:07:42,840 Speaker 1: Well, and those affordable the older you look in the 172 00:07:42,920 --> 00:07:46,000 Speaker 1: luxury car market, you're going to find that they actually 173 00:07:46,080 --> 00:07:48,480 Speaker 1: end up becoming roughly the same price as some of 174 00:07:48,520 --> 00:07:50,840 Speaker 1: the non luxury cars. Buying a twelve year old luxury 175 00:07:50,840 --> 00:07:53,000 Speaker 1: car is one thing. Buying a brand new luxury. 176 00:07:52,680 --> 00:07:54,400 Speaker 2: Car is another. Yes, right. I don't know if you've 177 00:07:54,400 --> 00:07:57,360 Speaker 2: ever heard folks criticize Lexus as well, but they're like, 178 00:07:57,360 --> 00:07:58,960 Speaker 2: it's just a Toyota but with the leather. 179 00:08:00,200 --> 00:08:02,520 Speaker 1: They're not wrong. I mean, I think they're nicer in 180 00:08:02,560 --> 00:08:04,600 Speaker 1: other ways. They are, but that's under the hood. 181 00:08:04,640 --> 00:08:06,640 Speaker 2: Is about this. A lot of folks will certainly will 182 00:08:06,720 --> 00:08:09,480 Speaker 2: argue that it's a Toyoto but with leather. Another question though, 183 00:08:09,480 --> 00:08:12,240 Speaker 2: when you buy the car, should you get the warranty? Well, 184 00:08:12,440 --> 00:08:15,680 Speaker 2: we are fans of opting for a reliable make and model. 185 00:08:15,960 --> 00:08:19,360 Speaker 2: Are they just skipping the extended warranty. The worst choice 186 00:08:19,400 --> 00:08:21,760 Speaker 2: oftentimes is going to be to buy one of those 187 00:08:21,880 --> 00:08:25,280 Speaker 2: different third party warranties. One of the bigger warranty companies 188 00:08:25,280 --> 00:08:28,040 Speaker 2: out there, car Shield. They've been ordered to pay a 189 00:08:28,160 --> 00:08:32,720 Speaker 2: ten million dollar fine for deceiving customers. They've got advertisements, 190 00:08:32,840 --> 00:08:35,120 Speaker 2: or maybe I'm guessing at this point they had advertisements 191 00:08:35,120 --> 00:08:37,000 Speaker 2: out there. I'm sure they've pulled them down. That we're 192 00:08:37,120 --> 00:08:40,319 Speaker 2: touting the quote unquote peace of mind and the protection 193 00:08:40,640 --> 00:08:41,199 Speaker 2: that you're buying. 194 00:08:41,240 --> 00:08:43,200 Speaker 1: Oh, it makes me feel safe, like I'm wrapped up 195 00:08:43,200 --> 00:08:44,199 Speaker 1: in a warm blanket. 196 00:08:43,920 --> 00:08:46,839 Speaker 2: Exactly a heat nice heated blanket in cold winter's night. 197 00:08:46,880 --> 00:08:50,240 Speaker 2: But a lot of consumers found empty promises. There are 198 00:08:50,679 --> 00:08:53,760 Speaker 2: litany of repair exclusions. There's a ton of fine print 199 00:08:53,760 --> 00:08:56,320 Speaker 2: that frustrated customers and then often left them on the 200 00:08:56,360 --> 00:09:00,080 Speaker 2: hook for the repair. In addition to the over one 201 00:09:00,120 --> 00:09:02,600 Speaker 2: hundred dollars a month that they have been paying to carshield. 202 00:09:02,840 --> 00:09:05,360 Speaker 2: This warranty service wasn't accepted at many of the repair 203 00:09:05,360 --> 00:09:07,880 Speaker 2: shops that they claimed that they work with. And so yeah, again, 204 00:09:07,920 --> 00:09:11,439 Speaker 2: folks are just left with a subpar product, paying much 205 00:09:11,440 --> 00:09:13,880 Speaker 2: more than they needed to have. And this leads us 206 00:09:13,920 --> 00:09:18,360 Speaker 2: to make the recommendation that, similar to many different insurance 207 00:09:18,360 --> 00:09:21,000 Speaker 2: products out there, you're likely going to be better off 208 00:09:21,160 --> 00:09:23,920 Speaker 2: di wying it. So were there to be a repair 209 00:09:23,920 --> 00:09:25,280 Speaker 2: that you need to make, you're going to have the 210 00:09:25,320 --> 00:09:27,199 Speaker 2: cash in hand in the bank to be able to 211 00:09:27,240 --> 00:09:30,280 Speaker 2: make that repair yourself, as opposed to going through all 212 00:09:30,280 --> 00:09:33,600 Speaker 2: the rigama role in filing a claim seeing to it 213 00:09:33,640 --> 00:09:35,439 Speaker 2: that it gets accepted makes the same thing is true 214 00:09:35,480 --> 00:09:37,960 Speaker 2: with home warranties as well. I've got a buddy they 215 00:09:38,000 --> 00:09:41,400 Speaker 2: just went through that where their HVAC his AC unit. 216 00:09:41,480 --> 00:09:44,120 Speaker 2: Long story short, they denied him he had to go 217 00:09:44,200 --> 00:09:46,920 Speaker 2: to litigation or I guess he threatened litigation, and so 218 00:09:46,960 --> 00:09:51,120 Speaker 2: he entered into arbitration where they over months. Dude, I 219 00:09:51,120 --> 00:09:52,839 Speaker 2: mean they just gave him the run around, and then 220 00:09:52,880 --> 00:09:55,679 Speaker 2: finally they reached a settlement to where he wasn't the 221 00:09:55,679 --> 00:09:57,959 Speaker 2: full amount that it cost him to have to repair 222 00:09:58,000 --> 00:10:00,800 Speaker 2: his age back. But certainly bad taste in his mill. 223 00:10:00,880 --> 00:10:04,600 Speaker 2: Home warranty companies and car warranty companies real similar. They are. 224 00:10:04,960 --> 00:10:08,000 Speaker 1: They promise a lot, they almost always under deliver, and 225 00:10:08,160 --> 00:10:10,400 Speaker 1: the fine print the devil's in the details, for sure. 226 00:10:10,840 --> 00:10:12,960 Speaker 1: Make sure you're paying attention to those things before you 227 00:10:13,000 --> 00:10:15,160 Speaker 1: buy one of these products, because yes, the advertising can 228 00:10:15,160 --> 00:10:17,720 Speaker 1: make it sound like, oh my gosh, five hundred bucks 229 00:10:17,720 --> 00:10:19,079 Speaker 1: a year or one hundred bucks a month, and it's 230 00:10:19,080 --> 00:10:20,920 Speaker 1: going to cover all this stuff. I don't have to 231 00:10:20,920 --> 00:10:22,719 Speaker 1: worry then if my car breaks down or whatever, I 232 00:10:22,720 --> 00:10:24,400 Speaker 1: don't have to have the savings on hand. I said, 233 00:10:24,400 --> 00:10:27,080 Speaker 1: at least one thing taken care of. It almost never 234 00:10:27,679 --> 00:10:30,000 Speaker 1: actually turns out to be like that in how it 235 00:10:30,040 --> 00:10:32,360 Speaker 1: plays out, similar to what your friend indored, similar to 236 00:10:32,360 --> 00:10:35,360 Speaker 1: what a lot of car shield customers endurured. So let 237 00:10:35,400 --> 00:10:37,880 Speaker 1: that be a warning to you. Another warning here, Matt, 238 00:10:37,880 --> 00:10:41,040 Speaker 1: another day, another Wells Fargo scandal. Talk about it. They 239 00:10:41,040 --> 00:10:43,360 Speaker 1: can't catch a break, and I think it's probably because 240 00:10:43,400 --> 00:10:46,040 Speaker 1: they consistently do things that screw their customers. 241 00:10:46,040 --> 00:10:46,240 Speaker 2: Over. 242 00:10:46,280 --> 00:10:49,680 Speaker 1: Wells Fargo is bad news bearers, and they continue to 243 00:10:49,679 --> 00:10:52,720 Speaker 1: be so they keep talking about changing the corporate culture. 244 00:10:53,000 --> 00:10:54,040 Speaker 1: That doesn't seem to happen. 245 00:10:54,440 --> 00:10:54,719 Speaker 2: This time. 246 00:10:54,720 --> 00:10:58,120 Speaker 1: They're being sued because of their paltry rates and enormous 247 00:10:58,160 --> 00:11:02,360 Speaker 1: fees on cash accounts. So this lawsuit is specifically being 248 00:11:02,480 --> 00:11:06,960 Speaker 1: levied by clients in the wealth management space. They're trying 249 00:11:06,960 --> 00:11:10,840 Speaker 1: to hold Wells Fargo to its fiduciary responsibilities, and fiduciary 250 00:11:10,840 --> 00:11:12,920 Speaker 1: means they are legally required to do what's in the 251 00:11:12,960 --> 00:11:16,880 Speaker 1: best interest of their customers and the estimation of their customers. 252 00:11:17,440 --> 00:11:20,240 Speaker 1: The point zero five percent savings are rate for uninvested 253 00:11:20,320 --> 00:11:24,960 Speaker 1: cash doesn't qualify as a fiduciary follow through, especially by 254 00:11:24,960 --> 00:11:28,640 Speaker 1: the way, when firms are paying one hundred times that amount. 255 00:11:28,800 --> 00:11:31,400 Speaker 1: So this isn't even in the ballpark. So this is 256 00:11:31,520 --> 00:11:34,440 Speaker 1: just another reminder not to do business with companies that 257 00:11:34,480 --> 00:11:39,560 Speaker 1: are terrible in general, and specifically to avoid Wells Fargo. However, Matt, 258 00:11:39,559 --> 00:11:42,000 Speaker 1: I also think this, if you're investing with Wells Fargo, 259 00:11:42,520 --> 00:11:44,880 Speaker 1: the paltry savings rate is likely the least of your worries. 260 00:11:44,920 --> 00:11:48,000 Speaker 1: My guess is there are fees awful funds that you're 261 00:11:48,000 --> 00:11:50,400 Speaker 1: being put in, So don't invest with the big banks. 262 00:11:51,240 --> 00:11:53,160 Speaker 1: Don't have an account with the big bank in general. 263 00:11:53,200 --> 00:11:54,920 Speaker 1: That is I think that's the big takeaway here. That's 264 00:11:55,000 --> 00:11:55,760 Speaker 1: right man, Okay. 265 00:11:55,840 --> 00:11:58,320 Speaker 2: Here at how to money, we are always all about 266 00:11:58,360 --> 00:12:00,960 Speaker 2: you advancing in your career, right, finding some different ways 267 00:12:01,000 --> 00:12:05,160 Speaker 2: to boost maybe the fulfillment that you are deriving from 268 00:12:05,160 --> 00:12:07,280 Speaker 2: your career or from your work, but also boosting the 269 00:12:07,320 --> 00:12:09,640 Speaker 2: amount of money that you're able to make while performing 270 00:12:09,679 --> 00:12:10,360 Speaker 2: that job. 271 00:12:10,240 --> 00:12:12,080 Speaker 1: And even better would be if you were able to 272 00:12:12,120 --> 00:12:13,959 Speaker 1: do that and work less while you're at it. 273 00:12:14,040 --> 00:12:18,480 Speaker 2: Oh is that not? Yeah? Exactly, but there is a 274 00:12:18,480 --> 00:12:21,040 Speaker 2: reason headline from the journal and the headline read this 275 00:12:21,120 --> 00:12:23,120 Speaker 2: probably could have been maybe our ludicris headline of the 276 00:12:23,120 --> 00:12:26,600 Speaker 2: week two, but the headline read is RIZ the secret 277 00:12:26,679 --> 00:12:30,240 Speaker 2: to getting ahead at work, which only indicates the fact 278 00:12:30,240 --> 00:12:34,360 Speaker 2: that millennials and Gen X has found the word riz. Yes, 279 00:12:34,360 --> 00:12:36,199 Speaker 2: if they're incorporating it into the journal. 280 00:12:36,280 --> 00:12:37,559 Speaker 1: Pretty sure my mom and dad would have read that 281 00:12:37,600 --> 00:12:38,760 Speaker 1: headline and they would have been like, I don't know 282 00:12:38,760 --> 00:12:39,160 Speaker 1: what they're doing. 283 00:12:39,200 --> 00:12:41,719 Speaker 2: But this made me think a couple of things. First, like, 284 00:12:41,760 --> 00:12:44,320 Speaker 2: what they're talking about is charisma, of course, but soft skills. 285 00:12:44,320 --> 00:12:46,079 Speaker 2: But you got to use the cool language RIZ to 286 00:12:46,280 --> 00:12:50,080 Speaker 2: say it. Soft skills. They are in fact crucial to 287 00:12:50,200 --> 00:12:53,280 Speaker 2: career progress, right, Like it's not just about your the 288 00:12:53,320 --> 00:12:55,720 Speaker 2: resume credentials, where it is that you went to school. 289 00:12:56,679 --> 00:12:59,000 Speaker 2: Front of the show go Rick. He called these the 290 00:12:59,200 --> 00:13:02,600 Speaker 2: unspoken rules of success. This is back in episode seven 291 00:13:02,640 --> 00:13:04,480 Speaker 2: oh two, if you want to go back and listen 292 00:13:04,480 --> 00:13:07,400 Speaker 2: to that conversation. But mastering them I think it will, 293 00:13:07,600 --> 00:13:09,920 Speaker 2: in fact increase how much you're making there at work, 294 00:13:10,120 --> 00:13:13,440 Speaker 2: maybe increasing your RIZ. The other upside potentially that comes 295 00:13:13,520 --> 00:13:16,280 Speaker 2: with that make you better with the people you're trying 296 00:13:16,280 --> 00:13:18,480 Speaker 2: to hit on at the bar, but also genuine virtue 297 00:13:18,520 --> 00:13:20,880 Speaker 2: that is gonna trump RIZ every day of the week. Right, 298 00:13:20,920 --> 00:13:23,520 Speaker 2: And so we're just talking about being just a hard worker, 299 00:13:23,600 --> 00:13:27,160 Speaker 2: being kind and reliable, being humble. Nobody wants to talk 300 00:13:27,160 --> 00:13:28,800 Speaker 2: about that though, right, Like those are those aren't the 301 00:13:28,840 --> 00:13:31,880 Speaker 2: kind of words you're going to see in any headline 302 00:13:32,080 --> 00:13:35,480 Speaker 2: of any publication these days. They're not nearly as flashy. 303 00:13:35,280 --> 00:13:37,880 Speaker 1: Virtuous man gets raise a job exactly. 304 00:13:38,040 --> 00:13:39,640 Speaker 2: Yeah, you're right. It's for the same reason you don't 305 00:13:39,640 --> 00:13:43,080 Speaker 2: see that like emotionally healthy, well balanced family like enjoys 306 00:13:43,080 --> 00:13:45,640 Speaker 2: picnic at the part, Like nobody wants to read about that, 307 00:13:45,720 --> 00:13:47,480 Speaker 2: Like you want to read about the shortcuts or the 308 00:13:47,520 --> 00:13:49,560 Speaker 2: things that you think are going to give you the edge, 309 00:13:49,640 --> 00:13:51,080 Speaker 2: Like okay, cool, how can I get some RIZ? 310 00:13:51,080 --> 00:13:52,640 Speaker 1: Do I need to spike my hair, like Matt, or 311 00:13:52,679 --> 00:13:54,520 Speaker 1: what do I need to do to really increase that 312 00:13:54,840 --> 00:13:56,600 Speaker 1: RIZ factor at work? And I think you're right, Matt, Like, 313 00:13:56,679 --> 00:13:58,880 Speaker 1: just doing the right thing, though, is what we want 314 00:13:58,920 --> 00:14:01,320 Speaker 1: to encourage that. That's the click bait headline version, and 315 00:14:01,440 --> 00:14:04,800 Speaker 1: the underlying truth is just be some of these basic 316 00:14:04,840 --> 00:14:07,720 Speaker 1: things that employers want and that people like. And it 317 00:14:07,760 --> 00:14:11,800 Speaker 1: doesn't necessarily have a lot to do with being incredibly flashy. 318 00:14:12,120 --> 00:14:16,480 Speaker 1: It's about kind of that everyday reliability, dependability, likability that 319 00:14:16,480 --> 00:14:17,800 Speaker 1: I think is going to get you ahead at work 320 00:14:17,800 --> 00:14:20,800 Speaker 1: onered percent, not in an instant. Just like everything, all 321 00:14:20,840 --> 00:14:23,560 Speaker 1: the good things in life take time. Building wealth takes time. 322 00:14:23,640 --> 00:14:25,400 Speaker 1: Getting ahead in your career takes time. But if you 323 00:14:25,440 --> 00:14:27,720 Speaker 1: exhibit these traits over a period of time and you 324 00:14:27,760 --> 00:14:31,800 Speaker 1: advocate for yourself, it doesn't necessarily have to be riz. 325 00:14:31,840 --> 00:14:33,720 Speaker 1: I think it's a little more meaty. 326 00:14:33,840 --> 00:14:35,440 Speaker 2: And oh I like that you said meat because it 327 00:14:35,480 --> 00:14:37,640 Speaker 2: makes me think of barbecue, Like what's the best barbecue 328 00:14:37,640 --> 00:14:39,480 Speaker 2: out there? It takes hours, It takes time. It's not 329 00:14:39,560 --> 00:14:41,400 Speaker 2: something that you can just like throw in the microwave. 330 00:14:41,840 --> 00:14:43,960 Speaker 2: This no, no, no, this this butt right here. This thing's 331 00:14:43,960 --> 00:14:45,600 Speaker 2: got to smoke for ten to twelve hours. You want 332 00:14:45,600 --> 00:14:47,520 Speaker 2: to be that's quality stuff. You want to be a 333 00:14:47,560 --> 00:14:49,920 Speaker 2: brisket employee. Okay, that's exactly what you want to be. 334 00:14:49,960 --> 00:14:51,160 Speaker 2: You're in it for the long con that's right. 335 00:14:51,240 --> 00:14:54,240 Speaker 1: Riz feels like it's this, it's this like microwave sort 336 00:14:54,280 --> 00:14:55,080 Speaker 1: of yeah, material that. 337 00:14:55,040 --> 00:14:58,440 Speaker 2: You're the cuisine. Yeah, but there's some a TV dinner 338 00:14:58,520 --> 00:14:59,960 Speaker 2: version a lot of people that's gonna get you a lot. 339 00:15:00,160 --> 00:15:02,840 Speaker 2: Totally agree and let's keep moving, Matt. A new PayPal 340 00:15:02,880 --> 00:15:07,040 Speaker 2: study finds that splitting the bill with friends is leading 341 00:15:07,280 --> 00:15:10,040 Speaker 2: to hurt feelings. Explain, John, you and I we've split 342 00:15:10,080 --> 00:15:13,720 Speaker 2: bills before. Are you? Are you upset with me in anyway? 343 00:15:14,000 --> 00:15:14,640 Speaker 2: Every single time? 344 00:15:14,680 --> 00:15:16,160 Speaker 1: We can talk about it right here, right now, if 345 00:15:16,200 --> 00:15:18,720 Speaker 1: you want to in front of everyone. The average American 346 00:15:18,760 --> 00:15:21,480 Speaker 1: says they are owed nine hundred and twenty six bucks 347 00:15:21,520 --> 00:15:24,400 Speaker 1: on average by friends and family, so they're holding accounts. 348 00:15:24,480 --> 00:15:27,400 Speaker 1: They're like Aunt Susan shooting pay up. Well, I would 349 00:15:27,440 --> 00:15:29,600 Speaker 1: too after we went to those over nine hundred dollars 350 00:15:29,600 --> 00:15:31,400 Speaker 1: that people owed me. It's probably not one person. They're 351 00:15:31,400 --> 00:15:33,160 Speaker 1: probably splitting up a bunch of against a bunch of 352 00:15:33,200 --> 00:15:36,040 Speaker 1: different people, right is my guess. Well, and understandably more 353 00:15:36,080 --> 00:15:39,320 Speaker 1: than a third of these folks feel awkward asking. 354 00:15:39,040 --> 00:15:39,640 Speaker 2: About it right. 355 00:15:39,680 --> 00:15:41,040 Speaker 1: Sure, you don't want to bring it up with Aunt 356 00:15:41,080 --> 00:15:44,000 Speaker 1: Susan at the July fourth hang that you just experienced 357 00:15:44,320 --> 00:15:46,960 Speaker 1: last month. They don't want to seem cheap, right. It 358 00:15:47,000 --> 00:15:50,040 Speaker 1: makes me think of a friend Matt recently, who he said, Oh, 359 00:15:50,080 --> 00:15:52,800 Speaker 1: my wife went out to dinner with some coworkers. They're 360 00:15:52,840 --> 00:15:56,080 Speaker 1: all good friends, and she said, well, I'm trying to 361 00:15:56,120 --> 00:15:58,720 Speaker 1: get this credit card rewards bonus, which sounds like something 362 00:15:58,720 --> 00:16:00,720 Speaker 1: I had A money listener would, right, something You and 363 00:16:00,800 --> 00:16:02,800 Speaker 1: I have something that you and I would do, and 364 00:16:02,880 --> 00:16:05,440 Speaker 1: so hey, let me pay with my credit card and 365 00:16:05,480 --> 00:16:08,080 Speaker 1: we'll settle up. You guys, pay me via Venmo, because 366 00:16:08,080 --> 00:16:09,920 Speaker 1: it's never been easier than ever before to settle up 367 00:16:09,960 --> 00:16:12,200 Speaker 1: you don't have the cash on hand, write a check whatever, 368 00:16:12,560 --> 00:16:15,480 Speaker 1: just to toss it over via cash app or Venmo. Right, Well, 369 00:16:15,880 --> 00:16:18,840 Speaker 1: she got stiffed. I think she ended up being eighty 370 00:16:18,840 --> 00:16:20,600 Speaker 1: bucks out of pocket when she should have been thirty 371 00:16:20,600 --> 00:16:22,960 Speaker 1: bucks out of pocket. I mean, just because people underpaid. 372 00:16:23,000 --> 00:16:25,480 Speaker 1: Lady didn't factor in the tip something like that. Maybe 373 00:16:25,560 --> 00:16:27,480 Speaker 1: one person didn't pay at all. And that's the kind 374 00:16:27,480 --> 00:16:30,440 Speaker 1: of position you leave yourself in, which if you offer 375 00:16:30,600 --> 00:16:32,440 Speaker 1: to pay for the check in order to get those points. 376 00:16:32,600 --> 00:16:35,440 Speaker 2: Yeah, I'm having all these flashbacks from high school of 377 00:16:35,560 --> 00:16:38,760 Speaker 2: sitting in like a chili as or Applebee's being like, 378 00:16:38,760 --> 00:16:40,680 Speaker 2: but I only only had like one of the right 379 00:16:40,880 --> 00:16:41,760 Speaker 2: mozarella cheese sticks. 380 00:16:41,760 --> 00:16:43,600 Speaker 1: Well, it's our listeners like ours, who are trying to 381 00:16:43,600 --> 00:16:45,360 Speaker 1: save money that they might say, you find yourself in 382 00:16:45,400 --> 00:16:47,400 Speaker 1: an awkward position where everon wants to split the bill evenly, 383 00:16:47,440 --> 00:16:49,040 Speaker 1: and it's like, but I just had water, yeah, yeah, 384 00:16:49,040 --> 00:16:50,840 Speaker 1: and like I didn't have the dessert either. 385 00:16:50,680 --> 00:16:53,040 Speaker 2: I didn't eat anypion popery. Yeah, I'll just take my 386 00:16:53,160 --> 00:16:55,920 Speaker 2: check please. So I think that the people getting the 387 00:16:55,920 --> 00:16:57,800 Speaker 2: short end of the stick on this probably are most 388 00:16:57,840 --> 00:17:00,280 Speaker 2: of the time how to money listeners. They're the ones 389 00:17:00,400 --> 00:17:03,000 Speaker 2: opting for the cheaper main course whatever it is, in 390 00:17:03,120 --> 00:17:05,480 Speaker 2: order to save money while still being able to enjoy 391 00:17:05,480 --> 00:17:08,240 Speaker 2: that outing with friends. And so if the people you're 392 00:17:08,280 --> 00:17:10,960 Speaker 2: with are trying to split the bill evenly, you're likely 393 00:17:11,000 --> 00:17:12,480 Speaker 2: going to be paying more than you expected. It can 394 00:17:12,520 --> 00:17:15,600 Speaker 2: be an all around uncomfortable situation. So I just would say, 395 00:17:16,440 --> 00:17:19,360 Speaker 2: brief that subject, don't be don't let it be too awkward, 396 00:17:19,400 --> 00:17:21,680 Speaker 2: and also don't put yourself in a position where you 397 00:17:21,760 --> 00:17:24,520 Speaker 2: might get stiffed and it might hurt your friendships. Yeah, 398 00:17:24,560 --> 00:17:27,520 Speaker 2: by just avoiding the even bill split all together, I 399 00:17:27,520 --> 00:17:29,480 Speaker 2: think that's when you can just offer for separate checks. 400 00:17:29,520 --> 00:17:31,480 Speaker 2: But I think what's key in making sure you get 401 00:17:31,480 --> 00:17:34,040 Speaker 2: paid back is to nip it in the bud right like, 402 00:17:34,119 --> 00:17:36,560 Speaker 2: that's something you need to address immediately, because the low like. 403 00:17:36,560 --> 00:17:37,679 Speaker 1: What you were going to say, show up with an 404 00:17:37,720 --> 00:17:39,800 Speaker 1: airhorn on the doorstep at six as like it says 405 00:17:39,840 --> 00:17:40,879 Speaker 1: they will pay you if you do that. 406 00:17:40,920 --> 00:17:42,720 Speaker 2: As soon as you part ways, that's when it feels 407 00:17:42,720 --> 00:17:44,760 Speaker 2: awkward because then you're not face to face as opposed 408 00:17:44,760 --> 00:17:46,080 Speaker 2: to if you're sitting there and be like, oh, hey, 409 00:17:46,400 --> 00:17:48,840 Speaker 2: let's see, let me calculated up real quick, you owe 410 00:17:48,880 --> 00:17:50,760 Speaker 2: me this. Oh it looks like you owe me this. 411 00:17:51,280 --> 00:17:53,000 Speaker 2: No one's going to balk at that right there because 412 00:17:53,000 --> 00:17:54,359 Speaker 2: they see you doing the math. There's like if you're 413 00:17:54,359 --> 00:17:56,800 Speaker 2: text them two days later, well even like later that day, 414 00:17:56,840 --> 00:17:59,040 Speaker 2: it's kind of like, I don't know, somebody might have 415 00:17:59,119 --> 00:18:01,560 Speaker 2: moved on with their day, with their life and they're 416 00:18:01,600 --> 00:18:03,480 Speaker 2: not really thinking about that. So what I'm saying is 417 00:18:03,480 --> 00:18:06,840 Speaker 2: that pay for your nacho. It may not even be intentional, 418 00:18:06,960 --> 00:18:08,280 Speaker 2: but I think there can a lot of times be 419 00:18:08,320 --> 00:18:10,840 Speaker 2: confusion too as to what it is that somebody is 420 00:18:10,840 --> 00:18:13,400 Speaker 2: getting themselves, like getting themselves into because of the fact 421 00:18:13,440 --> 00:18:15,880 Speaker 2: that we all have different like more rais and customs 422 00:18:15,880 --> 00:18:18,360 Speaker 2: that we're used to that we have grown up with. 423 00:18:18,400 --> 00:18:20,159 Speaker 2: Like it makes me think about the last time I 424 00:18:20,200 --> 00:18:22,520 Speaker 2: went to top Golf and it was organized by somebody, and 425 00:18:22,560 --> 00:18:24,000 Speaker 2: I'm like, oh, yeah, I can make it, then let's 426 00:18:24,040 --> 00:18:27,360 Speaker 2: do it. It sounds like fun. He paid for everybody as well, 427 00:18:27,400 --> 00:18:30,159 Speaker 2: and so I don't. I'm like, oh my gosh, I 428 00:18:30,320 --> 00:18:31,840 Speaker 2: was not expecting that. Thank you so much. I was 429 00:18:31,880 --> 00:18:35,040 Speaker 2: incredibly gracious. But I'm like, it's interesting because if I 430 00:18:35,040 --> 00:18:37,560 Speaker 2: would have organized that and gotten everyone together, I wouldn't 431 00:18:37,560 --> 00:18:39,800 Speaker 2: have expected like, I'm not paying for it. No, we 432 00:18:39,880 --> 00:18:42,640 Speaker 2: just like agree to meet up, cough up the money, 433 00:18:42,640 --> 00:18:45,240 Speaker 2: you know, you're paying for yourself. And so I just 434 00:18:45,280 --> 00:18:47,000 Speaker 2: think a lot of a lot of times there's just 435 00:18:47,440 --> 00:18:49,600 Speaker 2: like that's where the confusion comes from. It's just folks 436 00:18:49,600 --> 00:18:52,359 Speaker 2: that have just different expectations as to what it is 437 00:18:52,800 --> 00:18:55,920 Speaker 2: that is expected out of somebody. And in that case, 438 00:18:55,960 --> 00:18:57,600 Speaker 2: I would say, when it comes to like if you're 439 00:18:57,600 --> 00:19:00,680 Speaker 2: gonna cover coffee for somebody, like just cover coffee, like, 440 00:19:00,720 --> 00:19:02,840 Speaker 2: don't expect them to like pay you back. 441 00:19:03,160 --> 00:19:05,159 Speaker 1: I think that's sometimes how people do it. They're like, oh, 442 00:19:05,160 --> 00:19:07,040 Speaker 1: I'm gonna do this and then they'll get me next time. 443 00:19:07,200 --> 00:19:09,280 Speaker 1: But if it's not explosively stated, they might get you 444 00:19:09,320 --> 00:19:11,080 Speaker 1: next time. But if they do, like have that be 445 00:19:11,920 --> 00:19:14,800 Speaker 1: like glue that bonds the relationship even more. It's like, 446 00:19:14,840 --> 00:19:18,159 Speaker 1: oh sweet, Like we haven't a common shared unspoken language 447 00:19:18,200 --> 00:19:20,600 Speaker 1: here between us. There's like something magic, right, Like there's 448 00:19:20,600 --> 00:19:23,920 Speaker 1: this invisible magnetic attraction that takes place when you've got 449 00:19:23,960 --> 00:19:26,080 Speaker 1: multiple folks who are kind of, you know, think in 450 00:19:26,160 --> 00:19:29,240 Speaker 1: the same way. There's an unspoken oh yeah, you think 451 00:19:29,480 --> 00:19:30,840 Speaker 1: you view the world the same way that I. 452 00:19:30,840 --> 00:19:32,600 Speaker 2: View the world. And that's kind of what leads to 453 00:19:33,000 --> 00:19:35,080 Speaker 2: like the growth of any relationship, right, Like it's it's 454 00:19:35,080 --> 00:19:36,720 Speaker 2: seeing the world in the same way and being. 455 00:19:36,600 --> 00:19:38,679 Speaker 1: Like, yeah, that's right, that's how we do this. I 456 00:19:38,720 --> 00:19:44,080 Speaker 1: hate the idea of people hurting a friendship potentially irreparably 457 00:19:44,520 --> 00:19:47,199 Speaker 1: over the price of a dinner, right, and so just 458 00:19:47,359 --> 00:19:49,160 Speaker 1: try not to put yourself in a position where that's 459 00:19:49,200 --> 00:19:50,840 Speaker 1: going to be the case. But if it comes down 460 00:19:50,880 --> 00:19:52,160 Speaker 1: to it, friendship means more than money. 461 00:19:52,240 --> 00:19:54,400 Speaker 2: Yeah, I think so, I think I'd agree. All right, Well, 462 00:19:54,440 --> 00:19:57,520 Speaker 2: we can't end the show without talking about the stock market. Jool. 463 00:19:57,560 --> 00:19:59,840 Speaker 2: So we'll get to that and other stories right after 464 00:19:59,880 --> 00:20:09,080 Speaker 2: the break. All right, Matt, we're back. 465 00:20:09,480 --> 00:20:11,800 Speaker 1: Let's sign down to get to the ludicrous headline of 466 00:20:11,800 --> 00:20:14,359 Speaker 1: the week. And we've never done this before, but let's 467 00:20:14,359 --> 00:20:17,600 Speaker 1: get to basically every headline about the stock market at 468 00:20:17,600 --> 00:20:18,840 Speaker 1: the beginning of the ludicrous. 469 00:20:18,920 --> 00:20:21,600 Speaker 2: It's like an index fund headline. Yeah, it's like a 470 00:20:21,600 --> 00:20:24,800 Speaker 2: collection of all the averages of all the financial stock headlines. 471 00:20:24,840 --> 00:20:27,359 Speaker 2: They were all absurd, over the top. We have to 472 00:20:27,400 --> 00:20:27,919 Speaker 2: talk about this. 473 00:20:27,960 --> 00:20:31,040 Speaker 1: And of course the stock market experienced a decent recovery 474 00:20:31,400 --> 00:20:34,480 Speaker 1: towards the end of the week, but almost every stock 475 00:20:34,520 --> 00:20:38,800 Speaker 1: market related headline on Monday Tuesday, you was using words 476 00:20:38,800 --> 00:20:43,160 Speaker 1: like bloodbath, plunge, plummet, crash, like everything, right, every terrible 477 00:20:43,200 --> 00:20:46,040 Speaker 1: word you can ascribe to the stock market with eight 478 00:20:46,400 --> 00:20:48,480 Speaker 1: three percent down day for the S and P five hundred. 479 00:20:48,720 --> 00:20:50,760 Speaker 1: These news outlets, I don't know if they're just trying 480 00:20:50,760 --> 00:20:53,080 Speaker 1: to get clicks or whatever influencer reels. You were seeing 481 00:20:53,080 --> 00:20:56,479 Speaker 1: these sorts of terms thrown around, bandied about like we 482 00:20:56,480 --> 00:20:58,600 Speaker 1: were in nineteen twenty or something like that. Right, and 483 00:20:58,680 --> 00:21:01,840 Speaker 1: folks on Twitter are blaming the Fed for not acting sooner. 484 00:21:02,040 --> 00:21:06,040 Speaker 1: There were emergency interviews on CNBC mat of people talking 485 00:21:06,040 --> 00:21:07,960 Speaker 1: about how the FED had to step in and do 486 00:21:08,040 --> 00:21:09,800 Speaker 1: something right here, right now, or this is going to 487 00:21:09,880 --> 00:21:11,720 Speaker 1: get so much worse. And I think when we take 488 00:21:11,760 --> 00:21:14,760 Speaker 1: a step back after one bad day in the stock 489 00:21:14,800 --> 00:21:18,639 Speaker 1: market or a slight decline, that's not even a correction, right, 490 00:21:18,680 --> 00:21:21,399 Speaker 1: because a correction you typically talked about that as being 491 00:21:21,440 --> 00:21:24,120 Speaker 1: a ten percent decline. Let's look at like step back 492 00:21:24,119 --> 00:21:27,159 Speaker 1: and look at the facts, and all the incredible rhetoric 493 00:21:27,240 --> 00:21:31,920 Speaker 1: made very little sense in that backdrop. Unemployment number still 494 00:21:32,040 --> 00:21:35,159 Speaker 1: near historically low levels. The stock market is still up 495 00:21:35,280 --> 00:21:38,720 Speaker 1: massively over the past few years, even this year, right, 496 00:21:38,800 --> 00:21:40,760 Speaker 1: I think we're down eight percent from all time highs 497 00:21:40,760 --> 00:21:41,439 Speaker 1: at the worst of it. 498 00:21:41,680 --> 00:21:43,240 Speaker 2: And yes, sixty. 499 00:21:42,960 --> 00:21:46,080 Speaker 1: Four percent of the time the stock market experiences a 500 00:21:46,119 --> 00:21:49,080 Speaker 1: minimum of ten percent decline in a given year. We 501 00:21:49,080 --> 00:21:51,400 Speaker 1: haven't had a real recession of what feels like fifteen years. 502 00:21:51,400 --> 00:21:55,280 Speaker 1: We had the COVID blip, right, But the average typically 503 00:21:55,359 --> 00:21:59,240 Speaker 1: throughout the US history is fewer than every six years, 504 00:21:59,280 --> 00:22:02,399 Speaker 1: every five point something years we experienced a recession. So 505 00:22:02,600 --> 00:22:06,520 Speaker 1: the freaking out relative to historical trends is hard to fathom. 506 00:22:06,520 --> 00:22:08,760 Speaker 1: I didn't really understand it. While I was happening, the 507 00:22:08,800 --> 00:22:12,440 Speaker 1: panic headlines were just overwrought. They were unnecessary. What we're 508 00:22:12,480 --> 00:22:15,840 Speaker 1: experiencing right now is completely normal. Yes, I think what 509 00:22:15,840 --> 00:22:17,879 Speaker 1: we experienced over the past eighteen plus month is what 510 00:22:17,960 --> 00:22:19,560 Speaker 1: was a little bit abnormal. 511 00:22:19,600 --> 00:22:21,560 Speaker 2: Maybe sure, yeah, yeah. It kind of makes me think 512 00:22:21,560 --> 00:22:24,440 Speaker 2: of mortgage rates over the past ten to fifteen years 513 00:22:24,440 --> 00:22:25,920 Speaker 2: and now folks are kind of freaking out at where 514 00:22:25,960 --> 00:22:27,600 Speaker 2: they are now, and it's just like, I don't know, 515 00:22:27,760 --> 00:22:30,000 Speaker 2: this actually might be a little bit more normal than 516 00:22:30,200 --> 00:22:32,480 Speaker 2: the good times that we have recently experienced. Although that 517 00:22:32,520 --> 00:22:34,920 Speaker 2: was a silver lining is mortgage rates did come down 518 00:22:35,000 --> 00:22:37,320 Speaker 2: a little bit well y as folks are looking ahead 519 00:22:37,359 --> 00:22:39,600 Speaker 2: to FED rate cuts. But what happened last week and 520 00:22:39,960 --> 00:22:42,399 Speaker 2: this week in the stock market, it is and it 521 00:22:42,440 --> 00:22:45,359 Speaker 2: will be par for the course for investors because your 522 00:22:45,359 --> 00:22:49,240 Speaker 2: index fund is not this glorified highield savings account that's 523 00:22:49,280 --> 00:22:52,479 Speaker 2: just going to experience far superior returns. And so what 524 00:22:52,520 --> 00:22:55,160 Speaker 2: should you do at least moving forward. Well, we've got 525 00:22:55,160 --> 00:22:57,879 Speaker 2: an article that will link to, but do not sell 526 00:22:58,359 --> 00:23:02,359 Speaker 2: your investments. Do not sell, just keep buying. Don't change anything, honestly, 527 00:23:02,359 --> 00:23:04,080 Speaker 2: But if you're lucky enough to have like a pre 528 00:23:04,200 --> 00:23:08,639 Speaker 2: scheduled dollar cost averaging buy on the calendar. Well, great, 529 00:23:08,800 --> 00:23:11,000 Speaker 2: good for you, that's nice, But even still, don't blow 530 00:23:11,040 --> 00:23:13,600 Speaker 2: that out of proportion because you're looking at at most 531 00:23:13,640 --> 00:23:16,920 Speaker 2: like a ten percent discount. Okay, so you're dollar cost averaging, 532 00:23:17,200 --> 00:23:19,560 Speaker 2: and so that's it's a really small purchase and you 533 00:23:19,600 --> 00:23:21,920 Speaker 2: got ten percent off of that, Like, that's that's nothing. 534 00:23:21,960 --> 00:23:23,920 Speaker 2: My penut is not going to be enough to make 535 00:23:24,040 --> 00:23:25,280 Speaker 2: or break anybody. 536 00:23:24,880 --> 00:23:26,959 Speaker 1: Compared to the downside of what can happen if you're 537 00:23:27,000 --> 00:23:29,119 Speaker 1: waiting for a pullback. Think about the people waiting for 538 00:23:29,320 --> 00:23:32,359 Speaker 1: a pullback matt over the last couple of years, waiting 539 00:23:32,400 --> 00:23:35,439 Speaker 1: to invest the dry powers on the sidelines on a 540 00:23:35,440 --> 00:23:36,000 Speaker 1: big run up. 541 00:23:36,080 --> 00:23:38,399 Speaker 2: Yeah. So if you're invested for decades from now, what 542 00:23:38,400 --> 00:23:40,640 Speaker 2: we're saying is that there is no need to make 543 00:23:40,680 --> 00:23:43,280 Speaker 2: any changes. But if you're massively freaking out though before 544 00:23:43,280 --> 00:23:45,840 Speaker 2: we even get close to bear market territory, I think 545 00:23:45,880 --> 00:23:47,800 Speaker 2: it might be time for you to just reassess your 546 00:23:47,840 --> 00:23:50,960 Speaker 2: liquid cash balance, the amount of margin that you have 547 00:23:51,000 --> 00:23:52,879 Speaker 2: on hand to make you feel comfortable. It might be 548 00:23:52,880 --> 00:23:56,320 Speaker 2: worth reassessing what investments you're in, because if you're invested 549 00:23:56,359 --> 00:23:58,119 Speaker 2: in a way that causes you to lose sleep. I 550 00:23:58,119 --> 00:24:00,040 Speaker 2: think it might be time to change things up. It 551 00:24:00,080 --> 00:24:01,040 Speaker 2: might be time to change your holdings. 552 00:24:01,119 --> 00:24:03,480 Speaker 1: Let's say you're listening and you're sixty seven years old, 553 00:24:03,920 --> 00:24:06,760 Speaker 1: and you left your job last week, and you are 554 00:24:07,119 --> 00:24:09,239 Speaker 1: ninety five percent invested in stocks, and you see an 555 00:24:09,240 --> 00:24:11,800 Speaker 1: eight percent decliinent and you're like, that changes things for me. 556 00:24:12,240 --> 00:24:12,760 Speaker 2: I get it. 557 00:24:13,000 --> 00:24:15,159 Speaker 1: Yeah, you probably are over allocated in stocks and you 558 00:24:15,200 --> 00:24:19,679 Speaker 1: need to change the allocation in your portfolio because of 559 00:24:19,680 --> 00:24:20,119 Speaker 1: where you are. 560 00:24:20,160 --> 00:24:21,639 Speaker 2: But it depends on who you are. Because yeah, for 561 00:24:21,720 --> 00:24:23,760 Speaker 2: the new investor, they're like, well, yeah, guys, I'm not 562 00:24:23,760 --> 00:24:26,760 Speaker 2: freaking out. I've got you know, fifty thousand dollars invested, 563 00:24:26,840 --> 00:24:28,400 Speaker 2: just got my new job a couple of years ago. 564 00:24:28,600 --> 00:24:30,240 Speaker 2: I'm doing pretty good. You know, I got fifty fifty 565 00:24:30,280 --> 00:24:32,760 Speaker 2: k invested. It's gonna look a lot different in the 566 00:24:32,880 --> 00:24:34,520 Speaker 2: if you're checking in on your balance in the middle 567 00:24:34,520 --> 00:24:36,760 Speaker 2: of the day when you're down eight ten percent and 568 00:24:36,760 --> 00:24:38,679 Speaker 2: you've got fifty k in the market as opposed to 569 00:24:38,720 --> 00:24:42,600 Speaker 2: like one point five million, right, Because yeah, there's just 570 00:24:42,680 --> 00:24:45,160 Speaker 2: a there's a different impact that it has on your gut. 571 00:24:45,280 --> 00:24:47,920 Speaker 2: When you say, when you see one point five million drop. 572 00:24:47,960 --> 00:24:50,680 Speaker 2: I tend to see an absolute dollar amount. Yeah, yeah, yeah, exactly, 573 00:24:50,720 --> 00:24:53,320 Speaker 2: But it's also the same percentage. But the impact that 574 00:24:53,440 --> 00:24:55,320 Speaker 2: has on your portfolio, it varies wildly. 575 00:24:55,440 --> 00:24:58,200 Speaker 1: Yeah, and so much also has to do with your 576 00:24:58,240 --> 00:25:02,080 Speaker 1: time horizon, how much the younger worker you're describing, Matt, 577 00:25:02,240 --> 00:25:04,760 Speaker 1: has a lot of decades for a recovery to happen, 578 00:25:05,040 --> 00:25:07,840 Speaker 1: or an eight percent to feel like a blip. If 579 00:25:07,920 --> 00:25:12,240 Speaker 1: you're taking rm ds, you it required minimum distributions. The 580 00:25:12,320 --> 00:25:14,800 Speaker 1: eight percent blip it hurts to me. Yeah, it hit 581 00:25:14,800 --> 00:25:17,480 Speaker 1: You actually are locking in those losses. Yeah, I feel 582 00:25:17,480 --> 00:25:21,040 Speaker 1: for those folks. Okay, Matt, let's talk about online creators 583 00:25:21,280 --> 00:25:24,080 Speaker 1: and maybe what the line creators we are talking about. 584 00:25:24,600 --> 00:25:26,800 Speaker 1: Let's throw ourselves under the bus. You talking about us, Okay, 585 00:25:26,840 --> 00:25:28,320 Speaker 1: but here's the thing we're not doing is trying to 586 00:25:28,320 --> 00:25:31,680 Speaker 1: sell people expensive courses that might or might not help them. 587 00:25:32,240 --> 00:25:34,440 Speaker 1: There was an interesting article in the Free Press last 588 00:25:34,440 --> 00:25:36,800 Speaker 1: week and the headline was drop shippers get rich by 589 00:25:36,840 --> 00:25:39,919 Speaker 1: making you feel poor. And if you've watched anything on 590 00:25:39,960 --> 00:25:42,240 Speaker 1: YouTube ever before, which is like ninety nine percent of 591 00:25:42,240 --> 00:25:45,919 Speaker 1: the people listening, you've seen dozens of pre roll ads 592 00:25:45,920 --> 00:25:48,560 Speaker 1: for people trying to help you learn how to drop 593 00:25:48,560 --> 00:25:51,120 Speaker 1: ship because it's easy money, like anybody can do it. 594 00:25:51,320 --> 00:25:53,520 Speaker 1: You don't have to have any real expertise in order 595 00:25:53,560 --> 00:25:56,320 Speaker 1: to become an expert drop shipper. And you might have 596 00:25:56,400 --> 00:25:59,399 Speaker 1: wondered whether or not the promise of easy money was legit, 597 00:25:59,480 --> 00:26:03,040 Speaker 1: and the the answer is not really. And drop shipping 598 00:26:03,080 --> 00:26:06,320 Speaker 1: is basically online arbitrage. Right. You find cheap items, you 599 00:26:06,359 --> 00:26:10,200 Speaker 1: resell them elsewhere for more money, which it sounds easy, 600 00:26:10,240 --> 00:26:12,880 Speaker 1: but it's harder to actually pull off. You might create 601 00:26:12,920 --> 00:26:16,160 Speaker 1: your own Shopify website, and then you have to find 602 00:26:16,160 --> 00:26:18,280 Speaker 1: a way to get people to come buy the stuff 603 00:26:18,320 --> 00:26:20,439 Speaker 1: from you instead of buying from the other websites that 604 00:26:20,480 --> 00:26:23,520 Speaker 1: they typically use. And trust, it sounds, I guess maybe 605 00:26:23,560 --> 00:26:25,679 Speaker 1: like a reasonable way to make money, but it's not 606 00:26:25,760 --> 00:26:28,120 Speaker 1: as stupid simple as a one minute TikTok video makes 607 00:26:28,119 --> 00:26:32,200 Speaker 1: it seem. Yeah, And so they're saying, these influencers are saying, well, 608 00:26:32,240 --> 00:26:35,399 Speaker 1: buy my expensive course, I'll teach you how to do 609 00:26:36,160 --> 00:26:37,920 Speaker 1: drop shipping, but it's going to cost you a lot 610 00:26:37,920 --> 00:26:40,160 Speaker 1: of money, that's right, Yeah, And drop shippers in particular, 611 00:26:40,200 --> 00:26:42,439 Speaker 1: they're not making the big bucks by doing the thing 612 00:26:42,480 --> 00:26:45,360 Speaker 1: that they're supposedly teaching about they're profiting off of your 613 00:26:45,440 --> 00:26:48,160 Speaker 1: desire to make money, and for those folks, it's easier 614 00:26:48,280 --> 00:26:51,679 Speaker 1: just to market to amass the social media following of 615 00:26:51,720 --> 00:26:53,639 Speaker 1: folks who are going to buy what it is that 616 00:26:53,680 --> 00:26:57,280 Speaker 1: you're selling an overpriced course, rather than making a living 617 00:26:57,359 --> 00:26:58,639 Speaker 1: off of actually drop shipping. 618 00:26:58,680 --> 00:27:00,840 Speaker 2: Yeah. I also think of like some of the different 619 00:27:00,880 --> 00:27:03,920 Speaker 2: courses out there on like investing and how like, oh, 620 00:27:04,160 --> 00:27:06,760 Speaker 2: there's like this investing newsletter or you subscribe and I'll 621 00:27:06,760 --> 00:27:09,000 Speaker 2: tell you which one is to invest in, which is 622 00:27:09,040 --> 00:27:12,520 Speaker 2: in my opinion, even more egregious because investing specifically, like 623 00:27:12,560 --> 00:27:14,359 Speaker 2: there's no limits to the amount of money, the amount 624 00:27:14,400 --> 00:27:15,919 Speaker 2: of capital that you can pour into that. It's just like, 625 00:27:15,920 --> 00:27:18,280 Speaker 2: all right, if you've got this additional if you've got 626 00:27:18,320 --> 00:27:21,800 Speaker 2: all the secrets, then why aren't all of your dollars 627 00:27:21,840 --> 00:27:24,239 Speaker 2: going directly into the investments that you say are going 628 00:27:24,320 --> 00:27:25,000 Speaker 2: to make me rich? 629 00:27:25,160 --> 00:27:27,600 Speaker 1: It does not compute at all. That's always the question 630 00:27:27,640 --> 00:27:32,080 Speaker 1: I have. If you are so successful at drop shipping 631 00:27:32,320 --> 00:27:35,879 Speaker 1: or investing, why are you selling me this forty two 632 00:27:35,960 --> 00:27:38,679 Speaker 1: hundred dollars course or nineteen hundred dollars course so that 633 00:27:38,720 --> 00:27:40,160 Speaker 1: I can learn how to do the thing that you're 634 00:27:40,200 --> 00:27:42,360 Speaker 1: doing and also crush and make tons of money. Why 635 00:27:42,400 --> 00:27:45,520 Speaker 1: not just funnel those secrets to success into more drop 636 00:27:45,560 --> 00:27:46,879 Speaker 1: shipping or investing success. 637 00:27:46,920 --> 00:27:48,720 Speaker 2: That's my argument because with drop shipping, I feel like 638 00:27:48,760 --> 00:27:50,760 Speaker 2: there could be an end to that. It's just like, Okay, 639 00:27:50,800 --> 00:27:54,439 Speaker 2: there's problems with scale or there's only so much arbitrage 640 00:27:54,480 --> 00:27:56,760 Speaker 2: and so many discounted items that you can find. But 641 00:27:56,800 --> 00:27:58,280 Speaker 2: with like with investing, well. 642 00:27:58,119 --> 00:27:59,960 Speaker 1: Then is the prison you're selling the course to also 643 00:28:00,080 --> 00:28:02,800 Speaker 1: going to have trouble growing their drop s business too? 644 00:28:02,880 --> 00:28:05,560 Speaker 2: Yeah exactly, but like that's not they're not highlighting that fact. 645 00:28:05,960 --> 00:28:08,320 Speaker 2: But that's why with investing, like in my opinion, those 646 00:28:08,440 --> 00:28:11,480 Speaker 2: courses are even worse because of the fact that there 647 00:28:11,520 --> 00:28:14,320 Speaker 2: is no limit as to the number of investments that 648 00:28:14,320 --> 00:28:16,399 Speaker 2: you can buy, the number of shares you can just 649 00:28:16,440 --> 00:28:19,840 Speaker 2: continue to invest. It's this limitless thing. But the truth 650 00:28:19,920 --> 00:28:21,920 Speaker 2: is that they're selling you a false bill of goods. 651 00:28:21,960 --> 00:28:24,960 Speaker 1: It's right, Yeah, it's really expensive. I think more and 652 00:28:25,000 --> 00:28:28,840 Speaker 1: more online courses are out there in a variety of 653 00:28:28,920 --> 00:28:34,399 Speaker 1: different on a variety of different subjects and ways specifically 654 00:28:34,400 --> 00:28:36,280 Speaker 1: to earn money, Matt and you have to be more 655 00:28:36,280 --> 00:28:38,920 Speaker 1: careful than ever before. I'm not saying they're all garbage, 656 00:28:38,920 --> 00:28:41,240 Speaker 1: they're all worthless. Like you'd never ever want to spend 657 00:28:41,280 --> 00:28:44,959 Speaker 1: a dollar on any online course from anyone, but especially 658 00:28:45,040 --> 00:28:50,000 Speaker 1: given kind of the age we live in of books, audiobooks, podcasts, blogs, 659 00:28:50,200 --> 00:28:52,080 Speaker 1: there's a lot of there's just so much free information 660 00:28:52,120 --> 00:28:54,600 Speaker 1: out there. Is it true that you need to pay 661 00:28:54,600 --> 00:28:57,840 Speaker 1: somebody big bucks to learn their system to riches or 662 00:28:57,920 --> 00:29:00,400 Speaker 1: are there ways for you to educate yourself and decide 663 00:29:00,400 --> 00:29:02,120 Speaker 1: whether or not it's even for you or not before 664 00:29:02,120 --> 00:29:04,440 Speaker 1: you spend a lot of money to a particular influencer. 665 00:29:04,520 --> 00:29:06,120 Speaker 2: Yeah, folks want to. They want to, They want to 666 00:29:06,160 --> 00:29:06,800 Speaker 2: hit the easy. 667 00:29:06,560 --> 00:29:08,400 Speaker 1: Button exactly, and I think that's what a lot of 668 00:29:08,440 --> 00:29:12,560 Speaker 1: these these course creators are selling. Let's talk about house hacking, Matt. 669 00:29:12,600 --> 00:29:15,240 Speaker 1: We've we've always talked about house hacking as a way 670 00:29:15,280 --> 00:29:17,880 Speaker 1: of making additional money off of the home that you own. 671 00:29:18,000 --> 00:29:20,680 Speaker 2: Right, this is a legitimate way to make some extra exactly. 672 00:29:20,840 --> 00:29:24,920 Speaker 1: House hacking is a massively underappreciated approach to wealth building. 673 00:29:24,960 --> 00:29:29,000 Speaker 1: It's underrated, and a recent article though from CNN, use 674 00:29:29,080 --> 00:29:31,000 Speaker 1: the term a little differently. I saw house hacking in 675 00:29:31,000 --> 00:29:32,719 Speaker 1: the headline. I was like, Oh, I'll read that because 676 00:29:33,080 --> 00:29:34,520 Speaker 1: I love house hacking. I love what it can do 677 00:29:34,560 --> 00:29:37,040 Speaker 1: for people. But they were taking a more nuanced approach 678 00:29:37,080 --> 00:29:37,880 Speaker 1: with their definition. 679 00:29:38,280 --> 00:29:38,920 Speaker 2: In this piece. 680 00:29:39,160 --> 00:29:40,960 Speaker 1: They were saying, well, what if you don't just rent 681 00:29:40,960 --> 00:29:43,560 Speaker 1: out a portion of your home, but instead you rent 682 00:29:43,560 --> 00:29:46,360 Speaker 1: it out your home or part of your home by 683 00:29:46,400 --> 00:29:48,720 Speaker 1: the hour. I was like, well, that's that is interesting. 684 00:29:48,760 --> 00:29:48,960 Speaker 2: Yeah. 685 00:29:49,040 --> 00:29:51,560 Speaker 1: Apparently, just tons of services we've talked about a couple 686 00:29:51,600 --> 00:29:54,240 Speaker 1: of these over over the years have sprung up allowing 687 00:29:54,240 --> 00:29:56,120 Speaker 1: people to do just that. So if you have a 688 00:29:56,120 --> 00:29:59,040 Speaker 1: swimming pool, for instance, they're swimply, you can rent that 689 00:29:59,080 --> 00:30:01,360 Speaker 1: out by the hour, so instead of using that's. 690 00:30:01,200 --> 00:30:03,760 Speaker 2: One of my favorites. Yeah, the fact that it's adorable. 691 00:30:03,880 --> 00:30:05,880 Speaker 1: Right, But let's say you want to, oh I want 692 00:30:05,920 --> 00:30:07,840 Speaker 1: to do a pool party for my daughter or my 693 00:30:07,920 --> 00:30:11,600 Speaker 1: son this weekend. Swimply you just rent the person's backyard 694 00:30:11,640 --> 00:30:13,960 Speaker 1: in their swimming pool for eighty bucks an hour or 695 00:30:14,000 --> 00:30:15,720 Speaker 1: whatever it is. And that's pretty cool. 696 00:30:15,800 --> 00:30:17,800 Speaker 2: What if they're like Airbnb there and they're like, no parties. 697 00:30:18,480 --> 00:30:20,840 Speaker 2: Don't you gotta read fine print. You gotta read fine print. 698 00:30:21,000 --> 00:30:21,480 Speaker 2: But it is cool. 699 00:30:21,480 --> 00:30:23,040 Speaker 1: And let's say you have a swimming pool and you're 700 00:30:23,040 --> 00:30:25,720 Speaker 1: like I'm not using it, or I don't mind hearing 701 00:30:25,760 --> 00:30:28,880 Speaker 1: the joyful glee of children in my backyard when I'm 702 00:30:28,880 --> 00:30:30,719 Speaker 1: not using the swimming pool. You can rent that out 703 00:30:30,760 --> 00:30:33,600 Speaker 1: and make some extra Money's pretty cool. There's peer space 704 00:30:33,640 --> 00:30:35,920 Speaker 1: for renting out your beautiful yard, let's say, if you 705 00:30:35,920 --> 00:30:38,320 Speaker 1: have one for pictures or your other space. Curb flip 706 00:30:38,320 --> 00:30:40,760 Speaker 1: which allows you to rent out a parking space if 707 00:30:40,760 --> 00:30:43,480 Speaker 1: you have a desirable parking space, or neighbor dot com. 708 00:30:43,480 --> 00:30:45,240 Speaker 1: Pretty sure we talked about this one before too, Matt. 709 00:30:45,400 --> 00:30:47,440 Speaker 1: You can rent out a portion of your house, not 710 00:30:47,480 --> 00:30:50,000 Speaker 1: to a person to stay there, but so they can 711 00:30:50,080 --> 00:30:52,960 Speaker 1: keep their items there right for storage, so stuff, Yeah, 712 00:30:53,000 --> 00:30:56,320 Speaker 1: instead of going to one of the storage facilities, Well 713 00:30:56,360 --> 00:30:59,560 Speaker 1: maybe you can find someplace closer and cheaper because a 714 00:30:59,600 --> 00:31:02,440 Speaker 1: neighbor has a garage that they're not using to the 715 00:31:02,440 --> 00:31:04,560 Speaker 1: fullest extent, and you get to use a portion of 716 00:31:04,600 --> 00:31:06,960 Speaker 1: that for a small monthly fee, and you, as the 717 00:31:06,960 --> 00:31:10,280 Speaker 1: garage owner, can make side income from something that was 718 00:31:10,320 --> 00:31:13,520 Speaker 1: previously going unused. And so you're not going to make 719 00:31:13,560 --> 00:31:16,920 Speaker 1: as much money via this house hacking method, but it 720 00:31:16,960 --> 00:31:19,160 Speaker 1: could help bring in some extra revenue. Makes I think 721 00:31:19,200 --> 00:31:21,800 Speaker 1: even there was a service we talked about a while 722 00:31:21,840 --> 00:31:24,400 Speaker 1: back called baby equip and you can rent out the 723 00:31:24,400 --> 00:31:26,640 Speaker 1: baby equipment that you're not using. There's all sorts of 724 00:31:26,680 --> 00:31:27,800 Speaker 1: ways to make. 725 00:31:27,760 --> 00:31:29,840 Speaker 2: For folks who are traveling, maybe in the city where 726 00:31:29,880 --> 00:31:31,440 Speaker 2: you live, and it didn't make sense for them to 727 00:31:31,480 --> 00:31:33,760 Speaker 2: bring along their bob stroller or something like that, and 728 00:31:33,760 --> 00:31:35,480 Speaker 2: you've got one of those on hand, and. 729 00:31:35,640 --> 00:31:37,320 Speaker 1: They're saving a little bit of money, you're making a 730 00:31:37,320 --> 00:31:40,239 Speaker 1: little bit of money, And I just I love that 731 00:31:40,280 --> 00:31:43,520 Speaker 1: there are unique ways to make additional money that aren't 732 00:31:43,560 --> 00:31:46,640 Speaker 1: just gig work. Right, that's not just trading your time 733 00:31:46,760 --> 00:31:49,320 Speaker 1: for money, which is something we talk about as like, yeah, 734 00:31:49,320 --> 00:31:51,000 Speaker 1: maybe for a short period of time, it makes sense 735 00:31:51,000 --> 00:31:52,720 Speaker 1: to do a gig job, but does it make sense 736 00:31:52,720 --> 00:31:54,800 Speaker 1: to have a gig job in perpetuity. Well, some of 737 00:31:54,800 --> 00:31:58,400 Speaker 1: these things are at least trading your assets some of 738 00:31:58,440 --> 00:32:01,920 Speaker 1: the use of your assets for money instead of your time, 739 00:32:02,040 --> 00:32:04,200 Speaker 1: which is more valuable. Yeah, this is a form of 740 00:32:04,320 --> 00:32:06,120 Speaker 1: arbitrage that might work for you where you don't have 741 00:32:06,200 --> 00:32:08,840 Speaker 1: to pay for that expensive online course to learn how 742 00:32:08,880 --> 00:32:10,360 Speaker 1: to do But uh, all right, that's gonna. 743 00:32:10,160 --> 00:32:11,800 Speaker 2: Be it for today's Friday flight. We'll see you back 744 00:32:11,840 --> 00:32:14,680 Speaker 2: here on Monday. We'll have a fresh ask How to 745 00:32:14,720 --> 00:32:17,280 Speaker 2: Money episode lined up for you. If you've been listening 746 00:32:17,320 --> 00:32:19,440 Speaker 2: to the show and you've found it valuable, we would 747 00:32:19,480 --> 00:32:21,440 Speaker 2: love it if you left us a review over at 748 00:32:21,440 --> 00:32:24,400 Speaker 2: Apple Podcast, wherever it is that you might be listening 749 00:32:24,440 --> 00:32:27,120 Speaker 2: to this episode of How to Money right now, and 750 00:32:27,240 --> 00:32:29,040 Speaker 2: leave us a solid one over there and a big 751 00:32:29,080 --> 00:32:30,800 Speaker 2: thank you in advance. But Jill, that's going to be 752 00:32:30,800 --> 00:32:33,360 Speaker 2: at Buddy, So until next time, best friends Out, Best 753 00:32:33,440 --> 00:32:34,440 Speaker 2: Friends Out.