1 00:00:00,120 --> 00:00:02,360 Speaker 1: Welcome to How the Money. I'm Joel and I and 2 00:00:02,440 --> 00:00:06,199 Speaker 1: Matt and today we're discussing changing healthcare plans and graduating 3 00:00:06,280 --> 00:00:27,320 Speaker 1: in the middle of a pandemic. Y Joel, this is 4 00:00:27,360 --> 00:00:30,319 Speaker 1: a Friday episode, and like we have been doing on 5 00:00:30,360 --> 00:00:33,479 Speaker 1: these Friday episodes, we're diving into basically financial news and 6 00:00:33,520 --> 00:00:37,720 Speaker 1: the headlines and how that impacts our personal finances on 7 00:00:37,840 --> 00:00:40,520 Speaker 1: an individual level and so right for the past couple 8 00:00:40,520 --> 00:00:42,280 Speaker 1: of months, that has had a lot to do with 9 00:00:42,320 --> 00:00:45,000 Speaker 1: COVID nineteen, and while that is still in the headlines 10 00:00:45,040 --> 00:00:47,000 Speaker 1: and that's still affecting us, we're going to continue to 11 00:00:47,040 --> 00:00:49,120 Speaker 1: focus on the bits of news from this past week 12 00:00:49,360 --> 00:00:51,080 Speaker 1: and just other articles that we've come across that we 13 00:00:51,120 --> 00:00:54,600 Speaker 1: find interesting, but again specifically and how it pertains to 14 00:00:54,680 --> 00:00:57,240 Speaker 1: our personal finances. Yeah, there's a lot to talk about today, 15 00:00:57,280 --> 00:00:59,080 Speaker 1: and so much of it is tainted or at least 16 00:00:59,480 --> 00:01:02,200 Speaker 1: at least parked by what's happening with the pandemic. Right, 17 00:01:02,240 --> 00:01:04,440 Speaker 1: and for folks that are graduating in the middle of it, 18 00:01:04,600 --> 00:01:06,600 Speaker 1: I think, you know, there are some difficulty but there's 19 00:01:06,640 --> 00:01:08,520 Speaker 1: some silver lining there too. I think we've got some 20 00:01:08,520 --> 00:01:10,560 Speaker 1: good stuff to share with with folks who are getting 21 00:01:10,560 --> 00:01:12,520 Speaker 1: out of college, and also too, we're gonna talk about healthcare, 22 00:01:12,520 --> 00:01:15,000 Speaker 1: we're gonna talk about student loans because there's one really 23 00:01:15,000 --> 00:01:17,920 Speaker 1: interesting thing that people have to know that's happening if 24 00:01:17,920 --> 00:01:20,040 Speaker 1: your student loans have been deferred, like most people who 25 00:01:20,080 --> 00:01:22,680 Speaker 1: have federal student loans, there's one little catch that's happening 26 00:01:22,760 --> 00:01:25,280 Speaker 1: to people, and we have to talk about that. Yeah. Yeah, 27 00:01:25,280 --> 00:01:27,120 Speaker 1: But before we get to that, Matt, I saw the 28 00:01:27,160 --> 00:01:30,319 Speaker 1: stat that a lot more people are watching TV. Roku, 29 00:01:30,400 --> 00:01:32,399 Speaker 1: the streaming company. I've got a Roku TV at home. 30 00:01:32,680 --> 00:01:35,520 Speaker 1: They reported me to, Oh, nice, look at that. You 31 00:01:35,520 --> 00:01:37,920 Speaker 1: know that we both have the same TV, right, Not 32 00:01:38,000 --> 00:01:41,920 Speaker 1: about that, but Roku reported an eight percent jump in 33 00:01:42,000 --> 00:01:44,440 Speaker 1: streaming hours on its platform in April. So I want 34 00:01:44,440 --> 00:01:47,960 Speaker 1: to know from you is your TV viewing? Honestly, man, 35 00:01:48,000 --> 00:01:49,960 Speaker 1: our TV viewing is probably up more than eight percent 36 00:01:50,040 --> 00:01:52,720 Speaker 1: because like literally before, we would never watch TV, Like 37 00:01:52,760 --> 00:01:54,480 Speaker 1: we weren't watching TV. We okay now, I we would 38 00:01:54,480 --> 00:01:57,720 Speaker 1: hardly watch movies, um, but since the pandemic started, we 39 00:01:57,760 --> 00:02:00,960 Speaker 1: did start watching more. Specifically, we would watch a movie 40 00:02:01,360 --> 00:02:03,960 Speaker 1: on the weekends to kind of differentiate and distinguish the 41 00:02:03,960 --> 00:02:06,800 Speaker 1: difference between the weekday and the weekend. Because with the 42 00:02:06,800 --> 00:02:09,840 Speaker 1: school's closed and the kids always at home, man, all 43 00:02:09,840 --> 00:02:12,760 Speaker 1: those days were blurring together, and so for everyone, Yeah, 44 00:02:12,880 --> 00:02:15,040 Speaker 1: this was a tangible way for us to kind of 45 00:02:15,040 --> 00:02:16,919 Speaker 1: mark the weekend. It's like, all right, time to watch, 46 00:02:17,240 --> 00:02:19,000 Speaker 1: in our case, a Marvel movie. I was gonna say, 47 00:02:19,000 --> 00:02:20,560 Speaker 1: how did you know that? That's what we are? How 48 00:02:20,600 --> 00:02:23,440 Speaker 1: far are you through the Marvel Cinematic universe? I don't know, 49 00:02:23,480 --> 00:02:26,679 Speaker 1: like the way through? We've got two more movies. Uh yeah, 50 00:02:26,800 --> 00:02:30,840 Speaker 1: it's super nerdy. But like this entire series of Marvel movies, essentially, 51 00:02:30,840 --> 00:02:33,880 Speaker 1: they're called the Infinity Saga because so all these movies 52 00:02:33,919 --> 00:02:37,360 Speaker 1: were playing into this overarching storyline and we've totally gotten 53 00:02:37,400 --> 00:02:39,320 Speaker 1: into it. It's really a couple of movies away from 54 00:02:39,360 --> 00:02:41,040 Speaker 1: being able to, you know, put a bow on that 55 00:02:41,160 --> 00:02:43,760 Speaker 1: chapter of our lives. But what about you though? Have 56 00:02:43,880 --> 00:02:46,680 Speaker 1: you and Emily been watching more? Yeah, it's definitely increased 57 00:02:47,080 --> 00:02:49,679 Speaker 1: and I'm trying to make it through the Irishman right now. 58 00:02:49,760 --> 00:02:53,840 Speaker 1: Oh fancy. It's like really long and pretty heavy to write. Well. 59 00:02:53,880 --> 00:02:56,639 Speaker 1: I like the monster films, the old school monster films 60 00:02:56,639 --> 00:02:59,200 Speaker 1: like Casino and Good Fellows and stuff, and it's definitely 61 00:02:59,240 --> 00:03:01,960 Speaker 1: in that vein. But UM, yeah, I don't know. Maybe 62 00:03:01,960 --> 00:03:03,320 Speaker 1: it's been a while since I've watched one of those 63 00:03:03,360 --> 00:03:05,079 Speaker 1: kind of movies and it's just I don't know, it's 64 00:03:05,080 --> 00:03:06,960 Speaker 1: just not piking my interest. But I'm only like an 65 00:03:06,960 --> 00:03:08,480 Speaker 1: hour into it, so maybe I'll keep going. But no, 66 00:03:08,639 --> 00:03:11,120 Speaker 1: we have been watching a little bit more overall, and 67 00:03:11,120 --> 00:03:13,560 Speaker 1: probably close more because we were like you. I mean, 68 00:03:13,600 --> 00:03:15,320 Speaker 1: we'd watch a little bit more TV than than I 69 00:03:15,320 --> 00:03:17,799 Speaker 1: think you and Kate, but we probably went from two 70 00:03:17,800 --> 00:03:20,040 Speaker 1: hours worth of watching TV a week to five hours 71 00:03:20,040 --> 00:03:22,240 Speaker 1: worth of watching TV week, So it definitely has increased. 72 00:03:22,280 --> 00:03:26,120 Speaker 1: It seems reasonable, so we're like normal everyday Americans. Well, 73 00:03:26,160 --> 00:03:29,440 Speaker 1: in particular to this article is mentioning how Roku specifically 74 00:03:29,520 --> 00:03:31,920 Speaker 1: saw a massive increase, and I think that's because so 75 00:03:31,960 --> 00:03:33,880 Speaker 1: you mentioned your TV, We've got a very similar TV 76 00:03:33,919 --> 00:03:36,920 Speaker 1: where Roku is built into the operating system basically of 77 00:03:36,960 --> 00:03:39,400 Speaker 1: the TV, and that is just so smart. I'm sure 78 00:03:39,400 --> 00:03:42,320 Speaker 1: the Firestick and Apple TV have seen increases as well, 79 00:03:42,520 --> 00:03:45,280 Speaker 1: but because Roku has partnered with these TV manufacturers and 80 00:03:45,320 --> 00:03:48,080 Speaker 1: it's coming pre installed, that's why I'm using that. Right 81 00:03:48,120 --> 00:03:49,839 Speaker 1: before this, I used to be an Apple TV guy 82 00:03:50,280 --> 00:03:52,560 Speaker 1: because I've got you know, I'm Apple products kind of person. 83 00:03:52,640 --> 00:03:55,000 Speaker 1: But the Apple TV is just the device that connects 84 00:03:55,000 --> 00:03:57,000 Speaker 1: to your TV so you can watch stuff, and it 85 00:03:57,080 --> 00:03:59,400 Speaker 1: costs as much as a TV. With the built in 86 00:03:59,520 --> 00:04:01,800 Speaker 1: roccus off the costa as much. But they can to 87 00:04:01,800 --> 00:04:04,720 Speaker 1: be expensive, especially if you get the nicer ones. But 88 00:04:04,800 --> 00:04:06,680 Speaker 1: the fact that the Roku was built in it was 89 00:04:06,680 --> 00:04:08,760 Speaker 1: super convenient. And so you know what is built in. 90 00:04:08,840 --> 00:04:10,840 Speaker 1: I started using it and now that's what we use. 91 00:04:11,280 --> 00:04:12,720 Speaker 1: So I think that goes to show how much of 92 00:04:12,720 --> 00:04:16,839 Speaker 1: our behavior is dictated by things that are easy, right, 93 00:04:16,920 --> 00:04:18,760 Speaker 1: Like the psychology is like make it easy and I 94 00:04:18,800 --> 00:04:20,880 Speaker 1: will do it. And that's totally what's happened here. Yeah, 95 00:04:20,920 --> 00:04:23,239 Speaker 1: I think we tend to spend more money or waste 96 00:04:23,240 --> 00:04:25,120 Speaker 1: more time when things are easy, that's for sure. Absolutely, 97 00:04:25,200 --> 00:04:27,320 Speaker 1: man are Matt. But first let's get into the good 98 00:04:27,320 --> 00:04:30,200 Speaker 1: news for this episode news you gotta hit that up. 99 00:04:30,720 --> 00:04:32,559 Speaker 1: And so yeah, there are felt like that almost sounded 100 00:04:32,600 --> 00:04:34,040 Speaker 1: like an air horn a little bit the way I 101 00:04:34,080 --> 00:04:36,120 Speaker 1: said that, which which I'm not trying to go for. 102 00:04:36,600 --> 00:04:38,040 Speaker 1: We can I can get an air horn in here. 103 00:04:38,080 --> 00:04:40,520 Speaker 1: We can make it happen. No air horn sounders. I 104 00:04:40,520 --> 00:04:42,760 Speaker 1: think that might free people out in their earbuds, you know. 105 00:04:43,000 --> 00:04:45,719 Speaker 1: But yeah, there's some good things happening in the midst 106 00:04:45,760 --> 00:04:48,640 Speaker 1: of some crazy times. And the first thing I wanted 107 00:04:48,640 --> 00:04:50,520 Speaker 1: to highlight, Matt was something I saw in in our 108 00:04:50,520 --> 00:04:53,000 Speaker 1: local paper that A j C was about some of 109 00:04:53,040 --> 00:04:55,640 Speaker 1: our local farmers and how they're kind of doing in 110 00:04:55,680 --> 00:04:58,640 Speaker 1: this tumultuous time. And they covered a few different farmers 111 00:04:58,880 --> 00:05:01,640 Speaker 1: here in the state who used to almost exclusively sell 112 00:05:01,720 --> 00:05:04,800 Speaker 1: to high end restaurants, but that's not really happening right now, 113 00:05:04,920 --> 00:05:07,719 Speaker 1: right that their their business has completely had to shift 114 00:05:07,800 --> 00:05:10,760 Speaker 1: in this time. Now, these farmers are spending every single 115 00:05:10,800 --> 00:05:14,840 Speaker 1: week making deliveries to individuals at their homes, right And 116 00:05:14,880 --> 00:05:17,720 Speaker 1: so these farmers have had to completely change their business models. 117 00:05:17,760 --> 00:05:19,920 Speaker 1: Some of them so they didn't even accept credit cards, 118 00:05:20,160 --> 00:05:22,080 Speaker 1: and now they have to accept credit cards, right because 119 00:05:22,120 --> 00:05:25,040 Speaker 1: they have to please individual consumers. So I was happy 120 00:05:25,120 --> 00:05:27,000 Speaker 1: to read that article that these farmers are doing well. 121 00:05:27,040 --> 00:05:30,000 Speaker 1: They've been able to continue to sell their crops because 122 00:05:30,000 --> 00:05:31,880 Speaker 1: we're all cooking more at home now, right and we 123 00:05:32,240 --> 00:05:34,920 Speaker 1: need we need their produce in our homes as opposed 124 00:05:34,960 --> 00:05:37,200 Speaker 1: to at the restaurants right now. And yet their ability 125 00:05:37,400 --> 00:05:40,040 Speaker 1: to be flexible to change a business model and some 126 00:05:40,080 --> 00:05:42,400 Speaker 1: of them are even launching CSA programs, right, which you 127 00:05:42,400 --> 00:05:44,160 Speaker 1: know you might get a box of edgies every week 128 00:05:44,200 --> 00:05:48,360 Speaker 1: or every month Community supported Agriculture, Yeah, exactly, And so yeah, 129 00:05:48,400 --> 00:05:51,000 Speaker 1: it's just cool to see how these farmers are able 130 00:05:51,040 --> 00:05:53,320 Speaker 1: to to change their business. It's not always easy to 131 00:05:53,400 --> 00:05:55,599 Speaker 1: change your business model right on a dime, and they've 132 00:05:55,600 --> 00:05:57,599 Speaker 1: been able to make it happen. Yeah, what's key here 133 00:05:57,720 --> 00:05:59,840 Speaker 1: is the flexibility, right. I think there are some in 134 00:06:00,080 --> 00:06:03,640 Speaker 1: strees that don't allow for more flexibility, right. I think 135 00:06:03,640 --> 00:06:06,039 Speaker 1: of the airlines, there's not much else that they can do, right, 136 00:06:06,240 --> 00:06:08,240 Speaker 1: but they can't really pivot to provide some other service. 137 00:06:08,480 --> 00:06:11,040 Speaker 1: They just have to either scale back to provide safety, 138 00:06:11,080 --> 00:06:13,799 Speaker 1: but they're still gonna fly, like they have airplanes contracts 139 00:06:13,800 --> 00:06:15,520 Speaker 1: with airports. I don't know all that goes into it, 140 00:06:15,560 --> 00:06:18,159 Speaker 1: but there's just a lot of framework and structure that 141 00:06:18,200 --> 00:06:21,479 Speaker 1: surrounds that industry and there isn't much flexibility that can occur. 142 00:06:21,720 --> 00:06:24,480 Speaker 1: But then there are other industries as well, Uh, some 143 00:06:24,600 --> 00:06:27,080 Speaker 1: that have gotten hammered, Like I'm thinking of restaurants, But 144 00:06:27,120 --> 00:06:29,920 Speaker 1: at the same time, I think restaurants are a perfect 145 00:06:29,920 --> 00:06:32,880 Speaker 1: example of where you can still stay in business by 146 00:06:32,960 --> 00:06:36,120 Speaker 1: being flexible. Right, maybe before take out was a very 147 00:06:36,120 --> 00:06:39,120 Speaker 1: small portion of what you provided, right, Like, people came 148 00:06:39,160 --> 00:06:40,640 Speaker 1: to your restaurant because they wanted to sit in it 149 00:06:40,680 --> 00:06:42,839 Speaker 1: because it was beautiful and it was in a good 150 00:06:42,839 --> 00:06:44,919 Speaker 1: part of town. But you know, the ability to be 151 00:06:44,960 --> 00:06:47,440 Speaker 1: flexible and seeing what it is that people are looking for, 152 00:06:47,520 --> 00:06:49,560 Speaker 1: whether that's you know, meals that they can take home 153 00:06:49,600 --> 00:06:51,520 Speaker 1: for their family, or even meals to take home to 154 00:06:51,560 --> 00:06:53,960 Speaker 1: freeze and kind of partially make at home, you know 155 00:06:54,000 --> 00:06:56,479 Speaker 1: a few days later. That kind of thing. Finding ways 156 00:06:56,520 --> 00:06:58,320 Speaker 1: to be flexible is going to I think be the 157 00:06:58,320 --> 00:07:02,920 Speaker 1: difference between not just industries, but specific businesses within industries 158 00:07:03,120 --> 00:07:04,520 Speaker 1: as to whether or not that they're going to get 159 00:07:04,560 --> 00:07:07,719 Speaker 1: through this rough patch. Yeah, I've seen stories about people 160 00:07:08,160 --> 00:07:11,920 Speaker 1: virtually teaching how to cut your your spouse or partner's hair. 161 00:07:12,160 --> 00:07:17,120 Speaker 1: I've seen people remote teaching dogs right obedient school for Like, 162 00:07:17,160 --> 00:07:19,360 Speaker 1: all sorts of things can pop up where it seems 163 00:07:19,480 --> 00:07:22,000 Speaker 1: that what you do has to be done face to face, right, 164 00:07:22,040 --> 00:07:24,800 Speaker 1: has to be done in person. And we're realizing people 165 00:07:24,800 --> 00:07:26,560 Speaker 1: are realizing, you know what, I'm gonna have to make 166 00:07:26,600 --> 00:07:28,960 Speaker 1: a pivot. The only way to make a pivot is 167 00:07:28,960 --> 00:07:32,120 Speaker 1: is to try this virtual business and people are responding, 168 00:07:32,160 --> 00:07:35,160 Speaker 1: and it's actually kind of become kind of interesting to 169 00:07:35,200 --> 00:07:37,720 Speaker 1: see how certain businesses are are taking off and doing 170 00:07:37,760 --> 00:07:40,200 Speaker 1: well in kind of a virtual economy. And I know 171 00:07:40,240 --> 00:07:42,320 Speaker 1: that's not the case for everybody. Obviously, a lot of 172 00:07:42,320 --> 00:07:44,000 Speaker 1: businesses are hit really hard. If you work in the 173 00:07:44,000 --> 00:07:47,080 Speaker 1: airline industry, it's really hard to pivot right now. But 174 00:07:47,080 --> 00:07:48,760 Speaker 1: but it is working for some people, and it's a 175 00:07:48,760 --> 00:07:51,000 Speaker 1: necessity for a lot of people right to figure out 176 00:07:51,160 --> 00:07:53,120 Speaker 1: what your business is going to look like kind of 177 00:07:53,120 --> 00:07:55,640 Speaker 1: in this new era. Totally man. All right, A quick 178 00:07:55,680 --> 00:07:57,880 Speaker 1: little bit of good news if you're looking for work. 179 00:07:58,120 --> 00:08:00,600 Speaker 1: Last week we talked about looking for set their specific 180 00:08:00,680 --> 00:08:04,120 Speaker 1: opportunities on the on the podcast. But if you just 181 00:08:04,200 --> 00:08:06,760 Speaker 1: need a steady job that pays decently well right now, 182 00:08:07,120 --> 00:08:10,120 Speaker 1: you can apply to become a contact tracer. There have 183 00:08:10,200 --> 00:08:12,520 Speaker 1: been a lot of government positions that are opening up, 184 00:08:12,840 --> 00:08:15,560 Speaker 1: uh that are COVID nineteen related, and so you can 185 00:08:15,560 --> 00:08:18,280 Speaker 1: go to government jobs dot com. And this is different 186 00:08:18,320 --> 00:08:19,720 Speaker 1: from federal job. If you go to the site, you're 187 00:08:19,720 --> 00:08:21,720 Speaker 1: not going to be kind of spending your tires, you know, 188 00:08:21,760 --> 00:08:24,080 Speaker 1: looking at jobs that are only available across you know, 189 00:08:24,080 --> 00:08:25,680 Speaker 1: on the other side of the country. These are going 190 00:08:25,720 --> 00:08:28,600 Speaker 1: to be local and state specific to where you live, 191 00:08:28,680 --> 00:08:30,600 Speaker 1: and so type typing your zip code, typing your city 192 00:08:30,640 --> 00:08:33,080 Speaker 1: and you'll find local jobs. Yeah, exactly. So if that's 193 00:08:33,120 --> 00:08:34,360 Speaker 1: you and you're looking for a job, to be sure 194 00:08:34,360 --> 00:08:36,640 Speaker 1: to check out government jobs dot com. Yeah. It seems 195 00:08:36,640 --> 00:08:39,800 Speaker 1: like those contact tracer positions are paying somewhere between fifteen 196 00:08:39,840 --> 00:08:42,280 Speaker 1: and twenty bucks an hour or something like that, depending 197 00:08:42,280 --> 00:08:44,280 Speaker 1: on the state. So, yeah, you need to apply locally. 198 00:08:44,320 --> 00:08:45,959 Speaker 1: I think each state is doing their own hiring and 199 00:08:46,000 --> 00:08:48,640 Speaker 1: they're doing it differently. But government jobs dot Com is 200 00:08:48,640 --> 00:08:50,920 Speaker 1: is a good place to go look for those jobs. Matt, 201 00:08:51,040 --> 00:08:53,800 Speaker 1: let's talk about one more piece of good news, and 202 00:08:53,840 --> 00:08:56,800 Speaker 1: the i r S just clarified. Uh there, they gave 203 00:08:56,840 --> 00:09:00,640 Speaker 1: some new guidance about healthcare plans. Right. Normally, healthcare plan 204 00:09:00,679 --> 00:09:04,280 Speaker 1: is set in stone for a year after open enrollment closes, right. 205 00:09:04,320 --> 00:09:06,679 Speaker 1: This year is a little different though, and the i 206 00:09:06,800 --> 00:09:09,959 Speaker 1: r S is allowing employers to let you change your 207 00:09:09,960 --> 00:09:12,599 Speaker 1: healthcare plan now. Right, So if you've been furloughed, you 208 00:09:12,640 --> 00:09:16,040 Speaker 1: could potentially drop your healthcare coverage or if you came 209 00:09:16,080 --> 00:09:19,320 Speaker 1: into the year without coverage, and how you realize you 210 00:09:19,320 --> 00:09:21,320 Speaker 1: want to have healthcare coverage, well, you might have the 211 00:09:21,320 --> 00:09:24,079 Speaker 1: ability to sign up for a healthcare plan with your employer. 212 00:09:24,400 --> 00:09:25,920 Speaker 1: It's important to note the i r S has said 213 00:09:25,960 --> 00:09:28,280 Speaker 1: that employers can do this, not that they have to 214 00:09:28,480 --> 00:09:30,480 Speaker 1: or must, So it's important to reach out to your 215 00:09:30,480 --> 00:09:33,520 Speaker 1: employer and specifically ask that, especially if you haven't gotten 216 00:09:33,559 --> 00:09:36,480 Speaker 1: any communication from them saying that it's allowed. Right. But 217 00:09:36,520 --> 00:09:38,400 Speaker 1: it's good to know because there are probably some folks 218 00:09:38,400 --> 00:09:40,160 Speaker 1: in this boat mat where they would like to be 219 00:09:40,160 --> 00:09:41,719 Speaker 1: able to change their healthcare plan. They'd like to be 220 00:09:41,760 --> 00:09:43,280 Speaker 1: able to hop on and get some coverage if they 221 00:09:43,320 --> 00:09:45,240 Speaker 1: don't currently have it, And the i r S has 222 00:09:45,240 --> 00:09:47,880 Speaker 1: said this year it's it's possible, you can do it. Yeah. 223 00:09:47,880 --> 00:09:49,240 Speaker 1: And one of the reasons they're doing this too is 224 00:09:49,280 --> 00:09:52,760 Speaker 1: that experts are hoping that by offering the ability to 225 00:09:52,760 --> 00:09:55,400 Speaker 1: to gain coverage, that workers would feel a little more 226 00:09:55,480 --> 00:09:58,160 Speaker 1: comfortable coming back to work. Living in this you know, 227 00:09:58,200 --> 00:10:00,040 Speaker 1: COVID nineteen world that we live in, you might i 228 00:10:00,080 --> 00:10:02,400 Speaker 1: feel a little you know, hesitant to come back to 229 00:10:02,480 --> 00:10:05,920 Speaker 1: a workplace where there's other people there if you're afraid 230 00:10:05,960 --> 00:10:08,000 Speaker 1: of getting sick. And as to whether or not you know, 231 00:10:08,040 --> 00:10:09,880 Speaker 1: you're going to be covered where that to happen, and 232 00:10:09,920 --> 00:10:11,600 Speaker 1: so it's nice to be able to provide some of 233 00:10:11,600 --> 00:10:14,440 Speaker 1: that confidence to employees as they're looking to come back. 234 00:10:14,800 --> 00:10:16,800 Speaker 1: And even if that's not going to affect you. You know, 235 00:10:16,920 --> 00:10:19,200 Speaker 1: something that a lot of folks might want to do, though, 236 00:10:19,320 --> 00:10:22,640 Speaker 1: is to change their f s A allocation. Many folks 237 00:10:22,720 --> 00:10:26,360 Speaker 1: will be putting off health procedures until and so you know, 238 00:10:26,440 --> 00:10:29,840 Speaker 1: ceazing these f s A contributions for the rest of 239 00:10:29,840 --> 00:10:32,320 Speaker 1: the year might make a lot of sense since that's 240 00:10:32,360 --> 00:10:35,480 Speaker 1: gonna be money that you probably won't utilize fully, right, 241 00:10:35,720 --> 00:10:37,640 Speaker 1: And so the great news here is that employers are 242 00:10:37,640 --> 00:10:40,000 Speaker 1: allowed to give you that option now as well. Again, 243 00:10:40,000 --> 00:10:43,000 Speaker 1: this isn't something that's necessarily mandatory for them to offer you, 244 00:10:43,040 --> 00:10:45,319 Speaker 1: but it is an option. Yeah. And f s A 245 00:10:45,480 --> 00:10:48,520 Speaker 1: S flexible spending accounts. They are use it or lose it. 246 00:10:48,640 --> 00:10:50,800 Speaker 1: So if you have allocated money in there and you 247 00:10:50,840 --> 00:10:53,079 Speaker 1: don't get around using it that year, well then you're 248 00:10:53,080 --> 00:10:55,160 Speaker 1: out of luck. You lose that money. So it is 249 00:10:55,160 --> 00:10:58,559 Speaker 1: important that you suspend contributions if you're allowed to, if 250 00:10:58,600 --> 00:11:00,440 Speaker 1: you don't feel like you're gonna be able to to 251 00:11:00,520 --> 00:11:02,880 Speaker 1: use all that money this year. Right, and dependent care 252 00:11:02,960 --> 00:11:05,960 Speaker 1: f s a s are also another element of this right. 253 00:11:05,960 --> 00:11:08,280 Speaker 1: They're really helpful in normal years, but if your daycare 254 00:11:08,320 --> 00:11:10,199 Speaker 1: has closed for months on end, you might not need 255 00:11:10,240 --> 00:11:12,559 Speaker 1: to contribute as much to that f s A as 256 00:11:12,559 --> 00:11:15,679 Speaker 1: you had previously planned. So pulling back those contributions if 257 00:11:15,679 --> 00:11:17,760 Speaker 1: your employer allows it, it's another way to be able 258 00:11:17,760 --> 00:11:19,880 Speaker 1: to put more money back in your pocket and not 259 00:11:19,920 --> 00:11:21,880 Speaker 1: putting it towards something that you're not actually going to 260 00:11:21,880 --> 00:11:24,000 Speaker 1: be able to get benefit from. Otherwise, you can go 261 00:11:24,040 --> 00:11:26,360 Speaker 1: in for that fourth physical of the year if that's 262 00:11:26,400 --> 00:11:29,520 Speaker 1: really your thing. And so let's get to our news 263 00:11:29,559 --> 00:11:32,240 Speaker 1: here on student loans. If you are listening and you 264 00:11:32,280 --> 00:11:35,360 Speaker 1: have federal student loans, you are likely really enjoying not 265 00:11:35,480 --> 00:11:38,400 Speaker 1: having to pay that loan while also not accruing any 266 00:11:38,480 --> 00:11:42,480 Speaker 1: interest right until October. But watch out for a potential 267 00:11:42,559 --> 00:11:45,680 Speaker 1: ding to your credit score. Some student loan servicers have 268 00:11:45,880 --> 00:11:49,040 Speaker 1: been reporting this deferment to the credit bureaus, and of 269 00:11:49,080 --> 00:11:52,920 Speaker 1: course this negatively impacts the borrower's credit. Some borrowers have 270 00:11:53,120 --> 00:11:55,760 Speaker 1: even seen up to a one point drop to the 271 00:11:55,800 --> 00:11:58,360 Speaker 1: credit score, which is pretty insane. And while that might 272 00:11:58,360 --> 00:12:00,680 Speaker 1: be scary, you can take some comfort and noing that 273 00:12:00,679 --> 00:12:02,960 Speaker 1: that shouldn't be the case thanks to the Cares Act. 274 00:12:03,280 --> 00:12:05,840 Speaker 1: This is not supposed to happen. Yeah, you said it's 275 00:12:05,880 --> 00:12:07,839 Speaker 1: not supposed to happen, but but it is happening to 276 00:12:07,880 --> 00:12:10,960 Speaker 1: something sometimes it does. Yeah, and this deferment wasn't even 277 00:12:10,960 --> 00:12:13,160 Speaker 1: something that people chose to partake in. It was kind 278 00:12:13,160 --> 00:12:15,840 Speaker 1: of this automatic thing. It was this automatic suspension of 279 00:12:15,880 --> 00:12:18,240 Speaker 1: those loans for six months. So it's important for people 280 00:12:18,240 --> 00:12:20,560 Speaker 1: to go and check their credit score and to check 281 00:12:20,840 --> 00:12:24,000 Speaker 1: their actual credit reports at the site annual Credit Report 282 00:12:24,000 --> 00:12:26,720 Speaker 1: dot com in order to ensure that their credit hasn't 283 00:12:26,720 --> 00:12:29,839 Speaker 1: been hurt by this deferment. And we mentioned recently math 284 00:12:29,880 --> 00:12:32,280 Speaker 1: that that people can check their credit reports now weekly 285 00:12:32,559 --> 00:12:34,360 Speaker 1: at annual credit Report dot com. It used to be 286 00:12:34,360 --> 00:12:36,320 Speaker 1: free only once a year, and now it's free every 287 00:12:36,320 --> 00:12:38,640 Speaker 1: single week, which is great. And so if this deferment 288 00:12:38,720 --> 00:12:41,200 Speaker 1: has negatively impacted your credit score and it's on your 289 00:12:41,200 --> 00:12:43,760 Speaker 1: credit report, it's important to contact your servicer and let 290 00:12:43,760 --> 00:12:46,120 Speaker 1: them know and if they won't fix it, then file 291 00:12:46,160 --> 00:12:48,720 Speaker 1: a dispute with the three credit bureaus. You want to 292 00:12:48,760 --> 00:12:51,240 Speaker 1: make sure you get this removed because yeah, it can 293 00:12:51,280 --> 00:12:53,320 Speaker 1: cost you money in other ways. Your credit score has 294 00:12:53,360 --> 00:12:55,720 Speaker 1: such a major impact on your overall financial life, your 295 00:12:55,720 --> 00:12:58,160 Speaker 1: financial health, And I don't think these services are doing 296 00:12:58,160 --> 00:13:00,640 Speaker 1: this on purpose necessarily. Think they probably just had procedures 297 00:13:00,640 --> 00:13:02,960 Speaker 1: in place and they didn't update them right for for 298 00:13:03,040 --> 00:13:05,160 Speaker 1: kind of what's actually happening and what the CARES Act says, 299 00:13:05,440 --> 00:13:07,880 Speaker 1: they just assume people going in deferment, Well, we report 300 00:13:07,880 --> 00:13:09,439 Speaker 1: that to the credit pureis. Well, they're not supposed to 301 00:13:09,480 --> 00:13:11,960 Speaker 1: do that right now. So if this mistake has been made, 302 00:13:12,080 --> 00:13:13,680 Speaker 1: it's important for you to be aware of it and 303 00:13:13,679 --> 00:13:15,480 Speaker 1: then for you to go about correcting it in whatever 304 00:13:15,520 --> 00:13:17,360 Speaker 1: way you can. I feel like this is another instance 305 00:13:17,360 --> 00:13:19,960 Speaker 1: where there is something good that the government is trying 306 00:13:20,000 --> 00:13:21,760 Speaker 1: to do for us, but in the end it might 307 00:13:21,800 --> 00:13:23,400 Speaker 1: get in a little bit messed up, and it comes 308 00:13:23,400 --> 00:13:25,480 Speaker 1: down to us to make sure that we that we're 309 00:13:25,520 --> 00:13:28,080 Speaker 1: being proactive and kind of cleaning up the mess if 310 00:13:28,080 --> 00:13:30,600 Speaker 1: there is one. Yeah, exactly. The responsibility in the end 311 00:13:30,720 --> 00:13:33,839 Speaker 1: lies with us as individuals oftentimes. So man, next we're 312 00:13:33,840 --> 00:13:37,359 Speaker 1: gonna talk about college, higher education, our thoughts on graduating 313 00:13:37,400 --> 00:13:39,800 Speaker 1: in the middle of this weird time that we find 314 00:13:39,800 --> 00:13:42,319 Speaker 1: ourselves in. We're gonna get to vat right after the break. 315 00:13:51,200 --> 00:13:53,400 Speaker 1: All right, Matt, we're back from the break, and let's 316 00:13:53,400 --> 00:13:55,840 Speaker 1: get into talking about college because this is this is 317 00:13:55,840 --> 00:13:58,240 Speaker 1: a weird time for higher education right now. And Matt, 318 00:13:58,280 --> 00:14:00,920 Speaker 1: you and I we we discussed is college worth it? 319 00:14:00,960 --> 00:14:03,000 Speaker 1: Back in episode nine. We had a lot of thoughts 320 00:14:03,080 --> 00:14:04,400 Speaker 1: and ultimately, you know, we said, there are a lot 321 00:14:04,400 --> 00:14:05,960 Speaker 1: of good things about going to college, but then then 322 00:14:05,960 --> 00:14:07,760 Speaker 1: there are some reasons to avoid it too. But I 323 00:14:07,760 --> 00:14:10,960 Speaker 1: guess the biggest question now in like the COVID age, 324 00:14:11,120 --> 00:14:13,719 Speaker 1: is has the value of college gone down? And well, 325 00:14:13,720 --> 00:14:16,600 Speaker 1: the price of getting a higher education actually declined to So, Matt, 326 00:14:16,640 --> 00:14:18,880 Speaker 1: what do you think where's the value proposition of people 327 00:14:18,960 --> 00:14:21,400 Speaker 1: going to college? Does Does it still make sense for 328 00:14:21,440 --> 00:14:23,440 Speaker 1: people to be shelling out big bucks to go to 329 00:14:23,680 --> 00:14:28,280 Speaker 1: major universities if they're learning is taking place mostly online? Yeah, 330 00:14:28,360 --> 00:14:30,920 Speaker 1: I think the answer is no, we should be paying 331 00:14:30,960 --> 00:14:33,760 Speaker 1: that much money for like a zoom education, right, Like, 332 00:14:34,080 --> 00:14:37,520 Speaker 1: obviously the experience part of of colleges, it's such a 333 00:14:37,600 --> 00:14:40,520 Speaker 1: huge part of the draw and you know, it's truly 334 00:14:40,560 --> 00:14:43,200 Speaker 1: a big benefit at the same time, and so you know, 335 00:14:43,240 --> 00:14:45,120 Speaker 1: this year might be the perfect year to to take 336 00:14:45,160 --> 00:14:47,400 Speaker 1: a gap year, whether you have a kid, graduating from 337 00:14:47,480 --> 00:14:50,440 Speaker 1: high school, or maybe you are currently in college in 338 00:14:50,480 --> 00:14:53,480 Speaker 1: the middle of your education. Oftentimes, when folks talk about 339 00:14:53,480 --> 00:14:56,120 Speaker 1: the experience of being in college, like really what they're 340 00:14:56,160 --> 00:14:58,160 Speaker 1: talking about is kind of being able to make friends, 341 00:14:58,200 --> 00:15:00,320 Speaker 1: hang out, I go to football games like on the 342 00:15:00,320 --> 00:15:03,640 Speaker 1: weekends or all the time whenever. But there's also this 343 00:15:03,720 --> 00:15:07,360 Speaker 1: ability to experience life and a quote unquote like safer 344 00:15:07,440 --> 00:15:09,760 Speaker 1: environments than out in the real world. I think the 345 00:15:09,760 --> 00:15:12,840 Speaker 1: consequences of these small mistakes they may not be as 346 00:15:12,880 --> 00:15:15,800 Speaker 1: big when you're you know, a college student, and unfortunately 347 00:15:15,880 --> 00:15:17,560 Speaker 1: that's something that people are kind of missing out on. 348 00:15:18,000 --> 00:15:19,720 Speaker 1: Your your are a might be a little more forgiving, 349 00:15:19,760 --> 00:15:23,200 Speaker 1: or campus police even as opposed to the real police exactly. 350 00:15:23,480 --> 00:15:25,080 Speaker 1: It's I feel like that that's one of the sort 351 00:15:25,080 --> 00:15:28,280 Speaker 1: of softer benefits that we receive from a college experience 352 00:15:28,360 --> 00:15:30,960 Speaker 1: that that students are going to be missing on, aside 353 00:15:30,960 --> 00:15:34,200 Speaker 1: from the ability to to learn effectively in person as well. Yeah, 354 00:15:34,240 --> 00:15:35,880 Speaker 1: I think in episode one th nine, when we talked 355 00:15:35,880 --> 00:15:37,880 Speaker 1: about it, that's kind of where we came down was, actually, 356 00:15:37,880 --> 00:15:41,000 Speaker 1: it's those soft experiences. It's it's the relationships, It's the 357 00:15:41,120 --> 00:15:44,360 Speaker 1: connections that you make when you're at college that mean 358 00:15:44,520 --> 00:15:47,240 Speaker 1: just as much, if not more than the education itself. 359 00:15:47,440 --> 00:15:50,160 Speaker 1: And especially in a society where fifty of the people 360 00:15:50,200 --> 00:15:52,520 Speaker 1: that graduate from college end up working in a job 361 00:15:52,560 --> 00:15:55,520 Speaker 1: that doesn't require a degree upon graduation, I mean that 362 00:15:55,600 --> 00:15:58,280 Speaker 1: statistic is crazy. And so yeah, I think, especially now 363 00:15:58,480 --> 00:16:02,000 Speaker 1: when going to college means to classes online and missing 364 00:16:02,000 --> 00:16:05,000 Speaker 1: out on that huge chunk, that huge benefit of what 365 00:16:05,120 --> 00:16:07,480 Speaker 1: the campus provides you, I think this might be the 366 00:16:07,480 --> 00:16:09,760 Speaker 1: perfect gap year for a lot of people. Whether you're 367 00:16:09,800 --> 00:16:12,360 Speaker 1: in the midst of of getting your education or whether 368 00:16:12,440 --> 00:16:14,320 Speaker 1: you're just about to go off to college, it might 369 00:16:14,320 --> 00:16:16,920 Speaker 1: be time to consider whether that's still the best move. Hey, 370 00:16:16,960 --> 00:16:18,640 Speaker 1: you also might want to consider going to maybe a 371 00:16:18,720 --> 00:16:21,040 Speaker 1: cheaper school for the time being as well, right, maybe 372 00:16:21,080 --> 00:16:22,960 Speaker 1: a local community college to to get some of those 373 00:16:23,000 --> 00:16:26,200 Speaker 1: core classes out of the way for the school year. 374 00:16:26,360 --> 00:16:30,040 Speaker 1: Online learning is happening like regardless of what school you 375 00:16:30,120 --> 00:16:31,520 Speaker 1: end up going to, so you might may as well 376 00:16:31,560 --> 00:16:33,640 Speaker 1: try to save some money. Yeah, and one more thing too. 377 00:16:33,680 --> 00:16:36,640 Speaker 1: If your family's income has been reduced and the financial 378 00:16:36,640 --> 00:16:38,720 Speaker 1: aid package that you received to go to school just 379 00:16:38,800 --> 00:16:40,960 Speaker 1: isn't that great, will be sure to ask for more 380 00:16:41,000 --> 00:16:43,840 Speaker 1: financial aid and and that could actually allow you the 381 00:16:43,880 --> 00:16:46,360 Speaker 1: ability to continue your education at a school you love 382 00:16:46,880 --> 00:16:48,840 Speaker 1: at home, though in all likelihood for for a lot 383 00:16:48,880 --> 00:16:51,120 Speaker 1: of people, but for a similar out of pocket price 384 00:16:51,200 --> 00:16:53,800 Speaker 1: to that local community college. So if that financial aid 385 00:16:53,840 --> 00:16:56,280 Speaker 1: package is not enough, file and appeal based on a 386 00:16:56,360 --> 00:16:58,920 Speaker 1: change in circumstances, and that there's this website too, will 387 00:16:58,920 --> 00:17:01,200 Speaker 1: link to it in the show notes. Swift student is. 388 00:17:01,280 --> 00:17:03,200 Speaker 1: It's a free website that helps parents and students who 389 00:17:03,240 --> 00:17:05,920 Speaker 1: are seeking adjustments to their financial aid package. Who can 390 00:17:05,920 --> 00:17:07,600 Speaker 1: help walk you through that because the fact is a 391 00:17:07,600 --> 00:17:11,399 Speaker 1: lot of parents income has changed, uh in the past 392 00:17:11,520 --> 00:17:15,119 Speaker 1: several months, and so unfortunately, I think it's probably changed 393 00:17:15,200 --> 00:17:17,720 Speaker 1: for the better when it comes to receiving financial aid. 394 00:17:18,040 --> 00:17:20,960 Speaker 1: So that's a small bright spot. Yeah, so college education 395 00:17:21,119 --> 00:17:24,320 Speaker 1: still really really valuable, I think, but not at any cost, right, Matt. 396 00:17:24,440 --> 00:17:26,959 Speaker 1: We've talked about that before too, that a college education 397 00:17:27,040 --> 00:17:29,040 Speaker 1: is great. But if you're paying sticker price, if you're 398 00:17:29,040 --> 00:17:32,360 Speaker 1: paying full retail for this upcoming school year, when you're 399 00:17:32,400 --> 00:17:34,240 Speaker 1: not getting access to all those other things that have 400 00:17:34,359 --> 00:17:36,639 Speaker 1: a big impact on the value that education, that you 401 00:17:36,640 --> 00:17:39,200 Speaker 1: need to rethink things. And obviously this is assuming a lot. 402 00:17:39,280 --> 00:17:41,959 Speaker 1: You know, we're gonna learn a ton in the coming weeks, 403 00:17:42,040 --> 00:17:44,040 Speaker 1: as to what the schools are gonna do, as to 404 00:17:44,040 --> 00:17:46,680 Speaker 1: whether schools are going to open or whether all classes 405 00:17:46,720 --> 00:17:49,000 Speaker 1: are going to be you know, distance learning online. Yeah 406 00:17:49,080 --> 00:17:51,600 Speaker 1: for sure. All right, man, let's talk to about graduating 407 00:17:51,640 --> 00:17:54,280 Speaker 1: in the middle of a pandemic, because I think that's 408 00:17:54,280 --> 00:17:57,320 Speaker 1: gonna be kind of a memorable time, right. I think 409 00:17:57,359 --> 00:18:00,639 Speaker 1: a lot of people are gonna remember these virtual graduation ceremonies. 410 00:18:00,960 --> 00:18:03,199 Speaker 1: Stuff like this always fascinates me. Start to interrupt, But 411 00:18:03,280 --> 00:18:05,600 Speaker 1: like when we're living in it, you don't really see 412 00:18:05,640 --> 00:18:08,520 Speaker 1: how historic something like this is. Like I even think 413 00:18:08,520 --> 00:18:10,560 Speaker 1: back to the housing crisis like ten, you know, twelve 414 00:18:10,600 --> 00:18:12,840 Speaker 1: years ago, and I remember it being a big deal. 415 00:18:12,920 --> 00:18:15,159 Speaker 1: But at the same time, it wasn't, I guess that 416 00:18:15,240 --> 00:18:17,080 Speaker 1: big of a deal. Like you kind of just move 417 00:18:17,119 --> 00:18:19,040 Speaker 1: on with your life and this is just how things are. 418 00:18:19,400 --> 00:18:21,320 Speaker 1: But it's not until you kind of leave that era 419 00:18:21,400 --> 00:18:24,000 Speaker 1: and you look back and you realize how massive that 420 00:18:24,200 --> 00:18:26,480 Speaker 1: was and all signs points of how this is just 421 00:18:26,520 --> 00:18:28,880 Speaker 1: gonna be way bigger and it's going to have much 422 00:18:28,920 --> 00:18:31,560 Speaker 1: more of an impact, and just the ripple effects from 423 00:18:31,560 --> 00:18:34,480 Speaker 1: this pandemic are going to be much longer lasting. Yeah, 424 00:18:34,480 --> 00:18:37,920 Speaker 1: it's almost amplified in retrospect. Absolutely well, for a lot 425 00:18:37,920 --> 00:18:39,360 Speaker 1: of people, it's it's not going to be the good 426 00:18:39,440 --> 00:18:41,280 Speaker 1: kind of memorable, right. I think a lot of people 427 00:18:41,359 --> 00:18:43,479 Speaker 1: are are nervous. A lot of kids are nervous as 428 00:18:43,520 --> 00:18:45,240 Speaker 1: they're getting their degrees and they're like, well, where do 429 00:18:45,280 --> 00:18:47,719 Speaker 1: I go now? And how do I navigate the job market? 430 00:18:48,160 --> 00:18:50,240 Speaker 1: A job offers in particular on hold for lots of 431 00:18:50,280 --> 00:18:52,080 Speaker 1: companies right now, Matt. We've got a friend who's a 432 00:18:52,160 --> 00:18:54,880 Speaker 1: lawyer who's applied for a job and they say they're 433 00:18:54,880 --> 00:18:56,480 Speaker 1: going to give him a job of her but it 434 00:18:56,520 --> 00:18:58,880 Speaker 1: hasn't come for months now. So let's say that again. 435 00:18:58,920 --> 00:19:01,360 Speaker 1: He's a lawyer, he's a hernie, and he's a very 436 00:19:01,359 --> 00:19:03,240 Speaker 1: good one as well, but he happened to be in 437 00:19:03,280 --> 00:19:07,080 Speaker 1: between jobs and everything's on hold for him, which is insane. 438 00:19:07,119 --> 00:19:09,919 Speaker 1: It's it's crazy to think that someone who has a 439 00:19:09,960 --> 00:19:13,240 Speaker 1: successful career, he's in this exact same position that a 440 00:19:13,320 --> 00:19:15,720 Speaker 1: lot of recent graduates are finding themselves in. Yeah, And 441 00:19:15,720 --> 00:19:18,200 Speaker 1: I think so it's easy to get bummed and blame 442 00:19:18,240 --> 00:19:22,040 Speaker 1: how unfair the current job market is and the climate overall, 443 00:19:22,520 --> 00:19:24,280 Speaker 1: and we can all admit that it stinks right. But 444 00:19:24,280 --> 00:19:26,720 Speaker 1: but wallowing in the crumminess of the situation isn't gonna 445 00:19:26,720 --> 00:19:28,960 Speaker 1: help things. It's not gonna help reason graduates. So if 446 00:19:29,000 --> 00:19:31,760 Speaker 1: you are graduating college right now, it's important to not 447 00:19:32,040 --> 00:19:34,600 Speaker 1: let the circumstances keep you down. And I think, Matt, 448 00:19:34,600 --> 00:19:37,120 Speaker 1: we've got some thoughts, some tips that could could help 449 00:19:37,520 --> 00:19:40,280 Speaker 1: kids that are graduating maybe rethink that the situation that 450 00:19:40,320 --> 00:19:43,080 Speaker 1: they find themselves in and potentially put a positive spin 451 00:19:43,119 --> 00:19:44,639 Speaker 1: on things. Yeah, you know, I don't want to be 452 00:19:44,680 --> 00:19:47,880 Speaker 1: too unrealistic, but like some graduates will actually, I think, 453 00:19:47,920 --> 00:19:51,200 Speaker 1: thrive by leaving school in the middle of these harder 454 00:19:51,240 --> 00:19:53,920 Speaker 1: economic times. You know, like we're gonna encourage students to 455 00:19:53,960 --> 00:19:57,399 Speaker 1: look on the bright side. Your smartest and brightest friends 456 00:19:57,720 --> 00:20:00,640 Speaker 1: might also have limits of opportunities right now. Few employers 457 00:20:00,640 --> 00:20:02,600 Speaker 1: are knocking down their door with you know, these really 458 00:20:02,680 --> 00:20:06,320 Speaker 1: nice offers, So look into starting something together that feels 459 00:20:06,359 --> 00:20:09,000 Speaker 1: avoid where you can solve a problem. And this is 460 00:20:09,000 --> 00:20:11,440 Speaker 1: always true, but especially in today's economy, Like, you don't 461 00:20:11,480 --> 00:20:14,399 Speaker 1: need anyone to give you permission to start something great. 462 00:20:14,480 --> 00:20:16,159 Speaker 1: You can just go for it. I think back to 463 00:20:16,320 --> 00:20:18,840 Speaker 1: like Hey Night, we started our photography company back in 464 00:20:18,880 --> 00:20:21,240 Speaker 1: two thousand seven and two thousand and eight. We were 465 00:20:21,280 --> 00:20:23,439 Speaker 1: obviously aware of what was going on back then, but 466 00:20:23,800 --> 00:20:25,119 Speaker 1: sort of like what I said a second ago, like 467 00:20:25,160 --> 00:20:27,800 Speaker 1: we were just kind of moving on with our lives, 468 00:20:28,119 --> 00:20:30,520 Speaker 1: and what we had specifically realized was that we had 469 00:20:30,560 --> 00:20:33,040 Speaker 1: discovered a problem that needed to be solved. And so 470 00:20:33,160 --> 00:20:34,919 Speaker 1: that's what we want folks to kind of focus on, 471 00:20:34,960 --> 00:20:37,560 Speaker 1: like what is the problem that that you can solve 472 00:20:37,720 --> 00:20:39,960 Speaker 1: or where you can provide some sort of helpful service. Man, 473 00:20:40,040 --> 00:20:42,520 Speaker 1: I feel like that is always the place to look, right, 474 00:20:42,560 --> 00:20:45,280 Speaker 1: the need that's not being fulfilled, the place where you 475 00:20:45,320 --> 00:20:48,520 Speaker 1: feel like your greatest strengths can serve this weakness in 476 00:20:48,880 --> 00:20:52,000 Speaker 1: the market, whether it's online, whether it's a local business, whatever, 477 00:20:51,960 --> 00:20:54,120 Speaker 1: it may be. Right and Matt, I think two people 478 00:20:54,200 --> 00:20:56,320 Speaker 1: might be thinking, well, how am I gonna start a business? 479 00:20:56,640 --> 00:20:59,239 Speaker 1: Especially when nobody wants to loan anyone money? Right now? Right, 480 00:20:59,280 --> 00:21:01,680 Speaker 1: there's gonna be success to loans to get your business 481 00:21:01,720 --> 00:21:03,800 Speaker 1: started up. And I think this can actually be a 482 00:21:03,800 --> 00:21:06,119 Speaker 1: good thing too, right. I think figuring out how to 483 00:21:06,200 --> 00:21:08,679 Speaker 1: start a business with no money often leads to a 484 00:21:08,720 --> 00:21:12,000 Speaker 1: greater level of creativity that people never would have tapped 485 00:21:12,200 --> 00:21:14,560 Speaker 1: if if they've been granted funding, and what a better 486 00:21:14,560 --> 00:21:16,680 Speaker 1: position to be in a little bit down the road 487 00:21:16,680 --> 00:21:19,600 Speaker 1: when you've started a business that's debt free and it's 488 00:21:19,640 --> 00:21:22,600 Speaker 1: the kind of bootstrapping and resiliency that gets baked into 489 00:21:22,640 --> 00:21:24,879 Speaker 1: the DNA of a company. And also it gives you 490 00:21:24,920 --> 00:21:27,760 Speaker 1: the ability to whether future downturns right. The more lean 491 00:21:27,880 --> 00:21:30,439 Speaker 1: that your business is, the less recurring debt payments you 492 00:21:30,480 --> 00:21:33,280 Speaker 1: have every month, the morse felt you are essentially, the 493 00:21:33,320 --> 00:21:35,879 Speaker 1: better off you're gonna be. Man, I could not agree more. Right, 494 00:21:35,920 --> 00:21:39,840 Speaker 1: if if you can weather the great lockdown, I'm guessing 495 00:21:39,840 --> 00:21:42,440 Speaker 1: you're gonna be able to weather a lot of upcoming storms, right. 496 00:21:42,760 --> 00:21:45,360 Speaker 1: And so maybe some questions to ask yourself would be 497 00:21:45,520 --> 00:21:48,119 Speaker 1: like what differentiates you from from others you know? Or 498 00:21:48,160 --> 00:21:51,240 Speaker 1: like what advantages do you specifically have? And then beyond yourself, 499 00:21:51,240 --> 00:21:53,080 Speaker 1: look to the specific industries you know, like what is 500 00:21:53,119 --> 00:21:55,639 Speaker 1: missing in this industry where you have an education? And 501 00:21:55,720 --> 00:21:57,760 Speaker 1: like what problem can you solve? How can you improve 502 00:21:57,800 --> 00:22:00,360 Speaker 1: something you know that just sucks? Those questions this will 503 00:22:00,400 --> 00:22:02,439 Speaker 1: get you started down the right path to finding a 504 00:22:02,480 --> 00:22:06,000 Speaker 1: career or starting a business that is uniquely suited to 505 00:22:06,040 --> 00:22:08,800 Speaker 1: your skills and your interests. As well, yeah, and then 506 00:22:08,840 --> 00:22:11,199 Speaker 1: even if your startup business right doesn't sell for like 507 00:22:11,240 --> 00:22:14,240 Speaker 1: Instagram dollars for billions or remember, Matt, you remember when 508 00:22:14,320 --> 00:22:17,120 Speaker 1: when Google offered group on I think eight billion dollars 509 00:22:17,280 --> 00:22:19,000 Speaker 1: and the group on people like no, no no, no, We're good. 510 00:22:19,240 --> 00:22:22,000 Speaker 1: And I think they regret that a whole lot. But 511 00:22:22,000 --> 00:22:24,399 Speaker 1: but you know, you're you're the likelile start. Right. The 512 00:22:24,440 --> 00:22:27,520 Speaker 1: likelihood of of anyone's business attracting those kind of dollars 513 00:22:27,560 --> 00:22:31,200 Speaker 1: it's pretty low. But it's important to remember that learning 514 00:22:31,280 --> 00:22:34,760 Speaker 1: doesn't end with graduation, right, that that continued lifelong learning 515 00:22:35,160 --> 00:22:37,720 Speaker 1: is so important, and you're gonna learn so so much 516 00:22:37,920 --> 00:22:40,359 Speaker 1: by starting your own business, in all likelihood more than 517 00:22:40,400 --> 00:22:42,760 Speaker 1: you would working for somebody else. Right, And of course 518 00:22:42,800 --> 00:22:45,119 Speaker 1: I think graduates should take a moment to celebrate what 519 00:22:45,160 --> 00:22:48,000 Speaker 1: they've accomplished, to be thrilled that they're done with school. 520 00:22:48,000 --> 00:22:49,440 Speaker 1: I know I was. I was like, man, I'm never 521 00:22:49,440 --> 00:22:52,080 Speaker 1: going back to school. It was great, well lasting, but 522 00:22:52,119 --> 00:22:54,200 Speaker 1: I'm done. I'm done. Yeah. I think you're you're probably 523 00:22:54,200 --> 00:22:56,160 Speaker 1: thrilled to be out of like that structure of going 524 00:22:56,200 --> 00:22:58,960 Speaker 1: to school, you know, like going to classes, having professors, 525 00:22:59,000 --> 00:23:01,200 Speaker 1: just like that whole thing, because I feel like you are, 526 00:23:01,240 --> 00:23:04,639 Speaker 1: like you are constantly kind of owning your skills, right, 527 00:23:04,640 --> 00:23:06,400 Speaker 1: like you're always kind of sharpening the knife. I feel 528 00:23:06,400 --> 00:23:09,120 Speaker 1: like you're definitely a lifelong learner. Man. It's interesting. There's 529 00:23:09,119 --> 00:23:11,800 Speaker 1: something so different between someone telling you to read a 530 00:23:11,800 --> 00:23:14,520 Speaker 1: book and then you wanting to read a book, and so, yeah, 531 00:23:14,520 --> 00:23:16,760 Speaker 1: I totally agree. There are so many books that in 532 00:23:16,840 --> 00:23:19,439 Speaker 1: high school I didn't want to read, or that in 533 00:23:19,520 --> 00:23:21,280 Speaker 1: college I didn't want to wake up for that ad 534 00:23:21,400 --> 00:23:23,560 Speaker 1: M class, And now those books are by my bedside 535 00:23:23,560 --> 00:23:25,840 Speaker 1: table or on my library app that I'm listening to 536 00:23:25,840 --> 00:23:27,879 Speaker 1: the audio book. I mean, I'm just thrilled to learn 537 00:23:27,960 --> 00:23:30,360 Speaker 1: and and to pick up more knowledge always, like I'm 538 00:23:30,440 --> 00:23:33,520 Speaker 1: I'm I feel like I'm reading frequently because it is 539 00:23:33,560 --> 00:23:35,520 Speaker 1: just this way to to yeah, continue to be a 540 00:23:35,560 --> 00:23:37,920 Speaker 1: lifelong learner. And yeah, man, we talked about that more 541 00:23:38,000 --> 00:23:41,560 Speaker 1: actually an episode one nineteen the power of investing in yourself, 542 00:23:41,640 --> 00:23:43,760 Speaker 1: and that is one of those things too, for for 543 00:23:43,800 --> 00:23:46,680 Speaker 1: college graduates, for graduating in the midst of this pandemic, 544 00:23:46,680 --> 00:23:48,800 Speaker 1: don't assume that your education is over even if you 545 00:23:48,840 --> 00:23:52,080 Speaker 1: never pay a dime to an institution that provides you know, 546 00:23:52,160 --> 00:23:54,640 Speaker 1: higher education. For the rest of your life, you can 547 00:23:54,640 --> 00:23:57,639 Speaker 1: still invest in yourself and and oftentimes the most important 548 00:23:57,880 --> 00:24:01,080 Speaker 1: investing in yourself is free. There's so many ways for 549 00:24:01,160 --> 00:24:02,880 Speaker 1: us to continue to grow as people even when we're 550 00:24:02,920 --> 00:24:04,840 Speaker 1: done with school. And you even might find that as 551 00:24:04,880 --> 00:24:07,320 Speaker 1: you age and get a little more mature, you might 552 00:24:07,359 --> 00:24:09,720 Speaker 1: find learning to be a little more fun as well. Mike, Joel, 553 00:24:10,000 --> 00:24:12,879 Speaker 1: it's true. And John, I want to mention the Business 554 00:24:12,920 --> 00:24:15,399 Speaker 1: Insider they recently put together a post of some of 555 00:24:15,400 --> 00:24:18,600 Speaker 1: the best commencement speeches like of all time, and we'll 556 00:24:18,600 --> 00:24:21,119 Speaker 1: share that in our show notes. Uh. They include a 557 00:24:21,160 --> 00:24:23,719 Speaker 1: wide rite of folks like from from JFK to Stephen 558 00:24:23,720 --> 00:24:26,480 Speaker 1: Colbert to JK Rolling, So if you're looking for more 559 00:24:26,520 --> 00:24:29,800 Speaker 1: inspiration and advice from some of these remarkable individuals, be 560 00:24:29,840 --> 00:24:31,520 Speaker 1: sure to check that out. Yeah, man, I think if 561 00:24:31,560 --> 00:24:34,960 Speaker 1: I was two graduating from college, I would probably be 562 00:24:35,000 --> 00:24:37,080 Speaker 1: a little freaked out right now. But hopefully the things 563 00:24:37,160 --> 00:24:39,640 Speaker 1: we've just talked about there, thinking about the silver linings 564 00:24:39,760 --> 00:24:42,800 Speaker 1: that could potentially be there for you as you are graduating. 565 00:24:43,000 --> 00:24:45,080 Speaker 1: It feels like a tough time to be graduating, you know, 566 00:24:45,160 --> 00:24:47,200 Speaker 1: It's just like it did graduating in the middle of 567 00:24:47,280 --> 00:24:49,520 Speaker 1: the Great recession. For people graduating in two thousand and 568 00:24:49,560 --> 00:24:51,240 Speaker 1: eight two thousand and nine, it was a tough time 569 00:24:51,359 --> 00:24:53,600 Speaker 1: to be leaving school, but it could actually be an 570 00:24:53,600 --> 00:24:55,480 Speaker 1: awesome time if you're willing to pivot, you're willing to 571 00:24:55,520 --> 00:24:58,440 Speaker 1: do something different and maybe carve out an alternate career 572 00:24:58,480 --> 00:25:01,640 Speaker 1: plan that wasn't necess fairly on your radar before. Nice. 573 00:25:01,640 --> 00:25:03,600 Speaker 1: All right, man, Well that's gonna be it for this episode. 574 00:25:03,800 --> 00:25:06,680 Speaker 1: We will always have episodes on Monday, Wednesday, and Friday, 575 00:25:07,119 --> 00:25:10,040 Speaker 1: but every Friday episode we will continue to dive into 576 00:25:10,240 --> 00:25:12,560 Speaker 1: the news and the headlines and how it pertains to 577 00:25:12,920 --> 00:25:15,320 Speaker 1: us in our individual dollars, and you can always go 578 00:25:15,359 --> 00:25:17,199 Speaker 1: check out more. You can find all our episodes and 579 00:25:17,240 --> 00:25:20,320 Speaker 1: more on our website at how to money dot com. Alright, Matt, 580 00:25:20,400 --> 00:25:23,520 Speaker 1: until next time, Best Friends Out, Best Friends Out.