1 00:00:00,080 --> 00:00:03,440 Speaker 1: Welcome to Had of Money. I'm Joel and I am Matt, 2 00:00:03,440 --> 00:00:07,080 Speaker 1: and today we're talking dupe destinations four oh one k leakage, 3 00:00:07,320 --> 00:00:08,920 Speaker 1: and Matt's going to offer some dating advice. 4 00:00:28,000 --> 00:00:29,600 Speaker 2: I'm going to state it for the record. I will 5 00:00:29,600 --> 00:00:32,440 Speaker 2: not be providing dating advice. I feel like I'm the 6 00:00:32,520 --> 00:00:35,360 Speaker 2: last person you actually want dating advice from other than 7 00:00:35,479 --> 00:00:40,160 Speaker 2: Joel Larsgard. Probably like literally the worst two people on earth. 8 00:00:40,159 --> 00:00:41,400 Speaker 2: I would love to see it, like if you and 9 00:00:41,400 --> 00:00:43,760 Speaker 2: I have were friends in college. It's like the blind 10 00:00:43,840 --> 00:00:47,920 Speaker 2: leading the blind, Like I feel like I tricked Kate 11 00:00:47,960 --> 00:00:49,920 Speaker 2: into marrying me, Like I still feel that at some 12 00:00:49,920 --> 00:00:51,600 Speaker 2: point she's going to come to her sense. She also 13 00:00:51,600 --> 00:00:54,320 Speaker 2: feels that way, and she's going to realize, what have 14 00:00:54,440 --> 00:00:54,800 Speaker 2: I done. 15 00:00:55,240 --> 00:00:57,640 Speaker 1: I've been in some fever dream but now I've got 16 00:00:57,680 --> 00:01:00,240 Speaker 1: four children and I'm attached and nothing I can do 17 00:01:00,240 --> 00:01:01,200 Speaker 1: about it. Not going anywhere. 18 00:01:01,280 --> 00:01:03,639 Speaker 2: No, but we are going to talk about some interesting 19 00:01:03,760 --> 00:01:07,360 Speaker 2: data that might lead you to finding somebody who you're 20 00:01:07,400 --> 00:01:10,320 Speaker 2: compatible with that you might actually stick around for the 21 00:01:10,360 --> 00:01:10,959 Speaker 2: long haul with. 22 00:01:11,080 --> 00:01:12,560 Speaker 1: So yeah, I am looking forward. And has to do 23 00:01:12,600 --> 00:01:13,880 Speaker 1: with money, we promise. 24 00:01:13,680 --> 00:01:15,679 Speaker 2: Okay, I want to share something due that I actually 25 00:01:16,160 --> 00:01:20,080 Speaker 2: accidentally stumbled upon with my phone. So this is gonna 26 00:01:20,080 --> 00:01:22,560 Speaker 2: be a little tip for folks. Like most folks, I 27 00:01:22,560 --> 00:01:25,240 Speaker 2: feel like I'm in a constant power struggle as to 28 00:01:25,560 --> 00:01:27,760 Speaker 2: who has control over the phone, Like do the apps, 29 00:01:27,840 --> 00:01:30,000 Speaker 2: do the algorithms have control over me as a person, 30 00:01:30,200 --> 00:01:30,920 Speaker 2: or is it myself? 31 00:01:31,040 --> 00:01:32,040 Speaker 1: Like it my own will. 32 00:01:32,200 --> 00:01:33,640 Speaker 2: I'm always trying to cut back on the amount of 33 00:01:33,640 --> 00:01:35,959 Speaker 2: time one spending on my phone. And the other day 34 00:01:36,600 --> 00:01:38,360 Speaker 2: I was I was like, man, I got so many 35 00:01:38,640 --> 00:01:40,400 Speaker 2: stupid apps on here, like apps, I don't use the 36 00:01:40,400 --> 00:01:42,679 Speaker 2: ones that don't suck me in, right, And so I 37 00:01:42,680 --> 00:01:44,000 Speaker 2: was like, I'm just going to clean that up a 38 00:01:44,040 --> 00:01:45,880 Speaker 2: little bit, delete some of these. I don't need to 39 00:01:45,880 --> 00:01:48,680 Speaker 2: have these on my phone. And just by deleting a 40 00:01:48,720 --> 00:01:51,240 Speaker 2: couple apps, what does that do on your iPhone? When 41 00:01:51,240 --> 00:01:54,560 Speaker 2: you delete an app? Everything shifts The entire grid shifts 42 00:01:54,840 --> 00:01:58,080 Speaker 2: by Even if you just delete one app, everything kind 43 00:01:58,080 --> 00:01:59,400 Speaker 2: of moves around a little bit. And what if the 44 00:01:59,440 --> 00:02:02,880 Speaker 2: muscle memory it was completely wiped away. I couldn't believe 45 00:02:02,880 --> 00:02:05,559 Speaker 2: it because I was going just by default to where 46 00:02:05,600 --> 00:02:08,239 Speaker 2: I know. Well, for me, it's like it's Zillo and Instagram. 47 00:02:08,680 --> 00:02:10,680 Speaker 2: Those are two that like suck me in, and I 48 00:02:10,720 --> 00:02:14,120 Speaker 2: found myself with my little thumb going, oh, wait a minute, 49 00:02:14,160 --> 00:02:17,360 Speaker 2: it's not there anymore. And even just that slight break, 50 00:02:17,560 --> 00:02:19,560 Speaker 2: like you said in Muscle Memory, was enough for me 51 00:02:19,600 --> 00:02:22,280 Speaker 2: to reconsider and say to myself, well, do I actually 52 00:02:22,320 --> 00:02:24,799 Speaker 2: want to go hunting for where that app actually is? 53 00:02:25,120 --> 00:02:27,079 Speaker 1: And so I set of more Zillow. You accidentally ended 54 00:02:27,160 --> 00:02:30,000 Speaker 1: up playing more Candy Crush exactly. Now. 55 00:02:30,080 --> 00:02:33,640 Speaker 2: I'm on feed Lee by r Assessorator, which is actually 56 00:02:33,680 --> 00:02:36,480 Speaker 2: probably more healthy for me to be reading interesting stories 57 00:02:36,480 --> 00:02:38,960 Speaker 2: that I want to learn more about. But I wanted 58 00:02:38,960 --> 00:02:40,920 Speaker 2: to share that with folks because it's a little something 59 00:02:40,960 --> 00:02:44,080 Speaker 2: that I almost, I mean really inadvertently snumbled upon. But 60 00:02:44,080 --> 00:02:45,680 Speaker 2: give it a shot if you're looking to kind of 61 00:02:45,720 --> 00:02:48,760 Speaker 2: disrupt some of the habits and the time I guess 62 00:02:48,800 --> 00:02:50,400 Speaker 2: that you're spending on your smartphone. 63 00:02:50,400 --> 00:02:52,200 Speaker 1: Something else that I tried a while back, Matt, that 64 00:02:52,240 --> 00:02:55,240 Speaker 1: I really should reinstitute is gray scaling my phone. I 65 00:02:55,280 --> 00:02:57,160 Speaker 1: did that, Yeah, the black and white mab. Yeah, it 66 00:02:57,639 --> 00:03:00,040 Speaker 1: just makes your phone that much less attractive, and so 67 00:03:00,160 --> 00:03:02,680 Speaker 1: you're using it in a more utilitarian way. I'm you 68 00:03:02,720 --> 00:03:04,800 Speaker 1: know what, I'm gonna try that this new you do it? Yeah, 69 00:03:04,919 --> 00:03:07,320 Speaker 1: you're you're you're inspiring me to make it change because 70 00:03:07,440 --> 00:03:09,679 Speaker 1: you're right, Like it feels sometimes like our phones run 71 00:03:09,680 --> 00:03:11,680 Speaker 1: our lives and I want to run my life exactly. 72 00:03:11,840 --> 00:03:14,320 Speaker 1: He's in charge here, yeah, or your device, right. I 73 00:03:14,360 --> 00:03:16,440 Speaker 1: don't want to go back to the razor flip phone, 74 00:03:16,480 --> 00:03:19,880 Speaker 1: but I also don't want, you know, the smartphone in 75 00:03:19,880 --> 00:03:21,359 Speaker 1: front of me hijacking my brain. 76 00:03:21,400 --> 00:03:23,200 Speaker 2: There is so much utility that comes from it. I mean, 77 00:03:23,280 --> 00:03:28,600 Speaker 2: just I swear, like the ways appy, like the ability 78 00:03:28,639 --> 00:03:31,840 Speaker 2: to know I'm not trying to like optimize every it 79 00:03:31,880 --> 00:03:34,360 Speaker 2: was it Luis k Who there's a comedian that's got 80 00:03:34,680 --> 00:03:36,520 Speaker 2: a whole bit about how he hates ways is like. 81 00:03:36,520 --> 00:03:38,120 Speaker 1: I don't want you to take me through the neighborhood. 82 00:03:38,960 --> 00:03:42,520 Speaker 2: Just talking about how it's probably sounds like him ruining society. 83 00:03:42,760 --> 00:03:44,720 Speaker 2: But there is a lot of utility, and so I 84 00:03:44,760 --> 00:03:47,000 Speaker 2: totally agree. As much as I might be attracted to 85 00:03:47,600 --> 00:03:50,600 Speaker 2: a bricked phone like something that's totally dumb, Well, instead, 86 00:03:50,680 --> 00:03:52,880 Speaker 2: are there ways that we can utilize the technology we have, 87 00:03:53,000 --> 00:03:55,840 Speaker 2: but maybe just get a little bit smarter about resisting 88 00:03:56,000 --> 00:03:58,640 Speaker 2: the urge to doom, scroll, to go to shop, to 89 00:03:58,640 --> 00:04:01,720 Speaker 2: spend money that you don't have one. 90 00:04:00,960 --> 00:04:02,880 Speaker 1: Good book recommendation on this front, by the way, is 91 00:04:02,880 --> 00:04:06,440 Speaker 1: cal Newport's Digital Minimalism. If if you're like listening to 92 00:04:06,480 --> 00:04:07,840 Speaker 1: this and you're like, I could use some of that 93 00:04:07,880 --> 00:04:10,400 Speaker 1: in my life, didn't. He talked about gray scaling the phone. 94 00:04:11,040 --> 00:04:13,280 Speaker 1: He has a lot of originally tried it. It was 95 00:04:13,280 --> 00:04:14,880 Speaker 1: a couple of years ago or a few years ago now, 96 00:04:14,920 --> 00:04:16,839 Speaker 1: and his book was so good, and I learned some stuff, 97 00:04:16,839 --> 00:04:19,760 Speaker 1: and I've kind of digressed, so it's it's time to implement, yeah, 98 00:04:19,800 --> 00:04:21,800 Speaker 1: some of those things. So all right, Matt, let's move on. 99 00:04:21,839 --> 00:04:23,479 Speaker 1: Let's get to the Friday Flight, A quick sampling of 100 00:04:23,480 --> 00:04:26,000 Speaker 1: stories we found interesting this week. There's a lot to 101 00:04:26,000 --> 00:04:28,800 Speaker 1: cover here. Let's talk about inflation for a second. Those 102 00:04:28,880 --> 00:04:31,279 Speaker 1: numbers came in just a little bit hotter than expected, 103 00:04:32,800 --> 00:04:34,960 Speaker 1: but they have been coming down overall, which is a 104 00:04:34,960 --> 00:04:38,120 Speaker 1: good thing for individuals and families, right, just more slowly 105 00:04:38,160 --> 00:04:40,679 Speaker 1: than predicted. But over these past couple of years, let's 106 00:04:40,920 --> 00:04:42,680 Speaker 1: I kind of want to not talk about just inflation, 107 00:04:42,720 --> 00:04:44,440 Speaker 1: but I want to talk about strainflation. This is kind of 108 00:04:44,920 --> 00:04:47,520 Speaker 1: over the super Bowl weekend became a thing as the 109 00:04:47,560 --> 00:04:50,240 Speaker 1: President weighed in on shrinkflation as well, and some folks 110 00:04:50,279 --> 00:04:52,719 Speaker 1: have pointed out by the way that the CPI it 111 00:04:52,760 --> 00:04:56,320 Speaker 1: doesn't always reflect the reality on the ground because of 112 00:04:56,760 --> 00:04:59,880 Speaker 1: shrink flation, and and also because it just delays in reporting, 113 00:05:00,120 --> 00:05:03,479 Speaker 1: for instance, housing prices, rent prices, those are reported on 114 00:05:03,520 --> 00:05:05,600 Speaker 1: a delayed cycle, so we're not necessarily getting up to 115 00:05:05,640 --> 00:05:08,279 Speaker 1: the minute data, and so shrinkflation has become this ever 116 00:05:08,320 --> 00:05:10,920 Speaker 1: present reality. The Wall Street Journal did a good job 117 00:05:11,000 --> 00:05:13,400 Speaker 1: covering that this week. And so for instance, when the 118 00:05:13,440 --> 00:05:16,680 Speaker 1: container reduces the number of ounces you get, but the 119 00:05:16,720 --> 00:05:19,200 Speaker 1: price stays the same, the data isn't always reflected that 120 00:05:19,200 --> 00:05:21,840 Speaker 1: instead of getting sixteen ounces you got twelve now. Or 121 00:05:21,880 --> 00:05:24,880 Speaker 1: when an airline now charges you for a snack and soda, 122 00:05:25,279 --> 00:05:27,680 Speaker 1: or even for an assigned seat when that used to 123 00:05:27,720 --> 00:05:30,040 Speaker 1: come included with the price of a ticket, that also 124 00:05:30,240 --> 00:05:32,880 Speaker 1: is not getting included. So shrinkflation is one of those 125 00:05:32,880 --> 00:05:35,359 Speaker 1: things we're all experiencing. We all know what's happening, but 126 00:05:35,400 --> 00:05:38,400 Speaker 1: then the CPI, the headline number is not perfect, right, 127 00:05:38,400 --> 00:05:40,360 Speaker 1: and so it doesn't really reflect kind of the reality 128 00:05:40,400 --> 00:05:42,360 Speaker 1: on the ground all of us are experiencing. And I 129 00:05:42,360 --> 00:05:45,560 Speaker 1: think that's why inflation maybe feels worse than the numbers 130 00:05:45,560 --> 00:05:48,599 Speaker 1: that we're seeing. Yeah, you're getting less for more or 131 00:05:48,600 --> 00:05:50,880 Speaker 1: you're getting less for the same price. Yeah. 132 00:05:51,520 --> 00:05:55,480 Speaker 2: But another example of shrinkflation is streaming services. Because the 133 00:05:55,520 --> 00:05:58,960 Speaker 2: Consumer Price Index data show that prices have gone up 134 00:05:59,240 --> 00:06:02,680 Speaker 2: two percent, which doesn't sound all that much when we 135 00:06:02,720 --> 00:06:04,560 Speaker 2: all know, though, that prices have gone up a lot 136 00:06:04,600 --> 00:06:08,559 Speaker 2: more than that. It feels like, are you guess that's true? 137 00:06:08,640 --> 00:06:11,200 Speaker 2: Living in the same world that I am. But this 138 00:06:11,320 --> 00:06:14,719 Speaker 2: is because of the new inferior in the ads supported 139 00:06:14,760 --> 00:06:17,919 Speaker 2: streaming options that have, at least in the eyes of CPI, 140 00:06:18,400 --> 00:06:23,080 Speaker 2: mitigated those price increases. It's a pesky and pervasive phenomena. 141 00:06:23,279 --> 00:06:27,320 Speaker 2: And again, yeah, President Biden, he tweeted about this, and 142 00:06:27,360 --> 00:06:30,960 Speaker 2: we talked about how politicians oftentimes it's more about signaling 143 00:06:31,040 --> 00:06:33,760 Speaker 2: and pointing blame to things as opposed to actually, I 144 00:06:33,760 --> 00:06:35,200 Speaker 2: don't know. In my opinion, this is more of a 145 00:06:35,200 --> 00:06:37,479 Speaker 2: pessimistic view. Actually make change. And it's not that we 146 00:06:37,520 --> 00:06:41,640 Speaker 2: don't disagree with the fact that shrinkflation is having an impact, 147 00:06:41,920 --> 00:06:44,719 Speaker 2: but it's about how to achieve the results. How do 148 00:06:44,760 --> 00:06:48,520 Speaker 2: we remedy this situation right? And oftentimes with politicians it's like, well, 149 00:06:48,800 --> 00:06:52,400 Speaker 2: it's policy as opposed to how we talk about shrinkflation. 150 00:06:52,440 --> 00:06:54,000 Speaker 2: And it's like, well, no, it's up to you as 151 00:06:54,000 --> 00:06:57,839 Speaker 2: an individual. It's personal as opposed to slapping regulations on 152 00:06:57,880 --> 00:07:01,280 Speaker 2: things and saying, okay, yeah, so you used to be 153 00:07:01,320 --> 00:07:03,960 Speaker 2: able to sell those muffins and there are one hundred 154 00:07:04,000 --> 00:07:06,599 Speaker 2: and twenty calories per muffin, and I see that you've 155 00:07:06,800 --> 00:07:09,480 Speaker 2: reduced it down to one hundred calories. Of course, the manufacturers, 156 00:07:09,600 --> 00:07:11,160 Speaker 2: they're trying to put a positive spin on it's like, oh. 157 00:07:11,240 --> 00:07:11,720 Speaker 1: It's healthier. 158 00:07:11,800 --> 00:07:16,000 Speaker 2: Yeah, But instead of slapping regulations on companies and manufacturers saying, hey, 159 00:07:16,040 --> 00:07:19,559 Speaker 2: you need to go back to the super size it versions, well, 160 00:07:20,040 --> 00:07:22,800 Speaker 2: it's important to consider what the downstream impacts are going 161 00:07:22,880 --> 00:07:25,600 Speaker 2: to be by doing that, because what happens, well, I'm 162 00:07:25,600 --> 00:07:28,080 Speaker 2: pretty sure the manufacturer is going to then raise the prices, 163 00:07:28,280 --> 00:07:30,680 Speaker 2: and then what's going to happen. Will people adjust their 164 00:07:31,000 --> 00:07:33,160 Speaker 2: they're spending or their consumption based on these higher prices? 165 00:07:33,160 --> 00:07:33,600 Speaker 1: Most likely? 166 00:07:33,720 --> 00:07:33,920 Speaker 2: Yes. 167 00:07:34,000 --> 00:07:35,840 Speaker 1: I remember those like fun size candy bars that there 168 00:07:35,880 --> 00:07:37,360 Speaker 1: used to be ten in a package, then there was eight, 169 00:07:37,360 --> 00:07:38,880 Speaker 1: now there's like six. I think. I mean, it's just 170 00:07:39,000 --> 00:07:40,680 Speaker 1: it's one of those things you had to pay attention to. 171 00:07:40,720 --> 00:07:43,000 Speaker 1: You have to realize, hey, the unit size that's why 172 00:07:43,000 --> 00:07:45,160 Speaker 1: the unit sized pricing is so helpful. Yeah, right, Yeah, 173 00:07:45,200 --> 00:07:47,440 Speaker 1: price per ounce as opposed to thinking about just the 174 00:07:47,440 --> 00:07:49,960 Speaker 1: price per the just the container that you're used to buying. 175 00:07:50,280 --> 00:07:52,920 Speaker 1: And I get that sometimes it's frustrating, but hey, the 176 00:07:52,960 --> 00:07:55,960 Speaker 1: alternative that the price goes up so you can't afford 177 00:07:55,960 --> 00:07:57,960 Speaker 1: it at all. Right, it's worth paying attention to. But 178 00:07:58,080 --> 00:08:00,360 Speaker 1: I also don't see why it's a big political initiative 179 00:08:00,360 --> 00:08:02,800 Speaker 1: at this point. It's just yeah, trend to gain eyeballs 180 00:08:02,800 --> 00:08:05,480 Speaker 1: and attract attention. You mentioned going back to I wanted 181 00:08:05,480 --> 00:08:08,440 Speaker 1: to mention too well. You mentioned like paying for assigned 182 00:08:08,440 --> 00:08:11,600 Speaker 1: seats on the plane. The alternative is that folks aren't 183 00:08:11,640 --> 00:08:13,800 Speaker 1: able to even afford a plane ticket, and so the 184 00:08:13,800 --> 00:08:16,239 Speaker 1: ability to make this something that is available to all people, 185 00:08:16,320 --> 00:08:18,480 Speaker 1: I think that's the that's the larger benefit here, right, 186 00:08:18,480 --> 00:08:20,080 Speaker 1: It's all that you and I've always had some of 187 00:08:20,120 --> 00:08:22,680 Speaker 1: those additional costs that like an Airlineline impost what means 188 00:08:22,680 --> 00:08:24,920 Speaker 1: you can get a cheaper base fare and if you 189 00:08:25,000 --> 00:08:27,360 Speaker 1: jump through the hoops, you save more than you otherwise. 190 00:08:27,040 --> 00:08:29,520 Speaker 2: Would absolutely or and it's just equitable as well. The 191 00:08:29,560 --> 00:08:32,000 Speaker 2: ability for more people to fly when otherwise they'd be 192 00:08:32,000 --> 00:08:33,880 Speaker 2: stuck driving. It makes me think two of the recent 193 00:08:33,920 --> 00:08:37,880 Speaker 2: Amazon Prime increase, and it's like Amazon didn't actually increase 194 00:08:37,920 --> 00:08:39,920 Speaker 2: the price of Prime, but they kind of did, because 195 00:08:39,920 --> 00:08:41,360 Speaker 2: it's an extra two ninety nine if you want to 196 00:08:41,360 --> 00:08:43,040 Speaker 2: avoid the ads which you used to get for free. 197 00:08:43,160 --> 00:08:45,480 Speaker 2: So these are the ways that shrinkflation is impacting us, 198 00:08:45,679 --> 00:08:47,480 Speaker 2: and so it's important to realize that and to make 199 00:08:47,559 --> 00:08:50,360 Speaker 2: changes accordingly. I don't expect someone to come in and 200 00:08:50,360 --> 00:08:52,360 Speaker 2: save the day on the shrink plation front. 201 00:08:52,400 --> 00:08:53,720 Speaker 1: It comes down to us. It's up to us. 202 00:08:53,800 --> 00:08:53,959 Speaker 2: Yep. 203 00:08:53,960 --> 00:08:56,640 Speaker 1: All right, let's talk about dupe destinations, Matt. Friend of 204 00:08:56,640 --> 00:08:59,280 Speaker 1: the show, Elaine Glusack. We've had her on before. She's 205 00:08:59,720 --> 00:09:02,960 Speaker 1: the New York Times Frugal Traveler writer. She just wrote 206 00:09:03,000 --> 00:09:06,800 Speaker 1: about a new vacationing trend called dupe destinations, and I'd 207 00:09:06,800 --> 00:09:08,200 Speaker 1: never heard of this before. You and I we talked 208 00:09:08,240 --> 00:09:12,280 Speaker 1: recently about dupes on the fashion front, people buying less 209 00:09:12,280 --> 00:09:15,440 Speaker 1: expensive luxury goods that resemble some of those high priced 210 00:09:15,480 --> 00:09:20,240 Speaker 1: fancy items. But basically, dupe destinations is avoiding the really 211 00:09:20,280 --> 00:09:23,199 Speaker 1: expensive fancy trip, but finding a spot that's similar, got 212 00:09:23,240 --> 00:09:25,720 Speaker 1: similar vibes that's going to cost a whole lot less. 213 00:09:26,040 --> 00:09:30,120 Speaker 1: So how do you pick the right dupe vacation spot. Well, 214 00:09:30,240 --> 00:09:32,480 Speaker 1: a couple of tips that Elaine offered, which I appreciated, 215 00:09:32,520 --> 00:09:35,439 Speaker 1: should look at the exchange rate. Mexico is not all 216 00:09:35,440 --> 00:09:37,880 Speaker 1: that hard to get to for many Americans, and your 217 00:09:37,920 --> 00:09:41,320 Speaker 1: dollar goes a whole lot further there. Elaine, she mentions Modesto, 218 00:09:41,360 --> 00:09:44,040 Speaker 1: California to see the cherry blossoms instead of going all 219 00:09:44,080 --> 00:09:46,840 Speaker 1: the way to Japan or Washington, d C. Depending on 220 00:09:46,840 --> 00:09:50,160 Speaker 1: where you live. There's these kind of fabled places to 221 00:09:50,160 --> 00:09:52,120 Speaker 1: go see them. But there are other spots too, And 222 00:09:52,160 --> 00:09:54,680 Speaker 1: instead of going to Paris for the Olympics, she suggests 223 00:09:54,920 --> 00:09:57,840 Speaker 1: going to Indianapolis for the US Swim Trials or Cleveland 224 00:09:57,920 --> 00:10:01,480 Speaker 1: for the Pan American Masters Games. So there are other 225 00:10:01,520 --> 00:10:04,800 Speaker 1: European spots right that are far less expensive then maybe 226 00:10:04,880 --> 00:10:06,280 Speaker 1: some of the places that we talk about most of 227 00:10:06,320 --> 00:10:08,960 Speaker 1: the time, Poland and Bulgaria, she says, are cheap under 228 00:10:09,000 --> 00:10:11,320 Speaker 1: the radar picks. And so I think the cool thing 229 00:10:11,360 --> 00:10:14,640 Speaker 1: about picking cheaper destinations means that you get to maybe 230 00:10:14,679 --> 00:10:16,760 Speaker 1: experience places that are a little more off the beaten path, 231 00:10:17,040 --> 00:10:19,440 Speaker 1: and it means you get to stretch your dollar further 232 00:10:19,480 --> 00:10:22,680 Speaker 1: and travel more so it means more trips, less spending, 233 00:10:22,920 --> 00:10:23,920 Speaker 1: and who doesn't love that? 234 00:10:23,960 --> 00:10:26,319 Speaker 2: Now, though, going to Poland, maybe that puts you a 235 00:10:26,320 --> 00:10:30,120 Speaker 2: little too close to Russia, right, But it's up to you. 236 00:10:30,160 --> 00:10:33,040 Speaker 2: It's a personal decision. And that's like the frugal er 237 00:10:33,120 --> 00:10:36,079 Speaker 2: cheap travel. How close are you willing to get to 238 00:10:36,120 --> 00:10:40,319 Speaker 2: an active words war. There is another cheap vacation trend, though, 239 00:10:40,320 --> 00:10:43,000 Speaker 2: that we wanted you to avoid, and that is buying 240 00:10:43,080 --> 00:10:46,520 Speaker 2: a timeshare for just a dollar, which on one hand 241 00:10:46,520 --> 00:10:48,560 Speaker 2: you think, oh my gosh, that sounds brilliant. 242 00:10:48,640 --> 00:10:49,680 Speaker 1: I love cheap stuff, But. 243 00:10:49,600 --> 00:10:52,480 Speaker 2: In reality, this is a really bad idea, even though 244 00:10:52,520 --> 00:10:55,240 Speaker 2: there is an abundance of these things available right now. 245 00:10:55,679 --> 00:10:57,840 Speaker 2: And the reason for that is because a few folks, 246 00:10:58,120 --> 00:10:59,680 Speaker 2: you know, they don't want the time share anvil around 247 00:10:59,679 --> 00:11:02,800 Speaker 2: their neck. It turns out the albatross are the hefty 248 00:11:03,320 --> 00:11:06,360 Speaker 2: annual maintenance fees that are attached to them, and of 249 00:11:06,360 --> 00:11:09,319 Speaker 2: course they also allow you less vacational flexibility because you're 250 00:11:09,320 --> 00:11:12,640 Speaker 2: locked into a not only a specific location, but also 251 00:11:12,679 --> 00:11:15,760 Speaker 2: typically a specific week. But that being said, it's not 252 00:11:15,800 --> 00:11:17,960 Speaker 2: like they're not the devil, right, Like we talked, well, 253 00:11:18,280 --> 00:11:21,080 Speaker 2: we talked about something recently balls the Devil Matt Well, 254 00:11:21,280 --> 00:11:23,520 Speaker 2: was it buy now, pay later, perhaps, Bobby is what 255 00:11:23,520 --> 00:11:25,840 Speaker 2: we're talking about previously. But if you love the idea 256 00:11:25,880 --> 00:11:28,199 Speaker 2: of a timeshare and you really want to consider it, 257 00:11:28,200 --> 00:11:31,440 Speaker 2: at least buy one that is going to be used, 258 00:11:31,720 --> 00:11:33,600 Speaker 2: like on the secondhand market, for just a dollar. 259 00:11:33,760 --> 00:11:36,520 Speaker 1: Guess what, they're not nastier or dinged up because they're used. 260 00:11:36,559 --> 00:11:38,880 Speaker 1: They're just cheaper, right, So yeah, they're just more for buying, 261 00:11:39,080 --> 00:11:41,360 Speaker 1: buying the timeshare off the shelf for like what I 262 00:11:41,400 --> 00:11:43,320 Speaker 1: think the average price is more than twenty grand now 263 00:11:43,440 --> 00:11:46,400 Speaker 1: that you pay to the timeshare retailer. But there are 264 00:11:46,440 --> 00:11:49,320 Speaker 1: so many people wanting to unload their timeshares for just 265 00:11:49,400 --> 00:11:51,800 Speaker 1: a buck that if you literally a dollar, if you 266 00:11:51,880 --> 00:11:54,079 Speaker 1: really really want one, that is the way to go, 267 00:11:54,120 --> 00:11:56,280 Speaker 1: and you can there are timeshare message boards out there 268 00:11:56,240 --> 00:11:58,199 Speaker 1: will link to maybe a couple in the show notes. 269 00:11:58,240 --> 00:12:00,240 Speaker 1: But if that's really the direction you want to go in, 270 00:12:00,840 --> 00:12:03,120 Speaker 1: then that's save yourself twenty grand yep. 271 00:12:03,200 --> 00:12:05,760 Speaker 2: But you're just basically taking over the payments. And on 272 00:12:05,760 --> 00:12:07,720 Speaker 2: one hand, I mean, this is not something I would 273 00:12:07,720 --> 00:12:10,080 Speaker 2: ever consider, but I was thinking through because you're basically 274 00:12:10,120 --> 00:12:12,319 Speaker 2: like attached to it, lock and key, yeah, yeah, who 275 00:12:12,440 --> 00:12:14,280 Speaker 2: might this actually work for? And I was thinking through, 276 00:12:14,400 --> 00:12:17,439 Speaker 2: like if you are somebody who might get the entire 277 00:12:17,440 --> 00:12:20,480 Speaker 2: summer off specifically, I was like, oh, teachers, and you 278 00:12:20,600 --> 00:12:22,400 Speaker 2: know that no matter what, every summer, I want to 279 00:12:22,520 --> 00:12:24,240 Speaker 2: I want to hit up the beach. Okay, every summer, 280 00:12:24,400 --> 00:12:25,960 Speaker 2: no matter what, I want to go to Hilton Head, 281 00:12:26,080 --> 00:12:28,200 Speaker 2: I want to go to Miami. And it's I kind 282 00:12:28,200 --> 00:12:29,920 Speaker 2: of like it from that standpoint because it's almost like 283 00:12:29,920 --> 00:12:32,000 Speaker 2: a default vacation. No matter what, we know, we're going 284 00:12:32,080 --> 00:12:34,040 Speaker 2: to at least go to the beach for a week. 285 00:12:34,080 --> 00:12:35,720 Speaker 2: And if you run the numbers and it makes sense, 286 00:12:35,800 --> 00:12:39,520 Speaker 2: I think for a few select folks it could make sense. 287 00:12:39,679 --> 00:12:40,600 Speaker 1: Yeah, but maybe not. 288 00:12:40,800 --> 00:12:42,400 Speaker 2: I'm just trying to steal. I'm just trying to steal 289 00:12:42,480 --> 00:12:44,560 Speaker 2: man the time share. Yeah, no, mystry. 290 00:12:44,679 --> 00:12:47,120 Speaker 1: I think the thing you mentioned, yeah, the price tag 291 00:12:47,160 --> 00:12:49,760 Speaker 1: is a problem, but it's the annual maintenance fees and 292 00:12:49,800 --> 00:12:51,400 Speaker 1: you don't really have a crush those numbers. You don't 293 00:12:51,400 --> 00:12:54,200 Speaker 1: have any control over over how much those increase year 294 00:12:54,200 --> 00:12:56,040 Speaker 1: over year, and so you might find yourself at some 295 00:12:56,080 --> 00:12:59,080 Speaker 1: point with an untenable spending an untenable amount on those 296 00:12:59,080 --> 00:13:01,640 Speaker 1: maintenance fees that it becomes more trouble than it's worth, 297 00:13:01,760 --> 00:13:03,439 Speaker 1: and then you can't really sell it for what you 298 00:13:03,520 --> 00:13:05,560 Speaker 1: bought it for either. That's why so many people, Matt, 299 00:13:05,600 --> 00:13:08,520 Speaker 1: are getting rid of these things, because they're impossible to 300 00:13:08,520 --> 00:13:10,680 Speaker 1: get rid of, essentially unless someone else is willing to 301 00:13:10,679 --> 00:13:12,840 Speaker 1: buy it for Again, there's a reason that the twenty 302 00:13:12,840 --> 00:13:14,960 Speaker 1: five thousand dollars time share sells for a dollar, and 303 00:13:15,000 --> 00:13:16,800 Speaker 1: you certainly don't want to be put in the position 304 00:13:17,000 --> 00:13:19,600 Speaker 1: of owning something that's worth that much less than what 305 00:13:19,640 --> 00:13:21,760 Speaker 1: you paid for a right, Let's talk about work and 306 00:13:21,800 --> 00:13:24,760 Speaker 1: retirement for just a second. More Americans are saying no, 307 00:13:25,280 --> 00:13:27,880 Speaker 1: they don't want to retire full time really at any 308 00:13:27,920 --> 00:13:30,040 Speaker 1: point in the future. It was really interesting to see 309 00:13:30,040 --> 00:13:33,960 Speaker 1: that almost two thirds of Americans are open to working indefinitely. 310 00:13:34,040 --> 00:13:36,640 Speaker 1: Like there's no timeline, there's no saying, ah, sixty five 311 00:13:37,080 --> 00:13:40,400 Speaker 1: or even seventy, I'm ready to bag work altogether. They're like, 312 00:13:40,880 --> 00:13:44,680 Speaker 1: might just work until I die, And retirement just the 313 00:13:44,679 --> 00:13:47,600 Speaker 1: way we've defined it in recent decades at least, doesn't 314 00:13:47,640 --> 00:13:50,640 Speaker 1: seem to interest the vast majority of people, and Matt, 315 00:13:50,679 --> 00:13:52,760 Speaker 1: I kind of feel the same way, right, I have 316 00:13:52,800 --> 00:13:56,040 Speaker 1: no real interest in not working at all, just working 317 00:13:56,080 --> 00:13:58,160 Speaker 1: a whole lot less over time for sure, right, So 318 00:13:58,320 --> 00:14:00,000 Speaker 1: totally work is a good thing. 319 00:14:00,160 --> 00:14:02,720 Speaker 2: Yeah, there's a lot for us aside from being able 320 00:14:02,760 --> 00:14:04,640 Speaker 2: to provide us with income, right, and when you enjoy 321 00:14:04,640 --> 00:14:06,760 Speaker 2: what you do, we're lucky in that regard. Full time 322 00:14:06,800 --> 00:14:09,760 Speaker 2: retirement just doesn't seem quite as exciting, maybe as if 323 00:14:09,760 --> 00:14:11,960 Speaker 2: you hate your job or something like that. But one 324 00:14:12,000 --> 00:14:14,679 Speaker 2: of the main reasons that the folks who were surveyed 325 00:14:14,960 --> 00:14:17,760 Speaker 2: plan to keep working well into those traditional retirement years. 326 00:14:17,760 --> 00:14:19,800 Speaker 2: I think the pessimists might say us because they need 327 00:14:19,800 --> 00:14:22,400 Speaker 2: the money, right, Well, No, the number one reason sided 328 00:14:22,560 --> 00:14:24,920 Speaker 2: was because of a sense of purpose and personal fulfillment 329 00:14:24,960 --> 00:14:28,520 Speaker 2: that provides. And we've all seen somebody retire and kind 330 00:14:28,560 --> 00:14:32,000 Speaker 2: of it feels like maybe almost immediately they become less sharp, 331 00:14:32,200 --> 00:14:35,280 Speaker 2: that there's a drop off, right that comes from quitting 332 00:14:35,280 --> 00:14:37,680 Speaker 2: work altogether. I think money is part of the equation 333 00:14:37,760 --> 00:14:39,760 Speaker 2: for people, but it's not the main reason. And I 334 00:14:39,760 --> 00:14:42,920 Speaker 2: think that we need a healthy attachment to work, right, 335 00:14:43,080 --> 00:14:45,560 Speaker 2: And maybe we're wising up just a little bit realizing 336 00:14:45,600 --> 00:14:48,160 Speaker 2: that kind of the modern version of retirement isn't as 337 00:14:48,160 --> 00:14:50,400 Speaker 2: healthy as we've thought. Well, it's also important to save 338 00:14:50,520 --> 00:14:53,120 Speaker 2: and invest enough too that you don't have to work 339 00:14:53,120 --> 00:14:55,320 Speaker 2: in those retirement years. And that's because just because you 340 00:14:55,400 --> 00:14:57,760 Speaker 2: plan on working, just because you're you're thinking yourself, well, 341 00:14:57,760 --> 00:14:59,960 Speaker 2: I'm going to do something at least until I'm sixty, 342 00:15:00,080 --> 00:15:02,920 Speaker 2: sixty five, seventy, that doesn't necessarily mean that you're going 343 00:15:03,000 --> 00:15:06,080 Speaker 2: to be physically able to. And it's also possible you'll 344 00:15:06,080 --> 00:15:08,040 Speaker 2: get laid off and you can't continue in the type 345 00:15:08,040 --> 00:15:10,080 Speaker 2: of work that you want to do later in your career. 346 00:15:10,440 --> 00:15:12,120 Speaker 2: But you know, it's a wonderful thing to have a 347 00:15:12,160 --> 00:15:13,880 Speaker 2: job that you don't want to retire from. But it's 348 00:15:13,920 --> 00:15:17,160 Speaker 2: also nice to have a substantial nest egg that allows 349 00:15:17,160 --> 00:15:19,680 Speaker 2: you the flexibility in case things just don't play out 350 00:15:19,720 --> 00:15:21,720 Speaker 2: the way you hope. We don't know what the future holds. 351 00:15:22,000 --> 00:15:25,520 Speaker 2: And aside from the financial ramifications, I think what you 352 00:15:25,520 --> 00:15:28,840 Speaker 2: said is so true. The structure that part time work 353 00:15:28,840 --> 00:15:30,760 Speaker 2: can provide is huge. I mean, I just think about 354 00:15:30,800 --> 00:15:33,000 Speaker 2: even my dad when he retired from the army, he 355 00:15:33,040 --> 00:15:36,640 Speaker 2: started getting that military pension. He still gets it today, 356 00:15:36,920 --> 00:15:38,480 Speaker 2: but that didn't keep him from going back to work. 357 00:15:38,560 --> 00:15:41,800 Speaker 2: Like he's held multiple jobs since then. Some of it 358 00:15:41,920 --> 00:15:45,040 Speaker 2: was to earn some extra spending money on the side, 359 00:15:45,200 --> 00:15:46,720 Speaker 2: but a lot of it too was just to kind 360 00:15:46,720 --> 00:15:49,080 Speaker 2: of maintain that sense of purpose and finding a way 361 00:15:49,080 --> 00:15:51,760 Speaker 2: to sort of transition from that. I think can take 362 00:15:51,800 --> 00:15:53,760 Speaker 2: a lot of like a number of years to figure 363 00:15:53,760 --> 00:15:54,960 Speaker 2: out what it is that you want your life to 364 00:15:54,960 --> 00:15:57,520 Speaker 2: look like. And going from eighty miles per hour to 365 00:15:57,640 --> 00:16:01,440 Speaker 2: like a dead stop doesn't see very healthy when it 366 00:16:01,480 --> 00:16:03,200 Speaker 2: comes to finding that personal fulfillment. 367 00:16:03,320 --> 00:16:05,160 Speaker 1: Yeah, and it doesn't necessarily have to be a job. 368 00:16:05,160 --> 00:16:07,960 Speaker 1: It can be like that you volunteer to pay, volunteering, 369 00:16:08,320 --> 00:16:11,280 Speaker 1: family obligations and hobbies. We talk about that as well, 370 00:16:11,320 --> 00:16:13,960 Speaker 1: like having those kind of corpor suits on lockdown, having 371 00:16:13,960 --> 00:16:15,680 Speaker 1: things that genuinely interest you. And I think that's the 372 00:16:15,720 --> 00:16:18,280 Speaker 1: one thing about the all to Nothing is sometimes people 373 00:16:18,320 --> 00:16:20,440 Speaker 1: don't have those corpor suits built up. They don't know 374 00:16:20,560 --> 00:16:22,320 Speaker 1: how they're going to spend their time, and that is 375 00:16:22,320 --> 00:16:24,840 Speaker 1: when they find themselves completely unmoored when they when they 376 00:16:24,880 --> 00:16:27,080 Speaker 1: ditch their job, they're like, well, who retirement? Now what 377 00:16:27,080 --> 00:16:29,560 Speaker 1: do I do? It's a lot of it's almost too 378 00:16:29,640 --> 00:16:31,960 Speaker 1: much freedom prices right and Judge Judy, you know, so, 379 00:16:32,320 --> 00:16:34,400 Speaker 1: which you know, I'm not going to say anything against 380 00:16:34,440 --> 00:16:36,720 Speaker 1: those two shows, but if you're watching you know that 381 00:16:36,800 --> 00:16:39,560 Speaker 1: much TV in the afternoon, that's a recipe for disaster. 382 00:16:39,680 --> 00:16:41,480 Speaker 1: All right, Matt, We've got more to get to on 383 00:16:41,520 --> 00:16:44,840 Speaker 1: this episode, including why so many Americans don't want to 384 00:16:44,880 --> 00:16:47,160 Speaker 1: save more on their cell phone service. I don't get it. 385 00:16:47,160 --> 00:16:57,280 Speaker 1: We'll talk about that and more right after this. We 386 00:16:57,520 --> 00:16:59,240 Speaker 1: are back from the break in Juldas. 387 00:16:59,280 --> 00:17:01,960 Speaker 2: Now time for the Luducris headline of the week, and 388 00:17:02,520 --> 00:17:06,520 Speaker 2: this story is from USA Today. Headline reads, what if 389 00:17:06,520 --> 00:17:10,800 Speaker 2: the government abolished your for one k? Economists say the accounts. 390 00:17:10,400 --> 00:17:12,719 Speaker 1: Aren't worth it? Oh, man, I get I just got 391 00:17:12,800 --> 00:17:14,840 Speaker 1: those human when I read it. THEMS is fighting words 392 00:17:14,920 --> 00:17:17,280 Speaker 1: right there, because it made me punch an economists man. 393 00:17:17,359 --> 00:17:18,560 Speaker 1: We talk about the. 394 00:17:18,480 --> 00:17:22,720 Speaker 2: Glorious nature of workplace retirement accounts four one case, specifically 395 00:17:22,800 --> 00:17:25,679 Speaker 2: because they're the most widely offered. But apparently there are 396 00:17:25,720 --> 00:17:27,560 Speaker 2: some economists out there and they think that they should 397 00:17:27,600 --> 00:17:29,960 Speaker 2: be done away with, and that's because the tax break 398 00:17:29,960 --> 00:17:32,560 Speaker 2: that you receive. Now. Their argument is that by doing 399 00:17:32,600 --> 00:17:34,879 Speaker 2: that that you're postponing that bill for decades and that 400 00:17:34,960 --> 00:17:38,240 Speaker 2: ends up costing the government a ton of money. And 401 00:17:38,280 --> 00:17:40,440 Speaker 2: by eradicating the four one k's and bringing those tax 402 00:17:40,520 --> 00:17:43,720 Speaker 2: dollars in now that that would, in fact would mean 403 00:17:43,760 --> 00:17:46,359 Speaker 2: that the shortfall in Social Security that it could be 404 00:17:46,400 --> 00:17:49,280 Speaker 2: shored up. And social Security, of course it needs some 405 00:17:49,400 --> 00:17:53,199 Speaker 2: help to survive. Politicians haven't been really willing to do 406 00:17:53,280 --> 00:17:55,720 Speaker 2: anything to fix it. But in our opinion, this is 407 00:17:55,840 --> 00:17:58,439 Speaker 2: not the way to solve the problem of the Social 408 00:17:58,440 --> 00:17:59,440 Speaker 2: security shortfall. 409 00:17:59,520 --> 00:18:01,880 Speaker 1: Of course, it's it's not of course, it's not disincentivizing 410 00:18:01,920 --> 00:18:04,840 Speaker 1: people from saving for their own future. I don't see 411 00:18:04,880 --> 00:18:08,120 Speaker 1: how that's really of any benefit, right. And while social 412 00:18:08,119 --> 00:18:10,800 Speaker 1: Security provides a lovely stream of fixed income in retirement, 413 00:18:11,119 --> 00:18:13,439 Speaker 1: that's not going to be enough for the average retiree 414 00:18:13,560 --> 00:18:16,480 Speaker 1: to be able to enjoy the retirement there. There was 415 00:18:16,480 --> 00:18:19,080 Speaker 1: an article recently about matt people living on Social Security 416 00:18:19,080 --> 00:18:22,040 Speaker 1: alone who hadn't saved up anything in addition to that, 417 00:18:22,440 --> 00:18:25,720 Speaker 1: and they're living on a financial precipice. They need to 418 00:18:25,720 --> 00:18:28,920 Speaker 1: help from various nonprofits. It's a really, really difficult situation 419 00:18:29,000 --> 00:18:31,160 Speaker 1: to place yourself in, to have nothing else but social 420 00:18:31,160 --> 00:18:33,880 Speaker 1: Security to rely on, right, even if it gets repaired, right, 421 00:18:34,000 --> 00:18:36,160 Speaker 1: and if we take away incentives for folks to fund 422 00:18:36,200 --> 00:18:38,880 Speaker 1: their own retirement by slashing any sort of tax advantage, 423 00:18:39,040 --> 00:18:42,480 Speaker 1: that comes along with making those contributions. We're basically saying, 424 00:18:42,800 --> 00:18:44,959 Speaker 1: don't do the hard work to thoroughly prepare for your 425 00:18:45,000 --> 00:18:47,120 Speaker 1: own future. And there are other ways I would say 426 00:18:47,160 --> 00:18:49,399 Speaker 1: to skin this cat right and ensure that a solid 427 00:18:49,480 --> 00:18:52,120 Speaker 1: social security system remains in place for Americans. But again, 428 00:18:52,119 --> 00:18:54,439 Speaker 1: we've always talked about retirement as like a three legged stool. 429 00:18:54,680 --> 00:18:56,919 Speaker 1: Social Security is one of those, but it should not 430 00:18:57,040 --> 00:18:58,800 Speaker 1: be the end all, be all. We need to have 431 00:18:58,880 --> 00:19:01,119 Speaker 1: these other factors in place. Traditionally was the pension and 432 00:19:01,160 --> 00:19:03,959 Speaker 1: then your own savings. But we don't have to demolish 433 00:19:04,240 --> 00:19:07,360 Speaker 1: four one k's in the process of shoring up social Security. 434 00:19:07,400 --> 00:19:10,560 Speaker 1: I like economists, Matt, don't want to punch any of them, 435 00:19:10,600 --> 00:19:12,679 Speaker 1: despite what I said earlier, I'm sorry about that, but 436 00:19:12,760 --> 00:19:15,040 Speaker 1: sometimes their theories just don't make much sense in the 437 00:19:15,080 --> 00:19:17,200 Speaker 1: real world. I get this impatis. 438 00:19:17,280 --> 00:19:19,840 Speaker 2: It's again it's those downstream impacts that I feel that 439 00:19:20,160 --> 00:19:21,960 Speaker 2: they haven't fully addressed. Like they're a littlek at the 440 00:19:22,000 --> 00:19:24,240 Speaker 2: numbers and be like, oh, if we move these dollars 441 00:19:24,240 --> 00:19:26,359 Speaker 2: from here today there, sure, but like the whole point, 442 00:19:26,400 --> 00:19:28,720 Speaker 2: like you got to think about people's behavior, right, and 443 00:19:28,760 --> 00:19:30,680 Speaker 2: what it is that they're going to do as an 444 00:19:30,720 --> 00:19:32,840 Speaker 2: alternative instead, And I think, I mean one of the 445 00:19:32,920 --> 00:19:36,280 Speaker 2: arguments do is the fact that four one k's mostly benefit. 446 00:19:35,920 --> 00:19:37,760 Speaker 1: The wealthy folks like you, Matt Well. 447 00:19:37,880 --> 00:19:39,560 Speaker 2: The fact is, like, no matter, even if you get 448 00:19:39,600 --> 00:19:41,440 Speaker 2: rid of four one k's, folks who are actually rich 449 00:19:41,560 --> 00:19:44,280 Speaker 2: not like me, will find a way to save money. 450 00:19:44,440 --> 00:19:46,080 Speaker 2: But what you have here, you are rich from a 451 00:19:46,160 --> 00:19:48,800 Speaker 2: historical perspective. Absolutely, I'm not gonna yeah, don't play that. 452 00:19:49,080 --> 00:19:51,360 Speaker 2: But when you remove the four one k it's just 453 00:19:51,359 --> 00:19:55,240 Speaker 2: a very accessible way to say for your retirement that's 454 00:19:55,240 --> 00:19:58,840 Speaker 2: available to almost not everybody, but almost everybody, certainly middle 455 00:19:58,880 --> 00:19:59,600 Speaker 2: class folks. 456 00:19:59,359 --> 00:20:01,200 Speaker 1: Because it comes out your paycheck every week. It makes 457 00:20:01,240 --> 00:20:03,600 Speaker 1: it so much easier, like psychologically. 458 00:20:03,000 --> 00:20:04,879 Speaker 2: Yes, well, and it's just you don't have to like 459 00:20:05,880 --> 00:20:07,800 Speaker 2: figure out, oh, you don't have to know a guy 460 00:20:08,240 --> 00:20:10,200 Speaker 2: you know, you don't have to find like private equity, 461 00:20:10,200 --> 00:20:11,879 Speaker 2: you don't you don't have to invest your money in 462 00:20:12,000 --> 00:20:14,560 Speaker 2: these ways that require a whole lot of legwork. And 463 00:20:14,680 --> 00:20:18,080 Speaker 2: instead of removing Tony robins are out, instead of removing 464 00:20:18,080 --> 00:20:20,119 Speaker 2: options for the table, let's find ways to increase the 465 00:20:20,119 --> 00:20:23,399 Speaker 2: options and specifically making this more of a default option 466 00:20:23,520 --> 00:20:25,840 Speaker 2: for folks and that's what we've seen in recent years. 467 00:20:25,920 --> 00:20:28,440 Speaker 2: When you have the majority of middle class folks, when 468 00:20:28,440 --> 00:20:31,760 Speaker 2: the majority of their wealth aside from their primary residents, 469 00:20:32,080 --> 00:20:34,240 Speaker 2: is tied up in four to one k's, you're removing, 470 00:20:34,280 --> 00:20:36,960 Speaker 2: like you said, one of the major legs to the stool. 471 00:20:37,320 --> 00:20:40,240 Speaker 2: And honestly, that just feels like a massive step backwards. 472 00:20:40,080 --> 00:20:41,320 Speaker 2: It's a step in the wrong direction. 473 00:20:41,480 --> 00:20:43,800 Speaker 1: Yeah, okay, So on the topic of demolishing four one k's, 474 00:20:44,440 --> 00:20:46,199 Speaker 1: it's it's not just economists that want to do this. 475 00:20:46,480 --> 00:20:49,480 Speaker 1: We actually do this to ourselves. There's we shoot ourselves 476 00:20:49,520 --> 00:20:51,040 Speaker 1: on the foot. We do we do. So let me 477 00:20:51,200 --> 00:20:54,119 Speaker 1: explain what I mean, like about wreaking havoc on your 478 00:20:54,160 --> 00:20:57,159 Speaker 1: own retirement account, And basically it's when people decide to 479 00:20:57,240 --> 00:21:00,280 Speaker 1: raid their four one K account for cash, and it 480 00:21:00,320 --> 00:21:04,040 Speaker 1: typically happens the overwhelmingly. It's not usually oh hey, i'm employed, 481 00:21:04,200 --> 00:21:05,720 Speaker 1: I'm doing great, I'm just going to take a four 482 00:21:05,720 --> 00:21:08,280 Speaker 1: to one K loan, although that does happen. It often 483 00:21:08,320 --> 00:21:10,560 Speaker 1: happens when there's a job change and people just cash 484 00:21:10,560 --> 00:21:12,840 Speaker 1: out there four oh one k completely. And this is 485 00:21:12,920 --> 00:21:16,600 Speaker 1: what experts have called four oh one K leakage, which 486 00:21:16,640 --> 00:21:18,399 Speaker 1: is I think a good a good way to describe 487 00:21:18,440 --> 00:21:21,120 Speaker 1: it sounds like a medical term, but it's almost worse 488 00:21:21,119 --> 00:21:22,600 Speaker 1: than leakage from for the most art because a lot 489 00:21:22,640 --> 00:21:24,320 Speaker 1: of people cash it out all together. It's almost like 490 00:21:24,600 --> 00:21:26,560 Speaker 1: breaking your piggy bank and taking all that money and 491 00:21:26,600 --> 00:21:29,360 Speaker 1: going to spend it immediately. And this not only harms 492 00:21:29,800 --> 00:21:32,639 Speaker 1: people's ability to save for retirement because hey, guess what, 493 00:21:32,680 --> 00:21:34,800 Speaker 1: you just righted the whole account, but it also creates 494 00:21:34,840 --> 00:21:38,000 Speaker 1: a taxable event, which is a double whammy. So there's 495 00:21:38,000 --> 00:21:40,840 Speaker 1: an interesting solution being proposed to this. The top six 496 00:21:41,240 --> 00:21:44,560 Speaker 1: four one K administrators are making it easier for individuals 497 00:21:44,560 --> 00:21:47,879 Speaker 1: to auto port smaller accounts so that folks aren't tempted 498 00:21:47,920 --> 00:21:51,000 Speaker 1: to tap those accounts when they're changing jobs. Right, It's 499 00:21:51,040 --> 00:21:52,400 Speaker 1: kind of like a lost and found for your four 500 00:21:52,400 --> 00:21:54,760 Speaker 1: to one K, which I dig because the key to 501 00:21:54,760 --> 00:21:57,720 Speaker 1: your long term financial success is to avoid tapping retirement 502 00:21:57,760 --> 00:21:59,639 Speaker 1: funds earlier. And it might seem like, oh, this is 503 00:21:59,680 --> 00:22:01,600 Speaker 1: just four five grand, Why leave it here with my 504 00:22:01,640 --> 00:22:04,720 Speaker 1: old employer, Why keep a record keeping nightmare on my hands, 505 00:22:05,240 --> 00:22:07,120 Speaker 1: or why transfer it to my new employer, Like I'm 506 00:22:07,119 --> 00:22:09,159 Speaker 1: just going to take this money and run, But that 507 00:22:09,200 --> 00:22:11,719 Speaker 1: money matters and that money working for your future matters. 508 00:22:11,880 --> 00:22:13,280 Speaker 1: Not to mention, you got to plan ahead for that 509 00:22:13,320 --> 00:22:15,720 Speaker 1: tax bill. So I like seeing this. I'm curious to 510 00:22:15,720 --> 00:22:17,520 Speaker 1: see how it gets implemented and how many folks it 511 00:22:17,560 --> 00:22:19,520 Speaker 1: actually helps. But this is it will help a lot. 512 00:22:19,600 --> 00:22:21,280 Speaker 1: I hope so, and I think it will. And I 513 00:22:21,280 --> 00:22:23,560 Speaker 1: think it's really important for everybody out there to know. 514 00:22:23,960 --> 00:22:25,960 Speaker 1: When you switch jobs, you can leave your four O 515 00:22:26,040 --> 00:22:28,760 Speaker 1: on K typically unless it's like really really small with 516 00:22:28,800 --> 00:22:31,119 Speaker 1: your with your old employer, or you can roll it 517 00:22:31,160 --> 00:22:32,800 Speaker 1: over into an IRA. But the thing you don't want 518 00:22:32,800 --> 00:22:33,960 Speaker 1: to do is cash it out. 519 00:22:34,000 --> 00:22:35,240 Speaker 2: I think the key part of that is what you 520 00:22:35,280 --> 00:22:37,200 Speaker 2: said was that they're going to set up these auto 521 00:22:37,240 --> 00:22:40,080 Speaker 2: ports again, set up the defaults to work in the 522 00:22:40,080 --> 00:22:43,520 Speaker 2: favor of the investors. When the default option is that, oh, 523 00:22:43,560 --> 00:22:45,320 Speaker 2: this money is going to go, You're not going to 524 00:22:45,320 --> 00:22:47,359 Speaker 2: spend this money. You're not and therefore you won't be 525 00:22:47,400 --> 00:22:49,440 Speaker 2: taxed on it. It's going to continue to grow. That's 526 00:22:49,520 --> 00:22:51,840 Speaker 2: what we like seeing these small nudges that are pointing 527 00:22:51,840 --> 00:22:53,399 Speaker 2: folks in the right direction. 528 00:22:53,760 --> 00:22:55,200 Speaker 1: They're subtle as opposed. 529 00:22:54,920 --> 00:22:57,280 Speaker 2: To burning the whole system down or now you're talking 530 00:22:57,280 --> 00:22:59,959 Speaker 2: about like University of Chicago economists that whole nudge thing, 531 00:23:00,040 --> 00:23:02,320 Speaker 2: which I do alike. Likely all right, let's talk about 532 00:23:02,359 --> 00:23:05,080 Speaker 2: one of our favorite ways to save money every single month, Joe, 533 00:23:05,119 --> 00:23:07,959 Speaker 2: and that's via the mv and O that you and 534 00:23:08,000 --> 00:23:11,320 Speaker 2: I are both a part of, specifically Mint Mobile. Tell 535 00:23:11,359 --> 00:23:15,160 Speaker 2: people what mv and O says for Mobile Virtual Network Operator. 536 00:23:15,400 --> 00:23:16,879 Speaker 2: Took me a second and I think about it, But 537 00:23:16,920 --> 00:23:18,920 Speaker 2: there was a new you gov survey and they find 538 00:23:18,960 --> 00:23:21,480 Speaker 2: that not enough Americans are willing to jump on the 539 00:23:21,560 --> 00:23:24,320 Speaker 2: mv and O train. Only eight percent of those surveyed 540 00:23:24,320 --> 00:23:27,240 Speaker 2: already have an mv and O as their carrier. Twenty 541 00:23:27,320 --> 00:23:29,919 Speaker 2: nine percent said that they are likely to switch, but 542 00:23:30,000 --> 00:23:32,160 Speaker 2: everyone else they don't seem to be interested, which really 543 00:23:32,200 --> 00:23:35,480 Speaker 2: bumms us out because there's just massive savings in going 544 00:23:35,560 --> 00:23:40,040 Speaker 2: with a non name brand, selfhone carrier. Obviously they're not 545 00:23:40,040 --> 00:23:42,479 Speaker 2: going to have the same brand recognition. They might not 546 00:23:42,560 --> 00:23:45,560 Speaker 2: have advertised during the Super Bowl last Weekay, that doesn't 547 00:23:45,600 --> 00:23:47,679 Speaker 2: mean that they're janky, doesn't mean that they come with 548 00:23:47,800 --> 00:23:51,040 Speaker 2: inferior service. It's literally the exact same cover like we 549 00:23:51,119 --> 00:23:53,600 Speaker 2: are with Mint. It's the same coverage as T Mobile, 550 00:23:54,040 --> 00:23:57,400 Speaker 2: and you can save a significant amount on a recurring basis, 551 00:23:57,680 --> 00:23:59,880 Speaker 2: you're able to like literally cut that cell phone bill 552 00:24:00,200 --> 00:24:02,400 Speaker 2: to something like fifteen to twenty five dollars a month, 553 00:24:02,600 --> 00:24:05,280 Speaker 2: depending on how much data you're receiving. 554 00:24:05,400 --> 00:24:07,360 Speaker 1: So one of to remind. 555 00:24:07,080 --> 00:24:09,000 Speaker 2: Folks that this is a great way to save a 556 00:24:09,040 --> 00:24:10,520 Speaker 2: ton of money, we'll link to an article on the 557 00:24:10,520 --> 00:24:10,960 Speaker 2: show notes. 558 00:24:11,040 --> 00:24:13,879 Speaker 1: Yeah, if your favorite self phunk Care hired Beyonce for 559 00:24:13,920 --> 00:24:16,480 Speaker 1: the super there's a reason you're paying more. She's expensive 560 00:24:16,560 --> 00:24:18,920 Speaker 1: to get. Matt we she in a commercial. I think 561 00:24:18,920 --> 00:24:20,719 Speaker 1: she was. Yeah, okay, I think it was for Verizon, 562 00:24:21,040 --> 00:24:23,160 Speaker 1: so boom. I don't know, I was. I was kind 563 00:24:23,160 --> 00:24:24,040 Speaker 1: of watching with not fully. 564 00:24:24,160 --> 00:24:26,520 Speaker 2: I did hear because she announced like a new album 565 00:24:26,640 --> 00:24:27,680 Speaker 2: or a couple of new singles. 566 00:24:27,680 --> 00:24:29,840 Speaker 1: Oh she's doing like the country album. That's right. Yeah, yeah, 567 00:24:29,840 --> 00:24:31,359 Speaker 1: that's right. I'm curious to hear that. It might be 568 00:24:31,359 --> 00:24:33,479 Speaker 1: it might be amazing. But yes, there's a reason your 569 00:24:33,520 --> 00:24:35,399 Speaker 1: donuts donuts costs a lot more too. 570 00:24:35,480 --> 00:24:38,119 Speaker 2: Now, whatever company is hiring the big names like this, 571 00:24:38,200 --> 00:24:40,680 Speaker 2: guess what you are likely paying for. 572 00:24:40,520 --> 00:24:43,800 Speaker 1: That additional entertainment. Yeah, via those advertisements, miss commercials, those 573 00:24:43,800 --> 00:24:46,399 Speaker 1: mint advertisements super basic. Yes they have a celebrity in them, 574 00:24:46,480 --> 00:24:48,680 Speaker 1: but only because he's part owner of the company. And 575 00:24:48,880 --> 00:24:51,160 Speaker 1: there by the way, there are other great cheap cell 576 00:24:51,200 --> 00:24:53,960 Speaker 1: phone cheap mva O operators too. It's not just mint Mobile, 577 00:24:53,960 --> 00:24:55,280 Speaker 1: there are other great ones out there too. We'll link 578 00:24:55,320 --> 00:24:57,000 Speaker 1: to an article in the show notes for you to 579 00:24:57,040 --> 00:24:59,520 Speaker 1: check out. But the Google Fi is great. Guess what 580 00:24:59,520 --> 00:25:01,600 Speaker 1: they don't want to advertisments during the Super Bowl either. 581 00:25:01,720 --> 00:25:03,480 Speaker 1: There's a bunch of great options that could save you 582 00:25:03,480 --> 00:25:06,080 Speaker 1: a bunch of money. We've talked about ditching the expensive 583 00:25:06,200 --> 00:25:08,679 Speaker 1: landline telephone. I don't think many of our listeners fall 584 00:25:08,760 --> 00:25:11,600 Speaker 1: into that category. I have not met anyone in their 585 00:25:11,600 --> 00:25:14,960 Speaker 1: twenties or thirties, or or really even early forties who 586 00:25:15,000 --> 00:25:18,639 Speaker 1: still pays to have a landline. But the truth is, 587 00:25:18,680 --> 00:25:20,560 Speaker 1: some folks out there, at least maybe the people who 588 00:25:20,600 --> 00:25:22,680 Speaker 1: are listening to us, maybe their parents, are paying thirty 589 00:25:22,680 --> 00:25:25,280 Speaker 1: five bucks plus a month where they don't need to be. 590 00:25:25,560 --> 00:25:27,320 Speaker 1: And if you're still holding on, by the way, you 591 00:25:27,400 --> 00:25:29,560 Speaker 1: might not be able to for much longer. At and 592 00:25:29,560 --> 00:25:33,560 Speaker 1: T and Verizon, they're both working harder to abandon some 593 00:25:33,600 --> 00:25:36,760 Speaker 1: of their old copper line technology, which will likely mean 594 00:25:36,800 --> 00:25:39,879 Speaker 1: the end of landlines altogether in the near future, and 595 00:25:39,920 --> 00:25:43,040 Speaker 1: projections are that only five percent of those connections are 596 00:25:43,040 --> 00:25:44,800 Speaker 1: going to still be in place in five years, So 597 00:25:45,040 --> 00:25:46,800 Speaker 1: there's going to be like a rapid decline matt in 598 00:25:46,840 --> 00:25:48,959 Speaker 1: people being able to pay for landline service. So if 599 00:25:49,000 --> 00:25:51,439 Speaker 1: you like it and you're used to it, well sorry, 600 00:25:51,520 --> 00:25:54,000 Speaker 1: it's going away and you probably won't have access. I've 601 00:25:54,000 --> 00:25:56,000 Speaker 1: been a part of those connections going away too. 602 00:25:56,040 --> 00:25:57,600 Speaker 2: I think I think back to any house that we've 603 00:25:57,600 --> 00:25:59,800 Speaker 2: ever painted, and they've always got the little phone jackbox. 604 00:26:00,280 --> 00:26:02,520 Speaker 2: You just like, unscrew it, pull it out, cock over 605 00:26:02,720 --> 00:26:05,240 Speaker 2: the where the whole Like, who needs. 606 00:26:05,040 --> 00:26:08,359 Speaker 1: These landlines anymore? Nobody really don't. Yeah, and I'm not 607 00:26:08,359 --> 00:26:11,359 Speaker 1: trying to be a hater, but VoIP voiceover Internet protocol 608 00:26:11,400 --> 00:26:13,600 Speaker 1: has gotten really good and incredibly cheap. So if you're 609 00:26:13,640 --> 00:26:15,640 Speaker 1: like I want some sort of semblance of a home 610 00:26:15,680 --> 00:26:18,639 Speaker 1: phone and a home phone number, well UMA is probably 611 00:26:18,680 --> 00:26:20,520 Speaker 1: what you should look into. It's gonna save you a bundle. 612 00:26:20,520 --> 00:26:23,359 Speaker 2: It's gonna cost like I fig figured if the price 613 00:26:23,400 --> 00:26:24,880 Speaker 2: is like free a month, or if it's like five 614 00:26:24,880 --> 00:26:28,720 Speaker 2: bucks a month, but it's incredibly incredibly inexpensive, gonna save 615 00:26:28,720 --> 00:26:30,719 Speaker 2: you a whole lot of money over the traditional landline 616 00:26:30,720 --> 00:26:32,399 Speaker 2: and by the way, you might not be able to 617 00:26:32,520 --> 00:26:34,400 Speaker 2: have the traditional landline even if you want. 618 00:26:34,160 --> 00:26:36,119 Speaker 1: You want to keep it ar own exactly. Yeah, So 619 00:26:36,200 --> 00:26:37,000 Speaker 1: Valentine's Day. 620 00:26:36,920 --> 00:26:37,600 Speaker 2: It was on Wednesday. 621 00:26:37,640 --> 00:26:38,480 Speaker 1: Did you do anything special? 622 00:26:38,720 --> 00:26:42,800 Speaker 2: Nothing too out of the ordinary, st big kind of holiday. 623 00:26:43,200 --> 00:26:46,160 Speaker 2: But if you are single and you're looking to mingle 624 00:26:46,520 --> 00:26:49,360 Speaker 2: but you're also frugal, Well, there's a new dating app 625 00:26:49,400 --> 00:26:49,880 Speaker 2: that you may. 626 00:26:49,800 --> 00:26:50,199 Speaker 1: Have heard of. 627 00:26:50,640 --> 00:26:53,840 Speaker 2: So if I just described you check it out. But 628 00:26:53,920 --> 00:26:56,000 Speaker 2: what does this new app it's called Score. What does 629 00:26:56,040 --> 00:26:59,440 Speaker 2: it do that tender doesn't? Well, you can only join 630 00:26:59,680 --> 00:27:02,159 Speaker 2: if you have a decent credit score. I think the 631 00:27:02,280 --> 00:27:04,639 Speaker 2: minimum credit score required is six to seventy five. 632 00:27:04,840 --> 00:27:07,200 Speaker 1: To be honest, all the folks on ten crappy credit scores. 633 00:27:07,240 --> 00:27:09,240 Speaker 1: Don't take those people. I think this is actually kind 634 00:27:09,240 --> 00:27:09,600 Speaker 1: of cool. 635 00:27:09,680 --> 00:27:12,360 Speaker 2: It's not that a credit score is the absolute best 636 00:27:12,359 --> 00:27:14,320 Speaker 2: indicator of how it is that you actually handle money, 637 00:27:14,359 --> 00:27:16,600 Speaker 2: how much wealth that you have, but it is telling, 638 00:27:17,000 --> 00:27:18,400 Speaker 2: and there is actual data. 639 00:27:18,440 --> 00:27:19,760 Speaker 1: I think it's from the Brookings. 640 00:27:19,440 --> 00:27:22,880 Speaker 2: Institute, which suggests that a couple with higher credit scores 641 00:27:23,160 --> 00:27:26,520 Speaker 2: they are more likely to form a committed relationship, and 642 00:27:26,560 --> 00:27:29,960 Speaker 2: that the relationship is more likely to last longer. It's 643 00:27:30,040 --> 00:27:33,439 Speaker 2: really compelling data to maybe find someone who's got their 644 00:27:33,440 --> 00:27:36,199 Speaker 2: act together. But if your score is lower, you're not 645 00:27:36,280 --> 00:27:38,840 Speaker 2: totally screwed. They'll send you information to help you to 646 00:27:38,960 --> 00:27:39,840 Speaker 2: raise your score. 647 00:27:40,480 --> 00:27:41,760 Speaker 1: And really this. 648 00:27:41,680 --> 00:27:43,960 Speaker 2: Is an attempt to get people talking about their credit score. 649 00:27:44,000 --> 00:27:45,840 Speaker 2: It's not like an actual company. 650 00:27:46,080 --> 00:27:48,040 Speaker 1: Maybe people will find love there well there during the 651 00:27:48,119 --> 00:27:49,800 Speaker 1: ninety days it's available. 652 00:27:49,920 --> 00:27:52,080 Speaker 2: Yeah, yeah, Like, I'm not saying that you should sign 653 00:27:52,119 --> 00:27:53,879 Speaker 2: up for this app, but we are saying that you 654 00:27:53,880 --> 00:27:56,920 Speaker 2: should consider a significant others money habits and just keep 655 00:27:56,960 --> 00:27:58,879 Speaker 2: the lines of communication open. This should be something that 656 00:27:58,960 --> 00:28:01,720 Speaker 2: y'all are discussing, and I think knowing each of this 657 00:28:01,720 --> 00:28:03,879 Speaker 2: credit score is that they can help maybe spur on 658 00:28:04,040 --> 00:28:07,560 Speaker 2: some perhaps more interesting money talks on your dates. 659 00:28:07,600 --> 00:28:09,720 Speaker 1: Hey, how do you view work? We were just talking 660 00:28:09,760 --> 00:28:10,240 Speaker 1: about work. 661 00:28:10,440 --> 00:28:13,080 Speaker 2: Is this something that you find incredibly personally fulfilling and 662 00:28:13,119 --> 00:28:14,040 Speaker 2: something you want to do forever? 663 00:28:14,400 --> 00:28:14,760 Speaker 1: Instead? 664 00:28:14,760 --> 00:28:16,639 Speaker 2: Are you like a fire advocate? Is this something that 665 00:28:16,680 --> 00:28:19,000 Speaker 2: you want to kick to the curb completely? Why is 666 00:28:19,040 --> 00:28:21,719 Speaker 2: that these are all much more interesting conversations than just 667 00:28:21,800 --> 00:28:25,240 Speaker 2: like the simple Yo, what's your credit score? But it's 668 00:28:25,240 --> 00:28:27,480 Speaker 2: about I think what that can ultimately lead to and 669 00:28:27,520 --> 00:28:30,240 Speaker 2: if it leads to a beautiful, long lasting relationship. 670 00:28:30,280 --> 00:28:31,440 Speaker 1: I'm all for it. It's like, if you want to 671 00:28:31,480 --> 00:28:33,600 Speaker 1: start your own business, cool, Oh, how are you financially 672 00:28:33,600 --> 00:28:34,159 Speaker 1: preparing for that? 673 00:28:34,240 --> 00:28:34,399 Speaker 2: Are you? 674 00:28:34,560 --> 00:28:36,639 Speaker 1: Like you got like a timeline and you got the 675 00:28:36,640 --> 00:28:38,360 Speaker 1: savings built up so you can quit and go make 676 00:28:38,440 --> 00:28:41,000 Speaker 1: do this thing. You don't have to get like super Hey, 677 00:28:41,040 --> 00:28:42,960 Speaker 1: what's your four on K balance? That's a weird question, Like, 678 00:28:42,960 --> 00:28:45,320 Speaker 1: don't ask anybody say that for the second day, right, 679 00:28:46,080 --> 00:28:47,960 Speaker 1: what makes you think, Matt? There was a Facebook post 680 00:28:48,120 --> 00:28:50,239 Speaker 1: in the how to Money Facebook group this week and 681 00:28:50,480 --> 00:28:51,800 Speaker 1: I think I think it was kind of a joke, 682 00:28:51,920 --> 00:28:53,600 Speaker 1: but it was like a frugal or cheap The poster 683 00:28:53,640 --> 00:28:57,520 Speaker 1: basically said, I don't date between November first and March first, 684 00:28:57,560 --> 00:28:58,880 Speaker 1: so I can avoid having to spend a lot of 685 00:28:58,920 --> 00:29:02,320 Speaker 1: Valentine's Is that proogal or cheat? Yeah? Yeah, I would 686 00:29:02,320 --> 00:29:04,959 Speaker 1: say chowing out? Yeah, so you're completely miss missing on 687 00:29:04,960 --> 00:29:06,400 Speaker 1: a Christmas is going a break up with somebody on 688 00:29:06,440 --> 00:29:07,760 Speaker 1: February thirteenth? That's cheap? 689 00:29:07,840 --> 00:29:11,560 Speaker 2: But yeah, well, I think that's if you're intentionally limiting 690 00:29:11,760 --> 00:29:15,480 Speaker 2: your the dating pool. I would personally, it just depends 691 00:29:15,520 --> 00:29:18,959 Speaker 2: on how happy you are being single. Honestly, like if 692 00:29:19,000 --> 00:29:21,880 Speaker 2: you're out there complaining that, like I can't find anybody, 693 00:29:21,920 --> 00:29:24,440 Speaker 2: nobody's nobody's out there, what was willing to date me? Well, okay, 694 00:29:24,600 --> 00:29:26,640 Speaker 2: maybe you should like limit the times of year that 695 00:29:26,680 --> 00:29:28,120 Speaker 2: you're willing to take people on the day. 696 00:29:28,280 --> 00:29:30,040 Speaker 1: Yeah, no, it's a good point. Yeah, but I guess 697 00:29:30,040 --> 00:29:32,480 Speaker 1: then you avoid having to buy them Christmas presents and 698 00:29:32,840 --> 00:29:33,920 Speaker 1: vat Valentine's Day. 699 00:29:34,000 --> 00:29:35,400 Speaker 2: If I know when the birthday is too and break 700 00:29:35,480 --> 00:29:38,680 Speaker 2: up for a couple months around, then you can. Yeah, completely, 701 00:29:38,800 --> 00:29:40,240 Speaker 2: You'll save yourself a ton of money. 702 00:29:40,280 --> 00:29:42,320 Speaker 1: It's gonna be really easy to find that perfect person 703 00:29:42,320 --> 00:29:45,360 Speaker 1: for you if you impose those limitations. All right, some 704 00:29:45,520 --> 00:29:48,000 Speaker 1: like Joel dating tips, that's your advice, that's right, Okay. 705 00:29:48,120 --> 00:29:50,040 Speaker 1: I want to mention something the of course, that we 706 00:29:50,280 --> 00:29:53,200 Speaker 1: talked earlier about inflation and how the CPI report came 707 00:29:53,240 --> 00:29:55,680 Speaker 1: back hotter than expected and the stock market kind of 708 00:29:55,680 --> 00:29:59,880 Speaker 1: reacted negatively. Well, this likely means that the rate cuts 709 00:30:00,040 --> 00:30:01,640 Speaker 1: that the Fed has been talking about are going to 710 00:30:01,680 --> 00:30:03,480 Speaker 1: get punted down the road just a little bit most likely. 711 00:30:03,840 --> 00:30:07,000 Speaker 1: But something I think that we can glean from those 712 00:30:07,120 --> 00:30:09,480 Speaker 1: potential rate cuts coming at some point later this year 713 00:30:10,160 --> 00:30:13,720 Speaker 1: maybe is that if you've got savings on hand and 714 00:30:13,760 --> 00:30:16,640 Speaker 1: you want to secure the highest long term rate possible, 715 00:30:16,880 --> 00:30:19,479 Speaker 1: a CD might be your best pat because rates are 716 00:30:19,560 --> 00:30:22,240 Speaker 1: north of five percent from some banks and credit unions 717 00:30:22,240 --> 00:30:25,200 Speaker 1: still even on just like traditional savings products. But if 718 00:30:25,200 --> 00:30:28,680 Speaker 1: inflation calms down and rate cuts do begin, rates on 719 00:30:28,760 --> 00:30:31,800 Speaker 1: CDs and savings are going to fall, and so CDs 720 00:30:31,800 --> 00:30:34,680 Speaker 1: they're not a great alternative to investing. There's just a 721 00:30:34,760 --> 00:30:38,160 Speaker 1: route to score higher guaranteed returns on savings. Because let's 722 00:30:38,160 --> 00:30:40,960 Speaker 1: say one of our favorite accounts, ci MAT savings rates 723 00:30:40,960 --> 00:30:43,280 Speaker 1: still above five percent in savings, but if you want 724 00:30:43,320 --> 00:30:46,480 Speaker 1: that rate guaranteed for fourteen, eighteen months to come, you're 725 00:30:46,480 --> 00:30:48,160 Speaker 1: going to need to put that in a CD because 726 00:30:48,280 --> 00:30:51,080 Speaker 1: chances are that rate on the savings account will not 727 00:30:51,200 --> 00:30:54,000 Speaker 1: be as high as it currently is eighteen months from now. Again, 728 00:30:54,280 --> 00:30:57,360 Speaker 1: this is like prognostication looking into the future. It's really 729 00:30:57,360 --> 00:30:59,400 Speaker 1: hard to predict. You never know. But there's also kind 730 00:30:59,400 --> 00:31:00,880 Speaker 1: of no harm, no fen if you have money in 731 00:31:00,920 --> 00:31:03,360 Speaker 1: a CD versus a same use account if you don't 732 00:31:03,360 --> 00:31:06,400 Speaker 1: need it fully liquid. So just a reminder, CDs are 733 00:31:06,680 --> 00:31:08,760 Speaker 1: a great savings product, and they're even more compelling. I 734 00:31:08,800 --> 00:31:11,640 Speaker 1: think kind of right now with where things look to 735 00:31:11,640 --> 00:31:12,520 Speaker 1: be headed. That's right. 736 00:31:12,560 --> 00:31:15,080 Speaker 2: And you even mentioned too, credit unions. I think even 737 00:31:15,120 --> 00:31:17,160 Speaker 2: just saying the word credit union, check out your local 738 00:31:17,160 --> 00:31:19,720 Speaker 2: credit union, it just sounds dated coming out of your mouth, 739 00:31:19,720 --> 00:31:22,240 Speaker 2: you know, like you can picture the old wallpaper and 740 00:31:22,280 --> 00:31:26,760 Speaker 2: the dingy carpet. But don't discount your local credit union. 741 00:31:26,760 --> 00:31:29,080 Speaker 2: Because CBS was reporting it. Some of the best rates 742 00:31:29,120 --> 00:31:31,520 Speaker 2: that they found were with local credit unions, So like 743 00:31:31,560 --> 00:31:34,840 Speaker 2: we're talking rates in the sixth and seven percent. So 744 00:31:35,280 --> 00:31:37,240 Speaker 2: all that being said, all the online makers are trying 745 00:31:37,240 --> 00:31:39,120 Speaker 2: to get you there because they're paying They got these 746 00:31:39,120 --> 00:31:41,200 Speaker 2: special bonuses and if you bring over this much money, 747 00:31:41,360 --> 00:31:44,080 Speaker 2: they're gonna pay this much with the whatever gold account 748 00:31:44,160 --> 00:31:46,120 Speaker 2: and then that'll only last for six months. But it 749 00:31:46,200 --> 00:31:48,960 Speaker 2: might pay to look at your local brick and mortar 750 00:31:48,960 --> 00:31:50,640 Speaker 2: credit union and see what it is that they're offered. 751 00:31:50,640 --> 00:31:51,920 Speaker 1: And a lot of those rates don't make it to 752 00:31:52,000 --> 00:31:54,000 Speaker 1: the big websites like bank Cred or Doctor of Credit 753 00:31:54,000 --> 00:31:55,479 Speaker 1: because they're so local. 754 00:31:55,800 --> 00:31:58,040 Speaker 2: The you could be driving past a credit union that's 755 00:31:58,080 --> 00:31:59,600 Speaker 2: that's offering seven percent and not even know it. 756 00:31:59,680 --> 00:32:01,640 Speaker 1: Y and another if you do want like more of 757 00:32:01,680 --> 00:32:03,880 Speaker 1: a national bank or something like that, Marcus seems to 758 00:32:03,880 --> 00:32:06,120 Speaker 1: be offering some of the highest rates on CDs right now. 759 00:32:06,120 --> 00:32:08,640 Speaker 1: I think it's Marcus by Golden Sachs, so it's fourteen 760 00:32:08,760 --> 00:32:10,920 Speaker 1: month term five in a quarter, I think. But those 761 00:32:11,000 --> 00:32:13,520 Speaker 1: rates have already come down. They were hired last week, 762 00:32:13,600 --> 00:32:16,280 Speaker 1: so it's yep. Might see more of that in the 763 00:32:16,280 --> 00:32:18,040 Speaker 1: near future. All right, man, that's gonna do it for 764 00:32:18,360 --> 00:32:21,400 Speaker 1: this episode. For listeners who wants show notes links to 765 00:32:21,440 --> 00:32:23,120 Speaker 1: some of the articles we mentioned, you can find those 766 00:32:23,160 --> 00:32:25,200 Speaker 1: up on our website at how toomoney dot com. You 767 00:32:25,240 --> 00:32:27,280 Speaker 1: can also sign up for the Hot of Money newsletter 768 00:32:27,280 --> 00:32:28,120 Speaker 1: there as well. That's right. 769 00:32:28,160 --> 00:32:30,120 Speaker 2: We'll see you back here on Monday with a fresh episode. 770 00:32:30,120 --> 00:32:40,240 Speaker 2: So until next time, best Friends Out, Best Friends Out.