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

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Speaker 1: and today we're discussing taxing, loan forgiveness, everyday, money fights,

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Speaker 1: and virtuous investing. Yeah, virtuous investing. We're gonna talk about

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Speaker 1: investing that gives you all the good feels. Uh later

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Speaker 1: on during this episode. But this is our Friday flight

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Speaker 1: where we're gonna talk about the most important stories that

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Speaker 1: we think you should be paying attention to this week.

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Speaker 1: But Joel, we should Uh. This isn't something we mentioned

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Speaker 1: on our last Friday flight last week because I don't know.

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Speaker 1: We knew that we were going, but we just didn't

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Speaker 1: talk about it. We were at Finncon as that episode

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Speaker 1: came out, and with finn Con, for folks, is a

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Speaker 1: financial conference, some would say the nerdiest place on Earth. Matt.

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Speaker 1: It is quiet, nerdy, but it's just a great time

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Speaker 1: for us to be able to just meet up with

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Speaker 1: other well finance creators. And these are a lot of

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Speaker 1: folks who were there who spoke actually have been on

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Speaker 1: our show, you know, like Patrice Washington was there, Anthony O'Neill, uh,

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Speaker 1: Erica Taylor. That's right. Eric Taylor had a great Taylor

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Speaker 1: made budgets, but the ability just to see a bunch

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Speaker 1: of Carl and Mindy Mindy Jensen UH and Carl R

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Speaker 1: like a personal finance personal finance power couple. There are

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Speaker 1: a lot of our friends who were there, and so

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Speaker 1: we didn't talk about ahead of time because it's it's

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Speaker 1: more of a nerdy thing. But it is a lot

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Speaker 1: of fun for us to be able to meet up

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Speaker 1: with some of these folks see the content that they're

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Speaker 1: creating and how they're going about it. It can be

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Speaker 1: really encouraging to us for and we also while are there,

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Speaker 1: we we took a bunch of our how many socks

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Speaker 1: the coolest socks personal personal finance, and nobody's got any

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Speaker 1: any on our thoughts. Those things are awesome. We stuck

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Speaker 1: those on a bunch of our friends those away and

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Speaker 1: speaking of our socks, were actually going to it's now

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Speaker 1: signed to give away five pairs of our how to

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Speaker 1: Money socks to UH and listen up. We're gonna narrow

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Speaker 1: the focus a little bit here as to who is

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Speaker 1: eligible for these socks, but we're gonna give five pairs

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Speaker 1: of socks away to five new subscribers to the How

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Speaker 1: To Money newsletter that's right, the finest socks in the

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Speaker 1: lands that represent one of your hopefully favorite podcasts. They're

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Speaker 1: super comfortable, super attractive. But yeah, if you go and

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Speaker 1: sign up for the How to Money newsletter before Wednesday

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Speaker 1: at midnight, you're gonna be automatically entered to win. Apparently

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Speaker 1: socks will ship amount to you and and yeah, we'll

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Speaker 1: announce the winners on our next Friday fight. And to

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Speaker 1: be honest, you're gonna get the added value. I'm not

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Speaker 1: just receiving the socks, but also receiving delightful, entertaining personal

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Speaker 1: finance content in your inbox. Personal financing a week, content

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Speaker 1: that's gonna feel you throughout the week. It's gonna revolution

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Speaker 1: on your life. Okay, maybe that's too maybe that's too

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Speaker 1: strong a claim, but it's it's fun. It's good. Specifically,

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Speaker 1: the way you sign for that newsletter head to how

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Speaker 1: the Money dot com forward slash newsletter and we'll link

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Speaker 1: to it in the show notes as well. We'll link

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Speaker 1: to it in the show notes and specifically too, for

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Speaker 1: all of you folks out there who are listening to

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Speaker 1: the show and you're not subscribed, this is an awesome

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Speaker 1: opportunity because you're not. You know, you're not competing with

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Speaker 1: like thousands of other folks. There might be I don't know,

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Speaker 1: maybe there's like even fifty or a hundred folks. You

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Speaker 1: are going to have better than ever. Yeah, you're the

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Speaker 1: odds are totally in your favorite So we want you

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Speaker 1: to do that. We take a Hunger Games line, send

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Speaker 1: us out to you soon. All right, well, let' let's

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Speaker 1: move on. Let's get to the Friday flight. It's a

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Speaker 1: quick sampling of stories we found interesting this week. It's

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Speaker 1: what we do every Friday. We kind of matt Now,

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Speaker 1: we passed through the headlines and we tell you what's

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Speaker 1: relevant to you in the world of personal finance. And

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Speaker 1: let's talk about inflation for a second. We got I

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Speaker 1: feel like we gotta lead off with that. I don't

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Speaker 1: know about you, kind of the story of the week.

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Speaker 1: It is, I personally have not heard the word transitory

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Speaker 1: in quite some time. Uh. It's one of those words

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Speaker 1: that for a minute a couple of years ago, it

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Speaker 1: was like the buzzwords could have been like the word

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Speaker 1: of the year for on Time magazine On to the

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Speaker 1: Chance Tour. Turns out that inflation is much stickier than

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Speaker 1: experts that hope they would be. And even as like

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Speaker 1: supply chains are functioning better and with a steep decline

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Speaker 1: in gas prices, we're still seeing the headline inflation number

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Speaker 1: barely budge. And that's because the cost of groceries is

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Speaker 1: continue to go up alongside a lot of other categories

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Speaker 1: that we've been talking about here on the show, in

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Speaker 1: particular housing, uh with you're buying or renting right, prices

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Speaker 1: there have skyrocketed, which is a huge part of what's

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Speaker 1: contributing to inflation that doesn't want to budge very much.

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Speaker 1: In particular, would be surprised if we see the rents

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Speaker 1: continue to climb. I think, you know, we've seen home

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Speaker 1: purchase prices cap out a little bit, but as far

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Speaker 1: as the rental prices that that folks are paying, I

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Speaker 1: think we're gonna unfortunately, I think we're gonna continue to

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Speaker 1: see those climb in the coming months. I think you

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Speaker 1: might be right. And while the cost of other goods

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Speaker 1: and services like traveling used cars have be kind of

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Speaker 1: to decline a little bit, a little bit at least,

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Speaker 1: it's just moving slow, and that means consumer costs are

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Speaker 1: not getting better. The CPI number hasn't changed very much

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Speaker 1: and so sad. The inflation continues to be just a

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Speaker 1: massive problem for anybody out there who spends money on anything. Yeah,

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Speaker 1: I think I saw that the same basket of goods

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Speaker 1: and services cost the average family four d sixty dollars

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Speaker 1: more per month now than it did a year ago. Uh.

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Speaker 1: And granted, you know a lot of folks have been

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Speaker 1: able to use the hot labor market to their advantage

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Speaker 1: in order to get paid more. But still this inflation,

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Speaker 1: it can it continues to remain a real problem. Uh.

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Speaker 1: And sticky inflation. It's the major reason why the number

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Speaker 1: of folks who are experiencing money stress has been on

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Speaker 1: the rise. The American Psychological Association, they just released a

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Speaker 1: study and it turns out that seventy two percent of

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Speaker 1: Americans say that they're stressed about their current financial situation.

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Speaker 1: And right on queue the journal, they documented the rise

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Speaker 1: and fights among couples over just simple expenses like grocery

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Speaker 1: store purchases. Like are they actually getting into fights in

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Speaker 1: the grocery store? Like put that kumquat banks too much?

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Speaker 1: I mean quite literally, Yeah, Like they're talking about the

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Speaker 1: different disagreements that couples are having, not only within grocery stores,

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Speaker 1: but just the price of gas and utilities are affecting

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Speaker 1: how people feel about their money. And younger folks are

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Speaker 1: actually the most stressed out, more than eight and ten

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Speaker 1: folks who are aged between basically millennials right eighteen to

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Speaker 1: forty three. So it's kind of like millenen Z, a

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Speaker 1: little bit of gen Z, a little bit of the

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Speaker 1: Zoomers as well. Mostly that's what our audience, that's all

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Speaker 1: they are. Basically everybody's listening, or not everybody, most of them,

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Speaker 1: the vast majority of folks eighteen forty three, but they

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Speaker 1: are the most stressed out about the personal finances. We

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Speaker 1: totally get it. These are conversations that Kate and I

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Speaker 1: have had recently. I mean, gone are the days where

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Speaker 1: we were paying a dollar per person per meal. That

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Speaker 1: has not been the case for a while. Like, I mean,

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Speaker 1: the cost of eggs more today than they were a

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Speaker 1: year ago. That is completely insane for us. It's causing

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Speaker 1: us to have maybe not heated discussions, but we're having to.

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Speaker 1: We're having more discussions about what we're starting to acts

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Speaker 1: from our yelling at cat over cumplots two. Aren't you

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Speaker 1: You're part of the problem. Maybe Seltzer's. Yeah what we

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Speaker 1: for a minute there we were Seltzer people, not me,

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Speaker 1: but my wife and kids. And I swear the most

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Speaker 1: annoying part, yes, forget that, dude. The most annoying part

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Speaker 1: was half drain kinds of Seltzer were being left around

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Speaker 1: the house. I'm like putting into it right now. You

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Speaker 1: can't leave the soldiers behind, Like, yeah, never number Seltzer.

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Speaker 1: My sacrifice has been ice cream. I love ice cream,

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Speaker 1: but you know what, I don't need that crap in

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Speaker 1: my life. And so that's something I'm like, all right,

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Speaker 1: let's just completely eliminate that. And I don't know. In

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Speaker 1: some ways, I feel that this is almost a good

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Speaker 1: exercise because it allows folks to sort of dig deep

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Speaker 1: and realize, Okay, what is it that I can live without?

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Speaker 1: What are the things that are important to my health?

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Speaker 1: What are the important groceries and foods that we need

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Speaker 1: to be eating. And I think there's a lot of

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Speaker 1: crap that we can cut from our diets. And the

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Speaker 1: more that we can handle our money better in other

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Speaker 1: areas of life too, the hopefully the less stressed out

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Speaker 1: will become around like that's that's like what we want

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Speaker 1: for our listeners manage for them to be empowered based

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Speaker 1: on their ability up their savings right, so they have

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Speaker 1: more margin, more breathing room, so that even as inflation

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Speaker 1: is a real thorn in their side, they're like, you

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Speaker 1: know what, I don't have to be stressed out about

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Speaker 1: this because I know where my money is going and

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Speaker 1: I'm handling it well. Uh, and it doesn't mean that

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Speaker 1: it's a good thing. It's still still painting the butt.

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Speaker 1: Welcome to the empowerment, so they are, we should have

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Speaker 1: a segment on Friday's right, Let's know, that's the whole show.

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Speaker 1: The whole show is all about empowerment and getting folks

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Speaker 1: to make smart moves with their money. So exactly, Well,

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Speaker 1: let's talk about college for a secondment, because we've actually

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Speaker 1: talked about how college degrees are not necessarily the best

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Speaker 1: use of your money. We talked about that recently, how

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Speaker 1: they're actually worth less than they used to be. That

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Speaker 1: was episode five. And the truth is, the reality is

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Speaker 1: we have the supply and demand problem that the market

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Speaker 1: has been flooded with college graduates over the last couple

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Speaker 1: of decades, and in a lot of fields there's just

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Speaker 1: a whole lot more supply of folks with a college

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Speaker 1: degree than there is demand for people with those degrees,

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Speaker 1: and that is in part why two and five graduates,

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Speaker 1: according to a recent survey, have expressed regret over their

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Speaker 1: chosen field of study. And on top of that, nearly

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Speaker 1: half of those who got a degree in humanities and

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Speaker 1: the arts said they'd wish I wish they've chosen to

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Speaker 1: pursue a different degree. And so, man, I know, we

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Speaker 1: got some pushback on that college episode. Some people were like,

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Speaker 1: why are you guys hayting. As always, we tried to

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Speaker 1: take the nuanced approach where for some folks, for a

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Speaker 1: lot of folks, a college degree can be meaningful, can

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Speaker 1: create additional lifetime earnings. So much of it depends on

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Speaker 1: your personality and your skill set. But I feel like

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Speaker 1: we're treating college degrees like there are a no dub

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Speaker 1: path to a middle class lifestyle, and that's less the

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Speaker 1: case than it has been, and the reality on the

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Speaker 1: ground is revealing. I would say that fewer folks are

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Speaker 1: having that experience right, especially as prices are rising exponentially.

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Speaker 1: The cost is a huge factor in whether or not

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Speaker 1: a college degree makes sense for people. And something else

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Speaker 1: that came out this week, nineteen of the top twenty

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Speaker 1: colleges in the U. S News and World Report rankings

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Speaker 1: cost more than fifty five dollars a year to attend,

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Speaker 1: not for the whole degree a year. So we're talking

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Speaker 1: about like a quarter million dollars of debt potentially if

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Speaker 1: there are no scholarships involved for your college degree. And

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Speaker 1: when we're talking about costs that are that extreme to

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Speaker 1: get a degree, we've got to think long and hard

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Speaker 1: about what the final outcome is going to be, the

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Speaker 1: value proposition, the trade off of time and money to

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Speaker 1: get that degree, what is it actually going to provide

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Speaker 1: in the end. And so it's interesting to see how

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Speaker 1: many people are expressing regret over the degree they've gotten.

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Speaker 1: I think so much of that comes down to how

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Speaker 1: much it costs to get it, absolutely, man. Yeah, and

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Speaker 1: and we're not haters, you know. Like we've said before,

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Speaker 1: like college it can be an awesome path for a

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Speaker 1: lot of folks because in large part they're able to

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Speaker 1: provide higher lifetime earnings and that it oftentimes provides more

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Speaker 1: job satisfaction. But the risk to reward ratio has just

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Speaker 1: changed when it comes to pursuing a higher education. And yeah,

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Speaker 1: as costs have risen exponentially in the value of many degrees,

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Speaker 1: we're seeing them decline and because of that, it's up

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Speaker 1: to individuals to be more careful on the front end

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Speaker 1: before they mindlessly choose a college or a course of study.

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Speaker 1: And so, whether we're talking about your kids, or your friends,

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Speaker 1: or like you, yourself, we want your eyes to be

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Speaker 1: wide open within this decision making process where you're able

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Speaker 1: to try to figure out what you think the likely

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Speaker 1: r o I of that degree is going to be.

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Speaker 1: You know, the reality is that like some degrees are

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Speaker 1: gonna just be worth more than others, and many of

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Speaker 1: those worthwhile degrees can actually be pursued for a lot

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Speaker 1: less money than you think. And you know, if you

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Speaker 1: want to study something that doesn't hold as much value

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Speaker 1: in the marketplace, it's even more important to keep costs

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Speaker 1: to a minimum. Yeah, if you really really want that

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Speaker 1: basket weaving degree, I think it's okay as long as

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Speaker 1: you count the cost and you have the cash to

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Speaker 1: pay for it. But if you're taking on student loan

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Speaker 1: debt tens of thousands of dollars of student loan debt

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Speaker 1: to get a degree that in all likelihood isn't going

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Speaker 1: to lead to a higher paying job. That's when you're

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Speaker 1: in big trouble, that's right, that's when you've got debt

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Speaker 1: and nothing really to show for it. Well, so speaking

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Speaker 1: of college Matt student loan forgiveness, let's talk about that

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Speaker 1: for a second. That continues to be a hot topic,

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Speaker 1: and there's more information coming out about it. We talked

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Speaker 1: about it recently in depth, and and we said that

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Speaker 1: student loan borrowers aren't going to be paying income tax

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Speaker 1: on the forgiveness amount. And that is true. The folks

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Speaker 1: aren't going to be paying federal income tax on the

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Speaker 1: amount that they're forgiven. But state taxes are another issue.

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Speaker 1: And so it's come out this week that a bunch

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Speaker 1: of states are in line to send a tax bill

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Speaker 1: to forgiveness recipients. And this this is subject to change.

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Speaker 1: State governments can make exceptions and can pass legislation to

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Speaker 1: prevent that from happening. But states like North Carolina, Indiana, Mississippi, Arkansas, Minnesota, Wisconsin,

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Speaker 1: even California are all at least for now, even California,

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Speaker 1: even California, and of course California, well no, I mean California.

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Speaker 1: I would think they would actually be on board with

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Speaker 1: defense on this, but I don't know. They love tax

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Speaker 1: their citizens. They do have what the highest individual income

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Speaker 1: tax rate in amltize taxes? Yeah, it's it's something like

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Speaker 1: exsive thirteen states in total who are considering taxing the

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Speaker 1: amount that was forgiven. Yeah, so this is subject to change,

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Speaker 1: but it's something to be aware of, and we'll we'll

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Speaker 1: link to that in the show notes an article about this.

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Speaker 1: But they've I'll send you a tax bill. And how

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Speaker 1: much are you going to owe? Is the next question.

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Speaker 1: It depends on how much forgiveness you received and the

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Speaker 1: state income tax thresholds where you live. Lots of folks

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Speaker 1: are likely gonna end up owing somewhere between five hundred

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Speaker 1: bucks and a thousand bucks in additional state income taxes

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Speaker 1: come April if if there's no pivot made and so, yeah,

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Speaker 1: just just a heads up to start mentally and financially

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Speaker 1: preparing for that. The forgiveness feels good, but he might

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Speaker 1: be taxed, at least at the state level on some

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Speaker 1: of that forgiveness. Yes, right, Yeah, so that's some bad

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Speaker 1: news when it comes to taxes. On a positive note,

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Speaker 1: the I R S is gonna be refunding over a

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Speaker 1: billion dollars to evidently any taxpayers who missed deadlines for

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Speaker 1: filing their twenty nineteen and the tax returns, and so

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Speaker 1: the way it works, you know, typically the I R

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Speaker 1: S they charge you a fee for filing late. But

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Speaker 1: because of the pandemic, the kind hearted suit wearing folks

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Speaker 1: over there at the Internal Revenue Service and they're going

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Speaker 1: to send that money back to you. Uh it's something

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Speaker 1: like I think like one point six million Americans are

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Speaker 1: going to be eligible for this refund. And the best

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Speaker 1: part is you don't have to do anything. It's going

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Speaker 1: to be automatic. That is, actually unless you haven't if

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Speaker 1: you still haven't filed your taxes for if you're that

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Speaker 1: late for those years, like literally the latest person out there. Yeah,

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Speaker 1: if that's the case, you need to get on it

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Speaker 1: because you have until September to finally get those returns in.

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Speaker 1: And also, you know, don't get used to this kind

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Speaker 1: of generosity from the I R S. I don't think

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Speaker 1: this is likely to be normal moving forward. I feel

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Speaker 1: like they're just throwing everybody one final pandemic bone and

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Speaker 1: uh so, yeah, I don't count on this in the future. Yeah, well,

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Speaker 1: thank you, sweetheart. I R s folks, for anybody who

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Speaker 1: was late that is going to that they could be

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Speaker 1: hundreds and hundreds of dollars in life fees that they

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Speaker 1: are able to avoid that are gonna get automatically refunded

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Speaker 1: to them, which which is nice. Absolutely. I think that

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Speaker 1: the average refund amount is going to be something like

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Speaker 1: seven and fifty bucks. So maybe you filed lates, you

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Speaker 1: already paid that fee. And also maybe your state that

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Speaker 1: you're living in is gonna charge you for the student

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Speaker 1: loans that were that we're forgiven. So hang onto that

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Speaker 1: come out in the wash exactly, but at least you're not,

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Speaker 1: at least it's not feeling like that you're paying and

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Speaker 1: more out of pocket. But we've got additional stories that

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Speaker 1: we're gonna get to this week, including that virtuous investing story.

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Speaker 1: We'll get to that plus others right after this. All Right,

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Speaker 1: the Friday flight continues, and Matt, we gotta get to

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Speaker 1: our ludicrous headline of the week. And typically we find

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Speaker 1: something from a newspaper, a television station somewhere around the

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Speaker 1: country that annoys us or irks us, or maybe it

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Speaker 1: just is worded poorly and makes us think something that

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Speaker 1: maybe they weren't trying to do just bad headlines are

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Speaker 1: all over the place, But this week's comes in the

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Speaker 1: form of a tweet. I think it's maybe our first

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Speaker 1: time to do this. Who's out there making predictions again?

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Speaker 1: Of course it's the rich dad, poor dad guy, Robert Kyosaki,

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Speaker 1: and he tweeted last week it's this. It's his pastime.

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Speaker 1: He likes to tweet, and he likes to tweet making

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Speaker 1: those predictions dumb things. And he he likes to use

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Speaker 1: all caps in a lot of tweets too, which I

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Speaker 1: think is I don't know if that's just a generational

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Speaker 1: thing or it's kind of a classic boomer movie. Okay,

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Speaker 1: they hate on any of our boomer listeners out there,

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Speaker 1: but I mean, I don't know, how often do you

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Speaker 1: tweet in all caps? Um? How often do I tweet?

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Speaker 1: Is a better question, rarely, but in all caps never?

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Speaker 1: Probably never? Yeah, Well, he he tweeted the crash is here.

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Speaker 1: I'm trying to emphasises like he does. Is that how

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Speaker 1: that's how he wrote it? Yes? And then he said stocks, bonds,

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Speaker 1: mutual funds, et F in real estate crashing as predicted

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Speaker 1: middle class being wiped out. And then what did he

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Speaker 1: proceed to do. He proceeds to tell all of his

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Speaker 1: followers to buy Solver. Uh. This guy, Matt, he tends

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Speaker 1: to make a prediction every single year at a random time,

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Speaker 1: typically in the fall. I feel like, but his track

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Speaker 1: record just isn't great. He's he's wrong most of the time.

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Speaker 1: And there was another article this week analysts that Morgan

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Speaker 1: Stanley are predicting a major market downturn over the next

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Speaker 1: four months and all these things, like these predictions, what's

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Speaker 1: our response to them? Who cares? Because the reality is

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Speaker 1: like if anyone was paying attention this week, the market

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Speaker 1: was down almost four and a half percent in a day,

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Speaker 1: like the largest single day dropped since But to us,

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Speaker 1: that doesn't matter. That's short term stuff that we don't

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Speaker 1: care about. The same is true, right if we experience

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Speaker 1: more volatility and and downward movement in the coming months.

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Speaker 1: We're long term investors here at how the money, and

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Speaker 1: so we expect these short term blists. We choose not

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Speaker 1: to pay attention to them. And could these predictions come

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Speaker 1: to pass? Sure it might happen, but he Mr Kiyosaki

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Speaker 1: has also made a lot of predictions that have not

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Speaker 1: come to pass. And if you if you believe these predictions,

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Speaker 1: if you buy them, hook client and sinker, and you

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Speaker 1: make your investing decisions based on them, it's far more

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Speaker 1: likely that you're gonna lose money than make it. Yeah,

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Speaker 1: and again we bring this to your attention because it's

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Speaker 1: okay if you notice that folks are out there saying

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Speaker 1: these kinds of things, but we don't want you to

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Speaker 1: take action with your actual money. You could just unfollow

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Speaker 1: up to that. That is true for for the bad

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Speaker 1: advice and for all the kids tweets. Yeah. Well, and

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Speaker 1: speaking of taking the wrong actions, the wrong steps with

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Speaker 1: your money, friend of the show Lindsay Bell, she actually

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Speaker 1: tweeted out a shocking chart this week. It turns out

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Speaker 1: that millennials are selling stocks like it's their job. Data

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Speaker 1: from Ally shows that forty nine of millennials have sold

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Speaker 1: stocks over the past twelve months, whereas only seventeen percent

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Speaker 1: of zoomers did the same thing, and one of the

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Speaker 1: main reasons that they cited as a reason for selling

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Speaker 1: was volatility. Man, this, honestly, this kind of makes me

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Speaker 1: mad because this points to a lack of financial education

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Speaker 1: because volatility within the stock market is to be expected.

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Speaker 1: It's just an inevitable part of the wealth building process.

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Speaker 1: But when you sell, you're often locking in losses in

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Speaker 1: an attempt to time the market. None of us, obviously

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Speaker 1: are smart enough to do that successfully, though, and so

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Speaker 1: this is not something we would recommend. We would we

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Speaker 1: want you to just continue buying. You're going to see

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Speaker 1: the volatility. You might see the market crash, just like

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Speaker 1: Robert Kiyosaki mentioned, but that doesn't mean you have to

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Speaker 1: actually take action and do anything about it. Makes me

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Speaker 1: think of our interview with Nick mcjuli. His book was

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Speaker 1: called just keep buying, and I love I love that phrase.

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Speaker 1: That's how we should think about investing in the market.

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Speaker 1: Just keep buying through thick and through thin, back to invest,

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Speaker 1: and you'll be wealthy at some point. That's just the

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Speaker 1: that's just the way it goes. You don't really have

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Speaker 1: to pay attention to day to day movements or movements

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Speaker 1: year to year. Even alright, let's let's keep talking about investing, though,

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Speaker 1: because let's talk about four owne case in particular, because

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Speaker 1: folks who got their Q two four own case statement,

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Speaker 1: they might have noticed that it looked a little bit

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Speaker 1: different than it normally does. And that's because there's now

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Speaker 1: a requirement for four own K providers to attach what's

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Speaker 1: known as a lifetime income illustration. And by you, I

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Speaker 1: don't know. When I say illustration, might think like doodles

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Speaker 1: of Disney pictures or something like that. No, that's not

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Speaker 1: what we're talking about. Uh. This is basically an attempt

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Speaker 1: to give people a picture of how much monthly income

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Speaker 1: they can expect based on their total instag Yeah. Yeah,

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Speaker 1: and illustration and picture maybe inaccurate words as well, because

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Speaker 1: I don't even think it's a chart or anything like that.

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Speaker 1: It's just kind of like a table with some numbers

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Speaker 1: on this that kind of gives you a heads up,

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Speaker 1: uh huh. And so yeah, that this comes from the

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Speaker 1: Secure Act, which was passed in twenty nineteen, which now

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Speaker 1: made this a legal requirement. And it might be disconcerting

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Speaker 1: because let's say you've got a hundred and twenty thousand

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Speaker 1: bucks in your retirement account. Well, you'll realize, based on

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Speaker 1: this lifetime income illustration, that you should be able to

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Speaker 1: expect five hundred ish dollars a month in income when

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Speaker 1: you reach retirement age. But here's the thing. Uh, the

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Speaker 1: younger you are, the less this matters. Right, the goal

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Speaker 1: really should be to just increase your overall nest egg,

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Speaker 1: ramping up the amount you're able to contribute, while paying

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Speaker 1: very little attention to these details about how much you're

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Speaker 1: gonna be able to spend in retirement. And for folks

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Speaker 1: closer to retirement, I think this can be maybe a

429
00:20:30,400 --> 00:20:32,760
Speaker 1: helpful wake up call to start stalking away even more.

430
00:20:32,800 --> 00:20:34,719
Speaker 1: You might realize. Let's say you're you're in your fifties

431
00:20:34,720 --> 00:20:36,160
Speaker 1: and you're listening to H T M and you're like,

432
00:20:36,240 --> 00:20:38,639
Speaker 1: a man, I just got that my my lifetime income

433
00:20:38,680 --> 00:20:41,000
Speaker 1: illustration shows that, yeah, I'm only gonna be able to

434
00:20:41,040 --> 00:20:43,399
Speaker 1: expect seven or eight hundred dollars a month in income

435
00:20:43,720 --> 00:20:46,560
Speaker 1: from my retirement accounts. You might need to increase your

436
00:20:46,560 --> 00:20:49,040
Speaker 1: contribution level so you can catch up. But the reality

437
00:20:49,080 --> 00:20:50,920
Speaker 1: is you might also have a penchant from somewhere else,

438
00:20:50,960 --> 00:20:53,879
Speaker 1: and you've got to factor social Security into so there's

439
00:20:53,960 --> 00:20:56,520
Speaker 1: a lot to think about. I think this lifetime income

440
00:20:56,560 --> 00:20:58,840
Speaker 1: illustration can be helpful, but I think for some folks

441
00:20:58,880 --> 00:21:00,760
Speaker 1: that can also be shocked and they just like have

442
00:21:00,800 --> 00:21:02,320
Speaker 1: no no idea what to do with it. I mean,

443
00:21:02,320 --> 00:21:03,960
Speaker 1: I think that's the whole point, right is hopefully it

444
00:21:04,000 --> 00:21:06,439
Speaker 1: shocks you into doing something different with your money, because

445
00:21:06,520 --> 00:21:09,280
Speaker 1: in the end, hopefully you're able to see that, oh yeah,

446
00:21:09,280 --> 00:21:11,320
Speaker 1: six hundred bucks a month, that's not quite enough for

447
00:21:11,320 --> 00:21:13,760
Speaker 1: me to live on. Uh if I would to retire

448
00:21:13,880 --> 00:21:16,359
Speaker 1: right now, this is not feasible, and so sort of

449
00:21:16,359 --> 00:21:17,600
Speaker 1: like we were saying earlier, I feel like that it

450
00:21:17,600 --> 00:21:21,400
Speaker 1: can provide some empowerment to folks to realize there are things,

451
00:21:21,400 --> 00:21:23,399
Speaker 1: there are steps I can take right now to change

452
00:21:23,440 --> 00:21:25,240
Speaker 1: how much I've got within my four o one k.

453
00:21:25,560 --> 00:21:27,320
Speaker 1: I think one of the things bumping your four owne

454
00:21:27,359 --> 00:21:30,000
Speaker 1: K contributions up upper cent or two, like it's gonna

455
00:21:30,000 --> 00:21:32,639
Speaker 1: make a massive difference. And that's where maybe this illustration

456
00:21:32,720 --> 00:21:34,720
Speaker 1: could do better in the future is if they had

457
00:21:34,720 --> 00:21:37,000
Speaker 1: like some projections or something right, because I think the

458
00:21:37,040 --> 00:21:39,720
Speaker 1: criticism might be that it's just a snapshot of what

459
00:21:39,840 --> 00:21:42,239
Speaker 1: your nest egg is currently and what that would provide you,

460
00:21:42,640 --> 00:21:45,800
Speaker 1: but not based on your age or future exactly, or

461
00:21:45,920 --> 00:21:47,520
Speaker 1: or how long you're planning to work. Because if you

462
00:21:47,640 --> 00:21:50,800
Speaker 1: knew that, Okay, well it's only hundred twenty five thousand now,

463
00:21:50,880 --> 00:21:54,160
Speaker 1: but like I just started last year. I guess not

464
00:21:55,040 --> 00:21:56,880
Speaker 1: last year, but I guess like five ten years ago.

465
00:21:56,960 --> 00:21:58,960
Speaker 1: But if you know, you've got another twenty years worth

466
00:21:59,040 --> 00:22:01,440
Speaker 1: of your career here ahead of you, and you can

467
00:22:01,480 --> 00:22:02,920
Speaker 1: map that out, if you know, if they had like

468
00:22:02,960 --> 00:22:06,199
Speaker 1: a little dash line, uh, with an increased four oh

469
00:22:06,200 --> 00:22:08,479
Speaker 1: one K amount, and then what that would allow you

470
00:22:08,520 --> 00:22:11,120
Speaker 1: to withdraw every single month. I think that's the part

471
00:22:11,119 --> 00:22:13,360
Speaker 1: of it that can be encouraging to. Basically, this illustration

472
00:22:13,440 --> 00:22:15,840
Speaker 1: could use a lot of work better people. But I

473
00:22:16,440 --> 00:22:19,280
Speaker 1: do like the spirit behind it because it just allows folks.

474
00:22:19,320 --> 00:22:21,800
Speaker 1: It's a tool, right, and it allows folks to peer

475
00:22:21,840 --> 00:22:23,640
Speaker 1: into the future in the same way that we joke

476
00:22:23,720 --> 00:22:26,200
Speaker 1: and and literally have done this, but you know, using

477
00:22:26,240 --> 00:22:28,760
Speaker 1: the face app to see an older version of yourself.

478
00:22:28,800 --> 00:22:32,120
Speaker 1: I think, for in particular for younger investors, if they

479
00:22:32,200 --> 00:22:35,320
Speaker 1: can see, you know, six d bucks, Oh my gosh,

480
00:22:35,400 --> 00:22:36,720
Speaker 1: that's not a whole lot of money. I need to

481
00:22:36,720 --> 00:22:39,560
Speaker 1: start saving more now, uh. In that way, it does

482
00:22:39,600 --> 00:22:41,520
Speaker 1: allow us to look down the road a little bit

483
00:22:41,520 --> 00:22:44,359
Speaker 1: and too essentially forecast and realize, Okay, maybe I've been

484
00:22:44,359 --> 00:22:46,520
Speaker 1: embracing that yellow lifestyle a little too much. Maybe I

485
00:22:46,520 --> 00:22:49,119
Speaker 1: need to travel a little bit less and instead divert

486
00:22:49,160 --> 00:22:51,520
Speaker 1: some of those funds towards my retirement yea, yeah, stop

487
00:22:51,560 --> 00:22:54,440
Speaker 1: eating out so much. That's not that's nothing, it's expensive. Well,

488
00:22:54,560 --> 00:22:57,040
Speaker 1: one one thing we prefer you not to invest in

489
00:22:57,200 --> 00:22:59,879
Speaker 1: within your four one K is E s G funds,

490
00:23:00,040 --> 00:23:01,879
Speaker 1: and we we've talked about this a few times on

491
00:23:01,920 --> 00:23:03,840
Speaker 1: the show, and I think any how, the Money Listener

492
00:23:03,880 --> 00:23:06,080
Speaker 1: knows that they're not our favorite because the goal of

493
00:23:06,080 --> 00:23:08,159
Speaker 1: these funds really it's to allow folks to invest in

494
00:23:08,440 --> 00:23:10,880
Speaker 1: what we would call a virtuous way, in a socially

495
00:23:10,920 --> 00:23:13,920
Speaker 1: responsible way. But as you've heard of say, they often

496
00:23:13,960 --> 00:23:16,040
Speaker 1: don't do an awesome job at it. Friend of the

497
00:23:16,080 --> 00:23:19,000
Speaker 1: show and recent guest, Alison Schreeger, she just wrote a

498
00:23:19,080 --> 00:23:22,280
Speaker 1: great article for City Journal about how the E s

499
00:23:22,320 --> 00:23:25,040
Speaker 1: G bubble is starting to burst, and at the heart

500
00:23:25,080 --> 00:23:29,080
Speaker 1: of the problem that she expounded on was virtuous investing.

501
00:23:29,280 --> 00:23:31,919
Speaker 1: It's kind of hard to define our oil companies awful

502
00:23:32,080 --> 00:23:34,480
Speaker 1: or are they currently just the cheapest way to power

503
00:23:34,520 --> 00:23:37,960
Speaker 1: economic development, particularly in the developing world. Exactly do you

504
00:23:38,000 --> 00:23:41,040
Speaker 1: care more about the earth and uh utilizing fossil fuels less,

505
00:23:41,080 --> 00:23:43,359
Speaker 1: or do you care about maybe equity amongst all the

506
00:23:43,400 --> 00:23:46,239
Speaker 1: different nations, in particular in developing world. These are more

507
00:23:46,240 --> 00:23:48,520
Speaker 1: complex questions and sometimes we give them credit. Bactly, it's

508
00:23:48,520 --> 00:23:51,520
Speaker 1: not just like good versus evil. And I think a

509
00:23:51,520 --> 00:23:53,320
Speaker 1: lot of times that's how you know E s G

510
00:23:53,480 --> 00:23:55,720
Speaker 1: investing is that's what that's what they're setting out to do.

511
00:23:55,760 --> 00:23:58,000
Speaker 1: There's they're they're there to say, oh but this is good,

512
00:23:58,119 --> 00:24:01,199
Speaker 1: but okay, according to according to what parameters, according to

513
00:24:01,200 --> 00:24:03,800
Speaker 1: who's definitely and every E s G fund is created differently.

514
00:24:04,200 --> 00:24:06,440
Speaker 1: Some invest in test Lass, some don't. Some I'm invest

515
00:24:06,520 --> 00:24:08,840
Speaker 1: in oil, how many some don't. So I'm invest in Facebook,

516
00:24:08,840 --> 00:24:11,919
Speaker 1: who is potentially ruining our society. Others don't, right, I mean,

517
00:24:11,960 --> 00:24:15,560
Speaker 1: and that is a legitimate those are legitimate concerns and

518
00:24:15,560 --> 00:24:17,600
Speaker 1: and returns from these funds they're not matching up with

519
00:24:17,600 --> 00:24:21,080
Speaker 1: their index counterparts either. So spending your money, we would say,

520
00:24:21,119 --> 00:24:23,440
Speaker 1: in a way that aligns with your values, is something

521
00:24:23,440 --> 00:24:25,800
Speaker 1: worth doing, is something worth pursuing. But it's not as

522
00:24:25,880 --> 00:24:28,840
Speaker 1: easy to invest in a similar manner, and it's likely

523
00:24:28,840 --> 00:24:32,320
Speaker 1: to cost you more in fees in returns if you try, so,

524
00:24:32,600 --> 00:24:34,920
Speaker 1: you're gonna be less financially stable, You're you're not gonna

525
00:24:34,920 --> 00:24:38,280
Speaker 1: build wealth as quickly. They're just legitimate downsides to investing

526
00:24:38,760 --> 00:24:41,040
Speaker 1: uh in these E s G funds trying to invest

527
00:24:41,440 --> 00:24:43,760
Speaker 1: in a virtuous way. Yeah, I mean you can clearly,

528
00:24:43,880 --> 00:24:46,480
Speaker 1: I mean, it will cost you more if it says

529
00:24:46,520 --> 00:24:49,680
Speaker 1: the expense ratio is higher than the point zero three

530
00:24:49,720 --> 00:24:51,879
Speaker 1: percent that you should be paying, which they inevitably are,

531
00:24:52,200 --> 00:24:55,680
Speaker 1: or like even like I was looking at Vanguards, it's

532
00:24:55,720 --> 00:24:58,800
Speaker 1: e s G V they're only point zero six which

533
00:24:58,840 --> 00:25:00,960
Speaker 1: is I mean, as they go. Oh that's as I think,

534
00:25:01,000 --> 00:25:03,080
Speaker 1: almost as cheap as you can get. The industry average

535
00:25:03,160 --> 00:25:06,200
Speaker 1: is like point four percent, which is way higher than

536
00:25:06,400 --> 00:25:08,560
Speaker 1: what anybody should be paying out there for a widely

537
00:25:08,560 --> 00:25:12,440
Speaker 1: diversified index fund. But then, like you said, the performances

538
00:25:12,480 --> 00:25:15,560
Speaker 1: of these E s G funds has been like it

539
00:25:15,640 --> 00:25:18,639
Speaker 1: was actually looking slightly better than the stock market as

540
00:25:18,640 --> 00:25:20,520
Speaker 1: a whole, or there are many as we were in

541
00:25:20,520 --> 00:25:22,879
Speaker 1: a bowl market when everyone's feeling great about everything. But

542
00:25:22,920 --> 00:25:24,800
Speaker 1: then as soon as things have turned around a little

543
00:25:24,800 --> 00:25:26,919
Speaker 1: bit and we've entered into a bear market, these E

544
00:25:27,040 --> 00:25:29,399
Speaker 1: s G funds have not performed well. So yeah, like

545
00:25:29,400 --> 00:25:32,639
Speaker 1: you said, they cost more, they are not performing. Not

546
00:25:32,720 --> 00:25:35,760
Speaker 1: to mention, they aren't doing whatever it is that you

547
00:25:35,800 --> 00:25:38,320
Speaker 1: think they're doing. Like you might get the good feels

548
00:25:38,359 --> 00:25:42,240
Speaker 1: again from investing in something that feels more green, but

549
00:25:42,359 --> 00:25:44,520
Speaker 1: the reality is it may not even be doing that

550
00:25:44,800 --> 00:25:47,120
Speaker 1: all that. Well, yeah, I think we might get some pushback, Matt.

551
00:25:47,160 --> 00:25:48,800
Speaker 1: Some people might be like, why don't Matt and Joel

552
00:25:48,840 --> 00:25:52,240
Speaker 1: care about the earth or care about being virtuous citizens?

553
00:25:52,280 --> 00:25:54,760
Speaker 1: We would say, because Joel's too busy other coal rolling,

554
00:25:54,960 --> 00:25:58,520
Speaker 1: right exactly. Yeah, Well, there are so many little decisions

555
00:25:58,560 --> 00:25:59,879
Speaker 1: you can make that are good for the earth and

556
00:26:00,040 --> 00:26:01,520
Speaker 1: good for you a while, we just think E s

557
00:26:01,560 --> 00:26:04,720
Speaker 1: G funds are not necessarily one of them. All right,

558
00:26:04,760 --> 00:26:07,159
Speaker 1: but let's let's move on. Let's talk about new phones.

559
00:26:07,200 --> 00:26:10,959
Speaker 1: Because Apple had their infamous event last last week. They

560
00:26:11,000 --> 00:26:12,600
Speaker 1: used to be so much more popular. I remember, like

561
00:26:12,760 --> 00:26:15,080
Speaker 1: New York Times writers used to like live stream their

562
00:26:15,080 --> 00:26:17,879
Speaker 1: comments on what Apple was releasing. That doesn't seem to

563
00:26:17,880 --> 00:26:20,440
Speaker 1: be the case anymore. But Apple just released their their

564
00:26:20,440 --> 00:26:24,680
Speaker 1: newest version of the iPhone, iPhone fourteen, and I don't

565
00:26:24,680 --> 00:26:27,040
Speaker 1: really care about that. But a new survey found that

566
00:26:27,119 --> 00:26:29,320
Speaker 1: one in five folks are more than willing to go

567
00:26:29,359 --> 00:26:31,600
Speaker 1: into debt in order to buy the new iPhone. And

568
00:26:31,600 --> 00:26:34,440
Speaker 1: that that's according to wallet hub. When I saw that stat, Matt,

569
00:26:34,440 --> 00:26:36,240
Speaker 1: that's something I got in the email inbox. Uh. It

570
00:26:36,680 --> 00:26:40,359
Speaker 1: made my my usual optimistic self a little bit bumped. Uh.

571
00:26:40,440 --> 00:26:42,600
Speaker 1: It made me sad about the state of humanity because

572
00:26:42,640 --> 00:26:45,800
Speaker 1: the reality is that, as The Atlantic noted this week,

573
00:26:45,840 --> 00:26:50,920
Speaker 1: the iPhone it's just not cool anymore. So the changes, Well,

574
00:26:51,119 --> 00:26:54,120
Speaker 1: even if it was cool, it doesn't change our opinion. Yes,

575
00:26:54,520 --> 00:26:56,399
Speaker 1: even if it was still hip, which I don't think

576
00:26:56,400 --> 00:26:57,880
Speaker 1: it is. I think it's bad to go into debt

577
00:26:57,920 --> 00:26:59,320
Speaker 1: for it. Yeah, I mean, like we were just talking

578
00:26:59,359 --> 00:27:01,679
Speaker 1: about student before the break. I mean, you need to

579
00:27:01,680 --> 00:27:04,120
Speaker 1: be careful about the kind of debt that you take on. Obviously,

580
00:27:04,160 --> 00:27:07,120
Speaker 1: student learns has more promising potential. And we're talking about

581
00:27:07,119 --> 00:27:10,679
Speaker 1: consumption here, basically financing lifestyle, which is not something that

582
00:27:10,720 --> 00:27:12,560
Speaker 1: we can get behind at all. Yeah. And the reality

583
00:27:12,680 --> 00:27:16,680
Speaker 1: is that the iterations of smartphones are infintessively small these days.

584
00:27:16,800 --> 00:27:19,520
Speaker 1: The difference between an iPhone thirteen and an iPhone fourteen,

585
00:27:19,920 --> 00:27:22,000
Speaker 1: it's pretty minimal. Yeah, there's gonna be a whole lot

586
00:27:22,000 --> 00:27:25,440
Speaker 1: of people that decide to upgrade to an ever so

587
00:27:25,480 --> 00:27:28,080
Speaker 1: slightly better iPhone and put it on a credit card

588
00:27:28,119 --> 00:27:30,840
Speaker 1: that they can't pay off in order to get a

589
00:27:30,840 --> 00:27:33,120
Speaker 1: new phone. And so I don't know what we would say,

590
00:27:33,240 --> 00:27:35,560
Speaker 1: if you prefer to buy a way more expensive phone

591
00:27:35,600 --> 00:27:38,840
Speaker 1: that's barely improved, that's okay. Just don't go into debt

592
00:27:38,880 --> 00:27:40,960
Speaker 1: to buy one, and make sure that you're doing it intentionally.

593
00:27:41,240 --> 00:27:44,120
Speaker 1: Don't fall victim to the upgrade cycle and every time

594
00:27:44,119 --> 00:27:47,080
Speaker 1: something new comes out you're like, oh yeah, knee jerk reaction,

595
00:27:47,119 --> 00:27:49,680
Speaker 1: Pavlov's dog, I'm going to get that thing, even though

596
00:27:49,760 --> 00:27:51,400
Speaker 1: it's probably not going to make much of a difference

597
00:27:51,440 --> 00:27:52,960
Speaker 1: in your life. Why why are you such an iPhone

598
00:27:53,000 --> 00:27:55,960
Speaker 1: hater's not a pixel guy? Even though I and you're busted.

599
00:27:56,000 --> 00:27:58,720
Speaker 1: I'm looking at your crack Hey, it's a great phone,

600
00:27:58,760 --> 00:28:01,040
Speaker 1: your brand new crack phone. Right now about it? I'll say,

601
00:28:01,359 --> 00:28:05,240
Speaker 1: I'm a thirteen iPhone thirteen Pro owner. Forget the fourteen

602
00:28:05,320 --> 00:28:07,000
Speaker 1: like like you said, you like, there were very few

603
00:28:07,160 --> 00:28:10,399
Speaker 1: upgrades to that. Just get the thirteen Pro for much less.

604
00:28:10,760 --> 00:28:12,600
Speaker 1: And I'll advocate a little bit for Apple here. And

605
00:28:12,840 --> 00:28:14,480
Speaker 1: at least they did increase the price of their phones,

606
00:28:14,520 --> 00:28:16,680
Speaker 1: because that was one thing that everybody was thinking it

607
00:28:16,800 --> 00:28:18,680
Speaker 1: might go up a hundred bucks or so. And what

608
00:28:18,800 --> 00:28:21,000
Speaker 1: happening that they held the line. How many years did

609
00:28:21,040 --> 00:28:23,320
Speaker 1: you take between upgrades? Wasn't wasn't it close to five years?

610
00:28:23,400 --> 00:28:26,760
Speaker 1: Five years? I think that the average upgrade cycle is

611
00:28:26,840 --> 00:28:29,119
Speaker 1: a whole lot less than that. And the longer weeken

612
00:28:29,400 --> 00:28:32,199
Speaker 1: what we're trying to keep folks from just continuing to

613
00:28:32,200 --> 00:28:34,280
Speaker 1: go down that path, the longer we can make our

614
00:28:34,359 --> 00:28:36,719
Speaker 1: upgrade cycle if you normally do it on two year cycles,

615
00:28:37,040 --> 00:28:39,040
Speaker 1: trying to expand a three and if if we can,

616
00:28:39,120 --> 00:28:40,760
Speaker 1: you should be able to do that, because these phones

617
00:28:40,800 --> 00:28:42,600
Speaker 1: are getting better and better. Going back to the going

618
00:28:42,640 --> 00:28:46,640
Speaker 1: Green conversation to Matt, like less waste, less e waste exactly. Actually,

619
00:28:46,920 --> 00:28:49,680
Speaker 1: speaking of smartphones, the fair phone, they got some love

620
00:28:49,840 --> 00:28:52,680
Speaker 1: and the Times this week, um was it? Alex listener

621
00:28:52,680 --> 00:28:54,800
Speaker 1: Alex he told us about ye about these phones a

622
00:28:54,800 --> 00:28:58,480
Speaker 1: while back. Sadly they're only available in Europe. But the

623
00:28:58,520 --> 00:29:00,520
Speaker 1: cool thing about those phones is that they and last

624
00:29:00,600 --> 00:29:03,800
Speaker 1: you a really long time because as the batteries, as

625
00:29:03,800 --> 00:29:08,240
Speaker 1: your storage gets outdated or filled up, as camera technology improves,

626
00:29:08,840 --> 00:29:11,600
Speaker 1: you can upgrade all of these different elements on your

627
00:29:11,640 --> 00:29:14,480
Speaker 1: own fair phone pretty easily. Like they're they're literally built

628
00:29:14,520 --> 00:29:17,080
Speaker 1: for you to tinker with so that they don't ever

629
00:29:17,360 --> 00:29:20,840
Speaker 1: have to become obsolete. A fair phone is the type

630
00:29:20,840 --> 00:29:24,400
Speaker 1: of phone that tinker Bell would would totally. The reality though,

631
00:29:24,440 --> 00:29:26,880
Speaker 1: is that most phones they're not designed for longevity, and

632
00:29:26,960 --> 00:29:29,240
Speaker 1: so you know, were they to do that, that it

633
00:29:29,240 --> 00:29:32,040
Speaker 1: would undermine the company's bottom line, and so we would, personally,

634
00:29:32,040 --> 00:29:34,200
Speaker 1: we would love to see someone take the fair phone

635
00:29:34,520 --> 00:29:37,520
Speaker 1: business model launch it here in the United States. That

636
00:29:37,720 --> 00:29:40,160
Speaker 1: right there, that might be something that causes me to

637
00:29:40,280 --> 00:29:43,120
Speaker 1: jump off of the Apple iPhone ship if I can,

638
00:29:43,600 --> 00:29:45,360
Speaker 1: you know, mess around with my own phone, swap little

639
00:29:45,360 --> 00:29:47,920
Speaker 1: parts in and out like it's a Lego phone, but

640
00:29:48,000 --> 00:29:50,760
Speaker 1: that doesn't completely fall apart when you were to drop it.

641
00:29:52,200 --> 00:29:54,640
Speaker 1: I'm just picturing our kids are really getting into, you know,

642
00:29:54,680 --> 00:29:56,920
Speaker 1: tinkering with legos and tinker toys, that kind of stuff,

643
00:29:56,960 --> 00:29:59,560
Speaker 1: But every time another kiddo bumps into it, it it just

644
00:29:59,600 --> 00:30:02,600
Speaker 1: falls up heart. Hopefully that doesn't happen to their fair phone,

645
00:30:02,600 --> 00:30:04,640
Speaker 1: but you know, people people who have it say that

646
00:30:04,640 --> 00:30:07,920
Speaker 1: it's great, supposed to be fantastic, planned, oss, super reparable.

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00:30:07,920 --> 00:30:11,000
Speaker 1: It's still a real problem in our economy and uh

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00:30:11,040 --> 00:30:13,680
Speaker 1: and I will admit one of the worst things about

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00:30:13,680 --> 00:30:16,480
Speaker 1: Google is they don't commit to as long of a

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00:30:16,520 --> 00:30:19,040
Speaker 1: software upgrade cycle as Apple does to their phones. And

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00:30:19,080 --> 00:30:22,040
Speaker 1: that's a real problem. So I'm gonna call out both companies,

652
00:30:22,160 --> 00:30:24,080
Speaker 1: and they really should both be doing a better job

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00:30:24,120 --> 00:30:26,880
Speaker 1: at making sure their products can last longer for people,

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00:30:26,960 --> 00:30:30,960
Speaker 1: including software upgrades and hardware that's more interchangeable. Right, there

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00:30:31,040 --> 00:30:34,200
Speaker 1: is room for improvement on both fronts, but that's gonna

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00:30:34,280 --> 00:30:36,560
Speaker 1: be it for our Friday flight. Don't forget how do

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00:30:36,640 --> 00:30:40,160
Speaker 1: Many Socks? If you are not a subscriber to our newsletter,

658
00:30:40,200 --> 00:30:43,320
Speaker 1: head to how to Money dot com forward slash newsletter.

659
00:30:43,760 --> 00:30:46,960
Speaker 1: But if you sign up for that newsletter by Wednesday

660
00:30:47,000 --> 00:30:49,360
Speaker 1: at midnight, you will be entered to win one of

661
00:30:49,480 --> 00:30:52,360
Speaker 1: five pairs of socks, and we will announce those winners

662
00:30:52,520 --> 00:30:55,080
Speaker 1: on our next Friday flight, no doubt. All Right, Matt,

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00:30:55,080 --> 00:30:56,960
Speaker 1: that's gonna do it for this episode until next time.

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Speaker 1: Best Friends Out, Best Friends Out. M