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

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Speaker 2: Today we're talking holiday travel, fintech, faux pause, and a

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Speaker 2: big student loan shift.

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Speaker 1: That's right, Joel. This is our Friday Flight, which is

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Speaker 1: our weekly take on the different news stories out there

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Speaker 1: and specifically how they impact your money. But first, man,

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Speaker 1: we wanted to just share how heartbroken we are to

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Speaker 1: see some of the different communities that were impacted by

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Speaker 1: Hurricane Helene. Last week. Our family actually we had to

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Speaker 1: evacuate while so this was during fall break. Our family

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Speaker 1: was at Cape sam Blast and we had to actually

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Speaker 1: it was a mandatory evacuation. That being said, don't cry

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Speaker 1: for us, right, I mean, we completely missed us. But

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Speaker 1: then it went on to tear through George, Florida, Georgia,

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Speaker 1: but then specifically the Carolinas man, especially around Asheville. That

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Speaker 1: to see the kind of devastation that it's brought about there,

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Speaker 1: especially as we see not only just the destruction of

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Speaker 1: entire towns but also the lives lost as that sadly,

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Speaker 1: that death hole is just ticking up.

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Speaker 2: It's looking like this is a hundreds of people missing you, right,

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Speaker 2: So which is man?

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Speaker 1: That does not bode well this is going to be

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Speaker 1: like the worst storm since Katrina.

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Speaker 2: I think it's one of those things where you just

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Speaker 2: kind of can't prepare. I think as a town like Asheville,

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Speaker 2: North Carolina, you're not expecting a hurricane and decimated at

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Speaker 2: all like that. That's something that Floridians are at least

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Speaker 2: somewhat prepared for.

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Speaker 1: On your radar.

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Speaker 2: Yeah, and just just the pictures, the videos, the small businesses,

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Speaker 2: the lives lost, the families impacted. It's going to take

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Speaker 2: so long to rebuild. It's truly devastating, especially when I

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Speaker 2: know Matt used to live there. Yeah, by like some

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Speaker 2: of the spots that were impacted, and.

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Speaker 1: It's kind of crazy, but all the towns that I

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Speaker 1: am most familiar with got I mean got hammered. Like Yeah,

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Speaker 1: I don't want to go into all the details or whatever,

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Speaker 1: but we did want to make sure though that if

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Speaker 1: you were wanting to donate some money to help with

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Speaker 1: the relief efforts in Georgia, there is the Send Relief Organization.

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Speaker 1: North Carolina has a disaster relief fund. Florida they've got

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Speaker 1: a disaster fund as well. We'll make sure to link

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Speaker 1: to all of those. These are vetted organizations where they're

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Speaker 1: going to take the dollars donated and apply that directly

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Speaker 1: to where the need is most needed. And also if

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Speaker 1: you happen to be I guess closer to those areas,

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Speaker 1: FEMA has their VOAD, which is the volunteer organization active

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Speaker 1: in disaster groups if you're looking to physically get involved

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Speaker 1: to help provide some relief for those for those specific states.

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Speaker 1: But certainly you can look those up, but we'll make

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Speaker 1: sure a link to them in the show notes for

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Speaker 1: this episode as well. Yeah.

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Speaker 2: One of the things that happens, Matt, that's really sad

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Speaker 2: after disasters like this, there are scammers.

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Speaker 1: Yeah, the scam I got to watch out for that.

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Speaker 2: So that's why we wanted to provide you with like

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Speaker 2: links to vetted organizations Exactly. There are going to be people.

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Speaker 2: They sound legit and they're not. And it's got a

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Speaker 2: good photo, it's convincing.

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Speaker 1: That's right.

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Speaker 2: It's easier to do these days too than ever before.

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Speaker 2: I Before we get to just all the stories that

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Speaker 2: we have to cover this week, there's a lot of them,

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Speaker 2: I wanted to issue just kind of a quick point

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Speaker 2: of clarification after Monday's listener question, episode listener Greg sent

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Speaker 2: in a question about over contributing to his four to

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Speaker 2: one K I think is how we put it, and

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Speaker 2: listener Rich, who is a financial advisor, sent us an

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Speaker 2: email and he was saying, hey, listen, you guys, you

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Speaker 2: might have maybe missed something. He's like, I listened to

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Speaker 2: it three times, and I think maybe there's something that

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Speaker 2: needs to be discussed here. And basically what the listener

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Speaker 2: Rich was getting at is that some foural one K

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Speaker 2: plans allow high earners to contribute more than the contribution limit.

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Speaker 2: So it's kind of this weird rule that some foral

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Speaker 2: one k plans do allow some participants to add more

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Speaker 2: into the four to one K. But on a post

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Speaker 2: tax basis, that could have been what listener Greg was

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Speaker 2: actually doing was contributing more because his plan allows them to,

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Speaker 2: but those other dollars are going to be taxed.

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Speaker 1: Which again made sense given the fact that he's such

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Speaker 1: a baller like, he's a high earner and his plan

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Speaker 1: might allow for this opportunity to convert and roll some

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Speaker 1: of those funds over.

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Speaker 2: And the typical advice if that's allowed in one of

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Speaker 2: your plans and you are one of those people who

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Speaker 2: wants to invest tons of money sock away big bucks

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Speaker 2: like like Greg was doing. You can do a megaback

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Speaker 2: to or wroth. You know that. Because that money is

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Speaker 2: post tax, the best thing to do with it typically

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Speaker 2: is to roll it into your your wroth for oh

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Speaker 2: one k via what's known as in plan conversions or

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Speaker 2: into your wroth IRA. It's one of those ways you

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Speaker 2: can get more money into a wrath. But if you

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Speaker 2: kind of leave it be and you don't put it

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Speaker 2: into a roth vehicle, typically it's better to not over

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Speaker 2: contribute and to invest that money elsewhere.

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Speaker 1: That's right, man. So let's go ahead and keep moving

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Speaker 1: forward and get to our more typical Friday flight stories.

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Speaker 1: Let's get to the dock workers strike. This is obviously

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Speaker 1: a big story and the macro economic and labor news cycle,

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Speaker 1: but the long shortman strike it just started earlier this

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Speaker 1: week along the entire East co But those strikes could

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Speaker 1: have a significant cascading impact on the economy. The lack

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Speaker 1: of goods moving to and fro are going to cause

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Speaker 1: food to spoil. Bananas are actually already spoiling, so Joell

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Speaker 1: to make sure you stock up on those. I know

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Speaker 1: how you are with your bananas. In the tea banana

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Speaker 1: every day. Yeah, and I'm like, I'm gonna be upset. Actually,

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Speaker 1: I saw that coffee is something else that there might

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Speaker 1: be a shortage of as well, and I'm actually stocked

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Speaker 1: up on that because well it's a long story. We're

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Speaker 1: trying to sample a new go to coffee at that.

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Speaker 2: You're hoarding, although we're seeing signs of people hoarding.

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Speaker 1: Really yeah, geez.

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Speaker 2: People are literally already going to the grocery sort of

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Speaker 2: like add to get extra paper towels or toilet paper,

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Speaker 2: which is interesting because those are mostly produced domestically, so

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Speaker 2: they're not going to be impacted by this strike.

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Speaker 1: Like coffee and bananas. But what that's going to do, though,

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Speaker 1: is cause prices to rise because there's not enough supply

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Speaker 1: to cover demand. It could even prevent crucial pharmaceutical drugs

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Speaker 1: from being made, which is you know, obviously going to

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Speaker 1: cause even more widespread harm. And that's just the tip

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Speaker 1: of the iceberg. And so depending on the length of

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Speaker 1: the work stoppage, this could disrupt and damage millions of businesses,

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Speaker 1: resulting in even significant job losses as well, and just

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Speaker 1: potentially even trigger a recession. It's been a long time

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Speaker 1: since we've had a strike like this, it could even

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Speaker 1: cause inflation to ramp back up. It's that big of

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Speaker 1: a deal. It's been I think over forty years since

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Speaker 1: we've seen it. I think it hadn't been since seventy

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Speaker 1: seven since we've seen a dockworker strike like this. And

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Speaker 1: I'm not going to say this is causation, but back

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Speaker 1: in seventy seven so old inflation was like in the

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Speaker 1: was solidly in the six seven percent range, and the

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Speaker 1: subsequent years we saw it tick up into the double digits. Again,

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Speaker 1: I'm not going to say that that's what's going to

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Speaker 1: happen here, but it's not necessarily the kind of riding

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Speaker 1: you want to see on the wall.

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Speaker 2: Yeah, I mean, I think the depth of the damage

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Speaker 2: is going to depend on the length of the strike,

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Speaker 2: and we just don't that's an unknown quantity, right, none

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Speaker 2: of us knows that. But the potential economic loss is

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Speaker 2: being estimated at five billion dollars per day. And I think, Matt,

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Speaker 2: you and I we get collective bargaining and some of

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Speaker 2: the demands of the union seem reasonable, but some also

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Speaker 2: seem tenable, like the pay raise. I get it, especially

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Speaker 2: with inflation and maybe salaries not keeping up with the

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Speaker 2: rate of inflation as much as these people would like.

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Speaker 2: And I think the dockworkers have also seen, Hey, their

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Speaker 2: jobs are crucially important to our ability to function as

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Speaker 2: a society, but some of the demands also are for

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Speaker 2: job security, and they in this deal, the dockworkers want

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Speaker 2: the essentially no more automation with how their job is done.

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Speaker 2: And I think that's one of those things where you

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Speaker 2: kind of can't slow down technology, and if you attempt

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Speaker 2: to do that, you attempt to kind of protect your

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Speaker 2: job insulate yourself from technological shifts.

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Speaker 1: Well, at some point you can't anymore. So I don't know.

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Speaker 2: Kyla sc Scalen actually wrote really nicely about this in

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Speaker 2: her most recent newsletter. She said that this might be

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Speaker 2: the biggest man made disaster ever, and I think she

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Speaker 2: might be right if this persists and so, but she

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Speaker 2: basically talked about how this represents more than just a

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Speaker 2: labor dispute. She said, it's a microcosm of the law

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Speaker 2: or societal challenges we face as we navigate the future

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Speaker 2: of work in an increasingly automated world. And there's this

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Speaker 2: growing tension, she said, between efficiency, job security, corporate interest

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Speaker 2: in workers' rights, and I think she's spot on. There's

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Speaker 2: all these things at play and there's no simple fix

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Speaker 2: where everyone wins here. And it's amazing too. As always,

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Speaker 2: stuff is happening in the economy that we can't control,

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Speaker 2: yet we're impacted by it. I think the key personal

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Speaker 2: finance takeaway here is to be financially prepared, to always

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Speaker 2: be ready for the unexpected. And it's often the unexpected

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Speaker 2: things that impact our economy more than the things that

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Speaker 2: we're seeing off down the road that are easy to predict,

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Speaker 2: easy to envision. Liquid savings are always crucial no matter what.

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Speaker 2: But I think the other thing we saw them at,

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Speaker 2: especially early in the pandemic, was people hoarding, and that

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Speaker 2: how that makes the problem worse.

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Speaker 1: So I would just encourage people not to do that. Yeah,

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Speaker 1: going back to what you said about having cash in

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Speaker 1: the bank, like liquid cash saving. This is why we

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Speaker 1: don't want you investing every single dollar that you have

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Speaker 1: to have some of that margin, not only from like

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Speaker 1: let's say you're on the labor side and you're you're

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Speaker 1: one of the individuals who's not working right now, Well

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Speaker 1: you're gonna need some extra cash on hand. But then

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Speaker 1: on the other side of things. If you are someone

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Speaker 1: who's going to be more impacted by rising prices or

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Speaker 1: the inability to get certain goods, it's going to require

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Speaker 1: you to be a little more nimble with how it

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Speaker 1: is or maybe what it is that you're purchasing. But

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Speaker 1: I think another lesson too is just sort of like

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Speaker 1: what you're saying, which is that the forward march of

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Speaker 1: progress and technology is inevitable. And this totally makes me

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Speaker 1: think of the Luddites back in England in the eighteen

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Speaker 1: hundreds and how they started freaking out because of what, oh, automation,

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Speaker 1: Like they're freaked out by the machines essentially, and like

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Speaker 1: breaking the machines trying to keep them from doing the work,

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Speaker 1: which it seems so silly now, doesn't it, right, Like

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Speaker 1: as we look back, when you look back and say,

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Speaker 1: what passage of time are they thinking? But somehow today

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Speaker 1: in twenty twenty four, this feels different. But I think

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Speaker 1: it's the same lessons perpetual human instincts. Yeah, And so

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Speaker 1: I think one of the other lessons is that the

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Speaker 1: more nimble we can be as individuals, and the more

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Speaker 1: we invest in ourselves and the more we're able to

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Speaker 1: maybe pivot in our careers and be open to the

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Speaker 1: idea that that might happen. It's certainly going to put

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Speaker 1: us in a better financial position. And I understand that

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Speaker 1: like a lot of these folks are older, right like,

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Speaker 1: they probably don't envision another career on the horizon for them. Yes,

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Speaker 1: they're trying to get whatever it is that they can.

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Speaker 1: But for the rest of the folks out there listening

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Speaker 1: to this show, at the very least, that approaching your

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Speaker 1: career with that frame of mind, with that attitude, would

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Speaker 1: be incredibly beneficial.

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Speaker 2: Yeah, and we're hoping for a quick resolution on this

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Speaker 2: front for all of us and for those bananas to

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Speaker 2: start flowing again. Math can't go too long without them.

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Speaker 2: Let's talk about travel for just a second. Let's talk

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Speaker 2: about win tu book holiday travel specifically. There was good

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Speaker 2: news when it came to falling gas prices, although war

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Speaker 2: in the Middle East is starting to send gas prices

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Speaker 2: northward again. But there's been also a lot of competition

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Speaker 2: in the airlines space. So we have seen lower fares

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Speaker 2: happening in the airline industry this year, which has been

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Speaker 2: great for anybody who enjoys traveling. Still, flying during the

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Speaker 2: holidays can cost you a lot more than if you're

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Speaker 2: just picking normal travel dates in the fall or something

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Speaker 2: like that. Right, So, being extra careful and planning when

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Speaker 2: you book your travel accordingly can help you save a

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Speaker 2: lot of money. And the booking site Hopper recommends booking

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Speaker 2: flights over the next couple of weeks in order to

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Speaker 2: get the best deal on that airfare. Specifically, they cited

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Speaker 2: October fourteenth as the date that you can expect prices

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Speaker 2: to start going up for Thanksgiving and Christmas travel. Google

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Speaker 2: had similar findings recently too, but they actually said that

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Speaker 2: the back half of October might be the best for

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Speaker 2: booking Christmas travel. I think it just makes sense to

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Speaker 2: start looking now and to start setting fair alerts for

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Speaker 2: travel dates that you're interested in flying and if you're

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Speaker 2: willing to annoy your family a little bit, the family

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Speaker 2: you're going to visit flying on Thanksgiving Day and Christmas

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Speaker 2: date itself and Christmas Eve too. Matt, I was looking,

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Speaker 2: Hey can you come.

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Speaker 1: Pick me up twenty fifth? Well, yeah, yeah, that morning.

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Speaker 2: Think anything else going on? Right, and you'll be so

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Speaker 2: thrilled to see me. It'll be worth driving to the airport.

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Speaker 2: But it's amazing how much money you'll be able to

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Speaker 2: save if you fly on those dates. Specifically, if you

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Speaker 2: fly on the dates near and surrounding Thanksgiving and Christmas,

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Speaker 2: you can expect to pay a whole lot more. And actually,

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Speaker 2: if you can maybe wait a few more days on

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Speaker 2: the back end, so instead of flying back from Thanksgiving

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Speaker 2: on that Sunday or Monday, let's say flying back on

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Speaker 2: that Tuesday instead, you might save a good bit more

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Speaker 2: as well. So, as always with travel, the more flexible

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Speaker 2: you can be, the more money you might say.

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Speaker 1: That's right. Speaking of travel Southwest, they've announced some of

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Speaker 1: the specific seating changes that they're going to make. Basically,

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Speaker 1: the cattle call boarding arrangement that they have held until now,

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Speaker 1: it's going to be scuttled in favor of assigned seating

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Speaker 1: next year. Boo.

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Speaker 2: It's always been weird. I've never quite understood it, but

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Speaker 2: I do it, and it's what the cattle call. Yeah,

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Speaker 2: like that's just how they do it.

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Speaker 1: I know it is. It's kind of it's part of

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Speaker 1: it's weird, or it's more equitable for everybody to be

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Speaker 1: able to have a more affordable ticket. So it depends,

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Speaker 1: especially with those most early flights. Matter.

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Speaker 2: If I don't wake up in time to book on

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Speaker 2: the app because you want to do it right at

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Speaker 2: twenty four hours in Advanda, part of the A group

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Speaker 2: and you end up out the B or C group

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Speaker 2: C twenty nine and you're obviously they're so they're doing

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Speaker 2: this in order to increase revenues. And what this means though,

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Speaker 2: is that Southwest is just going to end up looking

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Speaker 2: like every other airline out there. And I'm bummed and

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Speaker 2: I'm booing because it means that, in my mind, there's

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Speaker 2: there's less differentiation between Southwest now and some of the

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Speaker 2: other other airlines. Because yes, this does mean that some

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Speaker 2: Southwest flyers are going to be able to get a

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Speaker 2: better seat.

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Speaker 1: But if you are more price sensitive, maybe one of

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Speaker 1: the reasons that you've gone with Southwest is because you

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Speaker 1: don't care about which seat it is that you're that

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Speaker 1: you're looking to book, and you do have the time

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Speaker 1: or the ability to get there sooner. You got time

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Speaker 1: on your side, and so it's a way that you can,

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Speaker 1: you know, get a pretty decent seat for the same

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Speaker 1: amount of money. But now chances are you're probably gonna

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Speaker 1: have a crumby seat because you didn't pay up for

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Speaker 1: that more expensive seat.

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Speaker 2: Yeah, if you don't want to end up in the

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Speaker 2: very back of the plane, in the middle seat, you're

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Speaker 2: gonna have to like fork over more money to book

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Speaker 2: a fancier seat right next to the bathroom. I really, yeah, exactly.

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Speaker 2: I don't love necessarily the way that kind of modern

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Speaker 2: airlines have divided up the seating arrangements in order to

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Speaker 2: like get us to fork over more money. And you

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Speaker 2: know what, I'm I don't know. I get why they're

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Speaker 2: doing it, and it's gonna increase Southwest revenue. But one

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Speaker 2: good thing at least is that they're going to leave

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Speaker 2: the two.

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Speaker 1: Free checked bag.

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Speaker 2: At least that is a differentiator, and that's something it'll

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Speaker 2: save people money. I try not to check bags unless

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Speaker 2: I'm bringing beer home from a random destination, because that

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Speaker 2: is like the best way to get beer back from

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Speaker 2: wherever you're visiting is to check it. And I can

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Speaker 2: still do that at least for free on Southwest, So thank.

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Speaker 1: You for that. The number one thing that all airlines

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Speaker 1: need to do is in order to speed things up,

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Speaker 1: why don't they board from the back to the front.

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Speaker 1: I don't know the fact that that is just the

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Speaker 1: most mind boggling thing that makes zero sense to me.

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Speaker 2: It's literally even to people who are sitting in the

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Speaker 2: front of the plane board first, and then everybody has

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Speaker 2: to wait for them.

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Speaker 1: To get the cycle passed through everybody, like, even if

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Speaker 1: that's putting a door like in the back of the

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Speaker 1: plane and just have the first class people walk all

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Speaker 1: the way through boom like. But it just drives me

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Speaker 1: crazy to think that all as far as I know,

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Speaker 1: all airlines do that. Man, you could be an airline executive,

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Speaker 1: you could see an airline consultant. That's right.

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Speaker 2: You can fix our issues in the snap of a finger. Well,

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Speaker 2: and speaking of travel, timing is of the essence when

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Speaker 2: we're talking about booking travel. Well, there's other good news

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Speaker 2: on the travel front about online passport renewal. It's back, baby,

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Speaker 2: and it's back on a permanent basis.

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Speaker 1: Matt.

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Speaker 2: We talked about this when I tested it out, when

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Speaker 2: the State Department basically said, hey, listen, you can you

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Speaker 2: can try this online passport renewal. But it didn't it

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Speaker 2: didn't last long, it didn't live on the site for long.

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Speaker 2: I took advantage of it, and it was really nice,

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Speaker 2: Like it saved me time, annoyance and hassle, and so

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Speaker 2: if you have a passport and it's about to expire

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Speaker 2: or it has expired within the past five years, you

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Speaker 2: too can now renew online instead of going in person,

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Speaker 2: which is just an exercise. We're used to doing everything

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Speaker 2: online these days, but for some reason, this was something

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Speaker 2: that was still left in the stone age, speaking of ludites.

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Speaker 2: And this is going to save you time and annoyance

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Speaker 2: renewing your passport. It's still going to take roughly six

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Speaker 2: to eight weeks to get that passport back in your hands,

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Speaker 2: which actually isn't bad because for a while there was

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Speaker 2: taken a whole lot longer because the state Department had

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Speaker 2: a backlog. But yeah, it just feels like it's about time,

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Speaker 2: but still plan accordingly. And then there are some people

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Speaker 2: mat who still aren't going to be eligible to renew online.

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Speaker 2: That is first time applicants and children. So if you're

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Speaker 2: under the age of I forget sixteen, Like I think

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Speaker 2: my nephew when he was fifteen, they were going to

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Speaker 2: renew his passport and they're like, wait, let's wait, because

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Speaker 2: when you renew a child's passport, it only renews for

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Speaker 2: an extra five years, but once they become an adult,

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Speaker 2: and I think that's technically sixteen sports.

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Speaker 1: I didn't know that. Then you can get the ten

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Speaker 1: year passport, which is smart. It's a better deal. It's

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Speaker 1: what you want to do, and it makes sense that

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Speaker 1: you have to if you're going to get a passport

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Speaker 1: for the first time. I get having to go in

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Speaker 1: person just to verify who exactly you are, but also

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Speaker 1: so don't wait until the last minute. I don't think

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Speaker 1: we've talked about this. I had a chance to go

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Speaker 1: out of a country with one of the kids. It

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Speaker 1: didn't end up working out, in part because of all

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Speaker 1: the hoops that we would have had to jump through

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Speaker 1: because we didn't have a passport yet for any of

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Speaker 1: the kids. And I was tempted to spend a large

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Speaker 1: amount of money to make that expedited, to make that

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Speaker 1: thing well not just expedited, but so there's expedited yet

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Speaker 1: standard expedited. And then you've got urgent, which is if

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Speaker 1: you're looking to travel in two weeks or less. And

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Speaker 1: ay not everybody has the ability to get to one

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Speaker 1: of the passport centers that handles these urgent requests. But

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Speaker 1: also it costs a ton of money and there are

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Speaker 1: a ridiculous number of hoops that you have to jump

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Speaker 1: through to make this happen, So you don't want to

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Speaker 1: find yourself in that situation.

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Speaker 2: Well, the other thing people don't realize oftentimes Matt too,

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Speaker 2: is when they're traveling and their passport is going to

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Speaker 2: expire soon, but they still think they've got time. Well,

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Speaker 2: typically countries that their lines won't let you fly and

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Speaker 2: the countries won't let you in if you don't have

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Speaker 2: at least six months left on your passport from the

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Speaker 2: date of departure from leaving that country. So make sure

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Speaker 2: you've got that.

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Speaker 1: The passport doesn't expire six months prior to you leaving

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Speaker 1: that comany.

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Speaker 2: It's basically like a false expiration day, which is kind

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Speaker 2: of frustrating, but that's how it works. So all right,

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Speaker 2: we've got more to get to on this episode, of course,

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Speaker 2: including kind of some breaking news about student loan forgiveness.

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Speaker 2: We'll talk about that and more right after this.

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Speaker 1: All right, let us continue with the Friday flight, and

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Speaker 1: of course, Joe, we've got our ludicrous headline of the week.

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Speaker 1: Let's get to a story from the Wall Street Journal,

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Speaker 1: and the headline reads, robinhood touts rock bottom fees for

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Speaker 1: options trading. Then come the hidden costs, and you might

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Speaker 1: be thinking to yourself, I thought trading on Robinhood was free.

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Speaker 1: I remember dabbling a little bit back, you know, back

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Speaker 1: in the day.

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Speaker 2: Fourth day of the company that changed the ball game

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Speaker 2: the way things were done. They up in the entire industry.

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Speaker 1: Well they did. They completely eliminated the fee per trade

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Speaker 1: that investors were used to paying. But they've got to

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Speaker 1: make money somehow, and so the way that robin Hood

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Speaker 1: makes money is they try a spread. It's the difference

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Speaker 1: between the buying price and the selling price, and that's

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Speaker 1: what they pocket. And specifically on options trading, which isn't

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Speaker 1: something that we are fans of nor that we would recommend.

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Speaker 1: But that being said, with options trading, it is far

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Speaker 1: more expensive than other brokerage firms. This is according to

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Speaker 1: new data from a handful of finance professors. They specifically

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Speaker 1: found that Robinhood takes nearly seven percent of the dollar

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Speaker 1: value of options transactions, which is far above the rest.

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Speaker 1: I think the Suddy found that Vanguarden Fidelity no surprise

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Speaker 1: there that they are much cheaper. But even still, I

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Speaker 1: even hesitate sharing that because I don't want people thinking, oh,

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Speaker 1: that's where I need to go for my options trading,

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Speaker 1: because the moral of the story is we don't want

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Speaker 1: you to trade options. We don't options trading focuses on

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Speaker 1: the price that you're paying. And this is like dare

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Speaker 1: I say, one instance, Joel, where we want folks to

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Speaker 1: be price insensitive, right like we want like our friend

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Speaker 1: of the show, Nick Midulie, he says, just keep buying

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Speaker 1: when it comes to investing for the long haul, when

435
00:20:01,160 --> 00:20:03,600
Speaker 1: it comes to investing for your retirement, we don't really

436
00:20:03,640 --> 00:20:06,000
Speaker 1: want you to pay attention to what the prices on

437
00:20:06,119 --> 00:20:08,600
Speaker 1: that index fund. Just keep buying. And in the case

438
00:20:08,720 --> 00:20:10,919
Speaker 1: of options trading, that's not something we want you to

439
00:20:10,920 --> 00:20:11,639
Speaker 1: do anyway, that's right.

440
00:20:11,720 --> 00:20:13,920
Speaker 2: Yeah, so don't trade options. Definitely don't trade options on

441
00:20:14,000 --> 00:20:16,520
Speaker 2: Robinhood And yeah, but.

442
00:20:16,440 --> 00:20:17,640
Speaker 1: You don't have to say that because we just said

443
00:20:17,680 --> 00:20:18,600
Speaker 1: don't trade options right now.

444
00:20:19,040 --> 00:20:21,800
Speaker 2: And then it's amazing when you're talking about when something

445
00:20:21,840 --> 00:20:24,920
Speaker 2: seems free, it's wise for you to ask the question,

446
00:20:25,200 --> 00:20:26,439
Speaker 2: how is this company making money?

447
00:20:26,800 --> 00:20:29,400
Speaker 1: Like Facebook? Okay, cool, it's free for me to use Facebook.

448
00:20:29,680 --> 00:20:32,520
Speaker 1: How are they making money? And that at least they're

449
00:20:32,560 --> 00:20:34,720
Speaker 1: doing it somehow, it's worth asking the question and trying

450
00:20:34,760 --> 00:20:37,280
Speaker 1: to figure that out. Because it might impact you negatively.

451
00:20:37,720 --> 00:20:39,800
Speaker 1: A quick bit of good news on the investing front, though,

452
00:20:39,840 --> 00:20:41,639
Speaker 1: map in front of the show. Josh Brown, who was

453
00:20:41,640 --> 00:20:44,560
Speaker 1: on recently, he highlighted this in his newsletter, and I

454
00:20:44,560 --> 00:20:47,800
Speaker 1: thought this was worth sharing. Gen Z is starting to

455
00:20:47,840 --> 00:20:52,520
Speaker 1: invest earlier than basically any other previous generation, which I

456
00:20:52,520 --> 00:20:54,960
Speaker 1: guess makes sense in a lot of ways with four

457
00:20:55,040 --> 00:20:59,399
Speaker 1: h one k's and automatic enrollment and the apps essentially

458
00:20:59,440 --> 00:21:01,639
Speaker 1: at our finger to There was this survey by Charles

459
00:21:01,640 --> 00:21:04,040
Speaker 1: Schwab and it found that that gen Zers are starting

460
00:21:04,040 --> 00:21:08,560
Speaker 1: to invest at age nineteen, whereas the average boomer didn't

461
00:21:08,600 --> 00:21:11,959
Speaker 1: begin investing until their mid thirties. So we're talking about

462
00:21:12,160 --> 00:21:15,359
Speaker 1: something close to two decades of a big, a little

463
00:21:15,359 --> 00:21:18,560
Speaker 1: difference more time that you have in the market. Covid

464
00:21:18,560 --> 00:21:20,760
Speaker 1: obviously had a massive impact on that. I think stemmy

465
00:21:20,800 --> 00:21:24,400
Speaker 1: money combined with staying at home, plus newfangled apps like Robinhood,

466
00:21:24,400 --> 00:21:27,159
Speaker 1: which we just talked about, it made investing more approachable,

467
00:21:27,160 --> 00:21:29,280
Speaker 1: It made it cheaper, and kind of made it more

468
00:21:29,480 --> 00:21:32,159
Speaker 1: fun in some ways, which we're not necessarily paper of

469
00:21:32,200 --> 00:21:34,280
Speaker 1: all of those things, but with the extra dollars floating

470
00:21:34,280 --> 00:21:36,639
Speaker 1: around and nowhere to spend them, a lot of gen

471
00:21:36,680 --> 00:21:38,600
Speaker 1: Zers were like, why don't I start getting on the

472
00:21:38,600 --> 00:21:42,040
Speaker 1: investing ball game, So there is a silver lining to that.

473
00:21:42,440 --> 00:21:45,520
Speaker 1: The coolest thing to me, though, is about this, you know,

474
00:21:45,560 --> 00:21:48,920
Speaker 1: age disparity of when when people are starting to invest

475
00:21:49,000 --> 00:21:50,840
Speaker 1: now is that there's just yet, like I said, so

476
00:21:50,920 --> 00:21:54,080
Speaker 1: much more time. There's like sixteen extra years for gen

477
00:21:54,160 --> 00:21:57,840
Speaker 1: zers to experience compounding than baby boomers had. And we

478
00:21:57,880 --> 00:22:00,320
Speaker 1: all know, we all know time in the market is

479
00:22:00,440 --> 00:22:03,280
Speaker 1: clutch in the wealth building process. Having that extra time.

480
00:22:03,160 --> 00:22:05,880
Speaker 2: Because you're starting earlier is huge when it comes to

481
00:22:06,160 --> 00:22:08,240
Speaker 2: the final amount of money you have as you get

482
00:22:08,240 --> 00:22:10,000
Speaker 2: closer to those retirement years.

483
00:22:10,080 --> 00:22:12,840
Speaker 1: That's right, man. Let's get to some student loan news.

484
00:22:12,920 --> 00:22:15,359
Speaker 1: There is a massive chunk of folks out there that

485
00:22:15,480 --> 00:22:18,040
Speaker 1: have student loans who haven't made a payment in years.

486
00:22:18,640 --> 00:22:21,280
Speaker 1: And if you're not current on your student loan payments

487
00:22:21,320 --> 00:22:23,359
Speaker 1: at this point, you need to make sure to change

488
00:22:23,359 --> 00:22:27,000
Speaker 1: that quickly. And that's because not paying on time can

489
00:22:27,080 --> 00:22:30,280
Speaker 1: now impact your credit score. We had a multi year

490
00:22:30,400 --> 00:22:33,520
Speaker 1: payment pause because of COVID, and even though payments were

491
00:22:33,560 --> 00:22:37,320
Speaker 1: set to begin again last fall, there were no consequences

492
00:22:37,359 --> 00:22:39,800
Speaker 1: for not paying on time. Like the payment pause was lifted,

493
00:22:40,080 --> 00:22:42,000
Speaker 1: but still we're not going to ing yet. Yeah, we're

494
00:22:42,000 --> 00:22:44,240
Speaker 1: not going to ing your credit score. Interest. It's still

495
00:22:44,240 --> 00:22:46,480
Speaker 1: been accruing for student loans over the prior year. But

496
00:22:46,520 --> 00:22:49,160
Speaker 1: as of the beginning of this week, student loan servicers

497
00:22:49,160 --> 00:22:52,960
Speaker 1: can now report your late payments to the bureaus, which

498
00:22:53,080 --> 00:22:55,920
Speaker 1: obviously you can have a meaningful impact on your credit score.

499
00:22:56,040 --> 00:22:58,560
Speaker 1: So just a heads up, log in, get current, make

500
00:22:58,560 --> 00:23:01,560
Speaker 1: sure you are not harming harming future you, especially if

501
00:23:01,600 --> 00:23:04,479
Speaker 1: you're someone who also happens to be house shopping.

502
00:23:04,560 --> 00:23:07,280
Speaker 2: I mean, well, yeah, exactly. We talk about the impacts

503
00:23:07,400 --> 00:23:09,879
Speaker 2: of a ding credit score mat and just you know,

504
00:23:10,000 --> 00:23:12,760
Speaker 2: fifteen twenty points down on your credit score because you

505
00:23:12,960 --> 00:23:16,000
Speaker 2: a couple late payments because you didn't realize now that

506
00:23:16,040 --> 00:23:19,600
Speaker 2: the moratorium on reporting your late payments to the credit

507
00:23:19,680 --> 00:23:23,080
Speaker 2: bureaus was over, Well, that can impact a whole lot

508
00:23:23,119 --> 00:23:24,720
Speaker 2: of things. Could impact what you whether or not you

509
00:23:24,760 --> 00:23:26,560
Speaker 2: get the apartment you want to rent. It can impact

510
00:23:26,680 --> 00:23:28,879
Speaker 2: how much you're paying for car insurance in most states,

511
00:23:29,920 --> 00:23:31,720
Speaker 2: it's a big deal, so make sure you know that.

512
00:23:31,800 --> 00:23:35,120
Speaker 2: And obviously there was an ample reason for the initial

513
00:23:35,160 --> 00:23:38,240
Speaker 2: student loan payment pause, but making it an ongoing thing

514
00:23:38,359 --> 00:23:41,680
Speaker 2: I think alongside the promise of forgiveness that never materialized,

515
00:23:42,080 --> 00:23:43,600
Speaker 2: I think it set a lot of people up for failure.

516
00:23:43,600 --> 00:23:43,760
Speaker 1: Matt.

517
00:23:43,760 --> 00:23:46,080
Speaker 2: People are probably like, what student loans, I didn't realize

518
00:23:46,080 --> 00:23:47,640
Speaker 2: I had a payment even.

519
00:23:47,440 --> 00:23:49,760
Speaker 1: Though I thought those were gonna get kicked to the curve.

520
00:23:49,840 --> 00:23:51,840
Speaker 2: Yeah, like it was a long time ago since I

521
00:23:51,840 --> 00:23:54,760
Speaker 2: had to make actually make it a payment. And there's

522
00:23:54,800 --> 00:23:58,320
Speaker 2: this deprioritization of student loans that happening in a lot

523
00:23:58,359 --> 00:24:01,199
Speaker 2: of homes around the country, hoping that they would go

524
00:24:01,280 --> 00:24:03,959
Speaker 2: away completely, but they haven't. And so if you're one

525
00:24:03,960 --> 00:24:06,520
Speaker 2: of those people who had an out of sight, out

526
00:24:06,560 --> 00:24:08,399
Speaker 2: of mind approach to your student loans, it's time to

527
00:24:08,440 --> 00:24:11,400
Speaker 2: put that back on the front burner in your budget. Prioritize,

528
00:24:11,800 --> 00:24:14,919
Speaker 2: prioritize that fine room for it. And it's also important

529
00:24:14,920 --> 00:24:17,520
Speaker 2: to note you might have seen breaking news yesterday about

530
00:24:17,560 --> 00:24:20,480
Speaker 2: a judge saying that the Biden administration can now move

531
00:24:20,520 --> 00:24:22,040
Speaker 2: forward with student loan forgiveness.

532
00:24:22,280 --> 00:24:22,480
Speaker 1: Matt.

533
00:24:22,520 --> 00:24:23,680
Speaker 2: This is one of those things where I think people

534
00:24:23,680 --> 00:24:25,400
Speaker 2: are going to see that headline and they're going to say, oh,

535
00:24:25,440 --> 00:24:29,000
Speaker 2: student loan forgiveness is back on, and what's the ultimate

536
00:24:29,040 --> 00:24:31,359
Speaker 2: resolution going to be? Are people actually going to receive

537
00:24:31,359 --> 00:24:34,239
Speaker 2: forgiveness for their student loans. I don't know, you don't know.

538
00:24:34,880 --> 00:24:37,240
Speaker 2: This is still a political point, right, This is still

539
00:24:37,280 --> 00:24:40,640
Speaker 2: a political and legal football. So I would say, yeah,

540
00:24:40,760 --> 00:24:43,800
Speaker 2: take that headline with a grain of salt. Maybe at

541
00:24:43,800 --> 00:24:46,640
Speaker 2: some point some sort of student loan forgiveness will come

542
00:24:46,680 --> 00:24:49,960
Speaker 2: to pass. That's anybody's guess for the time being. Don't

543
00:24:50,040 --> 00:24:52,600
Speaker 2: neglect your student loans. All right, let's talk about where

544
00:24:52,640 --> 00:24:53,200
Speaker 2: it is.

545
00:24:53,160 --> 00:24:56,320
Speaker 1: That you bank, Joel, not you specifically, but oh for

546
00:24:56,359 --> 00:24:58,040
Speaker 1: everyone out there. I was going to give the laundry

547
00:24:58,040 --> 00:24:59,480
Speaker 1: list of banks that I have a relationship with. Mat

548
00:25:00,040 --> 00:25:02,399
Speaker 1: you're a fan of Discover, That's that's where I send payroll.

549
00:25:03,320 --> 00:25:05,159
Speaker 1: Should I be sharing this? Are folks going to talk

550
00:25:05,240 --> 00:25:09,880
Speaker 1: my account number and rounting number? Yeah? No. Vox they

551
00:25:09,920 --> 00:25:12,879
Speaker 1: just published an article warning people about using different apps

552
00:25:12,920 --> 00:25:16,320
Speaker 1: out there like Venmo as they're checking account. A recent

553
00:25:16,359 --> 00:25:19,240
Speaker 1: study found that a third of gen Z and millennials

554
00:25:19,280 --> 00:25:22,480
Speaker 1: are using different fintech apps out there for their banking,

555
00:25:22,960 --> 00:25:25,200
Speaker 1: and depending on the app, depending on the software, because

556
00:25:25,480 --> 00:25:27,440
Speaker 1: you know different, some of these newer banks, they're not

557
00:25:27,480 --> 00:25:29,920
Speaker 1: the worst, it's not a terrible thing. But if you're

558
00:25:30,000 --> 00:25:33,920
Speaker 1: using cash app. If you're using Venmo as your primary

559
00:25:33,920 --> 00:25:37,520
Speaker 1: place for money storage, well that's not good. That's bad.

560
00:25:38,160 --> 00:25:40,639
Speaker 1: Venmo and cash app they aren't banks, and they're not

561
00:25:40,680 --> 00:25:43,520
Speaker 1: paying you anything on money that remains in their possession.

562
00:25:44,000 --> 00:25:45,680
Speaker 1: The more money you have sitting there, the more it's

563
00:25:45,720 --> 00:25:49,040
Speaker 1: missing out on better returns that you could be getting elsewhere. Certainly,

564
00:25:49,040 --> 00:25:51,520
Speaker 1: those platforms can be great for sending your friends some

565
00:25:51,560 --> 00:25:54,680
Speaker 1: money to cover an expense, maybe getting cash to pay

566
00:25:54,720 --> 00:25:57,639
Speaker 1: for a class teacher gift where everyone's piling their funds together, right,

567
00:25:57,640 --> 00:26:00,360
Speaker 1: and most great for that, but they're also more socattle

568
00:26:00,440 --> 00:26:04,119
Speaker 1: to scams. We bottom line, want you to use Venmo

569
00:26:04,560 --> 00:26:07,840
Speaker 1: apps like Venmo, cash App, even PayPal the way that

570
00:26:08,359 --> 00:26:11,640
Speaker 1: they were intended. And that's the thing we say intended,

571
00:26:11,680 --> 00:26:14,200
Speaker 1: because they want you to keep your money. I love

572
00:26:14,240 --> 00:26:17,240
Speaker 1: them because then you know, obviously they're able to earn interest,

573
00:26:17,280 --> 00:26:19,760
Speaker 1: and I want to keep my Venmo cast balance at

574
00:26:19,840 --> 00:26:22,080
Speaker 1: zero exactly. Yeah, they're able to pad their profits.

575
00:26:22,119 --> 00:26:23,560
Speaker 2: But so I was because I can still make a

576
00:26:23,560 --> 00:26:25,360
Speaker 2: payment and it'll take it from my bank account, which

577
00:26:25,400 --> 00:26:27,800
Speaker 2: is awesome. And so when money comes into my Venmo account,

578
00:26:27,800 --> 00:26:30,040
Speaker 2: guess what I do. I immediately ship it off to my bank.

579
00:26:30,080 --> 00:26:31,960
Speaker 1: You know what's funny is that even recently I was

580
00:26:32,000 --> 00:26:35,200
Speaker 1: making a payment or no, we have our business PayPal

581
00:26:35,240 --> 00:26:37,920
Speaker 1: account that we don't partially ever use, but occasionally certain

582
00:26:38,000 --> 00:26:40,240
Speaker 1: vendors will send us money that way, and I saw

583
00:26:40,359 --> 00:26:42,400
Speaker 1: some in there. It's just a couple hundred bucks, and

584
00:26:42,520 --> 00:26:43,920
Speaker 1: I was like, oh, we need to get this over

585
00:26:44,000 --> 00:26:47,040
Speaker 1: to our checking account. And they even prompted me and said, hey,

586
00:26:47,160 --> 00:26:48,840
Speaker 1: are you sure you want to move that money over

587
00:26:49,280 --> 00:26:51,199
Speaker 1: just in case there's a refund that you might have

588
00:26:51,240 --> 00:26:53,639
Speaker 1: to issue. So they're basically coming up for reasons for

589
00:26:53,680 --> 00:26:56,040
Speaker 1: them to hang on to your money. It's a little nefarious. Yeah,

590
00:26:56,040 --> 00:26:58,200
Speaker 1: I think this analogy might help and maybe think through

591
00:26:58,320 --> 00:27:00,320
Speaker 1: Like imagine you come home for the grocery store. You

592
00:27:00,400 --> 00:27:03,560
Speaker 1: dump all of your groceries on the counter. Your bananas, Yeah,

593
00:27:03,640 --> 00:27:06,119
Speaker 1: not your bananas, because they're floating off short of it

594
00:27:06,720 --> 00:27:10,200
Speaker 1: and instead of putting them away where where they belong. Instead,

595
00:27:10,520 --> 00:27:12,560
Speaker 1: you are living like a bachelor and you're leaving all

596
00:27:12,560 --> 00:27:15,720
Speaker 1: your food just sitting there. You're not organized. It's a

597
00:27:15,760 --> 00:27:18,280
Speaker 1: problem because the cold stuff isn't cold. It's not in

598
00:27:18,320 --> 00:27:20,240
Speaker 1: the fridge. Your ice cream is melting, it's not in

599
00:27:20,280 --> 00:27:22,480
Speaker 1: the freezer like it should be. The non perishables aren't

600
00:27:22,480 --> 00:27:25,040
Speaker 1: in the pantry, and let's say you want to make

601
00:27:25,040 --> 00:27:27,520
Speaker 1: a big meal, you've got no meson plas, like you

602
00:27:27,520 --> 00:27:29,240
Speaker 1: have no room on your counter to know what it

603
00:27:29,320 --> 00:27:31,120
Speaker 1: is that you should be doing with the different things

604
00:27:31,119 --> 00:27:33,880
Speaker 1: that you've purchased. Matt likes to use French, fancy French terms.

605
00:27:33,960 --> 00:27:37,440
Speaker 1: I don't want to said faux pas. So that's one problem.

606
00:27:37,520 --> 00:27:39,639
Speaker 1: But I think another problem with it as well is

607
00:27:39,680 --> 00:27:42,480
Speaker 1: the fact that imagine you're walking through your kitchen and

608
00:27:42,520 --> 00:27:44,679
Speaker 1: all that food's sitting there, what are you gonna do.

609
00:27:45,119 --> 00:27:47,280
Speaker 1: You're gonna think, oh, I might want to snack on

610
00:27:47,320 --> 00:27:49,800
Speaker 1: something right there, when otherwise you're not even hungry. But

611
00:27:49,800 --> 00:27:52,040
Speaker 1: the reason you're doing it is because it's there, it's accessible,

612
00:27:52,240 --> 00:27:54,280
Speaker 1: and that's I think some of the problems with keeping

613
00:27:54,280 --> 00:27:57,120
Speaker 1: money in these apps is it's too accessible, and especially

614
00:27:57,359 --> 00:28:01,359
Speaker 1: when we are sometimes getting different requests via people, we

615
00:28:01,359 --> 00:28:04,399
Speaker 1: think we know there's just too many opportunities for us

616
00:28:04,400 --> 00:28:06,359
Speaker 1: to be parted with our money, and so keeping a

617
00:28:06,640 --> 00:28:08,920
Speaker 1: minimum amount of money in some of those different apps

618
00:28:08,920 --> 00:28:09,800
Speaker 1: is what we would recommend.

619
00:28:09,880 --> 00:28:12,280
Speaker 2: I agree, yeah, and you're not doing yourself in it.

620
00:28:12,280 --> 00:28:14,360
Speaker 2: You could still make payments with Venmo not having any

621
00:28:14,359 --> 00:28:17,000
Speaker 2: money in your Venmo accounts. That's the way it's set up.

622
00:28:17,280 --> 00:28:21,320
Speaker 2: So using Venmo as like your bank is a bad idea.

623
00:28:21,400 --> 00:28:23,080
Speaker 1: Yeah. They make it so easy though, that's the thing.

624
00:28:23,119 --> 00:28:25,720
Speaker 1: And when you start getting sloppy with your finances, yeah,

625
00:28:25,960 --> 00:28:27,520
Speaker 1: I think you're going to be more prone to lose

626
00:28:27,560 --> 00:28:28,400
Speaker 1: your money. Yeah, well, okay.

627
00:28:28,400 --> 00:28:31,040
Speaker 2: On the note of banks, Reuters reports the Bank of

628
00:28:31,080 --> 00:28:33,400
Speaker 2: America is going to open a bunch of new branches

629
00:28:33,640 --> 00:28:36,040
Speaker 2: one hundred and sixty five over the next couple of years,

630
00:28:36,240 --> 00:28:38,680
Speaker 2: and then they also mentioned that Chase is planning to

631
00:28:38,720 --> 00:28:41,040
Speaker 2: open five hundred new branches over the next three years.

632
00:28:41,040 --> 00:28:44,360
Speaker 2: So the giant banks in this country mat they're only

633
00:28:44,440 --> 00:28:48,840
Speaker 2: getting bigger. And I might, as a millennial, say, that's

634
00:28:48,840 --> 00:28:52,160
Speaker 2: a really dumb strategy. Do people really brick and mortar anymore? Well,

635
00:28:52,720 --> 00:28:56,560
Speaker 2: I think actually the strategy is working. So there's a

636
00:28:56,600 --> 00:28:59,320
Speaker 2: reason that these are the biggest banks in existence. And

637
00:28:59,320 --> 00:29:02,800
Speaker 2: then people continue to use them. And apparently eighty percent

638
00:29:02,800 --> 00:29:06,120
Speaker 2: of Bank of America checking accounts still get opened inside

639
00:29:06,160 --> 00:29:08,040
Speaker 2: of an actual branch location, not on the Bank of

640
00:29:08,080 --> 00:29:10,120
Speaker 2: America website. I would not have guessed that I would

641
00:29:10,120 --> 00:29:12,600
Speaker 2: have guessed it was like forty percent, but it's eighty percent.

642
00:29:12,960 --> 00:29:15,680
Speaker 2: But just because you see the branding of these banks

643
00:29:15,680 --> 00:29:17,960
Speaker 2: every time you're driving your car watching a sporting event,

644
00:29:17,960 --> 00:29:20,640
Speaker 2: because they advertise all over the place. They even advertised

645
00:29:20,640 --> 00:29:23,000
Speaker 2: the sporting arenas that are being played in, it doesn't

646
00:29:23,000 --> 00:29:25,800
Speaker 2: mean you do business with them. The billions of dollars

647
00:29:25,880 --> 00:29:28,840
Speaker 2: that these banks are spending on building out these brick

648
00:29:28,840 --> 00:29:32,160
Speaker 2: and mortar locations, they are creating some converts. But we

649
00:29:32,200 --> 00:29:34,120
Speaker 2: don't want you to be one of those converts. And

650
00:29:34,200 --> 00:29:36,320
Speaker 2: we're going to keep stressing this because we always do.

651
00:29:36,440 --> 00:29:37,120
Speaker 2: This is something we.

652
00:29:37,080 --> 00:29:37,960
Speaker 1: Care a lot about.

653
00:29:38,840 --> 00:29:42,320
Speaker 2: Online banks are the best of all worlds essentially, Matt.

654
00:29:42,360 --> 00:29:44,480
Speaker 2: You mentioned that I bank with discovered that's one of them.

655
00:29:45,000 --> 00:29:48,400
Speaker 2: Capital One has a great online banking account. Ally is

656
00:29:48,440 --> 00:29:50,080
Speaker 2: one that you've done business with for a long time.

657
00:29:50,240 --> 00:29:53,120
Speaker 2: Those are some of the bestli banks. Yeah, classic, that's right.

658
00:29:53,160 --> 00:29:55,320
Speaker 2: There's some great ones out there. Do business with those.

659
00:29:55,680 --> 00:29:58,200
Speaker 2: Don't do business with the giant banks, even though they

660
00:29:58,280 --> 00:29:59,400
Speaker 2: might have a commediate location.

661
00:29:59,600 --> 00:30:02,000
Speaker 1: All right, Last, but not least, I'm not sure if

662
00:30:02,040 --> 00:30:05,680
Speaker 1: you notice, Joel, there was a vice presidential debate on Tuesday,

663
00:30:05,760 --> 00:30:06,760
Speaker 1: hard about that. It was.

664
00:30:07,040 --> 00:30:09,400
Speaker 2: It was actually fairly civil. I watched a little bit.

665
00:30:09,640 --> 00:30:11,680
Speaker 2: I was shocked to see that. It's a breath of

666
00:30:11,720 --> 00:30:14,680
Speaker 2: fresh air. It was to see folks focusing on policy

667
00:30:14,760 --> 00:30:17,480
Speaker 2: versus like personal stuff. But what we wanted to mention

668
00:30:17,600 --> 00:30:21,560
Speaker 2: is that economists they basically hate all the presidential economic.

669
00:30:21,120 --> 00:30:24,520
Speaker 1: Proposals pos on both your house. Yeah, yeah, a vast

670
00:30:24,560 --> 00:30:26,840
Speaker 1: majority of voters. Of course, they're going to love to

671
00:30:26,880 --> 00:30:30,320
Speaker 1: hear that tips they will be taxed, price gouging the

672
00:30:30,400 --> 00:30:32,600
Speaker 1: grocery store, that that's going to be held accountable, that

673
00:30:32,840 --> 00:30:35,560
Speaker 1: they're going to be stiffer tariffs, maybe even that credit

674
00:30:35,560 --> 00:30:37,680
Speaker 1: card interest rates that they're going to be capped at

675
00:30:37,680 --> 00:30:38,520
Speaker 1: ten percent.

676
00:30:38,320 --> 00:30:40,600
Speaker 2: All those things. As an individual voter, you might say, no,

677
00:30:41,040 --> 00:30:41,680
Speaker 2: that sounds.

678
00:30:41,520 --> 00:30:45,920
Speaker 1: Nice, But almost no economists agree that these policies are sound,

679
00:30:46,440 --> 00:30:49,520
Speaker 1: and most folks probably aren't listening to economists. But we're

680
00:30:49,520 --> 00:30:51,840
Speaker 1: gonna line up with them on this one. Let's be honest.

681
00:30:51,960 --> 00:30:54,880
Speaker 2: I don't sometimes economists can sound boring, Matt, So maybe

682
00:30:54,960 --> 00:30:56,960
Speaker 2: maybe we need like some icy economists that are a

683
00:30:56,960 --> 00:30:57,480
Speaker 2: little more fun.

684
00:30:57,840 --> 00:31:00,000
Speaker 1: Sounds like there's a need in the market applying demand.

685
00:31:00,160 --> 00:31:04,920
Speaker 1: That's an economist joke, Well, just a law of the land.

686
00:31:04,960 --> 00:31:07,800
Speaker 1: But we wanted to, I guess highlight this because the

687
00:31:07,840 --> 00:31:10,920
Speaker 1: different promises that get touted in a some speech, they

688
00:31:11,000 --> 00:31:13,800
Speaker 1: might sound nice, that many of them just they're just

689
00:31:13,840 --> 00:31:17,400
Speaker 1: not practical, they're not possible, or if they are possible,

690
00:31:17,400 --> 00:31:19,600
Speaker 1: they would just open up a massive can of worms.

691
00:31:20,000 --> 00:31:23,200
Speaker 1: And we're just living in this era of bipartisan tone

692
00:31:23,320 --> 00:31:27,040
Speaker 1: deafness when it comes to economics and what the different

693
00:31:27,160 --> 00:31:30,640
Speaker 1: kinds of spending that our nation is likely like striving

694
00:31:30,680 --> 00:31:32,640
Speaker 1: after it, Like on both sides of the aisle, there

695
00:31:32,640 --> 00:31:35,680
Speaker 1: seems to be an ignorance or a denial of reality

696
00:31:35,720 --> 00:31:36,959
Speaker 1: of what that's going to do to our country.

697
00:31:37,000 --> 00:31:39,080
Speaker 2: Let's talk about the domino effects of a policy like this,

698
00:31:39,240 --> 00:31:41,320
Speaker 2: Like what would happen if we actually implemented some of

699
00:31:41,360 --> 00:31:44,280
Speaker 2: these policies that both candidates are proposing, and at least

700
00:31:44,320 --> 00:31:46,360
Speaker 2: on the money front, there'd be a lot of negative

701
00:31:46,520 --> 00:31:47,760
Speaker 2: consequences I think.

702
00:31:47,720 --> 00:31:49,240
Speaker 1: Of at least some of these policies.

703
00:31:49,520 --> 00:31:52,080
Speaker 2: And Yeah, when you see the disparity between what individual

704
00:31:52,200 --> 00:31:55,160
Speaker 2: voters think about those proposals and what economists think, it's

705
00:31:55,160 --> 00:31:58,880
Speaker 2: shocking because like seventy eight percent of voters might say, oh,

706
00:31:58,920 --> 00:32:01,360
Speaker 2: I think that policy sounds good, and like eight percent

707
00:32:01,400 --> 00:32:04,040
Speaker 2: of economists think it's a good idea, and so I

708
00:32:04,040 --> 00:32:06,400
Speaker 2: think it's not that economists run the world or should

709
00:32:06,440 --> 00:32:09,000
Speaker 2: run the world, and not that they are the smartest

710
00:32:09,000 --> 00:32:11,200
Speaker 2: people in the room necessarily, but a lot of what's

711
00:32:11,200 --> 00:32:13,400
Speaker 2: being proposed doesn't make much sense.

712
00:32:13,480 --> 00:32:15,960
Speaker 1: Yeah, I think that's why you and I, if we

713
00:32:16,040 --> 00:32:19,320
Speaker 1: align with any party, it's the Libertarian Party, which unfortunately

714
00:32:19,320 --> 00:32:21,160
Speaker 1: doesn't seem to be getting anywhere, but because of the

715
00:32:21,160 --> 00:32:23,640
Speaker 1: fact that they're looking to have less government spending. Talk

716
00:32:23,680 --> 00:32:24,240
Speaker 1: about weirdos.

717
00:32:24,240 --> 00:32:26,040
Speaker 2: Though there's a lot of weirdos in the Libertarian parties team,

718
00:32:26,120 --> 00:32:28,880
Speaker 2: there are which you fit right in.

719
00:32:28,960 --> 00:32:32,040
Speaker 1: Yeah, I would. We've got a quick newsletter referral shout

720
00:32:32,040 --> 00:32:34,800
Speaker 1: out to Megan C. Megan, thank you so much for

721
00:32:34,960 --> 00:32:38,640
Speaker 1: referring the newsletter to friends or family, those who you

722
00:32:38,720 --> 00:32:40,800
Speaker 1: care about. And if you have no idea what we're

723
00:32:40,800 --> 00:32:43,000
Speaker 1: even talking about here, head to how Tomoney dot com

724
00:32:43,000 --> 00:32:45,840
Speaker 1: forward slash newsletter, where every Tuesday morning you can get

725
00:32:45,880 --> 00:32:50,400
Speaker 1: an email in your inbox with helpful money earning, saving

726
00:32:50,520 --> 00:32:54,080
Speaker 1: and investing advice and Joel guarantees that you'll be glad

727
00:32:54,120 --> 00:32:55,800
Speaker 1: you did all right, So that's gonna be it for

728
00:32:55,840 --> 00:32:58,560
Speaker 1: this episode, Joe, until next time. Best Friends Out, Best

729
00:32:58,600 --> 00:33:04,640
Speaker 1: Friends Out, BEFO