WEBVTT - Friday Flight - Instant E-Bikes, Sputtering Savings, & Aldi’s Ascent #873 0:00:00.080 --> 0:00:03.040 Welcome to had a money. I'm Joel and I am that. 0:00:03.320 --> 0:00:07.000 And today we're talking about instant e bikes, sputtering savings 0:00:07.240 --> 0:00:08.320 and all these assent. 0:00:27.720 --> 0:00:30.880 That's right, Aldi's going to the top. If I invested 0:00:30.920 --> 0:00:34.000 in the single stock stroll and if Aldi was traded publicly, 0:00:34.520 --> 0:00:36.680 I would own some Aldi's stock because they're qushing it right. 0:00:36.800 --> 0:00:38.640 Yeah. Well, and just when you believe in the mission 0:00:38.680 --> 0:00:40.199 of a retail it's kind of like Costco. It's like 0:00:40.280 --> 0:00:42.320 owning some Costco stock or what do you own a 0:00:42.320 --> 0:00:43.720 little bit of Cosco? I do own a little bit 0:00:43.760 --> 0:00:45.120 of Costco. I feel like I should own a little bit, 0:00:45.159 --> 0:00:46.480 just because I'm so passionate about the company. 0:00:46.520 --> 0:00:48.760 There was this I literally want to be invested with 0:00:48.800 --> 0:00:51.559 this company that I think treats people so well and 0:00:51.680 --> 0:00:54.000 provides a fantastic product for families out there. 0:00:54.040 --> 0:00:55.800 There was a long form article in the New York 0:00:55.800 --> 0:00:58.680 Times just last week. I think about Costco and what 0:00:58.760 --> 0:01:01.400 makes them so different? What's the some apart? And it's 0:01:01.520 --> 0:01:03.760 it's a fascinating read. I mean, just as someone who's 0:01:04.280 --> 0:01:07.000 somewhat obsessed with Costco. But they kind of talked about 0:01:07.280 --> 0:01:09.800 the secret to Costco's success and even just kind of 0:01:09.800 --> 0:01:12.280 part of the secrecy culture of Costco. Had there are 0:01:12.280 --> 0:01:15.039 a lot of things that they just don't say out loud. 0:01:15.560 --> 0:01:17.560 You have the kind of intimate about what's going on 0:01:17.600 --> 0:01:20.280 behind the scenes. But it's definitely one of the best 0:01:20.360 --> 0:01:21.480 run companies in the world. 0:01:21.520 --> 0:01:23.520 Oh yeah, but uh yeah, this is our Friday flight. 0:01:23.560 --> 0:01:26.320 We hope everyone has had a fantastic week. Have you 0:01:26.360 --> 0:01:27.360 had a fantastic week. 0:01:27.240 --> 0:01:28.880 Joel, It's been good. Yeah, been great. 0:01:28.920 --> 0:01:31.840 So we will be talking about all the maybe Costco, 0:01:32.040 --> 0:01:34.679 but we will be getting to the other money stories 0:01:34.720 --> 0:01:36.760 that we think are going to be most pertinent to 0:01:36.800 --> 0:01:37.839 your personal finances. 0:01:37.920 --> 0:01:43.240 So, Matt on Monday, we had a listener question about, Hey, 0:01:43.280 --> 0:01:46.039 I'd done this money challenge and had a bunch of 0:01:46.080 --> 0:01:48.160 money socked away after that, the envelope challenge, that. 0:01:48.080 --> 0:01:50.920 One hundred envelope challenge, Yeah, specifically. 0:01:50.400 --> 0:01:52.040 And so we were trying to help him figure out 0:01:52.040 --> 0:01:54.919 what should he and his family do with this massive 0:01:55.000 --> 0:01:56.720 chunk of change. And then I noticed in the how 0:01:56.720 --> 0:01:59.400 to Money Facebook group, which is a wonderful place, listener 0:01:59.480 --> 0:02:02.720 Jeff said, apparently he's not a fan of the envelope challenge. 0:02:02.760 --> 0:02:04.800 He's not a fan of some of these money saving 0:02:04.880 --> 0:02:06.840 challenges out there was a deal, all right, so he said, 0:02:06.840 --> 0:02:09.520 and I'm gonna quote here, he said, it's great if 0:02:09.520 --> 0:02:12.120 the money you quote unquote save comes from reducing your 0:02:12.120 --> 0:02:14.680 expenses or increasing your income. But if you're just filling 0:02:14.800 --> 0:02:17.200 envelopes with cash taken from an account or that you 0:02:17.240 --> 0:02:19.440 have at home, you're not really saving anything. And so 0:02:19.960 --> 0:02:22.200 I totally get where he's coming from, because we were 0:02:22.240 --> 0:02:24.959 talking about how these savings challenges can be really great, 0:02:24.960 --> 0:02:27.560 they can help jump start something. But I get what 0:02:27.600 --> 0:02:29.200 he's saying. If you have the money in a savings account, 0:02:29.200 --> 0:02:30.960 you just stuff it into an envelope instead, and you're 0:02:31.000 --> 0:02:33.840 not making any practical changes to your day to day spending, 0:02:34.040 --> 0:02:35.799 it can feel like a mirage of savings. So I 0:02:35.840 --> 0:02:36.560 don't know what's your take. 0:02:37.200 --> 0:02:38.960 Yeah, well, I think what he said was was spot 0:02:39.040 --> 0:02:41.040 on right, Like it has to be a result of 0:02:41.080 --> 0:02:42.880 you not spending that money, which is I feel like 0:02:42.919 --> 0:02:44.320 that's that's kind of how we talked about it. But 0:02:44.400 --> 0:02:46.799 I also understand the criticism that it's not like you're 0:02:47.720 --> 0:02:51.040 magically appearing some money out of nowhere, like it's your money, 0:02:51.240 --> 0:02:53.919 You're just it's mental accounting and you're moving it, perhaps 0:02:53.960 --> 0:02:57.240 from one area of your life to another, and maybe a. 0:02:57.200 --> 0:02:59.680 Place in your life where it would have been easier 0:02:59.680 --> 0:03:01.720 to spay. And now you're kind of siphoning it away 0:03:01.720 --> 0:03:02.320 and you're saying. 0:03:02.160 --> 0:03:04.160 No designated, it's got a name, and that's what And 0:03:04.200 --> 0:03:06.280 we talked about this on Monday. But but that couple, 0:03:06.360 --> 0:03:08.880 I mean, they were saving that money without necessarily having 0:03:08.919 --> 0:03:10.400 a goal attached to it, and that can just make 0:03:10.400 --> 0:03:13.880 it so much more powerful, the ability to I don't know, 0:03:13.880 --> 0:03:17.600 I assigned those dollars to a specific task. I also 0:03:17.639 --> 0:03:19.720 understand too, that not everyone is going to get behind 0:03:19.760 --> 0:03:22.840 the like just money challenges, like if you are super disciplined, 0:03:23.639 --> 0:03:26.080 if you don't like having fun with your personal finance, 0:03:26.720 --> 0:03:29.760 which is honestly, like, I don't really do money challenges 0:03:29.800 --> 0:03:33.600 because I've created this this wonka like budget, you know, 0:03:33.720 --> 0:03:35.800 machine in a. 0:03:35.920 --> 0:03:38.080 Like makes it sound fun, well, but it's not fun. 0:03:38.080 --> 0:03:40.320 It's just this contraption. It's just overly complex. 0:03:40.400 --> 0:03:41.240 This is what I'm getting. 0:03:41.480 --> 0:03:43.920 But like, all my income goes into there, and like 0:03:43.960 --> 0:03:45.840 I just crank it and at the end of the month, 0:03:46.160 --> 0:03:48.960 it tells me where it should go based on decisions 0:03:49.000 --> 0:03:51.200 that I have already made, but not everybody is like that. 0:03:51.240 --> 0:03:53.200 Sometimes folks need to they want to spice it up 0:03:53.200 --> 0:03:54.760 a little bit. For those folks, I think the money 0:03:54.800 --> 0:03:56.240 challenges can be fantastic. Agreed. 0:03:56.240 --> 0:03:58.680 I think that's what money challenges can be for lots 0:03:58.680 --> 0:04:02.320 of people. It's like it started. It's a pattern, right 0:04:02.440 --> 0:04:05.280 to basically base some of your decisions on, and whether 0:04:05.320 --> 0:04:07.960 it's a sell your stuff challenge or a fund your 0:04:08.000 --> 0:04:10.720 roth Ira challenge, like, typically that money is coming from 0:04:10.720 --> 0:04:13.640 somewhere and people are having to make changes to their 0:04:13.680 --> 0:04:16.360 budget and to their spending patterns in order to accrue 0:04:16.400 --> 0:04:19.280 those savings, because otherwise they would have been, you know, 0:04:19.520 --> 0:04:22.920 saving like in a pretty solid way month after month, 0:04:23.200 --> 0:04:24.960 and they would have had some of those savings built up. 0:04:24.960 --> 0:04:27.000 But a lot of people have found, hey, this challenge 0:04:27.000 --> 0:04:29.640 at least helps me get that habit started doing the 0:04:29.680 --> 0:04:32.000 thing I want to do. But yeah, I again, I 0:04:32.000 --> 0:04:35.200 completely get jeffs beef with some of the money challenges. 0:04:35.560 --> 0:04:38.000 I guess I just also think that they almost always 0:04:38.040 --> 0:04:40.400 come with some sort of lifestyle change. People are realizing, Hey, 0:04:40.440 --> 0:04:42.080 if I want to save this kind of money, I 0:04:42.160 --> 0:04:44.359 have to do something different in the spending area of 0:04:44.360 --> 0:04:46.680 my finances or it's not going to happen, like they're 0:04:46.720 --> 0:04:48.719 not just pulling it from one account and putting it 0:04:48.720 --> 0:04:50.880 into an envelope. Typically it means there's some sort of 0:04:51.160 --> 0:04:53.240 underlying change in order to amass that kind of savings 0:04:53.240 --> 0:04:55.120 and that sort of you know short or like that. 0:04:55.120 --> 0:04:55.600 That's true. 0:04:55.760 --> 0:04:57.960 Yeah, So, as you said some of the different challenges, 0:04:58.000 --> 0:05:01.200 I remember that I did participate money challenge, which was 0:05:01.240 --> 0:05:02.679 the cellar stuff challenge. 0:05:02.720 --> 0:05:04.160 Will is a great one. It is a good one, 0:05:04.200 --> 0:05:06.320 and that's one where you literally are making money appear. 0:05:06.400 --> 0:05:08.760 It didn't work for me, Like I tried because I thought, Okay, 0:05:08.760 --> 0:05:11.160 here's a cool way that I can unload a bunch 0:05:11.200 --> 0:05:12.960 of stuff that we have make some money on the side. 0:05:12.960 --> 0:05:15.599 But yeah, I had a difficult time sticking with it. 0:05:15.600 --> 0:05:19.520 It also has the double impact of decluttering, which is like, well, that's. 0:05:19.360 --> 0:05:21.640 Why I wanted to I mean that specifically is why 0:05:21.720 --> 0:05:23.640 I was looking to take that challenge on, but then 0:05:23.680 --> 0:05:25.680 I found it. It also had like part time job 0:05:25.760 --> 0:05:28.520 like qualities, which is part of why I fell off 0:05:28.520 --> 0:05:30.720 the wagon. But Joel, let's talk about one of the 0:05:30.760 --> 0:05:34.960 ways folks are spending less on their transportation. Car free 0:05:35.000 --> 0:05:38.279 communities they are becoming more of a thing. More people 0:05:38.320 --> 0:05:41.120 outside of just New York City are looking to be 0:05:41.279 --> 0:05:44.840 less dependent on their vehicles in order to get around. 0:05:45.040 --> 0:05:47.800 There's this fairly new community. It's called Cul de Sac. 0:05:48.120 --> 0:05:50.600 It launched a bit outside of downtown Phoenix a few 0:05:50.680 --> 0:05:54.240 years ago, and the design of this planned community is 0:05:54.320 --> 0:05:57.640 all about being car free from the get go, as 0:05:57.720 --> 0:06:00.520 they attempt to be close to public transportation and one 0:06:00.560 --> 0:06:03.400 of the ways they're able to decrease the number of 0:06:03.480 --> 0:06:05.640 cars that folks who live their own. They've also got 0:06:05.640 --> 0:06:08.159 a fleet of e bikes, which is pretty awesome, yeah, 0:06:08.200 --> 0:06:10.000 and pretty much everything else that you want one on 0:06:10.040 --> 0:06:13.400 hand just to live a happy personal life. They've got 0:06:13.440 --> 0:06:16.320 a lot of things built into the infrastructure of the 0:06:16.360 --> 0:06:20.040 little community, like gyms, grocery stores. I think I saw 0:06:20.240 --> 0:06:23.120 a cream convenience store, which was a big win in 0:06:23.160 --> 0:06:26.839 my book. They're planning to build a couple more of 0:06:26.880 --> 0:06:29.279 these Cold de Sac communities in the near future, including 0:06:29.480 --> 0:06:32.720 one in the Atlanta area, and bottom line, we think 0:06:32.720 --> 0:06:34.920 this is pretty cool. Folks out there who are into 0:06:34.960 --> 0:06:38.560 personal finance might recognize the name of the community from 0:06:38.839 --> 0:06:42.320 Pete Adney, also known as mister money Mustache as this 0:06:42.360 --> 0:06:45.320 is something that he has written about. But we're huge fans, 0:06:45.400 --> 0:06:48.560 especially of relying on bikes in order to get around. 0:06:48.560 --> 0:06:51.159 There's a reason why our first episode that we ever 0:06:51.200 --> 0:06:54.000 created it was a terrible episode because it was literally 0:06:54.080 --> 0:06:55.560 the first one you want to go back, and it 0:06:55.720 --> 0:06:57.760 was all about why it is that you should be 0:06:57.800 --> 0:07:01.400 biking more. We are huge fans silver bowlt in personal finance, 0:07:01.440 --> 0:07:03.239 but if there was one, I think bikes are pretty 0:07:03.320 --> 0:07:05.280 darn close to as as it gets. 0:07:05.360 --> 0:07:08.359 It's the lifestyle factor, it hits the fitness factor, it 0:07:08.440 --> 0:07:10.600 hits the money saving factor. Riding your bike more just 0:07:10.600 --> 0:07:14.120 makes sense. I ran into a dad on also riding 0:07:14.360 --> 0:07:16.840 taking his kid to school this morning on the cargo 0:07:16.880 --> 0:07:19.280 e bike. There's a sense of solidarity. Yeah, I feel 0:07:19.280 --> 0:07:20.880 like we're best friends already and I just met him. 0:07:20.880 --> 0:07:23.600 We should grab beers me right from the same cloth, 0:07:23.680 --> 0:07:26.680 exactly right, Kindred spirits new body friend come on and 0:07:26.720 --> 0:07:29.840 then he pedals off assist level five to get away 0:07:29.840 --> 0:07:30.640 from you. That's right. 0:07:30.840 --> 0:07:32.760 I keep it on level one so I couldn't catch up. 0:07:33.440 --> 0:07:35.920 I saw this too. Matt Los Angeles is apparently trying 0:07:35.920 --> 0:07:37.480 to go car free for the Olympics. I don't know 0:07:37.480 --> 0:07:39.800 if you'd seen this as well. It's kind of fascinating 0:07:39.840 --> 0:07:42.280 because you think of that as a city that is 0:07:42.720 --> 0:07:45.960 purely dependent on the freeways, right, Yeah, So it'll be 0:07:46.000 --> 0:07:47.640 interesting to see if they're able to pull that off. 0:07:47.680 --> 0:07:49.760 I know they're they're trying to put the venues as 0:07:49.800 --> 0:07:53.640 close to their current metro as possible, which I love 0:07:53.640 --> 0:07:57.840 the and they're also installing more bike lanes, so go LA. 0:07:57.960 --> 0:07:59.160 I hope it. I hope it works out. 0:07:59.240 --> 0:07:59.440 Yeah. 0:08:00.080 --> 0:08:02.960 And by the way, while Culdesex is kind of an 0:08:03.000 --> 0:08:05.040 expensive place to live, Matt, it's it's not one of 0:08:05.080 --> 0:08:07.440 the cheaper apartment complexes around. Because they put this forethought 0:08:07.440 --> 0:08:09.320 into it, it's going to be a more expensive community. 0:08:09.640 --> 0:08:11.760 But if you are able to ditch a car or 0:08:11.920 --> 0:08:14.640 cars completely, it can actually allow you to come out 0:08:14.680 --> 0:08:17.480 ahead from a financial perspective, especially you know, we know 0:08:17.520 --> 0:08:20.400 what cars cost these days, and what they cost to ensure, 0:08:20.480 --> 0:08:23.080 what they cost to maintain. Not having cars in your 0:08:23.120 --> 0:08:24.400 life I means you can spend a little more on 0:08:24.440 --> 0:08:27.520 housing and still rocket with your finances, you know, all 0:08:27.520 --> 0:08:30.360 while being able to live in an incredibly delightful community. 0:08:30.560 --> 0:08:33.600 And there's been this growing recognition I think that making 0:08:33.600 --> 0:08:36.920 the automobile the center of our existence, it just doesn't 0:08:36.960 --> 0:08:39.760 deliver the healthiest results for humans. I'm not an advocate 0:08:39.800 --> 0:08:41.320 for going back to the horse and buggy days because 0:08:41.320 --> 0:08:43.000 apparently there was a lot of poop in the streets, Matt, 0:08:43.000 --> 0:08:44.920 and that wasn't really very fun to live in either. 0:08:44.960 --> 0:08:46.679 Can you imagine living in you. 0:08:46.640 --> 0:08:50.720 Know, plumbing. I'm also a fan of that, right. 0:08:50.720 --> 0:08:53.840 Right exactly. But yeah, you don't necessarily need to move 0:08:53.880 --> 0:08:56.040 to this planned community in order to live a life 0:08:56.080 --> 0:08:58.400 that's less dependent on a car. I think it's important 0:08:58.400 --> 0:09:01.320 to point that out as well. There's this new e 0:09:01.440 --> 0:09:05.680 bike attachment Matt that attaches to your regular non electric bike. 0:09:05.880 --> 0:09:08.840 It's called clip, and so you don't even have to 0:09:08.880 --> 0:09:11.880 buy an e bike. You can literally just turn your 0:09:11.880 --> 0:09:14.839 current bike into an electric bicycle with this device. It's 0:09:14.880 --> 0:09:17.760 like five hundred bucks. And the cool thing is, you know, 0:09:17.840 --> 0:09:20.600 e bikes are allowing people to commute longer distances more 0:09:20.600 --> 0:09:24.720 comfortably than ever before. Think about actually, listener Gary who's talked, 0:09:25.280 --> 0:09:28.360 He's reached out and told me about his commutes on 0:09:28.440 --> 0:09:30.480 his e bike and how he ditched a car, and man, 0:09:30.640 --> 0:09:33.200 it's been so great for his you know, physical life 0:09:33.200 --> 0:09:37.120 and just he's just enjoyed that commute every day on 0:09:37.160 --> 0:09:39.320 the e bike, which I feel the same way. I'm like, 0:09:39.720 --> 0:09:41.680 there's a smile on my face every time I'm on mine, 0:09:41.720 --> 0:09:44.240 And I think I still prefer Matt after looking into 0:09:44.240 --> 0:09:47.280 this clip device, I still prefer the ground up e bikes. 0:09:47.280 --> 0:09:49.000 I'd rather spend a little more for something like that, 0:09:49.120 --> 0:09:50.720 especially if it allows you to ditch your car. But 0:09:51.400 --> 0:09:53.520 I think the clip device might work for a bunch 0:09:53.559 --> 0:09:54.079 of people too. 0:09:54.559 --> 0:09:56.960 Maybe you are a fan of actual e bikes because 0:09:57.000 --> 0:09:59.719 the clip is ugly. It is ugly because of what 0:09:59.840 --> 0:10:02.320 I I was reading up on it. I was like, okay, uh, 0:10:03.280 --> 0:10:05.800 because like there are a lot of electric bike manufacturers 0:10:05.800 --> 0:10:07.640 and they're making them more affordable. Now, Like you've got 0:10:07.640 --> 0:10:10.800 like literally your e bike is by rad Power Bikes, 0:10:10.840 --> 0:10:12.720 and like they make some of the most affordable e 0:10:12.800 --> 0:10:16.600 bikes out there. Electric is like it's like electric without 0:10:16.600 --> 0:10:18.280 the E on the front or whatever. But like they're 0:10:18.320 --> 0:10:20.880 they're making some really afference sort of what Bucks bikes 0:10:20.880 --> 0:10:22.440 as well as seven eight hundred bucks something. So when 0:10:22.440 --> 0:10:23.920 you think about that, it's like not that much more 0:10:23.960 --> 0:10:26.160 for something right new, and you're able to add another 0:10:26.280 --> 0:10:28.679 your bike, add another bike to your stable, I think 0:10:28.800 --> 0:10:31.000 is huge and also if you've got the room. We've 0:10:31.040 --> 0:10:34.360 talked about bikesdirect dot com, which is a fantastic place 0:10:34.360 --> 0:10:37.280 to go for traditional bikes. I checked it out. Guess 0:10:37.320 --> 0:10:40.120 what they're selling now, e bikes? Bikes really Yes, so 0:10:40.200 --> 0:10:43.120 I haven't actually so I've purchased other bikes from them before. 0:10:43.240 --> 0:10:45.640 I can't vouch for their e bikes, but if anybody 0:10:45.679 --> 0:10:47.839 has hit us up, let us know. I would love 0:10:47.880 --> 0:10:50.199 to think that they are just able to be another 0:10:50.200 --> 0:10:53.680 competitor providing just a great means of transportation for a 0:10:53.679 --> 0:10:55.719 lot of folks. But that being said, if you really 0:10:55.760 --> 0:10:58.320 want to drive, we'll get a Toyota, and not just 0:10:58.360 --> 0:11:01.640 because we told you to see cars. They had a 0:11:01.679 --> 0:11:05.840 recent longevity survey and they found, unsurprisingly that Toyota they 0:11:05.880 --> 0:11:09.000 had six of the top ten most durable models that 0:11:09.080 --> 0:11:11.240 were were out there. I think it was like they 0:11:11.280 --> 0:11:13.680 had seven of the top ten spots if you count Lexus, 0:11:13.679 --> 0:11:18.280 which is basically a Toyota with leather, and they took 0:11:18.360 --> 0:11:21.480 all five of the top spots. And so that raises 0:11:21.480 --> 0:11:25.400 the question, well, what is durable actually mean? Fellas basically 0:11:25.400 --> 0:11:28.080 the cars or trucks that rank highly have a dramatically 0:11:28.240 --> 0:11:31.240 higher likelihood of hitting the two hundred and fifty thousand 0:11:31.480 --> 0:11:33.559 mile mark. It's like the holy grail. I think that's 0:11:33.679 --> 0:11:37.160 that's what they're gunning for. You'll also be paying less 0:11:37.160 --> 0:11:40.520 for repairs, and you'll be at your mechanic shop less often, 0:11:41.080 --> 0:11:43.200 and that car is likely going to depreciate at a 0:11:43.200 --> 0:11:45.880 slower rate. But you know, consumer reports they've been seeing 0:11:45.880 --> 0:11:48.480 this for a while. I see cars, they're agreeing with 0:11:48.520 --> 0:11:50.360 them on this. Toyota. They are gonna save you time, 0:11:50.360 --> 0:11:52.800 They're gonna save you money. Hassle. I've got a little 0:11:52.840 --> 0:11:54.640 bit of foam, to be honest, the fact that I 0:11:54.679 --> 0:11:57.920 own a Honda and not a Toyota in large part 0:11:57.960 --> 0:12:00.800 because all the Toyotas are high as well, and I 0:12:00.840 --> 0:12:04.480 wish I had some of the additional savings associated with 0:12:04.600 --> 0:12:06.200 paying less at the gas pump. 0:12:06.200 --> 0:12:08.760 It's also interesting Toyota is seeing so much success right 0:12:08.800 --> 0:12:12.720 now because there's kind of a consumers are giving the 0:12:12.720 --> 0:12:15.680 heisman to electric cars right now, where it felt like 0:12:15.760 --> 0:12:18.640 every company was pivoting so hard into the EV direction, 0:12:19.240 --> 0:12:21.040 and a lot of folks out there saying, I don't know, 0:12:21.120 --> 0:12:24.160 I think I'm down for the hybrid right now, maybe 0:12:24.160 --> 0:12:27.160 I'll hold itself on an Evyteps and Toyota they're kind 0:12:27.160 --> 0:12:30.680 of the hybrid kings, So that's another reason why Toyota's 0:12:30.679 --> 0:12:32.680 are so popular. But then to add on top of 0:12:32.720 --> 0:12:36.200 that that your Toyota is just based on the numbers, 0:12:36.240 --> 0:12:38.400 based on the stats, it's just going to last a 0:12:38.440 --> 0:12:40.720 whole lot longer and give you far less trouble. It 0:12:40.760 --> 0:12:42.559 makes sense that you would opt for one of the 0:12:42.600 --> 0:12:46.800 most reliable cars in the game, because reliability means money savings, 0:12:47.240 --> 0:12:50.680 especially when we're talking about a company that makes fairly 0:12:50.720 --> 0:12:54.040 accessible cars. From a financial standpoint, Matt, let's talk about 0:12:54.160 --> 0:12:56.640 ATM fees. I don't know the last time I went 0:12:56.679 --> 0:12:58.240 to get cash from an ATM, but I know this 0:12:58.280 --> 0:13:00.240 is something that people do. And so a new bank 0:13:00.320 --> 0:13:03.760 rate survey finds that fees continue to climb at ATMs 0:13:04.120 --> 0:13:07.600 around the country. The average fee to gain access to 0:13:07.640 --> 0:13:10.800 your cash is now just below five bucks. I think 0:13:10.800 --> 0:13:13.560 it's four dollars and seventy seven cents every time when 0:13:13.559 --> 0:13:15.079 you want to use an ATM. That's at least like 0:13:15.120 --> 0:13:17.240 the average fee you're going to encounter, which is a 0:13:17.280 --> 0:13:19.360 lot of money, Matt. Let's say you're pulling out forty bucks, 0:13:19.559 --> 0:13:21.440 that's like an eleven percent fee or something like that. 0:13:21.440 --> 0:13:25.640 That's incredibly expensive to take money out. And yeah, if 0:13:25.679 --> 0:13:28.640 you're going to an out of network ATM that isn't 0:13:28.679 --> 0:13:30.800 the bank you do business with, you might be paying 0:13:30.800 --> 0:13:32.960 two fees. You might be paying one to your bank 0:13:33.000 --> 0:13:36.360 and one to the ATM owner. So that could be 0:13:36.360 --> 0:13:39.760 really frustrating. And again, I don't really use an ATM. 0:13:39.760 --> 0:13:41.640 They're kind of like checks for me, Matt. We talked 0:13:41.679 --> 0:13:44.000 about this recently, how people a writing fewer and fewer 0:13:44.080 --> 0:13:45.800 checks and more businesses are saying we're not even going 0:13:45.840 --> 0:13:48.280 to take them at all. But I do business with 0:13:48.360 --> 0:13:52.640 multiple banks that have ATM networks that don't charge any 0:13:52.679 --> 0:13:54.440 money at all for withdrawal. So I can't go to 0:13:54.480 --> 0:13:56.280 any ATM necessarily that I want. 0:13:56.400 --> 0:13:58.920 But I can go to almost any ATM though, Yeah. 0:13:59.040 --> 0:14:02.679 Any all point essentially right, that's what who Capital one 0:14:02.679 --> 0:14:04.240 partners with. I can go to any of those and 0:14:04.320 --> 0:14:05.640 night there's even a spot on the app where I 0:14:05.679 --> 0:14:08.440 can see, Okay, where's the nearest one to me? And 0:14:08.720 --> 0:14:11.559 so basically, if you're a frequent ATM user, you're not 0:14:11.600 --> 0:14:14.240 just being nickeled and dimed. You're being like bludgeoned over 0:14:14.280 --> 0:14:16.600 the head with fees, you're being five spotted, right, Yes, 0:14:16.920 --> 0:14:19.600 so they are just really easy ways to eliminate these 0:14:19.640 --> 0:14:22.360 fees from your life completely. Just make sure you're paying 0:14:22.400 --> 0:14:24.760 attention to what you're actually paying, and then you're doing 0:14:24.760 --> 0:14:27.000 business with the bank that's going to say, hey, we 0:14:27.120 --> 0:14:30.320 actually don't charge ridiculous fees for you to access your 0:14:30.320 --> 0:14:30.760 own money. 0:14:30.840 --> 0:14:33.320 Yeah, and there's sort of like this barbell like effect 0:14:33.320 --> 0:14:36.600 that's happening within banking, right, And so yeah, some banks 0:14:36.640 --> 0:14:39.320 are raising fees, they're reducing perks for savers, but a 0:14:39.320 --> 0:14:42.080 lot of banks out there are completely eliminating fees and 0:14:42.120 --> 0:14:45.240 they are raising their savings rates. And the truth is, 0:14:45.720 --> 0:14:47.440 like all the different fees that the banks charge out there, 0:14:47.480 --> 0:14:51.160 so atm fees, overdraft fees, different account fees, they are 0:14:51.200 --> 0:14:53.880 going up, but only for those who are allowing it, 0:14:53.920 --> 0:14:58.040 who stick around for that party, right. Fees across the 0:14:58.080 --> 0:15:00.920 board are being demolished, and perks are becoming more generous 0:15:00.920 --> 0:15:03.040 for people who are savvy, for folks who are paying 0:15:03.080 --> 0:15:05.360 attention and not just kind of going along with the flow. 0:15:05.560 --> 0:15:08.760 But obviously for folks who aren't handling their money judiciously, 0:15:08.800 --> 0:15:11.000 they're gonna find themselves on the flip side of the equation. 0:15:11.760 --> 0:15:14.760 Instead of free cash withdraws, well, they're paying a pretty 0:15:14.760 --> 0:15:17.200 penny instead of rewards for credit card usage. They're going 0:15:17.240 --> 0:15:20.480 to be massively penalized for using plastic. And so we 0:15:20.560 --> 0:15:23.360 just want to remind folks to pay. It's not just 0:15:23.520 --> 0:15:25.720 the savings rate that the bank is paying you. There 0:15:25.760 --> 0:15:28.640 are all these sort of trickle down, knock on effects 0:15:28.720 --> 0:15:30.640 that end up costing you more money in the end. 0:15:30.640 --> 0:15:32.840 And I want you to be picky in who it 0:15:32.880 --> 0:15:33.560 is that you're banking with. 0:15:33.680 --> 0:15:36.080 Yeah, so I think ally Matt, I think they refund 0:15:36.120 --> 0:15:38.680 ten dollars a month worth of atmfs that you might occur, 0:15:38.960 --> 0:15:41.080 which is pretty cool, no questions ask. We're just gonna 0:15:41.200 --> 0:15:43.680 if you do encounter a five dollars fee twice, we're 0:15:43.680 --> 0:15:46.080 gonna cover it more than that. The rest is on you. 0:15:46.360 --> 0:15:49.560 I think Schwab is you know, investment firm, low cost 0:15:49.640 --> 0:15:52.440 investment house. They also have a bank attached, and pretty 0:15:52.480 --> 0:15:56.320 sure Schwab will cover any and all ATMPs might incurrent 0:15:56.360 --> 0:15:58.440 a given month. So if you are a high frequency 0:15:58.440 --> 0:16:01.080 atm user, look into those banks that prioritize, you know, 0:16:01.080 --> 0:16:03.320 taking care of their customers in that way. All right, 0:16:03.680 --> 0:16:06.360 let's talk about savings rates, Matt for a second while 0:16:06.360 --> 0:16:09.000 we're on this note. Are those super high savings rates 0:16:09.040 --> 0:16:11.160 going away? There's more and more stuff being written and 0:16:11.200 --> 0:16:13.200 more and more people talking about the fact that as 0:16:13.200 --> 0:16:15.960 the FED is looking to cut rates, well, savers are 0:16:16.000 --> 0:16:19.000 going to get penalized again. And the answer to that 0:16:19.120 --> 0:16:21.560 is maybe, like I do think there's a chance that 0:16:21.680 --> 0:16:23.880 savings rates are going to go down. And actually when 0:16:23.960 --> 0:16:26.440 you look at the numbers, rates have already climbed gone 0:16:26.480 --> 0:16:28.720 down just a little bit. When we're talking about rates 0:16:28.720 --> 0:16:30.720 on savings accounts, rates on CDs. 0:16:30.400 --> 0:16:31.640 Started getting baked in a little bit. 0:16:31.760 --> 0:16:34.640 Yeah, yeah, already that just reality that is likely coming 0:16:34.640 --> 0:16:38.040 down the pike. Has impacted what banks, credit unions, other 0:16:38.080 --> 0:16:42.680 financial institutions are offering. And Bloomberg had this jarring headline 0:16:42.880 --> 0:16:45.560 about why you should ditch your HYSA, dit your high YELD, 0:16:45.560 --> 0:16:48.040 save these account is what they were saying. Basically, what 0:16:48.040 --> 0:16:51.880 they suggested was to put your savings into CDs because 0:16:51.960 --> 0:16:54.200 rates are likely to continue going down. And guess what 0:16:54.480 --> 0:16:57.320 if you toss it into a CD? You're maintaining that 0:16:57.440 --> 0:16:59.920 rate for six months, twelve months, whatever it may be. 0:17:00.280 --> 0:17:02.480 But should you put the money that's in your savings 0:17:02.520 --> 0:17:04.960 account in a CD maybe, I mean if you don't 0:17:05.000 --> 0:17:09.080 need liquidity, But most folks, Matt keep cash in savings 0:17:09.400 --> 0:17:13.040 specifically because they might need that money. And so the 0:17:13.080 --> 0:17:14.760 only way I think it makes sense for you to 0:17:14.800 --> 0:17:16.880 stick money that's in a high old savings account into 0:17:16.920 --> 0:17:20.920 a CD is if your savings is for more medium 0:17:20.960 --> 0:17:23.840 term goals, you might consider locking it up for a 0:17:23.920 --> 0:17:25.919 little bit in order to preserve that higher rate for 0:17:25.960 --> 0:17:28.960 a bit longer. But other than that, I think high 0:17:28.960 --> 0:17:31.560 old savings is the place to continue to keep money 0:17:31.600 --> 0:17:34.840 that you need access to, you know, it's an emergency 0:17:34.920 --> 0:17:36.680 order a rise or something like that. And by the way, 0:17:37.119 --> 0:17:39.320 I think it's also important to take these rate predictions 0:17:39.400 --> 0:17:41.119 with a grain of salt, because there were a lot 0:17:41.160 --> 0:17:43.520 of rate predictions, you know, six seven, eight months ago, 0:17:43.600 --> 0:17:46.600