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Speaker 1: Welcome to Out of Money.

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Speaker 2: I'm Joel and I'm Matt, and today we're talking payment buyers, crowdfunding, kerfuffles,

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Speaker 2: and America's credit downgrade.

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Speaker 1: You know what, man, this is our Friday flight. We're

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Speaker 1: gonna talk about the top stories from this past week

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Speaker 1: how they impact your personal finances. And by the way,

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Speaker 1: you see my uh it's fig season, baby, and I

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Speaker 1: just came back from my post lunch walk and snagged

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Speaker 1: me just one single fit. We talked about this on

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Speaker 1: a show on an episode last summer during you can

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Speaker 1: grab one during fig season. We've been walking by our

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Speaker 1: fig tree in the in our backyard and they're mostly

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Speaker 1: still green. There's not there's like a couple almost ripe one.

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Speaker 1: This is the this is the first. Oh maybe that

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Speaker 1: is that a squirrel bite? I just really, I just realized.

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Speaker 1: You can say that the rest of them were pretty green.

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Speaker 1: But uh yeah, frugalo cheap to take all the right

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Speaker 1: figs off the tree. Now you got you're allowed to

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Speaker 1: take a couple if you're going to walk past the tree,

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Speaker 1: nice little afternoon snack.

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Speaker 2: Especially if it's a tree that's producing a lot. Right, yes, yeah,

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Speaker 2: but let's get we're gonna talk about a lot of

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Speaker 2: stuff today on this episode, Matt.

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Speaker 1: There's just not just figs that not too that you

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Speaker 1: can right, was it not harvest forage forage for Yeah,

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Speaker 1: as you're walking around the neighborhood exactly, But a real

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Speaker 1: quick I want to mention, because of the tree that

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Speaker 1: fell through our house and all the we're having to

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Speaker 1: replace some items that were busted up in the accident,

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Speaker 1: and one of the things we had to get was

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Speaker 1: a new rug, and so we ended up getting one

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Speaker 1: from a company called Ruggable, who does like washable rugs.

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Speaker 2: Yeah, it's it seems like a great rug so far,

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Speaker 2: but that's not the moral of the story. The moral

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Speaker 2: of the story is not a paid adre right. The

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Speaker 2: moral of the story is is fifteen percent off discount,

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Speaker 2: which I was like, okay, cool, that's great.

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Speaker 1: That feels pretty standard, right, standard for any online retail.

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Speaker 2: Basically, yeah, if you're not getting fifty percent off, then

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Speaker 2: you paid for overpain, right. But like soon after that,

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Speaker 2: they had this birthday sail or something like that twenty

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Speaker 2: percent off everything, and so I was like, well, maybe

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Speaker 2: they'll refund me since like it just got delivered last

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Speaker 2: week and I'm still within this return window. I reached

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Speaker 2: out via email and their initial response is like, sorry, guy,

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Speaker 2: no can do I say, oh, come on for a

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Speaker 2: guy like me who really likes this new rug.

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Speaker 1: And you pulled like the quote unquote good guy. I'm like,

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Speaker 1: I'd hate to send it back and reorder. That sounds

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Speaker 1: so silly, right, So I love the rug, It's gonna

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Speaker 1: be great, but come on, just go ahead and give

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Speaker 1: you that extra little refund, give me the twenty percent

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Speaker 1: off discount. And then they were like, okay, all right,

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Speaker 1: we'll do it. So you threaten the return, which is

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Speaker 1: going to cost them more money. I was trying to

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Speaker 1: like do the easy, like, hey, I'd hate that. I

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Speaker 1: don't want it.

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Speaker 2: It doesn't make any sense, right, Guys, like just just

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Speaker 2: give me the thirty five.

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Speaker 1: Bucks back or whatever. It's not like all contribute to

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Speaker 1: global warming, the emissions that are going to be incurred

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Speaker 1: by the fact that the UPS truck is going to

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Speaker 1: have to drive it back out to my house, pick

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Speaker 1: this rug up, take it back. It would have been

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Speaker 1: I mean, just to say percent let's be honest, I

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Speaker 1: probably would not have gone through that step. It was

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Speaker 1: like an empty threat. But it's like rugs and mattresses.

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Speaker 1: Like all the mattress companies they all claim, oh, you

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Speaker 1: can send it back even within a full year, but

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Speaker 1: have you. I mean, I've not personally tried to repackage

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Speaker 1: one of those one of those mattresses. But is it

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Speaker 1: even possible. You can't put second industrial vacuum sealer for mattresses.

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Speaker 1: That's not possible. No.

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Speaker 2: So what they do is they they have somebody else

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Speaker 2: come pick that up and they donate them, like those

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Speaker 2: don't get resold. Yeah, yeah, so that's what I mean.

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Speaker 2: I'll guess that makes sense. Yeah, it's scratching net mattresses.

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Speaker 2: I don't know, that's I guess maybe they donate to

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Speaker 2: the Goodwill or to homeless shelters, but those usually get

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Speaker 2: I think donated.

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Speaker 1: Dude, I would totally buy a scratching net mattress. Yeah.

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Speaker 1: As ever, well, we've talked about me getting the free

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Speaker 1: mattress from a neighbor on Facebook.

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Speaker 2: So mine's a Costco mattress and it's great. But uh yeah,

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Speaker 2: so it just all that being said is if you

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Speaker 2: see a better price after the fact that Welle, you

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Speaker 2: might have a credit card that will help you get

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Speaker 2: that money back without having to go through a bunch

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Speaker 2: of hassle, or you can just shoot the retailer and

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Speaker 2: email and say hey, listen, come on, I just got

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Speaker 2: it recently, and why not just give me the extra discount?

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Speaker 1: Like never hurts to ask, Yeah.

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Speaker 2: It never hurts to ask. So that we're big fans

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Speaker 2: of asking for a discount and for you, that's one

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Speaker 2: way to stick to your your money saving no matter what.

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Speaker 1: But right now, let's move on.

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Speaker 2: Let's get to the Friday Flight, the sampling of stories

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Speaker 2: we found interesting this week in the personal finance space,

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Speaker 2: and real quick, the applications are now open for the

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Speaker 2: Save Plan, which is the new income based repayment plan

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Speaker 2: that is rolling out as we speak, and we're actually

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Speaker 2: gonna talk discuss in detail next week what the Safe

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Speaker 2: Plan entails and just kind of the state of student

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Speaker 2: loans in our country. There's a lot that I think

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Speaker 2: people are unaware of in this plan, and so yeah,

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Speaker 2: get ready for that that's coming out next Wednesday. But

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Speaker 2: we just want to make a note of that. You

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Speaker 2: can apply for the Save Plan now, we'll put a

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Speaker 2: link to that in the show notes, but also stay

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Speaker 2: tuned next week we'll be talking about it in detail.

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Speaker 1: That's right for all of the student loan borrowers out there. Jill,

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Speaker 1: let's talk about buy now, pay later, because it has

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Speaker 1: gotten worse. We actually haven't talked smack about buy not

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Speaker 1: pay later in a minute, so it's about time for

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Speaker 1: us to revisit them. It's quarterly bashing that's due. Yeah,

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Speaker 1: So by now everyone knows that by now, pay later

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Speaker 1: it allows folks to buy essential whatever they want in installments,

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Speaker 1: pay a little bit now, and three more easy payments.

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Speaker 1: It's yours. It's like a of course they call them

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Speaker 1: easy payments because it's not gonna be hard. I'll make

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Speaker 1: it difficult. Basically, it's like a new form of layoway.

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Speaker 1: That's honestly, that's greatly inferior because you get the atom

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Speaker 1: right away, right like you get the item before you've

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Speaker 1: made all the payments. The difference here is that there's

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Speaker 1: no delayed gratification. You are getting that thing now, and

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Speaker 1: there is no build up to you actually receiving that

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Speaker 1: item or that experience that purchase waiting for it is

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Speaker 1: inherently motivating for you to actually do the thing sure

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Speaker 1: and to see it through, as opposed to getting the

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Speaker 1: thing and then afterwards they're like, oh, yeah, by the way,

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Speaker 1: you owe us, and it's like, uh, I don't want

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Speaker 1: to pay you because I already have the item, especially

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Speaker 1: considering this is for things that are going down in value, right,

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Speaker 1: Like who wants to continue to pay towards something where

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Speaker 1: you're like, well, shoot, by the time I get on

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Speaker 1: paying this paying for this thing, it's actually going to

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Speaker 1: be worth less than the total that I'm going to

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Speaker 1: be actually paying towards it.

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Speaker 2: By the way, the time you finish it makes me

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Speaker 2: think of eating a cupcake before you go for a

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Speaker 2: run versus making the reward afterwards. If I hit the

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Speaker 2: cupcake first, chances are I'm not going to go for

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Speaker 2: the run, right well yeah, Or I mean, like with

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Speaker 2: working out, it's okay. What if you could snap your

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Speaker 2: fingers and all of a sudden you're fit and you're

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Speaker 2: looking good, and it's just say, okay, but now you

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Speaker 2: have to work out for the next year, and your

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Speaker 2: only promise the results that you have now nobody lived.

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Speaker 1: That's just not how it actually works. But obviously by

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Speaker 1: now pay later, it is getting folks in serious financial trouble,

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Speaker 1: and it's actually getting worse because companies like Affirm after

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Speaker 1: pay Klarna, they're now offering other types of loans in

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Speaker 1: order to grow their business. No surprise here, they're offering

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Speaker 1: longer term loans with rates that can actually exceed what

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Speaker 1: you would pay if you used a credit card and

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Speaker 1: you didn't pay off the full balance.

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Speaker 2: Which is a bad idea also to use a credit

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Speaker 2: card and not be able to pay off the balance

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Speaker 2: on time and in full.

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Speaker 1: But my goodness.

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Speaker 2: Yeah, these these by non pay later companies are looking

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Speaker 2: for other ways to make money, and this is one

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Speaker 2: of them. And so Consumer Reports had a great rite

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Speaker 2: up on this and about how confusing it can be

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Speaker 2: at checkout when you think you're paying in installments and

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Speaker 2: you're getting that zero percent interest loan, but the last

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Speaker 2: screen actually at checkout could reveal much worse terms. And

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Speaker 2: so if you're moving fast, you're flying through that purchase,

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Speaker 2: it's easy to gloss over the finer details and you

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Speaker 2: might miss Wait a second, this new product isn't quite

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Speaker 2: like the old one that I was used to, And

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Speaker 2: so our advice would be to don't use buy now,

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Speaker 2: pay later ever for anything right if you can't afford

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Speaker 2: the item, if you don't have enough in your account

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Speaker 2: right now, wait to buy it, and if you do

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Speaker 2: opt to use these services, be careful as they're rolling

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Speaker 2: out these new loan products, like don't don't get hoodwinked

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Speaker 2: into a loan you didn't want, making that purchase cost

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Speaker 2: you even more overall, So it's buy now, pay later.

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Speaker 2: Wasn't good in the first place, it's it's getting even

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Speaker 2: worse with these new types of loans that they're offering.

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Speaker 2: So the best thing to do is just stay away.

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Speaker 1: Yeah, you can get in over your head with what

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Speaker 1: how much it is that you're spending. But also it

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Speaker 1: can dig up your credit too. Because these are actual

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Speaker 1: loans and there are hard pulls taking place, your credit

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Speaker 1: can be dinged, which you might be thinking, well, guys,

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Speaker 1: what do you care if my credit gets dinged? Because

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Speaker 1: we shouldn't be financing anything anyway, right, Well, except for

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Speaker 1: something like say a mortgage, where you can't and people

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Speaker 1: aren't typically out there paying cash. We just talked on

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Speaker 1: a recent episode about how important your credit score is. Yeah,

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Speaker 1: it impacts a whole bunch of other areas, not just

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Speaker 1: purchases that you're making. Sure, So okay, speaking of buying

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Speaker 1: in installments, longer loan terms are becoming more and more normalized.

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Speaker 1: You know that we hate seeing this, But Tesla they

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Speaker 1: made a move this week to start offering loans of

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Speaker 1: eighty four months in an attempt to drive down payments

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Speaker 1: for the customers. Actually, in Canada, you can finance that

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Speaker 1: new Tesla for ninety six months. And the reason their

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Speaker 1: their goal, of course, is to sell more cars. The

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Speaker 1: reason they're doing this is higher interest rates. Are trying

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Speaker 1: to keep monthly payments in check. And I'm sure this

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Speaker 1: is going to make more people feel like they can

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Speaker 1: afford a fancy, new expensive Model S or Model Y,

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Speaker 1: the new cyber truck or ABCD. I don't know what

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Speaker 1: you know. Just because you can now squeeze that monthly

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Speaker 1: payment into your budget, it doesn't mean that you should

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Speaker 1: actually pounce, because longer term loans come with higher interest

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Speaker 1: rates and you're gonna be upside down in that car

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Speaker 1: for a really long time. That's not in a position

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Speaker 1: that we want to see you in. Yeah, we're not

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Speaker 1: necessarily picking on Tesla here. We're picking on longer term loans.

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Speaker 1: Although lots of car dealerships have done this, Tesla is

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Speaker 1: just the latest car manufacturer who started offering you. Yeah,

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Speaker 1: and just because someone says, hey, we're going to offer

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Speaker 1: this doesn't mean you should take them up on it.

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Speaker 1: Right and longer, longer loan terms. They seem like the

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Speaker 1: answer to help you afford the new car you want,

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Speaker 1: But the real solution is to hold onto the car

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Speaker 1: you have for longer or to buy a cheaper car. Yes,

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Speaker 1: like those are those are the two options that you

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Speaker 1: should choose. Right, seven years is just too long to

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Speaker 1: sign yourself up for a loan payment. So we folks

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Speaker 1: will hear us talking on the show a lot about

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Speaker 1: how much I'm interested in a Tesla X because it's

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Speaker 1: got oh yeah, I can fit all six members of

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Speaker 1: my family in there, or they'll hear you pine after

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Speaker 1: a arrivan. We're not actually like there's there's a very

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Speaker 1: very small part of us that would really love that,

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Speaker 1: But like, am I actually going to fork over like

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Speaker 1: one hundred K for that Tesla that's decked out with

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Speaker 1: the capability of driving around my six family members? No,

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Speaker 1: I'm not going to do that. We have like eleven

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Speaker 1: year old minivan.

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Speaker 2: Even if we could afford it without refinancing it it drive,

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Speaker 2: which we can, We're not going to do it because

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Speaker 2: it's it's not in line with our values, so it's

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Speaker 2: not something we care about it enough. But it's especially

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Speaker 2: about idea if you if you'd have to finance it

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Speaker 2: at this longer, longer term, right, because the people who

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Speaker 2: are willing to lend you money, they're not always offering

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Speaker 2: you products that are best for your long term financial goals.

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Speaker 2: They're trying to get you in a new ride, gets

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Speaker 2: you to drive off, and they just want that payment

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Speaker 2: every single month, right, And so we prefer to see

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Speaker 2: every single hot of money listener pay cash for their

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Speaker 2: next car or opting for at most like a forty

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Speaker 2: two month loan, right, paying it off in three and

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Speaker 2: a half years instead of seven. That's way better for

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Speaker 2: your finances as a whole. It means you're not upside

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Speaker 2: down in that car for years on end, putting yourself

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Speaker 2: in financial peril essentially by extending the loan term. And

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Speaker 2: you know, when we're talking about buying a car, you

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Speaker 2: want to look at the total cost of ownership, not

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Speaker 2: just the payment amount.

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Speaker 1: Right.

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Speaker 2: If you're looking at the payment amount, you're likely to say,

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Speaker 2: I can squeeze that into my budget. But then you're

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Speaker 2: not looking at like your overall financial trajectory. You're just

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Speaker 2: looking at the payment, which is the crudest thing to

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Speaker 2: look at, and it's not really a good indication of

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Speaker 2: whether or not it's a smart buy.

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Speaker 1: That's right. Yeah, and again, it's just a bummer to

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Speaker 1: have to continue to make payments on something that isn't

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Speaker 1: worth what it is when you first bought it, right, Like,

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Speaker 1: it's just that's why we are in favor of taking

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Speaker 1: on reasonable debt for your house regard in the form

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Speaker 1: of a mortgage payment as well as student loans. Right

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Speaker 1: you are investing like it's your ability to make more

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Speaker 1: money in the future because of this degree that you're

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Speaker 1: requiring via these student loans. But the man the ability

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Speaker 1: to finance anything that depreciates in value makes me extremely squeamish.

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Speaker 1: But let's talk about utilities for a second, because The

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Speaker 1: Times had an article about a utility that used to

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Speaker 1: be reasonably priced, but it's not anymore. We're talking about

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Speaker 1: water each too. Oh, the average water bill has gone

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Speaker 1: up by fifty percent over the last decade, and evidently

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Speaker 1: this trend is likely going to continue as different municipalities,

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Speaker 1: different cities are having to repipe. I don't even know

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Speaker 1: where the words are they Their infrastructure is getting old

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Speaker 1: and pipes are cracking, so their happens isn't a place.

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Speaker 2: But it's important to note that there are things that

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Speaker 2: people can do when their water bill is going up. Right,

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Speaker 2: when the rates are going up on water, it doesn't

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Speaker 2: mean that you just have to take it on the chin,

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Speaker 2: that you just have to grin and bear it. And

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Speaker 2: so the first thing to note is that you can

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Speaker 2: change your behavior. And I still remember when George was

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Speaker 2: going through a drought and our then governor at the time,

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Speaker 2: Sonny Perdue, he had like southern twang and he was like,

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Speaker 2: take a shorter shower, and that was like his advice

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Speaker 2: to people as we're going through a drought. And it

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Speaker 2: was good advice because we all had to kind of

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Speaker 2: come together and do the same thing, like stop.

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Speaker 1: Water in your lawn and take a shorder shower.

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Speaker 2: Right, But that is like a legitimate thing that we

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Speaker 2: can do, is to shower a little bit less time,

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Speaker 2: maybe take five minutes off your shower, and that will

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Speaker 2: of course say water. But then there are other things

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Speaker 2: you can do. There are water saving devices that you

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Speaker 2: can implement into your home, like low flow toilets and

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Speaker 2: so that's something too, Matt, that a lot of people

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Speaker 2: can do without paying a dime. They might pay up

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Speaker 2: front for the toilet, but oftentimes their water company will

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Speaker 2: give them a rebate for installing a low flow toilet,

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Speaker 2: so you might have a better to By the way,

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Speaker 2: those have gotten better in recent years. I just actually

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Speaker 2: got a new low flow toilet and it rocks, like, yeah,

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Speaker 2: it's so much better than the versions from ten years ago.

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Speaker 1: It's the kind that, uh, like jets, all the water

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Speaker 1: is there? Yeah, no, is that one of those those

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Speaker 1: are low flow. I'm talking about the ones that like, no,

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Speaker 1: it's a duded jets and it's low flow. It's the

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Speaker 1: one that you can drop like a dozen hot dogs

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Speaker 1: like they used to have this kind and tried it,

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Speaker 1: so we dropped like twenty four hot dogs in it

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Speaker 1: or something and they flushed it. Like that sounds unnecessary,

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Speaker 1: but in that kind of toilet you want when your household,

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Speaker 1: you know what, maybe in your in your bathroom this week,

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Speaker 1: can come over, We'll test a hot dog flush on this.

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Speaker 1: I'm not sure how many hot dogs you can flush

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Speaker 1: waste of food. All I know is it's way more

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Speaker 1: impressive than my last low flow toilet, but also too,

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Speaker 1: you could install a low flow shower head that takes

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Speaker 1: like just minutes, it's not very expensive. And for outdoor watering,

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Speaker 1: like if your municipality, if your city allows you to

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Speaker 1: install a rain barrel, that can help too, instead of

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Speaker 1: like just turning on the hose and using fresh, nice

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Speaker 1: water to water your plants, Like maybe you can do

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Speaker 1: it for less money by doing that. And so, yeah,

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Speaker 1: everyone hates to see rates going up on the life's

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Speaker 1: most precious necessity, really like something we all need to

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Speaker 1: stay alive and to thrive. But there are ways that

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Speaker 1: we can push back and lower that bill even as

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Speaker 1: rates are going up. Yeah, and I'll say too, the

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Speaker 1: rain barrel thing is something that we do, so we

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Speaker 1: don't I think a lot of folks are just like man,

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Speaker 1: I've seen those things and people they do it for

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Speaker 1: a little bit and then they get tired of them,

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Speaker 1: and then they start getting nasty and moldy, and it's

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Speaker 1: just a haven for mosquitoes. I agree. I think all

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Speaker 1: that's true. What we did at our house, we actually

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Speaker 1: have a small trash can. It's like a thirty two

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Speaker 1: gallon rubber made trash can with a snap lid, and

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Speaker 1: we've got it positioned under a gut or downspout with

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Speaker 1: a flexible bottom part, and when we know that there's

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Speaker 1: a big storm in the forecast, when we know it's

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Speaker 1: going to rain, we'll open the lid, swing that flexible

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Speaker 1: down spot portion into the bucket, and we fill that

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Speaker 1: thing up and then we cap it off. That way,

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Speaker 1: the mosquitoes and other junk from like the trees and

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Speaker 1: bugs and all that doesn't get in there. So it's

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Speaker 1: like a it's not a permanent install either, yeah, exactly,

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Speaker 1: because once those things get I mean, it's an investment

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Speaker 1: first of all to get those giant actual rain burrows.

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Speaker 1: But yeah, it's it's just much more easy to it's

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Speaker 1: an easier way for us to manage having free rain.

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Speaker 1: And then you got you know, you got thirty two

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Speaker 1: gallons of fresh clean rain water that the indoor plants

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Speaker 1: in particular, they really like that. There you go. So

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Speaker 1: that's a way to actually implement the rainbarrow approach instead

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Speaker 1: of having to like go all in basically. But as

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Speaker 1: far as the shorter showers, I'm not sure if I'm

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Speaker 1: ever gonna take a shorter shower be able to make

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Speaker 1: that happen mess I like sunny produce, disappointed in me

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Speaker 1: being able to get in there mindlessly wash my body, relax.

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Speaker 1: It's more affordable than going and getting a massage. I'll

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Speaker 1: tell you that. That's sure. But one other utility that's

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Speaker 1: worth cutting altogether, though, is your landline. So no joke,

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Speaker 1: twenty five percent of Americans still have a landline. Twenty fifteen.

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Speaker 1: It was the year where we saw the majority of

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Speaker 1: American households go cell phone only. And while landline subscriptions

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Speaker 1: certainly they've steadily decreased, they haven't fallen off a cliff

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Speaker 1: like you would have expected. A quarter of people are

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Speaker 1: still paying that roughly forty to fifty dollars bill every

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Speaker 1: single month, costing themselves five hundred ish bucks a year

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Speaker 1: that they'd be better off sticking in their pockets. I

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Speaker 1: think for our listeners this is probably less likely you,

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Speaker 1: and it might more likely be your parents, and so

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Speaker 1: I think it's worth checking and to see if they

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Speaker 1: are still paying for an unnecessary landline, because like a

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Speaker 1: good question to ask them, like do you actually use

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Speaker 1: this thing or do you just like having it? Is

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Speaker 1: it a safety piece of mind? Is a safety blanket

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Speaker 1: or is it something that you're using to call your friends. Yes,

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Speaker 1: I don't think so. I think most folks are likely

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Speaker 1: just unaware that they're still paying for a basically irrelevant service.

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Speaker 1: And that was it Washington Post the story that was

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Speaker 1: that was running this. They had a map. I was

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Speaker 1: shocked to see too that the Northeast in particular have

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Speaker 1: the fewest number of households that are cell phone only,

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Speaker 1: specifically like New York, Maryland, Massachusetts. And I don't understand, like,

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Speaker 1: why is it that those Yeah, the Northeast, there are

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Speaker 1: just a lot of folks that are just hanging on

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Speaker 1: to those lane lines. Well, I think what they said

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Speaker 1: was it was something about when Verizon changed over to

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Speaker 1: being FiOS or something like that. It was early on

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Speaker 1: when landlines were still were still kind of normal, and

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Speaker 1: so they attributed to maybe kind of that sort of scenario.

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Speaker 1: But basically, maybe because it higher population density, old buildings,

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Speaker 1: maybe folks are just like, oh, it's already here. Maybe

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Speaker 1: I'll just keep paying it.

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Speaker 2: But I don't know, but basically it's it's a waste

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Speaker 2: of money for almost everyone. I think some people think that, oh,

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Speaker 2: if I call nine one one, it's going to be

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Speaker 2: better off, I'm better off doing it from a landline.

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Speaker 1: But that's not true anymore. Cell phones are because of

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Speaker 1: the robust GPS systems inside of your cell phone, they

410
00:17:57,160 --> 00:17:59,520
Speaker 1: can pinpoint where you are down to like inches now

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Speaker 1: when you call. So there's there's just no need to

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Speaker 1: have a landline. It's not keeping safer. And you know what,

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Speaker 1: you can your fifteen dollars a month mobile plan sure

414
00:18:07,520 --> 00:18:10,160
Speaker 1: beats your fifty dollars a month landline and you've got

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Speaker 1: a whole lot of money left over at the end

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Speaker 1: of the month. And plus, like if there's an emergency,

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Speaker 1: like if you've like fallen down or you're having like

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Speaker 1: chest pains or something you can't like, you're likely going

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Speaker 1: to have your cell phone in your pocket. So even

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Speaker 1: if you do have a landline, I'm like, I'm picturing

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Speaker 1: a scenario and are you gonna, like, let me make

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Speaker 1: it over to the actual landline that's over on the

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Speaker 1: bureau or you know, yeah, bedside table. No, You're probably

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Speaker 1: going to reach into your pocket and make that calling.

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Speaker 2: So there's basically like a help somebody that you know

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Speaker 2: out you probably don't have a landline, or if you do,

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Speaker 2: cancel it. But if you know somebody who might then

428
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Speaker 2: asking the question and get them to think about it.

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Speaker 2: From that, we've got more to get to on this episode. Specifically,

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Speaker 2: we want to talk about the credit downgrade that happened

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00:18:46,320 --> 00:18:48,720
Speaker 2: this week. What does that mean for you? We'll get

432
00:18:48,720 --> 00:18:50,240
Speaker 2: to that and more right after.

433
00:18:50,040 --> 00:19:01,760
Speaker 1: This A right, we're back. What does the credit downgrade

434
00:19:01,760 --> 00:19:03,439
Speaker 1: not only mean for us, what does it mean for

435
00:19:03,520 --> 00:19:06,080
Speaker 1: our country? Joel. We'll get to that here in a second,

436
00:19:06,119 --> 00:19:10,840
Speaker 1: but not Venezuela yet. But we haven't entered that Greece territory.

437
00:19:11,720 --> 00:19:14,240
Speaker 1: Let's get to our ludicrous headline of the week first.

438
00:19:14,240 --> 00:19:17,719
Speaker 1: This is from the Journal and the headline reads missing

439
00:19:17,760 --> 00:19:22,960
Speaker 1: millions real estate deal gone bad. Hits popular crowdfunder. So

440
00:19:23,000 --> 00:19:24,800
Speaker 1: if you listen to the show for a minute, you

441
00:19:24,880 --> 00:19:27,560
Speaker 1: know that we do like real estate investing. We like

442
00:19:27,600 --> 00:19:30,600
Speaker 1: it as a way to build wealth, but we are

443
00:19:30,640 --> 00:19:34,440
Speaker 1: actually pretty particular about the form that that real estate

444
00:19:34,520 --> 00:19:37,480
Speaker 1: investing takes. So for instance, buying a single family home,

445
00:19:37,640 --> 00:19:40,800
Speaker 1: buying a duplex, starting out by house hacking. These are

446
00:19:41,200 --> 00:19:44,119
Speaker 1: great ways of going about it, but we have never

447
00:19:44,480 --> 00:19:48,000
Speaker 1: been fond of the different platforms out there that have

448
00:19:48,080 --> 00:19:51,800
Speaker 1: the private ereads, crowd Street. They are one of the

449
00:19:51,800 --> 00:19:54,040
Speaker 1: most popular ones out there, and it turns out that

450
00:19:54,080 --> 00:19:58,560
Speaker 1: they have been raising cash from everyday investors to fund

451
00:19:58,600 --> 00:20:01,960
Speaker 1: deals that evidence were pretty shady to say the least.

452
00:20:02,000 --> 00:20:04,320
Speaker 2: Yeah, we've we've never done it ourselves. We've always recommended

453
00:20:04,359 --> 00:20:07,160
Speaker 2: against it. We even had these companies wanting to advertise

454
00:20:07,160 --> 00:20:08,639
Speaker 2: on the show or whatever, and we always say, no,

455
00:20:08,640 --> 00:20:10,919
Speaker 2: I don't remember that. Yeah, they don't align with our

456
00:20:10,960 --> 00:20:13,600
Speaker 2: mission and we don't think that they make sense for

457
00:20:13,640 --> 00:20:14,199
Speaker 2: our listeners.

458
00:20:14,200 --> 00:20:15,560
Speaker 1: And so in this so we don't have a spare

459
00:20:15,600 --> 00:20:16,960
Speaker 1: twenty five grand just sitting around.

460
00:20:17,640 --> 00:20:20,560
Speaker 2: Yeah, well, so in this in the research the journal did,

461
00:20:20,600 --> 00:20:23,280
Speaker 2: they found that and I quote, hundreds of crowdstreet users

462
00:20:23,320 --> 00:20:27,880
Speaker 2: lost some thirty four million dollars on nineteen deals that underperformed,

463
00:20:28,160 --> 00:20:30,840
Speaker 2: and a dozen of those deals lost nearly one hundred

464
00:20:30,840 --> 00:20:33,320
Speaker 2: percent of investor fund. So it's not like, oh, the

465
00:20:33,400 --> 00:20:35,720
Speaker 2: returns just weren't all they were cracked up to be. No, no, no,

466
00:20:35,800 --> 00:20:37,600
Speaker 2: you lost the money you stuck in there. And so

467
00:20:38,440 --> 00:20:41,280
Speaker 2: it's not just the returns were lower than expected. People's

468
00:20:41,320 --> 00:20:43,959
Speaker 2: cash went to zero that they stuck in with Crowdstreet,

469
00:20:44,359 --> 00:20:47,720
Speaker 2: and it's the projections are always super rosy on those

470
00:20:47,720 --> 00:20:49,800
Speaker 2: sites that make it sound like you're gonna crush twenty

471
00:20:49,840 --> 00:20:52,160
Speaker 2: eight percent cash on cash return. Well it's not to love,

472
00:20:52,520 --> 00:20:55,320
Speaker 2: but the vetting is less than stellar on some of

473
00:20:55,359 --> 00:20:56,920
Speaker 2: these deals, and that's kind of what the journal was

474
00:20:57,000 --> 00:20:59,960
Speaker 2: highlighting in this. And it's of course it's a tougher

475
00:21:00,040 --> 00:21:02,119
Speaker 2: time to invest in real estate than it has been

476
00:21:02,160 --> 00:21:04,880
Speaker 2: over the past decade, which just means that investors need

477
00:21:04,880 --> 00:21:07,800
Speaker 2: to pay even more attention than usual to the details,

478
00:21:07,800 --> 00:21:11,719
Speaker 2: to the specifics, and it just doesn't pan out in

479
00:21:11,960 --> 00:21:15,200
Speaker 2: many times the way these eerie crowdfunding sites say it's

480
00:21:15,240 --> 00:21:19,679
Speaker 2: going to. Yeah, and I guess I'm pretty dismayed that

481
00:21:19,680 --> 00:21:23,600
Speaker 2: crowdtreat would have. They treated investors so poorly on their platform,

482
00:21:23,920 --> 00:21:26,360
Speaker 2: allowing some of these investments on their sites, selling them

483
00:21:26,400 --> 00:21:29,439
Speaker 2: to the investors. They used their platform like they were

484
00:21:29,440 --> 00:21:31,000
Speaker 2: going to be great when they turned out to be

485
00:21:31,040 --> 00:21:33,159
Speaker 2: complete trash. And I don't know, man.

486
00:21:33,320 --> 00:21:35,199
Speaker 1: And it's not just underperformance, Like there was one in

487
00:21:35,200 --> 00:21:38,240
Speaker 1: particular that they were discussing that's actually here in Atlanta,

488
00:21:38,280 --> 00:21:39,920
Speaker 1: which is why it probably caught our eye. Yeah, Like

489
00:21:39,920 --> 00:21:42,160
Speaker 1: they're taught like it's a building that you drive under

490
00:21:42,240 --> 00:21:46,560
Speaker 1: literally when you're driving north on four hundred. But evidently

491
00:21:46,600 --> 00:21:48,159
Speaker 1: that building was a part of this deal that was

492
00:21:48,160 --> 00:21:50,639
Speaker 1: one of the biggest on crowd Street. And it seems

493
00:21:50,680 --> 00:21:53,400
Speaker 1: like it looks like that they're doing some they're still

494
00:21:53,400 --> 00:21:54,879
Speaker 1: doing some research, but it seems like that there was

495
00:21:54,880 --> 00:21:57,080
Speaker 1: a whole lot of fraud involved. It wasn't that it

496
00:21:57,200 --> 00:21:59,720
Speaker 1: just underperformed, but money was moved out of those accounts.

497
00:21:59,720 --> 00:22:02,439
Speaker 1: They weren't place in escrow like they were supposed to

498
00:22:02,440 --> 00:22:05,919
Speaker 1: have been done. Instead their moved to something like private

499
00:22:05,920 --> 00:22:09,000
Speaker 1: accounts of the developer or something like that, and so shady,

500
00:22:09,440 --> 00:22:12,320
Speaker 1: super shady, And it just goes to show that obviously

501
00:22:12,320 --> 00:22:15,359
Speaker 1: Crowdstreet they didn't do the due diligence and they just

502
00:22:15,440 --> 00:22:19,679
Speaker 1: overlooked some serious red flags that came up. And it

503
00:22:19,720 --> 00:22:22,520
Speaker 1: was individual investors who kind of found out what was

504
00:22:22,560 --> 00:22:24,720
Speaker 1: happening and brought it to the attention and a couple

505
00:22:24,800 --> 00:22:27,280
Speaker 1: of people who were super noisy, they were the squeaky Wheel.

506
00:22:27,359 --> 00:22:28,920
Speaker 1: They ended up getting their money back, but a whole

507
00:22:28,920 --> 00:22:32,120
Speaker 1: lot of people lost their money, tons and tons of emails.

508
00:22:32,200 --> 00:22:35,360
Speaker 2: Yes, yeah, exactly, And so it's our belief even more

509
00:22:35,359 --> 00:22:38,240
Speaker 2: so now that you should avoid these sites altogether if

510
00:22:38,280 --> 00:22:39,840
Speaker 2: you want to invest in real estate. Do it the

511
00:22:39,880 --> 00:22:43,840
Speaker 2: way we talk about and don't use these crowdfunded websites. Again,

512
00:22:43,880 --> 00:22:47,480
Speaker 2: the projections sound awesome, but the results can be lackluster.

513
00:22:47,600 --> 00:22:51,199
Speaker 2: And if these companies, if they're not buttoned up, there

514
00:22:51,240 --> 00:22:53,640
Speaker 2: could be fraud taking place behind the scene that could

515
00:22:53,680 --> 00:22:57,080
Speaker 2: part you from your money. It's very different than investing

516
00:22:57,280 --> 00:23:00,560
Speaker 2: in publicly traded real estate funds or investing in like

517
00:23:01,080 --> 00:23:02,840
Speaker 2: your own house for duplex.

518
00:23:02,480 --> 00:23:05,639
Speaker 1: That's right, Yeah, all right, let's talk about USA's credit

519
00:23:05,640 --> 00:23:08,840
Speaker 1: score trol You probably saw the wood from seven fifty

520
00:23:08,920 --> 00:23:13,240
Speaker 1: and six ninety, now, it's only fair, right. Everyone probably

521
00:23:13,280 --> 00:23:17,640
Speaker 1: saw the headline that Fitch Ratings they downgraded America from

522
00:23:17,720 --> 00:23:20,320
Speaker 1: triple A status, which is the highest that you can have,

523
00:23:20,400 --> 00:23:23,280
Speaker 1: down to a A plus, which is still great but

524
00:23:23,400 --> 00:23:26,240
Speaker 1: is not elite at least, So evidence that there's three

525
00:23:26,440 --> 00:23:31,640
Speaker 1: main rating agencies, and evidently Moody's is still the only

526
00:23:31,680 --> 00:23:32,400
Speaker 1: one that has.

527
00:23:32,560 --> 00:23:34,960
Speaker 2: They still got the US at the triple A standard

528
00:23:34,960 --> 00:23:36,480
Speaker 2: and ports brought us down back it was back in

529
00:23:36,480 --> 00:23:37,080
Speaker 2: twenty eleventh.

530
00:23:37,280 --> 00:23:40,080
Speaker 1: It's eleven after the government shut down. Then, that's right.

531
00:23:40,119 --> 00:23:42,879
Speaker 1: But and so this time or the reason that Fitch

532
00:23:43,000 --> 00:23:46,600
Speaker 1: downgraded the US, they cited quote A high and growing

533
00:23:46,720 --> 00:23:51,840
Speaker 1: general government debt burden and the erosion of governance. Which, yeah,

534
00:23:52,440 --> 00:23:54,359
Speaker 1: both of these things are definitely true. They're not wrong.

535
00:23:55,240 --> 00:23:58,240
Speaker 1: This is not a partisan problem either, right, This isn't

536
00:23:58,280 --> 00:24:00,320
Speaker 1: necessarily a political thing because our elected to fit on

537
00:24:00,359 --> 00:24:03,359
Speaker 1: both sides of the aisle love to spend money that

538
00:24:03,400 --> 00:24:06,800
Speaker 1: doesn't exist someone say like drunken sailors, in an effort

539
00:24:06,920 --> 00:24:10,200
Speaker 1: to win people over to appeal to their base. This

540
00:24:10,320 --> 00:24:13,879
Speaker 1: downgrade it's it's it's not an existential threat, but it

541
00:24:14,040 --> 00:24:18,119
Speaker 1: also isn't something that we want to just dismiss altogether.

542
00:24:18,200 --> 00:24:21,800
Speaker 2: Yeah, where some people are. Jamie Diamond, the CEO of Chase,

543
00:24:21,840 --> 00:24:24,320
Speaker 2: he basically said, oh, this is this is hogwash kind of.

544
00:24:24,400 --> 00:24:26,320
Speaker 2: I don't think he actually said hogwash, but that's basically

545
00:24:26,359 --> 00:24:29,000
Speaker 2: what he was alluding to, that this is no big deal.

546
00:24:29,560 --> 00:24:31,480
Speaker 2: This is we shouldn't pay attention to it at all.

547
00:24:31,760 --> 00:24:33,360
Speaker 2: And so that begs the question, well, just how big

548
00:24:33,400 --> 00:24:35,600
Speaker 2: of a deal is this? And Warren Buffett said this

549
00:24:35,600 --> 00:24:37,960
Speaker 2: week he's somebody we trust a whole lot. He said,

550
00:24:38,000 --> 00:24:41,000
Speaker 2: there are some things people shouldn't worry about. This is one.

551
00:24:41,440 --> 00:24:43,919
Speaker 2: So basically, don't worry A pretty little head, not a

552
00:24:43,920 --> 00:24:46,560
Speaker 2: big deal, and he's not wrong. We don't want you

553
00:24:46,640 --> 00:24:49,960
Speaker 2: to worry either, but it's it is important to kind

554
00:24:49,960 --> 00:24:51,320
Speaker 2: of parse through some of the details here. You know,

555
00:24:51,600 --> 00:24:54,920
Speaker 2: we still live in a country that is economically dynamic.

556
00:24:54,960 --> 00:24:57,840
Speaker 2: We live in one of the freest, most prosperous countries,

557
00:24:57,880 --> 00:25:01,040
Speaker 2: probably the freest, most prosperous country in the history of

558
00:25:01,119 --> 00:25:03,639
Speaker 2: the world. But we also don't think that this is

559
00:25:03,680 --> 00:25:06,920
Speaker 2: completely insignificant. And it's not that the federal government needs

560
00:25:06,960 --> 00:25:10,320
Speaker 2: to have a balanced budget like everyday Americans do deffit.

561
00:25:10,440 --> 00:25:15,000
Speaker 1: Oddly enough, that's not how governments work, unlike even unlike states,

562
00:25:15,000 --> 00:25:16,520
Speaker 1: which do have to balance their budgets.

563
00:25:16,600 --> 00:25:19,480
Speaker 2: Yeah, so deficit spending on a federal level, within reason,

564
00:25:19,880 --> 00:25:22,680
Speaker 2: can be a good thing at certain times. But revenue

565
00:25:22,680 --> 00:25:25,560
Speaker 2: it's not keeping pace with spending, and it hasn't for.

566
00:25:25,480 --> 00:25:26,040
Speaker 1: A long time.

567
00:25:26,040 --> 00:25:28,280
Speaker 2: We're looking at a national debt load of thirty two

568
00:25:28,359 --> 00:25:30,520
Speaker 2: trillion dollars, and when you look at the arc of

569
00:25:30,520 --> 00:25:33,119
Speaker 2: how much it's grown the past ten years, the past

570
00:25:33,160 --> 00:25:36,320
Speaker 2: few years in particular have been kind of it's grown

571
00:25:36,359 --> 00:25:38,760
Speaker 2: at an alarming pace. So the problem is getting worse,

572
00:25:39,000 --> 00:25:41,240
Speaker 2: and this is more likely what's been called a gray

573
00:25:41,359 --> 00:25:44,000
Speaker 2: rhino scenario, not a black Swan event. It's one of

574
00:25:44,040 --> 00:25:47,600
Speaker 2: those slow moving, easy to spot realities that's on the horizon.

575
00:25:47,800 --> 00:25:51,240
Speaker 2: It's not something that happens overnight that we was completely unexpected.

576
00:25:51,600 --> 00:25:54,600
Speaker 2: But we need leaders who are willing to do the

577
00:25:54,600 --> 00:25:56,840
Speaker 2: hard things and to address the problem, not pretend that

578
00:25:56,880 --> 00:25:59,200
Speaker 2: it doesn't exist. I think that's what Fitch is saying here,

579
00:25:59,280 --> 00:26:02,200
Speaker 2: is like, hey, there's a looming problem. We're not downgrading

580
00:26:02,240 --> 00:26:04,879
Speaker 2: you to as, but triple A to double A plus

581
00:26:05,200 --> 00:26:07,320
Speaker 2: like that should just be like a shot across the bow,

582
00:26:07,400 --> 00:26:10,200
Speaker 2: letting you know that some things need to change and

583
00:26:10,520 --> 00:26:13,480
Speaker 2: if they don't, there could be further degradation in the future.

584
00:26:13,680 --> 00:26:15,640
Speaker 1: That's right. Yeah, So what should we do about this?

585
00:26:15,720 --> 00:26:18,760
Speaker 1: As individuals? Folks might be wondering, does this change how

586
00:26:18,760 --> 00:26:20,920
Speaker 1: it is that I should be saving or investing? Maybe

587
00:26:20,920 --> 00:26:25,720
Speaker 1: I should move purely to international stocks. No, we don't

588
00:26:25,720 --> 00:26:27,760
Speaker 1: think you should change how it is you're investing, because

589
00:26:27,760 --> 00:26:30,720
Speaker 1: you know, you might see some minor market blips like

590
00:26:30,720 --> 00:26:33,560
Speaker 1: we saw this week, but we are investing for the

591
00:26:33,640 --> 00:26:36,159
Speaker 1: long term. And like we said, the US is the

592
00:26:36,200 --> 00:26:40,720
Speaker 1: most economically dynamic and diverse country in the world. We've

593
00:26:40,800 --> 00:26:44,239
Speaker 1: got the most free market that encourages competition, which then

594
00:26:44,320 --> 00:26:48,360
Speaker 1: leads to creative destruction and the ability for businesses basically

595
00:26:48,400 --> 00:26:51,840
Speaker 1: to thrive. We have more foreign dollars coming into the

596
00:26:51,920 --> 00:26:54,040
Speaker 1: US than any other country in the world because people

597
00:26:54,080 --> 00:26:59,000
Speaker 1: see the US as this bastion of progress basically, and

598
00:26:59,000 --> 00:27:01,280
Speaker 1: not to mention the ability for US to have freedoms

599
00:27:01,440 --> 00:27:04,000
Speaker 1: and liberties that we don't have in any other country.

600
00:27:04,160 --> 00:27:06,359
Speaker 1: And so all that being said, we want folks to

601
00:27:06,400 --> 00:27:09,520
Speaker 1: stay the course when it comes to your investing. But

602
00:27:10,240 --> 00:27:13,880
Speaker 1: this does reinforce our belief that taxes won't stay where

603
00:27:13,880 --> 00:27:17,200
Speaker 1: they are forever because the deficit and overall debt load,

604
00:27:17,280 --> 00:27:21,120
Speaker 1: it can't go up forever without leading to more serious problems. Right,

605
00:27:21,160 --> 00:27:24,880
Speaker 1: like what if all three so s and P downgraded US?

606
00:27:24,920 --> 00:27:28,479
Speaker 1: Fitch just did. What if Moodies in another ten years? Right,

607
00:27:28,520 --> 00:27:30,440
Speaker 1: it's like every ten years, maybe we get a shot

608
00:27:30,440 --> 00:27:33,880
Speaker 1: across the bow. Yeah, that could lead to some serious problems,

609
00:27:34,160 --> 00:27:36,760
Speaker 1: which is exactly what the folks at Fitch are trying

610
00:27:36,800 --> 00:27:39,960
Speaker 1: to point out. And the Tax Cuts and Jobs Act

611
00:27:40,000 --> 00:27:42,880
Speaker 1: it's set to expire in twenty twenty five, meaning that

612
00:27:42,920 --> 00:27:47,440
Speaker 1: without politicians coming to terms on a new taxation plan,

613
00:27:47,880 --> 00:27:50,560
Speaker 1: rates are going to go up. It makes honestly, it

614
00:27:50,560 --> 00:27:53,160
Speaker 1: makes raw vehicles right, whether it's via your four one

615
00:27:53,200 --> 00:27:56,639
Speaker 1: K or your Ira, it makes them even more attractive.

616
00:27:56,680 --> 00:27:59,440
Speaker 1: Now we want that to always be something that you do,

617
00:27:59,480 --> 00:28:04,000
Speaker 1: but you now have another reason to maybe for real,

618
00:28:04,040 --> 00:28:08,560
Speaker 1: for real do it. But bottom line, we are still

619
00:28:08,840 --> 00:28:11,159
Speaker 1: looking pretty pretty. You know, we're still looking good, but

620
00:28:11,200 --> 00:28:14,560
Speaker 1: we're not trending the right in the right direction like that.

621
00:28:14,560 --> 00:28:16,600
Speaker 1: That's what it feels like. We're still the best, but

622
00:28:16,760 --> 00:28:18,320
Speaker 1: are we going to continue to be the best in

623
00:28:18,320 --> 00:28:21,199
Speaker 1: the future. That depends on what our country does in

624
00:28:21,200 --> 00:28:21,520
Speaker 1: the future.

625
00:28:21,800 --> 00:28:23,640
Speaker 2: It's kind of like Lionel Messi, right, It's like he's

626
00:28:23,640 --> 00:28:25,840
Speaker 2: still at the top of his game, but he's thirty five.

627
00:28:25,960 --> 00:28:27,840
Speaker 1: Is he going to be the best in five ten

628
00:28:27,920 --> 00:28:30,080
Speaker 1: years from now? I don't. Probably, probably not.

629
00:28:30,000 --> 00:28:31,560
Speaker 2: But he's gonna be the He's still going to be

630
00:28:31,560 --> 00:28:33,480
Speaker 2: the best in MLS for this year, in the next

631
00:28:33,480 --> 00:28:35,240
Speaker 2: couple of years, you know, likelihood, because he's just that.

632
00:28:35,280 --> 00:28:36,320
Speaker 1: Much better than that.

633
00:28:36,320 --> 00:28:39,000
Speaker 2: That good and our country great metaphors, still has a

634
00:28:39,040 --> 00:28:42,400
Speaker 2: lot of those advantages, It's true, and so that's a

635
00:28:42,480 --> 00:28:45,320
Speaker 2: reason to not run around like a chicken with its

636
00:28:45,360 --> 00:28:47,480
Speaker 2: head cut off and freak out about this. But it's

637
00:28:47,480 --> 00:28:49,400
Speaker 2: also I don't know. I don't know that I can

638
00:28:49,480 --> 00:28:51,360
Speaker 2: one hundred percent agree with Jamie Diamond and be like

639
00:28:51,400 --> 00:28:53,360
Speaker 2: this is completely this is silliness.

640
00:28:52,960 --> 00:28:55,040
Speaker 1: Because so much of that is political as well. And

641
00:28:55,080 --> 00:28:57,560
Speaker 1: by the way, everyone knows that Jamie Diamond is great

642
00:28:57,560 --> 00:28:59,400
Speaker 1: at making predictions, like he was the one that said

643
00:28:59,400 --> 00:29:01,640
Speaker 1: that there's going to be a hurricane of a recession,

644
00:29:02,400 --> 00:29:04,680
Speaker 1: like you know, looming on the horizon. Obviously that was

645
00:29:04,800 --> 00:29:05,520
Speaker 1: having kind of past.

646
00:29:05,800 --> 00:29:08,160
Speaker 2: And every time you and I talk about recessions recessions,

647
00:29:08,200 --> 00:29:10,720
Speaker 2: what do we say are impending potential recessions? It's like

648
00:29:10,760 --> 00:29:14,720
Speaker 2: we're not predicting one. We couldn't And so people that do, we.

649
00:29:14,840 --> 00:29:16,480
Speaker 1: Try to like, I don't know, not listening to their

650
00:29:16,480 --> 00:29:19,640
Speaker 1: advice too intently, because yeah, it's the truth is they're

651
00:29:19,640 --> 00:29:22,040
Speaker 1: hard to predict. And but this is one of those

652
00:29:22,080 --> 00:29:23,760
Speaker 1: things where should it change what you do in the

653
00:29:23,840 --> 00:29:27,160
Speaker 1: day to day? No, Does it say something kind of

654
00:29:27,200 --> 00:29:29,480
Speaker 1: important about where we are as a country? Yeah, I

655
00:29:29,520 --> 00:29:29,840
Speaker 1: think it does.

656
00:29:29,920 --> 00:29:32,320
Speaker 2: I think it reflects where we currently are in an

657
00:29:32,320 --> 00:29:35,760
Speaker 2: accurate way. Our last story for today, Matt Republic Wireless

658
00:29:35,880 --> 00:29:38,600
Speaker 2: is shutting down and we haven't really talked about Republic

659
00:29:38,640 --> 00:29:42,240
Speaker 2: Wireless on the show before, but it felt like it's

660
00:29:42,240 --> 00:29:45,720
Speaker 2: worth mentioning because for listeners out there, and I'm sure

661
00:29:45,720 --> 00:29:47,920
Speaker 2: there are some who are with Republic, they're going to

662
00:29:47,960 --> 00:29:50,400
Speaker 2: be moved over to Boost Mobile, which is a pretty good,

663
00:29:50,400 --> 00:29:52,800
Speaker 2: low cost service and you shouldn't have to do anything,

664
00:29:52,880 --> 00:29:55,600
Speaker 2: but a portion of customers will need a new SIM card,

665
00:29:55,800 --> 00:29:58,080
Speaker 2: which should be receiving in the mail. And like I said,

666
00:29:58,080 --> 00:30:01,760
Speaker 2: we haven't really talked about them, largely because since we

667
00:30:01,760 --> 00:30:04,560
Speaker 2: started the show there have been better lower cost cell

668
00:30:04,560 --> 00:30:07,840
Speaker 2: phone service options out there, but we are kind of.

669
00:30:07,840 --> 00:30:11,440
Speaker 1: Better mv and o's specifically the mobile virtual Network operators,

670
00:30:11,520 --> 00:30:14,640
Speaker 1: but Republic Wireless kind of started the whole operation of

671
00:30:15,000 --> 00:30:17,680
Speaker 1: cheap NBA O service, right. They were one of the first,

672
00:30:17,880 --> 00:30:20,800
Speaker 1: one of the best for a while, and then it

673
00:30:20,800 --> 00:30:22,920
Speaker 1: felt like Midt Mobile, Google five, those guys kind of

674
00:30:22,920 --> 00:30:25,600
Speaker 1: came in, took over the mantle. They had better prices,

675
00:30:25,600 --> 00:30:27,680
Speaker 1: better service, all that kind of stuff. But I was

676
00:30:27,760 --> 00:30:30,120
Speaker 1: just sad to see Republic go because it felt like

677
00:30:30,160 --> 00:30:33,640
Speaker 1: they were innovators in that front, and so they were

678
00:30:33,680 --> 00:30:36,160
Speaker 1: kind of the gateway money saving drug that helped pave

679
00:30:36,240 --> 00:30:38,200
Speaker 1: ways for some of these other companies to come in

680
00:30:38,400 --> 00:30:41,600
Speaker 1: and do something similar. So we're gonna Missia Republic wireless

681
00:30:41,640 --> 00:30:43,600
Speaker 1: and there you have more of that creative destruction that

682
00:30:43,640 --> 00:30:46,000
Speaker 1: I was talking about earlier. Ye, that we've come to

683
00:30:46,000 --> 00:30:48,959
Speaker 1: embrace because would you want to if, yeah, what if

684
00:30:48,960 --> 00:30:52,160
Speaker 1: Republic was your only option? Would you want to continue

685
00:30:52,200 --> 00:30:53,959
Speaker 1: to be with them? As other companies are innovating Now

686
00:30:54,080 --> 00:30:56,960
Speaker 1: you hop ship and it leads to other companies doing

687
00:30:57,440 --> 00:30:59,280
Speaker 1: better things with what it is that the offerings. That's

688
00:30:59,320 --> 00:31:01,080
Speaker 1: one of the things that we love about offering more

689
00:31:01,080 --> 00:31:03,960
Speaker 1: for this country exactly. But that's gonna be it for

690
00:31:04,240 --> 00:31:06,960
Speaker 1: this episode, for this Friday flight. You can find links

691
00:31:06,960 --> 00:31:09,320
Speaker 1: to the different stories that we mentioned that we discussed

692
00:31:09,640 --> 00:31:11,640
Speaker 1: during this episode up on our show notes, up on

693
00:31:11,680 --> 00:31:15,080
Speaker 1: the website at howtomoney dot com. Everyone's pretty much getting

694
00:31:15,080 --> 00:31:16,560
Speaker 1: ready to go back to school, so I hope you

695
00:31:16,560 --> 00:31:18,600
Speaker 1: are enjoying these dog Why did they call it the

696
00:31:18,600 --> 00:31:20,560
Speaker 1: dog days this summer? Is it just because it's kind

697
00:31:20,560 --> 00:31:22,720
Speaker 1: of it's hot, It's at the very like the tail

698
00:31:22,840 --> 00:31:25,160
Speaker 1: end of summer. Not a whole lot going on, that

699
00:31:25,560 --> 00:31:26,160
Speaker 1: sounds about right.

700
00:31:26,200 --> 00:31:27,840
Speaker 2: So okay, and our kids went back this week and

701
00:31:27,840 --> 00:31:30,440
Speaker 2: that's been awesome, getting kind of back to the routine.

702
00:31:30,440 --> 00:31:32,560
Speaker 1: I missed the routine. I do too. I love summer,

703
00:31:32,600 --> 00:31:34,680
Speaker 1: but I also like love the end of summer. YEP,

704
00:31:34,720 --> 00:31:36,960
Speaker 1: it's good to get back to it somebuddy. That's gonna

705
00:31:36,960 --> 00:31:39,520
Speaker 1: be it for this episode until next time. Best Friends Out,

706
00:31:39,560 --> 00:31:40,600
Speaker 1: Best Friends Out,