1 00:00:00,040 --> 00:00:03,320 Speaker 1: Welcome to Hada Money. I'm Joel, I'm Matt and today 2 00:00:03,360 --> 00:00:07,280 Speaker 1: we're talking about AI investing, advice, bing shopping, and hating 3 00:00:07,320 --> 00:00:24,720 Speaker 1: on honey. 4 00:00:26,320 --> 00:00:28,200 Speaker 2: And you're not talking about the kind of honey that 5 00:00:28,360 --> 00:00:30,840 Speaker 2: bees make. Chel Some friends of ours actually have bees, 6 00:00:30,880 --> 00:00:32,360 Speaker 2: and so that's what came the money when you said 7 00:00:32,479 --> 00:00:34,480 Speaker 2: hating on honey. No, we're actually going to talk about 8 00:00:34,479 --> 00:00:39,080 Speaker 2: the browser extension app honey. But uh Man, Happy New Year. 9 00:00:39,520 --> 00:00:41,239 Speaker 2: So I think we said Happy New Year on our 10 00:00:41,240 --> 00:00:44,520 Speaker 2: Wednesday episode, but that was a bestie, which also means 11 00:00:44,520 --> 00:00:46,400 Speaker 2: we recorded that before the New year, so it didn't 12 00:00:46,400 --> 00:00:48,720 Speaker 2: actually feel like the new year, did not quite feel 13 00:00:48,720 --> 00:00:50,600 Speaker 2: like twenty twenty five. And this is the first episode 14 00:00:50,640 --> 00:00:53,280 Speaker 2: obviously that we're putting out that's fresh, that is an 15 00:00:53,320 --> 00:00:55,480 Speaker 2: actual twenty twenty five episode. So I wanted to go 16 00:00:55,520 --> 00:00:58,040 Speaker 2: ahead and put a a general welcome to twenty twenty 17 00:00:58,040 --> 00:01:00,440 Speaker 2: five salutation. I'm glad to be here, all of our 18 00:01:00,480 --> 00:01:02,240 Speaker 2: listeners out there, I'm glad to be here too, man, 19 00:01:02,360 --> 00:01:04,800 Speaker 2: and I will say. The thing that happens too, Matt 20 00:01:04,840 --> 00:01:06,440 Speaker 2: in at the beginning of a new year, at least 21 00:01:06,440 --> 00:01:11,640 Speaker 2: for personal finance shows, is there's like interest amongst newbies. Right, 22 00:01:11,680 --> 00:01:14,600 Speaker 2: you're addressing all of our new listeners, perhaps in DF 23 00:01:14,720 --> 00:01:17,640 Speaker 2: on the show. Yeah, smart, yeah, so thank you, thank you, 24 00:01:17,680 --> 00:01:20,200 Speaker 2: so glad you're here. We're glad the new listeners are 25 00:01:20,240 --> 00:01:23,240 Speaker 2: here too. If you have heard about the show, you've 26 00:01:23,240 --> 00:01:25,759 Speaker 2: migrated over or you've said, listen, I've got kind of 27 00:01:25,800 --> 00:01:29,119 Speaker 2: some money related goals i want to accomplish in twenty 28 00:01:29,160 --> 00:01:33,240 Speaker 2: twenty five. Well, hopefully this podcast can help you, from 29 00:01:33,280 --> 00:01:36,920 Speaker 2: an encouragement perspective and from an advice perspective kind of 30 00:01:37,000 --> 00:01:38,840 Speaker 2: pushed through in the right direction and make some of 31 00:01:38,840 --> 00:01:40,360 Speaker 2: those changes that you want to make so you can 32 00:01:40,360 --> 00:01:41,880 Speaker 2: flourish when it comes to your finances. 33 00:01:41,880 --> 00:01:43,480 Speaker 3: Like heck, yeah, that's what this show. 34 00:01:43,280 --> 00:01:45,840 Speaker 1: Is all about, is helping people do just that, so 35 00:01:45,880 --> 00:01:49,240 Speaker 1: that not so that they can become like massively Elon 36 00:01:49,320 --> 00:01:52,760 Speaker 1: Musk level rich Matt, of course, but to feel confident 37 00:01:52,760 --> 00:01:55,080 Speaker 1: about their finances so their finances aren't holding them back 38 00:01:55,120 --> 00:01:56,000 Speaker 1: from the things they want to do. 39 00:01:56,240 --> 00:01:56,880 Speaker 3: Absolutely. 40 00:01:56,960 --> 00:01:59,120 Speaker 2: Yeah, I would characterize what we've created here with how 41 00:01:59,120 --> 00:02:00,760 Speaker 2: the money. Oh, by the way, this is our seventh 42 00:02:00,840 --> 00:02:02,920 Speaker 2: year of the show. For new folks out there, this 43 00:02:02,960 --> 00:02:07,160 Speaker 2: isn't some fly by night operation, even though sometimes it 44 00:02:07,160 --> 00:02:08,520 Speaker 2: feels like it, right, because like, we don't have a 45 00:02:08,520 --> 00:02:10,919 Speaker 2: professional studio, Like we've rented out this carriage house you 46 00:02:10,960 --> 00:02:12,400 Speaker 2: and I we call it our clubhouse that we get 47 00:02:12,440 --> 00:02:15,000 Speaker 2: to hang out in record episodes. But we set out 48 00:02:15,000 --> 00:02:17,239 Speaker 2: to create a show that was super approachable, a show 49 00:02:17,240 --> 00:02:20,720 Speaker 2: that would be just practically implementable. Right. It's not even 50 00:02:20,919 --> 00:02:23,120 Speaker 2: a turner, but something that folks should hear something and 51 00:02:23,160 --> 00:02:25,680 Speaker 2: put it to and put into practice like the very 52 00:02:25,720 --> 00:02:28,239 Speaker 2: next day. While at the same time we are addressing 53 00:02:28,360 --> 00:02:32,160 Speaker 2: like core fundamentals of personal finance, Like we will address that, 54 00:02:32,440 --> 00:02:34,639 Speaker 2: but specifically I'll say on our Friday flight, we want 55 00:02:34,639 --> 00:02:38,200 Speaker 2: to make the learning not terribly arduous, right, and we 56 00:02:38,240 --> 00:02:40,120 Speaker 2: want it to be fun. Remove some of that jargon 57 00:02:40,240 --> 00:02:42,400 Speaker 2: that typically finds its way into a lot of like 58 00:02:42,400 --> 00:02:46,119 Speaker 2: personal finance discussion where there's something thos that you're gonna 59 00:02:46,120 --> 00:02:48,400 Speaker 2: have to learn, but we try to hopefully approach it 60 00:02:48,440 --> 00:02:50,679 Speaker 2: and describe it in a way that makes it a 61 00:02:50,760 --> 00:02:53,880 Speaker 2: little less frightening, right, like a little more accessible. Yeah, 62 00:02:53,880 --> 00:02:56,840 Speaker 2: anytime we use an acronym, I will always attempt to 63 00:02:57,360 --> 00:03:02,160 Speaker 2: explain what those letters stand for before assuming that listeners 64 00:03:02,200 --> 00:03:04,480 Speaker 2: out there also know also glad to be back with 65 00:03:05,040 --> 00:03:07,360 Speaker 2: people who've been here listening for years two, So that 66 00:03:07,440 --> 00:03:09,960 Speaker 2: is true. Well, on that note, Joel, if you want 67 00:03:09,960 --> 00:03:12,880 Speaker 2: to save more money in twenty twenty five, we would 68 00:03:12,919 --> 00:03:15,799 Speaker 2: suggest to make a resolution to do more of your 69 00:03:15,840 --> 00:03:20,880 Speaker 2: life offline, participate more in actual real life activities. And 70 00:03:20,919 --> 00:03:23,840 Speaker 2: these are things that don't have to be necessarily expensive. 71 00:03:23,960 --> 00:03:27,600 Speaker 2: They can help foster relationships in community as well, which 72 00:03:27,639 --> 00:03:29,880 Speaker 2: is something that I think we're missing as a society. 73 00:03:29,960 --> 00:03:31,560 Speaker 2: Is something that we talk about a decent bit here 74 00:03:31,600 --> 00:03:34,840 Speaker 2: on the show that isn't necessarily financially related. But one 75 00:03:34,840 --> 00:03:38,080 Speaker 2: of our favorite ways of doing this, and it appears 76 00:03:38,120 --> 00:03:40,320 Speaker 2: to be a little bit more in vogue these days, 77 00:03:40,400 --> 00:03:42,000 Speaker 2: is playing board games. 78 00:03:42,120 --> 00:03:42,440 Speaker 3: Yes. 79 00:03:42,680 --> 00:03:45,800 Speaker 2: Yeah, the New York Times they documented the rise of 80 00:03:45,840 --> 00:03:50,720 Speaker 2: board game clubs, specifically amongst Gen Z and millennials, And 81 00:03:51,080 --> 00:03:52,520 Speaker 2: this makes me so happy because I feel like we 82 00:03:52,520 --> 00:03:53,119 Speaker 2: were ahead of the curve. 83 00:03:53,160 --> 00:03:55,200 Speaker 3: Buddy. We did a whole episode on board. 84 00:03:54,960 --> 00:03:58,120 Speaker 2: Games many many years ago. Was it in fact the 85 00:03:58,160 --> 00:04:00,440 Speaker 2: first episode? No, the first episode was biking, Yeah, but 86 00:04:00,440 --> 00:04:03,040 Speaker 2: if the board games was like episode two or three 87 00:04:03,160 --> 00:04:06,920 Speaker 2: early like that. But I mean, the reason there's such 88 00:04:06,960 --> 00:04:08,880 Speaker 2: a good option for frugal folks out there is because 89 00:04:08,920 --> 00:04:12,120 Speaker 2: they can just provide an incredible return on investment with 90 00:04:12,240 --> 00:04:15,160 Speaker 2: what you're getting, just the joy and satisfaction that you're 91 00:04:15,160 --> 00:04:17,159 Speaker 2: getting out of that. Just think about all the hours 92 00:04:17,360 --> 00:04:20,240 Speaker 2: that you can derive from like a thirty forty to 93 00:04:20,320 --> 00:04:23,920 Speaker 2: fifty dollars board game like that is mind boggling. And granted, 94 00:04:24,000 --> 00:04:26,159 Speaker 2: some of the fancier board games or even they can 95 00:04:26,240 --> 00:04:27,800 Speaker 2: be more expensive than that, but you don't have to 96 00:04:27,839 --> 00:04:29,839 Speaker 2: start there, right, Like you can just start with Chess 97 00:04:29,880 --> 00:04:33,880 Speaker 2: super affordable before advancing to something that's got more game 98 00:04:33,880 --> 00:04:36,760 Speaker 2: pieces like Settlers of Catan. But I think buying a 99 00:04:36,760 --> 00:04:39,080 Speaker 2: game or two and finding some friends over finding a 100 00:04:39,200 --> 00:04:41,440 Speaker 2: maybe a local board game club that you can join, 101 00:04:41,560 --> 00:04:44,120 Speaker 2: that can be a brilliant use of just a few 102 00:04:44,160 --> 00:04:46,640 Speaker 2: dollars this year. Did you see in that in that 103 00:04:46,680 --> 00:04:49,200 Speaker 2: story some of the they profiled a bunch of folks 104 00:04:49,240 --> 00:04:52,080 Speaker 2: that are into this Rummy Cube. Oh yeah, that club. Yeah, 105 00:04:52,120 --> 00:04:57,680 Speaker 2: and they had the wild Card Joker tile tattooed. Have 106 00:04:57,720 --> 00:04:59,920 Speaker 2: you played that before? Rummy Cube? It's like a tie 107 00:05:00,080 --> 00:05:00,599 Speaker 2: with the numbers. 108 00:05:00,600 --> 00:05:00,960 Speaker 3: Oh yeah. 109 00:05:01,000 --> 00:05:03,200 Speaker 2: I would never have thought to get that as a tattoo, 110 00:05:03,240 --> 00:05:04,960 Speaker 2: but after seeing it on someone's arm, it. 111 00:05:04,880 --> 00:05:06,320 Speaker 3: Looks it looks so good. 112 00:05:06,720 --> 00:05:09,280 Speaker 2: I would not personally do this, but the fact that 113 00:05:09,320 --> 00:05:11,880 Speaker 2: like those tiles, it's stamped on there in such a 114 00:05:11,880 --> 00:05:15,279 Speaker 2: way that it really lends itself to a tattoo. And 115 00:05:15,279 --> 00:05:17,440 Speaker 2: while I couldn't see myself doing that, I'm one hundred 116 00:05:17,440 --> 00:05:20,520 Speaker 2: percent behind folks that are getting board game like tattoos. 117 00:05:21,160 --> 00:05:22,800 Speaker 3: Therefore I'm totally for it. 118 00:05:22,880 --> 00:05:25,159 Speaker 1: Well, I think this is, yeah, just a good reminder, 119 00:05:25,240 --> 00:05:29,040 Speaker 1: like there are so many freeways to have that time 120 00:05:29,080 --> 00:05:31,320 Speaker 1: together with people, and think about all the time that 121 00:05:31,400 --> 00:05:33,239 Speaker 1: a lot of people have had with family and friends 122 00:05:33,320 --> 00:05:35,200 Speaker 1: over these last couple of weeks, like working a little 123 00:05:35,240 --> 00:05:38,400 Speaker 1: bit less hopefully, And it's just a reminder that meant 124 00:05:38,400 --> 00:05:41,599 Speaker 1: that the simple joys are the best ones, and in 125 00:05:41,640 --> 00:05:44,200 Speaker 1: board games are one of those ways to I don't 126 00:05:44,240 --> 00:05:46,719 Speaker 1: have an activity to do together cost so little money. 127 00:05:46,839 --> 00:05:47,760 Speaker 3: Hiking is another one. 128 00:05:47,839 --> 00:05:50,080 Speaker 2: I was baking bread with a friend last night, Like 129 00:05:50,080 --> 00:05:53,159 Speaker 2: it's just such an easy, inexpensive thing to do, and like, man, 130 00:05:53,160 --> 00:05:55,400 Speaker 2: it facilitated great conversation. We also had kind of something 131 00:05:55,400 --> 00:05:56,840 Speaker 2: that we were doing at the same time. 132 00:05:56,800 --> 00:05:57,960 Speaker 3: Even old school puzzles. 133 00:05:58,120 --> 00:06:01,479 Speaker 1: Yeah, going out for cocktails way more expensive, okay, way 134 00:06:01,520 --> 00:06:03,360 Speaker 1: more expensive, especially cocktail prices these. 135 00:06:03,320 --> 00:06:06,040 Speaker 2: Days, we're not good for you. Let's just let's be honest. Yeah, 136 00:06:06,160 --> 00:06:08,320 Speaker 2: so I r L cheap stuff with friends. That's a 137 00:06:08,320 --> 00:06:11,520 Speaker 2: good thing to prioritize. We also have talked about Matt 138 00:06:11,560 --> 00:06:14,680 Speaker 2: the rise of physical activities that people are doing in 139 00:06:14,680 --> 00:06:17,479 Speaker 2: person together that don't cost much money either. F three 140 00:06:18,200 --> 00:06:20,720 Speaker 2: is if you if you look that up, that's uh. 141 00:06:21,279 --> 00:06:24,080 Speaker 2: Clubs are around the country where people are getting together 142 00:06:24,200 --> 00:06:26,679 Speaker 2: to do physical fitnes stuff early in the morning. Running 143 00:06:26,720 --> 00:06:29,279 Speaker 2: clubs on the cheap, on the chips the way to 144 00:06:29,279 --> 00:06:31,560 Speaker 2: do without instead of buying weights any money, they get 145 00:06:31,600 --> 00:06:33,839 Speaker 2: a cinder block, right, Like that's the way. They what 146 00:06:33,960 --> 00:06:37,120 Speaker 2: they called tokens or tickets, Like that's in the lingo. 147 00:06:37,279 --> 00:06:38,239 Speaker 3: I think that's called a ticket. 148 00:06:38,279 --> 00:06:41,080 Speaker 2: Okay, okay, so kind of cool, right that you get 149 00:06:41,080 --> 00:06:44,360 Speaker 2: fit and kind of make friends for essentially no money. 150 00:06:44,520 --> 00:06:46,440 Speaker 2: Running clubs that's another thing that are. They're kind of 151 00:06:46,440 --> 00:06:49,159 Speaker 2: like springing up across the country. I run by myself, 152 00:06:49,160 --> 00:06:51,599 Speaker 2: sometimes run with other people. Sometimes it's really fun to 153 00:06:51,720 --> 00:06:53,760 Speaker 2: I'm still waiting for you to create your own mountain 154 00:06:53,839 --> 00:06:54,240 Speaker 2: running club. 155 00:06:54,520 --> 00:06:55,400 Speaker 3: Running. Yeah. 156 00:06:55,560 --> 00:06:57,440 Speaker 1: Hey, well actually I got run with you and maybe 157 00:06:57,440 --> 00:06:59,040 Speaker 1: I'll put this out there but a couple of listeners 158 00:06:59,080 --> 00:07:00,560 Speaker 1: reached out and they were like, hey, here you run, 159 00:07:00,600 --> 00:07:01,240 Speaker 1: we live close by. 160 00:07:01,240 --> 00:07:01,960 Speaker 3: Do you want to run together? 161 00:07:02,000 --> 00:07:05,279 Speaker 2: And I was like, sure, anybody else who lives locally 162 00:07:05,320 --> 00:07:07,520 Speaker 2: and wants to run with us later this month, just 163 00:07:07,640 --> 00:07:09,920 Speaker 2: send an email over I'll get you included on that. 164 00:07:10,120 --> 00:07:11,800 Speaker 2: But if fitness is like, let's say one of your 165 00:07:11,800 --> 00:07:13,520 Speaker 2: main goals for twenty twenty five, which matt for a 166 00:07:13,520 --> 00:07:16,400 Speaker 2: lot of people it typically is, I think it's important 167 00:07:16,400 --> 00:07:18,640 Speaker 2: to mention that you don't necessarily have to buy an 168 00:07:18,680 --> 00:07:22,480 Speaker 2: expensive gym membership, and that the free options might actually 169 00:07:22,560 --> 00:07:25,840 Speaker 2: be more enjoyable, and they could ensure that you're actually 170 00:07:25,880 --> 00:07:28,520 Speaker 2: going to stick with the fitness regimen that you're trying 171 00:07:28,560 --> 00:07:32,200 Speaker 2: to achieve. I think there's something really powerful about the 172 00:07:32,560 --> 00:07:36,280 Speaker 2: accountability and the enjoyment that peers can provide, even more 173 00:07:36,280 --> 00:07:39,480 Speaker 2: powerful maybe than the money you might otherwise be sinking 174 00:07:39,480 --> 00:07:42,120 Speaker 2: into a gym membership. And you say, great, now that 175 00:07:42,160 --> 00:07:44,080 Speaker 2: I've bought this gym membership, it's going to force me 176 00:07:44,120 --> 00:07:47,480 Speaker 2: to go. But even still, you don't go if you 177 00:07:47,640 --> 00:07:49,400 Speaker 2: know you're going to let your friends down because you're 178 00:07:49,440 --> 00:07:52,480 Speaker 2: supposed to meet Tuesday morning at six o'clock to go 179 00:07:52,520 --> 00:07:55,200 Speaker 2: for that run. That's I think that's more powerful because 180 00:07:55,240 --> 00:07:57,320 Speaker 2: if you don't show up, they're like, why'd you bail 181 00:07:57,320 --> 00:07:58,760 Speaker 2: on us? Sarah, why'd you bail on us? 182 00:07:58,760 --> 00:07:59,000 Speaker 3: Tim? 183 00:07:59,000 --> 00:08:02,600 Speaker 2: Like whatever your name is? And that getting pretty specific there, 184 00:08:02,880 --> 00:08:07,360 Speaker 2: l Yeah, terribly let me down the other day, So you're, yeah, 185 00:08:07,520 --> 00:08:09,920 Speaker 2: I think trying to do that with other people and 186 00:08:10,000 --> 00:08:12,400 Speaker 2: finding those those groups where you're gonna find that sort 187 00:08:12,400 --> 00:08:15,600 Speaker 2: of accountability, I guess maybe especially as fitness is something 188 00:08:15,600 --> 00:08:17,280 Speaker 2: that's on the mind of a lot of people. Sure 189 00:08:17,320 --> 00:08:18,720 Speaker 2: at the very beginning of the beginning of the year, 190 00:08:18,760 --> 00:08:20,080 Speaker 2: it's just a reminder you don't have to spend lots 191 00:08:20,080 --> 00:08:22,280 Speaker 2: of money that you get there. That being said, I 192 00:08:22,320 --> 00:08:24,480 Speaker 2: mean a buddy of ours that was coming over to 193 00:08:24,520 --> 00:08:26,600 Speaker 2: work out with me. One of the things he cited 194 00:08:26,840 --> 00:08:28,880 Speaker 2: for why he went back to the gym was that 195 00:08:28,960 --> 00:08:31,320 Speaker 2: he felt he needed a little bit more skin in 196 00:08:31,360 --> 00:08:33,360 Speaker 2: the game, a little more financial buy in, and for him, 197 00:08:33,520 --> 00:08:35,800 Speaker 2: he realized was easier for him to be like, well, 198 00:08:36,200 --> 00:08:38,160 Speaker 2: it's free, I'm not paying anything to go over to 199 00:08:38,200 --> 00:08:41,000 Speaker 2: Matt's garage and to work out, And so he specifically 200 00:08:41,040 --> 00:08:45,040 Speaker 2: cited he didn't mind letting you down which maybe maybe 201 00:08:45,040 --> 00:08:47,760 Speaker 2: that means I need to be meaner or a little 202 00:08:47,760 --> 00:08:50,480 Speaker 2: more of a drill sergeant. Obviously I'm not a coach 203 00:08:50,520 --> 00:08:52,080 Speaker 2: and so I'm not able to provide that, and so 204 00:08:52,240 --> 00:08:54,040 Speaker 2: maybe he was also being nice try to let me 205 00:08:54,080 --> 00:08:56,000 Speaker 2: off the hook in. 206 00:08:55,920 --> 00:08:57,600 Speaker 3: A very gentle way. 207 00:08:57,880 --> 00:09:00,320 Speaker 2: Yeah, exactly, without hurting my feelings. But I think that's 208 00:09:00,320 --> 00:09:01,840 Speaker 2: a part of it too. When folks do have skin 209 00:09:01,920 --> 00:09:04,680 Speaker 2: in the game, they might be more willing to I 210 00:09:04,679 --> 00:09:06,200 Speaker 2: don't know, follow through with it, but what I would 211 00:09:06,240 --> 00:09:08,360 Speaker 2: say is whatever works for you, we'll just go for it. 212 00:09:08,559 --> 00:09:10,720 Speaker 3: That's how it is that you're going to succeed. Joe. 213 00:09:10,760 --> 00:09:13,960 Speaker 2: Let's talk about gigwork because it seems to be changing 214 00:09:14,000 --> 00:09:17,360 Speaker 2: pretty quickly these days. Now you can side hustle for 215 00:09:17,520 --> 00:09:19,800 Speaker 2: one business today and then you can side hustle for 216 00:09:19,880 --> 00:09:23,200 Speaker 2: another business tomorrow, where essentially you have the ability to 217 00:09:23,240 --> 00:09:27,040 Speaker 2: bounce around for the highest pay. So the Financial Times 218 00:09:27,040 --> 00:09:29,400 Speaker 2: they wrote about these new apps that are currently operating 219 00:09:29,440 --> 00:09:32,680 Speaker 2: over in Europe, like young Ones. So this is an 220 00:09:32,720 --> 00:09:35,599 Speaker 2: app over there, but it allows you to post your availability, 221 00:09:36,000 --> 00:09:39,520 Speaker 2: your desired pay, and we know companies who are also 222 00:09:39,559 --> 00:09:42,040 Speaker 2: on the app when they have a need for workers 223 00:09:42,040 --> 00:09:44,240 Speaker 2: to fill shifts, well, they can sign you up, they 224 00:09:44,240 --> 00:09:46,120 Speaker 2: slought you in. By the way, it's called young ones. 225 00:09:46,120 --> 00:09:48,280 Speaker 2: I would have called it youngsters if I was created app. 226 00:09:48,280 --> 00:09:50,520 Speaker 2: But that's just the way I see. There's like a 227 00:09:50,559 --> 00:09:54,240 Speaker 2: difference between British English and American English. But of course, 228 00:09:54,800 --> 00:09:56,959 Speaker 2: because this is an app and we're talking about the 229 00:09:57,000 --> 00:10:00,120 Speaker 2: appification and the rating system of everything, you get to raise. 230 00:10:00,080 --> 00:10:01,280 Speaker 3: Each other after the fact. 231 00:10:01,920 --> 00:10:05,880 Speaker 2: I think it sounds promising, particularly for seasonal jobs, but 232 00:10:05,920 --> 00:10:07,960 Speaker 2: I think it can also come with some real pitfalls. 233 00:10:08,240 --> 00:10:11,720 Speaker 2: We've always talked about gigwork, how that can be great 234 00:10:11,760 --> 00:10:14,560 Speaker 2: for making money in a pinch, but it is far 235 00:10:14,720 --> 00:10:17,720 Speaker 2: inferior to trying to level up your pay at your 236 00:10:17,720 --> 00:10:20,319 Speaker 2: current job or even working to start your own business. 237 00:10:20,360 --> 00:10:22,920 Speaker 2: Finding a way to take something that could technically be 238 00:10:23,480 --> 00:10:26,240 Speaker 2: considered gigwork, but actually, let's make this like a side 239 00:10:26,240 --> 00:10:28,240 Speaker 2: gig that you are doing on the side individually, as 240 00:10:28,280 --> 00:10:31,680 Speaker 2: opposed to participating within this sort of ecosystem where you 241 00:10:31,720 --> 00:10:34,839 Speaker 2: are a little bit more locked in. New apps, you know, 242 00:10:34,880 --> 00:10:36,360 Speaker 2: they make it easier to get gigs. I don't think 243 00:10:36,360 --> 00:10:38,840 Speaker 2: they're much of a solution for most folks out there, 244 00:10:39,120 --> 00:10:42,119 Speaker 2: And honestly, it kind of feels like like temp agencies. 245 00:10:42,160 --> 00:10:45,200 Speaker 2: You know, yes, Ryan from the office, right, it kind 246 00:10:45,240 --> 00:10:48,400 Speaker 2: of feels like temp agency two point zero. Essentially, it's 247 00:10:48,440 --> 00:10:50,880 Speaker 2: just like an easier way to access some of those jobs. 248 00:10:50,679 --> 00:10:51,120 Speaker 3: That are out there. 249 00:10:51,120 --> 00:10:54,480 Speaker 1: And I think for people listening, they might say, oh, 250 00:10:54,520 --> 00:10:57,560 Speaker 1: one of my goals for twenty twenty five is to 251 00:10:57,760 --> 00:11:02,520 Speaker 1: make more money, and you might instinctively reach to the 252 00:11:02,559 --> 00:11:05,960 Speaker 1: gig apps or see something like this and say. 253 00:11:05,800 --> 00:11:07,920 Speaker 3: Well, great, I should I should totally. 254 00:11:07,559 --> 00:11:09,720 Speaker 2: Sign up for this thing and do and make money 255 00:11:09,960 --> 00:11:12,880 Speaker 2: on the side, whether it's striving for uber. I mean, 256 00:11:13,080 --> 00:11:15,160 Speaker 2: there are so many many more ways that you can 257 00:11:15,200 --> 00:11:18,000 Speaker 2: gig and freelance. But I think you're right, Matt, like 258 00:11:18,320 --> 00:11:21,160 Speaker 2: you might be a way to instantly turn on the 259 00:11:21,200 --> 00:11:23,640 Speaker 2: faucet of a little extra income, but when it comes 260 00:11:23,720 --> 00:11:28,400 Speaker 2: to sustainability of being able to make more money, it's 261 00:11:28,880 --> 00:11:30,760 Speaker 2: it works in a pinch, but it's not necessarily the 262 00:11:30,760 --> 00:11:34,480 Speaker 2: best long term strategy. Speaking of work, more working adults 263 00:11:34,640 --> 00:11:38,400 Speaker 2: expect to rely mainly on social security in retirements. Fifty 264 00:11:38,440 --> 00:11:41,200 Speaker 2: three percent of people is a new study who are 265 00:11:41,240 --> 00:11:44,680 Speaker 2: are still working. They basically are saying that social security 266 00:11:44,800 --> 00:11:47,480 Speaker 2: is a vital lifeline for them in retirement. And so 267 00:11:48,440 --> 00:11:51,640 Speaker 2: the reality is that Social Security is this implicit and 268 00:11:52,280 --> 00:11:55,920 Speaker 2: explicit promise from the US government for all of us 269 00:11:55,960 --> 00:11:58,600 Speaker 2: who work and pay into the system, and folks who 270 00:11:58,600 --> 00:12:01,320 Speaker 2: get a monthly check they write expect to get that 271 00:12:01,440 --> 00:12:03,720 Speaker 2: check because they've been paying into the system for decades. 272 00:12:03,960 --> 00:12:07,400 Speaker 2: So even somebody like myself, Matt, like we know we 273 00:12:07,440 --> 00:12:09,360 Speaker 2: talk about how the Social Security system has to be 274 00:12:09,800 --> 00:12:13,280 Speaker 2: fixed because it's not necessarily set up to succeed over 275 00:12:13,480 --> 00:12:15,559 Speaker 2: the long term. But you and I we've been paying. 276 00:12:15,600 --> 00:12:17,400 Speaker 2: I mean, I've been paying into Social Security since I 277 00:12:17,520 --> 00:12:20,840 Speaker 2: was fifteen and I'm forty, says the first job, and 278 00:12:20,880 --> 00:12:24,040 Speaker 2: I will not be happy. Although my expectations are not 279 00:12:24,400 --> 00:12:26,800 Speaker 2: necessarily to the moon for how much I'm going to 280 00:12:26,800 --> 00:12:28,520 Speaker 2: receive in sociecurity, but I'm not going to be happy 281 00:12:28,800 --> 00:12:32,480 Speaker 2: if the system changes significantly, reducing my payout. And so, 282 00:12:32,600 --> 00:12:34,680 Speaker 2: because of these medium and long term hurdles that Social 283 00:12:34,679 --> 00:12:38,320 Speaker 2: Security faces, which could and likely will result in smaller 284 00:12:38,320 --> 00:12:42,480 Speaker 2: payouts for gen Z, for millennials, for future generations. It's 285 00:12:42,480 --> 00:12:44,920 Speaker 2: not that younger workers shouldn't expect that they're going to 286 00:12:44,960 --> 00:12:47,840 Speaker 2: get back some of what they put in. But the 287 00:12:47,920 --> 00:12:50,640 Speaker 2: truth is the reality situation, we might not get the 288 00:12:50,679 --> 00:12:53,280 Speaker 2: sweet deal that our parents got. And I think it's 289 00:12:53,320 --> 00:12:57,200 Speaker 2: important for all young investors to realize that an over 290 00:12:57,280 --> 00:13:00,800 Speaker 2: reliance or having too high of an expectation of what 291 00:13:00,880 --> 00:13:03,560 Speaker 2: Social Security is going to provide for them, it could 292 00:13:03,640 --> 00:13:08,280 Speaker 2: equate to not saving enough to have those comfortable retirement 293 00:13:08,360 --> 00:13:11,040 Speaker 2: years later on down the road. I think it's important 294 00:13:11,080 --> 00:13:13,360 Speaker 2: to hope for the best, but to plan for the worst, 295 00:13:13,400 --> 00:13:17,360 Speaker 2: which means increasing what you're investing. And hey, if social 296 00:13:17,360 --> 00:13:20,960 Speaker 2: Security pays out in the current form, the current projections 297 00:13:20,960 --> 00:13:22,760 Speaker 2: that you find when you go to a social you know, 298 00:13:22,800 --> 00:13:26,000 Speaker 2: when you go to Social Security's website, the doc ofv website, 299 00:13:26,200 --> 00:13:29,000 Speaker 2: that's amazing. Be thankful for that. But the truth is 300 00:13:29,200 --> 00:13:31,880 Speaker 2: we're likely to see something like, you know, seventy seventy 301 00:13:31,880 --> 00:13:35,200 Speaker 2: five percent, at least the younger folks of what those 302 00:13:35,240 --> 00:13:37,680 Speaker 2: projections state. That's right, man, Hey, we've got a money 303 00:13:37,720 --> 00:13:40,680 Speaker 2: story here from Yeahoo. Did you have a Yahoo email address? 304 00:13:40,760 --> 00:13:41,000 Speaker 3: Joel? 305 00:13:41,040 --> 00:13:42,280 Speaker 2: Back in the day, I feel like that was like 306 00:13:42,320 --> 00:13:46,200 Speaker 2: the Gateway email address provider back until Gmail came along, 307 00:13:46,240 --> 00:13:49,600 Speaker 2: and that was like the cool onember for the Gmail. 308 00:13:49,679 --> 00:13:52,319 Speaker 2: When Gmail first came about, didn't they limit the amount 309 00:13:52,320 --> 00:13:53,120 Speaker 2: of people that could sign up. 310 00:13:53,120 --> 00:13:53,840 Speaker 3: I was like, I felt like I. 311 00:13:53,880 --> 00:13:56,040 Speaker 2: Was waiting for the don't remember for the invite. Sounds 312 00:13:56,080 --> 00:13:58,760 Speaker 2: like Facebook back in the day. Yeah, only for folks 313 00:13:58,760 --> 00:14:00,600 Speaker 2: who are actually in college. But it only made you 314 00:14:00,600 --> 00:14:00,920 Speaker 2: want it. 315 00:14:00,880 --> 00:14:03,840 Speaker 3: More, the forbidden fruit. Uh huh. 316 00:14:03,840 --> 00:14:06,560 Speaker 2: Now this is from Yahoo Finance. They recently highlighted how 317 00:14:06,800 --> 00:14:10,359 Speaker 2: new fee structures how they're making financial advice more attainable 318 00:14:10,640 --> 00:14:13,840 Speaker 2: for the masses. So not only has you know, technology, 319 00:14:13,960 --> 00:14:16,240 Speaker 2: not only have new business models out there made it 320 00:14:16,280 --> 00:14:18,360 Speaker 2: easier and cheaper to invest, but it's also had the 321 00:14:18,400 --> 00:14:23,600 Speaker 2: same result in the financial advice space. The traditional assets 322 00:14:23,640 --> 00:14:25,680 Speaker 2: under management fee structure that's out there, it's still the 323 00:14:25,720 --> 00:14:28,200 Speaker 2: most popular, but new startups have come along in the 324 00:14:28,280 --> 00:14:31,720 Speaker 2: last few years then make financial advice far more accessible 325 00:14:32,000 --> 00:14:34,920 Speaker 2: to again the masses, to normal folks out there. Hello 326 00:14:35,000 --> 00:14:37,760 Speaker 2: Nectarine is one that we've mentioned where they've got like 327 00:14:37,800 --> 00:14:39,560 Speaker 2: a flat fee structure you pay on hundred fifty bucks 328 00:14:39,600 --> 00:14:42,560 Speaker 2: for one hour with a certified Financial planner a CFP, 329 00:14:42,760 --> 00:14:45,720 Speaker 2: which is super solid and if you want not just 330 00:14:45,760 --> 00:14:47,520 Speaker 2: an hour advice, but let's say you want a whole 331 00:14:47,520 --> 00:14:50,000 Speaker 2: financial plan, but maybe you don't want to sign up 332 00:14:50,040 --> 00:14:54,120 Speaker 2: for a dramatic annual fee. Well, we would recommend Domain money. 333 00:14:54,320 --> 00:14:56,440 Speaker 2: They can help for a whole lot less than that 334 00:14:56,480 --> 00:14:58,600 Speaker 2: one percent of assets under management. 335 00:14:58,320 --> 00:14:59,840 Speaker 3: And we should mention they sponsored the show. 336 00:15:00,120 --> 00:15:02,320 Speaker 2: Disclaimer, full disclaimer, they are an advertising but. 337 00:15:02,360 --> 00:15:05,120 Speaker 1: We also we like their service and we like what 338 00:15:05,120 --> 00:15:06,800 Speaker 1: they're doing, and we like the price point through offering. 339 00:15:06,640 --> 00:15:08,960 Speaker 2: Exactly that being said, and everybody who's listening right here, 340 00:15:09,040 --> 00:15:11,720 Speaker 2: like right now, they do not need a financial advisor. 341 00:15:11,800 --> 00:15:13,760 Speaker 2: But I think for those out there who who might 342 00:15:14,040 --> 00:15:15,640 Speaker 2: want one in the future, or maybe they do want 343 00:15:15,640 --> 00:15:17,920 Speaker 2: one right now, especially if you're getting closer to retirement 344 00:15:17,960 --> 00:15:20,240 Speaker 2: you want somebody to crutch your numbers, they are more 345 00:15:20,520 --> 00:15:23,560 Speaker 2: accessible than ever now without paying that again, that one 346 00:15:23,560 --> 00:15:24,320 Speaker 2: percent anual fee. 347 00:15:24,360 --> 00:15:24,600 Speaker 3: Yeah. 348 00:15:24,840 --> 00:15:29,400 Speaker 1: I like how technology is changing the financial advice space 349 00:15:29,440 --> 00:15:31,680 Speaker 1: and it's making it more accessible to people who want 350 00:15:31,920 --> 00:15:33,960 Speaker 1: even just like a second opinion. Right You're like, I 351 00:15:33,960 --> 00:15:36,320 Speaker 1: think I know what I'm doing, but I would love 352 00:15:36,400 --> 00:15:39,680 Speaker 1: to have somebody a second set of eyes. It's amazing 353 00:15:39,760 --> 00:15:43,160 Speaker 1: how how much less expensive it's become to hire that 354 00:15:43,200 --> 00:15:45,080 Speaker 1: person to do the thing, instead of feeling like you 355 00:15:45,120 --> 00:15:47,920 Speaker 1: gotta link arms and you got to walk down the 356 00:15:47,920 --> 00:15:50,160 Speaker 1: next thirty years of your life together with one specific 357 00:15:50,160 --> 00:15:52,600 Speaker 1: financial advisor who's charging you a boatload every single year, 358 00:15:52,720 --> 00:15:55,800 Speaker 1: dramatically reducing the amount of money that you're accruing for 359 00:15:55,840 --> 00:15:58,360 Speaker 1: yourself for your future retirement. Totally a lot of ways 360 00:15:58,360 --> 00:15:59,960 Speaker 1: where you can just get the advice when you need. 361 00:15:59,880 --> 00:16:01,560 Speaker 2: It along the way, I think that old model it 362 00:16:01,600 --> 00:16:03,720 Speaker 2: almost felt like you were marrying somebody, and this is like, 363 00:16:03,760 --> 00:16:05,800 Speaker 2: I don't know if I'm ready for this kind of 364 00:16:05,800 --> 00:16:07,920 Speaker 2: the relationship, this kind of commitment, as opposed to just 365 00:16:07,960 --> 00:16:09,720 Speaker 2: being like, let me just get a quick, quick, little 366 00:16:09,800 --> 00:16:10,040 Speaker 2: check in. 367 00:16:10,200 --> 00:16:13,520 Speaker 1: I think our generation and the next general we're just 368 00:16:13,600 --> 00:16:17,280 Speaker 1: less committal in general, so maybe it feels a little 369 00:16:17,320 --> 00:16:19,920 Speaker 1: more appropriate for our vibe. 370 00:16:19,960 --> 00:16:20,240 Speaker 3: Sure. 371 00:16:20,600 --> 00:16:24,160 Speaker 1: Speaking of financial advice, Matt Robinhood is launching a new 372 00:16:24,400 --> 00:16:28,920 Speaker 1: AI advice feature. This is according to Baron's magazine, And 373 00:16:29,000 --> 00:16:32,640 Speaker 1: so instead of paying a dime to anybody, should you 374 00:16:32,680 --> 00:16:36,760 Speaker 1: maybe just trust the amalgamation of information put together by 375 00:16:36,960 --> 00:16:40,440 Speaker 1: large language learning models and pay Robinhood a nominal fee 376 00:16:40,720 --> 00:16:43,680 Speaker 1: for it. Well, details haven't been released yet, so we 377 00:16:43,720 --> 00:16:46,200 Speaker 1: don't know how good this AI service is or how 378 00:16:46,240 --> 00:16:49,360 Speaker 1: much it's gonna cost. But I will say I'm at 379 00:16:49,440 --> 00:16:53,640 Speaker 1: least a little bit wary because maybe it's gonna be great, 380 00:16:54,600 --> 00:16:56,000 Speaker 1: but what AI spits out. 381 00:16:55,880 --> 00:16:58,120 Speaker 3: It can also be terrible though. Yeah, what AI. 382 00:16:58,000 --> 00:17:00,440 Speaker 2: Spits out is often based on what gets put in, 383 00:17:00,560 --> 00:17:04,960 Speaker 2: like what it's learning from, and then also what the 384 00:17:05,000 --> 00:17:09,480 Speaker 2: people in charge of creating the AI their beliefs. Right, sure, 385 00:17:09,640 --> 00:17:11,840 Speaker 2: is the bias going to be towards long term smart 386 00:17:11,880 --> 00:17:15,960 Speaker 2: money moves or towards more active trading strategies. I will 387 00:17:16,000 --> 00:17:18,919 Speaker 2: be watching this for sure, but I'm not. I'm not 388 00:17:18,960 --> 00:17:23,240 Speaker 2: in trusted hopeful my AI, my future to AI generated information. 389 00:17:23,320 --> 00:17:24,200 Speaker 3: Yet I think if it was. 390 00:17:24,480 --> 00:17:27,440 Speaker 2: Completely boring advice basically like what we talk about here 391 00:17:27,480 --> 00:17:28,440 Speaker 2: on how to money, like. 392 00:17:28,480 --> 00:17:30,640 Speaker 3: If it all but in a sexy scintillating. 393 00:17:30,240 --> 00:17:32,080 Speaker 2: Way, but if like, no matter what you typed in, 394 00:17:32,119 --> 00:17:34,879 Speaker 2: it always said, remember there is no such thing as 395 00:17:34,920 --> 00:17:37,040 Speaker 2: a guarantee return on investment, and you need to be 396 00:17:37,080 --> 00:17:38,800 Speaker 2: investing for at least five years. And if you are 397 00:17:38,840 --> 00:17:41,399 Speaker 2: going to invest, make sure it's some low cost, diverse 398 00:17:41,480 --> 00:17:44,160 Speaker 2: FI widely diversified index fens. If that's like what it said, 399 00:17:44,280 --> 00:17:46,280 Speaker 2: no matter what you typed in, I could be like, oh, yeah, 400 00:17:46,280 --> 00:17:47,600 Speaker 2: I can get behind that, and. 401 00:17:47,640 --> 00:17:49,320 Speaker 3: You don't really need AI and then is not really 402 00:17:49,320 --> 00:17:50,200 Speaker 3: called AI. 403 00:17:50,440 --> 00:17:53,160 Speaker 2: So yeah, I'm a little I'm a little suspicious as 404 00:17:53,200 --> 00:17:54,720 Speaker 2: to what this might end up looking. 405 00:17:54,760 --> 00:17:56,760 Speaker 1: Like we're all leaning on AI more of these days, 406 00:17:56,840 --> 00:17:59,720 Speaker 1: like I find myself even now. Yeah, just and it's 407 00:17:59,800 --> 00:18:02,000 Speaker 1: it's kind of sad because there's some great resources out 408 00:18:02,000 --> 00:18:05,080 Speaker 1: there that just get missed because it's the synthesis of 409 00:18:05,119 --> 00:18:08,680 Speaker 1: information via AI resources, Like even when you start on Google. 410 00:18:09,000 --> 00:18:11,480 Speaker 2: It's a love hate relationship. Yeah, it is. I have 411 00:18:11,680 --> 00:18:13,840 Speaker 2: I feel both ways. I feel conflicted. I was gonna 412 00:18:13,840 --> 00:18:16,600 Speaker 2: say a compliment to robin Hood though. A couple months 413 00:18:16,600 --> 00:18:19,160 Speaker 2: ago we talked about the was a partnership between Daffy, 414 00:18:19,240 --> 00:18:22,399 Speaker 2: the donor advised fund platform that were big fans of, 415 00:18:22,840 --> 00:18:25,040 Speaker 2: as well as robin Hood, and how you could be 416 00:18:25,119 --> 00:18:28,120 Speaker 2: essentially used robin Hood's like what is it the API, 417 00:18:28,480 --> 00:18:31,159 Speaker 2: It's called robin Hood Connect where you can link your 418 00:18:31,760 --> 00:18:35,159 Speaker 2: Daffy account with robin Hood. And prior to the end 419 00:18:35,160 --> 00:18:37,159 Speaker 2: of the year, I did that because I was I 420 00:18:37,160 --> 00:18:40,280 Speaker 2: wanted to donate some crypto so specifically that they were 421 00:18:40,280 --> 00:18:42,560 Speaker 2: making it super easy for you to donate crypto to 422 00:18:42,680 --> 00:18:44,080 Speaker 2: your donor advised fund. 423 00:18:44,440 --> 00:18:45,880 Speaker 3: And it was great. I did the same. 424 00:18:46,000 --> 00:18:48,160 Speaker 2: Did you yeah, it was awesome. Like, like I will say, 425 00:18:48,160 --> 00:18:50,880 Speaker 2: I did have to did you have to take the selfie? Yes, 426 00:18:51,160 --> 00:18:53,120 Speaker 2: and like look to the left, look to the right. 427 00:18:54,320 --> 00:18:56,400 Speaker 2: But I was told it's amazing too that that technology 428 00:18:56,400 --> 00:18:58,119 Speaker 2: exists that they can identify who you are. I was 429 00:18:58,160 --> 00:19:02,080 Speaker 2: totally impressed with how well it worked. But did you Okay, well, 430 00:19:02,119 --> 00:19:04,800 Speaker 2: I'm curious what the did you calculate what the gas 431 00:19:04,800 --> 00:19:06,960 Speaker 2: fees were? Because in the fine print it says it's 432 00:19:06,960 --> 00:19:10,040 Speaker 2: subject to fees And I thought to myself, Oh, here 433 00:19:10,080 --> 00:19:12,280 Speaker 2: we go. This is where they're gonna get you. And 434 00:19:12,359 --> 00:19:14,000 Speaker 2: I was surprised to see. I'm not gonna say how 435 00:19:14,080 --> 00:19:15,960 Speaker 2: much what the actual dollar amount is because I guess 436 00:19:15,960 --> 00:19:17,439 Speaker 2: you can hear it wasn't much. So it wasn't much, 437 00:19:17,480 --> 00:19:19,480 Speaker 2: but I calculate I reverse calculated it, and it came 438 00:19:19,480 --> 00:19:23,040 Speaker 2: out to point zero zero three eight percent in gas fees, 439 00:19:23,440 --> 00:19:25,680 Speaker 2: which is hard. I mean, that's basically free. Yeah, I 440 00:19:25,680 --> 00:19:27,639 Speaker 2: mean there are no funds out there that charge that little. 441 00:19:27,840 --> 00:19:31,359 Speaker 2: So like Fidelity's most Affordable fundt well, obviously they are free. 442 00:19:31,359 --> 00:19:34,240 Speaker 2: There's a few of them, of the zero cost expense 443 00:19:34,320 --> 00:19:36,560 Speaker 2: ratio index funds that they have, but it's only like 444 00:19:36,600 --> 00:19:38,640 Speaker 2: a five of them or something like that. Most other 445 00:19:38,760 --> 00:19:40,959 Speaker 2: index funds that are out there that are decent are 446 00:19:41,000 --> 00:19:43,600 Speaker 2: charging point zero three percent, So this is literally point 447 00:19:43,720 --> 00:19:45,159 Speaker 2: zero zero three eight percent. 448 00:19:45,440 --> 00:19:46,160 Speaker 3: I was really happy. 449 00:19:46,160 --> 00:19:48,800 Speaker 2: And there's a difference between an actual index fund versus 450 00:19:48,800 --> 00:19:51,639 Speaker 2: a fee that a company is charging. But I was 451 00:19:51,720 --> 00:19:53,679 Speaker 2: really impressed with that because you like you compare that 452 00:19:53,720 --> 00:19:57,240 Speaker 2: to a wire like Robinhood charges twenty five bucks for 453 00:19:57,280 --> 00:20:01,440 Speaker 2: an outgoing wire. There's a massive difference between getting twenty 454 00:20:01,480 --> 00:20:04,199 Speaker 2: five dollars versus you know, point zero zero three eight 455 00:20:04,240 --> 00:20:06,520 Speaker 2: three eight percent. Well, it is really impressed with that. 456 00:20:06,560 --> 00:20:10,120 Speaker 2: So while the AI investing advice is yet to be determined, 457 00:20:10,440 --> 00:20:15,080 Speaker 2: I will say the collaboration between Robinhood Directs and Daffy, 458 00:20:15,160 --> 00:20:16,879 Speaker 2: I was impressed with that. Well, and I think you 459 00:20:16,920 --> 00:20:19,359 Speaker 2: and I we have over the last few years changed 460 00:20:19,359 --> 00:20:22,160 Speaker 2: our tune on Robinhood more and more as they've made 461 00:20:22,200 --> 00:20:26,480 Speaker 2: it easier for people to invest in retirement accounts. They 462 00:20:26,480 --> 00:20:30,040 Speaker 2: have actually incentivized people to invest in retirement accounts, whereas 463 00:20:30,080 --> 00:20:31,840 Speaker 2: nobody else was doing that before, and now other people 464 00:20:31,840 --> 00:20:34,280 Speaker 2: have kind of copied. They're making it easier to got 465 00:20:34,280 --> 00:20:36,880 Speaker 2: the match to donate. Nobody does that to your yeah, 466 00:20:37,000 --> 00:20:39,760 Speaker 2: to your donor advice funds. Robin Hoo's gotten a whole 467 00:20:39,760 --> 00:20:41,320 Speaker 2: lot better over the years. All Right, We've got more 468 00:20:41,320 --> 00:20:44,040 Speaker 2: to get to, Matt, including Hey, let's say paying off 469 00:20:44,240 --> 00:20:47,040 Speaker 2: debt is one of your major goals for twenty twenty five. 470 00:20:47,080 --> 00:20:49,760 Speaker 2: We'll talk about that, and we'll get to that story 471 00:20:49,840 --> 00:20:53,400 Speaker 2: about the coupon code app honey and why we don't 472 00:20:53,440 --> 00:20:55,400 Speaker 2: like it anymore. We'll talk about that and more right 473 00:20:55,440 --> 00:20:55,800 Speaker 2: after this. 474 00:21:03,560 --> 00:21:05,080 Speaker 3: All right, Jill, we are back from the break. The 475 00:21:05,119 --> 00:21:07,240 Speaker 3: front of Flight continues and it. 476 00:21:07,160 --> 00:21:09,200 Speaker 2: Is now signed for the ludicrous headline of the Week, 477 00:21:09,240 --> 00:21:11,080 Speaker 2: which is from again from Baron's. 478 00:21:11,119 --> 00:21:12,680 Speaker 1: And by the way, this is when we pick something 479 00:21:12,720 --> 00:21:14,720 Speaker 1: that we found in the news and we're like, that's crazy, 480 00:21:14,800 --> 00:21:15,480 Speaker 1: and we highlight it. 481 00:21:15,520 --> 00:21:18,240 Speaker 2: Most of what we talk about, it's either great, so 482 00:21:18,280 --> 00:21:21,199 Speaker 2: it's crazy great, or it's terrible, so it's crazy terrible. 483 00:21:22,119 --> 00:21:24,600 Speaker 2: This is crazy terrible. The headline read, she blew her 484 00:21:24,680 --> 00:21:29,320 Speaker 2: life savings, how tech is turning casual spenders into binge shoppers. 485 00:21:30,160 --> 00:21:31,879 Speaker 3: And this article is just it's. 486 00:21:31,760 --> 00:21:36,280 Speaker 2: All about how good the consumeristic machine has become. And 487 00:21:36,320 --> 00:21:39,959 Speaker 2: we're talking about everything from affiliate links to the different 488 00:21:40,040 --> 00:21:43,560 Speaker 2: buy now buttons to honestly, what now feels like like 489 00:21:43,640 --> 00:21:47,600 Speaker 2: quaint emails and text reminders from our favorite retailers about 490 00:21:47,640 --> 00:21:50,639 Speaker 2: items that are on sale. TikTok shop that has been 491 00:21:50,640 --> 00:21:53,719 Speaker 2: growing rapidly. It's another culprit in this consumption game. And 492 00:21:54,320 --> 00:21:57,000 Speaker 2: I guess actually, on that note, is it next? Is 493 00:21:57,040 --> 00:22:00,399 Speaker 2: it January tenth when the Supreme Court is actually going 494 00:22:00,440 --> 00:22:04,199 Speaker 2: to rule as whether or not that's something that is 495 00:22:04,240 --> 00:22:06,520 Speaker 2: going to be able to be continued to be updated 496 00:22:06,560 --> 00:22:08,520 Speaker 2: here in the US. And like, I get it too, 497 00:22:08,600 --> 00:22:11,880 Speaker 2: because you've got these companies that are looking to turn. 498 00:22:12,320 --> 00:22:14,359 Speaker 3: It's like all they see is dollars signs when they 499 00:22:14,400 --> 00:22:14,880 Speaker 3: look at us. 500 00:22:14,960 --> 00:22:16,720 Speaker 2: Yeah, it's like if I had a picture of the 501 00:22:16,760 --> 00:22:19,520 Speaker 2: matrix and how we're all feeding into the matrix essentially. 502 00:22:19,760 --> 00:22:22,719 Speaker 2: And does that mean certain apps like that should they 503 00:22:22,720 --> 00:22:24,560 Speaker 2: be banned? I don't know, Like there's a whole political 504 00:22:24,720 --> 00:22:26,720 Speaker 2: sort of lens that you can look at it through. 505 00:22:26,760 --> 00:22:28,000 Speaker 2: Is it a national security threat? 506 00:22:28,000 --> 00:22:30,119 Speaker 3: I don't know. That's that's about the fact that. 507 00:22:29,720 --> 00:22:31,960 Speaker 2: They're monetizing us, and it's more about the fact of 508 00:22:32,400 --> 00:22:35,040 Speaker 2: ownership right and security, yes, But like all that kind 509 00:22:35,040 --> 00:22:37,920 Speaker 2: of plays into what's in the best interest of us consumers, 510 00:22:37,960 --> 00:22:40,440 Speaker 2: and I think that this is something that we need 511 00:22:40,480 --> 00:22:42,080 Speaker 2: to be like more than ever, that we need to 512 00:22:42,080 --> 00:22:43,760 Speaker 2: be aware of and we need to be vigilant when 513 00:22:43,800 --> 00:22:45,240 Speaker 2: it comes to how does that we're being. 514 00:22:45,160 --> 00:22:45,960 Speaker 3: Parted with our dollars? 515 00:22:46,040 --> 00:22:48,879 Speaker 1: Yeah, one professor in the article, Matt said, our whole 516 00:22:48,880 --> 00:22:52,679 Speaker 1: world is set up to create impulse shopping, and I 517 00:22:52,680 --> 00:22:55,680 Speaker 1: think it's just spot on. I mean, everything is kind 518 00:22:55,720 --> 00:22:59,040 Speaker 1: of conspiring against us to part us from our money, 519 00:22:59,400 --> 00:23:01,520 Speaker 1: and so I guess I think inflation and rising prices 520 00:23:01,560 --> 00:23:04,119 Speaker 1: at the grocery store that that's one thing. And they've always, 521 00:23:04,280 --> 00:23:06,320 Speaker 1: I think, been ways to feed our buying habit. If 522 00:23:06,320 --> 00:23:09,520 Speaker 1: we're so inclined, think about even just going old school QBC. Right, 523 00:23:09,600 --> 00:23:12,800 Speaker 1: people who want to get addicted to shopping, there have 524 00:23:12,880 --> 00:23:14,800 Speaker 1: always been mechanisms for that. 525 00:23:14,880 --> 00:23:16,600 Speaker 2: I have a family member like back in the day, 526 00:23:16,920 --> 00:23:20,320 Speaker 2: and she felt prey to that. She would constantly buy 527 00:23:20,320 --> 00:23:23,400 Speaker 2: stuff from QVC. But it's only easier the basement full 528 00:23:23,400 --> 00:23:25,280 Speaker 2: of these items, right, QVC was like you had to 529 00:23:25,280 --> 00:23:27,119 Speaker 2: sit in front of your TV and watch those people. 530 00:23:27,400 --> 00:23:30,000 Speaker 2: And now it just feels like it's so insidious and 531 00:23:30,040 --> 00:23:33,159 Speaker 2: it's creeping into every orifice of our lives, got shopping 532 00:23:33,440 --> 00:23:34,760 Speaker 2: sneaking into my ear and. 533 00:23:35,320 --> 00:23:36,200 Speaker 3: It's coming everywhere. 534 00:23:36,240 --> 00:23:39,040 Speaker 1: It's like it's like octopus tentacles or something like that, 535 00:23:39,040 --> 00:23:44,119 Speaker 1: and we said orifice. And so shopping, I think, for 536 00:23:44,160 --> 00:23:46,520 Speaker 1: some can become addictive in the way something like sports 537 00:23:46,560 --> 00:23:50,040 Speaker 1: gambling apps can be. But statistics show they're roughly one 538 00:23:50,040 --> 00:23:52,760 Speaker 1: percent of the population is addicted to gambling, while at 539 00:23:52,840 --> 00:23:55,159 Speaker 1: least five percent of the population have some sort of 540 00:23:55,200 --> 00:23:59,200 Speaker 1: addiction to shopping. And so that's something that I don't 541 00:23:59,280 --> 00:24:01,399 Speaker 1: know that I would have assumed, although I guess it 542 00:24:01,480 --> 00:24:05,119 Speaker 1: makes sense. And when you define shopping addiction, it is 543 00:24:05,119 --> 00:24:09,720 Speaker 1: defined as excessive and uncontrollable purchases despite severe psychological and 544 00:24:09,760 --> 00:24:12,920 Speaker 1: financial consequences. I don't know how many how to Money 545 00:24:12,920 --> 00:24:16,240 Speaker 1: listeners meet that definition, but in a country where consumer 546 00:24:16,280 --> 00:24:19,240 Speaker 1: spending makes up seventy percent of GDP, the urge to 547 00:24:19,280 --> 00:24:23,880 Speaker 1: shop is palpable almost everywhere, almost all the time. It's 548 00:24:23,880 --> 00:24:26,040 Speaker 1: also important to note that nobody's coming in to save 549 00:24:26,119 --> 00:24:27,919 Speaker 1: us from ourselves or to save the day on this 550 00:24:28,560 --> 00:24:31,680 Speaker 1: It's incumbent on us to find ways to reduce temptation 551 00:24:32,040 --> 00:24:35,600 Speaker 1: by deleting apps, unsubscribing from those emails and culling who 552 00:24:35,600 --> 00:24:38,720 Speaker 1: we follow, because those are all kind of those impulses, 553 00:24:39,160 --> 00:24:41,320 Speaker 1: or they create those impulses for us to spend. I 554 00:24:41,359 --> 00:24:43,600 Speaker 1: think there's often deeper work that needs to be done 555 00:24:44,320 --> 00:24:47,159 Speaker 1: on our parts, like what's the root of kind of 556 00:24:47,160 --> 00:24:50,439 Speaker 1: this spending habit? What am I trying to satiate? But 557 00:24:50,520 --> 00:24:52,840 Speaker 1: those tactics can at least help you, I think, reduce 558 00:24:52,880 --> 00:24:55,520 Speaker 1: some of those knee jerk instinct purchases totally. 559 00:24:55,640 --> 00:24:58,040 Speaker 2: And what's so great about those actions that you mentioned too, 560 00:24:58,119 --> 00:24:59,600 Speaker 2: is that I think a lot of folks might think 561 00:24:59,600 --> 00:25:01,760 Speaker 2: of like, oh, it's got to be this massive resolution 562 00:25:01,960 --> 00:25:04,840 Speaker 2: sort of activity in order for me to change, to 563 00:25:05,080 --> 00:25:06,960 Speaker 2: turn my personal finances around. But a lot of times 564 00:25:07,000 --> 00:25:08,919 Speaker 2: it's something like, right now you're listening to this podcast, 565 00:25:08,960 --> 00:25:11,360 Speaker 2: there's a chance you're also on your phone in your 566 00:25:11,359 --> 00:25:14,760 Speaker 2: inbox swiping emails because you're just like delete, delete, or 567 00:25:14,760 --> 00:25:17,240 Speaker 2: maybe you're on social media. It's not that hard just 568 00:25:17,240 --> 00:25:19,280 Speaker 2: to actually like go into that actual email and hit 569 00:25:19,359 --> 00:25:23,959 Speaker 2: unsubscribe because right now maybe you're less tempted because the holidays, 570 00:25:24,160 --> 00:25:26,200 Speaker 2: you've done a whole lot of spending. There aren't a 571 00:25:26,200 --> 00:25:27,600 Speaker 2: whole lot of deals out there. But guess what in 572 00:25:27,640 --> 00:25:29,360 Speaker 2: a couple months, those deals are going to come back, 573 00:25:29,560 --> 00:25:31,600 Speaker 2: and so will that itch and that desire to buy something. 574 00:25:31,640 --> 00:25:33,440 Speaker 2: So go ahead and nip it in the bud. Minimize 575 00:25:33,440 --> 00:25:37,000 Speaker 2: the inputs unsubscribe from these retailers where two months ago 576 00:25:37,040 --> 00:25:38,560 Speaker 2: you signed up because you wanted to get that extra 577 00:25:38,600 --> 00:25:41,040 Speaker 2: fifteen percent and you thought, oh, no big deal. And 578 00:25:41,119 --> 00:25:43,240 Speaker 2: right now you're also thinking no big deal. But again 579 00:25:43,280 --> 00:25:44,800 Speaker 2: in a couple of months, like at some point in 580 00:25:44,840 --> 00:25:47,280 Speaker 2: Q one, they're gonna want to ramp up their sales again. 581 00:25:47,320 --> 00:25:49,160 Speaker 2: There's a reason they offer you the discount to sign 582 00:25:49,200 --> 00:25:51,040 Speaker 2: up for the email. It's because you're hooked. They know 583 00:25:51,080 --> 00:25:53,320 Speaker 2: you're not gonna unsubscribe, and you're going to spend more 584 00:25:53,320 --> 00:25:55,080 Speaker 2: in the long run. Yeah, okay, So I think right 585 00:25:55,080 --> 00:25:57,560 Speaker 2: now should be a good time to highlight America's number 586 00:25:57,560 --> 00:26:00,239 Speaker 2: one money goal for twenty twenty five, which is pay 587 00:26:00,240 --> 00:26:00,720 Speaker 2: down debt. 588 00:26:00,840 --> 00:26:01,520 Speaker 3: And this makes sense. 589 00:26:01,720 --> 00:26:03,960 Speaker 2: There's a nerd Wallet survey and they found that paying 590 00:26:04,000 --> 00:26:07,040 Speaker 2: off debt is a higher goal than saving up for 591 00:26:07,080 --> 00:26:10,400 Speaker 2: an emergency fund or even finding a higher paying job. 592 00:26:10,920 --> 00:26:14,080 Speaker 2: And man, I would love to see the tide turn 593 00:26:14,240 --> 00:26:17,840 Speaker 2: on this because debt is of course, it's worse now 594 00:26:18,359 --> 00:26:20,719 Speaker 2: than it was a few years back, thanks to significantly 595 00:26:20,760 --> 00:26:23,760 Speaker 2: higher interest rates on essentially every form of debt. I 596 00:26:23,800 --> 00:26:27,280 Speaker 2: think new credit card interest rates today are around twenty 597 00:26:27,280 --> 00:26:29,879 Speaker 2: four percent on average four years ago, back in twenty 598 00:26:30,080 --> 00:26:32,159 Speaker 2: or five years ago, it's twenty twenty five, eighty five 599 00:26:32,240 --> 00:26:33,920 Speaker 2: years ago. Back in twenty twenty there were is around 600 00:26:33,960 --> 00:26:37,560 Speaker 2: fourteen percent. That's significantly higher. And so if paying off 601 00:26:37,560 --> 00:26:40,240 Speaker 2: debt is your main goal this year, or if you 602 00:26:40,240 --> 00:26:42,480 Speaker 2: were working on other money goals, just know that our 603 00:26:42,520 --> 00:26:45,199 Speaker 2: goal here is to help you to achieve your personal 604 00:26:45,200 --> 00:26:47,720 Speaker 2: finance goals. And we would recommend for folks to send 605 00:26:47,720 --> 00:26:50,920 Speaker 2: your money questions our way. We take listener questions on 606 00:26:51,160 --> 00:26:54,119 Speaker 2: Monday episodes the Ask how to Money episodes out there, 607 00:26:54,160 --> 00:26:56,680 Speaker 2: we would love to take your question you're with your 608 00:26:56,720 --> 00:26:59,120 Speaker 2: specific details, and for everyone else out there, we'd also 609 00:26:59,200 --> 00:27:03,240 Speaker 2: recommend we'll to the debt Snowball versus the Debt Avalanche 610 00:27:03,320 --> 00:27:06,280 Speaker 2: article that we've got up on the site, where hopefully 611 00:27:06,280 --> 00:27:09,400 Speaker 2: you can identify as strategy that you think might work 612 00:27:09,480 --> 00:27:11,320 Speaker 2: best for you and how it is that you like 613 00:27:11,359 --> 00:27:12,879 Speaker 2: to tackle issues in your life. 614 00:27:12,920 --> 00:27:15,879 Speaker 1: And if you feel completely overwhelmed by your debt and 615 00:27:15,920 --> 00:27:17,800 Speaker 1: you're like I don't know if I can do this alone. 616 00:27:17,960 --> 00:27:21,600 Speaker 1: There are nonprofit organizations that can help. Money Management International 617 00:27:21,640 --> 00:27:23,480 Speaker 1: being one of our favorites. Will link to that in 618 00:27:23,520 --> 00:27:26,200 Speaker 1: the show notes, but just know that, yeah, there are 619 00:27:26,240 --> 00:27:28,359 Speaker 1: I think a lot of DIY like that article map, 620 00:27:28,720 --> 00:27:30,760 Speaker 1: there's a lot of ways that you can kind of 621 00:27:30,920 --> 00:27:33,080 Speaker 1: figure out and create your own debt payoff plan. But 622 00:27:33,200 --> 00:27:36,040 Speaker 1: some people you might need the help of an unbiased 623 00:27:36,040 --> 00:27:37,760 Speaker 1: third party who's not going to charge you an arm 624 00:27:37,800 --> 00:27:38,160 Speaker 1: in a lake. 625 00:27:38,240 --> 00:27:39,280 Speaker 3: That's right for that help. 626 00:27:39,520 --> 00:27:42,240 Speaker 1: All right, let's as due to like to save money, Matt. 627 00:27:42,880 --> 00:27:45,320 Speaker 1: We've talked actually a lot over the years, I think 628 00:27:45,760 --> 00:27:49,399 Speaker 1: at least some about the browser extension honey as a 629 00:27:49,440 --> 00:27:54,080 Speaker 1: way to kind of effortlessly save money. The thought being 630 00:27:54,160 --> 00:27:56,679 Speaker 1: why not just kind of snag free coupon codes at 631 00:27:56,720 --> 00:27:58,800 Speaker 1: checkout in order to lower the price you're paying. You 632 00:27:58,880 --> 00:28:01,680 Speaker 1: just add that browser extension onto your Chrome browser or 633 00:28:01,720 --> 00:28:04,720 Speaker 1: whatever you're using, and you don't have to do the 634 00:28:04,760 --> 00:28:07,639 Speaker 1: old school method of googling for coupon codes anymore and 635 00:28:07,680 --> 00:28:11,840 Speaker 1: doing kind of the trial and error thing. Honey eradicated 636 00:28:11,880 --> 00:28:13,400 Speaker 1: that for us it was like it was the original 637 00:28:13,400 --> 00:28:16,639 Speaker 1: AI for shopping. Yeah, that made it so easy promising 638 00:28:16,680 --> 00:28:18,399 Speaker 1: to save us time and energy and find us the 639 00:28:18,400 --> 00:28:21,800 Speaker 1: best deals at every turn, automatically thank you Honey Woo. 640 00:28:22,080 --> 00:28:26,840 Speaker 1: Well not really, Honey was apparently abusing its power and 641 00:28:26,880 --> 00:28:32,200 Speaker 1: harming influencers and consumers significantly in recent years. We'll link 642 00:28:32,280 --> 00:28:34,760 Speaker 1: to a YouTube video that's garnered more than fifteen million 643 00:28:34,840 --> 00:28:38,880 Speaker 1: views over the past less than two weeks, highlighting kind 644 00:28:38,880 --> 00:28:42,120 Speaker 1: of honeys and discretions and the way that they've been behaving. 645 00:28:42,200 --> 00:28:44,480 Speaker 1: But what it boils down to is they were essentially 646 00:28:44,480 --> 00:28:48,040 Speaker 1: stealing money from influencers that they partnered with by siphoning 647 00:28:48,080 --> 00:28:52,240 Speaker 1: off their affiliate commissions. That's that's dirty, really uncouth the 648 00:28:52,240 --> 00:28:55,120 Speaker 1: way that they did the partners who they worked with wrong. 649 00:28:55,680 --> 00:28:58,320 Speaker 2: But basically, like in the moment switching the cookies out, 650 00:28:58,520 --> 00:29:02,280 Speaker 2: where essentially the affiliate it publisher wasn't getting credit for 651 00:29:02,320 --> 00:29:03,440 Speaker 2: a sale Honey was. 652 00:29:03,520 --> 00:29:05,560 Speaker 1: That's right on top of that though, So it's not 653 00:29:05,760 --> 00:29:08,280 Speaker 1: you can feel bad for online publishers, but feel bad 654 00:29:08,280 --> 00:29:13,000 Speaker 1: for yourself too, because Honey was also wasn't giving consumers 655 00:29:13,000 --> 00:29:14,640 Speaker 1: the best deal. They said they were, but they weren't. 656 00:29:14,880 --> 00:29:18,640 Speaker 1: They were often negotiating coupon codes directly with retailers and 657 00:29:18,720 --> 00:29:22,680 Speaker 1: companies and then only promoting via the Honey app or 658 00:29:22,680 --> 00:29:26,280 Speaker 1: the Honey extension their own proprietary savings like a coupon 659 00:29:26,320 --> 00:29:28,880 Speaker 1: code Honey fifteen or something like that, even when better 660 00:29:28,920 --> 00:29:33,000 Speaker 1: coupon codes existed that didn't involve Honey. So Honey promised 661 00:29:33,160 --> 00:29:34,680 Speaker 1: a lot that they were going to find you the 662 00:29:34,720 --> 00:29:37,120 Speaker 1: best deal and didn't deliver because there were better coupon 663 00:29:37,160 --> 00:29:39,600 Speaker 1: codes out there that you could just google and find 664 00:29:39,880 --> 00:29:43,280 Speaker 1: instead of going directly through Honey to get an inferior 665 00:29:43,360 --> 00:29:45,760 Speaker 1: coupon code. So I don't know about you, Matt, I'm 666 00:29:45,800 --> 00:29:49,440 Speaker 1: bailing on Honey. I've already installed uninstalled the browser plug 667 00:29:49,480 --> 00:29:53,000 Speaker 1: in from Chrome on my computer. I'm going back to 668 00:29:53,040 --> 00:29:56,440 Speaker 1: googling for discounts because I'm really really disappointed in essentially 669 00:29:56,480 --> 00:29:59,560 Speaker 1: the fraudulent nature of what Honey was doing, and also 670 00:29:59,720 --> 00:30:02,320 Speaker 1: just the fact that they would take advantage of consumers 671 00:30:02,320 --> 00:30:03,280 Speaker 1: and publishers in that way. 672 00:30:03,360 --> 00:30:04,240 Speaker 3: Yeah, they were not. 673 00:30:04,520 --> 00:30:06,000 Speaker 2: It did not seem like that they were acting in 674 00:30:06,040 --> 00:30:08,440 Speaker 2: the best interest of consumers or publishers, and it just 675 00:30:08,480 --> 00:30:10,520 Speaker 2: felt like there's a lot of transparency there. Yeah, and 676 00:30:10,560 --> 00:30:13,120 Speaker 2: I will say, I'll be honest, two things I haven't 677 00:30:13,120 --> 00:30:15,440 Speaker 2: been using Honey for a minute, because it's. 678 00:30:15,280 --> 00:30:16,400 Speaker 3: Slowed down the browser so much. 679 00:30:16,440 --> 00:30:18,640 Speaker 2: I swear like every like when I would install it, 680 00:30:18,640 --> 00:30:21,920 Speaker 2: it just slowed things down significantly. But I'm also thankful 681 00:30:21,920 --> 00:30:24,960 Speaker 2: too that we haven't voiced or read in the ads 682 00:30:25,000 --> 00:30:27,400 Speaker 2: for Honey, because I'm pretty sure, like the network reached 683 00:30:27,400 --> 00:30:28,400 Speaker 2: out to us and they're like, hey, what do you 684 00:30:28,400 --> 00:30:30,720 Speaker 2: all think about Honey, And I'm pretty sure we responded 685 00:30:30,760 --> 00:30:35,680 Speaker 2: with something like for it, we will endorse, Yeah, because well, again, 686 00:30:35,760 --> 00:30:37,680 Speaker 2: why not go with something that would save you money. 687 00:30:37,680 --> 00:30:39,480 Speaker 2: It's like a slam dunk, And we didn't realize that 688 00:30:39,560 --> 00:30:40,920 Speaker 2: this was going on behind the scenes. 689 00:30:41,240 --> 00:30:42,000 Speaker 3: Yeah, exactly. 690 00:30:42,640 --> 00:30:45,480 Speaker 1: The YouTuber who created this video and did this deep 691 00:30:45,480 --> 00:30:48,320 Speaker 1: dive like put in tens of hours of work, if 692 00:30:48,320 --> 00:30:50,640 Speaker 1: not hundreds of hours of work, probably hundreds to get 693 00:30:50,720 --> 00:30:53,320 Speaker 1: detail all of the thing. It was an incredible investigative 694 00:30:53,320 --> 00:30:56,480 Speaker 1: reporting about just how awful Honey journals. So yeah, really 695 00:30:56,520 --> 00:30:59,600 Speaker 1: good journalism. And I'm just surprised some of the other 696 00:31:00,040 --> 00:31:02,880 Speaker 1: major outlets. It takes an independent YouTube creator to figure 697 00:31:02,920 --> 00:31:07,080 Speaker 1: this out, and some of the major media publications ever 698 00:31:07,120 --> 00:31:07,760 Speaker 1: did all right. 699 00:31:07,800 --> 00:31:10,840 Speaker 2: So on the note of bad actors, the CFPB, which 700 00:31:10,880 --> 00:31:13,680 Speaker 2: is the Consumer Financial Protection Bureau. They are suing the 701 00:31:13,720 --> 00:31:18,080 Speaker 2: big banks over fraud on their payment app Zell. The 702 00:31:18,160 --> 00:31:22,320 Speaker 2: accusation is that the app was launched without significant consumer protections, 703 00:31:22,640 --> 00:31:25,400 Speaker 2: leading to hundreds of millions of dollars in stolen funds 704 00:31:25,600 --> 00:31:29,240 Speaker 2: for everyday folks. And the CFPB is likely right from 705 00:31:29,240 --> 00:31:31,640 Speaker 2: the standpoint of there not being enough safeguards in place. 706 00:31:31,680 --> 00:31:33,480 Speaker 2: But I think a question that's worth asking is like 707 00:31:33,480 --> 00:31:35,400 Speaker 2: how many safeguards do you want to have to jump 708 00:31:35,440 --> 00:31:39,360 Speaker 2: through in order to facilitate a transaction? Right, like, because 709 00:31:39,480 --> 00:31:41,120 Speaker 2: like at some point you have to draw a line. 710 00:31:41,160 --> 00:31:43,440 Speaker 2: And I will say, like the reason I use zel 711 00:31:43,560 --> 00:31:45,840 Speaker 2: and not just Zell, but also Venmo and cash app, 712 00:31:45,880 --> 00:31:48,719 Speaker 2: all these apps, it's they make it easy and you 713 00:31:48,760 --> 00:31:52,960 Speaker 2: can't protect everybody from like making dune mistakes. Like it 714 00:31:53,000 --> 00:31:55,360 Speaker 2: makes me think about, like how else are folks scammed? 715 00:31:55,400 --> 00:31:57,760 Speaker 2: A lot of times folks are, especially elderly folks, are 716 00:31:57,760 --> 00:32:00,720 Speaker 2: scammed over the phone. So okay, that is the means 717 00:32:00,760 --> 00:32:03,760 Speaker 2: of being scammed, So like do you go after cell 718 00:32:03,800 --> 00:32:04,440 Speaker 2: phone providers? 719 00:32:04,440 --> 00:32:05,760 Speaker 3: At that point? Do you like? 720 00:32:05,960 --> 00:32:08,200 Speaker 2: And before that, it was like v like scams that 721 00:32:08,240 --> 00:32:10,520 Speaker 2: are happening via mail, Like do you go after like 722 00:32:10,640 --> 00:32:13,400 Speaker 2: the the usps. You know, does that happen. I don't 723 00:32:13,440 --> 00:32:15,520 Speaker 2: think that that's the case. It is one hundred percent 724 00:32:15,560 --> 00:32:18,360 Speaker 2: true that there were or you know, I don't. I 725 00:32:18,360 --> 00:32:21,680 Speaker 2: guess there are more safeguards now where they even like 726 00:32:21,760 --> 00:32:23,280 Speaker 2: warn you. But like that's the thing I don't want 727 00:32:23,280 --> 00:32:25,760 Speaker 2: to necessarily have to say yes, I'm totally sure, like 728 00:32:25,800 --> 00:32:27,640 Speaker 2: five times, I don't have to do a like a 729 00:32:27,680 --> 00:32:30,080 Speaker 2: selfie video when I'm doing ZEL, I do like in 730 00:32:30,160 --> 00:32:32,360 Speaker 2: order to make sure tipping into the last four digits 731 00:32:32,360 --> 00:32:34,000 Speaker 2: of the phone number. That way you're asking the person 732 00:32:34,200 --> 00:32:35,880 Speaker 2: who you're paying directly, and and. 733 00:32:35,840 --> 00:32:37,040 Speaker 3: It causes you to think twice. 734 00:32:37,120 --> 00:32:39,040 Speaker 2: There are a lot of profiles that look really similar, 735 00:32:39,280 --> 00:32:42,120 Speaker 2: or the profile pictures don't necessarily match up with the 736 00:32:42,120 --> 00:32:44,800 Speaker 2: person you're looking at. Like I get that that the 737 00:32:45,040 --> 00:32:47,320 Speaker 2: the apps are inferior in some ways, but it's interesting 738 00:32:47,320 --> 00:32:49,440 Speaker 2: too that the CFPB is targeting Zel and they're not 739 00:32:49,520 --> 00:32:53,600 Speaker 2: mentioning cash app and Venmo, which I think have similar flaws, 740 00:32:53,840 --> 00:32:57,720 Speaker 2: like they they work in basically the same way. So like, 741 00:32:57,800 --> 00:33:00,160 Speaker 2: where where's this lawsuit going to go? I don't know, 742 00:33:00,400 --> 00:33:03,000 Speaker 2: especially with a new administration taking now. I think that's 743 00:33:03,040 --> 00:33:04,680 Speaker 2: the part of it that kind of perturbs me a 744 00:33:04,680 --> 00:33:06,680 Speaker 2: little bit because it feels so political. It just sort 745 00:33:06,680 --> 00:33:09,520 Speaker 2: of feels like a last ditch effort with the current 746 00:33:09,560 --> 00:33:11,920 Speaker 2: administration to score a win, to get a notch, you know, 747 00:33:12,440 --> 00:33:14,840 Speaker 2: before leaving off. Yeah, I guess that's the part of that. 748 00:33:14,880 --> 00:33:17,360 Speaker 2: It annoys me. It feels like a whole lot of 749 00:33:17,440 --> 00:33:21,320 Speaker 2: bluster and versus as opposed to actual legislation. But I 750 00:33:21,320 --> 00:33:24,080 Speaker 2: think this does highlight something it's important for us to mention, 751 00:33:24,160 --> 00:33:28,120 Speaker 2: like whatever happens with this lawsuit, and whatever if Zell 752 00:33:28,520 --> 00:33:30,800 Speaker 2: or these other payment apps are held accountable in any way, 753 00:33:31,200 --> 00:33:34,080 Speaker 2: the main takeaway for you and I and for everyone 754 00:33:34,080 --> 00:33:36,560 Speaker 2: out there listening is to be really careful using these 755 00:33:36,560 --> 00:33:39,760 Speaker 2: apps and who you're sending money to, because the truth is, 756 00:33:39,800 --> 00:33:41,280 Speaker 2: if you send money to the wrong person, or if 757 00:33:41,280 --> 00:33:43,440 Speaker 2: you have a problem with the app, you can try complaining, 758 00:33:43,600 --> 00:33:45,760 Speaker 2: it's probably gonna fall on deaf years. And you just 759 00:33:45,800 --> 00:33:48,400 Speaker 2: don't have the same legal rights using these payment apps 760 00:33:48,400 --> 00:33:50,360 Speaker 2: as you do when using credit cards, which is why 761 00:33:50,600 --> 00:33:53,080 Speaker 2: we prefer credit cards, even though yes, they are flaws 762 00:33:53,080 --> 00:33:55,040 Speaker 2: to credit cards and people end up getting in debt 763 00:33:55,080 --> 00:33:57,200 Speaker 2: over their head, which is something we talk about regularly 764 00:33:57,280 --> 00:33:59,440 Speaker 2: on the show. But I would say, use these apps 765 00:33:59,520 --> 00:34:02,600 Speaker 2: when they're needed, but only send money to people that 766 00:34:02,760 --> 00:34:05,520 Speaker 2: you know, or make sure you are doing the last 767 00:34:05,520 --> 00:34:07,720 Speaker 2: four digits of the phone number right when you're sending 768 00:34:07,720 --> 00:34:09,040 Speaker 2: the money, so you know it's going to the right person. 769 00:34:09,040 --> 00:34:11,960 Speaker 2: If you're buying something on fixedbook Marketplace, for instance, totally 770 00:34:12,239 --> 00:34:14,600 Speaker 2: use them for what they're good at. And also the 771 00:34:14,640 --> 00:34:17,919 Speaker 2: other thing, don't keep money in those accounts. Let's say 772 00:34:17,920 --> 00:34:19,920 Speaker 2: people send you money in Venmo, don't leave money in 773 00:34:19,920 --> 00:34:21,880 Speaker 2: your Venmo accounts transferred to your bank account instantly. 774 00:34:21,960 --> 00:34:22,879 Speaker 3: That's my biggest pet peeve. 775 00:34:22,960 --> 00:34:26,000 Speaker 2: So like people lives get busier on the holidays, right 776 00:34:26,040 --> 00:34:28,359 Speaker 2: like you're out of like your usual rhythms. Maybe you're 777 00:34:28,480 --> 00:34:31,400 Speaker 2: on the road, you're traveling. I towards the end of December, 778 00:34:31,680 --> 00:34:35,440 Speaker 2: guess what I did. Tapped into my Venmo account and 779 00:34:35,440 --> 00:34:38,000 Speaker 2: saw multiple rent payments just sitting there. Guess how much 780 00:34:38,040 --> 00:34:41,000 Speaker 2: interest I was earning on zero doctors schedule. I was 781 00:34:41,040 --> 00:34:43,680 Speaker 2: so annoyed, and so I guess this is turning into 782 00:34:43,680 --> 00:34:46,279 Speaker 2: a little confessional part of the episode, which told I 783 00:34:46,280 --> 00:34:48,399 Speaker 2: admit our mistakes, but get that money out of there, 784 00:34:48,440 --> 00:34:50,520 Speaker 2: because going back to the shopping, I think We're going 785 00:34:50,560 --> 00:34:52,480 Speaker 2: to be less likely to be parted with those dollars 786 00:34:52,480 --> 00:34:54,880 Speaker 2: if there are somewhere that is more appropriate to what you. 787 00:34:54,920 --> 00:34:57,840 Speaker 3: Want to do with those dollars percent but quick. 788 00:34:57,600 --> 00:35:01,760 Speaker 2: Newsletter referral shout out to Timothy A. Over the holidays, 789 00:35:01,760 --> 00:35:03,920 Speaker 2: Timothy A shared the how to Money newsletter, which you 790 00:35:03,960 --> 00:35:06,120 Speaker 2: can sign up for over at how to money dot 791 00:35:06,160 --> 00:35:09,520 Speaker 2: com forward slash newsletter, which is a free weekly personal 792 00:35:09,560 --> 00:35:12,760 Speaker 2: finance newsletter, but he shared it with multiple friends, So Timothy, 793 00:35:12,800 --> 00:35:14,680 Speaker 2: we appreciate you spreading. 794 00:35:14,280 --> 00:35:15,120 Speaker 3: The word most Steff. 795 00:35:15,200 --> 00:35:17,279 Speaker 1: Last thing I want to mention here too is if 796 00:35:17,320 --> 00:35:19,520 Speaker 1: you have big financial goals, which most of us do 797 00:35:19,800 --> 00:35:21,600 Speaker 1: for twenty twenty five hour Honestly, Matt, when you think 798 00:35:21,600 --> 00:35:24,200 Speaker 1: about it, a lot of goals that people have. Money 799 00:35:24,239 --> 00:35:26,640 Speaker 1: is tangentially related to whatever goal that you have, Like 800 00:35:26,719 --> 00:35:28,479 Speaker 1: if you want to take more vacations with your family, 801 00:35:28,520 --> 00:35:29,719 Speaker 1: that's going to cost money, and so you need to 802 00:35:29,719 --> 00:35:32,120 Speaker 1: get your personal finances in order. The show's all about 803 00:35:32,160 --> 00:35:35,200 Speaker 1: helping you make that progress get where you want to 804 00:35:35,239 --> 00:35:37,840 Speaker 1: go well. Join the how to Money Facebook group for 805 00:35:38,000 --> 00:35:40,560 Speaker 1: accountability and encouragement if you are looking for a group 806 00:35:40,560 --> 00:35:42,040 Speaker 1: of kind of like minded folks who are headed in 807 00:35:42,120 --> 00:35:45,600 Speaker 1: that same direction. It's a great place to land. And 808 00:35:45,640 --> 00:35:48,920 Speaker 1: so I don't use Facebook much at all, but I 809 00:35:48,960 --> 00:35:50,960 Speaker 1: love the group portion of Facebook, and the how to 810 00:35:51,000 --> 00:35:53,239 Speaker 1: Money Facebook group is a great resource for you. Will 811 00:35:53,239 --> 00:35:54,719 Speaker 1: link to it in the show notes up on our 812 00:35:54,719 --> 00:35:56,160 Speaker 1: website at how to money dot com. 813 00:35:56,280 --> 00:35:58,200 Speaker 2: You know, buddy, that's going to be it for this episode. 814 00:35:58,239 --> 00:36:00,760 Speaker 2: Have a great weekend. We'll see back here on Monday, 815 00:36:01,040 --> 00:36:04,040 Speaker 2: and until next time, Best Friends Out, Best Friends Out.