1 00:00:00,160 --> 00:00:03,080 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,080 --> 00:00:06,960 Speaker 1: and today we're discussing reliable rides, a build back, blow up, 3 00:00:07,240 --> 00:00:29,320 Speaker 1: and gifting crypto. That's right. This is a very festive 4 00:00:29,560 --> 00:00:32,280 Speaker 1: Friday Flights where we're gonna cover a bunch of different 5 00:00:32,280 --> 00:00:34,559 Speaker 1: stories we came across this week How It's going to 6 00:00:34,680 --> 00:00:36,960 Speaker 1: impact your money? And it's not festive in the sense 7 00:00:36,960 --> 00:00:38,880 Speaker 1: that we've got a bunch of stories about Christmas trees 8 00:00:38,920 --> 00:00:42,920 Speaker 1: and snow that kind of thing. Although, yeah, so I 9 00:00:42,960 --> 00:00:44,880 Speaker 1: do have a question for you. There's a story recently 10 00:00:44,920 --> 00:00:49,080 Speaker 1: about gifting cryptocurrencies. More folks are doing this. This is 11 00:00:49,080 --> 00:00:51,960 Speaker 1: a feature that's actually built into coin base right, which 12 00:00:52,000 --> 00:00:55,760 Speaker 1: is one of the largest cryptocurrency exchanges, where you can 13 00:00:55,800 --> 00:00:58,280 Speaker 1: do that for free. You're not charging any fees, so 14 00:00:58,360 --> 00:01:00,920 Speaker 1: depending on what platform you're with, make sure that you 15 00:01:00,960 --> 00:01:03,480 Speaker 1: are aware of any fees. But what are your thoughts 16 00:01:03,480 --> 00:01:07,480 Speaker 1: in general about uh, yeah, giving somebody cryptocurrencies? That's a 17 00:01:07,480 --> 00:01:09,399 Speaker 1: good question. Um, well, first, I want to watch your 18 00:01:09,400 --> 00:01:11,680 Speaker 1: Happy Birthday, because Christmas Eve, it's not just Christmas Eve, 19 00:01:11,680 --> 00:01:14,920 Speaker 1: it's also your birthday. And yeah, so if you want 20 00:01:14,920 --> 00:01:18,280 Speaker 1: to send dyll in my thirties, Matt cryptocurrency for his birthday. 21 00:01:18,400 --> 00:01:19,959 Speaker 1: You can do that. I think that's actually what he's 22 00:01:19,959 --> 00:01:21,480 Speaker 1: trying to get out here. Oh, should I go ahead 23 00:01:21,480 --> 00:01:25,039 Speaker 1: and put my at least put my cash. Yes. I 24 00:01:25,040 --> 00:01:28,080 Speaker 1: guess with coin base, there's like a unique U r 25 00:01:28,240 --> 00:01:29,640 Speaker 1: L that you get. Maybe I should get that set 26 00:01:29,680 --> 00:01:31,280 Speaker 1: up so folks can just send me some crypto to 27 00:01:31,440 --> 00:01:33,200 Speaker 1: put it into the show notes. I'm sure people will 28 00:01:33,240 --> 00:01:36,280 Speaker 1: start sending you've been coined. You won't do that, all right. 29 00:01:36,319 --> 00:01:39,560 Speaker 1: So my thoughts on gifting cryptocurrency are well, one, I 30 00:01:39,600 --> 00:01:43,479 Speaker 1: didn't realize that apparently people want cryptocurrency as a gift. 31 00:01:43,480 --> 00:01:47,319 Speaker 1: I saw this like Magnify money survey saying that a 32 00:01:47,400 --> 00:01:50,000 Speaker 1: lot of Americans, something like two thirds of Americans want 33 00:01:50,160 --> 00:01:54,800 Speaker 1: investments as gifts. Of those folks, the number one investment 34 00:01:54,840 --> 00:01:58,160 Speaker 1: people want as a gift is cryptocurrency. So I found 35 00:01:58,200 --> 00:01:59,800 Speaker 1: that to be interesting, and I guess it makes sense. 36 00:01:59,840 --> 00:02:02,000 Speaker 1: Like is popping in the headlines. Everybody's talking about it, 37 00:02:02,040 --> 00:02:04,200 Speaker 1: and it's like, well, it's been going going to the moon. 38 00:02:04,280 --> 00:02:06,120 Speaker 1: I want a little bit of that. But I haven't 39 00:02:06,440 --> 00:02:10,720 Speaker 1: necessarily done it myself, but I guess um I kind 40 00:02:10,720 --> 00:02:14,000 Speaker 1: of signed on the let's probably not give cryptocurrency to 41 00:02:14,000 --> 00:02:17,840 Speaker 1: each other as a gift, and largely because I think 42 00:02:18,200 --> 00:02:20,080 Speaker 1: that there are better gifts to give people, that there 43 00:02:20,120 --> 00:02:22,760 Speaker 1: are more thoughtful gifts. I do think though, when we're 44 00:02:22,760 --> 00:02:27,760 Speaker 1: talking about especially young folks who are interested in investing 45 00:02:27,800 --> 00:02:30,440 Speaker 1: but haven't yet be gone that journey, sometimes the gift 46 00:02:30,520 --> 00:02:33,680 Speaker 1: of an investment can be the kickstarter into getting more 47 00:02:33,720 --> 00:02:35,880 Speaker 1: interested in getting the ball rolling. I've always found it 48 00:02:35,919 --> 00:02:37,720 Speaker 1: kind of murky and weird to give an investment, because 49 00:02:37,760 --> 00:02:39,399 Speaker 1: it's like, I'd rather give you cash and then help 50 00:02:39,400 --> 00:02:41,280 Speaker 1: you open up a roth ira, because that's better than 51 00:02:41,280 --> 00:02:44,640 Speaker 1: a brokerage account or whatever um or than like a stockpile, 52 00:02:44,720 --> 00:02:47,000 Speaker 1: gift card or whatever. Be bond. I remember like my 53 00:02:47,080 --> 00:02:49,320 Speaker 1: friends as as a kid growing up, and they'd like, 54 00:02:49,360 --> 00:02:51,320 Speaker 1: pull out this bond is like literally a you know, 55 00:02:51,440 --> 00:02:54,240 Speaker 1: printed out as a piece of paper from the US government, 56 00:02:54,240 --> 00:02:57,080 Speaker 1: and I just remember thinking, like, what is that like? 57 00:02:57,120 --> 00:02:58,840 Speaker 1: As a kid, I had no clue did you ever 58 00:02:58,880 --> 00:03:01,000 Speaker 1: have grandparents that would give you like gold coins or 59 00:03:01,680 --> 00:03:04,280 Speaker 1: silver dollars anything like that. You've got literal gold coins, 60 00:03:04,840 --> 00:03:07,560 Speaker 1: but I guess like the Swia dollars were gold right 61 00:03:08,200 --> 00:03:10,959 Speaker 1: made of actual goal. I always got the two dollar bill, 62 00:03:11,280 --> 00:03:13,000 Speaker 1: so in the in the birthday card as a kid 63 00:03:13,040 --> 00:03:15,720 Speaker 1: growing up, for like, I don't know, like my first 64 00:03:15,760 --> 00:03:18,560 Speaker 1: ten years receiving the birthday card from my grandparents was 65 00:03:18,600 --> 00:03:21,520 Speaker 1: always the the rare two dollar bill. But I do 66 00:03:21,560 --> 00:03:23,320 Speaker 1: hear what you're saying. I do think that kind of 67 00:03:23,320 --> 00:03:26,080 Speaker 1: mindset shift that can allow someone to start thinking of 68 00:03:26,120 --> 00:03:30,640 Speaker 1: themselves as an investor, even if it's a cryptocurrency. Yeah, 69 00:03:30,760 --> 00:03:32,960 Speaker 1: I don't know. I'm kind of struggling with it because 70 00:03:33,160 --> 00:03:35,080 Speaker 1: I don't want people to invest there if they haven't 71 00:03:35,080 --> 00:03:37,400 Speaker 1: invested anywhere else. But when it comes to whether or 72 00:03:37,400 --> 00:03:39,240 Speaker 1: not it makes a decent gift, like I almost see 73 00:03:39,240 --> 00:03:42,360 Speaker 1: it as like when someone Sometimes folks will gift um 74 00:03:42,480 --> 00:03:45,000 Speaker 1: lottery tickets like scratch offs, which I've never done. I 75 00:03:45,000 --> 00:03:47,440 Speaker 1: don't think I've even ever received a lottery tickets as 76 00:03:47,440 --> 00:03:49,560 Speaker 1: a gift before, but I'm four. I'd be okay if 77 00:03:49,560 --> 00:03:51,520 Speaker 1: somebody did that because it can just be a really 78 00:03:51,520 --> 00:03:54,360 Speaker 1: fun thing. Gifts in general, they're not things that you're 79 00:03:54,440 --> 00:03:57,320 Speaker 1: giving because somebody needs something, right, It's it's sort of 80 00:03:57,320 --> 00:03:59,120 Speaker 1: like this cherry on top. It's just it's just this 81 00:03:59,160 --> 00:04:01,760 Speaker 1: little extra thing. That's why gifts of underwear and stocks 82 00:04:01,800 --> 00:04:04,480 Speaker 1: are the worst because that's not the thing I literally need. 83 00:04:05,560 --> 00:04:08,240 Speaker 1: I'll get it myself, okay, thank you. And just generally 84 00:04:08,280 --> 00:04:11,040 Speaker 1: speaking with how we view cryptocurrencies right like, we think 85 00:04:11,080 --> 00:04:13,480 Speaker 1: that if you are investing in your tax sheltered accounts first, 86 00:04:13,520 --> 00:04:16,040 Speaker 1: that it is okay if you have up to five 87 00:04:16,040 --> 00:04:19,440 Speaker 1: percent of your money of your portfolio. Within cryptocurrency, there's 88 00:04:19,480 --> 00:04:21,880 Speaker 1: just been more trust and as more institutions and individuals 89 00:04:21,880 --> 00:04:24,360 Speaker 1: are coming into the space, it continues to provide these 90 00:04:24,440 --> 00:04:27,840 Speaker 1: layers of trust in this network of cryptocurrency continues to 91 00:04:27,880 --> 00:04:30,960 Speaker 1: build out. I do think it's becoming more and more proven. 92 00:04:30,960 --> 00:04:33,280 Speaker 1: So generally speaking, you and I were okay with a 93 00:04:33,279 --> 00:04:35,280 Speaker 1: little bit of cryptocurrency, but whether or not it should 94 00:04:35,320 --> 00:04:37,039 Speaker 1: be a gift or not sounds like you're on the 95 00:04:37,080 --> 00:04:39,240 Speaker 1: i'll pass side of it, and I'm on the i'll 96 00:04:39,279 --> 00:04:42,279 Speaker 1: take it side of things. I'm more on the fence, like, 97 00:04:42,360 --> 00:04:45,640 Speaker 1: but I probably actually I know, I'm not giving cryptocurrency 98 00:04:45,680 --> 00:04:48,520 Speaker 1: to anybody this year, and I've never gifted I'm not 99 00:04:48,560 --> 00:04:50,240 Speaker 1: going to give you an ear. I've never gifted stocks 100 00:04:50,279 --> 00:04:52,320 Speaker 1: or the gift of an index fund to anybody either. 101 00:04:52,640 --> 00:04:55,839 Speaker 1: I guess I just think that investing is something that's 102 00:04:55,839 --> 00:04:58,560 Speaker 1: like an individual choice almost and it's too personal. It 103 00:04:58,600 --> 00:05:01,119 Speaker 1: doesn't strike me as a gift. Well, especially like I said, 104 00:05:01,440 --> 00:05:07,000 Speaker 1: when we continually uh talk about people prioritizing tax sheltered accounts. 105 00:05:07,480 --> 00:05:10,520 Speaker 1: If I give them a gift of an individual stock, 106 00:05:10,640 --> 00:05:13,320 Speaker 1: that doesn't make much sense for my investing philosophy either. 107 00:05:13,640 --> 00:05:16,359 Speaker 1: So we of course want people to invest, but maybe 108 00:05:17,040 --> 00:05:20,400 Speaker 1: cash with a note or with a book about investing 109 00:05:20,480 --> 00:05:23,120 Speaker 1: something like that. Oh yeah, maybe that's a better gift. Yeah, 110 00:05:23,120 --> 00:05:25,279 Speaker 1: a book on investing with a fifty dollar bill bookmark, 111 00:05:25,320 --> 00:05:27,920 Speaker 1: there you go. Which okay, not not a two dollar 112 00:05:27,960 --> 00:05:29,600 Speaker 1: bill book because that's not gonna get you far enough. 113 00:05:29,600 --> 00:05:31,800 Speaker 1: I'm not gonna get you far. Another real quick aside, 114 00:05:31,920 --> 00:05:33,599 Speaker 1: how do you feel about the tungsten cubes? So a 115 00:05:33,600 --> 00:05:36,200 Speaker 1: lot of like the crypto fans they're getting their hands on, like, 116 00:05:36,240 --> 00:05:38,680 Speaker 1: you know, the tungsten cube. You know, Yeah, yeah, I know. 117 00:05:38,680 --> 00:05:41,120 Speaker 1: It's like a super heavy metal Um. I don't really care. 118 00:05:41,200 --> 00:05:42,520 Speaker 1: It looks it sounds like a paper weight to me, 119 00:05:42,760 --> 00:05:45,200 Speaker 1: and I don't really need one. Yeah it is. It's 120 00:05:45,240 --> 00:05:47,720 Speaker 1: kind of dumb, I'm but I do. I do want 121 00:05:47,720 --> 00:05:49,720 Speaker 1: to actually hold one at some point and see how 122 00:05:49,760 --> 00:05:51,880 Speaker 1: heavy like I'm going to grab it, and when I 123 00:05:51,920 --> 00:05:53,720 Speaker 1: finally see when I just want to be able to say, 124 00:05:53,760 --> 00:05:56,919 Speaker 1: oh wow, it really is headed and then move on 125 00:05:57,000 --> 00:05:59,200 Speaker 1: with is as heavy as they say, all right, well, 126 00:05:59,240 --> 00:06:02,359 Speaker 1: let's let's move on and let's get wonky first with it. 127 00:06:02,520 --> 00:06:05,239 Speaker 1: Let's let's get a little nerdy here. Because the Federal 128 00:06:05,360 --> 00:06:09,039 Speaker 1: Reserve indicated that they would be hiking interest rates three 129 00:06:09,080 --> 00:06:12,480 Speaker 1: times next year. They announced this last week. Um, that's 130 00:06:12,560 --> 00:06:14,480 Speaker 1: at least in all likelihood what it seems like is 131 00:06:14,480 --> 00:06:17,039 Speaker 1: going to happen. When when prior to that announcement, they 132 00:06:17,160 --> 00:06:19,080 Speaker 1: were thinking they weren't going to raise rates at all 133 00:06:19,200 --> 00:06:21,680 Speaker 1: next year, it wasn't gonna be three and now they're 134 00:06:21,680 --> 00:06:24,000 Speaker 1: gonna do it three times year. So it's a so 135 00:06:24,040 --> 00:06:27,359 Speaker 1: it's a quick shift, and it has people thinking. Actually, 136 00:06:27,480 --> 00:06:29,720 Speaker 1: I would say maybe most people aren't thinking. Maybe most 137 00:06:29,720 --> 00:06:32,320 Speaker 1: people are like bull ring. I don't care at all. 138 00:06:32,360 --> 00:06:35,120 Speaker 1: My eyes glazed over, I don't listen when Jerome pal speaks. 139 00:06:35,320 --> 00:06:37,479 Speaker 1: But that's why they have Matt and Joel to talk. Yeah, yeah, 140 00:06:37,520 --> 00:06:39,479 Speaker 1: so maybe we can make it a little more palatable. 141 00:06:39,520 --> 00:06:41,640 Speaker 1: But yeah, basically, we wanted to let you know what 142 00:06:41,680 --> 00:06:44,320 Speaker 1: we think this announcement means for your your money, how 143 00:06:44,320 --> 00:06:46,000 Speaker 1: it's going to impact you, And we think it's gonna 144 00:06:46,240 --> 00:06:49,400 Speaker 1: have impacts in a few different ways. And I gotta say, 145 00:06:49,400 --> 00:06:51,359 Speaker 1: I think it's important to note that the motivation to 146 00:06:51,440 --> 00:06:54,200 Speaker 1: raise rates is mostly in an attempt to slow the 147 00:06:54,240 --> 00:06:56,960 Speaker 1: inflation that we've been seeing. That has been on all 148 00:06:57,000 --> 00:06:58,880 Speaker 1: of our minds, at least to a certain extent as 149 00:06:58,880 --> 00:07:01,159 Speaker 1: we go shopping, as we to the grocery store, and 150 00:07:01,400 --> 00:07:04,640 Speaker 1: you know, rapidly rising prices are becoming a bigger problem. 151 00:07:04,880 --> 00:07:08,200 Speaker 1: And so raising interest rates in two is one way 152 00:07:08,200 --> 00:07:11,160 Speaker 1: to slow down the momentum that inflation is currently having. 153 00:07:11,200 --> 00:07:13,440 Speaker 1: And so I think that's why it's happening, and it 154 00:07:13,720 --> 00:07:16,360 Speaker 1: makes sense from that standpoint. Yeah, And so hopefully inflation 155 00:07:16,400 --> 00:07:18,679 Speaker 1: becomes something that we're not talking about on a weekly 156 00:07:18,680 --> 00:07:22,760 Speaker 1: basis by the time rolls around. That's certainly a part 157 00:07:22,760 --> 00:07:24,360 Speaker 1: of the goal here. But there are going to be 158 00:07:24,400 --> 00:07:27,600 Speaker 1: other side effects of rising interest rates, of the rising 159 00:07:27,680 --> 00:07:30,480 Speaker 1: benchmark rate that the Fed puts out. And one thing 160 00:07:30,760 --> 00:07:33,480 Speaker 1: is that if you have a variable interest rate on 161 00:07:33,520 --> 00:07:35,239 Speaker 1: a home loan, or if you still have some credit 162 00:07:35,240 --> 00:07:38,000 Speaker 1: card debt, that interest rate will be going up. Keep 163 00:07:38,040 --> 00:07:40,480 Speaker 1: in mind, this isn't gonna be happening overnight, and it's 164 00:07:40,480 --> 00:07:43,400 Speaker 1: not gonna happen by like a shockingly large amount. But 165 00:07:43,600 --> 00:07:46,400 Speaker 1: if you still have some credit card debt, focusing on 166 00:07:46,520 --> 00:07:49,760 Speaker 1: paying that debt off makes even more sense in an 167 00:07:49,920 --> 00:07:52,800 Speaker 1: environment of rising rates. And that's the period of time 168 00:07:52,840 --> 00:07:56,080 Speaker 1: that we're likely going to enter. Yes, agreed, And Matt, 169 00:07:56,120 --> 00:07:58,480 Speaker 1: you mentioned home loans with a variable interest rate, Well, 170 00:07:58,600 --> 00:08:00,720 Speaker 1: if you've got one of those, reef and dancing into 171 00:08:00,720 --> 00:08:03,920 Speaker 1: a fixed rate mortgage makes more sense again in that 172 00:08:04,080 --> 00:08:06,360 Speaker 1: rising rate environment if you plan to be in that 173 00:08:06,440 --> 00:08:08,040 Speaker 1: home for a while, and even if you have a 174 00:08:08,080 --> 00:08:11,000 Speaker 1: fixed rate mortgage, it might make sense to refinance as well, 175 00:08:11,200 --> 00:08:13,440 Speaker 1: depending on what your current rate is. So yeah, the 176 00:08:13,640 --> 00:08:15,640 Speaker 1: writing on the wall, it makes it seem as though 177 00:08:15,720 --> 00:08:18,240 Speaker 1: rising rates are going going to begin to lead to 178 00:08:18,600 --> 00:08:21,360 Speaker 1: higher mortgage interest rates, that is at least the way 179 00:08:21,520 --> 00:08:26,280 Speaker 1: things currently stand. But yeah, refinancing while they're still ridiculously 180 00:08:26,280 --> 00:08:28,360 Speaker 1: low can make sense for a lot of people. And 181 00:08:28,360 --> 00:08:30,160 Speaker 1: and plus, you know, you might have a little bit 182 00:08:30,160 --> 00:08:31,880 Speaker 1: extra time around the holiday, so it could be a 183 00:08:31,880 --> 00:08:34,800 Speaker 1: great time to submit that application. And we've got an 184 00:08:34,880 --> 00:08:36,560 Speaker 1: article on how the money dot Com will link to 185 00:08:36,559 --> 00:08:38,480 Speaker 1: it in the show notes that you should check out 186 00:08:38,520 --> 00:08:40,400 Speaker 1: that kind of gives you what you need to think 187 00:08:40,400 --> 00:08:44,040 Speaker 1: about when it comes to refinancing a mortgage and how 188 00:08:44,080 --> 00:08:47,000 Speaker 1: you can go about shopping for the best rate that's right. 189 00:08:47,040 --> 00:08:49,200 Speaker 1: And so that's for existing homeowners. I will say too, 190 00:08:49,240 --> 00:08:52,240 Speaker 1: if you are a first time home buyer and you're 191 00:08:52,280 --> 00:08:54,360 Speaker 1: starting to look at properties, I don't want you freaking 192 00:08:54,400 --> 00:08:57,160 Speaker 1: out thinking that, oh my gosh, mortgage rates are going 193 00:08:57,200 --> 00:08:58,880 Speaker 1: to be on the rise. We gotta find a place 194 00:08:58,880 --> 00:09:01,880 Speaker 1: in the next two months, because, first of all, it 195 00:09:02,000 --> 00:09:03,640 Speaker 1: is likely going to be inevitable that we're gonna see 196 00:09:03,640 --> 00:09:05,480 Speaker 1: your rates go up from where they are currently. But 197 00:09:05,480 --> 00:09:07,160 Speaker 1: it's gonna take a long time. It's gonna be a 198 00:09:07,280 --> 00:09:09,679 Speaker 1: very gradual process. And so just keep in mind that 199 00:09:09,720 --> 00:09:11,199 Speaker 1: there are so many other things you need to keep 200 00:09:11,200 --> 00:09:13,440 Speaker 1: in mind before you buy a house. It doesn't need 201 00:09:13,480 --> 00:09:16,200 Speaker 1: to be about you know, rising prices of homes or 202 00:09:16,280 --> 00:09:19,360 Speaker 1: current mortgage rates at you know, almost all time lows. 203 00:09:19,400 --> 00:09:20,600 Speaker 1: You need to make sure that you have your own 204 00:09:20,600 --> 00:09:24,080 Speaker 1: personal finances in order before you make a decision, like 205 00:09:24,160 --> 00:09:27,080 Speaker 1: a big decision like this purely based on market factors. Yeah, 206 00:09:27,080 --> 00:09:29,600 Speaker 1: and and Matt one other potential impact again, we don't 207 00:09:29,600 --> 00:09:32,520 Speaker 1: know of rising rising interest rates, is that it could 208 00:09:32,520 --> 00:09:35,200 Speaker 1: cool off the housing market a little bit and slow 209 00:09:35,280 --> 00:09:37,240 Speaker 1: at least it could the rate of home prices. We 210 00:09:37,240 --> 00:09:40,240 Speaker 1: don't know. That's why you have to make these these 211 00:09:40,280 --> 00:09:44,120 Speaker 1: decisions based on your own situation, what you've got going on, yep, 212 00:09:44,520 --> 00:09:47,400 Speaker 1: and what else is going on, Matt Well. Student loan 213 00:09:47,440 --> 00:09:51,120 Speaker 1: payments may never resume, that's right, or the resuming may 214 00:09:51,160 --> 00:09:53,480 Speaker 1: It seems like rumpas for them to never resume. So 215 00:09:53,559 --> 00:09:56,599 Speaker 1: everybody who has student loans are rejoicing exactly. It's like 216 00:09:56,600 --> 00:09:59,079 Speaker 1: an early Christmas president to anybody who has federal student 217 00:09:59,120 --> 00:10:02,000 Speaker 1: loans because in that of those student loans resuming, those 218 00:10:02,000 --> 00:10:06,199 Speaker 1: payments resuming in February of next year, which is like uh, 219 00:10:06,240 --> 00:10:09,240 Speaker 1: you know, a route awakening early after the year begins. 220 00:10:09,400 --> 00:10:12,360 Speaker 1: For the time being, that a student loan payment moratorium 221 00:10:12,400 --> 00:10:15,880 Speaker 1: has been extended until May one for all federal student 222 00:10:15,880 --> 00:10:18,160 Speaker 1: loan borrowers, right, and yeah, we'll see how long this 223 00:10:18,240 --> 00:10:20,440 Speaker 1: can keeps getting kicked down the road. Will report back 224 00:10:20,559 --> 00:10:22,760 Speaker 1: if it extends any further, but for the time being, 225 00:10:23,160 --> 00:10:25,280 Speaker 1: May first is going to be the date when your 226 00:10:25,320 --> 00:10:28,600 Speaker 1: student loan payments will resume. That's right. Federal borrowers have 227 00:10:28,760 --> 00:10:32,000 Speaker 1: another three months, Joel. Let's keep moving. And you know, 228 00:10:32,040 --> 00:10:33,679 Speaker 1: even though there are a number of aspects of our 229 00:10:33,720 --> 00:10:36,719 Speaker 1: lives that don't feel like they're quite back to normal, yet, 230 00:10:37,000 --> 00:10:40,040 Speaker 1: there are parts of our financial lives that are returning 231 00:10:40,080 --> 00:10:43,280 Speaker 1: to how they looked pre COVID. Most likely, the final 232 00:10:43,360 --> 00:10:47,040 Speaker 1: monthly child tax credit was deposited into your bank account 233 00:10:47,200 --> 00:10:51,520 Speaker 1: last week. The Build Back Better Bill didn't get pasted, 234 00:10:51,720 --> 00:10:54,160 Speaker 1: and so that means that those advanced payments that you've 235 00:10:54,160 --> 00:10:56,920 Speaker 1: received every month if you have kids are going away, 236 00:10:57,240 --> 00:11:01,719 Speaker 1: and unless lawmakers are able to salvage the bill next year, 237 00:11:01,760 --> 00:11:05,240 Speaker 1: you're also going to see the credit amount decrease by 238 00:11:05,280 --> 00:11:06,839 Speaker 1: a thousand bucks if you have a kid who is 239 00:11:06,920 --> 00:11:10,560 Speaker 1: under seventeen years old, and it's decreasing by six dollars 240 00:11:10,600 --> 00:11:12,720 Speaker 1: if you have a kiddo who is younger than six. 241 00:11:13,080 --> 00:11:14,920 Speaker 1: You know, we've all gotten used to a few different 242 00:11:14,960 --> 00:11:17,320 Speaker 1: things in the pandemic mat like having money deposited in 243 00:11:17,360 --> 00:11:19,760 Speaker 1: our account every single month if you have a kid 244 00:11:19,840 --> 00:11:23,480 Speaker 1: or multiple kiddos, and we're gonna be getting weaned off 245 00:11:23,559 --> 00:11:26,600 Speaker 1: of both of those things in the near future. We 246 00:11:26,640 --> 00:11:32,000 Speaker 1: call this the Great Weaning and so yeah, build back better. Really, 247 00:11:32,040 --> 00:11:34,760 Speaker 1: it got blown up. Obviously there's a lot of politics 248 00:11:34,840 --> 00:11:37,280 Speaker 1: behind that, but when it comes to your finances, it's 249 00:11:37,320 --> 00:11:40,280 Speaker 1: going to have a major impact there. And the reason 250 00:11:40,400 --> 00:11:42,079 Speaker 1: we're mentioning this is because we don't want you to 251 00:11:42,080 --> 00:11:45,319 Speaker 1: be blindsided once we round the corner in two and 252 00:11:45,360 --> 00:11:47,360 Speaker 1: you're like, wait a second, it's the fifteenth of the month. 253 00:11:47,559 --> 00:11:49,640 Speaker 1: Where is that money that's been something over the past 254 00:11:49,679 --> 00:11:51,560 Speaker 1: six months. We don't want you to expect it and 255 00:11:51,559 --> 00:11:54,560 Speaker 1: then not receive it. And a lot of Americans have 256 00:11:54,600 --> 00:11:57,480 Speaker 1: been receiving a lot of financial assistance. It's been showing 257 00:11:57,559 --> 00:12:01,120 Speaker 1: up in your bank account. But only two is likely 258 00:12:01,120 --> 00:12:03,920 Speaker 1: going to be the year of no more cash infusions. 259 00:12:04,160 --> 00:12:07,079 Speaker 1: And it's Christmas Eve. What's done is done. But hopefully 260 00:12:07,280 --> 00:12:09,640 Speaker 1: you didn't spend more than you should have this holiday season, 261 00:12:09,960 --> 00:12:12,439 Speaker 1: right banking on some of those some of those funds, 262 00:12:12,440 --> 00:12:16,080 Speaker 1: continuing thinking that you'll have plenty of money come January 263 00:12:16,080 --> 00:12:18,240 Speaker 1: and February. But yeah, it can. It can be really 264 00:12:18,280 --> 00:12:21,160 Speaker 1: difficult to taperback are spending once we've gotten used to 265 00:12:21,280 --> 00:12:23,720 Speaker 1: a standard of living, once we've gotten used to money 266 00:12:23,760 --> 00:12:26,200 Speaker 1: being regularly deposited. But a lot of folks are going 267 00:12:26,240 --> 00:12:28,360 Speaker 1: to need to take those steps to make sure that 268 00:12:28,400 --> 00:12:32,559 Speaker 1: they're staying within their new budget, which doesn't involve the 269 00:12:33,000 --> 00:12:35,320 Speaker 1: child tax credit, continued to be popped into their account 270 00:12:35,320 --> 00:12:38,640 Speaker 1: of Jill. Another casualty of that bill not passing that 271 00:12:38,720 --> 00:12:42,640 Speaker 1: eby tax credit. Had that passed, couples making up two 272 00:12:42,679 --> 00:12:45,280 Speaker 1: hundred fifty dollars would have been eligible for a nine 273 00:12:45,760 --> 00:12:49,040 Speaker 1: dollar tax credit. So this is sad news for for 274 00:12:49,080 --> 00:12:51,200 Speaker 1: everyone out there. He was hoping that that would go through. 275 00:12:51,440 --> 00:12:53,280 Speaker 1: You'll know how much we love biking, and it turns 276 00:12:53,280 --> 00:12:55,880 Speaker 1: out that we're not alone. Over the past twelve months, 277 00:12:55,880 --> 00:12:59,920 Speaker 1: there was this increase in bike sales and a whop 278 00:13:00,200 --> 00:13:04,400 Speaker 1: two hundred increase in e bike sales. Yes, so maybe 279 00:13:04,400 --> 00:13:08,040 Speaker 1: that ebike tax credit actually wasn't necessary, but it would 280 00:13:08,040 --> 00:13:09,720 Speaker 1: have been nice for everyone out there who is thinking 281 00:13:09,720 --> 00:13:11,679 Speaker 1: about getting one to shave some of that cost off 282 00:13:11,679 --> 00:13:13,920 Speaker 1: the top. Yeah, we think bikes. E bikes are basically 283 00:13:14,280 --> 00:13:16,840 Speaker 1: the most efficient form of transportation right, Like, I can't 284 00:13:16,880 --> 00:13:19,360 Speaker 1: think of anything that's gonna get you to and fro 285 00:13:19,920 --> 00:13:22,880 Speaker 1: faster than an e bike with using so little energy. 286 00:13:23,160 --> 00:13:26,319 Speaker 1: But yeah, that tax credit looks like it's gone away too. 287 00:13:26,520 --> 00:13:29,880 Speaker 1: With the failure of build back better and and Matt, Yeah, 288 00:13:29,880 --> 00:13:31,840 Speaker 1: when the average household spends what what did we say, 289 00:13:31,840 --> 00:13:34,560 Speaker 1: like something like ten dollars a year in transportation costs, 290 00:13:35,000 --> 00:13:37,679 Speaker 1: every little bit helps. Like knocking a few hundred bucks 291 00:13:37,760 --> 00:13:40,520 Speaker 1: nine bucks potentially off the cost of that e bike 292 00:13:41,040 --> 00:13:43,640 Speaker 1: is helpful. And then not to mention how much less 293 00:13:43,640 --> 00:13:45,080 Speaker 1: it's gonna cost you to get around on that thing. 294 00:13:45,440 --> 00:13:48,800 Speaker 1: Um but yeah, speaking of insane transportation costs, We've got 295 00:13:48,800 --> 00:13:51,560 Speaker 1: a great car related ludicrous headline for you. We'll get 296 00:13:51,559 --> 00:14:02,440 Speaker 1: to that and more right after this break. Al Right, 297 00:14:02,520 --> 00:14:04,680 Speaker 1: we are back from the break. We're talking through our 298 00:14:04,720 --> 00:14:07,120 Speaker 1: Friday flight, the different stories we came across this week, 299 00:14:07,400 --> 00:14:10,120 Speaker 1: and Jil it is now time for our ludicrous headline 300 00:14:10,120 --> 00:14:12,800 Speaker 1: of the week, and this one comes from motor Biscuit. 301 00:14:13,080 --> 00:14:16,600 Speaker 1: Headline reads, Toyota is charging a monthly fee for something 302 00:14:16,640 --> 00:14:20,400 Speaker 1: that used to be free. Outrageous saying an't so I 303 00:14:20,480 --> 00:14:22,880 Speaker 1: love how they're just like casting so much doubt, like 304 00:14:22,960 --> 00:14:25,240 Speaker 1: even just within the actual headline. But here's this scoop 305 00:14:25,240 --> 00:14:28,200 Speaker 1: automaker Toyota, which but you know, for the most part, 306 00:14:28,280 --> 00:14:30,880 Speaker 1: took it is a great company. But they're gonna start 307 00:14:30,920 --> 00:14:33,920 Speaker 1: ripping folks off if they want to be able to 308 00:14:34,680 --> 00:14:38,560 Speaker 1: remote start vehicles. The price it's gonna be eight dollars 309 00:14:38,560 --> 00:14:40,360 Speaker 1: a month or eighty bucks a year if you pay 310 00:14:40,360 --> 00:14:42,320 Speaker 1: all at once. If you want Netflix or to be 311 00:14:42,360 --> 00:14:44,720 Speaker 1: able to remote start your car, you make the call. 312 00:14:45,280 --> 00:14:47,440 Speaker 1: And you know, you're probably assuming that we don't like this, 313 00:14:47,520 --> 00:14:50,160 Speaker 1: and you are right. But the worst thing about this 314 00:14:50,240 --> 00:14:52,560 Speaker 1: is that it doesn't just apply to new vehicles that 315 00:14:52,600 --> 00:14:54,640 Speaker 1: are being sold. Because if that were the case, at 316 00:14:54,680 --> 00:14:56,600 Speaker 1: least you know, you would know up front you could 317 00:14:56,640 --> 00:14:59,160 Speaker 1: choose to forego that future altogether, maybe even look for 318 00:14:59,160 --> 00:15:02,040 Speaker 1: a different make model, in order to avoid UH an 319 00:15:02,080 --> 00:15:05,720 Speaker 1: additional unnecessary subscription in your life. But this is gonna 320 00:15:05,760 --> 00:15:10,120 Speaker 1: apply to all models and newer and so if you've 321 00:15:10,120 --> 00:15:13,280 Speaker 1: had your your toy your Toyota car or truck for 322 00:15:13,320 --> 00:15:16,080 Speaker 1: a few years, this new monthly fee could come as 323 00:15:16,080 --> 00:15:18,000 Speaker 1: a shock. Yeah, I would say so, Matt and I 324 00:15:18,080 --> 00:15:20,880 Speaker 1: think part of the problem here is that companies everywhere 325 00:15:20,920 --> 00:15:23,800 Speaker 1: are trying to figure out how to reach into our 326 00:15:23,840 --> 00:15:27,040 Speaker 1: financial lives in order to get recurring dollars. Like instead 327 00:15:27,080 --> 00:15:29,320 Speaker 1: of building something and selling it to you and having 328 00:15:29,400 --> 00:15:33,800 Speaker 1: it work by itself as you see fit, they want 329 00:15:33,880 --> 00:15:38,000 Speaker 1: to get recurring subscription dollars every single month. And we 330 00:15:38,000 --> 00:15:41,080 Speaker 1: we talked recently about BMW's plan to start charging a 331 00:15:41,120 --> 00:15:45,960 Speaker 1: monthly fee for heated seats last year, which felt similarly 332 00:15:46,600 --> 00:15:49,040 Speaker 1: ludicrous and ridiculous. We just we didn't like that either. 333 00:15:49,240 --> 00:15:52,520 Speaker 1: And yes, this Toyota subscription has a lengthy free trial, 334 00:15:52,640 --> 00:15:55,200 Speaker 1: and it offers other benefits apart from just being able 335 00:15:55,240 --> 00:15:57,280 Speaker 1: to remote start your vehicle, so it's not just this 336 00:15:57,320 --> 00:15:59,480 Speaker 1: one trick pony. And one of those things is that 337 00:15:59,560 --> 00:16:02,120 Speaker 1: you and monitor your kids driving. I saw that that's 338 00:16:02,160 --> 00:16:05,400 Speaker 1: pretty which sounds like potentially worthwhile to have a subscription 339 00:16:05,520 --> 00:16:07,840 Speaker 1: for that. Um, it might be helpful if you've got 340 00:16:08,040 --> 00:16:10,560 Speaker 1: multiple kids driving that car. But the move to make 341 00:16:10,600 --> 00:16:15,040 Speaker 1: everything a subscription is bad for our collective personal finances. 342 00:16:15,320 --> 00:16:18,640 Speaker 1: I'd rather have personally a dumber car that cost me 343 00:16:18,720 --> 00:16:20,960 Speaker 1: less money. And so this is something that you'll have 344 00:16:21,000 --> 00:16:23,280 Speaker 1: to think about when you go to buy a vehicle 345 00:16:23,360 --> 00:16:26,360 Speaker 1: these days, is what are there any things that this 346 00:16:26,440 --> 00:16:29,600 Speaker 1: vehicle does that aren't included at the point of sale 347 00:16:29,640 --> 00:16:32,800 Speaker 1: Where I'm gonna have to pay the auto manufacturers every 348 00:16:32,800 --> 00:16:35,240 Speaker 1: single month to access a feature. I think we're gonna 349 00:16:35,240 --> 00:16:36,640 Speaker 1: see more and more of that, and we're all gonna 350 00:16:36,640 --> 00:16:39,400 Speaker 1: have to be wary and ask those questions before we 351 00:16:39,440 --> 00:16:42,200 Speaker 1: sign on the dotted line. Which is fine again if 352 00:16:42,200 --> 00:16:44,440 Speaker 1: you know that ahead of time, and so you know 353 00:16:44,480 --> 00:16:47,600 Speaker 1: the fact that they're making this retroactive basically on vehicles 354 00:16:47,640 --> 00:16:49,800 Speaker 1: that a lot of people already own. That's the part 355 00:16:49,880 --> 00:16:51,920 Speaker 1: that really kind of rubs us the wrong way. But 356 00:16:52,080 --> 00:16:55,080 Speaker 1: speaking of cars, Consumer Reports they released their list of 357 00:16:55,120 --> 00:16:57,800 Speaker 1: the most reliable car brands just a few weeks ago. 358 00:16:58,200 --> 00:17:02,120 Speaker 1: To be honest, not much has changed. Lexus, Mazda, and 359 00:17:02,440 --> 00:17:05,920 Speaker 1: our aforementioned Toyota. They are still the three most reliable 360 00:17:05,960 --> 00:17:09,000 Speaker 1: auto manufacturers, although the rankings they did shift a little 361 00:17:09,000 --> 00:17:10,920 Speaker 1: bit because Lexus they took the top the top spot 362 00:17:10,960 --> 00:17:15,040 Speaker 1: this year. But it's worth sharing because reliability is something 363 00:17:15,280 --> 00:17:18,240 Speaker 1: worth considering heavily when you're buying a car. UH. In 364 00:17:18,359 --> 00:17:20,679 Speaker 1: Consumer Reports, they do a really great job of actually 365 00:17:20,680 --> 00:17:24,560 Speaker 1: digging into the reliability numbers of specific years, specific makes 366 00:17:24,680 --> 00:17:27,040 Speaker 1: UH and different models of those makes. And so we 367 00:17:27,040 --> 00:17:29,359 Speaker 1: wanted to share that because it's worth paying for access to, 368 00:17:29,840 --> 00:17:31,920 Speaker 1: you know, something like Consumer Reports to make sure that 369 00:17:31,920 --> 00:17:33,720 Speaker 1: you're buying a model that's going to hold up well 370 00:17:34,119 --> 00:17:37,840 Speaker 1: in reliability rankings because there's a big discrepancy in the 371 00:17:37,920 --> 00:17:41,280 Speaker 1: average annual repair bill between the most reliable models and 372 00:17:41,320 --> 00:17:44,200 Speaker 1: the least reliable ones. So, for example, a ten year 373 00:17:44,200 --> 00:17:47,439 Speaker 1: old BMW is gonna cost you over a thousand dollars 374 00:17:47,480 --> 00:17:50,280 Speaker 1: to maintain every single year. Uh. And so we're kind 375 00:17:50,280 --> 00:17:52,560 Speaker 1: of coming back to Toyota again. We're gonna we bashed 376 00:17:52,600 --> 00:17:54,080 Speaker 1: them earlier and now we're gonna come back to them. 377 00:17:54,440 --> 00:17:56,800 Speaker 1: Whereas a ten year old Toyota it's only gonna cost 378 00:17:56,880 --> 00:18:00,520 Speaker 1: you like three forty bucks every year to maintain. There's 379 00:18:00,560 --> 00:18:04,640 Speaker 1: just a massive difference between maintaining Toyota maintaining a BMW. 380 00:18:04,720 --> 00:18:06,679 Speaker 1: And we want you to be aware of that information 381 00:18:07,040 --> 00:18:09,600 Speaker 1: before you get a really good deal on this BMW 382 00:18:09,720 --> 00:18:11,959 Speaker 1: three series and you think that I'm about to make 383 00:18:11,960 --> 00:18:15,120 Speaker 1: the best decision of my life, Well, this decision might 384 00:18:15,119 --> 00:18:17,160 Speaker 1: actually cost you, you know, over a thousand bucks every 385 00:18:17,160 --> 00:18:19,800 Speaker 1: single year. Right, Yes, you definitely want to pay attention 386 00:18:19,840 --> 00:18:23,160 Speaker 1: to that. And yeah, I mean, it's it's really good 387 00:18:23,200 --> 00:18:26,280 Speaker 1: to see that Toyota ranks high and reliability and they 388 00:18:26,359 --> 00:18:28,120 Speaker 1: rank low and how much it's gonna cost you every 389 00:18:28,200 --> 00:18:31,120 Speaker 1: year to drive in older Toyota. But it still doesn't 390 00:18:31,160 --> 00:18:34,120 Speaker 1: undo my frustration with what they're doing. Just don't get 391 00:18:34,520 --> 00:18:37,760 Speaker 1: the remote start exactly exactly. But and I think it's 392 00:18:37,760 --> 00:18:40,359 Speaker 1: also important man on the noteable reliability. You know, we 393 00:18:40,359 --> 00:18:42,720 Speaker 1: talked about this a lot, but it's it's just so important, 394 00:18:43,200 --> 00:18:45,080 Speaker 1: just as important now as it ever has been, to 395 00:18:45,160 --> 00:18:47,680 Speaker 1: keep your car in good shape, and especially maybe even 396 00:18:47,720 --> 00:18:49,920 Speaker 1: more than ever because with with used car prices where 397 00:18:49,920 --> 00:18:51,960 Speaker 1: they are right now, make sure to change your oil, 398 00:18:52,040 --> 00:18:53,919 Speaker 1: make sure to stay on top of the maintenance for 399 00:18:53,960 --> 00:18:57,119 Speaker 1: that vehicle, because it's cheaper to maintain it than it 400 00:18:57,160 --> 00:18:58,760 Speaker 1: is to buy a new one. Could you imagine getting 401 00:18:58,760 --> 00:19:00,280 Speaker 1: low and your coolant or something like that and just 402 00:19:00,359 --> 00:19:02,959 Speaker 1: driving on the interstate and having basically total in your 403 00:19:02,960 --> 00:19:05,600 Speaker 1: car without realizing, and then being forced to buy a 404 00:19:05,640 --> 00:19:07,840 Speaker 1: new or used vehicle in this market, in this market 405 00:19:07,960 --> 00:19:12,240 Speaker 1: right now. It would be so upset. Don't make that mistake, No, don't. 406 00:19:12,280 --> 00:19:15,080 Speaker 1: And yeah, so if you need a new to you 407 00:19:15,520 --> 00:19:18,119 Speaker 1: used car and you're only looking to purchase one of 408 00:19:18,160 --> 00:19:20,480 Speaker 1: these top ranks reliable models, we would say that's a 409 00:19:20,480 --> 00:19:22,800 Speaker 1: good thing. We want you to drive a car that 410 00:19:22,920 --> 00:19:25,000 Speaker 1: is going to be less costly every year to run 411 00:19:25,119 --> 00:19:28,040 Speaker 1: and to maintain. Well, you still have to have that 412 00:19:28,080 --> 00:19:31,040 Speaker 1: specific vehicle checked out by your mechanic before you buy it. 413 00:19:31,240 --> 00:19:33,919 Speaker 1: Even if you're like it's a Toyota like Corolla, like 414 00:19:34,000 --> 00:19:38,400 Speaker 1: these things don't die. That is maybe mostly true, but 415 00:19:38,560 --> 00:19:40,600 Speaker 1: you still want to make sure that this particular one 416 00:19:41,080 --> 00:19:43,560 Speaker 1: was was maintained well and you want to have a 417 00:19:43,560 --> 00:19:45,800 Speaker 1: trust and mechanic sign off on that and say yes, 418 00:19:45,840 --> 00:19:48,760 Speaker 1: it's in great shape or no, look for another one. Um. 419 00:19:49,040 --> 00:19:52,120 Speaker 1: But yeah, generally, in the long run, buying a car 420 00:19:52,200 --> 00:19:54,680 Speaker 1: that rates well in surveys like this one from Consumer 421 00:19:54,720 --> 00:19:57,679 Speaker 1: Reports or you know other similar surveys from JD Power 422 00:19:57,920 --> 00:19:59,320 Speaker 1: is going to vode well for you in the long 423 00:19:59,400 --> 00:20:01,520 Speaker 1: run when it comes to how much money you're gonna 424 00:20:01,560 --> 00:20:03,920 Speaker 1: be spending every year to make sure that car continues 425 00:20:03,960 --> 00:20:05,440 Speaker 1: to run. Well, that's right, and I will say to 426 00:20:05,560 --> 00:20:07,920 Speaker 1: it depends on the make and the model, because actually 427 00:20:07,920 --> 00:20:10,600 Speaker 1: I noticed that the second most reliable vehicle was like Kia. 428 00:20:10,760 --> 00:20:12,320 Speaker 1: Did you did you see that on there's like a 429 00:20:12,440 --> 00:20:16,280 Speaker 1: Kia Nero was like the second most reliable vehicle, whereas 430 00:20:16,359 --> 00:20:18,359 Speaker 1: Kia it's not even you know, it's not listed as 431 00:20:18,400 --> 00:20:20,840 Speaker 1: one of the top manufacturers. And so it kind of 432 00:20:20,880 --> 00:20:23,280 Speaker 1: depends on the specific vehicles kind of dive into those 433 00:20:23,320 --> 00:20:26,360 Speaker 1: gents in the specific year. Sometimes, like the first year 434 00:20:26,560 --> 00:20:29,359 Speaker 1: of a particular making model can be can have issues, 435 00:20:29,400 --> 00:20:30,719 Speaker 1: and then it's like the second year they got them 436 00:20:30,720 --> 00:20:34,320 Speaker 1: all sorted out and now it's great. That's right, all right, Joe, 437 00:20:34,400 --> 00:20:36,600 Speaker 1: Let's change things up a little, b let's talk about death, 438 00:20:37,800 --> 00:20:41,320 Speaker 1: getting a little bookie, a little nightmare before Christmas with 439 00:20:41,440 --> 00:20:44,080 Speaker 1: the year. There's this article in the Wall Street Journal 440 00:20:44,080 --> 00:20:46,679 Speaker 1: this week and they said that millennials they're starting to 441 00:20:46,760 --> 00:20:49,560 Speaker 1: write their wills. You know, that the pandemic and it's 442 00:20:49,600 --> 00:20:51,600 Speaker 1: caused most of us to realize that we aren't super 443 00:20:51,680 --> 00:20:56,920 Speaker 1: human because we of course we're mortal. But it's well, 444 00:20:57,080 --> 00:20:58,960 Speaker 1: we mentioned this because it's a it's difficult to get 445 00:20:58,960 --> 00:21:01,840 Speaker 1: folks in their twenties and thirties to recognize the fact 446 00:21:01,840 --> 00:21:04,000 Speaker 1: that they should have a will in place. And that's 447 00:21:04,080 --> 00:21:06,360 Speaker 1: especially true if you have kids. And it turns out 448 00:21:06,440 --> 00:21:09,080 Speaker 1: only one in four folks within that age range actually 449 00:21:09,160 --> 00:21:11,280 Speaker 1: have a will. This is good, though, because you know, 450 00:21:11,320 --> 00:21:14,159 Speaker 1: this has risen a good bit since the start of COVID, 451 00:21:14,320 --> 00:21:16,600 Speaker 1: but it's still pretty low. And so if you're a 452 00:21:16,600 --> 00:21:18,960 Speaker 1: hot of money listener in this age range. This is 453 00:21:19,000 --> 00:21:21,840 Speaker 1: something that you should prioritize doing as soon as possible. 454 00:21:22,480 --> 00:21:24,199 Speaker 1: You don't want to be that person who you know 455 00:21:24,240 --> 00:21:26,560 Speaker 1: has an estate, who has kids, who dies and you 456 00:21:26,560 --> 00:21:29,360 Speaker 1: don't have things listed out. If that happens, that means 457 00:21:29,400 --> 00:21:32,479 Speaker 1: you die intestate. And everybody knows that you don't want 458 00:21:32,480 --> 00:21:35,080 Speaker 1: to be intestate. Nobody wants that you don't want to 459 00:21:35,080 --> 00:21:37,200 Speaker 1: go there. That sounds like a bunch of headaches after 460 00:21:37,240 --> 00:21:39,400 Speaker 1: you're gone, that you're creating for other people, as well 461 00:21:39,400 --> 00:21:42,280 Speaker 1: as the disease, which is actually that's exactly the exact 462 00:21:42,320 --> 00:21:45,520 Speaker 1: reason to create a will. It's you know you're gonna 463 00:21:45,520 --> 00:21:47,800 Speaker 1: be dead, like you're not gonna realize what's for you 464 00:21:48,160 --> 00:21:50,480 Speaker 1: for for the folks you leave behind, exactly, and just 465 00:21:50,520 --> 00:21:54,560 Speaker 1: generally speaking, you want to avoid being intestate. And I 466 00:21:54,680 --> 00:21:56,240 Speaker 1: was gonna say, as much as posible, there should be 467 00:21:56,280 --> 00:21:58,760 Speaker 1: a marketing campaign a route you don't want to be intestate. 468 00:21:58,840 --> 00:22:01,520 Speaker 1: That should be a whole advertising Okay, well, maybe one 469 00:22:01,560 --> 00:22:03,440 Speaker 1: of our favorite websites where you can create a will, 470 00:22:03,480 --> 00:22:06,840 Speaker 1: free will dot com can can take this marketing opportunity 471 00:22:06,840 --> 00:22:09,600 Speaker 1: and run with it. Yes, And because the great thing, 472 00:22:09,880 --> 00:22:12,119 Speaker 1: you know we were talking earlier about refinancing your mortgage, 473 00:22:12,119 --> 00:22:13,320 Speaker 1: and that's one of those things that people are like, 474 00:22:13,359 --> 00:22:15,200 Speaker 1: it's going to take a long time, but at least 475 00:22:15,200 --> 00:22:17,680 Speaker 1: the cool thing is you're potentially gonna say hundreds of 476 00:22:17,720 --> 00:22:22,040 Speaker 1: dollars a month, you know, or thousands of dollars a year, 477 00:22:22,040 --> 00:22:24,320 Speaker 1: and it's like, all right, yeah, I'll spend the time 478 00:22:24,320 --> 00:22:26,320 Speaker 1: to do that. Well, with a will, you don't get 479 00:22:26,400 --> 00:22:29,159 Speaker 1: that same immediate payoff, but you do get, yeah, that 480 00:22:29,200 --> 00:22:32,040 Speaker 1: piece of mind to know that you're taking care of family, 481 00:22:32,080 --> 00:22:34,560 Speaker 1: friends and kiddos if you have them. And yeah, we 482 00:22:34,600 --> 00:22:37,160 Speaker 1: mentioned free Will. That's a great site for folks who 483 00:22:37,200 --> 00:22:41,400 Speaker 1: have really straightforward financial and family situations. And it costs 484 00:22:41,440 --> 00:22:44,280 Speaker 1: you literally nothing to get that will made, which we 485 00:22:44,359 --> 00:22:47,040 Speaker 1: like free. It's great. It literally takes about twenty minutes 486 00:22:47,320 --> 00:22:49,360 Speaker 1: to do this will, to to get to go through 487 00:22:49,359 --> 00:22:51,800 Speaker 1: all the steps, and so we would suggest jumping on it. 488 00:22:52,200 --> 00:22:55,359 Speaker 1: If you are a person who has a more complex situation, 489 00:22:55,640 --> 00:22:57,280 Speaker 1: if you've gone through a divorce, if you have a 490 00:22:57,320 --> 00:22:59,399 Speaker 1: blended family, Uh, you might want to go see a 491 00:22:59,440 --> 00:23:02,720 Speaker 1: lawyer who's specializes in wills and trusts. And yeah, it's 492 00:23:02,720 --> 00:23:04,919 Speaker 1: gonna take more time, it's gonna cost more money. But 493 00:23:05,080 --> 00:23:07,159 Speaker 1: it's going to be worth it in the end, and 494 00:23:07,200 --> 00:23:09,240 Speaker 1: that's because, of course you don't want to die in 495 00:23:09,320 --> 00:23:12,080 Speaker 1: test dates. That's right, man. But and I think, Matt, 496 00:23:12,160 --> 00:23:13,760 Speaker 1: this is the perfect time to tell people just to 497 00:23:13,800 --> 00:23:15,639 Speaker 1: put it on your calendar. Find a date at a 498 00:23:15,680 --> 00:23:17,840 Speaker 1: time you're like, you know what, Tuesday nights usually pretty 499 00:23:17,920 --> 00:23:20,600 Speaker 1: chill for me. Um if it takes twenty minutes for 500 00:23:20,680 --> 00:23:24,119 Speaker 1: someone who has one of those easier family situations, like 501 00:23:24,119 --> 00:23:25,880 Speaker 1: put it on the calendar and just and make sure 502 00:23:25,920 --> 00:23:27,880 Speaker 1: to get it done during this holiday season maybe while 503 00:23:27,880 --> 00:23:29,520 Speaker 1: you have a little bit of extra time on your hands. 504 00:23:29,520 --> 00:23:31,880 Speaker 1: That's right. You can even make it a themed night. 505 00:23:32,400 --> 00:23:34,199 Speaker 1: You can play some Will Smith getting jiggy with it 506 00:23:34,200 --> 00:23:36,119 Speaker 1: in the background. You can plan to watch Free Willie 507 00:23:36,440 --> 00:23:38,960 Speaker 1: that evening as well. You can wear your skeleton onesie. 508 00:23:39,160 --> 00:23:41,719 Speaker 1: There's so many options, alright. One last story, let's talk 509 00:23:41,720 --> 00:23:45,560 Speaker 1: about travel, because Joel, you know what's rough renewing your passport. 510 00:23:45,920 --> 00:23:48,040 Speaker 1: Do you have you renewed your passport recently? So I 511 00:23:48,359 --> 00:23:53,359 Speaker 1: know that mine and kates are totally expired. Yeah, we 512 00:23:53,359 --> 00:23:55,880 Speaker 1: can't go anywhere for a while until we get those things. 513 00:23:56,160 --> 00:23:58,120 Speaker 1: I think mine it probably has like a year left 514 00:23:58,119 --> 00:24:00,159 Speaker 1: which which means I've had it for almost ten year, 515 00:24:00,200 --> 00:24:02,240 Speaker 1: so yeah, it's getting close to that time for me 516 00:24:02,280 --> 00:24:05,440 Speaker 1: to renew it. Mine is definitely sitting there unused, and 517 00:24:05,520 --> 00:24:08,240 Speaker 1: so if you want to renew your passport, you've got 518 00:24:08,280 --> 00:24:11,080 Speaker 1: us in a bunch of physical documents. It's a huge pain. 519 00:24:11,119 --> 00:24:16,160 Speaker 1: It's very speaking of Will Smith. But that isn't gonna 520 00:24:16,160 --> 00:24:19,240 Speaker 1: be the case for much longer because Joe Biden, he uh, 521 00:24:19,280 --> 00:24:21,880 Speaker 1: just last week he signed an executive order that's gonna 522 00:24:21,960 --> 00:24:25,680 Speaker 1: make renewing your passport online a thing within the next 523 00:24:26,000 --> 00:24:28,760 Speaker 1: six to twelve months. That's awesome. And so once this 524 00:24:28,800 --> 00:24:31,359 Speaker 1: online passport renewal system goes live next year, we'll be 525 00:24:31,440 --> 00:24:33,320 Speaker 1: sure to mention it. But this is great news for 526 00:24:33,359 --> 00:24:35,760 Speaker 1: those of us who love to travel but hate how 527 00:24:35,800 --> 00:24:41,000 Speaker 1: annoying government systems, specifically passport renewals have been. And one 528 00:24:41,000 --> 00:24:42,960 Speaker 1: other thing to keep in mind the six month rule, 529 00:24:43,000 --> 00:24:46,320 Speaker 1: which is when oftentimes most countries won't let you in 530 00:24:46,880 --> 00:24:49,320 Speaker 1: on a passport if it is going to expire within 531 00:24:49,400 --> 00:24:52,520 Speaker 1: six months of your last date of travel. And so 532 00:24:52,600 --> 00:24:55,080 Speaker 1: you're probably looking at it and thinking, oh, six and 533 00:24:55,080 --> 00:24:56,960 Speaker 1: a half months out, but you're planning to be there 534 00:24:57,000 --> 00:24:59,280 Speaker 1: for like three weeks or something like that. Chances are 535 00:24:59,320 --> 00:25:00,680 Speaker 1: they're not going to let you went. So that's something 536 00:25:00,760 --> 00:25:02,399 Speaker 1: you do want to make sure that you have taken 537 00:25:02,400 --> 00:25:05,000 Speaker 1: care of before you do some travel next year before 538 00:25:05,040 --> 00:25:07,200 Speaker 1: things open back up. Yeah, that is one of those rules. 539 00:25:07,240 --> 00:25:08,600 Speaker 1: A lot of people don't know about it. It's one 540 00:25:08,600 --> 00:25:10,720 Speaker 1: of the more frustrating rules in travel because you're like 541 00:25:11,000 --> 00:25:14,080 Speaker 1: really dated six months sooner than what's what's the point 542 00:25:14,080 --> 00:25:16,320 Speaker 1: says on the Sheeta paper, so exactly. Yeah, that that's 543 00:25:16,440 --> 00:25:19,760 Speaker 1: a crappy thing about passport expiration, but it's yeah, important 544 00:25:19,800 --> 00:25:22,400 Speaker 1: to know. And hopefully next time you need to renew 545 00:25:22,400 --> 00:25:24,720 Speaker 1: your passport, hopefully you've got enough time left on it 546 00:25:24,760 --> 00:25:26,639 Speaker 1: to take one more trip if you want to, and 547 00:25:26,680 --> 00:25:29,399 Speaker 1: then the next time you gotta renew, it's gonna be 548 00:25:29,480 --> 00:25:32,320 Speaker 1: much easier. That's the hope. But Matt, that's gonna do 549 00:25:32,440 --> 00:25:35,600 Speaker 1: it for this episode, and we're gonna have all new 550 00:25:35,640 --> 00:25:37,480 Speaker 1: how to Money episodes throughout the rest of this year 551 00:25:37,520 --> 00:25:39,600 Speaker 1: and of course into January. It's important to note that 552 00:25:39,680 --> 00:25:42,040 Speaker 1: a lot of podcasts they're running repeats you and I. 553 00:25:42,119 --> 00:25:44,800 Speaker 1: We're not doing it. We'll say that for next year, 554 00:25:46,040 --> 00:25:48,000 Speaker 1: but this year, no, we got we got good fresh 555 00:25:48,000 --> 00:25:51,280 Speaker 1: content for you. We hope everyone has a great Christmas Eve, 556 00:25:51,840 --> 00:25:54,240 Speaker 1: a great Christmas tomorrow if you celebrate, and we will 557 00:25:54,240 --> 00:25:57,160 Speaker 1: see you back here on Monday. Joel, Until next time, 558 00:25:57,440 --> 00:26:01,200 Speaker 1: Best friends out, Best friends out, m