1 00:00:00,080 --> 00:00:02,680 Speaker 1: Welcome to Had of Money. I'm Joel, I'm Matt, and 2 00:00:02,680 --> 00:00:06,720 Speaker 1: today we're talking about purging pennies, financial fights, and phantom wealth. 3 00:00:25,920 --> 00:00:28,600 Speaker 2: I can't hear phantom Joel, and not think of Phantom Planet. 4 00:00:28,680 --> 00:00:30,640 Speaker 2: Did you ever listen to a pandom planet back? And 5 00:00:30,640 --> 00:00:32,559 Speaker 2: then what did they do the theme song for the 6 00:00:32,600 --> 00:00:36,040 Speaker 2: O C California? Oh yeah, or even Phantom Limb. I 7 00:00:36,080 --> 00:00:38,360 Speaker 2: never really watched that show, Phantom Limb. That was a good, 8 00:00:38,440 --> 00:00:40,920 Speaker 2: good Chin's song. Oh okay, yeah, you didn't watch the 9 00:00:40,920 --> 00:00:43,000 Speaker 2: OC back. You were like a touch younger than me, 10 00:00:43,120 --> 00:00:44,920 Speaker 2: and so when I was in college, like we would 11 00:00:44,920 --> 00:00:49,279 Speaker 2: have OC watching parties. Oh yeah, because there's only like 12 00:00:49,400 --> 00:00:51,320 Speaker 2: two sets of friends who paid for cable? 13 00:00:51,440 --> 00:00:53,280 Speaker 1: Was it wasn't it basically like a modernized version of 14 00:00:53,320 --> 00:00:54,440 Speaker 1: Beverly Hills nine or two went? 15 00:00:54,480 --> 00:00:59,040 Speaker 2: Now? Okay, yeah, I've never really gotten nostalgia as I 16 00:00:59,320 --> 00:01:01,520 Speaker 2: think back. But now this is our Friday flight, a 17 00:01:01,600 --> 00:01:04,120 Speaker 2: quick sampling of the different stories we've come across, and 18 00:01:04,160 --> 00:01:06,360 Speaker 2: we're specifically going to address how they are going to 19 00:01:06,400 --> 00:01:09,959 Speaker 2: impact your dollars. But Joel, so you want to try 20 00:01:09,959 --> 00:01:12,360 Speaker 2: to get everybody on like this beef jerkey train. Now 21 00:01:12,400 --> 00:01:15,200 Speaker 2: that you're as you might try to brainwash everyone into 22 00:01:15,240 --> 00:01:17,800 Speaker 2: thinking that meat it's the only category of food that 23 00:01:17,800 --> 00:01:18,880 Speaker 2: you actually need in your life. 24 00:01:19,360 --> 00:01:21,400 Speaker 1: I'm able to get behind that, although I do think 25 00:01:21,400 --> 00:01:22,959 Speaker 1: I would get bored if like meat was my own 26 00:01:23,040 --> 00:01:25,240 Speaker 1: league food group. But I think it belongs with the 27 00:01:25,240 --> 00:01:26,120 Speaker 1: most meals Matt. 28 00:01:26,040 --> 00:01:28,760 Speaker 2: Yeah, five meals all meat, and then on the six 29 00:01:28,840 --> 00:01:30,520 Speaker 2: meal you throw a little bit of brocoli in there, right, 30 00:01:30,640 --> 00:01:31,760 Speaker 2: exactly normally all year old. 31 00:01:32,280 --> 00:01:34,720 Speaker 1: Maybe not quite that extreme, but a couple of my 32 00:01:34,760 --> 00:01:38,440 Speaker 1: buddies have started making their own beef turkey. It's specifically 33 00:01:38,560 --> 00:01:43,000 Speaker 1: South African variety called Biltong, and I had it samples 34 00:01:43,520 --> 00:01:45,840 Speaker 1: at their house and I was like, Okay, that's pretty delicious. 35 00:01:46,080 --> 00:01:47,760 Speaker 1: Let me give this a go, and I will link 36 00:01:47,800 --> 00:01:49,720 Speaker 1: to the YouTube video that I used and that they 37 00:01:49,800 --> 00:01:51,200 Speaker 1: used to figure out how to do this. 38 00:01:51,360 --> 00:01:53,120 Speaker 2: The guy explains that he walks to it really well, 39 00:01:53,160 --> 00:01:56,000 Speaker 2: send me the link, because I've had your Biltong and 40 00:01:56,040 --> 00:01:59,320 Speaker 2: it's amazing. It's good, and you've been withholding the deats 41 00:01:59,320 --> 00:01:59,600 Speaker 2: from me. 42 00:02:00,040 --> 00:02:02,720 Speaker 1: Okay, So the video, like he like Crystal Clear, walks 43 00:02:02,720 --> 00:02:05,760 Speaker 1: you through it super simple, incredibly inexpensive. You don't really 44 00:02:05,800 --> 00:02:09,519 Speaker 1: need any special equipment, like literally the coolest parts about. 45 00:02:09,280 --> 00:02:11,959 Speaker 2: It, Yeah, the fact that, yeah, you're explaining how yeah. 46 00:02:11,840 --> 00:02:13,480 Speaker 1: It's not like you need a smoker, right, which is 47 00:02:13,520 --> 00:02:15,680 Speaker 1: like hydrator or anything like that. You can you can 48 00:02:15,760 --> 00:02:17,799 Speaker 1: like legit, just cure it and then hang it up 49 00:02:18,400 --> 00:02:21,080 Speaker 1: in my pantry, is what was My wife was like, 50 00:02:21,120 --> 00:02:22,919 Speaker 1: what are you doing? Looks a little wild, It looks 51 00:02:22,960 --> 00:02:25,280 Speaker 1: a little sketch, doesn't look safe, but the final product 52 00:02:25,360 --> 00:02:27,640 Speaker 1: is pretty darn tasty. So and when you think about 53 00:02:27,880 --> 00:02:30,760 Speaker 1: how much something like beef turkey costs, even at a 54 00:02:30,760 --> 00:02:33,400 Speaker 1: place like Costco, it's crazy expense, so expensive. 55 00:02:33,720 --> 00:02:34,440 Speaker 2: So this is like. 56 00:02:34,639 --> 00:02:38,520 Speaker 1: Denser, better, you know everything, It's going into higher quality stuff. 57 00:02:38,560 --> 00:02:41,519 Speaker 2: I could not believe. So Kate I had a Christmas 58 00:02:41,560 --> 00:02:43,520 Speaker 2: stocking stuffer, uh huh, and she got me a couple 59 00:02:43,520 --> 00:02:45,800 Speaker 2: of packs of like some of this fancy oh I 60 00:02:45,800 --> 00:02:47,079 Speaker 2: wish I could remember the name of it, but it's 61 00:02:47,080 --> 00:02:48,680 Speaker 2: like this fancy beef jerky that she picked up at 62 00:02:48,720 --> 00:02:50,320 Speaker 2: Whole Foods. So I thought, you could say BUCkies not 63 00:02:51,680 --> 00:02:54,120 Speaker 2: a little bit nicer than that. But she forgot to 64 00:02:54,320 --> 00:02:57,600 Speaker 2: scratch off the price tag and I went to you know, 65 00:02:57,639 --> 00:02:59,280 Speaker 2: g I was like, oh, thank you know that cracked 66 00:02:59,320 --> 00:03:00,840 Speaker 2: and I was like, oh my gosh, it was so 67 00:03:01,120 --> 00:03:03,760 Speaker 2: I could not believe how much does the bag it was? 68 00:03:03,840 --> 00:03:07,079 Speaker 2: It came down to something like ten dollars an ounce, Wow, 69 00:03:07,120 --> 00:03:10,760 Speaker 2: which is crazy. Yeah, and uh, it's not apples to 70 00:03:10,760 --> 00:03:12,960 Speaker 2: apples though when you're comparing it, like, obviously it's going 71 00:03:13,000 --> 00:03:14,600 Speaker 2: to be more affordable when you do it at home. 72 00:03:14,600 --> 00:03:16,400 Speaker 2: But like when you think about price per ounce of 73 00:03:16,440 --> 00:03:20,240 Speaker 2: meat or price per pound of a traditional hunk of meat, 74 00:03:20,480 --> 00:03:21,959 Speaker 2: like what did you just say? Oh, you have to 75 00:03:22,000 --> 00:03:24,560 Speaker 2: dry this stuff out, so you are losing weights as 76 00:03:24,600 --> 00:03:26,960 Speaker 2: you go through the aging process. How many days did 77 00:03:26,960 --> 00:03:29,120 Speaker 2: you ge it? By the way, about five days? Awesome? 78 00:03:29,200 --> 00:03:31,280 Speaker 1: And so in the week get cut in half. So 79 00:03:31,360 --> 00:03:33,720 Speaker 1: let's say ask you twenty five bucks for two and 80 00:03:33,720 --> 00:03:34,400 Speaker 1: a half pounds of beef. 81 00:03:34,560 --> 00:03:36,520 Speaker 2: So really you're looking at pounding a quarter. 82 00:03:36,640 --> 00:03:40,440 Speaker 1: Yeah, well no, that's after after those five pounds of. 83 00:03:41,880 --> 00:03:44,360 Speaker 2: You already calculated it down. It is like a concentrated 84 00:03:44,400 --> 00:03:47,360 Speaker 2: amount of food, which is part of what's attractive about it. 85 00:03:47,520 --> 00:03:49,960 Speaker 2: You got some of those concentrated flavors. But I like 86 00:03:50,000 --> 00:03:51,280 Speaker 2: what you said too, I've got a snack out there 87 00:03:51,320 --> 00:03:53,960 Speaker 2: on the hiking trails, Yes, exactly, Well, because typically I 88 00:03:54,000 --> 00:03:55,640 Speaker 2: would rather. I'm like, all right, would rather have a 89 00:03:55,720 --> 00:03:59,520 Speaker 2: juicy steak, some try tip or some jerky, some built 90 00:03:59,520 --> 00:04:02,440 Speaker 2: on your case, and I'm probably gonna typically go with 91 00:04:02,480 --> 00:04:04,640 Speaker 2: like the juicy, but like, like, I mean, if you're 92 00:04:04,680 --> 00:04:07,080 Speaker 2: traveling though, if you're on the road, if you're hiking, 93 00:04:07,120 --> 00:04:10,360 Speaker 2: that's a great opportunity to bring along your little stash. 94 00:04:10,440 --> 00:04:13,119 Speaker 2: Doesn't weigh much of some of this high quality meat, 95 00:04:13,520 --> 00:04:16,160 Speaker 2: and so the quality of it. You don't have preservatives, 96 00:04:16,240 --> 00:04:17,960 Speaker 2: which typically that's what you're gonna find in some of 97 00:04:17,960 --> 00:04:19,800 Speaker 2: the stuff that you buy on the shelves in order 98 00:04:19,839 --> 00:04:22,479 Speaker 2: for it to remain shelf stable. And it's not like 99 00:04:22,520 --> 00:04:24,800 Speaker 2: you're keeping this around for months and months now you 100 00:04:24,800 --> 00:04:26,800 Speaker 2: don't need it, there's no preserve. The lasts for like 101 00:04:26,839 --> 00:04:29,480 Speaker 2: three weeks, four weeks in the fridge, so and then 102 00:04:29,520 --> 00:04:33,680 Speaker 2: it only gets better, right, No, like a dry dry 103 00:04:33,680 --> 00:04:36,160 Speaker 2: age rabbi where they have to like cut mold off. 104 00:04:36,440 --> 00:04:38,560 Speaker 2: That seems weird. Hopefully we're not going to get to 105 00:04:38,600 --> 00:04:39,200 Speaker 2: this point. I don't know. 106 00:04:39,240 --> 00:04:40,760 Speaker 1: But it's fun to have a new hobby, and it's 107 00:04:40,800 --> 00:04:42,040 Speaker 1: fun to have a hobby that tastes. 108 00:04:41,800 --> 00:04:44,520 Speaker 2: Good, that's delicious that also ends up saving you a 109 00:04:44,560 --> 00:04:46,400 Speaker 2: ton of money. If you are a big fan of 110 00:04:46,440 --> 00:04:49,200 Speaker 2: the beef turkey or what makes it built on versus 111 00:04:49,320 --> 00:04:52,520 Speaker 2: regular jerky bats. Good question. I do think beef tricky. 112 00:04:52,600 --> 00:04:54,960 Speaker 1: Maybe what sets out apart is that you maybe are 113 00:04:55,279 --> 00:04:57,040 Speaker 1: are dehydrating it in some way. 114 00:04:57,040 --> 00:04:59,359 Speaker 2: So it's dryer. Because what I try some years and 115 00:04:59,400 --> 00:05:01,720 Speaker 2: it was more like cured meat, like. 116 00:05:01,760 --> 00:05:04,560 Speaker 1: Somewhere in between, kind of like a salami and a beach. 117 00:05:04,800 --> 00:05:06,839 Speaker 2: It's like something you get on a shark utery board. Yeah, 118 00:05:06,880 --> 00:05:09,080 Speaker 2: it still has some moisture. Yeah, Yeah, it was totally legit. 119 00:05:09,120 --> 00:05:11,279 Speaker 2: I was really impressed, especially given that it was your first. 120 00:05:12,120 --> 00:05:14,120 Speaker 2: But something that the two of us have talked about 121 00:05:14,160 --> 00:05:18,239 Speaker 2: for years now is how worthless pennies are. Pennies mattered 122 00:05:18,240 --> 00:05:20,280 Speaker 2: a whole lot more like a long time ago, right 123 00:05:20,400 --> 00:05:24,600 Speaker 2: like even decades ago, but digital payments have essentially killed 124 00:05:24,600 --> 00:05:26,400 Speaker 2: the need for the penny to exist. But then on 125 00:05:26,440 --> 00:05:29,320 Speaker 2: top of that inflation as well. They're expensive to make, 126 00:05:29,480 --> 00:05:33,880 Speaker 2: costing multiple times to mint that's the proper word for 127 00:05:33,960 --> 00:05:36,600 Speaker 2: creating pennies than what they're actually worth when they're put 128 00:05:36,600 --> 00:05:39,040 Speaker 2: into circulation. They cost something like three point seven cents 129 00:05:39,240 --> 00:05:40,599 Speaker 2: per penny to create. 130 00:05:41,080 --> 00:05:43,359 Speaker 1: And I know my Grandma remembers the time when pennies mattered, 131 00:05:43,360 --> 00:05:44,760 Speaker 1: that we're just not living in that time. 132 00:05:44,760 --> 00:05:47,320 Speaker 2: No man. And so one of the orders within the 133 00:05:47,360 --> 00:05:51,719 Speaker 2: flurry of Trump administration executive orders is to order the 134 00:05:51,800 --> 00:05:55,520 Speaker 2: Treasury Secretary to stop making new pennies. And this is 135 00:05:55,560 --> 00:05:59,160 Speaker 2: something that's been proposed by Republicans in the past, by 136 00:05:59,200 --> 00:06:01,839 Speaker 2: Democrats as well. We are not sad to see the 137 00:06:01,839 --> 00:06:03,920 Speaker 2: penny go the way of the Dodo bird. I think 138 00:06:03,920 --> 00:06:07,000 Speaker 2: this should be slam dunk easy thing for everyone to 139 00:06:07,000 --> 00:06:09,279 Speaker 2: get behind. Who's clinging to the penny? Who are you? 140 00:06:09,320 --> 00:06:11,720 Speaker 1: Who are these people who say, no, please, please keep 141 00:06:11,720 --> 00:06:14,880 Speaker 1: the penny around. Nobody picks up pennies anymore. They becomes 142 00:06:14,920 --> 00:06:17,159 Speaker 1: hoby value. I don't even pick up pennies anymore. And like, 143 00:06:17,200 --> 00:06:18,520 Speaker 1: I'm the kind of I'm the guy that likes to 144 00:06:18,560 --> 00:06:20,960 Speaker 1: find money on the ground. Oh yeah, but the things 145 00:06:20,960 --> 00:06:22,279 Speaker 1: you have brought home that you picked up off the 146 00:06:22,320 --> 00:06:24,440 Speaker 1: curb are are weird and various. 147 00:06:24,640 --> 00:06:26,400 Speaker 2: But you don't pick up pennies, you know what. We 148 00:06:26,440 --> 00:06:27,920 Speaker 2: live out in the burbs, though. If your folks put 149 00:06:27,920 --> 00:06:29,760 Speaker 2: stuff out on the curb, they just throw it away. Yeah. 150 00:06:30,000 --> 00:06:32,120 Speaker 2: I think that's something I noticed about living in the city, 151 00:06:32,160 --> 00:06:34,560 Speaker 2: folks are I don't know, are folks more frugal and. 152 00:06:34,560 --> 00:06:36,960 Speaker 1: More conscientious about it getting a second life. But out 153 00:06:36,960 --> 00:06:39,400 Speaker 1: here folks are like, I just sent it to the landfill. 154 00:06:39,960 --> 00:06:41,760 Speaker 1: I guess there is nicer stuff with the good will maybe, 155 00:06:42,120 --> 00:06:44,600 Speaker 1: or oh that's it. I think the good wills are nicer. 156 00:06:44,640 --> 00:06:46,279 Speaker 1: That's what they're doing with it, they're donating it. Yeah, 157 00:06:46,279 --> 00:06:49,400 Speaker 1: all right, sorry to cast a spurs burd folks, but okay, 158 00:06:49,520 --> 00:06:50,839 Speaker 1: so matter if we get rid of the penny, do 159 00:06:50,880 --> 00:06:52,719 Speaker 1: we also need to get rid of the nickel. It 160 00:06:52,800 --> 00:06:54,680 Speaker 1: kind of opens up that can of works. Where do 161 00:06:54,720 --> 00:06:58,279 Speaker 1: you stop the culling of the coins, which actually would 162 00:06:58,320 --> 00:06:59,560 Speaker 1: have been another. 163 00:06:59,080 --> 00:07:00,520 Speaker 2: Good days forget. 164 00:07:00,560 --> 00:07:03,640 Speaker 1: Like, once we start talking, I realized, well, so CNN 165 00:07:03,720 --> 00:07:06,039 Speaker 1: had an article about nickels too, and how much of 166 00:07:06,080 --> 00:07:08,000 Speaker 1: a problem they might be. So CNN's like, hey, now 167 00:07:08,080 --> 00:07:10,760 Speaker 1: we need to go hogwhile on this and that basically 168 00:07:10,800 --> 00:07:12,640 Speaker 1: the cost to make a nickel is and I was 169 00:07:12,680 --> 00:07:14,280 Speaker 1: shocked to see this. I didn't realize this because the 170 00:07:14,280 --> 00:07:16,560 Speaker 1: penny thing has been well documented. But apparently it cost 171 00:07:16,680 --> 00:07:19,600 Speaker 1: fourteen cents to make a nickel, which is. 172 00:07:19,640 --> 00:07:21,400 Speaker 2: A little less than three times whereas the penny is 173 00:07:21,400 --> 00:07:22,480 Speaker 2: a little more than three times. 174 00:07:22,560 --> 00:07:25,679 Speaker 1: Yeah so, but still like the gap is insane between 175 00:07:26,120 --> 00:07:28,000 Speaker 1: that's a lot of money to make a dollar amount 176 00:07:28,120 --> 00:07:30,600 Speaker 1: or send them out. Yeah, dimes and quarters at least 177 00:07:30,640 --> 00:07:33,360 Speaker 1: are worth more than they cost to manufacture. But not 178 00:07:33,400 --> 00:07:36,400 Speaker 1: only are these coins expensive relative relative to their worth, 179 00:07:36,440 --> 00:07:39,800 Speaker 1: but they slow down transactions. I and maybe I shouldn't 180 00:07:39,800 --> 00:07:41,960 Speaker 1: get annoyed, but when people pay with cash and coins 181 00:07:42,000 --> 00:07:43,640 Speaker 1: in front of me, now I'm at it does it? 182 00:07:43,760 --> 00:07:46,080 Speaker 1: Just it irks me a little? And I want to 183 00:07:46,120 --> 00:07:47,000 Speaker 1: be like yea with the times. 184 00:07:47,160 --> 00:07:49,520 Speaker 2: But that's it's a part. I need busy on the go. 185 00:07:49,600 --> 00:07:51,400 Speaker 1: I got places to be I need to get over 186 00:07:51,440 --> 00:07:54,760 Speaker 1: that people to see, beers to drink, right exactly. The 187 00:07:54,840 --> 00:07:57,360 Speaker 1: National Association of Commedian Storts agrees with me, I think, 188 00:07:57,360 --> 00:07:59,640 Speaker 1: because they, for instance, would like to see small coins 189 00:07:59,640 --> 00:08:02,320 Speaker 1: down away with because it does add more time at 190 00:08:02,320 --> 00:08:05,120 Speaker 1: the cash register. And as one economists put it, Matt, 191 00:08:05,160 --> 00:08:07,600 Speaker 1: they said, when people start leaving a monetary unit at 192 00:08:07,640 --> 00:08:10,960 Speaker 1: the cash register for the next customer, essentially they're citing 193 00:08:10,960 --> 00:08:14,000 Speaker 1: it's insignificance. The unit is too small to be useful. 194 00:08:14,160 --> 00:08:16,920 Speaker 1: I think pennies have been too small to be useful 195 00:08:16,960 --> 00:08:19,000 Speaker 1: for a while now, and I'm not sad to see 196 00:08:19,000 --> 00:08:20,400 Speaker 1: them go zero tier shed over here. 197 00:08:20,440 --> 00:08:23,120 Speaker 2: Well okay, so one practical use that we have for 198 00:08:23,120 --> 00:08:25,360 Speaker 2: pennies and nichols is do y'all ever play thirty one 199 00:08:25,480 --> 00:08:27,520 Speaker 2: with the kids? The card game. It's a good game, 200 00:08:27,760 --> 00:08:30,120 Speaker 2: straightforward enough for them to understand. You know. It's like 201 00:08:30,120 --> 00:08:32,960 Speaker 2: where the aces. Aces are worth eleven points, face cards 202 00:08:32,960 --> 00:08:34,960 Speaker 2: are ten on you try to get thirty one and 203 00:08:35,000 --> 00:08:37,400 Speaker 2: if you do games over, everyone loses. Okay, the game. 204 00:08:37,440 --> 00:08:39,280 Speaker 2: The goal of the game is to not lose, essentially, 205 00:08:39,320 --> 00:08:40,839 Speaker 2: and you can call it whenever you want. The goal 206 00:08:40,840 --> 00:08:44,199 Speaker 2: of most games, well, no, some games of the goal 207 00:08:44,280 --> 00:08:46,280 Speaker 2: is to win. But the goal in this game is 208 00:08:46,280 --> 00:08:49,000 Speaker 2: to be good enough to not lose. And we used 209 00:08:49,040 --> 00:08:51,040 Speaker 2: to use pennies and nickels and dimes and stuff just 210 00:08:51,080 --> 00:08:53,360 Speaker 2: as a way to keep score kind of. But lately 211 00:08:53,520 --> 00:08:55,120 Speaker 2: what we told them is like, hey, you need to 212 00:08:55,120 --> 00:08:57,360 Speaker 2: come to the table with your own money, because it 213 00:08:57,400 --> 00:08:59,599 Speaker 2: provides they got more skin in the game and it 214 00:08:59,679 --> 00:09:02,040 Speaker 2: makes fun a little more interesting. So I would be 215 00:09:02,040 --> 00:09:05,040 Speaker 2: sad from that standpoint. I would maybe hoard some pities 216 00:09:05,040 --> 00:09:06,560 Speaker 2: and nagles just to be able to have on hand 217 00:09:06,800 --> 00:09:08,080 Speaker 2: to facilitate game playing. 218 00:09:08,120 --> 00:09:09,960 Speaker 1: Well, I think we should say this doesn't mean the 219 00:09:10,000 --> 00:09:12,480 Speaker 1: pennies are going away. It just because you won't print 220 00:09:12,679 --> 00:09:13,720 Speaker 1: and create new pennies. 221 00:09:13,760 --> 00:09:15,640 Speaker 2: But eventually, what that's going to mean is that over time, 222 00:09:15,640 --> 00:09:17,800 Speaker 2: they're gonna get they're gonna degrade, and they're gonna be 223 00:09:17,960 --> 00:09:20,640 Speaker 2: They're all gonna be in the cacation and in people's jars, 224 00:09:20,720 --> 00:09:23,680 Speaker 2: in their closet, in the game closet. Yeah, exactly. Okay, 225 00:09:24,120 --> 00:09:28,480 Speaker 2: since it's Valentine's Day, let's talk about fighting with your partner, buddy. 226 00:09:28,760 --> 00:09:31,079 Speaker 2: Hopefully you can not like I'm trying to avoid that, 227 00:09:31,120 --> 00:09:33,280 Speaker 2: so your business partner, but yeah, we're talking about romantic 228 00:09:33,280 --> 00:09:36,240 Speaker 2: partners here. Hopefully you can avoid that. But a new 229 00:09:36,400 --> 00:09:40,040 Speaker 2: survey finds that a third of couples are uncomfortable talking 230 00:09:40,080 --> 00:09:44,000 Speaker 2: about money at all in the relationships. And on average, 231 00:09:44,520 --> 00:09:47,680 Speaker 2: couples argue about money something like fifty eight times a year, 232 00:09:47,920 --> 00:09:50,320 Speaker 2: which is a lot if that's more than once a week. 233 00:09:51,160 --> 00:09:54,600 Speaker 2: So no wonder their reticence approach the subject of money 234 00:09:54,600 --> 00:09:58,800 Speaker 2: of personal finances, and on one hand arguing it's not 235 00:09:58,840 --> 00:10:00,360 Speaker 2: the worst thing in the world, right, I think it 236 00:10:00,400 --> 00:10:02,880 Speaker 2: depends on what the argument looks like. I think healthy 237 00:10:03,000 --> 00:10:06,160 Speaker 2: arguing can be productive. It shows that you care about something, 238 00:10:06,240 --> 00:10:09,880 Speaker 2: and you know what's worse to argue about something in 239 00:10:09,920 --> 00:10:12,600 Speaker 2: a healthy or productive way or just to just not 240 00:10:12,800 --> 00:10:14,920 Speaker 2: care at all, to where you're not even bringing it up. 241 00:10:14,960 --> 00:10:16,959 Speaker 1: Can I share a little anecdote. I remember my pa, 242 00:10:17,200 --> 00:10:19,920 Speaker 1: my grandpa, telling me that he and my grandma never 243 00:10:19,960 --> 00:10:22,480 Speaker 1: ever fought, and so I was like, oh, that sounds awesome. 244 00:10:22,559 --> 00:10:25,680 Speaker 1: I don't really like fighting, so I'm hoping for that 245 00:10:25,720 --> 00:10:28,080 Speaker 1: same thing in my relationship. I remember telling Emily that 246 00:10:28,120 --> 00:10:30,360 Speaker 1: early on, and she laughed at me and said that 247 00:10:30,440 --> 00:10:34,479 Speaker 1: was really dumb and sorry, but we're probably gonna have arguments, 248 00:10:34,640 --> 00:10:36,840 Speaker 1: and it's true we have. But I agree with you, 249 00:10:36,840 --> 00:10:39,600 Speaker 1: Matt that I think just studying expectations of relationship, I 250 00:10:39,600 --> 00:10:43,400 Speaker 1: appreciate that. I think arguments have been productive for the 251 00:10:43,440 --> 00:10:45,880 Speaker 1: most part for us, although not always, but yeah. 252 00:10:45,760 --> 00:10:47,400 Speaker 2: For the most part. It shows you care, and I 253 00:10:47,440 --> 00:10:50,160 Speaker 2: think at least one of the ways to help maybe 254 00:10:50,240 --> 00:10:52,920 Speaker 2: change the dynamic within a relationship is just to agree 255 00:10:52,920 --> 00:10:55,080 Speaker 2: on some shared dreams, to cast a vision of what 256 00:10:55,080 --> 00:10:56,760 Speaker 2: you want your future to look like. I think it's 257 00:10:56,760 --> 00:10:58,760 Speaker 2: going to be easier to cut back in other areas 258 00:10:58,800 --> 00:11:01,280 Speaker 2: in life in other ways, and when you're shooting for 259 00:11:01,360 --> 00:11:04,000 Speaker 2: the same goals, when you can recognize that you're on 260 00:11:04,040 --> 00:11:06,440 Speaker 2: the same team trying to achieve the same things. Yeah, 261 00:11:06,840 --> 00:11:08,480 Speaker 2: just something to keep the money. I guess. 262 00:11:08,520 --> 00:11:11,120 Speaker 1: I just do hate that people argue about money so much. 263 00:11:11,200 --> 00:11:12,880 Speaker 1: Oh yeah, And I think a lot of those arguments 264 00:11:12,920 --> 00:11:15,200 Speaker 1: are not terribly productive. And part of that is because 265 00:11:16,040 --> 00:11:19,440 Speaker 1: there hasn't been enough of that sort of team mindset, 266 00:11:19,480 --> 00:11:24,000 Speaker 1: and there's probably a separation of finances, but in the couple, right, 267 00:11:24,040 --> 00:11:26,360 Speaker 1: so it's like, hey, this is my money I'm bringing in, 268 00:11:26,440 --> 00:11:29,080 Speaker 1: that's your money. And that's happening more and more as 269 00:11:29,320 --> 00:11:32,240 Speaker 1: couples get married or come together at a later date, 270 00:11:32,880 --> 00:11:35,280 Speaker 1: they've already kind of amassed a certain amount of money, 271 00:11:35,280 --> 00:11:37,560 Speaker 1: maybe bought a home, maybe made some investments, and it's like, well, 272 00:11:37,600 --> 00:11:39,840 Speaker 1: this is mine, that's yours, And then it's really hard, 273 00:11:40,160 --> 00:11:42,160 Speaker 1: I think, to kind of pull in the same direction. 274 00:11:42,720 --> 00:11:45,480 Speaker 1: And the truth is, another way to fight less in 275 00:11:45,520 --> 00:11:49,040 Speaker 1: your marriage or in your partnership is to combine finances more. 276 00:11:49,320 --> 00:11:51,760 Speaker 1: And this isn't rocket science, but the more you overlap 277 00:11:51,840 --> 00:11:54,360 Speaker 1: finances when you're married, though, the more transparent you make 278 00:11:54,360 --> 00:11:56,480 Speaker 1: your money, and the easier it is to work together. 279 00:11:56,640 --> 00:11:58,800 Speaker 1: The New York Times just wrote an article about this. 280 00:11:58,840 --> 00:12:02,360 Speaker 1: They found that or couples are segregating their finances, which 281 00:12:02,400 --> 00:12:05,120 Speaker 1: is something that we have definitely seen, especially in the 282 00:12:05,200 --> 00:12:07,880 Speaker 1: questions we get from our listeners, and that makes it 283 00:12:07,960 --> 00:12:11,400 Speaker 1: harder to navigate. But there is research out there saying 284 00:12:11,480 --> 00:12:13,320 Speaker 1: that it's not going to be the best way to 285 00:12:13,360 --> 00:12:16,880 Speaker 1: move forward. The Journal of Consumer Research found that couples 286 00:12:16,920 --> 00:12:20,120 Speaker 1: who combine finances they're happier, they're more committed to one another, 287 00:12:20,440 --> 00:12:23,160 Speaker 1: And to me, this shows that there's mutual trust built 288 00:12:23,240 --> 00:12:26,000 Speaker 1: up when you're pulling in the same direction and when 289 00:12:26,040 --> 00:12:29,679 Speaker 1: you have that added transparency. So I think seeing those 290 00:12:29,679 --> 00:12:32,400 Speaker 1: stats about fighting about money, well, if you want to 291 00:12:32,440 --> 00:12:34,400 Speaker 1: not be a statistic, if you want to fight less 292 00:12:34,440 --> 00:12:36,760 Speaker 1: about money, or you at least do want those more 293 00:12:36,800 --> 00:12:39,959 Speaker 1: productive fights instead of the ones where you're just at 294 00:12:39,960 --> 00:12:43,600 Speaker 1: each other's throats, Combining those accounts, dreaming big together, that 295 00:12:43,800 --> 00:12:45,600 Speaker 1: is at least part of the solution I think for 296 00:12:45,679 --> 00:12:46,200 Speaker 1: most people. 297 00:12:46,240 --> 00:12:48,319 Speaker 2: I love it man. Yeah, so we don't often plug 298 00:12:48,360 --> 00:12:53,480 Speaker 2: other people's podcasts, but we're both fans of honestly, that's 299 00:12:53,480 --> 00:12:56,079 Speaker 2: Barry weiss Her and her team over at the Free Press. 300 00:12:56,080 --> 00:12:57,839 Speaker 2: But she just had an episode where she had this 301 00:12:58,160 --> 00:13:01,760 Speaker 2: an expert on talking about relationship little advice, and it 302 00:13:01,800 --> 00:13:04,959 Speaker 2: was fascinating that her prescription one of her recommendations when 303 00:13:04,960 --> 00:13:07,880 Speaker 2: it came to love and sex as well, but it 304 00:13:07,920 --> 00:13:11,400 Speaker 2: was much more traditionally conservative in nature, and she even 305 00:13:11,440 --> 00:13:15,760 Speaker 2: admitted that, hey, I grew up very progressive, very you know, 306 00:13:15,840 --> 00:13:18,840 Speaker 2: left leaning, very liberal, and based on the research and 307 00:13:18,880 --> 00:13:22,520 Speaker 2: what she found, she essentially like recreated from the ground 308 00:13:22,679 --> 00:13:27,760 Speaker 2: up this way of approaching relationships that is traditionally very conservative, 309 00:13:27,920 --> 00:13:30,520 Speaker 2: and it was all based not on like religion or 310 00:13:30,559 --> 00:13:33,199 Speaker 2: anything like that, but just based on the evidence, based 311 00:13:33,200 --> 00:13:37,520 Speaker 2: on stats and the success of relationships and the benefit 312 00:13:37,600 --> 00:13:41,440 Speaker 2: to society and how benefit women and children as well. 313 00:13:41,440 --> 00:13:43,920 Speaker 2: It's super fascinating. If you haven't listened to that one, 314 00:13:43,960 --> 00:13:46,800 Speaker 2: I'd recommend checking out. Okay, let's talk about paying for college. 315 00:13:47,280 --> 00:13:49,560 Speaker 2: We saw an article where Bloomberg was highlighting the fact 316 00:13:49,600 --> 00:13:53,960 Speaker 2: that many parents are investing within bitcoin for their kids 317 00:13:54,120 --> 00:13:56,559 Speaker 2: as opposed to opting for you know, the good old 318 00:13:56,640 --> 00:13:59,840 Speaker 2: traditional investments in a five nine plan. And the reason 319 00:14:00,400 --> 00:14:03,600 Speaker 2: is that they think that returns on traditional stocks aren't 320 00:14:03,600 --> 00:14:06,280 Speaker 2: going to be good enough to fund the high cost 321 00:14:06,280 --> 00:14:08,480 Speaker 2: of college, so they're taking on a bit more risk here. 322 00:14:08,920 --> 00:14:12,120 Speaker 2: And it's true that the inflation on college tuition has 323 00:14:12,160 --> 00:14:15,200 Speaker 2: been crazy over the past few decades, as well as 324 00:14:15,240 --> 00:14:17,880 Speaker 2: the fact that your term stock market return predictions aren't 325 00:14:17,920 --> 00:14:21,320 Speaker 2: necessarily all that rosy. And in addition to that, only 326 00:14:21,360 --> 00:14:24,280 Speaker 2: bitcoin it has been brilliant since its inception if you 327 00:14:24,320 --> 00:14:25,080 Speaker 2: look all the way back. 328 00:14:25,440 --> 00:14:28,120 Speaker 1: Yeah, so how many better investments over the past, like 329 00:14:28,160 --> 00:14:29,160 Speaker 1: what twelve fourteen years? 330 00:14:29,480 --> 00:14:31,200 Speaker 2: So you take all three of these things, kind of 331 00:14:31,240 --> 00:14:34,360 Speaker 2: stir them together in a pot, and you might come 332 00:14:34,400 --> 00:14:37,480 Speaker 2: to a conclusion that, like, hey, bitcoin is the way 333 00:14:37,520 --> 00:14:40,200 Speaker 2: to go, But you can't buy bitcoin inside of a 334 00:14:40,240 --> 00:14:42,360 Speaker 2: five to twenty nine plan, so you're missing out on 335 00:14:42,440 --> 00:14:45,760 Speaker 2: the tax benefits of that particular account. If your state 336 00:14:45,840 --> 00:14:48,320 Speaker 2: offers a five twenty nine plan, a good one with good, 337 00:14:48,440 --> 00:14:50,920 Speaker 2: good investment options and low fees. But the five twenty 338 00:14:51,040 --> 00:14:53,240 Speaker 2: nine is better than it's ever been now thanks to 339 00:14:53,320 --> 00:14:55,800 Speaker 2: new rules about it being able to be converted into 340 00:14:55,840 --> 00:14:58,280 Speaker 2: a wrath down the road. And so we are a 341 00:14:58,280 --> 00:15:01,360 Speaker 2: bit more bullish on nine plans then we used to be. 342 00:15:02,200 --> 00:15:03,680 Speaker 2: So just keep that in mind. It might be this 343 00:15:03,720 --> 00:15:06,080 Speaker 2: might be a good instance to keep those investments a 344 00:15:06,160 --> 00:15:10,320 Speaker 2: little bit more separated. All four. If you are interested 345 00:15:10,360 --> 00:15:12,360 Speaker 2: in bitcoin, sure have a little bit of exposure for 346 00:15:12,360 --> 00:15:14,840 Speaker 2: yourself and even your kids. I think that's totally fine 347 00:15:14,880 --> 00:15:17,240 Speaker 2: as well, but as always, just keep that limited to 348 00:15:17,520 --> 00:15:20,520 Speaker 2: five percent of your overall portfolio and maybe don't co 349 00:15:20,640 --> 00:15:23,640 Speaker 2: mingle those investments with the money and the funds that 350 00:15:23,680 --> 00:15:24,960 Speaker 2: you're looking to pay for college with. 351 00:15:25,120 --> 00:15:29,240 Speaker 1: Yeah, I guess I just get nervous about people saying, no, 352 00:15:29,400 --> 00:15:31,320 Speaker 1: this is the ticket to pay for my kids college. 353 00:15:31,680 --> 00:15:36,240 Speaker 1: I'm seeing these headlines about bitcoin to a million. One 354 00:15:36,240 --> 00:15:38,680 Speaker 1: bitcoin is gonna be worth a million dollars in the 355 00:15:38,680 --> 00:15:42,200 Speaker 1: next couple of years, and that sounds great. And if 356 00:15:42,200 --> 00:15:44,920 Speaker 1: that comes to pass and you have some exposure to bitcoin, 357 00:15:45,200 --> 00:15:48,360 Speaker 1: that's fantastic for you, right, But I would just be 358 00:15:48,440 --> 00:15:51,280 Speaker 1: nervous about putting all my eggs in that one basket. 359 00:15:51,360 --> 00:15:52,160 Speaker 2: Oh yeah, and we would. 360 00:15:52,560 --> 00:15:55,440 Speaker 1: That's just part of diversification, right, is to not have 361 00:15:55,480 --> 00:15:56,160 Speaker 1: all those eggs. 362 00:15:56,000 --> 00:15:56,520 Speaker 2: In one basket. 363 00:15:56,560 --> 00:15:59,320 Speaker 1: And if you're overly allocated to bitcoin and you're missing 364 00:15:59,320 --> 00:16:02,520 Speaker 1: out on the tax breaks and just the greater diversification 365 00:16:02,880 --> 00:16:05,120 Speaker 1: when you're investing for your kids future, I can just 366 00:16:05,160 --> 00:16:06,960 Speaker 1: see that coming back to bite you in the butt. 367 00:16:07,040 --> 00:16:09,720 Speaker 2: Yeah, well, we have no money leftover for college. Man. 368 00:16:09,760 --> 00:16:13,160 Speaker 1: There's another article about, speaking of college, how personal finance 369 00:16:13,160 --> 00:16:16,720 Speaker 1: courses are becoming more normal, not just in high schools 370 00:16:16,720 --> 00:16:19,000 Speaker 1: across the country, which we've seen a lot of growth 371 00:16:19,040 --> 00:16:23,600 Speaker 1: in there, but in colleges, and how schools like UNLV, 372 00:16:23,880 --> 00:16:27,680 Speaker 1: cal Berkeley, and Stanford have them and they're working to 373 00:16:27,680 --> 00:16:30,520 Speaker 1: bring more to campuses across the country. Actually, the Stafford 374 00:16:30,560 --> 00:16:33,160 Speaker 1: course is taught by friend of the show, Adam Nash, 375 00:16:33,320 --> 00:16:36,080 Speaker 1: who's been on the guy who runs Data, the. 376 00:16:36,320 --> 00:16:38,520 Speaker 2: Donor advised fund platform that were fans of. 377 00:16:38,600 --> 00:16:41,080 Speaker 1: That's right, and it's interesting, like not everyone has to 378 00:16:41,080 --> 00:16:43,400 Speaker 1: take these courses, unlike many of these high schools where 379 00:16:43,440 --> 00:16:46,240 Speaker 1: it's mandatory, but they seem kind of cool and Adam 380 00:16:46,320 --> 00:16:47,960 Speaker 1: Nash is the way he explained his course, and I've 381 00:16:47,960 --> 00:16:51,120 Speaker 1: looked through kind of the documents, like his syllabus, and 382 00:16:51,240 --> 00:16:54,000 Speaker 1: I love kind of his approach to talking about personal finance. 383 00:16:54,400 --> 00:16:56,160 Speaker 1: And the truth is a country, we just need more 384 00:16:56,200 --> 00:17:00,760 Speaker 1: personal finance help altogether. Even brilliant students out a school 385 00:17:00,760 --> 00:17:03,920 Speaker 1: like Stanford, they don't come to college knowing personal finance 386 00:17:04,160 --> 00:17:06,320 Speaker 1: inside and out. And most of them just don't have 387 00:17:07,080 --> 00:17:10,440 Speaker 1: much knowledge on that front. And personal finance is getting 388 00:17:10,520 --> 00:17:14,640 Speaker 1: more complex as the financial system gains more complexity, and 389 00:17:15,000 --> 00:17:17,200 Speaker 1: everyone knows Matt, I think the real solutions is listening 390 00:17:17,200 --> 00:17:19,440 Speaker 1: to how the money is free nine to nine. That's right, 391 00:17:19,760 --> 00:17:23,359 Speaker 1: it's free. And uh, we're funny and great and just 392 00:17:23,359 --> 00:17:24,040 Speaker 1: a pleasure to be. 393 00:17:24,040 --> 00:17:28,119 Speaker 2: With, funny ish sometimes we're cringe. But my problem it 394 00:17:28,160 --> 00:17:29,680 Speaker 2: does come down to the cost. And I think that's 395 00:17:29,720 --> 00:17:33,040 Speaker 2: my biggest personal hang up with especially gosh, personal paying 396 00:17:33,040 --> 00:17:37,160 Speaker 2: for personal finances, finance classes and those credit hours cost. Yes, 397 00:17:37,320 --> 00:17:40,600 Speaker 2: I mean, really, we're gonna I'm going to fork out money. 398 00:17:40,600 --> 00:17:43,880 Speaker 2: I wanna pay money to like an Ivy League college 399 00:17:43,880 --> 00:17:46,040 Speaker 2: in order to teach my kids how to save money. 400 00:17:46,200 --> 00:17:47,560 Speaker 2: I have a hard time not thinking that that's a 401 00:17:47,600 --> 00:17:49,160 Speaker 2: total waste of my money. 402 00:17:49,359 --> 00:17:51,800 Speaker 1: I would tell today, not because I hate personal finance, 403 00:17:51,800 --> 00:17:54,199 Speaker 1: because obviously I love it, but I would be like, no, 404 00:17:54,280 --> 00:17:55,800 Speaker 1: let's how about you read this book. Let's come with 405 00:17:55,800 --> 00:17:58,600 Speaker 1: our own curriculum. Here's a couple podcasts you can listen to. 406 00:17:58,760 --> 00:18:01,359 Speaker 2: That everyone has that ex experience, has that upbringing, or 407 00:18:01,440 --> 00:18:03,640 Speaker 2: parents who have that upbringing as well to where they're 408 00:18:03,640 --> 00:18:06,200 Speaker 2: even talking about it as a couple. They're within the family. Yeah, 409 00:18:06,320 --> 00:18:09,880 Speaker 2: but it's not rocket science. The basic formulas to spend 410 00:18:10,000 --> 00:18:12,440 Speaker 2: less than you make, invest the rest and then listen 411 00:18:12,440 --> 00:18:14,080 Speaker 2: to hown of money for all the rest of the details. 412 00:18:14,320 --> 00:18:16,200 Speaker 2: I mean, And there are a lot of details, and 413 00:18:16,200 --> 00:18:17,920 Speaker 2: we talk about a lot of the details on this show. 414 00:18:18,080 --> 00:18:21,080 Speaker 2: But yeah, it's it's The basics are certainly not rocket science. 415 00:18:21,600 --> 00:18:23,359 Speaker 2: But you should stick around and listen to more amount 416 00:18:23,400 --> 00:18:26,280 Speaker 2: of money because it's the right prescription for what ails 417 00:18:26,280 --> 00:18:28,240 Speaker 2: you on the personal finance front. Yeah, you get beef 418 00:18:28,280 --> 00:18:30,160 Speaker 2: curing tips from Joel. 419 00:18:30,000 --> 00:18:32,600 Speaker 1: So many good things you didn't expect on today's episode. 420 00:18:32,640 --> 00:18:34,680 Speaker 1: All right, there's more to get to, Matt, including are 421 00:18:34,680 --> 00:18:37,760 Speaker 1: we overpaying for internet and are there ways to combat that. 422 00:18:37,840 --> 00:18:39,560 Speaker 1: We'll get to that and more right after this. 423 00:18:47,760 --> 00:18:50,479 Speaker 2: All right, buddy, we are back from the break. It 424 00:18:50,520 --> 00:18:52,840 Speaker 2: is now time for the ludicrous headline of the week, 425 00:18:53,000 --> 00:18:57,040 Speaker 2: which this week is from Fast Company. Headline reads, Millennials 426 00:18:57,080 --> 00:19:00,680 Speaker 2: are plagued by fantom wealth. Why the generation doesn't feel 427 00:19:00,760 --> 00:19:04,000 Speaker 2: rich despite their net worth quadrupling? Did you know that 428 00:19:04,320 --> 00:19:07,920 Speaker 2: millennials net worth is quadruple Jrol has yours quadrupled? Mat yes, 429 00:19:07,960 --> 00:19:11,679 Speaker 2: it has out of tupled. I will say millennials as 430 00:19:11,680 --> 00:19:14,720 Speaker 2: a cohort have outlasted the tremors of the Great Recession, right, 431 00:19:14,760 --> 00:19:16,600 Speaker 2: like that was the big It's like, oh man, you've 432 00:19:16,600 --> 00:19:20,680 Speaker 2: got this generation going into adulthood, leaving college. They got 433 00:19:20,680 --> 00:19:22,320 Speaker 2: their degrees, Now they can't get jobs. 434 00:19:22,359 --> 00:19:24,880 Speaker 1: All those headlines early on were about how millennials were 435 00:19:24,880 --> 00:19:26,560 Speaker 1: never going to recover, and they have things. 436 00:19:26,600 --> 00:19:30,600 Speaker 2: We're looking pretty dour. We've seen our network skyrocket especially, 437 00:19:30,640 --> 00:19:32,359 Speaker 2: I would say over the past six years, but the 438 00:19:32,400 --> 00:19:35,560 Speaker 2: millennial crowd has hit their stride. From a work and 439 00:19:35,600 --> 00:19:39,800 Speaker 2: from an income perspective, networks have increased. But a lot 440 00:19:39,800 --> 00:19:43,640 Speaker 2: of folks around our age they don't actually feel wealthy, 441 00:19:43,920 --> 00:19:46,520 Speaker 2: and that's typically because their money is tied up in 442 00:19:46,760 --> 00:19:49,120 Speaker 2: liquid assets like their home. All right, Like you've seen 443 00:19:49,160 --> 00:19:51,680 Speaker 2: your home equity increase, but it's tough. It's tough to 444 00:19:51,720 --> 00:19:53,840 Speaker 2: pull that money out of that tangible or like you're 445 00:19:53,840 --> 00:19:57,400 Speaker 2: four to one k. A lot of listeners, especially millennial listeners, 446 00:19:57,600 --> 00:20:00,680 Speaker 2: have had hopefully if it was an automatic it's something 447 00:20:00,720 --> 00:20:02,520 Speaker 2: that they did themselves. But a lot of employers now 448 00:20:02,520 --> 00:20:04,800 Speaker 2: are auto enrolling their new employees. 449 00:20:04,920 --> 00:20:06,879 Speaker 1: It's like they got the message. They stuck more than 450 00:20:06,920 --> 00:20:09,160 Speaker 1: their four one k and they're happy about seeing their 451 00:20:09,160 --> 00:20:11,040 Speaker 1: net worth balloon. But they also can't touch. 452 00:20:10,840 --> 00:20:12,440 Speaker 2: That money either. But that's also kind of a part 453 00:20:12,440 --> 00:20:14,520 Speaker 2: of it, right, Like part of building wealth is not 454 00:20:14,640 --> 00:20:17,359 Speaker 2: touching the majority of it. For quiet a while, makes 455 00:20:17,359 --> 00:20:21,560 Speaker 2: me think of Charlie Munger, Warren Buffett's late partner, where 456 00:20:21,600 --> 00:20:24,919 Speaker 2: he said, like the number one rule of compounding is 457 00:20:25,200 --> 00:20:28,800 Speaker 2: to not interrupt it unnecessarily, which is so true. So 458 00:20:28,840 --> 00:20:31,080 Speaker 2: the fact is you're doing it right. This is how 459 00:20:31,119 --> 00:20:32,399 Speaker 2: you build wealth. This is how you're going to be 460 00:20:32,440 --> 00:20:35,480 Speaker 2: able to retire in your later years. But that being said, 461 00:20:35,480 --> 00:20:38,840 Speaker 2: if you're investing so much that you feel poor where 462 00:20:38,880 --> 00:20:41,359 Speaker 2: you can't even enjoy a craft beer equivalent, I would say, 463 00:20:41,359 --> 00:20:43,560 Speaker 2: maybe you're doing it wrong, Like maybe you've cut back 464 00:20:43,600 --> 00:20:45,760 Speaker 2: in every single area of your life. It's a part 465 00:20:45,800 --> 00:20:48,440 Speaker 2: of why that's something that we always talk about, Joel 466 00:20:48,440 --> 00:20:50,880 Speaker 2: craft beer or maybe in your case now it's craft meat. 467 00:20:51,520 --> 00:20:53,960 Speaker 2: By the ability to spend in some ways, it seems 468 00:20:54,000 --> 00:20:56,000 Speaker 2: kind of silly, but it's something that lights you up. 469 00:20:56,040 --> 00:20:58,200 Speaker 2: That's important as well to live life in the here now, 470 00:20:58,320 --> 00:21:02,639 Speaker 2: or especially early on when you might be aggressively saving. 471 00:21:02,680 --> 00:21:05,560 Speaker 1: Don't forego some of those things that matter right while 472 00:21:05,560 --> 00:21:08,080 Speaker 1: you're trying to save up and invest for the future, 473 00:21:08,280 --> 00:21:10,160 Speaker 1: because if you do, you are going to have those 474 00:21:10,200 --> 00:21:12,560 Speaker 1: negative feelings. And I do think that's ultimately harmful, and 475 00:21:12,720 --> 00:21:14,359 Speaker 1: it causes a lot of people to say, why am 476 00:21:14,359 --> 00:21:16,560 Speaker 1: I investing for this thing forty years down the road? 477 00:21:16,800 --> 00:21:17,919 Speaker 2: Why don't I just yobo? 478 00:21:18,720 --> 00:21:21,679 Speaker 1: And yeah, that's why you have to have balance in 479 00:21:21,720 --> 00:21:24,239 Speaker 1: your approach. And Matt, if you want to boost your 480 00:21:24,320 --> 00:21:28,200 Speaker 1: savings straight, there's new evidence that you should be more optimistic. 481 00:21:28,600 --> 00:21:32,320 Speaker 1: A new study from the American Psychological Association finds that 482 00:21:32,480 --> 00:21:35,760 Speaker 1: being optimistic about the future may help people save more money, 483 00:21:36,160 --> 00:21:39,840 Speaker 1: and people who described themselves as more optimistic they ended 484 00:21:39,920 --> 00:21:43,280 Speaker 1: up saving a higher percentage of their income. And that 485 00:21:43,320 --> 00:21:46,800 Speaker 1: applies across the income spectrum, whether you were bringing home 486 00:21:47,080 --> 00:21:50,840 Speaker 1: six figures or whether you're bringing home half that and so, 487 00:21:50,880 --> 00:21:54,200 Speaker 1: as the study said, optimism appears to exert a slightly 488 00:21:54,200 --> 00:21:58,680 Speaker 1: stronger influence on savings behavior than financial literacy and risk tolerance. 489 00:21:58,840 --> 00:22:01,639 Speaker 1: Which is kind of crazy to think that, like, just 490 00:22:02,080 --> 00:22:05,840 Speaker 1: being more optimistic matters more than learning more about money. 491 00:22:05,960 --> 00:22:08,360 Speaker 1: So maybe people can turn this off and just go 492 00:22:08,440 --> 00:22:10,840 Speaker 1: like tap into their inner optimism. 493 00:22:11,400 --> 00:22:13,040 Speaker 2: Maybe that's gonna be more beneficial. I don't know. 494 00:22:13,440 --> 00:22:15,960 Speaker 1: But your mindset is I think more powerful than most 495 00:22:15,960 --> 00:22:18,080 Speaker 1: people give it credit for. And I don't think this 496 00:22:18,119 --> 00:22:22,040 Speaker 1: is necessarily like manifesting something into existence, which maybe some 497 00:22:22,080 --> 00:22:25,000 Speaker 1: gurus would encourage you to do. I think it's more 498 00:22:25,040 --> 00:22:27,399 Speaker 1: believing that good things are coming down the pike that 499 00:22:27,400 --> 00:22:30,560 Speaker 1: gets you excited for the future. And the truth, I mean, 500 00:22:30,600 --> 00:22:34,200 Speaker 1: optimists tend to live longer as well. There's evidence about that. 501 00:22:34,320 --> 00:22:36,920 Speaker 1: So it's a good idea for us all to work 502 00:22:36,960 --> 00:22:39,960 Speaker 1: on seeing the good because we will save more harm money, 503 00:22:40,119 --> 00:22:40,600 Speaker 1: be the more. 504 00:22:40,520 --> 00:22:42,600 Speaker 2: Thoughtful about our future, and we'll have a longer future. 505 00:22:42,800 --> 00:22:47,280 Speaker 2: That's right. Man. Let's talk about utilities Internet specifically, because 506 00:22:47,280 --> 00:22:50,399 Speaker 2: seeing that they recently published an article about overpaying for 507 00:22:50,600 --> 00:22:53,720 Speaker 2: their Internet, and I think with more folks working from home, 508 00:22:53,840 --> 00:22:56,960 Speaker 2: I think there's even more of an attraction to maybe 509 00:22:57,080 --> 00:23:00,960 Speaker 2: pay premium rates for fast inner that. But it turns 510 00:23:00,960 --> 00:23:02,560 Speaker 2: out too many folks are paying for speeds that they 511 00:23:02,600 --> 00:23:06,440 Speaker 2: don't really actually use, or speeds that they don't actually need, 512 00:23:06,760 --> 00:23:09,760 Speaker 2: and so opting to go from like a more premium 513 00:23:09,760 --> 00:23:11,919 Speaker 2: speed of like three hundred megabits per second down to 514 00:23:12,080 --> 00:23:14,800 Speaker 2: one hundred megabits per second, that might be a brilliant 515 00:23:14,840 --> 00:23:17,520 Speaker 2: financial move. So much of this depends on what you're 516 00:23:17,600 --> 00:23:21,440 Speaker 2: using your internet connection for, how often you're using it. 517 00:23:21,480 --> 00:23:24,840 Speaker 2: So like you're let's say you do like you're uploading 518 00:23:24,840 --> 00:23:27,679 Speaker 2: massive files, Okay, maybe you do need to pay pay 519 00:23:27,720 --> 00:23:31,480 Speaker 2: attention up speed. That's probably critical for you to be 520 00:23:31,520 --> 00:23:34,400 Speaker 2: able to do your job efficiently. If you've got multiple 521 00:23:34,640 --> 00:23:37,199 Speaker 2: folks or family members whatever, streaming on different devices at 522 00:23:37,200 --> 00:23:39,600 Speaker 2: the same time, maybe you want to pay more as well. 523 00:23:39,640 --> 00:23:43,280 Speaker 2: But you know, I think similar to buying the unlimited 524 00:23:43,320 --> 00:23:46,040 Speaker 2: data cell phone plan, when you're on Wi Fi most 525 00:23:46,080 --> 00:23:48,480 Speaker 2: of the time at home, I think you might be 526 00:23:48,520 --> 00:23:51,280 Speaker 2: paying too much. This might be an instance where it's 527 00:23:51,320 --> 00:23:53,440 Speaker 2: just money going to waste. Man. And this also makes 528 00:23:53,440 --> 00:23:55,760 Speaker 2: me think about let's say you're at home, you're watching 529 00:23:55,760 --> 00:23:57,520 Speaker 2: a movie and it like glitches or it kind of 530 00:23:57,600 --> 00:23:59,360 Speaker 2: times out or whatever. It's like, dang it, it's got 531 00:23:59,359 --> 00:24:01,840 Speaker 2: a load kind of ruins. The ruins the flow a 532 00:24:01,880 --> 00:24:04,439 Speaker 2: little bit, and so folks think they're like, oh, you 533 00:24:04,480 --> 00:24:05,720 Speaker 2: know what we need to do. We need to pay 534 00:24:05,720 --> 00:24:08,320 Speaker 2: more for our internet. We should upgrade it to one 535 00:24:08,359 --> 00:24:11,159 Speaker 2: of those premium speed plans, when in reality, what I 536 00:24:11,160 --> 00:24:12,480 Speaker 2: think a lot of folks need to do, and I'm 537 00:24:12,560 --> 00:24:14,959 Speaker 2: saying this from personal experience, what they need to do 538 00:24:15,000 --> 00:24:16,639 Speaker 2: is get take their Wi Fi router out of the 539 00:24:16,720 --> 00:24:20,080 Speaker 2: cabinet and pull it because like it's that's a wood 540 00:24:20,200 --> 00:24:23,520 Speaker 2: positioning matters. Yeah, that's a wooden coffin, and it's really 541 00:24:23,520 --> 00:24:25,879 Speaker 2: hard for the Wi Fi signal to get from the 542 00:24:25,960 --> 00:24:28,520 Speaker 2: wireless router to your device, to your phone to your TV. 543 00:24:29,359 --> 00:24:31,399 Speaker 1: In a coffin in the backyard. And now I'm like, 544 00:24:31,440 --> 00:24:32,040 Speaker 1: where are my speed? 545 00:24:32,240 --> 00:24:33,840 Speaker 2: Yeah I don't have internet anymore. What I would do it, 546 00:24:33,840 --> 00:24:35,840 Speaker 2: but I'm still paying for it, so truly, and I 547 00:24:35,880 --> 00:24:38,120 Speaker 2: get why people don't want to do that because typically 548 00:24:38,119 --> 00:24:41,000 Speaker 2: they're not pretty, you know, like they're typically unsightly, like 549 00:24:41,000 --> 00:24:43,040 Speaker 2: there's it can be a jumble of cords and so 550 00:24:43,080 --> 00:24:45,080 Speaker 2: you're thinking, let me just put that in the cabin 551 00:24:45,160 --> 00:24:47,040 Speaker 2: let me stick that in the bottom of the closet. 552 00:24:47,080 --> 00:24:49,520 Speaker 2: But that impacts your speeds. You want to have a 553 00:24:49,600 --> 00:24:53,560 Speaker 2: clear line of sight. That is really important. I think folks, uh, 554 00:24:53,600 --> 00:24:55,320 Speaker 2: they're doing it wrong. Yeah right, Like they think just 555 00:24:55,359 --> 00:24:57,600 Speaker 2: by paying more that that's going to increase their speeds 556 00:24:57,640 --> 00:25:01,120 Speaker 2: when in reality it's just okay, your methodology, your technique, 557 00:25:01,400 --> 00:25:03,240 Speaker 2: make sure you're paying that some attention as well. 558 00:25:03,359 --> 00:25:05,840 Speaker 1: Yeah, and we're talking, at least with the cost of 559 00:25:05,880 --> 00:25:09,040 Speaker 1: internet about paying more every single month, Well, what about 560 00:25:09,080 --> 00:25:11,880 Speaker 1: maybe getting a mesh router system. Those things have gone 561 00:25:11,920 --> 00:25:14,800 Speaker 1: down in price, and yeah, maybe you're extending the internet 562 00:25:14,920 --> 00:25:17,440 Speaker 1: signal to make it faster in other parts of the house. 563 00:25:17,440 --> 00:25:19,240 Speaker 1: It's like, you don't need faster speeds, you just need 564 00:25:19,240 --> 00:25:21,880 Speaker 1: it better coverage. Yeah, better coverage, and that's a one 565 00:25:22,000 --> 00:25:26,040 Speaker 1: time cost is instead of upgrading and paying more money 566 00:25:26,040 --> 00:25:28,880 Speaker 1: every single month and not getting essentially what you need either. 567 00:25:28,960 --> 00:25:31,240 Speaker 2: We're totally like do with the ced net beat right now. 568 00:25:31,280 --> 00:25:33,240 Speaker 2: But like and so when some folks might hear j 569 00:25:33,240 --> 00:25:35,359 Speaker 2: you'll say, like the mesh router system and just like, 570 00:25:35,400 --> 00:25:37,800 Speaker 2: oh man, that sounds that sounds confusing. That's like plug 571 00:25:37,800 --> 00:25:39,359 Speaker 2: and play though, But it also doesn't even have to 572 00:25:39,359 --> 00:25:41,639 Speaker 2: be that complicated. You can literally and this is what 573 00:25:41,640 --> 00:25:44,840 Speaker 2: we've done, but you can buy another wireless router that's 574 00:25:44,880 --> 00:25:47,240 Speaker 2: exactly like the current one. You have, plug the Internet 575 00:25:47,280 --> 00:25:49,720 Speaker 2: cable into the back of that thing, and plug that 576 00:25:49,760 --> 00:25:53,040 Speaker 2: into the other router that's somewhere that's positioned somewhere else 577 00:25:53,080 --> 00:25:54,160 Speaker 2: in your house. So if you do have a long, 578 00:25:54,200 --> 00:25:56,439 Speaker 2: skinny house, rather than having a router right in the middle, 579 00:25:56,800 --> 00:25:58,720 Speaker 2: maybe that means kind of placing them at both ends 580 00:25:58,760 --> 00:26:00,679 Speaker 2: of your house. And you can just I mean, I 581 00:26:00,680 --> 00:26:02,520 Speaker 2: don't I don't bat an eyelash it doing this, but 582 00:26:02,520 --> 00:26:05,360 Speaker 2: I just drilled the hole into my floor, through the hardwoods, 583 00:26:05,440 --> 00:26:07,119 Speaker 2: down into the cross space. You run that cable to 584 00:26:07,160 --> 00:26:09,000 Speaker 2: the other part of the house, have it pop up, 585 00:26:09,160 --> 00:26:11,800 Speaker 2: plug it in, name it the exact same name, with 586 00:26:11,840 --> 00:26:14,680 Speaker 2: the same password and everything, and your devices will hop 587 00:26:14,720 --> 00:26:16,200 Speaker 2: from one to the other seamlessly. 588 00:26:16,280 --> 00:26:18,680 Speaker 1: Yeah, all right, look at that little little tech tip. 589 00:26:18,720 --> 00:26:21,760 Speaker 1: Didn't know you were getting that in depth tech analysis here. 590 00:26:22,119 --> 00:26:23,879 Speaker 1: The other thing, Matt, people spend too much more, and 591 00:26:23,880 --> 00:26:26,119 Speaker 1: this is something we talked about regularly on the show, 592 00:26:26,359 --> 00:26:29,760 Speaker 1: is streaming services, right, And Americans are spending an average 593 00:26:29,760 --> 00:26:32,560 Speaker 1: of one thousand dollars a year for streaming now, bringing 594 00:26:32,600 --> 00:26:34,840 Speaker 1: the monthly cost at least kind of closer to what 595 00:26:34,880 --> 00:26:37,960 Speaker 1: cable used to cost us. And we're still watching ads 596 00:26:38,000 --> 00:26:39,800 Speaker 1: like we had to in the cable days. Two at 597 00:26:39,880 --> 00:26:41,880 Speaker 1: least most people are because they're not paying the premium 598 00:26:42,119 --> 00:26:44,840 Speaker 1: for which is now a lot more to get ads 599 00:26:44,840 --> 00:26:46,240 Speaker 1: removed from your streaming And. 600 00:26:46,240 --> 00:26:48,399 Speaker 2: Like we saw last Sunday, the ads, they're just not 601 00:26:48,440 --> 00:26:50,119 Speaker 2: as good as they used to be. No commercials, just 602 00:26:50,160 --> 00:26:51,480 Speaker 2: not They're not as good, not at all. 603 00:26:51,920 --> 00:26:53,520 Speaker 1: Although I only watched the first half, I didn't watch 604 00:26:53,520 --> 00:26:55,199 Speaker 1: the second half of the game. So but you actually 605 00:26:56,359 --> 00:26:57,639 Speaker 1: you don't watch watch any of it? But did you 606 00:26:57,680 --> 00:26:58,400 Speaker 1: go watch any of the ads? 607 00:26:58,480 --> 00:27:00,479 Speaker 2: And yeah, oh I searched it. See. I was like, 608 00:27:00,920 --> 00:27:03,120 Speaker 2: I'm an advertising guy, man, that's that's my background way 609 00:27:03,160 --> 00:27:05,280 Speaker 2: back in the day. And I still love seeing what, 610 00:27:05,400 --> 00:27:07,120 Speaker 2: you know, what clever things they came up with. Yeah, 611 00:27:07,119 --> 00:27:08,960 Speaker 2: there's not much cleverness out there. It's a little do, 612 00:27:09,160 --> 00:27:10,520 Speaker 2: a little dill this year. Yeah. 613 00:27:10,520 --> 00:27:12,919 Speaker 1: Well, I think it's just a good reminder to go 614 00:27:13,040 --> 00:27:15,439 Speaker 1: take a look see what services are currently subscribed to 615 00:27:16,080 --> 00:27:19,160 Speaker 1: make the goal of having I think fewer simultaneous services. 616 00:27:19,520 --> 00:27:21,920 Speaker 1: You know, watch Severance or Silo or whatever your favorite 617 00:27:21,960 --> 00:27:24,720 Speaker 1: Apple TV show is for a month, which I haven't. 618 00:27:24,920 --> 00:27:26,840 Speaker 1: I still you haven't watched seven season two? 619 00:27:27,080 --> 00:27:29,359 Speaker 2: Noo? Yeah, season two. I can't wait. But I just 620 00:27:29,359 --> 00:27:31,360 Speaker 2: haven't been able to carve the time out. Yes, which 621 00:27:31,400 --> 00:27:34,199 Speaker 2: means I haven't resubscribed to Apple Plus yet because I 622 00:27:34,200 --> 00:27:37,159 Speaker 2: haven't committed to being in it. Baby, yeah, ok, I 623 00:27:37,160 --> 00:27:37,399 Speaker 2: want to. 624 00:27:37,480 --> 00:27:38,960 Speaker 1: Once you do, though, watch it in a month and 625 00:27:38,960 --> 00:27:40,280 Speaker 1: then get rid of it, like you don't want to 626 00:27:40,320 --> 00:27:43,159 Speaker 1: stay subscribed to it exactly. And then you know, careful 627 00:27:43,160 --> 00:27:45,720 Speaker 1: consumers I think, who pay attention, who cancel services regularly, 628 00:27:45,920 --> 00:27:47,880 Speaker 1: they're the ones who are winning in the new environment. 629 00:27:48,000 --> 00:27:49,800 Speaker 1: But there's far too many people who just aren't taking 630 00:27:49,840 --> 00:27:52,399 Speaker 1: that tact. And I think it's also Matt. They're a 631 00:27:52,400 --> 00:27:55,240 Speaker 1: good reminder there are pretty good free services out there now, 632 00:27:55,359 --> 00:27:58,480 Speaker 1: like to B, freeb and Filo. It's amazing to see 633 00:27:58,480 --> 00:28:00,159 Speaker 1: how much steam some of those are gaining, how much 634 00:28:00,200 --> 00:28:02,240 Speaker 1: people are gravitating over there. Hey, if you're gonna watch 635 00:28:02,240 --> 00:28:04,000 Speaker 1: ads anyway, why not not pay a dime? 636 00:28:04,160 --> 00:28:06,160 Speaker 2: Why not? Yeah? Okay. So we talked about the need 637 00:28:06,200 --> 00:28:09,679 Speaker 2: for higher taxes as well as reduced government spending on 638 00:28:09,720 --> 00:28:13,760 Speaker 2: Wednesday with economist Noah Smith, and man, there's no way 639 00:28:13,800 --> 00:28:17,120 Speaker 2: around the both and approach. And get this, it turns 640 00:28:17,119 --> 00:28:19,560 Speaker 2: out that most Americans are willing to be taxed more 641 00:28:20,040 --> 00:28:23,640 Speaker 2: in order to keep their favorite government benefits like Social Security. 642 00:28:23,720 --> 00:28:27,440 Speaker 2: Isn't that crazy? Eighty five percent of folks surveyed would 643 00:28:27,480 --> 00:28:31,080 Speaker 2: like to see social Security benefits enhanced. I feel like 644 00:28:31,080 --> 00:28:34,520 Speaker 2: there's a CSI joke in the enhanced, but they wouldn't 645 00:28:34,560 --> 00:28:38,040 Speaker 2: mind a bigger tax bill for that perk. There is 646 00:28:38,040 --> 00:28:40,800 Speaker 2: only something like fifteen percent of folks who said that 647 00:28:40,800 --> 00:28:43,280 Speaker 2: they'd be willing to take a reduced benefit in order 648 00:28:43,360 --> 00:28:47,600 Speaker 2: to prevent tax increases. And found that really fascinating. There's 649 00:28:47,600 --> 00:28:51,280 Speaker 2: not much political will to even touch taxes or Social 650 00:28:51,320 --> 00:28:54,840 Speaker 2: Security payouts, and in fact, the current administration they're talking 651 00:28:54,880 --> 00:28:59,800 Speaker 2: about stopping taxing social Security benefits overall. Yeah, but given 652 00:28:59,840 --> 00:29:01,440 Speaker 2: the state of Social Security, man like, we've got to 653 00:29:01,440 --> 00:29:03,640 Speaker 2: make some real changes if we want it to stick 654 00:29:03,680 --> 00:29:07,520 Speaker 2: around for future generations. It seems like some degree, it 655 00:29:07,520 --> 00:29:10,040 Speaker 2: seems like some degree of austerity is going to be necessary. 656 00:29:10,080 --> 00:29:11,880 Speaker 2: But then I was after talking with Noah, I was 657 00:29:11,920 --> 00:29:14,600 Speaker 2: thinking about it, and I wonder if that's not true anymore, 658 00:29:15,040 --> 00:29:17,720 Speaker 2: not in the sense of like the modern monetary theory 659 00:29:17,800 --> 00:29:20,040 Speaker 2: or anything like that. But so states obviously have to 660 00:29:20,040 --> 00:29:23,120 Speaker 2: reconcile their budgets, but the federal government doesn't, and so 661 00:29:23,120 --> 00:29:25,560 Speaker 2: so much of it comes down to what the alternatives are. 662 00:29:25,600 --> 00:29:28,640 Speaker 2: And as long as the US system and our economy 663 00:29:28,640 --> 00:29:31,560 Speaker 2: as a whole continues to thrive, why would you change 664 00:29:31,560 --> 00:29:33,480 Speaker 2: something even if we are running a deficit, because so 665 00:29:33,520 --> 00:29:35,719 Speaker 2: much of it is in relation to what other countries 666 00:29:35,760 --> 00:29:38,400 Speaker 2: are doing. And guess what other countries run deficits as 667 00:29:38,400 --> 00:29:41,000 Speaker 2: well Asian countries, European countries, They're all running deficits, and 668 00:29:41,040 --> 00:29:43,240 Speaker 2: so it's kind of relative, which is crazy to say, 669 00:29:43,480 --> 00:29:45,320 Speaker 2: because you know, what would your mom say if, like, 670 00:29:45,360 --> 00:29:47,320 Speaker 2: if everybody else is running jumping off the bridge aal 671 00:29:47,320 --> 00:29:49,720 Speaker 2: would you well in this case, like there is a 672 00:29:49,760 --> 00:29:52,080 Speaker 2: limited number of people who are jumping off the bridge, 673 00:29:52,080 --> 00:29:55,360 Speaker 2: And truly, if everyone is jumping off the bridge and 674 00:29:55,520 --> 00:29:58,440 Speaker 2: things are and money continues to be invested in, say 675 00:29:58,440 --> 00:30:01,200 Speaker 2: in the in the US, there is there's no viable 676 00:30:01,200 --> 00:30:04,400 Speaker 2: alternative when I'm thinking about investing specifically here when it 677 00:30:04,440 --> 00:30:08,000 Speaker 2: comes to investing in markets that are also like blowing 678 00:30:08,080 --> 00:30:10,840 Speaker 2: up and doing really well. So I don't know, just 679 00:30:10,880 --> 00:30:14,600 Speaker 2: an idea. It's almost like no one's willing to say, oh, 680 00:30:14,640 --> 00:30:17,440 Speaker 2: we don't need to eliminate the deficit. But that's how 681 00:30:17,480 --> 00:30:20,720 Speaker 2: they're acting, Like that's how administrations over the past several 682 00:30:20,840 --> 00:30:24,280 Speaker 2: I mean years and decades have acted that this is 683 00:30:24,280 --> 00:30:26,480 Speaker 2: something that doesn't in fact need to be addressed, And 684 00:30:26,520 --> 00:30:30,000 Speaker 2: maybe it doesn't because other countries are are doing something 685 00:30:30,680 --> 00:30:31,400 Speaker 2: highly similar. 686 00:30:31,480 --> 00:30:35,160 Speaker 1: Yeah, but what Noah was saying is essentially, the higher 687 00:30:35,200 --> 00:30:37,280 Speaker 1: the deficit and the debt grow, and the more of 688 00:30:37,320 --> 00:30:39,640 Speaker 1: the government budget that has to go to pay interest 689 00:30:40,080 --> 00:30:42,960 Speaker 1: like it will inhibit dynamism at some point. So I 690 00:30:42,960 --> 00:30:43,560 Speaker 1: do think this is. 691 00:30:43,480 --> 00:30:46,600 Speaker 2: One of the best relation to what other countries and 692 00:30:46,920 --> 00:30:48,760 Speaker 2: other countries are also are also doing that. 693 00:30:49,000 --> 00:30:51,040 Speaker 1: Don't we want to be way more by dynamic than 694 00:30:51,120 --> 00:30:52,520 Speaker 1: actually I would think so. 695 00:30:52,560 --> 00:30:55,240 Speaker 2: But as long as we are, as long as we 696 00:30:55,240 --> 00:30:58,440 Speaker 2: have less of our overall budget going towards interest payments 697 00:30:58,480 --> 00:31:00,360 Speaker 2: than other countries, then maybe we can kind of have 698 00:31:00,480 --> 00:31:01,840 Speaker 2: our cake and be able to eat it too. Maybe 699 00:31:01,960 --> 00:31:02,320 Speaker 2: I don't know. 700 00:31:02,440 --> 00:31:06,720 Speaker 1: Maybe Okay, But speaking of like paying more taxes on purpose, 701 00:31:06,720 --> 00:31:08,360 Speaker 1: which is what a lot of those people in that 702 00:31:08,800 --> 00:31:11,360 Speaker 1: Social Security survey we're signing up for, the Wall Street 703 00:31:11,440 --> 00:31:13,920 Speaker 1: Journal had an article on that topic too this week, 704 00:31:14,320 --> 00:31:17,040 Speaker 1: and it makes you think, why would we want to 705 00:31:17,040 --> 00:31:19,480 Speaker 1: pay more taxes on purpose? Well, there are some reasons 706 00:31:19,640 --> 00:31:21,880 Speaker 1: that you might want to purposely pay more in tax 707 00:31:22,080 --> 00:31:24,440 Speaker 1: and what she highlighted in this article is that more 708 00:31:24,480 --> 00:31:29,360 Speaker 1: Americans could benefit from what she calls strategically accelerating your income. Basically, 709 00:31:29,360 --> 00:31:32,360 Speaker 1: if you're can afford to pay more taxes today, well 710 00:31:32,640 --> 00:31:35,600 Speaker 1: it might lead to overall tax reduction. And this is 711 00:31:35,600 --> 00:31:37,680 Speaker 1: something we've talked about on the show before two. You know, 712 00:31:37,720 --> 00:31:40,040 Speaker 1: we're talking about essentially being able and willing to pay 713 00:31:40,080 --> 00:31:43,680 Speaker 1: more taxes in twenty twenty five on purpose in order 714 00:31:43,680 --> 00:31:46,680 Speaker 1: to reduce your future tax burden. And I think it's 715 00:31:46,680 --> 00:31:50,400 Speaker 1: a smart suggestion. It's more of a holistic tax planning 716 00:31:50,800 --> 00:31:54,880 Speaker 1: approach totally than just trying to, hey, how low can 717 00:31:54,920 --> 00:31:57,200 Speaker 1: I cram my current year tax bill? Just it's a 718 00:31:57,280 --> 00:31:59,640 Speaker 1: very myopic approach saying like, how can I limit taxes 719 00:31:59,640 --> 00:32:01,920 Speaker 1: in this world one given year instead of thinking about 720 00:32:02,120 --> 00:32:03,960 Speaker 1: well how much tax am I going to pay over 721 00:32:04,080 --> 00:32:05,240 Speaker 1: the course of my life. 722 00:32:05,000 --> 00:32:07,280 Speaker 2: Which is like it makes sense though, because I think 723 00:32:07,320 --> 00:32:09,760 Speaker 2: there's a lot of folks who might be thinking, uh, well, 724 00:32:10,040 --> 00:32:12,040 Speaker 2: especially maybe folks who are going to a tax professional 725 00:32:12,280 --> 00:32:14,479 Speaker 2: and they're paying money, and so the tax professional kind 726 00:32:14,480 --> 00:32:16,080 Speaker 2: of steers them in that direction too, because they're trying 727 00:32:16,080 --> 00:32:18,200 Speaker 2: to justify what it is that they're charging. And if 728 00:32:18,240 --> 00:32:20,560 Speaker 2: they're the one saying well, actually you should probably pay 729 00:32:20,680 --> 00:32:22,640 Speaker 2: I know you just paid me, but you also need 730 00:32:22,680 --> 00:32:24,280 Speaker 2: to pay more in taxes. Yeah, Like it feels like 731 00:32:24,320 --> 00:32:24,920 Speaker 2: a double way of me. 732 00:32:24,960 --> 00:32:27,200 Speaker 1: As Also, the tax pro win is to say I 733 00:32:27,200 --> 00:32:29,680 Speaker 1: got you the biggest refund yes, and you're like you brock, 734 00:32:29,760 --> 00:32:32,440 Speaker 1: I'm going to keep coming back to you, yes, because 735 00:32:32,920 --> 00:32:34,920 Speaker 1: that feels the best in the short term exactly, but 736 00:32:34,920 --> 00:32:37,640 Speaker 1: it could lead to the most you know, long term 737 00:32:38,080 --> 00:32:38,680 Speaker 1: financial pain. 738 00:32:38,800 --> 00:32:39,160 Speaker 2: That's right. 739 00:32:39,280 --> 00:32:42,880 Speaker 1: Yeah, So more retirees are starting to find themselves in 740 00:32:42,960 --> 00:32:46,800 Speaker 1: higher than his anticipated tax brackets thanks to rm ds 741 00:32:46,880 --> 00:32:51,640 Speaker 1: required minimum distributions. So let's learn maybe from some of 742 00:32:51,680 --> 00:32:53,800 Speaker 1: the issues they're facing. Guess why we typically talk about 743 00:32:54,000 --> 00:32:58,040 Speaker 1: having more wroth accounts and balancing out your tax exposure 744 00:32:58,120 --> 00:33:01,680 Speaker 1: classic example, as you're contributing two those retirement accounts, because 745 00:33:01,680 --> 00:33:03,800 Speaker 1: you don't want to end up in that position where 746 00:33:03,800 --> 00:33:06,080 Speaker 1: it's like, man, I mean, it's not the worst thing 747 00:33:06,080 --> 00:33:08,200 Speaker 1: in the world to have a massive traditional form one K, 748 00:33:08,480 --> 00:33:10,280 Speaker 1: but when you think about it from a tax perspective, 749 00:33:10,280 --> 00:33:12,200 Speaker 1: there are things you could have done along the way 750 00:33:12,720 --> 00:33:16,360 Speaker 1: to mitigate future taxation by bringing a little more of 751 00:33:16,400 --> 00:33:17,520 Speaker 1: the pain into the present. 752 00:33:17,920 --> 00:33:20,720 Speaker 2: Yeah, and just facing the reality. It makes me think 753 00:33:20,720 --> 00:33:23,520 Speaker 2: about like, if you're hiring somebody to paint your house, 754 00:33:23,600 --> 00:33:25,840 Speaker 2: it's just like they're thinking, Okay, I gotta get a 755 00:33:25,840 --> 00:33:28,400 Speaker 2: competitive price so that they hire me. And then once 756 00:33:28,400 --> 00:33:30,000 Speaker 2: we're doing it, I just need to make this house 757 00:33:30,000 --> 00:33:32,000 Speaker 2: look good, like it just needs to be painted, it 758 00:33:32,080 --> 00:33:34,000 Speaker 2: needs to be shiny or whatever. It needs to be fresh. 759 00:33:34,360 --> 00:33:37,200 Speaker 2: And if they come across some rot, you know, if 760 00:33:37,240 --> 00:33:39,480 Speaker 2: they're only thinking about the here and now, it's like, oh, 761 00:33:39,640 --> 00:33:41,400 Speaker 2: is ever just gonna slap some pain on that thing? Yeah, 762 00:33:41,480 --> 00:33:44,480 Speaker 2: as opposed to being the bearer of bad news. And 763 00:33:45,120 --> 00:33:46,960 Speaker 2: I think oftentimes that's what it feels like when you 764 00:33:46,960 --> 00:33:50,480 Speaker 2: say to somebody that, hey, yeah, it's probably gonna behoove 765 00:33:50,480 --> 00:33:52,480 Speaker 2: you to pay a little more in tax right now. 766 00:33:52,480 --> 00:33:53,840 Speaker 2: Like you feel like the bear of bad news. 767 00:33:53,840 --> 00:33:55,200 Speaker 1: But the painter is like, hey, we're going to replace 768 00:33:55,200 --> 00:33:57,520 Speaker 1: a few boards because ultimately it's gonna save you money 769 00:33:57,520 --> 00:33:57,920 Speaker 1: in the long run. 770 00:33:58,000 --> 00:33:59,640 Speaker 2: Yeah. But if you can have a conversation about that 771 00:34:00,160 --> 00:34:02,520 Speaker 2: to point to the bigger, overall picture, well, of course 772 00:34:02,560 --> 00:34:04,200 Speaker 2: that's what we want to do. You don't just want 773 00:34:04,240 --> 00:34:06,040 Speaker 2: to slap some pain on it and not have to 774 00:34:06,040 --> 00:34:07,800 Speaker 2: think about it now because it's going to turn into 775 00:34:07,800 --> 00:34:09,400 Speaker 2: a bigger headache down the road. So's right, that's what 776 00:34:09,400 --> 00:34:12,120 Speaker 2: we're trying to get y'all to do with those roth IRA's. 777 00:34:11,640 --> 00:34:15,000 Speaker 1: So I think for and if you are hiring someone 778 00:34:15,000 --> 00:34:17,680 Speaker 1: to do your taxes, those are good questions to ask, like, Hey, 779 00:34:18,000 --> 00:34:21,719 Speaker 1: I don't I'm not concerned with only lowering my taxes 780 00:34:22,000 --> 00:34:24,640 Speaker 1: right now this given year. How can I think about 781 00:34:24,680 --> 00:34:28,279 Speaker 1: smart tax planning moving forward? And that's like thinking about 782 00:34:28,320 --> 00:34:31,239 Speaker 1: conversations we've had on the show with Sean Mulaney. Those 783 00:34:31,239 --> 00:34:35,480 Speaker 1: are really important conversations to have because again, the stakes 784 00:34:35,480 --> 00:34:37,759 Speaker 1: are high when we're talking about taxation, and you might 785 00:34:37,760 --> 00:34:39,759 Speaker 1: be able to save a couple grand this year, but 786 00:34:39,960 --> 00:34:41,839 Speaker 1: what if you could save a heck of a lot 787 00:34:41,880 --> 00:34:43,879 Speaker 1: more than that over the course of the next ten 788 00:34:43,960 --> 00:34:46,840 Speaker 1: or fifteen years because you paid a little bit more now. 789 00:34:46,800 --> 00:34:48,920 Speaker 2: Heck yeah, actually, I just looked it up. That's episode 790 00:34:48,960 --> 00:34:51,040 Speaker 2: seven fifty eight that we last talked about that with 791 00:34:51,080 --> 00:34:53,920 Speaker 2: Sean mulaney, So look that one up. Yeah. But otherwise, man, 792 00:34:53,960 --> 00:34:56,480 Speaker 2: that's going to be it for this Friday. Flight Listeners 793 00:34:56,480 --> 00:34:58,040 Speaker 2: can finder show notes up on the website at how 794 00:34:58,080 --> 00:35:01,040 Speaker 2: to money dot com. We hope everyone has fantastic weekend. 795 00:35:01,239 --> 00:35:05,839 Speaker 2: Hope your Valentine's Day plans turned out well. Forever up there, 796 00:35:05,840 --> 00:35:06,399 Speaker 2: and you'll love her. 797 00:35:06,360 --> 00:35:08,400 Speaker 1: Some beef turkey. That's that's my suggestion. 798 00:35:09,000 --> 00:35:10,799 Speaker 2: If only Emily knew that that was the way to 799 00:35:10,800 --> 00:35:13,000 Speaker 2: your heart, she would have beat you to the punch. 800 00:35:13,560 --> 00:35:15,200 Speaker 1: All Right, that's gonna do it, Matt. Until next time, 801 00:35:15,480 --> 00:35:17,200 Speaker 1: best friends out, Best Friends Out.