WEBVTT - Friday Flight - Purging Pennies, Financial Fights & Phantom Wealth #945 0:00:00.080 --> 0:00:02.680 Welcome to Had of Money. I'm Joel, I'm Matt, and 0:00:02.680 --> 0:00:06.720 today we're talking about purging pennies, financial fights, and phantom wealth. 0:00:25.920 --> 0:00:28.600 I can't hear phantom Joel, and not think of Phantom Planet. 0:00:28.680 --> 0:00:30.640 Did you ever listen to a pandom planet back? And 0:00:30.640 --> 0:00:32.559 then what did they do the theme song for the 0:00:32.600 --> 0:00:36.040 O C California? Oh yeah, or even Phantom Limb. I 0:00:36.080 --> 0:00:38.360 never really watched that show, Phantom Limb. That was a good, 0:00:38.440 --> 0:00:40.920 good Chin's song. Oh okay, yeah, you didn't watch the 0:00:40.920 --> 0:00:43.000 OC back. You were like a touch younger than me, 0:00:43.120 --> 0:00:44.920 and so when I was in college, like we would 0:00:44.920 --> 0:00:49.279 have OC watching parties. Oh yeah, because there's only like 0:00:49.400 --> 0:00:51.320 two sets of friends who paid for cable? 0:00:51.440 --> 0:00:53.280 Was it wasn't it basically like a modernized version of 0:00:53.320 --> 0:00:54.440 Beverly Hills nine or two went? 0:00:54.480 --> 0:00:59.040 Now? Okay, yeah, I've never really gotten nostalgia as I 0:00:59.320 --> 0:01:01.520 think back. But now this is our Friday flight, a 0:01:01.600 --> 0:01:04.120 quick sampling of the different stories we've come across, and 0:01:04.160 --> 0:01:06.360 we're specifically going to address how they are going to 0:01:06.400 --> 0:01:09.959 impact your dollars. But Joel, so you want to try 0:01:09.959 --> 0:01:12.360 to get everybody on like this beef jerkey train. Now 0:01:12.400 --> 0:01:15.200 that you're as you might try to brainwash everyone into 0:01:15.240 --> 0:01:17.800 thinking that meat it's the only category of food that 0:01:17.800 --> 0:01:18.880 you actually need in your life. 0:01:19.360 --> 0:01:21.400 I'm able to get behind that, although I do think 0:01:21.400 --> 0:01:22.959 I would get bored if like meat was my own 0:01:23.040 --> 0:01:25.240 league food group. But I think it belongs with the 0:01:25.240 --> 0:01:26.120 most meals Matt. 0:01:26.040 --> 0:01:28.760 Yeah, five meals all meat, and then on the six 0:01:28.840 --> 0:01:30.520 meal you throw a little bit of brocoli in there, right, 0:01:30.640 --> 0:01:31.760 exactly normally all year old. 0:01:32.280 --> 0:01:34.720 Maybe not quite that extreme, but a couple of my 0:01:34.760 --> 0:01:38.440 buddies have started making their own beef turkey. It's specifically 0:01:38.560 --> 0:01:43.000 South African variety called Biltong, and I had it samples 0:01:43.520 --> 0:01:45.840 at their house and I was like, Okay, that's pretty delicious. 0:01:46.080 --> 0:01:47.760 Let me give this a go, and I will link 0:01:47.800 --> 0:01:49.720 to the YouTube video that I used and that they 0:01:49.800 --> 0:01:51.200 used to figure out how to do this. 0:01:51.360 --> 0:01:53.120 The guy explains that he walks to it really well, 0:01:53.160 --> 0:01:56.000 send me the link, because I've had your Biltong and 0:01:56.040 --> 0:01:59.320 it's amazing. It's good, and you've been withholding the deats 0:01:59.320 --> 0:01:59.600 from me. 0:02:00.040 --> 0:02:02.720 Okay, So the video, like he like Crystal Clear, walks 0:02:02.720 --> 0:02:05.760 you through it super simple, incredibly inexpensive. You don't really 0:02:05.800 --> 0:02:09.519 need any special equipment, like literally the coolest parts about. 0:02:09.280 --> 0:02:11.959 It, Yeah, the fact that, yeah, you're explaining how yeah. 0:02:11.840 --> 0:02:13.480 It's not like you need a smoker, right, which is 0:02:13.520 --> 0:02:15.680 like hydrator or anything like that. You can you can 0:02:15.760 --> 0:02:17.799 like legit, just cure it and then hang it up 0:02:18.400 --> 0:02:21.080 in my pantry, is what was My wife was like, 0:02:21.120 --> 0:02:22.919 what are you doing? Looks a little wild, It looks 0:02:22.960 --> 0:02:25.280 a little sketch, doesn't look safe, but the final product 0:02:25.360 --> 0:02:27.640 is pretty darn tasty. So and when you think about 0:02:27.880 --> 0:02:30.760 how much something like beef turkey costs, even at a 0:02:30.760 --> 0:02:33.400 place like Costco, it's crazy expense, so expensive. 0:02:33.720 --> 0:02:34.440 So this is like. 0:02:34.639 --> 0:02:38.520 Denser, better, you know everything, It's going into higher quality stuff. 0:02:38.560 --> 0:02:41.519 I could not believe. So Kate I had a Christmas 0:02:41.560 --> 0:02:43.520 stocking stuffer, uh huh, and she got me a couple 0:02:43.520 --> 0:02:45.800 of packs of like some of this fancy oh I 0:02:45.800 --> 0:02:47.079 wish I could remember the name of it, but it's 0:02:47.080 --> 0:02:48.680 like this fancy beef jerky that she picked up at 0:02:48.720 --> 0:02:50.320 Whole Foods. So I thought, you could say BUCkies not 0:02:51.680 --> 0:02:54.120 a little bit nicer than that. But she forgot to 0:02:54.320 --> 0:02:57.600 scratch off the price tag and I went to you know, 0:02:57.639 --> 0:02:59.280 g I was like, oh, thank you know that cracked 0:02:59.320 --> 0:03:00.840 and I was like, oh my gosh, it was so 0:03:01.120 --> 0:03:03.760 I could not believe how much does the bag it was? 0:03:03.840 --> 0:03:07.079 It came down to something like ten dollars an ounce, Wow, 0:03:07.120 --> 0:03:10.760 which is crazy. Yeah, and uh, it's not apples to 0:03:10.760 --> 0:03:12.960 apples though when you're comparing it, like, obviously it's going 0:03:13.000 --> 0:03:14.600 to be more affordable when you do it at home. 0:03:14.600 --> 0:03:16.400 But like when you think about price per ounce of 0:03:16.440 --> 0:03:20.240 meat or price per pound of a traditional hunk of meat, 0:03:20.480 --> 0:03:21.959 like what did you just say? Oh, you have to 0:03:22.000 --> 0:03:24.560 dry this stuff out, so you are losing weights as 0:03:24.600 --> 0:03:26.960 you go through the aging process. How many days did 0:03:26.960 --> 0:03:29.120 you ge it? By the way, about five days? Awesome? 0:03:29.200 --> 0:03:31.280 And so in the week get cut in half. So 0:03:31.360 --> 0:03:33.720 let's say ask you twenty five bucks for two and 0:03:33.720 --> 0:03:34.400 a half pounds of beef. 0:03:34.560 --> 0:03:36.520 So really you're looking at pounding a quarter. 0:03:36.640 --> 0:03:40.440 Yeah, well no, that's after after those five pounds of. 0:03:41.880 --> 0:03:44.360 You already calculated it down. It is like a concentrated 0:03:44.400 --> 0:03:47.360 amount of food, which is part of what's attractive about it. 0:03:47.520 --> 0:03:49.960 You got some of those concentrated flavors. But I like 0:03:50.000 --> 0:03:51.280 what you said too, I've got a snack out there 0:03:51.320 --> 0:03:53.960 on the hiking trails, Yes, exactly, Well, because typically I 0:03:54.000 --> 0:03:55.640 would rather. I'm like, all right, would rather have a 0:03:55.720 --> 0:03:59.520 juicy steak, some try tip or some jerky, some built 0:03:59.520 --> 0:04:02.440 on your case, and I'm probably gonna typically go with 0:04:02.480 --> 0:04:04.640 like the juicy, but like, like, I mean, if you're 0:04:04.680 --> 0:04:07.080 traveling though, if you're on the road, if you're hiking, 0:04:07.120 --> 0:04:10.360 that's a great opportunity to bring along your little stash. 0:04:10.440 --> 0:04:13.119 Doesn't weigh much of some of this high quality meat, 0:04:13.520 --> 0:04:16.160 and so the quality of it. You don't have preservatives, 0:04:16.240 --> 0:04:17.960 which typically that's what you're gonna find in some of 0:04:17.960 --> 0:04:19.800 the stuff that you buy on the shelves in order 0:04:19.839 --> 0:04:22.479 for it to remain shelf stable. And it's not like 0:04:22.520 --> 0:04:24.800 you're keeping this around for months and months now you 0:04:24.800 --> 0:04:26.800 don't need it, there's no preserve. The lasts for like 0:04:26.839 --> 0:04:29.480 three weeks, four weeks in the fridge, so and then 0:04:29.520 --> 0:04:33.680 it only gets better, right, No, like a dry dry 0:04:33.680 --> 0:04:36.160 age rabbi where they have to like cut mold off. 0:04:36.440 --> 0:04:38.560 That seems weird. Hopefully we're not going to get to 0:04:38.600 --> 0:04:39.200 this point. I don't know. 0:04:39.240 --> 0:04:40.760 But it's fun to have a new hobby, and it's 0:04:40.800 --> 0:04:42.040 fun to have a hobby that tastes. 0:04:41.800 --> 0:04:44.520 Good, that's delicious that also ends up saving you a 0:04:44.560 --> 0:04:46.400 ton of money. If you are a big fan of 0:04:46.440 --> 0:04:49.200 the beef turkey or what makes it built on versus 0:04:49.320 --> 0:04:52.520 regular jerky bats. Good question. I do think beef tricky. 0:04:52.600 --> 0:04:54.960 Maybe what sets out apart is that you maybe are 0:04:55.279 --> 0:04:57.040 are dehydrating it in some way. 0:04:57.040 --> 0:04:59.359 So it's dryer. Because what I try some years and 0:04:59.400 --> 0:05:01.720 it was more like cured meat, like. 0:05:01.760 --> 0:05:04.560 Somewhere in between, kind of like a salami and a beach. 0:05:04.800 --> 0:05:06.839 It's like something you get on a shark utery board. Yeah, 0:05:06.880 --> 0:05:09.080 it still has some moisture. Yeah, Yeah, it was totally legit. 0:05:09.120 --> 0:05:11.279 I was really impressed, especially given that it was your first. 0:05:12.120 --> 0:05:14.120 But something that the two of us have talked about 0:05:14.160 --> 0:05:18.239 for years now is how worthless pennies are. Pennies mattered 0:05:18.240 --> 0:05:20.280 a whole lot more like a long time ago, right 0:05:20.400 --> 0:05:24.600 like even decades ago, but digital payments have essentially killed 0:05:24.600 --> 0:05:26.400 the need for the penny to exist. But then on 0:05:26.440 --> 0:05:29.320 top of that inflation as well. They're expensive to make, 0:05:29.480 --> 0:05:33.880 costing multiple times to mint that's the proper word for 0:05:33.960 --> 0:05:36.600 creating pennies than what they're actually worth when they're put 0:05:36.600 --> 0:05:39.040 into circulation. They cost something like three point seven cents 0:05:39.240 --> 0:05:40.599 per penny to create. 0:05:41.080 --> 0:05:43.359 And I know my Grandma remembers the time when pennies mattered, 0:05:43.360 --> 0:05:44.760 that we're just not living in that time. 0:05:44.760 --> 0:05:47.320 No man. And so one of the orders within the 0:05:47.360 --> 0:05:51.719 flurry of Trump administration executive orders is to order the 0:05:51.800 --> 0:05:55.520 Treasury Secretary to stop making new pennies. And this is 0:05:55.560 --> 0:05:59.160 something that's been proposed by Republicans in the past, by 0:05:59.200 --> 0:06:01.839 Democrats as well. We are not sad to see the 0:06:01.839 --> 0:06:03.920 penny go the way of the Dodo bird. I think 0:06:03.920 --> 0:06:07.000 this should be slam dunk easy thing for everyone to 0:06:07.000 --> 0:06:09.279 get behind. Who's clinging to the penny? Who are you? 0:06:09.320 --> 0:06:11.720 Who are these people who say, no, please, please keep 0:06:11.720 --> 0:06:14.880 the penny around. Nobody picks up pennies anymore. They becomes 0:06:14.920 --> 0:06:17.159 hoby value. I don't even pick up pennies anymore. And like, 0:06:17.200 --> 0:06:18.520 I'm the kind of I'm the guy that likes to 0:06:18.560 --> 0:06:20.960 find money on the ground. Oh yeah, but the things 0:06:20.960 --> 0:06:22.279 you have brought home that you picked up off the 0:06:22.320 --> 0:06:24.440 curb are are weird and various. 0:06:24.640 --> 0:06:26.400 But you don't pick up pennies, you know what. We 0:06:26.440 --> 0:06:27.920 live out in the burbs, though. If your folks put 0:06:27.920 --> 0:06:29.760 stuff out on the curb, they just throw it away. Yeah. 0:06:30.000 --> 0:06:32.120 I think that's something I noticed about living in the city, 0:06:32.160 --> 0:06:34.560 folks are I don't know, are folks more frugal and. 0:06:34.560 --> 0:06:36.960 More conscientious about it getting a second life. But out 0:06:36.960 --> 0:06:39.400 here folks are like, I just sent it to the landfill. 0:06:39.960 --> 0:06:41.760 I guess there is nicer stuff with the good will maybe, 0:06:42.120 --> 0:06:44.600 or oh that's it. I think the good wills are nicer. 0:06:44.640 --> 0:06:46.279 That's what they're doing with it, they're donating it. Yeah, 0:06:46.279 --> 0:06:49.400 all right, sorry to cast a spurs burd folks, but okay, 0:06:49.520 --> 0:06:50.839 so matter if we get rid of the penny, do 0:06:50.880 --> 0:06:52.719 we also need to get rid of the nickel. It 0:06:52.800 --> 0:06:54.680 kind of opens up that can of works. Where do 0:06:54.720 --> 0:06:58.279 you stop the culling of the coins, which actually would 0:06:58.320 --> 0:06:59.560 have been another. 0:06:59.080 --> 0:07:00.520 Good days forget. 0:07:00.560 --> 0:07:03.640 Like, once we start talking, I realized, well, so CNN 0:07:03.720 --> 0:07:06.039 had an article about nickels too, and how much of 0:07:06.080 --> 0:07:08.000 a problem they might be. So CNN's like, hey, now 0:07:08.080 --> 0:07:10.760 we need to go hogwhile on this and that basically 0:07:10.800 --> 0:07:12.640 the cost to make a nickel is and I was 0:07:12.680 --> 0:07:14.280 shocked to see this. I didn't realize this because the 0:07:14.280 --> 0:07:16.560 penny thing has been well documented. But apparently it cost 0:07:16.680 --> 0:07:19.600 fourteen cents to make a nickel, which is. 0:07:19.640 --> 0:07:21.400 A little less than three times whereas the penny is 0:07:21.400 --> 0:07:22.480 a little more than three times. 0:07:22.560 --> 0:07:25.679 Yeah so, but still like the gap is insane between 0:07:26.120 --> 0:07:28.000 that's a lot of money to make a dollar amount 0:07:28.120 --> 0:07:30.600 or send them out. Yeah, dimes and quarters at least 0:07:30.640 --> 0:07:33.360 are worth more than they cost to manufacture. But not 0:07:33.400 --> 0:07:36.400 only are these coins expensive relative relative to their worth, 0:07:36.440 --> 0:07:39.800 but they slow down transactions. I and maybe I shouldn't 0:07:39.800 --> 0:07:41.960 get annoyed, but when people pay with cash and coins 0:07:42.000 --> 0:07:43.640 in front of me, now I'm at it does it? 0:07:43.760 --> 0:07:46.080 Just it irks me a little? And I want to 0:07:46.120 --> 0:07:47.000 be like yea with the times. 0:07:47.160 --> 0:07:49.520 But that's it's a part. I need busy on the go. 0:07:49.600 --> 0:07:51.400 I got places to be I need to get over 0:07:51.440 --> 0:07:54.760 that people to see, beers to drink, right exactly. The 0:07:54.840 --> 0:07:57.360 National Association of Commedian Storts agrees with me, I think, 0:07:57.360 --> 0:07:59.640 because they, for instance, would like to see small coins 0:07:59.640 --> 0:08:02.320 down away with because it does add more time at 0:08:02.320 --> 0:08:05.120 the cash register. And as one economists put it, Matt, 0:08:05.160 --> 0:08:07.600 they said, when people start leaving a monetary unit at 0:08:07.640 --> 0:08:10.960 the cash register for the next customer, essentially they're citing 0:08:10.960 --> 0:08:14.000 it's insignificance. The unit is too small to be useful. 0:08:14.160 --> 0:08:16.920 I think pennies have been too small to be useful 0:08:16.960 --> 0:08:19.000 for a while now, and I'm not sad to see 0:08:19.000 --> 0:08:20.400 them go zero tier shed over here. 0:08:20.440 --> 0:08:23.120 Well okay, so one practical use that we have for 0:08:23.120 --> 0:08:25.360 pennies and nichols is do y'all ever play thirty one 0:08:25.480 --> 0:08:27.520 with the kids? The card game. It's a good game, 0:08:27.760 --> 0:08:30.120 straightforward enough for them to understand. You know. It's like 0:08:30.120 --> 0:08:32.960 where the aces. Aces are worth eleven points, face cards 0:08:32.960 --> 0:08:34.960 are ten on you try to get thirty one and 0:08:35.000 --> 0:08:37.400 if you do games over, everyone loses. Okay, the game. 0:08:37.440 --> 0:08:39.280 The goal of the game is to not lose, essentially, 0:08:39.320 --> 0:08:40.839 and you can call it whenever you want. The goal 0:08:40.840 --> 0:08:44.199 of most games, well, no, some games of the goal 0:08:44.280 --> 0:08:46.280 is to win. But the goal in this game is 0:08:46.280 --> 0:08:49.000 to be good enough to not lose. And we used 0:08:49.040 --> 0:08:51.040 to use pennies and nickels and dimes and stuff just 0:08:51.080 --> 0:08:53.360 as a way to keep score kind of. But lately 0:08:53.520 --> 0:08:55.120 what we told them is like, hey, you need to 0:08:55.120 --> 0:08:57.360 come to the table with your own money, because it 0:08:57.400 --> 0:08:59.599 provides they got more skin in the game and it 0:08:59.679 --> 0:09:02.040 makes fun a little more interesting. So I would be 0:09:02.040 --> 0:09:05.040 sad from that standpoint. I would maybe hoard some pities 0:09:05.040 --> 0:09:06.560 and nagles just to be able to have on hand 0:09:06.800 --> 0:09:08.080 to facilitate game playing. 0:09:08.120 --> 0:09:09.960 Well, I think we should say this doesn't mean the 0:09:10.000 --> 0:09:12.480 pennies are going away. It just because you won't print 0:09:12.679 --> 0:09:13.720 and create new pennies. 0:09:13.760 --> 0:09:15.640 But eventually, what that's going to mean is that over time, 0:09:15.640 --> 0:09:17.800 they're gonna get they're gonna degrade, and they're gonna be 0:09:17.960 --> 0:09:20.640 They're all gonna be in the cacation and in people's jars, 0:09:20.720 --> 0:09:23.680 in their closet, in the game closet. Yeah, exactly. Okay, 0:09:24.120 --> 0:09:28.480 since it's Valentine's Day, let's talk about fighting with your partner, buddy. 0:09:28.760 --> 0:09:31.079 Hopefully you can not like I'm trying to avoid that, 0:09:31.120 --> 0:09:33.280 so your business partner, but yeah, we're talking about romantic 0:09:33.280 --> 0:09:36.240 partners here. Hopefully you can avoid that. But a new 0:09:36.400 --> 0:09:40.040 survey finds that a third of couples are uncomfortable talking 0:09:40.080 --> 0:09:44.000 about money at all in the relationships. And on average, 0:09:44.520 --> 0:09:47.680 couples argue about money something like fifty eight times a year, 0:09:47.920 --> 0:09:50.320 which is a lot if that's more than once a week. 0:09:51.160 --> 0:09:54.600 So no wonder their reticence approach the subject of money 0:09:54.600 --> 0:09:58.800 of personal finances, and on one hand arguing it's not 0:09:58.840 --> 0:10:00.360 the worst thing in the world, right, I think it 0:10:00.400 --> 0:10:02.880 depends on what the argument looks like. I think healthy 0:10:03.000 --> 0:10:06.160 arguing can be productive. It shows that you care about something, 0:10:06.240 --> 0:10:09.880 and you know what's worse to argue about something in 0:10:09.920 --> 0:10:12.600 a healthy or productive way or just to just not 0:10:12.800 --> 0:10:14.920 care at all, to where you're not even bringing it up. 0:10:14.960 --> 0:10:16.959 Can I share a little anecdote. I remember my pa, 0:10:17.200 --> 0:10:19.920 my grandpa, telling me that he and my grandma never 0:10:19.960 --> 0:10:22.480 ever fought, and so I was like, oh, that sounds awesome. 0:10:22.559 --> 0:10:25.680 I don't really like fighting, so I'm hoping for that 0:10:25.720 --> 0:10:28.080 same thing in my relationship. I remember telling Emily that 0:10:28.120 --> 0:10:30.360 early on, and she laughed at me and said that 0:10:30.440 --> 0:10:34.479 was really dumb and sorry, but we're probably gonna have arguments, 0:10:34.640 --> 0:10:36.840 and it's true we have. But I agree with you, 0:10:36.840 --> 0:10:39.600 Matt that I think just studying expectations of relationship, I 0:10:39.600 --> 0:10:43.400 appreciate that. I think arguments have been productive for the 0:10:43.440 --> 0:10:45.880 most part for us, although not always, but yeah. 0:10:45.760 --> 0:10:47.400 For the most part. It shows you care, and I 0:10:47.440 --> 0:10:50.160 think at least one of the ways to help maybe 0:10:50.240 --> 0:10:52.920 change the dynamic within a relationship is just to agree 0:10:52.920 --> 0:10:55.080 on some shared dreams, to cast a vision of what 0:10:55.080 --> 0:10:56.760 you want your future to look like. I think it's 0:10:56.760 --> 0:10:58.760 going to be easier to cut back in other areas 0:10:58.800 --> 0:11:01.280 in life in other ways, and when you're shooting for 0:11:01.360 --> 0:11:04.000 the same goals, when you can recognize that you're on 0:11:04.040 --> 0:11:06.440 the same team trying to achieve the same things. Yeah, 0:11:06.840 --> 0:11:08.480 just something to keep the money. I guess. 0:11:08.520 --> 0:11:11.120 I just do hate that people argue about money so much. 0:11:11.200 --> 0:11:12.880 Oh yeah, And I think a lot of those arguments 0:11:12.920 --> 0:11:15.200 are not terribly productive. And part of that is because 0:11:16.040 --> 0:11:19.440 there hasn't been enough of that sort of team mindset, 0:11:19.480 --> 0:11:24.000 and there's probably a separation of finances, but in the couple, right, 0:11:24.040 --> 0:11:26.360 so it's like, hey, this is my money I'm bringing in, 0:11:26.440 --> 0:11:29.080 that's your money. And that's happening more and more as 0:11:29.320 --> 0:11:32.240 couples get married or come together at a later date, 0:11:32.880 --> 0:11:35.280 they've already kind of amassed a certain amount of money, 0:11:35.280 --> 0:11:37.560 maybe bought a home, maybe made some investments, and it's like, well, 0:11:37.600 --> 0:11:39.840 this is mine, that's yours, And then it's really hard, 0:11:40.160 --> 0:11:42.160 I think, to kind of pull in the same direction. 0:11:42.720 --> 0:11:45.480 And the truth is, another way to fight less in 0:11:45.520 --> 0:11:49.040 your marriage or in your partnership is to combine finances more. 0:11:49.320 --> 0:11:51.760 And this isn't rocket science, but the more you overlap 0:11:51.840 --> 0:11:54.360 finances when you're married, though, the more transparent you make 0:11:54.360 --> 0:11:56.480 your money, and the easier it is to work together. 0:11:56.640 --> 0:11:58.800 The New York Times just wrote an article about this. 0:11:58.840 --> 0:12:02.360 They found that or couples are segregating their finances, which 0:12:02.400 --> 0:12:05.120 is something that we have definitely seen, especially in the 0:12:05.200 --> 0:12:07.880 questions we get from our listeners, and that makes it 0:12:07.960 --> 0:12:11.400 harder to navigate. But there is research out there saying 0:12:11.480 --> 0:12:13.320 that it's not going to be the best way to 0:12:13.360 --> 0:12:16.880 move forward. The Journal of Consumer Research found that couples 0:12:16.920 --> 0:12:20.120 who combine finances they're happier, they're more committed to one another, 0:12:20.440 --> 0:12:23.160 And to me, this shows that there's mutual trust built 0:12:23.240 --> 0:12:26.000 up when you're pulling in the same direction and when 0:12:26.040 --> 0:12:29.679 you have that added transparency. So I think seeing those 0:12:29.679 --> 0:12:32.400 stats about fighting about money, well, if you want to 0:12:32.440 --> 0:12:34.400 not be a statistic, if you want to fight less 0:12:34.440 --> 0:12:36.760 about money, or you at least do want those more 0:12:36.800 --> 0:12:39.959 productive fights instead of the ones where you're just at 0:12:39.960 --> 0:12:43.600 each other's throats, Combining those accounts, dreaming big together, that 0:12:43.800 --> 0:12:45.600 is at least part of the solution I think for 0:12:45.679 --> 0:12:46.200 most people. 0:12:46.240 --> 0:12:48.319 I love it man. Yeah, so we don't often plug 0:12:48.360 --> 0:12:53.480 other people's podcasts, but we're both fans of honestly, that's 0:12:53.480 --> 0:12:56.079 Barry weiss Her and her team over at the Free Press. 0:12:56.080 --> 0:12:57.839 But she just had an episode where she had this 0:12:58.160 --> 0:13:01.760 an expert on talking about relationship little advice, and it 0:13:01.800 --> 0:13:04.959 was fascinating that her prescription one of her recommendations when 0:13:04.960 --> 0:13:07.880 it came to love and sex as well, but it 0:13:07.920 --> 0:13:11.400 was much more traditionally conservative in nature, and she even 0:13:11.440 --> 0:13:15.760 admitted that, hey, I grew up very progressive, very you know, 0:13:15.840 --> 0:13:18.840 left leaning, very liberal, and based on the research and 0:13:18.880 --> 0:13:22.520 what she found, she essentially like recreated from the ground 0:13:22.679 --> 0:13:27.760 up this way of approaching relationships that is traditionally very conservative, 0:13:27.920 --> 0:13:30.520 and it was all based not on like religion or 0:13:30.559 --> 0:13:33.199 anything like that, but just based on the evidence, based 0:13:33.200 --> 0:13:37.520 on stats and the success of relationships and the benefit 0:13:37.600 --> 0:13:41.440 to society and how benefit women and children as well. 0:13:41.440 --> 0:13:43.920 It's super fascinating. If you haven't listened to that one, 0:13:43.960 --> 0:13:46.800 I'd recommend checking out. Okay, let's talk about paying for college. 0:13:47.280 --> 0:13:49.560 We saw an article where Bloomberg was highlighting the fact 0:13:49.600 --> 0:13:53.960 that many parents are investing within bitcoin for their kids 0:13:54.120 --> 0:13:56.559 as opposed to opting for you know, the good old 0:13:56.640 --> 0:13:59.840 traditional investments in a five nine plan. And the reason 0:14:00.400 --> 0:14:03.600 is that they think that returns on traditional stocks aren't 0:14:03.600 --> 0:14:06.280 going to be good enough to fund the high cost 0:14:06.280 --> 0:14:08.480 of college, so they're taking on a bit more risk here. 0:14:08.920 --> 0:14:12.120 And it's true that the inflation on college tuition has 0:14:12.160 --> 0:14:15.200 been crazy over the past few decades, as well as 0:14:15.240 --> 0:14:17.880 the fact that your term stock market return predictions aren't 0:14:17.920 --> 0:14:21.320 necessarily all that rosy. And in addition to that, only 0:14:21.360 --> 0:14:24.280 bitcoin it has been brilliant since its inception if you 0:14:24.320 --> 0:14:25.080 look all the way back. 0:14:25.440 --> 0:14:28.120 Yeah, so how many better investments over the past, like 0:14:28.160 --> 0:14:29.160 what twelve fourteen years? 0:14:29.480 --> 0:14:31.200 So you take all three of these things, kind of 0:14:31.240 --> 0:14:34.360 stir them together in a pot, and you might come 0:14:34.400 --> 0:14:37.480 to a conclusion that, like, hey, bitcoin is the way 0:14:37.520 --> 0:14:40.200 to go, But you can't buy bitcoin inside of a 0:14:40.240 --> 0:14:42.360 five to twenty nine plan, so you're missing out on 0:14:42.440 --> 0:14:45.760 the tax benefits of that particular account. If your state 0:14:45.840 --> 0:14:48.320 offers a five twenty nine plan, a good one with good, 0:14:48.440 --> 0:14:50.920 good investment options and low fees. But the five twenty 0:14:51.040 --> 0:14:53.240 nine is better than it's ever been now thanks to 0:14:53.320 --> 0:14:55.800 new rules about it being able to be converted into 0:14:55.840 --> 0:14:58.280 a wrath down the road. And so we are a 0:14:58.280 --> 0:15:01.360 bit more bullish on nine plans then we used to be. 0:15:02.200 --> 0:15:03.680 So just keep that in mind. It might be this 0:15:03.720 --> 0:15:06.080 might be a good instance to keep those investments a 0:15:06.160 --> 0:15:10.320 little bit more separated. All four. If you are interested 0:15:10.360 --> 0:15:12.360 in bitcoin, sure have a little bit of exposure for 0:15:12.360 --> 0:15:14.840 yourself and even your kids. I think that's totally fine 0:15:14.880 --> 0:15:17.240 as well, but as always, just keep that limited to 0:15:17.520 --> 0:15:20.520 five percent of your overall portfolio and maybe don't co 0:15:20.640 --> 0:15:23.640 mingle those investments with the money and the funds that 0:15:23.680 --> 0:15:24.960 you're looking to pay for college with. 0:15:25.120 --> 0:15:29.240 Yeah, I guess I just get nervous about people saying, no, 0:15:29.400 --> 0:15:31.320 this is the ticket to pay for my kids college. 0:15:31.680 --> 0:15:36.240 I'm seeing these headlines about bitcoin to a million. One 0:15:36.240 --> 0:15:38.680 bitcoin is gonna be worth a million dollars in the 0:15:38.680 --> 0:15:42.200 next couple of years, and that sounds great. And if 0:15:42.200 --> 0:15:44.920 that comes to pass and you have some exposure to bitcoin, 0:15:45.200 --> 0:15:48.360 that's fantastic for you, right, But I would just be 0:15:48.440 --> 0:15:51.280 nervous about putting all my eggs in that one basket. 0:15:51.360 --> 0:15:52.160 Oh yeah, and we would. 0:15:52.560 --> 0:15:55.440 That's just part of diversification, right, is to not have 0:15:55.480 --> 0:15:56.160 all those eggs. 0:15:56.000 --> 0:15:56.520 In one basket. 0:15:56.560 --> 0:15:59.320 And if you're overly allocated to bitcoin and you're missing 0:15:59.320 --> 0:16:02.520 out on the tax breaks and just the greater diversification 0:16:02.880 --> 0:16:05.120 when you're investing for your kids future, I can just 0:16:05.160 --> 0:16:06.960 see that coming back to bite you in the butt. 0:16:07.040 --> 0:16:09.720 Yeah, well, we have no money leftover for college. Man. 0:16:09.760 --> 0:16:13.160 There's another article about, speaking of college, how personal finance 0:16:13.160 --> 0:16:16.720 courses are becoming more normal, not just in high schools 0:16:16.720 --> 0:16:19.000 across the country, which we've seen a lot of growth 0:16:19.040 --> 0:16:23.600 in there, but in colleges, and how schools like UNLV, 0:16:23.880 --> 0:16:27.680 cal Berkeley, and Stanford have them and they're working to 0:16:27.680 --> 0:16:30.520 bring more to campuses across the country. Actually, the Stafford 0:16:30.560 --> 0:16:33.160 course is taught by friend of the show, Adam Nash, 0:16:33.320 --> 0:16:36.080 who's been on the guy who runs Data, the. 0:16:36.320 --> 0:16:38.520 Donor advised fund platform that were fans of. 0:16:38.600 --> 0:16:41.080 That's right, and it's interesting, like not everyone has to 0:16:41.080 --> 0:16:43.400 take these courses, unlike many of these high schools where 0:16:43.440 --> 0:16:46.240 it's mandatory, but they seem kind of cool and Adam 0:16:46.320 --> 0:16:47.960 Nash is the way he explained his course, and I've 0:16:47.960 --> 0:16:51.120 looked through kind of the documents, like his syllabus, and 0:16:51.240 --> 0:16:54.000 I love kind of his approach to talking about personal finance. 0:16:54.400 --> 0:16:56.160 And the truth is a country, we just need more 0:16:56.200 --> 0:17:00.760 personal finance help altogether. Even brilliant students out a school 0:17:00.760 --> 0:17:03.920 like Stanford, they don't come to college knowing personal finance 0:17:04.160 --> 0:17:06.320 inside and out. And most of them just don't have 0:17:07.080 --> 0:17:10.440 much knowledge on that front. And personal finance is getting 0:17:10.520 --> 0:17:14.640 more complex as the financial system gains more complexity, and 0:17:15.000 --> 0:17:17.200 everyone knows Matt, I think the real solutions is listening 0:17:17.200 --> 0:17:19.440 to how the money is free nine to nine. That's right, 0:17:19.760 --> 0:17:23.359 it's free. And uh, we're funny and great and just 0:17:23.359 --> 0:17:24.040 a pleasure to be. 0:17:24.040 --> 0:17:28.119 With, funny ish sometimes we're cringe. But my problem it 0:17:28.160 --> 0:17:29.680 does come down to the cost. And I think that's 0:17:29.720 --> 0:17:33.040 my biggest personal hang up with especially gosh, personal paying 0:17:33.040 --> 0:17:37.160 for personal finances, finance classes and those credit hours cost. Yes, 0:17:37.320 --> 0:17:40.600 I mean, really, we're gonna I'm going to fork out money. 0:17:40.600 --> 0:17:43.880 I wanna pay money to like an Ivy League college 0:17:43.880 --> 0:17:46.040 in order to teach my kids how to save money. 0:17:46.200 --> 0:17:47.560 I have a hard time not thinking that that's a 0:17:47.600 --> 0:17:49.160