1 00:00:00,120 --> 00:00:03,040 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt. 2 00:00:03,160 --> 00:00:07,480 Speaker 1: Today we're discussing gas tax, holidays, bargain cruises, and bad 3 00:00:07,520 --> 00:00:29,480 Speaker 1: investing robots. That's right, man. This is our Friday flight 4 00:00:29,480 --> 00:00:31,520 Speaker 1: where we're gonna talk about some of the different headlines 5 00:00:31,560 --> 00:00:34,479 Speaker 1: we came across this week and specifically discuss how it's 6 00:00:34,520 --> 00:00:37,559 Speaker 1: going to impact the money in your wallet or in 7 00:00:37,600 --> 00:00:42,839 Speaker 1: your purse or in your pack then account. However you 8 00:00:42,960 --> 00:00:46,080 Speaker 1: like to carry your money in your cross body what 9 00:00:45,720 --> 00:00:48,680 Speaker 1: do what do they call the little pa you wear 10 00:00:48,880 --> 00:00:52,040 Speaker 1: across your chest or whatever, even those you might have 11 00:00:52,080 --> 00:00:53,559 Speaker 1: some of your money in there. But that's what our 12 00:00:53,600 --> 00:00:57,200 Speaker 1: Friday flights are all about. And you want to talk 13 00:00:57,200 --> 00:00:59,280 Speaker 1: about how you just you just took something off the 14 00:00:59,280 --> 00:01:02,600 Speaker 1: curb and for from in front of my house. Yes, okay, 15 00:01:02,640 --> 00:01:04,840 Speaker 1: so this is our this is our last day, by 16 00:01:04,840 --> 00:01:07,840 Speaker 1: the way, recording in in this studio that we've been 17 00:01:07,880 --> 00:01:11,080 Speaker 1: in for years. We're moving. We've told everybody knows that 18 00:01:11,120 --> 00:01:12,880 Speaker 1: now if they listen to that episode a few weeks ago, 19 00:01:13,240 --> 00:01:14,920 Speaker 1: and we have a new studio they're moving into. But 20 00:01:14,959 --> 00:01:16,360 Speaker 1: you're moving out of your house of course at the 21 00:01:16,400 --> 00:01:19,480 Speaker 1: same time. And you put out one of your daughter's 22 00:01:19,640 --> 00:01:23,600 Speaker 1: twin beds. And my daughter, uh, my six year old, 23 00:01:23,640 --> 00:01:25,920 Speaker 1: was like, you know, we were talking about getting her 24 00:01:25,959 --> 00:01:27,840 Speaker 1: a different bed at some point and she sa on 25 00:01:27,880 --> 00:01:29,119 Speaker 1: this one on the curb in front of your house 26 00:01:29,120 --> 00:01:30,960 Speaker 1: and she's like, that's the one I want. I want it. 27 00:01:31,920 --> 00:01:34,720 Speaker 1: And I was like, this actually works out really nice 28 00:01:34,760 --> 00:01:36,920 Speaker 1: because now I don't have to buy one. It's perfect. 29 00:01:36,920 --> 00:01:40,520 Speaker 1: So it doesn't get more meta than this. We talked 30 00:01:40,560 --> 00:01:42,840 Speaker 1: about cur alerts here on the show and obviously we're 31 00:01:42,840 --> 00:01:44,480 Speaker 1: I mean, we we are doing more that because we 32 00:01:44,480 --> 00:01:48,920 Speaker 1: are we're moving literally we are moving tomorrow. It is 33 00:01:49,000 --> 00:01:50,760 Speaker 1: going down and said that's why we are putting so 34 00:01:50,840 --> 00:01:53,320 Speaker 1: much stuff on the curb. And well, here here's another. 35 00:01:53,320 --> 00:01:54,840 Speaker 1: I don't know if this is a frugal versus cheap, 36 00:01:55,040 --> 00:01:58,480 Speaker 1: but Kate, she was pretty adamant about not selling that 37 00:01:58,560 --> 00:02:01,760 Speaker 1: particular bed, uh, because that is a bed that we 38 00:02:01,800 --> 00:02:04,280 Speaker 1: got for free from a curb alert. So this is 39 00:02:04,280 --> 00:02:07,680 Speaker 1: a second hand curb alert that used board. And I'm 40 00:02:07,720 --> 00:02:09,600 Speaker 1: not gonna say it's not like the highest quality piece 41 00:02:09,639 --> 00:02:12,200 Speaker 1: of furniture, like it's it's pressed board, but it is 42 00:02:12,320 --> 00:02:15,080 Speaker 1: super solid. We took good care of it and you know, 43 00:02:15,120 --> 00:02:16,679 Speaker 1: got it out of the house nicely and set it 44 00:02:16,680 --> 00:02:18,320 Speaker 1: out there on the curb for for the next person 45 00:02:18,360 --> 00:02:20,280 Speaker 1: to come along. But little did I know that it 46 00:02:20,320 --> 00:02:22,880 Speaker 1: was actually going to be you. But I love that 47 00:02:22,919 --> 00:02:24,160 Speaker 1: we are now going to be able to come over 48 00:02:24,200 --> 00:02:26,120 Speaker 1: to your house and see a bunch of stuff that 49 00:02:26,560 --> 00:02:29,480 Speaker 1: used to be our kids. Right. It feels like the 50 00:02:29,520 --> 00:02:32,200 Speaker 1: most meta hat of money thing, it really. Yeah, Yeah, 51 00:02:32,200 --> 00:02:34,000 Speaker 1: we were talking. King was a little worried. She's like, 52 00:02:34,040 --> 00:02:35,840 Speaker 1: are the kids gonna like be a little stressed or 53 00:02:35,840 --> 00:02:38,040 Speaker 1: freaked out when they go over it and uh to 54 00:02:38,120 --> 00:02:39,960 Speaker 1: play with their friends and see some of their stuff. 55 00:02:40,280 --> 00:02:42,600 Speaker 1: I don't think they will. They'll be totally fine. They'll 56 00:02:42,600 --> 00:02:44,200 Speaker 1: probably have forgotten all about it because they will have 57 00:02:44,280 --> 00:02:45,799 Speaker 1: gotten like a cool new bet or something like. That's 58 00:02:45,919 --> 00:02:49,000 Speaker 1: exactly which we have. Yeah, we find our fair share 59 00:02:49,040 --> 00:02:51,680 Speaker 1: stuff side of the road as well, doubt. All right, Well, 60 00:02:51,840 --> 00:02:55,160 Speaker 1: let's let's move on, Matt, now that people know exactly 61 00:02:55,160 --> 00:02:58,040 Speaker 1: how weird we are and how deep the frugality goes, 62 00:02:58,400 --> 00:03:00,080 Speaker 1: and for folks to know I mean again, Yeah, this 63 00:03:00,160 --> 00:03:03,040 Speaker 1: is the last episode that we are recording here. We 64 00:03:03,120 --> 00:03:04,560 Speaker 1: we're gonna do a tour in the new space and 65 00:03:04,720 --> 00:03:07,520 Speaker 1: Instagram we've got more episodes lined up and in the 66 00:03:07,840 --> 00:03:09,760 Speaker 1: during the interim, we're gonna be setting up at the 67 00:03:09,840 --> 00:03:12,840 Speaker 1: new office. But the next episode that we will be 68 00:03:12,919 --> 00:03:15,080 Speaker 1: recording is going to be in that new space and 69 00:03:15,120 --> 00:03:17,399 Speaker 1: that will be our next Friday flight and next maybe 70 00:03:17,440 --> 00:03:20,000 Speaker 1: next week, we should talk about kind of how we 71 00:03:20,120 --> 00:03:22,720 Speaker 1: how we stumbled upon this office. It's a really interesting story. 72 00:03:23,800 --> 00:03:26,480 Speaker 1: We got a decent a decent rate too, so we'll yeah, 73 00:03:26,480 --> 00:03:27,919 Speaker 1: we'll talk about that one next week. It really is 74 00:03:28,000 --> 00:03:30,200 Speaker 1: kind of I mean, it's a small world. It is 75 00:03:30,240 --> 00:03:32,120 Speaker 1: a small world. We'll just say that exactly, and we'll 76 00:03:32,160 --> 00:03:34,320 Speaker 1: quick Matt just one more thing that we have to 77 00:03:34,320 --> 00:03:36,880 Speaker 1: mention just on kind of a personal how to money 78 00:03:36,920 --> 00:03:39,440 Speaker 1: housekeeping notes and we we actually mentioned it in this 79 00:03:39,480 --> 00:03:43,240 Speaker 1: week's newsletter, but we've made it buddy, because we have 80 00:03:43,360 --> 00:03:46,760 Speaker 1: imposter Instagram accounts to about figure account, yes and so yeah, 81 00:03:46,840 --> 00:03:50,400 Speaker 1: this account was shut down pretty quickly, but in case 82 00:03:50,440 --> 00:03:52,760 Speaker 1: our future incidents, fortunately and thanks to all the how 83 00:03:52,760 --> 00:03:55,440 Speaker 1: to Money listeners who in the Facebook group, via email 84 00:03:55,600 --> 00:03:59,120 Speaker 1: via Instagram let us know that there's this, uh that 85 00:03:59,200 --> 00:04:03,240 Speaker 1: someone posturing as us trying to get people's personal information. 86 00:04:03,320 --> 00:04:06,040 Speaker 1: How Money Pod Pod with zero that's right. You gotta 87 00:04:06,040 --> 00:04:08,120 Speaker 1: look closely. It was dirty, and so yeah, I just 88 00:04:08,120 --> 00:04:10,360 Speaker 1: want everyone to know we're never going to reach out 89 00:04:10,400 --> 00:04:13,760 Speaker 1: to you at via Instagram for personal information. We don't 90 00:04:13,800 --> 00:04:15,560 Speaker 1: want to know your mother's maiden name or your social 91 00:04:15,560 --> 00:04:17,680 Speaker 1: Security number. And so yeah, if if you are, are 92 00:04:17,760 --> 00:04:21,440 Speaker 1: we gonna get you into investing into full rex and 93 00:04:21,520 --> 00:04:24,320 Speaker 1: others other get rich games. But of course on social 94 00:04:24,320 --> 00:04:28,200 Speaker 1: media there's um there's a bot problem and there's an 95 00:04:28,200 --> 00:04:31,080 Speaker 1: imposter account problem and they haven't been able to figure 96 00:04:31,080 --> 00:04:32,520 Speaker 1: it out. And so we just wanted to let you know. 97 00:04:33,279 --> 00:04:36,800 Speaker 1: We're at the point, I guess, uh, smildly successful enough 98 00:04:36,839 --> 00:04:39,599 Speaker 1: to where people want to impersonate us and it feels good, 99 00:04:39,640 --> 00:04:41,520 Speaker 1: but it also feels bad, and we just want to 100 00:04:41,600 --> 00:04:44,480 Speaker 1: let you know. On the front end, and I mentioned newsletters, 101 00:04:44,839 --> 00:04:46,760 Speaker 1: please subscribe to the newsletter if you haven't done so 102 00:04:46,880 --> 00:04:50,120 Speaker 1: yet how Money dot com slash newsletter. Important information like 103 00:04:50,160 --> 00:04:53,400 Speaker 1: that is going out. And although folks knew about this before, 104 00:04:53,400 --> 00:04:55,640 Speaker 1: you did last this past Tuesday, right, and you had 105 00:04:55,680 --> 00:04:57,960 Speaker 1: to wait all the way until until Friday. Jo, Let's 106 00:04:58,040 --> 00:04:59,600 Speaker 1: keep moving me. Let's get into the stores this week. 107 00:04:59,640 --> 00:05:01,600 Speaker 1: Let's talk about some real estate and you know, you 108 00:05:01,600 --> 00:05:04,800 Speaker 1: would think that with the other worldly price increases that 109 00:05:04,839 --> 00:05:07,520 Speaker 1: we've seen these sky high real estate prices over the 110 00:05:07,520 --> 00:05:09,640 Speaker 1: past couple of years, you would think that first time 111 00:05:09,760 --> 00:05:12,200 Speaker 1: home buyers might have just kind of thrown in the 112 00:05:12,240 --> 00:05:14,520 Speaker 1: towel altogether. Feels like those real estate prices came from 113 00:05:14,520 --> 00:05:16,840 Speaker 1: the upside down. You know, that's how bad they are. 114 00:05:17,240 --> 00:05:20,200 Speaker 1: They're all dusty and stuff floating in the air in 115 00:05:20,240 --> 00:05:23,400 Speaker 1: these homes. But it turns out some millennials they still 116 00:05:23,480 --> 00:05:26,279 Speaker 1: want to own homes. According to a new survey from 117 00:05:26,320 --> 00:05:30,640 Speaker 1: open Door, a huge percentage of millennials about said that 118 00:05:30,680 --> 00:05:33,279 Speaker 1: they would give up TikTok and Instagram in order to 119 00:05:33,400 --> 00:05:36,400 Speaker 1: own their home. Seventy eight percent would give up alcohol. 120 00:05:36,839 --> 00:05:39,520 Speaker 1: These are some humorous trade offs that that folks have 121 00:05:39,560 --> 00:05:42,160 Speaker 1: been presented with, but the pent up demand it is 122 00:05:42,480 --> 00:05:45,040 Speaker 1: still real even as some of the some of these 123 00:05:45,040 --> 00:05:48,279 Speaker 1: folks are taking a break from stalking every new posting 124 00:05:48,480 --> 00:05:50,480 Speaker 1: that shows up on zelo um. And you know, I 125 00:05:50,520 --> 00:05:54,400 Speaker 1: wanted to mention too that these aren't necessarily hypothetical situations. 126 00:05:54,440 --> 00:05:57,640 Speaker 1: It's not like, okay, given the situation more YouTube so 127 00:05:57,839 --> 00:05:59,600 Speaker 1: another one of the things, and the survey was talking 128 00:05:59,640 --> 00:06:04,400 Speaker 1: about millennials who would be willing to forego a summer vacation. Uh, 129 00:06:04,440 --> 00:06:07,080 Speaker 1: And it said that nearly fifty folks would be willing 130 00:06:07,080 --> 00:06:10,520 Speaker 1: to delay their vacation for five years if that meant 131 00:06:10,520 --> 00:06:12,440 Speaker 1: that they could buy a home. But the thing is 132 00:06:12,240 --> 00:06:15,520 Speaker 1: that this is not hypothetical. Quite literally, if you were 133 00:06:15,560 --> 00:06:18,359 Speaker 1: to delay going on vacation for five years, that is 134 00:06:18,600 --> 00:06:20,640 Speaker 1: a huge chunk of money that you would then be 135 00:06:20,720 --> 00:06:23,880 Speaker 1: able to put towards a down payment. And so, I 136 00:06:23,880 --> 00:06:25,120 Speaker 1: mean the fact is like you kind of have to 137 00:06:25,200 --> 00:06:27,640 Speaker 1: front load this sacrifice in order to see if that 138 00:06:27,800 --> 00:06:29,760 Speaker 1: is going to be an option. Right, Like, there is 139 00:06:29,760 --> 00:06:33,360 Speaker 1: no perfect world that we live in where someone's gonna say, Okay, 140 00:06:33,360 --> 00:06:35,240 Speaker 1: well if I give up this, like will I be 141 00:06:35,240 --> 00:06:38,400 Speaker 1: able to get a house? Well? Who knows. But if 142 00:06:38,440 --> 00:06:40,479 Speaker 1: you don't take the steps now in order in order 143 00:06:40,480 --> 00:06:41,880 Speaker 1: to get to that point to where you do have 144 00:06:41,960 --> 00:06:44,760 Speaker 1: that cash on hand, you're never gonna know. Yeah, exactly, no, 145 00:06:45,040 --> 00:06:47,480 Speaker 1: It sacrifice is needed, right in order to say about 146 00:06:47,480 --> 00:06:48,800 Speaker 1: for a down payment on a house. It's not one 147 00:06:48,800 --> 00:06:50,920 Speaker 1: of those things where you're like wishing and hoping it's 148 00:06:50,920 --> 00:06:52,600 Speaker 1: going to get you there. And so you can take 149 00:06:52,640 --> 00:06:55,520 Speaker 1: active steps now to achieve that exactly, And so yeah, 150 00:06:55,600 --> 00:06:57,280 Speaker 1: some of those things were hypothetical, what if you give 151 00:06:57,360 --> 00:07:01,039 Speaker 1: up TikTok, But then other ones were like base in reality, 152 00:07:01,400 --> 00:07:03,839 Speaker 1: not spending money on a vacation, and and it's it's 153 00:07:03,839 --> 00:07:06,120 Speaker 1: probably the biggest one time expense that anyone's ever gonna 154 00:07:06,120 --> 00:07:08,720 Speaker 1: have typically, right, it's the down payment on that home 155 00:07:08,760 --> 00:07:10,640 Speaker 1: that they buy. And you know, you and I we 156 00:07:10,680 --> 00:07:13,240 Speaker 1: try to avoid the payment mindset when it comes to 157 00:07:13,280 --> 00:07:17,679 Speaker 1: how we consume. But with mortgage rates continuing their breakneck assents, 158 00:07:17,680 --> 00:07:19,640 Speaker 1: you've got that as well. Yeah, home buyers are they're 159 00:07:19,640 --> 00:07:21,600 Speaker 1: having to think long and hard about how that's going 160 00:07:21,640 --> 00:07:25,360 Speaker 1: to impact their monthly mortgage payments. And according to bank rate, 161 00:07:25,440 --> 00:07:28,480 Speaker 1: the average thirty year mortgage rate climbed to over six 162 00:07:28,600 --> 00:07:31,560 Speaker 1: percent and it's basically increasing at the fastest rate we've 163 00:07:31,560 --> 00:07:35,280 Speaker 1: seen since nine um and that of course is having 164 00:07:35,320 --> 00:07:38,440 Speaker 1: a massive impact on the affordability level of homes. And 165 00:07:38,480 --> 00:07:40,600 Speaker 1: so yeah, for example, if you're looking to buy a 166 00:07:40,640 --> 00:07:44,200 Speaker 1: home in January versus today, the payments would be the 167 00:07:44,240 --> 00:07:46,880 Speaker 1: same on a five thousand dollar home that you bought 168 00:07:46,880 --> 00:07:48,800 Speaker 1: in January. Uh, and what would you be able to 169 00:07:48,840 --> 00:07:53,880 Speaker 1: afford now? It's only worth. So yeah, people are massive 170 00:07:53,880 --> 00:07:56,320 Speaker 1: difference between a five thousand dollar home and a home 171 00:07:56,360 --> 00:07:58,680 Speaker 1: that's gonna yeah, cost you three fifty. So yeah, buyers 172 00:07:58,680 --> 00:08:01,200 Speaker 1: are being squeezed not just by higher prices, but also 173 00:08:01,720 --> 00:08:04,400 Speaker 1: because these higher rates and how that's damaging their ability 174 00:08:04,440 --> 00:08:07,040 Speaker 1: to afford the home they want. Yeah. Again, Normally, this 175 00:08:07,120 --> 00:08:09,360 Speaker 1: is something we tried to avoid talking about, is like, Okay, 176 00:08:09,400 --> 00:08:13,200 Speaker 1: how much payment can I afford? But when the cost 177 00:08:13,240 --> 00:08:15,960 Speaker 1: of borrowing is becoming a larger part of that payment, 178 00:08:16,000 --> 00:08:18,080 Speaker 1: it is something that we have to start discussing. And 179 00:08:18,080 --> 00:08:20,120 Speaker 1: of course, this is one of the ripple effects of 180 00:08:20,160 --> 00:08:23,000 Speaker 1: the Fed raising their benchmark rate three quarters of a 181 00:08:23,040 --> 00:08:25,880 Speaker 1: percent last week, or seventy five basis points if you 182 00:08:25,920 --> 00:08:27,800 Speaker 1: like to be a little nerliar with it. Um. But 183 00:08:27,880 --> 00:08:30,400 Speaker 1: because that, we are seeing more signs of the real 184 00:08:30,480 --> 00:08:33,200 Speaker 1: estate market softening, which is good news for millennials who 185 00:08:33,240 --> 00:08:35,440 Speaker 1: do want to buy a home to put on some roots, 186 00:08:35,480 --> 00:08:38,480 Speaker 1: maybe start our family. But given the underlying supply and 187 00:08:38,520 --> 00:08:41,880 Speaker 1: demand problems that we have in that market, it might 188 00:08:41,920 --> 00:08:45,160 Speaker 1: still be a while before single family homes are going 189 00:08:45,160 --> 00:08:48,040 Speaker 1: to be meaningfully more affordable. Uh in much of the 190 00:08:48,080 --> 00:08:50,120 Speaker 1: country though, Yeah, that's true, all right, let's move on. 191 00:08:50,200 --> 00:08:52,720 Speaker 1: Let's talk about credit cards, Matt, because since we're talking 192 00:08:52,720 --> 00:08:55,160 Speaker 1: about crappy interest rates already, h it turns out the 193 00:08:55,200 --> 00:08:57,719 Speaker 1: average credit card now carries a rate of more than 194 00:08:59,280 --> 00:09:02,040 Speaker 1: that's up from base at least sixteen just a year ago. 195 00:09:02,480 --> 00:09:05,080 Speaker 1: So all rates are on the rise, exactly. And and 196 00:09:05,120 --> 00:09:06,880 Speaker 1: if you've been listening to the show for any period 197 00:09:06,920 --> 00:09:09,200 Speaker 1: of time, you know we basically hate credit card debt. 198 00:09:09,320 --> 00:09:11,680 Speaker 1: It's our least favorite thing, and yeah, we want you 199 00:09:11,720 --> 00:09:14,760 Speaker 1: to avoid it at all costs. But it's important to note, Matt, 200 00:09:14,760 --> 00:09:17,640 Speaker 1: because some of our listeners do still have credit card 201 00:09:17,640 --> 00:09:19,880 Speaker 1: debt hanging on in their lives, and they're like, I know, 202 00:09:19,960 --> 00:09:21,520 Speaker 1: I hate it. It's been tough to get rid of. 203 00:09:21,800 --> 00:09:24,240 Speaker 1: What can I do? Well, now is the time to 204 00:09:24,320 --> 00:09:28,280 Speaker 1: really prioritize paying it off, because it's likely that the 205 00:09:28,280 --> 00:09:30,760 Speaker 1: interest rate on your card has gone up and it's 206 00:09:30,800 --> 00:09:33,360 Speaker 1: going to continue to climb through the rest of the year, 207 00:09:33,600 --> 00:09:35,600 Speaker 1: which means that more of the money your mate, you're 208 00:09:35,679 --> 00:09:39,320 Speaker 1: you're paying every month is going to Visa master Card, 209 00:09:39,360 --> 00:09:43,240 Speaker 1: American Express. It's not going to that principal balance. And so, yeah, 210 00:09:43,320 --> 00:09:45,720 Speaker 1: we think credit cards are a great payment tool, but 211 00:09:45,880 --> 00:09:48,720 Speaker 1: only if you pay them off on time in full. 212 00:09:49,160 --> 00:09:51,120 Speaker 1: And for folks who have some of that lingering debt, 213 00:09:51,400 --> 00:09:54,000 Speaker 1: now is the time to like get not laser eyes 214 00:09:54,040 --> 00:09:57,000 Speaker 1: for crypto, but laser eyes towards paying down your credit 215 00:09:57,040 --> 00:09:59,440 Speaker 1: card debt because you don't want to hang around any 216 00:09:59,440 --> 00:10:03,120 Speaker 1: longer than to. Yeah, absolutely planned together to make sure 217 00:10:03,160 --> 00:10:04,800 Speaker 1: it's gone. Yeah, you want to knock it out. So 218 00:10:04,880 --> 00:10:07,680 Speaker 1: let's transition to some much better news. Uh and with yeah, 219 00:10:07,679 --> 00:10:10,319 Speaker 1: with all the rates edging upwards, at least rates are 220 00:10:10,360 --> 00:10:13,800 Speaker 1: also going up for savers because inflation it's still not 221 00:10:13,920 --> 00:10:16,480 Speaker 1: doing savers any favors in general, but banks around the 222 00:10:16,480 --> 00:10:19,000 Speaker 1: country are starting to significantly increase the rates that they're 223 00:10:19,000 --> 00:10:23,080 Speaker 1: paying on those savings accounts, with the notable exception of 224 00:10:23,320 --> 00:10:25,400 Speaker 1: the biggest banks out there they don't seem to care 225 00:10:25,440 --> 00:10:28,040 Speaker 1: now about us at all. But but one of our 226 00:10:28,080 --> 00:10:31,559 Speaker 1: favorite online banks c i T they're actually offering a 227 00:10:31,600 --> 00:10:35,600 Speaker 1: one point two percent rate within their high interest savings account. 228 00:10:35,840 --> 00:10:37,920 Speaker 1: And actually better, yeah, they're offering a one point to 229 00:10:38,240 --> 00:10:42,480 Speaker 1: five percent rate in an eleven month no penalty c D. 230 00:10:43,000 --> 00:10:44,920 Speaker 1: So we wanted to mention this because these rates, like 231 00:10:44,960 --> 00:10:47,040 Speaker 1: they're not earth chattering by any means, but it is 232 00:10:47,080 --> 00:10:50,400 Speaker 1: a relief to see some accounts paying more than you know, 233 00:10:50,480 --> 00:10:52,640 Speaker 1: point five percent, which is what we've seen, I feel 234 00:10:52,640 --> 00:10:54,360 Speaker 1: like for a couple of years. That's im sure. So 235 00:10:54,400 --> 00:10:56,760 Speaker 1: if you haven't taken our advice, if you haven't ditched 236 00:10:56,800 --> 00:10:59,360 Speaker 1: one of the big banks in favor of a great 237 00:10:59,520 --> 00:11:03,000 Speaker 1: online bank, now is a great time to make that move. 238 00:11:03,320 --> 00:11:05,840 Speaker 1: And so we'll link to this specific accounts plus an 239 00:11:05,960 --> 00:11:09,480 Speaker 1: article about how you can easily change banks, and we'll 240 00:11:09,520 --> 00:11:11,200 Speaker 1: link to that in our show notes up on the website. 241 00:11:11,200 --> 00:11:13,319 Speaker 1: People often assume the changing banks is just a big 242 00:11:13,320 --> 00:11:15,600 Speaker 1: pain in the butt and that it's gonna be harder 243 00:11:15,640 --> 00:11:19,120 Speaker 1: than it actually is to change accounts, and I'm not 244 00:11:19,160 --> 00:11:20,800 Speaker 1: gonna lie like it's gonna take you a little bit 245 00:11:20,840 --> 00:11:23,240 Speaker 1: of time. But especially when you're talking about massive rate 246 00:11:23,320 --> 00:11:26,520 Speaker 1: chumps here, there's a big rate rate difference between if 247 00:11:26,520 --> 00:11:27,840 Speaker 1: you're one of the with one of the big banks, 248 00:11:27,840 --> 00:11:29,840 Speaker 1: still there's a big difference between the rate that you're 249 00:11:29,840 --> 00:11:31,439 Speaker 1: getting there and the rate you're gonna get it. There's 250 00:11:31,440 --> 00:11:36,000 Speaker 1: a big difference between h point zero one to yeah 251 00:11:36,120 --> 00:11:38,559 Speaker 1: and one point to five percent exactly. And there's also 252 00:11:38,600 --> 00:11:41,559 Speaker 1: a big difference in the customer services and the features 253 00:11:41,640 --> 00:11:43,920 Speaker 1: of some of these better banks, better online banks. So 254 00:11:44,160 --> 00:11:46,640 Speaker 1: it is it is worth the time, for sure. And 255 00:11:46,720 --> 00:11:48,720 Speaker 1: so while we're talking about savings now, you know, you 256 00:11:48,720 --> 00:11:51,439 Speaker 1: and I we've been talking about I bonds for I 257 00:11:51,480 --> 00:11:53,040 Speaker 1: don't know a lot of months now. We love them. 258 00:11:53,400 --> 00:11:56,120 Speaker 1: They're pretty great, but it's we maybe we haven't talked 259 00:11:56,120 --> 00:11:57,800 Speaker 1: about a couple weeks. It's time to talk about it again, 260 00:11:57,840 --> 00:12:00,400 Speaker 1: of course. And if if folks want some sort of 261 00:12:00,440 --> 00:12:04,680 Speaker 1: guaranteed ten percent return on their money, that's typically impossible 262 00:12:04,720 --> 00:12:06,440 Speaker 1: to come by right dive into the d M for 263 00:12:06,480 --> 00:12:09,400 Speaker 1: that exactly. That doesn't come along every day, and usually 264 00:12:09,559 --> 00:12:11,800 Speaker 1: it's a scam. If if it looks like there's one 265 00:12:11,800 --> 00:12:16,679 Speaker 1: but return on your money, how the money for right exactly? 266 00:12:17,040 --> 00:12:18,760 Speaker 1: You'll find those guys, they'll just take all your moneys. 267 00:12:18,760 --> 00:12:21,200 Speaker 1: What's gonna happen? But ibons are the way to get 268 00:12:21,200 --> 00:12:23,800 Speaker 1: a better rate of return right now. And and everyone 269 00:12:23,840 --> 00:12:26,400 Speaker 1: actually seems to be catching onto this because sales of 270 00:12:26,480 --> 00:12:30,120 Speaker 1: I bonds reached almost fifteen billion since the interest rate 271 00:12:30,120 --> 00:12:32,480 Speaker 1: shot up in November, so in basically a six month 272 00:12:32,480 --> 00:12:36,040 Speaker 1: time period, uh, that is six billion more dollars flowing 273 00:12:36,040 --> 00:12:39,960 Speaker 1: into I bonds than the past twenty years combined, right, 274 00:12:39,960 --> 00:12:42,880 Speaker 1: because inflation has been basically like, we haven't had to 275 00:12:42,880 --> 00:12:45,680 Speaker 1: worry about it. It's been humming along in the background 276 00:12:45,720 --> 00:12:49,480 Speaker 1: at a very almost unnoticeable pace, and so most I 277 00:12:49,800 --> 00:12:52,679 Speaker 1: just haven't been that interesting. But of course they're interesting 278 00:12:52,679 --> 00:12:55,600 Speaker 1: again when inflation is is through the roof, and so 279 00:12:55,880 --> 00:12:57,640 Speaker 1: we will say we would say I bonds they're still 280 00:12:57,679 --> 00:13:00,720 Speaker 1: the absolute best place to stash me DM term savings 281 00:13:00,760 --> 00:13:02,680 Speaker 1: that you're not gonna need for at least a year. 282 00:13:03,040 --> 00:13:05,880 Speaker 1: We will link to where you can buy them on 283 00:13:06,080 --> 00:13:09,280 Speaker 1: the super crummy Treasury direct dot com website. It is 284 00:13:09,440 --> 00:13:12,800 Speaker 1: definitely a government website that looks like it's twenty years old, 285 00:13:12,920 --> 00:13:15,960 Speaker 1: probably actually is twenty years old. So it's still worth 286 00:13:16,000 --> 00:13:19,360 Speaker 1: the hassle. It's worth dealing with a crummy interface. But um, yeah, 287 00:13:19,480 --> 00:13:21,920 Speaker 1: I bonds for for so many people that make sense 288 00:13:22,160 --> 00:13:24,720 Speaker 1: for some of their medium term savings dollars. Right now, 289 00:13:25,000 --> 00:13:27,880 Speaker 1: that's right, all the eyeballs are on I bonds. I 290 00:13:27,920 --> 00:13:29,480 Speaker 1: like that. Like that. We should have maybe led with 291 00:13:29,520 --> 00:13:31,640 Speaker 1: that totally should have been in the title of this episode. 292 00:13:31,640 --> 00:13:34,839 Speaker 1: And but we've got several other stories that we are 293 00:13:34,880 --> 00:13:37,320 Speaker 1: going to get to like those gas tax holidays, like 294 00:13:37,400 --> 00:13:39,800 Speaker 1: those bargin cruisers. We will get to all of those 295 00:13:39,920 --> 00:13:51,360 Speaker 1: and more right after this break. All right, now we 296 00:13:51,400 --> 00:13:53,400 Speaker 1: are back from the break. Let's keep going with the 297 00:13:53,400 --> 00:13:55,839 Speaker 1: Friday flight. And I just want to say I'm not 298 00:13:55,880 --> 00:13:58,200 Speaker 1: anti robot, okay, before we get into this, like, I'm 299 00:13:58,200 --> 00:14:00,880 Speaker 1: okay with the robots joining us uh in the future. 300 00:14:00,880 --> 00:14:03,120 Speaker 1: We talked with Kevin Kevin Ruce earlier this week and 301 00:14:03,200 --> 00:14:05,439 Speaker 1: he talked about room bas and I'm not I'm not 302 00:14:05,480 --> 00:14:07,840 Speaker 1: against the room partner with the robot. He made me 303 00:14:07,840 --> 00:14:10,000 Speaker 1: want to get a room. So thank you for that, Kevin. 304 00:14:10,240 --> 00:14:13,640 Speaker 1: But this this week's ludicrous headline of the week comes 305 00:14:13,640 --> 00:14:16,480 Speaker 1: from morning Star and it reads why free robo advisors 306 00:14:16,520 --> 00:14:19,400 Speaker 1: aren't really free. And you know, we don't really talk 307 00:14:19,440 --> 00:14:22,080 Speaker 1: about robot advisors a lot on the show, Matt, but 308 00:14:22,320 --> 00:14:24,640 Speaker 1: when we have, we don't necessarily refer to them in 309 00:14:24,720 --> 00:14:26,960 Speaker 1: the most glowing terms, right, even if even if some 310 00:14:27,000 --> 00:14:30,360 Speaker 1: of them are pretty decent. But this recent article from 311 00:14:30,400 --> 00:14:33,200 Speaker 1: morning Star, it detailed a lot of the problems with 312 00:14:33,320 --> 00:14:36,120 Speaker 1: some of the robo advisors that build themselves as being free. 313 00:14:36,440 --> 00:14:38,280 Speaker 1: And so here's the potential problem. The biggest one they 314 00:14:38,320 --> 00:14:40,920 Speaker 1: were talking about was that some of the robot advisors, 315 00:14:40,960 --> 00:14:43,560 Speaker 1: like all I invest in Schwab, force you to hold 316 00:14:43,600 --> 00:14:45,680 Speaker 1: more money than you might want to in cash. And 317 00:14:45,720 --> 00:14:49,360 Speaker 1: so Schwab is actually making their money by paying you 318 00:14:49,800 --> 00:14:52,880 Speaker 1: point one percent, not one point to five percent, one 319 00:14:52,400 --> 00:14:55,600 Speaker 1: point one percent on the cash that's parked in your 320 00:14:55,640 --> 00:14:58,600 Speaker 1: mandatory savings account. And so the SEC just actually hit 321 00:14:58,640 --> 00:15:00,920 Speaker 1: them with a hundred and eight seven billion dollar fine 322 00:15:01,320 --> 00:15:03,800 Speaker 1: for doing that. And uh, and the detail actually other 323 00:15:03,840 --> 00:15:06,120 Speaker 1: problems too in this space. So far as robot advisor, 324 00:15:06,400 --> 00:15:08,280 Speaker 1: it takes the most heat in the article, and I 325 00:15:08,280 --> 00:15:10,680 Speaker 1: think rightly so, because it turns out so far as 326 00:15:10,720 --> 00:15:14,360 Speaker 1: offering this free product as a loss leader, they're they're 327 00:15:14,360 --> 00:15:17,360 Speaker 1: basically hard selling their investing clients on other services that 328 00:15:17,400 --> 00:15:22,280 Speaker 1: they offer, like student loan refinancing, maybe taking a federal 329 00:15:22,280 --> 00:15:25,000 Speaker 1: student loan that you're not paying on right now and 330 00:15:25,040 --> 00:15:29,080 Speaker 1: pushing you into some sort of private loan that doesn't 331 00:15:29,080 --> 00:15:32,960 Speaker 1: have the same federal guarantees, which could create more financial harm. Um. 332 00:15:32,960 --> 00:15:34,760 Speaker 1: It's it might make sense for some people, but it 333 00:15:34,760 --> 00:15:37,440 Speaker 1: doesn't make sense for everyone, that's for sure. Yeah, exactly. Yeah, 334 00:15:37,480 --> 00:15:40,160 Speaker 1: the robot advisor space is growing and there are some 335 00:15:40,200 --> 00:15:42,840 Speaker 1: cool companies out there that are making some incredibly helpful 336 00:15:42,880 --> 00:15:45,800 Speaker 1: products and tools betterments. Is the best of the bunch 337 00:15:45,840 --> 00:15:48,120 Speaker 1: in our opinion. They work to eliminate some of these 338 00:15:48,360 --> 00:15:51,000 Speaker 1: the common investor mistakes through some of the tools that 339 00:15:51,000 --> 00:15:53,840 Speaker 1: they've created. But here's the thing. Free lunches don't exist. 340 00:15:54,000 --> 00:15:56,880 Speaker 1: You know, if you've been told that something is free, 341 00:15:56,880 --> 00:15:58,920 Speaker 1: it's that's always a good time to dig a little 342 00:15:58,920 --> 00:16:00,600 Speaker 1: bit deeper and to see how it is that they're 343 00:16:00,600 --> 00:16:02,640 Speaker 1: monetizing their services. Like if someone that looks like Matt 344 00:16:02,680 --> 00:16:04,400 Speaker 1: and Joel on instagrams like, hey, that's a free thing 345 00:16:04,400 --> 00:16:07,240 Speaker 1: for you, and they reach out to you proactively, it's 346 00:16:07,240 --> 00:16:08,840 Speaker 1: probably not a free launch. Hey how are you doing. 347 00:16:09,680 --> 00:16:11,360 Speaker 1: We do occasionally give away free things on the show 348 00:16:11,400 --> 00:16:13,200 Speaker 1: that that is true, but we also will talk about 349 00:16:13,360 --> 00:16:15,720 Speaker 1: them here on the show, on the actual podcast or 350 00:16:15,760 --> 00:16:17,760 Speaker 1: we're gonna get sneaky with you the newsletter on the 351 00:16:17,760 --> 00:16:20,960 Speaker 1: socials exactly. Yeah. But if you do come across something 352 00:16:21,040 --> 00:16:22,920 Speaker 1: like that that's being offered by one of these banks 353 00:16:23,000 --> 00:16:25,320 Speaker 1: or a brokerage like this, there is a good chance 354 00:16:25,400 --> 00:16:28,440 Speaker 1: that's gonna end up being more expensive than the upfront 355 00:16:28,440 --> 00:16:30,600 Speaker 1: fee that others are charging. Um, it's it's at least 356 00:16:30,640 --> 00:16:33,920 Speaker 1: worth noting that there's an opportunity cost here, because it's 357 00:16:33,920 --> 00:16:36,440 Speaker 1: not necessarily terrible or a bad thing that you've got 358 00:16:36,480 --> 00:16:39,200 Speaker 1: cash parked within your portfolio, as long as you are 359 00:16:39,240 --> 00:16:42,840 Speaker 1: aware of how much cash it is and what you 360 00:16:42,840 --> 00:16:45,040 Speaker 1: could be doing with that money instead. If that's a 361 00:16:45,040 --> 00:16:47,800 Speaker 1: part of let's say your emergency fund, well there's nothing 362 00:16:47,800 --> 00:16:50,440 Speaker 1: wrong with that, as long as you are aware of 363 00:16:50,480 --> 00:16:52,720 Speaker 1: what is being done with your money. That is what 364 00:16:52,760 --> 00:16:55,040 Speaker 1: we're trying to shine a light on here. Yeah, there's 365 00:16:55,080 --> 00:16:58,720 Speaker 1: there's there's basically always a caveat to something that's free. 366 00:16:58,840 --> 00:17:02,480 Speaker 1: It's like what you're a free presentation when it comes 367 00:17:02,480 --> 00:17:04,359 Speaker 1: to time shares, which we mean we didn't which we 368 00:17:04,359 --> 00:17:06,640 Speaker 1: didn't make. We got too busy, weren't able to actually 369 00:17:06,680 --> 00:17:08,719 Speaker 1: make that steak dinner. I'm kind of bummed we should have. 370 00:17:09,000 --> 00:17:11,000 Speaker 1: But there's always yeah, free stake dinner those that's another 371 00:17:11,000 --> 00:17:12,880 Speaker 1: one where you're gonna you're gonna get pitched some sort 372 00:17:12,880 --> 00:17:16,880 Speaker 1: of you know, investing methodology, and it turns out that 373 00:17:16,880 --> 00:17:19,239 Speaker 1: that free steak actually um cost you a whole lot 374 00:17:19,280 --> 00:17:21,600 Speaker 1: more than just going to buy a stake on your own. 375 00:17:21,800 --> 00:17:23,440 Speaker 1: But let's move on mat let's talk about gas for 376 00:17:23,440 --> 00:17:26,560 Speaker 1: a second, because it actually talked in depth about gas. 377 00:17:27,119 --> 00:17:29,680 Speaker 1: It's a major problems Wednesday on Wednesday's episode. It's a 378 00:17:29,680 --> 00:17:32,480 Speaker 1: major problem for for a ton of people right now, 379 00:17:32,480 --> 00:17:35,920 Speaker 1: of course for for everyone who drives gas a gas car, 380 00:17:36,160 --> 00:17:39,040 Speaker 1: but also those higher gas costs are infiltrating almost every 381 00:17:39,080 --> 00:17:42,160 Speaker 1: area of our lives. And so the President Biden announced 382 00:17:42,160 --> 00:17:44,960 Speaker 1: that we might be getting a gas tax holiday. We 383 00:17:45,320 --> 00:17:48,800 Speaker 1: you know, and so yeah, the President, it happens, going 384 00:17:48,800 --> 00:17:51,840 Speaker 1: to Congress, he's hoping to get them to take action 385 00:17:51,880 --> 00:17:54,080 Speaker 1: to provide some relief. He's called for a three month 386 00:17:54,160 --> 00:17:57,399 Speaker 1: hiatus from the federal gas tax. And so you know, 387 00:17:57,440 --> 00:18:01,040 Speaker 1: some states have enacted something similar, saving drivers a lot 388 00:18:01,040 --> 00:18:03,880 Speaker 1: of money. We've done that here in Georgia. I think 389 00:18:03,880 --> 00:18:06,959 Speaker 1: that expires maybe middle of July, and who knows, might 390 00:18:07,000 --> 00:18:10,639 Speaker 1: get extended. But yeah, how much would this federal gas 391 00:18:10,640 --> 00:18:14,320 Speaker 1: tacks hiatus actually save the average American? It turns out 392 00:18:14,320 --> 00:18:16,960 Speaker 1: it was save about four dollars and sixty cents a week. 393 00:18:16,960 --> 00:18:20,399 Speaker 1: That's according to calculations from gas Buddy. So yeah, with 394 00:18:20,440 --> 00:18:23,159 Speaker 1: no gas tacks for three months, that's roughly fifty or 395 00:18:23,200 --> 00:18:27,199 Speaker 1: sixty dollars back in your pocket. It's not insignificant, but 396 00:18:27,240 --> 00:18:29,399 Speaker 1: it's also not enough to take your family to Disney 397 00:18:29,400 --> 00:18:33,040 Speaker 1: World or anything like that. Agreed, agreed, But it's still 398 00:18:33,119 --> 00:18:36,680 Speaker 1: nice if it does actually happen. Speaking of cars, it 399 00:18:36,720 --> 00:18:38,679 Speaker 1: actually turns out that they're getting older. This is a 400 00:18:38,680 --> 00:18:41,399 Speaker 1: true story. The average age of a vehicle on the 401 00:18:41,480 --> 00:18:44,680 Speaker 1: road is now twelve point two years. This is according 402 00:18:44,680 --> 00:18:48,320 Speaker 1: to SMP Global Mobility, and of course anything with SMP 403 00:18:48,400 --> 00:18:50,720 Speaker 1: in front of it I'm a fan of. But we're 404 00:18:50,800 --> 00:18:52,840 Speaker 1: keeping our cars on the road longer than we were 405 00:18:52,920 --> 00:18:55,360 Speaker 1: just a decade ago. Uh, And so that means there's 406 00:18:55,400 --> 00:18:57,399 Speaker 1: a couple of reasons for that. I guess one, cars 407 00:18:57,400 --> 00:18:59,879 Speaker 1: are just being made better, they're more reliable. But it 408 00:19:00,040 --> 00:19:02,600 Speaker 1: also means that folks are driving their cars for longer, 409 00:19:02,920 --> 00:19:05,199 Speaker 1: and we think this is great. We want driving an 410 00:19:05,200 --> 00:19:08,159 Speaker 1: older vehicle, an older car to be seen as a 411 00:19:08,200 --> 00:19:11,480 Speaker 1: badge of honor. And with new and used car prices 412 00:19:11,600 --> 00:19:14,280 Speaker 1: doing what they're doing with them still near all time highs, 413 00:19:14,320 --> 00:19:16,919 Speaker 1: we want you to keep driving your old car. The 414 00:19:16,960 --> 00:19:19,040 Speaker 1: longer you are able to hold onto it, that's going 415 00:19:19,080 --> 00:19:20,800 Speaker 1: to mean more money that you'll be able to save 416 00:19:20,920 --> 00:19:24,640 Speaker 1: and invest for your future. That's Uh, that's exactly right, man. 417 00:19:24,640 --> 00:19:27,840 Speaker 1: I think the longer people hold onto their cars, it's important, 418 00:19:27,880 --> 00:19:31,560 Speaker 1: like it's it's almost a financial superpower right to be 419 00:19:31,640 --> 00:19:34,520 Speaker 1: able to to drive an older car and so. But 420 00:19:34,520 --> 00:19:36,440 Speaker 1: but here's the thing. One of the main concerns people 421 00:19:36,480 --> 00:19:40,360 Speaker 1: have when they consider keeping their their car longer are 422 00:19:40,560 --> 00:19:42,480 Speaker 1: the maintenance costs that are coming gonna come along with that. 423 00:19:42,560 --> 00:19:45,400 Speaker 1: They're like, hey, I get it, guys, but my old car, 424 00:19:45,480 --> 00:19:47,840 Speaker 1: it's starting to have to go to the shop more frequently. 425 00:19:48,280 --> 00:19:50,320 Speaker 1: And of course you've got to include some room in 426 00:19:50,320 --> 00:19:54,720 Speaker 1: your budget for those higher maintenance costs. But it's overblown exactly. 427 00:19:54,760 --> 00:19:58,600 Speaker 1: They're they're not as detrimental to your budget as you 428 00:19:58,640 --> 00:20:02,920 Speaker 1: might assume because the annual maintenance and repair bills on average, 429 00:20:03,160 --> 00:20:06,320 Speaker 1: are less than one month's car payment on a brand 430 00:20:06,359 --> 00:20:09,119 Speaker 1: new car. And that's legit. So the average monthly payment 431 00:20:09,160 --> 00:20:11,680 Speaker 1: on a new car is in the neighborhood of seven 432 00:20:11,520 --> 00:20:15,960 Speaker 1: hundred dollars. It's one, one estimate, twelve dollars. That is 433 00:20:16,000 --> 00:20:18,520 Speaker 1: so crazy, it's crazy. Could you imagine a man, No, 434 00:20:18,640 --> 00:20:20,399 Speaker 1: I don't like that, I don't have never will. And 435 00:20:20,440 --> 00:20:23,000 Speaker 1: so the average annual maintenance of a five year old 436 00:20:23,000 --> 00:20:26,960 Speaker 1: car is just two d eight dollars annually an over 437 00:20:26,960 --> 00:20:29,760 Speaker 1: twelve months, and if you're talking about even older car, 438 00:20:29,840 --> 00:20:32,080 Speaker 1: ten year old car, it's four hundred and six dollars. 439 00:20:32,119 --> 00:20:35,119 Speaker 1: This is according to consumer reports. And so these are 440 00:20:35,119 --> 00:20:37,320 Speaker 1: the kind of things where you gotta you gotta take 441 00:20:37,359 --> 00:20:39,879 Speaker 1: the whole the holistic approach. And if you're taking the 442 00:20:39,920 --> 00:20:43,040 Speaker 1: holistic approach to driving a car, and you're really taking 443 00:20:43,160 --> 00:20:46,480 Speaker 1: the money saving approach right, which not everybody wants to do, 444 00:20:46,520 --> 00:20:48,239 Speaker 1: that's fine. You don't necessarily want to save as much 445 00:20:48,280 --> 00:20:49,879 Speaker 1: money as you possibly can on a car. There are 446 00:20:49,880 --> 00:20:52,960 Speaker 1: other considerations to be made. But still, when you when 447 00:20:53,000 --> 00:20:55,080 Speaker 1: you put those two numbers in line to each other, 448 00:20:55,240 --> 00:20:58,520 Speaker 1: like the average annual maintenance costs versus the average monthly 449 00:20:58,560 --> 00:21:00,800 Speaker 1: payment on a new car that your two for sixty 450 00:21:00,880 --> 00:21:03,240 Speaker 1: or seventy two or eighty four months, I mean, it's 451 00:21:03,440 --> 00:21:05,520 Speaker 1: it's a no brainer. Um, if all we're talking about 452 00:21:05,520 --> 00:21:08,280 Speaker 1: is saving money used cars, driving your car longer is 453 00:21:08,320 --> 00:21:11,720 Speaker 1: going to change your financial trajectory in a big way. Absolutely, 454 00:21:11,960 --> 00:21:14,520 Speaker 1: It's It's right up there next to finding a way 455 00:21:14,560 --> 00:21:16,480 Speaker 1: to house hack. I mean, when you are able to 456 00:21:16,560 --> 00:21:20,040 Speaker 1: knock out some of these massively large expenses that you 457 00:21:20,119 --> 00:21:23,240 Speaker 1: experience every single month, you're gonna have a big impact 458 00:21:23,280 --> 00:21:25,840 Speaker 1: on your net worth. UM. So let's transition. Let's go 459 00:21:25,920 --> 00:21:28,880 Speaker 1: from uh, some good car news to bad car news. 460 00:21:29,440 --> 00:21:32,520 Speaker 1: Car insurance rates are going up, and obviously, I mean 461 00:21:32,520 --> 00:21:34,840 Speaker 1: we're we're seeing everything costing us more these days. But 462 00:21:34,880 --> 00:21:37,280 Speaker 1: the Wall Street Journal reports that rates are going up 463 00:21:37,320 --> 00:21:40,040 Speaker 1: by as much as in some areas of the country. 464 00:21:40,280 --> 00:21:42,520 Speaker 1: This is obviously going to rock the budget of many 465 00:21:42,600 --> 00:21:45,000 Speaker 1: folks in a big way. But just because the premium 466 00:21:45,040 --> 00:21:47,560 Speaker 1: on your car or even on your home, just because 467 00:21:47,640 --> 00:21:49,919 Speaker 1: those insurance rates shoot up, that doesn't mean that you 468 00:21:49,960 --> 00:21:52,200 Speaker 1: can't do something about it. And we want you to 469 00:21:52,280 --> 00:21:55,000 Speaker 1: shop with multiple insurers to see what other rates that 470 00:21:55,040 --> 00:21:58,240 Speaker 1: you might qualify for. You can always use a local 471 00:21:58,320 --> 00:22:00,760 Speaker 1: independent agent to check rates with a bunch of different 472 00:22:00,760 --> 00:22:03,679 Speaker 1: insurance companies all at once. Policy genius. They have a 473 00:22:03,720 --> 00:22:06,359 Speaker 1: great service and they can help on this front as well. 474 00:22:06,960 --> 00:22:08,920 Speaker 1: You know, I mean seriously at risk of setting like 475 00:22:08,960 --> 00:22:12,119 Speaker 1: a guy COO commercial, like just fifteen minutes, just a 476 00:22:12,160 --> 00:22:15,600 Speaker 1: small amount of time could really pay off in a 477 00:22:15,640 --> 00:22:17,880 Speaker 1: big way. That is a catchy tagline, and I get 478 00:22:17,880 --> 00:22:19,880 Speaker 1: why they use it, um, but the problem is if 479 00:22:19,920 --> 00:22:23,720 Speaker 1: you believe just that typeline, you're not gonna actually shop around. 480 00:22:23,720 --> 00:22:27,080 Speaker 1: And the reality is, because based on your individual situation, 481 00:22:27,320 --> 00:22:29,760 Speaker 1: how you drive, UM and the amount of miles you 482 00:22:29,800 --> 00:22:31,679 Speaker 1: put on your car every year, like, you're gonna get 483 00:22:31,680 --> 00:22:34,000 Speaker 1: different quotes from different insurers based on your age and 484 00:22:34,080 --> 00:22:37,640 Speaker 1: driving history. And so you can't just trust the advertising 485 00:22:37,720 --> 00:22:40,879 Speaker 1: from one company. You gotta check them all. And so, yeah, 486 00:22:41,040 --> 00:22:43,720 Speaker 1: that's gonna be a way for you to save in 487 00:22:43,760 --> 00:22:45,760 Speaker 1: an area where the costs a rising, you might find 488 00:22:45,760 --> 00:22:49,320 Speaker 1: yourself being able to actually save money. This is truly 489 00:22:49,359 --> 00:22:51,960 Speaker 1: low hanging personal finance fruit. It could save you hundreds 490 00:22:51,960 --> 00:22:54,520 Speaker 1: of dollars a year, maybe even more UM. And so, Matt, 491 00:22:54,600 --> 00:22:56,920 Speaker 1: let's talk about one other place that people can save 492 00:22:56,960 --> 00:23:00,720 Speaker 1: really quick, and that is on a trip and crecations. 493 00:23:00,800 --> 00:23:03,119 Speaker 1: That's right. Yeah, I have never been on a cruise, 494 00:23:03,200 --> 00:23:05,520 Speaker 1: still Sames. They's well, but I've never never done it. 495 00:23:05,520 --> 00:23:08,480 Speaker 1: I'm tempted at this point because the prices are getting 496 00:23:08,520 --> 00:23:10,720 Speaker 1: really good, right, is right? Yes? And so yeah, the 497 00:23:10,880 --> 00:23:13,879 Speaker 1: cruise lines are struggling to fill their boats and that 498 00:23:13,920 --> 00:23:16,399 Speaker 1: means lower prices for folks who are interested in taking 499 00:23:16,400 --> 00:23:20,639 Speaker 1: a trip. Basically, the reason is if you pounce on 500 00:23:20,680 --> 00:23:23,520 Speaker 1: these deals. You're zigging while other people are zagging because 501 00:23:23,760 --> 00:23:26,480 Speaker 1: people want to fly places and renting Airbnb or hop 502 00:23:26,480 --> 00:23:29,639 Speaker 1: into a hotel, and they're less keen on getting on 503 00:23:29,680 --> 00:23:31,679 Speaker 1: a cruise. When you look at the numbers, matt airfare 504 00:23:31,720 --> 00:23:35,159 Speaker 1: prices have risen forty seven per cent since January, and 505 00:23:35,240 --> 00:23:38,680 Speaker 1: that is making those of those flights less palatable. Not 506 00:23:38,840 --> 00:23:41,320 Speaker 1: to mention, I think last weekend was there were like 507 00:23:41,359 --> 00:23:44,560 Speaker 1: more cancelations in history, maybe over Fathers, I don't know, 508 00:23:44,600 --> 00:23:47,119 Speaker 1: but like they're there's just so much demand and such 509 00:23:47,160 --> 00:23:50,800 Speaker 1: a lack of staffing and an ability for these flights 510 00:23:50,800 --> 00:23:52,960 Speaker 1: to take place. It really does make sense to look 511 00:23:53,000 --> 00:23:55,719 Speaker 1: at some alternative options other than just saying, oh, well 512 00:23:55,760 --> 00:23:58,280 Speaker 1: we want to take the classic trip and fly here. 513 00:23:58,480 --> 00:24:01,120 Speaker 1: Well maybe instead, Yeah, you could top a boat instead, right, yeah, 514 00:24:01,200 --> 00:24:03,160 Speaker 1: And and I do want to say that just because 515 00:24:03,200 --> 00:24:05,600 Speaker 1: air from prices have on average gone it that much, 516 00:24:05,600 --> 00:24:07,440 Speaker 1: it doesn't mean that you can't find a good flight deal. 517 00:24:07,760 --> 00:24:10,320 Speaker 1: We talked about that with Scott Kayes in episode five 518 00:24:10,320 --> 00:24:12,240 Speaker 1: oh five, and he says that we're still living in 519 00:24:12,280 --> 00:24:14,440 Speaker 1: the golden age of cheap flights, and so yeah, I 520 00:24:14,440 --> 00:24:16,240 Speaker 1: should check that episode out. If you want to know 521 00:24:16,280 --> 00:24:18,520 Speaker 1: more on that front. But we're talking about cruising here, 522 00:24:18,560 --> 00:24:20,680 Speaker 1: and it turns out that lots of these deals will 523 00:24:20,720 --> 00:24:24,840 Speaker 1: cost you less than a hundred dollars a day, which 524 00:24:24,840 --> 00:24:28,119 Speaker 1: is not too bad when you're talking about like food everything. Yeah, 525 00:24:28,640 --> 00:24:32,360 Speaker 1: a place to sleep, entertainment exactly, the pool access, all 526 00:24:32,400 --> 00:24:35,080 Speaker 1: all of these things that might cost you alec cart 527 00:24:35,160 --> 00:24:37,959 Speaker 1: where you're paying exactly individual item, just your hotel you're 528 00:24:38,000 --> 00:24:40,479 Speaker 1: looking at your destination that you're considering, might be like 529 00:24:40,480 --> 00:24:42,840 Speaker 1: two fifty a night, So this could be like a 530 00:24:42,880 --> 00:24:46,080 Speaker 1: money saving vacation choice. Yeah, there's definitely an appeal to 531 00:24:46,080 --> 00:24:47,879 Speaker 1: going on a cruise. I love the idea of just 532 00:24:47,920 --> 00:24:50,080 Speaker 1: paying a just a flat rate and knowing that you 533 00:24:50,119 --> 00:24:52,840 Speaker 1: don't have to worry about the costs of anything else. Well, 534 00:24:52,960 --> 00:24:54,600 Speaker 1: here's the deal. If you want to know how to 535 00:24:54,600 --> 00:24:58,359 Speaker 1: get these, uh these discount of prices these margains, Cruise 536 00:24:58,400 --> 00:25:00,680 Speaker 1: Critic and Cruise Compete are two. So it's worth looking 537 00:25:00,680 --> 00:25:03,000 Speaker 1: at and just going to the cruise line websites to 538 00:25:03,040 --> 00:25:06,320 Speaker 1: scan the deals yourself. You know, Costco Travel is another 539 00:25:06,320 --> 00:25:08,359 Speaker 1: place if you're a Costco member that you can look into. 540 00:25:08,720 --> 00:25:10,360 Speaker 1: But right now is the time A lot of these 541 00:25:10,359 --> 00:25:12,960 Speaker 1: deals expire um like June, like the end of this 542 00:25:13,000 --> 00:25:15,240 Speaker 1: month or the end of next month, and so yeah, 543 00:25:15,280 --> 00:25:19,200 Speaker 1: it's a particular point in time where cruises are abnormally cheap, 544 00:25:19,240 --> 00:25:21,359 Speaker 1: even some of the nicer ones I was reading about, 545 00:25:21,359 --> 00:25:23,240 Speaker 1: like in Europe. If you want to go to Europe 546 00:25:23,280 --> 00:25:25,439 Speaker 1: and take a cruise, like a fourteen night cruise or 547 00:25:25,440 --> 00:25:27,600 Speaker 1: something fancy like that, like a lot of those are 548 00:25:27,960 --> 00:25:30,520 Speaker 1: half price of what they normally are. Amazing, So yeah, 549 00:25:30,600 --> 00:25:33,439 Speaker 1: consider consider the humble cruise if you're interested in a 550 00:25:33,520 --> 00:25:36,240 Speaker 1: cheaper vacation. Yeah, And honestly, it makes sense because when 551 00:25:36,240 --> 00:25:38,439 Speaker 1: you think about cruises, you think about the boats that 552 00:25:38,440 --> 00:25:42,200 Speaker 1: were lockdown in port where folks couldn't leave back when 553 00:25:42,240 --> 00:25:44,959 Speaker 1: COVID first started. It seemed like a total nightmare. So 554 00:25:45,000 --> 00:25:48,200 Speaker 1: this is kind of a there's a branding problem generally speaking, 555 00:25:48,240 --> 00:25:50,960 Speaker 1: and they cruises, they've got a marketing issue here where 556 00:25:51,000 --> 00:25:52,520 Speaker 1: they've kind of I feel like they have to kind 557 00:25:52,520 --> 00:25:54,640 Speaker 1: of get on the other side of this, and we're 558 00:25:54,640 --> 00:25:57,520 Speaker 1: currently transitioning through that. And once a bunch of these 559 00:25:57,560 --> 00:26:00,400 Speaker 1: folks are snagging these deals, get on it's and are 560 00:26:00,400 --> 00:26:02,120 Speaker 1: talking about how great of a time that they're having, 561 00:26:02,160 --> 00:26:05,080 Speaker 1: I would not be surprised if we see cruise prices 562 00:26:05,240 --> 00:26:09,720 Speaker 1: resume their normal rates here pretty shortly. So get it 563 00:26:09,720 --> 00:26:11,879 Speaker 1: while getting good is kind of what you're trying to 564 00:26:11,920 --> 00:26:13,600 Speaker 1: do here with the cruise deals. It's right, but uh, 565 00:26:13,840 --> 00:26:15,800 Speaker 1: that's gonna be at mud for this episode. Everybody out 566 00:26:15,800 --> 00:26:18,520 Speaker 1: there wish us luck. Our family is like, like we said, 567 00:26:18,600 --> 00:26:21,680 Speaker 1: moving literally tomorrow. Your family is going to be following 568 00:26:21,720 --> 00:26:26,240 Speaker 1: suit very shortly thereafter. And I'm looking forward to getting 569 00:26:26,400 --> 00:26:29,080 Speaker 1: things all set up in the new How the Money offices, 570 00:26:29,200 --> 00:26:30,679 Speaker 1: and like we said, we'll be sure to keep you 571 00:26:30,720 --> 00:26:34,000 Speaker 1: posted on that, the palatial new How the Money studios. 572 00:26:34,760 --> 00:26:37,320 Speaker 1: It's gonna be great. So alright, everybody have a great 573 00:26:37,320 --> 00:26:40,359 Speaker 1: weekend and Matt until next time. Best Friends Out, Best 574 00:26:40,560 --> 00:26:41,560 Speaker 1: Friends Out.