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Speaker 1: Welcome to had of money. I'm Joel and I am Matt,

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Speaker 1: and today we're talking cheap ugly homes, scam susceptibility, and

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Speaker 1: time shares making a comeback.

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Speaker 2: Oh time shares, man, this makes me think.

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Speaker 3: So a few weeks ago, didn't you know we had

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Speaker 3: the whole family down for Fall break at Disney. I

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Speaker 3: think got those tents set up all over the place,

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Speaker 3: and I'm pretty sure is it Disney Vacation Club?

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Speaker 2: Uh huh, I'm sure.

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Speaker 3: Did you not sidle up to one of those, one

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Speaker 3: of those guys and get like a free cup or

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Speaker 3: T shirt or something like that while you were down there?

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Speaker 2: I wasn't interested.

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Speaker 3: No, but I think what they're going to give them

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Speaker 3: the time of day to even understand whether or not

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Speaker 3: it was a time share, now that I'm pretty sure.

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Speaker 2: It probably is.

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Speaker 1: Yeah, and Matt speaking of vacations, Emily and now, we

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Speaker 1: just got back from a real quick anniversary trip, went

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Speaker 1: to New York City and.

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Speaker 3: Just yeah, you had a good time, right, Yeah, we

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Speaker 3: had a great time. We saw a couple of shows

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Speaker 3: on Broadway.

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Speaker 1: We uh, but we tried this website called Broadway Roulette

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Speaker 1: dot com, and it is what you think it is.

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Speaker 1: It is like taking a chance on what on what

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Speaker 1: show you're actually going to see instead of handpicking it.

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Speaker 1: You're going to get a discount by kind of taking

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Speaker 1: whatever comes your way, and you can cross off actually

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Speaker 1: a few names of shows that you're like, yeah, definitely

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Speaker 1: don't want to see that one, which is which is nice?

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Speaker 1: And so we were like, all right, we're gonna give

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Speaker 1: this a shot. This sounds kind of like fun. I

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Speaker 1: also kind of like the randomness of not knowing until

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Speaker 1: we got the show and we were like, oh man,

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Speaker 1: that's actually not a show.

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Speaker 2: We're terribly wait.

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Speaker 1: Wait y'all get stoked to see And by the way,

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Speaker 1: I heard about this website from somebody who writes for

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Speaker 1: our site, Our brit and so no shade on brit.

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Speaker 1: But like, we ended up getting this show about Neil

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Speaker 1: Diamond's life, and I'm like, honestly, I don't see what

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Speaker 1: I don't know what people see.

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Speaker 3: And that hadn't been like a hoodie and blowfish, well

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Speaker 3: you would have been all for. I would have eaten

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Speaker 3: it up, but not Neil Diamond, I guess I assume.

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Speaker 1: Fortunately, we were, by the way, the youngest people in

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Speaker 1: that theater by substantial margin. So people people in their

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Speaker 1: late thirties, not Neil Diamon people. People in their seventies,

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Speaker 1: most definitely Neil Diamond people, or at least a lot

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Speaker 1: of them. But my frugal or cheap I guess for

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Speaker 1: having tried this out, I.

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Speaker 2: Gotta give it a go.

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Speaker 3: You think, so, oh, absolutely well, I assume it comes

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Speaker 3: at a massive discount, right, Yes, okay, It's not like

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Speaker 3: they're just choosing it for you and you just and you.

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Speaker 2: Still have to pay.

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Speaker 1: No, They're basically giving you the leftovers at a at

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Speaker 1: a at a reduced price, which is nice, but I

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Speaker 1: will say it makes me looking enough later I didn't

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Speaker 1: get as much of a reduced price as I hoped.

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Speaker 1: Really well, so, well, like it depends on the show

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Speaker 1: and the day and all that kind of stuff. But

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Speaker 1: there were better shows that I was excited to see

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Speaker 1: that Emily and I actually paid full price for it

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Speaker 1: was like an extra twenty bucks or something like that,

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Speaker 1: and so in retrospect, I think I was twenty dollars savings.

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Speaker 2: I would have looked younger and harder. Yeah. I mean again,

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Speaker 2: it depends on the show and all that kind of stuff.

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Speaker 3: So how much did you save though when you looked

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Speaker 3: it up, well, versus that actual show, I don't think

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Speaker 3: we save very much.

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Speaker 1: Yeah, because it's one of the it's one of the

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Speaker 1: thows that still has tickets.

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Speaker 3: And then you're like, well, dang, I spent all that

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Speaker 3: time having paid the same amount that all these other

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Speaker 3: folks paid, but who are obviously excited to see it.

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Speaker 2: But uh, well, I mean.

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Speaker 1: Those ticket prices are dynamics, so it's hard to say

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Speaker 1: how much, you say, but and maybe you end up

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Speaker 1: getting the show of your dreams that typically costs way

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Speaker 1: more money.

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Speaker 2: But it was.

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Speaker 1: It was a really fun exercise, and I'm always it's it's.

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Speaker 2: A fun story to be able to tell.

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Speaker 1: Like we're literally in there with all these awesome old folks,

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Speaker 1: like listening to all these Neil Diamond songs. We don't

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Speaker 1: know what they are, Okay, except for Sweet Caroline, I

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Speaker 1: know that one. Well is that that's the only one

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Speaker 1: thing I even knew that was Neil personally. Well, I'm

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Speaker 1: glad y'all tried it, because, yeah, if you have the

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Speaker 1: opportunity to potentially save, it would be different if y'all

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Speaker 1: lived in New York and you'd seen a bunch of

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Speaker 1: different shows, and you're like, I'm not going to take

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Speaker 1: the chance of going to see something that I've already seen.

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Speaker 1: But for you it was a chance to see pretty much.

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Speaker 1: I mean, you've seen a few shows, but not many things.

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Speaker 3: They were all new to us based exactly, and so

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Speaker 3: we were all right, cool, as long as we don't

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Speaker 3: get this, this, this, and this.

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Speaker 1: But if we've crossed out, could have been able to cross.

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Speaker 3: Off just a few more and we would have we

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Speaker 3: would have found something that we were happy without a van,

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Speaker 3: your sixth one would have definitely Yeah.

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Speaker 1: So and in retrospect, we should have left others all

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Speaker 1: the week. But it's it's okay, it's okay. And we

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Speaker 1: got to go see some other really really great shows

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Speaker 1: while we were there too. We had the best time,

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Speaker 1: and it was a pretty inexpensive quick getaway, especially because

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Speaker 1: we used points to to get there Southwest points. But

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Speaker 1: just goes to show that sometimes sometimes it's worth the

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Speaker 1: gamble and other times, you know, yes you see Neil

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Speaker 1: Diamonds not playing roulette.

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Speaker 2: Yeah for it, But uh, all right, let's keep it

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Speaker 2: with men. This is our Friday flight.

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Speaker 3: Well, we have a nice little sampling of some of

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Speaker 3: the different stories that we found most interesting this week.

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Speaker 3: But actually, let's go ahead and start off by updating

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Speaker 3: some information from Monday's episode, the Ask How the Money episode,

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Speaker 3: where we answered Kyle's question about getting the the IRA

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Speaker 3: match from Robin Hood. Oh yeah, it turns out Robin

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Speaker 3: Hood now has some competition in the IRA matching space

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Speaker 3: so far. This is something that they have recently announced

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Speaker 3: they're gonna do as well.

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Speaker 1: One of the bigger fintech companies out there, so Fi. Yeah, yeah,

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Speaker 1: I think I believe they have the stadium naming rights

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Speaker 1: to do they still Sacramento or.

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Speaker 2: I don't know, something like that.

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Speaker 3: Yeah, but yeah, listener, Hannah, she's she actually emailed us

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Speaker 3: one just like, Hey, by the way, I heard you'll

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Speaker 3: talk about Robin Sofi is doing this now as well.

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Speaker 3: Lost Yeah, yeah, yeah, it's brand new. But they currently

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Speaker 3: say that the offer ends at the end of the year,

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Speaker 3: which makes it not all that helpful in reality because

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Speaker 3: of the ongoing nature of the match at Roblin Like

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Speaker 3: that is what makes it appealing, Let's be honest, opposed

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Speaker 3: to just like like I would not hop over there

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Speaker 3: just to get a mash on your contributions to the

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Speaker 3: end of the year for.

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Speaker 1: Twenty twenty three. Well, especially since we're hoping that very

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Speaker 1: much money. A lot of our listeners have already made

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Speaker 1: a lot of their contributions to the roth IRA already.

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Speaker 1: So if they if they've already come close to maxing

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Speaker 1: it out or whatever, then you've already made the contributions

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Speaker 1: for the year. You can't go back and do it

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Speaker 1: with somebody else.

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Speaker 3: Yeah, we'll see, I mean FI like they could certainly

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Speaker 3: choose to keep this as an ongoing benefit, an ongoing

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Speaker 3: feature in the coming years if this long is successful.

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Speaker 3: But one of the things that I guess where so

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Speaker 3: FI stands maybe a little bit taller than Robinhood, they've

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Speaker 3: actually instituted just a two year vesting period, which is

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Speaker 3: better than the five year vesting period that comes with

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Speaker 3: the Robinhood match. They also have a slightly cheaper seventy

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Speaker 3: five dollars outgoing transfer fee still robinhoods but is Yeah,

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Speaker 3: rob robin Hood's is one hundred dollars. But I also

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Speaker 3: noticed too that Sofi they are excluding any money that

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Speaker 3: you transfer or any money that you roll over to

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Speaker 3: an IRA, whereas robin Hood there is no cap, so

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Speaker 3: you are still getting match on dollars that you transfer

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Speaker 3: or roll over. That's one of the It's truly one

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Speaker 3: of the only reasons I'm actually considering going with it

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Speaker 3: because of I'm like, oh my gosh, it certainly healthier

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Speaker 3: than just ongoing contributions moving forward. But either way, the

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Speaker 3: concept of an IRA match is like it's still sort

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Speaker 3: of in its infancy with some of these fintech players.

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Speaker 3: It's functioning more as a loss leader. But if you're savvy,

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Speaker 3: you might just be able to use it to your advantage.

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Speaker 3: In particular, if you do not have access to a

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Speaker 3: match where you have an outside company helping you out

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Speaker 3: with your retirement, like us, we don't have anybody else

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Speaker 3: helping us to.

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Speaker 1: Retire dress right, No, we got We're doing it ourselves.

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Speaker 1: But just like we talked about on Monday, there's there's

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Speaker 1: some perks here, but there are some downsides, right, and

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Speaker 1: you have to know what those downsides are. That five

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Speaker 1: year vesting period is one of the toughest things to

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Speaker 1: stomach about the Robinhood, the Robinhood gift, right, that Robinhood

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Speaker 1: match and so FI dials that back by a few years,

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Speaker 1: but two years is still a long time. And so

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Speaker 1: you have to know the gory details of these plans

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Speaker 1: before you just say so, let me get the match.

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Speaker 1: Although I think it's cool and I love that this

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Speaker 1: is happening, just be aware of those specifics, Read through

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Speaker 1: all the FAQs, make sure you know what you're getting.

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Speaker 2: Into, kind of know what all the catches are.

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Speaker 1: Yeah, and Matt, given our conversation with doctor Twiney about

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Speaker 1: this was a few weeks ago about the generational differences

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Speaker 1: that exist, especially what we honed in on personal finance

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Speaker 1: and kind of money and the differences between generations on

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Speaker 1: those fronts, well, we thought this story deserve to mention because,

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Speaker 1: defying the narrative yet again, millennials are in fact crushing

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Speaker 1: it when it comes to saving four retirements. There were

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Speaker 1: new numbers that came number one. Yeah, we are take

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Speaker 1: that Boomers and Gen xers. Well, these new numbers from

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Speaker 1: Vanguard show that millennials as a generation have been saving really,

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Speaker 1: really well for retirements. And this just jives with everything

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Speaker 1: that doctor Twayy was telling us on that episode. Despite

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Speaker 1: the popular refrain and the headlines from across the popular narrative,

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Speaker 1: the news of sphere like millennials are on track to

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Speaker 1: replace sixty percent of their salary in those post retirement

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Speaker 1: years based on what they've been able to save and

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Speaker 1: rack up so far in their iras and their four

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Speaker 1: to one k's and those other like tax advantaged accounts.

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Speaker 1: And that's just a pretty sizable leap over the generations

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Speaker 1: that have gone before. This is like, it goes to

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Speaker 1: show that there's a whole lot of momentum essentially that

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Speaker 1: the millennials have been able to grab onto when it

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Speaker 1: comes to making progress with their finances and their retirement

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Speaker 1: accoun balances. Are kind of showing the reality of how

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Speaker 1: much they've been able to achieve.

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Speaker 3: Sure, So I think one of the cooler aspects of

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Speaker 3: this story and some of the research is the stat

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Speaker 3: that the new automation features like auto enrollment, like that

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Speaker 3: that is a big part of why millennials have more

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Speaker 3: dollars in their retirement accounts and their tax avage retirement accounts. So, yes,

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Speaker 3: millennials are doing better financially than the media that's on,

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Speaker 3: but behavioral finance techniques it seems to be making a

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Speaker 3: massive difference. So for instance, sixty percent of companies that

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Speaker 3: use Vanguard well the auto enroll new employees into the

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Speaker 3: four to win k offerings that they have that's currently.

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Speaker 3: Fifteen years ago it was just ten percent, So you're

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Speaker 3: comparing sixty percent today that who are auto and rolled

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Speaker 3: versus ten fifteen years ago. So there, I've certainly been

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Speaker 3: a lot of positive changes on the investing front over

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Speaker 3: the past couple of decades. I'm looking at just lower costs,

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Speaker 3: like the lower expense ratios on different fees, and just

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Speaker 3: we talked about this with Paul Merriman, the invention of

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Speaker 3: target date funds where game changers have to mess with

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Speaker 3: it at all, but making investing the default is one

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Speaker 3: of the best advances that we've seen. It's so basic,

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Speaker 3: yet it's having obviously such a positive impact. And when

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Speaker 3: it comes to like product managers or policy like folks

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Speaker 3: who manage benefits with companies, the ability to take advantage

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Speaker 3: of our desire to maintain the status quote right, like

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Speaker 3: that's the status quo bias where it's like, well, I've

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Speaker 3: always been investing, so I guess I'll just go ahead

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Speaker 3: and continue to invest, as opposed to making the active decision.

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Speaker 2: Of should I start investing now?

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Speaker 3: It's like, well, no, you don't even have to ask

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Speaker 3: yourself that question more because you have all always been

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Speaker 3: investing since since you were hired.

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Speaker 1: It goes to show that it doesn't always take some

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Speaker 1: new fangled, fancy ETF although I'm glad target date funds exist.

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Speaker 1: Sometimes it is this these like minor behavioral tweaks or yeah,

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Speaker 1: just like an auto enrollment kind of thing that's going

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Speaker 1: to make the big difference. Is going to do a

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Speaker 1: lot of the heavy lifting. It's not because millennials are

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Speaker 1: so much more disciplined than the people that went before them.

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Speaker 2: More discipline, they're not smarter.

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Speaker 1: Because the default choice is different, right, And so I

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Speaker 1: do think that's a big part of why and much

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Speaker 1: to the benefits for millennials as well. And Matt speaking

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Speaker 1: of generational differences, well, there's a recent Deloitte survey which

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Speaker 1: showed the counterintuitive reality that we're living in and most

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Speaker 1: of us we probably think of boomers maybe as being

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Speaker 1: the most susceptible to falling prey to a scam. Just

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Speaker 1: we're just thinking, okay, well, maybe their cognitive ability has

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Speaker 1: declined late seventies, early eighties sort of thing.

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Speaker 2: Not as familiar with the technology.

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Speaker 1: Perhaps they're the kind of person who's going to get

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Speaker 1: the phone call or the text message or the email

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Speaker 1: and they're going to click the link. But I guess

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Speaker 1: that bias is actually is actually wrong. Given this new data,

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Speaker 1: it turns out that gen z false for scams far

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Speaker 1: more frequently than somebody in their sixties or seventies, and

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Speaker 1: gen zers are actually three times more likely to get

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Speaker 1: caught in an online scam than a baby boomer.

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Speaker 2: Is why is that?

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Speaker 1: Well, it's largely because they spend so much more time online, sure, right,

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Speaker 1: And while scam artists have a lower batting average with

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Speaker 1: gen zers, like they're not nabbing as many for as

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Speaker 1: many attempts, they're getting way more chances. So email, social media,

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Speaker 1: dating sites, e commerce, all of those are the likely

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Speaker 1: places that people are going to fall victim to a

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Speaker 1: scam attempt. So I guess our advice to you is

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Speaker 1: to be careful what links you click. It's easy to

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Speaker 1: think that as a savvy youngster who's been on the

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Speaker 1: internet since they came out of the womb, who's been

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Speaker 1: tiktoking since they were like three and a half or

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Speaker 1: something like that, that you're not going to be the

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Speaker 1: one and that these scams, well, they can't phase you.

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Speaker 1: They can't get you. The truth is they are getting

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Speaker 1: younger people more and more and more. I think scammers

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Speaker 1: are going to where the people are. Those slightly more

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Speaker 1: subtile attempts are actually working, and they're parting people from

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Speaker 1: their money. It's sort of like the chance of getting

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Speaker 1: bit by a shark or astronomically low. But guess what,

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Speaker 1: if you're a diver, or if you're a surfer and

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Speaker 1: you spend inordinate amount of time in the ocean, chances

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Speaker 1: are slightly higher that you will be the one who's

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Speaker 1: actually bit by a shark as versus somebody who listened

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Speaker 1: Iowa like the chances of them falling prey to a shark,

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Speaker 1: the chances slim. The chances go out precipitably, precipitously.

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Speaker 3: It's still unlikely that you're going to get mid to

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Speaker 3: my shark right exactly and look out too like a

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Speaker 3: lot of different employers deploy these phishing email training emails

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Speaker 3: or I don't know what exactly they call them, but

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Speaker 3: basically they're trying to make sure that their employees are smart.

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Speaker 3: And in particular, this is a pretty consequential thing. If

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Speaker 3: you have an employee who clicks a.

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Speaker 2: Link where they were scanned by and like an outsider, right,

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Speaker 2: like in particular, if you have access to like.

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Speaker 3: Bill pay or other financial documents or payroll for instance.

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Speaker 3: But companies are employing these outside companies to basically send

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Speaker 3: out these emails to determine who needs the training. And

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Speaker 3: so if you do clickly, I guess you probably do

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Speaker 3: need the training. But best thing to do is just

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Speaker 3: to avoid it altogether in the first place.

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Speaker 1: Always always look at the sender, right.

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Speaker 3: Yeah, yeah, don't look at the display name, but actually

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Speaker 3: look at the stinking email.

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Speaker 1: Because I so, you know, somebody's been sending me emails

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Speaker 1: from Matt all mixed like no joke, like they know

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Speaker 1: are you serious? Yes, like they know me, so we're

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Speaker 1: best buds. And I get scam emails with your name

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Speaker 1: on it for real. But then I look at the

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Speaker 1: sender and clearly, like what's written in the in the

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Speaker 1: body of the emails ridiculous too.

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Speaker 2: Do you get it for this to me? I will

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Speaker 2: next time?

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Speaker 1: That is crazy, I think too. One of the biggest

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Speaker 1: like the essence of every scam is to get people

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Speaker 1: to act quickly. It's all about sure, like, hey, you

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Speaker 1: got to do this, you got to do it right, away.

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Speaker 1: There's like the utility scam, which maybe they'll call your

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Speaker 1: place to business and say, hey, you didn't pay your

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Speaker 1: utility bill. You got to go right now and pay it,

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Speaker 1: or we're shutting off your power. And a business owner knows, hey,

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Speaker 1: if they shut off my power that I'm gonna lose productivity.

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Speaker 1: Blahla blah blah blah. They're willing to do whatever it

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Speaker 1: takes to get that to make sure the power stays on.

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Speaker 1: But oftentimes that is a scam. That is not how

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Speaker 1: a utility company would contact you, and they wouldn't say

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Speaker 1: we're turning off your power in twenty minutes or else right,

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Speaker 1: and so like if you.

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Speaker 2: Hang up the phone, we cut the power. Yeah.

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Speaker 1: So I think this is in the mafia rights utility

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Speaker 1: come or in this case it's a scammer.

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Speaker 2: Yeah.

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Speaker 1: I think staying calm, asking for details that goes a

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Speaker 1: long way to shutting the scammer down.

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Speaker 2: That's right.

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Speaker 3: Okay, So the Journal they had an article detailing that

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Speaker 3: folks these days they really don't want to buy a

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Speaker 3: fixer upper. So I think it's all those shows on HGTV, right,

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Speaker 3: it made them want the finished product to not actually

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Speaker 3: do the work themselves. There's I think there's always been

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Speaker 3: some truth to this, especially when it comes.

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Speaker 2: To the home that Johanna did. I don't want to

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Speaker 2: actually do the work.

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Speaker 3: I want the nice home as opposed to going in

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Speaker 3: and doing the grunt work in order to get it done.

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Speaker 3: But a lot of first time home buyers have a

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Speaker 3: hard time seeing past just the dingy carpet and the

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Speaker 3: eighties wallpaper to what the home could potentially be. But

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Speaker 3: this also presents, in our opinion, just a massive opportunity

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Speaker 3: for how to money listeners out there who want to

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Speaker 3: buy a home, but they just feel like it's out

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Speaker 3: of reach. Why not op for the ugly house because

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Speaker 3: it's going to be cheaper because you'll have less competition

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Speaker 3: to deal with other folks aren't gonna want to buy

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Speaker 3: that ugly home. And then you can fix some of

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Speaker 3: those things with your own elbow grease over time. When

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Speaker 3: you have the spare cash the ability to get a

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Speaker 3: deal on a home. I think it's often going to

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Speaker 3: take just a different mindset than what it is that

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Speaker 3: a lot of first time home buyers are.

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Speaker 2: What it is that they're looking for.

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Speaker 1: Yeah, and I think you're right to target or to highlight,

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Speaker 1: specifically first time home buyers. That's particularly something that they're like, well,

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Speaker 1: I don't know about this. I'm willing something smaller as

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Speaker 1: long as it's fully updated. But the less updated it is,

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Speaker 1: the more you can increase that equity on your own.

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Speaker 1: And I know, yeah, you might be moving in and

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Speaker 1: the bathroom might not be to your taste or the

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Speaker 1: paint color might need to be changed over time, But

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Speaker 1: the more and more you make up those updates, the

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Speaker 1: more the value is going to increase, and it's going

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Speaker 1: to go that those dollars are going to flow into

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Speaker 1: your pocket, not somebody else's.

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Speaker 2: So I think you're right. I think that's a.

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Speaker 1: Really really good thing to make people aware of. And

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Speaker 1: you could even be like our friend Carl who we'veviewed

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Speaker 1: before on the show, Mister fifteen hundred, who does live

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Speaker 1: in flips. It's not for everyone, not for the fint

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Speaker 1: of heart, but it's a savvy wate to grow your wealth,

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Speaker 1: to live in the home while you're doing the work,

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Speaker 1: and then I don't know, maybe you sell it and

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Speaker 1: move on down the road and you pocket those gains

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Speaker 1: tax free, which is what's so great about living flips.

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Speaker 1: But also be sure not to bite off more than

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Speaker 1: you can chew. It makes me think of money Pit Matt,

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Speaker 1: the Tom Hanks movie. So you definitely you don't, definitely

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Speaker 1: don't want to go overboard and be like, I'm gonna

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Speaker 1: tear this one down to the studs.

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Speaker 2: And I've never even, you.

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Speaker 1: Know, replaced the basic working mechanism of a toilet. So

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Speaker 1: there's this article in Life Hacker about buying incredibly cheap

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Speaker 1: homes via some of these government programs that exist. Some

401
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Speaker 1: of the homes can cost as little as a dollar,

402
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Speaker 1: which is crazy to think about, but there are things

403
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Speaker 1: that can go wrong and that it's too A lot

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Speaker 1: of these homes are in parts of the country that

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Speaker 1: you might not even want to take up residence in, right,

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Speaker 1: you might not want to live in. Maybe they're parts

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Speaker 1: of the country where there's an exodus going on, and

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Speaker 1: the renovations required can be significant, Like we're not talking

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Speaker 1: about the basics of paint and some tile. You might

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Speaker 1: need like a bulldozer and a framing crew and a

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Speaker 1: general contractor. And I hadn't heard much about these programs,

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Speaker 1: but it potentially proves the saying about certain things being

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Speaker 1: too good to be true. Hey, there's a really cheap

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Speaker 1: home over here, Well it needs some fixes, but make

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Speaker 1: sure also you know the scope of the work that

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Speaker 1: you're getting into. Its possible to say, all right, I'm

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Speaker 1: going to diy some of this stuff, but if it's

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Speaker 1: massively over your head and it turns into a money pit,

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Speaker 1: you could find yourself losing financially in that scenario.

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Speaker 2: That's right.

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Speaker 3: Yeah, And in particular, like the one dollar homes that

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Speaker 3: you can buy, like some of the different government programs,

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Speaker 3: they require like there are strings attached and oftentimes they

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Speaker 3: require updating. We're all for people making their own decisions,

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Speaker 3: but you need to make sure that you know what

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Speaker 3: is going to be required of you. You don't need

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Speaker 3: to basically just start following cheap old homes, which is

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Speaker 3: a rabbit trail that I totally went down, and start

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Speaker 3: following cheap old homes here in the States. Over in Europe,

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Speaker 3: and they've got all these amazing, historic, beautiful homes.

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Speaker 2: Oh, cheap Scandinavian homes.

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Speaker 3: Yes, dude, they are so cool and they're all on

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Speaker 3: fjords yep. But it's not necessarily about just getting a

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Speaker 3: good deal, because I mean, I guess that's why I

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Speaker 3: was intrigued by it because I thought I've renovated a

436
00:19:03,520 --> 00:19:06,399
Speaker 3: few homes, like I've flipped one sold one before, but

437
00:19:06,680 --> 00:19:09,479
Speaker 3: it's not like the live and flip approach would not

438
00:19:09,520 --> 00:19:12,880
Speaker 3: be something that Kate would be all for. And there's

439
00:19:12,920 --> 00:19:15,040
Speaker 3: just more into buying a home than just making sure

440
00:19:15,080 --> 00:19:17,000
Speaker 3: that you're getting a good deal. There's a lot of

441
00:19:17,119 --> 00:19:19,880
Speaker 3: additional factors like we've talked about here on the show. Yeah,

442
00:19:19,920 --> 00:19:22,359
Speaker 3: but I think it's good because it can be basic stuff.

443
00:19:22,560 --> 00:19:24,040
Speaker 3: But as long as you're not looking for like the

444
00:19:24,040 --> 00:19:26,680
Speaker 3: perfect package, that's what everybody's looking for, right Oh yeah,

445
00:19:26,720 --> 00:19:28,720
Speaker 3: And so if you're willing to zig when others are

446
00:19:28,760 --> 00:19:31,119
Speaker 3: zagon when everyone else is looking for like the perfect

447
00:19:31,280 --> 00:19:35,320
Speaker 3: HGTV looking home, and you can see the ability character

448
00:19:35,760 --> 00:19:38,520
Speaker 3: the bones right as they say, then I think you stand.

449
00:19:38,640 --> 00:19:40,560
Speaker 3: You can stand to make some of those changes over

450
00:19:40,600 --> 00:19:42,840
Speaker 3: time and financially benefit That's right, all right, Matt. We

451
00:19:42,920 --> 00:19:44,719
Speaker 3: got more to get to on this episode, and we're

452
00:19:44,720 --> 00:19:46,639
Speaker 3: gonna touch on fees, but we're also going to talk

453
00:19:46,680 --> 00:19:49,919
Speaker 3: about how long you can actually keep a phone, how

454
00:19:49,920 --> 00:19:51,560
Speaker 3: long is it actually going to stay updated, how long

455
00:19:51,600 --> 00:19:52,080
Speaker 3: is it safe.

456
00:19:52,119 --> 00:19:53,920
Speaker 2: We'll get to that and more right after this.

457
00:20:02,760 --> 00:20:04,679
Speaker 3: Right, we are back from the break and it is

458
00:20:04,880 --> 00:20:08,159
Speaker 3: now time for our ludicrous headline of the week, and

459
00:20:08,240 --> 00:20:11,560
Speaker 3: this one is from USA today. The headline reads, time

460
00:20:11,600 --> 00:20:14,720
Speaker 3: shares are making it comeback with younger Americans and here

461
00:20:14,960 --> 00:20:18,320
Speaker 3: is the appeal. Yeah, let's talk about time shares because

462
00:20:18,840 --> 00:20:21,560
Speaker 3: new stats show that more than half of time share

463
00:20:21,560 --> 00:20:25,240
Speaker 3: owners are now in the millennial and not even millennials,

464
00:20:25,240 --> 00:20:28,280
Speaker 3: but Gen Z generations as well, which really surprised me.

465
00:20:28,760 --> 00:20:31,359
Speaker 3: And it's not just because they're inheriting them, which is

466
00:20:31,400 --> 00:20:33,920
Speaker 3: definitely the case. They're actually going out there and they're

467
00:20:33,960 --> 00:20:37,800
Speaker 3: buying them, like proactively pursuing times Yes, I didn't realize

468
00:20:37,840 --> 00:20:41,000
Speaker 3: that timeshares hell the same sway for young folks, but

469
00:20:41,000 --> 00:20:45,280
Speaker 3: apparently they do. But it's costing them dearly. So a

470
00:20:45,280 --> 00:20:47,760
Speaker 3: lot of folks are gonna tout timeshares because they've come

471
00:20:47,760 --> 00:20:50,359
Speaker 3: a long ways from maybe twenty thirty years ago. Because

472
00:20:50,480 --> 00:20:53,440
Speaker 3: today some timeshares allow for more flexibility than they used to.

473
00:20:53,960 --> 00:20:56,600
Speaker 3: You don't necessarily have to stay at the exact same place.

474
00:20:56,720 --> 00:20:58,639
Speaker 3: So what they've got these different systems where you can

475
00:20:58,720 --> 00:21:01,639
Speaker 3: use the points that you've accrued within a system at

476
00:21:01,640 --> 00:21:04,439
Speaker 3: a bunch of different destinations. Around the world that they manage.

477
00:21:04,760 --> 00:21:06,679
Speaker 3: But then you can use those points. You can deploy

478
00:21:06,720 --> 00:21:09,800
Speaker 3: these points in other ways. You can put them towards cruises,

479
00:21:10,160 --> 00:21:13,399
Speaker 3: for instance, like other excursions even are rentals. But that

480
00:21:13,480 --> 00:21:15,879
Speaker 3: being said, they are still a crappy product and we

481
00:21:15,920 --> 00:21:17,720
Speaker 3: would not encourage you to check them out.

482
00:21:17,800 --> 00:21:20,520
Speaker 1: Yeah, it sounds better and it is better in some

483
00:21:20,520 --> 00:21:23,240
Speaker 1: ways than you said. The more flexibility, but it still

484
00:21:23,280 --> 00:21:26,800
Speaker 1: doesn't make them good or a decent thing to spend

485
00:21:26,840 --> 00:21:27,120
Speaker 1: your money.

486
00:21:27,119 --> 00:21:28,840
Speaker 2: They're just less bad today, right, Right.

487
00:21:28,920 --> 00:21:31,240
Speaker 1: They still come with fees attached, right, including sure annual

488
00:21:31,240 --> 00:21:33,440
Speaker 1: maintenance fees which can run into the four figures pretty

489
00:21:33,440 --> 00:21:36,560
Speaker 1: easily each and every single year. And this article Matt

490
00:21:36,600 --> 00:21:39,119
Speaker 1: in USA today at the very end, they sneak this

491
00:21:39,200 --> 00:21:42,600
Speaker 1: sentence in The resale market for timeshare is a buyer's market.

492
00:21:43,119 --> 00:21:47,719
Speaker 1: And it's true because while some folks are glad they

493
00:21:47,720 --> 00:21:50,000
Speaker 1: made the purchase, the vast majority of people are not

494
00:21:50,440 --> 00:21:52,840
Speaker 1: because of how draining it can be on their personal finances. Right,

495
00:21:52,880 --> 00:21:55,400
Speaker 1: They didn't necessarily go out with the goal of buying

496
00:21:55,400 --> 00:21:59,200
Speaker 1: a timeshare. Most people get talked into purchasing one and

497
00:21:59,480 --> 00:22:02,000
Speaker 1: then getting rid of that timeshare is about as easy

498
00:22:02,040 --> 00:22:04,120
Speaker 1: as getting rid of your skin, right, you don't.

499
00:22:04,320 --> 00:22:05,400
Speaker 2: It's impossible to do.

500
00:22:05,920 --> 00:22:08,320
Speaker 1: Or tough to shake it darn near impossible. And so

501
00:22:08,440 --> 00:22:10,880
Speaker 1: you know, we're all we're all for taking vacations, we're

502
00:22:10,880 --> 00:22:13,720
Speaker 1: all for spending money on fun travel experiences, but you

503
00:22:13,720 --> 00:22:14,679
Speaker 1: don't have to buy a time.

504
00:22:14,560 --> 00:22:15,199
Speaker 2: Share to do that.

505
00:22:15,440 --> 00:22:18,240
Speaker 1: Avoid them, and especially when you're talking about something that's

506
00:22:18,800 --> 00:22:21,920
Speaker 1: basically impossible to sell or you're going to lose your

507
00:22:21,920 --> 00:22:24,840
Speaker 1: shirt and you know a bunch of other money inside

508
00:22:24,880 --> 00:22:27,200
Speaker 1: of that shirt as you try to sell that time share,

509
00:22:27,520 --> 00:22:30,119
Speaker 1: that is the biggest indicator. I think that they're not

510
00:22:30,240 --> 00:22:32,840
Speaker 1: worth the nearly the price that they're being sold for.

511
00:22:32,920 --> 00:22:34,719
Speaker 3: Yeah, like you said, it's the ongoing fees and not

512
00:22:34,760 --> 00:22:36,879
Speaker 3: knowing necessarily. I mean, we know where the fees are

513
00:22:36,920 --> 00:22:38,440
Speaker 3: going to go. They're going up. There's no way that

514
00:22:38,520 --> 00:22:41,280
Speaker 3: those annual fees are coming down. And you have no

515
00:22:41,359 --> 00:22:43,399
Speaker 3: idea of how high those fees are going to go

516
00:22:43,440 --> 00:22:45,320
Speaker 3: and what you've signed up for in the future. That's

517
00:22:45,320 --> 00:22:47,840
Speaker 3: what's that's one of the worst parts about.

518
00:22:47,560 --> 00:22:48,240
Speaker 2: These fast times.

519
00:22:48,280 --> 00:22:50,040
Speaker 1: And I love that the that the selling point is

520
00:22:50,080 --> 00:22:52,960
Speaker 1: more flexibility, But guess what's even more flexibility than flexible

521
00:22:52,960 --> 00:22:55,920
Speaker 1: than a timeshare, you choosing, choosing that you want to

522
00:22:55,960 --> 00:22:58,000
Speaker 1: go ever you want to go, and you can use like,

523
00:22:58,240 --> 00:23:00,840
Speaker 1: guess what's even more flexible the credit card rewards points

524
00:23:00,840 --> 00:23:02,920
Speaker 1: that you earned through Chase Afire Preferred or Capitol one

525
00:23:02,960 --> 00:23:06,040
Speaker 1: benchres You can you can choose hotels across the world

526
00:23:06,160 --> 00:23:09,040
Speaker 1: and they're not just certain brand hotels or anything like that,

527
00:23:09,320 --> 00:23:12,680
Speaker 1: or just or your timeshare network that's as vast as that, right,

528
00:23:12,880 --> 00:23:15,080
Speaker 1: Or you're hard earned dollars and just finding the best

529
00:23:15,160 --> 00:23:16,960
Speaker 1: deal on a place you want to stay.

530
00:23:17,119 --> 00:23:18,600
Speaker 2: That's a much better way to go than go with

531
00:23:18,640 --> 00:23:19,080
Speaker 2: the time share.

532
00:23:19,200 --> 00:23:22,880
Speaker 3: Everyone accepts you astylished Right. Let's talk about fee transparency

533
00:23:22,920 --> 00:23:25,760
Speaker 3: because the Biden administration and the State of California, they

534
00:23:25,800 --> 00:23:29,040
Speaker 3: have both had their sights set on eliminating junk fees.

535
00:23:29,480 --> 00:23:32,399
Speaker 3: Governor Gavin Newsom he actually just signed a law that

536
00:23:32,440 --> 00:23:36,760
Speaker 3: will make fees much more transparent moving forward. And just

537
00:23:36,800 --> 00:23:39,520
Speaker 3: because of the sheer size of California, this bill is

538
00:23:39,520 --> 00:23:42,080
Speaker 3: going to have ramifications across the country.

539
00:23:42,359 --> 00:23:43,600
Speaker 2: Makes me think of the EU.

540
00:23:43,920 --> 00:23:46,119
Speaker 3: Is it the EU who required that the iPhones have

541
00:23:46,320 --> 00:23:50,399
Speaker 3: the you know, the standard USBC charging port And because

542
00:23:50,400 --> 00:23:53,800
Speaker 3: of that, guess what all iPhones now have that regardless

543
00:23:53,800 --> 00:23:55,600
Speaker 3: of where they're sould even though they're not mandated to

544
00:23:55,640 --> 00:23:56,840
Speaker 3: have them here in the United States.

545
00:23:57,040 --> 00:23:59,880
Speaker 1: They were like, what a of course, not a manufacturer

546
00:24:00,119 --> 00:24:00,639
Speaker 1: got to do it.

547
00:24:00,960 --> 00:24:01,280
Speaker 2: Exactly.

548
00:24:01,359 --> 00:24:03,240
Speaker 3: Yes, So companies have already seen the writing on the

549
00:24:03,280 --> 00:24:09,000
Speaker 3: wall and they have proactively made changes. Ticketmaster actually did this. Basically,

550
00:24:09,000 --> 00:24:13,080
Speaker 3: they're no longer surprising you with their fee. Instead, they're

551
00:24:13,080 --> 00:24:15,760
Speaker 3: just letting you know up front. So it's important to

552
00:24:15,760 --> 00:24:17,560
Speaker 3: know here they're not actually lowering their fees, they're just

553
00:24:17,680 --> 00:24:22,119
Speaker 3: they're just becoming more transparent. But while transparency doesn't eliminate

554
00:24:22,160 --> 00:24:25,680
Speaker 3: excess fees, it actually is really good at reducing some

555
00:24:25,840 --> 00:24:30,280
Speaker 3: customer frustration, where consumers now have the ability to comparison

556
00:24:30,320 --> 00:24:32,640
Speaker 3: shop and they're not shocked on the back end, where

557
00:24:32,680 --> 00:24:34,440
Speaker 3: it's not where it doesn't feel like a bait and switch.

558
00:24:34,480 --> 00:24:36,840
Speaker 3: You can go into these transactions more informed.

559
00:24:36,920 --> 00:24:37,080
Speaker 2: Yeah.

560
00:24:37,160 --> 00:24:40,359
Speaker 1: Yeah, eyes wide open, and you're right. Yet, the Ticketmaster knew.

561
00:24:40,440 --> 00:24:43,160
Speaker 1: They're trying to be good, good little boys and girls

562
00:24:43,200 --> 00:24:45,479
Speaker 1: over there because they realize that there are other actions

563
00:24:45,480 --> 00:24:47,040
Speaker 1: that could be taken against them at some point in

564
00:24:47,040 --> 00:24:48,640
Speaker 1: the future, and so they're like, well, let's go ahead

565
00:24:48,640 --> 00:24:50,520
Speaker 1: and do this now. And look like the good little

566
00:24:50,520 --> 00:24:53,880
Speaker 1: boy who did the right thing. Well, but you're right, man,

567
00:24:53,920 --> 00:24:56,200
Speaker 1: it's not changing the actual fees. It's just putting them

568
00:24:56,400 --> 00:24:58,000
Speaker 1: up front and center. And so you're going to see

569
00:24:58,000 --> 00:25:00,520
Speaker 1: that more and more when you're shopping with different, different

570
00:25:00,520 --> 00:25:03,760
Speaker 1: providers online. And the truth is, fees are always going

571
00:25:03,800 --> 00:25:06,240
Speaker 1: to be with us, right, even with these attempts to

572
00:25:06,359 --> 00:25:09,520
Speaker 1: make them less hidden, less difficult to spot. And there's

573
00:25:09,560 --> 00:25:12,439
Speaker 1: one place where fees remain elevated, and that's when you

574
00:25:12,480 --> 00:25:15,160
Speaker 1: grab cash to the ATM. Bank Rate reports that those

575
00:25:15,200 --> 00:25:17,960
Speaker 1: fees are at an all time high, basically four dollars and

576
00:25:18,040 --> 00:25:21,120
Speaker 1: seventy three cents every time you're going to pull cash

577
00:25:21,119 --> 00:25:23,240
Speaker 1: out of an ATM. That's the average of what you're

578
00:25:23,280 --> 00:25:26,920
Speaker 1: going to get charged in ATM fees. And I don't

579
00:25:26,960 --> 00:25:28,560
Speaker 1: know about you, I don't remember the last time I

580
00:25:28,640 --> 00:25:29,280
Speaker 1: used an ATM.

581
00:25:29,280 --> 00:25:31,480
Speaker 2: Hasn't been a while for you, I literally can't remember.

582
00:25:31,800 --> 00:25:34,159
Speaker 1: Yeah, it feels like kind of a relic of a

583
00:25:34,160 --> 00:25:36,359
Speaker 1: bygone era that most people don't need to use ATMs

584
00:25:36,400 --> 00:25:38,760
Speaker 1: for anything. A lot of those cash payment apps like

585
00:25:38,920 --> 00:25:40,760
Speaker 1: Venmo and stuff like that have made it easier to

586
00:25:40,800 --> 00:25:43,280
Speaker 1: get around that as well, around not having cash. But

587
00:25:43,440 --> 00:25:45,880
Speaker 1: if you like to grab cash at the ATM regularly,

588
00:25:46,200 --> 00:25:48,400
Speaker 1: seeing that is kind of shocking. Just make sure you're

589
00:25:48,520 --> 00:25:51,000
Speaker 1: using the right ATM when you're pulling cash out, because

590
00:25:51,359 --> 00:25:54,320
Speaker 1: most banks have a network of free ATMs where you're

591
00:25:54,320 --> 00:25:56,080
Speaker 1: not going to get charged a dime for taking your

592
00:25:56,080 --> 00:25:58,520
Speaker 1: own money out right, Like Capital One, for instance, I've

593
00:25:58,520 --> 00:26:00,520
Speaker 1: been in Capital One for a long long time. They

594
00:26:00,640 --> 00:26:03,239
Speaker 1: use all point ATMs, and so they have something like

595
00:26:03,320 --> 00:26:05,400
Speaker 1: they have tens of thousands of ATMs around the country

596
00:26:05,920 --> 00:26:09,520
Speaker 1: at like every Target, Walgreens and CBS, and so that way,

597
00:26:09,600 --> 00:26:11,720
Speaker 1: if I did need cash, I wouldn't know where to

598
00:26:11,760 --> 00:26:15,720
Speaker 1: go and I wouldn't be charged some ridiculous fee because

599
00:26:15,880 --> 00:26:18,960
Speaker 1: I'm with the bank that has a network effect right

600
00:26:19,000 --> 00:26:21,520
Speaker 1: that they're giving me the discount for you like multiple networks.

601
00:26:21,560 --> 00:26:23,159
Speaker 3: I think that's one of the reasons Capital One has

602
00:26:23,200 --> 00:26:26,080
Speaker 3: so many stinking options is because like they're on multiple networks.

603
00:26:26,080 --> 00:26:28,000
Speaker 3: And so if that is something that you that is

604
00:26:28,040 --> 00:26:29,720
Speaker 3: important to you, the ability to get your hands on

605
00:26:29,760 --> 00:26:31,840
Speaker 3: some cash, yeah, make sure you're with a bank that

606
00:26:32,040 --> 00:26:35,360
Speaker 3: has a vast network like that, or I think Schwab

607
00:26:35,800 --> 00:26:37,520
Speaker 3: is one of the banks that says, hey, guess what,

608
00:26:37,840 --> 00:26:39,520
Speaker 3: we don't care where you get your cash. We'll just

609
00:26:39,560 --> 00:26:41,800
Speaker 3: reimburse all those fees. And so that that's one of

610
00:26:41,840 --> 00:26:44,159
Speaker 3: the biggest perks that Schwab offers. Has a been one

611
00:26:44,240 --> 00:26:46,840
Speaker 3: with Chuck, Yeah, or I'm not opposed to just use

612
00:26:46,840 --> 00:26:49,760
Speaker 3: your your check card. I mean, we're huge promonents of

613
00:26:49,840 --> 00:26:51,560
Speaker 3: using your credit card because of the different benefits and

614
00:26:51,560 --> 00:26:53,240
Speaker 3: the protections that they allow. But if you want to

615
00:26:53,320 --> 00:26:54,719
Speaker 3: use your card once to be able to get some

616
00:26:54,720 --> 00:26:59,040
Speaker 3: cash back for free at a supermarket station by the

617
00:26:59,080 --> 00:27:01,119
Speaker 3: gum and get the two sure, like you like in

618
00:27:01,200 --> 00:27:03,600
Speaker 3: high school, where you're like getting a mountain dew in

619
00:27:03,680 --> 00:27:05,240
Speaker 3: order to get your hands on fifty bucks.

620
00:27:05,560 --> 00:27:08,280
Speaker 2: But that's obviously a consideration as well.

621
00:27:08,640 --> 00:27:12,399
Speaker 3: Let's talk about how long your old phone is good for.

622
00:27:12,520 --> 00:27:14,320
Speaker 3: It turns out it's going to be longer than you think.

623
00:27:14,600 --> 00:27:17,000
Speaker 3: A friend of mine he actually he got a new

624
00:27:17,040 --> 00:27:20,760
Speaker 3: to him old iPhone eight and you got it for free,

625
00:27:20,840 --> 00:27:22,960
Speaker 3: and he was very excited about it initially, but then

626
00:27:23,000 --> 00:27:25,639
Speaker 3: he was bummed once Apple started making all the new

627
00:27:25,640 --> 00:27:27,040
Speaker 3: releases and he found out that he wasn't going to

628
00:27:27,080 --> 00:27:29,159
Speaker 3: get the new iOS. And I was like, dude, as

629
00:27:29,200 --> 00:27:32,240
Speaker 3: a free phone, you do not need to be complaining

630
00:27:32,280 --> 00:27:34,720
Speaker 3: about this. He was a little bummed, but what he

631
00:27:34,760 --> 00:27:38,000
Speaker 3: needed to understand was that the new iOS update it

632
00:27:38,000 --> 00:27:40,600
Speaker 3: didn't necessarily make his phone a total brick. He's not

633
00:27:40,680 --> 00:27:43,040
Speaker 3: going to get the latest features, but it will in

634
00:27:43,080 --> 00:27:46,640
Speaker 3: fact still get security updates, which means if you're still

635
00:27:46,640 --> 00:27:49,240
Speaker 3: happy with the phone, you can keep it. Actually, I

636
00:27:49,280 --> 00:27:52,320
Speaker 3: think going back to iPhone like the new iPhone se

637
00:27:52,359 --> 00:27:54,800
Speaker 3: as well as iPhone six, I think I think they're

638
00:27:54,840 --> 00:27:56,919
Speaker 3: on like iOS fifteen, so you can have like a

639
00:27:56,920 --> 00:27:59,480
Speaker 3: ten year old phone and you know what, it can

640
00:27:59,520 --> 00:28:02,320
Speaker 3: still be completely functional and completely safe.

641
00:28:02,400 --> 00:28:04,160
Speaker 2: Yeah. I think a lot of people here, oh my version.

642
00:28:04,160 --> 00:28:06,639
Speaker 1: I think iPhone X is not receiving the update to

643
00:28:06,680 --> 00:28:10,119
Speaker 1: the newest iOS either, and people think it's time to

644
00:28:10,119 --> 00:28:12,359
Speaker 1: scrap it. If I'm not getting the new IIOS, then

645
00:28:12,400 --> 00:28:13,760
Speaker 1: I need to get rid of my phone.

646
00:28:14,160 --> 00:28:14,800
Speaker 2: Let's be honest.

647
00:28:14,800 --> 00:28:17,360
Speaker 1: The iOS upgrades are pretty minimal too, and so as

648
00:28:17,359 --> 00:28:20,120
Speaker 1: long as the current iOS which serves your phone, even

649
00:28:20,119 --> 00:28:22,240
Speaker 1: if it's the older version is still being updated, which

650
00:28:22,240 --> 00:28:24,440
Speaker 1: they are fifteen and sixteen, your phone is still fine.

651
00:28:24,480 --> 00:28:25,000
Speaker 2: It's still safe.

652
00:28:25,080 --> 00:28:27,879
Speaker 3: Yeah, absolutely, And so Google they've actually just announced that

653
00:28:27,880 --> 00:28:30,800
Speaker 3: they're going to provide seven years of updates for their

654
00:28:30,800 --> 00:28:31,960
Speaker 3: newest pixel phones.

655
00:28:32,040 --> 00:28:33,200
Speaker 2: So this is all great news.

656
00:28:33,320 --> 00:28:38,080
Speaker 3: And like you said, there aren't massive technological leaps that

657
00:28:38,120 --> 00:28:40,800
Speaker 3: are taking place with each new phone and each iOS

658
00:28:40,600 --> 00:28:42,880
Speaker 3: that's being released. But as long as it's being protected,

659
00:28:43,240 --> 00:28:45,320
Speaker 3: as long as you are receiving those security updates, what

660
00:28:45,360 --> 00:28:47,000
Speaker 3: that means is that we can keep those phones around

661
00:28:47,000 --> 00:28:50,120
Speaker 3: for longer. And it's just an example of the fact

662
00:28:50,120 --> 00:28:53,320
Speaker 3: that it's not planned obsolescence that's causing us to have

663
00:28:53,360 --> 00:28:55,640
Speaker 3: to go out and purchase a new phone. It's more

664
00:28:55,760 --> 00:28:58,280
Speaker 3: of our own appetites. It's our own desires to have

665
00:28:58,360 --> 00:29:01,880
Speaker 3: the latest and greatest thing. I feel like planning obsolescence

666
00:29:01,960 --> 00:29:04,120
Speaker 3: is going to get the blame. They're gonna take the

667
00:29:04,160 --> 00:29:05,800
Speaker 3: fall for a lot of the stuff, when in reality,

668
00:29:05,880 --> 00:29:08,480
Speaker 3: it's like, hey, no, no, no, you need to take responsibility.

669
00:29:08,520 --> 00:29:09,680
Speaker 3: You need to own up to the fact that you

670
00:29:09,720 --> 00:29:11,520
Speaker 3: just want the new phone. It's easy to either be

671
00:29:11,600 --> 00:29:14,400
Speaker 3: misinformed or to use it as an excuse. Yeah yeah,

672
00:29:14,440 --> 00:29:16,160
Speaker 3: to be like, oh, it's not gonna get the latest,

673
00:29:16,400 --> 00:29:18,360
Speaker 3: it's time for me to move on, and when that's

674
00:29:18,400 --> 00:29:20,479
Speaker 3: not necessarily the case, and it's good to say I

675
00:29:20,480 --> 00:29:22,240
Speaker 3: was glad to see Google say that because Google had

676
00:29:22,280 --> 00:29:24,360
Speaker 3: been kind of the one holdout in some ways of

677
00:29:24,400 --> 00:29:27,160
Speaker 3: committing to longevity of these phones and saying, hey, seven

678
00:29:27,240 --> 00:29:29,280
Speaker 3: years that that feels like a robust amount of time

679
00:29:29,560 --> 00:29:32,000
Speaker 3: that you can plan on keeping that phone. And who

680
00:29:32,080 --> 00:29:33,840
Speaker 3: I mean, who knows what phones are gonna look like

681
00:29:33,880 --> 00:29:35,480
Speaker 3: in seven years or whether we're either going to be

682
00:29:35,560 --> 00:29:40,760
Speaker 3: using phonese that's going to be allural neuralink implant. That

683
00:29:40,960 --> 00:29:43,800
Speaker 3: might be true, and it's also a little frightening. But yeah,

684
00:29:44,080 --> 00:29:46,440
Speaker 3: speaking of phones, there's this new Gallup poll and it

685
00:29:46,440 --> 00:29:49,240
Speaker 3: found that the average team spends almost five hours a

686
00:29:49,320 --> 00:29:52,640
Speaker 3: day on social media. And I don't want embellish too much,

687
00:29:52,680 --> 00:29:56,520
Speaker 3: it's four point eight to be exact, but social media

688
00:29:56,560 --> 00:29:59,280
Speaker 3: and YouTube are the main culprit's TikTok and YouTube in

689
00:29:59,320 --> 00:30:02,240
Speaker 3: particular where they're spending the bulk of that time. And

690
00:30:02,320 --> 00:30:05,960
Speaker 3: the data points to parental involvement being key in screen

691
00:30:06,000 --> 00:30:08,800
Speaker 3: time reduction. Basically, if you don't think it's healthy for

692
00:30:08,840 --> 00:30:10,640
Speaker 3: your child to be tethered to that screen as much

693
00:30:10,640 --> 00:30:14,480
Speaker 3: as they are, it's up to you to implement reasonable restrictions.

694
00:30:14,640 --> 00:30:18,280
Speaker 3: And there's nothing wrong with using digital tools, it's just

695
00:30:18,320 --> 00:30:20,680
Speaker 3: about using them in the way that they're meant to

696
00:30:20,720 --> 00:30:23,160
Speaker 3: be that allow us to continue a healthy relationship to

697
00:30:23,200 --> 00:30:27,640
Speaker 3: those digital screens that that we've become so accustomed to.

698
00:30:28,080 --> 00:30:31,080
Speaker 3: But clear connections have obviously been made between heavy phone

699
00:30:31,320 --> 00:30:34,080
Speaker 3: and social media usage and declining mental health. And so

700
00:30:34,560 --> 00:30:36,880
Speaker 3: it's not just our kiddos who need to ditch the

701
00:30:36,880 --> 00:30:37,520
Speaker 3: phone more either.

702
00:30:37,560 --> 00:30:37,680
Speaker 2: Man.

703
00:30:37,720 --> 00:30:39,520
Speaker 1: I see that stat and I'm like, four point zero.

704
00:30:39,600 --> 00:30:41,760
Speaker 1: That's insane. But then I look at myself and I

705
00:30:41,760 --> 00:30:43,600
Speaker 1: have to be a little honest, and I have to

706
00:30:43,640 --> 00:30:45,880
Speaker 1: realize that I need to make adjustments in my own life.

707
00:30:46,760 --> 00:30:49,320
Speaker 2: Yeah, do you use screen time on the I phone?

708
00:30:49,400 --> 00:30:52,000
Speaker 2: I you are a new convert to the iPhone?

709
00:30:52,040 --> 00:30:54,480
Speaker 3: On Space and they've got I'm sure they have it

710
00:30:54,520 --> 00:30:56,720
Speaker 3: on Google on the droid soft.

711
00:30:56,560 --> 00:30:57,680
Speaker 2: They have something as well.

712
00:30:57,840 --> 00:30:59,760
Speaker 3: But it's not something I've done. And I'm actually like,

713
00:30:59,800 --> 00:31:02,280
Speaker 3: I want to implement that, but I'm honestly a little

714
00:31:02,280 --> 00:31:03,920
Speaker 3: nervous because I'm afraid of what I'm going to what

715
00:31:03,960 --> 00:31:05,880
Speaker 3: I'm gonna discover, which is probably all the more reason

716
00:31:05,920 --> 00:31:08,920
Speaker 3: to actually implement it. Just to keep tabs on my

717
00:31:09,320 --> 00:31:11,120
Speaker 3: social media and just phone usage in general.

718
00:31:11,200 --> 00:31:13,240
Speaker 1: Yeah, So I mean that's a that's a scary stat

719
00:31:13,280 --> 00:31:16,400
Speaker 1: to see. It's clearly leading to other societal problems and

720
00:31:16,400 --> 00:31:20,160
Speaker 1: other personal individual problems, and even as non digital natives. Matt,

721
00:31:20,200 --> 00:31:22,800
Speaker 1: you know, you and I were grandpa millennials. Essentially, we

722
00:31:22,800 --> 00:31:25,600
Speaker 1: didn't grow up with smartphones. We still remember flip phones,

723
00:31:25,720 --> 00:31:28,680
Speaker 1: remember pages, We remember you know, dial up internet, all

724
00:31:28,680 --> 00:31:30,400
Speaker 1: that kind of stuff. Yeah, those were the good old days.

725
00:31:30,560 --> 00:31:33,120
Speaker 1: But it's a good reminder to I think, to all

726
00:31:33,160 --> 00:31:35,840
Speaker 1: of us and to me as well reading that, they're like,

727
00:31:35,880 --> 00:31:37,800
Speaker 1: I need to make some changes too, and I need

728
00:31:37,840 --> 00:31:39,920
Speaker 1: to get off the screen more, get out there in nature,

729
00:31:39,960 --> 00:31:41,560
Speaker 1: get out there with with real friends.

730
00:31:41,640 --> 00:31:41,840
Speaker 2: Yeah.

731
00:31:41,920 --> 00:31:43,200
Speaker 3: Just think of all the other things that you could

732
00:31:43,200 --> 00:31:45,480
Speaker 3: do if we weren't if all of our time not all,

733
00:31:45,520 --> 00:31:46,480
Speaker 3: I don't know, I don't want to say all of

734
00:31:46,520 --> 00:31:48,920
Speaker 3: our time, but a significant portion of our time was

735
00:31:49,000 --> 00:31:51,640
Speaker 3: getting just sucked and drained siphoned away from us.

736
00:31:51,680 --> 00:31:53,720
Speaker 1: And to me, this is one other great argument for

737
00:31:53,880 --> 00:31:57,160
Speaker 1: kids being able to work jobs when they're in high school,

738
00:31:57,160 --> 00:31:59,000
Speaker 1: because if you're like, wait a second, how much are

739
00:31:59,040 --> 00:32:01,320
Speaker 1: you on the phone doing social or you can definitely

740
00:32:01,320 --> 00:32:01,760
Speaker 1: work two.

741
00:32:01,720 --> 00:32:04,680
Speaker 2: Hours part time job, bru. I know you could work.

742
00:32:04,720 --> 00:32:07,120
Speaker 1: You could work two hours a day whatever, eight hours

743
00:32:07,120 --> 00:32:09,600
Speaker 1: a week something like that after school.

744
00:32:09,360 --> 00:32:10,000
Speaker 2: You can fit it in.

745
00:32:10,760 --> 00:32:13,520
Speaker 3: You sound like a fast food manager. If you're leaning,

746
00:32:13,640 --> 00:32:16,640
Speaker 3: you can be cleaning. That was definitely what my check

747
00:32:16,640 --> 00:32:18,040
Speaker 3: floy manager told me back in there. If you get

748
00:32:18,040 --> 00:32:19,000
Speaker 3: time to lean, you got time.

749
00:32:19,960 --> 00:32:20,920
Speaker 2: It's okay.

750
00:32:21,120 --> 00:32:23,200
Speaker 3: Let's just say that that's a high bar to set, like, oh,

751
00:32:23,440 --> 00:32:25,400
Speaker 3: if if you're spending that much on social media, you

752
00:32:25,400 --> 00:32:26,760
Speaker 3: should you should go out there and get a job.

753
00:32:26,800 --> 00:32:29,200
Speaker 3: Even just like, just let's drop the media Apart from

754
00:32:29,200 --> 00:32:31,840
Speaker 3: social media, let's just focus on the social part of things, right,

755
00:32:31,880 --> 00:32:34,800
Speaker 3: The ability for kids just to play with one another,

756
00:32:34,840 --> 00:32:37,360
Speaker 3: to actually interact in real life, to run around a neighborhood,

757
00:32:37,360 --> 00:32:39,680
Speaker 3: to play sports, just all of the things that I

758
00:32:39,720 --> 00:32:44,080
Speaker 3: think are highly underrated when it comes to childhood development.

759
00:32:44,160 --> 00:32:45,640
Speaker 3: And I think a part of that is because it's

760
00:32:45,680 --> 00:32:47,520
Speaker 3: not quantifiable. It's not something that you can put a

761
00:32:47,520 --> 00:32:49,920
Speaker 3: finger with a part time job. It's less about the

762
00:32:49,960 --> 00:32:51,880
Speaker 3: money and more about the lessons you learn. But you

763
00:32:51,920 --> 00:32:54,720
Speaker 3: can still point put your finger on an income like

764
00:32:54,760 --> 00:32:56,640
Speaker 3: a dollar amount, like, oh, this is how much I make.

765
00:32:57,040 --> 00:32:59,360
Speaker 3: I think there's an inherent challenge when it comes to

766
00:32:59,720 --> 00:33:03,160
Speaker 3: value doing something like kids being kids. I think it's

767
00:33:03,160 --> 00:33:05,720
Speaker 3: going to lead to just a happier and healthier generation

768
00:33:06,040 --> 00:33:07,800
Speaker 3: if these are things that we can lean into.

769
00:33:07,760 --> 00:33:10,160
Speaker 1: Well, especially when we talk about the problem of bullying.

770
00:33:10,280 --> 00:33:12,680
Speaker 1: And bullying is a problem in the school, but if

771
00:33:12,720 --> 00:33:14,960
Speaker 1: you can be constantly tethered to it now at home

772
00:33:14,960 --> 00:33:16,720
Speaker 1: getting bullied by the same people, get away from it.

773
00:33:16,800 --> 00:33:18,320
Speaker 1: Used to be able to get a break, you know. Yeah,

774
00:33:18,360 --> 00:33:20,360
Speaker 1: So all good reasons to put the phone down a

775
00:33:20,360 --> 00:33:21,720
Speaker 1: little bit more to encourage your kids to.

776
00:33:21,720 --> 00:33:22,160
Speaker 2: Do the same.

777
00:33:22,560 --> 00:33:25,840
Speaker 1: All right, social, so box over, that's going to do

778
00:33:25,840 --> 00:33:28,040
Speaker 1: it for this episode of Ount of Money. We appreciate

779
00:33:28,080 --> 00:33:30,000
Speaker 1: you as always joining us. You can find show notes

780
00:33:30,040 --> 00:33:32,800
Speaker 1: and links to some of the articles that we referenced

781
00:33:33,120 --> 00:33:35,960
Speaker 1: on today's show up on the website at howtomoney dot com.

782
00:33:36,000 --> 00:33:38,320
Speaker 1: That's right, man, So until next time, best friends Out,

783
00:33:38,480 --> 00:33:39,920
Speaker 1: Best Friends Out,