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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt and today we are discussing two predictions, no more

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Speaker 1: medical bill surprises and mandatory vacations. Yeah, not only is

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Speaker 1: it two, like you said. And we're gonna get to

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Speaker 1: those predictions here in a little bit. But let's talk

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Speaker 1: about another number. Twenty five. Dude. Earlier this month we

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Speaker 1: want to share with listeners, we hit twenty five million downloads.

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Speaker 1: That's such a massive number, dude, Like, I don't think

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Speaker 1: we even had twenty five thousand downloads after our first year.

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Speaker 1: I don't even I haven't done the mouth on that,

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Speaker 1: but that's probably accurate. Definite, definitely not We definitely had

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Speaker 1: twenty five. We definitely had twenty five people who are

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Speaker 1: listening to this show early on. But that's just one

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Speaker 1: of those massive number. Is that I would not have

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Speaker 1: expected that we would have been able to have hit

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Speaker 1: but here we are, here, here we are. Yeah, And

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Speaker 1: and honestly, I mean, I think mostly it's it's due

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Speaker 1: to your incredible podcasting, thank you, Yeah, your abilities on

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Speaker 1: the microphone. But really, honestly, what it comes down to

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Speaker 1: is is that how many listeners man and how they

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Speaker 1: continue to come back every week and listen and support

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Speaker 1: the show, and so yeah, really I'm excited. It's a

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Speaker 1: really kind of a fun number to hit, and just

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Speaker 1: big thanks to everybody out there who continues to listen

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Speaker 1: and support what we're up to, and hopefully we can yeah,

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Speaker 1: get to million more here in a few in a

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Speaker 1: few years, fifty before you know it. Seriously, Yeah, this

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Speaker 1: is a testament to the fact that so many folks

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Speaker 1: out there are listening to our show. Like, think about

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Speaker 1: this million times you could have heard you saying welcome

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Speaker 1: to not a money film might actually just skip that

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Speaker 1: part and get onto the other stuff. I don't know,

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Speaker 1: but it really is, I mean, and there are a

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Speaker 1: lot of folks who have listened to the show. I

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Speaker 1: mean who started back in the days when we called

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Speaker 1: the show poor not poor. That's what we used to

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Speaker 1: call the podcast. It wasn't how the money. He used

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Speaker 1: to be called poor not poor, Like the first nine

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Speaker 1: months basically hasn't pour yourself a craft beer while at

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Speaker 1: the same time you don't want to be poor down

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Speaker 1: the road. But we found that that was difficult explain,

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Speaker 1: just like it is a little bit tricky right now

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Speaker 1: for me to even talk about but the fact is, yeah,

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Speaker 1: we're gonna keep podcasting, We're gonna keep talking about personal

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Speaker 1: finances because we want to help folks on their journey

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Speaker 1: towards financial freedom. Yeah. I think that's the thing to

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Speaker 1: note is it's not just that this milestone twenty five

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Speaker 1: million dollars. Those are individual people listening to episodes in

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Speaker 1: order to give their personal finances straight. And I think

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Speaker 1: that number is reflective of a certain amount of change

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Speaker 1: that's happened in a bunch of people's lives. And that's

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Speaker 1: what's exciting. It's not because like we're freaking awesome and

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Speaker 1: it's nothing like that. It's truly just you know what

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Speaker 1: people are are are listening and then they're doing something

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Speaker 1: different because of it, and that is cool. Absolutely. Yea.

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Speaker 1: This one message just recently on Instagram and he only

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Speaker 1: recently found our show and he started way back at

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Speaker 1: the beginning. Is he's his way through. I think he's

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Speaker 1: like around thirty or you know, episode thirty or thirty

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Speaker 1: five four guy, But he said, you know, early on

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Speaker 1: back then, at some point we were talking about dropping

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Speaker 1: the big banks, and that's one of the things that

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Speaker 1: he has done. At the beginning of this year, is

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Speaker 1: he was with Wells, he's with one of the big banks,

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Speaker 1: and he has cut them loose from his life. He's

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Speaker 1: making awesome changes to his life, and that's what it's

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Speaker 1: all about, making those changes, making that progress in your

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Speaker 1: own personal life. Exactly. All right, Well I enough about that,

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Speaker 1: but yes, thanks again to everybody for your continued support.

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Speaker 1: And that's it's it's the first Friday Flight of the

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Speaker 1: new year. Well, we'll mention exactly what it is for

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Speaker 1: for newer listeners that basically, we take money stories from

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Speaker 1: around the web and we dissect how they pertain to

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Speaker 1: year personal finances, and we've got some good ones already

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Speaker 1: to cover in the new year. They're always a little

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Speaker 1: bit more timely, right, and so oftentimes it's you know,

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Speaker 1: small little changes that have occurred within you know, these

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Speaker 1: different bigger topics that we've talked about before, but they're

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Speaker 1: typically a little more newsworthy, which is why we cover

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Speaker 1: them on our Friday Flight. And the reason we call

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Speaker 1: it a flight is again going back to the craft

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Speaker 1: beer analogy, you go to a brewery, you get a flight,

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Speaker 1: and it's a small sampling of little beers. If you're

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Speaker 1: looking for some variety that way you can get a

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Speaker 1: feel for what this brewery has to offer. That's what

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Speaker 1: we're trying to do with the news exactly, gap, so

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Speaker 1: we'll have to do with airplanes. So so let's get

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Speaker 1: to it. Let's let's talk about resolutions for a second.

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Speaker 1: And I saw the stat this week that something like

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Speaker 1: ninety plus percent. I think folks are going to fail

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Speaker 1: at their New Year's resolutions. And I have a feeling

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Speaker 1: some of our listeners, some some people out there, a

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Speaker 1: lot of people have there, probably have already stumbled. I

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Speaker 1: know my wife is trying to get up for her

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Speaker 1: the first workout of the year on Tuesday. She missed it,

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Speaker 1: but you know what, she got back on the horse

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Speaker 1: on Thursday her under the But in the year, aren't you.

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Speaker 1: That's the thing is you have to push through even

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Speaker 1: when you screw up. I think it's an important part

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Speaker 1: of it, right, So if you have already stumbled out

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Speaker 1: of the gate, that doesn't mean it's over for you,

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Speaker 1: and you should throw in the towel altogether. That that's

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Speaker 1: kind of one of the things I want to convey. Yeah,

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Speaker 1: and again I think, uh that the money challenges Matt

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Speaker 1: that we talked about on Wednesday's episode. That could be

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Speaker 1: the perfect, perfect aid for you to get started off

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Speaker 1: on the right foot. And sometimes it's fear that's standing

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Speaker 1: in the way of somebody accomplishing some of the goals

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Speaker 1: that they want to accomplish. That like, I don't have

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Speaker 1: the information, I don't know what I'm doing, and you know,

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Speaker 1: I think there's this belief that we can't accomplish something

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Speaker 1: because of that or in half the battle, I would say,

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Speaker 1: is learning more about what you're afraid of, finding experts

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Speaker 1: who can help you. That's what we want to be

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Speaker 1: in this new year for for everybody out there. But

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Speaker 1: at the same time, a money challenge can help you

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Speaker 1: get the ball rolling. And so if you have yet

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Speaker 1: to sign up for one of those how to money challenges,

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Speaker 1: we will include the sign up link in today's show

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Speaker 1: notes on the website as well, and we're going to

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Speaker 1: send out the first email later today to everybody who

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Speaker 1: signed up for one of these money challenges. Matt has

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Speaker 1: painstakingly created these beautiful PDFs for people so that you

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Speaker 1: can track your progress. How beautiful, I would say, they

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Speaker 1: actually are, they nice, they work, I'm actually really excited.

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Speaker 1: I'm personally definitely going to participate in the sell your

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Speaker 1: Stuff challenge. That's the one I'm gonna do too. Yeah,

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Speaker 1: And because I mean I had already been selling some

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Speaker 1: stuff on eBay kind of haphazardly, but I want to

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Speaker 1: make get a little more systematic. And maybe we'll share

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Speaker 1: some of the different things that that you and I

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Speaker 1: are going to Actually we'll probably talk about that at

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Speaker 1: the beginning. Yeah. Here, and I got rid of this week. Yeah.

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Speaker 1: But and then we've created for different money challenges. Please

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Speaker 1: go take a look and and hopefully you'll sign it

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Speaker 1: for one and you'll find it find it helpful to

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Speaker 1: jump start your personal finance goals for this year. That's right,

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Speaker 1: And you know, I think one of the things, one

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Speaker 1: of the keys this time of year is to recognize

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Speaker 1: that changes that we're trying to implement in our lives.

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Speaker 1: It takes a couple of things. I think it takes time,

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Speaker 1: and it takes discipline. And we mentioned this because we

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Speaker 1: want folks to remember that any goal or resolution worth

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Speaker 1: achieving is not going to happen overnight. But oftentimes we

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Speaker 1: underestimate the reality of how long it's going to take

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Speaker 1: to get where we're wanting to go, and we get

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Speaker 1: discouraged because of it becoming an overnight success. Like that

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Speaker 1: sounds great. We want we all want that, Yeah, yeah,

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Speaker 1: we want. We want to hit financial independence where we

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Speaker 1: want to land the job the new position of our

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Speaker 1: dreams just at the snap of our fingers. But it

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Speaker 1: takes seasoning, it takes time, it takes effort to get

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Speaker 1: there again. You know, those money challenges are a great start,

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Speaker 1: but completing one of those, or even just getting started

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Speaker 1: with one of those, isn't going to get you to

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Speaker 1: your ultimate destination. Is just one of the disciplines along

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Speaker 1: the way. And instead, it's going to take years and

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Speaker 1: oftentimes even decades to achieve your ultimate financial goals. But

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Speaker 1: these small steps that you start taking now will pay

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Speaker 1: off in a big way for future you down the road.

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Speaker 1: That's right. And you even talked about fear a little bit, right,

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Speaker 1: Like it's the fear of the unknown. Uh. And part

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Speaker 1: of why we talk about these different topics is not

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Speaker 1: only for folks to understand the nuts and bolts and

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Speaker 1: how too elements of how to money, but just the

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Speaker 1: familiarity with it. Right, Like we talk about how people

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Speaker 1: don't talk about money, and so the fact that we're

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Speaker 1: talking about it. We want it to be something that

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Speaker 1: you're more comfortable with and just hearing two dudes talk

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Speaker 1: about something that you can easily do, hopefully we'll give

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Speaker 1: you some of the boldness to start doing that in

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Speaker 1: your own life. Exactly. The more you hear people conversing

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Speaker 1: about it, the more you feel comfortable doing it yourself.

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Speaker 1: And that is part of the mission of what we do.

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Speaker 1: All right, let's talk about some interesting stats that came

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Speaker 1: along at the very end of last year that are

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Speaker 1: worth sharing. I think there are some lessons maybe we

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Speaker 1: can extrapolate from some of the stuff that we started

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Speaker 1: to learn at the very end of and for for instance,

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Speaker 1: the Wall Street Journal reported about I p o s

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Speaker 1: sending a record. Yes, yeah, they were raising more money

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Speaker 1: than ever before an I p O. If you don't

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Speaker 1: know what that means, it stands for initial public offering.

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Speaker 1: It's when a company gets publicly listed and then everyday

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Speaker 1: investors like you and me, we have the ability to

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Speaker 1: to buy shares of that company. And a big example,

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Speaker 1: I don't know, the one that maybe I was most

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Speaker 1: interested in, at least I did not buy any, but

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Speaker 1: I was looking at was Riving the electric car maker

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Speaker 1: partly because their trucks look amazing. And also they're they're

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Speaker 1: launching a facility right down the road, like forty five

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Speaker 1: minutes from us, So so I mean it's their second location.

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Speaker 1: I mean, the only factor that they have is somewhere

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Speaker 1: in Illinois, and so their second location it's very close

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Speaker 1: to where we live. We are going to be very

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Speaker 1: bullish on Rivan just their overall success. That doesn't mean

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Speaker 1: that we would recommend for you to buy Rivan stock. Yes,

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Speaker 1: we don't own Rivan stock, at least not yet, and

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Speaker 1: if we do, it's only going to be a very

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Speaker 1: very small amount money that we would be comfortable with losing, exactly.

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Speaker 1: And that gets directly to the point I wanted to

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Speaker 1: make with that statistic about i p o s like

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Speaker 1: Rivan made that splash debut towards the end of last year,

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Speaker 1: and and the stock actually is still trading above the

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Speaker 1: price that a debut at, which is good for anybody

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Speaker 1: who's put their money there for them. But at the

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Speaker 1: same time, two thirds of those anticipated debuts are now underwater.

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Speaker 1: Take another popular one, for instance, robin Hood. Everybody knows

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Speaker 1: what robin Hood is, and their i p O was

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Speaker 1: highly anticipated as well. Things went well for for a minute,

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Speaker 1: for a couple of days, but now the value of

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Speaker 1: that stock has been cut in half from when it launched.

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Speaker 1: And so I guess what what does this tell us

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Speaker 1: if two thirds of sixty of these companies now are

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Speaker 1: not worth less than they were on day one. Well,

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Speaker 1: single stock investing is rife with potholes, and there's even

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Speaker 1: more volatility when it's a brand new I p O.

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Speaker 1: That's just they're probably gonna be more and more I

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Speaker 1: p o S this year, and so it's exciting to think, oh,

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Speaker 1: this company, I can now you know, invest in it,

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Speaker 1: But it doesn't mean that you should exactly. It's interesting,

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Speaker 1: especially when you have a company like Ribbean and their

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Speaker 1: opening factory or you know they're locating near where you live. Uh,

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Speaker 1: it's going to affect our lives in certain ways, but

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Speaker 1: it shouldn't affect how you invest your retirement dollars. By

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Speaker 1: the way, we actually received a listener email this week

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Speaker 1: about single stock investing and he shared that he totally

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Speaker 1: disagrees with us. We actually we plan to answer some

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Speaker 1: of his concerns and give some in depth thoughts on

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Speaker 1: index funds versus individual stocks soon. So hopefully you can

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Speaker 1: keep an eye out for that. But something else worth

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Speaker 1: reporting on our first Friday flight of January is that

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Speaker 1: almost everyone is now richer than they were this time

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Speaker 1: of year last year. Guess for celebrating. Guess yeah. The

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Speaker 1: combined net worth of Americans has soared from one hundred

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Speaker 1: trillion dollars to one hundred and thirty seven trillion, and

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Speaker 1: much of that in thanks to the stock markets incredible

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Speaker 1: hot year plus all that STINNY money. And while inequality

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Speaker 1: still remains a real issue, obviously, the bottom half of

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Speaker 1: Americans have seen their wealth grow immensely this past year. Two.

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Speaker 1: In fact, data from the Federal Reserve shows that the

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Speaker 1: bottom fifty percentile saw the largest gains in their overall

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Speaker 1: wealth UH that they experienced a nearly eighty five increase

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Speaker 1: over the past couple of years from Q three twenty

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Speaker 1: nineteen to Q three UH, an increase of eight of

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Speaker 1: their net worth. That's incredible. That is incredible. Yeah, And

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Speaker 1: I think sometimes the headlines continue to refer to and

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Speaker 1: it's not that the overall wealth certainly has grown in

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Speaker 1: a much bigger way for the top tier of wealth

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Speaker 1: holders in the United States, but the greatest percentage of

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Speaker 1: growth has been at the bottom, and that is I

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Speaker 1: think a good thing. That's awesome. Yeah, alright, Matt, you

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Speaker 1: mentioned the meteoric rise of the market, So I guess

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Speaker 1: I want to ask you, should we offer up our

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Speaker 1: predictions for two and where we think the market's going ago? No,

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Speaker 1: that's not only did know The answer to that is no,

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Speaker 1: just kidding, don't do it. But yeah, the thing is, like,

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Speaker 1: when it comes to the predictions, we kind of put

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Speaker 1: that in the title of the episode. We wanted to

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Speaker 1: talk about some other other predictions that other people have

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Speaker 1: made this year, but we're not necessarily going to offer

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Speaker 1: up our own because we don't think we have a clue,

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Speaker 1: and we're actually pretty sure that most of the people

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Speaker 1: offering some of these predictions don't have a clue either.

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Speaker 1: There's a lot of guessing going on out there in

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Speaker 1: the world of finance and um and and we've not

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Speaker 1: been afraid to give some of those people grief over

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Speaker 1: the years for some of their predictions. But here's what

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Speaker 1: we will say. The one prediction that we do have

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Speaker 1: is to not underestimate the US economy. And there was

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Speaker 1: this article Matt in Barrens this past week, and what

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Speaker 1: I was talking about was the barish sentiment that some

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Speaker 1: people have just through years and years of good times.

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Speaker 1: And they highlighted, which I think is a great thing

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Speaker 1: to remember, that businesses they've grown, they've thrived even through

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Speaker 1: times like the Great Depression, through world wars, through pandemic

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Speaker 1: makes and it's it's not that there haven't been downturns,

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Speaker 1: recessions and meaningful volatility during events like those, during hard

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Speaker 1: events like those. But here's what we would say. We

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Speaker 1: would say, don't pay attention to folks out there who

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Speaker 1: are predicting the end of the world or they're predicting

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Speaker 1: a market collapse, because that's sort of fear mongering, that uncertainty,

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Speaker 1: that doubt. It's going to keep you from investing actual

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Speaker 1: acronym or yeah, the practice of causing there to be

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Speaker 1: a lot of fear, uncertainty, in doubt. And I think

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Speaker 1: like if over the past three or four or five years,

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Speaker 1: we're hearing more and more voices like that, like the

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Speaker 1: bull bull market can't continue, and Matt and I are

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Speaker 1: making no predictions about whether it will or whether it won't.

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Speaker 1: They might be right, but they also might be wrong,

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Speaker 1: and many of them have been wrong. Yere and we

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Speaker 1: we talked about Robert Kiyosaki recently on the show, where

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Speaker 1: he has made a prediction almost every year about a

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Speaker 1: market collapse, and he has been wrong every single year.

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Speaker 1: And it's one of those things where if you bought

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Speaker 1: into what he was selling, you have been sitting on

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Speaker 1: the sidelines and you've been missing out on the growth

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Speaker 1: that the market has been experiencing because and actually, as

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Speaker 1: a friend of the show, Ben Carlson, he put it

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Speaker 1: recently that progress is in our d n A, which

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Speaker 1: is so true. Not investing because of the stock market

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Speaker 1: naysayers have made you think twice is really just betting

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Speaker 1: against American ingenuity, and that has historically been a pretty

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Speaker 1: bad idea. Another quote that sticks with me is one

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Speaker 1: from another previous guest, Morgan Household, and he says that

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Speaker 1: you should save like a pessimist and invest like an optimist. Really,

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Speaker 1: we don't think there is any simpler way to put it. Yeah,

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Speaker 1: still one of my all time favorite money quotes. And

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Speaker 1: I think about getting it tattooed on my b step

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Speaker 1: or something. It's it's I mean, it's so wise, right

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Speaker 1: because as an individual in our own personal lives, we

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Speaker 1: need to basically be incredibly I don't want to say

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Speaker 1: be overly conservative, but we need to be more a

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Speaker 1: little more pessimistic and money and savings and you need

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Speaker 1: to be prepared for the worst. But when it comes

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Speaker 1: to the overall market and what our economy and what

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Speaker 1: the world is going to do, we need to be optimistic.

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Speaker 1: That is the approach that you want to take when

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Speaker 1: it comes to investing your money. Exactly. All right, Matt,

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Speaker 1: We got more to get to on this Friday Fight,

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Speaker 1: including some predictions about the real estate market next year. Well,

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Speaker 1: we'll get to that and more right after this. Alright,

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Speaker 1: we're back in. Before we dive into some real estate talk,

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Speaker 1: we're gonna get to our ludicrous headline of the week.

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Speaker 1: Every week, we uh, we tear apart an article that

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Speaker 1: then we come across, and not necessarily an article, but

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Speaker 1: something that just makes us really just pisces us off,

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Speaker 1: or sometimes just like a cringe headline and you're like

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Speaker 1: that that's not true or that was poorly worded. Right,

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Speaker 1: but this one, this one in particular, this comes from

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Speaker 1: the Journal, and the headline reads, hospitals still not fully

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Speaker 1: complying with federal price disclosure rules. Uh, and there's this

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Speaker 1: law that went into effect at the beginning of last

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Speaker 1: year requiring hospitals to publicly post other websites the cost

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Speaker 1: of their services. But it turns out that lots of

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Speaker 1: hospitals are basically doing whatever they want with no consequences

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Speaker 1: uh c m S which is evidently this stands for

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Speaker 1: the Centers for Medicare and Medicaid services. They're the ones

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Speaker 1: who are who are tasked with enforcing the rules and

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Speaker 1: levying the big fines to hospitals that don't comply, But

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Speaker 1: no fines were issued last year, even though that rule

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Speaker 1: was in place for the entirety of hospitals. Be like,

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Speaker 1: I do what I want and nobody says anything. Yeah.

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Speaker 1: Some of the hospitals even had the huts bah to

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Speaker 1: say that posting their prices would give them a competitive

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Speaker 1: disadvantage and that they don't believe that consumers would find

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Speaker 1: the information useful. Dude, total bs. Yeah, I hate prices.

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Speaker 1: Being frightened center. When is knowing the price of anything

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Speaker 1: ever not been useful information for us as consumers? Uh

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Speaker 1: the CMS They did issue a few hundred warnings, plus

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Speaker 1: the penalty increases this year to as much as two

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Speaker 1: million dollars per hospital and so hopefully we'll begin to

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Speaker 1: see some more price transparency at our local hospitals this year.

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Speaker 1: But again, I think that's just such a crappy thing

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Speaker 1: for them to have, for them to say that, like, oh,

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Speaker 1: this isn't going to help the consumer, Like when it

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Speaker 1: comes to any decision that we make, there is no

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Speaker 1: other decision that we make, no other especially larger expense,

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Speaker 1: like the medical procedure where you don't shop around. It's

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Speaker 1: just one of those industries where there is seriously lacking

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Speaker 1: that transparency. And I want to see this in place.

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Speaker 1: I want to see I want to see a price list,

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Speaker 1: and I want to be able to shop it around. Yeah,

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Speaker 1: and those medical prices being shrouded in secrecy is not

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Speaker 1: doing any good for consumers. And the fact that the

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Speaker 1: hospitals are allowed to get away with not following the

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Speaker 1: rules is not okay. And I hope that a few finds,

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Speaker 1: just a few finds get levied against some major hospital

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Speaker 1: hospital players who are skirting the rules, and that all

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Speaker 1: the other hospitals start shaking in their boots and they

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Speaker 1: start to comply. Just I mean, yeah, like it doesn't

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Speaker 1: even need to go up to the two million, Like

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Speaker 1: I think the fine start at a little over a

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Speaker 1: hundred thousand. Just start dolling out in a few of

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Speaker 1: those hundred thousand dollar fines like that will be enough. Like,

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Speaker 1: I don't want them to just to come down hard

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Speaker 1: on a hospital because you know it's taking me a

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Speaker 1: while for them to be compliance. I just want maybe, yeah,

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Speaker 1: a few of those hospitals to be a good example

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Speaker 1: though for for the rest of the industry. They need

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Speaker 1: to feel the pain so that we can feel the savings. Cool.

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Speaker 1: I like that. And uh, well, one good news, Matt

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Speaker 1: on the medical front, now that you've revealed the Lucas

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Speaker 1: headline of the week and we talked about that, there's

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Speaker 1: a law that went into effect January one that means

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Speaker 1: that we shouldn't see any more surprise emergency bills, which

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Speaker 1: is a really good thing. So if you're having an

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Speaker 1: emergency basically you go to an urgent care or an

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Speaker 1: emergency room, You'll still have to pay your typical copay

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Speaker 1: like he normally would. But here's the thing, You're not

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Speaker 1: going to be stuck with a surprise bill after the fact.

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Speaker 1: And this happens so often to two people where they

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Speaker 1: think they're paying one price, but they got seen by

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Speaker 1: a doctor who was out of network randomly that they

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Speaker 1: did not ask to see, but that that was provided

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Speaker 1: to them, and they get stuck with a bill for

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Speaker 1: thousands or tens of thousands of dollars that that was

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Speaker 1: not on their radar. And so this is fantastic even

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Speaker 1: been like unconscious, like yeah, it's like, oh, why didn't

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Speaker 1: have choice, I'm sorry, likely doctor to work on me.

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Speaker 1: I would have been fine with the network doctor. Well.

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Speaker 1: And the problem is when we're getting medical care, oftentimes, yeah,

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Speaker 1: we are in a state, especially if it's emergency medical care,

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Speaker 1: where we can't ask those questions. State of duress. Yes,

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Speaker 1: And so yeah, don't get me wrong. We are all

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Speaker 1: about hospitals and doctors getting paid for the services in

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Speaker 1: the care they provide. But the the onus really it

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Speaker 1: doesn't need to be should not be on the individual

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Speaker 1: and their family member to look up, especially in the

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Speaker 1: heat of the moment, whether something is in network or

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Speaker 1: out of network, you know, while they're in extreme pain,

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Speaker 1: or while they're you know, in an ambulance on the

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Speaker 1: way after a car action or something like that. And

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Speaker 1: so I think that this bill, although maybe not perfectly

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Speaker 1: written is going to do a lot of good for

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Speaker 1: a lot of consumers. And you know the fact that

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Speaker 1: it is now law is great. Yeah. Yeah, We're all

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Speaker 1: about personal responsibility, you know, like shopping around, being the

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Speaker 1: smartest consumer possible, But it can be difficult to perform

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Speaker 1: your due diligence when you're in a diary situation like that.

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Speaker 1: You know, when you have the time to shop around

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Speaker 1: ahead of time for you know, all those other non

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Speaker 1: emergency medical needs that you might have, it should be

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Speaker 1: up to you to know whether you are in network

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Speaker 1: or not. Uh. And lawmakers actually agree with us on

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Speaker 1: this point, because you can still received surprise bills uh

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Speaker 1: not covered by your insurance from out of network providers.

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Speaker 1: So when it comes to standard procedures, things that are

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Speaker 1: not considered emergencies, you do need to make sure that

430
00:20:10,840 --> 00:20:14,240
Speaker 1: you are in network. But those emergency visits, those are

431
00:20:14,280 --> 00:20:16,159
Speaker 1: the type of visits that you will no longer have

432
00:20:16,200 --> 00:20:18,959
Speaker 1: to worry about getting billed beyond what you would typically

433
00:20:18,960 --> 00:20:21,119
Speaker 1: have to pay through your insurance, no doubt. All right,

434
00:20:21,280 --> 00:20:23,840
Speaker 1: let's get to a couple real estate predictions that we

435
00:20:23,880 --> 00:20:26,760
Speaker 1: saw this year from some of the big housing websites

436
00:20:26,920 --> 00:20:30,560
Speaker 1: and Zillo just shared some of their their own predictions

437
00:20:30,560 --> 00:20:32,959
Speaker 1: for the housing market for the coming year, and what

438
00:20:33,000 --> 00:20:35,119
Speaker 1: did they see in their crystal ball as they gazed

439
00:20:35,160 --> 00:20:37,520
Speaker 1: into the future. Well, they saw more growth in the

440
00:20:37,520 --> 00:20:40,720
Speaker 1: housing market, although what they also saw was a market

441
00:20:40,720 --> 00:20:43,239
Speaker 1: that is likely not going to be as frantic as

442
00:20:43,400 --> 00:20:45,840
Speaker 1: last year's where growth is subdued to a certain degree.

443
00:20:46,119 --> 00:20:48,520
Speaker 1: And I think I agree with that. What do you think? Yeah,

444
00:20:48,680 --> 00:20:50,840
Speaker 1: I think I agree. You know, I've talked about some

445
00:20:50,840 --> 00:20:53,800
Speaker 1: folks and they have indicated that, like, Okay, should I

446
00:20:53,840 --> 00:20:57,000
Speaker 1: be concerned? Is this the bubble? And the fact is, like,

447
00:20:57,080 --> 00:21:00,000
Speaker 1: we're not in a housing bubble. We have very high

448
00:21:00,240 --> 00:21:03,119
Speaker 1: qualified borrowers who are taking out these mortgages, who are

449
00:21:03,119 --> 00:21:05,280
Speaker 1: buying homes. This is not going to be a situation

450
00:21:05,320 --> 00:21:06,840
Speaker 1: like it was, you know, like ten and twelve years

451
00:21:06,840 --> 00:21:09,560
Speaker 1: ago with a housing crash that we experience. But I

452
00:21:09,560 --> 00:21:11,360
Speaker 1: do I agree. I think we are going to see

453
00:21:11,359 --> 00:21:13,640
Speaker 1: it level off a little bit. It might even plateau.

454
00:21:13,720 --> 00:21:15,879
Speaker 1: But I don't think, man, we actually are getting a

455
00:21:15,880 --> 00:21:18,800
Speaker 1: little prediction now or But I don't think we're gonna

456
00:21:18,800 --> 00:21:21,960
Speaker 1: see prices correct. I don't think we're gonna see values decrease. Well,

457
00:21:22,000 --> 00:21:24,080
Speaker 1: I I and I agree with that, and I think, yeah,

458
00:21:24,119 --> 00:21:26,040
Speaker 1: maybe we said we weren't gonna get predictions, now we

459
00:21:26,080 --> 00:21:28,480
Speaker 1: kind of are. But I will say that there are

460
00:21:28,840 --> 00:21:31,560
Speaker 1: when you look at the fundamentals of what's happening there,

461
00:21:31,680 --> 00:21:34,920
Speaker 1: there's nothing that that that jumps out at you that

462
00:21:35,400 --> 00:21:37,560
Speaker 1: states that how home prices are going to fall up

463
00:21:37,560 --> 00:21:39,439
Speaker 1: a cliff And and I think, you know, rates are

464
00:21:39,480 --> 00:21:41,399
Speaker 1: set to rise this year, and I think that will happen,

465
00:21:41,400 --> 00:21:44,240
Speaker 1: and I think that that will mellow out price increases.

466
00:21:44,280 --> 00:21:46,480
Speaker 1: But I agree with you. We're not in a bubble

467
00:21:46,560 --> 00:21:48,680
Speaker 1: from everything that we can tell based on the data.

468
00:21:48,920 --> 00:21:51,919
Speaker 1: And so seeing like a severe price drop in in

469
00:21:51,960 --> 00:21:55,440
Speaker 1: your neighborhood, it's it's unlikely. But but so much of

470
00:21:55,560 --> 00:21:59,200
Speaker 1: that depends on where you live and local real estate.

471
00:21:59,240 --> 00:22:01,480
Speaker 1: And one of the other things that Zillo Zillo is

472
00:22:01,480 --> 00:22:05,159
Speaker 1: predicting is they're predicting more growth happening basically in the

473
00:22:05,160 --> 00:22:07,399
Speaker 1: southeast United States. And and they say that, you know,

474
00:22:07,440 --> 00:22:10,400
Speaker 1: multiple major cities in Florida, in Texas and North Carolina.

475
00:22:10,720 --> 00:22:12,880
Speaker 1: That's that's on their list of cities that are likely

476
00:22:12,880 --> 00:22:15,520
Speaker 1: to experience the fastest rates of growth in the coming year.

477
00:22:15,560 --> 00:22:18,000
Speaker 1: Our city of Atlanta was number seven on that list.

478
00:22:18,400 --> 00:22:20,119
Speaker 1: But when you look at the list man, it's like

479
00:22:20,240 --> 00:22:23,920
Speaker 1: literally all in the Southeastern quadrant and it's the hot

480
00:22:24,040 --> 00:22:26,000
Speaker 1: the hot place to be. I guess yeah, So you

481
00:22:26,000 --> 00:22:28,919
Speaker 1: can join Joel and I down here in Atlanta. Even

482
00:22:28,960 --> 00:22:31,280
Speaker 1: though it's predicted to be a hot market, the cost

483
00:22:31,320 --> 00:22:33,720
Speaker 1: of living in Atlanta is still lower, especially when you

484
00:22:33,760 --> 00:22:35,960
Speaker 1: compare it to other major cities in the United States.

485
00:22:36,280 --> 00:22:38,640
Speaker 1: But you know, we'll see what happens, But we know

486
00:22:38,720 --> 00:22:40,359
Speaker 1: that a lot of how the money listeners are in

487
00:22:40,400 --> 00:22:42,879
Speaker 1: the market to buy a home. But it's helpful to

488
00:22:42,960 --> 00:22:46,360
Speaker 1: have just these general market conditions on your radar during

489
00:22:46,400 --> 00:22:49,840
Speaker 1: your home search, while also digging into those specific dynamics

490
00:22:50,000 --> 00:22:52,439
Speaker 1: of what is happening in the market, the specific markets

491
00:22:52,520 --> 00:22:54,400
Speaker 1: where you're attempting to buy, and at the same time

492
00:22:54,600 --> 00:22:57,760
Speaker 1: knowing your own personal financial situation, because there are a

493
00:22:57,800 --> 00:22:59,440
Speaker 1: lot of people who want to buy a home but

494
00:22:59,600 --> 00:23:02,000
Speaker 1: aren't ready to buy a home yet, and so if

495
00:23:02,000 --> 00:23:04,200
Speaker 1: that's your goal, maybe this is the year where you're

496
00:23:04,280 --> 00:23:08,080
Speaker 1: preparing your finances for that eventuality, killing that soil. You

497
00:23:08,080 --> 00:23:10,840
Speaker 1: haven't yet planned those seeds exactly exactly well, because it

498
00:23:10,880 --> 00:23:13,160
Speaker 1: doesn't matter what the overall market is doing. It doesn't

499
00:23:13,160 --> 00:23:15,000
Speaker 1: matter what the market is doing in your specific cometown

500
00:23:15,040 --> 00:23:18,159
Speaker 1: if you are not ready to purchase a home yourself. Joe,

501
00:23:18,240 --> 00:23:20,240
Speaker 1: let's let's get to our last story. Let's talk about

502
00:23:20,560 --> 00:23:22,639
Speaker 1: vacation a little bit, because you know, like, I know,

503
00:23:22,680 --> 00:23:25,080
Speaker 1: we made it sound like that we're not too high

504
00:23:25,160 --> 00:23:29,560
Speaker 1: on yourar's resolutions earlier in the show. Really we aren't united.

505
00:23:30,200 --> 00:23:32,520
Speaker 1: You didn't set a resolution resolution. I didn't either. I

506
00:23:32,520 --> 00:23:34,199
Speaker 1: don't know if that makes me lazy or smart, but

507
00:23:36,320 --> 00:23:38,320
Speaker 1: maybe smart because you don't like to fail. So you're like,

508
00:23:38,320 --> 00:23:40,080
Speaker 1: I'm not gonna do something I say I'm gonna do

509
00:23:40,119 --> 00:23:43,280
Speaker 1: something that I'm not actually gonna do. But you know,

510
00:23:43,440 --> 00:23:45,920
Speaker 1: maybe if you are the kind of person who likes

511
00:23:45,920 --> 00:23:48,400
Speaker 1: to make some changes for yourself for the new year,

512
00:23:48,440 --> 00:23:51,040
Speaker 1: I just, you know, semantics cause something different. Maybe one

513
00:23:51,080 --> 00:23:52,520
Speaker 1: of those things for you can be to take some

514
00:23:52,600 --> 00:23:56,320
Speaker 1: more time off this coming year. Seriously, rest is a

515
00:23:56,400 --> 00:23:59,800
Speaker 1: necessary component of doing great work. In the New York Times,

516
00:24:00,080 --> 00:24:03,119
Speaker 1: they had an article this week detailing how some employers

517
00:24:03,160 --> 00:24:06,840
Speaker 1: are requiring it's not just an option anymore. They are

518
00:24:06,880 --> 00:24:09,639
Speaker 1: requiring their employees to take vacation time to get out

519
00:24:09,640 --> 00:24:12,320
Speaker 1: of here. Jim, don't come back next we literally and

520
00:24:12,640 --> 00:24:14,239
Speaker 1: so much of it depends with, you know, on your

521
00:24:14,240 --> 00:24:17,640
Speaker 1: specific company, or your specific boss or or your most

522
00:24:17,640 --> 00:24:21,480
Speaker 1: direct manager. Right because if the company policy is you've

523
00:24:21,480 --> 00:24:25,360
Speaker 1: got unlimited time off, but your supervisor isn't taking time off,

524
00:24:25,480 --> 00:24:28,400
Speaker 1: well guess what the expectation is unless it has been

525
00:24:28,440 --> 00:24:30,880
Speaker 1: explicitly stated that no, you need to take time off.

526
00:24:31,000 --> 00:24:33,840
Speaker 1: Sometimes that unlimited PTO policy is a good thing, and

527
00:24:33,880 --> 00:24:37,600
Speaker 1: sometimes it is it's a freaking mora trap. It's just

528
00:24:37,640 --> 00:24:40,160
Speaker 1: this thing that is out there. But people know that.

529
00:24:40,240 --> 00:24:44,280
Speaker 1: It completely depends on what is being communicated through, you know,

530
00:24:44,359 --> 00:24:47,080
Speaker 1: within the company, and it depends on what is being

531
00:24:47,119 --> 00:24:50,080
Speaker 1: modeled as well. But generally speaking, we think that companies

532
00:24:50,119 --> 00:24:52,400
Speaker 1: requiring this time off is great. It's in the best

533
00:24:52,400 --> 00:24:55,520
Speaker 1: interest of both employers and employees to make sure that

534
00:24:55,600 --> 00:24:59,320
Speaker 1: they aren't neglecting to take that all important personal time.

535
00:24:59,640 --> 00:25:02,520
Speaker 1: So yeah, start planning time off, you know, throughout the

536
00:25:02,560 --> 00:25:05,400
Speaker 1: year now. And I think this is especially true considering

537
00:25:05,440 --> 00:25:07,520
Speaker 1: the number of people who are now working from home.

538
00:25:08,320 --> 00:25:10,920
Speaker 1: Being someone who chose to start working from home over

539
00:25:11,200 --> 00:25:13,960
Speaker 1: you know, like I don't ten fifteen years ago that

540
00:25:14,119 --> 00:25:17,040
Speaker 1: for me, it took years of boundary setting. It took

541
00:25:17,119 --> 00:25:20,120
Speaker 1: years of finding the right rhythm where I was able

542
00:25:20,119 --> 00:25:22,240
Speaker 1: to be at home and to not feel like I

543
00:25:22,280 --> 00:25:25,520
Speaker 1: was working right. And so it's just a new dynamics

544
00:25:25,560 --> 00:25:27,719
Speaker 1: that so many people, so much of the workforce, has

545
00:25:27,720 --> 00:25:31,159
Speaker 1: found themselves abruptly thrust into as opposed to electing to

546
00:25:31,200 --> 00:25:33,040
Speaker 1: do something. And because of that, I think it can

547
00:25:33,080 --> 00:25:35,320
Speaker 1: be even more difficult to feel like that they have

548
00:25:35,359 --> 00:25:39,480
Speaker 1: gotten any anything resembling a break. Yes, completely agree, and

549
00:25:39,520 --> 00:25:41,480
Speaker 1: I think that's that's very true for for a lot

550
00:25:41,480 --> 00:25:43,760
Speaker 1: of people. And I think if if your company is

551
00:25:43,840 --> 00:25:45,879
Speaker 1: a kind of company that makes it hard for you

552
00:25:45,880 --> 00:25:48,240
Speaker 1: to take time off, or they don't encourage that, or

553
00:25:48,320 --> 00:25:52,119
Speaker 1: maybe they actively discourage you taking time off, then you

554
00:25:52,160 --> 00:25:54,800
Speaker 1: probably don't want to stick around at that company long term.

555
00:25:54,840 --> 00:25:57,840
Speaker 1: You might want to start looking around. And of course,

556
00:25:57,880 --> 00:26:00,840
Speaker 1: the job market is is ripe for the picking right now.

557
00:26:00,880 --> 00:26:02,159
Speaker 1: It could be the perfect time to look for a

558
00:26:02,160 --> 00:26:04,840
Speaker 1: new job, but you want to prioritize a company that

559
00:26:04,920 --> 00:26:07,879
Speaker 1: has a culture that cares about you and about getting

560
00:26:08,119 --> 00:26:09,439
Speaker 1: the rest that you need in order to be able

561
00:26:09,480 --> 00:26:12,240
Speaker 1: to function at a high level. Ultimately, it's better for

562
00:26:12,320 --> 00:26:14,800
Speaker 1: the the employee and the employer I think we talked

563
00:26:14,840 --> 00:26:16,240
Speaker 1: about that at the end of the year, Matt, when

564
00:26:16,240 --> 00:26:19,040
Speaker 1: we talked about Patagonia and their company cultures and like

565
00:26:19,080 --> 00:26:21,679
Speaker 1: prioritizing working for a company that has a great culture

566
00:26:22,040 --> 00:26:25,399
Speaker 1: and that wants you to take time off and to

567
00:26:25,560 --> 00:26:29,399
Speaker 1: recharge is a good thing exactly. But that is going

568
00:26:29,440 --> 00:26:33,040
Speaker 1: to be it for this Friday flight. Listeners can find

569
00:26:33,040 --> 00:26:35,480
Speaker 1: show notes up on our website at how to money

570
00:26:35,560 --> 00:26:37,639
Speaker 1: dot com. Don't forget to sign up for any of

571
00:26:37,640 --> 00:26:40,679
Speaker 1: those money challenges that we shared with you on this

572
00:26:40,760 --> 00:26:43,360
Speaker 1: past Wednesday's episode. If you haven't listened to that one yet,

573
00:26:43,600 --> 00:26:45,320
Speaker 1: give it a quick listen. You can hear us talk

574
00:26:45,400 --> 00:26:47,760
Speaker 1: through some of the strategies and some of the just

575
00:26:47,800 --> 00:26:49,760
Speaker 1: the practical. I mean, we talk about why it is

576
00:26:49,800 --> 00:26:52,800
Speaker 1: that challenges are oftentimes necessary in our lives when we're

577
00:26:52,800 --> 00:26:54,959
Speaker 1: wanting to see progress. So yeah, we would recommend that.

578
00:26:55,600 --> 00:26:56,920
Speaker 1: But we hope to see you back here on Monday.

579
00:26:56,920 --> 00:26:59,520
Speaker 1: We've got a great listener questions episode lined up for

580
00:26:59,560 --> 00:27:02,360
Speaker 1: you then, and Joel, until next time. Best Friends Out,

581
00:27:02,440 --> 00:27:03,520
Speaker 1: Best Friends Out,