WEBVTT - Friday Flight - Frustrating Fees, Degree Doubts, & Upper-Middle Class Ascendancy #1128 0:00:00.080 --> 0:00:02.960 Welcome to Out of Money. I'm Joel, I'm Matt. Today 0:00:03.000 --> 0:00:20.400 we're talking frustrating fees, degree doubts, and upper middle class ascendency. 0:00:26.200 --> 0:00:28.160 That's right, buddy, this is our Friday flight, and we're 0:00:28.200 --> 0:00:30.840 gonna talk about the personal finance stories that we want 0:00:30.880 --> 0:00:33.159 to talk about. That's right, because it's going to help you. 0:00:33.280 --> 0:00:35.239 Our listener all the how the money he's out there. 0:00:35.360 --> 0:00:37.040 Now, what do we'll take, Well, we will take all 0:00:37.080 --> 0:00:39.040 the besties out there. Yeah, and I will say we 0:00:39.080 --> 0:00:41.760 will take your If you've got a story you think 0:00:41.800 --> 0:00:45.120 we should talk about, we will take your emails. Listener 0:00:45.159 --> 0:00:46.880 sends stuff in all the time. They're like, you should 0:00:46.880 --> 0:00:48.640 stuff we talk about is stuff that folks that not 0:00:48.760 --> 0:00:50.920 half is That's not true. Yeah. Now, most of it 0:00:50.960 --> 0:00:52.920 the stuff that we have found we're interested in. But 0:00:52.960 --> 0:00:55.320 if you have something you think would be a value, 0:00:55.400 --> 0:00:56.560 you're like, I just want to hear Matt and Joel 0:00:56.560 --> 0:00:57.400 talk about that. Let us know. 0:00:57.560 --> 0:01:00.279 Yeah, So I wanted to quickly share what I guess 0:01:00.320 --> 0:01:04.920 Monday's episode, I talked about diverting my dryer vent and 0:01:05.319 --> 0:01:07.360 speaking of hearing back from listeners, a listener reached out 0:01:07.400 --> 0:01:07.920 and said. 0:01:07.720 --> 0:01:09.760 Hey, there's actually a product that solves. 0:01:09.440 --> 0:01:12.920 That problem, and it's this conversion kit and it it 0:01:13.000 --> 0:01:16.800 forces the dryer exhaust into like a bucket sort of 0:01:16.800 --> 0:01:18.640 thing where there's water. And I'm pretty sure I've actually 0:01:18.680 --> 0:01:20.240 seen these before. I mean, so maybe that's where my 0:01:20.240 --> 0:01:21.800 head was at when I was talking about diverting that. 0:01:21.840 --> 0:01:26.240 But anyway, I hadn't looked into it. But a listener said, hey, 0:01:26.280 --> 0:01:29.959 this exists because I was actually planning on installing a 0:01:30.080 --> 0:01:32.880 dryer that couldn't be on an exterior wall. And he's like, 0:01:32.920 --> 0:01:35.080 this is a solution. So yeah, how cool? 0:01:35.120 --> 0:01:37.679 Is that makes sense? There's a solution. Yeah, that's why 0:01:37.720 --> 0:01:39.520 you probably three D prints I jump up do it. 0:01:39.680 --> 0:01:42.640 And where we learn a lot just from replies from 0:01:42.760 --> 0:01:46.000 questions that we ask on the the end of the void. 0:01:46.080 --> 0:01:48.520 And then there's somebody smarter than us. Usually he's like, 0:01:48.960 --> 0:01:51.520 I've got a solution for your problem there. Yeah, that's 0:01:51.560 --> 0:01:53.080 a great way that we get to hear back from it. 0:01:53.120 --> 0:01:54.640 By the way, can I just say there was speaking 0:01:54.680 --> 0:01:57.800 of listeners, there was somebody in the Facebook group who posted, 0:01:58.120 --> 0:02:00.440 I don't know, maybe two three weeks ago saying something 0:02:00.920 --> 0:02:05.000 being very very nervous about where things stood from an 0:02:05.000 --> 0:02:08.400 investing in stock market perspective and talked about radically changing 0:02:08.760 --> 0:02:11.960 their investing strategy and hope they didn't do that. I know, 0:02:12.000 --> 0:02:15.080 I hope not too. And other replies obviously very classic 0:02:15.160 --> 0:02:17.280 and helpful in the Facebook group, a lot of hold 0:02:17.280 --> 0:02:20.200 the really smart people, Yeah, stay the course. And I 0:02:20.320 --> 0:02:22.240 just want to say, that's what folks were saying. I 0:02:22.280 --> 0:02:24.600 did not necessarily assume, oh, we'll be back at all 0:02:24.639 --> 0:02:27.960 time highs by you know, mid April. But we are, Matt, 0:02:28.240 --> 0:02:31.799 we are. And it's just the as of the time 0:02:31.800 --> 0:02:35.520 of this recording, right, And I don't have any predictions. 0:02:35.560 --> 0:02:38.880 Well yeah quickly that can change on a time for sure. 0:02:39.160 --> 0:02:43.040 But I think it's just worth noting right that we 0:02:43.400 --> 0:02:46.200 this is why we talk about investing over the long term, 0:02:46.200 --> 0:02:48.840 what happens. I was just talking with another friend about 0:02:49.160 --> 0:02:53.720 like what my thoughts are on the investing in the 0:02:53.720 --> 0:02:55.600 next decade or so, and I'm like, man, I'm just 0:02:56.000 --> 0:02:59.400 I'm optimistic. And optimism usually sounds a little dumb, like 0:02:59.520 --> 0:03:02.880 don't you see all the risks that the hurdles that 0:03:03.320 --> 0:03:05.079 lay ahead of us on the road. And it's like, yeah, 0:03:05.080 --> 0:03:07.040 I see them, Like, for sure, we talk about those 0:03:07.120 --> 0:03:09.600 risks we'll talk about some today right on the show, 0:03:09.919 --> 0:03:12.040 But that doesn't mean that over the long term we 0:03:12.080 --> 0:03:15.400 don't still believe in the engine, the economic engine of 0:03:15.400 --> 0:03:17.600 the United States, and that we should all be like 0:03:17.960 --> 0:03:21.000 putting our money into the stock market to be beneficiaries 0:03:21.160 --> 0:03:26.520 of the intelligence and the brilliance that US companies in particular. 0:03:26.560 --> 0:03:28.680 But you know, we're talking about investing in the world 0:03:28.680 --> 0:03:30.480 as well have to offer. 0:03:30.560 --> 0:03:32.760 So totally, there's a lot of n A sais out there. 0:03:32.840 --> 0:03:34.480 But I have a lot of confidence in folks who 0:03:34.560 --> 0:03:36.440 are looking to make the world a better place right, 0:03:36.480 --> 0:03:38.720 who are like their life's work is to leave the 0:03:38.720 --> 0:03:40.600 world in a better place than where they found it, 0:03:40.640 --> 0:03:42.280 which is I think a good life motto. 0:03:42.120 --> 0:03:45.120 And sometimes like that kind of clashes with our idea 0:03:45.160 --> 0:03:46.960 of what the good life is. Think, man, I'm just 0:03:47.000 --> 0:03:50.200 thinking there's a tangent. I'm just thinking about the Molotov 0:03:50.200 --> 0:03:55.920 cocktails on Open AI, right, and that I don't think 0:03:55.920 --> 0:03:59.560 the idea of violence is ever warranted. But I also 0:04:00.160 --> 0:04:04.840 understand how kind of people feel angsty about artificial intelligence 0:04:05.000 --> 0:04:07.960 right now. So yeah, but violence is not the solution. 0:04:08.040 --> 0:04:11.200 No, it's not, okay, And we go segue to a 0:04:11.280 --> 0:04:13.840 I talked speaking of robots. 0:04:13.920 --> 0:04:16.760 Let's talk about let's a completely different direction. Okay, let's 0:04:16.760 --> 0:04:20.040 talk about bag fees. We've all gotten used to airlines 0:04:20.080 --> 0:04:22.560 and all the all the hikes. Yes, yeah, we've all 0:04:22.600 --> 0:04:25.039 gotten used to bag fees. But Matt, I remember a 0:04:25.080 --> 0:04:27.640 simpler time when they didn't exist, Because I think bag 0:04:27.680 --> 0:04:30.360 feeds got instituted just before twenty ten. 0:04:30.440 --> 0:04:32.680 I remember similar times when airplanes didn't exist and we 0:04:32.680 --> 0:04:34.320 didn't have to worry about anything associated. 0:04:34.800 --> 0:04:37.040 That's true. I just took the horse and buggy wherever 0:04:37.080 --> 0:04:37.719 we wanted to go. 0:04:38.240 --> 0:04:40.680 Uh, you got to worry about where oats and what 0:04:40.800 --> 0:04:43.120 to do with the poop, all the poop. It's just yeah, 0:04:43.240 --> 0:04:45.760 can you can you imagine that was actually oh gosh, 0:04:45.760 --> 0:04:48.160 what what historian talked about? 0:04:48.160 --> 0:04:48.280 That? 0:04:48.440 --> 0:04:51.280 Just the vast amounts of energy that had to go 0:04:51.320 --> 0:04:53.360 towards clearing the streets of poop. Yeah, like in New 0:04:53.440 --> 0:04:55.760 York City back hundred years ago. 0:04:55.800 --> 0:04:58.000 So I don't live in that the existence exactly. 0:04:58.000 --> 0:05:00.800 I'm not, and I'll say that I'm glad. So, yeah, 0:05:00.880 --> 0:05:02.880 we are in a great place right now. It's amazing 0:05:02.880 --> 0:05:05.560 the technology, technology that we have and the ability to 0:05:05.560 --> 0:05:07.640 fly across the country just to like go see a friend. 0:05:07.720 --> 0:05:09.880 Incredible, but it's getting more expensive, and part of that 0:05:10.040 --> 0:05:13.679 is jet fuel surch charges and you know, ticket price hikes. 0:05:13.680 --> 0:05:17.119 But then it's also increased bag fees. And some people 0:05:17.200 --> 0:05:19.320 used to fly Southwest to avoid bag fees. They can't 0:05:19.400 --> 0:05:21.400 do that any longer because Southwest is just like all 0:05:21.400 --> 0:05:25.000 the other airlines now. Other people pack light. That's one 0:05:25.040 --> 0:05:27.120 of my kind of favorite ways to avoid back fees. 0:05:27.120 --> 0:05:29.200 Don't check bags as often as you can. 0:05:29.400 --> 0:05:31.000 Keep an out for Joel in the airport with his 0:05:31.080 --> 0:05:33.480 cargo shorts on my car back to the pack to 0:05:33.520 --> 0:05:33.840 the bridge. 0:05:33.839 --> 0:05:35.599 I don't work carter shorts. Not my jam but I 0:05:35.640 --> 0:05:37.720 die yet. But I've got my Koto packs. We've talked 0:05:37.720 --> 0:05:40.400 about this, my Kodopasi twenty eight liter bag that I 0:05:40.440 --> 0:05:42.560 can fit the best man everything I need for like 0:05:42.600 --> 0:05:43.240 five days in. 0:05:43.360 --> 0:05:45.240 I think it's my favorite product that we've never been 0:05:45.520 --> 0:05:47.120 I don't know, we have a lot of favorite products. 0:05:47.120 --> 0:05:49.200 Like I'm looking at mine's right over there on the floor. 0:05:49.240 --> 0:05:52.080 It's my daily commuter bag. It's so great and I 0:05:52.160 --> 0:05:55.520 was actually wearing it rucking slash running, slash hiking with 0:05:55.600 --> 0:05:57.920 Kate last week over spring break. 0:05:58.000 --> 0:06:01.320 It makes it great that versatile so great is the best. 0:06:01.400 --> 0:06:04.480 Yeah, also fits within the tight little container and all 0:06:04.600 --> 0:06:06.880 exactly al Cheapo airlines, that's right, who are going to. 0:06:06.920 --> 0:06:08.880 Make you check it because they're trying to stick it 0:06:08.880 --> 0:06:11.240 to you. Other people mattch choose to get credit cards 0:06:11.279 --> 0:06:13.120 to help them avoid bag fees, which is not a 0:06:13.120 --> 0:06:15.640 bad route as well. Yeah, that can be a smart 0:06:15.640 --> 0:06:18.760 way to go, especially if you fly one airline regularly, 0:06:19.240 --> 0:06:21.760 and we're gonna see I think more people jumping through 0:06:21.880 --> 0:06:23.960 more hoops to avoid bag fees because they're going up. 0:06:24.320 --> 0:06:27.080 Three of the big six airlines have raised bag fees 0:06:27.120 --> 0:06:29.040 in recent days. It's kind of like one makes the 0:06:29.040 --> 0:06:31.960 announcement and then the dominoes are gonna fall in rapid 0:06:32.000 --> 0:06:35.400 succession from there. And part of the reason that they're 0:06:35.440 --> 0:06:38.000 raising bag fees instead of raising fares is because they 0:06:38.000 --> 0:06:41.480 think you'll notice less and because because like the fee 0:06:41.520 --> 0:06:43.440 at the end, you're like, oh, was it forty dollars 0:06:43.520 --> 0:06:45.359 before and now it's fifty I don't remember, and you 0:06:45.440 --> 0:06:48.760 just pay it. And they also don't pay tax on 0:06:48.880 --> 0:06:51.800 feed derived income. So I think that is another reason 0:06:52.279 --> 0:06:54.520 when you just look at like the incentive that these 0:06:54.560 --> 0:06:58.560 airlines have they have incentives to raise fees before they 0:06:58.640 --> 0:07:02.680 raise fares, so and those fees tend to be kind 0:07:02.680 --> 0:07:04.400 of sticky. How when have you ever seen a bag 0:07:04.400 --> 0:07:07.119 fee go down in price? Like it just it doesn't happen. 0:07:07.320 --> 0:07:09.520 But this is just the stakes are higher now, so 0:07:09.520 --> 0:07:11.760 it makes even more sense to try to avoid bag 0:07:11.800 --> 0:07:12.520 fees however you can. 0:07:12.600 --> 0:07:15.120 It'll be interesting to see if the other three are 0:07:15.160 --> 0:07:17.200 able to hold the line and not raise fees because 0:07:17.240 --> 0:07:19.679 as I mean, a big part of the increases obviously 0:07:19.680 --> 0:07:20.400 have to do with the. 0:07:20.920 --> 0:07:22.080 Straight of horror moves. 0:07:22.640 --> 0:07:25.760 But as there's more hope and talks that it's going 0:07:25.800 --> 0:07:27.760 to open, especially with Europe, you know, like all the 0:07:27.800 --> 0:07:29.800 European countries are meeting and trying to figure out a 0:07:29.800 --> 0:07:31.400 way to how can we manage this, how can we 0:07:31.680 --> 0:07:34.480 ensure that the oil can continue to flow. It'll be 0:07:34.480 --> 0:07:36.000 interesting to see whether or not those other three are 0:07:36.000 --> 0:07:38.160 able to actually have never raised their fees, and you 0:07:38.200 --> 0:07:41.280 start to see those gain and popularity as everyone's wanting 0:07:41.320 --> 0:07:44.160 to book with them as opposed to Delta, right, like 0:07:44.160 --> 0:07:45.800 they're the most one of the more recent ones to 0:07:46.320 --> 0:07:48.280 raise fees. I just hope that spirit is able to 0:07:48.280 --> 0:07:50.480 make it man like you know, like there's a lot 0:07:50.520 --> 0:07:53.520 to talk about, like them liquidizing. I just want there 0:07:53.520 --> 0:07:56.320 to be an affordable option for folks that's equivalent to 0:07:56.400 --> 0:07:57.040 Ryan Air. 0:07:57.040 --> 0:08:01.760 Right in Europe, and of us have ever flown Spirit 0:08:01.840 --> 0:08:04.280 before floing Spirit? Okay, you fly, I didn't think you had. Okay, 0:08:04.760 --> 0:08:07.560 it's been a minute, but we don't fly with regularity. 0:08:07.600 --> 0:08:10.400 But because they exist, we all pay cheaper price. 0:08:10.520 --> 0:08:12.640 Yes, And I just want there to be like a 0:08:12.640 --> 0:08:18.000 greyhound bus version of an airplane like that. I said, well, no, 0:08:18.080 --> 0:08:20.520 that's more like what it's like in Europe with Ryanair. 0:08:20.520 --> 0:08:23.080 But still I want there to be a super affordable megabus. 0:08:22.760 --> 0:08:24.920 Folks, Megabus which we haven't talked about a long time either, 0:08:24.920 --> 0:08:27.280 which is a good option a cheap folks get around 0:08:27.280 --> 0:08:28.040 the country. It's true. 0:08:28.280 --> 0:08:31.400 Another fee though, that's been rising consistently, are HOA fees. 0:08:31.640 --> 0:08:35.319 They are up twenty six percent since twenty nineteen. Uh 0:08:35.360 --> 0:08:39.080 So you've got special assessments, you've got larger pairs that 0:08:39.120 --> 0:08:42.440 are needed, and all of these can be painful for homeowners. 0:08:43.240 --> 0:08:46.560 Uh these have been increasing and some longtime condo owners, 0:08:46.600 --> 0:08:49.320 for instance, are paying more in fees more on their 0:08:49.440 --> 0:08:51.200 HOA than they are for their actual mortgage. Folks who 0:08:51.240 --> 0:08:53.559 have locked in, you know, they refinanced, and they're like, 0:08:53.600 --> 0:08:55.280 you know, I'm pretty happy with my two point three 0:08:55.360 --> 0:08:56.280 percent mortgage. 0:08:56.559 --> 0:08:58.560 They stretched ten years ago when prices were lower, they 0:08:58.600 --> 0:09:00.520 stretched it out or even Yeah. 0:09:00.200 --> 0:09:02.240 I guess I'm thinking even back to when a lot 0:09:02.240 --> 0:09:05.280 of condos that during the Great Recession went for I 0:09:05.520 --> 0:09:08.560 went for nothing a song, But I still. 0:09:08.320 --> 0:09:10.319 Remember going shopping with my little sister, trying to help 0:09:10.360 --> 0:09:13.400 her find a condo, choosing one of those forty five 0:09:13.400 --> 0:09:15.920 thousand dollars, like that is so in a sweet part 0:09:15.920 --> 0:09:16.200 of town. 0:09:16.400 --> 0:09:20.000 Crazy crazy, yeah. And so now the average condo or 0:09:20.080 --> 0:09:23.880 town home HOA is four hundred and twenty five dollars. 0:09:24.160 --> 0:09:27.080 Obviously it's gonna be less for single family homes, but 0:09:27.120 --> 0:09:29.960 we're seeing those on the rise too. And like, you 0:09:30.000 --> 0:09:32.439 are getting something for your money, right, like you you 0:09:32.760 --> 0:09:36.360 are receiving something, but it is obviously worth considering the 0:09:36.360 --> 0:09:38.200 trade offs. We want you to know what you are 0:09:38.240 --> 0:09:40.920 getting in return. We want you to know, especially if 0:09:40.920 --> 0:09:43.120 you're considering purchasing a condo, right, like, if you're like Joel, 0:09:43.200 --> 0:09:46.360 or if you yourself are the one who is looking 0:09:46.360 --> 0:09:48.360 at some of these some of these different properties, like 0:09:48.400 --> 0:09:51.040 what sort of financial shape is the hon Like, these 0:09:51.080 --> 0:09:52.520 are the kind of questions you need to ask, like 0:09:52.640 --> 0:09:57.000 ask for the reserve fund balance, see if there's a 0:09:57.000 --> 0:09:59.080 reserve study that's been performed, look at the budget, look 0:09:59.120 --> 0:10:02.040 at recent financial statements. You don't have to be a 0:10:02.080 --> 0:10:05.120 financial expert to you do need to be a personal 0:10:05.160 --> 0:10:07.600 finance enthusiast, I think, because essentially what you're looking at 0:10:07.679 --> 0:10:10.320 are the same sort of transactions that you would see 0:10:10.679 --> 0:10:12.480 within your own sort of ledger statement, like what is 0:10:12.520 --> 0:10:14.720 the balance, what are the transactions looking like that they. 0:10:14.640 --> 0:10:17.520 Actually have cash in the bank in case something happens 0:10:17.559 --> 0:10:19.600 to the property or updates need to be made in 0:10:19.800 --> 0:10:20.720 the next year or two. 0:10:20.720 --> 0:10:23.240 Or can they even provide you with these statements? If 0:10:23.280 --> 0:10:26.240 they can't, well that's definitely a that's definitely a bad sign. 0:10:26.320 --> 0:10:28.160 And just what is the general state of the property, 0:10:28.160 --> 0:10:30.400 because if you're like, oh, they don't have the building, 0:10:30.440 --> 0:10:33.040 oh yeah, building, but it looks like the roof needs 0:10:33.320 --> 0:10:36.080 be replaced on this whole condo unit in the next 0:10:36.160 --> 0:10:39.200 year or two because it's fallen apart or man, there's 0:10:39.240 --> 0:10:41.720 paint chipping off everywhere. This is obviously going to be 0:10:41.760 --> 0:10:44.800 a plausive rough then a special assessment might be coming 0:10:44.840 --> 0:10:47.319 down the pike. I might get hit with it, and 0:10:47.640 --> 0:10:49.719 there's yeah, that's a tough tough spot to be and 0:10:49.760 --> 0:10:52.920 makes you think a friend who bought a condo in Florida, 0:10:53.080 --> 0:10:56.440 he literally had to run for president of the HOA 0:10:56.520 --> 0:10:59.040 because it was so poorly managed and it became this 0:10:59.160 --> 0:11:01.600 part time job and headache for him for a really 0:11:01.760 --> 0:11:05.320 long time. And so yeah, if the HOA is poorly run, 0:11:05.360 --> 0:11:07.840 poorly managed, doesn't have the funds on hand, you could 0:11:07.920 --> 0:11:11.480 be entering into a nightmare. Not to mention just the 0:11:11.520 --> 0:11:14.360 perpetual costs right that come with the internet. 0:11:14.400 --> 0:11:16.920 Joy, I think maybe what's not the heart of that 0:11:17.040 --> 0:11:20.320 is thinking that I don't know, for younger folks out there, 0:11:20.720 --> 0:11:22.400 and not even all that young, but you just always 0:11:22.440 --> 0:11:25.280 expect that there's somebody who's responsible, that's going to take 0:11:25.280 --> 0:11:30.120 care of this. But that's us, right, Like, I mean, 0:11:30.120 --> 0:11:32.000 we're older millennials, but I'm sure there are plenty of 0:11:32.080 --> 0:11:34.720 millennials who are right now realizing that, oh, man, like 0:11:34.800 --> 0:11:38.760 you are encountering more situations, more organizations, more institutions where 0:11:38.800 --> 0:11:41.560 there's nobody who's actually doing the right thing, and so 0:11:41.679 --> 0:11:44.960 much of this is now essentially becoming our I don't 0:11:44.960 --> 0:11:46.640 want to call it a burden, but it's our responsibility 0:11:46.640 --> 0:11:48.000 and sort of like we were saying earlier as far 0:11:48.040 --> 0:11:50.280 as like leaving the world in a better place than 0:11:50.320 --> 0:11:52.680 how you found it, Like, I think that that could 0:11:52.679 --> 0:11:54.559 be a helpful way if you have the capacity to 0:11:54.600 --> 0:11:56.199 sort of take on some of these problems themselves. Not 0:11:56.200 --> 0:11:58.160 to see it necessarily as a burden, but see this 0:11:58.240 --> 0:12:00.360 as a way for you to contribute to societ and 0:12:00.400 --> 0:12:01.599 to help people around you. 0:12:01.679 --> 0:12:04.360 Yeah, and on top of that, to protect the purchase 0:12:04.400 --> 0:12:06.320 you've made. Right, So it's like, yeah, there's a little 0:12:06.320 --> 0:12:08.280 bit of selfishness in there. Yeah, but you can also 0:12:08.360 --> 0:12:10.360 like serve your neighbors. It is good to be self 0:12:10.360 --> 0:12:12.640 interested in this way. Yeah, one hundred percent. Well, and 0:12:12.920 --> 0:12:16.800 just makes me think of just the term dilapidata comes 0:12:16.840 --> 0:12:18.240 to mind when I think about the housing stock in 0:12:18.280 --> 0:12:21.160 the country. There was an article written recently about how 0:12:21.240 --> 0:12:25.199 just so many homes across the country are older, they're 0:12:25.240 --> 0:12:27.560 getting long in the tooth, they need they need more 0:12:27.600 --> 0:12:30.040 work done to them. Like literally the house next to 0:12:30.080 --> 0:12:34.640 where we record has been bottom the top, like completely 0:12:34.720 --> 0:12:38.520 redone because it was built in what like the nineteen 0:12:38.640 --> 0:12:41.600 eighteen range, nineteen twenties, that's what I would guess. Yeah, 0:12:41.640 --> 0:12:44.560 and it's new sighting maybe nineteen ten, new front porch 0:12:44.679 --> 0:12:46.720 just put on, like they just had to do everything 0:12:46.720 --> 0:12:48.160 in that house because it was so dang old and 0:12:48.160 --> 0:12:50.079 it hadn't been updated in so long. And so the 0:12:50.640 --> 0:12:52.720 average age of a home in the United States is 0:12:52.720 --> 0:12:55.920 now forty four years old, which is almost about your. 0:12:55.800 --> 0:12:58.280 Age, which is no, that is literally exactly how my 0:12:58.520 --> 0:13:00.680 home is. Yeah, the house it right now. 0:13:00.760 --> 0:13:02.679 Mine is forty four years old. Mine's a little bit 0:13:02.720 --> 0:13:06.040 older than that, but it was built in the sixties. Yeah, no, 0:13:06.120 --> 0:13:08.600 fifty nine, fifty nine, Okay, there you go. Yeah, so 0:13:08.760 --> 0:13:11.880 are our homes fit into this category? But those have 0:13:12.000 --> 0:13:14.440 we have years a little bit older made updates to them. 0:13:14.920 --> 0:13:19.000 But the cost of home maintenance has been exceeding inflation, 0:13:19.120 --> 0:13:21.080 and so I think we would all be wise to 0:13:21.120 --> 0:13:24.600 set aside extra money for home repairs and expenses. Like 0:13:25.160 --> 0:13:27.840 probably two or more percent of your home's value on 0:13:27.960 --> 0:13:30.800 average is what you should be budgeting. You can't predict 0:13:30.880 --> 0:13:33.240 everything that will go wrong with your home, but you 0:13:33.320 --> 0:13:37.160 can be financially prepared, and especially if you live in 0:13:37.200 --> 0:13:39.840 a cool, older home, right, that by definition is going 0:13:39.880 --> 0:13:42.080 to suck up more of your money. It's got so 0:13:42.160 --> 0:13:45.440 much character, right, and character that character costs money. I 0:13:45.480 --> 0:13:48.199 love it. I love the character, and then you realize 0:13:48.240 --> 0:13:50.360 just how much money it costs to keep that thing up. 0:13:50.520 --> 0:13:53.640 I will say one of the nicest things about living 0:13:53.679 --> 0:13:56.040 in a home that's only forty four years old is 0:13:56.080 --> 0:13:59.400 the fact that it's at least built with modern building codes. 0:14:00.000 --> 0:14:02.520 There's no sort of surprises waiting for me when I 0:14:02.600 --> 0:14:05.480 drill into a wall or when I yeah, I've been 0:14:05.480 --> 0:14:08.160 taking on more projects and we'll save this update maybe 0:14:08.240 --> 0:14:10.480 for some other time. But it's just nice to know 0:14:10.600 --> 0:14:13.680 that there are fewer surprises than some of the older 0:14:13.720 --> 0:14:15.240 properties we used to live in, where it's just like 0:14:15.360 --> 0:14:17.960 you who knows. Yeah, I think it is maybe being 0:14:18.000 --> 0:14:20.640 similar to driving a two thousand and five car versus 0:14:20.640 --> 0:14:21.840 like a nineteen seventy five car. 0:14:21.880 --> 0:14:24.080 Two thousand and five is modern enough right where you're 0:14:24.520 --> 0:14:26.440 enough and it's fairly easy to fix. If you get 0:14:26.440 --> 0:14:29.680 then that a total death trap. Yeah, I don't know 0:14:29.680 --> 0:14:30.000 what to do. 0:14:30.560 --> 0:14:33.280 Like, have you seen pictures of like speaking of the fifties, 0:14:33.320 --> 0:14:34.760 you know, your house being from like the fifties. 0:14:35.440 --> 0:14:39.800 Have you seen kids car seats from the fifties, No, dude, 0:14:39.840 --> 0:14:40.800 they got to be pathetic. 0:14:40.960 --> 0:14:43.280 It is the craziest, Like I mean, they look like 0:14:43.320 --> 0:14:46.040 total death trap guillotines, but just like with a kid 0:14:46.080 --> 0:14:48.520 sitting in it on the front seat, like with like 0:14:48.560 --> 0:14:52.160 a piece of webbing, like barely you know, it's yeah. 0:14:52.560 --> 0:14:53.960 Oh my gosh. I don't about how we used to 0:14:53.960 --> 0:14:55.920 fix backwards, you know in the buicks and which is 0:14:55.960 --> 0:14:58.040 honestly probably pretty safe. 0:14:58.200 --> 0:15:01.400 I would guess if you're facing backwards, if you're buffled, 0:15:01.840 --> 0:15:03.880 if you're oh yeah, yeah, if you're just bouncing around 0:15:03.920 --> 0:15:05.400 back there, yeah, which is likely how a lot of 0:15:05.400 --> 0:15:08.680 the station went right, more likely likely operating. All right, hey, 0:15:08.720 --> 0:15:11.240 let's talk about let's talk about tax refunds. Did you 0:15:11.320 --> 0:15:12.480 have you gotten your tax refund? 0:15:12.520 --> 0:15:15.120 Not yet? Your old one? Right? Yes? Do you see it? 0:15:15.600 --> 0:15:17.480 How do you view your tax refund? Do you see 0:15:17.480 --> 0:15:20.600 it as like a I guess more like from a 0:15:20.640 --> 0:15:22.280 political same point. Do you view it as like a 0:15:22.320 --> 0:15:24.640 tax an interest free loan to the government that I 0:15:24.640 --> 0:15:27.760 finally get to get back, or do you view it as, oh, 0:15:27.920 --> 0:15:30.520 here is a way for me to pay what I uh, 0:15:30.560 --> 0:15:32.320 what I need to pay to the government in order 0:15:32.360 --> 0:15:35.920 to provide for the common streets, military, you know, just 0:15:35.920 --> 0:15:36.240 all all that. 0:15:36.520 --> 0:15:38.240 I see it both ways. Like I see like it's 0:15:38.320 --> 0:15:40.800 part of it is a civic duty to keep Like 0:15:40.920 --> 0:15:42.640 there's and there's a lot of good that comes from 0:15:42.640 --> 0:15:44.720 my tax dollars. But then I also see there's a 0:15:44.760 --> 0:15:48.320 lot of waste and abuse, right and there's especially certain 0:15:48.360 --> 0:15:50.720 parts of the country you might point to and say, well, 0:15:50.720 --> 0:15:53.080 that's really poorly run, and it's nice to live in 0:15:53.120 --> 0:15:55.280 a place where it feels like your tax dollars are 0:15:55.320 --> 0:15:55.680 being used. 0:15:55.680 --> 0:15:57.720 Well, yeah, I think that's a good way of viewing. 0:15:57.760 --> 0:15:59.640 I don't think I have very very many emotions tied 0:15:59.640 --> 0:16:00.920 to it, Like I just I do it because I 0:16:00.920 --> 0:16:02.880 know I'm supposed to. I'm I'm also trying to minimize 0:16:02.920 --> 0:16:04.080 how much I owe because I don't want to have 0:16:04.080 --> 0:16:06.320 to pay more than I that I need to. But 0:16:06.360 --> 0:16:09.600 then I'm also very hopeful of that it's used an 0:16:09.600 --> 0:16:12.440 efficient and used to the it's put to good use. 0:16:12.720 --> 0:16:15.200 And again maybe should run for public office match so 0:16:15.240 --> 0:16:17.600 you can ensure that it's similar to running for hoa board. 0:16:17.720 --> 0:16:20.120 But it makes you specifically asked about how I feel 0:16:20.120 --> 0:16:22.320 about the refund as well. And I think some people 0:16:22.400 --> 0:16:25.800 man like who are over optimizers. They want to get 0:16:25.840 --> 0:16:27.240 it down to the pending or they want to get 0:16:27.360 --> 0:16:30.320 so close that their refund is minimal, or they have 0:16:30.360 --> 0:16:33.560 to pay a small amount. And I don't think that's unwise, 0:16:33.560 --> 0:16:35.520 but I also don't obsess over that to that extent. 0:16:35.560 --> 0:16:36.960 I like to be in the ballpark and if I 0:16:37.000 --> 0:16:38.880 get I think, if I get a little bit of 0:16:38.920 --> 0:16:40.800 a refund, great and I'll use it, you know, to 0:16:41.240 --> 0:16:44.320 further my financial goals. And if I have to pay 0:16:44.320 --> 0:16:45.840 a little bit, I'm prepared for that. Also. 0:16:46.080 --> 0:16:49.040 Yeah, well, good news for folks who count on it, 0:16:49.760 --> 0:16:54.320 because refunds are up eleven percent on average, and a 0:16:54.400 --> 0:16:58.120 lending Tree survey reveals that folks are overwhelmingly spending their 0:16:58.160 --> 0:17:02.000 refund dollars on the necess They're not spending this money, 0:17:02.040 --> 0:17:04.720 this new found these new found riches, or this deposit 0:17:04.800 --> 0:17:07.320 on splurges in their life, and this makes sense given 0:17:07.359 --> 0:17:11.560 the recent inflation data, rising gas prices, the uncertainty that 0:17:11.840 --> 0:17:12.800 the future holds. 0:17:13.119 --> 0:17:14.440 Thirty four percent said. 0:17:14.240 --> 0:17:18.520 They plan to use their refund dollars to pay for rent, groceries, 0:17:19.240 --> 0:17:23.119 or on bills, which there's a part of me that 0:17:23.800 --> 0:17:24.399 there's a part of me. 0:17:24.400 --> 0:17:25.000 That's sad about that. 0:17:25.119 --> 0:17:28.480 Right, So half of the survey participants say that they 0:17:28.480 --> 0:17:30.840 rely on their tax refund to get by. 0:17:30.640 --> 0:17:31.720 So like that, I hate that. 0:17:32.440 --> 0:17:36.000 But as far as folks who obviously I want those 0:17:36.000 --> 0:17:38.200