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Speaker 1: Welcome to Hout of Money. I'm Joel and I am Matt,

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Speaker 1: and today we're talking bitcoin boom, tax refund robbers, and

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Speaker 1: bogus bag fees.

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Speaker 2: You know what, buddy, this is our Friday flight. We're

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Speaker 2: gonna talk about the financial headlines that we think are

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Speaker 2: most important and right around now in our other episodes,

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Speaker 2: or at some point at the beginning, we don't do it,

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Speaker 2: I guess right at the very beginning of the episode,

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Speaker 2: but that's when we introduce the beer that we're gonna

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Speaker 2: enjoy during the episode. We don't enjoy beers on our

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Speaker 2: Friday flights. Feels like maybe one beer too many. It's

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Speaker 2: like a beer sabbath over the course of the week.

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Speaker 2: But I wanted to mention we on Wednesday's episode, Graham

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Speaker 2: listener Graham, he made an amazing homebrew for us, and

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Speaker 2: we you know, we mentioned it Frew free Gal. It's

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Speaker 2: a says on is yeah, sort of says on Farmhouse.

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Speaker 2: He emailalss like, glad you guys enjoyed the beer, and

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Speaker 2: he also pointed out that, uh, what I named the

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Speaker 2: beer was a bit of a pun that I think

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Speaker 2: you guys missed. Free freugh Gal frugal yeah, freugh frugal.

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Speaker 2: I guess I don't know, but we screwed up. We're

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Speaker 2: idiots and if anybody cannot believe, if anybody should be

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Speaker 2: able to spot a dad joke, it should be us.

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Speaker 2: I wanted to mention, I was like literally laughing out loud,

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Speaker 2: that would completely overlook that. But Graham, thanks again for

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Speaker 2: for sending that beer our way. But yeah, real quick,

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Speaker 2: we went into to mention a quick little tip for everybody. Mint.

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Speaker 2: Everyone's it used to be everyone's favorite budgeting software. That's

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Speaker 2: no longer the case now that they So when did

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Speaker 2: they announce that they're gonna shut down?

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Speaker 1: Was that a couple months ago through three months ago.

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Speaker 2: The beginning of the year or end of end of

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Speaker 2: the last year. We talked about it in depth. We've

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Speaker 2: got to post up on the site of the different alternatives, considering.

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Speaker 1: We mentioned it when it got announced, right and and

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Speaker 1: because this is big new for anybody who likes free

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Speaker 1: budgeting apps, because Mint was not only like the first,

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Speaker 1: but it was pretty good and it was also didn't

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Speaker 1: cost you a dime, so a lot of people that's

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Speaker 1: why they were into it. And there are certainly more

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Speaker 1: robust apps that cost money, but Mint was Mint was

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Speaker 1: the free win in for like frugal people. They were

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Speaker 1: down with that for the free fru gals out there.

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Speaker 1: So I was on Mint for the longest time. And

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Speaker 1: so yeah, we looked into a bunch of different budgeting apps.

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Speaker 1: We kind of compiled a list of the thing the

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Speaker 1: ones that we thought were best and that we've heard

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Speaker 1: from listeners too that they use and enjoyed the most

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Speaker 1: over the years. And so we'll link to that article

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Speaker 1: in the show notes. But I think Monarch Money is

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Speaker 1: getting graver reviews from people. Wine app has been just

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Speaker 1: classically excellent for a long period of time. And then

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Speaker 1: I feel like the young hower Copilots, the young upstart

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Speaker 1: is Copilot. Copilot that's like kind of pretty cool, the

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Speaker 1: coolest interface if you really care about that, and kind

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Speaker 1: of the AI learning model that they implement that's a

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Speaker 1: neat one.

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Speaker 2: It just seems like it works like that, it works

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Speaker 2: really well. I wish I wasn't such a nerd and

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Speaker 2: committed to my Excel sheets because I was. I was

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Speaker 2: literally eyeing Copilot the other day and it is, Yeah,

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Speaker 2: it just looks really well. It seems like it works

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Speaker 2: really well, and there's a part of me that wants

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Speaker 2: to try it out. So maybe you can teach an

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Speaker 2: old dog tricks. So we'll see if that's the case.

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Speaker 2: But we wanted to mention that because you've got just

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Speaker 2: at two weeks before Mint officially shuts down, you've got

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Speaker 2: until March twenty third for you to find an alternative.

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Speaker 2: Before we actually get to the stories, a quick how

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Speaker 2: many newsletter shout out? So we had a bunch of

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Speaker 2: folks recommend the newsletter to some friends. So a quick

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Speaker 2: shout out to Travis our Joel in particular. I don't

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Speaker 2: think we've ever had anyone rip through the ranks so quickly.

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Speaker 2: So not only did he didn't just get the newsletter

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Speaker 2: shot out, he got the a beer on us, he

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Speaker 2: got a personal finance book and he also got a

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Speaker 2: bear of how the Money Socks? Oh stamp Yeah. And

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Speaker 2: actually so I dug in because I was just like, okay, wait,

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Speaker 2: we need to make sure that we're not getting played that.

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Speaker 2: I think he recommended it to not only his friends,

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Speaker 2: but like all of his family members as well. There's

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Speaker 2: a bunch of folks who also have the last name

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Speaker 2: he's spread.

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Speaker 1: The word starts with R.

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Speaker 2: But anyway, massive shout out to Travis Are, but also

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Speaker 2: to Samantha En and Landon m Yeah, and just a.

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Speaker 1: Good reminder to everyone out there listening. Sign up for

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Speaker 1: the newsletter. And by the way, if you refer other people,

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Speaker 1: there's prizes there for you. There are perks. Beehive, the

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Speaker 1: platform we run on keeps track all that stuff and

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Speaker 1: we'll send you cool stuff if you refer enough people.

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Speaker 1: And actually, if you get to the final prize, you

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Speaker 1: get to hang out with us virtually.

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Speaker 2: So Joel the Ultimate Boss.

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Speaker 1: That's right, like the Bowser of personal finance podcasts. But

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Speaker 1: let's get to the Friday Flight the stories we found

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Speaker 1: interesting this week. Let's start Matt by talking about cryptocurrency.

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Speaker 2: Bit coin in particular.

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Speaker 1: I'm hearing the buzz from so many people, from not

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Speaker 1: just the general Internet, but from some of our more

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Speaker 1: bitcoin appreciative listeners. Yeah, the enthusiasts out there. And if

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Speaker 1: you haven't been paying attention, which most people I'm sure know,

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Speaker 1: this bitcoin is as people want going to the moon.

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Speaker 1: It's up like two hundred percent year every year. It's

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Speaker 1: making all the headlines. And I'm getting so many emails

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Speaker 1: from people just like, hey, have you guys changing your

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Speaker 1: tune about bitcoin. Well, uh, yeah, when the number goes up.

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Speaker 1: I think it went up like twenty percent in four days.

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Speaker 1: That's the kind of thing that grabs people's attention. And

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Speaker 1: it's interesting. We'll talk about this in a second. I

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Speaker 1: don't necessarily know that I've changed my tune. I think

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Speaker 1: we've always been like bitcoin minimalists, you know, non bitcoin maximalist.

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Speaker 2: Yep.

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Speaker 1: But it's attracting a lot of eyeballs, and the question

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Speaker 1: is why is it going up? Well, I think that

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Speaker 1: people would cite a couple of different things. I think

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Speaker 1: one is the ability to buy bitcoin in various ETFs.

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Speaker 2: That's part of it.

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Speaker 1: There's a bunch of different places now to ETFs to

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Speaker 1: track the price of bitcoin, and you can invest in those.

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Speaker 2: It's like, I think fifteen different brokerages that got to

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Speaker 2: prove to have spot bitcoin ets.

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Speaker 1: Yeah, that's certainly one of the reasons, right. And then

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Speaker 1: there's the the having event or ha aning event or whatever, yeah,

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Speaker 1: which basically it's going to reduce the amount of bitcoin

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Speaker 1: that's able to be mined. That's another factor. And there's

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Speaker 1: just generally more demand right now and there's a limited

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Speaker 1: supply a bitcoin that's kind of when it was created.

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Speaker 1: It was created as there was going to be a

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Speaker 1: reduction and supply over time. And then some the investing

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Speaker 1: normies are getting into it as well. Right, it used

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Speaker 1: to kind of be you were in the know, crypto

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Speaker 1: bro eight years ago, you were like a first adopter,

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Speaker 1: and now Fidelity is massively into this. They say, now

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Speaker 1: their advice is changed too. They say bitcoin is part

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Speaker 1: of a balanced portfolio, like something in the in the

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Speaker 1: one to three percent for most investors. They say, makes sense.

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Speaker 2: I can get behind that. Yeah.

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Speaker 1: And then but Vanguard they actually still take the opposite

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Speaker 1: approach and they say, actually, we're not even going to

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Speaker 1: allow people access to bitcoin funds at all. And it's

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Speaker 1: kind of like mom and dad are fighting mat because

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Speaker 1: we like we like both Fidelity and Vanguard, and they're

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Speaker 1: taking two different tacks. And some people, I think want

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Speaker 1: us to say that, at least the bitcoin maximalist, that

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Speaker 1: people need massive exposure to bitcoin. I still think that

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Speaker 1: the boring stuff. If you're capitalizing on the boring stuff,

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Speaker 1: if you're doing the target date fund or the S

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Speaker 1: and P five hundred index fund, and you're doing that

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Speaker 1: dollar cost averaging, and that's where the bulk of your

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Speaker 1: assets are that you can own some bitcoin to the

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Speaker 1: level of, like, I don't know, a maximum of five

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Speaker 1: percent is typically what we say messing around investing and

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Speaker 1: stuff like that.

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Speaker 2: That's right, which is what we've said from the like

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Speaker 2: literally from the beginning. It just depends on how much

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Speaker 2: money you have set aside, because that can actually be

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Speaker 2: a pretty substantial amount of money depending on how much

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Speaker 2: you have been able to invest over the years. And

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Speaker 2: it makes me think too that I looked up crypto's

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Speaker 2: overall global market cap and it's something like two trillion dollars,

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Speaker 2: and so I thought to myself, all right, well, how

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Speaker 2: does that compare to the overall US stock market and

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Speaker 2: the capitalization rate there is fifty trillion dollars. So if

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Speaker 2: you do the math there, that actually falls right in

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Speaker 2: line with what it is that we advise if you

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Speaker 2: are taking a more indexed approach to investing, which is

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Speaker 2: why I basically got into it from the I mean

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Speaker 2: it was literally back when we talked with Jacob Goldstein,

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Speaker 2: when we talked about he had his book Money, It's

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Speaker 2: like the History of Money, and he was just pointing

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Speaker 2: to the fact that it's a belief in something, and

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Speaker 2: what better way for people to express their belief than

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Speaker 2: to actually buy it. And so if people are buying it,

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Speaker 2: that means they have faith in this thing. So even

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Speaker 2: if you don't necessarily think it's going to completely change

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Speaker 2: how it is that the world operates if you are

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Speaker 2: an index investor, that was the argument for me that

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Speaker 2: won me over, and I thought, all right, we'll shoot

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Speaker 2: it should probably reflect the amount of money that's out

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Speaker 2: there that is invested. I will sounds enough to sway me.

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Speaker 1: There's still still a lot of speculation in that area,

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Speaker 1: and especially recently because that's why we've seen these massive

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Speaker 1: gains in recent months. The volatility is pretty crazy, and

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Speaker 1: a lot of the other random crypto coins that don't

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Speaker 1: have the same street cred as Bitcoin, those are popping too,

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Speaker 1: And I'm not putting any money in those. I'll tell

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Speaker 1: you that.

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Speaker 2: No.

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Speaker 1: I will say the other thing, nobody was emailing me

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Speaker 1: about how good of a buy Bitcoin was, specifically after

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Speaker 1: the post Super Bowl collapse. Nobody's like, hey, how come

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Speaker 1: you guys are buying the dip like everybody? For some reason,

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Speaker 1: It's on everybody's radar. As the price goes up, is

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Speaker 1: the price guarantee to stay up. No, it's it's certainly not.

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Speaker 2: Yeah, we will see, time will tell. We're actually going

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Speaker 2: to commit a full episode too Bitcoin again with a

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Speaker 2: fairly level headed personal finance expert, but he is a

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Speaker 2: bit more bullish on bitcoin. But speaking as you mentioned Fidelity, Joel,

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Speaker 2: what turns out four one k millionaires are through the roof.

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Speaker 2: This is according to new numbers, new research that Fidelity released,

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Speaker 2: four one k millionaires increased by forty one percent last year,

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Speaker 2: which is a massive amount of folks who have a

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Speaker 2: ton of money so design their retirement accounts. It's not surprising,

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Speaker 2: of course, given the incredible returns we saw in the

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Speaker 2: market last year, even leaving crypto out of it. You know,

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Speaker 2: we saw over twenty percent in the s and pah.

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Speaker 2: And so the reason we bring this up because there

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Speaker 2: might be folks out there who are saying, all right,

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Speaker 2: if you want to get rich, in fact, you do

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Speaker 2: need to invest in crypto, and we're here to point

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Speaker 2: out that those individuals are wrong. Yeah, they'll listen to

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Speaker 2: those folks.

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Speaker 1: Yeah, they want to say, guess what, if you want

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Speaker 1: to build wealth, you got to do it more quickly.

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Speaker 2: The War one got to take bigger risks.

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Speaker 1: The boring route's not going to get you there. That's

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Speaker 1: just not true.

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Speaker 2: And in fact, you can build up enough wealth to

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Speaker 2: retire in style just via a regular playing vanilla four

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Speaker 2: one K just making those contributions to a single tax

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Speaker 2: advantage account like that, and especially if you if you

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Speaker 2: up your contribution percentage like clockwork, which evidently, again according

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Speaker 2: to the research, more than a quarter of folks did

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Speaker 2: last year. They increase how much they're investing in the market.

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Speaker 2: We love to see that.

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Speaker 1: That is the key. Regular contributions, dollar cost averaging, doing

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Speaker 1: it with every paycheck and then increasing your amount, let's say,

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Speaker 1: by one percent every year. That's a recipe for success,

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Speaker 1: and you will find yourself in that class of people

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Speaker 1: that Fidelity says are four to one k millionaires. You

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Speaker 1: will get there. By the way, Matt, we are, of

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Speaker 1: course entering the silly season of politics. Super Tuesday was

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Speaker 1: this past Tuesday, a bunch of primaries happening around the country.

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Speaker 1: For the majority of Americans who identify as politically homeless,

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Speaker 1: it's going to get real annoying. I yeah, so just

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Speaker 1: maybe don't watch the news as we brace yourself. Yes,

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Speaker 1: but no matter where you fall on the political spectrum,

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Speaker 1: it can be tempting to try and invest in a

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Speaker 1: way that aligns with your political beliefs, or to think

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Speaker 1: that the outcome of an election should change what you're

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Speaker 1: invested in. But we would say investing according to your

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Speaker 1: political philosophy is not a good idea. One of the

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Speaker 1: realities of checks and balances in our system of government

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Speaker 1: means it change is hard to come by, which is

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Speaker 1: actually good if the option you don't like ends up

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Speaker 1: in power. And so there are always predictions, by the way,

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Speaker 1: about how the presidential outcome is going to impact the

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Speaker 1: stock market, and everybody's got a theory, or even some

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Speaker 1: candidates are saying, well, the reason the stock markets up

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Speaker 1: is because people think I'm going to get elected and

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Speaker 1: they're excited about that. Right, Well, history shows us that

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Speaker 1: who you know, the person get that gets elected to

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Speaker 1: the highest office in the land, it's a little to

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Speaker 1: no consequence from a returns standpoint. So no matter which

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Speaker 1: old dude, and that's it's going to be an old dude, right,

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Speaker 1: No matter which one of the old dudes gets elected.

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Speaker 2: Whether it's the senile old dude or the chaotic old

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Speaker 2: due right, yeah, old dude, is what we're getting.

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Speaker 1: The recipe is the same. Don't change what you're investing in,

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Speaker 1: keep dollar cost averaging like regular. Don't let kind of

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Speaker 1: the emotions of this political season impact how you stock

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Speaker 1: your money away from your future and how you opt

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Speaker 1: to build.

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Speaker 2: Wealth with us. Right, okay, speaking of the government, have

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Speaker 2: you filed your taxes yet? Your personal taxes? Not yet?

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Speaker 2: I've gotten I got our corporate returns filed as.

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Speaker 1: Of going to give you a pound right now.

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Speaker 2: You for doing that. As a couple of weeks ago, well,

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Speaker 2: you also could not file your personal taxes because you

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Speaker 2: needed that.

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Speaker 1: That's try, okay. One, I'm always either filing like April

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Speaker 1: fourteenth these days because of like last minute tax stuff

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Speaker 1: coming in, or I'm filing an extension.

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Speaker 2: I've been dragging my feet as well. I've had a

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Speaker 2: lot going on. But as of earlier this week, I

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Speaker 2: did finally get the rest of my prep. You know,

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Speaker 2: all the forms I get sent in. I finally organized those,

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Speaker 2: got all my numbers together, and sent it into our

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Speaker 2: tax professional. Hopefully I'll get my results back. I've got

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Speaker 2: my fingers crossed for Actually, I'm thinking I'm going to

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Speaker 2: get a decent sized refund this year. You can take

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Speaker 2: me out to dinner, barbecue only the best barbie. But okay,

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Speaker 2: so what I want to point out Texas, I guess,

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Speaker 2: is the fact there are a lot of folks who

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Speaker 2: have attempted to file but it's gotten rejected. The IRS

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Speaker 2: has become the bear of bad news here and that's

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Speaker 2: because their taxes have already been filed. They're basically saying

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Speaker 2: your tax filing slot. I almost picture it as like

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Speaker 2: a giant post office where there's like special slots with

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Speaker 2: everyone's I was already returned sitting there. It turns out

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Speaker 2: that folks are filing taxes fraudulently in order to steal

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Speaker 2: your tax refund. And it's not an insignificant number of

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Speaker 2: people either. Almost three hundred thousand folks filed a complaint

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Speaker 2: that their taxes have been filed by a crook, by

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Speaker 2: a scammer. And for a long time there wasn't much

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Speaker 2: that folks could do about this. They would just cross

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Speaker 2: their fingers again. Yeah, I just hope that you weren't

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Speaker 2: the victim. But luckily, over the last few years, the

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Speaker 2: IRS has implemented a solution. They've implemented these pen codes

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Speaker 2: that allow you to lock it down ensure that you

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Speaker 2: are getting your refund not somebody else. Yeah.

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Speaker 1: Yeah, what a terrifying sort of experience to go through

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Speaker 1: all that work and then file your return and then

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Speaker 1: irsay sorry, someone already did it for you. We've already

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Speaker 1: got your return and someone made off with your refund.

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Speaker 1: And basically that's because they don't need much information on

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Speaker 1: you to file return as if they were you. They

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Speaker 1: don't need all your documentation. They just need some basic

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Speaker 1: information about you, and they can make some stuff up.

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Speaker 2: They don't need a file accurate right numbers and forms.

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Speaker 1: It's completely inaccurate, right, And that's how and they're able

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Speaker 1: to juice that refund run away with it, and then

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Speaker 1: you aren't able to get the refund your due for many,

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Speaker 1: many many months. You'll get it at some point, but

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Speaker 1: it could be it could take over a year in

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Speaker 1: order to get that refund.

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Speaker 2: I thought a whole lot of work. Yeah.

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Speaker 1: So the pin code, Matt is the solutions your salvation here,

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Speaker 1: and they're basically like two factor authentication codes for your taxes,

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Speaker 1: similar to when you log into your retirement accounts. Right,

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Speaker 1: you get the text or the email code to be

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Speaker 1: able to log in. It's a significant extra step of protection,

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Speaker 1: which makes it so much harder for the criminals to

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Speaker 1: file taxes as if they were you and get that

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Speaker 1: refund sent their way because if they don't have the pin,

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Speaker 1: they can't file the taxes. And you can always log

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Speaker 1: in IRS dot up by the way, if you forget

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Speaker 1: your pin, and you can grab it there. But we

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Speaker 1: don't want you to find out that someone stole your

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Speaker 1: refund after the fact, because it becomes this part time

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Speaker 1: job to fix it. Who wants to reach out to

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Speaker 1: the IRS and say, Hey, guess what I was a

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Speaker 1: victim of scam? Can you help me solve this? Well,

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Speaker 1: the IRS is already understaffed, they've got a lot going on,

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Speaker 1: and you're going to be person number three hundred and

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Speaker 1: then you mentioned three hundred thousand people, so you're going

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Speaker 1: to be person number three hundred thousand and one asking

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Speaker 1: for the IRS to look into this on your behalf.

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Speaker 1: And so we would say, set up a pin at

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Speaker 1: IRS doc up. It's super easy. The IRS then will

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Speaker 1: not accept a tax return from you or someone filing

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Speaker 1: as if they were you if the PIN is not

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Speaker 1: put in when submitted, and so yeah.

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Speaker 2: Being smart when it comes to cybersecurity, like it's only

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Speaker 2: going to become more and more of a problem. I

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Speaker 2: think I was recently participating. I needed to participate in

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Speaker 2: something with the school, a fishing fraud scam training program,

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Speaker 2: you know, like you said, on the computer, it's got

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Speaker 2: the module like the videos you have to you go

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Speaker 2: through and you watch it, and I thought it was

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Speaker 2: going to be fairly lame, but I was actually impressed

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Speaker 2: when you learned a lot. I really did, and specifically lately,

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Speaker 2: evidently one of the biggest ways that a lot of

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Speaker 2: folks have been targeted is via zoom conference email invites.

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Speaker 2: So basically you receive an email that looks just like

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Speaker 2: what you would normally receive from your work about last

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Speaker 2: minute all hands sort of meeting, and so you click

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Speaker 2: the link, thinking, oh man, this is urgent, or sometimes

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Speaker 2: it'll say something about, oh, pay is going to be

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Speaker 2: in impacted because of a tough previous quarter, let's discuss

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Speaker 2: like that, that kind of thing that your emotion's ramped

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Speaker 2: up exactly, So you click the link and then all

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Speaker 2: of a sudden it says, oh, you need to do

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Speaker 2: a software update, which, of course always actually happens with Zoom.

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Speaker 2: I mean, how many times do you click that link

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Speaker 2: and it prompts you to, oh, you need to update

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Speaker 2: the you got to update.

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Speaker 1: The soft probably thirty percent of the time.

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Speaker 2: Except that boom. That's not a link that goes to

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Speaker 2: zoom site. It's whatever. It's something that allows somebody else

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Speaker 2: to take over your computer into a malware link, so

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Speaker 2: to monitor everything that you're doing. And that totally blew

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Speaker 2: my mind. It made me. You know, we've been talking

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Speaker 2: about scams a lot recently, how they have gotten more sophisticated.

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Speaker 2: So add that one to your list of things to

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Speaker 2: watch out for, especially with more folks working from home

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Speaker 2: participating in virtual meetings. I think that that's one. It

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Speaker 2: stood out to me as wow, that's actually I don't

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Speaker 2: think I would find myself clicking up, but you never know,

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Speaker 2: you never know.

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Speaker 1: One last thing to mention real quick on the tax

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Speaker 1: front is the average tax refund matter is something like

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Speaker 1: three thousand dollars. So this is a financial game changer

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Speaker 1: for a lot of people and they get that tax refund.

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Speaker 2: And it's just.

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Speaker 1: Important to point out we're not gonna do like a

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Speaker 1: whole episode on this or anything, but be careful what

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Speaker 1: you're doing with your tax refund. This is the perfect

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Speaker 1: opportunity to kind of jumpstart maybe a savings goal that

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Speaker 1: you had, Yeah, to pay down some nefarious debt that

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Speaker 1: you've had lingering around, to invest more, maxim maxing out

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Speaker 1: your roth IRA this year. There are all sorts of

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Speaker 1: good things you can do with this money. Maybe take

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Speaker 1: ten percent of it, blow it on something fun. But

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Speaker 1: this is your money. This is a forced method of savings, right, Like,

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Speaker 1: don't you treat it like it's just poof money that

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Speaker 1: she showed up out at thin air.

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Speaker 2: Sure, yes, you could spend ten percent of it and

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Speaker 2: still have enough money leftover to get you through money

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Speaker 2: gear number one, where you've got some margin on the

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Speaker 2: rand and where you can essentially pretend that money doesn't exist.

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Speaker 2: It's a cash cushion. It's an invisible floor that'll keeps

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Speaker 2: you from falling through the next time there's a financial

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Speaker 2: emergency that shows up.

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Speaker 1: And there's very few other times in our lives where

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Speaker 1: we get an influx of cash that's that large. Maybe

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Speaker 1: maybe you get a bonus at work. You know a

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Speaker 1: lot of people don't, But this is the kind of

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Speaker 1: thing every year especially for middle to low income people

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Speaker 1: like this can change that's your financial game.

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Speaker 2: Yeah, absolutely, all right, man, We've got more to get to.

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Speaker 2: We've got some travel stories plus more. We'll get to

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Speaker 2: all of that right after this.

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Speaker 1: All right, we're back, Matt. There's more Friday flight, more

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Speaker 1: financial stories we got to get to, including a new

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Speaker 1: ruling from the CFPB that's gonna that's apparently gonna drastically

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Speaker 1: reduce the negative downsides of not paying your credit card

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Speaker 1: balance in full. We'll get through that in just a second,

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Speaker 1: but first let's get to our ludicrous headline of the week.

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Speaker 1: This one comes from Wired magazine, and the headline reads,

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Speaker 1: online reviews are bought and paid for. Get used to it.

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Speaker 1: So we I feel like we've been talking a lot

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Speaker 1: about scams. We just talked about scams for the rank,

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Speaker 1: talked about scams last week. This and a lot with

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Speaker 1: like really really big stakes. Losing your tax refund is

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Speaker 1: one fifty thousand bucks in a shoe box, handing that

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Speaker 1: over to a scammer, that's a that's big stakes. In contrast,

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Speaker 1: fake reviews feel like small potatoes. They don't even really

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Speaker 1: feel like a scam almost, but you might end up

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Speaker 1: buying something that you otherwise wouldn't have because of these

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Speaker 1: fake reviews. Right, I think most of us maybe have

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Speaker 1: come to take Internet reviews with a grain of salt

434
00:19:10,560 --> 00:19:12,960
Speaker 1: at this point. You see them on Google, or you

435
00:19:13,000 --> 00:19:15,360
Speaker 1: see the star rating, or you're buying something on Amazon,

436
00:19:15,400 --> 00:19:18,840
Speaker 1: you also see the star rating, and maybe we're like, okay, cool, Yeah,

437
00:19:18,880 --> 00:19:23,400
Speaker 1: that's probably somewhere in the ballpark. But fake bots, angry competitors,

438
00:19:23,760 --> 00:19:27,119
Speaker 1: and customers who get a monetary reward are all leaving

439
00:19:27,200 --> 00:19:29,760
Speaker 1: reviews these days, and that's kind of skewing this system, right.

440
00:19:29,760 --> 00:19:31,879
Speaker 1: It's making it hard to know how much you can

441
00:19:31,920 --> 00:19:34,000
Speaker 1: trust the review that you're reading. So I think Wired

442
00:19:34,080 --> 00:19:36,160
Speaker 1: is spot on here that there are more and more

443
00:19:36,200 --> 00:19:38,800
Speaker 1: reviews out there. It's harder to trust the reviewing system

444
00:19:38,880 --> 00:19:40,800
Speaker 1: in general, and so it's hard to trust just that

445
00:19:40,920 --> 00:19:43,040
Speaker 1: general star rating. It makes me think, Matt, when you

446
00:19:43,440 --> 00:19:46,000
Speaker 1: and I were in South Georgia or not too long ago,

447
00:19:46,200 --> 00:19:48,000
Speaker 1: we were looking at breweries to go to. One brewery

448
00:19:48,240 --> 00:19:49,840
Speaker 1: was like four point six stars. The other brewer is

449
00:19:49,880 --> 00:19:52,880
Speaker 1: five stars. And when we looked up the five star

450
00:19:52,920 --> 00:19:56,600
Speaker 1: breweries website, what did we see the brewery was essentially

451
00:19:57,600 --> 00:19:59,600
Speaker 1: they were paying giving people a free beer if they'd

452
00:19:59,640 --> 00:20:02,080
Speaker 1: leave a five star review, and so we ended up

453
00:20:02,119 --> 00:20:03,679
Speaker 1: going to the brewer that had four point six stars,

454
00:20:03,680 --> 00:20:06,520
Speaker 1: and I guarantee you it was better because if you're

455
00:20:06,520 --> 00:20:07,920
Speaker 1: gonna give me a free beer, I'll leave a five

456
00:20:07,920 --> 00:20:10,320
Speaker 1: star review. And that's gaming the system, especially.

457
00:20:09,960 --> 00:20:12,840
Speaker 2: If you've already had a beer like that, secondary you're like, okay,

458
00:20:12,880 --> 00:20:16,200
Speaker 2: I can totally let's leave an excellent review for you.

459
00:20:16,200 --> 00:20:18,560
Speaker 1: Guess that is perfect evidence of kind of what's happening

460
00:20:18,600 --> 00:20:19,400
Speaker 1: in the review game.

461
00:20:19,560 --> 00:20:22,240
Speaker 2: Well, it does make me wonder if we're guilty of

462
00:20:22,280 --> 00:20:24,480
Speaker 2: gaming the system, Jill, are we calling? Are we the

463
00:20:25,119 --> 00:20:29,080
Speaker 2: pot calling the kettle black? Here? Because because we got

464
00:20:29,119 --> 00:20:32,359
Speaker 2: a kind of funny one star review, maybe a hit

465
00:20:32,400 --> 00:20:34,760
Speaker 2: closer to home than you and I felt comfortable with

466
00:20:35,320 --> 00:20:38,320
Speaker 2: you then posted it up on Facebook in the group,

467
00:20:38,680 --> 00:20:41,320
Speaker 2: which caused some listeners to leave some nice reviews to

468
00:20:41,720 --> 00:20:44,920
Speaker 2: basically counteract it. But in the past we've given away

469
00:20:44,960 --> 00:20:47,840
Speaker 2: some swag for reviews. That's not how we do things.

470
00:20:47,840 --> 00:20:50,000
Speaker 2: Now we've I do like the system still will sometimes

471
00:20:50,000 --> 00:20:53,720
Speaker 2: well specifically do it with the with the newsletters and

472
00:20:53,760 --> 00:20:56,320
Speaker 2: so like it's essentially, like we said, it's built into

473
00:20:56,320 --> 00:20:58,840
Speaker 2: the newsletter system. It's like an automatic sort of referral

474
00:20:59,000 --> 00:21:02,120
Speaker 2: program to reward folks who believe that it's something that's good.

475
00:21:02,359 --> 00:21:04,199
Speaker 2: It's important to point out that like reviews can be

476
00:21:04,240 --> 00:21:07,879
Speaker 2: helpful when it comes to figuring out what you're getting into, right, Like,

477
00:21:07,920 --> 00:21:11,840
Speaker 2: we definitely don't encourage folks to be dishonest with what

478
00:21:11,880 --> 00:21:15,120
Speaker 2: they're saying. Like, if somebody doesn't believe in our newsletter

479
00:21:15,200 --> 00:21:17,160
Speaker 2: or believe in the show, then they're not gonna they're

480
00:21:17,200 --> 00:21:19,119
Speaker 2: not gonna afford for the newsletter to friends, they're not

481
00:21:19,119 --> 00:21:23,280
Speaker 2: gonna hopefully they're not leaving a review that's not indicative

482
00:21:23,320 --> 00:21:26,280
Speaker 2: of their experience. But it's just important, especially for bigger

483
00:21:26,320 --> 00:21:28,600
Speaker 2: purchases when it comes to online retails, sort of what

484
00:21:28,600 --> 00:21:30,880
Speaker 2: we're talking about here, to not just trust the star writing,

485
00:21:30,880 --> 00:21:34,280
Speaker 2: but to actually read the specific reviews because it's often

486
00:21:34,440 --> 00:21:36,600
Speaker 2: not going to be too difficult to spot the fake

487
00:21:36,640 --> 00:21:40,320
Speaker 2: ones or even just sort of the outlier angry folks,

488
00:21:40,680 --> 00:21:43,440
Speaker 2: or maybe the folks where it seems like that they

489
00:21:43,480 --> 00:21:45,840
Speaker 2: are just sort of checking a box in order to

490
00:21:45,920 --> 00:21:49,359
Speaker 2: receive the free product that a manufacturer said that they

491
00:21:49,400 --> 00:21:51,639
Speaker 2: would send them. Once you know it's written on a

492
00:21:51,680 --> 00:21:55,320
Speaker 2: little card that comes in the Amazon package fake spot.

493
00:21:55,520 --> 00:21:57,520
Speaker 2: So this is a helpful plug in. It can actually

494
00:21:57,560 --> 00:22:00,440
Speaker 2: help you to identify just how bad fake review are

495
00:22:00,520 --> 00:22:04,440
Speaker 2: for particular items on Amazon. And bottom line, it takes

496
00:22:04,440 --> 00:22:06,360
Speaker 2: a little bit more time, but in a world of

497
00:22:06,520 --> 00:22:09,240
Speaker 2: bought and paid for reviews, we think it's worth the effort.

498
00:22:09,240 --> 00:22:11,440
Speaker 2: It's worth doing your due diligence. Even with some of

499
00:22:11,480 --> 00:22:13,159
Speaker 2: the smaller stuff out there, some of the smaller.

500
00:22:12,880 --> 00:22:16,280
Speaker 1: Purchases and the proliferation of products that we can buy now,

501
00:22:16,520 --> 00:22:20,000
Speaker 1: like reviews are almost a necessity. We rely on reviews

502
00:22:20,040 --> 00:22:24,200
Speaker 1: because there's also especially think about all the myriad websites

503
00:22:24,200 --> 00:22:27,000
Speaker 1: you can buy from. There's the Chinese websites like she

504
00:22:27,280 --> 00:22:30,880
Speaker 1: Shean and Team Tamu or whatever, and there's so many

505
00:22:30,880 --> 00:22:33,280
Speaker 1: different suppliers on Amazon. It's not like kind of the

506
00:22:33,280 --> 00:22:35,159
Speaker 1: basic brands are used to. There's all sorts of new

507
00:22:35,200 --> 00:22:38,440
Speaker 1: brands and new models of stuff, and so yeah, it's

508
00:22:38,720 --> 00:22:43,200
Speaker 1: the star rating is potentially helpful, but those actual specific reviews,

509
00:22:43,240 --> 00:22:45,320
Speaker 1: finding the people who have actually used it and have

510
00:22:45,400 --> 00:22:47,520
Speaker 1: thoughts and can tell you how long it's lasted, how

511
00:22:47,560 --> 00:22:49,640
Speaker 1: long they've been using it, that is that is.

512
00:22:49,600 --> 00:22:51,359
Speaker 2: Far more help and to be able to search the reviews.

513
00:22:51,359 --> 00:22:53,760
Speaker 2: That's my favorite thing. Like when I'm buying something, typically

514
00:22:53,760 --> 00:22:55,600
Speaker 2: when you buy something, you have a specific purpose in

515
00:22:55,640 --> 00:22:58,359
Speaker 2: mind for that. I'm like, Okay, I need a new

516
00:22:58,400 --> 00:23:01,080
Speaker 2: a pair of new earbuds that will stay in my

517
00:23:01,160 --> 00:23:04,000
Speaker 2: ear right. And so when you search searching for reviews

518
00:23:04,040 --> 00:23:08,159
Speaker 2: on wireless earbuds, search for things like run, and then boom,

519
00:23:08,160 --> 00:23:11,280
Speaker 2: you've got all the reviews that where someone's mentioned that, oh,

520
00:23:11,400 --> 00:23:12,879
Speaker 2: I wear these all the time when I go running,

521
00:23:12,880 --> 00:23:14,439
Speaker 2: that kind of thing. I think that's a just a

522
00:23:14,760 --> 00:23:16,399
Speaker 2: can be a really helpful way when it comes to

523
00:23:16,560 --> 00:23:20,120
Speaker 2: sort of sifting through some of the different reviews out there.

524
00:23:20,200 --> 00:23:21,840
Speaker 1: That's a good point. I didn't really thin thought about that.

525
00:23:21,920 --> 00:23:25,040
Speaker 2: But let's talk about the airlines jol because American Airlines

526
00:23:25,400 --> 00:23:28,200
Speaker 2: and United they both just raise their fee that they

527
00:23:28,320 --> 00:23:31,640
Speaker 2: charge for check bags a couple of weeks ago. No surprise,

528
00:23:32,000 --> 00:23:34,960
Speaker 2: now Delta has followed suit. It's now gonna cost you

529
00:23:35,160 --> 00:23:37,520
Speaker 2: thirty five dollars for their first one and then forty

530
00:23:37,520 --> 00:23:39,880
Speaker 2: five bucks for that second check.

531
00:23:39,920 --> 00:23:42,520
Speaker 1: Amazing how the gargantuan airlines moving lockstep.

532
00:23:42,640 --> 00:23:46,680
Speaker 2: Essentially they're just waiting on the first person to doornex

533
00:23:46,720 --> 00:23:47,640
Speaker 2: out there on the line, we.

534
00:23:47,600 --> 00:23:49,320
Speaker 1: Got your back. We're all gonna do the same thing.

535
00:23:49,359 --> 00:23:51,119
Speaker 2: But the giant airlines are taking a page out of

536
00:23:51,119 --> 00:23:55,040
Speaker 2: the budget airlines books while not reducing their fares. So

537
00:23:55,080 --> 00:23:57,679
Speaker 2: that's the that's the downside here is kind of getting

538
00:23:57,800 --> 00:23:59,760
Speaker 2: hit on both ends of it, and so the best

539
00:23:59,800 --> 00:24:02,919
Speaker 2: hip that we can offer just pack light, avoid checking

540
00:24:02,960 --> 00:24:05,639
Speaker 2: a bag at all costs. This is where being more

541
00:24:05,760 --> 00:24:09,159
Speaker 2: of a minimalist is going to seriously pay off, not

542
00:24:09,200 --> 00:24:11,800
Speaker 2: only in the fact that you're not wasting money on

543
00:24:11,840 --> 00:24:14,040
Speaker 2: those items to begin with, but now you don't have

544
00:24:14,080 --> 00:24:16,560
Speaker 2: to pay extra money to haul all that junk with you,

545
00:24:17,440 --> 00:24:21,120
Speaker 2: or or fly Southwest or yeah, two free shipe bags.

546
00:24:21,119 --> 00:24:22,760
Speaker 1: That's the way to do it, although there was there

547
00:24:22,760 --> 00:24:25,600
Speaker 1: were articles this week about how Southwest is also changing

548
00:24:25,680 --> 00:24:28,119
Speaker 1: some of what they're allowed you. They'll allow you to

549
00:24:28,160 --> 00:24:31,520
Speaker 1: take two bags onto the flight, but if you've got three,

550
00:24:31,560 --> 00:24:33,080
Speaker 1: even if it's like a fanny pack or something, they're

551
00:24:33,080 --> 00:24:34,000
Speaker 1: going to crack down on that too.

552
00:24:34,080 --> 00:24:34,800
Speaker 2: The personal item.

553
00:24:34,920 --> 00:24:36,959
Speaker 1: Yeah, the person linems I missed that, So be careful

554
00:24:37,000 --> 00:24:40,080
Speaker 1: on Southwest as well. Just no, yeah, two bags, Yes,

555
00:24:40,119 --> 00:24:41,720
Speaker 1: you can bring two bags on, but if you're trying

556
00:24:41,720 --> 00:24:43,560
Speaker 1: to bring like a little slingpack pack or a purse

557
00:24:43,640 --> 00:24:45,399
Speaker 1: or something like that too. That's going to count as

558
00:24:45,400 --> 00:24:45,920
Speaker 1: one of your bags.

559
00:24:45,960 --> 00:24:48,160
Speaker 2: Now watch it. So there's a good thing that cargo pants.

560
00:24:48,000 --> 00:24:50,959
Speaker 1: Are back, Yeah, because well they make those stuff all

561
00:24:50,960 --> 00:24:53,120
Speaker 1: your pockets, fishing vest sorts of things too. Some people

562
00:24:53,200 --> 00:24:54,440
Speaker 1: do they stuff their pockets, and we.

563
00:24:54,359 --> 00:24:55,479
Speaker 2: Talked about last year.

564
00:24:55,520 --> 00:24:56,879
Speaker 1: I guess that's certainly one way to do it.

565
00:24:57,000 --> 00:25:00,240
Speaker 2: Also, consider getting the credit card of that specific air line,

566
00:25:00,280 --> 00:25:02,680
Speaker 2: because most of those cards they don't only give you

567
00:25:02,720 --> 00:25:05,800
Speaker 2: a free check bag for yourself, but then even for

568
00:25:06,080 --> 00:25:08,040
Speaker 2: your entire party or most of your most of your

569
00:25:08,040 --> 00:25:10,680
Speaker 2: party for those who are flying with you as well.

570
00:25:10,720 --> 00:25:12,040
Speaker 2: So I think that can be a great way to

571
00:25:12,320 --> 00:25:13,480
Speaker 2: save when it comes to travel.

572
00:25:13,480 --> 00:25:16,080
Speaker 1: If you're like, oh, I got to bring everything, then

573
00:25:16,440 --> 00:25:18,240
Speaker 1: then okay, cool. If you've got to bring the kitchen

574
00:25:18,240 --> 00:25:20,600
Speaker 1: sink and you got to check a bag, well that's

575
00:25:20,640 --> 00:25:23,159
Speaker 1: at least one way to avoid the escalating fees. And

576
00:25:23,240 --> 00:25:25,480
Speaker 1: sometimes those those fees can rival at the price of

577
00:25:25,520 --> 00:25:27,800
Speaker 1: a plane ticket itself, because plane tickets have gotten so

578
00:25:27,920 --> 00:25:31,280
Speaker 1: dang cheap these days. In our favorite travel bag, by

579
00:25:31,320 --> 00:25:33,760
Speaker 1: the way, we're not paid by code of packs or anything,

580
00:25:33,760 --> 00:25:36,359
Speaker 1: but man, the Codeo Pasi twenty eight meters backpack the

581
00:25:36,400 --> 00:25:37,320
Speaker 1: climbshell opening.

582
00:25:37,440 --> 00:25:37,959
Speaker 2: Oh, it's so good.

583
00:25:38,040 --> 00:25:39,080
Speaker 1: It's the best way to travel.

584
00:25:39,400 --> 00:25:40,960
Speaker 2: And you just think you just bought Emily one for

585
00:25:41,200 --> 00:25:43,200
Speaker 2: our side coming to so oh man, have we talked

586
00:25:43,240 --> 00:25:46,640
Speaker 2: about flying the discount airliners. We're flying Frontier on our

587
00:25:46,680 --> 00:25:49,639
Speaker 2: trip here in a couple of months. Yeah. And they

588
00:25:49,760 --> 00:25:52,560
Speaker 2: charged for any bag, so you have to have a

589
00:25:52,560 --> 00:25:55,600
Speaker 2: personal item, and the Code Pacsi twenty eight liter fits

590
00:25:55,640 --> 00:25:57,880
Speaker 2: within the realm of a personal bag. So we're about

591
00:25:57,920 --> 00:25:59,240
Speaker 2: to pay anything. Baby, We're able.

592
00:25:59,119 --> 00:26:01,920
Speaker 1: To say a couple hundred buck on airfare, and then

593
00:26:02,200 --> 00:26:04,160
Speaker 1: on top of that, like how we'll jump through the hoops.

594
00:26:04,200 --> 00:26:04,960
Speaker 1: That's all we're gonna bring.

595
00:26:05,040 --> 00:26:06,560
Speaker 2: Yep, it's gonna be so cute. We're all gonna be

596
00:26:06,640 --> 00:26:07,280
Speaker 2: matching matchie.

597
00:26:07,359 --> 00:26:10,359
Speaker 1: They're they're incredibly attractive bags. And then they just like,

598
00:26:11,200 --> 00:26:13,160
Speaker 1: especially if you're going to a major city. I'm literally

599
00:26:13,240 --> 00:26:13,679
Speaker 1: right here.

600
00:26:13,560 --> 00:26:15,000
Speaker 2: On the ground because I use it every day now.

601
00:26:15,040 --> 00:26:16,880
Speaker 2: I use it as my as my daily commute bag

602
00:26:16,880 --> 00:26:18,639
Speaker 2: because it's so freaking handy, just to be able to

603
00:26:18,680 --> 00:26:21,200
Speaker 2: throw clothes in one section. I've got my lunch over

604
00:26:21,240 --> 00:26:22,640
Speaker 2: in the other section. It's the best.

605
00:26:22,720 --> 00:26:24,520
Speaker 1: Don't want to sound over zealous, but it's a great bag.

606
00:26:24,560 --> 00:26:27,280
Speaker 2: And again they don't sponsor the show. We just freaking

607
00:26:27,280 --> 00:26:29,760
Speaker 2: love those bags, Pokoto PACKSI you could hit us up, yeah,

608
00:26:31,119 --> 00:26:33,200
Speaker 2: but okay. In new status just came out Matt about

609
00:26:33,359 --> 00:26:36,720
Speaker 2: cheap flights and booking chief flights from our friends Scott

610
00:26:37,040 --> 00:26:39,280
Speaker 2: over it going, which used to be called Scott's Cheap Flights.

611
00:26:39,480 --> 00:26:42,080
Speaker 2: The Goldilocks window, as he called it, is right now

612
00:26:42,200 --> 00:26:45,720
Speaker 2: for booking summer travel, especially if you're planning on going international.

613
00:26:45,760 --> 00:26:47,800
Speaker 2: So if you want to save the most money, I

614
00:26:47,920 --> 00:26:50,440
Speaker 2: want a book real, real soon. You might be able

615
00:26:50,480 --> 00:26:52,920
Speaker 2: to hold off another month or so if you're traveling domestic,

616
00:26:53,000 --> 00:26:56,960
Speaker 2: because it's actually buying closer to the travel date often

617
00:26:57,000 --> 00:26:59,240
Speaker 2: works out better from a domestic perspective, usually one to

618
00:26:59,280 --> 00:27:02,320
Speaker 2: three months out. Shoulder season, though, is still the best

619
00:27:02,320 --> 00:27:05,200
Speaker 2: time to travel if you want pretty good weather, smaller crowds,

620
00:27:05,280 --> 00:27:08,560
Speaker 2: and cheaper flights and accommodations, so start looking early, set

621
00:27:08,560 --> 00:27:11,040
Speaker 2: fair alerts, and pounce when you find a deal. Also,

622
00:27:11,280 --> 00:27:14,120
Speaker 2: last thing, fares are likely to get cheaper on many

623
00:27:14,119 --> 00:27:17,720
Speaker 2: international flights this year thanks to a rising supply of

624
00:27:17,800 --> 00:27:21,040
Speaker 2: routes from the airlines demand Matt has been has been crushing.

625
00:27:21,560 --> 00:27:23,760
Speaker 2: A lot of people want to travel. The airlines are

626
00:27:23,800 --> 00:27:26,399
Speaker 2: meeting that demand with more planes, more routes, and so

627
00:27:26,440 --> 00:27:30,000
Speaker 2: that means that new supply that the airlines are infusing

628
00:27:30,520 --> 00:27:33,200
Speaker 2: is likely going to bring prices down this year. LEAs

629
00:27:33,280 --> 00:27:34,920
Speaker 2: that's what the most of the predictions are saying.

630
00:27:35,000 --> 00:27:35,240
Speaker 1: Crazy.

631
00:27:35,320 --> 00:27:37,120
Speaker 2: Yeah, well, and in particular, I think I saw too

632
00:27:37,200 --> 00:27:40,159
Speaker 2: that travel demand is actually down at least in the

633
00:27:40,200 --> 00:27:42,400
Speaker 2: first month or first couple of months so far this year,

634
00:27:42,400 --> 00:27:44,560
Speaker 2: because it takes a while to respond to that demand

635
00:27:44,760 --> 00:27:46,880
Speaker 2: that we did see in the previous couple of years,

636
00:27:46,920 --> 00:27:49,320
Speaker 2: as folks were finally wanting to get back out there.

637
00:27:49,400 --> 00:27:52,399
Speaker 2: So that Postpan obviously during pandemic, no one traveled. Postpan,

638
00:27:52,440 --> 00:27:54,440
Speaker 2: Everyone's like, I gotta travel, yeah, And so the past

639
00:27:54,480 --> 00:27:55,560
Speaker 2: two years has been insane.

640
00:27:55,640 --> 00:27:56,639
Speaker 1: It's like normalizing amount.

641
00:27:56,640 --> 00:27:59,000
Speaker 2: It takes a while, though, for the airlines to respond

642
00:27:59,040 --> 00:28:01,480
Speaker 2: to that demand, and now that they're responding, it's almost

643
00:28:01,560 --> 00:28:04,120
Speaker 2: like they're going to be ships passing in the night

644
00:28:04,160 --> 00:28:07,960
Speaker 2: and that demand might decline as they're increasing supply. And

645
00:28:08,000 --> 00:28:10,400
Speaker 2: so dude, what if, like by the end of this year,

646
00:28:10,560 --> 00:28:12,000
Speaker 2: it's they're paying you to.

647
00:28:12,920 --> 00:28:14,040
Speaker 1: Travel to let that be nice.

648
00:28:14,080 --> 00:28:17,480
Speaker 2: That would be very nice. Here at How to Money,

649
00:28:17,480 --> 00:28:20,760
Speaker 2: we talk regularly about the importance of financial literacy. It's

650
00:28:20,800 --> 00:28:23,159
Speaker 2: one of the reasons we freaking do the show is

651
00:28:23,280 --> 00:28:25,720
Speaker 2: to inform people, for folks to know how to handle

652
00:28:25,720 --> 00:28:26,359
Speaker 2: their money better.

653
00:28:26,440 --> 00:28:28,399
Speaker 1: And there's a dearth really, like we know, most people

654
00:28:28,640 --> 00:28:30,359
Speaker 1: don't know a whole lot of stuff about money, and

655
00:28:30,400 --> 00:28:32,560
Speaker 1: so that's that's the whole point of the show is

656
00:28:32,560 --> 00:28:35,160
Speaker 1: to try to help people understand and develop confidence.

657
00:28:35,240 --> 00:28:37,320
Speaker 2: And I would say you and I are probably pullar

658
00:28:37,320 --> 00:28:41,160
Speaker 2: opposites on how we came to be exposed to personal

659
00:28:41,160 --> 00:28:43,240
Speaker 2: finance and money and how we've gone about learning the

660
00:28:43,240 --> 00:28:45,440
Speaker 2: finer points of it. And I think our audience is

661
00:28:45,560 --> 00:28:48,800
Speaker 2: likely split similarly. I think some grew up learning from

662
00:28:48,840 --> 00:28:52,600
Speaker 2: a trusted adult, while others had to DEI why their knowledge,

663
00:28:52,640 --> 00:28:56,160
Speaker 2: often after making some mistakes themselves. Well, Personal finance high

664
00:28:56,160 --> 00:28:59,880
Speaker 2: school classes are now mandatory in about half of states,

665
00:29:00,400 --> 00:29:03,600
Speaker 2: but it's always been difficult to figure out how much

666
00:29:03,840 --> 00:29:05,800
Speaker 2: those classes are actually worth.

667
00:29:05,920 --> 00:29:07,000
Speaker 1: How much of an impact do they make.

668
00:29:07,200 --> 00:29:10,560
Speaker 2: Yeah, So the good folks over at NNGPF Next Gen

669
00:29:10,720 --> 00:29:14,360
Speaker 2: Personal Finance, they actually just performed a study and they

670
00:29:14,400 --> 00:29:18,280
Speaker 2: determined that one semester's worth of personal finance education is

671
00:29:18,320 --> 00:29:21,960
Speaker 2: evidently worth six figures. We're talking one hundred thousand dollars,

672
00:29:22,400 --> 00:29:26,360
Speaker 2: basically covering some of the basics, learning how to avoid

673
00:29:26,400 --> 00:29:29,080
Speaker 2: credit card debt, paying more attention to your credit score,

674
00:29:29,160 --> 00:29:32,720
Speaker 2: understanding that you gotta spend less than what it is

675
00:29:32,720 --> 00:29:35,120
Speaker 2: that you make. That added knowledge, and I think just

676
00:29:35,160 --> 00:29:37,640
Speaker 2: subsequent tweaks, we think that they're going to continue to

677
00:29:37,640 --> 00:29:41,520
Speaker 2: have meaningful downstream effects as folks are and it just

678
00:29:41,600 --> 00:29:45,640
Speaker 2: normalizes personal finance as well. Right, because if it's something that, oh,

679
00:29:45,720 --> 00:29:47,600
Speaker 2: this is something we all have a shared language about,

680
00:29:47,640 --> 00:29:49,920
Speaker 2: it's then becomes something that you discuss, and the more

681
00:29:49,960 --> 00:29:51,320
Speaker 2: you talk about it, the more we think that it

682
00:29:51,320 --> 00:29:53,880
Speaker 2: becomes something that everyone's going to get better at the

683
00:29:53,960 --> 00:29:55,400
Speaker 2: ability to handle their money well.

684
00:29:55,440 --> 00:29:57,280
Speaker 1: And they even mentioned that there are ripple effects that

685
00:29:57,280 --> 00:30:01,080
Speaker 1: they haven't quantified, right, the information that goes back to

686
00:30:01,160 --> 00:30:04,440
Speaker 1: the homes that these kids come from, right, So like

687
00:30:04,680 --> 00:30:08,360
Speaker 1: their parents are almost influenced just secondhand from what they're

688
00:30:08,440 --> 00:30:10,360
Speaker 1: learning in the personal finance class and school like it.

689
00:30:10,480 --> 00:30:13,040
Speaker 1: But I think here's the most important thing that we

690
00:30:13,120 --> 00:30:14,840
Speaker 1: have to that really has to be thought about as

691
00:30:14,880 --> 00:30:18,120
Speaker 1: we're implementing more of these courses in class rooms across

692
00:30:18,120 --> 00:30:20,440
Speaker 1: the country. It's going to take some cool teachers and

693
00:30:20,480 --> 00:30:23,400
Speaker 1: some outside of the box ways of approaching the subject

694
00:30:23,680 --> 00:30:25,920
Speaker 1: to help convey the point so that kids can understand

695
00:30:25,920 --> 00:30:29,640
Speaker 1: it and make the change and for their future. The

696
00:30:29,680 --> 00:30:31,600
Speaker 1: New York Post Matt They just wrote an article about

697
00:30:31,600 --> 00:30:35,200
Speaker 1: a teacher using some unorthodox techniques to spread the good

698
00:30:35,200 --> 00:30:38,840
Speaker 1: word about great money habits. She's charging her third grade kids,

699
00:30:39,120 --> 00:30:41,880
Speaker 1: starting them young, which I appreciate. In her class, she's

700
00:30:41,920 --> 00:30:43,720
Speaker 1: charging them rent for their desks.

701
00:30:44,120 --> 00:30:46,440
Speaker 2: Is that even legal? I mean something like it.

702
00:30:46,520 --> 00:30:48,320
Speaker 1: It probably would be illegal if it was like, actually real,

703
00:30:48,440 --> 00:30:50,160
Speaker 1: real money, but it's not. So it kind of sounds

704
00:30:50,200 --> 00:30:53,080
Speaker 1: crazy using fake money though, to help teach kids about

705
00:30:53,080 --> 00:30:55,719
Speaker 1: the realities of how money works. So the kids they

706
00:30:55,760 --> 00:30:58,640
Speaker 1: receive a paycheck quote unquote paycheck every other Friday for

707
00:30:58,680 --> 00:31:00,720
Speaker 1: getting their work done, and then they have to fork

708
00:31:00,760 --> 00:31:03,960
Speaker 1: over those dollars for rent if they're tardy. So and

709
00:31:04,160 --> 00:31:06,880
Speaker 1: her system even gets a little more nuanced than that.

710
00:31:06,960 --> 00:31:09,560
Speaker 1: I really like what she's doing. It's so just massive

711
00:31:09,560 --> 00:31:12,360
Speaker 1: props to Miss Lattimore over in North Carolina. It's cool

712
00:31:12,400 --> 00:31:15,040
Speaker 1: to see a teacher taking a different approach and not

713
00:31:15,080 --> 00:31:17,560
Speaker 1: even wait until high school, Matt. Those little things along

714
00:31:17,600 --> 00:31:19,320
Speaker 1: the way they matter. I mean, I was having a

715
00:31:19,360 --> 00:31:21,320
Speaker 1: conversation with my with my ten year old before bed

716
00:31:21,400 --> 00:31:23,000
Speaker 1: last night. She's asking about stocks, and she's like, can

717
00:31:23,000 --> 00:31:24,800
Speaker 1: we invest in Toyota? And we're just like talking about

718
00:31:24,960 --> 00:31:27,320
Speaker 1: and then she was like money, just in Toyota. I

719
00:31:27,360 --> 00:31:29,600
Speaker 1: don't know. She was like that was the stock she

720
00:31:29,720 --> 00:31:31,520
Speaker 1: picked for some reason. I'm like, hey, Toyota is actually

721
00:31:31,560 --> 00:31:33,640
Speaker 1: a really good company that that wouldn't be a bad

722
00:31:33,640 --> 00:31:34,160
Speaker 1: stock to own.

723
00:31:34,200 --> 00:31:36,160
Speaker 2: She'd point her to our single stock investing up. Yes

724
00:31:36,200 --> 00:31:36,479
Speaker 2: that's right.

725
00:31:36,560 --> 00:31:39,200
Speaker 1: Yeah, yeah, I'll make her listen to that one. But

726
00:31:39,400 --> 00:31:41,880
Speaker 1: just just a great conversation. Then she's like, wait, money

727
00:31:41,880 --> 00:31:43,160
Speaker 1: seems like it's a bad thing. And then I was

728
00:31:43,160 --> 00:31:45,320
Speaker 1: telling her, wait, no, before money, it was actually so

729
00:31:45,400 --> 00:31:47,600
Speaker 1: much harder. You had to barter, and so money's actually

730
00:31:47,640 --> 00:31:49,560
Speaker 1: a good thing, and here's how we can use money

731
00:31:49,840 --> 00:31:52,640
Speaker 1: and here's why. And so it's kick off this great conversation.

732
00:31:52,680 --> 00:31:53,960
Speaker 1: And then I'm walking her to school today and she's like,

733
00:31:54,000 --> 00:31:56,040
Speaker 1: can we talk more about stocks? Dad? It's just funny

734
00:31:56,040 --> 00:31:58,080
Speaker 1: because it's not like I talk about this all the time.

735
00:31:58,080 --> 00:32:00,720
Speaker 1: At home, like sometimes that good job, so I leave

736
00:32:00,760 --> 00:32:03,160
Speaker 1: the job in the office. But you know, we talk

737
00:32:03,160 --> 00:32:06,480
Speaker 1: about money sometimes and I love her curiosity, her inquisitiveness.

738
00:32:06,560 --> 00:32:08,960
Speaker 2: But not all kids have that curiosity. And so I think,

739
00:32:09,040 --> 00:32:11,240
Speaker 2: like what you said is true. The ability for teachers

740
00:32:11,240 --> 00:32:14,600
Speaker 2: to bring about wonder and to kind of anchor it

741
00:32:14,640 --> 00:32:17,280
Speaker 2: and to connect it with kids and like what matters

742
00:32:17,280 --> 00:32:20,000
Speaker 2: to them in their lives. Yes, it's hugely important and

743
00:32:20,080 --> 00:32:21,600
Speaker 2: it is a big task, I think for a lot

744
00:32:21,640 --> 00:32:24,080
Speaker 2: of teachers out there. But let's talk about let's close

745
00:32:24,120 --> 00:32:27,320
Speaker 2: this out with a like a bread and butter topic,

746
00:32:27,360 --> 00:32:30,440
Speaker 2: which are credit cards and the fees that they charge.

747
00:32:30,760 --> 00:32:33,840
Speaker 2: So coming soon to a credit card near you reduced

748
00:32:33,920 --> 00:32:37,240
Speaker 2: late fees and you mentioned the CFPB. This is that story.

749
00:32:37,280 --> 00:32:39,200
Speaker 2: They issued a rule and it's going to go into

750
00:32:39,360 --> 00:32:42,880
Speaker 2: effect in sixty days that's not going to allow credit

751
00:32:42,960 --> 00:32:46,000
Speaker 2: card companies to charge more than an eight dollars late

752
00:32:46,080 --> 00:32:48,520
Speaker 2: fee for paying your bill after the due date. That

753
00:32:48,640 --> 00:32:50,680
Speaker 2: is a whole lot less than the current average late fee.

754
00:32:50,840 --> 00:32:52,840
Speaker 2: And this surprised me. I didn't realize it was this

755
00:32:52,960 --> 00:32:55,719
Speaker 2: high of thirty two dollars. I did not realize that

756
00:32:55,720 --> 00:32:57,200
Speaker 2: that is the average.

757
00:32:57,640 --> 00:32:59,720
Speaker 1: This is why we always stress on time and info.

758
00:33:00,160 --> 00:33:02,520
Speaker 2: Yes, yeah, and of course we hate fees. So you

759
00:33:02,600 --> 00:33:05,160
Speaker 2: might be thinking that, oh, this is a story, this

760
00:33:05,200 --> 00:33:08,040
Speaker 2: is something I'm en joel love and to CEEFPB. They

761
00:33:08,040 --> 00:33:10,600
Speaker 2: certainly have done some great stuff for consumers over the years.

762
00:33:10,880 --> 00:33:13,320
Speaker 2: But the truth is credit card companies will likely just

763
00:33:13,440 --> 00:33:16,440
Speaker 2: raise the interest rates that they charge consumers in an

764
00:33:16,440 --> 00:33:18,760
Speaker 2: effort to make up for this cap that's being placed

765
00:33:18,800 --> 00:33:20,719
Speaker 2: on late fees. And I think they also might reduce

766
00:33:21,120 --> 00:33:24,480
Speaker 2: the different sky high reward offers as well as a

767
00:33:24,480 --> 00:33:26,520
Speaker 2: way to make up for some of that lost income.

768
00:33:26,960 --> 00:33:30,320
Speaker 2: So like on the service, it seems like a good thing,

769
00:33:30,480 --> 00:33:33,400
Speaker 2: but we'll see how this actually pans out.

770
00:33:33,400 --> 00:33:35,040
Speaker 1: And plus it might not even come to fruition. There's

771
00:33:35,080 --> 00:33:38,080
Speaker 1: lawsuits and stuff like that. Yeah, but I guess in theory,

772
00:33:38,400 --> 00:33:41,080
Speaker 1: I hate fees. You hate fees. Seeing fees minimized is

773
00:33:41,080 --> 00:33:44,440
Speaker 1: a great thing. I hate seeing those pesky baggage fees.

774
00:33:44,560 --> 00:33:46,520
Speaker 1: Check baggage fees go up and up and up, and

775
00:33:46,560 --> 00:33:49,880
Speaker 1: then man, guess what because of that, everyone is trying

776
00:33:49,880 --> 00:33:51,240
Speaker 1: to check a bag, which is the right thing to

777
00:33:51,240 --> 00:33:54,040
Speaker 1: do anyway, but then the overhead bins are full and

778
00:33:54,040 --> 00:33:55,320
Speaker 1: they have to get check them anyway, right, And so

779
00:33:55,360 --> 00:33:58,280
Speaker 1: it's just like it's a super silly system. And granted

780
00:33:58,400 --> 00:34:01,720
Speaker 1: there's a reason to that madness. The airlines make bank

781
00:34:01,760 --> 00:34:04,440
Speaker 1: on that, and the credit card companies make bank charging

782
00:34:04,440 --> 00:34:06,880
Speaker 1: you late fees too, But if they get eliminated, they'll

783
00:34:06,880 --> 00:34:08,919
Speaker 1: find another way to make money on our on our backs,

784
00:34:08,960 --> 00:34:10,480
Speaker 1: like they're not going to just give up that profit.

785
00:34:10,560 --> 00:34:12,520
Speaker 2: And bottom line, if you use credit cards a way

786
00:34:12,520 --> 00:34:15,680
Speaker 2: that we advocate for, you aren't paying late fees. You aren't.

787
00:34:15,840 --> 00:34:19,040
Speaker 2: You aren't paying interest and so credit card interest rates

788
00:34:19,160 --> 00:34:21,239
Speaker 2: or what it is that that cards are charging when

789
00:34:21,280 --> 00:34:24,000
Speaker 2: it comes to late fees, I really shouldn't have an

790
00:34:24,040 --> 00:34:27,640
Speaker 2: impact on you or your finances. That being sedil, I've

791
00:34:27,680 --> 00:34:31,480
Speaker 2: got a confession to make. I had I had a

792
00:34:31,520 --> 00:34:33,560
Speaker 2: new card a couple of months ago, and I had

793
00:34:33,600 --> 00:34:36,920
Speaker 2: not properly rolled it into my system of how it

794
00:34:36,960 --> 00:34:39,280
Speaker 2: is I keep up with my different cards and payments

795
00:34:39,280 --> 00:34:41,160
Speaker 2: and stuff. And I forgot to pay one of the

796
00:34:41,320 --> 00:34:42,960
Speaker 2: one of the cards you had a late fee interest fee?

797
00:34:43,040 --> 00:34:45,400
Speaker 2: Huh both And guess what you called. I didn't even

798
00:34:45,440 --> 00:34:47,920
Speaker 2: have to call. I just logged in and the chat

799
00:34:47,920 --> 00:34:50,160
Speaker 2: thing was there, and I said, but I typed it up.

800
00:34:50,160 --> 00:34:52,880
Speaker 2: It was like, hey, I just received a note and

801
00:34:52,960 --> 00:34:56,239
Speaker 2: it was there on the statement late fee, uh the

802
00:34:56,280 --> 00:35:00,120
Speaker 2: interest charge. I would rather not pay that, And I

803
00:35:00,000 --> 00:35:02,320
Speaker 2: I pointed out the fact that I've never had a

804
00:35:02,400 --> 00:35:05,360
Speaker 2: late fee, or this isn't something that I've requested before,

805
00:35:05,400 --> 00:35:07,640
Speaker 2: nor is it a fee I've incurred before. Is there

806
00:35:07,680 --> 00:35:09,319
Speaker 2: any possible way that you can waive it? And this

807
00:35:09,400 --> 00:35:12,120
Speaker 2: isn't like a card that again, this is a new card.

808
00:35:12,160 --> 00:35:14,759
Speaker 2: I haven't been, you know, a good I didn't have

809
00:35:14,760 --> 00:35:19,040
Speaker 2: a pre thin file, the thin history with them. I mean,

810
00:35:19,080 --> 00:35:22,399
Speaker 2: I guess like one month's worth. And like literally ten

811
00:35:22,440 --> 00:35:25,120
Speaker 2: seconds later they fired back, or the bot did. I

812
00:35:25,120 --> 00:35:27,560
Speaker 2: don't know who's doing it, but it's like, sure, no problem,

813
00:35:27,640 --> 00:35:30,040
Speaker 2: happy to weigh that for you. Both the late fee

814
00:35:30,160 --> 00:35:33,840
Speaker 2: and the interest charges were wiped from the following statement

815
00:35:34,239 --> 00:35:34,880
Speaker 2: they credited me.

816
00:35:35,000 --> 00:35:36,200
Speaker 1: That's an important thing to mention.

817
00:35:36,280 --> 00:35:36,880
Speaker 2: Oh my gosh.

818
00:35:36,920 --> 00:35:38,440
Speaker 1: I think most people think that they're stuck with it

819
00:35:38,440 --> 00:35:41,080
Speaker 1: if they get build one and lots of times, especially

820
00:35:41,080 --> 00:35:43,360
Speaker 1: if they're been a loyal customer for a while. But

821
00:35:43,400 --> 00:35:44,759
Speaker 1: even in your case, like I.

822
00:35:44,680 --> 00:35:46,400
Speaker 2: Was surprised that I was able to do that without,

823
00:35:46,440 --> 00:35:47,920
Speaker 2: like you said, because you're like, oh, because a lot

824
00:35:47,920 --> 00:35:49,279
Speaker 2: of times you do have to call, you have to

825
00:35:49,280 --> 00:35:50,759
Speaker 2: pick up the phone, which is a little bit more

826
00:35:50,760 --> 00:35:52,719
Speaker 2: of a hassle than what I was able to do,

827
00:35:52,760 --> 00:35:55,719
Speaker 2: which was just like fire off a message, go make

828
00:35:55,760 --> 00:35:58,880
Speaker 2: a coffee, come back and boom, it's been fixed. So

829
00:35:59,000 --> 00:36:00,720
Speaker 2: you know, just something to keep in mind, folks.

830
00:36:00,719 --> 00:36:03,440
Speaker 1: Definitely a good tip if you if you accidentally incur

831
00:36:03,600 --> 00:36:05,120
Speaker 1: a late fee or something like exactly.

832
00:36:04,920 --> 00:36:06,799
Speaker 2: That's one of the risks. We talk about responsible credit

833
00:36:06,840 --> 00:36:11,640
Speaker 2: card usage, but even old pros like us Joel, like mists. Yeah,

834
00:36:11,680 --> 00:36:15,919
Speaker 2: I mean especially you. I mean you play with fire enough,

835
00:36:16,000 --> 00:36:18,080
Speaker 2: you might get a little singe by the ability to

836
00:36:18,640 --> 00:36:20,560
Speaker 2: for there'd be some ointment to kind of put on

837
00:36:20,560 --> 00:36:22,120
Speaker 2: that light singe.

838
00:36:23,080 --> 00:36:25,799
Speaker 1: Ultimately back in shape, good to go in no time.

839
00:36:25,920 --> 00:36:28,920
Speaker 1: Ultimately we've credit cards have been good for our finances.

840
00:36:28,920 --> 00:36:32,000
Speaker 1: Oh yeah, even though some people disagree, but h man,

841
00:36:32,040 --> 00:36:33,840
Speaker 1: that's going to do it for this episode. Don't forget

842
00:36:33,880 --> 00:36:36,520
Speaker 1: to spring forward. Change your clocks this weekend. Oh yeah,

843
00:36:36,600 --> 00:36:39,719
Speaker 1: it's uh, I'm looking forward to daylight even into the

844
00:36:40,080 --> 00:36:41,239
Speaker 1: late evening. That's gonna be glory.

845
00:36:41,360 --> 00:36:43,000
Speaker 2: What about the morning. See, that's the worst part though,

846
00:36:43,000 --> 00:36:44,759
Speaker 2: is because it's been can handle it. It's been so

847
00:36:44,800 --> 00:36:46,839
Speaker 2: bright and nice in the mornings, and that's gonna get

848
00:36:46,840 --> 00:36:47,520
Speaker 2: set back. That's true.

849
00:36:47,960 --> 00:36:49,480
Speaker 1: Your morning by Crid is gonna be a little darker.

850
00:36:49,560 --> 00:36:51,480
Speaker 2: Yeah yeah, I do like have being more visible on

851
00:36:51,520 --> 00:36:54,520
Speaker 2: the roads, running into the office, running into the office.

852
00:36:54,640 --> 00:36:55,480
Speaker 1: Just war Christmas lights.

853
00:36:55,600 --> 00:36:57,080
Speaker 2: Yeah I do. I got, I got the I got

854
00:36:57,120 --> 00:37:00,439
Speaker 2: the blinkis on there. It's important. All right, let's stay visible, folks.

855
00:37:00,480 --> 00:37:02,480
Speaker 1: That's true. All right. We'll see you back here next

856
00:37:02,480 --> 00:37:05,160
Speaker 1: week for more money saving information. Until then, sign up

857
00:37:05,160 --> 00:37:07,000
Speaker 1: for the Hot of Money newsletter. Tell your friends about

858
00:37:07,000 --> 00:37:09,279
Speaker 1: it so you can win some cool swag. But Matt,

859
00:37:09,360 --> 00:37:10,879
Speaker 1: until next time, Best friends out

860
00:37:11,000 --> 00:37:12,479
Speaker 2: Best friends Out.