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Speaker 1: Welcome to had a Money. I'm joel I Matt. Today

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Speaker 1: we're talking mortgage payment parks, credit card consultants, and ai Ubi.

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Speaker 1: Yeah ai Ubi, you're talking about Musk.

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Speaker 2: Did you see the latest news about him getting in

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Speaker 2: a fight with the Ryan Air CEO? Yes, And I

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Speaker 2: didn't follow this spat online spat because I don't spend

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Speaker 2: any time on X, but I love that. Evidently Elon

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Speaker 2: said that he was going to buy the company and

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Speaker 2: they replace the CEO with somebody actually named Ryan, which

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Speaker 2: is like the most juvenile, stupid but also hilarious thing

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Speaker 2: is that, well Ryan Air has been it was like

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Speaker 2: kind of the original when it comes to like discount airlines.

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Speaker 2: Oh yeah, it all started in Europe and Ryan Air

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Speaker 2: an easy jet. Man, I remember flying those just.

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Speaker 1: Your hate spirit. You have Ryan Air to blame for.

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Speaker 2: Back in two thousand I guess two thousand and six,

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Speaker 2: and I think we flew from Milan to London for

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Speaker 2: twenty bucks or yeah, I guess it was twenty yer Ooh.

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Speaker 1: Well, and of course the Ryan Air CEO he's like

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Speaker 1: this same shameless self promoter and he's using this spat

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Speaker 1: as he's like, hey, now we get this idiot sale

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Speaker 1: or seat sale. Yeah, for twenty three dollars, because like, yeah,

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Speaker 1: you funny, those some of those flights are so dang

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Speaker 1: short and they can They've just figured out a way

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Speaker 1: to do it for incredibly cheap. And that's where the

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Speaker 1: spats started, by the way, because Elon was like, hey,

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Speaker 1: you need to put starlink on your airplanes and the

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Speaker 1: CEO is like, no, it's gonna cost me money.

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Speaker 2: And nobody's going to actually pay for this stupid thing.

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Speaker 2: Our customers are so per sensitive. It's going to add

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Speaker 2: and it's going to not just cost him money, but

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Speaker 2: apparently it's gonna you know, the planes are gonna have

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Speaker 2: to use more fuel because of the antenna you have

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Speaker 2: to put on top of the plane and all that stuff,

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Speaker 2: and so he thought through it.

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Speaker 1: So while Elan of course has a vested interest, the

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Speaker 1: CEO of Ryan Air also has a vested interest in

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Speaker 1: keeping costs lowe really funny, Yeah.

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Speaker 2: This is our Friday flight that we're gonna cover maybe

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Speaker 2: more pertinent personal finance related headlines that are gonna impact

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Speaker 2: your dollars.

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Speaker 1: Joel, you have a note here about cocktails. What's the

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Speaker 1: uh what you want to talk about? Well, So there

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Speaker 1: was a study that just came out about the price

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Speaker 1: of cocktails versus mocktails, and I think a lot of

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Speaker 1: people like doing dry January right now. They're thinking of

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Speaker 1: it as a way to, I don't know, get over

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Speaker 1: too much drinking over the holidays. I think that's where

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Speaker 1: sometimes people find themselves. Its great to do a reset. Yeah,

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Speaker 1: I'm thinking with that, feel like a little like a

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Speaker 1: fast from alcohol can be good for your body. And

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Speaker 1: but a lot of people, I think, assume it's gonna

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Speaker 1: be good from my wallet too. I'm gonna save some

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Speaker 1: money if I switch from cocktails to mocktails. I can

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Speaker 1: still go out and hangle my friends, just not drinking,

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Speaker 1: just not drinking booze for a while. And this study

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Speaker 1: basically found not really like mocktails are almost as much

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Speaker 1: as cocktails. And that's what I've seen when I go

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Speaker 1: out and about. I don't really drink mocktails. And but

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Speaker 1: like you what the real thing? Yeah, I usually want

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Speaker 1: the real thing, and I usually just want to pay

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Speaker 1: for it. May as well get the one, maybe two.

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Speaker 1: But it's it's just interesting to see. I think people

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Speaker 1: assume they're gonna save money and dry January, but that

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Speaker 1: if you're still getting the expensive mocktails, then you're not going.

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Speaker 2: To It makes sense though, because so I get why

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Speaker 2: restaurants or bars are maybe keeping the price higher because

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Speaker 2: you are expecting to pay cocktail prices, and why should

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Speaker 2: you pay a ton less for something that might be

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Speaker 2: just as crafted. Like there's I've seen some of these,

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Speaker 2: like na alcohol free gins. They sell it the like

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Speaker 2: total wine or whatever cheap they're not, and you look

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Speaker 2: at all the ingredients that go into making them, like

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Speaker 2: I've never had one, but I'm thinking, oh, this is

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Speaker 2: actually something that might be like pretty decent tasting, right,

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Speaker 2: Like there's a difference in getting a mocktail that's still

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Speaker 2: crafted and has lots of these complex ingredients that cost

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Speaker 2: something as opposed to like you can't just get it

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Speaker 2: like a gin and tonic, hold the gin and still

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Speaker 2: charge me the same amount for it basically a tonic one. Right,

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Speaker 2: But like if it's if it's like a crafted mocktail,

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Speaker 2: I'm fine paying close.

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Speaker 1: To what a typical cocktail costs might be. But you

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Speaker 1: said that that, I think your head's up if you're

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Speaker 1: trying to save money this January or really February February

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Speaker 1: is a nice months to do it too, because a

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Speaker 1: fewer days you have to commit. Are you drinking less

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Speaker 1: this month or I just drink less in general? But like, yeah, no,

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Speaker 1: I'm not really making any commitment to drink less. No, yeah,

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Speaker 1: I haven't really been.

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Speaker 2: Although I this feels so premature to even say, but

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Speaker 2: for the past three days I realized, oh, I haven't

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Speaker 2: had a drink and I will be reporting back as

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Speaker 2: to the impact it has had on my body, all right,

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Speaker 2: my friend, Yeah, yeah, yeah, Well it's not just the

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Speaker 2: sleep score. But I'm like, oh, has my tend to

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Speaker 2: night has gone away? Like there's less inflammation in my body.

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Speaker 1: I don't know. This is starting to sound like a

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Speaker 1: Huberman podcast or something like that.

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Speaker 2: We will continue to go down this, we digress, but

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Speaker 2: just like tell you off the mic because people aren't

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Speaker 2: here for the the physical fitness talk. No necessarily, I

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Speaker 2: think I think the right amount of that they're down for,

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Speaker 2: but not.

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Speaker 1: We can't over do a little bit here and there

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Speaker 1: and then get to the money talk. Boys, let's do that.

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Speaker 1: Let's first, let's talk about jobs for just a second.

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Speaker 1: C and then ran an article about background checks in

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Speaker 1: the hiring process and Apparently I didn't realize this. Eleven

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Speaker 1: states have now made it illegal to use credit reports

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Speaker 1: in the hiring process, so New York being the most

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Speaker 1: recent of those states, which means more employers are ditching

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Speaker 1: that now when they're trying to find qualified candidates. They

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Speaker 1: just it's kind of like when California makes a law, Matt,

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Speaker 1: and the rest of the nation just kind of follows,

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Speaker 1: not even because there's laws in other states are enacted

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Speaker 1: that are similar, but just because if I'm a company

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Speaker 1: who has to abide by California's law, might as well

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Speaker 1: just do it across the board, right, And so this

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Speaker 1: is kind of what's happening in this space space there

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Speaker 1: are there are just fewer companies checking your credit report

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Speaker 1: because it's illegal in enough states where yeah, maybe we'll

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Speaker 1: just back down process altogether. And there are exceptions right

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Speaker 1: in even the states that ban it, though for certain

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Speaker 1: types of jobs. So you have to be aware of that.

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Speaker 1: If you're applying for a more sensitive position, you might

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Speaker 1: still have your credit poll then, and even though like

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Speaker 1: a rough credit history, it might not pose as much

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Speaker 1: of a threat to your career in twenty twenty six

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Speaker 1: as it would have many years ago. I think it's

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Speaker 1: important to note that it can still it can still

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Speaker 1: cost harm, right, and you still cause harm to your

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Speaker 1: wallet much you're pain for stuff, that's right. Yeah, yeah,

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Speaker 1: it's not just the fact that you might not get

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Speaker 1: a job if they're checking your credit score and it's

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Speaker 1: not so great. But it's also of course that your

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Speaker 1: credit score matters for a bunch of other reasons too.

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Speaker 1: That's right.

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Speaker 2: Okay, a little student loan update. We've talked about the

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Speaker 2: impending wage garnishment that's coming down the pike for the

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Speaker 2: five million folks who are in default. It's obviously something

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Speaker 2: that you need to be paying attention to. But that

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Speaker 2: being said, wage garnishments have been drum roll please paused,

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Speaker 2: at least for now. The Department of Education announced that

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Speaker 2: on Friday of last week, as they basically acknowledge the

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Speaker 2: broken student loans system that currently exists that we've all

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Speaker 2: been or borrowers have been subject to over the past.

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Speaker 2: I feel like it's gotten especially about over the past

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Speaker 2: twenty five years, but we should know more in early

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Speaker 2: summer as new repayment plans are implemented, So for everyone

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Speaker 2: who has student loans, you can breathe a sigh of

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Speaker 2: relief right now, in particular if you're deep in student

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Speaker 2: loan debt. But it is also a good idea to,

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Speaker 2: you know, get back on track with payments as soon

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Speaker 2: as possible if you can, even if garnishment isn't this

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Speaker 2: imminent threat. And actually you're going to be speaking with

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Speaker 2: a friend of the show, Stanley Tates, about student loans, and.

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Speaker 1: I'm really really excited to talk to him, and we'll

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Speaker 1: air that next week on the show. Because he's known

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Speaker 1: as the student loan lawyer. The dude know, he's buttoned up.

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Speaker 1: He knows everything there is to know about student loans. Basically,

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Speaker 1: we have a nice general knowledge. He has a very

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Speaker 1: specialized stash of student loans. That's the legal ramification. So

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Speaker 1: if you're kind of in a position where you're like, what,

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Speaker 1: I don't know what's happening in this loan space, but

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Speaker 1: I got student loans and I'm trying to figure out

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Speaker 1: how to proceed, that episode is going to be enlightning

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Speaker 1: next week. Let's talk about credit cards. Matt the built

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Speaker 1: Bilt credit card. It's been an interesting experiment, right mostly

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Speaker 1: to help renters get points for paying rent with a

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Speaker 1: credit card, because until built a lot of people were like, oh, man,

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Speaker 1: that's like the biggest expense of my life is my rent,

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Speaker 1: and man, wouldn't be nice to earn some credit card

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Speaker 1: rewards points for it. Well Built made that a reality,

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Speaker 1: and a lot of homeowners have been wondering when they

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Speaker 1: might be able to get in on that action, right,

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Speaker 1: to get rewarded for their monthly mortgage payments, just out

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Speaker 1: on that party. Yeah, and so Bilt was like, well,

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Speaker 1: we're helping renters. One of these days, maybe we'll get

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Speaker 1: around to helping homeowners. Well, that day has arrived, the

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Speaker 1: weight is over, and Built is launching three new credit

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Speaker 1: cards next month that essentially allow you to do just that.

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Speaker 1: But the rewards earning process is a little convoluted, and

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Speaker 1: the big rub is that you're going to be on

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Speaker 1: the hook for a three percent processing fee when you

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Speaker 1: attempt to pay your mortgage with a Built card, which

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Speaker 1: essentially undermines the goodness of being able to use that

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Speaker 1: card to pay for your mortgage. You can, though, use

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Speaker 1: rewards from using your Built card elsewhere to cover that fee,

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Speaker 1: like an offset right offset benefit. So Built's like, oh,

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Speaker 1: if you've amassed enough rewards from spending at in a

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Speaker 1: bunch of other ways on this card. Then yeah, you

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Speaker 1: can wave that fee and you can still get points

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Speaker 1: for paying your mortgage, which is kind of cool. You

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Speaker 1: just have to jump through all the hoops and but

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Speaker 1: really this is Built's attempt to get you not just

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Speaker 1: to use it to pay your mortgage, but to use

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Speaker 1: it everywhere, to make this your front of wallet card,

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Speaker 1: as they say. And so if you have a big

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Speaker 1: monthly mortgage and you're a big credit card user and

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Speaker 1: you're keen on using Built's points efficiently, this might be

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Speaker 1: a good card for you might want to look into it.

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Speaker 1: But I do think for most folks, Matt, like the

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Speaker 1: juice is probably not going to be worth the squeeze.

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Speaker 1: I was excited to hear the announcement, but a little

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Speaker 1: deflated on some of the details.

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Speaker 2: Yeah, well, it's only it's almost self defeating because especially

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Speaker 2: like there's multiple options as to how it is that

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Speaker 2: you can earn those points. And when you have a

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Speaker 2: lart like on one hand, you think, oh no, no,

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Speaker 2: I want a large Well, oh, I happen to have

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Speaker 2: a large mortgage payment, so this is going to be

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Speaker 2: especially more attractive attractive to me. But there is that

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Speaker 2: three percent fee, and so to the larger the mortgage,

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Speaker 2: it's like, yeah, and so then what that means is

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Speaker 2: that you then have to charge more to the card

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Speaker 2: and other areas of your life. And depending on what

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Speaker 2: your mortgage is, that might be a tall kurdle to

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Speaker 2: be able to clear. But it actually makes me think

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Speaker 2: of a recent column about whether basically life is too

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Speaker 2: short to optimize your credit card rewards, and the thrust

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Speaker 2: of the article is that it's just gotten too complicated

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Speaker 2: to optimize the different credit card reward systems the points,

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Speaker 2: so you're better off not trying, And that is honestly,

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Speaker 2: it's not too far from the truth. Because credit card

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Speaker 2: companies they seem to have purposely made reward optimization difficult.

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Speaker 1: It's almost like a part time job.

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Speaker 2: So they can still tout these incredible benefits they talk

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Speaker 2: about the lounges, but it's tougher than ever to actually

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Speaker 2: realize these benefits unless you are incredibly organized. If you

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Speaker 2: got the spreadsheets going on, you got to be dedicated

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Speaker 2: to the task at hand.

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Speaker 1: The goal. Yeah, they chucked it up into well the

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Speaker 1: first six months of the year. You can get a

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Speaker 1: reward if you spend in this way, but they made

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Speaker 1: it so confusing, and they've made it so difficult to

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Speaker 1: get some of the rewards that are promised on the

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Speaker 1: headlines that yeah, it's like it's frustrating as a credit.

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Speaker 2: Card user whether or not you get that full benefit. Oh,

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Speaker 2: you have to actually book the travel through our travel portal,

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Speaker 2: and then you're so then you have to jump through

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Speaker 2: those soups, and then you're trying to compare, Oh, well,

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Speaker 2: how much is travel there versus if I were to

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Speaker 2: purchase out on the open market. It begins to get

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Speaker 2: much more difficult. And so yeah, yeah, yeah, So which

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Speaker 2: specific credit card makes the most sense for you now

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Speaker 2: depends on just some of those behavioral factors. It depends

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Speaker 2: on how much you typically spend. And I do think, man,

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Speaker 2: that this makes a great argument for the really straightforward

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Speaker 2: cards like the City Double Cash two percent fan of

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Speaker 2: the Fidelity Card, which is a two percent cash back

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Speaker 2: that goes into your investments, which is great if you're

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Speaker 2: trying to up that savings rate as well, or my

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Speaker 2: latest favorite card, which is the Robinhood Gold Card. The

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Speaker 2: only downside there is because it's such a new well, hey,

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Speaker 2: there's an annual fee. But if you think about earning

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Speaker 2: an extra additional percent with no cap on your annual spending.

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Speaker 2: That's pretty stink and huge. Honestly, the biggest thing that

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Speaker 2: bothers me about it is I've recently tried, so I've

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Speaker 2: only been using it for a month, and I will say,

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Speaker 2: so far, so good, But I need to up my

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Speaker 2: credit limit because I continue to I'm putting all my

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Speaker 2: spending on this one card now, not literally every dollar,

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Speaker 2: but a lot of my spending. Certainly all the dollars

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Speaker 2: that I used to spend on my double cash card

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Speaker 2: is going on there, and I don't like how close

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Speaker 2: I am getting to the limit because it's just a

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Speaker 2: bran new card, and so they're just I think they're

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Speaker 2: hitting everyone with a standard limit and you go in

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Speaker 2: there and try to up it and they're like, oh,

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Speaker 2: we're actually not able to do that now. So it's

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Speaker 2: still in the early stages of this card, and if

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Speaker 2: you're using two much much of the available credit.

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Speaker 1: That you have.

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Speaker 2: Afore mentioned credit score that we just recently talked about.

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Speaker 2: But I think finding a system that's going to work

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Speaker 2: for you is certainly this prescription from how the money

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Speaker 2: Boys do.

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Speaker 1: I think we even got an email from a listener

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Speaker 1: this week who created a website to help people like

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Speaker 1: keep track of all their credit cards when the annual

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Speaker 1: fees coming up, And it just goes to show that

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Speaker 1: it's it's a complicated thing, and I think a lot

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Speaker 1: of people get lost in some of that complication. If

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Speaker 1: you're the kind of person like me who attention to

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Speaker 1: detail not your strong suit. Matt attention to details, totally

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Speaker 1: you're great at that, like that's your jam. Me not

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Speaker 1: so much. And so me playing the game, I'm liable

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Speaker 1: to fall flat on my face and screw something up

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Speaker 1: and and and just not get the value that I

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Speaker 1: thought I was going to. If so know yourself, I

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Speaker 1: guess too when you're playing the credit card game, and

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Speaker 1: if you're like I'm probably going to mess things up

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Speaker 1: and not get the value kind of like Joel would,

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Speaker 1: then then go with the two percent card.

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Speaker 2: You're totally underselling yourself. That being said, though, I saw

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Speaker 2: an article about how you can hire a consultant, like

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Speaker 2: literally somebody to to kind.

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Speaker 1: Of advise you as to what cards you should be using.

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Speaker 1: I thought that was interesting because one I didn't really

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Speaker 1: realize that that was that people did that as a job,

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Speaker 1: that they were like, hey, let me help you.

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Speaker 2: I knew they were like you could gigs and websites,

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Speaker 2: dig doing anything, Yes, you can. And so part of

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Speaker 2: me is like encourage that. Wow, isn't it incredible what

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Speaker 2: people can do for work these days? And you can

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Speaker 2: become you can become a credit card consultant and make

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Speaker 2: it in this world. That's pretty nuts. So I guess

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Speaker 2: that begs the question, like does it make sense to

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Speaker 2: hire a pro a credit card consultant to help you

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Speaker 2: become efficient and to optimize those credit cards perfectly for

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Speaker 2: how you spend? And even the article that talked about it, Matt,

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Speaker 2: I think the basic assumption was that the answer is

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Speaker 2: for most for most part, the most part, no right

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Speaker 2: that a credit card consultant for you, or for me,

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Speaker 2: or for most of our listeners. Most of the time,

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Speaker 2: it's not a great idea, there's no need. But if

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Speaker 2: you have a particular expensive thing event coming up in

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Speaker 2: your life, then maybe that's when a credit card consultant

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Speaker 2: could be worth.

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Speaker 1: There's more money effort, basically, if there's more money on

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Speaker 1: the line one percent and the biggest, the biggest example

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Speaker 1: they gave in that article was like a wedding right,

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Speaker 1: and how before you start spending. It's going to cost

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Speaker 1: a lot, right, You're going to have to hire the photographer,

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Speaker 1: pay for the venue, the food, all that stuff. You're

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Speaker 1: going to spend a lot of money. And the goal

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Speaker 1: obviously is to not keep the credit card debt around

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Speaker 1: if you can pay it off on time and in full,

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Speaker 1: use credit cards and get some dope rewards in the process.

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Speaker 1: And people were able to get their honeymoon paid for right,

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Speaker 1: like first class seats and flights to Bora Bora and

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Speaker 1: sweet hotels they never would have been able to enjoy otherwise.

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Speaker 1: That's kind of cool, and a credit card consultant, I

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Speaker 1: think can help you make smart decisions and optimize.

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Speaker 2: That well more you could use chat, so that's a

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Speaker 2: good point to That's the other thing too, where you

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Speaker 2: tried it.

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Speaker 1: I did, okay, because.

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Speaker 2: I wanted to see how well are the large language

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Speaker 2: models able to kind of parse the details? And I

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Speaker 2: put in a hype, Yeah, so I did that this morning.

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Speaker 1: I did.

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Speaker 2: I was like, hypothetically, you know, do you ever wonder

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Speaker 2: if it's logging all of your requests and kind of

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Speaker 2: building this dot s on you. I don't wonder that

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Speaker 2: you almost basically know it is, and so it knows.

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Speaker 1: Me at this point.

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Speaker 2: I also wanted to have it accurate information to be

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Speaker 2: able to deliver results to me, like in a more

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Speaker 2: efficient way. So anytime I do research for the show

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Speaker 2: or I'm trying to figure something out and it's not

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Speaker 2: a situation I'm personally in, I always like type and hypothetically, yeah,

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Speaker 2: maybe I'm overthinking it, which is certainly the case. But

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Speaker 2: I was surprised to see at how it broke down

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Speaker 2: the certain cards and they're talking about, hey, yeah, certain

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Speaker 2: big expenses like a venue that's like a that's the

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Speaker 2: kind of thing that you want to put on a

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Speaker 2: new card, like a Chase card where you're where it

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Speaker 2: requires a big spend so.

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Speaker 1: You can get the one hundred and twenty five thousand points.

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Speaker 1: Oh the a mix goal.

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Speaker 2: I think it was talking about catering because a lot

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Speaker 2: of times they're positioned as restaurant and so you get

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Speaker 2: four X on that, and it was pretty amazing. And

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Speaker 2: then they talked about how for all the rest you can, yeah,

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Speaker 2: look at something like a two percent card, which is

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Speaker 2: totally how we would approach it, and I think how

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Speaker 2: we would recommend it to folks.

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Speaker 1: So I don't know.

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Speaker 2: I guess I'm a little less keen on something. A

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Speaker 2: niche hustle like this when you can find the information,

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Speaker 2: it's one thing.

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Speaker 1: Well, it used to be that you had to do

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Speaker 1: a lot of digging on your own information, and you'd

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Speaker 1: tire a pro because they had all that knowledge stored

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Speaker 1: in their head. But if chat GPT has all a

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Speaker 1: dollar stored, then you might not need any or someone.

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Speaker 2: Yeah, and you can turn to literal people for other things. Actually,

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Speaker 2: later in the show we will talk about chat and

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Speaker 2: individuals and the sort of conflict that.

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Speaker 1: It inherently exists exists. I think between those two dynamics.

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Speaker 2: By the way, I wanted to mention the extreme expense

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Speaker 2: of weddings, it actually seems to be part of the

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Speaker 2: reason why we're seeing a trend towards smaller wedding parties.

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Speaker 2: Then not, They actually found that the average wedding entourage

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Speaker 2: is down to eight instead of ten, so four on

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Speaker 2: each as opposed.

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Speaker 1: To it people just have few friends. Now, what do

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Speaker 1: you think that's also probably the case? I mean, I

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Speaker 1: want to say money, and also I don't have another friend, a.

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Speaker 2: Chicken or that sort of scenario. Here, But it's just

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Speaker 2: I think it could be good news for would have

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Speaker 2: been greensmen and bridesmaids. The average price of the wedding

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Speaker 2: and bachelor slash bachelorette party, it's equivalent to a month's

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Speaker 2: rent more than two thousand dollars, So that can be

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Speaker 2: tough to stomach if you've got a good friend, you

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Speaker 2: want to be involved, but you're also tied on cash,

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Speaker 2: you've got other goals. But it's just an interesting trend

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Speaker 2: to see this, and this is something we've seen for years,

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Speaker 2: just smaller wedding parties, smaller guest counts at weddings as

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Speaker 2: well as they've got generally smaller but higher quality as

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Speaker 2: opposed to kind of like a massive, more budget wedding,

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Speaker 2: which is yeah, certainly what Kate and I I think

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Speaker 2: tried to throw because we didn't have a ton of money.

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Speaker 1: I wanted to get your thoughts.

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Speaker 2: What do you think about the people foregoing the registry

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Speaker 2: and instead asking for money for something like a honeymoon fund,

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Speaker 2: dig it or all for it home down payment. Do

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Speaker 2: you see a distinct distinction between honeymoon and a down

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Speaker 2: payment for a house? I think, yeah, I think exactly

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Speaker 2: the same.

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Speaker 1: Pretty much. I think those are two things that are

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Speaker 1: deep goals and desires for people who are getting married oftentimes,

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Speaker 1: like we'd like to take an awesome trip together to celebrate,

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Speaker 1: which makes sense to me, And we really want to

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Speaker 1: save to buy a home. And I would rather give

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Speaker 1: money to those funds than I would like buy them

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Speaker 1: some dishes or something like that, because, especially with people

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Speaker 1: getting married later and later in life, last time save

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Speaker 1: a mast, they've got things already, yeah, and they're like,

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Speaker 1: this is our other really big goal.

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Speaker 2: I mean more stuff like actually, my old Rady towels

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Speaker 2: work just fine. Yeah, yeah, how do you don't make

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Speaker 2: that work? I can't make whatever you said border trip.

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Speaker 2: Have you been to Never?

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Speaker 1: I haven't either. No, I don't even know if it's

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Speaker 1: a real place. I'm assuming does kind of selling me up? Yeah,

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Speaker 1: you feel good giving cash to people who have those totally? Yeah. Yeah.

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Speaker 2: Yeah, It's just I can see a more traditionalist saying, oh, no,

431
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Speaker 2: you got to like do the thing, or you got

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Speaker 2: the gun, because I remember doing that when Kate and

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Speaker 2: I got and gave you remember going into this door

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Speaker 2: with a gun, like the scanner gun. About them beyond

435
00:20:04,560 --> 00:20:06,919
Speaker 2: I want that, I want that I want that, but

436
00:20:07,119 --> 00:20:09,560
Speaker 2: I think there's there's something to do and it's a

437
00:20:09,560 --> 00:20:13,199
Speaker 2: wonderful life. George Bailey, what he had cash that he

438
00:20:13,280 --> 00:20:15,080
Speaker 2: received us, like, I mean, I think a lot of

439
00:20:15,080 --> 00:20:17,480
Speaker 2: it was because of their wedding was a wedding gift

440
00:20:17,480 --> 00:20:19,359
Speaker 2: and so that like that was their honeymoon fund that

441
00:20:19,359 --> 00:20:22,760
Speaker 2: they spoiler alert saved the bank. If you haven't seen

442
00:20:22,800 --> 00:20:25,840
Speaker 2: the movie, you should. It's out of the holidays long

443
00:20:25,920 --> 00:20:28,679
Speaker 2: enough now. I think people can can handle that spoiler or.

444
00:20:28,680 --> 00:20:31,160
Speaker 2: We got more to get to on this episode, including

445
00:20:32,040 --> 00:20:33,560
Speaker 2: does do we even need to invest.

446
00:20:33,280 --> 00:20:35,879
Speaker 1: For retirement anymore? One of the richest men in the

447
00:20:35,880 --> 00:20:38,359
Speaker 1: world says nope, We'll get to that and more right

448
00:20:38,359 --> 00:20:48,360
Speaker 1: after this, we're back from the break. Time to get

449
00:20:48,400 --> 00:20:51,359
Speaker 1: to As always, the ludicrous headline of the week, This

450
00:20:51,400 --> 00:20:55,159
Speaker 1: one comes from the Wall Street Journal and it's read

451
00:20:55,520 --> 00:20:57,640
Speaker 1: people are paying ninety nine dollars a month to talk

452
00:20:57,680 --> 00:21:00,160
Speaker 1: to a Tony Robbins chatbot.

453
00:21:00,200 --> 00:21:04,520
Speaker 2: Is this shoe you add at me? I know you

454
00:21:04,560 --> 00:21:08,440
Speaker 2: love that guy, So there's I know very little about

455
00:21:08,480 --> 00:21:10,600
Speaker 2: the dude. He seems all right, Like I think some

456
00:21:10,640 --> 00:21:12,280
Speaker 2: of his investing advice is a little bit off.

457
00:21:12,320 --> 00:21:14,000
Speaker 1: But why didn't I know he gives investing. Oh his

458
00:21:14,080 --> 00:21:17,119
Speaker 1: last book was like a dire tribe about oh really

459
00:21:17,160 --> 00:21:18,600
Speaker 1: investing in private hedge funds?

460
00:21:18,680 --> 00:21:20,360
Speaker 2: And well, then, how dare you say that I'm down

461
00:21:20,359 --> 00:21:24,600
Speaker 2: with him when he's got financial sort of encourager, Like

462
00:21:24,640 --> 00:21:26,439
Speaker 2: there's other things that I thought he was like all

463
00:21:26,440 --> 00:21:29,119
Speaker 2: about motivation, yeah, and that kind of stuff. He's probably

464
00:21:29,119 --> 00:21:30,440
Speaker 2: get really really good on that front.

465
00:21:30,680 --> 00:21:32,840
Speaker 1: I don't know. I've never been to one of his conferences,

466
00:21:33,320 --> 00:21:35,159
Speaker 1: but oh, I know somebody who did, and it was

467
00:21:35,200 --> 00:21:36,639
Speaker 1: I think it was like a multi day event. Did

468
00:21:36,680 --> 00:21:38,000
Speaker 1: it changed your life? Uh?

469
00:21:38,080 --> 00:21:39,760
Speaker 2: I don't know, but I remember him telling me how

470
00:21:39,840 --> 00:21:42,960
Speaker 2: much it cost to go, and it was like, I

471
00:21:43,000 --> 00:21:46,440
Speaker 2: want to say, like six grand okay for one person?

472
00:21:46,680 --> 00:21:51,240
Speaker 1: Yeah? Uh what that's nuts? That is nuts. Yeah, I

473
00:21:51,240 --> 00:21:52,639
Speaker 1: can't get behind that. Just way till we throw our

474
00:21:52,680 --> 00:21:56,600
Speaker 1: ten thousand dollars conference, We'll see how many people show up. Yeah,

475
00:21:56,880 --> 00:21:59,320
Speaker 1: not gonna happen. Okay, our wives wouldn't even show up.

476
00:21:59,400 --> 00:22:01,359
Speaker 1: We were just talking about AI, Matt and this, so

477
00:22:01,480 --> 00:22:04,399
Speaker 1: let's keep talking about AI. Like I recently uploaded like

478
00:22:04,480 --> 00:22:07,600
Speaker 1: all the data from my garment into chat ChiPT. You

479
00:22:07,600 --> 00:22:09,159
Speaker 1: said you're gonna do that did you actually upload this

480
00:22:09,920 --> 00:22:13,720
Speaker 1: CSV file? Yes, the CSV file. It's super impressive. How

481
00:22:13,920 --> 00:22:15,960
Speaker 1: the kind of personalized input that it can give you

482
00:22:16,000 --> 00:22:19,080
Speaker 1: based on all of your stat statistics that it can

483
00:22:19,119 --> 00:22:20,840
Speaker 1: now analyze, and then the goals that you have. I

484
00:22:20,840 --> 00:22:23,000
Speaker 1: can tell it, Hey, here's here's what I here's the

485
00:22:23,080 --> 00:22:25,600
Speaker 1: race I'm running in two months, Here's what I want

486
00:22:25,640 --> 00:22:27,960
Speaker 1: to achieve. What's the best training plan to get there?

487
00:22:28,000 --> 00:22:31,360
Speaker 1: And it knows not just like in generalities, but it's

488
00:22:31,440 --> 00:22:33,000
Speaker 1: highly specific. That's crazy, you know.

489
00:22:33,160 --> 00:22:35,440
Speaker 2: Yeah, Okay, side note, did you just log in online?

490
00:22:35,440 --> 00:22:37,480
Speaker 2: Because I've only ever done it from my phone?

491
00:22:38,040 --> 00:22:40,920
Speaker 1: Yeah, on the app app on my phone and then

492
00:22:41,640 --> 00:22:42,640
Speaker 1: file yep. Good enough.

493
00:22:42,760 --> 00:22:45,359
Speaker 2: Yep, So it worked because I've done it as well,

494
00:22:45,760 --> 00:22:48,760
Speaker 2: but obviously not nearly as customized. But like I've said, hey,

495
00:22:48,800 --> 00:22:51,320
Speaker 2: I'm this old, this is my goal, this is what

496
00:22:51,359 --> 00:22:55,440
Speaker 2: I'm currently doing. But to actually have real data from

497
00:22:55,480 --> 00:22:57,800
Speaker 2: I mean, you've had your watch for like three years now, yeah,

498
00:22:57,880 --> 00:23:00,440
Speaker 2: I mean that's it was like credible, three hundred and

499
00:23:00,440 --> 00:23:01,960
Speaker 2: fifty runs or something that it logged and then it

500
00:23:02,000 --> 00:23:04,000
Speaker 2: was able to that's amazing analyze the.

501
00:23:04,000 --> 00:23:07,000
Speaker 1: Long term trends, which is insane. And so these programs

502
00:23:07,000 --> 00:23:09,479
Speaker 1: are just getting better and better, more and more useful.

503
00:23:10,600 --> 00:23:12,919
Speaker 1: But now like we're getting to the point where there

504
00:23:12,920 --> 00:23:15,399
Speaker 1: are just so many AI programs being pitched to consumers,

505
00:23:15,440 --> 00:23:18,359
Speaker 1: some of which are kind of quirky and some of

506
00:23:18,400 --> 00:23:22,080
Speaker 1: which are just not cheap. In like this, your favorite

507
00:23:22,119 --> 00:23:26,000
Speaker 1: self help guru, right, who probably has an AI now

508
00:23:26,359 --> 00:23:31,399
Speaker 1: that is trained to answer questions in their voice and

509
00:23:31,480 --> 00:23:34,520
Speaker 1: speak to you in their tone with their insights. I

510
00:23:34,600 --> 00:23:36,320
Speaker 1: don't know how I feel about this, Matt. I think

511
00:23:36,480 --> 00:23:38,800
Speaker 1: I have mixed feelings. I don't like the monthly fee

512
00:23:38,800 --> 00:23:40,840
Speaker 1: one hundred bucks a months to talk to your favorite

513
00:23:40,880 --> 00:23:43,679
Speaker 1: guru who's not actually your favorite guru. But it's just

514
00:23:43,800 --> 00:23:47,440
Speaker 1: a program trained Yeah like that a person, Yeah, who's there.

515
00:23:47,560 --> 00:23:51,000
Speaker 1: That's the part that rubs me. But I could see too,

516
00:23:51,240 --> 00:23:54,199
Speaker 1: like why people are attracted to it. I think I'm

517
00:23:54,240 --> 00:23:56,000
Speaker 1: gonna pass on these for now. I'm gonna keep it

518
00:23:56,000 --> 00:23:59,199
Speaker 1: old school. But it did make me wonder like, and

519
00:23:59,600 --> 00:24:02,520
Speaker 1: even if we would never charge as much money, but

520
00:24:02,560 --> 00:24:05,359
Speaker 1: what if there was like a how to money AI

521
00:24:06,040 --> 00:24:08,680
Speaker 1: and it existed our website and people could ask questions

522
00:24:08,720 --> 00:24:12,000
Speaker 1: and it would From all of the podcast episodes and

523
00:24:12,040 --> 00:24:16,280
Speaker 1: all of the newsletters, and these articles we've written, it

524
00:24:16,320 --> 00:24:20,400
Speaker 1: could help people based on their specific situation with all

525
00:24:20,440 --> 00:24:22,360
Speaker 1: the general information we've put out over time.

526
00:24:22,440 --> 00:24:24,840
Speaker 2: Well, what you're hinting at is a conversation we had

527
00:24:25,000 --> 00:24:26,800
Speaker 2: with a company that we were working with from an

528
00:24:26,880 --> 00:24:30,000
Speaker 2: SEO standpoint that we were asking these questions two years

529
00:24:30,040 --> 00:24:32,159
Speaker 2: ago about does it even make sense to focus on

530
00:24:32,240 --> 00:24:34,840
Speaker 2: SEO anymore with everyone going to Chat as opposed to

531
00:24:34,880 --> 00:24:37,399
Speaker 2: going to Google right, Like, essentially Chat has become the

532
00:24:37,440 --> 00:24:40,200
Speaker 2: new Google. Like I search for things on Gemini or

533
00:24:40,280 --> 00:24:42,399
Speaker 2: Chat that I used to Google, and it just provides

534
00:24:42,400 --> 00:24:45,240
Speaker 2: it in a more succinc sort of narrative way, and

535
00:24:45,280 --> 00:24:45,679
Speaker 2: I think.

536
00:24:45,520 --> 00:24:47,240
Speaker 1: That's a part of the power of it. So, yeah,

537
00:24:47,400 --> 00:24:47,840
Speaker 1: what you're.

538
00:24:47,680 --> 00:24:50,920
Speaker 2: Saying is, what if we have the ability to someone

539
00:24:50,960 --> 00:24:55,880
Speaker 2: has the ability to get personal finance information via us, Which.

540
00:24:55,680 --> 00:24:58,520
Speaker 1: I think that's totally fine and it absolutely could be

541
00:24:58,560 --> 00:24:59,320
Speaker 1: a useful tool.

542
00:24:59,400 --> 00:25:01,760
Speaker 2: But for our listeners, the personal finance side of it,

543
00:25:01,800 --> 00:25:05,080
Speaker 2: the money, especially with it being a subscription, like a

544
00:25:05,119 --> 00:25:07,840
Speaker 2: recurring source of you know, I'm not looking at this

545
00:25:07,840 --> 00:25:09,280
Speaker 2: from a business san point. I'm looking at it from

546
00:25:09,280 --> 00:25:12,520
Speaker 2: the consumer and a continual source, a continual expense every

547
00:25:12,560 --> 00:25:15,720
Speaker 2: single month and that's the part that rubs me the

548
00:25:15,720 --> 00:25:18,480
Speaker 2: wrong way, and the fact that it's based on whatever

549
00:25:18,760 --> 00:25:21,280
Speaker 2: it is that it can find, whatever it can scrape

550
00:25:21,280 --> 00:25:24,280
Speaker 2: from the Internet. It's always backwards looking, which is why,

551
00:25:24,960 --> 00:25:29,000
Speaker 2: like we've never talked about coaching, like doing coaching with folks,

552
00:25:29,040 --> 00:25:31,560
Speaker 2: but that makes so much more sense to me, because, yeah,

553
00:25:31,600 --> 00:25:34,480
Speaker 2: you are dealing with an individual. And maybe this is

554
00:25:34,600 --> 00:25:38,439
Speaker 2: because you're hearing this from two dudes who don't have

555
00:25:38,480 --> 00:25:39,159
Speaker 2: anybody who.

556
00:25:39,000 --> 00:25:39,720
Speaker 1: Wants to coach with.

557
00:25:40,920 --> 00:25:42,880
Speaker 2: Maybe if we had like thousands and thousands of people

558
00:25:42,880 --> 00:25:44,800
Speaker 2: and we couldn't get to all of them, we would

559
00:25:44,800 --> 00:25:47,639
Speaker 2: be more prone to launch something where it was a

560
00:25:47,680 --> 00:25:49,800
Speaker 2: paid for service where folks were able to get answers.

561
00:25:49,800 --> 00:25:52,680
Speaker 2: But there's something about talking to an individual and hearing

562
00:25:53,359 --> 00:25:55,600
Speaker 2: in real life, in real time, like as you and

563
00:25:55,640 --> 00:25:58,480
Speaker 2: I talk, we synthesize new ideas like in the moment,

564
00:25:58,520 --> 00:26:01,800
Speaker 2: and that is not something that you get with chat.

565
00:26:02,320 --> 00:26:05,840
Speaker 2: Until we reached that point of like the the generative AI,

566
00:26:06,359 --> 00:26:09,240
Speaker 2: at which point is that even can you even say

567
00:26:09,280 --> 00:26:12,920
Speaker 2: that that's Tony Robbins or whatever, because it's not him

568
00:26:13,080 --> 00:26:17,239
Speaker 2: who's saying that. It is the technology deciding what it's

569
00:26:17,320 --> 00:26:20,119
Speaker 2: going to say. Because right now if you so. In

570
00:26:20,160 --> 00:26:23,719
Speaker 2: preparation for this, I pulled up I was like, Okay,

571
00:26:24,080 --> 00:26:26,120
Speaker 2: give me reasons why I should go for a run

572
00:26:26,119 --> 00:26:28,639
Speaker 2: this morning. It's cold, it's rainy, but I know I

573
00:26:28,680 --> 00:26:30,520
Speaker 2: need to do it. Anyway, Give it to me in

574
00:26:30,560 --> 00:26:33,560
Speaker 2: the voice of Tony Robbins. And it did a great job.

575
00:26:33,600 --> 00:26:37,200
Speaker 2: Granted I didn't get hear his big whatever, mainly voice whatever,

576
00:26:37,560 --> 00:26:40,959
Speaker 2: and it was pretty entertaining. And I saw things that

577
00:26:41,000 --> 00:26:42,520
Speaker 2: he has said in the past that I know that

578
00:26:42,600 --> 00:26:45,040
Speaker 2: he says right same thing, and so then I changed it.

579
00:26:45,080 --> 00:26:47,000
Speaker 2: I said, okay, now give it to me and David

580
00:26:47,000 --> 00:26:51,280
Speaker 2: Gaggin's voice, which was also a lot more curse words

581
00:26:51,280 --> 00:26:53,560
Speaker 2: than that one. There are many more exploitive is yeah,

582
00:26:53,600 --> 00:26:56,000
Speaker 2: for sure, But it was so funny. It's like, I

583
00:26:56,040 --> 00:26:57,840
Speaker 2: don't care if you can't even feel your fingers when

584
00:26:57,840 --> 00:27:00,119
Speaker 2: you laced up your shoes, because I could hear his

585
00:27:00,200 --> 00:27:02,960
Speaker 2: voice because I've listened to more of his audio books.

586
00:27:03,040 --> 00:27:05,159
Speaker 1: Yeah, over the years. But even still, it's based on

587
00:27:05,200 --> 00:27:06,520
Speaker 1: stuff that they have said in the past.

588
00:27:06,520 --> 00:27:09,680
Speaker 2: It's backwards looking as opposed to where something is being

589
00:27:09,720 --> 00:27:12,040
Speaker 2: created in the moment. So on one hand, I see

590
00:27:12,040 --> 00:27:14,760
Speaker 2: the usefulness of it as a tool. On the other hand,

591
00:27:15,520 --> 00:27:18,280
Speaker 2: if you're looking for like a personal connection or something

592
00:27:18,320 --> 00:27:22,920
Speaker 2: that's more impactful, paying for a software like this doesn't

593
00:27:22,920 --> 00:27:24,600
Speaker 2: make a ton of sense to me. Paying for coaching

594
00:27:25,240 --> 00:27:27,200
Speaker 2: where you have more of a one on one with somebody,

595
00:27:27,240 --> 00:27:29,840
Speaker 2: that is something that I think can be inspiring to folks.

596
00:27:29,920 --> 00:27:31,760
Speaker 2: One of the things they highlighted in that article was

597
00:27:31,800 --> 00:27:34,320
Speaker 2: that some of these people are so in demand, unlike

598
00:27:34,320 --> 00:27:37,280
Speaker 2: you and I as coaches, right that their hourly rate

599
00:27:37,560 --> 00:27:40,400
Speaker 2: is five hundred bucks an hour, one thousand bucks an hour,

600
00:27:40,520 --> 00:27:42,680
Speaker 2: ten thousand dollars an hour, and they're only dealing with

601
00:27:42,760 --> 00:27:46,040
Speaker 2: executives and people at the top of the business food chaine.

602
00:27:46,080 --> 00:27:47,919
Speaker 1: So this is the kind of person you, as a

603
00:27:48,600 --> 00:27:52,240
Speaker 1: normal human with normal dollars in your bank account, would

604
00:27:52,240 --> 00:27:54,360
Speaker 1: never be able to talk to. You could never hire them,

605
00:27:54,440 --> 00:27:56,239
Speaker 1: You couldn't even get one hour of their time. And

606
00:27:56,320 --> 00:27:59,760
Speaker 1: now you have them in AI chatbot form and so

607
00:28:00,720 --> 00:28:02,720
Speaker 1: better than nothing. I guess, yeah, I don't know.

608
00:28:03,359 --> 00:28:05,520
Speaker 2: How do you feel about would you be interested in

609
00:28:05,520 --> 00:28:08,040
Speaker 2: coaching folks like one on one from a personal finance standpoint?

610
00:28:08,080 --> 00:28:10,359
Speaker 1: Oh, I think it'd be fun. Like it does it

611
00:28:10,400 --> 00:28:12,600
Speaker 1: does sound a good time. I think I prefer this

612
00:28:12,680 --> 00:28:13,760
Speaker 1: methodinating it.

613
00:28:13,680 --> 00:28:16,080
Speaker 2: For media, yeah, I mean it's much more efficient, but

614
00:28:16,240 --> 00:28:18,920
Speaker 2: also you'd certainly lose something like you get to hear

615
00:28:18,920 --> 00:28:21,800
Speaker 2: a voice, but if you're talking to someone directly, there's

616
00:28:21,920 --> 00:28:23,960
Speaker 2: certainly power in that. I would be curious to know

617
00:28:24,000 --> 00:28:27,200
Speaker 2: if there are folks who would email us and say, yeah, dudes,

618
00:28:27,240 --> 00:28:30,000
Speaker 2: you should consider this, and somehow we're actually going to

619
00:28:30,040 --> 00:28:33,120
Speaker 2: achieve in box zero tomorrow, because nobody's going.

620
00:28:33,119 --> 00:28:34,800
Speaker 1: To actually reach out to us. If they do, I

621
00:28:34,840 --> 00:28:36,119
Speaker 1: don't know, maybe we launch it.

622
00:28:36,160 --> 00:28:41,440
Speaker 2: Maybe who does so similarly using AI, but for free,

623
00:28:41,600 --> 00:28:43,560
Speaker 2: that's the way to go. And there is an article

624
00:28:43,560 --> 00:28:46,880
Speaker 2: in Medium that highlighted how a family used Claude, which

625
00:28:46,920 --> 00:28:49,760
Speaker 2: is another one of the models, to take a one

626
00:28:49,880 --> 00:28:53,240
Speaker 2: hundred and ninety five thousand dollars hospital bill down to

627
00:28:53,400 --> 00:28:56,080
Speaker 2: thirty three thousand, which is still a lot, but obviously

628
00:28:56,200 --> 00:28:59,600
Speaker 2: much much better. And I was able to analyze the

629
00:28:59,680 --> 00:29:02,600
Speaker 2: charge is and it just alerted this family to let

630
00:29:02,640 --> 00:29:05,200
Speaker 2: them know what was bogus so that they could push

631
00:29:05,320 --> 00:29:08,080
Speaker 2: back on what they didn't have to pay for. This

632
00:29:08,280 --> 00:29:10,440
Speaker 2: is something that individuals can do on their own, and

633
00:29:10,480 --> 00:29:13,600
Speaker 2: it just takes some time. It takes some research. If

634
00:29:13,640 --> 00:29:16,560
Speaker 2: you are doing this manually, right, like trying to come.

635
00:29:16,440 --> 00:29:19,560
Speaker 1: Through the weeds and look through the financial assistance policies

636
00:29:19,600 --> 00:29:21,560
Speaker 1: of your local hospital exactly.

637
00:29:21,600 --> 00:29:24,080
Speaker 2: But AI it still allows you to do this on

638
00:29:24,080 --> 00:29:26,800
Speaker 2: your own, but it just makes it so much more efficient.

639
00:29:26,880 --> 00:29:28,000
Speaker 1: It's easier, it's faster.

640
00:29:28,880 --> 00:29:31,040
Speaker 2: AI is not great for everything, but this is one

641
00:29:31,080 --> 00:29:33,880
Speaker 2: of the ways that I think folks can certainly use

642
00:29:34,000 --> 00:29:37,600
Speaker 2: this technology that everyone's talking about to their financial advantage.

643
00:29:37,680 --> 00:29:41,560
Speaker 1: Yeah, we're actually gonna have more suggestions in Tuesday's upcoming

644
00:29:41,600 --> 00:29:44,840
Speaker 1: newsletter about how you can use AI in your life,

645
00:29:45,120 --> 00:29:47,880
Speaker 1: in your personal finance life in ways that it's helpful

646
00:29:47,880 --> 00:29:51,280
Speaker 1: and not harmful. All right, Matt. The question that Elon

647
00:29:51,360 --> 00:29:54,680
Speaker 1: Musk raised this week was just saving for retirement even

648
00:29:54,720 --> 00:29:57,440
Speaker 1: matter anymore in the age of AI, and Elon must

649
00:29:57,480 --> 00:29:59,280
Speaker 1: said basically like, yeah, you don't need to do that

650
00:29:59,760 --> 00:30:02,479
Speaker 1: in fifteen or twenty years, retirement savings it's like an

651
00:30:02,520 --> 00:30:06,880
Speaker 1: obsolete concept. Who needs it? Basically, I think his thesis

652
00:30:06,960 --> 00:30:09,600
Speaker 1: is that AI is going to create so much abundance

653
00:30:09,960 --> 00:30:13,280
Speaker 1: that there's no need to save for the future. In

654
00:30:13,320 --> 00:30:19,080
Speaker 1: this rosy sunglasses, rosy glasses kind of tinted worlds paradise

655
00:30:19,160 --> 00:30:20,880
Speaker 1: of the future, it's paradise and you don't you know,

656
00:30:21,000 --> 00:30:23,960
Speaker 1: you don't have to save for your own retirement. And

657
00:30:25,120 --> 00:30:27,960
Speaker 1: he said people will be able to have whatever stuff

658
00:30:28,000 --> 00:30:31,479
Speaker 1: they want. And that is I guess essentially based on

659
00:30:31,600 --> 00:30:36,160
Speaker 1: AI's ability to reduce cost making education free and then

660
00:30:36,440 --> 00:30:40,280
Speaker 1: the reality of a universally high basic income coming down

661
00:30:40,440 --> 00:30:44,400
Speaker 1: the pike. And man, I love to hear people's predictions.

662
00:30:44,400 --> 00:30:46,920
Speaker 1: But man, if you look back at a history of

663
00:30:46,920 --> 00:30:49,280
Speaker 1: Elon's predictions, some of them have just not come to pass.

664
00:30:49,320 --> 00:30:51,400
Speaker 1: Some of them have taken much longer than he thought.

665
00:30:51,560 --> 00:30:55,840
Speaker 1: So should we all say screw it to our iras

666
00:30:55,880 --> 00:30:57,560
Speaker 1: in our FO one case, because Elon says we're going

667
00:30:57,600 --> 00:30:59,000
Speaker 1: to not going to need them twenty years from now.

668
00:31:00,280 --> 00:31:04,200
Speaker 1: Not probably not, he's smart, But I yeah, I think

669
00:31:04,200 --> 00:31:06,240
Speaker 1: I saw someone say something along the lines of like,

670
00:31:06,280 --> 00:31:09,120
Speaker 1: I would pay very little attention to Elon outside of

671
00:31:09,120 --> 00:31:12,560
Speaker 1: his main area of expertise, and I think I feel

672
00:31:12,560 --> 00:31:13,000
Speaker 1: the same way.

673
00:31:13,600 --> 00:31:17,080
Speaker 2: Well, he just underestimates the human spirit in our desire

674
00:31:17,160 --> 00:31:21,320
Speaker 2: to work and to create and to create beautiful things

675
00:31:21,720 --> 00:31:22,240
Speaker 2: like it makes me.

676
00:31:22,440 --> 00:31:23,800
Speaker 1: So he would say, you don't have to do that

677
00:31:23,840 --> 00:31:25,320
Speaker 1: in the form of work. You can do it in

678
00:31:25,400 --> 00:31:29,680
Speaker 1: the form of hobbies or and are that exactly?

679
00:31:29,720 --> 00:31:32,040
Speaker 2: And guess who else said that, John Mader Kaines when

680
00:31:32,040 --> 00:31:34,280
Speaker 2: he said that we would only be working like seven

681
00:31:34,320 --> 00:31:37,120
Speaker 2: hours a week because like their technology would have advanced

682
00:31:37,200 --> 00:31:40,000
Speaker 2: so much. But guess what, we just use that efficiency

683
00:31:40,080 --> 00:31:43,280
Speaker 2: to make us more productive with prosperous and more prosperous,

684
00:31:43,280 --> 00:31:45,960
Speaker 2: which I think is the more likely outcome. So it

685
00:31:46,000 --> 00:31:48,640
Speaker 2: just seems a bit shortsighted to me. Speaking of retirement,

686
00:31:49,000 --> 00:31:52,920
Speaker 2: there might be more waste to tap your retirement account early.

687
00:31:53,320 --> 00:31:55,440
Speaker 2: So the White House they just proposed that we should

688
00:31:55,480 --> 00:31:57,040
Speaker 2: all be able to tap our four o one K

689
00:31:57,160 --> 00:32:00,320
Speaker 2: before age fifty nine and a half for a home

690
00:32:00,400 --> 00:32:02,920
Speaker 2: down payment. And I'm sure all the folks listening who

691
00:32:02,960 --> 00:32:04,280
Speaker 2: are like, oh my gosh, I got a lot of

692
00:32:04,280 --> 00:32:06,040
Speaker 2: money in there, I would love to be able to

693
00:32:06,080 --> 00:32:06,320
Speaker 2: do that.

694
00:32:07,120 --> 00:32:09,480
Speaker 1: So you can already, only it's off limits for many

695
00:32:09,520 --> 00:32:12,480
Speaker 1: many decades, you know, without the penalty. Yeah, you can

696
00:32:12,560 --> 00:32:12,800
Speaker 1: do that.

697
00:32:12,840 --> 00:32:15,360
Speaker 2: However, with your IRA you can do that with ten

698
00:32:15,400 --> 00:32:19,800
Speaker 2: thousand dollars of IRA money. But President Trump's proposal is

699
00:32:19,800 --> 00:32:21,600
Speaker 2: that you should have access to some of your four

700
00:32:21,720 --> 00:32:24,600
Speaker 2: one K savings for that goal as well, which I

701
00:32:24,600 --> 00:32:27,400
Speaker 2: don't love this basically because the more accessible you make

702
00:32:27,440 --> 00:32:30,400
Speaker 2: your retirement dollars, I think more likely that folks are

703
00:32:31,120 --> 00:32:35,320
Speaker 2: essentially going to become their own worst enemy. And it's like, well, no, no,

704
00:32:35,360 --> 00:32:37,720
Speaker 2: this is something I'm choosing to do. I want to

705
00:32:37,720 --> 00:32:40,800
Speaker 2: do this. Yeah, but like like now you is saying yes,

706
00:32:40,840 --> 00:32:42,680
Speaker 2: I want to do this, future you is saying no,

707
00:32:42,800 --> 00:32:43,200
Speaker 2: don't do.

708
00:32:43,200 --> 00:32:46,040
Speaker 1: It, don't interrupt compounding unnecessarily.

709
00:32:46,280 --> 00:32:50,320
Speaker 2: Yeah, you are satisfying this near term goal of yours

710
00:32:50,800 --> 00:32:54,240
Speaker 2: rather than allowing those assets to grow for their future.

711
00:32:54,240 --> 00:32:57,760
Speaker 2: And so it's it's certainly far less terrible than tapping

712
00:32:57,800 --> 00:33:01,320
Speaker 2: retirement for the Haitian a trip, you know, like a

713
00:33:01,360 --> 00:33:05,720
Speaker 2: depreciating asset. But yeah, we'll see where this goes. But

714
00:33:05,920 --> 00:33:08,640
Speaker 2: if you do want to buy a home relatively soon,

715
00:33:09,120 --> 00:33:11,880
Speaker 2: like you shouldn't be putting those dollars into a four

716
00:33:11,880 --> 00:33:14,000
Speaker 2: to one k to begin with, right, Like, if it's

717
00:33:14,120 --> 00:33:16,240
Speaker 2: super near term to hang on to that money in cash,

718
00:33:16,240 --> 00:33:18,040
Speaker 2: if you're looking at you know, a couple of couple

719
00:33:18,040 --> 00:33:20,600
Speaker 2: of years off into the future, like yeah, invested, but

720
00:33:20,680 --> 00:33:22,600
Speaker 2: invested within a brokerige account where you're not going to

721
00:33:22,640 --> 00:33:25,440
Speaker 2: get hit with ten percent penalty, All.

722
00:33:25,360 --> 00:33:27,440
Speaker 1: Right, Matt, let's talk about Greenland. I've never thought this

723
00:33:27,520 --> 00:33:30,280
Speaker 1: much about Greenland in my whole life as I have

724
00:33:30,360 --> 00:33:31,120
Speaker 1: in the last two weeks.

725
00:33:31,200 --> 00:33:33,160
Speaker 2: Used to be the Roman Empire. Now it's it's Greenland.

726
00:33:33,200 --> 00:33:37,080
Speaker 2: It's green or Iceland. That's Trump also said it's an

727
00:33:37,200 --> 00:33:39,280
Speaker 2: icy place, it's an icy player Greenland. But we're talking

728
00:33:39,280 --> 00:33:39,800
Speaker 2: about Greenland.

729
00:33:39,840 --> 00:33:40,160
Speaker 1: That's right.

730
00:33:40,200 --> 00:33:42,160
Speaker 2: What's the latest. It's hard to keep up because it is.

731
00:33:42,200 --> 00:33:45,440
Speaker 2: It's been Greenland whiplash back and forth.

732
00:33:45,280 --> 00:33:47,280
Speaker 1: Davos this week, and oh yeah, there were things said

733
00:33:47,320 --> 00:33:52,800
Speaker 1: before and at Davos, and so tensions are rising because

734
00:33:53,600 --> 00:33:56,840
Speaker 1: apparently the US desire or maybe not, I wouldn't say

735
00:33:56,840 --> 00:34:01,240
Speaker 1: the US desire, our president's desire for US to have Greenland.

736
00:34:01,440 --> 00:34:02,520
Speaker 1: These are just the facts, folks.

737
00:34:02,640 --> 00:34:04,920
Speaker 2: Yeah, I think it's something like ninety one percent of

738
00:34:05,000 --> 00:34:07,320
Speaker 2: Americans are not interested in Greenland.

739
00:34:07,400 --> 00:34:10,840
Speaker 1: Yeah, so it's him, it is. It's the man himself

740
00:34:11,440 --> 00:34:13,080
Speaker 1: that it is. And so you and I we try

741
00:34:13,080 --> 00:34:16,200
Speaker 1: to avoid the political here, but this battle, this, like

742
00:34:16,360 --> 00:34:20,919
Speaker 1: all of the verbiage being thrust around about Greenland, it's

743
00:34:21,000 --> 00:34:24,560
Speaker 1: creating real financial fallout. And so mortgage rates, which had

744
00:34:24,600 --> 00:34:27,160
Speaker 1: finally ticked below six percent thanks to a bond buying

745
00:34:27,440 --> 00:34:30,840
Speaker 1: push from President Trump are now rising again as political

746
00:34:31,120 --> 00:34:36,560
Speaker 1: and you know, geopolitical tensions increase. Gold right was going

747
00:34:36,640 --> 00:34:41,480
Speaker 1: up there for a hot minute, because as geopolitical tensions

748
00:34:41,480 --> 00:34:45,120
Speaker 1: get crazy, people turn to safe assets like gold. So

749
00:34:45,160 --> 00:34:47,960
Speaker 1: it just is interesting to see how these words, that

750
00:34:48,040 --> 00:34:51,560
Speaker 1: our president's words, have such a wide ranging impact and

751
00:34:51,640 --> 00:34:54,880
Speaker 1: how long, right do those impacts remain. Well, that's the

752
00:34:54,880 --> 00:34:56,759
Speaker 1: biggest question, I think, and so much depends on the

753
00:34:56,800 --> 00:34:59,560
Speaker 1: rhetoric because you can see the stock market bouncing back

754
00:34:59,600 --> 00:35:02,560
Speaker 1: signific after Trump says, oh, we wouldn't take it by force,

755
00:35:02,640 --> 00:35:06,320
Speaker 1: like as his rhetoric calms down and everyone takes a

756
00:35:06,360 --> 00:35:09,359
Speaker 1: sigh of relief and markets start to act a little

757
00:35:09,400 --> 00:35:12,800
Speaker 1: more normal. Yeah, this thing, it seemed like it started

758
00:35:13,040 --> 00:35:17,319
Speaker 1: like a joke, and it's having wider implications. I just

759
00:35:17,640 --> 00:35:20,279
Speaker 1: and I think how the money listeners are wondering too, Matt,

760
00:35:20,320 --> 00:35:23,640
Speaker 1: And I'm curious how you would address this, Like, clearly

761
00:35:24,200 --> 00:35:28,600
Speaker 1: impacts are being felt, like there are shifts like the

762
00:35:28,680 --> 00:35:32,319
Speaker 1: tremors right in the finance world. Do we make any

763
00:35:32,400 --> 00:35:36,880
Speaker 1: changes based on the rhetoric because there are actually changes

764
00:35:36,880 --> 00:35:38,200
Speaker 1: coming down the pike in the economy.

765
00:35:38,280 --> 00:35:40,399
Speaker 2: I think that's so that's what's so tough to know, right,

766
00:35:40,400 --> 00:35:43,200
Speaker 2: And like that's the crystal ball aspect of like looking ahead.

767
00:35:43,200 --> 00:35:45,719
Speaker 2: But like that's what I think I'm most concerned with, right,

768
00:35:46,040 --> 00:35:49,759
Speaker 2: because like you think about the implicator, like how it's

769
00:35:49,760 --> 00:35:52,879
Speaker 2: impacted our relations with like Mexico and China. I'm sorry,

770
00:35:52,880 --> 00:35:56,600
Speaker 2: Mexico and Canada specifically, right, like our near our neighbors

771
00:35:56,640 --> 00:35:58,080
Speaker 2: who are close by, but like.

772
00:35:58,080 --> 00:36:00,920
Speaker 1: This feels like they're a little sketched out last night.

773
00:36:00,920 --> 00:36:03,040
Speaker 2: Like the rhetorical path that he's taking now is now

774
00:36:03,080 --> 00:36:07,080
Speaker 2: reached across the Atlantic. Uh, and these are European allies

775
00:36:07,520 --> 00:36:10,560
Speaker 2: and the dude, like when we talk about investing, So look,

776
00:36:10,560 --> 00:36:13,040
Speaker 2: this is an investing conversation, right, because when you talk

777
00:36:13,080 --> 00:36:15,239
Speaker 2: about what the market has done over the past one

778
00:36:15,280 --> 00:36:18,480
Speaker 2: hundred years, that's there's a reason we say that because

779
00:36:18,520 --> 00:36:20,600
Speaker 2: it's predictable. Right, Like we can look back to one

780
00:36:20,680 --> 00:36:23,080
Speaker 2: hundred years worth of data and say, oh, yeah, it's

781
00:36:23,120 --> 00:36:26,440
Speaker 2: not guaranteed, but all things for the most part remaining

782
00:36:26,440 --> 00:36:26,759
Speaker 2: the same.

783
00:36:26,800 --> 00:36:28,840
Speaker 1: This is this is what what you should expect, and

784
00:36:29,080 --> 00:36:31,400
Speaker 1: that it might be an era of free markets and

785
00:36:31,440 --> 00:36:33,080
Speaker 1: free trade. Yeah, but that might be changing.

786
00:36:33,080 --> 00:36:35,279
Speaker 2: And that's the sort of larger thing to point to

787
00:36:35,360 --> 00:36:37,680
Speaker 2: here is the fact that over the past one hundred years,

788
00:36:37,680 --> 00:36:40,279
Speaker 2: the US has been the leader when it comes to

789
00:36:40,280 --> 00:36:43,560
Speaker 2: global trade, like the global economy. We have been sitting

790
00:36:43,680 --> 00:36:46,239
Speaker 2: right there at the crossroads of it. And that to

791
00:36:46,360 --> 00:36:48,879
Speaker 2: me is a little concerning as we look off into

792
00:36:48,880 --> 00:36:49,680
Speaker 2: the future, right.

793
00:36:49,600 --> 00:36:53,360
Speaker 1: Like that is the oh, do I now.

794
00:36:53,280 --> 00:36:58,240
Speaker 2: Start to consider investing more internationally as opposed to fully

795
00:36:58,400 --> 00:37:02,360
Speaker 2: within US securities? Like, that's the concern when you see.

796
00:37:02,200 --> 00:37:05,680
Speaker 1: If status quo is interrupted like dol at some point

797
00:37:05,719 --> 00:37:09,239
Speaker 1: you do have to rethink you're investing strategy, and you

798
00:37:09,280 --> 00:37:11,480
Speaker 1: don't want to do it based on like short term outbursts,

799
00:37:11,480 --> 00:37:13,759
Speaker 1: I don't think. But you also maybe it is a

800
00:37:13,760 --> 00:37:17,000
Speaker 1: good idea to kind of take a step back and say, well,

801
00:37:17,440 --> 00:37:20,360
Speaker 1: if the if the position of the United States in

802
00:37:21,000 --> 00:37:23,760
Speaker 1: the world and in the global world order, global standing

803
00:37:23,920 --> 00:37:26,759
Speaker 1: is changing, and we're viewed differently, and maybe our trade

804
00:37:26,760 --> 00:37:30,279
Speaker 1: partners don't you know, enjoy the same relationship they used

805
00:37:30,280 --> 00:37:33,640
Speaker 1: to with us, should we then approach our own future

806
00:37:33,680 --> 00:37:36,800
Speaker 1: investments differently. Yeah, that's that's the biggest question.

807
00:37:36,840 --> 00:37:40,440
Speaker 2: We're not having this conversation because international stocks did better

808
00:37:41,200 --> 00:37:43,560
Speaker 2: last year, Like you know, I don't care about that.

809
00:37:43,680 --> 00:37:44,960
Speaker 1: Like you look at one year.

810
00:37:44,880 --> 00:37:46,799
Speaker 2: That's one year, and literally it was last year. You

811
00:37:46,800 --> 00:37:48,880
Speaker 2: looked at the past three years, even US comes out

812
00:37:48,920 --> 00:37:51,000
Speaker 2: on top, you like, in the last thirteen years, US

813
00:37:51,080 --> 00:37:53,440
Speaker 2: comes out on top, last thirty years. Guess what US

814
00:37:53,480 --> 00:37:55,719
Speaker 2: still comes out on top of. But and so what

815
00:37:55,719 --> 00:37:57,960
Speaker 2: we're talking about here are like multi year changes, not

816
00:37:58,040 --> 00:37:59,800
Speaker 2: any sort of knee jerk, Like I don't want anybody

817
00:37:59,880 --> 00:38:02,439
Speaker 2: right now to be freaking out and thinking, oh, they're

818
00:38:02,440 --> 00:38:04,759
Speaker 2: pulling out their apps, they're logging into their brokerages right

819
00:38:04,760 --> 00:38:07,919
Speaker 2: now and making changes. That's not at all what I'm doing.

820
00:38:07,960 --> 00:38:10,040
Speaker 2: It's not what you're doing, and it's not something that

821
00:38:10,120 --> 00:38:13,120
Speaker 2: I think we would even talk about doing. But for

822
00:38:13,160 --> 00:38:15,680
Speaker 2: another couple of years, you know, like if this continues

823
00:38:15,719 --> 00:38:18,640
Speaker 2: down that path, then I think you got to say,

824
00:38:18,680 --> 00:38:20,360
Speaker 2: all right, maybe things are changing.

825
00:38:20,440 --> 00:38:20,560
Speaker 1: Yea.

826
00:38:20,640 --> 00:38:22,600
Speaker 2: I think if I think there are plenty of folks

827
00:38:22,640 --> 00:38:24,800
Speaker 2: who are going to say, dudes, y'all are just fear mongering,

828
00:38:25,000 --> 00:38:28,800
Speaker 2: like you're overestimating the power of one man to completely

829
00:38:28,840 --> 00:38:32,239
Speaker 2: wreck this global system that the US has been able

830
00:38:32,280 --> 00:38:34,600
Speaker 2: to erect over the past one hundred years. But then

831
00:38:34,640 --> 00:38:37,799
Speaker 2: I know that there are also other folks who are saying, no, man,

832
00:38:37,800 --> 00:38:39,800
Speaker 2: we've been saying this for years, like he's the worst

833
00:38:40,200 --> 00:38:43,279
Speaker 2: and he's going to wreck this entire thing. So all

834
00:38:43,320 --> 00:38:45,320
Speaker 2: that comes down to your political leanings.

835
00:38:45,360 --> 00:38:48,560
Speaker 1: And you and I have consistently talked about how we

836
00:38:48,600 --> 00:38:53,200
Speaker 1: shouldn't be as responsive to and how capitalism, the US

837
00:38:53,200 --> 00:38:57,279
Speaker 1: capitalist system has been incredibly resilient. Oh so right in

838
00:38:57,480 --> 00:39:00,520
Speaker 1: the face of tariffs and in the face of just

839
00:39:00,640 --> 00:39:03,120
Speaker 1: some of these like one off deals with tech companies,

840
00:39:03,320 --> 00:39:07,360
Speaker 1: and so we have a really robust free market system

841
00:39:07,719 --> 00:39:11,320
Speaker 1: that one person cannot single handedly throw a wrecking ball through,

842
00:39:11,760 --> 00:39:15,960
Speaker 1: but it can impact the future trajectory of our system,

843
00:39:16,040 --> 00:39:17,600
Speaker 1: even if it's in small ways.

844
00:39:17,320 --> 00:39:20,520
Speaker 2: So domino effects could be outsized. And sort of what

845
00:39:20,560 --> 00:39:22,800
Speaker 2: you're saying is that like not only like, yes, the

846
00:39:22,920 --> 00:39:27,480
Speaker 2: US economy is resilient, but how permanent are are the

847
00:39:27,520 --> 00:39:30,520
Speaker 2: relational damages that are being done with foreign leaders and

848
00:39:30,560 --> 00:39:33,719
Speaker 2: the decision that they then choose to make for their

849
00:39:33,760 --> 00:39:35,560
Speaker 2: countries because they're like, well, the US is not a

850
00:39:35,600 --> 00:39:36,600
Speaker 2: dependable trading partner.

851
00:39:36,640 --> 00:39:38,319
Speaker 1: That's what's hard to know. And again this feels so

852
00:39:38,320 --> 00:39:41,399
Speaker 1: political and we try to avoid that, but truly, like

853
00:39:41,640 --> 00:39:43,840
Speaker 1: they got to pay attention. When you watch the markets

854
00:39:43,880 --> 00:39:46,120
Speaker 1: move the way they have this week, when you see

855
00:39:46,440 --> 00:39:50,200
Speaker 1: the dramatic response from world leaders and Mark Karney and

856
00:39:50,239 --> 00:39:52,960
Speaker 1: the way that they're turning away from the United States

857
00:39:52,960 --> 00:39:57,160
Speaker 1: towards other countries, then it should at least give us pause.

858
00:39:57,200 --> 00:39:59,040
Speaker 1: And again, you're right, Neither you or I are making

859
00:39:59,080 --> 00:40:00,680
Speaker 1: dramatic changes right now out, but it is one of

860
00:40:00,719 --> 00:40:02,759
Speaker 1: those things to have on your radar. How do I

861
00:40:02,800 --> 00:40:06,279
Speaker 1: want to invest in the future? And I continue, do

862
00:40:06,320 --> 00:40:08,480
Speaker 1: I still feel Okay? We should go back look at

863
00:40:08,520 --> 00:40:11,800
Speaker 1: our investment plan and say is this something I feel comfortable?

864
00:40:11,880 --> 00:40:13,879
Speaker 1: Is this the direction I want to be investing in

865
00:40:14,200 --> 00:40:16,640
Speaker 1: for the next twenty or thirty years. I don't know

866
00:40:16,680 --> 00:40:18,439
Speaker 1: where I'm gonna come down on that yet, Matt. We'll see.

867
00:40:18,480 --> 00:40:20,680
Speaker 2: And this is not a political conversation because we're not

868
00:40:20,719 --> 00:40:22,879
Speaker 2: saying that this is good or bad, right Like, That's

869
00:40:22,880 --> 00:40:26,120
Speaker 2: what makes it a political conversation, the fact that you're

870
00:40:26,200 --> 00:40:29,440
Speaker 2: agreeing with this policy or you're disagreeing with this policy.

871
00:40:29,480 --> 00:40:32,000
Speaker 2: We're just pointing to the economic facts and the financials

872
00:40:32,000 --> 00:40:34,480
Speaker 2: and the numbers and how that could be impacted by

873
00:40:34,520 --> 00:40:36,080
Speaker 2: what's happening on the global stage.

874
00:40:36,160 --> 00:40:38,680
Speaker 1: For sure, you gotta pay attention busy week. All right,

875
00:40:39,120 --> 00:40:41,160
Speaker 1: that's going to do it for this episode. If you

876
00:40:41,239 --> 00:40:43,200
Speaker 1: want choutte you'll find those up on our website at

877
00:40:43,200 --> 00:40:45,080
Speaker 1: how toomoney dot com. You can always sign up for

878
00:40:45,120 --> 00:40:47,840
Speaker 1: the newsletter at how to money dot com slash newsletter.

879
00:40:48,040 --> 00:40:51,040
Speaker 1: All Right, till next time, best Friends Out, Best Friends Out,

880
00:41:00,680 --> 00:41:00,719
Speaker 1: be