1 00:00:00,160 --> 00:00:02,920 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matts. 2 00:00:03,080 --> 00:00:06,560 Speaker 1: Today we are discussing the sports betting boom, record home 3 00:00:06,559 --> 00:00:28,800 Speaker 1: equity levels, and tacolo subscriptions. I mean, who doesn't want 4 00:00:28,800 --> 00:00:34,560 Speaker 1: to sign up for recurring stomachache? Recurring bathroom issue was 5 00:00:34,840 --> 00:00:37,880 Speaker 1: a recurring trips to the toilet. But I'm looking forward 6 00:00:37,880 --> 00:00:40,199 Speaker 1: to getting to that story, plus several others this episode 7 00:00:40,280 --> 00:00:42,680 Speaker 1: during our Friday flight, and Joel, you know this, this 8 00:00:42,720 --> 00:00:44,519 Speaker 1: is our Friday flight, but for everybody else out there 9 00:00:44,520 --> 00:00:46,800 Speaker 1: who might be listening to a Friday episode for the 10 00:00:46,840 --> 00:00:48,800 Speaker 1: first time ever, this is where we look back at 11 00:00:48,960 --> 00:00:50,599 Speaker 1: the news that we came across this week and we're 12 00:00:50,640 --> 00:00:53,600 Speaker 1: gonna talk about how it's going to impact your money. 13 00:00:53,880 --> 00:00:57,160 Speaker 1: I'm looking forward to the stories today. It's our interpretations 14 00:00:57,200 --> 00:01:00,200 Speaker 1: of the headlines in the personal finance space, and we'll 15 00:01:00,200 --> 00:01:02,320 Speaker 1: get to those in just a second. Matt, I wanted 16 00:01:02,360 --> 00:01:06,399 Speaker 1: to mention that I took a little tactic in the 17 00:01:06,480 --> 00:01:11,000 Speaker 1: asking for a discount realm. Basically, earlier this summer, my 18 00:01:11,000 --> 00:01:13,960 Speaker 1: family we stayed at this really adorable little house in 19 00:01:14,080 --> 00:01:16,440 Speaker 1: Tybee Island, Georgia. That's kind of we like to spend 20 00:01:16,440 --> 00:01:18,319 Speaker 1: a week there. Now during the summers, that's kind of 21 00:01:18,360 --> 00:01:19,800 Speaker 1: that's what we're hoping to do every summer, go back 22 00:01:19,800 --> 00:01:21,880 Speaker 1: for a week. And we really like the house that 23 00:01:21,920 --> 00:01:24,679 Speaker 1: we stayed at. And it felt like I got a 24 00:01:24,720 --> 00:01:28,039 Speaker 1: pandemic deal somehow, Like what I what I spent for 25 00:01:28,319 --> 00:01:30,800 Speaker 1: a full week in this three bedroom house? Um last year? 26 00:01:31,120 --> 00:01:35,720 Speaker 1: It was pretty inexpensive, And so I went back to see, Okay, well, 27 00:01:35,720 --> 00:01:37,600 Speaker 1: what if I want to book it next year? And 28 00:01:37,600 --> 00:01:40,440 Speaker 1: the price had risen quite a bit. Basically, it was 29 00:01:40,480 --> 00:01:43,480 Speaker 1: like a fifty percent increase from last year's price, and 30 00:01:43,520 --> 00:01:46,640 Speaker 1: I was like, dang, that's a lot more so the 31 00:01:46,720 --> 00:01:48,640 Speaker 1: vacation exactly. And I'm like, I'm do I need to 32 00:01:48,640 --> 00:01:50,360 Speaker 1: look for other places? We'd love to stay here again, 33 00:01:50,520 --> 00:01:53,400 Speaker 1: but the price just ain't right. And so I what 34 00:01:53,440 --> 00:01:56,440 Speaker 1: I did was I messaged the homeowner and I was like, Hey, 35 00:01:57,000 --> 00:01:59,560 Speaker 1: any chance you can match last year's price? What's the 36 00:01:59,560 --> 00:02:02,880 Speaker 1: worst teak and say no? Right? And so I did 37 00:02:02,880 --> 00:02:07,040 Speaker 1: that and he didn't respond, So I getting the colt, 38 00:02:07,240 --> 00:02:09,160 Speaker 1: messaged him again. I was like, hey, just a reminder, 39 00:02:09,240 --> 00:02:12,160 Speaker 1: we loved their place and we love to stay there again. 40 00:02:12,600 --> 00:02:15,920 Speaker 1: Any chance you'd be willing to, yeah, match last year's right, 41 00:02:15,919 --> 00:02:18,720 Speaker 1: here's a picture of me and my adorable kid. And 42 00:02:18,760 --> 00:02:20,399 Speaker 1: he got around to it. He did, He got back 43 00:02:20,400 --> 00:02:23,320 Speaker 1: to me and he basically was like, he took literally 44 00:02:23,639 --> 00:02:26,640 Speaker 1: seven hundred dollars, more than seven hundred dollars off the 45 00:02:26,680 --> 00:02:29,840 Speaker 1: price of our stay for this coming summer. So I 46 00:02:29,919 --> 00:02:31,960 Speaker 1: just wanted to put that out there. It's a huge one, 47 00:02:32,040 --> 00:02:34,120 Speaker 1: dude asking for a discount. We're big fans of it 48 00:02:34,320 --> 00:02:36,680 Speaker 1: and sometimes you score big and man, I'll say, over 49 00:02:36,680 --> 00:02:40,280 Speaker 1: seven hundred bucks, that's a huge score. Definitely worth asking. 50 00:02:40,639 --> 00:02:42,080 Speaker 1: But how do you think he would feel if I 51 00:02:42,120 --> 00:02:43,760 Speaker 1: actually reached out to him as well and be like, hey, 52 00:02:43,800 --> 00:02:47,160 Speaker 1: I hear that you're offering this discounted right? Uh? Do 53 00:02:47,160 --> 00:02:48,680 Speaker 1: you think he'd say yes to me and my family? 54 00:02:48,760 --> 00:02:50,400 Speaker 1: That's a good question. I don't know. He doesn't know you, Like, 55 00:02:51,080 --> 00:02:52,760 Speaker 1: I took care of his house really well last year, 56 00:02:52,800 --> 00:02:54,919 Speaker 1: and you guys got drinks together, You've got you got 57 00:02:54,919 --> 00:02:56,880 Speaker 1: his personal phone, umb you all our best buds. Now, Well, 58 00:02:56,919 --> 00:02:58,400 Speaker 1: I did ask him right to each other and everything. 59 00:02:58,480 --> 00:03:00,400 Speaker 1: They have a golf cart like down in the garage 60 00:03:00,440 --> 00:03:02,520 Speaker 1: area of this house, and I did message him while 61 00:03:02,520 --> 00:03:04,079 Speaker 1: over there, like, hey, any chance the keys here and 62 00:03:04,160 --> 00:03:05,600 Speaker 1: we did use it, and he's like, now that's just 63 00:03:05,600 --> 00:03:08,720 Speaker 1: for family. Sorry, that's the owner's golf car. But I 64 00:03:08,760 --> 00:03:10,960 Speaker 1: asked and I got turned down that time. It never hurts. 65 00:03:10,960 --> 00:03:13,200 Speaker 1: I'm sure he was just like this guy again, like 66 00:03:13,400 --> 00:03:15,680 Speaker 1: first asking for the golf cart, next thing he's asking 67 00:03:15,720 --> 00:03:18,639 Speaker 1: to have access to the owner's closet. And now he's 68 00:03:18,639 --> 00:03:20,640 Speaker 1: asking for a discount. I guess that was maybe the 69 00:03:20,639 --> 00:03:22,720 Speaker 1: final story. Say hey, I can give you a discount. 70 00:03:23,040 --> 00:03:25,240 Speaker 1: I'll give you one of the things you mentioned exactly. 71 00:03:25,440 --> 00:03:27,400 Speaker 1: That's right. Yeah, Well, let's move on, Matt Let's tall, 72 00:03:27,400 --> 00:03:29,160 Speaker 1: I get to the Friday flight, get to those stories 73 00:03:29,200 --> 00:03:32,400 Speaker 1: we found interesting this week. And I think there's some 74 00:03:32,480 --> 00:03:34,520 Speaker 1: really fascinating stories that popped up this week that we 75 00:03:34,560 --> 00:03:37,640 Speaker 1: definitely want to cover. And the first one worth talking 76 00:03:37,680 --> 00:03:42,120 Speaker 1: about is writer Kimberly Kimberly Palmer. She tackled the subject 77 00:03:42,120 --> 00:03:44,840 Speaker 1: about video games and are they actually good for kids 78 00:03:44,840 --> 00:03:47,000 Speaker 1: when it comes to learning money skills. I thought that 79 00:03:47,080 --> 00:03:49,800 Speaker 1: was like kind of a just a fascinating topic to tackle. 80 00:03:49,960 --> 00:03:51,840 Speaker 1: It's one I hadn't really given much thought to before. 81 00:03:52,080 --> 00:03:55,280 Speaker 1: And she talked about how her son is learning legit 82 00:03:55,360 --> 00:03:58,640 Speaker 1: personal finance lessons by playing the game Robox. I know 83 00:03:58,680 --> 00:04:00,880 Speaker 1: that's a popular game. I've personally played it. My kids 84 00:04:00,880 --> 00:04:03,640 Speaker 1: aren't really old enough to play video games yet, or 85 00:04:03,640 --> 00:04:06,920 Speaker 1: at least not like fancy games like that. And she 86 00:04:07,040 --> 00:04:10,880 Speaker 1: interviewed some experts who say that basic economic theories are 87 00:04:10,880 --> 00:04:14,720 Speaker 1: actually a play in many of these more popular video games, 88 00:04:15,080 --> 00:04:18,000 Speaker 1: and they actually help kids grasp certain concepts, not just 89 00:04:18,040 --> 00:04:20,000 Speaker 1: by reading about them in a book, by by using 90 00:04:20,040 --> 00:04:22,159 Speaker 1: them firsthand. And you and I were big fans of that. 91 00:04:22,200 --> 00:04:24,200 Speaker 1: We we think that so, you know, it's helpful to 92 00:04:24,279 --> 00:04:27,719 Speaker 1: learn and read about something, but the implementation and actually 93 00:04:28,240 --> 00:04:31,680 Speaker 1: experiencing something firsthand is usually the way that that lesson 94 00:04:31,760 --> 00:04:34,680 Speaker 1: actually sticks. And uh. One other person that she talked 95 00:04:34,720 --> 00:04:37,680 Speaker 1: to was in front of the show Laura Vanderkamp Good Buddy, 96 00:04:37,720 --> 00:04:40,080 Speaker 1: and she she was interviewed in this article, and she 97 00:04:40,160 --> 00:04:42,839 Speaker 1: said that her son has learned real skills from playing 98 00:04:42,880 --> 00:04:45,880 Speaker 1: the game Theme Park Tycoon. And it's funny, Matt, I mean, 99 00:04:45,920 --> 00:04:47,760 Speaker 1: I remember, actually now that I look back, playing some 100 00:04:47,800 --> 00:04:51,240 Speaker 1: of those games, playing something like SimCity, oh yeah, or 101 00:04:51,400 --> 00:04:54,080 Speaker 1: playing even something like Madden Football where you're putting together 102 00:04:54,120 --> 00:04:56,240 Speaker 1: a team and you have a limited number of resources 103 00:04:56,440 --> 00:04:58,800 Speaker 1: exactly so much of game play. It's not just all 104 00:04:58,839 --> 00:05:00,920 Speaker 1: about you know, bus in your head into bricks and 105 00:05:00,960 --> 00:05:03,839 Speaker 1: score points like like, there's an exchange often times happening 106 00:05:03,839 --> 00:05:05,359 Speaker 1: in these games. I don't think I ever learned anything 107 00:05:05,360 --> 00:05:10,200 Speaker 1: from NBA JAM except for cool sayings like boom shakola 108 00:05:10,880 --> 00:05:13,520 Speaker 1: and my two year old now says boom chokolaka. It's 109 00:05:13,560 --> 00:05:17,279 Speaker 1: the cutest thing ever. But um, yeah, I'm not sure 110 00:05:17,360 --> 00:05:22,200 Speaker 1: exactly how much you know financial literacy corresponds to video gameplay, 111 00:05:22,240 --> 00:05:24,880 Speaker 1: but I think one important thing to remember. I think 112 00:05:24,880 --> 00:05:27,080 Speaker 1: it's totally fine to let your kids play some amount 113 00:05:27,080 --> 00:05:29,160 Speaker 1: of video games that you deem healthy as a parent, 114 00:05:29,520 --> 00:05:33,200 Speaker 1: but then maybe prodding them with conversation at the dinner 115 00:05:33,240 --> 00:05:36,360 Speaker 1: table and making that correlation, because sometimes maybe kids are 116 00:05:36,400 --> 00:05:39,080 Speaker 1: just not even getting the fact that they are learning 117 00:05:39,080 --> 00:05:41,160 Speaker 1: a lesson, but you can help them just by talking 118 00:05:41,200 --> 00:05:43,760 Speaker 1: about maybe the way some of the games are playing 119 00:05:43,960 --> 00:05:45,840 Speaker 1: actually does correlate to money. I think that's a really 120 00:05:45,880 --> 00:05:47,800 Speaker 1: good way maybe to bring up the topic for a 121 00:05:47,800 --> 00:05:50,400 Speaker 1: lot of parents who aren't really sure how to help 122 00:05:50,400 --> 00:05:52,320 Speaker 1: teach their kids about personal finance. And it's like talk 123 00:05:52,360 --> 00:05:54,720 Speaker 1: to him about something they're interested in that's already kind 124 00:05:54,760 --> 00:05:56,760 Speaker 1: of pushing them in that direction. That's right. Yeah, it 125 00:05:56,760 --> 00:05:59,960 Speaker 1: makes me think back to playing original Nintendo games and Zelda. 126 00:06:00,120 --> 00:06:02,200 Speaker 1: I mean a huge part of the gameplay with Zelda 127 00:06:02,600 --> 00:06:05,680 Speaker 1: is scoring points or gathering money and being able to 128 00:06:05,680 --> 00:06:08,280 Speaker 1: buy certain things. Uh and so we I mean it's 129 00:06:08,440 --> 00:06:10,720 Speaker 1: like I was saying earlier, anytime there's limited resources, you 130 00:06:10,760 --> 00:06:14,040 Speaker 1: have to learn what it takes to earn those resources 131 00:06:14,040 --> 00:06:16,240 Speaker 1: and then what you're willing to exchange those four um 132 00:06:16,320 --> 00:06:18,520 Speaker 1: and even outside of the actual gameplay too. Man, it 133 00:06:18,520 --> 00:06:20,480 Speaker 1: makes me think of like Evy, our oldest daughter. She 134 00:06:20,520 --> 00:06:23,240 Speaker 1: got interested in Minecraft. One of her friends plays it, 135 00:06:23,480 --> 00:06:25,120 Speaker 1: and she was like, hey, I want to play Minecraft 136 00:06:25,120 --> 00:06:27,080 Speaker 1: on the iPad as well. And it's just like that's 137 00:06:27,080 --> 00:06:28,840 Speaker 1: one of those games that costs money, Like that's that's 138 00:06:28,880 --> 00:06:30,480 Speaker 1: that's not like some internet game that you can download 139 00:06:30,480 --> 00:06:32,599 Speaker 1: for free. Uh we I think it's only like seven 140 00:06:32,640 --> 00:06:35,080 Speaker 1: bucks or to stick to that game where you have 141 00:06:35,120 --> 00:06:39,320 Speaker 1: slash fruit in half. But but she had money because 142 00:06:39,320 --> 00:06:42,400 Speaker 1: she has done chores, she has done little jobs, and 143 00:06:42,440 --> 00:06:44,159 Speaker 1: because of that she has been able to earn money. 144 00:06:44,440 --> 00:06:46,200 Speaker 1: And so she made a decision. She's like, I'm willing 145 00:06:46,240 --> 00:06:48,039 Speaker 1: to pay for that. We're like all right, fine, and 146 00:06:48,080 --> 00:06:50,920 Speaker 1: so I certainly looked into it. Matria was appropriate for her. 147 00:06:51,560 --> 00:06:53,720 Speaker 1: But here's the interesting thing. And I haven't actually had 148 00:06:53,720 --> 00:06:55,760 Speaker 1: this conversation with her yet. I'm going to now now 149 00:06:55,800 --> 00:06:57,960 Speaker 1: that we're talking about this, but she hasn't played that 150 00:06:58,000 --> 00:06:59,800 Speaker 1: game a whole lot, and so I want to go 151 00:07:00,000 --> 00:07:02,080 Speaker 1: actor and just kind of talk about it, be like, hey, 152 00:07:02,360 --> 00:07:04,280 Speaker 1: you know, are you glad you made that decision? Exactly? 153 00:07:04,360 --> 00:07:07,799 Speaker 1: Because these are the small personal finance discussions and conversations 154 00:07:07,839 --> 00:07:10,320 Speaker 1: and lessons that you learn. And the sooner that we're 155 00:07:10,320 --> 00:07:13,120 Speaker 1: able to learn these things and start identifying what it 156 00:07:13,200 --> 00:07:15,160 Speaker 1: is that we find value, and that is going to 157 00:07:15,160 --> 00:07:17,640 Speaker 1: be able to dictate where we spend our money, and 158 00:07:17,680 --> 00:07:19,840 Speaker 1: hopefully it will allow us to make better decisions down 159 00:07:19,840 --> 00:07:22,040 Speaker 1: the road. And it's always helpful to learn from a 160 00:07:22,080 --> 00:07:24,680 Speaker 1: way that we've spent poorly. I like looking back at 161 00:07:24,720 --> 00:07:27,000 Speaker 1: some of the ways in which I feel like I 162 00:07:27,120 --> 00:07:29,320 Speaker 1: squandered money, and then it reminds me the future. Get 163 00:07:29,320 --> 00:07:31,720 Speaker 1: money is precious. It's a resource. And when I don't 164 00:07:31,720 --> 00:07:33,600 Speaker 1: have enough money to buy something else, I look and 165 00:07:33,640 --> 00:07:35,760 Speaker 1: not to beat myself up, but just to remember, Okay, 166 00:07:35,960 --> 00:07:38,760 Speaker 1: it's important to allocate money in the ways that I 167 00:07:38,840 --> 00:07:42,800 Speaker 1: deem important, and when I am wasteful, when I don't 168 00:07:42,880 --> 00:07:45,640 Speaker 1: think through my buying decisions very well, there is a 169 00:07:45,680 --> 00:07:48,800 Speaker 1: certain amount of regret that happens. Yeah. Absolutely, And obviously 170 00:07:48,800 --> 00:07:51,080 Speaker 1: the reason this is so beneficial within the games is 171 00:07:51,120 --> 00:07:53,640 Speaker 1: because the stakes are so incredibly low. It's like, Okay, 172 00:07:53,800 --> 00:07:56,440 Speaker 1: I wasted thirty minutes of gameplay because I ended up, 173 00:07:56,720 --> 00:07:59,160 Speaker 1: you know, squandering it on the stupid roller coaster. We'll 174 00:07:59,160 --> 00:08:00,800 Speaker 1: be here instead. I should have built it like this 175 00:08:00,880 --> 00:08:03,320 Speaker 1: or whatever. I've never played roller coaster Tycoon, but I 176 00:08:03,360 --> 00:08:05,040 Speaker 1: know it's about building roller coasters. And now the crowds 177 00:08:05,080 --> 00:08:09,200 Speaker 1: aren't coming exactly. Uh. And so the stakes are incredibly low. 178 00:08:09,200 --> 00:08:11,600 Speaker 1: But even I mean with Vy having to spend some 179 00:08:11,680 --> 00:08:14,680 Speaker 1: of her real money on a game. I mean again, still, 180 00:08:14,680 --> 00:08:16,960 Speaker 1: the stakes are really low. It's not like she's made 181 00:08:17,000 --> 00:08:19,360 Speaker 1: a mistake in the hundreds or even thousands of dollars. 182 00:08:19,400 --> 00:08:21,840 Speaker 1: And it's just better to learn these lessons when they 183 00:08:21,880 --> 00:08:24,040 Speaker 1: are under our guidance and we can help them think 184 00:08:24,040 --> 00:08:26,080 Speaker 1: through it in a way that will help them grow. Uh. 185 00:08:26,080 --> 00:08:27,760 Speaker 1: And So actually, on that note, man, I found it 186 00:08:27,800 --> 00:08:32,160 Speaker 1: really interesting because China they've actually banned video games for 187 00:08:32,280 --> 00:08:35,880 Speaker 1: kids that the Chinese Communist Party says that kids can't 188 00:08:35,880 --> 00:08:38,200 Speaker 1: play video games during the school week and they have 189 00:08:38,200 --> 00:08:41,600 Speaker 1: to limit their gaming to just three hours a week. Overall, 190 00:08:42,120 --> 00:08:44,800 Speaker 1: there are obviously, you know, some downsides to too much 191 00:08:44,880 --> 00:08:47,440 Speaker 1: video gaming. I'm not gonna say that, like video games 192 00:08:47,440 --> 00:08:49,880 Speaker 1: are the answers to everything you need to like all things, 193 00:08:49,920 --> 00:08:53,600 Speaker 1: we should participate in them with some moderation. But man, 194 00:08:53,600 --> 00:08:54,880 Speaker 1: I assure I'm glad that we don't live in a 195 00:08:54,880 --> 00:08:59,560 Speaker 1: country where kids are forced to limit their activities, their behaviors, 196 00:08:59,840 --> 00:09:02,599 Speaker 1: you know, with certain things, when instead parents should be 197 00:09:02,600 --> 00:09:04,880 Speaker 1: the ones doing that. But here's the thing, Here's what's 198 00:09:04,880 --> 00:09:07,000 Speaker 1: so crazy is I feel like China could be shooting 199 00:09:07,000 --> 00:09:09,439 Speaker 1: themselves in the foot because American kids are gonna be 200 00:09:09,480 --> 00:09:11,880 Speaker 1: raising a bunch of financial idiots over there, exactly. I mean, 201 00:09:11,960 --> 00:09:14,120 Speaker 1: if kids are actually learning some of these lessons through 202 00:09:14,160 --> 00:09:16,040 Speaker 1: these games that they're playing, I believe that they're going 203 00:09:16,080 --> 00:09:18,360 Speaker 1: to have a leg up on their you know, compared 204 00:09:18,400 --> 00:09:20,480 Speaker 1: to their Chinese cohort over there on the other side 205 00:09:20,520 --> 00:09:22,160 Speaker 1: of the world. And so like, I know, as a 206 00:09:22,240 --> 00:09:25,600 Speaker 1: kid myself, I learned so much by playing like educational 207 00:09:25,640 --> 00:09:28,720 Speaker 1: games on the computer. My dad teaching me how to email, uh, 208 00:09:28,800 --> 00:09:31,040 Speaker 1: messing around on photoshop, all of these things that kind 209 00:09:31,040 --> 00:09:34,640 Speaker 1: of shaped the direction of my college schooling, you know, 210 00:09:34,760 --> 00:09:37,199 Speaker 1: the degree I got and eventually like that's what led 211 00:09:37,200 --> 00:09:40,480 Speaker 1: me into advertising and then photography. Like all of these things, 212 00:09:40,480 --> 00:09:42,160 Speaker 1: I can kind of trace them back to some of 213 00:09:42,160 --> 00:09:46,120 Speaker 1: these small things that in the moments seem inconsequential. Um. 214 00:09:46,160 --> 00:09:48,480 Speaker 1: And it's difficult, I think sometimes to see any good 215 00:09:48,800 --> 00:09:51,080 Speaker 1: coming out of a game when you're when kids are 216 00:09:51,080 --> 00:09:53,400 Speaker 1: just sitting there kind of glued to their devices and screens. 217 00:09:53,480 --> 00:09:55,480 Speaker 1: But I really do believe there there's more that kids 218 00:09:55,480 --> 00:09:58,000 Speaker 1: are able to learn through some of this play through 219 00:09:58,040 --> 00:10:01,080 Speaker 1: games than we give them credit ward. Now, Yeah, for sure, 220 00:10:01,200 --> 00:10:03,160 Speaker 1: I think it's similar to reading a good fiction book. 221 00:10:03,320 --> 00:10:07,080 Speaker 1: Sometimes good fiction can teach us more than a book 222 00:10:07,120 --> 00:10:10,120 Speaker 1: that's supposedly based in reality. We learn more about like 223 00:10:10,200 --> 00:10:13,960 Speaker 1: the depths of humanity and what people are capable of, 224 00:10:14,120 --> 00:10:16,760 Speaker 1: sometimes in the best fiction than we are in any 225 00:10:16,760 --> 00:10:20,080 Speaker 1: other genre of book. But um, let's keep moving on, mat. 226 00:10:20,160 --> 00:10:22,480 Speaker 1: Let's talk about sports betting for a second. It's been 227 00:10:22,600 --> 00:10:25,080 Speaker 1: like a massively growing industry since it was made legal 228 00:10:25,120 --> 00:10:28,240 Speaker 1: by the Supreme Court a few years ago. Uh, Combine 229 00:10:28,280 --> 00:10:31,440 Speaker 1: that with the NFL, which is the most popular sports 230 00:10:31,720 --> 00:10:34,160 Speaker 1: league in America and it's also the most profitable, things 231 00:10:34,200 --> 00:10:37,360 Speaker 1: are gonna get a little crazy. And unfortunately, Yeah, pairing 232 00:10:37,360 --> 00:10:40,160 Speaker 1: those two industries is likely to present a problem for 233 00:10:40,320 --> 00:10:44,640 Speaker 1: tons of Americans. Stats actually show that forty five point 234 00:10:44,679 --> 00:10:47,600 Speaker 1: two million Americans are planning to bet on an NFL 235 00:10:47,679 --> 00:10:49,920 Speaker 1: game this year. That sounds like a lot. That's a 236 00:10:49,920 --> 00:10:51,880 Speaker 1: lot of people that I am not one of them, 237 00:10:51,880 --> 00:10:53,640 Speaker 1: but yeah, this is something to keep an eye on. 238 00:10:54,080 --> 00:10:56,160 Speaker 1: Sports betting is legal in half the country and a 239 00:10:56,200 --> 00:10:58,880 Speaker 1: lot of people are planning to take advantage. There's just 240 00:10:59,120 --> 00:11:02,760 Speaker 1: so much money in the gambling industry to the states 241 00:11:02,880 --> 00:11:05,679 Speaker 1: that are making it legal. Um, it's a big time 242 00:11:05,720 --> 00:11:08,480 Speaker 1: tax revenue with every bet that's being made. So these 243 00:11:08,480 --> 00:11:11,080 Speaker 1: states are like boom, We're making tens of millions of 244 00:11:11,080 --> 00:11:14,320 Speaker 1: dollars that's added to our state budget. Because once we 245 00:11:14,360 --> 00:11:16,640 Speaker 1: make this legal, what's the downside for us? And I 246 00:11:16,640 --> 00:11:18,880 Speaker 1: think that's why we're seeing such a swift change, But 247 00:11:19,360 --> 00:11:22,720 Speaker 1: there are so many downsides for us as a society 248 00:11:22,920 --> 00:11:26,640 Speaker 1: and then also for individuals who maybe uh start gambling 249 00:11:26,679 --> 00:11:30,400 Speaker 1: too much? Right. Um, the channels too that broadcast the games. 250 00:11:30,559 --> 00:11:34,040 Speaker 1: They're raking in money by airing these gambling ads. Everybody's 251 00:11:34,080 --> 00:11:36,720 Speaker 1: making money except that people that are actually doing the gambling, 252 00:11:36,840 --> 00:11:39,000 Speaker 1: and of course don't forget the gameling sites themselves, they're 253 00:11:39,000 --> 00:11:41,040 Speaker 1: gonna be making a heck of a lot of money. 254 00:11:41,160 --> 00:11:44,079 Speaker 1: There is a ton of money just slashing around. Uh, 255 00:11:44,080 --> 00:11:45,920 Speaker 1: and you might be wondering, you might be asking yourself, 256 00:11:45,960 --> 00:11:47,960 Speaker 1: where is all this money coming from. Let's just refer 257 00:11:48,000 --> 00:11:50,880 Speaker 1: back to that forty five point two million Americans. Uh, 258 00:11:51,200 --> 00:11:53,800 Speaker 1: they're gonna be the ones footing the billy bucks at 259 00:11:53,800 --> 00:11:56,079 Speaker 1: a time. Exactly. I mean. And so here's the thing. 260 00:11:56,440 --> 00:11:59,400 Speaker 1: You know, we're fans of adults making adult decisions, and 261 00:11:59,400 --> 00:12:02,240 Speaker 1: just because gay thing is probably an awful idea. Um, 262 00:12:02,360 --> 00:12:04,760 Speaker 1: here's the thing. It's even actually risky and small amounts 263 00:12:04,760 --> 00:12:07,600 Speaker 1: because of the potential for addiction problems. Yeah, even just 264 00:12:07,640 --> 00:12:10,760 Speaker 1: like a small win can propel you towards like that 265 00:12:10,800 --> 00:12:12,520 Speaker 1: can be the worst thing ever actually for you, is 266 00:12:12,520 --> 00:12:16,040 Speaker 1: like a first initial small gambling ones exactly. Yeah. Um, 267 00:12:16,080 --> 00:12:17,800 Speaker 1: But and so like generally speaking, we don't think it's 268 00:12:17,800 --> 00:12:20,120 Speaker 1: a great idea, but that doesn't mean that we believe 269 00:12:20,200 --> 00:12:23,040 Speaker 1: it should be made illegal everywhere. We feel that the 270 00:12:23,120 --> 00:12:26,280 Speaker 1: responsibility lies with us as individuals, and so do make 271 00:12:26,320 --> 00:12:28,640 Speaker 1: sure that you only make bets with money that you 272 00:12:28,679 --> 00:12:32,040 Speaker 1: can afford to lose. And one last little bit of advice. 273 00:12:32,080 --> 00:12:33,839 Speaker 1: If you do decide that you have some money that 274 00:12:33,880 --> 00:12:36,640 Speaker 1: you want to gamble, never ever put that money on 275 00:12:36,720 --> 00:12:40,240 Speaker 1: the Atlanta Falcons because we've all learned that we're not 276 00:12:40,320 --> 00:12:43,439 Speaker 1: likely going to pull through. I think we talked about 277 00:12:43,440 --> 00:12:46,280 Speaker 1: that in our Atlanta based episode, which is four or 278 00:12:46,280 --> 00:12:48,000 Speaker 1: four just that we're kind of live in choke City 279 00:12:48,240 --> 00:12:51,080 Speaker 1: and I think the Atlanta Falcons are the poster child 280 00:12:51,160 --> 00:12:55,720 Speaker 1: of that. Sorry Falcons and players and owners, but um, yeah, 281 00:12:55,880 --> 00:12:58,920 Speaker 1: it's it's just true. That's the reality man. And yeah, Matt, 282 00:12:59,240 --> 00:13:01,760 Speaker 1: I'm not a couple against gambling. And every once in 283 00:13:01,800 --> 00:13:03,319 Speaker 1: a while, like every two or three years, I'll play 284 00:13:03,360 --> 00:13:05,480 Speaker 1: some blackcheck when we're visiting my mother in law. We 285 00:13:05,559 --> 00:13:07,560 Speaker 1: talked about you and your dog racing as well before. 286 00:13:08,040 --> 00:13:10,760 Speaker 1: I think that was actually that was at my bachelor party. 287 00:13:10,800 --> 00:13:12,520 Speaker 1: We did. We did go to the dock track. So 288 00:13:12,520 --> 00:13:13,800 Speaker 1: I've been to a doc tract well one time in 289 00:13:13,800 --> 00:13:16,280 Speaker 1: my life. But that is uh, that's the whole man 290 00:13:16,360 --> 00:13:18,040 Speaker 1: of the world. But doing it on the leg it 291 00:13:18,160 --> 00:13:20,880 Speaker 1: just it really does create so much heartache for so 292 00:13:20,880 --> 00:13:23,760 Speaker 1: many people, so many families. Um, and I mean we're 293 00:13:23,760 --> 00:13:25,920 Speaker 1: talking light of it. We are trying to inject a 294 00:13:25,920 --> 00:13:27,400 Speaker 1: little bit of humor here, but this is a serious 295 00:13:27,400 --> 00:13:30,600 Speaker 1: issue and it's something that has a dramatic that can 296 00:13:30,640 --> 00:13:33,720 Speaker 1: have a dramatic impact on individuals, their finances and especially 297 00:13:33,880 --> 00:13:36,480 Speaker 1: their families as well. Yeah, for sure. All right, let's 298 00:13:36,640 --> 00:13:39,160 Speaker 1: move on. Let's talk about my now pay later, And 299 00:13:39,280 --> 00:13:43,600 Speaker 1: it's just got a huge increase invisibility become a hot topic. Yeah, 300 00:13:43,720 --> 00:13:45,440 Speaker 1: we talked, we talked about it before on the show, 301 00:13:45,480 --> 00:13:47,480 Speaker 1: and it's the time to talk about it again because 302 00:13:47,800 --> 00:13:50,480 Speaker 1: Amazon just recently announced that they're gonna start taking an 303 00:13:50,520 --> 00:13:53,800 Speaker 1: alternative form of payments and no it's not light coin, 304 00:13:54,160 --> 00:13:56,200 Speaker 1: which is uh, you know, there was the fake press 305 00:13:56,240 --> 00:14:00,440 Speaker 1: release about Walmart's supposedly going to accept the digital currency 306 00:14:00,800 --> 00:14:02,520 Speaker 1: light coin, and then it turned out that was a 307 00:14:02,559 --> 00:14:05,440 Speaker 1: pump and dump scheme. But Amazon appears to be heading 308 00:14:05,520 --> 00:14:08,720 Speaker 1: in the buy now, pay later direction. They're currently running 309 00:14:08,720 --> 00:14:11,760 Speaker 1: tests with a firm which is a company that accepts 310 00:14:11,760 --> 00:14:15,880 Speaker 1: those payments over time, uh, and they plan to expand 311 00:14:16,120 --> 00:14:19,160 Speaker 1: that option to all of their customers in the near future. 312 00:14:19,520 --> 00:14:22,040 Speaker 1: And we've we've been pretty down on these companies, Matt, 313 00:14:22,120 --> 00:14:24,400 Speaker 1: the ones that allow you to break up payments for 314 00:14:24,480 --> 00:14:26,840 Speaker 1: things that you're buying, even though they don't charge interest. 315 00:14:26,880 --> 00:14:29,160 Speaker 1: And it seems like why not, guys, that doesn't seem 316 00:14:29,160 --> 00:14:31,880 Speaker 1: like a big deal. Why are we such prudes? Well, 317 00:14:32,160 --> 00:14:35,000 Speaker 1: it's because you know, more stories have been popping up 318 00:14:35,040 --> 00:14:37,880 Speaker 1: about how buy now, pay later actually causes us to 319 00:14:37,960 --> 00:14:40,960 Speaker 1: buy more than we otherwise would. If that wasn't an 320 00:14:40,960 --> 00:14:43,280 Speaker 1: option at our disposal, we would just live within our 321 00:14:43,320 --> 00:14:45,160 Speaker 1: means and we couldn't do the b N B l s. 322 00:14:45,560 --> 00:14:48,680 Speaker 1: And yeah, we've also seen that people are falling more 323 00:14:48,680 --> 00:14:51,640 Speaker 1: and more behind on their payments because they are doing that, 324 00:14:51,680 --> 00:14:54,480 Speaker 1: they're buying stuff that they can't actually afford, even stretched 325 00:14:54,480 --> 00:14:56,760 Speaker 1: out over multiple payment periods. Yeah, I mean, and that's 326 00:14:56,760 --> 00:14:59,000 Speaker 1: the reason why we are hearing more and more of 327 00:14:59,040 --> 00:15:01,400 Speaker 1: these about these by not pay Later companies is because 328 00:15:01,400 --> 00:15:03,840 Speaker 1: there's so much money pouring into these companies, because all 329 00:15:03,880 --> 00:15:07,760 Speaker 1: these banks are seeing how profitable these companies are. Seriously, 330 00:15:07,800 --> 00:15:10,360 Speaker 1: if you search like by not Pay Later Acquired and 331 00:15:10,400 --> 00:15:12,720 Speaker 1: just like do a Google search, you'll see like three 332 00:15:12,800 --> 00:15:14,840 Speaker 1: or four different banks, like just in the past week 333 00:15:14,960 --> 00:15:18,320 Speaker 1: who are either in talks or uh, you know, another 334 00:15:18,360 --> 00:15:21,600 Speaker 1: company has been acquired and PayPal is getting into this game. Yes, 335 00:15:21,680 --> 00:15:23,360 Speaker 1: I mean, and so here's the thing. Just like you said, 336 00:15:23,400 --> 00:15:26,400 Speaker 1: there's no interest being paid by the consumer until you 337 00:15:26,440 --> 00:15:28,760 Speaker 1: fall behind on your payments, and then there's a good 338 00:15:28,760 --> 00:15:31,760 Speaker 1: bit of interest being paid. Uh and so, and it 339 00:15:31,760 --> 00:15:34,040 Speaker 1: can mess up your credit score exactly. Well, well, dude, 340 00:15:34,080 --> 00:15:35,680 Speaker 1: speaking of credit, I mean, that's one of the reasons 341 00:15:35,680 --> 00:15:37,800 Speaker 1: why I mean it's blowing up is because these companies 342 00:15:37,920 --> 00:15:39,840 Speaker 1: they don't do a hard credit check and so at 343 00:15:39,920 --> 00:15:42,320 Speaker 1: least with credit cards, you have to I mean, there's 344 00:15:42,360 --> 00:15:44,760 Speaker 1: an application and it's like, oh no, sorry, you're denied. 345 00:15:44,960 --> 00:15:47,080 Speaker 1: You have to go through a process. And a lot 346 00:15:47,160 --> 00:15:49,560 Speaker 1: of these companies are not running credit checks, and so 347 00:15:49,640 --> 00:15:50,880 Speaker 1: there are a lot of folks out there who are 348 00:15:50,960 --> 00:15:53,920 Speaker 1: essentially borrowing money that they're not qualified to borrow. And 349 00:15:53,960 --> 00:15:55,720 Speaker 1: so you've got all of these you know, banks pouring 350 00:15:55,720 --> 00:15:58,400 Speaker 1: money into these companies. Well, I think this is I mean, 351 00:15:58,440 --> 00:16:01,240 Speaker 1: I feel like this is gonna be a bubble because 352 00:16:01,520 --> 00:16:03,560 Speaker 1: the next bump in the road, the next financial crisis 353 00:16:03,680 --> 00:16:05,960 Speaker 1: we run into, and when these individuals are unable to 354 00:16:05,960 --> 00:16:08,280 Speaker 1: make those payments. These companies are going to be in 355 00:16:08,400 --> 00:16:10,600 Speaker 1: a world of hurt. And this all stems back to 356 00:16:10,680 --> 00:16:14,280 Speaker 1: our consumer like tendencies and consumers do what their best at, 357 00:16:14,320 --> 00:16:16,880 Speaker 1: which is consumed, and these companies know that. I've always 358 00:16:16,960 --> 00:16:18,800 Speaker 1: kind of hated that term because it just makes us. 359 00:16:19,440 --> 00:16:23,440 Speaker 1: It pinpoints us as people that only are seeking to 360 00:16:23,560 --> 00:16:27,120 Speaker 1: acquire and spend money, not as just human beings or individuals. 361 00:16:27,160 --> 00:16:28,560 Speaker 1: Like I know we use that in terms sometimes on 362 00:16:28,600 --> 00:16:31,160 Speaker 1: the show, but I feel like it's very simplistic, um 363 00:16:31,160 --> 00:16:34,040 Speaker 1: not not the best term for individuals. Well, that's how 364 00:16:34,040 --> 00:16:36,760 Speaker 1: these companies are. Certainly that's how we're Americans. Yeah, And 365 00:16:36,760 --> 00:16:39,120 Speaker 1: and so some stats, a new study from Credit Karma 366 00:16:39,160 --> 00:16:41,760 Speaker 1: found that one third of people buying things this way 367 00:16:41,840 --> 00:16:44,040 Speaker 1: they are actually behind on their payments. And so that's 368 00:16:44,080 --> 00:16:45,920 Speaker 1: one in three people who are buying something that they 369 00:16:45,920 --> 00:16:48,840 Speaker 1: can't afford, who are just hoping that they'll be able 370 00:16:48,880 --> 00:16:51,040 Speaker 1: to pay over the course of a few months. Um. 371 00:16:51,080 --> 00:16:53,800 Speaker 1: And you know, this buy not pay later approach just 372 00:16:53,840 --> 00:16:56,200 Speaker 1: allows them to buy something that they otherwise wouldn't be 373 00:16:56,240 --> 00:16:58,480 Speaker 1: able to uh. And so with that a lot of 374 00:16:58,480 --> 00:17:02,080 Speaker 1: folks are falling behind. And so, yeah, this disconnect between 375 00:17:02,440 --> 00:17:04,919 Speaker 1: individuals getting the items that they want and having to 376 00:17:04,920 --> 00:17:07,720 Speaker 1: pay for it to something that we strongly believe will 377 00:17:07,760 --> 00:17:10,520 Speaker 1: lead to even more financial issues over the long run. 378 00:17:10,800 --> 00:17:12,359 Speaker 1: And so the next time you're checking out and you 379 00:17:12,400 --> 00:17:15,080 Speaker 1: see a buy now, pay later option, I mean, according 380 00:17:15,080 --> 00:17:18,879 Speaker 1: to the statistics, you should probably just pass and just 381 00:17:18,960 --> 00:17:20,520 Speaker 1: go ahead and pay for the atom up front. Yeah, 382 00:17:20,520 --> 00:17:23,080 Speaker 1: and you'll probably see it on Amazon pretty soon. We're 383 00:17:23,359 --> 00:17:25,400 Speaker 1: a lot of people do a good bit of their 384 00:17:25,440 --> 00:17:28,680 Speaker 1: shopping these days and stay away because it could lead 385 00:17:28,680 --> 00:17:31,159 Speaker 1: to worse financial issues for you down the road. Totally. 386 00:17:31,200 --> 00:17:33,800 Speaker 1: We've got more stories to get to, Matt, including our 387 00:17:33,840 --> 00:17:37,240 Speaker 1: taco subscription story, and we'll get to that and more 388 00:17:37,400 --> 00:17:48,199 Speaker 1: right after this break. All right, we are back from 389 00:17:48,200 --> 00:17:50,199 Speaker 1: the break, and we've got several other stories to get to, 390 00:17:50,320 --> 00:17:53,920 Speaker 1: including one about some sky high equity levels in homes. 391 00:17:54,119 --> 00:17:55,520 Speaker 1: We'll get to that one here in a little bit, 392 00:17:55,600 --> 00:17:58,480 Speaker 1: but Joel, first, we've got our ludicrous headline of the week, 393 00:17:59,080 --> 00:18:03,200 Speaker 1: and uh at our our story this week is bitcoin 394 00:18:03,280 --> 00:18:07,080 Speaker 1: to bucks, Crypto fans borrow to buy homes, cars, and 395 00:18:07,119 --> 00:18:09,679 Speaker 1: more crypto. That's what this was. One doesn't sound like 396 00:18:09,680 --> 00:18:12,040 Speaker 1: it's the ludicrous headline of the week. This is good right, 397 00:18:12,200 --> 00:18:14,440 Speaker 1: this is a good thing. Um. Now, this one comes 398 00:18:14,440 --> 00:18:16,639 Speaker 1: from the Wall Street Journal, And dude, I feel like 399 00:18:16,680 --> 00:18:19,639 Speaker 1: we are talking about gambling actually quite a bit in 400 00:18:19,720 --> 00:18:21,920 Speaker 1: this episode. Uh. And I know we actually went into 401 00:18:21,920 --> 00:18:25,600 Speaker 1: crypto during last week's Ludacris headline. But let's be honest, man, 402 00:18:25,640 --> 00:18:28,880 Speaker 1: the space is rife with insanity right now. Yeah, last 403 00:18:28,880 --> 00:18:32,040 Speaker 1: week we threw some shade at KK friend KK, and 404 00:18:32,119 --> 00:18:34,440 Speaker 1: this week it's just it's what her friends scholar all. 405 00:18:34,720 --> 00:18:37,440 Speaker 1: So many of the bitcoin investors or crypto investors who 406 00:18:37,440 --> 00:18:40,080 Speaker 1: are borrowing against that portfolio. Yeah, and here's the thing. 407 00:18:40,080 --> 00:18:42,959 Speaker 1: We're not against you holding a small percent of your 408 00:18:43,000 --> 00:18:46,280 Speaker 1: assets in crypto, but just please don't borrow against your 409 00:18:46,520 --> 00:18:50,800 Speaker 1: already incredibly volatile assets to fuel consumption or to leverage 410 00:18:50,840 --> 00:18:54,920 Speaker 1: to buy more incredibly volatile assets like crypto. It's one 411 00:18:54,920 --> 00:18:57,200 Speaker 1: thing to take cash out of, you know, say your home, 412 00:18:57,200 --> 00:18:59,159 Speaker 1: in order to do more investing in real estate. But 413 00:18:59,240 --> 00:19:03,959 Speaker 1: that's because the value of your home doesn't drop overnight, 414 00:19:04,000 --> 00:19:06,920 Speaker 1: which is often what you'll see with the cryptocurrencies. Uh. 415 00:19:06,920 --> 00:19:09,280 Speaker 1: It's a completely other thing to to borrow against an 416 00:19:09,320 --> 00:19:13,160 Speaker 1: incredibly volatile investment like your your small bitcoin staff. Yeah, 417 00:19:13,200 --> 00:19:15,920 Speaker 1: it feels like the amount of speculation that is currently happening, 418 00:19:16,160 --> 00:19:20,120 Speaker 1: it just feels staggering. It's almost overwhelming. There every new 419 00:19:20,119 --> 00:19:23,040 Speaker 1: headline that I see, it's almost impossible to be phased 420 00:19:23,119 --> 00:19:26,680 Speaker 1: because we're reaching new levels of insanity every day. NERD 421 00:19:26,720 --> 00:19:29,080 Speaker 1: while it actually found that twelve percent of students are 422 00:19:29,080 --> 00:19:32,760 Speaker 1: buying cryptocurrency with student loan money, and it's like, how 423 00:19:33,080 --> 00:19:36,080 Speaker 1: how have we not learned anything from the financial mistakes 424 00:19:36,119 --> 00:19:38,679 Speaker 1: of the past. I mean, what can go wrong? You know, 425 00:19:39,240 --> 00:19:42,520 Speaker 1: taking out student loans and you know, getting going more 426 00:19:42,520 --> 00:19:44,040 Speaker 1: and more in debt, and think about like if student 427 00:19:44,080 --> 00:19:46,359 Speaker 1: loan forgiveness became a thing. It's like, we're really what 428 00:19:46,400 --> 00:19:49,560 Speaker 1: we're doing in part is forgiving some people's cryptocurrency purchases. 429 00:19:49,880 --> 00:19:52,600 Speaker 1: And yeah, even a risky bet like this works out 430 00:19:52,640 --> 00:19:54,479 Speaker 1: for you, that doesn't mean it was the right thing 431 00:19:54,520 --> 00:19:57,439 Speaker 1: to do, you know, taking the same ill advised action 432 00:19:57,640 --> 00:20:01,120 Speaker 1: again because it was successful the first time. Matt, that's 433 00:20:01,320 --> 00:20:05,400 Speaker 1: what people call resulting and professional poker player any Duke. 434 00:20:05,480 --> 00:20:08,920 Speaker 1: She talks about this in her book called Thinking in Bets. 435 00:20:08,960 --> 00:20:12,040 Speaker 1: She basically says that the outcome isn't what makes a 436 00:20:12,080 --> 00:20:14,280 Speaker 1: decision good or bad. And we know this intuitively, but 437 00:20:14,320 --> 00:20:16,359 Speaker 1: when we take an action and we get a reward 438 00:20:16,400 --> 00:20:18,239 Speaker 1: for it, we're like, oh, that must be the right 439 00:20:18,240 --> 00:20:20,200 Speaker 1: thing to do, which is like exactly what we're talking 440 00:20:20,240 --> 00:20:22,600 Speaker 1: about with gambling. It's like if you win the first time, 441 00:20:22,800 --> 00:20:26,320 Speaker 1: it fuels that desire to continue to do it because 442 00:20:26,320 --> 00:20:27,919 Speaker 1: you're like this, this must be the right path to 443 00:20:27,960 --> 00:20:31,359 Speaker 1: go down. This feels good exactly, you get that dopamine hit. 444 00:20:31,400 --> 00:20:34,680 Speaker 1: But borrowing against your investments crypto or otherwise in order 445 00:20:34,720 --> 00:20:36,639 Speaker 1: to buy stuff that you don't have the cash on 446 00:20:36,720 --> 00:20:38,960 Speaker 1: hand for it's like playing with fire and at some 447 00:20:39,000 --> 00:20:40,960 Speaker 1: point a lot of these people are gonna get burned. 448 00:20:41,119 --> 00:20:43,040 Speaker 1: Don't know win, don't know how, but it's going to 449 00:20:43,160 --> 00:20:46,119 Speaker 1: lead to misery for many. I think, um, if they 450 00:20:46,119 --> 00:20:48,679 Speaker 1: continue down this path, Yeah, that's one thing to scratch 451 00:20:48,720 --> 00:20:51,040 Speaker 1: that crypto, it's but it's a completely other thing to 452 00:20:51,280 --> 00:20:54,080 Speaker 1: leverage that crypto into consumption. Some of these people have 453 00:20:54,119 --> 00:20:56,920 Speaker 1: like crypto chicken pox. That's like they're itching all over 454 00:20:57,000 --> 00:21:00,800 Speaker 1: and you know, all right, do let's talk about subscriptions. Hulu. 455 00:21:00,920 --> 00:21:04,199 Speaker 1: Every knows about Hulu. They announced a minor price increase 456 00:21:04,320 --> 00:21:07,600 Speaker 1: just this week. It sets to go in defect October eight, Uh, 457 00:21:07,640 --> 00:21:09,560 Speaker 1: here's the thing. It's only just a dollar a month. 458 00:21:09,680 --> 00:21:12,160 Speaker 1: This is gonna be chump change for most folks. But 459 00:21:12,240 --> 00:21:15,280 Speaker 1: if you are a Hulu subscriber, here is why this 460 00:21:15,320 --> 00:21:18,480 Speaker 1: is such a momentous occasion. We want this very minor, 461 00:21:18,600 --> 00:21:22,000 Speaker 1: almost insignificant increase. We wanted to lead you to question 462 00:21:22,000 --> 00:21:24,280 Speaker 1: whether or not you still like or whether you still 463 00:21:24,280 --> 00:21:27,040 Speaker 1: need Hulu in your life to begin with, because I 464 00:21:27,119 --> 00:21:29,040 Speaker 1: think for a lot of folks they maybe they like Hulu. 465 00:21:29,080 --> 00:21:31,399 Speaker 1: We think it's great, it's a really good stream. But 466 00:21:31,600 --> 00:21:34,320 Speaker 1: have you yourself, have you used it recently? If so, 467 00:21:34,400 --> 00:21:36,920 Speaker 1: then we're happy for you to gladly keep it around, 468 00:21:37,040 --> 00:21:40,280 Speaker 1: keep paying. Um, you know your monthly costs, pay that 469 00:21:40,320 --> 00:21:44,040 Speaker 1: extra buck, but if not, cancel it pocket yourself an 470 00:21:44,040 --> 00:21:46,240 Speaker 1: extra third teen bucks if you are rolling with that 471 00:21:46,320 --> 00:21:48,760 Speaker 1: ad free version. This is just another way that these 472 00:21:48,800 --> 00:21:52,600 Speaker 1: subscription services are finding their ways uh, deeper and deeper 473 00:21:52,640 --> 00:21:55,000 Speaker 1: indoor pockets. They've got their hands all over our money 474 00:21:55,119 --> 00:21:56,480 Speaker 1: and the other thing too, man. I feel like that 475 00:21:56,520 --> 00:21:59,840 Speaker 1: we're going to see more streaming services increase their prices 476 00:21:59,840 --> 00:22:01,920 Speaker 1: in the coming months as well. I think it's difficult 477 00:22:01,960 --> 00:22:05,400 Speaker 1: for one major streaming provider like Hulu to raise their 478 00:22:05,440 --> 00:22:07,080 Speaker 1: prices and for all the other ones to not look 479 00:22:07,119 --> 00:22:09,360 Speaker 1: over and be like, oh, yeah, let's do that as well. 480 00:22:09,560 --> 00:22:12,200 Speaker 1: I'm feeling Disney Plus is gonna hit in the near 481 00:22:12,200 --> 00:22:14,680 Speaker 1: future super easy. There's no way it does. Yeah, why not? Uh? 482 00:22:14,680 --> 00:22:16,159 Speaker 1: And so we're mentioning this because we want you to 483 00:22:16,200 --> 00:22:18,560 Speaker 1: be prepared to cancel, uh, and even sign back up 484 00:22:18,560 --> 00:22:21,280 Speaker 1: maybe when there's a compelling reason. So you aren't continually 485 00:22:21,320 --> 00:22:23,960 Speaker 1: paying for services that you are not getting value from. 486 00:22:24,119 --> 00:22:26,000 Speaker 1: Kind of goes back to the story about paying for 487 00:22:26,080 --> 00:22:28,800 Speaker 1: games with your kids. Uh. These are still lessons that 488 00:22:28,840 --> 00:22:32,159 Speaker 1: we are learning as adults because we're stuck paying for 489 00:22:32,200 --> 00:22:34,000 Speaker 1: something and it's just like, Okay, let's take a second. 490 00:22:34,040 --> 00:22:36,040 Speaker 1: Let's have that conversation like we would with our kid. 491 00:22:36,359 --> 00:22:38,119 Speaker 1: Am I gaining actual value from this? Or is this 492 00:22:38,160 --> 00:22:40,000 Speaker 1: something I should go ahead and cut from the budget? Yeah? 493 00:22:40,200 --> 00:22:41,920 Speaker 1: Is this a good expense in my life or a 494 00:22:41,920 --> 00:22:44,600 Speaker 1: bad one that I should get rid of? Speaking of subscriptions, Matt, 495 00:22:44,640 --> 00:22:49,959 Speaker 1: let's let's talk talking. We're definitely in the golden age 496 00:22:50,400 --> 00:22:54,720 Speaker 1: of the subscription economy. When Taco Bell starts testing a subscription, basically, 497 00:22:54,960 --> 00:22:57,080 Speaker 1: at some point, eventually the entire world is just going 498 00:22:57,160 --> 00:22:58,720 Speaker 1: to be on a subscription and you can just walk 499 00:22:58,760 --> 00:23:01,000 Speaker 1: around and do whatever you months, almost like you're at 500 00:23:01,000 --> 00:23:03,919 Speaker 1: an all inclusive resort. I'm gonna offer friendship subscriptions for 501 00:23:03,920 --> 00:23:06,080 Speaker 1: people who want to hang out with me, but for 502 00:23:06,160 --> 00:23:09,600 Speaker 1: just a month, you have access to text me whenever 503 00:23:09,680 --> 00:23:11,720 Speaker 1: you want, Joel, I'm gonna have to lower the price 504 00:23:11,800 --> 00:23:13,879 Speaker 1: to get people to do anything. Actually, there is some 505 00:23:14,000 --> 00:23:16,920 Speaker 1: service I think where you can text celebrities. What is 506 00:23:16,960 --> 00:23:20,080 Speaker 1: it called subtext? I don't know. I think that's what 507 00:23:20,119 --> 00:23:21,920 Speaker 1: it is, and I think you pay a certain amount 508 00:23:21,920 --> 00:23:23,680 Speaker 1: of dollars per month or I don't know if it's 509 00:23:23,680 --> 00:23:26,720 Speaker 1: even a subscription based or it's per text to kid 510 00:23:26,800 --> 00:23:29,119 Speaker 1: rock or you're trying to text. But yeah, for a 511 00:23:29,119 --> 00:23:31,280 Speaker 1: flat fee of somewhere between five and ten dollars a month, 512 00:23:31,480 --> 00:23:33,280 Speaker 1: you can run by and get a Taco Bell taco 513 00:23:33,600 --> 00:23:36,720 Speaker 1: every single day. But if you're there already, here's the 514 00:23:36,720 --> 00:23:40,679 Speaker 1: thing you're probably gonna buy like Gordido or Also, and 515 00:23:40,720 --> 00:23:43,360 Speaker 1: you're gonna end up spending more than you would have otherwise. 516 00:23:43,520 --> 00:23:47,160 Speaker 1: Plus who needs that much fake Mexican food in their life? 517 00:23:47,720 --> 00:23:49,560 Speaker 1: You just don't. You just don't, and you would, you 518 00:23:49,560 --> 00:23:51,800 Speaker 1: would end up paying more unless you were me. I 519 00:23:51,800 --> 00:23:53,119 Speaker 1: feel like this is the kind of thing that I 520 00:23:53,160 --> 00:23:56,360 Speaker 1: could totally get behind and one milk it for all 521 00:23:56,359 --> 00:23:58,040 Speaker 1: it's worth. But here's the thing. We live in a 522 00:23:58,040 --> 00:24:00,960 Speaker 1: taco bell desert right here, So would it makes sense exactly. 523 00:24:01,040 --> 00:24:02,760 Speaker 1: Let's say you live next door to one and you 524 00:24:02,880 --> 00:24:04,560 Speaker 1: just like want to warm for lunch every day. I 525 00:24:04,560 --> 00:24:05,960 Speaker 1: don't know, maybe you could work out. I would be 526 00:24:05,960 --> 00:24:08,879 Speaker 1: all about it. But for most people, yeah, it's just 527 00:24:09,359 --> 00:24:10,600 Speaker 1: you're gonna get it and then you're not going to 528 00:24:10,760 --> 00:24:12,560 Speaker 1: use it as much as you other all ice would 529 00:24:12,560 --> 00:24:15,400 Speaker 1: and even if you did, you're probably not gonna feel 530 00:24:15,440 --> 00:24:19,240 Speaker 1: very good. Nice your health decline. Yeah, Okay, I feel 531 00:24:19,240 --> 00:24:21,320 Speaker 1: like we've been negative here a lot of this episode. 532 00:24:21,320 --> 00:24:23,199 Speaker 1: So on a more positive note, at least for our 533 00:24:23,200 --> 00:24:25,720 Speaker 1: listeners who own a home. We talked a bit about 534 00:24:25,760 --> 00:24:28,919 Speaker 1: refinancing last week, and this week there are some new 535 00:24:28,920 --> 00:24:31,879 Speaker 1: stats that show that Americans are sitting on record levels 536 00:24:31,920 --> 00:24:35,479 Speaker 1: of home equity, over nine trillion dollars to be exact, 537 00:24:35,680 --> 00:24:38,679 Speaker 1: in quote unquote safe home equity, and safe, by the way, 538 00:24:38,720 --> 00:24:40,560 Speaker 1: means any equity that you could take out of your 539 00:24:40,600 --> 00:24:44,000 Speaker 1: home and still keep that equity level left in the home. 540 00:24:44,320 --> 00:24:45,760 Speaker 1: And of course, you know, this makes sense after the 541 00:24:45,840 --> 00:24:48,520 Speaker 1: rapidly rising home prices that we've seen over the last 542 00:24:48,680 --> 00:24:51,560 Speaker 1: twelve eighteen months. But people, you know, they see these 543 00:24:51,600 --> 00:24:54,400 Speaker 1: headlines like this and they kind of get ainsy. Uh, 544 00:24:54,440 --> 00:24:56,560 Speaker 1: you know, a rapid home equity boost can maybe make 545 00:24:56,560 --> 00:24:58,760 Speaker 1: it feel like you've got some money burning burning a 546 00:24:58,760 --> 00:25:01,439 Speaker 1: hole in your pocket, even when they don't. And so 547 00:25:01,520 --> 00:25:03,320 Speaker 1: we want this to be a warning for folks. Yeah, 548 00:25:03,359 --> 00:25:05,280 Speaker 1: it's almost like a conundrum for for a lot of 549 00:25:05,280 --> 00:25:07,840 Speaker 1: people who see their home value rising and they're like, 550 00:25:07,920 --> 00:25:10,000 Speaker 1: only paid two hundred thousand dollars for this song, but 551 00:25:10,040 --> 00:25:12,119 Speaker 1: it's worth four hundred thousand dollars. Now, don't I have 552 00:25:12,119 --> 00:25:14,919 Speaker 1: two hundred thousand dollars to do some interesting stuff with? 553 00:25:15,359 --> 00:25:18,520 Speaker 1: And that's a good question. I think, um people are 554 00:25:18,560 --> 00:25:22,200 Speaker 1: now considering tapping that home equity. Should you cash it out? 555 00:25:22,520 --> 00:25:25,399 Speaker 1: Should you use it to buy more cryptocurrency or to 556 00:25:25,480 --> 00:25:28,080 Speaker 1: fund lifestyle upgrades like a fancy watch or going on 557 00:25:28,119 --> 00:25:30,600 Speaker 1: a suite vacation. Well, you know what, Matt and I 558 00:25:30,640 --> 00:25:32,000 Speaker 1: are gonna say, We're gonna be We're gonna be put 559 00:25:32,000 --> 00:25:34,560 Speaker 1: a little prouduche on this one. We already slapped around 560 00:25:34,760 --> 00:25:37,840 Speaker 1: cryptocurrencies earlier. Yeah, right right after the break right, But 561 00:25:37,960 --> 00:25:41,440 Speaker 1: the answer is no way, Um, if you don't have 562 00:25:41,560 --> 00:25:43,560 Speaker 1: a well thought out plan for that money, if you 563 00:25:43,560 --> 00:25:45,720 Speaker 1: don't have a goal that you've been working towards over 564 00:25:45,720 --> 00:25:48,119 Speaker 1: the past couple of years, that we would say the 565 00:25:48,160 --> 00:25:51,560 Speaker 1: best thing for you to do with that money, with 566 00:25:51,600 --> 00:25:53,760 Speaker 1: that equity is to let it sit there and really 567 00:25:53,760 --> 00:25:56,800 Speaker 1: do nothing with it. Why go ahead and increase your 568 00:25:56,840 --> 00:25:59,399 Speaker 1: monthly debt payments when you don't have a plan for 569 00:25:59,400 --> 00:26:01,320 Speaker 1: what you're going to do. But if you do have 570 00:26:01,359 --> 00:26:04,560 Speaker 1: some investing goals like getting into real estates, investing, you know, 571 00:26:04,600 --> 00:26:07,560 Speaker 1: buying a single family or multifamily property that you're going 572 00:26:07,600 --> 00:26:10,320 Speaker 1: to rent out in the neighborhood, or if you plan 573 00:26:10,440 --> 00:26:12,879 Speaker 1: to or want to invest more in the stock market, 574 00:26:13,320 --> 00:26:17,399 Speaker 1: even paying for some higher education, uh than tapping into 575 00:26:17,440 --> 00:26:20,080 Speaker 1: some home equity, it can make sense. It's just one 576 00:26:20,119 --> 00:26:22,280 Speaker 1: of those things where you definitely have to tread with caution. 577 00:26:22,600 --> 00:26:25,200 Speaker 1: And even using some of that home equity for home 578 00:26:25,240 --> 00:26:28,800 Speaker 1: improvement that you've been wanting to make, that's another reasonable move, 579 00:26:29,040 --> 00:26:31,720 Speaker 1: but as always, be thoughtful before you make a knee 580 00:26:31,760 --> 00:26:34,679 Speaker 1: jerk decision and don't borrow just because rates are bargain 581 00:26:34,760 --> 00:26:38,800 Speaker 1: basement low. Basically, don't tap the funds just because you can. 582 00:26:39,000 --> 00:26:41,160 Speaker 1: I mean, even like with a home renovation. Right, there's 583 00:26:41,160 --> 00:26:43,760 Speaker 1: a slippery slope between uh doing it for the quote 584 00:26:43,800 --> 00:26:46,159 Speaker 1: unquote investment versus knowing that you're doing it just for 585 00:26:46,200 --> 00:26:48,320 Speaker 1: a lifestyle. Up right, And we're all four taking steps 586 00:26:48,320 --> 00:26:50,720 Speaker 1: in our lives where we are more comfortable. Things that 587 00:26:50,760 --> 00:26:52,359 Speaker 1: you want to pursue in your life. But we just 588 00:26:52,400 --> 00:26:54,639 Speaker 1: think it's important to be honest with yourself. This is 589 00:26:54,680 --> 00:26:56,920 Speaker 1: one of those areas where we want you to be careful. 590 00:26:57,160 --> 00:26:58,400 Speaker 1: This is the kind of debt you want to take 591 00:26:58,440 --> 00:27:01,080 Speaker 1: on in moderation. Uh, make sure that you, like you 592 00:27:01,080 --> 00:27:03,480 Speaker 1: said Jell, that you are approaching it with a plan 593 00:27:03,560 --> 00:27:06,480 Speaker 1: in mind. Yeah. I think it's easy to see your 594 00:27:06,480 --> 00:27:09,560 Speaker 1: home rapidly increasing in value and you get like dollar 595 00:27:09,640 --> 00:27:11,960 Speaker 1: signs and your eyeballs kind of like a cartoon character, 596 00:27:12,040 --> 00:27:15,240 Speaker 1: and you're like, look, can I do now? And usually 597 00:27:15,280 --> 00:27:17,639 Speaker 1: the best thing to do is nothing. Um, It's okay 598 00:27:17,720 --> 00:27:19,639 Speaker 1: to use that money to pursue other goals if you 599 00:27:19,720 --> 00:27:23,040 Speaker 1: do it wisely and judiciously. But you, yeah, you you 600 00:27:23,080 --> 00:27:24,720 Speaker 1: definitely want to have a plan in place before you 601 00:27:24,840 --> 00:27:27,400 Speaker 1: just like you know, start shopping around for a catch 602 00:27:27,440 --> 00:27:30,040 Speaker 1: out REFI on the internet, looking forward the lowest rate 603 00:27:30,280 --> 00:27:32,240 Speaker 1: and pulling the trigger in no time. You know, you 604 00:27:32,359 --> 00:27:34,200 Speaker 1: want to be well thought out before you actually make 605 00:27:34,240 --> 00:27:36,399 Speaker 1: any moves with like a big lump sum of money 606 00:27:36,400 --> 00:27:38,760 Speaker 1: like that. That's right. And one more thing too. We 607 00:27:38,800 --> 00:27:41,879 Speaker 1: are going to be in Austin, Texas next Friday, so 608 00:27:41,920 --> 00:27:44,680 Speaker 1: a week from the day that this episode came out, 609 00:27:45,320 --> 00:27:48,119 Speaker 1: and we want to meet you if you live in 610 00:27:48,160 --> 00:27:50,239 Speaker 1: Austin or the surrounding areas. We would love it if 611 00:27:50,280 --> 00:27:52,560 Speaker 1: you drove into the city. I'm not sure where you live, 612 00:27:52,680 --> 00:27:54,080 Speaker 1: but you let us know when you meet us in 613 00:27:54,119 --> 00:27:57,160 Speaker 1: person into the city too. But we're gonna meet up 614 00:27:57,200 --> 00:28:00,399 Speaker 1: at Batch Craft Beer over on man Or Ode. We're 615 00:28:00,400 --> 00:28:04,200 Speaker 1: gonna be over there at seven thirty pm, UH Friday evening, 616 00:28:04,280 --> 00:28:06,760 Speaker 1: and so if you are nearby, if you're in Austin nites, 617 00:28:07,359 --> 00:28:08,760 Speaker 1: I don't know if that's how you say it, but 618 00:28:08,880 --> 00:28:11,600 Speaker 1: come by and see us. First round of beers are 619 00:28:11,680 --> 00:28:14,040 Speaker 1: on us. Yeah, and Matt will have his spurs on. 620 00:28:14,080 --> 00:28:16,639 Speaker 1: That's how you'll know it's us. Joe will have his 621 00:28:16,680 --> 00:28:20,920 Speaker 1: little rope tie. I think, okay, Yeah, I think you're 622 00:28:20,920 --> 00:28:23,479 Speaker 1: bringing all the Texas vibes with us. They make you 623 00:28:23,520 --> 00:28:26,280 Speaker 1: look spelt, I think. So. I feel like Austin is 624 00:28:26,320 --> 00:28:28,840 Speaker 1: more it's more Atlanta than it is like Dallas. Yeah, 625 00:28:28,840 --> 00:28:31,760 Speaker 1: I think Austin's kind of kind of hip. Yeah, we're 626 00:28:31,760 --> 00:28:33,600 Speaker 1: looking forward to being there and yeah, we hope to 627 00:28:33,760 --> 00:28:37,160 Speaker 1: hope to see you next Friday night. Again, first beers 628 00:28:37,200 --> 00:28:40,000 Speaker 1: on us. So I have a great weekend and until 629 00:28:40,280 --> 00:28:42,600 Speaker 1: next time, best friends out, best Friends Out.