1 00:00:00,160 --> 00:00:02,880 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt, 2 00:00:02,960 --> 00:00:07,440 Speaker 1: and today we're discussing scraping by on scammer magnets and 3 00:00:07,480 --> 00:00:28,880 Speaker 1: the cure for high gas prices. That is right this 4 00:00:28,960 --> 00:00:31,240 Speaker 1: Star Friday flight, where we're gonna tackle some different headlines 5 00:00:31,280 --> 00:00:33,320 Speaker 1: that we've come across this weekend. We're gonna specifically talk 6 00:00:33,360 --> 00:00:35,720 Speaker 1: about how they pertain to our money. We've got a 7 00:00:35,760 --> 00:00:37,519 Speaker 1: lot of good ones this week. But before we get 8 00:00:37,520 --> 00:00:38,720 Speaker 1: to all that, Joel, I know you wanted to talk 9 00:00:38,760 --> 00:00:42,760 Speaker 1: about your new most favorite show, Lula Rich. So no, 10 00:00:42,960 --> 00:00:45,280 Speaker 1: not not my favorite show, but it was just like 11 00:00:45,320 --> 00:00:47,519 Speaker 1: I downloaded a couple of episodes to watch on our 12 00:00:47,520 --> 00:00:50,159 Speaker 1: recent flight to Austin. Slight. You're watching those, you know, 13 00:00:50,360 --> 00:00:52,519 Speaker 1: getting getting the feel for all the different leggings that 14 00:00:52,520 --> 00:00:54,320 Speaker 1: are out there, all the different patterns. I want, all 15 00:00:54,360 --> 00:00:56,680 Speaker 1: the patterns, Matt, you do like color. I'm now collecting 16 00:00:56,800 --> 00:00:59,400 Speaker 1: Lula Road leggings, so I'm probably gonna look, Honey Bay 17 00:00:59,440 --> 00:01:03,280 Speaker 1: see what i can get. But no, not exactly. It's 18 00:01:03,360 --> 00:01:05,800 Speaker 1: it's interesting though. The There was some chatter in the 19 00:01:05,800 --> 00:01:09,119 Speaker 1: Facebook group as well about this docuseries, and I think 20 00:01:09,120 --> 00:01:11,600 Speaker 1: it was enlightening on a few levels. One just about 21 00:01:11,720 --> 00:01:15,520 Speaker 1: this multi level marketing company, this pyramid scheme, as it 22 00:01:15,520 --> 00:01:18,120 Speaker 1: turns out, which we have talked about actually back in 23 00:01:18,160 --> 00:01:21,280 Speaker 1: episode two fifty four, and we specifically called out lu 24 00:01:21,360 --> 00:01:24,600 Speaker 1: Luo as a pyramid scheme and said that people should 25 00:01:24,800 --> 00:01:27,640 Speaker 1: avoid it at all costs. Uh. And there are other 26 00:01:27,840 --> 00:01:31,480 Speaker 1: companies like this taking this tactic where they might sell 27 00:01:31,520 --> 00:01:34,000 Speaker 1: a product, but the main way that people that work 28 00:01:34,040 --> 00:01:36,880 Speaker 1: for the company make money is by recruiting other people 29 00:01:37,200 --> 00:01:39,080 Speaker 1: underneath them. And so it was just kind of like 30 00:01:39,120 --> 00:01:42,680 Speaker 1: a because it had such a cultural influence because at 31 00:01:42,680 --> 00:01:45,120 Speaker 1: one point, I think they had ninety thousand, mostly women, 32 00:01:45,200 --> 00:01:49,480 Speaker 1: selling these legings to each other around the country. There 33 00:01:49,480 --> 00:01:52,200 Speaker 1: are tens and tens of thousands of women who have 34 00:01:52,320 --> 00:01:55,480 Speaker 1: lost uh, tens of thousands of dollars in this enterprise, 35 00:01:55,720 --> 00:01:58,640 Speaker 1: and only a very very small few made big money. 36 00:01:59,040 --> 00:02:02,000 Speaker 1: And so, yeah, if you want to see what the 37 00:02:02,040 --> 00:02:04,400 Speaker 1: inside of a pyramid scheme looks like, this is a 38 00:02:04,400 --> 00:02:07,480 Speaker 1: fascinating peek inside, peek under the door. And the founders 39 00:02:07,480 --> 00:02:10,280 Speaker 1: in particularly, they hired all their family members. They all 40 00:02:10,320 --> 00:02:12,520 Speaker 1: got rich too, They got jobs inside of lu lu 41 00:02:12,600 --> 00:02:15,200 Speaker 1: Row And it's one of those things where basically everybody 42 00:02:15,200 --> 00:02:17,320 Speaker 1: else loses out. Well, I'm glad to see someone like 43 00:02:17,360 --> 00:02:20,480 Speaker 1: Amazon kind of running with this and exposing more light 44 00:02:20,480 --> 00:02:22,960 Speaker 1: basically on this kind of situation, because the more folks 45 00:02:23,040 --> 00:02:26,480 Speaker 1: who are aware that this exists, not just specifically with 46 00:02:26,560 --> 00:02:30,200 Speaker 1: Lulu Row, but certainly other MLMs multi level marketing companies 47 00:02:30,200 --> 00:02:31,919 Speaker 1: that are going to that we're going to see in 48 00:02:31,960 --> 00:02:34,440 Speaker 1: the future. This isn't a brand new model, right, like, 49 00:02:34,480 --> 00:02:36,360 Speaker 1: this is something we have seen before, but this is 50 00:02:36,400 --> 00:02:39,760 Speaker 1: just the most recent manifestation of it. Uh and plus 51 00:02:39,840 --> 00:02:43,240 Speaker 1: the ability to call it Lulu Rich, it goes a 52 00:02:43,240 --> 00:02:46,040 Speaker 1: long way, and all the imagery they could use because 53 00:02:46,040 --> 00:02:48,440 Speaker 1: of the leaking patterns and stuff, a lot of personalities 54 00:02:48,480 --> 00:02:51,680 Speaker 1: I'm sure of folks who they can interview exactly exactly. 55 00:02:51,800 --> 00:02:55,640 Speaker 1: So it's worth watching. If that's UH something you're interested in, 56 00:02:55,680 --> 00:02:57,720 Speaker 1: and I think you you you'll begin to recognize to 57 00:02:58,200 --> 00:03:01,320 Speaker 1: the patterns that are involved the pyramid scheme. So hopefully 58 00:03:01,680 --> 00:03:04,520 Speaker 1: you never signed up to work for one, because it's 59 00:03:04,560 --> 00:03:06,760 Speaker 1: a it's a losing proposition, that's right. Let's go ahead 60 00:03:06,760 --> 00:03:09,280 Speaker 1: and get to our Friday flight. Then, while we're talking 61 00:03:09,280 --> 00:03:14,240 Speaker 1: about retail and consumption salesforce, they estimate that your holiday 62 00:03:14,280 --> 00:03:17,160 Speaker 1: gifts could cost as much as more this year. Joel, 63 00:03:17,200 --> 00:03:20,120 Speaker 1: you saw an increase of your vanity in your bathroom. 64 00:03:20,160 --> 00:03:23,840 Speaker 1: That's gonna be more expensive do specifically to shipping costs 65 00:03:23,840 --> 00:03:25,360 Speaker 1: like Salesforce. How do you know what I'm buying and 66 00:03:25,400 --> 00:03:28,120 Speaker 1: how much it costs? They got you, they got you pegged. 67 00:03:28,360 --> 00:03:30,880 Speaker 1: That is of course an awful thing, the fact that 68 00:03:30,919 --> 00:03:33,040 Speaker 1: we're all going to be likely spending more money on 69 00:03:33,480 --> 00:03:35,960 Speaker 1: the holidays. Um but about a month ago actually we 70 00:03:36,080 --> 00:03:38,480 Speaker 1: mentioned that you'll want to start shopping earlier for forgets 71 00:03:38,520 --> 00:03:41,800 Speaker 1: that you're planning to give. The shipping delays overseas, factory shutdowns, 72 00:03:41,800 --> 00:03:45,080 Speaker 1: these are all contributing to the mess that is the 73 00:03:45,120 --> 00:03:48,119 Speaker 1: retail industry right now. And so all signs are kind 74 00:03:48,120 --> 00:03:50,080 Speaker 1: of continuing to point, you know, to the fact that 75 00:03:50,120 --> 00:03:52,280 Speaker 1: these are going to be issues that will continue to linger. 76 00:03:52,760 --> 00:03:54,560 Speaker 1: And the longer that you wait, you know, the more 77 00:03:54,560 --> 00:03:56,880 Speaker 1: prices are are likely going to rise, the less likely 78 00:03:56,960 --> 00:03:59,800 Speaker 1: that the items that you're looking for will actually be 79 00:03:59,840 --> 00:04:02,040 Speaker 1: on the shelf. Joe, I saw an item recently that 80 00:04:02,080 --> 00:04:04,160 Speaker 1: I came across that I thought, well, first of all, 81 00:04:04,280 --> 00:04:05,680 Speaker 1: are you and me are we going to have like 82 00:04:05,680 --> 00:04:08,400 Speaker 1: a company Christmas party game this year. I hope so too, 83 00:04:08,840 --> 00:04:10,840 Speaker 1: but I don't be better. Why am I working there? 84 00:04:10,840 --> 00:04:12,520 Speaker 1: I'm quitting. Actually, if we don't have one, I'm out. 85 00:04:12,800 --> 00:04:14,480 Speaker 1: We didn't we didn't give each other the gifts last year, 86 00:04:14,480 --> 00:04:16,480 Speaker 1: but I came across something recently gave the We gave 87 00:04:16,520 --> 00:04:20,039 Speaker 1: each other the gift of a riby delicious state. That 88 00:04:20,160 --> 00:04:23,200 Speaker 1: was amazing. But I recently came across something online and 89 00:04:23,279 --> 00:04:25,719 Speaker 1: as soon as I saw it, it just screamed Joel 90 00:04:25,920 --> 00:04:29,039 Speaker 1: at me. So I better ahead and put that order 91 00:04:29,080 --> 00:04:30,880 Speaker 1: in now. If that's going to be something that we're 92 00:04:30,880 --> 00:04:33,360 Speaker 1: gonna do a little gift exchange one before the price 93 00:04:33,480 --> 00:04:37,520 Speaker 1: rises to it, exactly, I think, Matt, we're seeing prices 94 00:04:37,640 --> 00:04:40,240 Speaker 1: rising already. Right. We've talked about inflation quite a bit 95 00:04:40,240 --> 00:04:44,120 Speaker 1: on these Friday Flight episodes, and uh, dollar Tree actually 96 00:04:44,279 --> 00:04:47,800 Speaker 1: is raising its prices. This is definitely a harvardure of 97 00:04:47,800 --> 00:04:49,440 Speaker 1: things to come. It used to be the case that 98 00:04:49,440 --> 00:04:51,880 Speaker 1: you go to Dollar Tree in particular, and you could 99 00:04:51,880 --> 00:04:55,280 Speaker 1: buy something everything for a dollar. Other dollar stores kind 100 00:04:55,279 --> 00:04:57,279 Speaker 1: of do things differently, but Dollar Tree was this last 101 00:04:57,520 --> 00:05:00,200 Speaker 1: haven where everything that they sold was a dollar. But 102 00:05:00,320 --> 00:05:02,440 Speaker 1: now pretty soon you're gonna be able to Uh, you're 103 00:05:02,440 --> 00:05:04,919 Speaker 1: gonna be paying a dollar twenty five or dollar fifty 104 00:05:04,960 --> 00:05:07,520 Speaker 1: maybe more for certain items in their stores. And I 105 00:05:07,560 --> 00:05:09,240 Speaker 1: think it makes sense, right, like Dollar Tree had to 106 00:05:09,279 --> 00:05:10,920 Speaker 1: do this or they we're gonna be out of business 107 00:05:11,160 --> 00:05:14,640 Speaker 1: with like inflation, shipping issues, wage increases, all of these 108 00:05:14,640 --> 00:05:17,880 Speaker 1: things hitting them at once dollar and fifty cents. Tree 109 00:05:17,880 --> 00:05:21,400 Speaker 1: doesn't quite have the same thing exactly nearly as catchy. No, 110 00:05:21,440 --> 00:05:22,880 Speaker 1: I don't think they have to change their name because 111 00:05:22,880 --> 00:05:24,640 Speaker 1: they do that, but yeah, you better be just be 112 00:05:24,680 --> 00:05:26,279 Speaker 1: prepared when you walk to the front doors. It's not 113 00:05:26,279 --> 00:05:28,400 Speaker 1: going to be the same. But yeah, and we talked 114 00:05:28,400 --> 00:05:30,760 Speaker 1: about dollar stores. We talked about how we feel about 115 00:05:30,800 --> 00:05:33,960 Speaker 1: them a while back. We're not really big fans, but yes, 116 00:05:34,040 --> 00:05:37,160 Speaker 1: it fights it to say that they're not great for community. 117 00:05:37,240 --> 00:05:39,880 Speaker 1: The communities they exist in. The items that they sell 118 00:05:39,960 --> 00:05:43,480 Speaker 1: often go above and beyond affordable. They're actually just cheap 119 00:05:43,800 --> 00:05:46,680 Speaker 1: and often because they're poorly made, they don't provide much 120 00:05:46,920 --> 00:05:49,200 Speaker 1: in the in the way of value. So yeah, and 121 00:05:49,200 --> 00:05:50,880 Speaker 1: if you think you're we're wrong, If you are a 122 00:05:50,920 --> 00:05:53,280 Speaker 1: dollar store fanatic, like we'd love to hear from you, 123 00:05:53,360 --> 00:05:54,760 Speaker 1: drop us a line. Let us know why you like 124 00:05:54,839 --> 00:05:56,960 Speaker 1: dollar stores. But but for us, they're not our style. 125 00:05:57,000 --> 00:05:58,839 Speaker 1: We don't encourage people to shop at dollar stores. We 126 00:05:58,880 --> 00:06:01,520 Speaker 1: do think most of the time that's a cheap, not 127 00:06:01,640 --> 00:06:03,840 Speaker 1: progal move. Yeah, there are definitely some folks out there 128 00:06:03,839 --> 00:06:05,760 Speaker 1: who loved dollar stores. They are just not for us. 129 00:06:05,920 --> 00:06:08,000 Speaker 1: Um And you know, honestly, as we are talking about 130 00:06:08,080 --> 00:06:10,240 Speaker 1: kind of shopping in retail, I think it'll be really 131 00:06:10,240 --> 00:06:12,520 Speaker 1: interesting to see how big of a deal Black Friday 132 00:06:12,560 --> 00:06:14,320 Speaker 1: is going to be this year, you know, like, will 133 00:06:14,400 --> 00:06:17,200 Speaker 1: the discounts be as big as they typically are? I 134 00:06:17,200 --> 00:06:19,120 Speaker 1: feel like in general to Black Friday has also also 135 00:06:19,160 --> 00:06:21,440 Speaker 1: gotten smaller because of the multiple days worth of sales 136 00:06:21,440 --> 00:06:23,520 Speaker 1: that we typically see with like Cyber Monday, and the 137 00:06:23,560 --> 00:06:26,279 Speaker 1: different sales that different companies tend to have stretched down 138 00:06:26,279 --> 00:06:29,200 Speaker 1: over a bigger period as opposed to one specific day exactly. 139 00:06:29,240 --> 00:06:31,480 Speaker 1: But just with the supply issues, man, my guess is 140 00:06:31,480 --> 00:06:33,880 Speaker 1: that retailers are going to be less likely to provide 141 00:06:34,040 --> 00:06:36,920 Speaker 1: some of these amazing discounts because of the rising costs 142 00:06:36,920 --> 00:06:39,640 Speaker 1: that they face, and so our thoughts don't expect that 143 00:06:39,680 --> 00:06:41,880 Speaker 1: you'll pay a ton less if you continue to wait, 144 00:06:41,920 --> 00:06:43,800 Speaker 1: if you want to hold out for the big sales 145 00:06:43,839 --> 00:06:45,560 Speaker 1: coming up, and you know, as we said a few 146 00:06:45,560 --> 00:06:47,520 Speaker 1: weeks ago, some of the items on your wish list 147 00:06:47,640 --> 00:06:50,920 Speaker 1: might be gone completely. If you're gonna wait to last 148 00:06:50,960 --> 00:06:53,240 Speaker 1: minute with your shopping, the sooner the better that you 149 00:06:53,279 --> 00:06:55,320 Speaker 1: get started on that. Uh. And also too, it's it's 150 00:06:55,360 --> 00:06:57,360 Speaker 1: worth pointing out that, you know, you brought this up 151 00:06:57,400 --> 00:06:59,760 Speaker 1: on an episode not too long ago, but like we're like, 152 00:06:59,760 --> 00:07:01,200 Speaker 1: we're you draw the line, is it okay to buy 153 00:07:01,400 --> 00:07:03,520 Speaker 1: used gifts? Uh? And we feel like there's there's no 154 00:07:03,560 --> 00:07:06,080 Speaker 1: shame in that game. Yeah. I think it's okay personally 155 00:07:06,120 --> 00:07:08,240 Speaker 1: to buy used as long as it's in good condition 156 00:07:08,320 --> 00:07:10,720 Speaker 1: and the item that somebody actually wants. I don't think 157 00:07:10,720 --> 00:07:14,080 Speaker 1: it's out of bounds. And apparently one billion other people 158 00:07:14,160 --> 00:07:16,240 Speaker 1: agree with me, because it's a lot of people, as 159 00:07:16,360 --> 00:07:19,120 Speaker 1: I mean, I've got a big consensus here, Matt uh. 160 00:07:19,280 --> 00:07:21,400 Speaker 1: And I did not take any personal surveys or anything 161 00:07:21,440 --> 00:07:23,360 Speaker 1: like that, but it turns out that's how many people 162 00:07:23,400 --> 00:07:27,320 Speaker 1: actually are on Facebook market place these days. I kind 163 00:07:27,320 --> 00:07:30,440 Speaker 1: of thought that was a crazy number. Apparently sixty of 164 00:07:30,520 --> 00:07:33,200 Speaker 1: the world's population that is Internet connected is on Facebook, 165 00:07:33,400 --> 00:07:35,480 Speaker 1: and then a good majority of those people that is 166 00:07:35,760 --> 00:07:38,640 Speaker 1: mind blowing right use marketplace that is nuts, right Yeah, 167 00:07:39,000 --> 00:07:41,520 Speaker 1: And so yeah, I've done a decent amount of selling 168 00:07:41,520 --> 00:07:43,920 Speaker 1: and buying there over the years. And for me, it's 169 00:07:43,960 --> 00:07:46,800 Speaker 1: to plan a Craigslist in my mind for ease of use, right, 170 00:07:46,880 --> 00:07:48,960 Speaker 1: Like it so much easier to take the photos uploading 171 00:07:49,000 --> 00:07:51,520 Speaker 1: to Facebook, and I feel like that's where most of 172 00:07:51,560 --> 00:07:53,920 Speaker 1: the buyers are too, They're on Facebook and that's where 173 00:07:53,920 --> 00:07:56,320 Speaker 1: I when I'm buying side. Nobody's like craigslisting mobile. Like 174 00:07:56,360 --> 00:07:58,840 Speaker 1: it's just gotten way too sketchy over there. So and man, 175 00:07:58,840 --> 00:08:00,640 Speaker 1: it used to be good. I'm on a show because 176 00:08:00,640 --> 00:08:03,200 Speaker 1: I feel like Craigslist was a revolution when it came 177 00:08:03,240 --> 00:08:07,160 Speaker 1: to the classified industry. Right before before Craigslist, it was 178 00:08:07,200 --> 00:08:08,840 Speaker 1: like you to pay money to put it in the 179 00:08:08,920 --> 00:08:11,880 Speaker 1: newspaper and Craig's list like totally changed the game. So 180 00:08:12,080 --> 00:08:15,040 Speaker 1: mad props to Craigslist, even though I think Facebook Marketplace 181 00:08:15,080 --> 00:08:18,600 Speaker 1: is of course better. But pro Publica did an investigation 182 00:08:18,680 --> 00:08:21,280 Speaker 1: and they found that Facebook Marketplace has now become a 183 00:08:21,400 --> 00:08:24,800 Speaker 1: magnet for scammers, that's their words, and they ended up 184 00:08:24,800 --> 00:08:28,400 Speaker 1: they dug deep. They identified thousands of listings and profiles 185 00:08:28,440 --> 00:08:32,040 Speaker 1: in the marketplace that violate Facebook guidelines. So Facebook cause 186 00:08:32,040 --> 00:08:34,479 Speaker 1: these guidelines and people are like skirting them, and Facebook 187 00:08:34,800 --> 00:08:38,479 Speaker 1: is letting it go. Apparently their algorithms and the incredibly 188 00:08:38,520 --> 00:08:43,040 Speaker 1: small staff that they have dedicated to this task, well 189 00:08:43,400 --> 00:08:46,040 Speaker 1: they're trying to play whack a mole, but they're missing. 190 00:08:46,120 --> 00:08:48,560 Speaker 1: They're swinging and missing so much of the time. And yeah, 191 00:08:48,600 --> 00:08:51,280 Speaker 1: this news Matt comes at a bad time for Facebook, 192 00:08:51,320 --> 00:08:54,720 Speaker 1: with this like the recent whistleblower revelations from a former 193 00:08:54,840 --> 00:08:57,240 Speaker 1: employee about facebooks and ability to curb the spread of 194 00:08:57,320 --> 00:09:00,680 Speaker 1: misinformation on its platform. You know, sixty Minutes ran that 195 00:09:00,720 --> 00:09:04,320 Speaker 1: piece just this past weekend, and Facebook is not looking 196 00:09:04,360 --> 00:09:06,040 Speaker 1: so hot right now. And there are those new reports 197 00:09:06,040 --> 00:09:08,320 Speaker 1: too that show that Facebook and Instagram also appear to 198 00:09:08,320 --> 00:09:10,560 Speaker 1: be the right the big reason for the rise of 199 00:09:10,600 --> 00:09:13,520 Speaker 1: depression among young folks. But when it comes to you know, 200 00:09:13,559 --> 00:09:16,720 Speaker 1: the marketplace, here's what we would recommend. Always be careful 201 00:09:16,760 --> 00:09:18,920 Speaker 1: when you're going to meet someone to to buy or 202 00:09:19,000 --> 00:09:21,439 Speaker 1: to sell an item, especially electronics. I feel like there's 203 00:09:21,440 --> 00:09:23,640 Speaker 1: tend to be the hot items, uh, the items that 204 00:09:23,640 --> 00:09:26,720 Speaker 1: are in demand that folks are willing to scam or 205 00:09:26,760 --> 00:09:28,800 Speaker 1: even hurt others in order to get their hands on them. 206 00:09:28,880 --> 00:09:31,440 Speaker 1: The worst crimes tend to happen around smartphones and gaming 207 00:09:31,440 --> 00:09:34,600 Speaker 1: console sales. Uh. And you should also tread lightly when 208 00:09:34,679 --> 00:09:37,280 Speaker 1: it comes to car listings on the site. Not only 209 00:09:37,320 --> 00:09:39,480 Speaker 1: is it popular items that folks are looking to take 210 00:09:39,480 --> 00:09:42,520 Speaker 1: advantage of, but anytime there is a large dollar amount 211 00:09:42,920 --> 00:09:45,240 Speaker 1: where a scammer has the ability to walk away with 212 00:09:45,280 --> 00:09:47,680 Speaker 1: a lot of your money, watch out for those scenarios. 213 00:09:47,880 --> 00:09:50,160 Speaker 1: Fraud and crimer are far less likely to happen when 214 00:09:50,120 --> 00:09:53,560 Speaker 1: someone's just selling something really affordable, like a ten dollar plant. Uh. 215 00:09:53,559 --> 00:09:55,800 Speaker 1: And so the price is too good to be true, 216 00:09:55,840 --> 00:09:58,680 Speaker 1: it probably is. And for those high dollar items, be 217 00:09:58,760 --> 00:10:02,199 Speaker 1: sure to meet well lit areas, preferably in front of 218 00:10:02,200 --> 00:10:05,200 Speaker 1: a police station. But a reminder for folks, more shitty 219 00:10:05,200 --> 00:10:07,640 Speaker 1: folks are popping up on the platform, and there's this 220 00:10:07,920 --> 00:10:10,760 Speaker 1: just stract shady and criminal activity that we're seeing is 221 00:10:10,800 --> 00:10:13,080 Speaker 1: on the rise. Be careful out there. It's another reason too, 222 00:10:13,120 --> 00:10:15,240 Speaker 1: why I'm such a huge fan of eBay. You don't 223 00:10:15,280 --> 00:10:17,440 Speaker 1: have to deal with people in person. You've got your profile, 224 00:10:17,480 --> 00:10:19,080 Speaker 1: you've got the different ratings, you know the folks who 225 00:10:19,120 --> 00:10:21,480 Speaker 1: are good players, good actors on the site, and that 226 00:10:21,520 --> 00:10:24,160 Speaker 1: platform allows you to avoid a lot of that household. Yeah, 227 00:10:24,200 --> 00:10:27,240 Speaker 1: and you know Facebook was everyone thought it was going 228 00:10:27,280 --> 00:10:30,079 Speaker 1: to be more safe than Craigslist because Craigslist was completely 229 00:10:30,120 --> 00:10:32,480 Speaker 1: anonymous and Facebook is at least attached to a profile. 230 00:10:32,720 --> 00:10:35,319 Speaker 1: But there are all sorts of ways around that, and 231 00:10:35,559 --> 00:10:39,440 Speaker 1: a lot of scammers are abusing the platform, and yeah, 232 00:10:39,440 --> 00:10:42,040 Speaker 1: you gotta be careful because um, yeah, it could lead 233 00:10:42,040 --> 00:10:44,240 Speaker 1: to the loss of your money, but it could lead 234 00:10:44,280 --> 00:10:47,600 Speaker 1: to something even worse, potentially in the worst scenarios. But Matt, 235 00:10:47,640 --> 00:10:49,680 Speaker 1: let's move on. Let's talk about gas prices for a second. 236 00:10:49,760 --> 00:10:52,040 Speaker 1: Anybody who's paying attention and I am more and more 237 00:10:52,080 --> 00:10:54,080 Speaker 1: now because I don't have an electric vehicle these days, 238 00:10:54,480 --> 00:10:56,480 Speaker 1: has noticed that gas prices have been on the rise. 239 00:10:56,679 --> 00:10:59,280 Speaker 1: We're near six year highs and the average price nationwide 240 00:10:59,360 --> 00:11:01,800 Speaker 1: is literally a dollar more a gallon than it was 241 00:11:01,840 --> 00:11:03,920 Speaker 1: a year ago. And that's just like that that's gonna 242 00:11:03,920 --> 00:11:06,360 Speaker 1: impact your budget if that's the case, And so, yeah, 243 00:11:06,520 --> 00:11:08,640 Speaker 1: this is good to know, right, But but the question is, 244 00:11:08,640 --> 00:11:10,840 Speaker 1: I guess, does that cause you to want to drive 245 00:11:10,920 --> 00:11:13,760 Speaker 1: less than you normally would? We would say that it should. 246 00:11:14,120 --> 00:11:16,520 Speaker 1: There are obviously some places that we just have to 247 00:11:16,520 --> 00:11:19,319 Speaker 1: be whether it's getting to work or taking some time 248 00:11:19,360 --> 00:11:21,280 Speaker 1: off and taking a little vacation, we gotta drive there. 249 00:11:21,559 --> 00:11:23,120 Speaker 1: Most of us aren't able to cut cars out of 250 00:11:23,160 --> 00:11:25,440 Speaker 1: our life completely. When you take a look at the data. 251 00:11:25,480 --> 00:11:28,839 Speaker 1: Gasoline is one of those inelastic products where the price 252 00:11:28,960 --> 00:11:32,040 Speaker 1: doesn't really have much of an impact on demand. But 253 00:11:32,200 --> 00:11:36,480 Speaker 1: that's partly due to the relatively small fluctuations in gas prices. 254 00:11:36,559 --> 00:11:39,640 Speaker 1: It's like a frog in boiling water scenario, whereas the 255 00:11:39,679 --> 00:11:42,680 Speaker 1: price slowly increases over time, we just get accustomed to 256 00:11:42,679 --> 00:11:45,199 Speaker 1: paying more for it. But we think a thoughtful mental 257 00:11:45,280 --> 00:11:48,720 Speaker 1: exercise is to imagine if the price of gas doubled overnight, 258 00:11:49,080 --> 00:11:51,079 Speaker 1: or let's say it shot up to ten dollars a gallon, 259 00:11:51,240 --> 00:11:53,400 Speaker 1: which is probably what it's what it is in California, 260 00:11:53,520 --> 00:11:56,640 Speaker 1: is my guess. Gas prices always more expensive there, but 261 00:11:57,240 --> 00:11:59,520 Speaker 1: there's probably a good chance, Matt, if gas prices got 262 00:11:59,520 --> 00:12:01,520 Speaker 1: to that point, you and I would both change our 263 00:12:01,600 --> 00:12:04,120 Speaker 1: behavior a little bit. Right there, There'll be some changes 264 00:12:04,200 --> 00:12:06,240 Speaker 1: to our gas consumption, to some of the trips that 265 00:12:06,280 --> 00:12:09,160 Speaker 1: we take. And this is particularly true because when you 266 00:12:09,200 --> 00:12:12,839 Speaker 1: consider the research, it shows that almost half of all 267 00:12:12,880 --> 00:12:15,960 Speaker 1: car trips in the most congested US cities are less 268 00:12:15,960 --> 00:12:19,199 Speaker 1: than three miles in length. That's a really bikable distance. 269 00:12:19,559 --> 00:12:22,120 Speaker 1: So a lot of people really could for many of 270 00:12:22,160 --> 00:12:25,439 Speaker 1: their trips change how they do them. And so, yeah, 271 00:12:25,480 --> 00:12:28,680 Speaker 1: while we hope gas prices don't continue to rise because 272 00:12:28,960 --> 00:12:32,000 Speaker 1: it sucks for yeah, your personal finances, it's worth it 273 00:12:32,040 --> 00:12:34,400 Speaker 1: to think through what changes you can make now with 274 00:12:34,440 --> 00:12:35,960 Speaker 1: how you get around town so that you can be 275 00:12:35,960 --> 00:12:39,360 Speaker 1: in your car less and paying less overall in in 276 00:12:39,440 --> 00:12:41,400 Speaker 1: fuel costs. Yeah, it really feels like that it wouldn't 277 00:12:41,440 --> 00:12:44,800 Speaker 1: take much to cause us to re evaluate our our 278 00:12:44,840 --> 00:12:47,839 Speaker 1: transportation needs and what we're willing to spend. And kind 279 00:12:47,840 --> 00:12:49,800 Speaker 1: of on that note, there was a great article in 280 00:12:49,880 --> 00:12:53,160 Speaker 1: Axios this week about the rising use of e bikes 281 00:12:53,200 --> 00:12:56,880 Speaker 1: in cities. E bike sales are up two in a 282 00:12:56,920 --> 00:13:00,400 Speaker 1: two year period, which is a massive return. Love hearing 283 00:13:00,400 --> 00:13:03,400 Speaker 1: that where you invested in e bikes. Many a stock 284 00:13:03,440 --> 00:13:07,360 Speaker 1: ticker for e bikes. Uh. Many bike sharing programs are 285 00:13:07,400 --> 00:13:10,320 Speaker 1: actually gravitating towards e bikes as well instead of just 286 00:13:10,400 --> 00:13:13,040 Speaker 1: the standard bicycle. Folks are like, oh wow, e bikes 287 00:13:13,200 --> 00:13:15,320 Speaker 1: are incredible. They allow you to get there without being 288 00:13:15,400 --> 00:13:18,480 Speaker 1: completely drenched in sweat if it's the summer, and we 289 00:13:18,480 --> 00:13:20,959 Speaker 1: think this is great news as well. In general, we're 290 00:13:21,000 --> 00:13:23,800 Speaker 1: biking evangelists, and we're always trying to spread the good word. Uh. 291 00:13:23,840 --> 00:13:26,160 Speaker 1: And we think that e bikes make a heck of 292 00:13:26,200 --> 00:13:28,760 Speaker 1: a lot of sense for a lot of folks, and 293 00:13:28,760 --> 00:13:30,800 Speaker 1: we want to encourage more how to money listeners to 294 00:13:30,960 --> 00:13:32,960 Speaker 1: ditch their car and hop on a bike whenever possible. 295 00:13:33,240 --> 00:13:35,520 Speaker 1: But there is a problem, and that's that most of 296 00:13:35,520 --> 00:13:38,320 Speaker 1: our cities weren't built with bikers in mind. Uh. And 297 00:13:38,360 --> 00:13:43,040 Speaker 1: so as transportation tastes and you know, demand, as that changes, 298 00:13:43,440 --> 00:13:45,800 Speaker 1: it's time to make our streets more relevant to the 299 00:13:45,800 --> 00:13:49,080 Speaker 1: ways that people are actually using them. And that means 300 00:13:49,160 --> 00:13:52,160 Speaker 1: by being less car centric. That's also gonna mean for 301 00:13:52,200 --> 00:13:55,080 Speaker 1: you probably to get more involved, like on a civic 302 00:13:55,200 --> 00:13:57,320 Speaker 1: level here in Atlanta where fans of and we support 303 00:13:57,320 --> 00:14:00,200 Speaker 1: the Atlanta Bicycle Coalition as they're on a mission to 304 00:14:00,280 --> 00:14:02,720 Speaker 1: create safer streets. And so if this sounds like something 305 00:14:02,720 --> 00:14:04,560 Speaker 1: that you could get behind, look and see if there's 306 00:14:04,640 --> 00:14:07,920 Speaker 1: a local organization that you can literally get behind the 307 00:14:08,000 --> 00:14:10,560 Speaker 1: support with your time and with your money as well. Yeah, 308 00:14:10,679 --> 00:14:12,760 Speaker 1: the more bikes that are on the street, like, the 309 00:14:12,800 --> 00:14:16,280 Speaker 1: more we get noticed from a city planning standpoint, And 310 00:14:16,320 --> 00:14:18,240 Speaker 1: so he's important to have your voice heard it's imporant 311 00:14:18,280 --> 00:14:20,400 Speaker 1: to be on your bike more. It's called critical mass. Yeah, 312 00:14:20,400 --> 00:14:23,160 Speaker 1: and it's gonna save you some money on those gas costs. 313 00:14:23,160 --> 00:14:25,720 Speaker 1: So we're never ever gonna stop talking about how great 314 00:14:25,720 --> 00:14:28,400 Speaker 1: bikes are. Uh So, if you're tired of it, sorry 315 00:14:28,400 --> 00:14:31,160 Speaker 1: about that. It's going to continue. But we've got more 316 00:14:31,320 --> 00:14:35,560 Speaker 1: stories to get to, Matt, including one about investing app 317 00:14:35,640 --> 00:14:38,640 Speaker 1: Robin Hood going on a tour of colleges around the country. 318 00:14:39,040 --> 00:14:40,520 Speaker 1: That's not good news. Well we'll get to that right 319 00:14:40,520 --> 00:14:52,200 Speaker 1: after this. We are back and we'll get to that 320 00:14:52,280 --> 00:14:54,920 Speaker 1: Robin Hood story here, Jill that you mentioned in a second. 321 00:14:54,920 --> 00:14:57,120 Speaker 1: But first we've got our ludicrous headline of the week 322 00:14:57,600 --> 00:14:59,520 Speaker 1: and this one came from The Atlantic and it was 323 00:14:59,560 --> 00:15:06,560 Speaker 1: titled three dollars a year and just getting by man. 324 00:15:06,600 --> 00:15:11,440 Speaker 1: This article is about why financial confessionals online have gone viral. Um. 325 00:15:11,480 --> 00:15:13,320 Speaker 1: You know, we've all seen those those articles pop up 326 00:15:13,320 --> 00:15:16,240 Speaker 1: on like social media or on various money sites where 327 00:15:16,400 --> 00:15:17,920 Speaker 1: you know there's a couple they're making quarter of a 328 00:15:17,960 --> 00:15:21,000 Speaker 1: million dollars and or somehow living paycheck to paycheck. And 329 00:15:21,040 --> 00:15:23,320 Speaker 1: so that's when I break out the world's tiniest violin. 330 00:15:23,560 --> 00:15:25,520 Speaker 1: So like, honestly, what does this say about the majority 331 00:15:25,520 --> 00:15:28,520 Speaker 1: of Americans who actually make way less than that, but 332 00:15:28,720 --> 00:15:31,200 Speaker 1: actually how their finances in shape. You know, they've got 333 00:15:31,200 --> 00:15:32,840 Speaker 1: their stuff in order. And then some of these folks 334 00:15:32,880 --> 00:15:35,280 Speaker 1: will proceed to lay out their budget and you realize 335 00:15:35,320 --> 00:15:37,600 Speaker 1: that for them, like you know, paycheck to paycheck. For 336 00:15:37,600 --> 00:15:40,960 Speaker 1: these wealthy folks, it means taking let's see, an awesome vacation, 337 00:15:41,680 --> 00:15:45,080 Speaker 1: contributing a ton to savings to retirement, plus putting away 338 00:15:45,080 --> 00:15:48,080 Speaker 1: money for like their kids college. So uh yeah, sorry 339 00:15:48,160 --> 00:15:50,440 Speaker 1: to tell you, but that's actually not the definition of 340 00:15:50,480 --> 00:15:53,600 Speaker 1: living paycheck to paycheck. That's called living a normal life. 341 00:15:55,080 --> 00:15:57,040 Speaker 1: I will say, though, It's it's true that where you 342 00:15:57,080 --> 00:15:59,920 Speaker 1: live matters, like your location matters, because obviously, you know, 343 00:16:00,000 --> 00:16:02,520 Speaker 1: a hundred thousand dollars in San Francisco or New York 344 00:16:03,280 --> 00:16:08,160 Speaker 1: versus a hundred thousand dollars in Jackson, Mississippi, or in Tulsa, Oklahoma. 345 00:16:08,480 --> 00:16:12,120 Speaker 1: These are completely different scenarios. But if you're saving and 346 00:16:12,120 --> 00:16:15,040 Speaker 1: you're investing, you definitely shouldn't compare yourself to folks who 347 00:16:15,040 --> 00:16:18,320 Speaker 1: are actually living paycheck to paycheck. I think there's actually 348 00:16:18,320 --> 00:16:20,880 Speaker 1: something else at play here, not that these folks are 349 00:16:20,920 --> 00:16:23,080 Speaker 1: barely just grip and by yeah, it's kind of interesting 350 00:16:23,120 --> 00:16:25,520 Speaker 1: to see how they feel that way even though it's 351 00:16:25,560 --> 00:16:28,720 Speaker 1: not actually the case. And so I thought the most 352 00:16:28,720 --> 00:16:30,960 Speaker 1: fascinating part of this piece Matt had to do with 353 00:16:31,000 --> 00:16:35,600 Speaker 1: the psychological ramifications of households where both partners are working 354 00:16:35,840 --> 00:16:38,040 Speaker 1: really demanding jobs. And there was this one quote that 355 00:16:38,080 --> 00:16:40,440 Speaker 1: really stuck out to me. Uh and here it goes, 356 00:16:40,760 --> 00:16:44,200 Speaker 1: the rise of the high octane couple has increased this 357 00:16:44,360 --> 00:16:48,160 Speaker 1: sense of generalized household stress, which no amount of money 358 00:16:48,400 --> 00:16:51,320 Speaker 1: can buy you out of. So in my estimation, it's 359 00:16:51,320 --> 00:16:53,800 Speaker 1: it's not necessarily a lack of money for many of 360 00:16:53,840 --> 00:16:56,600 Speaker 1: these couples, like they've got enough money on hand. It's 361 00:16:56,720 --> 00:16:59,200 Speaker 1: the reality that they're working too much and they're super 362 00:16:59,200 --> 00:17:02,280 Speaker 1: stressed out because of it, and then they use money 363 00:17:02,400 --> 00:17:04,239 Speaker 1: to make their lives easier at every turn. They've got 364 00:17:04,320 --> 00:17:06,560 Speaker 1: enough money coming in and they're like funnily gets straight out, 365 00:17:06,640 --> 00:17:08,840 Speaker 1: hiring people to mow their lawn, going out to eat more, 366 00:17:08,880 --> 00:17:14,040 Speaker 1: taking better vacations, hiring more childcare. And there's nothing wrong 367 00:17:14,080 --> 00:17:15,679 Speaker 1: with that if that's the kind of life that you 368 00:17:15,720 --> 00:17:18,080 Speaker 1: want to live. But yeah, I don't know. I tend 369 00:17:18,119 --> 00:17:20,199 Speaker 1: to agree that more couples are stressed out in general 370 00:17:20,240 --> 00:17:22,840 Speaker 1: because work has become more and more central to so 371 00:17:22,880 --> 00:17:25,360 Speaker 1: many people's lives. And I'm just putting this out there, 372 00:17:25,560 --> 00:17:27,840 Speaker 1: but working less is an option for many of us. 373 00:17:27,840 --> 00:17:30,440 Speaker 1: It's an option for many how to Money listeners if 374 00:17:30,520 --> 00:17:33,520 Speaker 1: we make meaningful changes to our desires and to our budgets. 375 00:17:33,800 --> 00:17:36,840 Speaker 1: And yeah, if you don't want to be stressed out, 376 00:17:37,000 --> 00:17:39,600 Speaker 1: I'm not saying you can get there overnight, but there 377 00:17:39,640 --> 00:17:41,520 Speaker 1: are a lot of changes that you can make so 378 00:17:41,600 --> 00:17:44,080 Speaker 1: that it can be a reality that you don't have 379 00:17:44,160 --> 00:17:46,680 Speaker 1: to work as much as you currently are. Um, So, yeah, 380 00:17:46,680 --> 00:17:48,640 Speaker 1: I just want to kind of point that out. Well, 381 00:17:48,640 --> 00:17:50,280 Speaker 1: it's funny because I feel like I'm really the one 382 00:17:50,320 --> 00:17:53,159 Speaker 1: who's like making the work less argument, and so I'll 383 00:17:53,200 --> 00:17:55,119 Speaker 1: kind of take the other approach, which is that I 384 00:17:55,119 --> 00:17:56,800 Speaker 1: think I mean, for a lot of folks, their ability 385 00:17:56,840 --> 00:17:59,440 Speaker 1: to find like satisfaction and meeting within their work is 386 00:17:59,440 --> 00:18:01,159 Speaker 1: really important. You know, for a lot of folks that 387 00:18:01,160 --> 00:18:03,439 Speaker 1: can be I think, core to who they are. And 388 00:18:03,440 --> 00:18:05,680 Speaker 1: I think that's fine as long as you can also 389 00:18:05,800 --> 00:18:08,240 Speaker 1: prioritize your personal finances. And like you said, I think 390 00:18:08,280 --> 00:18:10,800 Speaker 1: it is a psychological thing. I think it's a mindset problem, 391 00:18:10,800 --> 00:18:13,399 Speaker 1: because if if it feels like you're floundering with when 392 00:18:13,440 --> 00:18:15,399 Speaker 1: it comes to your money, like it doesn't matter how 393 00:18:15,480 --> 00:18:17,040 Speaker 1: much money you make, it's still not gonna feel like 394 00:18:17,080 --> 00:18:19,840 Speaker 1: you've got your act together. And so I think a 395 00:18:19,840 --> 00:18:22,200 Speaker 1: lot of times for folks, maybe all of those vacations 396 00:18:22,320 --> 00:18:24,159 Speaker 1: or all that additional time that they're using to go 397 00:18:24,160 --> 00:18:27,840 Speaker 1: out to eat at restaurants. You know, maybe, like you said, 398 00:18:27,880 --> 00:18:29,320 Speaker 1: maybe it does mean that we need to work a 399 00:18:29,359 --> 00:18:31,720 Speaker 1: little bit less, because I believe that's also true. But like, 400 00:18:31,760 --> 00:18:33,720 Speaker 1: we have a hundred and sixty eight hours every single week, 401 00:18:33,880 --> 00:18:35,919 Speaker 1: and I think so many individuals and couples could like 402 00:18:36,000 --> 00:18:38,119 Speaker 1: carve just carve out like one hour out of that 403 00:18:38,240 --> 00:18:40,720 Speaker 1: entire week to have a snapshot of like what is 404 00:18:40,720 --> 00:18:43,040 Speaker 1: going on with our money. And were they to do that, 405 00:18:43,119 --> 00:18:45,400 Speaker 1: I think that they would be a lot less stressed. 406 00:18:45,640 --> 00:18:47,480 Speaker 1: H It makes me think of a teacher friend of 407 00:18:47,520 --> 00:18:49,160 Speaker 1: mine who was just like, you know, when it comes 408 00:18:49,160 --> 00:18:50,600 Speaker 1: to being a teacher, you just have to be like 409 00:18:50,680 --> 00:18:53,840 Speaker 1: one step ahead of the kids. And so you've got 410 00:18:53,880 --> 00:18:56,560 Speaker 1: these couples and they're just and they're basically one step behind. 411 00:18:56,640 --> 00:18:58,639 Speaker 1: It's what feels like that they're always trying to catch up. 412 00:18:58,800 --> 00:19:00,600 Speaker 1: It feels like that they never have the grasp on 413 00:19:00,640 --> 00:19:02,239 Speaker 1: their money. But all you gotta do is just be, 414 00:19:02,880 --> 00:19:04,760 Speaker 1: you know, one step ahead. Like for a teacher, you 415 00:19:04,760 --> 00:19:08,040 Speaker 1: don't have to have your entire uh curriculum or whatever 416 00:19:08,160 --> 00:19:09,720 Speaker 1: what do you call it, lesson plan? You don't have 417 00:19:09,760 --> 00:19:11,520 Speaker 1: to have that plan for the entire year, but you 418 00:19:11,560 --> 00:19:13,880 Speaker 1: definitely need to have tomorrow's lesson plan figured out, right, 419 00:19:14,119 --> 00:19:15,760 Speaker 1: And so with our money, I think, like you don't 420 00:19:15,760 --> 00:19:18,760 Speaker 1: don't you're just putting on a movie exactly, or you're 421 00:19:18,760 --> 00:19:21,440 Speaker 1: stressed while you're trying to wing it. Then with our money, 422 00:19:21,440 --> 00:19:23,520 Speaker 1: I think we don't have to have our money figured 423 00:19:23,560 --> 00:19:26,280 Speaker 1: out for the next several decades until the point of retirement. 424 00:19:26,720 --> 00:19:28,399 Speaker 1: But like it would be a really good idea if 425 00:19:28,400 --> 00:19:29,840 Speaker 1: you had a budget, if you knew where your money 426 00:19:29,920 --> 00:19:31,760 Speaker 1: was going this month. And so I couldn't agree with 427 00:19:31,800 --> 00:19:33,080 Speaker 1: you more that I think it is more of a 428 00:19:33,520 --> 00:19:35,720 Speaker 1: it's not the money, it's it's just a psychological thing. 429 00:19:35,720 --> 00:19:37,639 Speaker 1: It's it's a mental thing, and it's how we approach 430 00:19:37,640 --> 00:19:39,919 Speaker 1: your money. And that's why we talk about money so much, 431 00:19:39,920 --> 00:19:41,760 Speaker 1: because we want it to be a part of our 432 00:19:41,840 --> 00:19:44,600 Speaker 1: day to day conversations. Yeah, and if your income is 433 00:19:44,720 --> 00:19:47,800 Speaker 1: that large, the amount of ground you can make up 434 00:19:47,880 --> 00:19:49,960 Speaker 1: quickly is huge. Oh my gosh, So those people are 435 00:19:49,960 --> 00:19:52,800 Speaker 1: actually in such a great position, Like they feel stressed 436 00:19:52,800 --> 00:19:55,600 Speaker 1: out now, but in no time they can they can 437 00:19:55,640 --> 00:19:59,040 Speaker 1: lick some of their biggest problems. If only they you're right, 438 00:19:59,040 --> 00:20:01,080 Speaker 1: they would give it the attention, the focus. One hour 439 00:20:01,119 --> 00:20:04,800 Speaker 1: a week really is first. Yeah, you know, I mean, 440 00:20:04,840 --> 00:20:06,880 Speaker 1: like it wouldn't even take that long that you're right. 441 00:20:06,920 --> 00:20:09,040 Speaker 1: But eventually it won't take that long. I think maybe 442 00:20:09,040 --> 00:20:11,960 Speaker 1: initially earlier, but yeah, they'll they'll get there and they'll 443 00:20:12,000 --> 00:20:14,040 Speaker 1: be in a great position. I think most of our listeners, 444 00:20:14,080 --> 00:20:15,920 Speaker 1: like I don't make nearly that much, and I don't 445 00:20:15,960 --> 00:20:17,320 Speaker 1: feel sorry for him, And I agree with you, I 446 00:20:17,359 --> 00:20:19,280 Speaker 1: don't feel sorry for him either. But just think about, 447 00:20:19,280 --> 00:20:20,760 Speaker 1: like you said, let think about how much ground they'll 448 00:20:20,760 --> 00:20:22,080 Speaker 1: be able to make up. Like at the end of 449 00:20:22,080 --> 00:20:23,959 Speaker 1: the season, they're totally going to get the Most Improved 450 00:20:23,960 --> 00:20:27,000 Speaker 1: award because I bet right, like they're just hemorrhaging money. 451 00:20:27,160 --> 00:20:30,440 Speaker 1: They've got a very leaky boat. Uh, but it's a 452 00:20:30,480 --> 00:20:32,359 Speaker 1: nice boat and it goes really fast, and all they 453 00:20:32,400 --> 00:20:34,159 Speaker 1: gotta do is just plug some of those holes and 454 00:20:34,200 --> 00:20:36,560 Speaker 1: they'll be cruising. Yeah, for sure. All right, let's move on. 455 00:20:36,640 --> 00:20:38,840 Speaker 1: Let's talk about that that robin Hood story. Robin Hood, 456 00:20:38,840 --> 00:20:41,080 Speaker 1: as it turns out, is going on a college tour 457 00:20:41,440 --> 00:20:44,439 Speaker 1: to recruit new customers, and the Wall Street Journal had 458 00:20:44,440 --> 00:20:46,760 Speaker 1: an article as long as some other publications this week 459 00:20:47,080 --> 00:20:49,160 Speaker 1: robin Hood, as it turns out, as looking to kickstart 460 00:20:49,320 --> 00:20:51,920 Speaker 1: a new trend, except for it's not a new trend. 461 00:20:51,960 --> 00:20:53,879 Speaker 1: It's actually the oldest trick in the book. This is 462 00:20:53,920 --> 00:20:56,800 Speaker 1: what the credit card companies we're doing on college campuses 463 00:20:57,160 --> 00:20:59,399 Speaker 1: fifteen years ago, right, and they were trying to get 464 00:20:59,440 --> 00:21:04,560 Speaker 1: customers for life by signing up young teenagers for their products. 465 00:21:04,560 --> 00:21:07,880 Speaker 1: Those teenagers ultimately didn't handle those credit cards well and then, 466 00:21:07,960 --> 00:21:11,160 Speaker 1: as it turns out, the Card Act of two thousand 467 00:21:11,280 --> 00:21:15,679 Speaker 1: nine shut down that business model. But yeah, basically, just 468 00:21:15,720 --> 00:21:18,520 Speaker 1: like credit cards, the robin Hood app can be a 469 00:21:18,560 --> 00:21:20,679 Speaker 1: great tool. Like we like credit cards, even though they 470 00:21:20,720 --> 00:21:23,240 Speaker 1: can be used really poorly. We don't mind robin Hood 471 00:21:23,400 --> 00:21:26,440 Speaker 1: as as a platform. Is just the fact that so 472 00:21:26,480 --> 00:21:29,199 Speaker 1: many people are using it poorly. And the problem is 473 00:21:29,320 --> 00:21:31,879 Speaker 1: lots of young investors are using this tool poorly and 474 00:21:31,920 --> 00:21:35,720 Speaker 1: developing awful investing habits, and so I'm just nervous. I'm 475 00:21:35,840 --> 00:21:39,119 Speaker 1: very nervous. What this what robin Hood visiting dozens of 476 00:21:39,160 --> 00:21:42,119 Speaker 1: campuses and attempting to get more and more people to 477 00:21:42,119 --> 00:21:45,679 Speaker 1: sign up. What that means for their investing future. A 478 00:21:45,720 --> 00:21:48,800 Speaker 1: lot of people their initiation should be, we would think 479 00:21:49,160 --> 00:21:52,680 Speaker 1: through a company like Vanguard Fidelity and not hopefully the 480 00:21:53,080 --> 00:21:55,359 Speaker 1: robin Hood investing app. Yeah. And then on top of that, 481 00:21:55,440 --> 00:21:58,439 Speaker 1: robin Hood is giving up prize money to some big winners, 482 00:21:59,000 --> 00:22:01,840 Speaker 1: hoping that these colleges do with very little money will 483 00:22:01,840 --> 00:22:04,639 Speaker 1: be excited enough to start investing at least some of 484 00:22:04,680 --> 00:22:06,760 Speaker 1: what they do have. That's free pizza for a year. 485 00:22:06,800 --> 00:22:10,840 Speaker 1: All right, It's like they're not giving out actual pizza anymore. 486 00:22:10,840 --> 00:22:12,159 Speaker 1: But at least they're giving us the money to be 487 00:22:12,200 --> 00:22:14,760 Speaker 1: able to do whatever we went with. Uh. And as 488 00:22:14,760 --> 00:22:16,639 Speaker 1: how do many listeners know? You know, we're fans of 489 00:22:16,680 --> 00:22:19,760 Speaker 1: investing for the future. That's how you build wealth. Uh. 490 00:22:19,800 --> 00:22:21,720 Speaker 1: And the earlier you get started, the better. And so 491 00:22:21,960 --> 00:22:23,800 Speaker 1: I love the idea that there are college students who 492 00:22:23,880 --> 00:22:27,000 Speaker 1: are going to start investing now, But robin Hood doesn't 493 00:22:27,040 --> 00:22:29,760 Speaker 1: offer those tax advantage accounts on their platform. And that 494 00:22:29,880 --> 00:22:31,800 Speaker 1: is a big deal to us. And so you know, 495 00:22:31,840 --> 00:22:34,119 Speaker 1: the free you know, fifteen bucks that robin Hood is 496 00:22:34,119 --> 00:22:36,880 Speaker 1: handing out to students who sign up like that just 497 00:22:36,960 --> 00:22:39,879 Speaker 1: might be the worst free gift you've ever been given. 498 00:22:40,359 --> 00:22:42,720 Speaker 1: If it causes you to to be a day trader, 499 00:22:42,880 --> 00:22:45,240 Speaker 1: if it causes you to be a speculator instead of 500 00:22:45,280 --> 00:22:48,200 Speaker 1: opting to be a long term buy and hold investor, 501 00:22:48,640 --> 00:22:50,640 Speaker 1: that is what we want to see college students doing. 502 00:22:50,880 --> 00:22:53,399 Speaker 1: And until robin Hood starts encroaching that type of behavior, 503 00:22:53,400 --> 00:22:56,040 Speaker 1: we're going to be critics. Yeah, And the fact that 504 00:22:56,040 --> 00:22:59,120 Speaker 1: they don't have access to tax advantage accounts is huge 505 00:22:59,160 --> 00:23:00,840 Speaker 1: because most of those call A students would do really 506 00:23:00,920 --> 00:23:03,040 Speaker 1: well if they started investing in a roth Ira A. 507 00:23:03,359 --> 00:23:06,399 Speaker 1: But if those are the best years to invest in 508 00:23:06,440 --> 00:23:08,560 Speaker 1: that vehicle, and if you miss out on that early 509 00:23:08,600 --> 00:23:11,400 Speaker 1: and you're doing tax advantaged accounts and you're doing brokerage 510 00:23:11,440 --> 00:23:14,400 Speaker 1: accounts instead, you're going to lose a lot of those 511 00:23:14,440 --> 00:23:18,000 Speaker 1: gains to taxes, whereas in a wrath you otherwise wouldn't. 512 00:23:18,440 --> 00:23:20,240 Speaker 1: But let's move on, Matt, Let's talk about credit scores 513 00:23:20,240 --> 00:23:22,399 Speaker 1: for a second. It turns out I didn't really I 514 00:23:22,440 --> 00:23:24,600 Speaker 1: I knew it was happening, but I didn't realize how 515 00:23:24,640 --> 00:23:28,160 Speaker 1: pervasive the problem was. Some companies are still charging people 516 00:23:28,160 --> 00:23:30,159 Speaker 1: for credit scores, for access to your credit score. I mean, 517 00:23:30,160 --> 00:23:32,560 Speaker 1: if people are gonna pay, why not continue to charge. 518 00:23:32,600 --> 00:23:34,879 Speaker 1: It's kind of like, I don't remember that's what they're saying, right, 519 00:23:34,880 --> 00:23:37,119 Speaker 1: I remember, I'm not saying that. No. I remember a 520 00:23:37,119 --> 00:23:38,800 Speaker 1: few years ago, I don't five or six years ago, 521 00:23:39,000 --> 00:23:41,720 Speaker 1: and I read that like a million people were still 522 00:23:41,760 --> 00:23:44,560 Speaker 1: paying a O L for an account. It was like 523 00:23:44,840 --> 00:23:46,440 Speaker 1: what really, Like who's doing this? And it's like, well, 524 00:23:46,600 --> 00:23:47,840 Speaker 1: I was like, if they're gonna keep paying us, we're 525 00:23:47,840 --> 00:23:50,600 Speaker 1: gonna keep taking it. And that's exactly what's happening here. 526 00:23:50,680 --> 00:23:54,080 Speaker 1: Some people are actually paying. And so Consumer Reports did 527 00:23:54,160 --> 00:23:57,600 Speaker 1: a study of the five biggest credit score apps, and 528 00:23:57,640 --> 00:24:00,800 Speaker 1: they found that some of these apps are arging folks 529 00:24:01,160 --> 00:24:03,200 Speaker 1: to find out their credit score. Right. Many of them 530 00:24:03,240 --> 00:24:05,119 Speaker 1: offer like a limited free model. You can get like 531 00:24:05,320 --> 00:24:07,960 Speaker 1: a little bit access for no money, get a little 532 00:24:07,960 --> 00:24:10,359 Speaker 1: taste of the score, but not the full and then 533 00:24:10,359 --> 00:24:12,239 Speaker 1: they charge like twenty to forty bucks a month if 534 00:24:12,240 --> 00:24:14,760 Speaker 1: you want the whole kit and comboodle, and that is 535 00:24:14,840 --> 00:24:17,480 Speaker 1: a lot of money. So here's the thing. Access to 536 00:24:17,640 --> 00:24:21,720 Speaker 1: your credit score has never been easier access to getting 537 00:24:21,720 --> 00:24:24,000 Speaker 1: your credit score for free, so we would say don't 538 00:24:24,000 --> 00:24:27,240 Speaker 1: pay for it ever, and uh yeah, your credit card 539 00:24:27,359 --> 00:24:29,480 Speaker 1: likely gives it to you for free, if not get 540 00:24:29,480 --> 00:24:32,160 Speaker 1: it from a place like credit Karma or credit Scorecard 541 00:24:32,480 --> 00:24:34,520 Speaker 1: in particular, and we'll link to both those in the 542 00:24:34,520 --> 00:24:38,040 Speaker 1: show notes. But know this, the score you're getting, it's 543 00:24:38,080 --> 00:24:40,560 Speaker 1: not perfect. It helps you know the ballpark you're in there. 544 00:24:40,600 --> 00:24:42,800 Speaker 1: There are so many different scores that it's hard to 545 00:24:42,840 --> 00:24:46,080 Speaker 1: get one perfect score that your lender is going to see. 546 00:24:46,240 --> 00:24:48,399 Speaker 1: But it's still important to know your ballpark score and 547 00:24:48,440 --> 00:24:50,800 Speaker 1: to check in on it regularly. And so yeah, that's 548 00:24:50,800 --> 00:24:54,119 Speaker 1: why those those are two favorite sites for checking without 549 00:24:54,119 --> 00:24:56,960 Speaker 1: having to pay a dime ever for it. Yeah, it's 550 00:24:57,000 --> 00:24:58,880 Speaker 1: it's faulty thinking to think that, well, if I pay 551 00:24:58,960 --> 00:25:01,480 Speaker 1: for the service, they're gonna give me the most accurate 552 00:25:01,560 --> 00:25:03,720 Speaker 1: information because in the end, it's just like you said, 553 00:25:03,720 --> 00:25:05,600 Speaker 1: it's one of many, because there are so many different 554 00:25:05,680 --> 00:25:07,720 Speaker 1: credit scores that are out there, and even still a 555 00:25:07,720 --> 00:25:09,639 Speaker 1: credit score, I mean, it's it's not all that accurate. 556 00:25:09,680 --> 00:25:12,760 Speaker 1: It's like going to an online doctor calculator or something 557 00:25:12,760 --> 00:25:14,160 Speaker 1: like that and they're like Hey, give give me your 558 00:25:14,240 --> 00:25:15,879 Speaker 1: height and your weight, and I'm going to tell you 559 00:25:15,920 --> 00:25:18,320 Speaker 1: how fit you are. It's like, I mean, that's a 560 00:25:18,359 --> 00:25:19,920 Speaker 1: good place to start, I guess, But there are so 561 00:25:19,960 --> 00:25:21,760 Speaker 1: many other factors that go into knowing whether or not 562 00:25:21,840 --> 00:25:25,440 Speaker 1: you're healthy, whether or not you have other underlying health conditions. 563 00:25:25,520 --> 00:25:26,879 Speaker 1: It's like you don't know how many MiG ribs I 564 00:25:26,920 --> 00:25:28,960 Speaker 1: hate last night? All right, It's just like, oh, I 565 00:25:29,000 --> 00:25:30,560 Speaker 1: wait as much. But how much of that is muscle? 566 00:25:30,560 --> 00:25:32,600 Speaker 1: How much is that? And because there are so many 567 00:25:32,600 --> 00:25:36,000 Speaker 1: different scores, they vary wildly. The scores you get on 568 00:25:36,040 --> 00:25:38,240 Speaker 1: credit Carma probably won't be the same as the one 569 00:25:38,240 --> 00:25:40,680 Speaker 1: you'll get from like Credit Sesame or from a Credit 570 00:25:40,720 --> 00:25:43,720 Speaker 1: bure like experience. For instance, one that we've all heard of, Pico. 571 00:25:43,880 --> 00:25:46,040 Speaker 1: It's the most recognized company in the space uh and 572 00:25:46,040 --> 00:25:49,480 Speaker 1: over the years, they've had over fifty different variations of 573 00:25:49,560 --> 00:25:52,200 Speaker 1: their score. You could it's just crazy. It's like, I'd 574 00:25:52,240 --> 00:25:54,080 Speaker 1: like my Fico score, please. They're like, which one of 575 00:25:54,160 --> 00:25:56,400 Speaker 1: the which one would you like? It's like the Yeah, 576 00:25:56,400 --> 00:25:59,800 Speaker 1: they're they're all variants of TC buy. But your credit 577 00:25:59,760 --> 00:26:02,760 Speaker 1: score though, we just want you to keep that in mind. 578 00:26:03,119 --> 00:26:06,040 Speaker 1: And also by the way, it's important. Another note that 579 00:26:06,080 --> 00:26:07,760 Speaker 1: we want you to keep in mind, you're coughing up 580 00:26:07,760 --> 00:26:10,240 Speaker 1: a lot of personal information when you sign up for 581 00:26:10,320 --> 00:26:13,160 Speaker 1: any of these apps in order to get your credit score. UH. 582 00:26:13,280 --> 00:26:15,760 Speaker 1: Free access to your credit score is awesome. We love 583 00:26:15,800 --> 00:26:18,960 Speaker 1: getting things for free, but it does come with a cost, uh, 584 00:26:19,000 --> 00:26:21,080 Speaker 1: and that is your data that you're giving up. And 585 00:26:21,119 --> 00:26:22,879 Speaker 1: so again we'll make sure to link to that story, 586 00:26:23,240 --> 00:26:25,200 Speaker 1: UH to consumer reports in our show notes if you 587 00:26:25,240 --> 00:26:27,560 Speaker 1: want to have more information on that. The best places 588 00:26:27,600 --> 00:26:30,960 Speaker 1: to find your credit score, but like Joel, like you mentioned, 589 00:26:31,040 --> 00:26:32,679 Speaker 1: I think the easiest and best place to do it. 590 00:26:32,760 --> 00:26:35,920 Speaker 1: Almost all credit cards these days, on their main dashboard 591 00:26:35,920 --> 00:26:37,440 Speaker 1: have a link right there and they'll take you to 592 00:26:37,920 --> 00:26:40,159 Speaker 1: a version of your credit score. And for most of 593 00:26:40,160 --> 00:26:42,359 Speaker 1: our purposes and in our day to day that is 594 00:26:42,359 --> 00:26:44,679 Speaker 1: going to be good enough to figure out where our 595 00:26:44,720 --> 00:26:46,520 Speaker 1: credit stands. And if you don't want to cough up 596 00:26:46,560 --> 00:26:50,000 Speaker 1: Facebook levels of information to one of these apps, then 597 00:26:50,000 --> 00:26:51,919 Speaker 1: you're right. Yeah, the the credit card company is a 598 00:26:51,960 --> 00:26:53,920 Speaker 1: better place to go, one that you already have a 599 00:26:54,000 --> 00:26:56,960 Speaker 1: relationship with. And that's why credit scorecard literally it's my favorite. 600 00:26:56,960 --> 00:26:59,040 Speaker 1: Like credit card is great too, but you're gonna be 601 00:26:59,080 --> 00:27:00,840 Speaker 1: giving up information if you go to a credit carma 602 00:27:00,840 --> 00:27:03,080 Speaker 1: and if you go to credit scorecard dot com, you're 603 00:27:03,240 --> 00:27:05,840 Speaker 1: you're doing business with a credit card company. It's just 604 00:27:06,080 --> 00:27:08,960 Speaker 1: different and they're not pitching you nearly as many things. 605 00:27:09,200 --> 00:27:11,439 Speaker 1: I think that's you're right, that's the best place. And 606 00:27:11,800 --> 00:27:13,280 Speaker 1: some times some of the credit card companies that like 607 00:27:13,320 --> 00:27:15,719 Speaker 1: they already have your information, right, so let's keep that 608 00:27:15,800 --> 00:27:19,040 Speaker 1: information within this sort of walled garden right here. Let's 609 00:27:19,119 --> 00:27:20,920 Speaker 1: let's we don't need to, you know, throw that information 610 00:27:21,400 --> 00:27:23,439 Speaker 1: over to somebody else as well, right for sure. So 611 00:27:23,440 --> 00:27:25,800 Speaker 1: all right, that's gonna do it for today's Friday flight. 612 00:27:26,040 --> 00:27:27,920 Speaker 1: If you want show notes with links to the stories 613 00:27:27,960 --> 00:27:30,159 Speaker 1: that we mentioned, well you can find those up on 614 00:27:30,160 --> 00:27:32,840 Speaker 1: our website at how to money dot com. That's rights, 615 00:27:32,920 --> 00:27:34,800 Speaker 1: and we hope everyone has a great weekend. On Monday, 616 00:27:34,840 --> 00:27:37,280 Speaker 1: we've got actually we're excited. We've got a great episode 617 00:27:37,280 --> 00:27:39,359 Speaker 1: lined up for you. We're talking with our friend Carl 618 00:27:39,800 --> 00:27:42,119 Speaker 1: A k A Mr Fife hundred. We're gonna talk about 619 00:27:42,119 --> 00:27:45,160 Speaker 1: why it is that he goes by that name. One 620 00:27:45,240 --> 00:27:47,440 Speaker 1: quick hint. It has something to do with financial independence, 621 00:27:47,560 --> 00:27:49,520 Speaker 1: and so we're gonna be talking about the fire movement. 622 00:27:49,560 --> 00:27:51,760 Speaker 1: We're gonna be talking about real estate. We're really excited 623 00:27:52,040 --> 00:27:55,160 Speaker 1: for you to hear that episode here on Monday, no doubt. 624 00:27:55,160 --> 00:27:57,800 Speaker 1: All Right, well that's gonna do it, Matt. So until 625 00:27:57,840 --> 00:28:00,440 Speaker 1: next time, best Friends Out, Best Friends Out,