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Speaker 1: It is twenty twenty.

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Speaker 2: Happy New Year.

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Speaker 1: You know, at the top of the year, everybody, I

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Speaker 1: feel like, is holding that mirror up and saying, what

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Speaker 1: am I going to do different this year?

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Speaker 3: Yes, you see all the commercials for gym memberships and

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Speaker 3: things like that, because people are trying to get their

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Speaker 3: their fitness in order.

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Speaker 2: Yes, I need to do that as well.

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Speaker 1: I feel like you can always count on a couple

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Speaker 1: of things. You can count on people getting gym memberships

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Speaker 1: and saying they're working out, people packing that lunch. People

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Speaker 1: are saying I'm not gonna eat out as much this year.

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Speaker 1: I tweeted that.

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Speaker 2: I tweeted that. The other day.

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Speaker 3: I was like the mod over twenty twenty is you

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Speaker 3: have food at home?

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Speaker 2: Eat what you got on your fridge? TT.

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Speaker 1: Yes, And I think people are hyper focused on their pockets, definitely,

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Speaker 1: And you know that could be for many reasons. I

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Speaker 1: think sometimes after the holiday season, after you've purchased all

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Speaker 1: those gifts.

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Speaker 3: Yeah, I feel like I was in a better space

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Speaker 3: because I told everybody, no one is getting a gift,

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Speaker 3: no one, no one over the age of six.

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Speaker 1: That's getting again. I'm behind it.

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Speaker 2: I'm TT and I'm Zakiah and from Spotify Studios.

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Speaker 4: This is dope laps.

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Speaker 1: My timeline has been filled with people talking about cutting

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Speaker 1: expenses and generating new lines of income. Sometimes people say,

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Speaker 1: I didn't do as much with my money or I

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Speaker 1: didn't do as well with my money in twenty nineteen,

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Speaker 1: so in twenty twenty, I'm gonna make some changes. Have

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Speaker 1: you seen that kind of stuff.

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Speaker 3: I've seen some memes that are like, oh, how to

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Speaker 3: save you know, a few thousand dollars by the end

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Speaker 3: of the year, And it has like a metric where

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Speaker 3: it's like, if you save, you know, two dollars every day,

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Speaker 3: then you'll be able to get to a certain amount

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Speaker 3: of money, or if you save like two dollars and

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Speaker 3: four dollars and six dollars.

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Speaker 2: And things like that.

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Speaker 3: And so people are trying to find all the cheat

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Speaker 3: codes to level up with their bank account.

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Speaker 1: And I think this puts us in just the right

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Speaker 1: position to kind of jump into some of the tools

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Speaker 1: people are using to hit these financial.

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Speaker 2: Goals, because there are a lot out there.

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Speaker 1: So this week we're talking about fintech. Fintech is short

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Speaker 1: for financial technology. In order for something to be considered fintech,

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Speaker 1: it must be technology that connects you to a financial system.

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Speaker 2: So like to your bank or your credit card or

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Speaker 2: something like that.

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Speaker 1: Right, And you may think you don't know any fintech apps,

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Speaker 1: but I guarantee you that you do.

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Speaker 3: Yes, fintech apps are basically running our lives, and we

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Speaker 3: had no idea.

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Speaker 1: There are a couple of different categories, and I won't

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Speaker 1: hit all of them, but those that are kind of

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Speaker 1: digital banking, so Chime if you've heard of that. Those

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Speaker 1: that let you send different payments, so Venmo, Samsung pay

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Speaker 1: cash app, business tools, so things that help you if

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Speaker 1: you have a business, that help you kind of run

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Speaker 1: your business. Retail investing so Acorn if you've heard of

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Speaker 1: that one, or Robinhood or Symphony if you use that

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Speaker 1: banking system. Crowdfunding, so Kickstarter is a fintech app, go

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Speaker 1: fund me, that's right, And Patreon is a fintech app

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Speaker 1: as well. Even some new insurance options are actually financial

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Speaker 1: technology companies.

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Speaker 3: Yes, there's stuff for car insurance, medical insurance.

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Speaker 1: If you're already using these or thinking about using one,

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Speaker 1: we're here to help you learn a little bit more

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Speaker 1: about how these apps work and how they can work

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Speaker 1: for you.

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Speaker 2: And how you can get yourself situated for twenty twenty.

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Speaker 1: So let's get into the recitation.

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Speaker 3: Now that we know some examples of what fintech is,

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Speaker 3: what questions do we have?

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Speaker 1: I want to know how these apps make their money?

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Speaker 1: Should I trust them? Are they selling my information?

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Speaker 2: Are they ribbing us? And we don't even know what.

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Speaker 1: Makes people use these apps? And if I'm trying to

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Speaker 1: save more money in twenty twenty, which apps should I use?

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Speaker 1: What strategies should I follow?

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Speaker 3: Okay, so now that we know the questions that we

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Speaker 3: want to ask, let's jump into the dissection.

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Speaker 2: Fintech is a major industry.

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Speaker 3: By September twenty nineteen, about two thousand, seven hundred fintech

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Speaker 3: startup companies raised over one hundred and sixty billion dollars

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Speaker 3: of capital.

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Speaker 1: That's a lot of money. Lots The various types of

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Speaker 1: fintech can be broadly clustered into category is like consumer lending,

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Speaker 1: point of sale systems, retail investing, personal finance, money transfer,

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Speaker 1: and crowdfunding, just to name a few.

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Speaker 3: We're going to walk through some of the different categories,

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Speaker 3: highlighting the positives and negatives. Then we'll outline strategies using

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Speaker 3: these apps to reach your twenty twenty financial goals, and.

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Speaker 1: To help us get into the nitty gritty about all

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Speaker 1: things fintech, we called on doctor Bill Mauer.

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Speaker 5: My name is Bill Mauer, and I'm an anthropology professor

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Speaker 5: at the University of California at Irvine, where I direct

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Speaker 5: a research center called the Institute for Money, Technology and

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Speaker 5: Financial Inclusion. And basically at that institute, what I study

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Speaker 5: is the interaction between new technologies and how those things

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Speaker 5: interact with people's existing financial practices, savings behavior, their understandings

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Speaker 5: of money and value, their understandings of debt, and so on.

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Speaker 1: Fintech is all around this, and it can feel like

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Speaker 1: these apps have been around forever, but that's not exactly

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Speaker 1: the case.

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Speaker 3: Yes, so our first question for doctor Mauer was when

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Speaker 3: did all of this stuff start popping up?

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Speaker 5: This really kind of hit the scene in a big

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Speaker 5: way in two thousand and eight and two thousand and

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Speaker 5: nine with the launch of the iPhone.

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Speaker 1: Yes, the iPhone launch in the US in two thousand

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Speaker 1: and seven, but the iPhone three G came on the

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Speaker 1: scene in two thousand and eight revolutionary and changed everything.

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Speaker 5: All of a sudden, people have this really cool device

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Speaker 5: that fits in their pocket and is basically a terrific

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Speaker 5: interface into a whole bunch of different applications, our whole

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Speaker 5: kind of app Ecology grew up around the iPhone and

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Speaker 5: similar devices, and people in Silicon Valley and in the

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Speaker 5: banking industry and payments industry started realizing, Hey, this device,

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Speaker 5: this suite of devices and apps could really change people's

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Speaker 5: relationship to their money into the existing financial and banking infrastructure.

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Speaker 1: I love that he describes this as ecology because we've

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Speaker 1: talked about ecology on a couple of different episodes. Yes,

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Speaker 1: and so ecology is just how different things. Usually in

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Speaker 1: biology we say how different organisms interact with one another,

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Speaker 1: But now we're saying how these different apps talk to

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Speaker 1: each other. How do people want to access their information

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Speaker 1: now that they have a smartphone. So it's really cool

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Speaker 1: to think about this in the context of more of

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Speaker 1: a relationship.

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Speaker 3: Yeah, so these apps have created their own special environment,

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Speaker 3: that's right.

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Speaker 1: So the first category we're walking through is personal finance.

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Speaker 1: These are apps like Mint, credit, Karma, you need a budget,

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Speaker 1: and even your personal banking gap. Generally they help you

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Speaker 1: manage your spending and saving.

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Speaker 5: These apps basically serve almost as like training wheels. Right,

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Speaker 5: So it's like training wheels on a bicycle that teaches

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Speaker 5: you a little bit about budgeting and investing or savings.

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Speaker 5: It's usually not enough to get you where you need

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Speaker 5: to go, but it gives you basic skills in a

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Speaker 5: basic vocabulary. So then you can start talking to other people,

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Speaker 5: to friends, to your parents, or even walk into your

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Speaker 5: credit union or bank and start asking better questions.

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Speaker 3: And these apps are services can be really good for

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Speaker 3: helping people make smarter financial decisions. This help comes primarily

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Speaker 3: in two ways. The first is by data visualization, or

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Speaker 3: giving people charts and graphs show them what they're really

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Speaker 3: doing with their money.

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Speaker 5: For so many people, money's just coming in and going

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Speaker 5: out and they're not really being mindful about it or

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Speaker 5: paying any attention to where things are going.

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Speaker 1: We all know we're getting more than the basics when

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Speaker 1: we go to Target. Yes, you're getting stuff that's not

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Speaker 1: on your list.

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Speaker 3: You went there for toilet paper. You came out with

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Speaker 3: a flat screen TV. The hair supplies that little one

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Speaker 3: dollar area in the front, it's a wrap it is.

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Speaker 3: I'm in there getting all seasonal decor whatever they have.

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Speaker 3: I'm grabbing it like I do need a new toaster.

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Speaker 1: I think we would all be shocked if we could

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Speaker 1: see just how much we're spending at Target every month.

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Speaker 5: What most of these budgeting apps do is they connect

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Speaker 5: up to your bank account and your you know, your

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Speaker 5: debit card and your credit card, all of your accounts,

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Speaker 5: and they're constantly pulling data in from those accounts, so

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Speaker 5: they're seeing what you're doing, and then they can represent

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Speaker 5: that data to you with cool visuals and graphics to

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Speaker 5: help you understand where your money's going and then to

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Speaker 5: help you change your behavior, at least in theory.

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Speaker 1: Yes, for me, I'm a visual learner, so you know,

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Speaker 1: seeing the dollar size of like, yeah, the money's going down, right,

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Speaker 1: But when you see that pie chart and it says, hey,

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Speaker 1: sixty percent of your shopping was at Target, that's a

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Speaker 1: reality check. Yeah.

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Speaker 3: For me, I realized that I spend way more money

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Speaker 3: on pizza than I do on like toothpaste.

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Speaker 1: I hope, so unless you're eating that toothpaste. One of

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Speaker 1: the Finzech apps that I used, and I used a

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Speaker 1: couple of years ago is Mint.

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Speaker 2: Oh, I use that too.

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Speaker 1: Really. I like Mint because it will kind of show

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Speaker 1: you all these different categories. You can create some new categories,

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Speaker 1: and they can say, hey, you're spending more on this

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Speaker 1: this month than you did last month or outside of

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Speaker 1: your budget. What Mint showed me is that I use

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Speaker 1: lift a lot, and so I was like, you know what,

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Speaker 1: tt sometimes you don't need someone to drive you.

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Speaker 2: Sometimes you can drive yourself or walk.

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Speaker 1: Ah.

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Speaker 2: That's not a part of my New Year's resolution, but

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Speaker 2: I ain't working out.

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Speaker 1: So for us, these types of visualizations really help us

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Speaker 1: understand what some of our spending patterns or trends are.

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Speaker 1: But the other way fintech helps people be smarter with

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Speaker 1: their money is through gamification.

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Speaker 5: And what that means is, you know, there's little points

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Speaker 5: that you earn, or little stickers or stars, or there's

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Speaker 5: bars that fill up with you know, green or the

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Speaker 5: you know the the red circle slowly turns into a

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Speaker 5: green circle.

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Speaker 1: Even though I don't want to believe that I'm swayed

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Speaker 1: by this type of gamification, I know that it's true.

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Speaker 1: I want to get all the stars, all the stickers.

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Speaker 1: I want to have nine lives, whatever it is. I

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Speaker 1: want to get the super plus bonus, right, I want

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Speaker 1: all those things.

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Speaker 3: You know, when you're driving our ways and you see

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Speaker 3: that that little power up thing coming, it's like, oh,

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Speaker 3: once you cross this place and you get ten points,

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Speaker 3: I'd be so excited.

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Speaker 2: I don't even know what those ten points do.

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Speaker 5: And then you're just tapping into basic psychology right off,

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Speaker 5: Like we get a little reward for doing something, and

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Speaker 5: our dopamine goes crazy in our brain and we're like, ooh,

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Speaker 5: that felt good, I want more of that.

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Speaker 1: There you have it. Fintech makes you feel good.

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Speaker 3: I love a gold star or you know something filling

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Speaker 3: up green or whatever.

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Speaker 2: It makes me feel like, go tt go t T.

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Speaker 1: While data visualization and gamification might help us make smarter decisions,

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Speaker 1: the fintech environment also brought about some new norms that

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Speaker 1: make managing your spending a little bit harder. One of

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Speaker 1: the things about some of these apps, and I guess

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Speaker 1: you could call this a downside, right, is that they

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Speaker 1: sometimes send you mixed messages.

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Speaker 3: Right, So, you might be spending a lot of money

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Speaker 3: on pizza, but then you get an ad.

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Speaker 2: That it shows a coupon for a pizza place.

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Speaker 5: So why is that some of the budgeting apps, the

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Speaker 5: the apps themselves make their money by selling ads to

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Speaker 5: you or by you know, kind of making you offers

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Speaker 5: that they get a little bit of a return on.

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Speaker 1: So now that you know that you can avoid those ads,

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Speaker 1: so sorry, TT doesn't mean that you get more pizza.

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Speaker 2: Fine.

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Speaker 3: Another category is point of sale and shopping. These are

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Speaker 3: apps like Venmo, cash App, PayPal, Zel, and Square, and

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Speaker 3: we use these apps to purchase products or services. It

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Speaker 3: makes paying really easy and avoids some of the hassle

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Speaker 3: of cash transactions. It's also a really great tool for

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Speaker 3: some small businesses because they can avoid the fees that

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Speaker 3: are normally attached to card purchases. And it's good for

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Speaker 3: the customer because then we don't have to have a

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Speaker 3: minimum amount purchased in order to use these apps like

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Speaker 3: we do with a credit card.

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Speaker 1: I think initially I was a little skeptical, and some

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Speaker 1: of my friends were skeptical about these apps.

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Speaker 2: I first definitely was skeptical at first.

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Speaker 1: And now it feels like everybody's using them.

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Speaker 5: You know, it just became it became so generalized and

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Speaker 5: second nature to people over time to just start putting

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Speaker 5: their credit card information into everything. Right.

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Speaker 1: But what we know, maybe this is based on some

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Speaker 1: of my own personal experience, is is that these apps

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Speaker 1: make it really easy to spend money because often all

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Speaker 1: of your information is already stored or pre populated in

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Speaker 1: the app.

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Speaker 3: Yes, because the way that smartphones are set up these days,

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Speaker 3: everything auto populates your name, your address, your cell phone number,

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Speaker 3: your social Security number, your mama's made a name, what

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Speaker 3: you ate for breakfast, everything.

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Speaker 1: And we talked about how putting credit card information yes

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Speaker 1: into your browser, and.

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Speaker 2: We talked about that on our end of the year mixtape.

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Speaker 5: When you have mobile browsers and even browsers on your

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Speaker 5: computer that auto populate your credit card information, right that

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Speaker 5: save it and auto populate, you're like, oh, yeah, okay, cool, Yes,

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Speaker 5: I will buy all of these things on Amazon right

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Speaker 5: now because my card is already there.

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Speaker 1: That can lead to a lot of late night shopping.

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Speaker 2: I do admit I did buy that cool Aunt sweatshirt.

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Speaker 2: I knew it.

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Speaker 1: I knew it. The thing here is these various types

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Speaker 1: of fintech can make capturing your coins really easy, but

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Speaker 1: it also can make giving them away pretty easy too,

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Speaker 1: so be careful with that. The next category is consumer lending.

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Speaker 1: These include affirm, after Pay, Credify, and bond Street. Are

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Speaker 1: these apps not exactly? Not all of these are apps,

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Speaker 1: So a firm is something you'll sometimes see on a

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Speaker 1: website when you get ready to check out, and it

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Speaker 1: may say you can split your payment into you know,

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Speaker 1: you can do this with zero percent financing over twelve months.

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Speaker 1: Peloton offers a firm I've often seen on like shop

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Speaker 1: bopped and some other websites they offer after pay so

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Speaker 1: you buy it.

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Speaker 3: And Outfitters and a lot of different clothing websites now.

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Speaker 1: And there are some technologies like Zel that yes have

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Speaker 1: a standalone app, but are also integrated. So Zell is integrated.

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Speaker 1: If you have Bank of America, zel is an option.

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Speaker 1: If you have Wells Fargo, zell is an option. And

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Speaker 1: so now that's why one in two people that have

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Speaker 1: a bank account have access to Zel. That's amazing because

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Speaker 1: they did. They have the best of both worlds. You

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Speaker 1: can download another app, or you don't have to. You

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Speaker 1: just use it in your own banking app. It's pretty clever.

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Speaker 2: Definitely.

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Speaker 3: It gives people the opportunity to make purchases that they

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Speaker 3: can't afford all at once and pay it off in

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Speaker 3: tiny chunks.

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Speaker 1: Let's just take the holidays for example. If I don't

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Speaker 1: have cash or credit, I might take a payday loan

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Speaker 1: and those things have incredible interest and have all these

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Speaker 1: fees attached to them. But something like a firm or

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Speaker 1: afterpay allows me to make a purchase and I can

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Speaker 1: pay it in small chunks. Now, this still requires you

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Speaker 1: to have some type of credit, while offering more payment

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Speaker 1: options is really great. Some of these fintech apps use

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Speaker 1: something called alternative risk scoring. This is a practice that

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Speaker 1: can mine other types of data to determine your credit worthiness.

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Speaker 3: Yeah, so some consumer lending companies have access to our

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Speaker 3: social profiles, our cell phone location information, and browsing histories

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Speaker 3: and they're using that to determine our credit worthiness.

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Speaker 1: The key thing here is that all of these different

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Speaker 1: companies have proprietary algorithms.

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Speaker 3: An algorithm is an equation that is used to determine

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Speaker 3: a risk or an outcome. What some of them might

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Speaker 3: be doing is taking like your browsing history and putting

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Speaker 3: that into their algorithm to determine your credit worthiness.

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Speaker 1: So the thing to remember is that these algorithms are proprietary.

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Speaker 1: That means they belong to those companies and they don't

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Speaker 1: have to share what the algorithm actually is. The problem

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Speaker 1: with that is that if we don't know what information

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Speaker 1: is being collected or used, we can't really tell if

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Speaker 1: it's being used correctly or maybe be a misinterpreted.

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Speaker 5: One of the really pernicious things here is you'll have

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Speaker 5: people in the industry who will say, oh, hey, it's

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Speaker 5: an algorithm. It's a computer. This is going to eliminate

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Speaker 5: bias because you're not going to have someone sitting in

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Speaker 5: a loan office looking at someone across a table from them,

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Speaker 5: where implicit or explicit bias can creep in. This is

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Speaker 5: totally neutral. It's the computer, but so much depends on

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Speaker 5: the data that's fed into it, the histories of how

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Speaker 5: those data are collected.

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Speaker 1: Yeah.

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Speaker 3: I mean, what if my niece has my phone, she's

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Speaker 3: five years old, and let's say she's been on YouTube

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Speaker 3: binge watching cartoons, and then the consumer lending company sees that,

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Speaker 3: and they may consider YouTube binge watching cartoons a negative

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Speaker 3: marker in their algorithm.

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Speaker 1: But we have no way of knowing that, right, we don't.

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Speaker 1: So that's kind of the tricky part about all of this.

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Speaker 1: You know, we've talked about bias in the past, but

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Speaker 1: this is something to really consider. And this is something

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Speaker 1: that the new Apple credit card really recently came under

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Speaker 1: fire about. So the Apple credit card, which is paired

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Speaker 1: with glob and sacks. There were reports that it may

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Speaker 1: have some type of bias against women.

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Speaker 5: Women are getting lower credit limits than their husbands, even

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Speaker 5: if they have the same household, in the same bank account,

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Speaker 5: and that sort of a thing.

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Speaker 1: And so there's something in that algorithm that's giving them that.

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Speaker 1: And it may not even be explicitly if you're a

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Speaker 1: woman lower, if you're a man higher, But it could

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Speaker 1: be something else around patterns or trends that we don't

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Speaker 1: even realize. But we don't know that algorithm, so we

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Speaker 1: can't say right right now, New York state regulators are

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Speaker 1: investigating whether Apple credit cards algorithm is sexist. When we

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Speaker 1: come back, we'll talk about how you can make smarter

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Speaker 1: financial decisions in twenty twenty and how to evaluate what

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Speaker 1: fintech to try. We're back, so how can we make

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Speaker 1: smart financial choices in twenty twenty? Is there a way

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Speaker 1: to use fintech for our good? According to doctor Mauer,

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Speaker 1: you shouldn't rely entirely on technology to get your finances

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Speaker 1: back on track. Instead, you should use it as a

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Speaker 1: tool part of your larger strategy, and the first step

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Speaker 1: of that strategy shouldn't be to download a nap it

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Speaker 1: should be to set.

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Speaker 5: A goal set for yourself, a realistic goal. And a

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Speaker 5: realistic goal might be something like, I'm going to pay

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Speaker 5: off twenty percent of my credit card debt this year, right,

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Speaker 5: not fifty, not seventy five, not all of it. It's

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Speaker 5: gonna pay a twenty percent of it, and then you

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Speaker 5: can use those apps to track how you're getting toward

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Speaker 5: that goal.

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Speaker 3: Having a realistic goal is important because otherwise you can

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Speaker 3: get frustrated and just give book. The second step of

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Speaker 3: your strategy should be a debt assessment. Pull together all

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Speaker 3: of your loans, credit card balances, car loans, student loans,

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Speaker 3: all that stuff, and compare their interest rates.

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Speaker 5: And start really focusing on those highest interest debts, the

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Speaker 5: highest interest credit cards. Pay those off first, right, and

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Speaker 5: then work your way down. Don't waste your time going

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Speaker 5: all like investing in bitcoin or whatever while you're trying

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Speaker 5: to pay off your debt. Right, you're focusing on paying

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Speaker 5: off your debt.

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Speaker 1: Yes, you have to crawl before you ball, focus on

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Speaker 1: your debts before you start investing.

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Speaker 3: Yeah, invest in yourself before you're investing in other things.

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Speaker 1: So we have a strategy for debt, how should we

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Speaker 1: manage the rest of our budgets.

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Speaker 5: There's the fifty to thirty twenty budget rule, and this

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Speaker 5: is a thing that Elizabeth Warren and her daughter came

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Speaker 5: up with, and basically they're like, you should allow yourself

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Speaker 5: fifty percent on your actual needs and that's like your rent,

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Speaker 5: your mortgage, your food, medicine stuff, that kind of thing.

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Speaker 5: And then they say thirty percent on your wants, on

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Speaker 5: your desires, and then twenty percent to your savings and

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Speaker 5: or paying off your debts. I think that's a pretty

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Speaker 5: good rule. The only thing I might do is like

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Speaker 5: flip it, flip those last two so that you're allowing yourself,

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Speaker 5: you know, twenty percent on your wants and then thirty

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Speaker 5: percent on your debts and your savings.

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Speaker 3: Even though fintech is about making transactions easier and more

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Speaker 3: convenient to help keep our spending under control, doctor Maer

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Speaker 3: suggests that we make things harder for ourselves. So don't

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Speaker 3: have it so that your information, your credit card information

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Speaker 3: auto populates in Amazon or anything like that. Make it

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Speaker 3: so that you have to physically put it in every

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Speaker 3: single time.

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Speaker 5: And that's going to create a tiny little mental speed

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Speaker 5: bump so that you think about it just for like

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Speaker 5: ten more seconds. Anything you can do to slow yourself

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Speaker 5: down is going to help.

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Speaker 1: So now, if my information doesn't auto populate on my

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Speaker 1: iPhone when I'm searching in the night, I'm going to

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Speaker 1: have to message you and say, hey, here's this link.

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Speaker 1: Can you buy this for me? I'll venmo you tomorrow.

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Speaker 3: We're like, okay, sure, my stuff is still stored, you're

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Speaker 3: not gonna take it out.

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Speaker 2: Doctor Marra actually said that that's a good idea.

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Speaker 5: Even that I think is better. Right if you do

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Speaker 5: a thing of like, you know, hey, T T, can

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Speaker 5: you buy me this thing? I'll venmo you, and then

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Speaker 5: you're spending all that time texting, and then TT is

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Speaker 5: like what does Seqi really need that? And then maybe

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00:20:26,640 --> 00:20:28,960
Speaker 5: TT's like do you really need that? And Seki is

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Speaker 5: like yes, Like shut up, give me the thing that

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Speaker 5: I need and I'll venmo you. You're putting more space, right,

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Speaker 5: You're putting more time and more thought and hopefully a

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00:20:37,040 --> 00:20:40,000
Speaker 5: tiny bit more intentionality into that purchase before you make it.

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Speaker 5: And you've also done another thing right, You've built in

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Speaker 5: some accountability because now your friend knows the stupid things

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Speaker 5: that you're buying with your money.

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Speaker 1: I think I'll make really great purchases. So if TT

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Speaker 1: says it's stupid, I'm gonna say, you're not thinking about

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Speaker 1: this in the right way. Let me add some perspective and.

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Speaker 3: Then I'll have a long conversation and maybe by the

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00:20:57,440 --> 00:21:00,119
Speaker 3: end of that you won't want it anymore. So, when

444
00:21:00,119 --> 00:21:02,200
Speaker 3: you're ready to use fintech as a tool in your

445
00:21:02,200 --> 00:21:05,680
Speaker 3: financial strategy, how do you evaluate which one to go with?

446
00:21:06,640 --> 00:21:09,800
Speaker 3: There are two big things to consider. One is fees.

447
00:21:10,160 --> 00:21:12,960
Speaker 3: Some apps make a profit by charging you to use

448
00:21:13,000 --> 00:21:16,360
Speaker 3: their services, and those fees can add up, so read

449
00:21:16,359 --> 00:21:20,160
Speaker 3: the terms and conditions carefully. The other thing to research

450
00:21:20,200 --> 00:21:22,480
Speaker 3: closely is the company's customer service.

451
00:21:22,760 --> 00:21:25,760
Speaker 5: If there's no easy way to communicate with an app,

452
00:21:25,920 --> 00:21:28,040
Speaker 5: or you have a question and you can't get it answered,

453
00:21:28,280 --> 00:21:30,960
Speaker 5: that's a big red flag, right If you can't pick

454
00:21:31,040 --> 00:21:33,120
Speaker 5: up the phone and call someone, or you can't get

455
00:21:33,119 --> 00:21:36,639
Speaker 5: into a little you know, in a chat box and

456
00:21:36,680 --> 00:21:39,320
Speaker 5: talk to someone, or there's no way to email them,

457
00:21:39,720 --> 00:21:42,320
Speaker 5: then I'd be a little bit concerned.

458
00:21:42,720 --> 00:21:45,719
Speaker 1: Ultimately, fintech is supposed to work for you, and if

459
00:21:45,720 --> 00:21:47,880
Speaker 1: it's not, you can always go old school. There's no

460
00:21:48,000 --> 00:21:49,240
Speaker 1: shame in ditching the tech.

461
00:21:49,480 --> 00:21:52,680
Speaker 5: Sometimes it's actually easier for people to save with cash.

462
00:21:52,880 --> 00:21:56,120
Speaker 5: Have that material cash in a drawer, lock it up,

463
00:21:56,200 --> 00:21:58,680
Speaker 5: don't go in there, don't look at it, only think

464
00:21:58,680 --> 00:22:01,120
Speaker 5: about it, you know, on Paige. And then when there's

465
00:22:01,119 --> 00:22:03,280
Speaker 5: a big chunk of it and it's making making you

466
00:22:03,320 --> 00:22:05,880
Speaker 5: nervous or making you twitch, just take it to the bank.

467
00:22:06,440 --> 00:22:10,440
Speaker 1: One of my favorite things is to use cash. Oh,

468
00:22:10,600 --> 00:22:12,440
Speaker 1: I don't even know what that looks like anymore. I'm

469
00:22:12,440 --> 00:22:14,359
Speaker 1: sure you don't. It is all digital.

470
00:22:15,200 --> 00:22:17,520
Speaker 3: I don't care cash I don't have. I don't have

471
00:22:17,560 --> 00:22:19,640
Speaker 3: a quarter, I don't have a nickel, I don't got

472
00:22:19,680 --> 00:22:20,160
Speaker 3: none of it.

473
00:22:20,240 --> 00:22:22,480
Speaker 1: I'm always a friend that has some cash, you know.

474
00:22:22,520 --> 00:22:24,000
Speaker 1: I like to start out and say, this is how

475
00:22:24,080 --> 00:22:30,040
Speaker 1: much cash I have for just ridiculous purchases. This is

476
00:22:30,080 --> 00:22:34,359
Speaker 1: my cash for whole foods, for coffee, for a soft drink, like,

477
00:22:34,800 --> 00:22:38,320
Speaker 1: this is my cash for that. And when that's done,

478
00:22:38,400 --> 00:22:39,960
Speaker 1: that's it. There's no more.

479
00:22:40,000 --> 00:22:42,800
Speaker 3: I would run into issues because I once it runs out,

480
00:22:42,840 --> 00:22:44,920
Speaker 3: then my brain will be like, you need it now,

481
00:22:47,440 --> 00:22:49,960
Speaker 3: now you really need that coke and exactly, and I'd

482
00:22:50,000 --> 00:22:51,840
Speaker 3: be like, well, I need a Coca Cola.

483
00:22:52,200 --> 00:22:55,560
Speaker 2: I know I'm out of my cash, but I have

484
00:22:55,680 --> 00:22:56,400
Speaker 2: this card.

485
00:22:57,760 --> 00:22:59,960
Speaker 1: Well, then my strategy wouldn't work for you. And that's okay.

486
00:23:00,119 --> 00:23:05,960
Speaker 1: That's the thing to remember. Everything ain't for everybody. That's

487
00:23:06,000 --> 00:23:09,359
Speaker 1: a good conclusion for this episode. Yes, do what works

488
00:23:09,400 --> 00:23:11,879
Speaker 1: for you, and for some of y'all, in order to

489
00:23:11,880 --> 00:23:13,440
Speaker 1: find out what works for you, you might have to

490
00:23:13,440 --> 00:23:15,320
Speaker 1: spend a little time looking in the mirror. You have

491
00:23:15,359 --> 00:23:19,240
Speaker 1: to say, what is my weak spot? Is it wingstop

492
00:23:19,280 --> 00:23:20,800
Speaker 1: on Fridays for limon pepper wings?

493
00:23:21,080 --> 00:23:23,400
Speaker 2: Those are delicious?

494
00:23:24,080 --> 00:23:28,760
Speaker 3: Is it a double impossible whopper tt? Yes? And all

495
00:23:28,800 --> 00:23:31,439
Speaker 3: of my weaknesses our food I'm finding. But guess what

496
00:23:31,520 --> 00:23:33,280
Speaker 3: twenty twenty we eat and what we have at home.

497
00:23:33,359 --> 00:23:34,760
Speaker 3: That's what I said I would do, and that's what

498
00:23:34,800 --> 00:23:35,399
Speaker 3: I'm gonna do.

499
00:23:35,480 --> 00:23:38,639
Speaker 1: So I'm going heavy veggie. I mean, you know I

500
00:23:38,640 --> 00:23:39,560
Speaker 1: eat a lot of support.

501
00:23:39,920 --> 00:23:44,480
Speaker 3: Yes, my friend she loves an herb, she loves lentils,

502
00:23:44,000 --> 00:23:46,640
Speaker 3: and she loves a green leafy greens are the way

503
00:23:46,680 --> 00:23:48,720
Speaker 3: to go. And so I know that my.

504
00:23:48,760 --> 00:23:53,520
Speaker 1: Weak spots are clothes and food. And it's not even

505
00:23:53,560 --> 00:23:55,880
Speaker 1: food like grocery store food. It's like going out to eat.

506
00:23:56,400 --> 00:23:59,879
Speaker 1: If you say at seven forty five, can you meet

507
00:23:59,920 --> 00:24:03,280
Speaker 1: me at eight thirty four? Oysters Yes I can every time,

508
00:24:03,359 --> 00:24:05,919
Speaker 1: whether I had it on, whether whether it was my

509
00:24:06,040 --> 00:24:09,240
Speaker 1: plan or not. Yes I can. And so I want

510
00:24:09,240 --> 00:24:10,600
Speaker 1: to think a little bit more. I want to be

511
00:24:10,640 --> 00:24:13,000
Speaker 1: able to put a road bump or a speed bump

512
00:24:13,640 --> 00:24:15,440
Speaker 1: between me and old abbit.

513
00:24:15,680 --> 00:24:19,560
Speaker 2: I always fall victim to ads on social media. Really

514
00:24:19,560 --> 00:24:21,720
Speaker 2: they are so good, they really know me.

515
00:24:22,200 --> 00:24:25,560
Speaker 3: So what I've been doing is when I see an AD,

516
00:24:26,240 --> 00:24:29,600
Speaker 3: I'll say no, I'll say remove this ad. It is

517
00:24:29,680 --> 00:24:32,240
Speaker 3: not relevant. And so I won't see it over and

518
00:24:32,280 --> 00:24:34,119
Speaker 3: over and over again, because that's another thing that gets me.

519
00:24:34,119 --> 00:24:36,280
Speaker 3: If I see an AD three or four times, I'm like, okay,

520
00:24:36,280 --> 00:24:38,879
Speaker 3: well I needed. Then one of my strategies that's been

521
00:24:38,920 --> 00:24:41,520
Speaker 3: working for me for shopping is I will put all

522
00:24:41,520 --> 00:24:42,680
Speaker 3: this stuff in my shopping cart.

523
00:24:42,920 --> 00:24:44,440
Speaker 1: Oh yes, I like this. I'm going to get it

524
00:24:44,480 --> 00:24:46,119
Speaker 1: down to an even number. I need to get it

525
00:24:46,160 --> 00:24:49,240
Speaker 1: down to under this amount. Right, If it's three hundred

526
00:24:49,240 --> 00:24:50,679
Speaker 1: dollars in my shopping cart, I need to get it

527
00:24:50,680 --> 00:24:53,560
Speaker 1: down to two hundred, always one hundred lower, which is

528
00:24:53,600 --> 00:24:56,719
Speaker 1: already the wrong scale to be shopping on. And then

529
00:24:56,760 --> 00:24:58,040
Speaker 1: the next thing I do is just leave it in

530
00:24:58,040 --> 00:24:59,840
Speaker 1: the car. I can't buy it that day, leave it

531
00:25:00,040 --> 00:25:01,600
Speaker 1: I opened a new tab on top of it, and

532
00:25:01,800 --> 00:25:03,760
Speaker 1: at the rate that I open tabs, sometimes I'm thirty

533
00:25:03,760 --> 00:25:05,320
Speaker 1: tabs deep and I forget about that stuff.

534
00:25:05,640 --> 00:25:08,600
Speaker 3: And if I forgot about it, I didn't need it exactly,

535
00:25:08,600 --> 00:25:11,040
Speaker 3: I didn't need it. Yeah, sometimes you just need a

536
00:25:11,080 --> 00:25:13,120
Speaker 3: good night sleep in between putting it in your cart

537
00:25:13,240 --> 00:25:14,880
Speaker 3: and hitting complete purchase.

538
00:25:15,080 --> 00:25:17,479
Speaker 1: And that saved me so many times. I logged in

539
00:25:17,520 --> 00:25:19,120
Speaker 1: the other day on anthropology. Do you know how many

540
00:25:19,160 --> 00:25:21,840
Speaker 1: campbells popped up in that shop of part? All Right,

541
00:25:21,880 --> 00:25:23,960
Speaker 1: that's it for Lab twenty one. Don't forget to check

542
00:25:23,960 --> 00:25:26,359
Speaker 1: out our website for a cheat sheet on today's episode.

543
00:25:26,440 --> 00:25:28,640
Speaker 1: You can find it and sign up for our newsletter

544
00:25:28,640 --> 00:25:30,760
Speaker 1: at Dope Labs podcast dot com.

545
00:25:30,800 --> 00:25:33,560
Speaker 3: Also, we love hearing from you. What do you think

546
00:25:33,560 --> 00:25:36,600
Speaker 3: about today's lab? What are your ideas for future labs?

547
00:25:36,600 --> 00:25:39,880
Speaker 3: Our number is two O two five six seven seven

548
00:25:40,000 --> 00:25:41,400
Speaker 3: zero two eight Call us.

549
00:25:41,440 --> 00:25:43,560
Speaker 1: You can also find us on Twitter and Instagram at

550
00:25:43,600 --> 00:25:47,760
Speaker 1: Dope Labs Podcasts, tt is on Twitter at dr Underscore

551
00:25:47,840 --> 00:25:49,240
Speaker 1: t Sho.

552
00:25:48,960 --> 00:25:52,760
Speaker 2: And you can find Zakia at z Said So.

553
00:25:52,280 --> 00:25:55,160
Speaker 1: Follow us on Spotify or wherever you listen to podcasts.

554
00:25:55,680 --> 00:25:58,320
Speaker 1: Special thanks to our guest doctor Bill Mauer. We'll link

555
00:25:58,359 --> 00:26:00,879
Speaker 1: to his website in our show notes. This episode of

556
00:26:00,880 --> 00:26:03,240
Speaker 1: Dope Labs is produced by Jenny Ratlet Mass of Wave

557
00:26:03,320 --> 00:26:06,719
Speaker 1: Runner Studios and Elizabeth Nikano. Mixing and sound designed by

558
00:26:06,720 --> 00:26:09,280
Speaker 1: Hannis Brown, Special thanks to roy Hurst.

559
00:26:09,440 --> 00:26:13,080
Speaker 3: The original theme music is by Taka Yasuzawa and Alex

560
00:26:13,119 --> 00:26:17,200
Speaker 3: Sugi Eurra, with additional music by Elijah Alex Harvey.

561
00:26:17,560 --> 00:26:20,320
Speaker 1: Dope Labs is a production of Spotify Studios and Mega

562
00:26:20,320 --> 00:26:23,320
Speaker 1: Owned Media Group, and it's executive produced by us T. T.

563
00:26:23,440 --> 00:26:30,840
Speaker 1: Shadia and Zakiah Wattley. My favorite exercise is dinner parties.

564
00:26:33,000 --> 00:26:36,720
Speaker 1: I like to shuffle things around. Chop yes, pick a

565
00:26:37,160 --> 00:26:38,560
Speaker 1: pull down the oven, pull out?

566
00:26:38,640 --> 00:26:39,920
Speaker 2: You want to do that exercise today?

567
00:26:42,440 --> 00:26:43,800
Speaker 1: If you have the food, I'm happy to