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

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Speaker 1: and today we're talking reverse ATMs, rich restaurants and the

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Speaker 1: best investment on the planet.

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Speaker 2: That's right, we're gonna be talking about buying some of

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Speaker 2: that costc gold, which is kidding that it's not the

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Speaker 2: best investment in the planet.

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Speaker 1: And it's not Nvidia either, promise.

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Speaker 2: Oh yeah, it's neither of those. But I hey, you

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Speaker 2: want to should share a quick update on the phone

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Speaker 2: saga that we're going through. After Kate got her phone wet.

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Speaker 2: I thought you got this fix. I thought you got

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Speaker 2: a reform. Okay, so Rick, quick recap Kate her phone

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Speaker 2: got wet in the ocean. And by the way, just

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Speaker 2: because it's rated to be underwater at twenty feet for

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Speaker 2: thirty minutes, it's a sham. Don't buy it. Because the

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Speaker 2: fact is water damage is not covered under the one

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Speaker 2: year warranty on an iPhone. So we learned that the

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Speaker 2: hard way. And so recently we talked about the Amazon

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Speaker 2: Renewed and specifically we were like, oh yeah, we're gonna

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Speaker 2: try out the Amazon Renewed Premium, which gives you a

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Speaker 2: full one year warranty. The battery life is supposed to

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Speaker 2: be even better. So we got that thing looked really good.

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Speaker 2: You know, they've got like their own packaging. It was

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Speaker 2: looking pretty fresh. I was impressed with that. The phone

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Speaker 2: looked flawless. I was like, all right, this is gonna

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Speaker 2: be good. Got her phone set up with iCloud, super easy.

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Speaker 2: It was looking great. But then we started noticing that

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Speaker 2: when she would get a text, like the tone that

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Speaker 2: it would make it sounded kind of weird. It was

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Speaker 2: a little buzzy. It's like, wait, that's kind of hot.

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Speaker 2: And then we didn't think much of it though, until

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Speaker 2: Kate actually took a call and she could barely hear

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Speaker 2: who she was talking to, and she realized that it

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Speaker 2: wasn't them, No, it was her phone. It was her

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Speaker 2: new premium Amazon refurbished premium phone or whatever. This looks perfect.

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Speaker 2: It looked beautiful, but the speakers were trash and like

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Speaker 2: so much so that it so basically long story short.

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Speaker 2: We sent it back. Okay, so actually the story gets

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Speaker 2: longer because we got another one, so we thought, okay,

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Speaker 2: maybe it was just this one phone we happened to

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Speaker 2: get the one that wasn't so great, so we ordered

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Speaker 2: a new one, loaded it and everything something new referb,

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Speaker 2: a new premium referb. And of course the first thing

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Speaker 2: I do sent her a text, and then we played

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Speaker 2: some music on it to make sure the speakers sounded good.

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Speaker 2: It sounded great. It's play some Nelly. I think we

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Speaker 2: played some some boney ver I wanted to get some

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Speaker 2: of those deep. Actually I did play Bonavera, and Kit

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Speaker 2: was like, this is like the worst music to play

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Speaker 2: on it because it already sounds kind of radily the

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Speaker 2: Million the Black Album album. So it's all kind of

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Speaker 2: distorted sounding anyway. So we thought we were in the clear.

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Speaker 2: But then her texts weren't going through specifically. She noticed

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Speaker 2: to Emily like she would, she was sending her a

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Speaker 2: text or two, and it would the status bar was

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Speaker 2: going across like it was trying to send it, and

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Speaker 2: then it was getting getting hung up. And this is

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Speaker 2: literally something that she dealing with as of today. And

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Speaker 2: so I checked with her this morning because I wanted

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Speaker 2: to make sure before we talked about it still a problem, dude.

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Speaker 2: So all that, all that being said, we're gonna we're

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Speaker 2: gonna end up sending that one back to you. We're gonna,

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Speaker 2: I will say what we're gonna do is get Apple referbed.

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Speaker 2: And I'm doing this all for the listeners out there,

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Speaker 2: just so they know that you're the guinea pig. I've

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Speaker 2: purchased so many things referred from Apple, and they've always

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Speaker 2: been great, and so I pick. I truly picture that

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Speaker 2: as being like next to new. It comes with a warranty.

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Speaker 2: They stick a brand new battery in there, so I'm

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Speaker 2: truly not too concerned with that. But if we do

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Speaker 2: have any problems, I will continue to report that it's

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Speaker 2: gonna cost a little more, but it's worth it to

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Speaker 2: get a phone that works and you're not having to

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Speaker 2: pay the absolute premium. And I will say that as

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Speaker 2: of right now, there are thirteen pros, and that's what

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Speaker 2: Kate was wanting to get was a thirteen pro because

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Speaker 2: for the longest time, all they had to were like

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Speaker 2: twelves or something like that. She's like, I don't want

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Speaker 2: to have to go backwards in time in order to

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Speaker 2: get to be able to save. But I guess they

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Speaker 2: got an influx of phones that they that they fixed

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Speaker 2: and they got those up on the on the website,

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Speaker 2: So be sure to check that out. If I'm sure

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Speaker 2: that that's going to be great and so no news

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Speaker 2: is good news.

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Speaker 1: Okay, by the way, real quick another follow up audio books.

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Speaker 1: We talked about that last week and how moving to

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Speaker 1: the burbs, my audiobook selection sucks and we'll talking to

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Speaker 1: our friends and also fellow co worker also named Joel,

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Speaker 1: who works with us and he lives in Los Angeles,

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Speaker 1: and he was like, you just want my log in?

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Speaker 1: I was like, that'd be great. I'm like a kid

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Speaker 1: in a candy store. The Los Angeles Public Library their

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Speaker 1: audiobook selection is in fuego.

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Speaker 2: Are you encouraging folks to cheat?

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Speaker 1: Is that cheating? I don't know.

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Speaker 2: Is that approval or cheat? It feels a little like cheating,

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Speaker 2: is it?

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Speaker 1: Okay?

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Speaker 2: I feel like this is the kind of thing you do,

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Speaker 2: but you don't tell other folks about, Joel.

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Speaker 1: Like bringing your candy or soda into the movie theater. Yeah, okay,

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Speaker 1: well I did it.

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Speaker 2: All the funks out in California are like, hey, how

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Speaker 2: about you pay some of our taxes that we're paying

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Speaker 2: into this time.

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Speaker 1: I want to say there actually are some library systems

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Speaker 1: that will allow you, even if you're not a resident,

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Speaker 1: to pay money to have access to that, which I

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Speaker 1: would gladly do. For this one because it's a super

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Speaker 1: it's far better than Atlanta's was.

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Speaker 2: Are you gonna are you gonna go ahead and look

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Speaker 2: into that and make sure you're paying your fair share or.

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Speaker 1: I'm happy to pay. Oh yeah, if I can't pay,

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Speaker 1: I will pay them. I will pay them loudly because

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Speaker 1: it's truly it's it's better than some of the well

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Speaker 1: maybe not better than the paid apps, but it's it's

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Speaker 1: pretty robust. California is. Feel free to send your angry

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Speaker 1: emails by way directly the Joel is all right, let's

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Speaker 1: move on, Matt. Let's get to the topics at hand.

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Speaker 1: This is our Friday flight. We've got a lot to

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Speaker 1: cover today, and let's start by talking about cash or credit.

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Speaker 1: We've talked about this in different ways.

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Speaker 2: Plastic, right, what do you prefer? Yeah, we have always

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Speaker 2: prefer nothing. I prefer the cardboard box. That's what you

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Speaker 2: have to do at all? Actually costco too, right, Yeah,

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Speaker 2: you like put it all in the box. Yeah, okay,

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Speaker 2: So paying with credit cards has often come with an

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Speaker 2: additional fee, So we've always said, like, hey, we like

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Speaker 2: paying with credit cards, but if someone's trying to charge

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Speaker 2: you more to be able to do that it's probably

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Speaker 2: not worth rewards, you might want to switch over to

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Speaker 2: cash or something else. Well, now the reverse is actually

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Speaker 2: becoming true. Cash payments are going to call people more

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Speaker 2: these days then paying with a credit card in many circumstances.

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Speaker 2: Maybe not at a lot of gas stations still, but

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Speaker 2: at many smaller retailers and many bigger venues too, like

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Speaker 2: sporting sporting venues or music venues. That's because a lot

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Speaker 2: of these places are going digital only, right, and they

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Speaker 2: would prefer not to touch your green backs at all.

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Speaker 2: So if you come with no credit card, no Apple pay,

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Speaker 2: and you only come with like dollar bills, they're gonna

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Speaker 2: shut you down cold. And so, Matt, a lot of places,

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Speaker 2: a lot of these places are actually installing reverse ATMs

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Speaker 2: that they're popping up all over the place. They're proliferating.

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Speaker 2: They're turning your cash into plastic, but for a fee.

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Speaker 2: So if you get two undred dollers, you stick the

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Speaker 2: two hundred bucks into the reverse atm, you get a

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Speaker 2: piece of plastics spit out that maybe has like I

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Speaker 2: don't know, one hundred ninety dollars on it or something

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Speaker 2: like that. Yeah, not all of them do, but a

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Speaker 2: lot of them yeah, a lot of them.

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Speaker 1: If they don't, then the place where you're that houses

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Speaker 1: the ATM is basically picking up that tab for you, right.

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Speaker 2: Well, and look out for the fact too. So I've

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Speaker 2: never heard of these until recently, but dormancy fees and

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Speaker 2: so if you convert that money into plastic and then

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Speaker 2: you don't use it for a few months, sometimes you'll

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Speaker 2: get hit with another fee on top of that, because

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Speaker 2: they want you to actually use the thing, because interchange

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Speaker 2: fees and all that, that's also how they make them money.

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Speaker 2: They don't want you sitting on that money.

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Speaker 1: Yeah, yeah, line, and the cashless approach is it's illegal

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Speaker 1: in some states, largely because cashless stores impact low income

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Speaker 1: folks the most. And either way though, cash as a

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Speaker 1: method of payment is falling out of favor with individuals

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Speaker 1: and businesses alike. And so it's just important to note

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Speaker 1: that I don't know, I would make sure I had

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Speaker 1: some sort of digital payment, I would make sure I

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Speaker 1: had a credit card on me, and I would make

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Speaker 1: sure to handle my plastic responsibly because for many retailers,

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Speaker 1: accepting cash now actually is more onerous, cost them more.

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Speaker 1: They're gonna want and prefer and incentivize digital payments instead.

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Speaker 2: Yeah, and plus it's pretty dang hard to use cash

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Speaker 2: in order to buy something on the internet. It is

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Speaker 2: actually possible if.

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Speaker 1: You can just stick it on your monitor, on the screen,

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Speaker 1: if you had like a.

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Speaker 2: Little dollar bill sucker upper built into your laptop.

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Speaker 1: I used to love those things at the banks, like

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Speaker 1: the you know where it would you put your you

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Speaker 1: put your check or something the air cameister, Oh my gosh.

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Speaker 2: One of those. But for dollar bills. Yeah. Bottom line,

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Speaker 2: it's just fascinating to see a dramatic shift from charging

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Speaker 2: credit card users and instead of seeing cash payers now

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Speaker 2: getting penalized in order to use that legal tender. Credit

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Speaker 2: cards they are our preferred method of payment for ourselves,

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Speaker 2: but for anyone out there listening who handles them, well, right,

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Speaker 2: for folks who are paying the bill off on time

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Speaker 2: and in full every single month. They come with additional

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Speaker 2: federal protections, and of course you can earn rewards for

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Speaker 2: purchases that you're already making. So because of that, in

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Speaker 2: our book, credit cards are king. Cash isn't king. Credit

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Speaker 2: Cards are that is if you have the cash to

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Speaker 2: back it up. And as our society just becomes I

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Speaker 2: think more cash averse. Just handling money well within a

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Speaker 2: digital world is just becoming even more important. And I

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Speaker 2: want to make sure to plug our credit card tool.

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Speaker 2: Go to how to money dot com for slash credit

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Speaker 2: card tool, because if you are looking for a card

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Speaker 2: that is offering you the specific benefits or maybe the

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Speaker 2: it's a specific airline that you want to be able

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Speaker 2: to filter by, or you're looking for a business card

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Speaker 2: or a personal card, or a card that is only

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Speaker 2: offering cash back specifically welcome offer. Yeah, you can filter

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Speaker 2: all of that using our tool. Again over at howdomoney

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Speaker 2: dot com forward slash credit card tool.

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Speaker 1: Last thing I want to say on this, Matt, is

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Speaker 1: for small businesses, those merchant processing fees can add up. Yes,

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Speaker 1: it's onerous to handle cash and go into the bank,

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Speaker 1: and there's potential there's more risk for loss when you're

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Speaker 1: handling cash or for theft when you're handling cash. It

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Speaker 1: might be worth looking into changing your merchant processor because

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Speaker 1: you might be paying higher fees than you need to be.

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Speaker 1: One of the places I would look would be Costco.

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Speaker 1: So Costco has actually a relationship with Elevon, which is

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Speaker 1: one of the merchant processing companies, and they have some

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Speaker 1: of the best terms for small businesses. You're going to

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Speaker 1: pay less per suite, per tap, that kind of stuff.

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Speaker 1: So if you're with Square, or you're with Clover or

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Speaker 1: whoever you're with, I would at least look into Costco.

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Speaker 1: Check out their website page. We'll maybe put a link

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Speaker 1: to it in the show notes. But the pricing is

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Speaker 1: a heck of a lot better for many if you

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Speaker 1: switch to Costco instead of being with one of those

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Speaker 1: other players.

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Speaker 2: Nice, all right, let's talk about whether or not real

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Speaker 2: estate is the absolute best investment on the planet. There's

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Speaker 2: a new Gallup poll and they find that most Americans

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Speaker 2: think that buying real estate is the best wealth building

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Speaker 2: route to take. It leads all other comers, including stocks,

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Speaker 2: by a pretty wide margin. And so Joel and I

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Speaker 2: were real estate investors, and you might think we would agree, right,

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Speaker 2: Not quite.

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Speaker 1: We haven't trined with the kopl aid now.

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Speaker 2: No real estate it certainly can be a winning investment,

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Speaker 2: but the current housing market, it just makes it so

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Speaker 2: difficult to get not only like a great deal, but

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Speaker 2: even a decent deal these days. And then on top

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Speaker 2: of that, local dynamics it makes it even harder to

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Speaker 2: give across the board slam dunk advice and the real

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Speaker 2: estate market. It's been on fire over the past few years,

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Speaker 2: largely thanks to shifting post COVID values. What it is

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Speaker 2: that folks are looking for in housing, It has a

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Speaker 2: lot to do with low supply. But when you look

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Speaker 2: at historical returns, stocks outperform real estate on average over

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Speaker 2: the long haul, so you need to keep that in mind.

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Speaker 1: Yeah, yeah, exactly. I think people see rising values over

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Speaker 1: the past few years, and it's like whatever has gone

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Speaker 1: up the most is often what people believe that recently moment, Yeah,

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Speaker 1: whatever's popping. It's like, oh, well, I joked about it

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Speaker 1: Invidia earlier, but I think people are like, I should

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Speaker 1: probably put some money in VIDIA. It's popping, and you

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Speaker 1: might find that you invest at the exact wrong time.

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Speaker 1: Think about It's exactly what happened with Kathy Wood's ARC fund.

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Speaker 1: Matt like that. It was this future looking fund investing

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Speaker 1: in AI and new technologies, and at the point where

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Speaker 1: it was getting it's apex of attention, a lot of

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Speaker 1: individuals investors around the country started to put money in

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Speaker 1: that fund and then they saw a dramatic drop off

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Speaker 1: in the performance of that fund. So I think lots

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Speaker 1: of times whatever's hot is drawing the eyeballs, but then

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Speaker 1: a lot of people find out really quickly investing in

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Speaker 1: the hottest thing, investing in what's provided the highest recent

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Speaker 1: returns doesn't always produce the best returns moving forward.

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Speaker 2: Yeah, and that I mean that also assumes that folks

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Speaker 2: are even aware as to what the recent performance has been.

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Speaker 2: I think a lot of folks are thinking that real

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Speaker 2: estate makes a lot of sense to them because it's

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Speaker 2: just what they're interacting with, and that like on a

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Speaker 2: day to day basis, right Like, it makes me think

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Speaker 2: of like the gasoline price per gallon phenomena, Right Like,

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Speaker 2: we are more sensitive to that because we see it

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Speaker 2: every day when you drive past the gas station. You

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Speaker 2: see it every time you pull up to the pump

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Speaker 2: once a week, as opposed to the stock market. Like

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Speaker 2: everyone knows what their home has done over the past

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Speaker 2: three years, sure, but I bet very few people know

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Speaker 2: what the stock market has done over the past three years.

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Speaker 2: And so because of that, they think, oh, well, this

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Speaker 2: is something that I have that I'm invested in, it

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Speaker 2: must be a good investment. As opposed to what if

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Speaker 2: you had all of that money also in the stock

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Speaker 2: market and on average over time, historically speaking, you will

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Speaker 2: see that real estate does underperform.

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Speaker 1: Yeah, and a lot of those people they see a

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Speaker 1: house around the corner from them go up for sale,

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Speaker 1: they're like, oh my gosh, if it's selling for that much,

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Speaker 1: thinking about how much my house must be worth. And

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Speaker 1: then it's also like the Zillo rubbernecking. You check out

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Speaker 1: this estimate, like once a.

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Speaker 2: Month, people are on Zillo way more than they are

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Speaker 2: looking at the some P five hundred and what the

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Speaker 2: stock is doing. And so it's familiarity and what it

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Speaker 2: is that it just hasn't like an inordinate impacts on

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Speaker 2: our perceptions.

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Speaker 1: Yeah, and I think the other downside of real estate

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Speaker 1: We've talked about this before. It's an investment that requires

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Speaker 1: bigger sums of money and time, and that means it's

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Speaker 1: not accessible or desirable for everyone. Real estate can provide

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Speaker 1: additional returns, largely because you're using leverage. You're only putting

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Speaker 1: a percentage of the price down and you're financing the rest.

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Speaker 1: But that also increases the risk level of investing in

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Speaker 1: real estate too. When you invest in the entire stock

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Speaker 1: market via index funds, it just has it comes with

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Speaker 1: fewer pitfalls and dollar cost averaging into tax advantage accounts

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Speaker 1: is just easy. The simplicity, the ubiquity factor has a

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Speaker 1: lot going for it. So not that real estate doesn't

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Speaker 1: make sense for any investors out there, just be careful,

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Speaker 1: especially in today's environment. The best part of this poll, though, Matt,

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Speaker 1: was that only a tiny minority of folks I think

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Speaker 1: that crypto is the best investment you can make. Let's

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Speaker 1: hope it stays that way. I think it was like

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Speaker 1: it got like three percent in the poll, as like

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Speaker 1: real estate was like thirty six percent for.

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Speaker 2: Sure, which again that kind of pours more fuel on

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Speaker 2: the fire of recency bias, where folks are like, oh, well, yeah,

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Speaker 2: I don't think crypto is doing as hot as it

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Speaker 2: used to. You know, I don't know, speaking of fire

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Speaker 2: stuff like once you get burned, yeah, you're like not

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Speaker 2: quite as willing to go down that same path. All right.

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Speaker 2: While we are talking about investing in real estate, let's

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Speaker 2: talk about mortgages. Specifically, shopping around for a mortgage is

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Speaker 2: more crucial than ever. There are new stats from lending

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Speaker 2: Tree that reveal that not shopping around is going to

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Speaker 2: cost you a significant amount of money. We're talking an

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Speaker 2: average thirty year savings of seventy six thousand dollars, but

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Speaker 2: an average of six figures over the life of the

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Speaker 2: loan in five states, in particular California, Hawaii were a

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Speaker 2: couple of those, some of them more expensive states. And

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Speaker 2: so just using that average figure, like we are talking

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Speaker 2: about savings of more than two hundred dollars a month

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Speaker 2: by spending a few extra hours of your time on

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Speaker 2: the front end, shopping around, going with the lender who

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Speaker 2: offers you superior rates, superior terms. And you might be

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Speaker 2: wondering how this sort of discrepancy is possible, because, yeah,

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Speaker 2: that is difficult to stomach, Like, how can there be

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Speaker 2: such a difference. The truth is different lenders just offer

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Speaker 2: drastically different rates and terms, and the stakes are even

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Speaker 2: bigger these days with the higher home prices and given

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Speaker 2: the sticky high rates, you can make a massive difference

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Speaker 2: on your month to month payments.

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Speaker 1: I think the higher rates are the more dramatic the

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Speaker 1: split can be between the high and low. And so

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Speaker 1: you're right, like, the shopping more is going to save

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Speaker 1: you a lot that I was not surprised that there's

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Speaker 1: a big gap, but I was shocked at the gap

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Speaker 1: was this large based on these stats, seventy six thousand

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Speaker 1: bucks over thirty years. That's a lot of money. It

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Speaker 1: makes me think of the most recent house purchase I made,

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Speaker 1: Matt basically two years ago now, and I'm not gonna

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Speaker 1: lie I didn't run the numbers about how much I

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Speaker 1: would save, but the rate itself and the terms were

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Speaker 1: significantly better with a local bank than it was with

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Speaker 1: a couple of the other mortgage lenders that I checked out.

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Speaker 1: And it probably was something crazy like this, and probably

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Speaker 1: it would have cost me a lot more money over

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Speaker 1: the life and loan, potentially up towards that six figure line. Yeah,

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Speaker 1: it's just those extra the extra a little bit of

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Speaker 1: shopping made a big difference.

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Speaker 2: And I'll point that you didn't run the numbers over

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Speaker 2: the life of the loan, most likely because most people

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Speaker 2: don't stay in their home.

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Speaker 1: For thirty years or their mortgage for thirty years.

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Speaker 2: Yeah, exactly. And so it's difficult because on one hand

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Speaker 2: we say, don't be a payment buyer, but in this case,

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Speaker 2: I think focusing on the month to month payment like

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Speaker 2: that is most likely what should be moving the needle

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Speaker 2: most for you. Like the big number on the front.

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Speaker 2: You don't want to do that because being a payment

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Speaker 2: buyer might mean you extend your term out two years.

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Speaker 2: But typically we're comparing apples to apples thirty year mortgages,

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Speaker 2: and so the lowest payment is going to have the

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Speaker 2: best terms attached to it, the best rate. Yeah, I'm

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Speaker 2: just pointing out the I guess the over the life

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Speaker 2: of the loan. I think sometimes those numbers can seem

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Speaker 2: inflated when in reality most people never see that entire

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Speaker 2: life of the loan.

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Speaker 1: That's true, that's true. And so yeah, maybe your savings

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Speaker 1: actually won't be that significant, but it's still worth shopping

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Speaker 1: around and getting the best rate because they say you

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Speaker 1: keep it for ten years. You might be talking about

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Speaker 1: twenty or thirty thousand dollars in saving and you're still

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Speaker 1: a lot of money.

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Speaker 2: You definitely can't argue you two hundred dollars a month, right,

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Speaker 2: that's a lot of money.

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Speaker 1: Yep. And so if you're the kind of person who

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Speaker 1: who uses honey when you're shopping online or camel camel camel,

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Speaker 1: good for you. Or if you're the kind of person

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Speaker 1: who drives across the street to save ten cents a

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Speaker 1: gallon on gas. I'm not hating on that, but the

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Speaker 1: stakes are so much higher when we're talking about shopping

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Speaker 1: for a mortgage, right, the savings are potentially much larger.

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Speaker 1: And so the folks at lending Tree who did the study,

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Speaker 1: clearly they want you to shop around. They'll benefit by

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Speaker 1: you doing so on their site. And I'm not throwing shade,

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Speaker 1: I'm just stating facts. But there's nothing wrong with using

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Speaker 1: lending Tree to shop around, but there's I would also

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Speaker 1: consider local credit unions. Talk to a local mortgage broker.

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Speaker 1: Credit unions math I think we talked about not too

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Speaker 1: long ago. They typically offer the best rates of any

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Speaker 1: institution out there when you are shopping for a mortgage.

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Speaker 1: So if you're gonna buy a house, I would just

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Speaker 1: say comparison shop almost like your life depended on it,

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Speaker 1: because there aren't many areas in life where you're gonna

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Speaker 1: be able to save that much money in one fell swoop.

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Speaker 2: Yeah, and no, oftentimes folks avoid doing that because it's

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Speaker 2: just it's a hassle. Yeah, right, It's not something that

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Speaker 2: you do often, but totally worth the money. But Joey

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Speaker 2: got more to get to. We're gonna talk about super

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Speaker 2: commuting as well as the cost of eating out.

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Speaker 1: We'll get to that more right after this. Right we're

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Speaker 1: back the Friday flight continues. Supercommuting, Matt is that when

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Speaker 1: you commute with a cape. We'll find out in just

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Speaker 1: a second. But first let's get to the ludacrous headline

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Speaker 1: of the week. This one comes from the Wall Street Journal,

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Speaker 1: and the headline reads, as hospitals grow, so does your bill.

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Speaker 1: And the crux of the matter in this article that

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Speaker 1: it highlighted was that healthcare consolidation is costing us all

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Speaker 1: more money.

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Speaker 2: Matt.

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Speaker 1: I think we talked about this in regards to healthcare

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Speaker 1: for your pet not too long ago. How vet consolidation

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Speaker 1: is driving up the cost of bills for your dog,

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Speaker 1: or your cat, or your emu. I don't know, whatever

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Speaker 1: kind of animal you have at your house. I actually

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Speaker 1: had a friend back in the day who had an

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Speaker 1: emu farm on either one of the really I lived

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Speaker 1: in like a legit neighborhood, like a normal neighborhood, but

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Speaker 1: he had EMUs on his property. I think I was

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Speaker 1: hot back in the day. I don't know why there

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Speaker 1: is but we all we all of course know that

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Speaker 1: the healthcare system in this country is not great, and

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Speaker 1: the shrinking competition leads to higher prices and basically any

435
00:19:04,359 --> 00:19:08,399
Speaker 1: industry case in point Ticketmaster, like we talked about last week, well,

436
00:19:08,920 --> 00:19:12,960
Speaker 1: regional healthcare companies have been gobbling up smaller competition. They're

437
00:19:13,000 --> 00:19:16,359
Speaker 1: buying local private practices, which has driven up healthcare costs

438
00:19:16,359 --> 00:19:20,159
Speaker 1: and a higher clip in recent years. And Matt, it

439
00:19:20,200 --> 00:19:22,760
Speaker 1: just feels like we're all peons living inside of this

440
00:19:23,160 --> 00:19:28,360
Speaker 1: rapidly growing, increasingly expensive medical industrial complex. And there are

441
00:19:28,600 --> 00:19:30,399
Speaker 1: some ways that we can push back, but in other

442
00:19:30,440 --> 00:19:33,040
Speaker 1: ways we're just getting rolled over like a steamroller.

443
00:19:33,119 --> 00:19:34,920
Speaker 2: Yeah. I think this is one of the reasons the

444
00:19:35,000 --> 00:19:38,880
Speaker 2: friend of ours is starting his own ophthalmology clinic that

445
00:19:39,000 --> 00:19:43,000
Speaker 2: is planning to basically skirt all insurance like he's going

446
00:19:43,040 --> 00:19:44,800
Speaker 2: to be a self pay sort of practice. And because

447
00:19:45,160 --> 00:19:47,520
Speaker 2: in large part because of the tremendous amounts of bureaucracy

448
00:19:47,600 --> 00:19:50,639
Speaker 2: that's involved in running a medical practice like that, you

449
00:19:50,640 --> 00:19:51,280
Speaker 2: have to hire.

450
00:19:51,280 --> 00:19:54,240
Speaker 1: Like multiple extra people just to deal with the insurance

451
00:19:54,240 --> 00:19:55,280
Speaker 1: claims that come through the doors.

452
00:19:55,280 --> 00:19:57,560
Speaker 2: And he's not going to because he's gonna avoid that all.

453
00:19:57,760 --> 00:19:59,040
Speaker 2: You don't want to do it, yeah, I mean, there's

454
00:19:59,040 --> 00:20:01,119
Speaker 2: nothing the two of us do to fix this system

455
00:20:01,160 --> 00:20:05,399
Speaker 2: that's this complex, this cold, this uncaring. Although I know

456
00:20:05,480 --> 00:20:09,640
Speaker 2: that actual individual health care providers individuals might certainly care

457
00:20:09,680 --> 00:20:11,680
Speaker 2: for their patients, but just the way the system is

458
00:20:11,680 --> 00:20:14,359
Speaker 2: set up, it seems to be pretty messed up. Like

459
00:20:14,400 --> 00:20:16,919
Speaker 2: it has perceived elements of being a free market system,

460
00:20:17,119 --> 00:20:19,800
Speaker 2: but truly, man, it's just like it's a facade. And

461
00:20:19,920 --> 00:20:23,080
Speaker 2: I will continue to cumment my position as the resident

462
00:20:24,240 --> 00:20:27,679
Speaker 2: anarchist here on the podcast. But this is why I'm

463
00:20:27,720 --> 00:20:30,399
Speaker 2: going to continue, like pretty much always continue to argue

464
00:20:30,440 --> 00:20:33,240
Speaker 2: for less government involvement, less involvement from the state, because

465
00:20:33,280 --> 00:20:37,000
Speaker 2: anytime the government gets involved with something like healthcare or

466
00:20:37,240 --> 00:20:39,679
Speaker 2: let's see what other costs have risen dramatically over the

467
00:20:39,680 --> 00:20:43,560
Speaker 2: past forty years, oh, higher education? Is that somewhere else

468
00:20:43,560 --> 00:20:44,520
Speaker 2: that the government's got involved.

469
00:20:44,640 --> 00:20:46,800
Speaker 1: Sure did that coincide with your offering of federal loans?

470
00:20:46,840 --> 00:20:49,920
Speaker 2: I don't know. I don't know what about even housing costs.

471
00:20:50,280 --> 00:20:54,760
Speaker 2: When the government just gets involved, you oftentimes see decreased service,

472
00:20:54,800 --> 00:20:57,280
Speaker 2: decreased products, and higher prices that we have to pay.

473
00:20:57,680 --> 00:21:01,840
Speaker 2: So end of rant. But like it shouldn't take a

474
00:21:01,880 --> 00:21:04,399
Speaker 2: more combative approach to fix a messed up bill or

475
00:21:04,400 --> 00:21:07,720
Speaker 2: to combat ridiculously high prices that aren't based in reality,

476
00:21:08,119 --> 00:21:10,800
Speaker 2: but it sadly does. And we would recommend for folks

477
00:21:10,880 --> 00:21:13,200
Speaker 2: to go back and listen to episode six eighty seven.

478
00:21:13,240 --> 00:21:16,480
Speaker 2: Listen to episode seven sixteen for more on how it

479
00:21:16,560 --> 00:21:18,919
Speaker 2: is that you can fight back against out of control

480
00:21:19,000 --> 00:21:23,200
Speaker 2: medical bills. That was Marshall Allen, that was doctor Virgie.

481
00:21:23,960 --> 00:21:26,119
Speaker 2: They gave some incredible advice on how it is that

482
00:21:26,119 --> 00:21:29,080
Speaker 2: you can pay less because the bottom line that the

483
00:21:29,119 --> 00:21:32,080
Speaker 2: system it really sucks. It needs an overhaul and the

484
00:21:32,119 --> 00:21:34,000
Speaker 2: way it currently functions. You just got to watch your

485
00:21:34,000 --> 00:21:37,320
Speaker 2: own back. And in one of those episodes, I can't remember,

486
00:21:37,359 --> 00:21:40,040
Speaker 2: but we talked about the Healthcare blue Book, which is

487
00:21:40,040 --> 00:21:42,239
Speaker 2: a website that you can go and visit where it

488
00:21:42,240 --> 00:21:45,920
Speaker 2: provides transparency and it allows you to push back on

489
00:21:46,080 --> 00:21:49,080
Speaker 2: some of the egregious hospital prices. So we would love

490
00:21:49,119 --> 00:21:52,040
Speaker 2: for you to listen back to some previous interviews that

491
00:21:52,080 --> 00:21:54,560
Speaker 2: we've had with guests, but if you ain't got the

492
00:21:54,560 --> 00:21:56,760
Speaker 2: time for that, at least go check out Healthcare blue Book.

493
00:21:56,840 --> 00:21:58,840
Speaker 1: Yeah, exactly, There's so many ways you can fight back

494
00:21:58,840 --> 00:22:03,000
Speaker 1: against the system. It's gonna be onerous, right, It's gonna

495
00:22:03,040 --> 00:22:06,520
Speaker 1: be burden some It's not fun to have to combat

496
00:22:06,560 --> 00:22:09,560
Speaker 1: this unwieldy system, but you have to. That's the only

497
00:22:09,560 --> 00:22:11,359
Speaker 1: way you look out for yourself is by sticking up

498
00:22:11,359 --> 00:22:14,239
Speaker 1: for yourself and fighting the good fight. Sadly, from a

499
00:22:14,440 --> 00:22:18,560
Speaker 1: macro perspective, things aren't looking good, but from a micro perspective,

500
00:22:18,760 --> 00:22:20,919
Speaker 1: there are things you can do to kind of punch back.

501
00:22:20,960 --> 00:22:22,800
Speaker 1: All right, let's talk about restaurants for a second, Matt.

502
00:22:22,880 --> 00:22:25,800
Speaker 1: They are having their biggest year on record, and they're

503
00:22:25,840 --> 00:22:28,720
Speaker 1: on pace four one point one trillion dollars in sales

504
00:22:28,760 --> 00:22:30,639
Speaker 1: by the end of the year. I saw this, and

505
00:22:30,720 --> 00:22:32,639
Speaker 1: I was like, good for the restaurants, and then I

506
00:22:32,680 --> 00:22:35,320
Speaker 1: was also like, oh, it's probably not good for us

507
00:22:35,400 --> 00:22:36,159
Speaker 1: as individuals.

508
00:22:36,200 --> 00:22:38,240
Speaker 2: Like Cowboy spells trouble for individuals.

509
00:22:38,359 --> 00:22:41,280
Speaker 1: Yeah, they're budgets awesome for restaurant owners, Awesome for workers,

510
00:22:41,600 --> 00:22:43,679
Speaker 1: especially what they dealt with, what they dealt with in

511
00:22:43,760 --> 00:22:46,399
Speaker 1: twenty twenty. This is welcome news for them, but not

512
00:22:46,480 --> 00:22:48,159
Speaker 1: for us and for our eating out budgets. And so

513
00:22:48,400 --> 00:22:51,800
Speaker 1: for the longest time, restaurant and grocery stores the spending

514
00:22:51,880 --> 00:22:53,199
Speaker 1: was neck and neck. You can kind of look at

515
00:22:53,200 --> 00:22:55,960
Speaker 1: a graph. They tracked each other. They went up consistently

516
00:22:56,000 --> 00:22:58,520
Speaker 1: at the same rate, but then after restaurants began to

517
00:22:58,560 --> 00:23:02,760
Speaker 1: reopen in twenty twenty one, that number began to diverge dramatically,

518
00:23:03,000 --> 00:23:07,080
Speaker 1: And so now eating out costs so much more, vastly

519
00:23:07,119 --> 00:23:08,960
Speaker 1: more the onle we spend at the grocery store. We

520
00:23:08,960 --> 00:23:11,639
Speaker 1: now spend about eight hundred and sixty trillion dollars on

521
00:23:11,760 --> 00:23:14,640
Speaker 1: groceries each and every year. That's a far cry from

522
00:23:14,640 --> 00:23:17,840
Speaker 1: now the trillion plus dollars that we spend at restaurants.

523
00:23:17,880 --> 00:23:19,840
Speaker 1: We used to spend more on groceries than we spend

524
00:23:19,840 --> 00:23:23,000
Speaker 1: at restaurants. Now the opposite is true anymore. If you're

525
00:23:23,000 --> 00:23:24,920
Speaker 1: one of those people who found yourself eating out more

526
00:23:24,920 --> 00:23:29,240
Speaker 1: frequently eating home less often, you're not alone. But still

527
00:23:29,280 --> 00:23:32,200
Speaker 1: that doesn't mean that it's wise. It's a pattern, it's

528
00:23:32,200 --> 00:23:33,720
Speaker 1: a habit. A lot of people get into Matt, and

529
00:23:33,720 --> 00:23:35,879
Speaker 1: I think, especially post COVID, it felt like you were

530
00:23:36,160 --> 00:23:37,680
Speaker 1: doing the right thing in a lot of ways, too,

531
00:23:37,720 --> 00:23:40,720
Speaker 1: funneling your money towards businesses you cared about that needed

532
00:23:40,760 --> 00:23:43,480
Speaker 1: your support. But now I don't know. It could be

533
00:23:43,640 --> 00:23:46,240
Speaker 1: harming your ability to achieve some of those other financial goals.

534
00:23:46,280 --> 00:23:47,959
Speaker 2: Yeah, I wouldn't be surprised if we see a correction,

535
00:23:48,040 --> 00:23:50,320
Speaker 2: like a pullback as folks are realizing holy cow, like

536
00:23:50,320 --> 00:23:53,439
Speaker 2: we are spending so much money eating out, which, like

537
00:23:53,480 --> 00:23:55,440
Speaker 2: it kind of makes sense this trend because first sales,

538
00:23:55,440 --> 00:23:57,960
Speaker 2: maybe home prices, and then it kind of trickled down

539
00:23:58,000 --> 00:24:00,320
Speaker 2: to travel and a lot of folks are traveling a

540
00:24:00,320 --> 00:24:03,480
Speaker 2: lot last year travel, yeah, revenge travel. And now it's

541
00:24:03,520 --> 00:24:05,720
Speaker 2: just like, well, we can't. That costs a lot of money.

542
00:24:05,720 --> 00:24:09,320
Speaker 2: And what's what's another little splurge, like something fun and

543
00:24:09,520 --> 00:24:11,320
Speaker 2: special that we can do, oh le's go out to

544
00:24:11,320 --> 00:24:11,680
Speaker 2: eat it?

545
00:24:11,720 --> 00:24:12,520
Speaker 1: Revenge restaurant.

546
00:24:13,560 --> 00:24:17,080
Speaker 2: Yeah, there's no catchy name for the money that we're paying. Like,

547
00:24:17,119 --> 00:24:18,960
Speaker 2: I'm old school, so I'm just gonna call it a laziness.

548
00:24:19,880 --> 00:24:22,600
Speaker 2: Like learn how to cook food at home. It's so

549
00:24:22,680 --> 00:24:25,399
Speaker 2: much more affordable. And dude, isn't it ironic to the

550
00:24:25,440 --> 00:24:28,879
Speaker 2: fact that we have nicer kitchens, like the nicest kitchens

551
00:24:28,880 --> 00:24:31,960
Speaker 2: in the history of kitchens, But like we cook far

552
00:24:32,080 --> 00:24:34,960
Speaker 2: less on average at home than our moms did or

553
00:24:35,000 --> 00:24:38,399
Speaker 2: our grandmas did, and their kitchens with for mica lambin

554
00:24:38,440 --> 00:24:41,360
Speaker 2: at countertops, right, and it's just it's kind of ironic.

555
00:24:41,960 --> 00:24:43,960
Speaker 1: Using their stoves to like store their winter clothing or

556
00:24:44,000 --> 00:24:44,479
Speaker 1: something like that.

557
00:24:44,560 --> 00:24:47,280
Speaker 2: They just don't use them, and it's it's kind of

558
00:24:47,440 --> 00:24:49,520
Speaker 2: it's it's baffling, and I know it's nice to have

559
00:24:49,560 --> 00:24:52,760
Speaker 2: someone else cook and to clean up. We're not haters, right,

560
00:24:53,000 --> 00:24:55,000
Speaker 2: We don't want you to pinch every single penny. Where

561
00:24:55,000 --> 00:24:59,320
Speaker 2: you're avoiding the latte, you're avoiding avocado toasting now and again,

562
00:24:59,560 --> 00:25:03,800
Speaker 2: what Bees? I haven't been since like, I don't know,

563
00:25:03,840 --> 00:25:05,000
Speaker 2: my junior year in high school.

564
00:25:05,040 --> 00:25:06,439
Speaker 1: Oh, that's about when I was hanging out there.

565
00:25:06,480 --> 00:25:09,720
Speaker 2: Yeah, exactly. Do juniors in high school still go to Applebee's.

566
00:25:10,119 --> 00:25:10,480
Speaker 2: I don't know.

567
00:25:10,520 --> 00:25:11,160
Speaker 1: That's a good question.

568
00:25:11,160 --> 00:25:12,840
Speaker 2: We didn't talk about Red Lobster. That was one of

569
00:25:13,080 --> 00:25:15,119
Speaker 2: was another place, yea that we used to occasionally go

570
00:25:15,200 --> 00:25:16,320
Speaker 2: and get.

571
00:25:16,520 --> 00:25:18,480
Speaker 1: I only went there once. Really, Yeah, at.

572
00:25:18,480 --> 00:25:19,560
Speaker 2: Least when I was in high school. It was a

573
00:25:19,560 --> 00:25:20,240
Speaker 2: hot it was a hot spot.

574
00:25:20,280 --> 00:25:23,080
Speaker 1: I always wanted to go because I always like seafood,

575
00:25:23,400 --> 00:25:26,040
Speaker 1: but we never went as a family, So yeah, I

576
00:25:26,080 --> 00:25:27,679
Speaker 1: think I missed out for a lot of years, but

577
00:25:27,880 --> 00:25:29,600
Speaker 1: it probably wasn't the best seafood, to be honest.

578
00:25:29,680 --> 00:25:31,920
Speaker 2: We don't want to hate on folks again who are

579
00:25:31,920 --> 00:25:35,320
Speaker 2: going on to eat Kate and I even though in

580
00:25:35,320 --> 00:25:37,399
Speaker 2: mean Kate in particular, she's an amazing chef, but like,

581
00:25:37,440 --> 00:25:40,080
Speaker 2: even so we go out to eat, we went out

582
00:25:40,160 --> 00:25:43,520
Speaker 2: last night for our date night. We enjoy an awesome

583
00:25:43,520 --> 00:25:44,960
Speaker 2: meal that someone else is gonna whip up, but just

584
00:25:45,000 --> 00:25:47,399
Speaker 2: make sure that you've budgeted for that expense and that

585
00:25:47,440 --> 00:25:50,159
Speaker 2: it's not something that is just getting out of control

586
00:25:50,200 --> 00:25:50,439
Speaker 2: this year.

587
00:25:50,480 --> 00:25:52,080
Speaker 1: Yeah, and I think you're right not to like call

588
00:25:52,119 --> 00:25:55,159
Speaker 1: people out on the carpet, but it, at least in

589
00:25:55,200 --> 00:25:57,840
Speaker 1: my own life, it's typically laziness. It's a lack of

590
00:25:57,840 --> 00:25:59,639
Speaker 1: planning or it's like I just don't feel like it's

591
00:25:59,640 --> 00:26:01,600
Speaker 1: a night. And I think a lot of people find

592
00:26:01,600 --> 00:26:05,320
Speaker 1: themselves in that situation, and so yeah, it's sometimes it's

593
00:26:05,320 --> 00:26:07,280
Speaker 1: got to be power through or set it up, just

594
00:26:07,320 --> 00:26:09,000
Speaker 1: like laying out your running clothes the night before. It

595
00:26:09,000 --> 00:26:12,720
Speaker 1: can make it easier having thawed whatever you're going to cook,

596
00:26:13,160 --> 00:26:15,880
Speaker 1: or having fought like.

597
00:26:15,840 --> 00:26:18,640
Speaker 2: Giving it some amount of thinking, and then it can

598
00:26:18,680 --> 00:26:19,760
Speaker 2: just save you so much, that's right.

599
00:26:19,800 --> 00:26:21,879
Speaker 1: Yeah, Yeah, And it might take a quick run at

600
00:26:21,880 --> 00:26:24,040
Speaker 1: the store that day or something, but hey, that's better

601
00:26:24,320 --> 00:26:26,560
Speaker 1: than going out to eat that's still going to cost

602
00:26:26,560 --> 00:26:28,480
Speaker 1: you money maybe, but it's going to cost you less money,

603
00:26:28,480 --> 00:26:30,840
Speaker 1: because I think what the average meal eating out costs

604
00:26:30,840 --> 00:26:33,479
Speaker 1: like seventeen or eighteen dollars and the average mellion at

605
00:26:33,520 --> 00:26:36,000
Speaker 1: homes like four dollars and twenty five cents or someth.

606
00:26:35,880 --> 00:26:36,560
Speaker 2: Pennies on the dollar.

607
00:26:36,640 --> 00:26:39,880
Speaker 1: Yeah, exactly. All right, let's talk about commuting. New research

608
00:26:40,000 --> 00:26:44,200
Speaker 1: from those gosh darn idiots at Stanford finds that commute

609
00:26:44,200 --> 00:26:46,680
Speaker 1: times are I'm just kidding, they're really smart. It finds

610
00:26:46,680 --> 00:26:50,400
Speaker 1: that commute times are up, and the share of supercommuters,

611
00:26:50,560 --> 00:26:53,640
Speaker 1: not people who fly around with capes to their job,

612
00:26:53,680 --> 00:26:55,960
Speaker 1: but those driving at least seventy five miles to and

613
00:26:56,000 --> 00:26:59,320
Speaker 1: from the office has grown substantially. That's the bad news.

614
00:26:59,520 --> 00:27:01,399
Speaker 1: But there's good news to actually in this. People are

615
00:27:01,400 --> 00:27:03,879
Speaker 1: commuting to the office less frequently, which is kind of

616
00:27:03,920 --> 00:27:04,320
Speaker 1: like a nod.

617
00:27:05,000 --> 00:27:05,640
Speaker 2: We know that, right.

618
00:27:05,800 --> 00:27:08,240
Speaker 1: It's less of a daily grind and more of a

619
00:27:08,400 --> 00:27:11,440
Speaker 1: two times a week grind for so many folks these days.

620
00:27:11,720 --> 00:27:15,200
Speaker 1: Statistics show that high earners and young people are more

621
00:27:15,320 --> 00:27:18,239
Speaker 1: likely to live further from their office, and they're more

622
00:27:18,280 --> 00:27:20,600
Speaker 1: willing to stomach I guess those longer treks in yeah,

623
00:27:20,760 --> 00:27:21,720
Speaker 1: to their job.

624
00:27:21,920 --> 00:27:23,960
Speaker 2: I mean, it makes sense too I guess if you

625
00:27:24,080 --> 00:27:27,280
Speaker 2: are going in less often, I would also, I think

626
00:27:27,480 --> 00:27:30,240
Speaker 2: what about you? Would you be more willing to extend

627
00:27:30,400 --> 00:27:32,880
Speaker 2: the length of your commute if you're going in less

628
00:27:33,000 --> 00:27:36,119
Speaker 2: less often? Poutly, We have our we've been fortunate to

629
00:27:36,160 --> 00:27:38,640
Speaker 2: design our life to where, you know, we get to walk.

630
00:27:38,840 --> 00:27:40,480
Speaker 2: My commute is nine tenths of a mind or bike,

631
00:27:40,520 --> 00:27:43,520
Speaker 2: and it's amazing. But given the choice, if I was like, okay,

632
00:27:43,560 --> 00:27:46,520
Speaker 2: on one hand, five days a week and it's a

633
00:27:46,520 --> 00:27:49,280
Speaker 2: thirty minute commute, or hey, it's gonna be a forty

634
00:27:49,320 --> 00:27:51,560
Speaker 2: five minute, maybe forty five minute plus commute, but you

635
00:27:51,600 --> 00:27:52,800
Speaker 2: only have to do it twice a week, I think

636
00:27:52,800 --> 00:27:54,440
Speaker 2: I would choose that option. I think, I think because

637
00:27:54,480 --> 00:27:56,960
Speaker 2: the flexibility that that affords you. Yeah, so I guess

638
00:27:57,000 --> 00:27:59,840
Speaker 2: I understand why there's a there's an increase there.

639
00:27:59,880 --> 00:28:01,320
Speaker 1: I said too, I don't know if I would have

640
00:28:01,359 --> 00:28:03,480
Speaker 1: moved where we moved if I was still working in town, like,

641
00:28:03,520 --> 00:28:05,439
Speaker 1: I wouldn't want to do that commute, especially if it

642
00:28:05,440 --> 00:28:07,680
Speaker 1: was five days a week, even daily. Yeah, that sounds terrible.

643
00:28:07,840 --> 00:28:10,880
Speaker 1: It would have dramatically changed the dynamics of that decision.

644
00:28:11,160 --> 00:28:13,239
Speaker 1: Even before we started working for ourselves, even before we

645
00:28:13,240 --> 00:28:14,680
Speaker 1: were up to designed this. Well, you were working for

646
00:28:14,720 --> 00:28:16,520
Speaker 1: yourself a long time too, and you worked from home.

647
00:28:16,560 --> 00:28:18,760
Speaker 1: But even when I worked in midtown and lived in

648
00:28:18,760 --> 00:28:20,879
Speaker 1: a different part of Atlanta, it was like, well, I

649
00:28:21,000 --> 00:28:23,080
Speaker 1: bit to work a lot of a lot of the time.

650
00:28:23,240 --> 00:28:26,000
Speaker 1: And so yeah, I just know, even if you're doing

651
00:28:26,040 --> 00:28:29,280
Speaker 1: a supercommute, you're commuting less often, that commute is costing

652
00:28:29,320 --> 00:28:32,360
Speaker 1: you time and money, and those are two really important

653
00:28:32,920 --> 00:28:33,960
Speaker 1: important things in your life.

654
00:28:33,920 --> 00:28:36,600
Speaker 2: Oh okay, so some folks say that time is money,

655
00:28:36,920 --> 00:28:39,719
Speaker 2: but we say, actually that that time is more important

656
00:28:39,760 --> 00:28:43,400
Speaker 2: than money because it is a non renewable resource. And

657
00:28:43,440 --> 00:28:46,000
Speaker 2: there's new stats from and Power and they revealed that

658
00:28:46,080 --> 00:28:50,240
Speaker 2: Americans value their time pretty highly. What's surprising here the

659
00:28:50,280 --> 00:28:52,520
Speaker 2: average millennial and they say that an hour of their

660
00:28:52,560 --> 00:28:54,840
Speaker 2: time is worth more than three hundred and twenty bucks.

661
00:28:54,840 --> 00:28:55,880
Speaker 1: How much is an hour of your time?

662
00:28:55,880 --> 00:28:58,920
Speaker 2: Which is I guess three hundred and twenty a millennial.

663
00:28:59,160 --> 00:29:01,480
Speaker 2: But that what's crazy, that's more than any other generation.

664
00:29:02,120 --> 00:29:04,880
Speaker 2: And so I don't know if this makes me happy,

665
00:29:05,040 --> 00:29:08,440
Speaker 2: because it seems that millennials are rightly valuing their time

666
00:29:08,480 --> 00:29:11,200
Speaker 2: and they understand that. Oh wow, this is something I've

667
00:29:11,240 --> 00:29:14,800
Speaker 2: thought about and they're grasping their understanding and wrapping their

668
00:29:14,800 --> 00:29:19,000
Speaker 2: head around the finitude, the finiteness of the time we

669
00:29:19,040 --> 00:29:21,719
Speaker 2: have here on earth, or if it's just sort of

670
00:29:21,760 --> 00:29:25,320
Speaker 2: like a entitled brat mentality, or they're just like, I

671
00:29:25,360 --> 00:29:27,840
Speaker 2: don't want to do that. I'm a little torn because

672
00:29:27,840 --> 00:29:30,600
Speaker 2: sometimes I can kind of cop an attitude about stuff,

673
00:29:30,640 --> 00:29:32,000
Speaker 2: but then other times I feel like I have a

674
00:29:32,040 --> 00:29:35,640
Speaker 2: correctly oriented disposition towards how I want to spend my time.

675
00:29:35,800 --> 00:29:38,000
Speaker 1: I think if you value your time at three hundred

676
00:29:38,000 --> 00:29:39,640
Speaker 1: twenty bucks an hour, it doesn't mean that anyone else

677
00:29:39,720 --> 00:29:41,880
Speaker 1: values your time that highly. So I would imagine most

678
00:29:41,880 --> 00:29:43,680
Speaker 1: of the millennials in that survey are not getting paid

679
00:29:43,720 --> 00:29:46,479
Speaker 1: nearly that much. And it's okay. I think to value

680
00:29:46,520 --> 00:29:49,680
Speaker 1: your time highly, you also have to have a reasonable understanding, though,

681
00:29:49,680 --> 00:29:51,280
Speaker 1: of what your hourly rate is, and for most people

682
00:29:51,320 --> 00:29:51,720
Speaker 1: it's not that.

683
00:29:51,880 --> 00:29:53,680
Speaker 2: Yeah, you just you need It's good to have the

684
00:29:53,720 --> 00:29:55,400
Speaker 2: data on hand to be able to make the trade

685
00:29:55,440 --> 00:29:58,480
Speaker 2: offs consciously, because yeah, I think it can help you

686
00:29:58,520 --> 00:30:00,840
Speaker 2: to figure out safe, for instance, which tasks are are

687
00:30:00,880 --> 00:30:03,600
Speaker 2: worth the ying. I think it can just help to

688
00:30:03,640 --> 00:30:06,680
Speaker 2: inform your decisions. By the way, it's also fascinating to

689
00:30:06,680 --> 00:30:09,760
Speaker 2: see that teenagers aren't nearly as interested in driving as

690
00:30:09,800 --> 00:30:12,280
Speaker 2: their parents were. There's an article that we read this

691
00:30:12,320 --> 00:30:14,640
Speaker 2: week that found that young adults are asking for e

692
00:30:14,720 --> 00:30:18,720
Speaker 2: bikes to get around instead, which I love. Obviously.

693
00:30:19,280 --> 00:30:20,880
Speaker 1: Don't mind me the car, buy me the e bike

694
00:30:20,880 --> 00:30:23,600
Speaker 1: content please. I hope our kids are also feeling this

695
00:30:23,640 --> 00:30:27,560
Speaker 1: way by the time they're they're of age, because this too,

696
00:30:27,560 --> 00:30:29,360
Speaker 1: as a parent, you'll then have to add them to

697
00:30:29,400 --> 00:30:30,240
Speaker 1: the insurance policy.

698
00:30:30,280 --> 00:30:31,800
Speaker 2: You know how exciting, dude.

699
00:30:31,800 --> 00:30:33,240
Speaker 1: It's like, I'll buy you an e bike any day,

700
00:30:33,240 --> 00:30:33,840
Speaker 1: all day.

701
00:30:33,800 --> 00:30:36,120
Speaker 2: Not just the cost of the actual vehicle, not just

702
00:30:36,160 --> 00:30:39,360
Speaker 2: the cost of fuel, but yeah, insurance as well. Plus

703
00:30:39,440 --> 00:30:42,040
Speaker 2: we'll get some exercise and it'll get you to most

704
00:30:42,080 --> 00:30:44,320
Speaker 2: local spots that you want to visit. Just make sure

705
00:30:44,360 --> 00:30:46,160
Speaker 2: to get them a good helmet as well. But we're

706
00:30:46,200 --> 00:30:49,560
Speaker 2: all about e bikes, and of course just traditional bikes

707
00:30:49,560 --> 00:30:52,320
Speaker 2: as well, but e bikes make it more accessible, like

708
00:30:52,400 --> 00:30:52,960
Speaker 2: I guess in that.

709
00:30:52,920 --> 00:30:55,480
Speaker 1: Way proliferating to and teens see their friends on them

710
00:30:55,480 --> 00:30:56,360
Speaker 1: and they're like, I want byke.

711
00:30:56,520 --> 00:30:59,360
Speaker 2: We see them all the time, I feel like, often

712
00:30:59,400 --> 00:31:01,520
Speaker 2: more often than the bikes that we see going past

713
00:31:01,520 --> 00:31:04,160
Speaker 2: those these days. Yeah, e bikes as opposed to traditional bikes.

714
00:31:04,160 --> 00:31:06,959
Speaker 1: I like having both personally, and I like to kind

715
00:31:07,000 --> 00:31:09,040
Speaker 1: of split my time evenly. If I'm houling people around,

716
00:31:09,200 --> 00:31:10,840
Speaker 1: kids around, then I'm on the e bike, and if

717
00:31:10,840 --> 00:31:13,160
Speaker 1: I'm just hauling myself, I'm typically on the road bike.

718
00:31:13,240 --> 00:31:15,200
Speaker 1: But for a team, if they say I want a

719
00:31:15,240 --> 00:31:17,160
Speaker 1: kne bike and that's how am I to get around

720
00:31:17,160 --> 00:31:18,400
Speaker 1: instead of using a car, it's just a.

721
00:31:18,400 --> 00:31:21,160
Speaker 2: Little bit more expensive. It's not like it's one thing

722
00:31:21,200 --> 00:31:23,440
Speaker 2: when you're talking about like the cost of a vehicle,

723
00:31:23,480 --> 00:31:25,680
Speaker 2: which is a ton more expensive. That's exactly right.

724
00:31:25,760 --> 00:31:28,080
Speaker 1: Yeah, And if you do want to get your kid

725
00:31:28,120 --> 00:31:30,160
Speaker 1: a car. By the way, Consumer Reports just released a

726
00:31:30,280 --> 00:31:33,480
Speaker 1: list of the best high mileage cars Like it was

727
00:31:33,520 --> 00:31:35,920
Speaker 1: cars with at least one hundred thousand miles on them,

728
00:31:35,960 --> 00:31:38,560
Speaker 1: and a few of the favorite models they mentioned were

729
00:31:38,600 --> 00:31:41,720
Speaker 1: the twenty twenty Honda fit love It, the twenty seventeen

730
00:31:42,000 --> 00:31:45,000
Speaker 1: Honda a Cord, the twenty sixteen Toyota Ceana. I know

731
00:31:45,200 --> 00:31:47,600
Speaker 1: your teenagers probably not going to want to drive a minivan,

732
00:31:47,920 --> 00:31:50,040
Speaker 1: but these are still these are just for anybody out there.

733
00:31:50,080 --> 00:31:52,160
Speaker 2: Really had a lot of siblings, The ability for a

734
00:31:52,160 --> 00:31:54,320
Speaker 2: bunch of kids to pile in. One of my friends

735
00:31:54,320 --> 00:31:59,040
Speaker 2: in college he drove an old, stinky dodge. Gosh, what

736
00:31:59,080 --> 00:32:01,640
Speaker 2: was it, I don't know, some kind of mind caravan, probably, yeah,

737
00:32:01,680 --> 00:32:03,480
Speaker 2: and it was like the worst color, but man, that

738
00:32:03,520 --> 00:32:05,640
Speaker 2: thing was. It was awesome because you guys always went

739
00:32:05,640 --> 00:32:07,560
Speaker 2: in his idea because we would all just pile in

740
00:32:07,600 --> 00:32:10,480
Speaker 2: and he stuck the fake spinners on there. You got

741
00:32:10,480 --> 00:32:12,600
Speaker 2: to lean into it, right, Yeah, yeah, Steve, you know,

742
00:32:12,640 --> 00:32:13,560
Speaker 2: we're talking about.

743
00:32:14,320 --> 00:32:17,920
Speaker 1: The twenty sixteen Raft four and at twenty fourteen Toyota Tundra.

744
00:32:17,920 --> 00:32:20,600
Speaker 1: We're on that list. So it's always crucial to get

745
00:32:20,600 --> 00:32:22,880
Speaker 1: a used car checked out by a mechanic you trust

746
00:32:22,920 --> 00:32:25,960
Speaker 1: before completing the purchase. But knowing which makes the models

747
00:32:25,960 --> 00:32:28,800
Speaker 1: come with the highest reliability the lowest repair costs, that's

748
00:32:28,800 --> 00:32:30,680
Speaker 1: a big help. And it's obviously, Matt, it's no surprise

749
00:32:30,760 --> 00:32:35,080
Speaker 1: to us after reading these things for years on end. Honda, Toyota, Mazda,

750
00:32:35,400 --> 00:32:37,640
Speaker 1: those are the brands that crush. Those are the ones

751
00:32:37,800 --> 00:32:42,880
Speaker 1: that continually get the highest ratings for reliability and price too.

752
00:32:42,960 --> 00:32:45,200
Speaker 1: So like when you're combined, hey, this car is gonna

753
00:32:45,320 --> 00:32:47,400
Speaker 1: typically hold up over a longer period of time. The

754
00:32:47,440 --> 00:32:49,400
Speaker 1: price is just right. I love the idea of buying

755
00:32:49,400 --> 00:32:50,960
Speaker 1: a car that's got at least one hundred thousand miles

756
00:32:51,000 --> 00:32:53,479
Speaker 1: on it. Take somebody else took the massive depreciation hit,

757
00:32:53,640 --> 00:32:55,080
Speaker 1: and you've got a car that's still going to last

758
00:32:55,080 --> 00:32:55,640
Speaker 1: for a long time.

759
00:32:55,720 --> 00:32:57,720
Speaker 2: Heck yeah? Or is you want to say it even more?

760
00:32:57,760 --> 00:32:59,080
Speaker 2: Don't forget about the e bike.

761
00:32:59,240 --> 00:33:01,080
Speaker 1: The family that by together stays together.

762
00:33:01,560 --> 00:33:05,600
Speaker 2: We hope everyone has a fantastic weekend e Bichen, perhaps

763
00:33:05,960 --> 00:33:09,240
Speaker 2: a preemptive Happy Father's Day to all the daddy's out there.

764
00:33:09,560 --> 00:33:11,200
Speaker 2: And that's gonna be it for this episode, buddy, So

765
00:33:11,280 --> 00:33:14,280
Speaker 2: until next time, best Friends Out, Best Friends Out,