1 00:00:00,080 --> 00:00:03,559 Speaker 1: Welcome to Had of Money. I'm Joel and I am Matt. 2 00:00:03,680 --> 00:00:07,280 Speaker 1: Today we're talking pressure to go paperless, the subprime tax, 3 00:00:07,560 --> 00:00:09,040 Speaker 1: and a priceless privacy app. 4 00:00:28,360 --> 00:00:29,960 Speaker 2: You know what, buddy, those are some of the stories 5 00:00:29,960 --> 00:00:30,480 Speaker 2: we're gonna get to. 6 00:00:30,600 --> 00:00:32,400 Speaker 1: We've got a lot more to get to on those 7 00:00:32,400 --> 00:00:33,000 Speaker 1: Friday flight. 8 00:00:33,240 --> 00:00:34,880 Speaker 3: And by the way, we call it the Friday Flight 9 00:00:34,920 --> 00:00:38,520 Speaker 3: because it is gonna be a nice little sampling of 10 00:00:38,720 --> 00:00:40,839 Speaker 3: some of the most important financial stories that we've come 11 00:00:40,840 --> 00:00:42,880 Speaker 3: across this week, the ones that we think you need 12 00:00:42,960 --> 00:00:44,040 Speaker 3: to be paying attention to. 13 00:00:44,120 --> 00:00:46,400 Speaker 1: By the way, when I say priceless, I mean priceless, 14 00:00:46,400 --> 00:00:48,879 Speaker 1: but I also mean free, So it's both both of 15 00:00:48,880 --> 00:00:51,240 Speaker 1: those things. It's invaluable and also it doesn't cost you 16 00:00:51,240 --> 00:00:54,480 Speaker 1: a dime double on tundra. Yeah yeah, But okay, Matt. 17 00:00:54,480 --> 00:00:56,080 Speaker 1: Before we get to kind of all the stories that 18 00:00:56,200 --> 00:00:57,840 Speaker 1: we think you need to know about this week, I 19 00:00:57,920 --> 00:01:00,000 Speaker 1: just wanted to quickly mention our friend's rich and reg 20 00:01:00,240 --> 00:01:02,440 Speaker 1: They posted something on Twitter or the other day that 21 00:01:03,080 --> 00:01:05,399 Speaker 1: Zenny Optical, which you and I have talked about before 22 00:01:05,440 --> 00:01:09,160 Speaker 1: many times, they now have they make prescription glasses for 23 00:01:09,280 --> 00:01:12,280 Speaker 1: VR headsets. I don't not see that. I feel like 24 00:01:12,720 --> 00:01:14,720 Speaker 1: I've known about Zenny for you probably you have too, 25 00:01:14,720 --> 00:01:18,000 Speaker 1: probably over a decade now, right, Yeah, Zenny's been dude 26 00:01:18,319 --> 00:01:19,800 Speaker 1: like the best way to save money wearing. 27 00:01:20,040 --> 00:01:22,720 Speaker 3: Right now, I know they look Okay, question for you, 28 00:01:22,920 --> 00:01:25,280 Speaker 3: do my glasses look expensive? Do they look fancy to you? 29 00:01:25,760 --> 00:01:28,040 Speaker 1: I mean a lot of the Zenny they look kind 30 00:01:28,040 --> 00:01:29,720 Speaker 1: of like Warby Parker. Yeah. 31 00:01:29,760 --> 00:01:31,720 Speaker 3: So the reason I ask is because recently Kate and 32 00:01:31,760 --> 00:01:34,160 Speaker 3: I were on a date night and we stumbled upon 33 00:01:34,800 --> 00:01:39,479 Speaker 3: a watch club, like a wristwatch, like a fancy wristwatch club. 34 00:01:39,520 --> 00:01:42,360 Speaker 3: I think they're called like Red Bar or something like that, Okay, 35 00:01:42,680 --> 00:01:46,199 Speaker 3: and I was intrigued, and it's kind of we're waiting 36 00:01:46,200 --> 00:01:47,800 Speaker 3: for our table. So I got a beer and started 37 00:01:47,840 --> 00:01:49,240 Speaker 3: chatting with them and ended up talking with him for 38 00:01:49,280 --> 00:01:52,120 Speaker 3: a while, like thirty forty five minutes, and I get 39 00:01:52,120 --> 00:01:55,280 Speaker 3: to learn about fancy watches. Also kind of a dangerous conversation. 40 00:01:57,040 --> 00:01:59,160 Speaker 3: Now you've got a new expensive hobby. These guys, they're 41 00:01:59,200 --> 00:02:01,560 Speaker 3: just enthusiasts. Basically, they're not trying They weren't trying to 42 00:02:01,600 --> 00:02:05,240 Speaker 3: sell anything. But I was talking to one gentleman in particular, 43 00:02:05,440 --> 00:02:08,120 Speaker 3: and he was kind of explaining why he's so into them. 44 00:02:08,160 --> 00:02:11,120 Speaker 3: He's like, it's jewelry for men, right, it's an accessory. 45 00:02:11,480 --> 00:02:14,520 Speaker 3: He's talking about fashion, and he looks over at me. 46 00:02:14,520 --> 00:02:16,200 Speaker 3: He's like, I mean, I see the glasses you've got on. 47 00:02:16,280 --> 00:02:18,760 Speaker 3: I can tell you're a fashionable how you appreciate the 48 00:02:18,840 --> 00:02:20,880 Speaker 3: nicer things in life. And in the back of my mind, 49 00:02:20,919 --> 00:02:21,640 Speaker 3: I'm thinking. 50 00:02:21,520 --> 00:02:25,120 Speaker 2: Homie, these are Zendies. I dropped twenty bucks on these things. 51 00:02:25,600 --> 00:02:26,400 Speaker 1: Over your eyes. 52 00:02:26,520 --> 00:02:29,720 Speaker 3: I didn't say anything, of course, because I was flattered. 53 00:02:29,919 --> 00:02:32,600 Speaker 3: But yeah, I've been a fan of Zenny for if 54 00:02:32,639 --> 00:02:34,160 Speaker 3: not a decade, close to a decade. 55 00:02:34,200 --> 00:02:36,760 Speaker 1: It's just interesting to see what we're so affordable. 56 00:02:36,760 --> 00:02:39,680 Speaker 3: And when I say twenty dollars, literally twenty dollars for 57 00:02:39,840 --> 00:02:41,880 Speaker 3: a pair of frames, you can spend a little bit 58 00:02:41,919 --> 00:02:45,120 Speaker 3: more because you can get the anti smudge or the anti. 59 00:02:44,919 --> 00:02:47,720 Speaker 1: Let's frames and lenses glare coating, not just on the lenses. 60 00:02:48,160 --> 00:02:50,200 Speaker 3: Well, some of them are that affordable, but when you 61 00:02:50,200 --> 00:02:52,799 Speaker 3: start adding some of the special special features, then the 62 00:02:52,840 --> 00:02:55,160 Speaker 3: price can go up, like if for instance, because you 63 00:02:55,160 --> 00:02:58,000 Speaker 3: can get them tinted as well. That's how I have 64 00:02:58,240 --> 00:03:01,640 Speaker 3: prescription sunglasses and they are a little more expensive than 65 00:03:01,680 --> 00:03:03,680 Speaker 3: the twenty dollars frames. Maybe forty bucks, but still that 66 00:03:03,760 --> 00:03:06,560 Speaker 3: is so much more affordable than what it is you're 67 00:03:06,600 --> 00:03:06,960 Speaker 3: gonna pay. 68 00:03:07,000 --> 00:03:09,240 Speaker 1: Yeah, you go to one of the traditional eye glass retailers, 69 00:03:09,240 --> 00:03:12,960 Speaker 1: you're gonna spend like ten x sometimes. Yeah, you're paying 70 00:03:13,000 --> 00:03:15,320 Speaker 1: off the nose even costco, which is great when it 71 00:03:15,320 --> 00:03:17,480 Speaker 1: comes to going getting an eye exam, getting glasses. 72 00:03:17,639 --> 00:03:19,400 Speaker 3: Go there for the eye exams. Any's way better, but 73 00:03:19,440 --> 00:03:22,200 Speaker 3: not for the glasses. Yeah yeah, yeah, yeah, any optical doctor. 74 00:03:22,320 --> 00:03:23,800 Speaker 1: It was just interesting to see, Well, I guess it 75 00:03:23,800 --> 00:03:26,960 Speaker 1: makes sense that that you need prescription eyeglasses for virtual 76 00:03:27,000 --> 00:03:29,800 Speaker 1: reality headsets. Oh yeah, but it's kind of cool to 77 00:03:29,800 --> 00:03:31,480 Speaker 1: see him. Back to the original story. How far is 78 00:03:31,560 --> 00:03:34,840 Speaker 1: Enny's come? Right, They're like, they're so futuristic at this 79 00:03:34,880 --> 00:03:38,840 Speaker 1: point that they're they're even making prescription lenses for I guess. 80 00:03:38,680 --> 00:03:42,440 Speaker 3: You need that you are into the metaverse, which who 81 00:03:42,520 --> 00:03:44,400 Speaker 3: is at this point? It's all about the AI not 82 00:03:44,480 --> 00:03:46,360 Speaker 3: the metaverse, right, Zuck, Sorry, Zuck? 83 00:03:47,040 --> 00:03:48,800 Speaker 1: Yeah, all right, let's move on to the mat Let's 84 00:03:48,800 --> 00:03:50,560 Speaker 1: get to the stories that we found interesting this week, 85 00:03:50,880 --> 00:03:54,600 Speaker 1: and let's start with kind of a paperless conundrum. There's 86 00:03:54,640 --> 00:03:58,920 Speaker 1: a city bank is getting hella serious about not sending 87 00:03:59,080 --> 00:04:01,880 Speaker 1: you paper statements. They don't want you to be able 88 00:04:01,920 --> 00:04:04,440 Speaker 1: to get paper statements from them in the mail. Well, 89 00:04:04,600 --> 00:04:06,360 Speaker 1: how serious are they getting? You're not going to be 90 00:04:06,360 --> 00:04:08,320 Speaker 1: able to log into your accounts if you insist on 91 00:04:08,320 --> 00:04:10,240 Speaker 1: getting a paper statement sent in the mail. They're kind 92 00:04:10,240 --> 00:04:13,119 Speaker 1: of doing this as a trial run. They really, they 93 00:04:13,160 --> 00:04:15,480 Speaker 1: really really really don't want to pay the postage and 94 00:04:15,520 --> 00:04:18,120 Speaker 1: go through the burden of sending you that statement in 95 00:04:18,160 --> 00:04:20,560 Speaker 1: the mail. And so this is, like I said, there 96 00:04:20,600 --> 00:04:22,080 Speaker 1: is a test program they might be rolling out on 97 00:04:22,120 --> 00:04:24,480 Speaker 1: a larger scale. And I in some ways I kind 98 00:04:24,480 --> 00:04:26,960 Speaker 1: of don't blame City. I get I totally get it. 99 00:04:27,000 --> 00:04:28,920 Speaker 1: I get why they're going for this because. 100 00:04:28,560 --> 00:04:30,080 Speaker 3: It's a line item that they can look at on 101 00:04:30,160 --> 00:04:31,599 Speaker 3: their at the end of the year and they're like, 102 00:04:31,600 --> 00:04:34,040 Speaker 3: all right, how do we increase profits? Oh, how about 103 00:04:34,160 --> 00:04:37,520 Speaker 3: we acts this entire thing that nobody, nobody looks at. 104 00:04:37,600 --> 00:04:38,560 Speaker 3: It just shows up in the mail and. 105 00:04:38,560 --> 00:04:39,919 Speaker 1: You just throw it in the trash, which is what 106 00:04:40,080 --> 00:04:43,520 Speaker 1: most recycling Usually it's inertia bias that people say, oh, yeah, 107 00:04:43,520 --> 00:04:44,800 Speaker 1: I'm gonna keep you in the paper sent They just 108 00:04:44,839 --> 00:04:46,560 Speaker 1: never go turn it off. Maybe they're prompted when they 109 00:04:46,560 --> 00:04:48,520 Speaker 1: log in and they just like click the X button. 110 00:04:48,920 --> 00:04:50,960 Speaker 1: But if you're a customer who wants a physical statement, 111 00:04:51,240 --> 00:04:53,000 Speaker 1: you can print it out at home. Right, there's like 112 00:04:53,320 --> 00:04:55,760 Speaker 1: the PDF or that you can you can easily print 113 00:04:55,760 --> 00:04:57,880 Speaker 1: that statement out. I don't know why we need to 114 00:04:57,880 --> 00:05:00,280 Speaker 1: get them physically mailed to us anymore. But the thing 115 00:05:00,400 --> 00:05:03,000 Speaker 1: is they also might be running a foul a federal law. 116 00:05:03,200 --> 00:05:06,680 Speaker 1: That's kind of a murky point right here. It's and 117 00:05:07,000 --> 00:05:09,040 Speaker 1: the way they're going about it, I would say it's 118 00:05:09,080 --> 00:05:12,040 Speaker 1: kind of bad customer service instead of just kind of saying, listen, 119 00:05:12,040 --> 00:05:14,000 Speaker 1: I totally agree with it. If you don't agree to 120 00:05:14,200 --> 00:05:17,000 Speaker 1: turning off paper statements, you can't log into your account. 121 00:05:17,240 --> 00:05:19,600 Speaker 1: That feels like an ultimatum. That is pretty harsh, right, 122 00:05:19,640 --> 00:05:21,880 Speaker 1: And so a lot of people are actually saying, you 123 00:05:21,880 --> 00:05:23,839 Speaker 1: know what, I'm so mad the city is doing this. 124 00:05:23,920 --> 00:05:26,359 Speaker 1: I'm leaving and I'm not doing business with them anymore. Instead, 125 00:05:26,600 --> 00:05:30,120 Speaker 1: instead of panalizing, they should be encouraging, right, basically incentivize 126 00:05:30,120 --> 00:05:32,200 Speaker 1: people with a perk to take the action you want, 127 00:05:32,240 --> 00:05:34,800 Speaker 1: instead of making it impossible to log in and access 128 00:05:34,800 --> 00:05:37,880 Speaker 1: to their accounts, which just feels ridiculous and uncool. Sure, well, 129 00:05:38,120 --> 00:05:40,200 Speaker 1: it also decreases the like. 130 00:05:40,240 --> 00:05:42,640 Speaker 3: There's a lot of variety when it comes to how 131 00:05:42,640 --> 00:05:45,040 Speaker 3: it is that people interact with their finances, right, Like, 132 00:05:45,080 --> 00:05:47,280 Speaker 3: everyone has a personalized way. Nobody does it the exact 133 00:05:47,320 --> 00:05:50,440 Speaker 3: same way. And when you turn off the ability for 134 00:05:50,480 --> 00:05:54,960 Speaker 3: people to receive paper statements, you're limiting those healthy habits 135 00:05:54,960 --> 00:05:58,920 Speaker 3: and behaviors that folks have developed over the years. And 136 00:05:59,240 --> 00:06:01,599 Speaker 3: I think you can spect to feel people's wrath if 137 00:06:01,839 --> 00:06:03,600 Speaker 3: you started removing some of the or the very least, 138 00:06:03,640 --> 00:06:05,680 Speaker 3: you can expect them to jump ship in thin a 139 00:06:05,680 --> 00:06:06,400 Speaker 3: lot of folks might do. 140 00:06:06,480 --> 00:06:08,240 Speaker 1: I would offer a little bit of incentive to turn 141 00:06:08,279 --> 00:06:11,400 Speaker 1: them off, give them perk, maybe some city points or 142 00:06:11,400 --> 00:06:13,880 Speaker 1: something like that, right, but also start charging for those 143 00:06:13,880 --> 00:06:16,120 Speaker 1: paper statements, because it really is a cost center for 144 00:06:16,200 --> 00:06:18,160 Speaker 1: the little search arge. So say, hey, listen, sure three 145 00:06:18,240 --> 00:06:19,520 Speaker 1: bucks a month if you want to keep getting your 146 00:06:19,520 --> 00:06:21,599 Speaker 1: paper statement. And for people who really want it, they'll 147 00:06:21,600 --> 00:06:23,120 Speaker 1: poney up. And then a lot of people will say, 148 00:06:23,160 --> 00:06:24,960 Speaker 1: wait a second, I don't want to pay. I just 149 00:06:25,040 --> 00:06:26,720 Speaker 1: kind of did it because I never got around that 150 00:06:26,800 --> 00:06:28,960 Speaker 1: not doing it. Yeah, and a lot of people will 151 00:06:28,960 --> 00:06:30,360 Speaker 1: then I think, make it, change it, will change it. 152 00:06:30,400 --> 00:06:33,039 Speaker 3: Then, yeah, take the frontier or the spirit air approach. 153 00:06:33,400 --> 00:06:36,880 Speaker 3: Uh Nickel and Dion Bouks. Let's talk about inflation, because 154 00:06:36,960 --> 00:06:39,760 Speaker 3: it has not been tamed all the way, that's for sure. 155 00:06:40,000 --> 00:06:43,599 Speaker 3: And I think in our post COVID world fun things 156 00:06:43,640 --> 00:06:46,880 Speaker 3: they have experienced some of the most dramatic price increases. 157 00:06:47,240 --> 00:06:50,080 Speaker 3: So concerts, for instance, they've been one of the most 158 00:06:50,120 --> 00:06:54,200 Speaker 3: in demand purchases lately, and the price reflects that new reality. 159 00:06:54,440 --> 00:06:56,480 Speaker 3: There is some truth to the fact that we derive 160 00:06:56,640 --> 00:06:59,719 Speaker 3: more pleasure when we spend our money on experiences instead 161 00:06:59,720 --> 00:07:02,560 Speaker 3: of a lot of studies kind of points of that, 162 00:07:03,160 --> 00:07:06,520 Speaker 3: But when prices skyrocket quickly like they have, it con 163 00:07:06,600 --> 00:07:10,520 Speaker 3: taint our view of that experience. So, for instance, some 164 00:07:10,640 --> 00:07:13,360 Speaker 3: amazing concert that you go to for fifty dollars, well, 165 00:07:13,360 --> 00:07:15,080 Speaker 3: that might feel like money well spent. 166 00:07:15,160 --> 00:07:17,720 Speaker 1: But if you forked over triple that, right, let's say 167 00:07:17,720 --> 00:07:19,640 Speaker 1: you paid one fifty for the same show, you're going 168 00:07:19,720 --> 00:07:22,400 Speaker 1: to likely feel different. And you know, the only way 169 00:07:22,520 --> 00:07:26,280 Speaker 1: prices on these fun outings stop skyrocketing is if we 170 00:07:26,360 --> 00:07:27,440 Speaker 1: collectively stop. 171 00:07:27,560 --> 00:07:29,880 Speaker 3: This was an article that was in the Journal, and 172 00:07:29,920 --> 00:07:33,920 Speaker 3: they're basically highlighting how folks are in real time are 173 00:07:33,960 --> 00:07:37,200 Speaker 3: realizing that they're having buyers remorse, which I don't think 174 00:07:37,280 --> 00:07:40,400 Speaker 3: is necessarily a bad thing because these are inputs. This 175 00:07:40,560 --> 00:07:43,680 Speaker 3: is our ability to see does this or does this 176 00:07:43,800 --> 00:07:47,280 Speaker 3: not bring me joy, happiness, satisfaction, and then you can 177 00:07:47,360 --> 00:07:49,760 Speaker 3: change and modify your behaviors based on those things. 178 00:07:50,000 --> 00:07:50,480 Speaker 1: It's not a. 179 00:07:50,440 --> 00:07:52,320 Speaker 3: Total loss, I guess, is what I'm saying. I think 180 00:07:52,320 --> 00:07:54,560 Speaker 3: if you can learn from that experience and then just 181 00:07:54,560 --> 00:07:57,400 Speaker 3: make different decisions moving forward, I think it could be 182 00:07:57,400 --> 00:07:57,760 Speaker 3: a good thing. 183 00:07:57,880 --> 00:08:00,560 Speaker 1: Yeah. And I think it all comes down to value, right, Yeah, 184 00:08:00,600 --> 00:08:01,760 Speaker 1: And how much is it that you value? 185 00:08:01,800 --> 00:08:04,040 Speaker 3: And the things that we value change over time, right, 186 00:08:04,080 --> 00:08:06,480 Speaker 3: like we are and the price point were evolving. 187 00:08:06,160 --> 00:08:09,080 Speaker 1: To pay for things, right, So as these concert prices 188 00:08:09,080 --> 00:08:10,560 Speaker 1: continue to go up, up and up, at some point 189 00:08:10,560 --> 00:08:12,680 Speaker 1: there's a breaking point for us as individuals and I 190 00:08:12,720 --> 00:08:15,200 Speaker 1: think societally. But you have to say, like listen, oh, 191 00:08:15,480 --> 00:08:17,440 Speaker 1: Taylor Swift concert for two hundred bucks. That sounds great. 192 00:08:17,480 --> 00:08:21,360 Speaker 1: Taylor Swift Swift concert for twelve hundred bucks. Sorry, lovey Tay, 193 00:08:21,440 --> 00:08:23,800 Speaker 1: but not going to happen. That's really an individual thing 194 00:08:23,800 --> 00:08:25,200 Speaker 1: that people have to come to grips with how much 195 00:08:25,200 --> 00:08:27,320 Speaker 1: does it actually worth to me? So much depends on 196 00:08:27,520 --> 00:08:30,360 Speaker 1: how much you have in savings and how how much 197 00:08:30,400 --> 00:08:33,480 Speaker 1: you care about that event. But there's a lot of 198 00:08:33,520 --> 00:08:35,160 Speaker 1: I think yolo going on in this too, and then 199 00:08:35,200 --> 00:08:37,320 Speaker 1: a lot of, like you said, buyer's remorse regret at 200 00:08:37,360 --> 00:08:38,920 Speaker 1: the end of the day for having spent that money. 201 00:08:39,280 --> 00:08:41,120 Speaker 1: All right, man, there's a new app we have to discuss. 202 00:08:41,120 --> 00:08:42,599 Speaker 1: There's actually a really good app that we want to 203 00:08:42,600 --> 00:08:44,520 Speaker 1: talk about later. This is a bad app. This is 204 00:08:44,559 --> 00:08:46,920 Speaker 1: an app that we don't want people actually downloading. I 205 00:08:46,960 --> 00:08:48,960 Speaker 1: only found out about it this week on the site 206 00:08:48,960 --> 00:08:51,160 Speaker 1: the Free Press. There's probably one that we should all 207 00:08:51,160 --> 00:08:53,760 Speaker 1: be avoiding because it's called Flip and it's billed. 208 00:08:53,480 --> 00:08:56,520 Speaker 3: As and not the flip app that brings together all 209 00:08:56,559 --> 00:08:59,800 Speaker 3: of the circular right then local flipp two ps, this 210 00:08:59,840 --> 00:09:00,839 Speaker 3: is one singular p. 211 00:09:01,440 --> 00:09:03,160 Speaker 1: Yeah, And so this one has been called it the 212 00:09:03,520 --> 00:09:07,200 Speaker 1: social media app for shoppers. And of course you know 213 00:09:07,559 --> 00:09:10,280 Speaker 1: that there's like alarm bells sounding in my head as 214 00:09:10,320 --> 00:09:12,440 Speaker 1: I read that bad news. Yeah. On the site it 215 00:09:12,440 --> 00:09:15,160 Speaker 1: says you can get rewarded for shopping and for thinking 216 00:09:15,160 --> 00:09:20,360 Speaker 1: about shopping, which cannot be good. It's booming though, because 217 00:09:20,360 --> 00:09:22,360 Speaker 1: of the ability for users to refer their friends for 218 00:09:22,480 --> 00:09:24,680 Speaker 1: large amounts of credit to spend on the app, and 219 00:09:24,720 --> 00:09:26,600 Speaker 1: so because like, oh, I can get like forty bucks 220 00:09:26,640 --> 00:09:29,360 Speaker 1: to spend on this app if I refer my friends somebody. 221 00:09:29,520 --> 00:09:32,079 Speaker 1: The author on the article in the Free Press Mat 222 00:09:32,120 --> 00:09:33,839 Speaker 1: said if she referred all her friends, she'd have like 223 00:09:33,960 --> 00:09:36,800 Speaker 1: forty thousand dollars to spend on the app flip credit, 224 00:09:36,840 --> 00:09:39,160 Speaker 1: which is amazing and flip credits, yeah, which's that's a 225 00:09:39,200 --> 00:09:42,079 Speaker 1: lot of money. So it's spreading like wildfire because of that. 226 00:09:42,480 --> 00:09:45,160 Speaker 1: But like we've talked about kind of the social mediafication 227 00:09:45,200 --> 00:09:48,239 Speaker 1: of other apps, like ones for investing and making money transfers, 228 00:09:48,400 --> 00:09:50,240 Speaker 1: Public is the one for investing where it's like, oh 229 00:09:50,280 --> 00:09:53,040 Speaker 1: invest in the social media awesome way, or Venmo. It's 230 00:09:53,040 --> 00:09:55,719 Speaker 1: like make everyone aware of every money transfer you ever make, 231 00:09:55,760 --> 00:09:59,480 Speaker 1: which is so weird. It's like this dystopian future we 232 00:09:59,600 --> 00:10:03,560 Speaker 1: deserve in a country obsessed with consumerism, to extend that 233 00:10:03,600 --> 00:10:07,320 Speaker 1: all the way to shopping. It's to me, it's kind 234 00:10:07,360 --> 00:10:10,040 Speaker 1: of like a QBC esque products. Oh yeah, like a 235 00:10:10,040 --> 00:10:12,120 Speaker 1: little blast from the past, but in this new packaging. 236 00:10:12,440 --> 00:10:15,679 Speaker 1: And I haven't tried flip personally, I don't plan on it, 237 00:10:15,760 --> 00:10:18,400 Speaker 1: but from everything I've read, it sounds incredibly frightening and 238 00:10:18,440 --> 00:10:19,920 Speaker 1: so I'd be curious to know if any how to 239 00:10:19,920 --> 00:10:21,880 Speaker 1: money listeners are using it. If you think we're way off, 240 00:10:22,000 --> 00:10:23,920 Speaker 1: please reach out to us and tell us if we're wrong. 241 00:10:24,040 --> 00:10:26,960 Speaker 1: But I feel like this app has a mega ability 242 00:10:27,240 --> 00:10:30,679 Speaker 1: to derail people's ability to achieve their savings and investing 243 00:10:30,679 --> 00:10:32,760 Speaker 1: goals because they're spending too much time on the app, 244 00:10:32,800 --> 00:10:34,839 Speaker 1: spending more money than they know the wise planned. Yeah. 245 00:10:34,880 --> 00:10:37,000 Speaker 3: I was actually going to use this opportunity to share 246 00:10:37,080 --> 00:10:40,440 Speaker 3: my flip referral link, but I based on how you've 247 00:10:40,440 --> 00:10:41,880 Speaker 3: approached it, I'm gonna choose not. 248 00:10:41,960 --> 00:10:43,439 Speaker 1: Hey man, you could have made big bucks from it. 249 00:10:43,760 --> 00:10:45,000 Speaker 1: Forty dollars. 250 00:10:45,360 --> 00:10:46,880 Speaker 2: No, I mean kind of going back to the previous 251 00:10:46,880 --> 00:10:48,160 Speaker 2: story where we're talking about. 252 00:10:48,040 --> 00:10:50,079 Speaker 1: Just have to buy all credibility simultaneously. 253 00:10:50,200 --> 00:10:52,960 Speaker 3: Buyers remorse, Like what I hate about this? Like, yes, 254 00:10:53,080 --> 00:10:55,240 Speaker 3: I bet there are some deals to be found on there. Yes, 255 00:10:55,559 --> 00:10:58,200 Speaker 3: it's not like it's a scam. There are actual dollars credit, 256 00:10:58,280 --> 00:10:59,440 Speaker 3: you know, flip credit or whatever. 257 00:10:59,520 --> 00:11:00,280 Speaker 1: I don't. We don't know. 258 00:11:00,559 --> 00:11:02,960 Speaker 3: We haven't downloaded it. But you can actually earn these 259 00:11:03,000 --> 00:11:05,680 Speaker 3: dollars and you can buy actual products. And I'm sure 260 00:11:05,679 --> 00:11:07,360 Speaker 3: there's a lot of folks who might say oh no, 261 00:11:07,920 --> 00:11:10,240 Speaker 3: this is legit for real, Like I was able to get. 262 00:11:10,080 --> 00:11:10,679 Speaker 1: This, this, and this. 263 00:11:11,240 --> 00:11:13,439 Speaker 3: But what I hate about this is that it is 264 00:11:13,760 --> 00:11:17,360 Speaker 3: feeding individuals products that they think that they need, that 265 00:11:17,440 --> 00:11:19,480 Speaker 3: they think are going to actually make them happy and 266 00:11:19,679 --> 00:11:22,439 Speaker 3: provide fulfillment, but they're not. Again going back to the 267 00:11:22,480 --> 00:11:25,960 Speaker 3: buyer's remorse, we think that products are the answer, when 268 00:11:25,960 --> 00:11:28,600 Speaker 3: in reality, what is it that brings people the most 269 00:11:28,800 --> 00:11:33,360 Speaker 3: life satisfaction? Oftentimes it's meaningful relationships, and this is kind 270 00:11:33,400 --> 00:11:35,520 Speaker 3: of does the exact opposite of that, because what you're 271 00:11:35,559 --> 00:11:38,640 Speaker 3: doing is you're like harvesting your friends as opposed to real, 272 00:11:38,720 --> 00:11:43,480 Speaker 3: actual lasting friendships. You're selling out and you're undermining your 273 00:11:43,520 --> 00:11:46,640 Speaker 3: ability to have actual happiness because you're not partaking in 274 00:11:46,760 --> 00:11:51,640 Speaker 3: actual relationships. You're just referral links and sending messages off 275 00:11:51,640 --> 00:11:53,120 Speaker 3: to people you haven't been in touch with for a 276 00:11:53,120 --> 00:11:56,439 Speaker 3: couple of years. Like poisons the water, it poisons the well. 277 00:11:56,840 --> 00:12:00,200 Speaker 3: And that's the sort of the saddest part about this 278 00:12:00,600 --> 00:12:02,360 Speaker 3: is that we think it's going to make us happy, 279 00:12:02,400 --> 00:12:04,040 Speaker 3: but in reality it's probably going to lead to the 280 00:12:04,040 --> 00:12:04,720 Speaker 3: exact opposite. 281 00:12:04,800 --> 00:12:06,320 Speaker 1: Yeah. Yeah, And I think the other thing that makes 282 00:12:06,400 --> 00:12:07,840 Speaker 1: us happy is free time and guess what. We have 283 00:12:07,920 --> 00:12:09,439 Speaker 1: more free time when. 284 00:12:09,480 --> 00:12:11,040 Speaker 3: You're not having less money if you and if you're 285 00:12:11,080 --> 00:12:13,360 Speaker 3: not sitting there glued to the screen trying to find 286 00:12:13,360 --> 00:12:13,920 Speaker 3: the next deal. 287 00:12:13,760 --> 00:12:14,960 Speaker 1: And you might not have to work as much if 288 00:12:14,960 --> 00:12:15,800 Speaker 1: you're not spending as much. 289 00:12:15,840 --> 00:12:15,920 Speaker 3: Bro. 290 00:12:16,840 --> 00:12:20,040 Speaker 1: But yeah, this is truly concerning to me seeing an 291 00:12:20,080 --> 00:12:23,760 Speaker 1: app like this spread like wildfire, because it's antithetical to 292 00:12:23,840 --> 00:12:25,640 Speaker 1: what I think is it's good. It makes me think 293 00:12:25,679 --> 00:12:28,160 Speaker 1: of a conversation that you and I had a long 294 00:12:28,200 --> 00:12:31,080 Speaker 1: time ago with Joshua Becker about minimalism, and my goodness, 295 00:12:31,120 --> 00:12:32,920 Speaker 1: we could all stand for a dose of that again, 296 00:12:33,200 --> 00:12:35,440 Speaker 1: because I think he's right on the money when it 297 00:12:35,480 --> 00:12:38,480 Speaker 1: comes to fewer possessions are actually going to lead to 298 00:12:38,559 --> 00:12:42,000 Speaker 1: increased amounts of happiness and a life that's centered around 299 00:12:42,000 --> 00:12:43,560 Speaker 1: the things that matter more. Yeah. 300 00:12:43,640 --> 00:12:46,040 Speaker 3: Yeah, so I hadn't thought about him in forever. But 301 00:12:46,120 --> 00:12:48,640 Speaker 3: it's not just the time that you're spending earning the 302 00:12:48,720 --> 00:12:51,040 Speaker 3: money that you're going to then spend to buy the stuff. 303 00:12:51,120 --> 00:12:53,560 Speaker 3: It's not just the time that you are wasting away 304 00:12:53,559 --> 00:12:55,720 Speaker 3: as you're scrolling through products. It's also the time on 305 00:12:55,760 --> 00:12:57,560 Speaker 3: the back end when you have a garage full of 306 00:12:57,600 --> 00:13:01,040 Speaker 3: all this scrap and that was Joshua Becker's right. His 307 00:13:01,280 --> 00:13:03,520 Speaker 3: son is wanting to play with him, and he's like, no, 308 00:13:03,600 --> 00:13:05,439 Speaker 3: we got to clean up the garage. And then he 309 00:13:05,520 --> 00:13:09,040 Speaker 3: finally realized, wait a minute, why do I have all 310 00:13:09,080 --> 00:13:11,440 Speaker 3: of this stuff? You know, we've all got garages or 311 00:13:11,440 --> 00:13:13,560 Speaker 3: closets or addicts full of all this crap that we 312 00:13:13,600 --> 00:13:15,160 Speaker 3: don't need, that we don't value. 313 00:13:15,080 --> 00:13:16,839 Speaker 1: Some kind of have a few bins of Christmas items 314 00:13:16,880 --> 00:13:21,040 Speaker 1: and not hating on that, but do we overdo it? 315 00:13:21,120 --> 00:13:24,560 Speaker 1: For sure? Yeah, as a country, absolutely overdo it. Ninety 316 00:13:24,679 --> 00:13:26,679 Speaker 1: percent of us if we're honest, there's wee could pair 317 00:13:26,760 --> 00:13:29,440 Speaker 1: back and and we could what was it we talked 318 00:13:29,440 --> 00:13:33,520 Speaker 1: about junk last week, Matt and and that Atlantic article. 319 00:13:33,880 --> 00:13:36,600 Speaker 1: It would be better if we win avoided in the 320 00:13:36,640 --> 00:13:38,760 Speaker 1: first place, because guess what, we're going to spend the 321 00:13:38,800 --> 00:13:40,520 Speaker 1: money we're gonna get the thing, We're not going to 322 00:13:40,600 --> 00:13:42,040 Speaker 1: enjoy it as much as we thought. Then it's going 323 00:13:42,080 --> 00:13:43,199 Speaker 1: to end up at the good will anyway. 324 00:13:43,280 --> 00:13:46,240 Speaker 3: Yeah, unless you do actually need something, and the goal 325 00:13:46,360 --> 00:13:49,360 Speaker 3: there then, of course, is to spend less getting that item. 326 00:13:49,400 --> 00:13:52,480 Speaker 1: Have you heard of dupes? Oh? Yeah, so dupes. It's 327 00:13:52,520 --> 00:13:55,040 Speaker 1: like hot new trend as opposed to because we're up 328 00:13:55,040 --> 00:13:57,040 Speaker 1: on all the honey trends, as opposed to like knockoffs, 329 00:13:57,080 --> 00:14:00,240 Speaker 1: where you've got an item that looks like it's a 330 00:14:00,280 --> 00:14:03,640 Speaker 1: name brand item and it's got like the fake what Gucci, 331 00:14:04,280 --> 00:14:06,760 Speaker 1: the fake Supreme or whatever that that's on there, but 332 00:14:06,760 --> 00:14:09,160 Speaker 1: it's like massively inferior, poorly made. Yeah, it's a piece 333 00:14:09,160 --> 00:14:12,000 Speaker 1: of junk. Whereas dupes, they seem like they're more it's 334 00:14:12,040 --> 00:14:15,960 Speaker 1: like a movement towards decently quality goods, but without the label, 335 00:14:16,120 --> 00:14:18,840 Speaker 1: which I am all about. It seems like it's become 336 00:14:18,840 --> 00:14:21,360 Speaker 1: more of a TikTok trend, and it kind of seems 337 00:14:21,400 --> 00:14:25,320 Speaker 1: like the TikTok generation their ability to provide language to 338 00:14:26,080 --> 00:14:29,640 Speaker 1: the old school idea of generic or store brands, which 339 00:14:29,680 --> 00:14:30,920 Speaker 1: is fine, you. 340 00:14:30,840 --> 00:14:33,640 Speaker 2: Want to call them dupes instead of store brand, that's. 341 00:14:33,520 --> 00:14:34,040 Speaker 1: Fine with me. 342 00:14:34,160 --> 00:14:36,400 Speaker 3: If as long as that means if that means you're 343 00:14:36,440 --> 00:14:38,200 Speaker 3: not spending money, that you don't have to buy stuff 344 00:14:38,200 --> 00:14:41,120 Speaker 3: you don't need to impress people you don't care about, 345 00:14:41,440 --> 00:14:42,320 Speaker 3: then more power to you. 346 00:14:42,400 --> 00:14:45,280 Speaker 1: What makes me think of my grandpa who when he 347 00:14:45,280 --> 00:14:47,800 Speaker 1: would buy a car, he would actually take off like whatever, 348 00:14:47,920 --> 00:14:50,480 Speaker 1: like the Ford emblem or the yeah I love that 349 00:14:50,480 --> 00:14:52,320 Speaker 1: he would pry that off because he was like, that's 350 00:14:52,320 --> 00:14:55,000 Speaker 1: free advertising for the car company. I'm not giving it 351 00:14:55,040 --> 00:14:56,560 Speaker 1: to them, And so it was kind of like his 352 00:14:56,680 --> 00:14:58,680 Speaker 1: version of a dupe, like fifty years ago. 353 00:14:58,560 --> 00:14:59,840 Speaker 3: Take me back in time, I would have had it 354 00:14:59,840 --> 00:15:02,040 Speaker 3: here with your grand Yeah, isn't that cool? I mean, yeah, 355 00:15:02,080 --> 00:15:04,160 Speaker 3: that was totally me as a kid as well, not 356 00:15:04,280 --> 00:15:04,920 Speaker 3: to the point. 357 00:15:05,000 --> 00:15:05,680 Speaker 1: Catch me if you can. 358 00:15:05,800 --> 00:15:07,120 Speaker 2: You remember that was one of the one of his. 359 00:15:07,400 --> 00:15:09,680 Speaker 3: Yah you'd like, pull the labels off stuff. I was 360 00:15:09,720 --> 00:15:12,440 Speaker 3: almost to that extent as a kid, removing with a 361 00:15:12,440 --> 00:15:13,040 Speaker 3: stitch ripper. 362 00:15:14,160 --> 00:15:15,600 Speaker 1: What I feel about clothes now, I'm like, I would 363 00:15:15,640 --> 00:15:19,200 Speaker 1: prefer zero branding at all on any for sure. I 364 00:15:20,360 --> 00:15:23,080 Speaker 1: don't want to signal anything to people based on the 365 00:15:23,120 --> 00:15:25,200 Speaker 1: thing it's you know I have. It's not that I 366 00:15:25,200 --> 00:15:27,120 Speaker 1: don't care about my style, but I don't care about 367 00:15:27,160 --> 00:15:31,600 Speaker 1: signaling via like labels or brand names. Conspicuous consumption. Yeah, 368 00:15:31,800 --> 00:15:33,320 Speaker 1: let's talk about buy now, Pay Later for a second. 369 00:15:33,360 --> 00:15:35,440 Speaker 1: That there are new stats that find then more people 370 00:15:35,480 --> 00:15:37,240 Speaker 1: are using buy now Paylater, which is something we have 371 00:15:37,720 --> 00:15:40,240 Speaker 1: talked smack about for for quite a long time. They're 372 00:15:40,320 --> 00:15:42,600 Speaker 1: using it now for holiday travel, and I don't want 373 00:15:42,600 --> 00:15:44,600 Speaker 1: to dwell on this because again we do talk about 374 00:15:44,600 --> 00:15:47,240 Speaker 1: this kind of regularly and you kind of know our take. 375 00:15:47,320 --> 00:15:49,320 Speaker 1: But one in five Americans are planning to pay that 376 00:15:49,320 --> 00:15:51,640 Speaker 1: plane ticket off over time instead of all at once. 377 00:15:52,040 --> 00:15:54,160 Speaker 1: So these stats kind of they make me sad. They 378 00:15:54,240 --> 00:15:56,880 Speaker 1: make me nervous at the same time too, And you know, 379 00:15:56,920 --> 00:15:58,720 Speaker 1: we certainly don't want you doing it with jeans or 380 00:15:58,760 --> 00:16:03,640 Speaker 1: a sweater buying, just like the clothing items over in installments. 381 00:16:03,840 --> 00:16:06,200 Speaker 1: But those airline tickets, man, those get easily crossed a 382 00:16:06,240 --> 00:16:08,720 Speaker 1: four digit threshold for a lot of families. Are family 383 00:16:08,720 --> 00:16:10,800 Speaker 1: of four, family of five traveling. You could be talking 384 00:16:10,800 --> 00:16:12,920 Speaker 1: about fifteen nineteen hundred bucks or something like that. 385 00:16:12,880 --> 00:16:15,160 Speaker 2: Only six Why do you think I've never cloned anywhere? 386 00:16:15,200 --> 00:16:17,560 Speaker 1: Dude's right, then you're talking about like thirty thousand dollars 387 00:16:17,640 --> 00:16:20,720 Speaker 1: for one flight to Oklahoma or something like that. And 388 00:16:20,760 --> 00:16:23,320 Speaker 1: I get the desire to not feel the full impact 389 00:16:23,320 --> 00:16:25,560 Speaker 1: of that purchase in one fell swoop, but by now 390 00:16:25,600 --> 00:16:27,680 Speaker 1: pay later. It just makes it so much easier to 391 00:16:27,760 --> 00:16:30,760 Speaker 1: spend more than you otherwise would. And I know this 392 00:16:30,800 --> 00:16:32,760 Speaker 1: is going to sound old school, I'm okay with that. 393 00:16:33,200 --> 00:16:35,000 Speaker 1: But if you don't have the money on hand, you 394 00:16:35,040 --> 00:16:37,760 Speaker 1: can't afford it, and by now pay later might seem 395 00:16:37,840 --> 00:16:40,320 Speaker 1: like a great option, allowing you to take that trip 396 00:16:40,320 --> 00:16:41,640 Speaker 1: to get the family where you want to go for 397 00:16:41,680 --> 00:16:45,640 Speaker 1: the holidays, but the behavioral ramifications becoming more of a 398 00:16:45,680 --> 00:16:48,920 Speaker 1: payment buyer. This has long lasting negative impacts on most 399 00:16:48,920 --> 00:16:50,920 Speaker 1: buy now Pay Later users to become addicted to it, 400 00:16:51,080 --> 00:16:53,360 Speaker 1: and Matt All the stats show that a lot of 401 00:16:53,440 --> 00:16:56,080 Speaker 1: high earners are using buy now, Pay Later, and they're 402 00:16:56,320 --> 00:16:58,320 Speaker 1: kind of getting on that month to month cycle. A 403 00:16:58,360 --> 00:17:00,160 Speaker 1: lot of people getting overwhelmed by all the buy now, 404 00:17:00,200 --> 00:17:03,480 Speaker 1: Paid later purchases that they've been making, and buy now 405 00:17:03,480 --> 00:17:06,720 Speaker 1: Pay Later is just extending into other parts of the economy, 406 00:17:06,960 --> 00:17:09,200 Speaker 1: which is just bad bad news. Yeah. 407 00:17:09,359 --> 00:17:12,159 Speaker 3: Yeah, six figure earners are not immune to the trap 408 00:17:12,160 --> 00:17:15,399 Speaker 3: of consumption. And Apple, of course they have been getting 409 00:17:15,480 --> 00:17:18,840 Speaker 3: into the game as well. They've got their pay later feature. 410 00:17:19,040 --> 00:17:21,280 Speaker 3: It started out initially as a test Now it is 411 00:17:21,320 --> 00:17:26,920 Speaker 3: available nationwide, and broadly speaking, Apple's migration into the financial 412 00:17:26,920 --> 00:17:29,359 Speaker 3: space it's kind of been good and bad like so. 413 00:17:29,440 --> 00:17:32,240 Speaker 3: The savings account is solid, the credit card isn't bad either. 414 00:17:32,680 --> 00:17:34,719 Speaker 3: You can get two percent rewards when you buy anything 415 00:17:34,720 --> 00:17:38,280 Speaker 3: with Apple Pay, which is accepted basically everywhere, and two 416 00:17:38,320 --> 00:17:39,600 Speaker 3: percent is basically. 417 00:17:39,320 --> 00:17:41,359 Speaker 1: The upper echelon of what credit cards offer. It's what 418 00:17:41,400 --> 00:17:44,359 Speaker 1: the Fidelity Card has the City Double Cash, which are 419 00:17:44,400 --> 00:17:45,000 Speaker 1: two cards we love. 420 00:17:45,040 --> 00:17:46,920 Speaker 3: So unless you're unless you're gonna nerd out even more 421 00:17:46,960 --> 00:17:50,359 Speaker 3: and really do to dive into it into individual categories. 422 00:17:50,640 --> 00:17:53,399 Speaker 3: But pay later, of course, is an offering that we 423 00:17:53,440 --> 00:17:55,919 Speaker 3: want you to turn down. When we talk about the 424 00:17:55,920 --> 00:17:58,520 Speaker 3: holiday debt hangover that so many folks experience in January, 425 00:17:58,520 --> 00:18:01,560 Speaker 3: that's usually referring to credit card debt, and we want 426 00:18:01,600 --> 00:18:03,800 Speaker 3: you to avoid that too. But buy now, pay later 427 00:18:03,840 --> 00:18:06,520 Speaker 3: payments extending into spring, we feel that those are going 428 00:18:06,600 --> 00:18:08,800 Speaker 3: to be a rude awakening for a lot of folks. 429 00:18:08,920 --> 00:18:11,040 Speaker 3: We don't want you to be one of those folks. 430 00:18:11,280 --> 00:18:14,040 Speaker 3: And as I was, we were kind of reading more 431 00:18:14,080 --> 00:18:17,040 Speaker 3: about Apple pay or pay Later specifically, and I noticed 432 00:18:17,080 --> 00:18:18,879 Speaker 3: one thing is that they were saying how you need 433 00:18:18,920 --> 00:18:20,840 Speaker 3: to make sure that your credit is not frozen in 434 00:18:20,920 --> 00:18:23,560 Speaker 3: order to get approved, which makes sense because these are 435 00:18:23,920 --> 00:18:27,679 Speaker 3: very small loans and in effect, even if it's a 436 00:18:27,680 --> 00:18:30,600 Speaker 3: soft poll, that your credit still has to be unfrozen. 437 00:18:30,840 --> 00:18:32,240 Speaker 3: And then so I went digging a little bit because 438 00:18:32,240 --> 00:18:35,640 Speaker 3: this isn't something we've talked about before, and I was curious, 439 00:18:35,680 --> 00:18:38,440 Speaker 3: does this also apply apply to the other companies as well? 440 00:18:38,480 --> 00:18:41,920 Speaker 3: And it does so affirm Klarna, the same thing applies. 441 00:18:42,000 --> 00:18:46,040 Speaker 3: If your credit is frozen, you actually cannot participate in 442 00:18:46,359 --> 00:18:47,640 Speaker 3: buy now, Pay later. 443 00:18:48,000 --> 00:18:49,480 Speaker 1: Which is a good thing. 444 00:18:49,720 --> 00:18:51,440 Speaker 2: This is like yet another reason to go ahead and 445 00:18:51,480 --> 00:18:52,880 Speaker 2: freeze your credit because. 446 00:18:52,640 --> 00:18:55,320 Speaker 1: I think it pros your credit with TransUnion, and they 447 00:18:55,359 --> 00:18:56,200 Speaker 1: never actually did it, and. 448 00:18:56,160 --> 00:18:58,199 Speaker 3: They probably can it, but I think it can be 449 00:18:58,280 --> 00:19:03,440 Speaker 3: an incredible accountability mechanism to keep you from that temptation 450 00:19:03,640 --> 00:19:06,040 Speaker 3: of overspending. Right Like in the heat of the moment, 451 00:19:06,080 --> 00:19:08,960 Speaker 3: you might be thinking, all was gonna hit pay now, 452 00:19:09,320 --> 00:19:11,400 Speaker 3: but I was thinking about tapping. 453 00:19:11,119 --> 00:19:13,119 Speaker 1: Pay later, but get so tempting. 454 00:19:13,240 --> 00:19:16,200 Speaker 3: If you credit is frozen, you will not get approved 455 00:19:16,320 --> 00:19:19,240 Speaker 3: for that. So that's one thing you can proactively. 456 00:19:18,640 --> 00:19:21,040 Speaker 1: Do for sure. I like yourself in check. Yeah, we 457 00:19:21,040 --> 00:19:23,080 Speaker 1: got more to get to Matt on this episode, including 458 00:19:23,840 --> 00:19:26,840 Speaker 1: how much is bad credit gonna cost you? There's like 459 00:19:26,960 --> 00:19:29,000 Speaker 1: some hard numbers on that that we're gonna get to 460 00:19:29,359 --> 00:19:32,120 Speaker 1: and what does it take to achieve financial freedom? Well, 461 00:19:32,160 --> 00:19:34,720 Speaker 1: not as much as some more friends might lead you 462 00:19:34,760 --> 00:19:36,719 Speaker 1: to believe. We'll get to that and more right after this, 463 00:19:45,320 --> 00:19:46,560 Speaker 1: All right, Joe, we're back. 464 00:19:46,640 --> 00:19:49,520 Speaker 3: We've got plenty more topics to get to and of 465 00:19:49,520 --> 00:19:51,960 Speaker 3: course it is now time for the ludicrous headline of 466 00:19:52,000 --> 00:19:55,879 Speaker 3: the week. This week's comes from CNBC and the headline reads, 467 00:19:56,400 --> 00:19:59,639 Speaker 3: it may take ten million dollars to achieve financial freedom. 468 00:20:00,520 --> 00:20:03,879 Speaker 3: Earn your leisure hosts. And of course this is going 469 00:20:03,960 --> 00:20:08,560 Speaker 3: to sound incredibly demoralizing to I'm going to guess ninety. 470 00:20:08,160 --> 00:20:10,320 Speaker 2: Five percent of the country, ninety five. 471 00:20:10,160 --> 00:20:13,280 Speaker 3: Percent of folks at least, who have eighty thousand or 472 00:20:13,400 --> 00:20:14,960 Speaker 3: less set aside in their retirement. 473 00:20:15,040 --> 00:20:16,960 Speaker 1: So here a financial experts say you need ten million 474 00:20:17,000 --> 00:20:19,919 Speaker 1: to achieve financial freedom. That it kind of makes you 475 00:20:19,960 --> 00:20:22,480 Speaker 1: just want to like forget it. Yeah, yeah, you even 476 00:20:22,480 --> 00:20:22,960 Speaker 1: thought about it. 477 00:20:23,000 --> 00:20:24,840 Speaker 3: So, I mean, here's the thing. We've had these guys 478 00:20:24,840 --> 00:20:27,320 Speaker 3: on before. We feel like that they're good dudes on 479 00:20:27,400 --> 00:20:29,880 Speaker 3: a on a good mission. They care about financial literacy 480 00:20:29,960 --> 00:20:32,840 Speaker 3: just like we do. But these statements are just so 481 00:20:33,200 --> 00:20:36,119 Speaker 3: counterproductive because even if you do everything right, say you 482 00:20:36,160 --> 00:20:38,840 Speaker 3: start young, you have a high savings rate, say you 483 00:20:38,920 --> 00:20:42,719 Speaker 3: invest meaningful dollars in tax advantaged accounts, most folks are 484 00:20:42,720 --> 00:20:45,120 Speaker 3: never going to come close to eight figures in their 485 00:20:45,160 --> 00:20:48,720 Speaker 3: retirement accounts, and we take the middle road. We like 486 00:20:48,760 --> 00:20:50,959 Speaker 3: to have conversations where there's nuance. But I know that 487 00:20:51,000 --> 00:20:53,960 Speaker 3: path in the middle between someone who's living that lean 488 00:20:54,040 --> 00:20:55,800 Speaker 3: fire life where they're living in their van and they're 489 00:20:55,800 --> 00:20:58,880 Speaker 3: retired at age thirty, they're a software developer on one 490 00:20:58,960 --> 00:21:01,120 Speaker 3: end of the spectrum. On the other end of the spectrum, 491 00:21:01,160 --> 00:21:03,520 Speaker 3: like someone that's got a ten million dollar nest egg. 492 00:21:03,960 --> 00:21:06,320 Speaker 3: We know that nuance kind of conversation is not going 493 00:21:06,320 --> 00:21:07,120 Speaker 3: to make the headline. 494 00:21:07,160 --> 00:21:10,879 Speaker 1: Nobody's talking about the average person who outsaved their peers 495 00:21:11,160 --> 00:21:13,359 Speaker 1: and ended up with one point three million dollars in 496 00:21:13,359 --> 00:21:14,120 Speaker 1: the bank, right. 497 00:21:13,960 --> 00:21:16,440 Speaker 3: But that is I think going to be the situation 498 00:21:16,520 --> 00:21:19,399 Speaker 3: that most folks find themselves in. And that is why 499 00:21:19,480 --> 00:21:21,720 Speaker 3: we talk about it the way that we do, because 500 00:21:21,720 --> 00:21:23,560 Speaker 3: we want to highlight the fact that this is something 501 00:21:23,640 --> 00:21:26,400 Speaker 3: that is replicable, that this is something that's doable, as 502 00:21:26,440 --> 00:21:30,400 Speaker 3: opposed to maybe quickly skimming a headline, seeing a huge 503 00:21:30,440 --> 00:21:32,960 Speaker 3: number and then giving up before you even had a chance. 504 00:21:32,840 --> 00:21:34,080 Speaker 1: To start, which I think is what it does for 505 00:21:34,119 --> 00:21:35,480 Speaker 1: most of a lot of people are going to say 506 00:21:36,160 --> 00:21:38,800 Speaker 1: that's not for me. I don't think I could possibly 507 00:21:38,840 --> 00:21:41,399 Speaker 1: achieve that. So maybe I just need to nip it 508 00:21:41,400 --> 00:21:43,440 Speaker 1: in the butt and stop investing if I can ever 509 00:21:43,480 --> 00:21:46,320 Speaker 1: achieve financial freedom, it only reinforces this limiting belief that 510 00:21:46,359 --> 00:21:49,199 Speaker 1: so many people have I think about their ability to 511 00:21:49,359 --> 00:21:52,560 Speaker 1: invest for and be able to achieve financial freedom. Sure, 512 00:21:52,600 --> 00:21:54,560 Speaker 1: the truth is, nobody really needs ten million dollars in 513 00:21:54,600 --> 00:21:56,760 Speaker 1: retirement right. If we're looking at the four percent rule 514 00:21:56,800 --> 00:21:59,800 Speaker 1: for guidance, that means that ten million dollar portfolio gets 515 00:21:59,800 --> 00:22:01,439 Speaker 1: you four hundred thousand dollars a year that you can 516 00:22:01,520 --> 00:22:04,200 Speaker 1: draw down and basically essentially never run out of money. 517 00:22:05,160 --> 00:22:07,199 Speaker 1: I'm not gonna lie, man, I wouldn't be mad if 518 00:22:07,240 --> 00:22:10,880 Speaker 1: I had ten mil I guess in my retirement accounts. 519 00:22:10,960 --> 00:22:12,360 Speaker 1: I'm not gonna I can find a way to spend 520 00:22:12,359 --> 00:22:14,600 Speaker 1: foreigner K year. I mean, if someone dropped it in there, 521 00:22:14,680 --> 00:22:16,359 Speaker 1: I'm not going to punch them in the face or 522 00:22:16,359 --> 00:22:18,480 Speaker 1: anything like that. But there just aren't that many people 523 00:22:18,480 --> 00:22:21,080 Speaker 1: who truly need to build a nest egg of that size. 524 00:22:21,280 --> 00:22:23,159 Speaker 1: I'm not saying that you can't have big goals, that 525 00:22:23,160 --> 00:22:25,720 Speaker 1: you shouldn't aspire to build wealth that gives you more 526 00:22:25,720 --> 00:22:28,040 Speaker 1: options in your life. But like we talked about earlier, 527 00:22:28,040 --> 00:22:31,520 Speaker 1: this year. Financial independence exists on a spectrum. That was 528 00:22:31,600 --> 00:22:33,280 Speaker 1: episode six ninety two, and I feel like that is 529 00:22:33,280 --> 00:22:35,880 Speaker 1: such a powerful way to think about financial independence. It's 530 00:22:35,880 --> 00:22:39,080 Speaker 1: not all or nothing. And that a goal of ten million, 531 00:22:39,119 --> 00:22:41,479 Speaker 1: Oh maybe you hit it at seventy you achieve financial 532 00:22:41,480 --> 00:22:43,840 Speaker 1: independence and then guess what you die? Right, And so 533 00:22:44,160 --> 00:22:47,879 Speaker 1: that's like a really crummy way to think about financial independence, 534 00:22:48,040 --> 00:22:50,840 Speaker 1: and it's applicable to almost nobody. The truth is, it 535 00:22:50,840 --> 00:22:53,439 Speaker 1: takes far less than ten million dollars to experience the 536 00:22:53,480 --> 00:22:55,879 Speaker 1: independence that good many habits can provide. And while I 537 00:22:55,880 --> 00:22:58,840 Speaker 1: love Troy and Rashad, their good dudes do not internalize 538 00:22:58,920 --> 00:23:00,320 Speaker 1: this part of their message. 539 00:23:00,560 --> 00:23:03,680 Speaker 3: Sure, and I will say the fault doesn't entirely lie 540 00:23:03,720 --> 00:23:05,920 Speaker 3: with them because in the headline it said that it 541 00:23:06,000 --> 00:23:08,719 Speaker 3: may take two million. Yeah, sure, Like I'm sure there 542 00:23:08,760 --> 00:23:11,400 Speaker 3: are some folks where it might actually take. It might 543 00:23:11,400 --> 00:23:12,840 Speaker 3: take to a million for them to be happy. And 544 00:23:12,880 --> 00:23:15,880 Speaker 3: it's not even is CNBC. Yeah, it's not even them, 545 00:23:15,880 --> 00:23:18,520 Speaker 3: because like the headline's accurate, and so I think it's 546 00:23:18,560 --> 00:23:20,840 Speaker 3: worth saying too, like some of the fault rests with 547 00:23:21,119 --> 00:23:23,679 Speaker 3: us and how it is that the masses consume media, 548 00:23:24,000 --> 00:23:26,000 Speaker 3: Because if you were to quickly look at that and 549 00:23:26,040 --> 00:23:28,960 Speaker 3: not actually read it and dive into the details, you 550 00:23:28,960 --> 00:23:30,360 Speaker 3: would get discouraged. 551 00:23:29,920 --> 00:23:32,440 Speaker 1: Right as opposed to It's why we love podcasts. 552 00:23:32,480 --> 00:23:34,600 Speaker 3: It's why we have a podcast because it's the ability 553 00:23:34,600 --> 00:23:36,439 Speaker 3: to have a more nuanced conversation. 554 00:23:37,160 --> 00:23:39,480 Speaker 1: That is what we're all about. Yeah, those headlines, they 555 00:23:39,480 --> 00:23:42,000 Speaker 1: don't necessarily they can be they can be misleeping thisstge. 556 00:23:41,880 --> 00:23:43,200 Speaker 2: Yeah, and they can just be pullaright. 557 00:23:43,600 --> 00:23:47,119 Speaker 3: Podcasts are like the exact opposite of Twitter basically, and 558 00:23:47,280 --> 00:23:51,080 Speaker 3: headlines are certainly more akin to Twitter than podcasts. But due, 559 00:23:51,119 --> 00:23:53,840 Speaker 3: let's talk about carloans. Because most folks know that bad 560 00:23:53,960 --> 00:23:57,720 Speaker 3: credit equals higher interest rates. That's definitely true. New data 561 00:23:57,880 --> 00:24:02,200 Speaker 3: shows that auto loans are much more expensive for folks 562 00:24:02,240 --> 00:24:05,200 Speaker 3: with bad credit. So this is one of our leading 563 00:24:05,280 --> 00:24:07,880 Speaker 3: headlines in the Fronday Flight this week. It's been called 564 00:24:07,960 --> 00:24:12,359 Speaker 3: the subprime tax because anyone with a subpar score is 565 00:24:12,400 --> 00:24:15,200 Speaker 3: going to be forced into a loan with higher interest rates, 566 00:24:15,400 --> 00:24:18,640 Speaker 3: resulting in a higher total cost of ownership of that vehicle. 567 00:24:19,119 --> 00:24:22,720 Speaker 3: There's this app out there, Jerry, it's a car ownership app. 568 00:24:22,880 --> 00:24:25,359 Speaker 3: But they found that the subprime tax has gotten even 569 00:24:25,520 --> 00:24:28,960 Speaker 3: higher as interest rates have been increasing, so I guess 570 00:24:29,000 --> 00:24:31,680 Speaker 3: it shouldn't be much of a surprise there, But how 571 00:24:31,760 --> 00:24:34,480 Speaker 3: much higher will those interest rates be? Evidently two to 572 00:24:34,560 --> 00:24:38,040 Speaker 3: three times higher than someone with great credit, and those 573 00:24:38,080 --> 00:24:42,119 Speaker 3: rates are partially justified given the financial standing that that 574 00:24:42,160 --> 00:24:45,160 Speaker 3: person entered into that transaction with, but they're often doled 575 00:24:45,160 --> 00:24:48,000 Speaker 3: out in a more predatory manner as well, which is 576 00:24:48,040 --> 00:24:50,640 Speaker 3: a big reason why it does not. 577 00:24:50,560 --> 00:24:52,280 Speaker 1: Make us happy. Yeah, yeah, I know, you're right, man. 578 00:24:52,320 --> 00:24:55,120 Speaker 1: It's like, yeah, the credit score equates to a big 579 00:24:55,160 --> 00:24:57,400 Speaker 1: part of the increase. But then there's also the fact 580 00:24:57,440 --> 00:25:00,240 Speaker 1: that you might also be doing business with a because 581 00:25:00,320 --> 00:25:02,960 Speaker 1: a financial services company who says, you know, I think 582 00:25:02,960 --> 00:25:05,160 Speaker 1: we can eke out an even higher interest rate than 583 00:25:05,280 --> 00:25:08,480 Speaker 1: we would otherwise need to because this person is at 584 00:25:08,480 --> 00:25:11,240 Speaker 1: our mercy essentially, And there's so many folks with a 585 00:25:11,240 --> 00:25:13,680 Speaker 1: bad credit score who haven't saved up much cash either, 586 00:25:13,760 --> 00:25:16,600 Speaker 1: which makes it this double whammy, this massive conundrum. They 587 00:25:16,640 --> 00:25:18,200 Speaker 1: end up going to a buy here, pay here lot 588 00:25:18,400 --> 00:25:20,399 Speaker 1: in order to secure to buy the car, to secure 589 00:25:20,440 --> 00:25:23,320 Speaker 1: financing because they likely wouldn't qualify at their credit union, 590 00:25:23,600 --> 00:25:26,560 Speaker 1: which is you know, it's basically the most expensive option 591 00:25:26,680 --> 00:25:28,880 Speaker 1: in existence to go to one of those buy here, 592 00:25:28,880 --> 00:25:31,480 Speaker 1: pay here. Lots stats show that delinquent auto loans have 593 00:25:31,520 --> 00:25:34,160 Speaker 1: increased too, you know, and more borrowers are just being 594 00:25:34,160 --> 00:25:37,720 Speaker 1: rejected for car loans altogether. So I would say there's 595 00:25:37,720 --> 00:25:40,199 Speaker 1: basically two takeaways here. One, pay close attention to your 596 00:25:40,200 --> 00:25:42,560 Speaker 1: credit score, work to improve it, because a rough credit 597 00:25:42,600 --> 00:25:44,880 Speaker 1: score is going to cost you in so many ways. Yes, 598 00:25:44,880 --> 00:25:47,840 Speaker 1: at two to three times higher interest rate, which can 599 00:25:47,840 --> 00:25:52,080 Speaker 1: equate to on a thirty thousand dollars used car, we 600 00:25:52,080 --> 00:25:54,520 Speaker 1: could talk that could be anywhere between eight and twelve 601 00:25:54,560 --> 00:25:58,439 Speaker 1: thousand dollars extra in total costs over the years that 602 00:25:58,440 --> 00:26:00,560 Speaker 1: you're paying off on that loan. A lot of that's right, 603 00:26:00,600 --> 00:26:02,960 Speaker 1: So pay attention to your credit score, but better get 604 00:26:03,160 --> 00:26:05,480 Speaker 1: save up more money so you can buy that car 605 00:26:05,520 --> 00:26:08,080 Speaker 1: with cash if at all possible in the future. That 606 00:26:08,119 --> 00:26:10,800 Speaker 1: goes for folks with good credit too, but especially for 607 00:26:10,880 --> 00:26:13,040 Speaker 1: folks in that subprime range. It's like, who are really 608 00:26:13,080 --> 00:26:14,560 Speaker 1: paying out the nose for The more cash you can 609 00:26:14,640 --> 00:26:16,719 Speaker 1: have on hand, the stronger position you're going to be in. 610 00:26:16,880 --> 00:26:18,719 Speaker 1: And even if you do have a higher interest rate attached, 611 00:26:18,800 --> 00:26:22,399 Speaker 1: at least you're financing less of that purchase. Matt, you 612 00:26:22,440 --> 00:26:25,359 Speaker 1: and I we still lean hard in the direction of 613 00:26:25,440 --> 00:26:28,000 Speaker 1: like not paying not having a car note at all, 614 00:26:28,400 --> 00:26:31,040 Speaker 1: like buy a car with cash. It's easier said than done. 615 00:26:31,119 --> 00:26:32,960 Speaker 1: Not everyone can do that, I get it, but that 616 00:26:33,080 --> 00:26:34,080 Speaker 1: is still the goal to aim for. 617 00:26:34,600 --> 00:26:37,120 Speaker 3: And I think it can just keep that car purchase 618 00:26:37,200 --> 00:26:40,320 Speaker 3: in check as well, because I think it can allow 619 00:26:40,400 --> 00:26:43,040 Speaker 3: us to approach that car purchase with maybe the proper 620 00:26:43,119 --> 00:26:45,520 Speaker 3: lens as opposed to, of course, how much can I 621 00:26:45,600 --> 00:26:46,600 Speaker 3: afford every single month? 622 00:26:46,720 --> 00:26:49,520 Speaker 1: Yeah, which is how most people make the decision. Oh, 623 00:26:49,680 --> 00:26:51,639 Speaker 1: it's like what their payment buyers, How big of a 624 00:26:51,640 --> 00:26:53,480 Speaker 1: payment can I fit in my budget as opposed to 625 00:26:53,520 --> 00:26:55,080 Speaker 1: how little can I spend so I can do awesome 626 00:26:55,200 --> 00:26:57,720 Speaker 1: a lot of other awesome other stuff with my money, exactly. Okay. 627 00:26:57,800 --> 00:27:02,920 Speaker 3: New research from Pew it shows how Americans view data privacy, 628 00:27:03,240 --> 00:27:06,120 Speaker 3: and it turns out that most folks are confused and 629 00:27:06,200 --> 00:27:09,440 Speaker 3: they're concerned about how the private companies and the government 630 00:27:09,520 --> 00:27:12,879 Speaker 3: is using our data. I think you can probably count 631 00:27:13,000 --> 00:27:15,919 Speaker 3: us among both of those camps. The fine print, it 632 00:27:16,000 --> 00:27:18,480 Speaker 3: just goes on for days. When you go to download 633 00:27:18,480 --> 00:27:20,960 Speaker 3: a new app, you just click that box, check that box. 634 00:27:20,720 --> 00:27:23,120 Speaker 1: You agree to it, and you're like, what are they using? 635 00:27:23,280 --> 00:27:26,199 Speaker 1: Like who knows, oh this free service that I've got, Like, 636 00:27:26,320 --> 00:27:28,360 Speaker 1: what data are they gathering? And it turns out it's 637 00:27:28,359 --> 00:27:28,640 Speaker 1: a lot. 638 00:27:28,800 --> 00:27:31,640 Speaker 3: Yeah, And with credit breaches like the Equifax one back 639 00:27:31,640 --> 00:27:34,000 Speaker 3: in twenty seventeen, it kind of feels like our information 640 00:27:34,080 --> 00:27:37,040 Speaker 3: is already out there in the ether, floating around. So 641 00:27:37,320 --> 00:27:40,480 Speaker 3: I think a worthwhile question is should we just toss 642 00:27:40,560 --> 00:27:42,840 Speaker 3: up our hands, should we just say screw it? Well, no, 643 00:27:43,480 --> 00:27:45,160 Speaker 3: we don't think that that's the case, and we don't 644 00:27:45,160 --> 00:27:47,879 Speaker 3: necessarily have perfect advice on this front, but like we 645 00:27:47,880 --> 00:27:50,320 Speaker 3: were saying earlier, doing a credit freeze on the front end, 646 00:27:50,480 --> 00:27:52,439 Speaker 3: that is one of the most important things that you 647 00:27:52,480 --> 00:27:55,000 Speaker 3: can do. And I don't necessarily have data to back 648 00:27:55,000 --> 00:27:57,119 Speaker 3: this up, but I think you can avoid the worst 649 00:27:57,160 --> 00:27:58,760 Speaker 3: of what's out there on the web by making sure 650 00:27:58,800 --> 00:28:02,440 Speaker 3: you've got a strong passwords. We're talking about like data hygiene, 651 00:28:02,800 --> 00:28:06,600 Speaker 3: but passwords that are maybe longer than like five, six, 652 00:28:06,960 --> 00:28:11,240 Speaker 3: seven characters long. I've saw a paper recently where they're 653 00:28:11,359 --> 00:28:13,840 Speaker 3: showing how four words in a row, so like a 654 00:28:13,880 --> 00:28:17,320 Speaker 3: phrase that password, because of the length of the password, 655 00:28:17,440 --> 00:28:20,760 Speaker 3: is much much stronger than like a ten digit random 656 00:28:20,840 --> 00:28:24,439 Speaker 3: selection of numbers and upper case lowercase exclamation mark, all 657 00:28:24,440 --> 00:28:27,280 Speaker 3: the standard things. The digits need to be guessed, yes, exactly, 658 00:28:27,640 --> 00:28:29,600 Speaker 3: And so like picking four random words can go a 659 00:28:29,640 --> 00:28:31,720 Speaker 3: really long way. But it's just in my mind, it 660 00:28:31,760 --> 00:28:34,760 Speaker 3: can be incredibly overwhelming to try to think, how is 661 00:28:34,760 --> 00:28:37,720 Speaker 3: it even going to be possible for me to fortify 662 00:28:37,760 --> 00:28:39,840 Speaker 3: myself against all the folks out there who are trying 663 00:28:39,840 --> 00:28:42,480 Speaker 3: to hack into my accounts and steal my money? But 664 00:28:42,520 --> 00:28:44,720 Speaker 3: I think just something as simple as making sure that 665 00:28:44,760 --> 00:28:47,920 Speaker 3: you've got solid passwords and that you're not reusing passwords 666 00:28:47,920 --> 00:28:51,800 Speaker 3: as well, because once there's a data breach in one random, 667 00:28:51,960 --> 00:28:54,239 Speaker 3: crummy site that you happen to make an account with, 668 00:28:54,520 --> 00:28:56,400 Speaker 3: well if that once that information gets out there, all 669 00:28:56,400 --> 00:28:58,520 Speaker 3: those all those hackers are going to try that same 670 00:28:58,560 --> 00:29:01,360 Speaker 3: password with your same email on all the other sites 671 00:29:01,400 --> 00:29:03,200 Speaker 3: that they can assume you most likely have. 672 00:29:03,240 --> 00:29:05,720 Speaker 1: That's why a password manager like bitwarden makes a whole 673 00:29:05,720 --> 00:29:08,480 Speaker 1: lot of sense, does It's free, highly rated, and so 674 00:29:08,600 --> 00:29:10,680 Speaker 1: that's probably the direction that a lot of people should go in. 675 00:29:10,920 --> 00:29:13,040 Speaker 1: And on the privacy front, we should also mention a 676 00:29:13,080 --> 00:29:15,480 Speaker 1: new privacy app from some of our favorite folks, the 677 00:29:15,480 --> 00:29:18,600 Speaker 1: people at Consumer Reports. They just launched a new app 678 00:29:18,640 --> 00:29:21,560 Speaker 1: called permission slip and you can quickly and easily tell 679 00:29:21,600 --> 00:29:24,640 Speaker 1: companies to delete your personal information and or delete your 680 00:29:24,680 --> 00:29:27,400 Speaker 1: account altogether. It's pretty darn cool. I just started using it. 681 00:29:27,400 --> 00:29:30,560 Speaker 1: Apparently was so popular that the app basically crashed for 682 00:29:30,560 --> 00:29:31,800 Speaker 1: a while. I was like trying to use it last 683 00:29:31,840 --> 00:29:33,600 Speaker 1: week and I couldn't, and then this week I was 684 00:29:33,600 --> 00:29:35,959 Speaker 1: able to actually get on there and do some stuff. 685 00:29:36,200 --> 00:29:38,320 Speaker 1: And so if you try to do this with each 686 00:29:38,360 --> 00:29:40,440 Speaker 1: individual company, there's like the legislation passed in a bunch 687 00:29:40,440 --> 00:29:43,760 Speaker 1: of states saying that you have more right over your data, 688 00:29:43,880 --> 00:29:45,400 Speaker 1: but you've got to reach out of these companies to 689 00:29:45,440 --> 00:29:47,880 Speaker 1: basically say stop using it. Well, if you had to 690 00:29:47,920 --> 00:29:49,480 Speaker 1: do that on a one on one basis to all 691 00:29:49,480 --> 00:29:53,240 Speaker 1: these companies, it would take forever. And so Consumer Reports 692 00:29:53,240 --> 00:29:55,840 Speaker 1: is trying to make it easy where you can enter 693 00:29:55,880 --> 00:29:58,400 Speaker 1: your information once with them and then tell all these 694 00:29:58,400 --> 00:30:01,920 Speaker 1: companies pretty quickly, hey knock it off and we'll link 695 00:30:01,960 --> 00:30:05,040 Speaker 1: to this app in the show notes again with you, man, 696 00:30:05,080 --> 00:30:06,840 Speaker 1: I think I get the reticence of the confusion on 697 00:30:06,880 --> 00:30:09,560 Speaker 1: the privacy front, and there really should be more legislation 698 00:30:09,640 --> 00:30:12,880 Speaker 1: putting more safeguards around our ability to control who has 699 00:30:12,920 --> 00:30:16,320 Speaker 1: access to and the ability to sell our data. But 700 00:30:16,720 --> 00:30:18,280 Speaker 1: I would say, don't give up. Do what you can 701 00:30:18,400 --> 00:30:20,440 Speaker 1: with on the password front, on the credit freeze front, 702 00:30:20,640 --> 00:30:22,800 Speaker 1: and then with an app like this from Consumer Reports, 703 00:30:22,960 --> 00:30:25,680 Speaker 1: you have at least some control, even though you might 704 00:30:25,680 --> 00:30:26,800 Speaker 1: not have ultimate control. 705 00:30:26,920 --> 00:30:30,360 Speaker 3: Yeah, and fingers crossed that they don't get hacked, just 706 00:30:30,440 --> 00:30:32,440 Speaker 3: like I guess with like the bit warden. 707 00:30:32,560 --> 00:30:35,760 Speaker 1: I will say, it's Consumer Reports and they're so reputable, 708 00:30:35,760 --> 00:30:37,920 Speaker 1: they've been doing great work for so long. Yeah. Can 709 00:30:37,960 --> 00:30:40,040 Speaker 1: I trust for the people? If I trust anybody, I 710 00:30:40,040 --> 00:30:40,800 Speaker 1: trust them. Yeah. 711 00:30:40,840 --> 00:30:43,640 Speaker 3: Okay, So last story, we saw some crazy holiday shopping 712 00:30:43,640 --> 00:30:44,760 Speaker 3: stats from a wallet hub. 713 00:30:45,280 --> 00:30:47,320 Speaker 1: A few to share with all of y'all out there. 714 00:30:47,360 --> 00:30:48,640 Speaker 1: One and four folks. 715 00:30:48,360 --> 00:30:52,160 Speaker 3: Are still in debt from the holidays last year. Wow, 716 00:30:52,360 --> 00:30:55,520 Speaker 3: and that's pretty painful to hear. Evidently, one in three 717 00:30:55,520 --> 00:30:58,640 Speaker 3: folks are going to be foregoing gifts because of inflation. 718 00:30:59,240 --> 00:30:59,960 Speaker 1: That's actually a stat. 719 00:31:00,040 --> 00:31:02,720 Speaker 3: I don't mind seeing the fact that folks are being 720 00:31:02,800 --> 00:31:05,440 Speaker 3: challenged to potentially spend less, even though it's because of 721 00:31:05,800 --> 00:31:08,720 Speaker 3: higher prices. I think when the prices of everything have 722 00:31:08,840 --> 00:31:12,320 Speaker 3: only been increasing, scaling back, you're spending in a way 723 00:31:12,440 --> 00:31:14,560 Speaker 3: I think can just almost prove to yourself that you 724 00:31:14,640 --> 00:31:16,400 Speaker 3: have the ability to do that. I think it can 725 00:31:16,440 --> 00:31:17,960 Speaker 3: be potentially empowering. 726 00:31:17,640 --> 00:31:19,400 Speaker 1: For fusing the number of people you buy for and 727 00:31:19,400 --> 00:31:22,600 Speaker 1: reducing the price point that that's expected essentially for some 728 00:31:22,640 --> 00:31:23,160 Speaker 1: of those gifts. 729 00:31:23,160 --> 00:31:25,000 Speaker 3: Makes a whole lot of sense, totally. Yeah, So we'll 730 00:31:25,000 --> 00:31:26,720 Speaker 3: link to the full survey in our show notes. But 731 00:31:26,760 --> 00:31:29,200 Speaker 3: as wise to know what your budget is now and 732 00:31:29,240 --> 00:31:32,360 Speaker 3: who it is that you're buying for before the shopping 733 00:31:32,360 --> 00:31:35,840 Speaker 3: season gets pretty cray, We're actually gonna talk with Julie. 734 00:31:36,200 --> 00:31:39,720 Speaker 3: She is with the deal aggregator site deal News. We're 735 00:31:39,720 --> 00:31:41,880 Speaker 3: going to talk with her on Wednesday about how it 736 00:31:41,920 --> 00:31:45,440 Speaker 3: is you can shop intelligently during this holiday season, where 737 00:31:45,440 --> 00:31:47,520 Speaker 3: it is that you can find the best deals as well, 738 00:31:47,560 --> 00:31:49,520 Speaker 3: So you can look forward to that one next week 739 00:31:49,560 --> 00:31:50,240 Speaker 3: on Wednesday. 740 00:31:50,440 --> 00:31:53,680 Speaker 1: She like eats, sleeps, and breathes deals. That's kind of 741 00:31:53,680 --> 00:31:55,320 Speaker 1: her life. She's been in that space for a long 742 00:31:55,360 --> 00:31:57,520 Speaker 1: time's I think she's gonna have a lot of good 743 00:31:57,520 --> 00:32:00,200 Speaker 1: advice to share when it comes to like, yeah, where 744 00:32:00,200 --> 00:32:02,880 Speaker 1: to shop window shop because that is and like, well 745 00:32:02,880 --> 00:32:05,560 Speaker 1: what happens if you buy something and the price drops? Oh, 746 00:32:05,600 --> 00:32:07,720 Speaker 1: can you get the lower price? Now? She'll have answered 747 00:32:07,720 --> 00:32:09,360 Speaker 1: so a bmuch of those kinds of questions on Wednesday, 748 00:32:09,880 --> 00:32:11,720 Speaker 1: but Matt, that's gonna do it for This episode will 749 00:32:11,760 --> 00:32:13,680 Speaker 1: have of course, links to a lot of the stuff 750 00:32:13,720 --> 00:32:15,760 Speaker 1: we mentioned in our show notes up on our website 751 00:32:15,800 --> 00:32:17,040 Speaker 1: at howtomoney dot com. 752 00:32:17,040 --> 00:32:19,760 Speaker 3: That's right, buddies, So until next time, Best Friends out, 753 00:32:19,880 --> 00:32:21,200 Speaker 3: best Friends out. 754 00:32:34,280 --> 00:32:36,400 Speaker 1: Beat the train, Beat the train. It's like we're back 755 00:32:36,440 --> 00:32:39,200 Speaker 1: in Scotland. Race Wars Express