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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt and today we're talking about the crypto crash, tapping

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Speaker 1: your home's equity, and vaccination lotteries. That's right, Joel. We're

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Speaker 1: gonna cover those stories as well as several others that

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Speaker 1: we came across this week. We're gonna talk about how

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Speaker 1: these stories impact our money. And first, by the way,

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Speaker 1: are you surviving the the gasoline shortage? Have you guys

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Speaker 1: been able to drive around town the gas apocalypse? Basically? Yeah, no,

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Speaker 1: it's it was weird driving around this week, and I

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Speaker 1: kept my eye on the stats to see kind of,

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Speaker 1: you know, what the gas supplies were doing around the country,

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Speaker 1: but in Atlanta too, and um, it turns out more

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Speaker 1: and more gas stations are getting gas here, but you know,

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Speaker 1: there's still still a bunch that don't have any. So

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Speaker 1: you didn't have to fill up. Homer, that's your that's

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Speaker 1: the name of your vans, right, Homer, Mine is how

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Speaker 1: And uh yeah, ours basically sat in the driveway all weeks. Yeah, same,

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Speaker 1: Like we don't drive very much. So really I've literally

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Speaker 1: filled up Sunday morning before things really hit the fan.

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Speaker 1: And um, and so yeah, we were were good. We're

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Speaker 1: sitting party. I think we're still sitting at three quarters

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Speaker 1: of a tank, so okay, might not need any for

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Speaker 1: I don't know, two or three weeks now. Yeah, we're

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Speaker 1: similar to y'all, dude. We are incredibly fortunate. I mean,

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Speaker 1: you live right down the street from us. Our kids

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Speaker 1: go to school locally here as well, and you know,

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Speaker 1: we pick our kids up on the bike as well,

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Speaker 1: and so we're fortunate that we hardly ever drive. And

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Speaker 1: I was actually looking back the past couple of years

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Speaker 1: and on the average, we filip a van less than

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Speaker 1: once a month. Uh, if we're not going out of town. Obviously,

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Speaker 1: if you go to town, you know you're filling it

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Speaker 1: up a couple of times, depending on where you're driving.

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Speaker 1: But but man, I really do love the fact that

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Speaker 1: we are not driving around in our vehicles, spending money

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Speaker 1: on gasoline, spending time in the car, and that so

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Speaker 1: much of our lives we are able to, you know,

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Speaker 1: accomplish by means of bicycle, but you know, cargo bikes

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Speaker 1: in particular. Yeah for sure. Yeah, I um me too,

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Speaker 1: Like I miss having an electric vehicle right now, Like

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Speaker 1: when something like this happens, when gas prices are insane

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Speaker 1: or their gas is hard to find. But also too,

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Speaker 1: it's like, well, we don't really drive all that frequently,

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Speaker 1: so it doesn't impact us like it does other people

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Speaker 1: who are commuting a whole lot of the time. And Matt,

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Speaker 1: you mentioned cargo bikes, and I just wrote an article

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Speaker 1: new article up on how the Money dot Com about

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Speaker 1: rad Wagons, which is the bike that I own, and

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Speaker 1: why I think they are so superb so wonderful. So yeah,

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Speaker 1: if anybody out there is like, wait a second, I

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Speaker 1: want I need one of those in my life. I

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Speaker 1: don't want to be beholding to gas shortages and I

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Speaker 1: want to save money and live awesomer what you do,

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Speaker 1: what you do with a radwagon or really just any

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Speaker 1: I think some of those electric bikes are just good

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Speaker 1: choices for a lot of folks. Go check that article out.

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Speaker 1: Will also put it in the show notes for today's episode.

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Speaker 1: That's right, But Matt, let's move on Friday Flight. It's

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Speaker 1: a quick sampling of stories we found interesting this week.

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Speaker 1: And you know we talked about inflation on Wednesday's episode. Well,

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Speaker 1: the n f i B, which is a small business

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Speaker 1: association hold its members, just saw this stat after that

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Speaker 1: episode got released, and they found that close to thirty

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Speaker 1: five of small businesses plan on raising prices in the

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Speaker 1: near future. So that's nearly double the number of small

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Speaker 1: businesses that typically are looking to raise their prices. And

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Speaker 1: so this might be another omen that things are going

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Speaker 1: to be noticeably more expensive in the coming months. And

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Speaker 1: I think some of what we talked about actually on

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Speaker 1: that episode, we are starting to notice some of those

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Speaker 1: some of those price upward price pressures right now. Um,

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Speaker 1: the question is how long do they stick around? But yeah,

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Speaker 1: technically this is inflation, but is it all bad news?

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Speaker 1: Like if you want to know more, UM, check out

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Speaker 1: Wednesday's episode where we kind of dove in deep on

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Speaker 1: that sem nerity topic and trying to make it a

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Speaker 1: little approachable to trying to make it a little less

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Speaker 1: nerdy for all of our listeners out there. Do let's

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Speaker 1: talk about the vaccine. But first, if if you were

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Speaker 1: to boil down behavioral economics into one word, we'd probably

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Speaker 1: say incentives, right that they essentially make the world go around.

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Speaker 1: Uh So, for instance, like would you leave your job, well,

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Speaker 1: probably you know, if the incentives from another employer, if

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Speaker 1: they were good enough, would you get vaccinated if you

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Speaker 1: live in Ohio, well, winning one million dollars might make

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Speaker 1: that more likely. That might help get me off the couch. Seriously.

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Speaker 1: The governor of Ohio, Mike DeWine, he announced that there

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Speaker 1: will be five weekly one million dollar drawings for folks

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Speaker 1: who have received at least one of their shots, which

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Speaker 1: is really cool. It's definitely better than the free donut

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Speaker 1: that Krispy Kreme is offering. Even though we still love

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Speaker 1: Krispy Kreame and even though I still have not yet

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Speaker 1: been able to take advantage of that promotion because shacks

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Speaker 1: Krispykreme burned down. You know, man, that the we have

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Speaker 1: to run out of gas on our way to get

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Speaker 1: a Krispy Creme donut, it wouldn't be worth it. Yeah, seriously,

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Speaker 1: So if you live in Ohio, make sure you get

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Speaker 1: that first shot. If you haven't already by next Wednesday,

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Speaker 1: that's when that first drawing is going to be. Yeah.

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Speaker 1: I love this idea to Matt, like trying to incentivize

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Speaker 1: people because this is good for all of us. Like,

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Speaker 1: the more people to get vaccinated in this country, the

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Speaker 1: better off we're all going to be healthwise, and the

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Speaker 1: more quickly we can resume completely normal life hopefully. So yeah,

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Speaker 1: I'm already kind of excited about some of the ways

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Speaker 1: that our lives are starting to feel a little more

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Speaker 1: like they used tom But speaking of lotteries, Matt, reading

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Speaker 1: about that this week made me think of savings lotteries,

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Speaker 1: and you mentioned incentives. That reminds me of something that

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Speaker 1: Michigan has been doing for a whole lot of years.

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Speaker 1: They've kind of been in like the pioneer um when

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Speaker 1: it comes to prize linked savings accounts UM and so

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Speaker 1: basically in Michigan, in an effort to get folks to

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Speaker 1: save more money, they began offering bigger prizes for each

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Speaker 1: twenty five dollars that you were able to save, so

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Speaker 1: you could win maybe like a thousand dollars or five

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Speaker 1: thousand dollars through some sort of lottery and you essentially

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Speaker 1: got more lottery tickets the more money you put in

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Speaker 1: your savings account. So it's just this incentive to push

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Speaker 1: you towards saving more of your money. More money in

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Speaker 1: the bank means you have a higher likelihood of weathering

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Speaker 1: any sort of small financial stom that might come your way, right,

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Speaker 1: So it's good good for you, and you know if

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Speaker 1: you win one of those prizes, it's even better for

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Speaker 1: really good Yeah, and so Michigan kind of started this

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Speaker 1: thing out, but then, uh, something we've talked about. Maybe

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Speaker 1: he wants on the show, but it's been a while.

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Speaker 1: YadA started doing something similar in recent years on like

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Speaker 1: a bigger scale. And this is an online bank that

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Speaker 1: you can check out. They pay you point to percent

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Speaker 1: on your money. So it's not tops in the market

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Speaker 1: because you can still get half a percent at a

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Speaker 1: few of the online banks, but it's not awful. But

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Speaker 1: the cool thing about YadA is that on top of

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Speaker 1: that saving story that they're paying you, you also get

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Speaker 1: tickets that are going to enter you in to win

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Speaker 1: potentially bigger prizes based on how much you're saving um

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Speaker 1: and we so we love to see good incentives like this,

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Speaker 1: like what YadA is doing, what Ohio is doing, because yeah,

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Speaker 1: when you, like you said, mat when you boil down economics,

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Speaker 1: it's all about incentives. Like how we incentivize people, they're

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Speaker 1: going to react accordingly. And so yeah, if you're banking

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Speaker 1: somewhere like YadA, you're in all likelihood going to be

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Speaker 1: so excited about the fact that you could win a

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Speaker 1: huge amount of money by getting some of these essentially

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Speaker 1: lottery tickets for saving more money. Those are the good

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Speaker 1: kind of incentives that we're we're all about. Yeah, let's

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Speaker 1: talk about taxes. Uh. You know, we talked about a

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Speaker 1: new monthly child tax credit months ago after the American

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Speaker 1: Rescue Plan was passed. Payments they haven't started yet, but

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Speaker 1: it was announced on Monday that those payments will begin

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Speaker 1: on July. Most families that qualify have direct deposits set

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Speaker 1: up with the I r S already h and they're

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Speaker 1: going to receive their funds there automatically. So yeah, I

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Speaker 1: look out for that this summer. Uh. Basically, families are

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Speaker 1: going to be receiving three hundred dollars a month for

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Speaker 1: kids under the age of six, and then two hundred

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Speaker 1: and fifty dollars for kids ages six to eighteen, and

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Speaker 1: those increased payment amounts will be phased out for families

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Speaker 1: that earn over a hundred and fifty thousand dollars, as

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Speaker 1: well as for individuals that earned seventy five dollars or more.

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Speaker 1: If you're not sure how much you should be getting,

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Speaker 1: the Washington Post actually has this little sweet little calculator

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Speaker 1: that will link to where you can enter in your information.

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Speaker 1: They don't store it, and it will let you know

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Speaker 1: about how much money you should be receiving. Super easy

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Speaker 1: to find that out. Matt, I just adopted eighteen children

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Speaker 1: in order to take advantage of this incentives. It's all

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Speaker 1: about incentives, right, centives in tax fraud. So I didn't

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Speaker 1: actually do that. But um, yeah, let's talk about credit

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Speaker 1: scores for a second, Mat, you and I we've we've

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Speaker 1: talked about the the imperfections in the credit scoring industry before.

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Speaker 1: Um not necessarily huge fans of the big three credit bureaus,

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Speaker 1: they don't do a great job. But yeah, we've also

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Speaker 1: talked about the fact that fifty three million adults in

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Speaker 1: the United States don't even have a credit score, which, um, yeah, crazy,

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Speaker 1: It is crazy. And there's ways in which our listeners

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Speaker 1: and we talk about how you should approach your credit

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Speaker 1: score and how it's really important. But at the same time,

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Speaker 1: there's a lot of people left out in the cold

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Speaker 1: when it comes to credit scores. And too, we've mentioned

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Speaker 1: that some fintech companies have been successful attracting good customers

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Speaker 1: who don't have credit scores and instead of checking their

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Speaker 1: credit score to give them credit, they find other ways

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Speaker 1: to verify that this person is going to be a

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Speaker 1: good borrower. Yeah, I mean that's the catch twenty two

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Speaker 1: with credit scores and credit cards, right, Like, you have

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Speaker 1: to have a credit score in order to get a

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Speaker 1: credit card, but you typically can't build up your credit

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Speaker 1: score unless you have some form of credit, like a

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Speaker 1: credit card. That's one of those tough cycles to kind

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Speaker 1: of break into little chicken and eggs sort of things. Yeah, well,

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Speaker 1: unfortunately that might no longer be the case. You know.

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Speaker 1: The Wall Street Journal actually just reported that some of

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Speaker 1: the largest banks JP, Morgan Chase well as Fargo, are

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Speaker 1: going to start factoring in other information like how much

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Speaker 1: money you have in your savings account and whether or

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Speaker 1: not you ever overdraft your account, which is definitely not good.

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Speaker 1: Don't overdraft your account. The fees are bad, and then

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Speaker 1: it's going to affect affect your ability then too in

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Speaker 1: the future get a credit card potentially um and so, Yeah,

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Speaker 1: instead of relying solely on that three digit credit score,

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Speaker 1: they're going to be using some of these other methods,

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Speaker 1: kind of like some of these newer fintech companies have

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Speaker 1: been doing. And so they let's say you applied for

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Speaker 1: a Chase credit card in the future, but you have

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Speaker 1: a savings account with Wells Fargo. Please don't actually have

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Speaker 1: a savings account with Falls Fargo, because it's not what

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Speaker 1: we would recommend. They're awful. But yeah, let's say that. Yeah,

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Speaker 1: the banks will essentially chat with one another behind the scenes,

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Speaker 1: and they'll provide each other the relevant information that's needed

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Speaker 1: so that a credit check can be avoided altogether. Yeah,

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Speaker 1: and that's good news, right. The credit bureaus aren't all

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Speaker 1: that trustworthy in our opinion, Like you mentioned all, there

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Speaker 1: are mistakes and a whole lot of credit files from

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Speaker 1: the latest CFPB numbers one in five mistakes on it that, Um,

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Speaker 1: you know, that's not good, Like it's pretty pathetic. Yeah,

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Speaker 1: but you know, here's the thing, though, that doesn't mean

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Speaker 1: that you should stop paying attention to your credit score.

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Speaker 1: They're will likely be some major changes to the credit

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Speaker 1: scoring model in the coming years, but knowing your credit

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Speaker 1: score and making sure that it's in the solid to

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Speaker 1: excellent range that will still have a positive impact on

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Speaker 1: your life for years to come. But at least for now,

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Speaker 1: you know, this is a good step in the right

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Speaker 1: direction for many folks who otherwise have had a hard

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Speaker 1: time getting access to the financial products uh and resources

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Speaker 1: that they need. By the way, we mentioned some of

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Speaker 1: those errors on your credit reports. You can still get

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Speaker 1: free weekly reports at annual credit report dot com all

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Speaker 1: the way until April two. There you go. All right,

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Speaker 1: we got more to get to, including we're gonna talk

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Speaker 1: about the crypto crash that happened this week, Bitcoin ethereum,

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Speaker 1: just a lot of news in the crypto space, what

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Speaker 1: Matt and I think about it. We'll get to that

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Speaker 1: and more right after this break. Al Right, we are

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Speaker 1: back in jail. Before we get to the crypto crash

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Speaker 1: or the bitcoin blip as we were calling it the

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Speaker 1: other days, we have our ludicrous headline of the week.

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Speaker 1: You know that was weak, That's what that was. Tag

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Speaker 1: onto it a little bit there. Uh So every week

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Speaker 1: we we find a headline that is just either completely ridiculous,

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Speaker 1: something ludicrous that we disagree with, or just something that's

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Speaker 1: just really far out there. That's an interesting idea on

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Speaker 1: something that pertains to our money. And this one comes

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Speaker 1: to us via CNBC UH and it goes something like

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Speaker 1: home equity hits a record high. Here's how to tap

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Speaker 1: your house for cash. By the way, I gotta say

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Speaker 1: I love CNBC's website, but they they're probably the worst

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Speaker 1: defender when it comes to the ludicrous headlines. They do

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Speaker 1: a good job presenting a lot of information, but then

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Speaker 1: sometimes the headlines can be just a little crazy, feel

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Speaker 1: like they're trying I mean, they're positioning it in a

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Speaker 1: way that might lead people to make bad decisions, Like

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Speaker 1: if you only read the headline, you do something dumb, exactly.

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Speaker 1: And so, just because your house has gone up in value,

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Speaker 1: that doesn't mean that you should grab that money and

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Speaker 1: start spending it. Right, just because you can doesn't mean

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Speaker 1: you should. And so if you are a homeowner in

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Speaker 1: your home's value has gone up substantially over the last

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Speaker 1: couple of years or maybe even longer, how should you

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Speaker 1: be thinking about that accumulated wealth? Us personally, we're we're

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Speaker 1: fans of actually not thinking about it for the most part,

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Speaker 1: pretending it doesn't exist. Yeah, we try to try to

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Speaker 1: forget that it exists. We let it sit there, dormant.

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Speaker 1: And you know, the only time we're we're fans of

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Speaker 1: using the equity you've built up is when you're tapping

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Speaker 1: it to invest. Uh, specifically, like in real estate or

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Speaker 1: you know, maybe when you need to mix some improvements

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Speaker 1: on your home because that's value that you're tapping out

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Speaker 1: of your house, but that you're also able to increase

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Speaker 1: your house by a similar amount. By the way, you

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Speaker 1: might want to hold off doing that because lumber prices

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Speaker 1: are still really high. But that's one of the only

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Speaker 1: instances where we, you know, might say that it's okay

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Speaker 1: to tap that equity in your home. The rest of

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Speaker 1: them are pretty much a no go in our book. Yeah, vacations,

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Speaker 1: no way, don't use your home equity for that. Matt.

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Speaker 1: There was an article actually an NPR this week about

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Speaker 1: this guy because lumber prices are so insane, he made

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Speaker 1: his own all mill. He's like nice, Yeah, so he's

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Speaker 1: I know, it's impressive. He's he's gets like free trees

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Speaker 1: from some company I guess where he lives who they're

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Speaker 1: cutting him down and so and then he's able to, yeah,

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Speaker 1: with his homemade sawmill, make lumber for the stuff he's

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Speaker 1: trying to build. Yeah, that was a very hardcore, But

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Speaker 1: I'm definitely not going to that extent to save money

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Speaker 1: on on wood. But yeah, I agree with you, your

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Speaker 1: homes value should not be used as an a t M. Right.

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Speaker 1: I think one other reason to potentially take some equity

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Speaker 1: out of your house might be to pay off higher

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Speaker 1: interest rate debts. But you've also got to know the

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Speaker 1: downsides before doing that. A lot of people just like

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Speaker 1: do that and then and they think that there's no

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Speaker 1: problem with taking out money from your home to pay

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Speaker 1: off credit card debt. But what happens in that case

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Speaker 1: is that you're paying off unsecured debt and turning it

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Speaker 1: into debt against your home secured debt. And in the

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Speaker 1: event that you're not able to pay your credit card bill,

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Speaker 1: that's not very good. That stinks. But not being able

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Speaker 1: to pay your mortgage after a cash out REFI that

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Speaker 1: means you could lose your house and that's a big deal.

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Speaker 1: So yeah, tapping your home equity has gotten more difficult

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Speaker 1: to as some of the larger banks have stopped offering

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Speaker 1: home equity lines of credit and other lenders have raised

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Speaker 1: credit score requirements for refis. So yeah, just know that

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Speaker 1: you're gonna see headlines telling you, hey, your house is

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Speaker 1: worth way more than it's ever been worth before. What

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Speaker 1: are you gonna do with that home equity? And we

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Speaker 1: would say in most cases like leave it be just

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Speaker 1: let us sit there right. You don't want to touch

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Speaker 1: that equity. And that being said, you might be a

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Speaker 1: good candidate for a refinance if you have a higher

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Speaker 1: interest rate. It's still a great time these days to refinance.

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Speaker 1: And so we talked about that back in episode one

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Speaker 1: seven to refi or not to refi? In that episode

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Speaker 1: we talked through all the different reasons that you might

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Speaker 1: want to consider things to think about the way to

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Speaker 1: go about refinancing your home, and now it is a

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Speaker 1: great time to do that. We took that hamlet approach

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Speaker 1: with the title of that episode two. It's true, um, Jill.

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Speaker 1: And actually, since we're talking about housing, Americans say that

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Speaker 1: housing that it's a better long term investment than stocks.

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Speaker 1: This is according to a a new Gallop poll. Uh.

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Speaker 1: And so let's dissect this is uh. It seems that

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Speaker 1: recency bias seems to be why real estate is the

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Speaker 1: answer being given this year. Housing prices have obviously been

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Speaker 1: on a tear. But the number one answer like a

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Speaker 1: while ago, back in two thousand eleven and two thousand twelve,

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Speaker 1: to this question like what's what is the best long

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Speaker 1: term investment? The answer was gold in two thousand eight

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Speaker 1: and two thousand nine, it was savings that count. So basically,

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Speaker 1: what people think is the best long term investment is

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Speaker 1: tied directly to what's happening right now, but the current

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Speaker 1: state of things has essentially no impact on what will

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Speaker 1: make you the most money over the decades. I'm gonna

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Speaker 1: coin a new term. I'm gonna call this the investing

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Speaker 1: object permanence. Folks are completely forgetting about something as soon

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Speaker 1: as it's not directly in front of them. It's ridiculous. Yeah,

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Speaker 1: I mean it's totally recency bias is exactly what it is.

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Speaker 1: It's like seeing the latest thing happening, and it's it's

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Speaker 1: like when we when when you watch a great sports

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Speaker 1: player and you forgot how good from the older ones

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Speaker 1: were people like, oh, he's the greatest of all time,

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Speaker 1: And maybe he or she is, but I don't know, man,

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Speaker 1: think there's some great player US thirt or four years ago.

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Speaker 1: We just automatically assume that what's happening right now is

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Speaker 1: the most relevant, but it's that's not always the case.

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Speaker 1: So what actually is the best long term investment? That's

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Speaker 1: a good question. Stocks, on average garner higher returns than

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Speaker 1: real estate, over the long haul, your property is historically

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Speaker 1: likely going to appreciate at a rate close to four

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Speaker 1: and a half percent on an annual basis, whereas owning

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Speaker 1: the total stock market has historically returned ten percent. That's

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Speaker 1: the number before inflation. And that's a big gap. Right. Uh,

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Speaker 1: those recent gains in your home, they're not going to

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Speaker 1: be the norm in the long term, over like a

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Speaker 1: thirty year period. But in another way, the folks who

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Speaker 1: gave the real estate answer on this survey, Matt, they're

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Speaker 1: actually going onto something. The real estate can I think

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Speaker 1: be a better investment than stocks and so, but that

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Speaker 1: all boils down to only if you know what you're doing.

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Speaker 1: It's it's harder to find a deal in the stock

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Speaker 1: market than it is to find a deal in your

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Speaker 1: local real estate market. Finding a property that's undervalued or

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Speaker 1: that you can force aitiation into can steeply change returns,

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Speaker 1: chu can Garner. So, when we're talking about just like

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Speaker 1: literally the historic rise in home prices first the historic

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Speaker 1: rise in the stock market, that assumes that everything is equal,

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Speaker 1: but you can find so many more inconsistencies in housing

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Speaker 1: prices than you can in stock prices. Um at least

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Speaker 1: from what I've experienced, and I've seen so many real

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Speaker 1: estate investors do this. Well, that's the thing about like

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Speaker 1: buying ugly houses and putting some sweat equity into them,

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Speaker 1: and how you can make really really good returns when

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Speaker 1: you know how to do that. But when we're talking

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Speaker 1: about investing in the market or buying a single family

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Speaker 1: home for you to live in, the market's gonna win,

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Speaker 1: at least in the long term. Alright, dude, let's talk

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Speaker 1: about crypto. Let's talk about that bitcoin blip. The cryptocurrency

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Speaker 1: space continues to show that volatility is still a major issue.

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Speaker 1: Bitcoin prices plunged on Tuesday and Wednesday morning before finally

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Speaker 1: recovering some of their losses. And you know, we've talked

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Speaker 1: before on the show, how I have some money invested

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Speaker 1: in bitcoin in ethereum as well, but small amounts, small,

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Speaker 1: very small amouns. Yeah, but am I worried? No, I

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Speaker 1: just some crypto earlier in the year, And you know,

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Speaker 1: I'm not going to sit down and see how things

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Speaker 1: are looking until at least twelve months after those purchases

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Speaker 1: were made. Personally, I don't care how the roller coaster

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Speaker 1: like volatility is impacting my balance in the day to

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Speaker 1: day because I'm not in it to make a quick

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Speaker 1: buck in the short term. I'm not in it for

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Speaker 1: the days, in the weeks. I'm in it for like

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Speaker 1: the years and in the decades potentially, right. Uh. And

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Speaker 1: you know, it also doesn't really matter because, like you said,

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Speaker 1: I don't have much money invested in crypto at all.

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Speaker 1: If you're stressing out and you're worried, well, that's actually

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Speaker 1: probably a sign that you have too much writing on crypto,

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Speaker 1: and that's not what we would recommend. Yeah, and so yeah,

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Speaker 1: that what caused you know, the crypto crash or the

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Speaker 1: bitcoin blip is kind of like people have different takes

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Speaker 1: on that, a lot of potential reasons. Yeah, And and

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Speaker 1: Elon Musk being one of those potential reasons. He's like always,

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Speaker 1: it's always it's amazing to me how one of the

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Speaker 1: world's regis dude can be like the biggest Twitter troll

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Speaker 1: of all time at the same time. But it's it's

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Speaker 1: it's like, get a life, dude, Yeah, what are you doing? Man?

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Speaker 1: But um, yeah, I think what you said, Matt is

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Speaker 1: not having too much writing on it. That's such an

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Speaker 1: important factor in this conversation because really you're if you

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Speaker 1: if you do want to invest in crypto, if you

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Speaker 1: do believe it's the future, if you do believe that

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Speaker 1: you're gonna be able to make outsized returns on cryptocurrency

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Speaker 1: over the coming decades, that's okay. But we would suggest

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Speaker 1: investing at most five percent of your overall portfolio into

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Speaker 1: that space because of the volatility and because there's a

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Speaker 1: whole lot of speculation going on. And I think, yeah,

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Speaker 1: if you were freaking out earlier this week, that is

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Speaker 1: a sign that you probably have too much invested in

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Speaker 1: that space. Um. And on that note, Matt that the

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Speaker 1: FTC came out this week and said that cryptocurrency scams

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Speaker 1: are continuing to become a problem. They actually rose over

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Speaker 1: a thousand percent based on last year's numbers, and they

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Speaker 1: cost Americans eighty million dollars. So yeah, with this like

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Speaker 1: massive spotlight on crypto the scam artist, obviously they're they're

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Speaker 1: flocking to fleece folks where they are, and yeah, they're

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00:19:56,680 --> 00:19:58,960
Speaker 1: they're offering promising returns that are too good to be true.

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00:19:59,280 --> 00:20:02,560
Speaker 1: And then in an interesting trend too, it seems like

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00:20:02,600 --> 00:20:06,560
Speaker 1: scams often target older folks in our society, but crypto

431
00:20:06,600 --> 00:20:10,000
Speaker 1: scams are particularly ensnaring people in their twenties, thirties, and forties.

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00:20:10,040 --> 00:20:12,520
Speaker 1: They're they're five times more likely than older folks to

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00:20:12,560 --> 00:20:16,280
Speaker 1: have lost money due to investment in cryptocurrency scams. And

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00:20:16,320 --> 00:20:18,760
Speaker 1: so yeah, you might think you're young and tech savvy,

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00:20:18,800 --> 00:20:21,280
Speaker 1: but especially in this new budding space, you're you're more

436
00:20:21,280 --> 00:20:24,400
Speaker 1: susceptible than you realize to some of these scams. So yeah,

437
00:20:24,400 --> 00:20:27,320
Speaker 1: people who are into crypto, just be aware. Make sure

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00:20:27,320 --> 00:20:30,040
Speaker 1: you're doing your due diligence before you click on a

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00:20:30,080 --> 00:20:33,600
Speaker 1: link or before you decide to invest in That's right. Uh,

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00:20:33,640 --> 00:20:36,399
Speaker 1: And one last Storagel. According to the Wall Street Journal,

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00:20:36,880 --> 00:20:42,359
Speaker 1: ninety new airlines are launching in ninety like like Zo's.

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00:20:42,720 --> 00:20:45,040
Speaker 1: I would not have predicted that, especially a year ago

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00:20:45,200 --> 00:20:46,720
Speaker 1: we saw all the news and I saw like Buffett

444
00:20:46,760 --> 00:20:49,000
Speaker 1: selling all his airlines stock. I would not have predicted

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00:20:49,040 --> 00:20:51,720
Speaker 1: ninety airlines crazy this year. Yeah. Many of these new

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00:20:51,760 --> 00:20:54,080
Speaker 1: airlines though, I mean, they're able to trim their startup costs,

447
00:20:54,119 --> 00:20:57,359
Speaker 1: Like that's a big reason why they're starting uh these days, Uh,

448
00:20:57,640 --> 00:20:59,920
Speaker 1: you know, because of the pandemic and as we've been saying,

449
00:21:00,040 --> 00:21:02,560
Speaker 1: turbulent economic times like that that can be great for

450
00:21:02,560 --> 00:21:05,720
Speaker 1: starting a business, and after a year of very little travel,

451
00:21:05,760 --> 00:21:08,320
Speaker 1: there's a huge belief that travel is is actually is

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00:21:08,359 --> 00:21:10,760
Speaker 1: coming back in a big way. And it's not just

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00:21:10,840 --> 00:21:14,199
Speaker 1: a belief anymore, because travelers actually are booking flights and

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00:21:14,280 --> 00:21:16,800
Speaker 1: record numbers according to numbers from the t s A

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00:21:17,240 --> 00:21:19,160
Speaker 1: the EU. Just this week they opened up their travel

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00:21:19,240 --> 00:21:23,000
Speaker 1: restrictions and folks who are vaccinated can now fly. Uh so, yeah,

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00:21:23,040 --> 00:21:25,159
Speaker 1: we're actually looking forward to seeing some of these changes

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00:21:25,200 --> 00:21:27,320
Speaker 1: over the coming months. Yeah, but let's say you are

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00:21:27,400 --> 00:21:29,960
Speaker 1: booking on an airline you've never flown before, because there's

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00:21:29,960 --> 00:21:31,840
Speaker 1: a lot of new ones out there. Well, we're all

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00:21:31,840 --> 00:21:34,439
Speaker 1: about seeing some of these new discount airlines launching. Some

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00:21:34,520 --> 00:21:37,000
Speaker 1: of them are are big discounters, but be sure to

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00:21:37,000 --> 00:21:39,879
Speaker 1: look closely at the fees that they charge before booking.

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00:21:40,240 --> 00:21:42,880
Speaker 1: The initial fair Matt often looks just incredibly low, I think.

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Speaker 1: I mean, I remember when Spirit Air launched, people like

466
00:21:45,119 --> 00:21:47,480
Speaker 1: you can get on an airplane for seven dollars or

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00:21:47,560 --> 00:21:49,520
Speaker 1: nine dollars or whatever. It was like the easy Jet

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00:21:50,720 --> 00:21:52,359
Speaker 1: for the US, that's right, But then a lot of

469
00:21:52,400 --> 00:21:53,920
Speaker 1: people found out it was too good to be true,

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00:21:54,280 --> 00:21:56,680
Speaker 1: that like there was no leg room, and then there

471
00:21:56,720 --> 00:21:58,879
Speaker 1: was all these additional fees, and sometimes they ended up

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00:21:58,920 --> 00:22:00,880
Speaker 1: paying just as much as they would have to fly

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00:22:00,920 --> 00:22:03,040
Speaker 1: on a nicer, nicer airline. Makes me think, would would

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00:22:03,040 --> 00:22:04,760
Speaker 1: you would you fly somewhere if you had to stay

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00:22:04,760 --> 00:22:07,160
Speaker 1: in the whole time, like if they're totally would really

476
00:22:07,400 --> 00:22:10,440
Speaker 1: basically like taking a subway like but imagine on an airplane,

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00:22:10,800 --> 00:22:12,520
Speaker 1: especially if it was like a shorter flight, like if

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00:22:12,520 --> 00:22:14,119
Speaker 1: I was just flying an hour and a half two hours,

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00:22:14,240 --> 00:22:16,200
Speaker 1: I probably wouldn't want to do like a cross country

480
00:22:16,280 --> 00:22:17,960
Speaker 1: trip like a four and a half five hour flying

481
00:22:18,000 --> 00:22:19,720
Speaker 1: on it. But yeah, shorter flights like I could handle

482
00:22:19,760 --> 00:22:21,399
Speaker 1: an hour two, I'd be up four, especially if it

483
00:22:21,440 --> 00:22:24,159
Speaker 1: meant big money savings. But yeah, yeah, I feel like

484
00:22:24,200 --> 00:22:26,159
Speaker 1: it was some of these discount airlines, Like the initial

485
00:22:26,200 --> 00:22:28,520
Speaker 1: fair looks low, but then the junk fees add up

486
00:22:28,520 --> 00:22:30,160
Speaker 1: in a big way bait and switch. Yeah, and you're

487
00:22:30,200 --> 00:22:32,520
Speaker 1: like a prap. But there are ways to avoid them too,

488
00:22:32,560 --> 00:22:35,080
Speaker 1: so yeah, just just make sure you you know what

489
00:22:35,119 --> 00:22:37,320
Speaker 1: they are, so then you can either choose to go

490
00:22:37,359 --> 00:22:40,120
Speaker 1: in a different direction or you can uh do your

491
00:22:40,119 --> 00:22:43,240
Speaker 1: best to avoid them. So like instead of um, bringing

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00:22:43,240 --> 00:22:45,480
Speaker 1: a bag, checking a bag or even putting one in

493
00:22:45,480 --> 00:22:47,800
Speaker 1: the overhead been which a lot of airlines charge hoard

494
00:22:47,880 --> 00:22:50,320
Speaker 1: now to just take a backpack if you can instead,

495
00:22:50,359 --> 00:22:52,600
Speaker 1: and you can avoid some of those those fees. Also,

496
00:22:52,680 --> 00:22:55,639
Speaker 1: to don't pay to choose a seat. That's that's one

497
00:22:55,640 --> 00:22:57,720
Speaker 1: of those things that costs extra money too, And I'm like,

498
00:22:57,800 --> 00:22:59,960
Speaker 1: just place me anyone random here if it was like

499
00:23:00,000 --> 00:23:02,080
Speaker 1: it there, that's all I care about. Yeah. Yeah, Also

500
00:23:02,200 --> 00:23:05,280
Speaker 1: consider bringing your own snacks because yeah, airlines are now

501
00:23:05,600 --> 00:23:07,720
Speaker 1: charging for snacks most of the time, whether it's a

502
00:23:07,760 --> 00:23:11,160
Speaker 1: beverage or some chips. So doing all of those things

503
00:23:11,200 --> 00:23:14,000
Speaker 1: are gonna help you capitalize on some of the super

504
00:23:14,080 --> 00:23:16,320
Speaker 1: cheap fairs you're likely to see out there, while at

505
00:23:16,359 --> 00:23:18,480
Speaker 1: the same time avoiding some of those fees as are

506
00:23:18,520 --> 00:23:20,480
Speaker 1: gonna try to get you with. That's right, And we

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Speaker 1: are actually going to talk about travel some more on

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Speaker 1: Monday with our guest Nomadic Matt, who is a cheap

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00:23:25,880 --> 00:23:28,680
Speaker 1: travel expert. So come back and check that one out

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00:23:28,720 --> 00:23:31,000
Speaker 1: after the weekend. But yeah, Joel, that's gonna be it

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00:23:31,080 --> 00:23:32,920
Speaker 1: for this episode. Be sure to head over to the

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00:23:32,960 --> 00:23:34,680
Speaker 1: website where you can find our show notes, and that's

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00:23:34,720 --> 00:23:36,640
Speaker 1: where we will have links to all of the stories

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00:23:36,720 --> 00:23:40,200
Speaker 1: that we mentioned today, including that Radwagon article. Basically, I'm

515
00:23:40,240 --> 00:23:43,200
Speaker 1: trying to convert everyone to getting an electric cargo bike,

516
00:23:43,280 --> 00:23:44,880
Speaker 1: so that is, how do you get around town without

517
00:23:44,880 --> 00:23:46,680
Speaker 1: having to drive everywhere? Man? That's true, all right? So

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Speaker 1: I have a great weekend and Matt until next time.

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Speaker 1: Best friends out, Best Friends Out,