1 00:00:00,080 --> 00:00:03,360 Speaker 1: Welcome to Out of Money. I'm Joel, I'm Matt. Today 2 00:00:03,400 --> 00:00:08,160 Speaker 1: we're talking forever mortgages, ruining rewards cards, and free tax 3 00:00:08,240 --> 00:00:30,320 Speaker 1: filing fails. Oh, we've got more than one tax filing 4 00:00:30,360 --> 00:00:31,800 Speaker 1: failed to get to I thought we were really going 5 00:00:31,840 --> 00:00:35,080 Speaker 1: to talk about fail I think I added an s Oh, 6 00:00:35,159 --> 00:00:39,400 Speaker 1: I think it's just one. Okay, Hey, you say failure. 7 00:00:39,560 --> 00:00:42,159 Speaker 1: If there's something else you want to talk about later on, 8 00:00:42,280 --> 00:00:44,400 Speaker 1: let's get to it. Man, we're talking about personal failures. 9 00:00:44,880 --> 00:00:47,080 Speaker 1: What's what's a recent personal fail Do you have one? 10 00:00:47,159 --> 00:00:49,839 Speaker 1: So many? Here's my I like to bring him to 11 00:00:49,880 --> 00:00:51,800 Speaker 1: light here on the podcast. That's my wife. 12 00:00:51,800 --> 00:00:53,840 Speaker 2: Wait, we need to let people know where I was gonna. 13 00:00:53,960 --> 00:00:55,800 Speaker 2: I was gonna mention how I rolled my ankle and 14 00:00:55,840 --> 00:00:56,880 Speaker 2: I've been hobbling around. 15 00:00:57,040 --> 00:00:57,920 Speaker 1: He saw me this morning. 16 00:00:57,960 --> 00:01:00,560 Speaker 2: Actually, instead of us joining runs like we have in 17 00:01:00,600 --> 00:01:02,920 Speaker 2: the past, you saw me walking because I got to 18 00:01:02,960 --> 00:01:05,040 Speaker 2: rehab my stupid ankle after. 19 00:01:04,800 --> 00:01:06,760 Speaker 1: I rolled it earlier. It's the worst, man, because those 20 00:01:06,800 --> 00:01:08,640 Speaker 1: are the things that you just kind of too fragile. 21 00:01:08,800 --> 00:01:10,920 Speaker 2: Yeah, I'm like one of these like little fragile like. 22 00:01:11,000 --> 00:01:13,200 Speaker 2: You gotta protect me. You gotta put some bubble wrap around. 23 00:01:12,959 --> 00:01:14,800 Speaker 1: Me to put you in a cocoon. Yeah, we can 24 00:01:14,880 --> 00:01:18,720 Speaker 1: do that. I'm high performance but highly fragile individual. Girl. 25 00:01:19,360 --> 00:01:21,160 Speaker 1: Think one of those formula and cars, you know, they're 26 00:01:21,160 --> 00:01:22,039 Speaker 1: always getting banged up. 27 00:01:22,200 --> 00:01:26,000 Speaker 2: The line from Rob Blow's character in was It Parks 28 00:01:26,040 --> 00:01:28,679 Speaker 2: and rec probably take him a like one grain of 29 00:01:28,680 --> 00:01:30,920 Speaker 2: scene my engine. It was just when he was sound 30 00:01:31,000 --> 00:01:33,720 Speaker 2: that sounds like Rob characters Roblows character from that show. 31 00:01:33,760 --> 00:01:36,319 Speaker 1: Yeah, Okay, real quick, Matt. One thing we're not failing 32 00:01:36,360 --> 00:01:39,240 Speaker 1: at is raising money for some of our favorite nonprofits. 33 00:01:39,240 --> 00:01:41,640 Speaker 1: I just wanted to bring this up really quickly. You've 34 00:01:41,680 --> 00:01:45,000 Speaker 1: probably heard the ads around this, but we we talked 35 00:01:45,040 --> 00:01:47,680 Speaker 1: about donor advised funds regularly here on the show. We're 36 00:01:47,680 --> 00:01:51,240 Speaker 1: all about raising money for good causes. We have been 37 00:01:51,280 --> 00:01:54,480 Speaker 1: with Daffy for years now and been talking to Daffy 38 00:01:54,520 --> 00:01:56,640 Speaker 1: on the show for years now, and we're up against 39 00:01:56,880 --> 00:01:59,440 Speaker 1: some other podcasts trying to raise money for some of 40 00:01:59,440 --> 00:02:03,840 Speaker 1: our favorite profits. We're in I think third place right now, 41 00:02:03,880 --> 00:02:05,840 Speaker 1: which is admirable. We have a little bronze medal next 42 00:02:05,880 --> 00:02:08,400 Speaker 1: to hurt or something that has you go to the 43 00:02:08,480 --> 00:02:11,160 Speaker 1: Voices for Good Daffy dot org slash Voices for Good. 44 00:02:11,240 --> 00:02:13,600 Speaker 1: You can see we'll see I'm not going to getting 45 00:02:13,639 --> 00:02:15,799 Speaker 1: our butts kicked by the stacking Benjamins people. My god, 46 00:02:15,840 --> 00:02:18,080 Speaker 1: I didn't realize that. Yeah, so those idiots. 47 00:02:18,120 --> 00:02:20,320 Speaker 2: So folks need to go to Daffy dot org Ford 48 00:02:20,320 --> 00:02:22,280 Speaker 2: slash how to Money. See I've been going. I've been 49 00:02:22,320 --> 00:02:24,239 Speaker 2: checking out our page and making sure that thing still works. 50 00:02:24,240 --> 00:02:25,920 Speaker 2: I didn't know there was a landing page as all 51 00:02:25,960 --> 00:02:27,480 Speaker 2: the all the top scores. 52 00:02:27,120 --> 00:02:29,720 Speaker 1: And you can see oh no boards, maybe seven or 53 00:02:29,720 --> 00:02:32,600 Speaker 1: eight podcast total, so third place. It's respectable, but still like, 54 00:02:32,840 --> 00:02:35,760 Speaker 1: uh man, we're way better than the stacking Benjamins. 55 00:02:35,360 --> 00:02:38,600 Speaker 2: Guys and mess folks don't even know who those guys are, yeah, right, 56 00:02:38,800 --> 00:02:42,360 Speaker 2: forget them, just they barely exist. So you're listening to 57 00:02:42,400 --> 00:02:45,639 Speaker 2: our show. But when you go to Daffy dot org 58 00:02:45,680 --> 00:02:47,720 Speaker 2: ford slash how to Money, when you sign up and 59 00:02:47,919 --> 00:02:50,560 Speaker 2: make your first contribution as well, you get a free 60 00:02:50,760 --> 00:02:53,200 Speaker 2: twenty five dollars to be able to donate to your 61 00:02:53,320 --> 00:02:55,840 Speaker 2: charity of choice, so donor advice funds. 62 00:02:55,840 --> 00:02:56,440 Speaker 1: They're awesome. 63 00:02:56,520 --> 00:02:59,359 Speaker 2: We've been huge fans of Daffy in particular for years 64 00:02:59,720 --> 00:03:02,520 Speaker 2: and only recently have been able to partner with them. 65 00:03:02,520 --> 00:03:03,960 Speaker 2: And it was it was like one of those slam 66 00:03:04,040 --> 00:03:06,160 Speaker 2: nug decisions where they reached out to us and we're like, 67 00:03:06,160 --> 00:03:08,160 Speaker 2: would y'all want to do this? Sort of We're like, 68 00:03:08,160 --> 00:03:10,639 Speaker 2: oh my gosh, yes, this is a match made in 69 00:03:10,680 --> 00:03:13,280 Speaker 2: heaven for sure, as they say, so, please, yeah, join 70 00:03:13,360 --> 00:03:17,320 Speaker 2: us in this endeavor and help us smacked stacking Benjamins 71 00:03:17,320 --> 00:03:17,880 Speaker 2: in a face. 72 00:03:17,960 --> 00:03:20,480 Speaker 1: Yeah, I'm for it. I know. I'm using violent language 73 00:03:20,480 --> 00:03:21,920 Speaker 1: only because I think they've been doing it on their 74 00:03:21,960 --> 00:03:25,119 Speaker 1: podcast about us, and so yeah, oh yeah, they see 75 00:03:25,120 --> 00:03:27,720 Speaker 1: I don't read the comments some of the images they've 76 00:03:27,720 --> 00:03:31,000 Speaker 1: been flowed around like I did see that. Yeah, it's tough. 77 00:03:31,080 --> 00:03:32,800 Speaker 1: So we're I'm just getting back at them with some 78 00:03:33,000 --> 00:03:34,960 Speaker 1: subverbal abuse here. But let's keep moving, man. 79 00:03:35,000 --> 00:03:37,440 Speaker 2: This is our Friday Flight where we cover the most 80 00:03:37,440 --> 00:03:40,400 Speaker 2: pertinent headlines from the past week how they're going to 81 00:03:40,440 --> 00:03:45,240 Speaker 2: impact your dollars. Let's talk about the new fifty year mortgage. 82 00:03:45,160 --> 00:03:48,040 Speaker 1: That was floated. You're a big fan, right, I'm not. 83 00:03:48,640 --> 00:03:49,600 Speaker 1: I'll explain why. 84 00:03:49,680 --> 00:03:52,960 Speaker 2: But the Trump administration is saying that they want Fanny 85 00:03:53,080 --> 00:03:56,160 Speaker 2: and Freddy to be able to back the fifty year mortgages, 86 00:03:56,280 --> 00:04:01,080 Speaker 2: making them likely to become accessible to more day Americans. Right, 87 00:04:01,560 --> 00:04:06,640 Speaker 2: And here's the thing. It would make housing slightly more affordable. 88 00:04:07,040 --> 00:04:10,760 Speaker 2: But similar to we talked about this last week, the 89 00:04:10,800 --> 00:04:13,640 Speaker 2: super long car loans. Similar to that right where you 90 00:04:13,720 --> 00:04:16,760 Speaker 2: lengthen these loans, this would have terrible downsize. 91 00:04:16,839 --> 00:04:19,840 Speaker 1: It lowers the payment, which is nice, but barely. That's 92 00:04:19,880 --> 00:04:20,159 Speaker 1: the thing. 93 00:04:20,200 --> 00:04:21,720 Speaker 2: Like when you actually look at the numbers and crunch, 94 00:04:21,800 --> 00:04:24,520 Speaker 2: crunch the numbers, it's not It's like you look at 95 00:04:24,520 --> 00:04:26,520 Speaker 2: the difference between a fifteen year and a thirty year, 96 00:04:26,560 --> 00:04:29,200 Speaker 2: there's a significant difference. There is not much difference between 97 00:04:29,520 --> 00:04:31,640 Speaker 2: a thirty year and a fifty year. You know what 98 00:04:31,640 --> 00:04:34,400 Speaker 2: the difference is in how much overall interest you pay. 99 00:04:34,640 --> 00:04:38,359 Speaker 2: It's significantly higher with the fifty absolutely, But you can't 100 00:04:38,480 --> 00:04:41,359 Speaker 2: ignore the fact that you're extending this obligation for twenty 101 00:04:41,360 --> 00:04:44,120 Speaker 2: more years, and it's unlikely that you're going to even 102 00:04:44,120 --> 00:04:46,600 Speaker 2: be in the home for fifty years, which makes it 103 00:04:46,680 --> 00:04:48,520 Speaker 2: what it's going to make it harder when it comes 104 00:04:48,560 --> 00:04:51,440 Speaker 2: time to sell that home, especially in a stagnant market, 105 00:04:51,480 --> 00:04:55,000 Speaker 2: because you're gonna have paid off so little. Principle, So yes, 106 00:04:55,240 --> 00:05:00,520 Speaker 2: housing is not terribly affordable right now, but making longer 107 00:05:00,600 --> 00:05:03,320 Speaker 2: debt instruments is a it's a short term fix to 108 00:05:03,400 --> 00:05:06,400 Speaker 2: a long term problem that has the potential to create 109 00:05:06,440 --> 00:05:08,920 Speaker 2: even more long term problems down the road. 110 00:05:09,000 --> 00:05:11,360 Speaker 1: And I am not a fan. From an individual anti 111 00:05:11,440 --> 00:05:14,440 Speaker 1: societal perspective, I think the fifty year mortgage and a 112 00:05:14,520 --> 00:05:16,840 Speaker 1: fifty year mortgages, like, I can't imagine they're going to 113 00:05:16,880 --> 00:05:18,640 Speaker 1: be all that popular to where it's going to create 114 00:05:18,760 --> 00:05:21,240 Speaker 1: some sort of crash. I mean, I think we're thinking 115 00:05:21,279 --> 00:05:25,000 Speaker 1: about the the housing crisis, the Great Recession. I can't 116 00:05:25,040 --> 00:05:27,480 Speaker 1: imagine it turning into something like that because it's not 117 00:05:27,680 --> 00:05:30,039 Speaker 1: all that attractive. It's not a great solution. I'm thinking 118 00:05:30,080 --> 00:05:34,400 Speaker 1: maybe the fifty year mortgage proposal is too short sighted, Matt. 119 00:05:34,520 --> 00:05:36,680 Speaker 1: Maybe we should go for like one hundred year maybe 120 00:05:36,720 --> 00:05:39,320 Speaker 1: two hundred year mortgages. Why not? Like why not? Where? 121 00:05:39,360 --> 00:05:40,720 Speaker 1: What is the limiting principle here? 122 00:05:40,800 --> 00:05:42,880 Speaker 2: Well, one of the reasons is because of the fact 123 00:05:42,880 --> 00:05:44,919 Speaker 2: that banks would take on these longer out and I 124 00:05:44,960 --> 00:05:47,599 Speaker 2: know you're being facetious, of course, but the rates would 125 00:05:47,640 --> 00:05:49,760 Speaker 2: also be higher because of the fact that it's a 126 00:05:49,760 --> 00:05:52,520 Speaker 2: longer term. So the bank is signing up for a 127 00:05:52,640 --> 00:05:56,000 Speaker 2: riskier investment here, and that's another downside, right, Like it 128 00:05:56,000 --> 00:05:58,600 Speaker 2: would be one thing, I mean I would consider it 129 00:05:58,640 --> 00:06:01,080 Speaker 2: if the rates were lower, because then it's just like, Okay, 130 00:06:01,480 --> 00:06:03,800 Speaker 2: let's crunch them numbers seriously, how this pans out? 131 00:06:03,880 --> 00:06:05,920 Speaker 1: But and it's not the case. The truth is, if 132 00:06:05,920 --> 00:06:07,880 Speaker 1: i're rate, if you have more of like an investor 133 00:06:07,960 --> 00:06:10,960 Speaker 1: mindset or like an optimization sort of mindset, you could 134 00:06:11,000 --> 00:06:14,200 Speaker 1: potentially take on a longer mortgage with the right terms 135 00:06:14,720 --> 00:06:16,880 Speaker 1: and if you're doing all the other right things. But 136 00:06:16,920 --> 00:06:19,479 Speaker 1: I just think there's way too many Americans who would 137 00:06:20,000 --> 00:06:22,520 Speaker 1: use the fifty year mortgage as hey, this is the 138 00:06:22,520 --> 00:06:25,159 Speaker 1: only way I can actually get into the housing market 139 00:06:25,160 --> 00:06:27,000 Speaker 1: and buy a house. You'll never own the home because 140 00:06:27,040 --> 00:06:28,880 Speaker 1: it's a fifty year mortgage, but you can at least 141 00:06:28,880 --> 00:06:31,960 Speaker 1: buy the home and be paying on it for a 142 00:06:31,960 --> 00:06:34,599 Speaker 1: long period of time. So I just think that this 143 00:06:34,640 --> 00:06:37,360 Speaker 1: would this would be a rough decision leading to a 144 00:06:37,400 --> 00:06:41,599 Speaker 1: bunch of negative downstream impacts for a lot of individuals. 145 00:06:41,640 --> 00:06:43,800 Speaker 1: It just seems so short sighted. And some folks are 146 00:06:43,800 --> 00:06:45,840 Speaker 1: talking about how much more an interest you are going 147 00:06:45,880 --> 00:06:48,200 Speaker 1: to pay. It's just absurd, right, like the total cost 148 00:06:48,240 --> 00:06:49,120 Speaker 1: of the actual loan. 149 00:06:49,480 --> 00:06:51,520 Speaker 2: But it's honestly, it's less about that because of the 150 00:06:51,520 --> 00:06:54,200 Speaker 2: fact that people don't typically stay in their homes for 151 00:06:54,240 --> 00:06:56,800 Speaker 2: fifty years, right, And so it's I think where folks 152 00:06:56,839 --> 00:06:59,200 Speaker 2: are going to feel it more is when they're like, oh, 153 00:06:59,240 --> 00:06:59,720 Speaker 2: you know what, this. 154 00:06:59,680 --> 00:07:00,840 Speaker 1: House is working out for us. 155 00:07:00,839 --> 00:07:03,839 Speaker 2: Oh we're gonna move because daddy got a new job. 156 00:07:03,920 --> 00:07:06,279 Speaker 2: Oh mom's got this promotion, and now we have to 157 00:07:06,279 --> 00:07:08,719 Speaker 2: move out of state. Oh the kid, whatever, all the 158 00:07:08,760 --> 00:07:09,920 Speaker 2: different reasons that you end up moving. 159 00:07:09,920 --> 00:07:11,880 Speaker 1: And if you've been in that house for seven years 160 00:07:11,880 --> 00:07:14,000 Speaker 1: on a fifteen year mortgage, hey, you paid off a 161 00:07:14,040 --> 00:07:16,720 Speaker 1: lot of the principal bounds, or at least enough to 162 00:07:16,720 --> 00:07:18,920 Speaker 1: where you come to the closing table and you're you 163 00:07:18,960 --> 00:07:20,960 Speaker 1: don't feel like you just got slapped in the face, right, 164 00:07:20,960 --> 00:07:22,080 Speaker 1: But if you're in a fifty year. 165 00:07:21,960 --> 00:07:24,960 Speaker 2: Mortgage five to seven years, a fifty year note, yep, 166 00:07:25,160 --> 00:07:27,280 Speaker 2: especially yeah, when things are slower yet you're having to 167 00:07:27,320 --> 00:07:27,920 Speaker 2: come to the table. 168 00:07:27,960 --> 00:07:29,960 Speaker 1: By the way, money, did you see that Robin Hood 169 00:07:30,120 --> 00:07:33,880 Speaker 1: is entering into the home mortgage market? They not fifty 170 00:07:33,920 --> 00:07:35,520 Speaker 1: years more, just because it's an a thing. 171 00:07:36,360 --> 00:07:38,520 Speaker 2: Yeah, hopefully it will become a thing. But we wanted 172 00:07:38,560 --> 00:07:40,320 Speaker 2: to talk about it since it was making the headlines, 173 00:07:40,360 --> 00:07:41,800 Speaker 2: since it was truthed out. 174 00:07:41,840 --> 00:07:44,680 Speaker 1: Earlier this week. I got truthed so stupid. Okay, So 175 00:07:45,200 --> 00:07:47,640 Speaker 1: but Robinhood looks like they might get into they're going 176 00:07:47,720 --> 00:07:50,720 Speaker 1: to get into mortgages at least for their gold numbers initially, 177 00:07:51,160 --> 00:07:54,200 Speaker 1: and they you know, Robinhood might offer good rates in terms. 178 00:07:54,280 --> 00:07:56,480 Speaker 1: Maybe maybe not. I don't know, but I think this 179 00:07:56,600 --> 00:07:58,520 Speaker 1: is just a good reminder. While it might be like 180 00:07:58,560 --> 00:08:00,160 Speaker 1: the blinking light in front of you, Oh yeah, I 181 00:08:00,240 --> 00:08:02,679 Speaker 1: use Robinhood to invest, and so now they're offering mortgages, 182 00:08:02,720 --> 00:08:06,119 Speaker 1: that's where I should go maybe, and you should probably 183 00:08:06,120 --> 00:08:08,840 Speaker 1: get a quote from them. But as we always say, 184 00:08:08,880 --> 00:08:11,560 Speaker 1: getting at least three quotes every time when you are 185 00:08:11,600 --> 00:08:14,040 Speaker 1: getting a mortgage is crucial because the numbers just show 186 00:08:14,080 --> 00:08:16,360 Speaker 1: you can save a significant amount of money by comparing 187 00:08:16,400 --> 00:08:19,400 Speaker 1: apples to apples with a bunch of different mortgage providers. Totally. 188 00:08:19,440 --> 00:08:22,160 Speaker 2: One of the things they tatted was the mortgage application. 189 00:08:22,240 --> 00:08:24,880 Speaker 2: It only takes four minutes, which I don't know how 190 00:08:24,920 --> 00:08:27,520 Speaker 2: I feel about that either, Like there's a part of 191 00:08:27,520 --> 00:08:30,200 Speaker 2: me that says, you know what, I think the friction 192 00:08:30,480 --> 00:08:33,000 Speaker 2: is actually a good thing in this case, Like this 193 00:08:33,040 --> 00:08:34,559 Speaker 2: is a very big decision. This doesn't need to be 194 00:08:34,640 --> 00:08:37,600 Speaker 2: something that you buy paying four like on a pair 195 00:08:37,600 --> 00:08:39,800 Speaker 2: of sneakers, right or something. This is a house that 196 00:08:39,840 --> 00:08:42,319 Speaker 2: we're talking about, and so I don't know, there's a 197 00:08:42,360 --> 00:08:44,640 Speaker 2: part of me that thinks maybe it should be a 198 00:08:44,679 --> 00:08:47,640 Speaker 2: little bit harder to purchase the home. Not the fact 199 00:08:47,679 --> 00:08:50,760 Speaker 2: that a there's so little supply out there, not the 200 00:08:50,800 --> 00:08:53,000 Speaker 2: fact that housing prices are crazy, like those are the 201 00:08:53,240 --> 00:08:55,600 Speaker 2: like that is how it's so hard to get a house, right, 202 00:08:55,640 --> 00:08:58,040 Speaker 2: saving up the money for a down payment, actually finding 203 00:08:58,080 --> 00:09:00,760 Speaker 2: a place that you want to buy. You've saved up 204 00:09:00,760 --> 00:09:03,760 Speaker 2: the money. Okay, so maybe it should be easier when 205 00:09:03,800 --> 00:09:07,400 Speaker 2: once you've actually done those things. But something about it 206 00:09:07,520 --> 00:09:10,840 Speaker 2: taking so little time feels a bit like a bit 207 00:09:10,960 --> 00:09:12,720 Speaker 2: knee jerk. Like you're sitting there on the couch watching 208 00:09:12,760 --> 00:09:14,439 Speaker 2: Netflix and you're like, oh, let me just apply for 209 00:09:14,480 --> 00:09:17,920 Speaker 2: a Morgan, and all of a sudden you've been told that, oh, yeah, 210 00:09:17,960 --> 00:09:19,679 Speaker 2: you can afford a seven hundred thousand dollars home. 211 00:09:19,760 --> 00:09:21,000 Speaker 1: I think what you're getting it would be like if 212 00:09:21,040 --> 00:09:22,760 Speaker 1: you were applying to Harvard and you just took like 213 00:09:22,760 --> 00:09:24,680 Speaker 1: a one minute selfie video and send it inn like 214 00:09:24,720 --> 00:09:27,360 Speaker 1: that would be like that would be a significant enough 215 00:09:27,360 --> 00:09:30,880 Speaker 1: of an application Like that doesn't seem thorough enough right, exact, Yeah, exactly. Yeah, 216 00:09:30,920 --> 00:09:32,840 Speaker 1: it's a multiple choice. Actually, I even know one bit 217 00:09:32,880 --> 00:09:35,480 Speaker 1: of a selfie app Yeah, that's not enough. Got to 218 00:09:35,640 --> 00:09:37,920 Speaker 1: go a little more harder than that. There was a 219 00:09:37,960 --> 00:09:40,080 Speaker 1: new survey map from US News and it found that 220 00:09:40,160 --> 00:09:43,200 Speaker 1: seventy nine percent of Americans are concerned they're not going 221 00:09:43,280 --> 00:09:47,760 Speaker 1: to have enough money for gifts this holiday season. I 222 00:09:47,800 --> 00:09:50,000 Speaker 1: get it, like I see that. I see that stat 223 00:09:50,080 --> 00:09:52,760 Speaker 1: and it's shocking in some ways, but I also understand 224 00:09:52,760 --> 00:09:57,760 Speaker 1: like rising prices more economic uncertainty, it makes splurging on 225 00:09:57,880 --> 00:10:02,240 Speaker 1: Christmas presents feel a bit more tenuous. Tariffs have been 226 00:10:02,280 --> 00:10:05,360 Speaker 1: impacting prices at least to a certain degree, and we 227 00:10:05,360 --> 00:10:07,880 Speaker 1: can't go back in time. But this is why Matt, 228 00:10:07,920 --> 00:10:09,680 Speaker 1: you and I were fans of starting a sinking fund 229 00:10:09,720 --> 00:10:11,920 Speaker 1: in January. Believe we talked about it. In January of 230 00:10:11,920 --> 00:10:15,040 Speaker 1: this year, Hey starts sending us side money that we did. 231 00:10:15,320 --> 00:10:17,640 Speaker 1: Now for the end of the year. Forty bucks a 232 00:10:17,640 --> 00:10:19,560 Speaker 1: month would mean you'd have four hundred and forty dollars 233 00:10:19,559 --> 00:10:22,959 Speaker 1: saved at this point in the year, and like then, 234 00:10:23,000 --> 00:10:25,280 Speaker 1: you would be able to buy most of the Christmas 235 00:10:25,320 --> 00:10:29,720 Speaker 1: presents you wanted to buy guilt free. And this would 236 00:10:29,800 --> 00:10:31,400 Speaker 1: ensure that you're at least within the ballpark of what 237 00:10:31,480 --> 00:10:35,480 Speaker 1: you're going to spend this year for presents, and our 238 00:10:35,559 --> 00:10:37,840 Speaker 1: advice now, start doing that for twenty twenty six. But 239 00:10:37,840 --> 00:10:40,760 Speaker 1: if you haven't done that and you feel concerned about 240 00:10:40,800 --> 00:10:43,640 Speaker 1: being able to buy presents this year, make a gift 241 00:10:43,720 --> 00:10:46,559 Speaker 1: recipient list and attach a reasonable budget for what you're 242 00:10:46,559 --> 00:10:48,560 Speaker 1: willing to spend for each person you want to buy for. 243 00:10:48,840 --> 00:10:51,520 Speaker 1: Then find ways to pair back and to save so 244 00:10:51,559 --> 00:10:54,960 Speaker 1: that you have the cash as gift buying season starts. 245 00:10:54,960 --> 00:10:56,640 Speaker 1: Because we're about to get into that season, Matt, where 246 00:10:56,679 --> 00:11:00,320 Speaker 1: like every retailer is pulling for your dollars with like 247 00:11:00,480 --> 00:11:04,520 Speaker 1: sales and advertisements and blinking lights, and I think it's 248 00:11:04,880 --> 00:11:06,480 Speaker 1: I just don't want to see how the money listener's 249 00:11:06,520 --> 00:11:08,200 Speaker 1: going to debt for it. Yeah, we want you to 250 00:11:08,240 --> 00:11:10,360 Speaker 1: have a plan, and if you don't, the worst thing 251 00:11:10,400 --> 00:11:12,880 Speaker 1: that happens, and this a lot of folks do this, right, 252 00:11:12,960 --> 00:11:14,840 Speaker 1: you end up putting all those gifts on a credit card. 253 00:11:14,880 --> 00:11:16,760 Speaker 1: You're saying yourself, I'm not gonna worry about this until 254 00:11:16,800 --> 00:11:18,760 Speaker 1: the next year, because next year's gonna be better. 255 00:11:18,880 --> 00:11:21,360 Speaker 2: Right, It might be better, it might not be uh, 256 00:11:21,440 --> 00:11:23,200 Speaker 2: and then you're dealing with it for the next six 257 00:11:23,360 --> 00:11:24,200 Speaker 2: seven months or so. 258 00:11:24,320 --> 00:11:26,560 Speaker 1: But I think it's also okay today six to seven 259 00:11:26,960 --> 00:11:29,240 Speaker 1: you did, I did, I didn't. Okay. Sorry for all 260 00:11:29,280 --> 00:11:32,880 Speaker 1: the parents out there, all the middle schoolers out there, 261 00:11:32,920 --> 00:11:35,680 Speaker 1: what's up. It's also I wanted. 262 00:11:35,480 --> 00:11:38,120 Speaker 2: To say, I think it's totally fine to dial back 263 00:11:38,160 --> 00:11:40,400 Speaker 2: your spending and expectations. 264 00:11:40,440 --> 00:11:42,599 Speaker 1: Specifically, this is something. 265 00:11:42,360 --> 00:11:45,480 Speaker 2: That we're about to do with our extended family, but 266 00:11:45,600 --> 00:11:49,000 Speaker 2: have the conversations with your family, with your friends, set 267 00:11:49,040 --> 00:11:49,640 Speaker 2: the expectation. 268 00:11:49,720 --> 00:11:51,160 Speaker 1: Tell your father in law he's not getting the bow 269 00:11:51,200 --> 00:11:52,480 Speaker 1: on top of the lexus this year. Man. 270 00:11:53,040 --> 00:11:55,880 Speaker 2: Yes, but do it now, because the closer you get 271 00:11:55,920 --> 00:11:58,439 Speaker 2: to Christmas to the holidays, the harder it's going to become. 272 00:11:59,640 --> 00:12:01,880 Speaker 2: This is an instance where I think honesty is the 273 00:12:01,880 --> 00:12:05,640 Speaker 2: best policy, because if you've got other financial goals or 274 00:12:05,679 --> 00:12:09,000 Speaker 2: priorities that you might have, I think there's a good 275 00:12:09,120 --> 00:12:11,720 Speaker 2: chance that other folks in your life also have goals 276 00:12:11,720 --> 00:12:14,600 Speaker 2: that they want to achieve as well, and so it's 277 00:12:14,679 --> 00:12:16,320 Speaker 2: just I don't know. I think it could lead to 278 00:12:17,440 --> 00:12:21,520 Speaker 2: less stressful and potentially even more memorable holiday season for 279 00:12:21,640 --> 00:12:22,320 Speaker 2: you and your family. 280 00:12:23,160 --> 00:12:25,960 Speaker 1: In another sign of kind of the economic times. The 281 00:12:26,000 --> 00:12:29,840 Speaker 1: CEO of GoFundMe said recently that people are raising money 282 00:12:29,880 --> 00:12:34,040 Speaker 1: on that platform to buy food I and he's basically 283 00:12:34,040 --> 00:12:35,880 Speaker 1: made it sound like that's not something they've seen a 284 00:12:35,920 --> 00:12:38,480 Speaker 1: lot of, but there's been a substantial uptick in that 285 00:12:38,800 --> 00:12:42,440 Speaker 1: go fundme, typically used to raise crowdfund for like health 286 00:12:42,440 --> 00:12:45,640 Speaker 1: care costs, or to raise money for emergencies that are 287 00:12:45,640 --> 00:12:48,920 Speaker 1: happening around the world. And this statement came I think 288 00:12:49,000 --> 00:12:51,520 Speaker 1: Matt before the snap benefits didn't go out at the 289 00:12:51,559 --> 00:12:53,040 Speaker 1: beginning of the month. I think this was in like 290 00:12:53,280 --> 00:12:56,959 Speaker 1: mid October that he said this, which compounded the problem 291 00:12:56,960 --> 00:12:59,720 Speaker 1: obviously for many families. So I think this is just 292 00:12:59,800 --> 00:13:02,959 Speaker 1: this is a good reminder to me, and I wanted 293 00:13:03,000 --> 00:13:05,200 Speaker 1: to say this on the podcast publicly too, to look 294 00:13:05,200 --> 00:13:07,880 Speaker 1: out for people in your community, especially people who are 295 00:13:07,920 --> 00:13:10,319 Speaker 1: struggling or you might see, oh gosh, they look like 296 00:13:10,320 --> 00:13:13,600 Speaker 1: they might be having a hard time. Like you know, 297 00:13:13,880 --> 00:13:17,520 Speaker 1: cash a gift card to your local grocery store could 298 00:13:17,520 --> 00:13:19,040 Speaker 1: be a big help for people in time and need. 299 00:13:19,040 --> 00:13:20,959 Speaker 1: This is a great time if you have the means 300 00:13:21,000 --> 00:13:23,760 Speaker 1: to support people who live near you. 301 00:13:24,080 --> 00:13:26,760 Speaker 2: Food drives even like this is something I think that 302 00:13:26,760 --> 00:13:29,280 Speaker 2: we've even struggled with with our family is connecting some 303 00:13:29,440 --> 00:13:32,160 Speaker 2: of the good that we tried to put out in 304 00:13:32,200 --> 00:13:34,200 Speaker 2: the world with the kids and their lessons. Because like 305 00:13:34,240 --> 00:13:37,559 Speaker 2: we're you've got kids, and you're you've got a full calendar. 306 00:13:37,559 --> 00:13:39,440 Speaker 2: It's tough to make time to go serve like in 307 00:13:39,480 --> 00:13:41,560 Speaker 2: a soup kitchen or something like that. But even simply 308 00:13:41,559 --> 00:13:43,800 Speaker 2: participating in a can food drive I think can be 309 00:13:43,840 --> 00:13:45,520 Speaker 2: a good way, especially if you're just talking about it 310 00:13:45,520 --> 00:13:48,160 Speaker 2: well and explain and explaining to them why we're doing this, 311 00:13:48,200 --> 00:13:50,040 Speaker 2: why we're how it is that we're able to do 312 00:13:50,080 --> 00:13:50,600 Speaker 2: something like that. 313 00:13:50,640 --> 00:13:53,760 Speaker 1: We're seeing churches step up to the plate. And as 314 00:13:53,880 --> 00:13:56,199 Speaker 1: the snap benefits were cut, and so I saw a 315 00:13:56,200 --> 00:13:58,240 Speaker 1: bunch of churches saying, all right, listen, we're gonna step 316 00:13:58,240 --> 00:14:01,640 Speaker 1: in and fill this gap here, and so yeah, take 317 00:14:01,640 --> 00:14:03,920 Speaker 1: part in that. If your church is doing something like 318 00:14:03,960 --> 00:14:07,520 Speaker 1: that locally. There's also a website findhelp dot org if 319 00:14:07,520 --> 00:14:10,760 Speaker 1: you need financial or food or health assistance. That's a 320 00:14:10,800 --> 00:14:12,679 Speaker 1: great site to kind of find where you can get 321 00:14:12,720 --> 00:14:13,600 Speaker 1: that nearby. 322 00:14:13,400 --> 00:14:16,079 Speaker 2: Totally which is an awesome database. I've explored there a 323 00:14:16,120 --> 00:14:18,720 Speaker 2: little bit this morning. It seems super up to date. 324 00:14:18,880 --> 00:14:21,560 Speaker 2: It's Scott's and it's got it's really thorough. 325 00:14:21,640 --> 00:14:21,800 Speaker 1: Yeah. 326 00:14:21,840 --> 00:14:24,960 Speaker 2: Yeah, it's not just food. It's also like transportation housing. 327 00:14:25,040 --> 00:14:28,680 Speaker 2: You can get legal help as well, but it's got 328 00:14:28,760 --> 00:14:31,440 Speaker 2: updated hours, and certainly make sure to call them before 329 00:14:31,440 --> 00:14:34,400 Speaker 2: you you drive across town or share it with somebody. 330 00:14:34,560 --> 00:14:36,200 Speaker 2: I think what could be really helpful is if you're 331 00:14:36,240 --> 00:14:38,400 Speaker 2: hearing this need, if someone is in need, doing I 332 00:14:38,440 --> 00:14:41,320 Speaker 2: don't know, even I don't know. I almost said doing 333 00:14:41,400 --> 00:14:43,280 Speaker 2: it for them and just like helping to connect the dots. 334 00:14:43,280 --> 00:14:45,760 Speaker 2: But it's also good to empower individuals and say, hey, 335 00:14:45,800 --> 00:14:48,600 Speaker 2: this is a great resource. Yeah, it looks like aware 336 00:14:48,600 --> 00:14:51,080 Speaker 2: of those resources can be a big help too, exactly 337 00:14:51,600 --> 00:14:54,480 Speaker 2: rather than doing it but for them, But I could 338 00:14:54,480 --> 00:14:57,000 Speaker 2: see an argument for for either. But yeah, the shutdown, 339 00:14:57,040 --> 00:14:59,840 Speaker 2: the government shutdown, I think strained a lot of people's 340 00:14:59,880 --> 00:15:02,960 Speaker 2: but especially when it comes to food. The shutdown also 341 00:15:03,000 --> 00:15:08,000 Speaker 2: impacted thousands of flights at airports across the country, annoying 342 00:15:08,000 --> 00:15:11,960 Speaker 2: and delaying travelers. I was looking at the what is 343 00:15:12,000 --> 00:15:15,000 Speaker 2: it the misery map. There's a map that shows all 344 00:15:15,040 --> 00:15:17,440 Speaker 2: the delays at the major airports, and it is much 345 00:15:17,960 --> 00:15:21,840 Speaker 2: less read this morning than it was last Friday. Yeah, 346 00:15:22,120 --> 00:15:25,400 Speaker 2: this time, but even still This could drive up fairs 347 00:15:25,440 --> 00:15:28,360 Speaker 2: even more than anticipated this holiday season, so be aware, 348 00:15:28,440 --> 00:15:32,960 Speaker 2: be flexible when you are booking travel. Hopefully government resuming 349 00:15:33,000 --> 00:15:36,040 Speaker 2: means that those air traffic controllers and other workers are. 350 00:15:36,840 --> 00:15:40,320 Speaker 1: Back to it. On a similar note, something else that 351 00:15:40,480 --> 00:15:45,880 Speaker 1: Congress has been getting done pertains to our investments. And 352 00:15:45,960 --> 00:15:48,480 Speaker 1: this is one that they're not talking about of like, oh, yeah, 353 00:15:48,520 --> 00:15:50,440 Speaker 1: we finally got the government reopened. This is one that 354 00:15:50,480 --> 00:15:52,960 Speaker 1: they're it's kind of we're sweeping it under the rug 355 00:15:53,120 --> 00:15:56,080 Speaker 1: a little bit. Let to talk about the Epstein files vote, 356 00:15:56,080 --> 00:15:58,720 Speaker 1: but not so much public discussion about this. Yeah, so 357 00:15:58,840 --> 00:16:00,960 Speaker 1: this is and of course we're going to lean towards 358 00:16:01,240 --> 00:16:03,160 Speaker 1: investments and fee disclosure. 359 00:16:03,200 --> 00:16:06,040 Speaker 2: Specifically, this is something that Jason's wig over at the 360 00:16:06,120 --> 00:16:09,240 Speaker 2: Journal is doing, but he highlighted a bill that is 361 00:16:09,240 --> 00:16:12,440 Speaker 2: currently in the works that is seeking to hide expense 362 00:16:12,480 --> 00:16:18,720 Speaker 2: fees specifically on some more inside baseball type investments. But 363 00:16:19,440 --> 00:16:23,040 Speaker 2: the end result could be that ETFs don't have to 364 00:16:23,160 --> 00:16:26,640 Speaker 2: disclose certain fees, making it look to investors as though 365 00:16:26,640 --> 00:16:29,600 Speaker 2: they're investing in something that's a bit more reasonable, something 366 00:16:29,640 --> 00:16:33,440 Speaker 2: that might be perceived as low cost when it really isn't. 367 00:16:34,000 --> 00:16:36,440 Speaker 2: But specifically, if you dig into it a little bit. 368 00:16:37,080 --> 00:16:40,000 Speaker 2: This pertains to and this isn't This hasn't passed yet 369 00:16:40,000 --> 00:16:43,480 Speaker 2: as far as I know. I think the House passed it, 370 00:16:43,520 --> 00:16:46,600 Speaker 2: but the Senate has not. But it pertains specifically to 371 00:16:46,840 --> 00:16:51,040 Speaker 2: business development companies, which are a bit more niche. 372 00:16:51,800 --> 00:16:53,360 Speaker 1: And I think they're private as well. 373 00:16:53,360 --> 00:16:55,400 Speaker 2: So it's not like these are in your target date 374 00:16:55,400 --> 00:16:59,040 Speaker 2: funds or like a Fidelity or Vanguard index fund or 375 00:16:59,080 --> 00:17:00,920 Speaker 2: something like that. But I think so don't worry about 376 00:17:00,920 --> 00:17:02,240 Speaker 2: it from that standpoint. But I think the reason that 377 00:17:02,320 --> 00:17:04,960 Speaker 2: Jason was that he wrote about it was the fact 378 00:17:05,000 --> 00:17:07,439 Speaker 2: that this is an instance to where Wall Street has 379 00:17:07,480 --> 00:17:09,159 Speaker 2: getting their toe in the door a little bit, and 380 00:17:09,240 --> 00:17:13,760 Speaker 2: anytime they try that, we see Wall Street offu skate 381 00:17:13,960 --> 00:17:16,720 Speaker 2: fees like this where there's a lack of transparency. I 382 00:17:16,720 --> 00:17:18,639 Speaker 2: think that's where we start getting a little bit nervous 383 00:17:18,640 --> 00:17:20,600 Speaker 2: start where we start thinking, Okay, well, what's next, what 384 00:17:20,680 --> 00:17:23,919 Speaker 2: other funds that we are actually invested in where they 385 00:17:23,960 --> 00:17:26,439 Speaker 2: might try to pull something off in those funds as well. 386 00:17:26,480 --> 00:17:29,200 Speaker 1: Give me a slippery slope, It is exactly. Yeah, alternative 387 00:17:29,240 --> 00:17:33,520 Speaker 1: investments are just skate becoming more popular, and so we 388 00:17:33,560 --> 00:17:37,080 Speaker 1: do run the risk more and more as individuals individual 389 00:17:37,119 --> 00:17:43,520 Speaker 1: investors of having access to investments that are maybe a 390 00:17:43,520 --> 00:17:46,760 Speaker 1: little more opaque when it comes to fees inside of 391 00:17:46,800 --> 00:17:49,480 Speaker 1: our four O one k, like that could be coming soon, 392 00:17:49,640 --> 00:17:51,720 Speaker 1: so it is. Yeah, we'll definitely keep our eye on this. 393 00:17:52,040 --> 00:17:55,080 Speaker 1: On a positive note for investors, though, Baron's reported that 394 00:17:55,200 --> 00:17:58,879 Speaker 1: Vanguard is uping its use of behavioral technology to nudge 395 00:17:58,920 --> 00:18:03,320 Speaker 1: investors to make better choices. So, for example, when investors 396 00:18:03,359 --> 00:18:06,680 Speaker 1: initiate a rollover, one of the things that they often 397 00:18:06,680 --> 00:18:08,879 Speaker 1: fail to do is to invest the money once it 398 00:18:09,000 --> 00:18:12,200 Speaker 1: lands in that new account. That classic, It is such 399 00:18:12,200 --> 00:18:15,240 Speaker 1: a classic human mistake against Unfortunately, I did the rollover thing, 400 00:18:15,280 --> 00:18:17,760 Speaker 1: but I didn't complete it the final step. And so 401 00:18:18,000 --> 00:18:21,240 Speaker 1: their research found that twenty eight percent of rollover IRA 402 00:18:21,440 --> 00:18:25,120 Speaker 1: assets in twenty fifteen stayed in cash for at least 403 00:18:25,160 --> 00:18:29,359 Speaker 1: seven years. Matt, that's seven years. Was really good to 404 00:18:29,440 --> 00:18:31,520 Speaker 1: investors twenty fifteen. 405 00:18:31,320 --> 00:18:33,720 Speaker 2: Yeah, twenty twenty two, Oh my gosh, well minus twenty 406 00:18:33,720 --> 00:18:38,240 Speaker 2: twenty two, yeah twenty two yeah, seven years of compounding 407 00:18:38,240 --> 00:18:40,680 Speaker 2: returns for at least six of those years. 408 00:18:40,760 --> 00:18:43,200 Speaker 1: Yeah, those folks would miss out on a ton of returns. 409 00:18:43,280 --> 00:18:46,359 Speaker 1: And so Vanguard is creating a slew of nudges for 410 00:18:46,440 --> 00:18:50,119 Speaker 1: DIY investors to help them avoid mistakes like this and 411 00:18:50,160 --> 00:18:52,520 Speaker 1: to make smart decisions in general. This is kind of 412 00:18:52,600 --> 00:18:55,560 Speaker 1: a lah betterment. Betterment's done such a good job of this. 413 00:18:55,600 --> 00:18:57,439 Speaker 1: We talked with Dan Egan on the show, maybe like 414 00:18:57,480 --> 00:18:59,520 Speaker 1: a year ago or something, but it's nice to see 415 00:18:59,560 --> 00:19:03,800 Speaker 1: the low cost brokerages caring about helping their customers with 416 00:19:03,920 --> 00:19:07,199 Speaker 1: that behavioral side too, So instead of just saying like 417 00:19:07,600 --> 00:19:10,040 Speaker 1: do it yourself, Yeah, do it yourself, but maybe with 418 00:19:10,359 --> 00:19:13,719 Speaker 1: a little nudge here or there, knowing the kind of 419 00:19:13,760 --> 00:19:16,679 Speaker 1: pain points we as investors typically run up against. I 420 00:19:16,760 --> 00:19:18,600 Speaker 1: love the Vanguard is at least kind of getting into 421 00:19:18,600 --> 00:19:21,040 Speaker 1: this space a little bit. That's right, man. That's just 422 00:19:21,080 --> 00:19:24,440 Speaker 1: one of many reasons why we are fans of Vanguard. 423 00:19:24,520 --> 00:19:25,680 Speaker 1: But we've got more. 424 00:19:25,560 --> 00:19:28,400 Speaker 2: Stories to get to, more personal finance stories, including we're 425 00:19:28,400 --> 00:19:30,240 Speaker 2: going to talk about some of the different. 426 00:19:30,119 --> 00:19:34,960 Speaker 1: Bougie travel cards, how they could be beneficial, maybe not 427 00:19:35,000 --> 00:19:36,879 Speaker 1: so much. We'll get to that more right after this. 428 00:19:44,720 --> 00:19:47,520 Speaker 1: All right, we're back talk for the Ludacris headline of 429 00:19:47,600 --> 00:19:51,480 Speaker 1: the week. This one comes from CNN and it reads 430 00:19:51,520 --> 00:19:55,520 Speaker 1: Trump floats two thousand dollars tariff rebate checks what you 431 00:19:55,720 --> 00:19:56,440 Speaker 1: need to know. 432 00:19:57,040 --> 00:20:01,440 Speaker 2: Yeah, another something else that came from the Yeah, and 433 00:20:01,920 --> 00:20:02,760 Speaker 2: the rebay checks. 434 00:20:02,880 --> 00:20:06,600 Speaker 1: Matt promised again, this is another truth truth post. 435 00:20:06,680 --> 00:20:09,199 Speaker 2: Did we not learn our lesson from last time? This 436 00:20:09,640 --> 00:20:13,440 Speaker 2: apparently not history. This actually does seem seem like history. 437 00:20:13,680 --> 00:20:15,760 Speaker 2: I was gonna say history, it never repeats itself, but 438 00:20:15,800 --> 00:20:16,840 Speaker 2: it does rhyme and this very much. 439 00:20:17,200 --> 00:20:19,040 Speaker 1: This is true. Yeah, pretty much like come on, two 440 00:20:19,080 --> 00:20:22,640 Speaker 1: thousand dollars, rebay check. Please. It's also not like distant memory. 441 00:20:23,080 --> 00:20:25,800 Speaker 1: We were like I think maybe like fifty years ago 442 00:20:25,800 --> 00:20:27,359 Speaker 1: and we tried that thing, had to doing that, my 443 00:20:27,359 --> 00:20:30,040 Speaker 1: grandpa had to deal with. Right, this is like, oh 444 00:20:30,040 --> 00:20:32,040 Speaker 1: we all remember this from a few years ago. Yeah, 445 00:20:32,080 --> 00:20:35,000 Speaker 1: this just happened. So this what did we see after 446 00:20:35,119 --> 00:20:37,639 Speaker 1: every loads of inflation? Like we've been paying the price, 447 00:20:38,080 --> 00:20:40,440 Speaker 1: that's part of it. That's the thing. There were other 448 00:20:40,960 --> 00:20:43,560 Speaker 1: reasons that we experienced inflation, not just the steamy checks, 449 00:20:43,560 --> 00:20:44,840 Speaker 1: but that was certainly a part of it. Was certainly 450 00:20:44,880 --> 00:20:47,000 Speaker 1: a part of it. We haven't even come back from 451 00:20:47,040 --> 00:20:51,560 Speaker 1: that yet either, Like we are still like the fercent 452 00:20:51,680 --> 00:20:52,800 Speaker 1: we are still at three percent. 453 00:20:52,800 --> 00:20:55,480 Speaker 2: That is still significantly higher. Yeah, granted it's not close 454 00:20:55,480 --> 00:20:57,760 Speaker 2: to ten percent, where we were, so it's much much better. 455 00:20:57,760 --> 00:21:01,919 Speaker 2: But still this is yet another policy proposal from the 456 00:21:01,920 --> 00:21:02,359 Speaker 2: White House. 457 00:21:02,440 --> 00:21:05,560 Speaker 1: So this this basically the proposals two thousand bucks for everyone, 458 00:21:05,560 --> 00:21:09,120 Speaker 1: because hey, we're wreaking in the money because of these tariffs, 459 00:21:09,520 --> 00:21:12,760 Speaker 1: so let's share the wealth and put the money directly 460 00:21:12,800 --> 00:21:17,600 Speaker 1: back into the people's pockets. One, the tariffs are legally dubious. 461 00:21:17,880 --> 00:21:19,920 Speaker 1: Our arguments in front of the Supreme Court didn't seem 462 00:21:19,960 --> 00:21:22,480 Speaker 1: to convince the majority of the justices. Will see how 463 00:21:22,560 --> 00:21:26,359 Speaker 1: that ruling comes out. Also, we haven't made enough money 464 00:21:26,400 --> 00:21:30,760 Speaker 1: from tariffs to actually pull this off at this proposed amount. So, 465 00:21:31,200 --> 00:21:34,720 Speaker 1: I mean, direct payments sound so exciting. People get thrilled 466 00:21:34,720 --> 00:21:36,120 Speaker 1: when they hear that they're going to get a couple 467 00:21:36,160 --> 00:21:39,560 Speaker 1: grand tossed in their bank account. But like we mentioned, 468 00:21:40,240 --> 00:21:43,639 Speaker 1: lives are getting wide. Yeah. Even hearing us talk about it, 469 00:21:43,280 --> 00:21:46,080 Speaker 1: it's it's like, yes, please, yeh, send money directly my 470 00:21:46,080 --> 00:21:49,920 Speaker 1: bank account. I'm in. But clearly it leads to other 471 00:21:50,040 --> 00:21:53,879 Speaker 1: problems in the economy, and it is a short term fixed. 472 00:21:54,200 --> 00:21:58,040 Speaker 1: It's a Often it's a political solution to a problem 473 00:21:58,040 --> 00:22:02,080 Speaker 1: that might be coming on the pike. And because it 474 00:22:02,080 --> 00:22:04,520 Speaker 1: can increase your popularity, in the short term, but then again, 475 00:22:04,560 --> 00:22:06,560 Speaker 1: there's the price to pay at the end of the day. 476 00:22:06,800 --> 00:22:08,960 Speaker 1: And I just want people to know, while they might 477 00:22:09,000 --> 00:22:12,040 Speaker 1: be reading the headlines and seeing stories about this, don't 478 00:22:12,119 --> 00:22:14,840 Speaker 1: count your chickens before they hatch. I just think this 479 00:22:14,920 --> 00:22:18,439 Speaker 1: is unlikely to pass. And even after that truth social 480 00:22:18,640 --> 00:22:21,960 Speaker 1: post came out that people in the administration have been 481 00:22:21,960 --> 00:22:24,960 Speaker 1: trying to kind of walk it back. Yeah, I'm not 482 00:22:24,960 --> 00:22:28,000 Speaker 1: sure about that. When when they're asked about reading the 483 00:22:28,040 --> 00:22:30,159 Speaker 1: tea leaves of what this means and when it's coming, 484 00:22:30,600 --> 00:22:33,639 Speaker 1: they're they're kind of they're being less committed committed to it. 485 00:22:33,640 --> 00:22:36,040 Speaker 2: It's not even worth getting into the actual details because 486 00:22:36,080 --> 00:22:37,560 Speaker 2: of the Like I mean, so you mentioned the. 487 00:22:37,520 --> 00:22:39,760 Speaker 1: Supreme Court where are possibly. 488 00:22:39,920 --> 00:22:44,440 Speaker 2: Ruling that the terrorists aren't even constitutional, and like, can 489 00:22:44,480 --> 00:22:45,879 Speaker 2: you I don't even know what's going to happen when 490 00:22:45,880 --> 00:22:49,640 Speaker 2: it comes to paying back the businesses, Like what does 491 00:22:49,640 --> 00:22:51,640 Speaker 2: that then look like when it comes to individuals as 492 00:22:51,640 --> 00:22:54,520 Speaker 2: well if they kind of try to speed run some 493 00:22:54,640 --> 00:22:57,920 Speaker 2: of these rebate checks as before the Supreme. 494 00:22:57,640 --> 00:22:58,960 Speaker 1: Court rules on it, I don't know. 495 00:22:59,040 --> 00:23:01,920 Speaker 2: But this is just an instance of like robbing Peter 496 00:23:02,000 --> 00:23:04,480 Speaker 2: to pay Paul sort of thing. But instead, it's the 497 00:23:04,520 --> 00:23:07,000 Speaker 2: government robbing you to then pay. 498 00:23:06,880 --> 00:23:09,440 Speaker 1: You, which is it's so dumb going to tax you 499 00:23:09,480 --> 00:23:10,960 Speaker 1: and then offer you a rebaitch check on the back 500 00:23:11,040 --> 00:23:12,280 Speaker 1: end of it. It's so silly. 501 00:23:12,440 --> 00:23:15,280 Speaker 2: And at least with like okay, so it makes you 502 00:23:15,280 --> 00:23:18,040 Speaker 2: said tax, and it makes me think of like sales tax. 503 00:23:18,640 --> 00:23:20,959 Speaker 2: But at least with that we are paying something in 504 00:23:21,080 --> 00:23:23,960 Speaker 2: order for like, let's say the state to provide infrastructure 505 00:23:24,000 --> 00:23:27,680 Speaker 2: needs that you can't take care of yourself. Why give 506 00:23:27,760 --> 00:23:30,600 Speaker 2: me my own money back when instead you can just 507 00:23:30,680 --> 00:23:35,000 Speaker 2: remove yourself from the equation at all, remove layers of bureaucracy, 508 00:23:35,080 --> 00:23:37,480 Speaker 2: and give businesses some peace of mind to know what 509 00:23:37,560 --> 00:23:39,160 Speaker 2: it is that they can count on in the future, 510 00:23:39,200 --> 00:23:43,080 Speaker 2: which then leads to more investment and ultimately, with innovation, 511 00:23:43,200 --> 00:23:44,919 Speaker 2: lower prices that we all get. 512 00:23:44,760 --> 00:23:47,080 Speaker 1: To and then enjoy. Doesn't that just sound like a 513 00:23:47,119 --> 00:23:48,920 Speaker 1: healthier way. It sounds like a much better way to live, 514 00:23:48,920 --> 00:23:53,200 Speaker 1: all right, Joel and Matt for yes please? I would 515 00:23:53,200 --> 00:23:56,359 Speaker 1: love to run all the solutions guys. Yeah, and boy 516 00:23:56,400 --> 00:23:58,840 Speaker 1: what a joy to run for public office in this country? 517 00:23:58,960 --> 00:23:59,080 Speaker 2: Right? 518 00:24:00,080 --> 00:24:02,119 Speaker 1: Not fun? Not cut out for it well, And the 519 00:24:02,160 --> 00:24:04,320 Speaker 1: Treasury Secretar Terry was even asked about it, and he 520 00:24:04,400 --> 00:24:06,480 Speaker 1: was like, well, they're gonna be income caps if this 521 00:24:06,520 --> 00:24:08,679 Speaker 1: comes to pass, then he also was even like he 522 00:24:08,760 --> 00:24:11,879 Speaker 1: was hedging these bets so much. He was like, but also, 523 00:24:12,840 --> 00:24:15,159 Speaker 1: you know, maybe this we've already kind of given the 524 00:24:15,200 --> 00:24:17,440 Speaker 1: rebate checks in the form of the big beautiful bill 525 00:24:17,480 --> 00:24:20,400 Speaker 1: that passed and lowering taxes for everybody, So maybe we'll 526 00:24:20,400 --> 00:24:22,600 Speaker 1: count that as your rebate check. And so yeah, so 527 00:24:22,720 --> 00:24:25,439 Speaker 1: dumb when you hear the headline, or it's easy to 528 00:24:25,480 --> 00:24:27,280 Speaker 1: be like, great, before the end of the year, I'm 529 00:24:27,280 --> 00:24:30,880 Speaker 1: getting this tear freebay check. Probably not, though, Uh, let's 530 00:24:30,880 --> 00:24:32,720 Speaker 1: talk about credit cards, mat you gonn talk about credit cards. 531 00:24:32,760 --> 00:24:36,159 Speaker 1: Let's do it. Okay. So there was a new big 532 00:24:36,359 --> 00:24:40,879 Speaker 1: visa MasterCard settlement that happened this week. And the truth 533 00:24:40,960 --> 00:24:45,000 Speaker 1: is every small business knows accepting credit cards is a 534 00:24:45,040 --> 00:24:47,000 Speaker 1: pain in the butt. I mean, it makes it easy 535 00:24:47,040 --> 00:24:48,760 Speaker 1: in some ways because you don't have to deal with cash, 536 00:24:48,960 --> 00:24:50,639 Speaker 1: but what you have to deal with is the exorbitant 537 00:24:50,640 --> 00:24:54,159 Speaker 1: fees the visa and MasterCard charge. And so this has 538 00:24:54,240 --> 00:24:56,840 Speaker 1: been a case it's been working its way through the 539 00:24:56,840 --> 00:24:59,359 Speaker 1: courts for a long time and. 540 00:24:59,600 --> 00:25:01,800 Speaker 2: Twenty I didn't realize that, I mean it kind of 541 00:25:01,800 --> 00:25:03,720 Speaker 2: makes sense that it would take them this long maybe 542 00:25:03,720 --> 00:25:04,520 Speaker 2: to figure it out. 543 00:25:04,560 --> 00:25:05,920 Speaker 1: I don't know about I was shocked to see it 544 00:25:05,960 --> 00:25:08,560 Speaker 1: seems like longer than necessary to kind of come to. 545 00:25:08,960 --> 00:25:12,159 Speaker 1: And I think the last settlement that was agreed to, 546 00:25:12,600 --> 00:25:16,000 Speaker 1: the judge was like, yeah, this is ridiculous, like the Vcent, 547 00:25:16,080 --> 00:25:18,800 Speaker 1: master Card aren't giving anything up in this settlement. Go 548 00:25:18,880 --> 00:25:21,120 Speaker 1: back to the drawing board. And so now this new 549 00:25:21,160 --> 00:25:24,919 Speaker 1: settlement will lower exchange rates by zero point one percent 550 00:25:24,960 --> 00:25:26,280 Speaker 1: over the course of a few years. I think the 551 00:25:26,320 --> 00:25:30,080 Speaker 1: typical rate that a small business pays is something like 552 00:25:30,119 --> 00:25:33,240 Speaker 1: two point five to two point seven percent of the 553 00:25:33,280 --> 00:25:37,000 Speaker 1: purchase amount. So point one percent also still seems like 554 00:25:37,119 --> 00:25:40,520 Speaker 1: very little. It's not nothing, but it is, yeah, just 555 00:25:40,520 --> 00:25:43,560 Speaker 1: not a lot. But an even bigger change is that 556 00:25:43,640 --> 00:25:45,920 Speaker 1: business owners and this is probably this is where it's 557 00:25:45,920 --> 00:25:48,800 Speaker 1: going to meet individual consumers and potentially help small business owners. 558 00:25:49,520 --> 00:25:51,399 Speaker 1: You're gonna be able to decide as a small business 559 00:25:51,400 --> 00:25:54,000 Speaker 1: owner which credit card you take in which ones you 560 00:25:54,080 --> 00:25:57,960 Speaker 1: don't in the future. So the top notch rewards cards, 561 00:25:58,520 --> 00:26:00,880 Speaker 1: the ones with hefty annual fees that we've talked about 562 00:26:00,880 --> 00:26:04,080 Speaker 1: on the show here, those cost merchants much more than 563 00:26:04,119 --> 00:26:06,480 Speaker 1: like a run of the mill two percent cash back card. 564 00:26:06,640 --> 00:26:09,800 Speaker 1: But under the previous agreement, hey, if you accept visa cards, 565 00:26:09,840 --> 00:26:12,119 Speaker 1: you have to accept all of them, not just the 566 00:26:12,119 --> 00:26:14,280 Speaker 1: basic ones that we don't charge it as much for, 567 00:26:14,520 --> 00:26:18,120 Speaker 1: but the super fancy ones too. And so now retailers 568 00:26:18,160 --> 00:26:19,360 Speaker 1: are gonna be able to pick and choose, and they're 569 00:26:19,359 --> 00:26:21,520 Speaker 1: gonna be able to say, actually, you're super high end 570 00:26:21,520 --> 00:26:23,720 Speaker 1: fancy credit card, I'm not taking that one because it 571 00:26:23,760 --> 00:26:26,280 Speaker 1: costs me more money. So I'm curious to see how 572 00:26:26,320 --> 00:26:28,800 Speaker 1: this plays out. I know high end consumers they love, 573 00:26:29,240 --> 00:26:31,639 Speaker 1: they love those credit cards, but those credit cards might 574 00:26:31,680 --> 00:26:34,960 Speaker 1: not be nearly as rewarding if they're accepted, if few 575 00:26:35,040 --> 00:26:37,639 Speaker 1: retailers moving forward. Yeah, I like that small businesses have 576 00:26:37,680 --> 00:26:40,000 Speaker 1: a choice, right, But I also don't see that being 577 00:26:40,160 --> 00:26:43,240 Speaker 1: a great solution because well, do you have to train 578 00:26:43,240 --> 00:26:46,080 Speaker 1: your employees to say no to certain cards? Right? Like? 579 00:26:46,119 --> 00:26:48,479 Speaker 1: Are they I don't are they going to be in 580 00:26:48,520 --> 00:26:49,400 Speaker 1: the weeds enough to. 581 00:26:49,320 --> 00:26:52,000 Speaker 2: Be like, Okay, we're allowed to accept this card, this card, 582 00:26:52,000 --> 00:26:53,399 Speaker 2: and this card, but not this one in this one 583 00:26:53,400 --> 00:26:54,760 Speaker 2: because it's so expensive. 584 00:26:56,160 --> 00:26:58,840 Speaker 1: Visa, the visa it's like a visa signature card, right, 585 00:26:58,880 --> 00:27:00,320 Speaker 1: like a lot of the fancy ones say that might 586 00:27:00,320 --> 00:27:02,920 Speaker 1: say no visas signature cards allowed or something like that. 587 00:27:03,000 --> 00:27:05,080 Speaker 2: But even still, that's a lot of training when you're 588 00:27:05,080 --> 00:27:08,280 Speaker 2: trying to get them to like serve their serve customers well, 589 00:27:08,280 --> 00:27:10,719 Speaker 2: and it just slows things down. If you have to say, oh, actually, 590 00:27:10,720 --> 00:27:13,000 Speaker 2: we don't take that card, then you run the risk 591 00:27:13,040 --> 00:27:17,960 Speaker 2: of alienating customers. So I wonder, like, I've got to 592 00:27:18,000 --> 00:27:21,080 Speaker 2: think that the different credit card process, like the stripe 593 00:27:21,400 --> 00:27:26,120 Speaker 2: or clover or square, that they're able to input the 594 00:27:26,240 --> 00:27:28,720 Speaker 2: charge amount that they're passing on to customers, right, yeah, 595 00:27:28,720 --> 00:27:30,520 Speaker 2: because I think I see that being the most likely 596 00:27:30,600 --> 00:27:32,600 Speaker 2: scenario where it's just like, oh, you want to use 597 00:27:32,600 --> 00:27:36,000 Speaker 2: your AMEX Platinum card, Sure, that's fine, it's gonna be 598 00:27:36,040 --> 00:27:38,480 Speaker 2: slightly more. And I'm sure those like folks aren't really 599 00:27:38,480 --> 00:27:40,920 Speaker 2: thinking about it at their register, right They're just looking 600 00:27:40,960 --> 00:27:42,480 Speaker 2: to pay and get out of there move on with 601 00:27:42,480 --> 00:27:44,800 Speaker 2: their life. And I think that's honestly the fairest way 602 00:27:45,200 --> 00:27:47,320 Speaker 2: to pass along these costs to the people who are 603 00:27:47,359 --> 00:27:50,080 Speaker 2: taking advantage of the travel perks. Why should I have 604 00:27:50,200 --> 00:27:53,840 Speaker 2: to pay for your access to the AX to the 605 00:27:53,920 --> 00:27:58,480 Speaker 2: Chase Sapphire sky Lounge when I don't have that card, 606 00:27:58,760 --> 00:28:00,320 Speaker 2: or if I'm not using that card, but we all 607 00:28:00,359 --> 00:28:02,719 Speaker 2: have to pay for that due to higher prices across 608 00:28:02,760 --> 00:28:03,119 Speaker 2: the board. 609 00:28:03,119 --> 00:28:05,560 Speaker 1: There's a subsidiation happening of the. 610 00:28:05,560 --> 00:28:08,040 Speaker 2: Higher credit card users as opposed to passing it on 611 00:28:08,200 --> 00:28:11,359 Speaker 2: directly to the customers who want to use that card. 612 00:28:11,400 --> 00:28:13,400 Speaker 2: And I think that's totally fine, and I think most 613 00:28:13,400 --> 00:28:15,600 Speaker 2: of them will gladly say oh, yeah, sure I can. 614 00:28:15,800 --> 00:28:17,800 Speaker 2: You know, that's just the price of admission, or. 615 00:28:18,400 --> 00:28:20,480 Speaker 1: They'll change their habits and say, hey, it's not worth 616 00:28:20,480 --> 00:28:22,240 Speaker 1: paying three percent more every time I use this card, 617 00:28:22,320 --> 00:28:23,639 Speaker 1: or three and a half percent. I don't even go 618 00:28:23,680 --> 00:28:26,200 Speaker 1: to the lounges anymore. You're overrun. I guess I'm gonna 619 00:28:26,200 --> 00:28:28,760 Speaker 1: pick a new credit card. And so this is going 620 00:28:28,800 --> 00:28:30,560 Speaker 1: to it's how this shakes out is going to be 621 00:28:30,640 --> 00:28:35,040 Speaker 1: fascinating to watch, and different different retailers will take different tactics. 622 00:28:35,080 --> 00:28:38,280 Speaker 1: I wonder if even inside of some of those processing machines, 623 00:28:38,600 --> 00:28:41,200 Speaker 1: it might say, like if someone you know, lays taps 624 00:28:41,240 --> 00:28:43,560 Speaker 1: their visa signature card, it just rejects it out of 625 00:28:43,600 --> 00:28:45,920 Speaker 1: hand because the retailers, we don't take those fancy cards. 626 00:28:46,240 --> 00:28:49,400 Speaker 1: So yeah, what this is going to look like will 627 00:28:49,400 --> 00:28:51,760 Speaker 1: be fascinating, and we'll keep our eyes peeled and we'll 628 00:28:52,000 --> 00:28:52,800 Speaker 1: keep talking about it. 629 00:28:52,840 --> 00:28:56,000 Speaker 2: All right, let's talk about that free tax filing fail 630 00:28:56,840 --> 00:29:00,400 Speaker 2: and that is this the irs is free direct file system. 631 00:29:00,520 --> 00:29:03,240 Speaker 1: It's going away. This is something we talked about last year. 632 00:29:03,480 --> 00:29:07,280 Speaker 1: It's a pretty short lived experiment, and even when we 633 00:29:07,320 --> 00:29:09,600 Speaker 1: talked about it, we mentioned to folks it is only 634 00:29:09,640 --> 00:29:12,600 Speaker 1: going to be available to a certain select number of states, 635 00:29:13,280 --> 00:29:17,280 Speaker 1: but its reach won't spread any further as the Treasury 636 00:29:17,320 --> 00:29:20,120 Speaker 1: Department they axed it, and the focus instead is going 637 00:29:20,160 --> 00:29:23,600 Speaker 1: to be on building up the free file system, which 638 00:29:23,600 --> 00:29:26,320 Speaker 1: has been out for a while. Unfortunately, it's become a 639 00:29:26,360 --> 00:29:27,480 Speaker 1: political issue, I think. 640 00:29:27,520 --> 00:29:30,600 Speaker 2: But that being said, like I can't imagine many how 641 00:29:30,600 --> 00:29:34,080 Speaker 2: to money listeners even used direct file because not many 642 00:29:34,240 --> 00:29:37,080 Speaker 2: taxpayers had at all. I think I saw those less 643 00:29:37,080 --> 00:29:40,320 Speaker 2: than three hundred thousand users actually gave it a shot 644 00:29:40,440 --> 00:29:43,600 Speaker 2: last year, even though it cost us like over forty 645 00:29:43,640 --> 00:29:44,640 Speaker 2: million dollars or something like. 646 00:29:45,040 --> 00:29:48,040 Speaker 1: Yeah, that's zero point one percent of the country, right, Yeah, 647 00:29:48,080 --> 00:29:49,080 Speaker 1: nobody was using it. 648 00:29:49,480 --> 00:29:52,120 Speaker 2: Much of the free tax filing systems out there are 649 00:29:52,200 --> 00:29:55,120 Speaker 2: reserved for folks with lower incomes. We will continue to 650 00:29:55,160 --> 00:30:00,960 Speaker 2: mention cash app taxes, specifically for free federal and for 651 00:30:01,120 --> 00:30:04,560 Speaker 2: free state filing for folks of all income levels. So 652 00:30:04,720 --> 00:30:07,800 Speaker 2: just know that even though the IRS free direct file 653 00:30:07,800 --> 00:30:08,920 Speaker 2: system but the dust. 654 00:30:08,760 --> 00:30:10,400 Speaker 1: There are still some great options out there for folks. 655 00:30:10,600 --> 00:30:13,600 Speaker 1: The direct file, right, the free file still exists sorright? 656 00:30:13,640 --> 00:30:16,600 Speaker 1: What did I say? Yeah, the direct file free file 657 00:30:16,600 --> 00:30:19,280 Speaker 1: is still around for people. That's typically people who make 658 00:30:19,640 --> 00:30:22,160 Speaker 1: less than seventy grand I think, yeah, changes the direct 659 00:30:22,240 --> 00:30:23,520 Speaker 1: file is also free. 660 00:30:23,800 --> 00:30:27,800 Speaker 2: But the direct file system that's gone free file is 661 00:30:27,800 --> 00:30:28,240 Speaker 2: still here. 662 00:30:28,280 --> 00:30:30,479 Speaker 1: And some of the big tax riders, and you know, 663 00:30:31,040 --> 00:30:33,600 Speaker 1: we're not too far away from tax season. I guess right. 664 00:30:33,680 --> 00:30:36,560 Speaker 1: We start hearing the ads pretty soon, seeing the ads 665 00:30:36,600 --> 00:30:39,239 Speaker 1: for the big the big players in the game, and 666 00:30:39,280 --> 00:30:43,480 Speaker 1: they often offer free filing as well, but that's typically 667 00:30:44,160 --> 00:30:47,000 Speaker 1: for super basic stuff and often doesn't include the state 668 00:30:47,640 --> 00:30:49,480 Speaker 1: state filing, which then you're like, you get to the 669 00:30:49,560 --> 00:30:50,920 Speaker 1: end of it and you're like, okay, I guess I'm 670 00:30:50,920 --> 00:30:52,840 Speaker 1: gonna pay thirty bucks to file my state taxes. Those 671 00:30:52,840 --> 00:30:53,400 Speaker 1: are the gotchaes. 672 00:30:53,560 --> 00:30:55,320 Speaker 2: Yeah, that's why some of those big names get all 673 00:30:55,360 --> 00:30:57,520 Speaker 2: the complaints. So I think they can be a good 674 00:30:57,600 --> 00:31:00,240 Speaker 2: product for some folks, but you got to yeah, no, oh, 675 00:31:00,280 --> 00:31:01,320 Speaker 2: what you're getting into. 676 00:31:01,120 --> 00:31:04,080 Speaker 1: And cash app taxes don't play those games. So yeah, 677 00:31:04,160 --> 00:31:08,040 Speaker 1: that's why we typically mentioned them free federal and state. 678 00:31:08,720 --> 00:31:12,320 Speaker 1: And even if you make millions of dollars, which congratulations 679 00:31:12,320 --> 00:31:15,240 Speaker 1: if you do. Ultimately, the biggest disappointment is that I 680 00:31:15,240 --> 00:31:17,760 Speaker 1: think taxes remain as complicated as they are. It's so 681 00:31:17,960 --> 00:31:21,920 Speaker 1: frustrating to people. I'm not looking forward matd to getting 682 00:31:21,920 --> 00:31:24,120 Speaker 1: closer to taxeas and I know most people dread it 683 00:31:24,160 --> 00:31:26,200 Speaker 1: because it's just it's annoying. There's a lot of documents 684 00:31:26,240 --> 00:31:29,640 Speaker 1: you have to grab, and I just don't think it 685 00:31:29,680 --> 00:31:32,400 Speaker 1: has to be quite this complicated. And as we get 686 00:31:32,400 --> 00:31:35,480 Speaker 1: closer to taxis, and I think it's important to tell 687 00:31:35,520 --> 00:31:39,240 Speaker 1: people to watch out for tax scams. Calls abound right 688 00:31:39,240 --> 00:31:42,280 Speaker 1: now claiming that there's this new federal program in place 689 00:31:42,280 --> 00:31:45,360 Speaker 1: where the IRS can eliminate your debt. If you have 690 00:31:46,280 --> 00:31:49,520 Speaker 1: debt with the IRS, robo calls are still a real 691 00:31:49,560 --> 00:31:52,600 Speaker 1: way that scammers are reaching out. But this program doesn't exist, 692 00:31:52,680 --> 00:31:55,600 Speaker 1: of course, and the IRS doesn't call people on the phone. 693 00:31:55,840 --> 00:31:59,200 Speaker 1: And so if you have outstanding TEX debt, it's wise 694 00:31:59,200 --> 00:32:00,959 Speaker 1: to get on a payment plan with the I R S. 695 00:32:01,160 --> 00:32:03,160 Speaker 1: But if someone calls pretending that they are the I 696 00:32:03,280 --> 00:32:05,960 Speaker 1: R S or I swear. I don't know why I'm 697 00:32:06,000 --> 00:32:09,160 Speaker 1: getting so many voicemails telling me that I qualify for 698 00:32:09,240 --> 00:32:12,240 Speaker 1: this program and it's debt consolidation. It's not. 699 00:32:12,440 --> 00:32:15,280 Speaker 2: It's not real backpaid taxes that you owe. Yeah, up 700 00:32:15,280 --> 00:32:17,000 Speaker 2: to twenty five thousand dollars those. 701 00:32:17,000 --> 00:32:20,840 Speaker 1: Yes, yeah, it's so it's it's totally fake. It's totally bogus, 702 00:32:21,120 --> 00:32:23,240 Speaker 1: but it's gonna hook a lot of people. Yeah. 703 00:32:23,280 --> 00:32:25,360 Speaker 2: So on the on the note of scams, the journal 704 00:32:25,400 --> 00:32:28,760 Speaker 2: had an article about the necessity of family code words 705 00:32:28,800 --> 00:32:32,800 Speaker 2: these days. So not a scam from from a business 706 00:32:32,920 --> 00:32:35,960 Speaker 2: taxes standpoint, but from a interpersonal standpoint. 707 00:32:36,120 --> 00:32:39,560 Speaker 1: And like the scam where the grandparents scam, they call 708 00:32:39,600 --> 00:32:41,800 Speaker 1: the grandparent and the teenagers in juble. Yeah, well, so 709 00:32:41,880 --> 00:32:43,480 Speaker 1: this is we've talked about this on the show. This 710 00:32:43,600 --> 00:32:44,400 Speaker 1: literally happened to me. 711 00:32:45,080 --> 00:32:48,240 Speaker 2: My grandfather, This is years ago, but had received a 712 00:32:48,280 --> 00:32:50,600 Speaker 2: call and it was something about me. 713 00:32:50,720 --> 00:32:53,560 Speaker 1: With a DUI and and he was like that checks. 714 00:32:53,640 --> 00:32:56,400 Speaker 1: That checks out? Totally does that check? I can't love 715 00:32:56,480 --> 00:32:59,880 Speaker 1: Craft beer, dude, that is true. Definitely definitely love Craft beer. 716 00:33:00,240 --> 00:33:03,000 Speaker 1: It's unfortunately sad that we are upset that your grandpa 717 00:33:03,040 --> 00:33:04,960 Speaker 1: was like, just leave them behind the bars, like it's fine. 718 00:33:05,640 --> 00:33:10,760 Speaker 2: He was, even in his later years, savvy enough to 719 00:33:10,760 --> 00:33:12,480 Speaker 2: to get my one of my uncles on the line 720 00:33:12,520 --> 00:33:14,640 Speaker 2: and he was able to help him work through it. 721 00:33:14,680 --> 00:33:17,120 Speaker 2: But the whole, the whole thing, the whole story behind 722 00:33:17,200 --> 00:33:20,760 Speaker 2: the code words is to avoid a situation where somebody 723 00:33:20,920 --> 00:33:24,000 Speaker 2: is reaching out to you from an unknown number. But actually, man, 724 00:33:24,040 --> 00:33:27,760 Speaker 2: it sounds like, oh, that sounds just like Joel. Honestly, dude, 725 00:33:27,760 --> 00:33:31,520 Speaker 2: we probably are more susceptible to there being deep fakes 726 00:33:31,520 --> 00:33:31,800 Speaker 2: of our. 727 00:33:31,920 --> 00:33:34,239 Speaker 1: Yeah, deep fakes, because of how much audio of our 728 00:33:34,320 --> 00:33:38,959 Speaker 1: voice they can make us say anything. There's plenty of saying. Unfortunately. 729 00:33:39,040 --> 00:33:42,400 Speaker 1: That's probably true in any language. But that's why there 730 00:33:42,520 --> 00:33:45,040 Speaker 1: sat Money podcast is available in Spanish Spanish. That's right. 731 00:33:45,400 --> 00:33:49,440 Speaker 1: To identify or to choose a code word that your 732 00:33:49,440 --> 00:33:52,120 Speaker 1: closest family members know about. It's not written down anywhere, 733 00:33:52,160 --> 00:33:54,240 Speaker 1: it's something that you've talked about, don't change it, but 734 00:33:54,320 --> 00:33:57,600 Speaker 1: you just know that there's just some sort of odd ball, 735 00:33:57,680 --> 00:34:00,280 Speaker 1: random sort of code word that you latch onto. Which 736 00:34:00,360 --> 00:34:03,080 Speaker 1: the fact that we have to do that just that's 737 00:34:03,160 --> 00:34:04,840 Speaker 1: just the world we're living in. These days. 738 00:34:04,880 --> 00:34:07,560 Speaker 2: Yeah, which what's what's what's so difficult about it is 739 00:34:07,600 --> 00:34:09,080 Speaker 2: the fact that, like, if somebody's running at you with 740 00:34:09,120 --> 00:34:11,480 Speaker 2: a baseball bat, you know that you should be on 741 00:34:11,560 --> 00:34:13,640 Speaker 2: guard right like or that you should just straight up run. 742 00:34:15,280 --> 00:34:18,200 Speaker 2: But if somebody texts you or calls you out of 743 00:34:18,200 --> 00:34:21,040 Speaker 2: the blue, that's normally how your friends reach out to you, 744 00:34:21,080 --> 00:34:23,439 Speaker 2: and that's how you make plans, or that's how someone 745 00:34:23,520 --> 00:34:25,560 Speaker 2: at work gets in touch with you. Well, we don't 746 00:34:25,640 --> 00:34:28,319 Speaker 2: normally have our defenses up in this way, but we 747 00:34:28,360 --> 00:34:30,000 Speaker 2: need to. We need to be a little bit more 748 00:34:30,239 --> 00:34:33,000 Speaker 2: wary of receiving, especially on non numbers. I think code 749 00:34:33,000 --> 00:34:35,479 Speaker 2: word is such an easy way, easy way to do it. Yeah, 750 00:34:35,640 --> 00:34:36,799 Speaker 2: you know what it reminded me of when I read 751 00:34:36,800 --> 00:34:37,600 Speaker 2: this artic what would our. 752 00:34:37,560 --> 00:34:38,000 Speaker 1: Code word be? 753 00:34:38,040 --> 00:34:44,320 Speaker 2: By the way craft beer, Billy Shrigs. It totally reminded 754 00:34:44,360 --> 00:34:46,960 Speaker 2: me of the Arthur Weasley. 755 00:34:47,480 --> 00:34:49,480 Speaker 1: I don't this is this is kind of a deep cut. 756 00:34:49,920 --> 00:34:52,760 Speaker 2: It was when there's more people impersonating each other because 757 00:34:52,760 --> 00:34:53,720 Speaker 2: of poly juice potions. 758 00:34:53,760 --> 00:34:57,080 Speaker 1: Oh, she made Molly say their code word before. That's right, 759 00:34:59,360 --> 00:35:00,319 Speaker 1: Molly wobble. 760 00:35:02,000 --> 00:35:04,479 Speaker 2: Totally maybe think about think about that, which seems again 761 00:35:04,560 --> 00:35:09,000 Speaker 2: so silly, but I think it could be wise prudent. 762 00:35:08,760 --> 00:35:11,960 Speaker 1: Step to take. It's not it's not just uh the 763 00:35:11,960 --> 00:35:14,040 Speaker 1: forest gumps of this world who fall prey toe scams 764 00:35:14,040 --> 00:35:15,200 Speaker 1: like this, Mat. I think people are like, oh, that's 765 00:35:15,239 --> 00:35:17,560 Speaker 1: a low IQ thing. I have. I know, smart, smart 766 00:35:17,560 --> 00:35:20,560 Speaker 1: people who have like in you know, in a moment 767 00:35:20,600 --> 00:35:22,880 Speaker 1: of emotional turmoil, falling for a scam like this, or 768 00:35:22,960 --> 00:35:25,719 Speaker 1: elderly in particular. Right, but so, a family code word 769 00:35:25,920 --> 00:35:29,000 Speaker 1: is a very small, easy thing to do that could 770 00:35:29,000 --> 00:35:31,400 Speaker 1: prevent you from a lot of heartache, are getting scammed 771 00:35:31,400 --> 00:35:33,520 Speaker 1: out of a bunch of money? Super practical. Yeah, yeah, 772 00:35:33,760 --> 00:35:35,359 Speaker 1: all right, it's gonna do it. For this episode, we'll 773 00:35:35,360 --> 00:35:38,239 Speaker 1: put links to some of the articles we mentioned up 774 00:35:38,280 --> 00:35:41,800 Speaker 1: in the show notes on our website howdomoney dot com. 775 00:35:42,239 --> 00:35:45,840 Speaker 1: And we hope you have just a lovely weekend. Yeah 776 00:35:45,880 --> 00:35:48,640 Speaker 1: and hope see back here on Monday for a new 777 00:35:48,640 --> 00:35:52,879 Speaker 1: Listener Questions episode Matt. Until next time, best Friends Out, 778 00:35:52,920 --> 00:36:04,400 Speaker 1: Best Friends Out, the Become