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

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Speaker 1: and today we're discussing sour on stocks, living for Today

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Speaker 1: and frustrating phone repairs. That's right, buddy. This is our

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Speaker 1: Friday flight where every week we are teasing apart the

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Speaker 1: different headlines and specifically we're gonna let you know what

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Speaker 1: it is about the stories that you need to pay

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Speaker 1: attention to. We've got those stories that you mentioned, plus

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Speaker 1: a ton of other ones on today's episode. But we

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Speaker 1: wanted to mention a final reminder for a credit card

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Speaker 1: bonus offtware that's out there, and this is one of

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Speaker 1: our favorites for sure. Yeah, that's right. Yeah, the Chase

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Speaker 1: Sapphire Preferred will still give you eighty thousand points if

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Speaker 1: you sign up by June one at six pm. So

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Speaker 1: the clock is ticking. It's one of those things where

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Speaker 1: the pot has been sweetened when it comes to this

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Speaker 1: sign up bonus. And speaking of teas and things out,

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Speaker 1: they extended the day like it was and so if

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Speaker 1: you're thinking, wait a minute, I thought it was supposed

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Speaker 1: to be over in May. It was, but then they

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Speaker 1: bumped it back twenty four hours. Give you one extra day,

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Speaker 1: extra day, so well, we'll supposed to link to that

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Speaker 1: in our show notes. But Matt, that's one of those

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Speaker 1: things where, especially as we're gonna talk about later in

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Speaker 1: this episode, how much more expensive travel is getting to

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Speaker 1: have a free thousand dollars basically to spend on travel

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Speaker 1: because just by using the right credit card, I think

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Speaker 1: it's pretty great. So this is one of our favorite

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Speaker 1: credit cards out there. A huge part of that reason.

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Speaker 1: It's not just the sign up bonus, which is huge,

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Speaker 1: it's the everyday benefits you get alongside it. Absolutely yeah,

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Speaker 1: And this is a card that you and I have

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Speaker 1: both been able to take advantage of the sweet offerings

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Speaker 1: that they have dangled out there in front of us.

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Speaker 1: And so if you haven't checked that one out, be

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Speaker 1: sure to look into it. And Jel, you just mentioned

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Speaker 1: how vacation is more expensive. Pretty much everything costs more

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Speaker 1: of these days. But let's talk about something that actually

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Speaker 1: doesn't get included in the consumer price index. The cost

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Speaker 1: of babysitters is through the roof. I can anecdotally tell

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Speaker 1: you that this is true, but the Wall Street Journal

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Speaker 1: they report that many teenage babysitters are now charging thirty

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Speaker 1: dollars an hour. Uh, these young adults. Do you remember

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Speaker 1: what your first job paid you, by the way, like,

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Speaker 1: I think mine was five dollars in fifteen cents an hour,

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Speaker 1: And so the idea of a teenager making thirty dollars

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Speaker 1: an hour, um, I feel like I sound like a grandpa.

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Speaker 1: And I literally think that my first job, I think

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Speaker 1: they were paying me under like like what was a lot?

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Speaker 1: I actually think it was criminal. Uh But we wanted

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Speaker 1: to mention this because this is an incredible increase in

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Speaker 1: what babysitters are earning. Care dot com they report that

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Speaker 1: the average wage of a babysitter has now risen by

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Speaker 1: almost five dollars an hour in less than two years,

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Speaker 1: as a dramatic increase. Uh So this makes me think

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Speaker 1: of two things. First of all, if you have a teenager,

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Speaker 1: the job market conditions could make this a very lucrative

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Speaker 1: summer job for them. But then secondly, trying not to

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Speaker 1: high or a babysitter if you can avoid it. Joel,

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Speaker 1: this is something we've talked about before, but we do

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Speaker 1: a date night swap where every week you come over

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Speaker 1: to my house and babysit. Literally, this happened two nights

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Speaker 1: ago where you came over and watched our kids. And

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Speaker 1: the next week, of course, I'll be over at your place.

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Speaker 1: And I know this is not always possible. It's difficult

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Speaker 1: to coordinate your schedule with somebody else's. And hopefully the

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Speaker 1: babysitter that you are able to find is maybe charging

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Speaker 1: half of what some of the sitters are are able

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Speaker 1: to command out there. But those childcare costs can get

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Speaker 1: out of hand pretty quickly. It can easily double the

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Speaker 1: cost of the date night. And so we want you

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Speaker 1: to look to some of these different creative ways to

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Speaker 1: lower that cost, or just leave your children unattended for

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Speaker 1: hours on end um, even if they're very, very young

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Speaker 1: and won't be able to handle themselves. Right, that's one

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Speaker 1: way to save money. Frugal or cheap, Matt, frugal or cheap. Frugal, No,

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Speaker 1: definitely cheap, don't do that well. And one other thing

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Speaker 1: I want to mention to Matt is if you are

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Speaker 1: one of these young folks who has gotten into babysitting

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Speaker 1: or you've thought about it, well, if you're able to

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Speaker 1: make this kind of money, if you really are able

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Speaker 1: to make thirty dollars an hour doing some babysitting, what

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Speaker 1: more power to you? And also go fund a roth

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Speaker 1: ira with that money. Like, this is the perfect time

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Speaker 1: in your life to start using some of those earnings.

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Speaker 1: You don't need all of that money in your life

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Speaker 1: to go spend uh socks. Some of it away for

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Speaker 1: your future. Put it in a wrath and it'll have

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Speaker 1: a huge impact on your future wealth building abilities. And

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Speaker 1: even though any babysitters who just heard that warnut listening

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Speaker 1: at all, Baby, some of the parents out there, you

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Speaker 1: can encourage your kids, encourage your kids and well, and

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Speaker 1: there's ways for parents to encourage our kids by by

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Speaker 1: helping match those roth contributions on their behalf. So yeah,

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Speaker 1: you can kind of like help get them into that

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Speaker 1: investing game, even though it feels like, oh, they're just

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Speaker 1: doing this on the side. You know what, no file

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Speaker 1: taxes for them, and make sure they're contributing to a wrath.

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Speaker 1: There's no better time in life to get started investing.

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Speaker 1: Speaking of investing, Matt, it turns out a new study

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Speaker 1: shows that most folks planned to buy fewer stocks this year.

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Speaker 1: That's not good because most Americans, of course, we like

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Speaker 1: a good sale. Black Friday has an almost cult like

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Speaker 1: participation rate in our society. We we like buying things

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Speaker 1: that cost less than ms RP. The deeper the discount,

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Speaker 1: the better. If it's off, you feel like a smartie

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Speaker 1: pants by paying a whole lot less than that item

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Speaker 1: initially costs. But when it's'm stout investing Matt, people often

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Speaker 1: feel the opposite way. They get frightened when they see discounts.

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Speaker 1: And this new survey I'm talking about finds that only

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Speaker 1: eight percent of folks plan to invest more in stocks

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Speaker 1: this year than they did last year, and that to

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Speaker 1: me is appalling, especially since stock values have fallen in

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Speaker 1: quite a big way already this year. The good thing, though,

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Speaker 1: is that gen Z was the likeliest group to say

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Speaker 1: that they'd be buying more, and you know they Yeah.

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Speaker 1: The younger you are, the more that attitude towards stocks matters.

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Speaker 1: One article actually in UH Seeking Alpha, which is a

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Speaker 1: website that writes about investing, this week, they had a

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Speaker 1: post titled, I hope the market crashes even deeper for

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Speaker 1: your sake, and it obviously it's it sucks if you're

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Speaker 1: getting close to retirement, right, It's not fun to see

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Speaker 1: volatile movements downward in the market as you're nearing retirement age.

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Speaker 1: But for those who are in the wealth building phase

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Speaker 1: of their lives, for those teenage babysitters, for those young

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Speaker 1: folks in their career, uh even for folks in their

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Speaker 1: thirties and forties. You know, finding a way to increase

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Speaker 1: your contributions when the market is on sale is going

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Speaker 1: to be a boon to your financial future. We think

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Speaker 1: this is actually the perfect time to be ramping up

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Speaker 1: those four owne K and IRA contributions exactly. Yeah. So

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Speaker 1: the fact that it looks like less money is going

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Speaker 1: to be invested this year, that's the bad news. Some

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Speaker 1: good news, though, is that, for the first time ever,

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Speaker 1: more money is being invested in passive index funds than

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Speaker 1: in actively managed funds. This is according to morning Star.

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Speaker 1: This is pretty amazing considering that back in the nineties

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Speaker 1: when morning Star first started tracking the total assets of

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Speaker 1: both types of funds, actively managed funds had sixty times

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Speaker 1: more in assets. Uh So, we we all owe a

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Speaker 1: to Jack Bogel of Vanguard, who's the one who he

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Speaker 1: came up with the idea of the index fund. But

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Speaker 1: these widely diversified index funds have been on the rise.

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Speaker 1: I wouldn't be surprised if they continue to outpace their

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Speaker 1: expensive counterparts, and Jil you can tell me in as

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Speaker 1: part of that eighteen percent of folks who planned to

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Speaker 1: invest more this year, I actually bought some earlier this

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Speaker 1: week and every penny went into my favorite lou the

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Speaker 1: smp F I funder et at point zero three expense

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Speaker 1: ory show, which is awesome. And of course that is

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Speaker 1: why we like index funds, because they're so freaking cheap,

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Speaker 1: and in some case they're completely free. We talked about

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Speaker 1: FC Rocks from Fidelity, which is a total stock market

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Speaker 1: index funds, So Vanguard, Fidelity, Schwab, they all have just

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Speaker 1: incredibly low cost index funds that you can participate in.

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Speaker 1: They cost almost nothing, and on average, actively managed funds

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Speaker 1: cost more than four times with their index fund counterbars charge.

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Speaker 1: So that might be okay. Let's say, if you're actually

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Speaker 1: getting higher returns, you might be saying it might cost more,

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Speaker 1: but I'm gonna outperform. This is a superior product exactly.

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Speaker 1: But the answer is no, because of actively managed funds

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Speaker 1: underperformed the S and P five hundred last year, just

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Speaker 1: that average index. Right, So being average is actually a

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Speaker 1: good thing when it comes to the stock market, and

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Speaker 1: the problem with the more expensive funds is that you're

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Speaker 1: paying more and you're getting less. It's a lose lose

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Speaker 1: scenario which you don't want any part in. That's right. So, actually,

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Speaker 1: on the note of investing for future you, the Journal

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Speaker 1: had a great article covering how difficult it's been for

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Speaker 1: many retirees uh and actually not financially but emotionally. The

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Speaker 1: writer there describes how so many folks have their identities

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Speaker 1: tied up in their work, and even though you know

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Speaker 1: they did a great job preparing a healthy nest egg

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Speaker 1: for retirement, they didn't actually adequately prepare their minds and

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Speaker 1: their emotions for what was next. Man, I think this

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Speaker 1: makes so much sense, and I honestly feel for these

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Speaker 1: folks who just haven't given much thought to what they'll

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Speaker 1: do with all the time that they now have on

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Speaker 1: their hands. And it's not that we have a poor

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Speaker 1: view of work and the ability for you to bring

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Speaker 1: value into other people's lives and for their ability to

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Speaker 1: then compensate you for that value. But unfortunately, the pattern,

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Speaker 1: at least here in the US, is that it becomes

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Speaker 1: too large, plays too large of a role within our lives.

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Speaker 1: And I think this just has to be an ongoing

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Speaker 1: process where we are consistently revisiting what you know, what

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Speaker 1: it is that brings joy and what brings value to

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Speaker 1: our lives. But because so many Americans do just such

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Speaker 1: a poor job at preparing financially, often very little thought

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Speaker 1: is given to the other aspects of retirement. And so

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Speaker 1: that's why we wanted to highlight this today. Yeah, there

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Speaker 1: is a lot written about saving for retirement and about

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Speaker 1: how so many people are ill prepared when it comes

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Speaker 1: to how much money they've got stacked away in their

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Speaker 1: four own k pensions are a thing of the past,

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Speaker 1: and and how people are going to have enough money

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Speaker 1: to live on. And that's an important subject that we

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Speaker 1: need to keep bringing to people's attention. But we have

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Speaker 1: to focus on those other aspects of retirement too, because

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Speaker 1: people aren't prepared emotionally, they don't necessarily know what they

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Speaker 1: want to do with their lives when work isn't a

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Speaker 1: major part of it. And it's not just the older

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Speaker 1: generation who are reaching their retirement years in their sixties either, Matt.

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Speaker 1: It's not just those folks who are emotionally unprepared. Our

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Speaker 1: friend Brandon the Mad Scientist, he was recently featured in

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Speaker 1: a Business Insider article, and he shared some similar sentiments.

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Speaker 1: We've heard him talk about this on his podcast, how

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Speaker 1: after retiring in his thirties, he struggled with what to do.

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Speaker 1: He doesn't quite know how to spend his time. He's

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Speaker 1: he seems to be doing a whole lot better now. Um,

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Speaker 1: he's kind of found some passion projects to participate in.

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Speaker 1: He released his first music album UH this year, which

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Speaker 1: is which is awesome. Kudos to him, But we we'd

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Speaker 1: recommend for everyone to take a balanced approach to your

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Speaker 1: finances and especially if you're on the path to fire.

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Speaker 1: If you want to retire early, you don't think that

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Speaker 1: you can work hard, earn a ton of money and

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Speaker 1: then immediately flipped the switch to activate the financial independence

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Speaker 1: years where you're going to suddenly be happy. You're right

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Speaker 1: doing the thing that brings you the most joy, surrounded

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Speaker 1: by the people you love. It's important to cultivate your

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Speaker 1: interests now and we talked about this Matt with UH

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Speaker 1: in episode four thirty three with our friend Wes Moss

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Speaker 1: right where he talked about the secrets of happy retirees

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Speaker 1: and he went into really helpful detail about the kinds

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Speaker 1: of things we should be pursuing in our working years

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Speaker 1: to prepare us for a healthy, happy retirement. It's it's

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Speaker 1: not one of those things where you can give it all,

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Speaker 1: all of your efforts to work and then hope that

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Speaker 1: once work is over, you're gonna find meaning in other

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Speaker 1: areas of life. If you're not cultivating those hobbies, in

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Speaker 1: those relationships at the same time, you're you're probably gonna

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Speaker 1: be pretty miserable when work is over. Exactly. Yeah, we

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Speaker 1: want you to be prepared not only financially, but mentally

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Speaker 1: and emotionally and socially as well. He yeah, West talks

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Speaker 1: about uh, finding those core pursuits, those things that bring

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Speaker 1: you meaning and joy and life after those working years.

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Speaker 1: But you know, those are some examples of folks who

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Speaker 1: aren't are on top of their finances. But we've actually

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Speaker 1: got a story of folks taking the opposite approach, folks

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Speaker 1: who are not preparing well for their futures. We'll get

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Speaker 1: to that story and more right after this break. All right,

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Speaker 1: the Friday flight continues. Let's get to our ludacrous headline

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Speaker 1: of the week of the week, and this one. Remember

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Speaker 1: when we used to always do it in the voice

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Speaker 1: I you know it still sticks out in my mind

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Speaker 1: when you did your haggard voice. I think that was

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Speaker 1: your favorite. Maybe we'll bring that back one of these days. Well,

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Speaker 1: this one comes from the New York Times and it's

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Speaker 1: titled the World's a Mess. So they stopped saving for tomorrow.

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Speaker 1: And this story focuses mainly on folks under the age

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Speaker 1: of thirty five, of which I no longer am. And uh,

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Speaker 1: it's they're basically these folks are living for now. It's

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Speaker 1: sort of a yolo mentality. They've they've stopped saving and

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Speaker 1: they're spending every dollar that comes in. And the only

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Speaker 1: thing I could think, Matt, as I'm starting to read

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Speaker 1: this article, is what could go wrong with this plan? Uh?

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Speaker 1: And I get what could go wrong? But everything exactly, exactly,

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Speaker 1: just one small thing and you're screwed. And I get

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Speaker 1: the post heart of the pandemic urge to to get

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Speaker 1: back to normal. I think it makes sense to start

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Speaker 1: reincorporating some of those budget items that you've missed out

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Speaker 1: on for a couple of years. Go on a trip,

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Speaker 1: even if travels a little more expensive. Right now, more

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Speaker 1: power to you, but throwing caution to the wind and

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Speaker 1: living without any sort of meaningful backup savings or you know,

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Speaker 1: deciding not to invest at all for future you That

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Speaker 1: is a recipe for disaster. It's you're limiting your options,

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Speaker 1: You're limiting your ability to make choices in the future.

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Speaker 1: And I think a lot of these folks who were

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Speaker 1: profiled in this article, in anyone who's taking an approach

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Speaker 1: like this, a lot of those folks are going to

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Speaker 1: be in for a rude awakening one of these days. Totally. Yeah.

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Speaker 1: One of the folks in that story referred to herself

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Speaker 1: as a financial nihilist, which is what Niel has always

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Speaker 1: reminded me of the Big Lebowski. You know what I'm

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Speaker 1: talking fight scene in the Bowling Alley parking lot is

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Speaker 1: it's classic. It's a classic, but financial neilism, it's it's

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Speaker 1: it's a recipe for future financial disaster. And as the

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Speaker 1: world hunky dory right now, is it perfectly rosy? No?

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Speaker 1: But is it ever actually going to get, you know,

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Speaker 1: get to that point? Um, I don't think it will.

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Speaker 1: And so, like we wanted to share this because like

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Speaker 1: we don't want to get preachy here, but we could

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Speaker 1: all use some perspective when it comes to how far

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Speaker 1: we've come as a society that technological advances that make

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Speaker 1: our lives much easier. It's easy to see the negative

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Speaker 1: and and for some reason we have a hard time

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Speaker 1: focusing on the positive. But there are a lot of

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Speaker 1: positives where if we would just step back and think

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Speaker 1: about them, we would be like, oh, yeah, oh, things

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Speaker 1: are pretty good. Exactly, yeah, we don't need to just

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Speaker 1: completely crank the plegiometer all the way up to eleven. Right,

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Speaker 1: because if you opt to spend all of your money today,

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Speaker 1: like you are going to be severely limiting your ability

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Speaker 1: to have autonomy over some really important decisions down the road.

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Speaker 1: With little or no cash on hand, it's going to

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Speaker 1: be more difficult to leave a job you don't like,

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Speaker 1: or to start your own business, or to take another

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Speaker 1: opportunity that might be available to you. Not to mention

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Speaker 1: the years of compounding growth that you're gonna be missing

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Speaker 1: out on by not investing in those early years. It

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Speaker 1: makes me think back to the babysitter story that we mentioned, Like,

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Speaker 1: imagine like a fourteen, fifteen sixty rold starting to invest

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Speaker 1: six thousand dollars and with the help of a parent, right,

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Speaker 1: like you're not totally expecting for a teenager to invest

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Speaker 1: every single dollar, but with a match from a parent,

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Speaker 1: where essentially you're sort of subsidizing their their their future retirement,

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Speaker 1: that is a real possibility. In those additional years of

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Speaker 1: compounding growth, are going to do wonders for a retirement account. Yeah,

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Speaker 1: those teenage babysitters will be millionaires easy if they max

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Speaker 1: out their wrath for for just a handful of years,

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Speaker 1: and even if they're only minimally investing for the rest

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Speaker 1: of their days, they'll still be millionaires in retirement, which

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Speaker 1: is what's incredible. That's how much getting started early matters, right,

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Speaker 1: And it's not the first five years right where you

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Speaker 1: become a millionaire, it's the last five So that's always

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Speaker 1: important to remember because I think a lot of parents

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Speaker 1: might struggle with explaining it to their kids, where they're like,

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Speaker 1: by doing this, you're gonna have so much more money,

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Speaker 1: and the kids are looking at the little money that

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Speaker 1: they have in their account and they're kind of talking

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Speaker 1: about this doesn't make any sense. But when you've got

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Speaker 1: that compound interest calculator going and you see that chart,

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Speaker 1: look at the tail end of the it's those last

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Speaker 1: five years that's where the real magic happens. Getting started

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Speaker 1: early is crucial, but those last years are the of

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Speaker 1: of those compounding returns are what makes the biggest difference

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Speaker 1: in your overall net worth. Well, let's talk about taxes

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Speaker 1: for a second map, because I think I mentioned property

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Speaker 1: taxes in specific because I mentioned on the podcast that

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Speaker 1: I actually hired a lawyer to help me contest my

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Speaker 1: property tax valuation this year, and he took the reins.

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Speaker 1: He won both cases for me in front of the

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Speaker 1: Board of Equalization, and that means I'm gonna be saving

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Speaker 1: close to a thousand dollars a year on each of

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Speaker 1: these properties for the coming three years because they lock

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Speaker 1: in uh that property tax valuation for the next couple

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Speaker 1: of years after winning. And that's pretty cool. That's a

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Speaker 1: lot of money. I was pretty thrilled, and I've actually

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Speaker 1: decided to contest two of the lower valued properties myself

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Speaker 1: because there's not nearly as much on the line. But

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Speaker 1: I saw a new study from a company called own Well,

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Speaker 1: and they found that folks in homes that are valued

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Speaker 1: lower are far less likely to contest their tax valuation.

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Speaker 1: I hated seeing that because that leads to folks paying

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Speaker 1: more than they should be, and they're paying higher effective

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Speaker 1: tax rates. That's not good. It's it's really easy actually

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Speaker 1: to contest your property taxes. It doesn't take a genius

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Speaker 1: to do it, and and that hearing can take place

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Speaker 1: virtually for almost everyone now too. So it's not like

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Speaker 1: you have to go down to your downtown area and

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Speaker 1: actually meet in person in front of some folks. You

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Speaker 1: can just do a simple zoom call, present some simple

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Speaker 1: facts and hopefully when your case it's it's easier than ever.

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Speaker 1: By the way, also to use sites like zillo to

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Speaker 1: find comparable values of similarly sold homes to help make

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Speaker 1: your case. So I just wanted to put I prefer

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Speaker 1: by the way, Zillo over Redfin because redfin always values

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Speaker 1: things a little bit higher. Yeah, in my research, I've

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Speaker 1: always I have always found that to be true. Well

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Speaker 1: it's I mean really, you can you can literally filter

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Speaker 1: things down to recently sold in your area, and you

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Speaker 1: can buy bed and bath and square footage. You can

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Speaker 1: compare honestly homes that are exactly like yours in a

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Speaker 1: near vicinity. You can basically be come your own appraiser,

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Speaker 1: and it is uh finding that information, presenting it to

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Speaker 1: the board could result in a meaningful tax reduction. For

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Speaker 1: anyone out there who thinks their property taxes might be dow.

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Speaker 1: I got a text from my friend Tim the other

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Speaker 1: day and he's like, Dude, my taxes want and I'm like,

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Speaker 1: this is what you gotta do. What you gotta This

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Speaker 1: is what you gotta do, and you can save a

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Speaker 1: lot of money by doing it, That's right. Yeah. So

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Speaker 1: we mentioned going on vacation earlier. Let's talk about how

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Speaker 1: much more expensive vacations are getting today. It seems like

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Speaker 1: everybody is looking to take a trip now that things

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Speaker 1: have reached some degree of normalcy, but airfare prices are

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Speaker 1: rising rapidly. Filling up your tank is anxiety inducing. Hotel

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Speaker 1: rooms cost more than a year ago. Even the price

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Speaker 1: of summer camps for kids, it is going up in

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Speaker 1: big ways across the country. And so we are sharing

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Speaker 1: this with you because we want you to plan accordingly.

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Speaker 1: But on top of that, at the Times had an

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Speaker 1: article documenting the rise of vacation subscriptions. There are these

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Speaker 1: newer companies out there offering access to everything from discounted airfare,

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Speaker 1: which we're all for, or to room upgrades with concierge service.

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Speaker 1: Although we have to access to luxury vacation homes on

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Speaker 1: the French Riviera. I'm gonna stay in Davos this summer,

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Speaker 1: I think, Matt, Why not, man, You've got that property

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Speaker 1: tax money back in your wallet. But of course, the

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Speaker 1: prices of these subscriptions vary as well, starting at just

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Speaker 1: forty nine dollars a year for Scott's Cheap Flights, which

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Speaker 1: we're all about. That's one of the best subcriptle way

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Speaker 1: up to a initiation fee for a luxury focused company.

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Speaker 1: And my knee jerk reaction is that these are all

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Speaker 1: bad ideas, right. My guess is that most folks are

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Speaker 1: going to be better off completely avoiding some of these

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Speaker 1: different vacations subscription services altogether. But honestly, it completely comes

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Speaker 1: down to how it is that you use these things.

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Speaker 1: Because one man's initiation fee is another man's craft beer money,

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Speaker 1: you know, you know what I'm saying. And like I said,

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Speaker 1: Scotch Chief Flights is one of those things where forty

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Speaker 1: nine bucks could save you hundreds of dollars if you

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Speaker 1: like to travel, because he's sending out deals. But a

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Speaker 1: lot of these subscription services really are catering to the

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Speaker 1: luxury market, and so you've gotta be a high roller

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Speaker 1: if you want to participate, and this is a case

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Speaker 1: where you might do okay, but you have to be

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Speaker 1: the right person with the right kind of net worth

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Speaker 1: and the right kind of flexibility to be able to

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Speaker 1: make these things work. Um For most folks, I think

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Speaker 1: they're just going to be prohibitively expensive. And regardless of

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Speaker 1: the cost of any subscription, the important thing to remember

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Speaker 1: is to ensure that you're taking advantage of whatever offerings

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Speaker 1: you get for that subscription. It doesn't matter if you're

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Speaker 1: paying fifty bucks a year or a month, which is

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Speaker 1: the case for some of these more expensive vacation subscriptions.

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Speaker 1: You're flushing money down the drain if you're not actually

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Speaker 1: using it. So maybe you are the kind of person

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Speaker 1: who travels a bunch and you love staying at a

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Speaker 1: particular hotel. So you sign up for a service that

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Speaker 1: gives you special deals. That's great, but before that subscription

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Speaker 1: automatically renews, remember to look back at how much you

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Speaker 1: were able to save and how much it's actually costing.

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Speaker 1: You do the same thing with your gym membership, your

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Speaker 1: HBO Max membership, with with every subscription that you have.

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Speaker 1: Because we're fine with you spending money where it matters.

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Speaker 1: If vacations are your thing, and you're like, I don't mind,

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Speaker 1: I've got the money. I don't mind spending forty g

430
00:21:07,080 --> 00:21:09,800
Speaker 1: s a year on vacations Like that's not me, but

431
00:21:10,119 --> 00:21:12,919
Speaker 1: congratulations to you. But we're just not fine with you

432
00:21:13,000 --> 00:21:16,879
Speaker 1: wasting money on subscriptions that provide you no value. Do

433
00:21:16,960 --> 00:21:21,000
Speaker 1: the math and cancel any subscriptions that you're not using effectively.

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00:21:21,200 --> 00:21:23,199
Speaker 1: That's right, man, and wrap things up here. Let's talk

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00:21:23,200 --> 00:21:25,760
Speaker 1: about some d I Y phone repair. I remember the

436
00:21:26,119 --> 00:21:28,320
Speaker 1: good old days when you can easily replace the battery

437
00:21:28,440 --> 00:21:31,560
Speaker 1: in your own phone. I still remember the Nokia thirty

438
00:21:31,600 --> 00:21:36,640
Speaker 1: three tin indestructible brick phone, my first Sprint Evo smartphone. Man,

439
00:21:36,680 --> 00:21:38,560
Speaker 1: you could pop the battery output in a new one

440
00:21:38,640 --> 00:21:40,239
Speaker 1: that was lovely, put a new face plate on there,

441
00:21:40,320 --> 00:21:43,600
Speaker 1: just switch up the color. Apple has only recently allowed

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00:21:43,600 --> 00:21:47,320
Speaker 1: customers to start repairing their own phones, and apparently, trying

443
00:21:47,320 --> 00:21:49,879
Speaker 1: to fix your own iPhone it's worse than trying to

444
00:21:49,920 --> 00:21:51,880
Speaker 1: get someone on the phone at the I R S.

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00:21:52,560 --> 00:21:55,720
Speaker 1: At The Times, tech writer Brian Chen wrote about his

446
00:21:55,760 --> 00:21:58,720
Speaker 1: experience the other day, And you gotta think that that

447
00:21:58,720 --> 00:22:01,040
Speaker 1: a tech writer should actually have no problems replacing a

448
00:22:01,119 --> 00:22:04,119
Speaker 1: phone battery. If anybody has a leg up, it's going

449
00:22:04,160 --> 00:22:07,000
Speaker 1: to be that guy him. But that is not the case.

450
00:22:07,040 --> 00:22:09,880
Speaker 1: He actually he destroyed his screen in his first attempt,

451
00:22:10,200 --> 00:22:12,760
Speaker 1: and it was just impossibly difficult for him to do this.

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00:22:12,840 --> 00:22:15,440
Speaker 1: And so, first of all, it's clear that Apple doesn't

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00:22:15,480 --> 00:22:18,520
Speaker 1: make it easy. But secondly, it cost him more to

454
00:22:18,520 --> 00:22:20,280
Speaker 1: to make his own repairs, to replace his own parts

455
00:22:20,280 --> 00:22:21,840
Speaker 1: than if you were to have taken it to Apple

456
00:22:21,920 --> 00:22:24,520
Speaker 1: and have them do it for him. So we we

457
00:22:24,520 --> 00:22:26,359
Speaker 1: we share this because we are glad to see that

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00:22:26,400 --> 00:22:29,200
Speaker 1: companies like Apple are moving in this direction. We believe

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00:22:29,240 --> 00:22:31,840
Speaker 1: in the right to repair, but people should be able

460
00:22:31,840 --> 00:22:34,640
Speaker 1: to repair their own phones easily, right, And so let's

461
00:22:34,640 --> 00:22:38,399
Speaker 1: hope that phone manufacturers start making this more affordable, that

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00:22:38,520 --> 00:22:41,160
Speaker 1: it is easier in the future. But I will say

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00:22:41,200 --> 00:22:43,399
Speaker 1: this definitely gives me pause because before I remember, I

464
00:22:43,440 --> 00:22:44,920
Speaker 1: don't know was it last year or two years ago,

465
00:22:44,960 --> 00:22:47,280
Speaker 1: I was sharing how I feel that everybody out there

466
00:22:47,320 --> 00:22:49,640
Speaker 1: should maybe know how to replace the screen on their phone.

467
00:22:49,680 --> 00:22:53,520
Speaker 1: How did you know? You said it wasn't it wasn't

468
00:22:53,560 --> 00:22:55,720
Speaker 1: too terribly difficult. But phones have gotten even more advanced,

469
00:22:56,080 --> 00:22:58,760
Speaker 1: getting more complicated, especially as I mean, I think one

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00:22:58,800 --> 00:23:01,080
Speaker 1: of the biggest things, one of the big hindrances, is

471
00:23:01,119 --> 00:23:03,760
Speaker 1: like now that a lot of the newer phones are waterproof,

472
00:23:03,800 --> 00:23:07,240
Speaker 1: everything fits so perfectly and so tightly, and I'm a

473
00:23:07,240 --> 00:23:10,199
Speaker 1: little nervous about making my own repairs because if I

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00:23:10,240 --> 00:23:11,800
Speaker 1: get my phone wet, which I do, like to take

475
00:23:11,800 --> 00:23:14,000
Speaker 1: a picture or two underwater while we're at the pool

476
00:23:14,080 --> 00:23:15,639
Speaker 1: or at the beach. But I'm not sure if I

477
00:23:15,640 --> 00:23:18,200
Speaker 1: would make that repair on these newer phones that are waterproof,

478
00:23:18,240 --> 00:23:20,399
Speaker 1: because somehow you're running a higher risk. You have to

479
00:23:20,440 --> 00:23:22,480
Speaker 1: heat it up in order to get to glue, to

480
00:23:22,640 --> 00:23:24,760
Speaker 1: do something so that you can separate things, and it

481
00:23:24,840 --> 00:23:27,119
Speaker 1: just sounds like a really complicated process. Not to mention,

482
00:23:27,600 --> 00:23:30,240
Speaker 1: if you order the stuff from Apple, they send you

483
00:23:30,520 --> 00:23:34,560
Speaker 1: like an eighty pound Pelican case with their proprietary equipment

484
00:23:34,880 --> 00:23:36,960
Speaker 1: for you to fix your own phone at home. It

485
00:23:37,560 --> 00:23:40,080
Speaker 1: feels like more bothered than it's worth, especially when it

486
00:23:40,080 --> 00:23:42,280
Speaker 1: actually costs more than having Apple do it for you.

487
00:23:42,320 --> 00:23:44,320
Speaker 1: But like you said, I hope the price comes down.

488
00:23:44,359 --> 00:23:46,439
Speaker 1: I hope it gets easier to make these repairs, but

489
00:23:46,760 --> 00:23:49,160
Speaker 1: as phones get more complex, I'm not sure that it will.

490
00:23:49,280 --> 00:23:50,879
Speaker 1: It's true. I think it's partially the price that we

491
00:23:50,880 --> 00:23:55,280
Speaker 1: pay in order to have amazing supercomputers in our pockets.

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00:23:55,359 --> 00:23:57,240
Speaker 1: If we want nice things, this is the price we

493
00:23:57,240 --> 00:23:58,959
Speaker 1: gotta pay. I guess it does seem like that, but

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00:23:59,240 --> 00:24:01,240
Speaker 1: that's gonna be it. For today's Friday flight, will make

495
00:24:01,280 --> 00:24:03,960
Speaker 1: sure to include all of the different stories and resources

496
00:24:03,960 --> 00:24:06,520
Speaker 1: we may have mentioned during today's episode up on the

497
00:24:06,560 --> 00:24:08,440
Speaker 1: website at how to money dot com, and we will

498
00:24:08,480 --> 00:24:11,160
Speaker 1: definitely be sure to include the link to that limited

499
00:24:11,240 --> 00:24:15,439
Speaker 1: time offer that Chase is offering with their Sapphire Preferred Card.

500
00:24:16,000 --> 00:24:17,760
Speaker 1: You will be able to find that there as well.

501
00:24:18,000 --> 00:24:20,360
Speaker 1: That's right. We hope you all have a great Memorial

502
00:24:20,480 --> 00:24:23,840
Speaker 1: Day weekend, right your holiday weekend Monday is a holiday though, Matt,

503
00:24:23,920 --> 00:24:26,720
Speaker 1: we're still working and we are going to produce new content.

504
00:24:26,800 --> 00:24:29,560
Speaker 1: You'll have a new ask htm episode in your podcast

505
00:24:29,640 --> 00:24:32,399
Speaker 1: er to listen to if you're not too busy gurling

506
00:24:32,400 --> 00:24:34,800
Speaker 1: out and spending time with your family. So that'll do

507
00:24:34,840 --> 00:24:38,240
Speaker 1: it until next time. Best Friends Out, Best Friends Out,