1 00:00:00,080 --> 00:00:03,000 Speaker 1: Welcome to Out of Money. I'm Joel, coming in hot. 2 00:00:03,240 --> 00:00:06,000 Speaker 1: That's how I roll, and I am Matt. And today 3 00:00:06,000 --> 00:00:10,080 Speaker 1: we're talking thrifty trucks, pricey parking, and soaring secondary costs. 4 00:00:28,560 --> 00:00:30,479 Speaker 2: Maybe should I come in with a whisper? There you go. 5 00:00:30,640 --> 00:00:32,919 Speaker 2: That's right. Listeners, see they're all like backed away from 6 00:00:32,920 --> 00:00:35,559 Speaker 2: their speakers and there in their earbuds, and now I'm 7 00:00:35,600 --> 00:00:37,519 Speaker 2: trying to draw them back into the. 8 00:00:37,760 --> 00:00:40,120 Speaker 1: If I cause damage to your electronic devices or to 9 00:00:40,159 --> 00:00:41,760 Speaker 1: your ear drums, please let me know how Out. 10 00:00:41,600 --> 00:00:43,879 Speaker 2: Of Money shall not be held liable. This is, in 11 00:00:43,920 --> 00:00:45,880 Speaker 2: fact our Friday flight. We're going to tackle the different 12 00:00:45,960 --> 00:00:48,760 Speaker 2: personal not just the personal finance headlines, Joel, but the 13 00:00:49,080 --> 00:00:51,080 Speaker 2: all the headlines that are out there, and we're gonna 14 00:00:51,479 --> 00:00:55,080 Speaker 2: sort of massage out the personal finance wisdom that we 15 00:00:55,160 --> 00:00:58,760 Speaker 2: have discovered with the stories foreign policy or anything like that. 16 00:00:58,800 --> 00:01:02,280 Speaker 2: Though no we're not not those headlines, so we don't 17 00:01:02,280 --> 00:01:02,600 Speaker 2: do that. 18 00:01:02,720 --> 00:01:04,600 Speaker 1: All right, Let's I want to start off, Matt with 19 00:01:04,600 --> 00:01:07,560 Speaker 1: a quick, frugal or cheap because our neighbors across the 20 00:01:07,560 --> 00:01:11,160 Speaker 1: street just had their their firstborn son just turned two, 21 00:01:11,520 --> 00:01:13,199 Speaker 1: and we had a birthday party with a little bouncy 22 00:01:13,200 --> 00:01:14,559 Speaker 1: house and all that stuff, and it was really fun, 23 00:01:14,680 --> 00:01:17,679 Speaker 1: fun my kids to take you back dominated that bouncy house. 24 00:01:18,560 --> 00:01:19,960 Speaker 1: I felt bad for some of the other two year 25 00:01:19,959 --> 00:01:20,959 Speaker 1: olds there, but. 26 00:01:21,160 --> 00:01:24,280 Speaker 2: Got two hospital visits. Sorry again, Joel shall not be held. 27 00:01:24,800 --> 00:01:25,200 Speaker 2: That's right. 28 00:01:25,240 --> 00:01:28,360 Speaker 1: You can't see me for that. But my my son 29 00:01:28,600 --> 00:01:31,240 Speaker 1: wanted to give their two year old son a bunch 30 00:01:31,240 --> 00:01:32,720 Speaker 1: of his old trucks and. 31 00:01:32,600 --> 00:01:33,839 Speaker 2: So, ah, that's sweet. 32 00:01:33,880 --> 00:01:36,319 Speaker 1: We had like a we keep like a little section 33 00:01:36,440 --> 00:01:39,200 Speaker 1: of stuff to give away for birthday presents, like if 34 00:01:39,240 --> 00:01:40,960 Speaker 1: we found it and it was like on a great 35 00:01:41,000 --> 00:01:41,880 Speaker 1: sale or something like that. 36 00:01:41,840 --> 00:01:44,000 Speaker 2: We like pre buy it for the future. Yeah, you're 37 00:01:44,000 --> 00:01:47,199 Speaker 2: good about that. The birthday the present closet, birthday bind. Yeah. 38 00:01:47,280 --> 00:01:49,720 Speaker 2: So the birthday it's like the fun box in kindergartener 39 00:01:49,760 --> 00:01:52,080 Speaker 2: out a preschool. You get a you get to take 40 00:01:52,080 --> 00:01:53,160 Speaker 2: an item from the birthday bin. 41 00:01:53,360 --> 00:01:56,160 Speaker 1: So we gave him like played out thing, right, but 42 00:01:56,360 --> 00:01:59,080 Speaker 1: un that he's gonna be excited about. But apparently the 43 00:01:59,120 --> 00:02:03,120 Speaker 1: gift he was most excited about was the pre owned 44 00:02:03,200 --> 00:02:05,840 Speaker 1: cars that my son gave him. He put them in 45 00:02:05,880 --> 00:02:08,960 Speaker 1: a separate bag and everything like that, and so that 46 00:02:09,040 --> 00:02:10,560 Speaker 1: was the most exciting President of the day. 47 00:02:10,760 --> 00:02:13,000 Speaker 2: Was was a used gift. How is I don't know, 48 00:02:13,400 --> 00:02:18,440 Speaker 2: use use gifts to friends? Okay, Well, it completely depends 49 00:02:18,440 --> 00:02:20,560 Speaker 2: on the relationship because if you say it's cheap, I'm 50 00:02:20,560 --> 00:02:22,720 Speaker 2: blaming my son. By the way, it's all his fault. 51 00:02:23,080 --> 00:02:25,200 Speaker 2: I know these neighbors, and I know y'all are pretty 52 00:02:25,200 --> 00:02:27,760 Speaker 2: tight with them, and like you're living life together and 53 00:02:27,880 --> 00:02:30,280 Speaker 2: stuff ends up in other people's homes, and because of that, 54 00:02:30,360 --> 00:02:32,800 Speaker 2: it feels more acceptable. I think it's if this was 55 00:02:32,919 --> 00:02:35,760 Speaker 2: like a friend from school and you're driving over to 56 00:02:35,760 --> 00:02:39,160 Speaker 2: their house. If it's that sort of scenario, I think 57 00:02:39,200 --> 00:02:43,120 Speaker 2: you go with a new president, well you're more acquaintancey, Yeah, exactly, 58 00:02:43,320 --> 00:02:45,320 Speaker 2: when you're not as tight because I think here, here's 59 00:02:45,320 --> 00:02:47,160 Speaker 2: the deal. I think it's a younger Matt, and I 60 00:02:47,160 --> 00:02:49,320 Speaker 2: think younger Matt would have said, no, no matter what, 61 00:02:49,480 --> 00:02:52,280 Speaker 2: no matter who they are, secondhand gifts are fine. They're 62 00:02:52,280 --> 00:02:54,799 Speaker 2: gonna like it, and you kind of force it upon them. 63 00:02:54,840 --> 00:02:56,560 Speaker 2: But that is the very That was one of the 64 00:02:56,680 --> 00:02:59,240 Speaker 2: very definitions when we did the original Frugal Versus Cheap 65 00:02:59,320 --> 00:03:03,120 Speaker 2: episode of Cheapness is if you are imposing your quote 66 00:03:03,160 --> 00:03:06,560 Speaker 2: unquote frugality upon somebody else, that's when it and an 67 00:03:06,560 --> 00:03:10,720 Speaker 2: alchemy like way becomes cheap. Yeah, so I get that. Yeah, yeah, 68 00:03:10,840 --> 00:03:14,160 Speaker 2: that's I think I would be more predisposed to buy 69 00:03:14,240 --> 00:03:17,280 Speaker 2: new with acquaintances like you mentioned. But certainly it's a 70 00:03:17,280 --> 00:03:19,959 Speaker 2: good point. Certainly with my kids. I think used gifts 71 00:03:20,000 --> 00:03:23,360 Speaker 2: are fine. You just need a The presentation matters, though, 72 00:03:23,560 --> 00:03:25,520 Speaker 2: you know, like if it's like if it looks like 73 00:03:25,560 --> 00:03:28,200 Speaker 2: a used item as opposed to if it's you doll 74 00:03:28,240 --> 00:03:29,840 Speaker 2: it up a little bit, dress it up, like if 75 00:03:29,840 --> 00:03:32,280 Speaker 2: it's if it's still in the eBay box and you 76 00:03:32,320 --> 00:03:34,880 Speaker 2: haven't even like opened the box and you're like, oh, yeah, 77 00:03:34,960 --> 00:03:38,640 Speaker 2: let's see what's inside there. That feels cheap versus taking 78 00:03:38,640 --> 00:03:41,520 Speaker 2: the item, putting it in a gift bag or something 79 00:03:41,560 --> 00:03:44,839 Speaker 2: right to where you are demonstrating that, hey, this thing 80 00:03:44,880 --> 00:03:48,080 Speaker 2: still has value. And not only does it still have value, yes, 81 00:03:48,160 --> 00:03:50,320 Speaker 2: you've put some thought into it, and it's cool to 82 00:03:50,400 --> 00:03:52,720 Speaker 2: go secondhand as well. There's like multiple messages that you 83 00:03:52,720 --> 00:03:54,960 Speaker 2: can kind of weave into that weather with your own kids, 84 00:03:55,560 --> 00:03:57,680 Speaker 2: but also with the right neighbor or with the right 85 00:03:57,680 --> 00:03:58,600 Speaker 2: friends as well. 86 00:03:58,640 --> 00:04:00,800 Speaker 1: I think that's a really good point. And the more 87 00:04:00,840 --> 00:04:03,960 Speaker 1: you know them, the more they know you and your idiosyncrasies, 88 00:04:04,120 --> 00:04:05,600 Speaker 1: the more they're gonna be like, oh yeah, that's kind 89 00:04:05,640 --> 00:04:07,320 Speaker 1: of par for the course for them. And guess what 90 00:04:07,640 --> 00:04:10,440 Speaker 1: turned up. The used trucks were his favorite gift. Anyway, 91 00:04:10,480 --> 00:04:11,880 Speaker 1: that's awesome, kind of awesome. 92 00:04:12,160 --> 00:04:16,080 Speaker 2: Plus, I love the passing down of certain prized possessions 93 00:04:16,520 --> 00:04:19,360 Speaker 2: amongst kids in a neighborhood. Yeah, there's something that is 94 00:04:20,200 --> 00:04:23,200 Speaker 2: essentially getting woven, like like your lives are getting woven 95 00:04:23,200 --> 00:04:25,440 Speaker 2: together in a kind of messy way, which feels like 96 00:04:25,480 --> 00:04:27,400 Speaker 2: the heart of any sort of community, right, Like you 97 00:04:27,440 --> 00:04:30,200 Speaker 2: want an element of that for sure, Joel. Let's talk 98 00:04:30,240 --> 00:04:32,880 Speaker 2: about one of our favorite brokerages, one of our favorite 99 00:04:33,120 --> 00:04:35,919 Speaker 2: companies out there to invest with, Vanguard. They've got this 100 00:04:35,960 --> 00:04:39,800 Speaker 2: new study out turns out the strongest predictor of financial wellbeing. 101 00:04:40,320 --> 00:04:44,360 Speaker 2: It's not being a savvy investor, it's not being a 102 00:04:44,400 --> 00:04:47,039 Speaker 2: really good stock picker. It's also not required to have 103 00:04:47,080 --> 00:04:50,520 Speaker 2: a Mensa level IQ or anything like that. The Vanguard 104 00:04:50,560 --> 00:04:53,520 Speaker 2: study found that just having two thousand dollars in your 105 00:04:53,560 --> 00:04:57,440 Speaker 2: savings account, that right there is actually the strongest predictor 106 00:04:57,480 --> 00:05:00,200 Speaker 2: of financial wellbeing. And here on the show, and we 107 00:05:00,240 --> 00:05:03,680 Speaker 2: talk about emergency funds pretty often, and this highlights why 108 00:05:03,800 --> 00:05:07,280 Speaker 2: that's another underrated reality of not having enough money in 109 00:05:07,320 --> 00:05:11,200 Speaker 2: your emergency fund, feeling that, oh, I'm gonna have to 110 00:05:11,200 --> 00:05:13,040 Speaker 2: actually tap some of those investments. I'm not gonna let 111 00:05:13,040 --> 00:05:15,920 Speaker 2: them cook, not gonna let them compound over the year. 112 00:05:16,080 --> 00:05:19,240 Speaker 2: But in addition to that, the distraction that's created just 113 00:05:19,279 --> 00:05:21,839 Speaker 2: from living with no margin in your life as well 114 00:05:22,600 --> 00:05:26,719 Speaker 2: is detrimental to our financial wellbeing. Vanguard found that people 115 00:05:26,760 --> 00:05:29,240 Speaker 2: with no savings that they spend over six hours a 116 00:05:29,360 --> 00:05:33,720 Speaker 2: week thinking and worrying about their finances while on the job, 117 00:05:34,080 --> 00:05:36,320 Speaker 2: as opposed to just one and a half for folks 118 00:05:36,360 --> 00:05:37,400 Speaker 2: who have cash on hands. 119 00:05:37,440 --> 00:05:39,440 Speaker 1: It makes sense, makes sense because you're living on the 120 00:05:39,440 --> 00:05:42,440 Speaker 1: financial precipice, that one bill that comes in kind of 121 00:05:42,560 --> 00:05:46,559 Speaker 1: knocks you flat. And it is amazing how not having 122 00:05:46,600 --> 00:05:49,800 Speaker 1: cash in the bank just makes you more susceptible, more vulnerable, 123 00:05:49,880 --> 00:05:50,919 Speaker 1: more stressed out. 124 00:05:51,240 --> 00:05:53,160 Speaker 2: More stressed. You're looking at then you're logging in your 125 00:05:53,160 --> 00:05:54,800 Speaker 2: credit card and be like, ooh, how much credit do 126 00:05:54,839 --> 00:05:57,599 Speaker 2: I have left? Oh? When's that payment due? Okay, danget 127 00:05:57,640 --> 00:05:59,719 Speaker 2: the interest payments? About the plan is working on overdrive. 128 00:06:00,279 --> 00:06:03,479 Speaker 1: It's yeah, it's harmful to a mess to you from 129 00:06:03,480 --> 00:06:06,840 Speaker 1: a stress standpoint. From an anxiety standpoint, this obviously has 130 00:06:06,839 --> 00:06:08,800 Speaker 1: an impact on the quality of work you do right 131 00:06:08,880 --> 00:06:10,760 Speaker 1: on your job security as well. If you're the kind 132 00:06:10,800 --> 00:06:13,240 Speaker 1: of person who is logging into their bank account to 133 00:06:13,279 --> 00:06:15,680 Speaker 1: try to figure this stuff out. If you're sleuthing on 134 00:06:15,720 --> 00:06:18,400 Speaker 1: your finances six hours a week while you're at work, 135 00:06:18,760 --> 00:06:20,520 Speaker 1: that's going to have an impact on your performance. It's 136 00:06:20,560 --> 00:06:21,159 Speaker 1: going to get noticed. 137 00:06:21,200 --> 00:06:23,120 Speaker 2: It makes you think back to some of the studies too. 138 00:06:23,120 --> 00:06:26,040 Speaker 2: At some of the higher level government or military jobs 139 00:06:26,120 --> 00:06:30,000 Speaker 2: require you to have a certain level of buttoned upness 140 00:06:30,080 --> 00:06:31,760 Speaker 2: when it comes to your finances because they want you 141 00:06:31,800 --> 00:06:37,159 Speaker 2: to be less susceptible to bribery. If some carrots are 142 00:06:37,200 --> 00:06:38,839 Speaker 2: being dangled in front of you that have a whole 143 00:06:38,839 --> 00:06:40,440 Speaker 2: lot of dollar signs on them, you're going to be 144 00:06:40,480 --> 00:06:43,920 Speaker 2: more likely to be I don't know, a foreign operative. 145 00:06:44,200 --> 00:06:47,200 Speaker 1: Yeah, it's like the goal the gold bar shoved into 146 00:06:47,200 --> 00:06:49,360 Speaker 1: your pocket doesn't matter as much. Like if you've got 147 00:06:49,440 --> 00:06:51,520 Speaker 1: enough cash on hands and you're like, no, I don't 148 00:06:51,560 --> 00:06:53,920 Speaker 1: need this. Actually is that the gold is the New 149 00:06:54,000 --> 00:06:57,919 Speaker 1: Jersey Senator. That's right, that's right. So he and his 150 00:06:57,920 --> 00:06:58,719 Speaker 1: wife both found. 151 00:06:58,520 --> 00:07:01,160 Speaker 2: Guilty for that. Yeah, unfortunately, so well fortunately, because we 152 00:07:01,200 --> 00:07:03,080 Speaker 2: don't need to have that thing going on, right, it's 153 00:07:03,160 --> 00:07:04,719 Speaker 2: unfortunate that they it happened. 154 00:07:04,760 --> 00:07:07,200 Speaker 1: Yes, well, fifteen percent of people in this study with 155 00:07:07,240 --> 00:07:10,239 Speaker 1: two thousand bucks said they were stressed about finances versus 156 00:07:10,400 --> 00:07:12,920 Speaker 1: fifty one percent of folks who were stressed because they 157 00:07:12,960 --> 00:07:15,120 Speaker 1: didn't have the saving So it's just interesting. It makes 158 00:07:15,160 --> 00:07:17,240 Speaker 1: complete and total sense that if you have a little 159 00:07:17,240 --> 00:07:20,160 Speaker 1: bit of money on hand, you are far less stressed out. 160 00:07:20,520 --> 00:07:23,560 Speaker 1: The value of an emergency fund just goes far beyond 161 00:07:23,960 --> 00:07:26,320 Speaker 1: having money to pay for what you need if you 162 00:07:26,360 --> 00:07:30,120 Speaker 1: find yourself in a financial bind. And it's just fascinating 163 00:07:30,160 --> 00:07:32,720 Speaker 1: too to see. I think some people think, well, I'll 164 00:07:32,720 --> 00:07:35,760 Speaker 1: be less stressed once I have this massive buffer built up, 165 00:07:35,800 --> 00:07:38,440 Speaker 1: once I have this much my net worth gets to 166 00:07:38,480 --> 00:07:41,760 Speaker 1: this point. Well, the truth is you're at least eradicating 167 00:07:42,000 --> 00:07:45,440 Speaker 1: the worst kinds of stresses with just a small pittance 168 00:07:45,520 --> 00:07:47,280 Speaker 1: in your in your savings camp two grant. 169 00:07:47,400 --> 00:07:49,680 Speaker 2: That's why we talk about the basic emergency fund. That 170 00:07:49,760 --> 00:07:52,280 Speaker 2: is step number one creating some financial margin in your life. 171 00:07:52,560 --> 00:07:53,760 Speaker 2: And it used to be two thousand. 172 00:07:53,800 --> 00:07:55,840 Speaker 1: It's not just step number one, it's money gear number one. 173 00:07:55,960 --> 00:07:59,440 Speaker 2: I'm sorry, Yeah, so off brand. Use the proprietary language, please, sir, 174 00:08:00,560 --> 00:08:03,720 Speaker 2: four and sixty seven dollars. With inflation, especially that we've 175 00:08:03,720 --> 00:08:06,520 Speaker 2: experienced over the past several years, it is now three thousand, 176 00:08:06,800 --> 00:08:09,600 Speaker 2: forty five dollars thirty forty five. Remember that that's how 177 00:08:09,640 --> 00:08:11,560 Speaker 2: much we want you to have in your savings account. 178 00:08:11,600 --> 00:08:15,400 Speaker 1: I like that too, because I like a specific, sticky number. 179 00:08:15,680 --> 00:08:18,480 Speaker 1: When yeah, man, that is gonna that's the thirty forty 180 00:08:18,520 --> 00:08:20,520 Speaker 1: five way to go Vanguard with two grand, but we're 181 00:08:20,520 --> 00:08:23,480 Speaker 1: gonna say thirty forty five is an even better number. Yes, 182 00:08:23,520 --> 00:08:24,880 Speaker 1: it gives you a little bit more money, but it's 183 00:08:24,920 --> 00:08:27,400 Speaker 1: still achievable for the vast majority of people. 184 00:08:27,520 --> 00:08:29,480 Speaker 2: So, Joe, something you and I were both really excited 185 00:08:29,480 --> 00:08:31,600 Speaker 2: about last week towards the end of the week was 186 00:08:31,640 --> 00:08:36,760 Speaker 2: the unveiling of that awesome EV or specifically an electric truck. 187 00:08:37,280 --> 00:08:41,240 Speaker 2: This is a twenty thousand dollars affordable EV and it's 188 00:08:41,280 --> 00:08:44,559 Speaker 2: not even the supposedly fantastic ones that BYD is creating 189 00:08:44,600 --> 00:08:47,080 Speaker 2: over there in China, which doesn't even really matter because 190 00:08:47,080 --> 00:08:49,640 Speaker 2: I doubt we're going to see any of those. But 191 00:08:49,800 --> 00:08:54,000 Speaker 2: a Jeff Bezos back startup called Slate Auto is launching 192 00:08:54,040 --> 00:08:59,280 Speaker 2: a bare bones electric truck that if the current electric 193 00:08:59,480 --> 00:09:02,680 Speaker 2: vehicle and that have remain is supposedly going to cost 194 00:09:02,720 --> 00:09:06,280 Speaker 2: less than twenty thousand dollars. And evidently they're gonna start 195 00:09:06,280 --> 00:09:09,959 Speaker 2: delivering these things next year. And holy cow, man, I'm 196 00:09:09,960 --> 00:09:12,920 Speaker 2: so excited. I don't think I've been excited for the 197 00:09:12,960 --> 00:09:15,160 Speaker 2: Teslas are cool. Certainly when the ribbans came out, I 198 00:09:15,320 --> 00:09:17,560 Speaker 2: was They're gorgeous. Yeah, we kind of drooling over them. 199 00:09:18,280 --> 00:09:21,080 Speaker 2: I'm just like, I don't know how I'm gonna Why 200 00:09:21,080 --> 00:09:23,640 Speaker 2: do all evs have to be luxury vehicles? And that's 201 00:09:23,679 --> 00:09:26,880 Speaker 2: the difference here, because these things are incredibly cheap. The 202 00:09:26,960 --> 00:09:31,480 Speaker 2: reason being is because they are very minimalistic. They don't 203 00:09:31,520 --> 00:09:34,320 Speaker 2: have stereos, they don't have power windows, which was my 204 00:09:34,400 --> 00:09:35,520 Speaker 2: favorite feature. 205 00:09:35,240 --> 00:09:38,000 Speaker 1: The fact that they don't have power at home. I 206 00:09:38,040 --> 00:09:40,400 Speaker 1: love those little roller things. I'm totally down to roll 207 00:09:40,480 --> 00:09:42,200 Speaker 1: my windows open the school, dude. 208 00:09:42,559 --> 00:09:44,960 Speaker 2: There's no big screen in the center of the dash. 209 00:09:45,280 --> 00:09:49,920 Speaker 2: It specifically called out manual AC and heat controls like 210 00:09:49,960 --> 00:09:52,439 Speaker 2: the old school buttons, just like we are currently rocking 211 00:09:52,480 --> 00:09:56,680 Speaker 2: in our old vans. Basically, the car is a blank slate, 212 00:09:56,760 --> 00:09:58,880 Speaker 2: so it's called slate Auto, but it's you know, it's 213 00:09:58,920 --> 00:10:01,079 Speaker 2: kind of like a blank slate. Yeah, if you want 214 00:10:01,120 --> 00:10:02,880 Speaker 2: to spice it up, you can. It's got all these 215 00:10:02,920 --> 00:10:04,800 Speaker 2: different accessories that you can add on. You can even 216 00:10:04,800 --> 00:10:07,760 Speaker 2: turn it into a five seater suv, which I. 217 00:10:07,760 --> 00:10:09,880 Speaker 1: Just think it's like five grand to add that one. 218 00:10:10,000 --> 00:10:10,439 Speaker 2: I see. 219 00:10:10,640 --> 00:10:12,720 Speaker 1: I think it's I saw that in one article about 220 00:10:12,720 --> 00:10:15,560 Speaker 1: it because I was I was concerned, or at least interested, Well, 221 00:10:15,559 --> 00:10:16,520 Speaker 1: how much is that gonna. 222 00:10:16,440 --> 00:10:18,320 Speaker 2: TV model is going to cost you? Thirty five? Right? 223 00:10:18,559 --> 00:10:20,320 Speaker 1: How'd you go from twenty to thirty five? Yeah, but 224 00:10:20,400 --> 00:10:22,320 Speaker 1: apparently it's it's an extra five grand to add on. 225 00:10:22,360 --> 00:10:24,120 Speaker 2: We can get behind that twenty five thousand for a 226 00:10:24,160 --> 00:10:27,319 Speaker 2: five seater suv even just like a little truck, a 227 00:10:27,320 --> 00:10:29,680 Speaker 2: little like I can so see Kate and I having 228 00:10:29,720 --> 00:10:31,319 Speaker 2: one of these, just the putts around town. And just 229 00:10:31,360 --> 00:10:33,040 Speaker 2: given the amount of gardening that we do, to be 230 00:10:33,040 --> 00:10:33,439 Speaker 2: able to. 231 00:10:33,440 --> 00:10:35,440 Speaker 1: Load mulch in the back of the truck bed, to 232 00:10:35,440 --> 00:10:37,319 Speaker 1: be able to put four by eight sheets of plywood 233 00:10:37,360 --> 00:10:37,760 Speaker 1: back there. 234 00:10:37,960 --> 00:10:40,720 Speaker 2: Man, this is I love it. And it's a smaller truck. 235 00:10:40,760 --> 00:10:42,920 Speaker 1: When you look at the size, it's not as small 236 00:10:43,000 --> 00:10:45,360 Speaker 1: as what are they what do they call the Japanese 237 00:10:45,400 --> 00:10:47,760 Speaker 1: are they the K trucks. Yeah, cars, It's not quite 238 00:10:47,800 --> 00:10:50,120 Speaker 1: as small as that, which is good for me. I 239 00:10:50,200 --> 00:10:52,160 Speaker 1: might actually be fit in it as someone who's. 240 00:10:51,920 --> 00:10:54,960 Speaker 2: Six with six those are comically small, whereas this is 241 00:10:55,040 --> 00:10:58,400 Speaker 2: just like reasonably small, like nineteen eighties Toyota small, which 242 00:10:58,520 --> 00:11:00,400 Speaker 2: those are like the coolest trucks anyway, like the small 243 00:11:00,520 --> 00:11:01,480 Speaker 2: tell you it is from ladies. 244 00:11:01,520 --> 00:11:05,280 Speaker 1: This is huge groundbreaking. I think I'm so glad to 245 00:11:05,320 --> 00:11:09,720 Speaker 1: see someone launching a car finally at like the lower 246 00:11:09,840 --> 00:11:12,560 Speaker 1: end of the cost spectrum for people who and I 247 00:11:12,559 --> 00:11:15,120 Speaker 1: think there's probably more people than just us two money 248 00:11:15,120 --> 00:11:16,080 Speaker 1: nerds who are interested in this. 249 00:11:16,160 --> 00:11:16,360 Speaker 2: Matt. 250 00:11:16,440 --> 00:11:18,400 Speaker 1: I kind of think so, especially as car costs have 251 00:11:18,400 --> 00:11:20,400 Speaker 1: been rocketing upwards and people are like, yeah, i'd be 252 00:11:20,440 --> 00:11:22,440 Speaker 1: down to do the EV thing, but they're really expensive, 253 00:11:23,280 --> 00:11:25,200 Speaker 1: and so yeah, I think this is this is going 254 00:11:25,240 --> 00:11:26,880 Speaker 1: to reach a lot of people. You and I we 255 00:11:27,000 --> 00:11:29,960 Speaker 1: both plunk down a fifty dollars deposit to purchase one. 256 00:11:29,960 --> 00:11:33,400 Speaker 1: It's refundable not to go with it, right, And you 257 00:11:33,480 --> 00:11:36,360 Speaker 1: might be thinking, wait a second, Matt and Joel, they're 258 00:11:36,360 --> 00:11:39,280 Speaker 1: always talking smack about new cars. Who are these guys 259 00:11:39,440 --> 00:11:42,280 Speaker 1: who really might buy this new truck when it comes out, well, 260 00:11:43,240 --> 00:11:45,520 Speaker 1: this new car would be less than half the price 261 00:11:45,760 --> 00:11:49,000 Speaker 1: of the average new car, and it would be cheaper 262 00:11:49,040 --> 00:11:51,920 Speaker 1: than the average cost of a used car. 263 00:11:52,400 --> 00:11:54,600 Speaker 2: So I love it. 264 00:11:54,679 --> 00:11:56,520 Speaker 1: Not that I would spend that much anyway typically, but 265 00:11:56,600 --> 00:11:58,760 Speaker 1: like the problem with new cars is that they keep 266 00:11:58,800 --> 00:12:03,199 Speaker 1: getting bigger, they keep getting fancy, yes, power, everything becomes standard. 267 00:12:04,000 --> 00:12:07,760 Speaker 1: I just think that the market is crying out for 268 00:12:07,880 --> 00:12:11,520 Speaker 1: a bare bones creation process, and and in what that 269 00:12:11,679 --> 00:12:14,360 Speaker 1: does essentially to the pricing of those automobiles, it allows 270 00:12:14,360 --> 00:12:18,200 Speaker 1: them to price them this competitively. Uh, And that no 271 00:12:18,360 --> 00:12:21,079 Speaker 1: frill segment of the population has been completely ignored in 272 00:12:21,400 --> 00:12:23,440 Speaker 1: the car buying population. 273 00:12:23,640 --> 00:12:24,560 Speaker 2: So uh. 274 00:12:24,920 --> 00:12:26,920 Speaker 1: I really think, Matt, that this has a lot of 275 00:12:27,000 --> 00:12:29,360 Speaker 1: legs to it. I'm curious to see what one looks 276 00:12:29,400 --> 00:12:31,160 Speaker 1: like in person. I'm curious to see how. 277 00:12:31,000 --> 00:12:31,800 Speaker 2: This launch goes. 278 00:12:32,200 --> 00:12:33,480 Speaker 1: So cool, but I have a feeling a lot of 279 00:12:33,480 --> 00:12:35,280 Speaker 1: how to money listeners are like, Yeah, I just kind 280 00:12:35,280 --> 00:12:38,960 Speaker 1: of want something that's gonna get me around and be 281 00:12:39,000 --> 00:12:40,679 Speaker 1: a little comfortable. I don't mind if I have to 282 00:12:40,800 --> 00:12:42,520 Speaker 1: stick my own Bluetooth speaker in there to listen to 283 00:12:42,520 --> 00:12:43,240 Speaker 1: my music, because. 284 00:12:43,080 --> 00:12:45,840 Speaker 2: Guess what I'm doing that alright, that's my recommendation for 285 00:12:45,840 --> 00:12:48,199 Speaker 2: you last year, just like, oh, it's kind of annoying 286 00:12:48,200 --> 00:12:49,360 Speaker 2: that I had. I listened to it from my phone. 287 00:12:49,480 --> 00:12:51,360 Speaker 2: Doesn't get you a Bluetooth speaker, yeh. And it's so 288 00:12:51,400 --> 00:12:53,719 Speaker 2: cool that that's literally a part of their like want 289 00:12:53,720 --> 00:12:56,120 Speaker 2: to listen to music from the ground up? Oh my gosh. 290 00:12:56,120 --> 00:12:59,079 Speaker 2: Of course, Like there are just simpler, more bare bones 291 00:12:59,160 --> 00:13:02,360 Speaker 2: ways to accomplish the things that we thought required all 292 00:13:02,400 --> 00:13:06,920 Speaker 2: the technology or all the factory settings to be just 293 00:13:06,960 --> 00:13:09,439 Speaker 2: the defaults. I mean, we've talked about this recently too, 294 00:13:09,520 --> 00:13:11,840 Speaker 2: Just how like when did kitchens get so nice? Yeah, 295 00:13:11,920 --> 00:13:14,160 Speaker 2: and we've I don't want to change the conversation and 296 00:13:14,200 --> 00:13:16,440 Speaker 2: switch to homes, but like, think about homes from the 297 00:13:16,480 --> 00:13:20,080 Speaker 2: eighties and the seventies and the sixties even versus kitchens. 298 00:13:20,120 --> 00:13:24,280 Speaker 2: Now may we consider normal? Is it's so long luxury 299 00:13:24,840 --> 00:13:26,839 Speaker 2: twenty years ago. That's great if you can afford it, 300 00:13:26,880 --> 00:13:29,360 Speaker 2: But man, I want to see more fews out there. 301 00:13:29,440 --> 00:13:31,720 Speaker 1: But sometimes sure, it's like I'd rather find my money 302 00:13:31,720 --> 00:13:32,240 Speaker 1: on other things. 303 00:13:32,280 --> 00:13:34,440 Speaker 2: So yeah, yeah, I love it, And I hope that 304 00:13:34,480 --> 00:13:35,719 Speaker 2: we are not the only ones that are going to 305 00:13:35,760 --> 00:13:37,640 Speaker 2: get excited about this. I really want to see this 306 00:13:37,679 --> 00:13:40,959 Speaker 2: little company out of Troy, Michigan takeoff too. It says 307 00:13:41,000 --> 00:13:43,520 Speaker 2: Troy because that's what it said on the credit card statement. Really, 308 00:13:44,920 --> 00:13:46,720 Speaker 2: it always like says like the name of the company 309 00:13:46,720 --> 00:13:47,640 Speaker 2: and specifically where they are. 310 00:13:47,720 --> 00:13:50,400 Speaker 1: Yeah, yeah, I was like thrilled to put fifty bucks 311 00:13:50,400 --> 00:13:52,960 Speaker 1: down on this list. And yeah, my Rivan R two, 312 00:13:53,280 --> 00:13:54,400 Speaker 1: it might be I got. 313 00:13:54,240 --> 00:13:56,560 Speaker 2: A whole lot less attractive, less attract I'm gonna ahead 314 00:13:56,559 --> 00:13:59,360 Speaker 2: and pull that deposit back. Yeah, we'll see. By the way, 315 00:13:59,400 --> 00:14:02,280 Speaker 2: don't forget about the cost of insurance. Always check with 316 00:14:02,320 --> 00:14:04,920 Speaker 2: your insurance company before buying a new or a used 317 00:14:04,920 --> 00:14:07,520 Speaker 2: car because you might be shocked at what it costs 318 00:14:07,559 --> 00:14:11,280 Speaker 2: to ensure, especially evs these days because of the batteries. 319 00:14:11,559 --> 00:14:14,760 Speaker 2: But Clippinger, they wrote about the cheapest cars to ensure, 320 00:14:15,200 --> 00:14:17,719 Speaker 2: and man, guess what the car that both of us own. 321 00:14:18,080 --> 00:14:21,560 Speaker 2: It's on the top five cheapest cars. I celebrated when 322 00:14:21,600 --> 00:14:25,880 Speaker 2: I saw that. Uh, the sup Odyssey, the subrou aut Back, 323 00:14:26,000 --> 00:14:29,560 Speaker 2: Nissan Rogue fourd Escape, Jeep Wrangler. They were the other ones. 324 00:14:30,040 --> 00:14:33,040 Speaker 2: The most expensive cars to ensure were they are the 325 00:14:33,200 --> 00:14:37,960 Speaker 2: I should say, Cadillac Escalade, Dodge Charger, Tesla Model's Challenger. 326 00:14:38,000 --> 00:14:40,120 Speaker 2: You said charge when I say charger, Oh, no, the Challenger. 327 00:14:40,480 --> 00:14:42,360 Speaker 2: What's the difference between the two. I don't know if 328 00:14:42,360 --> 00:14:44,880 Speaker 2: they look similarly. I think they're not like luxury cars either. 329 00:14:44,880 --> 00:14:47,360 Speaker 2: I wonder if it's because there's sports cars, yeah, but 330 00:14:47,400 --> 00:14:49,160 Speaker 2: they're not like super high end, so I wonder if 331 00:14:49,160 --> 00:14:51,680 Speaker 2: it's just because they tend to get rex. I will say, 332 00:14:51,720 --> 00:14:53,120 Speaker 2: when you're driving around and you look in the riview 333 00:14:53,160 --> 00:14:55,520 Speaker 2: and somebody's riding your tail, oftentimes it is a I 334 00:14:55,560 --> 00:14:58,040 Speaker 2: feel like it is a challenger, a hard charger. But 335 00:14:58,240 --> 00:15:01,000 Speaker 2: the price gap between the these models, right, So the 336 00:15:01,000 --> 00:15:03,440 Speaker 2: most expensive and the least expensive can be up to 337 00:15:03,440 --> 00:15:06,880 Speaker 2: fifteen hundred dollars a year, which is so much money, 338 00:15:06,920 --> 00:15:09,600 Speaker 2: and as insurance costs rise, as they become more of 339 00:15:09,600 --> 00:15:12,720 Speaker 2: a threat to your budget, driving used cars will typically help, sure, 340 00:15:12,760 --> 00:15:15,280 Speaker 2: but driving the right used car is going to make 341 00:15:15,320 --> 00:15:17,080 Speaker 2: a massive difference as well. Matt. 342 00:15:17,160 --> 00:15:20,000 Speaker 1: Let's talk about parking and how much parking can cost you. 343 00:15:20,040 --> 00:15:25,320 Speaker 1: These days, airport parking prices specifically are getting really bad, 344 00:15:25,600 --> 00:15:29,560 Speaker 1: and Hartsfield Jackson in Atlanta is about to start charging 345 00:15:29,880 --> 00:15:33,280 Speaker 1: seventy five dollars a day to park at their domestic 346 00:15:33,360 --> 00:15:36,240 Speaker 1: lots and one hundred dollars a day if you park 347 00:15:36,560 --> 00:15:39,040 Speaker 1: at the super super fancy I guess international lot. 348 00:15:39,040 --> 00:15:39,400 Speaker 2: I don't know. 349 00:15:39,800 --> 00:15:41,800 Speaker 1: I don't know how you get super fancy with parking. 350 00:15:41,560 --> 00:15:43,520 Speaker 2: But is it called the Lexis lot. 351 00:15:43,800 --> 00:15:46,520 Speaker 1: That's I mean you have to have Lexus kind of 352 00:15:46,520 --> 00:15:50,360 Speaker 1: money at the airport and sponsorship, right, So this is 353 00:15:50,400 --> 00:15:52,120 Speaker 1: all in an effort to raise money to fun new 354 00:15:52,160 --> 00:15:55,920 Speaker 1: parking lots, because of course new parking lots. I hate 355 00:15:55,920 --> 00:15:58,200 Speaker 1: everything about this. When I saw this story, it made 356 00:15:58,200 --> 00:16:01,720 Speaker 1: me want to like stick my in my I'm sure 357 00:16:01,840 --> 00:16:03,840 Speaker 1: a lot of business travelers are just gonna pay this 358 00:16:04,000 --> 00:16:07,400 Speaker 1: because that's what business travelers often do. That's what they 359 00:16:07,440 --> 00:16:09,720 Speaker 1: do when it comes to high airfares. They just kind 360 00:16:09,720 --> 00:16:12,000 Speaker 1: of fork over the money. They're not as thoughtful about 361 00:16:12,000 --> 00:16:16,280 Speaker 1: their businesses money as their own. But even they shouldn't 362 00:16:16,320 --> 00:16:19,240 Speaker 1: do this because when you look at the numbers, booking 363 00:16:19,280 --> 00:16:22,360 Speaker 1: at an off airport lot costs a fraction of the price. 364 00:16:22,400 --> 00:16:25,920 Speaker 1: I'm talking sub ten dollars a day, and it's even 365 00:16:25,960 --> 00:16:28,440 Speaker 1: cheaper if you book ahead. Right, So if you if 366 00:16:28,480 --> 00:16:30,120 Speaker 1: you sign up for the dates you want at an 367 00:16:30,160 --> 00:16:33,040 Speaker 1: off airport lot, you're gonna you're gonna pay as low 368 00:16:33,080 --> 00:16:35,480 Speaker 1: as like six to seven dollars a day, which is insane, 369 00:16:35,640 --> 00:16:37,960 Speaker 1: a far cry from one hundred dollars a day. And 370 00:16:38,200 --> 00:16:40,000 Speaker 1: they're even and I know this is a blaster on 371 00:16:40,000 --> 00:16:42,440 Speaker 1: the past map. You can get pretty good deals for 372 00:16:42,520 --> 00:16:47,120 Speaker 1: airport parking on Groupon. So I don't really ever use 373 00:16:47,200 --> 00:16:49,840 Speaker 1: group on anymore, but I have for airport parking because 374 00:16:49,840 --> 00:16:51,560 Speaker 1: it saves you even more you take it away back. 375 00:16:52,040 --> 00:16:52,240 Speaker 2: Yeah. 376 00:16:52,480 --> 00:16:55,960 Speaker 1: Remember I still remember when Google tried to buy Groupon 377 00:16:56,120 --> 00:16:58,680 Speaker 1: for like eight billion dollars or something, and group on 378 00:16:58,840 --> 00:16:59,640 Speaker 1: was like, now we're good. 379 00:17:00,000 --> 00:17:02,360 Speaker 2: Remember they're probably worth a fraction of that. But I 380 00:17:02,360 --> 00:17:04,560 Speaker 2: remember scout Mob that was though. Yeah, that was like 381 00:17:04,560 --> 00:17:07,040 Speaker 2: the hips. Group on that was cool, like the mustache. 382 00:17:07,040 --> 00:17:08,680 Speaker 2: I don't even know if it was just no, don't 383 00:17:08,720 --> 00:17:09,440 Speaker 2: I don't think it does. 384 00:17:09,600 --> 00:17:13,199 Speaker 1: So just be thoughtful when you're traveling and parking those 385 00:17:13,240 --> 00:17:16,520 Speaker 1: airport lots. Off airport lots, they're actually actually pretty convenient 386 00:17:16,600 --> 00:17:18,879 Speaker 1: with parking and then the shuttling you to the airport, 387 00:17:18,960 --> 00:17:21,480 Speaker 1: it's it's pretty easy. It's not like it's a massive 388 00:17:21,480 --> 00:17:23,720 Speaker 1: inconvenience and how much money you're gonna save is insane. 389 00:17:23,960 --> 00:17:27,240 Speaker 1: And then one other thing, Uber is offering van pools 390 00:17:27,320 --> 00:17:31,000 Speaker 1: at more airports these days. They just announced a new 391 00:17:31,080 --> 00:17:33,960 Speaker 1: van pool at the Atlanta Airport ten dollars to get 392 00:17:34,000 --> 00:17:36,800 Speaker 1: from like mid down Midtown down to the airport with 393 00:17:36,840 --> 00:17:39,520 Speaker 1: your luggage, which seems pretty reasonable to me. 394 00:17:39,960 --> 00:17:42,520 Speaker 2: I agree, Joel. We got more to get to. We're 395 00:17:42,520 --> 00:17:45,040 Speaker 2: gonna talk about why everything costs more than you think, 396 00:17:45,160 --> 00:17:47,359 Speaker 2: plus other personal fundance stories. We'll get to all of 397 00:17:47,359 --> 00:17:57,240 Speaker 2: that right after this quick break. All right, we're back 398 00:17:57,520 --> 00:17:58,880 Speaker 2: that now is time for the ludicrous. 399 00:17:58,920 --> 00:18:03,720 Speaker 1: Headline of this one comes from CNBC and it reads, 400 00:18:03,760 --> 00:18:07,720 Speaker 1: more Americans or financing groceries with buy now, Pay Later loans, 401 00:18:08,240 --> 00:18:11,240 Speaker 1: and more are paying those bills late, survey. 402 00:18:10,880 --> 00:18:12,720 Speaker 2: Says oh Man. 403 00:18:13,280 --> 00:18:16,639 Speaker 1: I hate to talk about buy Now, Pay Later again 404 00:18:16,720 --> 00:18:18,440 Speaker 1: because I think this is something that we like talk 405 00:18:18,520 --> 00:18:21,639 Speaker 1: back about pretty regularly. But there just aren't many headlines 406 00:18:21,640 --> 00:18:24,440 Speaker 1: that could break my heart more than this. The fact 407 00:18:24,440 --> 00:18:27,320 Speaker 1: that the survey found twenty five percent of buy Now 408 00:18:27,320 --> 00:18:30,960 Speaker 1: Pay Later users are using installment loans to pay for 409 00:18:31,000 --> 00:18:34,080 Speaker 1: groceries these days, like in essential a need, and more 410 00:18:34,119 --> 00:18:37,080 Speaker 1: than four and ten have paid late on one of 411 00:18:37,119 --> 00:18:40,800 Speaker 1: these loans in the past year. I feel like by 412 00:18:40,880 --> 00:18:43,840 Speaker 1: Now Pay Later, it's it's like a virus. That's spreading 413 00:18:44,359 --> 00:18:45,399 Speaker 1: and more and more people. 414 00:18:45,480 --> 00:18:49,160 Speaker 2: It's like snuck into the under the guys of Oh, 415 00:18:49,200 --> 00:18:50,240 Speaker 2: this is going to make life easier. 416 00:18:50,280 --> 00:18:52,520 Speaker 1: That's right, that's right, yeah, which sounds nice. Like anytime 417 00:18:52,600 --> 00:18:54,520 Speaker 1: someone's like, I'm going to make your life easier, it's 418 00:18:54,560 --> 00:18:57,760 Speaker 1: like why not cool? That sounds great, but it's actually 419 00:18:58,680 --> 00:19:01,280 Speaker 1: what do they say, like, when you do the easy thing, well, 420 00:19:01,320 --> 00:19:03,400 Speaker 1: you're gonna pay, You're gonna have to do the hard 421 00:19:03,400 --> 00:19:05,560 Speaker 1: thing later or versus like doing the hard thing up 422 00:19:05,600 --> 00:19:07,800 Speaker 1: front and then your life gets a little bit easier 423 00:19:07,840 --> 00:19:08,240 Speaker 1: down the road. 424 00:19:08,280 --> 00:19:09,520 Speaker 2: And I think I think that should be like a 425 00:19:09,600 --> 00:19:12,320 Speaker 2: quick synopsis of what how to money is all about. Like, yeah, 426 00:19:12,480 --> 00:19:14,840 Speaker 2: over the hard thing first, that's like the philosophical approach 427 00:19:14,880 --> 00:19:16,440 Speaker 2: to how we do things here out how to money. Yeah, 428 00:19:16,440 --> 00:19:19,359 Speaker 2: And if you take the easy approach to paying for stuff, 429 00:19:19,400 --> 00:19:22,520 Speaker 2: which by now pay later is the quintessential reality of that, 430 00:19:23,160 --> 00:19:25,960 Speaker 2: then you're going to have a hard time later. And 431 00:19:26,000 --> 00:19:28,840 Speaker 2: it's the youngest and most vulnerable among us who seem 432 00:19:28,880 --> 00:19:32,080 Speaker 2: to be taking the bait the method. Really, it seems 433 00:19:32,240 --> 00:19:34,080 Speaker 2: seems reasonable on the surface. Sure, I'll pay for this 434 00:19:34,080 --> 00:19:35,760 Speaker 2: in for installments, and I'm not going to be charged 435 00:19:35,760 --> 00:19:38,359 Speaker 2: any interest. But it's a slippery slope because a quarter 436 00:19:38,480 --> 00:19:41,200 Speaker 2: of buy now pay later buyers take on a bunch 437 00:19:41,240 --> 00:19:44,240 Speaker 2: of these loans at once. And the truth is, we 438 00:19:44,240 --> 00:19:46,800 Speaker 2: buy more when the friction is reduced, and now when 439 00:19:46,840 --> 00:19:49,320 Speaker 2: you're unorganized as to what you got going on out 440 00:19:49,320 --> 00:19:51,240 Speaker 2: of your accounts as well. I think that's a part 441 00:19:51,240 --> 00:19:52,360 Speaker 2: of it that's right, And. 442 00:19:52,320 --> 00:19:53,760 Speaker 1: So it feels like you have to do this in 443 00:19:53,840 --> 00:19:55,480 Speaker 1: order to be able to afford the things that you want, 444 00:19:55,640 --> 00:19:58,280 Speaker 1: and you're buying more than you actually need because of it, 445 00:19:58,400 --> 00:20:00,639 Speaker 1: and then when it gets into groceries, I feel like 446 00:20:00,960 --> 00:20:02,760 Speaker 1: it we've completely. 447 00:20:02,320 --> 00:20:04,320 Speaker 2: Lost the plot. I find it interesting as well that 448 00:20:04,400 --> 00:20:07,199 Speaker 2: more than sixty percent of binolpay later users think that 449 00:20:07,240 --> 00:20:09,520 Speaker 2: on time payments is that that is going to help 450 00:20:09,560 --> 00:20:12,199 Speaker 2: boost their credit score, which might be true in the future, 451 00:20:12,840 --> 00:20:15,000 Speaker 2: but it isn't right now, at least for the majority 452 00:20:15,040 --> 00:20:17,840 Speaker 2: of the different binil pay later companies out there. It 453 00:20:17,920 --> 00:20:20,640 Speaker 2: is true with like a firm Apple pay Later, they 454 00:20:20,640 --> 00:20:22,320 Speaker 2: report as well, but there. 455 00:20:22,240 --> 00:20:24,800 Speaker 1: Are they haven't started putting it into the credit scoring model, 456 00:20:24,920 --> 00:20:25,359 Speaker 1: and there are a. 457 00:20:25,359 --> 00:20:28,439 Speaker 2: Whole lot of companies that aren't reporting at all. And 458 00:20:28,480 --> 00:20:30,199 Speaker 2: so it turns out most folks don't understand how these 459 00:20:30,240 --> 00:20:33,399 Speaker 2: payment plans work much less than the behavioral impact that 460 00:20:33,440 --> 00:20:36,080 Speaker 2: they have on their finances. In our advice is to 461 00:20:36,440 --> 00:20:38,720 Speaker 2: stay away and like, there's a lot of new companies 462 00:20:38,720 --> 00:20:41,600 Speaker 2: and anytime there's a new it's like the wild wild 463 00:20:41,640 --> 00:20:44,000 Speaker 2: West when it comes to payment options. And it makes 464 00:20:44,000 --> 00:20:46,520 Speaker 2: sense too that younger users are jumping on this because 465 00:20:46,520 --> 00:20:49,240 Speaker 2: they're more willing to experiment and try new things. But 466 00:20:49,720 --> 00:20:52,040 Speaker 2: new cool fintech, Yeah, I'll try. Why not? But as 467 00:20:52,119 --> 00:20:54,520 Speaker 2: we have more and more options before us, as our 468 00:20:54,560 --> 00:20:57,200 Speaker 2: attention is more fragmented, that leads to confusion, and it 469 00:20:57,280 --> 00:21:00,920 Speaker 2: leads to a lot of folks feeling overwhelmed and not 470 00:21:01,040 --> 00:21:04,280 Speaker 2: feeling that they have their arms wrapped around, in this case, 471 00:21:04,320 --> 00:21:08,040 Speaker 2: their finances. Yeah. Another constant reason though for higher food costs, 472 00:21:08,119 --> 00:21:10,399 Speaker 2: at least on our sort of monthly budgets, is the 473 00:21:10,440 --> 00:21:15,000 Speaker 2: never changing reality of wasting food families, Joel, they throw 474 00:21:15,040 --> 00:21:17,359 Speaker 2: away a third of what it is that they purchase, 475 00:21:17,680 --> 00:21:21,080 Speaker 2: which is slightly better than I thought it was a half, 476 00:21:22,000 --> 00:21:23,760 Speaker 2: So like literally I thought it was like I think 477 00:21:23,760 --> 00:21:26,200 Speaker 2: it's somewhere it was close to a half of thirty 478 00:21:26,200 --> 00:21:28,720 Speaker 2: five ish to forty percent, So depending on who you ask. 479 00:21:28,840 --> 00:21:31,440 Speaker 2: I actually I almost saw this as like an improvement 480 00:21:32,359 --> 00:21:34,919 Speaker 2: based on maybe where things were I don't know, at 481 00:21:34,920 --> 00:21:37,200 Speaker 2: the height of individual spending and the amount of cash 482 00:21:37,200 --> 00:21:39,720 Speaker 2: that folks surplus, cash that folks had in their household. 483 00:21:39,800 --> 00:21:42,040 Speaker 1: I've never account I've never known a human to love 484 00:21:42,119 --> 00:21:44,120 Speaker 1: leftovers more than you do. So I know that this 485 00:21:44,280 --> 00:21:47,360 Speaker 1: disappoints you more than anything else. Obviously, it's a great 486 00:21:47,359 --> 00:21:50,080 Speaker 1: idea to eat out less. It's a good idea to 487 00:21:50,080 --> 00:21:52,679 Speaker 1: pivot to store brands and specifically to shop at ALDI. 488 00:21:53,000 --> 00:21:55,119 Speaker 1: But dude, if you're not cooking and actually eating the 489 00:21:55,119 --> 00:21:57,560 Speaker 1: food that you buy before it spoils and goes bad, 490 00:21:58,000 --> 00:22:01,080 Speaker 1: and not eating your leftovers, obviously you're gonna pay far 491 00:22:01,119 --> 00:22:03,840 Speaker 1: more for your food than you should. So similar to 492 00:22:03,880 --> 00:22:05,960 Speaker 1: talking about the different payment options, I think a lot 493 00:22:06,000 --> 00:22:08,240 Speaker 1: of it has to come A lot of it comes 494 00:22:08,280 --> 00:22:09,760 Speaker 1: down to the fact that we have so many different 495 00:22:09,760 --> 00:22:12,040 Speaker 1: food options, yes, available to us as well. 496 00:22:11,920 --> 00:22:14,280 Speaker 2: Not just oh which buy now, pay later? Which payment 497 00:22:14,359 --> 00:22:17,280 Speaker 2: terms am I gonna opt for when it comes to 498 00:22:17,359 --> 00:22:19,080 Speaker 2: affording these groceries, But then when it comes to the 499 00:22:19,119 --> 00:22:22,520 Speaker 2: actual food that we are purchasing, like it's so silly 500 00:22:22,560 --> 00:22:25,520 Speaker 2: to go to the more mainstream or higher end grocery stores, 501 00:22:25,560 --> 00:22:28,240 Speaker 2: and you've got all the options before you, as opposed 502 00:22:28,240 --> 00:22:30,960 Speaker 2: to going to all the and your options are limited. 503 00:22:30,960 --> 00:22:33,200 Speaker 2: And it makes it so that when you come back 504 00:22:33,200 --> 00:22:35,280 Speaker 2: and you put all the things in your fridge, I 505 00:22:35,320 --> 00:22:37,520 Speaker 2: think you are more likely to use some of those 506 00:22:37,760 --> 00:22:41,840 Speaker 2: ingredients as opposed to overbuying over purchasing, because it's so 507 00:22:41,880 --> 00:22:43,879 Speaker 2: easy too, because of buy now, pay later. And then 508 00:22:43,920 --> 00:22:45,520 Speaker 2: you take all these groceries, you shove them in your 509 00:22:45,520 --> 00:22:48,080 Speaker 2: fridge and you can't see half the stuff because everything's 510 00:22:48,040 --> 00:22:50,840 Speaker 2: stacked on top of everything. That's why. That's why everyone's 511 00:22:50,840 --> 00:22:53,399 Speaker 2: got the little tub of salad at the back of 512 00:22:53,440 --> 00:22:55,840 Speaker 2: the fridge that's turned to mush. Yeah that you're like, 513 00:22:56,080 --> 00:22:58,439 Speaker 2: oh man, we're gonna have to toss this, or you're like, 514 00:22:58,440 --> 00:23:00,959 Speaker 2: what's that smell? And then you realize, oh, it's that 515 00:23:01,400 --> 00:23:02,960 Speaker 2: there's a lemon down there at the bottom of the 516 00:23:03,000 --> 00:23:05,720 Speaker 2: produce beIN that's turned blue. It's got the blue fuzz 517 00:23:05,720 --> 00:23:07,920 Speaker 2: on it, and they turn blue. Yeah, I guess, yeah, 518 00:23:08,119 --> 00:23:10,040 Speaker 2: But what happens is you most people are just like, 519 00:23:10,080 --> 00:23:12,080 Speaker 2: oh gross, and then they just grab the whole bag 520 00:23:12,160 --> 00:23:14,760 Speaker 2: of lemons or oranges and then they end up tossing 521 00:23:14,760 --> 00:23:15,840 Speaker 2: it into the trash. 522 00:23:15,920 --> 00:23:18,600 Speaker 1: I think BNPL hate it. It's basically the wrong answer 523 00:23:18,680 --> 00:23:21,040 Speaker 1: to the right question. The right question is like, man, 524 00:23:21,320 --> 00:23:24,359 Speaker 1: my food budget, it's punching me in the face. How 525 00:23:24,359 --> 00:23:27,199 Speaker 1: do I fix this? And BNPL is positioning itself to 526 00:23:27,200 --> 00:23:29,760 Speaker 1: be like, look at us, we're over here, we'll help 527 00:23:29,800 --> 00:23:33,960 Speaker 1: you out. And yet the right answer involves going in 528 00:23:33,960 --> 00:23:37,240 Speaker 1: the opposite direction, which is to consider what you buy, 529 00:23:37,280 --> 00:23:39,120 Speaker 1: what you bring in, how much you're spending on groceries, 530 00:23:39,160 --> 00:23:42,640 Speaker 1: and then using what you have bought. Because that it 531 00:23:42,640 --> 00:23:45,920 Speaker 1: feels so old school. It feels so old school. But man, 532 00:23:46,040 --> 00:23:48,199 Speaker 1: old school works so much of the time. Still, you 533 00:23:48,200 --> 00:23:51,840 Speaker 1: don't need the new fangle BNPL with the flashy marketing 534 00:23:51,840 --> 00:23:53,760 Speaker 1: and stuff like that and what seems like it's going 535 00:23:53,840 --> 00:23:56,000 Speaker 1: to work out better. Ultimately, it's going to lead to 536 00:23:57,119 --> 00:24:00,159 Speaker 1: not knowing where your money is going and spending more 537 00:24:00,160 --> 00:24:01,439 Speaker 1: money than you're just going to lead. 538 00:24:01,280 --> 00:24:03,880 Speaker 2: To constrained budgets. Have you heard of this thing called 539 00:24:03,880 --> 00:24:06,320 Speaker 2: a food waste audit before? Oh? I think I heard 540 00:24:06,359 --> 00:24:08,560 Speaker 2: of it, so okay, I've never I've literally never heard 541 00:24:08,560 --> 00:24:11,159 Speaker 2: of this, and came across this link to it in 542 00:24:11,200 --> 00:24:13,560 Speaker 2: the show notes. But basically, man, I love this so much. 543 00:24:13,560 --> 00:24:15,080 Speaker 2: You take a sheet of paper, you set it over 544 00:24:15,240 --> 00:24:17,960 Speaker 2: near the trash can, and every time so you just 545 00:24:18,000 --> 00:24:20,000 Speaker 2: pick like a normal week, every time you take something 546 00:24:20,040 --> 00:24:22,439 Speaker 2: out of the fridge or I guess out of the 547 00:24:22,480 --> 00:24:25,399 Speaker 2: pantry as well, and if it's bad or stale, and 548 00:24:25,440 --> 00:24:27,680 Speaker 2: you toss it in the trash, force yourself to write 549 00:24:27,720 --> 00:24:30,320 Speaker 2: down the item and estimate the cost. And then not 550 00:24:30,400 --> 00:24:32,320 Speaker 2: the end of the week, you tally up how much 551 00:24:32,440 --> 00:24:35,199 Speaker 2: money you are waste. Multiply by four. Maybe you've got 552 00:24:35,359 --> 00:24:39,600 Speaker 2: a monthly a monthly understanding of how much you're wasting 553 00:24:39,880 --> 00:24:42,719 Speaker 2: every single month. Mull that hey rule of one seventy three. 554 00:24:42,800 --> 00:24:45,480 Speaker 2: Take that monthly amount, you multiply about hundred and seventy three. 555 00:24:45,840 --> 00:24:47,800 Speaker 2: Now now we're really talking. We're taking it to the 556 00:24:47,800 --> 00:24:50,359 Speaker 2: next level, because that is, were you to not waste 557 00:24:50,359 --> 00:24:52,520 Speaker 2: that money and instead invest it in the market, that's 558 00:24:52,520 --> 00:24:54,040 Speaker 2: how much you would have on hand at the end 559 00:24:54,119 --> 00:24:56,600 Speaker 2: of ten years. So you're thrown away real money, not 560 00:24:56,680 --> 00:25:00,440 Speaker 2: just pennies. It's it's like literally taking almost literally I 561 00:25:00,480 --> 00:25:02,480 Speaker 2: should say, taking money and just putting it right in 562 00:25:02,520 --> 00:25:02,840 Speaker 2: the trash. 563 00:25:02,880 --> 00:25:04,959 Speaker 1: I mean, I hate that. There's a step in between. 564 00:25:06,080 --> 00:25:07,920 Speaker 1: But that is what you're doing. All right, man, Let's 565 00:25:07,920 --> 00:25:10,359 Speaker 1: talk tariffs for a second. And you know, I know 566 00:25:10,440 --> 00:25:12,240 Speaker 1: you and I we've we've talked about it a lot, 567 00:25:12,320 --> 00:25:14,800 Speaker 1: hoping not to have to talk about it forever into 568 00:25:14,840 --> 00:25:18,399 Speaker 1: the future. But Amazon announced earlier this week that it's 569 00:25:18,440 --> 00:25:20,159 Speaker 1: going to it was going to display the cost of 570 00:25:20,240 --> 00:25:23,560 Speaker 1: tariffs next to certain goods for sale on the site. 571 00:25:23,680 --> 00:25:25,119 Speaker 1: I think it was going to be kind of in 572 00:25:25,160 --> 00:25:27,719 Speaker 1: their Amazon Hall section, which was there. It's not kind 573 00:25:27,760 --> 00:25:31,760 Speaker 1: of their competitor to Shean and Timu. But then what 574 00:25:31,840 --> 00:25:34,200 Speaker 1: they wanted to highlight was essentially the Trump impact of 575 00:25:34,240 --> 00:25:37,240 Speaker 1: higher prices that these tariffs were going to cause. And 576 00:25:37,280 --> 00:25:40,080 Speaker 1: then Jeff Bezos took a call from Donald Trump. It 577 00:25:40,080 --> 00:25:43,000 Speaker 1: appears that's no longer happening. And they were also like, actually, 578 00:25:43,359 --> 00:25:46,720 Speaker 1: it was never happening, even though there were reports that 579 00:25:46,800 --> 00:25:48,960 Speaker 1: it was happening. It was in the works. We changed 580 00:25:49,000 --> 00:25:51,439 Speaker 1: our mind, right, And the Wall Street Journal said, actually, 581 00:25:51,440 --> 00:25:53,840 Speaker 1: the public, I'll quote here, the public could have used 582 00:25:54,000 --> 00:25:57,600 Speaker 1: Amazon's price transparency. Tariffs are taxes and tellful to know 583 00:25:57,760 --> 00:26:00,480 Speaker 1: how policy choices affect final prices. That's right, and I agree. 584 00:26:00,480 --> 00:26:04,119 Speaker 1: I think that transparency from Amazon would have been helpful, 585 00:26:04,160 --> 00:26:07,040 Speaker 1: and I think it probably would have helped to sour 586 00:26:07,560 --> 00:26:11,320 Speaker 1: some consumers about tariffs because they would have been like, 587 00:26:11,359 --> 00:26:13,879 Speaker 1: wait a second, I heard all this stuff talk about tariffs, 588 00:26:13,920 --> 00:26:15,639 Speaker 1: but how much is it actually costing me? And they'd 589 00:26:15,680 --> 00:26:18,840 Speaker 1: find out with that as broken out essentially in the pricing. 590 00:26:19,200 --> 00:26:21,880 Speaker 1: We're gonna find out even if it's not broken out though. 591 00:26:21,960 --> 00:26:24,160 Speaker 1: But most companies, they don't like tariffs and they want 592 00:26:24,200 --> 00:26:26,399 Speaker 1: to show their customers, at least some of them, the 593 00:26:26,480 --> 00:26:28,520 Speaker 1: exact impact that they have on the bottom line. I 594 00:26:28,520 --> 00:26:30,000 Speaker 1: think we're going to see more and more of that, 595 00:26:30,080 --> 00:26:32,200 Speaker 1: and you can't blame them. On top of this, Matt 596 00:26:32,400 --> 00:26:36,280 Speaker 1: cheap Chinese goods, they're cheap no longer. Those two companies 597 00:26:36,320 --> 00:26:39,159 Speaker 1: I mentioned earlier, Timushi, in which again I've never purchased 598 00:26:39,200 --> 00:26:41,560 Speaker 1: anything from either of those sites. Apparently their prices are 599 00:26:41,600 --> 00:26:44,920 Speaker 1: going up, doubling the costs of many of the items 600 00:26:45,119 --> 00:26:45,719 Speaker 1: they sell. 601 00:26:46,480 --> 00:26:49,199 Speaker 2: One more thing on the tariff specifically, so that was 602 00:26:49,240 --> 00:26:53,480 Speaker 2: because the Dominimus loophole, which literally expires today may second. 603 00:26:53,600 --> 00:26:56,879 Speaker 2: So it's not to say that Chinese goods you can 604 00:26:56,920 --> 00:26:59,360 Speaker 2: still buy cheap Chinese stuff online, you just can't buy 605 00:26:59,359 --> 00:27:02,440 Speaker 2: it directly from China where they're shipping it straight from 606 00:27:02,440 --> 00:27:06,000 Speaker 2: the factories where they're avoiding all the important duties and 607 00:27:06,040 --> 00:27:06,359 Speaker 2: whatever it. 608 00:27:06,440 --> 00:27:08,120 Speaker 1: Is, because that price has got to go up, right, 609 00:27:08,520 --> 00:27:11,200 Speaker 1: So on top of that, shipping volumes to US ports 610 00:27:11,200 --> 00:27:14,840 Speaker 1: are plumbing. And even with some of the larger tariff delays, 611 00:27:14,880 --> 00:27:17,600 Speaker 1: the reality of tariffs, it's it's really only we're only 612 00:27:17,720 --> 00:27:20,400 Speaker 1: at the very infancy starting to begin to feel the impact. 613 00:27:20,760 --> 00:27:23,760 Speaker 1: So I do think we're going to see higher prices, 614 00:27:23,960 --> 00:27:28,159 Speaker 1: fewer options if this the way tariffs are currently constructed 615 00:27:28,480 --> 00:27:30,720 Speaker 1: remain or or if potentially they get worse. 616 00:27:30,880 --> 00:27:33,360 Speaker 2: Yeah, and don't forget about the secondary costs of everything 617 00:27:33,400 --> 00:27:35,960 Speaker 2: that we buy as well. That's something else that we 618 00:27:36,000 --> 00:27:38,800 Speaker 2: often failed to take into account. Right, So let's say 619 00:27:38,800 --> 00:27:41,399 Speaker 2: you want to buy a TV. Obviously it requires electricity, 620 00:27:41,440 --> 00:27:43,200 Speaker 2: and then so right there you see the yellow sticker 621 00:27:43,400 --> 00:27:45,359 Speaker 2: on there when you buy it, predicting how much it's 622 00:27:45,359 --> 00:27:47,440 Speaker 2: going to cost you to watch your favorite shows every 623 00:27:47,440 --> 00:27:50,040 Speaker 2: single year. Well, there's a Wall Street journal tech writer 624 00:27:50,160 --> 00:27:52,679 Speaker 2: who highlighted a trend that we've all been subject to 625 00:27:53,359 --> 00:27:57,159 Speaker 2: more recurring subscriptions. So instead of paying for that new 626 00:27:57,200 --> 00:27:59,960 Speaker 2: gadget straight up getting to use it as you please. 627 00:28:00,440 --> 00:28:03,520 Speaker 2: You might pay a reduced price. It's like a hidden 628 00:28:03,560 --> 00:28:06,400 Speaker 2: price whatever, right, or a false price, maybe, I should say, 629 00:28:06,480 --> 00:28:08,480 Speaker 2: and then you pay an annual fee to unlock his 630 00:28:08,600 --> 00:28:11,239 Speaker 2: full potential. We talked about at some point. I think 631 00:28:11,240 --> 00:28:12,879 Speaker 2: it was last year that we talked about the heated 632 00:28:12,920 --> 00:28:17,280 Speaker 2: seats that aren't digitally unlocked unless you pay the subscription. Yeah, 633 00:28:17,320 --> 00:28:18,920 Speaker 2: or maybe it was a heated steering wheel as well. 634 00:28:19,560 --> 00:28:22,960 Speaker 2: Super annoyed. That was BMW Right, BMW What I said? 635 00:28:23,000 --> 00:28:25,639 Speaker 1: Where Hey, yeah, no, this comes with TVID seats, but 636 00:28:25,680 --> 00:28:27,440 Speaker 1: you got to pay to access them exactly. 637 00:28:27,560 --> 00:28:31,720 Speaker 2: Luxury brands terrists though, could cause an influx of subscriptions 638 00:28:31,720 --> 00:28:34,280 Speaker 2: in order to keep the initial price low. Because folks 639 00:28:34,320 --> 00:28:35,919 Speaker 2: are used to paying a certain amount, it's going to 640 00:28:35,920 --> 00:28:38,880 Speaker 2: feel painful to pay more upfront. So essentially, how can 641 00:28:38,920 --> 00:28:41,040 Speaker 2: we sneak these higher costs in the back door? 642 00:28:41,120 --> 00:28:43,240 Speaker 1: I could could Apple find a way to make the 643 00:28:43,280 --> 00:28:44,760 Speaker 1: price of the iPhone. 644 00:28:44,400 --> 00:28:46,160 Speaker 2: I guarantee you're thinking about it half as. 645 00:28:46,120 --> 00:28:49,280 Speaker 1: Much or something, in order to in order to reduce 646 00:28:49,640 --> 00:28:52,760 Speaker 1: what they pay in tariffs and create like a subscription 647 00:28:52,880 --> 00:28:55,960 Speaker 1: model where you pay them monthly instead. It's all about 648 00:28:55,960 --> 00:28:58,160 Speaker 1: the subscription man. Yeah, yeah, yeah, because you don't pay 649 00:28:58,200 --> 00:28:59,120 Speaker 1: tariffs on subscriptions. 650 00:28:59,200 --> 00:29:01,440 Speaker 2: Keep that in mind. Keep in mind the additional cost 651 00:29:01,560 --> 00:29:04,120 Speaker 2: before you click something to buy it, think about the 652 00:29:04,160 --> 00:29:05,080 Speaker 2: secondary costs. 653 00:29:05,520 --> 00:29:08,560 Speaker 1: Just one basic thing that like, some of my friends 654 00:29:08,600 --> 00:29:11,560 Speaker 1: have the Whoop fitness bands, right, you and I we've 655 00:29:11,600 --> 00:29:14,400 Speaker 1: got the garment watches. Yeah, and it wasn't just because 656 00:29:14,440 --> 00:29:17,240 Speaker 1: the initial cost was lower, although it was, but the 657 00:29:17,560 --> 00:29:20,920 Speaker 1: Whoop band comes with the monthly subscription fee to access 658 00:29:20,920 --> 00:29:22,160 Speaker 1: the data that you're racking. 659 00:29:21,880 --> 00:29:23,280 Speaker 2: It and a lot of folks are pay for it 660 00:29:23,280 --> 00:29:24,920 Speaker 2: for a year and us in order to get the 661 00:29:24,920 --> 00:29:26,680 Speaker 2: best deal, right, I don't even know how much it costs, 662 00:29:26,680 --> 00:29:28,240 Speaker 2: but I don't know whether it's but I know that 663 00:29:28,440 --> 00:29:31,000 Speaker 2: I pay zero dollars tax us all the data from 664 00:29:31,080 --> 00:29:34,440 Speaker 2: the running that I'm doing, So yeah, that factors in, right, Hey, 665 00:29:34,440 --> 00:29:34,760 Speaker 2: how much? 666 00:29:34,800 --> 00:29:36,800 Speaker 1: What's not just like what's the initial cost? What's the 667 00:29:36,800 --> 00:29:38,920 Speaker 1: outlay right now? But think about what are the costs 668 00:29:38,920 --> 00:29:40,960 Speaker 1: down the road that I'm going to occur by buying 669 00:29:41,000 --> 00:29:43,080 Speaker 1: this thing? It really matters, Like, and I think the 670 00:29:43,120 --> 00:29:45,360 Speaker 1: more we can think about the things we buy in 671 00:29:45,400 --> 00:29:48,320 Speaker 1: that way, we're probably it's going to at least like 672 00:29:48,520 --> 00:29:51,880 Speaker 1: force our hand to think about our purchases differently, and 673 00:29:51,920 --> 00:29:54,280 Speaker 1: we might find ourselves buying less or at least pivoting 674 00:29:54,520 --> 00:29:57,920 Speaker 1: to buy other items that are going to have lower 675 00:29:58,000 --> 00:29:58,920 Speaker 1: secondary costs. 676 00:29:59,120 --> 00:30:00,960 Speaker 2: That's true. Another way to help us decide what to 677 00:30:00,960 --> 00:30:03,480 Speaker 2: buy when not to buy in an era of rising 678 00:30:03,480 --> 00:30:06,720 Speaker 2: prices is to consider prices in terms of time. So 679 00:30:06,840 --> 00:30:10,720 Speaker 2: basically CPI. It's not a great metric because let's say 680 00:30:11,200 --> 00:30:13,440 Speaker 2: we were talking about TV's earlier, the TV you bought 681 00:30:13,520 --> 00:30:16,040 Speaker 2: back in the eighties, it does not compare to the 682 00:30:16,040 --> 00:30:18,640 Speaker 2: one that you can buy today. It's much better now 683 00:30:18,760 --> 00:30:22,240 Speaker 2: and it costs a whole lot less. And superabundance is 684 00:30:22,400 --> 00:30:25,520 Speaker 2: about how much richer we've become things to global competition 685 00:30:25,680 --> 00:30:28,479 Speaker 2: for the good book trade. Yeah, the reality that it 686 00:30:28,560 --> 00:30:31,560 Speaker 2: just takes us less time working in order to earn 687 00:30:31,600 --> 00:30:35,000 Speaker 2: incomes to pay for basics like food and energy, which 688 00:30:35,040 --> 00:30:36,959 Speaker 2: is a good thing. This is something that we love. 689 00:30:37,040 --> 00:30:39,400 Speaker 2: It shows that we can afford more of everything now. 690 00:30:39,640 --> 00:30:42,560 Speaker 2: This is like the heart of progress. But it makes 691 00:30:42,640 --> 00:30:45,000 Speaker 2: me think that we should all figure out our hourly rate. 692 00:30:45,200 --> 00:30:47,200 Speaker 2: And this is another topic we discussed way back in 693 00:30:47,200 --> 00:30:50,640 Speaker 2: the day is episode ninety nine, and I think going 694 00:30:50,640 --> 00:30:54,160 Speaker 2: through that exercise. It can create this subtle mental shift 695 00:30:54,280 --> 00:30:57,480 Speaker 2: because the next time you're thinking about buying something, I 696 00:30:57,520 --> 00:30:59,400 Speaker 2: think you might be more keen to think about how 697 00:30:59,400 --> 00:31:02,160 Speaker 2: long you would have to work in order to afford 698 00:31:02,160 --> 00:31:04,920 Speaker 2: that item, which could be a better way of thinking 699 00:31:04,920 --> 00:31:06,680 Speaker 2: about it. You know, I think that one reframe could 700 00:31:06,680 --> 00:31:10,720 Speaker 2: prevent some ill advised purchases and just to cause you 701 00:31:10,760 --> 00:31:13,400 Speaker 2: to say again, second guess, Reframe things put it in 702 00:31:13,440 --> 00:31:15,800 Speaker 2: a different light to where you're not just thinking about 703 00:31:15,800 --> 00:31:17,280 Speaker 2: how it's going to make you feel in the moment, 704 00:31:17,320 --> 00:31:20,200 Speaker 2: but what you're thinking about is what about future me 705 00:31:20,520 --> 00:31:22,760 Speaker 2: or what are the alternatives, or how much is this 706 00:31:22,800 --> 00:31:24,640 Speaker 2: actually going to cost me a little bit further down 707 00:31:24,680 --> 00:31:26,880 Speaker 2: the road, not just what I have to pay upfront 708 00:31:26,960 --> 00:31:27,400 Speaker 2: right now? 709 00:31:27,520 --> 00:31:30,040 Speaker 1: The one hundred and eighty bucks feels really different than 710 00:31:30,080 --> 00:31:32,920 Speaker 1: saying that's gonna take me six hours of work, and 711 00:31:32,960 --> 00:31:34,160 Speaker 1: especially if you don't like your job. 712 00:31:34,280 --> 00:31:37,000 Speaker 2: Yeah, that will hopefully make you think. 713 00:31:36,800 --> 00:31:39,240 Speaker 1: Twice about whether or not you really want to buy 714 00:31:39,240 --> 00:31:41,760 Speaker 1: the thing, because if it means you got to, you 715 00:31:41,760 --> 00:31:44,920 Speaker 1: gotta go, you know, put in some additional hours in 716 00:31:45,080 --> 00:31:46,920 Speaker 1: order to and you don't always have to put in 717 00:31:47,000 --> 00:31:49,800 Speaker 1: additional hours, but you're reframing it in terms of thinking 718 00:31:49,880 --> 00:31:52,520 Speaker 1: about how much of my time is involved in getting 719 00:31:52,560 --> 00:31:54,000 Speaker 1: this item, And I just think that's a better way 720 00:31:54,000 --> 00:31:55,840 Speaker 1: to think about it. And that also is going to 721 00:31:55,880 --> 00:31:58,800 Speaker 1: make you less likely to buy things you don't need. Well, 722 00:31:58,840 --> 00:32:01,720 Speaker 1: at least it'll take you fewer hours of work to 723 00:32:01,760 --> 00:32:04,960 Speaker 1: buy that next plane ticket. Now, we just had Scott 724 00:32:05,000 --> 00:32:07,880 Speaker 1: Kay's our buddy on to talk about cheap travel, who 725 00:32:08,000 --> 00:32:10,560 Speaker 1: knows more about that than he does. But as he predicted, 726 00:32:10,680 --> 00:32:15,080 Speaker 1: right when the economy softens, travel is an easy item 727 00:32:15,120 --> 00:32:17,840 Speaker 1: to reduce spending on, Like you're like, hey, I don't 728 00:32:17,840 --> 00:32:20,000 Speaker 1: have as much money rolling in, or prices are higher. 729 00:32:20,320 --> 00:32:22,840 Speaker 1: That's just one of the first places where people naturally say, 730 00:32:23,120 --> 00:32:24,840 Speaker 1: I guess I'm not going to buy that plane ticket 731 00:32:24,840 --> 00:32:28,200 Speaker 1: and go to Connecticut instead, I'll just drive right or 732 00:32:28,280 --> 00:32:28,840 Speaker 1: I'm not going. 733 00:32:28,840 --> 00:32:30,400 Speaker 2: To take the trip this year, or we're staying home. 734 00:32:30,520 --> 00:32:34,280 Speaker 1: Yes, And so as demand for travel softens, the deals 735 00:32:34,280 --> 00:32:37,240 Speaker 1: get better, and we're in the midst of this time 736 00:32:37,320 --> 00:32:40,000 Speaker 1: where deals are getting better. The cost of airfare is 737 00:32:40,240 --> 00:32:43,680 Speaker 1: actually lower than it was, not just like last year 738 00:32:43,760 --> 00:32:45,520 Speaker 1: or two years ago, but it's lower than it was 739 00:32:45,640 --> 00:32:49,600 Speaker 1: fifteen years ago. So that's like a silver lining to 740 00:32:49,600 --> 00:32:52,040 Speaker 1: all the inflation we've seen recently. It's like, well, there 741 00:32:52,040 --> 00:32:54,160 Speaker 1: are certain parts of the market, certain segments that we're 742 00:32:54,160 --> 00:32:57,440 Speaker 1: not experiencing that, and airfare is a specific one. 743 00:32:57,560 --> 00:33:01,880 Speaker 2: Good for travelers, not good for line stockholders, for that 744 00:33:02,080 --> 00:33:02,480 Speaker 2: is for sure. 745 00:33:02,520 --> 00:33:04,959 Speaker 1: Because all the major airlines they're they're kind of worried 746 00:33:05,040 --> 00:33:07,520 Speaker 1: about demand in the coming months. They're they're pulling financial 747 00:33:07,560 --> 00:33:11,040 Speaker 1: outlooks that they typically offer. Business travel is seeing a 748 00:33:11,080 --> 00:33:12,800 Speaker 1: real demand pull back to, which is one of those 749 00:33:12,800 --> 00:33:16,200 Speaker 1: things that they could typically count on. Even if consumers 750 00:33:16,240 --> 00:33:18,160 Speaker 1: like you and me pull back on a vacation, they're like, well, 751 00:33:18,160 --> 00:33:20,720 Speaker 1: business traveler and they're still going to be at it. Well, 752 00:33:21,160 --> 00:33:25,080 Speaker 1: sorry Delta and United, but congrats to everybody who's listening 753 00:33:25,080 --> 00:33:27,520 Speaker 1: who's like a deal hungry traveler with money to spare. 754 00:33:28,040 --> 00:33:30,520 Speaker 1: Now is a better time. I literally just booked some 755 00:33:30,560 --> 00:33:31,520 Speaker 1: plane tickets last. 756 00:33:31,360 --> 00:33:32,640 Speaker 2: Night and where are you going. 757 00:33:33,000 --> 00:33:35,320 Speaker 1: Well, this is a family trip or taking in Hawaii 758 00:33:35,320 --> 00:33:36,280 Speaker 1: this summer, so I'm very excited. 759 00:33:36,520 --> 00:33:39,880 Speaker 2: Oh you uh put the final leg finally pulled the trigger. 760 00:33:40,080 --> 00:33:42,400 Speaker 1: Yes, us some miles on some of some of the 761 00:33:42,480 --> 00:33:45,320 Speaker 1: plane tickets and used cash on the rest. 762 00:33:45,360 --> 00:33:47,120 Speaker 2: So nice, I know, you're getting nervous because you've got 763 00:33:47,120 --> 00:33:48,800 Speaker 2: a really good deal on one leg and you're just 764 00:33:48,920 --> 00:33:52,120 Speaker 2: still camped out waiting, trying to nice. Glad you got 765 00:33:52,120 --> 00:33:52,480 Speaker 2: a good deal. 766 00:33:52,600 --> 00:33:55,440 Speaker 1: So I hope everyone else out there takes advantage of this, like, hey, 767 00:33:55,480 --> 00:33:58,480 Speaker 1: when when prices on airfare sinking and when these the 768 00:33:58,680 --> 00:34:02,440 Speaker 1: UH airline are offering more deals out there, if you've 769 00:34:02,440 --> 00:34:04,640 Speaker 1: got the spare cash to take advantage, it might be 770 00:34:04,680 --> 00:34:05,840 Speaker 1: a better time to. 771 00:34:05,800 --> 00:34:08,040 Speaker 2: Take that trip. Very nice. Well that's gonna be it 772 00:34:08,440 --> 00:34:12,040 Speaker 2: for this episode of your favorite podcast, How to Money. 773 00:34:12,280 --> 00:34:14,160 Speaker 2: We hope everyone has a fantastic weekend. We'll see you 774 00:34:14,160 --> 00:34:16,000 Speaker 2: back here on Monday. Thought we were their fourth favorite 775 00:34:16,000 --> 00:34:19,160 Speaker 2: podcast podcast and until next time. It's really nice of them. 776 00:34:19,160 --> 00:34:20,480 Speaker 2: Best friends out, best friends Out.