1 00:00:00,120 --> 00:00:03,120 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,320 --> 00:00:07,200 Speaker 1: and today we're asking the question will inflation wreck your finances? 3 00:00:26,160 --> 00:00:27,760 Speaker 1: Do you know that we have kids? Anytime I hear 4 00:00:27,800 --> 00:00:30,280 Speaker 1: the word wreck that makes me think of wreck It Ralph, 5 00:00:31,160 --> 00:00:33,440 Speaker 1: because that's a movie that I've seen, and that's when 6 00:00:33,440 --> 00:00:35,880 Speaker 1: I think of when I hear wreck it. But still 7 00:00:35,880 --> 00:00:37,880 Speaker 1: I would say wreck it Ralph. Or Ralph Breaks the 8 00:00:37,920 --> 00:00:40,600 Speaker 1: Internet is probably one of the greatest Disney movies ever made. Dude, 9 00:00:40,800 --> 00:00:43,840 Speaker 1: Sarah Silverman, She's the little Girl. Yeah, I'm a big 10 00:00:43,840 --> 00:00:45,199 Speaker 1: fan of those movies. I feel like there's some of 11 00:00:45,200 --> 00:00:47,839 Speaker 1: the better ones out there today. But yes, inflation, that 12 00:00:47,960 --> 00:00:49,920 Speaker 1: is what we're talking about today. We you know, we've 13 00:00:49,920 --> 00:00:53,360 Speaker 1: touched on inflation before, we've specifically when we've talked about investing. 14 00:00:53,920 --> 00:00:57,360 Speaker 1: Inflation is a big reason why it is that we 15 00:00:57,360 --> 00:00:59,520 Speaker 1: we do invest. But we're gonna talk about the ways 16 00:00:59,520 --> 00:01:02,680 Speaker 1: that inflation impacts our money today. Different things that the 17 00:01:02,680 --> 00:01:04,520 Speaker 1: government can do and things that we can do as 18 00:01:04,560 --> 00:01:07,880 Speaker 1: individuals as well to make sure that inflation doesn't wreck 19 00:01:07,959 --> 00:01:10,440 Speaker 1: our finances. That's right, Yeah, there are steps you can 20 00:01:10,480 --> 00:01:13,960 Speaker 1: take to make sure inflation, Uh, isn't you know taking 21 00:01:13,959 --> 00:01:16,920 Speaker 1: a chunk essentially out of your savings. We'll talk about 22 00:01:16,920 --> 00:01:18,760 Speaker 1: that today on the show. But before we get to that, Matt, 23 00:01:18,760 --> 00:01:21,120 Speaker 1: before we talk about inflation, I want to talk about pizza. 24 00:01:21,400 --> 00:01:23,640 Speaker 1: Everyone likes pizza. I do. I like pizza more than 25 00:01:23,680 --> 00:01:27,240 Speaker 1: that like inflation. I'll tell you that, uh, because inflation 26 00:01:27,280 --> 00:01:30,240 Speaker 1: is like, yeah, we're gonna talk about the good side 27 00:01:30,240 --> 00:01:32,600 Speaker 1: of inflation too, So yeah that there are some positives. 28 00:01:32,640 --> 00:01:35,080 Speaker 1: But but pizzas is even better. Even though inflation has, 29 00:01:35,160 --> 00:01:37,840 Speaker 1: you know, it's it's positive benefits, pizza has, you know, 30 00:01:37,880 --> 00:01:40,679 Speaker 1: a bigger upside, I would say. But the question I 31 00:01:40,720 --> 00:01:42,320 Speaker 1: had recently, you know, my wife and I were like 32 00:01:42,360 --> 00:01:44,760 Speaker 1: talking about whether we should get like two medium pizzas 33 00:01:44,800 --> 00:01:46,760 Speaker 1: or two large pizzas. You know, obviously if we get 34 00:01:46,760 --> 00:01:49,400 Speaker 1: two large pizzas, we're probably gonna have leftovers. And then 35 00:01:49,400 --> 00:01:51,200 Speaker 1: there's this one place that that I like to get 36 00:01:51,200 --> 00:01:53,000 Speaker 1: pizza in town. I know you like it too. It 37 00:01:53,040 --> 00:01:55,520 Speaker 1: has twenty inch pies and so like these are like 38 00:01:55,600 --> 00:01:59,680 Speaker 1: extra large pizzas essentially so good. And I was like, Okay, well, 39 00:01:59,680 --> 00:02:03,440 Speaker 1: now I'm curious what is the the price per per 40 00:02:03,600 --> 00:02:07,360 Speaker 1: like square inch difference or whatever on pizza and I 41 00:02:07,400 --> 00:02:09,079 Speaker 1: know that's kind of maybe a nerdy thing to think, 42 00:02:09,080 --> 00:02:10,359 Speaker 1: but like I want to get I want to give 43 00:02:10,360 --> 00:02:11,919 Speaker 1: my moneys where these are the kind of things we've 44 00:02:11,919 --> 00:02:15,080 Speaker 1: we've thought about, dude, and we've had these discussions as well. Specifically, 45 00:02:15,080 --> 00:02:18,000 Speaker 1: I remember talking to you about the sitting outside of Midway, 46 00:02:18,040 --> 00:02:20,480 Speaker 1: which is a local restaurant. And remember we talked about 47 00:02:20,520 --> 00:02:23,359 Speaker 1: the beer per dollar kind of like the value where 48 00:02:23,400 --> 00:02:24,919 Speaker 1: like there needs to be an app where you can 49 00:02:24,919 --> 00:02:28,240 Speaker 1: punch in the quantity of beer, the price of the beer, 50 00:02:28,280 --> 00:02:30,000 Speaker 1: maybe the A B V as well. That way you 51 00:02:30,040 --> 00:02:32,200 Speaker 1: can compare apples to apples when it comes to these beers. 52 00:02:32,200 --> 00:02:34,520 Speaker 1: But yeah, you're talking about doing that now with pizza. Yeah, 53 00:02:34,639 --> 00:02:37,040 Speaker 1: I'm still waiting on you to develop that app. But 54 00:02:37,040 --> 00:02:40,120 Speaker 1: but somebody has developed a calculator when it comes to pizza, 55 00:02:40,280 --> 00:02:42,480 Speaker 1: and so you can plug in like how many pizzas 56 00:02:42,520 --> 00:02:46,120 Speaker 1: you're getting, you know, the inch size, the diameter essentially 57 00:02:46,520 --> 00:02:50,000 Speaker 1: of the pizza, and then you you figure out the 58 00:02:50,000 --> 00:02:52,000 Speaker 1: price per square inch and so you can figure out, 59 00:02:52,120 --> 00:02:54,440 Speaker 1: all right, if I'm getting should I get to sixteen 60 00:02:54,520 --> 00:02:56,639 Speaker 1: or should I get a twenty inch pizza? Or should 61 00:02:56,639 --> 00:03:01,160 Speaker 1: I get like you know or Yeah, but it's interesting 62 00:03:01,240 --> 00:03:03,880 Speaker 1: because it's almost always better from what I can tell, 63 00:03:04,240 --> 00:03:05,880 Speaker 1: to go with the bigger pizza and then eat the 64 00:03:05,919 --> 00:03:09,160 Speaker 1: leftovers because you're gonna be paying less money per square inch. 65 00:03:09,280 --> 00:03:11,280 Speaker 1: But we'll link to that calculator in the show notes. 66 00:03:11,480 --> 00:03:13,640 Speaker 1: If you're wondering, you know what, what's the better deals 67 00:03:13,639 --> 00:03:15,679 Speaker 1: trying to get the medium or the large, and you 68 00:03:15,720 --> 00:03:17,679 Speaker 1: want to actually run the numbers as opposed to just 69 00:03:17,760 --> 00:03:20,080 Speaker 1: kind of buy blind faith order to order the medium 70 00:03:20,120 --> 00:03:22,240 Speaker 1: or large, then yeah, check this calculator. And I know 71 00:03:22,320 --> 00:03:24,200 Speaker 1: we've got listeners out there who do want to run 72 00:03:24,200 --> 00:03:26,400 Speaker 1: the numbers. You're nerds just like we are. But it 73 00:03:26,480 --> 00:03:28,280 Speaker 1: makes me think of all the pizza lately we've been 74 00:03:28,280 --> 00:03:31,280 Speaker 1: getting the they've got a sixteen inch. Um, it's like 75 00:03:31,320 --> 00:03:33,799 Speaker 1: the taking bake. It's like not frozen, it's in the 76 00:03:33,840 --> 00:03:35,600 Speaker 1: refrigerated section. You take it home, pop in love and 77 00:03:35,600 --> 00:03:37,120 Speaker 1: it's like the five bucks or the rising Crust. You 78 00:03:37,160 --> 00:03:39,120 Speaker 1: have five or six bucks. It's really good, dude, we 79 00:03:39,440 --> 00:03:41,800 Speaker 1: uh we hit that up last Friday. Really really good. 80 00:03:41,880 --> 00:03:44,200 Speaker 1: Might being over sell dude, No, for the money, you 81 00:03:44,240 --> 00:03:46,760 Speaker 1: can't beat it for the money. It's not good. It's 82 00:03:46,800 --> 00:03:50,160 Speaker 1: not great. That plus some greens from from from our 83 00:03:50,160 --> 00:03:52,640 Speaker 1: garden some you know some Salgreen's. Uh, that's that's a 84 00:03:52,680 --> 00:03:55,280 Speaker 1: really cheap Friday night if if you're looking to save 85 00:03:55,360 --> 00:03:58,040 Speaker 1: some money. We did that last Friday, so sticking good. 86 00:03:58,040 --> 00:03:59,800 Speaker 1: I was just I don't know, I was just so happy. 87 00:03:59,800 --> 00:04:02,440 Speaker 1: So they're eating everything. I was like, this was basically free. 88 00:04:02,480 --> 00:04:06,320 Speaker 1: This pizza costs virtually nothing. I'm the happy man. Yeah, 89 00:04:06,320 --> 00:04:10,080 Speaker 1: I know. Sometimes I'm willing to sacrifice quality for price, 90 00:04:10,320 --> 00:04:12,080 Speaker 1: you know, like it doesn't always have to be the 91 00:04:12,080 --> 00:04:14,400 Speaker 1: best value. Sometimes you just want the five dollar all 92 00:04:14,400 --> 00:04:15,880 Speaker 1: the pizza because want pizza and you don't want to 93 00:04:15,880 --> 00:04:17,560 Speaker 1: spend much money. Yes, it's not. And again it's not 94 00:04:17,600 --> 00:04:20,080 Speaker 1: like it's they're like the pizza bagel bites or whatever. 95 00:04:20,120 --> 00:04:22,359 Speaker 1: It's not like tostinos or what is it called, like 96 00:04:22,400 --> 00:04:25,720 Speaker 1: the ones that used to get like you used to 97 00:04:25,800 --> 00:04:28,280 Speaker 1: leave or whatever, Like those things are terrible. But when 98 00:04:28,320 --> 00:04:29,599 Speaker 1: you get it fresh like that and they you know, 99 00:04:29,640 --> 00:04:32,000 Speaker 1: they haven't been frozen, they're sitting there in the refrigerator section, 100 00:04:32,320 --> 00:04:34,440 Speaker 1: I think those are really good. I ate so many 101 00:04:34,440 --> 00:04:37,320 Speaker 1: of those totinos pizzas in college, and uh, I've grown 102 00:04:37,360 --> 00:04:38,800 Speaker 1: up since then. I'm matured a little b I'm glad 103 00:04:38,800 --> 00:04:40,719 Speaker 1: I don't eat those anymore. Matt. Let's move on to 104 00:04:40,720 --> 00:04:43,440 Speaker 1: the beer. Yes, this one's called be Easy. It's by 105 00:04:43,440 --> 00:04:45,719 Speaker 1: Monday Night Brewing right down the street. This is a 106 00:04:45,839 --> 00:04:48,520 Speaker 1: Citra I p A. Looking forward to having this hop 107 00:04:48,600 --> 00:04:50,560 Speaker 1: heavy beer on on the show today. Man, Yeah, We've 108 00:04:50,560 --> 00:04:52,440 Speaker 1: had a lot of different beers from different breweries on 109 00:04:52,480 --> 00:04:54,560 Speaker 1: the show, but with these last two that we've had 110 00:04:54,560 --> 00:04:56,800 Speaker 1: on the shows. On Monday's episode, we had that sour 111 00:04:57,120 --> 00:04:59,080 Speaker 1: and now we're having this I p A. I think 112 00:04:59,120 --> 00:05:01,159 Speaker 1: with these two beers they easily take the lead on 113 00:05:01,279 --> 00:05:03,800 Speaker 1: the most number of beers from a specific brewery. But 114 00:05:03,839 --> 00:05:05,359 Speaker 1: there's a good reason for that, and we'll share our 115 00:05:05,400 --> 00:05:06,799 Speaker 1: thoughts on this one at the end of the episode. 116 00:05:06,880 --> 00:05:08,839 Speaker 1: Sounds good, but for now, let's let's move on to 117 00:05:09,000 --> 00:05:11,440 Speaker 1: the subject at hand. We're asking the question will inflation 118 00:05:11,480 --> 00:05:14,800 Speaker 1: wreck your finances? And Matt, as we're like preparing for 119 00:05:14,839 --> 00:05:16,640 Speaker 1: this episode, I'm trying to think, like, what's a good 120 00:05:16,680 --> 00:05:20,560 Speaker 1: analogy for inflation, like a pizza analogy. When it comes 121 00:05:20,600 --> 00:05:23,920 Speaker 1: to no pizza analogy, it made me think of electricity 122 00:05:24,080 --> 00:05:27,039 Speaker 1: because I personally don't think about electricity much. I just 123 00:05:27,040 --> 00:05:30,000 Speaker 1: flipped switch, the lights come on, and I'm happy, right, 124 00:05:30,279 --> 00:05:33,400 Speaker 1: But what's going on behind the scenes, it would seem 125 00:05:33,560 --> 00:05:36,680 Speaker 1: is quite complex to get the electricity. You know, all 126 00:05:37,040 --> 00:05:40,080 Speaker 1: the things I don't understand. It makes me fearful of it. 127 00:05:40,800 --> 00:05:42,920 Speaker 1: I don't want to mess with electricity exactly. Yeah, that's 128 00:05:42,920 --> 00:05:44,480 Speaker 1: the one thing I hear a lot of people who 129 00:05:44,520 --> 00:05:46,800 Speaker 1: are d I y folks. They're like, I'll do anything 130 00:05:47,080 --> 00:05:50,080 Speaker 1: except for electricity, right, and but like, I'm not going 131 00:05:50,120 --> 00:05:53,799 Speaker 1: to go into all the details of how electricity is generated. Uh. Plus, 132 00:05:53,839 --> 00:05:55,640 Speaker 1: you probably don't know. I don't really know. That's the 133 00:05:55,640 --> 00:05:58,120 Speaker 1: main reason. Why not because you know, I'm I don't 134 00:05:58,160 --> 00:06:00,640 Speaker 1: want to go into bore you with all the aplicated details. 135 00:06:00,640 --> 00:06:03,080 Speaker 1: It's mostly because I don't know them. But yeah, your 136 00:06:03,120 --> 00:06:06,800 Speaker 1: lights go on percent of the time without fail. But 137 00:06:07,040 --> 00:06:10,680 Speaker 1: electricity and inflation have something in common. Neither is something 138 00:06:10,680 --> 00:06:13,240 Speaker 1: that we talk about all that much, but both are 139 00:06:13,320 --> 00:06:16,279 Speaker 1: constantly humming in the background, and they affect our everyday lives. 140 00:06:16,440 --> 00:06:20,000 Speaker 1: And we only really think about either of them when 141 00:06:20,040 --> 00:06:22,960 Speaker 1: some sort of massive tectonic shift occurs, right like a 142 00:06:22,960 --> 00:06:25,200 Speaker 1: tree falling down on your power line outside the house. 143 00:06:25,360 --> 00:06:27,200 Speaker 1: You know, I think it was Halloween this past year, 144 00:06:27,240 --> 00:06:28,600 Speaker 1: that our power was out for like a day and 145 00:06:28,640 --> 00:06:31,360 Speaker 1: a half in our neighborhood. Three different instances where when 146 00:06:31,400 --> 00:06:33,520 Speaker 1: the power went out and for a bunch of city boys, 147 00:06:33,600 --> 00:06:35,720 Speaker 1: like that's unheard of, you know, we didn't know what 148 00:06:35,760 --> 00:06:37,640 Speaker 1: to do with That's true. And then I think the 149 00:06:37,720 --> 00:06:39,760 Speaker 1: only time you actually think about inflation is when there's 150 00:06:39,800 --> 00:06:43,000 Speaker 1: like headlines all over the place suggesting that inflation is 151 00:06:43,000 --> 00:06:45,880 Speaker 1: going to become a major problem. But that begs the question, 152 00:06:45,920 --> 00:06:47,760 Speaker 1: like is it going to become a major problem and 153 00:06:47,800 --> 00:06:50,960 Speaker 1: if so, how can we prepare for that possibility in 154 00:06:51,000 --> 00:06:53,839 Speaker 1: our own personal financial lives. This episode is going to 155 00:06:54,240 --> 00:06:57,040 Speaker 1: be like that generator full to the brim of gas, 156 00:06:57,040 --> 00:06:59,920 Speaker 1: like to help you overcome that power shortage, right, like 157 00:07:00,200 --> 00:07:02,800 Speaker 1: you actually had a generator. I borrowed your generator when 158 00:07:02,880 --> 00:07:04,919 Speaker 1: when the lights were off in our neighborhood, uh, for 159 00:07:05,080 --> 00:07:06,560 Speaker 1: for a timing, because I think my power is out 160 00:07:06,560 --> 00:07:09,240 Speaker 1: longer than yours. That's right, and it really comes in 161 00:07:09,279 --> 00:07:11,960 Speaker 1: handy to have something like that. So, yeah, this episode, 162 00:07:11,960 --> 00:07:15,120 Speaker 1: we're gonna talk about your money and inflation and how 163 00:07:15,160 --> 00:07:17,640 Speaker 1: you should be responding. Except okay, so here's the thing. 164 00:07:17,840 --> 00:07:20,280 Speaker 1: A generator kind of fixes the electricity, and so we're 165 00:07:20,280 --> 00:07:24,120 Speaker 1: not going to fix inflation. Though it's maybe like maybe 166 00:07:24,240 --> 00:07:25,800 Speaker 1: I feel like a better way to maybe think about 167 00:07:25,800 --> 00:07:27,600 Speaker 1: it is like we're kind of like electricians, like we 168 00:07:27,680 --> 00:07:30,560 Speaker 1: are your electrician friends, but we're in a different state, 169 00:07:30,640 --> 00:07:32,400 Speaker 1: and so we can't fix your electricity, but we can 170 00:07:32,440 --> 00:07:35,120 Speaker 1: help you to know what to do maybe what not 171 00:07:35,200 --> 00:07:38,160 Speaker 1: to do. Yeah, exactly, at least to help you tonight 172 00:07:38,160 --> 00:07:41,600 Speaker 1: get electric, cutd right and do this. True, though, inflation 173 00:07:41,720 --> 00:07:44,280 Speaker 1: worries are seriously making the headlines these days. We've seen 174 00:07:44,280 --> 00:07:47,920 Speaker 1: commodities shortages, UH, they're causing prices to climb higher. And 175 00:07:48,040 --> 00:07:50,640 Speaker 1: Warren Buffett he even talked about it at the annual 176 00:07:50,640 --> 00:07:52,800 Speaker 1: Berkshire Hathaway Meeting. This sheep called me ahead of time. 177 00:07:52,800 --> 00:07:54,920 Speaker 1: He's like, should I talk about inflation? Joel? I was like, Warren, 178 00:07:55,040 --> 00:07:57,360 Speaker 1: go for it, dude. Warren and Charles Munger have kind 179 00:07:57,360 --> 00:07:59,600 Speaker 1: of fallen out of favor with how they're treating bitcoin 180 00:07:59,640 --> 00:08:02,280 Speaker 1: these days. True, we won't get into that, um, but 181 00:08:02,600 --> 00:08:05,400 Speaker 1: he said warm Buffet. He said that inflation is substantial 182 00:08:05,480 --> 00:08:08,160 Speaker 1: right now and that companies that he owns UH and 183 00:08:08,160 --> 00:08:11,160 Speaker 1: others that those companies do business with, that they are 184 00:08:11,200 --> 00:08:14,200 Speaker 1: all raising prices, and this is something we haven't had 185 00:08:14,240 --> 00:08:16,640 Speaker 1: to even think about in uh in recent years, you know, 186 00:08:16,800 --> 00:08:19,120 Speaker 1: like this is something that you heard about, like back 187 00:08:19,200 --> 00:08:22,680 Speaker 1: during the Cold War era, like back in the seventies 188 00:08:22,680 --> 00:08:25,840 Speaker 1: and like the eighties inflation top ten percent. Yeah, yeah, 189 00:08:25,840 --> 00:08:28,400 Speaker 1: we're like, oh, wait, inflation, it's still a real thing, dude, Yeah, 190 00:08:28,440 --> 00:08:31,040 Speaker 1: it is, uh, And right now it's it's been sitting 191 00:08:31,080 --> 00:08:33,120 Speaker 1: at roughly like one and a half percent over the 192 00:08:33,160 --> 00:08:37,040 Speaker 1: last ten years. It's been fairly predictable, pretty low as well. 193 00:08:37,400 --> 00:08:39,360 Speaker 1: And so because of that, we haven't had to give 194 00:08:39,360 --> 00:08:43,360 Speaker 1: it much thoughts. But that's clearly changing. Uh, And so 195 00:08:43,440 --> 00:08:45,280 Speaker 1: that's what we're gonna talk about today, like what's happening 196 00:08:45,320 --> 00:08:48,439 Speaker 1: with inflation and how will it impact you? Yeah, but 197 00:08:48,480 --> 00:08:51,400 Speaker 1: first let's give a definition. Let's talk about what inflation means. 198 00:08:51,840 --> 00:08:55,760 Speaker 1: And so, Yeah, simply put, inflation is essentially when prices 199 00:08:55,880 --> 00:08:58,600 Speaker 1: go up, when things cost more, or an even better 200 00:08:58,600 --> 00:09:02,760 Speaker 1: definition might be when the purchasing power of your currency 201 00:09:03,160 --> 00:09:07,360 Speaker 1: goes down. So examples of basic inflation could be something 202 00:09:07,400 --> 00:09:10,280 Speaker 1: like the cost of a postage stamp or a gallon 203 00:09:10,320 --> 00:09:13,719 Speaker 1: of milk, right, just basic things that we use. Well, 204 00:09:13,760 --> 00:09:16,520 Speaker 1: I don't know not we use postage stamps anymore. Let's 205 00:09:16,600 --> 00:09:18,920 Speaker 1: let's just say you're mailing letters. I have the same 206 00:09:19,080 --> 00:09:21,320 Speaker 1: booklet of stamps that that I bought like a year ago, 207 00:09:21,400 --> 00:09:23,160 Speaker 1: and I think I've used like two of them. Actually, 208 00:09:23,160 --> 00:09:25,400 Speaker 1: you know, the only reason I use them now pretty 209 00:09:25,480 --> 00:09:27,640 Speaker 1: much is to send Like there's one I R S 210 00:09:27,679 --> 00:09:29,240 Speaker 1: form that we have to have to mail in like 211 00:09:29,320 --> 00:09:32,880 Speaker 1: every every quarter for our business. And they require you 212 00:09:32,960 --> 00:09:35,600 Speaker 1: to mail this form in of course they do. Yeah, 213 00:09:35,840 --> 00:09:37,800 Speaker 1: that's the I R S. Right. Then there they go. 214 00:09:38,559 --> 00:09:41,920 Speaker 1: Not not in the business of customer service, but but yeah, 215 00:09:41,920 --> 00:09:45,199 Speaker 1: both of those things, uh, postage stamps and gallons of 216 00:09:45,240 --> 00:09:50,080 Speaker 1: milk cost about more now than they did. And have 217 00:09:50,160 --> 00:09:52,360 Speaker 1: you ever heard maybe your grandma talked about how she 218 00:09:52,400 --> 00:09:54,880 Speaker 1: could get a candy bar for nickel or how you know, 219 00:09:55,000 --> 00:09:57,360 Speaker 1: I don't know, can of coke cost ten cents at 220 00:09:57,360 --> 00:09:59,000 Speaker 1: bottle of coke I guess back then. Yeah, like you 221 00:09:59,000 --> 00:10:01,079 Speaker 1: would even see like if you go to like antique stores, 222 00:10:01,080 --> 00:10:03,440 Speaker 1: it's printed on the bottle. Yeah, like like and you're like, 223 00:10:03,480 --> 00:10:06,120 Speaker 1: wait a minute, it used to cost that much. It 224 00:10:06,120 --> 00:10:07,920 Speaker 1: makes you think about too, like the chips, what's that 225 00:10:07,960 --> 00:10:09,880 Speaker 1: one brand of tortilla chips in the store, and they 226 00:10:09,920 --> 00:10:13,000 Speaker 1: literally put the price like printed on the bag of chips, 227 00:10:13,000 --> 00:10:15,200 Speaker 1: and so they can't actually change the price, Like the 228 00:10:15,200 --> 00:10:17,960 Speaker 1: stores can't mark it up because it's just printed on there. 229 00:10:17,960 --> 00:10:19,360 Speaker 1: You know what I'm talking about, Like that white bag 230 00:10:19,440 --> 00:10:22,240 Speaker 1: of white white corn. It's like it's even more noticeable. 231 00:10:22,240 --> 00:10:25,480 Speaker 1: I guess if they raise their prices, new price tag 232 00:10:25,520 --> 00:10:29,120 Speaker 1: stamped on the bag. But yeah, like even something as 233 00:10:29,120 --> 00:10:32,079 Speaker 1: big as like a house. Maybe you heard your grandma say, man, 234 00:10:32,080 --> 00:10:34,000 Speaker 1: but when when I bought my house, I specifically remember 235 00:10:34,040 --> 00:10:37,120 Speaker 1: talking to my grandma Matt. I swear she in Montana. 236 00:10:37,240 --> 00:10:40,400 Speaker 1: She bought her house for something right around twenty dollars, 237 00:10:40,760 --> 00:10:44,360 Speaker 1: and I was kind of like, uh, don't, grandma. I mean, 238 00:10:44,360 --> 00:10:46,320 Speaker 1: I'm happy for you, grandma, that you paid that that 239 00:10:46,320 --> 00:10:49,080 Speaker 1: that little amount of money for that home, but also 240 00:10:49,679 --> 00:10:52,040 Speaker 1: let's not talk about it anymorecause bumming me out. But yet, 241 00:10:52,200 --> 00:10:54,240 Speaker 1: the one thing that your grandma doesn't mention in that 242 00:10:54,280 --> 00:10:57,160 Speaker 1: conversation though, or mind didn't at least, is what the 243 00:10:57,200 --> 00:11:00,640 Speaker 1: average salary was back then, right, I mean, seventy seven 244 00:11:00,640 --> 00:11:04,280 Speaker 1: percent of households in nineteen fifty, we're earning less than 245 00:11:04,320 --> 00:11:08,080 Speaker 1: five thousand dollars a year, and that's a market difference 246 00:11:08,120 --> 00:11:10,120 Speaker 1: from what people are today. That's back when a million 247 00:11:10,200 --> 00:11:12,240 Speaker 1: dollars was like a ton of money, you know, like 248 00:11:12,280 --> 00:11:14,280 Speaker 1: today millionaires or it's just kind of like, oh, it 249 00:11:14,280 --> 00:11:16,360 Speaker 1: sounds like everyone's kind of like a millionaire, but but 250 00:11:16,559 --> 00:11:18,760 Speaker 1: back then that was a rare thing. I mean, not 251 00:11:18,800 --> 00:11:21,240 Speaker 1: everyone's a million well no, but like there's more millionaires 252 00:11:21,280 --> 00:11:23,000 Speaker 1: today then, oh yeah, for sure, for sure. And that's 253 00:11:23,000 --> 00:11:25,800 Speaker 1: partly because of inflation, right, And and the reason that 254 00:11:25,920 --> 00:11:27,920 Speaker 1: wages were so low back then and there's so much 255 00:11:28,000 --> 00:11:30,480 Speaker 1: higher now, well, that's because inflation has been doing this 256 00:11:30,600 --> 00:11:32,640 Speaker 1: thing behind the scenes, and it's had an impact not 257 00:11:32,720 --> 00:11:34,640 Speaker 1: just on prices, not just on what you pay for 258 00:11:34,720 --> 00:11:37,800 Speaker 1: milk or a house or postage stamps, but it's also 259 00:11:38,120 --> 00:11:40,800 Speaker 1: had an impact on what you're able to earn at 260 00:11:40,840 --> 00:11:42,920 Speaker 1: your job. Yeah, that's right, But but how long does 261 00:11:42,960 --> 00:11:46,120 Speaker 1: it take for inflation to impact the purchasing power of 262 00:11:46,160 --> 00:11:48,199 Speaker 1: your money? You know? And and that depends on the 263 00:11:48,320 --> 00:11:51,000 Speaker 1: rate of inflation. And so if inflation is at two 264 00:11:51,000 --> 00:11:53,760 Speaker 1: percent that's roughly what we've seen in recent years, that 265 00:11:53,800 --> 00:11:55,839 Speaker 1: will cut the value of your money in half over 266 00:11:55,840 --> 00:11:59,360 Speaker 1: the course of thirty five years. If we see inflation 267 00:11:59,480 --> 00:12:01,920 Speaker 1: rates to to let's say three percent, that means your 268 00:12:01,920 --> 00:12:04,839 Speaker 1: money gets cut in half after just twenty three years. 269 00:12:05,000 --> 00:12:06,760 Speaker 1: You bump that up to four percent, that means that 270 00:12:06,760 --> 00:12:08,680 Speaker 1: you would see the value of your money had in 271 00:12:08,800 --> 00:12:12,600 Speaker 1: just seventeen years. And and so that's why sticking your money, 272 00:12:12,880 --> 00:12:15,000 Speaker 1: you know, say, under your mattress or burying it in 273 00:12:15,040 --> 00:12:18,200 Speaker 1: your backyard is such a bad idea. Uh right, If 274 00:12:18,240 --> 00:12:20,280 Speaker 1: if you do, inflation is gonna just cause way more 275 00:12:20,320 --> 00:12:23,160 Speaker 1: harm than the earthworms, maybe even more harm than you 276 00:12:23,280 --> 00:12:25,360 Speaker 1: not being able to find that money. That the moisture 277 00:12:25,400 --> 00:12:28,040 Speaker 1: would be a problem. I know that, like double bagg 278 00:12:28,040 --> 00:12:30,120 Speaker 1: of double bagget yes, exactly, if you're gonna do that, 279 00:12:30,120 --> 00:12:32,640 Speaker 1: but yeah, we would suggest you avoid that because inflation 280 00:12:32,720 --> 00:12:34,640 Speaker 1: is going to be worse for you. But like, yeah, 281 00:12:34,640 --> 00:12:37,600 Speaker 1: short term or temporary inflation is a legit thing too. 282 00:12:37,760 --> 00:12:40,160 Speaker 1: That's kind of one of the things that that people 283 00:12:40,160 --> 00:12:42,840 Speaker 1: are talking about right now. Lumber, for example, has seen 284 00:12:42,960 --> 00:12:46,400 Speaker 1: traumatic price increases because of the pandemic as supply chain 285 00:12:46,440 --> 00:12:49,880 Speaker 1: problems coincided with higher demand. People putting more money into 286 00:12:49,920 --> 00:12:51,720 Speaker 1: their home because they have been in their home a 287 00:12:51,720 --> 00:12:54,720 Speaker 1: whole lot more and will lumber prices go back down 288 00:12:54,920 --> 00:12:57,439 Speaker 1: to pre pandemic prices. We don't really know. That's yet 289 00:12:57,440 --> 00:13:00,400 Speaker 1: to be seen. But there is a distinction, I would say, 290 00:13:00,400 --> 00:13:04,520 Speaker 1: between short term inflation, which is small term disruptions in 291 00:13:04,600 --> 00:13:08,160 Speaker 1: price over for a particular good or service, and long 292 00:13:08,280 --> 00:13:10,360 Speaker 1: term inflation, And it can be hard to tell in 293 00:13:10,400 --> 00:13:12,200 Speaker 1: the moment, like in the here and now, as people 294 00:13:12,240 --> 00:13:15,000 Speaker 1: are predicting different things, how much of an impact that 295 00:13:15,040 --> 00:13:17,920 Speaker 1: these short term price bikes are going to have on 296 00:13:18,000 --> 00:13:21,000 Speaker 1: like the long term rate of inflation? Yeah, you know, honestly, 297 00:13:21,040 --> 00:13:23,440 Speaker 1: due this makes me think about like catching a common cold, 298 00:13:23,600 --> 00:13:26,400 Speaker 1: or or like having allergies, which which I do luckily, 299 00:13:26,440 --> 00:13:28,320 Speaker 1: I feel like I'm completely out of the woods at 300 00:13:28,320 --> 00:13:30,680 Speaker 1: this point, not dealing with my sinus issues. But a 301 00:13:30,679 --> 00:13:33,160 Speaker 1: lot of folks who reacted to the pollen like I 302 00:13:33,200 --> 00:13:35,439 Speaker 1: did back in the spring might have been concerned that 303 00:13:35,480 --> 00:13:37,400 Speaker 1: they had COVID right like they maybe even gone to 304 00:13:37,400 --> 00:13:40,000 Speaker 1: get tested, because when the symptoms kick in, it's hard 305 00:13:40,040 --> 00:13:42,760 Speaker 1: to decipher you know, what you are actually dealing with, 306 00:13:43,000 --> 00:13:47,080 Speaker 1: And so similarly noticeable rising prices might cause us to 307 00:13:47,160 --> 00:13:49,760 Speaker 1: think that inflation is out of control, right and that 308 00:13:49,800 --> 00:13:51,800 Speaker 1: it's about to wreck everything, But when it comes to 309 00:13:51,800 --> 00:13:55,560 Speaker 1: these shortages, the Federal Reserve cited COVID related disruptions in 310 00:13:55,600 --> 00:13:59,480 Speaker 1: production and supply chain logistics as the reasons for these 311 00:13:59,520 --> 00:14:02,200 Speaker 1: shortages in these price spikes, and so this has had 312 00:14:02,280 --> 00:14:04,680 Speaker 1: a pretty massive impact on everything from you know, building 313 00:14:04,720 --> 00:14:07,959 Speaker 1: materials to cleaning products and microchips. A bump and prices 314 00:14:08,040 --> 00:14:09,520 Speaker 1: now or you know, even for the rest of the 315 00:14:09,600 --> 00:14:13,960 Speaker 1: year doesn't necessarily mean that inflation is spiraling out of control. 316 00:14:14,080 --> 00:14:16,439 Speaker 1: That's true, but it also doesn't mean that it isn't. 317 00:14:16,600 --> 00:14:19,360 Speaker 1: Although that's true, I would tend to believe that it's not, 318 00:14:19,600 --> 00:14:21,880 Speaker 1: and and maybe some of these issues are more short 319 00:14:22,000 --> 00:14:24,760 Speaker 1: term that remains to be seen. And luckily there are 320 00:14:24,800 --> 00:14:27,160 Speaker 1: a lot of really smart economists out there who are 321 00:14:27,160 --> 00:14:30,560 Speaker 1: who are watching inflation in our country closely. But that 322 00:14:30,640 --> 00:14:33,280 Speaker 1: doesn't mean that you and I as individuals are completely 323 00:14:33,320 --> 00:14:35,560 Speaker 1: off the hook. There are steps that our government can 324 00:14:35,640 --> 00:14:38,880 Speaker 1: and does take to ensure that inflation doesn't get out 325 00:14:38,880 --> 00:14:41,360 Speaker 1: of whack, doesn't get out of control, and there are 326 00:14:41,840 --> 00:14:43,920 Speaker 1: things that we can do as individuals to lessen the 327 00:14:43,960 --> 00:14:46,720 Speaker 1: negative impacts of inflation on our lives and on our 328 00:14:46,760 --> 00:14:49,960 Speaker 1: personal finances. Will get to all of that right after 329 00:14:50,000 --> 00:15:00,960 Speaker 1: this break. All all right, man, we are back to 330 00:15:01,000 --> 00:15:03,160 Speaker 1: the right. We're talking about inflation, and specifically we're trying 331 00:15:03,160 --> 00:15:06,120 Speaker 1: to figure out how to make inflation sexy or tough 332 00:15:06,160 --> 00:15:08,840 Speaker 1: task right there, buddy, it is, but I have faith 333 00:15:08,840 --> 00:15:11,240 Speaker 1: and you and me we're gonna do it. Uh. So 334 00:15:11,320 --> 00:15:13,880 Speaker 1: before we talk about what to do about runaway inflation, 335 00:15:14,000 --> 00:15:16,160 Speaker 1: you know, on a personal level, let's let's let's make 336 00:15:16,160 --> 00:15:20,000 Speaker 1: it clear that inflation isn't necessarily a bad thing. So 337 00:15:20,080 --> 00:15:22,520 Speaker 1: to you know, you mentioned the kind of electricity metaphor 338 00:15:22,600 --> 00:15:26,000 Speaker 1: there earlier, to continue that thought from before the break, 339 00:15:26,320 --> 00:15:29,880 Speaker 1: Proper inflation, just like the proper flow of electricity to 340 00:15:29,920 --> 00:15:33,000 Speaker 1: your home, that is a good thing. The Federal Reserve 341 00:15:33,120 --> 00:15:35,880 Speaker 1: wants inflation to happen, at at least within reason, and 342 00:15:35,880 --> 00:15:40,160 Speaker 1: that's partly because following prices actually incentivized consumers to hold 343 00:15:40,240 --> 00:15:43,720 Speaker 1: off on purchases, waiting for prices to fall even further, 344 00:15:43,960 --> 00:15:46,400 Speaker 1: which harms the economy even more. Yeah. If I know 345 00:15:46,480 --> 00:15:49,240 Speaker 1: that the price uh that tesla is going to in 346 00:15:49,240 --> 00:15:52,000 Speaker 1: all likelihood fall by a few thousand dollars, like I'm 347 00:15:52,040 --> 00:15:55,320 Speaker 1: just gonna keep keep waiting keep the bank. Why would 348 00:15:55,360 --> 00:15:57,080 Speaker 1: you spend that money now when you know you can 349 00:15:57,080 --> 00:15:59,320 Speaker 1: spend less a little bit later down the road. Right. 350 00:15:59,760 --> 00:16:03,200 Speaker 1: So that's the theory from British economist John Maynard Keynes anyway. 351 00:16:03,240 --> 00:16:06,240 Speaker 1: But the problem is when inflation ramps up and speeds 352 00:16:06,280 --> 00:16:08,800 Speaker 1: out of control. Uh, just like a surge of electricity 353 00:16:08,840 --> 00:16:11,520 Speaker 1: to your household electronics, that's when things get fried, and 354 00:16:11,560 --> 00:16:13,600 Speaker 1: that's when things don't work like they're supposed to. The 355 00:16:13,640 --> 00:16:17,080 Speaker 1: proper flow is good. Spikes and swings in electricity, that's 356 00:16:17,120 --> 00:16:19,120 Speaker 1: bad news, that's true. So I think it is too 357 00:16:19,200 --> 00:16:21,080 Speaker 1: really important to mention that this is one of those 358 00:16:21,120 --> 00:16:25,040 Speaker 1: areas where a lot of really smart people disagree. Some people, 359 00:16:25,280 --> 00:16:27,400 Speaker 1: you know, think that inflation is bound to become a 360 00:16:27,440 --> 00:16:30,200 Speaker 1: major issue in the years to come. They're almost convinced 361 00:16:30,240 --> 00:16:33,120 Speaker 1: of it. And others believe that it's not in all 362 00:16:33,160 --> 00:16:36,000 Speaker 1: likelihood going to be much of concern, and that there 363 00:16:36,040 --> 00:16:39,160 Speaker 1: are ways to fight inflation if it gets too out 364 00:16:39,200 --> 00:16:42,640 Speaker 1: of control. You know. And Matt and I are not economists, 365 00:16:42,640 --> 00:16:44,480 Speaker 1: Like we're not making any predictions here, Just I just 366 00:16:44,520 --> 00:16:47,120 Speaker 1: want to like say that too, we're not gonna like 367 00:16:47,400 --> 00:16:49,880 Speaker 1: inflation is all and not likelihood gonna happen at a 368 00:16:49,960 --> 00:16:51,640 Speaker 1: rate of three point two percent this year. Like, we're 369 00:16:51,680 --> 00:16:54,040 Speaker 1: not making any predictions like that, but let's talk about, 370 00:16:54,080 --> 00:16:56,280 Speaker 1: Matt some of the tools in the tool belt of 371 00:16:56,280 --> 00:16:59,720 Speaker 1: the federal government to combat inflation when they need to. 372 00:17:00,480 --> 00:17:02,960 Speaker 1: Another reason I think that that some are concerned that 373 00:17:03,040 --> 00:17:06,639 Speaker 1: inflation will ramp up is is because of government spending. 374 00:17:06,680 --> 00:17:09,359 Speaker 1: Actually due to the trillions of dollars that the government 375 00:17:09,400 --> 00:17:13,560 Speaker 1: has spent to combat the effects of COVID, especially putting 376 00:17:13,560 --> 00:17:16,120 Speaker 1: more money into the pockets of individuals. You know, more 377 00:17:16,119 --> 00:17:19,160 Speaker 1: money to spend means people are spending more, and prices 378 00:17:19,200 --> 00:17:22,080 Speaker 1: often go up in tandem. The more money that's in circulation, 379 00:17:22,080 --> 00:17:24,119 Speaker 1: that decreases the value of the money that's already there. Man, 380 00:17:24,119 --> 00:17:26,439 Speaker 1: it's right. Yeah, So this is one of the reasons 381 00:17:26,440 --> 00:17:29,280 Speaker 1: that people are worried that the economy is overheating. Like 382 00:17:29,320 --> 00:17:33,800 Speaker 1: we've never actually seen government spending like this before, especially 383 00:17:33,800 --> 00:17:36,680 Speaker 1: direct payments to individuals. Mp Are actually said it well, 384 00:17:36,720 --> 00:17:39,080 Speaker 1: I think, and they helped put that massive amount of 385 00:17:39,119 --> 00:17:41,760 Speaker 1: money in context. They said, if the amount of money 386 00:17:41,920 --> 00:17:44,879 Speaker 1: that the federal government spent fighting COVID, if that amount 387 00:17:44,880 --> 00:17:48,760 Speaker 1: alone were the GDP of any nation, that nation would 388 00:17:48,760 --> 00:17:51,240 Speaker 1: have the fourth or fifth fifth largest economy in the world. 389 00:17:51,240 --> 00:17:53,840 Speaker 1: This past year's insane. Yeah, so obviously, Yeah, putting that 390 00:17:53,840 --> 00:17:55,600 Speaker 1: in context, that's a ton of money that was spent 391 00:17:56,000 --> 00:17:59,480 Speaker 1: in those few bills alone. So we are seeing things 392 00:17:59,480 --> 00:18:02,880 Speaker 1: heat up, and different economists and Federal Reserve officials are 393 00:18:02,960 --> 00:18:05,600 Speaker 1: expecting the surge in prices. But if the search continues 394 00:18:05,920 --> 00:18:08,280 Speaker 1: for more than a few months, then that might be 395 00:18:08,440 --> 00:18:11,679 Speaker 1: a reason for concern and for yes, some fiscal policy 396 00:18:11,720 --> 00:18:13,720 Speaker 1: and some intervention. Yeah, it's okay to see things heating 397 00:18:13,760 --> 00:18:15,840 Speaker 1: up a little bit, right, I mean, think about where 398 00:18:15,880 --> 00:18:18,320 Speaker 1: things have been since last March. Right, not not March 399 00:18:18,400 --> 00:18:21,040 Speaker 1: this year, but March last year, when things completely came 400 00:18:21,080 --> 00:18:24,080 Speaker 1: to a grinding halt. And so to see things pick up, yeah, 401 00:18:24,119 --> 00:18:26,280 Speaker 1: it's it's okay to see the consumer price index, to 402 00:18:26,280 --> 00:18:29,160 Speaker 1: see inflation rise slightly. We just want to make sure 403 00:18:29,200 --> 00:18:31,680 Speaker 1: it doesn't last for too long. But you know, once 404 00:18:31,680 --> 00:18:34,520 Speaker 1: inflation is at a level that's too high, of course, 405 00:18:34,560 --> 00:18:37,240 Speaker 1: if and whenever that might occur, that's when the government 406 00:18:37,400 --> 00:18:40,320 Speaker 1: will step in. If inflation spikes, then a step that 407 00:18:40,359 --> 00:18:42,359 Speaker 1: the Federal Reserve could could take would be to raise 408 00:18:42,480 --> 00:18:45,480 Speaker 1: interest rates in order to slow down the economy. So, 409 00:18:45,800 --> 00:18:48,600 Speaker 1: for example, the higher the interest rates are. If someone 410 00:18:48,720 --> 00:18:50,320 Speaker 1: was thinking that they might buy a new car and 411 00:18:50,359 --> 00:18:52,000 Speaker 1: finance it, and well, you know they might be less 412 00:18:52,040 --> 00:18:54,520 Speaker 1: likely to do so because of the higher cost of financing. 413 00:18:54,680 --> 00:18:57,480 Speaker 1: And simultaneously, if if rates are higher, uh, and banks 414 00:18:57,520 --> 00:18:59,840 Speaker 1: are paying a higher interest rate to their customers and 415 00:18:59,840 --> 00:19:02,360 Speaker 1: their savings accounts, well, folks are going to be incentivized 416 00:19:02,400 --> 00:19:04,320 Speaker 1: to save their money, like why would I spend it? Right, 417 00:19:04,320 --> 00:19:06,359 Speaker 1: just like you were saying, if you're expecting prices to 418 00:19:06,400 --> 00:19:08,120 Speaker 1: go down, well, why would you spend it down? Because 419 00:19:08,160 --> 00:19:11,120 Speaker 1: I can pay less for that thing later. The same 420 00:19:11,160 --> 00:19:12,919 Speaker 1: thing is true here. If rates are high and I 421 00:19:12,920 --> 00:19:14,879 Speaker 1: can hang on to the money, well, I'm incentivized to 422 00:19:14,880 --> 00:19:17,840 Speaker 1: save that money. And so this slows things down. That's 423 00:19:17,840 --> 00:19:20,760 Speaker 1: when there's less money flowing around the economy, and that 424 00:19:20,800 --> 00:19:24,200 Speaker 1: cool things down. Yeah, And and generally speaking, there's basically 425 00:19:24,280 --> 00:19:27,880 Speaker 1: an inverse relationship between interest rates and the rate of inflation, 426 00:19:28,119 --> 00:19:30,119 Speaker 1: just like you're talking about, Matt. So Like a counter 427 00:19:30,200 --> 00:19:32,560 Speaker 1: example or scenario is like when the economy is slowing 428 00:19:32,600 --> 00:19:34,639 Speaker 1: down or when it's kind of stalled out because of 429 00:19:34,680 --> 00:19:38,040 Speaker 1: the pandemic, the Federal Reserve will lower their benchmark interest rate, 430 00:19:38,400 --> 00:19:39,919 Speaker 1: or like they did last March. They'll drop it all 431 00:19:39,960 --> 00:19:42,199 Speaker 1: the way to zero and not just lower it, but 432 00:19:42,280 --> 00:19:45,840 Speaker 1: just like slam it, just like completely down exactly exactly. 433 00:19:46,119 --> 00:19:49,359 Speaker 1: And so this has an impact on interest rates the 434 00:19:49,359 --> 00:19:52,359 Speaker 1: banks are offering. That's why we've seen such pitiful interest 435 00:19:52,440 --> 00:19:54,720 Speaker 1: rates when it comes to your savings accounts. Those have 436 00:19:55,000 --> 00:19:57,960 Speaker 1: plunged over the past year, much to the chagrin of 437 00:19:58,000 --> 00:20:00,720 Speaker 1: many of our listeners who enjoy saving their money. It's 438 00:20:00,720 --> 00:20:03,640 Speaker 1: also a part of why we've seen historically low mortgage 439 00:20:03,680 --> 00:20:06,000 Speaker 1: rates over the past year. You know, banks aren't paying 440 00:20:06,080 --> 00:20:08,439 Speaker 1: much in savings accounts, but they're also not charging a 441 00:20:08,520 --> 00:20:10,960 Speaker 1: ton for mortgage loans. So yeah, these are These are 442 00:20:11,000 --> 00:20:12,840 Speaker 1: kind of some of the inner workings some of the 443 00:20:12,840 --> 00:20:15,280 Speaker 1: ways that the rate of inflation kind of affects, you know, 444 00:20:15,480 --> 00:20:18,560 Speaker 1: our savings rate, borrowing rates, and just kind of how 445 00:20:18,560 --> 00:20:21,280 Speaker 1: we approach our personal finances in general. Yeah. Yeah, low 446 00:20:21,320 --> 00:20:23,840 Speaker 1: inflation is good if you're looking to take out a 447 00:20:23,840 --> 00:20:25,960 Speaker 1: mortgage on the new home, but it's bad if you're 448 00:20:25,960 --> 00:20:27,919 Speaker 1: looking to build up that nest egg in order to 449 00:20:28,040 --> 00:20:30,399 Speaker 1: secure that mortgage, right, uh, and so this is just 450 00:20:30,560 --> 00:20:33,000 Speaker 1: all a part of how the central banks manipulate the 451 00:20:33,119 --> 00:20:35,240 Speaker 1: supply and demand of money in order to keep the 452 00:20:35,280 --> 00:20:40,239 Speaker 1: economy moving along at a reasonable expected rate of inflation. Right, 453 00:20:40,600 --> 00:20:43,520 Speaker 1: But you know, don't expect higher interest rates anytime soon 454 00:20:43,560 --> 00:20:46,720 Speaker 1: because we're actually below the targeted two percent inflation rate 455 00:20:46,840 --> 00:20:49,240 Speaker 1: that the Fed is set. That the Federal Reserve has 456 00:20:49,240 --> 00:20:51,960 Speaker 1: made it clear that they're not going to raise rates 457 00:20:52,240 --> 00:20:55,520 Speaker 1: interest rates their benchmark rate until the inflation rate is 458 00:20:55,720 --> 00:20:58,480 Speaker 1: ats or above its target rate for a while, which 459 00:20:58,520 --> 00:21:01,120 Speaker 1: is why they've said it might be sometimes three maybe 460 00:21:01,119 --> 00:21:04,520 Speaker 1: early before they make any moves there. And so the 461 00:21:04,640 --> 00:21:07,440 Speaker 1: rates of inflation is definitely increasing compared to where it's 462 00:21:07,480 --> 00:21:09,960 Speaker 1: been because things are warming up, like you know, like 463 00:21:10,440 --> 00:21:12,200 Speaker 1: it almost feels like we're kind of back to the 464 00:21:12,200 --> 00:21:15,199 Speaker 1: before times, Joel, or spending money like we used to. 465 00:21:15,600 --> 00:21:18,840 Speaker 1: But the inflation rate currently is not too high, at 466 00:21:18,880 --> 00:21:20,800 Speaker 1: least not yet. Yeah. I think one of the other 467 00:21:20,920 --> 00:21:23,920 Speaker 1: interesting things about inflation is, you know, we just talked 468 00:21:23,920 --> 00:21:26,320 Speaker 1: about how the government, uh, their their role in the 469 00:21:26,359 --> 00:21:29,440 Speaker 1: Federal Reserves role when it comes to inflation and kind 470 00:21:29,480 --> 00:21:32,120 Speaker 1: of attacking it if things get too crazy two out 471 00:21:32,119 --> 00:21:34,359 Speaker 1: of hand when it comes to inflation, or you know, 472 00:21:34,560 --> 00:21:38,920 Speaker 1: prodding the economy and trying to accelerate things and accelerate 473 00:21:38,920 --> 00:21:41,760 Speaker 1: the rate of inflation if things stall out. But now 474 00:21:41,800 --> 00:21:45,200 Speaker 1: let's talk about how we should think about inflation as individuals, 475 00:21:45,520 --> 00:21:47,560 Speaker 1: because you know, this is how the money. We want 476 00:21:47,560 --> 00:21:49,800 Speaker 1: to talk about your personal finances when it comes to 477 00:21:50,200 --> 00:21:53,560 Speaker 1: this giant broad economic topics. Right, And so even as 478 00:21:53,600 --> 00:21:57,080 Speaker 1: prices continue to rise, that doesn't mean that everything will 479 00:21:57,119 --> 00:21:59,439 Speaker 1: cost more. For instance, Matt, I think one of the 480 00:21:59,440 --> 00:22:01,800 Speaker 1: most fascinating things is we just assume rate of inflation, 481 00:22:02,160 --> 00:22:04,520 Speaker 1: everything that we buy is going to cost more. And 482 00:22:04,560 --> 00:22:06,159 Speaker 1: that might be frustrating. There might be like kind of 483 00:22:06,160 --> 00:22:08,680 Speaker 1: annoying thing to hear, maybe a little depressing. It's like, oh, 484 00:22:08,720 --> 00:22:11,639 Speaker 1: my gosh, everything is gonna cost more. But not quite true. 485 00:22:11,800 --> 00:22:15,000 Speaker 1: Because let's take for example, computers. They cost a whole 486 00:22:15,000 --> 00:22:19,280 Speaker 1: lot less than they did twenty years ago. Technological improvements 487 00:22:19,520 --> 00:22:22,439 Speaker 1: are actually a way that our dollars go further, and 488 00:22:22,480 --> 00:22:25,000 Speaker 1: inflation affects us less than we might think that it does. 489 00:22:25,359 --> 00:22:29,080 Speaker 1: In fact, Matt, everybody out there listening is probably listening 490 00:22:29,080 --> 00:22:32,080 Speaker 1: to this show on their super smart computer that's in 491 00:22:32,119 --> 00:22:35,359 Speaker 1: their pocket, their smartphone, right, And like they said that, 492 00:22:35,400 --> 00:22:37,720 Speaker 1: like the computing power that's in our smartphones right now, 493 00:22:37,800 --> 00:22:40,200 Speaker 1: could you know, take a like the Apolomossian to the moon. 494 00:22:41,000 --> 00:22:43,119 Speaker 1: I'm like, I wouldn't doubt it, yes, But instead, you know, 495 00:22:43,119 --> 00:22:46,280 Speaker 1: we're using it to play Kenny Crush things like that. 496 00:22:46,400 --> 00:22:48,080 Speaker 1: And well, and I think too about all the other 497 00:22:48,119 --> 00:22:50,960 Speaker 1: things maybe that we that we used to buy. That 498 00:22:51,480 --> 00:22:52,879 Speaker 1: just a bunch of items we used to have in 499 00:22:52,920 --> 00:22:54,560 Speaker 1: our house and we don't have any need for any 500 00:22:54,600 --> 00:22:58,120 Speaker 1: longer because we have a smartphone. Like, the smartphone replaces 501 00:22:58,200 --> 00:23:00,200 Speaker 1: just a ton of gadgets. It's like the Swiss army 502 00:23:00,240 --> 00:23:02,520 Speaker 1: knife tool at this point, Like you don't have to 503 00:23:02,560 --> 00:23:05,200 Speaker 1: have a flashlight or a calculator on hand anymore, or 504 00:23:05,240 --> 00:23:07,840 Speaker 1: an iPod or a video camera. I mean, there's so 505 00:23:07,880 --> 00:23:11,680 Speaker 1: many different things that your smartphone does that you used 506 00:23:11,720 --> 00:23:14,040 Speaker 1: to have all these other gadgets for. And so, yeah, 507 00:23:14,080 --> 00:23:18,800 Speaker 1: it's interesting to note how technological progress actually helps us 508 00:23:18,960 --> 00:23:21,919 Speaker 1: when it comes to inflation, so that we're not seeing 509 00:23:22,240 --> 00:23:25,920 Speaker 1: literally two percent of our dollars eroded every single year, basically, 510 00:23:25,920 --> 00:23:29,680 Speaker 1: even as inflation marches continually higher. That kind of progress 511 00:23:29,720 --> 00:23:32,760 Speaker 1: really does stem the tide in some ways at least. Yeah, 512 00:23:32,800 --> 00:23:35,600 Speaker 1: having a healthy, steady rate of inflation is a good thing. Right, 513 00:23:35,760 --> 00:23:37,880 Speaker 1: that's what we're kind of hoping for, but it's not everything. 514 00:23:37,880 --> 00:23:39,879 Speaker 1: There are other factors that we need to kind of 515 00:23:39,880 --> 00:23:42,199 Speaker 1: step back and you know, pull our noses out of 516 00:23:42,240 --> 00:23:44,480 Speaker 1: the book about inflation and realize that there are other 517 00:23:44,520 --> 00:23:46,760 Speaker 1: things that affect our lives and the price of things. 518 00:23:47,160 --> 00:23:50,159 Speaker 1: And you know, like we mentioned inflation affects wages as well. 519 00:23:50,359 --> 00:23:52,439 Speaker 1: That that mostly lame cost of living increase that you 520 00:23:52,480 --> 00:23:56,359 Speaker 1: get from your employer always annoyed me. It kind of 521 00:23:56,359 --> 00:23:59,000 Speaker 1: feels like a joke. But because inflation has been so 522 00:23:59,119 --> 00:24:02,280 Speaker 1: low over the past and years like that, that twenty 523 00:24:02,320 --> 00:24:05,040 Speaker 1: little raise is actually enough for your pay to slightly 524 00:24:05,119 --> 00:24:08,480 Speaker 1: outpace the price increases of most goods and services each year. 525 00:24:08,760 --> 00:24:13,560 Speaker 1: And so like, while your pay would ideally outpace inflation significantly, 526 00:24:13,880 --> 00:24:16,120 Speaker 1: that cost of living an increase is actually important. Uh 527 00:24:16,160 --> 00:24:20,520 Speaker 1: And since nineteen fifty, prices are up around one thousand percent, 528 00:24:20,880 --> 00:24:23,560 Speaker 1: but the median household income is actually up closer to 529 00:24:23,920 --> 00:24:27,760 Speaker 1: twenty uh So there's a massive difference between what folks 530 00:24:27,800 --> 00:24:31,720 Speaker 1: are earning these days compared to the new cost of goods. Yeah, overall, 531 00:24:31,800 --> 00:24:35,160 Speaker 1: the standard of living has increased dramatically in our country 532 00:24:35,359 --> 00:24:38,040 Speaker 1: right in the past seventy years. Just the idea that 533 00:24:38,080 --> 00:24:41,440 Speaker 1: you can have a decent smartphone for a hundred bucks 534 00:24:41,480 --> 00:24:44,520 Speaker 1: and monthly service for fifteen dollars a month. Like, it's 535 00:24:44,600 --> 00:24:47,879 Speaker 1: it's incredible compared to I think, you know, our our grandparents. 536 00:24:47,920 --> 00:24:49,800 Speaker 1: If you actually like talk to them about what it 537 00:24:49,840 --> 00:24:52,080 Speaker 1: was like to live in the nineteen fifties, they might 538 00:24:52,119 --> 00:24:54,119 Speaker 1: not love all the new technology, they might not be 539 00:24:54,160 --> 00:24:56,600 Speaker 1: on TikTok right, but they're at least going to be 540 00:24:56,600 --> 00:24:59,000 Speaker 1: able to admit that it's pretty crazy, Like the amount 541 00:24:59,240 --> 00:25:00,840 Speaker 1: of goods and serve this is that we have at 542 00:25:00,840 --> 00:25:03,800 Speaker 1: our disposal, and how inexpensive some of the most important 543 00:25:03,840 --> 00:25:07,240 Speaker 1: ones to us actually are. So Yeah, while the cost 544 00:25:07,280 --> 00:25:10,640 Speaker 1: of living wage increases, uh that you just mentioned Matt there, 545 00:25:10,800 --> 00:25:12,480 Speaker 1: you know, can sometimes be a bummer. It's nice to 546 00:25:12,480 --> 00:25:15,320 Speaker 1: know that they're actually helping us, you know, keep up 547 00:25:15,359 --> 00:25:18,000 Speaker 1: with the rate of inflation and technological progress. You know, 548 00:25:18,040 --> 00:25:20,879 Speaker 1: that's another thing that affects us more directly than what 549 00:25:20,920 --> 00:25:23,439 Speaker 1: the government does. But there are specific things that we 550 00:25:23,520 --> 00:25:26,720 Speaker 1: have direct control over ways that we should be using 551 00:25:26,760 --> 00:25:30,280 Speaker 1: our money now to combat the effects of inflation, especially 552 00:25:30,320 --> 00:25:32,719 Speaker 1: if inflation begins to tick up. We'll get to our 553 00:25:32,720 --> 00:25:43,960 Speaker 1: thoughts on that right after this. All right, dude, we 554 00:25:43,960 --> 00:25:46,080 Speaker 1: are back here. You know, up until now we've we've 555 00:25:46,119 --> 00:25:49,399 Speaker 1: been talking about inflation and the ways that it affects us, 556 00:25:49,400 --> 00:25:51,080 Speaker 1: But we also don't have a whole lot of control 557 00:25:51,480 --> 00:25:54,040 Speaker 1: over what Jerome Powell does with you know, over at 558 00:25:54,040 --> 00:25:56,240 Speaker 1: the Federal Reserve. Like we don't mean you don't I 559 00:25:56,280 --> 00:25:57,920 Speaker 1: got a direct line to a cell phone. You always 560 00:25:57,960 --> 00:25:59,560 Speaker 1: say that, like you've got everyone's cell phone number. I 561 00:25:59,560 --> 00:26:02,119 Speaker 1: can always connections that you don't know about. Nobody believes 562 00:26:02,160 --> 00:26:05,440 Speaker 1: you if you're going to constantly be crying Warren Buffett, 563 00:26:05,640 --> 00:26:08,320 Speaker 1: or if you're constantly crying your own pal, I don't 564 00:26:08,359 --> 00:26:10,399 Speaker 1: know any of them. But here's the thing. You know, 565 00:26:10,600 --> 00:26:12,480 Speaker 1: we do have control over what we do with our 566 00:26:12,600 --> 00:26:15,520 Speaker 1: own dollars. Uh, And so what can you do about inflation? 567 00:26:15,960 --> 00:26:18,320 Speaker 1: That is an important question to ask, so that you know, 568 00:26:18,400 --> 00:26:20,919 Speaker 1: no matter what we see happen with inflation in the 569 00:26:20,920 --> 00:26:23,359 Speaker 1: coming months and in the coming years, that it doesn't 570 00:26:23,440 --> 00:26:26,120 Speaker 1: hurt you in a significant way. And the first thing 571 00:26:26,240 --> 00:26:28,359 Speaker 1: that we're just always gonna recommend for folks to do 572 00:26:28,440 --> 00:26:31,000 Speaker 1: when it comes to their own personal finances and inflation 573 00:26:31,320 --> 00:26:33,720 Speaker 1: is to make sure that they are investing their money. 574 00:26:34,080 --> 00:26:35,800 Speaker 1: We want to make sure that folks are investing more 575 00:26:35,880 --> 00:26:38,240 Speaker 1: their money, and we want folks to understand too that 576 00:26:38,359 --> 00:26:40,840 Speaker 1: investing is not the same thing as saving their money. 577 00:26:41,200 --> 00:26:43,360 Speaker 1: I think it can be easy for some individuals to think, well, 578 00:26:43,400 --> 00:26:46,120 Speaker 1: I'm not buying that test ledgule, like you mentioned earlier, 579 00:26:46,200 --> 00:26:48,480 Speaker 1: I'm taking that money. I'm being responsible. It's sitting there 580 00:26:48,480 --> 00:26:50,600 Speaker 1: in my checking account, sitting there in my savings account. 581 00:26:50,760 --> 00:26:53,159 Speaker 1: But we're here to make sure that folks understand that 582 00:26:53,200 --> 00:26:56,160 Speaker 1: investing is uh such a better thing to do than 583 00:26:56,200 --> 00:26:58,840 Speaker 1: just saving your money. Because right well, obviously, like you 584 00:26:58,880 --> 00:27:00,840 Speaker 1: do need an emergency fund, you need liquid funds in 585 00:27:00,880 --> 00:27:04,200 Speaker 1: the bank. But if you avoid investing, dude, inflation is 586 00:27:04,240 --> 00:27:06,639 Speaker 1: going to eat you alive over the years, and it's 587 00:27:06,640 --> 00:27:08,359 Speaker 1: going to hurt the value of your dollars in a 588 00:27:08,400 --> 00:27:11,480 Speaker 1: big way. The main reason to start investing is to 589 00:27:11,520 --> 00:27:14,640 Speaker 1: build wealth, right but even before that, the first goal 590 00:27:14,680 --> 00:27:17,040 Speaker 1: of investing is to make sure that you're beating inflation 591 00:27:17,320 --> 00:27:20,960 Speaker 1: and to avoid seeing your wealth get destroyed through inactivity, 592 00:27:20,960 --> 00:27:22,439 Speaker 1: through it just sitting there in your savings or your 593 00:27:22,480 --> 00:27:24,440 Speaker 1: checking account. And so if you're too scared to invest 594 00:27:24,480 --> 00:27:26,639 Speaker 1: and you're only willing to put money in a savings account, 595 00:27:26,720 --> 00:27:29,320 Speaker 1: You're gonna end up in a really difficult position, and 596 00:27:29,400 --> 00:27:31,280 Speaker 1: that's not what we want for our listeners here at 597 00:27:31,280 --> 00:27:33,360 Speaker 1: how the money, That's what I think. The same thing 598 00:27:33,400 --> 00:27:35,280 Speaker 1: is true when it comes to like working out. Your 599 00:27:35,320 --> 00:27:37,240 Speaker 1: first goal is just to kind of keep your body 600 00:27:37,440 --> 00:27:40,040 Speaker 1: from deteriorating. You know what I'm saying, just to keep 601 00:27:40,040 --> 00:27:41,760 Speaker 1: you alive. If I just do like twenty push ups 602 00:27:41,760 --> 00:27:43,679 Speaker 1: a day, I can maybe keep myself. And yeah, I'm 603 00:27:43,680 --> 00:27:45,960 Speaker 1: not gonna get like the rock buff, but at least 604 00:27:46,040 --> 00:27:48,400 Speaker 1: I'm not going to get ridiculously weak. And I think 605 00:27:48,400 --> 00:27:50,320 Speaker 1: you're not gonna injure yourself. Hopefully it means that your 606 00:27:50,320 --> 00:27:54,479 Speaker 1: body won't go negative. And yeah, so I think it's 607 00:27:54,520 --> 00:27:56,280 Speaker 1: the same thing with investing your right, Matt, that the 608 00:27:56,320 --> 00:27:59,600 Speaker 1: first step is to beat inflation, and then wealth generation 609 00:27:59,800 --> 00:28:03,320 Speaker 1: is the inevitable consequence of continuing to invest. And I 610 00:28:03,359 --> 00:28:05,359 Speaker 1: think one thing that we need to talk about when 611 00:28:05,400 --> 00:28:07,359 Speaker 1: it comes to investing a lot of people and you're 612 00:28:07,400 --> 00:28:10,120 Speaker 1: gonna see more and more headlines touting this will say 613 00:28:10,160 --> 00:28:14,320 Speaker 1: that gold is the best hedge against inflation, and you're 614 00:28:14,359 --> 00:28:16,359 Speaker 1: just gonna see a lot of folks pointing to the 615 00:28:16,400 --> 00:28:18,160 Speaker 1: fact that you should be putting more of your funds 616 00:28:18,200 --> 00:28:21,760 Speaker 1: in gold as inflation starts to heat up. But yeah, 617 00:28:21,880 --> 00:28:24,280 Speaker 1: gold can be risky and it's not as good of 618 00:28:24,320 --> 00:28:26,480 Speaker 1: an inflation hedge as some people make it out to 619 00:28:26,560 --> 00:28:29,080 Speaker 1: be if you're invested for the long haul. If you're 620 00:28:29,240 --> 00:28:33,480 Speaker 1: investing for the next ten years, we still think and 621 00:28:33,800 --> 00:28:37,240 Speaker 1: based on historic returns to that sticking mostly with stocks 622 00:28:37,359 --> 00:28:39,520 Speaker 1: is your best bet. If you're looking for more short 623 00:28:39,600 --> 00:28:42,000 Speaker 1: term protection, putting your money in I bonds is a 624 00:28:42,000 --> 00:28:45,560 Speaker 1: worthwhile place to go. So are tips, which are treasury 625 00:28:45,600 --> 00:28:49,479 Speaker 1: inflation protected securities. Both of these products are based on 626 00:28:49,600 --> 00:28:52,719 Speaker 1: or linked to the inflation rates, and those are decent 627 00:28:52,880 --> 00:28:56,840 Speaker 1: vehicles if you're really concerned with inflation. But still, the 628 00:28:57,200 --> 00:29:01,480 Speaker 1: best way to outpace inflation with your dollars is to 629 00:29:01,600 --> 00:29:05,440 Speaker 1: invest and invest heavily in the stock market. Yep. And 630 00:29:05,480 --> 00:29:07,640 Speaker 1: you know, generally speaking, we're not fans of gold. Uh, 631 00:29:07,720 --> 00:29:09,040 Speaker 1: we're not fans. I mean, if you want to give 632 00:29:09,080 --> 00:29:11,480 Speaker 1: me some, I'll take it, Yes, I'll take it as well. 633 00:29:11,960 --> 00:29:14,320 Speaker 1: But investing in gold now, yeah, and I mean especially 634 00:29:14,320 --> 00:29:15,920 Speaker 1: physical gold as well, because then you have to get 635 00:29:16,040 --> 00:29:18,200 Speaker 1: like a lock box at the bank or something like that. 636 00:29:18,240 --> 00:29:19,920 Speaker 1: And that's just an inconvenience, Like I don't even want 637 00:29:19,920 --> 00:29:22,200 Speaker 1: to go to the post office right, like dot com 638 00:29:22,200 --> 00:29:25,320 Speaker 1: when we're talking about the stamps earlier, and so investing, 639 00:29:25,320 --> 00:29:26,640 Speaker 1: that's one thing that you can do to make sure 640 00:29:26,640 --> 00:29:29,880 Speaker 1: that you are fighting inflation. Housing, dude, Like, that's another 641 00:29:29,920 --> 00:29:33,600 Speaker 1: good hedge against inflation as well. Uh, primary residences are 642 00:29:33,640 --> 00:29:36,800 Speaker 1: the number one financial asset that most Americans have. We 643 00:29:36,800 --> 00:29:39,120 Speaker 1: we kind of wish that this wasn't the case. We'd 644 00:29:39,160 --> 00:29:42,000 Speaker 1: love for more Americans to be investing so much money 645 00:29:42,120 --> 00:29:44,560 Speaker 1: that therefore, oh, one K was actually worth more than 646 00:29:44,600 --> 00:29:47,480 Speaker 1: the equity of their home. But oh yeah, alas that 647 00:29:47,600 --> 00:29:51,480 Speaker 1: is not the case. However, the rising values of homes 648 00:29:51,720 --> 00:29:54,920 Speaker 1: have beat out inflation, and since the nineteen sixties, homes 649 00:29:54,920 --> 00:29:58,200 Speaker 1: have risen on average four pc annually, And so that's 650 00:29:58,240 --> 00:30:00,719 Speaker 1: a that is good news for homeowners. And another thing too, 651 00:30:00,840 --> 00:30:03,960 Speaker 1: low interest rate debt, like having a thirty year mortgage 652 00:30:04,080 --> 00:30:06,640 Speaker 1: in the low range that they're you know that it's 653 00:30:06,640 --> 00:30:09,080 Speaker 1: currently at now like around three This can actually be 654 00:30:08,960 --> 00:30:12,320 Speaker 1: beneficial when it comes to combating the effects of inflation 655 00:30:12,560 --> 00:30:15,680 Speaker 1: on your finances. Yeah, man, that that's because like your 656 00:30:15,680 --> 00:30:19,440 Speaker 1: monthly mortgage is locked in while inflation continues to march. 657 00:30:19,720 --> 00:30:21,600 Speaker 1: So like, yeah, you get that thirty year mortgage and 658 00:30:21,640 --> 00:30:24,680 Speaker 1: your monthly mortgage payment is a thousand dollars a month. 659 00:30:25,320 --> 00:30:27,600 Speaker 1: Ten years from now, a thousand dollars a month. It 660 00:30:27,600 --> 00:30:30,080 Speaker 1: looks like a pretty cheap, you know, monthly amount to 661 00:30:30,080 --> 00:30:32,520 Speaker 1: be paying right now. It might not seem as ideal 662 00:30:32,560 --> 00:30:34,600 Speaker 1: as you would like, but later on down the road, 663 00:30:34,920 --> 00:30:38,040 Speaker 1: as prices continue to rise, having locked that in is 664 00:30:38,080 --> 00:30:40,600 Speaker 1: going to be really really nice, right And you shouldn't 665 00:30:40,600 --> 00:30:44,200 Speaker 1: typically buy a home for just financial reasons, like homes 666 00:30:44,200 --> 00:30:46,880 Speaker 1: are not a great investment. A better reason to buy 667 00:30:46,880 --> 00:30:48,520 Speaker 1: a home is for the impact that it's going to 668 00:30:48,640 --> 00:30:50,840 Speaker 1: have on your lifestyle. That you want to put down roots. 669 00:30:50,880 --> 00:30:52,520 Speaker 1: You know, you want to you know, join that community 670 00:30:52,560 --> 00:30:53,920 Speaker 1: and you want to stay there for a long time. 671 00:30:54,040 --> 00:30:55,800 Speaker 1: You want to paint the walls the color that you 672 00:30:55,840 --> 00:30:59,440 Speaker 1: want them. Yeah, an orange wall in one of our 673 00:30:59,480 --> 00:31:02,200 Speaker 1: homes and get turquoise office. We kind of stopped using 674 00:31:02,200 --> 00:31:06,120 Speaker 1: the crazy colors so recently, Um, yeah, bring it back, dude. Maybe, 675 00:31:06,160 --> 00:31:08,000 Speaker 1: I don't know, I'll think about it all the different colors. 676 00:31:08,080 --> 00:31:09,760 Speaker 1: Haven't we seen that as a trend as folks are 677 00:31:09,800 --> 00:31:12,720 Speaker 1: leaving lockdown, like folks are kind of embracing like vibrancy 678 00:31:12,760 --> 00:31:15,320 Speaker 1: and life and just different colors. Well, no one wants 679 00:31:15,360 --> 00:31:18,040 Speaker 1: the draft, you know, grays and whites and blacks anymore, 680 00:31:18,080 --> 00:31:21,600 Speaker 1: even though that's like half my wardrobe personally. It actually 681 00:31:21,600 --> 00:31:23,200 Speaker 1: all the all the house, all the walls in our 682 00:31:23,240 --> 00:31:25,280 Speaker 1: house are all those colors as well. Well. I think 683 00:31:25,320 --> 00:31:27,880 Speaker 1: the reason that we opted to stop going with the 684 00:31:27,920 --> 00:31:31,960 Speaker 1: insane wall colors was so that our artwork could actually 685 00:31:31,960 --> 00:31:33,960 Speaker 1: stand out because our artworks a little daney and a 686 00:31:34,000 --> 00:31:37,360 Speaker 1: little colorful, and yeah, having a more reserved art color 687 00:31:37,360 --> 00:31:39,800 Speaker 1: actually helps those popping that's on, Yeah, like a gallery wall, 688 00:31:39,880 --> 00:31:42,880 Speaker 1: that's right. But yeah, in effect, because of inflation, it 689 00:31:42,960 --> 00:31:45,760 Speaker 1: feels like your monthly mortgage payment is even shrinking even 690 00:31:45,800 --> 00:31:48,400 Speaker 1: though it's staying the same when you own that home. 691 00:31:48,680 --> 00:31:50,640 Speaker 1: So if you own a home, it's a solid hedge 692 00:31:50,680 --> 00:31:55,280 Speaker 1: against potential inflation increases. If you're particularly worried about inflation, 693 00:31:55,560 --> 00:31:57,600 Speaker 1: owning a home is one way to kind of weather 694 00:31:57,680 --> 00:32:00,840 Speaker 1: any potential inflation storm that comes up. Yeah, it's definitely 695 00:32:00,880 --> 00:32:03,000 Speaker 1: a benefit. Like and again, we wouldn't recommend folks to 696 00:32:03,120 --> 00:32:06,400 Speaker 1: purchase a home, and specifically as an inflation hedge. Like 697 00:32:06,400 --> 00:32:09,640 Speaker 1: there are so many other factors to consider, specifically, if 698 00:32:09,880 --> 00:32:11,680 Speaker 1: if fits your lifestyle. You know, if you want to 699 00:32:11,680 --> 00:32:13,120 Speaker 1: be in a home, and how long you're going to 700 00:32:13,200 --> 00:32:14,120 Speaker 1: be in the home, you need to make sure that 701 00:32:14,120 --> 00:32:16,000 Speaker 1: you're going there at least five years, if not more, 702 00:32:16,200 --> 00:32:17,960 Speaker 1: to make sure that it's worth it for you. But 703 00:32:18,160 --> 00:32:20,320 Speaker 1: that is a benefit for sure in a way that 704 00:32:20,360 --> 00:32:22,920 Speaker 1: you can beat inflation. Another thing you can do too 705 00:32:23,000 --> 00:32:27,560 Speaker 1: is to prioritize eliminating high and straight debts, especially debt 706 00:32:27,640 --> 00:32:31,440 Speaker 1: that comes with variable interest rates. If we do begin 707 00:32:31,480 --> 00:32:35,120 Speaker 1: to see inflation become a more meaningful issue, it will 708 00:32:35,160 --> 00:32:37,680 Speaker 1: likely affect the interest rate that you pay on debts 709 00:32:37,720 --> 00:32:40,880 Speaker 1: like credit cards and he locks. Uh. Those rates might 710 00:32:40,960 --> 00:32:45,120 Speaker 1: be low now, but if inflation kicks into a higher gear, 711 00:32:45,560 --> 00:32:48,440 Speaker 1: they won't stay low for long. And so if you've 712 00:32:48,560 --> 00:32:50,920 Speaker 1: let that debt, linger work to get rid of it now. 713 00:32:51,400 --> 00:32:54,520 Speaker 1: So generally speaking, uh, yeah, inflation kind of it's bad 714 00:32:54,560 --> 00:32:56,800 Speaker 1: for your variable rate debt that you might have, but 715 00:32:56,800 --> 00:32:58,800 Speaker 1: it's good for your savings. Uh. And it's good too 716 00:32:58,880 --> 00:33:01,520 Speaker 1: if you have that that really low fixed rate debt 717 00:33:01,520 --> 00:33:04,800 Speaker 1: like a mortgage. Yeah. And one other reaction you should 718 00:33:04,880 --> 00:33:08,520 Speaker 1: have in all likelihood to inflation. One way to protect 719 00:33:08,520 --> 00:33:11,560 Speaker 1: your personal finances is to get on a budget and 720 00:33:11,600 --> 00:33:15,360 Speaker 1: then adapted accordingly. Basically, if you're trying to live on 721 00:33:15,520 --> 00:33:18,560 Speaker 1: the same budget numbers that you were from two thousand 722 00:33:18,600 --> 00:33:20,880 Speaker 1: and eleven, from ten years ago, I bet you're having 723 00:33:20,920 --> 00:33:23,400 Speaker 1: a tough time because prices have gone up. Like, even 724 00:33:23,440 --> 00:33:26,920 Speaker 1: though inflation has been low, we have seen price increases 725 00:33:26,920 --> 00:33:29,600 Speaker 1: over the last ten years on everything from you know, 726 00:33:29,640 --> 00:33:33,280 Speaker 1: what you pay for cars, car insurance, milk stamps of course, 727 00:33:33,640 --> 00:33:36,200 Speaker 1: right like all those things. Be craft beer definitely has 728 00:33:36,200 --> 00:33:38,840 Speaker 1: gone up. It's definitely. I'm actually really curious to look 729 00:33:38,840 --> 00:33:42,160 Speaker 1: back at the craft beer prices from yeah, ten years ago. 730 00:33:42,440 --> 00:33:44,640 Speaker 1: But here's the thing, it's not apples to apples because 731 00:33:44,680 --> 00:33:47,040 Speaker 1: the quality of the craft beer has definitely gone up 732 00:33:47,040 --> 00:33:49,040 Speaker 1: in the past ten years. You know what, I know it, 733 00:33:49,520 --> 00:33:51,400 Speaker 1: The whole world knows it, the American people know it. 734 00:33:51,480 --> 00:33:53,400 Speaker 1: We all know it. Right Yeah, So so yeah, like, 735 00:33:53,440 --> 00:33:56,120 Speaker 1: obviously you're not gonna be able to to live well 736 00:33:56,480 --> 00:33:59,240 Speaker 1: on the budget that you created ten twenty years ago. 737 00:33:59,600 --> 00:34:01,720 Speaker 1: You need to update your budget, and you need to 738 00:34:01,800 --> 00:34:05,000 Speaker 1: update it as prices shift. And we're not talking like 739 00:34:05,080 --> 00:34:08,280 Speaker 1: incremental small changes on a monthly basis, but double checking 740 00:34:08,280 --> 00:34:10,000 Speaker 1: your budget once a year to make sure that you 741 00:34:10,040 --> 00:34:12,520 Speaker 1: can still get by on that gas or grocery budget 742 00:34:12,800 --> 00:34:15,720 Speaker 1: is crucial. Like, you know, if you've noticed your grocery 743 00:34:15,719 --> 00:34:18,960 Speaker 1: bills start to creep up, or if obviously gas prices 744 00:34:18,960 --> 00:34:21,120 Speaker 1: have definitely gone up. If you're like I drive the 745 00:34:21,160 --> 00:34:23,600 Speaker 1: same amount of miles, I can't cut how much I'm driving. 746 00:34:23,840 --> 00:34:25,960 Speaker 1: My budget needs to increase accordingly, and I might need 747 00:34:26,000 --> 00:34:28,320 Speaker 1: to cut back in another place so that my budget 748 00:34:28,360 --> 00:34:31,560 Speaker 1: still works. Will do that. But having a budget that 749 00:34:31,680 --> 00:34:36,520 Speaker 1: works for the reality of the prices that exist is 750 00:34:36,520 --> 00:34:39,000 Speaker 1: is really important. Yeah, dude, you know, And as prices 751 00:34:39,000 --> 00:34:41,319 Speaker 1: have gone up, there are ways though that we can 752 00:34:41,360 --> 00:34:43,000 Speaker 1: kind of make these changes to our budgets to make 753 00:34:43,000 --> 00:34:45,439 Speaker 1: sure that we are still on a budget and making 754 00:34:45,440 --> 00:34:47,440 Speaker 1: sure that our dollars are going the distance that we 755 00:34:47,480 --> 00:34:49,120 Speaker 1: wanted to. You know, one of the things you can 756 00:34:49,120 --> 00:34:50,839 Speaker 1: do is you can substitute to purchase that you might 757 00:34:51,239 --> 00:34:54,799 Speaker 1: normally make with something similar that hasn't, say, gone up 758 00:34:54,840 --> 00:34:57,279 Speaker 1: in price to the same degree. So, for instance, if 759 00:34:57,280 --> 00:35:00,520 Speaker 1: you like rib By, uh, maybe the prices everybody have 760 00:35:00,560 --> 00:35:03,120 Speaker 1: gone up. Uh. What you can do instead is instead 761 00:35:03,200 --> 00:35:05,839 Speaker 1: eat like a cheaper cut of meat. Uh. Instead, maybe 762 00:35:05,840 --> 00:35:08,000 Speaker 1: you can be looking at that that skirt steak, although 763 00:35:08,000 --> 00:35:10,080 Speaker 1: I think skirt staate is pretty expensive too because it's 764 00:35:10,120 --> 00:35:12,160 Speaker 1: kind of a lot of people like it. Now maybe 765 00:35:12,160 --> 00:35:17,200 Speaker 1: you go, yeah, but but then is it even worth getting? 766 00:35:18,640 --> 00:35:20,480 Speaker 1: That's true. So that's one of the things you can do. 767 00:35:20,640 --> 00:35:22,480 Speaker 1: Or obviously too, you can just cut it all together. 768 00:35:22,560 --> 00:35:24,520 Speaker 1: You can just do without and so for instance, just 769 00:35:24,719 --> 00:35:27,000 Speaker 1: skip it all together, like just eliminate that meat from 770 00:35:27,000 --> 00:35:29,560 Speaker 1: your diet. I'm just eating Spanish now exactly. Yeah. Yeah, 771 00:35:29,560 --> 00:35:32,080 Speaker 1: and so yeah, like we said, inflation will hit some 772 00:35:32,120 --> 00:35:34,960 Speaker 1: categories harder than others, but just be aware and be 773 00:35:35,000 --> 00:35:37,839 Speaker 1: willing to shift your your your buying accordingly. Uh. And 774 00:35:38,040 --> 00:35:39,560 Speaker 1: I just want to point out in highlight too that 775 00:35:39,600 --> 00:35:42,040 Speaker 1: like we're not talking about just every year increasing all 776 00:35:42,080 --> 00:35:44,440 Speaker 1: of the different categories in your budget by two percent 777 00:35:44,719 --> 00:35:47,239 Speaker 1: or whatever the inflation rate is that you know for 778 00:35:47,280 --> 00:35:49,960 Speaker 1: that year. Instead, we want you to reflect on your 779 00:35:49,960 --> 00:35:52,520 Speaker 1: budget and and just look at maybe areas that went 780 00:35:52,600 --> 00:35:55,799 Speaker 1: slightly over and if those are areas that means something 781 00:35:55,800 --> 00:35:57,239 Speaker 1: to you, did you gain a lot of value from 782 00:35:57,239 --> 00:35:59,719 Speaker 1: those categories of spending, then that's when you want to 783 00:35:59,719 --> 00:36:01,320 Speaker 1: make sure that you increase that a little bit. You 784 00:36:01,360 --> 00:36:03,720 Speaker 1: don't want to be constantly in the state of feeling 785 00:36:03,760 --> 00:36:07,160 Speaker 1: like you are failing your budget, right, because that would 786 00:36:07,160 --> 00:36:10,000 Speaker 1: feel maybe a little defeatist. But dude, honestly, I I 787 00:36:10,080 --> 00:36:13,439 Speaker 1: really do like the fact that every year, assuming let's 788 00:36:13,440 --> 00:36:15,520 Speaker 1: just say that, you know, the inflation rates at two percent, 789 00:36:15,880 --> 00:36:18,680 Speaker 1: that our money buys us a little bit less, assuming 790 00:36:18,680 --> 00:36:21,880 Speaker 1: that your wages are moving up in accordance with inflation, 791 00:36:22,120 --> 00:36:24,080 Speaker 1: but you're spending, if you're kind of locked into like 792 00:36:24,080 --> 00:36:26,879 Speaker 1: maybe the previous year spending. I like how there's this 793 00:36:26,880 --> 00:36:29,600 Speaker 1: this natural tightening of the belt that takes place, and 794 00:36:29,640 --> 00:36:32,919 Speaker 1: it takes you being intentionally proactive to say, Okay, now 795 00:36:33,200 --> 00:36:34,959 Speaker 1: I am I'm going to choose to spend a little 796 00:36:34,960 --> 00:36:37,719 Speaker 1: bit more. It's one of the rare instances I feel 797 00:36:37,760 --> 00:36:39,959 Speaker 1: like in life where if you stick with a certain 798 00:36:40,000 --> 00:36:42,360 Speaker 1: dollar amount, that's actually gonna mean more money in your 799 00:36:42,400 --> 00:36:44,840 Speaker 1: account at the end of the day. Does that make sense. Yeah, 800 00:36:44,840 --> 00:36:47,600 Speaker 1: It's almost like a behavioral thing that you're not thinking about. 801 00:36:47,640 --> 00:36:48,759 Speaker 1: You're like, well, I guess I'll just keep the saying 802 00:36:48,760 --> 00:36:51,640 Speaker 1: budget from last year. Yeah, without realizing that it's behind 803 00:36:51,680 --> 00:36:53,839 Speaker 1: you a little bit less and therefore you're actually kind 804 00:36:53,840 --> 00:36:55,960 Speaker 1: of saving a little bit more. Yeah. I like that. 805 00:36:55,960 --> 00:36:57,719 Speaker 1: It's it's kind of like, yeah, a little psychological trick 806 00:36:57,760 --> 00:36:59,640 Speaker 1: probably having to be just a little more intentional and 807 00:36:59,680 --> 00:37:02,120 Speaker 1: thin grow story. Yeah, yeah, yeah, yeah, And Matt, I 808 00:37:02,200 --> 00:37:04,800 Speaker 1: think it does remain to be seen whether inflation is 809 00:37:04,800 --> 00:37:07,480 Speaker 1: going to have a major impact on our economy and 810 00:37:07,560 --> 00:37:10,280 Speaker 1: on our personal finances in the coming years. There's definitely 811 00:37:10,280 --> 00:37:13,000 Speaker 1: no solid information right now where we can be like, Yep, 812 00:37:13,320 --> 00:37:15,319 Speaker 1: it's gonna it's gonna mess you up in a big way, 813 00:37:15,360 --> 00:37:17,560 Speaker 1: and you definitely need to be taking this, this and 814 00:37:17,640 --> 00:37:20,920 Speaker 1: this step. But hopefully we outlined enough steps so you 815 00:37:20,920 --> 00:37:24,160 Speaker 1: can be prepared for inflation. And you know what, even 816 00:37:24,200 --> 00:37:28,000 Speaker 1: if inflation doesn't get out of control, inflation is a constant, right, 817 00:37:28,040 --> 00:37:30,360 Speaker 1: and so there are steps we need to take anyway, 818 00:37:30,680 --> 00:37:34,040 Speaker 1: no matter the rate of inflation and what the future holds. Yeah, 819 00:37:34,040 --> 00:37:37,080 Speaker 1: and and hopefully to again even if runaway inflation isn't 820 00:37:37,160 --> 00:37:39,279 Speaker 1: a massive problem like later this year or next year, 821 00:37:39,280 --> 00:37:42,520 Speaker 1: in the future, it's just important to understand how inflation works. 822 00:37:43,000 --> 00:37:44,640 Speaker 1: Kind of like when we were talking about electricity as 823 00:37:44,760 --> 00:37:47,120 Speaker 1: as a metaphor, when you understand something it becomes a 824 00:37:47,120 --> 00:37:49,799 Speaker 1: whole lot less scary, right, And so that's the whole 825 00:37:49,800 --> 00:37:51,320 Speaker 1: point of this episode is that kind of shine a 826 00:37:51,440 --> 00:37:54,279 Speaker 1: light on how it works, to realize it's there, uh, 827 00:37:54,360 --> 00:37:57,000 Speaker 1: to realize that it can provide a lot of good 828 00:37:57,080 --> 00:38:00,120 Speaker 1: for our economy, and then it likely shouldn't be something 829 00:38:00,200 --> 00:38:02,560 Speaker 1: that you're scared of. It's something that you need to 830 00:38:02,600 --> 00:38:06,880 Speaker 1: treat with respect. Uh. In that like what parents always 831 00:38:06,880 --> 00:38:09,080 Speaker 1: say about certain tools that are like dangerous, Like we 832 00:38:09,080 --> 00:38:12,480 Speaker 1: need t shirts to say respect the inflation. That would 833 00:38:12,520 --> 00:38:14,839 Speaker 1: be amazing. But yeah, it's it's something you don't need 834 00:38:14,840 --> 00:38:17,040 Speaker 1: to be scared of though, And oftentimes the headlines that 835 00:38:17,080 --> 00:38:19,839 Speaker 1: we see in the news are are often just overhyped. Yeah, yeah, 836 00:38:19,920 --> 00:38:21,560 Speaker 1: I think exactly. I think it's one of the things 837 00:38:21,600 --> 00:38:23,640 Speaker 1: that we want people to take away from this episode 838 00:38:23,640 --> 00:38:26,120 Speaker 1: two is to not freak out too much about all 839 00:38:26,120 --> 00:38:29,560 Speaker 1: the inflation prognostications that are flying around these days, all 840 00:38:29,560 --> 00:38:32,120 Speaker 1: the headlines that are like, inflation is gonna mess you up. Like, 841 00:38:32,719 --> 00:38:35,640 Speaker 1: it is true that inflation might have more of an 842 00:38:35,640 --> 00:38:38,120 Speaker 1: impact on our dollars in the coming years, but there's 843 00:38:38,160 --> 00:38:40,680 Speaker 1: a lot that you can do to be prepared and 844 00:38:40,840 --> 00:38:44,480 Speaker 1: in all likelihood that inflation of prices is going to 845 00:38:44,600 --> 00:38:47,960 Speaker 1: mean inflation in wages, and so inflation is something we 846 00:38:48,000 --> 00:38:50,279 Speaker 1: do need to know about, but it's not something we 847 00:38:50,320 --> 00:38:52,359 Speaker 1: need to be scared of, all right, Matt, Let's move 848 00:38:52,440 --> 00:38:54,279 Speaker 1: back to the beer. Today on the show, we drank 849 00:38:54,320 --> 00:38:56,840 Speaker 1: a beer called be Easy. It's a double I p 850 00:38:56,960 --> 00:38:59,360 Speaker 1: A a Citra I p A by the good folks 851 00:38:59,360 --> 00:39:02,279 Speaker 1: at Money Night. What were your thoughts on this beer? Man? Yeah? 852 00:39:02,320 --> 00:39:05,560 Speaker 1: Not surprisingly, this is a double New England I p A. 853 00:39:05,719 --> 00:39:08,520 Speaker 1: So as we poured it nice and hazy, basically looked 854 00:39:08,560 --> 00:39:11,600 Speaker 1: like orange juice, and dude, it was a total juice bomb, 855 00:39:11,800 --> 00:39:14,440 Speaker 1: so delicious in my opinion. It had the right amount 856 00:39:14,480 --> 00:39:17,120 Speaker 1: of hot bitterness. It kind of had that herbal nature 857 00:39:17,160 --> 00:39:19,319 Speaker 1: going on, with the right amount of sweetness as well. 858 00:39:19,719 --> 00:39:22,120 Speaker 1: There's no surprise that I really like this one. And 859 00:39:22,239 --> 00:39:23,880 Speaker 1: uh yeah, what are your thoughts? I'm just going to 860 00:39:23,960 --> 00:39:26,799 Speaker 1: guess that you also liked it? Also like this beer? Yes, 861 00:39:26,960 --> 00:39:29,880 Speaker 1: somehow a lot. It's start having beers on that we 862 00:39:29,920 --> 00:39:32,239 Speaker 1: don't like, just just you know, I think folks want 863 00:39:32,239 --> 00:39:34,080 Speaker 1: to hear us complain about something because we don't. We 864 00:39:34,120 --> 00:39:35,560 Speaker 1: don't often complain about the beers, but we have on 865 00:39:35,600 --> 00:39:38,080 Speaker 1: the show because I mean we were like craft beer. Yeah. 866 00:39:38,120 --> 00:39:39,600 Speaker 1: We literally got an email from somebody one time and 867 00:39:39,600 --> 00:39:41,000 Speaker 1: they're like, there's no way you like all the beers 868 00:39:41,080 --> 00:39:43,239 Speaker 1: you have, and like, well, no, we hand picked most 869 00:39:43,239 --> 00:39:45,239 Speaker 1: of them, and so sometimes we do. I look at 870 00:39:45,239 --> 00:39:48,040 Speaker 1: the on tap ratings and like when people send us bears, Yeah, 871 00:39:48,480 --> 00:39:50,359 Speaker 1: usually we like them too because we like craft beer 872 00:39:50,400 --> 00:39:52,000 Speaker 1: and people know, you know, the kind of stuff we like. 873 00:39:52,080 --> 00:39:55,440 Speaker 1: But um, yeah, this was another really good one. I 874 00:39:55,480 --> 00:39:57,879 Speaker 1: think what's fun about this beer? I love to get 875 00:39:57,920 --> 00:39:59,799 Speaker 1: the try every once in a while a single hop 876 00:40:00,080 --> 00:40:02,160 Speaker 1: p A. Yeah, like most I p A s are 877 00:40:02,200 --> 00:40:04,600 Speaker 1: this medley of like four or five six different varieties 878 00:40:04,840 --> 00:40:08,560 Speaker 1: kind of used together to make that beer. But with 879 00:40:08,680 --> 00:40:10,680 Speaker 1: this beer, you get like an in depth treatment to 880 00:40:10,960 --> 00:40:13,840 Speaker 1: like the Citra hop and yeah, I really enjoy I 881 00:40:13,840 --> 00:40:16,680 Speaker 1: think Citra hop is one of my favorites. Sometimes it 882 00:40:16,719 --> 00:40:18,400 Speaker 1: can be a little juicy and it can be a 883 00:40:18,400 --> 00:40:20,560 Speaker 1: little one note, but whatever they did with this beer, 884 00:40:20,680 --> 00:40:23,360 Speaker 1: it had a bunch going on. It was still delicious. 885 00:40:23,600 --> 00:40:25,520 Speaker 1: So yeah, this is probably one of the best single 886 00:40:25,560 --> 00:40:27,520 Speaker 1: hop I p A s I've ever had. Yeah, and 887 00:40:27,560 --> 00:40:30,520 Speaker 1: specifically to this one was Brooding Partnership with Bottle Share, 888 00:40:30,560 --> 00:40:33,680 Speaker 1: which is a kind of it's a nonprofit that folks 889 00:40:33,680 --> 00:40:36,760 Speaker 1: who are in the craft beer industry that if they remember, uh, 890 00:40:36,800 --> 00:40:39,440 Speaker 1: those I guess those funds or you know, money that 891 00:40:39,440 --> 00:40:42,120 Speaker 1: they pay into it goes towards folks who have faced 892 00:40:42,160 --> 00:40:43,840 Speaker 1: something really difficult in their life. And so I assume 893 00:40:43,920 --> 00:40:45,920 Speaker 1: that a part of this specific beer actually went into 894 00:40:45,960 --> 00:40:47,560 Speaker 1: that nonprofit, which is a really good thing as well. 895 00:40:47,560 --> 00:40:48,960 Speaker 1: And so I'm glad that that's something that you and 896 00:40:49,000 --> 00:40:50,720 Speaker 1: I could be a part of in a very small 897 00:40:50,719 --> 00:40:53,280 Speaker 1: way by sharing this one here on the show. Joel, 898 00:40:53,520 --> 00:40:55,319 Speaker 1: that's the best thing when you buy beer and it 899 00:40:55,360 --> 00:40:59,279 Speaker 1: helps somebody, of course, I mean, uh, but yeah, man, 900 00:40:59,320 --> 00:41:01,239 Speaker 1: that's gonna be it for the episode. Listeners can find 901 00:41:01,239 --> 00:41:03,080 Speaker 1: our show notes up on our website at how to 902 00:41:03,160 --> 00:41:06,319 Speaker 1: money dot com. Yeah, and if you're still confused about 903 00:41:06,440 --> 00:41:09,359 Speaker 1: inflation or maybe you've got some additional questions, we'd love 904 00:41:09,400 --> 00:41:11,799 Speaker 1: to to hear them. And actually you can send in 905 00:41:11,800 --> 00:41:14,120 Speaker 1: a voice memo and we can take that question on 906 00:41:14,160 --> 00:41:17,320 Speaker 1: an upcoming ask htm episode. Just go to how the 907 00:41:17,360 --> 00:41:20,360 Speaker 1: Money dot com slash ask simple instructions there for you 908 00:41:20,400 --> 00:41:22,880 Speaker 1: to submit your voice question and we can take it 909 00:41:22,880 --> 00:41:25,080 Speaker 1: on an upcoming episode. We did our best, but we 910 00:41:25,360 --> 00:41:27,480 Speaker 1: might not have knocked at the park well, and we 911 00:41:27,480 --> 00:41:29,440 Speaker 1: didn't dive another things too that maybe we wanted to, 912 00:41:29,560 --> 00:41:32,360 Speaker 1: like like m M T right, modern monetary theory, Like 913 00:41:32,400 --> 00:41:34,520 Speaker 1: there's all sorts of things when it comes to inflation 914 00:41:34,560 --> 00:41:36,120 Speaker 1: that we didn't really touch on because we didn't want 915 00:41:36,120 --> 00:41:38,120 Speaker 1: to get too nerdy with it. But it's political too, 916 00:41:38,120 --> 00:41:40,359 Speaker 1: because sometimes that's that's true, yeah, but but it's things 917 00:41:40,400 --> 00:41:42,360 Speaker 1: that we find interesting and so I feel like listener 918 00:41:42,440 --> 00:41:43,959 Speaker 1: questions are a way to kind of do a deep dive. 919 00:41:44,719 --> 00:41:47,000 Speaker 1: It does something that we wouldn't normally spend in an 920 00:41:47,120 --> 00:41:50,120 Speaker 1: entire episode talking about. But inflation, dude, it's so essential, 921 00:41:50,160 --> 00:41:51,440 Speaker 1: and it's good to make sure that we're all on 922 00:41:51,480 --> 00:41:54,040 Speaker 1: the same page moving forward and that folks understand it 923 00:41:54,120 --> 00:41:56,120 Speaker 1: as well. Yeah for sure. All right, So thanks for 924 00:41:56,160 --> 00:41:59,799 Speaker 1: listening and until next time, best friends, best friends out, 925 00:42:01,880 --> 00:42:08,320 Speaker 1: M M.