1 00:00:00,080 --> 00:00:03,239 Speaker 1: Welcome to Out of Money. I'm Joel, I am Matt. 2 00:00:03,400 --> 00:00:06,880 Speaker 2: Today we're talking pre K for pay, helicopter savers and 3 00:00:06,960 --> 00:00:28,760 Speaker 2: politics shmoloitics, politicsitics. 4 00:00:28,800 --> 00:00:30,560 Speaker 1: You know what I would have called that one? Uh? 5 00:00:30,640 --> 00:00:32,000 Speaker 1: Parties and politics makes you poor? 6 00:00:32,680 --> 00:00:36,040 Speaker 2: The PPP too, Yeah, what happened to the uh? 7 00:00:36,120 --> 00:00:39,319 Speaker 1: You're doing a little bit of alliteration, alliterations, thought, I'm 8 00:00:39,560 --> 00:00:40,160 Speaker 1: moving away. 9 00:00:40,320 --> 00:00:42,120 Speaker 2: I just thought of that because of all the jabs 10 00:00:42,240 --> 00:00:43,720 Speaker 2: you've tossed over the years of my way. 11 00:00:44,080 --> 00:00:46,000 Speaker 1: No. I was just reading some roll Doll with my buddy, 12 00:00:46,080 --> 00:00:49,200 Speaker 1: my little guy, oh the whole family, and gosh, what 13 00:00:50,560 --> 00:00:54,040 Speaker 1: miss Trench Bull from Matilda Uh huh. Roll Dall does 14 00:00:54,040 --> 00:00:55,600 Speaker 1: a good bit of alliteration too, And I wonder, and 15 00:00:55,640 --> 00:00:56,840 Speaker 1: I know you're a big fan, and I wonder if 16 00:00:56,880 --> 00:00:59,600 Speaker 1: that's where you get it. I think the one I think, 17 00:00:59,600 --> 00:01:02,440 Speaker 1: the one I most recently remember was I think they 18 00:01:02,520 --> 00:01:08,360 Speaker 1: called her a formidable female character that she plays in 19 00:01:08,440 --> 00:01:08,839 Speaker 1: that book. 20 00:01:08,920 --> 00:01:11,120 Speaker 2: I think if there was a mount rushmore of children's 21 00:01:11,120 --> 00:01:12,960 Speaker 2: book authors, he'd be, Oh, yeah, he's up there. Him 22 00:01:13,000 --> 00:01:15,400 Speaker 2: and JK are up there. I don't know who else 23 00:01:15,400 --> 00:01:17,040 Speaker 2: i'd put up there, but those those two come to mind. 24 00:01:17,080 --> 00:01:17,959 Speaker 2: Instantly like JK. 25 00:01:17,959 --> 00:01:21,840 Speaker 1: Simmons, I haven't read any of his books, No different one. Well, 26 00:01:21,880 --> 00:01:24,000 Speaker 1: instead of some banter, dude, let's just jump right into it. 27 00:01:24,200 --> 00:01:27,880 Speaker 1: Let's talk about getting a job, buddy. Some people assume 28 00:01:28,280 --> 00:01:30,920 Speaker 1: that more education is always going to be a good thing, 29 00:01:31,000 --> 00:01:33,679 Speaker 1: that it's going to lead to better job opportunities, it's 30 00:01:33,680 --> 00:01:34,959 Speaker 1: going to lead to better pay. That's a lot of 31 00:01:34,959 --> 00:01:35,800 Speaker 1: times why folks do it. 32 00:01:35,800 --> 00:01:38,000 Speaker 2: It's like the more initials after my name, the more 33 00:01:38,040 --> 00:01:38,880 Speaker 2: highly I'll be valued. 34 00:01:38,959 --> 00:01:42,039 Speaker 1: I've got no idea compensated what any of those initials mean, 35 00:01:42,080 --> 00:01:44,520 Speaker 1: because I didn't take the course that teaches me what 36 00:01:44,560 --> 00:01:46,920 Speaker 1: all the initials mean. We all know the value of 37 00:01:46,920 --> 00:01:49,280 Speaker 1: a college education, of course, but it has also come 38 00:01:49,320 --> 00:01:52,240 Speaker 1: into a bit more scrutiny as costs have risen steeply 39 00:01:52,280 --> 00:01:54,800 Speaker 1: over the years and the value of certain degrees has 40 00:01:54,840 --> 00:02:00,240 Speaker 1: certainly declined. But it is not just college job skill certificates. 41 00:02:00,560 --> 00:02:05,040 Speaker 1: Turns out they're a bit overrated too. Online courses, certificates 42 00:02:05,080 --> 00:02:10,040 Speaker 1: and credentialing are vastly overrated, as the Burning Glass Institute 43 00:02:10,120 --> 00:02:13,600 Speaker 1: recently found. They took a look at over twenty three 44 00:02:13,639 --> 00:02:16,880 Speaker 1: thousand of the most popular ones out there and which 45 00:02:17,080 --> 00:02:19,400 Speaker 1: I'm just going to commend them for doing a thorough job. 46 00:02:19,440 --> 00:02:21,320 Speaker 1: That's amazing. Yes, but they found that just one in 47 00:02:21,400 --> 00:02:24,760 Speaker 1: eight actually delivered notable wage gains for those who completed 48 00:02:24,960 --> 00:02:28,359 Speaker 1: the certifications, and the ones that paid off they were 49 00:02:28,360 --> 00:02:30,960 Speaker 1: mostly in the medical field, so it's like a nursing 50 00:02:31,880 --> 00:02:33,880 Speaker 1: things that are required to actually do the job, and 51 00:02:33,919 --> 00:02:35,440 Speaker 1: so I feel like even that kind of skews the 52 00:02:35,480 --> 00:02:39,320 Speaker 1: results a little bit. They actually highlighted even a project 53 00:02:39,320 --> 00:02:41,960 Speaker 1: management certificate that you can stag from Harvard, which of 54 00:02:42,000 --> 00:02:44,680 Speaker 1: course you're paying for the name brand there. It's got 55 00:02:44,680 --> 00:02:47,720 Speaker 1: a fourteen thousand dollars price tag, but even that created 56 00:02:47,880 --> 00:02:49,640 Speaker 1: minimal results. It was like some sort of. 57 00:02:49,520 --> 00:02:51,840 Speaker 2: You would think getting it from Harvard adding that to 58 00:02:51,880 --> 00:02:54,640 Speaker 2: your resume. No, people might even be like whoa, whoa, whoa. Okay, 59 00:02:54,639 --> 00:02:58,200 Speaker 2: this person, this man or woman has like extra pizaz 60 00:02:58,320 --> 00:02:59,040 Speaker 2: because they got this. 61 00:02:59,160 --> 00:03:01,680 Speaker 1: You know, they have kind of lost their lost their 62 00:03:01,680 --> 00:03:04,120 Speaker 1: shine a little bit. Man. But so what we want 63 00:03:04,120 --> 00:03:06,280 Speaker 1: to point folks to though, is there is this online 64 00:03:06,320 --> 00:03:08,640 Speaker 1: tool that we'll link to where you can see which 65 00:03:08,880 --> 00:03:12,200 Speaker 1: of these certificates, which one of these credentialing programs that 66 00:03:12,240 --> 00:03:14,280 Speaker 1: you can be a part of pay off and which 67 00:03:14,280 --> 00:03:16,919 Speaker 1: ones don't. But uh, yeah, we want folks to be 68 00:03:16,960 --> 00:03:19,840 Speaker 1: careful shilling out a ton of money for education in 69 00:03:19,919 --> 00:03:23,240 Speaker 1: hopes that you will get paid more, because you may not, 70 00:03:23,840 --> 00:03:26,200 Speaker 1: you might and if you, and if so, I would 71 00:03:26,200 --> 00:03:28,920 Speaker 1: also say encourage or see if you can get your 72 00:03:28,919 --> 00:03:32,160 Speaker 1: employer to pay for some of that training, because it's like, hey, 73 00:03:32,200 --> 00:03:34,239 Speaker 1: this is going to better prepare me for this project 74 00:03:34,240 --> 00:03:37,000 Speaker 1: that we've got coming up later this year, next quarter. 75 00:03:37,040 --> 00:03:39,760 Speaker 1: I don't know whatever language that your employer uses, but 76 00:03:39,960 --> 00:03:42,040 Speaker 1: that can certainly help you now. But it's also going 77 00:03:42,120 --> 00:03:44,440 Speaker 1: to increase your value in the market over time. 78 00:03:44,520 --> 00:03:46,640 Speaker 2: Yeah, some of that stuff can can be edifying from 79 00:03:46,640 --> 00:03:49,640 Speaker 2: a personal standpoint getting some of that extra education, just 80 00:03:49,720 --> 00:03:52,760 Speaker 2: don't assume that it's going to lead to higher wages. 81 00:03:52,920 --> 00:03:54,480 Speaker 2: And also if you get someone else to pay for it, 82 00:03:54,600 --> 00:03:56,680 Speaker 2: that's might be the sweetest fact. Yeah, I'm thinking even 83 00:03:56,800 --> 00:04:00,720 Speaker 2: of Matt my wife, who like that continue education is 84 00:04:00,960 --> 00:04:04,000 Speaker 2: part of the joy, Like she loved school and she's 85 00:04:04,040 --> 00:04:07,120 Speaker 2: kind of already missing it, and so she is doing 86 00:04:07,240 --> 00:04:10,720 Speaker 2: like some additional training so she doesn't have to do 87 00:04:10,800 --> 00:04:13,040 Speaker 2: that costs money, but it's like for the love of 88 00:04:13,080 --> 00:04:14,000 Speaker 2: the game sort of thing. 89 00:04:14,000 --> 00:04:16,640 Speaker 1: Right, personal fulfillment. That's one of the reasons that you 90 00:04:16,680 --> 00:04:17,000 Speaker 1: do the thing. 91 00:04:17,040 --> 00:04:20,040 Speaker 2: Yeah, and there is a chance that it could lead 92 00:04:20,040 --> 00:04:22,599 Speaker 2: to higher pay, but a lot of these things really 93 00:04:23,080 --> 00:04:25,479 Speaker 2: you might appeal to a certain demographic or a person 94 00:04:25,520 --> 00:04:27,960 Speaker 2: looking for a certain sort of therapist. But it's also like, 95 00:04:28,040 --> 00:04:29,360 Speaker 2: are you gonna be able to charge more per hour 96 00:04:29,400 --> 00:04:30,640 Speaker 2: just because you have this extra training? 97 00:04:30,880 --> 00:04:31,120 Speaker 1: No? 98 00:04:31,160 --> 00:04:35,359 Speaker 2: Not usually so random, but interesting career news. If you 99 00:04:35,400 --> 00:04:38,400 Speaker 2: have young children, pre K could actually be your ticket 100 00:04:38,440 --> 00:04:40,640 Speaker 2: to higher earnings. This is the pre K for pay, 101 00:04:40,800 --> 00:04:42,400 Speaker 2: pre K for pay part of our friend uy so 102 00:04:42,520 --> 00:04:45,520 Speaker 2: applely names. So, yeah, not everyone wants to send their 103 00:04:45,560 --> 00:04:47,920 Speaker 2: child to school at that age, but if making more 104 00:04:47,920 --> 00:04:50,240 Speaker 2: money is your goal, and there's a state funded pre 105 00:04:50,320 --> 00:04:52,680 Speaker 2: K around the corner from where you live, well, there 106 00:04:52,720 --> 00:04:56,479 Speaker 2: was this study of Connecticut parents and it found that 107 00:04:56,640 --> 00:04:58,760 Speaker 2: the ones who sent their kids to pre K, they 108 00:04:58,800 --> 00:05:01,640 Speaker 2: made more money. And since that pre K runs on 109 00:05:01,720 --> 00:05:04,839 Speaker 2: a lottery system, it's it's not just like, oh, the 110 00:05:04,920 --> 00:05:07,479 Speaker 2: smart people choose to send their kids to pre K. 111 00:05:07,680 --> 00:05:11,919 Speaker 2: It's it's really based on you know, the first people chosen, 112 00:05:12,000 --> 00:05:14,440 Speaker 2: and some people don't make the cut. It seems like 113 00:05:14,440 --> 00:05:17,839 Speaker 2: we're talking about causation here, which makes sense. I think, Matt, like, 114 00:05:17,880 --> 00:05:20,239 Speaker 2: this makes intuitive sense, right, because yeah, if your child 115 00:05:20,320 --> 00:05:22,760 Speaker 2: is at home more, that means you have less time 116 00:05:22,800 --> 00:05:24,640 Speaker 2: to work, or you're you have to go down to 117 00:05:24,680 --> 00:05:27,120 Speaker 2: working part time because you have to do more of. 118 00:05:27,040 --> 00:05:29,279 Speaker 1: The childcare and vice versa. Man. 119 00:05:29,480 --> 00:05:31,960 Speaker 2: Yeah, or you're just less effective at your job because 120 00:05:32,080 --> 00:05:36,760 Speaker 2: you're you're juggling more things because yeah, you've childcare becomes 121 00:05:36,800 --> 00:05:40,440 Speaker 2: more of your focus, and that often it's going to 122 00:05:40,520 --> 00:05:43,279 Speaker 2: lead to lower pay. And so this study was basically saying, well, hey, 123 00:05:43,440 --> 00:05:44,880 Speaker 2: you're actually going to make more if you send your 124 00:05:44,960 --> 00:05:49,039 Speaker 2: kid to pre K. But it's not even just for 125 00:05:49,120 --> 00:05:52,559 Speaker 2: that one year. Higher earnings lasted for years into the future. 126 00:05:52,560 --> 00:05:54,360 Speaker 2: In the study, they really only measured up until your 127 00:05:54,440 --> 00:05:58,159 Speaker 2: kid went to fifth grade. But just think, man, it's like, yeah, 128 00:05:58,200 --> 00:06:00,480 Speaker 2: that not just that single year, but to the future. 129 00:06:00,520 --> 00:06:02,560 Speaker 2: Because you're making more money that year, you're gonna make 130 00:06:02,600 --> 00:06:06,080 Speaker 2: more money every single year from there on out on average. 131 00:06:06,360 --> 00:06:08,359 Speaker 2: And I know making more money is at the primary 132 00:06:08,360 --> 00:06:12,960 Speaker 2: concern for everyone, and those younger years with your children 133 00:06:13,000 --> 00:06:16,080 Speaker 2: at home can be incredibly meaningful. Plus, not every state 134 00:06:16,160 --> 00:06:18,320 Speaker 2: makes pre K free. But I just think this is 135 00:06:18,360 --> 00:06:21,680 Speaker 2: helpful information to know as you're weighing the trade offs 136 00:06:21,720 --> 00:06:24,839 Speaker 2: of sending your kid off to school early in one 137 00:06:24,880 --> 00:06:26,920 Speaker 2: of those state funded programs if you have access to one. 138 00:06:27,000 --> 00:06:29,920 Speaker 1: Yeah, the real nuggets in that report were the fact 139 00:06:29,920 --> 00:06:32,720 Speaker 1: that parents reported higher levels of sanity. I'm sure their 140 00:06:32,800 --> 00:06:36,080 Speaker 1: kids want to pre k which is that that I believe? Well, 141 00:06:36,080 --> 00:06:38,360 Speaker 1: But I mean it's all related, like literally, when you've 142 00:06:38,360 --> 00:06:41,560 Speaker 1: got more capacity to do the things like around the house, 143 00:06:41,720 --> 00:06:44,200 Speaker 1: or even to like recondole friendships that maybe we're on 144 00:06:44,240 --> 00:06:47,400 Speaker 1: the back burner while you're in the fog of a 145 00:06:47,440 --> 00:06:50,119 Speaker 1: baby who wouldn't sleep very well, or those crazy toddler years, 146 00:06:50,920 --> 00:06:53,159 Speaker 1: or for some folks it's yeah, to get back into 147 00:06:53,160 --> 00:06:55,479 Speaker 1: their career is something that they haven't paid much attention to. 148 00:06:55,640 --> 00:06:58,000 Speaker 2: You can actually focus I know, yeah. 149 00:06:57,760 --> 00:07:01,359 Speaker 1: Yeah, who knew. While we're talking about John and careers, 150 00:07:01,640 --> 00:07:05,160 Speaker 1: one page resumes they were incredibly hot there, seemed like 151 00:07:05,200 --> 00:07:07,640 Speaker 1: for a period of time, in part because they made 152 00:07:07,680 --> 00:07:10,840 Speaker 1: it really easy for potential employers to just on a 153 00:07:10,880 --> 00:07:13,680 Speaker 1: single sheet to scan to know whether or not you've 154 00:07:13,680 --> 00:07:16,040 Speaker 1: got what it takes to come in for an interview. 155 00:07:16,480 --> 00:07:19,840 Speaker 1: But that task has now become less human centered. AI 156 00:07:20,240 --> 00:07:24,239 Speaker 1: now calls stacks of resumes before human can even basically 157 00:07:24,280 --> 00:07:26,680 Speaker 1: lay eyes on it. And so essentially to get past 158 00:07:26,720 --> 00:07:30,040 Speaker 1: the first layer of defense, you got to please the 159 00:07:30,160 --> 00:07:34,480 Speaker 1: robot overlords basically, and they care less about the length, 160 00:07:34,640 --> 00:07:37,680 Speaker 1: and they care a bit more about keywords that you 161 00:07:37,760 --> 00:07:40,760 Speaker 1: are or aren't going to include there in your resume. 162 00:07:41,560 --> 00:07:44,520 Speaker 1: So it's gonna you know, it's basically searching to see 163 00:07:44,520 --> 00:07:47,280 Speaker 1: if the words or the titles the positions you've held, 164 00:07:47,360 --> 00:07:50,120 Speaker 1: if they match what it is that they're looking for 165 00:07:50,240 --> 00:07:52,280 Speaker 1: to that they're looking to hire for. And if not, 166 00:07:52,360 --> 00:07:54,520 Speaker 1: if you don't have that included, it's a good idea, 167 00:07:54,640 --> 00:07:57,520 Speaker 1: certainly to revisit it before you submit your resume. I 168 00:07:57,560 --> 00:08:00,360 Speaker 1: think it's yeah, I think it's a wise move to 169 00:08:00,600 --> 00:08:02,960 Speaker 1: tailor every single one of your resumes to a specific 170 00:08:03,040 --> 00:08:05,480 Speaker 1: job using the language that they are using, not just 171 00:08:05,520 --> 00:08:08,239 Speaker 1: to be sneaky, but just to you are envisioning yourself 172 00:08:08,280 --> 00:08:10,920 Speaker 1: in that job, figuring out how you are personally applying 173 00:08:11,000 --> 00:08:13,520 Speaker 1: your skills and experience to how it is that that 174 00:08:13,640 --> 00:08:16,760 Speaker 1: organization is going to be able to essentially further their cause. 175 00:08:17,120 --> 00:08:19,640 Speaker 2: This doesn't it's like a little bit of mimicking, right, 176 00:08:19,680 --> 00:08:22,920 Speaker 2: You're mimicking some of the specific words that they call out, 177 00:08:23,440 --> 00:08:26,000 Speaker 2: because that's exactly what they're looking for. And if you 178 00:08:26,080 --> 00:08:28,920 Speaker 2: don't mimic, right, if you're not including some of that 179 00:08:29,000 --> 00:08:33,280 Speaker 2: verbiage in your resume, then you it doesn't matter how 180 00:08:33,360 --> 00:08:35,440 Speaker 2: qualified you are, You've got to jump through that hoop 181 00:08:35,480 --> 00:08:37,120 Speaker 2: in order to even get a shot. 182 00:08:37,200 --> 00:08:39,960 Speaker 1: You haven't. Yeah, essentially, you have not communicated effectively to 183 00:08:40,000 --> 00:08:41,960 Speaker 1: let them know that you've got what it takes. And 184 00:08:42,320 --> 00:08:44,000 Speaker 1: we don't think you need to go out there and 185 00:08:44,520 --> 00:08:47,760 Speaker 1: deliver a resume that's like the length of Brothers Caramezov 186 00:08:47,840 --> 00:08:49,520 Speaker 1: or War and Peace or anything like that, but you 187 00:08:49,640 --> 00:08:53,720 Speaker 1: certainly revisit what it is that you are looking to submit. 188 00:08:54,320 --> 00:08:56,840 Speaker 1: And this might not be like the ideal world we 189 00:08:56,880 --> 00:09:00,240 Speaker 1: all want to live in, like tailoring our resume to 190 00:09:00,520 --> 00:09:03,640 Speaker 1: artificial intelligence so that we make it through that first barrier, 191 00:09:03,800 --> 00:09:07,640 Speaker 1: the first round of cuts, and actually get in front 192 00:09:07,640 --> 00:09:09,200 Speaker 1: of a human But it's the world we live in, 193 00:09:09,440 --> 00:09:10,960 Speaker 1: so I think you just have to you have to 194 00:09:11,000 --> 00:09:13,319 Speaker 1: realize cool you if you try to live in that 195 00:09:13,440 --> 00:09:16,719 Speaker 1: world of ideals and not the world of reality, you 196 00:09:16,760 --> 00:09:19,319 Speaker 1: might miss out on an opportunity totally. All right, let's 197 00:09:19,320 --> 00:09:22,760 Speaker 1: talk about spending Matt, Americans are putting down their credit 198 00:09:22,760 --> 00:09:26,839 Speaker 1: cards in favor of debit cards. Yeah, I'm generally for it. 199 00:09:26,920 --> 00:09:30,240 Speaker 2: Okay, Well, I think it depends on your take here, right, 200 00:09:30,320 --> 00:09:33,400 Speaker 2: And you and I we've talked. We usually say good 201 00:09:33,480 --> 00:09:37,920 Speaker 2: things about credit cards, although we have the golden rules 202 00:09:37,920 --> 00:09:39,640 Speaker 2: of plastic, and if people don't follow the golden rules 203 00:09:39,640 --> 00:09:42,400 Speaker 2: of plastic, they shouldn't be using credit cards in the 204 00:09:42,400 --> 00:09:43,319 Speaker 2: first place, right. 205 00:09:43,200 --> 00:09:45,839 Speaker 1: Exactly, But we also just know that roughly half of 206 00:09:45,880 --> 00:09:49,080 Speaker 1: people don't use credit cards properly, which is always why 207 00:09:49,160 --> 00:09:52,360 Speaker 1: we inserted caveat. But hopefully, hopefully the vast majority of 208 00:09:52,360 --> 00:09:55,520 Speaker 1: how the money listeners are using their credit cards properly. 209 00:09:55,960 --> 00:09:57,800 Speaker 1: But it's interesting to see. 210 00:09:57,600 --> 00:09:59,559 Speaker 2: Kind of the tide shift, and it looks like it 211 00:09:59,640 --> 00:10:03,160 Speaker 2: might be predictor a harbinger of economic things to come 212 00:10:03,200 --> 00:10:05,000 Speaker 2: that people are like, oh, no, I'm getting worried about 213 00:10:05,000 --> 00:10:07,000 Speaker 2: how much I'm racking up on my credit card. Maybe 214 00:10:07,120 --> 00:10:09,080 Speaker 2: maybe I need to make a change. And if I'm 215 00:10:09,080 --> 00:10:11,280 Speaker 2: paying with the debit card, well I know that I'm 216 00:10:11,320 --> 00:10:14,400 Speaker 2: not spending more than I actually have because it's coming 217 00:10:14,440 --> 00:10:16,800 Speaker 2: directly out of my checking or my spending account, whatever 218 00:10:16,840 --> 00:10:19,840 Speaker 2: you call it. But yeah, it's also not like the 219 00:10:19,880 --> 00:10:24,360 Speaker 2: overall spending levels are receding, Like we're still seeing spending 220 00:10:24,400 --> 00:10:26,000 Speaker 2: kind of happening at the same levels. People are just 221 00:10:26,120 --> 00:10:29,559 Speaker 2: using a different device, a different piece of plastic, and 222 00:10:29,800 --> 00:10:31,839 Speaker 2: it seems like they're doing that largely in an effort 223 00:10:31,920 --> 00:10:34,360 Speaker 2: to rein in their spending, but it's maybe it's not 224 00:10:34,400 --> 00:10:37,480 Speaker 2: actually working. It's true you can't spend, which you don't 225 00:10:37,559 --> 00:10:39,640 Speaker 2: have on a debit card, but on the flip side, 226 00:10:39,720 --> 00:10:43,000 Speaker 2: you also don't get the same rewards or protections, And 227 00:10:44,040 --> 00:10:46,800 Speaker 2: I think protections are probably more important than rewards here 228 00:10:46,840 --> 00:10:49,720 Speaker 2: because rewards don't really matter if you're going into credit 229 00:10:49,720 --> 00:10:51,120 Speaker 2: card debt. I think a lot of people are like, 230 00:10:51,160 --> 00:10:52,880 Speaker 2: oh man, it's gonna be great to get that free flight. 231 00:10:53,080 --> 00:10:55,360 Speaker 2: What doesn't matter if you're perpetually in credit card debt. 232 00:10:55,360 --> 00:10:58,120 Speaker 2: That flight actually costs you a lot more than you think. 233 00:10:58,360 --> 00:11:01,040 Speaker 2: But the protections are important, and it's something I think 234 00:11:01,040 --> 00:11:03,800 Speaker 2: people under consider because if you lose your debit card 235 00:11:03,840 --> 00:11:07,480 Speaker 2: and someone buys stuff with your card, well you're trying 236 00:11:07,520 --> 00:11:09,760 Speaker 2: to call those funds back from your bank, and if 237 00:11:09,760 --> 00:11:11,640 Speaker 2: you don't recognize in time, you can be on be 238 00:11:11,720 --> 00:11:13,079 Speaker 2: on the hook for some of the money that was 239 00:11:13,120 --> 00:11:15,760 Speaker 2: taken with a credit card, you follow a dispute, you're 240 00:11:15,760 --> 00:11:19,200 Speaker 2: never out the money, that's true. You don't, oh for 241 00:11:19,679 --> 00:11:21,720 Speaker 2: purchases that were not made by you. 242 00:11:22,000 --> 00:11:25,040 Speaker 1: So or refunds that were not refunded to you. That's 243 00:11:25,080 --> 00:11:27,439 Speaker 1: a that's a particular situation. I'm funding myself. Oh really, 244 00:11:27,480 --> 00:11:30,200 Speaker 1: I won't share right now that maybe depending on the resolution, 245 00:11:30,400 --> 00:11:32,720 Speaker 1: we will see. But in the meantime, the credit card 246 00:11:32,760 --> 00:11:35,720 Speaker 1: company has credited me, that's right, credit, But that company 247 00:11:36,040 --> 00:11:38,960 Speaker 1: is like, it's not responded to the credit card company, 248 00:11:39,000 --> 00:11:41,079 Speaker 1: and it's just it makes me makes me not want 249 00:11:41,080 --> 00:11:42,320 Speaker 1: to do business with them even more. 250 00:11:42,360 --> 00:11:45,200 Speaker 2: It's like innocent until proven guilty, right with a credit card, 251 00:11:45,240 --> 00:11:48,079 Speaker 2: whereas debit card you're more like guilty until proven innocent. 252 00:11:48,720 --> 00:11:50,800 Speaker 2: And so it's it's it's worth it to take that 253 00:11:50,880 --> 00:11:53,680 Speaker 2: into account. I think two just on top of this, 254 00:11:53,720 --> 00:11:57,120 Speaker 2: because of human nature and bias, no matter whether you're 255 00:11:57,200 --> 00:12:00,280 Speaker 2: using a debit card or a credit card. I think 256 00:12:00,280 --> 00:12:04,240 Speaker 2: what something that used to be powerful for people was, yeah, 257 00:12:04,320 --> 00:12:06,400 Speaker 2: checks were a pain in the butt, but people would 258 00:12:06,400 --> 00:12:09,880 Speaker 2: reconcile their checkbook as they were as they were spending, 259 00:12:09,880 --> 00:12:11,760 Speaker 2: as they were making those purchases, and there was something 260 00:12:11,760 --> 00:12:13,680 Speaker 2: about the act of writing it down, connecting it to 261 00:12:13,720 --> 00:12:16,800 Speaker 2: your brain, the neurons firing, and just the realization that 262 00:12:16,840 --> 00:12:19,120 Speaker 2: you had less money in your account because you were 263 00:12:19,400 --> 00:12:23,040 Speaker 2: doing that reconciliation like as you were on the spending. Yeah, 264 00:12:23,080 --> 00:12:25,360 Speaker 2: and I think that the check ledger right there, right. 265 00:12:25,640 --> 00:12:28,760 Speaker 2: I think the swiping, the tapping, the auto fill of 266 00:12:28,920 --> 00:12:32,280 Speaker 2: credit cards and debit cards is something maybe that we've 267 00:12:32,320 --> 00:12:35,280 Speaker 2: gotten super duper used to. It's easier than ever to 268 00:12:35,320 --> 00:12:38,839 Speaker 2: be parted with our money. So whether you're using, no 269 00:12:39,320 --> 00:12:42,560 Speaker 2: matter what form of payment you feel most inclined to use, 270 00:12:42,600 --> 00:12:45,040 Speaker 2: I think it's more important than ever to kind of 271 00:12:45,080 --> 00:12:46,920 Speaker 2: just be on top of that, create a record and 272 00:12:46,960 --> 00:12:49,720 Speaker 2: make sure you're following up and that the spending you're doing, 273 00:12:49,760 --> 00:12:51,600 Speaker 2: whether it is on credit or debit, is actually fitting 274 00:12:51,640 --> 00:12:52,240 Speaker 2: into your budget. 275 00:12:52,280 --> 00:12:55,679 Speaker 1: That's true. Yeah, Generally speaking, I am in favor of 276 00:12:55,720 --> 00:12:57,840 Speaker 1: folks spending less on credit because it's just less of 277 00:12:57,840 --> 00:13:01,360 Speaker 1: a reliance on a debt product and more just tapping 278 00:13:01,400 --> 00:13:03,319 Speaker 1: into their actual funds that they have on hand. Right, 279 00:13:03,679 --> 00:13:06,160 Speaker 1: But it turns out that a part of why folks 280 00:13:06,200 --> 00:13:08,240 Speaker 1: may not be relying on credit cards as much is 281 00:13:08,280 --> 00:13:12,840 Speaker 1: because they're relying on potentially worse forms of worse debt 282 00:13:12,840 --> 00:13:15,720 Speaker 1: products out there, like personal loans. There has been an 283 00:13:15,840 --> 00:13:18,120 Speaker 1: eighteen percent year over year jump when it comes to 284 00:13:18,200 --> 00:13:22,200 Speaker 1: personal loans. But also buy now, Pay Later, and we 285 00:13:22,240 --> 00:13:25,880 Speaker 1: wanted to talk about that because just the continued rise 286 00:13:25,920 --> 00:13:27,720 Speaker 1: of buy now, Pay later is just showing that we 287 00:13:27,800 --> 00:13:31,600 Speaker 1: are prioritizing this near term happiness over long term freedom. 288 00:13:31,880 --> 00:13:34,800 Speaker 1: But something new here, buy now new here. The buy now, 289 00:13:34,840 --> 00:13:37,400 Speaker 1: pay later companies, as it turns out, they don't want 290 00:13:37,440 --> 00:13:40,319 Speaker 1: to play nice with the credit bureers anymore. As more 291 00:13:40,320 --> 00:13:44,200 Speaker 1: and more customers are falling behind on their monthly buy now, 292 00:13:44,240 --> 00:13:48,240 Speaker 1: pay later obligations, they are worried that their user base 293 00:13:48,440 --> 00:13:50,640 Speaker 1: is going to see a significant credit score drop, and 294 00:13:50,679 --> 00:13:52,839 Speaker 1: so they want to avoid that at all costs, of course, 295 00:13:52,880 --> 00:13:56,520 Speaker 1: because it's going to harm their business model. And basically 296 00:13:57,679 --> 00:13:59,600 Speaker 1: like I hate it. I hate it because the buy now, 297 00:13:59,640 --> 00:14:01,640 Speaker 1: pay later companies like they are literally seeing the quiet 298 00:14:01,679 --> 00:14:03,560 Speaker 1: part out loud. They're like, no, no, no, no, we don't 299 00:14:03,559 --> 00:14:06,240 Speaker 1: want to share our user information with the credit bureaus 300 00:14:06,440 --> 00:14:08,600 Speaker 1: because the scores are going to drop. Yeah, they're admitting, 301 00:14:08,720 --> 00:14:10,800 Speaker 1: like it's like on a house, like there's a water stain, 302 00:14:11,240 --> 00:14:14,000 Speaker 1: there's rot underneath the surface, there's there's termites up in there, dude, 303 00:14:14,040 --> 00:14:15,880 Speaker 1: and you just toss some pain up and you're just like, oh, 304 00:14:16,000 --> 00:14:17,720 Speaker 1: let me get some paper, just kind of paper over that, 305 00:14:17,760 --> 00:14:19,880 Speaker 1: and no, let's just delicately put another code of pain 306 00:14:19,960 --> 00:14:22,040 Speaker 1: on here. So it looks perfectly fine. It feels like it. 307 00:14:22,040 --> 00:14:24,000 Speaker 1: It feels like a house of cards. And I am 308 00:14:24,040 --> 00:14:26,080 Speaker 1: not a fan of the fact that the buy Now 309 00:14:26,200 --> 00:14:29,440 Speaker 1: like the Klarna's I guess I think after pay as well, 310 00:14:29,520 --> 00:14:31,840 Speaker 1: that the fact that they're just they've got cold feet 311 00:14:31,840 --> 00:14:34,640 Speaker 1: and they're walking back from the agreement to start sharing 312 00:14:34,720 --> 00:14:36,440 Speaker 1: the user data with the credit bureaus. 313 00:14:36,440 --> 00:14:40,240 Speaker 2: Every day buy Now Pay Later becomes a bigger borrowing segment, 314 00:14:40,600 --> 00:14:43,080 Speaker 2: and every day that it's not factored into credit scores, 315 00:14:43,080 --> 00:14:46,000 Speaker 2: credit scores become at least a little bit less trustworthy. 316 00:14:46,240 --> 00:14:49,760 Speaker 1: And so at some point, as is it accurate information anymore? 317 00:14:49,760 --> 00:14:51,520 Speaker 1: We don't know, right, it's looking like it's not. 318 00:14:51,880 --> 00:14:53,560 Speaker 2: And so yeah, I would love to see buy Now 319 00:14:53,600 --> 00:14:56,200 Speaker 2: Pay Later actually factor into your credit score. 320 00:14:56,200 --> 00:14:57,680 Speaker 1: I think it's going to need to at some point. 321 00:14:57,760 --> 00:14:59,960 Speaker 2: It's becoming too important of a segment of you know, 322 00:15:00,080 --> 00:15:02,840 Speaker 2: debt products and stuff in general, that it really needs 323 00:15:02,880 --> 00:15:04,160 Speaker 2: to for those to be accurate. 324 00:15:04,200 --> 00:15:06,160 Speaker 1: And it's another lesson too, the fact that just because 325 00:15:06,200 --> 00:15:07,880 Speaker 1: there are companies that are willing to lend you money, 326 00:15:07,920 --> 00:15:09,600 Speaker 1: that are willing to say, oh, yeah, yeah, go ahead 327 00:15:09,600 --> 00:15:10,960 Speaker 1: and get the thing and just give us, like I 328 00:15:11,000 --> 00:15:13,200 Speaker 1: don't know a quarter of how much it costs and 329 00:15:13,240 --> 00:15:16,000 Speaker 1: then let's talk. Let's talk next month too, they are 330 00:15:16,040 --> 00:15:17,600 Speaker 1: willing to say yes, but it's up to you as 331 00:15:17,600 --> 00:15:20,320 Speaker 1: an individual to say, oh, do I have the ability 332 00:15:20,360 --> 00:15:23,000 Speaker 1: to pay back on these debt obligations that I've signed 333 00:15:23,080 --> 00:15:24,080 Speaker 1: up for? Yeah? Yeah. 334 00:15:24,120 --> 00:15:25,960 Speaker 2: And just kind of going back to the credit card 335 00:15:26,040 --> 00:15:29,320 Speaker 2: thing for a split second, I think you're right to 336 00:15:29,360 --> 00:15:32,200 Speaker 2: say that that we should be careful about how much 337 00:15:32,200 --> 00:15:33,840 Speaker 2: we're using credit cards. And you and I do talk 338 00:15:33,840 --> 00:15:36,160 Speaker 2: about some of the benefits of using credit cards, but 339 00:15:36,440 --> 00:15:39,000 Speaker 2: we also have to speak to that percentage of the population. 340 00:15:39,120 --> 00:15:41,360 Speaker 2: We have to talk about how nefarious they can be 341 00:15:41,440 --> 00:15:43,280 Speaker 2: for a whole lot of people. And it can be 342 00:15:43,360 --> 00:15:46,720 Speaker 2: that kind of slow but steady frog in the boiling 343 00:15:46,800 --> 00:15:49,120 Speaker 2: water that credit card. You say, oh, yeah, I turned 344 00:15:49,440 --> 00:15:50,920 Speaker 2: I turned to the credit card last month. I had 345 00:15:50,960 --> 00:15:52,840 Speaker 2: some expenses that were out of the norm, and that 346 00:15:52,880 --> 00:15:55,800 Speaker 2: can happen many, many months and then a couple of 347 00:15:55,840 --> 00:15:58,200 Speaker 2: years down the line. You're talking about fifteen thousand dollars 348 00:15:58,280 --> 00:16:00,960 Speaker 2: in recurring credit card debt and the interest, the interest 349 00:16:00,960 --> 00:16:03,760 Speaker 2: to state you're paying associated with that by not paying 350 00:16:03,760 --> 00:16:05,880 Speaker 2: it off in full and on time. And if you 351 00:16:05,880 --> 00:16:08,120 Speaker 2: find yourself in that position, then this debt is this 352 00:16:08,160 --> 00:16:10,560 Speaker 2: credit card debt is a huge problem. And we don't 353 00:16:10,560 --> 00:16:12,760 Speaker 2: talk about this enough, Matt. But the not for profit 354 00:16:13,320 --> 00:16:16,400 Speaker 2: companies that will help you if you're overwhelmed or overloaded 355 00:16:16,400 --> 00:16:18,320 Speaker 2: in credit card debt could be a great place to 356 00:16:18,320 --> 00:16:20,520 Speaker 2: turn if you find yourself in that position. Money Management 357 00:16:20,520 --> 00:16:23,680 Speaker 2: International or the National Foundation for Credit Counseling are both 358 00:16:23,680 --> 00:16:26,480 Speaker 2: two great places turn. You can find a local affiliate 359 00:16:26,760 --> 00:16:29,440 Speaker 2: near you. Yeah, if you're in that position where you've 360 00:16:29,480 --> 00:16:31,760 Speaker 2: just overdone it with credit cards, we want to help you. 361 00:16:31,880 --> 00:16:33,200 Speaker 2: We want you to get out of it quickly, and 362 00:16:33,480 --> 00:16:36,080 Speaker 2: sometimes you need the help of a trusted friend to 363 00:16:36,120 --> 00:16:37,040 Speaker 2: really make that possible. 364 00:16:37,200 --> 00:16:38,880 Speaker 1: Y's right, man, But we've got more to get to. 365 00:16:38,960 --> 00:16:41,080 Speaker 1: We're going to get to how partisan politics will in 366 00:16:41,120 --> 00:16:43,760 Speaker 1: fact make you poor. We'll get to the politics schmoloitics 367 00:16:43,880 --> 00:16:46,400 Speaker 1: part of the Friday flight. That more right after this, 368 00:16:54,280 --> 00:16:55,000 Speaker 1: All right, we're back. 369 00:16:55,240 --> 00:16:57,800 Speaker 2: Time for the ludacrous headline of the week. This one 370 00:16:57,840 --> 00:17:00,520 Speaker 2: comes from the Wall Street Journal, and. 371 00:17:00,800 --> 00:17:03,680 Speaker 1: We haven't talked about this, but as soon as I 372 00:17:03,720 --> 00:17:07,199 Speaker 1: independently saw this article pop up on their homepage, I 373 00:17:07,240 --> 00:17:08,560 Speaker 1: was just like, Oh, there's no way I was not 374 00:17:08,600 --> 00:17:11,880 Speaker 1: going to want to talk about this. This is so good. 375 00:17:12,080 --> 00:17:14,199 Speaker 1: This is right up our alleys like parenting. You know, 376 00:17:14,240 --> 00:17:16,840 Speaker 1: we're young dads, well, young ish whatever, Yeah, not young. 377 00:17:17,000 --> 00:17:20,239 Speaker 1: We're we got young families, I think to think we are. 378 00:17:20,320 --> 00:17:22,240 Speaker 1: I think I've got we got five year olds. You know, 379 00:17:22,280 --> 00:17:24,800 Speaker 1: we got dudes that are uh, that are in kindergarten. 380 00:17:24,840 --> 00:17:26,360 Speaker 2: I was hanging out with the young fellows the other night, 381 00:17:26,400 --> 00:17:28,520 Speaker 2: and I was like, what music's coool? Now fellows, the 382 00:17:28,600 --> 00:17:33,800 Speaker 2: actually young fellows. Yeah dads yet so they don't what's. 383 00:17:33,560 --> 00:17:35,119 Speaker 1: Cool, but I don't anymore. 384 00:17:35,200 --> 00:17:38,240 Speaker 2: All this headline reads, she's seven years old, her parents 385 00:17:38,240 --> 00:17:42,720 Speaker 2: are saving to support her when she's thirty. And I think, maybe, 386 00:17:43,040 --> 00:17:46,320 Speaker 2: in an attempt to not be terribly judgmental, Matt, first off, 387 00:17:46,359 --> 00:17:48,359 Speaker 2: I should say to each of their own, like, we 388 00:17:49,000 --> 00:17:52,880 Speaker 2: know some folks feel strongly about building generational wealth, or 389 00:17:53,080 --> 00:17:55,000 Speaker 2: they put investing in a five to twenty nine plan 390 00:17:55,040 --> 00:17:58,040 Speaker 2: ahead of their own retirement. Needs you do you, but 391 00:17:58,080 --> 00:17:59,600 Speaker 2: we don't have to agree with you or think it's 392 00:18:00,080 --> 00:18:00,960 Speaker 2: smart or a good idea. 393 00:18:01,040 --> 00:18:02,679 Speaker 1: Yeah, this is our show. Yeah exactly. 394 00:18:02,720 --> 00:18:04,880 Speaker 2: We could say what we think, so be nice. Though 395 00:18:04,880 --> 00:18:07,960 Speaker 2: it'll be nice, I think to make things worse, Matt. 396 00:18:08,040 --> 00:18:10,800 Speaker 2: This article that wasn't talking about saving up for college 397 00:18:10,920 --> 00:18:14,639 Speaker 2: or an able plan for a disabled child who they 398 00:18:14,720 --> 00:18:17,320 Speaker 2: knew they were going to have to be a big 399 00:18:17,520 --> 00:18:20,200 Speaker 2: primary role as a caregiver in the future. This was 400 00:18:20,240 --> 00:18:22,919 Speaker 2: about parents who think it's their job to ensure that 401 00:18:22,920 --> 00:18:25,760 Speaker 2: their kids have like a meaningful source of income once 402 00:18:25,800 --> 00:18:29,040 Speaker 2: they reach young adulthood, through no effort of their own, 403 00:18:29,160 --> 00:18:32,119 Speaker 2: creating kind of like a padded place for them to 404 00:18:32,200 --> 00:18:34,679 Speaker 2: land when they reach early adulthood. It's going to make 405 00:18:34,680 --> 00:18:37,040 Speaker 2: their life easier. And so their assumption was like, Hey, 406 00:18:37,080 --> 00:18:39,840 Speaker 2: if I can compound, you know, fork over one thousand 407 00:18:39,920 --> 00:18:43,320 Speaker 2: or two thousand dollars a month to investment accounts on 408 00:18:43,359 --> 00:18:45,719 Speaker 2: their behalf, the compounding is going to make a big 409 00:18:45,760 --> 00:18:48,760 Speaker 2: difference over the next twenty twenty five years, then I 410 00:18:48,960 --> 00:18:51,399 Speaker 2: really am creating a substantial nest egg for them to 411 00:18:51,440 --> 00:18:54,560 Speaker 2: tap into the cacker though, is that for a lot 412 00:18:54,600 --> 00:18:57,760 Speaker 2: of these parents it's causing significant financial strain because it 413 00:18:57,800 --> 00:19:00,200 Speaker 2: really is hard to meet your own financial goals the 414 00:19:00,280 --> 00:19:03,520 Speaker 2: goals of somebody else at the same time. And so yees, 415 00:19:03,560 --> 00:19:06,200 Speaker 2: seeing that, it was like people were kind of freaking 416 00:19:06,240 --> 00:19:08,600 Speaker 2: out because they're trying to attempt this and then they 417 00:19:08,600 --> 00:19:11,320 Speaker 2: realize that they haven't done a good enough job for 418 00:19:11,359 --> 00:19:12,280 Speaker 2: themselves at the same. 419 00:19:12,080 --> 00:19:14,200 Speaker 1: Time, Yeah, they didn't do a great job with projecting 420 00:19:14,280 --> 00:19:16,320 Speaker 1: into the future. What is this actually going to cost me? 421 00:19:17,000 --> 00:19:19,280 Speaker 1: Like what kind of short term sacrifices are are we 422 00:19:19,320 --> 00:19:20,880 Speaker 1: going to have to make in order to pull this off? 423 00:19:21,400 --> 00:19:23,960 Speaker 1: And here's the things that's from Pew. They show that 424 00:19:24,000 --> 00:19:27,560 Speaker 1: adult parents do often help their kids out financially. Evidently 425 00:19:27,640 --> 00:19:30,840 Speaker 1: sixty percent of parents help out their kids. But buying 426 00:19:31,240 --> 00:19:34,080 Speaker 1: there's a difference between like buying a dinner or paying 427 00:19:34,119 --> 00:19:36,360 Speaker 1: for their portion of a family vacation, right, Like, that's 428 00:19:36,400 --> 00:19:39,280 Speaker 1: one thing if you have the means and if you 429 00:19:39,359 --> 00:19:41,919 Speaker 1: have saved effectively for your own future. There's a big 430 00:19:41,960 --> 00:19:44,680 Speaker 1: difference between that and then setting aside two thousand dollars 431 00:19:44,720 --> 00:19:46,600 Speaker 1: a month starting at the age of seven, like that's 432 00:19:46,880 --> 00:19:50,600 Speaker 1: I think that's ridiculous. It's these the classic teach a man, 433 00:19:51,160 --> 00:19:52,919 Speaker 1: give a man to give a man of fish and 434 00:19:52,920 --> 00:19:54,439 Speaker 1: you feed him for a day. Teach a man of 435 00:19:54,440 --> 00:19:57,680 Speaker 1: fish and you feed him for a lifetime. Like hello, 436 00:19:57,960 --> 00:19:59,840 Speaker 1: Like this is like the exact what like that entire 437 00:20:00,040 --> 00:20:02,840 Speaker 1: less and encapsulated in this article and life decisions that 438 00:20:03,000 --> 00:20:06,360 Speaker 1: people are making. Unfortunately, it's why we teach our kids 439 00:20:06,359 --> 00:20:07,959 Speaker 1: to tie their shoes, and we don't tie them for 440 00:20:08,000 --> 00:20:12,320 Speaker 1: them every morning. Dude. Literally, like two days ago, I'm 441 00:20:12,320 --> 00:20:16,040 Speaker 1: doing laundry with my kindergartener and I noticed all of 442 00:20:16,080 --> 00:20:18,560 Speaker 1: his socks are flipped inside out or they're like kind 443 00:20:18,600 --> 00:20:20,320 Speaker 1: of baled up. So A they're got a little wet 444 00:20:20,320 --> 00:20:22,159 Speaker 1: because they don't drive very well when they're all balled up, 445 00:20:22,400 --> 00:20:25,399 Speaker 1: but b because they're inside out, there's wood chips from 446 00:20:25,400 --> 00:20:28,720 Speaker 1: the playground. And I'm like, buddy, this this is gross, man, 447 00:20:29,560 --> 00:20:31,200 Speaker 1: this is a massive mess. And we had to sit 448 00:20:31,240 --> 00:20:33,040 Speaker 1: there and flip all the socks inside out, pull out 449 00:20:33,040 --> 00:20:35,000 Speaker 1: the wood chips, and I'm like, why you need to 450 00:20:35,000 --> 00:20:36,840 Speaker 1: take your socks off so that they're not inside out, 451 00:20:37,240 --> 00:20:39,399 Speaker 1: and he was getting flustered and frustrated. He's just like 452 00:20:39,960 --> 00:20:41,480 Speaker 1: when I grab it at the top of the sock 453 00:20:41,480 --> 00:20:44,080 Speaker 1: and I pull it off, it flips inside out. I'm like, okay, 454 00:20:44,359 --> 00:20:46,199 Speaker 1: well let's try it like this, and we put his 455 00:20:46,240 --> 00:20:48,280 Speaker 1: sock on him. I was like, here's how we're gonna 456 00:20:48,280 --> 00:20:50,080 Speaker 1: do it. With one hand, you start to pull from 457 00:20:50,119 --> 00:20:52,080 Speaker 1: the top, and with your other hand you grab the 458 00:20:52,160 --> 00:20:55,600 Speaker 1: sock by the toe and then voila, this sock pops 459 00:20:55,600 --> 00:20:57,720 Speaker 1: off your foot. And he it's like I just showed 460 00:20:57,800 --> 00:21:00,760 Speaker 1: him a magic trick. His eye lit up and he 461 00:21:00,920 --> 00:21:03,440 Speaker 1: was like so stoked. He couldn't believe that, like, oh wow, 462 00:21:03,480 --> 00:21:05,000 Speaker 1: there is a way to do this. And I think 463 00:21:05,040 --> 00:21:06,760 Speaker 1: so much of what we try to do as parents 464 00:21:07,160 --> 00:21:10,000 Speaker 1: is to it's the passing of knowledge and experience and 465 00:21:10,040 --> 00:21:12,480 Speaker 1: helping them to understand how the world works, because like 466 00:21:12,560 --> 00:21:14,680 Speaker 1: that is a part of what it means to live 467 00:21:14,800 --> 00:21:18,080 Speaker 1: of satisfying and fulfilling life. If you don't pass on 468 00:21:18,119 --> 00:21:20,280 Speaker 1: this knowledge, if we don't teach our kids, there's an 469 00:21:20,280 --> 00:21:22,800 Speaker 1: element of like you are keeping them from the good stuff. 470 00:21:22,840 --> 00:21:24,640 Speaker 1: I think some folks on the service are going to think, well, 471 00:21:24,640 --> 00:21:26,440 Speaker 1: this is I don't want them to have to worry 472 00:21:26,440 --> 00:21:27,960 Speaker 1: about that. It's like, no, no, no, them having to 473 00:21:27,960 --> 00:21:30,480 Speaker 1: worry about that is where the creativity kicks in and 474 00:21:30,640 --> 00:21:32,600 Speaker 1: they start to identify what matters to them. And so 475 00:21:32,640 --> 00:21:34,480 Speaker 1: in a similar way, when it comes to investing, we 476 00:21:34,560 --> 00:21:37,040 Speaker 1: have to teach our kids how to set that money aside. 477 00:21:37,240 --> 00:21:40,000 Speaker 1: We need to model it for them and set up 478 00:21:40,200 --> 00:21:42,560 Speaker 1: frameworks for where, you know, how they can earn money 479 00:21:42,560 --> 00:21:45,919 Speaker 1: on their own through their own creativity and sweat and effort. 480 00:21:46,080 --> 00:21:48,400 Speaker 2: I think you're spot on, and I when I look 481 00:21:48,440 --> 00:21:52,160 Speaker 2: back at my life, I remember at the time being 482 00:21:52,240 --> 00:21:56,680 Speaker 2: frustrated that my parents didn't have the means to buy 483 00:21:56,680 --> 00:21:58,800 Speaker 2: me a car, like when a lot of my friends 484 00:21:58,840 --> 00:22:02,000 Speaker 2: were getting a car in high school. Right, But what 485 00:22:02,080 --> 00:22:05,920 Speaker 2: it taught me was better than just having my parents 486 00:22:05,960 --> 00:22:07,840 Speaker 2: buy me a car, having to go, you know, working 487 00:22:07,880 --> 00:22:10,640 Speaker 2: at fourteen after school was over, buying my first start, 488 00:22:10,640 --> 00:22:13,239 Speaker 2: saving up the cash to buy it with cash like 489 00:22:13,280 --> 00:22:15,760 Speaker 2: that was that meant so much to me. I look 490 00:22:15,800 --> 00:22:17,880 Speaker 2: back at that as like a formative period in my life. 491 00:22:17,960 --> 00:22:20,600 Speaker 2: Oh yeah, same with college. It was like we had 492 00:22:20,600 --> 00:22:22,520 Speaker 2: to partner together to figure out what it was going 493 00:22:22,560 --> 00:22:24,840 Speaker 2: to be like for me to go to to to 494 00:22:24,880 --> 00:22:27,520 Speaker 2: get a college degree and how much debt was I 495 00:22:27,520 --> 00:22:29,480 Speaker 2: willing to take out, and I had to make decisions 496 00:22:29,920 --> 00:22:34,600 Speaker 2: that about my future because of that. That weren't they 497 00:22:34,640 --> 00:22:37,400 Speaker 2: were not just contingent on my parents' deep pockets. Yeah, 498 00:22:37,480 --> 00:22:40,400 Speaker 2: and that again was formational. Yeah, you don't just get 499 00:22:40,400 --> 00:22:42,359 Speaker 2: suffer free, right. You don't just get whatever car you want. 500 00:22:42,400 --> 00:22:43,840 Speaker 2: You can't just go to whatever college you want. 501 00:22:43,880 --> 00:22:45,680 Speaker 1: You know, you've got to make these decisions and trade 502 00:22:45,720 --> 00:22:48,840 Speaker 1: offs and evaluate or make a judgment call on the 503 00:22:48,920 --> 00:22:51,719 Speaker 1: value that you are receiving from a certain car or 504 00:22:51,760 --> 00:22:52,399 Speaker 1: a certain school. 505 00:22:52,520 --> 00:22:54,360 Speaker 2: Saving up a twenty percent down payment for my first 506 00:22:54,359 --> 00:22:57,320 Speaker 2: house was doing that by my doing that because it 507 00:22:57,359 --> 00:22:59,800 Speaker 2: was money I made. That satisfying feels a lot different 508 00:22:59,800 --> 00:23:01,199 Speaker 2: when you do that. Man, if it was given to me, 509 00:23:01,600 --> 00:23:04,200 Speaker 2: it wouldn't have felt the same. So maybe you might 510 00:23:04,240 --> 00:23:05,920 Speaker 2: be I think you're doing the right thing, And I 511 00:23:05,960 --> 00:23:08,120 Speaker 2: don't know. It's up to your family situation and your 512 00:23:08,160 --> 00:23:10,760 Speaker 2: desires and all that stuff. Like I said before, but 513 00:23:11,320 --> 00:23:13,239 Speaker 2: just think about what you might be taking from your 514 00:23:13,280 --> 00:23:15,679 Speaker 2: kids if you're actually trying to fund their future on 515 00:23:15,720 --> 00:23:16,080 Speaker 2: their path. 516 00:23:16,400 --> 00:23:18,800 Speaker 1: Totally last recommendation. It's been a minute since I've mentioned 517 00:23:18,880 --> 00:23:21,320 Speaker 1: Fortune's children, But if you want to see what it 518 00:23:21,359 --> 00:23:24,560 Speaker 1: looks like to you, said, create a soft kind of 519 00:23:24,600 --> 00:23:28,080 Speaker 1: landing pad for your kids. That's exactly what the commodore 520 00:23:28,119 --> 00:23:33,280 Speaker 1: did when the railroad baron and they document the author chronicles. 521 00:23:33,440 --> 00:23:36,960 Speaker 1: I don't want to call it a downfall, but essentially 522 00:23:37,040 --> 00:23:39,280 Speaker 1: how the future members of the family were a bit 523 00:23:39,400 --> 00:23:43,400 Speaker 1: less productive, let's say, than the patriarch of the family. 524 00:23:43,440 --> 00:23:45,280 Speaker 2: And if you want a more recent example, just watch 525 00:23:45,359 --> 00:23:49,040 Speaker 2: the show Succession on a you know, and you'll realize, Yeah, 526 00:23:49,160 --> 00:23:51,000 Speaker 2: it sounds like it's really good. I mean, one of 527 00:23:51,000 --> 00:23:52,600 Speaker 2: the best written shows of all time. 528 00:23:53,080 --> 00:23:57,399 Speaker 1: So I've seen the intro because wait, did tren Resnor 529 00:23:58,280 --> 00:24:00,640 Speaker 1: do the music? Yeah? What was it? There's something else 530 00:24:00,680 --> 00:24:03,560 Speaker 1: I had listened to or watched that there was? Oh no, 531 00:24:03,800 --> 00:24:04,959 Speaker 1: Teenage Mutan, Ninja Turtles. 532 00:24:05,640 --> 00:24:09,240 Speaker 2: Yeah, Mute Mayhem, which best kids movie in recent memory? 533 00:24:09,400 --> 00:24:12,520 Speaker 1: Pretty awesome? So good, highly recommend. All right, let's talk 534 00:24:12,520 --> 00:24:15,720 Speaker 1: about politics, Matt. There was there was an interesting Gallup poll. 535 00:24:15,920 --> 00:24:19,320 Speaker 1: Let's dive into it about how politics is driving economic 536 00:24:19,320 --> 00:24:22,320 Speaker 1: beliefs and investing strategy in really big ways right now. 537 00:24:22,600 --> 00:24:25,120 Speaker 1: And the crux of the finding is that the majority 538 00:24:25,119 --> 00:24:28,920 Speaker 1: of Americans are seeing more aspects of their lives through 539 00:24:28,960 --> 00:24:30,840 Speaker 1: a political lens. And I think this is just. 540 00:24:31,680 --> 00:24:34,880 Speaker 2: Readily apparent when we look around, we tend to see 541 00:24:34,880 --> 00:24:37,800 Speaker 2: everything as political when there man, there's so many more 542 00:24:37,800 --> 00:24:41,399 Speaker 2: elements to our lives and that make life meaningful. But 543 00:24:41,440 --> 00:24:44,040 Speaker 2: in politics are necessary part of life, but like letting 544 00:24:44,040 --> 00:24:46,960 Speaker 2: them color everything is it's just not smart and you're 545 00:24:46,960 --> 00:24:48,919 Speaker 2: living in a false reality if you do that. But 546 00:24:49,040 --> 00:24:52,960 Speaker 2: especially on the investing front, because that's what we talk about. 547 00:24:53,200 --> 00:24:56,960 Speaker 2: But Gallup finds that Democrats are pessimistic about the market 548 00:24:57,000 --> 00:25:01,240 Speaker 2: right now because there's because of who's in office, and 549 00:25:01,280 --> 00:25:03,679 Speaker 2: Democrats who expect the stock market to decline over the 550 00:25:03,760 --> 00:25:08,000 Speaker 2: six next six months exceeded Republican beliefs by fifty nine percent. 551 00:25:08,200 --> 00:25:12,000 Speaker 2: So there's this like pretty big swag insane gap based 552 00:25:12,040 --> 00:25:13,960 Speaker 2: on the R or the D in front of the 553 00:25:14,040 --> 00:25:15,920 Speaker 2: name and who's in the White House at the time. 554 00:25:16,200 --> 00:25:18,679 Speaker 2: So Republicans right now they're super optimistic. They're like, this 555 00:25:18,720 --> 00:25:20,440 Speaker 2: is going to be great my guys in the office. 556 00:25:20,520 --> 00:25:24,400 Speaker 2: So the stock market is going to crush, but also 557 00:25:24,720 --> 00:25:28,119 Speaker 2: to a fault because there was there's a Make America 558 00:25:28,200 --> 00:25:31,560 Speaker 2: Great Again ETF fund and it has underperformed the S 559 00:25:31,600 --> 00:25:35,399 Speaker 2: and P by twenty percentage points and to boot it 560 00:25:35,400 --> 00:25:38,480 Speaker 2: comes with the ridiculous expense ratio. But if you are 561 00:25:38,600 --> 00:25:41,640 Speaker 2: so inclined to invest according to your politics and buy 562 00:25:41,640 --> 00:25:45,000 Speaker 2: the ETF with the ridiculously high expense ratio, you can 563 00:25:45,080 --> 00:25:48,119 Speaker 2: of course expect, I think, to underperform well, you expect 564 00:25:48,119 --> 00:25:50,240 Speaker 2: the opposite, but in reality you're not going to do 565 00:25:50,280 --> 00:25:52,040 Speaker 2: as well. And so it's just really interesting that people 566 00:25:52,040 --> 00:25:54,439 Speaker 2: on both sides of the aisle are saying, Hey, I'm 567 00:25:54,480 --> 00:25:57,080 Speaker 2: gonna I'm gonna let my politics inform not just what 568 00:25:57,160 --> 00:25:58,920 Speaker 2: I think about the future of this economy and what 569 00:25:59,640 --> 00:26:02,240 Speaker 2: the state of America is going to look like, but 570 00:26:02,320 --> 00:26:06,040 Speaker 2: also specific investing choices that are working out to their detriment. 571 00:26:06,280 --> 00:26:08,920 Speaker 1: Yeah, you have to stay a political when it comes 572 00:26:08,960 --> 00:26:11,680 Speaker 1: to investing. Just because your guy is in the White House, 573 00:26:11,680 --> 00:26:15,080 Speaker 1: that doesn't mean that the market is destined for historic returns. 574 00:26:15,680 --> 00:26:18,399 Speaker 1: So we choose to invest like optimists no matter the 575 00:26:18,400 --> 00:26:21,920 Speaker 1: party that's in that's in charge. And if you want 576 00:26:21,960 --> 00:26:24,320 Speaker 1: to get involved in politics, if you're so inclined, sure 577 00:26:24,400 --> 00:26:26,960 Speaker 1: go for it. Throw your energy behind that. If that's 578 00:26:26,960 --> 00:26:28,560 Speaker 1: the kind of change that you want to see. When 579 00:26:28,560 --> 00:26:32,520 Speaker 1: it comes to especially locally, get involved locally, but letting 580 00:26:32,680 --> 00:26:36,120 Speaker 1: as opposed to like getting involved, like at the federal level, 581 00:26:36,440 --> 00:26:39,680 Speaker 1: just online through your Blue Sky or x account. I 582 00:26:39,720 --> 00:26:41,520 Speaker 1: don't think that's going to pan out well for you 583 00:26:41,560 --> 00:26:44,439 Speaker 1: from a actual difference making point of view. 584 00:26:45,119 --> 00:26:48,760 Speaker 2: But changing strangers' minds online. 585 00:26:48,320 --> 00:26:50,719 Speaker 1: Through what happens all the time my tweets, don't you know. 586 00:26:50,880 --> 00:26:53,160 Speaker 2: Yeah, but of course those aren't working. 587 00:26:53,160 --> 00:26:56,679 Speaker 1: They're not effective. Not effective. Don't let your political whims 588 00:26:56,680 --> 00:26:59,440 Speaker 1: impact your investments because it could tempt you into putting 589 00:26:59,440 --> 00:27:02,840 Speaker 1: away less. It could tempt you into selling, you know, 590 00:27:02,880 --> 00:27:04,679 Speaker 1: thinking that things are going to take right. Let's say 591 00:27:04,680 --> 00:27:06,679 Speaker 1: you're like, oh, okay, this is the end and you 592 00:27:06,720 --> 00:27:09,800 Speaker 1: move into cash. It is going to have these long 593 00:27:09,880 --> 00:27:12,560 Speaker 1: term ramifications as you jump in and out of the 594 00:27:12,560 --> 00:27:16,560 Speaker 1: market every two to four years. Even the tariff induced 595 00:27:16,600 --> 00:27:20,440 Speaker 1: gyrations that we experienced back it was that March or April. Yeah, 596 00:27:20,480 --> 00:27:24,000 Speaker 1: even that was short lived, was incredibly short lived. Yes, Yeah, 597 00:27:23,640 --> 00:27:26,240 Speaker 1: the economic engine of the US man, it's really powerful, 598 00:27:26,320 --> 00:27:30,320 Speaker 1: it's really resilient. Look to history that will prove that out. 599 00:27:30,560 --> 00:27:33,960 Speaker 1: That we can most likely expect the market to grow 600 00:27:34,040 --> 00:27:37,240 Speaker 1: at around ten percent excluding inflation. It's not a guarantee, 601 00:27:37,280 --> 00:27:39,640 Speaker 1: but that is what we have seen in the past 602 00:27:39,680 --> 00:27:41,680 Speaker 1: and I'm taking my cues from history. 603 00:27:41,840 --> 00:27:43,840 Speaker 2: Yeah, if you were to ask me at the time, 604 00:27:43,880 --> 00:27:46,879 Speaker 2: man we talked about tariffs and are what we think 605 00:27:46,920 --> 00:27:50,560 Speaker 2: about tariffs on the show a reasonable amount, I would 606 00:27:50,560 --> 00:27:52,240 Speaker 2: have said, yeah, I don't think this is going to 607 00:27:52,240 --> 00:27:54,359 Speaker 2: be good for the economy, and this might not be 608 00:27:54,440 --> 00:27:57,960 Speaker 2: good for the stock market. But I did not change 609 00:27:58,000 --> 00:28:00,520 Speaker 2: how I invest, even though I think thought that was 610 00:28:00,520 --> 00:28:03,680 Speaker 2: a potential threat. I realize that the economic engine of 611 00:28:03,720 --> 00:28:08,960 Speaker 2: the United States is so incredible that I don't think 612 00:28:09,320 --> 00:28:13,399 Speaker 2: one person, especially given the checks and balance, the system 613 00:28:13,400 --> 00:28:17,080 Speaker 2: that we have in place in our country, has has 614 00:28:17,119 --> 00:28:19,240 Speaker 2: the ability to bring it to its needs. And so 615 00:28:19,520 --> 00:28:21,480 Speaker 2: even if I don't agree with some of the policy, 616 00:28:21,520 --> 00:28:25,320 Speaker 2: which I typically don't no matter who's in charge, agree 617 00:28:25,359 --> 00:28:28,800 Speaker 2: with all the policy that's proposed or that's being implemented, well. 618 00:28:28,760 --> 00:28:30,360 Speaker 1: There's more and more of that policy that I find 619 00:28:30,359 --> 00:28:33,800 Speaker 1: myself disagreeing with. Yeah, in the current administration, initially because 620 00:28:33,880 --> 00:28:36,400 Speaker 1: there's a lot of folks, oh, we're getting maybe let's 621 00:28:36,440 --> 00:28:38,080 Speaker 1: be a little little too polical, And initially a lot 622 00:28:38,080 --> 00:28:39,760 Speaker 1: of folks are like, oh, he tends to be pro business. 623 00:28:39,800 --> 00:28:42,360 Speaker 1: But there have been all and I would have said, yeah, 624 00:28:42,400 --> 00:28:47,040 Speaker 1: maybe so historically speaking, but then lately, gosh, yeah, is 625 00:28:47,080 --> 00:28:49,120 Speaker 1: it worth talking about. We're not gonna talk about Intel 626 00:28:49,120 --> 00:28:52,360 Speaker 1: and the government stake in a privately held company now, 627 00:28:52,360 --> 00:28:54,120 Speaker 1: but like, that's not something I like to see the 628 00:28:54,120 --> 00:28:56,240 Speaker 1: government getting involved with private companies. 629 00:28:56,760 --> 00:28:59,719 Speaker 2: Not great, But also at the same time, America is 630 00:29:00,000 --> 00:29:04,080 Speaker 2: resilient and we have again a country, an economic history 631 00:29:04,120 --> 00:29:06,920 Speaker 2: and an economic and I believe in economic future that's 632 00:29:07,040 --> 00:29:09,720 Speaker 2: unlike anywhere else. It's still the best. Yeah, we still 633 00:29:09,720 --> 00:29:13,000 Speaker 2: the tops our More Americans met are working past retirement age, 634 00:29:13,040 --> 00:29:16,760 Speaker 2: according to Pew. Another survey on top of that found 635 00:29:16,760 --> 00:29:19,040 Speaker 2: that the majority of sixty five and over folks are 636 00:29:19,040 --> 00:29:22,840 Speaker 2: planning on skipping retirement altogether, even though they've they're sixty 637 00:29:22,880 --> 00:29:25,800 Speaker 2: five and older already and they're like, yeah, I've arrived 638 00:29:25,840 --> 00:29:29,400 Speaker 2: at what's considered typical retirement years, but I'm not planning 639 00:29:29,440 --> 00:29:32,280 Speaker 2: on quitting work. And when you look at the stats, 640 00:29:32,320 --> 00:29:34,080 Speaker 2: like for many it's because they don't feel like they've 641 00:29:34,080 --> 00:29:37,560 Speaker 2: saved it up, saved up enough, and they don't think 642 00:29:37,600 --> 00:29:41,480 Speaker 2: they can actually stop work completely. And for some people 643 00:29:41,480 --> 00:29:43,880 Speaker 2: that is the reality, even with Social Security, they don't 644 00:29:43,880 --> 00:29:47,080 Speaker 2: have enough money coming in. Although to that, I'd also say, 645 00:29:47,160 --> 00:29:49,760 Speaker 2: run the numbers, don't let feelings alone make that decision 646 00:29:49,760 --> 00:29:52,320 Speaker 2: for you. As I was walking through my parents with 647 00:29:52,400 --> 00:29:54,959 Speaker 2: my parents their decision to retire, they had certain feelings 648 00:29:55,000 --> 00:29:56,760 Speaker 2: about maybe not having enough, and then when we kind 649 00:29:56,760 --> 00:29:58,320 Speaker 2: of took a look at it and we talked about 650 00:29:58,440 --> 00:30:00,600 Speaker 2: the options they had, it turns out they did and 651 00:30:00,640 --> 00:30:02,560 Speaker 2: so they felt more comfortable after kind of running through 652 00:30:02,600 --> 00:30:05,760 Speaker 2: some scenarios. But you know, for some, you know, some 653 00:30:05,800 --> 00:30:08,600 Speaker 2: people really might be better off working longer to reach 654 00:30:08,640 --> 00:30:12,160 Speaker 2: greater levels of financial independence. So much depends on the 655 00:30:12,200 --> 00:30:15,840 Speaker 2: specifics of each individual scenario. But then for others too, Matt, 656 00:30:17,280 --> 00:30:20,680 Speaker 2: these findings basically said that the work provides a sense 657 00:30:20,680 --> 00:30:23,080 Speaker 2: of identity, and so not working would just be this 658 00:30:23,160 --> 00:30:27,480 Speaker 2: really hard psychological shift for a lot of people as 659 00:30:27,520 --> 00:30:29,239 Speaker 2: they near retirement age, they're like, well, what else am 660 00:30:29,280 --> 00:30:32,200 Speaker 2: I going to do with my Timeah? Which makes me 661 00:30:32,240 --> 00:30:35,120 Speaker 2: think about West Moss and the Secrets of the happiest 662 00:30:35,160 --> 00:30:36,200 Speaker 2: retirees and how. 663 00:30:36,200 --> 00:30:37,600 Speaker 1: Something you got to cultivate over time. 664 00:30:37,640 --> 00:30:39,240 Speaker 2: Man, Yeah, you've got to be building that up in 665 00:30:39,280 --> 00:30:41,840 Speaker 2: your thirties, forties, and fifties so that you have something 666 00:30:41,880 --> 00:30:44,760 Speaker 2: to retire too. I think too this maybe think that 667 00:30:44,800 --> 00:30:47,640 Speaker 2: some people may dismiss the idea of saving for retirement 668 00:30:47,880 --> 00:30:50,680 Speaker 2: because they're like, well, I don't plan on retiring. I'm 669 00:30:50,720 --> 00:30:52,440 Speaker 2: going to be one of those people because i love 670 00:30:52,520 --> 00:30:55,440 Speaker 2: my job and I'm going to be working into my seventies, 671 00:30:55,480 --> 00:30:57,920 Speaker 2: probably my eighties. So why do I even really need 672 00:30:58,040 --> 00:30:59,960 Speaker 2: to emphasize I'm just going to like reduce my contra 673 00:31:00,000 --> 00:31:02,440 Speaker 2: ba stent amounts significantly because that's not in the cards 674 00:31:02,440 --> 00:31:04,840 Speaker 2: for me. But I think it's also important to mention 675 00:31:04,920 --> 00:31:07,880 Speaker 2: that's not always up to you, and yeah, you should 676 00:31:07,960 --> 00:31:10,320 Speaker 2: hope for the best, but also plan for the worst. 677 00:31:10,520 --> 00:31:12,440 Speaker 2: You want to save like a pessimist. You want to 678 00:31:12,440 --> 00:31:13,720 Speaker 2: save like you're not going to be able to work 679 00:31:13,760 --> 00:31:16,720 Speaker 2: as long as you'd ideally like to. But it would 680 00:31:16,720 --> 00:31:18,640 Speaker 2: be like not getting life insurance because you don't plan 681 00:31:18,720 --> 00:31:21,240 Speaker 2: on dying in the next thirty years. I don't need 682 00:31:21,240 --> 00:31:23,680 Speaker 2: that term life policy. I'm only twenty five. I'm not 683 00:31:23,680 --> 00:31:25,200 Speaker 2: going to die by the time I'm fifty five, or 684 00:31:25,200 --> 00:31:26,000 Speaker 2: I'm not planning on it. 685 00:31:26,080 --> 00:31:28,800 Speaker 1: You don't always have the option, don't always have to 686 00:31:28,840 --> 00:31:30,920 Speaker 1: say as to what's happening off in your. 687 00:31:30,760 --> 00:31:34,600 Speaker 2: Future, miss right, And so it just because you're planning 688 00:31:34,680 --> 00:31:37,440 Speaker 2: on something doesn't mean that it's going to happen or 689 00:31:37,480 --> 00:31:40,320 Speaker 2: that an alternative can't happen. And I think being able 690 00:31:40,360 --> 00:31:42,920 Speaker 2: to choose to work or to retire is a crucial 691 00:31:42,960 --> 00:31:44,880 Speaker 2: part of being able to be happy as you continue 692 00:31:44,920 --> 00:31:45,800 Speaker 2: to work into older age. 693 00:31:45,920 --> 00:31:47,600 Speaker 1: Yeah, well, Joe, maybe some of those folks needed to 694 00:31:47,600 --> 00:31:51,360 Speaker 1: talk to a financial advisor. That's my segue for this 695 00:31:51,480 --> 00:31:57,240 Speaker 1: next bit. Though. It turns out that financial advice experts 696 00:31:57,440 --> 00:31:59,960 Speaker 1: out there, they don't always work well for the math 697 00:32:00,400 --> 00:32:03,960 Speaker 1: in every situation, because each of us finds ourselves in 698 00:32:04,000 --> 00:32:06,719 Speaker 1: our own unique and different circumstances. 699 00:32:06,800 --> 00:32:09,040 Speaker 2: Right, you're saying, I am a snowflake man, We are. 700 00:32:08,960 --> 00:32:13,440 Speaker 1: All unique snowflakes. Okay, financial plans they can't be like 701 00:32:13,520 --> 00:32:16,400 Speaker 1: quote unquote tailored for the average investor out there because 702 00:32:16,400 --> 00:32:19,360 Speaker 1: none of us truly fit a mold. In addition to that, though, 703 00:32:19,400 --> 00:32:21,600 Speaker 1: like I don't even fit the same mold that I 704 00:32:21,720 --> 00:32:23,640 Speaker 1: was that I would have put myself in. That was 705 00:32:23,680 --> 00:32:26,640 Speaker 1: like the map mold, like from like two years ago. Like, 706 00:32:26,720 --> 00:32:29,280 Speaker 1: we are constantly changing our hopes and our dreams are 707 00:32:29,680 --> 00:32:33,600 Speaker 1: constantly evolving, which means our financial plan is also morphing 708 00:32:33,720 --> 00:32:38,280 Speaker 1: over the years as well. And like, Yeah, an interesting 709 00:32:38,280 --> 00:32:42,480 Speaker 1: tid bit in in that journal article, an investing columnists 710 00:32:42,560 --> 00:32:46,320 Speaker 1: Columnists recently wrote about how advisors are particularly ill suited 711 00:32:46,320 --> 00:32:49,280 Speaker 1: to help what he called tightwads, which was the most 712 00:32:49,280 --> 00:32:53,400 Speaker 1: fascinating part of that article, which it totally resonates with 713 00:32:53,440 --> 00:32:54,760 Speaker 1: me because I think that it's sort of like you're 714 00:32:54,800 --> 00:32:56,400 Speaker 1: alluding to earlier, a lot of the how to money 715 00:32:56,400 --> 00:32:58,080 Speaker 1: listeners out there have been doing the right thing for 716 00:32:58,160 --> 00:32:59,840 Speaker 1: years and in super. 717 00:32:59,560 --> 00:33:01,480 Speaker 2: Frugal they've set aside a good bit. 718 00:33:01,320 --> 00:33:03,000 Speaker 1: Of money and a lot of times I think what 719 00:33:03,040 --> 00:33:06,239 Speaker 1: those folks need is kind of the counter like not 720 00:33:06,280 --> 00:33:09,040 Speaker 1: the typical advice. I think sometimes they need to be encouraged, 721 00:33:09,320 --> 00:33:11,800 Speaker 1: like on a more coaching level, it's like, oh no, no, 722 00:33:12,080 --> 00:33:14,040 Speaker 1: you got the numbers figured out. What you need is 723 00:33:14,080 --> 00:33:15,800 Speaker 1: more like a life coach. You need somebody to kind 724 00:33:15,840 --> 00:33:18,240 Speaker 1: of help you to think through what you want your 725 00:33:18,320 --> 00:33:21,120 Speaker 1: life to look like, not necessarily even when you are 726 00:33:22,280 --> 00:33:24,600 Speaker 1: in your retirement years, but like even now, like you 727 00:33:24,600 --> 00:33:27,400 Speaker 1: don't need to switch from A mode to B mode. 728 00:33:27,520 --> 00:33:30,760 Speaker 1: It's like there's a whole lot of notes in between scrum. Yeah, 729 00:33:30,760 --> 00:33:32,360 Speaker 1: it's a spectrum. I like I was thinking about it, 730 00:33:32,400 --> 00:33:34,920 Speaker 1: like in music, because it's like it fluctuates and it 731 00:33:34,960 --> 00:33:36,920 Speaker 1: depends on what's going on as to the melody that 732 00:33:36,960 --> 00:33:39,520 Speaker 1: you're making. But I think more folks need to be 733 00:33:39,600 --> 00:33:42,000 Speaker 1: encouraged in that direction, especially folks who are listening to 734 00:33:42,040 --> 00:33:44,880 Speaker 1: our show. So, like you're saying, cultivating some of those 735 00:33:45,520 --> 00:33:48,040 Speaker 1: things that make life beautiful so that you have something 736 00:33:48,080 --> 00:33:50,440 Speaker 1: to retire to, so that and that not just as 737 00:33:50,480 --> 00:33:52,800 Speaker 1: an end goal, but to enrich your life right now, 738 00:33:52,840 --> 00:33:55,320 Speaker 1: whatever that might be, whether that's art or community or 739 00:33:55,400 --> 00:33:59,240 Speaker 1: volunteering beautiful things service like, there are so many different 740 00:33:59,280 --> 00:34:02,000 Speaker 1: ways to involved outside of your job, and I would 741 00:34:02,000 --> 00:34:05,160 Speaker 1: hate for folks to continue to work day and day 742 00:34:05,160 --> 00:34:07,760 Speaker 1: out because that's all they know how to do. Kind 743 00:34:07,760 --> 00:34:09,919 Speaker 1: of turned into a one trick pony, which doesn't sound 744 00:34:10,000 --> 00:34:11,040 Speaker 1: very fulfilling. 745 00:34:10,640 --> 00:34:13,280 Speaker 2: When you don't know what sort of dramatic life changes 746 00:34:13,320 --> 00:34:15,480 Speaker 2: are going to happen to you, whether a family member 747 00:34:15,520 --> 00:34:19,840 Speaker 2: or spouse gets some sort of awful illness, a terminal illness. 748 00:34:19,880 --> 00:34:22,600 Speaker 2: Maybe you're a single parent and you didn't expect that. 749 00:34:23,200 --> 00:34:26,000 Speaker 2: And so I think I want people to be saving 750 00:34:26,000 --> 00:34:28,680 Speaker 2: and investing to set themselves up for flexibility, but you 751 00:34:28,719 --> 00:34:31,399 Speaker 2: also then need to be able to pivot right if 752 00:34:31,640 --> 00:34:33,760 Speaker 2: you say, actually, I need to dial back my retirement 753 00:34:33,760 --> 00:34:35,879 Speaker 2: account contributions because I have to I have to work 754 00:34:35,960 --> 00:34:37,200 Speaker 2: less so I can be at home with my kids 755 00:34:37,200 --> 00:34:38,960 Speaker 2: more because I am a single parent now, Like, there 756 00:34:38,960 --> 00:34:40,799 Speaker 2: are all sorts of things like life happens to you 757 00:34:41,080 --> 00:34:44,400 Speaker 2: and you can prepare as best you can, but you 758 00:34:44,440 --> 00:34:46,759 Speaker 2: can't be fully prepared for all the things that can 759 00:34:47,160 --> 00:34:48,800 Speaker 2: there will come, that will come to pass. 760 00:34:48,960 --> 00:34:50,120 Speaker 1: Yea. So it's a fine balance. 761 00:34:50,200 --> 00:34:51,520 Speaker 2: It is a fine balance. And so I guess on 762 00:34:51,560 --> 00:34:54,400 Speaker 2: the advisor front, like, I think it makes sense to 763 00:34:54,480 --> 00:34:57,440 Speaker 2: ask probing questions if you are interviewing an advisor, make 764 00:34:57,480 --> 00:35:00,360 Speaker 2: sure they have the ability to help you just the 765 00:35:00,400 --> 00:35:03,760 Speaker 2: average human they're going to take. In addition, yea, yeah, 766 00:35:03,800 --> 00:35:06,440 Speaker 2: what what your goals? What's your ideals you want? Yeah, 767 00:35:06,480 --> 00:35:08,319 Speaker 2: so that they're not just like, well, yeah, do it 768 00:35:08,360 --> 00:35:10,960 Speaker 2: exactly like like this, because that's how most of my 769 00:35:11,040 --> 00:35:13,120 Speaker 2: other clients are doing it. Like you want somebody actually 770 00:35:13,320 --> 00:35:18,160 Speaker 2: to be advising you, not advising the fiftieth percentile. 771 00:35:19,160 --> 00:35:20,920 Speaker 1: Awesome, all right, that's gonna be it for our Friday flight. 772 00:35:20,960 --> 00:35:23,000 Speaker 1: We hope everyone has had a fantastic week and that 773 00:35:23,120 --> 00:35:25,839 Speaker 1: you've got an even better weekend lined up, we'll see 774 00:35:25,920 --> 00:35:29,080 Speaker 1: back here on Monday the Fresh Ask How To Money episode, 775 00:35:29,160 --> 00:35:32,680 Speaker 1: and until next time, best Friends Out, Best Friends Out,