WEBVTT - Avoiding Burnout, Overdraft Fees, and Getting Back to Work #213 0:00:00.120 --> 0:00:02.440 Welcome to How the Money. I'm Joel and I and 0:00:02.520 --> 0:00:06.280 that today we're discussing avoiding burnout over draft fees and 0:00:06.360 --> 0:00:27.360 getting back to work, all right, Joel. Before we dive 0:00:27.480 --> 0:00:30.479 into the stories that we want to cover today, we 0:00:30.520 --> 0:00:33.040 wanted to touch on racism and it is not something 0:00:33.040 --> 0:00:36.040 we normally talk about, but it is a serious problem 0:00:36.040 --> 0:00:39.080 in our country, and yeah, we wanted to address that today. Yeah, 0:00:39.080 --> 0:00:41.560 there are protests going on in city after city across 0:00:41.600 --> 0:00:44.440 the country, and rightly so, Matt. I mean, George Floyd 0:00:44.520 --> 0:00:47.120 was Sadly he was laid to rest on Tuesday. Matt, 0:00:47.200 --> 0:00:48.680 we were out of town. We just got back, and 0:00:49.159 --> 0:00:51.680 we feel the need because we weren't able to address 0:00:51.720 --> 0:00:53.680 it on the show last week or earlier this week, 0:00:53.720 --> 0:00:56.000 to to make our voices heard on this subject and 0:00:56.080 --> 0:00:59.880 to shine a light on racial injustice in our country. However, 0:01:00.040 --> 0:01:01.600 we can all of us out there, you and me 0:01:01.720 --> 0:01:04.479 and our listeners included. It's important to use our voices 0:01:04.520 --> 0:01:07.119 to to uplift and to help others. And Matt, typically 0:01:07.120 --> 0:01:08.760 we choose to use our voices to help people on 0:01:08.760 --> 0:01:10.880 the subject of personal finance, but but there are other 0:01:10.880 --> 0:01:12.959 ways we can use our voices to until we feel 0:01:13.160 --> 0:01:15.440 the need, we feel compelled to talk about this today, 0:01:15.640 --> 0:01:18.720 and in particular math the recent terrible injustice of police 0:01:18.720 --> 0:01:21.720 brutality like happened to to George Floyd, and that's happened 0:01:21.720 --> 0:01:24.880 to many many other African Americans in this country. The 0:01:24.880 --> 0:01:28.319 brutality or the injustice that they have experienced. It's not okay. 0:01:28.480 --> 0:01:31.560 It's absolutely one of the most important subjects that our 0:01:31.600 --> 0:01:34.080 country as a whole is facing right now. Yeah, I 0:01:34.120 --> 0:01:36.520 totally agree, man, And so you know, to that end, 0:01:36.959 --> 0:01:39.080 one of the ways that you can help is at 0:01:39.120 --> 0:01:42.400 the intersection of money and racism. We encourage you to 0:01:42.400 --> 0:01:44.920 to learn about organizations and groups that are working to 0:01:45.240 --> 0:01:48.800 end racism and also to financially support them. Joel and I. 0:01:48.920 --> 0:01:50.840 You know, you and I Man, we've both made donations 0:01:50.880 --> 0:01:53.440 to local groups here in Atlanta. And our goal isn't 0:01:53.480 --> 0:01:56.320 just to learn about these organizations just to donate and 0:01:56.480 --> 0:01:59.360 cross that off of a feel good to do list, right, 0:01:59.600 --> 0:02:02.000 but if it's to learn in order to change the 0:02:02.040 --> 0:02:04.360 way we think in the ways that we behave right, 0:02:04.560 --> 0:02:08.520 not to become just not racist, but to become anti racist. 0:02:08.720 --> 0:02:11.120 And we we feel that calling out racism is not 0:02:11.639 --> 0:02:14.200 a political thing. It's not a political topic, but in fact, 0:02:14.240 --> 0:02:17.480 it's a moral imperative that every one of us is 0:02:17.520 --> 0:02:19.840 called to Yeah, Matt, I agree with you, man, and 0:02:19.960 --> 0:02:23.480 I think yeah. We're approaching this topic from a place 0:02:23.560 --> 0:02:27.040 of feeling like we have a small platform and it's 0:02:27.040 --> 0:02:28.880 important for us to address it here and at the 0:02:28.919 --> 0:02:31.120 same time to say that that we are listening because 0:02:31.120 --> 0:02:33.000 you and I don't know the depths of the difficulties 0:02:33.040 --> 0:02:36.560 that are African American friends, or African Americans in this 0:02:36.600 --> 0:02:39.320 country in general, have had to endure. So we're gonna 0:02:39.320 --> 0:02:41.360 do our best to listen, to hear what other people 0:02:41.400 --> 0:02:43.200 have to say, to learn from their experience, and at 0:02:43.200 --> 0:02:45.280 the same time also be a part of the change 0:02:45.280 --> 0:02:47.760 in whatever way we can. Yeah, Man, that's right. Let's 0:02:47.760 --> 0:02:50.360 go ahead now and jump into our Friday flights, and 0:02:50.639 --> 0:02:52.200 this is when we talk about some of the different 0:02:52.400 --> 0:02:54.640 stories that we've come across this past week that affects 0:02:54.680 --> 0:02:57.280 each of us individually on a personal level when it 0:02:57.320 --> 0:03:00.000 comes to our personal finances. So first, let's talk up 0:03:00.000 --> 0:03:01.840 out a new law that passed Man, You and I 0:03:01.880 --> 0:03:04.240 we've talked about the p p P, the Paycheck Protection 0:03:04.280 --> 0:03:07.080 Program that was part of the Cares Act from several 0:03:07.080 --> 0:03:10.239 weeks ago, but a bill that allows for greater flexibility 0:03:10.320 --> 0:03:14.679 in spending PPP funds was signed into law last Friday. 0:03:14.840 --> 0:03:18.080 This is good news for small businesses in those employed 0:03:18.120 --> 0:03:21.280 by small businesses, as it eased the requirements on payroll 0:03:21.320 --> 0:03:24.760 expenses from s of the loan to six, so it 0:03:24.800 --> 0:03:27.600 allows a lot more flexibility on how small businesses can 0:03:27.680 --> 0:03:30.639 spend that money. And it also extended the time period 0:03:30.720 --> 0:03:33.880 to use the funds from just eight weeks to twenty 0:03:33.880 --> 0:03:36.600 four weeks. So that's pretty huge, man. Uh. And they're 0:03:36.600 --> 0:03:38.880 also calling this the p p p f A, which 0:03:38.920 --> 0:03:43.280 is the Paycheck Protection Program Flexibility Act, which totally kind 0:03:43.280 --> 0:03:45.240 of cracks me up every time I hear that, because 0:03:45.240 --> 0:03:46.840 it kind of makes me think of a performer and 0:03:46.880 --> 0:03:49.800 he's like, for my next act of flexibility to touch 0:03:49.840 --> 0:03:52.800 my toes. Yeah, I mean, it makes sense that they 0:03:52.800 --> 0:03:54.840 that they changed the law and they change the timetable 0:03:54.840 --> 0:03:56.920 in particular for small businesses, because when the bill was 0:03:56.960 --> 0:03:58.800 originally drafted, it was like, well, how long is this 0:03:58.840 --> 0:04:01.120 gonna last? Probably weeks and then you know they'll be 0:04:01.160 --> 0:04:03.680 able to rehire everyone. We'll be back to normal business 0:04:03.720 --> 0:04:07.240 as usual within two months and that just didn't work out. Right, 0:04:07.240 --> 0:04:09.480 It hasn't been the case. Businesses have been hurt for 0:04:09.720 --> 0:04:11.760 longer than that, a whole lot longer than that. And 0:04:11.760 --> 0:04:15.000 so to give businesses more flexibility with that PPP money 0:04:15.040 --> 0:04:16.920 made a lot of sense. I'm really glad that the 0:04:16.960 --> 0:04:18.880 Congress was able to fix this. Yeah, I love the 0:04:18.880 --> 0:04:21.280 flexibility that it gives small businesses. It allows them to 0:04:21.400 --> 0:04:23.800 use that money as they see fits a little more. Right, 0:04:24.000 --> 0:04:27.560 let's talk to about taking time off during a pandemic. 0:04:27.680 --> 0:04:30.560 A lot of employees are finding it difficult to take 0:04:30.600 --> 0:04:32.640 some time off and get away from work. A recent 0:04:32.680 --> 0:04:35.480 studies showed that almost half of workers fall into this category, 0:04:35.760 --> 0:04:39.160 and the study defines these folks as work martyrs. Right, 0:04:39.720 --> 0:04:42.719 that's where you want to show dedication to your job, 0:04:43.160 --> 0:04:45.080 and if you don't, if you take any time off, 0:04:45.080 --> 0:04:46.800 you feel guilty about it. And a lot of us 0:04:46.839 --> 0:04:49.159 might even be thinking, oh, that's not me. But I 0:04:49.200 --> 0:04:51.640 think this can be really subtle. Even when you feel 0:04:51.640 --> 0:04:54.160 good about taking time off and know that you should, 0:04:54.960 --> 0:04:56.960 I think there can be this kind of low grade 0:04:57.000 --> 0:04:59.240 guilt that kind of rides in the background, you know. Yeah, 0:04:59.240 --> 0:05:03.320 completely stab for vacation time usage for Americans has been 0:05:03.360 --> 0:05:05.600 pretty pitiful for a number of years. Now. I think 0:05:05.800 --> 0:05:08.839 it's even more important right now, whether you're going somewhere 0:05:08.920 --> 0:05:12.240 or not, you know where, whether you're able to get away, uh, 0:05:12.440 --> 0:05:14.640 you know, most people not willing to go on a 0:05:14.680 --> 0:05:17.120 plane right now, or whether you're willing to drive somewhere 0:05:17.200 --> 0:05:19.080 and and get out of town for a few days, 0:05:19.520 --> 0:05:22.680 or whether you're doing like a staycation but to stop 0:05:22.720 --> 0:05:24.800 doing work for a period of time to take some 0:05:24.839 --> 0:05:26.640 of those vacation days. I think for a lot of 0:05:26.640 --> 0:05:29.680 people to avoid burnout, it's even more important right now 0:05:29.720 --> 0:05:32.080 than than it is typically. And one of the most 0:05:32.080 --> 0:05:34.359 helpful points in the article that we read Matt that 0:05:34.360 --> 0:05:37.239 they highlighted was how you actually go about convincing yourself 0:05:37.279 --> 0:05:39.040 and your boss that you need this time off. And 0:05:39.279 --> 0:05:41.000 one of the ways to do this is by writing 0:05:41.000 --> 0:05:43.479 out the implications to yourself and your work. And one 0:05:43.520 --> 0:05:45.520 of the biggest reasons to do this is is burnout 0:05:45.760 --> 0:05:49.279 and burnout can lead to decrease productivity levels and it 0:05:49.360 --> 0:05:52.640 can actually affect your work in a majorly negative way. 0:05:53.040 --> 0:05:55.760 And I think right now are emotions are all more 0:05:55.880 --> 0:05:58.799 volatile for a lot of reasons. In large part COVID 0:05:58.839 --> 0:06:02.039 related and so sure that you do take time off 0:06:02.279 --> 0:06:04.520 to be able to rest and recharge and get away 0:06:04.680 --> 0:06:07.320 from your daily work is really important and I would 0:06:07.320 --> 0:06:09.559 suggest that people will take advantage and not not for sake, 0:06:09.600 --> 0:06:12.080 it just because we're kind of in an odd, new 0:06:12.120 --> 0:06:15.440 normal time. Yeah. By identifying those potential risks and those 0:06:15.480 --> 0:06:17.919 issues and being able to present that to your boss 0:06:17.960 --> 0:06:20.279 or to your work, I think you could easily convince 0:06:20.360 --> 0:06:22.520 them that hey, this is in the best interest of 0:06:22.520 --> 0:06:25.479 both of us to do this. And on a personal level, 0:06:25.520 --> 0:06:27.920 this burnout can it can lead to declines in your 0:06:27.960 --> 0:06:31.080 mental and your physical health, as well as the different 0:06:31.120 --> 0:06:34.960 critical roles that we play in important relationships in our life. Man. 0:06:35.040 --> 0:06:36.320 I know, for me, like when it comes to my 0:06:36.320 --> 0:06:38.719 physical health, if I don't take care of myself, sometimes 0:06:38.720 --> 0:06:41.680 I'll get migraines. That's something I've kind of learned over 0:06:41.680 --> 0:06:43.880 the years. I'm like, why do I get these migraines? Well, 0:06:43.960 --> 0:06:45.960 maybe once or twice a year. It's it tends to 0:06:46.000 --> 0:06:49.200 be when I'm kind of stressed. And of course relationships family, Uh, 0:06:49.279 --> 0:06:51.760 they're really important. You know. If we were to really 0:06:51.800 --> 0:06:53.560 step back and to list out the things that are 0:06:53.640 --> 0:06:56.640 important to us, those relationships and our health would easily 0:06:56.720 --> 0:06:58.640 be at the top of the list for most of us, 0:06:58.960 --> 0:07:00.720 but it's just so easy to get caught up in 0:07:00.720 --> 0:07:03.280 the achievement and earning. More So, we need to make 0:07:03.279 --> 0:07:06.039 sure that we're prioritizing time off right now. Even though 0:07:06.120 --> 0:07:08.680 it might feel, you know, even harder to do during 0:07:08.680 --> 0:07:11.840 this pandemic, chances are that it's also far more necessary 0:07:11.880 --> 0:07:14.440 to take these steps now as well. Yeah, completely agree, 0:07:14.440 --> 0:07:16.720 all right, Matt. Also, let's mention over draft fees, right. 0:07:16.760 --> 0:07:18.920 The numbers just came out and last year the large 0:07:18.960 --> 0:07:22.440 banks took over eleven billion dollars in over draft fees 0:07:22.520 --> 0:07:26.000 out of customer accounts. This was before the pandemic left 0:07:26.080 --> 0:07:28.680 so many in an even tougher financial position, and it's 0:07:28.720 --> 0:07:30.720 important to to state that we understand that this is 0:07:30.760 --> 0:07:33.240 part of how banks make money. But for our listeners, 0:07:33.280 --> 0:07:35.040 they're the kind of people that want to avoid over 0:07:35.120 --> 0:07:37.640 draft fees altogether. They don't want to be paying a 0:07:37.720 --> 0:07:40.640 pesky thirty or thirty five dollar fee if they overdraw 0:07:40.680 --> 0:07:42.880 their account, and there are so many ways to avoid 0:07:42.880 --> 0:07:44.960 this too. And what sucks to is that more than 0:07:45.040 --> 0:07:47.120 eight percent of these fees were paid by just nine 0:07:47.160 --> 0:07:49.240 percent of account holder, So it really is this small 0:07:49.280 --> 0:07:52.679 segment of the banking population that's paying a massive amount 0:07:52.680 --> 0:07:54.640 of these fees. And over draft fees at this point 0:07:54.640 --> 0:07:56.960 are completely optional, like you can opt in or you 0:07:57.000 --> 0:07:59.320 can opt out, and we would suggest you opting out. 0:07:59.440 --> 0:08:01.880 It's so much or to get that transaction declined than 0:08:02.000 --> 0:08:03.920 to have the transaction go through be able to get 0:08:03.960 --> 0:08:06.240 your three dollar coffee or your ten dollar meal, and 0:08:06.360 --> 0:08:08.200 it actually costs a whole lot more than that because 0:08:08.200 --> 0:08:10.360 you're paying an overdraft fee on top of it. So 0:08:10.480 --> 0:08:12.160 just know that you have that option that you can 0:08:12.200 --> 0:08:15.120 turn over draft protection off and that will save you 0:08:15.160 --> 0:08:17.440 just a massive amount of these fees. It's just crazy. 0:08:17.440 --> 0:08:20.280 The banks make eleven billion dollars a year on them. Yeah. Man, 0:08:20.320 --> 0:08:23.080 it's terrible that the most vulnerable are also the ones 0:08:23.120 --> 0:08:25.480 who are the hardest hit. And you know these numbers 0:08:25.480 --> 0:08:28.360 in this research is by the Center for Responsible Lending. 0:08:28.760 --> 0:08:30.840 They're working to get all the banks to stop over 0:08:30.880 --> 0:08:34.240 draft fees during the pandemic. While many banks have taken 0:08:34.240 --> 0:08:36.280 steps to work with folks on an individual level, it 0:08:36.280 --> 0:08:38.480 wou'd be amazing to see banks across the board step 0:08:38.559 --> 0:08:41.079 up and take care of their customers. So at the 0:08:41.160 --> 0:08:43.120 very least be aware of your overdraft fees and know 0:08:43.440 --> 0:08:45.960 that you can reach out as many banks are willing 0:08:46.000 --> 0:08:48.000 to work with individuals. But also know too that the 0:08:48.040 --> 0:08:50.880 Center of Responsible Lending they're working for bigger changes. They're 0:08:50.920 --> 0:08:53.520 great organization, a nonprofit, and you can even support them 0:08:53.559 --> 0:08:55.199 if you want to. Yeah, Matt, And this is to 0:08:55.440 --> 0:08:57.760 why on the show we talk about which banks you 0:08:57.760 --> 0:08:59.839 should be banking with. And there are some banks that 0:09:00.080 --> 0:09:02.760 just have terrible customer service. They want to charge you 0:09:02.800 --> 0:09:05.120 these over draft fees. They're not looking out for you 0:09:05.240 --> 0:09:07.480 at all. And if you incur these over draft fees, 0:09:07.640 --> 0:09:09.400 you might spend hours on hold to trying to get 0:09:09.480 --> 0:09:11.400 one or two of them removed, and it feels like 0:09:11.400 --> 0:09:12.840 beating your head against the wall. And so we would 0:09:12.880 --> 0:09:16.320 recommend doing business with banks that have a much harder 0:09:16.360 --> 0:09:18.800 bent towards customer service, that are not looking to try 0:09:18.800 --> 0:09:22.280 to feed or death when you do overdraft your account. Man. 0:09:22.320 --> 0:09:24.440 I remember when I first signed up with my first 0:09:24.480 --> 0:09:27.400 online banking account. It was with Capital One formerly I 0:09:27.520 --> 0:09:30.000 n G, and they would do this thing where if 0:09:30.000 --> 0:09:32.120 you took too much money out of your checking account, 0:09:32.200 --> 0:09:33.920 well they would pull it out of your same news account. 0:09:34.040 --> 0:09:35.760 But these big banks they won't they won't even do 0:09:35.840 --> 0:09:38.120 that like that, you've got the money there, but you 0:09:38.200 --> 0:09:40.640 overdrew this one account and you're gonna pay. You're gonna 0:09:40.640 --> 0:09:42.400 pay that thirty five bucks or thirty nine bucks or 0:09:42.440 --> 0:09:45.359 whatever it is. The fees are just astronomical. They're ridiculous, 0:09:45.440 --> 0:09:47.719 and it's so important to avoid them because they're their 0:09:47.720 --> 0:09:50.680 budget records. They're they're terrible for our finances. Man, that 0:09:50.760 --> 0:09:53.720 first online bank I Energy anytime you mentioned that, it 0:09:53.760 --> 0:09:56.160 really takes me back. It kind of dates us a 0:09:56.200 --> 0:09:59.079 little bit, but that that Electric Orange account was really good. 0:09:59.400 --> 0:10:01.199 Also had one of this um It's like one of 0:10:01.200 --> 0:10:03.160 the kinds, like the first of its kind. It really was. 0:10:03.600 --> 0:10:07.520 Also to estates have reopened, a lot of businesses are 0:10:07.520 --> 0:10:10.800 also beginning to reopen. In particular businesses and hospitality and 0:10:10.800 --> 0:10:13.800 retail man. I saw Dunkin Donuts. They are hiring up 0:10:13.840 --> 0:10:16.800 to workers for new positions that they're looking to fill 0:10:16.840 --> 0:10:19.320 this year, which Joel, I got an important question for you. 0:10:19.320 --> 0:10:22.080 Are you a Dunkin donutsman or Krispykreme Krispy Creme all 0:10:22.080 --> 0:10:24.120 the way? Are you yeah? And ready? Wait hot and 0:10:24.120 --> 0:10:27.880 ready I thought that was Little Caesar's. Well whatever, they've 0:10:27.920 --> 0:10:29.280 got the hot light I know they had that they 0:10:29.280 --> 0:10:31.199 had to sign once they're once they're fresh, when it's on, 0:10:31.240 --> 0:10:33.040 when they're fresh and they're hot, and there's nothing beats 0:10:33.040 --> 0:10:35.000 a krispykreame, what's the pizza thing? When they're when they're 0:10:35.040 --> 0:10:36.360 on the side of the road trying to like get 0:10:36.360 --> 0:10:37.719 you to buy them, like almost out of your car. 0:10:37.880 --> 0:10:39.720 You know what I'm talking about? I don't. I don't know. 0:10:39.880 --> 0:10:42.040 It must be Krispy cream. People to know it's pizza. 0:10:42.240 --> 0:10:44.160 Maybe it's something they only did in Athens, like on 0:10:44.280 --> 0:10:46.360 game days. Let's not get off on that tangent. We're 0:10:46.400 --> 0:10:48.360 talking about donuts here, and dude, I'm never buying a 0:10:48.360 --> 0:10:51.240 pizza at somebody's trying. Come on, that's weird. Okay, let's 0:10:51.240 --> 0:10:52.599 get back to the donuts though for some reason, I 0:10:52.640 --> 0:10:55.760 thought you were all about Dunkin Donuts though like those gross, 0:10:55.880 --> 0:10:59.720 you know, katy, crumbly dry donuts, Krispy Kreme or so 0:10:59.800 --> 0:11:02.400 much better the melt in your mouth like a marshmallow, 0:11:02.679 --> 0:11:06.360 but even better. But we're gonna talk more about jobs 0:11:06.720 --> 0:11:08.439 and what it looks like to go back to work, 0:11:08.600 --> 0:11:19.840 and we'll get to that right after the break. All right, 0:11:19.840 --> 0:11:21.480 we're back to the break. We're talking about keeting back 0:11:21.520 --> 0:11:23.640 to work and jobs. You just talked about how Dunkin 0:11:23.679 --> 0:11:25.760 Donuts hiring. Yeah, we're talking about jobs. We're not gonna 0:11:25.760 --> 0:11:27.920 talk about donuts anymore. If Chrispy Kreme was hiring, though, 0:11:28.720 --> 0:11:30.560 I'd considerate. How many donuts do you think that Krispy 0:11:30.600 --> 0:11:33.199 Creem employee is allowed to eat during a single shift? 0:11:33.480 --> 0:11:35.800 You know, any restaurant or any like bar, you're allowed 0:11:35.880 --> 0:11:37.920 like one drink, or you're allowed one entree or one 0:11:37.960 --> 0:11:41.000 meal during your shift. I'm say half dozen, that's my guest. 0:11:41.120 --> 0:11:43.040 What if every single shift you could sit down and 0:11:43.240 --> 0:11:45.719 just eat six donuts? It would not be good, be 0:11:45.760 --> 0:11:48.600 awesome for so many reasons. But but yeah, I've seen 0:11:48.640 --> 0:11:51.240 so many hirings, let's talk. I've seen so many hiring 0:11:51.280 --> 0:11:54.880 signs just driving around. It seems like the great rehire 0:11:54.920 --> 0:11:57.199 is beginning. And but before we get to that, Matt, 0:11:57.200 --> 0:11:59.760 I did want to mention one thing. As you know, 0:11:59.760 --> 0:12:02.280 maybe you have been laid off and you're looking for work, 0:12:02.640 --> 0:12:04.920 maybe you have been working from home. There are so 0:12:04.920 --> 0:12:08.120 many ways that our lives have changed. Right now, and 0:12:08.160 --> 0:12:11.480 as things are opening up, well, it's really important, I think, 0:12:11.520 --> 0:12:14.240 for us to ask kind of a bigger question about 0:12:14.480 --> 0:12:17.120 what we don't want to go back to normal. It's 0:12:17.120 --> 0:12:19.439 something Emily and I have been talking about because before 0:12:19.440 --> 0:12:22.200 we ramp everything back up to a hundred, right and 0:12:22.200 --> 0:12:24.480 and go back to living our normal lives, which which 0:12:24.480 --> 0:12:25.840 I know most of us are not ready to do 0:12:25.920 --> 0:12:28.600 right now anyway, But it's important to take this time 0:12:28.640 --> 0:12:30.720 to reflect on what we want our lives to look 0:12:30.760 --> 0:12:33.760 like as things do begin to open up. We've all 0:12:33.800 --> 0:12:37.320 had different emotional, mental, physical hardships because of COVID, but 0:12:37.440 --> 0:12:40.040 as the states are reopening, it's important for us all 0:12:40.080 --> 0:12:41.880 to be thoughtful about what we want to add back 0:12:41.880 --> 0:12:45.000 into our life, both commitment wise and in what we spend. 0:12:45.320 --> 0:12:46.760 Now might be the perfect time for us to have 0:12:46.800 --> 0:12:50.000 a more thoughtful calendar and a more intentional budget. Right. 0:12:50.160 --> 0:12:51.559 If you're out there listening and you've been able to 0:12:51.640 --> 0:12:54.040 increase your savings right during the pandemic, make it a 0:12:54.040 --> 0:12:56.400 goal to keep your savings rate high. There's just so 0:12:56.440 --> 0:12:58.640 many things that we can learn from how we've had 0:12:58.679 --> 0:13:00.760 to adapt to this pandemic, you know, in our in 0:13:00.800 --> 0:13:03.800 our personal lives and our finances, and I don't want 0:13:03.800 --> 0:13:06.680 this to be an opportunity that's just completely missed where 0:13:06.720 --> 0:13:08.680 we think of it as like a three month downturn 0:13:08.760 --> 0:13:11.520 slump changing our ways and we go straight back to 0:13:11.559 --> 0:13:13.800 normal when the economy cranks back up. Yeah. Man, that's 0:13:13.840 --> 0:13:16.680 a good word, especially regarding you know, you mentioned just 0:13:16.720 --> 0:13:18.679 the different commitments that we have. You know, you're talking 0:13:18.720 --> 0:13:21.760 about our time essentially. I know, for us personally, like 0:13:21.800 --> 0:13:25.080 we have really really enjoyed just this new pace of 0:13:25.120 --> 0:13:27.960 life where we've really slowed down, and it's caused us 0:13:28.000 --> 0:13:30.480 to realize how important it is for us to have 0:13:30.600 --> 0:13:32.720 some of this downtime. So I'm totally with you. I 0:13:32.720 --> 0:13:34.439 think we are are going to make sure that we're 0:13:34.440 --> 0:13:37.800 taking some proactive steps to make sure that we're protecting 0:13:37.800 --> 0:13:39.880 our calendar. Essentially, we're kind of guarding it a little 0:13:39.920 --> 0:13:41.839 more than maybe we used to. And so let's go 0:13:41.840 --> 0:13:44.640 ahead now shift gears to two jobs to work. A 0:13:44.679 --> 0:13:47.120 lot of folks are still without work, even though you know, 0:13:47.160 --> 0:13:49.439 it does seem that we may have turned the corner 0:13:49.440 --> 0:13:52.720 a little bit. More jobs were added than we're lost 0:13:52.800 --> 0:13:55.240 at the end of last week, which is amazing. And 0:13:55.280 --> 0:13:57.920 this caused one economist, though, to go so far as 0:13:57.920 --> 0:14:01.160 to declare the end of the recession big words. That 0:14:01.440 --> 0:14:05.959 seems incredibly premature to me, especially considering their predictions that 0:14:06.840 --> 0:14:09.400 the jobs that were lost might not ever come back. 0:14:09.920 --> 0:14:12.760 Into the National Bureau of Economic Research, just earlier this week, 0:14:12.800 --> 0:14:15.080 they just announced that we're officially in a recession. So 0:14:15.120 --> 0:14:17.199 how can you kind of end a recession before it 0:14:17.640 --> 0:14:20.320 officially even was called a recession? I guess it is 0:14:20.440 --> 0:14:23.080 all semantics and something else that's come to light as well. 0:14:23.120 --> 0:14:25.680 The Washington Post they even reported that there have been 0:14:25.720 --> 0:14:29.760 some misclassifications, uh, some errors that is making the headline 0:14:29.800 --> 0:14:32.800 unemployment rate look better than it actually is. It can 0:14:32.840 --> 0:14:36.320 be difficult to sort through some of these different contrasting headlines, 0:14:36.720 --> 0:14:38.960 but we tend to be optimistic and we're hopeful as 0:14:39.040 --> 0:14:42.080 more individuals do get back to work. Still not ready 0:14:42.120 --> 0:14:44.520 to be claire that we're out of a recession. It 0:14:44.560 --> 0:14:46.880 seems quite early to do that with all of the 0:14:46.920 --> 0:14:50.200 economic difficulty surrounding us, right, but that the topic of 0:14:50.240 --> 0:14:53.440 going back to work is another important topic we we 0:14:53.520 --> 0:14:55.880 really feel like we need to breach on the show today. 0:14:56.280 --> 0:14:59.120 It's tricky right now, and I'm seeing stories about people 0:14:59.120 --> 0:15:01.080 being nervous or scary to go back into their place 0:15:01.080 --> 0:15:03.040 of work while the virus is still taking its toll, 0:15:03.480 --> 0:15:07.160 and understandably so, right, it's scary to think about going 0:15:07.240 --> 0:15:10.480 into a customer facing job or going back into a 0:15:10.560 --> 0:15:13.840 building to to even work with your your fellow employees 0:15:13.960 --> 0:15:16.600 right now, and and most employers seem to be taking 0:15:16.680 --> 0:15:19.600 some precautions to build confidence. You know, my work in particular, 0:15:19.640 --> 0:15:22.400 MAT is requiring temperature checks and masks to be worn 0:15:22.440 --> 0:15:25.040 in the building unless you're in your office. Oh are 0:15:25.040 --> 0:15:28.760 they doing? Aren't it temperature checks or or even more awkward? No, 0:15:28.960 --> 0:15:31.400 not quite that detailed, just just the forehead. It works. 0:15:31.400 --> 0:15:33.000 It just depends on how thorough you want to be, 0:15:33.120 --> 0:15:36.520 right exactly, But yeah, I would say too. It's really 0:15:36.520 --> 0:15:39.640 important for people to know that you need to be 0:15:39.720 --> 0:15:42.400 really careful if you refuse to go back to work 0:15:42.440 --> 0:15:45.080 when your employer is attempting to bring you back. And 0:15:45.240 --> 0:15:48.880 there are stories going around that employers are firing employees 0:15:49.080 --> 0:15:51.160 who are refusing to return to work, and they're reporting 0:15:51.200 --> 0:15:53.920 them to their local departments of labor, effectively ending their 0:15:54.000 --> 0:15:58.080 unemployment benefits and putting them in an incredibly difficult position. Basically, 0:15:58.160 --> 0:16:00.480 you just lost your job and you lost your employment 0:16:00.480 --> 0:16:03.480 income that was increased. Yeah, for for the time being. 0:16:03.760 --> 0:16:06.200 And some state labor departments are setting up direct phone 0:16:06.200 --> 0:16:08.640 lines to make it easier for employers to report these 0:16:08.640 --> 0:16:10.760 employees who would prefer not to return. That's one of 0:16:10.760 --> 0:16:12.920 those things I know. There are a lot of things 0:16:12.920 --> 0:16:15.960 that we have to take into consideration. Hopefully our employers 0:16:16.040 --> 0:16:18.760 are taking proper precautions to make sure that we can 0:16:18.840 --> 0:16:21.400 return to work safely. But if you refuse to go 0:16:21.440 --> 0:16:23.680 back to work, it's just so important for us to 0:16:23.680 --> 0:16:25.200 tell you that this is the kind of thing that 0:16:25.200 --> 0:16:27.680 could happen. You're in all likelihood not going to be 0:16:27.720 --> 0:16:31.120 able to retain those unemployment benefits if you are called 0:16:31.120 --> 0:16:33.640 back and you refuse to go. Yeah. Man, employers and 0:16:33.680 --> 0:16:37.240 employees are are both navigating brand new waters. Essentially, we've 0:16:37.240 --> 0:16:39.360 never really dealt with something like this before. Uh, and 0:16:39.400 --> 0:16:42.440 these these are treacherous waters as well. But employers, you know, 0:16:42.480 --> 0:16:45.920 we think would do best to be empathetic and communicative 0:16:46.120 --> 0:16:49.920 in this time. So employers, you know, if you are listening, Uh, 0:16:50.000 --> 0:16:52.760 instead of immediately reporting your employers to the state, try 0:16:52.840 --> 0:16:55.520 talking about how you can help them to feel comfortable 0:16:55.720 --> 0:16:58.760 coming back. Talk through the precautions that you'll take, not 0:16:58.840 --> 0:17:02.040 only with your employees but with customers as well. Employer 0:17:02.120 --> 0:17:06.080 empathy and clear and open communication can go a really 0:17:06.080 --> 0:17:09.760 long way, especially right now. Yeah, man, speaking of communication, 0:17:09.800 --> 0:17:11.360 I just talked to one of my neighbors the other 0:17:11.440 --> 0:17:14.200 day and she works for a company that specifically caters 0:17:14.240 --> 0:17:17.359 to workplace break rooms. Oh, not a great business to 0:17:17.400 --> 0:17:19.960 be in right now, that's fair, but her employer has 0:17:19.960 --> 0:17:23.280 been so great about communicating the state of the company finances. 0:17:23.320 --> 0:17:25.199 She mentioned that they've told her that pay cuts are 0:17:25.200 --> 0:17:27.399 on the table, but that they're not gonna happen until 0:17:27.400 --> 0:17:30.040 at least September, and that allows her to plan now 0:17:30.119 --> 0:17:32.560 for that potential scenario. So, even though that's hard news 0:17:32.640 --> 0:17:35.520 to hear, at least she's got months of advanced warning, right. 0:17:35.680 --> 0:17:38.440 But not all employers are communicating at that level though, 0:17:38.760 --> 0:17:41.280 and pay cuts are happening more frequently right now, so 0:17:41.280 --> 0:17:43.679 so it's important to start planning for a potentially reduced 0:17:43.720 --> 0:17:46.680 income now. A pay cut in a typical economic environment 0:17:46.800 --> 0:17:49.720 is disheartening, right. Most people get really bummed if they're told, hey, 0:17:49.800 --> 0:17:52.280 you know what you were worth sixty dollars yesterday. Now 0:17:52.320 --> 0:17:55.919 you're worth start making less money. Yeah, get ready. Not cool. 0:17:56.160 --> 0:17:57.920 But right now, people seem to be taking these pay 0:17:57.920 --> 0:18:00.520 cuts in stride knowing that it's for the greater good 0:18:00.520 --> 0:18:03.480 of the company, allowing all of your fellow employees to 0:18:03.480 --> 0:18:06.000 to retain their positions for the time being. Just know 0:18:06.160 --> 0:18:08.960 that pay cuts are much more likely in today's environment, 0:18:09.119 --> 0:18:11.119