1 00:00:00,120 --> 00:00:03,320 Speaker 1: Welcome to Had of Money. I'm Joel and I am Matt. 2 00:00:03,440 --> 00:00:07,840 Speaker 2: Today we're talking about sticky side, hustles, neo bank, nightmares, 3 00:00:08,280 --> 00:00:09,160 Speaker 2: and renting forever. 4 00:00:27,840 --> 00:00:29,880 Speaker 1: That's right, man, this is our Friday flight. But we're 5 00:00:29,880 --> 00:00:33,400 Speaker 1: going to talk about the most pertinent personal finance stories 6 00:00:33,400 --> 00:00:35,000 Speaker 1: that we came across this week. By the way, we're 7 00:00:35,000 --> 00:00:37,720 Speaker 1: also going to talk about uh Andrew Huberman and the 8 00:00:38,960 --> 00:00:41,800 Speaker 1: I was gonna say Finance Bros, the fitness Bros, Fitness 9 00:00:41,800 --> 00:00:44,760 Speaker 1: breads in a way that that actually ties into personal finances. 10 00:00:44,800 --> 00:00:46,959 Speaker 1: I'm actually looking forward to that. But what's this thing 11 00:00:47,000 --> 00:00:50,279 Speaker 1: here that you've got about tar Ja? Yeah, when your 12 00:00:50,280 --> 00:00:52,360 Speaker 1: favorite local, we'll get to your favorite topic of fitness 13 00:00:52,360 --> 00:00:54,400 Speaker 1: in retail tech. But in the meantime we'll talk about 14 00:00:54,400 --> 00:00:55,560 Speaker 1: your favorite store. 15 00:00:55,600 --> 00:00:57,440 Speaker 2: I guess now it's at My son's favorite story truly, 16 00:00:57,480 --> 00:00:59,600 Speaker 2: every time we pass at Target, he oh my gosh, 17 00:01:00,520 --> 00:01:02,480 Speaker 2: he's obsessed with Target and Tesla. I think because my 18 00:01:02,520 --> 00:01:04,800 Speaker 2: mom takes him to Target and they've got always there 19 00:01:04,840 --> 00:01:05,360 Speaker 2: and stuff, and. 20 00:01:05,319 --> 00:01:09,120 Speaker 1: So yeah, he likes do they sell popcorn? Target? Nothing 21 00:01:09,160 --> 00:01:10,720 Speaker 1: I know of. I feel like when you walk in there, 22 00:01:10,720 --> 00:01:12,640 Speaker 1: that's what it smells. I don't know. In my mind, 23 00:01:12,800 --> 00:01:14,360 Speaker 1: Like last time I went there, I just remember thinking, 24 00:01:14,360 --> 00:01:16,240 Speaker 1: why does it smell like popcorn? Yeah? I don't know. 25 00:01:16,480 --> 00:01:18,560 Speaker 1: I can't explain that one. I was curious if maybe 26 00:01:18,600 --> 00:01:20,800 Speaker 1: she always gets some popcorn. But I don't even know 27 00:01:20,800 --> 00:01:22,399 Speaker 1: if they sell popcorn at Target, not that I know, 28 00:01:22,440 --> 00:01:24,200 Speaker 1: but maybe they do maybe some, But I do sell 29 00:01:24,200 --> 00:01:26,479 Speaker 1: popcorn at or they do give popcorn out at Tesla? 30 00:01:26,520 --> 00:01:29,319 Speaker 1: Do they? Yeah? And make you happy about uh? Dropping 31 00:01:29,319 --> 00:01:31,880 Speaker 1: thirty k on a on a new ride? Did I 32 00:01:31,880 --> 00:01:34,720 Speaker 1: tell you our friend, a friend of ours, mutual friend 33 00:01:34,760 --> 00:01:36,959 Speaker 1: who has been looking at Tesla's he finally pulled the trigger? 34 00:01:36,959 --> 00:01:37,720 Speaker 1: Did he really? Yeah? 35 00:01:37,760 --> 00:01:39,960 Speaker 2: Okay, got it? It looks really nice. I'm sure they're 36 00:01:40,040 --> 00:01:42,280 Speaker 2: nice cars. My sister got one, they're great, and my 37 00:01:42,360 --> 00:01:44,520 Speaker 2: son is obsessed. He wishes I would get one, but 38 00:01:44,520 --> 00:01:46,920 Speaker 2: I'm holding off for the Ribbian because they're superior vehicles. 39 00:01:47,040 --> 00:01:50,120 Speaker 1: What's funny is about Azra Like he calls out Tesla's 40 00:01:50,160 --> 00:01:52,360 Speaker 1: like instead of like the punch Buggy, Like when y'all 41 00:01:52,360 --> 00:01:53,880 Speaker 1: are driving around, he yells out Tesla. 42 00:01:55,120 --> 00:01:58,440 Speaker 2: His sisters get really tired of it after a while, like, 43 00:01:58,480 --> 00:02:01,920 Speaker 2: shut up about Tesla's. Yeah, Elon would probably find it 44 00:02:01,960 --> 00:02:04,800 Speaker 2: here proud, but yes, you know. This thing about Target 45 00:02:05,120 --> 00:02:07,840 Speaker 2: is Cat and Jack, one of the brands, the house 46 00:02:07,840 --> 00:02:12,280 Speaker 2: brands the front of them that Target sells and reasonably priced, 47 00:02:12,320 --> 00:02:15,320 Speaker 2: I mean truly compared to the quality stuff for a 48 00:02:15,720 --> 00:02:18,600 Speaker 2: fairly reasonable price at Target. Well, the other thing that 49 00:02:18,639 --> 00:02:22,480 Speaker 2: made buying Cat and Jack clothing such a potentially good 50 00:02:22,520 --> 00:02:24,280 Speaker 2: deal was this sick return. 51 00:02:24,040 --> 00:02:24,799 Speaker 1: Policy they had on it. 52 00:02:24,800 --> 00:02:26,000 Speaker 2: And I think we talked about this, I don't know, 53 00:02:26,000 --> 00:02:29,040 Speaker 2: maybe like a year ago, but that return policy seems 54 00:02:29,080 --> 00:02:31,840 Speaker 2: to be going away at least in some Target location, 55 00:02:32,000 --> 00:02:34,280 Speaker 2: So I guess it was basically like, hey, you buy 56 00:02:34,320 --> 00:02:35,800 Speaker 2: the thing, if your kid out grows it, or if 57 00:02:35,800 --> 00:02:38,320 Speaker 2: it gets like nasty or stained or ripped or torn, 58 00:02:38,760 --> 00:02:40,919 Speaker 2: bring it back and we'll get you the next size 59 00:02:41,000 --> 00:02:43,800 Speaker 2: up for free. Which if it gets nasty, No, I 60 00:02:43,800 --> 00:02:47,639 Speaker 2: think it was truly that generous ilies that you wear 61 00:02:47,680 --> 00:02:50,960 Speaker 2: this thing out, abuse the policy, bring it back. That 62 00:02:51,800 --> 00:02:54,399 Speaker 2: it wasn't abused the policy, that was the policy, I think. Yeah, 63 00:02:54,440 --> 00:02:57,120 Speaker 2: so a lot of moms were doing this and dad's too, right, 64 00:02:57,240 --> 00:03:00,320 Speaker 2: like just parents of all stripes were saying, okay, well 65 00:03:00,760 --> 00:03:02,600 Speaker 2: you can take this back whenever and you can get 66 00:03:02,600 --> 00:03:06,400 Speaker 2: the next siye up and but now targets saying we're 67 00:03:06,400 --> 00:03:08,280 Speaker 2: totally losing money hand over fist because some of these 68 00:03:08,280 --> 00:03:10,600 Speaker 2: people are actually really dedicated to making those returns. 69 00:03:10,639 --> 00:03:12,880 Speaker 1: Obviously. Yeah, I mean was this last year We talked 70 00:03:12,919 --> 00:03:15,120 Speaker 1: about the lady that took back like a two year 71 00:03:15,160 --> 00:03:18,679 Speaker 1: old mattress to Costco and it went viral because she's 72 00:03:18,760 --> 00:03:21,760 Speaker 1: like a TikToker and this clip blew up or whatever, 73 00:03:21,800 --> 00:03:23,960 Speaker 1: and folks are like, what are you doing? This is 74 00:03:24,040 --> 00:03:26,840 Speaker 1: not what the policy or those who created the policy 75 00:03:26,840 --> 00:03:30,600 Speaker 1: what they intended, and this ruins it for everyone, Like 76 00:03:30,680 --> 00:03:33,000 Speaker 1: this is kind of what the policy entabled. But maybe 77 00:03:33,400 --> 00:03:34,520 Speaker 1: I'm wrong. Maybe maybe it's not. 78 00:03:34,520 --> 00:03:36,600 Speaker 2: Maybe it was just a year return policy, but people 79 00:03:36,680 --> 00:03:38,680 Speaker 2: are bringing back like ripped and stuff and torn. But 80 00:03:38,720 --> 00:03:40,840 Speaker 2: I thought it was kind of like, hey, it's a 81 00:03:40,880 --> 00:03:42,920 Speaker 2: clothing doesn't hold up or if your child out grows. 82 00:03:42,680 --> 00:03:45,880 Speaker 1: It, you can I understand if it doesn't hold up right, 83 00:03:45,960 --> 00:03:48,680 Speaker 1: because because I don't know, there's a focus on quality there, 84 00:03:48,680 --> 00:03:50,480 Speaker 1: but like if it actually gets grimey or your kid 85 00:03:50,480 --> 00:03:52,520 Speaker 1: actually are like duh, your kids are going to grow 86 00:03:52,560 --> 00:03:54,920 Speaker 1: at some point, they're no longer going to be any closed. 87 00:03:54,960 --> 00:03:56,960 Speaker 1: So it's like, I don't know if you have the 88 00:03:57,000 --> 00:03:58,960 Speaker 1: ability to buy an entire wardrobe for you're a kid 89 00:03:59,000 --> 00:04:02,800 Speaker 1: and then like gradually upgrade it like a hermit crabs shell. 90 00:04:03,000 --> 00:04:06,080 Speaker 1: Like who wouldn't do that? I mean, that's like the 91 00:04:06,120 --> 00:04:07,680 Speaker 1: biggest no brainer in the entire world. 92 00:04:07,800 --> 00:04:09,400 Speaker 2: Yeah, so we'll put a link to the article that 93 00:04:09,440 --> 00:04:11,800 Speaker 2: I read on this interest it does. It seems like 94 00:04:12,080 --> 00:04:15,120 Speaker 2: this is that the generous return policy is going away. 95 00:04:15,200 --> 00:04:18,240 Speaker 2: So if you heard us talk about that and you're like, oh, 96 00:04:18,240 --> 00:04:20,480 Speaker 2: that's nice. I've got many kids and I'm going to 97 00:04:20,520 --> 00:04:23,560 Speaker 2: stick to the target clothing because this return policy, well, it's. 98 00:04:23,480 --> 00:04:25,200 Speaker 1: Not going to be as generous as it was. It's 99 00:04:25,200 --> 00:04:27,520 Speaker 1: interesting that you mentioned that at certain locations. Do you 100 00:04:27,560 --> 00:04:29,920 Speaker 1: think there are certain parts of the country, certain states, 101 00:04:30,040 --> 00:04:35,080 Speaker 1: certain cities where folks are cheaper than my cheap's gotten around, like, yeah, 102 00:04:35,279 --> 00:04:38,680 Speaker 1: exactly where folks are potentially abusing it? Yeah? Maybe maybe 103 00:04:38,680 --> 00:04:40,599 Speaker 1: where like the parent group is sharing the information and 104 00:04:40,640 --> 00:04:43,040 Speaker 1: so like all the parents have a lot of know 105 00:04:43,080 --> 00:04:45,280 Speaker 1: how and they're close to this one particular target, and 106 00:04:45,320 --> 00:04:47,800 Speaker 1: that target's feeling the wrath of those returns. 107 00:04:47,880 --> 00:04:49,839 Speaker 2: So it totally could be because I don't know that 108 00:04:49,880 --> 00:04:51,520 Speaker 2: I've seen. That's the other thing is. I don't know 109 00:04:51,560 --> 00:04:53,919 Speaker 2: that it's been updated on their website or completely changed, 110 00:04:53,960 --> 00:04:56,320 Speaker 2: but there's like signs up at the return counter at 111 00:04:56,360 --> 00:05:00,160 Speaker 2: certain locations at least, and I've seen certain there say 112 00:05:00,200 --> 00:05:03,800 Speaker 2: influencers say that they are that they're seeing this at 113 00:05:03,839 --> 00:05:06,320 Speaker 2: their local target. So maybe it doesn't seem like it's 114 00:05:06,320 --> 00:05:08,960 Speaker 2: something that's top down, but it's kind of happening well, 115 00:05:08,960 --> 00:05:12,120 Speaker 2: I don't know at specific locations, and maybe it will 116 00:05:12,120 --> 00:05:13,880 Speaker 2: at some point filter all the way up to the 117 00:05:13,880 --> 00:05:16,800 Speaker 2: top and just a cease and desist on this policy potentially. 118 00:05:17,000 --> 00:05:18,520 Speaker 2: But man, let's keep moving. We got we got a 119 00:05:18,560 --> 00:05:20,839 Speaker 2: lot more to cover on today's shifts we do. Let's 120 00:05:20,839 --> 00:05:23,479 Speaker 2: talk about jobs for a second. Most people have them. 121 00:05:23,640 --> 00:05:25,800 Speaker 2: They help you get paid, They help you pay for 122 00:05:25,839 --> 00:05:28,239 Speaker 2: the roof over your head and the food on your table. 123 00:05:28,600 --> 00:05:31,080 Speaker 2: But the job market has been one of the most 124 00:05:31,120 --> 00:05:33,400 Speaker 2: fascinating things to watch over the past few years because 125 00:05:33,680 --> 00:05:36,400 Speaker 2: it has been more dynamic than it usually is. Right, 126 00:05:36,400 --> 00:05:38,720 Speaker 2: it's been kind of funky and interesting. 127 00:05:39,200 --> 00:05:40,720 Speaker 1: And if there's a chance you're going to say that 128 00:05:40,720 --> 00:05:43,520 Speaker 1: we're living in unprecedented times, and it hasn't. That just 129 00:05:43,560 --> 00:05:46,400 Speaker 1: been the case for the past four years of existence. 130 00:05:46,480 --> 00:05:48,800 Speaker 1: But even more so, it seems like the past week or. 131 00:05:48,760 --> 00:05:52,560 Speaker 2: Two, well, yeah, unprecedented times is it's getting old because understatement, 132 00:05:52,600 --> 00:05:54,360 Speaker 2: if you're always living in them, precedent times are they're 133 00:05:54,360 --> 00:05:55,080 Speaker 2: really unprecedented. 134 00:05:55,120 --> 00:05:57,640 Speaker 1: That's true. But I do think the past two weeks 135 00:05:57,680 --> 00:06:00,479 Speaker 1: in particular, it's been nuts. That has thelast two weeks 136 00:06:00,480 --> 00:06:04,000 Speaker 1: have been unprecedented, agreed, especially on the political front, which 137 00:06:04,000 --> 00:06:06,080 Speaker 1: we don't talk about it here on this show for 138 00:06:06,120 --> 00:06:08,000 Speaker 1: a good reason because everyone else talks about it. 139 00:06:08,240 --> 00:06:10,520 Speaker 2: We talk about money. But the job market clearly isn't 140 00:06:10,520 --> 00:06:13,280 Speaker 2: what it was two years ago, when we were in 141 00:06:13,320 --> 00:06:17,200 Speaker 2: this like hyper competitive job market where the unemployment rate 142 00:06:17,320 --> 00:06:21,839 Speaker 2: was crazy low and what people were getting paid to 143 00:06:21,880 --> 00:06:25,560 Speaker 2: switch jobs was crazy high, and unemployment numbers, Matt, they've 144 00:06:25,560 --> 00:06:29,080 Speaker 2: been tacking up, albeit slightly, and more Americans have decided 145 00:06:29,120 --> 00:06:31,159 Speaker 2: they're going to stay put in their job instead of 146 00:06:31,160 --> 00:06:33,880 Speaker 2: trying to jump ship to make more according to recent data, 147 00:06:34,200 --> 00:06:37,240 Speaker 2: and the reason for staying put is because the incentive 148 00:06:37,279 --> 00:06:39,960 Speaker 2: to find a new job has dropped dramatically. 149 00:06:40,040 --> 00:06:40,280 Speaker 1: Right. 150 00:06:40,600 --> 00:06:42,960 Speaker 2: It is that kind of job switching premium that we've 151 00:06:42,960 --> 00:06:45,719 Speaker 2: been talking about over the past few years. That premium 152 00:06:45,760 --> 00:06:50,480 Speaker 2: has not completely evaporated but it's almost completely evaporated because 153 00:06:50,720 --> 00:06:55,280 Speaker 2: wage growth is cooling, hiring slowing. And so I'll say this, 154 00:06:55,360 --> 00:06:58,159 Speaker 2: it's not that you'd be foolish to continue job hunting 155 00:06:58,680 --> 00:07:00,400 Speaker 2: or to look around to see if you can find 156 00:07:00,400 --> 00:07:03,160 Speaker 2: a better opportunity for yourself, but just know that it 157 00:07:03,200 --> 00:07:06,680 Speaker 2: could take longer to find that opportunity and the offers 158 00:07:06,760 --> 00:07:09,679 Speaker 2: might not be as jaw dropping as they were eighteen 159 00:07:09,760 --> 00:07:12,680 Speaker 2: twenty four months ago. This isn't amazing news for job 160 00:07:12,680 --> 00:07:15,360 Speaker 2: seekers as the employment market cools down a little bit. 161 00:07:15,680 --> 00:07:18,240 Speaker 2: But the silver lining here is that it's good news 162 00:07:18,280 --> 00:07:18,800 Speaker 2: for inflation. 163 00:07:18,920 --> 00:07:21,880 Speaker 1: Okay, so since we're talking about jobs, A new bank 164 00:07:21,920 --> 00:07:25,200 Speaker 1: Rate side hustle survey found that more than a third 165 00:07:25,240 --> 00:07:28,480 Speaker 1: of Americans are taking on a side hustle to help 166 00:07:28,520 --> 00:07:31,560 Speaker 1: pay the bills or really just to aid them and 167 00:07:31,640 --> 00:07:34,200 Speaker 1: being able to afford some of the more discretionary items 168 00:07:34,200 --> 00:07:35,960 Speaker 1: that they want to purchase. Yah. Side hustle is going 169 00:07:36,000 --> 00:07:38,160 Speaker 1: to pay for my travel, right exactly. It's a it's 170 00:07:38,240 --> 00:07:39,920 Speaker 1: kind of a way to mentally account for some of 171 00:07:39,920 --> 00:07:43,160 Speaker 1: those additional expenses, which I totally get and can appreciate. 172 00:07:43,480 --> 00:07:45,800 Speaker 1: But almost a third say that they're going to need 173 00:07:45,920 --> 00:07:49,280 Speaker 1: to have a side gig in perpetuity in order to 174 00:07:49,320 --> 00:07:53,040 Speaker 1: make ends meet. That means forever. Yeah, Like there is 175 00:07:53,080 --> 00:07:55,840 Speaker 1: no end to this. Younger folks gen Z in particular, 176 00:07:56,200 --> 00:07:58,560 Speaker 1: are most likely to have a source of side income, 177 00:07:58,840 --> 00:08:01,240 Speaker 1: but they're just not convinced that they can afford to 178 00:08:01,240 --> 00:08:03,160 Speaker 1: pay their bills if they dial back to just having 179 00:08:03,200 --> 00:08:05,800 Speaker 1: one source of income. And so, while we like the 180 00:08:05,880 --> 00:08:09,280 Speaker 1: idea of having multiple streams of income for sure, that 181 00:08:09,400 --> 00:08:13,520 Speaker 1: being said, having a full time gig alongside a side 182 00:08:13,600 --> 00:08:17,400 Speaker 1: hustle forever and always it does sound like a recipe 183 00:08:17,440 --> 00:08:18,280 Speaker 1: for burnout. Yeah. 184 00:08:18,320 --> 00:08:20,080 Speaker 2: I saw this and I was like, we've talked about 185 00:08:20,080 --> 00:08:22,120 Speaker 2: side hustles, and we should link to actually that episode 186 00:08:22,560 --> 00:08:24,400 Speaker 2: in the show Notes Matt where we kind of dove 187 00:08:24,480 --> 00:08:27,600 Speaker 2: deep and gave our thoughts on side hustles. Really, when 188 00:08:27,640 --> 00:08:30,120 Speaker 2: it comes down to it, we're fans of the side hustle, 189 00:08:30,400 --> 00:08:33,160 Speaker 2: but not in perpetuity right, not forever, because a side 190 00:08:33,200 --> 00:08:36,520 Speaker 2: hustle can be a great way to facilitate more rapid 191 00:08:36,520 --> 00:08:38,920 Speaker 2: debt pay down or saving up for a specific goal 192 00:08:39,120 --> 00:08:41,640 Speaker 2: like paying for a wedding, buying an icer car and 193 00:08:41,679 --> 00:08:43,160 Speaker 2: then being able to do that with cash, right, not 194 00:08:43,200 --> 00:08:45,760 Speaker 2: taking on debt for those things. Yeah, that's awesome. If 195 00:08:45,800 --> 00:08:48,400 Speaker 2: the side hustle can allow you to achieve that goal, 196 00:08:48,920 --> 00:08:51,840 Speaker 2: we're all for it. It can be a fantastic financial choice. 197 00:08:51,880 --> 00:08:55,320 Speaker 2: But keeping that side gig around all the time, I 198 00:08:55,320 --> 00:08:58,520 Speaker 2: feel like that becomes unsustainable pretty quickly, trying to have 199 00:08:58,559 --> 00:09:01,400 Speaker 2: a side hustle working forty plus hours a week and 200 00:09:01,440 --> 00:09:03,199 Speaker 2: then on top of that, working an extra ten to 201 00:09:03,280 --> 00:09:07,240 Speaker 2: fifteen hours doing something else. Maybe it works for a time, 202 00:09:07,320 --> 00:09:08,960 Speaker 2: but I just for a season. I just don't know 203 00:09:09,000 --> 00:09:11,480 Speaker 2: that it works for forever. And of course, yes, everything 204 00:09:11,520 --> 00:09:15,040 Speaker 2: costs more of these days thanks inflation, and side hustles 205 00:09:15,240 --> 00:09:17,680 Speaker 2: are a perfectly acceptable way to help you get through 206 00:09:17,960 --> 00:09:20,880 Speaker 2: one of these kinds of seasons. They're not smart from 207 00:09:20,880 --> 00:09:24,240 Speaker 2: a long term perspective, And when we're talking about building wealth, 208 00:09:24,240 --> 00:09:26,920 Speaker 2: Matt training time for money isn't the way we want 209 00:09:26,960 --> 00:09:29,920 Speaker 2: to be going about things. We'd rather see our listeners 210 00:09:29,920 --> 00:09:31,960 Speaker 2: increasing their skills to bring home more money at their 211 00:09:32,040 --> 00:09:35,800 Speaker 2: day job or working on starting their own business. What 212 00:09:35,880 --> 00:09:38,160 Speaker 2: happens then, typically is you're going to make less in 213 00:09:38,200 --> 00:09:40,880 Speaker 2: the here and now while you're building that thing, but 214 00:09:41,040 --> 00:09:44,280 Speaker 2: you're working towards a brighter tomorrow, a more sustainable tomorrow 215 00:09:44,320 --> 00:09:46,640 Speaker 2: where your income is growing based on the business you 216 00:09:46,720 --> 00:09:50,360 Speaker 2: built instead of just perpetually making what's not really a 217 00:09:50,400 --> 00:09:52,959 Speaker 2: ton of money typically in a lot of these side hustles. Sure, sure, okay, 218 00:09:53,000 --> 00:09:55,320 Speaker 2: so this actually I think this begs the question. Then, 219 00:09:55,360 --> 00:09:57,600 Speaker 2: what is the difference between a side hustle and like 220 00:09:57,880 --> 00:10:00,640 Speaker 2: what we do when it comes to rental pri properties, right, 221 00:10:00,640 --> 00:10:03,240 Speaker 2: because that involves trading a little bit of our time 222 00:10:03,640 --> 00:10:06,200 Speaker 2: on the side, and when we talk about this, it's 223 00:10:06,320 --> 00:10:09,520 Speaker 2: more like a part time job than purely passive income. 224 00:10:09,600 --> 00:10:12,320 Speaker 2: It takes a little bit of our energy and attention 225 00:10:12,400 --> 00:10:15,360 Speaker 2: in order to kind of maintain those properties, whether it's 226 00:10:15,640 --> 00:10:18,960 Speaker 2: maintenance issues, scheduling work to be done, showing it. Yeah, 227 00:10:19,000 --> 00:10:21,400 Speaker 2: what are your thoughts on that? That's a good question. Yeah, 228 00:10:21,400 --> 00:10:23,160 Speaker 2: I guess it. I guess it really is kind of 229 00:10:23,200 --> 00:10:24,200 Speaker 2: because I'm finding it. 230 00:10:24,280 --> 00:10:26,160 Speaker 1: Sorry. Good, Yeah, I asked what you thought and then 231 00:10:26,160 --> 00:10:26,640 Speaker 1: I interrupted. 232 00:10:26,880 --> 00:10:29,240 Speaker 2: But more than anything, it's it's and I would say 233 00:10:29,280 --> 00:10:32,760 Speaker 2: it's an investment with some time required than a side hustle. 234 00:10:32,800 --> 00:10:34,959 Speaker 2: I think if side hustle as truly it is, you're 235 00:10:34,960 --> 00:10:38,040 Speaker 2: getting paid for the hours, better exchange as opposed to 236 00:10:38,040 --> 00:10:41,640 Speaker 2: seeing something that you're working on that is growing in value. Yeah, 237 00:10:41,679 --> 00:10:43,280 Speaker 2: and I also count for that. I think about that 238 00:10:43,320 --> 00:10:45,160 Speaker 2: into how much time I'm willing to work like. 239 00:10:46,000 --> 00:10:47,839 Speaker 1: Exactly, I think that's when it comes I think it 240 00:10:48,240 --> 00:10:50,280 Speaker 1: more comes down to that. It's less in my mind 241 00:10:50,520 --> 00:10:52,040 Speaker 1: when to change between a little bit here. I think 242 00:10:52,040 --> 00:10:54,520 Speaker 1: it has less to do with having a side hustle 243 00:10:54,800 --> 00:10:56,760 Speaker 1: as opposed to the amount of time that you're giving it. 244 00:10:56,800 --> 00:10:59,120 Speaker 1: Because you might have somebody and they're pouring all of 245 00:10:59,120 --> 00:11:02,000 Speaker 1: their time into a job, and maybe it's a higher 246 00:11:02,040 --> 00:11:04,440 Speaker 1: paying job. Maybe they're a doctor. I'm fine with that 247 00:11:04,600 --> 00:11:06,640 Speaker 1: if they don't want to diversify their income, because you 248 00:11:06,640 --> 00:11:09,200 Speaker 1: know what, you got a pretty good source income as 249 00:11:09,240 --> 00:11:12,320 Speaker 1: a doctor, versus somebody else who might like the variety. 250 00:11:12,360 --> 00:11:13,960 Speaker 1: And they were They're like, man, I want to have 251 00:11:14,000 --> 00:11:16,000 Speaker 1: five different things that I'm working on all at the 252 00:11:16,040 --> 00:11:18,960 Speaker 1: same time. That's just maybe what fits their personality. And 253 00:11:19,000 --> 00:11:23,040 Speaker 1: in both cases, I'm cool with that person working forty 254 00:11:23,200 --> 00:11:26,160 Speaker 1: whatever however many hours a week they are sustainable for them. 255 00:11:26,200 --> 00:11:29,040 Speaker 1: But beyond that, yeah, if you're working eighty hour weeks 256 00:11:29,080 --> 00:11:31,719 Speaker 1: and yeah, that's when it can lead to burnout. It's 257 00:11:31,760 --> 00:11:34,640 Speaker 1: I think less about the side hustle and more just 258 00:11:34,679 --> 00:11:37,600 Speaker 1: about overwork. Yes, it's just that the side hustle is 259 00:11:37,640 --> 00:11:40,400 Speaker 1: the latest iteration that we're seeing people overwork and we're 260 00:11:40,440 --> 00:11:42,200 Speaker 1: calling everything a side hustle. Now, right, Like, if you 261 00:11:42,240 --> 00:11:44,840 Speaker 1: have that basic, any sort of stream of income that's 262 00:11:44,920 --> 00:11:46,760 Speaker 1: in addition to your day job, we call that a 263 00:11:46,760 --> 00:11:48,600 Speaker 1: side hustle. And in the survey, that's kind of what 264 00:11:48,640 --> 00:11:51,400 Speaker 1: they said was it comes down to the question was 265 00:11:51,440 --> 00:11:53,480 Speaker 1: are you making money essentially from something that's not your 266 00:11:53,559 --> 00:11:55,800 Speaker 1: day job. And that's why a lot of people say yes, 267 00:11:56,280 --> 00:11:58,600 Speaker 1: what is that though? Like it could be a rental property, right, 268 00:11:58,679 --> 00:12:01,520 Speaker 1: that could be people answering affirmative. Maybe it isn't some 269 00:12:01,520 --> 00:12:03,760 Speaker 1: sort of side hustle. Maybe they're not driving for Uber eats, 270 00:12:03,960 --> 00:12:06,600 Speaker 1: but it is some rental income that they make or 271 00:12:06,640 --> 00:12:09,280 Speaker 1: something like that, or renting out one of the rooms 272 00:12:09,320 --> 00:12:13,920 Speaker 1: in their houses in airbnb that's side income. Or isn't 273 00:12:13,960 --> 00:12:16,040 Speaker 1: everyone where you can rent out your garage or something? 274 00:12:16,120 --> 00:12:19,040 Speaker 1: Now what's that one called I cellf storage kind of yeah, yeah, 275 00:12:19,080 --> 00:12:21,319 Speaker 1: Like there's also like it. The cool thing is there 276 00:12:21,360 --> 00:12:23,040 Speaker 1: are all sorts of ways to use what you have 277 00:12:23,080 --> 00:12:25,520 Speaker 1: to make somebody that's a side gig exactly. Yeah, But 278 00:12:25,600 --> 00:12:27,439 Speaker 1: I think what you said not all created equal exactly. 279 00:12:27,480 --> 00:12:28,880 Speaker 1: And I think what you said, though is true. Is 280 00:12:28,920 --> 00:12:31,120 Speaker 1: it comes down to how much time that you're willing 281 00:12:31,160 --> 00:12:34,080 Speaker 1: to give it beyond your typical work week. If you 282 00:12:34,160 --> 00:12:36,400 Speaker 1: are using that and put and focusing on a specific goal, 283 00:12:36,520 --> 00:12:38,280 Speaker 1: like to eliminate some high interest rate debt, I think 284 00:12:38,280 --> 00:12:41,160 Speaker 1: that's amazing and fantastic. But there is a finish line 285 00:12:41,200 --> 00:12:43,360 Speaker 1: that you are that you're gunning towards as opposed to 286 00:12:43,400 --> 00:12:44,600 Speaker 1: it being just a way of life. 287 00:12:44,720 --> 00:12:46,920 Speaker 2: Yeah, if not, I mean, I think it can quickly 288 00:12:47,000 --> 00:12:50,719 Speaker 2: become overwhelming, and yeah, burnout is the word it comes 289 00:12:50,760 --> 00:12:53,080 Speaker 2: to my mind for sure. Let's talk about travel, Matt. 290 00:12:53,600 --> 00:12:56,480 Speaker 2: We quickly wanted to touch on the meltdown that's happening 291 00:12:56,520 --> 00:13:00,400 Speaker 2: at Delta right now. It wasn't self imposed, not Delta's faults. 292 00:13:00,400 --> 00:13:01,160 Speaker 1: In some ways. 293 00:13:01,720 --> 00:13:05,560 Speaker 2: In many airlines, banks, other companies were meaningfully impacted by 294 00:13:06,040 --> 00:13:09,280 Speaker 2: an errant CrowdStrike software update. CrowdStrike is a company that 295 00:13:09,320 --> 00:13:12,760 Speaker 2: most people probably aren't necessarily familiar with, but CrowdStrike is 296 00:13:13,280 --> 00:13:16,559 Speaker 2: a software provider, a security software provider that a lot 297 00:13:16,559 --> 00:13:19,880 Speaker 2: of companies rely on, and their mistake really harmed a 298 00:13:19,880 --> 00:13:21,600 Speaker 2: lot of companies across the country and then a lot 299 00:13:21,600 --> 00:13:24,600 Speaker 2: of consumers in turn, and everyone else seems to have 300 00:13:24,640 --> 00:13:27,360 Speaker 2: mostly gotten their act together at this point, but kind 301 00:13:27,360 --> 00:13:29,560 Speaker 2: of not Delta. It's taken them a while to recover. 302 00:13:30,120 --> 00:13:33,000 Speaker 2: They've canceled more flights than all the other airlines combined. 303 00:13:33,440 --> 00:13:36,080 Speaker 2: The lines Matt oh hush. Because we live in Atlanta, 304 00:13:36,080 --> 00:13:38,320 Speaker 2: we've seen more local reporting on this. The lines at 305 00:13:38,320 --> 00:13:40,920 Speaker 2: the Atlanta airport to see a customer service agent. I 306 00:13:40,920 --> 00:13:43,120 Speaker 2: think it was literally a half mile long. That's insane, 307 00:13:43,480 --> 00:13:45,600 Speaker 2: just wrapped around Hartsfield Jackson Airport and. 308 00:13:45,840 --> 00:13:48,559 Speaker 1: A half mile. You've been getting more into running. We're 309 00:13:48,559 --> 00:13:50,959 Speaker 1: gonna talk about being healthy later on a half mind 310 00:13:50,960 --> 00:13:52,400 Speaker 1: when you're out for a run, that's nothing but a 311 00:13:52,440 --> 00:13:56,160 Speaker 1: half mile. When you've got like a screaming kid or 312 00:13:56,240 --> 00:13:59,360 Speaker 1: baby in tow, plus like a couple bags, that's a nightmare. Saitch. 313 00:13:59,360 --> 00:14:02,440 Speaker 2: I can't even image. I cannot even imagine. So we 314 00:14:02,480 --> 00:14:04,040 Speaker 2: just want to say that if you were impacted by 315 00:14:04,040 --> 00:14:06,920 Speaker 2: this nightmare, as a Delta customer or any other airline, 316 00:14:07,040 --> 00:14:08,960 Speaker 2: it's really important to know your rights. Know that you're 317 00:14:09,120 --> 00:14:12,320 Speaker 2: entitled to a full refund. If the airline tries to say, oh, 318 00:14:12,360 --> 00:14:14,680 Speaker 2: we'll give you credits for a future flight. No, you 319 00:14:14,720 --> 00:14:17,000 Speaker 2: don't want that. You want the refund. That is what 320 00:14:17,040 --> 00:14:20,520 Speaker 2: you are entitled to. Don't take anything less. They also 321 00:14:20,600 --> 00:14:23,440 Speaker 2: owe you money for expenses that you've incurred during this delay, 322 00:14:23,440 --> 00:14:27,120 Speaker 2: for food, hotel, transportation costs that you've incurred. A lot 323 00:14:27,120 --> 00:14:30,200 Speaker 2: of passengers math they've also been separated from their bags. 324 00:14:30,440 --> 00:14:32,040 Speaker 2: There's a number that you can call that will put 325 00:14:32,080 --> 00:14:35,640 Speaker 2: in the show notes. These experiences can be so incredibly frustrating. 326 00:14:35,680 --> 00:14:38,960 Speaker 2: I completely realize that I feel fortunate that we weren't traveling, 327 00:14:39,040 --> 00:14:41,160 Speaker 2: we weren't tied up in this. I had friends that were, 328 00:14:41,680 --> 00:14:44,000 Speaker 2: and seeing their posts about this man, I had a 329 00:14:44,040 --> 00:14:45,560 Speaker 2: lot of empathy for what they were going through. 330 00:14:46,080 --> 00:14:47,440 Speaker 1: And I also have empathy. 331 00:14:47,120 --> 00:14:49,640 Speaker 2: For those Delta employees who are up to their eyeballs 332 00:14:49,640 --> 00:14:52,680 Speaker 2: and customer complaints. Can you imagine working for Delta, working 333 00:14:52,760 --> 00:14:55,480 Speaker 2: at the airport right now, dealing with humans who have 334 00:14:55,880 --> 00:14:58,240 Speaker 2: had their trip ruined or have had days of their 335 00:14:58,240 --> 00:15:02,080 Speaker 2: life what seems like way did? We would just suggest 336 00:15:02,080 --> 00:15:04,400 Speaker 2: do your best to keep your cool and then also 337 00:15:04,480 --> 00:15:07,400 Speaker 2: keep pushing for what you're entitled to. Be firm, but 338 00:15:07,480 --> 00:15:09,520 Speaker 2: be kind, And I realized it's hard to do that 339 00:15:09,600 --> 00:15:12,800 Speaker 2: when you feel like you've been smacked around by Delta. 340 00:15:13,000 --> 00:15:15,600 Speaker 2: And again not all Delta's fault, but Delta bear some 341 00:15:15,720 --> 00:15:16,640 Speaker 2: responsibility here too. 342 00:15:16,760 --> 00:15:18,760 Speaker 1: It makes me think of was it last year end 343 00:15:18,760 --> 00:15:21,280 Speaker 1: of last year when Southwest had their big melt down? 344 00:15:21,400 --> 00:15:23,280 Speaker 1: And I feel like a lot of the this is 345 00:15:23,280 --> 00:15:28,160 Speaker 1: when the judgmental vulture memes they're gloating from their balcony 346 00:15:28,160 --> 00:15:30,200 Speaker 1: looking down on the peasants. I feel like all the 347 00:15:30,200 --> 00:15:32,600 Speaker 1: Delta folks were like, oh see, that's why you don't 348 00:15:32,640 --> 00:15:35,560 Speaker 1: fly Southwest. You fly with Delta, guys, because this is 349 00:15:35,560 --> 00:15:37,240 Speaker 1: what they'll do to you, Like, guess what, look at 350 00:15:37,280 --> 00:15:40,200 Speaker 1: us now, Delta. This is no hate to Delta. Like 351 00:15:40,280 --> 00:15:43,200 Speaker 1: mistakes happen, and it just certainly sucks for the folks 352 00:15:43,240 --> 00:15:43,880 Speaker 1: that are impacted. 353 00:15:43,960 --> 00:15:45,840 Speaker 2: And again they didn't guess I'm just they just had 354 00:15:45,880 --> 00:15:46,760 Speaker 2: a harder time recovering. 355 00:15:46,880 --> 00:15:49,600 Speaker 1: Yeah, exactly. I'm just highlighting the fact that even the 356 00:15:49,680 --> 00:15:53,560 Speaker 1: nicer airlines, the official airline of tam Usa We're gonna 357 00:15:53,600 --> 00:15:59,160 Speaker 1: get sued probably actually comes out on the day of 358 00:15:59,160 --> 00:16:02,920 Speaker 1: opening ceremonis so yeah, but even they experienced difficulties as well. 359 00:16:03,080 --> 00:16:07,640 Speaker 1: While we're talking about regulations, talk about the FTC. They 360 00:16:07,760 --> 00:16:11,000 Speaker 1: are staying pretty busy, even after a string of recent losses. Actually, 361 00:16:11,360 --> 00:16:14,880 Speaker 1: but this time they're looking into something called targeted pricing 362 00:16:15,240 --> 00:16:19,040 Speaker 1: or surveillance pricing. And of course everyone's sort of dynamic pricing, 363 00:16:19,080 --> 00:16:21,800 Speaker 1: in particular when it comes to airlines. That's an attempt 364 00:16:21,840 --> 00:16:25,080 Speaker 1: to charge everyone a higher price based on just the 365 00:16:25,080 --> 00:16:28,760 Speaker 1: supply and the demand, the timing of your purchase. Certainly 366 00:16:29,000 --> 00:16:31,840 Speaker 1: you see it with like uber Sarge pricing. You see 367 00:16:31,880 --> 00:16:35,680 Speaker 1: it when it comes to sports teams, tickets, even online retailers. 368 00:16:35,960 --> 00:16:38,240 Speaker 1: We've got no problem with that. They're trying to regulate 369 00:16:38,240 --> 00:16:42,120 Speaker 1: the supply and demand. But targeted pricing feels a bit 370 00:16:42,160 --> 00:16:47,000 Speaker 1: more icky because it's a company charging just you more 371 00:16:47,160 --> 00:16:49,720 Speaker 1: based on your past purchases and the personal data that 372 00:16:49,760 --> 00:16:53,880 Speaker 1: they've gathered and accumulated on you. And so if they know, 373 00:16:54,160 --> 00:16:56,960 Speaker 1: for instance, that your income is in the upper echelon, 374 00:16:57,200 --> 00:16:59,320 Speaker 1: for example, they might feel free to serve you a 375 00:16:59,400 --> 00:17:03,440 Speaker 1: higher price at checkout, potentially with you being none the wiser. 376 00:17:03,520 --> 00:17:05,840 Speaker 2: Yeah, imagine doing that in a physical storemat going and 377 00:17:05,880 --> 00:17:07,840 Speaker 2: gathering your goods and then things ringing up at a 378 00:17:07,880 --> 00:17:11,199 Speaker 2: higher price because they think you are have deep pockets 379 00:17:11,280 --> 00:17:13,639 Speaker 2: or something. Like that you'd be furious, But it happens 380 00:17:13,920 --> 00:17:16,359 Speaker 2: it's easier to hide that sort of stuff I guess 381 00:17:16,400 --> 00:17:19,240 Speaker 2: online thanks to algorithms and artificial intelligence, and so that 382 00:17:19,320 --> 00:17:21,800 Speaker 2: this is what the FTC is probing for. It's really 383 00:17:21,800 --> 00:17:23,879 Speaker 2: more like a fact finding mission for them. At this point, 384 00:17:24,119 --> 00:17:26,320 Speaker 2: we don't really know it's a study. Yeah, I guess 385 00:17:26,359 --> 00:17:30,119 Speaker 2: how rampant this is. But artificial intelligence seems to be 386 00:17:30,160 --> 00:17:33,400 Speaker 2: making it easier for companies to participate in this practice. 387 00:17:33,440 --> 00:17:36,600 Speaker 2: And so some major companies that FTC is asking for 388 00:17:36,640 --> 00:17:40,680 Speaker 2: more information on this from our Chase and MasterCard, and 389 00:17:40,680 --> 00:17:42,800 Speaker 2: then there's six other companies, some of which are in 390 00:17:42,840 --> 00:17:46,080 Speaker 2: that AI space. Basically, they want to know how rampant 391 00:17:46,080 --> 00:17:49,440 Speaker 2: this is, how prevalent this is, and how it's impacting consumers, 392 00:17:49,560 --> 00:17:53,000 Speaker 2: how much more they're paying based on this sort of 393 00:17:53,080 --> 00:17:56,960 Speaker 2: price discrimination that's being implemented. So I'm incredibly curious to 394 00:17:56,960 --> 00:17:58,919 Speaker 2: see the results. This is something I didn't really know 395 00:17:58,960 --> 00:18:00,240 Speaker 2: what was happening. I guess you're probably. 396 00:18:00,080 --> 00:18:02,359 Speaker 1: Assume that it's happening, though, you know, Like that's the like, 397 00:18:02,359 --> 00:18:05,639 Speaker 1: I appreciate the more of a dossier, more data based 398 00:18:05,720 --> 00:18:10,680 Speaker 1: on us, and more less price transparency, more Internet's related purchases. Yeah, 399 00:18:10,720 --> 00:18:13,280 Speaker 1: it makes sense. I appreciate that the FTC like they're 400 00:18:13,280 --> 00:18:17,200 Speaker 1: trying to provide more information, more transparency for us as consumers. 401 00:18:17,200 --> 00:18:19,679 Speaker 1: But I think it's just safe to assume that the 402 00:18:19,720 --> 00:18:22,400 Speaker 1: information that we're freely handing over to the different apps, 403 00:18:22,560 --> 00:18:26,160 Speaker 1: online retailers, to the different financial institutions, the pain and processors, right, 404 00:18:26,520 --> 00:18:29,080 Speaker 1: that they are using this information against us, and whether 405 00:18:29,080 --> 00:18:32,560 Speaker 1: that's against us in a way to dish up different 406 00:18:32,600 --> 00:18:35,520 Speaker 1: ads for products that we might be more likely to purchase, 407 00:18:36,200 --> 00:18:38,800 Speaker 1: or in ways that are potentially more nefarious where we 408 00:18:38,840 --> 00:18:40,600 Speaker 1: are charged a little bit more. And I think in 409 00:18:40,640 --> 00:18:42,639 Speaker 1: this case it pays just to be a little more 410 00:18:42,720 --> 00:18:44,800 Speaker 1: vigilant and more of a savvy online shopper. 411 00:18:44,880 --> 00:18:47,120 Speaker 2: Yeah, savvy online shopper. I think that's true. I think 412 00:18:47,119 --> 00:18:51,160 Speaker 2: it it's not just clicking and purchasing. It is doing 413 00:18:51,160 --> 00:18:53,120 Speaker 2: a little more due diligence before you buy. That's part 414 00:18:53,119 --> 00:18:55,080 Speaker 2: of it. But we'll keep following this one because I 415 00:18:55,080 --> 00:18:57,640 Speaker 2: am curious to see how big of an issue targeted pricing, 416 00:18:57,720 --> 00:19:01,200 Speaker 2: surveillance pricing it actually is, and hopefully in the months 417 00:19:01,200 --> 00:19:02,679 Speaker 2: to come we'll get some more information on that. 418 00:19:02,720 --> 00:19:03,240 Speaker 1: But all right, Matt. 419 00:19:03,240 --> 00:19:05,120 Speaker 2: We got more to get to on this episode, including 420 00:19:05,240 --> 00:19:07,840 Speaker 2: we're going to talk about frugal fitness, how you can 421 00:19:07,840 --> 00:19:12,360 Speaker 2: get buff Yeah with Matt Hey, Joel, mostly Matt, we'll 422 00:19:12,359 --> 00:19:13,679 Speaker 2: talk about that right after this. 423 00:19:21,480 --> 00:19:23,399 Speaker 1: All right, we are back. We've got plenty more to 424 00:19:23,400 --> 00:19:26,760 Speaker 1: get to, including some potential good news for home buyers. 425 00:19:26,760 --> 00:19:28,879 Speaker 1: We'll get to that story here in a second, but 426 00:19:29,400 --> 00:19:31,960 Speaker 1: now it's time for the ludicrous headline of the week. 427 00:19:32,040 --> 00:19:34,600 Speaker 1: This one is from The Times, and the headline reads, 428 00:19:35,040 --> 00:19:37,840 Speaker 1: what happens when your bank isn't really a bank and 429 00:19:37,920 --> 00:19:40,840 Speaker 1: your money disappears. Joel, you can go ahead and cue 430 00:19:40,840 --> 00:19:43,560 Speaker 1: the scary music as the fear mongering begins. 431 00:19:43,720 --> 00:19:45,320 Speaker 2: I read the headline and I was like, I don't 432 00:19:45,320 --> 00:19:48,439 Speaker 2: want my money to disappear, and it's likely not going 433 00:19:48,480 --> 00:19:50,520 Speaker 2: to disappear because you are with a bank that is 434 00:19:50,600 --> 00:19:52,840 Speaker 2: FDIC insured because I'm taking my own medicine. 435 00:19:53,119 --> 00:19:55,520 Speaker 1: But bottom line, we've talked about like the different neo 436 00:19:55,600 --> 00:19:58,480 Speaker 1: banks out there. We have recently seen a few out 437 00:19:58,480 --> 00:20:01,520 Speaker 1: there like YadA, which are basically fintech companies who are 438 00:20:01,520 --> 00:20:04,760 Speaker 1: masquerading as real banks. But we see those companies go bust. 439 00:20:05,200 --> 00:20:08,119 Speaker 1: Customers of a few of these so called banks have 440 00:20:08,320 --> 00:20:12,479 Speaker 1: lost access to hundreds of millions of dollars, and then 441 00:20:12,480 --> 00:20:14,800 Speaker 1: the neobank will claim that, hey, I can't do anything 442 00:20:14,800 --> 00:20:17,160 Speaker 1: about it because the actual bank holding her money, they 443 00:20:17,240 --> 00:20:18,760 Speaker 1: in fact are the ones who are responsible. 444 00:20:18,800 --> 00:20:20,960 Speaker 2: They're actually wrong sometimes when they claim that Matt they know. 445 00:20:21,040 --> 00:20:24,399 Speaker 1: Exactly might not partner banks, and the partner banks are 446 00:20:24,440 --> 00:20:27,159 Speaker 1: FDIC insured. It's like it kind of reminds me of 447 00:20:27,160 --> 00:20:29,640 Speaker 1: the Spider Man me where they're just all standing there 448 00:20:29,680 --> 00:20:32,720 Speaker 1: pointing the finger to the other spider Man and so 449 00:20:32,880 --> 00:20:36,159 Speaker 1: on the site, like the FDIC insurance badge might be 450 00:20:36,280 --> 00:20:39,280 Speaker 1: displayed there on the website. But when push comes to shove, 451 00:20:39,640 --> 00:20:42,760 Speaker 1: neobanks they just pose more risk than traditional online banks. 452 00:20:42,760 --> 00:20:45,399 Speaker 1: And that's why we continually suggest doing business with the 453 00:20:45,520 --> 00:20:50,280 Speaker 1: likes of Ally Discover cit. They're full fledged banks. They 454 00:20:50,320 --> 00:20:54,320 Speaker 1: are not passed through marketing organizations organizations that have just 455 00:20:54,400 --> 00:20:57,560 Speaker 1: these bank like features. So I want to steer folks 456 00:20:57,560 --> 00:21:00,560 Speaker 1: away from sort of the ones that are promising you 457 00:21:00,680 --> 00:21:04,080 Speaker 1: the world, that are making offers that sound too good 458 00:21:04,080 --> 00:21:07,080 Speaker 1: to be true. Because there are some fintech companies out 459 00:21:07,080 --> 00:21:09,520 Speaker 1: there that are providing solid products that we talk about 460 00:21:09,560 --> 00:21:11,439 Speaker 1: on the show. I mean and oftentimes when we take 461 00:21:11,520 --> 00:21:14,160 Speaker 1: listener questions, this is a lot of times we're talking 462 00:21:14,160 --> 00:21:16,040 Speaker 1: about some of these some of the newer companies that 463 00:21:16,080 --> 00:21:18,639 Speaker 1: have been around not quite as long as some of 464 00:21:18,640 --> 00:21:21,000 Speaker 1: the more traditional online banks. So, yeah, I don't know, 465 00:21:21,040 --> 00:21:22,719 Speaker 1: We're I'm trying to thread a needle here, because on 466 00:21:22,720 --> 00:21:25,080 Speaker 1: one hand, you've got like the crazy new fly by 467 00:21:25,160 --> 00:21:28,400 Speaker 1: night sort of organizations. On the other hand, you've got 468 00:21:28,720 --> 00:21:32,480 Speaker 1: the big brick and mortar legacy banks, and there's a 469 00:21:32,480 --> 00:21:34,240 Speaker 1: place in the middle for you to go with a 470 00:21:34,240 --> 00:21:35,520 Speaker 1: lot of different online providers. 471 00:21:35,680 --> 00:21:38,119 Speaker 2: Yeah, I agree, But we have talked about how some 472 00:21:38,200 --> 00:21:41,560 Speaker 2: of these neobanks, they're small, they've partnered with a bank, 473 00:21:41,720 --> 00:21:45,160 Speaker 2: and they just don't have their stuff together, and obviously 474 00:21:45,200 --> 00:21:47,399 Speaker 2: they've left a lot of customers in the lurch some 475 00:21:47,440 --> 00:21:49,199 Speaker 2: of these banks, and I feel bad for all those 476 00:21:49,200 --> 00:21:50,800 Speaker 2: folks who feel like they have their money locked up 477 00:21:50,800 --> 00:21:52,359 Speaker 2: and they don't know where to turn. And so be 478 00:21:52,400 --> 00:21:54,840 Speaker 2: careful and consider some of the banks we mentioned that 479 00:21:54,920 --> 00:21:58,040 Speaker 2: are full fledged banks in their own right, not just 480 00:21:58,240 --> 00:22:01,000 Speaker 2: trying to partner with somebody else. In the produm I 481 00:22:01,119 --> 00:22:04,080 Speaker 2: met more banks are offering cash bonuses for switching. That 482 00:22:04,200 --> 00:22:07,520 Speaker 2: was an article the detailed kind of just more high 483 00:22:07,560 --> 00:22:10,600 Speaker 2: falutin big dollar offers from banks around the country trying 484 00:22:10,640 --> 00:22:14,040 Speaker 2: to woo customers over to their side. And they think 485 00:22:14,080 --> 00:22:16,399 Speaker 2: that a one time payment of three hundred bucks or 486 00:22:16,440 --> 00:22:18,400 Speaker 2: five hundred bucks is going to be enough to get 487 00:22:18,440 --> 00:22:21,880 Speaker 2: you to join them. But as the Wall Street Journal details, 488 00:22:22,000 --> 00:22:23,879 Speaker 2: you got to read the fine print. What are the 489 00:22:23,880 --> 00:22:25,960 Speaker 2: requirements to get that bonus. You might see the headline 490 00:22:26,040 --> 00:22:27,640 Speaker 2: number and you're like, oh, if I just switch over 491 00:22:27,680 --> 00:22:29,600 Speaker 2: there and put some savings in, I'm going to get. 492 00:22:29,480 --> 00:22:32,280 Speaker 1: Three hundred bucks. Awesome done. But here's the thing. 493 00:22:32,320 --> 00:22:34,080 Speaker 2: A lot of banks are going to require you then 494 00:22:34,119 --> 00:22:37,200 Speaker 2: to set up direct deposit. Makes it stickier and harder 495 00:22:37,200 --> 00:22:38,679 Speaker 2: to leave, and it's an extra step that you have 496 00:22:38,760 --> 00:22:41,720 Speaker 2: to take. They might offer a short term promotional rate, 497 00:22:42,200 --> 00:22:44,240 Speaker 2: but that rate might not last very long, and you're 498 00:22:44,480 --> 00:22:46,320 Speaker 2: quickly going to be earning next to nothing on your 499 00:22:46,320 --> 00:22:47,240 Speaker 2: savings in short order. 500 00:22:47,240 --> 00:22:48,520 Speaker 1: So, yeah, you got a few hundred. 501 00:22:48,320 --> 00:22:50,680 Speaker 2: Bucks, but then all the money you've piled into savings 502 00:22:50,920 --> 00:22:54,080 Speaker 2: is earning almost nothing, right, so you might have to 503 00:22:54,080 --> 00:22:56,000 Speaker 2: even move a larger balance in order to get that 504 00:22:56,000 --> 00:22:59,080 Speaker 2: bonus too. You want the free four hundred bucks, great, 505 00:22:59,119 --> 00:23:00,720 Speaker 2: you got to move over four already, K And you're like, 506 00:23:00,760 --> 00:23:02,720 Speaker 2: I don't even have that, or oh my gosh, that's 507 00:23:02,800 --> 00:23:05,320 Speaker 2: like all my savings do I really is it worth 508 00:23:05,400 --> 00:23:08,560 Speaker 2: jumping through all these hoops? I guess it makes sense 509 00:23:09,000 --> 00:23:11,200 Speaker 2: in my estimation to look this gift horse in the mouth. 510 00:23:11,480 --> 00:23:13,520 Speaker 2: It could be it could be a great deal worth 511 00:23:13,560 --> 00:23:15,840 Speaker 2: switching for, but it also might not be. I've done 512 00:23:15,840 --> 00:23:18,119 Speaker 2: this in the past, Matt, and I've noticed two different 513 00:23:18,160 --> 00:23:19,680 Speaker 2: kinds of things. One time I did it with Chase 514 00:23:19,840 --> 00:23:22,280 Speaker 2: and it was a massive pain and I hated my 515 00:23:22,359 --> 00:23:24,359 Speaker 2: life for it. And then I did it with Discover 516 00:23:24,480 --> 00:23:25,639 Speaker 2: at one point and I was like, I don't know 517 00:23:25,640 --> 00:23:28,200 Speaker 2: that I'll stick with this company, and then lo and behold, 518 00:23:28,200 --> 00:23:31,560 Speaker 2: I still have a Discover account many years later because 519 00:23:31,560 --> 00:23:33,360 Speaker 2: I realized, Hey, this is a great bank I want 520 00:23:33,359 --> 00:23:35,880 Speaker 2: to do business with. Yeah, and there were a lot 521 00:23:35,920 --> 00:23:37,639 Speaker 2: fewer hoops in order to get those funds too, So 522 00:23:37,760 --> 00:23:39,119 Speaker 2: just nice you know the fine print? 523 00:23:39,200 --> 00:23:42,080 Speaker 1: Yeah, Okay, So the type of money that you might 524 00:23:42,119 --> 00:23:44,959 Speaker 1: put into a solid, high old savings account with one 525 00:23:45,000 --> 00:23:48,240 Speaker 1: of these great online banks your emergency fund. So let's 526 00:23:48,280 --> 00:23:52,280 Speaker 1: talk about specifically the status of your efund, because there 527 00:23:52,320 --> 00:23:55,359 Speaker 1: is a new white paper over at Alpha architect and 528 00:23:55,400 --> 00:23:58,119 Speaker 1: they find that too many folks have too little saved, 529 00:23:58,320 --> 00:24:02,240 Speaker 1: which is pretty obvious here in the US we see 530 00:24:02,280 --> 00:24:05,800 Speaker 1: the surveys consistently, so that's of course groundbreaking. The culprit, though, 531 00:24:05,920 --> 00:24:08,160 Speaker 1: was pretty shocking because they said it was too much 532 00:24:08,200 --> 00:24:12,760 Speaker 1: financial education that was causing folks to not have enough saved. 533 00:24:13,119 --> 00:24:15,840 Speaker 1: The offer it should be the opposite, right, like, yeah, 534 00:24:15,880 --> 00:24:18,440 Speaker 1: but I totally get it, because if you were thinking, oh, 535 00:24:18,480 --> 00:24:21,280 Speaker 1: I need to be investing, and you start getting and 536 00:24:21,320 --> 00:24:24,159 Speaker 1: thinking slightly more sophisticated, but you're not covering some of 537 00:24:24,160 --> 00:24:26,520 Speaker 1: the basics, I guess. But the authors they found that 538 00:24:26,640 --> 00:24:30,600 Speaker 1: over confidence and once financial literacy leads to a significant 539 00:24:30,920 --> 00:24:36,160 Speaker 1: underestimation of the need for emergency cash. And I found 540 00:24:36,200 --> 00:24:39,480 Speaker 1: that to be noteworthy because the economy is doing pretty 541 00:24:39,520 --> 00:24:42,239 Speaker 1: dang great right now, but you might want to make 542 00:24:42,280 --> 00:24:44,960 Speaker 1: sure that you're prepared for whatever it is that's coming 543 00:24:45,040 --> 00:24:48,879 Speaker 1: next because the quote unquote soft landing that many have 544 00:24:49,080 --> 00:24:52,520 Speaker 1: hoped for it it appears to be within grasp where 545 00:24:52,840 --> 00:24:55,320 Speaker 1: inflation is going to be tamed without upending the labor market. 546 00:24:55,800 --> 00:24:59,360 Speaker 1: But we are starting to see small signs of consumer distress. 547 00:24:59,520 --> 00:25:02,639 Speaker 1: We're starting to see a few labor market difficulties as 548 00:25:02,760 --> 00:25:06,399 Speaker 1: unemployment starts to tick up. We're not doomsday predictors or anything, 549 00:25:06,440 --> 00:25:09,200 Speaker 1: but when bullishness is everywhere, and when it seems over 550 00:25:09,240 --> 00:25:11,639 Speaker 1: the top and the markets are frothy, I think it's 551 00:25:11,680 --> 00:25:14,480 Speaker 1: smart to have a backup plan. And that doesn't even 552 00:25:14,520 --> 00:25:16,680 Speaker 1: mean to change your investing strategy. But I do think 553 00:25:16,720 --> 00:25:20,760 Speaker 1: it means performing a personal finance stress test of sorts. 554 00:25:20,920 --> 00:25:22,639 Speaker 1: I think it means shoring up your own finances. I 555 00:25:22,640 --> 00:25:25,359 Speaker 1: think it means perhaps putting together a bare bones budget 556 00:25:25,359 --> 00:25:27,280 Speaker 1: and seeing how little could you in fact live on. 557 00:25:27,880 --> 00:25:31,320 Speaker 1: We just don't want over confidence to keep you in 558 00:25:31,359 --> 00:25:33,720 Speaker 1: a position of being underprepared for whatever it is that 559 00:25:33,800 --> 00:25:35,160 Speaker 1: might be around the corner. Yeah. 560 00:25:35,200 --> 00:25:38,600 Speaker 2: I feel like that the stock market for many, many, 561 00:25:38,640 --> 00:25:42,399 Speaker 2: many years now has felt like a savings account that 562 00:25:42,520 --> 00:25:44,679 Speaker 2: just pays much higher rates of return because it's just 563 00:25:44,720 --> 00:25:47,119 Speaker 2: been like all up and to the right. The truth is, 564 00:25:47,200 --> 00:25:49,679 Speaker 2: that's not always how the stock market works, and you 565 00:25:49,680 --> 00:25:51,320 Speaker 2: have to be careful about that because if you're using 566 00:25:51,320 --> 00:25:54,320 Speaker 2: too many of those savings dollars, dollars that should be 567 00:25:54,960 --> 00:25:57,960 Speaker 2: liquid in your account to cover you in case in 568 00:25:58,000 --> 00:26:01,479 Speaker 2: a worst case scenario or should difficulty come along in 569 00:26:01,520 --> 00:26:04,480 Speaker 2: your job or in your life, if you're using those 570 00:26:04,560 --> 00:26:07,919 Speaker 2: dollars to invest, it might look good for a hot minute, 571 00:26:07,960 --> 00:26:09,280 Speaker 2: but it could come back to bite you later. And 572 00:26:09,280 --> 00:26:11,199 Speaker 2: so I think that's yeah, that's what that study was 573 00:26:11,200 --> 00:26:15,280 Speaker 2: getting at is people who feel like they're savvy investors 574 00:26:15,280 --> 00:26:18,600 Speaker 2: now overdoing it, and then they're not prepared with the 575 00:26:18,640 --> 00:26:21,400 Speaker 2: liquid cash that they need when things get tough. Totally, 576 00:26:21,480 --> 00:26:23,240 Speaker 2: let's talk about health for a second. Man, this is 577 00:26:23,440 --> 00:26:27,120 Speaker 2: a story I'm guessing you read with great interests because yeah, 578 00:26:27,160 --> 00:26:29,040 Speaker 2: you are a Huberman disciple. 579 00:26:29,160 --> 00:26:32,720 Speaker 1: Oh can I call you that? Sure? Okay, I'm a fan. Okay, 580 00:26:33,119 --> 00:26:33,840 Speaker 1: you're a fanboy. 581 00:26:34,160 --> 00:26:36,760 Speaker 2: And The New York Times says, this interesting article called 582 00:26:36,800 --> 00:26:39,320 Speaker 2: the Kid to Longevity is boring, and this subject matter 583 00:26:39,359 --> 00:26:41,480 Speaker 2: is been getting a lot more press in recent years. 584 00:26:41,640 --> 00:26:45,600 Speaker 2: Right Atia their ilk, they've made Fitness in Longevity a 585 00:26:45,600 --> 00:26:48,440 Speaker 2: more popular conversation. At Tea's book sold probably a ton 586 00:26:48,480 --> 00:26:50,840 Speaker 2: of copies, I got imagine, which is good. 587 00:26:50,960 --> 00:26:51,120 Speaker 1: Right. 588 00:26:51,280 --> 00:26:53,359 Speaker 2: I love that we're talking about this stuff and that 589 00:26:53,480 --> 00:26:56,240 Speaker 2: Americans are just at least thinking about their health in 590 00:26:56,560 --> 00:26:59,040 Speaker 2: wider numbers, and largely what these guys are trying to 591 00:26:59,040 --> 00:27:02,480 Speaker 2: promote is not just an increased lifespan like living longer centenarians, 592 00:27:02,680 --> 00:27:05,200 Speaker 2: but I'm much better health span. So how healthy are 593 00:27:05,200 --> 00:27:07,320 Speaker 2: you and how able are you to do the things 594 00:27:07,320 --> 00:27:09,479 Speaker 2: you want to do later in life? And so I 595 00:27:09,720 --> 00:27:12,280 Speaker 2: for a lot of individuals in search of the fountain 596 00:27:12,280 --> 00:27:15,399 Speaker 2: of youth wanting to be younger for longer, people aren't 597 00:27:15,480 --> 00:27:18,200 Speaker 2: just picking up running or cutting out dessert. They're going 598 00:27:18,200 --> 00:27:20,960 Speaker 2: a lot further. They're buying cold plunges, they're buying saunas, 599 00:27:21,280 --> 00:27:26,320 Speaker 2: expensive supplements and more. And that's essentially what they're getting 600 00:27:26,320 --> 00:27:29,480 Speaker 2: at with this article is there's a whole industry is 601 00:27:29,560 --> 00:27:32,800 Speaker 2: essentially sprung up around longevity and people's interest in that. 602 00:27:33,359 --> 00:27:35,439 Speaker 2: But when I was reading these articles, Matt, all I 603 00:27:35,440 --> 00:27:38,639 Speaker 2: could think of is not only is the key to 604 00:27:38,680 --> 00:27:41,119 Speaker 2: longevity boring, but it can also be inexpensive too. You 605 00:27:41,119 --> 00:27:43,440 Speaker 2: don't have to buy these high priced gadgets just to 606 00:27:43,480 --> 00:27:46,000 Speaker 2: help you live longer. I mean, they might be of 607 00:27:46,040 --> 00:27:48,840 Speaker 2: some help with the margins, but a lot of it's unnecessary. 608 00:27:48,920 --> 00:27:50,600 Speaker 1: Did you feel personally attacked when they talk when they 609 00:27:50,600 --> 00:27:53,240 Speaker 1: mentioned saunas as someone who's just like, oh, I'd really 610 00:27:53,280 --> 00:27:54,800 Speaker 1: like to have my own sluck. I kind of want one. 611 00:27:54,800 --> 00:27:56,720 Speaker 1: I don't even think about it for longevity purposes, but 612 00:27:56,880 --> 00:27:58,760 Speaker 1: just kind of be nice to relax the chill out 613 00:27:58,760 --> 00:28:01,040 Speaker 1: at the end of the sell them so I can 614 00:28:01,040 --> 00:28:03,399 Speaker 1: get one there. So I was going to have a 615 00:28:03,440 --> 00:28:04,080 Speaker 1: great warranty. 616 00:28:04,359 --> 00:28:06,119 Speaker 2: But like anybody who starts going down this rabbit hole, 617 00:28:06,160 --> 00:28:07,680 Speaker 2: I've met many people, Matt, and then they just start 618 00:28:07,760 --> 00:28:10,919 Speaker 2: spending money. Willy Nillys. Yeah, yeah, that's the problem. If 619 00:28:10,960 --> 00:28:12,680 Speaker 2: you are getting the impression that you have to buy 620 00:28:12,680 --> 00:28:14,639 Speaker 2: a fancy new gadget, if you've got to buy the 621 00:28:14,680 --> 00:28:16,639 Speaker 2: supplements in order to live a healthy life. 622 00:28:16,960 --> 00:28:20,760 Speaker 1: Well, the marketing it's working because we're not against approaching 623 00:28:20,760 --> 00:28:23,360 Speaker 1: about it. We're not against a gym membership. But it's 624 00:28:23,400 --> 00:28:26,280 Speaker 1: just crucial to be reminded that you can't simply buy 625 00:28:26,320 --> 00:28:28,840 Speaker 1: your way to health. You don't need one hundred and 626 00:28:28,880 --> 00:28:31,119 Speaker 1: fifty dollars pair of brand new Hokahs to go for 627 00:28:31,160 --> 00:28:33,520 Speaker 1: a run. And we actually we've got an article over 628 00:28:33,560 --> 00:28:35,879 Speaker 1: on the site from our friend Drew and he actually 629 00:28:35,960 --> 00:28:38,200 Speaker 1: is a fitness expert or not he is, Yeah, he is, 630 00:28:38,480 --> 00:28:41,280 Speaker 1: and he's outlining some affordable ways to stay fit and 631 00:28:41,400 --> 00:28:45,240 Speaker 1: doing things like hiking, or rucking, walking, simply doing body 632 00:28:45,240 --> 00:28:48,800 Speaker 1: weight exercises, doing it with a friend, different free online workouts. 633 00:28:48,800 --> 00:28:51,120 Speaker 1: There are so many options out there, different ways that 634 00:28:51,160 --> 00:28:53,840 Speaker 1: you can improve your life now without breaking the bank. 635 00:28:53,960 --> 00:28:56,720 Speaker 2: But you know what's that one triple F that's where 636 00:28:56,720 --> 00:28:58,920 Speaker 2: people gather at local parks and stuff and they beat 637 00:28:58,960 --> 00:29:00,000 Speaker 2: friends and they work out together. 638 00:29:00,480 --> 00:29:02,840 Speaker 1: I mean, honestly what you said too. I'm a huge 639 00:29:02,840 --> 00:29:04,440 Speaker 1: fan of just the fact that more and more folks 640 00:29:04,440 --> 00:29:05,960 Speaker 1: are talking about that. I was just talking about this 641 00:29:06,000 --> 00:29:09,280 Speaker 1: with my new buddy Bill, but it's becoming more a 642 00:29:09,280 --> 00:29:11,800 Speaker 1: part of our daily conversation. And that's the part that 643 00:29:11,880 --> 00:29:16,000 Speaker 1: I love that specifically Doctortager, I Tea and Andrew Heberman, 644 00:29:16,160 --> 00:29:19,720 Speaker 1: that they're bringing to the conversations that they're bringing to society. 645 00:29:19,760 --> 00:29:21,280 Speaker 1: I think you're huge. And one of the reasons I 646 00:29:21,320 --> 00:29:22,120 Speaker 1: love them so much. 647 00:29:22,040 --> 00:29:23,520 Speaker 2: When your neighbors and friends talk about it with you 648 00:29:23,560 --> 00:29:24,600 Speaker 2: and then you're like, oh, it's. 649 00:29:24,520 --> 00:29:27,400 Speaker 1: A healthy lifestyle one hundred percent. And what I love 650 00:29:27,440 --> 00:29:30,080 Speaker 1: about them, specifically those two guys is that they're not 651 00:29:30,120 --> 00:29:33,160 Speaker 1: selling like a personal line of fancy supplements that's got 652 00:29:33,200 --> 00:29:35,680 Speaker 1: their face or their name stamp on it, like they're 653 00:29:35,760 --> 00:29:38,200 Speaker 1: researchers and they're doctors literally, just trying to spread the 654 00:29:38,240 --> 00:29:41,760 Speaker 1: word and for folks to make these foundational changes to 655 00:29:41,840 --> 00:29:44,400 Speaker 1: their health. And here's the other part of it too. 656 00:29:44,440 --> 00:29:47,640 Speaker 1: The parallels of personal finance and investing are uncanny, right 657 00:29:47,640 --> 00:29:50,200 Speaker 1: because everybody once they're looking for the shortcut, they want 658 00:29:50,240 --> 00:29:53,360 Speaker 1: to how do I get wealthy fast? And you know 659 00:29:53,400 --> 00:29:56,080 Speaker 1: what all you got to do is simply invest in 660 00:29:56,160 --> 00:29:59,600 Speaker 1: low cost, widely diversified index funds by spending less than 661 00:29:59,600 --> 00:29:59,880 Speaker 1: you make. 662 00:30:00,320 --> 00:30:02,200 Speaker 2: That's how you grow your decades. It's not gonna be 663 00:30:02,200 --> 00:30:03,680 Speaker 2: as fast as you want it to be. And the 664 00:30:03,720 --> 00:30:05,840 Speaker 2: truth is too, the more you get into fitness, like 665 00:30:06,080 --> 00:30:09,160 Speaker 2: the more you realize, the slower the gains are. 666 00:30:09,840 --> 00:30:11,240 Speaker 1: But over time they stack up. 667 00:30:11,320 --> 00:30:14,000 Speaker 2: And I look back at yearly from Surely a year ago, Matt, 668 00:30:14,040 --> 00:30:16,520 Speaker 2: and I was pathetic, and I'm still somewhat pathetic, but 669 00:30:16,520 --> 00:30:17,800 Speaker 2: I'm getting better, right, And. 670 00:30:17,800 --> 00:30:20,000 Speaker 1: So over at the beach we threw down like an 671 00:30:20,440 --> 00:30:22,840 Speaker 1: over an eleven mile run like it was nothing, well, 672 00:30:22,920 --> 00:30:24,840 Speaker 1: not like it was nothing. I was panting hard after that, 673 00:30:24,920 --> 00:30:27,200 Speaker 1: well I was too, but like only like that last 674 00:30:27,200 --> 00:30:30,120 Speaker 1: mile when we're kicking it, you know, like you're crushing it. Dude. 675 00:30:30,120 --> 00:30:32,360 Speaker 2: Well, and I saw some meme the other day like 676 00:30:32,520 --> 00:30:34,880 Speaker 2: Runners in the nineties versus Runners now, and it was 677 00:30:34,920 --> 00:30:38,440 Speaker 2: like just a person with shorts and just cheap shoes 678 00:30:38,440 --> 00:30:40,040 Speaker 2: on going for a run. And then it was like 679 00:30:40,320 --> 00:30:42,200 Speaker 2: all this gear you're outfitted with. And I think a 680 00:30:42,240 --> 00:30:43,120 Speaker 2: lot of people think, like. 681 00:30:43,120 --> 00:30:45,840 Speaker 1: The gear is what you need in order And. 682 00:30:45,800 --> 00:30:48,560 Speaker 2: You talked about this actually on Wednesday's episode with Our 683 00:30:48,600 --> 00:30:51,200 Speaker 2: Wives about not needing the gear photography wise, but how 684 00:30:51,200 --> 00:30:53,120 Speaker 2: some people get obsessed with that. And I think sometimes 685 00:30:53,160 --> 00:30:54,840 Speaker 2: when you get into some of this stuff, you start 686 00:30:54,840 --> 00:30:56,680 Speaker 2: to obsess over the gear and then you kind of 687 00:30:56,680 --> 00:30:58,760 Speaker 2: lose sight of what you're actually your goals are on 688 00:30:58,760 --> 00:31:01,480 Speaker 2: what you're trying to achieve. You don't need it in 689 00:31:01,560 --> 00:31:03,200 Speaker 2: order to get where you want to go. Let's talk 690 00:31:03,200 --> 00:31:05,560 Speaker 2: about housing for a second. Is the worst over for 691 00:31:05,640 --> 00:31:08,240 Speaker 2: home buyers? It's not been pretty the past couple years. 692 00:31:08,280 --> 00:31:09,560 Speaker 2: If you've been hoping to buy a home and haven't 693 00:31:09,600 --> 00:31:12,680 Speaker 2: been able to well, A recent report from Zillo finds 694 00:31:12,840 --> 00:31:15,760 Speaker 2: that the worst likely is over. The two most important 695 00:31:15,760 --> 00:31:19,200 Speaker 2: factors are increased supply and more price cuts. We're seeing 696 00:31:19,520 --> 00:31:23,000 Speaker 2: more homes on the market experience price cuts before they 697 00:31:23,080 --> 00:31:26,520 Speaker 2: sell rates have followed in recent weeks. Two homes are 698 00:31:26,560 --> 00:31:30,120 Speaker 2: being listed on the MLS for longer. All of these 699 00:31:30,120 --> 00:31:33,080 Speaker 2: things mean that the tides are turning in favor of 700 00:31:33,200 --> 00:31:36,600 Speaker 2: home buyers slowly, but surely. It's not like everything is rosy. 701 00:31:37,320 --> 00:31:37,520 Speaker 1: You know. 702 00:31:37,640 --> 00:31:40,520 Speaker 2: The prices and interest rates have gone back down to 703 00:31:40,560 --> 00:31:43,720 Speaker 2: twenty nineteen levels. We're still undersupplied in the single family 704 00:31:43,760 --> 00:31:46,840 Speaker 2: home market too. In much of the country. Affordability still 705 00:31:46,840 --> 00:31:49,800 Speaker 2: not great. But just like the labor market we talked 706 00:31:49,800 --> 00:31:52,400 Speaker 2: about earlier in the show, we might be getting back 707 00:31:52,440 --> 00:31:54,960 Speaker 2: to a more normal state of affairs. This is good 708 00:31:55,000 --> 00:31:57,280 Speaker 2: news map for people who want to be buyers. Doesn't 709 00:31:57,320 --> 00:32:00,520 Speaker 2: mean like, hey, turn those Zillo notifications back on, start 710 00:32:00,520 --> 00:32:03,040 Speaker 2: making offers, but maybe maybe it will mean that for 711 00:32:03,080 --> 00:32:05,480 Speaker 2: some people because it feels a little bit more accessible. 712 00:32:05,680 --> 00:32:08,280 Speaker 2: But we might see even more moderation in home prices 713 00:32:08,320 --> 00:32:08,960 Speaker 2: moving forward to. 714 00:32:09,080 --> 00:32:11,880 Speaker 1: Yeah, yeah, and it's in affordability should be going up 715 00:32:11,920 --> 00:32:15,440 Speaker 1: to just given the foreseeable rate cuts on the horizon 716 00:32:15,600 --> 00:32:18,760 Speaker 1: later this year. But that being said, a decent chunk 717 00:32:18,880 --> 00:32:22,160 Speaker 1: of younger Americans they've actually said no, thank you to 718 00:32:22,240 --> 00:32:25,280 Speaker 1: the idea of owning a home. The Financial Times reported 719 00:32:25,360 --> 00:32:29,640 Speaker 1: about the increased rejection of home ownership altogether, and not 720 00:32:29,680 --> 00:32:32,640 Speaker 1: surprisingly this is specifically by gen Z and some of 721 00:32:32,640 --> 00:32:35,640 Speaker 1: the younger millennials out there. Many have been disappointed too 722 00:32:35,680 --> 00:32:38,080 Speaker 1: many times in their attempt to buy a home. But 723 00:32:38,160 --> 00:32:41,880 Speaker 1: also they've done the math because renting is clearly a 724 00:32:41,920 --> 00:32:44,960 Speaker 1: better financial decision right now across most of the country. 725 00:32:45,560 --> 00:32:48,760 Speaker 1: And it's tough to square that because the American dream 726 00:32:48,880 --> 00:32:51,720 Speaker 1: is so pervasive, right like, owning a home is such 727 00:32:51,720 --> 00:32:53,840 Speaker 1: a part of that, but it doesn't tied together in 728 00:32:53,880 --> 00:32:55,800 Speaker 1: trins of oh yeah, the white pick offense, of course, 729 00:32:55,880 --> 00:32:58,080 Speaker 1: but it doesn't have to be tied together with the 730 00:32:58,120 --> 00:33:01,120 Speaker 1: American dream. But the key, the key for renters is 731 00:33:01,160 --> 00:33:05,480 Speaker 1: to invest even more than their home owning counterparts, because 732 00:33:05,560 --> 00:33:07,440 Speaker 1: of course you're not going to have that forced method 733 00:33:07,480 --> 00:33:11,479 Speaker 1: of savings that home appreciation brings and paying your mortgage brings. 734 00:33:11,680 --> 00:33:14,240 Speaker 1: So you have to kind of counteract that need to 735 00:33:14,240 --> 00:33:16,520 Speaker 1: invest even more in the market. And that's a way 736 00:33:16,600 --> 00:33:18,920 Speaker 1: to grow your wealth without actually owning a home. 737 00:33:19,000 --> 00:33:20,400 Speaker 2: Now, you don't have to drink the kool aid. Don't 738 00:33:20,440 --> 00:33:23,120 Speaker 2: drink the kool aid that home ownership equals building a 739 00:33:23,160 --> 00:33:26,520 Speaker 2: high net worths. It can be a part of that process, 740 00:33:26,600 --> 00:33:29,680 Speaker 2: but it doesn't have to be. And I love seeing 741 00:33:29,760 --> 00:33:32,640 Speaker 2: kind of the younger folks giving the heisman to the 742 00:33:32,680 --> 00:33:36,480 Speaker 2: traditional advice, which hasn't always been right in recent years. Yeah, 743 00:33:36,480 --> 00:33:38,040 Speaker 2: if you bought a house in twenty nineteen, your net 744 00:33:38,040 --> 00:33:41,760 Speaker 2: worth has increased substantially because that the value of that 745 00:33:41,800 --> 00:33:44,480 Speaker 2: home is increased substantially. But it doesn't have to be 746 00:33:44,560 --> 00:33:47,280 Speaker 2: a part of your financial story. And there's a lot 747 00:33:47,280 --> 00:33:49,360 Speaker 2: of flexibility and there are a lot of benefits built 748 00:33:49,400 --> 00:33:51,920 Speaker 2: in with renting too, especially met The New York Times 749 00:33:51,920 --> 00:33:54,800 Speaker 2: just recently updated their rent or by calculator. In so 750 00:33:54,880 --> 00:33:56,880 Speaker 2: much of the country, renting is not just a little 751 00:33:56,880 --> 00:33:58,760 Speaker 2: bit cheaper, it's say a lot cheaper. Yep, that's a 752 00:33:58,760 --> 00:34:01,400 Speaker 2: really valuable resource that you should check out. So good 753 00:34:01,440 --> 00:34:04,080 Speaker 2: news for home buyers people who are interested in buying 754 00:34:04,120 --> 00:34:06,040 Speaker 2: a home but also don't feel like you have to 755 00:34:06,040 --> 00:34:08,200 Speaker 2: be part of that group or that you're getting left 756 00:34:08,239 --> 00:34:09,600 Speaker 2: on the sidelines something like that. 757 00:34:09,600 --> 00:34:11,560 Speaker 1: That's right. Don't forget to sign up for the How 758 00:34:11,640 --> 00:34:14,440 Speaker 1: To Money newsletter comes out every Tuesday morning. And while 759 00:34:14,480 --> 00:34:16,640 Speaker 1: we're talking about the newsletter, we've got a quick referral 760 00:34:16,640 --> 00:34:20,919 Speaker 1: shout out to Jared see as well as Ben. Thank 761 00:34:20,960 --> 00:34:24,400 Speaker 1: you both for sharing the how to Money newsletter with 762 00:34:24,600 --> 00:34:25,200 Speaker 1: some friends. 763 00:34:25,239 --> 00:34:27,839 Speaker 2: Yeah, appreciate that. And if you haven't signed up Got 764 00:34:27,880 --> 00:34:30,120 Speaker 2: to Have Money dot com slash newsletter. Signing up to 765 00:34:30,160 --> 00:34:31,920 Speaker 2: take two seconds, but you have the rest of your 766 00:34:31,920 --> 00:34:34,399 Speaker 2: life to enjoy our content and we appreciate you. Thank 767 00:34:34,400 --> 00:34:36,719 Speaker 2: you for doing that. You can of course find throw 768 00:34:36,760 --> 00:34:38,319 Speaker 2: notes for this episode up on our site at how 769 00:34:38,360 --> 00:34:40,600 Speaker 2: toomoney dot com as well. Matt, that's going to do 770 00:34:40,640 --> 00:34:42,880 Speaker 2: it for this one. Until next time, Best friends Out 771 00:34:42,880 --> 00:34:43,640 Speaker 2: and best Friends Out.