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Speaker 1: Welcome to How the Money. I'm Joel, I'm Matt.

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Speaker 2: Today we're talking four oh one K bullets, crappy coffee,

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Speaker 2: and bitcoin bashing.

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Speaker 1: You know, my buddy, this is our Friday Flights where

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Speaker 1: we're gonna cover our favorite headlines from the past week

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Speaker 1: and all the stories that you mentioned plus more. I

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Speaker 1: was gonna say, and do you have anything personal that

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Speaker 1: you want to share? Say, favorite headlines, but favorite headlines

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Speaker 1: we love to hate to. That's what the Lucas headline,

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Speaker 1: the Lucras headline. Yeah, gotta gotta talk about suff we hate.

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Speaker 1: Do we have a little Friday flight appetizer? Are we

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Speaker 1: just gonna cut straight to let's go straight to it? Okay, yeah,

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Speaker 1: I feel like we got a longer one. So yeah,

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Speaker 1: let's let's let's get off. Let's talk about four to

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Speaker 1: one k mullets to begin with. And did you ever

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Speaker 1: have a mullet? As a as a kid in the

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Speaker 1: late ladies? Across the street from had a rat tail?

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Speaker 1: You remember rat tails? I had a rat tail? Oh

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Speaker 1: did you? Oh? Of course she did, like a little one,

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Speaker 1: but nothing not like how long we talking about here?

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Speaker 1: Like how long is this right tail? Like a foot?

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Speaker 1: His was probably good eight to ten inches. Yeah, that's

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Speaker 1: really good. So I used to work in the public

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Speaker 1: schools up in North Carolina right after undergrad and one

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Speaker 1: of my like one of the kids I was I

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Speaker 1: was working with, had a mullet with the rat tail.

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Speaker 1: I didn't know you could do both. That's impressive. It

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Speaker 1: was really good. So this is back in like five

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Speaker 1: o six.

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Speaker 2: Do you remember the tire tracks on the side of

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Speaker 2: the I always wanted that. My mom would never let

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Speaker 2: me get that haircut. Yeah, thinking about doing it was like, sorry, son,

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Speaker 2: you're not allowed to be that cool, right, think about it. Well,

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Speaker 2: I don't know if it was cool or not, but

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Speaker 2: of school today's at least for a minute. Yeah, I'm like,

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Speaker 2: we were direct. Maybe I'll do it at the age

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Speaker 2: of forty one, just to show her, you know.

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Speaker 1: Who's that guy with a mustache and then the race

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Speaker 1: racing stripes down on the side of his uh that.

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Speaker 2: Said weird personal finance podcaster fell up and I love it. Okay,

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Speaker 2: So mullets and four one K mullets, like I think

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Speaker 2: you and I are mostly we're not in the know

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Speaker 2: about what's actually cool, like our mullets. Cooled mullets are

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Speaker 2: totally cool. Supposedly they're trending their back but it's not.

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Speaker 1: It's not especially like the messy mullet, you know, the

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Speaker 1: kind of bullet the guys with the curly hair. I

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Speaker 1: think there's a big difference in the mullets today that

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Speaker 1: are popular. It seems like there's still like something going

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Speaker 1: on in the front. It's not it's not. Yeah that

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Speaker 1: it's kind of got like the mcguy or look exactly,

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Speaker 1: I wanted to be just like everyone else. Let the

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Speaker 1: back round.

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Speaker 2: I just don't think of that as a traditional bullet.

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Speaker 2: But okay, we'll say mullets are hot right now and

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Speaker 2: four A one K bullets. That's a new term to me.

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Speaker 2: But I guess as mullets have kind of come back

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Speaker 2: into vogue, fancy or less trashy ones and quarter zips,

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Speaker 2: I guess those are back too.

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Speaker 1: Math the quarterszips.

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Speaker 2: I'm not gonna be wearing those. I'll tell you that

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Speaker 2: you don't like quarter zips.

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Speaker 1: Nah, not my jam. You're not cool enough for it.

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Speaker 1: That's that's the thing. You're you're you're you're airing or

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Speaker 1: you are defaulting to your millennial ways. And the quote dude,

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Speaker 1: so funny, I will say, you are revamping the dress

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Speaker 1: code the uniform at the kids' school, huh, And they

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Speaker 1: recently included quarter zips and all the parents went nuts,

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Speaker 1: like in a good way. Everyone was so pumped about

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Speaker 1: the quarter zips. So evidently they quarter zips and molsita.

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Speaker 1: And how does this relate to money? And let's get

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Speaker 1: to the four one k part.

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Speaker 2: Well, apparently social media posts are linking the rise of

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Speaker 2: the now sexy again mullet and the hotness of the

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Speaker 2: four oh one k, Like four one k's are as

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Speaker 2: hot as a dude supporting a really good looking mullet. Okay,

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Speaker 2: and you and I neither rest are supporting sporting mullets

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Speaker 2: these days, but we're all about making the four on

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Speaker 2: k sexy again.

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Speaker 1: I think for it. Whatever it takes man, whatever flavor, whatever,

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Speaker 1: headlines to have to be out there in order to

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Speaker 1: drive people to the most underrated way that majority of

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Speaker 1: Americans are going to become actual million millionaires. Yes, the

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Speaker 1: four one K four one k ira millionaires. That's how

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Speaker 1: you're gonna happen. It's going to happen for the vast

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Speaker 1: majority of people. So well done, gen zers, young folks.

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Speaker 1: If you've got to match take advantage. It's it's money

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Speaker 1: gear number two for a reason. People the four O

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Speaker 1: one K, And I'm just lad it's getting light shit

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Speaker 1: on it by being culturally relevant. I'm totally fine with

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Speaker 1: that if that's what it takes. But you know what, dude,

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Speaker 1: being financially responsible and investing for your future it's always

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Speaker 1: been cool, you know why, Because it's cool to be

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Speaker 1: able to achieve the financial goals that you have in life,

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Speaker 1: like whether that's like paying cash for a car or

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Speaker 1: putting down a saving up and down payment for a

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Speaker 1: house like these, Like who doesn't want these different things?

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Speaker 1: And it's almost as if we're having to convince people that, like,

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Speaker 1: oh no, it's actually cool to be responsible, have options

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Speaker 1: to not be bro yeah go figure makes me think

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Speaker 1: of conversation as having recently someone about like ambition, and

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Speaker 1: he was talking about how he was just a total

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Speaker 1: bum until he met his girlfriend and wanted to propose

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Speaker 1: to her and to be able to marry her and

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Speaker 1: spend the rest of his life with her, and so

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Speaker 1: that caused him necessity. It's the mother of all inventures, right,

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Speaker 1: and so like, yeah, you don't have a reason necessarily

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Speaker 1: to be responsible until all of a sudden there's something

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Speaker 1: that you want, and that's what personal finance is all about.

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Speaker 1: I love that The New York Post relatedly here, they

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Speaker 1: had an article about the rise of the Solo four

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Speaker 1: one K, which is happening because we've seen a rise

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Speaker 1: in small business formation. This is post COVID, which is

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Speaker 1: I think great for the country. So we got to

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Speaker 1: make sure that the Solo four one K gets the

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Speaker 1: same kind of love as the regular workplace variety. That way,

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Speaker 1: all the small business folks out there know what they've

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Speaker 1: got access to. It's pretty sweet, Joel. You know, we've

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Speaker 1: had ours with Fidelity, Our Solo four one k's there

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Speaker 1: with Fideli for a while. They recently launched a ROTH version,

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Speaker 1: which I'm all about. Yeah, I was waiting for that.

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Speaker 1: Glad folks have the option to get some of those

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Speaker 1: post tax dollars socked away as well, and all the

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Speaker 1: big low cost providers are making it easier. They're requiring

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Speaker 1: less paperwork in order to open these things. And we've

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Speaker 1: actually got more information. We've actually got old podcasts on

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Speaker 1: this as well, where we talk about the Solo four

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Speaker 1: one K, where we go into it in more depth.

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Speaker 1: It is well worth learning about if you are an

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Speaker 1: independent worker and want to sock away more for retirement.

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Speaker 2: Yeah, solo four one k's leave on them. Don't sleep

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Speaker 2: on the regular pour along gays. They're cool folks. Yeah,

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Speaker 2: do the cool thing.

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Speaker 1: Also, being earnest and going after the thing you want

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Speaker 1: totally in being earnest and sincere. I want to see

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Speaker 1: more of that. Man.

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Speaker 2: That was the Chalo May acceptance speech right where he

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Speaker 2: said I want to be great. I forget what award

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Speaker 2: ceremony was at for the reason the.

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Speaker 1: Ping Pong movie. Did he would an award for that?

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Speaker 2: It might have been for a different I don't remember,

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Speaker 2: or no, maybe it was. Maybe it was for that

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Speaker 2: the Golden Globes or something like that, and I think

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Speaker 2: he won Best Actor and his in his acceptance speech

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Speaker 2: he basically talked about how he wants to be great,

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Speaker 2: and I was like, man, yeah, put it out there

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Speaker 2: as opposed to I don't know, not pretending that you

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Speaker 2: don't care, but truly, yeah, you pretend you don't care

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Speaker 2: enough and eventually guess what.

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Speaker 1: You don't care. Yeah.

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Speaker 2: I'm not like a huge chalome buff or anything like that,

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Speaker 2: but it made me like I'm rooting for you, buddy,

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Speaker 2: if that's what you want. I like that attitude. Go

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Speaker 2: out there, take off some good roles, get or done.

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Speaker 2: Let's talk about spending mat for a second coffee is

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Speaker 2: a non negotiable.

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Speaker 1: In our budgets both the years of mind.

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Speaker 2: Yeah, I think you probably dedicate a slightly bigger line

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Speaker 2: item in your budget to coffee.

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Speaker 1: Then I do. I spend a little more time probably

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Speaker 1: on it in the mornings. Yeah, we do.

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Speaker 2: We also buy the nicer beans, I would say, on average, and.

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Speaker 1: Yeah maybe so Yeah, so you're doing costco I'm one

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Speaker 1: step up with the counterculture.

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Speaker 2: Yeah, but even even still like the disparities minimal because

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Speaker 2: we mostly make our coffee at home.

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Speaker 1: And I still think it's a difference man cost of

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Speaker 1: coffee outs as opposed to as opposed to doing it

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Speaker 1: at home.

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Speaker 2: Not to try to like make it not cool to

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Speaker 2: get coffee out, but I think it's once a week.

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Speaker 2: It's probably a good rhythm. That's what we do. If

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Speaker 2: you do it every day, just do it with intentionality.

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Speaker 2: But there was a new Washington Post article and it

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Speaker 2: argued that the cheap, sub fifty dollar coffee makers, the

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Speaker 2: ones that make super crappy coffee, the ones that go

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Speaker 2: buy the Moniker mister Coffee most of the time.

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Speaker 1: Rights, that's like.

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Speaker 2: The ubiquitous name out there, But there's like all sorts

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Speaker 2: of just throwaway coffee makers that will brew a bad

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Speaker 2: cup of coffee no matter what beans you put in there,

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Speaker 2: or just it won't be able to do your beans justice.

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Speaker 1: Okay, right, I yeah, go ahead, Okay, keep going, because

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Speaker 1: like I'm going to push back a little bit. Who

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Speaker 1: was this Washington washing.

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Speaker 2: One of the things they were saying is one that

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Speaker 2: it improves, it proves an inferior cup. And then the

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Speaker 2: other thing they were saying was that these these machines,

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Speaker 2: these cheaper ones, typically don't last very long. And so

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Speaker 2: why why go through that process? If you if you're

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Speaker 2: going to try to make decent coffee at home, why

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Speaker 2: not buy yourself a nicer coffee maker that's going to

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Speaker 2: stand the test of time and it's gonna brew a

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Speaker 2: better cup simultaneously. This is one of those things kind

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Speaker 2: of like a mattress, right that you use every day

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Speaker 2: that it's true you want to sleep on it eight

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Speaker 2: hours a day, So why not that that's probably something

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Speaker 2: that's worth prioritizing spending a little bit more money on

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Speaker 2: although you're sleeping on a hand meadown mattress for like

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Speaker 2: two decades or something.

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Speaker 1: Like that, slept well, yeah, it's still the most comfortable

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Speaker 1: mattress in the entire height.

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Speaker 2: If it's the most comfortable mattress, then that's awesome. Keep

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Speaker 2: it around, Like what does it take to get our

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Speaker 2: current mattress to that level? Well, curate machines, that's another one,

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Speaker 2: right that people. I think that's convenience. Usually curios are awful,

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Speaker 2: not great.

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Speaker 1: So they're all full from a coffee standpoint, But then

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Speaker 1: also from the waste standpoint, the waste and the money.

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Speaker 1: So I want to coffee is gonna cost you more too.

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Speaker 1: I want to loop back a little bit because I

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Speaker 1: do think like and this is coming from like more

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Speaker 1: of the coffee snop kind of guy, right, Like I've

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Speaker 1: gone through all the different phases, like I used to

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Speaker 1: do V sixty, Like I back, you know, I used

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Speaker 1: to do the French.

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Speaker 2: Press, right, but get another language now. But I'm sure

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Speaker 2: some of the listeners out there you.

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Speaker 1: Can make a pretty dang good cup of coffee using

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Speaker 1: a cheap mister coffee, Like the one we have is

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Speaker 1: just the I mean it's the Mister Coffee equivalent from Amazon.

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Speaker 1: I think it was like twenty twenty five dollars. And

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Speaker 1: when it comes down to the biggest factor is grinding

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Speaker 1: your beans fresh. And so if you get a decent grinder,

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Speaker 1: you can make a pretty dang decent cup of coffee

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Speaker 1: with a plastic, fairly affordable coffee maker as long as

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Speaker 1: you are cleaning the filter. And I think that's the

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Speaker 1: biggest thing. People don't do it vinegar like vinegar and water.

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Speaker 1: I mean, we don't we use it when we have

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Speaker 1: family over and we're trying to make a ton of

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Speaker 1: coffee all at once. And so I mean, I'm using

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Speaker 1: dish soap, but I'm doing it daily as a is

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Speaker 1: the most what do you wash it daily? Yeah? Okay,

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Speaker 1: most folks they just kind of knock the grind the

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Speaker 1: coffee grounds out and they kind of rinse it off

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Speaker 1: maybe and then they put the tomorrow's coffee in there,

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Speaker 1: and so what what's all the oils and all that

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Speaker 1: old build up? Man, Like, you don't want that, Like

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Speaker 1: if you were even just to clean it with some

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Speaker 1: just regular dish. So it's going to make a world

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Speaker 1: of difference when it comes to your your nest cup.

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Speaker 1: And that's the thing that most people don't do. They

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Speaker 1: don't dedicate the time that they want it to be easy,

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Speaker 1: which is why the curing seems to be satisfying this

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Speaker 1: need for a lot of folks because they people don't

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Speaker 1: like to clean. But I'm just pushing back just slightly

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Speaker 1: because I've made some pretty dang good coffee on a

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Speaker 1: very cheap coffee maker.

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Speaker 2: Okay, And maybe one of the things you're you're highlighting

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Speaker 2: is it sounds like you'd be willing to spend a

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Speaker 2: lot more money on a good grinder than on a

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Speaker 2: good machine. Yes, okay, Yeah, get you a burn, nice

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Speaker 2: great grinder, clean your machine, you're good to go.

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Speaker 1: Yeah. I mean it doesn't have to be super fancy,

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Speaker 1: but like a Bartza or even like a conical boatom like,

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Speaker 1: you can get a pretty good grind that's way better

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Speaker 1: than stuff that's preground that.

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Speaker 2: The fifteen dollars ones you get on Amazon that have

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Speaker 2: the two blaze will go, yeah, you don't want that, Okay, So,

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Speaker 2: but Matt knows more about coffee than I do. But

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Speaker 2: I thought this was this is just another checkbox in

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Speaker 2: the kind of buy once, cry once thing, like buy

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Speaker 2: something that like the the what is it Mocha Master

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Speaker 2: technovorm that's something that we have the Naha.

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Speaker 1: Version of that by cells. But it's performed pretty well

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Speaker 1: for y'all. It's been great. It's been great. Yeah. Well,

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Speaker 1: the Mocha Master that's it's a fe hundred bucks, isn't.

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Speaker 2: It it is? I think the one I got was

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Speaker 2: on sale. I think it's normally one fifty. I think

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Speaker 2: I got it on self for fifty bucks. So I

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Speaker 2: got a really good deal on it. But it's one

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Speaker 2: of those things where I hopefully we'll have it for

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Speaker 2: you know, a decade to come.

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Speaker 1: Yeah. Okay, wait, the real one, the name brand one

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Speaker 1: is like three four hundred. That's like three hundred bucks. Okay,

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Speaker 1: but yours normally as one hundred. You got one fifty

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Speaker 1: and I got it for fifty okay, gotcha? Gotcha?

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Speaker 2: So but yeah, those those are expensive. But then again,

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Speaker 2: when you think about it.

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Speaker 1: Do you take care of it though? And you keep

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Speaker 1: it around? Actually, so there's an because I am a

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Speaker 1: coffee nerd, there's a there's a similar Mocha Master maker

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Speaker 1: that I don't know who is making it, and the

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Speaker 1: way that they release different lotments of it is like

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Speaker 1: on a month to month basis. But it's I want

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Speaker 1: to say, it's called like simply good Coffee or something

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Speaker 1: like that, and it is based on the design of

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Speaker 1: a Mocha Master, but no plastic parts, because a lot

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Speaker 1: of coffee snubs are like, oh, but the plastic it

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Speaker 1: absorbs the smells, the odors, it absorbs some of the oil,

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Speaker 1: and it's all glass or stainless steel or something like that.

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Speaker 1: And so evidently that's like the next step up that

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Speaker 1: a lot of the coffee nerds are are kind of

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Speaker 1: geeking out. Okay, but again that's I mean, taking it

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Speaker 1: to the next level. And I'm not necessarily wanting folks

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Speaker 1: to go out there to spend money if they are

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Speaker 1: completely happy with whatever they have.

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Speaker 2: The next time your coffee maker breaks, maybe, And this

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Speaker 2: is the way with a lot of things in life.

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Speaker 2: I think oftentimes we look to the cheapest replacement, and

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Speaker 2: there is like when I'm buying chews for my kids, man,

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Speaker 2: I'm not buying them, like my daughter really wants a

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Speaker 2: pair of hookas right now, even on sale they're like

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Speaker 2: seventy five dollars and I'm like, sorry, we just you're

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Speaker 2: gonna wear them for like three months, like pretty pricey.

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Speaker 2: We're not spending that much money on chooes.

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Speaker 1: But have y'all gotten those uber cheap ones? And how

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Speaker 1: long do those last?

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Speaker 2: About as long as they do too, No, some of

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Speaker 2: them have worn out before they were done with them.

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Speaker 1: But you gotta find the sweet spot, like that's what

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Speaker 1: that's what's so tough because we've gotten the uber cheap

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Speaker 1: Amazon shoes that are just like foam and cloth, and

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Speaker 1: I'm like, where is the It's like it's like an

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Speaker 1: animal without its bones, you know, It's like, where's the

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Speaker 1: actual structure of the shoe. And then recently one of

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Speaker 1: our daughter we got her a pair of new balances

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Speaker 1: that were on sale and oh my goodness, they have

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Speaker 1: lasted so much longer. Yeah, that than at least the

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Speaker 1: phone ones.

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Speaker 2: I'll say, especially if you can hand me down or

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Speaker 2: we talk about buy good stuff, but buy it secondhand

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Speaker 2: as well.

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Speaker 1: Let's go yeah. Uh.

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Speaker 2: Speaking of pricing, match turns out Americans hate the idea

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Speaker 2: of surveillance pricing. Dynamic pricing is one thing, right, where

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Speaker 2: prices shift based on the demand or time of day.

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Speaker 2: People are people are mostly used to that. At this point,

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Speaker 2: we tend to understand that plane tickets are gonna they're

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Speaker 2: often going to be at this sweet spot pricing around

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Speaker 2: two to three months ahead of our trip. That's that's

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Speaker 2: when the lowest prices are likely to occur. But technology

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Speaker 2: is making it easier for retailers to gather data on

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Speaker 2: us and to charge more if they think that you

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Speaker 2: or I are going to pay more. So roughly two

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Speaker 2: thirds of Americans are concerned about this, and two thirds

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Speaker 2: of folks who responded to this survey said they would

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Speaker 2: not shop at a retailer again if they were charged

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Speaker 2: more than other patrons. Just I think that it's a

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Speaker 2: general idea of unfairness that people hate. Like, wait a second,

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Speaker 2: Sheila just came in here before me, and she paid

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Speaker 2: twenty percent less than I did, and not just because

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Speaker 2: she like cut off the coupon in the Sunday paper,

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Speaker 2: but because you like her more or something like that.

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Speaker 2: Like that's how people assume surveillance pricing is working, and

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Speaker 2: they're not wrong to a certain extent. New York enacted

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Speaker 2: a law last year requiring a clear and visible disclaimer

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Speaker 2: when a retailer uses surveillance pricing. So I'm curious to

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Speaker 2: see what that's going to look like.

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Speaker 1: In the wild.

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Speaker 2: But this is a growing battle for consumers, for retailers alike,

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Speaker 2: and I don't know, I'm just curious, like, do you

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Speaker 2: feel the same way as the average consumer?

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Speaker 1: How do you feel about surveillance pricing? No concerns, No concerns. No,

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Speaker 1: I think it's I mean, we'll see if it plays out.

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Speaker 1: But like I mean, I don't think there's stores who

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Speaker 1: are actually doing it in person. So oftentimes I think

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Speaker 1: it comes down to surveillance. What is it's cookies, it's

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Speaker 1: having your data, and I kind of see it. I

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Speaker 1: also saw in that survey like that thirty percent of

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Speaker 1: Americans are also thinking, oh, there's a chance this could

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Speaker 1: be more fair. And I think maybe the train of

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Speaker 1: thought that those folks are entering into is the fact that, oh, retailers,

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Speaker 1: once your information, they want your email and like your

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Speaker 1: phone number more or less more often these days, and

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Speaker 1: why because they want to market to you, like they

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Speaker 1: want to like, oh, we just had a President's Day sale, right,

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Speaker 1: And so I will see it. Anytime I have been tracked,

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Speaker 1: I feel like I've benefited slightly from the ability to

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Speaker 1: get deals as opposed to being afraid that prices might

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Speaker 1: be more expensive. But certainly look around and check and

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Speaker 1: shop around see what the prices are. But I don't know.

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Speaker 1: I'm so okay and used to the fact that I'm

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Speaker 1: sacrificing my data being watched for the potential to get

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Speaker 1: a better price at some point.

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Speaker 2: So I think it does highlight that reality that as

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Speaker 2: the surveillance pricing becomes more and more of the norm,

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Speaker 2: that tracking prices and not assuming that you're getting the

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Speaker 2: best deal because or the deal that ever the price

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Speaker 2: that everyone else is getting, just because that's the way

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Speaker 2: it's always been. It's worth you know, using a site

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Speaker 2: like Camel Camel Camel Tech actually track prices what's been

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Speaker 2: happening in the past with the past pricing of this

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Speaker 2: item and shopping around with different providers. Instead of the

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Speaker 2: people who are going to pay the most are the

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Speaker 2: people who are hyper loyal and are not doing their

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Speaker 2: due diligence.

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Speaker 1: I totally agree. Well, buddy, let's keep moving. I think

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Speaker 1: we could cover the facts that headline credit card debt

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Speaker 1: just hit a record high. That's something we could talk

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Speaker 1: about every week every Friday.

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Speaker 2: Here he doesn't ever seem to go down, does it.

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Speaker 1: It did for a minute there posts when we were

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Speaker 1: getting all the stimum money.

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Speaker 2: Isn't that always interesting too? How Like when the economic

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Speaker 2: hold savings on the end, Well, when economic times are toughest,

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Speaker 2: people tend to draw back and they start to pay

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Speaker 2: off debt. When times are good, people are like, ah,

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Speaker 2: let's keep spending.

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Speaker 1: People are assessing their own finances to the extent that

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Speaker 1: they're willing to right like, because it seems like a

401
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Speaker 1: lot of folks are getting sloppy with their money. But

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Speaker 1: what that means is that they're just comfortable with that

403
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Speaker 1: amount of debt. Essentially, it turns out we're almost at

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Speaker 1: one point three trillion dollars now. Specifically in credit card debt,

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Speaker 1: I think it's like one point two to eight. But

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Speaker 1: there's been a large rise in credit card loans that

407
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Speaker 1: are also in serious delinquency, So folks are in over

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Speaker 1: their heads to the point that they can't pay the minimum.

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Speaker 1: And on top of that, man as we invent newer

410
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Speaker 1: forms of debt like buy not pay later, paying for

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Speaker 1: all of these different companies, I think it's harder to

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Speaker 1: have a finger on the pulse of exactly how debt

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Speaker 1: laden US consumers are right now. So although forty six

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Speaker 1: percent of Americans carry a credit card balance, we are

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Speaker 1: very much against you caring a balance, certainly, how to

416
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Speaker 1: money listeners, it's just so difficult to overcome a twenty

417
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Speaker 1: plus percent interest rate. These are not the escalator steps

418
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Speaker 1: that we want you running up as it's come down.

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Speaker 1: It's just incredibly hard and you might be thinking it's

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Speaker 1: not that much, Well, you know what, even it's just

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Speaker 1: the principle, like, we don't want you paying that, even

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Speaker 1: if it is quote unquote manageable.

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Speaker 2: That makes me think about the end of my conversation

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Speaker 2: with Shauna Game earlier this week, and the one thing

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Speaker 2: I just want to respond to it. I was like,

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Speaker 2: what piece of personal finance advice or a rule or

427
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Speaker 2: you okay breaking? And she was like having credit card debt?

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Speaker 2: And I was like, no, agree or disagree on that one.

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Speaker 2: It's just to me, there's nothing good that comes from it.

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Speaker 1: And don't want to hit restart on another thirty minute

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Speaker 1: conversations where we could just talk about credit card because.

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Speaker 2: I think it's just so detrimental and we've gotten way

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Speaker 2: too used to carrying some credit card debt with us

434
00:18:41,840 --> 00:18:44,399
Speaker 2: wherever we go. It's like this little little satchel that

435
00:18:44,440 --> 00:18:46,880
Speaker 2: we have attached to our back for the average American,

436
00:18:47,000 --> 00:18:48,960
Speaker 2: and there's like, I guess this is normal, but it's

437
00:18:49,000 --> 00:18:51,120
Speaker 2: just it's not normal. And the quicker we get rid

438
00:18:51,119 --> 00:18:53,200
Speaker 2: of it, the more easily we're going to be able

439
00:18:53,200 --> 00:18:56,199
Speaker 2: to make progress towards all the other financial goals that

440
00:18:56,280 --> 00:18:59,120
Speaker 2: we have. But eliminating the credit card debt from your

441
00:18:59,119 --> 00:19:02,000
Speaker 2: life is such a important part of that. You don't

442
00:19:02,000 --> 00:19:03,399
Speaker 2: want to be a part of that one point to

443
00:19:03,560 --> 00:19:04,679
Speaker 2: eight trillion dollars.

444
00:19:04,440 --> 00:19:05,800
Speaker 1: Statistic to do it. Don't do it.

445
00:19:05,840 --> 00:19:08,439
Speaker 2: But in default on all kinds of debts are rising

446
00:19:08,560 --> 00:19:11,760
Speaker 2: right now. The share of US loans in any type

447
00:19:11,760 --> 00:19:14,720
Speaker 2: of delinquency is the highest it's been since twenty seventeen,

448
00:19:15,119 --> 00:19:18,560
Speaker 2: So we were starting to enter just another dismal period

449
00:19:19,080 --> 00:19:20,520
Speaker 2: of debt reality in the United States.

450
00:19:20,600 --> 00:19:21,000
Speaker 1: Right now.

451
00:19:21,320 --> 00:19:24,840
Speaker 2: Delinquency rates across all US household debt hit the highest

452
00:19:24,920 --> 00:19:28,600
Speaker 2: level in basically a decade. And this default uptick is

453
00:19:28,640 --> 00:19:30,639
Speaker 2: hitting folks with high incomes too, so it's not just

454
00:19:30,720 --> 00:19:36,080
Speaker 2: people on the lower end of the socioeconomic spectrum. Debt

455
00:19:36,119 --> 00:19:39,879
Speaker 2: to income ratios are rising quickly as well, so for

456
00:19:39,920 --> 00:19:42,800
Speaker 2: the longest time, there was very little mortgage delinquency. That's

457
00:19:42,840 --> 00:19:45,040
Speaker 2: even ticking up, which kind of makes sense. If you

458
00:19:45,119 --> 00:19:46,960
Speaker 2: bought a home in the last couple of years, you

459
00:19:47,040 --> 00:19:48,639
Speaker 2: paid a good amount, you paid a lot for it,

460
00:19:48,680 --> 00:19:50,680
Speaker 2: and you also have a high interest rate, and you're

461
00:19:50,680 --> 00:19:52,920
Speaker 2: struggling to make that mortgage payment for the first time

462
00:19:52,960 --> 00:19:54,879
Speaker 2: in a long time, you might not be able to

463
00:19:54,920 --> 00:19:58,040
Speaker 2: sell it for what you paid for it, and yeah,

464
00:19:58,080 --> 00:20:00,640
Speaker 2: you might be a risk for default. We've talked about

465
00:20:00,640 --> 00:20:02,720
Speaker 2: the pitiful state of student loan and car loans quite

466
00:20:02,760 --> 00:20:05,040
Speaker 2: a bit on the show recently too, So there's just

467
00:20:05,080 --> 00:20:07,200
Speaker 2: a lot of negative stuff happening in the debt space.

468
00:20:07,640 --> 00:20:09,280
Speaker 2: Sam Rowe put it this way. Matt, I thought this

469
00:20:09,440 --> 00:20:11,920
Speaker 2: was well tempered. He said, well, we've experienced in recent

470
00:20:12,000 --> 00:20:16,720
Speaker 2: years his household finance is normalizing from unusually strong levels

471
00:20:16,720 --> 00:20:20,640
Speaker 2: to relatively worse levels, and he says they're arguably still good.

472
00:20:20,680 --> 00:20:25,080
Speaker 2: I think good is an.

473
00:20:23,800 --> 00:20:27,560
Speaker 1: Overstatement because it's a relative term. Yeah, is relative to

474
00:20:27,640 --> 00:20:30,360
Speaker 1: Matt and Joel. No. No, but like what we want

475
00:20:30,400 --> 00:20:32,280
Speaker 1: for that's not what we want for you, Like you said,

476
00:20:32,320 --> 00:20:34,040
Speaker 1: we want folks like we just have a higher standard

477
00:20:34,040 --> 00:20:36,199
Speaker 1: for folks out there, right, But for average Americans, I

478
00:20:36,359 --> 00:20:38,760
Speaker 1: understand what he's getting at, which is that essentially we

479
00:20:38,800 --> 00:20:41,200
Speaker 1: are returning to kind of that pre pan level which

480
00:20:41,320 --> 00:20:44,360
Speaker 1: wasn't like terrible, wasn't terrible term. I think it's really

481
00:20:44,400 --> 00:20:46,959
Speaker 1: easy to see the headline number go up and not

482
00:20:47,000 --> 00:20:50,439
Speaker 1: think about all the other relative factors at play in

483
00:20:51,119 --> 00:20:55,199
Speaker 1: household finances, and so people will use that as like

484
00:20:55,520 --> 00:20:59,240
Speaker 1: scare mongering headlines, But the truth is we're not in

485
00:20:59,400 --> 00:21:03,840
Speaker 1: the best spot, and these numbers reflect real people who

486
00:21:04,000 --> 00:21:07,120
Speaker 1: are in a tough financial situation. They're not handling their

487
00:21:07,119 --> 00:21:10,200
Speaker 1: finances all that well. Totally. Yeah, I think it's time

488
00:21:10,200 --> 00:21:11,840
Speaker 1: for folks to I think what's going to happen is

489
00:21:11,880 --> 00:21:13,520
Speaker 1: folks are going to start tightening up a little bit

490
00:21:13,560 --> 00:21:17,879
Speaker 1: and they're going to realize that oh okay, starting to

491
00:21:17,880 --> 00:21:21,879
Speaker 1: see delinquencies on the rise. And as for individuals like

492
00:21:21,920 --> 00:21:24,480
Speaker 1: I do wonder because like the slight good news on

493
00:21:24,520 --> 00:21:26,800
Speaker 1: a very macro level, like at a very high levels,

494
00:21:26,840 --> 00:21:28,800
Speaker 1: that we are seeing inflation come down, right like recent

495
00:21:28,840 --> 00:21:31,720
Speaker 1: numbers have shown that, and also real wages we've seen

496
00:21:31,760 --> 00:21:34,040
Speaker 1: that go up, and so I would not be surprised.

497
00:21:34,920 --> 00:21:37,040
Speaker 1: I mean, again, hopefully some people will use this to

498
00:21:37,080 --> 00:21:40,040
Speaker 1: their advantage. What we don't want is folks to hear

499
00:21:40,080 --> 00:21:43,120
Speaker 1: that and to say, oh, I'm going to automatically get

500
00:21:43,119 --> 00:21:45,560
Speaker 1: out of debt because inflation is coming down, real wages

501
00:21:45,600 --> 00:21:47,520
Speaker 1: are going up. That's not how it works. Like a

502
00:21:47,560 --> 00:21:50,280
Speaker 1: lot of times, what could easily happen is you would say, oh,

503
00:21:50,359 --> 00:21:52,680
Speaker 1: now my money can go further and I can buy

504
00:21:52,680 --> 00:21:56,359
Speaker 1: more stuff. Like it takes that's the typical American response. Yes,

505
00:21:56,400 --> 00:21:59,720
Speaker 1: it takes you being I guess waking up and realizing

506
00:21:59,720 --> 00:22:02,320
Speaker 1: going by like the earnestness and like going after something.

507
00:22:02,359 --> 00:22:05,399
Speaker 1: It takes you realizing that, oh, nobody cares about my

508
00:22:05,440 --> 00:22:07,600
Speaker 1: money as much as I do, Like there is nobody

509
00:22:07,640 --> 00:22:09,399
Speaker 1: else who's going to step up to and like you

510
00:22:09,440 --> 00:22:12,720
Speaker 1: can turn to money management international, We've talked about them before.

511
00:22:13,520 --> 00:22:15,920
Speaker 1: You can go with different organizations that can like walk

512
00:22:15,960 --> 00:22:18,720
Speaker 1: alongside you and help you to claw your way out

513
00:22:18,720 --> 00:22:22,199
Speaker 1: of a massive hole of debt. But nobody truly is

514
00:22:22,200 --> 00:22:24,560
Speaker 1: going to care or should be caring as much as

515
00:22:24,560 --> 00:22:26,679
Speaker 1: you do. So on a personal level, I think it

516
00:22:26,720 --> 00:22:31,440
Speaker 1: takes individuals wanting something better for themselves. If that is you,

517
00:22:31,840 --> 00:22:34,560
Speaker 1: If let's say you are in a situation, you've got

518
00:22:34,560 --> 00:22:37,000
Speaker 1: a ton of debt and someone's calling you. They're hounding

519
00:22:37,080 --> 00:22:39,720
Speaker 1: you about that debt. It is important to know your rights.

520
00:22:40,800 --> 00:22:42,919
Speaker 1: The FTC, the Federal Trade Commission, they just put out

521
00:22:42,960 --> 00:22:46,480
Speaker 1: a notice about what debt collectors can and can't do.

522
00:22:47,119 --> 00:22:49,159
Speaker 1: I'm supposed to realize that there are laws in place,

523
00:22:49,560 --> 00:22:53,640
Speaker 1: and debt collectors are required to send you valid information

524
00:22:53,920 --> 00:22:56,639
Speaker 1: about the debt that they call about within five days

525
00:22:56,640 --> 00:23:00,760
Speaker 1: of that phone call. So the Fair Debt Collecting Practices Act,

526
00:23:01,280 --> 00:23:05,600
Speaker 1: it requires calls also to be between eight and nine pm.

527
00:23:05,800 --> 00:23:07,920
Speaker 1: So what that means is no eight am and nine PMS.

528
00:23:07,960 --> 00:23:08,480
Speaker 1: What did I say?

529
00:23:08,600 --> 00:23:10,560
Speaker 2: You just said eight and nine, but I'm sorry eight Yeah,

530
00:23:10,560 --> 00:23:12,160
Speaker 2: eight in the morning. They don't have just one hour.

531
00:23:12,200 --> 00:23:13,960
Speaker 2: They got most of the day. But if they're calling

532
00:23:13,960 --> 00:23:15,440
Speaker 2: you early in the morning or late at night, they're

533
00:23:15,440 --> 00:23:16,679
Speaker 2: in violation of this federal law.

534
00:23:16,800 --> 00:23:19,640
Speaker 1: Yeah, specifically the like super late, middle of the night

535
00:23:19,760 --> 00:23:22,560
Speaker 1: kind of harassment calls. So know that they are not

536
00:23:22,720 --> 00:23:26,120
Speaker 1: allowed to call after nine pm. And if you say

537
00:23:26,160 --> 00:23:28,280
Speaker 1: that your employer forbids them to call you at work,

538
00:23:28,480 --> 00:23:31,040
Speaker 1: that's something that they have to respect. They can't call

539
00:23:31,119 --> 00:23:33,000
Speaker 1: you if you deny it. While you're at work, and

540
00:23:33,080 --> 00:23:36,000
Speaker 1: they can't threaten illegal actions. You can even demand that

541
00:23:36,040 --> 00:23:38,960
Speaker 1: they stop contacting you all together. Now, keep in mind,

542
00:23:39,000 --> 00:23:42,040
Speaker 1: this doesn't mean that debt automatically goes away. You're just

543
00:23:42,119 --> 00:23:45,080
Speaker 1: kind of hitting the mute button on on. You're turning

544
00:23:45,080 --> 00:23:51,199
Speaker 1: off your ringer essentially on the debts collections alarm. And

545
00:23:51,320 --> 00:23:53,760
Speaker 1: of course, if that debt is yours, like you do

546
00:23:53,960 --> 00:23:55,679
Speaker 1: still have to pay it, but just know your rights.

547
00:23:55,880 --> 00:23:59,000
Speaker 1: If you find yourself in a debt collection situation to

548
00:23:59,040 --> 00:24:01,399
Speaker 1: where it feels like if it's starting to stress you

549
00:24:01,480 --> 00:24:03,160
Speaker 1: out a little bit, that you've got some options.

550
00:24:03,240 --> 00:24:04,760
Speaker 2: Yeah, and there are a lot of I think debt

551
00:24:04,760 --> 00:24:07,800
Speaker 2: collectors who do their job well, uh and it's just

552
00:24:07,840 --> 00:24:10,239
Speaker 2: a tough business to be in. But then there are

553
00:24:10,240 --> 00:24:13,080
Speaker 2: also a lot of people who have given the debt

554
00:24:13,080 --> 00:24:17,240
Speaker 2: collection industry a black eye because they treat people so poorly.

555
00:24:17,400 --> 00:24:20,680
Speaker 2: And it's really important for you as the as the individual,

556
00:24:20,680 --> 00:24:22,439
Speaker 2: as the consumer to know what your rights are so

557
00:24:22,480 --> 00:24:26,119
Speaker 2: that you're not getting taken advantage of or treated maliciously

558
00:24:26,280 --> 00:24:29,240
Speaker 2: when that's not allowed, that's not legal, that's right. Are

559
00:24:29,240 --> 00:24:31,880
Speaker 2: we got more to get to Matt including man, can

560
00:24:31,880 --> 00:24:35,080
Speaker 2: your pet be a provider tax benefit for you. We'll

561
00:24:35,080 --> 00:24:36,439
Speaker 2: get to that and more right after this.

562
00:24:44,440 --> 00:24:47,560
Speaker 1: Oh okay, we're back, and it is now time for

563
00:24:47,560 --> 00:24:49,960
Speaker 1: the Ludacris headline of the week, which is from the

564
00:24:50,080 --> 00:24:52,920
Speaker 1: Washington Post. And this is a I think this is

565
00:24:52,920 --> 00:24:56,080
Speaker 1: gonna be a dooozy Joel. Pets are family, but can

566
00:24:56,119 --> 00:24:59,520
Speaker 1: you claim them as dependents on your tax return? Which

567
00:24:59,520 --> 00:25:03,440
Speaker 1: I gotta say, this feels a little a little clickbaity.

568
00:25:02,560 --> 00:25:05,800
Speaker 2: I do not think of my cats. We have two cats.

569
00:25:05,840 --> 00:25:07,760
Speaker 2: I do not think of them as a part of

570
00:25:07,760 --> 00:25:09,520
Speaker 2: our family in the way that I think of my

571
00:25:09,800 --> 00:25:11,159
Speaker 2: children as part of our family.

572
00:25:11,480 --> 00:25:13,840
Speaker 1: I do wonder if this is like a new strategy

573
00:25:13,880 --> 00:25:18,240
Speaker 1: after the washing posts are they're trying to get profitable again, essentially,

574
00:25:18,240 --> 00:25:19,800
Speaker 1: but it seems like they're going in the direction of

575
00:25:19,800 --> 00:25:23,640
Speaker 1: like BuzzFeed and maybe like the Daily Mail, as opposed

576
00:25:23,680 --> 00:25:25,400
Speaker 1: to like they didn't lay off a lot of folks.

577
00:25:25,480 --> 00:25:28,320
Speaker 1: They don't really substantive journalism. They don't support what their

578
00:25:28,359 --> 00:25:30,840
Speaker 1: mission is right now over there, do they? Yeah? So,

579
00:25:31,240 --> 00:25:33,120
Speaker 1: I know so by you saying that you don't see

580
00:25:33,160 --> 00:25:35,040
Speaker 1: your cats as family, Joel, you know what you are

581
00:25:36,040 --> 00:25:40,359
Speaker 1: tacitly admitting is that pets aren't the same as humans.

582
00:25:40,840 --> 00:25:42,719
Speaker 1: Pets are not the same as kids, despite what some

583
00:25:42,760 --> 00:25:45,680
Speaker 1: people think. Matt, It's true. Okay, yeah, they're not the same,

584
00:25:46,240 --> 00:25:49,160
Speaker 1: right Joel. Directly, folks, it's totally cool.

585
00:25:49,000 --> 00:25:51,720
Speaker 2: If you have a pet that is near and dear

586
00:25:51,720 --> 00:25:52,200
Speaker 2: to your heart.

587
00:25:52,400 --> 00:25:53,879
Speaker 1: I like my cats.

588
00:25:54,119 --> 00:25:57,359
Speaker 2: I think my wife and children love them more. But

589
00:25:57,440 --> 00:25:58,879
Speaker 2: they snucked up with them a whole lot more than

590
00:25:58,880 --> 00:26:00,320
Speaker 2: the stuff up with me. They know they're not going

591
00:26:00,359 --> 00:26:02,399
Speaker 2: to get the same love, right, But that's because they

592
00:26:02,440 --> 00:26:04,000
Speaker 2: know that tall guy with the mustache I got a

593
00:26:04,560 --> 00:26:07,840
Speaker 2: cold heart, right, that's right. I'm a little grinchy at times,

594
00:26:08,320 --> 00:26:12,840
Speaker 2: but I think just the assumption, it was just interesting.

595
00:26:12,840 --> 00:26:15,400
Speaker 2: This article is all about how some people think, because

596
00:26:15,440 --> 00:26:17,719
Speaker 2: their pets are so near and dear to them, that

597
00:26:17,760 --> 00:26:20,800
Speaker 2: they deserve or are likely to get, some sort of

598
00:26:21,480 --> 00:26:26,439
Speaker 2: dependent tax break. Get it's so insane tax credit for

599
00:26:26,520 --> 00:26:29,200
Speaker 2: having animals, because I mean, so you get the child tax.

600
00:26:29,040 --> 00:26:32,359
Speaker 1: Credit, right, it's like two grand or whatever. And I get.

601
00:26:33,240 --> 00:26:36,560
Speaker 1: I mean there's two there's two separate conversations going on here, right, Like,

602
00:26:36,560 --> 00:26:39,119
Speaker 1: on one hand, we're talking about the potential for pets

603
00:26:39,160 --> 00:26:41,399
Speaker 1: to be considered family, and I think that's totally fine.

604
00:26:41,480 --> 00:26:43,640
Speaker 1: Like there's plenty of folks out there, and they don't

605
00:26:43,680 --> 00:26:46,200
Speaker 1: just like their cats, Joel, they love them. Yeah, I

606
00:26:46,200 --> 00:26:48,040
Speaker 1: don't know if I've ever like we've talked about how

607
00:26:48,040 --> 00:26:49,880
Speaker 1: we've had dogs and whatnot. I don't know if I've

608
00:26:49,920 --> 00:26:52,480
Speaker 1: like shared how much. And I would say that I

609
00:26:52,560 --> 00:26:54,919
Speaker 1: loved my dog, like we had a great day Stella,

610
00:26:55,080 --> 00:26:56,800
Speaker 1: like we had her for so long. You have a

611
00:26:56,840 --> 00:27:00,600
Speaker 1: portrait of her. That's how much dude? Were those like

612
00:27:00,680 --> 00:27:03,840
Speaker 1: it was a watercolor that a friend did after she passed.

613
00:27:03,920 --> 00:27:05,400
Speaker 1: It was the and I don't you want to talk

614
00:27:05,400 --> 00:27:08,040
Speaker 1: about I'll probably start tearing up, but like the decision

615
00:27:08,040 --> 00:27:10,359
Speaker 1: to have to put her down, and she had she

616
00:27:10,440 --> 00:27:12,760
Speaker 1: was sick and had cancer. Dude, it like wrecked us,

617
00:27:13,080 --> 00:27:16,680
Speaker 1: Like we I was surprised at how much it destroyed

618
00:27:16,760 --> 00:27:21,040
Speaker 1: Kidenite specifically. But there is a big difference even still

619
00:27:21,560 --> 00:27:24,480
Speaker 1: from like loving your pet and also expecting to receive

620
00:27:24,520 --> 00:27:27,800
Speaker 1: some sort of like government tax credit because oh, kids

621
00:27:27,840 --> 00:27:30,760
Speaker 1: get tax tax breaks, And I think folks are only

622
00:27:30,760 --> 00:27:33,680
Speaker 1: looking at the finances because they're like, well, I spend

623
00:27:33,680 --> 00:27:36,000
Speaker 1: more on my dog than you spend on your kids,

624
00:27:36,119 --> 00:27:37,720
Speaker 1: So like, why don't I get a tax break, but

625
00:27:37,720 --> 00:27:39,359
Speaker 1: there's a I would say there's a difference, and I

626
00:27:39,359 --> 00:27:41,200
Speaker 1: would say that most there is a difference. First Americans

627
00:27:41,200 --> 00:27:43,720
Speaker 1: probably agree, that's why it's why pets don't get Social

628
00:27:43,720 --> 00:27:46,159
Speaker 1: Security numbers, you know, like just because he's not the

629
00:27:46,200 --> 00:27:48,960
Speaker 1: same just well yeah, and just because the irs requires

630
00:27:48,960 --> 00:27:50,760
Speaker 1: that you're dependent be a human.

631
00:27:50,920 --> 00:27:53,320
Speaker 2: It doesn't seem that controversial to me, but I guess

632
00:27:53,359 --> 00:27:56,199
Speaker 2: it is in some corners of the internet. And so

633
00:27:56,880 --> 00:27:59,679
Speaker 2: I love it if you love your animal to that extent.

634
00:27:59,800 --> 00:28:02,800
Speaker 2: But same here, No, there is there is no tax

635
00:28:02,840 --> 00:28:07,000
Speaker 2: benefit for that love. Speaking of offspring, Matt and Love,

636
00:28:07,560 --> 00:28:10,199
Speaker 2: Babysitting is expensive. Sometimes you gotta have childcare for your

637
00:28:10,240 --> 00:28:11,120
Speaker 2: pets and for your.

638
00:28:11,080 --> 00:28:14,440
Speaker 1: Maybe you should have fewer kids and more cats. That's

639
00:28:14,440 --> 00:28:16,879
Speaker 1: one of your selling points on Cats are easier, you

640
00:28:17,359 --> 00:28:19,000
Speaker 1: let them go for the weekend, easier to leave town.

641
00:28:19,000 --> 00:28:20,320
Speaker 2: It costs a whole lot less. You don't have to

642
00:28:20,320 --> 00:28:22,040
Speaker 2: board them or put them up. You have to someone

643
00:28:22,040 --> 00:28:23,400
Speaker 2: come by and check every third day.

644
00:28:23,520 --> 00:28:25,440
Speaker 1: That's pretty nice. It is nice not gonna lie.

645
00:28:25,440 --> 00:28:28,480
Speaker 2: So cat's overdogs for that reason, although I don't know,

646
00:28:28,520 --> 00:28:30,359
Speaker 2: part of me wants like a Golden Retriever someday, So

647
00:28:30,560 --> 00:28:33,560
Speaker 2: that'd be pretty cool one of these days. But I

648
00:28:33,560 --> 00:28:35,760
Speaker 2: think you and I were both both basically at this

649
00:28:35,880 --> 00:28:38,560
Speaker 2: point where we're past the phase of needing a whole

650
00:28:38,560 --> 00:28:42,240
Speaker 2: bunch of childcare. Occasionally, right, it's necessary, especially if like

651
00:28:42,240 --> 00:28:45,520
Speaker 2: we're going on a longer away trip or something like that,

652
00:28:46,080 --> 00:28:49,000
Speaker 2: but mostly when it's just a quick night out, our

653
00:28:49,080 --> 00:28:52,720
Speaker 2: oldest they can watch their siblings. But this website Urban

654
00:28:52,760 --> 00:28:56,560
Speaker 2: Sitter tracks the national hourly rate for a babysitter. It

655
00:28:56,640 --> 00:28:58,200
Speaker 2: was kind of shocking to me. I didn't realize it

656
00:28:58,280 --> 00:29:00,520
Speaker 2: was this bad. Twenty six dollars an hour for one kid,

657
00:29:00,840 --> 00:29:02,320
Speaker 2: thirty bucks an hour for two kids.

658
00:29:02,360 --> 00:29:04,920
Speaker 1: That's the going rates on average across the country. That

659
00:29:04,880 --> 00:29:05,960
Speaker 1: in sane. That blew my mind.

660
00:29:06,000 --> 00:29:09,040
Speaker 2: Obviously, it costs more in big cities like San Francisco,

661
00:29:09,840 --> 00:29:14,000
Speaker 2: big expensive cities. It costs less in you know, smaller

662
00:29:14,120 --> 00:29:17,840
Speaker 2: cities like San Antonio, for instance. But that's so much money,

663
00:29:18,160 --> 00:29:20,800
Speaker 2: and babysitting is a tough job. I get it, babysitters

664
00:29:20,800 --> 00:29:23,880
Speaker 2: deserved to get paid. But if you've got kids, consider

665
00:29:24,000 --> 00:29:26,120
Speaker 2: the date night swap. If this is if you're like,

666
00:29:26,160 --> 00:29:28,719
Speaker 2: oh man, the date nights feel so expensive because not

667
00:29:28,760 --> 00:29:30,320
Speaker 2: only were we going out to dinner or a show

668
00:29:30,440 --> 00:29:32,640
Speaker 2: or something like that. But we're also having to pay

669
00:29:32,640 --> 00:29:35,400
Speaker 2: the babysitter, and my goodness is not as cheap as

670
00:29:35,400 --> 00:29:39,120
Speaker 2: it used to be Dad's. We'd have How long did we.

671
00:29:39,080 --> 00:29:41,640
Speaker 1: Do the baby night? The date night swap? Was that for?

672
00:29:41,720 --> 00:29:44,560
Speaker 1: We did it for a solid decade, ten years, man,

673
00:29:44,680 --> 00:29:46,480
Speaker 1: because it was once the once the big garil start

674
00:29:46,600 --> 00:29:49,440
Speaker 1: once they get past that ten year mark. Yes, went

675
00:29:49,560 --> 00:29:52,560
Speaker 1: around when they were eleven. I think that's yeah pretty much.

676
00:29:53,200 --> 00:29:56,280
Speaker 2: Yeah, So basically that means I would put we would

677
00:29:56,280 --> 00:29:58,160
Speaker 2: put our kids to bed, then you would come over

678
00:29:58,240 --> 00:30:01,680
Speaker 2: and just hang out while read, watch TV, do push

679
00:30:01,760 --> 00:30:03,840
Speaker 2: ups whatever you like to do. Never did push up,

680
00:30:04,720 --> 00:30:07,920
Speaker 2: and then vice versa. The next week, I'd be over

681
00:30:07,960 --> 00:30:10,680
Speaker 2: at your house. And that saved us so much money

682
00:30:11,320 --> 00:30:14,719
Speaker 2: and just made date nights more regular and more affordable.

683
00:30:14,840 --> 00:30:18,160
Speaker 2: So if if you're looking for like some some cheap

684
00:30:18,200 --> 00:30:23,120
Speaker 2: ways to finagle and reduce your babysitting bill, consider.

685
00:30:22,840 --> 00:30:25,200
Speaker 1: That big fans of the date night swap. So the

686
00:30:25,240 --> 00:30:29,440
Speaker 1: opposite of having young ones is being a being old

687
00:30:29,520 --> 00:30:33,000
Speaker 1: Joel being a boomer, I guess unless you are Robert

688
00:30:33,040 --> 00:30:35,480
Speaker 1: de Niro, didn't he have a new baby with his

689
00:30:35,560 --> 00:30:37,440
Speaker 1: young wife when he was like eighty years old. I

690
00:30:37,680 --> 00:30:39,440
Speaker 1: think he was in his early eighties. He just had

691
00:30:39,440 --> 00:30:41,840
Speaker 1: a baby. Yeah, So, okay, we talked about the K

692
00:30:41,880 --> 00:30:44,840
Speaker 1: shaped economy at the beginning of the year, But the

693
00:30:44,920 --> 00:30:48,360
Speaker 1: gray shaped economy, that's the new cutesy term that folks

694
00:30:48,400 --> 00:30:52,040
Speaker 1: are throwing around. That's because more consumer spending is being

695
00:30:52,080 --> 00:30:55,160
Speaker 1: done by older Americans right now. More of them own

696
00:30:55,200 --> 00:30:57,640
Speaker 1: a home, more of them own stocks, which means they

697
00:30:57,680 --> 00:31:01,160
Speaker 1: have done overwhelmingly well on the wealth front, and they've

698
00:31:01,160 --> 00:31:03,960
Speaker 1: gotten significantly richer over the past five years. It makes

699
00:31:03,960 --> 00:31:06,680
Speaker 1: a lot of sense, right, and so they're often spending

700
00:31:06,720 --> 00:31:11,600
Speaker 1: from wealth, not income, And it's just fascinating and it

701
00:31:11,640 --> 00:31:13,160
Speaker 1: makes sense. It's something that I think a lot of

702
00:31:13,200 --> 00:31:16,000
Speaker 1: folks as to get older. It's a difficult thing to

703
00:31:16,240 --> 00:31:17,400
Speaker 1: grapple with as.

704
00:31:17,240 --> 00:31:19,880
Speaker 2: Well, but isn't that's something we're kind of all striving for.

705
00:31:20,080 --> 00:31:21,800
Speaker 1: It is what we're going for, absolutely, right.

706
00:31:21,760 --> 00:31:24,120
Speaker 2: Is to be able to amass enough wealth to where

707
00:31:24,160 --> 00:31:28,800
Speaker 2: we don't have to have a day job at some point.

708
00:31:29,080 --> 00:31:29,200
Speaker 1: Right.

709
00:31:29,200 --> 00:31:32,040
Speaker 2: That's financial independence. That's kind of the for a lot

710
00:31:32,040 --> 00:31:33,360
Speaker 2: of how money listeners.

711
00:31:33,840 --> 00:31:36,560
Speaker 1: Yeah, I guess I'm thinking about making the transition from

712
00:31:37,440 --> 00:31:39,680
Speaker 1: living off of your income as opposed to living off

713
00:31:39,720 --> 00:31:41,760
Speaker 1: your wealth, Right, is that something I think that's what's

714
00:31:41,760 --> 00:31:43,640
Speaker 1: tough to grapple with because when your entire life you

715
00:31:43,720 --> 00:31:46,600
Speaker 1: are being told, oh, you gotta safe, you got to invest,

716
00:31:47,120 --> 00:31:49,400
Speaker 1: as opposed to saying, oh, yeah, I'm actually going to

717
00:31:49,520 --> 00:31:51,680
Speaker 1: spend down on this sum. And it seems like the

718
00:31:51,720 --> 00:31:55,160
Speaker 1: older generation is so it's not a wonderful data point

719
00:31:55,240 --> 00:31:57,720
Speaker 1: for our economy as a whole. But this does point

720
00:31:57,760 --> 00:32:00,800
Speaker 1: to a necessity for younger folks, which is that ownership

721
00:32:00,840 --> 00:32:03,200
Speaker 1: is really crucial. Man, Like, we want folks to be owners.

722
00:32:03,240 --> 00:32:06,640
Speaker 1: We want you to buy stocks by rental properties if

723
00:32:06,680 --> 00:32:09,800
Speaker 1: you are so inclined to be a real estate investor,

724
00:32:09,840 --> 00:32:12,600
Speaker 1: we want you to build that wealth. And basically, we

725
00:32:12,640 --> 00:32:14,760
Speaker 1: don't want your spending to be wholly dependent on your

726
00:32:14,800 --> 00:32:17,800
Speaker 1: income for forever at some point. Yeah, like you said, Joel,

727
00:32:17,800 --> 00:32:20,960
Speaker 1: that is the goal to kind of shift gears, to

728
00:32:21,000 --> 00:32:23,440
Speaker 1: start dreaming about what life might be like once you

729
00:32:23,520 --> 00:32:27,360
Speaker 1: are fully quote unquote traditionally retired. Yeah. It's easy to

730
00:32:27,440 --> 00:32:28,720
Speaker 1: see these.

731
00:32:28,480 --> 00:32:31,040
Speaker 2: Stories on the Great Economy and be like, man, must

732
00:32:31,080 --> 00:32:36,760
Speaker 2: be nice, right, But the reality is that in four decades,

733
00:32:36,840 --> 00:32:39,600
Speaker 2: three decades, three decades for us, probably four decades from

734
00:32:39,640 --> 00:32:42,840
Speaker 2: our listeners. That is the goal, right, that's where we're headed.

735
00:32:42,960 --> 00:32:46,320
Speaker 2: If we consistently do the right things that we are spending,

736
00:32:46,800 --> 00:32:48,920
Speaker 2: we're able to help keep the economy afloat, I guess

737
00:32:48,960 --> 00:32:52,320
Speaker 2: because we have more money to spend because we've done

738
00:32:52,760 --> 00:32:54,760
Speaker 2: smart things with our money in here. Now, all right,

739
00:32:54,800 --> 00:32:57,080
Speaker 2: let's talk about prediction markets, Matt. They raked it in

740
00:32:57,200 --> 00:33:00,400
Speaker 2: during the Super Bowl. Man, some of the statistics that

741
00:33:00,440 --> 00:33:03,760
Speaker 2: I saw were stunning. Didn't realize that people were taking

742
00:33:04,120 --> 00:33:07,760
Speaker 2: quite to this extent. Well, Calshiet downloads and daily active

743
00:33:07,840 --> 00:33:11,320
Speaker 2: users were up an insane amount. Nearly two million folks

744
00:33:11,360 --> 00:33:14,680
Speaker 2: were actively wagering on predictions on game day, apparently, with

745
00:33:14,720 --> 00:33:18,640
Speaker 2: more than a billion dollars being traded. That's not even

746
00:33:18,720 --> 00:33:19,520
Speaker 2: counting polymarket.

747
00:33:19,560 --> 00:33:21,400
Speaker 1: That's literally just calcul money.

748
00:33:21,960 --> 00:33:24,440
Speaker 2: And it wasn't just basic stuff like the outcome of

749
00:33:24,480 --> 00:33:26,840
Speaker 2: the game, right, which is, you know, I'm gonna put

750
00:33:26,840 --> 00:33:30,680
Speaker 2: a hundred bucks on the Seahawks to win then and

751
00:33:30,800 --> 00:33:33,920
Speaker 2: you make you know, ninety seven dollars or whatever it is.

752
00:33:34,560 --> 00:33:38,480
Speaker 2: But it was wagers on a slew of oddities like

753
00:33:38,560 --> 00:33:41,040
Speaker 2: bad Bunny's outfit. Was he gonna wear a skirt I

754
00:33:41,040 --> 00:33:42,880
Speaker 2: think was one of them, which I didn't. I didn't

755
00:33:42,880 --> 00:33:45,320
Speaker 2: realize he was famous for that because I just am

756
00:33:45,360 --> 00:33:49,240
Speaker 2: not I'm clueless as an older millennium about what political

757
00:33:49,280 --> 00:33:50,920
Speaker 2: statements were going to be made. You could bet on

758
00:33:51,320 --> 00:33:54,680
Speaker 2: ads that would run during the game itself. You could

759
00:33:54,720 --> 00:33:57,560
Speaker 2: even bet on whether the word polymarket would get used

760
00:33:57,880 --> 00:34:02,120
Speaker 2: in the broadcast at some point in the evening. And this, just,

761
00:34:02,200 --> 00:34:06,400
Speaker 2: Matt feels like peak gambling insanity to me. I mean,

762
00:34:06,440 --> 00:34:08,399
Speaker 2: I hope it's peaked, but in fact, I don't think

763
00:34:08,400 --> 00:34:10,360
Speaker 2: it is. I think we're still just at the forefront

764
00:34:10,400 --> 00:34:12,000
Speaker 2: of this, especially when you're looking at what's on the

765
00:34:12,000 --> 00:34:14,799
Speaker 2: dock at sports Wise March Madness World Cup coming down

766
00:34:14,840 --> 00:34:17,759
Speaker 2: the pike shortly. It's true, we'll write about more on

767
00:34:17,800 --> 00:34:20,240
Speaker 2: this in the head of Money newsletter this coming week,

768
00:34:20,320 --> 00:34:22,279
Speaker 2: but this is just one of those things. I read

769
00:34:22,280 --> 00:34:24,799
Speaker 2: those numbers and I'm just I'm saddened because I think

770
00:34:24,840 --> 00:34:27,719
Speaker 2: so many people are are wasting time and energy that

771
00:34:27,800 --> 00:34:32,279
Speaker 2: could be better spent in other places. And just think

772
00:34:32,320 --> 00:34:35,200
Speaker 2: about yeah, twenty bucks here, thirty bucks there. One not

773
00:34:35,239 --> 00:34:38,319
Speaker 2: only is it that can lead to addiction, but two

774
00:34:38,440 --> 00:34:43,880
Speaker 2: that money it could be represent meaningful dollars tossed toward

775
00:34:44,280 --> 00:34:45,920
Speaker 2: your nest egg to build for your future.

776
00:34:46,440 --> 00:34:48,560
Speaker 1: Maybe this is just me being overly optimistic, but I

777
00:34:48,600 --> 00:34:51,960
Speaker 1: hope that there is spending that has taken place when

778
00:34:51,960 --> 00:34:54,399
Speaker 1: it comes to gambling like this that is just being

779
00:34:54,400 --> 00:34:57,160
Speaker 1: substituted from other areas in life where maybe it would

780
00:34:57,160 --> 00:34:59,239
Speaker 1: have been wasted, like you're entertainment budget. Yeah, so like

781
00:34:59,280 --> 00:35:03,719
Speaker 1: prior to online, prior to the widespread social acceptance of

782
00:35:03,800 --> 00:35:07,600
Speaker 1: gambling on your phone. Before that, maybe folks were out

783
00:35:07,920 --> 00:35:10,680
Speaker 1: in public in person, you know, blowing some money on

784
00:35:10,880 --> 00:35:13,400
Speaker 1: you know, at a restaurant or a bar, like a

785
00:35:13,480 --> 00:35:16,600
Speaker 1: night out, that sort of thing, which you could argue, well,

786
00:35:16,600 --> 00:35:19,520
Speaker 1: that's a better way to spend money. You are stimulating

787
00:35:19,560 --> 00:35:22,440
Speaker 1: the you know, the economy, you're supporting local jobs, a

788
00:35:22,480 --> 00:35:25,440
Speaker 1: local business, you're having I think maybe the best argument

789
00:35:25,440 --> 00:35:27,640
Speaker 1: would be, oh, you're doing something with real people, like

790
00:35:27,680 --> 00:35:30,719
Speaker 1: you were doing something with friends, and so from a

791
00:35:30,719 --> 00:35:33,840
Speaker 1: societal level, I could see the argument being made that, like,

792
00:35:33,880 --> 00:35:36,759
Speaker 1: you know, things are worse because at least before feel

793
00:35:36,800 --> 00:35:39,720
Speaker 1: like maybe a more wholesome waste of money as opposed

794
00:35:39,760 --> 00:35:42,760
Speaker 1: to this, which feels just like a complete hole where

795
00:35:42,800 --> 00:35:44,799
Speaker 1: this is just like money that's it's like it feels

796
00:35:44,840 --> 00:35:46,360
Speaker 1: like it's falling out of the bottom of your wallet

797
00:35:46,520 --> 00:35:48,600
Speaker 1: as opposed to receiving any benefit from it.

798
00:35:48,640 --> 00:35:50,200
Speaker 2: Going to a casino with a couple of friends would

799
00:35:50,239 --> 00:35:52,680
Speaker 2: be I think, a very different vibe than just sitting

800
00:35:52,760 --> 00:35:55,880
Speaker 2: on your couch and like making predictions about stupid stuff.

801
00:35:55,880 --> 00:35:57,799
Speaker 1: It's a completely different thing. Think about the Hangover, Like,

802
00:35:57,840 --> 00:35:59,839
Speaker 1: I don't even know if people would get it. Yeah,

803
00:35:59,840 --> 00:36:02,359
Speaker 1: if the Hangover came out today, because they're like, wait,

804
00:36:02,440 --> 00:36:06,040
Speaker 1: people go to Vegas and party and place bets.

805
00:36:06,120 --> 00:36:08,720
Speaker 2: But I and I would hope that you're right too.

806
00:36:09,000 --> 00:36:10,719
Speaker 2: But I don't know if it is, but I'm pretty sure.

807
00:36:10,600 --> 00:36:11,120
Speaker 1: It's not true.

808
00:36:11,239 --> 00:36:13,480
Speaker 2: And I think that would be like seeing the world

809
00:36:13,520 --> 00:36:16,440
Speaker 2: through Pollyanna towards sort of glasses. To think that people

810
00:36:16,440 --> 00:36:19,200
Speaker 2: are like, well, let me take some money from my uh,

811
00:36:19,719 --> 00:36:22,719
Speaker 2: from my entertainment budget, and I'm kind of putting it

812
00:36:23,160 --> 00:36:24,959
Speaker 2: towards this new set of golf clubs.

813
00:36:24,960 --> 00:36:26,279
Speaker 1: I'm going to put it towards.

814
00:36:26,200 --> 00:36:30,879
Speaker 2: FanDuel gambling or Calshi sports bets predictions and stuff like that.

815
00:36:30,960 --> 00:36:33,840
Speaker 2: I think what's happening is people are are using money

816
00:36:33,840 --> 00:36:37,360
Speaker 2: that they don't have. Sure they're enticed by the apps.

817
00:36:37,480 --> 00:36:40,120
Speaker 2: Is it more gambling? But is it more than what

818
00:36:40,160 --> 00:36:40,879
Speaker 2: they're spending before?

819
00:36:40,960 --> 00:36:42,759
Speaker 1: Right? So maybe I think it is for many people.

820
00:36:42,760 --> 00:36:46,480
Speaker 1: Maybe we can look at credit card levels prior to Calshi,

821
00:36:46,680 --> 00:36:48,000
Speaker 1: prior to polymarkets.

822
00:36:48,040 --> 00:36:50,360
Speaker 2: We can't even look at just the number of calls

823
00:36:50,400 --> 00:36:54,880
Speaker 2: going going into just the national gambling hotline.

824
00:36:55,160 --> 00:36:57,920
Speaker 1: Right, There's totally more people gambling, for sure, But again,

825
00:36:58,440 --> 00:37:03,040
Speaker 1: are we substituting usually accolism, Are we substituting other mental

826
00:37:03,080 --> 00:37:06,279
Speaker 1: disorders or you know, diseases truly that folks were experiencing before,

827
00:37:06,280 --> 00:37:09,560
Speaker 1: and instead they're kind of The funnel for online gambling

828
00:37:09,680 --> 00:37:12,759
Speaker 1: is certainly larger. I just hope that that means that

829
00:37:12,760 --> 00:37:15,000
Speaker 1: it's pulling away from some of the other quote unquote

830
00:37:15,280 --> 00:37:19,520
Speaker 1: acceptable vices from last decade as opposed to what is

831
00:37:19,640 --> 00:37:21,240
Speaker 1: acceptable today, which is online gambling.

832
00:37:21,239 --> 00:37:22,480
Speaker 2: If that were the case, who would make it at

833
00:37:22,560 --> 00:37:23,920
Speaker 2: least slightly less egregious?

834
00:37:24,040 --> 00:37:26,400
Speaker 1: Yes, But like you said, is that the case? I

835
00:37:26,400 --> 00:37:30,160
Speaker 1: don't know. But similar to wagering on random predictions. Bitcoin, man,

836
00:37:30,400 --> 00:37:32,840
Speaker 1: it is not for the faint of heart. The price

837
00:37:32,880 --> 00:37:34,840
Speaker 1: has been cut in half over the past six months.

838
00:37:36,000 --> 00:37:39,920
Speaker 1: That being said, I think volatility it's also crypto's calling card.

839
00:37:40,040 --> 00:37:43,359
Speaker 1: But hotal investors, right, so hold on for dear life.

840
00:37:43,920 --> 00:37:46,640
Speaker 1: They're used to the wild swings. But folks are trying

841
00:37:46,680 --> 00:37:49,480
Speaker 1: to figure out why the price has collapsed so quickly,

842
00:37:50,080 --> 00:37:53,359
Speaker 1: and it seems like Bitcoin purps they seem to be

843
00:37:53,440 --> 00:37:56,160
Speaker 1: one of the culprits. Perps are essentially a debt vehicle

844
00:37:56,200 --> 00:37:59,840
Speaker 1: allowing investors to buy futures contracts, so purpse stands for perpetual,

845
00:37:59,880 --> 00:38:02,920
Speaker 1: so it's sort of this never ending perpetual contract that

846
00:38:02,960 --> 00:38:06,560
Speaker 1: gets extended off into the horizon. And the problem is

847
00:38:06,560 --> 00:38:08,799
Speaker 1: is that the lower the price of bitcoin goes, the

848
00:38:08,840 --> 00:38:12,759
Speaker 1: more folks who bet on rising prices get wiped out,

849
00:38:12,920 --> 00:38:17,280
Speaker 1: which then exacerbates the problem. Basically, their loans were getting

850
00:38:17,280 --> 00:38:19,319
Speaker 1: called as the prices drop, so they have to come

851
00:38:19,360 --> 00:38:22,839
Speaker 1: up with more money to be able to back those contracts,

852
00:38:23,560 --> 00:38:26,719
Speaker 1: meaning that they're having to sell more of their bitcoin

853
00:38:26,800 --> 00:38:30,000
Speaker 1: at a loss, which is driving the prices even lower.

854
00:38:30,640 --> 00:38:33,480
Speaker 1: So the moral of the story, even if you believe

855
00:38:33,480 --> 00:38:36,359
Speaker 1: in the future of bitcoin, the gambling esque behavior that

856
00:38:36,400 --> 00:38:39,480
Speaker 1: we're seeing exhibited in the space is very unsettling, and

857
00:38:39,640 --> 00:38:42,240
Speaker 1: I think it contained a whole lot of folks views

858
00:38:42,560 --> 00:38:45,120
Speaker 1: of their quote unquote investments. And it's another reason to

859
00:38:45,400 --> 00:38:49,880
Speaker 1: keep crypto, your crypto exposure to a minimum, and definitely

860
00:38:49,880 --> 00:38:53,680
Speaker 1: to not take debt vehicles in order to buy mort

861
00:38:53,960 --> 00:38:57,120
Speaker 1: It's the worst, Yeah, because if you look, yeah, diversify, Man,

862
00:38:57,160 --> 00:38:59,720
Speaker 1: this five percent or less. I'm totally fine if folks

863
00:39:00,040 --> 00:39:01,759
Speaker 1: have some Bitcoin, but keep it to five percent or less,

864
00:39:01,760 --> 00:39:04,920
Speaker 1: because guess what isn't down? I think on the year,

865
00:39:04,920 --> 00:39:07,000
Speaker 1: I don't know, maybe we're kind of flat that s ANDP.

866
00:39:07,719 --> 00:39:09,680
Speaker 1: I think we're in the green. I know if you

867
00:39:09,719 --> 00:39:12,240
Speaker 1: look at the past year, like we're up over ten percent.

868
00:39:12,280 --> 00:39:14,360
Speaker 1: If you look at the past twelve months, that is

869
00:39:14,400 --> 00:39:16,319
Speaker 1: not the case for bitcoin. I'll tell you what.

870
00:39:16,920 --> 00:39:19,759
Speaker 2: Well, Ben McKenzie, who I'm efforting to get on the show, Matt,

871
00:39:19,760 --> 00:39:22,560
Speaker 2: we'll see if let's make it happen. He's like was

872
00:39:22,640 --> 00:39:25,879
Speaker 2: in I think The od Yeah, so, which I never

873
00:39:25,960 --> 00:39:27,920
Speaker 2: really watched, and so I'm no I did. I'm not

874
00:39:27,960 --> 00:39:30,839
Speaker 2: a fan of him as an actor necessarily, but he

875
00:39:31,040 --> 00:39:34,120
Speaker 2: is a He calls himself a closet economist because he

876
00:39:34,160 --> 00:39:37,160
Speaker 2: actually has an economics degree and he had he wrote

877
00:39:37,160 --> 00:39:40,120
Speaker 2: a book about I think his his hatred for a

878
00:39:40,160 --> 00:39:42,919
Speaker 2: cryptocurrency and he's got a movie coming out later this year,

879
00:39:43,080 --> 00:39:45,680
Speaker 2: and he made this great video that's kind of been

880
00:39:45,680 --> 00:39:48,759
Speaker 2: circling the interwebs. Is one of our listeners reached out

881
00:39:48,800 --> 00:39:51,160
Speaker 2: and shared it with me, and man, he just is

882
00:39:51,200 --> 00:39:54,720
Speaker 2: like talking smack about bitcoin, cryptocurrency and how these assets

883
00:39:54,800 --> 00:39:58,279
Speaker 2: essentially become a part of the regulated financial system via

884
00:39:58,360 --> 00:40:02,720
Speaker 2: exchange traded funds, and and when institutional investors apparently started

885
00:40:02,719 --> 00:40:06,520
Speaker 2: cashing out, he said, you know, they were selling shares

886
00:40:06,560 --> 00:40:10,040
Speaker 2: when bitcoin was peaking. That also helped to push prices down.

887
00:40:10,360 --> 00:40:13,320
Speaker 2: And so I think there's still a lot of reason

888
00:40:13,480 --> 00:40:16,839
Speaker 2: to tread lightly with cryptocurrency, even though bitcoin, in my mind,

889
00:40:16,920 --> 00:40:19,520
Speaker 2: is the least risky of all the cryptocurrencies. Right there's

890
00:40:19,640 --> 00:40:22,840
Speaker 2: potential for bitcoin, and we've talked about the show. On

891
00:40:22,880 --> 00:40:24,719
Speaker 2: the show, we've had experts on I still feel like

892
00:40:24,880 --> 00:40:28,919
Speaker 2: a complete novice on the future bitcoin and where things

893
00:40:28,920 --> 00:40:31,640
Speaker 2: are headed. But I think what's happening right now in

894
00:40:31,719 --> 00:40:33,319
Speaker 2: the space should at least just be a wake up

895
00:40:33,320 --> 00:40:35,719
Speaker 2: call for anybody who might have had too rosy a

896
00:40:35,800 --> 00:40:37,960
Speaker 2: view of where things were headed and how quickly they

897
00:40:37,960 --> 00:40:38,520
Speaker 2: were going to get there.

898
00:40:38,600 --> 00:40:40,360
Speaker 1: Yeah, totally agree. I saw that video as well, and

899
00:40:40,360 --> 00:40:42,480
Speaker 1: he's talking about, and I agree with him that the

900
00:40:42,520 --> 00:40:45,959
Speaker 1: biggest risk could be with all the institutional investors pulling back.

901
00:40:46,360 --> 00:40:48,400
Speaker 1: The worst case scenario is that it takes down the

902
00:40:48,520 --> 00:40:51,840
Speaker 1: entire system right like it's another contagent effect massive crash.

903
00:40:52,160 --> 00:40:54,920
Speaker 1: I personally don't think and you can time stand that.

904
00:40:55,080 --> 00:40:57,520
Speaker 1: I can't imagine that's going to happen because institutional investors,

905
00:40:58,400 --> 00:41:00,200
Speaker 1: and I can't believe I'm about to say this, are

906
00:41:00,239 --> 00:41:04,400
Speaker 1: smarter than retail investors. Their hedging their bets a little bit,

907
00:41:04,400 --> 00:41:07,279
Speaker 1: they're looking at the risk, they're not leveraging themselves like

908
00:41:07,360 --> 00:41:10,160
Speaker 1: a lot of individual investors who were holdling and then

909
00:41:10,200 --> 00:41:13,240
Speaker 1: all of a sudden all of their purps are getting called.

910
00:41:13,320 --> 00:41:15,680
Speaker 1: And I mean they're just in the tank, as opposed

911
00:41:15,719 --> 00:41:19,840
Speaker 1: to institutional investors who by giving their firms any exposure

912
00:41:19,880 --> 00:41:21,560
Speaker 1: at all or taking a lot of risks. So I

913
00:41:21,600 --> 00:41:24,280
Speaker 1: can't imagine that there's a whole lot of big player,

914
00:41:24,640 --> 00:41:27,960
Speaker 1: high level investors who are also in the toilet that

915
00:41:28,080 --> 00:41:30,920
Speaker 1: could potentially cause a casting effect. But you never know,

916
00:41:31,080 --> 00:41:32,920
Speaker 1: you never know. I hope you're right fingers crossed. This

917
00:41:33,000 --> 00:41:35,520
Speaker 1: is again me being optimistic and pollyannish and hoping for

918
00:41:35,560 --> 00:41:35,879
Speaker 1: the best.

919
00:41:35,920 --> 00:41:38,120
Speaker 2: That's usually my role on this podcast, Matt, how dare you?

920
00:41:38,160 --> 00:41:40,000
Speaker 1: How are you? Steal my thunder? That's how I roll.

921
00:41:40,080 --> 00:41:42,759
Speaker 2: Sometimes I'll allow it, but today only all right, that's

922
00:41:42,800 --> 00:41:45,000
Speaker 2: going to do it for this episode. We'll put links

923
00:41:45,040 --> 00:41:47,160
Speaker 2: to some of the stories we mentioned up in the

924
00:41:47,160 --> 00:41:49,240
Speaker 2: show notes on the website at how toomoney dot com.

925
00:41:49,320 --> 00:41:51,080
Speaker 2: Don't forget to sign up for the how to Money

926
00:41:51,280 --> 00:41:54,080
Speaker 2: newsletter comes out every Tuesday at how to money dot

927
00:41:54,080 --> 00:41:55,440
Speaker 2: com slash newsletter.

928
00:41:55,640 --> 00:41:57,239
Speaker 1: That's right, So that's going to be it, buddy, until

929
00:41:57,239 --> 00:42:11,759
Speaker 1: next time. Best turns out, Best Friends Out.