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Speaker 1: Welcome to Head of Money. I'm Joel and I am Matt.

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Speaker 1: Today we're talking about guilt tipping, fire freaks and forty

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Speaker 1: thousand dollars gyms.

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Speaker 2: Guilt tipping. Oh I like what you did there, Like

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Speaker 2: guilt tripping but tipping instead. Yeah.

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Speaker 3: No, we've got that story plus plenty of others to

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Speaker 3: get to today.

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Speaker 2: But what's this thing here?

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Speaker 3: You've got something about a birthday that I miss. Somebody's birthday,

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Speaker 3: so yeah, you did. Apparently got announced on Instagram.

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Speaker 1: I saw, so I was wondering though, if you think

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Speaker 1: this is tacky, because I thought it was, I'll just

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Speaker 1: go ahead and say it up front.

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Speaker 2: Leading the witness.

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Speaker 1: Someone we know put a picture of themselves up on

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Speaker 1: Instagram and they said happy birthday to me. If you

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Speaker 1: want to like make sure I have a good time today,

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Speaker 1: here's my Venmo handle, like, and here's my Zell number

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Speaker 1: or whatever if you want to just send some of

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Speaker 1: their name. Yeah, I think we've talked about this before

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Speaker 1: with like newlyweds putting it on the back of their

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Speaker 1: window or something. Oh yeah, that feels a little different

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Speaker 1: to me. Even though I'm not likely to be the

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Speaker 1: person who donates to a random car driving down the road.

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Speaker 1: But yeah, what are your thoughts on your friends asking

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Speaker 1: for money on the.

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Speaker 3: Birth Oh okay, so going. I do remember the newly

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Speaker 3: web thing, and that feels way different than the social

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Speaker 3: media someone. You know, You're gonna have to tell me

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Speaker 3: who this is because I did not see this. Yeah,

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Speaker 3: but I would not do that. I could see myself

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Speaker 3: doing the newlywed thing. But the birthday thing, it just

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Speaker 3: feels different. Man, Something about that feels I don't like it,

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Speaker 3: and I'm not gonna hate because everyone has their own

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Speaker 3: way of doing things, and I think that's maybe that's

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Speaker 3: a lot of what it comes down to. I think

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Speaker 3: it comes down to your family culture, how you how

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Speaker 3: it is that you grew up around money, how your

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Speaker 3: family talked about money, Like it makes me think of

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Speaker 3: so Asian weddings, like when Kait and I got married,

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Speaker 3: all of Mom's friends who came to the wedding and

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Speaker 3: or gave us gifts, it was cash, like literally cash

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Speaker 3: in envelopes.

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Speaker 1: Like Italians and Asians. Man, yes, And so it's just.

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Speaker 3: An ingrained part of the culture. And if you are

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Speaker 3: taking that and creating like the digital version of that,

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Speaker 3: like hey, hit me up you know, send me some

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Speaker 3: money on Vinemo. That's one thing, but I don't know

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Speaker 3: the way you're talking about it. It makes it feel a

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Speaker 3: little bit more like like a cash grab.

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Speaker 1: Yeah, thing, which I don't like. You know, we did

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Speaker 1: something like akin to this, I guess recently when we

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Speaker 1: had our our Daffy Partnership, our giveaway to our some

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Speaker 1: of our favorite non profits. But at least that was like, hey,

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Speaker 1: it wasn't for us, it was for nonprofits, and we're

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Speaker 1: going to match the money that you give. So I

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Speaker 1: don't know, I guess the birthday solicitation for funds, it's there,

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Speaker 1: Like I don't mind paying for a meal or a

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Speaker 1: beer for a friend, like on their birthday.

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Speaker 2: Like that's the difference.

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Speaker 1: Something I'm happy to do in person sort of thing.

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Speaker 3: Well not only in well see that's again I'm fine

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Speaker 3: with it being digital because that's the digitization of our world. Right,

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Speaker 3: But there's a difference between someone pulling that money and

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Speaker 3: you pushing that money, right, Like, there's a big difference there.

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Speaker 3: And if somebody proactive wants to proactively give money to

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Speaker 3: somebody because it is their birthday, because you do want

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Speaker 3: to just out of the niceness of your heart, drill

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Speaker 3: you want to you want to pay for my beer,

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Speaker 3: That's totally fine. But if I'm like, hey, dude, it's

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Speaker 3: my birthday, so it's my present, so you you got beers?

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Speaker 3: Right like that just and obviously you can say that

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Speaker 3: with a smile on your face, but like, hey man,

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Speaker 3: it's my birthday, so you gonna you got beers?

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Speaker 2: Gives a difference.

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Speaker 3: There's a different way in approaching it, just from like

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Speaker 3: your your attitude. So I don't know, having not seen

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Speaker 3: the post. As I'm talking through this, I could see

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Speaker 3: a scenario where I would potentially say, Okay, yeah, I'll toss.

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Speaker 2: Them a few bucks.

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Speaker 3: They're they're really kind and the way they're going about

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Speaker 3: it seems to be appropriate.

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Speaker 1: But well, I'm curious.

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Speaker 3: I guess I pictured the worst possible scenario of like, hey,

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Speaker 3: it's my birthday, hook me up.

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Speaker 2: Yeah.

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Speaker 1: Well, and that's what it felt like, to be honest.

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Speaker 2: OK.

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Speaker 1: Maybe I don't know, Maybe.

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Speaker 3: We'll post they weren't smiling, they were scowling at you know,

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Speaker 3: But I don't know.

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Speaker 1: It just felt weird. But maybe we'll post this question

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Speaker 1: in the how to Money Facebook because I'm curious to

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Speaker 1: hear what other people think if your friend posts this,

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Speaker 1: are you donating?

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Speaker 2: Are you like?

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Speaker 1: And uh, maybe I'll buy them a beer instead. But Matt,

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Speaker 1: let's move on. Let's get to the Friday Flight the

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Speaker 1: sampling of stories we found interesting this week. A lot

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Speaker 1: to get to on this episode. First, let's just talk

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Speaker 1: about how good things are for savers. We've talked about

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Speaker 1: this kind of regularly as interest rates have gone up

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Speaker 1: and for a long time, savers were just getting pummeled.

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Speaker 1: Even remember this years ago we were talking about switching

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Speaker 1: over to high interest online bank accounts and it was

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Speaker 1: like you go get half a percent, and now now

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Speaker 1: it's ten x ad it's you're maybe gonna get five percent,

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Speaker 1: which is incredible.

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Speaker 3: Although they have been dropping a little bit. Have you

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Speaker 3: noticed in recent days, Yes, idea, some of our favorites

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Speaker 3: are coming down a little bit.

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Speaker 1: CI went down from five point zero five to five.

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Speaker 1: But yeah, not a dramatic drop though. Yeah, still good

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Speaker 1: and definitely check them out. Still better than the competition.

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Speaker 2: Well.

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Speaker 1: Deposit accounts dot Com reports that Americans earned four times

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Speaker 1: the amount in savings in their savings accounts in twenty

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Speaker 1: twenty three then they made in twenty twenty two for

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Speaker 1: a grant total of three hundred and fifteen billion dollars.

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Speaker 2: Okay, it's a lot of money.

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Speaker 1: Yeah, but the four export out of crist thirty million people.

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Speaker 3: Yeah, yeah, that makes a lot of sense there too,

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Speaker 3: if you can consider where savings interest rates were back

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Speaker 3: in twenty two and yeah, kind of where they jumped

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Speaker 3: to last year. Yeah, one to five percent four Okay.

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Speaker 2: Yeah.

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Speaker 1: It feels weird to kind of beat the drum on

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Speaker 1: this again because I feel like we say this on

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Speaker 1: the rag. Hey, you should move away from the giant

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Speaker 1: banks because they pay you nothing and they don't care

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Speaker 1: about you, and you should move to an online bank

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Speaker 1: that pays a healthy rate of return like c it does.

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Speaker 1: But I was just talking to someone the other day

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Speaker 1: and they're like, yeah, guilty is charged. I'm still with

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Speaker 1: the big bank. So this, this is clearly still a

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Speaker 1: massive percentage of Americans either haven't really heard enough about

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Speaker 1: it or haven't made the switch. And it's time. It's time,

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Speaker 1: especially the stakes are higher now, and so make sure

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Speaker 1: you're taking advantage of the best rate. I mean rejoicing

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Speaker 1: the fact that savers are not getting hammered in the

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Speaker 1: same way. At the same time, don't let higher savings

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Speaker 1: rates lull you into a false sense of security. You

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Speaker 1: need to be in too. We're seeing younger folks just

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Speaker 1: saving more than they likely should be. They should probably

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Speaker 1: be investing more of that money too, that's true.

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Speaker 3: Okay, So the opposite of saving is borrowing, right, and

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Speaker 3: taking on too much debt is obviously a bad idea,

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Speaker 3: but the right kind of debt at the right time.

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Speaker 3: I think that can help you to do things that

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Speaker 3: you would otherwise be unable to do. I don't think,

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Speaker 3: I know, like it's going to be very difficult for

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Speaker 3: you to save up enough money to purchase a home,

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Speaker 3: for instance, or the homes are expensive, yeah, man, or

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Speaker 3: paying for an education. College costs have gone through the roof.

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Speaker 3: And of course the best place to turn for savings

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Speaker 3: is typically the online banks, but credit unions they're often

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Speaker 3: going to be the best place to turn for borrowing.

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Speaker 3: Data continues to reflect that credit unions, on average, they

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Speaker 3: offer the best rates out there on auto and home loans,

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Speaker 3: and actually the disparity is even greater when it comes

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Speaker 3: to auto loans between the What it is that credit

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Speaker 3: unions are offering and banks are offering, and that doesn't

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Speaker 3: mean that you should just need your go with your

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Speaker 3: local credit union without asking any questions. We of course

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Speaker 3: wants you to shop around because of the savings they

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Speaker 3: could be pretty massive and you might find a local

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Speaker 3: bank or just a mortgage brokeer out there who is

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Speaker 3: going to offer you an even better deal. But also

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Speaker 3: don't forget about your credit union when it is that

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Speaker 3: you are looking.

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Speaker 2: To get a loan.

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Speaker 1: Yeah, no, I agree, it is the friendly PSA out there.

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Speaker 1: I think sometimes credit unions feel like, oh, that's where

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Speaker 1: my grandma did her banking or something like that. And

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Speaker 1: like you said, the online banks, they're better for savings,

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Speaker 1: Like I'm not going to open up credit union account

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Speaker 1: for savings typically, but when it comes to borrowing, that

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Speaker 1: is where credit unions shine. So yeah, if you're looking

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Speaker 1: for a mortgage, don't I would shop around with multiple

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Speaker 1: credit unions in addition to some of the other places

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Speaker 1: you mentioned, Matt, Like you want multiple quotes anyway, but

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Speaker 1: you definitely want to make sure you include a credit

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Speaker 1: union in the mix, because yeah, historically and when you

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Speaker 1: look at current stats, credit unions come out on top.

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Speaker 1: They just best their competitors when it comes to some

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Speaker 1: of those borrowing products. Let's talk about real estate investing

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Speaker 1: for a second. We talk about that pretty regularly on

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Speaker 1: the show. It's not for everyone, but it can be

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Speaker 1: a sound investing strategy if you know what you're doing

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Speaker 1: and you've accurately considered what it's going to.

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Speaker 2: Require of you.

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Speaker 1: Well, there are easier ways to invest in real estate

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Speaker 1: these days, and they continue to get a lot of press.

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Speaker 1: I was reading this article in money Wise. They just

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Speaker 1: published one about a company that allows you to invest

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Speaker 1: in real estate just a one hundred bucks. That's all

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Speaker 1: it takes. Go ahead, come on over to this platform

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Speaker 1: called Arrive, and you don't have to have much money,

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Speaker 1: and you too can be a real estate investor. Well,

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Speaker 1: there's a lot of that needs to be said about this, Matt. First,

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Speaker 1: you're not going to make all that much money with

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Speaker 1: one hundred bucks as an investor, right, I Mean, we

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Speaker 1: talk regularly about the power of small amounts into your

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Speaker 1: retirement accounts, into your investments. But like I guess, I

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Speaker 1: don't want to be investing in real estate with a

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Speaker 1: hundred bucks. I think this is it feels different. And

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Speaker 1: while Arrived it's certainly not a scam. There are exorbitant fees.

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Speaker 1: There's a one percent fee. There are other fees built

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Speaker 1: into the process as well, eating into the capital that

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Speaker 1: you throw in there at the beginning. So like there's

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Speaker 1: a property management cut that they take, which makes sense

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Speaker 1: because real estate has job like qualities and they have

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Speaker 1: to pay people to manage the real estate that they're buying. Plus,

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Speaker 1: by the way, investing via this platform, it takes away

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Speaker 1: some of the built in benefits of buying your own

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Speaker 1: rental property or building an ADU, let's say, on your property. Yes,

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Speaker 1: of course, doing those things it's more labor and capital

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Speaker 1: and intensive. That's why we typically refer to real estate

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Speaker 1: investing as a part time job. And when you take

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Speaker 1: that component out, though, it just doesn't make sense for

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Speaker 1: a whole lot of folks to be investing in real estate.

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Speaker 1: The numbers, they just don't make as much sense. And

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Speaker 1: so if you prefer the simple and easy route, we

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Speaker 1: don't blame you at all. Simple index funds inside of

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Speaker 1: those retirement accounts is a totally fine way to build wealth.

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Speaker 1: It's just best to avoid real estate investing altogether and

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Speaker 1: not to mess with some of these online micro real

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Speaker 1: estate investing platforms. Just I don't like what they are too.

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Speaker 3: Well, it's not that we're against real estate, it's the

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Speaker 3: fact that the fees that are associated with them, right,

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Speaker 3: because if it was if they had a similar track

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Speaker 3: record boring old investing in next funds with a point

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Speaker 3: zero three percent expense ratio associated with the management of.

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Speaker 1: That property, yeah, I'd.

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Speaker 3: Be fine with that. So in a lot of cases,

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Speaker 3: it comes down to the numbers.

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Speaker 1: And you're right, like, there are real estate investment trust

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Speaker 1: reats that you can invest in that are publicly traded.

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Speaker 1: Why not do that? There is a way to do

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Speaker 1: that actually much lower costs, that's way better than these platforms.

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Speaker 3: Yeah, Vanguard actually has a rut. And speaking of fees

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Speaker 3: and investing Vanguard, they announced that they're actually going to

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Speaker 3: be tacking on trading fees for some transactions. So if

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Speaker 3: you're a Vanguard fan out there, hopefully your ears are

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Speaker 3: pricking up because this is a bit weird in the

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Speaker 3: post Robinhood era.

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Speaker 1: Right, fees in Vanguard. Usually we're thinking Vanguard's lowering fees.

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Speaker 3: This is odd, This does not make sense. Don't get

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Speaker 3: all riled up, because it's only going to cost you

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Speaker 3: money if you opt to place trades via the telephone.

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Speaker 3: So if you want to actually trade with a representative,

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Speaker 3: if you want to get on the phone, get on

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Speaker 3: the horn. Isn't what they college old Vanguard, They're going

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Speaker 3: to charge you twenty five bucks.

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Speaker 1: And can you imagine dialing Vanguard up on your roadary

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Speaker 1: phone and yes, sir, I'd like to place a trade

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Speaker 1: for twenty shares accounts.

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Speaker 2: I don't know.

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Speaker 3: But staffing the different call centers, right, that costs money

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Speaker 3: and funneling folks towards the website instead, and like their

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Speaker 3: app as well, like that costs essentially nothing. I think

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Speaker 3: most TOIME to money listeners out there, they're obviously not

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Speaker 3: going to be affected by this, but we thought it

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Speaker 3: was worth mentioning just in case you saw a headline

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Speaker 3: about about Vanguard upping their fees, because typically that is.

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Speaker 2: Not something they do.

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Speaker 3: That's one of the reasons we love them so much,

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Speaker 3: because they've all but eliminated fees. But in this case,

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Speaker 3: they're looking carrots and sticks man, right, and so they

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Speaker 3: want folks to be investing online, and so I'm not

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Speaker 3: going to blame them for that.

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Speaker 1: I actually celebrate this. I think this is great. Like

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Speaker 1: charge more for the things that cost you more as

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Speaker 1: a business and then you can bring down cost another area.

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Speaker 3: Yes, it's like discount airlines because it's just like, all right,

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Speaker 3: there's certain little hoops and if you want this old

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Speaker 3: it's not a privilege, it's like a benefit. The ability

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Speaker 3: to do this thing, Well, it's going to cost you

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Speaker 3: a little bit more.

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Speaker 1: So, Yeah, you're incentivizing all for it, incentivizing the behavior

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Speaker 1: you want to see. And granted, things are trending in

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Speaker 1: that direction anyway. I don't know anybody who's placed a

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Speaker 1: trade call via phone. But if Vanguard wants to be

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Speaker 1: able to provide even lower fees on funds and reduce

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Speaker 1: fees in other areas, they're going to need to charge

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Speaker 1: more for the people who still want the old school ability.

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Speaker 1: Just try to be a competitive, Yeah, to trade via

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Speaker 1: their phone.

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Speaker 2: All right.

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Speaker 1: Let's talk about tipping. A new study finds they're rapidly

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Speaker 1: changing tipping norms are causing Americans to tip more, except

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Speaker 1: they're doing it reluctantly. They're not happy about it. Guilt

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Speaker 1: induced tipping, which is basically anything above and beyond what

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Speaker 1: we feel is a reasonable tip, that's what it is,

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Speaker 1: is costing each of us about five hundred dollars annually.

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Speaker 1: And that's not a shock, I don't think, because most

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Speaker 1: of us have felt that pressure when the tablet gets

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Speaker 1: swiveled around towards us, like those beads of sweat form

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Speaker 1: on your forehead, your palms get a little sweaty, Like

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Speaker 1: what am I supposed to do? Because I don't know

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Speaker 1: the tipping norms anymore? And I am not sure you

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Speaker 1: know what I'm supposed to tip at this random place.

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Speaker 1: And wait a second, this place didn't even ask for

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Speaker 1: a tip last time I came in. I didn't realize

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Speaker 1: you were supposed to tip here. And it's like that happens, Matt,

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Speaker 1: even if there's not a hard cell being done, even

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Speaker 1: if no one's like, so, how much you're gonna tip me?

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Speaker 1: And then another survey last month found that the vast

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Speaker 1: majority of Americans think that tipping is quote unquote out

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Speaker 1: of control. And if you are one of the few

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Speaker 1: people who does not think that, do you even live

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Speaker 1: in politive signy? Do you even go out or do

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Speaker 1: you only stay at home?

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Speaker 2: Do you even tip?

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Speaker 1: Bro right, Maybe you're just avoiding like all the places

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Speaker 1: where tipping is is being asked for. And in that

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Speaker 1: case more power to you, you're like cooking at home.

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Speaker 2: Yeah that's the case. A hat tip all the time.

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Speaker 1: Yeah, it's like way to go.

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Speaker 2: But how anymore tip puns? Can we? Are you a

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Speaker 2: day tipper? Jowel?

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Speaker 1: Are you a day tipper?

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Speaker 2: Like the Beatles song?

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Speaker 1: Oh, I'm sorry, I don't really like the Beatles.

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Speaker 3: What I know, it's a classic, almost an American van,

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Speaker 3: but they're not you gotta know the Beetles.

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Speaker 1: I probably shouldn't, Okay, okay. I think when people feel

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Speaker 1: like their stomach knots up and they're not sure how

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Speaker 1: to tip. Though, there's not like amazing advice for this,

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Speaker 1: because some oftimes you just have to be willing to

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Speaker 1: say no and feel that awkwardness. I think the best

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Speaker 1: advice we can offer on this front is to know

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Speaker 1: you're tipping sweet spot. Like I'll tip if I'm ordering

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Speaker 1: a coffee, I'll tip a dollar, which is always high percentage, right,

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Speaker 1: but still I think reasonable, and I tip a much

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Speaker 1: smaller percentage for counter service. I'm not tipping twenty percent

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Speaker 1: when I walk up to the barbecue joint and I

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Speaker 1: order my stuff and I go sit down, and then

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Speaker 1: they call me and then I come pick it up myself, or.

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Speaker 3: If you're getting it to go and you're standing there awaiting, yeah, no, no, no, but.

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Speaker 1: The same swivel turns around either way.

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Speaker 3: You got the presets on there. You want to tip fifteen,

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Speaker 3: twenty or twenty five percent.

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Speaker 1: And so I think a little bit of thought on

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Speaker 1: the front end can help alleviate some of those concerns.

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Speaker 1: You just know, Hey, in this scenario, I.

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Speaker 3: Tip this much from panicking in the moment, that's right.

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Speaker 1: And in this scenario I tip this much, then you

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Speaker 1: don't have to let the awkwardness of the moment. Sure

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Speaker 1: it caused you to overtip, because of course, five hundred

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Speaker 1: bucks a year, it's a lot of money in guilt

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Speaker 1: induced tipping. That's like a that's a lot. That's more

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Speaker 1: than I thought.

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Speaker 3: Okay, you want to hear another scenario that I've found

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Speaker 3: myself in when it comes to coffee, and that is

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Speaker 3: when so we buy our beans at local coffee shops.

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Speaker 3: There's two in particular that I like to frequent and

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Speaker 3: buy beans at. And so what that does is it

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Speaker 3: takes a normal two dollars cup of coffee plus tip,

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Speaker 3: and it now turns into a twenty two dollars order

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Speaker 3: because I've purchased a twenty dollars bag of beans.

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Speaker 1: Yeah, are you still supposed to tip twenty one?

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Speaker 3: No? That's that's what I want to highlight here, is

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Speaker 3: that you don't have to tip on products, right, Like,

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Speaker 3: in my mind, that's a product, that's something I pulled

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Speaker 3: off the shelf and I am now paying for. But

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Speaker 3: what's required, though, is hitting that custom because you got

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Speaker 3: the fifteen, twenty and twenty five and make it so

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Speaker 3: easy for you just to reach up there and hit

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Speaker 3: one of the presets. Don't be afraid to take a

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Speaker 3: second longer, hit the custom button, do a little bit

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Speaker 3: of math and realize, oh wait a minute, No, I

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Speaker 3: just got a couple of coffees. Mean, okay, so a

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Speaker 3: couple bucks. It's a few additional steps, but hey, that's

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Speaker 3: what it takes to keep you from overspending, from overtipping, Yeah,

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Speaker 3: over the.

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Speaker 2: Course of the year.

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Speaker 1: Yeah. And our advice isn't to be a cheap skate

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Speaker 1: when it comes to tipping, Like never, that is never

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Speaker 1: the goal. That'd be generous. Yeah, But of course we've

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Speaker 1: all been in that place where tipping is being asked

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Speaker 1: more frequently and where we're unsure about when when a

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Speaker 1: certain percentage tip is deserved sit down restaurants, Matt, I'm

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Speaker 1: still like minimum twenty percent. Likely I'm going thirty or more.

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Speaker 1: Like if it's great service. Oh yeah, I don't mind.

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Speaker 3: Like loaded, I'm happy watch out wata here comes Joel.

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Speaker 3: Everyone's like lining up to jostle for possessions.

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Speaker 1: Uh huh. I'm more than happy to tip a healthy

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Speaker 1: amount if I feel like the service was wonderful. So

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Speaker 1: it's not about being cheap, but it is about knowing

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Speaker 1: in advance when you feel okay, tipping when you feel okay,

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Speaker 1: hitting that custom, and typing in your own amount, and

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Speaker 1: not just feeling guilted into it at the moment. So

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Speaker 1: all right, Matt, We've got more to get to, including Man,

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Speaker 1: what about a forty thousand dollars a year gym membership

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Speaker 1: sounds like something CrossFit Matt would be into. Well, you,

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Speaker 1: we'll get to that and more right after this.

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Speaker 3: All right, we're back from the break, and before we

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Speaker 3: get to the ludacrous headline of the week, you must

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Speaker 3: think I've got Joel money. If you're thinking I would

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Speaker 3: join a forty thousand dollars gym Joel, I don't pay

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Speaker 3: nearly that much in order to although the crossit membership

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Speaker 3: it is expensive. Okay, before we get to that story, though,

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Speaker 3: the ludicrous headline of the week, and this is from

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Speaker 3: the Times. Headline reads, your neighbors are retiring in their thirties,

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Speaker 3: why can't you? And so this was a well written

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Speaker 3: article about the Fire movement financial Independence, retire Early, and

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Speaker 3: a few of its members.

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Speaker 1: Folks who are a part of the cult.

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Speaker 3: But it does kind of highlight the worst elements of

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Speaker 3: the Fire movement, because if you've been listening to the

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Speaker 3: show for any length of time, you know that we're

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Speaker 3: not huge fans of Fire as a concept. The financial

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Speaker 3: independence part, the five part, absolutely yes, that's a hundred percent.

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Speaker 3: We want you to achieve greater levels of financial freedom

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Speaker 3: over the year. Sure, But the er part, the ri part,

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Speaker 3: the retire early part, no, thank you, because we certainly

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Speaker 3: like we've had a lot of thoughtful friends in the

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Speaker 3: Fire space. But the movement, it almost became a caricature

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Speaker 3: of sorts. And on one hand, I love how jarring

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Speaker 3: and inspiring it can be, especially given the financial situation

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Speaker 3: of the average American. Right like when forty percent of

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Speaker 3: Americans can't handle a four hundred dollars expense for them

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Speaker 3: to be jolted, for them to be a wake up

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Speaker 3: call to see that.

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Speaker 2: Oh, I don't actually have to live like this.

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Speaker 3: I think that can be incredibly helpful.

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Speaker 1: Just seeing that it can be done. You're like, well,

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Speaker 1: how come I can't get it together to be able

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Speaker 1: to cover that four hundred dollars expense. I think it

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Speaker 1: can be at least a little bit of an eye opener.

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Speaker 3: Absolutely. Yeah, it's inspiring for a lot of folks. But

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Speaker 3: I think the intensity of it can be off putting.

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Speaker 3: I think it can be hard to stomach, causing many

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Speaker 3: folks out there to sacer their lives in order to

436
00:19:02,240 --> 00:19:05,080
Speaker 3: grow the bottom line their investments. They're trying to achieve

437
00:19:05,119 --> 00:19:08,520
Speaker 3: their FIRE number. I think having more options as your

438
00:19:08,560 --> 00:19:11,280
Speaker 3: wealth grows, that's certainly great. Take the good points that

439
00:19:11,320 --> 00:19:13,480
Speaker 3: fire has to offer, and then just leave the rest.

440
00:19:13,560 --> 00:19:13,760
Speaker 2: Yeah.

441
00:19:13,840 --> 00:19:16,880
Speaker 1: Yeah, it's just like anything, right, Like there's in any

442
00:19:16,920 --> 00:19:19,600
Speaker 1: ideology someone's trying to sell you. It's amazing, Matt where

443
00:19:19,640 --> 00:19:22,040
Speaker 1: like in locksed up with political parties or whatever, And

444
00:19:22,760 --> 00:19:24,679
Speaker 1: that's to me, that's so sad, Like we should be

445
00:19:24,920 --> 00:19:27,480
Speaker 1: independent thinkers and I'm willing to take a little bits

446
00:19:27,480 --> 00:19:30,080
Speaker 1: from here, a little bits from there, and develop my

447
00:19:30,119 --> 00:19:32,840
Speaker 1: own philosophy on life, not take somebody else's. And makes

448
00:19:32,840 --> 00:19:35,400
Speaker 1: me think of a recent episode we had with Gwen

449
00:19:35,520 --> 00:19:38,520
Speaker 1: Murr's seven to seventy nine. She was a hardcore fire

450
00:19:38,560 --> 00:19:42,320
Speaker 1: adherent for many years in her early to mid twenties,

451
00:19:42,560 --> 00:19:44,639
Speaker 1: and then she realized, wait a second, I'm missing out

452
00:19:44,680 --> 00:19:47,119
Speaker 1: on so much life. Yes, because of that, and so

453
00:19:47,280 --> 00:19:49,720
Speaker 1: I would encourage anybody who's become enamored with the fire

454
00:19:49,760 --> 00:19:52,560
Speaker 1: movement or is it even curious to hear her story.

455
00:19:52,840 --> 00:19:55,399
Speaker 1: And it's not that she's not all about saving or

456
00:19:55,400 --> 00:19:59,040
Speaker 1: investing anymore, but it's about the intensity of it and

457
00:19:59,160 --> 00:20:01,520
Speaker 1: the sort of like put on the horse blinders.

458
00:20:01,800 --> 00:20:01,919
Speaker 2: Right.

459
00:20:02,040 --> 00:20:05,160
Speaker 1: We had the Kentucky Derby recently, Matt and those blinders

460
00:20:05,240 --> 00:20:06,320
Speaker 1: keep it atimistic.

461
00:20:06,440 --> 00:20:07,840
Speaker 3: Dan, By the way, I did call it you and

462
00:20:07,880 --> 00:20:09,760
Speaker 3: I were watching it live, which is maybe the first

463
00:20:09,760 --> 00:20:11,600
Speaker 3: time I'd ever watched the.

464
00:20:11,640 --> 00:20:13,480
Speaker 1: Kentucky Burby live crazy photo finish.

465
00:20:13,520 --> 00:20:15,840
Speaker 3: That's it makes me want to go to the casinos

466
00:20:15,880 --> 00:20:18,280
Speaker 3: and start start making bets. Please don't know, I'm glad

467
00:20:18,320 --> 00:20:20,600
Speaker 3: you brought up that you brought up Gwynn, because like,

468
00:20:20,600 --> 00:20:22,840
Speaker 3: one of the most fascinating parts of that article was

469
00:20:23,000 --> 00:20:26,199
Speaker 3: this guy and he will call it fired right, Like

470
00:20:26,240 --> 00:20:30,080
Speaker 3: he was able to retire early after developing an app

471
00:20:30,320 --> 00:20:32,440
Speaker 3: that made him a ton of money. But he talks

472
00:20:32,480 --> 00:20:35,399
Speaker 3: about how he got to fast forward through life and

473
00:20:35,440 --> 00:20:37,840
Speaker 3: his friends they were still in the middle of their movie,

474
00:20:38,200 --> 00:20:40,040
Speaker 3: and I think he actually meant it as like a

475
00:20:40,080 --> 00:20:43,160
Speaker 3: cool thing. But I mean, isn't that the whole point

476
00:20:43,200 --> 00:20:45,520
Speaker 3: of watching a movie is to enjoy like what happens

477
00:20:45,600 --> 00:20:46,320
Speaker 3: during the movie.

478
00:20:46,359 --> 00:20:47,919
Speaker 2: Because he said, and here's a quote.

479
00:20:48,040 --> 00:20:50,520
Speaker 3: After I traveled the world and had done just about

480
00:20:50,560 --> 00:20:53,520
Speaker 3: every possible fun thing I could possibly do, I often

481
00:20:53,520 --> 00:20:57,879
Speaker 3: found myself wondering what now, Well, duh, dude, like come on,

482
00:20:58,000 --> 00:21:01,080
Speaker 3: like even I think this can be difficult for folks

483
00:21:01,119 --> 00:21:03,720
Speaker 3: who have financial difficulties in their life. But even if

484
00:21:04,200 --> 00:21:06,879
Speaker 3: a massive amount of money came into your life, that

485
00:21:07,000 --> 00:21:09,840
Speaker 3: can't inform your purpose. And I think that's one of

486
00:21:09,880 --> 00:21:14,480
Speaker 3: the potential downsides of pursuing fire hardcore, because we're all

487
00:21:14,520 --> 00:21:16,320
Speaker 3: about the high savings rate. We're all about saving and

488
00:21:16,320 --> 00:21:19,280
Speaker 3: investing more than the average American, where you're able to

489
00:21:19,280 --> 00:21:22,640
Speaker 3: gain more financial security, more options in life, but we're

490
00:21:22,760 --> 00:21:26,200
Speaker 3: also all about creating a life that you don't want

491
00:21:26,240 --> 00:21:28,359
Speaker 3: to retire from. And man, we talk about that a

492
00:21:28,359 --> 00:21:31,120
Speaker 3: lot here on the show. Yeah, I'm like, I give

493
00:21:31,160 --> 00:21:33,359
Speaker 3: way more thoughts to what I want my days and

494
00:21:33,359 --> 00:21:35,560
Speaker 3: what I want my weeks to look like, because that

495
00:21:35,680 --> 00:21:37,840
Speaker 3: is the actual substance of your life. Like going back

496
00:21:37,840 --> 00:21:41,639
Speaker 3: to the movie analogy, the goal isn't to like race

497
00:21:41,720 --> 00:21:44,119
Speaker 3: through the movie. The goal is to enjoy like every

498
00:21:44,200 --> 00:21:46,040
Speaker 3: second of it that you have. And I spend way

499
00:21:46,040 --> 00:21:48,639
Speaker 3: more time thinking about the day to day of my

500
00:21:48,720 --> 00:21:51,480
Speaker 3: life and like that quote unquote like lifestyle design as

501
00:21:51,480 --> 00:21:54,120
Speaker 3: opposed to my fire number and how much money I've

502
00:21:54,119 --> 00:21:56,480
Speaker 3: got invested and how much I've got, you know, in

503
00:21:56,520 --> 00:21:56,880
Speaker 3: the bank.

504
00:21:56,960 --> 00:21:59,199
Speaker 1: So it makes you thinking about video epective, folks. The

505
00:21:59,400 --> 00:22:00,840
Speaker 1: the thing it makes the fight with the bad guy

506
00:22:00,880 --> 00:22:02,639
Speaker 1: at the end so awesome is because you've had to

507
00:22:02,680 --> 00:22:05,120
Speaker 1: traverse a bunch of stuff to get there, right, And

508
00:22:05,560 --> 00:22:08,240
Speaker 1: I think it's the same is true like life, the

509
00:22:09,000 --> 00:22:11,560
Speaker 1: living your life, enjoying it in the here and now,

510
00:22:11,960 --> 00:22:15,360
Speaker 1: not just pining for some future date and hitting some

511
00:22:15,400 --> 00:22:19,840
Speaker 1: sort of seven digit retirement number. I think ultimately that's

512
00:22:19,880 --> 00:22:21,840
Speaker 1: the best way to live and so yeah, if I mean,

513
00:22:21,840 --> 00:22:24,240
Speaker 1: if early retirement is something that's like on your radar

514
00:22:24,359 --> 00:22:26,399
Speaker 1: and you're you're stoked for it, We're not trying to

515
00:22:26,440 --> 00:22:28,960
Speaker 1: dissuade you from that necessarily, just trying to help you

516
00:22:29,200 --> 00:22:31,840
Speaker 1: at least don't give up the present and go take

517
00:22:31,880 --> 00:22:35,200
Speaker 1: the notes of the grindstone approach for a decade plus

518
00:22:35,760 --> 00:22:37,720
Speaker 1: just to get there, because so many people find that

519
00:22:37,760 --> 00:22:39,119
Speaker 1: the pot of gold at the end of the rainbow

520
00:22:39,400 --> 00:22:40,919
Speaker 1: isn't quite what they thought it was going to be.

521
00:22:41,200 --> 00:22:42,879
Speaker 1: All right, speaking of pots of gold, Matt, but a

522
00:22:42,920 --> 00:22:44,880
Speaker 1: lot of people have pots of golds in their home.

523
00:22:45,200 --> 00:22:48,600
Speaker 1: They basically have so much money in home equity and

524
00:22:48,640 --> 00:22:50,119
Speaker 1: they're trying to figure out what to do with it.

525
00:22:50,480 --> 00:22:53,480
Speaker 1: The stats came in this week that US homeowners have

526
00:22:53,520 --> 00:22:56,880
Speaker 1: accrued a record amount of home equity to the tune

527
00:22:56,880 --> 00:22:59,600
Speaker 1: of sixteen point nine trillion dollars that has more than

528
00:22:59,720 --> 00:23:02,640
Speaker 1: quad drupled over the past twelve years or so, and

529
00:23:03,040 --> 00:23:05,880
Speaker 1: eleven trillion dollars of that home equity is what's known

530
00:23:05,880 --> 00:23:09,440
Speaker 1: as tappable, which means that those dollars are in excess

531
00:23:09,920 --> 00:23:12,320
Speaker 1: of the twenty percent equity that you need to remain

532
00:23:12,520 --> 00:23:14,000
Speaker 1: in the home. If you were to take some money

533
00:23:14,040 --> 00:23:16,320
Speaker 1: out of your house. This is clearly a good thing

534
00:23:16,359 --> 00:23:19,520
Speaker 1: for anybody who has bought a house. They're pretty thrilled

535
00:23:19,640 --> 00:23:22,120
Speaker 1: that the place that provides a roof over their head

536
00:23:22,240 --> 00:23:25,480
Speaker 1: has also had some investment like qualities and returns. It's

537
00:23:25,560 --> 00:23:28,080
Speaker 1: nice when your primary home helps to boost your net worth,

538
00:23:28,720 --> 00:23:31,960
Speaker 1: but with that comes to temptation to treat your home

539
00:23:32,400 --> 00:23:35,399
Speaker 1: like a piggy bank. And it's not that tapping your

540
00:23:35,400 --> 00:23:39,280
Speaker 1: home equity never makes sense, but as borrowing costs of risen,

541
00:23:39,600 --> 00:23:42,399
Speaker 1: it becomes an even more precarious decision because what helock

542
00:23:42,480 --> 00:23:44,760
Speaker 1: rate you're talking about eight plus percent these days, you

543
00:23:44,880 --> 00:23:46,639
Speaker 1: definitely don't want to cash out, refine, and get out

544
00:23:46,640 --> 00:23:49,359
Speaker 1: of your three point something percent mortgage. So I would

545
00:23:49,359 --> 00:23:51,600
Speaker 1: just say, enjoy knowing that your net worth is fatter,

546
00:23:51,920 --> 00:23:55,520
Speaker 1: but also don't let that reality lead to more spending

547
00:23:55,800 --> 00:23:58,320
Speaker 1: and more debt. Let you think maybe that you're richer

548
00:23:58,359 --> 00:23:59,080
Speaker 1: than you actually are.

549
00:23:59,440 --> 00:24:01,920
Speaker 3: Sure that's what's known as the wealth effect, right where

550
00:24:02,000 --> 00:24:05,520
Speaker 3: folks are spending more money not because their income has

551
00:24:05,520 --> 00:24:07,520
Speaker 3: actually gone up and they have more disposable income, but

552
00:24:07,520 --> 00:24:10,800
Speaker 3: because their wealth levels have gone up because their net

553
00:24:10,800 --> 00:24:14,480
Speaker 3: worth has increased. But by doing that, you're spending unrealized gains,

554
00:24:14,480 --> 00:24:17,159
Speaker 3: which creates other financial problems down the road. Okay, so,

555
00:24:17,160 --> 00:24:19,160
Speaker 3: by the way, there is some good news out there

556
00:24:19,160 --> 00:24:22,600
Speaker 3: on the medical debt front. It's not impacting credit reports

557
00:24:22,640 --> 00:24:25,440
Speaker 3: to the same extent that it did a few years ago.

558
00:24:25,520 --> 00:24:28,960
Speaker 3: This is thanks to the fairly new approach that credit

559
00:24:29,040 --> 00:24:32,120
Speaker 3: bureaus are taking of not reporting medical bills that are

560
00:24:32,320 --> 00:24:35,439
Speaker 3: less than five hundred dollars. The number of Americans that

561
00:24:35,520 --> 00:24:38,879
Speaker 3: have medical debt reported on their credit reports has dropped

562
00:24:38,880 --> 00:24:41,040
Speaker 3: from fifteen down to four percent.

563
00:24:41,080 --> 00:24:44,879
Speaker 2: That's a significant decrease. And you know, we've got some of.

564
00:24:44,880 --> 00:24:46,680
Speaker 3: The best healthcare in the entire world here in the

565
00:24:46,760 --> 00:24:49,320
Speaker 3: United States, but it can be a brutal system to navigate.

566
00:24:49,600 --> 00:24:51,119
Speaker 2: Is that this is just a reminder.

567
00:24:50,800 --> 00:24:53,000
Speaker 3: To stick up for yourself and to push back against

568
00:24:53,200 --> 00:24:56,320
Speaker 3: some of the ridiculous medical bills, not to not pay

569
00:24:56,359 --> 00:24:59,520
Speaker 3: what it is that you actually owe, but especially pushback

570
00:24:59,560 --> 00:25:02,960
Speaker 3: though if your medical bill exceeds five hundred dollars, because

571
00:25:03,000 --> 00:25:04,480
Speaker 3: that is when it's going to show up on.

572
00:25:04,480 --> 00:25:05,200
Speaker 2: Your credit report.

573
00:25:05,480 --> 00:25:07,560
Speaker 3: And we're kind of approaching this as good news, but

574
00:25:07,560 --> 00:25:09,520
Speaker 3: I'm actually more think about it. I wonder if it's

575
00:25:09,520 --> 00:25:12,520
Speaker 3: not the best of news because like, do you think

576
00:25:12,880 --> 00:25:15,359
Speaker 3: credit report or credit score inflation is going to happen?

577
00:25:15,400 --> 00:25:15,560
Speaker 2: Joel?

578
00:25:15,560 --> 00:25:17,680
Speaker 3: Because it almost in my mind it is feels like

579
00:25:18,080 --> 00:25:20,480
Speaker 3: uh STEMI checks because right when you receive it, everyone's

580
00:25:20,600 --> 00:25:22,560
Speaker 3: You're feeling pretty great about it. You're thinking, oh sweet,

581
00:25:22,560 --> 00:25:25,200
Speaker 3: I've got more money to spend. But when everyone has

582
00:25:25,240 --> 00:25:28,120
Speaker 3: more money, what happens to two prices? Well, they went up.

583
00:25:28,640 --> 00:25:31,560
Speaker 3: Well in this case, if we if everyone across the

584
00:25:31,600 --> 00:25:34,040
Speaker 3: board on average sees their their credit scores go up,

585
00:25:34,280 --> 00:25:36,480
Speaker 3: I'm curious what kind of impacts that might have a

586
00:25:36,560 --> 00:25:40,359
Speaker 3: year or two down the line, as essentially credit scores

587
00:25:40,359 --> 00:25:43,040
Speaker 3: are elevated. Maybe that means a higher threshold, a higher standard,

588
00:25:43,080 --> 00:25:46,640
Speaker 3: to higher bar in order to achieve certain loan products.

589
00:25:46,720 --> 00:25:51,080
Speaker 3: Or you know, there's always unintended consequences of wide of

590
00:25:51,320 --> 00:25:54,760
Speaker 3: mass implementation of something like this in the American public.

591
00:25:54,840 --> 00:25:57,359
Speaker 1: I know you're saying, I guess the way the credit

592
00:25:57,400 --> 00:26:00,760
Speaker 1: scoring system was constructed initially though, and bureaus who are

593
00:26:00,760 --> 00:26:03,919
Speaker 1: in charge of these rules, I don't really have much

594
00:26:03,920 --> 00:26:06,280
Speaker 1: faith in them either, or that the system works the

595
00:26:06,320 --> 00:26:09,320
Speaker 1: way it should. And the Consumer of Financial Protection Bureau

596
00:26:09,359 --> 00:26:11,600
Speaker 1: floated even this week, somebody who works there said something

597
00:26:11,640 --> 00:26:15,959
Speaker 1: about maybe trying to remove medical bills from credit reports

598
00:26:15,960 --> 00:26:18,240
Speaker 1: all together, which might be the best way, especially in

599
00:26:18,280 --> 00:26:21,399
Speaker 1: a society and a system that is so screwed up

600
00:26:21,440 --> 00:26:26,679
Speaker 1: that does underserve and harm consumers so often. I guess

601
00:26:26,800 --> 00:26:28,840
Speaker 1: I'm just worried. We've talked about this before, just how

602
00:26:28,880 --> 00:26:33,199
Speaker 1: many of those medical bills are fraught with peril, with errors,

603
00:26:33,520 --> 00:26:35,360
Speaker 1: and people don't know how to fight back, and they

604
00:26:35,359 --> 00:26:37,760
Speaker 1: have to, and we talk about this regularly. How can

605
00:26:37,800 --> 00:26:39,920
Speaker 1: you fight back against some of those medical bills. It's crucial,

606
00:26:40,160 --> 00:26:42,240
Speaker 1: So I guess I'm in favor of seeing them not

607
00:26:42,400 --> 00:26:44,920
Speaker 1: harm people's credit standing as much as they have been.

608
00:26:45,560 --> 00:26:47,760
Speaker 1: Let's talk about fitness for a second. Matt, would you

609
00:26:47,840 --> 00:26:50,600
Speaker 1: like to twenty x your spending this year on your

610
00:26:50,600 --> 00:26:51,960
Speaker 1: fitness regimen? How do you feel about that?

611
00:26:52,080 --> 00:26:53,840
Speaker 2: Is that? How much? How much more it costs me?

612
00:26:53,920 --> 00:26:55,400
Speaker 1: I think would cost you at least that much more.

613
00:26:56,440 --> 00:26:59,520
Speaker 1: You obviously can't avoid medical debt completely just by being fit.

614
00:27:00,040 --> 00:27:01,440
Speaker 1: If you could, though you might, I don't know you

615
00:27:01,520 --> 00:27:04,760
Speaker 1: might be willing to spend this much, but fitness can

616
00:27:04,800 --> 00:27:08,360
Speaker 1: help can help you avoid higher medical bills, and the

617
00:27:08,480 --> 00:27:11,920
Speaker 1: fitness industrial complex. Seems like they're here to lend a hand.

618
00:27:12,280 --> 00:27:15,000
Speaker 1: But for a price, you might have thought cross It

619
00:27:15,080 --> 00:27:17,480
Speaker 1: was expensive. I know Matt thinks his cross It is expensive,

620
00:27:17,520 --> 00:27:21,159
Speaker 1: but Equinox Fitness just launched a forty thousand dollars a

621
00:27:21,240 --> 00:27:24,800
Speaker 1: year membership this week, making CrossFit look cheap. In the process,

622
00:27:25,080 --> 00:27:28,520
Speaker 1: you get access to personal training, nutrition plans, sleep coaching,

623
00:27:28,600 --> 00:27:32,040
Speaker 1: massage therapists, and more. It's kind of like you're the

624
00:27:32,119 --> 00:27:33,800
Speaker 1: high end sports car and you got a pit crew

625
00:27:33,840 --> 00:27:36,000
Speaker 1: attending to every area of your health and wellness. That's

626
00:27:36,000 --> 00:27:38,119
Speaker 1: at least how they make it sound. But the cost

627
00:27:38,240 --> 00:27:41,280
Speaker 1: is of course staggering, like it's it's like a fitness

628
00:27:41,320 --> 00:27:42,800
Speaker 1: club for the one percent, is my guess. I can't

629
00:27:42,840 --> 00:27:44,600
Speaker 1: imagine sure many people can afford this.

630
00:27:45,119 --> 00:27:46,960
Speaker 3: It's for the Brian Johnson types out there who are

631
00:27:47,040 --> 00:27:49,560
Speaker 3: out there getting blood transfusions, whether it's a live as

632
00:27:49,600 --> 00:27:50,880
Speaker 3: long as humanly positive.

633
00:27:50,600 --> 00:27:52,880
Speaker 1: To reverse the aging process, not even just to slow

634
00:27:52,880 --> 00:27:54,320
Speaker 1: it down. Right, And if you.

635
00:27:54,160 --> 00:27:56,320
Speaker 3: Have no idea what we're referencing, just search Brian Johnson

636
00:27:56,400 --> 00:27:59,920
Speaker 3: tech bro blood transfusion and you'll see the weird pictures

637
00:28:00,080 --> 00:28:01,720
Speaker 3: and stories accompanying this guy.

638
00:28:01,800 --> 00:28:03,560
Speaker 1: Well, he doesn't just spend forty thousand a year. He

639
00:28:03,600 --> 00:28:06,520
Speaker 1: spends multimillion, multi two million dollars a year. I think,

640
00:28:06,560 --> 00:28:09,000
Speaker 1: my gosh, it's crazy on his regiments that weird, all

641
00:28:09,000 --> 00:28:12,480
Speaker 1: the like supplements he takes and all that kind of stuff. Well,

642
00:28:13,000 --> 00:28:14,399
Speaker 1: I think the truth is, Matt, we know what we

643
00:28:14,400 --> 00:28:16,440
Speaker 1: should be doing in the fitness realm. Most of us

644
00:28:16,480 --> 00:28:18,960
Speaker 1: just aren't great at doing it. Myself included, like I

645
00:28:19,359 --> 00:28:21,400
Speaker 1: trying to stay on track, but I'm not as disciplined

646
00:28:21,440 --> 00:28:23,840
Speaker 1: or dedicated as you are. But I think the truth

647
00:28:23,920 --> 00:28:26,200
Speaker 1: is also that we don't need a fancy Equinox team

648
00:28:26,720 --> 00:28:28,920
Speaker 1: to aid us in our quest to lose weight or

649
00:28:28,960 --> 00:28:31,199
Speaker 1: be healthy. But at the same time, I think, you know,

650
00:28:31,240 --> 00:28:34,080
Speaker 1: the more data, the more accountability in our lives, that

651
00:28:34,119 --> 00:28:36,679
Speaker 1: can help inform us and also help us become more

652
00:28:36,680 --> 00:28:38,840
Speaker 1: willing to change. So yeah, I don't want to like

653
00:28:38,880 --> 00:28:41,760
Speaker 1: hate on this hardcore, but I also like, who's nobody's

654
00:28:41,760 --> 00:28:43,920
Speaker 1: going to spend this none It's ridiculous though.

655
00:28:44,040 --> 00:28:46,240
Speaker 3: I hear what you're saying, like the data, like that's

656
00:28:46,240 --> 00:28:47,920
Speaker 3: why you you try to get me to get the

657
00:28:48,000 --> 00:28:50,600
Speaker 3: stupid garment watch for so long, and I resisted because

658
00:28:50,600 --> 00:28:52,120
Speaker 3: I because you're like are you gonna love it? And

659
00:28:52,160 --> 00:28:53,640
Speaker 3: I'm like, well, I know I'm gonna love it. That's

660
00:28:53,640 --> 00:28:55,400
Speaker 3: why I'm trying to resist it, because I'm trying not

661
00:28:55,440 --> 00:28:57,960
Speaker 3: to become overly obsessed with the data.

662
00:28:57,720 --> 00:28:59,640
Speaker 2: And the numbers. And now look what I am.

663
00:29:00,120 --> 00:29:02,920
Speaker 1: This is your fault join or cyborg, not a cyborg.

664
00:29:03,000 --> 00:29:06,840
Speaker 3: But what gets measured gets managed, what gets measured gets improved.

665
00:29:07,000 --> 00:29:09,040
Speaker 3: And at least this it's not like you try to

666
00:29:09,040 --> 00:29:12,040
Speaker 3: like turn me onto smoking or something like that. Like

667
00:29:12,360 --> 00:29:15,760
Speaker 3: it's something that's that is benefiting me. But I agree

668
00:29:15,760 --> 00:29:19,520
Speaker 3: with what you're saying because the basics of health and

669
00:29:20,080 --> 00:29:21,000
Speaker 3: fitness it's just.

670
00:29:20,880 --> 00:29:23,120
Speaker 2: Not rocket science. It's sort of like with personal finances.

671
00:29:23,280 --> 00:29:25,400
Speaker 3: You spend less than you make and invest the rest,

672
00:29:25,440 --> 00:29:27,800
Speaker 3: and that is how you're gonna grow your net worth.

673
00:29:27,880 --> 00:29:29,360
Speaker 1: Yeah, but if we only said that every week, our

674
00:29:29,360 --> 00:29:30,240
Speaker 1: show would be quite short.

675
00:29:30,320 --> 00:29:32,720
Speaker 2: Yeah, there's a lot more nuance to it. But botto

676
00:29:32,720 --> 00:29:32,920
Speaker 2: of mind.

677
00:29:33,000 --> 00:29:34,520
Speaker 3: I think this is interesting because I think we're gonna

678
00:29:34,520 --> 00:29:38,280
Speaker 3: see more of these different services pop up, and with

679
00:29:38,520 --> 00:29:40,960
Speaker 3: the increased competition, the cost is going to come down

680
00:29:41,240 --> 00:29:44,680
Speaker 3: over time. For instance, one of the companies that Equinox

681
00:29:44,760 --> 00:29:48,080
Speaker 3: that they work with is this other company called Function Health,

682
00:29:48,120 --> 00:29:50,320
Speaker 3: and evidently you can work with them directly and you

683
00:29:50,320 --> 00:29:53,600
Speaker 3: can cut out the middleman, which is interesting. I might

684
00:29:53,640 --> 00:29:56,000
Speaker 3: be curious and checking that out if that slashes the

685
00:29:56,040 --> 00:29:57,200
Speaker 3: price in a significant way.

686
00:29:57,320 --> 00:29:59,200
Speaker 1: Say I get it for you for your birthday, but

687
00:29:59,240 --> 00:30:01,120
Speaker 1: only if you post on Instagram and beg for it.

688
00:30:01,880 --> 00:30:04,120
Speaker 3: Yeah, what is cool that they run lab tests, they

689
00:30:04,160 --> 00:30:07,320
Speaker 3: make individualized suggestions based on the results. But at the

690
00:30:07,360 --> 00:30:10,120
Speaker 3: same time, there are different ways of doing that on

691
00:30:10,160 --> 00:30:12,040
Speaker 3: your own when it comes to figuring out what it

692
00:30:12,080 --> 00:30:15,000
Speaker 3: is that you're trying to achieve from a fitness standpoint

693
00:30:15,240 --> 00:30:17,320
Speaker 3: as an individual, but also what you're willing to spend

694
00:30:17,360 --> 00:30:19,160
Speaker 3: and what you can spend. I mean just getting a

695
00:30:19,160 --> 00:30:21,240
Speaker 3: blood test that isn't something that should cost you forty

696
00:30:21,280 --> 00:30:24,640
Speaker 3: thousand dollars a year. It makes me think of Drew

697
00:30:24,720 --> 00:30:27,200
Speaker 3: over at Move to Improve, Like he guests posted, and

698
00:30:27,240 --> 00:30:29,440
Speaker 3: he talked about how, hey, there are a lot of

699
00:30:29,480 --> 00:30:31,280
Speaker 3: different things that you can do for free or for

700
00:30:31,360 --> 00:30:32,960
Speaker 3: super cheap in order to stay fit.

701
00:30:33,000 --> 00:30:34,600
Speaker 1: Yeah, we'll put that article on our show. Notes COO,

702
00:30:35,040 --> 00:30:38,680
Speaker 1: I love that. Yeah, Drew's all about fitness and hey,

703
00:30:38,760 --> 00:30:40,920
Speaker 1: making fitness successible and what are the things that you

704
00:30:40,920 --> 00:30:44,479
Speaker 1: can do on repeat that he's going to actually make

705
00:30:44,480 --> 00:30:46,880
Speaker 1: a difference over the long run, and so, yeah, I

706
00:30:47,000 --> 00:30:49,320
Speaker 1: really appreciate his take, and I think there's it's also

707
00:30:49,320 --> 00:30:51,320
Speaker 1: important to mention there's nothing wrong with spending money on

708
00:30:51,360 --> 00:30:54,920
Speaker 1: your health, like buying better foods instead of the cheapest,

709
00:30:54,960 --> 00:30:58,040
Speaker 1: calorie dense, most processed items that you can find at

710
00:30:58,040 --> 00:30:59,360
Speaker 1: the grocery store, paying.

711
00:30:59,160 --> 00:31:01,640
Speaker 3: For an expensive gym, Yeah, buying a nicer bike or

712
00:31:01,680 --> 00:31:03,440
Speaker 3: some of all of these things, because hey, guess what

713
00:31:03,520 --> 00:31:03,760
Speaker 3: that means.

714
00:31:03,760 --> 00:31:05,680
Speaker 1: You're going to get on your bike more frequently and

715
00:31:05,720 --> 00:31:08,160
Speaker 1: you're going to stay healthier that way. But also know

716
00:31:08,240 --> 00:31:11,520
Speaker 1: that an expensive subscription it's not always the answer either.

717
00:31:11,640 --> 00:31:13,760
Speaker 1: And of course, again I don't think most of our

718
00:31:13,760 --> 00:31:15,880
Speaker 1: listeners are going to be jumping on this, but just

719
00:31:15,880 --> 00:31:17,320
Speaker 1: think about that. In a lot of areas to life,

720
00:31:17,320 --> 00:31:19,680
Speaker 1: sometimes we think the expensive subscription is going to come

721
00:31:19,680 --> 00:31:22,040
Speaker 1: in and save the day, when really some research and

722
00:31:22,160 --> 00:31:26,800
Speaker 1: a plan would bring the cost down and allow us

723
00:31:26,960 --> 00:31:29,440
Speaker 1: to do the thing we want to do reliably without

724
00:31:29,520 --> 00:31:31,479
Speaker 1: you know, spending booghoo dollars.

725
00:31:31,640 --> 00:31:34,920
Speaker 3: That's right, but hey, it's a quick little remind to

726
00:31:34,960 --> 00:31:38,160
Speaker 3: hear that Mother's Day is this coming Sunday, so if

727
00:31:38,160 --> 00:31:41,040
Speaker 3: you are a mom and you are listening to the podcast,

728
00:31:41,040 --> 00:31:43,880
Speaker 3: we certainly hope it's a special one for you. Also,

729
00:31:43,960 --> 00:31:46,920
Speaker 3: a newsletter referral shout out because our friend over at

730
00:31:47,160 --> 00:31:50,240
Speaker 3: the Best Interest Jesse I, saw that he referred the

731
00:31:50,240 --> 00:31:51,600
Speaker 3: newsletter out to some friends.

732
00:31:51,640 --> 00:31:54,080
Speaker 1: Thanks Jesse, Yeah, Jesse, Jess, he's got a great newsletter

733
00:31:54,120 --> 00:31:54,480
Speaker 1: of his own.

734
00:31:54,560 --> 00:31:56,760
Speaker 3: Yeah, thank you so much for that. But Buddy, that's

735
00:31:56,760 --> 00:31:59,800
Speaker 3: going to be it for this episode. We will make

736
00:31:59,800 --> 00:32:02,480
Speaker 3: sure have links to the different stories and different resources

737
00:32:02,480 --> 00:32:05,320
Speaker 3: we mentioned during the episode up on the website at

738
00:32:05,320 --> 00:32:06,560
Speaker 3: howdomoney dot com.

739
00:32:06,600 --> 00:32:07,040
Speaker 2: No doubt.

740
00:32:07,120 --> 00:32:10,280
Speaker 1: Until next time, Bud, Best Friends Out and Best Friends Out,