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

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Speaker 1: we're talking return rabbits, double majoring, and nihilistic renters. Yeah.

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Speaker 1: It's great to be back here at the Friday Flight,

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Speaker 1: isn't it.

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Speaker 2: It's good to have an opinion that not just your

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Speaker 2: partner and kids.

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Speaker 1: Want to hear. Joel. I'm sure that that's part of

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Speaker 1: it for you. What was it I never want to hear?

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Speaker 1: I texted you, Uh, there.

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Speaker 2: Was something that hit the news like in the middle

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Speaker 2: of Christmas week or something like that, and I can't

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Speaker 2: remember what it was, but I think it was gift

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Speaker 2: cards about gift cards, and I was just like, I'm

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Speaker 2: here for you, buddy, if you can't vent on the

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Speaker 2: podcast or you just want to vent to me directly,

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Speaker 2: but no, this is the Friday Flight where we talk

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Speaker 2: about the headlines from the past week, how they were

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Speaker 2: specif going to impact your personal finances, Joel. Everybody has

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Speaker 2: been like up in arms about the World Cup prices.

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Speaker 2: World Cup World Cup ticket prices that will be coming

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Speaker 2: here to North America this summer.

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Speaker 1: Reporting events are just cheap in general, Matt, is what

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Speaker 1: I found out. Yeah. Actually I went to a college

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Speaker 1: game basketball game with my kids this past weekend that

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Speaker 1: was affordable way and it was free, like they had

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Speaker 1: free tickets to go see the female basketball. I'm taking

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Speaker 1: them kids again this weekend because I guess what, I

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Speaker 1: got more free tickets. And this was not because I

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Speaker 1: got a hook up. This was they were widely available.

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Speaker 1: Anybody could get these free tickets. But World Cup prices

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Speaker 1: for not letting me know, I know, I been there

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Speaker 1: with you. I thought about it after the fact fact,

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Speaker 1: but the World Cup ticket prices nowhere near free. Yeah. Well,

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Speaker 1: I think they released a small small amount of like

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Speaker 1: sixty dollar tickets or something.

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Speaker 2: Oh yeah, what's like how high of elevation? Like there's

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Speaker 2: literally an altimeter associated with the seats? Yeah, you get

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Speaker 2: for sixty bucks.

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Speaker 1: I know you've been saving up though, you because we're

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Speaker 1: gonna have good memories here, are you? Are you gonna

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Speaker 1: go through with it? Are you gonna buy tickets? Okay?

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Speaker 2: So he it's funny that you bring that up, because

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Speaker 2: that's literally a conversation Kate and I had at the

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Speaker 2: end of last year beginning of this year, as we're

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Speaker 2: doing budget planning, we're looking at our savings buckets, how

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Speaker 2: much we either went over on some of those or

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Speaker 2: how much surplus we have in them. And this is

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Speaker 2: a category that I guess it was like four years ago. Yeah,

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Speaker 2: listeners maybe can go back, and they're not gonna go back,

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Speaker 2: but listeners might remember us talking about this and how

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Speaker 2: I thought, you know what, We're gonna have some kids,

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Speaker 2: and I think there's a good chance that they're going

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Speaker 2: to be into soccer by the time twenty twenty six

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Speaker 2: rolls around, and I want to be able to take

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Speaker 2: them one, if not multiple, or you know, the whole

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Speaker 2: family to see some World Cup matches. And specifically the

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Speaker 2: reason for that was at that point in time four

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Speaker 2: years ago, I was really into soccer and so I

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Speaker 2: was going to MLS matches all the time. It is

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Speaker 2: not something that I have kept up, and nor is

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Speaker 2: it a sport that the kids have really taken up.

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Speaker 2: I mean, there's all sorts of stuff were doing, but

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Speaker 2: soccer isn't one of them. And so I actually asked

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Speaker 2: Kate as we're looking at the twenty twenty six budget,

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Speaker 2: and I said, hey, what do you want to do

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Speaker 2: with this, because I doubt we're going to go, especially

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Speaker 2: based on how expensive the prices were, because I based

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Speaker 2: I based the ticket prices on the average ticket price

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Speaker 2: and was it in Qatar last time, And so they

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Speaker 2: published all the prices and it is significantly more than

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Speaker 2: what the standard ticket was back then, and she was

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Speaker 2: fine with us just rolling that into some other special

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Speaker 2: occasion entertainment expense. Essentially, essentially, you're like relabeling it not

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Speaker 2: World Cup, but let's just keep it earmarked for something else.

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Speaker 2: So all that being said, I'm not currently at least

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Speaker 2: planning to go to a World Cup match. I signed up,

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Speaker 2: I created a like at the beginning because I wanted

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Speaker 2: to see how much were they actually going to be

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Speaker 2: for the different matches and logged in and you know,

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Speaker 2: like the FIFA portal or whatever where you could where

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Speaker 2: you could do that. But I was I was a

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Speaker 2: little disheartened.

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Speaker 1: I think of the World Cup kind of like the Olympics,

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Speaker 1: and obviously like soccer specific Olympics essentially, right, because it's

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Speaker 1: nations around the world competing, and how often you get

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Speaker 1: it in your hometown and be really fun to go

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Speaker 1: see a game, even if it's just some sort of

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Speaker 1: like friendly or something ahead of time. I don't even

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Speaker 1: care if I get the opportunity to go for a

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Speaker 1: reasonable price. I will because I look back on the

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Speaker 1: one World Series game I've been to I remember, and

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Speaker 1: the one so pumped about that, and the one MLS

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Speaker 1: Cup final I went to, and you know, would I've

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Speaker 1: paid a thousand dollars for those tickets? No, but like

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Speaker 1: when they were sub two hundred bucks, all right, okay,

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Speaker 1: I'm happy to do that. So if I get access

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Speaker 1: to a reasonably price ticket, I'll go. But other than that,

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Speaker 1: I'm just not going to fork over a ton of

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Speaker 1: money for it. I don't care enough either, but to

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Speaker 1: be able to say you're there, like I know that

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Speaker 1: Pelchrium played Portugal or something like that, that'd be awesome.

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Speaker 1: Those tickets won't be going, No, those are going to

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Speaker 1: be really I don't know much about what's how those

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Speaker 1: countries are doing, but you have to watch, like Trinidad

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Speaker 1: play I don't know, some some other no name country

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Speaker 1: like yeah, I forget I remember reading about it, like

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Speaker 1: derogatory towards Trinidad by the way, I'm sorry. No, I

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Speaker 1: mean there are some countries because they've expanded the pool.

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Speaker 1: I'm pretty sure, like there are some countries that have

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Speaker 1: never made it before, and this is the first time

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Speaker 1: they're making it. So I'm guessing those may not necessarily

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Speaker 1: be the absolute best matches, but yeah, as always, you

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Speaker 1: are a valuist in a similar way. If I come

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Speaker 1: across an opportunity and I'm.

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Speaker 2: Like, hey, for get some last minute tickets, make it,

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Speaker 2: you know, make it down there to see a match

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Speaker 2: that sounds like a lot of fun.

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Speaker 1: But and we'll just see one last thing here. A

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Speaker 1: lesson I think everybody can learn is plan ahead for

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Speaker 1: really expensive stuff, and hey, you might decide you're not

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Speaker 1: going to use the money for that purpose, and then

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Speaker 1: you can use it for something else. Yeah, newfound wealth

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Speaker 1: to use elsewhere. It's like finding a twenty in your

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Speaker 1: winter jacket, but.

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Speaker 2: It's way more than that, Like literally, I mean we've

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Speaker 2: set aside like thousands of dollars ye.

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Speaker 1: That we had earmark for that.

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Speaker 2: But something else that folks are doing these days, Joel

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Speaker 2: after the holidays is making all those returns, like all

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Speaker 2: that crap that you don't want or that maybe you

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Speaker 2: realize wasn't going to be a great gift. Most retailers

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Speaker 2: are going to allow you to make those retren through

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Speaker 2: the end of the month. I was recently at Whole

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Speaker 2: foods making like a bulk Amazon return drop off.

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Speaker 1: And they had it was like a holding pin.

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Speaker 2: Life that like with the with the ropes and stuff

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Speaker 2: like going down the aisle and luckily I was there

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Speaker 2: when it wasn't wasn't crowded at all.

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Speaker 1: Is able just to walk straight up, but I could don't.

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Speaker 2: I can imagine what that was like a few days.

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Speaker 1: Prior, Saturday, right after Christmas or something. Oh my gosh, Yeah,

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Speaker 1: that's not the day to return. I'm find another time.

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Speaker 2: But you might get charged for making some of those

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Speaker 2: returns though, so keep an eye out for that. Obviously,

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Speaker 2: returns are an expensive reality for a lot of retailers,

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Speaker 2: and so because of that, many folks are mini companies

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Speaker 2: are taking a lump out of their customers for bringing

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Speaker 2: these items back. Three quarters of retailers have made their

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Speaker 2: return policy less generous. So we're gonna call out a

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Speaker 2: few here. TG Max Marshalls are charging twelve bucks if

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Speaker 2: you make a return online instead of in store. Macy's,

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Speaker 2: which I am very surprised to see is still around.

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Speaker 2: I don't like, do they operate in the malls that

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Speaker 2: I'm also surprised to see are still open because Macy's

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Speaker 2: aren't standalone stores, so I guess these are in shopping malls.

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Speaker 1: I keep wondering about the mall nearest to us. I'm like, how,

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Speaker 1: what's going to happen? Yeah? Is that going to be

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Speaker 1: exist in the current form?

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Speaker 2: I don't know, man, But Macy's they're going to charge

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Speaker 2: you ten bucks if you aren't a rewards member or

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Speaker 2: an outfitters. They're also going to charge you for online returns.

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Speaker 2: And I mentioned Amazon earlier, but they're kind of all

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Speaker 2: over the place depending on the item, like where it

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Speaker 2: is that you return it, whether you need to like

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Speaker 2: package the thing up before returning it or not. But

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Speaker 2: get those returns done and try not to get eaten

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Speaker 2: the live buy fees in the process.

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Speaker 1: Yeah. The other thing I think is we're seeing retailers

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Speaker 1: offer more final sale products, and that's essentially to say, hey,

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Speaker 1: we're going to give you a decent price on this

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Speaker 1: piece of clothing or whatever it is, but you have

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Speaker 1: no right to return it at all because we don't

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Speaker 1: we don't want it back. And I think you just

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Speaker 1: have to know your size, no the retailer, and have

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Speaker 1: an idea at least I guess of whether you're going

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Speaker 1: to be pretty happy with that item before you make

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Speaker 1: the purchase, if it's final sale.

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Speaker 2: Yeah, if you know your sizes and you know the

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Speaker 2: company man, that's a great way. It's sort of like

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Speaker 2: you with your shoes. That's a great way to take

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Speaker 2: advantage of an awesome deal.

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Speaker 1: Yeah.

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Speaker 2: I mean, I think they're going to have to cut

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Speaker 2: the prices, slashing them significantly when folks are all of

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Speaker 2: a sudden pushed up against the reality of I can't

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Speaker 2: make a return. Yeah, so I'm stuck with this thing,

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Speaker 2: and that makes them think twice about it. That's right,

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Speaker 2: and Okay.

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Speaker 1: An even more extensive way to return stuff is to

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Speaker 1: hire other people to do it for you. But of course,

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Speaker 1: of course in modern day America, that's something you can do.

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Speaker 1: Instead of packages landing on your doorstep, there's there are

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Speaker 1: new companies like Return Queen that will pick those packages

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Speaker 1: up from your house. You stick them back on the porch,

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Speaker 1: and then they whisk them off to ups or wherever

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Speaker 1: they need to make those returns.

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Speaker 2: I I was a little disappointed that you didn't say

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Speaker 2: return Queen like I was hoping you would say it.

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Speaker 1: It's like Queen like that.

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Speaker 2: Yeah, I'll include that but still you didn't really commit,

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Speaker 2: so that doesn't count. You might have to do it

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Speaker 2: one more time, and maybe we'll say that for that

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Speaker 2: right next episode. Task grab it's another site where you

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Speaker 2: could like hire people to do stuff for you. Those

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Speaker 2: like return gigs apparently are up sixty percent on that site,

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Speaker 2: according to the Wall Street Journal, and specifically, the journal

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Speaker 2: found that some folks are even reaching out to moving

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Speaker 2: companies for help returning heavy items.

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Speaker 1: That they purchase. Hey, maybe you bought that rowing machine

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Speaker 1: that Matt loves or something, and you're like, oh, I

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Speaker 1: got to return it, but I'm going to break my

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Speaker 1: back trying to get it in the car, and blah

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Speaker 1: blah blah. People are literally reaching out to moving companies

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Speaker 1: paying them to return stuff for them, which seems great.

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Speaker 1: I can't imagine that's widespread, but it's a thing. And

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Speaker 1: I was looking at the pricing Matt of return Queen.

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Speaker 1: It doesn't seem crazy, like ten bucks for a pickup

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Speaker 1: of up to like twelve packages or something like that.

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Speaker 1: But of course there's a subscription you can sign up

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Speaker 1: for and that's hundreds of dollars a year. But this

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Speaker 1: is still an expense added right to something that it's

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Speaker 1: taking another cut, just like retailers are doing. Now other

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Speaker 1: places who will do the return for you are also

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Speaker 1: so taking a cut. Bloomberg called it an adulting tax,

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Speaker 1: which I don't know if that's accurate, because a tax

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Speaker 1: is something like you're kind of forced to pay. This

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Speaker 1: is something you're doing to yourself that you are choosing

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Speaker 1: this is optional because you could have made the returns

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Speaker 1: on your own, and you're just not getting every penny

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Speaker 1: back by as you would if you made those returns

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Speaker 1: on your own. But I guess the bright side of

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Speaker 1: this is that it means for a lot of people

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Speaker 1: they're actually going to make the returns instead of just

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Speaker 1: letting that stuff I don't know, linger somewhere in the

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Speaker 1: back of their closets standing in their house. This is

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Speaker 1: where I kind of it's weird because you're trying to

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Speaker 1: value your time, which is important, but there's this fine

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Speaker 1: line between like knowing your hourly rate and farming out

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Speaker 1: chores on repeat and then just kind of becoming beholden

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Speaker 1: and dependent on these new services that add up over time.

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Speaker 2: This convenience culture that is completely optional. And you're saying

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Speaker 2: too the fact that it's not all that expensive. But

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Speaker 2: you know how these new companies, these new startups work.

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Speaker 2: They get their hooks in you, you get used to

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Speaker 2: this new lifestyle, and then once they've got market share,

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Speaker 2: they just slowly turned the screwze on you. That's how

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Speaker 2: they eventually, or at least what they promised to their

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Speaker 2: shareholders or new potential shareholders, how they're going to make

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Speaker 2: a profit. Yeah, but all the while costing you even

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Speaker 2: more money. So let's talk about student loans, because obviously,

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Speaker 2: graduating with a massive student loan debt it's never been

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Speaker 2: a good thing. But I feel like in this area

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Speaker 2: it's worse than usual. As millions of borrowers are finding

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Speaker 2: themselves behind on payments, they are falling into delinquency. And

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Speaker 2: this is after a pretty long pause that we've seen

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Speaker 2: basically starting with the COVID pandemic era. Those folks are

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Speaker 2: going to be in for a rude awakening though. In

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Speaker 2: twenty twenty six. Wage garnishment is beginning. Those notices are

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Speaker 2: being sent out this week, and it's not just paychecks

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Speaker 2: that could see up to a fifteen percent reduction, it's

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Speaker 2: the tax refunds as well. Many borrowers are going to

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Speaker 2: have their entire refund taken by the government come April,

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Speaker 2: and that's also going to be a rude awakening because

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Speaker 2: I think a lot I mean a lot of folks

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Speaker 2: they talk about how dependent they are on that sort

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Speaker 2: of cash and fusion in the spring because for what.

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Speaker 1: The average tax refunds something like four thousand dollars. I

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Speaker 1: want to say, like, it's a lot of money. It's

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Speaker 1: a lot of money.

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Speaker 2: And so obviously being in default is going to mess

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Speaker 2: up your credit score, but it's going to cause other

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Speaker 2: potential financial issues as well. And you know, we're not

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Speaker 2: going to weigh in on the issues of fairness, but

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Speaker 2: either way, the goal is to get out of student

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Speaker 2: loan payment default quickly. Switching repayment plans that might be

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Speaker 2: your best bet if you are having a difficult time

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Speaker 2: paying every month. We'll link to the Department of Education

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Speaker 2: Loan Simulator and it's got a few different options there

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Speaker 2: where you can sort of see what your options might be.

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Speaker 1: Yeah, and you can object, by the way, if you

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Speaker 1: think that the delinquency is an error. But what's I

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Speaker 1: think is it five million borrowers Matt who find themselves

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Speaker 1: like something like two hundred and seventy plus days behind again.

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Speaker 1: I get it, the whiplash and the well, your student

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Speaker 1: loans even a thing anymore? Like that's the way it

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Speaker 1: felt two years ago. Yes they're a thing, and yes

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Speaker 1: repayments have started. And if you find yourself by the

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Speaker 1: way between a rock and a hard place with very

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Speaker 1: little help from a gutted education department, well then you're

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Speaker 1: gonna want to consider potentially more drastic measures. In particular,

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Speaker 1: we're actually seeing more student loans being discharged via bankruptcy.

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Speaker 1: A simpler process was essentially introduced under the Biden administration,

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Speaker 1: and it's starting to bear fruit for some borrowers who

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Speaker 1: go to court in an attempt to get their loans dismissed. Outright,

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Speaker 1: it's obviously a drastic measure, but at least for some

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Speaker 1: who meet what's known as the undue hardship framework, who

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Speaker 1: kind of check a few different boxes and can prove

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Speaker 1: basically that their student loan payment is completely unaffordable, they

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Speaker 1: can have the balance essentially eradicated. This might be at

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Speaker 1: least for some people who are significantly struggling, who really

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Speaker 1: cannot afford to pay that student loan balance, that might

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Speaker 1: be their most realistic shot at ditching it.

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Speaker 2: Yeah, and it's interesting though the quote unquote undue hardship

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Speaker 2: framework is not clearly defined as to what that means.

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Speaker 2: And so if you are looking to have your student

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Speaker 2: loans discharged like that and bankruptcy, well, just know that

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Speaker 2: it's still the wild wild West. And I wanted to

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Speaker 2: mention too, if here's some.

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Speaker 1: People who specialize in that, like student loan lawyers. I

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Speaker 1: literally subscribe to an email newsletter of a student loan

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Speaker 1: lawyer because he has such a great insight on this front.

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Speaker 1: And you might find that you need the help of

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Speaker 1: a professional. And even then, right, it's still not one

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Speaker 1: hundred percent surefire that you're going to win. And maybe

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Speaker 1: you now owe lawyer's fees and you still are your

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Speaker 1: student loans, and so there's potential problem going that round

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Speaker 1: as well.

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Speaker 2: It takes a certain amount of insight and wisdom to know.

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Speaker 2: It's not a black or white answer. Yeah, this is

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Speaker 2: one where you kind of have to feel it out,

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Speaker 2: and I wanted to mention, like, if you have no

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Speaker 2: idea where it is that you should start. We've talked

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Speaker 2: with folks from Student Loan Planner before, and we'll link

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Speaker 2: to a resource in our show notes there as well,

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Speaker 2: because they can help you to put together a plan

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Speaker 2: and to figure out the best path forward for you

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Speaker 2: as an individual to not only get out of default,

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Speaker 2: but to really just be able.

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Speaker 1: To tackle your student loans. That's we're spending money to

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Speaker 1: hire an expert. Can save you money. Attend helps actually

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Speaker 1: a lot more. Yeah, yeah, help you know that you're

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Speaker 1: on the right path.

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Speaker 2: Okay, So while we are talking about higher ed friend

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Speaker 2: of the show, Ron Lieber, he continues to document how

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Speaker 2: expensive college can be and specifically how to reduce the price,

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Speaker 2: which we love hearing that, but he has detailed how

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Speaker 2: hard it is to compare college.

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Speaker 1: Costs ahead of time.

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Speaker 2: It's you know, you're basically trying to compare apples oranges.

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Speaker 2: But there is this new.

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Speaker 1: Tool like opaque fruits too, Matt, like the you never

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Speaker 1: even heard of, Yeah, and what is this thing? And

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Speaker 1: that's because there's just so little transparency from many schools

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Speaker 1: about what they offer in terms of financial aid and

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Speaker 1: making that information public.

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Speaker 2: Yeah, you're trying to like you're trying to compare this

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Speaker 2: like ever crisp apple to this. Oh, this is a

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Speaker 2: mystery fruit. I've got no idea what this even is.

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Speaker 1: It's behind box number one.

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Speaker 2: But he recently wrote about this new tool from a

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Speaker 2: company called Niche that can help or niche depending on

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Speaker 2: how you like to pronounce it. But instead of going

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Speaker 2: to each college's net price calculator and in putting the

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Speaker 2: information directly, it can do it for you all in

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Speaker 2: one place, and then it can compare multiple schools at once,

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Speaker 2: which is fantastic because Man, keeping the price of a

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Speaker 2: four year degree down like it's more important than ever.

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Speaker 2: It's really crucial to making it a good investment. And

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Speaker 2: we'll make sure to link to.

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Speaker 1: That as well. Man And we also have prior podcast

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Speaker 1: conversations with people like Jocelyn Pearson who can help you

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Speaker 1: wade through the looking for scholarship stuff, Like there's a

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Speaker 1: lot that you can do as an individual to go

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Speaker 1: out there and hunt for money where you think about

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Speaker 1: the hourly rate. Matt of like my nephew who's working

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Speaker 1: at a fast food chain right now, as I did

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Speaker 1: like in high school, and you don't get paid a

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Speaker 1: whole lot his time. An hour is worth nothing, very little,

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Speaker 1: and it's probably worth actually a lot more. And I've

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Speaker 1: talked about this with my sister, like, hey, what if

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Speaker 1: he took a few worked a few less hours and

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Speaker 1: spent those hours trying to hunt for scholarships. I like

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Speaker 1: the idea of doing both because I like the idea

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Speaker 1: of working in high school. But why Yeah, that's a

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Speaker 1: really smart thing to I think incentivize your kids to

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Speaker 1: do is to hunt for those scholarships, because if you

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Speaker 1: do it in the right way, you might find that

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Speaker 1: the return is significant. I love it. Also, more students

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Speaker 1: are opting to double major right now in an effort

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Speaker 1: to improve career opportunities. I've talked about how the job

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Speaker 1: market seems a little stagnant, and especially for recent college graduates,

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Speaker 1: it feels like there's or in reality, there's less hiring

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Speaker 1: going on. A lot of people who just got that degree.

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Speaker 1: They're like, where's my job? And they're having a lot

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Speaker 1: of time. There's a lot of uncertainty right now. Yeah. Well,

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Speaker 1: and the data seems to show that the double the

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Speaker 1: amount of students are getting two majors these days instead

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Speaker 1: of just one compared to ten years ago. Other statistics

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Speaker 1: show that folks with double majors are less likely to

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Speaker 1: lose their job, They're less likely to have their pay cut.

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Speaker 1: So I think there's a bunch of wisdom in the

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Speaker 1: choice of getting two majors instead of a major and

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Speaker 1: a minor. Double majoring. It requires more effort, it requires

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Speaker 1: more hours in a particular field of study. But it's

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Speaker 1: possible to pull it off without spending more time at

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Speaker 1: school or even forking over more money when you think

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Speaker 1: about them out what a full time student is. I

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Speaker 1: was talking about this with my daughter the other day.

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Speaker 1: Was twelve plus hours. But in school, there's a lot

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Speaker 1: of people who I knew and myself included, who were

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Speaker 1: taking nineteen twenty twenty one hours in a semester. And

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Speaker 1: you don't always you're not always paying per credit hour

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Speaker 1: as a full time student. Oftentimes you're paying a flat

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Speaker 1: tuition rate.

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Speaker 2: A lot of yeah, son of universities do that and

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Speaker 2: so take those extra classes, bring all that extra load.

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Speaker 1: Double majoring in four years is for sure possible if

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Speaker 1: you're a little more pedal to the medal, and then

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Speaker 1: think about that easier to get a job, easier than

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Speaker 1: to stay employed and get paid more as well.

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Speaker 2: That's the big question, right, is that it's yeah, only

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Speaker 2: doing it for four years, it's still possible, But I

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Speaker 2: think it gets even harder for a lot of folks

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Speaker 2: as they pile on the hours because of the fact that,

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Speaker 2: like I remember, I mean, we'll think about AP classes too.

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Speaker 2: Think about kids graduating high school. Let's say they've passed

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Speaker 2: a four AP tests, they've got some of those credits.

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Speaker 2: Then it's even easier for those kids.

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Speaker 1: It's even easier.

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Speaker 2: But like I mean, over the past decade two decades,

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Speaker 2: we've seen like it was a joke to be like, oh, yeah,

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Speaker 2: I'm on the five year program back when.

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Speaker 1: We're in college.

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Speaker 2: Like I've talked with folks, and for a lot of

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Speaker 2: folks getting a four year degree, it's you can't call

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Speaker 2: it a four year degree. You call it an undergrad

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Speaker 2: of bachelor's and six years is the new standard. And

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Speaker 2: so we have seen some of that additional undergrad creep.

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Speaker 2: And so I think that's one of the big tricks too,

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Speaker 2: is to make sure, Yeah, you got to find that

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Speaker 2: balance between getting out of school on time. Maybe you

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Speaker 2: do want to stick around, Maybe there's still some maturation

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Speaker 2: that's taking place, and you're like, I don't know, I

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Speaker 2: think some more time hanging out here, yes, working, yes,

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Speaker 2: taking additional classes.

436
00:19:49,440 --> 00:19:51,520
Speaker 1: Maybe, and maybe you've got to hone my beer pond game.

437
00:19:51,720 --> 00:19:54,280
Speaker 2: Maybe it all bounces out in the end where Okay,

438
00:19:54,560 --> 00:19:57,120
Speaker 2: let's say you are there only six years and you've

439
00:19:57,160 --> 00:20:00,240
Speaker 2: got two degrees. I don't know, it's better than two

440
00:20:00,280 --> 00:20:04,760
Speaker 2: separate four year stints where you've got I'm saying the

441
00:20:04,800 --> 00:20:06,760
Speaker 2: numbers I guess could still be there even if you

442
00:20:07,000 --> 00:20:09,879
Speaker 2: are extending it out to six years you've double majored.

443
00:20:10,320 --> 00:20:12,840
Speaker 2: But it's certainly something to be aware of the fact

444
00:20:12,880 --> 00:20:16,000
Speaker 2: that it's more likely to extend your undergrad if you

445
00:20:16,040 --> 00:20:17,360
Speaker 2: were to double major and you got.

446
00:20:17,160 --> 00:20:18,320
Speaker 1: To be you gotta be on top of that, you.

447
00:20:18,280 --> 00:20:21,040
Speaker 2: Got to you gotta be a little more prudent and

448
00:20:21,080 --> 00:20:21,960
Speaker 2: intentional with your time.

449
00:20:21,960 --> 00:20:24,160
Speaker 1: I don't want to make it sound like it's easy,

450
00:20:24,359 --> 00:20:26,800
Speaker 1: right that anybody can double major in four years, but

451
00:20:26,840 --> 00:20:29,840
Speaker 1: I certainly think more people can and it might not

452
00:20:30,040 --> 00:20:32,440
Speaker 1: have to cost a bunch of extra money or time

453
00:20:32,680 --> 00:20:35,440
Speaker 1: if you're diligent. Right, that's true. All right, Slate Queen,

454
00:20:35,960 --> 00:20:39,280
Speaker 1: Matt I tossed it in now return queen.

455
00:20:39,960 --> 00:20:41,600
Speaker 2: That's the whole point is that you say it likes

456
00:20:41,600 --> 00:20:44,520
Speaker 2: Slate Queen, but you say retainly it's okay, I screwed up.

457
00:20:44,600 --> 00:20:47,440
Speaker 1: All right, we got more to get to, including We're

458
00:20:47,440 --> 00:20:51,720
Speaker 1: gonna talk about President Trump's announcement about big Wall Street

459
00:20:51,760 --> 00:20:54,960
Speaker 1: firms not being allowed to invest in single family homes again,

460
00:20:55,000 --> 00:20:56,399
Speaker 1: what's our take on that. We'll talk about that and

461
00:20:56,440 --> 00:21:06,920
Speaker 1: more right after this. All right, buddy, we are back

462
00:21:06,960 --> 00:21:08,160
Speaker 1: from the break return Queen.

463
00:21:08,480 --> 00:21:11,240
Speaker 2: It is now time for the ludicrous headline of the week,

464
00:21:11,280 --> 00:21:15,320
Speaker 2: which is from the Washington Post. Headline reads, Abandoning home

465
00:21:15,359 --> 00:21:18,840
Speaker 2: ownership may be changing how people behave at work and

466
00:21:18,920 --> 00:21:22,480
Speaker 2: at home. And basically this article was about some new

467
00:21:22,520 --> 00:21:25,399
Speaker 2: research based on renters who have essentially given up on

468
00:21:25,440 --> 00:21:28,280
Speaker 2: the idea of owning a home. There's this new study

469
00:21:28,520 --> 00:21:33,280
Speaker 2: from economists at Northwestern and University of Chicago. Real smart

470
00:21:33,320 --> 00:21:35,240
Speaker 2: folks when it comes to the numbers, but they find

471
00:21:35,280 --> 00:21:37,480
Speaker 2: that and this is a quote, when people conclude that

472
00:21:37,480 --> 00:21:39,800
Speaker 2: they will never be able to find a home, they

473
00:21:39,840 --> 00:21:42,280
Speaker 2: put less effort into their jobs. They tend to spend

474
00:21:42,320 --> 00:21:45,760
Speaker 2: more on luxuries and do less long term saving. Oh

475
00:21:45,800 --> 00:21:48,720
Speaker 2: and are more likely to invest in riskier assets such

476
00:21:48,760 --> 00:21:53,160
Speaker 2: as cryptocurrencies. Basically, if you don't think you can buy

477
00:21:53,200 --> 00:21:55,080
Speaker 2: a home, I'm just gonna roll the dice. When it

478
00:21:55,119 --> 00:21:58,320
Speaker 2: comes to all these and all the other arenas of life,

479
00:21:58,359 --> 00:22:02,520
Speaker 2: specifically with your personal finances. And yeah, what do you think, Joel?

480
00:22:02,640 --> 00:22:05,520
Speaker 2: I mean, I get it, you know, like it's totally

481
00:22:05,600 --> 00:22:07,360
Speaker 2: totally sucks. If this is the boat that you're in,

482
00:22:07,760 --> 00:22:09,080
Speaker 2: I understand that it can be painful.

483
00:22:09,240 --> 00:22:12,160
Speaker 1: Yeah, I think it makes sense to me that people

484
00:22:12,200 --> 00:22:14,480
Speaker 1: would say, if I can't buy a home, then I'm

485
00:22:14,480 --> 00:22:17,600
Speaker 1: going to yolo some other stuff, right, like Yola, those investments,

486
00:22:18,400 --> 00:22:21,280
Speaker 1: And I'm just not even going to dedicate as much

487
00:22:21,320 --> 00:22:23,600
Speaker 1: money to savings because what am I saving for If

488
00:22:23,600 --> 00:22:25,680
Speaker 1: I'm a perpetual renter and I don't have a big

489
00:22:25,720 --> 00:22:29,320
Speaker 1: down payment I need to amass, then screw it. But

490
00:22:29,480 --> 00:22:32,520
Speaker 1: I also, I mean, I think it's a self perpetuating

491
00:22:32,920 --> 00:22:37,040
Speaker 1: problem too. I think we've been in a macroeconomic time

492
00:22:37,480 --> 00:22:41,200
Speaker 1: that has not been in recent years beneficial to people

493
00:22:41,200 --> 00:22:43,800
Speaker 1: who want to buy a home. And we'll talk about

494
00:22:44,280 --> 00:22:47,080
Speaker 1: kind of starter home single family homes in just a second.

495
00:22:47,160 --> 00:22:51,199
Speaker 1: But it makes sense that people feel like, because it

496
00:22:51,280 --> 00:22:54,880
Speaker 1: is harder to afford a home right now, that maybe

497
00:22:54,880 --> 00:22:56,320
Speaker 1: they'll never be able to afford a home. But I

498
00:22:56,359 --> 00:22:59,800
Speaker 1: also just think it's important to mention that those dynamics

499
00:23:00,040 --> 00:23:05,240
Speaker 1: and shift. Yeah, policy can change, right, And so if

500
00:23:05,280 --> 00:23:07,440
Speaker 1: you decide, oh, I'm probably never gonna go home, so

501
00:23:07,480 --> 00:23:09,119
Speaker 1: I'm not gonna save like I might be able to

502
00:23:09,160 --> 00:23:12,360
Speaker 1: at some point, You're you're doing future you a disservice,

503
00:23:12,560 --> 00:23:15,199
Speaker 1: and you're almost like baking into the cake ensuring but

504
00:23:15,280 --> 00:23:17,560
Speaker 1: you never will be able to buy it or guaring. Yeah,

505
00:23:17,560 --> 00:23:18,480
Speaker 1: you are guaranteeing it.

506
00:23:18,520 --> 00:23:21,120
Speaker 2: And essentially I feel like this study it takes more

507
00:23:21,200 --> 00:23:25,359
Speaker 2: of a linear or logical approach to how these twenty

508
00:23:25,359 --> 00:23:28,199
Speaker 2: thirty how are old, they are, how they're making their

509
00:23:28,240 --> 00:23:30,600
Speaker 2: financial decisions. Right, It's just like, oh, I can't afford

510
00:23:30,640 --> 00:23:35,000
Speaker 2: a home, therefore I will participate in these less smart,

511
00:23:36,000 --> 00:23:40,600
Speaker 2: more short term focused decisions riskier too, yeah exactly when

512
00:23:40,880 --> 00:23:43,120
Speaker 2: instead I think it could be a situation where maybe

513
00:23:43,119 --> 00:23:45,520
Speaker 2: it's the same folks who think that way are who

514
00:23:45,560 --> 00:23:48,960
Speaker 2: are focused on the short term, the near term. Those

515
00:23:49,000 --> 00:23:52,240
Speaker 2: are the same folks that are saying, oh, well I can't.

516
00:23:51,960 --> 00:23:52,680
Speaker 1: Afford a house.

517
00:23:53,080 --> 00:23:54,960
Speaker 2: Well, it doesn't surprise me that those same folks would

518
00:23:54,960 --> 00:23:56,960
Speaker 2: then say, well, yeah, I should be looking at how

519
00:23:57,000 --> 00:24:00,840
Speaker 2: to maximize happiness you know today that means going out tonight,

520
00:24:01,880 --> 00:24:05,840
Speaker 2: that means not saving for future me, And there's just

521
00:24:05,960 --> 00:24:09,680
Speaker 2: a short termism focus to someone. If that's how you're thinking,

522
00:24:09,680 --> 00:24:12,959
Speaker 2: it doesn't surprise me that it doesn't just impact how

523
00:24:12,960 --> 00:24:15,040
Speaker 2: it is that you're approaching housing, but that it approaches

524
00:24:15,359 --> 00:24:17,359
Speaker 2: how you perform at work, because if you are thinking

525
00:24:17,359 --> 00:24:19,080
Speaker 2: more long term with your job, you're thinking, no, I

526
00:24:19,119 --> 00:24:21,159
Speaker 2: need to put in the hours, the effort, the creativity

527
00:24:21,320 --> 00:24:23,680
Speaker 2: that's going to allow me to advance in this company. Oh,

528
00:24:23,800 --> 00:24:25,919
Speaker 2: if I want to be able to retire someday, that

529
00:24:26,000 --> 00:24:27,919
Speaker 2: means I need to set aside at least ten, if

530
00:24:27,960 --> 00:24:30,600
Speaker 2: not twenty percent of my ink of every single paycheck.

531
00:24:30,840 --> 00:24:32,040
Speaker 1: Like there is just a.

532
00:24:32,000 --> 00:24:35,000
Speaker 2: Maturation process, Like that's something we were talking about earlier.

533
00:24:35,040 --> 00:24:38,280
Speaker 2: But there's something about that that causes you to think

534
00:24:38,320 --> 00:24:41,800
Speaker 2: a little bit more long term beyond not just today,

535
00:24:42,040 --> 00:24:44,919
Speaker 2: beyond next year, but like years and even decades down

536
00:24:44,960 --> 00:24:47,240
Speaker 2: the road. Like that's the I think that's the biggest

537
00:24:47,240 --> 00:24:47,760
Speaker 2: difference here.

538
00:24:47,800 --> 00:24:49,520
Speaker 1: And I don't want to tell people who are renting

539
00:24:49,520 --> 00:24:52,320
Speaker 1: who wants own a home, like be okay with renting forever,

540
00:24:52,400 --> 00:24:54,720
Speaker 1: because I think that's not necessarily in the card. It's

541
00:24:54,760 --> 00:24:56,120
Speaker 1: like you might be able to buy a home at

542
00:24:56,119 --> 00:24:56,640
Speaker 1: some point.

543
00:24:56,520 --> 00:25:00,000
Speaker 2: And I think you very very well can and will. Oh,

544
00:25:00,000 --> 00:25:01,600
Speaker 2: and that's some point if that's something that you truly

545
00:25:01,680 --> 00:25:02,320
Speaker 2: do want to.

546
00:25:02,280 --> 00:25:04,119
Speaker 1: Do and if you're putting your money where your mouth is.

547
00:25:04,800 --> 00:25:06,840
Speaker 1: But I also want to say for people who are renting,

548
00:25:07,280 --> 00:25:10,360
Speaker 1: maybe for a time, it is actually a really good

549
00:25:10,359 --> 00:25:13,920
Speaker 1: financial thing for you. Like if you utilize the difference

550
00:25:13,960 --> 00:25:16,280
Speaker 1: between what you're paying in rent versus what you would

551
00:25:16,320 --> 00:25:18,360
Speaker 1: be paying on a mortgage if you were to buy today,

552
00:25:18,560 --> 00:25:21,399
Speaker 1: if you save that extra, like, you're gonna come out

553
00:25:21,560 --> 00:25:25,000
Speaker 1: further ahead actually financially, if you are a smart renter

554
00:25:25,400 --> 00:25:28,880
Speaker 1: being doing the right stuff with your money. Given kind

555
00:25:28,920 --> 00:25:31,879
Speaker 1: of the disparity between rents and mortgage payments right now.

556
00:25:31,920 --> 00:25:34,919
Speaker 1: Matte totally agree. But obviously one other side of the

557
00:25:34,960 --> 00:25:41,520
Speaker 1: equation that has kept housing unaffordable is mortgage rates. And yeah,

558
00:25:41,600 --> 00:25:44,879
Speaker 1: mortgage rates are higher, but we also kind of do

559
00:25:45,000 --> 00:25:48,240
Speaker 1: this to ourselves like a self inflicted wound. Most home

560
00:25:48,240 --> 00:25:52,520
Speaker 1: buyers don't shop around for a mortgage. Zillo just released

561
00:25:52,560 --> 00:25:55,960
Speaker 1: statistics something two thirds of people don't shop at all.

562
00:25:56,000 --> 00:25:58,359
Speaker 1: They literally just point at one mortgage lender and they're like,

563
00:25:58,359 --> 00:26:01,639
Speaker 1: I'm going with you, and this cost them huge money

564
00:26:01,960 --> 00:26:04,520
Speaker 1: over the life of their loan. We're talking about potentially

565
00:26:04,600 --> 00:26:07,520
Speaker 1: lowering it by shopping right by with three different lenders,

566
00:26:07,880 --> 00:26:10,720
Speaker 1: potentially lowering your rate by a full point, save you

567
00:26:10,840 --> 00:26:14,639
Speaker 1: hundreds of dollars a month, and then tens of thousands,

568
00:26:14,680 --> 00:26:17,280
Speaker 1: if not one hundred thousand dollars or more over the

569
00:26:17,320 --> 00:26:19,639
Speaker 1: life of your loan. This is this is one of

570
00:26:19,680 --> 00:26:22,400
Speaker 1: those things that I think, in my mind is non negotiable.

571
00:26:22,600 --> 00:26:25,280
Speaker 1: We talk about shopping around for little things online. If

572
00:26:25,280 --> 00:26:27,240
Speaker 1: you can save twenty bucks on a pair of jeans, cool,

573
00:26:27,480 --> 00:26:29,760
Speaker 1: But shopping around for a home loan, the stakes are

574
00:26:29,800 --> 00:26:32,080
Speaker 1: so much higher. So include a credit union in there,

575
00:26:32,200 --> 00:26:35,520
Speaker 1: Include a mortgage broker in there, Include maybe a local bank,

576
00:26:35,760 --> 00:26:38,080
Speaker 1: but just make sure you shop around, because yeah, the

577
00:26:38,400 --> 00:26:39,480
Speaker 1: savings can be meaningful.

578
00:26:39,640 --> 00:26:41,080
Speaker 2: Yeah, And I want to circle back to what you

579
00:26:41,119 --> 00:26:44,399
Speaker 2: were saying, as far as you're talking about banking, the

580
00:26:44,440 --> 00:26:46,920
Speaker 2: difference between your rent and what a potential mortgage might

581
00:26:46,960 --> 00:26:48,680
Speaker 2: be right, Like, you've got this, You're like, oh, great,

582
00:26:49,119 --> 00:26:51,600
Speaker 2: it is more affordable to rent. How is it that

583
00:26:51,640 --> 00:26:53,560
Speaker 2: I'm going to eventually be able to put down enough

584
00:26:53,560 --> 00:26:56,359
Speaker 2: money to purchase a home. It's those practical steps that

585
00:26:56,440 --> 00:26:59,600
Speaker 2: I think folks, if they don't, it's almost as if

586
00:26:59,680 --> 00:27:02,960
Speaker 2: because there's not something immediately in front of them that

587
00:27:03,119 --> 00:27:05,800
Speaker 2: they are pursuing a goal, whether it's like a vacation

588
00:27:06,280 --> 00:27:09,479
Speaker 2: or a very expensive purchase. You think, well, I'm not

589
00:27:09,560 --> 00:27:11,800
Speaker 2: going to want that thing we've talked recently about, like

590
00:27:11,840 --> 00:27:15,119
Speaker 2: the World Cup, thing like that. That's a bucket, like

591
00:27:15,160 --> 00:27:18,320
Speaker 2: a savings bucket that we have maintained because I'm thinking, oh, well,

592
00:27:18,359 --> 00:27:20,640
Speaker 2: at some point we're gonna want to spend that on something.

593
00:27:20,680 --> 00:27:22,920
Speaker 2: And it's something that we have slowly built up over time,

594
00:27:22,920 --> 00:27:25,880
Speaker 2: like literally we add fifty bucks to it every every

595
00:27:25,880 --> 00:27:27,520
Speaker 2: single month. That's what we've done over the past, like

596
00:27:27,520 --> 00:27:30,840
Speaker 2: I guess four years. But I think it's important for

597
00:27:30,880 --> 00:27:34,760
Speaker 2: folks to anchor the sacrifices that they're making today, those actions.

598
00:27:35,119 --> 00:27:38,640
Speaker 2: They need to anchor those actions to whatever potential goal

599
00:27:38,680 --> 00:27:40,560
Speaker 2: that you might have far off in the future, even

600
00:27:40,720 --> 00:27:42,960
Speaker 2: when that goal isn't clearly defined. I think for a

601
00:27:42,960 --> 00:27:46,440
Speaker 2: lot of folks, not having that clearly defined goal is

602
00:27:46,760 --> 00:27:49,000
Speaker 2: the biggest problem because once you have like wrapped your

603
00:27:49,000 --> 00:27:52,040
Speaker 2: mind around that, like, oh, I can picture myself like

604
00:27:52,480 --> 00:27:54,119
Speaker 2: whatever it is that you're going to do in your

605
00:27:54,119 --> 00:27:56,080
Speaker 2: new house, you know, like throwing the plane, fetch with

606
00:27:56,119 --> 00:27:58,320
Speaker 2: my dog in the backyard or sitting on the front

607
00:27:58,359 --> 00:28:02,800
Speaker 2: porch with my partner or inviting friends over to play

608
00:28:02,840 --> 00:28:04,240
Speaker 2: corn hole in the front of I don't know whatever,

609
00:28:04,280 --> 00:28:06,040
Speaker 2: like whatever it is, it's so much easier, I think

610
00:28:06,040 --> 00:28:08,359
Speaker 2: for folks to say I want that, yeah, And I

611
00:28:08,400 --> 00:28:11,280
Speaker 2: think the really hard part is to understand that, like

612
00:28:11,560 --> 00:28:13,400
Speaker 2: you don't have a specific vision for what that might

613
00:28:13,440 --> 00:28:16,159
Speaker 2: look like, but just know that it's like, I don't know,

614
00:28:16,240 --> 00:28:17,639
Speaker 2: it's like right around the corner.

615
00:28:17,680 --> 00:28:21,080
Speaker 1: And that's the it's hard to square that, I think

616
00:28:21,080 --> 00:28:23,719
Speaker 1: for a lot of folks. There's there's also a an

617
00:28:23,800 --> 00:28:26,080
Speaker 1: article about people moving to the Midwest more and more.

618
00:28:26,119 --> 00:28:28,199
Speaker 1: And so sometimes if you really if that dream of

619
00:28:28,200 --> 00:28:32,040
Speaker 1: home ownership is you're resolute in it, like this is

620
00:28:32,080 --> 00:28:34,080
Speaker 1: something I really really want, and you live in a

621
00:28:34,119 --> 00:28:37,480
Speaker 1: really high cost of living area, well, if home ownership

622
00:28:37,640 --> 00:28:40,640
Speaker 1: Trump's the particular place where you live, then you might

623
00:28:40,680 --> 00:28:43,440
Speaker 1: find that moving is the answer to at least part

624
00:28:43,440 --> 00:28:44,840
Speaker 1: of that conundrum. True.

625
00:28:44,920 --> 00:28:46,440
Speaker 2: Speaking of speaking of Trump, I know, I know you

626
00:28:46,440 --> 00:28:47,840
Speaker 2: wanted to touch on something he mentioned.

627
00:28:47,920 --> 00:28:50,000
Speaker 1: Let's do earlier this week, truth Truth to vout. I

628
00:28:50,040 --> 00:28:53,080
Speaker 1: believe the truth Truth social the an announcement that big

629
00:28:53,080 --> 00:28:55,920
Speaker 1: corporations are no longer going to be allowed to buy

630
00:28:56,040 --> 00:28:59,240
Speaker 1: single family homes and rent them out. And his he

631
00:28:59,480 --> 00:29:03,760
Speaker 1: basically said, people live in homes, not corporations. And Matt,

632
00:29:03,800 --> 00:29:06,440
Speaker 1: you and I actually have not talked about this yet together.

633
00:29:06,840 --> 00:29:09,400
Speaker 1: This is like, I think, kind of populist policy. I

634
00:29:09,680 --> 00:29:13,240
Speaker 1: can get behind the giant corporations owning single family homes

635
00:29:13,280 --> 00:29:17,320
Speaker 1: in greater numbers. They've led to rising rents in markets,

636
00:29:17,400 --> 00:29:21,600
Speaker 1: especially where these buying, these corporate landlords have been buying

637
00:29:21,600 --> 00:29:24,200
Speaker 1: in a concentrated way. It's led to a dearth of

638
00:29:24,240 --> 00:29:28,880
Speaker 1: starter homes for young buyers. Companies like invitation homes. They're

639
00:29:28,920 --> 00:29:31,000
Speaker 1: not great landlords either. We've seen a lot of horror

640
00:29:31,080 --> 00:29:34,120
Speaker 1: stories from tenants being like, yeah, they don't prepare anything.

641
00:29:34,120 --> 00:29:37,160
Speaker 1: There's mold all over the place. Some estimates show that

642
00:29:37,440 --> 00:29:40,960
Speaker 1: corporations own something like four percent of the overall single

643
00:29:41,000 --> 00:29:44,080
Speaker 1: family home rental stock in the country. Sounds like a

644
00:29:44,080 --> 00:29:47,000
Speaker 1: small amount, but I do think the impact of this

645
00:29:47,120 --> 00:29:49,240
Speaker 1: could be meaningful. But again, this is a this is

646
00:29:49,280 --> 00:29:52,360
Speaker 1: a truth social this is a social media post that

647
00:29:52,440 --> 00:29:56,240
Speaker 1: this will likely take an Act of Congress to make

648
00:29:56,320 --> 00:29:59,800
Speaker 1: it a law, and there's no silver bullet to rising

649
00:30:00,120 --> 00:30:02,560
Speaker 1: or to where home prices are right, Like, just this

650
00:30:02,600 --> 00:30:07,600
Speaker 1: one thing isn't going to magically make home prices back

651
00:30:07,640 --> 00:30:11,320
Speaker 1: to twenty twelve pricing affordability for people.

652
00:30:11,400 --> 00:30:13,080
Speaker 2: Yeah, but it is. We are never going to get

653
00:30:13,120 --> 00:30:15,640
Speaker 2: back there. Like that's the biggest difference. I mean truly,

654
00:30:15,760 --> 00:30:17,880
Speaker 2: you know, like like I don't see it, but I

655
00:30:17,920 --> 00:30:21,120
Speaker 2: don't see it happening. Better policy encouraging if more building

656
00:30:21,480 --> 00:30:25,360
Speaker 2: combined with this could all at least help make housing

657
00:30:25,440 --> 00:30:27,240
Speaker 2: more affordable for the average person.

658
00:30:27,480 --> 00:30:29,959
Speaker 1: Yeah, you want me to provide my counter? Aren't sure?

659
00:30:30,760 --> 00:30:34,120
Speaker 2: Because I mean, I think the biggest flaw with this

660
00:30:34,240 --> 00:30:36,520
Speaker 2: is the fact that it's it's just based on such

661
00:30:36,760 --> 00:30:40,920
Speaker 2: a scarcity sort of mindset, right, as opposed to the

662
00:30:41,000 --> 00:30:43,480
Speaker 2: exact opposite, Like we need abundance, right, Like that's a

663
00:30:43,600 --> 00:30:45,080
Speaker 2: word that we heard a ton of last year in

664
00:30:45,080 --> 00:30:48,280
Speaker 2: the ability line, the ability to and oh, Derek Toomas

665
00:30:48,880 --> 00:30:51,080
Speaker 2: on the show before Friend of the Show, but just

666
00:30:51,120 --> 00:30:54,880
Speaker 2: the ability to loosen building restrictions and provide more supply

667
00:30:55,000 --> 00:30:56,840
Speaker 2: for folks. I think that is much more of the

668
00:30:56,840 --> 00:30:59,760
Speaker 2: solution as opposed to three percent or three or four

669
00:30:59,800 --> 00:31:02,719
Speaker 2: percent of single family homes owned by corporations, like that

670
00:31:02,760 --> 00:31:04,600
Speaker 2: is such a small amount in.

671
00:31:04,760 --> 00:31:07,920
Speaker 1: Some markets were it's highly concentrated. Think like Atlanta. It's

672
00:31:07,960 --> 00:31:10,000
Speaker 1: about that in Atlanta too. No, it's more like ten

673
00:31:10,000 --> 00:31:11,080
Speaker 1: percent of it, is it? Really? Yeah?

674
00:31:11,120 --> 00:31:13,000
Speaker 2: Okay, so let's let's say ten percent. I know that

675
00:31:13,400 --> 00:31:15,440
Speaker 2: like Mama pop Landlord's own closer to like twenty years

676
00:31:15,400 --> 00:31:17,040
Speaker 2: and thirty percent. So, like, if you want to make

677
00:31:17,080 --> 00:31:20,360
Speaker 2: a bigger difference on the ability to free up starter

678
00:31:20,440 --> 00:31:23,480
Speaker 2: homes for folks single family homes these two ones, three two's,

679
00:31:23,840 --> 00:31:27,080
Speaker 2: then maybe like there should be something done about investors

680
00:31:27,280 --> 00:31:29,640
Speaker 2: who are looking to purchase some of these homes to

681
00:31:29,960 --> 00:31:33,200
Speaker 2: you know, further their financial position. It just it feels

682
00:31:33,280 --> 00:31:37,000
Speaker 2: like populist politics as opposed to actual policy that's going

683
00:31:37,080 --> 00:31:40,120
Speaker 2: to move the needle. And so in principle, just based

684
00:31:40,120 --> 00:31:44,320
Speaker 2: on like theoretical how are you approaching this problem framework?

685
00:31:44,360 --> 00:31:44,959
Speaker 1: I don't like it.

686
00:31:45,000 --> 00:31:47,160
Speaker 2: But also of course the fact that he's just like

687
00:31:47,160 --> 00:31:49,600
Speaker 2: I'm going to do this thing that's terrible politics, Like

688
00:31:49,720 --> 00:31:52,200
Speaker 2: is that even constitutional. We talked about student loans earlier,

689
00:31:52,440 --> 00:31:55,040
Speaker 2: the fact that previous administration said that, like we're going

690
00:31:55,080 --> 00:31:56,760
Speaker 2: to cancel student loans, and.

691
00:31:56,680 --> 00:31:58,560
Speaker 1: Even Speaker of the House was like.

692
00:31:58,760 --> 00:32:01,840
Speaker 2: Yeah, that's not constitution. We're going to do it anyway,

693
00:32:02,320 --> 00:32:05,120
Speaker 2: it's the same thing, and I hate that aspect of

694
00:32:05,480 --> 00:32:06,880
Speaker 2: how policy is being.

695
00:32:06,760 --> 00:32:08,960
Speaker 1: Pushed forward at least. And really what you're getting at

696
00:32:09,080 --> 00:32:12,800
Speaker 1: is supply side matters a lot more than trying to

697
00:32:12,960 --> 00:32:16,640
Speaker 1: coerce the details control and supply, Yeah, exactly. And if

698
00:32:16,640 --> 00:32:20,720
Speaker 1: we centivize more building, I think the greatest supply we

699
00:32:20,840 --> 00:32:23,640
Speaker 1: see is going to lead to reduced prices, especially in

700
00:32:23,680 --> 00:32:26,000
Speaker 1: some of those markets that are most desirable, which is

701
00:32:26,080 --> 00:32:29,920
Speaker 1: typically where it's harder to build than anywhere else exactly.

702
00:32:29,960 --> 00:32:32,880
Speaker 1: And in those cases, it's almost less about actually providing

703
00:32:32,920 --> 00:32:37,720
Speaker 1: incentives and just like loosening restrictions. Yeah, it's just generally speaking,

704
00:32:37,920 --> 00:32:40,560
Speaker 1: being less involved. But either way, July, I think we

705
00:32:40,600 --> 00:32:44,240
Speaker 1: can both both agree that the worst kind of home

706
00:32:44,560 --> 00:32:46,280
Speaker 1: buying or renting that you can do is buying a

707
00:32:46,320 --> 00:32:49,280
Speaker 1: time share, right, We an agreement there pretty much. Yeah,

708
00:32:50,200 --> 00:32:53,640
Speaker 1: according to Baron's time shares, they are making a comeback,

709
00:32:54,520 --> 00:32:57,640
Speaker 1: but there are plenty of problems with the business model

710
00:32:57,680 --> 00:33:01,120
Speaker 1: of time shares. That's the combination of high cost. It's

711
00:33:01,120 --> 00:33:05,320
Speaker 1: a combination of like that with low flexibility, bad resale

712
00:33:05,400 --> 00:33:10,480
Speaker 1: dynamics all added together make them pretty terrible. From a

713
00:33:10,880 --> 00:33:12,560
Speaker 1: this is a place that I want to put my

714
00:33:12,600 --> 00:33:14,880
Speaker 1: money and spend my time. They're incredibly hard to sell

715
00:33:14,880 --> 00:33:16,280
Speaker 1: if it turns out you don't love yours.

716
00:33:16,880 --> 00:33:20,640
Speaker 2: And like if you think about getting into different types

717
00:33:20,680 --> 00:33:22,640
Speaker 2: of real estate and you've got an Airbnb, you've got

718
00:33:22,680 --> 00:33:24,920
Speaker 2: a Verbo rental, well, the pain is much less severe

719
00:33:24,960 --> 00:33:27,560
Speaker 2: if you want to unload that thing or even change

720
00:33:27,600 --> 00:33:31,000
Speaker 2: how it is that you are utilizing that space.

721
00:33:31,040 --> 00:33:32,880
Speaker 1: If you even talk about just renting a place, you

722
00:33:33,000 --> 00:33:34,800
Speaker 1: run a place on Airbnb and it sucks, you leave

723
00:33:34,840 --> 00:33:36,600
Speaker 1: a bad review and you never stay there again. But

724
00:33:36,640 --> 00:33:38,320
Speaker 1: if you buy a time share and you hate it

725
00:33:38,360 --> 00:33:40,680
Speaker 1: like trying to get rid of it, it's like getting

726
00:33:40,680 --> 00:33:43,560
Speaker 1: an anvil off from the top of your head. Like acme.

727
00:33:44,440 --> 00:33:46,520
Speaker 2: I'll talk about just from the standpoint of like, you've

728
00:33:46,520 --> 00:33:49,840
Speaker 2: got a space that you've poured money into and there's

729
00:33:49,920 --> 00:33:52,400
Speaker 2: options when you actually own it outright and when it

730
00:33:52,480 --> 00:33:52,960
Speaker 2: is yours.

731
00:33:53,160 --> 00:33:54,600
Speaker 1: But I hear what you're saying as well from a

732
00:33:54,920 --> 00:33:56,200
Speaker 1: do I like the space? YEA?

733
00:33:56,280 --> 00:33:58,080
Speaker 2: Like am I getting the value out of it that

734
00:33:58,200 --> 00:34:02,200
Speaker 2: I have wanted to or expect it to? So obviously

735
00:34:02,240 --> 00:34:04,720
Speaker 2: I'm not keen on them from a financial perspective. But

736
00:34:04,840 --> 00:34:09,120
Speaker 2: if you are listening and you're still interested because of

737
00:34:09,200 --> 00:34:12,120
Speaker 2: the almost immediate depreciation that a timeshare indoors. I think

738
00:34:12,160 --> 00:34:15,440
Speaker 2: buying a timeshare on their resale market is definitely going

739
00:34:15,480 --> 00:34:17,680
Speaker 2: to be a better way to go. And we're talking

740
00:34:17,719 --> 00:34:23,000
Speaker 2: about TUG classifies, It's the Timeshare Users Group, the Kasia Redwig.

741
00:34:23,040 --> 00:34:25,839
Speaker 2: These are all great resources if you're looking to get

742
00:34:25,880 --> 00:34:26,799
Speaker 2: a timeshare on the cheap.

743
00:34:26,880 --> 00:34:29,040
Speaker 1: Yeah, why it's spend twenty five grand on one when

744
00:34:29,080 --> 00:34:31,359
Speaker 1: you can get the same thing for pennies on the dollar.

745
00:34:32,320 --> 00:34:35,399
Speaker 1: Matt tails all the time. Overdraft fees got worse last year.

746
00:34:35,840 --> 00:34:38,200
Speaker 1: Not shocking, Yeah, I was surprised. It is worth noting

747
00:34:38,560 --> 00:34:42,040
Speaker 1: that's like every year on repeat. The big banks, though,

748
00:34:42,080 --> 00:34:44,719
Speaker 1: as it turns out, they don't make massive profits from

749
00:34:44,719 --> 00:34:46,680
Speaker 1: these fees. It's not like they're one of their bigger

750
00:34:46,719 --> 00:34:48,960
Speaker 1: profit centers, but they still add up, and they especially

751
00:34:49,040 --> 00:34:52,560
Speaker 1: hit consumers hard who are living on the margins, especially

752
00:34:52,560 --> 00:34:55,160
Speaker 1: when the average overdraft fee the average is something like

753
00:34:55,200 --> 00:34:59,120
Speaker 1: thirty five dollars and Matt the only big banks that

754
00:34:59,239 --> 00:35:02,080
Speaker 1: lowered over you almost everybody else raised them this past

755
00:35:02,160 --> 00:35:05,680
Speaker 1: year were Wells, Fargo and Truest. WHOA, let's say something

756
00:35:05,760 --> 00:35:07,560
Speaker 1: nice about Wells Fargo for the first time in the

757
00:35:07,600 --> 00:35:08,480
Speaker 1: history of this podcast.

758
00:35:08,640 --> 00:35:11,240
Speaker 2: This might be truly the first time we've said something positive.

759
00:35:11,320 --> 00:35:14,560
Speaker 2: Way to go, guys, proud of you. The best advice,

760
00:35:14,640 --> 00:35:16,880
Speaker 2: per usual, is to do your banking with one of

761
00:35:16,920 --> 00:35:20,440
Speaker 2: our favorite online banks. That's the assumption charge over draftees.

762
00:35:20,440 --> 00:35:23,160
Speaker 2: We've even seen some of them take away over draft

763
00:35:23,200 --> 00:35:27,200
Speaker 2: fees completely in recent years, Ally Discover c I, those

764
00:35:27,239 --> 00:35:29,239
Speaker 2: are some of the best. They don't charge over draft fees.

765
00:35:29,840 --> 00:35:32,439
Speaker 2: Do business with banks that don't hate you, and keeping

766
00:35:32,560 --> 00:35:34,560
Speaker 2: enough in your account to ensure that you don't overdar

767
00:35:34,640 --> 00:35:38,279
Speaker 2: your account. That's another yep, smart move. But yeah, well,

768
00:35:39,239 --> 00:35:41,160
Speaker 2: I've got a little confession to make so well you

769
00:35:41,200 --> 00:35:45,600
Speaker 2: specifically said Ally, and I've actually I can personally attest

770
00:35:45,640 --> 00:35:48,280
Speaker 2: to the fact that Ally doesn't charge over draft fees.

771
00:35:49,080 --> 00:35:51,080
Speaker 1: Do you have a recent a.

772
00:35:52,600 --> 00:35:56,000
Speaker 2: Little story to share a little confession? Over the holidays,

773
00:35:56,040 --> 00:35:57,480
Speaker 2: I was like, you know what, I'm going to take

774
00:35:57,520 --> 00:36:00,319
Speaker 2: a serious break from email, Like I didn't even log

775
00:36:00,440 --> 00:36:01,920
Speaker 2: into my email for a solid week and a half,

776
00:36:01,920 --> 00:36:05,520
Speaker 2: almost two weeks, and I was in for a route

777
00:36:05,520 --> 00:36:08,360
Speaker 2: awakening when I logged back in and opened my laptop

778
00:36:08,440 --> 00:36:11,080
Speaker 2: and saw I was like, oh, what are these notices from,

779
00:36:11,840 --> 00:36:13,400
Speaker 2: not just ally but city.

780
00:36:14,080 --> 00:36:15,640
Speaker 1: Oh no, turns out.

781
00:36:17,120 --> 00:36:20,080
Speaker 2: During that period of time, you know, I set I

782
00:36:20,160 --> 00:36:22,239
Speaker 2: scheduled my credit card payments for later in the month

783
00:36:22,320 --> 00:36:24,400
Speaker 2: at the end of the previous month, and I was

784
00:36:24,480 --> 00:36:28,520
Speaker 2: not paying close attention to my say spending slash checking

785
00:36:28,560 --> 00:36:33,640
Speaker 2: account there in ally, and it had dwindled dangerously low

786
00:36:34,040 --> 00:36:37,680
Speaker 2: solo in fact that the last payment to one of

787
00:36:37,719 --> 00:36:41,200
Speaker 2: my credit cards wasn't able to go through. And Ali

788
00:36:41,680 --> 00:36:44,400
Speaker 2: sent a kind little email and they said, hey, just

789
00:36:44,520 --> 00:36:45,000
Speaker 2: so you know.

790
00:36:45,160 --> 00:36:46,000
Speaker 1: Interact together.

791
00:36:46,480 --> 00:36:48,120
Speaker 2: We're not going to charge you, but you might want

792
00:36:48,160 --> 00:36:50,719
Speaker 2: to check with the credit card issuer. And so, of

793
00:36:50,800 --> 00:36:53,840
Speaker 2: course that's the first thing I did, and was not

794
00:36:53,960 --> 00:36:56,600
Speaker 2: surprised to see that City hit me with a twenty

795
00:36:56,680 --> 00:36:59,120
Speaker 2: nine dollars return check fee.

796
00:37:00,200 --> 00:37:02,400
Speaker 1: What did I do immediately? Joel, you called masked to

797
00:37:02,480 --> 00:37:06,440
Speaker 1: have it. Well, first, I sitting there on the computer.

798
00:37:06,680 --> 00:37:09,839
Speaker 2: Well, it already made because there's another deposit that showed

799
00:37:09,920 --> 00:37:12,640
Speaker 2: up in the account, and it automatically fulfilled because it retries.

800
00:37:13,440 --> 00:37:16,279
Speaker 2: But still it doesn't erase the fact that they had

801
00:37:16,360 --> 00:37:19,440
Speaker 2: tried and got denied. They don't like that, and so

802
00:37:19,560 --> 00:37:22,640
Speaker 2: I fired up the chat was talking with somebody and

803
00:37:22,800 --> 00:37:24,800
Speaker 2: mentioned that and they're like, nope.

804
00:37:24,600 --> 00:37:26,440
Speaker 1: Sorry, not authorized to do that. And I was like,

805
00:37:26,520 --> 00:37:27,000
Speaker 1: oh really.

806
00:37:27,120 --> 00:37:28,400
Speaker 2: So I was like, okay, here's where you got to

807
00:37:28,440 --> 00:37:30,880
Speaker 2: step up the got to raise the stakes a little bit,

808
00:37:30,920 --> 00:37:32,799
Speaker 2: you know. And just I was like, well, I've been

809
00:37:32,800 --> 00:37:34,759
Speaker 2: a value member for so long, this has never happened

810
00:37:34,800 --> 00:37:35,680
Speaker 2: on the specific card.

811
00:37:36,239 --> 00:37:38,439
Speaker 1: And a little dot starts.

812
00:37:38,440 --> 00:37:40,359
Speaker 2: You know, going across the little chat bot like letting

813
00:37:40,360 --> 00:37:42,560
Speaker 2: you know that they're typing something down. And basically they

814
00:37:42,640 --> 00:37:44,759
Speaker 2: said that they looked into it and they actually can't

815
00:37:45,719 --> 00:37:49,359
Speaker 2: do anything about that. They're not authorized. So I took

816
00:37:49,360 --> 00:37:51,000
Speaker 2: it up another level, dude. I took it till like

817
00:37:51,160 --> 00:37:54,960
Speaker 2: dropped it down to one. I think it's reversed, right,

818
00:37:56,160 --> 00:37:58,120
Speaker 2: And I said, well that's it. I want to cancel

819
00:37:58,160 --> 00:38:01,839
Speaker 2: this card. And I was shocked to see that. They said, okay,

820
00:38:01,880 --> 00:38:03,759
Speaker 2: would you like us to take care of that for

821
00:38:03,960 --> 00:38:07,160
Speaker 2: you today? And I was like, you gotta be kidding me.

822
00:38:07,239 --> 00:38:09,200
Speaker 2: This isn't a real person, this is just a chatbot.

823
00:38:09,560 --> 00:38:10,920
Speaker 2: I thought I was talking to a real person. I

824
00:38:10,960 --> 00:38:12,640
Speaker 2: thought I was chatting with a real person. So maybe

825
00:38:12,640 --> 00:38:14,040
Speaker 2: you got to call the one hundred all right, So

826
00:38:14,080 --> 00:38:15,640
Speaker 2: that's what I did, and I was like, okay, I

827
00:38:15,680 --> 00:38:17,840
Speaker 2: thought I was gonna I gotta call up the number.

828
00:38:18,360 --> 00:38:19,000
Speaker 1: Lady picked up.

829
00:38:19,160 --> 00:38:22,320
Speaker 2: I kindly let her know what the situation was, expecting

830
00:38:22,360 --> 00:38:24,399
Speaker 2: it to be a big hassle, and she goes, sure,

831
00:38:24,440 --> 00:38:26,480
Speaker 2: I'll take care of that for you right now. And

832
00:38:26,640 --> 00:38:28,120
Speaker 2: I was I was shocked.

833
00:38:28,280 --> 00:38:30,120
Speaker 1: I was dumbfounded. School.

834
00:38:30,160 --> 00:38:32,960
Speaker 2: It took me like twenty seconds literally talking. She was like, yep,

835
00:38:33,360 --> 00:38:35,200
Speaker 2: that'll show up on your statement here in three to

836
00:38:35,280 --> 00:38:37,839
Speaker 2: four business days or something like that. And uh, yeah,

837
00:38:37,880 --> 00:38:39,840
Speaker 2: it just goes to show for I feel like a

838
00:38:39,920 --> 00:38:42,640
Speaker 2: number of years you could hop on the online chat

839
00:38:43,000 --> 00:38:45,200
Speaker 2: and get fees like that reverse. But I wonder if

840
00:38:45,200 --> 00:38:47,480
Speaker 2: they're starting to tighten down a little bit because everybody's

841
00:38:47,560 --> 00:38:49,520
Speaker 2: using everybody was doing that, and so they're going to

842
00:38:49,560 --> 00:38:51,200
Speaker 2: make you pick up the phone. But I guess the

843
00:38:51,320 --> 00:38:53,719
Speaker 2: lesson is to not be afraid to talk to another human.

844
00:38:53,800 --> 00:38:56,319
Speaker 2: I like it, all right, all right, good job, well done, and.

845
00:38:56,320 --> 00:38:58,480
Speaker 1: Hopefully I won't run into an issue like that again

846
00:38:58,520 --> 00:39:00,719
Speaker 1: in this year. That's a good lesson for everyone. One

847
00:39:00,840 --> 00:39:04,200
Speaker 1: check your email a little more consistently other than every

848
00:39:04,239 --> 00:39:05,920
Speaker 1: twelve days. Make sure you got enough money in there,

849
00:39:05,960 --> 00:39:08,160
Speaker 1: and then hit the one eight hundred number if the

850
00:39:08,400 --> 00:39:11,319
Speaker 1: chatbot's not working for you, the real customer service. All right, Matt,

851
00:39:11,360 --> 00:39:13,120
Speaker 1: that's gonna do it. For this episode. We'll put links

852
00:39:13,200 --> 00:39:15,000
Speaker 1: to some of the resources we mentioned up in the

853
00:39:15,040 --> 00:39:17,799
Speaker 1: show notes on our site at howtomoney dot com.

854
00:39:18,040 --> 00:39:19,560
Speaker 2: That's right, and that's going to be it. We'll see

855
00:39:19,600 --> 00:39:22,520
Speaker 2: you back here on Monday with a fresh listener question episode.

856
00:39:22,560 --> 00:39:25,799
Speaker 2: But until then, best turns out, Best Friends Out,