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

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Speaker 1: and today we're discussing savings to the Moon, dodging debt collectors,

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Speaker 1: and Stingy Shack. And when you say Stingy Shock, you

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Speaker 1: mean sin Stingy Shaquille O'Neil, that's the actual individual. Uh.

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Speaker 1: We're gonna talk about twenty one shoes and all that.

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Speaker 1: Fella Shaq is he's like our patron saint. We've talked

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Speaker 1: about him on the show a few times and we're

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Speaker 1: gonna get to a story later on about him. We've

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Speaker 1: got several headlines that we're gonna get to during this episode,

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Speaker 1: and we're gonna talk about how they apply to you

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Speaker 1: and your money. But first we are having a beer

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Speaker 1: hang to nights. Uh. If you're listening to this the

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Speaker 1: day we released it, which is Friday, November five, we

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Speaker 1: are hanging out at Monday Night Garage at p M.

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Speaker 1: Two nights, and we hope to see you there. I

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Speaker 1: know a lot of y'all are across the country and

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Speaker 1: you listen to us, but we know some listeners are

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Speaker 1: here in Atlanta, and so we hope to meet some

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Speaker 1: of you in person in real life. I'm not expecting

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Speaker 1: our Canadian and Australian listeners to hop on a plane

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Speaker 1: and get here by this evening, but hopefully looking forward

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Speaker 1: to meeting some of you listeners tonight and Monday night

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Speaker 1: garage and that'll be Yeah. Like Matt said at seven, Uh, Matt,

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Speaker 1: I just want to mention to last week we talked

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Speaker 1: about my potentially ridiculous decision to buy a World Series ticket,

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Speaker 1: and now the Braves have won the World Series, my friend,

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Speaker 1: and you can say that you were there. I think

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Speaker 1: I really think my presence did it for us. But well,

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Speaker 1: and we finished up actually in Houston in six games,

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Speaker 1: a dominant win. And I will say it was worth it.

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Speaker 1: It was worth the money, worth every penny to get

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Speaker 1: to be at that World Series game. It was a

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Speaker 1: lot of fun, great vibes going on. Yeah, I mean

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Speaker 1: the place where the Braves play, it's kind of out

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Speaker 1: in the Bourbs. Now, we kind of we haven't really

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Speaker 1: talked about this on the show, but I used to

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Speaker 1: bike to a whole lot of games and I just

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Speaker 1: don't really go to as many, nearly as many as

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Speaker 1: I used to. We I mean we would go together

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Speaker 1: like we did a lot, like Kate and I would

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Speaker 1: even bike to go see the Braves play because you

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Speaker 1: could pick up tickets for like five bucks. Oh, it

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Speaker 1: was so much cheaper to go to a game back then,

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Speaker 1: for sure, But now literally we have not been to

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Speaker 1: a single game up at the Battery. Yeah, and I

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Speaker 1: think I might like my girls to the parade today

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Speaker 1: in downtown Atlanta. But yeah, that's enough about the Braves.

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Speaker 1: When I just wanted to say it was worth it,

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Speaker 1: and I wanted to also quickly mentioned order some housekeeping

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Speaker 1: here that Matt and I are wrong sometimes and we

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Speaker 1: are not infallible. No, that's true. And by the way,

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Speaker 1: if you ever have any anything that you want to

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Speaker 1: share with us something we've gotten wrong, a way we

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Speaker 1: can improve. We have a place where you can do

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Speaker 1: that at how the Money dot com slash do better.

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Speaker 1: We we love to hear your suggestions. But we were

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Speaker 1: wrong earlier this week when we mentioned that a Chase

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Speaker 1: credit card bonus sign up bonus was one thousand, two

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Speaker 1: hundred and fifty dollars. That had recently changed and now

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Speaker 1: now the point sign up bonuses is sixty instead of

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Speaker 1: a hundred thousand, sixty thousand points, but with the additional

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Speaker 1: bonus you're looking at US seven and fifty dollar bonus.

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Speaker 1: It's a it's a far cry from twelve fifty. But

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Speaker 1: that being said, it is still a fantastic bonus. Yeah,

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Speaker 1: it is, it is, but we're wrong. It's not as

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Speaker 1: rich as it used to be. Sadly, Yeah, that that

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Speaker 1: honeymoon phases is over right right, still a great card

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Speaker 1: and also one of the thing we were wrong about

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Speaker 1: last week, Matt, we mentioned the timing for the Public

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Speaker 1: Service Loan Forgiveness Waiver s LF. We made it sound

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Speaker 1: like you only had a few days until Halloween. Could

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Speaker 1: you ever tell Halloween next year? October one was correct?

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Speaker 1: We had that date right, Uh not this year though, two?

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Speaker 1: And so Yeah, if any folks out there were stressed

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Speaker 1: out and rushed to make sure that they filled that

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Speaker 1: thing out, well, congratulations, you don't have to worry about

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Speaker 1: it anymore. Yeah. But for everyone else who just thought,

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Speaker 1: you know what, I'm just not gonna get around to

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Speaker 1: doing that, well you have another year, Yes, you've got

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Speaker 1: twelve months. And sorry about lighting a fire under you needlessly.

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Speaker 1: All right, but Matt, let's let's do move on and

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Speaker 1: get to the Friday flight and mentioned the other stories

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Speaker 1: the stories we found interesting this week, and start off

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Speaker 1: by talking about cash money, the theme of everything. It

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Speaker 1: seems like for the past year or so, maybe maybe

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Speaker 1: a little bit longer, has been to the moon, crypto stocks,

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Speaker 1: real estate stocks, and yeah, everything has been like going

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Speaker 1: on the oup and up, up into the right. But

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Speaker 1: a new survey from Bank of America finds that savings

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Speaker 1: rates are through the roof too. And it turns out

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Speaker 1: that seventy of gen z ears specifically padded their savings

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Speaker 1: account over the past year. And although I would say

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Speaker 1: it was hard not to be saving more for a

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Speaker 1: lot of people because of the massive amount of stimulus

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Speaker 1: dollars that they've been flowing directly into those accounts, the

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Speaker 1: inability to spend any money when things were locked down exactly, Yeah,

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Speaker 1: your money flowing into your account and you're not going out,

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Speaker 1: and so just by default your savings grow. This this

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Speaker 1: is great news for individuals, right, but the personal balance sheets,

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Speaker 1: I would say, of most Americans, they're just better off

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Speaker 1: than they've been in a long time. And this new

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Speaker 1: survey just reflects how strong of a position, of a

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Speaker 1: savings position that so many Americans are in. That true,

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Speaker 1: But you know, here is an important question, which is

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Speaker 1: is it possible to have too much money in savings?

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Speaker 1: There is nearly ten trillion dollars in savings accounts that

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Speaker 1: are earning close to nothing right now. Ten trillion. That

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Speaker 1: is a crazy amount of money. And in fact, with

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Speaker 1: inflation continuing, it's death march, that money is earning less

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Speaker 1: than nothing in those accounts. It's actually doing the opposite.

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Speaker 1: It is slowly deteriorating. And so while we are fans

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Speaker 1: of saving money, it is possible to be too focused

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Speaker 1: on saving and not focused enough on investing. And in fact,

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Speaker 1: that same Bank of American survey, they found that only

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Speaker 1: twenty six percent of those same gen's ears had contributed

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Speaker 1: to the retirement accounts. With that extra money that fell

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Speaker 1: into their laps, that is not a good use of

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Speaker 1: that money. We want to see more of that money,

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Speaker 1: assuming they've got their emergency fund set up, We want

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Speaker 1: to see more of that money, uh put to use

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Speaker 1: in a in a more active way. Exactly. Yeah, what

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Speaker 1: while keeping savings on hand for a rainy day is crucial, right,

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Speaker 1: We're not We're not saying savings is for the birds,

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Speaker 1: that it's stupid. Investing is what's going to grow your

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Speaker 1: well then, so yeah, don't neglect to have some liquid

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Speaker 1: cash on hand, but don't overdo it either. And if

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Speaker 1: you're looking for a better place to stash maybe some

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Speaker 1: of your medium term savings money that you're not investing

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Speaker 1: for thirty years down the road, but money you might

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Speaker 1: need in the next two or three. I bonds are

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Speaker 1: looking better and better these days. We've been talking more

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Speaker 1: and more about I bons as inflation has become a

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Speaker 1: bigger risk here money. And it turns out, you know,

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Speaker 1: new rates as of November first, or just a hair

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Speaker 1: over seven percent now on the ipond. So yeah, if

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Speaker 1: you're looking for risk free returns, this is a great

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Speaker 1: place to stash some of that money you don't feel

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Speaker 1: comfortable investing at the moment. Maybe you have overpadded your

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Speaker 1: your savings account and you're like, I gotta, I gotta

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Speaker 1: find a way to make more than half a percent. Well,

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Speaker 1: you can electronically purchase those I bonds on Treasury Direct

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Speaker 1: dot gov. We will put a link in the show notes.

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Speaker 1: You can purchase up to ten thousand dollars per person

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Speaker 1: per year, and then you can purchase an additional five

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Speaker 1: thousand dollars up to an additional five grand with your

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Speaker 1: tax return money next year. And so yeah, if you're

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Speaker 1: kind of in that in between, SPOT bonds are just

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Speaker 1: an awesome vehicle for to place your money in right

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Speaker 1: now totally. And I actually did that this morning. Yeah,

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Speaker 1: I I opened it in accounts. I had not done

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Speaker 1: that before, and it did not take very long at all.

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Speaker 1: I will say the website it's pretty clunky. I felt

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Speaker 1: like it was built twenty years ago. It probably was.

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Speaker 1: I mean, yeah, literally running on Microsofts exactly, and so

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Speaker 1: I felt a little odd, you know, punching in all

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Speaker 1: of that sensitive information. But literally, you can open account

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Speaker 1: today and you can fund it and make a purchase.

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Speaker 1: I maxed that out, actually, and I bought ten thousand

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Speaker 1: dollars worth of I bonds because I had some savings.

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Speaker 1: Like you said that I was thinking about investing. I

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Speaker 1: thought about putting that directly in the market, but instead

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Speaker 1: this is another way to earn on that money and

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Speaker 1: to diversify what I am doing with that money. And

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Speaker 1: it's worth mentioning that. Keep in mind, this is money

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Speaker 1: that you can't touch for twelve at least twelve months,

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Speaker 1: and so beyond that you can take the money out,

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Speaker 1: but you're going to have to pay back three months

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Speaker 1: worth of interest. But even still, and even if rates adjust,

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Speaker 1: it is still probably the best place for you to

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Speaker 1: get that guaranteed rate of return on your money. Yeah,

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Speaker 1: not a great place for the emergency fund, but it

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Speaker 1: is a good place for savings term saving, that's right. Yeah.

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Speaker 1: And since we're we're talking about some of these fundamental

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Speaker 1: aspects of personal finance, let's quickly talk about credit card debt,

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Speaker 1: because that is down as well. The average credit card

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Speaker 1: balance was about back in twenty nineteen it is now,

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Speaker 1: and so this is great news on multiple levels. Obviously

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Speaker 1: it's great for your finances. But a new study from

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Speaker 1: the University of Missouri, they found that people who carried

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Speaker 1: consistently high levels of unsecured debts so credit card debt

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Speaker 1: where and this is straight from the report, were more

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Speaker 1: likely to have pain that interfered with her daily life

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Speaker 1: than people with no one secured debt snaw. That's crazy.

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Speaker 1: It really is a remarkable study. And you know, we've

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Speaker 1: discussed the i Q drop that debt can cause, but

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Speaker 1: this just striking correlation between higher levels of debt worst

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Speaker 1: physical health. This is one worth keeping an eye on

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Speaker 1: because using debt vehicles like credit cards to enhance your lifestyle.

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Speaker 1: That's a dangerous game to play how you handle money.

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Speaker 1: It truly does have direct implications on every area of

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Speaker 1: a life, including your mental and your physical health. Yeah,

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Speaker 1: that was shocking to read. I did not know that.

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Speaker 1: I I obviously we knew the mental health aspect, but

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Speaker 1: the physical health, like that debt deteriorates too. It makes sense.

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Speaker 1: Man has the mind controls the body. That's right, That's right.

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Speaker 1: But it's just kind of interesting to see the numbers.

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Speaker 1: And yeah, it just makes me think that we should

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Speaker 1: be telling our listeners more and more the perils of debt, because, yeah,

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Speaker 1: it influences every part of your life. It's it reaches

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Speaker 1: its tentacles in everywhere, that's for sure, and causes misery.

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Speaker 1: But here's another thing. Did you know that you don't

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Speaker 1: necessarily have to pay every debt that you owe. No,

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Speaker 1: I'm not joking, and I'm not trying to sell you anything, right,

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Speaker 1: not all debt. As it turns out, it's collectible. And

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Speaker 1: we haven't really talked about this before on the show, Matt.

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Speaker 1: We haven't talked about the statute of limitations laws. But

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Speaker 1: David Lazarus from The l A Times had a piece

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Speaker 1: this week detailing how the statute of limitations works when

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Speaker 1: it comes to debts that you owe. And this is

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Speaker 1: something that like we haven't really talked about and most

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Speaker 1: folks don't really have a clue about. They don't realize

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Speaker 1: that that there is a clock ticking when it comes

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Speaker 1: to debts that they haven't paid yet. And we'll put

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Speaker 1: up a link actually so you can see what the

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Speaker 1: statute of limitation is in your state, because it varies

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Speaker 1: from state to state. It's four years on unpaid debt

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Speaker 1: in California, it's six where we live in Georgia. And

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Speaker 1: so that means that legally a debt collector will not

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Speaker 1: be able to sue you for any payments that you

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Speaker 1: might owe after that time is up. And here's the thing, though,

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Speaker 1: this is an ethically gray area because you still owe

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Speaker 1: the debt, and we would say it doesn't mean you

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Speaker 1: no longer owe the debt, right, It's it's not forgiven, right.

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Speaker 1: It just means that they cannot sue you in a

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Speaker 1: court of law in order to make you pay. And

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Speaker 1: so we would say that you should still pay the

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Speaker 1: debt if you're able to. But here's the thing. If

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Speaker 1: you're not able to, we want you to know that

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Speaker 1: the Statute of Limitations has your back. It's something actually

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Speaker 1: a listener just this week emailed and said, really you

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Speaker 1: should tell how the money listeners about Statute of Limitations.

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Speaker 1: I saw this article by David Lazar sn I was like,

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Speaker 1: this is the perfect time just to mention it, because

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Speaker 1: it is one of those things where if you do

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Speaker 1: not have the financial resources to pay a debt um,

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Speaker 1: there is a time limit on a debt collector's ability

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Speaker 1: to to try to get that money out of your hands.

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Speaker 1: Yeah and so yeah, ethically or morally there it's you know,

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Speaker 1: there's a gray area when it comes to your ability

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Speaker 1: to get sued though. It's it's black or white. Uh.

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Speaker 1: And when it comes to your credit score, it's black

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Speaker 1: and white as well, because the Statute of Limitations this

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Speaker 1: this has nothing to do with your credit score. Even

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Speaker 1: though they can no longer sue you for that money,

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Speaker 1: it can still completely wreck your credit score. And David

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Speaker 1: he also wrote about how some more unscrupulous collectors will

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Speaker 1: try and kind of pull a fast one on you, uh,

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Speaker 1: in order to do what's called reviving an old debt

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Speaker 1: basically then it's honestly, it's it's a lot like what

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Speaker 1: it sounds. They try and get you to pay like

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Speaker 1: this tiny amounts almost as tiny of of an amount

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Speaker 1: as you can towards that debt, which revives it, meaning

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Speaker 1: that the you know, the clock starts ticking again, you

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Speaker 1: basically hit the reset button and then that collector can

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Speaker 1: hound you to pay up and if you don't, then

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Speaker 1: they can legally take you to court. Again. They might

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Speaker 1: sound real sweet and you're like, just pay ten bucks today,

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Speaker 1: if you just pay ten bucks today, just do me

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Speaker 1: a favorite, alright, like yeah, and they're like, okay, I

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Speaker 1: guess I can pay ten bucks. But then that resource

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Speaker 1: the clock and so that puts you over the barrel

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Speaker 1: again if you owe a lot of debt collector. And

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Speaker 1: it's not just about paying a small amount too, but

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Speaker 1: even agreeing to enter into a new debt payment plan,

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Speaker 1: even acknowledging that this debt exists. These are all things

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Speaker 1: that can trigger the reset and so be sure to

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Speaker 1: be incredibly careful and how you communicate and what you

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Speaker 1: communicate if you are in touch with a debt collector.

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Speaker 1: All right, yeah, so word to the wise there if

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Speaker 1: you owe debt, just watch out for these tricks. You

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Speaker 1: you know. It's like we said, it's a good thing

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Speaker 1: to pay your debts. If you have taken on a

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Speaker 1: loan and you've said I will pay this, we think

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Speaker 1: it's the right thing to do. It's your moral obligation

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Speaker 1: to pay any sort of debt that you've taken out.

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Speaker 1: But just know your legal rights too. And yeah, yeah, Matt,

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Speaker 1: let's quickly talk about gig work for a second. The

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Speaker 1: the FTC, the Federal Trade Commission, just sent notices to

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Speaker 1: some of the major gig companies telling them to stop

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Speaker 1: making promises that they can't deliver on when it comes

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Speaker 1: to work or pay. Companies like Uber, Lift, instat cart

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Speaker 1: Door Dash, they're all under increased scrutiny when it comes

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Speaker 1: to how much their gig work army is actually making

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Speaker 1: versus what they're being told they're going to make. And

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Speaker 1: so I guess a little embellishment is happening here with

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Speaker 1: some of these companies. And we actually, you know, we

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Speaker 1: talked about the insidious nature of gig work just last

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Speaker 1: month on the show. Maybe some of the folks over

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Speaker 1: there at the FDC listen to how the money that

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Speaker 1: could be that could be and we should do an

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Speaker 1: HTMC collab. That'd be nice, that'd be fun. I'm for it.

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Speaker 1: Sounds like it wouldn't be fun. Let's be dry a bone.

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Speaker 1: And you know, I think while gig work can be

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Speaker 1: beneficial for some folks, we we tried to highlight some

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Speaker 1: of the pros of gig work in that episode, a

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Speaker 1: lot of gig workers are left in the lurch on

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Speaker 1: the payfront. They're being overpromised, under delivered, and ultimately, I

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Speaker 1: think we're all likely going to be paying more for

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Speaker 1: gig services as these companies beef up what they pay

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Speaker 1: workers in the future, especially under like the increase scrutiny

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Speaker 1: of the federal government. But guess what we said it then,

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Speaker 1: and we'll say now we're okay with that. If the

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Speaker 1: gig economy is going to continue to grow, those pay

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Speaker 1: promises are going to have to be kept and gig

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Speaker 1: workers are gonna have to be able to make a

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Speaker 1: legitimate income. Um. I think if it's going to be sustainable,

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Speaker 1: that's right, Joel. And just like you said, higher prices,

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Speaker 1: that's something that we can start to get used to,

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Speaker 1: get used to the idea of paying more. If these

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Speaker 1: are services. If these are apps that you use now

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Speaker 1: that you plan to continue to use. We've got several

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Speaker 1: other stories that we're gonna get to here in a minute.

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Speaker 1: We're gonna talk about Lady Investors, We're gonna talk about

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Speaker 1: Shack being stingy. But first a quick break. All right,

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Speaker 1: we're back and we've got more money stories to share

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Speaker 1: with you, more stuff happening this week that affects your money,

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Speaker 1: your finances and Matt. The first thing we do in

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Speaker 1: the second half of every Friday show is the ludicrous

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Speaker 1: headline of the week of the week, and this one

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Speaker 1: comes from Business Insider, and here is the headline. It's

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Speaker 1: w streets new sustainable investing fad is a scam. What

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Speaker 1: do you think about that headline? Those are harsh words.

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Speaker 1: They are it's like fighting words, man, And uh, let's

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Speaker 1: give an update maybe on socially responsible investing. While e

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Speaker 1: s G funds which stands for Environmental Social Governance, they're

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Speaker 1: not our favorites. Calling them a scam was a bit

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Speaker 1: of an overreach, I would say on the reach, yeah,

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Speaker 1: and overreach on on this Business Insider article. It was

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Speaker 1: intended to get clicks. Maybe that's what the internet does.

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Speaker 1: But this article, along with the one from Vox that

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Speaker 1: both were published this week, shed some light on what's

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Speaker 1: happening in this space. Both pieces articulated some of the

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Speaker 1: real problems with these funds. Basically, because socially responsible and

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Speaker 1: I put that in quotes, and e s G they're

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Speaker 1: such buzzwords right now in the investing space. Companies are

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Speaker 1: launching and promoting these e s G funds more readily,

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Speaker 1: and investors are taking the bait. They're putting more and

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Speaker 1: more of their investment dollars into these supposedly green funds,

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Speaker 1: and at the same time they're paying higher fees to

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Speaker 1: do so. We would say it's not all rainbows and

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Speaker 1: kale salad on the E s G front, though there

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Speaker 1: there are some problems with these funds. They're not a scam,

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Speaker 1: we would disagree with that characterization from Business insider um,

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Speaker 1: but there are some issues that we definitely need to

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Speaker 1: consider before we start to put our money in them. Yeah.

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Speaker 1: S G funds right now they're hotter than fat free

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Speaker 1: in the nineties, which was incredibly hot. But like you said,

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Speaker 1: d with without like the proper definitions, people are just

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Speaker 1: putting money into these e s G funds without fully

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Speaker 1: realizing what they are and what they aren't getting one

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Speaker 1: person's E s G trash is going to be another

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Speaker 1: person's treasure. So, for instance, companies with maybe they've got

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Speaker 1: a severe digital privacy problem, they might be lurking in

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Speaker 1: that E s G fund um Or there might be

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Speaker 1: a company that that has publicly committed, you know, to

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Speaker 1: taking green action through their company, but they haven't listed

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Speaker 1: any steps to actually accomplish that goal. They might also

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Speaker 1: be inside of funds like that as well, and they

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Speaker 1: might be singing a pretty tune. They might be like

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Speaker 1: I'll talk and no action exactly. And so when you've

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Speaker 1: got just a lack of clear definitions like this, that

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Speaker 1: means that the E s G space is still very

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Speaker 1: much the wild West. And so you might be wondering,

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Speaker 1: like should you be investing your money in one of

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Speaker 1: these funds, and that the answer here is that it

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Speaker 1: really comes down to your personal values, and it comes

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Speaker 1: down to you doing the research. If you believe that

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Speaker 1: this is something that you should be putting your money towards,

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Speaker 1: don't start just regularly putting your money into a fund

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Speaker 1: that you haven't taken the time to vet properly. Because

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Speaker 1: you might find yourself investing in companies that don't align

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Speaker 1: with your values, despite the promises that the fund is making,

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Speaker 1: or despite just what the fund is called, or the

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Speaker 1: fact that it has E s G in the name.

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Speaker 1: Uh And another downside of investing in E s G

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Speaker 1: funds can be a lack of diversification. For us, that's

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Speaker 1: not really a problem because we that That's why we're

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Speaker 1: huge proponents of investing in the entire stock market. It's

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Speaker 1: why I'm such a big fan of investing in the

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Speaker 1: SMP five hundred. You get plenty of diversification, and we're also,

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Speaker 1: you know, okay with the fact that there are going

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Speaker 1: to be some companies within those indexes that may not

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Speaker 1: perfectly align with our values. That's one area where I'll

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Speaker 1: let my investments just be investments, and if I wanted

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Speaker 1: to do something where I can make a more impactful

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Speaker 1: change in my life, I do that proactively with additional

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Speaker 1: money outside of my investments. Yeah, I think that's a

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Speaker 1: good way to think about it, Matt, and I think

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Speaker 1: good people are gonna come down on different sides of

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Speaker 1: the E s G debate. But it's just important to

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Speaker 1: note that not every E s G fund is created alike,

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Speaker 1: and so yeah, you've got to do your due diligence

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Speaker 1: before you start sticking your money inside of those funds.

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Speaker 1: And you have to look at the expense ray shows

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Speaker 1: because they're certainly going to be higher than most of

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Speaker 1: the the traditional index SMP five hundred type funds that

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Speaker 1: you just mentioned, a total stock market fund, the kind

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Speaker 1: of funds that we typically push people towards or we

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Speaker 1: like to see our listeners invest in. You know, you're

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Speaker 1: definitely gonna be paying higher fees than what those funds

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Speaker 1: have to offer. But since we're talking about investing, let's

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Speaker 1: talk about an article that friend of the show, Ron

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Speaker 1: Lieber from the New York Times wrote this week, and

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Speaker 1: it's about why female investors are better than their male counterparts.

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Speaker 1: And we will say, first off, good job, ladies, fantastic.

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Speaker 1: Ron made some really good points in this article, many

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Speaker 1: of which were based around a Fidelity survey. And what

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Speaker 1: Ron actually said is that the way the women trade

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Speaker 1: is the key to their success. Basically, women aren't trading

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Speaker 1: stocks as frequently as their male counterparts, and man, we

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Speaker 1: know this to be true. The more that you trade,

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Speaker 1: the worst your results will typically be. And women are

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Speaker 1: just better at staying the boring horse to build wealth

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Speaker 1: over time, which then is the way to go. Yeah,

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Speaker 1: at least for on a statistical basis, And so the

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Speaker 1: lessons we can learn from these results are are really

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Speaker 1: applicable for men and women. But it's good to see that, hey,

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Speaker 1: there's something that the women are excelling at and we

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Speaker 1: should take a page from their book. There's something that

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Speaker 1: us men have a lot to learn. And the stats

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Speaker 1: they actually tend to reflect a general lack of confidence

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Speaker 1: for women, like when it comes to investing at all,

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Speaker 1: but then the ones that do get started, they tend

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Speaker 1: to see superior results. And on the flip side of

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Speaker 1: the coin, like, that's because men. Many men are overconfident,

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Speaker 1: believing that they can outperform the market, which ends up

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Speaker 1: harming their long term returns. And so obviously these are

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Speaker 1: generalizations like there's gonna be some dudes that are more

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Speaker 1: than happy to passively invest in a total stock market fund,

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00:20:18,600 --> 00:20:20,119
Speaker 1: while they're gonna be some women out there who are

431
00:20:20,119 --> 00:20:22,760
Speaker 1: prousing the Wall Street Bets subreddit. And so it's our

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00:20:22,800 --> 00:20:24,960
Speaker 1: goal to see all how the money listeners reach a

433
00:20:25,000 --> 00:20:27,840
Speaker 1: confidence sweet spot when it comes to their investments. We

434
00:20:27,880 --> 00:20:30,200
Speaker 1: want you to be confident enough to invest week in

435
00:20:30,280 --> 00:20:32,679
Speaker 1: and week out more and more of your paycheck, but

436
00:20:32,760 --> 00:20:35,879
Speaker 1: not so confident that you're gonna tink her with your portfolio,

437
00:20:35,960 --> 00:20:38,000
Speaker 1: or maybe you're gonna take on too much risk by

438
00:20:38,480 --> 00:20:41,320
Speaker 1: investing in you know, the next meme stock of the moment,

439
00:20:41,720 --> 00:20:44,119
Speaker 1: or maybe you know, just to begin trading stocks like

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00:20:44,119 --> 00:20:46,680
Speaker 1: baseball cards. This is another reason too, why we're feeling

441
00:20:46,680 --> 00:20:49,439
Speaker 1: people trade baseball cards anymore, though, do the baseball card swap.

442
00:20:49,440 --> 00:20:52,119
Speaker 1: It makes me sad they're doing virtual ones, man, n

443
00:20:52,160 --> 00:20:54,040
Speaker 1: f t s. Come on, really, now there's kids are

444
00:20:54,040 --> 00:20:56,760
Speaker 1: still sitting down and trading baseball cards, especially after this

445
00:20:56,800 --> 00:20:59,679
Speaker 1: World Series win, babe. But I feel that this is

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00:20:59,800 --> 00:21:01,920
Speaker 1: an other great reason why it's so important to have

447
00:21:02,080 --> 00:21:05,000
Speaker 1: both partners in a relationship involved in their finances. I

448
00:21:05,000 --> 00:21:08,080
Speaker 1: mean specifically with with hetero relationships, because you can both

449
00:21:08,080 --> 00:21:10,320
Speaker 1: come to the table with that balance. I know that

450
00:21:10,359 --> 00:21:12,760
Speaker 1: anytime I start thinking, Okay, I'm wanna do something a

451
00:21:12,800 --> 00:21:15,040
Speaker 1: little bit different with our money, I can take that

452
00:21:15,080 --> 00:21:16,840
Speaker 1: to Kay and we talk about it, and she's able

453
00:21:16,880 --> 00:21:19,280
Speaker 1: to provide that balance. She's able to be a ballast

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00:21:19,560 --> 00:21:21,720
Speaker 1: to me when it comes to the different risks that

455
00:21:21,720 --> 00:21:23,560
Speaker 1: we take with our money, and when you're able to

456
00:21:23,600 --> 00:21:26,000
Speaker 1: incorporate multiple viewpoints, I think that is going to be

457
00:21:26,080 --> 00:21:28,560
Speaker 1: the key to doing the most positive things that you

458
00:21:28,600 --> 00:21:30,280
Speaker 1: can do with your money with your wealth. Yeah, I

459
00:21:30,320 --> 00:21:32,040
Speaker 1: don't know why, Mad, I'm getting the picture of like

460
00:21:32,200 --> 00:21:34,040
Speaker 1: a bully on a playground. Of the kid that's getting

461
00:21:34,080 --> 00:21:36,480
Speaker 1: picked on, it probably has very little confidence in the

462
00:21:36,560 --> 00:21:40,080
Speaker 1: kid that is doing doing the picking on is probably

463
00:21:40,080 --> 00:21:41,960
Speaker 1: too confident. And you want to be I don't know

464
00:21:41,960 --> 00:21:43,359
Speaker 1: if the kid mc corner doing his own thing. You

465
00:21:43,359 --> 00:21:46,200
Speaker 1: don't want to be either of those. Uh, you want

466
00:21:46,200 --> 00:21:48,160
Speaker 1: to be the kid, uh, you know, swinging on the swing,

467
00:21:48,200 --> 00:21:52,000
Speaker 1: having fun exactly exactly. And so yeah, you wanna find

468
00:21:52,080 --> 00:21:55,440
Speaker 1: the confidence sweet spot and make sure that you are investing.

469
00:21:55,640 --> 00:21:58,320
Speaker 1: But lest you're not getting so cocky that you start

470
00:21:58,359 --> 00:22:00,680
Speaker 1: to do crazy stuff, because you're gonna end up with

471
00:22:00,760 --> 00:22:03,199
Speaker 1: less money over time. And yeah, let's let's get to

472
00:22:03,200 --> 00:22:05,560
Speaker 1: that Shack story, Matt. Let's talk about one of our

473
00:22:05,600 --> 00:22:08,280
Speaker 1: favorite a t aliens that we've never had the pleasure

474
00:22:08,320 --> 00:22:10,040
Speaker 1: of meeting. But maybe Shack will come on the show

475
00:22:10,080 --> 00:22:11,600
Speaker 1: one of these days. What do you think I would

476
00:22:11,640 --> 00:22:14,240
Speaker 1: love that? All Right, Shack open invite anytime, but the

477
00:22:14,480 --> 00:22:17,920
Speaker 1: title of this episode called him stinchy, so he might

478
00:22:17,960 --> 00:22:21,240
Speaker 1: actually decline. Sorry about that, Shack, it was just a joke.

479
00:22:21,560 --> 00:22:24,160
Speaker 1: It turns out that Shack told friends of the show,

480
00:22:24,200 --> 00:22:27,280
Speaker 1: Troy and Rashad from the podcast Earn Your Leisure they

481
00:22:27,320 --> 00:22:29,159
Speaker 1: came on a while back, that he's not going to

482
00:22:29,200 --> 00:22:32,240
Speaker 1: be giving any of his money to his son's in

483
00:22:32,280 --> 00:22:35,040
Speaker 1: the future, and it's not because he doesn't love them.

484
00:22:35,240 --> 00:22:38,800
Speaker 1: He specifically tells his kids, we ain't rich, I'm rich,

485
00:22:40,280 --> 00:22:44,160
Speaker 1: and he went so good, I love it. It's classic Shack,

486
00:22:44,440 --> 00:22:45,920
Speaker 1: and he went on to say that if they want

487
00:22:45,960 --> 00:22:47,639
Speaker 1: money from him, they've got to come up with like

488
00:22:47,640 --> 00:22:49,600
Speaker 1: a business plan that's worth investing in, and they've got

489
00:22:49,600 --> 00:22:52,520
Speaker 1: to sell him on it. Shock is a businessman. Yeah,

490
00:22:52,520 --> 00:22:55,280
Speaker 1: he said, you gotta earn it. And you know what,

491
00:22:55,320 --> 00:22:57,679
Speaker 1: we're with Shack on this one. Shack wasn't just a

492
00:22:57,720 --> 00:23:01,199
Speaker 1: successful basketball player. He's been success in so many areas

493
00:23:01,240 --> 00:23:04,560
Speaker 1: of his life, including parenthood apparently. And I love that

494
00:23:04,640 --> 00:23:07,000
Speaker 1: he's teaching his kids work ethic and that his own

495
00:23:07,040 --> 00:23:10,040
Speaker 1: good fortune and hard work don't translate to his kids

496
00:23:10,200 --> 00:23:13,520
Speaker 1: riding his coattails and just automatically, like get moving on

497
00:23:13,560 --> 00:23:15,520
Speaker 1: to third base. He's saying no, no no, no, no, you

498
00:23:15,600 --> 00:23:18,280
Speaker 1: gotta hit that triple yourself. And a lot of baseball

499
00:23:18,320 --> 00:23:21,879
Speaker 1: references in this episode. But uh, I think it's just

500
00:23:21,960 --> 00:23:24,679
Speaker 1: so good to see where Shacks coming from on this,

501
00:23:24,720 --> 00:23:26,440
Speaker 1: And I think you're gonna make heart of your kids

502
00:23:26,480 --> 00:23:28,960
Speaker 1: as a result when even if you have the resources,

503
00:23:29,080 --> 00:23:31,439
Speaker 1: you don't just hand them over to your kids automatically.

504
00:23:31,480 --> 00:23:33,280
Speaker 1: That's right. I mean, this is a huge reason why

505
00:23:33,680 --> 00:23:36,800
Speaker 1: none of our kids are on an allowance. If they

506
00:23:36,840 --> 00:23:38,679
Speaker 1: want to earn money, they actually have to earn it.

507
00:23:38,720 --> 00:23:41,639
Speaker 1: There are jobs they have to accomplish. And yes, like

508
00:23:41,680 --> 00:23:43,160
Speaker 1: they are a part of our family and there's things

509
00:23:43,160 --> 00:23:45,720
Speaker 1: that they do because they're just our kids, but that's

510
00:23:45,760 --> 00:23:47,280
Speaker 1: not tied to money at all. That's just tied to

511
00:23:47,760 --> 00:23:50,280
Speaker 1: roles in our family and responsibility and what it means

512
00:23:50,280 --> 00:23:52,360
Speaker 1: to be, you know, a part of our household. Yes,

513
00:23:52,440 --> 00:23:54,480
Speaker 1: we want them to know how to handle money and

514
00:23:54,480 --> 00:23:56,480
Speaker 1: how to you know, invest it and spend it things

515
00:23:56,520 --> 00:23:57,960
Speaker 1: like that, But the first thing that we have to

516
00:23:58,040 --> 00:24:00,280
Speaker 1: learn how to do here is earn that money. That's

517
00:24:00,280 --> 00:24:02,199
Speaker 1: why I think putting kids on commission is actually a

518
00:24:02,240 --> 00:24:04,760
Speaker 1: great thing. A great thing to do. But we, like

519
00:24:04,800 --> 00:24:06,199
Speaker 1: you said, we we have to find a way to

520
00:24:06,240 --> 00:24:08,680
Speaker 1: communicate to them that we love them, uh, and that

521
00:24:09,359 --> 00:24:12,440
Speaker 1: love equals money Like that is this way of thinking

522
00:24:12,440 --> 00:24:14,320
Speaker 1: that we need to make sure that we push back against.

523
00:24:14,640 --> 00:24:17,880
Speaker 1: No doubt, it's tough to raise resilient kids, resilient kids

524
00:24:17,880 --> 00:24:22,560
Speaker 1: who know how to handle money decently well. And so yeah,

525
00:24:22,640 --> 00:24:24,800
Speaker 1: and if you're wondering, well, how do I how do

526
00:24:24,840 --> 00:24:25,920
Speaker 1: I do that? What are some of the things I

527
00:24:25,920 --> 00:24:28,399
Speaker 1: need to implement? What we just had Liz Frasier on

528
00:24:28,440 --> 00:24:30,959
Speaker 1: the show. She talked all about how to teach your

529
00:24:31,040 --> 00:24:34,320
Speaker 1: kids about money, and she talked about allowances and that

530
00:24:34,359 --> 00:24:36,360
Speaker 1: was that was a really good episode and encouraged you

531
00:24:36,400 --> 00:24:38,320
Speaker 1: back and listen to that one if you missed it.

532
00:24:38,560 --> 00:24:41,320
Speaker 1: But that's gonna do it for today's episode. For listeners

533
00:24:41,359 --> 00:24:43,639
Speaker 1: who want the show notes for today's episode, to see

534
00:24:43,880 --> 00:24:46,600
Speaker 1: the links to the articles that we discussed, you can

535
00:24:46,640 --> 00:24:48,680
Speaker 1: go to our website at how to money dot com.

536
00:24:48,720 --> 00:24:51,360
Speaker 1: That's right, and it's Friday, which means you've got all

537
00:24:51,359 --> 00:24:54,280
Speaker 1: weekend to head over to Apple Podcasts or wherever you

538
00:24:54,359 --> 00:24:57,120
Speaker 1: listen to your shows and leave us a solid review.

539
00:24:57,160 --> 00:24:58,879
Speaker 1: If you have not yet done that. It's spent a

540
00:24:58,880 --> 00:25:01,480
Speaker 1: minute since we've asked were reviews, and we would really

541
00:25:01,480 --> 00:25:03,760
Speaker 1: appreciate it helps others to find the show and helps

542
00:25:03,840 --> 00:25:06,320
Speaker 1: us to continue to spread the word to ensure that

543
00:25:06,400 --> 00:25:09,320
Speaker 1: other folks are out there doing smart things with their money,

544
00:25:09,400 --> 00:25:10,720
Speaker 1: no doubt, and we hope to see you if you're

545
00:25:10,720 --> 00:25:14,399
Speaker 1: in Atlantic. Monday Night Garage five tonight is going to

546
00:25:14,440 --> 00:25:16,520
Speaker 1: be a lot of fun, all right. That's gonna do it, though, Matt.

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00:25:16,680 --> 00:25:19,480
Speaker 1: Until next time, Best Friends Out, Best Friends Out,