1
00:00:00,040 --> 00:00:02,880
Speaker 1: Welcome to Had of Money. I'm Joel, I'm Matt, and

2
00:00:02,920 --> 00:00:06,720
Speaker 1: today we're talking career cushioning AI at the Warehouse Club

3
00:00:06,960 --> 00:00:08,639
Speaker 1: and overdraft fee elimination.

4
00:00:27,920 --> 00:00:30,800
Speaker 2: AI in the Warehouse Club almost sounds like a song.

5
00:00:31,040 --> 00:00:34,760
Speaker 2: Everybody in the club, in the in the club. It's

6
00:00:34,760 --> 00:00:37,320
Speaker 2: not TI in the Club. That's a completely different kind

7
00:00:37,320 --> 00:00:39,720
Speaker 2: of club, much less entertaining.

8
00:00:40,360 --> 00:00:44,360
Speaker 1: Typic Club the only fancy club I remember of Welcome

9
00:00:44,400 --> 00:00:46,120
Speaker 1: to episode and seventy seven.

10
00:00:46,120 --> 00:00:48,440
Speaker 2: I feel like if this was a slot machine, man,

11
00:00:48,560 --> 00:00:51,040
Speaker 2: you'd be getting the big bucks with this episode. But

12
00:00:51,080 --> 00:00:53,080
Speaker 2: this is a Friday flight, and we're going to talk

13
00:00:53,080 --> 00:00:55,840
Speaker 2: about this story the most interesting personal finance stories that

14
00:00:55,880 --> 00:00:57,720
Speaker 2: we've come across from this past week.

15
00:00:57,800 --> 00:00:59,800
Speaker 1: Yeah, okay, so before we get to that, and this

16
00:00:59,880 --> 00:01:02,040
Speaker 1: is actually kind of timely, Matt, I'm sure a lot

17
00:01:02,120 --> 00:01:06,199
Speaker 1: of people signed up for Peacock literally just to watch

18
00:01:06,440 --> 00:01:09,000
Speaker 1: the Big Game was the last weekend this past weekend,

19
00:01:09,360 --> 00:01:12,399
Speaker 1: Kansas City versus Miami Dolphins. I know you're not super

20
00:01:12,440 --> 00:01:16,760
Speaker 1: into sports, the Big Game. I actually I honestly rarely

21
00:01:16,800 --> 00:01:19,080
Speaker 1: watched sports too. Did you pull it up? I did

22
00:01:19,120 --> 00:01:21,840
Speaker 1: pull it up. I watched it. My father in law

23
00:01:21,959 --> 00:01:25,759
Speaker 1: is a massive Chiefs fan. Okay, And I was also like, one,

24
00:01:26,319 --> 00:01:28,160
Speaker 1: what was it looked like to play football in negative

25
00:01:28,160 --> 00:01:29,720
Speaker 1: twenty five degrees. I'm just a little curious.

26
00:01:29,760 --> 00:01:31,880
Speaker 2: I thought they I thought they postponed the game that

27
00:01:31,920 --> 00:01:33,360
Speaker 2: was a different one, that was the Bills game.

28
00:01:33,480 --> 00:01:35,920
Speaker 1: Okay, because the snow. I saw the stories about this. Yeah, yeah,

29
00:01:35,920 --> 00:01:36,440
Speaker 1: there wasn't.

30
00:01:36,319 --> 00:01:38,399
Speaker 2: They can get enough folks working twenty dollars an.

31
00:01:38,319 --> 00:01:40,840
Speaker 1: Hour or I saw that they up there paid at

32
00:01:40,959 --> 00:01:43,559
Speaker 1: least from last year yea to fifteen bucks. You could

33
00:01:43,560 --> 00:01:45,800
Speaker 1: not pay me fifteen bucks an hour to shovel snow.

34
00:01:45,600 --> 00:01:46,720
Speaker 3: And buffalo to r I saw.

35
00:01:46,760 --> 00:01:48,440
Speaker 2: I just saw one guy with his shirt off sliding

36
00:01:48,480 --> 00:01:49,080
Speaker 2: down the snow.

37
00:01:49,120 --> 00:01:49,440
Speaker 1: Shoot.

38
00:01:49,600 --> 00:01:51,760
Speaker 3: Yeah, well you.

39
00:01:51,760 --> 00:01:54,120
Speaker 1: Get people with your shirts off it in Kansas City too, which.

40
00:01:54,000 --> 00:01:55,000
Speaker 2: Is just the thing that they do.

41
00:01:55,040 --> 00:01:55,480
Speaker 3: I don't think.

42
00:01:55,520 --> 00:01:58,560
Speaker 2: So, oh yeah, that's a great reminder to cancel that membership.

43
00:01:58,920 --> 00:02:01,240
Speaker 1: Similarly, you might have signed up for the one game

44
00:02:01,280 --> 00:02:03,160
Speaker 1: maybe like there's nothing else, Like, you don't want to

45
00:02:03,160 --> 00:02:05,200
Speaker 1: get hit with that charge once it comes around here

46
00:02:05,280 --> 00:02:06,240
Speaker 1: it's four ninety nine a month.

47
00:02:06,280 --> 00:02:07,880
Speaker 2: But well, I was gonna say the same thing is

48
00:02:07,920 --> 00:02:10,840
Speaker 2: true if you sign up for a prime membership, Because

49
00:02:11,040 --> 00:02:12,800
Speaker 2: I think around the holidays, a lot of folks do

50
00:02:12,880 --> 00:02:14,400
Speaker 2: that and they're like, oh, maybe no, it's a good

51
00:02:14,440 --> 00:02:17,120
Speaker 2: time to check out that thirty day free trial and

52
00:02:17,200 --> 00:02:19,320
Speaker 2: guess what you're coming up on the end of that

53
00:02:19,360 --> 00:02:22,360
Speaker 2: thirty days. We always do have Amazon Prime typically, but

54
00:02:22,400 --> 00:02:26,120
Speaker 2: it's under Kate's name, under her email address, and around Christmas,

55
00:02:26,160 --> 00:02:27,959
Speaker 2: I want to make sure that she isn't seeing those

56
00:02:28,080 --> 00:02:30,000
Speaker 2: orders go through, so I always sign up for my

57
00:02:30,040 --> 00:02:33,639
Speaker 2: own Prime account there before the holidays. That way, I'm

58
00:02:33,680 --> 00:02:35,200
Speaker 2: able to place my own orders that way.

59
00:02:35,240 --> 00:02:36,919
Speaker 1: So you just pay an extra thirteen bucks and you

60
00:02:36,960 --> 00:02:38,960
Speaker 1: get the one month membership for it's free like it's

61
00:02:38,960 --> 00:02:40,720
Speaker 1: a free typically it's a free thirty day.

62
00:02:40,639 --> 00:02:43,560
Speaker 2: Trial every year, though I don't know about years past,

63
00:02:43,560 --> 00:02:46,200
Speaker 2: but I canceled it, so it was on the calendar

64
00:02:46,240 --> 00:02:48,880
Speaker 2: for this past Monday. So on Monday I canceled it.

65
00:02:48,919 --> 00:02:51,320
Speaker 2: You guys said that came on the calendar. It's that

66
00:02:51,400 --> 00:02:53,800
Speaker 2: way you don't lose sight of those different memberships.

67
00:02:53,840 --> 00:02:55,320
Speaker 1: Just put it on there ahead of time. The other

68
00:02:55,360 --> 00:02:57,280
Speaker 1: thing you can do is right when you sign up

69
00:02:57,280 --> 00:03:00,320
Speaker 1: for the thing, literally cancel it immediately because you still

70
00:03:00,320 --> 00:03:02,200
Speaker 1: get the free seven days or free thirty days or

71
00:03:02,240 --> 00:03:04,800
Speaker 1: whatever it is you do. Yeah, just make sure that

72
00:03:04,800 --> 00:03:07,120
Speaker 1: that's the case. But it'll say like, oh, okay, cool,

73
00:03:07,160 --> 00:03:10,119
Speaker 1: this will we won't charge you any recurrent, like you'll

74
00:03:10,120 --> 00:03:11,720
Speaker 1: be done thirty days from now. So unless they're like,

75
00:03:11,720 --> 00:03:13,440
Speaker 1: all right, that's the end of your service, and then

76
00:03:13,480 --> 00:03:13,799
Speaker 1: you're like.

77
00:03:13,720 --> 00:03:15,280
Speaker 2: Oh, no, shot, yeah, and then you go to sign

78
00:03:15,320 --> 00:03:17,160
Speaker 2: up again and they're like, I'm sorry, you've already tried

79
00:03:17,200 --> 00:03:18,960
Speaker 2: your free trial.

80
00:03:19,040 --> 00:03:21,280
Speaker 1: Yeah, just make sure when you're canceling on the day

81
00:03:21,280 --> 00:03:23,320
Speaker 1: you sign up that that's what it says, because sometimes

82
00:03:23,320 --> 00:03:25,680
Speaker 1: they will say, great, we're eliminating your service now, just

83
00:03:25,720 --> 00:03:26,640
Speaker 1: depends on the provider.

84
00:03:26,800 --> 00:03:29,440
Speaker 3: Suck it, Joel, those jerks.

85
00:03:29,840 --> 00:03:32,320
Speaker 1: All right, Matt, let's move on to the Friday flight

86
00:03:32,360 --> 00:03:35,800
Speaker 1: the sampling of stories we found interesting this week, and

87
00:03:36,280 --> 00:03:38,080
Speaker 1: this just kind of stuck out to me because there's

88
00:03:38,120 --> 00:03:41,119
Speaker 1: like a qutt term name for everything. Now. Remember we've

89
00:03:41,120 --> 00:03:43,840
Speaker 1: talked about cash stuffing, which is really just the envelope

90
00:03:43,840 --> 00:03:45,520
Speaker 1: system that's been around for a long time, just with

91
00:03:45,560 --> 00:03:47,400
Speaker 1: a cute new word attached to it or a phrase.

92
00:03:47,640 --> 00:03:50,920
Speaker 1: And so apparently there's a new trend now called career cushioning,

93
00:03:51,400 --> 00:03:53,760
Speaker 1: and it's really just something that's been around for a

94
00:03:53,760 --> 00:03:56,000
Speaker 1: whole bunch of years, but also with a cute new name.

95
00:03:56,520 --> 00:04:00,320
Speaker 1: And yeah, career cushioning is is just smart. It's just

96
00:04:00,360 --> 00:04:03,440
Speaker 1: like basic intelligence essentially when it comes to navigating your

97
00:04:03,440 --> 00:04:06,720
Speaker 1: career and planning for contingencies. Right, It's something we've talked

98
00:04:06,720 --> 00:04:10,040
Speaker 1: about regularly over the years. This trend is something that

99
00:04:10,080 --> 00:04:12,280
Speaker 1: we think should be an ongoing reality for anyone in

100
00:04:12,320 --> 00:04:14,720
Speaker 1: the workforce. So what is career cushioning and how do

101
00:04:14,760 --> 00:04:17,800
Speaker 1: you cushion your career? Well, there are a few aspects

102
00:04:17,839 --> 00:04:18,080
Speaker 1: to this.

103
00:04:18,600 --> 00:04:18,840
Speaker 3: One.

104
00:04:19,320 --> 00:04:22,039
Speaker 1: Save more money, right, The bigger the emergency fund. The

105
00:04:22,040 --> 00:04:24,479
Speaker 1: more money you have in savings, the less harsh a

106
00:04:24,520 --> 00:04:27,360
Speaker 1: layoff becomes for you. Now, we've talked about this before.

107
00:04:27,680 --> 00:04:29,720
Speaker 1: Friends or family members who get laid off and they

108
00:04:29,800 --> 00:04:32,000
Speaker 1: just don't have much in savings, they feel compelled to

109
00:04:32,040 --> 00:04:34,359
Speaker 1: take the first job off or that comes along, even

110
00:04:34,440 --> 00:04:37,320
Speaker 1: if it kind of hamstrings their career or means less

111
00:04:37,360 --> 00:04:40,880
Speaker 1: money's right. Two networking, right, digging the well before you're thirsty,

112
00:04:40,920 --> 00:04:43,360
Speaker 1: as we say all the time here. Staying in contact

113
00:04:43,400 --> 00:04:47,280
Speaker 1: with others in your industry regularly via email, text, coffee, date,

114
00:04:47,360 --> 00:04:50,880
Speaker 1: stuff like that. That is a huge part of career success,

115
00:04:50,960 --> 00:04:54,080
Speaker 1: like the numbers don't lie. Networking at who you know

116
00:04:54,440 --> 00:04:57,040
Speaker 1: and maintaining those relationships matters. In a baga, we talked

117
00:04:57,040 --> 00:04:59,720
Speaker 1: about calendar reminders. Set a calendar reminder for every Monday

118
00:04:59,800 --> 00:05:01,760
Speaker 1: or two day morning or something like that. At nine thirty,

119
00:05:02,000 --> 00:05:04,080
Speaker 1: send an email or a text following up out to

120
00:05:04,160 --> 00:05:07,440
Speaker 1: a person, coworker perhaps maybe an old old boss.

121
00:05:07,680 --> 00:05:10,720
Speaker 2: The coffee dates slash drinks with friends. I'm sure this

122
00:05:10,760 --> 00:05:13,920
Speaker 2: is your favorite aspect of career cushions. I like so yeah,

123
00:05:14,000 --> 00:05:17,000
Speaker 2: I like people folks always and so. But even if

124
00:05:17,000 --> 00:05:18,400
Speaker 2: it's just a quick text or an email, it'll take

125
00:05:18,400 --> 00:05:20,520
Speaker 2: three or four minutes. But doing that once a week,

126
00:05:20,560 --> 00:05:22,920
Speaker 2: making it a habit will help you when it comes

127
00:05:23,000 --> 00:05:25,560
Speaker 2: to Hey, you never know, maybe there's a job that

128
00:05:25,760 --> 00:05:29,080
Speaker 2: that isn't even listed that you are a great, highly

129
00:05:29,160 --> 00:05:32,200
Speaker 2: qualified for and just because you've maintained those relationships, you

130
00:05:32,240 --> 00:05:34,599
Speaker 2: get the offer, you get the call, and three continuous

131
00:05:34,680 --> 00:05:37,400
Speaker 2: learning right, boosting your skills on the rag. And we're

132
00:05:37,440 --> 00:05:39,320
Speaker 2: not saying that there's going to be like some sort

133
00:05:39,360 --> 00:05:42,520
Speaker 2: of recession or massive uptick in layoffs in twenty twenty four.

134
00:05:42,839 --> 00:05:45,200
Speaker 2: I mean that could happen, but no matter of the

135
00:05:45,279 --> 00:05:48,880
Speaker 2: macro environment. Career cushioning is just common sense. Yeah, regardless

136
00:05:48,880 --> 00:05:50,960
Speaker 2: of what's going on in the economy. And by the way,

137
00:05:50,960 --> 00:05:53,400
Speaker 2: we've talked about this before, actually just last week for

138
00:05:53,440 --> 00:05:56,680
Speaker 2: a second, even, but new data finds that remote workers

139
00:05:56,720 --> 00:06:01,000
Speaker 2: are actually missing out on promotions. It's not just anecdotes

140
00:06:01,000 --> 00:06:04,279
Speaker 2: and claims from managers and CEOs anymore that are getting

141
00:06:04,400 --> 00:06:08,119
Speaker 2: quoted in these articles, but actual data. And here's a quote.

142
00:06:08,120 --> 00:06:11,120
Speaker 2: Over the past year, remote workers were promoted thirty one

143
00:06:11,120 --> 00:06:14,480
Speaker 2: percent less frequently than folks who worked in an office,

144
00:06:14,520 --> 00:06:18,279
Speaker 2: either full time or on a hybrid basis. So even

145
00:06:18,320 --> 00:06:21,279
Speaker 2: just showing up a little bit helps significantly. And this

146
00:06:21,400 --> 00:06:25,960
Speaker 2: is known as proximity bias. But it's an understandable human reality.

147
00:06:25,960 --> 00:06:28,240
Speaker 2: If you're seeing and folks see, it's like, all right,

148
00:06:28,279 --> 00:06:30,360
Speaker 2: you care about what you see, what's there in front

149
00:06:30,360 --> 00:06:30,560
Speaker 2: of you.

150
00:06:30,680 --> 00:06:32,680
Speaker 1: It's a classic out of sight, out of mind too, right, Yeah,

151
00:06:32,680 --> 00:06:35,280
Speaker 1: that's the yeah, that's I'll say in the converse of

152
00:06:35,360 --> 00:06:36,600
Speaker 1: of what else trying to remember.

153
00:06:36,400 --> 00:06:36,840
Speaker 3: I don't see you.

154
00:06:36,920 --> 00:06:38,240
Speaker 1: I love you, I think, is what you were trying

155
00:06:38,240 --> 00:06:38,640
Speaker 1: to say.

156
00:06:39,040 --> 00:06:41,599
Speaker 2: But if you work from home full time, just be

157
00:06:41,680 --> 00:06:44,960
Speaker 2: aware of this reality because the truth is being able

158
00:06:44,960 --> 00:06:47,400
Speaker 2: to work from home and potentially call hours of your

159
00:06:47,440 --> 00:06:50,039
Speaker 2: life back every single day. That actually might be worth

160
00:06:50,080 --> 00:06:53,159
Speaker 2: this trade off, but it might not. And so it

161
00:06:53,279 --> 00:06:55,640
Speaker 2: just depends on what you want your life to look like,

162
00:06:55,680 --> 00:06:57,360
Speaker 2: and it depends on where you're at in your career.

163
00:06:57,480 --> 00:06:59,240
Speaker 2: But these are important facts to have on hand when

164
00:06:59,480 --> 00:07:02,160
Speaker 2: making decision. I think a lot of folks might even

165
00:07:02,200 --> 00:07:04,880
Speaker 2: be confused because they're thinking, Man, for the past four years,

166
00:07:05,040 --> 00:07:07,800
Speaker 2: I've been working from home this entire time. In fact,

167
00:07:08,000 --> 00:07:09,359
Speaker 2: I've been There's some twenty five year olds out there

168
00:07:09,360 --> 00:07:12,440
Speaker 2: who have graduated from college and they've never actually had

169
00:07:12,440 --> 00:07:14,600
Speaker 2: to go into the office, and they're thinking, what is

170
00:07:14,640 --> 00:07:17,960
Speaker 2: this new reality that you're thrusting and this responsibility that

171
00:07:18,000 --> 00:07:19,760
Speaker 2: you're making me follow.

172
00:07:20,040 --> 00:07:22,120
Speaker 3: And the fact is, man like back.

173
00:07:22,040 --> 00:07:24,880
Speaker 2: During the lockdowns, that was like a very unique special

174
00:07:24,920 --> 00:07:28,360
Speaker 2: point in time that was not normal, and that is

175
00:07:28,400 --> 00:07:31,240
Speaker 2: just no longer the reality, and we're slowly reverting back

176
00:07:31,240 --> 00:07:33,360
Speaker 2: to whether you like it or not, I'm not making

177
00:07:33,400 --> 00:07:36,119
Speaker 2: a case for or against it, but regardless, we're moving

178
00:07:36,160 --> 00:07:39,000
Speaker 2: back to how life used to be. When it comes

179
00:07:39,000 --> 00:07:42,160
Speaker 2: to the work environments and what's expected from Roboss's that's.

180
00:07:42,040 --> 00:07:42,480
Speaker 3: Kind of true.

181
00:07:42,480 --> 00:07:45,440
Speaker 1: I think hybrid work is still like would not be

182
00:07:45,480 --> 00:07:47,280
Speaker 1: where it is today if it weren't for the pandemic.

183
00:07:47,360 --> 00:07:49,400
Speaker 1: And I think there's a lot of those kind of

184
00:07:49,400 --> 00:07:52,320
Speaker 1: flex working conditions are great for a lot of employees

185
00:07:52,320 --> 00:07:56,120
Speaker 1: and employers. The thing is, if you're all work from home,

186
00:07:56,160 --> 00:07:57,800
Speaker 1: I think those are the people who move out the most.

187
00:07:57,840 --> 00:08:00,280
Speaker 1: Even if you're just in two days a week office,

188
00:08:00,280 --> 00:08:02,800
Speaker 1: two days a week, that can drastically improve your chances

189
00:08:03,000 --> 00:08:05,280
Speaker 1: at promotions and raises. And again, like you said, Matt,

190
00:08:05,320 --> 00:08:06,360
Speaker 1: some people say.

191
00:08:06,240 --> 00:08:07,600
Speaker 2: I'm just waiting on the study though for the five

192
00:08:07,680 --> 00:08:10,280
Speaker 2: days a week in person versus the two days away,

193
00:08:11,040 --> 00:08:13,240
Speaker 2: I'm just I'm sure those numbers will will surface.

194
00:08:12,960 --> 00:08:15,200
Speaker 1: You maybe, but I think as long as you're in

195
00:08:15,240 --> 00:08:18,280
Speaker 1: there at least some you get some FaceTime. Absolutely that matters.

196
00:08:18,320 --> 00:08:20,520
Speaker 1: A great deal that has definitely been proven it. Yeah,

197
00:08:20,640 --> 00:08:22,360
Speaker 1: and there's trade offs to everything, and you might say

198
00:08:22,400 --> 00:08:24,600
Speaker 1: it's not worth it. I get paid enough, I like

199
00:08:24,640 --> 00:08:26,960
Speaker 1: my job, and you know what, Commuting is the worst,

200
00:08:27,040 --> 00:08:29,440
Speaker 1: and you're not wrong about that. Commuting is terrible. So

201
00:08:29,800 --> 00:08:31,840
Speaker 1: just you got to know the trade offs though involved,

202
00:08:31,920 --> 00:08:34,160
Speaker 1: And maybe you're at the point in your career where

203
00:08:34,240 --> 00:08:36,240
Speaker 1: full time work from home makes sense because you're not

204
00:08:36,320 --> 00:08:38,640
Speaker 1: looking to grow in the same way that maybe somebody

205
00:08:38,679 --> 00:08:41,199
Speaker 1: who's earlier on in the career is. Right. All right, now,

206
00:08:41,240 --> 00:08:43,360
Speaker 1: let's get to warehouse club news. My favorite car talking

207
00:08:43,360 --> 00:08:48,160
Speaker 1: about the club time. So Sam's Club has announced that

208
00:08:48,160 --> 00:08:49,839
Speaker 1: they're going to stop checking your receipt on the way

209
00:08:49,840 --> 00:08:53,360
Speaker 1: out the door. And basically you walk out and there's

210
00:08:54,880 --> 00:08:57,360
Speaker 1: I guess a new fangled video sort of contraption that's

211
00:08:57,400 --> 00:08:59,640
Speaker 1: checking instead of a human, you know, with the sharpie

212
00:09:00,040 --> 00:09:02,120
Speaker 1: marking through your receipt. Like, I haven't been to sam

213
00:09:02,160 --> 00:09:04,120
Speaker 1: Club in a minute, but that's what happens at Costco, right,

214
00:09:04,520 --> 00:09:06,320
Speaker 1: and this is now one of my favorite use cases

215
00:09:06,360 --> 00:09:09,920
Speaker 1: for AI. There's all this talk about it ruining society

216
00:09:10,160 --> 00:09:13,280
Speaker 1: or you know, massive job loss and upheaval. I don't

217
00:09:13,280 --> 00:09:15,720
Speaker 1: necessarily think that's going to be the case, but this,

218
00:09:15,720 --> 00:09:17,360
Speaker 1: this is where AI is going to shine. Right that

219
00:09:17,400 --> 00:09:19,560
Speaker 1: you don't have to wait talk to a human, You

220
00:09:19,640 --> 00:09:21,160
Speaker 1: get your receipt marked through on the way.

221
00:09:21,600 --> 00:09:23,080
Speaker 2: You don't even have to talk to him. It's just like,

222
00:09:23,120 --> 00:09:24,280
Speaker 2: my biggest annoyance is the.

223
00:09:24,200 --> 00:09:27,040
Speaker 1: Fact that those smiley faces. For my it's the smiley face.

224
00:09:27,160 --> 00:09:29,800
Speaker 2: Yes, I don't know so listeners. The costcos that are

225
00:09:29,840 --> 00:09:32,600
Speaker 2: near you, I'm not sure what they do. But at hours,

226
00:09:32,600 --> 00:09:34,120
Speaker 2: the one that Joe and I go to, there's all

227
00:09:34,800 --> 00:09:36,760
Speaker 2: this one guy in particular, he really takes his time

228
00:09:36,760 --> 00:09:40,320
Speaker 2: with it. And the first time that he does that

229
00:09:40,320 --> 00:09:42,520
Speaker 2: and hands it to the kids, it's a delight. You know,

230
00:09:42,640 --> 00:09:45,800
Speaker 2: the kids love it, everyone's happy. Costco is the best.

231
00:09:46,200 --> 00:09:47,840
Speaker 2: But you know what, after a few months ago in there,

232
00:09:47,880 --> 00:09:50,080
Speaker 2: you just want him just to mark the receipt.

233
00:09:50,120 --> 00:09:51,800
Speaker 1: You want to walk out the door. The twenty six

234
00:09:51,800 --> 00:09:53,400
Speaker 1: smiley faces less well.

235
00:09:53,440 --> 00:09:55,640
Speaker 2: And it slows things down a lot too. There's always

236
00:09:55,679 --> 00:09:57,920
Speaker 2: a line there, and don't you just want to move

237
00:09:58,080 --> 00:10:00,600
Speaker 2: on out the store. I'm just making a great case

238
00:10:00,600 --> 00:10:02,520
Speaker 2: here for Aldi. That's what's so great about Aldie. You

239
00:10:02,559 --> 00:10:05,600
Speaker 2: pull up, you're running like literally, I'm gone in sixty seconds.

240
00:10:05,640 --> 00:10:06,400
Speaker 3: It's like Nick Cage.

241
00:10:07,360 --> 00:10:09,480
Speaker 2: I guess I'm just going in there. I'm grabbing some milk,

242
00:10:09,480 --> 00:10:10,360
Speaker 2: I'm grabbing some eggs.

243
00:10:10,360 --> 00:10:13,360
Speaker 1: Are you driving eleanor nothing? Else's cars?

244
00:10:14,000 --> 00:10:15,400
Speaker 3: Was it a Shelby listed right?

245
00:10:15,840 --> 00:10:18,840
Speaker 2: But you can't get that kind of speed when if

246
00:10:18,880 --> 00:10:21,240
Speaker 2: you're looking at a swinging by the cost it takes

247
00:10:21,280 --> 00:10:24,360
Speaker 2: sixty seconds, even just like pulling at the parking. I mean,

248
00:10:24,440 --> 00:10:27,880
Speaker 2: come on, I think the whole the real doesn't have samples.

249
00:10:27,920 --> 00:10:30,320
Speaker 2: And that's something that's the kids always love.

250
00:10:30,400 --> 00:10:31,160
Speaker 3: Ye I'll say that.

251
00:10:31,480 --> 00:10:33,440
Speaker 1: I think the main reason that the warehouse clubs say

252
00:10:33,520 --> 00:10:36,440
Speaker 1: that they check your receipt is to make sure in okay,

253
00:10:36,480 --> 00:10:38,520
Speaker 1: you forgot something like, for instance, if you bought the

254
00:10:38,520 --> 00:10:40,800
Speaker 1: movie tickets and you forgot to redeem them at the counter, right,

255
00:10:41,040 --> 00:10:42,439
Speaker 1: they'll send you back and be like, oh, go get

256
00:10:42,440 --> 00:10:43,040
Speaker 1: your movie tickets.

257
00:10:43,040 --> 00:10:45,000
Speaker 2: And that actually happened to didn't happen one time to

258
00:10:45,040 --> 00:10:47,840
Speaker 2: Emily like she was they rang her up for three

259
00:10:47,920 --> 00:10:51,520
Speaker 2: of gift cards. Yeah, they over rang and and they're like, actually,

260
00:10:51,559 --> 00:10:53,199
Speaker 2: where's your third one? And she said, oh no, I've

261
00:10:53,200 --> 00:10:55,400
Speaker 2: only had two, yeah or something. So that happens on occasion.

262
00:10:55,400 --> 00:10:57,959
Speaker 2: I think it's also to prevent theft, to prevent shrinkings. Yeah,

263
00:10:57,960 --> 00:10:59,199
Speaker 2: that's a huge part of it, exactly.

264
00:10:59,240 --> 00:11:02,000
Speaker 1: But if AI can solve this problem at all on board, dude,

265
00:11:02,000 --> 00:11:05,160
Speaker 1: that's great, that's great. Make your warehouse exit warehouse club

266
00:11:05,160 --> 00:11:07,520
Speaker 1: exit just a little bit quicker. And let's hope, let's

267
00:11:07,559 --> 00:11:11,520
Speaker 1: hope Costco follow suit because I think Sam Swech's gonna

268
00:11:11,520 --> 00:11:12,959
Speaker 1: get some fans for this absolutely.

269
00:11:13,040 --> 00:11:15,480
Speaker 2: Let's talk about well, speaking of cars, let's talk about

270
00:11:15,480 --> 00:11:17,880
Speaker 2: the FCC because they announced a new rule last month

271
00:11:17,960 --> 00:11:22,160
Speaker 2: that goes under the cute acronym CARS, which stands for

272
00:11:22,559 --> 00:11:26,800
Speaker 2: Combating Auto Retail Scams. And the main goal of this

273
00:11:26,840 --> 00:11:29,720
Speaker 2: new rule is to tamp down on bait and switch tactics.

274
00:11:29,760 --> 00:11:31,480
Speaker 1: From the spokesperson for this.

275
00:11:32,920 --> 00:11:34,880
Speaker 2: Car is the actual show like bottom of mind, Like

276
00:11:34,920 --> 00:11:36,840
Speaker 2: if you are going to buy a vehicle and they

277
00:11:36,920 --> 00:11:38,480
Speaker 2: kind of get you in the door, they get you

278
00:11:38,520 --> 00:11:40,040
Speaker 2: in the lot with you know, they're like, oh, what,

279
00:11:40,120 --> 00:11:42,559
Speaker 2: I don't know, nineteen ninety nine, ninety eight or whatever

280
00:11:42,600 --> 00:11:44,239
Speaker 2: it is that they say on the on the commercials,

281
00:11:44,520 --> 00:11:46,880
Speaker 2: but then at the last second they're like, oh, actually

282
00:11:46,920 --> 00:11:50,240
Speaker 2: the reality, Yeah, but we've got this here for you.

283
00:11:50,400 --> 00:11:53,200
Speaker 2: And in fact, there are some other junk fees that

284
00:11:53,200 --> 00:11:56,200
Speaker 2: they kind of throw on you. It surprises consumers. So

285
00:11:56,280 --> 00:11:58,720
Speaker 2: basically we're talking about just all of the random fees

286
00:11:58,760 --> 00:12:00,360
Speaker 2: that you see from the finance person and at the

287
00:12:00,520 --> 00:12:02,280
Speaker 2: end of the transaction, they're going to need to be

288
00:12:02,320 --> 00:12:06,520
Speaker 2: presented earlier in the process. They can't hold the drive

289
00:12:06,559 --> 00:12:08,840
Speaker 2: it off the lot price until the very last minute,

290
00:12:09,080 --> 00:12:12,280
Speaker 2: and there's estimates that this is going to save consumers

291
00:12:12,559 --> 00:12:16,120
Speaker 2: big chunks of time and money. But I think like

292
00:12:16,320 --> 00:12:19,400
Speaker 2: with any yeah, and I get that, but with any

293
00:12:19,440 --> 00:12:22,319
Speaker 2: regulation or any new rule or anything that you are

294
00:12:22,360 --> 00:12:25,000
Speaker 2: requiring businesses or industries to do, I think there are

295
00:12:25,080 --> 00:12:29,640
Speaker 2: oftentimes unexpected effects of that, and it could even backfire.

296
00:12:29,720 --> 00:12:30,280
Speaker 3: It just makes me.

297
00:12:30,440 --> 00:12:33,360
Speaker 2: A friend of ours is thinking about opening he's an

298
00:12:33,400 --> 00:12:36,679
Speaker 2: optometrist ophthalmologist, and he wants to open a practice that

299
00:12:36,760 --> 00:12:39,679
Speaker 2: doesn't deal with insurance because there is so much that

300
00:12:39,720 --> 00:12:43,360
Speaker 2: goes into dealing with bureaucracy and the paperwork and all

301
00:12:43,559 --> 00:12:47,320
Speaker 2: that comes with accepting non cash payments basically, and so

302
00:12:47,559 --> 00:12:51,360
Speaker 2: the requirement of car dealerships having to abye by something

303
00:12:51,400 --> 00:12:52,360
Speaker 2: like this, it could backfire.

304
00:12:52,559 --> 00:12:54,880
Speaker 3: Hopefully it doesn't, right, Hopefully. Yes, there's a.

305
00:12:54,920 --> 00:12:58,160
Speaker 2: Uniform almost like a truth and lending statement, right, or

306
00:12:58,160 --> 00:13:00,720
Speaker 2: like a loan application, not a loan apption, but like

307
00:13:00,720 --> 00:13:02,320
Speaker 2: when you are buying a home and you've got all

308
00:13:02,320 --> 00:13:05,160
Speaker 2: the numbers in its uniform across no matter who you

309
00:13:05,400 --> 00:13:07,640
Speaker 2: apply for when it comes to getting a mortgage. That

310
00:13:07,679 --> 00:13:09,720
Speaker 2: way you can see and compare apples to apples.

311
00:13:09,800 --> 00:13:12,280
Speaker 1: Yep, No, I mean, at least the more transparent transparency

312
00:13:12,320 --> 00:13:16,080
Speaker 1: is really the best thing here for consumers. Dealers are

313
00:13:16,120 --> 00:13:18,160
Speaker 1: going to have to disclose though, when additional items like

314
00:13:18,280 --> 00:13:22,520
Speaker 1: warranties are mandatory or not, cause that can be confusing forgot,

315
00:13:22,600 --> 00:13:24,800
Speaker 1: and this goes back to transparency if they're forced to

316
00:13:24,800 --> 00:13:27,480
Speaker 1: be transparent about oh, well, we've got this on here,

317
00:13:27,520 --> 00:13:29,640
Speaker 1: but no, you are allowed to take it off. This

318
00:13:29,679 --> 00:13:32,079
Speaker 1: isn't a necessary or a necessity or must have.

319
00:13:32,160 --> 00:13:34,359
Speaker 2: Or like the intro or the warranties that are duplicates

320
00:13:34,440 --> 00:13:37,280
Speaker 2: of an existing car manufacture warranty and it's like, oh no, no,

321
00:13:37,360 --> 00:13:40,920
Speaker 2: this is the dealership warranty. It's like, oh, well, if

322
00:13:40,920 --> 00:13:42,600
Speaker 2: you didn't know to ask whether or not that was

323
00:13:42,640 --> 00:13:45,600
Speaker 2: necessary or whether or not you were already paying for that. Yeah,

324
00:13:45,600 --> 00:13:47,080
Speaker 2: and that's something they could have slapped on there.

325
00:13:47,080 --> 00:13:49,560
Speaker 1: And let's be honest, the pricing and the add ons

326
00:13:49,600 --> 00:13:51,640
Speaker 1: when it comes to like when it comes to buying

327
00:13:51,640 --> 00:13:53,360
Speaker 1: a home and buying a car, those are the things

328
00:13:53,360 --> 00:13:56,560
Speaker 1: that confuse consumers regularly. And so yeah, this is this

329
00:13:56,600 --> 00:13:58,240
Speaker 1: new rule is supposed to go into effect the summer,

330
00:13:58,640 --> 00:14:00,640
Speaker 1: and I think it is like going to help some

331
00:14:00,679 --> 00:14:04,480
Speaker 1: consumers and benefit some of the dealerships who operate with integrity.

332
00:14:04,640 --> 00:14:06,320
Speaker 1: But there's also some of the eye of the beholder

333
00:14:06,360 --> 00:14:09,040
Speaker 1: element to this rule, right like, our advice would be

334
00:14:09,120 --> 00:14:11,600
Speaker 1: to do business with reputable car dealers no matter what

335
00:14:11,920 --> 00:14:14,120
Speaker 1: the buy here, pay here lots. Stay away from those

336
00:14:14,240 --> 00:14:18,040
Speaker 1: those have a bad reputation and it's well earned most

337
00:14:18,040 --> 00:14:21,280
Speaker 1: of the time. Always try and pay cash right, ideally

338
00:14:21,320 --> 00:14:23,280
Speaker 1: for a used vehicle, so you're not the one taking

339
00:14:23,280 --> 00:14:26,080
Speaker 1: the biggest appreciation hit. But if you do need to finance,

340
00:14:26,120 --> 00:14:27,960
Speaker 1: make sure that you've checked with your local credit union.

341
00:14:28,000 --> 00:14:29,680
Speaker 1: Right is you're likely to get the best loan there

342
00:14:29,800 --> 00:14:31,240
Speaker 1: as opposed to getting the loan at the.

343
00:14:31,160 --> 00:14:33,440
Speaker 2: Car out and no most likely less trickery going on

344
00:14:33,520 --> 00:14:37,840
Speaker 2: at your at the credit friendly local credit union typical, right.

345
00:14:38,000 --> 00:14:40,720
Speaker 1: And no matter what, always always get your used car

346
00:14:40,760 --> 00:14:42,600
Speaker 1: checked out by a mechanic that you trust. That is

347
00:14:42,960 --> 00:14:45,280
Speaker 1: the biggest place that people get snake bit is buying

348
00:14:45,320 --> 00:14:49,320
Speaker 1: something that has problem after problem because they didn't spend

349
00:14:49,440 --> 00:14:51,480
Speaker 1: the time and typically the money a hundred bucks or

350
00:14:51,480 --> 00:14:54,040
Speaker 1: something like that to have their trusted mechanic do a

351
00:14:54,080 --> 00:14:57,600
Speaker 1: thorough inspection of that vehicle before they make the purchase. So, yeah,

352
00:14:57,720 --> 00:14:59,120
Speaker 1: is this new Car's Act is going to make a

353
00:14:59,120 --> 00:15:01,440
Speaker 1: big difference when it comes to to folks car buying

354
00:15:02,000 --> 00:15:05,280
Speaker 1: this summer. Once it gets implemented, maybe it really might.

355
00:15:05,600 --> 00:15:08,720
Speaker 1: Like you said, Matt, how things are overseen from a

356
00:15:08,800 --> 00:15:12,160
Speaker 1: regulator perspective is going to make all the difference and

357
00:15:12,240 --> 00:15:15,000
Speaker 1: the biggest thing people have to look out for themselves.

358
00:15:15,240 --> 00:15:18,040
Speaker 1: And hopefully this brings some transparency, some clarity of the process.

359
00:15:18,640 --> 00:15:20,880
Speaker 1: But no matter what, buyer beware, that's right.

360
00:15:21,280 --> 00:15:24,240
Speaker 2: And speaking of buying expensive items, you're talking about cars

361
00:15:24,240 --> 00:15:27,520
Speaker 2: here we will talk about a new rule that might

362
00:15:27,560 --> 00:15:29,120
Speaker 2: make it easier for you to buy a home.

363
00:15:29,240 --> 00:15:30,760
Speaker 3: We'll get to that, plus other.

364
00:15:30,640 --> 00:15:32,960
Speaker 2: Great personal finance stories right after this.

365
00:15:40,880 --> 00:15:43,840
Speaker 1: All right, Matt, we're back. Friday flight continues, and of

366
00:15:43,840 --> 00:15:46,120
Speaker 1: course we've got to bring it our ludicrous headline of

367
00:15:46,120 --> 00:15:47,640
Speaker 1: the week. This one comes from the Wall Street Journal

368
00:15:47,680 --> 00:15:50,360
Speaker 1: and it says more people are selling their clothes online.

369
00:15:50,920 --> 00:15:55,480
Speaker 1: Governments want their cut and this is PRIs surprise. Is

370
00:15:55,480 --> 00:15:58,520
Speaker 1: something actually happening across the pond in the UK. But

371
00:15:58,600 --> 00:16:02,080
Speaker 1: it's interesting. It's not too far off from the IRS

372
00:16:02,200 --> 00:16:05,120
Speaker 1: reporting requirements on the payment apps like Venmo. They keep

373
00:16:05,160 --> 00:16:07,640
Speaker 1: getting punted down the road. Sounds oddly familiar. Yeah, we've

374
00:16:07,640 --> 00:16:11,120
Speaker 1: talked about those multiple times, how onerous those would be,

375
00:16:11,120 --> 00:16:15,000
Speaker 1: because and it's really good news that those requirements do

376
00:16:15,080 --> 00:16:17,520
Speaker 1: get keep getting punted down the road because just kind

377
00:16:17,560 --> 00:16:19,720
Speaker 1: of splitting up the paycheck a few times over the

378
00:16:19,760 --> 00:16:22,440
Speaker 1: year with your friends at dinner, well, that could lead

379
00:16:22,440 --> 00:16:24,520
Speaker 1: to an unexpected tax bill that then you have to fight.

380
00:16:25,080 --> 00:16:28,600
Speaker 1: And basically in this article, the UK Tax Authority wants

381
00:16:28,680 --> 00:16:32,280
Speaker 1: online resale marketplaces to report anyone who sells more than

382
00:16:32,480 --> 00:16:34,640
Speaker 1: one thousand pounds worth of goods. Pounds, by the way,

383
00:16:34,760 --> 00:16:37,840
Speaker 1: is the UK equivalent number of dollar, So that like

384
00:16:38,440 --> 00:16:41,560
Speaker 1: half of a ton of stuff, right, exactly, and depending

385
00:16:41,560 --> 00:16:44,000
Speaker 1: on the day, that's something like twelve hundred bucks in sales.

386
00:16:44,080 --> 00:16:44,280
Speaker 3: Right.

387
00:16:44,400 --> 00:16:46,920
Speaker 2: What is the British tax authority called? Is it like

388
00:16:46,960 --> 00:16:49,000
Speaker 2: the Ministry of Tax? That's what that sounds, right?

389
00:16:51,040 --> 00:16:52,760
Speaker 1: And I am all Matt, You and I are both

390
00:16:53,000 --> 00:16:55,160
Speaker 1: all about paying the taxes that we owe. Sure, but

391
00:16:55,280 --> 00:16:58,000
Speaker 1: this and that six hundred dollars reporting requirement in the

392
00:16:58,120 --> 00:17:01,120
Speaker 1: US that again keeps getting put further and further away,

393
00:17:01,640 --> 00:17:04,879
Speaker 1: just feels silly and burdensome. Are there not a million

394
00:17:04,960 --> 00:17:07,720
Speaker 1: other avenues in both countries? The UK and the United

395
00:17:07,760 --> 00:17:10,000
Speaker 1: States that would create higher rates of compliance on the

396
00:17:10,040 --> 00:17:12,399
Speaker 1: tax front, and specifically for folks who owe more than

397
00:17:12,440 --> 00:17:14,520
Speaker 1: just a couple hundred bucks for selling old jeans, T

398
00:17:14,640 --> 00:17:15,600
Speaker 1: shirts and hoodies.

399
00:17:15,359 --> 00:17:16,520
Speaker 2: Like, does seem silly?

400
00:17:16,640 --> 00:17:19,960
Speaker 1: It feels like we're tasting after the wrong thing here.

401
00:17:20,040 --> 00:17:22,479
Speaker 2: Yeah. Yeah, I feel like it also just kills the

402
00:17:22,520 --> 00:17:25,359
Speaker 2: motivation somebody might have to unload a bunch of stuff

403
00:17:25,400 --> 00:17:27,359
Speaker 2: that they no longer want, right like, Because if on

404
00:17:27,480 --> 00:17:29,560
Speaker 2: one hand, you have the ability to maybe use this

405
00:17:29,640 --> 00:17:31,119
Speaker 2: easy to use app, and guess what, there are a

406
00:17:31,119 --> 00:17:32,760
Speaker 2: lot of folks on this app using this thing trying

407
00:17:32,760 --> 00:17:34,479
Speaker 2: to find the stuff that you're trying to get rid of,

408
00:17:34,840 --> 00:17:38,880
Speaker 2: I feel like it could hinder the starting of new

409
00:17:38,880 --> 00:17:41,480
Speaker 2: businesses as well, because if folks are like, man, there's

410
00:17:41,560 --> 00:17:43,840
Speaker 2: so many different like bars I have to clear in

411
00:17:43,920 --> 00:17:47,120
Speaker 2: order to kind of like run a proper operation here,

412
00:17:47,160 --> 00:17:49,360
Speaker 2: I think it could lead to folks saying, well, man,

413
00:17:49,359 --> 00:17:50,639
Speaker 2: I don't have to deal with that, yeah at all,

414
00:17:50,680 --> 00:17:52,400
Speaker 2: I'm just gonna stick with my standard job. I'm gonna

415
00:17:52,440 --> 00:17:54,840
Speaker 2: throw all my stuff away. Hopefully you're at least donating it.

416
00:17:54,920 --> 00:17:56,600
Speaker 1: And there's a whole lot of people who sell something

417
00:17:56,760 --> 00:17:59,240
Speaker 1: like a thousand bucks. It's not even a small business.

418
00:17:59,240 --> 00:18:01,840
Speaker 1: It's literally just clear not stuff from their home. Yes, yeah, exactly,

419
00:18:01,840 --> 00:18:03,920
Speaker 1: and they'll make a thousand and fifteen hundred two grand

420
00:18:03,960 --> 00:18:06,320
Speaker 1: in a year. And should you have to pay tax

421
00:18:06,480 --> 00:18:08,960
Speaker 1: on selling stuff that you're you know, from your house

422
00:18:09,000 --> 00:18:10,440
Speaker 1: that you don't longer want.

423
00:18:10,440 --> 00:18:10,720
Speaker 3: I don't know.

424
00:18:10,760 --> 00:18:13,439
Speaker 2: It seems seems crazy, all right. There was a recent

425
00:18:13,520 --> 00:18:17,040
Speaker 2: Vox article titled you don't need everything you want. This

426
00:18:17,200 --> 00:18:19,800
Speaker 2: is like the opposite of a ludicrous headline of the

427
00:18:19,800 --> 00:18:23,480
Speaker 2: week because we actually totally agree with this article. It's

428
00:18:23,480 --> 00:18:26,280
Speaker 2: something I think we all intuitively know right that there

429
00:18:26,320 --> 00:18:29,280
Speaker 2: is a difference between needs and wants. But we also

430
00:18:29,359 --> 00:18:31,960
Speaker 2: live in the richest country and the history of civilization,

431
00:18:32,280 --> 00:18:35,760
Speaker 2: and it's really easy to lose touch with reality about

432
00:18:35,800 --> 00:18:40,119
Speaker 2: what purchases are essential which ones are just desires. Here's

433
00:18:40,160 --> 00:18:42,679
Speaker 2: one of the lines that writer Emily Stewart wrote in

434
00:18:42,680 --> 00:18:43,080
Speaker 2: this piece.

435
00:18:43,800 --> 00:18:44,680
Speaker 3: She said, if you.

436
00:18:44,640 --> 00:18:47,840
Speaker 2: Took a European vocation this year, what a delight. Also

437
00:18:48,240 --> 00:18:51,639
Speaker 2: it was a privilege, not a rite, And we couldn't

438
00:18:51,640 --> 00:18:53,800
Speaker 2: agree more. You know that we're all about ballance here

439
00:18:53,800 --> 00:18:55,800
Speaker 2: on the show, and we want you to enjoy some

440
00:18:55,840 --> 00:18:58,480
Speaker 2: of the different once some of the other luxuries there

441
00:18:58,480 --> 00:19:03,400
Speaker 2: in life equivalence, yes, but while purposely saving and investing

442
00:19:03,560 --> 00:19:06,080
Speaker 2: regularly and personally. This is I think one of the

443
00:19:06,080 --> 00:19:08,520
Speaker 2: reasons I'm so hesitant to like introduce new expenses into

444
00:19:08,520 --> 00:19:10,919
Speaker 2: my life is because I know my tendency, which is,

445
00:19:11,240 --> 00:19:13,440
Speaker 2: once you experience something, I think it can be. So

446
00:19:13,680 --> 00:19:16,600
Speaker 2: it's a slippery slope to start saying, oh, man, if

447
00:19:16,600 --> 00:19:18,439
Speaker 2: I'm enjoying that that much, just with a little bit,

448
00:19:18,480 --> 00:19:21,720
Speaker 2: why am I make that something that I regularly incorporated

449
00:19:21,680 --> 00:19:23,440
Speaker 2: into my life? And then all of a sudden, it's

450
00:19:23,440 --> 00:19:24,919
Speaker 2: just something you can't live without. And then you're like

451
00:19:24,920 --> 00:19:27,840
Speaker 2: the French philosopher, don't know. Yes, I was gonna say that,

452
00:19:27,840 --> 00:19:29,760
Speaker 2: I was gonna talk about the hedonic treadmill, because you've

453
00:19:29,760 --> 00:19:31,640
Speaker 2: got that. It's just something that you have to maintain

454
00:19:31,920 --> 00:19:35,080
Speaker 2: just to keep like the bare minimum or look like

455
00:19:35,119 --> 00:19:36,920
Speaker 2: whatever is your standard level of happiness.

456
00:19:36,960 --> 00:19:38,439
Speaker 1: And all of a sudden, you wear in velvet every day,

457
00:19:38,480 --> 00:19:41,200
Speaker 1: even caviar every night, like that becomes a problem real quick.

458
00:19:41,200 --> 00:19:43,960
Speaker 1: And I think I'm wearing a cashmere sweater today, so luxurious,

459
00:19:44,720 --> 00:19:47,159
Speaker 1: so soft against my stia. Everyone knows like this is

460
00:19:47,160 --> 00:19:49,920
Speaker 1: like so simplistic, so rudimentary. Everyone knows, yes, of course

461
00:19:49,920 --> 00:19:53,040
Speaker 1: there's differences between. It's like Maslow's hierarchy of needs. But

462
00:19:53,359 --> 00:19:54,800
Speaker 1: that I think this is why it's so crucial to

463
00:19:54,880 --> 00:19:57,280
Speaker 1: keep our expectations in check, because it's so much easier

464
00:19:57,320 --> 00:19:59,960
Speaker 1: said than done when we start to assume that certain

465
00:20:00,080 --> 00:20:03,120
Speaker 1: expenses are this god given right. That makes it more

466
00:20:03,440 --> 00:20:05,879
Speaker 1: difficult for us, I think, to cut back on that

467
00:20:05,960 --> 00:20:08,320
Speaker 1: spending if the price goes up or if our incomes

468
00:20:08,400 --> 00:20:10,639
Speaker 1: goes down, because then it's like, well, this is just

469
00:20:11,480 --> 00:20:16,480
Speaker 1: like this is what I'm owed, I'm treating myself to you,

470
00:20:16,680 --> 00:20:18,520
Speaker 1: even you don't even really think of it in terms

471
00:20:18,560 --> 00:20:21,240
Speaker 1: of treating yourself anymore. It's just that this is the

472
00:20:21,280 --> 00:20:23,520
Speaker 1: standard that you don't go but I do, yeah, exactly.

473
00:20:23,560 --> 00:20:24,920
Speaker 1: And so I think the more that we can keep

474
00:20:24,960 --> 00:20:29,119
Speaker 1: those proverbial goalposts from moving, the less inclined will feel

475
00:20:29,200 --> 00:20:31,800
Speaker 1: to make purchases out of a sense of entitlement, and

476
00:20:31,840 --> 00:20:33,919
Speaker 1: the more money will be able to funnel towards reaching

477
00:20:33,920 --> 00:20:37,560
Speaker 1: greater levels of financial independence. So it's a good idea

478
00:20:37,680 --> 00:20:40,520
Speaker 1: to start asking yourself the question, what am I treating

479
00:20:40,840 --> 00:20:43,280
Speaker 1: like a need that's actually just a want? And if

480
00:20:43,320 --> 00:20:45,600
Speaker 1: it's moving the needle for your happiness in a significant way.

481
00:20:45,680 --> 00:20:48,800
Speaker 1: That's great, awesome, Like, go for it. Yeah, keep spending

482
00:20:48,800 --> 00:20:51,160
Speaker 1: money in that direction. But if it's not, consider acting

483
00:20:51,240 --> 00:20:52,600
Speaker 1: it from your life. I do think, Matt, there are

484
00:20:52,600 --> 00:20:55,119
Speaker 1: these things you're right, like, we start to pick up

485
00:20:55,160 --> 00:20:58,359
Speaker 1: new expenses because we just get used to inflating our

486
00:20:58,400 --> 00:21:02,080
Speaker 1: lifestyle and again purposely inflating your lifestyle on certain things.

487
00:21:02,400 --> 00:21:04,760
Speaker 1: Nothing wrong with it, it's but it is when we

488
00:21:04,800 --> 00:21:07,159
Speaker 1: take that I think mindset that like, oh, this is

489
00:21:07,200 --> 00:21:09,679
Speaker 1: a need even though it is just to want, we

490
00:21:09,720 --> 00:21:11,679
Speaker 1: can form an incorrect relationship to that expense.

491
00:21:11,760 --> 00:21:12,040
Speaker 3: Totally.

492
00:21:12,119 --> 00:21:13,320
Speaker 2: Yeah, I think a lot of it comes down to

493
00:21:13,400 --> 00:21:15,720
Speaker 2: just being honest with ourselves, and so often not that

494
00:21:15,840 --> 00:21:18,560
Speaker 2: not we just fool ourselves into thinking that something actually

495
00:21:18,680 --> 00:21:21,400
Speaker 2: is a necessity. But like, come on, let's let's be real.

496
00:21:21,520 --> 00:21:24,760
Speaker 2: And you're talking about like acting things from our lives

497
00:21:24,800 --> 00:21:27,040
Speaker 2: or from our budgets, I think it can be really

498
00:21:27,080 --> 00:21:29,639
Speaker 2: difficult to look, like, item by item at some of

499
00:21:29,640 --> 00:21:31,440
Speaker 2: the different things that we might remove from our lives.

500
00:21:31,480 --> 00:21:33,880
Speaker 2: And it reminds me of our conversation with Liz Chai

501
00:21:34,359 --> 00:21:37,400
Speaker 2: where a few weeks ago and she basically the episode

502
00:21:37,440 --> 00:21:40,919
Speaker 2: was buying essentially nothing for a year and with the

503
00:21:40,920 --> 00:21:43,200
Speaker 2: title over Boats the tyle over Book. When we talked

504
00:21:43,200 --> 00:21:45,040
Speaker 2: with her, we asked why it is that she went

505
00:21:45,080 --> 00:21:47,600
Speaker 2: this route, and she found that to do something that

506
00:21:47,760 --> 00:21:50,760
Speaker 2: extreme was what it took to register like in her

507
00:21:50,800 --> 00:21:53,280
Speaker 2: mind that she was living a different life as opposed

508
00:21:53,320 --> 00:21:56,040
Speaker 2: to like a small change. Well, it's easy to fall

509
00:21:56,080 --> 00:21:57,800
Speaker 2: off the wagon if you're just doing making some of

510
00:21:57,840 --> 00:21:59,520
Speaker 2: these small tweaks, and so I think a lot of

511
00:21:59,560 --> 00:22:01,879
Speaker 2: it comes down to the individual and knowing yourself. But

512
00:22:01,920 --> 00:22:04,320
Speaker 2: I totally get that premise right, Like it makes me

513
00:22:04,320 --> 00:22:06,119
Speaker 2: think of somebody who's trying to get fit and they're like,

514
00:22:06,160 --> 00:22:08,160
Speaker 2: maybe I'll just go I'll go for a jog around

515
00:22:08,160 --> 00:22:11,400
Speaker 2: the neighborhood. It's tough to like subscribe to that as

516
00:22:11,400 --> 00:22:14,680
Speaker 2: a workout plan versus saying I'm gonna ahead and sign

517
00:22:14,720 --> 00:22:16,879
Speaker 2: up for a ten k oh ohoh okay all of

518
00:22:16,920 --> 00:22:18,679
Speaker 2: a sudden, A ten k that's like as serious. That

519
00:22:18,680 --> 00:22:20,760
Speaker 2: means I'm gonna need to start putting together a plan.

520
00:22:21,359 --> 00:22:23,520
Speaker 2: And similarly, when it comes to our budgets, whether it's

521
00:22:23,560 --> 00:22:25,760
Speaker 2: something as extreme is saying I'm not gonna buy anything

522
00:22:25,920 --> 00:22:28,560
Speaker 2: for a year or even instead of trying to whittle

523
00:22:28,560 --> 00:22:31,399
Speaker 2: your budget down like lighting it on fire, like burning

524
00:22:31,440 --> 00:22:33,359
Speaker 2: it down, starting from scratch, building it up from the

525
00:22:33,359 --> 00:22:35,520
Speaker 2: ground up, and all of a sudden, you're questioning every

526
00:22:35,560 --> 00:22:38,439
Speaker 2: single thing rather than just making assumptions that, oh, this

527
00:22:38,520 --> 00:22:41,199
Speaker 2: is something I've got to keep around because well you know,

528
00:22:41,960 --> 00:22:44,320
Speaker 2: well why like you know why, like what's the actual

529
00:22:44,359 --> 00:22:46,159
Speaker 2: reason and what are your other I think it prevents

530
00:22:46,200 --> 00:22:48,439
Speaker 2: us from achieving maybe some of those bigger goals we

531
00:22:48,520 --> 00:22:50,399
Speaker 2: might implement if we did weren't spending so much on

532
00:22:50,480 --> 00:22:50,920
Speaker 2: other things.

533
00:22:51,119 --> 00:22:53,320
Speaker 1: Totally agree, we might have the ability to say, wait

534
00:22:53,320 --> 00:22:55,960
Speaker 1: a second, I could reach full financial independence earlier, or wait,

535
00:22:56,240 --> 00:22:59,159
Speaker 1: even more than that, I could take that sabbatical that

536
00:22:59,200 --> 00:23:02,320
Speaker 1: I've wanted to take, or I could switch careers because

537
00:23:02,359 --> 00:23:04,000
Speaker 1: my savings rate could be higher than it is.

538
00:23:04,320 --> 00:23:06,159
Speaker 2: And it just like you just have less stress in

539
00:23:06,200 --> 00:23:08,000
Speaker 2: our lives because we've got so much more financial margin.

540
00:23:08,040 --> 00:23:09,720
Speaker 2: It doesn't have to be like this extreme thing, but

541
00:23:10,400 --> 00:23:12,720
Speaker 2: like that looks like something big on the outside, but

542
00:23:12,800 --> 00:23:16,800
Speaker 2: even for you internally from a psychological standpoint, emotionally, it

543
00:23:16,840 --> 00:23:18,159
Speaker 2: could make a massive difference.

544
00:23:18,200 --> 00:23:20,159
Speaker 1: Yeah, I agree, And so much comes down to just

545
00:23:20,280 --> 00:23:23,720
Speaker 1: our misperception of once versus needs and again we know

546
00:23:23,800 --> 00:23:28,800
Speaker 1: it down like this intuitive human level, but we act

547
00:23:28,840 --> 00:23:32,040
Speaker 1: differently in our daily lives. Let's talk about bank fees

548
00:23:32,080 --> 00:23:35,400
Speaker 1: for a second, Matt. The Consumer Financial Production Bureau overall

549
00:23:35,480 --> 00:23:38,440
Speaker 1: a fantastic organization at CFPB.

550
00:23:38,680 --> 00:23:39,200
Speaker 3: Great folks.

551
00:23:39,200 --> 00:23:43,920
Speaker 1: We interviewed the original director of the CFPB, Richard Cordery,

552
00:23:43,960 --> 00:23:47,520
Speaker 1: back in the day. Awesome dude, love his mission and

553
00:23:47,640 --> 00:23:50,000
Speaker 1: he's doing something else now. I forget what his job is.

554
00:23:50,040 --> 00:23:53,119
Speaker 1: But the CFPB wants to reduce ober draft fees. This

555
00:23:53,240 --> 00:23:56,359
Speaker 1: is kind of something new that they're tackling. There's just

556
00:23:56,480 --> 00:23:58,280
Speaker 1: a proposal right now, but they want to take the

557
00:23:58,359 --> 00:24:01,920
Speaker 1: average overdraft fee from somewhere in the thirty dollars range

558
00:24:02,560 --> 00:24:04,840
Speaker 1: to somewhere in the three to fourteen dollar range. They're

559
00:24:04,840 --> 00:24:08,359
Speaker 1: trying to figure out, well, what should overdraft fees actually be?

560
00:24:08,440 --> 00:24:11,440
Speaker 1: How high should they be? That would represent a significant

561
00:24:11,520 --> 00:24:15,439
Speaker 1: savings for people every time they overdraw their account. And

562
00:24:15,520 --> 00:24:17,760
Speaker 1: let's be honest, Matt, the feasts currently being charged by

563
00:24:17,760 --> 00:24:20,560
Speaker 1: many banks across the country are not reflective of the

564
00:24:20,600 --> 00:24:24,359
Speaker 1: actual costs incurred when a customer does overdraw their account.

565
00:24:24,400 --> 00:24:26,720
Speaker 1: Like it doesn't actually cost the bank thirty five bucks.

566
00:24:27,040 --> 00:24:29,240
Speaker 1: This is just a massive profit center for many of them.

567
00:24:29,320 --> 00:24:31,440
Speaker 1: Yes to the two of billions and billions of dollars.

568
00:24:31,480 --> 00:24:33,359
Speaker 1: I remember there was one ceo at one point who

569
00:24:33,480 --> 00:24:37,600
Speaker 1: named a boat that he bought overdraft because that's how

570
00:24:37,600 --> 00:24:41,040
Speaker 1: it was paid for those That's so gross, it's ridiculous.

571
00:24:40,880 --> 00:24:46,000
Speaker 2: It feels so predatory and nasty, and like, how did

572
00:24:46,000 --> 00:24:48,160
Speaker 2: that boat not get sunk? Right exactly?

573
00:24:48,320 --> 00:24:50,439
Speaker 1: You know, you name it that you're like taking for

574
00:24:50,480 --> 00:24:51,440
Speaker 1: someone to light it on fire.

575
00:24:51,560 --> 00:24:54,320
Speaker 2: Yeah, it's like putting that on your vanity on your car,

576
00:24:54,400 --> 00:24:56,600
Speaker 2: like you're just asking for your car to get completely

577
00:24:56,840 --> 00:24:58,479
Speaker 2: keyed or having your tire selided.

578
00:24:58,520 --> 00:25:01,239
Speaker 1: It's true, it's true, and these fees often stack up.

579
00:25:01,280 --> 00:25:03,600
Speaker 1: Some banks even would put them in the incorrect order

580
00:25:03,640 --> 00:25:08,160
Speaker 1: to maximize overdraft fees. It's ridiculous. They harm Americans in particular,

581
00:25:08,359 --> 00:25:11,239
Speaker 1: who are already living on the financial precipice. And I

582
00:25:11,320 --> 00:25:14,120
Speaker 1: wasn't really shocked, Matt to see the banks defending these

583
00:25:14,240 --> 00:25:17,080
Speaker 1: exorbitant overdraft fees, but I was actually kind of surprised

584
00:25:17,080 --> 00:25:19,600
Speaker 1: to see the guy who is the CEO of America's

585
00:25:19,600 --> 00:25:22,520
Speaker 1: credit unions say that implementing this rule would harm consumers

586
00:25:22,720 --> 00:25:26,400
Speaker 1: that reducing over draftees would be harmful to every day Americans.

587
00:25:26,400 --> 00:25:28,560
Speaker 2: Like, come on, there's an argument that, oh, this allows

588
00:25:28,600 --> 00:25:31,560
Speaker 2: folks to pay their bills, but we're gonna charge you

589
00:25:31,600 --> 00:25:33,520
Speaker 2: for it. But like, this just lowers the feed is

590
00:25:33,640 --> 00:25:35,840
Speaker 2: I don't understand his argument because it's not like we're

591
00:25:35,840 --> 00:25:38,240
Speaker 2: talking about getting rid of that altogether. We're just talking

592
00:25:38,280 --> 00:25:40,400
Speaker 2: about lowering the fees, so it's still going to be available.

593
00:25:40,600 --> 00:25:43,240
Speaker 2: But yeah, how does this compute? Yeah, no, it doesn't.

594
00:25:43,280 --> 00:25:43,640
Speaker 3: It doesn't.

595
00:25:43,680 --> 00:25:45,119
Speaker 1: And so like why you and I we did credit

596
00:25:45,160 --> 00:25:48,159
Speaker 1: unions many of them still charge ridiculous overdraft fees too.

597
00:25:48,200 --> 00:25:50,560
Speaker 1: It's not just the banks, some of the credit unions

598
00:25:50,680 --> 00:25:53,359
Speaker 1: also partake in this behavior, which is not okay. But

599
00:25:53,400 --> 00:25:55,840
Speaker 1: at the same time, do we need the CFPB to

600
00:25:55,840 --> 00:25:58,159
Speaker 1: come in and fix this? That's a good question. It

601
00:25:58,240 --> 00:26:00,960
Speaker 1: seems like the trend towards eliminating over draft fees is

602
00:26:01,040 --> 00:26:03,280
Speaker 1: already in full swing. Is something we've been talking about.

603
00:26:03,320 --> 00:26:05,200
Speaker 2: Yeah, this rule, it feels like it like it's happening

604
00:26:05,280 --> 00:26:07,520
Speaker 2: years after it could have actually had a real impact.

605
00:26:07,600 --> 00:26:09,040
Speaker 1: Yeah, maybe go back to like twenty ten.

606
00:26:09,200 --> 00:26:11,840
Speaker 2: You do it then exactly like right after the housing crises,

607
00:26:12,280 --> 00:26:14,000
Speaker 2: the facts on the ground show that many banks have

608
00:26:14,040 --> 00:26:16,919
Speaker 2: been eliminating over draft fees altogether on their own, and

609
00:26:16,960 --> 00:26:19,440
Speaker 2: that consumers actually have a lot of choice on where

610
00:26:19,440 --> 00:26:21,639
Speaker 2: it is that they choose the choose to do their banking.

611
00:26:22,000 --> 00:26:25,080
Speaker 2: The CFPP they literally published something last fall documenting the

612
00:26:25,200 --> 00:26:28,800
Speaker 2: dramatic decline in non sufficient funds being charged by banks.

613
00:26:28,960 --> 00:26:32,320
Speaker 2: They just highlighted the billions of dollars that consumers have

614
00:26:32,359 --> 00:26:33,239
Speaker 2: actually been able to save.

615
00:26:33,280 --> 00:26:35,880
Speaker 1: Feels like published in October, and they're basically saying, Hey,

616
00:26:35,920 --> 00:26:38,080
Speaker 1: everything's moving in the right direction. And now they're saying,

617
00:26:38,280 --> 00:26:39,919
Speaker 1: wait a second, now we need to get involved in it.

618
00:26:39,960 --> 00:26:40,360
Speaker 3: Crackdown.

619
00:26:40,359 --> 00:26:42,639
Speaker 2: It's them justifying their job. It's like busy work. It's

620
00:26:42,680 --> 00:26:44,240
Speaker 2: kind of what it feels they've done it. But the

621
00:26:44,280 --> 00:26:46,440
Speaker 2: banks that we mentioned we regularly here on the show,

622
00:26:46,480 --> 00:26:48,199
Speaker 2: they don't charge crappy fees like that.

623
00:26:48,240 --> 00:26:49,800
Speaker 3: We've talked about how ally.

624
00:26:49,600 --> 00:26:52,399
Speaker 2: They eliminated them during back during the pandemic felt like

625
00:26:52,440 --> 00:26:55,239
Speaker 2: a great step in the right direction. Capital One they

626
00:26:55,240 --> 00:26:59,000
Speaker 2: followed suit shortly thereafter, but then discover CI they don't

627
00:26:59,040 --> 00:27:01,159
Speaker 2: charge those fees either. So if you're paying fees to

628
00:27:01,200 --> 00:27:04,040
Speaker 2: the banks, it just means that you need to switch banks. Yeah,

629
00:27:04,080 --> 00:27:07,680
Speaker 2: and we've got some articles articles up on the site,

630
00:27:07,680 --> 00:27:09,040
Speaker 2: but we'll link to one of the show notes about

631
00:27:09,040 --> 00:27:11,440
Speaker 2: how easy it can be. I think a lot of

632
00:27:11,480 --> 00:27:13,840
Speaker 2: folks build it up in their minds as this big thing,

633
00:27:13,920 --> 00:27:16,040
Speaker 2: but it's really not that difficult, and we'll link to

634
00:27:16,040 --> 00:27:16,640
Speaker 2: that in the show.

635
00:27:17,119 --> 00:27:19,920
Speaker 1: When we mention different banks that we think people should

636
00:27:19,920 --> 00:27:22,119
Speaker 1: do business with, there's a number of factors you and

637
00:27:22,119 --> 00:27:24,200
Speaker 1: I are taking into consideration. One of them is.

638
00:27:24,160 --> 00:27:26,959
Speaker 2: Interest rights, not just the interest rate one. It's also service.

639
00:27:27,040 --> 00:27:29,880
Speaker 1: One of them's fees or lack thereof, And we want

640
00:27:29,880 --> 00:27:34,720
Speaker 1: to recommend financial institutions who aren't charging you fees that

641
00:27:34,760 --> 00:27:37,600
Speaker 1: are completely ridiculous, made up and absurd, And all of

642
00:27:37,600 --> 00:27:41,040
Speaker 1: the banks that we recommend regularly don't do that, So yeah,

643
00:27:41,080 --> 00:27:43,040
Speaker 1: look into the ones we recommend. If you're with one

644
00:27:43,080 --> 00:27:45,280
Speaker 1: of the big banks, not only are you getting paid

645
00:27:45,320 --> 00:27:48,400
Speaker 1: nothing on your saving these account, but you're also likely

646
00:27:48,480 --> 00:27:52,040
Speaker 1: subjecting yourself to non sufficient fun fees that are ridiculous.

647
00:27:52,119 --> 00:27:54,760
Speaker 1: And hopefully you're avoiding them anyway because you're keeping enough

648
00:27:54,760 --> 00:27:57,119
Speaker 1: cash in your account. But still, I'd rather do business

649
00:27:57,160 --> 00:27:59,320
Speaker 1: with an institution that doesn't charge those junk fees. And

650
00:27:59,359 --> 00:28:01,119
Speaker 1: Bank of America. I think they reduced theirs from like

651
00:28:01,119 --> 00:28:03,400
Speaker 1: thirty five bucks to ten bucks. So even the big

652
00:28:03,440 --> 00:28:06,439
Speaker 1: banks are getting better on this front, but they're still not.

653
00:28:06,840 --> 00:28:08,840
Speaker 1: Things still aren't where they need to be totally. All right,

654
00:28:08,880 --> 00:28:12,240
Speaker 1: Let's talk about another fee, matt that gets charged to people,

655
00:28:12,240 --> 00:28:15,200
Speaker 1: that gets levy to people. That also my being going

656
00:28:15,240 --> 00:28:18,320
Speaker 1: away soon. This is something we are big fans of,

657
00:28:18,359 --> 00:28:21,879
Speaker 1: Like this one's going to help home buyers. Title insurance

658
00:28:22,440 --> 00:28:25,479
Speaker 1: has always been a must have I think when you're

659
00:28:25,480 --> 00:28:28,159
Speaker 1: buying a home, but it's also incredibly expensive, right, you

660
00:28:28,240 --> 00:28:30,119
Speaker 1: have to protect yourself in this way, but it feels

661
00:28:30,119 --> 00:28:34,680
Speaker 1: like blackmail because it's so darn expensive and there are

662
00:28:34,720 --> 00:28:37,359
Speaker 1: so few instances of title fraud. And most of the

663
00:28:37,400 --> 00:28:38,800
Speaker 1: time it can cost a buy or something like a

664
00:28:38,840 --> 00:28:42,080
Speaker 1: thousand bucks or more to get title insurance when they're

665
00:28:42,120 --> 00:28:43,880
Speaker 1: buying at home. So that's a big line item depending

666
00:28:43,920 --> 00:28:46,040
Speaker 1: on your state in those plus costs of home. Yeah,

667
00:28:46,120 --> 00:28:48,320
Speaker 1: in some states it's even more severe. I think Texas

668
00:28:48,400 --> 00:28:51,080
Speaker 1: is one of those places where the title insurance can

669
00:28:51,120 --> 00:28:54,600
Speaker 1: be crazy, crazy expensive. But Fannie May has said that

670
00:28:54,600 --> 00:28:57,080
Speaker 1: they're going to start accepting an alternative to title insurance,

671
00:28:57,360 --> 00:29:00,560
Speaker 1: which is an attorney opinion letter. And because Fanny may

672
00:29:00,680 --> 00:29:03,240
Speaker 1: size and influence over the mortgage market, this is actually

673
00:29:03,240 --> 00:29:05,120
Speaker 1: going to have a major impact in the near future.

674
00:29:05,440 --> 00:29:08,320
Speaker 1: It's always a good idea to question closing costs and

675
00:29:08,360 --> 00:29:11,840
Speaker 1: fees and to push back and title insurance. Like I said,

676
00:29:11,960 --> 00:29:14,160
Speaker 1: it's always been this kind of Grin and Barrett necessity

677
00:29:14,400 --> 00:29:19,120
Speaker 1: to protect yourself, even though it's overpriced and almost never used.

678
00:29:19,440 --> 00:29:21,640
Speaker 1: You're not going to be as fully covered right because

679
00:29:21,680 --> 00:29:24,560
Speaker 1: you're not buying some traditional form of insurance. But these

680
00:29:24,560 --> 00:29:27,080
Speaker 1: new looser guidelines I think are going to save millions

681
00:29:27,080 --> 00:29:29,320
Speaker 1: of home buyers a significant amount of money at the

682
00:29:29,320 --> 00:29:32,360
Speaker 1: closing table. I like an alternative choice at least to

683
00:29:32,360 --> 00:29:35,160
Speaker 1: save yourself some money and to steal feel like there's

684
00:29:35,200 --> 00:29:38,880
Speaker 1: some protection that there's kind of a lawyer who's done

685
00:29:38,880 --> 00:29:41,120
Speaker 1: the digging to say, wait, this title is free and

686
00:29:41,160 --> 00:29:43,720
Speaker 1: clear and you don't have to pay the blackmail title

687
00:29:43,720 --> 00:29:46,080
Speaker 1: insurance fee that could run into four figures.

688
00:29:46,160 --> 00:29:48,760
Speaker 2: Yeah, it just feels like a very antiquated line item

689
00:29:48,960 --> 00:29:52,160
Speaker 2: on the mortgage loan app cost application form.

690
00:29:52,240 --> 00:29:54,520
Speaker 3: Yeah. And the ability for us to be able to

691
00:29:54,560 --> 00:29:55,200
Speaker 3: push back.

692
00:29:55,000 --> 00:29:57,520
Speaker 2: A little bit like I almost feel like granted we

693
00:29:57,560 --> 00:30:00,280
Speaker 2: are talking about saving potentially thousands of dollars when you

694
00:30:00,320 --> 00:30:02,320
Speaker 2: purchase the home. But I love the mindset that goes

695
00:30:02,320 --> 00:30:04,360
Speaker 2: into this too as far as saying, is this something

696
00:30:04,360 --> 00:30:07,040
Speaker 2: that we need anymore? It's taking of like I'll say

697
00:30:07,040 --> 00:30:09,680
Speaker 2: in earlier about like burning your entire budget down. It's

698
00:30:09,680 --> 00:30:13,200
Speaker 2: starting from scratch, but it's a fresh look at something

699
00:30:13,320 --> 00:30:17,800
Speaker 2: that feels locked in from like twenty thirty forty years ago.

700
00:30:18,560 --> 00:30:21,800
Speaker 2: It's the same reason why I am glad to see

701
00:30:21,840 --> 00:30:26,280
Speaker 2: there being cases being lawsuits being presented in court, just

702
00:30:26,280 --> 00:30:30,000
Speaker 2: with like the National Association of Realtors, where we're asking

703
00:30:30,040 --> 00:30:33,400
Speaker 2: the question is this fee structure does it make sense

704
00:30:33,520 --> 00:30:35,920
Speaker 2: still for how it is that we currently operate with

705
00:30:36,000 --> 00:30:37,920
Speaker 2: our during our modern financial times.

706
00:30:37,800 --> 00:30:41,400
Speaker 1: Here, especially as the homebuying process has shifted and homeowners

707
00:30:41,440 --> 00:30:44,120
Speaker 1: are often doing a lot of the searching looking themselves like, yeah,

708
00:30:45,080 --> 00:30:47,240
Speaker 1: things have changed, things have changed, yeah, and this should

709
00:30:47,240 --> 00:30:48,400
Speaker 1: the old model remain forever?

710
00:30:48,480 --> 00:30:48,640
Speaker 3: Yeah?

711
00:30:48,640 --> 00:30:50,520
Speaker 2: And this could even like grease the skids a little bit, right,

712
00:30:50,800 --> 00:30:53,360
Speaker 2: just as far as getting things moving again. So bottom line,

713
00:30:53,480 --> 00:30:55,560
Speaker 2: I like the progressive nature of this and how we're

714
00:30:55,720 --> 00:30:57,880
Speaker 2: kind of questioning some of these especially some of these

715
00:30:57,960 --> 00:31:01,920
Speaker 2: fees like you're saying, are oftentimes unnecessary, But buddy, you

716
00:31:01,960 --> 00:31:03,880
Speaker 2: know what, that's gonna be it for this Friday flight.

717
00:31:03,920 --> 00:31:06,360
Speaker 2: So we hope everyone out there has a fantastic weekend

718
00:31:06,400 --> 00:31:07,920
Speaker 2: and we'll see you back here on Monday with a

719
00:31:08,040 --> 00:31:10,560
Speaker 2: fresh Ask How To Money episode. No doubt that we've

720
00:31:10,560 --> 00:31:12,520
Speaker 2: gotta line up for you, all right, buddy, Until next time,

721
00:31:12,800 --> 00:31:14,680
Speaker 2: Best friends Out, Best Friends Out,