1 00:00:00,080 --> 00:00:02,760 Speaker 1: Welcome to How the Money. I'm Joel and I am 2 00:00:02,800 --> 00:00:06,480 Speaker 1: Matt and today we're talking tax extensions click to cancel 3 00:00:06,760 --> 00:00:28,360 Speaker 1: and the value of money. That's right, buddy, this is 4 00:00:28,360 --> 00:00:31,280 Speaker 1: our Friday flights. And by the way, that it's good Friday, 5 00:00:31,360 --> 00:00:34,159 Speaker 1: so happy well, happy good Friday to folks, or if not, 6 00:00:34,280 --> 00:00:38,120 Speaker 1: good day to you, sir. But either way, we are 7 00:00:38,120 --> 00:00:40,519 Speaker 1: going to talk about the best stories that we came 8 00:00:40,520 --> 00:00:43,400 Speaker 1: across this weekend. Specifically, we're going to address how they 9 00:00:43,440 --> 00:00:46,720 Speaker 1: pertain to your personal finances. Do you money? Do you 10 00:00:46,800 --> 00:00:50,880 Speaker 1: have a favorite Easter candy? Oh? Okay, so the Robin's Egg. 11 00:00:50,920 --> 00:00:52,960 Speaker 1: Those are great. As a kid, I remember eating those 12 00:00:53,320 --> 00:00:56,200 Speaker 1: those candies and they've got the little malt centers, and 13 00:00:56,560 --> 00:00:59,000 Speaker 1: they fell off my radar for like years and years, 14 00:00:59,000 --> 00:01:00,600 Speaker 1: and it wasn't until I was in high school that 15 00:01:00,640 --> 00:01:02,840 Speaker 1: I came across one of those and I was like, 16 00:01:03,080 --> 00:01:06,880 Speaker 1: it's the it's it's the candy from affair. Gosh. Yeah, 17 00:01:07,160 --> 00:01:09,560 Speaker 1: I'm a Cadbury creamy guy. Although I know those can 18 00:01:09,600 --> 00:01:14,160 Speaker 1: be polarizing. Rose I like sugary goo. It's terrible and 19 00:01:14,240 --> 00:01:17,280 Speaker 1: great at the same time, as opposed to dry, crunchy sugaryness, 20 00:01:17,280 --> 00:01:19,840 Speaker 1: which is inside the middle of a malt ball, essentially. 21 00:01:19,880 --> 00:01:21,600 Speaker 1: I don't know why I like those, because I do 22 00:01:21,680 --> 00:01:23,440 Speaker 1: kind of sometimes they do repulse me at if you 23 00:01:23,440 --> 00:01:24,800 Speaker 1: think about it, they kind of grows you out, what's 24 00:01:24,840 --> 00:01:26,920 Speaker 1: wrong with me? But I don't know, I kind of 25 00:01:26,920 --> 00:01:28,960 Speaker 1: like them too. They always had the best commercials back 26 00:01:29,000 --> 00:01:32,240 Speaker 1: in the late eighties and yeah nineties with a you know, 27 00:01:32,240 --> 00:01:34,959 Speaker 1: everyone's trying out to be the bunny, like the Cadburry. 28 00:01:35,280 --> 00:01:36,800 Speaker 1: Those were good. All right. I want to ask you 29 00:01:36,800 --> 00:01:38,920 Speaker 1: a quick question. So every Monday, you and I would 30 00:01:38,920 --> 00:01:40,560 Speaker 1: go get coffee out our little coffee shop. We do 31 00:01:40,600 --> 00:01:42,560 Speaker 1: it once a week to kind of make sure that 32 00:01:42,680 --> 00:01:44,280 Speaker 1: we don't get too addicted to it, and it makes 33 00:01:44,280 --> 00:01:47,160 Speaker 1: it kind of a highlight of the week, right especially kids. 34 00:01:47,160 --> 00:01:49,080 Speaker 1: It's a good way to shake off the weekend a 35 00:01:49,080 --> 00:01:50,800 Speaker 1: little bit and say, you know what, it's time to 36 00:01:51,240 --> 00:01:54,320 Speaker 1: get down to business. Right, Okay, So the other day 37 00:01:54,360 --> 00:01:56,520 Speaker 1: we were there crabs some coffee, and then I was 38 00:01:56,560 --> 00:01:58,640 Speaker 1: picking up something else that they sell as like a 39 00:01:58,720 --> 00:02:01,480 Speaker 1: present for a friend. And when we get coffee, we 40 00:02:01,480 --> 00:02:05,640 Speaker 1: always tip well because we're not jerks. But then when 41 00:02:05,640 --> 00:02:08,400 Speaker 1: I got a physical good fifteen percent to me at 42 00:02:08,440 --> 00:02:10,320 Speaker 1: least that feels like the what you what you would 43 00:02:10,360 --> 00:02:12,120 Speaker 1: pay at the window when it comes to coffee because 44 00:02:12,120 --> 00:02:14,640 Speaker 1: they're making the drink. But it's also you were staying 45 00:02:14,639 --> 00:02:16,320 Speaker 1: in there waiting you walk up to the window. It's 46 00:02:16,320 --> 00:02:18,120 Speaker 1: that kind of thing. Yes, all right, but it's not 47 00:02:18,160 --> 00:02:20,000 Speaker 1: like a full on, sit down restaurant question for you. 48 00:02:20,000 --> 00:02:21,919 Speaker 1: Because afterwards I went back and I had to get actual, 49 00:02:22,000 --> 00:02:25,200 Speaker 1: like a good an item that they sell, and the 50 00:02:25,280 --> 00:02:27,919 Speaker 1: same tipping thing came up and I was like, love 51 00:02:27,960 --> 00:02:30,079 Speaker 1: you guys, I'm not going to tip on this though, 52 00:02:30,120 --> 00:02:32,600 Speaker 1: because it's literally just handing me the thing in a bag. Yeah, 53 00:02:32,600 --> 00:02:36,600 Speaker 1: they just turned around grabbed it. Paying tipping for the 54 00:02:36,680 --> 00:02:39,919 Speaker 1: coffee because it's like something that needs to be made. 55 00:02:40,360 --> 00:02:43,359 Speaker 1: It feels completely different tender love and care that goes 56 00:02:43,360 --> 00:02:46,480 Speaker 1: into making those Well lately we've been getting those flat whites. Yeah, 57 00:02:46,480 --> 00:02:48,679 Speaker 1: I'm like, don't spit in my flat white at tip you. Well, 58 00:02:49,120 --> 00:02:51,240 Speaker 1: but when it comes to tipping on top of that, 59 00:02:51,280 --> 00:02:53,400 Speaker 1: I get why, Like it's just the standard screen that 60 00:02:53,440 --> 00:02:55,200 Speaker 1: pops up no matter what they're selling. So you did 61 00:02:55,280 --> 00:02:57,160 Speaker 1: zero tip. I did zero tip on that. I think 62 00:02:57,200 --> 00:03:00,160 Speaker 1: your conscience should be completely clear. Okay, absolutely to make 63 00:03:00,160 --> 00:03:01,799 Speaker 1: sure it was basically these handmade bidders that one of 64 00:03:01,840 --> 00:03:04,239 Speaker 1: their friends cells that is totally I just wanted to 65 00:03:04,280 --> 00:03:06,799 Speaker 1: make sure I wasn't being a no. It's an item. 66 00:03:06,919 --> 00:03:08,360 Speaker 1: It should be. It's not like when you go to 67 00:03:08,440 --> 00:03:11,520 Speaker 1: the store to buy a tangible good. They're not asking 68 00:03:11,560 --> 00:03:13,880 Speaker 1: you to tip at the grocery store or any sort 69 00:03:13,880 --> 00:03:17,400 Speaker 1: of even a homemade's goods kind of store. Right, if 70 00:03:17,400 --> 00:03:19,919 Speaker 1: they're not necessarily asking you to tip, it's just a transaction. 71 00:03:20,240 --> 00:03:22,440 Speaker 1: So yes, that's how I feel. I think you should be. Yeah, 72 00:03:22,480 --> 00:03:24,240 Speaker 1: you're totally in the clear, okay in my book, but 73 00:03:24,240 --> 00:03:26,160 Speaker 1: if you disagree, you can email Jole directly. I feel 74 00:03:26,160 --> 00:03:28,519 Speaker 1: like you're my Catholic priest. I'm not going to confessional 75 00:03:28,600 --> 00:03:31,320 Speaker 1: sins have been absolved. So good to know, all right, 76 00:03:31,320 --> 00:03:33,400 Speaker 1: So let's move on. Let's get to the Friday flight 77 00:03:33,880 --> 00:03:37,280 Speaker 1: sampling of stories we found interesting this week and how 78 00:03:37,280 --> 00:03:40,000 Speaker 1: they pertain to your personal finances. Let's talk about taxes 79 00:03:40,040 --> 00:03:41,280 Speaker 1: for just a second. We got a lot of good 80 00:03:41,280 --> 00:03:43,840 Speaker 1: stuff to get to, by the way, and the tax 81 00:03:43,880 --> 00:03:47,040 Speaker 1: deadline just over a week away, and just kind of 82 00:03:47,200 --> 00:03:48,880 Speaker 1: word of the wise. Just wanted to make a note 83 00:03:48,960 --> 00:03:51,640 Speaker 1: make sure to file an extension on your taxes if 84 00:03:51,680 --> 00:03:54,160 Speaker 1: you need to, if you have not yet filed. Not 85 00:03:54,280 --> 00:03:57,440 Speaker 1: everyone needs to, though. Actually a lot of California residents 86 00:03:57,480 --> 00:04:00,280 Speaker 1: in particular have extra time to file because like some 87 00:04:00,320 --> 00:04:02,520 Speaker 1: of the insane weather events that have happened there this year, 88 00:04:02,760 --> 00:04:06,200 Speaker 1: and I think I think they have until like October sixteenth. 89 00:04:06,240 --> 00:04:08,800 Speaker 1: But if you're like planning on getting a refund, if 90 00:04:08,800 --> 00:04:10,360 Speaker 1: you think you're going to get a refund, there's no 91 00:04:10,440 --> 00:04:12,920 Speaker 1: need well, and you're prepared, there's no need to wait 92 00:04:12,960 --> 00:04:15,760 Speaker 1: as long as you can. Feel free to file early 93 00:04:15,800 --> 00:04:19,000 Speaker 1: if you want. But just yeah, filing an extension. By 94 00:04:19,040 --> 00:04:21,440 Speaker 1: the way, it doesn't mean that you don't have to 95 00:04:21,440 --> 00:04:24,200 Speaker 1: pay the estimated tax that you might owe. So if 96 00:04:24,200 --> 00:04:26,120 Speaker 1: you're like I'm in a filing extension in hopes that 97 00:04:26,279 --> 00:04:31,040 Speaker 1: I can like wait longer the government, that's not how 98 00:04:31,080 --> 00:04:33,720 Speaker 1: it works. You will owe penalties and interest in all 99 00:04:33,720 --> 00:04:35,760 Speaker 1: likelihood if you do that. So, but make sure to 100 00:04:35,800 --> 00:04:39,040 Speaker 1: file that extension or file your taxes because that's coming 101 00:04:39,080 --> 00:04:41,320 Speaker 1: up soon. By the way, Matt saw the stat the 102 00:04:41,320 --> 00:04:45,240 Speaker 1: average person spends somewhere between eleven and thirteen hours doing 103 00:04:45,279 --> 00:04:47,960 Speaker 1: their taxes. That's terrible, and two hundred and fifty dollars 104 00:04:48,000 --> 00:04:51,280 Speaker 1: to do it as well, which just feels wild. That's 105 00:04:51,320 --> 00:04:52,840 Speaker 1: like a long time, And I get it. I feel 106 00:04:52,839 --> 00:04:54,680 Speaker 1: like it takes me a long time even though I'm 107 00:04:54,720 --> 00:04:57,440 Speaker 1: not doing my taxes, just gathering all the stuff to 108 00:04:57,520 --> 00:04:59,880 Speaker 1: send to the person who does my taxes for me. 109 00:05:00,480 --> 00:05:02,600 Speaker 1: It's I'm glad they handle it because it would just 110 00:05:02,640 --> 00:05:05,120 Speaker 1: be a complete annoyance. But even just the gathering of 111 00:05:05,120 --> 00:05:06,919 Speaker 1: the stuff is just a pain too. So this I 112 00:05:06,920 --> 00:05:09,760 Speaker 1: feel like it's more of a mental weight than anything else. Yeah, 113 00:05:10,160 --> 00:05:12,120 Speaker 1: as opposed to the actual time. Because if I actually 114 00:05:12,120 --> 00:05:14,280 Speaker 1: were to calculate quantify the amount of time that I 115 00:05:14,400 --> 00:05:17,159 Speaker 1: spent getting my forms together, like I guess that's spent 116 00:05:17,200 --> 00:05:20,280 Speaker 1: maybe about thirty minutes doing taxes this year. Literally, I'll 117 00:05:20,279 --> 00:05:21,680 Speaker 1: tell you true, I probably build it up more in 118 00:05:21,680 --> 00:05:23,920 Speaker 1: my mind exactly. It's it's more of a mental way, 119 00:05:24,000 --> 00:05:26,440 Speaker 1: like a mental emotional sort of weight, as opposed to 120 00:05:26,520 --> 00:05:28,720 Speaker 1: the time that goes into it. But I will say 121 00:05:28,720 --> 00:05:30,520 Speaker 1: one of the things I do that I've found myself 122 00:05:30,520 --> 00:05:32,920 Speaker 1: doing every single year now is so a little tip 123 00:05:33,279 --> 00:05:36,760 Speaker 1: label and name your files really well from previous years, 124 00:05:36,800 --> 00:05:38,720 Speaker 1: and just keep a tax folder and you've got all 125 00:05:38,720 --> 00:05:41,160 Speaker 1: your different years of filing your taxes there with a 126 00:05:41,240 --> 00:05:43,320 Speaker 1: that folder, and then as you're getting your documents together, 127 00:05:43,400 --> 00:05:45,359 Speaker 1: look back at that previous year. That way you know 128 00:05:45,400 --> 00:05:47,120 Speaker 1: what forms to look for. And so I use that 129 00:05:47,200 --> 00:05:50,240 Speaker 1: basically as like my template as a basis. Obviously, as 130 00:05:50,440 --> 00:05:53,640 Speaker 1: I received ten ninety eight or ten ninety nine notifications 131 00:05:53,680 --> 00:05:55,120 Speaker 1: via email, I go and I'll get them and I 132 00:05:55,160 --> 00:05:57,520 Speaker 1: just kind of PLoP them in that folder. But then 133 00:05:57,600 --> 00:05:59,640 Speaker 1: I go and label those and whatever one's I'm missing 134 00:05:59,760 --> 00:06:01,920 Speaker 1: that when I go and then hunt those down makes 135 00:06:01,960 --> 00:06:05,360 Speaker 1: it super easy to the label, organize. But then also 136 00:06:05,440 --> 00:06:08,200 Speaker 1: it makes it easy for my tax preparer as well, 137 00:06:08,240 --> 00:06:10,920 Speaker 1: because she knows exactly she knows my system. Yeah, so 138 00:06:10,960 --> 00:06:13,120 Speaker 1: I think it makes it easier. You're probably really easy 139 00:06:13,160 --> 00:06:15,400 Speaker 1: to work with. She's probably like, man, he's the best 140 00:06:15,400 --> 00:06:20,479 Speaker 1: client ever. Yeah, a little very well labeled, but yeah, 141 00:06:20,480 --> 00:06:22,760 Speaker 1: I wanted to mention that. And also on that note, 142 00:06:22,920 --> 00:06:26,599 Speaker 1: did you know that seventy percent of Americans qualify to 143 00:06:26,960 --> 00:06:29,760 Speaker 1: use the IRUs free file system, But it turns out, 144 00:06:29,800 --> 00:06:32,880 Speaker 1: but only two percent of Americans actually go that route. 145 00:06:32,920 --> 00:06:36,840 Speaker 1: So seventy percent qualify, only two percent Americans actually use 146 00:06:36,920 --> 00:06:39,560 Speaker 1: that as an option. So one invokes to know that 147 00:06:39,560 --> 00:06:41,240 Speaker 1: that's something you can take advantage of. If you make 148 00:06:41,279 --> 00:06:43,520 Speaker 1: seventy three per foul about it seventy three thousand dollars 149 00:06:43,640 --> 00:06:46,160 Speaker 1: or less or your AGI. If it's seventy three or less, 150 00:06:46,279 --> 00:06:49,640 Speaker 1: you qualify to file via the free file system. So 151 00:06:49,680 --> 00:06:51,479 Speaker 1: even if you make ninety but you max out your 152 00:06:51,480 --> 00:06:54,799 Speaker 1: four O one K, you qualify for IRUs free file exactly. 153 00:06:54,960 --> 00:06:57,720 Speaker 1: And cash app taxes is another one we've talked about 154 00:06:57,800 --> 00:07:00,000 Speaker 1: as like a great system that allows you to file 155 00:07:00,160 --> 00:07:02,680 Speaker 1: federal and state for free. So if you're like, gotta 156 00:07:02,680 --> 00:07:06,440 Speaker 1: get on at this weekend, yes you do, and either 157 00:07:06,440 --> 00:07:08,320 Speaker 1: of those places next weekend too would be a great place. 158 00:07:08,320 --> 00:07:10,320 Speaker 1: You got a solid you got ten plus days to 159 00:07:10,600 --> 00:07:12,720 Speaker 1: knock this thing up. But do it. Do it this weekend, 160 00:07:12,760 --> 00:07:14,320 Speaker 1: do it this weekend? Yeah right, why not get it 161 00:07:14,320 --> 00:07:15,920 Speaker 1: off your two list? Get it off your plate. I 162 00:07:16,000 --> 00:07:17,640 Speaker 1: was talking about housing map for a second. What's going 163 00:07:17,640 --> 00:07:20,240 Speaker 1: on with real estate now? Things have shifted over the 164 00:07:20,320 --> 00:07:23,840 Speaker 1: last year in particular, but so much of how they've 165 00:07:23,840 --> 00:07:26,480 Speaker 1: shifted and what's happening depends on where you live. Like 166 00:07:26,920 --> 00:07:30,120 Speaker 1: everyone knows the saying location, location, location in terms of 167 00:07:30,120 --> 00:07:33,160 Speaker 1: real estate, and that's always true, right, but it's even 168 00:07:33,200 --> 00:07:35,880 Speaker 1: truer right now. The Wall Street Journal, they just published 169 00:07:35,920 --> 00:07:38,320 Speaker 1: a map of where home prices are going up and 170 00:07:38,360 --> 00:07:41,200 Speaker 1: where they're falling. This is a crazy map. It's crazy 171 00:07:41,200 --> 00:07:44,000 Speaker 1: to see. It's really really interesting as guys who are 172 00:07:44,080 --> 00:07:47,440 Speaker 1: kind of real estate nerds ourselves, it's like, I don't know, 173 00:07:47,480 --> 00:07:49,520 Speaker 1: I'm just kind of curious to see what's happening around 174 00:07:49,520 --> 00:07:52,560 Speaker 1: the nation, and it's largely what's happening with home prices 175 00:07:52,640 --> 00:07:55,440 Speaker 1: is an East Coast versus West Coast phenomena. Like I 176 00:07:55,440 --> 00:07:57,720 Speaker 1: don't know, I really know nothing about rap or rap 177 00:07:57,760 --> 00:07:59,960 Speaker 1: battles or anything like that, but it isn't that like 178 00:08:00,160 --> 00:08:02,160 Speaker 1: thing like East Coast first West Coast in terms of 179 00:08:02,200 --> 00:08:05,160 Speaker 1: rappers like back in the nineties. Okay, not anymore, I 180 00:08:05,240 --> 00:08:07,160 Speaker 1: don't think, so okay, Well, no, I don't think they 181 00:08:07,160 --> 00:08:09,040 Speaker 1: care anymore. And then the Southern groups like outcasts. We're 182 00:08:09,080 --> 00:08:10,640 Speaker 1: just out of there of their own thing, right. Oh yeah, 183 00:08:10,640 --> 00:08:13,200 Speaker 1: Southern raps a completely different beast, and they I feel 184 00:08:13,200 --> 00:08:15,840 Speaker 1: like they dominated, they stayed above the fray. I feel like, yeah, 185 00:08:15,840 --> 00:08:19,800 Speaker 1: I think so okay. Well, San Francisco, San Jose, and Seattle, 186 00:08:19,880 --> 00:08:22,600 Speaker 1: they're all seeing significant drops in home prices in the 187 00:08:22,600 --> 00:08:24,720 Speaker 1: neighborhood of like ten percent year over year, which is 188 00:08:24,840 --> 00:08:26,880 Speaker 1: which is interesting to see. Okay, before we get any 189 00:08:26,960 --> 00:08:29,559 Speaker 1: further from rap battles, did you watch Hustle and flow 190 00:08:29,720 --> 00:08:31,600 Speaker 1: Back in the movie? Yeah, that was great. I just 191 00:08:31,600 --> 00:08:32,800 Speaker 1: want to make sure. I don't think we've ever talked 192 00:08:32,800 --> 00:08:36,040 Speaker 1: about it, like Memphis rap scene right there. Yeah. Absolutely, 193 00:08:36,160 --> 00:08:37,880 Speaker 1: My wife's from Memphis, so I had to watch. Okay, 194 00:08:38,400 --> 00:08:40,760 Speaker 1: it's like required watching in order to day, Like, you 195 00:08:40,760 --> 00:08:42,720 Speaker 1: can't date me unless you watch this. Her mom actually 196 00:08:42,720 --> 00:08:45,679 Speaker 1: made you watch, right, exactly, No, I love that one. 197 00:08:45,800 --> 00:08:48,520 Speaker 1: Terence Towers just like so good, right, actually good? All right? 198 00:08:48,559 --> 00:08:50,679 Speaker 1: But yeah, so, so the West Coast, we're seeing these 199 00:08:50,720 --> 00:08:52,560 Speaker 1: price drops somewhere in the neighbor of ten percent. In 200 00:08:52,559 --> 00:08:54,920 Speaker 1: some of these major cities East Coast, the opposite is 201 00:08:54,960 --> 00:08:57,760 Speaker 1: happening because like even in like Buffalo, right, which I 202 00:08:57,880 --> 00:09:00,600 Speaker 1: was kind of shocked to see, But Buffalo, Miami, Orlando, 203 00:09:00,760 --> 00:09:04,640 Speaker 1: they're seeing significant price increases despite rising rates, and so 204 00:09:05,720 --> 00:09:07,440 Speaker 1: the stats even show them at that where we live. 205 00:09:07,600 --> 00:09:10,200 Speaker 1: The cost of a single family home in Atlanta is 206 00:09:10,280 --> 00:09:12,800 Speaker 1: up forty nine percent over the past three years, and 207 00:09:12,840 --> 00:09:15,600 Speaker 1: it's gone up over the past year so it's just 208 00:09:15,640 --> 00:09:19,959 Speaker 1: a reminder that housing trends really are an incredibly local 209 00:09:20,000 --> 00:09:23,440 Speaker 1: thing and they're constantly shifting to So depending on where 210 00:09:23,440 --> 00:09:25,200 Speaker 1: you live, you might have been like, man, Seattle is 211 00:09:25,240 --> 00:09:27,880 Speaker 1: completely unaffordable. Well guess what it has gotten a whole 212 00:09:27,920 --> 00:09:31,360 Speaker 1: lot more affordable. Granted, rates are still like not awesome, 213 00:09:31,760 --> 00:09:35,400 Speaker 1: and so affordability as a whole isn't great. But prices 214 00:09:35,440 --> 00:09:38,400 Speaker 1: are coming down in a lot of cities where prices 215 00:09:38,440 --> 00:09:40,760 Speaker 1: were kind of up in the stratosphere. Sure, it's a 216 00:09:40,800 --> 00:09:44,040 Speaker 1: good note that even though the nationwide the median house 217 00:09:44,360 --> 00:09:48,520 Speaker 1: price nationwide has decreased, it depends specifically what coast you're on, 218 00:09:48,559 --> 00:09:51,640 Speaker 1: which side of Denver, specifically that you're on, whether you're 219 00:09:51,640 --> 00:09:54,160 Speaker 1: on the east or western side of that city, or 220 00:09:54,280 --> 00:09:56,680 Speaker 1: like Boise, for instance, sometimes it's about which cities pop 221 00:09:56,720 --> 00:10:00,040 Speaker 1: the hardest. Sometimes those fall the furthest and so I 222 00:10:00,040 --> 00:10:03,120 Speaker 1: think Boise home prices are down a good bit too. Okay, 223 00:10:03,160 --> 00:10:06,360 Speaker 1: so while we're talking about real estate affordability, let's mention 224 00:10:06,440 --> 00:10:09,400 Speaker 1: a recent article in our local paper, the AJAC. They 225 00:10:09,679 --> 00:10:12,600 Speaker 1: usually used to pick up dog personally, but okay, so 226 00:10:12,880 --> 00:10:15,520 Speaker 1: they were it was the online version that I was reading, 227 00:10:15,760 --> 00:10:18,960 Speaker 1: but They were talking about accessory dwelling units ADUs and 228 00:10:19,040 --> 00:10:22,400 Speaker 1: how they can continue to help solve the affordable housing 229 00:10:22,440 --> 00:10:25,880 Speaker 1: problem here in our country, specifically because they add density, 230 00:10:26,000 --> 00:10:29,160 Speaker 1: especially in older neighborhoods, and that density would be otherwise 231 00:10:29,160 --> 00:10:33,000 Speaker 1: hard to create. But more units, more competition in the 232 00:10:33,080 --> 00:10:36,760 Speaker 1: rental space, all of these things lead to lower prices. Sadly, 233 00:10:36,960 --> 00:10:42,080 Speaker 1: ADUs are actually still illegal in many states and different municipalities. 234 00:10:42,679 --> 00:10:46,240 Speaker 1: I saw that California, of Florida, Texas, and Georgia account 235 00:10:46,280 --> 00:10:51,880 Speaker 1: for about fifty percent of ADUs across the country. States Go, Georgia. Yeah, 236 00:10:51,880 --> 00:10:54,200 Speaker 1: but they I mean, they're not a silver bullet, of course. 237 00:10:54,360 --> 00:10:56,600 Speaker 1: But we think that building more of these things, more 238 00:10:56,679 --> 00:10:59,000 Speaker 1: these ADUs is a good thing, but it's not going 239 00:10:59,040 --> 00:11:01,679 Speaker 1: to solve the house shortage that we face by itself. 240 00:11:01,679 --> 00:11:04,280 Speaker 1: It's expected that we're going to see continue to see 241 00:11:04,280 --> 00:11:07,679 Speaker 1: housing prices over the next decade continue to rise as 242 00:11:07,760 --> 00:11:11,280 Speaker 1: more folks enter into that house buying stage of life, 243 00:11:11,640 --> 00:11:14,840 Speaker 1: as more millennials in particular are looking to own. Yeah, 244 00:11:14,880 --> 00:11:17,000 Speaker 1: and I think building an ADU if you're if you're 245 00:11:17,040 --> 00:11:18,880 Speaker 1: like I kind of want to get into real estate investing, 246 00:11:18,920 --> 00:11:20,800 Speaker 1: but I'm not. I'm not sure I want to buy 247 00:11:20,840 --> 00:11:22,840 Speaker 1: a quadplex or anything like that. If you own a 248 00:11:22,880 --> 00:11:24,920 Speaker 1: home and you've got the space to build an ADU, 249 00:11:25,400 --> 00:11:27,240 Speaker 1: that can be the perfect way to get your feet wet. 250 00:11:27,480 --> 00:11:29,320 Speaker 1: And so I think a lot of how the money listeners, 251 00:11:29,320 --> 00:11:31,640 Speaker 1: If it's legal where you live, and if it's kind 252 00:11:31,640 --> 00:11:34,800 Speaker 1: of becoming a thing, it might be worth looking into. 253 00:11:35,120 --> 00:11:37,320 Speaker 1: I will say this, I think some people are starting 254 00:11:37,360 --> 00:11:39,559 Speaker 1: to build what's known as junior ADUs. I don't know 255 00:11:39,600 --> 00:11:41,920 Speaker 1: if you've seen that, but those are even smaller. In 256 00:11:41,960 --> 00:11:43,719 Speaker 1: those like tiny homes, they're not required to have a 257 00:11:43,760 --> 00:11:46,439 Speaker 1: bathroom in them, though, and so I think that's probably 258 00:11:46,480 --> 00:11:48,920 Speaker 1: a bad move for a lot of people because the bathroom, 259 00:11:49,000 --> 00:11:50,840 Speaker 1: the lack of a bathroom is going to prevent it 260 00:11:50,880 --> 00:11:53,240 Speaker 1: from being as lucrative as it could be. And even 261 00:11:53,280 --> 00:11:55,319 Speaker 1: though it might be cheaper to build out it's it's 262 00:11:55,320 --> 00:11:57,240 Speaker 1: probably not going to add the value your junior like 263 00:11:57,280 --> 00:12:00,600 Speaker 1: a shipping container that's your office, I can't It's just 264 00:12:00,640 --> 00:12:01,719 Speaker 1: a lot you can do if you don't have a 265 00:12:01,760 --> 00:12:03,800 Speaker 1: bathroom in there. Man, I know, but regular eighty is 266 00:12:04,040 --> 00:12:06,120 Speaker 1: I think can make sense from They makes sense from 267 00:12:06,120 --> 00:12:09,480 Speaker 1: a societal standpoint, but also often from like an individual standpoint, 268 00:12:09,520 --> 00:12:11,240 Speaker 1: building something in your yard to make some extra money. 269 00:12:11,280 --> 00:12:13,200 Speaker 1: I like it. Let's talk about home renovations for a second. 270 00:12:13,240 --> 00:12:16,720 Speaker 1: Math though, those who have also fallen prey to inflation 271 00:12:16,880 --> 00:12:18,920 Speaker 1: in a big way, causing a lot of folks to 272 00:12:18,960 --> 00:12:21,520 Speaker 1: opt for the DIY route. They're saying, you know what 273 00:12:21,760 --> 00:12:24,320 Speaker 1: started hiring this person to do this project for me? 274 00:12:24,720 --> 00:12:27,080 Speaker 1: I guess I'm just going to do it myself. And 275 00:12:27,320 --> 00:12:30,439 Speaker 1: hourly wages for general construction workers are up in the 276 00:12:30,440 --> 00:12:33,280 Speaker 1: neighborhood of forty percent in the past few years, and 277 00:12:33,360 --> 00:12:35,559 Speaker 1: renovation jobs are apparently taking something like two and a 278 00:12:35,600 --> 00:12:38,680 Speaker 1: half times longer on average over the past few years, 279 00:12:38,679 --> 00:12:41,520 Speaker 1: and so at the same time, materials cost more too. 280 00:12:41,920 --> 00:12:44,400 Speaker 1: So it just feels like a tough time to renovate. 281 00:12:44,720 --> 00:12:47,920 Speaker 1: And I think making that decision is always tough for folks, 282 00:12:47,920 --> 00:12:50,200 Speaker 1: like should I update the kitchen, the bathroom or at 283 00:12:50,240 --> 00:12:52,959 Speaker 1: on that porch. It's just never an easy decision, and 284 00:12:53,040 --> 00:12:56,319 Speaker 1: they're a lot of finances involved. When you're talking about 285 00:12:56,559 --> 00:12:59,120 Speaker 1: doing any sort of renovation to your home, it's a 286 00:12:59,160 --> 00:13:02,560 Speaker 1: major financial conundrum. But our prediction is that it's going 287 00:13:02,600 --> 00:13:04,720 Speaker 1: to be cheaper actually for lots of folks to renovate 288 00:13:04,760 --> 00:13:06,959 Speaker 1: instead of moving in a whole lot of the country, 289 00:13:07,280 --> 00:13:10,319 Speaker 1: especially if it means giving up a super low locked 290 00:13:10,320 --> 00:13:12,640 Speaker 1: in interest rate. So I know it can be hard, 291 00:13:12,679 --> 00:13:14,760 Speaker 1: and you might say the timeline is longer, the expense 292 00:13:14,880 --> 00:13:18,120 Speaker 1: is more. But if you're planning to do a renovation, 293 00:13:18,200 --> 00:13:21,000 Speaker 1: crunch the numbers and see which one makes more sense. 294 00:13:21,080 --> 00:13:23,360 Speaker 1: Just be sure to save diligently so that you're not 295 00:13:23,400 --> 00:13:25,040 Speaker 1: taking on a bunch of high interest rate debt to 296 00:13:25,880 --> 00:13:28,440 Speaker 1: fuel that renovation. Sure. Yeah, And if you thought that 297 00:13:28,440 --> 00:13:30,360 Speaker 1: this is something you're gonna be able to do overnight 298 00:13:30,440 --> 00:13:34,480 Speaker 1: with a snap of some fingers, think again. Any contractor 299 00:13:34,480 --> 00:13:36,160 Speaker 1: that I've talked to recently, I mean, they're booked out 300 00:13:36,200 --> 00:13:39,440 Speaker 1: into the summer and so just yeah, ask around. We're 301 00:13:39,480 --> 00:13:41,520 Speaker 1: actually having some work done to our house. We're screening 302 00:13:41,600 --> 00:13:45,040 Speaker 1: in a back porch and guests who we ended up 303 00:13:45,120 --> 00:13:48,480 Speaker 1: using somebody our neighbors used and it was a great recommendation. 304 00:13:48,640 --> 00:13:52,240 Speaker 1: So they certainly look to neighbors and ask them, are 305 00:13:52,240 --> 00:13:54,160 Speaker 1: you happy with their work? How have they been on 306 00:13:55,080 --> 00:13:56,600 Speaker 1: the quote on the price that they gave you, how 307 00:13:56,720 --> 00:13:58,800 Speaker 1: quick have they been, how's the quality? Those are going 308 00:13:58,840 --> 00:14:00,920 Speaker 1: to be the factors that you're want to consider, and 309 00:14:00,960 --> 00:14:02,640 Speaker 1: I do think it's true that they typically say you 310 00:14:02,800 --> 00:14:05,400 Speaker 1: get two out of those three, right. Yeah, So in 311 00:14:05,440 --> 00:14:08,080 Speaker 1: our case, good faster or cheap. Our guy is good 312 00:14:08,520 --> 00:14:12,320 Speaker 1: and he's pretty affordable, but he is not fast, but 313 00:14:12,400 --> 00:14:14,160 Speaker 1: that works for us. That's something that we're willing to 314 00:14:14,520 --> 00:14:16,800 Speaker 1: give on there, Joe. Let's talk about whether or not 315 00:14:16,840 --> 00:14:19,880 Speaker 1: folks should work a job that they hate if it 316 00:14:19,920 --> 00:14:22,480 Speaker 1: means making more money. That was actually the subject of 317 00:14:22,520 --> 00:14:26,280 Speaker 1: a recent UGO poll, and the results showed that as 318 00:14:26,320 --> 00:14:29,080 Speaker 1: folks get older, that they're more willing to get paid 319 00:14:29,520 --> 00:14:33,120 Speaker 1: less money in order to enjoy the work that they're performing, 320 00:14:33,400 --> 00:14:35,440 Speaker 1: which I think that makes a whole lot of sense. 321 00:14:35,560 --> 00:14:37,600 Speaker 1: These are folks who have likely dealt with some crabby 322 00:14:37,720 --> 00:14:40,240 Speaker 1: jobs over the years or even decades at this point, 323 00:14:40,400 --> 00:14:43,280 Speaker 1: and they're also typically going to be more financially stable, 324 00:14:43,400 --> 00:14:45,680 Speaker 1: right so that they have the ability to opt for 325 00:14:45,760 --> 00:14:49,280 Speaker 1: a healthy lifestyle over a bigger paycheck. That being said, like, 326 00:14:49,280 --> 00:14:51,480 Speaker 1: we know that these decisions are never going to be 327 00:14:51,560 --> 00:14:54,560 Speaker 1: easy as you're trying to decide in particularly if you're 328 00:14:54,600 --> 00:14:57,360 Speaker 1: talking about maybe even taking a pay cut, But what 329 00:14:57,400 --> 00:15:00,200 Speaker 1: it is that you decide will likely depend on like 330 00:15:00,240 --> 00:15:03,160 Speaker 1: what your particular money and what your family situation looks like. Right, 331 00:15:03,200 --> 00:15:04,720 Speaker 1: Like the number of folks who are dependent on you, 332 00:15:05,160 --> 00:15:09,280 Speaker 1: it might make sense to maybe temporarily sacrifice the career 333 00:15:09,320 --> 00:15:12,240 Speaker 1: path and doing something that you truly love in order 334 00:15:12,280 --> 00:15:14,640 Speaker 1: to get that bigger paycheck at least for a short 335 00:15:14,640 --> 00:15:16,760 Speaker 1: period of time. If that means that's going to allow 336 00:15:16,760 --> 00:15:20,080 Speaker 1: you to achieve some important personal finance milestones. But man, 337 00:15:21,040 --> 00:15:22,840 Speaker 1: it can be draining to go to a job that 338 00:15:22,880 --> 00:15:25,160 Speaker 1: you hate each and every day. So you got to 339 00:15:25,200 --> 00:15:27,120 Speaker 1: keep that in mind as well. You know, you'll likely 340 00:15:27,160 --> 00:15:30,480 Speaker 1: be better off cutting some expenses and maybe finding a 341 00:15:30,520 --> 00:15:34,160 Speaker 1: more sustainable path by pursuing some meaningful work as opposed 342 00:15:34,200 --> 00:15:36,440 Speaker 1: to just grinding it out and working a job that 343 00:15:36,480 --> 00:15:39,360 Speaker 1: you hate. Yeah, I feel like there is. It doesn't 344 00:15:39,400 --> 00:15:41,960 Speaker 1: have to be a dichotomy, though. It's interesting, that's true. 345 00:15:42,000 --> 00:15:44,160 Speaker 1: It's an interesting question to be asked. And so I 346 00:15:44,240 --> 00:15:46,640 Speaker 1: like this poll because it really does shed some light 347 00:15:46,800 --> 00:15:48,600 Speaker 1: kind of on what people value. And it makes sense, 348 00:15:48,800 --> 00:15:51,440 Speaker 1: like you said that people who are older, who've been 349 00:15:51,480 --> 00:15:53,680 Speaker 1: in the workforce a long time, who do have more 350 00:15:53,720 --> 00:15:55,840 Speaker 1: money on hand than they might say. You know what, Yeah, 351 00:15:55,960 --> 00:15:58,080 Speaker 1: I'm not willing to do a job I hate any longer. 352 00:15:58,640 --> 00:16:01,040 Speaker 1: And I think younger people though, needs to weigh a 353 00:16:01,080 --> 00:16:03,080 Speaker 1: bunch of different things when they're kind of making that choice. 354 00:16:03,160 --> 00:16:05,320 Speaker 1: But it also doesn't have to be at this binary 355 00:16:05,400 --> 00:16:08,400 Speaker 1: between money or happiness. It's it's not like they're diverging 356 00:16:08,440 --> 00:16:11,200 Speaker 1: paths of what you can only pick one, and like 357 00:16:11,280 --> 00:16:14,440 Speaker 1: there are just infinite middle grounds where I think you 358 00:16:14,520 --> 00:16:17,160 Speaker 1: can like your job. You don't have to love it. 359 00:16:17,160 --> 00:16:19,320 Speaker 1: It doesn't have to be the passion of your life 360 00:16:19,400 --> 00:16:22,680 Speaker 1: or something like that. And it's quite possible to grow 361 00:16:22,840 --> 00:16:25,240 Speaker 1: big wealth in life on a modest income too, So 362 00:16:25,320 --> 00:16:27,320 Speaker 1: you might say, you know, I feel like like the 363 00:16:27,440 --> 00:16:31,560 Speaker 1: question we had on a recent ask htm from librarian, 364 00:16:31,640 --> 00:16:33,160 Speaker 1: she's like, I love my job, I don't want to 365 00:16:33,160 --> 00:16:34,800 Speaker 1: go out there and make more, and she's trying to 366 00:16:34,800 --> 00:16:38,200 Speaker 1: figure out how to kind of achieve all her money 367 00:16:38,200 --> 00:16:40,400 Speaker 1: goals on a modest salary. And I think that's great. 368 00:16:40,480 --> 00:16:44,080 Speaker 1: Like I think, know yourself and sometimes making less to 369 00:16:44,200 --> 00:16:46,360 Speaker 1: do the work that you love is the best choice, 370 00:16:46,440 --> 00:16:48,680 Speaker 1: and sometimes, at least for a while, like you said, 371 00:16:48,960 --> 00:16:52,080 Speaker 1: it makes sense to sacrifice the ideal job for you 372 00:16:52,440 --> 00:16:55,240 Speaker 1: in order to grow your income because you have other 373 00:16:55,280 --> 00:16:58,600 Speaker 1: goals other things that you need to achieve. But I 374 00:16:58,640 --> 00:17:01,320 Speaker 1: agree being able to show but work and not hate 375 00:17:01,320 --> 00:17:04,320 Speaker 1: your life is pretty important too, So we definitely don't 376 00:17:04,359 --> 00:17:07,000 Speaker 1: wish that on anyone. I don't think there's any need 377 00:17:07,040 --> 00:17:09,760 Speaker 1: to take that extreme of a route, right There's there's 378 00:17:09,760 --> 00:17:12,200 Speaker 1: not one percent one or the other. Yeah, I totally agree, 379 00:17:12,240 --> 00:17:13,800 Speaker 1: there's a there's a wide spectrum that you get to 380 00:17:13,880 --> 00:17:16,240 Speaker 1: choose from. But I do think it is interesting to 381 00:17:16,280 --> 00:17:19,840 Speaker 1: see though that as typically as folks get older, they 382 00:17:19,920 --> 00:17:24,000 Speaker 1: start making that switch from valuing money versus valuing their time, right, 383 00:17:24,000 --> 00:17:26,480 Speaker 1: Like it's it's a natural sort of progression because you 384 00:17:26,560 --> 00:17:28,520 Speaker 1: begin to see that, oh, this resource that you thought 385 00:17:28,560 --> 00:17:31,120 Speaker 1: you had a ton of when you were younger, you're 386 00:17:31,160 --> 00:17:33,560 Speaker 1: looking ahead and it seemed like time is infinite, like, oh, 387 00:17:33,600 --> 00:17:35,600 Speaker 1: I can always do that tomorrow. But you know what, 388 00:17:35,760 --> 00:17:37,600 Speaker 1: you start getting up up in the years a little bit. 389 00:17:37,840 --> 00:17:40,240 Speaker 1: You realize and this is something you've always known, but 390 00:17:40,280 --> 00:17:42,560 Speaker 1: you realize, oh, well, I've got a limited number of 391 00:17:42,680 --> 00:17:44,719 Speaker 1: years left here on this planet, and how it is 392 00:17:44,760 --> 00:17:48,520 Speaker 1: I get to spend my days. That impacts a lot 393 00:17:48,600 --> 00:17:50,520 Speaker 1: of a lot of my life, a lot of my 394 00:17:50,800 --> 00:17:53,639 Speaker 1: actual happiness. So spoken like someone who has who is 395 00:17:53,680 --> 00:17:56,879 Speaker 1: actually aging experience going over the hill where I'm not 396 00:17:56,920 --> 00:17:59,680 Speaker 1: there yet. We're all aging, but I think there's you'll 397 00:17:59,720 --> 00:18:02,280 Speaker 1: be here soon, my friend. I also think this is 398 00:18:02,320 --> 00:18:05,400 Speaker 1: a reason, that's what you think why we're such big 399 00:18:05,400 --> 00:18:07,880 Speaker 1: fans of Coast Fire as well. Right, so Fire that's 400 00:18:07,880 --> 00:18:11,280 Speaker 1: the financial independence retire early movement, and Coast Fire is 401 00:18:11,280 --> 00:18:13,680 Speaker 1: all about doing the heavy lifting on the front end, 402 00:18:13,880 --> 00:18:16,280 Speaker 1: and I think to a large extent, that's sort of 403 00:18:16,280 --> 00:18:18,080 Speaker 1: what we've done, and that has allowed us to do 404 00:18:18,160 --> 00:18:21,560 Speaker 1: something like create this fun podcast that at the time 405 00:18:21,560 --> 00:18:23,159 Speaker 1: we're like, is this going to work out? Are we 406 00:18:23,200 --> 00:18:25,080 Speaker 1: going to be able to make any money doing this? 407 00:18:25,200 --> 00:18:27,399 Speaker 1: I'm not totally sure, but we allow us to take 408 00:18:27,440 --> 00:18:30,160 Speaker 1: a risk that we otherwise would have felt unable to take. 409 00:18:30,320 --> 00:18:32,840 Speaker 1: And when you eat while you're doing that job and 410 00:18:32,880 --> 00:18:36,200 Speaker 1: you're like, it's not my favorite start banking for kind 411 00:18:36,200 --> 00:18:38,520 Speaker 1: of the future and for those other decisions you want 412 00:18:38,520 --> 00:18:41,480 Speaker 1: to make it. Having more financial margin, having more cash 413 00:18:41,480 --> 00:18:44,760 Speaker 1: on hand, making better moves with your money now allows 414 00:18:44,800 --> 00:18:46,680 Speaker 1: you to make those choices to do stuff that you love. 415 00:18:46,760 --> 00:18:48,639 Speaker 1: Later on, Absolutely, yeah, I feel like you and I 416 00:18:48,680 --> 00:18:50,240 Speaker 1: were super lucky because we get to do something we 417 00:18:50,240 --> 00:18:52,960 Speaker 1: truly do love. But for a lot of folks it's there. 418 00:18:53,320 --> 00:18:56,240 Speaker 1: It's baby steps between doing a job that you don't 419 00:18:56,240 --> 00:18:59,119 Speaker 1: necessarily love in order to make the maximum amount of money. 420 00:18:59,200 --> 00:19:01,159 Speaker 1: But then you just take that next small step towards 421 00:19:01,240 --> 00:19:03,200 Speaker 1: doing something maybe that you like a little bit more, 422 00:19:03,240 --> 00:19:05,920 Speaker 1: even if it doesn't necessarily get you the most bang 423 00:19:06,000 --> 00:19:08,320 Speaker 1: for your buck. Yeah, but enough about that, Joel. We've 424 00:19:08,320 --> 00:19:10,560 Speaker 1: got additional stories that we're gonna get to. We're going 425 00:19:10,600 --> 00:19:13,440 Speaker 1: to discuss how hopefully very soon it'll be much easier 426 00:19:13,440 --> 00:19:16,720 Speaker 1: for us to cut some subscriptions from our lives. And 427 00:19:16,760 --> 00:19:19,600 Speaker 1: we're gonna talk about dynamic pricing. How maybe it's good, 428 00:19:19,720 --> 00:19:22,359 Speaker 1: maybe it's bad. We'll discuss all that right after this. 429 00:19:31,840 --> 00:19:35,320 Speaker 1: All right, Matt, the Friday flight continues. But as always, 430 00:19:35,359 --> 00:19:37,200 Speaker 1: we've got to get to our ludicrous headline of the week. 431 00:19:37,280 --> 00:19:40,160 Speaker 1: This one comes from the Harvard Business Review, the astute 432 00:19:40,160 --> 00:19:43,800 Speaker 1: people at the Ivy League Institution, and the headline goes, 433 00:19:44,160 --> 00:19:46,360 Speaker 1: too many employees cash out their four oh one ks 434 00:19:46,400 --> 00:19:50,200 Speaker 1: when leaving a job. This is the headline we agree with. Yes, 435 00:19:50,640 --> 00:19:53,480 Speaker 1: they do too. Immediate votes are doing this. It's a problem, right, 436 00:19:53,600 --> 00:19:55,479 Speaker 1: and you and I we like we've talked about how 437 00:19:55,520 --> 00:19:57,480 Speaker 1: switching jobs can be great for your income, which is 438 00:19:57,760 --> 00:20:00,880 Speaker 1: so true, especially kind of what's happening in the economy 439 00:20:00,960 --> 00:20:04,359 Speaker 1: right now. We've seen more job openings per people looking 440 00:20:04,359 --> 00:20:07,480 Speaker 1: for jobs, which means you've got It's not like shooting, 441 00:20:07,480 --> 00:20:09,080 Speaker 1: fishing and barrel, but it's kind of close to it, 442 00:20:09,240 --> 00:20:11,200 Speaker 1: and it's easier than ever to go out and make 443 00:20:11,200 --> 00:20:13,560 Speaker 1: more money. Sure, you don't have to leave your job 444 00:20:13,600 --> 00:20:15,800 Speaker 1: in order to make more We talked with Alex Carter 445 00:20:15,840 --> 00:20:17,879 Speaker 1: a couple of weeks ago, episode six forty nine is 446 00:20:17,960 --> 00:20:20,639 Speaker 1: She talked about how you can negotiate that raise true 447 00:20:20,640 --> 00:20:23,160 Speaker 1: while keeping that job that you that you love exactly. 448 00:20:23,359 --> 00:20:25,800 Speaker 1: But when people are leaving their jobs, when they do 449 00:20:25,960 --> 00:20:28,720 Speaker 1: mosey down the road, they let's say they do it 450 00:20:28,720 --> 00:20:31,760 Speaker 1: in order to get a fifteen twenty thirty percent pay raise. Congrats, 451 00:20:31,920 --> 00:20:34,800 Speaker 1: but they're making one major mistake when they do it, 452 00:20:35,040 --> 00:20:37,200 Speaker 1: they're cashing out their four one k at the same time. 453 00:20:37,520 --> 00:20:41,199 Speaker 1: There's like a dark underbelly to this move down the 454 00:20:41,240 --> 00:20:44,040 Speaker 1: street when people are cashing out their four one k, 455 00:20:44,440 --> 00:20:47,600 Speaker 1: and Harvard Business Review says that forty plus percent of 456 00:20:47,640 --> 00:20:50,120 Speaker 1: folks cash out their retirement account on the way out 457 00:20:50,119 --> 00:20:53,119 Speaker 1: the door, which is a terrible idea. Yeah, it's a 458 00:20:53,119 --> 00:20:55,080 Speaker 1: bad move on so many levels because it means that 459 00:20:55,119 --> 00:20:58,080 Speaker 1: those dollars are no longer working on your behalf. Plus 460 00:20:58,200 --> 00:21:00,560 Speaker 1: you're going to owe taxes and a ten percent penalty. 461 00:21:00,800 --> 00:21:04,840 Speaker 1: And so this money, it might not actually be untouchable, 462 00:21:05,119 --> 00:21:07,440 Speaker 1: but you should think of it that way. Touching it 463 00:21:07,480 --> 00:21:10,960 Speaker 1: is and grabbing it and starting the spending that money 464 00:21:11,119 --> 00:21:12,720 Speaker 1: is one of the worst things you can do. Yeah. Basically, 465 00:21:12,800 --> 00:21:14,439 Speaker 1: we want you to think about it as if you 466 00:21:14,480 --> 00:21:17,560 Speaker 1: are stealing this from another person, and it kind of 467 00:21:17,640 --> 00:21:19,920 Speaker 1: is another person your future self. Yeah, we don't want 468 00:21:19,920 --> 00:21:23,400 Speaker 1: you to ransack your retirement account. Don't pick your own pocket. No. Yeah, 469 00:21:23,440 --> 00:21:25,760 Speaker 1: And so as you receive a letter from your employer, 470 00:21:25,760 --> 00:21:27,840 Speaker 1: they're going to ask you what do you want to 471 00:21:27,880 --> 00:21:30,080 Speaker 1: do with this? For one, Kay, you can cash it out, 472 00:21:30,200 --> 00:21:32,119 Speaker 1: leave it put. You can either roll it over. We 473 00:21:32,119 --> 00:21:34,560 Speaker 1: would suggest the latter two. Don't cash it out either, 474 00:21:34,760 --> 00:21:36,719 Speaker 1: let it be if you are with a provider that 475 00:21:36,880 --> 00:21:40,159 Speaker 1: has low to no fees and great investing options, or 476 00:21:40,320 --> 00:21:42,280 Speaker 1: use a company like Capitalized and roll that four O 477 00:21:42,320 --> 00:21:45,359 Speaker 1: one K over to another provider that does have low 478 00:21:45,440 --> 00:21:47,399 Speaker 1: fees and who is also going to allow you to 479 00:21:47,480 --> 00:21:50,680 Speaker 1: reach your investing goals and so, but it's not all 480 00:21:50,720 --> 00:21:53,000 Speaker 1: bad news when it comes to retirement accounts. Let's take 481 00:21:53,000 --> 00:21:55,040 Speaker 1: a look at the bright side for a second, and 482 00:21:55,320 --> 00:21:58,480 Speaker 1: gen Z investors, they were the only segment of the 483 00:21:58,520 --> 00:22:01,879 Speaker 1: population to see their balances go up last year in 484 00:22:01,880 --> 00:22:04,840 Speaker 1: twenty twenty two. This is according to Fidelity, and so 485 00:22:04,880 --> 00:22:07,600 Speaker 1: the average account balance was down in the twenty three 486 00:22:07,600 --> 00:22:10,439 Speaker 1: percent range, which makes sense considering that's it's about what 487 00:22:10,560 --> 00:22:13,960 Speaker 1: the SMP was down. Firstance last year, gen Z investors, 488 00:22:13,960 --> 00:22:16,120 Speaker 1: they saw their accounts, they saw their balances go up 489 00:22:16,720 --> 00:22:19,320 Speaker 1: by around fourteen percent. How could that be mad? Which 490 00:22:19,359 --> 00:22:21,879 Speaker 1: is huge. The reason is it's because they don't have 491 00:22:21,880 --> 00:22:25,080 Speaker 1: that much invested yet, right, and so even when the 492 00:22:25,119 --> 00:22:28,160 Speaker 1: market tanks, it barely has an impact on their overall 493 00:22:28,240 --> 00:22:30,760 Speaker 1: net worth. But you know, simultaneously what they're doing, they 494 00:22:30,800 --> 00:22:34,240 Speaker 1: are continuing to push money into the retirement plans. When 495 00:22:34,240 --> 00:22:36,119 Speaker 1: you are a young investor and when you don't have 496 00:22:36,280 --> 00:22:39,040 Speaker 1: a large sum built up yet, it's less about the 497 00:22:39,080 --> 00:22:41,240 Speaker 1: conditions of the market. It has more to do with 498 00:22:41,280 --> 00:22:44,920 Speaker 1: your contributions, which well, I'm gonna say that it's less 499 00:22:45,040 --> 00:22:47,400 Speaker 1: it's more about the contributions, and it's not the conditions 500 00:22:47,440 --> 00:22:50,159 Speaker 1: that have an impact on younger investors. It makes me 501 00:22:50,200 --> 00:22:52,760 Speaker 1: think back to like O eight preach brother, ohait No. Nine. 502 00:22:52,880 --> 00:22:55,119 Speaker 1: That's I feel like both of us we were just 503 00:22:55,240 --> 00:22:58,200 Speaker 1: getting started as serious investors. You know, we've kind of 504 00:22:58,520 --> 00:23:00,760 Speaker 1: dabbled a little bit. I was in that vaccine position 505 00:23:00,760 --> 00:23:03,159 Speaker 1: as these gen Zers, where it was like, yeah, I 506 00:23:03,160 --> 00:23:05,840 Speaker 1: don't like almost nothing inside of my retirement account at 507 00:23:05,840 --> 00:23:08,720 Speaker 1: that point, but I'm buying at a discount, perfect time. 508 00:23:08,800 --> 00:23:10,760 Speaker 1: So everyone else is freaking out, and I'm like, it 509 00:23:10,760 --> 00:23:12,080 Speaker 1: feels like it's a good time for me to be 510 00:23:12,160 --> 00:23:15,000 Speaker 1: investing now. And it's not what they're going to hear 511 00:23:15,000 --> 00:23:16,679 Speaker 1: in the headlines, it's not what they're going to see, 512 00:23:16,760 --> 00:23:20,800 Speaker 1: and all of that is there to instill fear in investors, 513 00:23:20,800 --> 00:23:23,240 Speaker 1: maybe not intentionally. It's not like media outlets are trying 514 00:23:23,280 --> 00:23:24,960 Speaker 1: to get you to not invest. They're just trying to 515 00:23:24,960 --> 00:23:27,280 Speaker 1: grab your attention. But if you're just getting started, those 516 00:23:27,359 --> 00:23:30,040 Speaker 1: or headlines that you do not need to pay attention to. Yeah, 517 00:23:30,119 --> 00:23:33,359 Speaker 1: when the market is plunging, I'm glad gen Z kept buying. 518 00:23:33,400 --> 00:23:35,879 Speaker 1: And I hope they just keep buying because that's the 519 00:23:36,200 --> 00:23:38,199 Speaker 1: that's where you're gonna grow wealth over time, and it 520 00:23:38,280 --> 00:23:40,800 Speaker 1: starts real small. I mean, those first few years, it 521 00:23:40,840 --> 00:23:42,480 Speaker 1: didn't feel like I was making much of an impact, 522 00:23:42,520 --> 00:23:44,399 Speaker 1: much of a dent. But I'm so glad I started 523 00:23:44,440 --> 00:23:47,080 Speaker 1: investing when I did, and hope our gen Z listeners 524 00:23:47,080 --> 00:23:49,560 Speaker 1: are doing the same. All right, let's talk about subscriptions 525 00:23:49,560 --> 00:23:52,560 Speaker 1: for a second match. It's no secret that we're drowning 526 00:23:52,720 --> 00:23:55,919 Speaker 1: in subscriptions as Americans. It feels like every business in 527 00:23:55,960 --> 00:23:59,000 Speaker 1: the country wants somewhere between five and twenty dollars every 528 00:23:59,000 --> 00:24:01,840 Speaker 1: single month for we're seeing one of us, and it 529 00:24:01,920 --> 00:24:03,800 Speaker 1: can feel like chump change when you're signing up. Okay, 530 00:24:03,800 --> 00:24:06,200 Speaker 1: five bucks for this, ten bucks for that, But all 531 00:24:06,240 --> 00:24:10,240 Speaker 1: of those subscriptions add up to meaningful dollars exiting our 532 00:24:10,240 --> 00:24:12,640 Speaker 1: accounts every month, to the tune of I want to say, 533 00:24:12,640 --> 00:24:15,119 Speaker 1: it's like two hundred and nineteen dollars on average is 534 00:24:15,119 --> 00:24:18,280 Speaker 1: what the average American pays in subscriptions every month. But 535 00:24:18,359 --> 00:24:20,840 Speaker 1: most of us assume we're spending more like one hundred bucks. 536 00:24:21,160 --> 00:24:23,199 Speaker 1: So we're just like way off in how much we 537 00:24:23,240 --> 00:24:26,000 Speaker 1: think we're spending. We're spending a lot more. And you 538 00:24:26,000 --> 00:24:28,960 Speaker 1: know what makes some of these subscriptions. Even more insidious 539 00:24:29,280 --> 00:24:32,840 Speaker 1: is that when we do inevitably want to cancel, some 540 00:24:33,080 --> 00:24:37,040 Speaker 1: of these companies make it almost impossible to get out 541 00:24:37,040 --> 00:24:40,000 Speaker 1: of that subscription. And the FTC, the Federal Trade Commission, 542 00:24:40,040 --> 00:24:42,000 Speaker 1: wants to do something about that. They just made a 543 00:24:42,000 --> 00:24:44,320 Speaker 1: new proposal this week. That's right, Yeah, So they're proposing 544 00:24:44,400 --> 00:24:47,200 Speaker 1: it's a click to cancel rule that's going to force 545 00:24:47,240 --> 00:24:50,119 Speaker 1: companies to make it as easy to cancel that particular 546 00:24:50,200 --> 00:24:52,439 Speaker 1: subscription as it was to sign up for it in 547 00:24:52,480 --> 00:24:55,239 Speaker 1: the first place. And so obviously they make it, you know, 548 00:24:55,560 --> 00:24:57,600 Speaker 1: as easy as pie for you to sign up in 549 00:24:57,720 --> 00:25:00,760 Speaker 1: seconds online or from whatever app that you're using. But 550 00:25:00,800 --> 00:25:03,119 Speaker 1: then they want you to call a phone number, they 551 00:25:03,119 --> 00:25:04,800 Speaker 1: want you to mail a letter, they want you to 552 00:25:04,840 --> 00:25:07,560 Speaker 1: send to facts, jump through a bunch of hoops in 553 00:25:07,640 --> 00:25:10,280 Speaker 1: order to ditch their service. And so this is just 554 00:25:10,320 --> 00:25:12,399 Speaker 1: a proposal right now by the FTC. It's open to 555 00:25:12,480 --> 00:25:15,879 Speaker 1: consumer comments at the moment. But you know, as we 556 00:25:15,920 --> 00:25:19,440 Speaker 1: see subscriptions proliferate, as that's becoming more and more of 557 00:25:19,480 --> 00:25:22,120 Speaker 1: the business model of different companies, I think that making 558 00:25:22,119 --> 00:25:25,280 Speaker 1: sure that the companies don't make canceling a subscription a 559 00:25:25,359 --> 00:25:27,560 Speaker 1: nightmare that that's going to be so important to us 560 00:25:27,640 --> 00:25:30,120 Speaker 1: as consumers. Yeah, yeah, I've encountered that a few times 561 00:25:30,200 --> 00:25:32,440 Speaker 1: in my life. I hate that. I hate that when 562 00:25:32,480 --> 00:25:34,680 Speaker 1: companies do that. It's so easy to sign up, so 563 00:25:34,880 --> 00:25:37,360 Speaker 1: hard to ditch. But it's like a Chinese finger trap. 564 00:25:37,560 --> 00:25:40,000 Speaker 1: It feels like that. Yeah, it's like it's so easy 565 00:25:40,000 --> 00:25:42,640 Speaker 1: to get my finger in this thing, as I did. 566 00:25:43,080 --> 00:25:46,600 Speaker 1: My kids like to them. But yeah, it really does 567 00:25:46,680 --> 00:25:48,879 Speaker 1: feel like that lots of times, like they're they're enticing 568 00:25:48,920 --> 00:25:51,120 Speaker 1: us into this relationship and then making it really hard 569 00:25:51,160 --> 00:25:53,920 Speaker 1: for us to exit. Let's talk about something else maybe 570 00:25:53,960 --> 00:25:56,280 Speaker 1: that we don't like on the payment front right now, Matt, 571 00:25:56,359 --> 00:25:59,320 Speaker 1: the Apple started rolling out it's by now pay Later 572 00:25:59,440 --> 00:26:02,359 Speaker 1: service last week to a few users, and they're going 573 00:26:02,400 --> 00:26:04,920 Speaker 1: to be granting access, they say too more in the 574 00:26:05,000 --> 00:26:08,520 Speaker 1: coming months. And so now how money listeners and everyone 575 00:26:08,600 --> 00:26:10,879 Speaker 1: across the country is going to have another option to 576 00:26:10,920 --> 00:26:13,640 Speaker 1: pay for stuff in four easy installments over six weeks 577 00:26:13,680 --> 00:26:16,760 Speaker 1: without paying interest or fees, which just sounds so nice 578 00:26:16,760 --> 00:26:19,440 Speaker 1: when you say it that way, but it's not good. 579 00:26:19,640 --> 00:26:22,320 Speaker 1: We're still pretty down on buy now, Pay Later as 580 00:26:22,400 --> 00:26:25,320 Speaker 1: an industry, and clearly it's not doing so hot these days. 581 00:26:25,320 --> 00:26:27,560 Speaker 1: I mean, those stocks were high flying during the pandemic, 582 00:26:27,920 --> 00:26:31,399 Speaker 1: but they've been walloped since then in recent months. But 583 00:26:31,640 --> 00:26:35,080 Speaker 1: it's pretty much always been bad from a consumer psychology 584 00:26:35,119 --> 00:26:38,119 Speaker 1: standpoint too. So if you're a heavy Apple user and 585 00:26:38,200 --> 00:26:41,000 Speaker 1: you'd like using Apple Pay, that's totally fine. Apple Pay 586 00:26:41,080 --> 00:26:44,080 Speaker 1: is great, but don't let Tim Cook and company make 587 00:26:44,119 --> 00:26:46,760 Speaker 1: it so easy to overspend and keep you from your 588 00:26:46,840 --> 00:26:51,080 Speaker 1: financial goals. If you get early access to Apple Pay later, 589 00:26:51,440 --> 00:26:54,520 Speaker 1: well it's something that we want you to avoid because 590 00:26:54,640 --> 00:26:57,000 Speaker 1: it just makes it so easy to buy stuff based 591 00:26:57,080 --> 00:26:59,520 Speaker 1: on payments as opposed to whether or not you can 592 00:26:59,520 --> 00:27:03,440 Speaker 1: actually or the actual total cost of whatever do hicky 593 00:27:03,520 --> 00:27:05,119 Speaker 1: it is that you're buying. And we've seen when you 594 00:27:05,160 --> 00:27:06,880 Speaker 1: look at the numbers and when you look at the anecdotes, 595 00:27:06,880 --> 00:27:08,960 Speaker 1: there's just so many people who get in trouble via 596 00:27:09,040 --> 00:27:13,080 Speaker 1: this because it's psychological candy for people, similar to those 597 00:27:13,359 --> 00:27:16,200 Speaker 1: nefarious subscriptions, like it's so easy to sign up and 598 00:27:16,280 --> 00:27:18,159 Speaker 1: then it can be so hard to dig out of 599 00:27:18,200 --> 00:27:20,640 Speaker 1: the financial trouble that you got in yourself into. That's right, Yeah, 600 00:27:20,680 --> 00:27:24,560 Speaker 1: So another notes on the consumption front, inflation. It's been 601 00:27:24,600 --> 00:27:27,879 Speaker 1: busting budgets nationwide and because of that, we think that 602 00:27:28,000 --> 00:27:31,359 Speaker 1: yours likely needs an update. A lot of people are 603 00:27:31,400 --> 00:27:33,359 Speaker 1: spending more than they think that they are, kind of 604 00:27:33,359 --> 00:27:35,400 Speaker 1: like going back to your talking about subscriptions, how we're 605 00:27:35,440 --> 00:27:37,880 Speaker 1: all spending more there than we think we are. Fact 606 00:27:37,920 --> 00:27:40,320 Speaker 1: as we're doing that across the board. And this is 607 00:27:40,400 --> 00:27:42,760 Speaker 1: also back by data judging by the bigger credit card 608 00:27:42,760 --> 00:27:45,560 Speaker 1: balances and how quickly they've been increasing over the past 609 00:27:45,600 --> 00:27:48,720 Speaker 1: couple of years. We are a fan of spring cleaning 610 00:27:48,760 --> 00:27:51,560 Speaker 1: your budget, just revisiting it, maybe dusting it off at 611 00:27:51,640 --> 00:27:54,200 Speaker 1: least once a year at the very least, but especially 612 00:27:54,240 --> 00:27:57,280 Speaker 1: with inflation changing expenses in all of our lives and 613 00:27:57,440 --> 00:28:00,239 Speaker 1: all the different categories, it's more important than you ual. 614 00:28:00,320 --> 00:28:03,480 Speaker 1: We don't want you rolling with last year's budget. It's 615 00:28:03,480 --> 00:28:05,199 Speaker 1: going to be most of the time where we want 616 00:28:05,240 --> 00:28:07,600 Speaker 1: you to be like a late adopter when it comes 617 00:28:07,640 --> 00:28:10,040 Speaker 1: to products or technology because it's going to allow you 618 00:28:10,119 --> 00:28:11,600 Speaker 1: to save money. But when it comes to your budget, 619 00:28:11,680 --> 00:28:13,800 Speaker 1: we want you to be it's like a raven. What 620 00:28:13,920 --> 00:28:15,560 Speaker 1: is it like when you're on the leading edge of 621 00:28:15,680 --> 00:28:19,520 Speaker 1: something and you're basically spreading the good news of whatever 622 00:28:19,680 --> 00:28:21,919 Speaker 1: it is. That's that's how we want you approaching your 623 00:28:21,960 --> 00:28:25,200 Speaker 1: budget at least, and one of the tactics I guess 624 00:28:25,240 --> 00:28:27,840 Speaker 1: that you could take is to consider increasing your budget 625 00:28:27,920 --> 00:28:31,199 Speaker 1: amount by like maybe three to five percent every year 626 00:28:31,359 --> 00:28:34,080 Speaker 1: so that you don't end up underestimating and then dipping 627 00:28:34,080 --> 00:28:37,080 Speaker 1: into your savings consistently each and every month. I think 628 00:28:37,119 --> 00:28:39,840 Speaker 1: the problem with by not doing that is if you're 629 00:28:39,920 --> 00:28:42,640 Speaker 1: just blowing your budget every single month, all of a sudden, 630 00:28:43,200 --> 00:28:45,640 Speaker 1: this budget that used to be helpful when it came 631 00:28:45,640 --> 00:28:47,800 Speaker 1: to your personal finances, all of a sudden becomes not 632 00:28:47,960 --> 00:28:52,120 Speaker 1: only unrealistic, but it also then turns into something that's unattainable. Yeah, 633 00:28:52,200 --> 00:28:54,240 Speaker 1: and I think when that shift happens, like I'm going 634 00:28:54,280 --> 00:28:56,040 Speaker 1: to kick it to the curb. It's not help me exactly. 635 00:28:56,120 --> 00:28:57,640 Speaker 1: And if that were to be the case, you can 636 00:28:57,720 --> 00:28:59,560 Speaker 1: toss the baby out with the bathwater, and you are 637 00:28:59,640 --> 00:29:01,720 Speaker 1: no longer discipline. And we want you to stick with 638 00:29:01,920 --> 00:29:03,920 Speaker 1: some of those practices that is going to allow you 639 00:29:04,000 --> 00:29:05,640 Speaker 1: to achieve some of your different money goals. You feel 640 00:29:05,640 --> 00:29:07,600 Speaker 1: like it's but just not working anymore, we'll update it, 641 00:29:07,720 --> 00:29:09,720 Speaker 1: don't toss it out exactly. That's the way to go, 642 00:29:09,880 --> 00:29:11,560 Speaker 1: and a lot of people they need to update it. 643 00:29:11,600 --> 00:29:13,760 Speaker 1: If you haven't in a while. Yeah, you probably are 644 00:29:13,840 --> 00:29:16,800 Speaker 1: spending more in twenty twenty three than you were last year. 645 00:29:17,120 --> 00:29:19,360 Speaker 1: All right. Something else that might be busting budgets, though, 646 00:29:19,520 --> 00:29:22,840 Speaker 1: is something known as dynamic pricing, and dynamic pricing is 647 00:29:22,880 --> 00:29:26,000 Speaker 1: basically when the cost of a good or service changes 648 00:29:26,160 --> 00:29:29,440 Speaker 1: based on demand, like surge pricing from ride share companies 649 00:29:29,640 --> 00:29:34,160 Speaker 1: is the perfect example, Right when a soccer game, let's out, Matt, 650 00:29:34,760 --> 00:29:37,479 Speaker 1: it's the worst time they're going to charge you more, right, 651 00:29:37,520 --> 00:29:39,240 Speaker 1: and so it might even make sense to wait or 652 00:29:39,320 --> 00:29:41,080 Speaker 1: walk a mile down the road. You're probably going to 653 00:29:41,160 --> 00:29:44,440 Speaker 1: save a little bit of money on that bride. Airfare 654 00:29:44,480 --> 00:29:48,720 Speaker 1: works in much the same way, because demand is influencing 655 00:29:49,000 --> 00:29:51,920 Speaker 1: the pricing that you're going to see on that plane ticket. 656 00:29:52,160 --> 00:29:54,080 Speaker 1: The more flexible you are, the more you're gonna be 657 00:29:54,080 --> 00:29:56,440 Speaker 1: able to save. And we would say overall this is 658 00:29:56,440 --> 00:29:59,480 Speaker 1: actually a good thing dynamic pricing. It allows bargain hunters 659 00:29:59,760 --> 00:30:03,120 Speaker 1: to save money while forcing the least flexible folks to 660 00:30:03,200 --> 00:30:05,720 Speaker 1: pay more. And The Wall Street Journal detailed how this 661 00:30:05,760 --> 00:30:09,480 Speaker 1: strategy is now being used by other companies, from restaurants 662 00:30:09,560 --> 00:30:12,080 Speaker 1: to movie theaters to bowling alleys, and it's catching some 663 00:30:12,200 --> 00:30:14,320 Speaker 1: folks off guard, and so it's just good to be 664 00:30:14,400 --> 00:30:16,960 Speaker 1: aware of this trend. You're going to see it more 665 00:30:17,040 --> 00:30:19,200 Speaker 1: and more, and you might not like it because you 666 00:30:19,280 --> 00:30:21,240 Speaker 1: might be shocked at certain times by the price of 667 00:30:21,360 --> 00:30:24,680 Speaker 1: something like a bowling lane during spring break or something 668 00:30:24,800 --> 00:30:27,960 Speaker 1: like that. Especially if companies go too hard in this direction, 669 00:30:28,000 --> 00:30:30,160 Speaker 1: I think they could end up losing customers. And if 670 00:30:30,160 --> 00:30:32,840 Speaker 1: they say, hey, it's the free market and you're being 671 00:30:32,920 --> 00:30:35,440 Speaker 1: charged like four times what you normally would for something 672 00:30:35,520 --> 00:30:38,520 Speaker 1: that you're used to paying less for, they could frustrate customers. 673 00:30:38,560 --> 00:30:40,160 Speaker 1: And so companies are gonna have to be careful how 674 00:30:40,200 --> 00:30:43,240 Speaker 1: they implement dynamic pricing. But then again, you might find 675 00:30:43,280 --> 00:30:44,760 Speaker 1: that in some cases you're gonna be able to use 676 00:30:44,800 --> 00:30:47,400 Speaker 1: it to your advantage to save money by doing something 677 00:30:47,480 --> 00:30:49,680 Speaker 1: on off peak hours. When we talk about saving money 678 00:30:49,720 --> 00:30:52,440 Speaker 1: on travel, we were always talking about flying in shoulder 679 00:30:52,480 --> 00:30:55,040 Speaker 1: season and how you can save money in a bunch 680 00:30:55,080 --> 00:30:57,880 Speaker 1: of different ways by zigging when other people are zagging. 681 00:30:57,960 --> 00:31:00,800 Speaker 1: And I think when with dynamic pricing coming into all 682 00:31:00,800 --> 00:31:03,120 Speaker 1: these other arenas, you can do the same thing in 683 00:31:03,200 --> 00:31:04,880 Speaker 1: a lot of those areas too. Yeah, it pays to 684 00:31:04,920 --> 00:31:07,800 Speaker 1: be scrappy, It pays to kind of think in a 685 00:31:07,960 --> 00:31:10,960 Speaker 1: contrary like way, and that's how we want you to 686 00:31:11,000 --> 00:31:14,080 Speaker 1: approach this. If you find yourself being quoted perhaps like 687 00:31:14,240 --> 00:31:17,200 Speaker 1: you said, a pretty high fee to maybe book a 688 00:31:17,280 --> 00:31:19,680 Speaker 1: tea time because guess what everybody wants that tea time 689 00:31:19,720 --> 00:31:21,400 Speaker 1: on that Saturday. Hey, the great thing is when you 690 00:31:21,440 --> 00:31:25,400 Speaker 1: play disc golf, tea times are free always. Well, we've 691 00:31:25,480 --> 00:31:27,400 Speaker 1: never played at at one of the nicer courses where 692 00:31:27,400 --> 00:31:29,640 Speaker 1: there actually are tea times because there are so many 693 00:31:29,680 --> 00:31:31,240 Speaker 1: people that would have go. I know where you do 694 00:31:31,360 --> 00:31:33,120 Speaker 1: have to actually pay money. I know they exist. I've 695 00:31:33,160 --> 00:31:35,920 Speaker 1: never done it. Too rich for our blood. We get 696 00:31:35,960 --> 00:31:38,080 Speaker 1: where it's free. Well, well, let's go ahead and end 697 00:31:38,240 --> 00:31:41,720 Speaker 1: this episode on maybe a bit more of a philosophical note. 698 00:31:41,960 --> 00:31:43,360 Speaker 1: Like we kind of talked about this maybe at the 699 00:31:43,600 --> 00:31:45,360 Speaker 1: like right before the break. We're talking about maybe the 700 00:31:45,400 --> 00:31:47,640 Speaker 1: balance between how it is that you want to spend 701 00:31:47,680 --> 00:31:51,760 Speaker 1: your time the things that are worth pursuing, but also money. Right, Money, 702 00:31:51,840 --> 00:31:54,000 Speaker 1: Like we obviously it's a great tool, but we think 703 00:31:54,040 --> 00:31:56,920 Speaker 1: it's terrible as a value. We think it's not something 704 00:31:57,080 --> 00:31:58,760 Speaker 1: that should be the end all be all that you're 705 00:31:58,800 --> 00:32:02,160 Speaker 1: striving after. And a new poll reveals that money is 706 00:32:02,240 --> 00:32:06,480 Speaker 1: increasingly the value that most folks can agree upon as 707 00:32:06,560 --> 00:32:11,560 Speaker 1: a society, as a country, Patriotism, religion, family, community involvement, 708 00:32:11,640 --> 00:32:13,520 Speaker 1: all of those values, all of these things have dropped 709 00:32:13,560 --> 00:32:16,520 Speaker 1: off a cliff in the past couple of decades, in 710 00:32:16,600 --> 00:32:19,920 Speaker 1: particular over the past few years. Axios they said that 711 00:32:20,000 --> 00:32:22,840 Speaker 1: this reveals this is a quote, a rot at the 712 00:32:23,000 --> 00:32:26,240 Speaker 1: very center of our nation. Wow, And I mean I 713 00:32:26,320 --> 00:32:28,720 Speaker 1: can't say that we disagree. You know, like we think 714 00:32:28,880 --> 00:32:32,640 Speaker 1: that making smart money decisions, we think that pursuing financial independence, 715 00:32:32,680 --> 00:32:34,880 Speaker 1: that these are all great things. But doing it at 716 00:32:34,920 --> 00:32:38,040 Speaker 1: the expense of some of these other more important things 717 00:32:38,400 --> 00:32:41,160 Speaker 1: is not. Money is not the ultimate goal. We think 718 00:32:41,200 --> 00:32:42,920 Speaker 1: that it can be the fuel for us to be 719 00:32:42,960 --> 00:32:45,760 Speaker 1: able to achieve some of our most important goals. It's 720 00:32:45,760 --> 00:32:48,200 Speaker 1: at least a factor that can allow us to achieve 721 00:32:48,240 --> 00:32:49,960 Speaker 1: some of those goals. It's not the end all, it's 722 00:32:50,000 --> 00:32:52,160 Speaker 1: not the only fuel, it's not the only factor, but 723 00:32:52,200 --> 00:32:54,440 Speaker 1: it's one of the many factors. Because at the end 724 00:32:54,440 --> 00:32:56,640 Speaker 1: of the day, if you are loaded, right, you're rich, 725 00:32:56,680 --> 00:32:59,440 Speaker 1: you're wealthy, but you don't have any of these other things. 726 00:33:00,120 --> 00:33:02,000 Speaker 1: Kind of existence is that. I think there are going 727 00:33:02,080 --> 00:33:04,160 Speaker 1: to be a lot of folks who put too high 728 00:33:04,280 --> 00:33:07,240 Speaker 1: of a priority on money, and they are not cultivating 729 00:33:07,280 --> 00:33:09,160 Speaker 1: some of these other things along the way, like family, 730 00:33:09,400 --> 00:33:12,000 Speaker 1: you know, the desire to have kids, whatever it is 731 00:33:12,360 --> 00:33:14,560 Speaker 1: that has traditionally defined some of the different values that 732 00:33:14,680 --> 00:33:17,920 Speaker 1: encompass and describe us as a nation. We need to 733 00:33:17,960 --> 00:33:19,800 Speaker 1: make sure that we're paying attention to those things, because 734 00:33:19,800 --> 00:33:22,000 Speaker 1: I'm afraid at the end of this lifetime, after a 735 00:33:22,080 --> 00:33:23,840 Speaker 1: few decades, there might be a lot of folks that 736 00:33:23,920 --> 00:33:26,560 Speaker 1: have maybe a decent amount of wealth, a decent amount 737 00:33:26,560 --> 00:33:28,480 Speaker 1: of money, but they don't have those other things, and 738 00:33:28,720 --> 00:33:30,120 Speaker 1: I'm afraid that that's going to lead to a lot 739 00:33:30,160 --> 00:33:32,080 Speaker 1: of regrets, a lot of folks who are not happy 740 00:33:32,120 --> 00:33:33,680 Speaker 1: with their life. I mean makes me think of our 741 00:33:33,720 --> 00:33:35,600 Speaker 1: episode of the West Moss back in the day about 742 00:33:35,920 --> 00:33:40,520 Speaker 1: kind of cultivating core pursuits and finding a few different things. 743 00:33:40,800 --> 00:33:43,720 Speaker 1: Because the happiest retirees are ones that don't not not 744 00:33:43,840 --> 00:33:45,800 Speaker 1: necessarily the people who have the biggest nest egg, but 745 00:33:45,880 --> 00:33:48,200 Speaker 1: they're the people who have a broad range of interest 746 00:33:48,280 --> 00:33:50,760 Speaker 1: that they pursue on a regular basis. And I think 747 00:33:50,800 --> 00:33:53,719 Speaker 1: that's true of us throughout life too, and we need 748 00:33:54,080 --> 00:33:55,640 Speaker 1: and he was basically saying it, it's not a switch 749 00:33:55,680 --> 00:33:57,959 Speaker 1: that you flip on. You're just like cool, I'm retired. Now, 750 00:33:58,040 --> 00:33:59,800 Speaker 1: let me pursue something that I'm gonna love. You have 751 00:33:59,880 --> 00:34:01,840 Speaker 1: to building those things along the way. And the more 752 00:34:01,880 --> 00:34:04,080 Speaker 1: we duck out of some of the things that make 753 00:34:04,240 --> 00:34:08,080 Speaker 1: our society great, make our lives great, like family and 754 00:34:08,560 --> 00:34:13,000 Speaker 1: community involvement in favor of just bigger bank accounts, I 755 00:34:13,000 --> 00:34:15,040 Speaker 1: don't think it's going to lead to greater levels of happiness. 756 00:34:15,080 --> 00:34:17,160 Speaker 1: And so yep, I hate seeing that, like literally, on 757 00:34:17,239 --> 00:34:19,600 Speaker 1: that chart, everything else fell off a cliff except for money, 758 00:34:19,640 --> 00:34:21,520 Speaker 1: and people are like, nope, I value this. I don't 759 00:34:21,600 --> 00:34:24,000 Speaker 1: value any of these other things. And we value money, 760 00:34:24,200 --> 00:34:26,839 Speaker 1: but yeah, we value all those other things too, exactly. Yeah, Yeah, 761 00:34:26,840 --> 00:34:28,400 Speaker 1: we want you to make this smart money moves. We 762 00:34:28,480 --> 00:34:31,440 Speaker 1: want you to be in a stronger position financially, but 763 00:34:31,560 --> 00:34:33,239 Speaker 1: not if it means that you don't have anything else 764 00:34:33,320 --> 00:34:34,800 Speaker 1: at the end of the day, that you've lost some 765 00:34:34,880 --> 00:34:37,640 Speaker 1: of those other values, in particular relationships, which can be 766 00:34:37,840 --> 00:34:41,840 Speaker 1: encompassed in so many of those different categories, right like family, kids, parents, community, 767 00:34:42,760 --> 00:34:44,320 Speaker 1: all of those things. And so make sure that you 768 00:34:44,520 --> 00:34:47,120 Speaker 1: are out there loving your fellow human being and that 769 00:34:47,160 --> 00:34:50,440 Speaker 1: you're leaving some time and space for those relationships to 770 00:34:50,520 --> 00:34:52,759 Speaker 1: thrive as well. Yes, occasionally we do get a little 771 00:34:52,920 --> 00:34:55,319 Speaker 1: existential here, Hunt. Yeah, it's not just how to money. Yeah, 772 00:34:55,360 --> 00:34:58,640 Speaker 1: I mean we joke about this before hours. It's like 773 00:34:58,800 --> 00:35:01,239 Speaker 1: we talk about money in order for us to be 774 00:35:01,320 --> 00:35:04,680 Speaker 1: able to live better Lives's let's not money in as 775 00:35:04,719 --> 00:35:06,360 Speaker 1: a goal in and of itself. It's about living a 776 00:35:06,400 --> 00:35:09,000 Speaker 1: good life, yes for sure. All Right, how to Life, 777 00:35:09,160 --> 00:35:11,839 Speaker 1: how to Light next podcast. All Right, all right, that's 778 00:35:11,840 --> 00:35:13,719 Speaker 1: gonna do it for this episode. And we hope you 779 00:35:13,760 --> 00:35:15,080 Speaker 1: have a great weekend. I hope you have a great 780 00:35:15,120 --> 00:35:17,279 Speaker 1: Easter weekend so you have some great time with your 781 00:35:17,320 --> 00:35:21,440 Speaker 1: family's in your community doing stuff that matters. So all right, Matt, 782 00:35:21,560 --> 00:35:24,439 Speaker 1: until next time. Best Friends Out and best Friends Out.