1 00:00:00,080 --> 00:00:02,720 Speaker 1: Welcome to Hod of Money. I'm Joel, I'm Matt, and 2 00:00:02,759 --> 00:00:06,720 Speaker 1: today we're talking top tier gas, credit freeze failure and 3 00:00:07,240 --> 00:00:30,080 Speaker 1: bad news for budgeters. You got pretty excited talking about 4 00:00:30,080 --> 00:00:31,480 Speaker 1: top tier gas due. 5 00:00:32,360 --> 00:00:36,680 Speaker 2: I felt the energy coursing shooting across the table. Our 6 00:00:36,720 --> 00:00:39,239 Speaker 2: listeners felt that energy coursing through their earbuds. 7 00:00:39,240 --> 00:00:42,120 Speaker 1: It's top tier gas, man, it's probably funny. Probably people 8 00:00:42,159 --> 00:00:45,400 Speaker 1: probably don't know that's actually a designation of a type 9 00:00:45,400 --> 00:00:46,080 Speaker 1: of gasoline. 10 00:00:46,159 --> 00:00:48,280 Speaker 2: It's trademarked, and it's. 11 00:00:48,159 --> 00:00:49,599 Speaker 1: Important for you to know about. It's something I don't 12 00:00:49,600 --> 00:00:50,880 Speaker 1: know if we've ever really talked about on the show. 13 00:00:50,920 --> 00:00:52,680 Speaker 2: We have, Actually, I feels like that's the kind of 14 00:00:52,680 --> 00:00:55,120 Speaker 2: topic that my dad's going to be really too. So 15 00:00:55,200 --> 00:00:57,560 Speaker 2: I think it's been a minute since he's listened, but 16 00:00:57,800 --> 00:00:59,960 Speaker 2: he's going to be excited that we are talking about 17 00:01:00,080 --> 00:01:03,280 Speaker 2: us on its Boomers, our main audience, by the way, 18 00:01:03,480 --> 00:01:04,920 Speaker 2: I think it's just this came out. 19 00:01:04,959 --> 00:01:07,080 Speaker 1: They actually are a good part of our real lidy. Well, yeah, 20 00:01:07,120 --> 00:01:07,440 Speaker 1: we love you. 21 00:01:07,480 --> 00:01:09,600 Speaker 2: I love boomers. I wasn't going to acknowledge your joke. 22 00:01:10,200 --> 00:01:12,160 Speaker 2: You're staying there. I know you're saying. I wanted to 23 00:01:12,440 --> 00:01:15,840 Speaker 2: mention we've touched on this in previous months, but I 24 00:01:15,840 --> 00:01:19,840 Speaker 2: guess the IRS officially announced that the maximum contribubutions that 25 00:01:19,880 --> 00:01:22,240 Speaker 2: you can make to a roth ira or not a 26 00:01:22,319 --> 00:01:24,920 Speaker 2: roth just to an ira generally speaking to a four 27 00:01:24,959 --> 00:01:27,800 Speaker 2: to one K, that they officially increase those limits as 28 00:01:27,840 --> 00:01:29,800 Speaker 2: of I think a couple of days ago, five hundred 29 00:01:29,800 --> 00:01:32,680 Speaker 2: bucks each. Yeah. Yeah, so iras are up to seven 30 00:01:32,720 --> 00:01:35,360 Speaker 2: thousand dollars now four one ks are up to twenty 31 00:01:35,360 --> 00:01:38,920 Speaker 2: three thousand dollars. Start starting next year, Yeah, starting in January. 32 00:01:38,959 --> 00:01:41,080 Speaker 2: We talked about this though back in August, and I 33 00:01:41,120 --> 00:01:44,720 Speaker 2: don't know. I remember we came across a legit source 34 00:01:44,720 --> 00:01:46,920 Speaker 2: and I don't know if we found somewhere on the 35 00:01:46,959 --> 00:01:50,200 Speaker 2: iris's website where that infrom, where there's a leak or 36 00:01:50,240 --> 00:01:52,760 Speaker 2: something like that, But I know one percent that we 37 00:01:53,000 --> 00:01:55,360 Speaker 2: told folks, hey, seven thousand dollars, start preparing for that 38 00:01:55,720 --> 00:01:56,280 Speaker 2: next year. 39 00:01:56,680 --> 00:01:58,800 Speaker 1: It's so funny because the press release literally came out 40 00:01:58,800 --> 00:02:00,720 Speaker 1: in November first, but you and I I remember us 41 00:02:00,720 --> 00:02:02,360 Speaker 1: talking about it, and I remember us seeing it somewhere 42 00:02:02,360 --> 00:02:03,680 Speaker 1: where in the world do we get I don't know. 43 00:02:04,000 --> 00:02:06,080 Speaker 1: I think maybe she get slipped through and you've got 44 00:02:06,080 --> 00:02:08,600 Speaker 1: contacts ors and the IRS or hot on the trail. 45 00:02:08,639 --> 00:02:10,920 Speaker 1: Maybe you got a personal personal DM from the guy 46 00:02:10,960 --> 00:02:11,800 Speaker 1: who's the head of the IRS. 47 00:02:12,000 --> 00:02:14,440 Speaker 2: Well, I don't think we talked about four one k's. 48 00:02:14,480 --> 00:02:16,920 Speaker 2: I know we talked about iras being seven thousand because 49 00:02:16,960 --> 00:02:19,480 Speaker 2: I like those those nice even numbers. Yeah, that's it. 50 00:02:19,560 --> 00:02:21,919 Speaker 2: I think that's what we're having the same conversation, because 51 00:02:21,919 --> 00:02:22,960 Speaker 2: I think I remember talking. 52 00:02:22,840 --> 00:02:25,519 Speaker 1: About if I had mind brothers, I would I would 53 00:02:25,600 --> 00:02:27,960 Speaker 1: have them up at to seventy two hundred dollars because 54 00:02:28,000 --> 00:02:31,160 Speaker 1: that makes it there, you go even by twelve exactly. 55 00:02:31,200 --> 00:02:33,680 Speaker 1: Why would you not make it nice and easy for folks. Yeah, 56 00:02:33,840 --> 00:02:35,840 Speaker 1: but obviously the IRS does not care. 57 00:02:35,760 --> 00:02:39,320 Speaker 2: About marketing or behave the behavioral side of economics. They're 58 00:02:39,360 --> 00:02:41,600 Speaker 2: only looking at They should hire us to advise them 59 00:02:42,360 --> 00:02:43,880 Speaker 2: bring old numbers. But I don't want to work for 60 00:02:43,919 --> 00:02:44,320 Speaker 2: the IRS. 61 00:02:44,520 --> 00:02:44,560 Speaker 1: No. 62 00:02:44,800 --> 00:02:47,400 Speaker 2: Yeah, I like working for you, but I think I 63 00:02:47,400 --> 00:02:48,320 Speaker 2: think you like working for me. 64 00:02:48,400 --> 00:02:50,919 Speaker 1: Yeah, it's good, it's a good symbiotic relationship. Well, it's 65 00:02:51,080 --> 00:02:53,160 Speaker 1: I think it's just good to note and obviously not 66 00:02:53,240 --> 00:02:55,680 Speaker 1: like tons of folks out there able to max both. 67 00:02:55,720 --> 00:02:58,840 Speaker 1: But if you can max both, that's thirty grand a 68 00:02:58,919 --> 00:03:00,840 Speaker 1: year going into the retirement accounts. 69 00:03:00,840 --> 00:03:01,240 Speaker 2: I love it. 70 00:03:01,280 --> 00:03:03,880 Speaker 1: And so even if you can't now, maybe the goals 71 00:03:03,919 --> 00:03:06,720 Speaker 1: to max out the roth Ira seven grand next year 72 00:03:06,720 --> 00:03:08,640 Speaker 1: and get the match at least in your in your 73 00:03:08,680 --> 00:03:10,280 Speaker 1: four one k. And then the next goal is I 74 00:03:10,360 --> 00:03:12,240 Speaker 1: keep adding more into the four one k. Maybe one 75 00:03:12,280 --> 00:03:14,200 Speaker 1: of these days, maybe a few years from now, you 76 00:03:14,240 --> 00:03:16,560 Speaker 1: can max both of them out. That'd be awesome. Ye. 77 00:03:16,800 --> 00:03:17,640 Speaker 2: Let that be your goal. 78 00:03:17,720 --> 00:03:20,240 Speaker 1: Yeah, let's get on, move on, Let's get to the 79 00:03:20,280 --> 00:03:22,760 Speaker 1: Friday flight. The sampling of stories we found interesting, more 80 00:03:22,800 --> 00:03:26,600 Speaker 1: great stories, Yeah, more helpful advice. Let's talk about consumption 81 00:03:26,840 --> 00:03:28,960 Speaker 1: to start with. There's a lot of interesting stories, by 82 00:03:29,000 --> 00:03:31,120 Speaker 1: the way that we got to talk about today. But 83 00:03:31,160 --> 00:03:33,320 Speaker 1: there was this article in The Atlantic this week. It 84 00:03:33,400 --> 00:03:36,160 Speaker 1: was called the Junk is Winning And the writer of 85 00:03:36,200 --> 00:03:39,240 Speaker 1: this article she's she's not wrong, Matt, Like we live 86 00:03:39,280 --> 00:03:42,360 Speaker 1: in an era where we're being sold stuff all the time. 87 00:03:42,400 --> 00:03:44,760 Speaker 1: Like every time we go online, every click of the mouse, 88 00:03:44,800 --> 00:03:48,040 Speaker 1: every swipe of the finger, it feels like someone is 89 00:03:48,080 --> 00:03:50,560 Speaker 1: trying to get inside of our wallets. And we're even 90 00:03:50,600 --> 00:03:52,880 Speaker 1: referred to as consumers. You know, we try to avoid 91 00:03:52,880 --> 00:03:55,000 Speaker 1: that language, although it does get used sometimes on the show. 92 00:03:55,240 --> 00:03:58,920 Speaker 1: But that's largely because the economy runs on our ever 93 00:03:59,000 --> 00:04:02,440 Speaker 1: presentability and desire to consume more and more. Right, And 94 00:04:02,480 --> 00:04:05,560 Speaker 1: so this writer specifically referenced the fact that you can 95 00:04:05,560 --> 00:04:07,560 Speaker 1: now buy crap, and I use that term intentionally. You 96 00:04:07,600 --> 00:04:13,119 Speaker 1: can truly buy crap on TikTok, real dookie, like fake fake, 97 00:04:13,720 --> 00:04:17,280 Speaker 1: you can like honestly, just the kinds of things being 98 00:04:17,320 --> 00:04:21,080 Speaker 1: sold on there are not long lasting, treasured heirlooms I'm 99 00:04:21,080 --> 00:04:22,920 Speaker 1: trying to get at. And we talked about the fact 100 00:04:22,960 --> 00:04:25,720 Speaker 1: that you can buy stuff on TikTok recently, how that's 101 00:04:25,760 --> 00:04:30,160 Speaker 1: turning into kind of a consumer site. I'll instagram, Well, 102 00:04:30,160 --> 00:04:30,920 Speaker 1: the TikTok shop. 103 00:04:30,960 --> 00:04:32,720 Speaker 2: They're taking it to a whole nother, whole other level 104 00:04:33,080 --> 00:04:35,040 Speaker 2: than just an ad where oh, by the way, you 105 00:04:35,040 --> 00:04:36,560 Speaker 2: can go ahead and click this and takes you to 106 00:04:36,680 --> 00:04:37,800 Speaker 2: an external site. Yeah. 107 00:04:37,800 --> 00:04:41,240 Speaker 1: And then there are other sites that aren't necessarily social 108 00:04:41,320 --> 00:04:44,960 Speaker 1: media related, like Chinese sites in particular, like wish and Tamu, 109 00:04:45,240 --> 00:04:47,360 Speaker 1: and they've taken the race to the bottom to another level. 110 00:04:47,400 --> 00:04:49,760 Speaker 1: We don't talk about those that much because again, it's 111 00:04:50,080 --> 00:04:53,359 Speaker 1: mostly cheap crap. And so she actually ends the article 112 00:04:53,400 --> 00:04:55,359 Speaker 1: by saying that, and I quote a lot of the 113 00:04:55,400 --> 00:04:58,679 Speaker 1: things that can be made to seem glamorous or ingenious 114 00:04:58,800 --> 00:05:01,240 Speaker 1: in a two minute video would be better off delivered 115 00:05:01,480 --> 00:05:04,560 Speaker 1: directly to goodwill, to which you will inevitably donate them. 116 00:05:04,760 --> 00:05:07,280 Speaker 1: At least you'd save yourself a future in Aaron in 117 00:05:07,360 --> 00:05:09,480 Speaker 1: the future, Right. That's incredibly true, and I think she's 118 00:05:09,480 --> 00:05:12,520 Speaker 1: spot on. It's like, there's a way that social media 119 00:05:12,640 --> 00:05:16,599 Speaker 1: and that advertising and marketing glamorizes things, and that seven 120 00:05:16,640 --> 00:05:19,880 Speaker 1: dollars jacket or two dollars fifty cent t shirt or 121 00:05:19,880 --> 00:05:22,400 Speaker 1: something like that, or the fake Pooh whatever it is, 122 00:05:22,839 --> 00:05:25,479 Speaker 1: it just sounds it seems so fun and goofy and like, 123 00:05:25,480 --> 00:05:28,560 Speaker 1: oh yeah, but why not, I'll click to purchase. But 124 00:05:29,279 --> 00:05:31,400 Speaker 1: I think just remember that next time you're tempted to 125 00:05:31,400 --> 00:05:32,280 Speaker 1: purchase something on a whim. 126 00:05:32,400 --> 00:05:35,320 Speaker 2: Yeah, it makes it seem glamorous. It simultaneously makes it 127 00:05:35,360 --> 00:05:38,799 Speaker 2: seem more personal, because that's the inherent nature of social media. 128 00:05:38,880 --> 00:05:41,200 Speaker 2: You've got people who you follow, and because you follow them, 129 00:05:41,240 --> 00:05:43,800 Speaker 2: it feels like you know them. And it truly makes 130 00:05:43,800 --> 00:05:45,919 Speaker 2: me think back to like back in the eighties and 131 00:05:45,920 --> 00:05:49,640 Speaker 2: back in the nineties, QVC, the home shopping network. It 132 00:05:49,680 --> 00:05:52,479 Speaker 2: was a massive industry and folks were getting pulled and 133 00:05:52,520 --> 00:05:55,840 Speaker 2: sucked into the same sort of behavior, and we can 134 00:05:55,880 --> 00:05:57,920 Speaker 2: look back now and kind of laugh at it. It seems 135 00:05:58,080 --> 00:06:01,000 Speaker 2: it seems silly. And now when you are you know, 136 00:06:01,040 --> 00:06:03,479 Speaker 2: you get something that's recommended to you by an influencer, 137 00:06:03,520 --> 00:06:05,640 Speaker 2: it feels more personal. It's like you've got a friend 138 00:06:06,320 --> 00:06:09,000 Speaker 2: who's saying, hey, this is something you need, a friend 139 00:06:09,040 --> 00:06:11,400 Speaker 2: with insider knowledge. You didn't realize this, but I know 140 00:06:11,560 --> 00:06:15,160 Speaker 2: you and they don't know you. A b you need this, 141 00:06:15,360 --> 00:06:17,920 Speaker 2: by the way, you don't need that. And I'm curious 142 00:06:18,120 --> 00:06:19,680 Speaker 2: how long it's going to take before we look back 143 00:06:19,720 --> 00:06:21,600 Speaker 2: at this sort of era that we're in currently and 144 00:06:21,960 --> 00:06:23,680 Speaker 2: we laugh at it in the same way that we 145 00:06:23,680 --> 00:06:25,480 Speaker 2: look back to the home shopping network and just the 146 00:06:25,600 --> 00:06:28,159 Speaker 2: useless stuff that folks were buying back then that they're 147 00:06:28,200 --> 00:06:31,560 Speaker 2: also doing now, Because in reality, it truly is exactly 148 00:06:31,720 --> 00:06:34,960 Speaker 2: it's the exact same model. It's just following just the 149 00:06:35,000 --> 00:06:37,479 Speaker 2: new version. It's the new version. It's following the same 150 00:06:37,680 --> 00:06:41,039 Speaker 2: path that media has taken, just the atomization where it 151 00:06:41,040 --> 00:06:43,279 Speaker 2: feels like you are going directly to an individual as 152 00:06:43,320 --> 00:06:47,000 Speaker 2: opposed to everybody logging onto the watching the same network. 153 00:06:47,000 --> 00:06:49,640 Speaker 1: And the problem is, though it's like they're these tentacles, 154 00:06:49,839 --> 00:06:52,440 Speaker 1: like and because of who we follow and the things 155 00:06:52,440 --> 00:06:55,880 Speaker 1: we watch and how we scroll, they've got their hooks 156 00:06:55,880 --> 00:07:00,400 Speaker 1: in us. And it's really cookies specifically, right, Yeah, it's. 157 00:07:00,120 --> 00:07:00,760 Speaker 2: What they've got it. 158 00:07:00,760 --> 00:07:03,200 Speaker 1: It's hard to resist. Yeah, but I think we have 159 00:07:03,240 --> 00:07:05,560 Speaker 1: to think about the last ten things you bought, maybe 160 00:07:05,560 --> 00:07:08,000 Speaker 1: even go actually look at your Amazon purchase history or whatever, 161 00:07:08,080 --> 00:07:10,119 Speaker 1: maybe the thing you actually did buy on TikTok shop, 162 00:07:10,440 --> 00:07:11,840 Speaker 1: look at the things in the past and be like, 163 00:07:11,840 --> 00:07:13,600 Speaker 1: do I actually use that? Is it that I get 164 00:07:13,680 --> 00:07:15,840 Speaker 1: my money's worth? Was it valuable for me? And I 165 00:07:15,840 --> 00:07:18,200 Speaker 1: think maybe looking back at those prior purchases can help 166 00:07:18,240 --> 00:07:21,400 Speaker 1: inform future purchases and can give us maybe like take 167 00:07:21,440 --> 00:07:23,920 Speaker 1: off the rose color classes and help us see through 168 00:07:24,120 --> 00:07:27,280 Speaker 1: a clear class pain, like through reality. How much it 169 00:07:27,320 --> 00:07:28,760 Speaker 1: helps her hurts totally. 170 00:07:28,840 --> 00:07:30,640 Speaker 2: Yeah. So this makes me think of another article we 171 00:07:30,680 --> 00:07:34,680 Speaker 2: came across this week in Kiplinger about financial fasting, and 172 00:07:34,760 --> 00:07:36,720 Speaker 2: I'm not sure if now is actually the perfect time 173 00:07:36,960 --> 00:07:40,680 Speaker 2: for those given the up upcoming holiday season, given the 174 00:07:40,880 --> 00:07:42,960 Speaker 2: likelihood and almost everyone out there listening is going to 175 00:07:43,160 --> 00:07:46,600 Speaker 2: buy at least something for a family member, for a friend, 176 00:07:47,120 --> 00:07:48,840 Speaker 2: but even still, I think it's a good idea to 177 00:07:48,840 --> 00:07:51,760 Speaker 2: start planning one of these, one of these financial fasts, 178 00:07:51,800 --> 00:07:54,840 Speaker 2: perhaps for the new year, maybe come January, because we've 179 00:07:54,840 --> 00:07:57,360 Speaker 2: gotten so used to shopping when we are bored, right, 180 00:07:57,400 --> 00:08:00,000 Speaker 2: it's just the default reaction. We whip out the phone, 181 00:08:00,280 --> 00:08:03,640 Speaker 2: you start scrolling. You know that. I think a lot 182 00:08:03,680 --> 00:08:06,239 Speaker 2: of us have developed a reflexive habit when it comes 183 00:08:06,240 --> 00:08:09,120 Speaker 2: to purchasing stuff. And so I think a financial fast, 184 00:08:09,480 --> 00:08:12,040 Speaker 2: just a period of time where you are refusing to 185 00:08:12,080 --> 00:08:14,080 Speaker 2: spend eighty dollars at all, even if it's just for 186 00:08:14,120 --> 00:08:16,040 Speaker 2: a couple of days, I think that can start to 187 00:08:16,120 --> 00:08:20,080 Speaker 2: unwind that cycle. I think it can help to detach 188 00:08:20,120 --> 00:08:24,120 Speaker 2: you from that consumeristic impulse. As I was saying detaching, 189 00:08:24,120 --> 00:08:27,960 Speaker 2: I was picturing Neo detaching from the from the matrix. 190 00:08:28,080 --> 00:08:29,520 Speaker 2: I mean, it feels like it's a lot like that. 191 00:08:29,560 --> 00:08:31,800 Speaker 2: It's almost that radical of a move, yes, And I 192 00:08:31,800 --> 00:08:33,400 Speaker 2: think this can help you to know figure out how 193 00:08:33,440 --> 00:08:37,080 Speaker 2: to spend much more mindfully while simultaneously allowing you to 194 00:08:37,080 --> 00:08:39,400 Speaker 2: make bigger progress on some of the other money goals 195 00:08:39,679 --> 00:08:41,640 Speaker 2: that you might have, like like paying down debt or 196 00:08:41,720 --> 00:08:46,480 Speaker 2: actually achieving something big, something something noteworthy as opposed to 197 00:08:46,480 --> 00:08:48,440 Speaker 2: something like you said, or like the writer said that 198 00:08:48,520 --> 00:08:50,960 Speaker 2: she's just gonna end up donating directly to goodwill. 199 00:08:51,000 --> 00:08:52,679 Speaker 1: So I know it's not like January first, but maybe 200 00:08:52,720 --> 00:08:54,120 Speaker 1: now is a good time to put a few dates 201 00:08:54,120 --> 00:08:56,120 Speaker 1: on the calendar and talk to your spouse or your 202 00:08:56,480 --> 00:08:58,680 Speaker 1: best friend or something and say, hey, listen, what about 203 00:08:58,679 --> 00:09:00,559 Speaker 1: that second week in January, the first speak in Jenu 204 00:09:00,640 --> 00:09:01,920 Speaker 1: or whatever it is, or maybe the first two weeks 205 00:09:01,920 --> 00:09:04,040 Speaker 1: in January. Can we put those on the calendar. Commit 206 00:09:04,080 --> 00:09:06,160 Speaker 1: to doing something like this, because I think it can, 207 00:09:06,280 --> 00:09:08,000 Speaker 1: like you said, help kind of rewire our brains in 208 00:09:08,040 --> 00:09:09,600 Speaker 1: a certain way. And Matt, a couple of years ago, 209 00:09:09,679 --> 00:09:12,360 Speaker 1: you know, we did we had a couple of money 210 00:09:12,440 --> 00:09:14,680 Speaker 1: challenges that we that we put forth to people. Maybe 211 00:09:14,679 --> 00:09:16,760 Speaker 1: we should reinstitute that at the beginning of twenty twenty 212 00:09:16,800 --> 00:09:18,920 Speaker 1: four as well, give people another kind of how to 213 00:09:18,960 --> 00:09:21,360 Speaker 1: money push to all do these things where like the 214 00:09:21,400 --> 00:09:24,040 Speaker 1: sell your Stuff challenge and the max your Wroth challenge 215 00:09:24,080 --> 00:09:26,800 Speaker 1: and stuff like that, and we'll gain Maybe we'll put 216 00:09:26,800 --> 00:09:28,320 Speaker 1: it out there in the newsletter or something like that 217 00:09:28,360 --> 00:09:31,080 Speaker 1: and offer all those forms up again obviously free of charge, 218 00:09:31,360 --> 00:09:34,439 Speaker 1: just to kind of help you have a schedule to 219 00:09:34,520 --> 00:09:37,200 Speaker 1: keep to and a challenge to put yourself up against, 220 00:09:37,240 --> 00:09:39,480 Speaker 1: because I think that can be really powerful too when 221 00:09:39,520 --> 00:09:41,080 Speaker 1: it comes to actually getting the job done. 222 00:09:41,160 --> 00:09:43,840 Speaker 2: Totally. Yeah, okay, So we've talked about credit limits before, 223 00:09:44,040 --> 00:09:46,400 Speaker 2: and of course, when you have a low amount of 224 00:09:46,440 --> 00:09:49,080 Speaker 2: credit that's available to you, that can negatively impact your 225 00:09:49,080 --> 00:09:51,880 Speaker 2: credit score because if you use that credit card too much, right, 226 00:09:51,920 --> 00:09:54,560 Speaker 2: if you are getting close to that limit each month, 227 00:09:54,640 --> 00:09:57,560 Speaker 2: it's going to cause your credit utilization to go up, 228 00:09:57,920 --> 00:10:00,760 Speaker 2: which is going to harm that all important three credit score. 229 00:10:01,160 --> 00:10:03,120 Speaker 2: So we've talked about how you can call your credit 230 00:10:03,200 --> 00:10:06,960 Speaker 2: card company. You can simply ask them for an increase 231 00:10:07,040 --> 00:10:10,160 Speaker 2: on that limit. Oftentimes they'll say yeah, of course, and 232 00:10:10,280 --> 00:10:13,240 Speaker 2: it'll help you to improve your score. But there's also 233 00:10:13,520 --> 00:10:17,559 Speaker 2: the downside to higher credit limits. Not surprisingly, banks are 234 00:10:17,760 --> 00:10:21,400 Speaker 2: realizing that if they up individual's limits that they're gonna 235 00:10:21,400 --> 00:10:23,720 Speaker 2: go ahead and they're gonna spend, They're gonna consume more, 236 00:10:23,720 --> 00:10:27,280 Speaker 2: they're gonna put more on their credit cards, and they'll 237 00:10:27,320 --> 00:10:30,200 Speaker 2: often not pay off that balance on time and in full, 238 00:10:30,240 --> 00:10:33,320 Speaker 2: which is one of our golden rules. We've actually got 239 00:10:33,400 --> 00:10:35,920 Speaker 2: an article about the Golden rules to using credit cards 240 00:10:35,920 --> 00:10:37,640 Speaker 2: that will link to in our show notes. And so 241 00:10:37,840 --> 00:10:39,800 Speaker 2: the reason we wanted to bring this up is because 242 00:10:40,480 --> 00:10:42,320 Speaker 2: the flyers that you get in the mail, where there 243 00:10:42,360 --> 00:10:45,240 Speaker 2: are banks saying, hey, you've been a great customer, you've 244 00:10:45,360 --> 00:10:47,760 Speaker 2: utilized this card, what about this card, And in the 245 00:10:47,800 --> 00:10:50,040 Speaker 2: back of your mind, you're on one shoulder you have 246 00:10:50,080 --> 00:10:52,480 Speaker 2: Matt and Joel saying, yeah, that'll increase your credit, that'll 247 00:10:52,480 --> 00:10:54,920 Speaker 2: decrease your credit utilization rate, because you'll have more credit 248 00:10:55,000 --> 00:10:57,840 Speaker 2: available to you. But just because that's being offered to 249 00:10:57,880 --> 00:10:59,960 Speaker 2: you doesn't necessarily mean that that's something that you should 250 00:11:00,080 --> 00:11:03,680 Speaker 2: pounce on. Even receiving an email, just a notice from 251 00:11:03,720 --> 00:11:06,720 Speaker 2: your credit card company, if they're saying, hey, you've been 252 00:11:06,760 --> 00:11:09,280 Speaker 2: a valued customer, how about we up that from twelve 253 00:11:09,280 --> 00:11:12,560 Speaker 2: thousand to fifteen thousand to sixteen thousand, you might be 254 00:11:12,720 --> 00:11:14,880 Speaker 2: tempted into thinking, oh, yeah, this is a one way 255 00:11:14,920 --> 00:11:19,120 Speaker 2: ticket to eight hundred and fifty land or whatever credit 256 00:11:19,200 --> 00:11:22,440 Speaker 2: score you're trying to attain to. But you can also 257 00:11:22,600 --> 00:11:25,080 Speaker 2: be tempted down a path of spending. And like we're 258 00:11:25,120 --> 00:11:29,080 Speaker 2: talking about, we're surrounded by companies who want to part 259 00:11:29,160 --> 00:11:31,160 Speaker 2: us from our dollars. As they're trying to, you know, 260 00:11:31,200 --> 00:11:31,880 Speaker 2: hawk their wares. 261 00:11:31,960 --> 00:11:34,080 Speaker 1: Yeah, so it is a double edge ord more than 262 00:11:34,120 --> 00:11:37,040 Speaker 1: I even realized because I didn't I didn't necessarily assume 263 00:11:37,080 --> 00:11:38,840 Speaker 1: that people saw that as a green light to spend more. 264 00:11:38,960 --> 00:11:41,360 Speaker 1: But it turns out people do, and it shouldn't be. 265 00:11:41,440 --> 00:11:44,360 Speaker 1: It really is. The only reason for like a high 266 00:11:44,520 --> 00:11:48,320 Speaker 1: credit limit on your on your credit card is in 267 00:11:48,360 --> 00:11:51,560 Speaker 1: my mind, to help boost that utilization ratio to give 268 00:11:51,600 --> 00:11:54,000 Speaker 1: you a higher credit score. But a lot of people 269 00:11:54,040 --> 00:11:56,880 Speaker 1: see that as like a challenge to see to ride 270 00:11:56,880 --> 00:11:58,320 Speaker 1: to the occasion, to see if they can spend up 271 00:11:58,360 --> 00:11:59,240 Speaker 1: to that full amount or something. 272 00:11:59,280 --> 00:12:01,160 Speaker 2: It sounds like, oh, looks like I'm a boller now, 273 00:12:01,200 --> 00:12:03,280 Speaker 2: which you got to start spending like a boller, right. 274 00:12:03,120 --> 00:12:06,040 Speaker 1: Which makes sense, I guess in America, given how we 275 00:12:06,120 --> 00:12:09,800 Speaker 1: handle money as a culture. But it's terrible. It's terrible, 276 00:12:09,880 --> 00:12:12,440 Speaker 1: and we want how to money listeners to take advantage 277 00:12:12,600 --> 00:12:15,200 Speaker 1: of a higher limit, but don't let that ruin your 278 00:12:15,240 --> 00:12:18,319 Speaker 1: discipline or do anything actually to your spending. You're still 279 00:12:18,320 --> 00:12:20,560 Speaker 1: budgeting like normal, and you're still paying off that balance 280 00:12:20,600 --> 00:12:22,320 Speaker 1: on time and to fall at the end of every month. 281 00:12:22,480 --> 00:12:24,120 Speaker 1: And we actually have more to get to on credit. 282 00:12:24,600 --> 00:12:27,520 Speaker 1: In particular, something nefarious that TransUnion is done. We'll talk 283 00:12:27,520 --> 00:12:29,000 Speaker 1: about that in just a bit. All right, Well, let's 284 00:12:29,000 --> 00:12:31,160 Speaker 1: talk about top tier gas. There was an article on Yahoo, 285 00:12:31,160 --> 00:12:35,280 Speaker 1: which apparently still exists, and they wrote specifically about this 286 00:12:36,000 --> 00:12:38,360 Speaker 1: concept of top tier gas, and I was like, I 287 00:12:38,440 --> 00:12:40,200 Speaker 1: know about top tier gas, but how come we've never 288 00:12:40,240 --> 00:12:42,240 Speaker 1: talked about it on the show board before? We really 289 00:12:42,320 --> 00:12:45,679 Speaker 1: need to. And top tier gas is essentially a superior 290 00:12:45,760 --> 00:12:47,600 Speaker 1: version of gas that you can put in your car 291 00:12:47,760 --> 00:12:50,040 Speaker 1: and it's better for your engine. There was a triple 292 00:12:50,040 --> 00:12:52,280 Speaker 1: A study and it found that top tier gas keeps 293 00:12:52,280 --> 00:12:56,720 Speaker 1: your engine nineteen times cleaner than putting in alternate gas. 294 00:12:56,520 --> 00:12:59,760 Speaker 2: Which nineteen x. It's basically not nineteen percent, right, cleaner, 295 00:13:00,000 --> 00:13:03,120 Speaker 2: eighteen times cleaner. So it's so much better. It's because 296 00:13:03,120 --> 00:13:06,360 Speaker 2: they put certain detergents in the fuel that makes it 297 00:13:06,400 --> 00:13:07,360 Speaker 2: better for your engine. 298 00:13:07,480 --> 00:13:10,360 Speaker 1: So, but here's the thing. Not every gas station sells it. 299 00:13:10,440 --> 00:13:13,520 Speaker 1: For instance, Costco does, but Sam's Club doesn't, QT does, 300 00:13:13,640 --> 00:13:16,520 Speaker 1: but BUCkies does not. So if you're a Bucket fanatic, 301 00:13:16,720 --> 00:13:20,120 Speaker 1: well maybe go just for the just for the candy 302 00:13:20,160 --> 00:13:22,959 Speaker 1: and the Soto fountain on a barbecue, the barbecue, Yes. 303 00:13:22,800 --> 00:13:27,160 Speaker 2: For the barbecue. Bikinis gotta love them, BUCkies bikinis. Are 304 00:13:27,160 --> 00:13:29,360 Speaker 2: you getting one for what we say joked about us 305 00:13:29,400 --> 00:13:30,079 Speaker 2: getting our wives. 306 00:13:30,160 --> 00:13:33,839 Speaker 1: Yeah, those last year before our summer beech strip if 307 00:13:33,880 --> 00:13:35,200 Speaker 1: they're if they're go on sale or something that would 308 00:13:35,200 --> 00:13:37,760 Speaker 1: make a good white elephant gift. Okay, but you really 309 00:13:37,800 --> 00:13:40,199 Speaker 1: don't want to pay more for top tier gas. You 310 00:13:40,200 --> 00:13:42,080 Speaker 1: don't need to. When you look at the numbers, top 311 00:13:42,080 --> 00:13:44,880 Speaker 1: tier gas costs on average three cents more gallon, so 312 00:13:45,360 --> 00:13:48,439 Speaker 1: it's it's a negligible price difference. But actually, when you're 313 00:13:48,440 --> 00:13:50,640 Speaker 1: talking about it being sold at Costco, it's Costco gas 314 00:13:50,679 --> 00:13:52,480 Speaker 1: is cheaper than basically anywhere else out there. 315 00:13:52,520 --> 00:13:53,439 Speaker 2: Sound there. 316 00:13:53,559 --> 00:13:56,920 Speaker 1: And the thing is buying top tier gasoline could save 317 00:13:56,960 --> 00:13:58,719 Speaker 1: you a meaningful amount of wear and tear on those 318 00:13:58,760 --> 00:14:02,840 Speaker 1: engine components, which means it's frugal, not not cheap, to 319 00:14:02,840 --> 00:14:04,920 Speaker 1: buy the top tier gas. And there's a website, top 320 00:14:04,960 --> 00:14:06,920 Speaker 1: tiergas dot com. We'll link to that in the show notes, 321 00:14:07,080 --> 00:14:09,400 Speaker 1: where you can look to see which gas stations sell 322 00:14:09,720 --> 00:14:13,640 Speaker 1: this better version of gas. In my mind, is just 323 00:14:13,679 --> 00:14:15,360 Speaker 1: another reason to be a Costco member. Phill up there 324 00:14:15,400 --> 00:14:18,480 Speaker 1: if it's convenient, but at minimum look to see. Okay, 325 00:14:18,800 --> 00:14:21,240 Speaker 1: if it's a deciding factor between a few different gas 326 00:14:21,240 --> 00:14:22,880 Speaker 1: stations in your area where you do the bulk of 327 00:14:22,920 --> 00:14:25,040 Speaker 1: your filling up. If one sells top tier gas and 328 00:14:25,080 --> 00:14:26,240 Speaker 1: one doesn't, that's where you want to go. 329 00:14:26,400 --> 00:14:27,960 Speaker 2: Yeah, Or you can just scuirt a little bit of 330 00:14:27,960 --> 00:14:30,720 Speaker 2: a dishwashing detergent in your next time you're filling it. 331 00:14:30,720 --> 00:14:31,720 Speaker 1: Don't think that's how it works. 332 00:14:31,800 --> 00:14:33,360 Speaker 2: I think that'll help it to stay clean as well. 333 00:14:33,520 --> 00:14:35,960 Speaker 1: It's going to lead to some one star reviews, I think, Matt. 334 00:14:36,000 --> 00:14:37,840 Speaker 2: By the way, this is different. It's funny we're talking 335 00:14:37,880 --> 00:14:42,000 Speaker 2: about gas. I recently discovered that how important ethanol free gases, 336 00:14:42,720 --> 00:14:45,480 Speaker 2: specifically when it comes to small engines, like if you've 337 00:14:45,520 --> 00:14:51,040 Speaker 2: got a generator or a motor that you rarely use, 338 00:14:51,120 --> 00:14:54,720 Speaker 2: even like a boat, because so ethanol it's derived from corn, 339 00:14:55,320 --> 00:14:59,200 Speaker 2: but it is an alcohol, and it's corrosive to like 340 00:14:59,200 --> 00:15:02,040 Speaker 2: a small engine part arts and so oftentimes that is 341 00:15:02,080 --> 00:15:05,080 Speaker 2: what will cause small engines to fail. It's the fact 342 00:15:05,080 --> 00:15:08,160 Speaker 2: that it's sat there over time, and that that gasoline 343 00:15:08,200 --> 00:15:10,960 Speaker 2: that has and almost all gas has ethanol in it, 344 00:15:11,040 --> 00:15:13,520 Speaker 2: just a small amount, and it's totally fine for like 345 00:15:13,680 --> 00:15:16,440 Speaker 2: our modern engines. Evidently I'm not like a pro on this, 346 00:15:16,720 --> 00:15:18,560 Speaker 2: but if you are looking at something like you said, 347 00:15:18,600 --> 00:15:20,480 Speaker 2: a lawn mower, or in my case, it was a generator. 348 00:15:20,600 --> 00:15:22,880 Speaker 2: And that's when I learned that, Oh, from now on, 349 00:15:22,920 --> 00:15:24,760 Speaker 2: I need to I need to make sure I am 350 00:15:24,800 --> 00:15:27,080 Speaker 2: putting ethanol free gas. And there's a website actually that 351 00:15:27,120 --> 00:15:29,160 Speaker 2: will link to as well that where you can punch 352 00:15:29,200 --> 00:15:31,920 Speaker 2: that in and find gas stations locally that sell that way. 353 00:15:31,920 --> 00:15:35,520 Speaker 2: Here's a website for everything, for everything, can you believe it? So, yeah, 354 00:15:35,520 --> 00:15:37,440 Speaker 2: we're talking about gas prices. Maybe we're kind of talking 355 00:15:37,440 --> 00:15:40,200 Speaker 2: about travel here a little bit. So let's segue to 356 00:15:40,440 --> 00:15:44,560 Speaker 2: plane ticket pricing for a minute, because new research sheds 357 00:15:44,560 --> 00:15:47,960 Speaker 2: some light on a lot of the so called hacks 358 00:15:48,440 --> 00:15:50,720 Speaker 2: that have been touted to help us to save when 359 00:15:50,760 --> 00:15:53,560 Speaker 2: it comes to flights. When it comes to airfare, some 360 00:15:53,640 --> 00:15:56,760 Speaker 2: actually work, but many of them don't. So for instance, 361 00:15:56,920 --> 00:16:00,680 Speaker 2: buying on a Tuesday, that's been one recommend recomm maybe 362 00:16:00,680 --> 00:16:04,520 Speaker 2: that you've seen floating around the internet that's lingered or 363 00:16:04,760 --> 00:16:09,520 Speaker 2: using incognito mode in order to fool the algorithm, because 364 00:16:09,720 --> 00:16:11,480 Speaker 2: sometimes folks were thinking, well, if I visit it and 365 00:16:11,520 --> 00:16:13,280 Speaker 2: I searched the flights, the next time I come back 366 00:16:13,320 --> 00:16:15,280 Speaker 2: to actually book it, it's gonna no, I'm back, and 367 00:16:15,280 --> 00:16:16,560 Speaker 2: they're gonna charge me more. 368 00:16:16,520 --> 00:16:17,600 Speaker 1: Pumping up by twenty bucks. 369 00:16:17,640 --> 00:16:20,480 Speaker 2: Evidently these have no real impact. This is according to 370 00:16:20,520 --> 00:16:23,080 Speaker 2: the folks over at the has Business School that's at 371 00:16:23,120 --> 00:16:26,720 Speaker 2: cal Berkeley. So our advice use just something basic like 372 00:16:26,840 --> 00:16:30,320 Speaker 2: Google Flights. There are plenty of different flight comparison sites, 373 00:16:30,320 --> 00:16:32,640 Speaker 2: but Google Flights is amazing. Make sure that you check 374 00:16:32,680 --> 00:16:34,480 Speaker 2: out Southwest dot com. Make sure that you're getting their 375 00:16:34,480 --> 00:16:35,400 Speaker 2: fare alerts. 376 00:16:35,080 --> 00:16:38,240 Speaker 1: Because again Southwest fairs do not get input in Google Flights. 377 00:16:38,360 --> 00:16:40,440 Speaker 1: So if you want to actually look at the whole 378 00:16:40,440 --> 00:16:43,440 Speaker 1: broad market of airfares and Southwest being one of the 379 00:16:43,440 --> 00:16:47,040 Speaker 1: best discount airlines, you want to Google flights and Southwest well. 380 00:16:46,920 --> 00:16:48,760 Speaker 2: And if you know you've got a bunch of travel 381 00:16:48,760 --> 00:16:50,280 Speaker 2: coming up as well, make sure that you are looking 382 00:16:50,320 --> 00:16:53,480 Speaker 2: at the companion pass. That's not something we've talked about recently, 383 00:16:53,520 --> 00:16:56,560 Speaker 2: but that gives you unlimited flights for a companion to 384 00:16:56,560 --> 00:16:59,240 Speaker 2: come along with you. Right, it's so much better than, 385 00:16:59,560 --> 00:17:01,640 Speaker 2: for instance, the Delta companion pass, where it's good for 386 00:17:01,640 --> 00:17:05,040 Speaker 2: a single flight unlimited flights for the rest of that 387 00:17:05,119 --> 00:17:07,520 Speaker 2: year and all of the next year. Yeah, but then 388 00:17:07,560 --> 00:17:09,800 Speaker 2: more than anything else too. Just being a bit more 389 00:17:09,800 --> 00:17:12,239 Speaker 2: flexible when it comes to your travel, which is of 390 00:17:12,240 --> 00:17:15,480 Speaker 2: course going to be difficult, say for a family with kids, 391 00:17:15,520 --> 00:17:18,919 Speaker 2: and oftentimes you're tied to that school calendar. If you're 392 00:17:18,920 --> 00:17:21,920 Speaker 2: going to take a flight, if you're flying somewhere over Thanksgiving, 393 00:17:22,359 --> 00:17:24,120 Speaker 2: well it's hard to be flexible on your dates. Yeah, 394 00:17:24,920 --> 00:17:27,640 Speaker 2: But when it comes to other travel zig while other 395 00:17:27,640 --> 00:17:29,840 Speaker 2: people are zagging essentially right like you can, you still 396 00:17:29,880 --> 00:17:32,040 Speaker 2: have options available to you. So if you're looking at 397 00:17:32,160 --> 00:17:35,520 Speaker 2: summer travel, look at the very beginning of that. Essentially, 398 00:17:35,520 --> 00:17:37,160 Speaker 2: look at the shoulder season, look at the very beginning, 399 00:17:37,200 --> 00:17:40,600 Speaker 2: look at the very end, as opposed booking something smack 400 00:17:40,680 --> 00:17:43,240 Speaker 2: dab right in the middle of summer over July fourth, 401 00:17:43,320 --> 00:17:45,200 Speaker 2: when everybody wants to go see their family. 402 00:17:45,240 --> 00:17:48,639 Speaker 1: Yeah, yeah, I know, And we're usually kind of we 403 00:17:48,800 --> 00:17:53,239 Speaker 1: prefer airline agnostic travel cards. So if you're looking to 404 00:17:53,280 --> 00:17:56,040 Speaker 1: get points or something to use for some of those trips, 405 00:17:56,320 --> 00:17:58,600 Speaker 1: the Capitol One venture X and the Chase Safire preferred 406 00:17:58,640 --> 00:18:01,360 Speaker 1: or two of the best, the only exception being if 407 00:18:01,440 --> 00:18:03,879 Speaker 1: Southwest is in your market, the Southwest card because of 408 00:18:03,920 --> 00:18:06,679 Speaker 1: the easier redemption of those points and because of the 409 00:18:06,680 --> 00:18:09,560 Speaker 1: potential to get that companion pass, Matt. That elevates that 410 00:18:09,720 --> 00:18:12,919 Speaker 1: above the other airline card shoulders above the regificantly right. So, 411 00:18:13,160 --> 00:18:15,160 Speaker 1: and if you're curious about how to get the best 412 00:18:15,160 --> 00:18:17,280 Speaker 1: travel card for you, we can go to our website 413 00:18:17,280 --> 00:18:19,920 Speaker 1: how tomoney dot com. There is the credit card tool. 414 00:18:20,240 --> 00:18:21,720 Speaker 1: Just click on that in the upper right hand corner. 415 00:18:21,720 --> 00:18:23,600 Speaker 1: It makes it's like an easy way to filter and 416 00:18:23,640 --> 00:18:25,520 Speaker 1: find the best credit card for you. But we've got 417 00:18:25,560 --> 00:18:27,800 Speaker 1: more to get to on this episode, of course, Matt. 418 00:18:27,840 --> 00:18:30,320 Speaker 1: We got to talk about a recent ruling and how 419 00:18:30,320 --> 00:18:33,000 Speaker 1: that could impact and upset the apple cart in the 420 00:18:33,000 --> 00:18:35,400 Speaker 1: real estate industry in a good way, in a good 421 00:18:35,400 --> 00:18:37,520 Speaker 1: way for consumers, a bad way for realtors. We'll talk 422 00:18:37,560 --> 00:18:38,840 Speaker 1: about that and more right after this. 423 00:18:47,440 --> 00:18:49,880 Speaker 2: We are back from the break, this time now for 424 00:18:50,000 --> 00:18:53,320 Speaker 2: our ludicrous headline of the week. This was from CNBC 425 00:18:53,800 --> 00:18:56,480 Speaker 2: and the headline reads, credit scores hit an all time 426 00:18:56,560 --> 00:19:00,960 Speaker 2: high even though households are falling deeper into debt. And 427 00:19:01,000 --> 00:19:03,080 Speaker 2: we talked about credit limits just before the break, But 428 00:19:03,119 --> 00:19:06,919 Speaker 2: this is just another sign of how backwards the credit 429 00:19:06,960 --> 00:19:10,600 Speaker 2: scoring industry truly is. It's difficult to imagine this. It's 430 00:19:10,600 --> 00:19:13,480 Speaker 2: hard to fathom how credit scores are rising that report 431 00:19:13,520 --> 00:19:15,720 Speaker 2: show that the average score is now seven hundred and eighteen. 432 00:19:15,920 --> 00:19:18,000 Speaker 2: It's by a lot of points, which is great over 433 00:19:18,040 --> 00:19:20,200 Speaker 2: the past ten years ago. News. This should be the 434 00:19:20,600 --> 00:19:22,919 Speaker 2: three digit number that reflects how people are doing, how 435 00:19:22,960 --> 00:19:27,200 Speaker 2: folks are handling their finances, yet their debt loads are 436 00:19:27,240 --> 00:19:30,119 Speaker 2: going up. But of course, the system, it was not 437 00:19:30,160 --> 00:19:33,800 Speaker 2: created to make sense. It doesn't penalize you for not 438 00:19:33,920 --> 00:19:37,240 Speaker 2: paying your balance in full, and in fact, by making 439 00:19:37,240 --> 00:19:40,400 Speaker 2: a minimum payment, that is positive information that has sent 440 00:19:40,400 --> 00:19:41,840 Speaker 2: over to the credit ber. As long as you are 441 00:19:41,840 --> 00:19:45,680 Speaker 2: making that payment on time, they're perfectly happy for you did. 442 00:19:45,640 --> 00:19:47,679 Speaker 1: Not pay off that balance. They don't care about the 443 00:19:47,680 --> 00:19:49,240 Speaker 1: in full thing which you and I talk about. They 444 00:19:49,320 --> 00:19:51,080 Speaker 1: just care about the on time exactly. And so like 445 00:19:51,080 --> 00:19:52,720 Speaker 1: what I mean, truly, what that means is as long 446 00:19:52,760 --> 00:19:54,960 Speaker 1: as you could rack up I guess, as long as 447 00:19:55,000 --> 00:19:57,680 Speaker 1: it's not more than say, twenty percent of your credit utilization. 448 00:19:57,720 --> 00:19:59,440 Speaker 1: That's what we talked about, you know, we talked about 449 00:19:59,440 --> 00:20:01,600 Speaker 1: that factor of your credit score before the break. But 450 00:20:01,680 --> 00:20:03,440 Speaker 1: you could spend a bunch of money on that card, 451 00:20:03,920 --> 00:20:06,560 Speaker 1: and let's just say stop spending on it all together 452 00:20:06,640 --> 00:20:08,680 Speaker 1: and then just only make minimum payments on that card. 453 00:20:08,760 --> 00:20:11,360 Speaker 1: Until you actually paid that thing off and you would 454 00:20:11,400 --> 00:20:14,199 Speaker 1: see twenty years later and you would only see your 455 00:20:14,200 --> 00:20:17,240 Speaker 1: credit score going up. Your credit score is certainly important, 456 00:20:17,240 --> 00:20:19,000 Speaker 1: but this is an instance where you don't want the 457 00:20:19,000 --> 00:20:21,520 Speaker 1: tail to wag the dog. Don't become so focused on 458 00:20:21,520 --> 00:20:24,159 Speaker 1: your credit score. They don't really that you forget Well, 459 00:20:24,359 --> 00:20:26,000 Speaker 1: why is that we even have the show, which is 460 00:20:26,119 --> 00:20:28,199 Speaker 1: for you to have more money, to be able to 461 00:20:28,280 --> 00:20:31,640 Speaker 1: choose how to save spend and give it away. Yeah. Yeah, 462 00:20:31,680 --> 00:20:33,120 Speaker 1: pay attention to it, but take it with a grain 463 00:20:33,160 --> 00:20:36,640 Speaker 1: of salt, because it's, like you said, it's kind of backwards. Yeah, 464 00:20:36,840 --> 00:20:39,080 Speaker 1: it's if I was if we were starting over from scratch, 465 00:20:39,080 --> 00:20:41,080 Speaker 1: which I would love to see, like we would do 466 00:20:41,119 --> 00:20:43,840 Speaker 1: away with kind of how opaque and silly some of 467 00:20:43,880 --> 00:20:44,480 Speaker 1: the metrics are. 468 00:20:44,560 --> 00:20:45,040 Speaker 2: Yeah. 469 00:20:45,680 --> 00:20:49,480 Speaker 1: In other lame credit news, the credit bureaus continue to 470 00:20:49,480 --> 00:20:51,520 Speaker 1: suck at their jobs. This is something Matt, you and 471 00:20:51,600 --> 00:20:55,240 Speaker 1: I harp on occasionally every few months or so because 472 00:20:55,560 --> 00:20:57,960 Speaker 1: one of the credit bureaus has done something horrific to 473 00:20:58,359 --> 00:20:59,800 Speaker 1: baffle us at heart consumer. 474 00:21:00,080 --> 00:21:00,159 Speaker 2: Right. 475 00:21:00,600 --> 00:21:03,880 Speaker 1: Yeah, and so this is a pattern we see regularly TransUnion. Now, 476 00:21:04,640 --> 00:21:06,359 Speaker 1: what's time for them to get there? Due they have 477 00:21:06,440 --> 00:21:09,800 Speaker 1: failed to place credit freezes quickly after the request has 478 00:21:09,840 --> 00:21:11,959 Speaker 1: been made. That's according to the New York Times reporting 479 00:21:11,960 --> 00:21:14,639 Speaker 1: this week, and so some requests didn't get process for days, 480 00:21:14,680 --> 00:21:18,359 Speaker 1: others took months and even years for TransUnion to finally complete. 481 00:21:18,400 --> 00:21:20,879 Speaker 1: So you're on your computer, You're clicking around like, boom, 482 00:21:21,400 --> 00:21:24,600 Speaker 1: freeze your credit should happen in mere seconds, right, Well, no, 483 00:21:24,880 --> 00:21:27,639 Speaker 1: not a TransUnion at least, right And this was putting 484 00:21:27,640 --> 00:21:30,720 Speaker 1: consumers who thought they were safe at real risk. And 485 00:21:30,760 --> 00:21:33,719 Speaker 1: the Consumer Financial Protection Bureau didn't take this lightly. They 486 00:21:33,760 --> 00:21:37,159 Speaker 1: accused the Bureau of lying to consumers. TransUnion now has 487 00:21:37,200 --> 00:21:40,160 Speaker 1: to pay a what I think is a minuscule settlement 488 00:21:40,320 --> 00:21:42,560 Speaker 1: where they didn't they don't have to admit any wrongdoing, 489 00:21:42,680 --> 00:21:44,439 Speaker 1: which is always the case in these things, which is 490 00:21:44,440 --> 00:21:47,000 Speaker 1: so infuriating. It's like, no, I just paid eight million 491 00:21:47,040 --> 00:21:49,080 Speaker 1: dollars in the settlement because we didn't do anything wrong. 492 00:21:49,080 --> 00:21:51,320 Speaker 1: It's like, well, who does that then? Like the fact 493 00:21:51,320 --> 00:21:54,280 Speaker 1: that they don't have to ever admit wrongdoing publicly is 494 00:21:54,440 --> 00:21:57,480 Speaker 1: the shadiest thing in the history of shady. But I 495 00:21:57,560 --> 00:22:00,560 Speaker 1: guess this begs the question, should you free your credit? 496 00:22:00,800 --> 00:22:03,720 Speaker 1: The answer is yes, absolutely you should, and hopefully TransUnion 497 00:22:03,760 --> 00:22:06,320 Speaker 1: is going to reform their ways. But and the bureaus 498 00:22:06,320 --> 00:22:08,960 Speaker 1: are awful, right, Their credit scoring system sucks. They're bad 499 00:22:09,000 --> 00:22:11,320 Speaker 1: at actually following through on the thing that they're legally 500 00:22:11,359 --> 00:22:14,440 Speaker 1: obligated to do. But it's the game we're all stuck 501 00:22:14,440 --> 00:22:17,640 Speaker 1: playing for the time being. And just because TransUnion doesn't 502 00:22:17,680 --> 00:22:19,680 Speaker 1: know their rear end from a hole in the ground 503 00:22:19,760 --> 00:22:22,080 Speaker 1: doesn't mean you shouldn't be freezing your credit and hoping 504 00:22:22,119 --> 00:22:24,320 Speaker 1: against hope that they actually follow through and do it. 505 00:22:24,480 --> 00:22:27,080 Speaker 2: Yeah, and especially given how so you're talking about the 506 00:22:27,640 --> 00:22:30,119 Speaker 2: fee that they had to pay. You see millions of 507 00:22:30,119 --> 00:22:31,480 Speaker 2: dollars in you then you're like, oh, that's that's a 508 00:22:31,480 --> 00:22:33,520 Speaker 2: ton of money until you look at what their actual 509 00:22:33,560 --> 00:22:36,720 Speaker 2: revenue is TransUnion specifically, and I looked at them. 510 00:22:36,880 --> 00:22:38,840 Speaker 1: Yes, they earned that in about two and a half hours. 511 00:22:39,400 --> 00:22:43,000 Speaker 2: Yeah, basically it's something like half of one percent of 512 00:22:43,040 --> 00:22:45,199 Speaker 2: their annual revenues. I believe this is what they have 513 00:22:45,240 --> 00:22:47,760 Speaker 2: to pay as opposed to with this being at the 514 00:22:47,800 --> 00:22:50,240 Speaker 2: core of what it is that they provide. It's, in 515 00:22:50,280 --> 00:22:52,280 Speaker 2: my mind, is literally the one thing that's supposed to do. 516 00:22:52,359 --> 00:22:53,919 Speaker 2: It's like if you get a new roof installed in 517 00:22:53,920 --> 00:22:56,040 Speaker 2: your house and then oh no, it just leaks constantly. 518 00:22:56,040 --> 00:22:57,639 Speaker 2: It was like, that's the one thing I wanted it 519 00:22:57,680 --> 00:23:03,080 Speaker 2: to actually do. And the dismissal and the casual nature 520 00:23:03,119 --> 00:23:06,120 Speaker 2: that it seems that TransUnion is able to just walk 521 00:23:06,160 --> 00:23:07,480 Speaker 2: away from this is baffling. 522 00:23:07,640 --> 00:23:10,480 Speaker 1: Yeah, it really is. It's it's basically though, because this 523 00:23:10,600 --> 00:23:13,680 Speaker 1: is a free product, federally guaranteed to us through legislation, 524 00:23:13,960 --> 00:23:16,160 Speaker 1: and they don't make a dime. So if it came 525 00:23:16,200 --> 00:23:19,000 Speaker 1: to one of their proprietary products, like a credit lock 526 00:23:19,240 --> 00:23:21,399 Speaker 1: or something like that, you better believe they're gonna get 527 00:23:21,440 --> 00:23:22,960 Speaker 1: right on that because you pay them thirty bucks a 528 00:23:23,040 --> 00:23:24,760 Speaker 1: moth or something like that to actually do it. But 529 00:23:24,800 --> 00:23:27,080 Speaker 1: when it comes to the credit freeze, which is which 530 00:23:27,440 --> 00:23:29,840 Speaker 1: they don't make a cent from, this is of course 531 00:23:29,880 --> 00:23:32,000 Speaker 1: something that they're gonna they're gonna take their time on 532 00:23:32,119 --> 00:23:33,600 Speaker 1: and they're not gonna care about it very much. 533 00:23:33,600 --> 00:23:35,600 Speaker 2: And it's even more frustrating given that I think of 534 00:23:35,640 --> 00:23:37,880 Speaker 2: all the three bureaus, trans Union they've got the slickest 535 00:23:37,880 --> 00:23:39,960 Speaker 2: interface when it comes to the products that they're offering. 536 00:23:40,040 --> 00:23:42,240 Speaker 2: They've got they've got the nice website, they've got the 537 00:23:42,280 --> 00:23:46,040 Speaker 2: proprietary products, they've got the portal and where you log in, 538 00:23:46,119 --> 00:23:48,240 Speaker 2: you create an account, and you've got all these other 539 00:23:48,359 --> 00:23:50,520 Speaker 2: bells and whistles, but of course they don't do the 540 00:23:50,800 --> 00:23:53,320 Speaker 2: one thing that the government is requiring them to do exactly. 541 00:23:53,359 --> 00:23:55,400 Speaker 1: And by the way, if you're kind of wondering, well, 542 00:23:55,480 --> 00:23:57,240 Speaker 1: what is the credit freeze? How do I freeze my credit? 543 00:23:57,280 --> 00:23:58,920 Speaker 1: Why is it so important? Wire Matt and Jowel talking 544 00:23:58,920 --> 00:24:00,600 Speaker 1: about it. We'll put an article in the show notes 545 00:24:00,640 --> 00:24:02,240 Speaker 1: where I kind of detail everything and I walk you 546 00:24:02,280 --> 00:24:04,919 Speaker 1: through exactly how to go about freezing your credit with 547 00:24:04,960 --> 00:24:08,520 Speaker 1: each of the three bureaus. It's really important, and that's 548 00:24:08,520 --> 00:24:11,600 Speaker 1: why it's so frustrating that TransUnion is just like completely 549 00:24:11,800 --> 00:24:14,200 Speaker 1: out to lunch on this one. But let's move on, Matt, 550 00:24:14,320 --> 00:24:19,520 Speaker 1: to other nefarious things. This is a collusion essentially by 551 00:24:19,560 --> 00:24:22,919 Speaker 1: the National Association of Realtors to keep the costs that 552 00:24:22,960 --> 00:24:26,240 Speaker 1: you pay, the transaction costs for real estate sky high. 553 00:24:26,400 --> 00:24:29,320 Speaker 1: And it took a Kansas City jury very little time 554 00:24:29,320 --> 00:24:31,560 Speaker 1: to come to a conclusion, the conclusion that we came 555 00:24:31,600 --> 00:24:33,920 Speaker 1: to a long time ago that the National Association of 556 00:24:33,960 --> 00:24:37,600 Speaker 1: Realtors has conspired to keep these fees inflated for decades. 557 00:24:37,760 --> 00:24:39,879 Speaker 1: And we've talked about this before on the show. But 558 00:24:39,960 --> 00:24:43,360 Speaker 1: now something might actually get done thanks thanks to this 559 00:24:43,440 --> 00:24:45,800 Speaker 1: case and a couple of others that are currently in 560 00:24:45,840 --> 00:24:48,679 Speaker 1: the legal system about the absurd commissions that realtors are 561 00:24:48,720 --> 00:24:51,560 Speaker 1: able to obtain because the system is so flawed, and 562 00:24:51,800 --> 00:24:54,000 Speaker 1: some predictions are saying that we could see a thirty 563 00:24:54,040 --> 00:24:57,240 Speaker 1: percent reduction fees in no time flat if this ruling 564 00:24:57,240 --> 00:24:59,880 Speaker 1: holds up, which is not great for realtors, but it's 565 00:25:00,160 --> 00:25:03,600 Speaker 1: amazing for consumers. We might even see more realtors offering 566 00:25:03,600 --> 00:25:06,360 Speaker 1: their services for a flat fee or for an hourly rate, 567 00:25:06,440 --> 00:25:08,920 Speaker 1: which are both great options for people to be able 568 00:25:08,960 --> 00:25:11,639 Speaker 1: to actually pick and choose how who they work with 569 00:25:12,000 --> 00:25:16,280 Speaker 1: and paying someone for their advice or based on you know, 570 00:25:16,720 --> 00:25:20,840 Speaker 1: the time spent instead of just that flat fee percentage 571 00:25:20,920 --> 00:25:23,200 Speaker 1: and so you know, we know we're paying what we're 572 00:25:23,200 --> 00:25:25,879 Speaker 1: paying for almost everything else upfront in life. When you 573 00:25:25,880 --> 00:25:28,200 Speaker 1: go to McDonald's, you know, the big mac is six 574 00:25:28,359 --> 00:25:29,919 Speaker 1: ninety nine or something. I don't know. They're probably more 575 00:25:29,920 --> 00:25:32,000 Speaker 1: expensive than that. I've seen some stories about how expensive 576 00:25:32,040 --> 00:25:33,199 Speaker 1: McDonald's is. It's been a while for me. 577 00:25:33,240 --> 00:25:36,960 Speaker 2: Big mcmeal's like eighteen dollars in some occasions. Oh yeah, yeah, 578 00:25:37,000 --> 00:25:39,760 Speaker 2: I saw that, which is frightening, but at least you 579 00:25:39,840 --> 00:25:42,200 Speaker 2: know what you're paying before you actually get into it. 580 00:25:42,320 --> 00:25:44,600 Speaker 2: If you ordered and then they told you how much 581 00:25:44,600 --> 00:25:46,040 Speaker 2: you were going to have to pay and you were 582 00:25:46,080 --> 00:25:48,479 Speaker 2: locked into that, that would be a frightening thing, right, 583 00:25:48,560 --> 00:25:50,640 Speaker 2: And so what we pay a real estate agent when 584 00:25:50,640 --> 00:25:52,920 Speaker 2: we're buying or selling a home should be more transparent 585 00:25:52,960 --> 00:25:55,920 Speaker 2: to And like I said, the National Association of Realtors 586 00:25:55,960 --> 00:25:59,879 Speaker 2: faces even further litigation on this more cases come into 587 00:25:59,880 --> 00:26:01,960 Speaker 2: the courts, So we'll be talking about this more and 588 00:26:02,000 --> 00:26:03,920 Speaker 2: more in the months to come. But this is already 589 00:26:03,920 --> 00:26:04,440 Speaker 2: good news. 590 00:26:04,480 --> 00:26:07,399 Speaker 1: I think. I think it's going to up in this 591 00:26:07,560 --> 00:26:09,879 Speaker 1: model that's been in existence for far too long. 592 00:26:10,000 --> 00:26:12,520 Speaker 2: Absolutely. Yeah. And the way I look at it, I 593 00:26:12,560 --> 00:26:14,960 Speaker 2: actually don't mind the commission. It's just that the commission 594 00:26:15,000 --> 00:26:17,280 Speaker 2: is so stinking high. In my mind, it makes sense 595 00:26:17,400 --> 00:26:20,080 Speaker 2: that somebody who's working on a like a really really 596 00:26:20,119 --> 00:26:21,879 Speaker 2: stink and nice house, like, should they get paid the 597 00:26:21,880 --> 00:26:24,840 Speaker 2: same flat amount that they would for a house like 598 00:26:24,960 --> 00:26:27,800 Speaker 2: on the complete other side of town. I get it, 599 00:26:27,840 --> 00:26:29,560 Speaker 2: Like I get that there might be more work involved 600 00:26:29,560 --> 00:26:32,120 Speaker 2: when it comes to they I'm showing fancier property. 601 00:26:31,840 --> 00:26:33,399 Speaker 1: Tiers of a flat fee. It doesn't have to be 602 00:26:33,440 --> 00:26:35,080 Speaker 1: sure a percentage team. 603 00:26:35,000 --> 00:26:37,439 Speaker 2: Makes sense, but then you start kind of arriving, like 604 00:26:37,440 --> 00:26:39,520 Speaker 2: I guess at that sliding scale where there's like a 605 00:26:39,840 --> 00:26:43,959 Speaker 2: continue Again, I'm not a fan of paying six percent 606 00:26:44,800 --> 00:26:46,800 Speaker 2: of the sale of a home. That's insane. I think 607 00:26:47,280 --> 00:26:50,199 Speaker 2: the median price of a home sold today is like 608 00:26:50,520 --> 00:26:52,600 Speaker 2: four something like four hundred four to fifty something like that, 609 00:26:52,800 --> 00:26:55,080 Speaker 2: four fifteen, So like you're talking at least at like 610 00:26:55,119 --> 00:26:58,160 Speaker 2: twenty five thousand dollars that you are paying to a realtor. 611 00:26:58,320 --> 00:27:02,520 Speaker 2: That seems ridiculous, And oftentimes it's something that doesn't require 612 00:27:02,760 --> 00:27:04,679 Speaker 2: necessarily a ton of work. I know that there are 613 00:27:04,680 --> 00:27:06,920 Speaker 2: some realtors out there that work really stinking hard, of course, 614 00:27:07,000 --> 00:27:09,320 Speaker 2: but I also know lots of lots and lots of 615 00:27:09,359 --> 00:27:12,600 Speaker 2: deals that happened in the course of a week basically, 616 00:27:12,920 --> 00:27:15,480 Speaker 2: I mean not even a few messages go back and 617 00:27:15,520 --> 00:27:18,560 Speaker 2: forth and they're just there for the closing. Does that 618 00:27:18,680 --> 00:27:23,359 Speaker 2: warrant five figures for that one deal? Ah? Personally, you know, 619 00:27:23,520 --> 00:27:25,879 Speaker 2: I don't think so. But the actual commission model I'm 620 00:27:25,880 --> 00:27:27,879 Speaker 2: fine with. But maybe, like, let's just see it instead 621 00:27:27,880 --> 00:27:30,200 Speaker 2: of six percent, let's if it was four percent, right, 622 00:27:30,280 --> 00:27:32,320 Speaker 2: maybe each realtor is making two percent. 623 00:27:32,359 --> 00:27:34,760 Speaker 1: Well, this is what a platform like Redfinn has been 624 00:27:34,760 --> 00:27:37,000 Speaker 1: trying to do, is trying to reduce the cost of commissions. 625 00:27:37,040 --> 00:27:38,800 Speaker 1: I think we're going to see Redfinn become more and 626 00:27:38,840 --> 00:27:40,520 Speaker 1: more competitive. I think we're going to see more models 627 00:27:40,520 --> 00:27:42,840 Speaker 1: like that, and I see competition in this space. 628 00:27:42,840 --> 00:27:44,920 Speaker 2: The fact that this competition is causing the NRA. 629 00:27:44,960 --> 00:27:47,600 Speaker 1: To have to react, and that's n AR, by the way, 630 00:27:47,640 --> 00:27:48,080 Speaker 1: in AR. 631 00:27:48,680 --> 00:27:52,920 Speaker 2: More than the National Rifle Association a whole differently, don't 632 00:27:52,920 --> 00:27:55,360 Speaker 2: you guys get into this. Yeah, but either way, it's 633 00:27:55,359 --> 00:27:57,280 Speaker 2: a good thing. The fact that this is something that's 634 00:27:57,320 --> 00:27:59,840 Speaker 2: being discussed, something that's actually being being taken to court. 635 00:28:00,000 --> 00:28:03,159 Speaker 1: I completely agree. And I think again we're going to 636 00:28:03,200 --> 00:28:05,720 Speaker 1: see a lot of these competing models springing up instead 637 00:28:05,760 --> 00:28:08,879 Speaker 1: of the de facto six percent, which is eating into 638 00:28:09,560 --> 00:28:11,879 Speaker 1: profits and much equity of your home when you sell 639 00:28:12,160 --> 00:28:14,720 Speaker 1: or it's you know, it's eating into the buyer like it. 640 00:28:15,280 --> 00:28:17,440 Speaker 1: It's a big chunk of change taken out of And again, 641 00:28:17,800 --> 00:28:19,439 Speaker 1: you and I we talk all the time. We value 642 00:28:19,440 --> 00:28:22,080 Speaker 1: realtors highly. Great realtors are worth their weight in gold. 643 00:28:22,280 --> 00:28:25,480 Speaker 1: They're just not worth three percent. So we just need 644 00:28:25,480 --> 00:28:27,320 Speaker 1: to change the model and make it more market based. 645 00:28:27,520 --> 00:28:28,320 Speaker 1: Right now, it's not. 646 00:28:28,600 --> 00:28:31,640 Speaker 2: All right, So another another group of maybe a semi 647 00:28:31,680 --> 00:28:35,040 Speaker 2: in the various folks, the big banks. Turns out they've 648 00:28:35,080 --> 00:28:38,680 Speaker 2: been making bank at your expense. This is of course 649 00:28:38,800 --> 00:28:42,480 Speaker 2: always been the case. But the big brick and mortar, 650 00:28:42,520 --> 00:28:45,680 Speaker 2: the legacy banks, they've never offered competitive rates. It just 651 00:28:45,680 --> 00:28:47,640 Speaker 2: mattered a whole lot less a couple of years ago 652 00:28:47,680 --> 00:28:51,440 Speaker 2: when rates on high yield savings accounts were kind of 653 00:28:51,520 --> 00:28:54,360 Speaker 2: laughable at just like half a percent. And the latest 654 00:28:54,400 --> 00:28:56,240 Speaker 2: data shows that the big banks just saw their net 655 00:28:56,400 --> 00:29:00,880 Speaker 2: interest income increase by thirty percent in this is year 656 00:29:00,920 --> 00:29:03,960 Speaker 2: over year. And the reason for this is because as 657 00:29:04,080 --> 00:29:07,160 Speaker 2: rates have risen, right, so interest rates the big banks 658 00:29:07,160 --> 00:29:10,120 Speaker 2: they've raised their rates on credit cards and on mortgages, 659 00:29:10,240 --> 00:29:13,120 Speaker 2: but they haven't really increased their payouts when it comes 660 00:29:13,120 --> 00:29:15,400 Speaker 2: to savers. What it is that they're giving back to you. 661 00:29:15,960 --> 00:29:18,440 Speaker 2: One of our favorite banks, CET, they're offering rates north 662 00:29:18,480 --> 00:29:22,080 Speaker 2: of five percent, but crazily enough, most folks they are 663 00:29:22,120 --> 00:29:25,080 Speaker 2: not taking advantage of these higher rates. And so if 664 00:29:25,120 --> 00:29:27,400 Speaker 2: that's you, I think a good question is to ask 665 00:29:27,440 --> 00:29:30,880 Speaker 2: yourself why, like why are you not considering some of 666 00:29:30,920 --> 00:29:33,200 Speaker 2: these other banks. If it's because, oh this is the 667 00:29:33,640 --> 00:29:35,120 Speaker 2: this is the first bank I got when I was 668 00:29:35,160 --> 00:29:39,560 Speaker 2: a teenager. Okay, it's time for a new you. It's 669 00:29:39,600 --> 00:29:41,840 Speaker 2: a new era. It's time for you to start making 670 00:29:41,880 --> 00:29:45,040 Speaker 2: money on the money that you have in your savings. 671 00:29:45,160 --> 00:29:47,240 Speaker 1: And just because you pass that Wells Fargo on the 672 00:29:47,280 --> 00:29:49,520 Speaker 1: way to work every day and it warms your heart, 673 00:29:50,120 --> 00:29:53,719 Speaker 1: the opposition happened, if it does, right, But there's always 674 00:29:53,760 --> 00:29:56,040 Speaker 1: that I can go in and talk to somebody. But 675 00:29:56,080 --> 00:29:58,959 Speaker 1: the reality is, in modern day life, most of us 676 00:29:58,960 --> 00:30:00,480 Speaker 1: don't need that. I can't tell you le's time a 677 00:30:00,480 --> 00:30:02,040 Speaker 1: good reason to go with one of the big banks. 678 00:30:02,040 --> 00:30:03,600 Speaker 1: I can't tell you the last time I actually ventured 679 00:30:03,600 --> 00:30:05,440 Speaker 1: forth into a physical branch location. 680 00:30:05,880 --> 00:30:07,720 Speaker 2: But I think some folks also think that the bigger 681 00:30:07,720 --> 00:30:10,160 Speaker 2: banks are safer, right, And so we saw this when 682 00:30:10,160 --> 00:30:12,080 Speaker 2: the when some of the medium sized banks were collapsing, 683 00:30:12,120 --> 00:30:15,320 Speaker 2: and even experts in our field Joel like folks who 684 00:30:15,360 --> 00:30:18,600 Speaker 2: are really into finance were saying, this is a reason 685 00:30:18,640 --> 00:30:20,280 Speaker 2: why you want to stick with one of the big banks, 686 00:30:20,280 --> 00:30:22,480 Speaker 2: which blew my mind that they were even saying that, 687 00:30:22,480 --> 00:30:25,560 Speaker 2: because hello, FDIC insurance. As long as you have a 688 00:30:25,600 --> 00:30:29,160 Speaker 2: bank that's FDIC insured. It is just as safe as 689 00:30:29,320 --> 00:30:32,360 Speaker 2: you know, the massive banks that have the vast majority 690 00:30:32,400 --> 00:30:35,480 Speaker 2: of Americans well in early savings sitting there there. 691 00:30:35,520 --> 00:30:37,040 Speaker 1: When I saw that number, I want to say, it 692 00:30:37,080 --> 00:30:38,880 Speaker 1: was like only twenty percent of folks are earning more 693 00:30:38,880 --> 00:30:41,000 Speaker 1: than three percent in their savings something crazy like that. 694 00:30:41,000 --> 00:30:41,520 Speaker 2: It is insane. 695 00:30:41,640 --> 00:30:44,040 Speaker 1: So it makes me think, how much have we talked 696 00:30:44,040 --> 00:30:47,120 Speaker 1: about this, but how few people are actually taking the 697 00:30:47,120 --> 00:30:48,520 Speaker 1: advice no yeah, and doing the thing. 698 00:30:48,640 --> 00:30:50,480 Speaker 2: The big the big name still have all the money 699 00:30:50,560 --> 00:30:52,560 Speaker 2: exactly Like I think a lot of folks might be 700 00:30:52,560 --> 00:30:55,200 Speaker 2: hearing this and they're like, guys, yeah, I've been with Ally, 701 00:30:55,440 --> 00:30:57,520 Speaker 2: or I've been with c I T, I've I've been 702 00:30:57,520 --> 00:30:59,479 Speaker 2: with one of the good guys for years now. But 703 00:30:59,760 --> 00:31:02,440 Speaker 2: based on the data, there are still there's a tremendous 704 00:31:02,480 --> 00:31:04,280 Speaker 2: number of folks. Maybe it's fifty not made. 705 00:31:04,080 --> 00:31:05,840 Speaker 1: The switch, fifty to fifty of folks listening to this 706 00:31:05,880 --> 00:31:08,080 Speaker 1: episode A listen to this episode, listening to this podcast. 707 00:31:08,240 --> 00:31:10,400 Speaker 1: But the fifty percent of folks listening who haven't done 708 00:31:10,400 --> 00:31:12,320 Speaker 1: it need to do it because we're we're talking about 709 00:31:12,360 --> 00:31:14,280 Speaker 1: leaving hundreds and hundred of dollars on the table and 710 00:31:14,480 --> 00:31:17,800 Speaker 1: just doing your doing business with a much primean institution 711 00:31:18,200 --> 00:31:19,960 Speaker 1: until you switch, all right, And by the way, the 712 00:31:20,000 --> 00:31:22,800 Speaker 1: toughest part about ditching a bank isn't typically because there's 713 00:31:22,800 --> 00:31:26,560 Speaker 1: this loving relationship there. It's the annoyance of having to 714 00:31:26,600 --> 00:31:28,240 Speaker 1: move everything over. I totally get that. 715 00:31:28,520 --> 00:31:28,720 Speaker 2: Well. 716 00:31:28,840 --> 00:31:31,600 Speaker 1: The CFPB, we talked about them earlier, the Consumer Financial 717 00:31:31,600 --> 00:31:35,000 Speaker 1: Protection Bureau, interestingly enough, is about to propose a rule 718 00:31:35,040 --> 00:31:37,520 Speaker 1: that could make switching banks a whole lot easier. They 719 00:31:37,560 --> 00:31:40,760 Speaker 1: want banks to make it simpler for you to send 720 00:31:40,800 --> 00:31:44,280 Speaker 1: banking transaction data from one banker credit union to another, 721 00:31:44,520 --> 00:31:47,200 Speaker 1: because of course, that is the barrier that causes so 722 00:31:47,240 --> 00:31:49,560 Speaker 1: many people to stay put. And we'll let you know 723 00:31:49,600 --> 00:31:51,440 Speaker 1: if this proposal gets finalized, but this would be a 724 00:31:51,480 --> 00:31:54,840 Speaker 1: big win for consumers and hopefully a gargantuan loss for 725 00:31:54,880 --> 00:31:57,920 Speaker 1: the biggest banks who are banking pun intended matt on 726 00:31:58,160 --> 00:32:00,479 Speaker 1: inertia bias from you. That is actually what happens. Most 727 00:32:00,520 --> 00:32:02,960 Speaker 1: people stay put, not because they're in love with the 728 00:32:02,960 --> 00:32:05,280 Speaker 1: bank that they do business with, but just because they're like, 729 00:32:05,800 --> 00:32:08,160 Speaker 1: should I do I need to? I probably won't. I'm 730 00:32:08,200 --> 00:32:10,440 Speaker 1: gonna go play pickleball instead or whatever, you know, And 731 00:32:10,480 --> 00:32:14,040 Speaker 1: so it's I'm hoping that there's a system created that 732 00:32:14,080 --> 00:32:16,600 Speaker 1: makes it easy to funnel all your stuff to a 733 00:32:16,840 --> 00:32:19,800 Speaker 1: new bank, and that you're not having to manually input 734 00:32:20,200 --> 00:32:22,320 Speaker 1: all that data again and all your bill pay and 735 00:32:22,360 --> 00:32:23,760 Speaker 1: blah blah blah blah blah. That would make it a 736 00:32:23,800 --> 00:32:26,680 Speaker 1: lot simpler for folks. That's right, all right, bad news 737 00:32:26,680 --> 00:32:27,360 Speaker 1: for budgeters. 738 00:32:27,600 --> 00:32:31,160 Speaker 2: The longest standing, most popular budgeting app out there. I 739 00:32:31,200 --> 00:32:33,560 Speaker 2: think they've got something like three point six million monthly 740 00:32:33,600 --> 00:32:37,280 Speaker 2: active users. It's going away. The folks over at into it. 741 00:32:37,320 --> 00:32:41,600 Speaker 2: They are shutting down Mint. They're Joel shedding a tear 742 00:32:41,640 --> 00:32:42,000 Speaker 2: over here. 743 00:32:42,640 --> 00:32:44,240 Speaker 1: They're rolling someone. I mean, I've been using it for 744 00:32:44,320 --> 00:32:45,120 Speaker 1: ten plus years, man. 745 00:32:45,240 --> 00:32:47,280 Speaker 2: Yeah, so some of the features evidently are going to 746 00:32:47,280 --> 00:32:50,120 Speaker 2: get rolled into one of their other assets, Credit Karma. 747 00:32:50,600 --> 00:32:53,200 Speaker 2: It seems like they're trying to create like a super app. 748 00:32:53,400 --> 00:32:57,239 Speaker 2: They're taking Elil Musk's wishes for X seriously because he's 749 00:32:57,280 --> 00:32:59,120 Speaker 2: trying to trying to make it the zuper app. 750 00:32:59,120 --> 00:33:01,080 Speaker 1: Now it's going to be this Credit Karma X head 751 00:33:01,080 --> 00:33:01,560 Speaker 1: to head back. 752 00:33:01,680 --> 00:33:05,600 Speaker 2: Yeah, so we'll see if this actually ends up panting out. Well, 753 00:33:05,960 --> 00:33:07,880 Speaker 2: but Mint is going to be a relic of the 754 00:33:07,920 --> 00:33:11,280 Speaker 2: past come January first, and if you are an avid 755 00:33:11,360 --> 00:33:13,720 Speaker 2: Mint user, then now is a good time to start 756 00:33:13,880 --> 00:33:15,680 Speaker 2: at least kicking the tires on some of the other 757 00:33:15,720 --> 00:33:18,440 Speaker 2: options out there. Why nab you need a budget that's 758 00:33:18,480 --> 00:33:20,680 Speaker 2: tops in our book, but there are plenty of others 759 00:33:20,680 --> 00:33:23,840 Speaker 2: out there. Folks in the how to Money Facebook group 760 00:33:24,000 --> 00:33:27,720 Speaker 2: have been sharing their favorite budgeting apps every Dollar, Tailler, 761 00:33:27,920 --> 00:33:30,400 Speaker 2: co Pilot. These are all fantastic options out there. Not 762 00:33:30,520 --> 00:33:34,360 Speaker 2: to mention, just straight up Microsoft Excel's That's what I've 763 00:33:34,360 --> 00:33:37,680 Speaker 2: been rolling for close to fifteen years right now. Excel sheets. 764 00:33:38,200 --> 00:33:40,200 Speaker 2: Those are of course all options as well. If you 765 00:33:40,240 --> 00:33:42,880 Speaker 2: want to do a more manual DIY budgeting. 766 00:33:42,480 --> 00:33:45,360 Speaker 1: Approach, for sure. Yeah, but pour one out for my 767 00:33:45,440 --> 00:33:47,600 Speaker 1: homie Mint, because that's been a good service for a 768 00:33:47,640 --> 00:33:49,760 Speaker 1: long time and I don't to it gobbled. 769 00:33:49,480 --> 00:33:51,560 Speaker 2: Them up and now they're putting it out to pasture. 770 00:33:51,560 --> 00:33:52,960 Speaker 1: I feel like there was a little knife in the 771 00:33:53,000 --> 00:33:55,400 Speaker 1: back there from into it. But it's okay a And 772 00:33:55,400 --> 00:33:57,440 Speaker 1: I'm hoping that credit I love our credit carm al rdy. Yeah, 773 00:33:57,440 --> 00:33:59,120 Speaker 1: credit card is great, great site. So I'm hoping that 774 00:33:59,320 --> 00:34:03,800 Speaker 1: the credit Karma Mint combo mintifying credit Karma maybe maybe 775 00:34:03,840 --> 00:34:05,800 Speaker 1: does make it a one stop shop and a place 776 00:34:05,800 --> 00:34:10,720 Speaker 1: for me to turn for budgeting tracking and simultaneously knowing 777 00:34:10,760 --> 00:34:12,640 Speaker 1: more and seeing what's going on with my credit. But 778 00:34:12,960 --> 00:34:15,120 Speaker 1: we'll keep you up to speed on that and best 779 00:34:15,120 --> 00:34:18,040 Speaker 1: of luck finding a new budgeting app if you're a 780 00:34:18,080 --> 00:34:21,040 Speaker 1: Mint user. But Matt, that's gonna do it for this episode. 781 00:34:21,400 --> 00:34:23,319 Speaker 1: And well, by the way, I think we will kind 782 00:34:23,320 --> 00:34:26,239 Speaker 1: of put more information about that in our newsletter on Tuesday. 783 00:34:26,640 --> 00:34:28,680 Speaker 1: If you're not subscribed to the how to Money newsletter, 784 00:34:28,680 --> 00:34:29,960 Speaker 1: make sure you go do that. We'll have kind of 785 00:34:29,960 --> 00:34:32,920 Speaker 1: a roundup and descriptions of some of those budgeting apps 786 00:34:33,000 --> 00:34:35,600 Speaker 1: that you might be interested in, So check it out. 787 00:34:35,640 --> 00:34:37,600 Speaker 2: You can go dig in on your own, or you 788 00:34:37,640 --> 00:34:39,359 Speaker 2: can head over to how to money dot com forard 789 00:34:39,360 --> 00:34:41,480 Speaker 2: slash newsletter. Make sure you are signed up and you 790 00:34:41,520 --> 00:34:45,080 Speaker 2: will have that information delivered directly to you. That's right, 791 00:34:45,120 --> 00:34:46,760 Speaker 2: all right. I mean, that'll be it for this episode 792 00:34:46,840 --> 00:35:00,120 Speaker 2: until next time. Best Friends Out, Best Friends Out, m 793 00:35:01,160 --> 00:35:01,399 Speaker 2: fol