1 00:00:00,120 --> 00:00:02,759 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt. 2 00:00:02,880 --> 00:00:07,240 Speaker 1: Today we're discussing employer matched saving accounts, annoying hotel fees, 3 00:00:07,440 --> 00:00:28,720 Speaker 1: and where to save the most on a refinance. So 4 00:00:28,840 --> 00:00:31,120 Speaker 1: you know what's annoying is when your internet goes down. 5 00:00:32,720 --> 00:00:35,280 Speaker 1: We uh, we don't have to have WiFi while we 6 00:00:35,320 --> 00:00:37,320 Speaker 1: record this episode. We just need to be connected to 7 00:00:37,360 --> 00:00:39,720 Speaker 1: the computer. But do Doesn't it suck when the WiFi 8 00:00:39,760 --> 00:00:41,839 Speaker 1: goes down? Yes, it does. And so we've been like 9 00:00:41,920 --> 00:00:45,839 Speaker 1: rolling with our mintmobile hotspots this afternoon and it is amazing, 10 00:00:45,920 --> 00:00:47,640 Speaker 1: Like it's I will say, it's really nice to have 11 00:00:47,800 --> 00:00:49,440 Speaker 1: to be able to do that. Yeah, it's way slower. 12 00:00:49,440 --> 00:00:51,760 Speaker 1: Oh my gosh, Yeah it is not the I mean, 13 00:00:51,760 --> 00:00:54,400 Speaker 1: we've we've got the three hundred megabits per second package 14 00:00:54,440 --> 00:00:57,320 Speaker 1: over here, so we're used to blazing fast internet and 15 00:00:57,400 --> 00:00:59,639 Speaker 1: down here in the basement we don't get great coverage. 16 00:01:00,440 --> 00:01:03,040 Speaker 1: My old school days on AIM, it really does you 17 00:01:03,040 --> 00:01:05,200 Speaker 1: know we're abilling's to messenger after school. Yeah, I don't 18 00:01:05,240 --> 00:01:06,960 Speaker 1: think we have a clear line of sight to whatever 19 00:01:07,040 --> 00:01:10,080 Speaker 1: cell tower is closest to us, because like we barely 20 00:01:10,080 --> 00:01:12,800 Speaker 1: have one bar down here in the basement. Surrounded by concrete. 21 00:01:12,800 --> 00:01:16,920 Speaker 1: But speaking of it is, Yeah, it's getting done. Hopefully 22 00:01:16,959 --> 00:01:19,440 Speaker 1: we'll get that figured out this afternoon. But yeah, speaking 23 00:01:19,440 --> 00:01:22,920 Speaker 1: of phones, we've talked about my old krusty original iPhone 24 00:01:23,000 --> 00:01:25,960 Speaker 1: SC was released over five years ago, by the way, 25 00:01:26,240 --> 00:01:27,880 Speaker 1: But I'm getting so close to being able to get 26 00:01:27,880 --> 00:01:29,680 Speaker 1: a new phone because I'm I'm holding out. I've been 27 00:01:29,680 --> 00:01:32,679 Speaker 1: waiting on the iPhone thirteen. But i haven't been holding 28 00:01:32,680 --> 00:01:35,040 Speaker 1: out because I want to get the thirteen. I've been 29 00:01:35,080 --> 00:01:36,880 Speaker 1: holding out because I'm waiting for the third teen to 30 00:01:36,920 --> 00:01:40,560 Speaker 1: get announced. Because typically at the same time they reduce 31 00:01:40,800 --> 00:01:43,600 Speaker 1: the price of the current phones that are out. That's 32 00:01:43,600 --> 00:01:45,280 Speaker 1: the way to go, man, because when you think about it, 33 00:01:45,760 --> 00:01:48,200 Speaker 1: the you know what changes are actually gonna be made 34 00:01:48,200 --> 00:01:50,720 Speaker 1: to the iPhone thirteen that the iPhone twelve didn't have 35 00:01:51,360 --> 00:01:52,840 Speaker 1: at this point. We've talked about this on the show, 36 00:01:52,880 --> 00:01:56,400 Speaker 1: that incremental changes are what's happening with each new model. 37 00:01:56,840 --> 00:02:00,200 Speaker 1: And it's nice to have an extra perk or two, 38 00:02:00,320 --> 00:02:02,960 Speaker 1: or feature or two, but when it comes down to it, 39 00:02:03,280 --> 00:02:07,840 Speaker 1: the differences are so minimal that, yeah, take the extra 40 00:02:07,960 --> 00:02:10,040 Speaker 1: what You're probably gonna save an extra hundred fifty bucks 41 00:02:10,040 --> 00:02:13,359 Speaker 1: by buying the last year's model, and sometimes they'll be 42 00:02:13,440 --> 00:02:15,320 Speaker 1: just as good, drop by a hundred bucks. If you're lucky, 43 00:02:15,360 --> 00:02:17,280 Speaker 1: it'll drop one fifty. I think it's it's only done 44 00:02:17,320 --> 00:02:19,080 Speaker 1: that a couple of times. But I mentioned that because 45 00:02:19,080 --> 00:02:20,960 Speaker 1: if you, like me, are in the market for a 46 00:02:20,960 --> 00:02:23,840 Speaker 1: new phone, hold out just maybe a couple of weeks longer. 47 00:02:23,919 --> 00:02:27,799 Speaker 1: Typically the iPhone launch events, at least for Apple, it's 48 00:02:27,960 --> 00:02:30,760 Speaker 1: sometimes in September, and so typically once they announced that 49 00:02:30,760 --> 00:02:33,760 Speaker 1: new phone is when you'll see all the different retailers 50 00:02:33,760 --> 00:02:36,240 Speaker 1: trying to clear out their inventory of the old phones 51 00:02:36,280 --> 00:02:38,160 Speaker 1: in order to make room for that new one. Uh. 52 00:02:38,160 --> 00:02:40,240 Speaker 1: And that's how you're gonna save some money. All right, 53 00:02:40,320 --> 00:02:41,880 Speaker 1: let's keep moving on the matt. Let's get to our 54 00:02:41,880 --> 00:02:44,400 Speaker 1: Friday flight. Let's talk about the stories we found interesting 55 00:02:44,480 --> 00:02:46,600 Speaker 1: this week. There are a lot of them, and the 56 00:02:46,639 --> 00:02:49,679 Speaker 1: first one has to do with online banks. Forbes had 57 00:02:49,720 --> 00:02:52,639 Speaker 1: an article this week about the rise of the fintech banks. 58 00:02:53,080 --> 00:02:55,880 Speaker 1: And you know, while millennial and younger demo like gen Z, 59 00:02:56,320 --> 00:02:59,560 Speaker 1: they're still doing business. It turns out with Wells Fargo, 60 00:02:59,639 --> 00:03:04,000 Speaker 1: with as in Bank of America, the younger crowd, the 61 00:03:04,040 --> 00:03:06,800 Speaker 1: people in our generation, seem to be moving their primary 62 00:03:06,840 --> 00:03:09,880 Speaker 1: accounts away from the biggest banks. A lot of twenty 63 00:03:09,919 --> 00:03:11,799 Speaker 1: some things are hedging their bets. They're still keeping in 64 00:03:11,880 --> 00:03:15,440 Speaker 1: accounts with one of the major banks, mostly for convenience purposes, 65 00:03:15,480 --> 00:03:17,400 Speaker 1: like hey, there's one on every corner and so I 66 00:03:17,400 --> 00:03:19,480 Speaker 1: can go pop in there if I need to. But 67 00:03:19,520 --> 00:03:22,359 Speaker 1: they're realizing I think that the the online account they 68 00:03:22,360 --> 00:03:26,519 Speaker 1: opened is better for like everyday use. And that's true 69 00:03:26,639 --> 00:03:28,720 Speaker 1: and basically every way, right we we love the online 70 00:03:28,720 --> 00:03:31,359 Speaker 1: banks are offering the best service, the fewest fees, and 71 00:03:31,600 --> 00:03:33,880 Speaker 1: you know, the best interest rates on your savings and more. 72 00:03:34,200 --> 00:03:36,200 Speaker 1: And so yeah, I'd like to see this trend continue 73 00:03:36,240 --> 00:03:41,080 Speaker 1: at like where where our cohort where people more and 74 00:03:41,120 --> 00:03:43,920 Speaker 1: more are ditching some of these bigger banks, doing less 75 00:03:43,960 --> 00:03:47,240 Speaker 1: business with them, and switching their allegiance to some of 76 00:03:47,240 --> 00:03:49,360 Speaker 1: the online banks because I think they deserve it. I 77 00:03:49,400 --> 00:03:52,080 Speaker 1: think they have a much better product, and I think 78 00:03:52,080 --> 00:03:54,280 Speaker 1: we'd all be better off if we did more of 79 00:03:54,280 --> 00:03:56,920 Speaker 1: our banking with some of those banks as opposed to 80 00:03:57,320 --> 00:04:00,840 Speaker 1: you know, the biggest ones that you see on advertisements. 81 00:04:00,920 --> 00:04:02,640 Speaker 1: That's right, yeah, but it is important for us to 82 00:04:02,680 --> 00:04:05,760 Speaker 1: mention that not every uh fintech company that's out there 83 00:04:05,760 --> 00:04:09,720 Speaker 1: is running a good smooth operation. We've talked about how 84 00:04:09,760 --> 00:04:12,320 Speaker 1: some of the neo banks, how they're not providing great 85 00:04:12,320 --> 00:04:15,040 Speaker 1: customer service either. Uh And in some cases, customers are 86 00:04:15,040 --> 00:04:18,479 Speaker 1: actually getting their accounts shut down with zero notice. And 87 00:04:18,520 --> 00:04:21,480 Speaker 1: specifically this is something that Chime did, which is also 88 00:04:21,480 --> 00:04:24,360 Speaker 1: another reason why they have seen customers leave their platform 89 00:04:24,520 --> 00:04:28,400 Speaker 1: overalls now, Yeah, because their folks are like, I'm not 90 00:04:28,480 --> 00:04:30,720 Speaker 1: down with you treating people the way that you've been. 91 00:04:30,760 --> 00:04:32,760 Speaker 1: You've been doing that, And it's worth pointing out to 92 00:04:32,839 --> 00:04:35,520 Speaker 1: that many of these companies aren't actual banks. They've just 93 00:04:35,560 --> 00:04:38,520 Speaker 1: created these slick interfaces and are working with a separate 94 00:04:38,520 --> 00:04:42,680 Speaker 1: bank in the background to deliver the services that they're providing. Uh. 95 00:04:42,680 --> 00:04:44,640 Speaker 1: And so we suggest that you look at an actual 96 00:04:44,760 --> 00:04:48,080 Speaker 1: online bank with a great presence. So we're talking about 97 00:04:48,200 --> 00:04:51,600 Speaker 1: banks like c I t discover Ally Bank. They are 98 00:04:51,640 --> 00:04:53,760 Speaker 1: who I've been banging with for I mean over five 99 00:04:53,880 --> 00:04:55,880 Speaker 1: or six years now. They're basically what I like to 100 00:04:55,880 --> 00:04:58,520 Speaker 1: refer to as the grand central station of my money. 101 00:04:58,600 --> 00:05:00,760 Speaker 1: It's everything kind of goes through that account before I 102 00:05:00,760 --> 00:05:03,479 Speaker 1: push it to other investment accounts, things like that. But 103 00:05:03,600 --> 00:05:05,800 Speaker 1: there are also other great online banks out there as well. 104 00:05:05,880 --> 00:05:08,320 Speaker 1: Aside from those three that I just mentioned, but just 105 00:05:08,480 --> 00:05:12,120 Speaker 1: please avoid the big banks for your actual checking and savings. 106 00:05:12,400 --> 00:05:14,960 Speaker 1: It is not worth paying the monthly fees or or 107 00:05:15,000 --> 00:05:17,320 Speaker 1: maintaining whatever balance you need to maintain in order for 108 00:05:17,360 --> 00:05:20,760 Speaker 1: the quote unquote convenience of having an accounts locally that 109 00:05:20,839 --> 00:05:23,400 Speaker 1: you really don't need. Yeah, and those big banks are 110 00:05:23,440 --> 00:05:26,200 Speaker 1: just becoming less and less convenience. And I understand that 111 00:05:26,200 --> 00:05:28,200 Speaker 1: there's a brick and mortar nearby, But of course it 112 00:05:28,240 --> 00:05:30,520 Speaker 1: makes sense Matt that twenty and thirty somethings in particular, 113 00:05:30,720 --> 00:05:33,440 Speaker 1: we're used to avoiding brick and mortar stores anyway, so 114 00:05:33,480 --> 00:05:35,120 Speaker 1: why not do the same when it comes to our 115 00:05:35,120 --> 00:05:37,440 Speaker 1: bank totally? But speaking of savings, and there was another 116 00:05:37,480 --> 00:05:39,440 Speaker 1: story this week. The Wall Street Journal had an article 117 00:05:39,920 --> 00:05:42,200 Speaker 1: about one of the top new employer of perks out there, 118 00:05:42,240 --> 00:05:47,280 Speaker 1: which is employers matching the savings of their employees. Super cool. Yeah. 119 00:05:47,480 --> 00:05:49,800 Speaker 1: I like seeing that because like employers have already for 120 00:05:49,839 --> 00:05:52,560 Speaker 1: the most part, really taken up the mantle of helping 121 00:05:52,800 --> 00:05:55,320 Speaker 1: us save for retirement. Right. Four oh one K matches 122 00:05:55,400 --> 00:06:00,240 Speaker 1: are mostly standard across business, but there's been a big 123 00:06:00,279 --> 00:06:02,880 Speaker 1: increase in employers who want to see their employees have 124 00:06:02,960 --> 00:06:07,240 Speaker 1: a better handle not just on their distant future self, 125 00:06:07,520 --> 00:06:10,560 Speaker 1: but on their like right now self as well, helping 126 00:06:10,600 --> 00:06:13,440 Speaker 1: them establish a rainy day fund. So yeah, some of 127 00:06:13,520 --> 00:06:15,919 Speaker 1: these employers are paying sky high interest as an incentive 128 00:06:15,960 --> 00:06:18,800 Speaker 1: to save more money. Others are matching a certain amount 129 00:06:18,839 --> 00:06:21,400 Speaker 1: of what you put towards this accounts. And man, it's 130 00:06:21,400 --> 00:06:24,320 Speaker 1: interesting because employees tend to perform better at their job 131 00:06:24,600 --> 00:06:27,120 Speaker 1: when they have fewer money problems going on. Yeah, it 132 00:06:27,120 --> 00:06:29,400 Speaker 1: makes sense that you would do better at work if 133 00:06:29,400 --> 00:06:32,560 Speaker 1: you're not stressed about the car overheating and having to 134 00:06:32,560 --> 00:06:34,880 Speaker 1: take it into the shop. Exactly, exactly. There's all sorts 135 00:06:34,880 --> 00:06:36,799 Speaker 1: of things that pop up in our lives, and employers 136 00:06:36,839 --> 00:06:42,120 Speaker 1: are starting to realize that when their employees are not integrate, 137 00:06:42,279 --> 00:06:45,760 Speaker 1: not in a healthy position financially, that it impacts their 138 00:06:45,800 --> 00:06:48,920 Speaker 1: work right, and it impacts their bottom line. So yeah, 139 00:06:48,920 --> 00:06:50,320 Speaker 1: I think we're going to see more and more of 140 00:06:50,360 --> 00:06:52,839 Speaker 1: these programs popping up. And if one of these programs 141 00:06:52,839 --> 00:06:55,479 Speaker 1: pops up where you work, take advantage of it. You know, 142 00:06:55,600 --> 00:06:58,920 Speaker 1: free money is free money, and either way, make sure 143 00:06:59,000 --> 00:07:00,880 Speaker 1: you have a solid fund in place, even if your 144 00:07:00,920 --> 00:07:03,200 Speaker 1: employers not helping you out. It's an important thing to 145 00:07:03,279 --> 00:07:05,120 Speaker 1: have on hand, right, Like, but this isn't a benefit 146 00:07:05,160 --> 00:07:07,479 Speaker 1: that my employer offers. Now, you still need to have 147 00:07:07,520 --> 00:07:10,360 Speaker 1: an emergency fund set up. And what's really cool about 148 00:07:10,360 --> 00:07:13,920 Speaker 1: this program too, is especially if some employees are able 149 00:07:13,960 --> 00:07:16,360 Speaker 1: to make some of those contributions to their savings pre tax, 150 00:07:16,680 --> 00:07:18,440 Speaker 1: like a four one K, that would be an even 151 00:07:18,440 --> 00:07:20,680 Speaker 1: more reason to kind of go with this program. But 152 00:07:20,720 --> 00:07:22,440 Speaker 1: aside from that, this is such a huge one, I 153 00:07:22,480 --> 00:07:25,520 Speaker 1: think from an employer's standpoint as well, because it just 154 00:07:25,560 --> 00:07:27,440 Speaker 1: doesn't cost them a lot of money and it looks 155 00:07:27,480 --> 00:07:29,880 Speaker 1: really good in the eyes of their employees. And so, 156 00:07:30,000 --> 00:07:32,240 Speaker 1: for instance, kind of standard rates right now for online banks, 157 00:07:32,240 --> 00:07:35,120 Speaker 1: they're paying like point five percent even even if your 158 00:07:35,120 --> 00:07:39,080 Speaker 1: employer was paying six times what the going online bank 159 00:07:39,160 --> 00:07:41,560 Speaker 1: rate is. And so let's say three percent, even if 160 00:07:41,560 --> 00:07:43,520 Speaker 1: they cat that on ten thousand dollars, you're just looking 161 00:07:43,560 --> 00:07:47,000 Speaker 1: at three in interest every year. That is not much 162 00:07:47,040 --> 00:07:49,400 Speaker 1: money to be paying, you know, to an employee to 163 00:07:49,560 --> 00:07:52,800 Speaker 1: have a boosted savings account through their work, but to 164 00:07:52,840 --> 00:07:55,880 Speaker 1: the employee man to earn six x whatever you know 165 00:07:55,920 --> 00:07:58,240 Speaker 1: your online bank is paying like that looks like I 166 00:07:58,240 --> 00:08:00,320 Speaker 1: would do it Like that looks incredibly at try Active. 167 00:08:00,480 --> 00:08:03,480 Speaker 1: It brings loyalty for sure, absolutely, and at the same 168 00:08:03,480 --> 00:08:05,560 Speaker 1: time just so incredibly affordable. I think this is a 169 00:08:05,560 --> 00:08:08,240 Speaker 1: slam dunk and hopefully more employers will jump on it. 170 00:08:08,240 --> 00:08:09,600 Speaker 1: Maybe we can figure out a way to set one 171 00:08:09,600 --> 00:08:11,360 Speaker 1: of these up for how the money I'd be I'd 172 00:08:11,400 --> 00:08:13,520 Speaker 1: be up for it, all right, let's talk about selling 173 00:08:13,720 --> 00:08:16,640 Speaker 1: things online. We've kind of talked about eBay recently. Even 174 00:08:16,640 --> 00:08:18,760 Speaker 1: though Facebook marketplace like that can be a great way 175 00:08:18,800 --> 00:08:21,080 Speaker 1: to to to score a deal on something that your 176 00:08:21,120 --> 00:08:24,240 Speaker 1: neighbor is trying to unload, it can really sometimes be 177 00:08:24,280 --> 00:08:27,440 Speaker 1: a hassle if you're the one doing the selling. I've 178 00:08:27,440 --> 00:08:30,800 Speaker 1: talked about this before, but coordinating with potential buyers the 179 00:08:30,800 --> 00:08:33,120 Speaker 1: worst part to show up when they're supposed to the 180 00:08:33,200 --> 00:08:35,960 Speaker 1: no shows. It can be dude, such a headache. But 181 00:08:36,080 --> 00:08:39,960 Speaker 1: if you're looking to sell your gently used favorite Swedish furniture, 182 00:08:40,240 --> 00:08:43,199 Speaker 1: i Kea might have an easy solution for you. I 183 00:08:43,320 --> 00:08:46,920 Speaker 1: can announced this furniture buyback program this week, So if 184 00:08:46,920 --> 00:08:50,000 Speaker 1: you're no longer needing that mom dresser, yeah, you can 185 00:08:50,000 --> 00:08:52,160 Speaker 1: bring it into the store and they'll give you store credit. 186 00:08:52,200 --> 00:08:54,959 Speaker 1: Don't you have any more Ikea furniture names as you 187 00:08:54,960 --> 00:08:59,800 Speaker 1: can mention billy bookcase. Yeah, that's all I can think 188 00:08:59,840 --> 00:09:01,679 Speaker 1: of off the top. D Honestly, what what I really 189 00:09:01,720 --> 00:09:04,240 Speaker 1: should know the name of is the white high chair, 190 00:09:04,920 --> 00:09:08,120 Speaker 1: uh that y'all use, that we use, that is completely ubiquitous. 191 00:09:08,160 --> 00:09:10,160 Speaker 1: You see them everywhere. If you've got a baby in 192 00:09:10,160 --> 00:09:11,960 Speaker 1: their messy like, you've got to have one of those. 193 00:09:13,080 --> 00:09:14,679 Speaker 1: But it truly is really easy. All you have to 194 00:09:14,760 --> 00:09:16,760 Speaker 1: do is fill out a form ahead of time, and 195 00:09:16,960 --> 00:09:19,120 Speaker 1: you just indicate the condition that it's in. You'll get 196 00:09:19,120 --> 00:09:20,680 Speaker 1: a quote. And then as long as you don't like 197 00:09:20,760 --> 00:09:23,400 Speaker 1: break off the leg of a chair on the way 198 00:09:23,440 --> 00:09:25,400 Speaker 1: to the store. Uh, you know, if it looks like 199 00:09:25,440 --> 00:09:27,040 Speaker 1: it's actually in the condition that you set it's in, 200 00:09:27,440 --> 00:09:29,640 Speaker 1: you will get that store credit. It's worth mentioning that 201 00:09:29,679 --> 00:09:31,840 Speaker 1: you'll still likely be able to get more for it 202 00:09:31,840 --> 00:09:34,199 Speaker 1: if you were to sell it yourself. But for those 203 00:09:34,320 --> 00:09:37,200 Speaker 1: who otherwise wouldn't go through the trouble U through the 204 00:09:37,240 --> 00:09:40,040 Speaker 1: hassle of trying to sell something online, i KEA could 205 00:09:40,040 --> 00:09:41,800 Speaker 1: be the solution and those folks will be able to 206 00:09:41,840 --> 00:09:45,200 Speaker 1: recoup some costs. Uh. And plus this means less furniture 207 00:09:45,200 --> 00:09:47,720 Speaker 1: in the landfills as well, if some of these gently 208 00:09:47,840 --> 00:09:49,719 Speaker 1: used pieces of furniture able to go to somebody else 209 00:09:49,720 --> 00:09:51,920 Speaker 1: who's willing to pay a little bit less for an 210 00:09:51,960 --> 00:09:54,240 Speaker 1: object that's still really good. And we wanted to mention 211 00:09:54,240 --> 00:09:56,480 Speaker 1: too that the rolling the Sun in Pennsylvania, so it's 212 00:09:56,520 --> 00:09:59,600 Speaker 1: not yet going to be available probably to your nearest Ikea, 213 00:09:59,640 --> 00:10:01,040 Speaker 1: but it's some think you can keep an eye out 214 00:10:01,080 --> 00:10:03,320 Speaker 1: for as they roll it out to all the rest 215 00:10:03,400 --> 00:10:05,440 Speaker 1: of the Ikea s. Yeah, I think part of whether 216 00:10:05,480 --> 00:10:07,800 Speaker 1: it's gonna make sense for somebody or not, Matt, is 217 00:10:07,960 --> 00:10:10,440 Speaker 1: how close is that Ikea to your house? Because yeah, 218 00:10:10,440 --> 00:10:13,320 Speaker 1: there's usually one maybe two in a city, and like 219 00:10:13,400 --> 00:10:16,200 Speaker 1: we have one in Atlanta, And for people who live 220 00:10:16,400 --> 00:10:18,400 Speaker 1: thirty minutes away from my keya forty five minutes away 221 00:10:18,400 --> 00:10:20,800 Speaker 1: from my kea, listing on Facebook is is probably a 222 00:10:20,800 --> 00:10:23,200 Speaker 1: little bit easier. But if you're like ten minutes are away, 223 00:10:23,280 --> 00:10:25,560 Speaker 1: right around the corner, that's an easy way to get 224 00:10:25,640 --> 00:10:28,199 Speaker 1: rid of, Yeah, that gently used Ikea furniture, Which is 225 00:10:28,240 --> 00:10:30,840 Speaker 1: interesting because I've always thought of most of those pieces 226 00:10:30,840 --> 00:10:34,400 Speaker 1: as throw away. But yeah, but they are getting better exactly, 227 00:10:34,440 --> 00:10:36,240 Speaker 1: and so they are lasting longer, many of them. I 228 00:10:36,520 --> 00:10:40,160 Speaker 1: just remember having like a wardrobe years ago and we 229 00:10:40,200 --> 00:10:42,440 Speaker 1: tried to move it. This was a decade ago, and 230 00:10:42,440 --> 00:10:45,320 Speaker 1: it basically fell apart. But I feel like the pieces 231 00:10:45,360 --> 00:10:47,520 Speaker 1: I have now for my keya are actually much better. 232 00:10:47,559 --> 00:10:49,880 Speaker 1: There's definitely more sturdy than they used to be. Yeah. 233 00:10:49,880 --> 00:10:53,000 Speaker 1: But speaking of preventing waste, Fast Company magazine just did 234 00:10:53,000 --> 00:10:55,920 Speaker 1: a deep dive on a new form of packaging to 235 00:10:55,960 --> 00:10:59,319 Speaker 1: help you get the last drop out of your containers. 236 00:10:59,400 --> 00:11:02,360 Speaker 1: And so there's this new thing called every Drop and 237 00:11:02,360 --> 00:11:05,520 Speaker 1: they put this super slippery coating on the inside of 238 00:11:05,679 --> 00:11:08,320 Speaker 1: the bottles that they make so that whatever's in there, 239 00:11:08,320 --> 00:11:11,600 Speaker 1: like lotion or shampoo, just kind of slides on out. Um. 240 00:11:11,640 --> 00:11:16,400 Speaker 1: Some estimates, Matt say that people tossed seventeen which sounds 241 00:11:16,400 --> 00:11:19,079 Speaker 1: like a lot. Like people are throwing away thats a quarter. 242 00:11:19,200 --> 00:11:20,760 Speaker 1: I mean, I guess if you've got like a one 243 00:11:20,800 --> 00:11:23,600 Speaker 1: ounce thing a lotion, it's like that's it's probably still 244 00:11:23,640 --> 00:11:25,160 Speaker 1: in there because you can't get it all off of 245 00:11:25,200 --> 00:11:26,880 Speaker 1: the sides of the container, right. Yeah, but they're saying 246 00:11:26,880 --> 00:11:28,800 Speaker 1: that people are leaving that much in the containers, which 247 00:11:28,960 --> 00:11:31,439 Speaker 1: sounds like more than I would assume. But yeah, I 248 00:11:31,480 --> 00:11:33,160 Speaker 1: feel like people are waste full of Yeah, this is 249 00:11:33,160 --> 00:11:35,400 Speaker 1: a cool way though, to make sure that we're getting 250 00:11:35,840 --> 00:11:38,480 Speaker 1: everything out of our containers. I know some people cut 251 00:11:38,520 --> 00:11:40,719 Speaker 1: the tuba toothpaste or you one of those people in order. 252 00:11:41,480 --> 00:11:43,440 Speaker 1: I'm not either. I don't put that kind of time 253 00:11:43,480 --> 00:11:46,160 Speaker 1: into getting every last little drop out. Yeah, I mean 254 00:11:46,200 --> 00:11:48,199 Speaker 1: I'm not. I'm not gonna lie squeeze it pretty hard, 255 00:11:48,200 --> 00:11:49,959 Speaker 1: but I'm not cutting the end off. Yeah. I squeeze 256 00:11:49,960 --> 00:11:51,520 Speaker 1: really hard, and then I kind of tucked the edges 257 00:11:51,559 --> 00:11:53,040 Speaker 1: in and kind of push it up the middle. You 258 00:11:53,080 --> 00:11:57,200 Speaker 1: ever do that move? Um. And one of the other 259 00:11:57,240 --> 00:11:59,319 Speaker 1: things too that they mentioned is how most lotions and 260 00:11:59,400 --> 00:12:02,000 Speaker 1: shampoo by else, they're they're not clear right there, opaque 261 00:12:02,240 --> 00:12:04,320 Speaker 1: because when all the lotion and when all the junk 262 00:12:04,400 --> 00:12:06,760 Speaker 1: just sticks to the inside of the bottle, it's kind 263 00:12:06,760 --> 00:12:08,520 Speaker 1: of gross looking because it's kind of like, you know, 264 00:12:08,600 --> 00:12:11,520 Speaker 1: splattered throughout. But because these things are so slick, it 265 00:12:11,559 --> 00:12:14,640 Speaker 1: looks like a perfectly clear bottle wherever the lotion or 266 00:12:14,679 --> 00:12:18,640 Speaker 1: shampoo or whatever wherever it isn't. Which I love the 267 00:12:18,640 --> 00:12:20,400 Speaker 1: idea of that because it's just really gratifying to be 268 00:12:20,400 --> 00:12:22,520 Speaker 1: able to see how much you have left, as opposed 269 00:12:22,559 --> 00:12:24,800 Speaker 1: to just being like how much is in there, You're like, 270 00:12:25,120 --> 00:12:26,960 Speaker 1: get some water in there, shake it around, you know, 271 00:12:27,040 --> 00:12:28,600 Speaker 1: you try to get it to where you can get 272 00:12:28,840 --> 00:12:30,880 Speaker 1: more of the actual shampoo out of there. But if 273 00:12:30,880 --> 00:12:32,079 Speaker 1: you can see it and it slides right out and 274 00:12:32,120 --> 00:12:34,360 Speaker 1: you can literally see that, yep, there's nothing left in here. 275 00:12:34,440 --> 00:12:36,480 Speaker 1: I really like that idea. Yeah, I mean, I gotta 276 00:12:36,520 --> 00:12:39,079 Speaker 1: be honest, I hope a whole lot of manufacturers start 277 00:12:39,160 --> 00:12:42,120 Speaker 1: to use bottles because I mean, really, it's a win 278 00:12:42,200 --> 00:12:44,400 Speaker 1: win for everybody to to seriously get more of the 279 00:12:44,400 --> 00:12:45,960 Speaker 1: stuff that you're paying. I don't think I've gotten so 280 00:12:46,000 --> 00:12:49,600 Speaker 1: excited about a potential change to home goods, like just 281 00:12:49,640 --> 00:12:54,400 Speaker 1: like a small packaging thing that that could transform how 282 00:12:54,440 --> 00:12:56,440 Speaker 1: we use some of these products. No, now, yeah, let 283 00:12:56,520 --> 00:12:59,640 Speaker 1: let's keep moving, Matt. Let's talk about hotel fees. I'm 284 00:12:59,640 --> 00:13:01,680 Speaker 1: not sure if any of our listeners are staying in 285 00:13:01,679 --> 00:13:04,559 Speaker 1: a hotel room anytime soon. If if you travel much, 286 00:13:04,559 --> 00:13:06,320 Speaker 1: you know, we talked about a bunch of ways to 287 00:13:06,440 --> 00:13:08,640 Speaker 1: save money on travel recently on the show. But it's 288 00:13:08,640 --> 00:13:10,520 Speaker 1: been a while, Matt since I've stayed in a hotel room. 289 00:13:11,000 --> 00:13:12,680 Speaker 1: But the thing is, we're about to stay in one 290 00:13:13,040 --> 00:13:16,080 Speaker 1: in Austin, Texas because we're going out there for a 291 00:13:16,120 --> 00:13:18,840 Speaker 1: nerdy money media conference all the day of all the 292 00:13:18,840 --> 00:13:20,480 Speaker 1: listeners out there who live in Austin, by the way, 293 00:13:20,720 --> 00:13:22,360 Speaker 1: keep an ear out because we might try to set 294 00:13:22,360 --> 00:13:24,800 Speaker 1: something up here in in a few weeks. Yeah, listener hangouts. 295 00:13:24,800 --> 00:13:26,960 Speaker 1: We'll put that out on Instagram and hopefully on the 296 00:13:26,960 --> 00:13:28,800 Speaker 1: show too, So make sure you're following us there so 297 00:13:28,840 --> 00:13:30,839 Speaker 1: you can hear about that. Hang But that Matt the 298 00:13:30,840 --> 00:13:34,120 Speaker 1: Wall Street Journal Extra reports that new hotel fees are 299 00:13:34,160 --> 00:13:38,360 Speaker 1: springing up across the industry, and so for our listeners, 300 00:13:38,400 --> 00:13:40,040 Speaker 1: it's smart to be on the lookout for these when 301 00:13:40,040 --> 00:13:42,840 Speaker 1: you are booking a hotel. Basically, the hotel companies are 302 00:13:42,840 --> 00:13:45,760 Speaker 1: taking a page from the major airlines. Some hotels are 303 00:13:45,800 --> 00:13:48,400 Speaker 1: cutting their room rates a little bit, but then jacking 304 00:13:48,480 --> 00:13:52,240 Speaker 1: up rates for amenities a lot. So for instance, uh, well, 305 00:13:52,320 --> 00:13:53,880 Speaker 1: if you want to check in a little bit early, 306 00:13:54,000 --> 00:13:55,680 Speaker 1: there's gonna be a fee for that. If you want 307 00:13:55,720 --> 00:13:57,920 Speaker 1: to use the pool or that tub, there's gonna be 308 00:13:57,920 --> 00:14:00,800 Speaker 1: a fee for that. And if you want likely housekeeping 309 00:14:00,920 --> 00:14:03,800 Speaker 1: or you wanna get breakfast, like, all of those things 310 00:14:03,840 --> 00:14:06,360 Speaker 1: are probably gonna cost additional money. I think we're just 311 00:14:06,360 --> 00:14:08,480 Speaker 1: gonna go to that kind of all a card service 312 00:14:08,840 --> 00:14:11,960 Speaker 1: pricing in hotels that we've seen with airlines. It'll be 313 00:14:12,000 --> 00:14:15,000 Speaker 1: interesting to see how quickly these things get adopted and like, 314 00:14:15,120 --> 00:14:18,560 Speaker 1: really how far these fees go, because I'm sure there's 315 00:14:18,600 --> 00:14:21,200 Speaker 1: gonna be some pushback from travelers, but I will say, 316 00:14:21,320 --> 00:14:23,120 Speaker 1: being able to pay less for our room sounds nice. 317 00:14:23,280 --> 00:14:24,840 Speaker 1: And then you get to kind of decide which of 318 00:14:24,840 --> 00:14:27,200 Speaker 1: these fees you're going to pay or not totally. Yeah, 319 00:14:27,240 --> 00:14:30,360 Speaker 1: I mean, fees are annoying, but the fact that you 320 00:14:30,400 --> 00:14:32,120 Speaker 1: are not going to pay for things that you aren't 321 00:14:32,120 --> 00:14:34,400 Speaker 1: taking advantage of, I really like that. It makes me 322 00:14:34,440 --> 00:14:36,920 Speaker 1: think about when we were talking about different things being 323 00:14:37,280 --> 00:14:41,080 Speaker 1: paid with subscription, where you're paying a monthly fee as 324 00:14:41,120 --> 00:14:43,480 Speaker 1: opposed to a massive cost upfront. If it allows you 325 00:14:43,520 --> 00:14:45,680 Speaker 1: to be more selective and too, you know, like you said, 326 00:14:45,680 --> 00:14:48,600 Speaker 1: pay more Alex Hart with the services or amenities that 327 00:14:48,600 --> 00:14:50,840 Speaker 1: you're looking for. I like the ability to be a 328 00:14:50,880 --> 00:14:53,600 Speaker 1: little more frugal in that way. You know. One of 329 00:14:53,600 --> 00:14:57,440 Speaker 1: the key things in that article was that they're going 330 00:14:57,480 --> 00:14:59,920 Speaker 1: to be lowering rates for rooms, so it's gonna look 331 00:15:00,000 --> 00:15:01,760 Speaker 1: it's gonna be more appealing to people who don't care 332 00:15:01,760 --> 00:15:03,920 Speaker 1: about all that extra stuff. They're just going to save 333 00:15:04,000 --> 00:15:05,360 Speaker 1: money as long as they're lowing the prices on the 334 00:15:05,400 --> 00:15:07,560 Speaker 1: rooms overall. Because if they keep the prices where they 335 00:15:07,560 --> 00:15:08,720 Speaker 1: are and then on top of that are kind of 336 00:15:08,720 --> 00:15:11,160 Speaker 1: attacking on these additional fees, then they're going to see 337 00:15:11,160 --> 00:15:13,160 Speaker 1: a lot of folks who are upset about that. And 338 00:15:13,200 --> 00:15:15,400 Speaker 1: I think, honestly, it comes down to how they they 339 00:15:15,400 --> 00:15:18,560 Speaker 1: communicate how they're gonna charge these fees. Because if you 340 00:15:18,960 --> 00:15:20,440 Speaker 1: say you're at at a hotel and you want to 341 00:15:20,480 --> 00:15:22,160 Speaker 1: go jump in the pool, if you don't know that 342 00:15:22,200 --> 00:15:24,360 Speaker 1: before we swipe your car to unlock the door to 343 00:15:24,440 --> 00:15:27,160 Speaker 1: the pool or whatever, and then afterwards you see an 344 00:15:27,160 --> 00:15:31,000 Speaker 1: itemized charge that, oh, you went to the pool every day, 345 00:15:31,040 --> 00:15:32,800 Speaker 1: but really you just kind of like set out there 346 00:15:32,800 --> 00:15:34,520 Speaker 1: in a chair because you wanted to be outside or 347 00:15:34,560 --> 00:15:36,720 Speaker 1: something like that. That would be incredibly frustrating. You're like, 348 00:15:36,720 --> 00:15:38,760 Speaker 1: I didn't even get in the stupid pool. Why are 349 00:15:38,760 --> 00:15:41,080 Speaker 1: you charging me twenty bucks? Um? And so I think 350 00:15:41,080 --> 00:15:43,600 Speaker 1: communication is key, but also I could see it being 351 00:15:43,640 --> 00:15:47,240 Speaker 1: annoying to with the inability to possibly compare prices with 352 00:15:47,280 --> 00:15:49,280 Speaker 1: different hotels as easily, right, because when you have a 353 00:15:49,280 --> 00:15:51,600 Speaker 1: single price, it's easy, but if you're also looking at 354 00:15:51,640 --> 00:15:53,800 Speaker 1: all these additional fees and you're trying to total up, Okay, 355 00:15:53,840 --> 00:15:55,840 Speaker 1: how much am I going to use the pool? Uh? 356 00:15:56,080 --> 00:15:57,960 Speaker 1: That can I think that can make it a little 357 00:15:58,000 --> 00:16:01,440 Speaker 1: more difficult. It makes me think about Airbnb, how different 358 00:16:01,440 --> 00:16:04,560 Speaker 1: places you stay will have different cleaning fees, or they'll 359 00:16:04,600 --> 00:16:06,360 Speaker 1: you know, maybe if it's another guest, they'll charge a 360 00:16:06,400 --> 00:16:09,040 Speaker 1: little bit more for an extra guest. Uh. It's not uniform, 361 00:16:09,080 --> 00:16:10,840 Speaker 1: so it makes it difficult to figure out what the 362 00:16:10,880 --> 00:16:14,120 Speaker 1: total cost is. So I don't like that the transparency 363 00:16:14,520 --> 00:16:17,120 Speaker 1: goes away a little bit there with these additional fees. Yeah, 364 00:16:17,160 --> 00:16:18,560 Speaker 1: we'll keep an eye on this, and we keep talking 365 00:16:18,560 --> 00:16:20,680 Speaker 1: about it because that remains to be seen, like which 366 00:16:20,720 --> 00:16:22,920 Speaker 1: hotels are actually gonna adopt these new fees. And none 367 00:16:22,960 --> 00:16:25,040 Speaker 1: of the major hotel chain seemed to have said, well, 368 00:16:25,040 --> 00:16:27,280 Speaker 1: we're definitely doing this. They're saying, we're keeping an eye 369 00:16:27,280 --> 00:16:29,360 Speaker 1: on what happens with these smaller hotels that are imposing 370 00:16:29,400 --> 00:16:31,280 Speaker 1: these fees and seeing how it goes. It seems like 371 00:16:31,320 --> 00:16:33,040 Speaker 1: they're all about to They're all looking at the other 372 00:16:33,080 --> 00:16:36,040 Speaker 1: hotels and nobody's really everyone's scared to kind of take 373 00:16:36,040 --> 00:16:38,120 Speaker 1: the first step because they don't want to be considered 374 00:16:38,240 --> 00:16:41,640 Speaker 1: the hotel chain that nickels and dimes you to death. Exactly. Yeah, 375 00:16:41,680 --> 00:16:43,800 Speaker 1: for sure. Are we got more to get you, Matt, 376 00:16:43,800 --> 00:16:45,600 Speaker 1: including the fact that there are other fees, and we 377 00:16:45,640 --> 00:16:49,160 Speaker 1: need to discuss in particular fees you pay when you're 378 00:16:49,200 --> 00:16:51,960 Speaker 1: investing your money. We'll get to that and more right 379 00:16:52,000 --> 00:17:03,080 Speaker 1: after this break. All right, we are back in. This 380 00:17:03,160 --> 00:17:05,159 Speaker 1: is our Friday flight where every week we're looking at 381 00:17:05,160 --> 00:17:08,399 Speaker 1: the different stories and how it impacts your money. And Joel, 382 00:17:08,720 --> 00:17:10,200 Speaker 1: we're back from the break. So you know what that means. 383 00:17:10,200 --> 00:17:12,000 Speaker 1: It is an out time for the ludicrous headline of 384 00:17:12,040 --> 00:17:14,800 Speaker 1: the week, and this one actually came from the Washington 385 00:17:14,880 --> 00:17:18,000 Speaker 1: Post and the headline read the simple tricks that turned 386 00:17:18,200 --> 00:17:21,840 Speaker 1: one investors seventy thousand dollar retirement account into a two 387 00:17:21,880 --> 00:17:24,840 Speaker 1: hundred and sixty four million dollar fortune. I want to 388 00:17:24,840 --> 00:17:26,960 Speaker 1: know what that trick is. It's yeah, exactly. This one 389 00:17:26,960 --> 00:17:29,120 Speaker 1: was sent to us by a listener Thor. We appreciate 390 00:17:29,200 --> 00:17:31,119 Speaker 1: you sending that one our way. And it seemed like 391 00:17:31,160 --> 00:17:33,520 Speaker 1: this investor, Ted Weschler, I think that's how you say 392 00:17:33,520 --> 00:17:37,000 Speaker 1: his name. He was attempting the Warren Buffett approach of 393 00:17:37,280 --> 00:17:40,639 Speaker 1: buying undervalued companies. Um. And actually it turns out that 394 00:17:40,680 --> 00:17:42,040 Speaker 1: he was doing a really good job at it because 395 00:17:42,040 --> 00:17:45,040 Speaker 1: it sounds like it. Yeah, because because of the size 396 00:17:45,080 --> 00:17:49,320 Speaker 1: of his portfolio, and because Warren Buffett actually hired this guy, Um, 397 00:17:49,359 --> 00:17:51,000 Speaker 1: I don't know, like ten fifteen years ago. It's like 398 00:17:51,040 --> 00:17:54,400 Speaker 1: the ultimate sign of respect. Yeah exactly. Yeah, Like game 399 00:17:54,440 --> 00:17:56,680 Speaker 1: recognizes game. It's like, oh, you need to come on board. 400 00:17:57,040 --> 00:18:00,480 Speaker 1: Uh So yeah, more power to Mr Ted. We've got 401 00:18:00,520 --> 00:18:03,000 Speaker 1: a bone to pick with the Washington Post because there 402 00:18:03,080 --> 00:18:07,000 Speaker 1: is no simple trick or there's no simple tricks, uh, 403 00:18:07,119 --> 00:18:10,719 Speaker 1: in order to supercharge your investment returns. And so this 404 00:18:10,760 --> 00:18:12,600 Speaker 1: guy was able to do this because this was literally 405 00:18:12,600 --> 00:18:15,359 Speaker 1: his job. He was doing this. He was managing hedge funds. 406 00:18:15,400 --> 00:18:18,760 Speaker 1: He was researching companies and looking for inefficiencies and finding 407 00:18:18,800 --> 00:18:21,800 Speaker 1: the companies that were undervalued. And here's the thing. Most 408 00:18:21,800 --> 00:18:25,000 Speaker 1: of us don't have the time or the ability to research, 409 00:18:25,880 --> 00:18:29,520 Speaker 1: to pick and invent, to invest heavily in these individual 410 00:18:29,600 --> 00:18:32,920 Speaker 1: companies within individual stocks. It's not our full time job. 411 00:18:33,160 --> 00:18:34,879 Speaker 1: And so we wanted to mention that because there is 412 00:18:34,920 --> 00:18:37,159 Speaker 1: no easy button to push, you're not missing out on 413 00:18:37,200 --> 00:18:39,320 Speaker 1: some secret that's that is going to allow you to 414 00:18:39,520 --> 00:18:44,399 Speaker 1: see thousands of percent return every single year. But something 415 00:18:44,440 --> 00:18:47,239 Speaker 1: that Ted mentioned and that he's quoted saying there at 416 00:18:47,240 --> 00:18:50,199 Speaker 1: the end of the article, his simple advice was to 417 00:18:50,400 --> 00:18:55,280 Speaker 1: start early, maximize the employer match, invest in equities, and 418 00:18:55,359 --> 00:18:58,280 Speaker 1: ignore all of the other noise. Uh. And that is 419 00:18:58,359 --> 00:19:00,920 Speaker 1: definitely some great advice and thing that we can get behind. 420 00:19:00,960 --> 00:19:04,000 Speaker 1: That's right. Yeah, we completely agree with that advice. That 421 00:19:04,080 --> 00:19:06,240 Speaker 1: The problem with that headline was like, there's a simple 422 00:19:06,280 --> 00:19:09,560 Speaker 1: trick that's going to turn your retirement portfolio from being, 423 00:19:09,680 --> 00:19:13,840 Speaker 1: you know, worth very little to magically turning into millions 424 00:19:13,840 --> 00:19:16,359 Speaker 1: and millions of tens of millions of dollars. That is 425 00:19:16,400 --> 00:19:18,720 Speaker 1: just not possible for almost anybody. I want to know 426 00:19:18,760 --> 00:19:20,840 Speaker 1: the secret. What was that that book like ten years 427 00:19:20,880 --> 00:19:25,120 Speaker 1: ago or whatever. It was just like positivity, right, So yeah, 428 00:19:25,240 --> 00:19:28,840 Speaker 1: spoiler alert, be happy. Okay, I wanted to mention something 429 00:19:28,840 --> 00:19:31,960 Speaker 1: else too. They're focusing on him being able to transform 430 00:19:32,040 --> 00:19:35,280 Speaker 1: that seventy thousand dollars into two sixty four million dollars 431 00:19:35,280 --> 00:19:38,040 Speaker 1: over the course of thirty years, but let's not overlook 432 00:19:38,080 --> 00:19:39,520 Speaker 1: the fact that if he would have just taken that 433 00:19:39,600 --> 00:19:41,840 Speaker 1: seventy thousand dollars stuck it in the smp F I 434 00:19:41,920 --> 00:19:44,280 Speaker 1: fundered and let it sit for thirty years. Uh, he 435 00:19:44,280 --> 00:19:47,560 Speaker 1: would have seen over one point six million dollars. And 436 00:19:47,600 --> 00:19:50,840 Speaker 1: that's if he had never even contributed any more to it. 437 00:19:51,280 --> 00:19:55,480 Speaker 1: So seventy thousand dollars just parked for thirty years. That's 438 00:19:55,480 --> 00:19:58,280 Speaker 1: where sixty four which which is like mind blowing, but hey, 439 00:19:58,480 --> 00:20:00,600 Speaker 1: one point six million is a lot of mone and 440 00:20:00,600 --> 00:20:02,240 Speaker 1: I don't want to overlook that. No, I think that's 441 00:20:02,240 --> 00:20:04,480 Speaker 1: worth pointing out for sure. And Matt sins, we're talking 442 00:20:04,520 --> 00:20:08,640 Speaker 1: about investing in the roth IRA, which is where Mr 443 00:20:08,720 --> 00:20:11,280 Speaker 1: Wexler had his money. Let's talk about its cousin, the 444 00:20:11,400 --> 00:20:13,959 Speaker 1: rath four oh one K. And it turns out that, 445 00:20:14,200 --> 00:20:16,879 Speaker 1: according to this new study by the Plan Sponsored Council 446 00:20:16,880 --> 00:20:20,560 Speaker 1: of America, rath four oh and ks are being massively underutilized. 447 00:20:20,800 --> 00:20:24,840 Speaker 1: Almost sevent of plans now allow us the option to 448 00:20:24,880 --> 00:20:27,320 Speaker 1: invest inside of a rath, which is just a massive 449 00:20:27,359 --> 00:20:30,440 Speaker 1: uptick from a few years ago. My employer, I think, Matt, 450 00:20:30,600 --> 00:20:33,720 Speaker 1: my former employer, like started the last year I was there, 451 00:20:33,760 --> 00:20:36,200 Speaker 1: I was like, where was this for the decade prior 452 00:20:36,680 --> 00:20:39,240 Speaker 1: when I really needed it? But yeah, it turns out 453 00:20:39,280 --> 00:20:42,840 Speaker 1: that most people aren't taking advantage of the RATH option 454 00:20:42,880 --> 00:20:45,639 Speaker 1: that they have. Right, only one in four folks have 455 00:20:45,720 --> 00:20:49,520 Speaker 1: made the switch to making RATH contributions in their retirement accounts. 456 00:20:49,560 --> 00:20:53,760 Speaker 1: They are sticking with their traditional four oh one K contributions. 457 00:20:53,800 --> 00:20:57,000 Speaker 1: So if you aren't sure whether you're routing your money 458 00:20:57,040 --> 00:20:59,560 Speaker 1: towards a traditional or towards a wrath, we would suggest 459 00:20:59,560 --> 00:21:00,960 Speaker 1: that you log into your account and you take a 460 00:21:01,000 --> 00:21:03,760 Speaker 1: look for lots of how the money listeners. It makes 461 00:21:03,760 --> 00:21:05,960 Speaker 1: sense to take the tax hit now, which is what 462 00:21:06,080 --> 00:21:08,359 Speaker 1: you're doing when you invest inside of a RATH option, 463 00:21:08,640 --> 00:21:11,320 Speaker 1: and then allow those investments to grow tax free and 464 00:21:11,359 --> 00:21:14,520 Speaker 1: be spent tax free in retirement. It's just one of 465 00:21:14,520 --> 00:21:16,840 Speaker 1: those little things that you can optimize. It won't take long, 466 00:21:16,880 --> 00:21:19,119 Speaker 1: it's not that hard. And putting your money in a 467 00:21:19,160 --> 00:21:22,240 Speaker 1: wrath over traditional it makes sense for most people. And 468 00:21:22,240 --> 00:21:25,240 Speaker 1: this is especially true if you believe you're higher earning 469 00:21:25,440 --> 00:21:28,080 Speaker 1: years are ahead of you. Right, you know, if you're 470 00:21:28,119 --> 00:21:30,320 Speaker 1: just getting started in your career, you're not earning a lot, 471 00:21:30,359 --> 00:21:33,080 Speaker 1: your effective tax rate isn't as high as it likely 472 00:21:33,160 --> 00:21:35,640 Speaker 1: will be in the future. And you know, Joel, one 473 00:21:36,000 --> 00:21:38,080 Speaker 1: other thing that we mentioned quite a bit is to 474 00:21:38,119 --> 00:21:40,720 Speaker 1: pay attention to the investment fees that we're paying. You know, 475 00:21:40,720 --> 00:21:43,080 Speaker 1: we're talking about investing here. Well, even if you haven't 476 00:21:43,119 --> 00:21:45,479 Speaker 1: cared enough to check what the fees are, the chances 477 00:21:45,520 --> 00:21:48,040 Speaker 1: are that those fees have fallen off a cliff without 478 00:21:48,119 --> 00:21:52,080 Speaker 1: you having to do anything. Even procrastinators out there have 479 00:21:52,160 --> 00:21:55,320 Speaker 1: been helped by the general downward fee push that we've seen. 480 00:21:55,800 --> 00:21:58,439 Speaker 1: Morning Star they just released some new research and they 481 00:21:58,480 --> 00:22:01,399 Speaker 1: found that investment fee ease have been cut in half 482 00:22:01,640 --> 00:22:04,720 Speaker 1: over the last two decades. But for passive investors like 483 00:22:04,960 --> 00:22:07,000 Speaker 1: most of us here in the Hat of Money community, 484 00:22:07,320 --> 00:22:10,399 Speaker 1: fees have fallen even more. Uh. And so it pays 485 00:22:10,440 --> 00:22:13,040 Speaker 1: to be a passive investor in low cost index funds, 486 00:22:13,480 --> 00:22:15,920 Speaker 1: and those fees are likely going to continue to decline. 487 00:22:16,240 --> 00:22:19,960 Speaker 1: And actually advisors are even steering clients to lower cost funds, 488 00:22:20,000 --> 00:22:22,880 Speaker 1: but it seems that that might be to mostly make 489 00:22:22,960 --> 00:22:25,720 Speaker 1: room for their own fees, because if there's a lower 490 00:22:25,920 --> 00:22:28,440 Speaker 1: the lower the fee they charge the fund charges, the 491 00:22:28,760 --> 00:22:31,199 Speaker 1: more it feels like they have room to charge you 492 00:22:31,280 --> 00:22:33,320 Speaker 1: more for their services. And even if the overall fees 493 00:22:33,320 --> 00:22:35,480 Speaker 1: are going down, if they've moved you to a fee 494 00:22:35,560 --> 00:22:38,840 Speaker 1: that cost dramatically less, they could even actually increase the 495 00:22:38,880 --> 00:22:41,320 Speaker 1: fee that they're charging you. Uh into you looks like 496 00:22:41,400 --> 00:22:43,520 Speaker 1: you're saving money. But if you want to know more 497 00:22:43,560 --> 00:22:46,960 Speaker 1: about the pros and cons of financial advisors and specifically 498 00:22:47,000 --> 00:22:49,120 Speaker 1: how to pick one, we would recommend you listen back 499 00:22:49,160 --> 00:22:51,680 Speaker 1: to episode two oh six. That's an episode where we 500 00:22:51,760 --> 00:22:55,800 Speaker 1: dove in deep and got all up in financial advisor's business. Yeah, 501 00:22:55,840 --> 00:22:58,960 Speaker 1: and there there are reasonable reasons to go see a 502 00:22:58,960 --> 00:23:00,840 Speaker 1: financial advisor. There's just a lot of stuff that you 503 00:23:00,840 --> 00:23:03,199 Speaker 1: need to consider, So hopefully that episode is helpful on 504 00:23:03,280 --> 00:23:05,560 Speaker 1: that front. And Matt, you know, you mentioned that fees 505 00:23:05,640 --> 00:23:09,159 Speaker 1: might continue going down for people like you and I 506 00:23:09,320 --> 00:23:12,600 Speaker 1: and our listeners who do business with the least expensive 507 00:23:13,080 --> 00:23:16,600 Speaker 1: investment houses like Fidelity, Vanguard in One, Charles Schwab, all 508 00:23:16,680 --> 00:23:19,240 Speaker 1: those guys. It's um it's kind of hard to imagine 509 00:23:19,280 --> 00:23:21,399 Speaker 1: that they could go any lower because some of the 510 00:23:21,400 --> 00:23:25,160 Speaker 1: fund expenses on our favorite funds are so miniscule already. 511 00:23:25,200 --> 00:23:27,120 Speaker 1: But it's gonna be kind of interesting to see where 512 00:23:27,119 --> 00:23:30,320 Speaker 1: the next five, six, ten years take us. All right, Melis, 513 00:23:30,520 --> 00:23:32,600 Speaker 1: talk about something else. It was in the news recently. 514 00:23:32,800 --> 00:23:36,600 Speaker 1: The Supreme Court recently struck down an eviction ban that 515 00:23:36,680 --> 00:23:39,879 Speaker 1: the CDC enacted, which basically, let's be honest, it was 516 00:23:39,920 --> 00:23:42,840 Speaker 1: kind of like a hail Mary. The President even said 517 00:23:42,960 --> 00:23:45,720 Speaker 1: that that's what it was. Basically, it turns out that 518 00:23:45,720 --> 00:23:48,320 Speaker 1: the CDC is the CDC, isn't he man. They don't 519 00:23:48,320 --> 00:23:51,240 Speaker 1: have the power, they can't do it, And basically it 520 00:23:51,240 --> 00:23:54,520 Speaker 1: needed to be an Act of Congress instead, uh, for 521 00:23:54,560 --> 00:23:57,720 Speaker 1: this to actually hold water. But what this means, after 522 00:23:57,760 --> 00:24:00,840 Speaker 1: almost eighteen months of a federal band and on evicting 523 00:24:00,880 --> 00:24:03,440 Speaker 1: tenants who couldn't pay, landlords are now going to be 524 00:24:03,480 --> 00:24:07,680 Speaker 1: allowed to begin the eviction process. And that is good 525 00:24:07,680 --> 00:24:10,480 Speaker 1: news for some landlords right who have been attempting to 526 00:24:10,480 --> 00:24:12,679 Speaker 1: flow to mortgage with no rent coming in. But it's 527 00:24:12,720 --> 00:24:14,960 Speaker 1: also bad news if you found yourself in a tough 528 00:24:15,000 --> 00:24:18,960 Speaker 1: financial situation and are having difficulty paying the rent and 529 00:24:19,040 --> 00:24:22,119 Speaker 1: matt Based on the numbers we're seeing, it looks like 530 00:24:22,200 --> 00:24:25,639 Speaker 1: hundreds of thousands, if not millions, of renters who are 531 00:24:25,640 --> 00:24:29,119 Speaker 1: behind on rent right now could be facing eviction in 532 00:24:29,160 --> 00:24:31,440 Speaker 1: the coming months. So certainly a lot of worry out 533 00:24:31,440 --> 00:24:33,120 Speaker 1: there for a lot of those folks, right, But there 534 00:24:33,240 --> 00:24:36,199 Speaker 1: is help available if you or if there's someone you 535 00:24:36,280 --> 00:24:38,840 Speaker 1: know who is in that boat. Some states like New York, 536 00:24:39,080 --> 00:24:43,000 Speaker 1: New Jersey, California, Washington. They also have policies to help 537 00:24:43,080 --> 00:24:46,800 Speaker 1: keep renters in place. And also there are tens of 538 00:24:47,119 --> 00:24:50,840 Speaker 1: billions with a b of dollars in rental assistance that 539 00:24:51,000 --> 00:24:53,720 Speaker 1: is still available, and these are funds that are specifically 540 00:24:53,720 --> 00:24:58,240 Speaker 1: earmarked to help keep renters in their houses. Only eleven 541 00:24:58,720 --> 00:25:01,000 Speaker 1: of those funds have been to burst. And the thing 542 00:25:01,080 --> 00:25:03,199 Speaker 1: is this isn't because of a lack of need, but 543 00:25:03,359 --> 00:25:06,119 Speaker 1: just because the marketing has been pretty awful. We'll actually 544 00:25:06,119 --> 00:25:08,359 Speaker 1: put a link up in our show notes to the CFPB, 545 00:25:08,520 --> 00:25:12,000 Speaker 1: the Consumer Financial Protection Bureau, where they make it easy 546 00:25:12,040 --> 00:25:14,159 Speaker 1: for you to find out or where you can share 547 00:25:14,440 --> 00:25:17,960 Speaker 1: that state specific information. But if you're struggling to keep 548 00:25:18,040 --> 00:25:20,679 Speaker 1: up with rents and other bills, make sure that you apply, 549 00:25:20,800 --> 00:25:22,560 Speaker 1: make sure you look into that. And so much of 550 00:25:22,560 --> 00:25:24,600 Speaker 1: this too kind of comes down to the specific states. 551 00:25:24,600 --> 00:25:27,280 Speaker 1: Because the federal government gave authority to the states. Some 552 00:25:27,320 --> 00:25:30,640 Speaker 1: states are worried about fraud and so they're just being 553 00:25:30,720 --> 00:25:33,280 Speaker 1: really slow with this pursing some of those funds. But again, 554 00:25:33,280 --> 00:25:35,120 Speaker 1: if that's the boat that you fall into, definitely look 555 00:25:35,119 --> 00:25:36,760 Speaker 1: into that resource and we'll make sure the link to 556 00:25:36,800 --> 00:25:38,280 Speaker 1: that in our show notes. Yeah, it's just a shame 557 00:25:38,320 --> 00:25:40,480 Speaker 1: that so many people who need this money don't know 558 00:25:40,560 --> 00:25:42,960 Speaker 1: that it exists. And so it makes me think of 559 00:25:42,960 --> 00:25:45,800 Speaker 1: like the Titanic with like how many lifeboats were still 560 00:25:45,840 --> 00:25:48,120 Speaker 1: on board when it's sank. It's just like they were there. 561 00:25:48,359 --> 00:25:50,399 Speaker 1: We just needed to have done a better job getting 562 00:25:50,400 --> 00:25:52,359 Speaker 1: the people in the boats exactly. That's kind of what 563 00:25:52,440 --> 00:25:53,800 Speaker 1: the seals. So it's like what we want to do 564 00:25:53,920 --> 00:25:56,280 Speaker 1: is like let people know that this money exists and 565 00:25:56,280 --> 00:25:57,840 Speaker 1: to say, if you need it, make sure you go 566 00:25:57,920 --> 00:25:59,639 Speaker 1: apply for it, and that link will be in the 567 00:25:59,640 --> 00:26:03,120 Speaker 1: show note on our site today. But also let other 568 00:26:03,119 --> 00:26:06,240 Speaker 1: people know who might be struggling, friends, family, people that 569 00:26:06,280 --> 00:26:09,080 Speaker 1: you love, who haven't been able to pay their rent 570 00:26:09,080 --> 00:26:12,119 Speaker 1: on time. Make sure they know about this these relief 571 00:26:12,119 --> 00:26:14,960 Speaker 1: funds so that they can take advantage. And Matt, let's 572 00:26:15,080 --> 00:26:17,920 Speaker 1: let's talk make a shift now and talk instead about 573 00:26:17,960 --> 00:26:21,199 Speaker 1: homeowners for seconds. Since we're talking about housing. There's a 574 00:26:21,240 --> 00:26:23,520 Speaker 1: recent survey actually from bank rate, and it found that 575 00:26:23,640 --> 00:26:26,359 Speaker 1: seventy four percent of homeowners who bought a house before 576 00:26:26,440 --> 00:26:30,560 Speaker 1: the pandemic are missing an opportunity to significantly reduce their 577 00:26:30,560 --> 00:26:33,600 Speaker 1: mortgage payments. They also found that thirty eight percent of 578 00:26:33,640 --> 00:26:36,359 Speaker 1: homeowners don't even know what their current interest rate is, 579 00:26:36,560 --> 00:26:38,320 Speaker 1: which I was surprised to think that two out of 580 00:26:38,320 --> 00:26:39,720 Speaker 1: five people, if you ask them on the street, they're 581 00:26:39,720 --> 00:26:43,600 Speaker 1: gonna be yeah, all right, well congratulations, you're one of 582 00:26:43,600 --> 00:26:45,479 Speaker 1: the few. But it is time to change that, right. 583 00:26:45,480 --> 00:26:48,520 Speaker 1: I think anybody who doesn't know the current interest rates 584 00:26:48,680 --> 00:26:51,960 Speaker 1: that they're paying needs to go check and see, and 585 00:26:52,560 --> 00:26:55,119 Speaker 1: in particular, if it's above four percent, then there's a 586 00:26:55,119 --> 00:26:58,520 Speaker 1: good chance that you should look into refinancing a SAP. 587 00:26:58,960 --> 00:27:01,199 Speaker 1: Even if it's in the upper represent range, there's a 588 00:27:01,280 --> 00:27:05,000 Speaker 1: solid chance that you could save enough a meaningful amount 589 00:27:05,240 --> 00:27:08,919 Speaker 1: by refinancing, because rates are still below three percent on 590 00:27:08,920 --> 00:27:11,080 Speaker 1: a thirty year mortgage. So this is one of those 591 00:27:11,119 --> 00:27:13,440 Speaker 1: areas where the hard work. I know, it's annoying to 592 00:27:13,680 --> 00:27:16,720 Speaker 1: you know, filling out the application, turning in all your documents, 593 00:27:17,000 --> 00:27:19,720 Speaker 1: um and working to get this refight done. It's it's 594 00:27:19,800 --> 00:27:22,040 Speaker 1: kind of a pain, but it can result in saving 595 00:27:22,080 --> 00:27:25,040 Speaker 1: hundreds of dollars every month and thousands of dollars a 596 00:27:25,080 --> 00:27:27,880 Speaker 1: year moving forward. And so it's one of those things, 597 00:27:27,880 --> 00:27:30,000 Speaker 1: Matt that I think a lot more people need to 598 00:27:30,040 --> 00:27:32,879 Speaker 1: think about. They need to kind of get motivated to 599 00:27:33,240 --> 00:27:36,200 Speaker 1: actually make this happen because it could result in yeah, 600 00:27:36,320 --> 00:27:40,919 Speaker 1: huge savings for them. Refinancing is a completely underappreciated personal 601 00:27:40,920 --> 00:27:43,480 Speaker 1: finance move. We've actually got an article up on the 602 00:27:43,520 --> 00:27:46,399 Speaker 1: site that walks you through when refinancing makes sense for 603 00:27:46,440 --> 00:27:49,159 Speaker 1: you and how to go about it in order to 604 00:27:49,200 --> 00:27:52,639 Speaker 1: get the best possible terms. Uh. In short, it doesn't 605 00:27:52,720 --> 00:27:54,879 Speaker 1: make sense for everyone, but it makes a heck of 606 00:27:54,880 --> 00:27:57,479 Speaker 1: a lot of sense for a bunch of folks. And 607 00:27:57,520 --> 00:27:59,960 Speaker 1: when it comes to where you get your refight done, 608 00:28:00,280 --> 00:28:03,120 Speaker 1: we list out a few options, credit unions being one 609 00:28:03,160 --> 00:28:05,280 Speaker 1: of those. But if you like the ease of of 610 00:28:05,320 --> 00:28:09,080 Speaker 1: doing stuff online, Credible is actually one of our favorite 611 00:28:09,080 --> 00:28:10,560 Speaker 1: sites to check out. We'll have a link in the 612 00:28:10,560 --> 00:28:14,159 Speaker 1: show notes to that article into Credible specifically. But they 613 00:28:14,160 --> 00:28:17,200 Speaker 1: do a fantastic job of getting you multiple quotes at 614 00:28:17,240 --> 00:28:19,879 Speaker 1: one time after filling out just a simple form, And 615 00:28:19,960 --> 00:28:22,680 Speaker 1: since another major problem is a lack of rate shopping, 616 00:28:22,880 --> 00:28:25,960 Speaker 1: getting multiple quotes in one spot also fixes that problem 617 00:28:25,960 --> 00:28:27,840 Speaker 1: as well. Yeah, most people want to go to one 618 00:28:27,840 --> 00:28:30,359 Speaker 1: place and be like, all right, yeah, what what's the 619 00:28:30,359 --> 00:28:32,600 Speaker 1: best terms you can give me? Okay, that'll do, and 620 00:28:32,640 --> 00:28:35,639 Speaker 1: they take sign me up. And that that again, especially 621 00:28:35,680 --> 00:28:37,280 Speaker 1: when you're talking about such a big decision, with so 622 00:28:37,359 --> 00:28:39,680 Speaker 1: much on the line, with so much potential savings to 623 00:28:39,760 --> 00:28:42,400 Speaker 1: be had, you don't want to go to just one place. 624 00:28:42,840 --> 00:28:45,440 Speaker 1: And the next thing about literally going to one place 625 00:28:45,920 --> 00:28:49,640 Speaker 1: incredible is that they are shopping a lot of other 626 00:28:49,680 --> 00:28:52,280 Speaker 1: places for you, so you are getting multiple rate quotes 627 00:28:52,320 --> 00:28:54,480 Speaker 1: without the hassle of talking to like four or five 628 00:28:54,520 --> 00:28:56,520 Speaker 1: different lenders on the phone or emailing back and forth. 629 00:28:56,560 --> 00:28:59,760 Speaker 1: But but yeah, so if you're in that position, if 630 00:28:59,800 --> 00:29:03,520 Speaker 1: you can save money from a refinance, if you haven't, 631 00:29:03,600 --> 00:29:05,160 Speaker 1: even if you've only honed your home for two or 632 00:29:05,200 --> 00:29:08,720 Speaker 1: three years, taken that opportunity like that survey said seventy 633 00:29:09,360 --> 00:29:13,200 Speaker 1: of homeowners really could stand to benefits substantially from refinancing. 634 00:29:13,240 --> 00:29:15,400 Speaker 1: If you're in that boat, make sure you look into it, 635 00:29:15,480 --> 00:29:17,920 Speaker 1: all right, But that's gonna do it for today's episode. 636 00:29:18,000 --> 00:29:20,440 Speaker 1: We'll have show notes up on our website, including all 637 00:29:20,520 --> 00:29:23,640 Speaker 1: the links that we've discussed today. That's right, And if 638 00:29:23,640 --> 00:29:25,000 Speaker 1: you've been listening to the show for a while, we 639 00:29:25,040 --> 00:29:27,240 Speaker 1: would be incredibly grateful if you went over and left 640 00:29:27,320 --> 00:29:30,240 Speaker 1: us a review over at Apple Podcasts. Here's the thing 641 00:29:30,240 --> 00:29:33,320 Speaker 1: I don't exactly know how it helps us, but we 642 00:29:33,400 --> 00:29:35,720 Speaker 1: know that it does. It is just it's impossible to 643 00:29:35,800 --> 00:29:37,840 Speaker 1: quantify though. Either way. We would love for you to 644 00:29:37,840 --> 00:29:40,280 Speaker 1: do that, to share your thoughts about the show with 645 00:29:40,320 --> 00:29:43,240 Speaker 1: other people, and that will help them to find our show. 646 00:29:43,280 --> 00:29:47,200 Speaker 1: It'll help them to ultimately make smarter moves with their money. 647 00:29:47,360 --> 00:29:50,400 Speaker 1: We hope everyone has a great holiday weekend, uh and 648 00:29:50,600 --> 00:29:53,120 Speaker 1: we'll have a new Ask How the Money episode here 649 00:29:53,120 --> 00:29:56,360 Speaker 1: for you on Monday, Joel. Until next time, Best Friends Out, 650 00:29:56,400 --> 00:30:02,360 Speaker 1: Best Friends Out. M