1 00:00:00,120 --> 00:00:02,760 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt, 2 00:00:02,880 --> 00:00:06,960 Speaker 1: and today we're discussing the new relief Bill, predictions, and 3 00:00:07,040 --> 00:00:29,880 Speaker 1: getting paid in bitcoin. Joel, Happy New Year's buddy, Happy 4 00:00:29,960 --> 00:00:31,639 Speaker 1: New Year to you, my friend. Happy New Year to 5 00:00:31,800 --> 00:00:34,720 Speaker 1: all our listeners out there. I'm sure everyone is excited 6 00:00:34,760 --> 00:00:37,640 Speaker 1: for to be over and done with move on to 7 00:00:37,880 --> 00:00:40,320 Speaker 1: a new year. I'm pretty sure everyone is just ready 8 00:00:40,520 --> 00:00:43,080 Speaker 1: for us to stop saying, ah, we're so looking forward to, 9 00:00:43,880 --> 00:00:46,280 Speaker 1: We're so ready for behind. All right, let's stop that. 10 00:00:46,320 --> 00:00:48,000 Speaker 1: Let's just be like, all right, we're thankful. Let's keep 11 00:00:48,040 --> 00:00:50,640 Speaker 1: moving on. It's gonna be a good year. But yeah, 12 00:00:50,640 --> 00:00:53,040 Speaker 1: we got a lot to talk about today on the show, Matt. 13 00:00:53,479 --> 00:00:55,279 Speaker 1: But before we get there, I wanted to ask you. 14 00:00:55,840 --> 00:00:59,440 Speaker 1: Did your kiddos have a favorite Christmas present that that 15 00:00:59,520 --> 00:01:02,680 Speaker 1: they received last week? No, because we don't do Christmas 16 00:01:02,720 --> 00:01:07,480 Speaker 1: presidents anymore. I'm being in your family. What about you, 17 00:01:07,480 --> 00:01:08,800 Speaker 1: I guess do you have one in mind? What your 18 00:01:08,840 --> 00:01:10,960 Speaker 1: Your kids really don't really get him Christmas? They've got 19 00:01:10,959 --> 00:01:13,240 Speaker 1: guests and to think about it first. Alright, alright, I 20 00:01:13,319 --> 00:01:16,360 Speaker 1: was like, you are the Grinch himself? Yes? No, So 21 00:01:16,440 --> 00:01:19,880 Speaker 1: I got my kids a trampoline, and I gotta say 22 00:01:19,920 --> 00:01:22,880 Speaker 1: I think it was the best gift that they got 23 00:01:23,040 --> 00:01:25,240 Speaker 1: one the day that they got it. I gave it 24 00:01:25,280 --> 00:01:27,280 Speaker 1: to him on Christmas Eve. It was raining here and 25 00:01:27,319 --> 00:01:28,880 Speaker 1: they still got out and played for like a long 26 00:01:28,920 --> 00:01:31,039 Speaker 1: time and it was awesome to watch. But it's like, 27 00:01:31,080 --> 00:01:33,040 Speaker 1: kind of they caught pneumonious, so it was a worth 28 00:01:33,040 --> 00:01:35,400 Speaker 1: it or not. But it really is like the perfect 29 00:01:35,400 --> 00:01:39,920 Speaker 1: pandemic gift because they're getting exercise, they're they're outside, they 30 00:01:39,959 --> 00:01:42,600 Speaker 1: want to be outside. Um and you know, all three 31 00:01:42,680 --> 00:01:44,360 Speaker 1: kids were enjoying it, even the one year old. So 32 00:01:44,480 --> 00:01:46,240 Speaker 1: I don't know, I think the trampoline was a major 33 00:01:46,319 --> 00:01:48,520 Speaker 1: hit this year. Is is essy the egg? Does he 34 00:01:48,560 --> 00:01:50,040 Speaker 1: sit in the middle while the girls hop around They 35 00:01:50,040 --> 00:01:52,360 Speaker 1: try to crack the egg pretty much what's called crack 36 00:01:52,600 --> 00:01:53,640 Speaker 1: Guess what we called it when I was a kid. 37 00:01:53,680 --> 00:01:55,360 Speaker 1: You like, sit in the middle, you wrap your arms 38 00:01:55,400 --> 00:01:57,560 Speaker 1: around your knees, and everyone jumps around you until you 39 00:01:57,600 --> 00:01:59,800 Speaker 1: like basically cracked the egg right until you put your 40 00:01:59,880 --> 00:02:02,600 Speaker 1: arm sound to brace yourself. I still love that game. Yeah, 41 00:02:02,640 --> 00:02:07,080 Speaker 1: it's probably not the best for a year old. Clarify 42 00:02:07,200 --> 00:02:09,120 Speaker 1: to folks, we are not being serious at all. That 43 00:02:09,120 --> 00:02:11,360 Speaker 1: that would be a one year old place on the trampoline. 44 00:02:11,360 --> 00:02:13,520 Speaker 1: But uh, how much was the trampoline? Did you buy 45 00:02:13,560 --> 00:02:16,519 Speaker 1: it at Costco on a Costco? No, No, it was 46 00:02:16,639 --> 00:02:18,120 Speaker 1: it was a Black Friday deal. I think it was 47 00:02:18,120 --> 00:02:20,920 Speaker 1: a hundred and thirty five dollars. It's way cheaper than 48 00:02:20,960 --> 00:02:22,960 Speaker 1: I was thinking it would be. Yeah, honestly, it wasn't 49 00:02:23,000 --> 00:02:24,560 Speaker 1: too bad. I was in my mind, that's like a 50 00:02:24,560 --> 00:02:27,200 Speaker 1: three to four hundred, maybe even like five gift. Yeah, 51 00:02:27,280 --> 00:02:29,120 Speaker 1: no for something. I thought it was two. And then 52 00:02:29,160 --> 00:02:30,400 Speaker 1: I looked into it and I was like, oh, wow, 53 00:02:30,440 --> 00:02:32,560 Speaker 1: you can get a trampoline for a resonable price, and 54 00:02:32,600 --> 00:02:34,640 Speaker 1: I feel like the payoff is totally gonna be worth 55 00:02:34,639 --> 00:02:36,519 Speaker 1: that money too. Yes, as long as your kids don't 56 00:02:36,520 --> 00:02:39,280 Speaker 1: catch pneumonia or end up with like a broken ankle 57 00:02:39,320 --> 00:02:41,800 Speaker 1: of broken leg, which we have friends who have had 58 00:02:41,840 --> 00:02:43,800 Speaker 1: that happened to them. You just can't jump at the 59 00:02:43,800 --> 00:02:45,639 Speaker 1: same times your kids are jumping. That's how you break 60 00:02:45,680 --> 00:02:48,120 Speaker 1: the leg. That's what I've heard, Okay, But for us, Uh, 61 00:02:48,120 --> 00:02:50,120 Speaker 1: it's we'll go in a very different direction, which is 62 00:02:50,560 --> 00:02:53,720 Speaker 1: we've got a couple of sets of magnet tiles, which 63 00:02:53,880 --> 00:02:55,639 Speaker 1: do you'll you'll have some of those as we do. Yeah, 64 00:02:55,840 --> 00:02:57,680 Speaker 1: we've got a couple of sets that we've combined into this, 65 00:02:57,760 --> 00:03:01,400 Speaker 1: like one massive set of Magnets I uh, and the 66 00:03:01,480 --> 00:03:05,920 Speaker 1: girls got a Marble Run addition, and so basically it 67 00:03:05,960 --> 00:03:09,519 Speaker 1: turns their castles and buildings and cafes, just the different 68 00:03:09,600 --> 00:03:12,600 Speaker 1: things that they make into having this marble run that 69 00:03:12,639 --> 00:03:14,520 Speaker 1: kind of goes through it as well. So for them 70 00:03:14,560 --> 00:03:16,600 Speaker 1: and just having something like that where they can create, 71 00:03:16,919 --> 00:03:19,720 Speaker 1: where the options are kind of limitless, is a huge 72 00:03:19,720 --> 00:03:21,880 Speaker 1: win in my book. They love it. Super affordable, it 73 00:03:21,919 --> 00:03:23,919 Speaker 1: is not much money at all, and like those other 74 00:03:23,960 --> 00:03:26,040 Speaker 1: Magnetols sets were able to, I mean, you can combine 75 00:03:26,080 --> 00:03:28,400 Speaker 1: them into one massive sets. So it's not like I 76 00:03:28,400 --> 00:03:30,480 Speaker 1: don't know, one type of lego that's you have to 77 00:03:30,560 --> 00:03:33,120 Speaker 1: keep you know, siloed from these other legos because it 78 00:03:33,120 --> 00:03:35,200 Speaker 1: doesn't quite fit or you don't want the pieces to 79 00:03:35,200 --> 00:03:37,560 Speaker 1: to get mixed up. But that being said, uh, the 80 00:03:37,600 --> 00:03:40,320 Speaker 1: girls have also been playing a ton with cardboard boxes, 81 00:03:42,080 --> 00:03:44,840 Speaker 1: which also serves the same purpose. Right, you build with 82 00:03:44,880 --> 00:03:47,840 Speaker 1: these things and there are limitless options. So you know, 83 00:03:47,840 --> 00:03:50,520 Speaker 1: when we got the wood stove, uh, I installed it myself, 84 00:03:50,520 --> 00:03:52,920 Speaker 1: and there's a lot of chimney and stovepipe that you 85 00:03:52,960 --> 00:03:55,000 Speaker 1: have to purchase, and all these pipes showed up in 86 00:03:55,000 --> 00:03:57,600 Speaker 1: these massive boxes. While we've cut those boxes around, and 87 00:03:57,600 --> 00:04:00,280 Speaker 1: that's what the girls have been playing with. And dude, 88 00:04:00,360 --> 00:04:02,680 Speaker 1: I'm not even kidding. They've been building like benches out 89 00:04:02,680 --> 00:04:05,560 Speaker 1: of them. They've made slides, surfboards, they turned one of 90 00:04:05,560 --> 00:04:08,600 Speaker 1: the bigger ones into a boat. But these are all 91 00:04:09,120 --> 00:04:13,240 Speaker 1: completely free pieces of entertainment that they've received. Uh, And 92 00:04:13,320 --> 00:04:15,640 Speaker 1: they are still sticking around our house. It's been close 93 00:04:15,680 --> 00:04:18,120 Speaker 1: to a month now that they've been playing with these things. Uh, 94 00:04:18,240 --> 00:04:20,240 Speaker 1: no joke, they've been playing with those things more than 95 00:04:20,279 --> 00:04:23,040 Speaker 1: they have any other toy in our entire house. Sometimes 96 00:04:23,080 --> 00:04:24,760 Speaker 1: it's kind of fun to see that that the kids 97 00:04:24,800 --> 00:04:28,120 Speaker 1: ridiculous gravitate towards the free stuff. And then sometimes it's infuriating, 98 00:04:28,360 --> 00:04:30,600 Speaker 1: like play with the stuff that costs us money, trying 99 00:04:30,600 --> 00:04:32,400 Speaker 1: to think of the perfect gift, and here you are 100 00:04:32,440 --> 00:04:35,440 Speaker 1: literally playing with a box for for weeks. It's amazing 101 00:04:35,440 --> 00:04:37,400 Speaker 1: how kids do that. But I also love it though, 102 00:04:37,400 --> 00:04:39,240 Speaker 1: because it just proves that you don't need, you know, 103 00:04:39,440 --> 00:04:42,000 Speaker 1: tons of fancy stuff. Just get yourself some quality toys 104 00:04:42,080 --> 00:04:44,159 Speaker 1: or find whatever it is that resonates with your kids 105 00:04:44,240 --> 00:04:46,200 Speaker 1: the most. Hopefully that's what a lot of our listeners 106 00:04:46,240 --> 00:04:48,920 Speaker 1: are this past Christmas. Over the past holidays, they didn't 107 00:04:48,920 --> 00:04:51,760 Speaker 1: spend too much money, but they're able to defind you know, 108 00:04:51,880 --> 00:04:53,640 Speaker 1: a few of those items that really strike a chord 109 00:04:53,720 --> 00:04:56,240 Speaker 1: with their kids. Yeah, and if anybody out there found 110 00:04:56,279 --> 00:04:59,400 Speaker 1: the perfect gift, inexpensive gift for for their kids or 111 00:04:59,520 --> 00:05:02,360 Speaker 1: expensive you, I don't know, Sometimes it's worth spending money, right, 112 00:05:02,400 --> 00:05:04,320 Speaker 1: like to see the smile on your kids faces and 113 00:05:04,320 --> 00:05:06,200 Speaker 1: and to see something that they're going to use for 114 00:05:06,400 --> 00:05:08,760 Speaker 1: months and months and months and maybe years to come. Uh, 115 00:05:08,920 --> 00:05:10,360 Speaker 1: let us know in the Facebook group, I'd love to 116 00:05:10,400 --> 00:05:12,479 Speaker 1: hear what you got for your kids as Christmas. Sometimes 117 00:05:12,480 --> 00:05:14,359 Speaker 1: it's just random stuff to Kate, just something about a 118 00:05:14,360 --> 00:05:16,080 Speaker 1: friend of hers. This is another one I just thought of. 119 00:05:16,320 --> 00:05:18,839 Speaker 1: And every year they feel the kids stockings, they go 120 00:05:18,839 --> 00:05:21,320 Speaker 1: to the hardware store and they just buy random pieces 121 00:05:21,320 --> 00:05:25,200 Speaker 1: of hardware like little clips and weird looking springs and 122 00:05:25,279 --> 00:05:27,200 Speaker 1: just kind of just random looking stuff that you see 123 00:05:27,240 --> 00:05:29,719 Speaker 1: kids collect anyway, and they will fill their stocking with 124 00:05:29,760 --> 00:05:31,800 Speaker 1: a bunch of those items and the kids just have 125 00:05:31,880 --> 00:05:33,880 Speaker 1: a blast. You know, they don't know what these things are, 126 00:05:33,960 --> 00:05:35,640 Speaker 1: but there's still a ton of fun and the best 127 00:05:35,640 --> 00:05:37,839 Speaker 1: of all, they don't cost any money, right or very little, 128 00:05:37,920 --> 00:05:39,480 Speaker 1: very little. You don't he don't go to the hardware 129 00:05:39,480 --> 00:05:42,719 Speaker 1: store and steal stuff, but they probably could have just 130 00:05:42,720 --> 00:05:44,320 Speaker 1: like dug up in your backyard and found some of 131 00:05:44,360 --> 00:05:45,960 Speaker 1: that stuff for free. To also true, we have a 132 00:05:46,000 --> 00:05:48,040 Speaker 1: lot of trash treasures in the backyard for sure. All right, 133 00:05:48,120 --> 00:05:50,560 Speaker 1: let's get onto the Friday Flight sampling of stories that 134 00:05:50,600 --> 00:05:53,240 Speaker 1: Matt and I found interesting this week that relate back 135 00:05:53,240 --> 00:05:56,680 Speaker 1: to your personal finances. And we call our Friday episodes 136 00:05:56,720 --> 00:05:58,960 Speaker 1: the Friday Flight because Matt and I on most of 137 00:05:58,960 --> 00:06:01,480 Speaker 1: the other episodes we drink beer. Uh, we like beer, 138 00:06:01,560 --> 00:06:04,640 Speaker 1: and you know, typically you go somewhere craft beers, yeah, 139 00:06:04,680 --> 00:06:06,640 Speaker 1: the best craft beers. And typically you go somewhere to 140 00:06:06,640 --> 00:06:08,320 Speaker 1: get a craft beer and you can order a flight 141 00:06:08,800 --> 00:06:11,159 Speaker 1: of you know, a sample of a few different kinds 142 00:06:11,160 --> 00:06:13,160 Speaker 1: of beers that you want to try. And that's kind 143 00:06:13,160 --> 00:06:15,039 Speaker 1: of what our Friday episodes are. There a sampling of 144 00:06:15,080 --> 00:06:17,240 Speaker 1: different stories that are going to impact the way that 145 00:06:17,320 --> 00:06:19,440 Speaker 1: you think about money. All the good stuff, none of 146 00:06:19,440 --> 00:06:21,880 Speaker 1: the stuff you don't want. That's what we try for. 147 00:06:22,279 --> 00:06:24,159 Speaker 1: All right, let's talk a couple of stories. You know, 148 00:06:24,160 --> 00:06:27,839 Speaker 1: there was one Matt about a an NFL player, Russell Okum. 149 00:06:28,040 --> 00:06:30,279 Speaker 1: Never heard of him. Okay, yeah, I think i'd heard 150 00:06:30,279 --> 00:06:31,800 Speaker 1: his name, but I couldn't tell you who he plays 151 00:06:31,839 --> 00:06:34,800 Speaker 1: for a position actually, But it's there were all these 152 00:06:34,880 --> 00:06:37,560 Speaker 1: articles floating around that were saying that that this player 153 00:06:37,600 --> 00:06:39,760 Speaker 1: gets paid in bitcoin, and I was like, what the 154 00:06:39,839 --> 00:06:42,240 Speaker 1: NFL is paying people in bitcoin? Now, that's crazy. But 155 00:06:42,520 --> 00:06:45,520 Speaker 1: it turns out that's not entirely accurate. He doesn't actually 156 00:06:45,520 --> 00:06:48,880 Speaker 1: get paid in cryptocurrency. Instead, he actually chooses to invest 157 00:06:48,920 --> 00:06:52,080 Speaker 1: about half of his salary in bitcoin. So obviously that's 158 00:06:52,080 --> 00:06:54,839 Speaker 1: a big difference, but it's an interesting strategy. Is not 159 00:06:54,920 --> 00:06:57,719 Speaker 1: one that I would consider putting half of my salary 160 00:06:57,720 --> 00:06:59,920 Speaker 1: into bitcoin, But then again, Matt, I don't make millions 161 00:06:59,920 --> 00:07:02,360 Speaker 1: of dollars and I, you know, I think yet, buddy, 162 00:07:02,560 --> 00:07:04,760 Speaker 1: not yet. And I guess if if I did, I 163 00:07:04,760 --> 00:07:07,359 Speaker 1: could stand to have a riskier investing strategy, do a 164 00:07:07,360 --> 00:07:09,760 Speaker 1: little more speculation. But still just interesting to see that 165 00:07:09,800 --> 00:07:12,320 Speaker 1: someone is that bullish on bigcoin that they're they're putting 166 00:07:12,320 --> 00:07:14,160 Speaker 1: half of their salary there. Yeah. Well, and since we're 167 00:07:14,160 --> 00:07:17,480 Speaker 1: talking the intersection of money in sports. Dude, it turns 168 00:07:17,520 --> 00:07:20,840 Speaker 1: out that your favorite store, Costco, is selling a baseball 169 00:07:20,920 --> 00:07:23,640 Speaker 1: that was signed by Babe Ruth. Like literally, it was 170 00:07:23,640 --> 00:07:26,400 Speaker 1: signed by the man himself. Uh, it'll only set you 171 00:07:26,440 --> 00:07:30,200 Speaker 1: back sixty four thousand dollars or actually right at two bitcoins. 172 00:07:30,320 --> 00:07:33,040 Speaker 1: That's a good point. Yeah. So not only can you 173 00:07:33,080 --> 00:07:36,680 Speaker 1: purchase a seven pound tub of new Tela at Costco, 174 00:07:36,800 --> 00:07:40,239 Speaker 1: you can also pick up all sorts of different sports memorabilia. 175 00:07:40,360 --> 00:07:41,920 Speaker 1: And I will say, you don't want to put your 176 00:07:41,920 --> 00:07:45,040 Speaker 1: baby brute tign baseball in that seven po loses all 177 00:07:45,040 --> 00:07:47,720 Speaker 1: its time. Yeah, and so I don't. It's it's worth mentioning. Man. 178 00:07:47,760 --> 00:07:50,680 Speaker 1: This is definitely a check mark in favor of Costco 179 00:07:50,760 --> 00:07:54,400 Speaker 1: in the Costco versus all the debates. Can you can 180 00:07:54,400 --> 00:07:56,960 Speaker 1: buy over price sports memorabilia? Oh yeah that, but I 181 00:07:57,000 --> 00:07:58,880 Speaker 1: mean there's all sorts of random stuff. I went digging 182 00:07:58,880 --> 00:08:00,920 Speaker 1: a little bit and I saw at Costco you can 183 00:08:01,080 --> 00:08:04,560 Speaker 1: like they they'll sell a twenty bottle of whiskey. And 184 00:08:04,560 --> 00:08:06,040 Speaker 1: I don't know what they do with this stuff because 185 00:08:06,240 --> 00:08:08,000 Speaker 1: that the one actually walk in the store see that, 186 00:08:08,120 --> 00:08:09,800 Speaker 1: and you know, well, yeah, yeah, let's put that on 187 00:08:09,840 --> 00:08:13,080 Speaker 1: my AMX Gold card. Like it's just well, it's visa 188 00:08:13,120 --> 00:08:15,000 Speaker 1: only at Costco, so just let me know, is it. Yeah, 189 00:08:15,280 --> 00:08:18,160 Speaker 1: I'm not a members, I don't know anyway. Yeah, that's 190 00:08:18,160 --> 00:08:20,200 Speaker 1: definitely not something that you you would purchase at Aldi, 191 00:08:20,280 --> 00:08:23,040 Speaker 1: that's for sure, that's true. Now they don't have whiskey 192 00:08:23,120 --> 00:08:25,200 Speaker 1: that costs anywhere near that and actually, you know where 193 00:08:25,240 --> 00:08:28,000 Speaker 1: we live, Aldi isn't allowed to sell whiskey. Sadly they 194 00:08:28,840 --> 00:08:31,240 Speaker 1: can't sell bere um. But all right, let's get onto 195 00:08:31,360 --> 00:08:33,720 Speaker 1: yet the biggest story of this week, Matt, and that 196 00:08:33,840 --> 00:08:35,760 Speaker 1: is the relief bill that was passed last week and 197 00:08:35,800 --> 00:08:38,440 Speaker 1: signed into law earlier this week. We touched on this 198 00:08:38,520 --> 00:08:41,240 Speaker 1: last Friday briefly, but now that's official, it's time to 199 00:08:41,280 --> 00:08:43,720 Speaker 1: dive into the details and what they mean for you. 200 00:08:44,240 --> 00:08:47,040 Speaker 1: The most notable provision is that another round of stimulus 201 00:08:47,120 --> 00:08:51,280 Speaker 1: checks are included at six dollars per person, including adults 202 00:08:51,320 --> 00:08:54,160 Speaker 1: and children. That's only half of what people received last year, 203 00:08:54,160 --> 00:08:56,080 Speaker 1: so I know a lot of folks are bummed. There's 204 00:08:56,120 --> 00:08:58,959 Speaker 1: been a lot of people writing about the fact that 205 00:08:59,000 --> 00:09:01,720 Speaker 1: the stimulus is kind on a lame in comparison, but 206 00:09:01,800 --> 00:09:04,760 Speaker 1: that does mean that a family of four would receives 207 00:09:05,040 --> 00:09:08,440 Speaker 1: and those funds are already being deposited into accounts, according 208 00:09:08,480 --> 00:09:10,679 Speaker 1: to the Treasury Secretary. So, yeah, if you received a 209 00:09:10,720 --> 00:09:13,280 Speaker 1: stimulus the last time around, you should still qualify this 210 00:09:13,320 --> 00:09:15,199 Speaker 1: time and keep an eye on your account because it 211 00:09:15,240 --> 00:09:17,400 Speaker 1: should be showing up shortly. Yeah. So let's talk about 212 00:09:17,400 --> 00:09:20,800 Speaker 1: the requirements that will determine how much money you'll get. Uh. 213 00:09:20,880 --> 00:09:23,960 Speaker 1: You will receive that full stimulus amount if you're single, 214 00:09:24,160 --> 00:09:26,760 Speaker 1: and if you have an adjusted gross income of seventy 215 00:09:27,440 --> 00:09:30,760 Speaker 1: dollars or less, or if you're married and filing jointly, 216 00:09:31,240 --> 00:09:32,960 Speaker 1: you will receive the full amount. If you earn a 217 00:09:33,040 --> 00:09:35,720 Speaker 1: hundred and fifty thou dollars or less, you know, above 218 00:09:35,760 --> 00:09:38,640 Speaker 1: those limits, your payments will decrease by five dollars per 219 00:09:38,640 --> 00:09:41,880 Speaker 1: one hundred dollars you make over that threshold. But again, 220 00:09:41,920 --> 00:09:44,199 Speaker 1: if you make that amount or less, you are entitled 221 00:09:44,240 --> 00:09:46,960 Speaker 1: to the full amounts. Uh. And also you might have 222 00:09:47,040 --> 00:09:49,720 Speaker 1: heard of the two thousand dollar check being kind of 223 00:09:49,720 --> 00:09:52,920 Speaker 1: tossed around, being talked about. It was proposed by the president, 224 00:09:53,240 --> 00:09:55,839 Speaker 1: but at this point that is not happening. Uh. It 225 00:09:55,880 --> 00:09:58,760 Speaker 1: kind of remains a political football. Um, there's you know, 226 00:09:58,760 --> 00:10:01,840 Speaker 1: potential for more stimulan us in relief later in the year, 227 00:10:02,080 --> 00:10:04,640 Speaker 1: but not in this round. Yeah, not right now. So 228 00:10:04,640 --> 00:10:06,400 Speaker 1: so what do people need to do? Well, just like 229 00:10:06,400 --> 00:10:08,400 Speaker 1: the stimulus checks last year, these payments aren't going to 230 00:10:08,440 --> 00:10:10,600 Speaker 1: be taxed and they should start showing up in your 231 00:10:10,640 --> 00:10:14,240 Speaker 1: account automatically, and especially if you receive the check last year, 232 00:10:14,360 --> 00:10:16,280 Speaker 1: you shouldn't have to do anything. You can check the 233 00:10:16,280 --> 00:10:19,040 Speaker 1: status of your payment under the get my payment section 234 00:10:19,160 --> 00:10:20,840 Speaker 1: at i r S dot gov. Will We'll put that 235 00:10:20,880 --> 00:10:22,920 Speaker 1: link in our show notes, but at the time of 236 00:10:22,960 --> 00:10:27,000 Speaker 1: this recording that page is being updated, so yeah, hopefully 237 00:10:27,000 --> 00:10:28,880 Speaker 1: it'll be back up soon. Some people can check the 238 00:10:28,880 --> 00:10:32,280 Speaker 1: status of where they're at, because obviously this is much 239 00:10:32,320 --> 00:10:35,200 Speaker 1: anticipated money that people are looking forward to in many 240 00:10:35,240 --> 00:10:38,280 Speaker 1: Americans who are continuing to struggle during this time actually 241 00:10:38,360 --> 00:10:40,360 Speaker 1: really need. Yeah, there's a decent chance by the time 242 00:10:40,400 --> 00:10:42,160 Speaker 1: you're listening to this episode you might have that money 243 00:10:42,200 --> 00:10:44,760 Speaker 1: in your account, which would be amazing. Another big aspect 244 00:10:44,800 --> 00:10:48,360 Speaker 1: of the relief bill are the federal unemployment benefits. Since 245 00:10:48,440 --> 00:10:51,880 Speaker 1: last July, folks without work have had three dollars per 246 00:10:51,880 --> 00:10:55,240 Speaker 1: week in federal benefits on top of any state unemployment 247 00:10:55,600 --> 00:10:59,679 Speaker 1: um but that assistance was set to expire December thirty one, yesterday, 248 00:10:59,760 --> 00:11:03,400 Speaker 1: but the new relief bill extended that for another eleven weeks. Uh, 249 00:11:03,400 --> 00:11:06,439 Speaker 1: and that will remain until March fourteen. Yeah. What was 250 00:11:06,480 --> 00:11:08,160 Speaker 1: interesting Matt too, and this was that there were some 251 00:11:08,200 --> 00:11:10,719 Speaker 1: talks about the benefits elapsing because there was a delay 252 00:11:10,800 --> 00:11:13,400 Speaker 1: in signing the bill into law. But the Department of 253 00:11:13,480 --> 00:11:15,800 Speaker 1: Labor just sent out a news release and there's not 254 00:11:15,880 --> 00:11:18,120 Speaker 1: going to be a lapse in benefits, which is great 255 00:11:18,200 --> 00:11:21,240 Speaker 1: for people who are on the unemployment roles right now. 256 00:11:21,559 --> 00:11:23,520 Speaker 1: So we'll link to that news release if you'd like 257 00:11:23,559 --> 00:11:25,400 Speaker 1: to read it straight from the source. Will also include 258 00:11:25,440 --> 00:11:27,760 Speaker 1: a link to a helpful table that includes all the 259 00:11:27,800 --> 00:11:33,680 Speaker 1: benefit programs like Pandemic Unemployment Assistance and as I like that, 260 00:11:33,800 --> 00:11:37,360 Speaker 1: that's uh. Who also the pig in Molana I believe? Yeah, 261 00:11:37,480 --> 00:11:40,080 Speaker 1: well I didn't know that. I only know that because 262 00:11:40,120 --> 00:11:41,800 Speaker 1: my kids have watched it a million times with me 263 00:11:41,960 --> 00:11:43,760 Speaker 1: right there. But yeah, what we'll put links to all 264 00:11:43,760 --> 00:11:46,600 Speaker 1: that important stuff, not a link to watch mo wanna, 265 00:11:46,679 --> 00:11:48,800 Speaker 1: but all the other stuff in in the show notes 266 00:11:48,840 --> 00:11:51,520 Speaker 1: on our website. Yeah, and the relief will also included 267 00:11:51,559 --> 00:11:55,040 Speaker 1: a lots of other provisions and benefits like targeted relief 268 00:11:55,200 --> 00:11:59,280 Speaker 1: to specific industries and and changes to flexible spending accounts 269 00:11:59,280 --> 00:12:01,880 Speaker 1: things like that as well. Will continue to unpack all 270 00:12:01,920 --> 00:12:03,679 Speaker 1: of this because there was a lot in there. They 271 00:12:03,679 --> 00:12:05,720 Speaker 1: packed a lot into this bill. Uh, there's a lot 272 00:12:05,760 --> 00:12:08,280 Speaker 1: that was included. But we'll save more that actually for 273 00:12:08,360 --> 00:12:10,360 Speaker 1: next week. All right, and let's talk about something that 274 00:12:10,679 --> 00:12:13,199 Speaker 1: wasn't included in this bill, Matt and kind of shockingly 275 00:12:13,320 --> 00:12:15,880 Speaker 1: to a lot of people, Uh, it was that there 276 00:12:16,000 --> 00:12:18,720 Speaker 1: wasn't any sort of extension on student loan forbearance. So 277 00:12:18,760 --> 00:12:22,079 Speaker 1: that means that federal student loans will resume come February one. 278 00:12:22,600 --> 00:12:26,200 Speaker 1: And according to Forbes, some borrowers have actually already received 279 00:12:26,280 --> 00:12:29,559 Speaker 1: notices letting them know that their payments will be restarting. 280 00:12:29,840 --> 00:12:31,760 Speaker 1: So that's kind of one of those things. Student loans 281 00:12:31,760 --> 00:12:34,880 Speaker 1: have been this hot button topic, and it was assumed 282 00:12:34,920 --> 00:12:38,800 Speaker 1: that some extra forbearance a longer period of not having 283 00:12:38,880 --> 00:12:40,839 Speaker 1: to pay on those student loans might make its way 284 00:12:40,880 --> 00:12:42,920 Speaker 1: into this bill, but it didn't write. But uh, student 285 00:12:42,960 --> 00:12:46,599 Speaker 1: loan provision that was included. The government is allowing employers 286 00:12:46,600 --> 00:12:50,280 Speaker 1: to continue to make payments either directly to an employee 287 00:12:50,320 --> 00:12:53,679 Speaker 1: with student loans or to the lender directly who they 288 00:12:53,679 --> 00:12:56,160 Speaker 1: had their loans with UH. And these payments will be 289 00:12:56,200 --> 00:12:59,040 Speaker 1: tax free, so you know, these payments can be up 290 00:12:59,040 --> 00:13:02,800 Speaker 1: to five thousand, fifty dollars per year per employee. And 291 00:13:02,800 --> 00:13:04,520 Speaker 1: so the reason we mentioned this is UH is that 292 00:13:04,559 --> 00:13:06,840 Speaker 1: this is something worth asking your employer about if you 293 00:13:06,880 --> 00:13:10,120 Speaker 1: haven't heard about this being offered where you work, and specifically, 294 00:13:10,160 --> 00:13:14,120 Speaker 1: it's called the Employer Student Loan Repayment Assistance Program UH. 295 00:13:14,120 --> 00:13:18,480 Speaker 1: And so your employer is entitled to UH an employer 296 00:13:18,559 --> 00:13:22,320 Speaker 1: Student Loan Repayment assistance, tax deduction or a tax credit 297 00:13:22,480 --> 00:13:24,200 Speaker 1: if they were to take part in this. But this 298 00:13:24,240 --> 00:13:26,000 Speaker 1: is the program that you should be looking for UH 299 00:13:26,120 --> 00:13:28,240 Speaker 1: if you're interested in that. It might be something that 300 00:13:28,280 --> 00:13:30,679 Speaker 1: your employer is offering as an additional perk. It could 301 00:13:30,679 --> 00:13:33,200 Speaker 1: also be something that certain employers might be rolling into 302 00:13:33,280 --> 00:13:36,840 Speaker 1: compensation packages as additional benefits for their new hires as well, 303 00:13:36,880 --> 00:13:38,200 Speaker 1: So keep an eye out for that. Yeah, and if 304 00:13:38,240 --> 00:13:40,840 Speaker 1: you haven't heard about this UM where you work, you 305 00:13:40,840 --> 00:13:43,840 Speaker 1: can ask your HR person and see if it is 306 00:13:43,840 --> 00:13:45,840 Speaker 1: a benefit that you're entitled to, and if it's not, 307 00:13:46,000 --> 00:13:50,760 Speaker 1: it's worth demanding, maybe not demanding, maybe asking nicely, ask 308 00:13:50,800 --> 00:13:53,440 Speaker 1: impolitely because because this is the sort of thing that 309 00:13:53,440 --> 00:13:56,200 Speaker 1: that an employer might want to do in order to 310 00:13:56,240 --> 00:13:58,040 Speaker 1: retain talent. And at the same time it can be 311 00:13:58,040 --> 00:14:00,240 Speaker 1: a benefit both for you and the employer right in 312 00:14:00,280 --> 00:14:04,080 Speaker 1: retaining talent while also avoiding taxation. It can be better 313 00:14:04,120 --> 00:14:06,199 Speaker 1: than offering a bonus at the end of the year, 314 00:14:06,360 --> 00:14:08,600 Speaker 1: offering to pay a portion of your student loans instead. 315 00:14:08,800 --> 00:14:10,960 Speaker 1: And of course, by the way, with a new administration 316 00:14:11,040 --> 00:14:14,600 Speaker 1: coming in shortly, Matt, there could be even more changes 317 00:14:14,640 --> 00:14:18,480 Speaker 1: coming with student loans. And yeah, so so you know, 318 00:14:18,520 --> 00:14:20,680 Speaker 1: obviously we'll keep following this and we'll let you know 319 00:14:20,840 --> 00:14:23,920 Speaker 1: of any other changes that come about that are important 320 00:14:23,920 --> 00:14:25,880 Speaker 1: to you and your personal finances. All right, but we 321 00:14:25,960 --> 00:14:28,920 Speaker 1: got more to get to, including predictions about what's going 322 00:14:28,960 --> 00:14:31,480 Speaker 1: to happen this year in the economy. We'll get to that, 323 00:14:31,480 --> 00:14:43,520 Speaker 1: plus a couple more stories right after this break. Al Right, 324 00:14:43,560 --> 00:14:45,200 Speaker 1: we are back from the break. Before we get to, 325 00:14:45,600 --> 00:14:48,240 Speaker 1: you know, some thoughts on what the year holds ahead, dude, 326 00:14:48,280 --> 00:14:51,720 Speaker 1: let's let's talk quickly about reasons to be aware of 327 00:14:51,960 --> 00:14:56,440 Speaker 1: debit cards. I'm being weary. Uh, it's episode one nine. 328 00:14:56,680 --> 00:14:59,560 Speaker 1: We actually talked about uh in depth, you know, as 329 00:14:59,760 --> 00:15:02,600 Speaker 1: to the pros and cons of using cash, debit, or credit, 330 00:15:02,720 --> 00:15:05,000 Speaker 1: and we came down solidly on the side of using 331 00:15:05,040 --> 00:15:08,000 Speaker 1: credit cards to make your regular purchases if you can 332 00:15:08,000 --> 00:15:11,120 Speaker 1: pay that monthly bill in full and on time. We 333 00:15:11,160 --> 00:15:14,040 Speaker 1: saw recently a piece in the USA today, uh, and 334 00:15:14,040 --> 00:15:16,440 Speaker 1: it made us think how we should basically bring this 335 00:15:16,520 --> 00:15:18,440 Speaker 1: up again, you know. And the biggest reason that debit 336 00:15:18,480 --> 00:15:21,440 Speaker 1: cards aren't as smart of a choice is because of 337 00:15:21,480 --> 00:15:24,400 Speaker 1: the lack of consumer protections that they have. You could 338 00:15:24,440 --> 00:15:27,280 Speaker 1: be held liable for money that is spent from your 339 00:15:27,360 --> 00:15:30,880 Speaker 1: checking account if your card is lost or stolen. Uh. 340 00:15:30,960 --> 00:15:33,040 Speaker 1: And that's just not the case with credit cards. You know, 341 00:15:33,080 --> 00:15:35,680 Speaker 1: instead of fighting to reverse charges like you would with 342 00:15:35,680 --> 00:15:37,840 Speaker 1: a credit card company, instead you're gonna be fighting to 343 00:15:37,920 --> 00:15:41,040 Speaker 1: get actual money back that was taken out of your account. 344 00:15:41,040 --> 00:15:42,560 Speaker 1: A lot of it has to do with when you 345 00:15:42,640 --> 00:15:44,520 Speaker 1: notice that money was taking out of your account when 346 00:15:44,520 --> 00:15:46,800 Speaker 1: those expenses took place, because if you wait too long, 347 00:15:46,800 --> 00:15:48,640 Speaker 1: you're going to be on the hook not just for fees, 348 00:15:48,680 --> 00:15:51,160 Speaker 1: but a certain portion of the total amount that was 349 00:15:51,200 --> 00:15:53,840 Speaker 1: spent as well. Yeah. So that episode, I think had 350 00:15:53,960 --> 00:15:56,840 Speaker 1: some really good nuggets in in it about what payment 351 00:15:56,840 --> 00:15:59,880 Speaker 1: method you use and when each one makes sense. And yeah, 352 00:16:00,000 --> 00:16:02,280 Speaker 1: we would say debit cards. A lot of people like 353 00:16:02,360 --> 00:16:04,800 Speaker 1: to use debit cards they feel like the safest and 354 00:16:04,840 --> 00:16:07,240 Speaker 1: best way to pay for things, and that's actually not 355 00:16:07,320 --> 00:16:09,480 Speaker 1: the case. There are some negative elements to debit cards, 356 00:16:09,480 --> 00:16:11,640 Speaker 1: in particular what you just mentioned, matt All. Let's talk 357 00:16:11,640 --> 00:16:15,280 Speaker 1: about predictions, matt Um. We don't really have any big ones. 358 00:16:15,320 --> 00:16:17,480 Speaker 1: This show is not about you, and I'm making outlandish 359 00:16:17,480 --> 00:16:19,560 Speaker 1: predictions for the coming year. I wish it were. That'd 360 00:16:19,560 --> 00:16:21,120 Speaker 1: be kind of fun, but I don't know. Do you 361 00:16:21,160 --> 00:16:23,880 Speaker 1: do you have a random outlandish prediction you want to make. Oh, 362 00:16:23,920 --> 00:16:26,160 Speaker 1: maybe I'll predict that will go from a one car 363 00:16:26,200 --> 00:16:29,960 Speaker 1: family to a zero car family, just to outdo you guys. Okay, 364 00:16:30,280 --> 00:16:33,040 Speaker 1: that's outlandish truly, because I don't actually see that happening 365 00:16:33,040 --> 00:16:34,960 Speaker 1: for you. I yeah, I can't see how we would 366 00:16:34,960 --> 00:16:36,640 Speaker 1: actually be able to survive with no car. But I 367 00:16:36,680 --> 00:16:38,200 Speaker 1: bet there's folks out there who do it with four 368 00:16:38,280 --> 00:16:40,200 Speaker 1: kids as well. Yeah, yeah, maybe about so much of 369 00:16:40,240 --> 00:16:41,960 Speaker 1: that depends on where you live. To that is, zero 370 00:16:42,000 --> 00:16:44,680 Speaker 1: cars is is more possible in some places rather than 371 00:16:44,720 --> 00:16:46,720 Speaker 1: others if you have no kids and if you live 372 00:16:46,720 --> 00:16:48,480 Speaker 1: in a denser city. We don't we You and I 373 00:16:48,480 --> 00:16:50,280 Speaker 1: we live in the city here, we live in the 374 00:16:50,280 --> 00:16:52,120 Speaker 1: same neighborhood. But it's not like we're just a couple 375 00:16:52,160 --> 00:16:54,720 Speaker 1: of blocks from hopping on a train or something like that. Right, right, 376 00:16:54,880 --> 00:16:56,760 Speaker 1: all right, let's talk about some of the predictions floating 377 00:16:56,760 --> 00:16:59,360 Speaker 1: around right now that I think. I think of these 378 00:16:59,520 --> 00:17:01,640 Speaker 1: predictions ends at the beginning of the year or the 379 00:17:01,800 --> 00:17:05,879 Speaker 1: end of about what's gonna happen in one I think 380 00:17:06,040 --> 00:17:08,439 Speaker 1: most of them seem like this fool's Errand to me, 381 00:17:08,840 --> 00:17:12,199 Speaker 1: there are dozens of stories people making predictions about what 382 00:17:12,240 --> 00:17:14,040 Speaker 1: the American economy in the stock market is going to 383 00:17:14,119 --> 00:17:15,720 Speaker 1: do next year. And in fact, at the end of 384 00:17:15,760 --> 00:17:19,359 Speaker 1: twenty nineteen, the the median prediction was that the SNP 385 00:17:19,440 --> 00:17:23,639 Speaker 1: five would gain two point seven Well, in reality it 386 00:17:23,680 --> 00:17:26,440 Speaker 1: was up fift of the year, So most of we're 387 00:17:26,480 --> 00:17:29,000 Speaker 1: not just wrong, they were way way off right, And 388 00:17:29,040 --> 00:17:31,960 Speaker 1: that's after a thirty percent drop what back in March, 389 00:17:32,119 --> 00:17:35,120 Speaker 1: right exactly, And so like right after COVID became a reality, 390 00:17:35,520 --> 00:17:38,400 Speaker 1: it was then doom and glim predictions were all the rage. 391 00:17:38,400 --> 00:17:42,000 Speaker 1: It was like, how far is the stock market gonna drop? Um? 392 00:17:42,080 --> 00:17:44,960 Speaker 1: And and who could have really actually foreseen what happened 393 00:17:45,000 --> 00:17:49,440 Speaker 1: in happening in reality. So remember that when you see 394 00:17:49,480 --> 00:17:52,000 Speaker 1: these headlines touting what's gonna happen in the coming year, 395 00:17:52,359 --> 00:17:54,800 Speaker 1: that most of those articles are clickbait and they're not 396 00:17:54,840 --> 00:17:58,080 Speaker 1: going to actually be helpful to you and your personal 397 00:17:58,119 --> 00:18:01,119 Speaker 1: finance pursuits. This year. You can't predict what's going to happen. 398 00:18:01,240 --> 00:18:03,160 Speaker 1: So yeah, we would suggest that you just keep chugging 399 00:18:03,240 --> 00:18:06,760 Speaker 1: along and investing like you normally would. Typically those articles, 400 00:18:06,760 --> 00:18:09,879 Speaker 1: those predictions are more sizzle than steaks. I don't have. 401 00:18:09,880 --> 00:18:11,760 Speaker 1: The substance makes me think of the How the Money 402 00:18:11,840 --> 00:18:14,240 Speaker 1: Christmas party that the year in holiday party that we 403 00:18:14,240 --> 00:18:16,119 Speaker 1: had with our wives, you and I had some delicious steaks. 404 00:18:16,240 --> 00:18:17,520 Speaker 1: Did we did we actually say that we're going to 405 00:18:17,560 --> 00:18:19,800 Speaker 1: get steaks before this past Wednesday's episode, because that's what 406 00:18:19,840 --> 00:18:22,159 Speaker 1: we ended up doing, and they were some delicious local steaks. 407 00:18:22,200 --> 00:18:24,920 Speaker 1: They they were good, they were great. But yeah, just 408 00:18:24,920 --> 00:18:27,879 Speaker 1: just don't let those headlines, don't let that stuff influence 409 00:18:28,040 --> 00:18:30,159 Speaker 1: how it is that you invest your money. Just just 410 00:18:30,240 --> 00:18:33,600 Speaker 1: keep on keeping on. Yeah, obviously it's impossible to predict 411 00:18:33,640 --> 00:18:35,800 Speaker 1: what will happen with the stock market this year. But 412 00:18:35,880 --> 00:18:38,120 Speaker 1: there was this interesting piece in the Morning Star about 413 00:18:38,160 --> 00:18:40,399 Speaker 1: what spinning habits could look like this year. Uh, the 414 00:18:40,520 --> 00:18:44,359 Speaker 1: reality of vaccine rollouts could make a big difference in 415 00:18:44,400 --> 00:18:47,880 Speaker 1: some areas of consumer spending that were massively curbed last year, 416 00:18:48,440 --> 00:18:52,199 Speaker 1: including travel, dining out, in store shopping. These are all 417 00:18:52,280 --> 00:18:54,600 Speaker 1: industries and areas where I know I definitely spent a 418 00:18:54,640 --> 00:18:57,080 Speaker 1: lot less money, and so it'll certainly be interesting to 419 00:18:57,119 --> 00:18:59,920 Speaker 1: see the rate at which those categories make it come 420 00:19:00,000 --> 00:19:02,919 Speaker 1: back in our lives and in the economy in general 421 00:19:02,960 --> 00:19:05,199 Speaker 1: as well. And so much of that has to do 422 00:19:05,280 --> 00:19:08,600 Speaker 1: with how quickly the vaccine rollouts are happened, and it 423 00:19:08,600 --> 00:19:13,200 Speaker 1: looks like they're going a little bit slower than anticipated it. Evidently, 424 00:19:13,200 --> 00:19:15,440 Speaker 1: the the year end goal was for twenty million people 425 00:19:15,520 --> 00:19:18,400 Speaker 1: to be vaccinated by the end of twenty Which did 426 00:19:18,400 --> 00:19:21,960 Speaker 1: they just choose twenty million? Because it's like, like, guys, like, 427 00:19:22,080 --> 00:19:24,199 Speaker 1: was this based on anything other than just, you know, 428 00:19:24,240 --> 00:19:26,560 Speaker 1: wishful thinking or was there an actual plan? I don't know, 429 00:19:26,840 --> 00:19:29,760 Speaker 1: but I'm certainly obviously we're very happy to see that 430 00:19:29,840 --> 00:19:32,080 Speaker 1: more and more folks are getting vaccinated every single day. 431 00:19:32,240 --> 00:19:35,360 Speaker 1: Hopefully we'll be back to normal sooner than we realize. Yeah, 432 00:19:35,440 --> 00:19:37,920 Speaker 1: let's hope. So and let's keep talking about predictions a 433 00:19:37,960 --> 00:19:40,680 Speaker 1: little bit mad. The housing market continues to do incredibly well, 434 00:19:40,720 --> 00:19:44,000 Speaker 1: and predictions for this year from many housing experts point 435 00:19:44,040 --> 00:19:48,320 Speaker 1: towards the housing market continuing to see really good price increases. 436 00:19:48,600 --> 00:19:50,720 Speaker 1: Many folks were surprised to see how well real estate 437 00:19:50,760 --> 00:19:54,280 Speaker 1: did as a sector in despite the pandemic, and in fact, 438 00:19:54,359 --> 00:19:56,879 Speaker 1: COVID turned out to be more of an accelerator Matt 439 00:19:56,880 --> 00:19:59,960 Speaker 1: of the trends that we were already seeing in real estate, Well, 440 00:20:00,040 --> 00:20:03,320 Speaker 1: realtor dot com is making a prediction that home prices 441 00:20:03,359 --> 00:20:06,679 Speaker 1: will rise close to six in the coming year. Obviously, 442 00:20:06,720 --> 00:20:08,879 Speaker 1: we'll see what happens, but this prediction and whether it 443 00:20:08,880 --> 00:20:11,280 Speaker 1: occurs or not is going to be determined by a 444 00:20:11,359 --> 00:20:14,760 Speaker 1: number of factors, including what happens with interest rates and 445 00:20:14,800 --> 00:20:17,439 Speaker 1: whether they stay as low as they currently are, and 446 00:20:17,480 --> 00:20:20,080 Speaker 1: that remains to be seen. Yeah, Well, something else affecting 447 00:20:20,080 --> 00:20:23,480 Speaker 1: housing prices. Bidding wars man. They are still happening on 448 00:20:23,600 --> 00:20:25,919 Speaker 1: roughly fifty of homes that are up for sale. This 449 00:20:25,960 --> 00:20:29,879 Speaker 1: is according to redfin dot Com, and that means obviously, 450 00:20:29,920 --> 00:20:31,280 Speaker 1: you know, when you make an offer run a home 451 00:20:31,480 --> 00:20:34,359 Speaker 1: that you're interested in, that you're not alone bidding wars 452 00:20:34,359 --> 00:20:37,680 Speaker 1: have become insane in some markets, so people are having 453 00:20:37,680 --> 00:20:40,199 Speaker 1: to to resort to other interesting tactics in order to 454 00:20:40,280 --> 00:20:43,600 Speaker 1: buy a home. If you're hoping to buy a home, uh, 455 00:20:43,840 --> 00:20:45,680 Speaker 1: you know this coming year, you might need to make 456 00:20:45,720 --> 00:20:48,240 Speaker 1: some some strategy changes in order to make sure that 457 00:20:48,280 --> 00:20:50,440 Speaker 1: you are able to acquire that you're able to get 458 00:20:50,440 --> 00:20:52,560 Speaker 1: the home that you actually want. Yeah, let's talk about that, 459 00:20:52,560 --> 00:20:54,879 Speaker 1: Matt getting the house you want. There's a lot that 460 00:20:55,040 --> 00:20:58,440 Speaker 1: to play in in making that happen. That includes being 461 00:20:58,440 --> 00:21:01,080 Speaker 1: on top of what's going on in the market. So 462 00:21:01,119 --> 00:21:03,399 Speaker 1: you have to kind of be be studying your local 463 00:21:03,400 --> 00:21:05,360 Speaker 1: real estate market, and you have to know what things 464 00:21:05,400 --> 00:21:07,520 Speaker 1: are worth and know when things go up for sale. 465 00:21:07,760 --> 00:21:10,320 Speaker 1: You'll want to have an agent who knows the neighborhood 466 00:21:10,320 --> 00:21:13,240 Speaker 1: that you're interested in incredibly well so that he or 467 00:21:13,280 --> 00:21:15,760 Speaker 1: she is abreast of what's hitting the market and when 468 00:21:15,760 --> 00:21:17,720 Speaker 1: it's hitting the market. And Matt two, a lot of 469 00:21:17,760 --> 00:21:20,520 Speaker 1: homes are being sold before they even formally hit the market, 470 00:21:20,560 --> 00:21:22,840 Speaker 1: so that makes it even more crucial for your agent 471 00:21:22,920 --> 00:21:25,680 Speaker 1: to have kind of that insider on the ground knowledge 472 00:21:25,800 --> 00:21:28,040 Speaker 1: and know a lot of other realtors in the area 473 00:21:28,359 --> 00:21:30,919 Speaker 1: that can be the difference between you getting an awesome 474 00:21:30,960 --> 00:21:34,000 Speaker 1: home that you want or missing out completely. Also to 475 00:21:34,080 --> 00:21:36,080 Speaker 1: the more you can put down, the stronger it's going 476 00:21:36,119 --> 00:21:37,920 Speaker 1: to make your offer look. It can also help to 477 00:21:38,000 --> 00:21:41,119 Speaker 1: keep contingency periods short for the benefit of the seller, 478 00:21:41,440 --> 00:21:44,240 Speaker 1: as well as to develop a personal connection. You know, 479 00:21:44,400 --> 00:21:47,520 Speaker 1: writing something like a personalized letter can go a long 480 00:21:47,520 --> 00:21:50,040 Speaker 1: way towards making your offer stand out. Often a real 481 00:21:50,119 --> 00:21:53,760 Speaker 1: estate transaction can be incredibly impersonal, and that personalized letter 482 00:21:53,800 --> 00:21:55,960 Speaker 1: that you write to the seller can make everything feel 483 00:21:56,040 --> 00:21:59,040 Speaker 1: just a little bit more personal, and that can actually 484 00:21:59,040 --> 00:22:00,960 Speaker 1: help you potentially get house you're looking for. You know, 485 00:22:01,119 --> 00:22:03,920 Speaker 1: I know we specifically missed out on a house because 486 00:22:04,400 --> 00:22:08,200 Speaker 1: somebody that we're going up against had written a personalized letter. Yeah, 487 00:22:08,280 --> 00:22:10,480 Speaker 1: they had written about how much they love the neighborhood, 488 00:22:10,480 --> 00:22:12,800 Speaker 1: how they could see themselves, see herself in that house. 489 00:22:12,840 --> 00:22:15,000 Speaker 1: And the thing is the seller was also a single female, 490 00:22:15,440 --> 00:22:17,399 Speaker 1: and so we found that out after the fact. I 491 00:22:17,440 --> 00:22:20,800 Speaker 1: was like, dang it, no wonder she went with her 492 00:22:20,880 --> 00:22:23,320 Speaker 1: instead of Kate and I I'm just thinking about just 493 00:22:23,400 --> 00:22:25,240 Speaker 1: a great way to YEA, make sure to make you 494 00:22:25,240 --> 00:22:26,960 Speaker 1: stand out a little bit more than all the other 495 00:22:27,000 --> 00:22:28,520 Speaker 1: offers that are showing up right. Yeah, if I was 496 00:22:28,560 --> 00:22:31,640 Speaker 1: selling a house, I mean a personalized letter about why 497 00:22:31,720 --> 00:22:33,639 Speaker 1: that person wanted the house. If there's a bidding war 498 00:22:33,800 --> 00:22:36,880 Speaker 1: and there's three people and the differences are minuscule, of course, 499 00:22:36,920 --> 00:22:38,800 Speaker 1: I'm gonna take that into consideration and it's gonna go 500 00:22:38,840 --> 00:22:40,920 Speaker 1: along way. Yeah. And so speaking of home values, right 501 00:22:41,200 --> 00:22:44,240 Speaker 1: as home prices have risen, that means that home owners 502 00:22:44,240 --> 00:22:47,000 Speaker 1: are sitting on more home equity these days as well. 503 00:22:47,359 --> 00:22:51,480 Speaker 1: In Q three of home owners saw an overall increase 504 00:22:51,640 --> 00:22:53,480 Speaker 1: in the equity of their homes to the tune of 505 00:22:53,600 --> 00:22:57,480 Speaker 1: one billion dollars. And that's only in one quarter. That's 506 00:22:57,480 --> 00:23:00,640 Speaker 1: in Q three of last year. Man, that means an 507 00:23:00,640 --> 00:23:04,160 Speaker 1: average home equity increase of seventeen thousand dollars per homeowner. 508 00:23:04,240 --> 00:23:07,159 Speaker 1: That is pretty incredible. Yeah, that's really incredible. So, so 509 00:23:07,240 --> 00:23:10,000 Speaker 1: what should people do if you know, they find themselves 510 00:23:10,000 --> 00:23:11,840 Speaker 1: owing less on their home while at the same time 511 00:23:11,880 --> 00:23:14,440 Speaker 1: the value is skyrocketing. It can be tempting to try 512 00:23:14,480 --> 00:23:16,600 Speaker 1: to get at that home equity and do something with it, 513 00:23:16,840 --> 00:23:19,760 Speaker 1: but the answer is probably not much. If you find 514 00:23:19,760 --> 00:23:21,679 Speaker 1: yourself in that situation, like a lot of people do, 515 00:23:22,280 --> 00:23:24,840 Speaker 1: you might want to consider refinancing if you if you 516 00:23:24,840 --> 00:23:27,080 Speaker 1: didn't initially, maybe put much down on the property that 517 00:23:27,119 --> 00:23:29,800 Speaker 1: you're living in, especially if the rise in value means 518 00:23:29,800 --> 00:23:32,159 Speaker 1: that you can ditch p m I by refinancing. If 519 00:23:32,160 --> 00:23:35,239 Speaker 1: you're considering tapping your home equity, that should only be 520 00:23:35,280 --> 00:23:38,000 Speaker 1: done when you're planning to make improvements to the property. 521 00:23:38,320 --> 00:23:40,120 Speaker 1: If that's you, now is a solid time to take 522 00:23:40,119 --> 00:23:42,360 Speaker 1: out a helock at a really low rate, and in particular, 523 00:23:42,359 --> 00:23:44,400 Speaker 1: credit unions are often a great place to turn for those. 524 00:23:44,680 --> 00:23:46,760 Speaker 1: But most of us we should just be sitting tight 525 00:23:46,800 --> 00:23:49,040 Speaker 1: and be thankful that our homes are rising in value, 526 00:23:49,040 --> 00:23:51,440 Speaker 1: and then we should just continue to work towards paying 527 00:23:51,440 --> 00:23:54,320 Speaker 1: them off slowly. But surely home equity shouldn't be used 528 00:23:54,320 --> 00:23:56,800 Speaker 1: as a piggy bank to fund other stuff in our lives. 529 00:23:56,840 --> 00:23:58,479 Speaker 1: And so I see stats like that, and I know 530 00:23:58,480 --> 00:24:00,080 Speaker 1: people are itching to get at that money mat but 531 00:24:00,119 --> 00:24:01,840 Speaker 1: it's just not a good idea for most people to 532 00:24:01,920 --> 00:24:03,800 Speaker 1: be touching it at all. Yeah, that's right. I definitely 533 00:24:03,800 --> 00:24:05,240 Speaker 1: don't use it as a piggy bank to score some 534 00:24:05,760 --> 00:24:08,720 Speaker 1: rare sports memorabilia, even if you love baseball, even if 535 00:24:08,760 --> 00:24:11,560 Speaker 1: you love Babe Ruth. But yeah, hopefully listeners, you have 536 00:24:11,600 --> 00:24:14,000 Speaker 1: found this episode helpful, and you can find links to 537 00:24:14,040 --> 00:24:16,360 Speaker 1: some of the different resources we mentioned during this episode 538 00:24:16,440 --> 00:24:18,520 Speaker 1: up on our website at how to money dot com. 539 00:24:18,640 --> 00:24:20,440 Speaker 1: I mean, we didn't even mention that this is episode three. 540 00:24:21,040 --> 00:24:22,840 Speaker 1: This is the first episode of the new year. It's 541 00:24:23,560 --> 00:24:25,639 Speaker 1: one we are excited for the content and for the 542 00:24:25,800 --> 00:24:28,480 Speaker 1: the episodes that we're gonna be bringing to you our listeners. 543 00:24:28,480 --> 00:24:31,120 Speaker 1: We've got a great episode on Monday about habits. We've 544 00:24:31,119 --> 00:24:34,240 Speaker 1: got Charles do Hig on the Master of Habit Creation. 545 00:24:34,680 --> 00:24:37,080 Speaker 1: We're looking forward to sharing that episode with you on Monday. 546 00:24:37,400 --> 00:24:39,080 Speaker 1: But Joel, that's gonna be it for this one. Buddy. 547 00:24:39,160 --> 00:24:41,960 Speaker 1: Until next time, Best Friends Out, Best Friends Out.