1 00:00:00,080 --> 00:00:03,400 Speaker 1: Welcome to How to Money. I'm Joel and I am Matt, 2 00:00:03,480 --> 00:00:08,200 Speaker 1: and today we're talking tyrannical tipping, insurance increases, and trading 3 00:00:08,320 --> 00:00:08,920 Speaker 1: all the time. 4 00:00:28,480 --> 00:00:30,520 Speaker 2: You know, all buddy, this is our Friday flight where 5 00:00:30,560 --> 00:00:32,720 Speaker 2: we are going to talk about all of the top 6 00:00:32,720 --> 00:00:36,400 Speaker 2: personal finance stories and how they're going to impact your money. 7 00:00:36,920 --> 00:00:40,000 Speaker 2: Uh and by the way, my money or just your 8 00:00:40,000 --> 00:00:42,000 Speaker 2: money's just miney okay, everybody else, we just get to 9 00:00:42,040 --> 00:00:45,320 Speaker 2: sit on the sidewalk sidelines and watch how Joel's fortune 10 00:00:45,360 --> 00:00:48,000 Speaker 2: is going to be impacted by by this week's news, right, No, 11 00:00:48,159 --> 00:00:50,040 Speaker 2: we are going to talk about how this applies to 12 00:00:50,120 --> 00:00:53,440 Speaker 2: everybody out there who's listening. And by the way, how 13 00:00:53,440 --> 00:00:55,600 Speaker 2: does it feel being back in the saddle? Because we actually, 14 00:00:55,720 --> 00:00:57,920 Speaker 2: I mean folks probably know that we record ahead of 15 00:00:58,000 --> 00:00:59,720 Speaker 2: time in order to be able to take some time 16 00:00:59,720 --> 00:01:01,800 Speaker 2: off that wall. There are still great episodes for you 17 00:01:02,360 --> 00:01:05,200 Speaker 2: there within your podcatcher wherever it is that you listen. 18 00:01:05,680 --> 00:01:07,679 Speaker 2: But this is our first episode sitting back down to 19 00:01:07,720 --> 00:01:10,319 Speaker 2: the mic after we went on our little international trip 20 00:01:10,360 --> 00:01:13,040 Speaker 2: over to Scotland. Yeah, did you miss the mic? Uh? 21 00:01:13,760 --> 00:01:15,959 Speaker 1: Not really, I you know, I do love doing this 22 00:01:16,000 --> 00:01:19,720 Speaker 1: show so much, but when you're in Scotland enjoying the beauty, 23 00:01:20,120 --> 00:01:22,720 Speaker 1: really natural landscape. You don't really Yeah, you're not thinking 24 00:01:22,760 --> 00:01:24,520 Speaker 1: about podcasting much exactly. 25 00:01:25,360 --> 00:01:27,000 Speaker 2: Was that your favorite part of the trip you think? 26 00:01:27,120 --> 00:01:28,840 Speaker 1: I mean, I think when we were on the isle of. 27 00:01:28,880 --> 00:01:32,520 Speaker 2: Skotl not recording. No, I'm glad to be back. Yeah, 28 00:01:32,720 --> 00:01:33,840 Speaker 2: I don't want to. I don't want to make it 29 00:01:33,840 --> 00:01:36,120 Speaker 2: sound like that. I do not love doing this podcast 30 00:01:36,160 --> 00:01:36,840 Speaker 2: with a friend. 31 00:01:36,880 --> 00:01:39,560 Speaker 1: No, it's great, it's great, but well and actually, interestingly enough, 32 00:01:39,560 --> 00:01:42,839 Speaker 1: we recorded an episode over there that we will release 33 00:01:43,200 --> 00:01:44,840 Speaker 1: U shortly that we might. 34 00:01:44,800 --> 00:01:48,000 Speaker 2: Release Yeah, we're going to release h Yeah, with our 35 00:01:48,040 --> 00:01:51,280 Speaker 2: friend Brandon the Mad Scientist. That was actually a fun 36 00:01:51,320 --> 00:01:53,360 Speaker 2: little you know, that was maybe one of the highlights 37 00:01:53,360 --> 00:01:55,080 Speaker 2: for sure of the trip is actually going over and 38 00:01:55,120 --> 00:01:58,160 Speaker 2: seeing a friend in his own town, getting to see 39 00:01:58,160 --> 00:01:59,560 Speaker 2: his new home, that whole. 40 00:01:59,320 --> 00:02:02,960 Speaker 1: Thing natural habitat of gold Stone homes now exactly. 41 00:02:03,360 --> 00:02:05,760 Speaker 2: But I so going back to what you originally were saying, 42 00:02:05,760 --> 00:02:08,760 Speaker 2: the natural beauty. So we partly chose Scotland because it's 43 00:02:08,800 --> 00:02:10,639 Speaker 2: just a beautiful country, like we partly chose it because 44 00:02:10,639 --> 00:02:12,120 Speaker 2: it's gonna be easy. We you know, you go to 45 00:02:12,160 --> 00:02:14,799 Speaker 2: a country where they speak English and it's a it's 46 00:02:14,840 --> 00:02:17,040 Speaker 2: a trip that you can wing a little bit more. Yeah, right, 47 00:02:17,120 --> 00:02:18,800 Speaker 2: you don't have to have everything planned out and have 48 00:02:18,840 --> 00:02:21,360 Speaker 2: all the details figured out, so that was attractive. But 49 00:02:21,480 --> 00:02:24,960 Speaker 2: also we knew that Scotland is a beautiful country and 50 00:02:25,000 --> 00:02:27,000 Speaker 2: we partly planned it because of all the hiking and 51 00:02:27,240 --> 00:02:29,240 Speaker 2: like you said, you said the Isle of Sky which 52 00:02:29,320 --> 00:02:33,240 Speaker 2: has some incredible hiking, and it did not disappoint. And 53 00:02:33,320 --> 00:02:35,280 Speaker 2: what stands out about that is the fact that it 54 00:02:35,360 --> 00:02:38,040 Speaker 2: was also totally free to be able to do that. 55 00:02:38,080 --> 00:02:39,920 Speaker 1: Obviously it was what five pounds for the car park 56 00:02:40,080 --> 00:02:43,040 Speaker 1: and then yeah, the hiking was was free and off 57 00:02:43,120 --> 00:02:43,839 Speaker 1: the chain. 58 00:02:43,960 --> 00:02:46,720 Speaker 2: It was unreal like literally maybe some of my favorite 59 00:02:46,760 --> 00:02:49,120 Speaker 2: hikes of all time. And actually we've still got some 60 00:02:49,639 --> 00:02:52,240 Speaker 2: dribbles and drabs of our adventure up on Instagram if 61 00:02:52,280 --> 00:02:54,240 Speaker 2: you go do how to money pod and you can 62 00:02:54,280 --> 00:02:55,480 Speaker 2: see some of what we were up to if you 63 00:02:55,480 --> 00:02:57,040 Speaker 2: want to stake that out. Yeah. But yeah, man, it 64 00:02:57,040 --> 00:02:58,679 Speaker 2: was a fun time for us to be able to 65 00:02:58,720 --> 00:03:02,240 Speaker 2: spend time I'm not only just with each other you mean, 66 00:03:02,280 --> 00:03:04,360 Speaker 2: but with our wives as well. That was not something 67 00:03:04,400 --> 00:03:06,640 Speaker 2: that we've been able to do for a minute. Yeah, no, 68 00:03:06,680 --> 00:03:08,640 Speaker 2: it was huge. It's huge, and it's funny. 69 00:03:09,520 --> 00:03:12,000 Speaker 1: We don't really like relax on our vac agents really 70 00:03:12,040 --> 00:03:14,440 Speaker 1: constantly going and seeing and doing. And part of me 71 00:03:14,919 --> 00:03:17,120 Speaker 1: is like, when am I going to like take a 72 00:03:17,240 --> 00:03:19,640 Speaker 1: chill pill or something on a vacation, But I just 73 00:03:19,680 --> 00:03:21,400 Speaker 1: never do it. I can't do it. There's too much 74 00:03:21,440 --> 00:03:23,120 Speaker 1: to explore when you go to a new country like that, 75 00:03:23,440 --> 00:03:26,360 Speaker 1: I can't like sleep in till nine. I've got like 76 00:03:26,880 --> 00:03:28,320 Speaker 1: this is the only time I could possibly do it. 77 00:03:28,360 --> 00:03:30,200 Speaker 1: Because we have kids. It's a little bit different than 78 00:03:30,320 --> 00:03:32,200 Speaker 1: just going to the beach. Yes, like if you truly 79 00:03:32,200 --> 00:03:34,280 Speaker 1: want to relax, yeah, you go to the beach without 80 00:03:34,320 --> 00:03:34,679 Speaker 1: your kids. 81 00:03:34,680 --> 00:03:35,160 Speaker 2: And I love it. 82 00:03:36,240 --> 00:03:39,080 Speaker 1: Yes, I love vacations like this because there's just so 83 00:03:39,160 --> 00:03:41,560 Speaker 1: much exploration. I'm a little tired at the end of it, 84 00:03:41,920 --> 00:03:43,880 Speaker 1: but it's so well so worth it because of all 85 00:03:43,880 --> 00:03:44,920 Speaker 1: the experiences we're able to have. 86 00:03:45,000 --> 00:03:46,120 Speaker 2: So totally agree. 87 00:03:46,160 --> 00:03:48,680 Speaker 1: All Right, Well, yeah we're back and glad to be 88 00:03:48,720 --> 00:03:52,200 Speaker 1: back podcasting, Glad to be talking about the money stories 89 00:03:52,200 --> 00:03:54,880 Speaker 1: this week that impacted your finances and south let's get 90 00:03:54,880 --> 00:03:58,000 Speaker 1: into that. Let's talk about tipping first and foremost, because 91 00:03:58,560 --> 00:04:01,240 Speaker 1: I'm not gonna lie, it's gone too far, it's it 92 00:04:01,320 --> 00:04:06,040 Speaker 1: has it has gone beyond the realm of reason. Self 93 00:04:06,120 --> 00:04:09,360 Speaker 1: checkout kiosks, by the way, are apparently asking for tips 94 00:04:09,360 --> 00:04:11,920 Speaker 1: at airports and stadiums. I didn't notice this at the 95 00:04:11,960 --> 00:04:14,520 Speaker 1: airport asking for a tip at a self checkout kiosk, 96 00:04:14,600 --> 00:04:16,479 Speaker 1: but apparently this is happening all over the place, and 97 00:04:16,480 --> 00:04:18,559 Speaker 1: it's happening more and more. According to the Wall Street Journal, 98 00:04:19,000 --> 00:04:22,200 Speaker 1: there's zero human interaction, but when you buy something, but 99 00:04:22,240 --> 00:04:24,000 Speaker 1: then the kiosk says, would you like to leave a 100 00:04:24,000 --> 00:04:26,600 Speaker 1: twenty percent tip? You're like, that's that's a problem. I'm 101 00:04:26,640 --> 00:04:28,360 Speaker 1: not tipping a human. I didn't even see a human. 102 00:04:28,600 --> 00:04:31,240 Speaker 1: And then Bloomberg. On the same note, they report that 103 00:04:31,320 --> 00:04:34,640 Speaker 1: a unionized Apple store in Maryland wants to add tipping 104 00:04:34,720 --> 00:04:37,600 Speaker 1: as a screen option at checkout. So if you're getting 105 00:04:37,600 --> 00:04:40,960 Speaker 1: a new MacBook, an iPhone or AirPods, you're gonna be 106 00:04:41,000 --> 00:04:43,159 Speaker 1: asked if you want to tip three or five percent 107 00:04:43,240 --> 00:04:45,440 Speaker 1: on that purchase. And it just seems like tipping has 108 00:04:45,520 --> 00:04:47,600 Speaker 1: jumped the shark at this point, Like, you know, you 109 00:04:47,640 --> 00:04:49,039 Speaker 1: and I we just came back from the UK. It 110 00:04:49,040 --> 00:04:51,159 Speaker 1: was a breath of fresh air to kind of just 111 00:04:51,160 --> 00:04:53,480 Speaker 1: be charged normal prices. And not have to think about tipping. 112 00:04:53,720 --> 00:04:56,560 Speaker 1: That's not how we operate here in the good old 113 00:04:56,720 --> 00:05:00,760 Speaker 1: us of a sadly, but to see tipping reaping into 114 00:05:00,880 --> 00:05:04,440 Speaker 1: all of these other areas where it didn't used to 115 00:05:04,520 --> 00:05:07,520 Speaker 1: be normal, it didn't used to be the case, I 116 00:05:07,560 --> 00:05:09,360 Speaker 1: think it leaves a lot of people scratching their heads 117 00:05:09,360 --> 00:05:10,560 Speaker 1: about how they should react. 118 00:05:10,640 --> 00:05:12,960 Speaker 2: Well, so, okay, I've got two thoughts on this. I 119 00:05:12,960 --> 00:05:15,000 Speaker 2: guess like in the one case, like you're talking about, 120 00:05:15,000 --> 00:05:18,400 Speaker 2: where's zero actual human interaction, there's no freaking way that 121 00:05:18,440 --> 00:05:19,719 Speaker 2: I'm going to tip in that scenario. 122 00:05:19,760 --> 00:05:21,360 Speaker 1: Like I totally get that you have no idea where 123 00:05:21,360 --> 00:05:23,000 Speaker 1: the money's going. I mean some of these companies say, 124 00:05:23,080 --> 00:05:25,520 Speaker 1: oh yeah, they might promise it goes to but. 125 00:05:25,920 --> 00:05:27,760 Speaker 2: Even still I don't care. Like, if there's not somebody 126 00:05:27,760 --> 00:05:31,560 Speaker 2: who is actually like working with me as an individual, 127 00:05:31,880 --> 00:05:33,760 Speaker 2: there's no way I'm gonna tip. But when it comes 128 00:05:33,800 --> 00:05:36,440 Speaker 2: to like the Apple Store, So in the journal, they 129 00:05:36,480 --> 00:05:39,680 Speaker 2: didn't specify whether or not it was only going to 130 00:05:39,760 --> 00:05:44,000 Speaker 2: be on like charges at the Genius Bar, or on 131 00:05:44,080 --> 00:05:46,400 Speaker 2: physical items that you like weed to just walk in 132 00:05:46,440 --> 00:05:48,600 Speaker 2: and like you said, like by a laptop, is there 133 00:05:48,640 --> 00:05:51,080 Speaker 2: going to be a tip screen because that's dumb, Like, 134 00:05:51,120 --> 00:05:53,320 Speaker 2: there's no way that I think that that like that 135 00:05:53,360 --> 00:05:55,520 Speaker 2: there's an argument for that, But when it comes to 136 00:05:55,800 --> 00:05:58,400 Speaker 2: a service being provided, I think there is a decent 137 00:05:58,480 --> 00:06:01,920 Speaker 2: argument when it comes to the ability to reward somebody 138 00:06:02,000 --> 00:06:04,640 Speaker 2: who is serving you and doing a good job, answering 139 00:06:04,680 --> 00:06:06,360 Speaker 2: all your questions, like making you laugh a little bit, 140 00:06:06,400 --> 00:06:08,719 Speaker 2: making your day a little less miserable when you know 141 00:06:08,760 --> 00:06:10,960 Speaker 2: that you had to go in to have your phone 142 00:06:11,000 --> 00:06:13,279 Speaker 2: looked at or something like that. And so in those instances, 143 00:06:13,320 --> 00:06:15,039 Speaker 2: I think that it kind of makes sense, like there 144 00:06:15,160 --> 00:06:18,120 Speaker 2: could be an argument for leaving a tip for that individuals. 145 00:06:18,160 --> 00:06:19,800 Speaker 2: We can see that because like when you work with 146 00:06:19,839 --> 00:06:22,240 Speaker 2: an like when our wives get their hair done, they're 147 00:06:22,240 --> 00:06:26,240 Speaker 2: spending a lot of one on one time with that professional, right, 148 00:06:26,400 --> 00:06:28,919 Speaker 2: Or like when you go to get a massage, like 149 00:06:28,960 --> 00:06:31,200 Speaker 2: you're always gonna tip because it's like an individual who's 150 00:06:31,240 --> 00:06:33,200 Speaker 2: working with you. And so I guess in that way, 151 00:06:33,240 --> 00:06:35,400 Speaker 2: I'm like, all right, if there's somebody who is working 152 00:06:35,400 --> 00:06:38,920 Speaker 2: with you, if there's like a human presence, then I'm like, yeah, okay, 153 00:06:38,960 --> 00:06:41,839 Speaker 2: maybe this wasn't as traditional, but I'm also okay with 154 00:06:41,880 --> 00:06:44,600 Speaker 2: things evolving over time. As you know, more folks are 155 00:06:44,640 --> 00:06:46,919 Speaker 2: being compensated by the service that they're able to provide. 156 00:06:47,080 --> 00:06:49,680 Speaker 1: Yeah, I guess, I just it just makes it so 157 00:06:49,760 --> 00:06:52,560 Speaker 1: much cleaner when people get paid what they should get 158 00:06:52,600 --> 00:06:54,680 Speaker 1: paid to do the service they're providing. Sure, and then 159 00:06:54,760 --> 00:06:56,560 Speaker 1: we don't have to really consider that. We just have 160 00:06:56,600 --> 00:06:58,080 Speaker 1: to know the price on the board and then not 161 00:06:58,120 --> 00:07:01,920 Speaker 1: feel guilt tripped. Oh too, I like black and whiteness. Yeah, yeah, 162 00:07:01,960 --> 00:07:02,880 Speaker 1: I love well. 163 00:07:03,000 --> 00:07:05,600 Speaker 2: And that's what's so crazy is like we didn't see 164 00:07:05,600 --> 00:07:09,360 Speaker 2: a tip line anywhere until we went into Edinburgh where 165 00:07:09,640 --> 00:07:11,840 Speaker 2: at like an in town coffee shop that was an 166 00:07:11,840 --> 00:07:14,160 Speaker 2: amazing coffee shop by the way, was it Artists and 167 00:07:14,240 --> 00:07:16,240 Speaker 2: Roasters or something like that, But that was the first 168 00:07:16,280 --> 00:07:18,880 Speaker 2: time we'd seen a tip screen anywhere like during that 169 00:07:19,000 --> 00:07:21,960 Speaker 2: entire trip. And he he almost looked like because I 170 00:07:22,080 --> 00:07:23,960 Speaker 2: mentioned it, and I was totally nice about it, was 171 00:07:24,040 --> 00:07:26,160 Speaker 2: kind and friendly, but I mentioned it because I was curious. 172 00:07:26,200 --> 00:07:28,200 Speaker 2: I was like, hey, this is actually the first time 173 00:07:28,280 --> 00:07:31,239 Speaker 2: I've seen a tip line anywhere during this entire trip. 174 00:07:31,480 --> 00:07:33,560 Speaker 2: And he almost liked a little like embarrassed by it. 175 00:07:33,600 --> 00:07:36,000 Speaker 2: He's just like, yeah, well, you know, they're more in 176 00:07:36,000 --> 00:07:38,200 Speaker 2: the city. Some different stories are starting to do. I 177 00:07:38,240 --> 00:07:40,760 Speaker 2: was like, oh no, I think it's totally fine. I 178 00:07:40,760 --> 00:07:43,400 Speaker 2: don't want to like necessarily like up in the tradition 179 00:07:43,520 --> 00:07:47,160 Speaker 2: of not tipping in other country is by actually participating 180 00:07:47,160 --> 00:07:48,920 Speaker 2: in it. But they were just so nice there, did 181 00:07:48,960 --> 00:07:50,680 Speaker 2: a good job, so I was more than happy for us. 182 00:07:51,360 --> 00:07:53,720 Speaker 1: And obviously tipping is always just like a weird thing 183 00:07:53,720 --> 00:07:55,400 Speaker 1: to talk about with when it comes to money, and 184 00:07:55,400 --> 00:07:57,920 Speaker 1: I feel like it's only becoming a weirder topic as 185 00:07:57,960 --> 00:08:00,160 Speaker 1: we're being asked to tip more and more places. We 186 00:08:00,240 --> 00:08:01,880 Speaker 1: just have to kind of draw our own boundaries. And 187 00:08:01,920 --> 00:08:04,040 Speaker 1: I think we want how the money listeners and you 188 00:08:04,080 --> 00:08:06,720 Speaker 1: and I we want to be generous in the situations 189 00:08:06,760 --> 00:08:08,560 Speaker 1: where we feel compelled to tip where it makes sense 190 00:08:08,880 --> 00:08:11,280 Speaker 1: and in the other and definitely don't go out to 191 00:08:11,320 --> 00:08:13,880 Speaker 1: eat and then stiff your awesome server and not tip 192 00:08:13,880 --> 00:08:14,360 Speaker 1: them enough. 193 00:08:14,520 --> 00:08:16,440 Speaker 2: That's not cool. It's not what we're saying. 194 00:08:16,360 --> 00:08:18,840 Speaker 1: To do, not at all. But at the same time, 195 00:08:18,920 --> 00:08:20,960 Speaker 1: you have to kind of weigh when you tip, and 196 00:08:21,200 --> 00:08:23,080 Speaker 1: you kind of have to have a game plan ahead 197 00:08:23,080 --> 00:08:25,080 Speaker 1: of time going into it, saying, listen, if it's some 198 00:08:25,160 --> 00:08:27,000 Speaker 1: random robot, I know I'm not going to tip. Don't 199 00:08:27,000 --> 00:08:28,920 Speaker 1: feel guilted into tipping in that I'm not going to 200 00:08:29,040 --> 00:08:32,240 Speaker 1: tip the software, right, yeah, willing to do that exactly. 201 00:08:32,280 --> 00:08:32,480 Speaker 2: Yeah. 202 00:08:32,480 --> 00:08:34,720 Speaker 1: So yeah, it's something I think we just want you 203 00:08:34,800 --> 00:08:37,640 Speaker 1: to think about ahead of time, as tipping creeps its 204 00:08:37,679 --> 00:08:40,280 Speaker 1: tentacles further and further into our lives. Couldn't agree more. 205 00:08:40,280 --> 00:08:42,679 Speaker 1: It's all about being proactive and intentional with your money. 206 00:08:42,920 --> 00:08:45,800 Speaker 1: Let's talk about investing for a second day. Trading is 207 00:08:45,840 --> 00:08:47,480 Speaker 1: something that you and I of course are not in 208 00:08:47,520 --> 00:08:50,000 Speaker 1: favor of, but it is happening more and more. And 209 00:08:50,040 --> 00:08:52,880 Speaker 1: of course during COVID it was it felt like everybody was, 210 00:08:53,280 --> 00:08:56,160 Speaker 1: you know, meme stocks to the moon and downloading the 211 00:08:56,240 --> 00:08:58,400 Speaker 1: robin Hood app and Robinhood was taking off, and that 212 00:08:58,440 --> 00:09:00,960 Speaker 1: was like all anybody could talk about. Robinhood has since 213 00:09:01,000 --> 00:09:03,760 Speaker 1: fallen out of the headlines. Nobody's really talking about Robinhood 214 00:09:03,800 --> 00:09:09,120 Speaker 1: anymore until today because Robinhood just announced yesterday that they're 215 00:09:09,120 --> 00:09:11,880 Speaker 1: going to be letting customers trade a basket of stocks 216 00:09:11,880 --> 00:09:15,280 Speaker 1: and ETFs twenty four hours a day, five days a week. 217 00:09:15,640 --> 00:09:18,240 Speaker 1: Why not the weekend, my guess is coming soon, right, 218 00:09:18,320 --> 00:09:20,520 Speaker 1: that's right, Yeah, it probably will be. Yeah, of course, 219 00:09:20,880 --> 00:09:25,400 Speaker 1: it's inevitable. Basically, but Robinhood makes money when people trade stocks, 220 00:09:25,600 --> 00:09:28,800 Speaker 1: and people are doing less stock trading as normal life 221 00:09:28,840 --> 00:09:33,120 Speaker 1: has mostly resumed, and so I think this is their goal, 222 00:09:33,320 --> 00:09:37,000 Speaker 1: is to say, hey, you can trade now into the evening, 223 00:09:37,280 --> 00:09:40,800 Speaker 1: and maybe people will trade more, making Robinhood more money. 224 00:09:41,240 --> 00:09:43,880 Speaker 1: But just because you have the ability to trade at 225 00:09:43,880 --> 00:09:46,360 Speaker 1: two am, that doesn't make it a smart decision. Like 226 00:09:46,400 --> 00:09:48,520 Speaker 1: my mom always said to me, Matt, she said, just 227 00:09:48,559 --> 00:09:51,400 Speaker 1: because you can doesn't mean you should. And I think 228 00:09:51,400 --> 00:09:54,960 Speaker 1: that's wise words from Cheryl, And in this case, you 229 00:09:55,000 --> 00:09:57,600 Speaker 1: definitely shouldn't. Like if you're a Robinhood user, or even 230 00:09:57,600 --> 00:09:59,199 Speaker 1: if you're not, and you see this and you're like, oh, man, 231 00:09:59,240 --> 00:10:02,880 Speaker 1: I can trade twenty four hours a day, that's awesome. Well, no, 232 00:10:02,920 --> 00:10:05,000 Speaker 1: it's not. Just because it's available, it doesn't mean you 233 00:10:05,000 --> 00:10:05,920 Speaker 1: should be taking advantage. 234 00:10:05,960 --> 00:10:07,960 Speaker 2: Totally. Yeah. I think it's actually a good thing that 235 00:10:07,960 --> 00:10:10,600 Speaker 2: the stock market isn't open twenty four to seven because 236 00:10:10,640 --> 00:10:13,280 Speaker 2: it actually provides like a break for folks to kind 237 00:10:13,280 --> 00:10:16,120 Speaker 2: of re evaluate their life decisions, like do I actually 238 00:10:16,160 --> 00:10:18,280 Speaker 2: want to dump all of this money into the stock 239 00:10:18,400 --> 00:10:20,280 Speaker 2: just because I saw a tweet or just because of 240 00:10:20,400 --> 00:10:23,560 Speaker 2: a headline. But as long term investors, since we're not 241 00:10:23,679 --> 00:10:26,880 Speaker 2: trading based on the current news or the different market gyrations. Anyway, 242 00:10:26,920 --> 00:10:29,120 Speaker 2: the fact that the stock market isn't open all the 243 00:10:29,120 --> 00:10:32,960 Speaker 2: time like it actually has zero downside to us. It 244 00:10:32,960 --> 00:10:36,040 Speaker 2: shouldn't change the fact that you should be buying investments, 245 00:10:36,040 --> 00:10:40,720 Speaker 2: making trades for years, not based on minutes or hours. Yeah, 246 00:10:41,040 --> 00:10:42,640 Speaker 2: and so I don't know, we don't want to just 247 00:10:42,679 --> 00:10:45,000 Speaker 2: dump all over up on because they're certainly not all bad. 248 00:10:45,440 --> 00:10:47,120 Speaker 2: In fact that we've talked about this as well, they're 249 00:10:47,160 --> 00:10:52,240 Speaker 2: the only brokerage that offers a match on IRA contributions. 250 00:10:52,040 --> 00:10:55,079 Speaker 2: That's pretty snink and cool. But in this case, our 251 00:10:55,080 --> 00:10:57,920 Speaker 2: reaction it's a little more like womp womp to this 252 00:10:58,000 --> 00:11:00,840 Speaker 2: announcement because we see it more or as a temptation 253 00:11:01,559 --> 00:11:04,560 Speaker 2: for novice investors out there rather than a win for 254 00:11:04,640 --> 00:11:09,560 Speaker 2: everyone else. They're incentivizing this speculative trading, and instead we 255 00:11:09,600 --> 00:11:12,240 Speaker 2: want to see folks attacking how it is that they 256 00:11:12,320 --> 00:11:14,920 Speaker 2: approach their investing with more of that long term mindset 257 00:11:15,000 --> 00:11:18,040 Speaker 2: right low cost widely diversified index fense where you are 258 00:11:18,240 --> 00:11:21,520 Speaker 2: purchasing it for years and even decades, not based on 259 00:11:21,760 --> 00:11:24,400 Speaker 2: the whims of Twitter and based on the different headlines that. 260 00:11:24,400 --> 00:11:28,040 Speaker 1: Might become preferably investing more and investing more regularly and 261 00:11:28,080 --> 00:11:30,840 Speaker 1: not trading more often. That would be kind of the 262 00:11:30,840 --> 00:11:34,360 Speaker 1: recipe to building financial success for yourself and taking the 263 00:11:34,400 --> 00:11:36,880 Speaker 1: boring route like it doesn't matter. The bills and whistles 264 00:11:36,880 --> 00:11:38,920 Speaker 1: on that app, I think are kind of cool, but 265 00:11:39,000 --> 00:11:41,880 Speaker 1: it's also overkill for people I guess who are long 266 00:11:41,960 --> 00:11:44,040 Speaker 1: term investors, and I think it can lead to just 267 00:11:44,120 --> 00:11:46,680 Speaker 1: bad behavior on our part. It's not necessarily Robin Hood's fault. 268 00:11:46,720 --> 00:11:49,320 Speaker 1: It's just the incentives of the app that they've built, though, 269 00:11:49,360 --> 00:11:50,880 Speaker 1: and kind of what that can create for us, and 270 00:11:51,240 --> 00:11:53,880 Speaker 1: kind of what it can stir up inside of us 271 00:11:54,280 --> 00:11:57,360 Speaker 1: as we kind of get more interested in growing our wealth. 272 00:11:57,720 --> 00:11:59,400 Speaker 1: All right, let's talk about college for a second. Mat 273 00:11:59,600 --> 00:12:03,920 Speaker 1: the college degree continues to become less valuable. It's certainly 274 00:12:03,920 --> 00:12:07,360 Speaker 1: not that college is a bad choice for all people 275 00:12:07,760 --> 00:12:10,280 Speaker 1: or even for most people, like I think the college 276 00:12:10,320 --> 00:12:13,440 Speaker 1: degree still has value for a decent chuckkn of society. 277 00:12:13,920 --> 00:12:16,120 Speaker 1: But the value proposition just isn't what it used to be. 278 00:12:16,200 --> 00:12:17,800 Speaker 1: And so that's what you and I continue to tackle 279 00:12:17,800 --> 00:12:20,920 Speaker 1: and continue to mention, because it just takes more thought 280 00:12:21,160 --> 00:12:24,360 Speaker 1: before you proceed to go get a higher degree than 281 00:12:24,360 --> 00:12:26,800 Speaker 1: it did in years past. And so states around the 282 00:12:26,800 --> 00:12:31,680 Speaker 1: country like Pennsylvania, Utah, Massachusetts, and Alaska have eliminated the 283 00:12:31,720 --> 00:12:34,880 Speaker 1: degree requirement for a slew of government jobs. I think 284 00:12:34,920 --> 00:12:37,720 Speaker 1: this is great news, because when you require a degree 285 00:12:37,720 --> 00:12:40,760 Speaker 1: for a job that doesn't necessarily really need one, you 286 00:12:40,880 --> 00:12:43,880 Speaker 1: lose out on a potentially excellent pool of candidates that 287 00:12:43,960 --> 00:12:46,640 Speaker 1: otherwise would have been excluded from even applying, right. And 288 00:12:46,720 --> 00:12:50,040 Speaker 1: so there's a Harvard business study from a few years ago, 289 00:12:50,360 --> 00:12:53,000 Speaker 1: and it found that about sixty percent of folks with 290 00:12:53,040 --> 00:12:56,440 Speaker 1: the right experience for a job were rejected out of 291 00:12:56,440 --> 00:12:59,439 Speaker 1: hand just because they lacked a degree. And that same 292 00:12:59,440 --> 00:13:02,720 Speaker 1: study found the millions of job hostings requiring a degree 293 00:13:02,880 --> 00:13:05,800 Speaker 1: were for positions currently held by someone who didn't have one. 294 00:13:06,080 --> 00:13:09,720 Speaker 1: So there's just it's not that a college degree necessarily right, 295 00:13:09,840 --> 00:13:13,200 Speaker 1: raising the ball exactly exactly, And so it's why why 296 00:13:13,240 --> 00:13:15,520 Speaker 1: And I like seeing that we're that more and more 297 00:13:16,320 --> 00:13:20,080 Speaker 1: employers and governments are being thoughtful about whether or not 298 00:13:20,640 --> 00:13:23,640 Speaker 1: the job requires a degree or should require a degree, 299 00:13:24,000 --> 00:13:26,559 Speaker 1: especially as the cost of college rises. We all have 300 00:13:26,679 --> 00:13:29,800 Speaker 1: to be more conscientious about pointing people in that direction, 301 00:13:30,040 --> 00:13:33,080 Speaker 1: because yeah, it sure it can pay off, but so 302 00:13:33,200 --> 00:13:36,640 Speaker 1: much depends on the economic decisions involved with going to 303 00:13:36,679 --> 00:13:37,679 Speaker 1: college and getting that degree. 304 00:13:37,760 --> 00:13:40,160 Speaker 2: Yes, it's not that slam dunk decision that it once was. 305 00:13:40,440 --> 00:13:42,720 Speaker 2: And what you literally asked a question, You're like why, 306 00:13:42,880 --> 00:13:45,400 Speaker 2: Like why are employers doing this? And like, essentially what 307 00:13:45,400 --> 00:13:48,880 Speaker 2: this is is a shortcuts. It's an easy way for 308 00:13:48,920 --> 00:13:53,000 Speaker 2: employers to potentially assess whether or not a candidate, a 309 00:13:53,040 --> 00:13:55,360 Speaker 2: potential hire is going to be quality or not right, 310 00:13:55,440 --> 00:13:58,920 Speaker 2: But the problem is that it's an imperfect assessment. Yes, 311 00:13:59,160 --> 00:14:01,160 Speaker 2: and I think what the means is that, like, and 312 00:14:01,200 --> 00:14:04,080 Speaker 2: this could be a total win for businesses as well, 313 00:14:04,160 --> 00:14:06,120 Speaker 2: and hopefully they'll realize that this is in their best 314 00:14:06,160 --> 00:14:10,440 Speaker 2: interest because college graduates they demand a higher salary in 315 00:14:10,480 --> 00:14:13,080 Speaker 2: part because of the fact that they've dropped so much 316 00:14:13,120 --> 00:14:16,000 Speaker 2: money on a higher education, they can command more in 317 00:14:16,040 --> 00:14:17,080 Speaker 2: the marketplace. 318 00:14:16,640 --> 00:14:18,160 Speaker 1: And like, I'm gonna need at least six hundred and 319 00:14:18,160 --> 00:14:19,760 Speaker 1: twenty dollars more a month because that's how much my 320 00:14:19,800 --> 00:14:21,640 Speaker 1: student will pay at the very least. 321 00:14:22,000 --> 00:14:24,200 Speaker 2: And so hopefully employers will even see that this is 322 00:14:24,240 --> 00:14:27,239 Speaker 2: in their own best interest because they can get potentially 323 00:14:27,600 --> 00:14:30,400 Speaker 2: hires new employees that are just as qualified and who 324 00:14:30,400 --> 00:14:31,880 Speaker 2: can do just as good of a job, but they'll 325 00:14:31,960 --> 00:14:34,200 Speaker 2: end up paying them less. I think what this means, though, 326 00:14:34,240 --> 00:14:35,880 Speaker 2: is that they're going to have to spend more time 327 00:14:35,960 --> 00:14:39,800 Speaker 2: and more money on actual hiring, on figuring out whether 328 00:14:39,880 --> 00:14:42,440 Speaker 2: or not somebody is going to be good for their company, right, 329 00:14:42,440 --> 00:14:44,120 Speaker 2: like whether or not they've got the social skills, whether 330 00:14:44,200 --> 00:14:47,920 Speaker 2: or not they can work together, work with other employers, employees, sorry, 331 00:14:48,240 --> 00:14:50,560 Speaker 2: on a team. And so maybe this just means that 332 00:14:51,000 --> 00:14:54,080 Speaker 2: you should look into a career in human resources, right 333 00:14:54,080 --> 00:14:55,920 Speaker 2: because this is something that AI won't be able to 334 00:14:55,960 --> 00:14:58,520 Speaker 2: figure out, because AI is like good at looking at 335 00:14:58,560 --> 00:15:01,160 Speaker 2: a resume and looking for certain act tributes and whatnot. 336 00:15:01,200 --> 00:15:04,280 Speaker 2: But like you can by talking to somebody figure out 337 00:15:04,320 --> 00:15:06,600 Speaker 2: and actually interviewing them, figure out whether or not they're 338 00:15:06,640 --> 00:15:09,840 Speaker 2: going to be a good hire. And oftentimes that's something 339 00:15:09,880 --> 00:15:12,440 Speaker 2: I think that employers are overlooking. You're missing out on 340 00:15:12,480 --> 00:15:15,080 Speaker 2: a lot of great folks out there who could most 341 00:15:15,120 --> 00:15:16,720 Speaker 2: definitely provide a lot of great value. 342 00:15:16,800 --> 00:15:19,560 Speaker 1: Yeah, and of course I want my doctor, my surgeon, 343 00:15:19,680 --> 00:15:21,680 Speaker 1: my lawyer. Oh yeah, yeah, to have a college degree, 344 00:15:21,680 --> 00:15:23,400 Speaker 1: and not just good to have an advanced degree, not 345 00:15:23,400 --> 00:15:27,080 Speaker 1: just good people's dude, or do that but that's my 346 00:15:27,200 --> 00:15:29,240 Speaker 1: manner does help for sure, right when it comes to 347 00:15:29,360 --> 00:15:31,080 Speaker 1: that's kind of position. Yeah, And there's just but there's 348 00:15:31,120 --> 00:15:33,920 Speaker 1: just so many jobs out there where it's nice to 349 00:15:33,920 --> 00:15:37,800 Speaker 1: have skills, but the college degree isn't necessarily like massively 350 00:15:37,800 --> 00:15:40,280 Speaker 1: important totally, and so eliminating that requirement, I think is 351 00:15:40,280 --> 00:15:42,520 Speaker 1: going to be a boon for the workforce, and I 352 00:15:42,520 --> 00:15:43,760 Speaker 1: think it's going to be helpful to a lot of 353 00:15:43,800 --> 00:15:44,680 Speaker 1: employers too. 354 00:15:44,600 --> 00:15:46,600 Speaker 2: Yeah, totally. Yeah, And so we're actually not the only 355 00:15:46,640 --> 00:15:49,240 Speaker 2: ones who are losing a bit of confidence in the 356 00:15:49,320 --> 00:15:53,000 Speaker 2: value of a college degree. A recent journal poll noted 357 00:15:53,040 --> 00:15:55,640 Speaker 2: that there are some major shifts in the public perception 358 00:15:55,720 --> 00:15:59,120 Speaker 2: of college because back in twenty thirteen, forty percent of 359 00:15:59,120 --> 00:16:02,360 Speaker 2: folks thought that a degree was unlikely to be worth it, 360 00:16:02,680 --> 00:16:05,040 Speaker 2: But ten years later this year, in twenty twenty three, 361 00:16:05,160 --> 00:16:07,560 Speaker 2: fifty six percent of people feel that way. That's a 362 00:16:07,560 --> 00:16:12,720 Speaker 2: pretty big increase on the negative perception of college. But 363 00:16:12,800 --> 00:16:15,920 Speaker 2: even still, college costs can continue to rise, especially at 364 00:16:16,000 --> 00:16:20,240 Speaker 2: the IVY leagues, at the elite institutions. So yeah, no 365 00:16:20,280 --> 00:16:24,320 Speaker 2: wonder folks are looking for alternative paths, including apprenticeships, you know, 366 00:16:24,400 --> 00:16:27,080 Speaker 2: not just for like the like blue collar trade work, 367 00:16:27,240 --> 00:16:30,520 Speaker 2: but even for white collar jobs as well. We love 368 00:16:30,600 --> 00:16:33,480 Speaker 2: seeing fewer degree requirements from employers. But for those folks 369 00:16:33,480 --> 00:16:36,200 Speaker 2: out there considering the trade offs of higher education for 370 00:16:36,280 --> 00:16:39,400 Speaker 2: themselves or even for their kids, it is becoming more 371 00:16:39,400 --> 00:16:42,600 Speaker 2: important than ever to weigh the financial trade offs. An 372 00:16:42,600 --> 00:16:45,000 Speaker 2: apprenticeship might be worth it, and if you want to 373 00:16:45,000 --> 00:16:47,040 Speaker 2: extract more value, you got to find different ways to 374 00:16:47,160 --> 00:16:50,800 Speaker 2: keep the costs of education low. That journal article that 375 00:16:50,840 --> 00:16:54,240 Speaker 2: they mentioned that there just isn't great information out there 376 00:16:54,320 --> 00:16:57,160 Speaker 2: as to the value that in an apprenticeship can provide you. 377 00:16:57,160 --> 00:16:59,200 Speaker 2: You know, they were talking about how you know who's 378 00:16:59,200 --> 00:17:03,480 Speaker 2: good at recruiting high school grads, colleges and the military, 379 00:17:03,680 --> 00:17:06,720 Speaker 2: Like they're the ones out there who are communicating the 380 00:17:06,720 --> 00:17:08,800 Speaker 2: different benefits out there. But there's a lot of different 381 00:17:08,800 --> 00:17:11,639 Speaker 2: industries and specific companies that are able to provide not 382 00:17:11,680 --> 00:17:15,080 Speaker 2: only a good salary and a good living that you 383 00:17:15,080 --> 00:17:18,600 Speaker 2: can make, but also education that can accompany that apprenticeship 384 00:17:18,640 --> 00:17:20,119 Speaker 2: as well. So keep that in mind. That's just a 385 00:17:20,160 --> 00:17:24,040 Speaker 2: great way to avoid some of those unnecessary costs of 386 00:17:24,320 --> 00:17:24,960 Speaker 2: higher education. 387 00:17:25,119 --> 00:17:28,280 Speaker 1: Yeah, yeah, I know some people have gotten on to 388 00:17:28,400 --> 00:17:30,520 Speaker 1: us for how we talk about college and you and 389 00:17:30,520 --> 00:17:32,760 Speaker 1: I are both college graduates. And we're not trying to 390 00:17:32,800 --> 00:17:36,040 Speaker 1: cut it out at the knees, but clearly there is 391 00:17:36,119 --> 00:17:40,000 Speaker 1: a certain amount of revolt against higher education given the 392 00:17:40,080 --> 00:17:42,600 Speaker 1: value proposition. I think the education isn't as what it 393 00:17:42,680 --> 00:17:44,960 Speaker 1: used to be, and the price has certainly gone up 394 00:17:45,040 --> 00:17:47,760 Speaker 1: quite a bit, and so the individual consumers need to 395 00:17:47,800 --> 00:17:50,199 Speaker 1: consider how much they're paying and how much they're going 396 00:17:50,280 --> 00:17:51,720 Speaker 1: to get out of that education. Makes me think about 397 00:17:51,720 --> 00:17:54,239 Speaker 1: our conversation with a Garcia not too long ago and 398 00:17:54,359 --> 00:17:56,520 Speaker 1: just about there are a lot of ways to massively 399 00:17:56,600 --> 00:17:59,680 Speaker 1: reduce the cost of getting that degree, and if you 400 00:17:59,720 --> 00:18:02,760 Speaker 1: take the approach that she was recommending, I think you 401 00:18:02,840 --> 00:18:07,199 Speaker 1: can cut down the cost massively, which therefore increases the 402 00:18:07,359 --> 00:18:10,200 Speaker 1: likelihood that getting that higher education makes sense totally. 403 00:18:10,320 --> 00:18:12,360 Speaker 2: Yeah, And like, yeah, going back to what you're saying, 404 00:18:12,359 --> 00:18:15,040 Speaker 2: we're not against a liberal arts education, but the fact 405 00:18:15,080 --> 00:18:17,440 Speaker 2: is that's just not always available to a lot of folks. 406 00:18:17,440 --> 00:18:19,399 Speaker 2: There are a lot of families out there. There's a 407 00:18:19,440 --> 00:18:22,679 Speaker 2: lot of young adults who can't afford four years of 408 00:18:22,920 --> 00:18:25,760 Speaker 2: not working a full time job where they're looking to 409 00:18:26,160 --> 00:18:28,960 Speaker 2: help support their family or to get ahead financially. 410 00:18:29,040 --> 00:18:30,919 Speaker 1: Yeah, and some people do it both at the same time, right, 411 00:18:30,960 --> 00:18:32,479 Speaker 1: they're working in going back, going to school, and more 412 00:18:32,480 --> 00:18:34,399 Speaker 1: power to you people who are like busting your butts 413 00:18:34,680 --> 00:18:37,400 Speaker 1: to make it happen. Just be careful right when you're 414 00:18:37,400 --> 00:18:39,600 Speaker 1: out there. And one thing we have recommended Matt a 415 00:18:39,600 --> 00:18:42,240 Speaker 1: lot is that a community college can make sense for 416 00:18:42,800 --> 00:18:45,080 Speaker 1: some individuals as a way to lower the cost of 417 00:18:45,080 --> 00:18:48,360 Speaker 1: a higher education, allowing you to get more value out 418 00:18:48,440 --> 00:18:51,119 Speaker 1: of it. But it's also crucial to make sure if 419 00:18:51,160 --> 00:18:53,040 Speaker 1: you're going to go that direction, that the classes you're 420 00:18:53,040 --> 00:18:55,040 Speaker 1: going to be taking from your local community college are 421 00:18:55,080 --> 00:18:57,560 Speaker 1: not only going to help you get into the college 422 00:18:57,600 --> 00:18:59,760 Speaker 1: you ultimately want to graduate from if you're not looking 423 00:18:59,760 --> 00:19:02,560 Speaker 1: to graduate from that community college, but also that those 424 00:19:02,560 --> 00:19:05,800 Speaker 1: classes are going to transfer. And the Associated Press had 425 00:19:05,800 --> 00:19:09,760 Speaker 1: an article this week about how students transferring from a 426 00:19:09,800 --> 00:19:13,280 Speaker 1: community college to a traditional four year university they're losing 427 00:19:13,320 --> 00:19:16,240 Speaker 1: credits in the process, which is just so frustrating. But 428 00:19:16,280 --> 00:19:18,600 Speaker 1: it's not just frustrating, it's also massively expensive. They called 429 00:19:18,640 --> 00:19:21,000 Speaker 1: it a leaky pipeline, yeah, which was like a great 430 00:19:21,000 --> 00:19:21,960 Speaker 1: way to describe it. 431 00:19:22,040 --> 00:19:22,240 Speaker 2: Yeah. 432 00:19:22,240 --> 00:19:25,040 Speaker 1: And so there are a couple of different states who 433 00:19:25,080 --> 00:19:28,680 Speaker 1: are trying to create some standardization across how classes and 434 00:19:28,720 --> 00:19:32,040 Speaker 1: credits transfer, like Massachusetts and California to help ensure like 435 00:19:32,160 --> 00:19:36,240 Speaker 1: fewer losses of credits and courses that people have worked 436 00:19:36,280 --> 00:19:40,320 Speaker 1: so painstakingly hard to complete. But it's just really important 437 00:19:40,359 --> 00:19:43,119 Speaker 1: to note like that is not standardized in most states, 438 00:19:43,160 --> 00:19:45,960 Speaker 1: and if you're planning on transferring out of that community 439 00:19:45,960 --> 00:19:48,920 Speaker 1: college to another university, it's smart to ask, like, talk 440 00:19:48,960 --> 00:19:51,760 Speaker 1: to the is it the registrar's office right, ask about 441 00:19:51,760 --> 00:19:53,960 Speaker 1: whether the classes you're going to take are going to 442 00:19:54,000 --> 00:19:58,320 Speaker 1: transfer translate into credits basically with your new school before 443 00:19:58,480 --> 00:20:00,639 Speaker 1: you go through the process of taking in hopes that 444 00:20:00,640 --> 00:20:03,440 Speaker 1: they're all going to transfer. I transferred matt after year 445 00:20:03,520 --> 00:20:06,199 Speaker 1: two and I was able to even there was one 446 00:20:06,320 --> 00:20:08,280 Speaker 1: or two classes that they said working to transfer, and 447 00:20:08,320 --> 00:20:11,720 Speaker 1: I was able to petition to get those classes to count. 448 00:20:11,920 --> 00:20:13,879 Speaker 1: And so I know there's a process at most schools 449 00:20:13,880 --> 00:20:16,080 Speaker 1: for that too, but man, it's a pain, and I 450 00:20:16,119 --> 00:20:19,040 Speaker 1: remember being like disheartened that a couple of those classes 451 00:20:19,080 --> 00:20:22,280 Speaker 1: weren't account I think one did not and one I 452 00:20:22,320 --> 00:20:25,080 Speaker 1: was able to get to get to count. But it's yeah, 453 00:20:25,119 --> 00:20:28,120 Speaker 1: it's frustrating when you take it elsewhere. I was going 454 00:20:28,119 --> 00:20:31,159 Speaker 1: from a different state even but that's a frustrating thing 455 00:20:31,160 --> 00:20:32,520 Speaker 1: to not only have to redo the work, but I 456 00:20:32,520 --> 00:20:36,080 Speaker 1: have to pay again to take that class in order 457 00:20:36,119 --> 00:20:36,680 Speaker 1: to get your degree. 458 00:20:36,760 --> 00:20:39,120 Speaker 2: Yeah, so definitely reach out to an advisor there at 459 00:20:39,160 --> 00:20:41,680 Speaker 2: your community college. But if you do have a state 460 00:20:41,800 --> 00:20:44,560 Speaker 2: university in mind, reach out to that specific school and 461 00:20:44,600 --> 00:20:48,080 Speaker 2: to figure out what classes are going to specifically be 462 00:20:48,119 --> 00:20:50,040 Speaker 2: able to transfer over. And we will link back to 463 00:20:50,119 --> 00:20:52,119 Speaker 2: that conversation that we had with a Garcia in the 464 00:20:52,119 --> 00:20:54,840 Speaker 2: show notes as well. But we've got several additional stories 465 00:20:54,880 --> 00:20:57,480 Speaker 2: that we're going to get to a boosts in credit 466 00:20:57,560 --> 00:21:00,760 Speaker 2: scores that might be coming to a score near you. 467 00:21:00,800 --> 00:21:04,800 Speaker 2: We're going to talk about the rising costs of insurance, 468 00:21:05,000 --> 00:21:07,560 Speaker 2: specifically car insurance. We'll get to those stories plus others. 469 00:21:07,720 --> 00:21:18,119 Speaker 2: Right after this all. 470 00:21:18,160 --> 00:21:20,160 Speaker 1: We're back still the Friday flight, and we're still talking 471 00:21:20,160 --> 00:21:22,560 Speaker 1: about the money stories that happen this week and how 472 00:21:22,560 --> 00:21:25,040 Speaker 1: they pertain your personal finances, the most interesting, the most 473 00:21:25,080 --> 00:21:27,399 Speaker 1: pertinent ones. And Matt of course, we always got to 474 00:21:27,400 --> 00:21:29,720 Speaker 1: get to our ludicrous headline of the week. 475 00:21:29,880 --> 00:21:32,560 Speaker 2: That's one of our recurring segments. It happens every Friday. Yeah, 476 00:21:32,800 --> 00:21:33,320 Speaker 2: we're never. 477 00:21:33,160 --> 00:21:35,320 Speaker 1: Gonna cut it, that's right. Well, maybe we will, much 478 00:21:35,320 --> 00:21:37,959 Speaker 1: to your chagrin. It sticks around well this week. It 479 00:21:38,000 --> 00:21:40,919 Speaker 1: comes from a gallop pole and the title of it 480 00:21:41,000 --> 00:21:44,720 Speaker 1: read about half in the US worry about their money 481 00:21:44,760 --> 00:21:50,199 Speaker 1: safety in banks, and the stats are showing fear increasing 482 00:21:50,280 --> 00:21:53,000 Speaker 1: for everyday Americans about the safety of their money in 483 00:21:53,080 --> 00:21:56,760 Speaker 1: their bank accounts. Matthew, only twenty percent of people that 484 00:21:56,800 --> 00:22:00,320 Speaker 1: were surveyed checked not worried at all, like people are 485 00:22:00,320 --> 00:22:03,720 Speaker 1: super chill and I like them. But it and yes, 486 00:22:03,760 --> 00:22:05,800 Speaker 1: it is true another bank, but that dust just last 487 00:22:05,800 --> 00:22:08,439 Speaker 1: week First Republic. And we've had three bank failures in 488 00:22:08,480 --> 00:22:10,600 Speaker 1: total so far this year that have gotten a whole 489 00:22:10,640 --> 00:22:13,160 Speaker 1: lot of press, and we might see more regional banks 490 00:22:13,200 --> 00:22:16,040 Speaker 1: fail in the coming months. But does that mean you 491 00:22:16,080 --> 00:22:18,280 Speaker 1: should be worried? Does this mean you should take some 492 00:22:18,320 --> 00:22:22,160 Speaker 1: sort of action based on worry. No, First, you shouldn't 493 00:22:22,160 --> 00:22:24,760 Speaker 1: be worried, because you know, unless you're someone who has 494 00:22:24,760 --> 00:22:26,480 Speaker 1: more than two undred and fifty thousand dollars in a 495 00:22:26,520 --> 00:22:29,560 Speaker 1: single FDIC insured institution, yes, you might want to move 496 00:22:29,600 --> 00:22:33,320 Speaker 1: some of that money elsewhere to another FDIC insured bank 497 00:22:33,480 --> 00:22:35,879 Speaker 1: so that you're able to get full coverage on all 498 00:22:35,960 --> 00:22:39,920 Speaker 1: of your dollars. But other than that, there is no 499 00:22:40,080 --> 00:22:42,240 Speaker 1: need to fear, even though this is just obviously Matt, 500 00:22:42,359 --> 00:22:44,320 Speaker 1: a real fear that a lot of people have their 501 00:22:44,320 --> 00:22:49,320 Speaker 1: cash could be stripped away from them. FDIC insurance is protection. 502 00:22:49,400 --> 00:22:52,560 Speaker 1: I think people should trust not one single FDIC insured 503 00:22:52,600 --> 00:22:55,280 Speaker 1: dollar has ever been lost before. Your money is safe. 504 00:22:55,280 --> 00:22:56,879 Speaker 1: I want people to be more than that twenty percent 505 00:22:56,880 --> 00:22:58,399 Speaker 1: camp where they say, no, I'm not worried at all. 506 00:22:58,400 --> 00:23:00,359 Speaker 1: I'm not freaking out about it, because I think when 507 00:23:00,400 --> 00:23:03,720 Speaker 1: you know the reality of how FDIIC insurance works and 508 00:23:03,720 --> 00:23:05,960 Speaker 1: how it does protect your money in the case of 509 00:23:06,000 --> 00:23:09,639 Speaker 1: a bank failure, you really don't have any reason to fear, 510 00:23:09,760 --> 00:23:11,719 Speaker 1: and there's no need to move your money from one 511 00:23:11,720 --> 00:23:13,800 Speaker 1: of the great online banks to one of the crummy 512 00:23:13,840 --> 00:23:17,600 Speaker 1: giant banks because you think, oh this bank micro bust. Well, 513 00:23:17,600 --> 00:23:20,439 Speaker 1: even if it does, you're okay, sure it could happen, 514 00:23:20,480 --> 00:23:22,320 Speaker 1: but it is highly unlikely to happen. 515 00:23:22,359 --> 00:23:24,080 Speaker 2: We're not necessary. We're not going to come out here 516 00:23:24,080 --> 00:23:26,800 Speaker 2: and try to fear monger. Speaking of fear mongering, we 517 00:23:26,800 --> 00:23:30,159 Speaker 2: talked about unemployment and layoffs happening last week, and I 518 00:23:30,160 --> 00:23:31,679 Speaker 2: feel like we heard from a lot of folks who 519 00:23:31,720 --> 00:23:34,879 Speaker 2: are just like guys, well a little heavy on the 520 00:23:35,920 --> 00:23:38,480 Speaker 2: on the title, and yes, maybe we could have called 521 00:23:38,480 --> 00:23:40,359 Speaker 2: it something a little bit different. But fact is like 522 00:23:40,400 --> 00:23:42,760 Speaker 2: the landscape is shifting when it comes to the number 523 00:23:42,800 --> 00:23:45,800 Speaker 2: of layoffs that are happening and what the job market 524 00:23:45,920 --> 00:23:48,639 Speaker 2: looks like. We don't want folks to be putting their 525 00:23:49,000 --> 00:23:52,440 Speaker 2: head in the sand. Unemployment it is still near record lows, 526 00:23:52,480 --> 00:23:55,280 Speaker 2: but we are seeing some signs of economic tightening in 527 00:23:55,320 --> 00:23:58,320 Speaker 2: some areas. Now we've heard anecdotes from some folks that 528 00:23:58,320 --> 00:24:01,280 Speaker 2: they're employers that they're suspending, you know, the different benefits 529 00:24:01,280 --> 00:24:04,159 Speaker 2: that they're offing for for wink matching. It sucks to 530 00:24:04,200 --> 00:24:07,800 Speaker 2: lose that perk. Hiring freezes they are happening with greater 531 00:24:07,920 --> 00:24:11,520 Speaker 2: regularity as well. Something else that just came down the pike. Microsoft, 532 00:24:11,600 --> 00:24:15,200 Speaker 2: they announced a pay freeze for this year in an 533 00:24:15,200 --> 00:24:20,520 Speaker 2: effort to quote unquote navigate economic uncertainty. But other data 534 00:24:20,560 --> 00:24:24,159 Speaker 2: others shows that changing jobs that it's not coming with 535 00:24:24,280 --> 00:24:26,560 Speaker 2: as much of a pay raise as it has in 536 00:24:26,640 --> 00:24:29,919 Speaker 2: the in recent years. So we wanted just to mention that, 537 00:24:29,960 --> 00:24:33,400 Speaker 2: because yes, is everybody gonna get laid off, Like I mean, 538 00:24:33,440 --> 00:24:36,200 Speaker 2: that's not what we were communicating last week. We totally 539 00:24:36,320 --> 00:24:39,360 Speaker 2: hear kind of the tidal wave of layoff because there's 540 00:24:39,359 --> 00:24:41,320 Speaker 2: a lot of them happening. Sure's more and more happening. 541 00:24:41,359 --> 00:24:44,280 Speaker 2: There are more folks I know who are getting laid off. 542 00:24:44,840 --> 00:24:48,480 Speaker 2: The scene is changing, and will the economy slows significantly, 543 00:24:48,480 --> 00:24:50,720 Speaker 2: We're not totally sure, but it is a good idea 544 00:24:50,760 --> 00:24:53,400 Speaker 2: to show up your finances now and just to make 545 00:24:53,440 --> 00:24:55,720 Speaker 2: sure that you've got adequate savings on hand. It's it's 546 00:24:55,720 --> 00:24:58,000 Speaker 2: important to do that from a financial standpoint, but it's 547 00:24:58,000 --> 00:25:00,679 Speaker 2: also important to do that from a professional standpoint as well, 548 00:25:00,680 --> 00:25:02,719 Speaker 2: and that's what we talked about during that episode. We'll 549 00:25:02,760 --> 00:25:04,639 Speaker 2: link to that one, but you can listen back when 550 00:25:04,680 --> 00:25:06,399 Speaker 2: we talked about the steps that you can take now 551 00:25:06,440 --> 00:25:10,840 Speaker 2: to ensure that you are a doing an excellent job 552 00:25:11,440 --> 00:25:12,760 Speaker 2: and b that you're not going to be the first 553 00:25:12,760 --> 00:25:13,840 Speaker 2: one on the chopping block. 554 00:25:13,720 --> 00:25:15,560 Speaker 1: And making sure you can't make yourself, like we talked 555 00:25:15,560 --> 00:25:17,399 Speaker 1: about in that episode, layoff proof, but you can make 556 00:25:17,400 --> 00:25:20,560 Speaker 1: yourself layoff resistant totally, and at least you can increase 557 00:25:20,600 --> 00:25:24,040 Speaker 1: your financial defenses right at the same timetionally resilient. Yeah, 558 00:25:24,080 --> 00:25:26,840 Speaker 1: making yourself no matter what happens with your career or 559 00:25:26,880 --> 00:25:31,119 Speaker 1: your day job, making yourself giving yourself more ability to 560 00:25:31,200 --> 00:25:35,280 Speaker 1: withstand different storms might come along, or whether it's reduced hours, 561 00:25:35,280 --> 00:25:37,960 Speaker 1: whether it's no pay raise if you work at Microsoft 562 00:25:38,040 --> 00:25:40,199 Speaker 1: for a year, that kind of thing can smart if 563 00:25:40,240 --> 00:25:44,399 Speaker 1: you're kind of basing your your spending on kind of 564 00:25:44,440 --> 00:25:46,640 Speaker 1: future pay increases, which you shouldn't count your chickens before 565 00:25:46,960 --> 00:25:48,840 Speaker 1: they hatch. But that's a lot of people do that, Matt, 566 00:25:48,880 --> 00:25:51,000 Speaker 1: and that is a tough pill to swallow, being told 567 00:25:51,000 --> 00:25:53,720 Speaker 1: by your employer that, hey, guess what, no pay increase 568 00:25:53,760 --> 00:25:55,840 Speaker 1: for you this year. But those are the kind of 569 00:25:55,840 --> 00:25:57,840 Speaker 1: things that we have to be prepared for, especially by 570 00:25:57,840 --> 00:26:02,160 Speaker 1: the way, in a time of rising inflation, everything costing more, 571 00:26:02,280 --> 00:26:04,200 Speaker 1: and then for your employer to say you don't get 572 00:26:04,240 --> 00:26:07,040 Speaker 1: a pay bump is really can be really dispeariting, can 573 00:26:07,040 --> 00:26:09,119 Speaker 1: be really hard. But that's the kind of thing that 574 00:26:09,480 --> 00:26:12,120 Speaker 1: what we were talking about really last week when we 575 00:26:12,119 --> 00:26:15,440 Speaker 1: were kind of pointing to how you can prepare yourself 576 00:26:15,840 --> 00:26:19,119 Speaker 1: for potential difficulty in the economy. Let's talk about insurance 577 00:26:19,119 --> 00:26:22,199 Speaker 1: for a second, map because insurance rates are going up again. 578 00:26:22,680 --> 00:26:26,000 Speaker 1: The biggest car insurance companies are stating that repair expenses 579 00:26:26,200 --> 00:26:28,440 Speaker 1: are increasing quite a bit, which means they're gonna have 580 00:26:28,480 --> 00:26:32,119 Speaker 1: to pass on the increased costs of repair bills to 581 00:26:32,160 --> 00:26:35,560 Speaker 1: their customers. And how to money listeners, if you have 582 00:26:35,560 --> 00:26:38,359 Speaker 1: gone to the mechanical lately, you know that these insurance 583 00:26:38,359 --> 00:26:40,399 Speaker 1: companies are not making it up. It costs more to 584 00:26:40,400 --> 00:26:43,400 Speaker 1: get a car repaired these days, but still All State 585 00:26:43,520 --> 00:26:46,000 Speaker 1: has been hiking rates on a quarterly basis in most 586 00:26:46,040 --> 00:26:48,439 Speaker 1: states in the high single digits. So every quarter up 587 00:26:48,480 --> 00:26:51,360 Speaker 1: in rates by eight or nine percent, which means car 588 00:26:51,359 --> 00:26:56,320 Speaker 1: insurance is getting more expensive quickly. Progressive has literally said, Matt, 589 00:26:56,359 --> 00:26:57,840 Speaker 1: this is the words that came out of their mouth 590 00:26:57,840 --> 00:27:01,320 Speaker 1: that they're going they plan to be aggressive with raising rates. 591 00:27:01,680 --> 00:27:04,080 Speaker 1: And so basically the insurance line item in all of 592 00:27:04,080 --> 00:27:07,000 Speaker 1: our budgets has either already gone up or will very soon. 593 00:27:07,440 --> 00:27:09,560 Speaker 1: And it's something that how the money listeners need to 594 00:27:09,560 --> 00:27:12,159 Speaker 1: be careful, they need to watch out for, because that 595 00:27:12,200 --> 00:27:14,000 Speaker 1: can be a budget buster, especially given kind of the 596 00:27:14,119 --> 00:27:16,159 Speaker 1: numbers that are involved with insurance. We could be talking 597 00:27:16,680 --> 00:27:18,760 Speaker 1: a few hundred dollars a year in one fell swoop 598 00:27:18,760 --> 00:27:19,919 Speaker 1: that was just kind of unplanned for. 599 00:27:20,080 --> 00:27:22,919 Speaker 2: Yeah, and this is especially disheartening when you consider the 600 00:27:22,920 --> 00:27:25,359 Speaker 2: fact that the big insurers had had massive profits a 601 00:27:25,400 --> 00:27:28,040 Speaker 2: couple of years ago, back when nobody, very few folks 602 00:27:28,080 --> 00:27:30,080 Speaker 2: were driving, and everybody was locked down, and folks were 603 00:27:30,080 --> 00:27:34,399 Speaker 2: working from home, and they saw huge increases and profitability, 604 00:27:34,720 --> 00:27:36,320 Speaker 2: you would have thought that they would have stocked some 605 00:27:36,359 --> 00:27:40,320 Speaker 2: of that away for a little insurance company rainy day fund, right, 606 00:27:40,400 --> 00:27:44,040 Speaker 2: rather than immediately being like, oh, no, we're not as 607 00:27:44,040 --> 00:27:45,879 Speaker 2: profitable as we once were, and so now we're going 608 00:27:45,920 --> 00:27:48,679 Speaker 2: to stick it to you, our customers, and so shopping 609 00:27:48,680 --> 00:27:51,760 Speaker 2: around like that's it's always been a money saving proposition, 610 00:27:52,000 --> 00:27:54,920 Speaker 2: but when prices are a little more stagnant, shopping around 611 00:27:55,000 --> 00:27:57,520 Speaker 2: is unlikely to save you as much as you could 612 00:27:57,840 --> 00:28:00,600 Speaker 2: in an environment like we're currently seeing, you know, when 613 00:28:00,680 --> 00:28:03,720 Speaker 2: we're seeing rates skyrocking sometimes twelve percent or more in 614 00:28:03,760 --> 00:28:06,760 Speaker 2: a single quarter. So yeah, shop around, get quotes from 615 00:28:06,760 --> 00:28:10,200 Speaker 2: other insurance companies, even reach out to If you don't 616 00:28:10,200 --> 00:28:13,640 Speaker 2: know of an independent broker to help you shop your 617 00:28:13,640 --> 00:28:16,520 Speaker 2: policy around, you can find one. Just head to trusted 618 00:28:16,560 --> 00:28:19,000 Speaker 2: choice dot com. It's a great site to find somebody 619 00:28:19,000 --> 00:28:22,639 Speaker 2: who isn't gonna work for a specific insurance company, but 620 00:28:22,680 --> 00:28:24,679 Speaker 2: they are looking to find the best product for you. 621 00:28:24,800 --> 00:28:27,280 Speaker 1: Yeah, it's smart on multiple levels, but I just love 622 00:28:27,320 --> 00:28:29,639 Speaker 1: how simple it can be to have one person who 623 00:28:29,680 --> 00:28:31,520 Speaker 1: can check rates with a bunch of different companies at 624 00:28:31,560 --> 00:28:32,240 Speaker 1: one time for you. 625 00:28:32,200 --> 00:28:33,720 Speaker 2: And they know what to look for you. Yeah. So, 626 00:28:34,119 --> 00:28:37,000 Speaker 2: but on top of that, consider increasing your deductible if 627 00:28:37,040 --> 00:28:39,240 Speaker 2: you have the cash on hand in order to self insured, 628 00:28:39,240 --> 00:28:42,160 Speaker 2: in order to handle some of those expenses that might 629 00:28:42,200 --> 00:28:44,280 Speaker 2: come along and where you might be tempted to make 630 00:28:44,320 --> 00:28:47,400 Speaker 2: a claim, but instead you're thinking, you know what, we're 631 00:28:47,400 --> 00:28:49,000 Speaker 2: just gonna we're just gonna bite the bullet on this one. 632 00:28:49,000 --> 00:28:50,880 Speaker 2: We're gonna take care of ourselves. Or you think you 633 00:28:50,920 --> 00:28:54,160 Speaker 2: know what that little being and that back right rear panel, 634 00:28:54,520 --> 00:28:56,680 Speaker 2: I don't even care. Yeah, I'm gonna let it be. 635 00:28:56,880 --> 00:29:01,080 Speaker 2: Does let it be? It's character. This might even be 636 00:29:01,240 --> 00:29:03,640 Speaker 2: the final straw when it comes to dishing an extra 637 00:29:03,760 --> 00:29:06,520 Speaker 2: vehicle that that you've got on hand, and even like, oh, 638 00:29:06,600 --> 00:29:09,040 Speaker 2: insurance rates of you know they've never been all that expensive, 639 00:29:09,200 --> 00:29:10,840 Speaker 2: Well check again, because maybe they are and you can 640 00:29:10,920 --> 00:29:11,560 Speaker 2: unload that thing. 641 00:29:11,680 --> 00:29:13,760 Speaker 1: Yeah, you might be thrilled to have that second paid 642 00:29:13,760 --> 00:29:16,840 Speaker 1: off car in your life, but if it's costing you 643 00:29:16,880 --> 00:29:18,960 Speaker 1: a whole bunch more every month or every six months, 644 00:29:19,000 --> 00:29:20,680 Speaker 1: however often you pay your insurance By the way, that's 645 00:29:20,680 --> 00:29:23,000 Speaker 1: another way to save on insurance is by paying it 646 00:29:23,040 --> 00:29:26,280 Speaker 1: in six months or year long increments. Oftentimes they give 647 00:29:26,320 --> 00:29:29,080 Speaker 1: you a discount for that, but shopping around really is 648 00:29:29,120 --> 00:29:31,760 Speaker 1: the key to save me money as prices go up. 649 00:29:31,840 --> 00:29:34,520 Speaker 1: All right, let's talk about another kind of insurance, Matt. 650 00:29:34,560 --> 00:29:36,880 Speaker 1: Since we're talking about that, let's talk about life insurance. 651 00:29:37,160 --> 00:29:40,520 Speaker 1: There's a new finding from research firm Limra, and it 652 00:29:40,600 --> 00:29:44,160 Speaker 1: finds that just fifty two percent of American adults have 653 00:29:44,480 --> 00:29:47,160 Speaker 1: life insurance. That's down more than ten percent over the 654 00:29:47,160 --> 00:29:51,120 Speaker 1: past decade, which is not good news because life insurance 655 00:29:51,200 --> 00:29:53,760 Speaker 1: is a necessity I would say for a significant portion 656 00:29:54,160 --> 00:29:56,600 Speaker 1: of the how to money audience. If you have people 657 00:29:56,720 --> 00:29:59,480 Speaker 1: in your life who rely on your income, getting life 658 00:29:59,520 --> 00:30:03,960 Speaker 1: insurance is super important because it ensures they're going to 659 00:30:03,960 --> 00:30:06,640 Speaker 1: be taken care of if you die prematurely. And this 660 00:30:06,720 --> 00:30:08,840 Speaker 1: is not an effort to launch a guilt trip. It's 661 00:30:08,920 --> 00:30:10,880 Speaker 1: just an effort to make you aware of just how 662 00:30:10,920 --> 00:30:15,040 Speaker 1: important of a financial decisions getting life insurance actually is. 663 00:30:15,400 --> 00:30:19,120 Speaker 1: To see declining rates of people who are insured with 664 00:30:19,920 --> 00:30:22,240 Speaker 1: some sort of life insurance product, Matt, just makes me 665 00:30:22,240 --> 00:30:23,960 Speaker 1: think that there's a lot of people who are leaving 666 00:30:24,240 --> 00:30:27,520 Speaker 1: their loved ones financially exposed in the case of a 667 00:30:27,560 --> 00:30:28,680 Speaker 1: devastating tragic event. 668 00:30:28,800 --> 00:30:30,160 Speaker 2: Yeah. Yeah. And by the way, you know, when we're 669 00:30:30,160 --> 00:30:32,760 Speaker 2: talking about life insurance, we're always pushing folks to look 670 00:30:32,800 --> 00:30:38,040 Speaker 2: at term life insurance specifically, not any sort of variable 671 00:30:38,280 --> 00:30:42,280 Speaker 2: universal life products that exists out there. But a level 672 00:30:42,360 --> 00:30:44,760 Speaker 2: term policy is the cheapest product on the market. So 673 00:30:44,800 --> 00:30:47,520 Speaker 2: that's good news for all of us out there, But 674 00:30:47,560 --> 00:30:49,960 Speaker 2: it's also the one that makes the most sense because 675 00:30:50,000 --> 00:30:53,400 Speaker 2: you typically only need coverage for a specific length of 676 00:30:53,440 --> 00:30:56,960 Speaker 2: time imagine thirty years like during your working career while 677 00:30:57,000 --> 00:30:59,360 Speaker 2: you are earning an income. That is the period that 678 00:30:59,400 --> 00:31:02,960 Speaker 2: you need to actually insure for. But for our listeners, 679 00:31:03,000 --> 00:31:05,360 Speaker 2: when it comes to the type of policies that we're 680 00:31:05,400 --> 00:31:07,680 Speaker 2: talking about, like you could be talking about just paying 681 00:31:07,680 --> 00:31:10,520 Speaker 2: something like like twelve to twenty bucks a month in 682 00:31:10,560 --> 00:31:14,360 Speaker 2: premium costs for something like a five hundred thousand dollars policy. 683 00:31:14,480 --> 00:31:17,600 Speaker 2: So this is a very affordable thing and you should 684 00:31:17,680 --> 00:31:20,880 Speaker 2: most definitely have a policy like this in place. Again, 685 00:31:21,040 --> 00:31:24,200 Speaker 2: if you have either kids or a spouse, a partner, 686 00:31:24,240 --> 00:31:25,920 Speaker 2: somebody who's counting on your income. 687 00:31:26,040 --> 00:31:28,840 Speaker 1: It's similar in how inexpensive and how important it is 688 00:31:28,840 --> 00:31:32,080 Speaker 1: to like renter's insurance, right, because it's so cheap to 689 00:31:32,120 --> 00:31:34,680 Speaker 1: get renters insurance, yet so many people don't do it. 690 00:31:35,080 --> 00:31:38,080 Speaker 1: But what if something happened to your apartment or to 691 00:31:38,080 --> 00:31:40,400 Speaker 1: the home that you're staying in and all of your 692 00:31:40,440 --> 00:31:43,560 Speaker 1: possessions were went up in flames. That's a big deal 693 00:31:43,640 --> 00:31:47,160 Speaker 1: to replace those things. And it's well, yeah, it's pennies 694 00:31:47,160 --> 00:31:48,600 Speaker 1: a month, really, I mean it's dollars. 695 00:31:48,720 --> 00:31:51,480 Speaker 2: Yeah, right, it's still literally dollars, But relative to how 696 00:31:51,560 --> 00:31:54,760 Speaker 2: much you're insuring and the risk that you're able to mitigate, 697 00:31:54,800 --> 00:31:57,000 Speaker 2: it is well worth it. And by the way, if 698 00:31:57,040 --> 00:31:59,400 Speaker 2: you're thinking, oh, I've got insurance, I've got life insurance 699 00:31:59,400 --> 00:32:01,600 Speaker 2: through my work. It's something that they offer, Well, it's 700 00:32:01,600 --> 00:32:05,280 Speaker 2: probably not enough because it like you should only consider it. 701 00:32:05,320 --> 00:32:07,320 Speaker 2: You should only be viewing that as an added bonus 702 00:32:08,080 --> 00:32:10,440 Speaker 2: because it's not likely going to be enough to actually 703 00:32:10,520 --> 00:32:13,480 Speaker 2: replace your income for everybody who might be counting on you. 704 00:32:13,520 --> 00:32:16,240 Speaker 2: But ten times your annual income, that's actually a much 705 00:32:16,240 --> 00:32:19,120 Speaker 2: better rule of thumb. And we actually have an article 706 00:32:19,200 --> 00:32:20,920 Speaker 2: up on the site that will link to that talks 707 00:32:21,000 --> 00:32:24,120 Speaker 2: about how it is that you should be approaching life insurance. 708 00:32:24,280 --> 00:32:24,960 Speaker 2: Yeah for sure. 709 00:32:25,160 --> 00:32:26,880 Speaker 1: All right, one last thing, Matt, some good news for 710 00:32:26,920 --> 00:32:29,640 Speaker 1: anyone with a small bit of medical debt lingering around. 711 00:32:29,960 --> 00:32:33,200 Speaker 1: It no longer negatively impacts your credit. Thanks to the 712 00:32:33,240 --> 00:32:36,560 Speaker 1: generosity of the three major credit bureaus, medical debt of 713 00:32:36,640 --> 00:32:39,480 Speaker 1: less than five hundred dollars is being automatically removed from 714 00:32:39,520 --> 00:32:43,000 Speaker 1: all credit reports, which is likely going to lead to 715 00:32:43,160 --> 00:32:45,920 Speaker 1: millions of folks seeing a bump in their score because 716 00:32:45,960 --> 00:32:48,400 Speaker 1: and I didn't realize this, but apparently seventy percent of 717 00:32:48,440 --> 00:32:51,760 Speaker 1: medical debt on credit reports is now gone. Like that's 718 00:32:51,800 --> 00:32:55,840 Speaker 1: the vast majority of credit debt is those smaller amounts, 719 00:32:55,840 --> 00:32:57,800 Speaker 1: which is which is great to see that being removed, 720 00:32:57,840 --> 00:33:00,400 Speaker 1: and it's no longer dinging people in a mass of way. 721 00:33:00,800 --> 00:33:03,120 Speaker 1: And so yeah, the credit bureaus. They also increase the 722 00:33:03,160 --> 00:33:05,760 Speaker 1: time it takes for unpaid medical collection debt to appear 723 00:33:05,760 --> 00:33:07,800 Speaker 1: on a report from six months to one year, so 724 00:33:07,840 --> 00:33:10,800 Speaker 1: you have like more time to work out a payment 725 00:33:10,800 --> 00:33:14,560 Speaker 1: method with the hospital hopefully, or more time to talk 726 00:33:14,600 --> 00:33:18,640 Speaker 1: with the debt collector and figure out a solution before 727 00:33:18,720 --> 00:33:20,760 Speaker 1: it gets reported on your credit report. So I think 728 00:33:20,760 --> 00:33:22,240 Speaker 1: that's all good news. 729 00:33:22,480 --> 00:33:24,560 Speaker 2: It's all good news. It's good news for your credit score, 730 00:33:24,600 --> 00:33:26,760 Speaker 2: but it's important to keep in mind this doesn't erase 731 00:33:26,800 --> 00:33:29,479 Speaker 2: the debt that you owe YEA and so even though 732 00:33:30,040 --> 00:33:33,160 Speaker 2: your score is now potentially higher, that doesn't give you 733 00:33:33,160 --> 00:33:35,040 Speaker 2: permission to go out like You shouldn't see that as 734 00:33:35,040 --> 00:33:37,880 Speaker 2: a free ticket, like a ticket to ride, like you're 735 00:33:37,880 --> 00:33:40,320 Speaker 2: going out there and potentially maybe getting a fat or 736 00:33:40,360 --> 00:33:44,880 Speaker 2: mortgage than what you previously could have afforded. It doesn't 737 00:33:44,960 --> 00:33:48,040 Speaker 2: change the actual your actual financial situation, even if the 738 00:33:48,480 --> 00:33:50,120 Speaker 2: like your score changes. It's sort of like if you're 739 00:33:50,200 --> 00:33:53,840 Speaker 2: driving on the road and the speedometer readout like drops 740 00:33:53,840 --> 00:33:55,680 Speaker 2: twenty miles per hour and you're like, oh sweet, I'm 741 00:33:55,720 --> 00:33:59,440 Speaker 2: only going forty rather than sixty. Well, it doesn't change 742 00:33:59,480 --> 00:34:02,560 Speaker 2: the reality that you're still going sixty miles per hours, Like, 743 00:34:02,720 --> 00:34:04,719 Speaker 2: don't immediately like mash the pedal and take it back 744 00:34:04,800 --> 00:34:07,160 Speaker 2: up to sixty. Some of this is going to depend, 745 00:34:07,200 --> 00:34:09,440 Speaker 2: I think, on specific lenders and how it is that 746 00:34:09,440 --> 00:34:12,080 Speaker 2: they're underwriting the loans, but it also depends on us, 747 00:34:12,120 --> 00:34:15,719 Speaker 2: and we should also be personally responsible for our own 748 00:34:15,760 --> 00:34:17,080 Speaker 2: financial situation as well. 749 00:34:17,160 --> 00:34:18,839 Speaker 1: It's like what we talked about with Marshall Allen too. 750 00:34:18,880 --> 00:34:20,920 Speaker 1: There's lots of ways which we should post that link 751 00:34:20,960 --> 00:34:22,520 Speaker 1: in the show notes as well. If you have some 752 00:34:22,560 --> 00:34:24,200 Speaker 1: sort of unpaid medical debt and you're trying to figure 753 00:34:24,239 --> 00:34:26,160 Speaker 1: out what to do how to resolve it, well, you 754 00:34:26,239 --> 00:34:28,640 Speaker 1: might have been overbuild for a procedure or you know 755 00:34:28,880 --> 00:34:31,960 Speaker 1: there and there are ways to go about negotiating that 756 00:34:32,320 --> 00:34:35,120 Speaker 1: with your medical provider instead of just saying I can't 757 00:34:35,120 --> 00:34:37,480 Speaker 1: pay it and letting it go into collections. So that's 758 00:34:37,480 --> 00:34:39,759 Speaker 1: something people people should know on the front end when 759 00:34:39,760 --> 00:34:41,399 Speaker 1: they're kind of when they get a bill in the mail, 760 00:34:41,640 --> 00:34:43,200 Speaker 1: don't just kind of like put it out of sight, 761 00:34:43,239 --> 00:34:44,799 Speaker 1: out of mind, just because it's not going to go 762 00:34:44,880 --> 00:34:45,840 Speaker 1: on your credit report. 763 00:34:45,920 --> 00:34:48,080 Speaker 2: That's right. We want you to be proactive. We want 764 00:34:48,120 --> 00:34:50,120 Speaker 2: you to be intentional with your money, whether you are 765 00:34:50,200 --> 00:34:52,719 Speaker 2: whether it comes to how does you tip, or whether 766 00:34:52,760 --> 00:34:55,839 Speaker 2: we're talking about paying your medical bills. But Joel, we've 767 00:34:55,880 --> 00:34:58,759 Speaker 2: got a few notes of housekeeping before we wrap up 768 00:34:58,800 --> 00:35:01,960 Speaker 2: our Friday flight. We've got that's us. Some newsletter referral 769 00:35:01,960 --> 00:35:07,759 Speaker 2: shoutouts here and Nathan G. Miss Anonymous and Jorge S. 770 00:35:08,400 --> 00:35:11,400 Speaker 2: George for all the English speakers out there, but they 771 00:35:11,440 --> 00:35:15,200 Speaker 2: all refer the newsletter to several other friends so at 772 00:35:15,280 --> 00:35:17,920 Speaker 2: a massive thank you for spreading the good word, spreading 773 00:35:17,920 --> 00:35:20,279 Speaker 2: the good how to money word. Yeah, to everyone else 774 00:35:20,320 --> 00:35:22,720 Speaker 2: out there who might need some of that additional personal 775 00:35:22,800 --> 00:35:26,880 Speaker 2: finance knowledge in their inbox showing up every Monday. Scratch 776 00:35:26,960 --> 00:35:28,560 Speaker 2: that every Tuesday morning. I don't know why I said 777 00:35:28,560 --> 00:35:31,120 Speaker 2: Monday morning, every Tuesday morning. If you have not yet 778 00:35:31,160 --> 00:35:34,239 Speaker 2: signed up for the newsletter, just head to howdomoney dot 779 00:35:34,239 --> 00:35:38,239 Speaker 2: com forward slash newsletter. It's fun, helpful, and informative as 780 00:35:38,280 --> 00:35:40,440 Speaker 2: well all the above. It's great, all the things. 781 00:35:41,000 --> 00:35:43,319 Speaker 1: All right, that's going to do it for this Friday flight. 782 00:35:43,480 --> 00:35:45,920 Speaker 1: Happy Mother's Day to all you mothers out there. Happy 783 00:35:46,000 --> 00:35:47,240 Speaker 1: Mother's Day to that's. 784 00:35:47,160 --> 00:35:50,000 Speaker 2: Right, our wives and our moms and our moms. Well yeah, 785 00:35:50,080 --> 00:35:52,400 Speaker 2: we have to celebrate our moms, Joel not. It's up 786 00:35:52,400 --> 00:35:55,239 Speaker 2: to our kids, right, It's it's their job to to 787 00:35:55,280 --> 00:35:58,720 Speaker 2: celebrate our If that's not gonna fly, come Sunday. 788 00:35:59,840 --> 00:36:01,640 Speaker 1: Right, all right, Oh, that's gonna do it for this one. 789 00:36:01,719 --> 00:36:04,520 Speaker 1: Until next time. Best friends out, Best friends out,