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Speaker 1: Welcome to How to Money. I'm Joel and I am Matt.

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Speaker 1: Today we're talking Costco's crackdown Bad Vibes and forgotten four

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Speaker 1: one k's. That's right, buddy.

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Speaker 2: This is our Friday flight and we're going to discuss

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Speaker 2: the best stories that we think you need to be

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Speaker 2: paying attention to this week, the stories that impact your

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Speaker 2: dollars here on this Friday.

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Speaker 1: But before we've been paying attention, maybe you have been.

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Speaker 1: You always do so. Actually this is kind of a

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Speaker 1: quick tip.

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Speaker 2: This is a maybe our initial story that we'll get to,

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Speaker 2: but we wanted to mention the Chipper app. This is

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Speaker 2: an app that seeks to help student loan borrowers pay

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Speaker 2: back their student loans in a more efficient manner. Like

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Speaker 2: they're trying to set it up to be this all

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Speaker 2: like this all to one sort of one stop shop

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Speaker 2: for borrowers to get in there figure out which repayment

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Speaker 2: plan is going to help them to pay the least

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Speaker 2: in interest over.

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Speaker 1: Yeah, and it's just one of the things that is

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Speaker 1: confusing to a lot of people, which because there's multiple

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Speaker 1: income driven repayment plans and it's like which one's best

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Speaker 1: for me? And so the student loan payback process can

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Speaker 1: be kind of annoying, and if it feels daunting and

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Speaker 1: overwhelming because there are so many and if you've chosen

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Speaker 1: the wrong one hoops that you have to jump through,

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Speaker 1: you might be paying more than the otherwise should you

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Speaker 1: might be missing out on potential forgiveness over the long term.

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Speaker 1: So it's the Chiper app is cool. It's free for now.

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Speaker 1: While payments are paused, they might start charging again. I

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Speaker 1: think it was like two or four dollars a month

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Speaker 1: or something like that, so still inexpensive. But the other

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Speaker 1: thing of notemad might be more than worth it based

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Speaker 1: on the amount of money that you could save. It

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Speaker 1: kind of comes down to the value that you think

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Speaker 1: you could you could receive from it. Yeah, I will say.

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Speaker 1: Something that might put the chip or app completely at

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Speaker 1: a business at some point is if that new income

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Speaker 1: driven repayment plan that we've talked about on the show

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Speaker 1: comes to fruition, which I think it will probably later

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Speaker 1: later this fall or early winter, so we'll keep our

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Speaker 1: eyes on that. That's the one where you'll be able

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Speaker 1: to in all likelihood reduce your student loan payment even

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Speaker 1: more and then also get forgiveness more quickly. Even if

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Speaker 1: you're not in public service. So well, I'm sure Chipper

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Speaker 1: will roll that into their next software update. Yeah, but

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Speaker 1: then it is like slam dung decision for most people,

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Speaker 1: and so Chipper might be less necessary. Yeah, I will say.

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Speaker 1: One of the cool things.

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Speaker 2: So the reason it's called Chipper as well, is that

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Speaker 2: it's got like these acorn acorns like tennoises, where like

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Speaker 2: you can link a credit card to it and it'll

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Speaker 2: round up purchases and apply that to your loan, essentially

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Speaker 2: chipping away at it, which is why it's actually called

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Speaker 2: the chip run.

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Speaker 1: Yeah.

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Speaker 2: So yeah, it might be worth checking out definitely for

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Speaker 2: now while it's free. That's the other thing too, they're

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Speaker 2: not going to automatically enroll you into the paid service

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Speaker 2: without you opting to do so.

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Speaker 1: Yeah, I appreciate that as well. It's cool towards checking

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Speaker 1: out and really more than they start stinking it up though,

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Speaker 1: We'll make sure to let you know. Yeah, and well,

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Speaker 1: it's really important, especially to get student loans back to

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Speaker 1: the front of mind, because I know they've been back

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Speaker 1: burner for so long and some ahow of money listeners

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Speaker 1: they've been making hay while the sun shines others have

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Speaker 1: been like, huh, what Soudent loans does still exist? Yes,

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Speaker 1: they still do. Yes, payments are going to resume. It's

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Speaker 1: really important to start thinking about that and planning for

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Speaker 1: that resumption, which is coming down the pike in Octail. Right,

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Speaker 1: all right, let's get to the sampling of stories we

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Speaker 1: found interesting this week. We call it our Friday flight,

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Speaker 1: And let's talk about vibes for a second, because it

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Speaker 1: turns out we as Americans, we don't feel as good

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Speaker 1: about the economy as we likely should. And my question

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Speaker 1: is why. And I think when you talk to your

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Speaker 1: friends or neighbors or whatever, you're more likely to hear

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Speaker 1: at least a little pessimism. You're probably not going to

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Speaker 1: find somebody who's got this unbridled optimism about the future

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Speaker 1: and or about the presence. And you probably think that

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Speaker 1: your neighbor or friend was insane, right if you heard

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Speaker 1: too much optimism, he'd be like, you need to be

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Speaker 1: committed to a mental institution, because there's not that much

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Speaker 1: to be excited about. And I just think that that

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Speaker 1: we have like numeristic tendencies as a culture right now,

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Speaker 1: and even when things are good, we can't seem to

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Speaker 1: celebrate them or feel very good about the path we're on.

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Speaker 1: And so when you look at kind of some of

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Speaker 1: the economic stats, right, low unemployment, incredibly low unemployment, a

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Speaker 1: pretty stout economy. We just got some new GDP numbers

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Speaker 1: that were revised upwards a good bit. I mean, our

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Speaker 1: economy is still firing on all cylinders, really, But this

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Speaker 1: dour attitude, it seems like, remains, and it just kind

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Speaker 1: of feels like perception isn't quite lining up with reality

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Speaker 1: when we see what's going on in the macro space,

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Speaker 1: but then on on the micro finance, on the personal

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Speaker 1: finance side of the Ledger, a lot of people seem

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Speaker 1: disappointed with where they are exactly, yeah, exactly kind of

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Speaker 1: in the scheme of things.

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Speaker 2: Well, and to a certain extent, I feel like that's

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Speaker 2: always the case, regardless of where we are in history.

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Speaker 2: I heard somebody mentioned this recently, how it seems that

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Speaker 2: any good news, like things that are good that happen

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Speaker 2: over time, like it does actually happen over time. It's

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Speaker 2: like this gradual thing, as opposed to bad news, which

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Speaker 2: tends to happen all at once. It's just it's a

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Speaker 2: a singular like if you imagine just like this upward

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Speaker 2: trend of goodness progress that has happened in our world.

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Speaker 2: But any sort of bad news are often just like

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Speaker 2: like they're little cliffs that occur from there, and oftentimes

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Speaker 2: I think that impacts how we feel about things. And

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Speaker 2: similarly they're the ifpewre ask people, okay, what's going on with

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Speaker 2: an unemployment a lot more people would be able to

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Speaker 2: cite recent headlines of unemployment rising more quickly, not the

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Speaker 2: overall almost historic low unemployed unemployment rate that we have. Sure, yeah,

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Speaker 2: but also a new paper reveals that it all comes

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Speaker 2: down to the paycheck as well, which not surprising. How

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Speaker 2: much money that is coming into our lives impacts how

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Speaker 2: we feel about things. And the thing is real wage growth.

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Speaker 2: It has not been as rosy as some economists and

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Speaker 2: different politicians are making it sound, and that's of course

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Speaker 2: largely thanks to inflation and everything costing us more money.

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Speaker 2: So this makes sense that even if you do get

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Speaker 2: paid more, even if that number seems to be higher,

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Speaker 2: if it doesn't buy as much, it's going to be

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Speaker 2: a downer for you. And yes, there were bigger gains

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Speaker 2: at the lower end of the wage spectrum over the

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Speaker 2: past couple of years, a few years, which is great,

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Speaker 2: but when inflation, when it was nearing double digits, that

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Speaker 2: you know, the paycheck of most middle class folks, they

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Speaker 2: were not keeping up with the price increases, which in

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Speaker 2: turn was then breeding more pessimism. So two bits of

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Speaker 2: good news though, because of declining inflation, the real wages, right,

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Speaker 2: what folks are earning above the rate of inflation, they're

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Speaker 2: actually finally increasing, so that's good news. And then the

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Speaker 2: job market, it's still tight enough that you can actually

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Speaker 2: get a bigger pay bump, a pay increase by jumping

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Speaker 2: ship if you are not happy with your current employer.

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Speaker 2: But we are starting to see I feel like the

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Speaker 2: latest data that we've seen from like the Consumer Index

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Speaker 2: from was the University of Michigan. They've reported that, like,

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Speaker 2: we have seen the biggest increase literally this month. So

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Speaker 2: it seems that folks are starting to finally realize that, like,

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Speaker 2: oh wait, things are looking pretty good. It's not necessarily

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Speaker 2: because we're seeing wage increases, but as we're seeing the

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Speaker 2: price come down, which effectively feels like we're able. I mean,

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Speaker 2: it's not just about feeling we literally are able to

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Speaker 2: spend less money more that money is going into our

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Speaker 2: bank accounts.

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Speaker 1: Yeah, so there is good news, even though in a

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Speaker 1: world that loves bad news, there's a lot of good news.

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Speaker 1: We try to highlight that here on the show. And pessimism,

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Speaker 1: I think is kind of like a drug for people.

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Speaker 1: It can kind of sedate you. It can make you

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Speaker 1: feel powerless really over your situation. And I think more

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Speaker 1: optimism is warranted, and I think finding ways to see

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Speaker 1: what's good in this world is actually going to help

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Speaker 1: help you progress in your personal finances. We think optimism

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Speaker 1: can have a powerful effect in your personal finances. Let's

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Speaker 1: talk about housing, Matt for a second, because if you

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Speaker 1: own a home, there's been good news on that front,

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Speaker 1: right rising home prices. They've been great for people's net worth.

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Speaker 1: But there is one downside to that. Property taxes are

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Speaker 1: going up. And depending on where you live, this can

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Speaker 1: be one hundreds or even thousands of extra dollars in

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Speaker 1: increase taxes every year, and some states they cap the

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Speaker 1: percentage increase that can happen year over year. Texas, for instance,

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Speaker 1: they're looking to increase the cap. It was like it's

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Speaker 1: ten percent currently. I think they want to diminish it

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Speaker 1: the five percent so that five percent would be the

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Speaker 1: most amount of money that your property taxes could go

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Speaker 1: up in a given year, which would of course help

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Speaker 1: diminish the shock that homeowners in Texas would experience when

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Speaker 1: they get their their tax bill in the mail, because

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Speaker 1: a ten percent increase is.

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Speaker 2: A lot, right significant. Yeah, when you see your escrow

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Speaker 2: amount that goes towards you know, the amount that you're

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Speaker 2: paying towards escrow within your mortgage payment increased by that's

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Speaker 2: that's a big increase.

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Speaker 1: We live in Georgia, there's no cap on property tax increases,

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Speaker 1: and so it can feel a little bit like playing

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Speaker 1: Russian roulette, like you don't know what you're going to

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Speaker 1: get when that envelope shows up in the mail. Yeah, yeah,

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Speaker 1: and when you open it, you might just faint pass

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Speaker 1: out on the floor because that, like, it could be

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Speaker 1: a twenty five to thirty percent increase, depending on kind

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Speaker 1: of how the county has been doing with record keeping

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Speaker 1: and all that stuff. And so here's the thing, though,

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Speaker 1: this is something you can fight back on, especially when

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Speaker 1: we're talking about big, big dollars. You got to stand

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Speaker 1: up for yourself if your tax bill is too high.

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Speaker 2: That's right, and that actually means appealing a tax bill

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Speaker 2: if you feel like that it is out of line.

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Speaker 2: So it depends on where you live, but you typically

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Speaker 2: have about ninety days to file that appeal after you

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Speaker 2: receive your assessment there in the mail. This is something

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Speaker 2: that you can DIIY. You can look up the data

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Speaker 2: of recently sold homes in your area. You can look

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Speaker 2: on Zilo or redfin. Everyone's familiar with those apps since

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Speaker 2: you're probably on it daily anyway.

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Speaker 1: Especially if you're like in the market to buy a home.

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Speaker 2: Yeah, like we're not even in the market to buy

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Speaker 2: a home, but like Kate, she just forwarded me literally

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Speaker 2: in an email today that she gets notifications.

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Speaker 1: She's like, check out this house. They're probably like two

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Speaker 1: of my top twenty visit websites. Which, yeah, I'm not

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Speaker 1: looking to buy a home, but I just glanced.

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Speaker 2: It's good to know what's going on. But by looking

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Speaker 2: up that information, that'll help you to see if your

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Speaker 2: assessment is in line with just the current market data.

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Speaker 2: But you can also hire a professional to challenge the

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Speaker 2: assessment on your behalf. If you don't want to spend

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Speaker 2: the time to do this, there are folks who specialize

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Speaker 2: in doing this. But before you do that. Check out

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Speaker 2: a news site called own well, which will challenge your

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Speaker 2: property tax bill like automatically basically, and they'll take twenty

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Speaker 2: five percent of the savings. You're still effectively hiring somebody

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Speaker 2: like since you're you know, you're paying them the cut.

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Speaker 2: But it is well worth it to not have to

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Speaker 2: deal with the headache if you want to find a

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Speaker 2: more automated way of doing this and not even dealing

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Speaker 2: with another human being, the ability just to kind of

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Speaker 2: punch in some information and have that done again, yeah automatically. Yeah,

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Speaker 2: I just used it, actually, Matt for the first time.

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Speaker 2: So I in the past, I have done it myself,

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Speaker 2: and I've also hired individuals who specialize in this, and

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Speaker 2: they have always been able to fight back and get

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Speaker 2: my property taxes lowered, which has been great. But the

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Speaker 2: thing about doing that is you pay them up front

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Speaker 2: and you're hoping fingers crossed right that they can follow through.

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Speaker 2: And the cool thing about own well is you don't

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Speaker 2: pay them a dime and less unless they're actually able

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Speaker 2: to get the job done. So for one of my

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Speaker 2: properties where I was like, I don't know if it's

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Speaker 2: in line or not, I'm going to give this service

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Speaker 2: a shot, and it worked. It worked, it didn't cost

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Speaker 2: me too much. And the cool thing about in the

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Speaker 2: state of Georgia and in some other states too, is

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Speaker 2: if you get your property tax X bill reduced, if

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Speaker 2: you get that valuation lowered, it locks in.

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Speaker 1: For three years. You're locking baby. So the savings can

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Speaker 1: be substantial. If you're like, oh, well, it might save

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Speaker 1: me like two hundred bucks, what if it takes you

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Speaker 1: two hundred bucks for this year. Next year in the

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Speaker 1: year after that's six hundred bucks. It's the triple word score, right, Yeah,

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Speaker 1: don't forget that multiplier effect, which definitely adds up over time. Yeah.

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Speaker 1: So if you just want to take the easy ps

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Speaker 1: route and just kind of throw some spaghetti noodle against

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Speaker 1: the wall and see if it sticks, I think own

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Speaker 1: well is a good option for a lot of people, totally. Man.

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Speaker 2: So the word crisis right, like you often hear it,

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Speaker 2: I'm hearing more folks refer to what's going on though

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Speaker 2: in the housing market as a crisis.

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Speaker 1: There's a team mental health crisis. Man, there's a demand crisis,

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Speaker 1: there's a there's lots.

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Speaker 2: Of crises out there, a lot of bad things. But

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Speaker 2: regarding housing, like is that an actual crisis. I'm not

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Speaker 2: actually sure if it's reached that level might not qualify.

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Speaker 2: Affordability is at a crisis. It is a big concern.

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Speaker 2: But the Wall Street Journal, they published an article this

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Speaker 2: week about how zoning reform, how that might be the

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Speaker 2: essentially like a silver bullet answer to this budding crisis.

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Speaker 2: And the truth is it might. We think it could

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Speaker 2: have a significant impact on the affordability of housing because

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Speaker 2: wealthy homeowners, right, they tend to encourage these more rigid

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Speaker 2: zoning laws that prevents more dense and varied housing coming

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Speaker 2: into their communities, which then drives up the cost for

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Speaker 2: younger folks and folks who have lower incomes, and so

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Speaker 2: this would increase the supply, and this higher supply would

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Speaker 2: help bring some balance to the housing market. But it's

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Speaker 2: hard to increase that supply when the zoning laws across

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Speaker 2: much of the country prevent things like eighty US accessory

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Speaker 2: dwelling units and different multi family housing in neighborhoods that

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Speaker 2: folks want to live. And so we think this is great.

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Speaker 2: We think we need more zoning and reform and fewer

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Speaker 2: zoning restrictions in order to help fix this problem. In

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Speaker 2: order to increase the housing supply.

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Speaker 1: Yeah, I mean that's the most That's the first thing

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Speaker 1: we learned in basic econ in high school, right, was

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Speaker 1: applying to mayor, I have supply.

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Speaker 2: The demand is not going to change, if anything, we

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Speaker 2: think it's only going to increase over the coming decade

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Speaker 2: or two.

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Speaker 1: And there are some things that you can respond too quickly,

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Speaker 1: right when there's a supply and demand imbalance. You can

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Speaker 1: make more wigits go overnight, but you can't make more

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Speaker 1: homes overnight. And it is and especially when zoning restrictions

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Speaker 1: prevent some of that density from occurring, it can become

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Speaker 1: a prolonged problem, right, and lead to what might turn

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Speaker 1: into a crisis if we're not able to kind of

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Speaker 1: implement some of these solutions, one of which the biggest

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Speaker 1: ones I would say is zoning reform, like you said, Matt.

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Speaker 1: And let's talk about one more thing on the housing front.

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Speaker 1: We talked about Texas just a second ago and how

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Speaker 1: they're making changes potentially to their property tax increase CAP Well, Dallas,

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Speaker 1: which is obviously big city in Texas, they just voted

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Speaker 1: to severely restrict which homes are eligible to be short

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Speaker 1: term rentals, so specifically folks living in single family neighborhoods,

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Speaker 1: they didn't want short term rentals on their block, and

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Speaker 1: the city council basically voted to eradicate these short term

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Speaker 1: rentals from those neighborhoods. But this is just a good reminder, Matt.

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Speaker 1: This made me think anybody who wants to be a

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Speaker 1: real estate investor, specifically opting for short term rentals on

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Speaker 1: a platform like Airbnb or verbo, the rules of the

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Speaker 1: game can change at any time, and you have to

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Speaker 1: be prepared for that. If you have purchased a home

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Speaker 1: or you're looking to purchase a home and you're saying,

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Speaker 1: if I rent it out short term, I am going

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Speaker 1: to crush I'm going to definitely make a profit. I'm

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Speaker 1: going to be sitting pretty well. You have to at

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Speaker 1: least plan and consider the worst case scenario, which is

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Speaker 1: that gets outlawed and you have to rent it out

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Speaker 1: on you know, an annual least sort of basis. Makes

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Speaker 1: me think of my buddy Josh, who bought an airbnb

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Speaker 1: in Chattanooga. He's done quite well with it, but then

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Speaker 1: the city started to crack down and he fortunately was

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Speaker 1: grandfathered in. Okay, but he can't buy another one now.

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Speaker 1: And so there's no rules allowed.

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Speaker 2: Register because I feel like a lot of the cities

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Speaker 2: are making Yeah, folks register that way, they have to

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Speaker 2: pay some of these taxes that were originally being paid

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Speaker 2: by hotels.

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Speaker 1: Yeah for those Yeah, those those short so he had

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Speaker 1: to do that, he had to pay the city directly.

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Speaker 1: But this is just one of those things where there's factors. Yeah,

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Speaker 1: a lot of investors. If you're banking on the short

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Speaker 1: term thing, it's totally fine to do it, and that's

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Speaker 1: a great way to go. I think if you're in

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Speaker 1: certain places where you feel like you can, you can

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Speaker 1: make more profit doing it that way. But it's also

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Speaker 1: important to note your city crackdown might be coming to

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Speaker 1: a city near you. Things could change well. And not

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Speaker 1: only that, but demand is shifting as well.

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Speaker 2: There was a chart going around showing the decline in

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Speaker 2: revenue that Airbnb is experiencing in specific markets and cities

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Speaker 2: like Austin and Ashville. They are seeing a decrease somewhere

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Speaker 2: between like thirty forty even close to fifty percent and

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Speaker 2: revenues from this.

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Speaker 1: Time last year. Yeah, and so that's something to keep

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Speaker 1: in mind as well. Like folks were flesh with cash.

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Speaker 2: And if you were banking on those kind of numbers

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Speaker 2: thinking Okay, well this will make sense as long as

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Speaker 2: things continue like this, Well, guess what, folks had a

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Speaker 2: lot of money injected. There's a lot of money, a

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Speaker 2: lot of cash injected into the system that folks were

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Speaker 2: still hanging on to that they've been spending over the

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Speaker 2: past year, and we are seeing some of that decline.

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Speaker 2: Kate and I I hadn't even told you this, but

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Speaker 2: Kate and I we booked a trip this fall out

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Speaker 2: to Breckenridge. Never been out there before. We're gonna plain

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Speaker 2: as the hike of fourteen er there you go, one

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Speaker 2: of the big mountains. But when we literally just booked this,

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Speaker 2: but we were looking at on Airbnb and it said

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Speaker 2: congrats or whatever.

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Speaker 1: I don't know.

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Speaker 2: I don't think it's a congrats, but it said this

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Speaker 2: property is thirty five percent less than this time last year. Wow,

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Speaker 2: signifying like that sort of deal mentality. But it turns

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Speaker 2: out like it's not necessarily that particular property was the deal.

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Speaker 2: But just generally speaking, the market is seeing less demand,

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Speaker 2: which is driving prices down. So just something important to

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Speaker 2: keep in mind. And like you said, if you are

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Speaker 2: thinking about getting into short term rentals. It's a more

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Speaker 2: volatile market than long term rentals, which makes a lot

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Speaker 2: of sense.

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Speaker 1: Again, it's not that real estate investing or short term

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Speaker 1: rental investing doesn't make sense. It's just you have to

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Speaker 1: be even more careful and being to have more margin

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Speaker 1: and don't just prognosticate based on rosy numbers or how

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Speaker 1: your friend killed it over the past two years, Like

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Speaker 1: things might be changing a little bit, so you might

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Speaker 1: need more cash reserves to ensure that you're not make

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Speaker 1: it a completely boneheaded move or something like that. Totally,

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Speaker 1: But all right, man, we got more to get to,

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Speaker 1: including that Costco crackdown. They don't want those non members

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Speaker 1: coming in and getting those Costco deals. They want you

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Speaker 1: to join up. We'll talk about that and more right

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Speaker 1: after this.

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Speaker 2: We're back from the break. And you wouldn't want to

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Speaker 2: join Costco? Well, I guess I didn't.

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Speaker 1: You were a law holdout a year ago.

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Speaker 2: Well, it's because we did not have a Costco that

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Speaker 2: was convenient and now literally it's one of the closest

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Speaker 2: would you call it a grocery store that gets it's closer?

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Speaker 2: Is so much more than that. It is it's just

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Speaker 2: as close to us as Aldi is, and so now

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Speaker 2: they're kind of they both play a significant role in

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Speaker 2: where our family buys our.

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Speaker 1: Stuff the street from each other, so you can hit

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Speaker 1: up both if you want.

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Speaker 2: It's glorious. We'll get to that story here in a second.

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Speaker 2: But first we have our ludicrous headline of the week,

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Speaker 2: and this is from NPR and the headline reads, he

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Speaker 2: lost three hundred and forty thousand to a crypto scam.

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Speaker 2: Such cases are on the rise and this Yeah, it's

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Speaker 2: been a minute since we've talked about crypto, so it's

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Speaker 2: kind of fun to revisit the topic. But this article,

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Speaker 2: especially when we can talk smack about it.

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Speaker 1: Yeah.

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Speaker 2: Yeah, but they profiled a few folks, including a senior,

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Speaker 2: and he lost basically his entire life savings to a

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Speaker 2: cryptocurrency scam. It turns out there's been a nine hundred

404
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Speaker 2: percent increase in money lost to these sources of crypto

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Speaker 2: scams since twenty twenty one, And honestly, it makes a

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Speaker 2: lot of sense to me.

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Speaker 1: Man, Like the.

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Speaker 2: Fraudsters are after wherever there's money, Like, wherever there's money,

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Speaker 2: there's going to be fraud. And we saw a lot

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Speaker 2: of money circulating, swirling around, slashing around over the past

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Speaker 2: couple of years. And this was real money as well.

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Speaker 2: This wasn't like, this wasn't necessarily like a scam in

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Speaker 2: the traditional sense. You saw crypto commercials that were star studded.

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Speaker 2: You got folks getting paid big bucks like real money

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Speaker 2: in order to promote these different platforms. You saw different

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Speaker 2: folks who were buying for the naming rights for stadiums,

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Speaker 2: and so I think when you're surrounded by this and

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Speaker 2: you see all the money actually going into this, it

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Speaker 2: gives you a sense of like, oh, yeah, this is

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Speaker 2: a real thing. Now, this is something that I shouldn't

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Speaker 2: maybe I don't need to do as much due diligence

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Speaker 2: because well, obviously this is a real thing.

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Speaker 1: Well let's also be honest. There's a lot of money,

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Speaker 1: but there's also a lot of dumb money going into

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Speaker 1: that space, right, And a lot of people who similar

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Speaker 1: what we were just talking about with real estate, had

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Speaker 1: rosy prognost rosy color glasses on rose color glasses, and

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Speaker 1: they were willing to buy a whole lot of things

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Speaker 1: even if there wasn't much underlying truth behind those claims.

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Speaker 2: And so, yeah, there's a lot of folks who didn't

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Speaker 2: necessarily do their due diligence right exactly.

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Speaker 1: And it's true, not everyone in the crypto space is

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Speaker 1: a fraudster, but there's just so many ways to lose

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Speaker 1: money in the crypto space, and so yeah, you got

435
00:19:46,840 --> 00:19:48,680
Speaker 1: to be careful out there, and you don't put any

436
00:19:48,680 --> 00:19:51,359
Speaker 1: money into cryptocurrency that you can't afford to lose. And

437
00:19:51,400 --> 00:19:54,600
Speaker 1: for lots of folks, that means zero exposure is likely best.

438
00:19:54,760 --> 00:19:56,639
Speaker 1: And does that mean that Matt and I that we

439
00:19:56,680 --> 00:20:00,600
Speaker 1: think crypto itself is a scam? Not necessarily right? Like

440
00:20:00,680 --> 00:20:02,720
Speaker 1: Charlie Munger has called it rat poison. I don't know

441
00:20:02,760 --> 00:20:05,159
Speaker 1: if I one hundred percent agree with his claim, but

442
00:20:05,240 --> 00:20:08,760
Speaker 1: I do think that he's probably most coins are something

443
00:20:08,800 --> 00:20:12,159
Speaker 1: similar to rat poison like. But our advice continues to

444
00:20:12,200 --> 00:20:16,000
Speaker 1: be tread lightly, invest very little in such an unproven space. No,

445
00:20:16,200 --> 00:20:19,000
Speaker 1: you're not going to get rich when a specific coin

446
00:20:19,359 --> 00:20:21,639
Speaker 1: moons or whatever, and that usually happens pretty quickly, and

447
00:20:21,680 --> 00:20:23,280
Speaker 1: then guess what, a lot of people end up holding

448
00:20:23,280 --> 00:20:25,320
Speaker 1: the bag they end up losing. But you also aren't

449
00:20:25,320 --> 00:20:28,720
Speaker 1: going to go broke when that coin craters by not

450
00:20:29,000 --> 00:20:31,800
Speaker 1: allocating too many of your financial resources to what is

451
00:20:31,840 --> 00:20:34,399
Speaker 1: still a budding space that we think you're going to

452
00:20:34,480 --> 00:20:38,679
Speaker 1: be safer and sticking to more tried and true investing methods,

453
00:20:38,720 --> 00:20:41,040
Speaker 1: and so you're also at the same time going to

454
00:20:41,080 --> 00:20:43,600
Speaker 1: be able to avoid these scams that are proliferating, that

455
00:20:43,640 --> 00:20:46,240
Speaker 1: are aiming to take all of your money. So yeah,

456
00:20:46,320 --> 00:20:49,600
Speaker 1: it's like a twofold benefit, yes, dipping your toes in

457
00:20:49,640 --> 00:20:50,960
Speaker 1: and not doing much more than that. Yeah.

458
00:20:51,000 --> 00:20:52,800
Speaker 2: Basically, so what you outlined is that there are two

459
00:20:52,800 --> 00:20:54,600
Speaker 2: different ways that you can lose money. There are the

460
00:20:54,640 --> 00:20:58,000
Speaker 2: outright scams, which is what this article highlighted. Basically, these

461
00:20:58,040 --> 00:21:02,040
Speaker 2: fake platforms and literally they forged documents, they're forging performance

462
00:21:02,040 --> 00:21:04,359
Speaker 2: reports that they're feeding people to get them to invest

463
00:21:04,440 --> 00:21:07,560
Speaker 2: more money. In reality, their investments aren't doing anything of

464
00:21:07,560 --> 00:21:09,480
Speaker 2: the sort. It's like a made off esque sort of

465
00:21:10,160 --> 00:21:12,879
Speaker 2: So those are like straight up legit scams. They've just

466
00:21:12,920 --> 00:21:15,280
Speaker 2: taken a new form. They're just focusing on a new

467
00:21:15,760 --> 00:21:17,760
Speaker 2: where all the money's at. But then there's the second

468
00:21:17,760 --> 00:21:19,640
Speaker 2: way that you can lose money, which are the coins

469
00:21:19,680 --> 00:21:22,720
Speaker 2: in and of themselves, which aren't like in a traditional sense. Again,

470
00:21:22,760 --> 00:21:25,760
Speaker 2: they're not scams, but what are you investing in? I

471
00:21:25,760 --> 00:21:29,160
Speaker 2: think some folks might even equate crypto coins to well,

472
00:21:29,280 --> 00:21:31,840
Speaker 2: it's just like investing in an individual stock. It's just

473
00:21:31,840 --> 00:21:36,240
Speaker 2: like investing in Apple. Well not quite, because like Apple

474
00:21:36,280 --> 00:21:39,320
Speaker 2: is an actual company. I can point to my iPhone,

475
00:21:39,560 --> 00:21:41,879
Speaker 2: like the IMAX that we work on. I know what

476
00:21:42,000 --> 00:21:45,120
Speaker 2: Apple does when I If someone wants to invest.

477
00:21:44,840 --> 00:21:48,159
Speaker 1: Those new goggles you got, yeah, Apple Vision.

478
00:21:48,720 --> 00:21:51,399
Speaker 2: If you want to invest in home Depot or Delta,

479
00:21:51,560 --> 00:21:54,400
Speaker 2: it's like these are real companies and you are aware,

480
00:21:54,440 --> 00:21:57,919
Speaker 2: at least patronized of the services that they provide, But

481
00:21:58,040 --> 00:22:01,560
Speaker 2: what is it that is able to provide? And it's

482
00:22:01,840 --> 00:22:04,240
Speaker 2: more of a hope, and it's difficult to invest in

483
00:22:04,280 --> 00:22:06,520
Speaker 2: something that you're hoping is going to end up being

484
00:22:06,960 --> 00:22:11,040
Speaker 2: some global electronic e currency that we're all going to

485
00:22:11,119 --> 00:22:11,680
Speaker 2: rely upon.

486
00:22:11,880 --> 00:22:14,919
Speaker 1: And like we've talked about recently, with all the SEC's efforts,

487
00:22:14,920 --> 00:22:17,400
Speaker 1: are we going to see more centralization of crypto when

488
00:22:17,400 --> 00:22:20,320
Speaker 1: it's supposed to be DeFi right, and well, point just

489
00:22:20,359 --> 00:22:22,679
Speaker 1: does that change kind of the equation? I don't know,

490
00:22:22,720 --> 00:22:24,639
Speaker 1: But it is a space where people have to be

491
00:22:24,760 --> 00:22:27,480
Speaker 1: how the money listeners need to be incredibly incredibly careful.

492
00:22:27,480 --> 00:22:29,840
Speaker 2: If it's too good to be true, probably is, and honestly,

493
00:22:29,880 --> 00:22:31,600
Speaker 2: just keep your investing simple. Just like we talked about

494
00:22:31,600 --> 00:22:33,680
Speaker 2: on Wednesday, it does not need to be complicated. Stick

495
00:22:33,680 --> 00:22:36,520
Speaker 2: with index funds. But we're not going to completely hate.

496
00:22:36,560 --> 00:22:38,800
Speaker 2: I still have a tiny little bit of bitcoin and

497
00:22:38,840 --> 00:22:41,040
Speaker 2: a tiny little bit of ethereum, and if that's something

498
00:22:41,040 --> 00:22:45,160
Speaker 2: you want to do just to as a pressure relief valve.

499
00:22:44,960 --> 00:22:46,640
Speaker 1: We're not going to hate on that. Plus, you made

500
00:22:46,640 --> 00:22:49,440
Speaker 1: out like a bandit with squid coin, right, just kid?

501
00:22:49,480 --> 00:22:51,360
Speaker 1: Was it an actual coin that was a real point? Dude?

502
00:22:51,359 --> 00:22:53,480
Speaker 1: There were so many coin It's like, I know, doage

503
00:22:53,520 --> 00:22:55,439
Speaker 1: coin was like a mean coin, but there became so

504
00:22:55,520 --> 00:22:57,640
Speaker 1: many of those. Yeah, And it's.

505
00:22:57,480 --> 00:22:59,879
Speaker 2: Just those are the ones that feel more like rap poison,

506
00:23:00,119 --> 00:23:02,359
Speaker 2: even though they are true coins, Like they are coins

507
00:23:02,400 --> 00:23:05,000
Speaker 2: that people are paying for and there's real money going

508
00:23:05,000 --> 00:23:07,840
Speaker 2: into that. But the scam part of it is like, well,

509
00:23:07,840 --> 00:23:10,119
Speaker 2: what is this thing actually doing right and what is

510
00:23:10,160 --> 00:23:12,640
Speaker 2: the underlying value that it is providing the market and

511
00:23:12,960 --> 00:23:15,920
Speaker 2: there really isn't much. Yeah, all right, speaking of scams,

512
00:23:16,040 --> 00:23:20,080
Speaker 2: is Amazon scamming prime customers? The FTC kind of thinks so,

513
00:23:20,320 --> 00:23:23,040
Speaker 2: and so yeah, I actually kind of largely support the

514
00:23:23,080 --> 00:23:25,760
Speaker 2: FTC's attack on non competes. That's kind of one of

515
00:23:25,800 --> 00:23:27,439
Speaker 2: the things they are going after right now. They're kind of,

516
00:23:27,680 --> 00:23:29,600
Speaker 2: in my mind, an a front to the free market,

517
00:23:29,640 --> 00:23:33,040
Speaker 2: trying to lock people into multiple years that even lots

518
00:23:33,080 --> 00:23:36,160
Speaker 2: of times low low wage, not high skilled jobs, and

519
00:23:36,600 --> 00:23:39,600
Speaker 2: they're preventing economic opportunity for a lot of people. But

520
00:23:39,640 --> 00:23:41,520
Speaker 2: now they're trying to make an example out of Amazon

521
00:23:41,760 --> 00:23:44,399
Speaker 2: for what they are calling dark patterns, and this feels

522
00:23:44,440 --> 00:23:47,640
Speaker 2: to me like a bit of an overreach. Yes, Amazon,

523
00:23:47,720 --> 00:23:50,040
Speaker 2: of course they're trying to push Prime on people who

524
00:23:50,040 --> 00:23:51,000
Speaker 2: aren't currently subscribed.

525
00:23:51,040 --> 00:23:52,240
Speaker 1: That's what they do. When you go to the website

526
00:23:52,240 --> 00:23:53,320
Speaker 1: and your buying stuff, They're like, hey, do you want

527
00:23:53,359 --> 00:23:55,480
Speaker 1: to sign up for Prime? You can click no. But

528
00:23:56,240 --> 00:23:59,159
Speaker 1: the FTC is saying they're trying to force people to

529
00:23:59,160 --> 00:24:02,000
Speaker 1: do that. And you know, we mentioned our newsletter and

530
00:24:02,040 --> 00:24:04,320
Speaker 1: Facebook group on the rag Matt on the podcast. We

531
00:24:04,400 --> 00:24:07,119
Speaker 1: also want people to go there and get help and

532
00:24:07,160 --> 00:24:08,639
Speaker 1: sign up and be a part of the how to

533
00:24:08,680 --> 00:24:11,680
Speaker 1: money community. We think it's also beneficial for people who

534
00:24:11,680 --> 00:24:14,840
Speaker 1: sign up and join. Amazon might be more pushy than

535
00:24:14,840 --> 00:24:16,879
Speaker 1: we are, but it doesn't seem like the FTC has

536
00:24:16,960 --> 00:24:18,920
Speaker 1: much legal standing here in this claim.

537
00:24:19,000 --> 00:24:21,480
Speaker 2: Yes, but the problem always is is when a government

538
00:24:21,520 --> 00:24:23,679
Speaker 2: agency gets involved, who's the one that gets to decide?

539
00:24:23,760 --> 00:24:25,600
Speaker 1: Right? And so that's the difficulty.

540
00:24:25,080 --> 00:24:27,960
Speaker 2: Between you know, when you're talking about something that you

541
00:24:28,040 --> 00:24:30,600
Speaker 2: might be in favor of, like noncompetes versus something like this,

542
00:24:30,640 --> 00:24:32,159
Speaker 2: where you're kind of like, oh, it does kind of

543
00:24:32,160 --> 00:24:35,399
Speaker 2: feel like overstepping as opposed to letting the market decide.

544
00:24:35,520 --> 00:24:38,000
Speaker 2: But bottom line, like, from what it is that they're

545
00:24:38,040 --> 00:24:39,200
Speaker 2: going after, I totally agree.

546
00:24:39,240 --> 00:24:41,040
Speaker 1: I get that there.

547
00:24:41,560 --> 00:24:43,840
Speaker 2: You know, it would be nice to see those subscription

548
00:24:43,920 --> 00:24:47,439
Speaker 2: agreements become easier to cancel. I am a fan of

549
00:24:47,480 --> 00:24:50,119
Speaker 2: Amazon and the services that they're able to provide. It's

550
00:24:50,280 --> 00:24:52,400
Speaker 2: awesome how easy it is for me to get stuff

551
00:24:52,440 --> 00:24:54,159
Speaker 2: delivered to my door when I'm not able to go

552
00:24:54,160 --> 00:24:54,680
Speaker 2: out and buy it.

553
00:24:54,640 --> 00:24:56,080
Speaker 1: Or then you just don't want to yea, or when

554
00:24:56,080 --> 00:24:56,639
Speaker 1: you just don't want to.

555
00:24:56,680 --> 00:24:58,119
Speaker 2: But if you've ever if you ever go into the

556
00:24:58,119 --> 00:25:01,000
Speaker 2: back end of Amazon, dude, it is old pake like.

557
00:25:01,040 --> 00:25:02,359
Speaker 1: It is a total cluster.

558
00:25:03,000 --> 00:25:05,400
Speaker 2: And I think the one of the articles I read

559
00:25:05,440 --> 00:25:07,879
Speaker 2: said it takes it's like six different steps that you

560
00:25:07,960 --> 00:25:09,959
Speaker 2: have to go through in order to actually cancel.

561
00:25:10,280 --> 00:25:13,080
Speaker 1: I'm not a fan of that. Yeah, But that being said,

562
00:25:13,119 --> 00:25:14,720
Speaker 1: I still think the value that they are able to

563
00:25:14,760 --> 00:25:17,280
Speaker 1: provide me is still enough that I'm willing to pay

564
00:25:17,280 --> 00:25:18,719
Speaker 1: for it if it gets to a certain point, right,

565
00:25:18,760 --> 00:25:21,119
Speaker 1: if it gets bad enough. This is a good reason

566
00:25:21,160 --> 00:25:23,439
Speaker 1: that why we like to talk about this, because like

567
00:25:23,480 --> 00:25:26,199
Speaker 1: we talk about companies that are providing good value, we

568
00:25:26,240 --> 00:25:28,800
Speaker 1: talk about companies that are providing like pretty decent value,

569
00:25:28,800 --> 00:25:31,159
Speaker 1: and the ones that are treating their customers poorly, like

570
00:25:31,520 --> 00:25:33,960
Speaker 1: the big banks, we definitely call them out right like

571
00:25:34,000 --> 00:25:39,280
Speaker 1: a master exactly exactly, and so raising that awareness informing folks.

572
00:25:39,359 --> 00:25:41,000
Speaker 1: I think that's a big part of why we like

573
00:25:41,040 --> 00:25:43,679
Speaker 1: to talk about these stories, not necessarily because we're for

574
00:25:43,920 --> 00:25:47,720
Speaker 1: or against government regulation, but the ability to for consumers

575
00:25:47,760 --> 00:25:49,760
Speaker 1: to be informed and make the decisions on their own,

576
00:25:49,800 --> 00:25:52,240
Speaker 1: and for us to be able to vote with our dollars.

577
00:25:52,280 --> 00:25:54,400
Speaker 1: Like it kind of makes me think about like.

578
00:25:54,359 --> 00:25:56,560
Speaker 2: Treasury direct I feel like this is a perfect example

579
00:25:56,600 --> 00:26:01,119
Speaker 2: because that website is terrible. It's complicated, it is not

580
00:26:01,240 --> 00:26:04,000
Speaker 2: user friendly. But for a while there, man, they were

581
00:26:04,040 --> 00:26:07,080
Speaker 2: offering the best eyebonds in town. Like those rates were

582
00:26:07,080 --> 00:26:08,960
Speaker 2: so high it was worth it to jump, It was

583
00:26:09,040 --> 00:26:11,879
Speaker 2: worth the hassle. But at a certain point, like what

584
00:26:11,960 --> 00:26:14,960
Speaker 2: we're like right now, it's not worth jumping.

585
00:26:14,680 --> 00:26:16,719
Speaker 1: Through those suits. So the government should be suing itself

586
00:26:16,800 --> 00:26:18,880
Speaker 1: for making it hard for people to redeem their eyebonds.

587
00:26:19,040 --> 00:26:21,280
Speaker 2: Yeah, yeah, so I don't know, I get it specifically

588
00:26:21,320 --> 00:26:23,959
Speaker 2: with Amazon. You know, I think companies should make it

589
00:26:24,040 --> 00:26:25,679
Speaker 2: just as easy to cancel as they make it to

590
00:26:25,720 --> 00:26:27,760
Speaker 2: sign up. And so I think this is the goal

591
00:26:27,800 --> 00:26:31,000
Speaker 2: of the FTC. But I but I'm also not sure

592
00:26:31,040 --> 00:26:33,159
Speaker 2: if this rises, you know, to the occasion of like

593
00:26:33,320 --> 00:26:34,760
Speaker 2: FTC lawsuit territory.

594
00:26:34,840 --> 00:26:37,520
Speaker 1: Yeah, agreed, And I do think companies should make it

595
00:26:37,560 --> 00:26:38,280
Speaker 1: easier to cancel.

596
00:26:38,359 --> 00:26:40,639
Speaker 2: And those are the companies we love right right, like

597
00:26:40,640 --> 00:26:42,240
Speaker 2: when they're when it's just as simple.

598
00:26:42,280 --> 00:26:44,320
Speaker 1: It's one click to sign up. Let's let's do one

599
00:26:44,320 --> 00:26:46,520
Speaker 1: click to cancel, and I think Amazon to make it

600
00:26:46,560 --> 00:26:49,000
Speaker 1: two clicks. I'd be fine with that, But like click

601
00:26:49,000 --> 00:26:51,240
Speaker 1: after click where you have to dig or some companies

602
00:26:51,280 --> 00:26:52,560
Speaker 1: back in the day, I've had one where you can

603
00:26:52,600 --> 00:26:54,240
Speaker 1: sign up online but you've got to call to cancel,

604
00:26:54,240 --> 00:26:56,760
Speaker 1: and they are that's ridiculous. All right, let's talk about

605
00:26:56,760 --> 00:26:58,440
Speaker 1: four one case for a second. Manut, some people might

606
00:26:58,480 --> 00:27:00,159
Speaker 1: be like, well, do I think I have an old

607
00:27:00,160 --> 00:27:02,840
Speaker 1: four one K somewhere, but I'm not sure, and if so,

608
00:27:03,240 --> 00:27:05,639
Speaker 1: I don't know where it is. And my guess is

609
00:27:05,640 --> 00:27:07,720
Speaker 1: there's there's a decent chunk of how to money listeners

610
00:27:07,920 --> 00:27:11,120
Speaker 1: who have money lingering in an old account, and it's

611
00:27:11,160 --> 00:27:14,159
Speaker 1: just it's kind of costing them money. That Capitalized is

612
00:27:14,160 --> 00:27:16,280
Speaker 1: the service that we've talked about before that helps people

613
00:27:16,359 --> 00:27:18,520
Speaker 1: roll over that forgotten four to one k and actually

614
00:27:18,600 --> 00:27:20,160
Speaker 1: find that four one k too. They'll help you track

615
00:27:20,200 --> 00:27:22,840
Speaker 1: it down. They just released new data about the true

616
00:27:22,880 --> 00:27:26,600
Speaker 1: cost that millions of people are incurring every single year

617
00:27:26,880 --> 00:27:29,800
Speaker 1: for just kind of being forgetful. And Capitalized estimates that

618
00:27:29,840 --> 00:27:33,080
Speaker 1: there are almost thirty million accounts that fit the forgotten

619
00:27:33,119 --> 00:27:36,600
Speaker 1: description and there's more than one point sixty five trillion

620
00:27:36,320 --> 00:27:39,200
Speaker 1: dollars in those accounts, nine billion trillion with a t

621
00:27:39,560 --> 00:27:43,119
Speaker 1: so much money, and so yeah, it's just we have

622
00:27:43,160 --> 00:27:45,879
Speaker 1: to I feel like this bears mentioning because this is

623
00:27:45,920 --> 00:27:48,320
Speaker 1: a big mistake that a lot of people make and

624
00:27:48,359 --> 00:27:52,000
Speaker 1: they don't realize just how much is costing them. Yeah, well, I.

625
00:27:51,920 --> 00:27:55,160
Speaker 2: Guess specifically too, like these are estimates of quote unquote

626
00:27:55,200 --> 00:27:57,080
Speaker 2: lost money. It's not that or forgotten money it's not

627
00:27:57,080 --> 00:27:59,639
Speaker 2: like that it's completely lost and like you no longer.

628
00:27:59,400 --> 00:28:00,280
Speaker 1: Have access to it.

629
00:28:00,320 --> 00:28:03,000
Speaker 2: Although if you keep pushing it out of mind, like

630
00:28:03,080 --> 00:28:05,399
Speaker 2: out of side, out of mind, it potentially could be

631
00:28:05,440 --> 00:28:07,320
Speaker 2: something that you lose completely lose track of.

632
00:28:07,400 --> 00:28:09,719
Speaker 1: Yeah, it could be aimless money, right, that's yeah, Well

633
00:28:09,840 --> 00:28:12,480
Speaker 1: they're not invested MND is that.

634
00:28:12,359 --> 00:28:15,600
Speaker 2: Those forgotten accounts that they may not be working well

635
00:28:15,640 --> 00:28:19,159
Speaker 2: for you when it comes to your future investments. It

636
00:28:19,240 --> 00:28:22,600
Speaker 2: may like essentially you're not stewarding those dollars as well.

637
00:28:22,840 --> 00:28:25,120
Speaker 2: They might be in bad investment choices, many of which

638
00:28:25,200 --> 00:28:28,560
Speaker 2: come with high fees that then eat into your returns

639
00:28:28,560 --> 00:28:30,760
Speaker 2: in a big way over time. And so a four

640
00:28:30,840 --> 00:28:33,439
Speaker 2: to oh one k rollover is the answer. And this

641
00:28:33,480 --> 00:28:36,320
Speaker 2: is something that you can do yourself one percent. But

642
00:28:36,359 --> 00:28:39,680
Speaker 2: we will link to our capitalized review in the show

643
00:28:39,720 --> 00:28:42,720
Speaker 2: notes because they can help you to find and move

644
00:28:42,760 --> 00:28:45,360
Speaker 2: that money from a forgotten four O one k to

645
00:28:45,760 --> 00:28:48,320
Speaker 2: one of the better providers that we are huge fans

646
00:28:48,320 --> 00:28:49,600
Speaker 2: of for free.

647
00:28:49,720 --> 00:28:51,960
Speaker 1: Yeah, it's great service. It help help me move my

648
00:28:51,960 --> 00:28:54,120
Speaker 1: wife's four one K from a higher fee plan And

649
00:28:54,160 --> 00:28:56,600
Speaker 1: it wasn't like awful, but it was I think she

650
00:28:56,640 --> 00:28:58,680
Speaker 1: was paying like point four percent and now she's paying

651
00:28:58,720 --> 00:29:01,160
Speaker 1: point oh two percent or something, you know, because we

652
00:29:01,200 --> 00:29:03,800
Speaker 1: moved it to fidelity and Capitalized just made it easier

653
00:29:03,840 --> 00:29:06,160
Speaker 1: to do it. So, uh, when you see a stat

654
00:29:06,240 --> 00:29:09,040
Speaker 1: like that, we see that much money probably not being

655
00:29:09,080 --> 00:29:11,960
Speaker 1: efficiently used. That's just you know, we talk about the

656
00:29:12,360 --> 00:29:14,920
Speaker 1: high impact of high fees, and this is a way

657
00:29:15,040 --> 00:29:17,040
Speaker 1: in which you can rescue your old four oh one

658
00:29:17,080 --> 00:29:19,280
Speaker 1: k and turn it into something that's like effective for

659
00:29:19,320 --> 00:29:21,040
Speaker 1: your future as opposed to letting it languish.

660
00:29:21,480 --> 00:29:23,920
Speaker 2: But in both cases, those fees don't sound very high, right,

661
00:29:23,960 --> 00:29:25,800
Speaker 2: like what you said point four to point oh two

662
00:29:25,840 --> 00:29:27,520
Speaker 2: or whatever, But yeah, the fact of the matter is

663
00:29:27,560 --> 00:29:31,360
Speaker 2: like that is twenty times more expensive. Yeah, like put

664
00:29:31,360 --> 00:29:33,320
Speaker 2: it in those terms, and I think that'll help you

665
00:29:33,360 --> 00:29:35,880
Speaker 2: to maybe realize that, oh, this is something I actually

666
00:29:35,960 --> 00:29:38,600
Speaker 2: do need to do, even though you're looking at small numbers.

667
00:29:38,600 --> 00:29:41,360
Speaker 2: I sometimes looking at it through a different lens can

668
00:29:41,400 --> 00:29:43,120
Speaker 2: help you to be like, oh, sure, no, actually do

669
00:29:43,200 --> 00:29:43,520
Speaker 2: need to do it.

670
00:29:43,520 --> 00:29:46,240
Speaker 1: When you can even really calculate the raw dollars that

671
00:29:46,320 --> 00:29:48,640
Speaker 1: you're losing to fees over the course of thirty or

672
00:29:48,680 --> 00:29:51,400
Speaker 1: forty years of investing, and it adds up significantly, even

673
00:29:51,720 --> 00:29:54,560
Speaker 1: even just a point two to point four jump, which

674
00:29:54,560 --> 00:29:56,760
Speaker 1: is yeah, like you said, twenty x that could be

675
00:29:56,800 --> 00:29:58,720
Speaker 1: the difference depending on how much you're s socking away

676
00:29:58,720 --> 00:30:01,200
Speaker 1: and stuff like that. Thousands or tens of thousands of

677
00:30:01,200 --> 00:30:03,760
Speaker 1: dollars in your account at the end when you're ready

678
00:30:03,760 --> 00:30:06,640
Speaker 1: to retire, that's right. But uh, okay, Last, but not least,

679
00:30:06,720 --> 00:30:10,680
Speaker 1: Costco they are pulling the sort of like a Netflix move,

680
00:30:11,080 --> 00:30:14,480
Speaker 1: and they're cracking down on membership sharing. So if you

681
00:30:14,720 --> 00:30:18,600
Speaker 1: are a frequent Costco visitor shopper like we are, you've

682
00:30:18,680 --> 00:30:22,040
Speaker 1: likely noticed more self checkout kiosks, which is nice, you know,

683
00:30:22,200 --> 00:30:26,200
Speaker 1: if you're only grabbing the two flats of eggs and

684
00:30:26,720 --> 00:30:28,760
Speaker 1: the boxes of the box of like the three half

685
00:30:28,800 --> 00:30:32,120
Speaker 1: gallon milk that's like our typical expensive milk. I don't

686
00:30:33,480 --> 00:30:34,160
Speaker 1: regular stuff like.

687
00:30:34,120 --> 00:30:36,040
Speaker 2: They're getting stuff, but it's nice when you're only grabbing

688
00:30:36,040 --> 00:30:38,640
Speaker 2: a few things. But those self checkouts, they also make

689
00:30:38,680 --> 00:30:42,160
Speaker 2: it easier to share your membership with someone else, apparently

690
00:30:42,200 --> 00:30:46,400
Speaker 2: according to Costco's research, and they don't like that, so

691
00:30:46,440 --> 00:30:49,680
Speaker 2: they're apparently starting to check IDs at the self checkout

692
00:30:49,760 --> 00:30:51,400
Speaker 2: kiosks these stations in.

693
00:30:51,360 --> 00:30:53,080
Speaker 1: Order to curb that practice.

694
00:30:53,360 --> 00:30:55,600
Speaker 2: So we wanted to put that out there, because just

695
00:30:55,600 --> 00:30:58,920
Speaker 2: like we've got no problem with Netflix's approach, I'm also

696
00:30:58,960 --> 00:31:02,440
Speaker 2: cool with Costco sort of creating some law and order

697
00:31:02,520 --> 00:31:04,240
Speaker 2: right like this in the wild wild less here this

698
00:31:04,320 --> 00:31:07,520
Speaker 2: is Costco membership fees are the way that they're able

699
00:31:07,560 --> 00:31:10,040
Speaker 2: to keep costs low. I think anybody out there who's

700
00:31:10,040 --> 00:31:12,160
Speaker 2: a paying member should they probably don't have any problem

701
00:31:12,160 --> 00:31:16,480
Speaker 2: with this. It's all those who are the free loaders. Yeah, exactly.

702
00:31:16,640 --> 00:31:18,800
Speaker 2: And at that point what you need to decide is

703
00:31:19,040 --> 00:31:21,800
Speaker 2: am I receiving the value enough from going to Costco

704
00:31:21,920 --> 00:31:23,640
Speaker 2: that it's worth me paying up for this?

705
00:31:23,760 --> 00:31:25,680
Speaker 1: Yeah? And we actually have a list and we'll link

706
00:31:25,720 --> 00:31:29,040
Speaker 1: to this article in the show notes of the free

707
00:31:29,040 --> 00:31:30,520
Speaker 1: things that you can get at Costco without having to

708
00:31:30,560 --> 00:31:32,520
Speaker 1: be a member. And so it is true Costco off

709
00:31:32,520 --> 00:31:35,120
Speaker 1: For certainly you can go to the pharmacy without how

710
00:31:35,160 --> 00:31:36,760
Speaker 1: you can go into the liquor store if there's one,

711
00:31:36,840 --> 00:31:40,280
Speaker 1: typically without having to have a Costco membership. But if

712
00:31:40,320 --> 00:31:42,560
Speaker 1: you want all the goods, man, you got to pay up.

713
00:31:42,600 --> 00:31:46,040
Speaker 1: And we haven't talked about how great Costco's customer services

714
00:31:46,080 --> 00:31:48,080
Speaker 1: and how if you don't like the membership you don't

715
00:31:48,080 --> 00:31:49,440
Speaker 1: get enough value out of it. At the end of

716
00:31:49,440 --> 00:31:51,680
Speaker 1: the day, you can cancel you and they will refund

717
00:31:52,080 --> 00:31:54,040
Speaker 1: every dollar you paid for that membership, even if you're

718
00:31:54,080 --> 00:31:56,960
Speaker 1: three hundred and sixty days into the year. They'll be like, cool,

719
00:31:57,000 --> 00:31:58,720
Speaker 1: you didn't like it, all right, here's your money back.

720
00:31:58,960 --> 00:32:01,800
Speaker 1: So they might give you this, but you know, don't

721
00:32:01,840 --> 00:32:04,080
Speaker 1: be a don't be a jerk about it. But like truly,

722
00:32:04,120 --> 00:32:05,680
Speaker 1: if you aren't and you're like, you know what, I've

723
00:32:05,680 --> 00:32:07,160
Speaker 1: been meaning to do this for the past six months,

724
00:32:07,200 --> 00:32:08,840
Speaker 1: I just haven't gotten around to it, well, you definitely

725
00:32:08,880 --> 00:32:11,640
Speaker 1: still can. And I'll say too, like there is still

726
00:32:11,680 --> 00:32:13,120
Speaker 1: like sort of a gray area where you can take

727
00:32:13,120 --> 00:32:15,920
Speaker 1: advantage of, Like if you are going with like your

728
00:32:15,960 --> 00:32:18,120
Speaker 1: parents or like a family member or a friend, you

729
00:32:18,160 --> 00:32:21,400
Speaker 1: can still go with them. But just like with all

730
00:32:21,400 --> 00:32:23,640
Speaker 1: things in life, there are trade offs, and that means

731
00:32:23,640 --> 00:32:26,040
Speaker 1: you're gonna have to schedule with them and coordinate, and

732
00:32:26,040 --> 00:32:28,240
Speaker 1: so it comes down to whether or not you think

733
00:32:28,280 --> 00:32:29,840
Speaker 1: it's worth all those hoops.

734
00:32:30,520 --> 00:32:32,680
Speaker 2: If it's worth you know, the hassle of going through

735
00:32:32,720 --> 00:32:34,360
Speaker 2: all of that, or maybe it's time for you to

736
00:32:34,760 --> 00:32:37,240
Speaker 2: maybe become a real adult and have your your own, your.

737
00:32:37,200 --> 00:32:39,720
Speaker 1: Very own costco is a sign of real adulthood. You

738
00:32:39,720 --> 00:32:41,480
Speaker 1: know what it was for me? I didn't. I didn't

739
00:32:41,480 --> 00:32:44,040
Speaker 1: think I was a grown up until I finally joined Costco.

740
00:32:44,320 --> 00:32:45,840
Speaker 1: You know what, if it makes you feel better, I

741
00:32:45,840 --> 00:32:49,680
Speaker 1: still don't think you're grown up, my child at heart. Yeah,

742
00:32:49,720 --> 00:32:51,560
Speaker 1: all right, Well that's gonna do it for this episode.

743
00:32:51,720 --> 00:32:54,160
Speaker 1: We hope you have a great holiday weekend. I've actually

744
00:32:54,160 --> 00:32:56,120
Speaker 1: seen fireworks for sale at our Costco mat so, yeah,

745
00:32:56,120 --> 00:32:57,440
Speaker 1: maybe that's the place to get it. I don't know.

746
00:32:57,520 --> 00:33:00,840
Speaker 2: Yea, hopefully you aren't evidently Friday yet. Again, it's always

747
00:33:00,840 --> 00:33:02,600
Speaker 2: gonna be the worst day to travel, so maybe try

748
00:33:02,640 --> 00:33:05,880
Speaker 2: to avoid that if you have the ability to adjust

749
00:33:06,000 --> 00:33:07,120
Speaker 2: your holiday travels.

750
00:33:07,240 --> 00:33:09,480
Speaker 1: Yeah, but we hope it's a good one, and we'll

751
00:33:09,480 --> 00:33:12,560
Speaker 1: see you back here on Monday for a really interesting

752
00:33:12,600 --> 00:33:17,640
Speaker 1: conversation about insurance with a MacArthur Genius Award winner Matt So.

753
00:33:18,040 --> 00:33:20,320
Speaker 1: I think this is the first quote unquote genius that

754
00:33:20,840 --> 00:33:23,600
Speaker 1: we've spoken, I mean, with each other. I'd say so,

755
00:33:25,080 --> 00:33:27,120
Speaker 1: but no, a real one. Yeah, we'll talk to you

756
00:33:27,120 --> 00:33:28,760
Speaker 1: on Monday, so it should be fun, that's right. But

757
00:33:28,760 --> 00:33:30,960
Speaker 1: that's gonna be it for this episode. You can find

758
00:33:31,080 --> 00:33:33,200
Speaker 1: links up on the website at hadamoney dot com. We'll

759
00:33:33,240 --> 00:33:34,720
Speaker 1: make sure to link to some of the different stories,

760
00:33:34,760 --> 00:33:36,640
Speaker 1: some of the different resources, and that is going to

761
00:33:36,720 --> 00:33:39,880
Speaker 1: be it, Joel until next time. Best Friends Out, Best

762
00:33:39,880 --> 00:33:41,240
Speaker 1: Friends Out,