WEBVTT - Friday Flight - Jump at the Pump, Lessening Leverage, & Tapping Too Soon #1110 0:00:00.080 --> 0:00:04.160 Welcome to had the Money. I'm Joel and I am Matt. 0:00:04.200 --> 0:00:07.400 Today we're talking jump at the pump, lestening leverage, and 0:00:07.440 --> 0:00:08.239 tapping too soon. 0:00:27.000 --> 0:00:29.600 That's if we're laughing, because we watched the intro a 0:00:29.640 --> 0:00:31.720 couple of times there and then we just kept rolling 0:00:31.720 --> 0:00:34.880 and found a way to make it happen. We're we're 0:00:34.920 --> 0:00:36.879 pros here, Matt. You know, we're just here to have 0:00:36.920 --> 0:00:38.360 some fun. That's what we're gonna do here on this 0:00:38.400 --> 0:00:41.120 Friday flight, especially considerably. Pros have been doing this for 0:00:41.280 --> 0:00:43.240 as long as we have. But do we even still 0:00:43.280 --> 0:00:48.040 we make idiotic mistakes? Yeah, I'll say your little catchy 0:00:48.080 --> 0:00:49.680 headlines are super vague. 0:00:50.720 --> 0:00:51.159 That was kind. 0:00:51.920 --> 0:00:53.840 That's a little intense, So listener's got to stick around 0:00:53.840 --> 0:00:55.880 and find out what we're talking about on all of none, 0:00:55.960 --> 0:00:57.480 none of these are giving it away. 0:00:57.640 --> 0:01:00.560 Some of the pump felt a little pannic at the disco. Oh, 0:01:00.880 --> 0:01:02.640 I like that? Did you ever like those guys? 0:01:02.880 --> 0:01:05.399 I never really listened to anither a little too screamy, 0:01:06.520 --> 0:01:08.600 not like scream o rock, but like, I don't know, 0:01:08.760 --> 0:01:10.840 too high pitched. Okay, you had a really high voice. 0:01:10.959 --> 0:01:12.480 Was it like was back in the emo era? Is 0:01:12.520 --> 0:01:14.440 that what they were it's like post emo. Okay, yeah, 0:01:14.680 --> 0:01:16.880 moving a little bit more to the mainstream. But yeah, 0:01:16.880 --> 0:01:18.880 this is our Friday flight. We're gonna talk about the 0:01:19.240 --> 0:01:22.360 personal finance headlines, specifically how they are going to impact 0:01:22.360 --> 0:01:22.760 your wallet. 0:01:22.800 --> 0:01:23.520 While we're talking. 0:01:23.319 --> 0:01:26.120 About your wallet, I think one of the prices that 0:01:26.160 --> 0:01:28.800 people pay the most attention to is the price of 0:01:28.840 --> 0:01:31.400 gasoline because they drive passed it multiple times a day 0:01:31.600 --> 0:01:35.480 and we've gotten used to, you know, fairly low gas prices, 0:01:35.600 --> 0:01:36.760 especially over the past year. 0:01:36.800 --> 0:01:40.679 We've seen those prices dip, but the price of gases 0:01:40.720 --> 0:01:41.480 soared this week. 0:01:41.600 --> 0:01:45.399 Our local gas station here, like a month ago, I 0:01:45.400 --> 0:01:46.600 want to say, we were in like the two to 0:01:46.600 --> 0:01:50.400 fifty range, but prices have quickly shot up to three 0:01:50.440 --> 0:01:55.320 dollars thirty cents even more because of US military operations 0:01:55.360 --> 0:01:59.440 in Iran. Twenty percent of the world's oil passes through 0:01:59.600 --> 0:02:06.720 the stream of Hormah, which has been cut off by 0:02:06.800 --> 0:02:10.120 the Iranians. The tankers essentially are like, no, don't want 0:02:10.120 --> 0:02:13.560 to go over there. Sure, And with the President saying 0:02:13.680 --> 0:02:16.800 that the attacks are set to persist potentially for weeks 0:02:16.840 --> 0:02:19.640 to come, the uncertainty of what retaliation could look like. 0:02:19.960 --> 0:02:23.600 I think folks should be prepared to expand their their 0:02:23.600 --> 0:02:26.120 budgets in this area for months to come. When it 0:02:26.400 --> 0:02:28.639 when it comes to transportation costs, the cost of filling 0:02:28.720 --> 0:02:32.960 up your car, I think there have been talks perhaps 0:02:32.960 --> 0:02:35.480 of let's say, a cease fire. If that happens, well, 0:02:35.560 --> 0:02:39.040 obviously that's going to change the I think the potential 0:02:39.080 --> 0:02:41.160 for price you know what, what you're paying out the 0:02:41.200 --> 0:02:42.359 prompt dramatically, but. 0:02:42.600 --> 0:02:44.799 It could be a very short lived spike. We'll see. Yeah. 0:02:44.880 --> 0:02:48.040 I mean literally, as of this recording, there haven't been 0:02:48.120 --> 0:02:51.799 any talks of negotiations or talks, but that literally could 0:02:51.800 --> 0:02:53.120 happen in like an hour or. 0:02:53.080 --> 0:02:53.760 Apparently, I don't know. 0:02:53.840 --> 0:02:55.880 I saw someone reporting that there was a request for 0:02:55.960 --> 0:02:59.160 talks from the Iranian side, But like when will that happen? 0:02:59.240 --> 0:02:59.920 Will will that happen? 0:03:00.040 --> 0:03:02.320 It's tough, Yeah, And I was going to say too, 0:03:02.360 --> 0:03:02.880 and by the way. 0:03:02.840 --> 0:03:04.600 Like that, there's a lot we could say just about 0:03:04.880 --> 0:03:07.000 the fact that our country is now at war. This 0:03:07.040 --> 0:03:08.840 is not a political podcast, so we won't and we'll 0:03:08.880 --> 0:03:09.200 let you do. 0:03:09.960 --> 0:03:12.320 Even using the term that we're at war. 0:03:12.400 --> 0:03:14.200 Have you noticed that they've tried to avoid saying that 0:03:14.200 --> 0:03:16.799 we're at war because it's like, oh, no, this is 0:03:16.800 --> 0:03:19.080 a military what they keep referring to it as a 0:03:19.160 --> 0:03:20.400 kinetic and military. 0:03:20.080 --> 0:03:22.400 Operation is the word, Then that's not Then it's not 0:03:22.440 --> 0:03:24.720 really happening. Is that? Now? This is this is totally war. 0:03:24.800 --> 0:03:26.560 Sure it may not be war in the traditional sense 0:03:26.560 --> 0:03:28.600 of what we're used to, but this is absolutely what's 0:03:28.600 --> 0:03:30.959 going on. And it's always terrible to see loss of life. 0:03:30.960 --> 0:03:32.440 I want to say, Triple A does one of the 0:03:32.440 --> 0:03:35.840 best jobs of tracking gas prices, and what they've shown 0:03:35.920 --> 0:03:38.080 is that over the last couple of days, prices on 0:03:38.160 --> 0:03:40.680 average across the nation have jumped something like twenty five cents. 0:03:40.960 --> 0:03:43.600 But anecdotally here the few gas stations I go by, 0:03:44.000 --> 0:03:47.080 and man, I'm either sometimes i'm driving by them, usually 0:03:47.080 --> 0:03:49.520 I'm running by them. But I was I was shocked. 0:03:49.560 --> 0:03:52.000 I was like, eighty I've seen an eighty cent spike 0:03:52.160 --> 0:03:55.120 at the gas stations that I'm used to going by. 0:03:55.200 --> 0:03:58.080 Price gouging station owners. What's going on? 0:03:58.200 --> 0:04:00.600 Maybe or maybe the data from Triple A is just 0:04:00.640 --> 0:04:03.480 slow to catch up to reality. I don't know, but 0:04:03.520 --> 0:04:05.840 I'm curious to see if over the next couple of 0:04:05.920 --> 0:04:07.680 days maybe it does catch up and we've seen more 0:04:07.760 --> 0:04:10.400 like a forty to fifty to sixty sent per gallon 0:04:10.560 --> 0:04:13.200 spike across the nation on avare be curious to hear 0:04:13.240 --> 0:04:15.200 from how to money listeners, like what's going on at 0:04:15.200 --> 0:04:18.880 your local gas stations? How is this impacting you? And 0:04:19.040 --> 0:04:21.160 people might be wondering too, Matt, Well, how can gas 0:04:21.240 --> 0:04:24.360 prices shoot up so much when our country is producing 0:04:24.440 --> 0:04:27.640 so much oil? You look at the amount that we 0:04:27.760 --> 0:04:31.159 produce in a given day and the amount that we consume, 0:04:31.200 --> 0:04:35.160 and it's pretty close to being on par. And it 0:04:35.240 --> 0:04:38.040 does help that we're not as reliant on Middle Eastern 0:04:38.040 --> 0:04:40.279 countries as we used to be, like let's say in 0:04:40.279 --> 0:04:44.520 the nineties, right, But oil is a global market. So 0:04:45.160 --> 0:04:48.960 that is why, like even though we produce quite a 0:04:49.000 --> 0:04:50.920 bit of oil in this country now, far more than 0:04:50.920 --> 0:04:53.160 we ever used to, even just like what happened under 0:04:53.520 --> 0:04:56.440 Trump administration number one Biden administration and continues to happen 0:04:56.520 --> 0:05:00.599 under the Trump administration is just like we drill the drill, baby, 0:05:00.680 --> 0:05:01.359 drill thing is. 0:05:01.680 --> 0:05:03.200 A reality in our country, it is, yea. 0:05:03.800 --> 0:05:06.839 But even still because of the nature of the global market, Yes, 0:05:06.920 --> 0:05:09.960 we're more insulated from price pikes, we're still and not 0:05:10.040 --> 0:05:12.080 immune to them. Yeah, well yeah, when you're talking about 0:05:12.160 --> 0:05:14.360 just such a large because it's not again, it's because 0:05:14.360 --> 0:05:16.840 of the amount of oil that goes through that region. 0:05:16.839 --> 0:05:19.599 It's not even just Iran specifically, but just how much 0:05:19.680 --> 0:05:21.880 is getting essentially choked off from the world. And so 0:05:21.920 --> 0:05:24.680 you're referring to the global market. Yeah, when there is 0:05:24.880 --> 0:05:27.840 a reduction in supply elsewhere in the world that impacts 0:05:27.880 --> 0:05:29.200 prices here locally. 0:05:28.920 --> 0:05:29.320 That's right. 0:05:29.520 --> 0:05:33.920 And gas stations also are reacting to increased demand. That's 0:05:33.920 --> 0:05:35.640 happening because people are like gas prices are going up, 0:05:35.680 --> 0:05:37.640 let me fill up before I actually need to. They're 0:05:37.680 --> 0:05:40.920 also reacting to the likelihood of higher prices. They're kind 0:05:40.920 --> 0:05:43.160 of looking with the crystal ball into the future and 0:05:43.160 --> 0:05:46.239 they're saying, well, the next supply that I have to purchase, 0:05:46.440 --> 0:05:48.280 it's going to cost more. So I'm just going to 0:05:48.279 --> 0:05:52.400 go ahead and preemptively raise the price for people who 0:05:52.440 --> 0:05:55.720 are coming to fill up. So fear of higher prices 0:05:55.800 --> 0:05:58.080 and an increase in consumer demand, those are just bringing 0:05:58.120 --> 0:06:00.800 about higher prices more quickly on consumer and so we 0:06:00.839 --> 0:06:03.960 feel it maybe more quickly, even though in some ways 0:06:04.000 --> 0:06:06.640 like it feels like prices shouldn't rise so quickly. 0:06:07.120 --> 0:06:10.720 Sure, Okay, So here is a Timely USA Today article. 0:06:11.000 --> 0:06:13.120 They put together a list of the most fuel efficient 0:06:13.160 --> 0:06:17.960 cars Joel and it was they're just like published now. 0:06:18.440 --> 0:06:22.839 But Tesla, of course was number one. EV's they're just 0:06:23.000 --> 0:06:25.719 cheap to run, even if they're not as cheap to 0:06:25.880 --> 0:06:29.440 purchase now because of the federal tax credits because they 0:06:29.480 --> 0:06:31.920 have gone away. But as far as brands that make 0:06:32.000 --> 0:06:36.680 mostly gas cars, Kia, Nissan, and Subaru were up there. 0:06:36.680 --> 0:06:40.080 But here's the interesting thing. Consumers don't seem to care 0:06:40.120 --> 0:06:44.119 all that much, relatively speaking, because the the data tends 0:06:44.160 --> 0:06:48.279 to show that as gas prices decline, well, individuals react 0:06:48.279 --> 0:06:49.880 and then they go ahead and just purchase the larger, 0:06:50.240 --> 0:06:55.360 these bigger, larger gas guzzling SUVs, these giant suburbans and expeditions. 0:06:55.400 --> 0:06:57.400 Do you even think with a fourth or a fifth row? Actually, 0:06:57.440 --> 0:06:58.760 that's that's what I'm into right now. 0:06:58.760 --> 0:07:00.680 Hey, some people I know more more folks. Man, they 0:07:00.720 --> 0:07:02.839 got seven plus kids, They got like the transit. 0:07:03.000 --> 0:07:04.880 Well, you have that many kids, you need it, I guess. 0:07:04.960 --> 0:07:06.200 But you do mean there's a lot. 0:07:06.160 --> 0:07:08.920 Of people who are just like, we're the big, big run, 0:07:08.960 --> 0:07:11.240 the biggest suv, And I'm really only putting two people 0:07:11.240 --> 0:07:11.720 in that run. 0:07:11.760 --> 0:07:14.000 But the opposite is true as well, when when gas 0:07:14.000 --> 0:07:17.280 prices go up, that's when folks tend to reach for 0:07:17.320 --> 0:07:22.160 the more fuel efficient vehicles. And so yeah, it's interesting 0:07:22.200 --> 0:07:25.160 though to even just look at Tesla so and again 0:07:25.200 --> 0:07:28.600 it's not it shouldn't be any surprise, but it gets 0:07:28.680 --> 0:07:31.160 one hundred and twenty miles per gallon, and that's like 0:07:31.200 --> 0:07:34.440 obviously the equivalent, right because Teslas don't run a gasoline. 0:07:35.000 --> 0:07:37.520 But it just puts into perspective. This is a conversation 0:07:37.560 --> 0:07:40.040 I was having with Kate recently where there's part of 0:07:40.080 --> 0:07:41.920 me that sees our Honda and we drive around the 0:07:41.920 --> 0:07:44.280 city right taking the kids to school, running errands, things 0:07:44.320 --> 0:07:46.200 like that, we're getting like twenty miles per gallon. Right 0:07:46.240 --> 0:07:48.320 on the highway we can get twenty five, twenty six, 0:07:48.960 --> 0:07:51.440 we're getting twenty around town. And then I see the 0:07:51.480 --> 0:07:54.040 two to Siena and he gets thirty six in the 0:07:54.080 --> 0:07:56.360 city because it's got the hybrid, so it's operating off 0:07:56.400 --> 0:07:57.800 of the battery for a lot of that, and I 0:07:57.800 --> 0:08:00.440 think better, Oh my gosh, it's so much better. Oh 0:08:00.440 --> 0:08:04.080 maybe I should drop forty thousand dollars in order to 0:08:04.160 --> 0:08:06.960 achieve And like I did the math, and I would 0:08:06.960 --> 0:08:09.679 only be saving like one thousand dollars to twelve hundred 0:08:09.680 --> 0:08:14.640 dollars annually on gas prices in forty years, which it 0:08:14.680 --> 0:08:17.280 would pay for itself, which like that is too long 0:08:17.280 --> 0:08:19.760 of a time with bad math, as episode like that 0:08:19.800 --> 0:08:22.120 should not be a reason for me to consider. It's 0:08:22.160 --> 0:08:24.400 just so again, it's so attractive going back to the 0:08:24.400 --> 0:08:26.240 fact that you drive past these prices every day and 0:08:26.240 --> 0:08:29.680 you're constantly reminded of how much more you're having to 0:08:29.680 --> 0:08:31.600 pay because of how often you're having to fill up. 0:08:31.960 --> 0:08:34.480 That compared to something like a Tesla, where it's like, 0:08:34.480 --> 0:08:38.120 wait a minute, if you're talking about truly six x, 0:08:38.320 --> 0:08:41.679 it gets six times better gas mileage equivalent. 0:08:41.760 --> 0:08:45.280 Of course, I mean that does make a bit more. 0:08:45.160 --> 0:08:48.840 Sense and seems more of a potentially justifiable reason to 0:08:48.840 --> 0:08:52.719 get something like an old used Tesla versus plinking on 0:08:52.800 --> 0:08:55.839 the change for a new Toyota just because truly, maybe 0:08:55.840 --> 0:08:58.320 I just want a new Toyota. 0:08:58.360 --> 0:09:01.720 Well in all, really this comes down to I think 0:09:01.960 --> 0:09:04.440 us thinking holistically about the total cost of ownership of 0:09:04.480 --> 0:09:07.360 whatever car we might buy. Like you say, today had 0:09:07.400 --> 0:09:10.880 another list about just the cheapest overall new car brands right, 0:09:10.880 --> 0:09:13.800 and they were like, Mitsubishi is super inexpensive, right, they 0:09:14.000 --> 0:09:15.480 make some of the cheaper cars out there. And I 0:09:15.480 --> 0:09:17.280 was like, wait a second, mitsub she makes car still 0:09:17.760 --> 0:09:21.160 they do apparently, Nissan, Mazda, Kiya, subrew they're up there 0:09:21.160 --> 0:09:21.480 as well. 0:09:21.520 --> 0:09:23.920 The Mitsubishi Eclipse back in the day in high school, 0:09:23.960 --> 0:09:26.480 that was the car. Oh yeah, my friend had a 0:09:26.520 --> 0:09:28.240 day wu. Those don't even exist anymore. 0:09:29.200 --> 0:09:31.440 So when you look at the js and Saturns, there's 0:09:31.480 --> 0:09:34.720 some there's some overlap on these lists. Matt, you said Kiya, Nissan, Suberu, 0:09:34.840 --> 0:09:37.920 I said the same three? So those are those are 0:09:38.280 --> 0:09:40.400 in Mazda Maybe, I don't know. Masda is up there 0:09:40.440 --> 0:09:44.240 as far as being fuel efficient and brands all of those, 0:09:44.240 --> 0:09:46.520 so maybe look at the overlap there. It's always nice 0:09:46.520 --> 0:09:49.000 to pay less for a car, but truly, when it 0:09:49.000 --> 0:09:51.560 comes down to it, what's the total cost of ownership? 0:09:51.840 --> 0:09:53.440 You know, it's it's nice to have a car that's 0:09:53.559 --> 0:09:56.760 fuel efficient. A lower upfront sales price is great, but 0:09:56.880 --> 0:09:59.920 what about reliability? What about lower insurance costs? Think about 0:09:59.920 --> 0:10:01.800 the Tesla there, it's like how much am I going 0:10:01.840 --> 0:10:05.679 to save on gas costs versus how much more might 0:10:05.720 --> 0:10:07.880 I pay on insurance, you're gonna want to check with 0:10:07.920 --> 0:10:09.439 your insurance company. 0:10:09.240 --> 0:10:10.959 Or how much less are you gonna pay it on insurance? 0:10:11.000 --> 0:10:13.880 Because of full self driving insurans are starting to take 0:10:13.880 --> 0:10:14.680 that into acount. 0:10:14.679 --> 0:10:15.240 That's right, like we. 0:10:15.240 --> 0:10:18.960 Talked about with Lemonade, dropping prices on your insurance for 0:10:19.000 --> 0:10:21.880 your Tesla. So but I guess just even with gas 0:10:21.920 --> 0:10:24.360 prices going up, don't get hung up on just one factor. 0:10:24.600 --> 0:10:26.320 And it makes me think, Matt, that for at least 0:10:26.360 --> 0:10:30.200 some people one car, if let's say gas is a 0:10:30.240 --> 0:10:35.040 meaningful expense in your life, but you have your life, 0:10:35.080 --> 0:10:39.040 maybe is you're not driving huge long distances in one 0:10:39.080 --> 0:10:43.800 fell swoop man. Those old Nissan leafs are dirt cheap, 0:10:44.480 --> 0:10:46.240 and think about how much money you're gonna save. I 0:10:46.280 --> 0:10:49.080 kind of wish I still had mine around. It was 0:10:49.640 --> 0:10:52.520 just this econo box that is no. 0:10:52.640 --> 0:10:55.680 Frills, and yet if you're thinking about it like a 0:10:55.720 --> 0:10:59.080 golf cart, then it's a great golf cart exactly exactly. 0:10:59.160 --> 0:11:00.520 But you can get you can get one of those 0:11:00.559 --> 0:11:03.800 Nissan Leaves that still has seventy five miles of range like. 0:11:03.760 --> 0:11:06.240 Per charge for like four grand. 0:11:06.720 --> 0:11:09.480 And really, yes, they're so cheap because they're so on love. 0:11:09.559 --> 0:11:12.360 Nobody wants them super super affordable. So just putting that 0:11:12.360 --> 0:11:13.040 out there for folks. 0:11:13.120 --> 0:11:14.760 I mean, if the range anxiety, if you can get 0:11:14.760 --> 0:11:16.920 past it, yeah, that's that might be the golden ticket 0:11:17.000 --> 0:11:17.640 right there, that's right. 0:11:17.640 --> 0:11:18.320 I like what Yeah. 0:11:18.320 --> 0:11:20.240 Where you're pointing at here though, is like again going 0:11:20.280 --> 0:11:21.960 back to the total cost of ownership. And I noticed 0:11:22.000 --> 0:11:24.640 that Toyota, for instance, wasn't on the list of the 0:11:24.679 --> 0:11:27.839 affordable brands. And that's because in part one, they've got 0:11:27.840 --> 0:11:31.120 some really nice Toyota's out there. So that was they 0:11:31.120 --> 0:11:32.880 were addressing just the brands as a whole. 0:11:32.920 --> 0:11:35.880 You've seen those new Land Cruisers. We've talked about them. 0:11:36.640 --> 0:11:39.000 That's too nice. They're so nice seconds but in. 0:11:39.000 --> 0:11:41.720 Part because they've got quality parts too, And so you're 0:11:41.800 --> 0:11:44.080 and you're referencing just how long is this thing going 0:11:44.080 --> 0:11:46.400 to actually last? And when you look at all the research, 0:11:46.400 --> 0:11:48.360 when it comes to the number of or the percentage 0:11:48.360 --> 0:11:51.400 of vehicle or the likelihood of a certain car being 0:11:51.400 --> 0:11:53.320 on the road past two hundred thousand miles past two 0:11:53.360 --> 0:11:55.880 hundred and fifty thousand miles, Toyota takes like the top 0:11:56.360 --> 0:12:00.440 four spots or something like that. It's like matter so Coya, Tundra, 0:12:00.760 --> 0:12:03.839 the Siena. They're just built like tanks, and so you're 0:12:03.840 --> 0:12:05.840 paying more on the front end. But it depends on 0:12:05.880 --> 0:12:07.960 how you keep up with that thing and if you 0:12:08.000 --> 0:12:10.320 take care of it. Have we shared that our van 0:12:10.559 --> 0:12:11.720 rolled over towhure thousand miles? 0:12:11.800 --> 0:12:12.560 No? Have we not? 0:12:12.600 --> 0:12:14.800 Okay, it was getting close. We're getting close. Since yeah, 0:12:14.800 --> 0:12:17.720 we're well over two hundred thousand, and we rechristened it. 0:12:17.960 --> 0:12:21.480 I did tell you this. Yeah, yeah, we rechristened it Vincent. 0:12:22.160 --> 0:12:24.360 And the kids were like why, and I said, van 0:12:24.480 --> 0:12:28.600 go because we want the vein just to keep on trucking. Man. 0:12:28.640 --> 0:12:30.480 We love it. We have humor and it's finest. 0:12:30.880 --> 0:12:32.880 It was a great crossover between dad humor and like 0:12:33.120 --> 0:12:36.480 classical education. The kids kind of gave me a tip 0:12:36.520 --> 0:12:40.160 of the cap and a snarl roll of the eyes. Yes, 0:12:40.400 --> 0:12:43.560 all right, let's talk about jobs. The good old days, Matt, 0:12:43.760 --> 0:12:45.880 of the job market were in you know, some of 0:12:45.920 --> 0:12:48.400 the worst days for humanity twenty twenty one. 0:12:48.440 --> 0:12:50.840 The job market was great. Well, that was the silver lining. 0:12:50.960 --> 0:12:55.240 Yeah, the COVID was rough, and so work from home 0:12:55.320 --> 0:12:59.319 too was available to most folks at that point in time. 0:12:59.360 --> 0:13:03.320 Obviously not and people doing a lot of really arduous 0:13:03.559 --> 0:13:07.000 work in hospitals, grocery stores, a lot of people in 0:13:07.080 --> 0:13:10.000 service jobs that were not working from home. But we 0:13:10.080 --> 0:13:12.640 did see that was like a big dividing line where 0:13:12.640 --> 0:13:14.720 a lot of people who had previously been unable were 0:13:14.800 --> 0:13:18.400 then able to work from home. But that's not true 0:13:18.720 --> 0:13:20.959 anymore in the way that it was. There was a 0:13:21.040 --> 0:13:23.840 recent analysis of six hundred thousand jobs and it just 0:13:23.880 --> 0:13:28.000 found that remote work is basically a dream that's slipping away, 0:13:28.720 --> 0:13:32.120 and if you're keen on working from home, you might 0:13:32.160 --> 0:13:36.360 be looking for work even longer these days in the 0:13:36.440 --> 0:13:39.640 job market. Right as we know your people are looking 0:13:39.760 --> 0:13:43.079 for work, it's take longer to find the job they want. 0:13:43.120 --> 0:13:45.520 But if you're like I'm prioritizing a work from home role, 0:13:45.880 --> 0:13:48.240 then you're going to be looking even longer than the 0:13:48.280 --> 0:13:51.480 average person. Says a quote from the study that said 0:13:51.760 --> 0:13:54.920 remote roles are roughly four times harder to get than 0:13:55.000 --> 0:13:58.839 in office or hybrid positions. So if work from home 0:13:58.880 --> 0:14:02.160 is a priority for you, look too. Smaller and mid 0:14:02.160 --> 0:14:05.079 sized companies that's likely going to be your best bet, 0:14:05.320 --> 0:14:08.360 But especially the big guys, Matt, we have definitely seen 0:14:08.400 --> 0:14:11.200 this that call back to the office and strict office 0:14:11.240 --> 0:14:13.840 hour rules. Those are more likely at some of the 0:14:14.200 --> 0:14:17.040 bigger corporations. So the key question I think for job 0:14:17.120 --> 0:14:19.680 hunters right now is how much is work from home 0:14:19.720 --> 0:14:23.760 worth to me? Because it's increasingly coming with real trade 0:14:23.760 --> 0:14:28.840 offs like waiting longer to find the job that suits you. 0:14:29.120 --> 0:14:31.080 And I get that it's a high priority, but for 0:14:31.160 --> 0:14:34.120 some people they might find that giving up on that 0:14:34.240 --> 0:14:37.960 ideal and being able to being willing to grab a 0:14:38.000 --> 0:14:39.360 hybrid role might make more sense. 0:14:39.640 --> 0:14:42.560 Yeah, yeah, I saw they're talking about trying to sell 0:14:42.600 --> 0:14:46.360 it as well, in the sense of, hey, I just 0:14:46.400 --> 0:14:47.560 get the job done, I. 0:14:47.520 --> 0:14:48.160 Do the work. 0:14:48.480 --> 0:14:49.960 I'm not going to be there in the office cause 0:14:50.000 --> 0:14:52.600 it a whole lot of workplace drama. Which there's a 0:14:52.600 --> 0:14:53.840 part of me that's like, oh yeah, I bet there 0:14:53.840 --> 0:14:55.640 are a whole lot of employers that want more of 0:14:55.680 --> 0:14:59.040 that transactional sort of utility out of their employees. But 0:14:59.080 --> 0:15:02.000 then I got to thinking that, oh that cuts both ways. Though, 0:15:02.040 --> 0:15:04.280 that's a double edged sword because in that same sense, 0:15:04.400 --> 0:15:06.160 like when it comes to whoever they need to cut. 0:15:06.040 --> 0:15:07.960 It's just like, oh, sorry, you gotta go. 0:15:08.040 --> 0:15:10.080 It's just business, right, because like they're just looking for 0:15:10.080 --> 0:15:12.200 somebody to fill fill this position. 0:15:11.880 --> 0:15:14.640 And out of sight, out of mind to a certain exactly. 0:15:14.680 --> 0:15:18.040 So it's like, I don't know, Yeah, your personality and 0:15:18.160 --> 0:15:21.280 the ability for you to be front and center goes 0:15:21.320 --> 0:15:22.360 a long way, I think. 0:15:22.200 --> 0:15:24.680 And it's hard to your role. It's harder to fire 0:15:24.760 --> 0:15:26.600 or let go the person you see every day, yes, right, 0:15:26.880 --> 0:15:28.240 like I have a relationship with them. 0:15:28.080 --> 0:15:30.000 As long as you're not, I guess super annoying. Or 0:15:31.240 --> 0:15:31.720 maybe it's. 0:15:31.640 --> 0:15:36.320 Easy then, but uh so, job hoppers and the leverage 0:15:36.360 --> 0:15:39.120 that you would gain in going with a new company, 0:15:39.120 --> 0:15:42.200 it's not what it used to be. ADP data they 0:15:42.200 --> 0:15:45.560 continue to show that job switchers are at least on average, 0:15:45.640 --> 0:15:47.760 unable to get much of a pay bump right now, 0:15:47.880 --> 0:15:51.800 although recent FED data is a bit contradictory that they're 0:15:51.800 --> 0:15:55.000 showing a slightly bigger bump in pay for job switchers. 0:15:55.000 --> 0:15:57.600 But the data as a whole is just a reflection 0:15:57.720 --> 0:16:01.800 of a reversion to the mean after the insanity of 0:16:01.880 --> 0:16:05.080 the pandemic labor market. And I will say the numbers 0:16:05.280 --> 0:16:08.920 also very significantly by sector, and so if you're in 0:16:09.360 --> 0:16:13.360 very physical jobs, if you're in construction, if you're in mining, 0:16:14.360 --> 0:16:16.720 even finance, actually al SI presidency, but the average pay 0:16:16.800 --> 0:16:20.160 bump is significantly higher, So just don't assume that you 0:16:20.160 --> 0:16:23.920 should stay put because of these data trends. The job 0:16:23.960 --> 0:16:25.880 market is not as worker friendly as it was, but 0:16:25.920 --> 0:16:27.520 I think there's still a whole lot of opportunity out 0:16:27.520 --> 0:16:29.280 there for folks who are looking for something maybe a 0:16:29.320 --> 0:16:31.200 little bit better, something where the grass might be a 0:16:31.200 --> 0:16:31.720 big greener. 0:16:31.800 --> 0:16:33.320 What I think when. 0:16:33.160 --> 0:16:36.040 You read the headlines or see the trends, it's really 0:16:36.080 --> 0:16:38.760 easy to think, I guess now's not a good time 0:16:38.800 --> 0:16:40.600 for me to look for a job and just assume 0:16:41.000 --> 0:16:46.120 that the trends are just concrete reality for everyone. But 0:16:46.160 --> 0:16:49.520 that's not true, right, And it's still okay despite the 0:16:49.560 --> 0:16:53.680 trends to seek a job that pays more. Like I 0:16:53.680 --> 0:16:55.760 have a friend this week who just started a new job. 0:16:55.800 --> 0:16:58.960 He's getting paid a lot more, and he's not alone. 0:16:59.040 --> 0:17:00.800 There are other people out there who were doing the same. 0:17:01.120 --> 0:17:03.760 It's just kind of the average. It's the norm. It's 0:17:03.800 --> 0:17:06.040 not as easy, but it's not possible. 0:17:06.080 --> 0:17:06.280 Yeah. 0:17:06.280 --> 0:17:08.280 It makes me think of the housing market, right, It's like, oh, 0:17:08.359 --> 0:17:10.680 this is a terrible time to buy. Nobody's selling their home. 0:17:10.840 --> 0:17:13.399 It's like, okay, therefore, I should never look right. But 0:17:13.520 --> 0:17:15.880 that being said, what about the you know, your old 0:17:15.920 --> 0:17:18.520 neighbor that's been there for twenty years, and you know what, 0:17:18.560 --> 0:17:21.680 she's actually going to move in with her sister across town. Like, 0:17:21.720 --> 0:17:24.800 there are always little smallunity opportunity. Oh so and so 0:17:24.960 --> 0:17:27.720 got a promotion, but he's got to move to the 0:17:27.760 --> 0:17:31.399 company headquarters out of state. And normally you wouldn't expect 0:17:31.400 --> 0:17:32.760 that house to go on the market, but it is now. 0:17:32.800 --> 0:17:37.040 There are always these unique, one off, more individualized data 0:17:37.080 --> 0:17:39.280 points as opposed to kind of what's happening overall. Yeah, 0:17:39.320 --> 0:17:41.800 even if the trend an't your friend, there's still real 0:17:41.840 --> 0:17:45.960 possibility out there. Interestingly, enough, Americans are working less than 0:17:46.000 --> 0:17:48.840 ever before. According to that same ADP report, Matt, the 0:17:49.320 --> 0:17:52.480 average weekly worktime is down to thirty three hours. So 0:17:52.800 --> 0:17:56.040 butch part timer's out there trying to live like Matt 0:17:56.040 --> 0:17:59.560 and Joel or something like that. But Americans still broadly 0:17:59.600 --> 0:18:03.760 report not having enough time. And I'm curious, do you 0:18:03.840 --> 0:18:06.800 do you have any informed thoughts on why that might 0:18:06.840 --> 0:18:08.840 be the case, Why people are working less but they 0:18:08.880 --> 0:18:11.240 still feel like they I think enough time. 0:18:11.240 --> 0:18:13.440 I think it's just perpetual. You know, first of all, 0:18:13.560 --> 0:18:14.800 I will address the thirty three hours. 0:18:14.800 --> 0:18:17.040 It's not too far off, like it is the lowest 0:18:17.080 --> 0:18:18.840 it's been, but it's kind of been around thirty four 0:18:18.920 --> 0:18:21.280 since like the eighties, right, Like if you look back 0:18:21.320 --> 0:18:24.440 at data back like hundred years of the nineteen twenties, 0:18:24.960 --> 0:18:28.360