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Speaker 1: Welcome to Had of Money. I'm Joel and I am

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Speaker 1: Matt and today we're talking four day work weeks, AI

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Speaker 1: investing and diamonds are for suckers.

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Speaker 2: Yeah, maybe a little AI investing, but we're actually going

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Speaker 2: to talk about investing in AI.

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Speaker 1: And so hot right now. She took all your money

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Speaker 1: out of other investments and funnel it in that direction.

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Speaker 2: And you mentioned diamonds. We're gonna talk about gold a

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Speaker 2: little bit today as well. This is our Friday flight

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Speaker 2: where we're gonna know where the gold at Man. We'll

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Speaker 2: link to that video if you've never seen.

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Speaker 1: It, it's under his mattress.

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Speaker 2: By the way, Man I came across it was a

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Speaker 2: post about some of the like the remember e Bomb's

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Speaker 2: World the top videos from ebombs, and there was one

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Speaker 2: and the dance guy, this guy that does this incredible dancing.

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Speaker 2: It's still blows my mind when I see that thing,

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Speaker 2: like it was a classic then and I even now,

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Speaker 2: I'm just like how in the he was way ahead

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Speaker 2: of his dad. Uh. And if you're listening and you

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Speaker 2: have no idea what I'm talking about, head over to

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Speaker 2: the show notes because does that site still exist? I

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Speaker 2: don't know, but I guess I saw.

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Speaker 1: It's like a relic from a bygone era.

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Speaker 2: I'm sure I saw it on Instagram where they're just

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Speaker 2: trying to appeal. It was a nostalgia play. And but

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Speaker 2: you remember these videos that you watched while you were

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Speaker 2: in college.

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Speaker 1: It was like the videos, and then it was also

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Speaker 1: like the remixes of the videos and the putting songs

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Speaker 1: to it, And.

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Speaker 2: I want to know it was a gold that's that's

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Speaker 2: also a good one. But this is our Friday flight,

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Speaker 2: and we're going to talk about personal finance stories, the

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Speaker 2: most important ones that we think you should be paying

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Speaker 2: attention to. And I feel like we're a little looser

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Speaker 2: during this episode of Break. Last week, yeah, it was

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Speaker 2: fall break for our kids school. We'll have a good break.

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Speaker 1: Yeah, we went down to the beach. We actually fortunately

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Speaker 1: had a free place to stay because my aunt has

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Speaker 1: a let us borrow her spot, which was nice, the

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Speaker 1: opposite of what we had.

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Speaker 2: You spent a lot of.

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Speaker 1: Money because you took the kids to Disney, which I

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Speaker 1: want to hear about in just one second. But I

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Speaker 1: want to say that one thing that I So there's

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Speaker 1: like this outlet mall right across from where my aunt,

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Speaker 1: my aunt's condo is literally right across the street, so

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Speaker 1: we went over there and I realized, well, no, here's

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Speaker 1: the thing. I've known this before, but this only cemented

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Speaker 1: in my brain. Outlet malls are kind of like a scam.

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Speaker 2: They are.

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Speaker 1: The discounts are kind of bogus, and outlet mall seem

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Speaker 1: like this place where you're gonna get all sorts of

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Speaker 1: great deals, you're gonna buy things on the cheap. It's

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Speaker 1: not really the case. Like I even went into the

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Speaker 1: north Face store while I was there just to check

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Speaker 1: it out. Didn't buy a thing, but every single thing

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Speaker 1: in the store was fifty percent off. So it's like

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Speaker 1: these these fake discounts. If you're a good shopper, you

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Speaker 1: can get better prices elsewhere. Did you whip out the

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Speaker 1: phone checking your prices or was it just that blaze?

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Speaker 1: It was that blatant, Really it was.

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Speaker 2: Well.

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Speaker 1: And the other thing that's worth worth noting is lot

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Speaker 1: of times these outlet stores they sell inferior products and

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Speaker 1: you can tell bas I'm looking at the tag, so

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Speaker 1: it's not like it was something from last year, like

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Speaker 1: Ja Crew factory, Yeah, exactly, factory stuff. I feel like

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Speaker 1: I've noticed that and it's not as it's not as nice.

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Speaker 1: It's like irregular cuts and all that kind of stuff.

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Speaker 1: So you have to be material. You have to be

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Speaker 1: careful going to the outlet malls thinking you're going to

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Speaker 1: get a good deal. One it might not be a

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Speaker 1: good deal and two it might be a crappy product. Yeah, okay,

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Speaker 1: I'll share my my quick fall break story. So we

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Speaker 1: went to Disney.

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Speaker 2: I think we mentioned that earlier in the year that

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Speaker 2: we were finally going to do the Disney thing, after

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Speaker 2: y'all did it all summer, We're like, all right, maybe

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Speaker 2: maybe a lot, maybe too much worth checking out. No,

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Speaker 2: we had plan on going down there. I guess it

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Speaker 2: was back in February once we finished reading the Harry

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Speaker 2: Potter stories, because we're like, all right, we've got to

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Speaker 2: get down to Universal, specifically to check out the Wizarding

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Speaker 2: World of Harry Potter.

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Speaker 1: Why not attack on Disney and of course while you're

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Speaker 1: down there, but that's how they get dude. We paid

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Speaker 1: out the nose. It was so expensive and we booked

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Speaker 1: all this before. We talked with Lynn Metler about getting

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Speaker 1: down there for cheaper, but we had a very specific

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Speaker 1: time frame that we were shooting for I guess I

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Speaker 1: know we paid out the nose, but compared to what

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Speaker 1: prices were, Like, we looked up prices even as we're

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Speaker 1: driving down for the same same period of time, and

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Speaker 1: I don't know if it was just because it was

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Speaker 1: last minute or what, but it was significantly more expensive

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Speaker 1: than when we had previously booked. And that got us

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Speaker 1: to doing a little more exploring and really I wonder, like,

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Speaker 1: when are the cheapest times to head done to Disney

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Speaker 1: when are the most expensive times? And we found that

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Speaker 1: there can be a significant difference. If you are looking

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Speaker 1: at save the shoulder season, you can expect to pay

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Speaker 1: like anywhere between like twenty and thirty percent less, not

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Speaker 1: only for lodging but also for park tickets. But then

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Speaker 1: when it comes to a peak season, which evidently this

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Speaker 1: makes sense after having gone to Disney is around Christmas

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Speaker 1: because they evidently they decorate like crazy for the holidays.

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Speaker 1: The worst time to go is the middle of summer

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Speaker 1: because it's one hundredion degrees.

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Speaker 2: Then you're literally dying. Yeah, you have to pay for

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Speaker 2: a hospital, but it can be fifty percent more expensive.

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Speaker 2: So you can typically expect to pay one hundred and

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Speaker 2: fifty percent of the typical price. Wow, if you are

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Speaker 2: looking at going during those coveted holiday weeks, and it

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Speaker 2: makes sense right because it's Christmas no matter where you

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Speaker 2: are in the world, basically as opposed to going say

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Speaker 2: on a fall break, which are staggered. Not all school

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Speaker 2: districts have fall breaks things like that, so they don't overlap. Yeah, yeah,

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Speaker 2: they don't overlap. So certainly try to if you're if

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Speaker 2: you are considering not just traveling down to Orlando, but anywhere,

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Speaker 2: man like, consider going when other people are not going

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Speaker 2: to make the most of your dollars. For sure.

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Speaker 1: Yeah, I'm glad, glad, y'all have a good Oh it

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Speaker 1: was greatt time. And I think one of the thing

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Speaker 1: worth noting, by the way, is that there are more

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Speaker 1: deals on Disney tickets right now. Like I saw, I've

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Speaker 1: seen advertisements for forty nine bucks a day, which is

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Speaker 1: crazy low for Disney. I think it's because their crowds

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Speaker 1: are down and they're trying to bring more people back

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Speaker 1: to the park and so, but even still they don't

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Speaker 1: discount very often. Believe, oh, it's still a sea of people,

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Speaker 1: it is a seat of people, and it's just it's

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Speaker 1: just a lot of money. Yeah, especially when you've got

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Speaker 1: six folks.

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Speaker 2: Yeah, that's true that you're paying tickets for. Hey, you

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Speaker 2: chose to have all those kiddos. Hey, it's true. All right,

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Speaker 2: let's move on, met Let's get to the Friday flight.

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Speaker 2: A quick sample of stories we've interesting this week, and

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Speaker 2: let's start off by talking about four day work weeks,

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Speaker 2: because I feel like this has become such a common

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Speaker 2: topic of conversation these days. There's more and more in

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Speaker 2: the news, but just kind of in like individual conversations

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Speaker 2: about how much will we working and how much what's desirable? Right,

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Speaker 2: And one of the demands basically from the United Auto

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Speaker 2: Workers Union, which like they're striking right now with the

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Speaker 2: big three auto makers. Well, one of the main concerns

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Speaker 2: is around that very perk. Right, they want to work

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Speaker 2: thirty two hours a week instead of forty. Some people

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Speaker 2: think of four day work weeks as four ten hour days,

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Speaker 2: but no, I think a lot of companies, in certain

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Speaker 2: tests around the world I've actually gone to four eight

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Speaker 2: hour work days and they've seen decent results. And there's

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Speaker 2: this new survey from bank rate which finds that eighty

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Speaker 2: nine percent of Americans would prefer to reduce their work

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Speaker 2: week by a full day two which makes sense, right,

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Speaker 2: that folks would want to work less if all else

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Speaker 2: compensation benefits stayed the same, And more than half of

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Speaker 2: those folks that they'd be willing to change jobs or

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Speaker 2: even working in an entirely different industry in order to

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Speaker 2: pull this off, in order to get one more day,

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Speaker 2: have a three day week every single weekend. And I

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Speaker 2: see the draw on this, right. You and I we

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Speaker 2: work really hard four days a week, and we pull

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Speaker 2: a much more chill half day on Friday. We usually

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Speaker 2: are in here times. Sometimes we'll even take Friday off.

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Speaker 1: Sometimes we take it all the way off. So lots

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Speaker 1: of times it's three or four hours worth a work

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Speaker 1: dough where we put our heads together, start planning and

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Speaker 1: stuff like that. But if anything, you and I were

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Speaker 1: likely to cut back on the number of hours who

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Speaker 1: work even more in the future, We're probably not going more,

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Speaker 1: knows to the grindstone. But trade offs are the ultimate

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Speaker 1: reality in life too, right, And while it can make

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Speaker 1: sense in some industries and some folks can be just

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Speaker 1: as productive, those trade offs might also not be worth

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Speaker 1: it for a lot of folks. They might see reduce benefits,

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Speaker 1: reduce pay and so they might say, oh, less work

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Speaker 1: sounds good, but then when the paycheck hits the bank account,

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Speaker 1: I'm disappointed.

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Speaker 2: But that being said, it might be worth it to

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Speaker 2: leave some money on the table in order to have

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Speaker 2: more work life balance. If that is what you're after,

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Speaker 2: we are all for that. We are all for individuals

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Speaker 2: choosing what it is that they want their lives to

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Speaker 2: look like. But one of the things I stood out

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Speaker 2: to in the survey to me was the fact that

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Speaker 2: basically the four day work week what like, was much

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Speaker 2: more prioritized than the hybrid work environment, which which according

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Speaker 2: to that survey, came in a lot lower. Which points

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Speaker 2: out to me that it seems like at least folks

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Speaker 2: are looking to create more of that separation of work

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Speaker 2: in life, right Like they're tired of like that work

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Speaker 2: identity creeping into their daily lives where it feels like

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Speaker 2: the you know, possiways on call always, yeah, exactly, and

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Speaker 2: it just kind of muddies the water. And so in

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Speaker 2: my mind, and I'm all for this as well, kind

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Speaker 2: of having more of that division, but I think it

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Speaker 2: also highlights the fact that folks are willing to actually

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Speaker 2: go into the office, and I think individuals are starting

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Speaker 2: to see the benefits of that. It's like, well, okay,

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Speaker 2: I don't mind going in if especially if it means

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Speaker 2: I can go in for one fewer day. But there

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Speaker 2: are certain benefits of going back into the office, right,

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Speaker 2: like the ability just the social connection, socialization part of

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Speaker 2: going in and hanging out with your copecially younger workers.

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Speaker 2: It's good for their career and so many way get

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Speaker 2: from a networking standpoint, I truly think you're able to

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Speaker 2: be more productive when you're able to meet in person

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Speaker 2: as opposed to like the from zoom calls and whatnot.

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Speaker 2: But then there's just less temptation I think as well, right,

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Speaker 2: because when you're at home, you're like, oh, I'm kind

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Speaker 2: of I'm good to a chore. Let me go start laundry, yeah,

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Speaker 2: real quick, or let me go empty the dish.

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Speaker 1: Good blends together, and so your answered email at nine

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Speaker 1: pm a night in your pjs, when otherwise if it

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Speaker 1: was just all in office or and when you were

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Speaker 1: at home, you were home, then you wouldn't have that

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Speaker 1: conundrum exactly.

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Speaker 2: Yeah. So I don't know, I guess that stood out

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Speaker 2: to me that folks were It seems like more folks

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Speaker 2: are interested in switching to that forty work week if

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Speaker 2: that means that they're totally on working hard for those

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Speaker 2: four days, but then they can do whatever they want

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Speaker 2: on that friday off, if that's the option that they're

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Speaker 2: going to take. But I think it comes down to,

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Speaker 2: I guess, knowing what it is that you're looking for,

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Speaker 2: and just advocating for yourself and trying to find a

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Speaker 2: way to make it clear to your employer or to

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Speaker 2: your boss or your manager that this is something that's

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Speaker 2: definitely possible as long as you're able to get the

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Speaker 2: work done.

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Speaker 1: It's always fascinating to me that British economist John Maayner

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Speaker 1: Kaines he wrote in nineteen thirty that his grandkids were

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Speaker 1: going to be able to have fifteen hour work weeks,

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Speaker 1: and I get where he was going that the way

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Speaker 1: that things were trending when it came to productivity and

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Speaker 1: income growth were like, Hey, if people kind of keep

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Speaker 1: their living standards roughly the same, they can dial back

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Speaker 1: on work substantially and have a lot more leisure time.

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Speaker 1: But the thing is a big old if our desires

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Speaker 1: have kept up with our rising paychecks and so like

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Speaker 1: our prosperity as an increase is we want to partake

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Speaker 1: more in that instead of having and being able to

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Speaker 1: and paying for more of that leisure time. And by

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Speaker 1: the way, I think too, it's worth mentioning that some people,

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Speaker 1: the elon musks of this world, who don't really have

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Speaker 1: I think, many pleasures outside outside of all the work

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Speaker 1: they do. That is, those people benefit the world in

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Speaker 1: so many ways. Also, electric cars, space travel, that kind

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Speaker 1: of stuff, right, And so I think entrepreneurs and certain

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Speaker 1: individuals will continue to grind to build great stuff and

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Speaker 1: they'll benefit more financially from it. There are always trade offs,

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Speaker 1: and so the call for the four day work week

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Speaker 1: that desire, I get it, but it's often going to

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Speaker 1: come with strings.

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Speaker 2: Yeah, and like you said, the ability for us to

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Speaker 2: keep our desires in check. I think that is oftentimes

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Speaker 2: what keeps us from realizing more leisure time, like more

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Speaker 2: time that we own fully. We're basically buying too much junk.

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Speaker 2: I saw a recent stat like over sixty percent of

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Speaker 2: all online purchases originate with Amazon specifically Wow, and so

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Speaker 2: we wanted to share this story Project Nile. Evidently this

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Speaker 2: is Amazon's new AI initiative. There's some stories leaking about

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Speaker 2: that this week, and so up until this point, like

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Speaker 2: it seems that AI like that it's mostly been a

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Speaker 2: benefit to like content creators, right, Like some writers out there,

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Speaker 2: they've used the large language models to craft introductory paragraphs

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Speaker 2: on articles of writing. Programmers, coders, they've certainly taken advantage

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Speaker 2: of it. Graphic designers have used it for image generation.

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Speaker 2: That's actually one of the ways I've used it for

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Speaker 2: us to create little little graphics for our podcast. But

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Speaker 2: you like show me every time because you're still fascinated

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Speaker 2: by the way fills gratu mind, Like it's it's crazy

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Speaker 2: how well it works. But we're starting to see retailers

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Speaker 2: now jumping on board trying to use AI in order

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Speaker 2: to make your shopping a better experience, right, so that

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Speaker 2: these retailers can make better suggestions for you. They just

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Speaker 2: want to be able to curate and take care of you,

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Speaker 2: which is so sweet, or so that you're going to

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Speaker 2: spend more money. Really curious to see what this is

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Speaker 2: gonna end up looking like in the real world. But

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Speaker 2: I'm nervous about all the ways that AI is going

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Speaker 2: to be implemented to part us from our money. I'm

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Speaker 2: curious to see how pervasive it's going to become and

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Speaker 2: how it's going to impact us, Like, because it makes

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Speaker 2: me think about how I shop online. I love it

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Speaker 2: right because the ability to get on a browser to

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Speaker 2: go to Google Shopping, to go to eBay or you know,

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Speaker 2: we use Amazon, you type in the marget. I mean

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Speaker 2: there's a billion places that people shop online. But you

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Speaker 2: search it, you find it, you compare some prices, you

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Speaker 2: make the purchase, and then you're done, I'm saying you.

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Speaker 2: But me, like, this is how I use it as

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Speaker 2: opposed to I think back to the in shopping experience,

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Speaker 2: which for me is terrible. Man, Like the basically like

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Speaker 2: you have to walk through all walk past all the

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Speaker 2: different displays, and all of a sudden, there's all these

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Speaker 2: things in front of you that you didn't know you needed.

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Speaker 2: And granted, they do that with ads and how they

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Speaker 2: position items when you know when you're on a site

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Speaker 2: like Amazon, but it still seems like that the pendulum

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Speaker 2: had been swinging towards the consumer when it came to

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Speaker 2: online shopping there for a while, but it feels like

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Speaker 2: it's starting to swing back in the direction of retailers

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Speaker 2: where they're able to harness technology and specifically AI to

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Speaker 2: potentially get us to spend more money than we would

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Speaker 2: have otherwise. Right, Like you mentioned Target, like they are

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Speaker 2: the best at getting folks to buy stuff that they

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Speaker 2: weren't planning to buy the actual story, Yeah, in the

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Speaker 2: actual physical store because of the way they've positioned items

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Speaker 2: and how they are They're just really good at that.

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Speaker 2: And so that's the part of using AI that companies

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Speaker 2: like online retailers that I don't like. It's had a

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Speaker 2: little one dollar, two dollars three dollars section right there

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Speaker 2: at the very front of every Target store, and my

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Speaker 2: wife and kids they'd be lined for it.

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Speaker 1: I'm always like, no, let's keep moving, Let's go for

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Speaker 1: the thing that we came here for. But you're right,

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Speaker 1: like that is that is a form of like a

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Speaker 1: real world form of it. But this new AI model

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Speaker 1: that Amazon's about to dump on all of us, Like,

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Speaker 1: how is that gonna impact our spending? I could see

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Speaker 1: it going up and evidently in January, yeah, when we

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Speaker 1: can be on look, Okay, something happening in next week?

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Speaker 1: Is is Prime Day number two this year? They do

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Speaker 1: two Prime days a year, So be careful too, because

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Speaker 1: they're gonna like spit deals out at you, they're gonna

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Speaker 1: try to be emailing you notifications on your phone. Turn

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Speaker 1: all that stuff off. If there's something you're really looking

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Speaker 1: to buy, maybe you'll get a deal on Prime Day.

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Speaker 1: But don't buy stuff just to buy stuff. That is

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Speaker 1: That is a big, big problem that are that we

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Speaker 1: face as individuals these days, right as these companies are

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Speaker 1: tugging on us, tugging down our wallets all the time.

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Speaker 1: And on the note of AI too, Matt, I feel

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Speaker 1: like it can be used for good or bad. Like

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Speaker 1: you highlighted some of the good ways and some of

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Speaker 1: the bad. But there were stories going around this week

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Speaker 1: about deep fakes that involved mister Beast the YouTuber and

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Speaker 1: Tom Hanks.

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Speaker 2: The iPhone giveaway, Yeah, two dollars iPhones or whatever.

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Speaker 1: And then and then Tom Hanks like apparently shilling for

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Speaker 1: some dental company or something like that, and he's like saying, no,

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Speaker 1: it's not me. Think the one of the hosts of

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Speaker 1: CBS CBS Mornings, Gail King, she also had something like

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Speaker 1: that happened to her. Deep fake audio and video. Think

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Speaker 1: about how much audio exists of your voice and my voice, Matt.

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Speaker 1: People could use our voices create a bunch of fake nonsense.

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Speaker 2: They're going to hear you reading for Wells Fargo. I know, yeah,

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Speaker 2: they could reach it.

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Speaker 1: They could spam people like like nobody's business. So we're

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Speaker 1: it feels like we're entering this brave new world with

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Speaker 1: AI at the center of it. And it's just really

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Speaker 1: important for our listeners, for consumers out there to protect themselves,

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Speaker 1: to be aware that not everything you see is real life.

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Speaker 2: That's true. Yeah, And we're in a constantly changing world,

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Speaker 2: right and the technology is always going to be advancing.

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Speaker 2: And at the end of the day, I think it's

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Speaker 2: going to come down to us as individuals asking is

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Speaker 2: this too good to be true? In particular, when somebody

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Speaker 2: is trying to part you with a couple of bucks,

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Speaker 2: how many individuals can we can we doupe into sending

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Speaker 2: us some money. You've seen the price on that new

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Speaker 2: iPhone sounds a little twelve un true, not two dollars. Sorry,

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Speaker 2: Although although I will say mister Beast is always giving

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Speaker 2: away from money. I know, I know, you're really hard.

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Speaker 2: Part is that he actually it does kind of align

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Speaker 2: with how he tends to operate, But if you're not

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Speaker 2: seeing him in person, then he's not giving you the

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Speaker 2: money because he wants to video it for his YouTube channel.

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Speaker 2: So like he was like literally on a college campus

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Speaker 2: and said, how much do you pay for tuition this year?

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Speaker 2: And the dude was like, oh, fourteen thousand dollars. He's like,

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Speaker 2: here's twenty thousand dollars. Pay it and have a little exture.

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Speaker 2: That's like the kind of stuff he does, but he

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Speaker 2: doesn't really do it through like Instagram. Yeah. Okay, so

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Speaker 2: we've kind of been highlighting AI. Let's talk about AI

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Speaker 2: and the light of investing because there are more funds,

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Speaker 2: more ETFs and mutual funds out there building themselves as

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Speaker 2: investing in AI related companies, and these funds, though, are

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Speaker 2: expensive as all get out humble dollar. They took some

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Speaker 2: of these AI funds to task in a recent piece.

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Speaker 2: They basically highlighted their lofty expense ratios combined with the

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Speaker 2: reality that they're actually not all that different from some

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Speaker 2: of the current tech funds that already exist. It's all marketing, baby, yes. Yeah,

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Speaker 2: So if you are planning on investing in specialized funds

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Speaker 2: like this, be sure to check out which companies they're

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Speaker 2: actually investing in. Because Vanguard, like they've got a technology

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Speaker 2: ETF with a far smaller expense ratio that has many

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Speaker 2: of the same holdings and honestly, a lot of the holdings,

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Speaker 2: like the biggest holdings are biggest companies. Yes, are companies

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Speaker 2: that are in the S and PFI funded anyway. Yeah,

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Speaker 2: and so there's really no need to jump on a

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Speaker 2: tech ETF to begin with. But it sounds so sexy

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Speaker 2: because you know, AI is the future and all this

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Speaker 2: other stuff coming new ESG it'ash the new environmental social

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Speaker 2: governance where right, it's like, is it actual? Well, I

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Speaker 2: feel like it's on its way out now because that

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Speaker 2: folks it's it's like, oh is it? Is it AI?

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Speaker 2: But what are the actual qualifiers that allow a company

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Speaker 2: to be included in an ESG fund? Because we saw

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Speaker 2: this last year when there's Exon Mobile, When they get

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Speaker 2: included in an ESG fund, but then the likes of

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Speaker 2: Tesla are excluded, it tells you that, oh yeah, maybe

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Speaker 2: there's something else going on. It's not truly just about

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Speaker 2: the inventor.

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Speaker 1: Did Apple get get included just because of those Jankee

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Speaker 1: goggles they put out? Let me come on, really and

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Speaker 1: are people actually buying those and using those? If you

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Speaker 1: are one of those people, I would love to hear

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Speaker 1: from you to know your experience. Okay, but let's talk

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Speaker 1: about something else you can invest in. Man, something else

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Speaker 1: that I would I would say, it's silly that you

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Speaker 1: can invest in, and it's gold bars. It turns out

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Speaker 1: one of our favorite companies, Costco, is selling gold bars

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Speaker 1: directly on their website. We love Costco, don't necessarily love

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Speaker 1: yeah bars. I'm fine with them doing this, but it's

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Speaker 1: probably not done. It probably makes sense for you or

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Speaker 1: I or most of our listeners to buy them. Going

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Speaker 1: back to marketing and branding and label, it's it's the

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Speaker 1: marketing thing. It's like the thirty two thousand dollars bottle

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Speaker 1: of scotch that they sold, or you could buy like

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Speaker 1: the seventy pound wheel of cheese.

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Speaker 2: Yeah, it's that whole. You can go overboard buy some Costco,

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Speaker 2: that's for sure.

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Speaker 1: Well, apparently they're selling out like instantly when they put

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Speaker 1: these up there, probably because it's cheaper to buy a

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Speaker 1: gold bar there than almost anywhere else. But we like

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Speaker 1: even though we're like Costco, you're not gonna find as

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Speaker 1: buying gold bars from them. And it's not because the

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Speaker 1: price isn't right. It's because Costco. Costco really is selling

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Speaker 1: these These gold bars are about as cheap as you

434
00:18:51,840 --> 00:18:54,560
Speaker 1: can find them, barely more expensive than the spot price

435
00:18:54,560 --> 00:18:57,400
Speaker 1: of gold right now. But still don't buy these gold

436
00:18:57,400 --> 00:18:59,320
Speaker 1: bars from Costco because storing gold is the pain in

437
00:18:59,359 --> 00:19:01,240
Speaker 1: the butt put under your mattress. It's all lumpy and

438
00:19:01,440 --> 00:19:03,480
Speaker 1: you're not going to get a good night to sleep anyway.

439
00:19:03,800 --> 00:19:06,040
Speaker 1: Selling it is another pain in the bud and so

440
00:19:06,119 --> 00:19:08,280
Speaker 1: you've got to ask what the purpose of that gold

441
00:19:08,440 --> 00:19:11,160
Speaker 1: is before you buy it. The truth is, owning gold

442
00:19:11,400 --> 00:19:14,720
Speaker 1: is a pessimistic play. It's banking on the fact that

443
00:19:14,960 --> 00:19:16,840
Speaker 1: you think the economy is going to go in the toilet,

444
00:19:17,119 --> 00:19:21,000
Speaker 1: and you think that this piece of metal is going

445
00:19:21,040 --> 00:19:24,239
Speaker 1: to help save your bacon and prevent some of the

446
00:19:24,280 --> 00:19:27,399
Speaker 1: losses you might otherwise experience. Optimists, though, should bet on

447
00:19:27,480 --> 00:19:30,520
Speaker 1: people and ingenuity, not on a shiny piece of metal.

448
00:19:30,560 --> 00:19:32,560
Speaker 1: This is matt something I think we're going to see

449
00:19:32,560 --> 00:19:34,480
Speaker 1: more of as we see more predictions of doom and

450
00:19:34,480 --> 00:19:36,280
Speaker 1: gloom in the economy. I'm not saying we want to

451
00:19:36,359 --> 00:19:39,240
Speaker 1: enter a recession. We might, but for long term investors,

452
00:19:39,840 --> 00:19:41,879
Speaker 1: the stock market is still a far better place to

453
00:19:41,880 --> 00:19:44,200
Speaker 1: stick your money than gold bars. Under your mattress that

454
00:19:44,240 --> 00:19:44,879
Speaker 1: you buy a costco.

455
00:19:45,040 --> 00:19:47,040
Speaker 2: That's right. Yeah, okay, So on the note of precious

456
00:19:47,200 --> 00:19:50,159
Speaker 2: natural resources that are expensive, let's talk about diamonds here

457
00:19:50,200 --> 00:19:53,800
Speaker 2: for a second. We talked about lab grown diamonds before,

458
00:19:54,000 --> 00:19:56,679
Speaker 2: but it turns out that I guess natural diamonds or

459
00:19:57,160 --> 00:20:00,359
Speaker 2: mind diamonds, the prices of those are going down. Asked

460
00:20:00,680 --> 00:20:03,560
Speaker 2: because of how quickly consumers are getting used to they're

461
00:20:03,600 --> 00:20:06,959
Speaker 2: coosing up to lab grown diamonds. Uh. And that's because

462
00:20:07,000 --> 00:20:11,560
Speaker 2: they were physically identical to mind diamonds, and they don't

463
00:20:11,600 --> 00:20:14,880
Speaker 2: come with the same ethical baggage or the same cost.

464
00:20:14,920 --> 00:20:17,879
Speaker 2: I think it's something like roughly half the cost of

465
00:20:17,480 --> 00:20:20,440
Speaker 2: a of a naturally mined diamond you can get a

466
00:20:20,560 --> 00:20:23,280
Speaker 2: lab grown a synthetic diamond. But and apparently, yeah.

467
00:20:23,080 --> 00:20:26,720
Speaker 1: Even experts who look through those fancy little monocle things

468
00:20:26,720 --> 00:20:28,480
Speaker 1: to check hard, it's hard to tell.

469
00:20:28,560 --> 00:20:30,720
Speaker 2: You can't spot that. Definitely not to the naked eye.

470
00:20:30,800 --> 00:20:33,120
Speaker 2: And like, so this makes me want to ask you,

471
00:20:33,440 --> 00:20:35,879
Speaker 2: if you were going to propose to Emily, if you

472
00:20:35,920 --> 00:20:39,280
Speaker 2: were going to buy buy an engagement ring, I would

473
00:20:39,280 --> 00:20:41,119
Speaker 2: totally go lab grown. I totally would too.

474
00:20:41,280 --> 00:20:43,840
Speaker 1: Like I'm actually thinking about taking the real diamond out

475
00:20:43,840 --> 00:20:45,760
Speaker 1: of it, and while the prices are still high, selling

476
00:20:45,800 --> 00:20:47,639
Speaker 1: it and getting lab grown diamond replace it and.

477
00:20:47,640 --> 00:20:52,480
Speaker 2: Getting a larger not getting lab grown upgraded. You that

478
00:20:52,520 --> 00:20:55,000
Speaker 2: seems I just hate the way that that sounded coming

479
00:20:55,000 --> 00:20:58,280
Speaker 2: out of your mouth. Just sounds so gross. But I

480
00:20:58,320 --> 00:21:01,480
Speaker 2: totally wish I can retrospect. I think back and I'm like,

481
00:21:01,520 --> 00:21:04,120
Speaker 2: I can't believe or they were in the infancy at least. Yeah,

482
00:21:04,160 --> 00:21:06,879
Speaker 2: and when they did come up, it was the czs

483
00:21:07,000 --> 00:21:10,400
Speaker 2: right like the cub, which is a far cry from

484
00:21:10,880 --> 00:21:13,359
Speaker 2: lag diamonds that are labro, So I don't We just

485
00:21:13,440 --> 00:21:15,679
Speaker 2: wanted to throw that out there that the market seems

486
00:21:15,720 --> 00:21:18,479
Speaker 2: to be tanking when it comes to precious stones, and

487
00:21:18,520 --> 00:21:22,080
Speaker 2: not that you would buy a diamond anyway as an investment,

488
00:21:22,240 --> 00:21:26,119
Speaker 2: but sometimes you were able to brainwash yourself into saying that,

489
00:21:26,240 --> 00:21:28,760
Speaker 2: oh no, this is baby, this is an investment in

490
00:21:28,800 --> 00:21:33,440
Speaker 2: our future. But instead we would most definitely recommend considering

491
00:21:33,720 --> 00:21:35,080
Speaker 2: a labord instead.

492
00:21:35,160 --> 00:21:38,520
Speaker 1: Sometimes the diamond sellers will hand you like a booklet

493
00:21:38,520 --> 00:21:40,840
Speaker 1: that goes with your diamond that says that it's like

494
00:21:40,880 --> 00:21:43,119
Speaker 1: to educate you well, and it also says, oh, it's

495
00:21:43,119 --> 00:21:45,639
Speaker 1: worth three times as much as I'm charging you for it,

496
00:21:45,720 --> 00:21:47,680
Speaker 1: and that's for insurance purposes, but it's not really worth

497
00:21:47,720 --> 00:21:49,040
Speaker 1: that much. Like if they're selling it to you for

498
00:21:49,040 --> 00:21:50,520
Speaker 1: a third of the price of what it's they say

499
00:21:50,520 --> 00:21:52,600
Speaker 1: it's worth, well, it's worth what they're selling it to

500
00:21:52,640 --> 00:21:55,000
Speaker 1: you for or maybe even less. So you gotta be

501
00:21:55,040 --> 00:21:56,480
Speaker 1: careful about that. And by the way, we're actually going

502
00:21:56,520 --> 00:21:59,919
Speaker 1: to talk more about investing DIOI investing. We're gonna get

503
00:21:59,920 --> 00:22:02,920
Speaker 1: it to kind of some nuanced, interesting specifics with Paul

504
00:22:03,000 --> 00:22:06,600
Speaker 1: Merryman next week, who talks about the fund strategy.

505
00:22:06,119 --> 00:22:08,360
Speaker 2: The way that you should invest y. We just talked

506
00:22:08,359 --> 00:22:11,040
Speaker 2: about a dumb bars, a bunch of yeah and AI funds.

507
00:22:11,040 --> 00:22:13,280
Speaker 2: We've talked about a bunch of dumb ways, just all that.

508
00:22:13,400 --> 00:22:14,600
Speaker 2: But if you're like, well, then how do I do

509
00:22:14,600 --> 00:22:16,119
Speaker 2: it on the Positi different Well, we'll talk about that

510
00:22:16,160 --> 00:22:18,400
Speaker 2: more next week when we interview Paul. But Matt, we've

511
00:22:18,440 --> 00:22:21,160
Speaker 2: got more to get to on on this episode, including

512
00:22:21,320 --> 00:22:23,919
Speaker 2: the Mary the home date, the rate phenomenon. A lot

513
00:22:23,920 --> 00:22:26,520
Speaker 2: of people are being convinced to buy a home even

514
00:22:26,560 --> 00:22:28,919
Speaker 2: with interest rates being higher, thinking they're gonna be able

515
00:22:28,960 --> 00:22:30,760
Speaker 2: to make a change, say themselves. A lot of money

516
00:22:30,760 --> 00:22:32,159
Speaker 2: in the future. Is that going to be the case. Well,

517
00:22:32,160 --> 00:22:43,960
Speaker 2: we'll talk about that and more right after this. All right, buddy,

518
00:22:43,960 --> 00:22:46,639
Speaker 2: we're back. Let's keep talking about money. And it is

519
00:22:46,720 --> 00:22:49,159
Speaker 2: now time for the ludicrous headline of the week, and

520
00:22:49,280 --> 00:22:53,760
Speaker 2: this one comes from Insider all right, or formerly Business Insider.

521
00:22:53,960 --> 00:22:56,359
Speaker 2: You don't get say shorten the names. Call it Insider.

522
00:22:56,400 --> 00:22:59,160
Speaker 1: It's like Dunkin Donuts. Now it's Duncan's. It's duncan Oh,

523
00:22:59,200 --> 00:23:02,040
Speaker 1: speaking of isn't a Starbucks anymore's Bucks? Is it this

524
00:23:02,119 --> 00:23:07,240
Speaker 1: week or next week that the shack the shack the

525
00:23:07,240 --> 00:23:10,240
Speaker 1: Shaquille O'Neil owned Krispy Kreme that spurned down twice?

526
00:23:10,880 --> 00:23:13,080
Speaker 2: Or was he coming back? Yeah, it's going to reopen foray.

527
00:23:13,119 --> 00:23:15,600
Speaker 2: I can't remember if it's this week or next week.

528
00:23:16,160 --> 00:23:18,200
Speaker 1: I don't really drive that part of town very much anymore,

529
00:23:18,280 --> 00:23:19,560
Speaker 1: but if i'm there, I'll pick you some up.

530
00:23:19,640 --> 00:23:22,879
Speaker 2: Absolutely all right. Here is the headline from Insider. Tourist

531
00:23:22,920 --> 00:23:25,639
Speaker 2: outraged by her one thousand dollars restaurant bill called the

532
00:23:25,680 --> 00:23:28,560
Speaker 2: police after her group was served nearly eight pounds of

533
00:23:28,600 --> 00:23:32,080
Speaker 2: Alaskan King crab. By the way, this happened in Singapore,

534
00:23:32,119 --> 00:23:36,760
Speaker 2: which is a notoriously expensive country. But evidently the waiter

535
00:23:36,800 --> 00:23:40,120
Speaker 2: apparently suggested this expensive dish that comes with a very

536
00:23:40,240 --> 00:23:44,239
Speaker 2: expensive meat, didn't necessarily explain how the billing was going

537
00:23:44,320 --> 00:23:46,159
Speaker 2: to work, and that the cost it wasn't for the

538
00:23:46,280 --> 00:23:49,040
Speaker 2: entire dish. I guess it was per gram.

539
00:23:49,960 --> 00:23:52,719
Speaker 1: When you imagine of me, the cost of Alaskan king

540
00:23:52,760 --> 00:23:56,119
Speaker 1: crab in Singapore far exceeds the shrikes of Alaska king

541
00:23:56,160 --> 00:23:56,920
Speaker 1: crab here in the States.

542
00:23:56,960 --> 00:24:00,560
Speaker 2: I'm guessing so it's from Alaska, you know. Rist though

543
00:24:00,600 --> 00:24:02,960
Speaker 2: she said that she wasn't notified about the price ahead

544
00:24:02,960 --> 00:24:05,600
Speaker 2: of time, and I'm not gonna lie. It annoys me

545
00:24:05,640 --> 00:24:07,920
Speaker 2: when a like a waiter tells me that the special

546
00:24:08,000 --> 00:24:10,560
Speaker 2: but doesn't mention the price. But of course, if it

547
00:24:10,560 --> 00:24:12,919
Speaker 2: sounds delicious and I'm interested, I'm going to ask how

548
00:24:13,040 --> 00:24:15,159
Speaker 2: much it costs before I place my stink in order.

549
00:24:15,200 --> 00:24:18,359
Speaker 2: I feel like this is one that falls squarely on

550
00:24:18,720 --> 00:24:20,720
Speaker 2: the tourist in this case. And here's the other part,

551
00:24:20,840 --> 00:24:23,720
Speaker 2: your due diligence. Yes, absolutely, you don't just like blindly.

552
00:24:23,920 --> 00:24:25,439
Speaker 2: I mean, if you've got the kind of money to

553
00:24:25,480 --> 00:24:28,359
Speaker 2: where you're just like, yeah, bottle service, make it happen

554
00:24:28,560 --> 00:24:30,800
Speaker 2: like that's you don't ask questions at that point. But

555
00:24:31,440 --> 00:24:34,680
Speaker 2: for the rest of us peons, us peasants, you gotta

556
00:24:34,680 --> 00:24:38,080
Speaker 2: ask ask the price. The other note is that this

557
00:24:38,119 --> 00:24:40,280
Speaker 2: tourist was from Japan, and so I don't know if

558
00:24:40,280 --> 00:24:43,320
Speaker 2: there's some sort of different cultural Yeah, like a cultural

559
00:24:43,359 --> 00:24:45,480
Speaker 2: difference there, But you have to man, you got to

560
00:24:45,520 --> 00:24:48,879
Speaker 2: advocate for yourself, like you and it's just one of

561
00:24:48,880 --> 00:24:49,400
Speaker 2: the I.

562
00:24:49,280 --> 00:24:51,440
Speaker 1: Don't order anything without knowing the price. Well, it just

563
00:24:51,440 --> 00:24:53,080
Speaker 1: blows my mind too that I think when it says

564
00:24:53,119 --> 00:24:55,640
Speaker 1: market price on the menu, I'm sure, what does that mean?

565
00:24:55,720 --> 00:24:56,639
Speaker 1: What is the price today?

566
00:24:56,680 --> 00:24:58,840
Speaker 2: But from a cultural standpoint, it makes it doesn't make

567
00:24:58,920 --> 00:25:00,320
Speaker 2: me wonder like the fact that she I thought it

568
00:25:00,320 --> 00:25:02,600
Speaker 2: was illegal and that she should call the police, as

569
00:25:02,600 --> 00:25:06,120
Speaker 2: opposed to knowing that No, this is something that you

570
00:25:06,280 --> 00:25:08,919
Speaker 2: have to look after yourself, like we're not going to

571
00:25:08,920 --> 00:25:12,240
Speaker 2: turn into police or a government agency, Like nobody cares

572
00:25:12,280 --> 00:25:14,480
Speaker 2: about your money as much as you do, and so

573
00:25:14,720 --> 00:25:16,600
Speaker 2: ultimately comes down to us as individuals.

574
00:25:16,680 --> 00:25:18,560
Speaker 1: Yeah, and there's work she should have on the front.

575
00:25:18,560 --> 00:25:20,720
Speaker 1: I think there a restaurant kindly gave her even some

576
00:25:20,800 --> 00:25:23,560
Speaker 1: discount on the back end, yeah, after the fact, which

577
00:25:23,600 --> 00:25:26,600
Speaker 1: was really nice. But Yeah, if I really want crab

578
00:25:26,680 --> 00:25:29,560
Speaker 1: legs and they're overpriced, I'm probably gonna go with the

579
00:25:29,560 --> 00:25:31,480
Speaker 1: burger instead. Like, those are the kind of decisions you make,

580
00:25:31,800 --> 00:25:33,840
Speaker 1: but you got to ask, you got to get the information, yes,

581
00:25:33,960 --> 00:25:36,280
Speaker 1: before you place the order. That's just weak sauce as

582
00:25:36,320 --> 00:25:39,840
Speaker 1: a customer, and I will say that the waiter as well. Please,

583
00:25:40,240 --> 00:25:42,120
Speaker 1: I really appreciate it when you tell me the price

584
00:25:42,160 --> 00:25:43,240
Speaker 1: when you name the specials.

585
00:25:43,520 --> 00:25:45,239
Speaker 2: Do that. That should be a thing. Well, what if

586
00:25:45,280 --> 00:25:47,199
Speaker 2: it was a high end place where sometimes there are

587
00:25:47,240 --> 00:25:50,000
Speaker 2: folks who are ballers and they know they're not required.

588
00:25:50,040 --> 00:25:51,879
Speaker 1: Okay, well, I guess maybe if they're the kind of

589
00:25:51,880 --> 00:25:54,280
Speaker 1: places I don't hang out, but I would like to

590
00:25:54,320 --> 00:25:56,320
Speaker 1: know when you're saying it just makes it, it makes

591
00:25:56,440 --> 00:25:58,320
Speaker 1: it does make it a little awkward. I'm willing to

592
00:25:58,440 --> 00:26:00,000
Speaker 1: enter into that awkwardness because I'm not going to order

593
00:26:00,000 --> 00:26:01,520
Speaker 1: something when I don't know the price. But tell me

594
00:26:01,560 --> 00:26:03,000
Speaker 1: the price when you're your name of the special, especially

595
00:26:03,000 --> 00:26:05,080
Speaker 1: if it's like two, just say, oh, this is thirty

596
00:26:05,119 --> 00:26:06,720
Speaker 1: eight dollars, Oh this is twenty nine dollars.

597
00:26:06,720 --> 00:26:09,960
Speaker 2: The market market rate today is whatever? Please exactly that.

598
00:26:09,960 --> 00:26:12,920
Speaker 2: When it comes down to just money being taboo, right,

599
00:26:12,960 --> 00:26:14,360
Speaker 2: And so the more we talk about it, the more

600
00:26:14,400 --> 00:26:17,960
Speaker 2: we're able to make it less taboo, and it's less awkward, Yeah,

601
00:26:18,000 --> 00:26:20,199
Speaker 2: for anybody to ask what the price of something is?

602
00:26:20,280 --> 00:26:22,320
Speaker 1: All right, man, let's move on. Let's talk about finfluencers

603
00:26:22,320 --> 00:26:24,159
Speaker 1: for a second. And the truth is, you and I

604
00:26:24,160 --> 00:26:26,160
Speaker 1: we like democracy. We think it's we think it's great.

605
00:26:26,359 --> 00:26:27,600
Speaker 1: And I forget Singapore.

606
00:26:27,840 --> 00:26:30,080
Speaker 2: I don't know. I don't even know if Singapore is.

607
00:26:30,680 --> 00:26:32,320
Speaker 2: I think they're close.

608
00:26:32,640 --> 00:26:36,160
Speaker 1: Yeah, So, but like when things get democratized, we talked about,

609
00:26:36,160 --> 00:26:38,480
Speaker 1: like the democratization of investing, how anybody can do it,

610
00:26:38,480 --> 00:26:40,159
Speaker 1: And for the most part that's been that's been a

611
00:26:40,200 --> 00:26:42,000
Speaker 1: really good thing. Although there are some buzz saws that

612
00:26:42,040 --> 00:26:44,919
Speaker 1: people can run into now that it's so darn accessible,

613
00:26:45,400 --> 00:26:48,480
Speaker 1: but it's not. So it's not always always good. And

614
00:26:48,520 --> 00:26:50,600
Speaker 1: the truth is everyone has their ability to make their

615
00:26:50,640 --> 00:26:53,040
Speaker 1: voice heard these days. And so it turns out that

616
00:26:53,040 --> 00:26:55,160
Speaker 1: we're drowning in a sea of useless content when you scroll.

617
00:26:55,200 --> 00:26:57,480
Speaker 1: If you scroll Instagram, which I try to avoid, I've

618
00:26:57,520 --> 00:26:58,720
Speaker 1: never really been on TikTok.

619
00:26:58,920 --> 00:26:59,480
Speaker 2: It's easy.

620
00:26:59,480 --> 00:27:01,920
Speaker 1: You could scroll for hours and be dumber kind of

621
00:27:01,920 --> 00:27:04,679
Speaker 1: at the end of it. But there's this article in

622
00:27:04,720 --> 00:27:09,040
Speaker 1: CNBC about how tax professionals are trying to combat factually

623
00:27:09,080 --> 00:27:12,240
Speaker 1: incorrect assertions that are happening all over social media on

624
00:27:12,320 --> 00:27:14,440
Speaker 1: the tax advice fronts. But it's kind of like playing

625
00:27:14,440 --> 00:27:16,680
Speaker 1: whack a mole because there's so many dummies out there

626
00:27:16,880 --> 00:27:21,080
Speaker 1: saying dumb things on these channels, and so the experts

627
00:27:21,119 --> 00:27:23,040
Speaker 1: they talked about how there's often a kernel of truth

628
00:27:23,359 --> 00:27:25,840
Speaker 1: in the TikTok or the Instagram reel, but it's either

629
00:27:26,000 --> 00:27:29,440
Speaker 1: misleading or those folks are making outright false statements. And

630
00:27:29,520 --> 00:27:31,840
Speaker 1: it can be misleading by the fact that you're saying

631
00:27:31,840 --> 00:27:33,919
Speaker 1: one thing but you don't really fully understand exactly how

632
00:27:33,960 --> 00:27:36,840
Speaker 1: something works. And we've always said, Matt, that there are

633
00:27:36,880 --> 00:27:40,240
Speaker 1: some really good and thoughtful creators in the social media space,

634
00:27:40,600 --> 00:27:43,159
Speaker 1: but the medium makes it hard to convey nuance. And

635
00:27:43,200 --> 00:27:46,720
Speaker 1: that's especially true for a complicated and individually specific topic

636
00:27:46,840 --> 00:27:49,440
Speaker 1: like taxes, not to mention the fact that anybody can

637
00:27:49,440 --> 00:27:50,959
Speaker 1: get on there and say whatever they want, and you

638
00:27:51,040 --> 00:27:52,800
Speaker 1: have to be discerning. Again, I feel like this is

639
00:27:52,840 --> 00:27:55,199
Speaker 1: this episode is all about individual discernment. But you have

640
00:27:55,240 --> 00:27:57,840
Speaker 1: to be discerning who you're listening to, how far you're

641
00:27:57,840 --> 00:28:00,320
Speaker 1: taking their advice whether or not you're double checking other

642
00:28:00,400 --> 00:28:02,800
Speaker 1: sources first before you act, and we encourage that for

643
00:28:02,920 --> 00:28:07,359
Speaker 1: this show, like take our advice hopefully with as part

644
00:28:07,440 --> 00:28:10,760
Speaker 1: of a fact gathering mission, not as like well Matt

645
00:28:10,760 --> 00:28:13,280
Speaker 1: and Joel said it, So I'm doing it sure, absolutely

646
00:28:13,359 --> 00:28:13,679
Speaker 1: all right.

647
00:28:13,760 --> 00:28:17,160
Speaker 2: So, speaking of being led astray, folks are being convinced

648
00:28:17,359 --> 00:28:20,320
Speaker 2: that they'll be able to refinance if they buy a

649
00:28:20,359 --> 00:28:22,760
Speaker 2: home now at a higher rate. This is going to

650
00:28:22,840 --> 00:28:26,200
Speaker 2: your would you say, marry the homemaker own date the

651
00:28:26,320 --> 00:28:29,520
Speaker 2: rate phenomena. A new report from US News found that

652
00:28:29,560 --> 00:28:31,840
Speaker 2: eighty two percent of recent home buyers were told that

653
00:28:31,880 --> 00:28:35,479
Speaker 2: they could buy now and refi later. Real estate agents,

654
00:28:35,560 --> 00:28:38,760
Speaker 2: loan officers, they're the main culprits here. They're the main

655
00:28:38,760 --> 00:28:40,880
Speaker 2: groups of folks who are spreading that information, which is

656
00:28:41,440 --> 00:28:44,080
Speaker 2: it's kind of true, but it's not really giving folks

657
00:28:44,080 --> 00:28:45,920
Speaker 2: all of the facts. Because half of the folks were

658
00:28:45,920 --> 00:28:48,720
Speaker 2: convinced that they'll be able to refinance that new mortgage

659
00:28:48,880 --> 00:28:52,800
Speaker 2: in under a year, which is highly unlikely. Well, I

660
00:28:52,800 --> 00:28:56,080
Speaker 2: guess you could refly, but not necessarily at a lower rate.

661
00:28:56,600 --> 00:28:58,920
Speaker 2: And thirteen percent of folks said that they won't be

662
00:28:58,960 --> 00:29:01,720
Speaker 2: able to continue making pays if they aren't able to

663
00:29:01,800 --> 00:29:05,240
Speaker 2: refi in the future, which is not a position you

664
00:29:05,280 --> 00:29:07,000
Speaker 2: want to be in. You don't want to have to

665
00:29:07,040 --> 00:29:09,480
Speaker 2: be relying on the best case scenario happening in order

666
00:29:09,560 --> 00:29:11,760
Speaker 2: for you to stay put in the home that you

667
00:29:11,840 --> 00:29:12,240
Speaker 2: just purchase.

668
00:29:12,240 --> 00:29:15,400
Speaker 1: It kind of like buying a home and saying, oh,

669
00:29:15,440 --> 00:29:17,880
Speaker 1: the numbers make sense if I rent it out on Airbnb. Well,

670
00:29:17,880 --> 00:29:19,400
Speaker 1: you want to make sure the numbers make sense if

671
00:29:19,400 --> 00:29:21,840
Speaker 1: you can't rent it out on Airbnb. Two, just in

672
00:29:21,880 --> 00:29:24,400
Speaker 1: case the law is change in your local municipality exactly,

673
00:29:24,440 --> 00:29:27,200
Speaker 1: given the unpredictability of not only that platform, but yeah,

674
00:29:27,200 --> 00:29:30,640
Speaker 1: what might be happening there wherever it is that you live.

675
00:29:31,200 --> 00:29:33,120
Speaker 1: And by the way, let's kind of touch on the

676
00:29:33,160 --> 00:29:37,080
Speaker 1: interest rates mortgage rates, because like the anomaly isn't where

677
00:29:37,280 --> 00:29:39,200
Speaker 1: mortgage rates are currently right, Like it's seven and a

678
00:29:39,240 --> 00:29:39,720
Speaker 1: half percent.

679
00:29:39,760 --> 00:29:42,320
Speaker 2: I think. I googled thirty year mortgage rates right now

680
00:29:42,400 --> 00:29:45,640
Speaker 2: and like the Google provided chart now, I saw it

681
00:29:46,160 --> 00:29:48,800
Speaker 2: crest eight percent for the first time, which I'd never seen,

682
00:29:49,240 --> 00:29:52,520
Speaker 2: which is mind blowing to actually see rates that high end,

683
00:29:52,560 --> 00:29:52,840
Speaker 2: and it's.

684
00:29:52,760 --> 00:29:54,840
Speaker 1: Shocking, which is why people are like, well, I can't

685
00:29:54,840 --> 00:29:56,320
Speaker 1: wait for them to come back down. But that's just

686
00:29:56,360 --> 00:29:56,880
Speaker 1: not guaranteed.

687
00:29:56,960 --> 00:29:59,680
Speaker 2: It's not guarantee because so like folks are saying, well,

688
00:29:59,680 --> 00:30:01,240
Speaker 2: this is it's just a crazy time to buy, But

689
00:30:01,280 --> 00:30:03,440
Speaker 2: we don't necessarily know that. But what we do know

690
00:30:04,040 --> 00:30:06,200
Speaker 2: is that the decade or so where rates were in

691
00:30:06,200 --> 00:30:10,080
Speaker 2: the twos and the threes, that based on historical data,

692
00:30:10,120 --> 00:30:13,240
Speaker 2: that that was the anomaaly. And while the you know,

693
00:30:13,240 --> 00:30:15,040
Speaker 2: the FED, they didn't raise rates at their last meeting,

694
00:30:15,280 --> 00:30:17,520
Speaker 2: but they did indicate that rates are likely to stay

695
00:30:17,680 --> 00:30:20,560
Speaker 2: higher for longer. A lot of economists are pointing to

696
00:30:20,600 --> 00:30:23,320
Speaker 2: that fact that they may not be as high as

697
00:30:23,320 --> 00:30:25,600
Speaker 2: they are now, but get used to higher rates for

698
00:30:25,840 --> 00:30:27,360
Speaker 2: longer than maybe you were expecting.

699
00:30:27,520 --> 00:30:30,240
Speaker 1: Yeah, which, again, when you're buying a house, if you're

700
00:30:30,280 --> 00:30:32,560
Speaker 1: banking on being able to refinance into a lower rate,

701
00:30:32,840 --> 00:30:35,680
Speaker 1: lowering those monthly mortgage payments, well don't bank on it,

702
00:30:35,760 --> 00:30:38,640
Speaker 1: because consider a gravy on top. If you're able to

703
00:30:38,720 --> 00:30:42,440
Speaker 1: lower your mortgage interest right by a point and a

704
00:30:42,520 --> 00:30:44,480
Speaker 1: half a year and a half from now, but I

705
00:30:44,480 --> 00:30:46,400
Speaker 1: wouldn't buy the home assuming that you're going to be

706
00:30:46,400 --> 00:30:49,080
Speaker 1: able to do there, despite despite what the mortgage broker

707
00:30:49,240 --> 00:30:53,720
Speaker 1: or your real estate agent says. Know that that's wishful thinking. Yeah,

708
00:30:53,760 --> 00:30:55,760
Speaker 1: and hopefully that's the case. It might become reality, but

709
00:30:55,800 --> 00:30:58,160
Speaker 1: it might not, may not. Yeah, being house poor is

710
00:30:58,200 --> 00:31:01,080
Speaker 1: just no fun. And given the spread between rents and

711
00:31:01,080 --> 00:31:04,160
Speaker 1: the average mortgage mortgage payment these days, lots of folks

712
00:31:04,160 --> 00:31:07,280
Speaker 1: are still better off renting, especially especially in some of

713
00:31:07,320 --> 00:31:10,680
Speaker 1: those more expensive cities. I was looking at a couple

714
00:31:10,680 --> 00:31:13,800
Speaker 1: of West Coast cities today and it's like zero percent

715
00:31:13,800 --> 00:31:15,960
Speaker 1: of the time is it better off for you financially

716
00:31:16,240 --> 00:31:19,120
Speaker 1: to buy a home versus rent? And the spread can

717
00:31:19,120 --> 00:31:21,720
Speaker 1: be thousands of dollars a month? Think about what you

718
00:31:21,720 --> 00:31:23,720
Speaker 1: can do with that, Like you could try to shoehorn

719
00:31:23,760 --> 00:31:27,080
Speaker 1: yourself into a mortgage and buy, and for some people

720
00:31:27,160 --> 00:31:29,720
Speaker 1: it still makes sense. But renting is looking a whole

721
00:31:29,720 --> 00:31:31,000
Speaker 1: lot better for a whole lot of folks.

722
00:31:31,160 --> 00:31:34,560
Speaker 2: Yeah, And there's a lot of great rent versus buying calculators.

723
00:31:34,680 --> 00:31:36,880
Speaker 2: Oh my gosh, I was gonna say a lot of

724
00:31:36,880 --> 00:31:39,280
Speaker 2: different great calculators out there, and I was gonna mention,

725
00:31:40,000 --> 00:31:42,880
Speaker 2: when are they going to update the default rate when

726
00:31:42,920 --> 00:31:45,479
Speaker 2: you go to the rent versus buying calculator? Because man,

727
00:31:45,480 --> 00:31:46,920
Speaker 2: doesn't it feel like salt in the wound when you

728
00:31:46,920 --> 00:31:48,920
Speaker 2: go there and it's just like four and you're like, yeah, yeah,

729
00:31:48,920 --> 00:31:50,800
Speaker 2: the assumed mortgage and just rate it's like three and

730
00:31:50,840 --> 00:31:54,480
Speaker 2: a half percent. You know, anybody that's considering it sees that,

731
00:31:54,560 --> 00:31:57,200
Speaker 2: and then wouldn't that just make you mad? Oh yeah,

732
00:31:57,360 --> 00:32:00,200
Speaker 2: So all the folks who are in charge of managing

733
00:32:00,240 --> 00:32:03,840
Speaker 2: those websites go ahead and update though that's default on

734
00:32:03,840 --> 00:32:05,800
Speaker 2: your to do list. Yeah, but that's gonna be it

735
00:32:05,840 --> 00:32:08,240
Speaker 2: for our Friday flight today. We hope everyone has a

736
00:32:08,240 --> 00:32:10,200
Speaker 2: great weekend and we will see you back here on

737
00:32:10,320 --> 00:32:13,960
Speaker 2: Monday with a brand new Ask how To Money episode.

738
00:32:14,000 --> 00:32:16,280
Speaker 1: Yeah, and don't forget Paul Merriman coming up on Wednesday.

739
00:32:16,480 --> 00:32:19,520
Speaker 1: The dude is a fountain of information. He's been in

740
00:32:19,560 --> 00:32:22,560
Speaker 1: the investing space for like sixty plus years old life. Yeah, basically,

741
00:32:22,560 --> 00:32:24,480
Speaker 1: I can't wait to have that conversation with a guy

742
00:32:24,480 --> 00:32:28,120
Speaker 1: who's basically a pioneer who met with the venerated Jack

743
00:32:28,200 --> 00:32:30,920
Speaker 1: Vogel at one time. So we'll talk with him on Wednesday,

744
00:32:31,040 --> 00:32:32,800
Speaker 1: But Matt, that's going to do it until next time.

745
00:32:33,080 --> 00:32:35,240
Speaker 1: Best Friends Out, Best Friends Out,