1 00:00:00,080 --> 00:00:03,480 Speaker 1: Welcome to hand of Money. I'm Joel and I am Matt. 2 00:00:03,520 --> 00:00:08,400 Speaker 1: And today we're talking unethical costco customers, payday lending, on steroids, 3 00:00:08,400 --> 00:00:30,040 Speaker 1: and are you rich? That's right, But this is our 4 00:00:30,080 --> 00:00:32,879 Speaker 1: Friday flights. We're gonna talk about the best personal finance 5 00:00:32,880 --> 00:00:36,440 Speaker 1: stories or even like the tangentially related personal finance stories. 6 00:00:36,560 --> 00:00:37,960 Speaker 1: Those are the ones we're talking about today. 7 00:00:38,000 --> 00:00:41,160 Speaker 2: Happy, We'll coerce it into being a financi personal Happy 8 00:00:41,159 --> 00:00:42,360 Speaker 2: Friday before the super Bowl? 9 00:00:42,479 --> 00:00:47,279 Speaker 1: Everybody Happy super Bowl Eve Eve, Joel. I know you're 10 00:00:47,320 --> 00:00:51,440 Speaker 1: excited to see your chiefs. Have you adopted them as 11 00:00:51,600 --> 00:00:53,319 Speaker 1: your team? 12 00:00:53,440 --> 00:00:55,600 Speaker 2: I mean if my father in law less, yes, yes, 13 00:00:55,600 --> 00:00:58,280 Speaker 2: of course I have. Everybody else I will know. I 14 00:00:58,320 --> 00:01:00,280 Speaker 2: will root for them because my father in law is 15 00:01:00,280 --> 00:01:01,880 Speaker 2: a fan, has been a fan for a long time. 16 00:01:02,280 --> 00:01:04,000 Speaker 1: But I really don't care. Let's be honest, Yeah I don't. 17 00:01:04,200 --> 00:01:06,320 Speaker 1: I'm actually kind of embarrassed at how little I care. 18 00:01:07,200 --> 00:01:10,520 Speaker 1: Like it almost feels like annoying because I don't even 19 00:01:10,560 --> 00:01:12,200 Speaker 1: care about like I kind of feel that's that's sort 20 00:01:12,240 --> 00:01:14,199 Speaker 1: of how I am. But it really doesn't hold much 21 00:01:14,560 --> 00:01:16,280 Speaker 1: like much wait for us, like we might turn it 22 00:01:16,319 --> 00:01:19,920 Speaker 1: on just from like the cultural standpoint with te Swift 23 00:01:20,240 --> 00:01:23,080 Speaker 1: possibly making it like will she make it there on time? 24 00:01:23,319 --> 00:01:23,960 Speaker 1: Or won't she? 25 00:01:24,040 --> 00:01:26,000 Speaker 2: That's what I care about the least. I'd rather watch 26 00:01:26,000 --> 00:01:26,720 Speaker 2: the football than that. 27 00:01:26,720 --> 00:01:29,160 Speaker 1: There are evidently there are a ton of different prop 28 00:01:29,200 --> 00:01:31,360 Speaker 1: bets going around as to what, like what it is 29 00:01:31,360 --> 00:01:34,360 Speaker 1: she's going to wear, what's the color of her lipstick 30 00:01:34,880 --> 00:01:36,520 Speaker 1: or what shade? Yeah, that kind of stuff. 31 00:01:36,560 --> 00:01:39,360 Speaker 2: Will she cry if the Travis Kelsey catches a touchdown 32 00:01:39,440 --> 00:01:40,440 Speaker 2: or the Chiefs win the Super Bowl? 33 00:01:40,440 --> 00:01:43,319 Speaker 1: Will he propose to her after the right? These are 34 00:01:43,120 --> 00:01:44,679 Speaker 1: the these are the things I don't care about. 35 00:01:44,680 --> 00:01:46,640 Speaker 2: Well, I will say, like, that's you and I. We've 36 00:01:46,640 --> 00:01:49,760 Speaker 2: talked about sports gambling on the show. We're not in 37 00:01:49,800 --> 00:01:51,280 Speaker 2: favor of it. And I think it's one thing to 38 00:01:51,320 --> 00:01:54,200 Speaker 2: go to Vegas once a year to spend a grand 39 00:01:54,280 --> 00:01:55,920 Speaker 2: or something like that and can call it party or 40 00:01:56,000 --> 00:01:59,040 Speaker 2: entertainment budget. It's another thing to have it like in 41 00:01:59,080 --> 00:02:01,840 Speaker 2: your pocket all day every day, tempting you to spend 42 00:02:01,840 --> 00:02:02,440 Speaker 2: and waste money. 43 00:02:02,800 --> 00:02:06,480 Speaker 1: It's where it becomes insidious. Yeah, like works, it's tendrils 44 00:02:06,560 --> 00:02:07,520 Speaker 1: into your psyche. 45 00:02:07,720 --> 00:02:10,760 Speaker 2: Yeah, you're being how much of a nation of degenerates 46 00:02:10,760 --> 00:02:13,040 Speaker 2: are we when we're gambling about what color lipstake, Taylor 47 00:02:13,040 --> 00:02:15,320 Speaker 2: Switch is going to wear or like. Those prop bets 48 00:02:15,360 --> 00:02:18,160 Speaker 2: just made me think that the gambling and gambling on 49 00:02:18,200 --> 00:02:20,480 Speaker 2: your on your phone at your fingertips even has gone 50 00:02:20,480 --> 00:02:21,200 Speaker 2: even okay. 51 00:02:21,040 --> 00:02:22,920 Speaker 1: Hey wire. So this is what's so crazy about that, 52 00:02:22,919 --> 00:02:24,560 Speaker 1: the fact that there are so many of those bets. 53 00:02:24,600 --> 00:02:27,440 Speaker 1: It's fascinating because you would think that the folks out 54 00:02:27,440 --> 00:02:30,639 Speaker 1: there who are swifties, who are fans of Taylor Swift, 55 00:02:30,919 --> 00:02:33,480 Speaker 1: that they're not the ones betting. In my mind at least, 56 00:02:33,520 --> 00:02:36,840 Speaker 1: the typical Taylor Swift fan isn't somebody who's also gambling 57 00:02:36,880 --> 00:02:38,560 Speaker 1: on their phone doing sports betting, so what it is 58 00:02:38,600 --> 00:02:41,520 Speaker 1: because they're preteens, But that tells me. What that tells 59 00:02:41,560 --> 00:02:43,639 Speaker 1: me is that it's the folks who are into normal 60 00:02:43,639 --> 00:02:47,959 Speaker 1: sports betting who are also like divergent and now becoming 61 00:02:48,120 --> 00:02:50,480 Speaker 1: obsessed with this. It just tells me that they're really 62 00:02:50,520 --> 00:02:51,760 Speaker 1: into gambling. 63 00:02:52,960 --> 00:02:54,920 Speaker 2: Watching the NFL these days, and maybe those ladies are 64 00:02:54,960 --> 00:02:58,399 Speaker 2: also seeing the billionth FanDuel commercial and they're like, oh cool, 65 00:02:58,400 --> 00:02:59,960 Speaker 2: now I'll get on there and bet on other steps too. 66 00:03:00,200 --> 00:03:01,840 Speaker 2: I don't know, and I'm not sure how easy it 67 00:03:01,880 --> 00:03:03,880 Speaker 2: is to make these kind of prop bets. But all 68 00:03:03,919 --> 00:03:05,560 Speaker 2: I know is stay away from game out there. You 69 00:03:05,600 --> 00:03:08,040 Speaker 2: can enjoy the game if you want to. I'll probably 70 00:03:08,400 --> 00:03:09,679 Speaker 2: I think I'm gonna watch some of it, maybe the 71 00:03:09,720 --> 00:03:11,639 Speaker 2: first half at least, and if it's a good game, 72 00:03:11,680 --> 00:03:12,240 Speaker 2: I'll stick with it. 73 00:03:12,240 --> 00:03:14,120 Speaker 1: Culturally speaking, I feel like I might. What is it 74 00:03:14,120 --> 00:03:16,480 Speaker 1: even on? Is it gonna be on like ABC or something? Oh, 75 00:03:16,480 --> 00:03:18,000 Speaker 1: I don't even know. I don't even know either. That's 76 00:03:18,000 --> 00:03:19,600 Speaker 1: the thing. I'll figure it out, we'll try. I'll find 77 00:03:19,600 --> 00:03:22,119 Speaker 1: a way to get it on just from a cultural standpoint, 78 00:03:22,200 --> 00:03:24,080 Speaker 1: just to see what's going on. And I think the spectacle. 79 00:03:24,240 --> 00:03:26,600 Speaker 2: I think it's also streaming on Paramount Plus and you 80 00:03:26,600 --> 00:03:28,480 Speaker 2: can get a free one month subscription to stream it. 81 00:03:28,520 --> 00:03:31,040 Speaker 1: So pretty sure. But let's move on, Matt. 82 00:03:31,080 --> 00:03:33,720 Speaker 2: Let's get the real money stories right to the real stuff. 83 00:03:33,720 --> 00:03:37,160 Speaker 2: This was just fodder at the beginning. Let's let's get 84 00:03:37,160 --> 00:03:40,440 Speaker 2: onto the Friday flight. We talk about DII investing regularly, right, 85 00:03:40,560 --> 00:03:42,480 Speaker 2: this is we do kind of something we think most 86 00:03:42,520 --> 00:03:45,440 Speaker 2: people can accomplish without the need of an expensive financial 87 00:03:45,520 --> 00:03:49,160 Speaker 2: advisor and picking retirement funds. It's it's not one size 88 00:03:49,160 --> 00:03:51,320 Speaker 2: fits all necessarily, right, Like, you can't just be like oh, 89 00:03:51,360 --> 00:03:53,720 Speaker 2: this one fun makes sense for every single person on 90 00:03:53,720 --> 00:03:56,760 Speaker 2: the history of the planet at all times, not necessarily, 91 00:03:56,840 --> 00:03:58,760 Speaker 2: so it depends on a bunch of different things. 92 00:03:58,760 --> 00:04:00,640 Speaker 1: But it's also not rockets science. 93 00:04:00,400 --> 00:04:02,400 Speaker 2: Right, Like, you don't have to be some sort of 94 00:04:02,440 --> 00:04:05,680 Speaker 2: like Wall Street suit with like multi hundred thousand dollars 95 00:04:05,680 --> 00:04:08,840 Speaker 2: a year salary in order to make good investing choices. 96 00:04:08,880 --> 00:04:12,520 Speaker 1: Yeah, you didn't need to be reincarnated as Munger with mine. 97 00:04:12,800 --> 00:04:17,120 Speaker 2: Yeah if only though, right, But personalized retirement plans or 98 00:04:17,320 --> 00:04:20,160 Speaker 2: was also known as managed accounts are kind of InVogue 99 00:04:20,200 --> 00:04:22,920 Speaker 2: right now. They're expanding to four oh one k's across 100 00:04:23,000 --> 00:04:24,560 Speaker 2: the country, but they come with a cost. So you 101 00:04:24,640 --> 00:04:26,919 Speaker 2: might start to see this option available to you in 102 00:04:26,960 --> 00:04:30,120 Speaker 2: your own four oh one k, But those higher costs 103 00:04:30,160 --> 00:04:32,400 Speaker 2: of picking the managed account are going to eat into 104 00:04:32,440 --> 00:04:35,360 Speaker 2: your returns. And interestingly enough, Matt, a lot of managed 105 00:04:35,360 --> 00:04:39,240 Speaker 2: accounts tend to look really similar to the ridiculously cheap 106 00:04:39,279 --> 00:04:40,960 Speaker 2: target date fund you could have purchased off the rack 107 00:04:41,000 --> 00:04:43,000 Speaker 2: and say it's like, it's like it's like north Strom rack, right, 108 00:04:43,160 --> 00:04:44,560 Speaker 2: Like you go there and you get a much cheaper 109 00:04:44,600 --> 00:04:45,560 Speaker 2: than going to the real Northrum. 110 00:04:45,640 --> 00:04:47,080 Speaker 1: I guess that's what I'm told, and you're like, wait 111 00:04:47,080 --> 00:04:49,880 Speaker 1: a minute, this suit looks just like the one that 112 00:04:49,960 --> 00:04:51,080 Speaker 1: was made for me bespoke. 113 00:04:51,200 --> 00:04:54,560 Speaker 2: It's just you know, thirty percent of the cost of 114 00:04:54,240 --> 00:04:56,680 Speaker 2: the of the nice one. And that's according to new 115 00:04:56,760 --> 00:04:59,200 Speaker 2: data from this company called Aon. Basically, they looked into 116 00:04:59,200 --> 00:05:00,400 Speaker 2: a lot of these managed to ca else and they 117 00:05:00,400 --> 00:05:02,680 Speaker 2: found wait a second, throw them is the exact same 118 00:05:02,680 --> 00:05:03,599 Speaker 2: thing as a target date fund. 119 00:05:03,680 --> 00:05:04,200 Speaker 1: You're just paying a. 120 00:05:04,200 --> 00:05:06,000 Speaker 2: Lot more for the privilege. So you're likely going to 121 00:05:06,080 --> 00:05:08,000 Speaker 2: hear these pitches for these accounts in the near future 122 00:05:08,000 --> 00:05:08,960 Speaker 2: if you haven't already. 123 00:05:09,279 --> 00:05:10,080 Speaker 1: But your likely. 124 00:05:09,960 --> 00:05:13,040 Speaker 2: Response should be no thanks, because they are a solution, 125 00:05:13,120 --> 00:05:15,160 Speaker 2: in my opinion, in search of a problem that target 126 00:05:15,240 --> 00:05:16,520 Speaker 2: date funds seem to have already solved. 127 00:05:16,600 --> 00:05:18,800 Speaker 1: That's right. Stick with the funds out there that are 128 00:05:18,880 --> 00:05:22,400 Speaker 1: charging very little when it comes to expense ratios, anything 129 00:05:22,440 --> 00:05:25,360 Speaker 1: from the free to the point zero three maybe all 130 00:05:25,360 --> 00:05:27,359 Speaker 1: the way up to like point three even point five percent. 131 00:05:27,360 --> 00:05:29,400 Speaker 1: If you're getting into something a little more specialized up 132 00:05:29,400 --> 00:05:32,159 Speaker 1: beyond that, we would recommend for you to shy away 133 00:05:32,160 --> 00:05:32,680 Speaker 1: from those funs. 134 00:05:32,680 --> 00:05:34,920 Speaker 2: Those target day funds might go point one two point 135 00:05:34,960 --> 00:05:37,600 Speaker 2: one five, but still that's reasonable In comparison to what 136 00:05:37,600 --> 00:05:39,120 Speaker 2: you're gonna pay with the managertent exactly. 137 00:05:39,200 --> 00:05:41,640 Speaker 1: Yeah, so actually this is a good time to issue 138 00:05:41,680 --> 00:05:45,040 Speaker 1: another warning about investing in single stocks I don't know, 139 00:05:45,040 --> 00:05:48,600 Speaker 1: perhaps even worse than managed accounts. We typically advise against 140 00:05:48,720 --> 00:05:51,840 Speaker 1: armchair stock picking, and we've got a good example here 141 00:05:51,880 --> 00:05:54,080 Speaker 1: for you. Twenty three in me. You've heard of twenty 142 00:05:54,080 --> 00:05:55,239 Speaker 1: three in me, Joel, Right. 143 00:05:55,200 --> 00:05:58,119 Speaker 2: Yeah, I haven't actually tested it out though, because pretty 144 00:05:58,120 --> 00:05:59,239 Speaker 2: sure my heritage is Norwegian. 145 00:05:59,240 --> 00:06:00,800 Speaker 1: I don't really need to look. Oh therese like other 146 00:06:01,120 --> 00:06:03,560 Speaker 1: genetic kind of stuff, and you can learn stuff about 147 00:06:03,600 --> 00:06:06,200 Speaker 1: your family. Actually, it's really funny. We were joking with 148 00:06:06,200 --> 00:06:08,159 Speaker 1: some neighbors of ours, and we've been talking about getting 149 00:06:08,160 --> 00:06:11,719 Speaker 1: twenty three and Me for Kate and his wife, because 150 00:06:11,760 --> 00:06:15,200 Speaker 1: evidently their parents are from the same small town really 151 00:06:15,279 --> 00:06:17,440 Speaker 1: in West Virginia, so we keep joking that they're like 152 00:06:18,040 --> 00:06:23,280 Speaker 1: long lost half sisters, twenty fourth cousins. But everyone has 153 00:06:23,320 --> 00:06:26,240 Speaker 1: heard of twenty three and Me. With it being so ubiquitous, 154 00:06:26,279 --> 00:06:28,719 Speaker 1: the company should be pretty valuable. It should be worth 155 00:06:28,720 --> 00:06:32,560 Speaker 1: investing in. Right, Well, no, that's totally wrong. This talk 156 00:06:32,760 --> 00:06:35,839 Speaker 1: was worth six billion dollars a few years back, and 157 00:06:35,920 --> 00:06:38,960 Speaker 1: now it's worth next to nothing. It's literally a penny stock. 158 00:06:39,040 --> 00:06:42,080 Speaker 1: It's down ninety eight percent and it might actually get 159 00:06:42,120 --> 00:06:45,440 Speaker 1: delisted from the NASDAC. And they've apparently gotten out over 160 00:06:45,480 --> 00:06:47,680 Speaker 1: their skis and attempts to develop new offerings. They've they're 161 00:06:47,680 --> 00:06:52,080 Speaker 1: creating new drugs, which is evidently difficult and expensive. Yes, 162 00:06:52,360 --> 00:06:54,160 Speaker 1: they're just burning through a whole lot of cash, but 163 00:06:54,440 --> 00:06:56,800 Speaker 1: it doesn't even matter, Like, we don't need to dive 164 00:06:57,000 --> 00:07:00,760 Speaker 1: into their specific problems, because remember, even a good product 165 00:07:00,800 --> 00:07:02,960 Speaker 1: that you're familiar with, that doesn't mean it's a good 166 00:07:03,040 --> 00:07:05,200 Speaker 1: enough reason to invest in that particular company. 167 00:07:04,960 --> 00:07:07,080 Speaker 2: Or a company you believe in, and well, they've got 168 00:07:07,120 --> 00:07:09,320 Speaker 2: something new that you think is going to actually bring 169 00:07:09,360 --> 00:07:12,120 Speaker 2: them a lot more subscribers or revenue. It makes me 170 00:07:12,120 --> 00:07:14,840 Speaker 2: think of like a company like Disney, And if you 171 00:07:14,880 --> 00:07:16,960 Speaker 2: look at Disney Stock, man, it's been basically, if you'd 172 00:07:17,000 --> 00:07:19,560 Speaker 2: invested five years ago at Disney Stock, you would still 173 00:07:19,560 --> 00:07:23,040 Speaker 2: be underwater on that stock today despite them launching Disney Plus, 174 00:07:23,080 --> 00:07:24,960 Speaker 2: despite all the Marvel movies and stuff like that. You 175 00:07:25,000 --> 00:07:26,640 Speaker 2: would think, oh, man, this is going to bring a 176 00:07:26,640 --> 00:07:29,040 Speaker 2: lot of profitability, and therefore I'm going to make money 177 00:07:29,040 --> 00:07:31,200 Speaker 2: by investing in that stock and guess what, I'm familiar 178 00:07:31,240 --> 00:07:33,960 Speaker 2: with Disney, but one to two in November is going 179 00:07:34,040 --> 00:07:35,520 Speaker 2: to be the jam. And I think those are the 180 00:07:35,560 --> 00:07:38,120 Speaker 2: kind of things that often appeal to people from a 181 00:07:38,160 --> 00:07:40,960 Speaker 2: single stock investing perspective, but most of the time it 182 00:07:41,040 --> 00:07:43,120 Speaker 2: ends up in misery. Maybe you were the lucky person 183 00:07:43,120 --> 00:07:45,680 Speaker 2: who said you're speculating, oh, in Vidia four years ago, 184 00:07:46,040 --> 00:07:49,080 Speaker 2: but for the most part, single stock investing is going 185 00:07:49,080 --> 00:07:51,000 Speaker 2: to lead you astray, and you're going to miss out 186 00:07:51,120 --> 00:07:53,440 Speaker 2: most of the time on the big winners. If we 187 00:07:53,480 --> 00:07:56,320 Speaker 2: had perfect foresight, I mean, yeah, we could all invest 188 00:07:56,400 --> 00:07:58,600 Speaker 2: in the big winners, but it's easier said than done. 189 00:07:58,680 --> 00:08:02,200 Speaker 1: Yeah. Okay, So speaking of Disney, evidently, is it March fourteenth, 190 00:08:02,280 --> 00:08:05,600 Speaker 1: they're going to start cracking down on password sharing Disney, ESPN, 191 00:08:05,640 --> 00:08:09,520 Speaker 1: plus Hulu, so they're all following Netflix's lead when it 192 00:08:09,520 --> 00:08:12,640 Speaker 1: comes to limiting who it is that you can share 193 00:08:12,960 --> 00:08:13,800 Speaker 1: share your password with. 194 00:08:13,840 --> 00:08:16,000 Speaker 2: If I'm banking on their profitability, that is one thing 195 00:08:16,080 --> 00:08:17,680 Speaker 2: I will say is, oh, probably think. 196 00:08:17,840 --> 00:08:19,880 Speaker 1: Well it works for Netflix. It worked for Netflix, But 197 00:08:19,920 --> 00:08:23,440 Speaker 1: I'm actually I am a little more skeptical because I 198 00:08:23,480 --> 00:08:26,920 Speaker 1: think Netflix had first mover advantage. Right, Everyone's sharing and 199 00:08:26,920 --> 00:08:28,440 Speaker 1: then all of a sudden, you've got one of these 200 00:08:28,600 --> 00:08:30,440 Speaker 1: streamers and they're like, hey, by the way, you're gonna 201 00:08:30,440 --> 00:08:32,720 Speaker 1: have to start paying. And you're thinking, that's okay, no 202 00:08:32,760 --> 00:08:35,439 Speaker 1: big deal. I split five streaming services with like two 203 00:08:35,480 --> 00:08:38,600 Speaker 1: of my friends, my parents, so like, if I have 204 00:08:38,640 --> 00:08:40,720 Speaker 1: to pay for one of those, that's fine. But as 205 00:08:40,760 --> 00:08:43,040 Speaker 1: more streamers start coming on board and start limiting, like 206 00:08:43,080 --> 00:08:44,760 Speaker 1: what it is that you can share, Like you're gonna 207 00:08:44,760 --> 00:08:46,720 Speaker 1: get to a certain point to where you're gonna say 208 00:08:47,080 --> 00:08:49,600 Speaker 1: no more, I am not willing, or maybe you're just 209 00:08:49,600 --> 00:08:52,520 Speaker 1: like I don't have time to watch all these different services, 210 00:08:52,559 --> 00:08:55,200 Speaker 1: and so you start eliminating in this way. I feel 211 00:08:55,200 --> 00:08:57,760 Speaker 1: like Netflix is kind of a brilliant move for them 212 00:08:57,800 --> 00:08:59,680 Speaker 1: to go ahead and do that, Like you put yourself 213 00:08:59,679 --> 00:09:01,280 Speaker 1: out there, you can get some of the ire Yeah, 214 00:09:01,280 --> 00:09:02,880 Speaker 1: because a lot of folks were like what the heck? 215 00:09:03,240 --> 00:09:05,120 Speaker 1: But I mean, I think everybody knew that that it 216 00:09:05,200 --> 00:09:07,439 Speaker 1: was coming, and now everybody else is trying to fall 217 00:09:07,440 --> 00:09:10,000 Speaker 1: a suit. And I would not be surprised if the 218 00:09:10,160 --> 00:09:13,320 Speaker 1: share price, specifically of Disney, since they own ESPN Plus 219 00:09:13,360 --> 00:09:16,280 Speaker 1: and whatnot, that they won't see as much of a 220 00:09:16,320 --> 00:09:17,680 Speaker 1: significant increase You're probably right. 221 00:09:17,720 --> 00:09:19,800 Speaker 2: More people are likely to ditch them because now there 222 00:09:19,800 --> 00:09:21,560 Speaker 2: are a lot of people are paying for a Netflix 223 00:09:21,559 --> 00:09:22,960 Speaker 2: account that they didn't used to have to pay for, 224 00:09:23,040 --> 00:09:24,760 Speaker 2: and they're like, can I can I take on another 225 00:09:24,760 --> 00:09:26,679 Speaker 2: stream that monthly streaming service. 226 00:09:26,440 --> 00:09:28,880 Speaker 1: Disney payment, Like, I feel like, if there's any service 227 00:09:28,920 --> 00:09:32,040 Speaker 1: that any parent of children is going to keep, it's 228 00:09:32,040 --> 00:09:33,760 Speaker 1: going to be Disney. Yeah, that's the one. That's the one. 229 00:09:33,840 --> 00:09:36,040 Speaker 2: Yeah, all right, so but just yeah, definitely, a warning 230 00:09:36,040 --> 00:09:37,480 Speaker 2: against investing in single stocks is. 231 00:09:37,480 --> 00:09:38,559 Speaker 1: Something we talk about regularly. 232 00:09:38,760 --> 00:09:41,120 Speaker 2: And actually, Matt let's we're gonna bring on a friend 233 00:09:41,120 --> 00:09:43,640 Speaker 2: though who does invest in single stocks in the near 234 00:09:43,679 --> 00:09:45,720 Speaker 2: future on the show, because I want to hear his perspectives, right, 235 00:09:45,760 --> 00:09:48,240 Speaker 2: We always want to hear how and he's very thoughtful 236 00:09:48,240 --> 00:09:51,040 Speaker 2: about it. So I guess it's just an armchair Oh cool, 237 00:09:51,080 --> 00:09:53,000 Speaker 2: Let me invest in the stock that I'm semi familiar 238 00:09:53,040 --> 00:09:55,040 Speaker 2: with or the brand I like that can lead just 239 00:09:55,080 --> 00:09:57,640 Speaker 2: straight and potentially help you lose a lot of money. 240 00:09:58,080 --> 00:10:00,720 Speaker 2: Let's talk about economic outlooks. There's been this conundrum in 241 00:10:00,800 --> 00:10:03,640 Speaker 2: American life and it's extended to our finances. Matt, for 242 00:10:03,679 --> 00:10:07,920 Speaker 2: some reason, despite solid economic data, basically everywhere we turn, 243 00:10:08,360 --> 00:10:11,280 Speaker 2: Americans seem to believe that the economy isn't in good shape. 244 00:10:11,679 --> 00:10:14,760 Speaker 2: The belief doesn't necessarily match up with reality in a 245 00:10:14,760 --> 00:10:16,960 Speaker 2: whole lot of segments of our economy, and so even 246 00:10:16,960 --> 00:10:20,000 Speaker 2: though the interesting thing is most Americans will say that 247 00:10:20,040 --> 00:10:23,480 Speaker 2: they themselves are actually doing quite well. An Axios poll 248 00:10:23,520 --> 00:10:26,040 Speaker 2: found that sixty three percent of Americans rate their current 249 00:10:26,040 --> 00:10:29,439 Speaker 2: financial situations being good, including nineteen percent who say it's 250 00:10:29,559 --> 00:10:32,440 Speaker 2: very good. So the majority say I'm doing great. But 251 00:10:32,480 --> 00:10:34,959 Speaker 2: then another recent survey found that seventy six percent of 252 00:10:35,040 --> 00:10:38,360 Speaker 2: Americans rated economic conditions as negative. So they say, I'm 253 00:10:38,360 --> 00:10:40,880 Speaker 2: doing great, but the economy sucks, which is kind of 254 00:10:40,920 --> 00:10:43,880 Speaker 2: a weird juxtaposition, right, that you would believe both those 255 00:10:43,920 --> 00:10:45,360 Speaker 2: things at the same time. 256 00:10:45,520 --> 00:10:49,119 Speaker 1: It's like politics where someone's like, oh, I hate politics, 257 00:10:49,120 --> 00:10:51,840 Speaker 1: but I like my representative. That's right. Yeah, they bring 258 00:10:51,840 --> 00:10:53,800 Speaker 1: the poor converyone's got like that home. I don't know, 259 00:10:53,840 --> 00:10:55,079 Speaker 1: hometown bias though, Yeah, I don't know. 260 00:10:55,480 --> 00:10:57,040 Speaker 2: I think that's right, and I think that's what's going 261 00:10:57,080 --> 00:11:00,560 Speaker 2: on here most folks, for some reason, I think that 262 00:11:00,720 --> 00:11:04,280 Speaker 2: they're crushing it when everyone else isn't. And the overwhelmingly 263 00:11:04,360 --> 00:11:08,319 Speaker 2: negative feelings are persist despite these personal claims of I'm 264 00:11:08,360 --> 00:11:10,360 Speaker 2: doing great and there are odds with each other. 265 00:11:10,400 --> 00:11:10,680 Speaker 1: I think. 266 00:11:10,679 --> 00:11:12,880 Speaker 2: But as David Brooks wrote in the Atlantic this week, 267 00:11:12,920 --> 00:11:16,240 Speaker 2: he said, doom saying can be a self fulfilling prophecy. 268 00:11:16,240 --> 00:11:17,520 Speaker 2: And I think we just live in a culture now 269 00:11:17,559 --> 00:11:21,720 Speaker 2: where doom saying is the norm and everyone's participating in it. 270 00:11:21,760 --> 00:11:24,000 Speaker 1: That's true. Okay, So there is another study from Bloomberg 271 00:11:24,080 --> 00:11:26,800 Speaker 1: that reinforced this in a massive way, specifically the sort 272 00:11:26,800 --> 00:11:30,080 Speaker 1: of disconnect between how does folks are doing and what 273 00:11:30,120 --> 00:11:35,359 Speaker 1: their perceived reality is. So they surveyed one thousand objectively 274 00:11:35,520 --> 00:11:38,000 Speaker 1: rich Americans. We're talking about folks who are earning more 275 00:11:38,040 --> 00:11:40,520 Speaker 1: than one hundred and seventy five thousand dollars, and at 276 00:11:40,640 --> 00:11:43,880 Speaker 1: least a quarter of those folks identified as either very poor, 277 00:11:44,240 --> 00:11:46,280 Speaker 1: poor or getting by but things are tight. 278 00:11:46,960 --> 00:11:48,920 Speaker 2: Can you imagine making that much money and saying I'm 279 00:11:49,040 --> 00:11:49,440 Speaker 2: very poor. 280 00:11:49,640 --> 00:11:51,800 Speaker 1: It's crazy. I mean. Bloomberg they say that the vast 281 00:11:51,800 --> 00:11:53,480 Speaker 1: majority of these folks they actually own a home, they've 282 00:11:53,480 --> 00:11:56,040 Speaker 1: got a good job, they've got solid savings for retirement. 283 00:11:56,160 --> 00:11:59,680 Speaker 1: Like essentially they're living the American dream. But for whatever reason, 284 00:11:59,720 --> 00:12:01,560 Speaker 1: it just doesn't feel like it at least to them, 285 00:12:02,040 --> 00:12:05,319 Speaker 1: and so that should lead to the question like why 286 00:12:05,559 --> 00:12:08,280 Speaker 1: is that? And I think there's a lot that's been 287 00:12:08,280 --> 00:12:10,640 Speaker 1: written about how maybe it's media. I mean, I think 288 00:12:10,679 --> 00:12:13,640 Speaker 1: we're pretty big believers that social media is oftentimes leading 289 00:12:13,640 --> 00:12:17,280 Speaker 1: to social media. Yeah yeah, well, in social media from 290 00:12:17,280 --> 00:12:21,640 Speaker 1: the standpoint not only of comparison, right, whether it's comparing 291 00:12:21,679 --> 00:12:24,000 Speaker 1: yourself to others not only in real life but also online, 292 00:12:24,040 --> 00:12:25,640 Speaker 1: and that is so easy to do when it comes 293 00:12:25,640 --> 00:12:28,360 Speaker 1: to social media. I think that has a large part 294 00:12:28,400 --> 00:12:31,240 Speaker 1: to do with it. And I'll even confess that the 295 00:12:31,280 --> 00:12:33,440 Speaker 1: social media impact on me personally, like I think for 296 00:12:33,480 --> 00:12:35,640 Speaker 1: me it has less to do with the actual comparison 297 00:12:36,120 --> 00:12:37,760 Speaker 1: part of it, right, Like it's not like I see 298 00:12:37,760 --> 00:12:40,760 Speaker 1: some guy driving a sports car like online and I think, 299 00:12:41,160 --> 00:12:44,520 Speaker 1: ooh I want that, gimme, gimme, although for me it's 300 00:12:44,520 --> 00:12:47,000 Speaker 1: probably like, oh, look at that sweet gym that that 301 00:12:47,000 --> 00:12:50,120 Speaker 1: guy's building out in dis garage. But I don't think 302 00:12:50,200 --> 00:12:52,479 Speaker 1: it's the comparison as much as it is the distraction. 303 00:12:53,160 --> 00:12:55,840 Speaker 1: It's the fact that there's always something there that keeps us. 304 00:12:55,880 --> 00:12:58,679 Speaker 1: It keeps our eyes off of what is actually before us, 305 00:12:58,679 --> 00:13:01,280 Speaker 1: the things that truly do about a fulfilling life, whether 306 00:13:01,320 --> 00:13:03,480 Speaker 1: it's the people or the things we have. Like literally, 307 00:13:03,760 --> 00:13:06,240 Speaker 1: we can just keep this isolated to possessions, like think 308 00:13:06,280 --> 00:13:07,959 Speaker 1: about all the great stuff you have, think about the 309 00:13:08,000 --> 00:13:10,600 Speaker 1: awesome home that you have. And when we don't take 310 00:13:10,640 --> 00:13:13,920 Speaker 1: the time to appreciate those things because we're constantly distracted, 311 00:13:13,960 --> 00:13:17,240 Speaker 1: like we're constantly being entertained, I think that can oftentimes 312 00:13:17,360 --> 00:13:20,200 Speaker 1: lead to this sort of feeling of yeah, we're just 313 00:13:20,240 --> 00:13:22,839 Speaker 1: getting by, we barely have enough to make it. 314 00:13:23,120 --> 00:13:23,360 Speaker 2: Well. 315 00:13:23,520 --> 00:13:25,240 Speaker 1: No, like, take a step back from your life and 316 00:13:25,280 --> 00:13:27,400 Speaker 1: look at actually what you have, look at your beautiful family, 317 00:13:27,440 --> 00:13:30,760 Speaker 1: look at just all the different things that a decade ago, 318 00:13:30,840 --> 00:13:33,240 Speaker 1: or even like as college students or high school students, 319 00:13:33,240 --> 00:13:35,280 Speaker 1: we would have said, oh yeah, if I had all that, 320 00:13:35,360 --> 00:13:38,120 Speaker 1: oh my gosh, like that would that sounds amazing? I 321 00:13:38,160 --> 00:13:40,600 Speaker 1: certainly would. I would be so happy. But because we're 322 00:13:40,640 --> 00:13:42,839 Speaker 1: just in the grind and just constantly being distracted, we 323 00:13:42,880 --> 00:13:44,600 Speaker 1: don't we can't like lift our eyes and see that out. 324 00:13:44,679 --> 00:13:46,480 Speaker 2: Yeah, I think it's really that's a really good I 325 00:13:46,520 --> 00:13:48,640 Speaker 2: think way to approach this is to is to go 326 00:13:48,720 --> 00:13:50,320 Speaker 2: back to your ten years ago self. How would you 327 00:13:50,360 --> 00:13:51,960 Speaker 2: have viewed where you like going back in time. And 328 00:13:52,000 --> 00:13:53,320 Speaker 2: I have to do that all the time because when 329 00:13:53,320 --> 00:13:56,120 Speaker 2: I start to think, oh, man, like I'm doing okay, 330 00:13:56,760 --> 00:13:59,160 Speaker 2: I look back and I'm like, dude, twenty twenty nine 331 00:13:59,200 --> 00:14:01,400 Speaker 2: year Oldjoe would kill for this situation. 332 00:14:01,600 --> 00:14:03,439 Speaker 1: Like literally, it's twenty nine year old probably wouldn't have 333 00:14:03,440 --> 00:14:07,080 Speaker 1: believed you. That's not possible, right, Exactly. I can't do 334 00:14:07,120 --> 00:14:10,240 Speaker 1: that by just talking into a microphone, right, and just yeah, 335 00:14:10,559 --> 00:14:12,560 Speaker 1: you know, loving my kids, just a great life that 336 00:14:12,559 --> 00:14:14,760 Speaker 1: we've builth here. And I know not everybody has what 337 00:14:14,880 --> 00:14:16,680 Speaker 1: we have, but guess what, there's a whole lot of 338 00:14:16,679 --> 00:14:17,959 Speaker 1: people who have a lot. 339 00:14:18,160 --> 00:14:20,800 Speaker 2: Going back to this Blue Bork Sutter you pointed out 340 00:14:20,920 --> 00:14:24,920 Speaker 2: that just don't believe that they do, even though objectively 341 00:14:25,120 --> 00:14:27,080 Speaker 2: they do, right, And I think the other thing about 342 00:14:27,080 --> 00:14:29,840 Speaker 2: social media, it's it is some of that that is 343 00:14:30,080 --> 00:14:32,200 Speaker 2: a tugget, like, oh, here's what you don't have. But 344 00:14:32,240 --> 00:14:35,320 Speaker 2: the other part is we amplify the angriest, most divisive voices, 345 00:14:35,640 --> 00:14:37,400 Speaker 2: and because of that, it leads us to think that 346 00:14:37,440 --> 00:14:39,200 Speaker 2: things are worse in our society than they actually are. 347 00:14:39,280 --> 00:14:41,520 Speaker 2: When you want of social media, when you walk down 348 00:14:41,520 --> 00:14:42,960 Speaker 2: your street, when you talk to your friends and neighbors. 349 00:14:43,000 --> 00:14:45,200 Speaker 2: You probably don't get any of that joint. Everyone seems 350 00:14:45,200 --> 00:14:47,360 Speaker 2: so balanced. Yeah, no, we're just yeah, we're just in 351 00:14:47,400 --> 00:14:49,880 Speaker 2: tune though way too much to the kind of Internet 352 00:14:49,920 --> 00:14:53,080 Speaker 2: side of things and the most divisive voices that if 353 00:14:53,080 --> 00:14:55,280 Speaker 2: we just get out there in the real world, it'll 354 00:14:55,280 --> 00:14:57,560 Speaker 2: probably cleanse us of a lot of that, those feelings 355 00:14:57,560 --> 00:14:58,760 Speaker 2: that things are worse than they actually are. 356 00:14:58,880 --> 00:15:01,640 Speaker 1: Totally agree you know. So I was just thinking about how, like, again, 357 00:15:01,680 --> 00:15:04,360 Speaker 1: we're just distracted by everything. It makes me think of 358 00:15:04,440 --> 00:15:07,920 Speaker 1: the new Apple goggles, the Vision pro and I'm like. 359 00:15:08,160 --> 00:15:12,800 Speaker 2: Got myself three pairs, yeah, please, like there's worth more 360 00:15:12,840 --> 00:15:13,280 Speaker 2: than my car. 361 00:15:13,440 --> 00:15:15,440 Speaker 1: Initially I was like, this so stupid, But then you 362 00:15:15,480 --> 00:15:18,400 Speaker 1: start seeing some folks like post reviews and they're like, 363 00:15:18,440 --> 00:15:21,520 Speaker 1: oh my gosh, this is so amazing, and there's a 364 00:15:21,560 --> 00:15:24,160 Speaker 1: temptation to get sucked into that because it is amazing, 365 00:15:24,520 --> 00:15:26,880 Speaker 1: like what they're able to accomplish. But dude, this here 366 00:15:26,880 --> 00:15:29,880 Speaker 1: in lies another distraction literally that keeps your eyes off 367 00:15:29,920 --> 00:15:32,720 Speaker 1: of real life. And so not only is our attention 368 00:15:32,880 --> 00:15:35,360 Speaker 1: being robbed, but yeah, they're actually it costs a lot 369 00:15:35,360 --> 00:15:38,480 Speaker 1: of money. It's it's like four thousand dollars. Yeah, I think, Yeah, 370 00:15:38,520 --> 00:15:40,200 Speaker 1: you can end up with a whole lot of debt 371 00:15:40,240 --> 00:15:42,640 Speaker 1: trying to find yourself on the bleeding edge of the 372 00:15:42,640 --> 00:15:43,320 Speaker 1: adoption curve. 373 00:15:43,360 --> 00:15:46,000 Speaker 2: Maybe wait till like version four, and even then, I 374 00:15:46,000 --> 00:15:48,560 Speaker 2: don't know, maybe real life has more appeal. All right, 375 00:15:48,600 --> 00:15:51,040 Speaker 2: let's talk about money stress, Matt, because that impacts our 376 00:15:51,080 --> 00:15:53,120 Speaker 2: lives in ways that go beyond just our budgets. And 377 00:15:54,000 --> 00:15:57,080 Speaker 2: so for people who are actually maybe not doing as 378 00:15:57,080 --> 00:16:00,280 Speaker 2: well as they'd like to be doing that money stress 379 00:16:00,320 --> 00:16:01,960 Speaker 2: can hang over your head, or if you're just spending 380 00:16:01,960 --> 00:16:04,320 Speaker 2: more than you make, if you don't have great money habits. 381 00:16:05,640 --> 00:16:07,160 Speaker 1: The latest and greatest Apple tech. 382 00:16:07,280 --> 00:16:10,640 Speaker 2: Right, Yeah, Well, those that money hangover because you're spending 383 00:16:10,720 --> 00:16:12,560 Speaker 2: more than you make or because you're going into debt 384 00:16:13,280 --> 00:16:15,680 Speaker 2: can have an impact not just on your finances and 385 00:16:15,680 --> 00:16:19,360 Speaker 2: we know this, but actually on your physical and mental 386 00:16:19,440 --> 00:16:22,560 Speaker 2: and cognition levels too, on your productivity. There's this new 387 00:16:22,600 --> 00:16:26,120 Speaker 2: study conducted by researchers at the University College of London, 388 00:16:26,440 --> 00:16:29,320 Speaker 2: and they established a connection between stressful life events and 389 00:16:29,360 --> 00:16:32,880 Speaker 2: a decline in biological health. They said that individuals faces 390 00:16:33,240 --> 00:16:36,520 Speaker 2: facing financial stress were fifty nine percent more likely to 391 00:16:36,560 --> 00:16:38,680 Speaker 2: be in the high risk group for heart disease, depression, 392 00:16:38,880 --> 00:16:41,120 Speaker 2: and other illnesses a few years down the road, just 393 00:16:41,160 --> 00:16:42,800 Speaker 2: like three or four years down the road. And so 394 00:16:43,240 --> 00:16:45,400 Speaker 2: this is just another confirmation. We've talked about this before, 395 00:16:45,400 --> 00:16:47,320 Speaker 2: how kind of having a lot of financial stress on 396 00:16:47,320 --> 00:16:49,880 Speaker 2: your plate can kind of reduce your IQ by something 397 00:16:49,920 --> 00:16:51,880 Speaker 2: like twelve points. You're like walking through life a little 398 00:16:51,920 --> 00:16:55,040 Speaker 2: bit dumber because of the stress. It's weighing you down mentally, 399 00:16:55,640 --> 00:16:58,400 Speaker 2: but it's not just a mental degradation. It's also a 400 00:16:58,440 --> 00:17:02,080 Speaker 2: potential physical side effect of poor money habits and the 401 00:17:02,120 --> 00:17:04,720 Speaker 2: debt that you've built up. And so I just suggest 402 00:17:04,760 --> 00:17:06,879 Speaker 2: sometimes the solution is more money, just building up that 403 00:17:06,920 --> 00:17:09,800 Speaker 2: emergency fund and having a budget, knowing where your money 404 00:17:09,880 --> 00:17:12,320 Speaker 2: is going, ensuring that you're not throwing it away in 405 00:17:12,359 --> 00:17:14,800 Speaker 2: ways that you aren't even aware of, Like Matt, potentially 406 00:17:14,800 --> 00:17:17,920 Speaker 2: those subscriptions that we talk about, right, most people underestimate 407 00:17:17,920 --> 00:17:20,640 Speaker 2: the number of dollars that are going towards subscriptions every month, 408 00:17:20,680 --> 00:17:22,239 Speaker 2: and if they would curb those, hey they'd have more 409 00:17:22,280 --> 00:17:24,480 Speaker 2: money in their lives. But you might also need to 410 00:17:24,520 --> 00:17:27,600 Speaker 2: talk to a professional. Financial therapists are worth checking out 411 00:17:27,640 --> 00:17:29,600 Speaker 2: if you feel chronic money stress. We had our friend 412 00:17:29,800 --> 00:17:34,080 Speaker 2: Asia Evans on recently like she's awesome and maybe it's 413 00:17:34,119 --> 00:17:36,399 Speaker 2: time to talk to a professional if you feel like 414 00:17:36,760 --> 00:17:40,959 Speaker 2: you're chronically inundated with money stressors that are weighing on 415 00:17:41,000 --> 00:17:42,960 Speaker 2: you heavily, both mentally and physically. 416 00:17:43,000 --> 00:17:45,520 Speaker 1: That's right, man. Yeah, couldn't agree more. And by the way, 417 00:17:45,560 --> 00:17:47,359 Speaker 1: we've got much more show to get to. We're not 418 00:17:47,359 --> 00:17:49,439 Speaker 1: just going to talk about how to how we feel 419 00:17:49,480 --> 00:17:51,960 Speaker 1: and how we think about money. We've got some more 420 00:17:52,080 --> 00:17:54,080 Speaker 1: maybe practical, solid takeaways as well. We're going to talk 421 00:17:54,080 --> 00:17:56,400 Speaker 1: about what it means to be a costco cheap skate. 422 00:17:56,480 --> 00:17:58,640 Speaker 1: We'll get to that plus more right after this. 423 00:18:07,000 --> 00:18:09,760 Speaker 2: That, well, back if product flight continues, Let's get to 424 00:18:09,840 --> 00:18:11,320 Speaker 2: our ludicrous headline of the week. 425 00:18:11,359 --> 00:18:12,359 Speaker 1: We do this every week. 426 00:18:12,560 --> 00:18:14,960 Speaker 2: It's always something that we find around the internet that 427 00:18:15,119 --> 00:18:17,720 Speaker 2: just kind of sounds ridiculous and we get to pick 428 00:18:17,720 --> 00:18:19,600 Speaker 2: it apart. So it's one of my favorite things to 429 00:18:19,600 --> 00:18:23,320 Speaker 2: do this. This headline comes from CNBC and the headline said, 430 00:18:23,560 --> 00:18:26,560 Speaker 2: why one expert called earned wage access payday lending on 431 00:18:26,640 --> 00:18:29,120 Speaker 2: steroids and you and I we've talked about this before. 432 00:18:29,119 --> 00:18:32,240 Speaker 2: It's essentially like it's a fancy term for getting paid 433 00:18:32,320 --> 00:18:36,439 Speaker 2: before you should and there's apps they'll help facilitate this, right, 434 00:18:36,480 --> 00:18:39,040 Speaker 2: that will that will help you get your paycheck earlier 435 00:18:39,080 --> 00:18:40,840 Speaker 2: than you otherwise. What so you know what, I don't 436 00:18:40,840 --> 00:18:42,320 Speaker 2: want to get paid on Friday. I want to get 437 00:18:42,320 --> 00:18:45,080 Speaker 2: paid on Tuesday. Well, you can go to you can 438 00:18:45,119 --> 00:18:47,360 Speaker 2: go to earn in Dave Bridget. There are a bunch 439 00:18:47,359 --> 00:18:48,359 Speaker 2: of different apps that will let you. 440 00:18:48,359 --> 00:18:51,280 Speaker 1: Do this, which getting paid slightly earlier that there's not that, Well, 441 00:18:51,320 --> 00:18:53,919 Speaker 1: what's wrong with that? Well, it's the fees that are 442 00:18:53,960 --> 00:18:55,879 Speaker 1: associated with that's right. Yeah, it's not the fact that 443 00:18:55,960 --> 00:18:58,680 Speaker 1: we're against you getting paid. What was it the micro payments? 444 00:18:59,480 --> 00:19:01,560 Speaker 1: Was it when maybe Uber or Left started doing that 445 00:19:01,600 --> 00:19:03,240 Speaker 1: we cash out on the day, like on the day, 446 00:19:03,280 --> 00:19:05,760 Speaker 1: as opposed to like waiting for a paycheck in a 447 00:19:05,800 --> 00:19:07,840 Speaker 1: couple of weeks, Which is not that. It's the fact 448 00:19:07,880 --> 00:19:11,040 Speaker 1: that you are having to pay for that access. That's right. 449 00:19:11,040 --> 00:19:12,679 Speaker 2: So I don't mind if you drive for Uber and 450 00:19:12,760 --> 00:19:14,720 Speaker 2: Uber is not like charging you a fee to get 451 00:19:14,720 --> 00:19:17,199 Speaker 2: paid early. Well, cool, take your money that day, that's fine, Like, 452 00:19:17,200 --> 00:19:19,240 Speaker 2: I don't it doesn't matter. It's it's the fact that 453 00:19:19,280 --> 00:19:22,639 Speaker 2: people are paying essentially what equates to payday loan rates 454 00:19:23,000 --> 00:19:25,760 Speaker 2: to access their funds earlier, and these things are growing 455 00:19:26,080 --> 00:19:29,359 Speaker 2: like gangbusters, Like millions of Americans are getting addicted to 456 00:19:29,400 --> 00:19:31,960 Speaker 2: payday coming early. And like you said, Met, there's almost 457 00:19:32,000 --> 00:19:34,960 Speaker 2: always a fee involved, and if you were to extrapolate 458 00:19:35,000 --> 00:19:37,800 Speaker 2: that fee, these folks would be really the interest rate 459 00:19:37,840 --> 00:19:39,840 Speaker 2: would be something in the payday loan region, something of 460 00:19:39,880 --> 00:19:41,840 Speaker 2: the three to four hundred percent range much of the time. 461 00:19:42,200 --> 00:19:43,760 Speaker 2: But the reason these apps are able to kind of 462 00:19:43,880 --> 00:19:47,840 Speaker 2: skirt government regulation is because they operate on a voluntary 463 00:19:47,960 --> 00:19:50,200 Speaker 2: tipping model, and most people are like, cool, you're gonna 464 00:19:50,200 --> 00:19:52,040 Speaker 2: help me get my paycheck early, I'll tip you ten bucks. 465 00:19:52,200 --> 00:19:54,200 Speaker 2: But if it's ten bucks when you're getting one hundred 466 00:19:54,200 --> 00:19:56,600 Speaker 2: and twenty bucks and you're just accessing out a few 467 00:19:56,640 --> 00:19:59,000 Speaker 2: days early, this is the kind of thing that can 468 00:19:59,080 --> 00:20:02,840 Speaker 2: really put people behind the eight ball, especially low wage journers. 469 00:20:02,880 --> 00:20:05,080 Speaker 2: Like if you start living on a cycle and needing 470 00:20:05,280 --> 00:20:07,280 Speaker 2: your money the day you earn it, or even before 471 00:20:07,320 --> 00:20:10,680 Speaker 2: you earn it, this is the opposite of an emergency fund. Yeah, 472 00:20:10,720 --> 00:20:13,880 Speaker 2: this is the opposite of good financial hygiene. Yeah yeah, 473 00:20:13,880 --> 00:20:16,359 Speaker 2: we're there to be an emergency, Like, we don't want you. Like, essentially, 474 00:20:16,400 --> 00:20:18,320 Speaker 2: what you're doing is you're reaching into the future and 475 00:20:18,320 --> 00:20:21,720 Speaker 2: grabbing hold of money from future you you're like robbing 476 00:20:21,760 --> 00:20:25,520 Speaker 2: yourself as opposed to like dipping into the money that 477 00:20:25,520 --> 00:20:27,960 Speaker 2: you already have. There's almost like a theological difference here 478 00:20:27,960 --> 00:20:32,120 Speaker 2: between like reaching and striving versus like resting on something. 479 00:20:31,880 --> 00:20:35,119 Speaker 1: That has already happened, something that you've already done. But 480 00:20:35,160 --> 00:20:38,000 Speaker 1: that's certainly more of the path that we want you 481 00:20:38,040 --> 00:20:39,800 Speaker 1: to take. And not only that, but the money that 482 00:20:39,840 --> 00:20:41,480 Speaker 1: you do keep aside, you're gonna get paid for that. 483 00:20:41,560 --> 00:20:44,840 Speaker 1: Because of where interest rates are these days, we might 484 00:20:44,840 --> 00:20:48,000 Speaker 1: see more and more employers offer you the ability to 485 00:20:48,040 --> 00:20:51,480 Speaker 1: get paid closer to when you actually work, closer to 486 00:20:51,520 --> 00:20:53,440 Speaker 1: the day you earn the check. I guess that. 487 00:20:53,600 --> 00:20:56,960 Speaker 2: Yeah, But the problem is, or do you have is 488 00:20:57,000 --> 00:20:58,960 Speaker 2: your money being seasoned kind of like we talk about 489 00:20:58,960 --> 00:21:00,840 Speaker 2: with you need a budget with that app That's how 490 00:21:00,840 --> 00:21:03,280 Speaker 2: they talk about it. Yeah, seasoning your money. If you're 491 00:21:03,280 --> 00:21:06,400 Speaker 2: dipping into future earnings to pay for current bills, that's 492 00:21:06,400 --> 00:21:09,200 Speaker 2: a problem. If you're dipping into money you earn't last 493 00:21:09,200 --> 00:21:11,640 Speaker 2: month to pay for bills this month, that's a much 494 00:21:11,680 --> 00:21:12,320 Speaker 2: better place to be. 495 00:21:12,400 --> 00:21:16,160 Speaker 1: It's a completely different mindset. Yeah, could not agree anymore, dude, 496 00:21:16,280 --> 00:21:19,000 Speaker 1: let's discuss a frugaler cheap and this actually could have 497 00:21:19,040 --> 00:21:21,840 Speaker 1: been the ludicrous headline. And by the way, not all 498 00:21:21,880 --> 00:21:24,439 Speaker 1: ludicrous headlines or headlines we disagree with. Like with the 499 00:21:24,480 --> 00:21:26,760 Speaker 1: last one, we agree with the fact that it's like 500 00:21:26,960 --> 00:21:29,359 Speaker 1: it's like Penanty loans on steroids. It's like Patty Loans 501 00:21:29,359 --> 00:21:31,240 Speaker 1: with like a mask on. So that's like a wolf 502 00:21:31,280 --> 00:21:34,320 Speaker 1: in sheep's clothing. But this is a story about a 503 00:21:34,359 --> 00:21:37,720 Speaker 1: woman returning a couch to Costco after two and a 504 00:21:37,760 --> 00:21:42,239 Speaker 1: half years, and this is one that we humanly disagree with. 505 00:21:42,720 --> 00:21:44,760 Speaker 1: She filmed herself and she put this on TikTok dude, 506 00:21:45,000 --> 00:21:48,440 Speaker 1: and in the video she highlights Costco's generous return policy, 507 00:21:48,800 --> 00:21:51,680 Speaker 1: which we also love. We also talk. 508 00:21:51,520 --> 00:21:54,360 Speaker 2: About this, yes, But what she said that I didn't 509 00:21:54,400 --> 00:21:57,560 Speaker 2: love was that you can from a schemy, smarmy perspective, 510 00:21:57,600 --> 00:21:59,360 Speaker 2: but just from like a this is a good company. 511 00:21:59,400 --> 00:22:01,240 Speaker 1: Like literally, we love Costco. We love how they do 512 00:22:01,280 --> 00:22:02,040 Speaker 1: business couches. 513 00:22:02,080 --> 00:22:03,320 Speaker 2: Last week, by the way, this is two weeks in 514 00:22:03,359 --> 00:22:04,720 Speaker 2: a road talking about this. Last week that was the 515 00:22:04,760 --> 00:22:07,760 Speaker 2: garbage couches, the h oh this couch. It turns out 516 00:22:08,040 --> 00:22:10,720 Speaker 2: there wasn't issues this thing cart or anything like that. 517 00:22:10,760 --> 00:22:12,560 Speaker 1: No, no, she she wanted to return it because she 518 00:22:12,560 --> 00:22:14,080 Speaker 1: just didn't like the color anymore, I think, is what 519 00:22:14,119 --> 00:22:16,480 Speaker 1: she said. And dude, that is just not in the 520 00:22:16,520 --> 00:22:19,679 Speaker 1: spirit of costco's return policy. And granted, this is something 521 00:22:20,119 --> 00:22:22,680 Speaker 1: that you can do, but that doesn't make it right. 522 00:22:23,040 --> 00:22:27,080 Speaker 1: It definitely falls into the cheap category, borders on unethical 523 00:22:27,480 --> 00:22:29,440 Speaker 1: and inner video she's saying that, like, I don't even 524 00:22:29,920 --> 00:22:31,800 Speaker 1: haven't returned it yet, and I'm nervous, and I don't 525 00:22:31,800 --> 00:22:34,280 Speaker 1: know why I'm nervous. I know why you're nervous, because 526 00:22:34,320 --> 00:22:36,040 Speaker 1: you feel bad about what you're about to do. That's 527 00:22:36,040 --> 00:22:39,160 Speaker 1: called your conscious, Joey Cricket conscious is speaking to you, 528 00:22:39,320 --> 00:22:41,679 Speaker 1: and you should have listened to it. Yeah, as opposed 529 00:22:41,720 --> 00:22:44,160 Speaker 1: to man, Yeah, looking like a fool and just taking 530 00:22:44,200 --> 00:22:47,040 Speaker 1: advantage of a general's return policy. That's right. I hate it. Yeah. 531 00:22:47,160 --> 00:22:50,400 Speaker 2: And and Costco has that generous re term policy because 532 00:22:50,640 --> 00:22:53,560 Speaker 2: they trust their members to use it honestly and not 533 00:22:53,600 --> 00:22:55,439 Speaker 2: abuse it. But every once in a while, one of 534 00:22:55,440 --> 00:22:58,120 Speaker 2: these stories comes up, there's people returning like used tires 535 00:22:58,240 --> 00:23:00,880 Speaker 2: years after the fact because and I think, I don't 536 00:23:00,880 --> 00:23:02,640 Speaker 2: know if Costco still accepts that or not, but I 537 00:23:02,840 --> 00:23:05,920 Speaker 2: fortunately almost nobody does this except for this lady on TikTok, right, 538 00:23:05,960 --> 00:23:06,600 Speaker 2: And so then. 539 00:23:06,680 --> 00:23:09,040 Speaker 1: The fact that she did it so brazenly and filmed 540 00:23:09,040 --> 00:23:11,639 Speaker 1: it as well. That like, that's the part that it's like, 541 00:23:12,000 --> 00:23:13,920 Speaker 1: I don't know what's worse, the fact that someone might 542 00:23:13,960 --> 00:23:16,879 Speaker 1: do it like sneakily and just be like Google publicize it, 543 00:23:16,960 --> 00:23:19,879 Speaker 1: but more the fact that she just felt the brashness 544 00:23:19,880 --> 00:23:21,840 Speaker 1: to go through with this, like on social media, and 545 00:23:22,119 --> 00:23:23,760 Speaker 1: she's done it for the for the likes and the 546 00:23:23,840 --> 00:23:24,240 Speaker 1: views too. 547 00:23:24,280 --> 00:23:27,400 Speaker 2: Yeah, obviously probably well, and Costco had to mend its 548 00:23:27,480 --> 00:23:30,920 Speaker 2: electronics return policy years ago and reduced the return window 549 00:23:30,960 --> 00:23:33,480 Speaker 2: to ninety days because of the way folks were abusing it. 550 00:23:33,560 --> 00:23:36,119 Speaker 2: They were taking for a computer upgrade. Yeah, the eight 551 00:23:36,160 --> 00:23:38,160 Speaker 2: year old computer. And guess what. Guess what goes down 552 00:23:38,160 --> 00:23:41,439 Speaker 2: in price overtime computers, right, And so the eight year 553 00:23:41,480 --> 00:23:44,199 Speaker 2: old computer was you probably paid five thousand bucks for it, 554 00:23:44,240 --> 00:23:46,320 Speaker 2: and now the laptop's seven or eight hundred bucks, and 555 00:23:46,359 --> 00:23:47,680 Speaker 2: so you're like, give me my five grand back, and 556 00:23:47,680 --> 00:23:49,520 Speaker 2: I'm gonna by the thing. It's eight hundred bucks. That's 557 00:23:49,840 --> 00:23:52,480 Speaker 2: far superior to the thing I just had. And so yeah, 558 00:23:52,720 --> 00:23:55,119 Speaker 2: it's the truth is if Costco members pulled stunts like 559 00:23:55,119 --> 00:23:59,800 Speaker 2: this regularly. Costco would have to make their fantastic return policy, yes, 560 00:24:00,040 --> 00:24:01,800 Speaker 2: far more meager. They would have to roll it back 561 00:24:01,840 --> 00:24:05,119 Speaker 2: for everybody, which sucks. Right, So Costco is a good company. 562 00:24:05,160 --> 00:24:08,639 Speaker 2: This lightly on TikTok. Sorry, you're abusing generous policies and 563 00:24:08,680 --> 00:24:10,320 Speaker 2: it's not cool. We won't stand for it. Yeah, not 564 00:24:10,760 --> 00:24:13,000 Speaker 2: that I'm going to make a season's arrest or anything, but. 565 00:24:12,760 --> 00:24:14,720 Speaker 1: Like, while it is allowed, the reason we're talking about 566 00:24:14,720 --> 00:24:16,760 Speaker 1: it is because we don't want this to become commonplace 567 00:24:16,800 --> 00:24:19,119 Speaker 1: because yes, you're gonna ruin. You're gonna spoil the party 568 00:24:19,200 --> 00:24:22,000 Speaker 1: for everybody if people are out. It's like when LLBean 569 00:24:22,440 --> 00:24:25,000 Speaker 1: start when they stopped doing their lifetime guarantee, because that's 570 00:24:25,040 --> 00:24:27,080 Speaker 1: what everybody started tape bringing back stuff that was like 571 00:24:27,119 --> 00:24:30,399 Speaker 1: decades old, Like people were even into the third store 572 00:24:30,440 --> 00:24:32,760 Speaker 1: and bringing that back. Yeah, trying to exchange it also 573 00:24:32,840 --> 00:24:35,040 Speaker 1: not in the spirit of the policy, and look what 574 00:24:35,119 --> 00:24:38,800 Speaker 1: happened with them, another great company and they ended that policy. 575 00:24:39,359 --> 00:24:41,360 Speaker 1: Do you know you can return food at Costco too? 576 00:24:41,440 --> 00:24:42,560 Speaker 1: Have you ever returned food? 577 00:24:42,720 --> 00:24:45,280 Speaker 2: Yeah, just something that was like went bad really quickly, 578 00:24:45,520 --> 00:24:47,600 Speaker 2: or we have returned like one thing that my kids 579 00:24:47,640 --> 00:24:48,600 Speaker 2: just disgusting. 580 00:24:48,640 --> 00:24:50,560 Speaker 1: I'm going to share something because we really Yeah, I 581 00:24:50,640 --> 00:24:52,520 Speaker 1: rarely do that, and it's no problem too. Well, like 582 00:24:52,560 --> 00:24:54,240 Speaker 1: if you accidentally buy something, I guess, like, if you 583 00:24:54,280 --> 00:24:57,280 Speaker 1: get a like a non perishable no, it's no problem. 584 00:24:57,359 --> 00:24:59,040 Speaker 1: They'll return it to see that it's sealed. They'll even 585 00:24:59,040 --> 00:25:01,119 Speaker 1: put it back out on the floor. But if you 586 00:25:01,200 --> 00:25:04,280 Speaker 1: return perishable foods, they have to toss that out. And 587 00:25:04,280 --> 00:25:06,679 Speaker 1: I actually learned this the hard way. So I was 588 00:25:06,680 --> 00:25:10,320 Speaker 1: picking up some food. It was some steaks, and when 589 00:25:10,320 --> 00:25:12,480 Speaker 1: I got back in the car, I checked in with 590 00:25:12,560 --> 00:25:14,240 Speaker 1: Kate and she was like, oh, I already got that, 591 00:25:14,480 --> 00:25:16,200 Speaker 1: and it's not like these steaks were on sale or anything. 592 00:25:16,240 --> 00:25:17,600 Speaker 1: So I was like, oh, well, no big deal, I'm 593 00:25:17,600 --> 00:25:19,800 Speaker 1: already here. I'll just return it. No harm, no foul. 594 00:25:20,520 --> 00:25:22,800 Speaker 1: And so I did feel a little weeks and I'm like, oh, 595 00:25:23,000 --> 00:25:24,800 Speaker 1: how is this gonna work? And she didn't ask any 596 00:25:25,160 --> 00:25:26,919 Speaker 1: major questions. She was like anything wrong with it? I 597 00:25:26,920 --> 00:25:29,480 Speaker 1: was like, no, I just miscommunication with my wife, returned it. 598 00:25:29,680 --> 00:25:33,280 Speaker 1: She credited my account, and as I was turning to leave, 599 00:25:33,359 --> 00:25:34,879 Speaker 1: she was like, you know that we have to like 600 00:25:34,920 --> 00:25:38,320 Speaker 1: toss these out because they're perishable and once they leave 601 00:25:38,359 --> 00:25:41,359 Speaker 1: the building. Dude, I felt so bad, Like I was 602 00:25:41,359 --> 00:25:43,480 Speaker 1: like literally, I mean, I was horrified. I almost like 603 00:25:43,480 --> 00:25:45,560 Speaker 1: tried to buy them back because they're gonna have to 604 00:25:45,560 --> 00:25:48,439 Speaker 1: toss those But I didn't know that even though it 605 00:25:48,520 --> 00:25:51,840 Speaker 1: had never been opened, they can't resell the item. And 606 00:25:51,880 --> 00:25:53,760 Speaker 1: so I told her, I was like, man, there's nothing 607 00:25:53,800 --> 00:25:55,760 Speaker 1: wrong with us. I didn't know that. I hope somebody here, 608 00:25:56,080 --> 00:25:58,159 Speaker 1: what can onney of y'all take it home for free 609 00:25:58,440 --> 00:26:01,239 Speaker 1: because they're good steaks, they're rebised. But I just didn't know. 610 00:26:01,320 --> 00:26:04,439 Speaker 1: So I share that somewhat embarrassing story. You wouldn't do 611 00:26:04,480 --> 00:26:07,160 Speaker 1: that again now, No, yeah, I'm not gonna do it again. Ever. Well, dude, 612 00:26:07,160 --> 00:26:10,399 Speaker 1: you know how I am with food waste and the leftovers. Again, 613 00:26:10,680 --> 00:26:13,040 Speaker 1: I was horrified, and I'm a little embarrassed even sharing 614 00:26:13,040 --> 00:26:16,200 Speaker 1: the story. But I want everybody else out there to know, 615 00:26:17,200 --> 00:26:18,639 Speaker 1: go to stick around, you know, yeah, for sure, we 616 00:26:18,720 --> 00:26:21,680 Speaker 1: do to not get destroyed by idiots like me annoyingly 617 00:26:21,840 --> 00:26:24,240 Speaker 1: or folks who are to take advantage of the company. 618 00:26:24,240 --> 00:26:27,000 Speaker 2: On TikTok all, let's talk about car insurance, and let's 619 00:26:27,000 --> 00:26:30,600 Speaker 2: talk about what happens when auto insurance rates go up. Well, 620 00:26:30,640 --> 00:26:34,000 Speaker 2: what happens is more drivers opt to for go coverage altogether, 621 00:26:34,080 --> 00:26:36,720 Speaker 2: which is not a good thing and it's certainly not 622 00:26:36,760 --> 00:26:38,800 Speaker 2: something we suggest, but it's also kind of the reality 623 00:26:38,840 --> 00:26:42,160 Speaker 2: on the ground. Rates have risen substantially in recent years, 624 00:26:42,160 --> 00:26:44,879 Speaker 2: and we've talked about this on the show, largely because 625 00:26:44,880 --> 00:26:47,800 Speaker 2: of how complex cars have become. I'm thinking of electric 626 00:26:47,880 --> 00:26:50,520 Speaker 2: vehicles right now. Right now, sure, electric vehicle rates on 627 00:26:50,680 --> 00:26:53,760 Speaker 2: car insurance rates have gone through the roof because hey, 628 00:26:53,760 --> 00:26:55,280 Speaker 2: that thing gets in an accident and the whole battery 629 00:26:55,320 --> 00:26:57,800 Speaker 2: pack needs to be replaced. That's a really expensive repair. 630 00:26:57,840 --> 00:26:59,760 Speaker 1: And even just like the nav systems that go intw 631 00:27:00,160 --> 00:27:02,399 Speaker 1: I mean they are computers on wheels. 632 00:27:02,480 --> 00:27:04,239 Speaker 2: Yeah, they're more expensive to fix than they were ten 633 00:27:04,320 --> 00:27:05,800 Speaker 2: or fifteen years ago there, Sure, and part of that's 634 00:27:05,840 --> 00:27:08,560 Speaker 2: just inflation too. And then JD Power they just found 635 00:27:08,560 --> 00:27:11,640 Speaker 2: that there are more uninsured drivers because of rising premiums. 636 00:27:11,720 --> 00:27:13,840 Speaker 2: Roughly six percent of folks on the road now are 637 00:27:13,920 --> 00:27:18,040 Speaker 2: illegally driving with no insurance. That's the national average. Matt, 638 00:27:18,080 --> 00:27:20,879 Speaker 2: don't go to Mississippi. Thirty percent of folks in Mississippi 639 00:27:20,880 --> 00:27:22,680 Speaker 2: are riding without insurance. I didn't make that up. That's 640 00:27:22,720 --> 00:27:23,280 Speaker 2: literally JD. 641 00:27:23,359 --> 00:27:23,560 Speaker 1: Power. 642 00:27:23,600 --> 00:27:25,679 Speaker 2: Okay, some shade you're throwing, not trying to hate. I'm 643 00:27:25,680 --> 00:27:28,280 Speaker 2: my Mississippi brothren. Okay, I've visited Mississippi on the rig 644 00:27:28,480 --> 00:27:31,000 Speaker 2: like that place. But what does this mean for you, Well, 645 00:27:31,119 --> 00:27:33,399 Speaker 2: there's even more of a need for you to have 646 00:27:33,400 --> 00:27:36,479 Speaker 2: sufficient coverage, yep, and make sure you have uninsured motorist 647 00:27:36,480 --> 00:27:37,600 Speaker 2: protection while. 648 00:27:37,440 --> 00:27:37,920 Speaker 1: You're at it. 649 00:27:37,920 --> 00:27:40,159 Speaker 2: It's not required in every state. Actually I thought it was, 650 00:27:40,200 --> 00:27:42,440 Speaker 2: but it's not. And it might feel annoying to pay 651 00:27:42,480 --> 00:27:45,359 Speaker 2: for more coverage to like insure yourself against other idiots 652 00:27:45,400 --> 00:27:46,679 Speaker 2: that don't have coverage or something like that. 653 00:27:46,720 --> 00:27:50,640 Speaker 1: But the protection is even more necessary now. So yeah, 654 00:27:50,960 --> 00:27:53,640 Speaker 1: it's it's that includes like hitting runs as well, because 655 00:27:53,680 --> 00:27:55,640 Speaker 1: guess what if somebody hits you and it's their fault 656 00:27:55,840 --> 00:27:58,200 Speaker 1: and they don't have insurance because it got too expensive 657 00:27:58,240 --> 00:28:00,879 Speaker 1: so they dropped it, they gonna take off. Yeah, and 658 00:28:00,920 --> 00:28:04,359 Speaker 1: that's an usured motorist coverage covers that even if the 659 00:28:04,480 --> 00:28:05,600 Speaker 1: person is no longer there. 660 00:28:05,440 --> 00:28:07,080 Speaker 2: And the chances that you get left in the lurch 661 00:28:07,160 --> 00:28:09,760 Speaker 2: are higher than they've been in a long time because 662 00:28:09,800 --> 00:28:12,000 Speaker 2: of these rising costs. By the way, can I'll just 663 00:28:12,040 --> 00:28:15,240 Speaker 2: tell a personal story about me saving on car insurance recently. 664 00:28:15,480 --> 00:28:15,920 Speaker 1: I noticed. 665 00:28:15,920 --> 00:28:18,000 Speaker 2: I went back in and looked at at I'm with 666 00:28:18,080 --> 00:28:20,200 Speaker 2: Liberty Mutuals. I've been with them for for a while, 667 00:28:20,560 --> 00:28:23,199 Speaker 2: and I was like, shocked at how much my my 668 00:28:23,280 --> 00:28:26,600 Speaker 2: car insurance recently went up. But I was I was 669 00:28:26,600 --> 00:28:28,359 Speaker 2: watching your kids, I was babysitting at your house. I 670 00:28:28,400 --> 00:28:29,800 Speaker 2: was like, how am I going to be productive tonight? 671 00:28:29,920 --> 00:28:31,800 Speaker 2: I'm gonna find ways to slash this car insurance? 672 00:28:31,800 --> 00:28:32,639 Speaker 1: About that, okay? 673 00:28:32,800 --> 00:28:35,440 Speaker 2: And I saved myself six hundred bucks a year in 674 00:28:35,600 --> 00:28:36,480 Speaker 2: just a couple of hours. 675 00:28:36,680 --> 00:28:38,800 Speaker 1: One was and this just did you up hop into 676 00:28:38,840 --> 00:28:40,680 Speaker 1: a different provider or did you talk to them? I 677 00:28:40,720 --> 00:28:41,840 Speaker 1: stayed put. I talked to them. 678 00:28:41,880 --> 00:28:43,480 Speaker 2: And there was a couple of things that had rolled 679 00:28:43,520 --> 00:28:46,640 Speaker 2: off my account that had been discounts for some discounts 680 00:28:46,800 --> 00:28:49,440 Speaker 2: like what okay, So there's one that almost nobody talks about, 681 00:28:49,480 --> 00:28:53,320 Speaker 2: nobody really references, which is taking a defensive driving course. 682 00:28:53,680 --> 00:28:56,000 Speaker 2: And so I literally on my phone, not even on 683 00:28:56,000 --> 00:28:58,560 Speaker 2: a laptop, took this defensive driving course, paid twenty five 684 00:28:58,600 --> 00:29:01,680 Speaker 2: bucks to say four hundred okay, what yeah? But four 685 00:29:01,760 --> 00:29:03,880 Speaker 2: hundred for three years, so it's gonna be twelve hundred dollars. 686 00:29:03,880 --> 00:29:06,160 Speaker 1: So you did that while you're while we were out 687 00:29:06,240 --> 00:29:08,240 Speaker 1: on our date, and that's right, I'll shut out that. 688 00:29:08,240 --> 00:29:08,680 Speaker 1: That's great. 689 00:29:08,760 --> 00:29:10,400 Speaker 2: And so it took me about forty five minutes to 690 00:29:10,400 --> 00:29:12,080 Speaker 2: complete this what they call a six hour course. But 691 00:29:12,120 --> 00:29:16,320 Speaker 2: I'm speedy, and so. 692 00:29:14,840 --> 00:29:17,760 Speaker 1: So I did that. But not while he's driving, everyone, No. 693 00:29:17,600 --> 00:29:19,320 Speaker 2: While I was driving, I was sitting on a couch. 694 00:29:19,480 --> 00:29:21,200 Speaker 2: But that is one of those speedy, not while you're 695 00:29:21,240 --> 00:29:22,120 Speaker 2: speed driving your vehicle. 696 00:29:22,200 --> 00:29:25,200 Speaker 1: Yes, speedy, because that would be the opposite when it 697 00:29:25,200 --> 00:29:25,960 Speaker 1: comes to insurance. 698 00:29:26,040 --> 00:29:27,480 Speaker 2: Well, the other thing is at the other discount. Well, 699 00:29:27,520 --> 00:29:29,720 Speaker 2: that's the other discount is no citation. They're tracking my 700 00:29:29,840 --> 00:29:33,920 Speaker 2: driving now for ninety days. I will one let my 701 00:29:34,080 --> 00:29:36,479 Speaker 2: insure track me. That leads to get an immediate ten 702 00:29:36,480 --> 00:29:38,960 Speaker 2: percent discount, and then after ninety days somewhere between an 703 00:29:39,000 --> 00:29:42,080 Speaker 2: additional five and thirty percent discount. So I'm already saving 704 00:29:42,120 --> 00:29:44,240 Speaker 2: six hundred bucks a year, and i might save even 705 00:29:44,280 --> 00:29:44,800 Speaker 2: even more. 706 00:29:45,240 --> 00:29:47,880 Speaker 1: That being said, don't pull in behind Joel when you're 707 00:29:47,880 --> 00:29:50,360 Speaker 1: in traffic, because he can be driving slow, that's right, 708 00:29:50,560 --> 00:29:52,640 Speaker 1: slow to accelerate, slow to break. 709 00:29:52,400 --> 00:29:55,360 Speaker 2: Maybe grainny driving hard right now, But those are just 710 00:29:55,400 --> 00:29:56,920 Speaker 2: like honestly really low hanging fruit. 711 00:29:56,960 --> 00:29:58,880 Speaker 1: They can save you a bunch of money in no time. 712 00:29:58,960 --> 00:30:01,200 Speaker 1: I need to do that, all right, everyone. You know 713 00:30:01,360 --> 00:30:03,280 Speaker 1: we like credit cards. You know that we like earning 714 00:30:03,280 --> 00:30:06,280 Speaker 1: the rewards that come along with using them wisely and 715 00:30:06,800 --> 00:30:09,400 Speaker 1: wisely actually being the keyword here. But we try to 716 00:30:09,440 --> 00:30:12,440 Speaker 1: convey the downsides of credit cards as well. We try 717 00:30:12,440 --> 00:30:14,520 Speaker 1: to shoot straight, We try to give both sides of 718 00:30:14,560 --> 00:30:17,200 Speaker 1: the stories. And fifty percent of Americans they do not 719 00:30:17,480 --> 00:30:20,360 Speaker 1: pay their bill on time and in full, and because 720 00:30:20,360 --> 00:30:22,880 Speaker 1: of that credit card debt, it's wrecking havoc on their 721 00:30:22,920 --> 00:30:25,360 Speaker 1: financial life. It's obviously a problem. We try to paint 722 00:30:25,400 --> 00:30:27,520 Speaker 1: the full picture the pros and the cons of credit cards. 723 00:30:27,520 --> 00:30:30,160 Speaker 1: But there's another con that we should discuss as well, 724 00:30:30,160 --> 00:30:35,040 Speaker 1: and that's actually redeeming travel rewards. Because earning those points 725 00:30:35,040 --> 00:30:36,680 Speaker 1: it can be exciting, you kind of hit those threshold, 726 00:30:36,680 --> 00:30:38,280 Speaker 1: it kind of feel like you're playing a game. But 727 00:30:38,400 --> 00:30:41,360 Speaker 1: spending the points that you've accrued that can evidently be 728 00:30:41,600 --> 00:30:43,320 Speaker 1: downright frustrating to some folks. Yeah. 729 00:30:43,320 --> 00:30:45,280 Speaker 2: I guess it depends what credit card you have and 730 00:30:45,280 --> 00:30:47,760 Speaker 2: what you're trying to redeem those points for. That is 731 00:30:47,800 --> 00:30:50,120 Speaker 2: why some people do prefer I think Matt. The cash 732 00:30:50,160 --> 00:30:53,640 Speaker 2: back cards just general two percent on everything automatically. Why 733 00:30:53,640 --> 00:30:54,880 Speaker 2: you statement credit or something. 734 00:30:55,040 --> 00:30:57,920 Speaker 1: Historically I've always been just a flat cash back kind 735 00:30:57,920 --> 00:30:59,640 Speaker 1: of person. Yeah, except for the fact that we're now 736 00:30:59,760 --> 00:31:02,440 Speaker 1: entering stage of life where we can travel more and 737 00:31:02,640 --> 00:31:04,960 Speaker 1: if you play your cards right, man, put it's into there. 738 00:31:05,000 --> 00:31:07,080 Speaker 1: But if you play your cards right, like, there is 739 00:31:07,160 --> 00:31:10,160 Speaker 1: significant advantage. But yeah, it does take a little little 740 00:31:10,240 --> 00:31:12,239 Speaker 1: extra legwork. It does. It does, And so you're right. 741 00:31:12,280 --> 00:31:14,560 Speaker 2: I was kind of same thing, like at the two 742 00:31:14,600 --> 00:31:16,480 Speaker 2: percent cash back, why not just go with that one. 743 00:31:16,480 --> 00:31:18,520 Speaker 2: The Fidelity card is a great one, the City double 744 00:31:18,560 --> 00:31:20,920 Speaker 2: cash those are great, just straight up two percent cash back. 745 00:31:20,920 --> 00:31:22,440 Speaker 2: If you don't want to think about it beyond those, 746 00:31:22,520 --> 00:31:24,200 Speaker 2: and you don't want to have to like figure out, well, 747 00:31:24,200 --> 00:31:28,280 Speaker 2: how do you redeem rewards to optimize them to the fullest, 748 00:31:28,760 --> 00:31:31,200 Speaker 2: that's probably going to be your best bet. But credit 749 00:31:31,280 --> 00:31:33,320 Speaker 2: card redemptions can be front and The Wall Street Journal 750 00:31:33,360 --> 00:31:36,680 Speaker 2: had an article about the price discrepancies between booking a 751 00:31:36,720 --> 00:31:39,280 Speaker 2: flight on a site like Google Flights or booking it 752 00:31:39,360 --> 00:31:42,200 Speaker 2: via like a credit card reward portal like Chases or 753 00:31:42,360 --> 00:31:45,520 Speaker 2: Capital Ones, right, and so, yes, you are using points, 754 00:31:45,840 --> 00:31:48,120 Speaker 2: but the markup on what you'll pay via the credit 755 00:31:48,200 --> 00:31:51,360 Speaker 2: card portal. Well, it can be can be a good 756 00:31:51,360 --> 00:31:54,440 Speaker 2: bit higher than what you'd pay with cash directly to 757 00:31:54,520 --> 00:31:56,840 Speaker 2: an airline or hotel if you opted to go that 758 00:31:56,920 --> 00:32:00,680 Speaker 2: route instead, which essentially makes those rewards less valuable, then 759 00:32:00,720 --> 00:32:02,320 Speaker 2: you wanted them to be, then you hope they would be. 760 00:32:02,720 --> 00:32:05,240 Speaker 2: And so I think it's a good idea when you're 761 00:32:05,240 --> 00:32:07,600 Speaker 2: booking a vacation, when you're booking a hotel or a 762 00:32:07,600 --> 00:32:10,920 Speaker 2: flight via a credit card portal, always check the cash 763 00:32:10,920 --> 00:32:13,000 Speaker 2: price on other sites too to see what the difference is. 764 00:32:13,320 --> 00:32:16,160 Speaker 2: Because I haven't typically met on my own found a 765 00:32:16,200 --> 00:32:19,440 Speaker 2: massive disparity between the price of a hotel on the 766 00:32:19,640 --> 00:32:21,840 Speaker 2: credit card rewards portals versus booking them directly. 767 00:32:21,880 --> 00:32:23,240 Speaker 1: I always do like to see. 768 00:32:23,320 --> 00:32:25,880 Speaker 2: Yeah, same thing with flights, but just check right and 769 00:32:26,480 --> 00:32:28,480 Speaker 2: if there is a big discrepancy, maybe you do pay 770 00:32:28,480 --> 00:32:30,800 Speaker 2: cash on this occasion, or use that credit card to 771 00:32:30,800 --> 00:32:32,800 Speaker 2: gain even more awards when you're making that purchase. But 772 00:32:33,280 --> 00:32:35,280 Speaker 2: and then maybe just wait to use your points until 773 00:32:35,280 --> 00:32:37,520 Speaker 2: the credit card portal is offering a better rate on 774 00:32:37,600 --> 00:32:39,880 Speaker 2: your next trip. But it's just something to watch out for. 775 00:32:40,080 --> 00:32:42,840 Speaker 1: Yeah, yeah, yeah, look for the good deals. Don't wait 776 00:32:42,880 --> 00:32:45,719 Speaker 1: too long though, because don't forget that airlines can devalue 777 00:32:46,000 --> 00:32:48,000 Speaker 1: points potentially. I was actually talking to a buddy as 778 00:32:48,040 --> 00:32:50,520 Speaker 1: inflation on that too. Yes, yeah, Like I was talking 779 00:32:50,520 --> 00:32:51,960 Speaker 1: to a buddy of the gym and he's got like 780 00:32:52,000 --> 00:32:55,160 Speaker 1: an insane number of points that he has set aside. 781 00:32:55,160 --> 00:32:58,080 Speaker 1: In his words, he said, they're just bacon. And it's like, well, 782 00:32:58,120 --> 00:33:00,720 Speaker 1: you want to be careful because they inflation is real 783 00:33:00,760 --> 00:33:03,240 Speaker 1: when it comes to the points in these airlines. They're 784 00:33:03,280 --> 00:33:05,959 Speaker 1: like banks who are issuing their own currency, and they 785 00:33:05,960 --> 00:33:09,480 Speaker 1: can just change the value of those points, Like on 786 00:33:09,520 --> 00:33:12,880 Speaker 1: a whim. Was the last year that United Delta too, 787 00:33:12,920 --> 00:33:15,800 Speaker 1: right Delta and they increased the number of points required 788 00:33:16,040 --> 00:33:20,080 Speaker 1: to redeem I think those specifically as international flights. But 789 00:33:20,320 --> 00:33:21,960 Speaker 1: that's something that they can. Obviously, they're not going to 790 00:33:22,040 --> 00:33:24,440 Speaker 1: do it like an egregious amount because then they're going 791 00:33:24,480 --> 00:33:26,640 Speaker 1: to really upset their customers. But that is something that 792 00:33:26,640 --> 00:33:28,720 Speaker 1: does happen over time, so they just keep that in 793 00:33:28,760 --> 00:33:32,200 Speaker 1: mind as well. Generally speaking, better to use them, smoke 794 00:33:32,200 --> 00:33:34,080 Speaker 1: them if you got them, yeah yeah, yeah. 795 00:33:34,000 --> 00:33:37,160 Speaker 2: Like the kids say, if you overbake it, it's going 796 00:33:37,200 --> 00:33:38,960 Speaker 2: to get dried out and nasty, right, and so yeah, 797 00:33:38,960 --> 00:33:40,480 Speaker 2: you want to use those use those points. You don't 798 00:33:40,480 --> 00:33:42,200 Speaker 2: have to use them immediately, but you definitely want to 799 00:33:42,200 --> 00:33:44,160 Speaker 2: be looking for opportunities to use the points you've earned 800 00:33:44,160 --> 00:33:46,240 Speaker 2: and the longer. Yeah, when I talk to people about 801 00:33:46,280 --> 00:33:48,440 Speaker 2: who are like I've just built up, there's massive reservoir. 802 00:33:48,560 --> 00:33:50,560 Speaker 2: It's like, yeah, no, you want to start using them, yeah, 803 00:33:50,600 --> 00:33:53,440 Speaker 2: for sure, or they're not going to go bad, but 804 00:33:53,440 --> 00:33:54,600 Speaker 2: they're going to sour just a little. 805 00:33:54,680 --> 00:33:56,440 Speaker 1: Yeah, instead of yeah, I can't believe I said what 806 00:33:56,440 --> 00:33:59,600 Speaker 1: I said earlier, Use it or lose it better. There 807 00:33:59,640 --> 00:34:00,920 Speaker 1: you go. We're not gen z. 808 00:34:01,000 --> 00:34:03,320 Speaker 2: We're not like, all right now, that's going to do it. 809 00:34:03,320 --> 00:34:06,240 Speaker 2: For this episode. We'll have links to everything we mentioned, 810 00:34:06,440 --> 00:34:08,200 Speaker 2: the stories that we mentioned up in our show notes 811 00:34:08,200 --> 00:34:10,319 Speaker 2: at howtomoney dot com. And if you haven't signed up 812 00:34:10,360 --> 00:34:11,880 Speaker 2: for the how to Money newsletter. 813 00:34:11,480 --> 00:34:12,080 Speaker 1: Go check that out. 814 00:34:12,080 --> 00:34:14,160 Speaker 2: How to money dot com slash newsletter check full of 815 00:34:14,200 --> 00:34:17,760 Speaker 2: good information in an accessible format. So that's right, Please 816 00:34:17,800 --> 00:34:18,640 Speaker 2: please do sign up. 817 00:34:18,560 --> 00:34:21,760 Speaker 1: And we'll see you back here on Monday with fresh 818 00:34:21,920 --> 00:34:24,200 Speaker 1: ask how to Money episodes. So, buddy, that's gonna be 819 00:34:24,200 --> 00:34:26,200 Speaker 1: it for this one. Until next time. Best Friends Out, 820 00:34:26,360 --> 00:34:27,799 Speaker 1: Best Friends Out,