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

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Speaker 1: mat and today we're talking about geographic arbitrage, purging the penny,

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Speaker 1: and looking back in anger.

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Speaker 2: So looking back in Anger doesn't really seem to have

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Speaker 2: a personal finance angle to it, Joel. I actually had

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Speaker 2: to look this up because I saw that you had

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Speaker 2: this down as.

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Speaker 1: A title of the episode, and you were like, what

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Speaker 1: does that mean?

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Speaker 2: And I realized that you wanted to talk about Oasis

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Speaker 2: during this episode, which I mean one of their best songs.

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Speaker 2: So I never owned that album. What's the story Morning Glory?

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Speaker 3: Yeah?

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Speaker 2: And I certainly, of course knew about Champagne, super Nova, Wonderwall,

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Speaker 2: but news to me that that's one of their best songs.

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Speaker 3: Yeah, all right?

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Speaker 1: That album was I have seventh grade. For me, that

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Speaker 1: was my favorite album I bait.

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Speaker 2: My friends were really into it, and I still love

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Speaker 2: the Oasis, would you?

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Speaker 3: All right?

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Speaker 2: We'll get to Oasis probably later on, but yes, this

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Speaker 2: is our Friday flight where we look at the most

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Speaker 2: pressing news headlines that we've come across this week and

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Speaker 2: we discuss how they pertain to your personal finances. Joel,

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Speaker 2: really quick, you and I we got to take little

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Speaker 2: breaks last week, we both of us actually went out

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Speaker 2: on some mountain adventures. You went out with some friends

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Speaker 2: out to California, and in your case you got picked

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Speaker 2: up by a friend in their car, which is always nice.

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Speaker 3: Right.

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Speaker 2: In my case, Kate and I flew out to Denver

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Speaker 2: and we walked on over to the car rental agency

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Speaker 2: whatever you picked up our car. Actually it was a

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Speaker 2: two yet a raw four, which was just told that

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Speaker 2: I got to drive around and kind of try out

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Speaker 2: because I was kind of big on those. It served

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Speaker 2: us well while we were driving around.

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Speaker 3: That kind of thing.

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Speaker 2: But here's the thing. When it came to returning that

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Speaker 2: car back to the Denver Airport, we were getting pretty

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Speaker 2: low on gas, and rather than stop at the Costco,

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Speaker 2: which we really saw when we're like, oh that's the

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Speaker 2: place to get gas, because of course we're Costcome members,

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Speaker 2: instead we just drove straight up to the airport and

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Speaker 2: drop the car off with an almost empty tank. Who

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Speaker 2: are you do I lose my frugality, my frugal card.

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Speaker 3: Yeah?

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Speaker 2: Do I get that taken away?

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Speaker 3: Had it over right now?

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Speaker 1: That's ridiculous. What someone How much was gas? And how

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Speaker 1: much were they charge? Because typically when when you do

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Speaker 1: this paying a premium. You're paying a massive premium for

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Speaker 1: every gallon they have to fill that car with. So

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Speaker 1: you could just cost yourself like forty fifty bucks.

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Speaker 2: No, well not that much.

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Speaker 1: So it was it can be like three dollars a

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Speaker 1: gallon difference, dude, if it's low, and it was a

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Speaker 1: couple of dollars it was.

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Speaker 2: Yeah, So I think gas around then in Denver was

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Speaker 2: something like three a little over three dollars per gallon,

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Speaker 2: and then they ended up charging us over five dollars

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Speaker 2: per gallon, so it's you know, a little bit over

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Speaker 2: a two dollars difference. So here's the rest of the story,

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Speaker 2: which which was the hope, and there's more. We were

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Speaker 2: a little bit late, so we were pressed on time,

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Speaker 2: and so you don't want to miss a fly. Could

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Speaker 2: have been had I stopped take the time to fill

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Speaker 2: it up myself in order to get the absolute best

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Speaker 2: price all on a gallon of gas. Well, if that

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Speaker 2: caused us to miss our flight. Kate's getting a little

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Speaker 2: stressed and because I saw the costco and I was like, obay,

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Speaker 2: that's where we need to stop and get gas. And

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Speaker 2: she's like, we are not stopping to get gas we

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Speaker 2: are going straight to the airport.

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Speaker 1: Well, the problem was stopping at Costco for gas is

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Speaker 1: that it can often take a lot of extra time

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Speaker 1: because of the line, which is.

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Speaker 2: Where we would have stopped. And I think that one

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Speaker 2: would have cost us because we would have ended up

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Speaker 2: missing the flight. All right, Okay, I can and from

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Speaker 2: my wife sanity because she you know, and here's here's

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Speaker 2: what it's worth a lot. It's totally worth it. And

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Speaker 2: the fact that if you're looking at say this, three

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Speaker 2: dollars a gallon versus five dollars a gallon and the

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Speaker 2: little over ten gallons that they had to fill up.

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Speaker 2: So it's not a fifty dollars conversation, truly, what is it.

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Speaker 2: It's a twenty dollars conversation. So would you be willing

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Speaker 2: to spend twenty bucks to not have the additional stress

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Speaker 2: to not miss your flight to you know, make your

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Speaker 2: significant other happy? For me, dude, it was worth every dollar.

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Speaker 2: I'd never so I'd never actually done that before either,

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Speaker 2: But it felt, really I felt like if I felt

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Speaker 2: like mister fancy pants, I just pulled on up. And

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Speaker 2: I granted it was because we're short on short on time.

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Speaker 2: If we had more time.

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Speaker 1: I totally would have It would feel so amptithetical to

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Speaker 1: everything that exists inside of me.

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Speaker 2: It felt a little bit weird, but I thought, this

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Speaker 2: is pretty nice not having to actually stop, Like, uh,

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Speaker 2: are you.

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Speaker 1: Gonna make this a regular habit?

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Speaker 3: Then I shouldn't know.

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Speaker 1: But there are certain things that you're less willing to do.

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Speaker 1: Like some things are worth convenience. This is not one

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Speaker 1: of them. Popping in and pumping the gas is like

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Speaker 1: not terribly inconvenient. So I would say, if you if

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Speaker 1: it was between you missing your flight and doing this,

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Speaker 1: that's one thing. But if you're gonna start doing this

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Speaker 1: on the rag and become some sort of fancy pants

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Speaker 1: guy who pays five bucks at a gallon for gas

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Speaker 1: without needing to, I'm gonna say, then your frugal card

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Speaker 1: is a mistake.

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Speaker 2: What I should have done was earlier on in the trip,

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Speaker 2: even the day before. I should have filled up because

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Speaker 2: I hadn't filled it up at all, and we stopped

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Speaker 2: at a safe way because we're frugal, and we were

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Speaker 2: cooking breakfast at home at the loft that we were running.

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Speaker 2: That's because that's how we roll. It's a much better

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Speaker 2: least in some contexts, I guess, but I should have

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Speaker 2: stopped and filled up gas and at least they would

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Speaker 2: have only needed to charge me for like four gallons

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Speaker 2: or five gallons or something as opposed to almost the

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Speaker 2: whole tank. Yeah, anyway, I thought that was worth sharing

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Speaker 2: because it was something I've never done before, which is

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Speaker 2: the rental company filled it up for us.

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Speaker 1: Yeah, and you know what, we all have things where

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Speaker 1: we're in a hurry, or something happens, or there's traffic,

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Speaker 1: and we can't optimize everything.

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Speaker 2: So I wouldn't make ourself.

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Speaker 3: Up with the colts. Just don't get used to this.

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Speaker 3: That's so I'm gonna say it was nice.

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Speaker 2: We don't travel enough for that to be like a

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Speaker 2: frequent thing. Anyway.

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Speaker 3: Yeah, it was a nice little slurge.

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Speaker 1: Okay, a listening on mat, let's get to the Friday

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Speaker 1: flight for this week the sampling of stories we found interesting.

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Speaker 1: Let's start by talking about the American dream. It's more

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Speaker 1: expensive than ever. This is according to a new Go

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Speaker 1: Banking rates analysis. Basically, they found that inflation has made

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Speaker 1: it far more expensive to live the quintessential American.

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Speaker 2: Lifestyle so familiar.

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Speaker 3: I don't know.

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Speaker 1: Do they talk about the dream in other countries, is

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Speaker 1: there like the Botswana and dream or.

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Speaker 2: The chicken in every pot.

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Speaker 3: I don't know he made up. I don't know.

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Speaker 1: I mean, but in America we have this American dream.

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Speaker 1: The people want to own a house, white picket fence,

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Speaker 1: two cars in the driveway, which I'd say one car

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Speaker 1: of the driveways are better gold aft. But now the

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Speaker 1: American dream costs roughly one hundred and fifty thousand bucks

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Speaker 1: a year on average, although where you live has a

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Speaker 1: massive impact on the actual cost of being able to

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Speaker 1: afford that kind of typical stock American lifestyle. Of course, Hawaii,

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Speaker 1: California more expensive than living in Mississippi or Arkansas, for instance.

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Speaker 2: It makes me think of that as you know, that

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Speaker 2: disease I'm sorry joke where he's like he's a parent

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Speaker 2: or he's a kid of immigrants, and so he knows

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Speaker 2: something about immigrants, and he's like, oh yeah. The government

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Speaker 2: is like, oh hey you yeah, you yeah, you can

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Speaker 2: come to America, but you got to live in Alabama

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Speaker 2: because nobody wants to live in Alabama.

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Speaker 3: That's not true.

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Speaker 2: Well, he's just talking about it from a where he

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Speaker 2: wanted to live standpoint. I've got nothing against the more affordable.

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Speaker 2: Of course, I'm going to encourage folks to move to

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Speaker 2: the states that are more affordable. Your dollars gonna go

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Speaker 2: much further.

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Speaker 1: Right, think about Arkansas, man likes so underrated from like

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Speaker 1: an outdoorsy perspective as it, Yeah, I don't like by

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Speaker 1: the thozarks Man like some of the best mountain biking

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Speaker 1: in the countries in.

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Speaker 2: Yeah, Arkansas, so sounds awesome.

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Speaker 1: Don't hate on the low cost of living spots, especially

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Speaker 1: right when you think about how much the cost of

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Speaker 1: the American dream has gone up, it's like thirty six

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Speaker 1: percent increase over the past decade. But then there's a

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Speaker 1: flip side of that, Matt. I think sometimes those things

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Speaker 1: make all the headlines and it's like, well, I guess

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Speaker 1: nobody can afford the American dream anymore. Well, median household

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Speaker 1: income has gone up by forty seven percent over the

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Speaker 1: same time period, so household income has outpaced the rising

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Speaker 1: costs of affording that American dream. So it's important to

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Speaker 1: put that in perspective. It makes me think of like

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Speaker 1: when we talk about headline credit card debt and it's like, oh, man,

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Speaker 1: past a trillion dollars. Now it's past one point one

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Speaker 1: trillion dollars. Well, what is it adjusted for inflation? And

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Speaker 1: is it actually as bad as the headline number seems.

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Speaker 1: You see a lot of doom loom headlines and you

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Speaker 1: and I obviously would prefer to see zero dollars in

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Speaker 1: credit card debt for all Americans. But it's maybe not

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Speaker 1: quite as bad as people make it out to be.

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Speaker 1: And this number, by the way, includes maxing out your

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Speaker 1: for OW and K and your college savings plan for

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Speaker 1: your kids.

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Speaker 2: That's a part of the American dream that I can

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Speaker 2: get behind.

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Speaker 1: It, Yes, exactly, except for maybe the college savings plan

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Speaker 1: for your kids. Maybe we switched out for the roth

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Speaker 1: Irey instead, But that's what the four one k's for. Yeah,

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Speaker 1: well we want you to do both. Yeah, and in

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Speaker 1: life is expensive. The other thing to mention, too, Matt,

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Speaker 1: is we've all got different dreams, not one static reality

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Speaker 1: that we're all shooting for. And I guess my thought

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Speaker 1: is that we still live in a country that makes

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Speaker 1: our ability to live out our dreams of what our

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Speaker 1: individualistic version of that American dream. We live in a

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Speaker 1: country that makes it exceedingly possible for a large segment

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Speaker 1: of the population. Although of course, not everyone to the

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Speaker 1: exact same extent.

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Speaker 2: That's true. Yeah, so would you move in order to

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Speaker 2: achieve that American dream, Joel? If you didn't, if you

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Speaker 2: didn't have.

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Speaker 1: It depends on It depends on where I'm being asked

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Speaker 1: to move. To a certain extent, we did move for

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Speaker 1: its true a couple of years ago. But I bring

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Speaker 1: that up because relocating it could significantly drive down the

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Speaker 1: price of the most expensive things in your life, like

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Speaker 1: housing or insurance, the cost of food, which could meaningfully

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Speaker 1: reduce your overall cost of living. We've seen that happen

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Speaker 1: more and more in our post pan world, and it's

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Speaker 1: helped some folks basically keep like a high flute and

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Speaker 1: paying job like a Silicon Valley paycheck while living let's say,

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Speaker 1: on a Tennessee budget, which sounds awesome.

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Speaker 3: Yeah you remember that.

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Speaker 1: I mean that was commonplace for real while there in

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Speaker 1: the right after the pandemic hit exactly. But it's like

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Speaker 1: Facebook's like, we'll keep employing you. You can live wherever

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Speaker 1: you want because the office is closed.

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Speaker 2: Except for the fact that it's starting to cut both

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Speaker 2: ways working from home geographic arbitrage. Employers are wising up

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Speaker 2: because you might be able to keep your high paying

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Speaker 2: job while moving to a cheaper location. But your boss

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Speaker 2: they might also look for cheaper employee options remotely as well,

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Speaker 2: so keep that in mind. It cuts both ways. This

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Speaker 2: trend has been happening for a while now, it's growing

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Speaker 2: and this isn't just a state to state sort of competition.

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Speaker 2: Either employers or you know, or they're hiring less expensive

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Speaker 2: employee in other countries as well. I mean, I think

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Speaker 2: we're all familiar with just the different call centers that

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Speaker 2: are not in the States. So let's just not get

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Speaker 2: too comfortable with the maybe abundant job market that we've

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Speaker 2: all a lot of folks have been experiencing over the

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Speaker 2: past several years. As the job market cools, I think

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Speaker 2: it's a good idea to keep your savings stout, make

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Speaker 2: sure you've got that emergency fund, but keep your skills

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Speaker 2: in top shape as well. Make sure your resume is

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Speaker 2: looking good at least know where it is. That way

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Speaker 2: you can update it if need be.

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Speaker 1: And we have said this multiple times on the show,

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Speaker 1: and I think it's important to reiterate Matt that when

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Speaker 1: people go into the office, oftentimes it is harder to

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Speaker 1: fire that person. I mean I guess if you're going

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Speaker 1: to the office and you're just napping all day, then

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Speaker 1: it's probably really easy to fire you. But the more

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Speaker 1: FaceTime you're able to show to your fellow coworkers and

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Speaker 1: to the higher ups, they're more likely you are to

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Speaker 1: get a raise to keep your job to you're going

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Speaker 1: to be You're not gonna be the first person on

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Speaker 1: the shopping block. If you're only on a zoom call

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Speaker 1: once a month, there's a higher chance that you are

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Speaker 1: not the person who's staying when those job cuts come about.

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Speaker 1: So even if you're not required to go into the office,

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Speaker 1: you might want to say, yeah, I'm going to do

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Speaker 1: it a couple times a week, just because that's good

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Speaker 1: for me and securing my future paycheck. There's also a

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Speaker 1: downside to job hopping, Matt. There was an article about this,

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Speaker 1: basically one of the downside. I don't really thought about

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Speaker 1: this that much, but we talk about taking a different

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Speaker 1: job to increase your income. That's awesome, But one of

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Speaker 1: the downsides potentially is accumulating less in your four oh

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Speaker 1: one K. And that's partly because workers tend to cash

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Speaker 1: out their retirement accounts when they leave, which don't like

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Speaker 1: that we hate that it's awful, But if you quit

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Speaker 1: too soon, you might also not reach the vesting requirement.

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Speaker 1: Different jobs have different lengths of time before you're able

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Speaker 1: to actually get the match that's promised to you. So

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Speaker 1: if you leave after a year and a half in

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Speaker 1: the vesting period is two years, sorry, you just lost

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Speaker 1: all the matching money that your employer was going to

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Speaker 1: give you. So we would just say pay attention to

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Speaker 1: that and consider your employment timeline accordingly, and if you

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Speaker 1: do leave your job, keep your four one K intact please.

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Speaker 1: It's the numbers are dismal, Matt, when it comes to

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Speaker 1: people leaving their job and then just like rating their

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Speaker 1: retirement account like it's a piggy bank. Keep it in

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Speaker 1: the four on K with your employer, or roll it

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Speaker 1: over into an IRA with one of the low cost

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Speaker 1: companies if it's not with one of those those low

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Speaker 1: cost companies. Already, we have an article about Capitalize which

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Speaker 1: is will help you do those rollovers for free, that

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Speaker 1: we'll link to.

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Speaker 3: In the show notes.

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Speaker 1: But this is a problem, and it's a problem I

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Speaker 1: hadn't really thought too much about, Matt. The fact that

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Speaker 1: people going to work somewhere else might mean could mean

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Speaker 1: kind of some slippage when it comes to the traction

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Speaker 1: you're gaining and saving investing for your future.

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Speaker 3: That's right.

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Speaker 2: So while we are covering jobs, let's talk about earning

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Speaker 2: more money, which I think most of us are keen on.

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Speaker 2: In a way to do that is via the extremely

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Speaker 2: underrated skill of emotional intelligence. This isn't like breaking news necessarily,

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Speaker 2: but this is informative. There is new research out that

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Speaker 2: shows that there is a linear relationship between your EQ,

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Speaker 2: so your using emotional intelligence and emotion quotient interchangeably here,

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Speaker 2: but that there is a linear relationship between your EQ

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Speaker 2: and your salary. People with a higher EQ tend to

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Speaker 2: earn almost thirty thousand dollars more per year than folks

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Speaker 2: who have a low emotional intelligence. So what should you

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Speaker 2: be looking to improve? Evidently four areas make up your EQ,

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Speaker 2: and they are I'm going to let's see these out here.

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Speaker 2: Self awareness, social awareness, self management, and relationship management. That's

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Speaker 2: our relationship doing today, Matt, I think it's doing pretty good.

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Speaker 2: How do you think our relationship is doing?

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Speaker 1: I feel great about us as friends. Let's promote each other.

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Speaker 2: You're not going to be able to improve all these

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Speaker 2: areas like overnights instantaneously. I think some certain aspects of

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Speaker 2: it are going to be easier for some than others.

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Speaker 2: But realizing and improving how it is that you express

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Speaker 2: your emotions and how you feel in the workplace, I

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Speaker 2: think that can go a long way towards you making

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Speaker 2: more money at least over time. And those soft skills

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Speaker 2: are they're just as important as the hard ones that

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Speaker 2: you've worked years to achieve. Like we focus on the

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Speaker 2: degrees and the different skills and certifications, but just how

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Speaker 2: it is that we work with folks in the office.

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Speaker 2: With folks especially too, with varying in different backgrounds, can

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Speaker 2: go a really long way in your ability to manage

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Speaker 2: well in order to be a good team player.

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Speaker 1: Makes me think of an episode we did a while

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Speaker 1: back with Gorik. He talked about the unspoken rules of

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Speaker 1: workplace success, and is what he was talking about. So

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Speaker 1: much of those unspoken rules were just kind of basic

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Speaker 1: EQ sort of emotional intelligence stuff and not letting your

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Speaker 1: emotions get out of hand, being able to rain them

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Speaker 1: in and keep them in check, being thoughtful about the

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Speaker 1: wording that you're using in emails. There's so many little

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Speaker 1: small things that people pick up on over time, your bosses,

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Speaker 1: your coworkers, and the value of learning how to control

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Speaker 1: your temper. For instance, it could add up to thousands

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Speaker 1: and thousands of dollars in income where or potentially losing

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Speaker 1: your job. I guess if you can't control it at all. Yeah,

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Speaker 1: Orskinse scenario.

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Speaker 3: Yeah.

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Speaker 1: So it's really really interesting stuff. And Matt, let's talk

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Speaker 1: about another workplace trend. People thought the fire movement was hot. Well,

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Speaker 1: it turns out that actually the opposite of fire is

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Speaker 1: kind of hot right now that more workers are choosing

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Speaker 1: to unretire. So they hit their retirement age and they

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Speaker 1: were like, cool, I'm done with work, and then they said, wait,

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Speaker 1: a couple of years later, maybe I'm ready to get

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Speaker 1: back into the workforce. And so some research from Pew

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Speaker 1: reports that Americans over seventy five are basically the hottest

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Speaker 1: segment of the workforce right now. A decent chuck of

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Speaker 1: boomers basically said, I'm gonna quit, but I'm either not

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Speaker 1: financially or emotionally ready to completely stop working, So I'm

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Speaker 1: going back to the well, I'm going to go get

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Speaker 1: a job again. And some of this is actually because

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Speaker 1: many older Americans expect to live longer according to Pew, Like,

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Speaker 1: so that's a good thing. They're saying, Listen, I'm seventy five,

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Speaker 1: but I still feel young, and I think I'm gonna

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Speaker 1: live till ninety five, So why not work till I'm

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Speaker 1: eighty instead of bagging to work this early and having

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Speaker 1: twenty years of no work at all. And I think

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Speaker 1: if you like what you do, at least that's a

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Speaker 1: good thing. I think the flip side of this, though, Matt,

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Speaker 1: for young listeners, which is most of the folks listening

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Speaker 1: to how to money, is to save and invest, like

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Speaker 1: you're going to retire much earlier than age eighty, so

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Speaker 1: not necessarily planning like, oh cool, this is a trend.

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Speaker 1: I guess I'm going to work until I'm eighty two,

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Speaker 1: because while you might get to do what you want

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Speaker 1: to do for as long as you want to do it,

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Speaker 1: that's amazing, many older workers also find that that isn't

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Speaker 1: the case. So I would just say, like, yeah, hope

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Speaker 1: for the best, but plan for bumps in the road,

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Speaker 1: and that planning for bumps in the road is investing

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Speaker 1: a decent chunk of your income so that you have

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Speaker 1: at least optionality when it comes to those later working years,

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Speaker 1: and I like the idea of trending back towards working

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Speaker 1: at least part time as you get older. There's a

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Speaker 1: sense of meaning, there's a social income, right, There's a

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Speaker 1: lot of good stuff that comes with work, at least

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Speaker 1: if it's work that you're choosing to do on purpose. Totally,

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Speaker 1: but you just don't plan on working until you die

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Speaker 1: and not invest a dime because exactly that's going to

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Speaker 1: leave you.

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Speaker 3: With zero choices.

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Speaker 2: Yeah, and just the fact too that more folks are

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Speaker 2: that they are returning to work. It just kind of

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Speaker 2: underlines I think our view of work, which is that

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Speaker 2: the ability for you to work and provide value into

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Speaker 2: the world, that that in it of itself is fulfilling.

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Speaker 2: And if you're able to do something that you find fulfilling,

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Speaker 2: oftentimes you are compensated for that. And so it's a

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Speaker 2: combination of that. But also I think maybe less emphasis

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Speaker 2: was placed, maybe with the boomer generation on some of

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Speaker 2: the things outside of work that also bring fulfillment. So

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Speaker 2: you remove like this main thing that brought them a

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Speaker 2: whole lot of fulfillment. Oh and by the way, a

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Speaker 2: lot of money. But then you don't replace that with anything, right, Like,

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Speaker 2: there's nothing else that's kind of steps into that void,

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Speaker 2: and you kind of start thinking, well, shoot, I don't know,

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Speaker 2: I was really good at that. Maybe I'll go back

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Speaker 2: at least in a part time role or as a consultant.

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Speaker 2: There are different ways to continue to provide that value.

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Speaker 2: You're right, this could almost be seen as somewhat of

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Speaker 2: like a work addiction. It's like, sure, I quit work,

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Speaker 2: and so it turns out I had nothing else to do,

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Speaker 2: even though I have enough money. Guess I'll go back

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Speaker 2: to work because that is like the square peg fitting

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Speaker 2: in the square hole, because it fits perfectly because that's

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Speaker 2: what you've crafted over the past thirty forty years. Yeah,

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Speaker 2: So it's tough to talk about having a healthy relationship

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Speaker 2: to work, because I think that's more than likely. What's

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Speaker 2: going on here is the fact that folks they don't

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Speaker 2: have it in its right place, ye like, And that's

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Speaker 2: that's the kind of I don't know, that balance that

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Speaker 2: we are constantly trying to strike when it comes to work,

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Speaker 2: finding value in it, but at the same time not

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Speaker 2: having it be your everything because there are things outside

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Speaker 2: of work, a lot of things. But we got more

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Speaker 2: to get to We will eventually get to you talking

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Speaker 2: about your unrequited.

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Speaker 1: Love of Oasis, I make me saying it.

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Speaker 2: Some travel trends. We'll get to that and more right

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Speaker 2: after this. All right, Matt, let's keep rolling with this podcast.

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Speaker 2: Do it because it's electric. Yes, I am referencing Oasis lyrics.

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Speaker 2: Let's get to the ludicrous headline of the week first, though.

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Speaker 2: This one comes from the FTC and the Federal Trade Commission,

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Speaker 2: and the blog post title on their site was home

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Speaker 2: title lock insurance not a lock at all. And you

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Speaker 2: and I, Matt, we talk about insurance pretty regularly on

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Speaker 2: the show. It's some types of insurance are necessary, like

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Speaker 2: car insurance. Often you're legally required to have that. There

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Speaker 2: are other types of surance not nearly as good, not

439
00:19:02,880 --> 00:19:08,240
Speaker 2: nearly as necessary, And some other types of insurance even

440
00:19:08,240 --> 00:19:10,000
Speaker 2: depend on what phase of life you're in. Right, so

441
00:19:10,440 --> 00:19:13,960
Speaker 2: you're nineteen listening to this podcast. You don't get married,

442
00:19:13,960 --> 00:19:14,840
Speaker 2: you don't have many kids.

443
00:19:15,080 --> 00:19:17,560
Speaker 1: Chances are term life insurance is completely unnecessary, even though

444
00:19:17,560 --> 00:19:20,119
Speaker 1: it's something we talk about sometimes as being a necessity

445
00:19:20,119 --> 00:19:22,760
Speaker 1: for other people. And then there are other types of

446
00:19:22,840 --> 00:19:26,120
Speaker 1: insurance that are just a bad deal. Basically, all the time.

447
00:19:26,680 --> 00:19:30,160
Speaker 1: Makes me think of extended warranties MATT for your electronics

448
00:19:30,160 --> 00:19:34,200
Speaker 1: items almost always a waste of money. You're throwing it away. Well,

449
00:19:34,480 --> 00:19:38,120
Speaker 1: home title lock insurance, and I use insurance term loosely

450
00:19:38,160 --> 00:19:41,160
Speaker 1: on this one is one of those kinds of insurance

451
00:19:41,320 --> 00:19:45,159
Speaker 1: that is pretty trashy that you should essentially avoid, and

452
00:19:45,200 --> 00:19:46,800
Speaker 1: the FTC put out a warning about.

453
00:19:46,640 --> 00:19:47,160
Speaker 3: It last week.

454
00:19:47,160 --> 00:19:49,159
Speaker 1: And the funny thing is, I said, I'm going to

455
00:19:49,320 --> 00:19:52,679
Speaker 1: use the term insurance loosely. This isn't even really insurance.

456
00:19:53,000 --> 00:19:56,680
Speaker 1: It's not protecting you in the case of someone And

457
00:19:56,920 --> 00:19:59,480
Speaker 1: essentially this is someone pretending to be you stealing the

458
00:19:59,520 --> 00:20:02,879
Speaker 1: deed to you your home, which is an incredibly rare event.

459
00:20:02,920 --> 00:20:06,280
Speaker 1: So I wouldn't fixate on this possibility. But this quote

460
00:20:06,320 --> 00:20:09,800
Speaker 1: unquote insurance offers to notify you after the fact that

461
00:20:09,920 --> 00:20:13,720
Speaker 1: something bad happened to you. It's unhelpful, it's a waste

462
00:20:13,760 --> 00:20:16,480
Speaker 1: of money. Plus, you can check your title for free

463
00:20:16,520 --> 00:20:20,000
Speaker 1: with your estate's records department. Do not pay for these services.

464
00:20:20,040 --> 00:20:20,480
Speaker 3: Ridiculous.

465
00:20:20,600 --> 00:20:22,480
Speaker 2: This is like, it's a misnomer on two fronts because

466
00:20:22,520 --> 00:20:24,840
Speaker 2: it's not insurance and it's also not a lock. Like

467
00:20:24,840 --> 00:20:26,640
Speaker 2: two thirds of what they're selling you is a total

468
00:20:26,680 --> 00:20:27,240
Speaker 2: crap home.

469
00:20:27,400 --> 00:20:30,080
Speaker 1: The home part is right, it does have something to

470
00:20:30,119 --> 00:20:32,280
Speaker 1: do with your exactly, but this is like praying on

471
00:20:32,280 --> 00:20:35,640
Speaker 1: fear right. People are like, steal the deed to my home.

472
00:20:36,080 --> 00:20:37,760
Speaker 1: Let me get this insurance to protect me, and then

473
00:20:37,840 --> 00:20:39,840
Speaker 1: it doesn't protect you in any way foreign fashion.

474
00:20:39,840 --> 00:20:41,840
Speaker 2: It makes me think of the the credit lock stuff

475
00:20:41,840 --> 00:20:44,520
Speaker 2: that the credit buers offer, or like the credit notification

476
00:20:44,640 --> 00:20:48,280
Speaker 2: services that costs folks money every single month, when the

477
00:20:48,320 --> 00:20:51,320
Speaker 2: real quote unquote insurance that can truly prevent the problem

478
00:20:51,400 --> 00:20:55,320
Speaker 2: is totally free, which is actually freezing your credit. It's like,

479
00:20:55,359 --> 00:20:57,040
Speaker 2: I don't mind that it exists. If they want to

480
00:20:57,040 --> 00:20:58,800
Speaker 2: sell this product, that's totally fine, but they need to

481
00:20:58,960 --> 00:21:02,359
Speaker 2: completely bogus product. They should change. If folks want to

482
00:21:02,359 --> 00:21:04,840
Speaker 2: be notified in case something like this, Okay, that's fine,

483
00:21:04,880 --> 00:21:06,080
Speaker 2: if you want to do that. I don't think it's

484
00:21:06,080 --> 00:21:08,480
Speaker 2: a wise use of money. But it's the It's like

485
00:21:08,520 --> 00:21:12,080
Speaker 2: installing a nice lock on your home, right, and you're like, oh, yeah,

486
00:21:12,119 --> 00:21:14,240
Speaker 2: this is going to prevent people from getting inside, when

487
00:21:14,240 --> 00:21:17,680
Speaker 2: in reality it's actually just an alarm and the door

488
00:21:17,760 --> 00:21:19,840
Speaker 2: isn't locked. It's like, well, okay, and you left the

489
00:21:19,840 --> 00:21:23,119
Speaker 2: windows open. It's like, in reality, the better thing to

490
00:21:23,160 --> 00:21:24,760
Speaker 2: do actually here in this case is just.

491
00:21:24,720 --> 00:21:25,119
Speaker 3: To lock it.

492
00:21:25,160 --> 00:21:26,840
Speaker 2: But it's just the fact that it's called something that

493
00:21:26,880 --> 00:21:29,320
Speaker 2: it's not is the part that really gets under my skin.

494
00:21:29,359 --> 00:21:32,199
Speaker 1: It's misleading. That's what we don't like. It certainly is

495
00:21:32,280 --> 00:21:33,879
Speaker 1: it certainly isn't. And the other thing is lots of

496
00:21:33,920 --> 00:21:37,879
Speaker 1: states and municipalities offer free notifications if you can literally

497
00:21:37,880 --> 00:21:40,359
Speaker 1: sign up for notifications, which is essentially what this is,

498
00:21:40,640 --> 00:21:42,320
Speaker 1: but it costs you money and you might be able

499
00:21:42,359 --> 00:21:45,240
Speaker 1: to get the same service for free. Yeah, this is

500
00:21:45,240 --> 00:21:47,480
Speaker 1: one of those things. Listen to the FTC here, they're

501
00:21:47,520 --> 00:21:50,439
Speaker 1: spot one, and don't throw good money away on a

502
00:21:50,480 --> 00:21:51,680
Speaker 1: product like this.

503
00:21:52,280 --> 00:21:52,480
Speaker 3: Man.

504
00:21:52,480 --> 00:21:55,760
Speaker 1: On the note of insurance, at car insurance costs, they

505
00:21:55,800 --> 00:21:59,160
Speaker 1: continue to skyrocket. They're going through the roof. And while

506
00:21:59,200 --> 00:22:01,840
Speaker 1: price increases are slowing in almost every other sector of

507
00:22:01,840 --> 00:22:05,639
Speaker 1: the economy, we keep talking about inflation coming down. Good news,

508
00:22:05,760 --> 00:22:08,439
Speaker 1: Well that's not the case. We're talking about the car

509
00:22:08,480 --> 00:22:11,800
Speaker 1: insurance segment of the economy. And there's a new report

510
00:22:11,840 --> 00:22:15,280
Speaker 1: from Insurify which finds that car insurance rates are set

511
00:22:15,359 --> 00:22:18,040
Speaker 1: to increase again this year. And they actually said, I

512
00:22:18,040 --> 00:22:20,600
Speaker 1: think in the headline that in some states they're going

513
00:22:20,680 --> 00:22:23,080
Speaker 1: to increase by more than fifty percent, which can you

514
00:22:23,119 --> 00:22:25,240
Speaker 1: imagine like that kind of a jump. It's shocking to people.

515
00:22:25,280 --> 00:22:29,520
Speaker 1: That's crazy, completely shocking. And the average full coverage premium

516
00:22:29,680 --> 00:22:32,480
Speaker 1: is now almost twenty five hundred bucks a year across

517
00:22:32,520 --> 00:22:32,959
Speaker 1: the country.

518
00:22:32,960 --> 00:22:33,720
Speaker 2: That's also crazy.

519
00:22:33,840 --> 00:22:36,720
Speaker 1: Yeah, what you pay obviously depends on where you live,

520
00:22:36,960 --> 00:22:39,720
Speaker 1: your driving record, your credit score in most states, and

521
00:22:39,800 --> 00:22:40,800
Speaker 1: some other factors too.

522
00:22:41,040 --> 00:22:43,000
Speaker 2: I guess how new your vehicle is, how much it

523
00:22:43,000 --> 00:22:44,800
Speaker 2: actually costs a replace. I guess that's the other you're

524
00:22:44,880 --> 00:22:47,320
Speaker 2: driving too, if you've got a newer, brand new vehicle,

525
00:22:47,320 --> 00:22:49,360
Speaker 2: which I guess there's a lot of folks that do,

526
00:22:49,440 --> 00:22:52,480
Speaker 2: as opposed to driving fifteen year old clunkers. Yeah, well,

527
00:22:52,480 --> 00:22:54,280
Speaker 2: that's kind of how we like to roll, right exactly.

528
00:22:54,560 --> 00:22:57,000
Speaker 2: Even if I do have the rental company fill my

529
00:22:57,000 --> 00:22:59,520
Speaker 2: car up for me, Joel, I know I'm still and

530
00:22:59,600 --> 00:23:02,119
Speaker 2: just may you're going to keep bringing this one. I

531
00:23:02,160 --> 00:23:04,119
Speaker 2: am going to you time.

532
00:23:04,200 --> 00:23:06,879
Speaker 1: You're never going to let live it down. If Surify

533
00:23:06,960 --> 00:23:09,200
Speaker 1: is essentially projecting these costs are going to continue to

534
00:23:09,280 --> 00:23:11,720
Speaker 1: rise through the end of twenty twenty four, we're not

535
00:23:11,760 --> 00:23:14,520
Speaker 1: going to see a slow down in car insurance rates,

536
00:23:15,040 --> 00:23:17,000
Speaker 1: and then I don't know, Matt, I guess there are

537
00:23:17,000 --> 00:23:19,760
Speaker 1: a few options that people have though right own fewer cars.

538
00:23:19,760 --> 00:23:21,080
Speaker 1: That's one of the things you mentioned. Hey, if you

539
00:23:21,119 --> 00:23:24,480
Speaker 1: own one less car, you knock twenty five hundred bucks

540
00:23:24,520 --> 00:23:28,840
Speaker 1: potentially off your annual car insurance costs. And I know

541
00:23:28,880 --> 00:23:31,280
Speaker 1: that's a big lifestyle change, but for a lot of

542
00:23:31,280 --> 00:23:34,000
Speaker 1: people it might be worth it. What about self insuring more,

543
00:23:34,080 --> 00:23:37,240
Speaker 1: raising your deductible or dropping full coverage if your car

544
00:23:37,520 --> 00:23:39,159
Speaker 1: is old enough and you have enough money in the

545
00:23:39,160 --> 00:23:41,920
Speaker 1: bank to cover replacing that if something were to happen,

546
00:23:42,480 --> 00:23:45,600
Speaker 1: and of course chopping around with other insurance carriers. And

547
00:23:45,640 --> 00:23:48,920
Speaker 1: then if you find out that actually, well, the insurance

548
00:23:48,960 --> 00:23:51,520
Speaker 1: company that I'm currently with, I've got a pretty good

549
00:23:51,600 --> 00:23:53,480
Speaker 1: rate here, even though the rate's gone up, I'm not

550
00:23:53,480 --> 00:23:57,280
Speaker 1: getting anything better elsewhere, Well, maybe ask about other discounts

551
00:23:57,320 --> 00:23:59,400
Speaker 1: that they offer. Are there ways to save even more

552
00:23:59,440 --> 00:24:02,480
Speaker 1: with the company you're with? Just a twenty minute conversation

553
00:24:02,520 --> 00:24:05,760
Speaker 1: on the phone with an agent could mean significant savings.

554
00:24:06,000 --> 00:24:07,840
Speaker 1: There's big money on the table here. When we're talking

555
00:24:07,840 --> 00:24:11,800
Speaker 1: about in an era where rates are going up significantly,

556
00:24:12,040 --> 00:24:14,520
Speaker 1: They're not going up with the same clip from different

557
00:24:14,520 --> 00:24:17,320
Speaker 1: insurance companies, and every insurance company is going to offer

558
00:24:17,320 --> 00:24:20,320
Speaker 1: different quotes based on how they their algorithm. So it's

559
00:24:20,359 --> 00:24:22,760
Speaker 1: certainly worth shopping around, especially in today's environment.

560
00:24:22,800 --> 00:24:23,280
Speaker 3: That's true.

561
00:24:23,359 --> 00:24:25,919
Speaker 2: Yeah, And as those monthly budgets go up because of

562
00:24:26,160 --> 00:24:29,280
Speaker 2: rising prices like the cost of insurance, it's also going

563
00:24:29,320 --> 00:24:33,080
Speaker 2: to mean less demand for travel, which equals more cheap flights.

564
00:24:33,080 --> 00:24:34,520
Speaker 3: On the way Hopper.

565
00:24:34,680 --> 00:24:38,000
Speaker 2: They reported that fares are down eight percent year of

566
00:24:38,000 --> 00:24:40,720
Speaker 2: a year. The New York Times they highlighted the fact

567
00:24:40,720 --> 00:24:43,400
Speaker 2: that we're seeing more deals or seeing more discounts from

568
00:24:43,520 --> 00:24:46,359
Speaker 2: different hotel chains as well. So it's not going to

569
00:24:46,400 --> 00:24:49,080
Speaker 2: make up for those higher car insurance costs, but it's

570
00:24:49,119 --> 00:24:50,840
Speaker 2: at least a bit of a bright spot. That's a

571
00:24:50,840 --> 00:24:52,840
Speaker 2: little bit of a silver lining. Maybe get your car

572
00:24:52,840 --> 00:24:55,560
Speaker 2: and go on a trip. I mean, and this is

573
00:24:55,600 --> 00:24:59,199
Speaker 2: just another example of our economy. The market's returning to

574
00:24:59,320 --> 00:25:02,560
Speaker 2: sort of that pre pan quote unquote normal because folks,

575
00:25:02,720 --> 00:25:04,400
Speaker 2: you know, they had more cash on hand, folks wanted

576
00:25:04,440 --> 00:25:06,679
Speaker 2: to travel more. We remember, like we talked about this

577
00:25:06,760 --> 00:25:08,600
Speaker 2: on the show a couple of years ago, just the

578
00:25:09,000 --> 00:25:12,000
Speaker 2: massive demand for travel as folks had more stimu money,

579
00:25:12,000 --> 00:25:14,800
Speaker 2: more cash in the bank. And what did the airlines do.

580
00:25:15,000 --> 00:25:17,800
Speaker 2: They accommodated for that. They increased the number of flights,

581
00:25:17,880 --> 00:25:21,639
Speaker 2: they expanded their routes. And now there's more supply than

582
00:25:21,680 --> 00:25:23,680
Speaker 2: there is demand. So if you are a traveler, you

583
00:25:24,040 --> 00:25:26,240
Speaker 2: have more of a possibility these days to snag a deal.

584
00:25:26,320 --> 00:25:28,480
Speaker 1: Yeah, and we're starting to see air airlines actually start

585
00:25:28,560 --> 00:25:31,959
Speaker 1: to reduce some service, starting to correct because they're realizing

586
00:25:31,960 --> 00:25:34,040
Speaker 1: prices are going down. Maybe we need to limit supply

587
00:25:34,119 --> 00:25:35,680
Speaker 1: a little bit. It feels like right now might be

588
00:25:35,720 --> 00:25:37,320
Speaker 1: the sweet spot. Yeah, it might be a good time.

589
00:25:37,480 --> 00:25:39,879
Speaker 1: Except for Matt. When we're talking about travel, you know

590
00:25:40,040 --> 00:25:43,120
Speaker 1: when you probably pay this without blinking, you probably love

591
00:25:43,160 --> 00:25:46,600
Speaker 1: paying baggage fees. Based on recent.

592
00:25:46,600 --> 00:25:51,960
Speaker 2: Information, we flew Southwest and slammed everything into our code

593
00:25:51,960 --> 00:25:54,000
Speaker 2: of pack sees. Okay, yeah, which are great. That thing

594
00:25:54,000 --> 00:25:55,359
Speaker 2: fits right under the seat in front of you.

595
00:25:55,480 --> 00:25:56,119
Speaker 3: Love those things.

596
00:25:56,600 --> 00:25:59,160
Speaker 2: So when I intentionally also make sure to not take

597
00:25:59,200 --> 00:26:01,359
Speaker 2: up luggage over had luggage space for those who have

598
00:26:01,600 --> 00:26:03,480
Speaker 2: larger bags, because I want to make sure that everyone

599
00:26:04,040 --> 00:26:05,680
Speaker 2: I'm trying to contribute to the overall good here. It's

600
00:26:05,720 --> 00:26:07,479
Speaker 2: very conscient. It's some folks that they take their backpacks

601
00:26:07,480 --> 00:26:08,960
Speaker 2: and they throw it up there. Yeah no, no, no, you

602
00:26:08,960 --> 00:26:10,720
Speaker 2: got room under the seat in front of you. So

603
00:26:10,800 --> 00:26:12,119
Speaker 2: I went, what'd you do?

604
00:26:12,440 --> 00:26:12,680
Speaker 3: Well?

605
00:26:13,880 --> 00:26:15,760
Speaker 2: Yeah, no, I put it in the overhead of my bag.

606
00:26:15,880 --> 00:26:17,240
Speaker 1: But I also had to check a bag on this

607
00:26:17,280 --> 00:26:19,560
Speaker 1: most recent trip because I was backpacking. I literally had

608
00:26:19,600 --> 00:26:21,920
Speaker 1: one of those bag, big old backpacking backpacks.

609
00:26:22,240 --> 00:26:23,280
Speaker 2: You would you get it, by the way, did you

610
00:26:23,280 --> 00:26:24,840
Speaker 2: read it or borrow it from a friend? No? I

611
00:26:24,960 --> 00:26:26,840
Speaker 2: bought it because I'm going to use it again. Oh

612
00:26:26,840 --> 00:26:28,359
Speaker 2: there you go. Oh look at you.

613
00:26:28,440 --> 00:26:30,879
Speaker 1: So this but from Mari I is a great bag.

614
00:26:31,160 --> 00:26:33,680
Speaker 1: But luggage fees are getting worse. I didn't have to

615
00:26:33,720 --> 00:26:37,320
Speaker 1: pay any fee because I also flew Southwest, but Airlines.

616
00:26:37,600 --> 00:26:40,199
Speaker 1: New stats show the airlines raked in thirty three billion

617
00:26:40,240 --> 00:26:42,320
Speaker 1: dollars in baggage fees in twenty twenty three, which is

618
00:26:42,359 --> 00:26:46,000
Speaker 1: a fifteen percent increase over the year before. So, Matt,

619
00:26:46,160 --> 00:26:48,159
Speaker 1: it just one of those things I think people maybe

620
00:26:48,520 --> 00:26:50,720
Speaker 1: are getting used to when they travel. There's like, I

621
00:26:50,720 --> 00:26:53,400
Speaker 1: guess I'm gonna pay a fee to check a bag,

622
00:26:53,760 --> 00:26:55,399
Speaker 1: But the truth is you don't have to most of

623
00:26:55,440 --> 00:26:56,920
Speaker 1: the time. So I just want people to know that,

624
00:26:56,960 --> 00:26:59,960
Speaker 1: like as these fees become normalized, you can still avoid them.

625
00:27:00,640 --> 00:27:02,399
Speaker 1: Many airlines are actually going to charge you for a

626
00:27:02,440 --> 00:27:05,880
Speaker 1: carry on to these days, which annoys me. But if

627
00:27:05,920 --> 00:27:08,159
Speaker 1: you know the rules, you know the hoops you can

628
00:27:08,240 --> 00:27:11,360
Speaker 1: jump through, you can likely save or avoid that fee

629
00:27:11,359 --> 00:27:13,040
Speaker 1: all together. So it makes you think of when we

630
00:27:13,160 --> 00:27:16,000
Speaker 1: flew Frontier recently and like, hey, if you bring this

631
00:27:16,119 --> 00:27:20,040
Speaker 1: bag that fits specifically in Frontiers little container, you can

632
00:27:20,080 --> 00:27:22,480
Speaker 1: take it on. It counts as a personal item, right

633
00:27:22,600 --> 00:27:23,399
Speaker 1: and so it's.

634
00:27:23,280 --> 00:27:23,800
Speaker 2: A tight fit.

635
00:27:23,920 --> 00:27:26,879
Speaker 1: We packed light and we were able to fit our

636
00:27:26,960 --> 00:27:28,520
Speaker 1: bags inside of there, and we didn't pay any sort

637
00:27:28,520 --> 00:27:30,320
Speaker 1: of fee. But the people in front of us, they

638
00:27:30,440 --> 00:27:33,560
Speaker 1: were at a little too big, just a little too big,

639
00:27:33,560 --> 00:27:35,600
Speaker 1: and guess what they had to pay a hundred bucks each.

640
00:27:36,200 --> 00:27:37,200
Speaker 2: I felt terrible for what.

641
00:27:37,119 --> 00:27:38,760
Speaker 1: A massive increase to the price of your trip.

642
00:27:38,800 --> 00:27:40,800
Speaker 2: So how many times you could turn your car rental

643
00:27:40,840 --> 00:27:42,840
Speaker 2: in with like on an empty tank, right, Like, that's

644
00:27:42,880 --> 00:27:43,560
Speaker 2: five times.

645
00:27:43,400 --> 00:27:47,320
Speaker 1: Right there, exactly. That's less of a bad decision. And

646
00:27:47,480 --> 00:27:49,520
Speaker 1: with the other thing I guess that might help you

647
00:27:49,560 --> 00:27:52,159
Speaker 1: avoid some of those fees is using the right credit card.

648
00:27:52,240 --> 00:27:54,400
Speaker 1: So if you have friends who are like super loyal

649
00:27:54,440 --> 00:27:56,000
Speaker 1: to Delta, or something like that, and if they used

650
00:27:56,000 --> 00:27:59,400
Speaker 1: the Delta card when they booked their their trip, everybody

651
00:27:59,400 --> 00:28:01,480
Speaker 1: who flies with them is able to check a bag

652
00:28:01,520 --> 00:28:04,320
Speaker 1: for free. So I don't know pack lighter or use

653
00:28:04,359 --> 00:28:06,600
Speaker 1: the right credit card, but at least know what the

654
00:28:06,600 --> 00:28:08,399
Speaker 1: fees are and do your best to avoid them. They

655
00:28:09,000 --> 00:28:10,880
Speaker 1: just don't have to be a fee that we blindly

656
00:28:10,920 --> 00:28:12,320
Speaker 1: accept regularly totally.

657
00:28:12,400 --> 00:28:14,240
Speaker 2: Also, we're not sponsored or anything, but we love the

658
00:28:14,280 --> 00:28:17,080
Speaker 2: Codo Pasi Alpa twenty eight liter bag we've talked about.

659
00:28:17,160 --> 00:28:18,960
Speaker 2: We've mentioned them before on the show. Maybe we'll link

660
00:28:18,960 --> 00:28:19,760
Speaker 2: to them in the show notes.

661
00:28:19,800 --> 00:28:20,359
Speaker 3: It's the best.

662
00:28:20,480 --> 00:28:24,040
Speaker 2: But Joel, we mentioned rising fees at ATMs recently. Was

663
00:28:24,040 --> 00:28:26,680
Speaker 2: that last week that we talked about that thinks so well.

664
00:28:26,880 --> 00:28:30,479
Speaker 2: More retailers are charging you if you want cash back

665
00:28:30,680 --> 00:28:33,200
Speaker 2: when you're paying with a debit card these days as well,

666
00:28:33,240 --> 00:28:36,080
Speaker 2: that used to be a way that you could, oh, okay,

667
00:28:36,119 --> 00:28:38,200
Speaker 2: this is the way I get my hands on some cash.

668
00:28:38,440 --> 00:28:43,000
Speaker 2: But according to the CFPB, retailers like the Dollar Store Kroger,

669
00:28:43,040 --> 00:28:45,400
Speaker 2: they're doing this as well. They're charging you when you

670
00:28:45,440 --> 00:28:47,520
Speaker 2: opt for cash back when you are paying with a

671
00:28:47,560 --> 00:28:50,920
Speaker 2: debit card. It's oftentimes still going to be a more

672
00:28:50,960 --> 00:28:53,440
Speaker 2: affordable way to get your hands on some money than

673
00:28:53,480 --> 00:28:55,760
Speaker 2: the average ATM fee that's out there, But just a

674
00:28:55,840 --> 00:28:58,160
Speaker 2: heads up that you might pay anywhere from like fifty

675
00:28:58,160 --> 00:29:00,640
Speaker 2: cents all the way up to three dollars, which makes

676
00:29:00,640 --> 00:29:02,480
Speaker 2: me cringe a little bit to pull out some of

677
00:29:02,520 --> 00:29:05,280
Speaker 2: your money. So I just remember doing this in high school, like, well,

678
00:29:05,320 --> 00:29:07,320
Speaker 2: you literally buy a pack of gum. Oh yeah, in

679
00:29:07,440 --> 00:29:10,520
Speaker 2: order to avoid because back then they weren't really reimbursing

680
00:29:10,800 --> 00:29:13,120
Speaker 2: the different ATM fees as much, so you was this strategy.

681
00:29:13,200 --> 00:29:15,480
Speaker 1: Yeah, buy a pack of gum and ask for twenty back.

682
00:29:15,480 --> 00:29:17,880
Speaker 1: You need twenty forty bucks, like the pack of gum.

683
00:29:17,920 --> 00:29:20,920
Speaker 1: Strategy always worked, and then it felt like the cheapest

684
00:29:20,960 --> 00:29:22,200
Speaker 1: ATM fee of all time.

685
00:29:22,440 --> 00:29:24,760
Speaker 2: Plus you got some juicy fruit to go along with it. No, yeah,

686
00:29:24,800 --> 00:29:26,440
Speaker 2: what's gonna go wrong is that your favorite juicy fruit?

687
00:29:26,520 --> 00:29:27,360
Speaker 3: Juicy fruit was the best.

688
00:29:27,440 --> 00:29:29,120
Speaker 1: I mean it didn't last long, but the flavor was

689
00:29:29,520 --> 00:29:31,240
Speaker 1: Remember you probably got the zebra gum, didn't you?

690
00:29:31,280 --> 00:29:34,320
Speaker 2: Oh, fruits ripe? You know, was right? I was trying

691
00:29:34,320 --> 00:29:36,640
Speaker 2: to think. My friend's always like a big red I

692
00:29:36,680 --> 00:29:39,120
Speaker 2: hated the cinnamon is the worst. What do you think

693
00:29:39,120 --> 00:29:41,600
Speaker 2: about people? Who you send them in toothpaste. It's something

694
00:29:41,640 --> 00:29:44,160
Speaker 2: wrong with them, something wrong with this, I agree.

695
00:29:44,880 --> 00:29:46,760
Speaker 1: Sorry to all you listeners out there who do it,

696
00:29:46,840 --> 00:29:49,280
Speaker 1: feel free to write your angry emails to Matt. Let's

697
00:29:49,320 --> 00:29:50,959
Speaker 1: go back to the well on some of the FTC

698
00:29:51,120 --> 00:29:54,560
Speaker 1: is doing. They issued another warning this week that we

699
00:29:54,600 --> 00:29:59,960
Speaker 1: thought was at least worth mentioning for bitcoin ATMs, which, surprise, surprise, man,

700
00:30:00,120 --> 00:30:03,360
Speaker 1: scammers are using bitcoin ATMs trying to steal people's money.

701
00:30:03,800 --> 00:30:07,400
Speaker 1: This is a new twist on a fairly traditional scam. Basically,

702
00:30:07,440 --> 00:30:10,479
Speaker 1: a scammer tells you that there's bogus information on your

703
00:30:10,520 --> 00:30:13,600
Speaker 1: account that you need to deposit money right away into

704
00:30:13,600 --> 00:30:16,120
Speaker 1: one of these bitcoin ATMs. The money then goes to

705
00:30:16,360 --> 00:30:19,480
Speaker 1: the scammer, never to be seen again. You are out

706
00:30:19,680 --> 00:30:22,080
Speaker 1: whatever money you stuck in there. And so basically we're

707
00:30:22,080 --> 00:30:25,880
Speaker 1: talking about scams raising your fear levels, praying on that feeling.

708
00:30:27,200 --> 00:30:30,200
Speaker 1: If you don't know who's calling you hang up, log

709
00:30:30,240 --> 00:30:31,840
Speaker 1: into your account to see if there's really an issue

710
00:30:31,920 --> 00:30:33,880
Speaker 1: or not. If there's like there's insufficient funds in your

711
00:30:33,920 --> 00:30:36,520
Speaker 1: bank account, well go directly to the website or to

712
00:30:36,520 --> 00:30:38,720
Speaker 1: the app on your phone and see if that's actually true,

713
00:30:39,160 --> 00:30:41,280
Speaker 1: before listening to these crooks and doing what they ask

714
00:30:41,320 --> 00:30:41,680
Speaker 1: you to do.

715
00:30:42,080 --> 00:30:43,520
Speaker 2: Well, you know what you can't get out of an

716
00:30:43,520 --> 00:30:47,040
Speaker 2: atm Joel a penny, and that's because it's a worthless coin.

717
00:30:48,160 --> 00:30:51,000
Speaker 2: A New York Times article this week said that, and

718
00:30:51,080 --> 00:30:54,400
Speaker 2: this is a quote. Few things symbolize our national dysfunction

719
00:30:54,520 --> 00:30:57,840
Speaker 2: more than the inability to stop minting this worthless currency.

720
00:30:57,960 --> 00:30:58,600
Speaker 3: I think that's true.

721
00:30:58,720 --> 00:31:00,880
Speaker 2: This is something that I think a lot of Americans

722
00:31:00,880 --> 00:31:04,120
Speaker 2: can get behind. We totally agree, honestly. To understand the

723
00:31:04,120 --> 00:31:06,600
Speaker 2: full scope of the problem, it's worth reading this entire article,

724
00:31:06,880 --> 00:31:09,360
Speaker 2: but just a few highlights. They noted that this is a.

725
00:31:09,240 --> 00:31:10,000
Speaker 3: Really long article.

726
00:31:10,040 --> 00:31:12,640
Speaker 1: By the way, they hated the pennies so much they

727
00:31:12,920 --> 00:31:14,360
Speaker 1: dropped a lot of ink I attraction.

728
00:31:14,880 --> 00:31:17,280
Speaker 2: I'm a fan of writing about the things you care about.

729
00:31:17,320 --> 00:31:19,719
Speaker 2: But they noted how one hundred dollars worth of pennies

730
00:31:20,120 --> 00:31:23,960
Speaker 2: weighs in at fifty five pounds, giving at least a

731
00:31:24,040 --> 00:31:29,200
Speaker 2: partial indication of the logistical nightmare the annoyances that pennies

732
00:31:29,200 --> 00:31:29,480
Speaker 2: come with.

733
00:31:29,560 --> 00:31:32,440
Speaker 1: Sounds like the solution for a good user pennies is

734
00:31:32,520 --> 00:31:34,160
Speaker 1: as workout equipment than matt Oh.

735
00:31:34,280 --> 00:31:37,760
Speaker 2: That's true that sand water people do all sorts. It

736
00:31:37,800 --> 00:31:41,240
Speaker 2: also costs more than three cents to produce a single

737
00:31:41,600 --> 00:31:45,320
Speaker 2: one cent piece. So we wanted to highlight this because

738
00:31:45,360 --> 00:31:48,960
Speaker 2: our depending on your political background and just all the

739
00:31:48,960 --> 00:31:51,040
Speaker 2: stuff that's going on with our country, right like our nation,

740
00:31:51,080 --> 00:31:52,960
Speaker 2: it might be embroiled in conflicts here we agree with

741
00:31:53,560 --> 00:31:55,640
Speaker 2: foreign and domestic. But this is something that I do

742
00:31:55,680 --> 00:31:56,840
Speaker 2: think we can all get behind.

743
00:31:56,880 --> 00:32:00,920
Speaker 1: Independence, conservatives, liberals, let's all unite in hatred of the penny.

744
00:32:01,000 --> 00:32:01,720
Speaker 3: Yeah.

745
00:32:01,800 --> 00:32:03,520
Speaker 2: Again, I don't want to prop myself up as some

746
00:32:03,560 --> 00:32:05,600
Speaker 2: sort of elitist Joel, but I don't even pick up

747
00:32:05,600 --> 00:32:07,520
Speaker 2: pennies on the sidewalking now, Like I've gotten to the

748
00:32:07,520 --> 00:32:09,280
Speaker 2: point like it's got to be at least a nickel

749
00:32:09,400 --> 00:32:11,320
Speaker 2: for me to bend over like I need. It needs

750
00:32:11,320 --> 00:32:13,520
Speaker 2: to be the equivalent of five pennies for me to

751
00:32:13,680 --> 00:32:16,680
Speaker 2: reach down there with you. It's too risky. Back to

752
00:32:16,680 --> 00:32:18,440
Speaker 2: the day, dirty nasty germs.

753
00:32:18,520 --> 00:32:20,400
Speaker 1: Back in the day, would a coke costs a nickel

754
00:32:20,640 --> 00:32:22,720
Speaker 1: and and it went up to six cents, like that

755
00:32:22,800 --> 00:32:25,200
Speaker 1: was a big deal, right, and a penny was like

756
00:32:25,400 --> 00:32:28,160
Speaker 1: actually meaningful currency. It served a function, But it doesn't

757
00:32:28,200 --> 00:32:30,680
Speaker 1: serve any function anymore. Nobody cares Canada. I think got

758
00:32:30,720 --> 00:32:32,880
Speaker 1: rid of it eleven or twelve years ago, something like that.

759
00:32:33,000 --> 00:32:36,120
Speaker 1: They ditched their penny, and so basically, if you're making

760
00:32:36,480 --> 00:32:39,280
Speaker 1: a transaction in person, they round up or round down

761
00:32:39,520 --> 00:32:42,520
Speaker 1: and nobody cares because a penny is essentially worthless, or

762
00:32:42,560 --> 00:32:44,960
Speaker 1: if you're making an online transaction, you can still pay

763
00:32:45,040 --> 00:32:45,920
Speaker 1: down to the penny.

764
00:32:45,960 --> 00:32:47,800
Speaker 2: I guess, dude, how great would it be if all

765
00:32:47,800 --> 00:32:50,240
Speaker 2: the prices out there always ended in a zero or

766
00:32:50,240 --> 00:32:51,720
Speaker 2: a five. I feel like it would make life a

767
00:32:51,760 --> 00:32:54,200
Speaker 2: bit easier too, for sure, for multiple reasons.

768
00:32:54,320 --> 00:32:56,600
Speaker 1: Yep, I'm with you. So we're with the New York

769
00:32:56,600 --> 00:32:59,040
Speaker 1: Times on this one. Let's abolish a penny. Let's move

770
00:32:59,080 --> 00:33:02,320
Speaker 1: on with our lives people, Matt. Since we're talking about pricing,

771
00:33:02,760 --> 00:33:05,400
Speaker 1: let's talk about the pricing of tickets to see one

772
00:33:05,440 --> 00:33:06,960
Speaker 1: of the greatest bands in the history of the world.

773
00:33:06,960 --> 00:33:10,680
Speaker 1: Here we go, Oasis, the band that sadly has not

774
00:33:10,880 --> 00:33:13,640
Speaker 1: toured together for fifteen plus years. I want to say, yea,

775
00:33:14,480 --> 00:33:20,920
Speaker 1: the Gallagher brothers. They're lack of friendship has been documented extensively.

776
00:33:21,400 --> 00:33:23,600
Speaker 1: They really didn't like each other for a really long time,

777
00:33:23,640 --> 00:33:25,000
Speaker 1: and I don't know if they actually like each other

778
00:33:25,040 --> 00:33:27,360
Speaker 1: now again, or if they're just they.

779
00:33:27,200 --> 00:33:28,040
Speaker 2: Just need to make a buck.

780
00:33:28,360 --> 00:33:29,840
Speaker 1: They need to make a buck, and they're going to

781
00:33:29,880 --> 00:33:32,200
Speaker 1: go on tour. Well, so I was stoked to hear

782
00:33:32,200 --> 00:33:34,000
Speaker 1: that they are announcing a reunion tour. They haven't actually

783
00:33:34,000 --> 00:33:36,440
Speaker 1: announced a US tour yet. When they do, I will

784
00:33:36,480 --> 00:33:40,200
Speaker 1: at least be considering buying tickets. But the punks at

785
00:33:40,240 --> 00:33:44,800
Speaker 1: Ticketmaster ruin everything, and they botched another rollout of tickets

786
00:33:44,840 --> 00:33:47,000
Speaker 1: that people really want to, really care about, really wanted

787
00:33:47,040 --> 00:33:49,760
Speaker 1: to buy. I don't mind dynamic pricing. We talk about

788
00:33:49,800 --> 00:33:53,800
Speaker 1: that like, hey, it can help basically balance creatniquilibrium between

789
00:33:53,840 --> 00:33:56,920
Speaker 1: supply and demand in so many cases. But Ticketmaster is

790
00:33:56,960 --> 00:34:00,800
Speaker 1: taking dynamic pricing to the next level, ramping up prices

791
00:34:00,800 --> 00:34:02,880
Speaker 1: while people are waiting in the queue buy tickets. So

792
00:34:03,200 --> 00:34:04,800
Speaker 1: you're like, okay, cool, this is what I'm going to

793
00:34:04,840 --> 00:34:06,880
Speaker 1: pay for tickets, and then you get in there, and

794
00:34:06,960 --> 00:34:09,600
Speaker 1: then while you're sitting there, it's almost like a slot

795
00:34:09,680 --> 00:34:12,080
Speaker 1: machine where the numbers are rolling around, but they're only

796
00:34:12,120 --> 00:34:16,040
Speaker 1: going up, costing you more. As Ticketmaster makes you sit

797
00:34:16,080 --> 00:34:17,840
Speaker 1: and wait and hope that you can get those tickets

798
00:34:17,800 --> 00:34:20,000
Speaker 1: in it feels a little bait and switchy. Getting more

799
00:34:20,000 --> 00:34:23,080
Speaker 1: expensive about a second. It's ridiculous, Yes, very bait and switchy.

800
00:34:23,120 --> 00:34:26,040
Speaker 1: I agree, it's infuriating to customers. It's a complete and

801
00:34:26,120 --> 00:34:28,920
Speaker 1: utter shame that getting to see your favorite live music

802
00:34:28,920 --> 00:34:31,879
Speaker 1: has been held hostage by this awful company. I can't

803
00:34:31,920 --> 00:34:33,960
Speaker 1: think of many companies matt that are worse or that

804
00:34:34,120 --> 00:34:37,040
Speaker 1: rival Ticketmaster and just how awful they are. And then

805
00:34:37,560 --> 00:34:39,520
Speaker 1: customers are left with the decision of trying to buy

806
00:34:39,520 --> 00:34:42,600
Speaker 1: directly from the venue, which might allow you to skirt Ticketmaster,

807
00:34:43,040 --> 00:34:46,760
Speaker 1: skipping the show altogether, or holding your nose and handing

808
00:34:46,760 --> 00:34:49,560
Speaker 1: over gobs of cash. Something needs to change here, and

809
00:34:49,600 --> 00:34:51,960
Speaker 1: I know the British authorities are looking at a Ticketmaster

810
00:34:52,160 --> 00:34:52,799
Speaker 1: because of this.

811
00:34:52,800 --> 00:34:54,680
Speaker 2: But same thing here, same side as well. I just

812
00:34:54,719 --> 00:34:57,520
Speaker 2: don't understand how it's something that has continued, Like it's

813
00:34:57,560 --> 00:35:00,920
Speaker 2: crazy when a grocery store groceries chains that have like

814
00:35:01,000 --> 00:35:03,800
Speaker 2: razor thin margins. Was it Albertson's that was going to

815
00:35:03,840 --> 00:35:06,200
Speaker 2: like merge with with Kroger and they got sued And

816
00:35:06,239 --> 00:35:08,920
Speaker 2: it's like, uh, there's plenty of competition out there. Think

817
00:35:08,920 --> 00:35:11,560
Speaker 2: about all the different grocery stores, all the different options,

818
00:35:11,600 --> 00:35:13,879
Speaker 2: plus not to mention our favorite discount is like Aldi,

819
00:35:14,040 --> 00:35:16,880
Speaker 2: but then you got somebody like Ticketmaster. Truly, they are

820
00:35:16,880 --> 00:35:18,640
Speaker 2: effectively operating as a monopoly.

821
00:35:18,920 --> 00:35:19,319
Speaker 3: I agree.

822
00:35:19,360 --> 00:35:21,399
Speaker 2: I think something's got to change soon, and hopefully we'll

823
00:35:21,400 --> 00:35:21,960
Speaker 2: see something a.

824
00:35:22,000 --> 00:35:24,839
Speaker 1: Better change in time for the US ticket release of

825
00:35:24,880 --> 00:35:27,479
Speaker 1: the Oasis tour, because it might. I don't know, because

826
00:35:27,640 --> 00:35:29,520
Speaker 1: I mean I'm pretty sensitive. And if if I can

827
00:35:29,560 --> 00:35:31,359
Speaker 1: get a ticket to go see Oasis for fifty bucks,

828
00:35:31,400 --> 00:35:33,759
Speaker 1: I'm in. But if it's like one twenty, sorry, guys.

829
00:35:33,680 --> 00:35:36,000
Speaker 2: Galer, Yeah, you wouldn't pay one twenty to see one

830
00:35:36,040 --> 00:35:37,760
Speaker 2: of your favorite bands from your childhood.

831
00:35:37,400 --> 00:35:39,120
Speaker 3: Not Nosebleed Seeds. Really, I don't know.

832
00:35:39,200 --> 00:35:40,839
Speaker 2: I do love them though, if you if they came,

833
00:35:40,920 --> 00:35:42,399
Speaker 2: you know, I feel like I missed out on seeing

834
00:35:42,440 --> 00:35:46,960
Speaker 2: YouTube at at the Sphere in Vegas if they If

835
00:35:47,160 --> 00:35:51,719
Speaker 2: Oasis goes to Vegas for the Sphere, I might join you.

836
00:35:51,680 --> 00:35:53,160
Speaker 1: All right, We'll make a out of money. That seems

837
00:35:53,200 --> 00:35:54,640
Speaker 1: like it would be a fun time. Yeah, But the

838
00:35:54,680 --> 00:35:56,120
Speaker 1: only thing would make it better is if hooting the

839
00:35:56,120 --> 00:35:58,799
Speaker 1: Blowfish opened up for Oasis, because that was that would

840
00:35:58,880 --> 00:36:01,000
Speaker 1: like truly be seventh I'd come back to life for me.

841
00:36:01,360 --> 00:36:02,799
Speaker 1: I guess that'd be the equivalent of going to see

842
00:36:02,800 --> 00:36:05,080
Speaker 1: another Third Blind show, which I have seen. That was

843
00:36:05,120 --> 00:36:07,239
Speaker 1: my first, That was my first real concert, and I

844
00:36:07,239 --> 00:36:09,000
Speaker 1: don't think I paid ticket Master prices.

845
00:36:09,080 --> 00:36:10,640
Speaker 3: Yeah, I think I saw him last year and it

846
00:36:10,680 --> 00:36:11,160
Speaker 3: was awesome.

847
00:36:11,719 --> 00:36:13,879
Speaker 2: But that's gonna be in For this episode. We want

848
00:36:13,880 --> 00:36:16,480
Speaker 2: to give a quick newsletter referral shout out to Matt

849
00:36:16,560 --> 00:36:19,759
Speaker 2: Z and Lori Lori G. Thank you both so much

850
00:36:19,760 --> 00:36:22,360
Speaker 2: for sharing the how to Money newsletter with some of

851
00:36:22,440 --> 00:36:25,040
Speaker 2: your friends. It comes out every Tuesday. It's free, it's

852
00:36:25,120 --> 00:36:29,120
Speaker 2: chock full of helpful personal finance nuggets of wisdom. You

853
00:36:29,120 --> 00:36:31,200
Speaker 2: can sign up for that at how to money dot com.

854
00:36:31,200 --> 00:36:33,080
Speaker 2: Forward Slash Newsletter.

855
00:36:32,719 --> 00:36:35,160
Speaker 1: No Doubt Bud. All right, I hope you guys have

856
00:36:35,239 --> 00:36:38,360
Speaker 1: a great weekend. We'll catch back here on Monday. Until

857
00:36:38,360 --> 00:36:41,040
Speaker 1: next time, Best friends out and best Friends out.

858
00:36:52,760 --> 00:36:54,240
Speaker 3: Hues Electric. That's one of my favorites.

859
00:36:55,320 --> 00:36:56,120
Speaker 2: I probably a friend.

860
00:36:56,400 --> 00:36:57,880
Speaker 3: No no no no no no no no no no

861
00:36:57,760 --> 00:37:02,880
Speaker 3: no no no no. Bom left the cars again.

862
00:37:03,360 --> 00:37:07,280
Speaker 2: Need a little time to wake up the way