WEBVTT - Friday Flight - 3% Mortgages, Secondhand Steals, & Leg Room Lunacy #564 0:00:00.080 --> 0:00:03.000 Welcome to How the Money. I'm Joel and I am Matt, 0:00:03.080 --> 0:00:06.840 and today we're discussing three percent mortgages, second hand steels, 0:00:07.000 --> 0:00:28.120 and leg room lunacy. You know what, buddy, this is 0:00:28.160 --> 0:00:30.520 our Friday Flights. Well, we're gonna talk about some of 0:00:30.520 --> 0:00:33.800 the different stories we came across this week, the most 0:00:33.840 --> 0:00:36.080 important headlines that we think you need to pay attention 0:00:36.120 --> 0:00:39.040 to real quick. I wanted to share a quick personal 0:00:39.120 --> 0:00:41.960 anecdote though, So back in the spring when we listened 0:00:42.000 --> 0:00:45.240 our house, back when the housing market was quite hot, 0:00:45.360 --> 0:00:49.360 in particular for the sellers out there, we had a 0:00:49.520 --> 0:00:52.519 number of offers, a number of competitive offers on our 0:00:52.520 --> 0:00:55.560 Place two in particular, we were trying to decide between 0:00:55.680 --> 0:00:58.120 but one of the buyers they had included within their 0:00:58.160 --> 0:01:01.000 offer the ability to stay in mountain cabin. Have we 0:01:01.000 --> 0:01:02.800 talked about this on the show? I can't remember, so 0:01:02.960 --> 0:01:04.360 if we if we have, it's always have to know 0:01:04.360 --> 0:01:06.840 what we've talked about only in real life with you 0:01:06.920 --> 0:01:08.840 and me sitting here in the office, versus what we've 0:01:08.840 --> 0:01:10.640 talked about on the show. And granted, this wouldn't have 0:01:10.640 --> 0:01:12.960 tipped the scales if the other offer was super strong. 0:01:13.000 --> 0:01:15.120 If they had come in with a really high price. 0:01:15.920 --> 0:01:17.280 At that point, it just kind of comes down to 0:01:17.319 --> 0:01:18.920 the numbers. You kind of have to do the math. 0:01:19.040 --> 0:01:22.200 You don't want to overvalue this mountain cabin stay. It's yeah, 0:01:22.720 --> 0:01:25.960 what can I book this formally night let's say exactly 0:01:26.000 --> 0:01:28.360 it's value if maybe an extra thousand bucks, but it 0:01:28.400 --> 0:01:30.840 was still enough to put them on our radar, maybe 0:01:30.880 --> 0:01:34.160 a little bit more than otherwise. Right. But simultaneously I 0:01:34.160 --> 0:01:35.679 was a little bit curious to see if we were 0:01:35.680 --> 0:01:37.400 actually going to take advantage of that, because it's one 0:01:37.400 --> 0:01:39.200 of those things were on paper. It seems like this 0:01:39.319 --> 0:01:43.039 nice perk's offer literally a tent and you're like, dang it, 0:01:43.120 --> 0:01:45.800 no they failed again. They did include pictures and it 0:01:45.800 --> 0:01:47.480 looked really nice, and we thought, oh, this is this 0:01:47.520 --> 0:01:51.120 is actually something we should consider as we're making a decision. Well, 0:01:51.200 --> 0:01:53.040 the good news is that we actually just booked it. 0:01:53.200 --> 0:01:55.160 We we've kind of been in touch with them, and 0:01:55.640 --> 0:01:57.400 we weren't sure if we're going to reach out to 0:01:57.440 --> 0:01:59.880 them and they're gonna say, oh, by the way, it's 0:02:00.080 --> 0:02:01.640 book for the next two years. That was a joke, 0:02:03.080 --> 0:02:05.080 but we know it's in the contract man. No, yeah, 0:02:05.520 --> 0:02:08.560 it was, And that is something that we just books. 0:02:08.600 --> 0:02:10.720 I'm actually, yeah, we're looking forward to doing that this 0:02:10.720 --> 0:02:12.560 this fall for a few days. But the reason I 0:02:12.560 --> 0:02:14.720 wanted to share that is because it was a way 0:02:14.760 --> 0:02:17.400 that these buyers that they got creative in order to 0:02:17.480 --> 0:02:20.120 get the house that they wanted. Uh. And we're actually 0:02:20.240 --> 0:02:24.239 seeing that in other ways, not necessarily from the buyer's standpoint, 0:02:24.280 --> 0:02:26.919 but from the seller standpoint. So our first story, we're 0:02:26.919 --> 0:02:30.919 gonna talk about mortgage loan assumptions because obviously mortgage rates, 0:02:31.160 --> 0:02:32.520 you know, like they're still low if you if you 0:02:32.560 --> 0:02:34.280 take kind of like if you zoom out and take 0:02:34.280 --> 0:02:35.560 a long term look. I kinda want to make a 0:02:35.639 --> 0:02:37.920 joke about assumptions here, by the way, because I don't know, 0:02:38.080 --> 0:02:40.079 you know what they say about people who make assumptions, 0:02:40.160 --> 0:02:43.200 right man, But I think this type of assumptions, though, 0:02:43.280 --> 0:02:45.840 are a good thing. Exactly. Yeah, So let's just like 0:02:46.000 --> 0:02:49.240 spell that out real quick. This assumption is literally you 0:02:49.320 --> 0:02:52.640 taking over somebody else's mortgage, right, So not going out 0:02:52.680 --> 0:02:54.720 and getting your own mortgage, but when someone is selling 0:02:54.760 --> 0:02:57.399 that house, you are saying, not only am I taking 0:02:57.440 --> 0:02:59.680 your house, when I'm taking your mortgage at the same time, exactly, 0:02:59.800 --> 0:03:02.560 And and The interesting thing is that almost nobody did 0:03:02.560 --> 0:03:06.800 this for a whole lot of years. But as mortgage 0:03:06.880 --> 0:03:11.360 rates have risen just astronomically recently, we've we've seen a 0:03:11.440 --> 0:03:14.400 lot more mortgage assumptions taking place now that rates are 0:03:14.600 --> 0:03:16.919 in the six percent range. It's pricing some folks out 0:03:16.919 --> 0:03:19.480 of the out of the housing market. Well, if you 0:03:19.560 --> 0:03:21.840 get that same house, same price, but with a three 0:03:21.919 --> 0:03:24.360 percent mortgage, you might be able to afford it, right, 0:03:24.639 --> 0:03:27.200 And there are what will point out a big chunk 0:03:27.200 --> 0:03:30.160 of loans that are not assumable based on the way 0:03:30.160 --> 0:03:33.160 the contract is written from that mortgage lender, like they 0:03:33.200 --> 0:03:36.160 can't transfer it into your name. These are specifically government 0:03:36.200 --> 0:03:39.200 backboard like that like v A loans, loans, U s 0:03:39.240 --> 0:03:40.800 d A loans, some of these loans that are directly 0:03:40.840 --> 0:03:44.160 backed by the US government exactly. So. The interesting thing though, 0:03:44.280 --> 0:03:48.000 is as you're out there searching for homes to buy, 0:03:48.160 --> 0:03:52.960 you're going to likely see people touting this inside of 0:03:53.000 --> 0:03:56.560 the listing, right because if they have this two point 0:03:56.560 --> 0:03:59.000 seven five percent mortgage or three and a half percent 0:03:59.040 --> 0:04:02.840 mortgage that they're willing to let you assume that's an 0:04:03.320 --> 0:04:08.120 that's a huge check mark for them and for their property. 0:04:08.240 --> 0:04:11.240 They're gonna get a lot more potential buyers if those 0:04:11.240 --> 0:04:14.120 buyers know that they can take on that much lower mortgage. 0:04:14.200 --> 0:04:16.480 Right at the same time, I will say it's a 0:04:16.480 --> 0:04:19.200 tricky process though, even if you even if the house 0:04:19.240 --> 0:04:22.000 does come with an assumable loan, for instance, it maybe 0:04:22.000 --> 0:04:25.000 that loan might only cover the purchase price and you've 0:04:25.040 --> 0:04:28.880 got to either bring cash or get another. Loans are 0:04:28.920 --> 0:04:31.800 so much higher likely than when they actually purchase that home. 0:04:31.839 --> 0:04:34.040 So yeah, it may not only it may only cover 0:04:34.360 --> 0:04:38.120 a small portion of the overall purchase price of that property. Yeah, 0:04:38.160 --> 0:04:41.320 but that Wall Street Journal article about assumable mortgages was 0:04:41.360 --> 0:04:44.000 something I was like, I I know it's more common 0:04:44.040 --> 0:04:45.840 actually in other countries, I believe in Great Britain. It's 0:04:45.839 --> 0:04:47.520 one of those things. It's kind of hard for the course, 0:04:47.960 --> 0:04:50.479 and it would it would seem like this should be 0:04:50.560 --> 0:04:54.280 more normal here where you don't have to but the 0:04:54.320 --> 0:04:58.200 bank's benefit right from every time somebody does takes out 0:04:58.200 --> 0:05:00.520 a fresh new loan, when if we just had more 0:05:00.520 --> 0:05:02.280 assumable loans, it would cut down on some of those 0:05:02.279 --> 0:05:05.320 transaction fees that were always railing against matt when it 0:05:05.320 --> 0:05:07.719 comes to buying and selling real estate. I would love 0:05:07.760 --> 0:05:11.640 to see more mortgage loans become assumable, more people transferring 0:05:11.640 --> 0:05:14.760 mortgages to each other as they buy or sell a house. 0:05:15.279 --> 0:05:16.960 But I don't know. It's good to see at least 0:05:16.960 --> 0:05:19.920 a little bit of uptick in this regard, that's right. Yeah, 0:05:19.960 --> 0:05:21.800 so there is a way for you to get that 0:05:22.040 --> 0:05:25.640 two and three quarters mortgage radees, but they're they're just 0:05:25.720 --> 0:05:28.760 you and far between. Not not terribly easy, but it's possible, 0:05:29.160 --> 0:05:32.280 all right. So we talked recently about the duopoly and 0:05:32.320 --> 0:05:35.400 the monopoly reality that most folks face when it comes 0:05:35.440 --> 0:05:39.240 to paying for internet at home. There are really just 0:05:39.320 --> 0:05:41.640 a few companies around the country who are out there 0:05:41.640 --> 0:05:44.960 competing with each other. So the options they remain pretty crappy, 0:05:45.240 --> 0:05:47.200 and the prices because of that, they stay pretty high. 0:05:47.279 --> 0:05:50.279 Speeds are low, and your mostly bill is exorbit But 0:05:50.360 --> 0:05:52.920 one thing that we failed to mission is that technology 0:05:53.000 --> 0:05:56.480 is helping to bring more competition to the space, helping 0:05:56.560 --> 0:05:59.960 this to hopefully become more of a problem of the past. 0:06:00.560 --> 0:06:02.440 Some of the major cell phone companies out there, like 0:06:02.600 --> 0:06:06.120 Verizon and T Mobile, they are selling their five G 0:06:06.320 --> 0:06:09.640 cell service, but it's not just cell phone service, it's 0:06:09.640 --> 0:06:13.320 actually gonna be able to replace your current WiFi set 0:06:13.400 --> 0:06:15.480 up that you have at home. And the price, it's 0:06:15.560 --> 0:06:17.800 it's not all that bad either. It's like it's a 0:06:17.839 --> 0:06:20.720 fifty bucks from T Mobile. Uh and plans start at 0:06:20.760 --> 0:06:24.239 fifty dollars as well with Verizon, although folks who currently 0:06:24.279 --> 0:06:26.840 have Verizon for cell phone service they can get an 0:06:26.839 --> 0:06:30.240 even lower rate by bundling. I haven't tested these out personally, 0:06:30.880 --> 0:06:33.440 but from what we've read, the reviews look really good 0:06:33.480 --> 0:06:35.160 and the price is good as well. Uh And so 0:06:35.200 --> 0:06:36.800 it's it's good to see that there these are some 0:06:36.920 --> 0:06:39.599 kind of like realistic options that would allow you to 0:06:40.200 --> 0:06:42.920 take a completely different approach to getting internet at home 0:06:43.080 --> 0:06:46.279 as opposed to going the more traditional path, which always 0:06:46.320 --> 0:06:48.039 feels so cumbersome as well. Right, like you, So you 0:06:48.040 --> 0:06:50.400 have to be there in person because the guy is 0:06:50.400 --> 0:06:52.040 going to show up. I think he's gonna drill a 0:06:52.120 --> 0:06:55.880 random hole in your house. Who knows where exactly, He's 0:06:55.880 --> 0:06:58.680 just gonna drill over everyone. When we moved in the 0:06:58.680 --> 0:07:00.200 A T and T guy came out, we we had 0:07:00.200 --> 0:07:01.960 to talk a long time about where he's gonna put 0:07:01.960 --> 0:07:04.280 this whole and it was just kind of I don't know, it. 0:07:04.440 --> 0:07:06.760 It took a long time. These five five G service 0:07:06.839 --> 0:07:09.119 at it seems like it's it's going to be the future. 0:07:09.240 --> 0:07:11.840 And the speeds or something like in the in the 0:07:11.880 --> 0:07:13.840 average range of a hundred megs up to like a 0:07:13.880 --> 0:07:16.400 hundred and eighty megs with a couple of these plans, 0:07:16.480 --> 0:07:19.720 So it's worth looking into. Let's say, if you're currently 0:07:19.720 --> 0:07:24.360 paying for internet service every single month, but that speed 0:07:24.400 --> 0:07:26.200 is going to serve you just fine, or maybe you 0:07:26.320 --> 0:07:29.040 just found that like yeah, you've called the customer retention 0:07:29.040 --> 0:07:32.200 department again, like we've suggested, and they have finally got 0:07:32.240 --> 0:07:35.239 onto your game, and then they're not lowering your rate anymore. 0:07:35.360 --> 0:07:38.600 Typically they will, but not always. Well, it might be 0:07:38.720 --> 0:07:40.600 it might be time to try out one of these 0:07:40.600 --> 0:07:42.440 five G plans, and if you do, let us know, 0:07:42.560 --> 0:07:44.320 let us know how it goes. And that one thing 0:07:44.360 --> 0:07:46.280 you you mentioned was that if you are currently a 0:07:46.360 --> 0:07:48.800 Verizon customer, you can get an even better deal on 0:07:48.840 --> 0:07:51.520 this five G service. Sadly that means that you're paying 0:07:51.560 --> 0:07:54.200 so much extra though for cell phone service that's probably 0:07:54.240 --> 0:07:56.280 not worth it. If you mean, if you just leave, 0:07:56.680 --> 0:07:59.040 sit down and do the math, like take the whole 0:07:59.040 --> 0:08:01.520 picture into account, right, because if maybe you are with 0:08:01.600 --> 0:08:03.880 Mint Mobile, uh, and you've got that price down and 0:08:03.920 --> 0:08:05.920 you are able to pay maybe more than you want 0:08:05.960 --> 0:08:09.120 to because you are with Comcast. But if your overall 0:08:09.160 --> 0:08:10.880 net cost is going to be lower, of course, stick 0:08:10.920 --> 0:08:12.560 with what you've got going on. But if you do 0:08:12.600 --> 0:08:14.280 the math and you realize that, you know what, paying 0:08:14.280 --> 0:08:17.559 more for a Verizon cellfone service, uh, that would allow 0:08:17.600 --> 0:08:19.760 me to pay a lot less for my home internet, 0:08:19.920 --> 0:08:21.640 you could totally come out ahead. Yeah, because I think 0:08:21.720 --> 0:08:23.240 comes down to the numbers. Baby. I saw if you're 0:08:23.240 --> 0:08:25.240 actually a Verizon cell customer, you can get the internet 0:08:25.280 --> 0:08:27.320 for as low as twenty five dollars a month. It 0:08:27.480 --> 0:08:29.600 was like, that's pretty good, pretty sweet. Yeah. Alright, let's 0:08:29.600 --> 0:08:31.920 talk about travel for a second, because we had travel 0:08:31.920 --> 0:08:34.079 expert Scott Kais on the show a while back. Matt 0:08:34.120 --> 0:08:36.000 and we we talked a little bit about leg room 0:08:36.520 --> 0:08:39.840 on airplanes or the lack thereof, and airlines are, of course, 0:08:39.840 --> 0:08:43.320 they're doing their best to charge us more for tiny 0:08:43.360 --> 0:08:46.720 slivers of extra space as they've shrunk the distance between 0:08:46.760 --> 0:08:49.720 seats by a meaningful number of inches over the past 0:08:49.760 --> 0:08:52.680 couple of decades. Matt, I'm six ft six and so 0:08:53.080 --> 0:08:55.679 every inch of leg room they take away. I feel 0:08:55.679 --> 0:08:58.880 it like in my knees, in my back, all over, 0:08:59.160 --> 0:09:02.040 and so I don't love feel it in a pinky. 0:09:02.720 --> 0:09:06.160 It hurts there too, exactly exactly. My left ear lobe 0:09:06.880 --> 0:09:09.439 particularly throbs Matt on these long flights. But I've actually 0:09:09.440 --> 0:09:13.679 seen some drawings recently for potential cabin configurations where you're 0:09:13.720 --> 0:09:15.880 more in like an upright seat where they're packing a 0:09:15.880 --> 0:09:17.480 whole lot more people in and you're in this like 0:09:17.559 --> 0:09:21.040 semi standing positions, like an adjustable bike seat basically strattle, 0:09:21.160 --> 0:09:23.360 and you're yeah, it's almost like the steading roller coasters 0:09:23.400 --> 0:09:26.480 that you like, get It's almost exactly like that. That's 0:09:26.520 --> 0:09:30.440 the best. Yeah, that's one only lasts uh forty five seconds, 0:09:30.440 --> 0:09:32.240 whereas the other last for four and a half out 0:09:32.360 --> 0:09:35.400 right right, Well, I mean no, no carriers have actually 0:09:35.440 --> 0:09:38.920 tried to implement anything like this yet. But the interesting 0:09:39.000 --> 0:09:41.679 thing is they might not have the chance because apparently 0:09:41.760 --> 0:09:46.240 the Department of Transportation is considering imposing a minimum seat 0:09:46.280 --> 0:09:49.320 requirements for how much legroom people have, and it's currently 0:09:49.320 --> 0:09:52.360 open for public comment on their site. Now, I, Matt, 0:09:52.400 --> 0:09:54.400 like I told you, I don't like being crammed into 0:09:54.400 --> 0:09:57.760 a seat. I don't like feeling like a sardine where 0:09:57.800 --> 0:10:00.000 my knees are literally buffled up against the seat and 0:10:00.040 --> 0:10:02.040 front of me. But I will say I also like 0:10:02.040 --> 0:10:05.560 saving money, and I am more than willing to endure 0:10:05.600 --> 0:10:09.080 some discomfort to save an extra couple hundred dollars on 0:10:09.240 --> 0:10:11.360 a three or four hour flight. So I'm not the 0:10:11.440 --> 0:10:14.400 kind of person who wants to fly first class, who 0:10:14.440 --> 0:10:16.960 wants even the premium economy. Stick me in the back 0:10:17.120 --> 0:10:19.400 with all the regular folks who also have their knees 0:10:19.400 --> 0:10:21.120 cram begins to seat in front of them. Um, if 0:10:21.160 --> 0:10:22.920 it means I get to save money, I'm totally cool 0:10:22.920 --> 0:10:25.360 with it. So we're stuck hearing you complaining about it, 0:10:25.559 --> 0:10:27.440 like Jill does not want to be forced to pay that, 0:10:27.559 --> 0:10:30.800 But you always shall have the option to pay for that, 0:10:30.840 --> 0:10:32.720 all right. Like that's the thing that we love so 0:10:32.840 --> 0:10:34.760 much about the way things I guess currently are is 0:10:34.800 --> 0:10:37.520 that you have the choice. Like imagine if you wanted 0:10:37.559 --> 0:10:39.280 to fly somewhere you didn't have a ton of money, 0:10:39.320 --> 0:10:42.120 but you gotta fly, Well, you're probably gonna consider going 0:10:42.160 --> 0:10:44.559 with Spirit or you know, somebody like that where you 0:10:44.600 --> 0:10:46.440 can basically sneer at you the whole time. You know, 0:10:46.440 --> 0:10:48.080 like they're going to charge you for every little thing, 0:10:48.080 --> 0:10:50.400 But it is most likely absolutely be the best way 0:10:50.480 --> 0:10:52.560 to save and to be able to fly there for 0:10:52.600 --> 0:10:56.880 the least amount of money possible. But if these regulations pass, uh, 0:10:57.080 --> 0:11:00.000 guess what, that more affordable fare isn't going to exist 0:11:00.120 --> 0:11:02.960 because essentially you're you're you're forcing the airlines to pass 0:11:03.000 --> 0:11:04.960 some of those costs onto you. One of the other 0:11:05.160 --> 0:11:08.880 most beautiful things about the major discounters like Spirit Matt 0:11:09.240 --> 0:11:12.520 is the number show. When Spirit comes into a market, 0:11:12.920 --> 0:11:15.520 the amount of money that the major airlines are charging 0:11:15.559 --> 0:11:18.400 for seats goes down to So it's not just the 0:11:18.440 --> 0:11:21.040 fact that they're tramping people into cheap seats on on 0:11:21.040 --> 0:11:22.880 the Spirit airlines and that you could save money that way. 0:11:23.200 --> 0:11:26.000 It just because of the competition. Just because there are 0:11:26.480 --> 0:11:30.440 cheaper seats on Spirit means that their competitors, the even 0:11:30.440 --> 0:11:33.160 the ones that are are fullfair airlines, are gonna they're 0:11:33.200 --> 0:11:35.560 gonna be cheaper too, exactly because if they're forced to 0:11:35.600 --> 0:11:37.679 have fewer seats on these planes, that's going to lead 0:11:37.720 --> 0:11:40.520 to higher prices. Uh. But you know, so in the end, 0:11:40.520 --> 0:11:42.600 we'll we'll see what happens. We don't know, um fingers 0:11:42.640 --> 0:11:44.679 across those of the airlines that they keep doing their 0:11:44.720 --> 0:11:47.480 thing and that customers they are able to choose the 0:11:47.480 --> 0:11:50.280 airline that they want to do business with accordingly, because 0:11:50.360 --> 0:11:52.720 that's the thing. Over time, it depends on It's not 0:11:52.760 --> 0:11:54.840 even just you and what you're gradually getting used to, 0:11:54.880 --> 0:11:57.280 but like it depends maybe from trip to trip or 0:11:57.280 --> 0:11:58.720 even year to year. You might have like a really 0:11:58.720 --> 0:12:00.880 good year and you're thinking, you know it, you know, 0:12:00.880 --> 0:12:03.400 if I'm flying anywhere this year, I'm gonna do first class. Baby, like, 0:12:03.520 --> 0:12:06.360 no longer shall my knees be crammed. But like let's 0:12:06.360 --> 0:12:08.040 say three years from now, in fact, growth three more 0:12:08.040 --> 0:12:12.000 inches and it becomes just untenable. Likely you're done growing. 0:12:12.160 --> 0:12:14.120 But but you have the option. And that's what I 0:12:14.120 --> 0:12:15.880 love the most is that folks have the option to 0:12:15.880 --> 0:12:18.160 do that. Although that being said, some of these, uh, 0:12:18.240 --> 0:12:20.240 the extra leg room seats out there, they come with 0:12:20.280 --> 0:12:22.360 extra perks, like free drinks, which is kind of cool, 0:12:22.840 --> 0:12:25.280 and you know, flying so that your knees so that 0:12:25.320 --> 0:12:26.840 they don't ram into the seat in front of you, 0:12:27.000 --> 0:12:29.920 like that might be your craft beer equivalent, or you 0:12:30.000 --> 0:12:32.480 might feel that that's just a basic human need from 0:12:32.480 --> 0:12:34.680 your your point of view, But I think what's important 0:12:34.679 --> 0:12:37.320 to keep in mind is that do you want to 0:12:37.360 --> 0:12:39.640 have the choice to make this purchase on your own 0:12:39.720 --> 0:12:41.240 or do you want to be forced? Do you want 0:12:41.280 --> 0:12:44.720 to be coerced into paying more? Because everybody is having 0:12:44.800 --> 0:12:47.640 to provide, you know, fewer seats on a plane, they're 0:12:47.640 --> 0:12:50.000 having to provide more leg room for everybody. Like, I 0:12:50.040 --> 0:12:51.600 want people to have the choice, that's all. I can't 0:12:51.600 --> 0:12:54.400 imagine getting behind the wheel of Masa Miyata. Those things 0:12:54.440 --> 0:12:56.800 seem tiny, and I think they should be wiped off 0:12:56.840 --> 0:12:58.720 the face of the earth. Accordingly, like people who are 0:12:58.720 --> 0:13:00.560 six six probably shouldn't be dry in those cars. So 0:13:00.600 --> 0:13:03.079 there's a lot of Masa Miata fans. There's like, there's 0:13:03.080 --> 0:13:04.679 a lot of people who are five four who taking 0:13:04.760 --> 0:13:06.959 circuit and all they do is raise hota. Really do 0:13:07.000 --> 0:13:09.679 you know that? Yeah? You remember Corey, our our old buddy. 0:13:10.000 --> 0:13:12.880 He used to be part of this uh Miata group 0:13:13.080 --> 0:13:15.120 and they all got their mia have like a cult 0:13:15.120 --> 0:13:17.080 following take him to the track. I would imagine the 0:13:17.080 --> 0:13:20.720 cult following is mostly involved short people. But ironically enough, 0:13:20.800 --> 0:13:23.040 Core was at least six, he was decent, and he 0:13:23.120 --> 0:13:25.520 drove a Miata. Maybe they've got more legroom than I'm 0:13:25.559 --> 0:13:28.960 giving them credit for him. Maybe so well, speaking of 0:13:29.360 --> 0:13:32.880 the airlines, last week the U. S Department of Transportation, 0:13:33.120 --> 0:13:35.760 they published a really helpful chart that's gonna allow you 0:13:35.840 --> 0:13:38.920 to know what you're entitled to if you're affected by 0:13:39.600 --> 0:13:43.520 what's known as a controllable flight cancelation or delay. And 0:13:43.559 --> 0:13:46.560 this includes things like maintenance problems or let's say they 0:13:46.559 --> 0:13:49.600 don't have the right crew members for your flight, baggage 0:13:49.640 --> 0:13:53.000 loading or fueling problems. Will actually link to this in 0:13:53.040 --> 0:13:57.359 the show notes. But for example, if there's an overnight delay, 0:13:57.480 --> 0:14:01.160 virtually all of the airline carriers they've admitted to providing 0:14:01.200 --> 0:14:04.720 passengers with a complimentary hotel stay, all of them except 0:14:04.760 --> 0:14:08.880 for one matt Uh not Spirit actually, but Frontier. But yeah, 0:14:09.120 --> 0:14:12.360 just because an airline hasn't committed to certain amenities across 0:14:12.400 --> 0:14:14.560 the board, just because they're not listed on this website 0:14:14.880 --> 0:14:17.760 as offering that benefit, that doesn't mean that they won't 0:14:17.800 --> 0:14:20.440 hook you up if you ask. So it's important to 0:14:20.480 --> 0:14:23.840 know that it's often up to the discretion of the 0:14:23.880 --> 0:14:28.080 individual carrier and even the actual employee who you're speaking with, right, 0:14:28.120 --> 0:14:31.000 So it depends if if what what seats they sat 0:14:31.000 --> 0:14:33.400 in in order to Is Jan having a good day? 0:14:33.640 --> 0:14:37.080 We don't know, but maybe Margaret over here is feeling 0:14:37.080 --> 0:14:39.680 a little little happier and she's willing to make sure 0:14:39.720 --> 0:14:42.040 you're taking care of right, But she got to set 0:14:42.080 --> 0:14:43.840 in that extra first class seat. She didn't have to. 0:14:43.880 --> 0:14:45.800 What's the jump? Is that the jump seat that the 0:14:45.960 --> 0:14:49.480 uh the airline doesn't Is that the best seat in 0:14:49.480 --> 0:14:50.960 the in the house. No, not the bet They're just 0:14:51.000 --> 0:14:53.000 like a little fold out like a piece of wood 0:14:53.040 --> 0:14:56.280 or something like that. They do not look super comfortable. 0:14:56.360 --> 0:14:58.520 Let's well, well, yeah, I just it's just is important 0:14:58.520 --> 0:15:01.200 to mention one that this exists and that you can 0:15:01.240 --> 0:15:03.080 kind of see what you're entitled to, but also that 0:15:03.160 --> 0:15:06.400 even if you're not publicly entitled to some sort of 0:15:06.440 --> 0:15:09.600 compensation for one of these, you know, for a cancelation 0:15:09.680 --> 0:15:12.480 or for a delay, you can still advocate for yourself 0:15:12.680 --> 0:15:14.920 often again Matt via Twitter. Twitter is one of the 0:15:15.000 --> 0:15:18.200 best ways to get ahold of airline customer service and 0:15:18.200 --> 0:15:20.320 and lots of times they'll take care of you when 0:15:20.400 --> 0:15:23.440 legally they're not even required to. That's right, dude, All right, 0:15:23.480 --> 0:15:25.960 we have several other stories we're gonna get to including 0:15:26.600 --> 0:15:29.480 sacrificing a little bit of your privacy in order to 0:15:29.520 --> 0:15:32.440 save more on insurance. We've got that story plus a 0:15:32.480 --> 0:15:44.080 few others right after this. All right, we're going to 0:15:44.120 --> 0:15:46.920 continue here on the Friday flight. We're gonna talk continue 0:15:46.920 --> 0:15:49.480 to cover some stories that we found interesting this week, 0:15:49.600 --> 0:15:53.000 how they pertain to your personal finances. And of course 0:15:53.000 --> 0:15:55.120 we always get to the ludicrous headline of the week 0:15:55.520 --> 0:15:58.560 that's right now, and this one comes from Axios. The 0:15:58.600 --> 0:16:04.040 headline reads new company encourages donate now, pay later charitable giving, 0:16:04.880 --> 0:16:07.880 and the headline Matt just gave me the willies. I 0:16:07.920 --> 0:16:09.760 was like, I know where this is going. It cannot 0:16:09.800 --> 0:16:13.280 be good. It's basically by now, pay later. But instead 0:16:13.320 --> 0:16:15.240 of spending your money on an item you want, it's 0:16:15.240 --> 0:16:17.280 for giving money away to a cause that you care about. 0:16:17.360 --> 0:16:19.080 Let's just say we were not surprised to see that. 0:16:19.160 --> 0:16:20.640 I mean, it's as as you see that, you're like, well, 0:16:20.640 --> 0:16:23.160 of course, yeah, about of course it went there, that 0:16:23.240 --> 0:16:25.880 this is where it went. Yeah, it's it's kind of 0:16:26.160 --> 0:16:29.040 it's inevitable, right, It's it's a domino effect. We start 0:16:29.080 --> 0:16:32.480 with BNPL, we get to g mp L and now yeah, 0:16:32.520 --> 0:16:34.800 you don't even have to have the money in your 0:16:34.800 --> 0:16:37.200 possession to give two causes you care about. They're just 0:16:37.400 --> 0:16:39.440 so many problems with this though that it's it's hard 0:16:39.480 --> 0:16:42.320 to know really where to start. Like one, you're giving 0:16:42.320 --> 0:16:44.640 away money you don't have to give to there's now 0:16:44.680 --> 0:16:48.560 a middleman taking a cut of your donation somewhere between 0:16:48.600 --> 0:16:52.000 eight and fifteen percent. So the charity that you couldn't 0:16:52.040 --> 0:16:54.520 wait to support until you actually had the money, well 0:16:54.520 --> 0:16:57.240 now they're not getting anywhere near the full benefit they 0:16:57.280 --> 0:17:00.840 would have if you gave to them directly. Although I 0:17:00.880 --> 0:17:03.360 will say that one of the things that the company 0:17:03.360 --> 0:17:05.480 behind this that like one of their stats was that 0:17:05.760 --> 0:17:10.920 something will give twice as much if they're presented with 0:17:10.960 --> 0:17:13.120 this option. Whether or not that that is a good 0:17:13.119 --> 0:17:16.000 thing is like, that's another debate, right, But the fact 0:17:16.080 --> 0:17:19.040 that certain nonprofits out there are able to potentially receive 0:17:19.080 --> 0:17:21.119 even even more money, that's what the BNP is a 0:17:21.119 --> 0:17:23.720 good argument have said the whole the whole time, folks 0:17:23.720 --> 0:17:26.840 will spend more, Yeah, hey, put us on your website Amazon, 0:17:27.000 --> 0:17:29.240 and because people are gonna have bigger shopping carts because 0:17:29.240 --> 0:17:31.840 they're gonna buy more than they can actually afford and 0:17:31.920 --> 0:17:33.560 this is going to be good all the way around 0:17:33.600 --> 0:17:36.040 for everyone. It's going to increase your bottom line. But 0:17:36.359 --> 0:17:38.720 when you're giving away more money, I get why that 0:17:38.800 --> 0:17:41.960 sounds nice to the charitable organizations. Hey, people are gonna 0:17:42.000 --> 0:17:44.119 give more money to you, but they're giving money that 0:17:44.160 --> 0:17:46.320 they don't have. And so we would say this, this 0:17:46.760 --> 0:17:50.480 major league sucks. And we are all about supporting nonprofits 0:17:50.520 --> 0:17:52.960 that are doing good work. We would say it's a 0:17:53.040 --> 0:17:56.280 great thing to budget for monthly or annual giving. But 0:17:56.480 --> 0:18:00.280 this feels shady and almost predatory, and it's definitely not 0:18:00.359 --> 0:18:02.720 the best way to make those donations happen. So if 0:18:02.720 --> 0:18:05.280 you see a gift now, pay later button, avoid it. 0:18:06.040 --> 0:18:11.040 Don't do it. Because it's another modern iteration of a 0:18:11.080 --> 0:18:14.640 stupid fintech offering that is bad for bad for individuals, 0:18:14.680 --> 0:18:16.680 it's bad for consumers. I will say, I'm willing to 0:18:16.680 --> 0:18:19.879 play Devil's advocate a little bright here because so like 0:18:19.920 --> 0:18:22.200 in this way, like simultaneously, I feel like it could 0:18:22.280 --> 0:18:25.360 be a good thing if it allows somebody to commit 0:18:25.400 --> 0:18:28.199 to a behavior that they might want to do but 0:18:28.240 --> 0:18:30.880 that they find themselves not doing over time, right like 0:18:30.880 --> 0:18:33.200 like I will see it almost like a tool, not 0:18:33.359 --> 0:18:35.679 inherently a bad or an evil thing, but as a 0:18:35.680 --> 0:18:39.639 tool that someone could potentially utilize. You're just sitting over 0:18:39.640 --> 0:18:42.960 there staring at me that you can potentially utilize as 0:18:43.000 --> 0:18:45.800 like a commitment device, right and so like in that way, 0:18:45.840 --> 0:18:48.000 I almost feel also do the same with a recurring 0:18:48.040 --> 0:18:50.920 credit card donation to my friend. You totally could. Yeah, 0:18:50.920 --> 0:18:53.160