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Speaker 1: Welcome to had a Money. I'm Joel and I am Matt,

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Speaker 1: and today we're.

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Speaker 2: Talking about fitness, inflation, feasting for less, and debty railment.

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Speaker 1: Joel, poor buddy, you sound a little under the weather.

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Speaker 1: Living my best life. I'm my best self right now,

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Speaker 1: just not my voice. I'm not I'm not saying you're

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Speaker 1: not living your best life, but yeah, your voice sounds

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Speaker 1: a little bit rougher. Does that have anything to do

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Speaker 1: with the fact that you crushed your half marathon last weekend?

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Speaker 1: Were you screaming the whole time? Because you're just like

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Speaker 1: so on top of the world. I was pretty pumps.

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Speaker 1: That's pretty pumps. I don't know.

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Speaker 2: My mom had laryngitis and I hung out with her.

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Speaker 2: Can you catch laryngitis from someone?

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Speaker 1: It's super contagious? Is it? No? Okay, I've got no.

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Speaker 1: I don't know. If I have no idea, I blame my mother.

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Speaker 2: I don't know.

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Speaker 1: Maybe maybe it can't be. Is it like a bacteria?

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Speaker 1: If so, then or if I like a viral thing.

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Speaker 1: I think it's a viral thing. Oh interesting, So does

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Speaker 1: that mean I'm going to get it next? Probably? Oh

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Speaker 1: my gosh, you're sitting directly across from as we spout

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Speaker 1: words of wisdom or try to get this. Yes you do,

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Speaker 1: but this is our Friday flight and we've got plenty

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Speaker 1: of financial stories to get to and how they're going

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Speaker 1: to impact your personal finances. And real Quick wanted to

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Speaker 1: mention Britt she is a friend of ours slash how

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Speaker 1: the Money Contractor, I guess, but she writes a lot

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Speaker 1: of content for us over on the website at how

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Speaker 1: tomoney dot com, and she's got a recent article up

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Speaker 1: there about insurance life insurance laddering specifically, and it's so good.

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Speaker 1: We want to make sure that folks are reading this

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Speaker 1: content especially, I mean, I think this could be helpful, dude,

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Speaker 1: honestly if there are folks out there who have had

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Speaker 1: get life insurance like on their to do list for

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Speaker 1: a while, because it can just help you to think

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Speaker 1: through some of the different sort of life circumstances that

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Speaker 1: might cause you to want to get different types of

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Speaker 1: insurance or for how long, But especially for folks who

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Speaker 1: maybe have only gotten the starter life insurance policy at

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Speaker 1: place and they're thinking, let's say you've got a policy

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Speaker 1: ten years ago, it's quite enough. Or maybe they've got

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Speaker 1: a policy with work and they know that they're covered

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Speaker 1: to a certain extent, but life has changed and there's

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Speaker 1: likely a good chance you need more coverage if you

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Speaker 1: are you know, in the life stage that Joel that

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Speaker 1: you and I are in.

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Speaker 2: Right, Yeah, the gif you bought a policy when you're

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Speaker 2: twenty six because you got married, you had your first

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Speaker 2: kid kind of thing, and now you're thirty nine, well,

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Speaker 2: a lot's change in your income, your financial situation has changed,

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Speaker 2: and that's where lattering comes in. Like, you don't want

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Speaker 2: to ditch the original life insurance policy that you took out,

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Speaker 2: but you might want another one to cover you for

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Speaker 2: a different period of your time, and you maybe have

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Speaker 2: double coverage for a specific period.

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Speaker 1: The whole goal of.

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Speaker 2: Term life insurance doesn't have life insurance for all of

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Speaker 2: your life, but it is to cover right those most

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Speaker 2: important years to the extent that you need the insurance.

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Speaker 2: So totally, yeah, if you kind of like, do I

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Speaker 2: have enough life insurance? Do I need another policy?

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Speaker 1: This this article can help.

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Speaker 2: We link to it in the show notes, but we

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Speaker 2: got tons of articles like that, Matt on our website.

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Speaker 1: Heck yeah, and always creating stuff to help people. Yeah,

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Speaker 1: and so this makes me think of I don't I

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Speaker 1: can remember the last time we talked about this, but

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Speaker 1: we were in a similar position when because I was

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Speaker 1: kicking the cane down the road. And then we finally

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Speaker 1: got a life insurance policy for Kate, and in effect,

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Speaker 1: this is a ladder policy for us, because I had

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Speaker 1: gotten my thirty year term life policy like a decade ago,

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Speaker 1: or even longer than that. Actually it was a while ago.

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Speaker 1: But as we looked at our circumstances in our situation,

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Speaker 1: what we realized was that, man, while the kids are

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Speaker 1: at home, in particular, that's when we're going to have

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Speaker 1: the biggest financial outlay. Essentially, we're or really I should

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Speaker 1: say the biggest negative impact were one of us to die,

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Speaker 1: but especially with Kate, I mean having like once they're grown,

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Speaker 1: the financial story about it, yeah, exactly. And so with her,

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Speaker 1: even with her being a stay at home mom, taking

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Speaker 1: care of the kids, running the household, that's I mean,

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Speaker 1: that's a full time job. And what I realized was that,

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Speaker 1: oh my gosh, I would be in multiple worlds of

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Speaker 1: her wors sheet to pass, of course, and so I'm

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Speaker 1: pointing out the fact that we got a twenty year

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Speaker 1: term policy for her, because what we realized was that, oh,

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Speaker 1: once the kids are gone, we're going to be fine.

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Speaker 1: We won't need that additional income that were you to die,

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Speaker 1: that would be able to provide me. And so in effect,

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Speaker 1: we're kind of I want to say, layered. Like I

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Speaker 1: know that life insurance everyone says laddering, like that's the

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Speaker 1: that's the thing that everyone says, But that doesn't make

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Speaker 1: sense to me. I always in my mind it makes

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Speaker 1: more sense to layer it because you see why you

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Speaker 1: see that like like overlapping your policy. Yeah, because if

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Speaker 1: it's cold outside, what do you do? You're like, oh,

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Speaker 1: let me go ahead, put a vest on. Yeah, But

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Speaker 1: then you go outside and you're like, oh, it's a

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Speaker 1: lot colder than a thought, and so then you put

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Speaker 1: a jacket on on top of that. But then it

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Speaker 1: gets warmer, and so then you take the jacket off,

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Speaker 1: but you still have the vest on. Layering. Why hasn't

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Speaker 1: that caught on? Why did no one lets you create

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Speaker 1: this time? I don't know. I know, I feel like

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Speaker 1: folks need to jump on the insurance layering as opposed

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Speaker 1: to lattering. I understand. I get the laddering thing.

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Speaker 2: Too, but yeah, I think ultimately it can be a

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Speaker 2: morbid topic at times, but this is one of those

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Speaker 2: things where you want to make sure you have enough

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Speaker 2: coverage and you want to make sure you're getting essentially

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Speaker 2: all that you need while paying the least amount overall

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Speaker 2: and premiums you can't like you could get like a

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Speaker 2: five million dollar policy or something like that, but you

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Speaker 2: might just need a million at one point, and then

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Speaker 2: an extra five hundred thousand on another point, then another million.

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Speaker 1: I don't know.

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Speaker 2: Like, read the article and it will help help point

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Speaker 2: you in the right direction when it comes to how.

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Speaker 1: You should be lattering or latering. Yeah, your life insurance policies.

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Speaker 1: But buddy, let's keep on moving. Let's talk about inflation,

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Speaker 1: because it is cooling across almost every aspect of our economy,

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Speaker 1: homeowners and car insurance. I will say our exceptions to that, sure,

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Speaker 1: but there is something else that continues to rock it

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Speaker 1: up in price going to Disney. So, despite thinning crowds Disneyland,

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Speaker 1: they just announced another price syke between six and twenty percent,

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Speaker 1: depending on whether you are buying like a single day

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Speaker 1: pass for popular days or if you are looking at

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Speaker 1: annual passes. And also those annual passes are crazy expens

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Speaker 1: they're crazy expensive. But I just don't understand why they

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Speaker 1: thought that, Like, oh, our profits are down. What we

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Speaker 1: need to do is in the parks are aren't that crowded?

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Speaker 1: So do we think that we're going to be able

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Speaker 1: to increase business and profits by increasing the price of

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Speaker 1: the tickets. I'm not totally sure how that works, oposite

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Speaker 1: of the way traditional supper and the Man works. Is

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Speaker 1: this a luxury? Good Joel? But the average price of

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Speaker 1: a ticket to Disney has doubled over the past decade,

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Speaker 1: which is bad news for somebody like me who said

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Speaker 1: that we were just going to go to Disney one time,

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Speaker 1: and last year that's what we said. We're like, all right,

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Speaker 1: we'll just do it once we went all out, but

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Speaker 1: we had such a great time. We're totally gonna end

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Speaker 1: up going in a few years. And it's a good

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Speaker 1: thing that it's going to be in a few years too,

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Speaker 1: because that'll give us more time to save. But what

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Speaker 1: we'd recommend is to avoid Disney if possible. If you

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Speaker 1: I don't know, I think a lot of people think

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Speaker 1: about Disney as almost like this necessity and like if

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Speaker 1: you want to do it, by all means, go for it,

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Speaker 1: but it doesn't mean like that you have to.

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Speaker 2: Do it almost like an annual destination that I got

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Speaker 2: to hit up or my life's not complete exactly.

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Speaker 1: But even if you are like a Disney nerd, you

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Speaker 1: can still go, but maybe just go a little less frequently,

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Speaker 1: or consider going on some of the least popular or

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Speaker 1: some of the cheaper days of the year, because the

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Speaker 1: most popular days can cost over two hundred dollars, the

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Speaker 1: least popular days they're only like barely over one hundred bucks. Yeah,

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Speaker 1: it's like that dynamic price a work. It's amazing, and

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Speaker 1: so use that to your advantage. And that's a big

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Speaker 1: difference in the price of entry. Being price sensitive. When

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Speaker 1: companies raise prices, even going on a buyer strike saying

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Speaker 1: that you're not gonna do this anymore, this has an

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Speaker 1: impact because you might be bombed to punt that trip

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Speaker 1: further down the road. But I just we're highlighting the

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Speaker 1: fact that you don't have to just hold your nose

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Speaker 1: and fork over all of your money just you know,

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Speaker 1: as like this inevitable sort of part of life.

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Speaker 2: Yeah, well, I maybe potentially other good news Matt for

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Speaker 2: Disney goers is when the new Harry Potter Park opens

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Speaker 2: in May.

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Speaker 1: Yeah, I have a feeling that's a ministry of magic. Yeah.

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Speaker 2: Section I don't know if the part about how they're

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Speaker 2: pricing that, but if you want to get into that thing,

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Speaker 2: you're gonna have to pay for a four day pass,

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Speaker 2: but only one of those days can be at the

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Speaker 2: new Harry Potter Park. So I have a feeling a

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Speaker 2: lot of people who want to go see that, they're

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Speaker 2: gonna go to Florida. They're gonna miss out on Disney

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Speaker 2: completely because they're really more They're a lot more excited

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Speaker 2: about going and see the Harry Potter stuff. So Disney

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Speaker 2: might be shooting themselves in the foot by overpricing entrance

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Speaker 2: to the parks.

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Speaker 1: True, the treatment HP for the Wind.

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Speaker 2: Was talking about something else that is going up in price,

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Speaker 2: and it's not even necessarily just because of inflation. It's

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Speaker 2: because of personal spending habits. The Washington Post had an

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Speaker 2: article about how much young people are spending on fitness.

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Speaker 2: A lot of people mad they view their health as

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Speaker 2: a financial priority, and I think, you know, that's probably

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Speaker 2: a better use of your money than fast food or

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Speaker 2: going to really expensive theme parks. But gen Z in particular,

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Speaker 2: they seem to be willing to spend extra money on fitness,

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Speaker 2: including fancy gym memberships, supplements, that kind of stuff like

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Speaker 2: the green stuff you stir into your shade.

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Speaker 1: One. Yeah, we're not sponsored, but I hear it advertised

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Speaker 1: all the time.

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Speaker 2: People seem to like it, right, And for some of

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Speaker 2: these folks that means going into debt to pursue some

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Speaker 2: of their fitness goals.

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Speaker 1: That is not good, right.

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Speaker 2: I've heard a financial rule of thumb being thrown out

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Speaker 2: there by some so called personal finance officionados saying you

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Speaker 2: should probably spend between five and ten percent of your

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Speaker 2: overall budget on fitness.

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Speaker 1: That sounds like a lot to me.

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Speaker 2: And it's not that the fitness shouldn't be a pro

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Speaker 2: I mean you mentioned earlier I ran a half marathon

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Speaker 2: right this past weekend.

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Speaker 1: But and we've both been pursuing off your fitness goals.

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Speaker 1: You talked about building out your home gym. But there

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Speaker 1: is a limit on the upside to spending more and

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Speaker 1: more and more, And I think this is just becoming

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Speaker 1: another place where people are tending to consume. I think

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Speaker 1: health is wealth in so many ways. It's a crucial

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Speaker 1: part of living a healthy life. And it could be

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Speaker 1: smart spending if you're budgeting appropriately and intentionally, and if

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Speaker 1: you're avoiding debt right like some of those people. That's

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Speaker 1: the part I really really hate. Or it could, I

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Speaker 1: think maybe just become another attempt to keep up with

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Speaker 1: the Joneses. And it makes me think, Matt, of two

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Speaker 1: different friends I have, they're both into fitness. One of

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Speaker 1: them like literally makes four powdered drinks every single morning,

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Speaker 1: and those powdered things are expensive. Did you just say

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Speaker 1: four powdered, four powdered drinks, four separate drinks.

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Speaker 2: Yeah, Oh my gosh, so like I can't imagine what

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Speaker 2: he's spending every single month on those little containers.

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Speaker 1: There's only so much that your body can absorb, yeah,

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Speaker 1: you know.

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Speaker 2: And then one of my other buddies who's like a

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Speaker 2: far better runner than I am, when I when I

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Speaker 2: show up to run with him, he he literally is

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Speaker 2: running with a Kirkland signature water bottle in hand, like

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Speaker 2: in Jim Shorts from like twelve years ago.

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Speaker 1: And he's better than I. He's a lot better than

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Speaker 1: I am. I know you're talking about. And so I

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Speaker 1: think it just goes to show get some new Shortsville.

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Speaker 1: I think you don't.

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Speaker 2: Have to fork over like big, big money in order

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Speaker 2: to pursue fitness, and I think it's okay to spend

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Speaker 2: intentionally on that front. But I think a lot of

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Speaker 2: people are like, I don't know, potentially overdoing it, yeah,

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Speaker 2: and they're like harming their own ability to achieve financial independence.

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Speaker 1: I think what you said about keeping up with the Joneses,

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Speaker 1: that's I think that's what some folks are slipping into,

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Speaker 1: and like, just where it becomes a pattern of consumption

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Speaker 1: thinking that it's going to lead to better results, that's

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Speaker 1: when I think it can be a slippery slope. Because

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Speaker 1: I'm totally fine if, like you said, you are intentionally

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Speaker 1: spending on it, like if it like I think fitness

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Speaker 1: can be your craft beer equivalent where you're spending a

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Speaker 1: lot of money. That being said, the stat of maybe

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Speaker 1: ten percent of your budget going towards that, I don't

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Speaker 1: know if I can get behind that, Like that is

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Speaker 1: a ton of money. That would be the equivalent of

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Speaker 1: somebody saying that. But I'm really into cars, and it's like,

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Speaker 1: oh man, that is a lot of money. It's difficult

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Speaker 1: to have cars be your craft beer equivalent and It

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Speaker 1: just depends on where you are within your your own

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Speaker 1: financial journey. But the other thing that you said that

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Speaker 1: I think is so key is that we are not

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Speaker 1: gonna recommend anybody going into debt for for something like

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Speaker 1: fitness fitness goals, because you can sort of justify it

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Speaker 1: and write it off as like, oh, this is an

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Speaker 1: investment in my health, but like you're just you're fooling

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Speaker 1: yourself in like you are push ups, going for a run.

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Speaker 1: These are all free things. There's a lot of body.

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Speaker 2: Weight exercises you can do, and so I think, like

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Speaker 2: start there. Eventually you can ramp up your spending if

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Speaker 2: you want to when you have the cash, but don't

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Speaker 2: like rationalize it in that way that going into debt

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Speaker 2: is okay because it's something I'm building for my fitness future.

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Speaker 1: It's not an actual investment. That's the like when we

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Speaker 1: talk about taking out debt, okay for a home or

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Speaker 1: in a lot of instances, higher education or even a business.

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Speaker 1: Those are all things that can lead to your net

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Speaker 1: worth going up. And even still it's not a guaranteed thing.

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Speaker 1: It's not slam dunk sort of decision. And so that's

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Speaker 1: why we still stay to proceed cautiously when it comes

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Speaker 1: to spinning and going into debt within those areas. But man,

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Speaker 1: anytime you are going into debt for lifestyle choices, you

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Speaker 1: are always going to end up pour down the road.

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Speaker 2: I just think about the number of people Matt I

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Speaker 2: see wearing those like super running shoes now call them

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Speaker 2: super shoes or whatever. They're like three hundred dollars shoes,

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Speaker 2: and every shoe brand basically has their own variety. They

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Speaker 2: can be even more than three hundred, three, four hundred

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Speaker 2: and five hundred bucks. And that's you know, see a

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Speaker 2: bunch of these at the race. I'm seeing like normal

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Speaker 2: everyday slow people like myself wearing these things.

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Speaker 1: Yea. And they're crazy, crazy expensive.

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Speaker 2: And I don't know, if you're a weekend warrior out

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Speaker 2: there trying to get fit, like the shoes can be

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Speaker 2: a fun thing if you have the money, but it

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Speaker 2: can also be a distraction, I think from your fitness

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Speaker 2: goals and a waste of money, because guess what, none

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Speaker 2: of us are hitting that sub to hour marathon time.

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Speaker 1: Guys myself included. Let's talk about the costs of food.

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Speaker 1: Joel our World and Data had an updated chart on

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Speaker 1: a trend that is getting worse by the year. Adjusted

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Speaker 1: for inflation, Americans spend just as much on groceries and

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Speaker 1: so specifically cooking at home as they did in the

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Speaker 1: nineteen fifties. This is actually great, you know. This means

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Speaker 1: that groceries haven't been as impacted by inflation on a

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Speaker 1: multi decade timeline as we might think. What isn't good

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Speaker 1: is how much more we are spending going out to eat.

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Speaker 1: This is the trend that we hate, seeing the amount

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Speaker 1: of money that we spend at cafes, restaurants, coffee shops.

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Speaker 1: It has shot through the roof. Really is the avocado toast,

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Speaker 1: is what you're saying, Matt. It's not just the avocat,

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Speaker 1: it's everything. It's the fact that just as a country man,

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Speaker 1: we've gotten wealthier and because of that, we don't there's

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Speaker 1: certain things we don't want to do, and cooking food

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Speaker 1: is one of those things. We want it to be

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Speaker 1: easy in all the food delivery spoil ourselves and the

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Speaker 1: food delivery just takes it up a whole other level.

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Speaker 1: Perfect example of the fact something that didn't exist before

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Speaker 1: and now it feels essential to a lot of It

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Speaker 1: feels essential. Yeah, and so as far as going out

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Speaker 1: to eat, Americans have essentially doubled what they spend in

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Speaker 1: those places. And you know, it's not the end of

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Speaker 1: the world if you've budgeted for that expense, if you're

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Speaker 1: crushing your other financial goals. But man, it is just

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Speaker 1: so easy to be parted with your money going out

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Speaker 1: to eat, ordering uber eats, you know, ordering takeout on

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Speaker 1: a random Tuesday, without thinking twice. The average meal cooked

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Speaker 1: at home it costs only four dollars. Eating out costs

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Speaker 1: four times that. And so, in this one way, we

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Speaker 1: think that by being intentional, it can have a significant

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Speaker 1: impact literally doing this one thing, like you are going

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Speaker 1: to be head and shoulders above the rest when it

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Speaker 1: comes to being able to achieve some of the other bigger,

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Speaker 1: loftier financial goals you might.

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Speaker 2: Have, And that just might mean a little bit better

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Speaker 2: meal planning on the weekends and being intentional about getting

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Speaker 2: to the grocery store having everything kind of ready to go,

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Speaker 2: maybe even batching some of that cooking so that when

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Speaker 2: you get home at night and you say I'm too

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Speaker 2: tired to cook, well, you do have something in the

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Speaker 2: fridge it's ready to go, or you did toss something

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Speaker 2: in the crockpot before you left for work. I mean whatever, Matt,

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Speaker 2: our family we have busy lives, we have soccer practice

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Speaker 2: for the kids, that kind of stuff. So I totally

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Speaker 2: get the impulse. And so you have to like plan

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Speaker 2: around I think that impulse, because that impulse can be costly.

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Speaker 2: Speaking of eating, we're not even yet to Halloween, but

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Speaker 2: Thanksgiving it's just around the corner. And if you're making

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Speaker 2: let's say the meal for your family, the bird and sides, well,

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Speaker 2: the best place to go get your groceries. Promise this

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Speaker 2: is not an ad is Aldi and all these announced

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Speaker 2: basically that their prices are going to be even lower

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Speaker 2: than Walmart this year. They're touting what they're calling an

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Speaker 2: inflation busting holiday meal, and they basically set a meal

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Speaker 2: they can feed ten people. It's going to cost forty

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Speaker 2: seven bucks. So, Matt, you just said the average at

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Speaker 2: home meal costs four dollars to make. That's four dollars

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Speaker 2: and seventy cents a person. So all these Thanksgiving meal,

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Speaker 2: which is typically even a stepped up meal, is still

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Speaker 2: within that range, which is awesome. Eating at home more

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Speaker 2: is a win for your budget. It so is shopping

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Speaker 2: at the low cost grocery stores just tending to go

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Speaker 2: towards less expensive stores. In general, the Discounters makes a

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Speaker 2: lot of sense. It's going to save you money when

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Speaker 2: you run the numbers. Matt Aldie is consistently king on

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Speaker 2: that front.

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Speaker 1: We are such fans of Aldi, and I think it's

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Speaker 1: been too long since we've voiced our love for the

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Speaker 1: Aldi Discounter grocery store.

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Speaker 2: Someone in the had a money Facebook group the other

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Speaker 2: day posted a Rivian with an Aldie colored.

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Speaker 1: Paint chob and they tagged me full snap. That's like

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Speaker 1: the purpose crossover for me? Was it say I generated?

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Speaker 1: Or I think it was? This actually exists? I think

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Speaker 1: it was real. Okay, Well, speaking of keeping prices. Low

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Speaker 1: Slate had an interesting article this past week in defense

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Speaker 1: of a company that many people actually love to hate,

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Speaker 1: and that would be Spirit Airlines. The still never flown them,

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Speaker 1: by the way I have you have. It wasn't that bad.

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Speaker 1: We did Frontier recently. I've done Frontier before, I've done

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Speaker 1: I've done them all. I would do Spirit. What was

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Speaker 1: the one that it used to be in Atlanta that

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Speaker 1: was also one of the discounters. Air Tran air Tran,

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Speaker 1: like all the air Tran was great I've flowed all

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Speaker 1: the discounters. I don't discriminate, I don't hate. But the

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Speaker 1: author's point in this article, whether you love or hate it,

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Speaker 1: Spirit is actually good for all flyers, and that's because

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Speaker 1: they are bringing down prices for all of us, even

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Speaker 1: if we refuse to fly with them. They've had a

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Speaker 1: significant impact because of the hyper focus on creating low fares,

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Speaker 1: even if you know their service may not be the

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Speaker 1: absolute best. But like, I think that perception has more

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Speaker 1: to do with your expectations as to what they're going

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Speaker 1: to provide as opposed to the actual service that you're getting. Yes,

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Speaker 1: you're not going to get a free cocktail or I

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Speaker 1: don't know you get free cocktails? Does that anymore? Just

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Speaker 1: by flying Delta, I get an old fashioned please sir,

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Speaker 1: And they're like, sorry, we don't do that. They're calling

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Speaker 1: this the Spirit effect. Basically, when Spirit offers a route

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Speaker 1: that Delta, American Airlines or any of the other big

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Speaker 1: airlines fly those full fare airlines, they're forced to pay

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Speaker 1: more attention to the pricing. Like in this way, Spirit

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Speaker 1: is kind of like Aldie. They're keeping folks honest. Actually,

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Speaker 1: I'm convincing myself to want to fly Spirit more because

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Speaker 1: I like what they're doing, especially now that Southwest is like,

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Speaker 1: I don't know, I feel like they're trying to become

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Speaker 1: one of They're trying to be a big boy airline.

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Speaker 1: We need now more than yeah, exactly. It makes me

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Speaker 1: want to gravitate towards Spirit even more.

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Speaker 2: Yeah, And the same thing is true, like when it

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Speaker 2: allD pops up half a mile from a Kroger or

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Speaker 2: one of the other big grocery stores, they have to

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Speaker 2: do a double take, and they have to check their

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Speaker 2: prices and they have to stay competitive spirits doing the

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Speaker 2: same thing in the air. And so even if you're like,

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Speaker 2: I'm never flying them, you should just like, maybe when

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Speaker 2: you see those yellow airplanes, you should have a smile

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Speaker 2: on your face because they've saved you money indirectly even

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Speaker 2: though you haven't flown.

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Speaker 1: It's competition. Yeah.

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Speaker 2: We actually got an email, Matt from listener Nathan this week,

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Speaker 2: and he is love listener Nathan. He emails specifically about

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Speaker 2: privacy related things often, and the truth is we all

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Speaker 2: know that our data is consistently at risk these days.

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Speaker 2: And he detailed a few things that we wanted to share,

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Speaker 2: maybe just in one quick segment here he talked about

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Speaker 2: a fidelity breach seventy seven thousand customers had their personal

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Speaker 2: data leaked just a couple of weeks ago. Another story

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Speaker 2: he sent was about the likely sale of twenty three

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Speaker 2: and meters and the privacy kerfuffle.

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Speaker 1: That that would cause. I can see that being problematic.

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00:18:54,200 --> 00:18:57,280
Speaker 2: Shoot, I mean honestly, just using those services to do

434
00:18:57,359 --> 00:19:01,600
Speaker 2: those DNA services have potential privacy issues from the get go,

435
00:19:01,680 --> 00:19:03,960
Speaker 2: but the sale could create even more. And then yet

436
00:19:04,000 --> 00:19:07,840
Speaker 2: another story about PayPal changing its terms of service to

437
00:19:07,920 --> 00:19:10,439
Speaker 2: state that they can now sell your user data unless

438
00:19:10,440 --> 00:19:12,200
Speaker 2: you opt out. So there is a way to opt

439
00:19:12,200 --> 00:19:14,840
Speaker 2: out by heading to the settings turning off what's known

440
00:19:14,840 --> 00:19:17,240
Speaker 2: as personalized shopping in your PayPal account.

441
00:19:17,320 --> 00:19:19,960
Speaker 1: So any PayPal user, all of us, should go do that.

442
00:19:20,520 --> 00:19:23,480
Speaker 1: But all these stories, I think, just combined, they show

443
00:19:23,760 --> 00:19:26,440
Speaker 1: just how at risk our data is. So two factor

444
00:19:26,480 --> 00:19:29,399
Speaker 1: authentication is one way to protect yourself so that people

445
00:19:29,440 --> 00:19:32,359
Speaker 1: can't you find your password and then log in as you.

446
00:19:32,760 --> 00:19:34,520
Speaker 1: That's one way to protect yourself. But then another is

447
00:19:34,560 --> 00:19:37,399
Speaker 1: to freeze your credit. That's free something we talk about often.

448
00:19:37,520 --> 00:19:39,640
Speaker 1: We have an article we'll link to a show notes

449
00:19:39,680 --> 00:19:42,719
Speaker 1: it takes like ninety seconds to accomplish that ninety seconds

450
00:19:42,720 --> 00:19:44,840
Speaker 1: and even less time to unfreeze it once you actually

451
00:19:44,920 --> 00:19:47,399
Speaker 1: have all your log in freez say thaw whatever you

452
00:19:47,480 --> 00:19:50,439
Speaker 1: want to call it, Matt. And you can even another

453
00:19:50,480 --> 00:19:53,560
Speaker 1: thing you can do reduce the max daily TRANSFERMAUNT with

454
00:19:53,560 --> 00:19:55,800
Speaker 1: a lot of your brokerage firms, so if someone were

455
00:19:55,840 --> 00:19:58,040
Speaker 1: to log in, they couldn't transfer like one hundred thousand

456
00:19:58,040 --> 00:19:59,959
Speaker 1: bucks over like, you can minimize the amount that you can,

457
00:20:00,000 --> 00:20:02,560
Speaker 1: and you can put pull out in one day, which

458
00:20:02,600 --> 00:20:05,840
Speaker 1: could curb your impulses to at some point. Fidel It

459
00:20:05,920 --> 00:20:07,640
Speaker 1: even has some sort of lockdown mode that you can

460
00:20:07,680 --> 00:20:09,040
Speaker 1: turn on. So I don't know.

461
00:20:09,080 --> 00:20:11,600
Speaker 2: Those headlines that make me sad, kind of tough to read,

462
00:20:12,440 --> 00:20:15,040
Speaker 2: and I think sometimes it feels like we're just living

463
00:20:15,080 --> 00:20:16,840
Speaker 2: in this world where all our information is out there

464
00:20:16,840 --> 00:20:18,600
Speaker 2: and there's nothing we can do about it. But there

465
00:20:18,600 --> 00:20:20,960
Speaker 2: really are things we can do to protect ourselves.

466
00:20:20,520 --> 00:20:23,320
Speaker 1: That's right. Or you can completely de bank yourself, Joel.

467
00:20:23,359 --> 00:20:26,760
Speaker 1: You could build a cabin out in the woods, go

468
00:20:26,800 --> 00:20:30,840
Speaker 1: off the grid, grow your own food, yeah, and just

469
00:20:30,880 --> 00:20:33,239
Speaker 1: avoid technology all together and avoid people. That's what I'm

470
00:20:33,240 --> 00:20:35,159
Speaker 1: thinking about doing. Never shop at all, because like you're

471
00:20:35,240 --> 00:20:37,720
Speaker 1: killing your own game and roasting it over an open fire.

472
00:20:37,800 --> 00:20:40,680
Speaker 1: I was just talking to a buddy about his He's

473
00:20:40,680 --> 00:20:43,160
Speaker 1: got a friend up in Maine and him and somebody's

474
00:20:43,200 --> 00:20:46,000
Speaker 1: just took down an elk, and evidently it's crazy expensive

475
00:20:46,040 --> 00:20:48,920
Speaker 1: to pay for the tagging. I don't exactly know how

476
00:20:48,920 --> 00:20:51,520
Speaker 1: this works at all, but it's really expensive. But he's like, well,

477
00:20:51,720 --> 00:20:53,480
Speaker 1: this is his buddy talking. We've got like half a

478
00:20:53,560 --> 00:20:56,320
Speaker 1: ton of meat here. Gosh, even the thought of going

479
00:20:56,359 --> 00:20:58,959
Speaker 1: in on like half of a cow with somebody is

480
00:20:59,040 --> 00:21:01,439
Speaker 1: like appealing, right, Like the cost savings there. But I

481
00:21:01,440 --> 00:21:04,480
Speaker 1: gotta think even though it's expensive, the quantity of food

482
00:21:04,520 --> 00:21:07,800
Speaker 1: that you're gonna be able to harvest ethically right like

483
00:21:07,840 --> 00:21:10,480
Speaker 1: in a way that is good for the population. I

484
00:21:10,480 --> 00:21:12,680
Speaker 1: don't know him and I we had a long conversation

485
00:21:12,760 --> 00:21:15,520
Speaker 1: about hunting and like the pros and cons and the

486
00:21:15,560 --> 00:21:17,720
Speaker 1: flavor and all this other stuff. So you've ever done it.

487
00:21:17,720 --> 00:21:20,199
Speaker 1: I don't have the attentions man of hunting. Yeah, I

488
00:21:20,200 --> 00:21:21,840
Speaker 1: can't just sit there for hours on it and hoping

489
00:21:21,880 --> 00:21:23,720
Speaker 1: that something wanders are along my path. I think there's

490
00:21:23,880 --> 00:21:25,760
Speaker 1: is it? Michael Easter he does a lot more. I

491
00:21:25,800 --> 00:21:27,399
Speaker 1: don't think they do a whole lot of sitting. They

492
00:21:27,400 --> 00:21:30,720
Speaker 1: do actually like rucking, so they're like hiking along with

493
00:21:30,800 --> 00:21:34,000
Speaker 1: like bows and rifles and stuff. Okay, Michael Easter, we

494
00:21:34,040 --> 00:21:35,879
Speaker 1: had him on a while ago now actually, but his

495
00:21:35,920 --> 00:21:37,879
Speaker 1: book was was it scarcy De Brain? Yeah, where he

496
00:21:37,960 --> 00:21:40,879
Speaker 1: kind of talks about the natural impulses our psychology and

497
00:21:40,880 --> 00:21:43,000
Speaker 1: how it can get hijacked to cause us to be

498
00:21:43,160 --> 00:21:46,400
Speaker 1: parted from our money, among other things that we discussed

499
00:21:46,400 --> 00:21:48,040
Speaker 1: with him. But Joe, we've got more to get to.

500
00:21:48,080 --> 00:21:50,520
Speaker 1: We're gonna talk about used clothes. We're gonna talk about

501
00:21:50,880 --> 00:21:53,359
Speaker 1: We'll get to the college degrees that pay the most

502
00:21:53,680 --> 00:21:54,240
Speaker 1: that more.

503
00:21:54,440 --> 00:22:05,119
Speaker 2: Right after this, our weback of the Friday flight continues.

504
00:22:05,520 --> 00:22:07,560
Speaker 2: Now it's time for the ludacrous headline of the week.

505
00:22:07,720 --> 00:22:10,360
Speaker 2: This article comes from actually friend of the show Jack

506
00:22:10,480 --> 00:22:14,159
Speaker 2: Rains right and over at Sherwood and the title of

507
00:22:14,200 --> 00:22:18,159
Speaker 2: his article was how Canadian carpenter became an options trader,

508
00:22:18,400 --> 00:22:21,920
Speaker 2: made three hundred million dollars and then went bust. Oh man,

509
00:22:21,960 --> 00:22:23,040
Speaker 2: this was a fun article to read.

510
00:22:23,040 --> 00:22:23,240
Speaker 1: Matt.

511
00:22:23,280 --> 00:22:25,560
Speaker 2: Honestly, I just enjoyed the ride. It was like a

512
00:22:25,680 --> 00:22:28,919
Speaker 2: roller coaster of this person's like emotions and you know,

513
00:22:29,080 --> 00:22:34,440
Speaker 2: financial progress and then lack of progress. So Jack basically

514
00:22:34,480 --> 00:22:37,600
Speaker 2: he profiled someone who became an active trader during COVID,

515
00:22:37,800 --> 00:22:40,080
Speaker 2: which isn't actually all that foreign. I think a decent

516
00:22:40,119 --> 00:22:43,080
Speaker 2: chunk of people did, and he crushed. He turned eighty

517
00:22:43,119 --> 00:22:46,880
Speaker 2: eight thousand dollars Canadian dollars into four hundred and fifteen

518
00:22:46,960 --> 00:22:51,080
Speaker 2: million Canadian dollars by getting risky and trading TESLA options.

519
00:22:51,200 --> 00:22:53,399
Speaker 2: And I guess four hund and fifteen million Canadian dollars

520
00:22:53,440 --> 00:22:55,760
Speaker 2: is basically three hundred million American dollars, which is why

521
00:22:55,760 --> 00:22:57,359
Speaker 2: he titled the Yeah.

522
00:22:57,680 --> 00:23:00,399
Speaker 1: So it was also, say, eighty eight thousand Canadian dollars,

523
00:23:00,400 --> 00:23:03,560
Speaker 1: what's that like twenty grand? I think it's probably like

524
00:23:03,760 --> 00:23:06,680
Speaker 1: sixty two grand calculations is correctly, I'm just like, given

525
00:23:06,760 --> 00:23:09,639
Speaker 1: our if we do have Canadian listeners listeners, given them

526
00:23:09,680 --> 00:23:10,879
Speaker 1: a heart, we for sure do.

527
00:23:11,000 --> 00:23:13,480
Speaker 2: Yeah, And so he was all good, of course for

528
00:23:13,560 --> 00:23:16,200
Speaker 2: this guy, while his bank account balance was skyrocketing and

529
00:23:16,320 --> 00:23:19,840
Speaker 2: his trades were making him sick money. But of course

530
00:23:19,880 --> 00:23:22,120
Speaker 2: it all went south. He even borrowed at one point

531
00:23:22,160 --> 00:23:25,399
Speaker 2: twenty million dollars as things were going down, down, down,

532
00:23:25,680 --> 00:23:28,520
Speaker 2: to try and keep the party going. So now not

533
00:23:28,560 --> 00:23:32,080
Speaker 2: only is he out his fortune. He's also in debt,

534
00:23:32,760 --> 00:23:35,000
Speaker 2: so what was he doing. He's suing his bank that

535
00:23:35,119 --> 00:23:38,400
Speaker 2: allowed him to continue in his foolish endeavor of trading options,

536
00:23:38,760 --> 00:23:42,120
Speaker 2: even basically saying, Hey, they didn't recognize my addiction. It's

537
00:23:42,119 --> 00:23:44,639
Speaker 2: their fault. And I think this is a reminder Matt

538
00:23:44,880 --> 00:23:49,040
Speaker 2: that the riskiest strategies often end like this, right, How

539
00:23:49,080 --> 00:23:50,760
Speaker 2: did this guy not take money off the table at

540
00:23:50,760 --> 00:23:51,680
Speaker 2: some point along the way?

541
00:23:51,840 --> 00:23:55,080
Speaker 1: That's yea, even like folks who were day trading during

542
00:23:55,080 --> 00:23:58,040
Speaker 1: the pandemic that or like with crypto like that had

543
00:23:58,080 --> 00:24:00,560
Speaker 1: Boukuo's the money sitting around like that's where you have

544
00:24:00,600 --> 00:24:01,960
Speaker 1: a hard time. You can take a little bit, So

545
00:24:01,960 --> 00:24:03,280
Speaker 1: you're have a hard time relating to those folks at

546
00:24:03,320 --> 00:24:04,919
Speaker 1: that point, because there's no way that I would not

547
00:24:05,000 --> 00:24:06,639
Speaker 1: have taken some money off the table just to be like,

548
00:24:06,680 --> 00:24:09,160
Speaker 1: you know, just in case things don't work pan out,

549
00:24:09,359 --> 00:24:10,959
Speaker 1: I want to be able to at least pay off

550
00:24:11,000 --> 00:24:11,280
Speaker 1: the house.

551
00:24:11,320 --> 00:24:13,560
Speaker 2: You start to think you're the smartest guy in the

552
00:24:13,560 --> 00:24:16,320
Speaker 2: world or something like that. But I think it's also

553
00:24:16,359 --> 00:24:19,320
Speaker 2: a reminder that more risk it might net you more reward,

554
00:24:19,400 --> 00:24:21,080
Speaker 2: but that might only be in the short term. It

555
00:24:21,119 --> 00:24:22,120
Speaker 2: might not last very long.

556
00:24:22,280 --> 00:24:24,119
Speaker 1: Yeah, that's true. Like most of the article had to

557
00:24:24,160 --> 00:24:26,639
Speaker 1: do with sort of like how he is suing and

558
00:24:26,680 --> 00:24:29,879
Speaker 1: how you know, the legal recourse that he's taking. But

559
00:24:30,080 --> 00:24:33,560
Speaker 1: like the most relatable aspect of history was the fact

560
00:24:33,560 --> 00:24:36,040
Speaker 1: that he's a carpenter. And I think that that is

561
00:24:36,240 --> 00:24:38,920
Speaker 1: what can cause folks to get sort of sucked into

562
00:24:38,920 --> 00:24:41,960
Speaker 1: thinking that they might be able to do something similar. Right, Like,

563
00:24:42,000 --> 00:24:43,800
Speaker 1: he's a carpenter. He's not like some sort of Wall

564
00:24:43,840 --> 00:24:46,200
Speaker 1: Street guy, which there might be a whole lot of

565
00:24:46,200 --> 00:24:48,719
Speaker 1: folks out there who are thinking, ah, right, he's probably

566
00:24:48,760 --> 00:24:51,280
Speaker 1: like of average intelligence. He's probably just like me. Yeah,

567
00:24:51,280 --> 00:24:53,680
Speaker 1: And then you make a couple purchases, you start investing,

568
00:24:53,760 --> 00:24:56,879
Speaker 1: start speculating, option trading like and honestly makes me think

569
00:24:56,920 --> 00:24:59,040
Speaker 1: of some of the different betting apps, Like there's a

570
00:24:59,040 --> 00:25:01,520
Speaker 1: new one too that I've I've heard talked about a

571
00:25:01,520 --> 00:25:04,680
Speaker 1: lot recently, just all the different odds markets. But you've

572
00:25:04,680 --> 00:25:06,880
Speaker 1: got these different sites, these different apps, and I think

573
00:25:07,040 --> 00:25:09,280
Speaker 1: the worst thing that could happen for some of these

574
00:25:09,280 --> 00:25:11,359
Speaker 1: folks is for them to do decently well. Oh yeah,

575
00:25:11,400 --> 00:25:13,560
Speaker 1: Like with that initial, I won my first parlay on

576
00:25:13,800 --> 00:25:17,240
Speaker 1: initial and then like what happens the hook is set

577
00:25:17,280 --> 00:25:19,000
Speaker 1: and you start to think that this is something that

578
00:25:19,040 --> 00:25:21,439
Speaker 1: you can do and before you know it. Hopefully you

579
00:25:21,480 --> 00:25:24,040
Speaker 1: don't get to a point in time where you're completely

580
00:25:24,080 --> 00:25:26,919
Speaker 1: in over your head. But even losing any money is

581
00:25:27,000 --> 00:25:28,760
Speaker 1: I don't know, unless you are intentionally doing it and

582
00:25:28,800 --> 00:25:30,800
Speaker 1: it's fun for you. That's not something we want to

583
00:25:30,800 --> 00:25:32,320
Speaker 1: see people do lose that money.

584
00:25:32,359 --> 00:25:34,880
Speaker 2: That's really like sports gambling, Matt. I think every casual

585
00:25:34,920 --> 00:25:38,119
Speaker 2: sports fan thinks they know more than other casual sports fans.

586
00:25:38,240 --> 00:25:40,200
Speaker 1: Everyone thinks they have a little bit of insight, yeah,

587
00:25:40,320 --> 00:25:41,200
Speaker 1: that the other guy doesn't have.

588
00:25:41,359 --> 00:25:44,399
Speaker 2: The truth is that the house has the edge, not you.

589
00:25:44,600 --> 00:25:48,840
Speaker 2: So that those sports sites are proliferating and they're making

590
00:25:49,080 --> 00:25:52,560
Speaker 2: they're generating a lot more revenue, and it's typically on

591
00:25:52,600 --> 00:25:55,159
Speaker 2: the backs of all of the participants who think they

592
00:25:55,200 --> 00:25:55,639
Speaker 2: know better.

593
00:25:55,800 --> 00:26:00,760
Speaker 1: Well, savings are the opposite of gambling and optionsl But

594
00:26:00,800 --> 00:26:03,919
Speaker 1: savings rates are falling, and if we're reading our crystal

595
00:26:03,960 --> 00:26:07,560
Speaker 1: ball correctly, that decline is likely to continue. The question

596
00:26:07,600 --> 00:26:10,760
Speaker 1: it's more about how much they're gonna decline and how

597
00:26:10,840 --> 00:26:13,680
Speaker 1: fast they're gonna go down. And I hate to see

598
00:26:13,720 --> 00:26:15,760
Speaker 1: it because it means that the era of savers being

599
00:26:15,840 --> 00:26:19,480
Speaker 1: reasonably rewarded was fairly short lived, right, We had inflation

600
00:26:19,560 --> 00:26:23,440
Speaker 1: going up, interest rates reflected that. And I don't know, yeah,

601
00:26:23,480 --> 00:26:25,000
Speaker 1: I had a short period of time where you can

602
00:26:25,040 --> 00:26:27,439
Speaker 1: make decent money by keeping your money in the bank.

603
00:26:27,800 --> 00:26:30,000
Speaker 1: But what should you do about it? So much of

604
00:26:30,040 --> 00:26:33,640
Speaker 1: it depends on your specific financial situation, because we all

605
00:26:33,680 --> 00:26:35,720
Speaker 1: need to have a certain amount of liquid cash within

606
00:26:35,840 --> 00:26:39,160
Speaker 1: an emergency fund for potential rainy days, and that money

607
00:26:39,200 --> 00:26:41,840
Speaker 1: belongs in a savings account, even if your savings rate

608
00:26:41,960 --> 00:26:44,720
Speaker 1: is declining. But also make sure that you don't have

609
00:26:44,880 --> 00:26:48,320
Speaker 1: too much cash on hand, because if you are in

610
00:26:48,359 --> 00:26:51,359
Speaker 1: the wealth building phase of your life, just be careful

611
00:26:51,359 --> 00:26:53,920
Speaker 1: about over allocating the cash because if you don't need

612
00:26:53,920 --> 00:26:56,160
Speaker 1: it in the short term or even the medium term,

613
00:26:56,440 --> 00:26:59,320
Speaker 1: those dollars should be invested in the market, and it

614
00:26:59,400 --> 00:27:01,480
Speaker 1: might not be something that you've done much of. And

615
00:27:01,520 --> 00:27:04,320
Speaker 1: I could see this being maybe a scenario that younger

616
00:27:04,320 --> 00:27:06,199
Speaker 1: folks find themselves in, right, Like they're thinking, oh, well,

617
00:27:06,240 --> 00:27:08,679
Speaker 1: I've always contributed to a little bit of money to

618
00:27:08,720 --> 00:27:10,760
Speaker 1: my four one k oh. I've always had a roth

619
00:27:10,800 --> 00:27:13,360
Speaker 1: I ever since I was a nineteen year old. I've

620
00:27:13,680 --> 00:27:15,879
Speaker 1: socked some money away there within my roth Ira, but

621
00:27:16,000 --> 00:27:18,480
Speaker 1: a brokerage account where you are investing more for the

622
00:27:18,520 --> 00:27:20,800
Speaker 1: medium term, that might feel a bit more foreign to folks.

623
00:27:20,840 --> 00:27:23,480
Speaker 1: I don't know. Maybe not. Again, during the pandemic during COVID,

624
00:27:23,800 --> 00:27:26,119
Speaker 1: a lot more folks were sort of duped into opening

625
00:27:26,119 --> 00:27:28,760
Speaker 1: brokeridge accounts before they even had retirement accounts set up.

626
00:27:28,760 --> 00:27:31,280
Speaker 1: So maybe not. So, maybe this isn't Maybe I am

627
00:27:31,800 --> 00:27:34,320
Speaker 1: speaking out of my inexperience with brokeridge accounts until I

628
00:27:34,400 --> 00:27:35,200
Speaker 1: was much further along.

629
00:27:35,240 --> 00:27:37,840
Speaker 2: Well, you remember my career, Robinhood early on didn't even

630
00:27:37,840 --> 00:27:39,120
Speaker 2: offer like you could I.

631
00:27:39,280 --> 00:27:41,720
Speaker 1: Exactly, which is why that's that's why we hated on

632
00:27:41,800 --> 00:27:44,760
Speaker 1: Robinhood so much early on, is because folks were getting

633
00:27:44,840 --> 00:27:48,320
Speaker 1: sucked into thinking that they needed to open a Robinhood account.

634
00:27:48,320 --> 00:27:50,560
Speaker 1: And it's like, dude, you need to open a roth iray,

635
00:27:50,640 --> 00:27:54,040
Speaker 1: you need to open a tax advantage account first. Of course,

636
00:27:54,040 --> 00:27:56,560
Speaker 1: they offer bread and butter. Yeah, yeah, make that happen first.

637
00:27:56,560 --> 00:27:59,639
Speaker 1: Of course, Robinhood they started offering retirement accounts after the fact,

638
00:27:59,800 --> 00:28:02,159
Speaker 1: But we want folks to be investing for those medium

639
00:28:02,200 --> 00:28:04,520
Speaker 1: term goals as opposed to just having that sit there

640
00:28:04,800 --> 00:28:07,160
Speaker 1: in cash for four or five, six years.

641
00:28:07,200 --> 00:28:08,720
Speaker 2: Yeah, you might think of it as a good problem

642
00:28:08,720 --> 00:28:11,080
Speaker 2: to have. Oh, I've got too much cash, and a

643
00:28:11,080 --> 00:28:13,199
Speaker 2: lot of people wouldn't shed too many tears for you

644
00:28:13,240 --> 00:28:15,680
Speaker 2: for having too much cash on hand, and you don't

645
00:28:15,720 --> 00:28:19,080
Speaker 2: have to optimize to the nth degree. But there are

646
00:28:19,119 --> 00:28:21,360
Speaker 2: downsides to having too much cash, and one of those

647
00:28:21,480 --> 00:28:25,439
Speaker 2: is not growing your dollars appropriately. Matt, Let's talk about

648
00:28:25,520 --> 00:28:28,560
Speaker 2: clothing for a second. People tend to dig use clothes.

649
00:28:28,600 --> 00:28:32,440
Speaker 1: I like used clothes. There's even higher demand right now.

650
00:28:32,520 --> 00:28:35,440
Speaker 1: AKAA vintage vintage threads.

651
00:28:35,200 --> 00:28:37,800
Speaker 2: Joel, Yeah, I think what the nineties is back right now,

652
00:28:37,880 --> 00:28:40,000
Speaker 2: like all the stylings from the nineties. I'm seeing people

653
00:28:40,000 --> 00:28:44,160
Speaker 2: wearing the bigger jeans, the lighter colored jeans, and so yeah,

654
00:28:44,320 --> 00:28:46,040
Speaker 2: why not go get that stuff at the thrift store.

655
00:28:46,400 --> 00:28:48,840
Speaker 2: And there are actually even more companies entering the resale

656
00:28:48,880 --> 00:28:51,840
Speaker 2: market in an attempt to kind of capitalize on this

657
00:28:52,000 --> 00:28:55,800
Speaker 2: growing trend. But the economics aren't working for many of

658
00:28:55,840 --> 00:28:57,680
Speaker 2: these companies. As it turns out, there are a lot

659
00:28:57,720 --> 00:28:59,920
Speaker 2: to choose from. There's like eBay obviously is kind of

660
00:29:00,080 --> 00:29:04,440
Speaker 2: the original gangster of the resale market, and where individuals

661
00:29:04,440 --> 00:29:08,120
Speaker 2: can sell to other individuals like whatever vintage threads they want,

662
00:29:08,560 --> 00:29:11,960
Speaker 2: but thread up Poshmark, Burcari. There's another one called The

663
00:29:11,960 --> 00:29:14,200
Speaker 2: Real Real. All of those companies have gotten in on

664
00:29:14,200 --> 00:29:18,360
Speaker 2: this market too, not to mention major brands like Levi's

665
00:29:18,400 --> 00:29:20,600
Speaker 2: made well. A lot of those companies have launched their

666
00:29:20,640 --> 00:29:24,560
Speaker 2: own used clothing operation on their own websites too. And

667
00:29:24,880 --> 00:29:27,040
Speaker 2: so the problem is, though I don't know how long

668
00:29:27,040 --> 00:29:29,320
Speaker 2: all these guys are going to be around, Matt, they

669
00:29:29,360 --> 00:29:33,280
Speaker 2: have razor thin profit margins, and they're competing with I

670
00:29:33,280 --> 00:29:34,600
Speaker 2: mentioned Goodwill just a second ago.

671
00:29:34,600 --> 00:29:36,080
Speaker 1: They're competing with the thrift stores and with.

672
00:29:36,040 --> 00:29:38,880
Speaker 2: Goodwill locations around the country. And I think that's just

673
00:29:38,920 --> 00:29:40,760
Speaker 2: a good tip for everyone. Nick, we're all about buying

674
00:29:40,880 --> 00:29:43,440
Speaker 2: used I like the fact that we're not tossing more

675
00:29:43,480 --> 00:29:46,160
Speaker 2: stuff in the landfill. And I like that, you know,

676
00:29:46,240 --> 00:29:48,240
Speaker 2: you can extend the life of a pair of jeans

677
00:29:48,320 --> 00:29:51,200
Speaker 2: or a shirt. And some of these sites are trying

678
00:29:51,240 --> 00:29:54,120
Speaker 2: to do a good job of curating used goods to

679
00:29:54,200 --> 00:29:58,080
Speaker 2: make it feel more like a brand new shopping experience.

680
00:29:58,720 --> 00:30:00,400
Speaker 2: At the end of the day, buying you is a

681
00:30:00,400 --> 00:30:01,520
Speaker 2: great way to save money.

682
00:30:01,800 --> 00:30:02,120
Speaker 1: I don't know.

683
00:30:02,280 --> 00:30:05,680
Speaker 2: I guess I'm hoping that these companies, these resale companies

684
00:30:05,720 --> 00:30:09,040
Speaker 2: stick around and provide additional outlets for people to buy

685
00:30:09,120 --> 00:30:11,240
Speaker 2: used goods. But I also think, I don't know, if

686
00:30:11,240 --> 00:30:15,120
Speaker 2: you're super frugal, the cheapest places are the thirft stores

687
00:30:15,120 --> 00:30:17,800
Speaker 2: and Goodwills. And if you like the thrill of the

688
00:30:17,840 --> 00:30:19,320
Speaker 2: hunt too, you get to thrill the hunt there a

689
00:30:19,360 --> 00:30:19,840
Speaker 2: little more too.

690
00:30:20,160 --> 00:30:24,440
Speaker 1: Yeah, reduce, reuse, recycle, Joel. Maybe just owning fewer clothes overall. Yeah. Yeah,

691
00:30:24,720 --> 00:30:28,040
Speaker 1: we're huge advocates of quality over quantity, where less is

692
00:30:28,080 --> 00:30:30,400
Speaker 1: going to be more. But jo all the used stuff

693
00:30:30,400 --> 00:30:33,480
Speaker 1: that we don't want is the stuff our parents accumulated

694
00:30:33,480 --> 00:30:36,640
Speaker 1: over the years Business Insider. They actually recently called it

695
00:30:36,720 --> 00:30:41,280
Speaker 1: the boomers stuff avalanche. And basically our tastes just don't

696
00:30:41,320 --> 00:30:44,200
Speaker 1: line up with those of our parents. As a generation

697
00:30:44,560 --> 00:30:47,400
Speaker 1: millennials gen Z, they tend not to care, let's say,

698
00:30:47,400 --> 00:30:50,640
Speaker 1: about the fine china or the heirloom silver. I think

699
00:30:50,680 --> 00:30:52,720
Speaker 1: I would count myself amongst those who doesn't care about

700
00:30:52,720 --> 00:30:55,240
Speaker 1: that stuff. Yeah, you know, I was thinking about it,

701
00:30:55,280 --> 00:30:56,520
Speaker 1: and I wonder how much of that has to do

702
00:30:56,560 --> 00:30:58,320
Speaker 1: with life stage, because we're at the life stage where

703
00:30:58,320 --> 00:31:00,200
Speaker 1: we want things to be functional. We've got a bunch

704
00:31:00,200 --> 00:31:04,600
Speaker 1: of kids running around guess what, we don't need fragile China.

705
00:31:04,680 --> 00:31:06,520
Speaker 1: But I do wonder as I get older if I'm

706
00:31:06,520 --> 00:31:09,400
Speaker 1: going to have more of an appreciation for things that

707
00:31:09,440 --> 00:31:13,320
Speaker 1: are less functional in life as I enter into different stages,

708
00:31:13,440 --> 00:31:16,560
Speaker 1: or maybe I won't. Maybe my heirlooms that I passed

709
00:31:16,600 --> 00:31:18,320
Speaker 1: one to my kids will be my squad rack in

710
00:31:18,320 --> 00:31:21,400
Speaker 1: the garage. Yeah, because that's what I value. I don't know.

711
00:31:21,480 --> 00:31:24,320
Speaker 2: Maybe part of it, too, is that our generation has

712
00:31:24,360 --> 00:31:27,640
Speaker 2: more of an affinity for like mid century goods as

713
00:31:27,640 --> 00:31:29,800
Speaker 2: opposed to Turn of the century goods. So it is

714
00:31:29,800 --> 00:31:32,320
Speaker 2: stylistic too, which tends to also be functional. Like you

715
00:31:32,320 --> 00:31:34,520
Speaker 2: think about mid century, what do you often think of

716
00:31:34,680 --> 00:31:37,760
Speaker 2: architecture and furniture, And furniture is one of those areas that,

717
00:31:38,200 --> 00:31:41,760
Speaker 2: again it's more functional. But if your parents are open

718
00:31:41,800 --> 00:31:43,920
Speaker 2: to the discussion, I think it's probably a good idea

719
00:31:44,320 --> 00:31:49,680
Speaker 2: to approach this boomer stuff avalanche proactively with them. This

720
00:31:49,720 --> 00:31:52,200
Speaker 2: is something that I think, Jiel that I know my

721
00:31:52,280 --> 00:31:57,280
Speaker 2: parents they've done really well. They are not nostalgic at

722
00:31:57,320 --> 00:32:00,160
Speaker 2: all when it comes to hanging out the stuff we've

723
00:32:00,200 --> 00:32:04,400
Speaker 2: been de accumulating. For dude, I mean literally for years

724
00:32:04,440 --> 00:32:06,320
Speaker 2: and decades now, Like when you go into their attic, now,

725
00:32:06,600 --> 00:32:09,600
Speaker 2: there's nothing there. It's so weird, Like most folks are

726
00:32:09,640 --> 00:32:13,360
Speaker 2: expecting to see boxes of old magazines and yearbooks all

727
00:32:13,360 --> 00:32:15,360
Speaker 2: this sort of stuff. Nope, nothing in there except for

728
00:32:15,400 --> 00:32:17,640
Speaker 2: like a like a broken bike of mine from high school.

729
00:32:17,840 --> 00:32:19,360
Speaker 2: They're not hanging on to anything.

730
00:32:19,360 --> 00:32:21,160
Speaker 1: That should feel like a relief to you. It does

731
00:32:21,400 --> 00:32:23,600
Speaker 1: you want to have to pour over honestly, Yeah, yeah,

732
00:32:23,720 --> 00:32:26,040
Speaker 1: case folks, they're they're they're working on it as well.

733
00:32:26,120 --> 00:32:27,440
Speaker 1: But because those are good.

734
00:32:27,280 --> 00:32:29,160
Speaker 2: Commos, tap, I think you're right, because that that then

735
00:32:29,240 --> 00:32:32,080
Speaker 2: falls on the next generation. It's like, hey, maybe we

736
00:32:32,080 --> 00:32:33,520
Speaker 2: can make you a little bit of extra money by

737
00:32:33,520 --> 00:32:35,000
Speaker 2: selling some of this stuff. Let's have a yard sale,

738
00:32:35,040 --> 00:32:38,560
Speaker 2: let's do some Facebook marketplace listings. One person's trash is

739
00:32:38,600 --> 00:32:40,800
Speaker 2: another person's treasure, so it could be a good way

740
00:32:40,800 --> 00:32:43,440
Speaker 2: to make some extra money and then also just make uh,

741
00:32:43,880 --> 00:32:47,920
Speaker 2: that process of de accumulation less burdens some to the

742
00:32:47,920 --> 00:32:48,560
Speaker 2: next generation.

743
00:32:48,800 --> 00:32:51,320
Speaker 1: It's right, let's talk about college, Joel. Because there is

744
00:32:51,360 --> 00:32:55,200
Speaker 1: a lot of debate about the value of college. Not

745
00:32:55,280 --> 00:32:57,840
Speaker 1: a lot of that debate includes much nuance. Some folks

746
00:32:57,960 --> 00:33:00,800
Speaker 1: say that college has just gotten too expensive, the ROI

747
00:33:00,920 --> 00:33:02,840
Speaker 1: is not there like it used to be, But others

748
00:33:02,840 --> 00:33:05,400
Speaker 1: are quick to point out that college grads, on average,

749
00:33:05,440 --> 00:33:07,880
Speaker 1: they still make more over the course of their career.

750
00:33:08,440 --> 00:33:09,760
Speaker 1: But I think both things can be true at the

751
00:33:09,800 --> 00:33:13,320
Speaker 1: same time. College can be a brilliant move that increases

752
00:33:13,400 --> 00:33:17,560
Speaker 1: your overall chances of career success and increases your earning

753
00:33:17,600 --> 00:33:21,280
Speaker 1: potential if you minimize debt, and if you get the

754
00:33:21,320 --> 00:33:26,320
Speaker 1: right degree, so stem degrees, unsurprisingly, they pay off most handsomely.

755
00:33:26,800 --> 00:33:31,000
Speaker 1: Bank Rate found that, for instance, electrical engineers, they make

756
00:33:31,080 --> 00:33:34,400
Speaker 1: a one hundred and fifteen thousand dollars median income and

757
00:33:34,480 --> 00:33:37,600
Speaker 1: have a one point nine percent unemployment rate, which is

758
00:33:37,640 --> 00:33:42,480
Speaker 1: the best of the bunch. Arts and humanities grads not

759
00:33:42,560 --> 00:33:46,240
Speaker 1: so much. The unemployment rate is actually three times higher,

760
00:33:46,600 --> 00:33:49,800
Speaker 1: and the medium income is a poultry forty thousand dollars.

761
00:33:50,040 --> 00:33:51,640
Speaker 1: And this isn't to say that these aren't things that

762
00:33:51,680 --> 00:33:55,800
Speaker 1: you shouldn't be pursuing, but which degree and how much

763
00:33:55,960 --> 00:33:58,560
Speaker 1: debt that you go into in order to pursue those

764
00:33:58,560 --> 00:34:00,520
Speaker 1: degrees like that is the care quest.

765
00:34:00,560 --> 00:34:02,640
Speaker 2: I could never have been an engineer, And even seeing

766
00:34:02,640 --> 00:34:04,840
Speaker 2: that stat and hearing that, it's like, well cool, I'm

767
00:34:04,840 --> 00:34:07,040
Speaker 2: still not going that route. Yeah, because I don't have

768
00:34:07,080 --> 00:34:10,120
Speaker 2: the brain or the temperament. I don't think to go

769
00:34:10,160 --> 00:34:13,960
Speaker 2: in that direction. So but for the engineers out.

770
00:34:13,800 --> 00:34:16,040
Speaker 1: There, exactly, this isn't to say everyone should be, oh,

771
00:34:16,080 --> 00:34:18,239
Speaker 1: you should only be considering this. You just we want

772
00:34:18,280 --> 00:34:20,600
Speaker 1: folks to go into the decision making sort of matrix

773
00:34:20,600 --> 00:34:21,600
Speaker 1: with their eyes wide open.

774
00:34:21,640 --> 00:34:23,840
Speaker 2: Yeah, you just don't get one of these these degrees

775
00:34:23,920 --> 00:34:26,000
Speaker 2: that has is going to likely lead to a lower

776
00:34:26,040 --> 00:34:28,400
Speaker 2: paying career and then also be willing to take out

777
00:34:28,400 --> 00:34:30,160
Speaker 2: one hundred and eighteen thousand dollars worth.

778
00:34:30,000 --> 00:34:31,600
Speaker 1: Of college debt to do it. Exactly.

779
00:34:31,680 --> 00:34:34,759
Speaker 2: That's putting yourself behind the eight ball. And the truth is, Matt,

780
00:34:34,800 --> 00:34:38,160
Speaker 2: there's been a new evidence about how debt can derail

781
00:34:38,200 --> 00:34:41,319
Speaker 2: your career choices too. A new Harris poll found that

782
00:34:41,360 --> 00:34:44,280
Speaker 2: half of millennials and gen zers have had their career

783
00:34:44,360 --> 00:34:47,400
Speaker 2: impacted by the debts they've taken on. This means they

784
00:34:47,400 --> 00:34:49,480
Speaker 2: either stay in a job they don't like or they

785
00:34:49,520 --> 00:34:53,480
Speaker 2: plan on delaying their retirement because of that they've accumulated,

786
00:34:53,560 --> 00:34:56,719
Speaker 2: specifically from going to school. Other people say it's forced

787
00:34:56,760 --> 00:34:59,440
Speaker 2: them to take multiple jobs at the same time, or

788
00:34:59,560 --> 00:35:03,000
Speaker 2: to find a new job that pays even more, although

789
00:35:03,040 --> 00:35:04,920
Speaker 2: they didn't want to, like they liked where they were working,

790
00:35:05,160 --> 00:35:07,960
Speaker 2: but they couldn't hack it there because they had to

791
00:35:08,000 --> 00:35:10,239
Speaker 2: increase their pay, even if it meant working in a

792
00:35:10,320 --> 00:35:12,880
Speaker 2: job they didn't like as much. And so the truth is,

793
00:35:13,120 --> 00:35:16,080
Speaker 2: we don't want poor debt decisions to negatively impact the

794
00:35:16,080 --> 00:35:19,040
Speaker 2: future of how to money listeners. Taking on a reasonable

795
00:35:19,080 --> 00:35:22,200
Speaker 2: amount of debt for school can make sense, right, because yes,

796
00:35:22,680 --> 00:35:25,200
Speaker 2: getting that higher education can lead to higher earnings over

797
00:35:25,239 --> 00:35:28,520
Speaker 2: your lifetime, but keeping that debt to a minimum basically

798
00:35:28,600 --> 00:35:30,960
Speaker 2: that means you can have maximum freedom later on. So

799
00:35:31,239 --> 00:35:33,960
Speaker 2: just because the average person is taking out buku's student

800
00:35:34,000 --> 00:35:36,480
Speaker 2: loan debt doesn't mean it's generally a good idea.

801
00:35:36,640 --> 00:35:38,600
Speaker 1: Yeah. On a related note, the Journal they had an

802
00:35:38,680 --> 00:35:42,799
Speaker 1: article about blue collar millionaires the other day starting a

803
00:35:42,840 --> 00:35:46,160
Speaker 1: local HVAC company, starting a plumbing business that can lead

804
00:35:46,200 --> 00:35:48,640
Speaker 1: to real wealth as well. After let's say a lot

805
00:35:48,680 --> 00:35:50,560
Speaker 1: of years of hard work and building that business, it's

806
00:35:50,600 --> 00:35:52,680
Speaker 1: possible to sell it for quite a bit of money.

807
00:35:52,719 --> 00:35:54,680
Speaker 1: There's a whole lot of private equity money that is

808
00:35:54,680 --> 00:35:57,160
Speaker 1: flowing into local businesses, which makes a ton of sense

809
00:35:57,400 --> 00:35:59,960
Speaker 1: given that these are things that can never be replaced right,

810
00:36:00,120 --> 00:36:01,560
Speaker 1: And I think it's a way of, honestly of a

811
00:36:01,560 --> 00:36:05,040
Speaker 1: lot of private equity hedging not knowing what sort of

812
00:36:05,080 --> 00:36:07,120
Speaker 1: impact that something like AI is going to have on

813
00:36:07,520 --> 00:36:09,880
Speaker 1: a lot of the other industries that they're invested in.

814
00:36:09,960 --> 00:36:11,879
Speaker 2: A lot of people that were interviewing that article were

815
00:36:11,920 --> 00:36:15,120
Speaker 2: saying ten years ago, nobody wanted to buy my business,

816
00:36:15,440 --> 00:36:17,400
Speaker 2: and now there are multiple people lined up trying to

817
00:36:17,400 --> 00:36:19,560
Speaker 2: buy my business. Time to strike while the iron's hot,

818
00:36:19,760 --> 00:36:22,160
Speaker 2: and it's just and typically they are plumbing companies, h

819
00:36:22,160 --> 00:36:25,160
Speaker 2: and I companies like their local service technicians that work

820
00:36:25,200 --> 00:36:28,000
Speaker 2: in different industries exactly. So just mention that too from

821
00:36:28,040 --> 00:36:30,040
Speaker 2: a career perspective, there's not just one way to get

822
00:36:30,040 --> 00:36:31,600
Speaker 2: where it is that you want to go. It makes

823
00:36:31,600 --> 00:36:33,640
Speaker 2: me think of a conversation we had with Ken Rusk.

824
00:36:33,800 --> 00:36:35,759
Speaker 2: We talked with him about blue collar work and the

825
00:36:35,760 --> 00:36:39,120
Speaker 2: skilled trades, but also a conversation we had about apprenticeships

826
00:36:39,160 --> 00:36:42,640
Speaker 2: with Ryan Craig, which was more recent. We'll make sure

827
00:36:42,680 --> 00:36:44,480
Speaker 2: to link to both of those in the show notes.

828
00:36:44,520 --> 00:36:47,160
Speaker 1: As that can provide I think, basically another angle of

829
00:36:47,160 --> 00:36:48,880
Speaker 1: thinking about your career and what it looks like to

830
00:36:48,880 --> 00:36:50,480
Speaker 1: get ahead and what it looks like to live the

831
00:36:50,480 --> 00:36:52,000
Speaker 1: good life because at the end of the day, that's

832
00:36:52,000 --> 00:36:52,719
Speaker 1: what we're all about here.

833
00:36:52,760 --> 00:36:54,160
Speaker 2: That's right, all right, that's going to do it for

834
00:36:54,360 --> 00:36:57,279
Speaker 2: today's Friday flight. You can of course, find links to

835
00:36:57,320 --> 00:36:59,719
Speaker 2: all this stuff we mentioned, including those two episodes up

836
00:36:59,719 --> 00:37:02,359
Speaker 2: on the show notes at howtomoney dot com math.

837
00:37:02,360 --> 00:37:04,160
Speaker 1: That's just gonna do it for this one. Until next time,

838
00:37:04,560 --> 00:37:06,680
Speaker 1: best friends Out and best Friends Out.