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Speaker 1: Welcome to Head of Money. I'm Joel, I'm Matt, and

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Speaker 1: today we're talking short term rental SmackDown, negative nelli's, and

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Speaker 1: donation dilemmas. That's right. Happy Friday to everyone out there.

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Speaker 1: I feel like folks are starting to get back into

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Speaker 1: the swing of things. Kids are back in school. Friday's

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Speaker 1: mean something now, whereas like over the summer, Friday they

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Speaker 1: don't mean anything. It's just another day of the summer.

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Speaker 1: Is it called Friday? Can we call it? Oh? You

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Speaker 1: know if you're speaking gift, But yeah, this says our

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Speaker 1: Friday flights. And we're gonna cover the top stories, the

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Speaker 1: ones that we think you need to be paying a

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Speaker 1: little more attention to because they pertain to your personal finances.

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Speaker 1: We're gonna get to the ones you mentioned, Joel, plus

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Speaker 1: a bunch of others too, but good stuff for sure.

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Speaker 1: You want to talk about your watch. If listeners, if

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Speaker 1: you if you listen closely, if you listen a lot,

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Speaker 1: you heard me mention that I kind of wanted to

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Speaker 1: get one of the Garmin smart watches largely man, it

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Speaker 1: doesn't have a touch screen, which I'm actually thrilled about.

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Speaker 1: It's pretty smart, dude. I'll say, I dig the way

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Speaker 1: that that looks, cause it's all black, and I like

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Speaker 1: the black on black like it's well, you know, like

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Speaker 1: the actual typography or the typeface. It's like a dark gray. Yeah,

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Speaker 1: it looks it's got a good It reminds me of

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Speaker 1: my bike, which is which is all it's like all

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Speaker 1: blacked out. Yeah, it kind of got a minimalist vibe

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Speaker 1: for sure. It's a good look. Yeah, So I like

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Speaker 1: it. It's and I got it used. I will say I

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Speaker 1: mentioned that I was looking for a discounted one right

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Speaker 1: on Prime Day or something like that, and I didn't

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Speaker 1: see anything pop up that really made me want to pounds,

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Speaker 1: and so I said, you know what, why don't I

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Speaker 1: Why don't look to see how much they go for used?

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Speaker 1: And I looked on eBay and I was like, I

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Speaker 1: don't know, not enough of a discount to make me

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Speaker 1: want to jump on it. But then for I never

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Speaker 1: really used this app, but I tried something called mrcary.

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Speaker 1: Have you heard of that one? M So it's kind

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Speaker 1: of like eBay but for fancy people, I guess is

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Speaker 1: what they're saying. Yeah, but I got this watch for

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Speaker 1: seventy bucks, dude, and normally. I think it's like a

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Speaker 1: two hundred dollars watch. It's the regular and so that

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Speaker 1: there are two generations. I got the I got the

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Speaker 1: first generation because I don't really care. I didn't see

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Speaker 1: enough differences between the first and second. Yeah, so I

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Speaker 1: got the first gen seventy bucks ship to my door

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Speaker 1: and it's been great. Man. And what's what's smart about it? Sure?

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Speaker 1: Like people here smart watch. It's not a touch screen,

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Speaker 1: so it doesn't it sounds of dumb? Yeah, yeah, yeah, exactly.

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Speaker 1: Well that's actually what I wanted because I didn't want

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Speaker 1: like and I turned off all the notifications from my phone.

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Speaker 1: So people are then what does it really do? Well's

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Speaker 1: just tracking my health statistics, right, I didn't know it

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Speaker 1: actually linked to your phone too. Yeah, so I've got

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Speaker 1: an app on the phone that I can check and

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Speaker 1: I can see, like it can tell me how I slept,

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Speaker 1: it can tell me how many steps I've taken. It

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Speaker 1: can tell me, well my heart rate has been and

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Speaker 1: high heart rate. It can track all my different kind

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Speaker 1: of workouts and stuff. Like Joel enters middle age, he

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Speaker 1: want to start tracking the metrics. Well, the cool thing

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Speaker 1: is I was a part of what I like about

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Speaker 1: it is it motivates me to do more on things

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Speaker 1: that I want to be doing. But I I kind

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Speaker 1: of like to challenge myself. And so I'm I and

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Speaker 1: having this app that's tracking all my stuff and it's

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Speaker 1: kind of same from a running standpoint, Yeah, from like

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Speaker 1: a running from like a like how many active minutes

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Speaker 1: are you spending each and every week? And this is

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Speaker 1: tracking all that stuff and it makes more of like

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Speaker 1: beat myself from the week before. You want to increase

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Speaker 1: your numbers. Yeah, like I know on the Apple Watch,

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Speaker 1: I don't have one, but like you close your circles, yeah,

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Speaker 1: like in that how that works? Yeah, Emily's got one

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Speaker 1: and that's how well. Okay, So I love you bring

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Speaker 1: us up. I think it's great. I totally did something similar.

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Speaker 1: So I used eBay though, and I was kind of

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Speaker 1: in the market for a blazer. I don't have like

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Speaker 1: a blazer like a sports code, and I found one

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Speaker 1: that I liked and brand new. Dude, this thing was

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Speaker 1: three hundred and ninety bucks. Wow, I'm like, that's a

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Speaker 1: lot of stinking money. And so here's what's great though

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Speaker 1: about getting something that you know you either want or

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Speaker 1: even need, is that if you've got time on your side,

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Speaker 1: you can take the time to shop around and in

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Speaker 1: particular see if you can get it used. Because so

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Speaker 1: with that in mind, I'm like, I don't need blazer

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Speaker 1: like now today, next week, but maybe like in a

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Speaker 1: couple of months. And so I on eBay and there

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Speaker 1: was the exact one that I was thinking about buying

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Speaker 1: and it wasn't even used. This is what's so killer, too,

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Speaker 1: is that there's so many folks on there and they've

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Speaker 1: got NWT new with tags. I love. I love saying

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Speaker 1: that because this massive discount is all I know. That's

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Speaker 1: I'm getting screaming massive discount. There's no yeah, wear and

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Speaker 1: tear on this thing. They had it so three nights.

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Speaker 1: This thing was listed for one twenty five. And I

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Speaker 1: also love you can make an offer, make an offer,

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Speaker 1: and so I made an offer at ninety bucks and

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Speaker 1: they accepted it. Boom, you know, like because these folks

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Speaker 1: they've got these items, like I guess if you do this,

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Speaker 1: so that's like a more full time and you've got

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Speaker 1: a bunch of inventory you just want to unload it.

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Speaker 1: Yeah who And of course I instantly regretted and I

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Speaker 1: was like, oh, I should offer it even lower. But

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Speaker 1: they've also they got the recommendation on there now too,

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Speaker 1: where it's just like it's more likely to accept it

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Speaker 1: if you make an offer around ninety three dollars. And

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Speaker 1: so I was like, all right, I'll try ninety I

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Speaker 1: did something so I love it. So the ability to

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Speaker 1: have time on your side, man, yeah, you said eighty percent,

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Speaker 1: dis like a massive discount. I saved three hundred bucks

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Speaker 1: on something that is like virtually yeah, these are like

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Speaker 1: good shopping tips, hopefully from both of us. But well,

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Speaker 1: I think the other thing. I just jump all sorts

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Speaker 1: of things too, not just like consumer goods, but like

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Speaker 1: when it comes to housing, the ability to shop around

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Speaker 1: and when you have time on your side, man, it's

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Speaker 1: you come out ahead. But it's helpful to know that

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Speaker 1: there are multiple different sites. Like I didn't. I wasn't

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Speaker 1: even really aware of Macary. I guess I knew it existed,

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Speaker 1: and I was like, well, i'll give I'll check that

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Speaker 1: out and so but and I'm just, man, I really

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Speaker 1: like the ways in which this watch is like influencing

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Speaker 1: my behavior in a positive way. I'm not glued to

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Speaker 1: the screen because it's not a touch screen. It's not

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Speaker 1: doing a whole lot besides telling me the time super minimal. Oh,

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Speaker 1: it kind of reminds me of eat ink. That's why

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Speaker 1: I like it, because I love eat ink, like uh,

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Speaker 1: kindle reading on the kindle, but the ability to have

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Speaker 1: that on a watch. Yeah, kind of got that vibe.

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Speaker 1: You knows, man, I might join you, might join you

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Speaker 1: soon enough. Yeah, So just letting people know, like there

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Speaker 1: are always way who you don't need the thing brand

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Speaker 1: new necessarily and you might not need the newest version.

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Speaker 1: And the more you shop around, the more you might save.

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Speaker 1: And if you don't need it, I like that tip

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Speaker 1: mat if you don't need it, immediately take some time,

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Speaker 1: keep looking and make it off or went out to

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Speaker 1: all the above to save a little bit when you're

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Speaker 1: buying something. All right, let's get to our Friday flights,

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Speaker 1: the different stories we came across, and we're gonna spend

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Speaker 1: a minute here talking about Airbnb specifically, because yeah, short

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Speaker 1: term rentals. They're having a moment and it's not a

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Speaker 1: good moment for them. Some of the biggest cities in

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Speaker 1: the US are trying to tamp down. They're trying to

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Speaker 1: create more rules surrounding listings that appear on sites like

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Speaker 1: Airbnb Wired. They call New York's crackdown the end of

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Speaker 1: Airbnb in New York, New York City the big Apple.

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Speaker 1: They already had some restrictions on the books, but now

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Speaker 1: they're actually going to enforce them. They're gonna I guess

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Speaker 1: I'm thinking of Ashville. The Ashville's had a more stringent

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Speaker 1: regulation surrounding the airbnb's and how you have to be

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Speaker 1: registered with the city. But now the only way to

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Speaker 1: run an Airbnb in the city is if you are

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Speaker 1: staying in the apartment with the folks who are running it.

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Speaker 1: And that's for if it's a short term rental for

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Speaker 1: like less than thirty days or something like that. But

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Speaker 1: given the fact that a lot of folk want an

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Speaker 1: apartment to themselves right, like they don't want to there's

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Speaker 1: a lot of folks who aren't wanting to do the

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Speaker 1: sleep on the couch thing or like it's a shared apartment,

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Speaker 1: but you've got your own room. Kate and I like

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Speaker 1: when we were younger, even and when we were traveling

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Speaker 1: on shoe string budgets, that was never a consideration. I

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Speaker 1: guess it's when you have a partner, right, when you

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Speaker 1: have a significant other, because if it was me solo,

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Speaker 1: I totally share a room. But when you've got somebody

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Speaker 1: else with you, you went your privacy, like you're talking about stuff.

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Speaker 1: And I think this is going to have a serious

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Speaker 1: impact on Airbnb's in New York talking about stuff. So no,

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Speaker 1: we did, Emily and I actually did that in Norway

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Speaker 1: one time because the prices were so expensive, specifically in Bergen, Norway,

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Speaker 1: where we and we said, oh my gosh, to stay

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Speaker 1: in a house where somebody else there's somebody else there

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Speaker 1: is going to save us so much money. It's worth

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Speaker 1: the trade off for this one night in this one place, right, Yeah.

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Speaker 1: But most of the time, no, we want our own place. Yeah. Actually,

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Speaker 1: I guess I take that back. I think about we

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Speaker 1: rented a place when we went to Ireland, like ten

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Speaker 1: was it ten years ago? Oh my gosh, remember that

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Speaker 1: one BMB that one place. Yeah, okay, so then the

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Speaker 1: people who run it are actually living, they're there, we're

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Speaker 1: like playing with her kid. Yeah, so you can. Part

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Speaker 1: of it depends on your mentality. Can be kind of quaint,

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Speaker 1: nostalgic or what you're there for, or it can be creepy.

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Speaker 1: If it's like a really small New York City apartment,

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Speaker 1: and my mind immediately went to the creepy they're literally

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Speaker 1: all brushing in your teeth at the same time, which

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Speaker 1: is weird. But yeah, but it's not just New York City, Matt.

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Speaker 1: The short term crackdown isn't just happening there. The La

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Speaker 1: Times strote this week about Airbnb's being listed that haven't

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Speaker 1: applied for an application with the city to list their property,

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Speaker 1: so basically they're in violation of of local laws there.

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Speaker 1: And so these laws in Los Angeles are are pretty

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Speaker 1: stringent for short term rentals too, and a good number

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Speaker 1: of folks are trying to get they're basically trying to

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Speaker 1: skirt the rules to keep their rental business afloat there.

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Speaker 1: They're not filing, they're just going ahead and listing their

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Speaker 1: Airbnb on the site because I got that illegal Airbnb. Yeah,

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Speaker 1: they don't want to jump through the hoops that it

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Speaker 1: takes to get there, pay the city for the privilege

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Speaker 1: of listing on the site. And so there are a

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Speaker 1: few takeaways I would say from what's happening in this

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Speaker 1: space right now. One, short term rentals can be lucrative.

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Speaker 1: There are some people who are like really making my substantially,

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Speaker 1: like they're supporting their lifestyle based on short term rentals too.

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Speaker 1: That could change overnight thanks to new government restrictions. Makes

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Speaker 1: you think. I have a buddy who has an airbnbn

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Speaker 1: in Chattanooga, Tennessee, and his does quite well. He thought

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Speaker 1: about buying another one, but guess what the city of

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Speaker 1: Chattanooga said, We're putting a moratorium on any new short

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Speaker 1: term rentals for the time being. And your grandfather and

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Speaker 1: if you have one, but if you're like trying to

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Speaker 1: launch one, sorry, you're out of luck. It's you can't

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Speaker 1: do it now. And so basically, I think if you

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Speaker 1: live in a place where short term rentals are allowed

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Speaker 1: and you can make a sweet income stream, that it's great.

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Speaker 1: It can be a great way to get into real estate.

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Speaker 1: But have a backup plan, right, hope for the best,

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Speaker 1: but at least have a plan in place for the

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Speaker 1: worst potential outcome, because we're seeing people going through the

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Speaker 1: worst potential outcome in certain places where you know the

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Speaker 1: laws are being either finally enforced or being written to

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Speaker 1: curb the amount of short term rentals that are available. Yeah. Absolutely,

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Speaker 1: I think it pays to pay attention to some of

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Speaker 1: the different industries that you're thinking about getting in to

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Speaker 1: where there's a lot of government involvement where things could

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Speaker 1: change either from a platform, right like from a private

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Speaker 1: company like even Airbnb could say I don't know why

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Speaker 1: they would do this, but they could say, all right,

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Speaker 1: no more new airb Like we're just we're kind of

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Speaker 1: capped out. We're just going to keep things where they are,

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Speaker 1: whether it's being beholden too a specific platform. It's why

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Speaker 1: we worn against that when it comes to even like

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Speaker 1: with gig work, but then specifically with when it comes

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Speaker 1: to different of the like different government agencies or just

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Speaker 1: regulations that might come into play. Like it makes me

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Speaker 1: think of the marijuana industry, right, like weed, and if

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Speaker 1: you're going all in on that, okay, like you might

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Speaker 1: see some outsized returns, but you are also exposing yourself

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Speaker 1: to outsized risks because you just don't know where policy

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Speaker 1: is going to go and what the rules are going

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Speaker 1: to be in that industry. You might find that banks

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Speaker 1: don't want to do businesses, right, but you never know

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Speaker 1: growing operations stuff like that. Yeah. Yeah. So one of

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Speaker 1: the reasons for the airbnb crackdowns though, is because of

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Speaker 1: the price of housing. Because of the increases that we've

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Speaker 1: seen in rents. But the truth is short term rentals

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Speaker 1: aren't the problem. That's it's just a result of the market.

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Speaker 1: They're easy to pick on. It's easy to make it

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Speaker 1: feel like these are the guys. So it wasn't for Airbnb.

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Speaker 1: It's not Airbnb. It's the fact that, well, the market

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Speaker 1: says that it's worth more if I can rent this

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Speaker 1: out short term as opposed to a long term renter

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Speaker 1: zoning loss, we think that they are more of the

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Speaker 1: culprit when they don't allow for building more units, when

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Speaker 1: they are preventing greater density, those are the real culprit

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Speaker 1: in our opinion. Now, there was a great article in

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Speaker 1: Insider about New Zealand's approach to zoning. They were basically

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Speaker 1: facing a housing cost crisis, and they responded by relaxing

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Speaker 1: medium density zoning restrictions and which obviously made it much

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Speaker 1: easier to build duplexes and triplexes on what were originally

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Speaker 1: single family lots. Yeah, and the result they're putting up

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Speaker 1: highrises in single family neighborhoods. It's still reasonable. We're not

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Speaker 1: like throwing getting rid of all the rules. But more

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Speaker 1: supply came on the market. Because of this builders they

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Speaker 1: were able to meet that need, that demand. More supply

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Speaker 1: really does help the pricing problem, and the evidence points

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Speaker 1: to the fact that rent and pricing growth slows down,

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Speaker 1: so you know, it doesn't necessarily decrease, but it doesn't

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Speaker 1: continue to skyrocket when more units are being built when

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Speaker 1: there is more supply, and I guess theoretically it would

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Speaker 1: decrease if enough units were built. There's a chance it

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Speaker 1: could reverse course. Yeah, exactly. And we're not necessarily airbnb homers,

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Speaker 1: although we think they're an interesting company that's really made

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Speaker 1: hospitality across the United States. It's changed the face of it.

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Speaker 1: But really, let's find the right problem and pinpoint that

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Speaker 1: and attack that and zoning, not enough supply, those are

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Speaker 1: the real problems that have led to the housing you know,

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Speaker 1: housing cost increases that we've seen in all varieties and

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Speaker 1: so yeah, but you still need to be aware if

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Speaker 1: you're a want to be short term real estate investor

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Speaker 1: of kind of these new laws. It's in vogue right

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Speaker 1: now to kind of tamp down on this stuff. But mat,

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Speaker 1: let's get to our next story. This one is about

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Speaker 1: the negative Nellies out there. They're continuing to do their thing,

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Speaker 1: as they always do. Negative nellies like to be negative,

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Speaker 1: and so Kevin O'Leary of Shark Tank fing he was

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Speaker 1: recently on a show and he started predicting. He's basically

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Speaker 1: predicting chaos for the US economy in the coming days,

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Speaker 1: in the coming months. He's particularly worried, he says, about

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Speaker 1: small businesses, and he says that we have a crisis

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Speaker 1: emerging because of Federal Reserve interest rate hikes. And I

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Speaker 1: don't know, it just felt kind of like a chicken

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Speaker 1: little sort of thing. This guy is falling hearing this

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Speaker 1: from him. But Matt, from everything you and I read

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Speaker 1: and see from almost every metric that we can track,

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Speaker 1: inflation is coming down, unemployment is low, consumer spending is solid,

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Speaker 1: and businesses have been able to raise prices when they

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Speaker 1: need to because consumers still have money to spend. It

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Speaker 1: seems like by every metric the economy is doing quite well.

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Speaker 1: And like, could we enter a recession in the next

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Speaker 1: twelve to eighteen months. Sure, yes, it's of course possible,

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Speaker 1: especially since a recession happens on average every like five

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Speaker 1: to six years in the United States. But I guess

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Speaker 1: I'm just so tired of these guys getting the headlines

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Speaker 1: that spook normal people, that cause people to be like,

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Speaker 1: oh my gosh, is it really? Is it all? Is

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Speaker 1: it all coming down? Like is it a house of

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Speaker 1: cards this US economy or something like that. Should I

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Speaker 1: move into cash or or better yet bitcoin because man

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Speaker 1: or gold, I feel like those are the yeah, push

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Speaker 1: people towards precious metals. So he cou it's the new

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Speaker 1: digital rolls, that's where people go. But like, I just

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Speaker 1: get frustrated. I get annoyed when I see people in

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Speaker 1: positions like this. People like people and I don't know who,

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Speaker 1: but I think there's a lot of people out there

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Speaker 1: who trust guys like Kevin O'Leary and they believe that

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Speaker 1: he is telling them the truth and what's in their

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Speaker 1: best interest. I just don't know that's the case in

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Speaker 1: the scenario. Well, yeah, and part of it might also

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Speaker 1: be media as well, because I'm sure were you to

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Speaker 1: actually talk to him, he would give maybe a slightly

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Speaker 1: more nuanced version of that headline. But media companies, that's

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Speaker 1: not what he's known for. Nuance. By the way, Well,

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Speaker 1: he is looking up for smaller business talker, you know,

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Speaker 1: which I appreciate, But like there's a lot of help

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Speaker 1: that's certainly being given to a lot of the giant

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Speaker 1: businesses out there, and he's specifically talking about how it

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Speaker 1: seems like smaller businesses might be the ones getting getting

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Speaker 1: crushed here in the future. But regardless though of who

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Speaker 1: it is we're talking about or the advice that they're given,

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Speaker 1: we think that the lesson here is to be careful

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Speaker 1: who it is that you're listening to. Like, it makes

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Speaker 1: me think of Robert Kiyosaki, the rich rich dad, poor

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Speaker 1: dad guy. He has some decent personal finance advice, but

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Speaker 1: he is even worse than Kevin O'Leary, Like he is

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Speaker 1: constantly calling for the end of the US economy times

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Speaker 1: a year on Twitter. He gives he sounds to death

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Speaker 1: knell and people are like, except his care we go again,

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Speaker 1: like that's literally what he's saying, and that's what he's

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Speaker 1: known for as opposed like, I feel like maybe his Yeah,

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Speaker 1: the more rich dad poor dad talks, the more I'm like, dude,

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Speaker 1: I don't know, I'm might be getting tired out, bro

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Speaker 1: sired of your message altogether. But bottom line, what I

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Speaker 1: think the big thing that we I kind of hate

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Speaker 1: that we're talking about this because we don't want to

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Speaker 1: bring any more light and attention to this. But it's

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Speaker 1: also important to cover this because we want to disarm

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Speaker 1: any of these sublines. We want to put you at

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Speaker 1: ease because if specifically COVID, if the aftermath, if our

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Speaker 1: economy's ability to rebound has proven anything, it is that

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Speaker 1: our country is resilient. As I'll get out, bad things

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Speaker 1: are certainly going to happen. Yes, we might see a recession,

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Speaker 1: who knows exactly when that's going to happen, but not

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Speaker 1: everything is going to be perfectly peachy. But we're still

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Speaker 1: living in one of the greatest countries at an incredible

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Speaker 1: time in human history. You can certainly read those stories

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Speaker 1: as much as you want, try not to let them sway.

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Speaker 1: How it is that you are handling and spending and

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Speaker 1: investing your money though, Yeah, and you know what negative.

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Speaker 1: People are going to be negative, And there's a whole

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Speaker 1: it just I think it sounds smarter for some reason

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Speaker 1: to say things are going to hell in a hand

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Speaker 1: basket or things are awful, because it is it's easier

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Speaker 1: for humans to identify negative things in the world around

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Speaker 1: us than it is to identify positives. I think that's

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Speaker 1: a natural human tendency and bias like to see the

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Speaker 1: perceived threats around us and to be aware. And there

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Speaker 1: are always perceived threats to the economy. But the truth

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Speaker 1: is also that we man the economy's done really well,

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Speaker 1: like you said in the aftermath of COVID. Yeah, and

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Speaker 1: so I mean it might be less about the negative

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Speaker 1: versus the positive as opposed to the certainty, because I

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Speaker 1: think when folks come in and they they're saying, like

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Speaker 1: a certain you know by this quarter, or the certainty

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Speaker 1: in which they proclaim things is I think what a

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Speaker 1: lot of people latch onto you because people don't like uncertainty.

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Speaker 1: I think more than anything else, they can they can

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Speaker 1: handle things going poorly or things going going well for them,

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Speaker 1: But it's the uncertainty that puts people in that weird

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Speaker 1: state of limbo where they're not totally sure what to

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Speaker 1: expect next. Yeah. And I think the guy some of

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Speaker 1: the guys like Kevin O'Leary and Robert Kyosaki who speak

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Speaker 1: with a ton of boldness. Yeah, yeah, it's like I

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Speaker 1: know what's gonna happen, and here let me lay it

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Speaker 1: out for you. That when they say it with such

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Speaker 1: confidence I know. Yeah, that's I guess that's where the

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Speaker 1: term con man comes from. So all right, let's move

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Speaker 1: on though, let's talk about healthcare. Maybe I'll be I'm

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Speaker 1: gonna be a Debbie Downer here for a second. But

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Speaker 1: what with facts, not with bogus predictions. It's no secret

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Speaker 1: that health insurance has become more expensive and a couple

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Speaker 1: of major benefits. Consulting firms say that prices are going

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Speaker 1: to arise six percent in twenty twenty four in the

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Speaker 1: health care sector, which obviously sucks, right, but it's a

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Speaker 1: good thing to be aware of because it's important to

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Speaker 1: know that more of your paycheck might soon be going

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Speaker 1: towards increased health insurance premiums, increased health insurance costs, and

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Speaker 1: if you have health insurance through your employer, they might

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Speaker 1: absorb some of that hit, but they also might not

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Speaker 1: so and even if they do, by the way, that

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Speaker 1: can mean more meager salary increases because instead of giving

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Speaker 1: you a six percent raise, it's a four percent raise

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Speaker 1: because more of what would have gone to your paycheck

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Speaker 1: is going to pay for those increased health care expenses

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Speaker 1: that the employer is participating in with you. Yeah, okay,

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Speaker 1: so quick explainer as to why this is happening. Basically,

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Speaker 1: it's like a delayed reaction of the inflation that we've

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Speaker 1: seen over the past couple of years. I thought they

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Speaker 1: did a good job explaining it in this article, and

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Speaker 1: we'll link to this story like we do all the

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Speaker 1: stories that we mentioned during the Friday flight. But they

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Speaker 1: were essentially talking like insurers and hospitals. They've got contracts,

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Speaker 1: but those contracts don't come up for renewal every single year,

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Speaker 1: and so the higher costs that the hospitals incurred like

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Speaker 1: laffing shortages, right, Like think about all the money that

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Speaker 1: nurses were getting paid. Those contracts are coming up for renewal,

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Speaker 1: and so those costs are basically being reflected in the

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Speaker 1: contracts that the insurers are able to negotiate with the hospitals,

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Speaker 1: which are now beginning to renew and those costs are

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Speaker 1: now then being passed along to consumers. Right. So it's

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Speaker 1: like it's a domino effect, essentially delayed impact exactly exactly,

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Speaker 1: and so it's something that I think we can expect

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Speaker 1: to see across the board. But one of the things

427
00:19:25,720 --> 00:19:28,440
Speaker 1: you can do is, as we are getting closer to

428
00:19:28,720 --> 00:19:32,199
Speaker 1: open enrollment, consider raising, going with the plan that has

429
00:19:32,280 --> 00:19:34,960
Speaker 1: a higher deductible. If you're younger, if you have a

430
00:19:35,040 --> 00:19:37,960
Speaker 1: healthy family, if you rarely go and see the doctor,

431
00:19:38,000 --> 00:19:41,479
Speaker 1: consider a high deductible healthcare plan, one that also, by

432
00:19:41,520 --> 00:19:44,399
Speaker 1: the way, gets you access to an HSA added investing

433
00:19:44,440 --> 00:19:48,760
Speaker 1: benefit that your self ensuring not by paying fewer premiums

434
00:19:48,800 --> 00:19:52,000
Speaker 1: every single month, but instead be disciplined, take that money,

435
00:19:52,080 --> 00:19:54,880
Speaker 1: stick it in your own high old savings account. That way,

436
00:19:55,080 --> 00:19:57,120
Speaker 1: you've got the money money on hand to actually meet

437
00:19:57,160 --> 00:19:59,720
Speaker 1: that deductible if and when you do need to visit

438
00:19:59,760 --> 00:20:01,399
Speaker 1: the now. I think that's good advice. I think a

439
00:20:01,440 --> 00:20:03,560
Speaker 1: lot of people, Matt, they just assume, well, I want

440
00:20:03,640 --> 00:20:06,720
Speaker 1: the top tier coverage, but you might not need the

441
00:20:06,760 --> 00:20:08,239
Speaker 1: top tier coverage. You might be paying a whole lot

442
00:20:08,320 --> 00:20:10,760
Speaker 1: extra for it, and so getting the higher deductible plan,

443
00:20:11,000 --> 00:20:14,040
Speaker 1: really you can still go see the same doctors. It

444
00:20:14,240 --> 00:20:16,440
Speaker 1: just means that you're self ensuring more. You've got to

445
00:20:16,480 --> 00:20:18,240
Speaker 1: have a little bit more money in the bank to

446
00:20:18,320 --> 00:20:21,080
Speaker 1: cover some of those healthcare costs, the healthcare expenses that

447
00:20:21,160 --> 00:20:23,920
Speaker 1: you're hoping don't come to pass totally. Yeah, and you

448
00:20:24,000 --> 00:20:26,560
Speaker 1: could also consider a health sharing plan like Joel. Like

449
00:20:26,640 --> 00:20:29,120
Speaker 1: both of our families are on a health sharing plan.

450
00:20:29,720 --> 00:20:33,879
Speaker 1: Traditionally they have like a religious component, but there are

451
00:20:34,200 --> 00:20:37,879
Speaker 1: multiple companies now that do not have a faith element

452
00:20:38,240 --> 00:20:40,760
Speaker 1: at all, like Sidera is a newer one that a

453
00:20:40,800 --> 00:20:42,960
Speaker 1: lot of folks are checking out. But technically it is

454
00:20:43,080 --> 00:20:47,000
Speaker 1: not actually insurance. It's not regulated. But if that's a

455
00:20:47,080 --> 00:20:49,840
Speaker 1: way that you are interested in perhaps saving some money,

456
00:20:49,880 --> 00:20:51,560
Speaker 1: we can link to an article on the show that's

457
00:20:51,600 --> 00:20:54,760
Speaker 1: about meta share specifically, and we can link to some

458
00:20:54,800 --> 00:20:56,800
Speaker 1: of the other ones as well. But Joel, we've got

459
00:20:56,840 --> 00:20:59,280
Speaker 1: additional stories that we're gonna get to, including whether or

460
00:20:59,280 --> 00:21:01,840
Speaker 1: not we're on the path to becoming a cashless society.

461
00:21:01,880 --> 00:21:14,159
Speaker 1: Will get to that plus others right after this. All right,

462
00:21:14,160 --> 00:21:16,400
Speaker 1: in just a second, we're going to talk about digital payments. Matt,

463
00:21:16,440 --> 00:21:18,520
Speaker 1: I can't wait to pay with the chip that's embedded

464
00:21:18,560 --> 00:21:21,480
Speaker 1: in my wrist. I just that's a real thing, you know,

465
00:21:21,640 --> 00:21:25,879
Speaker 1: I know, Yeah, it's freaky. What is it? World market? No,

466
00:21:25,960 --> 00:21:28,480
Speaker 1: I'm not world market. What's it called whole foods? Whole foods?

467
00:21:28,880 --> 00:21:32,280
Speaker 1: What's world war market? That's like a furniture store. Yeah, yeah,

468
00:21:32,320 --> 00:21:35,359
Speaker 1: forget that. They don't do that there. But first we

469
00:21:35,400 --> 00:21:37,000
Speaker 1: got to get to the ludacra's headline of the week.

470
00:21:37,040 --> 00:21:38,800
Speaker 1: This one comes from the New York Times and it

471
00:21:38,880 --> 00:21:41,639
Speaker 1: reads a seven hundred million dollar bonanza for the winners

472
00:21:41,680 --> 00:21:46,680
Speaker 1: of crypto's collapse lawyers. Yes, at least someone is getting

473
00:21:46,720 --> 00:21:49,240
Speaker 1: rich off cryptocurrency. I guess, Matt. That was my initial thought.

474
00:21:49,280 --> 00:21:51,920
Speaker 1: My initial takeaway from reading that was like, well, most

475
00:21:51,960 --> 00:21:54,239
Speaker 1: people got screwed, but I guess somebody is making out

476
00:21:54,280 --> 00:21:56,760
Speaker 1: like a bandit. But the reality is, while millions of

477
00:21:56,800 --> 00:21:59,240
Speaker 1: Americans have lost hundreds or thousands of dollars in dribs

478
00:21:59,280 --> 00:22:02,840
Speaker 1: and drabs stocking money into different cryptocurrency investments, the folks

479
00:22:02,920 --> 00:22:06,760
Speaker 1: making the real money are the legal class. It's lawyers,

480
00:22:06,840 --> 00:22:09,119
Speaker 1: its accountants, and consultants. Those are the folks who have

481
00:22:09,200 --> 00:22:12,360
Speaker 1: raked in massive amounts of money from firms like FTX

482
00:22:12,480 --> 00:22:16,520
Speaker 1: right at the same time though they're regular folks lost

483
00:22:16,600 --> 00:22:18,520
Speaker 1: at all. And so some of these lawyers met that

484
00:22:18,560 --> 00:22:21,119
Speaker 1: command thousands of dollars an hour in fees, which you know,

485
00:22:21,240 --> 00:22:23,320
Speaker 1: they probably went to prestigious schools that worked really hard

486
00:22:23,400 --> 00:22:26,879
Speaker 1: to make a great income. I'm not hating on their

487
00:22:26,920 --> 00:22:29,520
Speaker 1: ability to make money, but it kind of feels like

488
00:22:29,560 --> 00:22:31,480
Speaker 1: a poke in the eye to normal folks who lost

489
00:22:31,520 --> 00:22:33,359
Speaker 1: some of their savings right thanks to SBF and his

490
00:22:33,440 --> 00:22:36,399
Speaker 1: Ponzi scheme and some of these other crypto firms that

491
00:22:36,440 --> 00:22:40,560
Speaker 1: went busted where lawyers are coming in, they're leeching, they're

492
00:22:40,640 --> 00:22:43,560
Speaker 1: leeching off, they're taking so much of the money that

493
00:22:44,240 --> 00:22:47,280
Speaker 1: would otherwise go to some of the folks who did

494
00:22:47,560 --> 00:22:49,520
Speaker 1: lose a bunch of their savings. Yeah, and of course

495
00:22:49,640 --> 00:22:52,720
Speaker 1: the way that you could not be footing the bills

496
00:22:52,760 --> 00:22:57,880
Speaker 1: for these expensive law firms is by having avoided cryptocurrencies altogether.

497
00:22:58,240 --> 00:23:01,200
Speaker 1: But there's one law firm there working for Celsius, another

498
00:23:01,680 --> 00:23:04,240
Speaker 1: failed one where they build one hundred thousand dollars to

499
00:23:04,320 --> 00:23:06,720
Speaker 1: come up with like they're trying to determine whether or

500
00:23:06,720 --> 00:23:08,680
Speaker 1: not they're going to bring up the case to potentially

501
00:23:08,720 --> 00:23:12,520
Speaker 1: pursue a Celsius customer using creditor funds to go after

502
00:23:12,640 --> 00:23:16,800
Speaker 1: that creditor basically, so they're using essentially her own money

503
00:23:16,840 --> 00:23:18,320
Speaker 1: to decide whether or they're going to sumeer or not.

504
00:23:18,560 --> 00:23:21,960
Speaker 1: And honestly, just crypto in general, it's a mess. But

505
00:23:22,200 --> 00:23:25,680
Speaker 1: on that note, Bloomberg had an article about the downfall

506
00:23:25,800 --> 00:23:28,400
Speaker 1: of NFTs. I don't know if you remember those jual

507
00:23:28,520 --> 00:23:33,520
Speaker 1: non fungible tokens. Yeah, the old expensive JPEGs, right, exactly. Well,

508
00:23:33,920 --> 00:23:36,320
Speaker 1: and it's not the JPEG that you own. What you

509
00:23:36,480 --> 00:23:39,040
Speaker 1: own is the fact that you bought the jpeg. Basically,

510
00:23:39,280 --> 00:23:42,159
Speaker 1: you owned the receipts, a certificate of authenticity that accompanies

511
00:23:42,160 --> 00:23:44,240
Speaker 1: the JPEG that makes it worth two hundred and fifty

512
00:23:44,240 --> 00:23:48,000
Speaker 1: thousand dollars. So everyone's sort of autopsies, right, and they

513
00:23:48,160 --> 00:23:50,680
Speaker 1: exist for a reason, and that's to figure out the

514
00:23:50,720 --> 00:23:54,480
Speaker 1: cause of death. Well, basically that's where we are when

515
00:23:54,480 --> 00:23:57,960
Speaker 1: it comes to NFTs. The hype of non fungible tokens

516
00:23:57,960 --> 00:24:01,080
Speaker 1: has faded, and so have any of thequote unquote investments

517
00:24:01,400 --> 00:24:05,480
Speaker 1: that folks have made within the space that FOMO was

518
00:24:05,520 --> 00:24:07,920
Speaker 1: in full gear. And it turned out that January of

519
00:24:07,960 --> 00:24:10,399
Speaker 1: twenty twenty two was the top, of course, and so

520
00:24:10,560 --> 00:24:14,000
Speaker 1: those who were speculating in the NFT space they got

521
00:24:14,080 --> 00:24:17,520
Speaker 1: host and that includes not just normal folks, but like

522
00:24:17,800 --> 00:24:20,919
Speaker 1: billionaires out there as well, who launched NFT platforms and projects,

523
00:24:20,960 --> 00:24:25,080
Speaker 1: celebrities out there. It's not often that we see hype

524
00:24:25,160 --> 00:24:28,080
Speaker 1: and we see the mania get to the degree that

525
00:24:28,240 --> 00:24:31,120
Speaker 1: NFT's reached. But I think it's certainly again a good

526
00:24:31,200 --> 00:24:34,640
Speaker 1: reminder that boring is better. Stick with tried and true

527
00:24:34,920 --> 00:24:38,399
Speaker 1: investments and you can avoid getting burned altogether when it

528
00:24:38,480 --> 00:24:42,160
Speaker 1: comes to your board eight plunging in value, or if

529
00:24:42,200 --> 00:24:44,119
Speaker 1: you even just hate the fact that more of your

530
00:24:44,400 --> 00:24:47,359
Speaker 1: investment dollars the lawsuit and the potential payout that you

531
00:24:47,440 --> 00:24:50,440
Speaker 1: might receive as a customer of somebody like Celsius or

532
00:24:51,200 --> 00:24:54,120
Speaker 1: FTX is going to pay the bills of expensive attorney. Yeah,

533
00:24:54,119 --> 00:24:56,800
Speaker 1: and typically we read about manias and bubbles in textbooks,

534
00:24:57,040 --> 00:24:58,760
Speaker 1: and so it's just really interesting to have kind of

535
00:24:58,840 --> 00:25:02,760
Speaker 1: lived through one, seen the rise in the fall, the swell,

536
00:25:02,880 --> 00:25:06,320
Speaker 1: and then the bust of of that space and uh yeah,

537
00:25:06,480 --> 00:25:10,639
Speaker 1: it's it's funny because I haven't even really heard the

538
00:25:10,880 --> 00:25:14,800
Speaker 1: term NFT recently. Nobody cares, nobody cares anymore. And yet

539
00:25:14,840 --> 00:25:16,680
Speaker 1: it was like the hot new thing on the block

540
00:25:16,720 --> 00:25:18,639
Speaker 1: there for a minute. And so people have to be careful.

541
00:25:18,760 --> 00:25:21,160
Speaker 1: There's we're going to see another one at some point,

542
00:25:21,359 --> 00:25:23,560
Speaker 1: a hot new thing on the block, and yeah, it'll

543
00:25:23,600 --> 00:25:25,680
Speaker 1: just be something different. Yeah. Yes, it's not the fact

544
00:25:25,720 --> 00:25:28,000
Speaker 1: that NFTs are no longer no longer cool. It's the

545
00:25:28,080 --> 00:25:30,680
Speaker 1: fact that or that they carry any cachet or anything.

546
00:25:30,720 --> 00:25:32,760
Speaker 1: It's the fact that there will be something else that

547
00:25:32,920 --> 00:25:36,080
Speaker 1: carries that same weight. Yes, and just we're just preemptively

548
00:25:36,400 --> 00:25:38,120
Speaker 1: putting that on your radar. Just store that one away

549
00:25:38,200 --> 00:25:40,080
Speaker 1: because if your cause your hackles come up, if you

550
00:25:40,200 --> 00:25:42,240
Speaker 1: raise your antenna as being like, wait a second, this

551
00:25:42,359 --> 00:25:44,600
Speaker 1: feels like something in the past that I experienced, and

552
00:25:45,160 --> 00:25:46,800
Speaker 1: I can't predict or tell you what it's gonna be,

553
00:25:46,880 --> 00:25:48,919
Speaker 1: but something else will come along. It's similar, even though

554
00:25:49,000 --> 00:25:52,200
Speaker 1: it's gonna it's gonna like look different in name and

555
00:25:52,840 --> 00:25:54,720
Speaker 1: in style, but it's gonna have a lot of the

556
00:25:54,760 --> 00:25:57,720
Speaker 1: same underlying elements might smell the same, right, yeah, exactly,

557
00:25:57,800 --> 00:25:59,960
Speaker 1: All right, let's talk about cash for a second, like, yeah,

558
00:26:00,119 --> 00:26:02,960
Speaker 1: the actual physical cash. Then it turns out fewer folks

559
00:26:03,080 --> 00:26:06,520
Speaker 1: are are even using. According to Pew Research, forty percent

560
00:26:06,560 --> 00:26:09,360
Speaker 1: of Americans actually didn't use any cash last year, which

561
00:26:09,400 --> 00:26:11,720
Speaker 1: is a shockingly high number. It's man, it's more than

562
00:26:11,760 --> 00:26:14,800
Speaker 1: I was expecting. Yeah, like literally almost half the country

563
00:26:14,880 --> 00:26:17,320
Speaker 1: because I used cash last year. I just did it

564
00:26:17,880 --> 00:26:21,320
Speaker 1: really really sparingly, right, very infrequently. And digital digital wallet's

565
00:26:21,320 --> 00:26:24,359
Speaker 1: Apple Pay, Google Pay, they've become more commonplace, and apps

566
00:26:24,400 --> 00:26:26,800
Speaker 1: like Venmo cash app for you know, splitting checks and

567
00:26:26,800 --> 00:26:28,359
Speaker 1: stuff like that. And it used to be I think

568
00:26:28,480 --> 00:26:30,640
Speaker 1: just the younger generation partaking in some of those things,

569
00:26:30,680 --> 00:26:34,239
Speaker 1: but now it feels like, you know, Gen X baby boomers. Oh,

570
00:26:34,280 --> 00:26:36,800
Speaker 1: they've gotten all in on it too. Literally, this past weekend,

571
00:26:37,080 --> 00:26:39,520
Speaker 1: my mother in law was like, hey, help me out

572
00:26:39,560 --> 00:26:42,160
Speaker 1: with Venmo. Yeah. I literally set her up on Venmo

573
00:26:42,240 --> 00:26:45,639
Speaker 1: because she's she buys stuff used that's how you do it.

574
00:26:45,800 --> 00:26:48,080
Speaker 1: That's right off of like Facebook, and she's like, everyone's

575
00:26:48,080 --> 00:26:50,000
Speaker 1: asking for Venmo. I gotta get I gotta get on

576
00:26:50,040 --> 00:26:52,200
Speaker 1: this stuff. People want to take payment, yeah I know, yeah, yeah,

577
00:26:52,400 --> 00:26:54,679
Speaker 1: well okay. And then actual retailers and restaurants they've been

578
00:26:54,720 --> 00:26:57,080
Speaker 1: moving in that direction as well. Taco Bell has said

579
00:26:57,119 --> 00:26:59,159
Speaker 1: that they want to go completely casius at all of

580
00:26:59,240 --> 00:27:01,520
Speaker 1: their restaurants, and so it's interesting to see and I

581
00:27:01,600 --> 00:27:05,040
Speaker 1: think in many ways, the transition to digital makes a

582
00:27:05,080 --> 00:27:08,160
Speaker 1: whole lot of sense, right, But I think also while

583
00:27:08,200 --> 00:27:11,480
Speaker 1: I get businesses wanting to streamline things, not accepting physical

584
00:27:11,640 --> 00:27:14,639
Speaker 1: US dollars seems kind of silly too, like you're limiting

585
00:27:14,640 --> 00:27:17,119
Speaker 1: your customers, especially a place like Taco Bell. Like I

586
00:27:17,160 --> 00:27:18,920
Speaker 1: guess I'm old school and I just think people should

587
00:27:18,920 --> 00:27:21,560
Speaker 1: still have the right the ability to use cash if

588
00:27:21,560 --> 00:27:23,320
Speaker 1: that's their preference, I think they'll still have the ability,

589
00:27:23,440 --> 00:27:26,440
Speaker 1: but just okay. So, like one of the biggest downsides

590
00:27:26,480 --> 00:27:29,480
Speaker 1: I think to there being less cash or us even

591
00:27:29,560 --> 00:27:31,920
Speaker 1: potentially moving and more in that direction is when it

592
00:27:31,960 --> 00:27:35,280
Speaker 1: comes to teaching kids about money. Because we've talked about this,

593
00:27:35,800 --> 00:27:37,720
Speaker 1: maybe it's been a while actually, so maybe folks probably

594
00:27:37,720 --> 00:27:40,240
Speaker 1: don't even remember or I don't know, maybe yeah, you

595
00:27:40,320 --> 00:27:42,800
Speaker 1: forgot or something, but like they hang on your every word.

596
00:27:43,440 --> 00:27:45,720
Speaker 1: So I for a while there, we went totally digital

597
00:27:45,760 --> 00:27:47,960
Speaker 1: and we're paying our kids for the different jobs they

598
00:27:47,960 --> 00:27:51,600
Speaker 1: are doing via a digital digital app, like even the

599
00:27:51,680 --> 00:27:53,680
Speaker 1: interests they were earning by quote unquote investing it. I

600
00:27:53,960 --> 00:27:55,119
Speaker 1: was paying it that way, but I don't think it

601
00:27:55,200 --> 00:27:58,080
Speaker 1: was very successful. It kind of fell flat. This also

602
00:27:58,119 --> 00:28:01,239
Speaker 1: makes me have you ever of Singapore? You've heard of it? Right,

603
00:28:01,280 --> 00:28:04,160
Speaker 1: it's a curriculum. It's just a way of teaching math.

604
00:28:04,800 --> 00:28:07,919
Speaker 1: But like the tenets of it are when you are

605
00:28:08,000 --> 00:28:11,600
Speaker 1: teaching kids math, like they can be a difficult theoretical

606
00:28:11,920 --> 00:28:13,800
Speaker 1: thing to understand and grasp, and so what you do

607
00:28:13,920 --> 00:28:17,359
Speaker 1: you start with concrete ways of teaching kids, So like

608
00:28:17,440 --> 00:28:19,879
Speaker 1: literal blocks on their desk, and you count them, and

609
00:28:19,920 --> 00:28:22,600
Speaker 1: you subtract them, and you add them together. You move

610
00:28:22,680 --> 00:28:26,639
Speaker 1: from that to the pictures, so basically a visual representation

611
00:28:26,800 --> 00:28:29,120
Speaker 1: of that on paper, and then from there you're able

612
00:28:29,160 --> 00:28:30,960
Speaker 1: to move more to the abstract and kids are able

613
00:28:30,960 --> 00:28:34,240
Speaker 1: to understand the concepts building blocks and to fully understand

614
00:28:34,320 --> 00:28:35,879
Speaker 1: what it does that they're doing. Yeah, you take these

615
00:28:35,920 --> 00:28:38,640
Speaker 1: baby steps and you incrementally have a better understanding of

616
00:28:38,720 --> 00:28:42,720
Speaker 1: what it is. I do wonder if kids in particular

617
00:28:42,800 --> 00:28:45,880
Speaker 1: are never taught about money in the tangible, like where

618
00:28:45,880 --> 00:28:48,160
Speaker 1: they're actually holding it and that they hand it over

619
00:28:48,360 --> 00:28:51,240
Speaker 1: when they pay for something, that they're truly missing out

620
00:28:51,280 --> 00:28:53,960
Speaker 1: potentially on what it is that money can actually do

621
00:28:54,400 --> 00:28:57,239
Speaker 1: or the true value of money. And so hopefully there

622
00:28:57,240 --> 00:28:59,000
Speaker 1: will always at least be a little bit of money

623
00:28:59,040 --> 00:29:01,040
Speaker 1: on hand for us to teach our kids. Yeah, and

624
00:29:01,120 --> 00:29:03,800
Speaker 1: of course that kind of comes down to us as parents. Well,

625
00:29:04,200 --> 00:29:06,440
Speaker 1: some people want to use cash for privacy reasons, which

626
00:29:06,440 --> 00:29:08,200
Speaker 1: I totally get to. Yep, So it's totally get it.

627
00:29:08,240 --> 00:29:10,720
Speaker 1: I don't want not even just the government like visa

628
00:29:10,760 --> 00:29:13,120
Speaker 1: investor regard doing everything I do. That's right, Okay, But

629
00:29:13,280 --> 00:29:15,360
Speaker 1: so all signs do point though to the fact that

630
00:29:15,440 --> 00:29:18,360
Speaker 1: we are moving towards like a cashless society, whether you

631
00:29:18,440 --> 00:29:20,560
Speaker 1: like it or not. And so I think that it

632
00:29:20,680 --> 00:29:23,440
Speaker 1: comes down to us again as individuals, to then determine

633
00:29:23,600 --> 00:29:26,800
Speaker 1: how best, for instance, to monitor our spending right, because

634
00:29:26,840 --> 00:29:28,440
Speaker 1: you may not like the fact that the rules of

635
00:29:28,440 --> 00:29:31,120
Speaker 1: the game are changing, but how can you add best

636
00:29:31,200 --> 00:29:34,680
Speaker 1: adapt to those changing rules. And so before when you're

637
00:29:34,680 --> 00:29:38,160
Speaker 1: talking about physical cash, like you were like literally physically

638
00:29:38,280 --> 00:29:40,040
Speaker 1: limited on how much you could spend because you ran

639
00:29:40,080 --> 00:29:42,240
Speaker 1: out of cashers, I'm sure there's still folks who do

640
00:29:42,360 --> 00:29:46,480
Speaker 1: the envelope system. But using technology to then place digital

641
00:29:46,520 --> 00:29:49,040
Speaker 1: constraints on your spending, I think those are the next steps.

642
00:29:49,120 --> 00:29:51,480
Speaker 1: And I think it would be prudent and wise to

643
00:29:51,680 --> 00:29:55,960
Speaker 1: start finding ways to harness this technology to control and

644
00:29:56,080 --> 00:29:58,880
Speaker 1: to govern yourself right, to provide that discipline. And so

645
00:29:59,000 --> 00:30:00,640
Speaker 1: I think what that means is that but the very least,

646
00:30:00,680 --> 00:30:03,400
Speaker 1: just monitoring your spending via a free app like mint,

647
00:30:03,520 --> 00:30:05,800
Speaker 1: we talk about that all the time, or even considering

648
00:30:06,240 --> 00:30:08,520
Speaker 1: paying for a service like y nab where it's got

649
00:30:08,560 --> 00:30:11,080
Speaker 1: a little it's more sophisticated with the ability for you

650
00:30:11,160 --> 00:30:14,000
Speaker 1: to plan out you're spending and when it comes to budgeting,

651
00:30:14,320 --> 00:30:17,920
Speaker 1: But don't totally stick your head in the sand and say, well,

652
00:30:18,560 --> 00:30:21,280
Speaker 1: even though things are going more digital, I'm not necessarily

653
00:30:21,320 --> 00:30:23,560
Speaker 1: going to change my ways when it comes to the

654
00:30:24,040 --> 00:30:26,160
Speaker 1: like the best practices for me to be able to

655
00:30:26,240 --> 00:30:28,680
Speaker 1: optimize my money. No, Like, let's move along with the

656
00:30:28,960 --> 00:30:30,360
Speaker 1: I'm looking at your watch. It makes me think about

657
00:30:30,360 --> 00:30:34,200
Speaker 1: your watch, Like maybe before somebody would have a running

658
00:30:34,360 --> 00:30:36,320
Speaker 1: partner or like sign up for a race or something

659
00:30:36,360 --> 00:30:39,240
Speaker 1: like that. But and those are great, certainly accountability and

660
00:30:39,440 --> 00:30:41,000
Speaker 1: it's fun to run a race or whatever, but like

661
00:30:41,080 --> 00:30:44,120
Speaker 1: there's also other ways where you can take advantage of

662
00:30:44,200 --> 00:30:46,840
Speaker 1: technology and charts and seeing your numbers. I think the

663
00:30:46,920 --> 00:30:50,440
Speaker 1: ability to make the best of technology is the best

664
00:30:50,480 --> 00:30:52,800
Speaker 1: path forward. Yeah personally, Yeah, well I think it's a

665
00:30:52,880 --> 00:30:55,400
Speaker 1: good point though, is using the best of technology because

666
00:30:55,400 --> 00:30:57,720
Speaker 1: there's sometimes technology and not letting it use you Yah,

667
00:30:57,760 --> 00:31:00,200
Speaker 1: taking campus right, and we can we can be the

668
00:31:00,280 --> 00:31:02,800
Speaker 1: bill of goods that's being sold as opposed to using

669
00:31:02,880 --> 00:31:05,800
Speaker 1: technology in a way that helps us without allowing it

670
00:31:05,880 --> 00:31:07,640
Speaker 1: to harm us. And so I think you're right, like

671
00:31:07,920 --> 00:31:11,400
Speaker 1: digital minimalism, right, that concept of using enough technology to

672
00:31:11,480 --> 00:31:12,880
Speaker 1: get the things you need to get done or you

673
00:31:12,920 --> 00:31:14,840
Speaker 1: want to get done done, and then being able to

674
00:31:14,880 --> 00:31:17,440
Speaker 1: put it aside. And so I think something like wine

675
00:31:17,440 --> 00:31:20,400
Speaker 1: app is a perfect use case of like good technology

676
00:31:20,440 --> 00:31:22,960
Speaker 1: that helps us and something like this watch too, where

677
00:31:23,040 --> 00:31:24,959
Speaker 1: it's not distracting me, but it's giving me what I need.

678
00:31:25,160 --> 00:31:27,480
Speaker 1: Love it all. Right, Let's let's get to talk about

679
00:31:27,520 --> 00:31:30,400
Speaker 1: charity map for a second, because speaking of like digital

680
00:31:30,440 --> 00:31:32,640
Speaker 1: payments when we're when we're out shopping or something like that,

681
00:31:33,960 --> 00:31:36,080
Speaker 1: if you were to ask pull our listener base, I

682
00:31:36,080 --> 00:31:38,400
Speaker 1: would imagine most people have gotten asked to donate money

683
00:31:38,440 --> 00:31:40,960
Speaker 1: at some point while they've been checking out. Right, while

684
00:31:40,960 --> 00:31:43,080
Speaker 1: they've been at the checkout. You're not just talking about tip.

685
00:31:43,360 --> 00:31:45,040
Speaker 1: You're not talking about donating money as as the person

686
00:31:45,040 --> 00:31:47,000
Speaker 1: who just made your Oh no, which you should do.

687
00:31:47,040 --> 00:31:49,440
Speaker 1: You should tip the person right who's serving you. But

688
00:31:50,080 --> 00:31:52,360
Speaker 1: you're literally asked to donate to a to a nonprofit,

689
00:31:52,480 --> 00:31:56,800
Speaker 1: to a cause that the grocery store or retailer supports.

690
00:31:57,120 --> 00:31:58,840
Speaker 1: It feels like it's happening all the time now. And

691
00:31:58,960 --> 00:32:01,520
Speaker 1: this new study that we're being asked to make charitable

692
00:32:01,520 --> 00:32:03,560
Speaker 1: contributions at the point of purchase more than ever. So

693
00:32:03,600 --> 00:32:05,640
Speaker 1: it's not just like in our minds, like it's really happening.

694
00:32:06,040 --> 00:32:10,360
Speaker 1: And the thing is people are participating. Shopper donations at

695
00:32:10,480 --> 00:32:13,240
Speaker 1: checkout have gone up something like twenty four percent since

696
00:32:13,320 --> 00:32:16,840
Speaker 1: twenty twenty. But people are apparently getting tired of being asked.

697
00:32:16,920 --> 00:32:20,240
Speaker 1: I know, I am. It's understandable, right. Not everyone feels

698
00:32:20,280 --> 00:32:21,880
Speaker 1: like this, but I would say a decent chunk of

699
00:32:21,920 --> 00:32:25,200
Speaker 1: folks feel kind of browbeaten into rounding up the purchase

700
00:32:25,240 --> 00:32:27,400
Speaker 1: price or it's donating five or ten bucks for that

701
00:32:27,480 --> 00:32:31,080
Speaker 1: retailer's pet cause. My take, and not everyone has to

702
00:32:31,120 --> 00:32:32,760
Speaker 1: agree with me, but my take is to always say no,

703
00:32:33,320 --> 00:32:35,800
Speaker 1: not because you hate the cause, or because you don't

704
00:32:35,840 --> 00:32:38,880
Speaker 1: care about others, or because you're not planning to be generous,

705
00:32:39,400 --> 00:32:43,000
Speaker 1: but I would say people should rather proactively choose where

706
00:32:43,040 --> 00:32:44,840
Speaker 1: they want their money to go instead of being guilt

707
00:32:44,840 --> 00:32:47,400
Speaker 1: tripped into that donation in a spur of the moment transaction.

708
00:32:47,520 --> 00:32:50,760
Speaker 1: It allows you to have more control over where your

709
00:32:50,840 --> 00:32:53,239
Speaker 1: money goes. You can still be you can be more

710
00:32:53,280 --> 00:32:56,880
Speaker 1: generous even in fact by saying no, and but by

711
00:32:56,920 --> 00:33:00,440
Speaker 1: funneling your dollars into the nonprofits that you can about.

712
00:33:01,000 --> 00:33:02,920
Speaker 1: It's just it's just interesting to see that we're being

713
00:33:03,000 --> 00:33:05,440
Speaker 1: like asked for donations more and more and more, And

714
00:33:05,680 --> 00:33:07,680
Speaker 1: I think a lot of times people people just feel like,

715
00:33:08,960 --> 00:33:10,360
Speaker 1: I feel like it's the right thing to do, so

716
00:33:10,400 --> 00:33:12,360
Speaker 1: I'm gonna do it, even if your their heart's not

717
00:33:12,440 --> 00:33:14,360
Speaker 1: in it, let's say, guilt tripped into doing it. So

718
00:33:14,480 --> 00:33:16,160
Speaker 1: I like what you're saying, but I would say the

719
00:33:16,280 --> 00:33:19,320
Speaker 1: only like, the only caveat is that I would say,

720
00:33:19,880 --> 00:33:22,800
Speaker 1: continue to give, maybe because like maybe you aren't giving

721
00:33:22,840 --> 00:33:25,840
Speaker 1: at all. And I would say, use that desire to

722
00:33:26,000 --> 00:33:28,920
Speaker 1: not necessarily give to these organizations that you're the most

723
00:33:28,960 --> 00:33:31,360
Speaker 1: crazy about as fuel for the fire for you to

724
00:33:31,440 --> 00:33:33,640
Speaker 1: find the charities that you do care about, because I

725
00:33:33,720 --> 00:33:37,000
Speaker 1: think the temptation, like the reason these prompts exist is

726
00:33:37,160 --> 00:33:40,760
Speaker 1: because people don't give. They like, there's just a lack

727
00:33:40,920 --> 00:33:43,480
Speaker 1: of an ability for us to be proactive and to

728
00:33:43,600 --> 00:33:45,719
Speaker 1: go out there. I don't think it's because people don't give.

729
00:33:45,720 --> 00:33:47,400
Speaker 1: I think Emerson, actually, when you look at numbers, were

730
00:33:47,440 --> 00:33:49,440
Speaker 1: actually really generous, more generous than most cultures. I guess

731
00:33:49,480 --> 00:33:51,400
Speaker 1: I'm thinking about the fact that I think there's a

732
00:33:51,440 --> 00:33:53,000
Speaker 1: lot of folks who might hear what you're saying and

733
00:33:53,080 --> 00:33:54,920
Speaker 1: take that as permission to be like, yeah, I'm not

734
00:33:54,960 --> 00:33:56,479
Speaker 1: going to give anymore, but then they don't go out

735
00:33:56,520 --> 00:33:59,240
Speaker 1: there and actually do their research. And that's not what

736
00:33:59,320 --> 00:34:01,480
Speaker 1: I said. I think, Oh I no, no, I totally yeah,

737
00:34:01,560 --> 00:34:04,120
Speaker 1: it's definitely not what you said. But I'm just pointing

738
00:34:04,120 --> 00:34:07,440
Speaker 1: out the behavioral tendency to not necessarily want to give

739
00:34:07,480 --> 00:34:09,960
Speaker 1: our money away because marketing works, right, Like, that's why

740
00:34:10,120 --> 00:34:12,879
Speaker 1: these different efforts are out there, is because if you're

741
00:34:12,880 --> 00:34:15,120
Speaker 1: able to get in front of somebody and to remind them,

742
00:34:15,280 --> 00:34:17,080
Speaker 1: you're like, okay, yeah, I'll go ahead and do that.

743
00:34:17,360 --> 00:34:19,600
Speaker 1: But if you're relying on yourself to do it at

744
00:34:19,640 --> 00:34:21,759
Speaker 1: a later time, you just have to make sure that

745
00:34:21,800 --> 00:34:24,040
Speaker 1: you actually do that, you know. And I think I

746
00:34:24,200 --> 00:34:26,239
Speaker 1: just think that when you're asked to donate five bucks

747
00:34:26,280 --> 00:34:28,160
Speaker 1: to check out, the lazy person's way out is to

748
00:34:28,239 --> 00:34:30,160
Speaker 1: be like, okay, and then wait, look I've done my

749
00:34:30,239 --> 00:34:33,320
Speaker 1: good thing. Sure, And but the truth is you don't know.

750
00:34:33,920 --> 00:34:35,480
Speaker 1: And I'm not even saying that the money that they're

751
00:34:35,520 --> 00:34:37,840
Speaker 1: asking for isn't going to those nonprofits. It is like

752
00:34:38,000 --> 00:34:40,120
Speaker 1: everything I can I've read, it sounds like the money

753
00:34:40,239 --> 00:34:42,080
Speaker 1: is going to those nonprofits that they say it's going to.

754
00:34:42,680 --> 00:34:44,520
Speaker 1: So It's not like I'm even worried about fraud or

755
00:34:44,560 --> 00:34:47,799
Speaker 1: anything like that. It's just that, man, what nonprofit man

756
00:34:47,880 --> 00:34:49,400
Speaker 1: you want to see succeeds? Exactly. It may not be

757
00:34:49,440 --> 00:34:51,960
Speaker 1: your first choice. Yeah, And even still, is that nonprofit

758
00:34:52,040 --> 00:34:53,719
Speaker 1: that you're giving money to, how well are they using

759
00:34:53,760 --> 00:34:55,960
Speaker 1: the funds? Those are things you can look up and

760
00:34:56,120 --> 00:34:59,240
Speaker 1: see so that you can proactively funnel money towards nonprofits

761
00:34:59,320 --> 00:35:01,759
Speaker 1: you care about that are being really effective exactly. And

762
00:35:02,160 --> 00:35:04,480
Speaker 1: we truly do feel that it's important to give your money,

763
00:35:04,480 --> 00:35:07,400
Speaker 1: and so we want people to be proactive and to

764
00:35:07,440 --> 00:35:10,279
Speaker 1: take these steps to do this. It's just that I

765
00:35:10,480 --> 00:35:12,640
Speaker 1: get the argument of marketers because they're like, well, nobody

766
00:35:12,640 --> 00:35:15,399
Speaker 1: wants to who truly wants to give their money away?

767
00:35:15,640 --> 00:35:18,120
Speaker 1: We recommend for you to do this, for folks out

768
00:35:18,120 --> 00:35:20,120
Speaker 1: there to do this all the time, and specifically, you

769
00:35:20,160 --> 00:35:23,040
Speaker 1: can research some of the different organizations at a site

770
00:35:23,120 --> 00:35:26,360
Speaker 1: like give dot org or Charity Navigator. They both do

771
00:35:26,440 --> 00:35:29,040
Speaker 1: a great job at giving you just a peek behind

772
00:35:29,080 --> 00:35:31,840
Speaker 1: the curtain, but do some research and then send a

773
00:35:31,920 --> 00:35:34,240
Speaker 1: one time gift or just make a recurring monthly donation

774
00:35:34,360 --> 00:35:37,440
Speaker 1: as opposed to again feeling kind of guilt tripped into

775
00:35:37,560 --> 00:35:39,399
Speaker 1: being like, all right, I'll go ahead do the five bucks.

776
00:35:39,800 --> 00:35:42,720
Speaker 1: You could even start a donor advised fund to invest

777
00:35:42,880 --> 00:35:46,160
Speaker 1: money for future giving purposes too, if you're not quite

778
00:35:46,200 --> 00:35:47,880
Speaker 1: sure where it is that you want to funnel those

779
00:35:47,920 --> 00:35:50,799
Speaker 1: giving dollars now. But again it comes down to whether

780
00:35:51,160 --> 00:35:53,640
Speaker 1: or not you're actually to do that thing. But hopefully

781
00:35:54,320 --> 00:35:56,400
Speaker 1: you are hearing us talk about this. This is the

782
00:35:56,600 --> 00:35:58,399
Speaker 1: kind of the kick in the pants for you to say,

783
00:35:58,400 --> 00:36:00,600
Speaker 1: all right, let me actually do that. How much am

784
00:36:00,640 --> 00:36:02,719
Speaker 1: I actually giving away of my money? Because it feels

785
00:36:02,760 --> 00:36:04,960
Speaker 1: like I'm getting I'm giving away a bunch because I'm

786
00:36:04,960 --> 00:36:07,799
Speaker 1: prompted often, But as a percentage of your income, maybe

787
00:36:07,840 --> 00:36:10,040
Speaker 1: it's like, I don't know, like zero point zero five

788
00:36:10,080 --> 00:36:13,600
Speaker 1: percent of your actual income. And you're probably thinking, but

789
00:36:13,719 --> 00:36:16,400
Speaker 1: that feels more like five percent of my actual income.

790
00:36:16,760 --> 00:36:19,160
Speaker 1: But it's because it's not something that you're proactively looking at.

791
00:36:19,200 --> 00:36:21,160
Speaker 1: And we want folks to be more engaged with the

792
00:36:21,239 --> 00:36:22,960
Speaker 1: money that they're giving away. Yeah, we'd rather see you

793
00:36:23,400 --> 00:36:25,840
Speaker 1: feel connected to the giving that you're doing, a connection

794
00:36:26,080 --> 00:36:29,040
Speaker 1: sort of disconnected in the moment. Guilt trip like that's

795
00:36:29,080 --> 00:36:31,000
Speaker 1: not that doesn't make you feel good about the giving

796
00:36:31,040 --> 00:36:32,960
Speaker 1: that you're doing either, right, it's kind of crummy, it's

797
00:36:33,000 --> 00:36:35,440
Speaker 1: not ideal. So instead, if you're the one who's practically

798
00:36:35,520 --> 00:36:37,120
Speaker 1: looking for and saying, you know what I care about,

799
00:36:37,320 --> 00:36:41,200
Speaker 1: I care about the local shelter that's rescuing animals in

800
00:36:41,280 --> 00:36:43,719
Speaker 1: my area, Like that's something I can feel connected to

801
00:36:44,400 --> 00:36:47,040
Speaker 1: in proactively giving your money in that direction, go for it.

802
00:36:47,120 --> 00:36:50,120
Speaker 1: That's great. Love it. But just because somebody's raising money

803
00:36:50,120 --> 00:36:51,080
Speaker 1: and they put it in front of your face, it

804
00:36:51,080 --> 00:36:52,480
Speaker 1: doesn't mean that's the thing you should give money to

805
00:36:52,600 --> 00:36:55,279
Speaker 1: that exactly. Yeah, all right, well is that gonna be it?

806
00:36:55,440 --> 00:36:57,600
Speaker 1: That's it? All right, that's it for our Friday flights.

807
00:36:58,040 --> 00:37:00,160
Speaker 1: You can find resources some of the different things we

808
00:37:00,360 --> 00:37:02,880
Speaker 1: mentioned during this episode up in our show notes up

809
00:37:02,920 --> 00:37:06,120
Speaker 1: on the website at howdomoney dot com. And we hope

810
00:37:06,160 --> 00:37:08,799
Speaker 1: everyone ether has a beautiful weekend. So buddy, that's going

811
00:37:08,880 --> 00:37:11,120
Speaker 1: to be it until next time. Best Friends Out, Best

812
00:37:11,239 --> 00:37:12,120
Speaker 1: Friends Out.