WEBVTT - Friday Flight - Short-Term Rental Smackdown, Negative Nellies, & Donation Dilemmas #720 0:00:00.080 --> 0:00:02.960 Welcome to Head of Money. I'm Joel, I'm Matt, and 0:00:03.000 --> 0:00:07.080 today we're talking short term rental SmackDown, negative nelli's, and 0:00:07.120 --> 0:00:30.560 donation dilemmas. That's right. Happy Friday to everyone out there. 0:00:30.600 --> 0:00:32.319 I feel like folks are starting to get back into 0:00:32.360 --> 0:00:34.760 the swing of things. Kids are back in school. Friday's 0:00:34.800 --> 0:00:37.440 mean something now, whereas like over the summer, Friday they 0:00:37.440 --> 0:00:40.600 don't mean anything. It's just another day of the summer. 0:00:40.960 --> 0:00:43.199 Is it called Friday? Can we call it? Oh? You 0:00:43.280 --> 0:00:47.559 know if you're speaking gift, But yeah, this says our 0:00:47.600 --> 0:00:50.680 Friday flights. And we're gonna cover the top stories, the 0:00:50.720 --> 0:00:52.440 ones that we think you need to be paying a 0:00:52.479 --> 0:00:56.760 little more attention to because they pertain to your personal finances. 0:00:56.760 --> 0:00:58.840 We're gonna get to the ones you mentioned, Joel, plus 0:00:59.160 --> 0:01:01.440 a bunch of others too, but good stuff for sure. 0:01:01.720 --> 0:01:04.320 You want to talk about your watch. If listeners, if 0:01:04.360 --> 0:01:06.280 you if you listen closely, if you listen a lot, 0:01:06.319 --> 0:01:08.280 you heard me mention that I kind of wanted to 0:01:08.319 --> 0:01:11.800 get one of the Garmin smart watches largely man, it 0:01:11.800 --> 0:01:14.479 doesn't have a touch screen, which I'm actually thrilled about. 0:01:14.680 --> 0:01:17.720 It's pretty smart, dude. I'll say, I dig the way 0:01:17.760 --> 0:01:19.840 that that looks, cause it's all black, and I like 0:01:19.920 --> 0:01:22.160 the black on black like it's well, you know, like 0:01:22.200 --> 0:01:26.839 the actual typography or the typeface. It's like a dark gray. Yeah, 0:01:26.880 --> 0:01:28.840 it looks it's got a good It reminds me of 0:01:28.880 --> 0:01:31.080 my bike, which is which is all it's like all 0:01:31.080 --> 0:01:32.920 blacked out. Yeah, it kind of got a minimalist vibe 0:01:32.959 --> 0:01:34.720 for sure. It's a good look. Yeah, So I like 0:01:34.800 --> 0:01:37.840 it. It's and I got it used. I will say I 0:01:37.880 --> 0:01:40.040 mentioned that I was looking for a discounted one right 0:01:40.120 --> 0:01:42.600 on Prime Day or something like that, and I didn't 0:01:42.600 --> 0:01:44.760 see anything pop up that really made me want to pounds, 0:01:45.000 --> 0:01:46.520 and so I said, you know what, why don't I 0:01:46.560 --> 0:01:48.480 Why don't look to see how much they go for used? 0:01:48.960 --> 0:01:51.960 And I looked on eBay and I was like, I 0:01:52.000 --> 0:01:53.800 don't know, not enough of a discount to make me 0:01:53.880 --> 0:01:56.560 want to jump on it. But then for I never 0:01:56.600 --> 0:01:58.600 really used this app, but I tried something called mrcary. 0:01:58.680 --> 0:02:00.880 Have you heard of that one? M So it's kind 0:02:00.880 --> 0:02:03.440 of like eBay but for fancy people, I guess is 0:02:03.440 --> 0:02:05.320 what they're saying. Yeah, but I got this watch for 0:02:05.360 --> 0:02:08.400 seventy bucks, dude, and normally. I think it's like a 0:02:08.400 --> 0:02:10.720 two hundred dollars watch. It's the regular and so that 0:02:10.720 --> 0:02:12.680 there are two generations. I got the I got the 0:02:12.680 --> 0:02:14.919 first generation because I don't really care. I didn't see 0:02:14.960 --> 0:02:17.520 enough differences between the first and second. Yeah, so I 0:02:17.520 --> 0:02:20.000 got the first gen seventy bucks ship to my door 0:02:20.200 --> 0:02:22.760 and it's been great. Man. And what's what's smart about it? Sure? 0:02:23.000 --> 0:02:25.320 Like people here smart watch. It's not a touch screen, 0:02:25.400 --> 0:02:27.640 so it doesn't it sounds of dumb? Yeah, yeah, yeah, exactly. 0:02:28.360 --> 0:02:31.000 Well that's actually what I wanted because I didn't want 0:02:31.120 --> 0:02:33.360 like and I turned off all the notifications from my phone. 0:02:33.400 --> 0:02:35.400 So people are then what does it really do? Well's 0:02:35.440 --> 0:02:37.919 just tracking my health statistics, right, I didn't know it 0:02:37.960 --> 0:02:39.840 actually linked to your phone too. Yeah, so I've got 0:02:39.840 --> 0:02:41.359 an app on the phone that I can check and 0:02:41.400 --> 0:02:43.360 I can see, like it can tell me how I slept, 0:02:43.360 --> 0:02:44.840 it can tell me how many steps I've taken. It 0:02:44.840 --> 0:02:46.960 can tell me, well my heart rate has been and 0:02:47.120 --> 0:02:49.200 high heart rate. It can track all my different kind 0:02:49.240 --> 0:02:51.000 of workouts and stuff. Like Joel enters middle age, he 0:02:51.040 --> 0:02:53.160 want to start tracking the metrics. Well, the cool thing 0:02:53.240 --> 0:02:55.440 is I was a part of what I like about 0:02:55.480 --> 0:02:58.520 it is it motivates me to do more on things 0:02:58.520 --> 0:03:00.280 that I want to be doing. But I I kind 0:03:00.280 --> 0:03:02.960 of like to challenge myself. And so I'm I and 0:03:03.080 --> 0:03:05.000 having this app that's tracking all my stuff and it's 0:03:05.040 --> 0:03:07.040 kind of same from a running standpoint, Yeah, from like 0:03:07.080 --> 0:03:09.520 a running from like a like how many active minutes 0:03:09.520 --> 0:03:11.600 are you spending each and every week? And this is 0:03:11.600 --> 0:03:13.080 tracking all that stuff and it makes more of like 0:03:13.400 --> 0:03:15.560 beat myself from the week before. You want to increase 0:03:15.560 --> 0:03:17.480 your numbers. Yeah, like I know on the Apple Watch, 0:03:17.480 --> 0:03:19.760 I don't have one, but like you close your circles, yeah, 0:03:19.919 --> 0:03:22.240 like in that how that works? Yeah, Emily's got one 0:03:22.240 --> 0:03:24.400 and that's how well. Okay, So I love you bring 0:03:24.520 --> 0:03:27.040 us up. I think it's great. I totally did something similar. 0:03:27.120 --> 0:03:29.400 So I used eBay though, and I was kind of 0:03:29.400 --> 0:03:32.000 in the market for a blazer. I don't have like 0:03:32.040 --> 0:03:35.560 a blazer like a sports code, and I found one 0:03:35.560 --> 0:03:37.440 that I liked and brand new. Dude, this thing was 0:03:37.440 --> 0:03:39.560 three hundred and ninety bucks. Wow, I'm like, that's a 0:03:39.560 --> 0:03:42.320 lot of stinking money. And so here's what's great though 0:03:42.360 --> 0:03:45.960 about getting something that you know you either want or 0:03:46.000 --> 0:03:48.640 even need, is that if you've got time on your side, 0:03:48.880 --> 0:03:51.080 you can take the time to shop around and in 0:03:51.120 --> 0:03:53.160 particular see if you can get it used. Because so 0:03:53.440 --> 0:03:55.800 with that in mind, I'm like, I don't need blazer 0:03:56.240 --> 0:03:58.680 like now today, next week, but maybe like in a 0:03:58.680 --> 0:04:01.240 couple of months. And so I on eBay and there 0:04:01.360 --> 0:04:03.640 was the exact one that I was thinking about buying 0:04:04.200 --> 0:04:06.080 and it wasn't even used. This is what's so killer, too, 0:04:06.160 --> 0:04:07.360 is that there's so many folks on there and they've 0:04:07.360 --> 0:04:11.560 got NWT new with tags. I love. I love saying 0:04:11.560 --> 0:04:14.400 that because this massive discount is all I know. That's 0:04:14.400 --> 0:04:17.599 I'm getting screaming massive discount. There's no yeah, wear and 0:04:17.640 --> 0:04:19.480 tear on this thing. They had it so three nights. 0:04:19.520 --> 0:04:21.640 This thing was listed for one twenty five. And I 0:04:21.680 --> 0:04:24.080 also love you can make an offer, make an offer, 0:04:24.240 --> 0:04:26.520 and so I made an offer at ninety bucks and 0:04:26.560 --> 0:04:29.320 they accepted it. Boom, you know, like because these folks 0:04:29.520 --> 0:04:31.200 they've got these items, like I guess if you do this, 0:04:31.360 --> 0:04:34.400 so that's like a more full time and you've got 0:04:34.400 --> 0:04:35.880 a bunch of inventory you just want to unload it. 0:04:35.920 --> 0:04:39.560 Yeah who And of course I instantly regretted and I 0:04:39.600 --> 0:04:41.200 was like, oh, I should offer it even lower. But 0:04:41.440 --> 0:04:43.279 they've also they got the recommendation on there now too, 0:04:43.320 --> 0:04:45.560 where it's just like it's more likely to accept it 0:04:45.560 --> 0:04:47.400 if you make an offer around ninety three dollars. And 0:04:47.520 --> 0:04:49.440 so I was like, all right, I'll try ninety I 0:04:49.440 --> 0:04:51.279 did something so I love it. So the ability to 0:04:51.320 --> 0:04:55.160 have time on your side, man, yeah, you said eighty percent, 0:04:55.200 --> 0:04:57.479 dis like a massive discount. I saved three hundred bucks 0:04:57.760 --> 0:05:00.919 on something that is like virtually yeah, these are like 0:05:00.960 --> 0:05:03.640 good shopping tips, hopefully from both of us. But well, 0:05:03.920 --> 0:05:05.760 I think the other thing. I just jump all sorts 0:05:05.800 --> 0:05:08.200 of things too, not just like consumer goods, but like 0:05:08.360 --> 0:05:11.119 when it comes to housing, the ability to shop around 0:05:11.200 --> 0:05:13.200 and when you have time on your side, man, it's 0:05:13.240 --> 0:05:14.920 you come out ahead. But it's helpful to know that 0:05:14.960 --> 0:05:16.960 there are multiple different sites. Like I didn't. I wasn't 0:05:17.000 --> 0:05:19.040 even really aware of Macary. I guess I knew it existed, 0:05:19.040 --> 0:05:20.440 and I was like, well, i'll give I'll check that 0:05:20.520 --> 0:05:23.400 out and so but and I'm just, man, I really 0:05:23.480 --> 0:05:26.040 like the ways in which this watch is like influencing 0:05:26.040 --> 0:05:27.680 my behavior in a positive way. I'm not glued to 0:05:27.720 --> 0:05:29.320 the screen because it's not a touch screen. It's not 0:05:29.360 --> 0:05:32.440 doing a whole lot besides telling me the time super minimal. Oh, 0:05:32.480 --> 0:05:34.160 it kind of reminds me of eat ink. That's why 0:05:34.200 --> 0:05:36.040 I like it, because I love eat ink, like uh, 0:05:36.200 --> 0:05:38.599 kindle reading on the kindle, but the ability to have 0:05:38.680 --> 0:05:40.800 that on a watch. Yeah, kind of got that vibe. 0:05:40.960 --> 0:05:42.719 You knows, man, I might join you, might join you 0:05:42.760 --> 0:05:45.160 soon enough. Yeah, So just letting people know, like there 0:05:45.160 --> 0:05:47.520 are always way who you don't need the thing brand 0:05:47.520 --> 0:05:49.480 new necessarily and you might not need the newest version. 0:05:49.480 --> 0:05:51.200 And the more you shop around, the more you might save. 0:05:51.240 --> 0:05:52.560 And if you don't need it, I like that tip 0:05:52.560 --> 0:05:54.840 mat if you don't need it, immediately take some time, 0:05:55.040 --> 0:05:57.400 keep looking and make it off or went out to 0:05:57.560 --> 0:05:59.040 all the above to save a little bit when you're 0:05:59.040 --> 0:06:01.440 buying something. All right, let's get to our Friday flights, 0:06:01.480 --> 0:06:04.360 the different stories we came across, and we're gonna spend 0:06:04.400 --> 0:06:08.719 a minute here talking about Airbnb specifically, because yeah, short 0:06:08.800 --> 0:06:12.080 term rentals. They're having a moment and it's not a 0:06:12.120 --> 0:06:14.800 good moment for them. Some of the biggest cities in 0:06:14.839 --> 0:06:18.200 the US are trying to tamp down. They're trying to 0:06:18.279 --> 0:06:21.719 create more rules surrounding listings that appear on sites like 0:06:21.839 --> 0:06:27.200 Airbnb Wired. They call New York's crackdown the end of 0:06:27.320 --> 0:06:29.800 Airbnb in New York, New York City the big Apple. 0:06:29.800 --> 0:06:32.760 They already had some restrictions on the books, but now 0:06:32.760 --> 0:06:36.240 they're actually going to enforce them. They're gonna I guess 0:06:36.279 --> 0:06:39.200 I'm thinking of Ashville. The Ashville's had a more stringent 0:06:40.160 --> 0:06:43.279 regulation surrounding the airbnb's and how you have to be 0:06:43.520 --> 0:06:46.479 registered with the city. But now the only way to 0:06:46.600 --> 0:06:49.560 run an Airbnb in the city is if you are 0:06:49.640 --> 0:06:52.760 staying in the apartment with the folks who are running it. 0:06:53.200 --> 0:06:56.240 And that's for if it's a short term rental for 0:06:56.320 --> 0:06:58.360 like less than thirty days or something like that. But 0:06:58.839 --> 0:07:00.680 given the fact that a lot of folk want an 0:07:00.680 --> 0:07:03.520 apartment to themselves right, like they don't want to there's 0:07:03.520 --> 0:07:04.800 a lot of folks who aren't wanting to do the 0:07:04.880 --> 0:07:07.239 sleep on the couch thing or like it's a shared apartment, 0:07:07.360 --> 0:07:09.200 but you've got your own room. Kate and I like 0:07:09.240 --> 0:07:11.400 when we were younger, even and when we were traveling 0:07:11.400 --> 0:07:14.760 on shoe string budgets, that was never a consideration. I 0:07:14.800 --> 0:07:16.840 guess it's when you have a partner, right, when you 0:07:16.840 --> 0:07:19.000 have a significant other, because if it was me solo, 0:07:19.400 --> 0:07:21.760 I totally share a room. But when you've got somebody 0:07:21.760 --> 0:07:24.280 else with you, you went your privacy, like you're talking about stuff. 0:07:24.600 --> 0:07:26.320 And I think this is going to have a serious 0:07:26.400 --> 0:07:30.640 impact on Airbnb's in New York talking about stuff. So no, 0:07:30.800 --> 0:07:33.760 we did, Emily and I actually did that in Norway 0:07:33.760 --> 0:07:37.120 one time because the prices were so expensive, specifically in Bergen, Norway, 0:07:37.320 --> 0:07:39.760 where we and we said, oh my gosh, to stay 0:07:40.040 --> 0:07:42.400 in a house where somebody else there's somebody else there 0:07:42.600 --> 0:07:44.640 is going to save us so much money. It's worth 0:07:44.640 --> 0:07:47.400 the trade off for this one night in this one place, right, Yeah. 0:07:47.440 --> 0:07:50.000 But most of the time, no, we want our own place. Yeah. Actually, 0:07:50.040 --> 0:07:51.520 I guess I take that back. I think about we 0:07:52.120 --> 0:07:54.680 rented a place when we went to Ireland, like ten 0:07:55.280 --> 0:07:57.480 was it ten years ago? Oh my gosh, remember that 0:07:57.520 --> 0:07:59.840 one BMB that one place. Yeah, okay, so then the 0:08:00.000 --> 0:08:01.760 people who run it are actually living, they're there, we're 0:08:01.760 --> 0:08:04.200 like playing with her kid. Yeah, so you can. Part 0:08:04.200 --> 0:08:05.920 of it depends on your mentality. Can be kind of quaint, 0:08:05.960 --> 0:08:08.160 nostalgic or what you're there for, or it can be creepy. 0:08:08.200 --> 0:08:10.560 If it's like a really small New York City apartment, 0:08:10.600 --> 0:08:12.480 and my mind immediately went to the creepy they're literally 0:08:12.520 --> 0:08:14.600 all brushing in your teeth at the same time, which 0:08:14.680 --> 0:08:17.560 is weird. But yeah, but it's not just New York City, Matt. 0:08:17.680 --> 0:08:20.040 The short term crackdown isn't just happening there. The La 0:08:20.120 --> 0:08:23.280 Times strote this week about Airbnb's being listed that haven't 0:08:23.320 --> 0:08:25.800 applied for an application with the city to list their property, 0:08:26.000 --> 0:08:30.240 so basically they're in violation of of local laws there. 0:08:30.520 --> 0:08:33.079 And so these laws in Los Angeles are are pretty 0:08:33.080 --> 0:08:35.640 stringent for short term rentals too, and a good number 0:08:35.640 --> 0:08:37.120 of folks are trying to get they're basically trying to 0:08:37.120 --> 0:08:39.960 skirt the rules to keep their rental business afloat there. 0:08:40.360 --> 0:08:43.440 They're not filing, they're just going ahead and listing their 0:08:43.480 --> 0:08:47.360 Airbnb on the site because I got that illegal Airbnb. Yeah, 0:08:47.480 --> 0:08:49.520 they don't want to jump through the hoops that it 0:08:49.600 --> 0:08:51.559 takes to get there, pay the city for the privilege 0:08:51.559 --> 0:08:53.360 of listing on the site. And so there are a 0:08:53.400 --> 0:08:55.240 few takeaways I would say from what's happening in this 0:08:55.280 --> 0:08:57.920 space right now. One, short term rentals can be lucrative. 0:08:57.960 --> 0:09:01.040 There are some people who are like really making my substantially, 0:09:01.040 --> 0:09:03.600 like they're supporting their lifestyle based on short term rentals too. 0:09:04.000 --> 0:09:06.760 That could change overnight thanks to new government restrictions. Makes 0:09:06.800 --> 0:09:09.359 you think. I have a buddy who has an airbnbn 0:09:09.440 --> 0:09:12.840 in Chattanooga, Tennessee, and his does quite well. He thought 0:09:12.840 --> 0:09:14.559 about buying another one, but guess what the city of 0:09:14.600 --> 0:09:17.600 Chattanooga said, We're putting a moratorium on any new short 0:09:17.679 --> 0:09:21.160 term rentals for the time being. And your grandfather and 0:09:21.559 --> 0:09:23.160 if you have one, but if you're like trying to 0:09:23.200 --> 0:09:26.600 launch one, sorry, you're out of luck. It's you can't 0:09:26.640 --> 0:09:29.079 do it now. And so basically, I think if you 0:09:29.120 --> 0:09:30.839 live in a place where short term rentals are allowed 0:09:30.840 --> 0:09:32.920 and you can make a sweet income stream, that it's great. 0:09:32.920 --> 0:09:36.319 It can be a great way to get into real estate. 0:09:36.800 --> 0:09:39.280 But have a backup plan, right, hope for the best, 0:09:39.520 --> 0:09:40.880 but at least have a plan in place for the 0:09:40.880 --> 0:09:44.000 worst potential outcome, because we're seeing people going through the 0:09:44.040 --> 0:09:47.560 worst potential outcome in certain places where you know the 0:09:47.640 --> 0:09:51.880 laws are being either finally enforced or being written to 0:09:52.280 --> 0:09:55.239 curb the amount of short term rentals that are available. Yeah. Absolutely, 0:09:55.440 --> 0:09:58.120 I think it pays to pay attention to some of 0:09:58.120 --> 0:10:00.160 the different industries that you're thinking about getting in to 0:10:00.520 --> 0:10:03.760 where there's a lot of government involvement where things could 0:10:03.800 --> 0:10:06.480 change either from a platform, right like from a private 0:10:06.480 --> 0:10:09.040 company like even Airbnb could say I don't know why 0:10:09.080 --> 0:10:10.400 they would do this, but they could say, all right, 0:10:10.440 --> 0:10:12.520 no more new airb Like we're just we're kind of 0:10:12.520 --> 0:10:14.200 capped out. We're just going to keep things where they are, 0:10:14.320 --> 0:10:16.959 whether it's being beholden too a specific platform. It's why 0:10:17.000 --> 0:10:18.880 we worn against that when it comes to even like 0:10:18.880 --> 0:10:21.640 with gig work, but then specifically with when it comes 0:10:21.640 --> 0:10:24.440 to different of the like different government agencies or just 0:10:24.480 --> 0:10:27.120 regulations that might come into play. Like it makes me 0:10:27.160 --> 0:10:31.880 think of the marijuana industry, right, like weed, and if 0:10:31.880 --> 0:10:35.080 you're going all in on that, okay, like you might 0:10:35.120 --> 0:10:38.240 see some outsized returns, but you are also exposing yourself 0:10:38.280 --> 0:10:41.640 to outsized risks because you just don't know where policy 0:10:41.679 --> 0:10:42.880 is going to go and what the rules are going 0:10:42.920 --> 0:10:45.200 to be in that industry. You might find that banks 0:10:45.280 --> 0:10:47.160 don't want to do businesses, right, but you never know 0:10:47.280 --> 0:10:50.000 growing operations stuff like that. Yeah. Yeah. So one of 0:10:50.000 --> 0:10:53.439 the reasons for the airbnb crackdowns though, is because of 0:10:53.480 --> 0:10:55.800 the price of housing. Because of the increases that we've 0:10:55.800 --> 0:10:59.040 seen in rents. But the truth is short term rentals 0:10:59.040 --> 0:11:02.280 aren't the problem. That's it's just a result of the market. 0:11:02.320 --> 0:11:04.200 They're easy to pick on. It's easy to make it 0:11:04.240 --> 0:11:06.880 feel like these are the guys. So it wasn't for Airbnb. 0:11:06.960 --> 0:11:09.720 It's not Airbnb. It's the fact that, well, the market 0:11:09.760 --> 0:11:12.000 says that it's worth more if I can rent this 0:11:12.040 --> 0:11:13.840 out short term as opposed to a long term renter 0:11:14.240 --> 0:11:17.800 zoning loss, we think that they are more of the 0:11:17.840 --> 0:11:22.120 culprit when they don't allow for building more units, when 0:11:22.160 --> 0:11:25.200 they are preventing greater density, those are the real culprit 0:11:25.240 --> 0:11:27.440 in our opinion. Now, there was a great article in 0:11:27.800 --> 0:11:31.120 Insider about New Zealand's approach to zoning. They were basically 0:11:31.120 --> 0:11:34.760 facing a housing cost crisis, and they responded by relaxing 0:11:35.120 --> 0:11:39.280 medium density zoning restrictions and which obviously made it much 0:11:39.320 --> 0:11:43.559 easier to build duplexes and triplexes on what were originally 0:11:43.640 --> 0:11:46.320 single family lots. Yeah, and the result they're putting up 0:11:46.360 --> 0:11:49.400 highrises in single family neighborhoods. It's still reasonable. We're not 0:11:49.480 --> 0:11:52.160 like throwing getting rid of all the rules. But more 0:11:52.200 --> 0:11:56.120 supply came on the market. Because of this builders they 0:11:56.160 --> 0:11:59.240 were able to meet that need, that demand. More supply 0:12:00.000 --> 0:12:02.840 really does help the pricing problem, and the evidence points 0:12:02.880 --> 0:12:05.600 to the fact that rent and pricing growth slows down, 0:12:05.840 --> 0:12:08.560 so you know, it doesn't necessarily decrease, but it doesn't 0:12:08.559 --> 0:12:11.600 continue to skyrocket when more units are being built when 0:12:11.600 --> 0:12:13.920 there is more supply, and I guess theoretically it would 0:12:13.960 --> 0:12:16.800 decrease if enough units were built. There's a chance it 0:12:16.880 --> 0:12:21.000 could reverse course. Yeah, exactly. And we're not necessarily airbnb homers, 0:12:21.040 --> 0:12:25.080 although we think they're an interesting company that's really made 0:12:25.400 --> 0:12:27.760 hospitality across the United States. It's changed the face of it. 0:12:28.080 --> 0:12:31.319 But really, let's find the right problem and pinpoint that 0:12:31.559 --> 0:12:34.520 and attack that and zoning, not enough supply, those are 0:12:34.520 --> 0:12:36.439 the real problems that have led to the housing you know, 0:12:36.559 --> 0:12:39.599 housing cost increases that we've seen in all varieties and 0:12:39.960 --> 0:12:42.240 so yeah, but you still need to be aware if 0:12:42.280 --> 0:12:44.559 you're a want to be short term real estate investor 0:12:44.960 --> 0:12:46.920 of kind of these new laws. It's in vogue right 0:12:47.000 --> 0:12:49.240 now to kind of tamp down on this stuff. But mat, 0:12:49.320 --> 0:12:52.240 let's get to our next story. This one is about 0:12:52.280 --> 0:12:55.160 the negative Nellies out there. They're continuing to do their thing, 0:12:55.280 --> 0:12:57.800 as they always do. Negative nellies like to be negative, 0:12:57.960 --> 0:13:01.240 and so Kevin O'Leary of Shark Tank fing he was 0:13:01.679 --> 0:13:04.640 recently on a show and he started predicting. He's basically 0:13:04.679 --> 0:13:07.040 predicting chaos for the US economy in the coming days, 0:13:07.679 --> 0:13:10.400 in the coming months. He's particularly worried, he says, about 0:13:10.440 --> 0:13:14.160 small businesses, and he says that we have a crisis 0:13:14.320 --> 0:13:19.160 emerging because of Federal Reserve interest rate hikes. And I 0:13:19.200 --> 0:13:20.720 don't know, it just felt kind of like a chicken 0:13:20.760 --> 0:13:23.160 little sort of thing. This guy is falling hearing this 0:13:23.360 --> 0:13:27.440 from him. But Matt, from everything you and I read 0:13:27.559 --> 0:13:30.200 and see from almost every metric that we can track, 0:13:30.280 --> 0:13:33.760 inflation is coming down, unemployment is low, consumer spending is solid, 0:13:33.880 --> 0:13:36.160 and businesses have been able to raise prices when they 0:13:36.200 --> 0:13:38.599 need to because consumers still have money to spend. It 0:13:38.640 --> 0:13:40.839 seems like by every metric the economy is doing quite well. 0:13:41.240 --> 0:13:43.600 And like, could we enter a recession in the next 0:13:43.600 --> 0:13:46.480 twelve to eighteen months. Sure, yes, it's of course possible, 0:13:46.920 --> 0:13:49.559 especially since a recession happens on average every like five 0:13:49.640 --> 0:13:51.480 to six years in the United States. But I guess 0:13:51.480 --> 0:13:55.080 I'm just so tired of these guys getting the headlines 0:13:55.200 --> 0:13:57.559 that spook normal people, that cause people to be like, 0:13:57.679 --> 0:13:59.559 oh my gosh, is it really? Is it all? Is 0:13:59.600 --> 0:14:01.599 it all coming down? Like is it a house of 0:14:01.679 --> 0:14:04.319 cards this US economy or something like that. Should I 0:14:04.360 --> 0:14:07.880 move into cash or or better yet bitcoin because man 0:14:08.240 --> 0:14:10.160 or gold, I feel like those are the yeah, push 0:14:10.200 --> 0:14:12.880 people towards precious metals. So he cou it's the new 0:14:12.920 --> 0:14:15.240 digital rolls, that's where people go. But like, I just 0:14:15.640 --> 0:14:19.400 get frustrated. I get annoyed when I see people in 0:14:19.520 --> 0:14:22.000 positions like this. People like people and I don't know who, 0:14:22.080 --> 0:14:23.120 but I think there's a lot of people out there 0:14:23.120 --> 0:14:25.600 who trust guys like Kevin O'Leary and they believe that 0:14:25.720 --> 0:14:28.040 he is telling them the truth and what's in their 0:14:28.120 --> 0:14:30.240 best interest. I just don't know that's the case in 0:14:30.280 --> 0:14:33.320 the scenario. Well, yeah, and part of it might also 0:14:33.360 --> 0:14:35.160 be media as well, because I'm sure were you to 0:14:35.240 --> 0:14:36.960 actually talk to him, he would give maybe a slightly 0:14:37.040 --> 0:14:41.000 more nuanced version of that headline. But media companies, that's 0:14:41.040 --> 0:14:43.360 not what he's known for. Nuance. By the way, Well, 0:14:43.400 --> 0:14:45.720 he is looking up for smaller business talker, you know, 0:14:45.760 --> 0:14:48.160 which I appreciate, But like there's a lot of help 0:14:48.200 --> 0:14:50.800 that's certainly being given to a lot of the giant 0:14:51.080 --> 0:14:54.240 businesses out there, and he's specifically talking about how it 0:14:54.280 --> 0:14:57.160 seems like smaller businesses might be the ones getting getting 0:14:57.200 --> 0:15:00.800 crushed here in the future. But regardless though of who 0:15:00.840 --> 0:15:02.760 it is we're talking about or the advice that they're given, 0:15:02.840 --> 0:15:05.560 we think that the lesson here is to be careful 0:15:06.040 --> 0:15:07.560 who it is that you're listening to. Like, it makes 0:15:07.600 --> 0:15:11.320 me think of Robert Kiyosaki, the rich rich dad, poor 0:15:11.360 --> 0:15:15.800 dad guy. He has some decent personal finance advice, but 0:15:16.120 --> 0:15:18.560 he is even worse than Kevin O'Leary, Like he is 0:15:18.760 --> 0:15:23.160 constantly calling for the end of the US economy times 0:15:23.160 --> 0:15:25.800 a year on Twitter. He gives he sounds to death 0:15:25.880 --> 0:15:28.640 knell and people are like, except his care we go again, 0:15:28.800 --> 0:15:30.760 like that's literally what he's saying, and that's what he's 0:15:30.800 --> 0:15:33.800 known for as opposed like, I feel like maybe his Yeah, 0:15:34.080 --> 0:15:37.320 the more rich dad poor dad talks, the more I'm like, dude, 0:15:37.400 --> 0:15:40.000 I don't know, I'm might be getting tired out, bro 0:15:40.160 --> 0:15:42.920 sired of your message altogether. But bottom line, what I 0:15:42.960 --> 0:15:45.400 think the big thing that we I kind of hate 0:15:45.560 --> 0:15:47.280 that we're talking about this because we don't want to 0:15:47.520 --> 0:15:50.120 bring any more light and attention to this. But it's 0:15:50.120 --> 0:15:55.680 also important to cover this because we want to disarm 0:15:55.800 --> 0:15:57.600 any of these sublines. We want to put you at 0:15:57.640 --> 0:16:01.960 ease because if specifically COVID, if the aftermath, if our 0:16:02.160 --> 0:16:04.840 economy's ability to rebound has proven anything, it is that 0:16:04.880 --> 0:16:07.600 our country is resilient. As I'll get out, bad things 0:16:07.720 --> 0:16:09.840 are certainly going to happen. Yes, we might see a recession, 0:16:10.200 --> 0:16:12.680 who knows exactly when that's going to happen, but not 0:16:13.040 --> 0:16:16.280 everything is going to be perfectly peachy. But we're still 0:16:16.280 --> 0:16:19.040 living in one of the greatest countries at an incredible 0:16:19.080 --> 0:16:22.640 time in human history. You can certainly read those stories 0:16:23.240 --> 0:16:26.120 as much as you want, try not to let them sway. 0:16:26.160 --> 0:16:28.360 How it is that you are handling and spending and 0:16:28.400 --> 0:16:30.960 investing your money though, Yeah, and you know what negative. 0:16:31.000 --> 0:16:32.480 People are going to be negative, And there's a whole 0:16:32.760 --> 0:16:35.360 it just I think it sounds smarter for some reason 0:16:35.560 --> 0:16:37.520 to say things are going to hell in a hand 0:16:37.560 --> 0:16:40.680 basket or things are awful, because it is it's easier 0:16:40.720 --> 0:16:42.800 for humans to identify negative things in the world around 0:16:42.880 --> 0:16:44.640 us than it is to identify positives. I think that's 0:16:45.000 --> 0:16:48.440 a natural human tendency and bias like to see the 0:16:48.520 --> 0:16:51.440 perceived threats around us and to be aware. And there 0:16:51.480 --> 0:16:54.160 are always perceived threats to the economy. But the truth 0:16:54.280 --> 0:16:57.360 is also that we man the economy's done really well, 0:16:57.440 --> 0:16:59.120 like you said in the aftermath of COVID. Yeah, and 0:16:59.240 --> 0:17:01.600 so I mean it might be less about the negative 0:17:02.040 --> 0:17:04.720 versus the positive as opposed to the certainty, because I 0:17:04.800 --> 0:17:06.800 think when folks come in and they they're saying, like 0:17:06.880 --> 0:17:10.480 a certain you know by this quarter, or the certainty 0:17:10.560 --> 0:17:13.240 in which they proclaim things is I think what a 0:17:13.280 --> 0:17:15.560 lot of people latch onto you because people don't like uncertainty. 0:17:15.760 --> 0:17:17.600 I think more than anything else, they can they can 0:17:17.680 --> 0:17:20.760 handle things going poorly or things going going well for them, 0:17:21.000 --> 0:17:24.520 But it's the uncertainty that puts people in that weird 0:17:24.840 --> 0:17:27.280 state of limbo where they're not totally sure what to 0:17:27.400 --> 0:17:29.040 expect next. Yeah. And I think the guy some of 0:17:29.119 --> 0:17:32.119 the guys like Kevin O'Leary and Robert Kyosaki who speak 0:17:32.680 --> 0:17:36.040 with a ton of boldness. Yeah, yeah, it's like I 0:17:36.160 --> 0:17:38.560 know what's gonna happen, and here let me lay it 0:17:38.600 --> 0:17:40.360 out for you. That when they say it with such 0:17:40.400 --> 0:17:42.480 confidence I know. Yeah, that's I guess that's where the 0:17:42.560 --> 0:17:45.679 term con man comes from. So all right, let's move 0:17:45.720 --> 0:17:48.240 on though, let's talk about healthcare. Maybe I'll be I'm 0:17:48.240 --> 0:17:50.119 gonna be a Debbie Downer here for a second. But 0:17:50.280 --> 0:17:52.879 what with facts, not with bogus predictions. It's no secret 0:17:52.960 --> 0:17:55.960 that health insurance has become more expensive and a couple 0:17:56.200 --> 0:17:58.720 of major benefits. Consulting firms say that prices are going 0:17:58.760 --> 0:18:01.639 to arise six percent in twenty twenty four in the 0:18:01.720 --> 0:18:04.280 health care sector, which obviously sucks, right, but it's a 0:18:04.320 --> 0:18:06.800 good thing to be aware of because it's important to 0:18:06.880 --> 0:18:08.960 know that more of your paycheck might soon be going 0:18:09.000 --> 0:18:12.879 towards increased health insurance premiums, increased health insurance costs, and 0:18:13.080 --> 0:18:15.919