1 00:00:00,040 --> 00:00:01,320 Speaker 1: Welcome to Hada Money. 2 00:00:01,360 --> 00:00:01,840 Speaker 2: I'm Joel. 3 00:00:02,080 --> 00:00:05,840 Speaker 1: I'm nottt Today we're talking pricey porch, pumpkins, Twitter for 4 00:00:05,920 --> 00:00:08,000 Speaker 1: trading and saving for a spouse. 5 00:00:26,640 --> 00:00:29,800 Speaker 2: Oh, saving for a spouse. What does Joel mean when 6 00:00:29,800 --> 00:00:32,199 Speaker 2: he says that we'll get to that story. We'll find 7 00:00:32,240 --> 00:00:34,040 Speaker 2: out in a little bit. Yes, yeah, you will. I've 8 00:00:34,040 --> 00:00:39,320 Speaker 2: already purchased mine. Uh so you know you're right, there's 9 00:00:39,400 --> 00:00:42,440 Speaker 2: aspects of saving up for a wedding. But that's not 10 00:00:42,520 --> 00:00:44,800 Speaker 2: even what we're gonna talk about, is it. Uh, this 11 00:00:44,880 --> 00:00:46,720 Speaker 2: is our Friday flight. We're gonna get to some of 12 00:00:46,720 --> 00:00:48,960 Speaker 2: the best stories that we came across this week and 13 00:00:49,040 --> 00:00:52,600 Speaker 2: how they specifically pertain to your personal finances. And first, 14 00:00:52,600 --> 00:00:56,560 Speaker 2: do we gotta talk about the ray cut Brown twenty 15 00:00:56,560 --> 00:00:57,440 Speaker 2: five basis points. 16 00:00:58,080 --> 00:01:00,960 Speaker 1: I mean, it was like the racer. The predictions were 17 00:01:00,960 --> 00:01:03,880 Speaker 1: spot on. This is what happened. And maybe I think 18 00:01:04,200 --> 00:01:06,679 Speaker 1: just from a personal finance standpoint, this is like a 19 00:01:06,720 --> 00:01:10,160 Speaker 1: socio political economic thing. But when it gets down to 20 00:01:10,200 --> 00:01:12,680 Speaker 1: the personal finance level, Matt, a quarter point rate cut? 21 00:01:12,720 --> 00:01:18,640 Speaker 2: What that means for? Are you kidding? I wouldn't say 22 00:01:18,680 --> 00:01:22,279 Speaker 2: everything it's time to buy a house? Broh kidding? 23 00:01:22,560 --> 00:01:25,880 Speaker 1: We will see what the impact is on mortgage rates. 24 00:01:26,200 --> 00:01:30,080 Speaker 1: Typically that takes a lot longer right to the system. 25 00:01:30,160 --> 00:01:32,560 Speaker 1: So like, will mortgage rates collapse by a quarter point tomorrow, No, 26 00:01:32,680 --> 00:01:35,640 Speaker 1: that's not it's well, your savings rate collapse by a 27 00:01:35,720 --> 00:01:38,720 Speaker 1: quarter point tomorrow probably probably a little bit faster. 28 00:01:38,880 --> 00:01:40,280 Speaker 2: Yeah, it's yeah. It's interesting to. 29 00:01:40,440 --> 00:01:42,399 Speaker 1: Think by tomorrow, I mean yesterday, it might already have. 30 00:01:44,080 --> 00:01:47,720 Speaker 2: Immediately. Yeah, it does depend on so there are certain things, 31 00:01:47,760 --> 00:01:50,080 Speaker 2: certain factors. I mean, I would say that we saw 32 00:01:50,120 --> 00:01:53,480 Speaker 2: the market react even before the rate cut was announced, 33 00:01:53,480 --> 00:01:56,280 Speaker 2: because folks are like, we're pretty sure that we're going 34 00:01:56,320 --> 00:01:57,680 Speaker 2: to see a rate cut, so that was kind of 35 00:01:57,680 --> 00:02:00,680 Speaker 2: built in. But in addition to that, you see faster 36 00:02:00,800 --> 00:02:03,640 Speaker 2: movements within the market. When it comes to actual lending costs, 37 00:02:03,680 --> 00:02:05,560 Speaker 2: that takes a little bit longer. I wouldn't be surprised 38 00:02:05,560 --> 00:02:10,400 Speaker 2: if we see lending costs take months to adjust as 39 00:02:10,440 --> 00:02:12,440 Speaker 2: it trickles through the market. But as far as the 40 00:02:12,480 --> 00:02:14,519 Speaker 2: overall economy, and I think that's the biggest reason to 41 00:02:14,560 --> 00:02:17,320 Speaker 2: pay attention to this, that hopefully things will get back 42 00:02:17,320 --> 00:02:20,200 Speaker 2: to flowing, especially when it comes to the housing market. 43 00:02:20,200 --> 00:02:22,600 Speaker 2: Man like things folks have I think folks have felt 44 00:02:22,600 --> 00:02:25,360 Speaker 2: trapped wherever they currently are. I think there's a lot 45 00:02:25,400 --> 00:02:27,679 Speaker 2: of individuals who are thinking, man, I would like to 46 00:02:27,720 --> 00:02:29,959 Speaker 2: be able to move to a different location or to 47 00:02:30,040 --> 00:02:33,119 Speaker 2: take this opportunity, but barring costs have been so high. 48 00:02:33,160 --> 00:02:34,960 Speaker 2: So hopefully that's something that we will get to see. 49 00:02:35,000 --> 00:02:37,320 Speaker 1: I think one eventually, once we see rights have been 50 00:02:37,320 --> 00:02:39,600 Speaker 1: taking down. I think once they touch the level, like 51 00:02:39,639 --> 00:02:42,120 Speaker 1: the five level, it'll be interesting to see how that 52 00:02:42,160 --> 00:02:45,880 Speaker 1: impacts the housing market, because I agree that's a big 53 00:02:45,919 --> 00:02:49,120 Speaker 1: part of what's kind of jamming up the gears, preventing 54 00:02:49,160 --> 00:02:51,320 Speaker 1: people from wanting to sell, preventing people from wanting to buy. 55 00:02:51,400 --> 00:02:53,399 Speaker 1: And so maybe we start to reach this point where 56 00:02:53,400 --> 00:02:55,680 Speaker 1: there's a little more fluidity in that market. 57 00:02:55,760 --> 00:02:56,440 Speaker 2: Yeah, yeah, hope. 58 00:02:56,440 --> 00:02:58,440 Speaker 1: And so let's talk about pumpkins for a second. Back 59 00:02:58,480 --> 00:03:02,160 Speaker 1: we talked about pumpkins words, Yeah, let's do it. Since 60 00:03:02,200 --> 00:03:04,440 Speaker 1: we're getting close to Halloween. I mean, they I feel 61 00:03:04,440 --> 00:03:06,359 Speaker 1: like they put out costumes like three months ago, which 62 00:03:06,400 --> 00:03:08,440 Speaker 1: was ridiculous, But now we are actually getting close enough 63 00:03:08,440 --> 00:03:12,040 Speaker 1: to where I'm enjoying seeing that stuff on the rack. 64 00:03:12,200 --> 00:03:15,359 Speaker 1: Or I don't drink pumpkin spice lattes. It's kind of 65 00:03:15,360 --> 00:03:17,160 Speaker 1: a personal thing. We know, kind of hate it. You 66 00:03:17,160 --> 00:03:19,960 Speaker 1: hate the stuff? Yeah, you like You're okay with pumpkin 67 00:03:19,960 --> 00:03:22,480 Speaker 1: spice lattes, right, Nope, okay, you don't like the metal. 68 00:03:22,280 --> 00:03:24,920 Speaker 2: I don't do anything. I will get a flavor. I 69 00:03:24,919 --> 00:03:27,400 Speaker 2: will get a caramel latt okay. So if it's a 70 00:03:27,400 --> 00:03:29,520 Speaker 2: coffee shop, and especially if they make their own caramel, right, 71 00:03:29,520 --> 00:03:31,560 Speaker 2: if they're starting the sugar and they I mean, come on, 72 00:03:31,880 --> 00:03:33,760 Speaker 2: if someone is actually crafting it like that, that's a 73 00:03:33,840 --> 00:03:34,399 Speaker 2: quality drink. 74 00:03:34,400 --> 00:03:36,120 Speaker 1: I don't want to rain on other people's parade, though. 75 00:03:36,160 --> 00:03:39,480 Speaker 1: If they're into it, I'm not judging. You enjoy what 76 00:03:39,560 --> 00:03:39,800 Speaker 1: you love. 77 00:03:39,840 --> 00:03:43,520 Speaker 2: I'm a coffee snobs often get much of anything from Starbucks. 78 00:03:43,680 --> 00:03:47,440 Speaker 1: Yest okay, But specifically, I was talking to a neighbor 79 00:03:47,440 --> 00:03:51,280 Speaker 1: the other day and his daughter does exterior fall holiday decorating, 80 00:03:51,520 --> 00:03:55,080 Speaker 1: and I didn't know that was a thing. I I've 81 00:03:55,080 --> 00:03:57,360 Speaker 1: seen people saying, Oh, we'll put up your Christmas lights 82 00:03:57,400 --> 00:03:59,480 Speaker 1: for money, and we'll bring them, you know, take them 83 00:03:59,520 --> 00:04:00,080 Speaker 1: down for each. 84 00:04:00,400 --> 00:04:03,040 Speaker 2: I've seen that up. There's a billboard over as we 85 00:04:03,080 --> 00:04:05,520 Speaker 2: get closer to the holidays, there's a billboard that goes 86 00:04:05,600 --> 00:04:08,600 Speaker 2: up and it's a company that specializes in that which 87 00:04:08,600 --> 00:04:10,880 Speaker 2: I get because there's an actual risk if you think 88 00:04:10,880 --> 00:04:12,720 Speaker 2: about it. I mean, how many people fall and get 89 00:04:12,760 --> 00:04:14,920 Speaker 2: hurt if you got to too. It's one thing if 90 00:04:14,920 --> 00:04:16,880 Speaker 2: you've got a ranch, Yeah, you've got a well, you 91 00:04:16,880 --> 00:04:19,240 Speaker 2: gotta split what do you call it? Split level? Split level? Yeah, 92 00:04:19,480 --> 00:04:21,640 Speaker 2: but you know that means half of it's a range. 93 00:04:23,279 --> 00:04:26,279 Speaker 2: But like there's a you're tall, so you only have 94 00:04:26,320 --> 00:04:29,240 Speaker 2: to like step up on a bucket you're putting and 95 00:04:29,360 --> 00:04:31,960 Speaker 2: you're putting lights up. But for folks not the two 96 00:04:32,000 --> 00:04:34,599 Speaker 2: story home, it's like, oh, that's a real danger to 97 00:04:34,760 --> 00:04:37,320 Speaker 2: put your own lights up. That's you are not being 98 00:04:37,960 --> 00:04:40,120 Speaker 2: frugal if you were to put your own lights up, 99 00:04:40,360 --> 00:04:43,000 Speaker 2: maybe being cheap, because you might end up hurting yourself. Again, yeah, 100 00:04:43,000 --> 00:04:44,039 Speaker 2: I mean that's that's true. 101 00:04:44,040 --> 00:04:46,960 Speaker 1: But I will say, like, you're less likely to get 102 00:04:47,000 --> 00:04:49,880 Speaker 1: hurt putting pumpkins out around your mailboxer on your front porsch. 103 00:04:50,120 --> 00:04:50,599 Speaker 2: I believe it. 104 00:04:50,600 --> 00:04:53,240 Speaker 1: And so now this is another service where people are like, 105 00:04:53,320 --> 00:04:56,000 Speaker 1: let me put a bunch of gords around your house 106 00:04:56,080 --> 00:04:59,960 Speaker 1: to spice up your autumnal flare. And again I didn't 107 00:05:00,200 --> 00:05:01,800 Speaker 1: this until my neighbor told me this is what his 108 00:05:01,920 --> 00:05:04,719 Speaker 1: daughter does. But then Axios had an article this week 109 00:05:04,760 --> 00:05:07,840 Speaker 1: about the rise of like porch pumpkin decorating and people 110 00:05:07,880 --> 00:05:10,720 Speaker 1: are hiring pumpkins. Yeah, people are hiring folks for you know, 111 00:05:10,800 --> 00:05:13,720 Speaker 1: seven eight hundred bucks to pop up to like thirteen 112 00:05:13,760 --> 00:05:17,560 Speaker 1: hundred bucks to toss pumpkins on the porch. Is a 113 00:05:17,720 --> 00:05:19,600 Speaker 1: like a twenty eight pumpkin package. There's a ninety six 114 00:05:19,640 --> 00:05:20,440 Speaker 1: pumpkin package. 115 00:05:20,480 --> 00:05:24,880 Speaker 2: Like, what is ninety six pumpkins? Isn't insane? That's ninety 116 00:05:24,920 --> 00:05:28,880 Speaker 2: four pumpkins that are too many? Yeah, that's it's quite 117 00:05:28,920 --> 00:05:31,160 Speaker 2: a few. Like you put a couple of pumpkins out, 118 00:05:31,200 --> 00:05:33,760 Speaker 2: that's fine. Maybe three if you don't like the symmetry 119 00:05:33,800 --> 00:05:35,080 Speaker 2: between two, Okay, three is fine. 120 00:05:35,080 --> 00:05:36,880 Speaker 1: I think three. I've got three steps on the front porch. 121 00:05:36,920 --> 00:05:38,960 Speaker 1: I'm down put three pumpkins out there. I think, on 122 00:05:38,960 --> 00:05:41,680 Speaker 1: one hand, I love that people can start a side 123 00:05:41,720 --> 00:05:44,159 Speaker 1: hustle or a small business doing something for other people. 124 00:05:44,240 --> 00:05:46,279 Speaker 1: Sure they can make money doing something that people don't 125 00:05:46,279 --> 00:05:48,839 Speaker 1: want to do. The Christmas Lights thing being a perfect 126 00:05:48,920 --> 00:05:51,240 Speaker 1: example of that. How people are like, hey, it's dangerous, Eh, 127 00:05:51,279 --> 00:05:52,800 Speaker 1: I'm gonna make It's not gonna look as good if 128 00:05:52,839 --> 00:05:53,240 Speaker 1: I do it. 129 00:05:53,440 --> 00:05:54,000 Speaker 2: I'm willing to. 130 00:05:54,000 --> 00:05:56,280 Speaker 1: Hire that out. I haven't hired that out, but I 131 00:05:56,279 --> 00:05:59,080 Speaker 1: don't know. Maybe someday, but my goodness, people spending one 132 00:05:59,080 --> 00:06:01,320 Speaker 1: thousand dollars to have someone else put pumpkins out around 133 00:06:01,320 --> 00:06:02,560 Speaker 1: their house seems crazy massive. 134 00:06:02,760 --> 00:06:05,839 Speaker 2: Yeah. No, I instead will be going to Aldie, of course, 135 00:06:05,880 --> 00:06:08,240 Speaker 2: and I'll buy some pumpkins. I think a lot of 136 00:06:08,279 --> 00:06:09,880 Speaker 2: times they come in earlier, so keep an eye out, 137 00:06:09,880 --> 00:06:12,040 Speaker 2: like towards the end of September, early October, they'll get 138 00:06:12,080 --> 00:06:15,400 Speaker 2: the first batch. And oftentimes I remember at least people 139 00:06:15,400 --> 00:06:18,520 Speaker 2: are se already decorated outside, So I guess somebody already 140 00:06:18,520 --> 00:06:21,000 Speaker 2: has pumpkins. Yeah, somebody does. Uh, I haven't been to 141 00:06:21,000 --> 00:06:23,960 Speaker 2: Aldi yet this week. So regardless, do that swing by 142 00:06:23,960 --> 00:06:26,560 Speaker 2: a home deepot, pick up a bale of hay, break 143 00:06:26,560 --> 00:06:28,560 Speaker 2: out the knives and sharpies, cover up your own pumpkin, 144 00:06:28,720 --> 00:06:30,719 Speaker 2: and uh, this is something you could I don't know, 145 00:06:30,760 --> 00:06:32,240 Speaker 2: it's something you do as a family as well. I 146 00:06:32,240 --> 00:06:34,120 Speaker 2: feel like there's so much outsourcing that we do in 147 00:06:34,160 --> 00:06:37,400 Speaker 2: our lives as opposed to Hey, what about the old 148 00:06:37,400 --> 00:06:39,640 Speaker 2: fashion like sit down with the kids. Oh, oh, let's 149 00:06:39,680 --> 00:06:41,920 Speaker 2: die our own Easter eggs, Oh, let's carve out These 150 00:06:41,960 --> 00:06:44,640 Speaker 2: are like core memories I had, at least as a kid. 151 00:06:44,760 --> 00:06:46,560 Speaker 2: Maybe this is me harken back to the eighties and 152 00:06:46,600 --> 00:06:48,839 Speaker 2: how great things were. But I think that it was 153 00:06:48,880 --> 00:06:51,880 Speaker 2: not only not only is a fun thing to do, 154 00:06:52,240 --> 00:06:53,880 Speaker 2: but of course it's going to save you a ton 155 00:06:53,920 --> 00:06:54,279 Speaker 2: of money. 156 00:06:54,279 --> 00:06:56,719 Speaker 1: I still remember when my little sister they used to 157 00:06:56,720 --> 00:06:59,040 Speaker 1: make the dies. They came in little tablets that look 158 00:06:59,080 --> 00:07:02,680 Speaker 1: like sweethearts. Yep, totally ate one foaming at the mouth 159 00:07:02,680 --> 00:07:05,400 Speaker 1: with colors coming out. That was That's a core memory, 160 00:07:05,480 --> 00:07:05,960 Speaker 1: was it, Sally? 161 00:07:06,080 --> 00:07:11,240 Speaker 2: Yeah? I mean who else would it be? I guess 162 00:07:11,320 --> 00:07:13,440 Speaker 2: Katie would have been too old, Yeah, she would have 163 00:07:13,440 --> 00:07:17,680 Speaker 2: known better. Yeah, good times, that's I mentioned. I'm sure 164 00:07:17,720 --> 00:07:20,520 Speaker 2: her teeth were so stained. And I mean that's like 165 00:07:20,560 --> 00:07:21,960 Speaker 2: a hardcore die. Yeah. 166 00:07:22,040 --> 00:07:23,960 Speaker 1: Not only did they called poison control, I think, and 167 00:07:24,120 --> 00:07:27,160 Speaker 1: Mom's freaking out. Well, in these companies, Matt, they will 168 00:07:27,160 --> 00:07:30,040 Speaker 1: also charge you extra to take off those moldy pumpkins 169 00:07:30,040 --> 00:07:32,200 Speaker 1: to throw them in the tresh so you don't have to. 170 00:07:32,240 --> 00:07:32,800 Speaker 2: Do it yourself. 171 00:07:32,840 --> 00:07:36,320 Speaker 1: Well, you can't find a service for anything, but like if. 172 00:07:36,240 --> 00:07:39,160 Speaker 2: You if you carve them, So that's that's the plus. 173 00:07:39,200 --> 00:07:42,880 Speaker 2: Because we've intentionally not carved some of our pumpkins in 174 00:07:42,960 --> 00:07:44,440 Speaker 2: order to make them laught, like, you can stick them 175 00:07:44,480 --> 00:07:46,760 Speaker 2: out on the on the front porch and they'll last 176 00:07:46,760 --> 00:07:48,680 Speaker 2: for weeks and weeks, and then you bring them inside 177 00:07:49,040 --> 00:07:51,880 Speaker 2: and then you can chop that thing up fresh and 178 00:07:51,920 --> 00:07:54,280 Speaker 2: then use that pumpkin to make some pumpkin pie. That's 179 00:07:54,320 --> 00:07:57,040 Speaker 2: what roast those pumpkin seeds. Man so good, my favorite. 180 00:07:57,240 --> 00:08:01,320 Speaker 2: Let's talk about vesting and specifically Jason and why wants 181 00:08:01,400 --> 00:08:03,960 Speaker 2: us all to be careful of the assumptions that we 182 00:08:04,000 --> 00:08:07,640 Speaker 2: make as investors. He had a great article about specifically 183 00:08:07,680 --> 00:08:10,600 Speaker 2: how great returns have been lately, and I think we 184 00:08:10,680 --> 00:08:13,360 Speaker 2: might all have a case of recency bias, right like 185 00:08:13,400 --> 00:08:15,800 Speaker 2: you might expect the same fifteen percent returns that we've 186 00:08:15,840 --> 00:08:20,280 Speaker 2: experienced over the past decade to just maybe perhaps continue 187 00:08:20,400 --> 00:08:23,200 Speaker 2: over the next decade. Stock market highs they have helped 188 00:08:23,280 --> 00:08:26,480 Speaker 2: account balances sore, which certainly feels nice, But there is 189 00:08:26,520 --> 00:08:29,600 Speaker 2: a downside to it, which is getting used to the 190 00:08:29,600 --> 00:08:33,040 Speaker 2: fact that we have seen returns sore this high, and 191 00:08:33,080 --> 00:08:35,120 Speaker 2: then once you've gotten used to it, you start to 192 00:08:35,200 --> 00:08:38,960 Speaker 2: expect it, and we tend to forget the likelihood of 193 00:08:39,440 --> 00:08:42,800 Speaker 2: reversion to the norm. Instead, we're thinking that stocks are 194 00:08:42,800 --> 00:08:48,160 Speaker 2: going to likely continue to outperform historical returns basically in perpetuity, 195 00:08:48,400 --> 00:08:50,600 Speaker 2: and this is causing some investors to assume these higher 196 00:08:50,600 --> 00:08:53,040 Speaker 2: returns and they're likely to receive, which is then leading 197 00:08:53,080 --> 00:08:57,040 Speaker 2: them to save less for the retirement because they're like, 198 00:08:56,640 --> 00:08:59,280 Speaker 2: it's like an e asist for their investments. They're just like, oh, 199 00:08:59,280 --> 00:09:01,680 Speaker 2: it's so easy. But at some point, I think the 200 00:09:01,720 --> 00:09:03,079 Speaker 2: juice is going to run out of the battery and 201 00:09:03,080 --> 00:09:05,360 Speaker 2: then you're stuck like, oh, not only do I not 202 00:09:05,480 --> 00:09:08,320 Speaker 2: have that additional support, Now the bike's a little bit 203 00:09:08,320 --> 00:09:11,240 Speaker 2: heavier because I got this dead weight them having to 204 00:09:11,280 --> 00:09:13,600 Speaker 2: pedal along with me. I think when you start to 205 00:09:13,679 --> 00:09:15,560 Speaker 2: count on the kind of returns that we've experienced over 206 00:09:15,600 --> 00:09:17,760 Speaker 2: the past ten years, that's when things can begin to 207 00:09:17,800 --> 00:09:18,800 Speaker 2: start getting getting dicey. 208 00:09:18,840 --> 00:09:20,520 Speaker 1: I guess the kind of assumption that can blow up 209 00:09:20,559 --> 00:09:22,960 Speaker 1: in your face, especially if it leads to you saying, great, 210 00:09:23,040 --> 00:09:24,640 Speaker 1: I can take my foot off the gas pedal just 211 00:09:24,679 --> 00:09:28,200 Speaker 1: a little bit. Maybe it's like an entitled attitude that 212 00:09:28,280 --> 00:09:30,880 Speaker 1: investors are kind of starting to adopt as returns have 213 00:09:30,960 --> 00:09:35,680 Speaker 1: been incredibly, incredibly robust and compounding returns. They're a phenomenal thing. 214 00:09:36,040 --> 00:09:38,719 Speaker 1: But the more we contribute, right, especially in those early years, 215 00:09:38,760 --> 00:09:42,800 Speaker 1: the more we benefit from the compounding returns. So don't 216 00:09:42,840 --> 00:09:45,720 Speaker 1: take your foot off the gas pedal in assuming that 217 00:09:45,760 --> 00:09:47,600 Speaker 1: compounding returns will do all the work for you. 218 00:09:47,600 --> 00:09:49,800 Speaker 2: You have to participate in the. 219 00:09:49,720 --> 00:09:54,280 Speaker 1: Ability for your dollars to grow. And so let's talk 220 00:09:54,280 --> 00:09:56,560 Speaker 1: about robin Hood for a second, Matt, speaking of investing, 221 00:09:56,720 --> 00:09:59,080 Speaker 1: they had a good week last week. They saw in 222 00:09:59,080 --> 00:10:02,079 Speaker 1: a nice stock bump up in price after being added 223 00:10:02,080 --> 00:10:04,720 Speaker 1: to the S and P five hundred. Nice And then 224 00:10:05,080 --> 00:10:07,839 Speaker 1: though they announced that they are similar to other trading 225 00:10:07,880 --> 00:10:11,640 Speaker 1: apps adding social media elements for Robinhood users, they kind 226 00:10:11,640 --> 00:10:13,720 Speaker 1: of want too, I guess, take over the role maybe 227 00:10:13,720 --> 00:10:16,520 Speaker 1: that Wall Street bets on Reddit has been playing. But 228 00:10:16,800 --> 00:10:18,079 Speaker 1: I now don't think there's an way they're gonna be 229 00:10:18,080 --> 00:10:20,520 Speaker 1: able to replace that. 230 00:10:20,720 --> 00:10:23,760 Speaker 2: Yeah, have you ever been over there like once? I have, 231 00:10:23,880 --> 00:10:26,360 Speaker 2: for educational purposes, not because I'm over there trying to 232 00:10:26,360 --> 00:10:28,439 Speaker 2: get hot stock tips or anything like that. 233 00:10:28,880 --> 00:10:31,280 Speaker 1: I know what you're doing behind the scenes. No, Honestly, 234 00:10:31,280 --> 00:10:32,040 Speaker 1: it's hilarious. 235 00:10:32,200 --> 00:10:36,080 Speaker 2: And like my take is that if robin Hood is 236 00:10:37,000 --> 00:10:38,800 Speaker 2: if they're looking to emulate something like that, if they 237 00:10:38,800 --> 00:10:40,720 Speaker 2: truly are trying to replace this sort of memory that 238 00:10:40,760 --> 00:10:42,360 Speaker 2: goes on. I think that's one thing because there's a 239 00:10:42,400 --> 00:10:45,160 Speaker 2: whole lot of jokes, and it can be very funny 240 00:10:45,160 --> 00:10:47,160 Speaker 2: because there's a lot of folks who are just poking fun. 241 00:10:47,280 --> 00:10:50,560 Speaker 2: They're making fun of themselves or being idiots going all in. 242 00:10:52,480 --> 00:10:54,240 Speaker 2: Like I just sawid recently where it's just like me 243 00:10:54,600 --> 00:10:57,120 Speaker 2: listening to an earnings call of a company where I 244 00:10:57,160 --> 00:11:00,000 Speaker 2: own just one stock and guns share. He's like, RUMs 245 00:11:00,040 --> 00:11:02,599 Speaker 2: one share, yeah, and he's just sitting there listening. 246 00:11:02,200 --> 00:11:05,720 Speaker 1: To the My forty dollars could go up to forty 247 00:11:05,760 --> 00:11:06,680 Speaker 1: five after as well. 248 00:11:06,720 --> 00:11:10,360 Speaker 2: It's so dumb, so that I appreciate not taking yourself seriously. 249 00:11:10,400 --> 00:11:12,760 Speaker 2: But if it leads to hope, you know, some folks 250 00:11:12,840 --> 00:11:15,360 Speaker 2: thinking oh maybe i'll do with that guy over there's doing. 251 00:11:15,400 --> 00:11:17,280 Speaker 2: Oh they you know, they posted some wins. If it 252 00:11:17,320 --> 00:11:19,960 Speaker 2: turns into like the Instagram for a copycat of social 253 00:11:20,000 --> 00:11:23,120 Speaker 2: media where it's like creates that that that envy, that 254 00:11:23,160 --> 00:11:25,120 Speaker 2: the medic sort of desire where you're just like, oh, 255 00:11:25,240 --> 00:11:27,160 Speaker 2: I'm gonna hop over there because that seems to be winning. 256 00:11:27,240 --> 00:11:30,480 Speaker 1: That's the part of it that I don't like. Yeah, yeah, well, 257 00:11:30,480 --> 00:11:33,079 Speaker 1: so on this robin Hood Social which is supposed to 258 00:11:33,120 --> 00:11:35,199 Speaker 1: launch soon. You can post your trades, you can offer 259 00:11:35,240 --> 00:11:38,160 Speaker 1: your own investing insights, telling everyone else, Yeah, what's you're 260 00:11:38,240 --> 00:11:40,839 Speaker 1: up to and why you think that such and such 261 00:11:40,880 --> 00:11:44,040 Speaker 1: stock is going to the moon or whatever. And first, 262 00:11:44,040 --> 00:11:46,760 Speaker 1: I don't think any of us really need more in 263 00:11:47,160 --> 00:11:49,240 Speaker 1: social media apps in our lives, Like, aren't we already 264 00:11:49,240 --> 00:11:51,880 Speaker 1: overrun with just social media request other things that we 265 00:11:51,920 --> 00:11:54,439 Speaker 1: have to check in on. That's just a non starter 266 00:11:55,200 --> 00:11:59,520 Speaker 1: for me. And on the bright side, users are going 267 00:11:59,559 --> 00:12:01,920 Speaker 1: to have to show proof of trades in order to post, 268 00:12:01,960 --> 00:12:03,920 Speaker 1: so you can't just like be pumping stuff that you 269 00:12:03,960 --> 00:12:07,440 Speaker 1: didn't actually participate in, which could be super misleading. But 270 00:12:07,480 --> 00:12:09,680 Speaker 1: I think this is still the opposite of our aim, 271 00:12:09,720 --> 00:12:11,840 Speaker 1: Matt and what we encourage people to do, which is 272 00:12:11,920 --> 00:12:14,959 Speaker 1: to keep buying, but to not really participate in trading 273 00:12:15,200 --> 00:12:17,720 Speaker 1: because you're gonna do better, You're gonna keep more precious 274 00:12:17,720 --> 00:12:19,960 Speaker 1: mental bandwidth at the same time, and you're gonna avoid 275 00:12:20,000 --> 00:12:23,760 Speaker 1: this temptation to trade or to participate in activity that 276 00:12:23,840 --> 00:12:27,880 Speaker 1: could lead to inferior results and a lot of wasted effort. 277 00:12:28,080 --> 00:12:31,520 Speaker 2: True. Yeah, I guess the reason I'm saying I'm allowing 278 00:12:31,640 --> 00:12:34,800 Speaker 2: for there to be some possibility of folks entertaining the idea. 279 00:12:34,920 --> 00:12:37,600 Speaker 2: I just don't want to outright ban it and be like, hey, 280 00:12:37,640 --> 00:12:40,960 Speaker 2: you can't do this, because then it becomes the forbidden fruit, 281 00:12:41,000 --> 00:12:43,240 Speaker 2: you know, like like people are going to experiment, they're 282 00:12:43,240 --> 00:12:44,920 Speaker 2: gonna take a look at it, They're gonna be like, oh, 283 00:12:44,920 --> 00:12:47,400 Speaker 2: what's going on over here. But it's just about taking 284 00:12:47,480 --> 00:12:49,600 Speaker 2: I think, the right approach, which is honestly why I 285 00:12:49,720 --> 00:12:52,760 Speaker 2: kind of mostly appreciate the Wall Street bets and I 286 00:12:52,800 --> 00:12:55,640 Speaker 2: know there's a lot of unhealthy advice being given over there, 287 00:12:55,679 --> 00:12:58,040 Speaker 2: but the fact that folks are just cracking jokes and 288 00:12:58,040 --> 00:12:59,880 Speaker 2: making fun of themselves and making fun of each. 289 00:12:59,760 --> 00:13:02,280 Speaker 1: Other, I'm not mad that it exists. I just think 290 00:13:02,320 --> 00:13:04,160 Speaker 1: you need to be careful before. You've got to be 291 00:13:04,160 --> 00:13:06,000 Speaker 1: careful to go all in, and you've got to know yourself. 292 00:13:06,000 --> 00:13:08,200 Speaker 1: I've moor my life according to this code of conduct 293 00:13:08,200 --> 00:13:10,400 Speaker 1: that the people around me are living by. 294 00:13:10,559 --> 00:13:13,480 Speaker 2: I think another silver lining is if people are able to, like, 295 00:13:13,520 --> 00:13:16,440 Speaker 2: if folks are more not just posting their wins, but 296 00:13:16,520 --> 00:13:19,000 Speaker 2: if they're also like, I would love to see a 297 00:13:19,040 --> 00:13:22,080 Speaker 2: ton of folks posting their losses, because then if they're 298 00:13:22,080 --> 00:13:24,040 Speaker 2: sitting there and they're lamenting their losses. And then you've 299 00:13:24,040 --> 00:13:26,640 Speaker 2: got individuals who are able to see that and be like, ooh, 300 00:13:27,040 --> 00:13:31,480 Speaker 2: homie just lost ten grand, like in thirty minutes. That's 301 00:13:31,520 --> 00:13:33,800 Speaker 2: not something I can afford. I don't want to emulate that, 302 00:13:33,840 --> 00:13:37,880 Speaker 2: And hopefully there can be some secondhand lessons learned from 303 00:13:38,120 --> 00:13:40,480 Speaker 2: any sort of posting of that flavor. 304 00:13:40,760 --> 00:13:43,800 Speaker 1: I agreed, Yeah, all right, let's talk jobs. The labor 305 00:13:43,840 --> 00:13:47,280 Speaker 1: market is tightening. We mentioned the revised Bureau of Labor 306 00:13:47,280 --> 00:13:50,600 Speaker 1: Statistics stats that they released about how many jobs were 307 00:13:50,640 --> 00:13:54,719 Speaker 1: created and the decline in pay for switching jobs. We've 308 00:13:54,720 --> 00:13:56,920 Speaker 1: talked about that too. There was this massive spike and hey, 309 00:13:56,920 --> 00:14:00,400 Speaker 1: if you go try to find another job, you might 310 00:14:00,440 --> 00:14:02,600 Speaker 1: get paid fifteen or twenty percent, thirty percent more of 311 00:14:02,559 --> 00:14:04,240 Speaker 1: the Some of the stories we heard from how to 312 00:14:04,280 --> 00:14:06,319 Speaker 1: Money listeners were incredible matter of how much they were 313 00:14:06,320 --> 00:14:08,760 Speaker 1: able to make by just looking for a job with 314 00:14:09,360 --> 00:14:12,319 Speaker 1: another employer. But this ain't twenty twenty two anymore, man, 315 00:14:12,360 --> 00:14:15,520 Speaker 1: This ain't Kansas anymore, Toto. And this means that move 316 00:14:15,559 --> 00:14:19,000 Speaker 1: over job hopping. We're doing more job hugging these days, which, 317 00:14:19,040 --> 00:14:21,160 Speaker 1: of course there's got to be a cute sea word 318 00:14:21,200 --> 00:14:25,480 Speaker 1: for it. That's part of the part of the everyday lexicon. 319 00:14:25,080 --> 00:14:26,120 Speaker 2: Part of the media land scape. 320 00:14:26,200 --> 00:14:28,040 Speaker 1: Yeah so, And it's just what it sounds like like 321 00:14:28,080 --> 00:14:31,320 Speaker 1: people are becoming more attached to their current job as 322 00:14:31,360 --> 00:14:34,920 Speaker 1: the economy appears to be tightening, and they're just clinging 323 00:14:34,920 --> 00:14:36,280 Speaker 1: to it for dear life, I guess. 324 00:14:36,400 --> 00:14:37,560 Speaker 2: And this is not a. 325 00:14:37,480 --> 00:14:39,520 Speaker 1: Bad thing, right, especially if you like your job, like 326 00:14:39,600 --> 00:14:42,240 Speaker 1: why why not stay put if you're fond of it, 327 00:14:42,800 --> 00:14:46,160 Speaker 1: But a lack of fluidity in the workforce it's just 328 00:14:46,240 --> 00:14:49,880 Speaker 1: not the best thing for a dynamic economy either. So 329 00:14:50,280 --> 00:14:53,640 Speaker 1: hug your job if you need to make yourself invaluable. 330 00:14:53,960 --> 00:14:57,800 Speaker 1: So they're hugging back onto you. But just also know 331 00:14:57,880 --> 00:15:00,800 Speaker 1: that because the trend is isn't your friend, right, that 332 00:15:00,840 --> 00:15:03,760 Speaker 1: doesn't mean you can't find something more fulfilling your lucrative 333 00:15:03,840 --> 00:15:08,200 Speaker 1: just because it's less likely and it's not as the 334 00:15:08,320 --> 00:15:10,360 Speaker 1: job market isn't in the same place it was a 335 00:15:10,400 --> 00:15:14,120 Speaker 1: few years back, that you can't that it's impossible right 336 00:15:14,160 --> 00:15:15,560 Speaker 1: to go out there and earn more or get a 337 00:15:15,600 --> 00:15:19,960 Speaker 1: better paying job or something that you're more excited about. 338 00:15:20,600 --> 00:15:22,680 Speaker 1: It's never been a bad idea to be prepared for 339 00:15:22,680 --> 00:15:25,040 Speaker 1: a layoff. By the way, if you're really bored, right, 340 00:15:25,080 --> 00:15:27,760 Speaker 1: you might be able to even engineer your own layoff 341 00:15:27,960 --> 00:15:30,880 Speaker 1: if you've been saving for that possibility, it can make 342 00:15:30,880 --> 00:15:33,760 Speaker 1: a lot of sense. But yeah, the job market is 343 00:15:33,760 --> 00:15:36,440 Speaker 1: in a tougher place for a lot of folks. But 344 00:15:36,480 --> 00:15:38,280 Speaker 1: that doesn't mean I don't think Matt. I think sometimes 345 00:15:38,280 --> 00:15:40,560 Speaker 1: people read those headlines and they're like, that means I 346 00:15:40,600 --> 00:15:42,760 Speaker 1: have zero options, and I just don't think. 347 00:15:42,640 --> 00:15:44,880 Speaker 2: That's the case either. I totally agree. Let's talk about 348 00:15:44,880 --> 00:15:47,360 Speaker 2: how you're taxed on the money that you make at 349 00:15:47,360 --> 00:15:50,400 Speaker 2: your job. We're going to talk now about no taxes 350 00:15:50,440 --> 00:15:52,880 Speaker 2: on tips because that's something that we heard a lot 351 00:15:52,880 --> 00:15:57,200 Speaker 2: about leading up to the presidential campaign. Certainly became a 352 00:15:57,240 --> 00:15:59,840 Speaker 2: Republican and a Democrat cause. 353 00:15:59,760 --> 00:16:02,480 Speaker 1: Both candidates were shouting from the rooftop. 354 00:16:02,520 --> 00:16:06,960 Speaker 2: Everybody was jumping on and so it was finally implemented 355 00:16:07,040 --> 00:16:10,800 Speaker 2: in the One Big Beautiful Bill Act through twenty twenty 356 00:16:10,800 --> 00:16:14,080 Speaker 2: eight and the Treasury. So they just released a list 357 00:16:14,160 --> 00:16:17,440 Speaker 2: of jobs that are going to qualify, and of course 358 00:16:17,440 --> 00:16:21,080 Speaker 2: there are many jobs that qualify, like the food industry, 359 00:16:22,320 --> 00:16:26,800 Speaker 2: beauty jobs right, like barbers, nail salons, yea, like places 360 00:16:26,800 --> 00:16:30,760 Speaker 2: where you are used to leaving tips, but also right, 361 00:16:30,800 --> 00:16:31,840 Speaker 2: so you got to like all the jobs that you 362 00:16:31,840 --> 00:16:34,960 Speaker 2: could imagine, like you might assume would get this. Yeah, 363 00:16:35,000 --> 00:16:38,160 Speaker 2: like we're like waiting room attendant, you know, or I 364 00:16:38,160 --> 00:16:40,080 Speaker 2: don't know, like all these different places where there's someone's 365 00:16:40,080 --> 00:16:41,760 Speaker 2: standing there and it's like, oh, this is one of 366 00:16:41,800 --> 00:16:44,280 Speaker 2: those instances where I'm supposed to give you a few dollars, isn't. 367 00:16:44,120 --> 00:16:46,720 Speaker 1: It because you just handed me my napkin or my 368 00:16:47,480 --> 00:16:48,640 Speaker 1: towel to wipe my hands off. 369 00:16:48,840 --> 00:16:53,520 Speaker 2: Oh what kind of fancy restaurants? Or I've heard about them? 370 00:16:53,640 --> 00:16:56,200 Speaker 2: But that big said, there are also some jobs on 371 00:16:56,240 --> 00:16:59,400 Speaker 2: there that you wouldn't have expected, like digital content creators, 372 00:17:00,200 --> 00:17:05,320 Speaker 2: like which I think podcasters actually qualify. Like like we 373 00:17:05,320 --> 00:17:12,080 Speaker 2: we are under that subheading musicians, electricians, plumbers, landscapers, nannies. 374 00:17:12,240 --> 00:17:15,720 Speaker 2: We will will link to the list. But it's fascinating 375 00:17:15,720 --> 00:17:18,920 Speaker 2: because up to twenty five thousand dollars can be deducted 376 00:17:19,280 --> 00:17:23,080 Speaker 2: from these earn't tips, and like I was saying, you 377 00:17:23,119 --> 00:17:26,000 Speaker 2: need to act accordingly. It's not exactly clear how it 378 00:17:26,040 --> 00:17:27,879 Speaker 2: is that folks should be taking advantage of this, but 379 00:17:27,920 --> 00:17:30,080 Speaker 2: it certainly starts with the fact that these are dollars 380 00:17:30,080 --> 00:17:32,720 Speaker 2: that need to be paid as tips. So you can't 381 00:17:32,760 --> 00:17:34,320 Speaker 2: just be like, Okay, now. 382 00:17:34,200 --> 00:17:36,000 Speaker 1: I'm reclassifying my tips. 383 00:17:36,160 --> 00:17:39,400 Speaker 2: Yeah, I don't think it's going to be that straightforward, 384 00:17:39,440 --> 00:17:43,080 Speaker 2: but it's just a fascinating look at what it is 385 00:17:43,080 --> 00:17:46,080 Speaker 2: that changes in tax policy, how that can impact how 386 00:17:46,119 --> 00:17:47,080 Speaker 2: much we pay in taxes. 387 00:17:47,240 --> 00:17:50,119 Speaker 1: Sure, and it's also I think it's also one of 388 00:17:50,160 --> 00:17:52,840 Speaker 1: those things, Matt where a lot of tips weren't reported 389 00:17:52,920 --> 00:17:55,800 Speaker 1: as income anyway. So maybe this is just a chance 390 00:17:55,840 --> 00:17:59,760 Speaker 1: to totally agree to let the tax code mirror human behavior. 391 00:17:59,400 --> 00:18:01,639 Speaker 2: Catch up a little bit. Yeah, it's like it formalizes 392 00:18:01,680 --> 00:18:04,680 Speaker 2: something that and we're not advocating I'm you know, you're 393 00:18:04,720 --> 00:18:08,920 Speaker 2: not certainly encouraging that folks don't report earned wages or whatever. 394 00:18:09,040 --> 00:18:11,280 Speaker 2: But like fact is, I'm sure there's plenty of folks, 395 00:18:11,640 --> 00:18:15,719 Speaker 2: and especially like the more traditional garnered tips via cash. 396 00:18:15,920 --> 00:18:17,239 Speaker 2: I got a feeling that there's a lot of those 397 00:18:17,240 --> 00:18:20,919 Speaker 2: folks that weren't reporting that, and so this sort of formalizes, yeah, 398 00:18:21,000 --> 00:18:22,480 Speaker 2: what's actually happening on the ground. 399 00:18:22,520 --> 00:18:24,880 Speaker 1: By the way, you'll still owe state taxes and payroll 400 00:18:24,960 --> 00:18:27,679 Speaker 1: taxes on tips. This does not eliminate that. It just 401 00:18:28,040 --> 00:18:31,080 Speaker 1: eliminates up to a certain percentage or up to a 402 00:18:31,119 --> 00:18:33,880 Speaker 1: certain dollar amount in five thousand, Yeah, the federal tax 403 00:18:33,920 --> 00:18:36,399 Speaker 1: requirement on those tips get Yeah. It almost makes me 404 00:18:36,440 --> 00:18:39,080 Speaker 1: think of what if the federal government was like, hey, 405 00:18:39,280 --> 00:18:41,320 Speaker 1: you know what, from now on, we're not going to 406 00:18:41,359 --> 00:18:42,600 Speaker 1: give speeding tickets if you. 407 00:18:42,560 --> 00:18:45,879 Speaker 2: Go five miles per hour over the speeding over the 408 00:18:46,080 --> 00:18:47,919 Speaker 2: speed limit. And I think there's a lot of folks 409 00:18:48,160 --> 00:18:51,040 Speaker 2: it's like a collective guilt that everyone or a lot 410 00:18:51,040 --> 00:18:54,040 Speaker 2: of people have that there's just like a blanket relief 411 00:18:54,080 --> 00:18:56,200 Speaker 2: of like, Okay, we don't have to worry about that anymore. 412 00:18:56,240 --> 00:18:58,800 Speaker 1: But then imagine getting the ticket for going six miles 413 00:18:58,840 --> 00:19:01,240 Speaker 1: an hour over and you're like, come on. 414 00:19:01,160 --> 00:19:02,840 Speaker 2: That's the thing. You break the law, you should and 415 00:19:02,880 --> 00:19:05,800 Speaker 2: you get caught, you should expect to suffer the consequences. 416 00:19:05,800 --> 00:19:08,600 Speaker 2: That's the part of it. You do the crime, you 417 00:19:08,760 --> 00:19:11,200 Speaker 2: pay the time. Is that what is that from? I 418 00:19:11,240 --> 00:19:14,920 Speaker 2: don't know, Judge Judy. Probably was that one of the 419 00:19:14,960 --> 00:19:18,119 Speaker 2: ones that used to watch your grandma Fortune Judge? 420 00:19:18,320 --> 00:19:20,399 Speaker 1: It was it was mostly prices, right, Oh, that's right. 421 00:19:20,440 --> 00:19:22,879 Speaker 2: I thought you did Wheel of Fortune too a little bit. 422 00:19:22,920 --> 00:19:25,000 Speaker 1: She likes Jeopardy a lot. She still likes Jeopardy. 423 00:19:25,040 --> 00:19:26,560 Speaker 2: That's why. See, this is why you're so good at 424 00:19:26,600 --> 00:19:29,000 Speaker 2: just like winging it and guessing. Uh, did you ever 425 00:19:29,080 --> 00:19:32,640 Speaker 2: you watch Grocery? Grocery? What was the Sweet Stakes? Oh? 426 00:19:32,640 --> 00:19:35,000 Speaker 2: Supermarket Sweet? Yeah, the one where they're running through the 427 00:19:35,040 --> 00:19:36,399 Speaker 2: supermarket with a car. No. 428 00:19:36,440 --> 00:19:38,240 Speaker 1: One was not nearly as good, but I would watch 429 00:19:38,280 --> 00:19:38,560 Speaker 1: it on. 430 00:19:38,560 --> 00:19:40,160 Speaker 2: Casion you didn't like that one. It was I remember 431 00:19:40,200 --> 00:19:42,640 Speaker 2: as a kid loving at least the I just love 432 00:19:42,680 --> 00:19:44,240 Speaker 2: the fact that they're running through a grocery store and 433 00:19:44,240 --> 00:19:45,560 Speaker 2: that's not something as the kid I was allowed to 434 00:19:45,600 --> 00:19:45,680 Speaker 2: do it. 435 00:19:45,720 --> 00:19:47,399 Speaker 1: I think it was always on some like ratchet channels, 436 00:19:47,400 --> 00:19:50,520 Speaker 1: so maybe I was never found it. Okay, I watched 437 00:19:50,520 --> 00:19:51,160 Speaker 1: it a couple of times. 438 00:19:51,200 --> 00:19:53,360 Speaker 2: Maybe it was on like t MT. 439 00:19:54,240 --> 00:19:56,840 Speaker 1: Yeah that could be are We've got more to get to, 440 00:19:56,880 --> 00:19:59,719 Speaker 1: including let's talk about using AI for money advice and 441 00:20:00,119 --> 00:20:03,240 Speaker 1: just when it comes to making life decisions, your finances 442 00:20:03,240 --> 00:20:05,520 Speaker 1: have a huge impact over those decisions. We'll talk about 443 00:20:05,560 --> 00:20:15,960 Speaker 1: that and more right after this. All right, we're back Matt. 444 00:20:16,080 --> 00:20:18,359 Speaker 1: Time for the ludicrous headline of the week. 445 00:20:18,480 --> 00:20:18,919 Speaker 2: Yes it is. 446 00:20:18,960 --> 00:20:22,520 Speaker 1: This one comes from CNBC. It says the headline was 447 00:20:22,560 --> 00:20:25,440 Speaker 1: gen Z is using retirement savings to pay down debt. 448 00:20:26,320 --> 00:20:29,240 Speaker 1: And I saw this and I was like, no, like 449 00:20:29,280 --> 00:20:31,760 Speaker 1: super slow mo, because you and I we love the 450 00:20:31,800 --> 00:20:33,919 Speaker 1: idea of people paying down debt. We want people to 451 00:20:33,960 --> 00:20:36,399 Speaker 1: be debt free except for that mortgage. Maybe if it's 452 00:20:36,440 --> 00:20:38,000 Speaker 1: like three percent, you probably want to do other things 453 00:20:38,040 --> 00:20:40,440 Speaker 1: with that money before you start paying that mortgage down. 454 00:20:40,760 --> 00:20:43,240 Speaker 1: But truly, especially if we're talking about credit card debt, 455 00:20:43,240 --> 00:20:44,800 Speaker 1: some of the more nefarious forms of debt, like, we 456 00:20:44,840 --> 00:20:46,320 Speaker 1: want you to get after it. We want you to 457 00:20:46,320 --> 00:20:48,879 Speaker 1: get that out of your life. We rarely want to 458 00:20:48,960 --> 00:20:53,960 Speaker 1: discourage people from paying down their debts, right. I guess 459 00:20:54,280 --> 00:20:56,399 Speaker 1: in maybe a few cases, it might make sense to 460 00:20:56,400 --> 00:20:59,960 Speaker 1: take money from retirement accounts to pay down an egregious debt. 461 00:21:00,200 --> 00:21:02,959 Speaker 1: Let's say, for instance, you had a payday loan and 462 00:21:03,040 --> 00:21:06,560 Speaker 1: it was becoming an albatross around your neck, then maybe 463 00:21:06,560 --> 00:21:09,439 Speaker 1: this is something we would suggest. But I think this 464 00:21:09,520 --> 00:21:13,239 Speaker 1: is becoming just an access problem. Because it's easier to 465 00:21:13,320 --> 00:21:15,520 Speaker 1: access money from your four to one K these days 466 00:21:15,680 --> 00:21:18,719 Speaker 1: without fully understanding the trade offs. People are doing it. 467 00:21:18,720 --> 00:21:22,399 Speaker 1: It's becoming more common. And so this article revealed that 468 00:21:22,520 --> 00:21:26,480 Speaker 1: half of gen Zer's have already tapped their workplace retirement account. 469 00:21:26,640 --> 00:21:29,160 Speaker 1: So we're talking about gen zers where the average age 470 00:21:29,240 --> 00:21:32,560 Speaker 1: is what twenty low twenties or or is it twenty 471 00:21:32,560 --> 00:21:35,840 Speaker 1: eight is the upright end of the spectrum. 472 00:21:35,920 --> 00:21:38,280 Speaker 2: So when you think still half right, that's a lot. 473 00:21:38,320 --> 00:21:39,480 Speaker 2: That's a lot, a lot of folks. 474 00:21:39,640 --> 00:21:41,560 Speaker 1: And so it seems like at least it's not just 475 00:21:41,560 --> 00:21:43,320 Speaker 1: to buy stuff like, oh, I'm taking out of money 476 00:21:43,320 --> 00:21:46,920 Speaker 1: out of my retirement account to like, you know, purchase 477 00:21:47,040 --> 00:21:49,680 Speaker 1: more like purchase a jet ski or something like that. 478 00:21:50,040 --> 00:21:51,880 Speaker 1: But it is to pay down debt. But still it's 479 00:21:51,880 --> 00:21:55,600 Speaker 1: a bad idea, right, because it's better to get frugal 480 00:21:55,640 --> 00:21:58,080 Speaker 1: to come up with a debt payoffs strategy that you 481 00:21:58,080 --> 00:22:01,720 Speaker 1: can execute in short order, scrappy. Yeah, or if here 482 00:22:01,760 --> 00:22:04,040 Speaker 1: is what I want to see, like a significant debt issue, 483 00:22:04,080 --> 00:22:07,159 Speaker 1: get help from a nonprofit like Money Management International, but 484 00:22:07,440 --> 00:22:09,639 Speaker 1: like robbing your future self. It might feel like the 485 00:22:09,680 --> 00:22:12,600 Speaker 1: easiest way to get rid of that debt quickly, but 486 00:22:12,680 --> 00:22:15,160 Speaker 1: it just leads to other complications in your financial life. 487 00:22:15,240 --> 00:22:17,520 Speaker 2: Yeah. No, we're talking about missed time in the market, 488 00:22:17,680 --> 00:22:20,480 Speaker 2: and you could be at risk for taxes and penalties 489 00:22:20,480 --> 00:22:23,120 Speaker 2: if you don't jump through the right hoops. If you're 490 00:22:23,160 --> 00:22:24,960 Speaker 2: not if that money hasn't been there long enough, and 491 00:22:25,200 --> 00:22:27,399 Speaker 2: maybe you're not fully vested. You could miss out on 492 00:22:28,200 --> 00:22:30,920 Speaker 2: some of those match dollars as well. But it poses 493 00:22:31,040 --> 00:22:33,760 Speaker 2: added behavioral risk as well, because if you grab the 494 00:22:33,800 --> 00:22:37,560 Speaker 2: easy pile of cash instead of going through the discipline 495 00:22:37,800 --> 00:22:40,720 Speaker 2: debt payoff slog, well, you might not learn your lesson 496 00:22:40,920 --> 00:22:43,840 Speaker 2: I think as effectively, meaning that you can just find 497 00:22:43,840 --> 00:22:46,479 Speaker 2: yourself back in the exact same position. And these are 498 00:22:46,520 --> 00:22:50,280 Speaker 2: retirement dollars. So I've got to quote Charlie Munger because 499 00:22:50,440 --> 00:22:52,760 Speaker 2: he pointed out that the first rule of compounding is 500 00:22:52,800 --> 00:22:56,000 Speaker 2: to never interrupt it unnecessarily. We want folks to come 501 00:22:56,080 --> 00:22:59,720 Speaker 2: up with a debt payoff plan that doesn't involve putting 502 00:22:59,760 --> 00:23:02,040 Speaker 2: your your sticky fingers into retirement. We don't want you. 503 00:23:02,119 --> 00:23:03,640 Speaker 2: It's like, yeah, it's like you're messing with a cake 504 00:23:03,680 --> 00:23:05,600 Speaker 2: that's bacon. You're gonna mess it all up. Yeah, just 505 00:23:05,680 --> 00:23:07,800 Speaker 2: let it be, let it cook. Yeah, exactly. 506 00:23:08,240 --> 00:23:10,960 Speaker 1: So pay off your debts, but don't use your retirement 507 00:23:11,119 --> 00:23:13,919 Speaker 1: dollars to do so. A right, There was an article 508 00:23:14,000 --> 00:23:16,040 Speaker 1: in the Wall Street Journal, Matt that I was reticent 509 00:23:16,080 --> 00:23:19,600 Speaker 1: to bring up on the show today. It probably because 510 00:23:19,600 --> 00:23:23,080 Speaker 1: it's talking about like substantial life things that people go through. 511 00:23:23,119 --> 00:23:28,840 Speaker 1: This article specifically highlighted the rise of divorces living together 512 00:23:29,359 --> 00:23:32,000 Speaker 1: after they've split up because the low mortgage rate was 513 00:23:32,040 --> 00:23:33,440 Speaker 1: just too good to let go of, Like, hey, we 514 00:23:33,520 --> 00:23:36,640 Speaker 1: got this two point twenty five percent mortgage. Gosh, we 515 00:23:36,680 --> 00:23:38,600 Speaker 1: really don't like each other right now, or we know 516 00:23:38,680 --> 00:23:40,359 Speaker 1: that it's best for us not to stay together for 517 00:23:40,400 --> 00:23:43,679 Speaker 1: the long term, but we got to stay together for 518 00:23:43,760 --> 00:23:46,880 Speaker 1: now because we're financially it's it's it's the only move 519 00:23:46,920 --> 00:23:48,960 Speaker 1: we can really make. And so the more I thought 520 00:23:48,960 --> 00:23:51,360 Speaker 1: about it, though, the more it was apparent that this 521 00:23:51,400 --> 00:23:55,360 Speaker 1: is indicative of an ever present reality that personal finance 522 00:23:55,400 --> 00:23:58,919 Speaker 1: influences an incredible number of our life decisions. Yea, and 523 00:23:59,000 --> 00:24:02,080 Speaker 1: that you know, basically the financial reality of selling a 524 00:24:02,119 --> 00:24:04,560 Speaker 1: home with a locked in low rate mortgage it's just 525 00:24:04,720 --> 00:24:07,840 Speaker 1: too much to bear for some people in the current environment, 526 00:24:08,200 --> 00:24:10,919 Speaker 1: even if the home no longer works for your family. 527 00:24:11,000 --> 00:24:13,440 Speaker 1: So one of the families they highlighted in this article, 528 00:24:13,480 --> 00:24:16,439 Speaker 1: Matt was they took turns living in the house and 529 00:24:16,440 --> 00:24:17,720 Speaker 1: then an airstream in the backyard. 530 00:24:17,840 --> 00:24:20,480 Speaker 2: Yep. And so in that part, and in that case, 531 00:24:20,520 --> 00:24:22,080 Speaker 2: it seem like they're doing it also for the kids 532 00:24:22,359 --> 00:24:24,360 Speaker 2: right to help provide some stability. 533 00:24:23,880 --> 00:24:25,120 Speaker 1: There, which which makes sense. 534 00:24:25,160 --> 00:24:27,920 Speaker 2: I totally get it seems like such a messy situation. 535 00:24:27,640 --> 00:24:30,520 Speaker 1: For sure, And I don't think either you or I 536 00:24:30,560 --> 00:24:33,920 Speaker 1: are trying to judge the relational decisions these folks are making. 537 00:24:33,960 --> 00:24:37,360 Speaker 1: We're just pointing out that's saving more, reducing your debt. 538 00:24:37,400 --> 00:24:39,840 Speaker 1: It creates more margin in your life, and it allows 539 00:24:40,359 --> 00:24:42,720 Speaker 1: for a wider range of decisions that you might prefer 540 00:24:42,800 --> 00:24:45,960 Speaker 1: to make for non monetary reasons, right, and so just 541 00:24:46,119 --> 00:24:50,640 Speaker 1: living paycheck to paycheck has bigger consequences if other circumstances 542 00:24:50,640 --> 00:24:53,520 Speaker 1: in your life that are outside of your control, if 543 00:24:53,520 --> 00:24:55,639 Speaker 1: those change, or even things that are kind of inside 544 00:24:55,640 --> 00:24:58,240 Speaker 1: of your control. The less money you have on hand, 545 00:24:58,560 --> 00:25:02,280 Speaker 1: the fewer options you give yourself when things When you 546 00:25:02,359 --> 00:25:04,080 Speaker 1: end up in a tough spot, what do you think 547 00:25:04,119 --> 00:25:06,360 Speaker 1: about the couple You don't have that peace out money? 548 00:25:06,400 --> 00:25:08,280 Speaker 2: I guess you know that's true. That's true. But in 549 00:25:08,320 --> 00:25:10,479 Speaker 2: this case with a divorce, what if it means that, hey, 550 00:25:10,560 --> 00:25:12,399 Speaker 2: they kind of give it a second shot, and it 551 00:25:12,440 --> 00:25:14,040 Speaker 2: causes them to stick around a little bit longer and 552 00:25:14,040 --> 00:25:16,720 Speaker 2: they kind of work through it. Oh they've they're let's 553 00:25:16,720 --> 00:25:18,800 Speaker 2: go see accounts there before you know they're back together. 554 00:25:18,880 --> 00:25:21,920 Speaker 1: Hey, that's that's that's the bright spot, right, potential bright spot, 555 00:25:21,960 --> 00:25:23,399 Speaker 1: the potential upside of. 556 00:25:23,480 --> 00:25:26,199 Speaker 2: Not having the financial financial margin. I'll be hoping that 557 00:25:26,240 --> 00:25:27,720 Speaker 2: for those folks. Yeah, So this makes me think of 558 00:25:27,760 --> 00:25:31,760 Speaker 2: another article from The Times about money and life and 559 00:25:32,080 --> 00:25:35,120 Speaker 2: whether you should wait on love until you've made more 560 00:25:35,400 --> 00:25:37,800 Speaker 2: progress when it comes to your your finances with your money. 561 00:25:38,080 --> 00:25:40,840 Speaker 2: More young Americans are waiting to get married or they're 562 00:25:40,880 --> 00:25:43,600 Speaker 2: waiting to have kids in an effort to create more 563 00:25:43,640 --> 00:25:47,879 Speaker 2: financial security because they're assuming that having more money is 564 00:25:47,880 --> 00:25:51,800 Speaker 2: gonna basically add stability to the relationship. And I am 565 00:25:51,840 --> 00:25:55,640 Speaker 2: all for exercising some wisdom and not jumping willy nilly 566 00:25:55,680 --> 00:25:57,840 Speaker 2: into a relationship where you're you know, your finances or 567 00:25:57,840 --> 00:26:01,600 Speaker 2: their finances are in complete. But man, this is a 568 00:26:01,640 --> 00:26:05,000 Speaker 2: scenario where I think if you if you are too 569 00:26:05,080 --> 00:26:07,720 Speaker 2: focused on this, you're taking things too far. Right. I 570 00:26:07,760 --> 00:26:12,359 Speaker 2: think the very act of committing to a relationship is 571 00:26:12,600 --> 00:26:15,760 Speaker 2: in and of itself character for me, right like it 572 00:26:15,840 --> 00:26:18,960 Speaker 2: is formational going through the process of marriage. And I 573 00:26:18,960 --> 00:26:20,600 Speaker 2: think a lot of times in our culture we have 574 00:26:20,680 --> 00:26:24,240 Speaker 2: such a consumption based mindset around how we approach different 575 00:26:24,280 --> 00:26:27,040 Speaker 2: things like this, And I think some folks see getting 576 00:26:27,040 --> 00:26:31,240 Speaker 2: married or that spouse as being this like, oh, this 577 00:26:31,320 --> 00:26:33,840 Speaker 2: is the goal, this is that's the final boss, like 578 00:26:33,840 --> 00:26:36,720 Speaker 2: the capstone event. I'm gonna yeah once that I'm leveling 579 00:26:36,840 --> 00:26:40,520 Speaker 2: up right, as opposed to seeing it as something that 580 00:26:40,560 --> 00:26:43,439 Speaker 2: you do together, right, Like what's more beautiful to me 581 00:26:43,480 --> 00:26:46,679 Speaker 2: at least than to having worked through some of these 582 00:26:46,720 --> 00:26:49,840 Speaker 2: hard things in life with your best friend, essentially that 583 00:26:49,280 --> 00:26:51,080 Speaker 2: you that you've married. And the same thing is true 584 00:26:51,080 --> 00:26:53,200 Speaker 2: with kids. So many people are are are thinking, oh, 585 00:26:53,240 --> 00:26:55,199 Speaker 2: I've got to get to a point to where I 586 00:26:55,200 --> 00:26:57,800 Speaker 2: feel like, oh, we need to have this much set aside. 587 00:26:57,960 --> 00:26:59,560 Speaker 2: Oh we need to do this. Oh we can't be 588 00:26:59,600 --> 00:27:01,640 Speaker 2: in this old, run down house. Oh the kids can't 589 00:27:01,680 --> 00:27:03,959 Speaker 2: share a bedroom. Like these are all excuses that we 590 00:27:04,000 --> 00:27:07,359 Speaker 2: give as opposed to saying no, we want to have kids. 591 00:27:07,640 --> 00:27:11,080 Speaker 2: And quite literally, there's a biological clock that's ticking that's 592 00:27:11,200 --> 00:27:16,040 Speaker 2: kind of that window of time is narrowing, and the 593 00:27:16,160 --> 00:27:19,760 Speaker 2: very act of having children it's edifying. It's really hard, 594 00:27:19,840 --> 00:27:21,720 Speaker 2: but like there is so much that you learn about 595 00:27:21,720 --> 00:27:24,359 Speaker 2: yourself and the sacrifices that you make in order to 596 00:27:24,359 --> 00:27:27,679 Speaker 2: provide for those kids, that the very act of having 597 00:27:27,960 --> 00:27:30,960 Speaker 2: the kids is what makes you ready to be the 598 00:27:31,000 --> 00:27:34,159 Speaker 2: person that you're ultimately going to be. Right, It's just weird. 599 00:27:33,920 --> 00:27:35,879 Speaker 1: How it calls you into something bigger and greater. 600 00:27:36,119 --> 00:27:38,040 Speaker 2: Yeah, yeah, And I. 601 00:27:37,960 --> 00:27:41,679 Speaker 1: Think the financial impetus that it puts on you is 602 00:27:41,800 --> 00:27:43,840 Speaker 1: actually can be a good thing. You're like, Okay, I 603 00:27:43,840 --> 00:27:45,840 Speaker 1: gotta grow up now, I gotta be lights a fire, 604 00:27:45,880 --> 00:27:48,320 Speaker 1: And you're right. Yeah, And so I think the same 605 00:27:48,320 --> 00:27:51,160 Speaker 1: thing is true of marriage and having kids, that both 606 00:27:51,200 --> 00:27:53,719 Speaker 1: will help you form better habits and help you make 607 00:27:53,760 --> 00:27:56,400 Speaker 1: progress in your findis. And there's something there's something too 608 00:27:56,640 --> 00:28:01,080 Speaker 1: about growing in from not having a lot and then 609 00:28:01,320 --> 00:28:04,680 Speaker 1: having more together. There's something about the cohesion that creates 610 00:28:04,680 --> 00:28:07,400 Speaker 1: in your relationship to do that with with your teammate, yeah, 611 00:28:07,520 --> 00:28:09,240 Speaker 1: with your partner, with your partner for life. You do 612 00:28:09,280 --> 00:28:11,320 Speaker 1: it solo and then you come together with like gobs 613 00:28:11,320 --> 00:28:14,240 Speaker 1: of money. You actually you kind of miss something along 614 00:28:14,240 --> 00:28:14,840 Speaker 1: the way, I think. 615 00:28:14,880 --> 00:28:16,320 Speaker 2: So I don't love it. 616 00:28:16,320 --> 00:28:18,800 Speaker 1: And honestly, it makes me think too of the literary 617 00:28:18,920 --> 00:28:21,840 Speaker 1: character Ebenezer Scrooge Matt because when you know, they go 618 00:28:21,920 --> 00:28:23,879 Speaker 1: back to the go to Christmas path, go to chrismas 619 00:28:23,880 --> 00:28:26,880 Speaker 1: past and he sees his old girlfriend, and of course 620 00:28:27,080 --> 00:28:31,679 Speaker 1: he realizes he put more emphasis on making money than 621 00:28:31,760 --> 00:28:34,879 Speaker 1: he did on tending to the love of his life 622 00:28:35,040 --> 00:28:37,760 Speaker 1: and he missed out because of it. Yeah, and I 623 00:28:37,840 --> 00:28:40,880 Speaker 1: just think that's a real possibility that people don't get there, 624 00:28:40,920 --> 00:28:43,520 Speaker 1: just like I'll just get married later, or I'll just like, yeah, 625 00:28:43,520 --> 00:28:45,440 Speaker 1: I have kids down the road and yeah, at some 626 00:28:45,480 --> 00:28:49,640 Speaker 1: point maybe, but that's also not promised to you. 627 00:28:49,600 --> 00:28:51,720 Speaker 2: So I not guarantee. Yeah, and I don't. 628 00:28:51,720 --> 00:28:53,160 Speaker 1: I don't think most people do it from a heart 629 00:28:53,160 --> 00:28:54,719 Speaker 1: that he had, but I think they're just like, I 630 00:28:54,800 --> 00:28:57,960 Speaker 1: want to have my stuff together, and I understand that impulse. 631 00:28:58,040 --> 00:28:59,600 Speaker 2: I think I think it comes from a heart of good. 632 00:28:59,640 --> 00:29:01,080 Speaker 2: But that's well, that's why I said it at the beginning. 633 00:29:01,200 --> 00:29:04,160 Speaker 2: It's it's like taking that sort of planning mentality and 634 00:29:04,160 --> 00:29:06,600 Speaker 2: taking it too far. It's it's where and it doesn't 635 00:29:06,600 --> 00:29:09,200 Speaker 2: seem crazy to say, oh, I need to be financially 636 00:29:09,400 --> 00:29:12,280 Speaker 2: in a decent place before we take these you know, 637 00:29:12,320 --> 00:29:16,560 Speaker 2: more formal steps. But yeah, there's something there's something about 638 00:29:16,760 --> 00:29:19,400 Speaker 2: going through that process that is kind of the goal, right, 639 00:29:19,400 --> 00:29:21,880 Speaker 2: It's not to have like, honestly, it makes me think 640 00:29:21,880 --> 00:29:24,240 Speaker 2: of education, like higher ed as well, because I think 641 00:29:24,320 --> 00:29:26,360 Speaker 2: so much there seems to be a focus on just 642 00:29:27,160 --> 00:29:31,040 Speaker 2: getting the grades or getting the degree, getting the MBA right, 643 00:29:31,080 --> 00:29:33,400 Speaker 2: and it's and there's not as much attention being paid 644 00:29:33,560 --> 00:29:36,920 Speaker 2: to what it is you're actually learning, right, like forming 645 00:29:37,160 --> 00:29:39,760 Speaker 2: the rigor of the education, how it's forming you, how 646 00:29:39,800 --> 00:29:44,120 Speaker 2: it's turning you into hopefully a better, more productive, more 647 00:29:44,200 --> 00:29:47,080 Speaker 2: virtuous citizen that's going to contribute to our society. Right, 648 00:29:47,240 --> 00:29:49,360 Speaker 2: And there's like a desire to kind of take the shortcut. 649 00:29:49,520 --> 00:29:51,160 Speaker 2: Like it's one of the problems with AI. You just 650 00:29:51,200 --> 00:29:53,920 Speaker 2: want the credential. You don't want the end result, and 651 00:29:53,960 --> 00:29:56,440 Speaker 2: you don't really you're not paying attention to what actually 652 00:29:56,440 --> 00:29:58,120 Speaker 2: needs to happen in the in the process, and I 653 00:29:58,160 --> 00:30:00,760 Speaker 2: feel like we're kind of going more to cold critique. 654 00:30:00,760 --> 00:30:03,200 Speaker 2: But that's one of the issues with AI, is that like, hey, 655 00:30:03,640 --> 00:30:05,560 Speaker 2: it doesn't matter, I just need to do what I 656 00:30:05,560 --> 00:30:07,400 Speaker 2: need to do to get the GPA right or in 657 00:30:07,560 --> 00:30:10,120 Speaker 2: order to pass my finals in college. 658 00:30:09,880 --> 00:30:12,800 Speaker 1: Even if it means allowing artificial intelligence to write the 659 00:30:12,840 --> 00:30:15,400 Speaker 1: answer for me or yeah, to do most of the word. 660 00:30:15,320 --> 00:30:17,959 Speaker 2: Yeah, Because you're not only obviously cheating the system, but 661 00:30:18,000 --> 00:30:21,560 Speaker 2: like you're cheating yourself from being able to be formed 662 00:30:21,600 --> 00:30:24,600 Speaker 2: into the essentially the best version of yourself. 663 00:30:24,680 --> 00:30:28,680 Speaker 1: Yeah, speaking of AI, let's talk about using artificial intelligence 664 00:30:28,720 --> 00:30:30,120 Speaker 1: specifically to get money advice. 665 00:30:30,600 --> 00:30:32,960 Speaker 2: It's a feeling I'm going to disagree with this. 666 00:30:34,360 --> 00:30:37,320 Speaker 1: Well, obviously, the rise of AI for search has been 667 00:30:37,480 --> 00:30:41,680 Speaker 1: fascinating to watch, like it's been incredibly quick, and visits 668 00:30:41,760 --> 00:30:44,680 Speaker 1: to sites like ours, like howdomoney dot com have gone 669 00:30:44,720 --> 00:30:49,000 Speaker 1: down pretty significantly because Google has become less integral to 670 00:30:49,520 --> 00:30:53,400 Speaker 1: the way people look for information, right, and even Google 671 00:30:54,000 --> 00:30:57,080 Speaker 1: results implement a lot of artificial intelligence as well. So 672 00:30:57,160 --> 00:30:58,800 Speaker 1: people are like, I'll just take that summary and I'm 673 00:30:58,800 --> 00:31:00,440 Speaker 1: not actually going to click over to the article that 674 00:31:00,560 --> 00:31:03,200 Speaker 1: somebody took a lot of time to write to think through. 675 00:31:03,920 --> 00:31:06,920 Speaker 1: I want the synopsis. And it's no wonder that folks 676 00:31:06,960 --> 00:31:10,440 Speaker 1: are turning to artificial intelligence for money questions. 677 00:31:10,480 --> 00:31:11,120 Speaker 2: They have too. 678 00:31:11,800 --> 00:31:15,360 Speaker 1: They're asking about saving strategies and debt management or even 679 00:31:15,560 --> 00:31:19,600 Speaker 1: stock picking advice, and so I think generative AI can 680 00:31:19,680 --> 00:31:21,600 Speaker 1: be a powerful tool. I've actually started using it a 681 00:31:21,800 --> 00:31:25,920 Speaker 1: little bit more in my life and it's been I 682 00:31:25,960 --> 00:31:29,600 Speaker 1: will say helpful in moderation. But I think most people 683 00:31:29,840 --> 00:31:32,480 Speaker 1: they seem to be happy with like the custom budget 684 00:31:32,520 --> 00:31:35,760 Speaker 1: that chatchept, for instance, can create for them. But a 685 00:31:35,840 --> 00:31:38,720 Speaker 1: recent credit Karma survey finds that more than half of 686 00:31:38,760 --> 00:31:41,600 Speaker 1: those who acted on the financial advice that they got 687 00:31:42,040 --> 00:31:45,160 Speaker 1: from artificial intelligence they feel like they ended up making 688 00:31:45,200 --> 00:31:47,479 Speaker 1: a poor financial decision. That's a lot of people Matt 689 00:31:47,600 --> 00:31:49,520 Speaker 1: to feel like, actually, it really let me down, and 690 00:31:49,520 --> 00:31:52,200 Speaker 1: I went in the wrong path because I took that answer, 691 00:31:52,600 --> 00:31:55,160 Speaker 1: And so I think it's just important to be careful. 692 00:31:55,640 --> 00:31:59,040 Speaker 1: I made a query of chat gpt about five twenty 693 00:31:59,120 --> 00:32:02,560 Speaker 1: nine plans the other day, and because I know this stuff, 694 00:32:02,920 --> 00:32:04,760 Speaker 1: I knew it was spitting out the wrong information. I 695 00:32:04,840 --> 00:32:07,920 Speaker 1: knew it was incorrect about the tax deduction in certain 696 00:32:07,960 --> 00:32:10,200 Speaker 1: states that you could get from making that five twenty 697 00:32:10,320 --> 00:32:13,720 Speaker 1: nine contribution. But a lot of people they might be like, 698 00:32:13,760 --> 00:32:16,280 Speaker 1: they might take that as gospel stick money in not 699 00:32:16,440 --> 00:32:20,479 Speaker 1: realize that they are actually eligible for to contribute more 700 00:32:20,520 --> 00:32:22,560 Speaker 1: and still receive more of a tax deduction. I think 701 00:32:22,600 --> 00:32:25,440 Speaker 1: the effective use of AI actually comes from knowing the 702 00:32:25,520 --> 00:32:28,760 Speaker 1: subject fairly in depth first, and if you're kind of 703 00:32:28,880 --> 00:32:31,960 Speaker 1: turning over that learning process of personal finance and you're 704 00:32:32,000 --> 00:32:35,080 Speaker 1: just assuming that whatever one of these AI spits out 705 00:32:35,440 --> 00:32:36,760 Speaker 1: is going to tell you what you need to know, 706 00:32:37,320 --> 00:32:41,360 Speaker 1: no prior knowledge needed first. I think you're probably sorely 707 00:32:41,440 --> 00:32:44,480 Speaker 1: mistaken and you could end up in that fifty percent 708 00:32:44,560 --> 00:32:46,840 Speaker 1: of people who says, yeah, let me astray. I made 709 00:32:46,880 --> 00:32:47,880 Speaker 1: some bad moves because. 710 00:32:47,640 --> 00:32:50,520 Speaker 2: Of it, that's right, man. Yeah, proceed with caution, folks, 711 00:32:50,600 --> 00:32:52,760 Speaker 2: But we hope everyone has a fantastic weekend. That's going 712 00:32:52,800 --> 00:32:56,200 Speaker 2: to be it for our Friday flight. Everyone enjoy your 713 00:32:56,240 --> 00:32:58,000 Speaker 2: time out there. I feel like it's like the perfect 714 00:32:58,000 --> 00:33:00,320 Speaker 2: time of year, perfect time a year for a folk 715 00:33:00,400 --> 00:33:02,680 Speaker 2: art festival, which is which you got lined up it. 716 00:33:02,800 --> 00:33:04,800 Speaker 1: Basically, my it's like Christmas number two for. 717 00:33:04,840 --> 00:33:07,920 Speaker 2: Me, Christmas in September. But we'll see you back here 718 00:33:07,960 --> 00:33:10,720 Speaker 2: on Monday with a fresh ask count of money. And 719 00:33:10,880 --> 00:33:26,200 Speaker 2: until then, best friends out, best friends out there we 720 00:33:26,280 --> 00:33:27,560 Speaker 2: go see blowing