1 00:00:00,080 --> 00:00:02,880 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt, 2 00:00:03,000 --> 00:00:07,159 Speaker 1: and today we're discussed saying coronavirus, economic woes, job insecurity, 3 00:00:07,400 --> 00:00:29,720 Speaker 1: and staying afloat. Yeah, Jil, First of all, these Friday 4 00:00:29,760 --> 00:00:32,240 Speaker 1: Episodes are here to stay. Man. You know, we released 5 00:00:32,240 --> 00:00:34,159 Speaker 1: our first Friday episode last week. We thought that was 6 00:00:34,240 --> 00:00:36,800 Speaker 1: just gonna be a one time thing. But with just 7 00:00:36,880 --> 00:00:40,120 Speaker 1: the constantly changing nature of the coronavirus and the effect 8 00:00:40,120 --> 00:00:42,360 Speaker 1: it's having on our money, we we feel it's important 9 00:00:42,400 --> 00:00:44,760 Speaker 1: for us to kind of stay abreast and make sure 10 00:00:44,800 --> 00:00:47,479 Speaker 1: that our listeners know what's going on as well. Yeah, 11 00:00:47,520 --> 00:00:49,440 Speaker 1: there's a lot changing in the economy, there's a lot 12 00:00:49,600 --> 00:00:52,480 Speaker 1: changing in kind of the way we all think about 13 00:00:52,560 --> 00:00:55,640 Speaker 1: our money right now, our personal finances. And so, because 14 00:00:55,840 --> 00:00:58,720 Speaker 1: you know, normally Mondays and Wednesdays, the topics that we 15 00:00:58,800 --> 00:01:03,200 Speaker 1: cover are you know a little more eternally applicable. The 16 00:01:03,200 --> 00:01:05,120 Speaker 1: the things that we're going to discuss in the Friday 17 00:01:05,120 --> 00:01:07,520 Speaker 1: episodes are about the things that are happening on the 18 00:01:07,520 --> 00:01:09,480 Speaker 1: ground right now and the way that those things affect 19 00:01:09,560 --> 00:01:11,399 Speaker 1: our lives. And so, yeah, I'm glad to be able 20 00:01:11,440 --> 00:01:14,400 Speaker 1: to continue creating these Friday episodes and for the foreseeable future. Man, 21 00:01:14,400 --> 00:01:17,839 Speaker 1: I see that happening, and we'll continue covering relevant, timely 22 00:01:18,040 --> 00:01:21,240 Speaker 1: information for people and how the broader economic news is 23 00:01:21,520 --> 00:01:23,840 Speaker 1: going to personally impact now, Yeah, I mean timely. That's 24 00:01:23,840 --> 00:01:26,040 Speaker 1: a great way for us to describe these Friday episodes. 25 00:01:26,200 --> 00:01:28,880 Speaker 1: And here's the thing with us ramping up the podcast 26 00:01:28,959 --> 00:01:30,720 Speaker 1: some right, Like, we're sort of at a crossroads where 27 00:01:30,760 --> 00:01:34,000 Speaker 1: we are taking we're going down a more serious path 28 00:01:34,120 --> 00:01:36,640 Speaker 1: of podcasting, right, And so with that we can really 29 00:01:36,760 --> 00:01:39,000 Speaker 1: use help from you, our listeners out there, if you 30 00:01:39,040 --> 00:01:41,959 Speaker 1: have found value and what we're able to bring to y'all, 31 00:01:42,040 --> 00:01:44,200 Speaker 1: especially these Friday episodes, we would ask for you just 32 00:01:44,240 --> 00:01:46,480 Speaker 1: to let your friends know, let your family know about 33 00:01:46,560 --> 00:01:50,080 Speaker 1: these episodes. Specifically, we want folks as they're the quarantine 34 00:01:50,120 --> 00:01:52,560 Speaker 1: sitting at home, right, we want folks to know, you know, 35 00:01:52,640 --> 00:01:55,760 Speaker 1: what these changes that are happening to our economy, how 36 00:01:55,760 --> 00:01:58,240 Speaker 1: they are impacting us as individuals, so that we can 37 00:01:58,280 --> 00:02:00,480 Speaker 1: make informed decisions. Yeah, and a lot of the stuff 38 00:02:00,480 --> 00:02:02,640 Speaker 1: that we're gonna cover today in the show really is 39 00:02:02,640 --> 00:02:04,600 Speaker 1: going to help people, I think, think through an assess 40 00:02:04,960 --> 00:02:07,280 Speaker 1: what's going on in the economy for their individual situations. 41 00:02:07,320 --> 00:02:09,240 Speaker 1: People who are affected in all sorts of different ways, 42 00:02:09,480 --> 00:02:11,720 Speaker 1: or people who don't really even feel all that affected 43 00:02:11,800 --> 00:02:14,280 Speaker 1: right now, people who are still going to work even 44 00:02:14,320 --> 00:02:17,080 Speaker 1: though it doesn't feel like it's normal anymore, right because work, 45 00:02:17,200 --> 00:02:19,960 Speaker 1: Even if you're still working in and hopefully most people, 46 00:02:20,040 --> 00:02:21,600 Speaker 1: most of our listeners are able to still work at 47 00:02:21,639 --> 00:02:24,400 Speaker 1: least in some capacity, it just doesn't feel the same 48 00:02:24,480 --> 00:02:27,880 Speaker 1: right now, because every business is going through at least 49 00:02:28,040 --> 00:02:31,000 Speaker 1: some sort of growing pains in this time. Maybe you're 50 00:02:31,400 --> 00:02:33,280 Speaker 1: a nurse or a doctor and you're working a heck 51 00:02:33,320 --> 00:02:36,960 Speaker 1: of a lot more because of what's happening with the coronavirus. 52 00:02:37,240 --> 00:02:39,440 Speaker 1: Or maybe you own a small business, a restaurant, and 53 00:02:39,480 --> 00:02:41,639 Speaker 1: you've been forced to close for the time being. Yeah, 54 00:02:41,680 --> 00:02:44,440 Speaker 1: and this isn't some passing fad, right like, this is 55 00:02:44,480 --> 00:02:47,359 Speaker 1: something that that's seriously affecting many of us, and it's 56 00:02:47,360 --> 00:02:49,040 Speaker 1: gonna be around for a while. The CDC has let 57 00:02:49,120 --> 00:02:51,000 Speaker 1: us know that the next eight weeks of our lives, 58 00:02:51,000 --> 00:02:53,880 Speaker 1: at a minimum, will be heavy on quarantine. It's hard 59 00:02:53,919 --> 00:02:56,400 Speaker 1: for an extrovert like me, Matt, it's true, but of 60 00:02:56,440 --> 00:02:58,639 Speaker 1: course it's gonna be much harder for just other gig 61 00:02:58,680 --> 00:03:02,000 Speaker 1: workers out there, small business nerds, freelancers and parents as well. 62 00:03:02,440 --> 00:03:04,840 Speaker 1: In fact analytics from Moody's they say that up to 63 00:03:04,919 --> 00:03:07,080 Speaker 1: fifty percent of American jobs are going to be at 64 00:03:07,200 --> 00:03:09,800 Speaker 1: risk during this this difficult time that we're in. And 65 00:03:09,919 --> 00:03:12,400 Speaker 1: you know, that doesn't mean half of all Americans will 66 00:03:12,440 --> 00:03:14,920 Speaker 1: be without work, but it is telling. I saw something 67 00:03:14,960 --> 00:03:16,920 Speaker 1: recently as well that showed that the number of Google 68 00:03:16,960 --> 00:03:19,919 Speaker 1: searches for unemployment insurance has like shot through the roof, 69 00:03:20,080 --> 00:03:22,280 Speaker 1: right as folks are trying to figure out, you know, 70 00:03:22,360 --> 00:03:24,680 Speaker 1: what options they have. And so we're gonna do our 71 00:03:24,680 --> 00:03:26,799 Speaker 1: best to bring you all the information that's gonna help 72 00:03:26,800 --> 00:03:29,200 Speaker 1: you during this time, you know, with all this hardship 73 00:03:29,200 --> 00:03:31,440 Speaker 1: and uncertainty that's in the air. Um, if you do 74 00:03:31,520 --> 00:03:33,840 Speaker 1: have any questions or information to share with the How 75 00:03:33,840 --> 00:03:36,200 Speaker 1: the Money community, please feel free to send them our away. 76 00:03:36,280 --> 00:03:39,240 Speaker 1: And also it's probably important to uh, first all think 77 00:03:39,320 --> 00:03:41,480 Speaker 1: that people that are out there doing a wonderful job 78 00:03:41,520 --> 00:03:45,119 Speaker 1: to help keep our society functioning as normal as possible. 79 00:03:45,200 --> 00:03:47,400 Speaker 1: You know, maybe in particular we can salute the grocery 80 00:03:47,440 --> 00:03:51,120 Speaker 1: store workers as those grocery stores are getting slammed. You know, 81 00:03:51,160 --> 00:03:53,720 Speaker 1: you're seeing tons of products and food and just everything 82 00:03:53,800 --> 00:03:55,800 Speaker 1: cycle through there. I'm sure they're seeing a lot of 83 00:03:55,800 --> 00:03:58,480 Speaker 1: folks come in and scream at them. So which is 84 00:03:58,600 --> 00:04:00,680 Speaker 1: I hope not. I'm I'm giving them an extra thank you? 85 00:04:00,840 --> 00:04:02,920 Speaker 1: Are you really? Oh? Yeah, I mean I'm not. I'm 86 00:04:02,920 --> 00:04:04,920 Speaker 1: not the one doing the screaming. I hope not. But 87 00:04:04,960 --> 00:04:06,880 Speaker 1: there's a lot of screamers out there. Yeah, I mean, 88 00:04:06,960 --> 00:04:10,760 Speaker 1: especially with the extra hours they're working, the added intensity 89 00:04:10,760 --> 00:04:12,840 Speaker 1: of their job right now. By the way, Kroger has 90 00:04:12,840 --> 00:04:15,000 Speaker 1: basically said, we're hiring like right now, coming the door. 91 00:04:15,040 --> 00:04:17,720 Speaker 1: So if you, you know, are someone who isn't able 92 00:04:17,760 --> 00:04:20,080 Speaker 1: to work right now and you need some sort of pay, 93 00:04:20,440 --> 00:04:22,120 Speaker 1: a grocery store is the perfect place to go look 94 00:04:22,160 --> 00:04:24,040 Speaker 1: for for work right now. Yeah. Well, and certainly we 95 00:04:24,080 --> 00:04:25,840 Speaker 1: want to thank all the doctors and nurses out there 96 00:04:25,839 --> 00:04:28,159 Speaker 1: as well, like folks are on the front line scientists. Yeah. 97 00:04:28,760 --> 00:04:31,720 Speaker 1: My next for neighbor Austin, he's an infectious disease doctor 98 00:04:31,800 --> 00:04:33,159 Speaker 1: and so like we should have him on the on 99 00:04:33,200 --> 00:04:35,400 Speaker 1: the podcast at some point. Oh man, it might get 100 00:04:35,400 --> 00:04:39,000 Speaker 1: way way too deep. Any time I talked to him, 101 00:04:39,040 --> 00:04:41,560 Speaker 1: it's very informative. He keeps me posted with all the 102 00:04:41,640 --> 00:04:44,760 Speaker 1: latest news. But it's also there's things he knows, like 103 00:04:44,760 --> 00:04:47,000 Speaker 1: too much sharing off, it's almost too much information because 104 00:04:47,000 --> 00:04:49,440 Speaker 1: it's not quite verified yet. But this is what they suspect, 105 00:04:49,560 --> 00:04:52,160 Speaker 1: and so it's good for it to pass through not 106 00:04:52,240 --> 00:04:54,800 Speaker 1: just doctors, but the news organizations because if it was 107 00:04:54,880 --> 00:04:58,360 Speaker 1: up to him to disseminate information, it might scare some folks. 108 00:04:58,760 --> 00:05:00,400 Speaker 1: We wouldn't. I'll just be locking her how this would 109 00:05:00,400 --> 00:05:02,920 Speaker 1: be under our beds exactly. But but seriously, just all 110 00:05:02,920 --> 00:05:04,880 Speaker 1: the folks who are out there, I mean literally risking 111 00:05:04,920 --> 00:05:06,839 Speaker 1: their lives to to make sure that this is going 112 00:05:06,880 --> 00:05:09,240 Speaker 1: to come to a quick end. You know, we appreciate 113 00:05:09,279 --> 00:05:11,640 Speaker 1: all of you folks out there completely, all right, Matt, Yeah, 114 00:05:11,680 --> 00:05:14,520 Speaker 1: let's quickly talk about kind of how we've been dealing 115 00:05:14,520 --> 00:05:17,599 Speaker 1: with the quarantine. And for me, I've been going to 116 00:05:17,720 --> 00:05:21,000 Speaker 1: work as normal, just in a workplace where there's almost 117 00:05:21,240 --> 00:05:25,120 Speaker 1: nobody there, just essential personnel allowed. But when you're creating 118 00:05:25,520 --> 00:05:27,839 Speaker 1: a live radio show, you you have to be there, 119 00:05:28,000 --> 00:05:30,960 Speaker 1: and uh, the show must go on, especially because right 120 00:05:31,000 --> 00:05:33,039 Speaker 1: now so many people are turning to to radio and 121 00:05:33,040 --> 00:05:37,800 Speaker 1: podcasts for help, for advice, for understanding of what's actually happening. Um, 122 00:05:37,920 --> 00:05:40,799 Speaker 1: but I think to like, for us, we've been walking 123 00:05:40,839 --> 00:05:43,120 Speaker 1: and riding our bikes in the neighborhood a whole lot more. 124 00:05:43,800 --> 00:05:46,480 Speaker 1: That has been kind of kind of fun for us 125 00:05:46,520 --> 00:05:49,760 Speaker 1: to be able to as a family just enjoy some 126 00:05:49,760 --> 00:05:52,920 Speaker 1: some time outside as there's a nice personal upside to that, right. Yeah, 127 00:05:52,920 --> 00:05:54,479 Speaker 1: And I feel like I've seen more of my neighbors 128 00:05:54,480 --> 00:05:57,000 Speaker 1: out I mean from a distance, of course, but talking 129 00:05:57,160 --> 00:05:59,960 Speaker 1: from you know, ten feet away, as we attempt to, 130 00:06:00,279 --> 00:06:03,120 Speaker 1: you know, make sense of maintained relationship and make sense 131 00:06:03,160 --> 00:06:05,240 Speaker 1: of what's actually kind of going on around us. Yeah, 132 00:06:05,240 --> 00:06:07,160 Speaker 1: I still haven't gotten used to the tin foot rule. 133 00:06:07,240 --> 00:06:09,039 Speaker 1: I'm with you, like we've been going out obviously, we've 134 00:06:09,040 --> 00:06:11,000 Speaker 1: met each other up at the church parking lot just 135 00:06:11,080 --> 00:06:13,200 Speaker 1: up the street from us, where the kids are riding 136 00:06:13,200 --> 00:06:16,960 Speaker 1: around their bikes. And it's still weird to make sure 137 00:06:17,000 --> 00:06:18,760 Speaker 1: that you're keeping yourself in check, right because if you 138 00:06:18,760 --> 00:06:21,200 Speaker 1: want to walk up closer, because normally we talked, we 139 00:06:21,200 --> 00:06:23,360 Speaker 1: stand closer when you talk to somebody, But shaking somebody's 140 00:06:23,360 --> 00:06:25,120 Speaker 1: hand when you first meet him. Like I've met people 141 00:06:25,800 --> 00:06:28,560 Speaker 1: and I can't shake their hands. It's so weird, but 142 00:06:28,640 --> 00:06:31,000 Speaker 1: it's it's quickly becoming the norm I know for us. 143 00:06:31,000 --> 00:06:32,800 Speaker 1: We've actually we've been spending a lot of time outside 144 00:06:32,800 --> 00:06:34,560 Speaker 1: in the garden as well. It's been a nice season 145 00:06:34,600 --> 00:06:38,360 Speaker 1: to spend with our family in the yard and not 146 00:06:38,440 --> 00:06:41,440 Speaker 1: going to the zoo or to the museums things like 147 00:06:41,480 --> 00:06:43,240 Speaker 1: that as well. And so, yeah, I'm with you, it's 148 00:06:43,240 --> 00:06:46,640 Speaker 1: been rewarding in that sense since I work from home. Honestly, 149 00:06:46,680 --> 00:06:49,520 Speaker 1: not a lot has changed in our personal lives, but 150 00:06:49,560 --> 00:06:52,719 Speaker 1: certainly the limits of human interaction in the social changes 151 00:06:53,000 --> 00:06:55,400 Speaker 1: have limited what we've been able to do. Yeah, well, 152 00:06:55,440 --> 00:06:58,080 Speaker 1: I think, you know, with no sports going on and 153 00:06:58,279 --> 00:07:02,279 Speaker 1: kind of people's changes to their routine in their lives, potentially, 154 00:07:02,320 --> 00:07:04,080 Speaker 1: you know, not commuting, not spending a whole lot of 155 00:07:04,080 --> 00:07:05,440 Speaker 1: time in the car that you normally would have been, 156 00:07:05,640 --> 00:07:08,240 Speaker 1: there is more time for family and to hang out 157 00:07:08,320 --> 00:07:10,040 Speaker 1: and maybe to learn a new skill too. So I 158 00:07:10,080 --> 00:07:12,440 Speaker 1: wanted to just encourage people that during this time we'll 159 00:07:12,480 --> 00:07:15,160 Speaker 1: do a little more reading, maybe pick up a new skill, 160 00:07:15,560 --> 00:07:17,880 Speaker 1: or get decent at cooking because the restaurant, many of 161 00:07:17,920 --> 00:07:20,800 Speaker 1: the restaurants that we that we love are closed right now, 162 00:07:21,000 --> 00:07:22,520 Speaker 1: and so this is a perfect time to do more 163 00:07:22,520 --> 00:07:24,680 Speaker 1: cooking at home. And by the way, Matt, a week 164 00:07:24,680 --> 00:07:26,880 Speaker 1: from Monday, we've got an episode with our friend Beth 165 00:07:26,880 --> 00:07:29,200 Speaker 1: from Budget Bites, and she has a lot of great 166 00:07:29,200 --> 00:07:32,480 Speaker 1: tips for how people can cook on the cheap at home, 167 00:07:32,480 --> 00:07:34,000 Speaker 1: and I think that would be really helpful maybe as 168 00:07:34,120 --> 00:07:36,120 Speaker 1: you're trying to hone your cooking skills in a time 169 00:07:36,120 --> 00:07:37,800 Speaker 1: where you're forced to be in your kitchen more. And 170 00:07:37,800 --> 00:07:39,120 Speaker 1: for those with kids right now, I mean, I know 171 00:07:39,200 --> 00:07:42,880 Speaker 1: it's tough to balance work, teaching them and and having 172 00:07:42,880 --> 00:07:44,800 Speaker 1: a little fun too, especially if your kids, you know, 173 00:07:44,840 --> 00:07:46,480 Speaker 1: are trying to get school work done and you're trying 174 00:07:46,520 --> 00:07:48,440 Speaker 1: to work at the same time. That's a tough balance 175 00:07:48,560 --> 00:07:50,680 Speaker 1: to strike. So I know that that some people have 176 00:07:50,960 --> 00:07:53,640 Speaker 1: been looking to to homeschool bloggers as a way to 177 00:07:53,720 --> 00:07:56,000 Speaker 1: kind of help hone your skills and help your kids 178 00:07:56,120 --> 00:07:58,280 Speaker 1: kind of find some direction in this time. But I 179 00:07:58,280 --> 00:07:59,760 Speaker 1: know it's not easy. Best of luck is you kind 180 00:07:59,760 --> 00:08:01,480 Speaker 1: of can to need to to find this balance in 181 00:08:01,480 --> 00:08:03,520 Speaker 1: your own family life. Yeah, Kate and Emily have both 182 00:08:03,560 --> 00:08:06,600 Speaker 1: in touch and they are totally taking advantage of those 183 00:08:06,600 --> 00:08:08,960 Speaker 1: different resources that are out there. Um, Kate's been checking 184 00:08:09,000 --> 00:08:11,560 Speaker 1: out the Kennedy Center and Scholastic as well. They've been 185 00:08:11,640 --> 00:08:14,800 Speaker 1: some amazing resources where they have just different artists where 186 00:08:14,800 --> 00:08:18,120 Speaker 1: they're teaching kids how to doodle, uh, draw, just just 187 00:08:18,200 --> 00:08:20,120 Speaker 1: learn all sorts of things. It's pretty awesome seeing some 188 00:08:20,120 --> 00:08:23,080 Speaker 1: of these different organizations kind of banded together because they 189 00:08:23,120 --> 00:08:25,560 Speaker 1: know that there is a need for folks uh to 190 00:08:25,880 --> 00:08:28,880 Speaker 1: educate their kids while trying to make it fun as well. 191 00:08:28,920 --> 00:08:30,400 Speaker 1: And and we're starting to see just a lot of 192 00:08:30,440 --> 00:08:33,080 Speaker 1: the different places that offer memberships right like museums and zoos, 193 00:08:33,280 --> 00:08:36,800 Speaker 1: they're starting to up their online offerings because folks are 194 00:08:36,840 --> 00:08:39,040 Speaker 1: not able to go in person, and they're stepping up 195 00:08:39,080 --> 00:08:41,360 Speaker 1: and filling that need. Yeah, all right, man, let's get 196 00:08:41,400 --> 00:08:43,920 Speaker 1: to how we can help people figure out what it 197 00:08:43,920 --> 00:08:45,960 Speaker 1: looks like to stay afloat in kind of the new 198 00:08:46,040 --> 00:08:49,480 Speaker 1: coronavirus economy that's affecting so many people. It's important to 199 00:08:49,480 --> 00:08:51,480 Speaker 1: think about how you're gonna handle your bills during this time, 200 00:08:51,600 --> 00:08:54,200 Speaker 1: especially if you'll still be without a paycheck or your 201 00:08:54,240 --> 00:08:57,360 Speaker 1: check is gonna be slimmer because of the coronavirus. Maybe 202 00:08:57,360 --> 00:08:59,800 Speaker 1: your hours got cut back. But there there was a 203 00:08:59,800 --> 00:09:02,160 Speaker 1: three in our Facebook group where people detailed exactly how 204 00:09:02,200 --> 00:09:04,920 Speaker 1: the virus is affecting their ability to work and their income, 205 00:09:05,280 --> 00:09:09,040 Speaker 1: from bartenders and restaurant workers to wedding photographers, massage therapist, 206 00:09:09,120 --> 00:09:12,600 Speaker 1: dog walkers, educators, etcetera. People are having a hard time 207 00:09:12,880 --> 00:09:15,520 Speaker 1: with either a whole or partial loss of income. So 208 00:09:15,640 --> 00:09:17,720 Speaker 1: my heart goes out to the people that are experiencing 209 00:09:17,720 --> 00:09:20,520 Speaker 1: difficulty right now and are getting paid every two weeks 210 00:09:20,520 --> 00:09:23,120 Speaker 1: like they expect, or their paycheck is smaller. Yeah, I mean, 211 00:09:23,200 --> 00:09:25,520 Speaker 1: and well, you mentioned wedding photographers. A colleague a friend 212 00:09:25,520 --> 00:09:28,600 Speaker 1: of mine. He posted how like his next five weddings 213 00:09:28,679 --> 00:09:31,880 Speaker 1: have been either canceled or postponed and made my associate photographers. 214 00:09:31,880 --> 00:09:34,640 Speaker 1: She even shared how the next seven gigs that she 215 00:09:34,679 --> 00:09:36,440 Speaker 1: had lined up are are going to be falling through. 216 00:09:37,000 --> 00:09:40,480 Speaker 1: And so for freelancers in particular that don't count on 217 00:09:40,520 --> 00:09:42,400 Speaker 1: that regular check but instead kind of get a lot 218 00:09:42,400 --> 00:09:45,360 Speaker 1: of their payment clumped together during busier times of the year, 219 00:09:45,760 --> 00:09:48,480 Speaker 1: those individuals are definitely going to be seeing more of 220 00:09:48,520 --> 00:09:50,760 Speaker 1: a hit. You know. To to have one event or 221 00:09:50,800 --> 00:09:53,200 Speaker 1: one wedding postponed or canceled, it kind of sucks for 222 00:09:53,200 --> 00:09:54,640 Speaker 1: that month, But to have all of them for the 223 00:09:54,679 --> 00:09:56,679 Speaker 1: next couple of months, you know, fall out like that, 224 00:09:56,679 --> 00:09:59,559 Speaker 1: that's just that's gonna be completely catastrophic. So on that note, 225 00:09:59,600 --> 00:10:01,640 Speaker 1: we have some information and thoughts that we hope will 226 00:10:01,640 --> 00:10:04,320 Speaker 1: be of some help to those different individuals. Yeah, on 227 00:10:04,360 --> 00:10:07,040 Speaker 1: the income from MATT, I think social distancing. It's not 228 00:10:07,080 --> 00:10:09,199 Speaker 1: just the norm, but it's the law in some states 229 00:10:09,200 --> 00:10:11,560 Speaker 1: and cities that are banning large group gatherings. And so 230 00:10:11,640 --> 00:10:14,439 Speaker 1: with that in mind, it's becoming harder than ever for 231 00:10:14,440 --> 00:10:16,160 Speaker 1: for so many of us to be able to do 232 00:10:16,200 --> 00:10:18,400 Speaker 1: our jobs and to be able to earn any sort 233 00:10:18,440 --> 00:10:20,720 Speaker 1: of income. Even so, if you're in that boat, then 234 00:10:20,840 --> 00:10:23,400 Speaker 1: we would challenge you to see if there's a way 235 00:10:23,440 --> 00:10:26,720 Speaker 1: that you can potentially transform your job into an opportunity 236 00:10:26,760 --> 00:10:28,880 Speaker 1: to teach and guide others in whatever it is that 237 00:10:28,920 --> 00:10:31,000 Speaker 1: you know the most about. So, like we talked about 238 00:10:31,040 --> 00:10:33,840 Speaker 1: bartenders just a second ago, well maybe they could start 239 00:10:33,840 --> 00:10:35,920 Speaker 1: a YouTube channel that teaches folks how to make cocktails, 240 00:10:36,280 --> 00:10:39,559 Speaker 1: or a photographer could offer photography classes. Teachers can put 241 00:10:39,559 --> 00:10:43,120 Speaker 1: together a curriculum that addresses a need potentially, and you 242 00:10:43,120 --> 00:10:45,600 Speaker 1: know there's the website teachers pay teachers dot com, which 243 00:10:45,640 --> 00:10:47,800 Speaker 1: is this great place for teachers to be able to 244 00:10:47,840 --> 00:10:50,200 Speaker 1: make extra money by selling lesson plans. And then there 245 00:10:50,280 --> 00:10:52,839 Speaker 1: might even be stay at home parents right now looking 246 00:10:52,840 --> 00:10:55,800 Speaker 1: for those resources, willing to pay. So we know these 247 00:10:55,840 --> 00:10:58,160 Speaker 1: are hard times for you, but it just might be 248 00:10:58,640 --> 00:11:01,920 Speaker 1: that necessity is the mother of invention. As you're trying 249 00:11:01,960 --> 00:11:04,640 Speaker 1: to figure out how you can make some sort of 250 00:11:04,679 --> 00:11:07,440 Speaker 1: extra income right now, the easiest way to think about 251 00:11:07,480 --> 00:11:09,360 Speaker 1: it is to use those skills you have and find 252 00:11:09,400 --> 00:11:12,520 Speaker 1: another avenue to be able to profit from them. Um. 253 00:11:12,520 --> 00:11:14,600 Speaker 1: And I know it's easier said than none, but it 254 00:11:14,760 --> 00:11:17,760 Speaker 1: is something that is important to start thinking about right now. 255 00:11:17,760 --> 00:11:20,000 Speaker 1: I would say it makes me think that we might 256 00:11:20,040 --> 00:11:23,559 Speaker 1: be like right at the beginning of just this online revolution. 257 00:11:23,720 --> 00:11:25,679 Speaker 1: And I'm not I'm not talking about the internet because 258 00:11:25,679 --> 00:11:28,920 Speaker 1: that's been around, but but folks looking to online classes 259 00:11:29,240 --> 00:11:30,880 Speaker 1: even more than they have in the past. You know, 260 00:11:31,440 --> 00:11:34,439 Speaker 1: Like during this downtime, Eavy has been taking piano lessons 261 00:11:34,679 --> 00:11:37,840 Speaker 1: quote unquote piano lessons through this YouTube channel online and 262 00:11:37,880 --> 00:11:40,760 Speaker 1: she completely loves It's something that we've never considered before, 263 00:11:40,880 --> 00:11:42,480 Speaker 1: but with all this time at home, it's like, Okay, 264 00:11:42,559 --> 00:11:44,440 Speaker 1: let's this is something we've kind of been meaning to do, 265 00:11:44,520 --> 00:11:46,760 Speaker 1: Like how can we do that at home without a 266 00:11:46,800 --> 00:11:48,680 Speaker 1: piano teachers sitting right there next to you, you know, 267 00:11:48,720 --> 00:11:52,319 Speaker 1: breathing into your face. Okay, So we touched there on income, 268 00:11:52,400 --> 00:11:55,000 Speaker 1: Let's talk about our expenses a little bit. UH. One 269 00:11:55,040 --> 00:11:56,760 Speaker 1: of the things that we need to make sure that 270 00:11:56,760 --> 00:11:59,920 Speaker 1: we're doing, in particular, if our income is low or slimmer, 271 00:12:00,080 --> 00:12:03,160 Speaker 1: is to triage on the bills and expense front. Food 272 00:12:03,160 --> 00:12:05,040 Speaker 1: and shelter are going to be number one, no matter 273 00:12:05,120 --> 00:12:07,560 Speaker 1: how badly you want to pay extra it towards your debts. 274 00:12:07,920 --> 00:12:10,280 Speaker 1: Now is a great time to have cash on hand 275 00:12:10,400 --> 00:12:13,080 Speaker 1: to pay for the essentials. You might think that your 276 00:12:13,160 --> 00:12:15,960 Speaker 1: job or maybe your industry will be untouchable, but we 277 00:12:16,040 --> 00:12:19,000 Speaker 1: don't know the extent, uh, and the far reaching impact 278 00:12:19,240 --> 00:12:22,360 Speaker 1: that the coronavirus will have on our economy. I think 279 00:12:22,559 --> 00:12:24,040 Speaker 1: even the impact that it's had up to now, I 280 00:12:24,040 --> 00:12:25,839 Speaker 1: would say that had you told all of us maybe 281 00:12:25,840 --> 00:12:27,520 Speaker 1: thirty days ago that this is going to be the 282 00:12:27,720 --> 00:12:29,880 Speaker 1: state that we're in, we would have laughed, like there's 283 00:12:29,880 --> 00:12:31,320 Speaker 1: no way that we would have thought that this would 284 00:12:31,320 --> 00:12:33,760 Speaker 1: have actually been the case. And so there's a reason 285 00:12:33,800 --> 00:12:36,480 Speaker 1: that you've been saving up money in an emergency fund, 286 00:12:36,520 --> 00:12:38,520 Speaker 1: and so now is when it comes in handy. But 287 00:12:38,600 --> 00:12:40,600 Speaker 1: we know that not everybody is in that boat. So 288 00:12:40,720 --> 00:12:43,360 Speaker 1: if you don't have an emergency fund, now is it's 289 00:12:43,360 --> 00:12:44,760 Speaker 1: going to be the time to start cutting back on 290 00:12:44,800 --> 00:12:47,160 Speaker 1: some of that non essential spending. Ya listen to our 291 00:12:47,160 --> 00:12:48,959 Speaker 1: recent budgets episode if you didn't get a chance to 292 00:12:49,040 --> 00:12:51,400 Speaker 1: check it out. Coming up with a budget that works 293 00:12:51,440 --> 00:12:53,320 Speaker 1: for you, and in finding ways to look at every 294 00:12:53,320 --> 00:12:54,920 Speaker 1: line on him and see what you can cut or 295 00:12:54,960 --> 00:12:57,559 Speaker 1: what you can reduce is crucial right now. It's also 296 00:12:57,600 --> 00:13:00,480 Speaker 1: important to know about the government relief actually being taken, 297 00:13:00,480 --> 00:13:02,400 Speaker 1: and also to know your rights, and these things are 298 00:13:02,480 --> 00:13:04,360 Speaker 1: moving target and Matt and I will continue to kind 299 00:13:04,360 --> 00:13:07,320 Speaker 1: of cover these on our Friday episodes. But the Governor 300 00:13:07,360 --> 00:13:10,080 Speaker 1: of California signed an executive order on Monday night halting 301 00:13:10,120 --> 00:13:13,360 Speaker 1: foreclosures and utility shut offs, and other utility companies are 302 00:13:13,400 --> 00:13:16,960 Speaker 1: following suit around the country. So if you're unable to 303 00:13:16,960 --> 00:13:19,960 Speaker 1: pay your utility bills at least for the next month, 304 00:13:20,200 --> 00:13:22,040 Speaker 1: your utilities won't be shut off, and likely that will 305 00:13:22,040 --> 00:13:24,840 Speaker 1: continue for even longer. Also, you won't be charged interest 306 00:13:24,920 --> 00:13:27,440 Speaker 1: on most federal student loans during this time. No action 307 00:13:27,520 --> 00:13:30,000 Speaker 1: is even needed on your part for that. You can 308 00:13:30,040 --> 00:13:32,240 Speaker 1: also put your loans in forbearance. Let's say your income 309 00:13:32,320 --> 00:13:35,480 Speaker 1: stalled out and the balance won't grow thanks to this 310 00:13:35,559 --> 00:13:38,160 Speaker 1: interest holiday. But we would say, if you can pay, 311 00:13:38,200 --> 00:13:40,520 Speaker 1: you should still pay because more of your money than 312 00:13:40,600 --> 00:13:42,800 Speaker 1: is going towards principle in that case, as your student 313 00:13:42,840 --> 00:13:45,199 Speaker 1: loans aren't on the clock accruing more interest right now. Yeah, 314 00:13:45,240 --> 00:13:46,720 Speaker 1: which is super sweet, right, Like, you can keep your 315 00:13:46,720 --> 00:13:49,120 Speaker 1: payment at the exact same amounts that you're used to, 316 00:13:49,559 --> 00:13:51,400 Speaker 1: but instead of some of that going towards interest, it's 317 00:13:51,440 --> 00:13:53,520 Speaker 1: all going to the principle you're getting rid of really 318 00:13:53,520 --> 00:13:56,040 Speaker 1: amazing much faster. Yeah, but that is not the case 319 00:13:56,120 --> 00:13:59,000 Speaker 1: with private lenders or banks, by the way, that's a 320 00:13:59,000 --> 00:14:02,520 Speaker 1: different ball game. This is only dealing with federal student loans. Yeah, 321 00:14:02,559 --> 00:14:04,719 Speaker 1: And the I r S has pushed back when your 322 00:14:04,720 --> 00:14:06,959 Speaker 1: taxes are going to be due this year, So if 323 00:14:06,960 --> 00:14:09,600 Speaker 1: you owe any money to the government this year, you'll 324 00:14:09,600 --> 00:14:12,040 Speaker 1: have an extra ninety days to make that payment, so 325 00:14:12,120 --> 00:14:15,720 Speaker 1: you'll have until July fifteen. This is a great benefit 326 00:14:15,880 --> 00:14:18,040 Speaker 1: to be able to hang onto that cash for the 327 00:14:18,040 --> 00:14:20,640 Speaker 1: time being in case you need it in an emergency. 328 00:14:20,960 --> 00:14:22,800 Speaker 1: And of course, Matt, there's the bill that was just 329 00:14:22,880 --> 00:14:28,160 Speaker 1: passed for paid sick leave, free coronavirus testing, and expanded 330 00:14:28,240 --> 00:14:31,400 Speaker 1: unemployment benefits. Yeah, this is the bill that the President 331 00:14:31,520 --> 00:14:33,320 Speaker 1: just signed We'll make sure to keep you posted as 332 00:14:33,360 --> 00:14:35,240 Speaker 1: more of those details emerge. Yeah, and Matton, just a 333 00:14:35,240 --> 00:14:37,120 Speaker 1: little bit, We're gonna get to a listener question about 334 00:14:37,160 --> 00:14:39,320 Speaker 1: on unemployment benefits, and we'll address that a little bit 335 00:14:39,360 --> 00:14:41,720 Speaker 1: more in just a second. Also, I think it's important 336 00:14:41,720 --> 00:14:44,520 Speaker 1: to note that our our listeners and and consumers in 337 00:14:44,560 --> 00:14:47,600 Speaker 1: general need to be more proactive right now. Call your 338 00:14:47,760 --> 00:14:50,840 Speaker 1: private student loan lender and or your bank, your mortgage 339 00:14:50,840 --> 00:14:53,280 Speaker 1: holder if you won't be able to pay your mortgage, 340 00:14:53,360 --> 00:14:55,560 Speaker 1: or you're having a specific issue because of the impact 341 00:14:55,560 --> 00:14:58,320 Speaker 1: of the coronavirus on your life and your circumstances. If 342 00:14:58,360 --> 00:15:00,760 Speaker 1: you're not able to pay your credit hard bill like 343 00:15:00,800 --> 00:15:03,440 Speaker 1: you normally would, call your credit card company and ask 344 00:15:03,480 --> 00:15:05,560 Speaker 1: for an interest holiday, ask them not to charge you 345 00:15:05,600 --> 00:15:08,600 Speaker 1: any late fees during this time. And credit card companies 346 00:15:08,640 --> 00:15:12,000 Speaker 1: and banks should be and sound like they are working 347 00:15:12,000 --> 00:15:15,480 Speaker 1: with individuals, although nothing has been done at a government level, 348 00:15:15,640 --> 00:15:18,240 Speaker 1: and nothing has actually been mandated at this point. Yeah, 349 00:15:18,240 --> 00:15:20,040 Speaker 1: So it's really up to you to advocate for yourself 350 00:15:20,040 --> 00:15:22,520 Speaker 1: and to make those phone calls. So notifying that company 351 00:15:22,600 --> 00:15:25,520 Speaker 1: now before things get out of control for you, is 352 00:15:25,520 --> 00:15:27,200 Speaker 1: is helpful. Right, you want to get out on the 353 00:15:27,200 --> 00:15:29,320 Speaker 1: front side of this. And so it's important to mention 354 00:15:29,360 --> 00:15:32,680 Speaker 1: that Fannie May and Freddie Mac they have halted foreclosures 355 00:15:32,760 --> 00:15:35,520 Speaker 1: for sixty days, and President Trump has ordered HUD to 356 00:15:35,680 --> 00:15:40,280 Speaker 1: suspend evictions and foreclosures through the end of April. This 357 00:15:40,360 --> 00:15:43,680 Speaker 1: doesn't apply to all mortgage holders, but others will likely 358 00:15:43,720 --> 00:15:47,400 Speaker 1: follow suit in this time. Uh. If you aren't automatically 359 00:15:47,440 --> 00:15:50,320 Speaker 1: included in this provision, it's important to be proactive with 360 00:15:50,400 --> 00:15:53,720 Speaker 1: your mortgage provider to discuss your options in the event 361 00:15:54,000 --> 00:15:56,400 Speaker 1: that you can't pay your mortgage in full on April 362 00:15:56,480 --> 00:15:59,600 Speaker 1: one or whenever your mortgage payment is due. So, yeah, 363 00:15:59,600 --> 00:16:02,760 Speaker 1: I get that ball rolling. Be proactive. If you don't ask, 364 00:16:02,880 --> 00:16:05,000 Speaker 1: you're not going to get and waiting just makes these 365 00:16:05,000 --> 00:16:06,880 Speaker 1: things so much harder, that's right, man. And so we're 366 00:16:06,880 --> 00:16:09,080 Speaker 1: gonna take a few listener questions. We got some via 367 00:16:09,160 --> 00:16:11,320 Speaker 1: Facebook and our Facebook group. We've got one as a 368 00:16:11,400 --> 00:16:13,440 Speaker 1: voice memo that we're gonna tackle. And we're also gonna 369 00:16:13,480 --> 00:16:15,880 Speaker 1: highlight some of the different cool things that some businesses 370 00:16:15,920 --> 00:16:18,480 Speaker 1: are doing to take care of their customers as well 371 00:16:18,520 --> 00:16:20,160 Speaker 1: as their employees. And we're gonna get to all of 372 00:16:20,200 --> 00:16:31,040 Speaker 1: that right after the break, all right, mat we're back 373 00:16:31,040 --> 00:16:32,680 Speaker 1: from the break, and yeah, we're gonna get to some 374 00:16:32,720 --> 00:16:35,200 Speaker 1: listener questions in just a second. But before we get 375 00:16:35,240 --> 00:16:37,120 Speaker 1: to that, let's highlight just a couple of things that 376 00:16:37,200 --> 00:16:39,960 Speaker 1: companies are doing right now that it feels like they're 377 00:16:39,960 --> 00:16:42,080 Speaker 1: treating customers well. And I feel like that should be 378 00:16:42,120 --> 00:16:44,240 Speaker 1: highlighted because those are the kind of companies we should 379 00:16:44,280 --> 00:16:46,800 Speaker 1: be doing business. Absolutely, we should support them and we 380 00:16:46,840 --> 00:16:49,040 Speaker 1: should highlight it. One company this near and dear to 381 00:16:49,040 --> 00:16:51,640 Speaker 1: our heart, Mit and Mobile while they're offering free unlimited 382 00:16:51,760 --> 00:16:54,160 Speaker 1: data for for a full month no matter what plan 383 00:16:54,200 --> 00:16:56,400 Speaker 1: you're on, which is cool. Comcast and T Mobile are 384 00:16:56,440 --> 00:16:58,440 Speaker 1: doing similar things and they're not going to charge users 385 00:16:58,440 --> 00:17:00,800 Speaker 1: extra if they use more data than to plan allows. Yeah, 386 00:17:00,800 --> 00:17:04,080 Speaker 1: it's really cool to see these communication companies are realizing 387 00:17:04,200 --> 00:17:07,000 Speaker 1: the importance of communication when we can't interact with each 388 00:17:07,000 --> 00:17:09,520 Speaker 1: other in person. Uh. I think it would be a 389 00:17:09,560 --> 00:17:12,840 Speaker 1: completely terrible thing to do if they throttled everything and really, 390 00:17:12,840 --> 00:17:14,720 Speaker 1: oh no, no no, no, you have to charge more. I'm 391 00:17:14,720 --> 00:17:16,640 Speaker 1: glad that's not the world we live in. Yeah, me too, 392 00:17:16,680 --> 00:17:19,440 Speaker 1: mean too. Yeah Yeah, And and Darden Restaurants, by the way, 393 00:17:19,440 --> 00:17:22,400 Speaker 1: offering all of its employees paid sickly. Starbucks is offering 394 00:17:22,400 --> 00:17:25,159 Speaker 1: catash free pay for employees. For some employees, there's the 395 00:17:25,160 --> 00:17:27,879 Speaker 1: potential to get paid for twenty six weeks away from work. 396 00:17:28,200 --> 00:17:30,960 Speaker 1: Walmart has responded with an emergency paid leave policy for 397 00:17:31,000 --> 00:17:33,399 Speaker 1: all its workers. So it's great to see the bigger 398 00:17:33,440 --> 00:17:36,159 Speaker 1: companies that actually, you know, have cash resources to be 399 00:17:36,200 --> 00:17:38,080 Speaker 1: able to aid their workers, that they're actually using them 400 00:17:38,119 --> 00:17:40,920 Speaker 1: to do so, totally dude. Unfortunately, though, a lot of 401 00:17:40,960 --> 00:17:44,200 Speaker 1: businesses don't have the kind of reserves like these larger 402 00:17:44,440 --> 00:17:47,200 Speaker 1: companies and corporations have, right, I know that many small 403 00:17:47,240 --> 00:17:50,240 Speaker 1: businesses across America are doing all that they can to 404 00:17:50,280 --> 00:17:53,160 Speaker 1: help their workers through this time as well, and so, 405 00:17:53,320 --> 00:17:55,120 Speaker 1: you know, I think it's on us to be doing 406 00:17:55,119 --> 00:17:58,000 Speaker 1: all that we can to support the small businesses we love. 407 00:17:58,040 --> 00:18:00,959 Speaker 1: I know restaurants specifically are one of the hardest hit 408 00:18:01,000 --> 00:18:04,680 Speaker 1: industries these days. It's really difficult to stay outfloat when 409 00:18:04,720 --> 00:18:06,959 Speaker 1: you can't at all do the very thing that you 410 00:18:07,000 --> 00:18:08,800 Speaker 1: are meant to do, right, which is surf food. Get 411 00:18:08,840 --> 00:18:12,240 Speaker 1: gather people together, surf food, make them happy, fill their tummies. 412 00:18:12,560 --> 00:18:13,960 Speaker 1: And so with that in mind, reach out to some 413 00:18:13,960 --> 00:18:16,440 Speaker 1: of your local restaurants and see if they are offering 414 00:18:16,440 --> 00:18:19,359 Speaker 1: gift certificates. I know a lot of restaurants in our neighborhood, 415 00:18:19,400 --> 00:18:20,880 Speaker 1: Jole and in our part of town are doing that. 416 00:18:21,400 --> 00:18:23,560 Speaker 1: We've reached out to two of our favorite restaurants and 417 00:18:23,600 --> 00:18:26,719 Speaker 1: have already purchased gift certificates, ones in the mail. I'm 418 00:18:26,840 --> 00:18:28,320 Speaker 1: gonna make sure I kind of wipe that down once 419 00:18:28,320 --> 00:18:30,920 Speaker 1: that one shows up. The other one is digital, but 420 00:18:30,960 --> 00:18:32,840 Speaker 1: we want to make sure that these businesses are still 421 00:18:32,840 --> 00:18:34,760 Speaker 1: going to be there once all of this clears. So 422 00:18:34,880 --> 00:18:36,720 Speaker 1: that's just a small way that if all of us 423 00:18:36,800 --> 00:18:38,679 Speaker 1: kind of pitch in, we can help these restaurants get 424 00:18:38,720 --> 00:18:40,959 Speaker 1: through it. Yeah, we got take out last night from 425 00:18:40,960 --> 00:18:42,879 Speaker 1: one of our favorite restaurants, and it's just sad to 426 00:18:42,880 --> 00:18:45,280 Speaker 1: walk in there because it's normally slammed every night of 427 00:18:45,280 --> 00:18:48,920 Speaker 1: the week. Walking the front door, nobody there except for 428 00:18:49,080 --> 00:18:51,119 Speaker 1: a few, you know, the people cooking the food and 429 00:18:51,240 --> 00:18:53,160 Speaker 1: the people like bringing it in a bag to you. 430 00:18:53,520 --> 00:18:55,240 Speaker 1: But I was glad to be able to do that. 431 00:18:55,400 --> 00:18:58,240 Speaker 1: And I'm glad as someone who who has job security 432 00:18:58,359 --> 00:19:00,720 Speaker 1: and a fully funded emergency fund to be able to 433 00:19:00,800 --> 00:19:04,160 Speaker 1: use some of my money to support those businesses. Another uh, 434 00:19:04,400 --> 00:19:07,320 Speaker 1: not a small business, but Facebook announced on Tuesday that 435 00:19:07,320 --> 00:19:09,840 Speaker 1: that they're giving a hundred million dollars in grants to 436 00:19:09,920 --> 00:19:12,480 Speaker 1: help small businesses too, and this is gonna be in 437 00:19:12,520 --> 00:19:15,399 Speaker 1: grant form, so you can apply in the coming weeks 438 00:19:15,440 --> 00:19:17,760 Speaker 1: through Facebook. But that was really cool to see this 439 00:19:17,840 --> 00:19:22,480 Speaker 1: company that just has more money than the books in 440 00:19:22,520 --> 00:19:24,800 Speaker 1: cash and that they're going to be using some of 441 00:19:24,840 --> 00:19:27,560 Speaker 1: that to help small businesses out too, Because of course 442 00:19:27,680 --> 00:19:30,200 Speaker 1: we know that you know that the airlines are getting 443 00:19:30,640 --> 00:19:33,000 Speaker 1: a huge chunk of money from the government, and there's 444 00:19:33,040 --> 00:19:35,960 Speaker 1: money to help some of the other bigger industries in 445 00:19:35,960 --> 00:19:38,520 Speaker 1: in some of the government spending bills. But yeah, it 446 00:19:38,600 --> 00:19:40,800 Speaker 1: is the main street businesses. It's the ones that are 447 00:19:40,840 --> 00:19:43,240 Speaker 1: near and dear to our hearts that we venture into 448 00:19:43,280 --> 00:19:45,320 Speaker 1: all the time that are having the hardest time. So 449 00:19:45,359 --> 00:19:47,720 Speaker 1: anything like this goes a long way from a company 450 00:19:47,720 --> 00:19:50,000 Speaker 1: like Facebook. It's it's really cool to see. On that note, 451 00:19:50,000 --> 00:19:52,359 Speaker 1: if your job is on hiatus or if your small 452 00:19:52,359 --> 00:19:54,840 Speaker 1: business is essentially shut down right now, Joel, you mentioned 453 00:19:54,880 --> 00:19:57,280 Speaker 1: Kroger earlier in the episode, Look to your local Kroger. 454 00:19:57,440 --> 00:20:00,000 Speaker 1: We're talking about Amazon right now. They are hiring uh 455 00:20:00,080 --> 00:20:02,760 Speaker 1: hundred thousand people, I'm pretty sure nation wide, So It 456 00:20:02,800 --> 00:20:04,720 Speaker 1: may not necessarily be your dream job, but if you're 457 00:20:04,720 --> 00:20:06,919 Speaker 1: looking for a way to to to get through this, right, 458 00:20:06,960 --> 00:20:08,720 Speaker 1: if you're looking for a job, if you're looking for 459 00:20:09,040 --> 00:20:11,080 Speaker 1: a salary, then this might be a solution for you. 460 00:20:11,320 --> 00:20:13,320 Speaker 1: Or again, you know, or Joel, you talked about taking 461 00:20:13,480 --> 00:20:16,360 Speaker 1: what you do your profession, but taking it online. Think 462 00:20:16,400 --> 00:20:18,000 Speaker 1: of some of those ways that you can take that 463 00:20:18,119 --> 00:20:21,000 Speaker 1: knowledge and that experience to those who are looking for it. Yeah, 464 00:20:21,119 --> 00:20:23,159 Speaker 1: all right, let's get some listener questions and and the 465 00:20:23,160 --> 00:20:25,199 Speaker 1: theme I saw the most in our Facebook group over 466 00:20:25,240 --> 00:20:28,120 Speaker 1: the past week since last week's episode was a lot 467 00:20:28,160 --> 00:20:31,280 Speaker 1: of people asking about buying individual stocks. A good bit 468 00:20:31,280 --> 00:20:34,040 Speaker 1: of the threats are specifically about should I buy this, 469 00:20:34,080 --> 00:20:36,320 Speaker 1: should I buy that? And I feel like it's important 470 00:20:36,320 --> 00:20:38,120 Speaker 1: for us to address this because you and I were 471 00:20:38,160 --> 00:20:42,159 Speaker 1: not a opposed to people buying individual stocks, but we 472 00:20:42,200 --> 00:20:46,159 Speaker 1: would say that for almost everyone, buying individual stocks is 473 00:20:46,359 --> 00:20:49,040 Speaker 1: a speculative move, and it's best to only take a 474 00:20:49,080 --> 00:20:52,040 Speaker 1: really small portion of your overall investments to be used 475 00:20:52,040 --> 00:20:54,680 Speaker 1: in some sort of speculatory manner, and we would say 476 00:20:54,760 --> 00:20:57,240 Speaker 1: less than five percent of your overall investment should be 477 00:20:57,280 --> 00:20:59,040 Speaker 1: used in that way. So if you're talking about using 478 00:20:59,040 --> 00:21:02,480 Speaker 1: a good bit of the money that you have invested 479 00:21:02,480 --> 00:21:06,240 Speaker 1: for the long term, invested for retirement, and making speculatory 480 00:21:06,240 --> 00:21:09,359 Speaker 1: calls on specific companies right now by investing in their stock. 481 00:21:09,760 --> 00:21:11,960 Speaker 1: We would say that's a bad move. And Matt just 482 00:21:12,000 --> 00:21:15,520 Speaker 1: the other day on CNBC, Jim Kramer, who is touted 483 00:21:15,560 --> 00:21:17,760 Speaker 1: as this investment grew and I'm sure he knows more 484 00:21:17,800 --> 00:21:20,240 Speaker 1: than me, but I will say I completely disagree with him. 485 00:21:20,240 --> 00:21:23,600 Speaker 1: He said specifically to forget index funds by shares and 486 00:21:23,640 --> 00:21:25,720 Speaker 1: companies we can't live without. I have to say I 487 00:21:26,640 --> 00:21:29,000 Speaker 1: disagree with his sentiment. He basically said that when you 488 00:21:29,040 --> 00:21:31,880 Speaker 1: have owned index funds, you own the winners and the losers, 489 00:21:31,920 --> 00:21:34,399 Speaker 1: and that that's a bad thing. But I was like, no, 490 00:21:34,560 --> 00:21:36,920 Speaker 1: that's that's the exact best thing. That's why we own 491 00:21:36,960 --> 00:21:39,439 Speaker 1: index funds, so we're not the big losers by owning, 492 00:21:39,600 --> 00:21:43,080 Speaker 1: you know, the majority stake in the companies that do 493 00:21:43,280 --> 00:21:45,240 Speaker 1: have a big loss or that do go bankrupt in 494 00:21:45,240 --> 00:21:48,040 Speaker 1: a time of crisis like this. So can your retirement 495 00:21:48,119 --> 00:21:50,880 Speaker 1: risk holding just those losers. No, it can't. And that's 496 00:21:50,880 --> 00:21:53,760 Speaker 1: why we're such fans of broad based indexing, taking the 497 00:21:53,840 --> 00:21:57,200 Speaker 1: overall market return and continuing to buy the overall American 498 00:21:57,400 --> 00:22:00,800 Speaker 1: economy right now on sale, keeping that go stock investing 499 00:22:01,040 --> 00:22:03,760 Speaker 1: to a minimum for sure index funds in a bear 500 00:22:03,880 --> 00:22:06,320 Speaker 1: market and a bowl market. Yeah, all the way. Katie 501 00:22:06,320 --> 00:22:07,840 Speaker 1: in the Facebook group, she had a question as well. 502 00:22:08,119 --> 00:22:11,280 Speaker 1: She was asking about unemployment options for short term job loss. 503 00:22:11,520 --> 00:22:12,879 Speaker 1: We touched on this earlier in the show. But the 504 00:22:12,920 --> 00:22:15,719 Speaker 1: benefits have extended to those who have lost their job 505 00:22:15,760 --> 00:22:19,600 Speaker 1: temporarily due to the coronavirus. So please apply for unemployment 506 00:22:19,680 --> 00:22:22,399 Speaker 1: benefits if you're in a situation that requires it, but 507 00:22:22,480 --> 00:22:24,439 Speaker 1: you do need to make sure that you qualify, and 508 00:22:24,480 --> 00:22:26,760 Speaker 1: that depends on your specific state. So you can search 509 00:22:26,760 --> 00:22:29,919 Speaker 1: your state government's site or your Department of Labor site 510 00:22:30,000 --> 00:22:33,120 Speaker 1: to find that information out. Joelson's we own our own business, right, 511 00:22:33,240 --> 00:22:35,480 Speaker 1: We're in touch with the Department of Labor just like 512 00:22:35,520 --> 00:22:38,439 Speaker 1: any other business. At the State of Georgia, they sent 513 00:22:38,560 --> 00:22:40,520 Speaker 1: an email out just recently saying that they're going to 514 00:22:40,600 --> 00:22:43,560 Speaker 1: be adopting that emergency rule that's going to apply to 515 00:22:43,680 --> 00:22:46,240 Speaker 1: the temporary job loss due to the coronavirus. So it 516 00:22:46,280 --> 00:22:48,640 Speaker 1: just depends on your specific state. Yeah, all right, And Matt, 517 00:22:48,720 --> 00:22:51,359 Speaker 1: we had an audio question sending this week from from Karen, 518 00:22:51,640 --> 00:22:54,560 Speaker 1: let's play that one. Now. Good morning. My name is Karen, 519 00:22:54,680 --> 00:22:57,280 Speaker 1: and I have a small business here in Flugerville, Texas, 520 00:22:57,960 --> 00:23:00,520 Speaker 1: and I pay my employees pretty well, but they are 521 00:23:00,560 --> 00:23:04,199 Speaker 1: hourly employees and it's a seasonal business, and so I 522 00:23:04,920 --> 00:23:08,120 Speaker 1: not too infrequently will get new employees that don't have 523 00:23:08,160 --> 00:23:12,159 Speaker 1: a bank account, and um, usually we would just go 524 00:23:12,240 --> 00:23:14,800 Speaker 1: down to the local bank, or they'll go somewhere instead 525 00:23:14,800 --> 00:23:16,880 Speaker 1: of a bank account, and we can do direct deposit. 526 00:23:17,160 --> 00:23:20,640 Speaker 1: But now with the COVID nineteen, I was thinking about 527 00:23:20,680 --> 00:23:23,520 Speaker 1: online banking and wondering if there are some good options 528 00:23:23,560 --> 00:23:26,359 Speaker 1: for online checking accounts. I know you've talked a couple 529 00:23:26,359 --> 00:23:30,199 Speaker 1: of times about online high interest savings accounts. So I 530 00:23:30,240 --> 00:23:32,160 Speaker 1: did a Google search and I found a few. There's 531 00:23:32,200 --> 00:23:35,199 Speaker 1: like a Capital one and City and Simple and a 532 00:23:35,240 --> 00:23:38,760 Speaker 1: few others that are online checking accounts, and they seem 533 00:23:38,840 --> 00:23:40,639 Speaker 1: to be higher interest rate and they seem to be 534 00:23:40,680 --> 00:23:43,040 Speaker 1: f D I c ensured. But I just wondered if 535 00:23:43,080 --> 00:23:46,040 Speaker 1: you had any opinions on which of those are are 536 00:23:46,119 --> 00:23:49,280 Speaker 1: good so that I can give my new employees without 537 00:23:49,320 --> 00:23:52,600 Speaker 1: bank accounts a couple of options for online bank accounts. 538 00:23:53,160 --> 00:23:55,960 Speaker 1: Thanks for your help, Hey, Karen, that is a great question, 539 00:23:56,000 --> 00:23:58,440 Speaker 1: and some of those options you mentioned are fantastic. We 540 00:23:58,440 --> 00:24:01,840 Speaker 1: would recommend that folks prior ties the combination of customer 541 00:24:01,920 --> 00:24:04,400 Speaker 1: service fees, and of course you want to make sure 542 00:24:04,400 --> 00:24:06,399 Speaker 1: that you're looking at the interest rate. You mentioned Simple, 543 00:24:06,640 --> 00:24:09,639 Speaker 1: that's a great option. Actually open account with Simple years 544 00:24:09,960 --> 00:24:11,879 Speaker 1: years ago, like right when they first opened, because they 545 00:24:11,880 --> 00:24:13,800 Speaker 1: had a cool name. I was like Simple, and I 546 00:24:13,800 --> 00:24:15,879 Speaker 1: remember that they mailed out their little check card, the 547 00:24:15,880 --> 00:24:17,800 Speaker 1: little A C M card, like on a little piece 548 00:24:17,800 --> 00:24:20,080 Speaker 1: of cardboard. Uh, and You're like, this is your new 549 00:24:20,280 --> 00:24:22,560 Speaker 1: Simple wallet And I thought that was super cool. It 550 00:24:22,640 --> 00:24:24,840 Speaker 1: was like really minimal. They're they're a thoughtful bank. I 551 00:24:24,920 --> 00:24:27,199 Speaker 1: really like. Yeah, I like their approach. Yeah, and I 552 00:24:27,240 --> 00:24:31,399 Speaker 1: think recently they they've always had prioritized low fees, but 553 00:24:31,480 --> 00:24:34,360 Speaker 1: recently they actually what they're paying on on save mus 554 00:24:34,359 --> 00:24:37,280 Speaker 1: accounts and they're actually up there with everybody else now. Yeah, 555 00:24:37,320 --> 00:24:39,560 Speaker 1: so Simples are great, a great choice. Nice, but you know, 556 00:24:39,600 --> 00:24:43,040 Speaker 1: obviously we also love see I t discover ally all 557 00:24:43,080 --> 00:24:45,120 Speaker 1: these companies that you mentioned. Um, there are so many 558 00:24:45,160 --> 00:24:48,760 Speaker 1: good online banks, and they're likely more popular than ever 559 00:24:48,920 --> 00:24:51,960 Speaker 1: these days. Generally speaking, online banks are where we would 560 00:24:51,960 --> 00:24:54,719 Speaker 1: recommend for folks to go for the majority of their 561 00:24:54,800 --> 00:24:57,119 Speaker 1: day to day banking needs. Yeah, Karen, you're gonna do 562 00:24:57,160 --> 00:24:59,680 Speaker 1: a great service to your employees by helping set them 563 00:24:59,760 --> 00:25:02,000 Speaker 1: up on the path to doing business with a bank 564 00:25:02,119 --> 00:25:05,720 Speaker 1: that prioritizes customer care and all those other things we mentioned. 565 00:25:05,880 --> 00:25:08,040 Speaker 1: And uh, yeah, so you're a good employer for in 566 00:25:08,080 --> 00:25:10,600 Speaker 1: many respects, and good luck with your small business in 567 00:25:10,600 --> 00:25:13,919 Speaker 1: in these times. And the coronavirus news feels endless right 568 00:25:13,960 --> 00:25:16,879 Speaker 1: now in our universal situation is starting to seem like 569 00:25:17,240 --> 00:25:19,720 Speaker 1: it might drag on for a while at worldwide collaboration 570 00:25:19,760 --> 00:25:22,000 Speaker 1: of governments is essential to keep the spread of the 571 00:25:22,080 --> 00:25:24,720 Speaker 1: virus to a minimum, and then government intervention to to 572 00:25:24,800 --> 00:25:27,520 Speaker 1: prop up the economy so so things don't go completely 573 00:25:27,520 --> 00:25:29,760 Speaker 1: Haywire and Matt, more of that news is going to 574 00:25:29,800 --> 00:25:31,879 Speaker 1: trickle in. You and I on Friday's are going to 575 00:25:31,960 --> 00:25:36,119 Speaker 1: continue this theme of helping people in this time, pointing 576 00:25:36,160 --> 00:25:38,480 Speaker 1: them to the resources that are available and help each 577 00:25:38,520 --> 00:25:41,080 Speaker 1: other cope right with with kind of the this new 578 00:25:41,119 --> 00:25:43,880 Speaker 1: reality that we're faced with. Yeah, we'll continue our evergreen, 579 00:25:44,040 --> 00:25:46,760 Speaker 1: timeless content on Mondays and Wednesdays, but then on the 580 00:25:46,800 --> 00:25:48,920 Speaker 1: Friday episodes, you can certainly see some of that up 581 00:25:48,920 --> 00:25:51,080 Speaker 1: to date timely information. Yeah, that's it's going to be 582 00:25:51,080 --> 00:25:53,360 Speaker 1: it for this episode. Everybody, have a great weekend and 583 00:25:53,520 --> 00:25:55,960 Speaker 1: until next time. Best Friends Out, Budding best friends out,