1 00:00:00,120 --> 00:00:03,400 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,400 --> 00:00:27,800 Speaker 1: and today we're talking tax loopholes, savers, paradise, and shopper revolts. So, right, Joel, 3 00:00:27,840 --> 00:00:29,960 Speaker 1: this is our Friday flight where we are going to 4 00:00:30,040 --> 00:00:32,400 Speaker 1: talk about the best stories that we came across this week. 5 00:00:32,600 --> 00:00:34,000 Speaker 1: And by the way, the reason we call it a 6 00:00:34,000 --> 00:00:36,680 Speaker 1: Friday flight is because when you go to a craft 7 00:00:36,760 --> 00:00:40,080 Speaker 1: brewery and you ask for a flight, or actually recently 8 00:00:40,120 --> 00:00:42,360 Speaker 1: we discovered you can do the same thing at a distillery. 9 00:00:42,680 --> 00:00:44,720 Speaker 1: That's right, You get a little We we went up 10 00:00:44,760 --> 00:00:48,840 Speaker 1: to the Bourbon Country and just last weekend a few distilleries. Yeah, 11 00:00:49,120 --> 00:00:51,239 Speaker 1: and you can get a flight just a little sampling 12 00:00:51,320 --> 00:00:55,680 Speaker 1: of a selection of in this case whiskeys or craft beers. 13 00:00:55,720 --> 00:00:57,560 Speaker 1: That way, you don't have to commit to the entire thing, 14 00:00:57,560 --> 00:00:59,200 Speaker 1: You just have a You just get enough of it 15 00:00:59,240 --> 00:01:01,520 Speaker 1: to know what's going on on. That's that's essentially how 16 00:01:01,560 --> 00:01:04,160 Speaker 1: we we treat our Friday flights. We curate curate the 17 00:01:04,160 --> 00:01:06,640 Speaker 1: news stories for you. The ones that are personal have 18 00:01:06,720 --> 00:01:09,240 Speaker 1: something to do with your personal finances, So we're gonna 19 00:01:09,360 --> 00:01:11,640 Speaker 1: kind of detail what they are and talk about how 20 00:01:11,640 --> 00:01:13,840 Speaker 1: they impact you in your life and your money. But 21 00:01:14,080 --> 00:01:16,120 Speaker 1: if it's a story that you're not interested in, no 22 00:01:16,200 --> 00:01:17,760 Speaker 1: big deal. Let's just we're just gonna talk about it 23 00:01:17,800 --> 00:01:20,240 Speaker 1: a little bit. It's just a sip just to taste, exactly. 24 00:01:20,319 --> 00:01:22,160 Speaker 1: But before we get to all those stories, man, I 25 00:01:22,160 --> 00:01:25,880 Speaker 1: wanted to quickly mention breaking news on the personal finance front. 26 00:01:25,880 --> 00:01:29,200 Speaker 1: And I know you probably follow this with robust intensity, 27 00:01:29,560 --> 00:01:32,040 Speaker 1: but Sam's Club just announced they're lowering the price of 28 00:01:32,040 --> 00:01:35,760 Speaker 1: their hot dog drink combo by twelve cents. Oh my gosh, 29 00:01:36,440 --> 00:01:39,360 Speaker 1: the hot dog wars are I mean, do you think 30 00:01:39,400 --> 00:01:42,760 Speaker 1: Costco is gonna do anything? Shots fired these? Uh? Is 31 00:01:42,760 --> 00:01:44,560 Speaker 1: there gonna be some sort of war that commences. Yes? 32 00:01:44,560 --> 00:01:48,040 Speaker 1: How many times I've gotten hot dog drink combo at 33 00:01:48,080 --> 00:01:52,720 Speaker 1: either Sam's or Costco? Um Two times? Zero? Really never, never, dude, 34 00:01:52,880 --> 00:01:54,480 Speaker 1: You know how I am about hot dogs. Hot Dogs 35 00:01:54,480 --> 00:01:56,960 Speaker 1: are weird. Man, You've heard me? Have you heard the term? 36 00:01:57,480 --> 00:02:00,000 Speaker 1: It's like the biggest inflation buster in the world right now? 37 00:02:00,000 --> 00:02:03,120 Speaker 1: Separated meat or mechanically separated meat or whatever, like that's 38 00:02:03,120 --> 00:02:04,960 Speaker 1: what hot dogs are, you know, Like they use these 39 00:02:05,360 --> 00:02:08,400 Speaker 1: giant machines like crush up all the meat that they 40 00:02:08,440 --> 00:02:12,639 Speaker 1: can't sell because it's gross. They create this. You've seen 41 00:02:12,680 --> 00:02:14,720 Speaker 1: these videos right like where they create create this pink 42 00:02:15,400 --> 00:02:19,000 Speaker 1: paste essentially, and I've seen like that. That's what McDonald 43 00:02:19,040 --> 00:02:22,560 Speaker 1: says was their burgers right well with chicken nuggets. It's 44 00:02:22,560 --> 00:02:24,400 Speaker 1: because it's the same thing there with with hot dogs, 45 00:02:24,440 --> 00:02:26,920 Speaker 1: just they happen most likely to have a little bit 46 00:02:26,919 --> 00:02:28,680 Speaker 1: more beef. We're a little bit more pork in those. 47 00:02:28,720 --> 00:02:30,760 Speaker 1: But it's hard for me to get excited about something 48 00:02:30,800 --> 00:02:33,920 Speaker 1: like this when I feel that it's just it's kind 49 00:02:33,960 --> 00:02:36,480 Speaker 1: of a gross food, you know, like there are some 50 00:02:36,520 --> 00:02:39,040 Speaker 1: folks who are going to be down with eating hot 51 00:02:39,080 --> 00:02:41,280 Speaker 1: dogs more often. What about the good hot dog I'm 52 00:02:41,280 --> 00:02:42,760 Speaker 1: not gonna hate? What about the good hot dogs like 53 00:02:42,760 --> 00:02:45,640 Speaker 1: Hebrew National? Are those good? I think if you occasionally 54 00:02:45,639 --> 00:02:48,000 Speaker 1: want to eat a Hebrew National or like an organic 55 00:02:48,160 --> 00:02:51,520 Speaker 1: hot dog, which I don't know how that exists, I 56 00:02:51,520 --> 00:02:53,960 Speaker 1: think that's all right. But to make that a regular thing, 57 00:02:54,000 --> 00:02:57,160 Speaker 1: and I'm afraid that this is gonna like incentivize folks 58 00:02:57,280 --> 00:02:59,840 Speaker 1: to so I want to, you know, take advantage of 59 00:02:59,880 --> 00:03:02,600 Speaker 1: the uh, the coke and the hot dog combo, both 60 00:03:02,639 --> 00:03:05,360 Speaker 1: of which aren't going to be all that great for us. 61 00:03:05,400 --> 00:03:07,079 Speaker 1: Troup No, not terribly help don't want people to get 62 00:03:07,080 --> 00:03:11,400 Speaker 1: all Joey chestnut next time they go to Costco because 63 00:03:11,400 --> 00:03:13,680 Speaker 1: they're they're at a price war. I'm with you on that. 64 00:03:13,720 --> 00:03:16,040 Speaker 1: I'm not a health nut, but hot dogs. I got 65 00:03:16,040 --> 00:03:17,600 Speaker 1: this weird thing about hot Okay, we we did have 66 00:03:17,680 --> 00:03:19,800 Speaker 1: a listener emails this week talent that we should consider 67 00:03:19,840 --> 00:03:23,080 Speaker 1: becoming vegetarians. And you know, I'm not gonna say that, 68 00:03:23,080 --> 00:03:24,880 Speaker 1: it's not something I shouldn't think about more. I should 69 00:03:24,919 --> 00:03:27,160 Speaker 1: probably do some more reading on that front, and and 70 00:03:27,280 --> 00:03:29,960 Speaker 1: maybe before committing to that, I should probably commit to 71 00:03:29,960 --> 00:03:31,640 Speaker 1: not eating hot dogs because they're one of the worst 72 00:03:31,639 --> 00:03:34,520 Speaker 1: comports of meat. Like occasionally if like I'm not gonna 73 00:03:34,520 --> 00:03:36,520 Speaker 1: put a number out there, but just like very rarely. 74 00:03:36,840 --> 00:03:38,600 Speaker 1: If that's the frequency that we're talking about, I think 75 00:03:38,640 --> 00:03:40,880 Speaker 1: that's that's okay, that's right, one hot dog quarter. Maybe 76 00:03:40,880 --> 00:03:43,120 Speaker 1: that's what all myself, I think that's totally reasonably all 77 00:03:43,160 --> 00:03:46,280 Speaker 1: right personally, Well, just news news for you Warehouse Club members. 78 00:03:46,520 --> 00:03:49,320 Speaker 1: If you're Sam's Club Sam's Club officionado, you're gonna be 79 00:03:49,360 --> 00:03:52,720 Speaker 1: able to get that hot dog now they've got us 80 00:03:52,720 --> 00:03:54,440 Speaker 1: talking about it here on the show. It's just a 81 00:03:54,480 --> 00:03:59,720 Speaker 1: publicity thing, truly, tell gublicity Alight, Let's move on. Let's 82 00:03:59,720 --> 00:04:02,080 Speaker 1: get to the Friday flight stories we found interesting this week. 83 00:04:02,160 --> 00:04:06,480 Speaker 1: Let's start off by talking about taxes, because tax season 84 00:04:06,600 --> 00:04:09,520 Speaker 1: is about to officially begin, that the I r. S 85 00:04:09,600 --> 00:04:14,200 Speaker 1: is going to begin accepting returns starting January, although you 86 00:04:14,240 --> 00:04:16,919 Speaker 1: have up until April eighteen to get your taxes filed 87 00:04:16,920 --> 00:04:20,480 Speaker 1: this year, and Californians in a bunch of counties are 88 00:04:20,480 --> 00:04:23,120 Speaker 1: gonna have extra time actually to file their taxes because 89 00:04:23,160 --> 00:04:25,239 Speaker 1: of some of the insane whether they've had there lately, 90 00:04:25,279 --> 00:04:27,680 Speaker 1: the rain and the flooding that's been occurring in much 91 00:04:27,680 --> 00:04:29,640 Speaker 1: of the state. Landslide stuff like I mean just quote 92 00:04:29,680 --> 00:04:33,320 Speaker 1: unquote atmospheric river. Yeah, it sounds it sounds pretty treacherous. 93 00:04:33,360 --> 00:04:36,320 Speaker 1: So we're gonna scary. Wish everyone in California who's listening 94 00:04:36,400 --> 00:04:38,880 Speaker 1: the best, hope you're okay. But it's important to note 95 00:04:38,880 --> 00:04:41,240 Speaker 1: that if you live in those affected counties, you're gonna 96 00:04:41,240 --> 00:04:45,960 Speaker 1: be able to delay you're you're filing until later in May. 97 00:04:46,000 --> 00:04:48,400 Speaker 1: But here's the thing. Waiting to file is actually smart 98 00:04:48,440 --> 00:04:50,960 Speaker 1: for most folks anyway, because as you you want to 99 00:04:51,040 --> 00:04:53,080 Speaker 1: ensure that you have all of your documents in hand 100 00:04:53,560 --> 00:04:55,880 Speaker 1: and depending on which documents you're getting. Some of them 101 00:04:55,920 --> 00:04:58,560 Speaker 1: might not come to like early or even mid March. 102 00:04:58,800 --> 00:05:00,719 Speaker 1: So yeah, you're gonna want to make sure you know 103 00:05:01,080 --> 00:05:03,320 Speaker 1: what's coming your way and that you're not filing before 104 00:05:03,360 --> 00:05:05,440 Speaker 1: you have everything in hand. And and something else worth 105 00:05:05,480 --> 00:05:07,800 Speaker 1: mentioning we're all about Matt. You and I we talked 106 00:05:07,800 --> 00:05:11,000 Speaker 1: about hiring tax pros if your tax situation is more complex. 107 00:05:11,080 --> 00:05:13,000 Speaker 1: I think a lot of people are like, oh, that 108 00:05:13,200 --> 00:05:15,440 Speaker 1: it's expensive to hire the tax person, help me do this. 109 00:05:15,880 --> 00:05:19,640 Speaker 1: The software so much cheaper, And yeah it is, but 110 00:05:19,680 --> 00:05:22,320 Speaker 1: that might be a cheap not a frugal move if 111 00:05:22,360 --> 00:05:24,520 Speaker 1: you opt for the tax software instead of the professional 112 00:05:24,520 --> 00:05:28,400 Speaker 1: who knows maybe some of those more specific things that 113 00:05:28,480 --> 00:05:30,560 Speaker 1: you could save money on when it comes to your taxes. 114 00:05:30,920 --> 00:05:33,440 Speaker 1: And if you don't have a tax pro that you like, 115 00:05:34,080 --> 00:05:36,680 Speaker 1: we would say start reaching out now to find one, 116 00:05:36,720 --> 00:05:39,520 Speaker 1: because if you get into April, you're gonna have a 117 00:05:39,600 --> 00:05:41,760 Speaker 1: much harder time finding someone good. They might be like, hey, 118 00:05:41,760 --> 00:05:44,239 Speaker 1: I'm all booked up. All the good ones are gonna 119 00:05:44,400 --> 00:05:46,760 Speaker 1: right now they'll take your call, but in April they won't. 120 00:05:46,880 --> 00:05:49,599 Speaker 1: So yeah, if your tax situation is basic, you don't 121 00:05:49,640 --> 00:05:51,400 Speaker 1: feel like you have to hire someone. You can totally 122 00:05:51,440 --> 00:05:53,480 Speaker 1: d i y it. But the more complex it gets, 123 00:05:53,480 --> 00:05:55,560 Speaker 1: the more it makes sense to hire somebody. And and 124 00:05:55,600 --> 00:05:56,920 Speaker 1: by the way, if you're going to d i y it, 125 00:05:57,040 --> 00:05:59,320 Speaker 1: the easiest best way to do that is by using 126 00:05:59,360 --> 00:06:01,400 Speaker 1: the I r S for File site, which is up 127 00:06:01,480 --> 00:06:04,159 Speaker 1: right now. You can file your federal return for zero 128 00:06:04,240 --> 00:06:06,919 Speaker 1: dollars if your a g I adjusted gross income is 129 00:06:06,960 --> 00:06:09,880 Speaker 1: below seventy three dollars with a whole bunch of providers 130 00:06:10,080 --> 00:06:11,919 Speaker 1: will link to that I r S Free File site 131 00:06:11,960 --> 00:06:14,720 Speaker 1: in our show notes. And okay, so all we're talking 132 00:06:14,720 --> 00:06:17,240 Speaker 1: about taxes, it's actually important to point out that not 133 00:06:17,360 --> 00:06:20,040 Speaker 1: every tax deduction that you hear about is a quote 134 00:06:20,120 --> 00:06:23,840 Speaker 1: unquote loophole. Um. This might seem like a minor point, 135 00:06:23,880 --> 00:06:26,599 Speaker 1: but the words that we use they're important. We don't 136 00:06:26,640 --> 00:06:29,280 Speaker 1: personally get to decide how the tax laws, how the 137 00:06:29,560 --> 00:06:32,160 Speaker 1: system itself is created. We just have to do our 138 00:06:32,160 --> 00:06:34,839 Speaker 1: best to abide by those rules that are in place. 139 00:06:35,040 --> 00:06:37,800 Speaker 1: You know, we talked about using tax advantage accounts to 140 00:06:37,880 --> 00:06:40,520 Speaker 1: your benefit all the time here on the show Ross 141 00:06:40,640 --> 00:06:44,080 Speaker 1: and and f a wing case. They aren't offering tax loopholes, 142 00:06:44,160 --> 00:06:48,160 Speaker 1: They are incentivizing you to do something good for your future. Uh, 143 00:06:48,200 --> 00:06:50,560 Speaker 1: And it's not just incentives, like these are legal deductions 144 00:06:50,560 --> 00:06:53,240 Speaker 1: that you can take, like there should there's there's no 145 00:06:53,360 --> 00:06:55,760 Speaker 1: like skirting the law or you doing something shady as 146 00:06:55,760 --> 00:06:57,320 Speaker 1: long as you are actually I mean, you can break 147 00:06:57,360 --> 00:06:59,920 Speaker 1: the law. But if you take can but the rushes 148 00:07:00,080 --> 00:07:02,640 Speaker 1: or it's just their yeah, yeah, yeah, it's like I 149 00:07:02,680 --> 00:07:05,599 Speaker 1: guess I'm pointing out that folks shouldn't feel like they 150 00:07:05,600 --> 00:07:07,640 Speaker 1: shouldn't be worried about, you know, and they shouldn't be 151 00:07:07,680 --> 00:07:09,040 Speaker 1: like looking over their shoulder to see if the I 152 00:07:09,120 --> 00:07:11,520 Speaker 1: R s is watching, if they're abiding by the rules 153 00:07:11,560 --> 00:07:13,760 Speaker 1: that the I R s IS State has put forth right, 154 00:07:13,800 --> 00:07:16,960 Speaker 1: like they should have a very clear conscience. But like 155 00:07:17,000 --> 00:07:19,000 Speaker 1: we talk about all these different kind of accounts that 156 00:07:19,000 --> 00:07:21,080 Speaker 1: you can take part in, hs A is in particular, 157 00:07:21,160 --> 00:07:25,400 Speaker 1: they are a triple tax advantage accounts. They are absolutely 158 00:07:25,440 --> 00:07:27,240 Speaker 1: one of our favorite accounts for you to consider if 159 00:07:27,240 --> 00:07:30,640 Speaker 1: you have access to a high deductible healthcare plan that 160 00:07:30,720 --> 00:07:33,680 Speaker 1: allows you to open an hs A. And we actually 161 00:07:33,680 --> 00:07:36,280 Speaker 1: have a new article up on the site about how 162 00:07:36,360 --> 00:07:38,680 Speaker 1: to use h s A as well. The t l 163 00:07:38,840 --> 00:07:41,840 Speaker 1: d R don't actually use the funds within your hs 164 00:07:41,880 --> 00:07:45,160 Speaker 1: A to pay for healthcare treat that hs A like 165 00:07:45,240 --> 00:07:48,040 Speaker 1: an actual retirement account. But yeah, we would give give 166 00:07:48,080 --> 00:07:50,240 Speaker 1: all the details in that article about how to do 167 00:07:50,280 --> 00:07:52,640 Speaker 1: it the right way so that you're not letting an 168 00:07:52,680 --> 00:07:56,559 Speaker 1: awesome account kind of become something way less powerful, growing 169 00:07:56,800 --> 00:07:59,760 Speaker 1: underutilized basically. But yeah, we just wanted to talk about 170 00:07:59,800 --> 00:08:04,400 Speaker 1: this because the deductions they kind of just get they 171 00:08:04,400 --> 00:08:06,840 Speaker 1: get a bad rap when you call them loopholes. It's 172 00:08:06,840 --> 00:08:08,800 Speaker 1: almost as if it makes it seem like that the 173 00:08:08,840 --> 00:08:11,760 Speaker 1: default position should be that you pay as many taxes 174 00:08:11,840 --> 00:08:14,440 Speaker 1: as possible. Right while we're trying to flip that script 175 00:08:14,480 --> 00:08:16,560 Speaker 1: a little bit as personally, I would like to pay 176 00:08:16,600 --> 00:08:18,640 Speaker 1: as few of those as possible, as long as the 177 00:08:18,680 --> 00:08:21,560 Speaker 1: government can run properly. But I paid the amount that 178 00:08:21,600 --> 00:08:23,720 Speaker 1: I owe, but I don't want to pay more than 179 00:08:23,760 --> 00:08:26,280 Speaker 1: that on purpose exactly, or to like or for there 180 00:08:26,280 --> 00:08:29,920 Speaker 1: to be some sort of negative stigma around taking perfectly 181 00:08:30,040 --> 00:08:32,720 Speaker 1: legal deductions so in order to lower your tax labbot. 182 00:08:32,720 --> 00:08:34,320 Speaker 1: It makes me think of There was a Facebook post 183 00:08:34,520 --> 00:08:37,320 Speaker 1: in the how to Money Facebook group this week, and 184 00:08:37,600 --> 00:08:41,200 Speaker 1: almost always the time, people are helping each other out 185 00:08:41,240 --> 00:08:42,760 Speaker 1: and they're super nice to one another, which I think 186 00:08:42,840 --> 00:08:46,120 Speaker 1: is great there was somebody who was not the nicest 187 00:08:46,200 --> 00:08:49,880 Speaker 1: actually in reply this week though, And yeah it went 188 00:08:49,920 --> 00:08:52,320 Speaker 1: down and not that I say not the nicest, because 189 00:08:52,320 --> 00:08:55,680 Speaker 1: it wasn't like given the boot. It wasn't like middle fingers, dude. 190 00:08:55,960 --> 00:08:58,160 Speaker 1: It was a guy. Okay. Yeah, So there was a 191 00:08:58,160 --> 00:09:00,880 Speaker 1: young lady who just mentioned, she meant that she received 192 00:09:01,000 --> 00:09:03,320 Speaker 1: student loan forgiveness after ten years of on time payments, 193 00:09:03,480 --> 00:09:05,000 Speaker 1: and she was celebrating that fact. And I think she 194 00:09:05,000 --> 00:09:07,840 Speaker 1: should celebrate that fact. Amazing. You abided by the rules 195 00:09:07,880 --> 00:09:11,079 Speaker 1: that are in place. You took advantage of a legal 196 00:09:11,120 --> 00:09:14,040 Speaker 1: ability to get your student loans forgiven. Hooray. But someone 197 00:09:14,080 --> 00:09:15,760 Speaker 1: was it wasn't the easiest thing for her to have 198 00:09:15,760 --> 00:09:18,479 Speaker 1: actually done. It's not like it was just a completely 199 00:09:18,600 --> 00:09:21,200 Speaker 1: free hand out. There's still there's still like rules and 200 00:09:21,360 --> 00:09:23,520 Speaker 1: things that you have to abide by. One person made 201 00:09:23,520 --> 00:09:25,640 Speaker 1: it sound like that they were taking advantage of all 202 00:09:25,640 --> 00:09:28,560 Speaker 1: the rest of US taxpayers by getting that loan forgiveness. 203 00:09:28,559 --> 00:09:30,640 Speaker 1: I just don't think that's true. And so you can 204 00:09:30,640 --> 00:09:34,040 Speaker 1: say that about any you can say spending program exactly exactly. 205 00:09:34,080 --> 00:09:36,439 Speaker 1: And so look at you over there driving on that interstate. 206 00:09:37,040 --> 00:09:39,960 Speaker 1: So I just want to encourage people to take advantage 207 00:09:40,000 --> 00:09:41,400 Speaker 1: of the things that are that are that are at 208 00:09:41,440 --> 00:09:45,760 Speaker 1: their disposal, and when that is tax breaks, when that's deductions, 209 00:09:46,000 --> 00:09:49,200 Speaker 1: when that is forgiveness for certain things, and a lot 210 00:09:49,240 --> 00:09:52,400 Speaker 1: of people met they do they alter their career in 211 00:09:52,520 --> 00:09:54,400 Speaker 1: order to qualify for some of this forgiveness. They might 212 00:09:54,440 --> 00:09:56,960 Speaker 1: have gone into a more lucrative paying job, but they 213 00:09:57,160 --> 00:09:59,360 Speaker 1: serve the public for at least a decade, and I 214 00:09:59,360 --> 00:10:02,239 Speaker 1: think they're in titled to the freguinness that was promised. Absolutely, 215 00:10:02,400 --> 00:10:05,560 Speaker 1: let's talk about the cost of pets, and we're talking 216 00:10:05,600 --> 00:10:08,400 Speaker 1: about not just the animals themselves, but we're talking about 217 00:10:08,480 --> 00:10:10,720 Speaker 1: pet products that you can buy, a little puffy vests 218 00:10:10,840 --> 00:10:13,439 Speaker 1: that you might want to splurge on, talking about the 219 00:10:13,440 --> 00:10:16,200 Speaker 1: pet services. It turns out that all of these things 220 00:10:16,200 --> 00:10:19,640 Speaker 1: are costing owners more money than ever before. Shouldn't come 221 00:10:19,640 --> 00:10:21,160 Speaker 1: as too much of a surprise, I guess, but the 222 00:10:21,200 --> 00:10:24,760 Speaker 1: average annual household spending on pet related categories has almost 223 00:10:24,840 --> 00:10:28,120 Speaker 1: doubled over the past eight years. And that's according to 224 00:10:28,480 --> 00:10:32,520 Speaker 1: official data from the BLS Bureau of Labor Statistics. And 225 00:10:32,559 --> 00:10:34,800 Speaker 1: there's an article that will reference that will link to 226 00:10:34,840 --> 00:10:36,880 Speaker 1: in the show notes. But apparently pet owners they now 227 00:10:36,960 --> 00:10:40,200 Speaker 1: want to be called pet parents. I'm not sure I 228 00:10:40,240 --> 00:10:43,200 Speaker 1: can get behind that. I think a lot of this 229 00:10:43,280 --> 00:10:44,800 Speaker 1: has to do with a lot of pet owners. They're 230 00:10:44,840 --> 00:10:46,840 Speaker 1: essentially spending a ton of money on their pets, right, 231 00:10:47,000 --> 00:10:49,640 Speaker 1: they humanize their pets, they humanized them, but then like 232 00:10:51,160 --> 00:10:53,079 Speaker 1: spending more money on those pets. Right, But it's not 233 00:10:53,120 --> 00:10:54,480 Speaker 1: just I don't know, that's not what it means to 234 00:10:54,520 --> 00:10:56,640 Speaker 1: be a parent, right because if if that's what you 235 00:10:56,679 --> 00:10:58,760 Speaker 1: think it takes to be a parent, just like spoiling 236 00:10:58,880 --> 00:11:02,000 Speaker 1: your pet by over overspending and buying like the puffy 237 00:11:02,080 --> 00:11:04,360 Speaker 1: vest or just kind of like I don't know, pet 238 00:11:04,400 --> 00:11:07,880 Speaker 1: food that's never been frozen in like parented. Yeah, exactly, 239 00:11:07,920 --> 00:11:09,240 Speaker 1: And so I don't that kind of rubbed me the 240 00:11:09,280 --> 00:11:13,000 Speaker 1: wrong way. Maybe I'm just being grumpy Matt today hot dogs, 241 00:11:13,040 --> 00:11:17,240 Speaker 1: and I hate people who call their pets, who refer 242 00:11:17,280 --> 00:11:20,520 Speaker 1: to themselves as as pet parents. I mean, bottom mind though, 243 00:11:20,520 --> 00:11:23,800 Speaker 1: Like I've got no hard feelings if pet parents out there, 244 00:11:23,800 --> 00:11:26,240 Speaker 1: if they want to show out some extra dough on 245 00:11:26,480 --> 00:11:30,280 Speaker 1: their hypo allergenic designer golden doodle or something like that, 246 00:11:30,559 --> 00:11:32,840 Speaker 1: or even a fancy at home fish tank, like one 247 00:11:32,840 --> 00:11:35,079 Speaker 1: of those fancy saltwater tanks or something, but make sure 248 00:11:35,080 --> 00:11:37,520 Speaker 1: that you have the money on hand to pay for that, 249 00:11:37,559 --> 00:11:40,880 Speaker 1: because pet ownership can be really stinking expensive. And by 250 00:11:40,880 --> 00:11:43,640 Speaker 1: the way, pet insurance, I don't think that's the solution here. 251 00:11:44,160 --> 00:11:46,360 Speaker 1: That's not an easy way out because that is not 252 00:11:46,440 --> 00:11:49,480 Speaker 1: necessarily a great way to cover those extra costs that 253 00:11:49,559 --> 00:11:52,719 Speaker 1: you are likely going to be incurring. Now, we've always 254 00:11:52,760 --> 00:11:56,120 Speaker 1: been pretty sour on pet insurance policies because they're pretty 255 00:11:56,120 --> 00:11:58,120 Speaker 1: expensive and you don't always get out what you're paying in. 256 00:11:58,400 --> 00:11:59,920 Speaker 1: Can we talk about this? We actually just turned to 257 00:12:00,000 --> 00:12:03,000 Speaker 1: own A the network reached out and they're like, hey, 258 00:12:03,200 --> 00:12:05,280 Speaker 1: you guys, you know you talk about being smart with 259 00:12:05,280 --> 00:12:08,360 Speaker 1: your money, how about pet insurance? Sorry, no, we can't 260 00:12:08,400 --> 00:12:10,160 Speaker 1: do that. We gotta do that because we talk smack 261 00:12:10,200 --> 00:12:12,440 Speaker 1: about pet insurance. And it's not that it never ever 262 00:12:12,480 --> 00:12:15,280 Speaker 1: ever makes sense but might pan out. Yeah, but it's 263 00:12:15,440 --> 00:12:18,480 Speaker 1: it's it's not in the best interest of most pet parents. 264 00:12:18,480 --> 00:12:21,040 Speaker 1: I'll say it. It's I think most of them should 265 00:12:21,040 --> 00:12:24,439 Speaker 1: be self funding in order to pay for whatever procedure 266 00:12:24,760 --> 00:12:29,679 Speaker 1: or or medical care that their pet is in need of. Again, 267 00:12:29,720 --> 00:12:32,280 Speaker 1: like wear to them, please us for babies, for babies, 268 00:12:32,480 --> 00:12:34,800 Speaker 1: we want people to have more cash in their savings 269 00:12:34,800 --> 00:12:37,439 Speaker 1: account to pay for whatever their fur baby needs instead 270 00:12:37,480 --> 00:12:39,840 Speaker 1: of paying for this insurance in hopes that it's going 271 00:12:39,880 --> 00:12:42,280 Speaker 1: to pan out. And and just just like any product, 272 00:12:42,320 --> 00:12:43,960 Speaker 1: like I said, it can make sense for some people, 273 00:12:44,280 --> 00:12:46,760 Speaker 1: especially for folks who have a breed that's way more susceptible, 274 00:12:46,800 --> 00:12:49,520 Speaker 1: let's say, to injuries or something like that. But the 275 00:12:49,600 --> 00:12:52,400 Speaker 1: premium prices meant they go up quite a bit as 276 00:12:52,400 --> 00:12:54,200 Speaker 1: your pet gets older. So maybe it's cheap when they're 277 00:12:54,200 --> 00:12:57,079 Speaker 1: a puppy, uh and the first year or two of life, 278 00:12:57,600 --> 00:13:00,120 Speaker 1: but that's also when they need some of the st 279 00:13:00,160 --> 00:13:03,760 Speaker 1: amount of potential medical care. So again, we'd rather see 280 00:13:03,760 --> 00:13:06,200 Speaker 1: you ditch that expensive insurance and be your own insurance 281 00:13:06,240 --> 00:13:09,080 Speaker 1: company on this one. And I think more of these 282 00:13:09,120 --> 00:13:12,240 Speaker 1: pet parents are are willing to spend big money, shell 283 00:13:12,280 --> 00:13:15,760 Speaker 1: out big dollars to to perform certain surgeries on some 284 00:13:15,800 --> 00:13:18,120 Speaker 1: of their pets, and that's something that every individual has 285 00:13:18,160 --> 00:13:20,960 Speaker 1: to consider differently. But insurance isn't always going to cover 286 00:13:21,000 --> 00:13:23,280 Speaker 1: those expensive surgeries either, So you have to look at 287 00:13:23,320 --> 00:13:25,520 Speaker 1: the fine print and see what that insurance covers and 288 00:13:25,559 --> 00:13:27,920 Speaker 1: whether or not you think you are going to be 289 00:13:28,000 --> 00:13:30,120 Speaker 1: able to whether it's gonna make financial sense for you 290 00:13:30,160 --> 00:13:32,440 Speaker 1: to take on the insurance or just save up more 291 00:13:32,480 --> 00:13:36,199 Speaker 1: money for you know, those eventual realities of pet ownership. Sure. Yeah, 292 00:13:36,240 --> 00:13:37,760 Speaker 1: And by the way, I don't want folks to think 293 00:13:37,800 --> 00:13:40,080 Speaker 1: that that I hate pets, that I hate animals, Like 294 00:13:40,120 --> 00:13:42,160 Speaker 1: I'm thinking about our dog Stella. She was a great 295 00:13:42,240 --> 00:13:46,559 Speaker 1: Dane And if there's any dog that you could potentially humanize, 296 00:13:46,720 --> 00:13:48,920 Speaker 1: maybe more than others, is one that weighs the same 297 00:13:48,960 --> 00:13:51,360 Speaker 1: amount that I did. Um. But I just wanted to 298 00:13:51,440 --> 00:13:54,040 Speaker 1: point that out. I guess like we absolutely loved her. 299 00:13:54,160 --> 00:13:57,400 Speaker 1: She brought our families so much joy, but simultaneously never 300 00:13:57,400 --> 00:14:01,360 Speaker 1: referred to myself as a pet parent. Um. But the 301 00:14:01,360 --> 00:14:02,679 Speaker 1: reason why we bring this up that we just want 302 00:14:02,679 --> 00:14:04,320 Speaker 1: to make sure that folks are thinking about the total 303 00:14:04,320 --> 00:14:07,560 Speaker 1: cost of ownership. But essentially, when it comes to having pets, 304 00:14:07,600 --> 00:14:10,320 Speaker 1: just like when we talk about maintaining vehicles, it's not 305 00:14:10,360 --> 00:14:12,840 Speaker 1: just a sticker prices all the other expenses that go 306 00:14:12,880 --> 00:14:14,079 Speaker 1: along with it. Yeah. I feel like this has a 307 00:14:14,160 --> 00:14:16,439 Speaker 1: keeping up with the Jones effect to right, where other 308 00:14:16,440 --> 00:14:19,280 Speaker 1: people are spending exorbitant amounts of money on their you know, 309 00:14:19,680 --> 00:14:21,680 Speaker 1: pet or something like that, and they feel they need 310 00:14:21,720 --> 00:14:24,480 Speaker 1: to do the same. And it's not it's it's it 311 00:14:24,480 --> 00:14:26,160 Speaker 1: feels like an arms race, and everyone can just we 312 00:14:26,200 --> 00:14:28,200 Speaker 1: can deescalate a little bit. You don't need to spend 313 00:14:28,440 --> 00:14:31,320 Speaker 1: as much as you are spending on your your pooch 314 00:14:31,480 --> 00:14:33,800 Speaker 1: or on your cat or whatever it is. They don't 315 00:14:33,800 --> 00:14:36,800 Speaker 1: need necessarily all the fanciest stuff cats and dogs and 316 00:14:36,840 --> 00:14:39,000 Speaker 1: all these and they've survived for years and years and 317 00:14:39,080 --> 00:14:42,880 Speaker 1: years in relative health and happiness before we started spending 318 00:14:42,880 --> 00:14:45,720 Speaker 1: exorbitant sums on them. Okay, so speaking of budgeting to 319 00:14:45,920 --> 00:14:49,800 Speaker 1: reflect reality, let's talk about housing repairs because most homeowners, 320 00:14:50,120 --> 00:14:53,320 Speaker 1: they underestimate how much it's going to cost to own 321 00:14:53,440 --> 00:14:55,200 Speaker 1: a homee. Not just we're not talking about pets here, 322 00:14:55,200 --> 00:14:57,920 Speaker 1: we're talking about houses as well. Uh, the mortgage that's 323 00:14:58,160 --> 00:15:01,480 Speaker 1: the main cost center, of course, assuming it includes taxes 324 00:15:01,520 --> 00:15:04,120 Speaker 1: and insurance. But don't forget to factor in other expenses 325 00:15:04,440 --> 00:15:07,440 Speaker 1: as well, like repairs, because those certainly aren't cheap. And 326 00:15:07,520 --> 00:15:10,160 Speaker 1: we've got some new numbers on the front. Insurance firm 327 00:15:10,480 --> 00:15:13,920 Speaker 1: Hippo they report that the costs of repairing a home 328 00:15:14,000 --> 00:15:17,400 Speaker 1: that you own are on average six thousand dollars a year. 329 00:15:17,600 --> 00:15:20,520 Speaker 1: Another recent report from Angie says that they're closer actually 330 00:15:20,560 --> 00:15:25,920 Speaker 1: to fort But either way, homes are expensive. We we've 331 00:15:25,920 --> 00:15:27,320 Speaker 1: always said, like a good rule of thumb is that 332 00:15:27,320 --> 00:15:29,880 Speaker 1: you should set aside at least one percent of the 333 00:15:29,880 --> 00:15:33,120 Speaker 1: purchase price of your home for uh, you know, just 334 00:15:33,200 --> 00:15:35,200 Speaker 1: like an annual repair that you might have to make 335 00:15:35,280 --> 00:15:38,280 Speaker 1: just for general maintenance on that property. And that doesn't 336 00:15:38,280 --> 00:15:41,360 Speaker 1: even include like the more fun upgrades that you want 337 00:15:41,360 --> 00:15:43,280 Speaker 1: to make either. And it's just literally the cost of 338 00:15:43,320 --> 00:15:45,640 Speaker 1: doing business, the cost of owning a home. Yeah, means 339 00:15:45,680 --> 00:15:48,160 Speaker 1: that you're going to be susceptible to likely hundreds of 340 00:15:48,240 --> 00:15:50,720 Speaker 1: dollars a month in average repair costs. You've got a 341 00:15:50,760 --> 00:15:52,600 Speaker 1: factor of that stuff. It's the cost of keeping water 342 00:15:52,800 --> 00:15:55,320 Speaker 1: in the right place. You want to keep the right 343 00:15:55,320 --> 00:15:57,960 Speaker 1: water and the pipes, the correct water, and the sewage 344 00:15:57,960 --> 00:16:00,600 Speaker 1: and the right water you know, from entering your home exactly. 345 00:16:00,680 --> 00:16:03,280 Speaker 1: And as you and I we have owned many homes 346 00:16:03,280 --> 00:16:06,840 Speaker 1: now over the years, personal homes and investment properties. And 347 00:16:06,880 --> 00:16:10,360 Speaker 1: it's true like these numbers are I think accurately reflect reality. 348 00:16:10,360 --> 00:16:12,760 Speaker 1: I can't tell you whether that Angie number or the 349 00:16:12,840 --> 00:16:14,960 Speaker 1: Hippo number is more accurate, but I can say and 350 00:16:15,120 --> 00:16:17,520 Speaker 1: so much of it depends on how big your home is, 351 00:16:17,560 --> 00:16:20,200 Speaker 1: how old your home is. There's a lot of individual factors. Yeah, 352 00:16:20,640 --> 00:16:22,560 Speaker 1: so you have to take that into account. But just 353 00:16:23,040 --> 00:16:26,560 Speaker 1: saving up and budgeting for those for those repairs that 354 00:16:26,600 --> 00:16:29,240 Speaker 1: are bound to happen is important if you want to 355 00:16:29,280 --> 00:16:31,720 Speaker 1: be an adulting homeowner. And and this is just to 356 00:16:31,760 --> 00:16:35,200 Speaker 1: me also more confirmation that renting is not throwing money away. 357 00:16:35,280 --> 00:16:38,200 Speaker 1: That's very contrary to popular opinion. I think a lot 358 00:16:38,240 --> 00:16:41,520 Speaker 1: of people think that, oh, if I rent every single month, 359 00:16:41,720 --> 00:16:45,040 Speaker 1: I'm burning I'm burning cash. But that's just not true. 360 00:16:45,040 --> 00:16:47,360 Speaker 1: And it's not that we're against homeownership, not at all. 361 00:16:47,760 --> 00:16:49,760 Speaker 1: But it's crucial to note just how expensive it can 362 00:16:49,800 --> 00:16:52,120 Speaker 1: be before you opt to go that route. And Matt 363 00:16:52,440 --> 00:16:54,080 Speaker 1: and one other stat that I saw this week a 364 00:16:54,120 --> 00:16:56,800 Speaker 1: new report from the National Association or Realtors. They found 365 00:16:56,800 --> 00:16:59,240 Speaker 1: that the typical first time home buyer only put six 366 00:16:59,280 --> 00:17:01,720 Speaker 1: percent down buying a home, which means that those monthly 367 00:17:01,720 --> 00:17:04,320 Speaker 1: costs are going to be even higher too, because you 368 00:17:04,400 --> 00:17:06,280 Speaker 1: haven't saved as much as we'd like you to save 369 00:17:06,600 --> 00:17:09,640 Speaker 1: in advance of that home purchase. It means more borrowing, 370 00:17:09,640 --> 00:17:12,399 Speaker 1: and with higher interest rates, it means a much bigger 371 00:17:12,400 --> 00:17:15,920 Speaker 1: monthly payment. And uh, it's true homes have gotten more expensive. 372 00:17:16,160 --> 00:17:19,000 Speaker 1: Our home prices starting to calm down. Sure they're not 373 00:17:19,040 --> 00:17:21,200 Speaker 1: increasing at the rate that they were, or have they 374 00:17:21,240 --> 00:17:23,880 Speaker 1: like are they taking a step back in some markets? Yes, 375 00:17:24,320 --> 00:17:26,480 Speaker 1: But I think it's important to mention that it's not 376 00:17:26,520 --> 00:17:29,200 Speaker 1: that you can't be financially responsible and still put less 377 00:17:29,240 --> 00:17:31,840 Speaker 1: than down when you buy your first home. But it's 378 00:17:31,880 --> 00:17:35,040 Speaker 1: just not ideal. And the fewer dollars that you bring 379 00:17:35,080 --> 00:17:38,119 Speaker 1: to the closing table, the longer timeline you need to 380 00:17:38,160 --> 00:17:40,439 Speaker 1: have for homeownership to make sure that you're not making 381 00:17:40,480 --> 00:17:42,680 Speaker 1: a bad decision. That's right, man. We want you to 382 00:17:42,800 --> 00:17:45,879 Speaker 1: enter into that purchase with your eyes wide open. And 383 00:17:45,880 --> 00:17:47,800 Speaker 1: I want to say it one more time, I don't 384 00:17:47,840 --> 00:17:50,239 Speaker 1: hate animals. I feel kind of bad. I feel like 385 00:17:50,280 --> 00:17:52,440 Speaker 1: that there's gonna be folks out there who their craft 386 00:17:52,480 --> 00:17:54,480 Speaker 1: beer equivalent. They're gonna write in and they're gonna say, 387 00:17:54,760 --> 00:17:57,200 Speaker 1: I love displourage on my pets. And if that's the case, 388 00:17:57,240 --> 00:17:59,359 Speaker 1: I think that's totally fine. But we want to make 389 00:17:59,400 --> 00:18:02,160 Speaker 1: sure you've out the money for all the different expenses 390 00:18:02,200 --> 00:18:04,080 Speaker 1: in your life, whatever they are, whether we're talking about 391 00:18:04,160 --> 00:18:06,520 Speaker 1: housing and if a Costco hot Dog a day keeps 392 00:18:06,520 --> 00:18:08,520 Speaker 1: the doctor away for you. If that's see, that's the 393 00:18:08,560 --> 00:18:10,560 Speaker 1: thing that's definitely not going to keep the way. I 394 00:18:10,600 --> 00:18:12,880 Speaker 1: guarantee that. But we've got more stories that we're gonna 395 00:18:12,880 --> 00:18:16,760 Speaker 1: get to, including everyone's most favorite activity, which is getting 396 00:18:16,760 --> 00:18:19,000 Speaker 1: stuck in traffic. Who doesn't love that? We'll get to 397 00:18:19,119 --> 00:18:22,080 Speaker 1: the cost of being stuck in congestion plus other stories 398 00:18:22,240 --> 00:18:34,080 Speaker 1: right after this. All right, the Friday flight continues, Matt, 399 00:18:34,119 --> 00:18:36,960 Speaker 1: Let's get to the ludicrous headline of the week. This 400 00:18:36,960 --> 00:18:39,920 Speaker 1: one comes from the Washington Post and it reads at 401 00:18:39,960 --> 00:18:44,280 Speaker 1: a DFT hours, Chicago congestion at number one as traffic 402 00:18:44,320 --> 00:18:49,440 Speaker 1: grows nationwide and gross. Yeah, it just made me so 403 00:18:49,480 --> 00:18:51,240 Speaker 1: thankful that I don't have to sit in my button 404 00:18:51,280 --> 00:18:55,080 Speaker 1: traffic almost ever. Now. It's Chicago, Boston, New York City, 405 00:18:55,080 --> 00:18:56,600 Speaker 1: and Philly have it the worst. When you look at 406 00:18:56,600 --> 00:19:00,000 Speaker 1: the lineup of major cities who have just the worst 407 00:19:00,000 --> 00:19:02,840 Speaker 1: the amounts their traffic congestion. But Matt, I like that 408 00:19:02,920 --> 00:19:05,400 Speaker 1: in this study, they didn't just name the cities where 409 00:19:05,400 --> 00:19:07,760 Speaker 1: it's worst so that you can just completely avoid them, 410 00:19:07,760 --> 00:19:12,480 Speaker 1: but they they put numbers dollar amounts to the amount 411 00:19:12,480 --> 00:19:16,520 Speaker 1: of time that's lost because of this congestion, and the 412 00:19:16,560 --> 00:19:19,359 Speaker 1: typical American they're not just losing time, they're losing money 413 00:19:19,359 --> 00:19:21,400 Speaker 1: because time in a lot of ways that you could 414 00:19:21,440 --> 00:19:23,840 Speaker 1: be earning money with that time. And and it equates 415 00:19:23,920 --> 00:19:26,399 Speaker 1: on average for about eight hundred sixty nine dollars a 416 00:19:26,480 --> 00:19:29,000 Speaker 1: year in lost time thanks to sitting sitting in not 417 00:19:29,119 --> 00:19:32,760 Speaker 1: just traffic, but in congestion, in congested city traffic and 418 00:19:32,880 --> 00:19:35,199 Speaker 1: u for Chicagoans though, who are at the worst end 419 00:19:35,240 --> 00:19:38,040 Speaker 1: of this, it's twenty dollars a year that each of 420 00:19:38,040 --> 00:19:41,239 Speaker 1: them are losing just Okay, so not from sitting in, 421 00:19:41,480 --> 00:19:43,880 Speaker 1: not from commuting back and forth from what, but we're 422 00:19:43,880 --> 00:19:47,240 Speaker 1: talking about congestions, slowdowns where you're bumper to bumper, where 423 00:19:47,240 --> 00:19:50,520 Speaker 1: it's taking extra time. It's not just the head no traffic, 424 00:19:50,520 --> 00:19:52,600 Speaker 1: it takes me forty five minutes. It's like in traffic, 425 00:19:52,600 --> 00:19:55,600 Speaker 1: it takes the additional time. Yeah, yeah, that hundred fits 426 00:19:55,600 --> 00:19:57,880 Speaker 1: of five hours that is on top of the standard 427 00:19:57,920 --> 00:20:00,040 Speaker 1: commute times. Yes, yes, and make sure we h I 428 00:20:00,119 --> 00:20:02,280 Speaker 1: like that, yeah, so, which means yeah, I mean, it's 429 00:20:02,320 --> 00:20:04,400 Speaker 1: just it's preposterous the amount of time. Like I guess 430 00:20:04,520 --> 00:20:06,840 Speaker 1: right there in the beginning of the pandemic there, we 431 00:20:06,920 --> 00:20:10,720 Speaker 1: saw a reduction in the amount of traffic on freeways 432 00:20:11,000 --> 00:20:12,800 Speaker 1: and it was lovely there for about six months, but 433 00:20:12,880 --> 00:20:14,960 Speaker 1: it came roaring back. And of course we know it's 434 00:20:15,000 --> 00:20:17,320 Speaker 1: not possible for everyone to drive less. If you're a 435 00:20:17,320 --> 00:20:19,880 Speaker 1: plumber or an electrician, you're gonna be driving or driving 436 00:20:19,920 --> 00:20:21,840 Speaker 1: the houses all over town quite a bit. There's just 437 00:20:21,840 --> 00:20:24,720 Speaker 1: no getting around it. But stats also show that a 438 00:20:24,760 --> 00:20:28,160 Speaker 1: good portion of the average person's card trips are optional, 439 00:20:28,560 --> 00:20:30,399 Speaker 1: and so it's in wortant to remember you might be 440 00:20:30,440 --> 00:20:32,919 Speaker 1: able to choose better times to drive by shifting your 441 00:20:32,960 --> 00:20:36,120 Speaker 1: work day, by coming in early and leaving an hour 442 00:20:36,160 --> 00:20:38,199 Speaker 1: early too, if your boss is okay with that. The 443 00:20:38,280 --> 00:20:40,880 Speaker 1: roads are getting more crowded and that's costing you time, 444 00:20:40,880 --> 00:20:43,399 Speaker 1: it's costing you money, and we would say, don't just 445 00:20:43,600 --> 00:20:46,959 Speaker 1: resign yourself to to sending in traffic. Do something about it. 446 00:20:47,280 --> 00:20:50,520 Speaker 1: That's right. And one of the things that shouldn't be 447 00:20:50,560 --> 00:20:54,320 Speaker 1: done I should I should say, is adding more lanes 448 00:20:54,480 --> 00:20:56,760 Speaker 1: to highways into the inner state. And the reason for 449 00:20:56,800 --> 00:20:59,520 Speaker 1: that is because it is it's expensive as I'll get out, 450 00:20:59,520 --> 00:21:02,000 Speaker 1: first of all, but then secondly, it doesn't fix the 451 00:21:02,040 --> 00:21:04,960 Speaker 1: problem of traffic and congestion because if you build it, 452 00:21:05,480 --> 00:21:09,000 Speaker 1: they will come. That's a baseball reference for you. Uh, 453 00:21:09,080 --> 00:21:11,480 Speaker 1: fear for dreams. It's been a long time. So research 454 00:21:11,480 --> 00:21:14,240 Speaker 1: shows that more lanes will initially decrease the amount of 455 00:21:14,280 --> 00:21:17,920 Speaker 1: traffic in congestion, but it doesn't last because as word 456 00:21:17,960 --> 00:21:20,440 Speaker 1: gets out, naturally folks realize that they can save time 457 00:21:20,440 --> 00:21:23,600 Speaker 1: by taking a different route. Well, they change their driving habits, 458 00:21:23,640 --> 00:21:25,600 Speaker 1: and it means that we're just back in the same 459 00:21:25,640 --> 00:21:29,040 Speaker 1: congestion mess that we were in before. And so in 460 00:21:29,080 --> 00:21:33,320 Speaker 1: particular with the advent of e bikes and the rising popularity, 461 00:21:33,440 --> 00:21:37,359 Speaker 1: we should be looking for cheaper infrastructure that incentivizes folks 462 00:21:37,400 --> 00:21:39,879 Speaker 1: to get out of their cars to get around their 463 00:21:39,880 --> 00:21:42,200 Speaker 1: city or town. You know, this past Wethday we did 464 00:21:42,320 --> 00:21:45,240 Speaker 1: an episode on ditching debt, how to create a full 465 00:21:45,320 --> 00:21:47,400 Speaker 1: proof plan to do that, and you talked about how 466 00:21:47,560 --> 00:21:50,880 Speaker 1: at the beginning, how sitting how it's the new smoking. Well, 467 00:21:50,920 --> 00:21:53,640 Speaker 1: guess what, man, while we've got a perfect solution here. 468 00:21:53,640 --> 00:21:57,960 Speaker 1: Not only can biking more be a benefit, not only 469 00:21:57,960 --> 00:22:00,520 Speaker 1: can it boost your financial health, but it can also 470 00:22:00,800 --> 00:22:03,760 Speaker 1: benefit your physical health as well. Yeah. Yeah, we're not 471 00:22:03,840 --> 00:22:05,760 Speaker 1: just sitting in front of our computers at our desk. 472 00:22:05,800 --> 00:22:09,480 Speaker 1: We're also sitting in our cars in traffic. Yeah, we're 473 00:22:09,520 --> 00:22:12,119 Speaker 1: just we're sitting everywhere. Were sitting all the time. And 474 00:22:12,160 --> 00:22:15,000 Speaker 1: so yeah, getting on your bike a little more. And granted, 475 00:22:15,080 --> 00:22:19,360 Speaker 1: we need cities and municipalities to invest more in alternative 476 00:22:19,480 --> 00:22:21,800 Speaker 1: methods of transportation. We need more bike paths, uh. And 477 00:22:21,800 --> 00:22:25,600 Speaker 1: they're cheaper, They're way cheaper to install than more lanes 478 00:22:25,600 --> 00:22:28,160 Speaker 1: for cars. So that's what we hope to see and 479 00:22:28,600 --> 00:22:30,800 Speaker 1: we hope to see you advocating for that where you live. 480 00:22:30,920 --> 00:22:32,920 Speaker 1: Mat Let's talk about inflation for a second, because it's 481 00:22:32,920 --> 00:22:35,080 Speaker 1: taken back down, which is nice to see. Like we've 482 00:22:35,119 --> 00:22:38,600 Speaker 1: seen the the CPI, the Consumer Price Index falling in 483 00:22:38,680 --> 00:22:41,639 Speaker 1: recent months. Yeah, I think we've had six straight months 484 00:22:41,640 --> 00:22:44,639 Speaker 1: now since the middle of last year. Welcome news. Welcome 485 00:22:44,640 --> 00:22:46,200 Speaker 1: news to see it down closer to six and a 486 00:22:46,240 --> 00:22:49,440 Speaker 1: half percent than nine percent where it was. And prices 487 00:22:49,480 --> 00:22:51,320 Speaker 1: are falling on a lot of things, on used cars, 488 00:22:51,400 --> 00:22:54,840 Speaker 1: on new cars. Tesla actually just announced that they're slashing 489 00:22:54,840 --> 00:22:57,720 Speaker 1: prices in a huge way in some of those models 490 00:22:57,840 --> 00:23:01,400 Speaker 1: that were just in the stratosphere in terms of cost, well, 491 00:23:01,400 --> 00:23:03,679 Speaker 1: they cut them down so much that that these models 492 00:23:03,680 --> 00:23:06,960 Speaker 1: now qualify for the additional federal tax credit. And it's 493 00:23:07,000 --> 00:23:09,720 Speaker 1: not that the prices on everything are plumbing. Obviously talked 494 00:23:09,720 --> 00:23:12,040 Speaker 1: about eggs last week. Those are still really expensive for 495 00:23:12,080 --> 00:23:15,240 Speaker 1: other reasons though, But downward price corrections are happening and 496 00:23:15,280 --> 00:23:17,280 Speaker 1: this is a good thing. And the Wall Street Journal 497 00:23:17,320 --> 00:23:19,919 Speaker 1: they posed the question this week, are shoppers revolting? Is 498 00:23:19,920 --> 00:23:22,199 Speaker 1: this part of the solution? Doesn't make sense to just 499 00:23:22,240 --> 00:23:24,720 Speaker 1: refuse to buy certain products when a massive price hike 500 00:23:24,840 --> 00:23:28,280 Speaker 1: is taking place, Yes, of course it does. Like that 501 00:23:28,280 --> 00:23:30,680 Speaker 1: that's something that we've talked about a lot on this show, 502 00:23:30,720 --> 00:23:32,920 Speaker 1: that as prices are rising, you're not just a sitting duck, 503 00:23:33,000 --> 00:23:35,960 Speaker 1: that you have more ability to change the rate of 504 00:23:35,960 --> 00:23:38,439 Speaker 1: inflation in your own personal life than you think, and 505 00:23:38,480 --> 00:23:40,719 Speaker 1: that one of the stats that they shared in that 506 00:23:40,840 --> 00:23:43,800 Speaker 1: article was that slim gim prices have gone up by 507 00:23:43,840 --> 00:23:47,040 Speaker 1: something like recently. What is it with you and tubes 508 00:23:47,080 --> 00:23:50,679 Speaker 1: of me? No, I don't know what it is, but 509 00:23:51,119 --> 00:23:53,080 Speaker 1: the slim gems are not not something I've for taken 510 00:23:53,400 --> 00:23:57,240 Speaker 1: on the rag or almost ever. Sure trying to cover 511 00:23:57,320 --> 00:24:00,119 Speaker 1: my tracks here, but when something like that goes up 512 00:24:00,119 --> 00:24:03,040 Speaker 1: in price. Let's say you are a regular slim gym user. 513 00:24:03,600 --> 00:24:07,840 Speaker 1: You know, it makes sense when the price skyrockets to say, yeah, 514 00:24:07,880 --> 00:24:09,720 Speaker 1: I think I'm gonna skip out on that. And I 515 00:24:09,760 --> 00:24:12,560 Speaker 1: think the more that we decide to go on strike 516 00:24:12,640 --> 00:24:15,400 Speaker 1: as buyers when prices are soaring, the more it does 517 00:24:15,520 --> 00:24:17,800 Speaker 1: keep prices in check, and the more it helps us 518 00:24:17,800 --> 00:24:20,639 Speaker 1: out as individuals too. Yeah. I mean, if inflation happens 519 00:24:20,640 --> 00:24:23,960 Speaker 1: when too many dollars chase too few goods, then at 520 00:24:24,000 --> 00:24:26,239 Speaker 1: least one way to tamp down inflation is for all 521 00:24:26,280 --> 00:24:28,880 Speaker 1: of us to be more inclined to say no when 522 00:24:29,080 --> 00:24:32,240 Speaker 1: prices increase and to actually spend less money. And so 523 00:24:32,280 --> 00:24:34,480 Speaker 1: what you know, whether that means trading down to a 524 00:24:34,560 --> 00:24:38,000 Speaker 1: less expensive alternative, going with a store brand, or just 525 00:24:38,080 --> 00:24:42,199 Speaker 1: avoiding that that purchased altogether, like slim gyms. Uh, you 526 00:24:42,200 --> 00:24:44,840 Speaker 1: speak volumes with the money that you spend and also 527 00:24:44,880 --> 00:24:47,880 Speaker 1: with the dollars that you don't spend as well. Um, 528 00:24:47,880 --> 00:24:49,280 Speaker 1: And you know, it might be a drop in the 529 00:24:49,280 --> 00:24:52,359 Speaker 1: bucket in terms of the economy as a whole, but 530 00:24:52,400 --> 00:24:54,720 Speaker 1: a whole bunch of drops. They add up over time, 531 00:24:55,119 --> 00:24:59,040 Speaker 1: and either way it impacts your own personal microeconomy, which 532 00:24:59,080 --> 00:25:00,920 Speaker 1: is what we care about the most here at how 533 00:25:00,920 --> 00:25:02,760 Speaker 1: the money for sure. All right, let's let's move on. 534 00:25:02,840 --> 00:25:04,800 Speaker 1: Let's talk about savings, right rates, Matt. This was top 535 00:25:04,800 --> 00:25:06,880 Speaker 1: of mind because something else that happened in the Facebook group, 536 00:25:07,240 --> 00:25:10,480 Speaker 1: Uh listener, Rihanna. She she said, Hey, I'm looking to 537 00:25:10,520 --> 00:25:12,280 Speaker 1: find the best bank from my buck when it comes 538 00:25:12,280 --> 00:25:15,800 Speaker 1: to savings, And the truth is, they're more options available 539 00:25:15,880 --> 00:25:18,680 Speaker 1: than there have been for a long time. It really 540 00:25:18,720 --> 00:25:21,120 Speaker 1: is like a saver's paradise. And what we mean by 541 00:25:21,119 --> 00:25:23,320 Speaker 1: that is that you don't have to jump through hoops 542 00:25:23,359 --> 00:25:25,680 Speaker 1: anymore to get a meaningful return on money you need 543 00:25:25,720 --> 00:25:28,680 Speaker 1: access to. In the short term, savers are being rewarded, 544 00:25:28,920 --> 00:25:32,760 Speaker 1: not punished, which rocks, and so returns on savings accounts 545 00:25:32,960 --> 00:25:35,480 Speaker 1: are now north of four percent, which we haven't seen 546 00:25:35,720 --> 00:25:38,440 Speaker 1: for a long time, and rates on CDs are starting 547 00:25:38,480 --> 00:25:40,520 Speaker 1: to hit that five percent mark if you're willing to 548 00:25:40,520 --> 00:25:42,119 Speaker 1: lock up those funds for eighteen months or more. I 549 00:25:42,119 --> 00:25:44,400 Speaker 1: believe brihannest that she went with a four point eight 550 00:25:44,400 --> 00:25:48,080 Speaker 1: five c D with c I T, which is killer. 551 00:25:48,600 --> 00:25:50,320 Speaker 1: And so, yeah, investing, it's still going to be the 552 00:25:50,320 --> 00:25:52,280 Speaker 1: thing that helps you grow your money for the future. 553 00:25:52,520 --> 00:25:54,360 Speaker 1: I don't think that savings alone is going to get 554 00:25:54,359 --> 00:25:56,879 Speaker 1: the job done. But it's pretty darn nice to have 555 00:25:56,880 --> 00:25:59,159 Speaker 1: a bunch of competitive options these days, right, Yeah, And 556 00:25:59,160 --> 00:26:02,840 Speaker 1: in particular, I think what's great is seeing these interest 557 00:26:02,960 --> 00:26:05,439 Speaker 1: rates being paid by the banks in conjunction with the 558 00:26:05,480 --> 00:26:07,560 Speaker 1: fact that we're starting to see inflation like that we 559 00:26:07,600 --> 00:26:10,800 Speaker 1: have seen inflation again drop since the middle of last year, 560 00:26:11,119 --> 00:26:14,159 Speaker 1: because when the bank rates were climbing there for a 561 00:26:14,200 --> 00:26:16,560 Speaker 1: little bit, it felt nice on the surface, but the 562 00:26:16,640 --> 00:26:20,080 Speaker 1: deeper underlying truth is that we you know, that that 563 00:26:20,160 --> 00:26:22,320 Speaker 1: cash was still not able to keep up with the 564 00:26:22,320 --> 00:26:24,520 Speaker 1: money that we were losing, that that was being eroded 565 00:26:24,880 --> 00:26:27,600 Speaker 1: due to inflation. And so what's encouraging now is the 566 00:26:27,640 --> 00:26:30,000 Speaker 1: fact that it seems like that dynamic has shifted a 567 00:26:30,040 --> 00:26:31,840 Speaker 1: little bit. It seems like that the interest rates that 568 00:26:31,880 --> 00:26:34,679 Speaker 1: banks are paying is still continuing to climb, but the 569 00:26:34,720 --> 00:26:37,359 Speaker 1: inflation rate it's coming down a little bit. And so 570 00:26:38,040 --> 00:26:40,840 Speaker 1: there's just like this lag and hopefully, fingers crossed, will 571 00:26:40,880 --> 00:26:43,080 Speaker 1: get to this period where we're almost like in a 572 00:26:43,119 --> 00:26:46,119 Speaker 1: sweet spot right where the rate that the banks are 573 00:26:46,160 --> 00:26:48,680 Speaker 1: paying is higher than the rate of inflation, maybe to 574 00:26:48,800 --> 00:26:50,960 Speaker 1: make up for the fact that we suffered so many 575 00:26:51,000 --> 00:26:54,760 Speaker 1: months where our purchasing power was being eroded inflation. That 576 00:26:54,840 --> 00:26:56,960 Speaker 1: used to be the case. I still remember my Washington 577 00:26:57,000 --> 00:26:59,720 Speaker 1: Mutual savings account. They're not around any longer, paid something 578 00:26:59,800 --> 00:27:01,919 Speaker 1: like wan my point six or something. In inflation back 579 00:27:01,960 --> 00:27:05,320 Speaker 1: then was two percent. So savers, actually we're still making money, 580 00:27:05,520 --> 00:27:07,440 Speaker 1: getting ahead on their money. That just hasn't been the 581 00:27:07,480 --> 00:27:08,880 Speaker 1: case for a while. But I think we're getting closer 582 00:27:08,880 --> 00:27:10,840 Speaker 1: to that point exactly. Yeah. It's important though, to note 583 00:27:10,880 --> 00:27:14,440 Speaker 1: that not everyone is rewarding savers equally. I'm talking about 584 00:27:14,440 --> 00:27:17,359 Speaker 1: the banks here. The average rate being paid on a 585 00:27:17,400 --> 00:27:20,199 Speaker 1: savings account from an f D i C insured institution, 586 00:27:20,480 --> 00:27:25,080 Speaker 1: it's the paltry point to four percent, which that is disgusting. 587 00:27:25,160 --> 00:27:26,760 Speaker 1: I threw up a little bit in my mouth. And 588 00:27:27,520 --> 00:27:31,000 Speaker 1: the average five year CD rate is just point seven 589 00:27:31,119 --> 00:27:33,879 Speaker 1: four percent. So you've got to know where to go 590 00:27:33,960 --> 00:27:36,880 Speaker 1: if you're looking for those sky high rates. Um chances 591 00:27:36,880 --> 00:27:38,720 Speaker 1: are the big bank down the street, that brick and 592 00:27:38,720 --> 00:27:41,040 Speaker 1: mortar there's just not going to give it to you. Again. 593 00:27:41,119 --> 00:27:44,080 Speaker 1: Look to some of our favorite banks like ally C, 594 00:27:44,280 --> 00:27:47,359 Speaker 1: I T, you just mentioned them, Capital One, Discover Like 595 00:27:47,400 --> 00:27:50,679 Speaker 1: they're all great banks that have awesome user interfaces, who 596 00:27:50,800 --> 00:27:54,600 Speaker 1: offer competitive rates, but will link to a thorough list 597 00:27:54,640 --> 00:27:57,520 Speaker 1: of the top rates on savings in the country from 598 00:27:57,680 --> 00:27:59,600 Speaker 1: Doctor of Credit. Will make sure to include that in 599 00:28:00,000 --> 00:28:01,640 Speaker 1: our show notes. Yeah, they keep a really thorough list 600 00:28:01,640 --> 00:28:03,959 Speaker 1: of that. And I think we talked about investing, we 601 00:28:04,000 --> 00:28:06,560 Speaker 1: want you to be average by getting being just going 602 00:28:06,640 --> 00:28:08,920 Speaker 1: into a basic index. Fun when it comes to savings rates, 603 00:28:08,920 --> 00:28:10,639 Speaker 1: we don't want you to be average because that means 604 00:28:10,680 --> 00:28:12,440 Speaker 1: you're settling for a whole lot less than you could get. 605 00:28:12,680 --> 00:28:15,600 Speaker 1: So these are guaranteed rates being paid by these banks, 606 00:28:15,640 --> 00:28:18,320 Speaker 1: these f f D i C insured banks that are 607 00:28:18,720 --> 00:28:22,919 Speaker 1: sometimes ten ten times the national average or more. The 608 00:28:22,920 --> 00:28:25,159 Speaker 1: more saving you have on hand, the more you are 609 00:28:25,200 --> 00:28:27,240 Speaker 1: going to be able to benefit by switching. But I 610 00:28:27,240 --> 00:28:28,639 Speaker 1: think it makes sense for a lot of folks to 611 00:28:28,680 --> 00:28:30,440 Speaker 1: ditch their old bank, especially if it's one of the 612 00:28:30,480 --> 00:28:32,480 Speaker 1: big ones that they've been with for way too long. 613 00:28:32,960 --> 00:28:34,880 Speaker 1: But let's talk about pay for just a second method. 614 00:28:34,960 --> 00:28:37,480 Speaker 1: The lowest wage that you can make it Target now 615 00:28:38,000 --> 00:28:41,080 Speaker 1: is fifteen dollars an hour. But Target also just announced 616 00:28:41,080 --> 00:28:45,120 Speaker 1: that they're raising that minimum that minimum wage to twenty 617 00:28:45,160 --> 00:28:48,360 Speaker 1: four dollars in certain locations around the country. That the 618 00:28:48,360 --> 00:28:51,120 Speaker 1: fact that in certain Target locations you might be able 619 00:28:51,160 --> 00:28:53,640 Speaker 1: to start out as like a cashier or or just 620 00:28:53,680 --> 00:28:56,480 Speaker 1: doing basic work there for twenty four dollars. It's pretty incredible, 621 00:28:56,640 --> 00:28:58,720 Speaker 1: and I think it shows just how competitive the labor 622 00:28:58,760 --> 00:29:02,200 Speaker 1: market is right now. It's especially in that lower tier range, 623 00:29:02,360 --> 00:29:04,720 Speaker 1: you know. And and in addition to that pay bump, 624 00:29:04,720 --> 00:29:07,360 Speaker 1: Target hasn't just done that, but they've decreased the number 625 00:29:07,360 --> 00:29:09,600 Speaker 1: of hours that employees need to work to be eligible 626 00:29:09,600 --> 00:29:12,720 Speaker 1: for health benefits from thirty hours a week to twenty 627 00:29:12,720 --> 00:29:15,000 Speaker 1: five hours a week, getting more than that Starbucks range. 628 00:29:15,000 --> 00:29:19,200 Speaker 1: That competitive, those competitive benefits, dangling those carrots, trying to incentivize, 629 00:29:19,360 --> 00:29:22,200 Speaker 1: trying to attract new hires and maintain and to keep 630 00:29:22,200 --> 00:29:23,760 Speaker 1: those new higher, which I love it. I love it. 631 00:29:23,800 --> 00:29:25,960 Speaker 1: I love seeing this kind of stuff happen. It shows 632 00:29:25,960 --> 00:29:28,000 Speaker 1: that there's still a lot of competition out there for 633 00:29:28,040 --> 00:29:30,200 Speaker 1: good workers. And we're going to talk more about how 634 00:29:30,200 --> 00:29:32,520 Speaker 1: to increase your pay next week on the show, but 635 00:29:32,640 --> 00:29:34,280 Speaker 1: just know there are a lot of ways to increase 636 00:29:34,320 --> 00:29:36,120 Speaker 1: your income, which is a great goal to have. We're 637 00:29:36,160 --> 00:29:39,360 Speaker 1: going to discuss that in depth this coming Wednesday. That's right, 638 00:29:39,600 --> 00:29:41,800 Speaker 1: So that is going to be it for this episode. 639 00:29:41,840 --> 00:29:43,560 Speaker 1: You can find our show notes up on the website 640 00:29:43,560 --> 00:29:45,400 Speaker 1: at how the Money dot com, and if you've been 641 00:29:45,440 --> 00:29:47,400 Speaker 1: listening to the show, we would love for you to 642 00:29:47,520 --> 00:29:50,640 Speaker 1: leave us a solid rating or review wherever it is 643 00:29:50,680 --> 00:29:53,160 Speaker 1: that you listen to your podcasts. So if that's not 644 00:29:53,240 --> 00:29:56,920 Speaker 1: something that you have done yet, we would really appreciate that. 645 00:29:57,080 --> 00:29:59,680 Speaker 1: Really honestly, it helps us to helps others to to 646 00:29:59,680 --> 00:30:01,840 Speaker 1: be able to find our show others who are looking 647 00:30:01,880 --> 00:30:04,800 Speaker 1: to put themselves in a better financial position. Takes just 648 00:30:04,880 --> 00:30:06,680 Speaker 1: a couple of seconds and it puts a big smile 649 00:30:06,720 --> 00:30:12,520 Speaker 1: on Matt's animal hating face. Jerk, but that is just kidding. 650 00:30:12,720 --> 00:30:17,280 Speaker 1: That is going to be I'm getting him a goldfish Joel. 651 00:30:17,440 --> 00:30:20,400 Speaker 1: Until next time, Best Friends Out, Best Friends Out,