1 00:00:00,240 --> 00:00:03,040 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt. 2 00:00:03,200 --> 00:00:07,920 Speaker 1: Today we're discussing unprepared borrowers, unconsortable bank fees, and an 3 00:00:08,000 --> 00:00:30,280 Speaker 1: uplifting tax strategy. With that title, everyone knows that this 4 00:00:30,360 --> 00:00:33,680 Speaker 1: is going to be an unbelievably helpful episode as we 5 00:00:33,760 --> 00:00:35,920 Speaker 1: get to the different stories that we have come across 6 00:00:35,920 --> 00:00:40,080 Speaker 1: this week. Every episode we make Matt to be unbelievably helpful. Yeah, 7 00:00:40,080 --> 00:00:43,280 Speaker 1: I think so, It's just they don't always have in 8 00:00:43,320 --> 00:00:45,800 Speaker 1: the name like this one does. But yeah, we're gonna 9 00:00:45,800 --> 00:00:47,440 Speaker 1: get to all the different stories we came across this week. 10 00:00:47,440 --> 00:00:50,120 Speaker 1: We're gonna let you know how those stories are going 11 00:00:50,159 --> 00:00:53,080 Speaker 1: to impact your personal finances. But first, last week we 12 00:00:53,120 --> 00:00:55,840 Speaker 1: announced a book giveaway. We announced one of our raid 13 00:00:55,920 --> 00:00:59,200 Speaker 1: our bookshelf giveaways. You had until this past Wednesday at 14 00:00:59,200 --> 00:01:03,440 Speaker 1: Midnight's and Joel. Since then we have drawn our winners. 15 00:01:03,560 --> 00:01:06,160 Speaker 1: So we've got three winners and they are swore a 16 00:01:06,360 --> 00:01:10,360 Speaker 1: Hito gold Rush Money as well as s Shan forty 17 00:01:10,400 --> 00:01:13,520 Speaker 1: five will be reaching out to you. Check your inbox 18 00:01:13,640 --> 00:01:16,120 Speaker 1: if you have not recently, because we're gonna ask for 19 00:01:16,160 --> 00:01:19,839 Speaker 1: your mailing address and we'll be sending you some books. 20 00:01:19,880 --> 00:01:22,479 Speaker 1: From our favorite guests that we've had on the show before. 21 00:01:22,720 --> 00:01:25,600 Speaker 1: Hopefully you enjoy them because a podcast interview forty five 22 00:01:25,600 --> 00:01:27,760 Speaker 1: minutes of a discussion can tell you a lot, but 23 00:01:28,160 --> 00:01:31,240 Speaker 1: a book tells you even more, uh almost all the time. Right, 24 00:01:31,280 --> 00:01:33,760 Speaker 1: So yeah, thanks for playing, thanks for entering, Thanks for 25 00:01:33,760 --> 00:01:35,679 Speaker 1: those kind reviews. It means a lot to Matt and I, 26 00:01:36,240 --> 00:01:38,040 Speaker 1: So I mean, yeah, it really does, because not only 27 00:01:38,040 --> 00:01:39,960 Speaker 1: do we get to see some of those positive reviews, 28 00:01:40,040 --> 00:01:41,640 Speaker 1: but I don't know, a lot of folks include a 29 00:01:41,680 --> 00:01:45,160 Speaker 1: nice little message in there as well that basically bolsters there. 30 00:01:45,200 --> 00:01:46,959 Speaker 1: You know, the review that they left and just the 31 00:01:47,000 --> 00:01:49,440 Speaker 1: different ways that folks have been able to change their 32 00:01:49,440 --> 00:01:51,240 Speaker 1: lives with the different things that we talked about here 33 00:01:51,240 --> 00:01:54,880 Speaker 1: on the show is incredibly meaningful. Uh, you know, it 34 00:01:54,960 --> 00:01:57,320 Speaker 1: changes our lives to hear the positive moves that you 35 00:01:57,360 --> 00:01:59,680 Speaker 1: have made with your money, So thank you to everyone exactly. 36 00:01:59,680 --> 00:02:02,560 Speaker 1: And on that note, we want to hear actually what 37 00:02:02,680 --> 00:02:05,160 Speaker 1: you've done this year, like the life changing money moves 38 00:02:05,200 --> 00:02:08,480 Speaker 1: that you have made. And we're in preparation for a 39 00:02:08,560 --> 00:02:10,160 Speaker 1: year end episode that Matt and I tried to do 40 00:02:10,280 --> 00:02:13,000 Speaker 1: every year where we share your listener money wins. So 41 00:02:13,000 --> 00:02:16,040 Speaker 1: if you've done something awesome, if you have paid off 42 00:02:16,040 --> 00:02:17,800 Speaker 1: a debt, a pesky credit card debt that you did 43 00:02:17,840 --> 00:02:19,840 Speaker 1: not think was possible, or even if it's just like 44 00:02:19,840 --> 00:02:22,359 Speaker 1: a mindset shift something that you're like, Man, I always 45 00:02:22,400 --> 00:02:24,560 Speaker 1: had this like mental roadblock when it came to how 46 00:02:24,560 --> 00:02:27,000 Speaker 1: I handled my money, and I've made a breakthrough this year. Like, 47 00:02:27,040 --> 00:02:29,560 Speaker 1: whatever you've done, we want to hear it. Send in 48 00:02:29,600 --> 00:02:31,640 Speaker 1: a voice memo to Matt and I so we can 49 00:02:31,880 --> 00:02:35,480 Speaker 1: get that into our episode that we're gonna share with 50 00:02:35,720 --> 00:02:38,120 Speaker 1: everyone at the end of the year. It's just it's 51 00:02:38,120 --> 00:02:40,040 Speaker 1: super fun to hear everybody's money wins. That's like one 52 00:02:40,080 --> 00:02:41,600 Speaker 1: of my favorite episodes of the year. It could even 53 00:02:41,600 --> 00:02:44,000 Speaker 1: be a beer recommendation. If we've turned you onto your 54 00:02:44,040 --> 00:02:46,640 Speaker 1: new favorite brewery that you didn't know about, we've converted 55 00:02:46,680 --> 00:02:48,120 Speaker 1: you from being a beer hater to a beer lover. 56 00:02:48,240 --> 00:02:50,600 Speaker 1: That that would be to hear about it. I really did. 57 00:02:51,400 --> 00:02:52,960 Speaker 1: I just want to mention one of the things to Matt. 58 00:02:53,040 --> 00:02:55,920 Speaker 1: I am it is uh the day this airs. We 59 00:02:55,960 --> 00:03:00,040 Speaker 1: record Thursday afternoons, but this airs on a Friday, and 60 00:03:00,160 --> 00:03:03,519 Speaker 1: I will be Friday afternoon ringing the bell. You'll be 61 00:03:03,520 --> 00:03:06,520 Speaker 1: in mid flight to New York. I'll be already. I'm 62 00:03:06,560 --> 00:03:09,080 Speaker 1: leaving early in the morning and I am published at 63 00:03:09,120 --> 00:03:11,680 Speaker 1: four am. Are you leaving that early? I'll be waking 64 00:03:11,720 --> 00:03:13,920 Speaker 1: up that early. I'm only get six fifteen flights, so 65 00:03:14,080 --> 00:03:15,720 Speaker 1: I put my makeup on before I go. Sorry, I 66 00:03:15,840 --> 00:03:17,480 Speaker 1: get you off. No, But so I'll be ringing the 67 00:03:17,520 --> 00:03:20,120 Speaker 1: bell the New York Stock Exchange with UH with some 68 00:03:20,200 --> 00:03:23,080 Speaker 1: good friends and a couple of whom have launched an 69 00:03:23,120 --> 00:03:25,320 Speaker 1: et F company, And so I just wanted to let listeners. 70 00:03:25,400 --> 00:03:28,519 Speaker 1: So check out our Instagram page. We'll be posting some 71 00:03:28,880 --> 00:03:31,000 Speaker 1: photos of me in New York City wandering around being 72 00:03:31,040 --> 00:03:33,440 Speaker 1: a total buffoon. And then I'll be posting some photos 73 00:03:33,520 --> 00:03:35,800 Speaker 1: from yeah, me on the New York Sock Exchange, which 74 00:03:36,040 --> 00:03:38,360 Speaker 1: I never thought would happen. Yeah, man, are you excited? Yeah? 75 00:03:38,400 --> 00:03:40,080 Speaker 1: I think I think it's gonna be fun. One. I 76 00:03:40,200 --> 00:03:42,240 Speaker 1: like New York City and I don't get there very often. True, 77 00:03:42,240 --> 00:03:44,600 Speaker 1: it's gonna be a very short trip, but you know 78 00:03:44,680 --> 00:03:46,080 Speaker 1: we're gonna try to eat some good food while on 79 00:03:46,080 --> 00:03:49,360 Speaker 1: there in the twenty four hours kind of trip. Yeah. Okasically, yeah, 80 00:03:49,360 --> 00:03:51,280 Speaker 1: I'm getting there and then heading back the next day. 81 00:03:51,560 --> 00:03:53,720 Speaker 1: But yeah, just to get to see some old friends 82 00:03:54,000 --> 00:03:56,160 Speaker 1: in the money space. I'll see some other fellow money 83 00:03:56,240 --> 00:03:58,720 Speaker 1: nerds that that you know, attend the finn Con conference 84 00:03:58,760 --> 00:04:00,400 Speaker 1: that you and I go to because they are also 85 00:04:00,520 --> 00:04:02,720 Speaker 1: friends with the brothers that launched the ct F. You'll 86 00:04:02,720 --> 00:04:05,480 Speaker 1: see your other, our other Jolo am Joel is going 87 00:04:05,520 --> 00:04:07,120 Speaker 1: to be there, that's right. Yeah, So to catch up 88 00:04:07,120 --> 00:04:09,760 Speaker 1: with some of those folks and to really like, I've 89 00:04:09,800 --> 00:04:11,440 Speaker 1: never hung out on Wall Street, like you know, we 90 00:04:11,520 --> 00:04:13,720 Speaker 1: are main street kind of guys. So it's gonna be 91 00:04:13,800 --> 00:04:16,640 Speaker 1: interesting to you know, be where the magic happens on 92 00:04:16,680 --> 00:04:19,120 Speaker 1: the New York Stock Exchange. I will report back, but 93 00:04:19,640 --> 00:04:21,400 Speaker 1: let's move on, Matt. Let's get to our Friday Flight, 94 00:04:21,480 --> 00:04:23,440 Speaker 1: which is of course a sampling of stories we found 95 00:04:23,520 --> 00:04:26,560 Speaker 1: interesting this week and how they pertained to your finances. 96 00:04:26,880 --> 00:04:28,680 Speaker 1: And the first one we want to get to is 97 00:04:28,720 --> 00:04:31,039 Speaker 1: there was a recent poll from credit cards dot com 98 00:04:31,520 --> 00:04:35,120 Speaker 1: and that poll revealed that six folks with credit card 99 00:04:35,160 --> 00:04:38,960 Speaker 1: debt are planning to pile on more to buy gifts 100 00:04:39,279 --> 00:04:41,320 Speaker 1: for the holidays, which is terrible news. Of course, the 101 00:04:41,400 --> 00:04:44,240 Speaker 1: folks are gonna plan to continue to go in debts, uh, 102 00:04:44,400 --> 00:04:46,600 Speaker 1: not claw their way out of it exactly they're going 103 00:04:46,640 --> 00:04:50,160 Speaker 1: in the opposite direction. And yeah, gifts for other people, 104 00:04:50,200 --> 00:04:52,240 Speaker 1: we would say are not a reason to go into debt, 105 00:04:52,279 --> 00:04:55,039 Speaker 1: and there especially not a reason to go into more 106 00:04:55,120 --> 00:04:57,680 Speaker 1: debt if you already got some you know, piled up 107 00:04:57,800 --> 00:04:59,920 Speaker 1: on your credit card. You know, your credit card interest 108 00:05:00,240 --> 00:05:02,320 Speaker 1: is likely in the high teens, I think, Uh, the 109 00:05:02,360 --> 00:05:04,600 Speaker 1: average credit card interest rate is somewhere close to sevent 110 00:05:05,640 --> 00:05:07,480 Speaker 1: So it's not just the price of the item that 111 00:05:07,520 --> 00:05:09,520 Speaker 1: you're paying for at that point, it's the interest that 112 00:05:09,560 --> 00:05:12,320 Speaker 1: you're gonna be paying on that gift for months to come. 113 00:05:12,680 --> 00:05:14,640 Speaker 1: So if you still got lingering credit card debt in 114 00:05:14,640 --> 00:05:17,120 Speaker 1: your life, we would say, don't up the anti and 115 00:05:17,200 --> 00:05:21,280 Speaker 1: take on more the satellite. It sounds harsh, but the 116 00:05:21,320 --> 00:05:23,400 Speaker 1: best way is the hard way. We would say, do 117 00:05:23,520 --> 00:05:25,920 Speaker 1: the bare minimum when it comes to gift giving, sticking 118 00:05:26,000 --> 00:05:28,640 Speaker 1: to free and cheap until you can get yourself out 119 00:05:28,720 --> 00:05:31,000 Speaker 1: of debt, which is just a great goal. Uh. And 120 00:05:31,200 --> 00:05:33,040 Speaker 1: you're not gonna get out of debt without a plan, 121 00:05:33,400 --> 00:05:35,600 Speaker 1: by the way, You're not gonna get out of debt 122 00:05:35,680 --> 00:05:38,000 Speaker 1: with on a wish and a prayer. So yeah, we're 123 00:05:38,000 --> 00:05:39,920 Speaker 1: not trying to guilt trip you here. But you know, 124 00:05:40,000 --> 00:05:42,920 Speaker 1: while it seems like you can't do the holidays without gifts. 125 00:05:43,600 --> 00:05:45,520 Speaker 1: That's not true, and it's just not worth it. So 126 00:05:46,160 --> 00:05:47,880 Speaker 1: if you need help, the help of a tool, a 127 00:05:48,000 --> 00:05:50,400 Speaker 1: useful tool that's free to help you get out of debt. 128 00:05:50,680 --> 00:05:53,000 Speaker 1: Un debt dot it is a free one that can 129 00:05:53,040 --> 00:05:55,880 Speaker 1: be helpful to help you create the right plane for you. 130 00:05:56,240 --> 00:05:58,000 Speaker 1: Will link to that one in the show notes. Uh, 131 00:05:58,040 --> 00:06:00,600 Speaker 1: it's kind of old school looking, but it's got all 132 00:06:00,600 --> 00:06:02,520 Speaker 1: the right features to help you make a plan and 133 00:06:02,560 --> 00:06:03,760 Speaker 1: stick to it. And I think they have an app 134 00:06:03,800 --> 00:06:05,400 Speaker 1: as well. But I know on the desktop version you 135 00:06:05,440 --> 00:06:07,320 Speaker 1: can punch in your different debts and then you get 136 00:06:07,360 --> 00:06:10,160 Speaker 1: to choose what method of debt payoff you wanna go after, 137 00:06:10,440 --> 00:06:12,440 Speaker 1: and so whether it's like the snowball method or the 138 00:06:12,680 --> 00:06:15,320 Speaker 1: debt avalanche method. Uh, it's really cool because it kind 139 00:06:15,320 --> 00:06:17,440 Speaker 1: of does all the you know, all the heavy lifting 140 00:06:17,560 --> 00:06:19,520 Speaker 1: for you. And if you can have a method, which 141 00:06:19,640 --> 00:06:20,920 Speaker 1: which is what you and I have kind of been 142 00:06:20,960 --> 00:06:23,400 Speaker 1: proponents of, there's like seven or like seven, eight or 143 00:06:23,480 --> 00:06:25,160 Speaker 1: nine methods. I'm just like, well, wait a minute, like 144 00:06:25,320 --> 00:06:28,880 Speaker 1: how many different approaches are there? Obviously the two main ones, 145 00:06:28,880 --> 00:06:31,760 Speaker 1: whether you want to prioritize the lowest interest rate or 146 00:06:31,800 --> 00:06:33,880 Speaker 1: the lowest balance, depending on what's going to move the 147 00:06:33,960 --> 00:06:36,160 Speaker 1: needle most for you. And so that's something yeah, that 148 00:06:36,200 --> 00:06:38,040 Speaker 1: Oil link to in the show notes. But you know, 149 00:06:38,240 --> 00:06:39,839 Speaker 1: like like your angel, like so many of the different 150 00:06:39,880 --> 00:06:43,000 Speaker 1: gifts that we give, I feel like often are just 151 00:06:43,120 --> 00:06:45,600 Speaker 1: out of obligation. We just feel like we're supposed to. 152 00:06:46,000 --> 00:06:48,200 Speaker 1: And you know, it might sound crazy, but there is 153 00:06:48,240 --> 00:06:51,600 Speaker 1: a way to have an honest conversation to set expectations 154 00:06:51,680 --> 00:06:55,760 Speaker 1: about gift giving and about your financial you know, limitations 155 00:06:56,160 --> 00:06:59,360 Speaker 1: just where you are financially. Honesty is always gonna be 156 00:06:59,400 --> 00:07:01,440 Speaker 1: the best policy you and it's definitely better than going 157 00:07:01,480 --> 00:07:03,520 Speaker 1: into more debt. And on that note, a quick little 158 00:07:03,560 --> 00:07:06,160 Speaker 1: question for you listeners out there. Have you been noticing 159 00:07:06,200 --> 00:07:08,960 Speaker 1: more junk mail in your mailbox, specifically from credit card companies? 160 00:07:09,320 --> 00:07:12,680 Speaker 1: Because the Wall Street Journal reports that mailed credit card 161 00:07:12,720 --> 00:07:15,680 Speaker 1: offers are back above pre pandemic levels. We don't think 162 00:07:15,720 --> 00:07:18,440 Speaker 1: that there's anything necessarily wrong with that, but if you 163 00:07:18,520 --> 00:07:21,320 Speaker 1: hate getting them, you can do something about it. So 164 00:07:21,360 --> 00:07:24,280 Speaker 1: you can go to opt Out Prescreen. This is the 165 00:07:24,400 --> 00:07:27,160 Speaker 1: site to make sure that you are able to weed 166 00:07:27,200 --> 00:07:30,280 Speaker 1: out most of these offers before they even enter your mailbox. 167 00:07:30,640 --> 00:07:33,240 Speaker 1: This is something that I have recently done. You can 168 00:07:33,360 --> 00:07:35,960 Speaker 1: either select I want to opt out for the next 169 00:07:36,000 --> 00:07:39,880 Speaker 1: five years, or you can just say like forever eternity. Yeah, yeah, 170 00:07:40,160 --> 00:07:41,600 Speaker 1: this is something I never want to hear from. And 171 00:07:41,680 --> 00:07:44,480 Speaker 1: it's not just credit card companies, but insurance companies as well. 172 00:07:44,920 --> 00:07:47,440 Speaker 1: And also I noticed on there you don't have to 173 00:07:47,600 --> 00:07:50,000 Speaker 1: include your social Security number anymore. That's not one of 174 00:07:50,040 --> 00:07:53,080 Speaker 1: the required fields, which actually made me really happy because 175 00:07:53,080 --> 00:07:54,400 Speaker 1: I used to turn a lot of people off from 176 00:07:54,520 --> 00:07:57,960 Speaker 1: wanting to put in the information. Really sit Yeah, generally speaking, 177 00:07:58,000 --> 00:07:59,960 Speaker 1: you want to limit how many people have your social 178 00:08:00,080 --> 00:08:03,000 Speaker 1: Security number at all. I know recently. Actually, do we 179 00:08:03,040 --> 00:08:04,840 Speaker 1: talk about me going to the dentist. Actually went to 180 00:08:04,880 --> 00:08:07,640 Speaker 1: the dentist, And I won't go into the results or 181 00:08:07,640 --> 00:08:09,960 Speaker 1: anything like that. It's all good news, but you have 182 00:08:10,080 --> 00:08:11,720 Speaker 1: to check in on like their little iPad and make 183 00:08:11,720 --> 00:08:13,320 Speaker 1: sure your information is up to date pass for your 184 00:08:13,360 --> 00:08:16,400 Speaker 1: social offices. And it was there, and so I deleted 185 00:08:16,480 --> 00:08:19,920 Speaker 1: it and updated it. And so I mean because I thought, 186 00:08:19,960 --> 00:08:21,640 Speaker 1: oh well, I punched that in the last time, but 187 00:08:21,680 --> 00:08:23,680 Speaker 1: it doesn't look like it's required there anymore, and so 188 00:08:23,760 --> 00:08:25,080 Speaker 1: I saved it and gave it to them, and now 189 00:08:25,120 --> 00:08:27,720 Speaker 1: they don't have my Social Security numbers. That's one thing 190 00:08:27,760 --> 00:08:29,240 Speaker 1: that I usually try to push back on them, like 191 00:08:29,400 --> 00:08:31,440 Speaker 1: do you really need it? No, I don't think you do. Um, 192 00:08:31,760 --> 00:08:33,640 Speaker 1: let's let's get that line. Yeah. And so we wanted 193 00:08:33,640 --> 00:08:37,480 Speaker 1: to mention that specifically for credit card offers because honestly, like, 194 00:08:37,559 --> 00:08:39,160 Speaker 1: we don't want you to sign up for a credit 195 00:08:39,200 --> 00:08:41,240 Speaker 1: card like just because it showed up in your mailbox, 196 00:08:41,600 --> 00:08:44,560 Speaker 1: aside from just all the wasted paper and junk mail 197 00:08:44,840 --> 00:08:46,840 Speaker 1: now that you have to deal with, because you want 198 00:08:46,880 --> 00:08:48,640 Speaker 1: to make sure that the rewards that you're getting with 199 00:08:48,720 --> 00:08:51,680 Speaker 1: the credit card that they are going to best fits 200 00:08:51,720 --> 00:08:53,959 Speaker 1: you based on how it is that you spend. And 201 00:08:54,240 --> 00:08:56,320 Speaker 1: so we've actually got an article up on the website 202 00:08:56,320 --> 00:08:58,000 Speaker 1: that will put in the show notes that will help 203 00:08:58,040 --> 00:09:00,960 Speaker 1: steer you in the right direction based on your spending patterns. Plus, 204 00:09:01,000 --> 00:09:02,920 Speaker 1: we've got another article up there as well that highlights 205 00:09:03,120 --> 00:09:05,320 Speaker 1: the cards that Joel and I that we personally use 206 00:09:05,720 --> 00:09:08,079 Speaker 1: why it is that we use those cards, But we 207 00:09:08,320 --> 00:09:10,640 Speaker 1: mentioned those because we just want you to think through 208 00:09:10,720 --> 00:09:12,160 Speaker 1: this a little bit. We want you to do your 209 00:09:12,240 --> 00:09:15,319 Speaker 1: due diligence before bringing another credit card into your life. 210 00:09:15,760 --> 00:09:17,959 Speaker 1: Exactly We're not anti credit card, We're just anti you 211 00:09:18,080 --> 00:09:20,600 Speaker 1: having the wrong credit cards. We want should optimize those 212 00:09:20,640 --> 00:09:23,439 Speaker 1: rewards and get the best ones for how you spend. 213 00:09:23,840 --> 00:09:26,040 Speaker 1: And mat let's let's talk about student loans for a second. 214 00:09:26,200 --> 00:09:29,000 Speaker 1: Obviously a favorite topic on the show, and it's been 215 00:09:29,040 --> 00:09:31,719 Speaker 1: a long time since most how the Money listeners have 216 00:09:31,840 --> 00:09:33,959 Speaker 1: had to make a student loan payment. There's been a 217 00:09:34,000 --> 00:09:37,560 Speaker 1: lot of rejoicing over the past year plus where everyone 218 00:09:37,640 --> 00:09:40,240 Speaker 1: has been infrabarance if they have federal student loans. And 219 00:09:40,440 --> 00:09:42,160 Speaker 1: but there was this recent poll that that I saw, 220 00:09:42,559 --> 00:09:45,960 Speaker 1: and it said that folks with full time jobs still 221 00:09:46,040 --> 00:09:49,439 Speaker 1: aren't ready for student loan payments to resume. Do you 222 00:09:49,480 --> 00:09:51,800 Speaker 1: think that's just like wishful thinking? I think, Oh, this 223 00:09:51,880 --> 00:09:53,480 Speaker 1: person has asked me whether or not I'm ready to 224 00:09:53,559 --> 00:09:56,320 Speaker 1: pay my opinion student loans. What are you gonna select? 225 00:09:57,040 --> 00:09:59,439 Speaker 1: Of course not. This is something I don't want to 226 00:09:59,480 --> 00:10:01,719 Speaker 1: see in my life. I'd prefer for them to be 227 00:10:01,840 --> 00:10:05,240 Speaker 1: in forbearance indefinitely, right like justice, the stats can opt 228 00:10:05,240 --> 00:10:09,480 Speaker 1: out my student loan payments, that would be nice. But yeah, 229 00:10:09,640 --> 00:10:11,680 Speaker 1: it turns out, of course, it's just around the corner. 230 00:10:11,760 --> 00:10:14,360 Speaker 1: These payments are set to resume at the end of 231 00:10:14,520 --> 00:10:17,439 Speaker 1: next month. And so yeah, many people in this survey 232 00:10:17,600 --> 00:10:20,120 Speaker 1: said they'll never feel ready, no matter how well their 233 00:10:20,120 --> 00:10:21,959 Speaker 1: personal find it's to shape up. And I think that 234 00:10:22,080 --> 00:10:24,839 Speaker 1: speaks exactly what you're talking about, Matt. It's that wishful thinking. 235 00:10:25,040 --> 00:10:27,840 Speaker 1: It's it's wanting to not have a student loan payment. 236 00:10:27,920 --> 00:10:31,199 Speaker 1: But guess what, it still exists. And so obviously it's 237 00:10:31,200 --> 00:10:33,319 Speaker 1: a big line item in the monthly budget of so 238 00:10:33,480 --> 00:10:35,280 Speaker 1: many folks that's been missing for a long time. But 239 00:10:35,360 --> 00:10:38,000 Speaker 1: it's time to make room for it again because we're 240 00:10:38,000 --> 00:10:40,640 Speaker 1: getting close to the resumption of those payments. We just 241 00:10:40,720 --> 00:10:43,400 Speaker 1: want to continue to highlight that for our listeners because 242 00:10:43,600 --> 00:10:45,880 Speaker 1: we don't want you to get caught flat footed in 243 00:10:46,160 --> 00:10:49,640 Speaker 1: early February when you when that payment is due and 244 00:10:49,720 --> 00:10:51,199 Speaker 1: you're like, huh. You don't want to be like a 245 00:10:51,280 --> 00:10:53,520 Speaker 1: deer in the headlights when that happens, not having the 246 00:10:53,600 --> 00:10:56,040 Speaker 1: money on hand to start paying that student loan payment again. 247 00:10:56,320 --> 00:10:59,160 Speaker 1: That's right, And we understand that restarting your payments towards 248 00:10:59,160 --> 00:11:02,520 Speaker 1: your student loans, how that might provoke some anxiety for you. 249 00:11:03,040 --> 00:11:05,840 Speaker 1: But the best way to avoid the worst of those 250 00:11:05,920 --> 00:11:09,240 Speaker 1: anxious fears is just to be prepared. This is why 251 00:11:09,320 --> 00:11:11,880 Speaker 1: we started talking about this literally months ago. But we 252 00:11:11,960 --> 00:11:14,040 Speaker 1: want you to start to curb your spending so that 253 00:11:14,080 --> 00:11:17,000 Speaker 1: your student loan payment can fit into your budget. And 254 00:11:17,080 --> 00:11:19,080 Speaker 1: we want you to do that now, even though you've 255 00:11:19,080 --> 00:11:21,440 Speaker 1: still got a couple of months. Get into the habit 256 00:11:21,559 --> 00:11:23,439 Speaker 1: of doing that now, start saving that money and you 257 00:11:23,480 --> 00:11:26,440 Speaker 1: could probably honestly use that extra cushion anyway. And if 258 00:11:26,480 --> 00:11:28,480 Speaker 1: you know that you won't be able to afford that 259 00:11:28,559 --> 00:11:30,959 Speaker 1: student loan payment, uh, then it's worth looking into some 260 00:11:31,000 --> 00:11:34,440 Speaker 1: of the different income driven repayment plans to see if 261 00:11:34,800 --> 00:11:38,440 Speaker 1: there's one that will lower those payments even further. Because 262 00:11:38,520 --> 00:11:40,880 Speaker 1: the way those work is they tie your monthly payment 263 00:11:41,200 --> 00:11:43,600 Speaker 1: to a percentage of your income. And so that's another 264 00:11:43,640 --> 00:11:45,360 Speaker 1: thing to keep in mind is that if your income 265 00:11:45,400 --> 00:11:48,200 Speaker 1: has dropped, uh, you know over the past year, past 266 00:11:48,240 --> 00:11:51,319 Speaker 1: two years, uh, it's worth resubmitting getting your income re 267 00:11:51,440 --> 00:11:54,600 Speaker 1: certified because that will have an impact on your payments. Yes, 268 00:11:54,760 --> 00:11:57,400 Speaker 1: yes it will. And then another option map for some 269 00:11:57,559 --> 00:12:00,719 Speaker 1: folks would be to revenance your student own with a 270 00:12:00,840 --> 00:12:04,240 Speaker 1: private lender. Before you do that, though, it's crucial to 271 00:12:04,320 --> 00:12:06,640 Speaker 1: know the trade offs that you're making. If you go 272 00:12:06,800 --> 00:12:09,600 Speaker 1: this route. For instance, you'd be losing out on future 273 00:12:09,720 --> 00:12:14,120 Speaker 1: forbearance options or loan forgiveness if politicians ever did make 274 00:12:14,160 --> 00:12:15,839 Speaker 1: that a reality. It's been promised a long time, but 275 00:12:15,880 --> 00:12:19,200 Speaker 1: nothing's happened on that front. If you have private student loans, 276 00:12:19,520 --> 00:12:21,720 Speaker 1: you're not going to qualify for either of those things. 277 00:12:22,240 --> 00:12:25,400 Speaker 1: But lots of folks could substantially slash their interest rate, 278 00:12:25,559 --> 00:12:28,280 Speaker 1: which would you know, mean lower payments and allow you 279 00:12:28,360 --> 00:12:30,760 Speaker 1: to pay off your loan more quickly if you opt 280 00:12:30,800 --> 00:12:33,480 Speaker 1: three finance and you know, well, we would suggest if 281 00:12:33,520 --> 00:12:36,120 Speaker 1: you're going in that direction, Uh, there's a company like Credible, 282 00:12:36,160 --> 00:12:38,600 Speaker 1: which does a great job helping you shop multiple lenders 283 00:12:38,679 --> 00:12:40,560 Speaker 1: to find the best rate for you. You don't want 284 00:12:40,600 --> 00:12:42,920 Speaker 1: to just go to one place. You want to shop 285 00:12:43,040 --> 00:12:45,000 Speaker 1: the market. Yeah, you don't want a specific company, you 286 00:12:45,200 --> 00:12:48,719 Speaker 1: want an aggregator of different companies exactly. Yeah. And so 287 00:12:48,920 --> 00:12:51,280 Speaker 1: instead of a rate in the five to seven percent range, 288 00:12:51,320 --> 00:12:54,240 Speaker 1: which is likely where your federal student loans are, you 289 00:12:54,280 --> 00:12:56,000 Speaker 1: can you can probably find something in the two to 290 00:12:56,080 --> 00:12:58,360 Speaker 1: three percent range. And we've actually got an article on 291 00:12:58,400 --> 00:13:00,880 Speaker 1: our site that will help you decide the refinancing makes 292 00:13:00,880 --> 00:13:03,480 Speaker 1: sense for you or not. Kind of some checklist items 293 00:13:03,520 --> 00:13:05,559 Speaker 1: to go through because yeah, you don't want to just 294 00:13:05,800 --> 00:13:07,920 Speaker 1: do it, you might regret it. But then there's a 295 00:13:08,000 --> 00:13:10,360 Speaker 1: lot of people who, especially if it's your goal to 296 00:13:10,400 --> 00:13:14,000 Speaker 1: pay off those student loans really quickly, refinancing your student 297 00:13:14,080 --> 00:13:16,480 Speaker 1: loans could make a lot of sense. That's right, And 298 00:13:16,559 --> 00:13:18,840 Speaker 1: I can't imagine a student loan rates going any lower 299 00:13:18,880 --> 00:13:20,720 Speaker 1: than they currently are, So that's another reason to maybe 300 00:13:20,760 --> 00:13:24,240 Speaker 1: start getting on that if that is you. By the way, 301 00:13:24,480 --> 00:13:26,400 Speaker 1: student loans, there's such a problem that we saw that 302 00:13:26,480 --> 00:13:29,240 Speaker 1: Ohio State, they have decided to do something about it. 303 00:13:29,440 --> 00:13:33,760 Speaker 1: They're creating a debt elimination plan that's going to provide scholarships, 304 00:13:33,800 --> 00:13:37,559 Speaker 1: work opportunities, and paid internships in order to help students 305 00:13:37,760 --> 00:13:41,079 Speaker 1: their undergrads graduate debt free. You know, that sounds a 306 00:13:41,160 --> 00:13:45,560 Speaker 1: lot like the different packages that colleges give students minus 307 00:13:45,640 --> 00:13:47,880 Speaker 1: the student loan part. But this is a tenure plan 308 00:13:48,000 --> 00:13:50,960 Speaker 1: that will eventually allow their students uh there at Ohio 309 00:13:51,080 --> 00:13:53,959 Speaker 1: State to graduate completely debt free. We love the direction 310 00:13:54,000 --> 00:13:56,000 Speaker 1: that Ohio State is going with us, and this is 311 00:13:56,040 --> 00:13:59,520 Speaker 1: incredibly noteworthy just because of the massive size of Ohio State. 312 00:13:59,679 --> 00:14:01,400 Speaker 1: I think are there's some other schools who have done 313 00:14:01,440 --> 00:14:03,880 Speaker 1: something similar, but the fact that a school this large 314 00:14:03,960 --> 00:14:06,559 Speaker 1: is doing that is awesome. Yeah, it's gonna help so 315 00:14:06,720 --> 00:14:08,760 Speaker 1: many kids out. And if I was a kid in 316 00:14:08,840 --> 00:14:10,400 Speaker 1: that region of the country, if it was all had 317 00:14:10,400 --> 00:14:12,640 Speaker 1: always been my dream to be a buck guy. Like, 318 00:14:12,920 --> 00:14:15,040 Speaker 1: it's a good school. This only puts Ohio State higher 319 00:14:15,040 --> 00:14:18,320 Speaker 1: on my list for sure. Well, and that one more 320 00:14:18,320 --> 00:14:20,080 Speaker 1: story before we get to the break. There have been 321 00:14:20,120 --> 00:14:22,880 Speaker 1: a lot of Cyber Monday deals. Most of them are 322 00:14:23,040 --> 00:14:26,200 Speaker 1: over I'm not sure anything. I bought a grill. Oh 323 00:14:26,960 --> 00:14:29,840 Speaker 1: mine is kind of rusted. You're three and one three. 324 00:14:30,760 --> 00:14:34,640 Speaker 1: We'll talk more about I'm sure grill griller. So come spring, 325 00:14:34,880 --> 00:14:37,160 Speaker 1: it's gonna be delightful. I I got Kate a gift 326 00:14:37,320 --> 00:14:39,120 Speaker 1: on Cyber Monday, and I'm not gonna say it in 327 00:14:39,200 --> 00:14:42,840 Speaker 1: case Sword gets back to her. But a company that 328 00:14:42,840 --> 00:14:44,360 Speaker 1: I was keeping up with, they offered like a little 329 00:14:44,360 --> 00:14:46,320 Speaker 1: two for one deal, is like a package deal, and 330 00:14:46,400 --> 00:14:48,320 Speaker 1: so that's all I'm gonna say. There you go, Okay, 331 00:14:48,600 --> 00:14:51,040 Speaker 1: I'll say no more. But yeah, they're still continued to 332 00:14:51,080 --> 00:14:53,680 Speaker 1: be some deals. But actually some of the best deals 333 00:14:53,720 --> 00:14:56,120 Speaker 1: that are happening right now are on cell phone service. 334 00:14:56,200 --> 00:14:58,440 Speaker 1: We want to mention that really Gagely, we're big fans, 335 00:14:58,480 --> 00:15:01,200 Speaker 1: as everyone knows of Mint Mobile, and they've got there 336 00:15:01,240 --> 00:15:03,840 Speaker 1: by three months. Get three month deal going on right now. 337 00:15:04,320 --> 00:15:06,080 Speaker 1: Matt and I we both used them, and so yeah, 338 00:15:06,120 --> 00:15:08,920 Speaker 1: you get six months of service forty bucks if you 339 00:15:08,960 --> 00:15:11,960 Speaker 1: choose the lowest price plan that is. Yeah, it is 340 00:15:11,960 --> 00:15:13,800 Speaker 1: such a good deal. You can't really beat that, and 341 00:15:14,040 --> 00:15:15,680 Speaker 1: so yeah, we'd encourage you to take a look at that. 342 00:15:15,760 --> 00:15:17,520 Speaker 1: Will link to that in the show notes. If you're 343 00:15:17,560 --> 00:15:20,600 Speaker 1: looking to save even more, Boost Mobile has a bare 344 00:15:20,680 --> 00:15:23,480 Speaker 1: bones budget plan that's even just a little bit cheaper, 345 00:15:24,000 --> 00:15:26,480 Speaker 1: but that only comes with one gig of data. It's 346 00:15:26,520 --> 00:15:29,240 Speaker 1: basically what I think a whole year of service for 347 00:15:29,280 --> 00:15:32,040 Speaker 1: a hundred bucks. Not too chevvy, but that basic Mint 348 00:15:32,080 --> 00:15:34,080 Speaker 1: plan comes with four gigs of data, which is a 349 00:15:34,080 --> 00:15:37,080 Speaker 1: whole lot more So either one of those more realistic, Yeah, 350 00:15:37,080 --> 00:15:38,880 Speaker 1: whichever one works for you. Will link to both in 351 00:15:38,920 --> 00:15:41,240 Speaker 1: the show notes. But just know those are some of 352 00:15:41,280 --> 00:15:45,000 Speaker 1: our favorite cybermenity deals that apply to almost every how 353 00:15:45,040 --> 00:15:47,760 Speaker 1: the Money Listener, except for the ones in Australian and Canada. 354 00:15:47,760 --> 00:15:50,000 Speaker 1: I think I think I saw some people commenting there 355 00:15:50,000 --> 00:15:52,600 Speaker 1: They're like, why hasn't Mit mobile come to Canada yet. 356 00:15:52,800 --> 00:15:54,280 Speaker 1: I don't know. I bet Ryan Reynolds is going to 357 00:15:54,320 --> 00:15:56,240 Speaker 1: get on that though. That's right. He's a responsive dude, 358 00:15:56,240 --> 00:15:58,400 Speaker 1: so he actually might. Uh and and he's also Canadian. 359 00:15:58,440 --> 00:16:01,160 Speaker 1: So all right, We've got several other stories we're gonna 360 00:16:01,200 --> 00:16:03,560 Speaker 1: get to after the break, including we're gonna talk about 361 00:16:03,680 --> 00:16:06,400 Speaker 1: giving money. We'll get to that one plus others right 362 00:16:06,440 --> 00:16:18,400 Speaker 1: after this break. Okay, we're back and it's time to 363 00:16:18,480 --> 00:16:21,200 Speaker 1: get to that ludacros headline of the week. Let's do it. 364 00:16:21,280 --> 00:16:23,160 Speaker 1: This one comes from the l A Times and from 365 00:16:23,600 --> 00:16:26,840 Speaker 1: writer David Lazarus, and here's the title. Wells, Fargo found 366 00:16:26,920 --> 00:16:30,480 Speaker 1: another way to abuse customers. Then I called them on it, 367 00:16:30,840 --> 00:16:32,640 Speaker 1: and listener Ben sent said this one our way, So 368 00:16:32,720 --> 00:16:34,960 Speaker 1: thanks Ben. We always like to hear to see the 369 00:16:35,600 --> 00:16:38,000 Speaker 1: get get the emails from the ludicrous of the ludicrous 370 00:16:38,040 --> 00:16:40,520 Speaker 1: headlines that our listeners are seeing, and sometimes we like 371 00:16:40,560 --> 00:16:41,880 Speaker 1: to share those on the show. And of course the 372 00:16:41,920 --> 00:16:44,800 Speaker 1: reason this one is ludicrous is because as well as Fargo, right, 373 00:16:44,960 --> 00:16:47,160 Speaker 1: but I think it's also a little ludicrous because it 374 00:16:47,160 --> 00:16:49,400 Speaker 1: almost sounds like the heading of a diary entry, like 375 00:16:50,240 --> 00:16:52,240 Speaker 1: like I feel like this entire story could just be 376 00:16:52,320 --> 00:16:55,880 Speaker 1: David Lazarus being like, Yep, Wells Fargo did something terrible again, 377 00:16:56,160 --> 00:16:57,920 Speaker 1: but I called him on it this time. It's just 378 00:16:58,280 --> 00:17:00,320 Speaker 1: it feels I feel like he's taking it way more personal. 379 00:17:00,480 --> 00:17:02,760 Speaker 1: But I really like that. I like the journalism stance 380 00:17:02,880 --> 00:17:04,639 Speaker 1: that David is taking. Yeah, well, he's like kind of 381 00:17:04,680 --> 00:17:07,000 Speaker 1: like an advocate really when on behalf of consumers. And 382 00:17:07,080 --> 00:17:09,600 Speaker 1: so when when his readers reach out with a problem, 383 00:17:09,920 --> 00:17:11,600 Speaker 1: he goes to he goes to bat for them, and 384 00:17:11,880 --> 00:17:14,680 Speaker 1: he usually gets something done and he did in this 385 00:17:14,800 --> 00:17:17,240 Speaker 1: case too. And basically, uh, you know, Wells Fargo has 386 00:17:17,280 --> 00:17:20,080 Speaker 1: had a number of issues over here, and a lot 387 00:17:20,160 --> 00:17:22,960 Speaker 1: has been written about the terrible things they've done, including, 388 00:17:23,200 --> 00:17:26,280 Speaker 1: you know, they've opened unwanted accounts and customers names, They've 389 00:17:26,320 --> 00:17:29,600 Speaker 1: improperly repossessed the cars of service members, They've gotten in 390 00:17:29,640 --> 00:17:33,000 Speaker 1: trouble with the federal government and with their customers on 391 00:17:33,119 --> 00:17:36,080 Speaker 1: a continual basis. And there's just so many reasons to 392 00:17:36,119 --> 00:17:39,320 Speaker 1: dislike Wells Fargo. And and there's one more based on 393 00:17:39,400 --> 00:17:42,960 Speaker 1: this article. This article detailed how Wells Fargo forced a 394 00:17:43,040 --> 00:17:46,800 Speaker 1: customer to pay a wire transfer fee for Wells Fargo 395 00:17:46,920 --> 00:17:50,080 Speaker 1: to move a mortgage payment around internally inside the bank 396 00:17:50,440 --> 00:17:52,920 Speaker 1: and like from one account into another. Yeah, and the 397 00:17:53,040 --> 00:17:55,600 Speaker 1: other big banks don't even do that. Like David Lazarus 398 00:17:55,640 --> 00:17:57,280 Speaker 1: called Bank of America and some of the other big 399 00:17:57,320 --> 00:17:59,520 Speaker 1: ones to see like what is this happening all over 400 00:17:59,560 --> 00:18:01,560 Speaker 1: the place, and it's like, nope, just at Wells Fargo. 401 00:18:01,840 --> 00:18:04,560 Speaker 1: And so in this one case, Wells Fargo took care 402 00:18:04,560 --> 00:18:06,560 Speaker 1: of the fee. But who knows how many other people 403 00:18:06,680 --> 00:18:09,439 Speaker 1: have been charged a fee like this. A wire transfer 404 00:18:09,480 --> 00:18:12,520 Speaker 1: fee is typically thirty bucks, so that's not cheap. Yeah, man, 405 00:18:12,560 --> 00:18:14,440 Speaker 1: all those fees add up. And actually, speaking of fee 406 00:18:14,480 --> 00:18:17,000 Speaker 1: is Capital One. We just saw this that they dropped 407 00:18:17,040 --> 00:18:20,680 Speaker 1: their overdraft fees, which is super awesome. Yeah, this is 408 00:18:20,720 --> 00:18:22,720 Speaker 1: something that all I did a couple of months ago, 409 00:18:22,880 --> 00:18:24,800 Speaker 1: which I mean they were at the time the largest 410 00:18:24,840 --> 00:18:27,320 Speaker 1: bank to have done something like that, and now Capital 411 00:18:27,400 --> 00:18:29,119 Speaker 1: One is the largest bank. But I am glad to 412 00:18:29,200 --> 00:18:33,000 Speaker 1: see certain companies, certain banks, leading the charge when it 413 00:18:33,080 --> 00:18:36,040 Speaker 1: comes to dropping unnecessary fees. It's honestly, this makes me 414 00:18:36,080 --> 00:18:38,000 Speaker 1: think about Ohio State, like, you know, they're like the 415 00:18:38,080 --> 00:18:41,160 Speaker 1: next largest institution that is coming along and making things 416 00:18:41,280 --> 00:18:43,280 Speaker 1: better for those that they're trying to serve. I think 417 00:18:43,320 --> 00:18:45,880 Speaker 1: the average over draft fee is something like forty bucks 418 00:18:46,080 --> 00:18:48,640 Speaker 1: and so and sometimes people can stack up multiple overdraft 419 00:18:48,680 --> 00:18:51,359 Speaker 1: fees in a day, and so that's how you end 420 00:18:51,440 --> 00:18:53,720 Speaker 1: up with a forty dollar cup of coffee exactly. So 421 00:18:53,800 --> 00:18:55,879 Speaker 1: let's get rid of those and big, big kudos to 422 00:18:55,880 --> 00:18:59,040 Speaker 1: Capital One. Yeah, and so we wanted to mention the 423 00:18:59,040 --> 00:19:01,080 Speaker 1: story here by David Risk though, because we want this 424 00:19:01,200 --> 00:19:03,480 Speaker 1: to be a reminder that you don't have to take 425 00:19:03,640 --> 00:19:06,320 Speaker 1: awful customer service lying down. We want you to call 426 00:19:06,359 --> 00:19:08,480 Speaker 1: a business if you are having an issue. You can 427 00:19:08,560 --> 00:19:10,359 Speaker 1: turn to social media for help if you don't get 428 00:19:10,400 --> 00:19:13,880 Speaker 1: a decent answer from calling the company directly. And ultimately, 429 00:19:13,960 --> 00:19:16,159 Speaker 1: if you have an issue with a bank or you 430 00:19:16,240 --> 00:19:18,960 Speaker 1: know another financial institution, you can always turn to o 431 00:19:19,080 --> 00:19:21,880 Speaker 1: c C dot gov. That's the Office of the Comptroller 432 00:19:22,800 --> 00:19:26,040 Speaker 1: or cfp B, which is the Consumer Financial Protection Bureau 433 00:19:26,320 --> 00:19:29,040 Speaker 1: CFPB dot gov. You can go to those two sites 434 00:19:29,119 --> 00:19:30,879 Speaker 1: to file the complaint. Will link to both of those 435 00:19:30,920 --> 00:19:33,200 Speaker 1: in our show notes. But you might think that those 436 00:19:33,240 --> 00:19:35,920 Speaker 1: complaints are just gonna fall on deaf ears, right. It 437 00:19:35,960 --> 00:19:38,960 Speaker 1: just kind of goes into this database and no berea 438 00:19:39,000 --> 00:19:41,040 Speaker 1: and nobody does anything. It's just all bureacracy. But that's 439 00:19:41,440 --> 00:19:43,640 Speaker 1: it's like the warehouse at the end of Indiana Jones, 440 00:19:44,400 --> 00:19:47,159 Speaker 1: you know, Lost Arc whatever is it, Last Crusader or 441 00:19:47,200 --> 00:19:49,040 Speaker 1: the Lost Ark. I think it's the Lost Dark. When 442 00:19:49,040 --> 00:19:51,080 Speaker 1: they're just like filing it away like on a crate 443 00:19:51,119 --> 00:19:53,640 Speaker 1: in this massive warehouse. That is not where your complaints 444 00:19:53,680 --> 00:19:56,399 Speaker 1: are going. Because the banks, they don't want to run 445 00:19:56,440 --> 00:19:58,760 Speaker 1: a foul of the federal government, and so they often 446 00:19:59,000 --> 00:20:01,679 Speaker 1: will remedy these situations quickly. You've got to be your 447 00:20:01,720 --> 00:20:04,880 Speaker 1: own consumer advocate. You have to fight back. If you're lucky, 448 00:20:05,040 --> 00:20:08,119 Speaker 1: you could maybe wrote David Lazarus into it, uh, and 449 00:20:08,200 --> 00:20:10,879 Speaker 1: maybe he'll write a story about you. He's pretty good 450 00:20:10,880 --> 00:20:13,480 Speaker 1: at getting these companies to respond. And maybe one final 451 00:20:13,600 --> 00:20:16,280 Speaker 1: lesson to learn from this ludicrous headline is just to 452 00:20:16,320 --> 00:20:20,959 Speaker 1: avoid some of these crappy companies, avoid these terrible banks altogether. Yeah, exactly. 453 00:20:21,000 --> 00:20:23,200 Speaker 1: So we would recommend you do business with the banks 454 00:20:23,240 --> 00:20:25,760 Speaker 1: that we talked about on a consistent basis that aren't terrible. 455 00:20:26,240 --> 00:20:28,119 Speaker 1: We like ally, we like Discover, we like see I 456 00:20:28,200 --> 00:20:30,520 Speaker 1: t uh. Those are those are three banks that are 457 00:20:30,560 --> 00:20:33,320 Speaker 1: worth considering. Actually wrote an article about why I signed 458 00:20:33,400 --> 00:20:35,400 Speaker 1: up to a joint c I T back in the day, 459 00:20:35,400 --> 00:20:37,359 Speaker 1: will link to that article in the show notes. But 460 00:20:37,720 --> 00:20:41,560 Speaker 1: stop doing business with banks that hate you, treat you poorly, 461 00:20:41,840 --> 00:20:44,240 Speaker 1: and pay you nothing in interest. Yeah, definitely look at 462 00:20:44,280 --> 00:20:46,280 Speaker 1: the online banks for exactly why do we stay with them. 463 00:20:46,320 --> 00:20:48,280 Speaker 1: I think it's just inertia bias, and we gotta get 464 00:20:48,320 --> 00:20:50,480 Speaker 1: over that. We gotta make a change. But Matt, let's 465 00:20:50,480 --> 00:20:53,359 Speaker 1: move on. Let's talk about giving. We've previously mentioned that 466 00:20:53,600 --> 00:20:56,159 Speaker 1: four O one K contribution limits are increasing by a 467 00:20:56,280 --> 00:20:59,159 Speaker 1: thousand dollars next year, which is awesome. The people who 468 00:20:59,240 --> 00:21:01,520 Speaker 1: want to save a time can save even more. But 469 00:21:01,680 --> 00:21:04,440 Speaker 1: what we haven't mentioned is that the tax brackets are 470 00:21:04,560 --> 00:21:07,119 Speaker 1: changing too, and that the standard deduction is going up 471 00:21:07,160 --> 00:21:10,040 Speaker 1: as well. Single filers are going to see that number 472 00:21:10,119 --> 00:21:13,320 Speaker 1: raised to twelve thousand, nine fifty, and then joint filers 473 00:21:13,359 --> 00:21:15,399 Speaker 1: will get an eight hundred dollar boost that brings the 474 00:21:15,480 --> 00:21:19,640 Speaker 1: standard deduction up to dollars. And this is good news 475 00:21:19,800 --> 00:21:24,000 Speaker 1: if you plan to take the standard deduction on your taxes, 476 00:21:24,040 --> 00:21:27,240 Speaker 1: which is actually most folks, unless you actually have large 477 00:21:27,240 --> 00:21:30,200 Speaker 1: amounts that you can itemize from things like mortgage interest 478 00:21:30,400 --> 00:21:32,840 Speaker 1: or really big medical expenses that you know weren't covered 479 00:21:32,840 --> 00:21:35,400 Speaker 1: by insurance. But it's also important to know the new 480 00:21:35,480 --> 00:21:39,440 Speaker 1: standard deduction because that can impact your charitable giving and 481 00:21:39,720 --> 00:21:43,200 Speaker 1: how you give money away next year. That's right. Yeah, 482 00:21:43,200 --> 00:21:46,160 Speaker 1: we've talked about donor advised funds before here on the show, 483 00:21:46,240 --> 00:21:47,879 Speaker 1: but they are one of the best ways from a 484 00:21:48,000 --> 00:21:51,040 Speaker 1: tax perspective, at least to give your money away. That's 485 00:21:51,040 --> 00:21:53,520 Speaker 1: because they allow you to make an outsize contribution in 486 00:21:53,680 --> 00:21:56,560 Speaker 1: one year in order to to maximize that tax break, 487 00:21:56,560 --> 00:21:58,320 Speaker 1: in order to get that bigger tax break, but then 488 00:21:58,359 --> 00:22:00,359 Speaker 1: you're able to doll that money out to your favorite 489 00:22:00,440 --> 00:22:03,040 Speaker 1: charities over time. And as we get closer to the 490 00:22:03,119 --> 00:22:04,840 Speaker 1: end of the year, more people are starting to consider 491 00:22:04,960 --> 00:22:06,959 Speaker 1: how to lower their tax bill, and of course part 492 00:22:07,000 --> 00:22:09,479 Speaker 1: of this includes giving money away, and that's where these 493 00:22:09,520 --> 00:22:12,440 Speaker 1: donor advised funds come into play, because they allow you 494 00:22:12,560 --> 00:22:14,840 Speaker 1: to invest money that you want to give to your 495 00:22:14,880 --> 00:22:17,840 Speaker 1: favorite nonprofit and to be able to increase the amount 496 00:22:17,880 --> 00:22:20,960 Speaker 1: that you're able to give over time. But unfortunately, you know, 497 00:22:21,040 --> 00:22:23,000 Speaker 1: what we found is that even the low cost brokerage 498 00:22:23,000 --> 00:22:25,639 Speaker 1: companies who we love, they haven't been able to trim 499 00:22:25,800 --> 00:22:27,680 Speaker 1: their fees as much as we would like to see 500 00:22:27,720 --> 00:22:32,000 Speaker 1: them do. Within the donor advised fund space, but Axios 501 00:22:32,000 --> 00:22:34,639 Speaker 1: actually they reported that there's a new startup doing just that. 502 00:22:34,960 --> 00:22:37,480 Speaker 1: They're cutting their costs, they're cutting their fees. Uh. And 503 00:22:37,560 --> 00:22:40,440 Speaker 1: it's called so it's d a f like that's donor 504 00:22:40,520 --> 00:22:44,639 Speaker 1: advised fund and this company is called Daffy. But this 505 00:22:44,800 --> 00:22:48,320 Speaker 1: is an awesome new service who's making it way cheaper. 506 00:22:48,400 --> 00:22:50,760 Speaker 1: They're making it way more affordable to give more of 507 00:22:50,840 --> 00:22:54,359 Speaker 1: your money away within this tax efficient manner. Yeah. Yeah, Well, 508 00:22:54,440 --> 00:22:57,600 Speaker 1: while the big brokerage houses take a percentage plus a 509 00:22:57,680 --> 00:23:00,480 Speaker 1: management fee, Daffy is found a way to charge only 510 00:23:00,560 --> 00:23:03,240 Speaker 1: three bucks a month in management fees, which is not 511 00:23:03,359 --> 00:23:05,879 Speaker 1: bad at all. And Daffy is a not for profit company, 512 00:23:06,000 --> 00:23:08,919 Speaker 1: So it's cool to see a service like this spring up. Uh. 513 00:23:09,160 --> 00:23:11,160 Speaker 1: If you know you want to give, but you aren't 514 00:23:11,200 --> 00:23:13,760 Speaker 1: sure where you want to give yet, a donor avice 515 00:23:13,800 --> 00:23:15,399 Speaker 1: fund makes a whole lot of sense and allows you 516 00:23:15,520 --> 00:23:19,199 Speaker 1: to grow your your dollars for philanthropy in a meaningful 517 00:23:19,240 --> 00:23:22,080 Speaker 1: way until you decide on a specific direction for those 518 00:23:22,119 --> 00:23:25,120 Speaker 1: dollars too. And Daffy just makes it easier to habitually 519 00:23:25,160 --> 00:23:28,560 Speaker 1: contribute those donation dollars at a lower cost. And so 520 00:23:28,840 --> 00:23:30,359 Speaker 1: all in all, it's a really cool new site and 521 00:23:30,400 --> 00:23:34,200 Speaker 1: app that any how, money listeners who are interested, who 522 00:23:34,440 --> 00:23:36,960 Speaker 1: want to grow, you know, their own little pool of 523 00:23:37,000 --> 00:23:39,240 Speaker 1: money to be their own little Mackenzie Scott something like that. 524 00:23:39,720 --> 00:23:41,240 Speaker 1: Uh that this is this is a good way to 525 00:23:41,320 --> 00:23:42,440 Speaker 1: do that, in a low cost way to do that. 526 00:23:42,520 --> 00:23:44,119 Speaker 1: You know, it's crazy you mentioned her, but you know 527 00:23:44,240 --> 00:23:46,199 Speaker 1: that Jeff Bezos, he actually gave more than she did. 528 00:23:46,560 --> 00:23:50,040 Speaker 1: Did you say, Okay, it's funny because like I guess 529 00:23:50,440 --> 00:23:52,480 Speaker 1: he is still kind of like the villain in our minds, 530 00:23:52,560 --> 00:23:54,760 Speaker 1: but he actually gave away a tremendous amount of money. 531 00:23:54,800 --> 00:23:56,960 Speaker 1: He didn't all right, Well, it was a couple of 532 00:23:56,960 --> 00:23:59,200 Speaker 1: weeks ago we talked about a musical artist, Taylor Swift. 533 00:23:59,240 --> 00:24:03,720 Speaker 1: We're gonna talk about another musician now, Mariah Carey. And 534 00:24:03,800 --> 00:24:05,960 Speaker 1: you know what song we're about to talk about, because 535 00:24:06,080 --> 00:24:08,120 Speaker 1: I think you've got it on blast at your house 536 00:24:08,200 --> 00:24:10,560 Speaker 1: that's on repeat. Not my doing, it's my wife. But yes, 537 00:24:10,800 --> 00:24:14,080 Speaker 1: it's a guess all I Want for Christmas. That's the 538 00:24:14,119 --> 00:24:16,520 Speaker 1: song of course that we're talking about. It has been 539 00:24:16,560 --> 00:24:20,240 Speaker 1: streamed nearly seven hundred million times in the past decade, 540 00:24:20,480 --> 00:24:23,080 Speaker 1: which is amazing, you know, good for her, but but 541 00:24:23,200 --> 00:24:25,080 Speaker 1: seeing this actually made me think of our conversation a 542 00:24:25,119 --> 00:24:28,240 Speaker 1: few months back with Rachel Richards. She's written, uh and 543 00:24:28,400 --> 00:24:30,840 Speaker 1: self published two books on her on her own, and 544 00:24:30,920 --> 00:24:33,199 Speaker 1: she has just hustled her away to selling more than 545 00:24:33,320 --> 00:24:36,159 Speaker 1: forty thousand copies of her book. Uh. And you know, 546 00:24:36,240 --> 00:24:38,160 Speaker 1: she told us during our interview that she makes over 547 00:24:38,320 --> 00:24:41,359 Speaker 1: seven thousand dollars a month in book royalties as her 548 00:24:41,400 --> 00:24:43,600 Speaker 1: book continues to sell. So we wanted to mention that 549 00:24:43,680 --> 00:24:47,119 Speaker 1: because you know, this isn't like Mariah Carey money, but 550 00:24:47,240 --> 00:24:50,120 Speaker 1: it's cool to see just how normal folks can find 551 00:24:50,160 --> 00:24:52,840 Speaker 1: a way to make a decent income or you know, 552 00:24:53,080 --> 00:24:55,359 Speaker 1: I'm gonna say decent, like a healthy income. That's amazing 553 00:24:55,480 --> 00:24:57,560 Speaker 1: that Rachel has been able to do that just from 554 00:24:57,680 --> 00:25:00,480 Speaker 1: royalties as well. Uh. So normal folk are able to 555 00:25:00,520 --> 00:25:03,119 Speaker 1: do that, not just these iconic pop stars. Uh. And 556 00:25:03,200 --> 00:25:06,560 Speaker 1: this is more proof again why ownership is the key 557 00:25:06,720 --> 00:25:09,960 Speaker 1: to wealth. Yeah, you're probably not going to write, record 558 00:25:10,119 --> 00:25:12,640 Speaker 1: and perform the most iconic Christmas song in the last 559 00:25:12,640 --> 00:25:15,040 Speaker 1: twenty years. Sorry to burst your bubble, but there is 560 00:25:15,119 --> 00:25:19,240 Speaker 1: a way to kind of take that pattern that certain people, 561 00:25:19,359 --> 00:25:21,600 Speaker 1: uber talented folks like Mariah Carey are able to do 562 00:25:22,040 --> 00:25:23,440 Speaker 1: and kind of bring it down to your world with 563 00:25:23,520 --> 00:25:25,879 Speaker 1: what you're good at. And Rachel, Rachel did just that, 564 00:25:26,080 --> 00:25:28,960 Speaker 1: and so yeah, I just I love that correlation of 565 00:25:29,080 --> 00:25:31,679 Speaker 1: how Mariah did it, so did Rachel. You know, can 566 00:25:31,760 --> 00:25:33,240 Speaker 1: we all find a way to do that to to 567 00:25:33,320 --> 00:25:35,359 Speaker 1: make some recurring money off something that we're good at. 568 00:25:35,920 --> 00:25:39,119 Speaker 1: Probably probably just gotta harness that royalty energy. He there, 569 00:25:39,200 --> 00:25:40,760 Speaker 1: we go, all right, Well, that's gonna do it for 570 00:25:41,119 --> 00:25:43,720 Speaker 1: this episode for this Friday Flights. Don't forget to record 571 00:25:43,840 --> 00:25:46,000 Speaker 1: and send in your big money win for this year, 572 00:25:46,080 --> 00:25:48,080 Speaker 1: which Matt and I want to feature an upcoming episode. 573 00:25:48,080 --> 00:25:49,680 Speaker 1: Want to know how you have been crushing it this 574 00:25:49,760 --> 00:25:51,800 Speaker 1: year exactly. We can't wait to hear it and share 575 00:25:51,800 --> 00:25:54,840 Speaker 1: it with your fellow listener. You can submit those to 576 00:25:55,000 --> 00:25:57,120 Speaker 1: our email at how to Money Pot at gmail dot com. 577 00:25:57,480 --> 00:25:59,320 Speaker 1: That's right, So we hope everyone has a great weekend. 578 00:25:59,560 --> 00:26:01,399 Speaker 1: We'll see back here on Monday. We have an interview 579 00:26:01,440 --> 00:26:04,480 Speaker 1: lined up that is all about house hacking. You can 580 00:26:04,520 --> 00:26:06,800 Speaker 1: look forward to that one, but Joel, until next time. 581 00:26:07,080 --> 00:26:08,800 Speaker 1: Best friends are out, Best Friends Out,