1 00:00:00,160 --> 00:00:03,040 Speaker 1: Welcome to How the Money. I'm Joel and I and Matt, 2 00:00:03,200 --> 00:00:04,960 Speaker 1: and today we're talking about why you need to fix 3 00:00:05,000 --> 00:00:08,080 Speaker 1: your car, the solution overthinking and asking the question, what's 4 00:00:08,080 --> 00:00:30,639 Speaker 1: a better gift? Stocks or flowers? Are you a flowers 5 00:00:30,680 --> 00:00:33,440 Speaker 1: kind of guy or a stocks kind of guy, Joel, 6 00:00:33,600 --> 00:00:36,199 Speaker 1: I'll take either. That's actually please. Yeah. Yeah, we'll talk 7 00:00:36,200 --> 00:00:37,800 Speaker 1: about that later on. But this is our Friday flight. 8 00:00:37,800 --> 00:00:39,720 Speaker 1: We're gonna talk about the different stories that we came 9 00:00:39,720 --> 00:00:42,040 Speaker 1: across this week and how it pertains to your money, 10 00:00:42,040 --> 00:00:45,479 Speaker 1: how it pertains to our personal finances. Joel. First of all, 11 00:00:45,640 --> 00:00:47,920 Speaker 1: let's talk about gift cards. Yeah, so I'm talking about 12 00:00:47,960 --> 00:00:50,320 Speaker 1: gifting right, stocks or flowers. The worst kind of gift 13 00:00:50,400 --> 00:00:52,920 Speaker 1: is one of those prepaid gift cards, Matt, that you 14 00:00:53,280 --> 00:00:56,000 Speaker 1: might give someone that comes with a fee attached to it. 15 00:00:56,120 --> 00:00:58,880 Speaker 1: So school just finished up. My wife, she was the 16 00:00:58,960 --> 00:01:02,640 Speaker 1: room mom for my daughter's kindergarten class. And of course 17 00:01:02,680 --> 00:01:04,839 Speaker 1: you want to get the teachers a really nice gift 18 00:01:05,040 --> 00:01:06,520 Speaker 1: at the end of the year. They've done a good job, 19 00:01:06,600 --> 00:01:10,160 Speaker 1: especially especially this past years. Oh yeah, I want to 20 00:01:10,160 --> 00:01:13,399 Speaker 1: give him an extra hug, but we can't. It's not allowed. 21 00:01:13,480 --> 00:01:16,600 Speaker 1: This card will have to suffice. But so my wife 22 00:01:16,640 --> 00:01:18,319 Speaker 1: was like, all right, but here's the deal. Like the 23 00:01:18,400 --> 00:01:21,640 Speaker 1: other room parents along alongside me decided that we got 24 00:01:21,640 --> 00:01:24,920 Speaker 1: to get these prepaid gift cards. And I was like, oh, 25 00:01:25,280 --> 00:01:26,920 Speaker 1: it just like it made me. It made me want 26 00:01:26,920 --> 00:01:28,920 Speaker 1: to like fall on a sword. You know, you just 27 00:01:29,959 --> 00:01:32,400 Speaker 1: and I'll explain why, because you know I and I 28 00:01:32,400 --> 00:01:35,000 Speaker 1: actually went to the store and bought these cards. You 29 00:01:35,000 --> 00:01:37,480 Speaker 1: did this in person. I wouldn't purchase it like an 30 00:01:37,560 --> 00:01:42,040 Speaker 1: old school which made it even harder because I had 31 00:01:42,040 --> 00:01:44,400 Speaker 1: to physically grab them off the shelf and go to 32 00:01:44,440 --> 00:01:47,480 Speaker 1: the cashier and buy them, um and watch the numbers 33 00:01:47,520 --> 00:01:49,840 Speaker 1: ring up. The problem with these with these gift cards 34 00:01:49,880 --> 00:01:52,720 Speaker 1: is that they come with an activation fee. So like 35 00:01:52,800 --> 00:01:55,040 Speaker 1: if I just hand you Matt a hundred dollars in cash, 36 00:01:55,360 --> 00:01:58,240 Speaker 1: I get to spend a hundred dollars in cash and 37 00:01:58,240 --> 00:02:00,960 Speaker 1: there's no activation fee necessary. Exactly if you buy one 38 00:02:01,000 --> 00:02:05,080 Speaker 1: of those pre baid gift cards five dollars and comes 39 00:02:05,160 --> 00:02:08,360 Speaker 1: off automatically, uh, and there's nothing you can do about it. 40 00:02:08,360 --> 00:02:10,080 Speaker 1: I can't believe you actually went through with it, just 41 00:02:10,200 --> 00:02:11,960 Speaker 1: like you know, okay, six bucks. It's not that big 42 00:02:12,000 --> 00:02:14,600 Speaker 1: of the deal. Parents have already chipped in the money. 43 00:02:14,680 --> 00:02:16,880 Speaker 1: But what principle driven people here? Right, And even just 44 00:02:16,919 --> 00:02:19,840 Speaker 1: the thought of having to pay money to access money 45 00:02:19,880 --> 00:02:23,160 Speaker 1: seems incredibly dumb. Yeah. No, it's kind of against everything 46 00:02:23,200 --> 00:02:25,200 Speaker 1: I know and love and belief but in this life, 47 00:02:25,440 --> 00:02:27,400 Speaker 1: and so they sent the wrong person to do the 48 00:02:27,480 --> 00:02:30,280 Speaker 1: job because I like sweat it over it and I 49 00:02:30,400 --> 00:02:32,120 Speaker 1: like kept thinking, is there a way around this? Like 50 00:02:32,120 --> 00:02:34,320 Speaker 1: we're saying there, like walking in circles trying to figure 51 00:02:34,320 --> 00:02:35,920 Speaker 1: out a way to like around this problem. But the 52 00:02:36,000 --> 00:02:38,280 Speaker 1: at least, you know, the one good thing for for me, 53 00:02:38,320 --> 00:02:40,680 Speaker 1: at least was using the my am X Blue Cash 54 00:02:40,680 --> 00:02:43,639 Speaker 1: Preferred because six percent back on that purchase. But yeah, 55 00:02:43,680 --> 00:02:45,520 Speaker 1: I hate to do that. Was it worth the stress? 56 00:02:46,160 --> 00:02:47,920 Speaker 1: Probably not. No, I'm probably gonna die. It took a 57 00:02:47,960 --> 00:02:49,800 Speaker 1: year off my life is my guests, it wasn't worth it. 58 00:02:50,520 --> 00:02:52,480 Speaker 1: But yeah, So just just a word to the wise 59 00:02:52,520 --> 00:02:54,360 Speaker 1: out there, if you're ever trying to give somebody a 60 00:02:54,360 --> 00:02:56,919 Speaker 1: gift one of those pre baid gift cards, it's just 61 00:02:57,000 --> 00:02:59,360 Speaker 1: not the way to go because most of them do 62 00:02:59,440 --> 00:03:02,720 Speaker 1: come with one of those activation fees, which completely eats 63 00:03:02,720 --> 00:03:05,760 Speaker 1: into the value proposition of giving some money money. Yeah, 64 00:03:05,800 --> 00:03:07,359 Speaker 1: and I know it kind of goes against maybe the 65 00:03:07,600 --> 00:03:11,560 Speaker 1: typical norms of parents of children at school to say, hey, 66 00:03:11,720 --> 00:03:13,920 Speaker 1: we're going to actually give cash. But I would have 67 00:03:14,760 --> 00:03:17,040 Speaker 1: been okay saying, guess what, We're not going to do 68 00:03:17,040 --> 00:03:19,480 Speaker 1: the gift card. We're actually gonna hand over a nice card, 69 00:03:19,600 --> 00:03:21,519 Speaker 1: maybe a handwritten note with some you know, some kids 70 00:03:21,600 --> 00:03:23,800 Speaker 1: drawings in it or something like that. With green stuff 71 00:03:23,800 --> 00:03:26,919 Speaker 1: and literal cash. I mean, it's not something that we 72 00:03:26,960 --> 00:03:29,920 Speaker 1: should be afraid of. This seems like a more ay 73 00:03:30,080 --> 00:03:32,200 Speaker 1: that I would be willing to kind of push back 74 00:03:32,240 --> 00:03:34,960 Speaker 1: on a little bit. Let's end that stigma around cash, 75 00:03:35,080 --> 00:03:38,440 Speaker 1: because there's just there's just no reason that cash should 76 00:03:38,440 --> 00:03:41,400 Speaker 1: be considered to be a classless gift. Crying like it's 77 00:03:41,520 --> 00:03:44,120 Speaker 1: I think I think cash is incredibly classes Okay, so 78 00:03:44,200 --> 00:03:46,440 Speaker 1: here's the weird Part two is like say, I don't 79 00:03:46,480 --> 00:03:48,120 Speaker 1: know what the dollar amount was, but like, what if 80 00:03:48,160 --> 00:03:50,280 Speaker 1: it came out to a dollar amount that wasn't an 81 00:03:50,280 --> 00:03:52,440 Speaker 1: even number, I would even be willing to pitch in 82 00:03:52,480 --> 00:03:55,240 Speaker 1: a few extra bucks to get into a solid number, right, Like, sure, 83 00:03:55,240 --> 00:03:57,040 Speaker 1: you don't want to hand over gift cash that's got 84 00:03:57,080 --> 00:03:59,800 Speaker 1: like a bunch of twenties symptoms of five and like 85 00:04:00,000 --> 00:04:02,880 Speaker 1: war Ones, right, like, I'll go ahead and pitch in 86 00:04:02,880 --> 00:04:06,800 Speaker 1: sixteen bucks in order to get it. Yeah, obviously, no change. 87 00:04:07,160 --> 00:04:08,960 Speaker 1: I would be even be willing to fork out a 88 00:04:08,960 --> 00:04:10,400 Speaker 1: little bit more just to give it, you know, a 89 00:04:10,480 --> 00:04:12,720 Speaker 1: nice crisp bill or a couple of crisp bills, whatever 90 00:04:12,760 --> 00:04:13,960 Speaker 1: it takes. But I'm with you, man, I would have 91 00:04:13,960 --> 00:04:15,800 Speaker 1: been hard pressed to actually go through with that and 92 00:04:16,120 --> 00:04:18,320 Speaker 1: spend that money, the you know, money that's going to 93 00:04:18,560 --> 00:04:20,719 Speaker 1: some of these large banks instead of to the actual teacher. 94 00:04:20,880 --> 00:04:23,440 Speaker 1: So I did it, but uh, yeah, the predicament that 95 00:04:23,560 --> 00:04:26,000 Speaker 1: never again, I hope ever again. But all right, Matt, 96 00:04:26,080 --> 00:04:28,360 Speaker 1: let's move on to the sampling of stories we found 97 00:04:28,400 --> 00:04:30,480 Speaker 1: this week. We call it our Friday Flight, and we've 98 00:04:30,480 --> 00:04:32,599 Speaker 1: got a few stories to get to, Matt, and later 99 00:04:32,640 --> 00:04:34,440 Speaker 1: on in the show, we're actually gonna have a guest 100 00:04:34,480 --> 00:04:36,920 Speaker 1: on on the second half of the show, John Acuff, 101 00:04:37,080 --> 00:04:40,200 Speaker 1: who just wrote a new book about overthinking and how 102 00:04:40,240 --> 00:04:42,279 Speaker 1: to stop it, which is just a common problem that 103 00:04:42,360 --> 00:04:44,479 Speaker 1: many of us face. And yeah, looking forward to chatting 104 00:04:44,480 --> 00:04:47,120 Speaker 1: with him in just a few But before we get 105 00:04:47,160 --> 00:04:49,000 Speaker 1: to that, let's, yeah, let's talk about the stories. The 106 00:04:49,000 --> 00:04:51,680 Speaker 1: first one has to do with car insurance, and as 107 00:04:51,720 --> 00:04:53,160 Speaker 1: a lot of folks are packing up their cars are 108 00:04:53,240 --> 00:04:55,680 Speaker 1: hitting the road this summer, Matt, let's talk about cars 109 00:04:55,680 --> 00:04:57,560 Speaker 1: because a lot of people are going to be avoiding 110 00:04:57,560 --> 00:05:01,080 Speaker 1: airplanes getting in their cars, and specific the car insurance 111 00:05:01,120 --> 00:05:04,360 Speaker 1: because many folks saw their premiums go down over the 112 00:05:04,400 --> 00:05:07,360 Speaker 1: past year. A lot of car insurance companies offered even 113 00:05:07,400 --> 00:05:10,080 Speaker 1: a rebate to their customers last spring as people weren't 114 00:05:10,120 --> 00:05:11,960 Speaker 1: driving much and profits were rolling in. You know, we 115 00:05:12,000 --> 00:05:14,360 Speaker 1: talked about that on the show, and we talked about 116 00:05:14,360 --> 00:05:16,920 Speaker 1: how to talk to your car insurance company about getting 117 00:05:16,920 --> 00:05:19,880 Speaker 1: that rebate. But people are back in their cars and 118 00:05:19,880 --> 00:05:24,000 Speaker 1: they're driving like it's nineteen and that means that inflation 119 00:05:24,120 --> 00:05:26,440 Speaker 1: is actually starting to hit the auto and home insurance 120 00:05:26,520 --> 00:05:28,640 Speaker 1: rates too. I know we're all tired of hearing the 121 00:05:28,680 --> 00:05:31,440 Speaker 1: word inflation and hearing about every single product that we 122 00:05:31,520 --> 00:05:34,159 Speaker 1: buy becoming more expensive, but yes, it is happening with 123 00:05:34,160 --> 00:05:36,280 Speaker 1: your insurance too. So if you get a notice from 124 00:05:36,320 --> 00:05:39,159 Speaker 1: your insurance company that your premiums are going up, Matt 125 00:05:39,200 --> 00:05:41,000 Speaker 1: and I would say it's time to shop around in 126 00:05:41,080 --> 00:05:43,440 Speaker 1: order to save money. You can't really like fight the 127 00:05:43,480 --> 00:05:46,599 Speaker 1: man in this case, really the only way to combat 128 00:05:46,960 --> 00:05:49,800 Speaker 1: rising rates is to yeah, shop the marketplace. Yeah, we're 129 00:05:49,800 --> 00:05:51,960 Speaker 1: we're pretty much always going to be fans of shopping 130 00:05:52,000 --> 00:05:54,560 Speaker 1: those rates on an an annual or even you know, 131 00:05:54,560 --> 00:05:57,200 Speaker 1: in every other year basis. But each insurer is going 132 00:05:57,240 --> 00:05:59,760 Speaker 1: to actually take a different tact in a market where 133 00:05:59,839 --> 00:06:02,240 Speaker 1: rate are on the rise. And so hopefully this is 134 00:06:02,240 --> 00:06:04,920 Speaker 1: a prompt for you to to make that boring phone 135 00:06:04,920 --> 00:06:08,040 Speaker 1: call to an independent insurance agent where you live. UH. 136 00:06:08,080 --> 00:06:10,640 Speaker 1: And the policy Genius is another great place where they 137 00:06:10,640 --> 00:06:13,039 Speaker 1: can shop on your behalf. Actually just shop my insurance 138 00:06:13,040 --> 00:06:14,719 Speaker 1: and it turns out that my current rate is actually 139 00:06:14,800 --> 00:06:16,800 Speaker 1: pretty good. Maybe you're in a similar boat. And so 140 00:06:16,960 --> 00:06:18,640 Speaker 1: something else that we would recommend for folks to do 141 00:06:18,680 --> 00:06:20,839 Speaker 1: as well as to if you've got really low deductibles, 142 00:06:21,040 --> 00:06:24,039 Speaker 1: consider raising those uh. In particular, if you have a 143 00:06:24,080 --> 00:06:26,080 Speaker 1: solid emergency fund set up, if you've got one of 144 00:06:26,120 --> 00:06:28,680 Speaker 1: those one deductibles, you could be saving a ton of 145 00:06:28,680 --> 00:06:30,520 Speaker 1: money every single month by raising that up to say 146 00:06:30,560 --> 00:06:33,000 Speaker 1: five dollars or a thousand dollars. You don't want to 147 00:06:33,000 --> 00:06:35,280 Speaker 1: make it too easy to take advantage of that insurance, 148 00:06:35,320 --> 00:06:37,520 Speaker 1: and at the same time you'll be able to save money, yeah, 149 00:06:37,520 --> 00:06:40,040 Speaker 1: every single month. The goal of most types of insurance 150 00:06:40,080 --> 00:06:42,480 Speaker 1: is to not use it right, unlike our health insurance, 151 00:06:42,520 --> 00:06:45,360 Speaker 1: which a very different approach towards how we use right life. 152 00:06:45,360 --> 00:06:47,280 Speaker 1: In church, you definitely don't want to use right you 153 00:06:47,320 --> 00:06:51,320 Speaker 1: will stay a live uh. And that's since we're talking 154 00:06:51,320 --> 00:06:54,600 Speaker 1: about cars, Consumer Reports had an excellent article the other 155 00:06:54,680 --> 00:06:57,679 Speaker 1: day about why repairing your car makes even more sense 156 00:06:57,800 --> 00:07:00,480 Speaker 1: right now. Everyone knows at this point that new and 157 00:07:00,600 --> 00:07:02,080 Speaker 1: used cars have gone up quite a bit in price 158 00:07:02,160 --> 00:07:06,680 Speaker 1: to uh talking about inflation. Right. Shoppers aren't even able 159 00:07:06,720 --> 00:07:09,320 Speaker 1: to find the car they want right now. And Bloomberg 160 00:07:09,400 --> 00:07:11,480 Speaker 1: just reported that prices are going to continue to rise 161 00:07:11,520 --> 00:07:13,480 Speaker 1: in the coming months for a number of factors. And 162 00:07:13,520 --> 00:07:15,120 Speaker 1: that's I mean, that's because of just like, yeah, a 163 00:07:15,120 --> 00:07:17,560 Speaker 1: lot of curveballs that COVID is thrown at the industry, 164 00:07:17,720 --> 00:07:21,640 Speaker 1: including plant shutdowns, a massive shortage of microchips. We've been 165 00:07:21,680 --> 00:07:24,080 Speaker 1: reading a lot about that, and really all this means 166 00:07:24,320 --> 00:07:26,760 Speaker 1: that you're better off sticking with your current vehicle as 167 00:07:26,800 --> 00:07:30,160 Speaker 1: long as you possibly can. It can be hard emotionally, 168 00:07:30,200 --> 00:07:32,760 Speaker 1: I would say, at times to pour money into like 169 00:07:32,800 --> 00:07:35,600 Speaker 1: an older car that that you feel as having frequent issues. 170 00:07:35,640 --> 00:07:37,920 Speaker 1: You're like man, I just fixed something three months ago. 171 00:07:38,160 --> 00:07:40,440 Speaker 1: I really don't want to put more money into this puppy, 172 00:07:40,480 --> 00:07:43,680 Speaker 1: But it still makes financial sense much of the time, 173 00:07:43,920 --> 00:07:47,320 Speaker 1: and in particular right now, because yeah, replacing that car 174 00:07:47,680 --> 00:07:50,400 Speaker 1: has just gotten a whole lot more expensive. Yeah, so 175 00:07:50,440 --> 00:07:52,400 Speaker 1: we would recommend for for folks to do a cost 176 00:07:52,440 --> 00:07:55,800 Speaker 1: benefit analysis. So let's say that a repair that you're 177 00:07:55,840 --> 00:07:57,480 Speaker 1: gonna have to make on your vehicle is gonna cost 178 00:07:57,520 --> 00:07:59,400 Speaker 1: you a thousand bucks. Well, it's important for you to 179 00:07:59,480 --> 00:08:02,040 Speaker 1: ask the question, like, how many more months you know? Uh, 180 00:08:02,280 --> 00:08:03,880 Speaker 1: do I think that this is gonna buy me, you know, 181 00:08:03,920 --> 00:08:05,920 Speaker 1: with this car? So if you think about it this way, 182 00:08:05,920 --> 00:08:08,120 Speaker 1: that repair it's still gonna be less than just two 183 00:08:08,160 --> 00:08:10,400 Speaker 1: months of a payment on the average new car, which 184 00:08:10,440 --> 00:08:13,360 Speaker 1: is actually five hundred and sixty three dollars. And so yeah, 185 00:08:13,360 --> 00:08:15,400 Speaker 1: even though one thousand dollars it is a big chunk 186 00:08:15,440 --> 00:08:18,000 Speaker 1: of change, it's far less than the cost of hitching 187 00:08:18,040 --> 00:08:21,440 Speaker 1: yourself to you know, year after year of car payments. Uh. 188 00:08:21,480 --> 00:08:24,200 Speaker 1: If if fixing your car is gonna lead to you 189 00:08:24,440 --> 00:08:26,480 Speaker 1: being able to drive it for a good while longer 190 00:08:26,480 --> 00:08:28,240 Speaker 1: than we yeah, we think you should make the repair. 191 00:08:28,440 --> 00:08:30,520 Speaker 1: And we also really want folks to avoid those new 192 00:08:30,560 --> 00:08:33,040 Speaker 1: cars just because of that depreciation hit that you take 193 00:08:33,120 --> 00:08:35,160 Speaker 1: just from driving the car off a lot. On average, 194 00:08:35,160 --> 00:08:38,040 Speaker 1: you're looking at a decline in value on that vehicle. 195 00:08:38,320 --> 00:08:40,640 Speaker 1: And so if that mine, keep driving that old car. 196 00:08:40,880 --> 00:08:43,719 Speaker 1: Yeah for real. I've heard a lot of people Matt say, Man, 197 00:08:43,800 --> 00:08:45,800 Speaker 1: my car is over a hundred thousand miles on it 198 00:08:45,840 --> 00:08:48,120 Speaker 1: now and I'm gonna have to drop eight hundred dollars 199 00:08:48,120 --> 00:08:49,880 Speaker 1: into it. Isn't it time for me to get a 200 00:08:49,880 --> 00:08:52,240 Speaker 1: new car? And the answer is now. The answer is 201 00:08:52,280 --> 00:08:54,560 Speaker 1: now unless like you can totally afford it, and you 202 00:08:54,600 --> 00:08:56,760 Speaker 1: really really want a new car. Uh and that's your 203 00:08:56,800 --> 00:09:00,559 Speaker 1: craft beer equivalent that happens to cost thousands of yes, 204 00:09:00,840 --> 00:09:04,000 Speaker 1: right right? Yeah? So yeah, for most people, repair that car, 205 00:09:04,360 --> 00:09:07,440 Speaker 1: keep it running strong so that you can avoid buying 206 00:09:07,800 --> 00:09:09,960 Speaker 1: a car at literally the worst time to buy a 207 00:09:09,960 --> 00:09:12,200 Speaker 1: car in as far as I can remember. Miles do 208 00:09:12,200 --> 00:09:15,600 Speaker 1: you all have on Homer? By the way, you're va. 209 00:09:15,679 --> 00:09:18,000 Speaker 1: We just we rolled over one fIF recently, so we're 210 00:09:18,040 --> 00:09:21,000 Speaker 1: catching up. I don't know if we're either of us 211 00:09:21,000 --> 00:09:22,920 Speaker 1: are ever gonna put you know, get to two hundred. 212 00:09:23,040 --> 00:09:24,920 Speaker 1: Based on the way we'll drive, it's gonna be like 213 00:09:25,160 --> 00:09:28,160 Speaker 1: ten years well, all right, Matt, let's keep moving. Let's 214 00:09:28,160 --> 00:09:30,680 Speaker 1: talk about student loans for just a second. It's summertime. 215 00:09:30,760 --> 00:09:32,439 Speaker 1: Most people don't want to be thinking about school. I 216 00:09:32,440 --> 00:09:34,840 Speaker 1: know my kids don't right now. Yeah, like we're done 217 00:09:34,840 --> 00:09:37,360 Speaker 1: with that for now. But yeah, ask any teacher or student, 218 00:09:37,400 --> 00:09:40,960 Speaker 1: they'll always tell you that summer never feels long enough, right, 219 00:09:40,960 --> 00:09:43,240 Speaker 1: It's like, oh, we gotta go back once once August 220 00:09:43,280 --> 00:09:46,240 Speaker 1: rolls around. I guess September maybe, depending on where you live. Well, 221 00:09:46,280 --> 00:09:47,840 Speaker 1: I know a lot of people are gonna be feeling 222 00:09:47,840 --> 00:09:50,679 Speaker 1: that way come this fall, because student loan payments are 223 00:09:50,679 --> 00:09:53,480 Speaker 1: set to resume on October one. And I know that, 224 00:09:53,520 --> 00:09:55,720 Speaker 1: like we're giving kind of an extended heads up here 225 00:09:55,920 --> 00:09:58,040 Speaker 1: that's still more than three and a half months away. 226 00:09:58,080 --> 00:10:00,000 Speaker 1: But I think it's just important for us to mend 227 00:10:00,040 --> 00:10:02,360 Speaker 1: in it here because we haven't talked about that in 228 00:10:02,400 --> 00:10:04,760 Speaker 1: a while, um, and and it's just important for people 229 00:10:04,760 --> 00:10:09,040 Speaker 1: to start planning now for yeah, the resuming of those payments. 230 00:10:09,320 --> 00:10:11,079 Speaker 1: And I'm sure like a lot of folks have almost 231 00:10:11,200 --> 00:10:13,240 Speaker 1: forgotten that they even have a student loan because it's 232 00:10:13,240 --> 00:10:15,000 Speaker 1: been so long since they've had to make a payment. 233 00:10:15,200 --> 00:10:17,640 Speaker 1: But yeah, make sure that you account for that repayment 234 00:10:17,679 --> 00:10:20,000 Speaker 1: reboot in your budget, because yeah, you're gonna be in 235 00:10:20,000 --> 00:10:22,960 Speaker 1: for a rude awakening if you don't. I just want 236 00:10:23,000 --> 00:10:26,040 Speaker 1: people to start, yeah, making room again for you know, 237 00:10:26,080 --> 00:10:28,319 Speaker 1: however big your student loan payment is. If it's three, 238 00:10:28,880 --> 00:10:30,960 Speaker 1: if it's four and or fifty dollars, just make sure 239 00:10:30,960 --> 00:10:33,240 Speaker 1: you're not spending all that money. Start saving up again, 240 00:10:33,440 --> 00:10:35,160 Speaker 1: and just get ready for that to resume. Just want 241 00:10:35,200 --> 00:10:36,800 Speaker 1: to put it on your radar now. Yeah. Yeah, folks 242 00:10:36,840 --> 00:10:39,319 Speaker 1: are waiting on Biden to cancel student loans. I wouldn't 243 00:10:39,320 --> 00:10:41,760 Speaker 1: hold your breath. Yeah. Okay, let's talk about this interesting 244 00:10:41,800 --> 00:10:44,760 Speaker 1: story from Business Insider that we came across that's happening 245 00:10:44,760 --> 00:10:46,520 Speaker 1: on the other side of the world. Uh. And so 246 00:10:46,600 --> 00:10:50,120 Speaker 1: the headline read South Koreans are woolling each other with 247 00:10:50,200 --> 00:10:54,120 Speaker 1: Tesla stock, not flowers wild dating. Okay, so this isn't 248 00:10:54,480 --> 00:10:56,160 Speaker 1: really like a frugal or cheap This is sort of 249 00:10:56,160 --> 00:10:59,120 Speaker 1: like a frugal versus money nerd. And so Joel like, 250 00:10:59,120 --> 00:11:01,040 Speaker 1: what do you think would it would Emily be down 251 00:11:01,040 --> 00:11:04,040 Speaker 1: with receiving stock rather than flowers. I know you love 252 00:11:04,080 --> 00:11:07,200 Speaker 1: getting the just kind of tulips a, right, No, I 253 00:11:07,200 --> 00:11:09,560 Speaker 1: don't I think I personally like cut flowers too, so 254 00:11:09,600 --> 00:11:11,040 Speaker 1: I like having them in the house. I like getting 255 00:11:11,040 --> 00:11:12,560 Speaker 1: them for because I get to kind of enjoy them 256 00:11:12,559 --> 00:11:14,719 Speaker 1: as well. Um, and you're a flower guy, and that's 257 00:11:14,760 --> 00:11:16,520 Speaker 1: not I think if I think if I gave her 258 00:11:16,559 --> 00:11:19,480 Speaker 1: like one of those you know, gift cards to buy 259 00:11:19,520 --> 00:11:22,160 Speaker 1: some Tesla stocks, she'd be like, oh, yeah, cool, thanks, 260 00:11:22,160 --> 00:11:24,000 Speaker 1: Like no, she wouldn't be into it. Yeah, So I 261 00:11:24,480 --> 00:11:26,160 Speaker 1: can kind of get behind this, right because I feel 262 00:11:26,160 --> 00:11:27,800 Speaker 1: like this is I mean, this is the ultimate gift 263 00:11:27,840 --> 00:11:29,839 Speaker 1: that keeps on giving. This is something that hopefully will 264 00:11:29,840 --> 00:11:34,520 Speaker 1: continue to grow, and I love that It's incredibly utilitarian, right, Like, 265 00:11:34,559 --> 00:11:37,600 Speaker 1: this is so practical as opposed to you know, flowers, 266 00:11:37,640 --> 00:11:39,160 Speaker 1: They will and they die and you don't get to 267 00:11:39,240 --> 00:11:41,720 Speaker 1: enjoy them next week unless you dry your flowers out. 268 00:11:41,960 --> 00:11:45,319 Speaker 1: But they are kind of lacking that romantic side of things, right. 269 00:11:45,960 --> 00:11:48,880 Speaker 1: It feels a little technical, a little bit robotic. But man, 270 00:11:48,960 --> 00:11:51,800 Speaker 1: I think this is incredibly fascinating. I personally do love 271 00:11:51,800 --> 00:11:54,400 Speaker 1: the idea of giving a gift as an investment, and 272 00:11:54,400 --> 00:11:56,439 Speaker 1: so this is something that's happening in South Korea. But man, 273 00:11:56,480 --> 00:11:58,640 Speaker 1: if this is a cultural movement that happens that starts 274 00:11:58,640 --> 00:12:01,240 Speaker 1: happening here in the United States. That is something I 275 00:12:01,240 --> 00:12:03,360 Speaker 1: could totally get behind, although I would say if you 276 00:12:03,360 --> 00:12:06,240 Speaker 1: can pare that stock with like some flowers, like a 277 00:12:06,240 --> 00:12:07,960 Speaker 1: small flower, like, it doesn't have to be the massive, 278 00:12:07,960 --> 00:12:11,040 Speaker 1: okay or anything fancy, but you know, having something tangible 279 00:12:11,280 --> 00:12:13,400 Speaker 1: goes a long way. I can just imagine giving my 280 00:12:13,440 --> 00:12:15,319 Speaker 1: wife a card that goes along with it that says 281 00:12:15,520 --> 00:12:17,400 Speaker 1: I love you so much, I thought so much about 282 00:12:17,440 --> 00:12:20,760 Speaker 1: you that I made a small investment in your financial future, 283 00:12:20,840 --> 00:12:23,160 Speaker 1: like you know, because that's basically what it is when 284 00:12:23,200 --> 00:12:25,480 Speaker 1: you're offering someone or giving someone essentially a little bit 285 00:12:25,520 --> 00:12:28,040 Speaker 1: of stock. And I think, yeah, stock gift cards are 286 00:12:28,080 --> 00:12:29,920 Speaker 1: becoming kind of more of a thing in the US. 287 00:12:29,960 --> 00:12:32,880 Speaker 1: Two it's not just a thing that South Korea is into, 288 00:12:33,200 --> 00:12:36,040 Speaker 1: and Matt that's largely because of a company called Stockpile. 289 00:12:36,720 --> 00:12:39,560 Speaker 1: But we would say that those aren't necessarily the best 290 00:12:39,600 --> 00:12:42,160 Speaker 1: way to give a financial gift because of the fees 291 00:12:42,160 --> 00:12:44,719 Speaker 1: associated with them. Similar to those gift cards I was 292 00:12:44,720 --> 00:12:46,559 Speaker 1: talking about at the beginning of the show, it's the 293 00:12:46,600 --> 00:12:49,480 Speaker 1: same thing. If you're gifting stock through a company like Stockpile, 294 00:12:49,520 --> 00:12:52,840 Speaker 1: you're gonna pay fees also, so yeah, South Koreans, they're 295 00:12:52,880 --> 00:12:55,880 Speaker 1: giving the gift of individual stocks, or even more specifically, 296 00:12:55,920 --> 00:12:58,600 Speaker 1: they're giving a fractional share of an individual stock, because 297 00:12:58,720 --> 00:13:00,480 Speaker 1: you're not giving someone a gift card with like a 298 00:13:00,480 --> 00:13:03,679 Speaker 1: whole share of Tesla stock on it. That's what pretty 299 00:13:03,760 --> 00:13:07,160 Speaker 1: large gift, right, But yeah, it's a cool trend to see. 300 00:13:07,240 --> 00:13:09,800 Speaker 1: But I think if if we were going to jump 301 00:13:09,800 --> 00:13:12,920 Speaker 1: on board fully, we'd have to see maybe uh, you know, 302 00:13:13,160 --> 00:13:15,760 Speaker 1: reduced fees to no fees on these gifts. And also 303 00:13:15,800 --> 00:13:17,480 Speaker 1: at the same time, maybe a slice of an index 304 00:13:17,520 --> 00:13:20,560 Speaker 1: fund or a total stock market ETF instead of an 305 00:13:20,600 --> 00:13:23,439 Speaker 1: individual stock. Here's a nice little slice of the SMP 306 00:13:24,240 --> 00:13:28,040 Speaker 1: just for you. Yeah exactly. That's okay, So that's totally 307 00:13:28,120 --> 00:13:30,640 Speaker 1: romantic right there. Yeah exactly. That's something I could get behind. 308 00:13:31,000 --> 00:13:32,599 Speaker 1: And also too, I think one of the reasons I 309 00:13:32,679 --> 00:13:34,559 Speaker 1: might be more on board with this, come in. Let's 310 00:13:34,600 --> 00:13:37,000 Speaker 1: be let's be honest. I'm half Korean and so maybe 311 00:13:37,000 --> 00:13:39,680 Speaker 1: there's something in my d n A that makes me 312 00:13:39,760 --> 00:13:42,040 Speaker 1: more likely to want to do something like that rather 313 00:13:42,120 --> 00:13:45,560 Speaker 1: than you know, someone like you who's got that Norwegian blood. Matt. 314 00:13:45,600 --> 00:13:47,959 Speaker 1: Let's talk about what what's next after the break? No 315 00:13:48,080 --> 00:13:50,600 Speaker 1: ludicrous headline of the week this week because we wanted 316 00:13:50,640 --> 00:13:53,160 Speaker 1: to bring on front of the show John Acuff, who 317 00:13:53,200 --> 00:13:56,120 Speaker 1: has written a new book about the Solution to overthinking, 318 00:13:56,440 --> 00:13:57,920 Speaker 1: and there's a lot of things that he wrote about 319 00:13:57,920 --> 00:14:00,120 Speaker 1: in that book that can actually really help us to 320 00:14:00,120 --> 00:14:02,720 Speaker 1: make better decisions with our money. Will bring him on 321 00:14:03,120 --> 00:14:14,720 Speaker 1: right after this break. Al right, Like we mentioned, we 322 00:14:14,760 --> 00:14:17,360 Speaker 1: are joined now by the New York Times bestselling author, 323 00:14:17,520 --> 00:14:20,600 Speaker 1: motivational speaker and kind of like professional funny guy as well, 324 00:14:21,080 --> 00:14:23,840 Speaker 1: John A. Cuff, And a couple of months ago he 325 00:14:23,880 --> 00:14:27,960 Speaker 1: publishes his book Soundtracks, The Surprising Solution to Overthinking. And 326 00:14:28,120 --> 00:14:30,320 Speaker 1: that's what that's that's what we're gonna talk about today, overthinking. 327 00:14:30,360 --> 00:14:33,400 Speaker 1: I do this a lot in myself. Kate always she'll 328 00:14:33,440 --> 00:14:34,920 Speaker 1: look over at me if she sees me there with 329 00:14:34,960 --> 00:14:36,840 Speaker 1: kind of like a frown on my face, She's like, 330 00:14:37,000 --> 00:14:40,040 Speaker 1: are you stuck? That's the that's the term that we use. 331 00:14:40,120 --> 00:14:42,320 Speaker 1: But John, we are, Yeah, We're We're glad to have 332 00:14:42,360 --> 00:14:44,840 Speaker 1: you with us. Yeah, thanks for him, And did you guys? Yeah, John, 333 00:14:44,920 --> 00:14:47,320 Speaker 1: glad to have you. And and before we dive into 334 00:14:47,320 --> 00:14:49,880 Speaker 1: the problem of overthinking you this is a money show. 335 00:14:49,920 --> 00:14:52,960 Speaker 1: You had a funny story in your book about paying 336 00:14:52,960 --> 00:14:56,600 Speaker 1: for forty eight haircuts in advance with fantastic money decision. 337 00:14:56,600 --> 00:14:58,080 Speaker 1: Thanks for bringing that up right out of the gate. 338 00:14:58,240 --> 00:14:59,560 Speaker 1: I mean it sounds like something I would do. So, 339 00:14:59,600 --> 00:15:01,480 Speaker 1: you know, maybe we're like brothers from another mother or 340 00:15:01,480 --> 00:15:03,320 Speaker 1: something like that. But is that your tendency? Do you 341 00:15:03,360 --> 00:15:04,840 Speaker 1: have a tendency to like buy in bulk to try 342 00:15:04,880 --> 00:15:08,320 Speaker 1: to save money? Well, I she she did a sales 343 00:15:08,360 --> 00:15:10,600 Speaker 1: technique on me, and I knew it, like I could 344 00:15:10,640 --> 00:15:13,160 Speaker 1: feel it in the moment, and she said, I so 345 00:15:13,280 --> 00:15:15,480 Speaker 1: I I buy haircuts in packages. It's like, oh, you 346 00:15:15,520 --> 00:15:17,680 Speaker 1: buy six, you save X amount of dollars. And so 347 00:15:17,720 --> 00:15:19,800 Speaker 1: I was just curious and I needed to buy more. 348 00:15:19,800 --> 00:15:21,720 Speaker 1: And I was like, what's your biggest package and she 349 00:15:21,840 --> 00:15:24,880 Speaker 1: was like, forty eight haircuts. And I was like, she 350 00:15:24,920 --> 00:15:26,640 Speaker 1: goes to your friend Chris just bought it. And I 351 00:15:26,680 --> 00:15:28,360 Speaker 1: was like, whoa. If it was good enough for Chris, 352 00:15:28,400 --> 00:15:30,520 Speaker 1: like I might as well jumped off the turnip truck 353 00:15:30,640 --> 00:15:32,720 Speaker 1: or whatever. And so I was like I'll take it. 354 00:15:32,760 --> 00:15:35,400 Speaker 1: And I got home and my wife was like, um, 355 00:15:35,440 --> 00:15:37,320 Speaker 1: you did what And I was like, yeah, you saved 356 00:15:37,360 --> 00:15:39,040 Speaker 1: so much money. And she said, well, let's see you 357 00:15:39,080 --> 00:15:43,280 Speaker 1: get your hair cut once every three weeks or so. 358 00:15:43,280 --> 00:15:46,640 Speaker 1: So forty eight times three is a hundred and forty 359 00:15:46,680 --> 00:15:50,480 Speaker 1: four weeks divided by fifty two. It's gonna take you 360 00:15:50,520 --> 00:15:53,280 Speaker 1: two point seven years to finish those haircuts. And I 361 00:15:53,320 --> 00:15:56,000 Speaker 1: was like, but think of the savings, and so yeah, 362 00:15:56,080 --> 00:15:59,720 Speaker 1: it was I have twenty four left. Um, so every 363 00:15:59,720 --> 00:16:02,240 Speaker 1: time co she says, you only have twenty five left. 364 00:16:02,280 --> 00:16:04,480 Speaker 1: And then COVID hit and I was like, I think 365 00:16:04,480 --> 00:16:07,000 Speaker 1: I'm gonna lose forty six haircuts, Like I bought it 366 00:16:07,360 --> 00:16:09,400 Speaker 1: like two weeks before COVID, and I was like, that 367 00:16:09,480 --> 00:16:12,000 Speaker 1: was a bad investment in my head. Um, But yeah, 368 00:16:12,040 --> 00:16:14,200 Speaker 1: I make some questionable money decisions. That's a fair that's 369 00:16:14,200 --> 00:16:16,600 Speaker 1: a fair point. That's fine. Yeah, your wife's like fingers crossed, 370 00:16:16,640 --> 00:16:20,440 Speaker 1: she's your barber, still around? Yeah, Like she could retire 371 00:16:20,560 --> 00:16:24,240 Speaker 1: before I finished my haircuts, and like, the savings weren't 372 00:16:24,240 --> 00:16:26,280 Speaker 1: that dramatic. I was just like, oh, let's She was 373 00:16:26,320 --> 00:16:29,280 Speaker 1: basically like, did you drop a thousand dollars on haircuts 374 00:16:29,280 --> 00:16:31,120 Speaker 1: in the future? And I was like, when you say 375 00:16:31,160 --> 00:16:34,240 Speaker 1: it that way, it doesn't sound smart, um, but yes, 376 00:16:34,320 --> 00:16:36,560 Speaker 1: that's what I did. Sometimes you just gotta you gotta 377 00:16:36,560 --> 00:16:40,360 Speaker 1: buy a bulk. John, let's talk about overthinking, right. We 378 00:16:40,400 --> 00:16:42,880 Speaker 1: wanted to know is it actually all that bad? Right? Like, 379 00:16:42,920 --> 00:16:45,400 Speaker 1: sometimes I wonder if folks actually should be spending more 380 00:16:45,480 --> 00:16:48,280 Speaker 1: time thinking about what they're what they're doing with their lives, 381 00:16:48,360 --> 00:16:50,600 Speaker 1: and what they're doing with their money. Yes. So here's 382 00:16:50,600 --> 00:16:53,400 Speaker 1: the difference between overthinking and say, being prepared, because a 383 00:16:53,440 --> 00:16:55,600 Speaker 1: lot of people say, well, I just like to be detailed, 384 00:16:55,600 --> 00:16:58,520 Speaker 1: the morganized. You know, I'm analytical, that's great, be all 385 00:16:58,520 --> 00:17:02,040 Speaker 1: those things. The difference between being prepared and overthinking is 386 00:17:02,080 --> 00:17:05,760 Speaker 1: being prepared always leads to an action, and overthinking always 387 00:17:05,800 --> 00:17:09,040 Speaker 1: leads to more overthinking. So if you showed me okay, 388 00:17:09,080 --> 00:17:11,440 Speaker 1: I launched my podcast, I invested in the thing, I 389 00:17:11,520 --> 00:17:14,520 Speaker 1: paid off the debt, awesome, You're prepared, you had great information, 390 00:17:14,560 --> 00:17:17,359 Speaker 1: you made a decision. There's a trail of actions behind 391 00:17:17,400 --> 00:17:21,280 Speaker 1: being prepared. There's just a trail of more overthinking behind overthinking. 392 00:17:21,320 --> 00:17:24,280 Speaker 1: So there's the big difference. And so in your book, John, 393 00:17:24,320 --> 00:17:27,760 Speaker 1: you you detail your problem with overthinking, and so how 394 00:17:27,880 --> 00:17:30,280 Speaker 1: is overthinking hurting your life? Your ability to grow? Like? 395 00:17:30,320 --> 00:17:33,080 Speaker 1: What was it doing to you? Well? So I define 396 00:17:33,119 --> 00:17:35,119 Speaker 1: overthinking as when what you think it's in the way 397 00:17:35,160 --> 00:17:38,359 Speaker 1: of what you want. Um, And for me, it was 398 00:17:38,480 --> 00:17:41,360 Speaker 1: adding a bunch of extra thoughts that weren't helpful. Um. 399 00:17:41,480 --> 00:17:44,920 Speaker 1: I call them soundtracks. So it's just a repetitive thought 400 00:17:45,000 --> 00:17:46,919 Speaker 1: some people. Some people say I thought is like a 401 00:17:46,960 --> 00:17:48,800 Speaker 1: leaf on a river or a car on the on 402 00:17:48,840 --> 00:17:51,880 Speaker 1: the highway. For me, it's a soundtrack because a soundtrack 403 00:17:51,920 --> 00:17:54,720 Speaker 1: can change an entire movie. If you see an idyllic 404 00:17:54,760 --> 00:17:57,080 Speaker 1: scene where kids frolicking, there's a quiet house with white 405 00:17:57,080 --> 00:17:59,440 Speaker 1: picket fence, but then they play ominous music suddenly ago 406 00:17:59,520 --> 00:18:03,040 Speaker 1: there's there's definitely a creepy clown in the sewers. But 407 00:18:03,080 --> 00:18:06,240 Speaker 1: if they play a Vanessa Carlton song, somebody is about 408 00:18:06,280 --> 00:18:08,119 Speaker 1: to make their way downtown. It's a rom com. And 409 00:18:08,200 --> 00:18:11,360 Speaker 1: so the soundtracks we listen to have the the impact 410 00:18:11,359 --> 00:18:14,240 Speaker 1: that changed everything that's going on, and most of the 411 00:18:14,240 --> 00:18:17,000 Speaker 1: times we don't even know they're playing. UM. And there's 412 00:18:17,040 --> 00:18:19,400 Speaker 1: so many soundtracks around money, there's so many, you know, 413 00:18:19,640 --> 00:18:22,280 Speaker 1: soundtracks that get in the way of people making decisions. 414 00:18:22,320 --> 00:18:24,600 Speaker 1: And so for me that was curious to go, Okay, 415 00:18:25,119 --> 00:18:27,160 Speaker 1: what am I listening to right now and is it 416 00:18:27,480 --> 00:18:30,119 Speaker 1: helping create the life of want? Because the reality is 417 00:18:30,200 --> 00:18:33,600 Speaker 1: your ideas, your thoughts lead to your actions, which lead 418 00:18:33,640 --> 00:18:35,639 Speaker 1: to your results. So if you want better results, you 419 00:18:35,640 --> 00:18:39,439 Speaker 1: should start with better thoughts. Yeah, that analogy of thoughts 420 00:18:39,680 --> 00:18:41,720 Speaker 1: ruminating in our our brain is being the soundtrack to 421 00:18:41,720 --> 00:18:43,159 Speaker 1: our lives and makes a whole lot of sense. Well, 422 00:18:43,200 --> 00:18:44,960 Speaker 1: here's the thing, like, here's the create like one of 423 00:18:44,960 --> 00:18:48,280 Speaker 1: the craziest studies. So the n y u UM brought 424 00:18:48,280 --> 00:18:50,520 Speaker 1: two groups of college students and they said, hey, we 425 00:18:50,560 --> 00:18:53,080 Speaker 1: want you to make some sentences out of these words. 426 00:18:53,080 --> 00:18:54,720 Speaker 1: They gave a word bank. Here's a bunch of words. 427 00:18:54,800 --> 00:18:57,959 Speaker 1: Makes some sentences. First group, normal words. Second group they 428 00:18:57,960 --> 00:19:03,240 Speaker 1: had hidden words related to being elder, so words like retired, bald, Florida. 429 00:19:03,880 --> 00:19:05,920 Speaker 1: And then they made some sentences and then they said 430 00:19:05,960 --> 00:19:07,480 Speaker 1: the second part of the test is down the hall. 431 00:19:07,560 --> 00:19:10,199 Speaker 1: Please walk down there, and they secretly timed them as 432 00:19:10,240 --> 00:19:12,840 Speaker 1: they walked, and the people who had been exposed to 433 00:19:12,880 --> 00:19:16,800 Speaker 1: the words about old age physically walk slower. Just reading 434 00:19:16,880 --> 00:19:19,679 Speaker 1: words about being old made them act old. So you 435 00:19:19,680 --> 00:19:22,520 Speaker 1: think about the number of broken soundtracks people are carrying 436 00:19:22,680 --> 00:19:25,520 Speaker 1: into life about money. I mean they're you know, their 437 00:19:25,600 --> 00:19:28,000 Speaker 1: parents set a limit and said money is bad, or 438 00:19:28,119 --> 00:19:31,480 Speaker 1: having money is bad or rich people got money illegally, 439 00:19:31,520 --> 00:19:34,600 Speaker 1: that's how they got Like anybody successful is evil. Like 440 00:19:34,680 --> 00:19:38,000 Speaker 1: there's all these broken soundtracks related to money that get 441 00:19:38,040 --> 00:19:41,000 Speaker 1: in the way of people actually doing something good. Yeah. Well, 442 00:19:41,080 --> 00:19:43,439 Speaker 1: so as you talked talked with folks, as you interviewed 443 00:19:43,440 --> 00:19:45,359 Speaker 1: folks for your book, you know, did you come across 444 00:19:45,359 --> 00:19:48,400 Speaker 1: some examples of broken soundtracks as they specifically pertain the money? 445 00:19:48,640 --> 00:19:50,480 Speaker 1: You know, I'm thinking through like, we can have a 446 00:19:50,520 --> 00:19:53,280 Speaker 1: lot of broken ideas when when it comes to how 447 00:19:53,280 --> 00:19:55,040 Speaker 1: it is that we earned money, how we spend our money. 448 00:19:55,160 --> 00:19:58,080 Speaker 1: I would love to hear hear some thoughts. Yeah, I mean, 449 00:19:58,160 --> 00:20:01,560 Speaker 1: one one that was really interesting was somebody said, you know, 450 00:20:01,840 --> 00:20:06,760 Speaker 1: if I buy a dollar BMW, my family will say 451 00:20:07,200 --> 00:20:09,800 Speaker 1: that's such a waste of money, like how you know, like, oh, 452 00:20:09,840 --> 00:20:12,040 Speaker 1: I guess your fancy and they'll kind of knock them down. 453 00:20:12,320 --> 00:20:14,480 Speaker 1: He said, if I buy a seventy five dollar suburban, 454 00:20:14,480 --> 00:20:16,560 Speaker 1: they'll say that's a great family car. Good for you, 455 00:20:16,840 --> 00:20:18,600 Speaker 1: like way to take care of your family. And so 456 00:20:18,640 --> 00:20:21,520 Speaker 1: the perception of the brand is creating the reality. So 457 00:20:21,600 --> 00:20:25,040 Speaker 1: there's all these soundtracks related to I can only earn 458 00:20:25,040 --> 00:20:27,320 Speaker 1: a certain amount of money. I can't earn my I 459 00:20:27,359 --> 00:20:30,440 Speaker 1: can't out earn my parents. Must be nice. That's another 460 00:20:30,480 --> 00:20:33,280 Speaker 1: broken soundtrack. When you achieve something with your money and 461 00:20:33,320 --> 00:20:35,320 Speaker 1: you tell a friend or tell a family member and 462 00:20:35,320 --> 00:20:37,680 Speaker 1: they go, well, that must be nice, must be nice 463 00:20:37,720 --> 00:20:40,840 Speaker 1: to be you, and it's this really belittling statement. And 464 00:20:40,880 --> 00:20:43,439 Speaker 1: so yeah, I saw a lot of people, you know, 465 00:20:43,560 --> 00:20:46,359 Speaker 1: during the research because I the research was done by 466 00:20:46,359 --> 00:20:49,400 Speaker 1: a PhD named Mike Peasley Um and we can commissioned 467 00:20:49,400 --> 00:20:51,399 Speaker 1: a huge study and we asked ten thousand people if 468 00:20:51,400 --> 00:20:55,480 Speaker 1: they struggle with overthinking, and of people said yes, And 469 00:20:55,560 --> 00:21:00,720 Speaker 1: so everybody's doing it, especially around sensitive topics like money. 470 00:21:00,920 --> 00:21:02,639 Speaker 1: And so I saw a lot of people that would 471 00:21:02,720 --> 00:21:06,360 Speaker 1: have fear of success because the success wasn't a good thing, 472 00:21:06,520 --> 00:21:09,000 Speaker 1: and so they'd self sabotage the closer they got to 473 00:21:09,080 --> 00:21:12,640 Speaker 1: financial success because they felt ashamed of success because they're 474 00:21:12,680 --> 00:21:14,639 Speaker 1: listening to a broken soundtrack. I want to meet some 475 00:21:14,680 --> 00:21:17,120 Speaker 1: of those half a percent of people who are those 476 00:21:17,320 --> 00:21:19,800 Speaker 1: I think they're most of them are liars to terrible people. 477 00:21:19,920 --> 00:21:24,720 Speaker 1: You don't want to I mean, we would get emails 478 00:21:24,720 --> 00:21:27,440 Speaker 1: from people that would say I couldn't finish the survey 479 00:21:27,520 --> 00:21:29,560 Speaker 1: because I was overthinking it, and I'd say there's probably 480 00:21:29,600 --> 00:21:32,800 Speaker 1: a sign you're an over if a five question survey 481 00:21:32,880 --> 00:21:34,080 Speaker 1: is the thing that you're like, you know what, I 482 00:21:34,160 --> 00:21:36,400 Speaker 1: need to analyze this a little deeper. We have money 483 00:21:36,480 --> 00:21:39,600 Speaker 1: is it's so full of broken soundtracks. And here's the thing. 484 00:21:39,680 --> 00:21:41,359 Speaker 1: So if your audience is like, okay, well how do 485 00:21:41,400 --> 00:21:43,520 Speaker 1: I know if I have a broken soundtrack, Well, here's 486 00:21:43,520 --> 00:21:46,440 Speaker 1: the easiest, simplest way to find out. Write down something 487 00:21:46,480 --> 00:21:48,680 Speaker 1: you want to do. Okay, I want to retire early, 488 00:21:48,880 --> 00:21:51,560 Speaker 1: I want to invest, I want to own my own house. 489 00:21:51,600 --> 00:21:53,440 Speaker 1: I wanna ask that person. And I want to write 490 00:21:53,440 --> 00:21:54,720 Speaker 1: a book, I want to do a podcast, I want 491 00:21:54,720 --> 00:21:56,800 Speaker 1: to lose ten pounds. Whatever it is, Write it down 492 00:21:56,840 --> 00:21:59,639 Speaker 1: and listen to the first starts. First thoughts that come next, 493 00:22:00,080 --> 00:22:03,280 Speaker 1: like listen to your reaction. Every reaction is an education. 494 00:22:03,880 --> 00:22:06,760 Speaker 1: And when you hear that, there's a chance there's going 495 00:22:06,800 --> 00:22:08,639 Speaker 1: to be some broken soundtracks there. Who am I to 496 00:22:08,640 --> 00:22:10,560 Speaker 1: write a book? Who am I to start a podcast? 497 00:22:10,960 --> 00:22:14,639 Speaker 1: Don't be greedy, like you shouldn't desire that car or 498 00:22:14,640 --> 00:22:17,000 Speaker 1: that house, that whatever. And then you take that broken 499 00:22:17,000 --> 00:22:19,600 Speaker 1: soundtrack and you ask it three really simple questions. Here's 500 00:22:19,640 --> 00:22:22,080 Speaker 1: what you ask. You say, Number one, is it true? 501 00:22:22,640 --> 00:22:25,800 Speaker 1: Is the thing I'm telling myself true? Number two? Is 502 00:22:25,800 --> 00:22:28,200 Speaker 1: it helpful when I listened to it? Does it push 503 00:22:28,280 --> 00:22:30,679 Speaker 1: me forward or hold me back? And? Number three is 504 00:22:30,680 --> 00:22:33,600 Speaker 1: it kind? If I said it to a friend, would 505 00:22:33,640 --> 00:22:35,520 Speaker 1: they still want to be my friend? And if you 506 00:22:35,560 --> 00:22:38,320 Speaker 1: can't say yes to those three questions, it's probably a 507 00:22:38,320 --> 00:22:41,199 Speaker 1: broken soundtrack that you should retire. Yeah, I thought that 508 00:22:41,240 --> 00:22:43,440 Speaker 1: was super helpful, especially like if you wouldn't say to 509 00:22:43,480 --> 00:22:45,639 Speaker 1: a friend, don't say it to yourself. That's such a 510 00:22:45,760 --> 00:22:48,400 Speaker 1: that's a childful advice. Um John. I saw this article 511 00:22:48,440 --> 00:22:50,359 Speaker 1: in the Wall Street Journal the other day about millennials 512 00:22:50,400 --> 00:22:53,240 Speaker 1: and facing imposter syndrome. I feel like imposter syndrome is 513 00:22:53,280 --> 00:22:55,320 Speaker 1: something we're talking about a whole lot more of these days. 514 00:22:55,920 --> 00:22:59,119 Speaker 1: It's basically where like, you know, we don't feel like 515 00:22:59,320 --> 00:23:02,680 Speaker 1: we're good enough and we we you know, why would 516 00:23:02,680 --> 00:23:04,639 Speaker 1: anybody listen to me? Or why why do I am? Just? 517 00:23:04,800 --> 00:23:06,879 Speaker 1: Am I deserving of this? I think, like Matt and 518 00:23:06,960 --> 00:23:08,840 Speaker 1: if we're honest, we felt that too. Creating a podcast 519 00:23:08,880 --> 00:23:10,960 Speaker 1: like why should people listen to us? Like anybody putting 520 00:23:11,000 --> 00:23:13,439 Speaker 1: something out there into the world feels at least a 521 00:23:13,440 --> 00:23:15,160 Speaker 1: little bit of that. So when it comes to our 522 00:23:15,200 --> 00:23:18,159 Speaker 1: our finances, imposter syndrome and a lack of belief in 523 00:23:18,200 --> 00:23:21,439 Speaker 1: ourselves can keep us from making progress financially. So like, 524 00:23:21,640 --> 00:23:23,240 Speaker 1: you know what other do you have other tools or 525 00:23:23,240 --> 00:23:25,040 Speaker 1: techniques that you talk about in the book that you 526 00:23:25,040 --> 00:23:28,280 Speaker 1: recommend to help us like move forward and you know, 527 00:23:28,320 --> 00:23:31,400 Speaker 1: create a new soundtrack that's like not holding us back? Yes, 528 00:23:31,480 --> 00:23:33,400 Speaker 1: So the three steps are you retire the broken one, 529 00:23:33,440 --> 00:23:35,320 Speaker 1: you replace it with a new one, and you repeat 530 00:23:35,320 --> 00:23:37,800 Speaker 1: the new ones so often it becomes as automatic as 531 00:23:37,840 --> 00:23:40,680 Speaker 1: the old one. And so it's simple. It's you retire, 532 00:23:40,800 --> 00:23:44,159 Speaker 1: you replaced, you repeat. So something like that with imposter syndrome. 533 00:23:44,240 --> 00:23:46,520 Speaker 1: Let's just take that because I think it's rampant. Somebody 534 00:23:46,520 --> 00:23:48,000 Speaker 1: asked me the other day, they said, okay, well how 535 00:23:48,000 --> 00:23:50,520 Speaker 1: do I get over imposter syndrome? And I said, I 536 00:23:50,560 --> 00:23:53,200 Speaker 1: think the Broken soundtrack is the word over, because over 537 00:23:53,320 --> 00:23:56,000 Speaker 1: is a word of perfectionism. Over is the idea I 538 00:23:56,040 --> 00:23:58,399 Speaker 1: climbed over. We're a wall and I'm all done with it. 539 00:23:58,520 --> 00:24:01,520 Speaker 1: I'm over imposters in him. I think the better word 540 00:24:01,640 --> 00:24:05,040 Speaker 1: the new soundtrack is I go through imposter syndrome. I 541 00:24:05,080 --> 00:24:07,040 Speaker 1: go through it like I still deal with it. I've 542 00:24:07,040 --> 00:24:09,280 Speaker 1: written seven books, some of them are New York Times bestsellers. 543 00:24:09,520 --> 00:24:11,600 Speaker 1: There's still days where I feel like I'm not a 544 00:24:11,640 --> 00:24:13,959 Speaker 1: real writer. There's still days where I feel like I'm 545 00:24:13,960 --> 00:24:16,360 Speaker 1: an imposter. I go through it. It's the same way 546 00:24:16,400 --> 00:24:19,080 Speaker 1: when somebody goes you can be fearless. I don't think 547 00:24:19,080 --> 00:24:21,480 Speaker 1: that's true for a second. I think at every new level, 548 00:24:21,480 --> 00:24:23,920 Speaker 1: when you do something new, there's a new level of fear. 549 00:24:23,960 --> 00:24:25,639 Speaker 1: The first time I talked to a hundred people at 550 00:24:25,640 --> 00:24:28,439 Speaker 1: a company, I had a hundred person size fear. But 551 00:24:28,560 --> 00:24:30,399 Speaker 1: I worked on it. I did repetitions, I got I 552 00:24:30,440 --> 00:24:32,560 Speaker 1: got over you know, I got through it. I beat it. 553 00:24:32,640 --> 00:24:34,200 Speaker 1: But then I spoke to a thousand people and all 554 00:24:34,320 --> 00:24:36,480 Speaker 1: there's a thousand person fear. And then I worked on that. 555 00:24:36,520 --> 00:24:38,480 Speaker 1: It spoke to ten thousand people. And at every new 556 00:24:38,520 --> 00:24:41,359 Speaker 1: thing there was a level of fear. So another soundtrack there. 557 00:24:41,440 --> 00:24:44,240 Speaker 1: Fear gets a voice, not a vote. It gets a voice. 558 00:24:44,280 --> 00:24:46,000 Speaker 1: It's gonna have a voice, it's going to be there. 559 00:24:46,000 --> 00:24:48,600 Speaker 1: You don't feel ashamed that it's there. But it doesn't 560 00:24:48,600 --> 00:24:50,479 Speaker 1: get a vote. It doesn't get to say sit at 561 00:24:50,480 --> 00:24:52,479 Speaker 1: the table and go. You don't get to do that 562 00:24:52,520 --> 00:24:55,480 Speaker 1: thing you don't get to start the podcast, save money, 563 00:24:55,520 --> 00:24:57,960 Speaker 1: whatever the thing is. So I think it's really about 564 00:24:58,040 --> 00:25:00,960 Speaker 1: instead of trying to get over imposter syndrome, it's I'm 565 00:25:01,000 --> 00:25:03,399 Speaker 1: going to go through it and I acknowledge that and 566 00:25:03,440 --> 00:25:06,399 Speaker 1: I figure that out. Yeah. So the last thing that 567 00:25:06,440 --> 00:25:10,119 Speaker 1: you mentioned the repeating how long? Uh does someone need 568 00:25:10,200 --> 00:25:12,720 Speaker 1: to repeat it? Right? Because I'm guessing this isn't something 569 00:25:12,760 --> 00:25:15,560 Speaker 1: that our listeners can fix overnight. You know, Like so 570 00:25:15,800 --> 00:25:17,720 Speaker 1: when we've when we've held these negative thoughts in our 571 00:25:17,720 --> 00:25:20,639 Speaker 1: our minds for so long, when there's broken soundtracks have played, 572 00:25:20,720 --> 00:25:22,560 Speaker 1: you know, in our minds since we were kids, most 573 00:25:22,600 --> 00:25:24,800 Speaker 1: likely it's got to be hard to change. And so 574 00:25:24,840 --> 00:25:26,800 Speaker 1: how how long will it take or or what does 575 00:25:26,880 --> 00:25:29,840 Speaker 1: real progress look like? Do you think? Yeah, so it's 576 00:25:30,040 --> 00:25:31,960 Speaker 1: you know, I wish I could say it's thirty seven 577 00:25:31,960 --> 00:25:33,680 Speaker 1: times and then you're done in the same way that 578 00:25:33,680 --> 00:25:35,040 Speaker 1: if somebody said how long does it take to write 579 00:25:35,080 --> 00:25:37,040 Speaker 1: a book? Or how long is it? But the reality 580 00:25:37,160 --> 00:25:40,040 Speaker 1: is there's some soundtracks that can change in an instant um, 581 00:25:40,080 --> 00:25:41,960 Speaker 1: and we've all had that experience. We've all worked with 582 00:25:41,960 --> 00:25:44,639 Speaker 1: a co worker who was really difficult and we were like, 583 00:25:44,640 --> 00:25:46,200 Speaker 1: I can't stand that guy, and then you find out 584 00:25:46,200 --> 00:25:50,439 Speaker 1: his wife has cancer and it changes everything Suddenly. Every 585 00:25:50,440 --> 00:25:52,680 Speaker 1: time he's shortened a meeting, you go, oh, she must 586 00:25:52,720 --> 00:25:54,679 Speaker 1: have had a really bad chemo session, like that's not 587 00:25:54,760 --> 00:25:58,600 Speaker 1: about this meeting, and that little sentence, knowing that changes 588 00:25:58,640 --> 00:26:01,800 Speaker 1: your whole perception so that it happen. There's other times, though, 589 00:26:01,840 --> 00:26:05,480 Speaker 1: when you've carried around something and you get this brand 590 00:26:05,560 --> 00:26:07,600 Speaker 1: new soundtrack and you send it up against this one 591 00:26:07,600 --> 00:26:10,080 Speaker 1: that's been kicking around for ten years doing push ups 592 00:26:10,080 --> 00:26:12,480 Speaker 1: in the prison yard, and you go, good luck a 593 00:26:12,520 --> 00:26:16,919 Speaker 1: little fellow like Jack exactly, like he is so yoked 594 00:26:16,960 --> 00:26:19,399 Speaker 1: and you're like, good luck, And so you have to 595 00:26:19,440 --> 00:26:21,840 Speaker 1: repeat it multiple times and you have to say, Okay, 596 00:26:22,119 --> 00:26:23,840 Speaker 1: I'm going to give it a chance. It's it's kind 597 00:26:23,880 --> 00:26:26,720 Speaker 1: of like when somebody says, okay, you know what, um, 598 00:26:26,760 --> 00:26:29,160 Speaker 1: I'm in debt and this this plan that I'm doing 599 00:26:29,320 --> 00:26:31,159 Speaker 1: isn't working. It's just not working to get out of that, 600 00:26:31,200 --> 00:26:33,160 Speaker 1: and you go, how long have you done it? Ten days? 601 00:26:33,160 --> 00:26:34,320 Speaker 1: And you know how long did it take you again 602 00:26:34,320 --> 00:26:36,520 Speaker 1: into debt? They go ten years. So you gave the 603 00:26:36,600 --> 00:26:40,040 Speaker 1: problem ten years to develop and the solution ten days. 604 00:26:40,080 --> 00:26:43,040 Speaker 1: That's so unkind to the solution. So there are gonna 605 00:26:43,040 --> 00:26:45,080 Speaker 1: be times where you go, I'm gonna repeat this, like 606 00:26:45,320 --> 00:26:47,240 Speaker 1: I'm going to repeat this until I believe it. I'm 607 00:26:47,240 --> 00:26:49,639 Speaker 1: gonna repeat this until I see examples of it. I'm 608 00:26:49,680 --> 00:26:52,560 Speaker 1: gonna find creative ways to repeat this so that I 609 00:26:52,600 --> 00:26:55,720 Speaker 1: can be deliberate about actually believing this and replacing it 610 00:26:55,760 --> 00:26:58,639 Speaker 1: so it can It can certainly take time, um, but 611 00:26:58,720 --> 00:27:01,640 Speaker 1: it's worth it. And you'll see progress in really fun 612 00:27:01,720 --> 00:27:04,200 Speaker 1: ways where there'll be a situation where you used to 613 00:27:04,280 --> 00:27:06,359 Speaker 1: always react a certain way and you won't react that way, 614 00:27:06,400 --> 00:27:08,120 Speaker 1: and you go, what just happened? And it's because your 615 00:27:08,119 --> 00:27:10,800 Speaker 1: brain picked the most recent soundtrack you've been listening to. 616 00:27:10,880 --> 00:27:12,440 Speaker 1: It's like grabbed it from the top of the pile, 617 00:27:12,520 --> 00:27:14,880 Speaker 1: and it was a positive one. It was a new one, 618 00:27:14,920 --> 00:27:16,440 Speaker 1: it was a fresh one. And you go, wait a second, 619 00:27:16,480 --> 00:27:19,679 Speaker 1: that's not how I usually react. I'm starting to reprogram 620 00:27:19,680 --> 00:27:22,200 Speaker 1: how I think about how I think. That's awesome, man, Yeah, 621 00:27:22,280 --> 00:27:24,600 Speaker 1: I love too what you said. Fear gets a voice, 622 00:27:24,640 --> 00:27:26,520 Speaker 1: not a vote, and I think, especially when it comes 623 00:27:26,560 --> 00:27:28,240 Speaker 1: to a lot of like the money issues that pop 624 00:27:28,280 --> 00:27:31,639 Speaker 1: up in our lives, fear is a reaction that we have, 625 00:27:31,880 --> 00:27:36,320 Speaker 1: and um, it's it's not that that fear is completely unfounded. Um, 626 00:27:36,400 --> 00:27:38,280 Speaker 1: but it Yeah, it doesn't have the final say, that's 627 00:27:38,320 --> 00:27:40,719 Speaker 1: for sure. And John, there's so much good info in 628 00:27:40,840 --> 00:27:43,520 Speaker 1: your new book soundtracks. We really appreciate you joining us. 629 00:27:43,560 --> 00:27:45,960 Speaker 1: Where can our listeners find out more about the new book, 630 00:27:46,119 --> 00:27:48,440 Speaker 1: your podcast, and everything else you've got going on. Yeah, 631 00:27:48,480 --> 00:27:50,399 Speaker 1: so I would say, if you want to hear an 632 00:27:50,400 --> 00:27:52,199 Speaker 1: episode of my podcast, it's called All It Takes. As 633 00:27:52,240 --> 00:27:55,400 Speaker 1: a goal, I interviewed a woman named Colleen Berry who 634 00:27:55,600 --> 00:27:58,440 Speaker 1: lost her job in Boston. She was a documentary filmmaker, 635 00:27:58,480 --> 00:28:01,520 Speaker 1: had to take three jobs make pizza. She was a receptionist, 636 00:28:01,600 --> 00:28:04,040 Speaker 1: and she decided, I'm going to change my mindset and 637 00:28:04,119 --> 00:28:06,199 Speaker 1: I'm gonna change working in this little office as a 638 00:28:06,200 --> 00:28:09,800 Speaker 1: receptionist into the best customer service I can ever do. 639 00:28:10,280 --> 00:28:12,600 Speaker 1: And she changed her mindset and she's now the CEO 640 00:28:12,680 --> 00:28:15,480 Speaker 1: of the company. Um, and so like, if you want 641 00:28:15,480 --> 00:28:18,120 Speaker 1: to okay, I feel stuck story and somebody got out 642 00:28:18,160 --> 00:28:20,440 Speaker 1: for me and stuck. She's amazing. So the podcast is 643 00:28:20,480 --> 00:28:22,560 Speaker 1: All It Takes as a goal. And then, um, the 644 00:28:22,560 --> 00:28:24,600 Speaker 1: book is available where books are sold. But if you 645 00:28:24,600 --> 00:28:26,800 Speaker 1: want to check out the first chapter, if you're like, uh, 646 00:28:26,960 --> 00:28:29,280 Speaker 1: he sounded okay, but anybody can sound okay for like 647 00:28:29,359 --> 00:28:32,000 Speaker 1: fifteen minutes. Like, let's see what the books really about. 648 00:28:32,040 --> 00:28:34,680 Speaker 1: Just go read the free chapter at soundtracks book dot 649 00:28:34,680 --> 00:28:37,880 Speaker 1: com and then John Acoff on every social media platform. 650 00:28:38,040 --> 00:28:39,840 Speaker 1: Love it, John, thanks so much for joining us today. 651 00:28:39,840 --> 00:28:41,920 Speaker 1: You're the best. And uh yeah, we'll talk to you later. 652 00:28:42,200 --> 00:28:44,680 Speaker 1: Thanks guys. All right, Matt, glad we got to catch 653 00:28:44,760 --> 00:28:46,920 Speaker 1: up with John Acuff for a second. Not a personal 654 00:28:46,960 --> 00:28:50,480 Speaker 1: finance expert, but he is an expert when it comes 655 00:28:50,520 --> 00:28:52,800 Speaker 1: to like some of these behavioral management things the way 656 00:28:52,840 --> 00:28:55,120 Speaker 1: we think, yeah, stopping over thinking, and that can present 657 00:28:55,160 --> 00:28:57,800 Speaker 1: a huge roadblock when it comes to us actually being 658 00:28:57,800 --> 00:29:00,480 Speaker 1: able to make progress in you know, those financial goals 659 00:29:00,480 --> 00:29:01,880 Speaker 1: that we have. So glad to catch up with him 660 00:29:01,880 --> 00:29:03,960 Speaker 1: for a minute. And yeah, what we'll link to all 661 00:29:04,040 --> 00:29:06,640 Speaker 1: his stuff in our show notes because yeah, the books great, 662 00:29:06,640 --> 00:29:09,040 Speaker 1: the podcast is excellent as well. That's right. So that's 663 00:29:09,080 --> 00:29:11,560 Speaker 1: gonna be it for this Friday flight episode. We'll see 664 00:29:11,560 --> 00:29:13,480 Speaker 1: you back here on Monday. We've got a great full 665 00:29:13,560 --> 00:29:16,760 Speaker 1: interview lined up for y'all with the couple behind the 666 00:29:16,840 --> 00:29:20,200 Speaker 1: two cents videos up on YouTube videos and get millions 667 00:29:20,240 --> 00:29:22,320 Speaker 1: of dude, they're so good. I love those. Uh, so 668 00:29:22,400 --> 00:29:23,560 Speaker 1: you can look forward to that. We hope you'll have 669 00:29:23,560 --> 00:29:26,200 Speaker 1: a great weekend and Joel until next time. Best friends Out, 670 00:29:26,280 --> 00:29:27,440 Speaker 1: best Friends Out.