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Speaker 1: Welcome to had a Money. I'm Joel, I am Matt,

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Speaker 1: and today we're talking flipping for cash, health insurance hikes

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Speaker 1: and grim googling.

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Speaker 2: That's right, buddy, you know what you just mentioned grim googling. Specifically,

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Speaker 2: we're going to talk about advertising that has shown up

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Speaker 2: within Google searches. We're not gonna we're not well, I

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Speaker 2: guess we even.

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Speaker 1: Just search order search order, how the first thing you

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Speaker 1: click might not be the best thing that you're looking

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Speaker 1: for exactly.

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Speaker 2: I just wanted to high that we weren't planning to

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Speaker 2: highlight the terrible news that we that America experienced earlier

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Speaker 2: this week, although it's worth saying the murder of Charlie

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Speaker 2: kirk Man, what a terrible thing.

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Speaker 1: Awful that and it just feels like there's a general

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Speaker 1: upswing and political violence in this guy. Yes, yeah, there has,

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Speaker 1: and all acts like that, horrific like terror laden acts

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Speaker 1: of evil violence that have taken place, not just on

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Speaker 1: those individuals, I think, but even on our country. Right, Yeah,

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Speaker 1: Like this isn't how we do things in the United States.

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Speaker 1: When you have a disagreement with somebody, when you have

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Speaker 1: different beliefs, when you voice those different opinions, part of

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Speaker 1: the great history of our country is an ability to

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Speaker 1: speak freely and vehemently disagree.

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Speaker 2: Yes with freedom of speech, man, yeah.

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Speaker 1: With people that have issues even that you find abhorrent,

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Speaker 1: and and violence is never the solution when we disagree

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Speaker 1: on principles or political ideology.

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Speaker 2: So yeah, yeah, we are the watch. We are fans

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Speaker 2: of fire. Not financial independence, retire early, but the foundation

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Speaker 2: of individual rights and an expression, the foundation that's out

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Speaker 2: there championing free speech and the ability for folks to

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Speaker 2: voice their opinion. And so we're all about that. We

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Speaker 2: are all about for folks to have respectful conversation, dissenting views.

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Speaker 2: And this isn't man. I just hope we don't see

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Speaker 2: more of this country. And my heart obviously goes out

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Speaker 2: to his family, in particular.

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Speaker 1: His family and the families abot to build. A Ukrainian

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Speaker 1: woman earlier in Charlotte this week, right, her family, they're

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Speaker 1: just seem Yeah, the senseless violence and the impacts crummy week.

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Speaker 1: The downstream impacts that the violence has on families is

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Speaker 1: just it's hard to have them and it's tough to watch.

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Speaker 2: Yeah. All right, So now we've got to move from

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Speaker 2: these heavier topics to something silly, Joel, something a little

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Speaker 2: more superficial. But that's we are going to talk about

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Speaker 2: personal finance. The first story. We're going to get to iPhones. Man,

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Speaker 2: let's talk about how thinner iPhones are coming, which seems silly.

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Speaker 1: Yeah, but it seems silly in its own right though too. Yes, exactly. Yeah,

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Speaker 1: the thinnest iPhone ever. And I just love to watch

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Speaker 1: Apple try to do their marketing thing and make us

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Speaker 1: think that this is the greatest thing since life spread

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Speaker 1: or a necessity in our life.

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Speaker 2: Do you remember I can't remember what version it was

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Speaker 2: that came out, but Apple specifically was asking people to

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Speaker 2: not come in the store and then the phones because

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Speaker 2: there are reports I want to say it was like

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Speaker 2: the seven. It's like, at that point in time, it

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Speaker 2: was the thinnest yet if folks were coming in, like,

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Speaker 2: wait does it there's reports of them bending in people's

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Speaker 2: pockets or something like that. They're like, please, don't come

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Speaker 2: in and bend our iPhone. How's that not going to happen?

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Speaker 1: Now?

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Speaker 2: With the with the iPhone Air, which is now the

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Speaker 2: thinnest right of all time.

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Speaker 1: It's interesting to see like the new product release and

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Speaker 1: how they're trying to go about promoting these things. And

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Speaker 1: I just I think the tech guy turned to typically

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Speaker 1: is Marquis Marquez Brownlee, who just like does an awesome

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Speaker 1: job on YouTube reviewing stuff, and I just like Engadget

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Speaker 1: and Get Yeah, they do a great job too. Still,

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Speaker 1: the it's the classic is classic. Suck in my way

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Speaker 1: is just so is Browny. Dude. He's been on YouTube

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Speaker 1: for since he was like a child, basically reviewing tech gadgers.

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Speaker 1: He's got like twenty million subscribers. He's incredible. So but

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Speaker 1: he was just like saying, I mean the battery lix inferior,

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Speaker 1: Like everything is inferior about the phone. And guess what

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Speaker 1: on top of that, I think most people are going

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Speaker 1: to do, Matt, They're going to put a case on it,

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Speaker 1: and so that super thin thousand dollars. I mean, if

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Speaker 1: not there, I know that the ceramic shield is stronger

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Speaker 1: and stuff like.

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Speaker 2: That ceramicshield two baby, Yeah, stronger better than ever.

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Speaker 1: But you're running that risk right of okay, tossing it

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Speaker 1: on the ground, shattering the screen.

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Speaker 2: I am of the mind. I am almost willing to

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Speaker 2: consider because I think about like my old phones back

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Speaker 2: in the day, how many like when I would drop them,

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Speaker 2: even with cases, and they would crack what they would shatter.

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Speaker 2: And I'm thinking about how I've got scratches all over

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Speaker 2: my current screen. It isn't a case, but I drop

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Speaker 2: it all the time and it doesn't break. I think

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Speaker 2: the technology has gotten to the point that I wonder

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Speaker 2: if the and we've talked about how you've got to

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Speaker 2: ensure your quote unquote ensure your phone, but by putting

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Speaker 2: a case on it, and I am wondering if that's

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Speaker 2: gonna end up being some sort of holdover, some sort

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Speaker 2: of remnant, and instead of okay, Boomer, it'll be like okay,

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Speaker 2: millennial you with your big clunky iPhone case.

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Speaker 1: I hope so I hope that the that they're able

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Speaker 1: to manufacture these phones in such a way that you

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Speaker 1: don't need a case and then if you drop it,

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Speaker 1: your phone is still okay. That would be amazing. Like I

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Speaker 1: would love to have a case free phone. I just

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Speaker 1: don't might be willing to risk skid. We'll see, all right, Richie, rich.

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Speaker 2: Maybe I'm looking forward looking for an excuse to get

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Speaker 2: it as a holder, as an owner of an iPhone

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Speaker 2: thirteen Proah, maybe I'm like I don't know, maybe I

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Speaker 2: can get it, you know, a REFERB fifteen for sixteen

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Speaker 2: on the cheap you know, sixteen pro. That's a good point,

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Speaker 2: A nice one.

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Speaker 1: Upgrading maybe to a user refurbished model that's not quite

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Speaker 1: the newest one makes more sense as a new model

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Speaker 1: gets released, because the prices go down on those models, right, that's.

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Speaker 2: What the smart money nerds do.

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Speaker 1: Yeah, exactly. But are you going to pay like twelve

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Speaker 1: thirteen hundred bucks? I think the top of the line

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Speaker 1: Pro Max with the biggest storage is like two grand now,

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Speaker 1: so they're really starting to do in that territory of

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Speaker 1: the new one. Yeah.

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Speaker 2: God, So, which is that's the cost of a computer?

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Speaker 1: Right?

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Speaker 2: Yeah?

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Speaker 1: It's more than the ye crazy? Yeah, so I guess

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Speaker 1: just I think the upgrades are mostly incrementals. Yes, there

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Speaker 1: are some upgrades, but do you actually need that? And

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Speaker 1: then I think the thing that makes me the status

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Speaker 1: Matt is that some people think, well, you know what,

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Speaker 1: I really need this thing. They bought into the marketing hype,

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Speaker 1: the thinnest iPhone ever. I've got to have it in

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Speaker 1: my pocket. And while at Hub found that one in

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Speaker 1: four people are more than willing to go into debt

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Speaker 1: for the new iPhone, and yeah, I mean debt for

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Speaker 1: tech gadgets. We're not down with it. It's a terrible idea.

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Speaker 1: If you can't actually afford the cost of the new

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Speaker 1: phone with cash that you have on hand, even then

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Speaker 1: like consider whether or not you should put that into

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Speaker 1: your budget or not. But if you don't have the

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Speaker 1: money to buy it, going into debt for it is

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Speaker 1: just utterly absurd, at least from the head of money perspective.

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Speaker 2: Yeah, as a general rule of thumb, do not finance

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Speaker 2: depreciating assets. That's my rule of thumb.

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Speaker 1: I think that's a great rule with it.

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Speaker 2: If you are looking to buy a home, sure that

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Speaker 2: can work out. But everything else. That's why I'm not

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Speaker 2: a huge fan of Carlon's.

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Speaker 1: Per student loans in moderation, right, because you are an

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Speaker 1: appreciating asset that you're doing some investing in.

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Speaker 2: An investment in your knowledge base and yeah, your marketability.

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Speaker 1: But even that can get out of control, as we.

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Speaker 2: Know that's true. Okay, maybe a quasi related article, there's

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Speaker 2: a story of the young dude. They talked about his

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Speaker 2: attempt to flip stuff, to flip items on Facebook marketplace

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Speaker 2: in order to make a profit. This is not a

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Speaker 2: new concept, but he was looking for items, some free,

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Speaker 2: some he paid for to purchase in order to sell

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Speaker 2: for more than he paid. I think this was over

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Speaker 2: on the journal. But the most impressive flip was a

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Speaker 2: set of rims, like car tire rims that he got

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Speaker 2: for free and then he turned it into a three

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Speaker 2: hundred dollars sale. This reminds me of you remember the

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Speaker 2: Canadian blogger some kid who upgraded. He bartered his way

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Speaker 2: from a red paper clip over the course of like years,

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Speaker 2: I think, but he eventually bartered his way up to

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Speaker 2: a home in the actual house.

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Speaker 1: Incredible. What this reminded me of, Yeah, I forgot what

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Speaker 1: he started with though it's literally a red paper clip,

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Speaker 1: which is I think there's like a statue or like

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Speaker 1: an art installation of like the red paper clip to

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Speaker 1: like commemorate because he was such a bolic what he did.

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Speaker 1: I think that was sort of the first of its time, right,

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Speaker 1: And in large part he was able to do that

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Speaker 1: because he garnered a lot of media coverage and people

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Speaker 1: are probably willing to part with something that was maybe

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Speaker 1: maybe worth a little bit more actual money, but they

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Speaker 1: were willing to be a part of his journey, be

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Speaker 1: a part of it, and maybe something he had to

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Speaker 1: them was more valuable. But that's the that's the.

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Speaker 2: That's what's so beautiful about a free market, the ability

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Speaker 2: to choose what it is that you want to put

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Speaker 2: out there, what you want to sell, what you want

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Speaker 2: to purchase. As well, he had Pokemon cards, which have

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Speaker 2: evidently had like the best return other than like the

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Speaker 2: SMP over the past.

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Speaker 1: That was another Pokemons have cards have outpaced the SMP

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Speaker 1: in terms of depends on what terms of return, which

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Speaker 1: which which card. But he this this guy though he

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Speaker 1: occasionally lost money.

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Speaker 2: But and of course he said that dealing with folks

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Speaker 2: who ghosted him or who were just like super flaky,

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Speaker 2: that's the worst part, which I totally agree, that's the

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Speaker 2: worst part of trying to buy or sell something, especially

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Speaker 2: on something like Facebook marketplace. But yeah, you can totally

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Speaker 2: respect the hustle, and I respect this this guy's hustle

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Speaker 2: too when it comes to finding ways and makes some additional.

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Speaker 1: Cash in aside, just that concept of arbage, right, that

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Speaker 1: someone is selling something, maybe they're prioritizing getting rid of

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Speaker 1: it quickly, and you know a lot about that item

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Speaker 1: and you're like, well, that's way underpriced. I can buy that,

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Speaker 1: I can bring it home, I can take better pictures

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Speaker 1: or something like that, and I can turn it into

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Speaker 1: Lots of times it's crummy pictures and people don't do

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Speaker 1: a good job listing the item they have, and if

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Speaker 1: you're that's what happened. I have a friend who flips

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Speaker 1: mid century furniture, and that's often how he does it.

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Speaker 1: It's like poorly listed, it's misspelled, terrible photos.

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Speaker 2: He finds it in the garage sale. Yeah, but then

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Speaker 2: he cleaned.

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Speaker 1: Sometimes he cleans it up. Sometimes he just takes better.

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Speaker 2: Pictures, right, brings it into his studio. He's got the

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Speaker 2: psych wall.

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Speaker 1: That's right. Those pieces look so good, I know exactly.

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Speaker 2: I'm like, yeah, I'll pay an eighty percent premium too,

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Speaker 2: just because it looks better.

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Speaker 1: Right, Just presentation matters, right.

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Speaker 2: So of an old friend of ours too, he would

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Speaker 2: do that with cars. So this is before the state

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Speaker 2: where he lived changed the advolorum tax. So now every

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Speaker 2: time you purchase a new vehicle, you pay that advi

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Speaker 2: alarum like essentially sales tax up front. But at the

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Speaker 2: time it was just assessed on an annual basis. And

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Speaker 2: he would I can't remember what car he ended up

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Speaker 2: driving in the end, but he would get a car similarly.

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Speaker 2: It wasn't marketed well crummy pictures. He drove it for

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Speaker 2: a while but then cleaned it up. He was a photographer,

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Speaker 2: took really good photos of it, and he would sell

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Speaker 2: it for a few hundred dollars more, I believe it

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Speaker 2: like a few months later. And he did that multiple times,

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Speaker 2: and every time was able to upgrade his ride.

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Speaker 1: Which I love. Again.

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Speaker 2: I love the hustle, but it takes time. And that's

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Speaker 2: the thing you got to know. It's why I think

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Speaker 2: a lot of young folks are willing to hustle like that,

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Speaker 2: because it takes a little bit of time. It takes

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Speaker 2: a lot of energy to want to be able to

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Speaker 2: do that, and you got to be able to value

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Speaker 2: your time accurately to make sure it's worth it.

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Speaker 1: Yeah. Yeah, And at this point in my life, I'm

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Speaker 1: not going to drive across town for a twenty dollars

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Speaker 1: item that I can sell for forty. But I don't know.

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Speaker 1: I might have done that like fifteen years ago, right,

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Speaker 1: so make some extra cash. Yeah, And just I think

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Speaker 1: the general concept of barbitrage is under discussed in personal

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Speaker 1: finance because there are inefficiencies in marketplaces. And maybe it's

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Speaker 1: even you're at a big box store or something like

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Speaker 1: that and you see something on clearance and you're like,

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Speaker 1: I know, I could sell this for more on eBay.

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Speaker 1: I don't know, maybe buy some of them. I almost

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Speaker 1: did that with a trigger grill that was on clearance

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Speaker 1: one time, the Costco and there were three left, and

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Speaker 1: I bought one for myself, and I was like, I

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Speaker 1: should have bought all three and sold the OtherSide. I

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Speaker 1: would have made a hundred bucks a pop on that, just.

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Speaker 2: Like you did it with the dishwashers.

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Speaker 1: Which I think exactly I did.

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Speaker 2: Yeah, I guess in that case, it was right there

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Speaker 2: in front of you, right, So it's not like you're

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Speaker 2: going out of your way. You're like, I've range on

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Speaker 2: the research. This is a good dishwasher, right, and the

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Speaker 2: ability to pounce. Maybe put a little bit of effort

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Speaker 2: into the quote unquote marketing and selling of the item,

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Speaker 2: then you're gonna come out on top.

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Speaker 1: Let's talk. Let's talk health insurance. Matt Let's super fun topic.

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Speaker 1: Everybody knows health insurance is super cheap and super affordable,

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Speaker 1: so great I think everyone loves their coverage. Everyone loves

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Speaker 1: the system that we're in. That's the best part. How

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Speaker 1: efficient it is, how well run. Of course not true.

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Speaker 1: Health insurance costs are on the rise in a meaningful

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Speaker 1: way this year, in particular two. Without making any changes,

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Speaker 1: price hex would likely be roughly like nine percent year

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Speaker 1: over year from employers what they have to pay for

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Speaker 1: coverage for their employees, like almost a ten percent bump

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Speaker 1: in a single year. Matt. That's far up paces inflation.

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Speaker 1: They won't be quite as high because of benefit reductions,

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Speaker 1: so price increases are going to be closer to six

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Speaker 1: and a half percent according to some recent data. And

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Speaker 1: there was a survey of like seventeen hundred companies and

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Speaker 1: they basically said, yeah, a lot of the higher costs

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Speaker 1: are going to have to be shoved onto our employees,

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Speaker 1: So open enrollment, we're getting close to that starting a

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Speaker 1: lot of how to money listeners. They might be shocked

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Speaker 1: by coverage reductions that they see or cost increases are

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Speaker 1: probably a little bit of both. So I guess we

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Speaker 1: just kind of want to give you the heads up

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Speaker 1: and say be ready to make some hard decisions here.

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Speaker 1: High deductible health care plans are not for everyone, but

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Speaker 1: if you're in good shape, with few procedures planned for

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Speaker 1: the coming year, and you've got solid savings on hand,

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Speaker 1: it can be a really good way to save on

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Speaker 1: monthly premium costs. And then it's important to note that

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Speaker 1: the cost of plans on healthcare dot gov they're going

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Speaker 1: up to at an even higher rate, and it seems

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Speaker 1: like subsidies are diminishing at the same time. So what

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Speaker 1: do you do when you're between a rock and a

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Speaker 1: hard place in terms of healthcare costs. These are difficult

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Speaker 1: discussions and there is no easy answer. I guess I

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Speaker 1: do want to at least highlight the fact that health

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Speaker 1: sharing companies for some people might make sense if you're

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Speaker 1: the cost of your plan is skyrocketing, in particular on

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Speaker 1: healthcare dot gov. They're not the same thing as insurance,

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Speaker 1: and we want to highlight that, and you should do

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Speaker 1: your due diligence before signing up for one. We have

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Speaker 1: articles up on the site actually about the health sharing

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Speaker 1: plans as well, but you might want at least consider one,

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Speaker 1: because when you're talking about a price gap of potentially

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Speaker 1: multiple thousands of dollars every month on premiums, versus whatever

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Speaker 1: health sharing plans call their premiums the share amount or

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Speaker 1: whatever helsehold portion.

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Speaker 2: Yeah, depending on that company.

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Speaker 1: At some point, traditional health insurance becomes just unaffordable for

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Speaker 1: a lot of us. It's true.

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Speaker 2: Okay, so yeah, So there was one study that found

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Speaker 2: that a decent chunk of folks actually choose a health

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Speaker 2: insurance plan in less than thirty minutes. Half of millennials

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Speaker 2: say they blindly pick a plan. They're just kind of like, oh,

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Speaker 2: that one sounds nice, I just go for it, which

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Speaker 2: is crazy, Like, this is not a case where sticking

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Speaker 2: your plans on a dartboard and just kind of going

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Speaker 2: with a random choice that where that's going to be

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Speaker 2: a smart idea, And I like one of the toughest

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Speaker 2: parts about choosing the right plan is just knowing what

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Speaker 2: your healthcare costs, what your needs are going to be,

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Speaker 2: and of course what your sort of out of pocket

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Speaker 2: costs are going to be in the upcoming year. You

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Speaker 2: can't perfectly predict, you know, accurately, what you're going to need,

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Speaker 2: but you can likely come up with a decent range.

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Speaker 2: And while this isn't always possible, you can plan ahead

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Speaker 2: for some different health procedures maybe you can kind of

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Speaker 2: lump some into a current a singular calendar year when

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Speaker 2: you do have more robust coverage. It reminds me of

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Speaker 2: when you might quote unquote bunch you're giving yeah right

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Speaker 2: as to whether or not you're going to atomize your taxes.

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Speaker 1: Or a bunch of health procedures too.

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Speaker 2: Yeah, do that. And we've had for us who have

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Speaker 2: done that, who have been a bit more strategic when

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Speaker 2: it came to, oh, I ruptured my achilles, we're gonna,

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Speaker 2: you know, got to get that fixed this year. I

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Speaker 2: guess this is also the in that case, they didn't

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Speaker 2: go with the more robust coverage, but they realized this.

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Speaker 1: Is the year that we're going to hit high inductible

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Speaker 1: schedule everything else.

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Speaker 2: Yeah, so they did like wisdom teeth removal with the daughter,

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Speaker 2: another daughter had like the tonsils removed. You know, they

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Speaker 2: kind of like went through the litany of all the

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Speaker 2: things that they were considering. It's just like not, you're

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Speaker 2: obviously not gonna get some of these things done unnecessarily,

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Speaker 2: but they were planning all all of these things were essentially.

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Speaker 1: On the dock on the radar, but they might not

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Speaker 1: have happened till like the following year, and they're like,

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Speaker 1: all right, we're gonna shove it all into this calendar exactly.

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Speaker 2: And of course, don't forget about flexible spending accounts. Still,

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Speaker 2: forget about hsas health savings accounts as well, because they

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Speaker 2: can these can be tools that you can use and

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Speaker 2: they can at least help you to save on taxes

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Speaker 2: for those increased health care expenses. Yeah.

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Speaker 1: Yeah, some people underutilize those matter, especially like the the fsays.

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Speaker 1: If you have a we prefer hsas for long term

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Speaker 1: investments and tax free growth. But when you're talking about

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Speaker 1: the FSAs, that's usually like dollar for dollar plan out

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Speaker 1: you're spending, know how much you can stock in there

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Speaker 1: so that you are avoiding taxes on healthcare spending at least.

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Speaker 1: Let's talk about Tesla for a second, Matt. You remember

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Speaker 1: you remember when Tesla's were kind of the it car,

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Speaker 1: the Model S. They're expensive, man, and people, but there.

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Speaker 2: Still are, but yeah, not as expensive, not nearly.

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Speaker 1: As expensive as they used to be. And that's partly

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Speaker 1: because they've released additional models that are less expensive right

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Speaker 1: than that flagship Model S. But it's also because they've

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Speaker 1: economies of scale, right, and they've figured out how the

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Speaker 1: manufacturing process, how to really manufacture those and bring the

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Speaker 1: cost down. But I just remember when they were so

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Speaker 1: expensive and was really only rich people and the elite

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Speaker 1: that could afford at Tesla, and now that's not the case.

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Speaker 1: I used Tesla costs less than the average used internal

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Speaker 1: combustion engine vehicle these days, and so that's kind of

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Speaker 1: hard to fathom. It's not something you could have predicted,

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Speaker 1: I don't think ten years ago. The TV tax credits

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Speaker 1: are expiring at the end of September, at the end

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Speaker 1: of this month, and so if you've got the cash

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Speaker 1: and you've got the interest, now might be a good

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Speaker 1: time to pounce, as prices have gone down and the

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Speaker 1: tax benefit still remains. But the New York Times they

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Speaker 1: also have a detailed EV versus gas calculator that I

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Speaker 1: think is worth checking out. But it's just fascinating to

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Speaker 1: see that. Yeah, some electric vehicles have become cheap enough

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Speaker 1: to really justify upgrading or switching from an ice vehicle

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Speaker 1: basically over to electric because the savings sort of that significant.

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Speaker 1: Think about how much you're going to save on gas too,

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Speaker 1: especially if you're a heavy driver. But one place you

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Speaker 1: might not save when we're talking about electric vehicles is

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Speaker 1: on insurance. And that's the one thing you're don't want

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Speaker 1: to get a quote from your insurance company before you

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Speaker 1: make that switch, because you might say this seems like

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Speaker 1: a good deal. Then you call your insurance company, they're like, well,

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Speaker 1: you're paying two thousand dollars a year for coverage for

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Speaker 1: your cars, and now because you added that EV in

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Speaker 1: and you ditch the other one, well that's going to

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Speaker 1: be like thirty two hundred dollars a year. And they're like,

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Speaker 1: I wasn't planning on spending that much extra. That cuts

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Speaker 1: into the savings that I was hoping to experience. So beware,

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Speaker 1: be get that quote ahead of time before you like

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Speaker 1: make that plunge. Like the total benefit package that you

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Speaker 1: were to receive from employer. In a similar way, what's

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Speaker 1: the total expense.

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Speaker 2: That you're going to be experiencing when it comes to

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Speaker 2: operating your electric vehicle. Yeah, the end of the tax

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Speaker 2: credit has icy cars. That's a they put out great

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Speaker 2: information on vehicles, but they see a sales cliff coming

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Speaker 2: for EV's they're forecasting a fifty percent decline in sales

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Speaker 2: as consumers are more likely going to avoid them without

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Speaker 2: that tax incentive attached. And so the wider implication here

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Speaker 2: is that EV adoption, well, it's already stalled even with

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Speaker 2: the tax credits in place, and so I think it's

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Speaker 2: going to cause even more of a decline. Right, So

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Speaker 2: instead of a seven to eight percent of overall car sales,

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Speaker 2: we're likely going to see new EV purchases at roughly

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Speaker 2: four to five percent instead, which is a far cry

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Speaker 2: from This makes me think about Norway?

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Speaker 1: Can we look that up the other day because I

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Speaker 1: was curious, I think the percentage of new car sales

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Speaker 1: in Norway that are electric vehicles specific are it was

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Speaker 1: either ninety three or ninety seven percent, I would have

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Speaker 1: guessed eight.

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Speaker 2: Yeah, at least eighty.

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Speaker 1: Something insane, like it's so high. Yeah, gas powered vehicles

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Speaker 1: just almost don't exist in normally in the Yeah, and.

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Speaker 2: The ones that do, I'm sure are like diesel trucks

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Speaker 2: because of the maybe the torque or the you know

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Speaker 2: that's that's involved with specialty work vehicles. But all that

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Speaker 2: being said, used EV supply is up sixty two percent,

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Speaker 2: and so it's a moving target, right, So it just

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Speaker 2: depends on what the market's doing. And even though like

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Speaker 2: I could still see myself driving an electric vehicle, Like

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Speaker 2: if we need a second vehicle sometime maybe next year,

434
00:19:42,680 --> 00:19:45,879
Speaker 2: just for scooting around town. It's still a very affordable

435
00:19:45,880 --> 00:19:48,240
Speaker 2: way to get around. So I think it all depends

436
00:19:48,280 --> 00:19:50,919
Speaker 2: on what the used market, in particular for me, what

437
00:19:50,920 --> 00:19:51,640
Speaker 2: that ends up doing.

438
00:19:51,800 --> 00:19:54,080
Speaker 1: Yeah, and I mean with those tax credits going away.

439
00:19:54,200 --> 00:19:57,000
Speaker 1: You and I had reservations for We didn't know if

440
00:19:57,000 --> 00:19:58,600
Speaker 1: we were going to follow through or not. But it

441
00:19:58,640 --> 00:20:00,639
Speaker 1: was a low commitment, right, one hundred buck for like

442
00:20:00,720 --> 00:20:02,720
Speaker 1: the slate the Slate truck. Yeah, and what was the

443
00:20:02,760 --> 00:20:05,920
Speaker 1: other one, Oh, the Rivian. Yeah, that's right, there were two. Yeah,

444
00:20:05,960 --> 00:20:08,240
Speaker 1: that was two years ago maybe that we said that

445
00:20:08,560 --> 00:20:11,880
Speaker 1: no longer. I canceled both of mine because I was like, well,

446
00:20:11,960 --> 00:20:16,000
Speaker 1: I have a solid, old gas vehicle that I really enjoy,

447
00:20:16,359 --> 00:20:19,200
Speaker 1: and uh, just with the tax tread of going away,

448
00:20:19,200 --> 00:20:21,119
Speaker 1: I was like, maybe much less sense. It makes the

449
00:20:21,160 --> 00:20:22,720
Speaker 1: less financial sense to make that upgrade.

450
00:20:22,880 --> 00:20:24,560
Speaker 2: Yeah, but man, we've got more to get to. We're

451
00:20:24,560 --> 00:20:27,879
Speaker 2: gonna discuss the Oh, let's get to the high cost

452
00:20:27,960 --> 00:20:29,960
Speaker 2: of housing. That's something that's on a lot of folks minds.

453
00:20:30,000 --> 00:20:30,800
Speaker 2: We'll get to that more.

454
00:20:30,960 --> 00:20:31,760
Speaker 1: Right after this.

455
00:20:39,640 --> 00:20:42,160
Speaker 2: All, rybody, we are back from the break. Is now

456
00:20:42,200 --> 00:20:46,080
Speaker 2: time for the ludacrous headline of the week, which comes

457
00:20:46,080 --> 00:20:50,160
Speaker 2: from CNN this week, and headline reads, the hobby that's

458
00:20:50,200 --> 00:20:54,040
Speaker 2: costing young men tens of thousands of dollars And this

459
00:20:54,160 --> 00:20:57,400
Speaker 2: is not the new thing, oled hobby of pickleball, Joel.

460
00:20:57,560 --> 00:21:00,399
Speaker 2: We're not talking about the old school golf, which is

461
00:21:00,400 --> 00:21:04,400
Speaker 2: probably the second expensive one. It's very expensive.

462
00:21:04,400 --> 00:21:07,480
Speaker 1: I have friends who go on like golf trips and

463
00:21:08,240 --> 00:21:12,480
Speaker 1: I'm like, no thanks, it's expensive. Yeah, that's my backpacking

464
00:21:12,480 --> 00:21:14,560
Speaker 1: hobby is like, not the cheapest, but it's way cheaper.

465
00:21:14,600 --> 00:21:15,800
Speaker 2: It's it's so much more footable.

466
00:21:15,800 --> 00:21:16,399
Speaker 1: But golf.

467
00:21:16,440 --> 00:21:18,400
Speaker 2: I have such a bad attitude about golf. I've gone

468
00:21:18,400 --> 00:21:21,359
Speaker 2: on rants before about used to work a golf course.

469
00:21:21,440 --> 00:21:21,800
Speaker 1: I did.

470
00:21:21,920 --> 00:21:25,080
Speaker 2: That was younger, Matt old, Matt is not. I played

471
00:21:25,080 --> 00:21:26,920
Speaker 2: a whole lot of golf when I was a young kid,

472
00:21:27,320 --> 00:21:29,560
Speaker 2: in part because of how accessible it was to me

473
00:21:29,600 --> 00:21:31,720
Speaker 2: at that point in time. Now we're not talking about golf.

474
00:21:31,720 --> 00:21:34,359
Speaker 2: We're talking about sports gambling, which can that even be

475
00:21:34,400 --> 00:21:36,280
Speaker 2: called a hobby? Like That's another thing.

476
00:21:36,160 --> 00:21:39,000
Speaker 1: Too, the fact that calling an addiction it is a

477
00:21:39,080 --> 00:21:40,520
Speaker 1: nice way of killing your addiction.

478
00:21:40,520 --> 00:21:43,960
Speaker 2: Of an addiction. So in this scene in an article, evidently,

479
00:21:44,280 --> 00:21:46,600
Speaker 2: if you watch a sporting event on TV, you're gonna

480
00:21:46,640 --> 00:21:50,480
Speaker 2: see an ad for gambling once every thirteen seconds, which

481
00:21:50,520 --> 00:21:53,000
Speaker 2: blew my mind. And it's actually it's not even an ad.

482
00:21:53,400 --> 00:21:57,880
Speaker 2: They're they're also including like logos for gambling apps for instance,

483
00:21:57,920 --> 00:22:00,600
Speaker 2: like whether it's on a jersey or you know, you're

484
00:22:00,640 --> 00:22:03,000
Speaker 2: sitting there watching the match, you're watching a hockey game

485
00:22:03,320 --> 00:22:06,320
Speaker 2: and you see like the boards, you know, like as

486
00:22:06,359 --> 00:22:09,920
Speaker 2: they're even product placement along the sides of the arena everything.

487
00:22:10,000 --> 00:22:14,000
Speaker 2: But it's just completely inundated our athletics, the sports that

488
00:22:14,040 --> 00:22:17,240
Speaker 2: we watch. And evidently this is I guess, not surprisingly

489
00:22:17,320 --> 00:22:20,600
Speaker 2: largely a young male phenomena. A quarter of males under

490
00:22:20,600 --> 00:22:23,840
Speaker 2: the age of forty five have participated at all, which

491
00:22:24,359 --> 00:22:28,880
Speaker 2: again very surprising. I've never gambled on sports before. Ten

492
00:22:28,920 --> 00:22:32,080
Speaker 2: percent of men who are aged eighteen to thirty think

493
00:22:32,119 --> 00:22:37,520
Speaker 2: that they have a gambling problem, and man gambling get

494
00:22:38,000 --> 00:22:39,920
Speaker 2: young guys who are gambling on their favorite players or

495
00:22:40,000 --> 00:22:43,480
Speaker 2: their favorite teams. It has become fully normalized and it's

496
00:22:43,520 --> 00:22:45,560
Speaker 2: right through at their fingertips. You know, this isn't something

497
00:22:45,640 --> 00:22:48,200
Speaker 2: that you need to go to Vegas to do. You

498
00:22:48,200 --> 00:22:50,440
Speaker 2: don't need a bookie, right, like that was the person

499
00:22:50,440 --> 00:22:52,240
Speaker 2: you would call up. I think in order to place

500
00:22:52,240 --> 00:22:52,879
Speaker 2: the sports, you just.

501
00:22:52,920 --> 00:22:55,320
Speaker 1: To feel CD and now it feels like bright and

502
00:22:55,400 --> 00:22:58,800
Speaker 1: clean and fun. And there's all the bells and whistles

503
00:22:58,840 --> 00:23:01,280
Speaker 1: on the apps and they're tizoons everywhere.

504
00:23:00,920 --> 00:23:03,879
Speaker 2: And so you're incentivized with free money to you know.

505
00:23:03,960 --> 00:23:05,360
Speaker 2: I know that's a part of it too. They're like, hey,

506
00:23:05,359 --> 00:23:07,359
Speaker 2: we'll give you this much money to even gamble with

507
00:23:07,520 --> 00:23:09,280
Speaker 2: once you initially download the app.

508
00:23:09,320 --> 00:23:12,159
Speaker 1: And it's also pretty easy addiction to hide, right that

509
00:23:12,800 --> 00:23:13,600
Speaker 1: stick it in your pocket.

510
00:23:13,920 --> 00:23:17,600
Speaker 2: It went away? Yeah, exactly what are you talking about? Yeah,

511
00:23:17,640 --> 00:23:20,639
Speaker 2: And of course they're gonna highlight somebody who like was

512
00:23:20,640 --> 00:23:23,000
Speaker 2: on the verge of a mental breakdown because he lost

513
00:23:23,040 --> 00:23:26,040
Speaker 2: over ten thousand dollars like on a seeing You single

514
00:23:26,320 --> 00:23:30,600
Speaker 2: hockey game. I don't think the different apps that I

515
00:23:30,640 --> 00:23:32,440
Speaker 2: don't think they're out there trying to ruin people's lives,

516
00:23:32,560 --> 00:23:34,880
Speaker 2: you know, like it makes sense they're trying to maximize

517
00:23:34,920 --> 00:23:36,720
Speaker 2: their profits. I think they would, but I think they

518
00:23:36,720 --> 00:23:40,320
Speaker 2: would much rather see all people, not just men, but

519
00:23:40,440 --> 00:23:44,040
Speaker 2: like everybody. What if everybody just bet like five or

520
00:23:44,119 --> 00:23:46,840
Speaker 2: ten bucks a month. That's totally reasonable. And I would

521
00:23:46,880 --> 00:23:49,199
Speaker 2: say that seems totally reasonable, right, Like, I don't think

522
00:23:49,200 --> 00:23:52,080
Speaker 2: they're out there trying to get individual people to lose

523
00:23:52,119 --> 00:23:55,200
Speaker 2: tens of thousands of dollars. But you got to know yourself.

524
00:23:55,240 --> 00:23:56,920
Speaker 2: You got to know if, like what kind of slippery

525
00:23:56,920 --> 00:23:58,719
Speaker 2: slope you were on, and if you can't handle it, Man,

526
00:23:58,760 --> 00:24:01,560
Speaker 2: you don't even need to dabble with five bucks because

527
00:24:01,880 --> 00:24:05,080
Speaker 2: it might lead you to thinking you've got an edge

528
00:24:05,119 --> 00:24:07,560
Speaker 2: and you end up wagering much more money and you

529
00:24:07,640 --> 00:24:09,720
Speaker 2: end up losing a ton of it. They're also not

530
00:24:09,760 --> 00:24:12,280
Speaker 2: giving that money back, right if you gamble it away,

531
00:24:12,320 --> 00:24:14,280
Speaker 2: So is that what they're after?

532
00:24:14,560 --> 00:24:18,080
Speaker 1: I don't know. I think there are incentives to keep

533
00:24:18,080 --> 00:24:21,639
Speaker 1: people glued to that app, so they are gambling more

534
00:24:21,720 --> 00:24:24,359
Speaker 1: and more. And yeah, it's a it's a real problem.

535
00:24:24,400 --> 00:24:26,600
Speaker 1: It's a real problem to the services, a society wide problem.

536
00:24:26,640 --> 00:24:29,760
Speaker 1: To speaking of ads, Matt, I don't think people are

537
00:24:29,840 --> 00:24:31,480
Speaker 1: using Google as much as they used to. I think

538
00:24:31,800 --> 00:24:35,440
Speaker 1: those the use of chat, GPT and other AI services

539
00:24:35,560 --> 00:24:37,720
Speaker 1: is on the uptick. And maybe I don't know. I'm

540
00:24:37,720 --> 00:24:41,040
Speaker 1: curious to see how Google response to that. But when

541
00:24:41,080 --> 00:24:44,320
Speaker 1: you actually just look at the Google results that show

542
00:24:44,400 --> 00:24:46,560
Speaker 1: up at the top when you make a search, they

543
00:24:46,640 --> 00:24:49,200
Speaker 1: might not be as good as you think. You typically

544
00:24:49,600 --> 00:24:52,240
Speaker 1: assume that whatever Google is serving up first, once you

545
00:24:52,240 --> 00:24:54,879
Speaker 1: scroll past the ads at least is is going to

546
00:24:54,880 --> 00:24:59,320
Speaker 1: be the most effective solution to whatever query you've You've

547
00:24:59,320 --> 00:25:02,800
Speaker 1: tossed it. And there's this wallet hub survey that found

548
00:25:02,880 --> 00:25:06,720
Speaker 1: that trusting the top search results from Google can cost

549
00:25:06,720 --> 00:25:09,600
Speaker 1: you money. And it's not just those misleading ads, but

550
00:25:09,640 --> 00:25:11,280
Speaker 1: that is true too, Right, if you click on those

551
00:25:11,320 --> 00:25:13,159
Speaker 1: top ads, you might be going to the site that

552
00:25:13,200 --> 00:25:15,040
Speaker 1: paid Google the most, not to the site that's going

553
00:25:15,119 --> 00:25:18,320
Speaker 1: to give you the most help. But it's also the

554
00:25:18,640 --> 00:25:21,840
Speaker 1: content creators who aren't offering the best advice who are

555
00:25:22,200 --> 00:25:25,720
Speaker 1: gaining the system getting the top SEO placements, even if

556
00:25:25,800 --> 00:25:29,840
Speaker 1: their content isn't the most impactful or helpful. So, for instance,

557
00:25:29,880 --> 00:25:34,439
Speaker 1: some creators prioritize credit card rankings on their sites based

558
00:25:34,480 --> 00:25:38,080
Speaker 1: on their relationship with advertisers, right, the relationship they have

559
00:25:38,200 --> 00:25:42,480
Speaker 1: with the banks. They list the credit cards first that

560
00:25:42,800 --> 00:25:45,760
Speaker 1: they get paid the most for, even if they aren't

561
00:25:45,800 --> 00:25:50,440
Speaker 1: the best solution for people making that search. So this

562
00:25:50,560 --> 00:25:53,919
Speaker 1: is I think I hope people intuitively understand this that like,

563
00:25:53,960 --> 00:25:56,600
Speaker 1: don't just trust the first Google result you come across,

564
00:25:57,040 --> 00:26:00,399
Speaker 1: but do research at multiple sites, run the numbers, and

565
00:26:00,400 --> 00:26:03,960
Speaker 1: Plus there's also individual realities here, Matt that depending on

566
00:26:04,000 --> 00:26:05,880
Speaker 1: how you spend well, this credit card might be better

567
00:26:05,920 --> 00:26:08,280
Speaker 1: for someone else who stumbled upon this site, but it

568
00:26:08,359 --> 00:26:10,280
Speaker 1: might not be the best card for you. So know

569
00:26:10,359 --> 00:26:14,040
Speaker 1: your individual situation and also know that whatever hits you

570
00:26:14,080 --> 00:26:16,119
Speaker 1: in the face first when you make a Google search

571
00:26:16,520 --> 00:26:18,760
Speaker 1: might not be, you know, the best thing for you

572
00:26:18,800 --> 00:26:19,280
Speaker 1: at that time.

573
00:26:19,359 --> 00:26:22,800
Speaker 2: That's right, man, Let's discuss the cost of housing, because

574
00:26:22,880 --> 00:26:25,919
Speaker 2: the general housing market has gained more than twenty trillion

575
00:26:25,960 --> 00:26:28,399
Speaker 2: dollars in value over the past five years. This is

576
00:26:28,680 --> 00:26:32,320
Speaker 2: quoting trillion, twenty trillion dollars with the tea. That's right.

577
00:26:32,720 --> 00:26:34,920
Speaker 2: I don't think that there's this as much of a surprise.

578
00:26:35,000 --> 00:26:37,080
Speaker 2: I think you know, we all saw if you owned

579
00:26:37,080 --> 00:26:40,240
Speaker 2: a home, your your home value like skyrocket, big number

580
00:26:40,240 --> 00:26:42,560
Speaker 2: in the beginning in twenty twenty. Yeah, that was a

581
00:26:42,640 --> 00:26:45,240
Speaker 2: it was a fifty seven percent gain in five years.

582
00:26:45,760 --> 00:26:49,719
Speaker 2: But those giant increases have largely subsided and there's a

583
00:26:49,760 --> 00:26:53,000
Speaker 2: new housing market anomaly now, which is that new homes

584
00:26:53,359 --> 00:26:57,000
Speaker 2: are cheaper than existing ones and This makes me think

585
00:26:57,080 --> 00:27:01,600
Speaker 2: of the car industry, because I certainly the home market

586
00:27:01,720 --> 00:27:05,800
Speaker 2: is different than the automobile market industry. That being said,

587
00:27:05,800 --> 00:27:09,399
Speaker 2: there are some similarities. And seeing new homes become cheaper

588
00:27:09,400 --> 00:27:12,960
Speaker 2: than the existing ones buy almost twenty thousand dollars on average,

589
00:27:13,119 --> 00:27:16,000
Speaker 2: this is super fascinating. Man. It comes down to supply

590
00:27:16,040 --> 00:27:20,160
Speaker 2: and demand. Homebuilders. They've got supply coming to market when

591
00:27:20,160 --> 00:27:24,760
Speaker 2: there's basically less buyer interest generally speaking. But I think

592
00:27:24,800 --> 00:27:27,600
Speaker 2: also maybe in those newer homes which has led to

593
00:27:27,640 --> 00:27:32,200
Speaker 2: price cuts. So existing homeowners like the older homes, maybe

594
00:27:32,200 --> 00:27:34,280
Speaker 2: the homes that you might see and think, oh, that's

595
00:27:34,280 --> 00:27:36,359
Speaker 2: a house that's got some character. Oh that's in a

596
00:27:36,640 --> 00:27:38,440
Speaker 2: slightly more desirable part of town.

597
00:27:38,359 --> 00:27:40,800
Speaker 1: In nineteen twenties bungalow or a nineteen sixties ranch.

598
00:27:40,880 --> 00:27:42,639
Speaker 2: Yeah, or it's just in a good location, like all

599
00:27:42,640 --> 00:27:45,440
Speaker 2: the good good spots are taken. You know, those homeowners

600
00:27:45,440 --> 00:27:47,520
Speaker 2: they've got less pressure to sell. They can often stay

601
00:27:47,520 --> 00:27:50,359
Speaker 2: put longer. And so if you are in the market

602
00:27:51,200 --> 00:27:53,960
Speaker 2: to buy a home, I think we would recommend to

603
00:27:53,960 --> 00:27:57,440
Speaker 2: consider buying a brand new one because you might get

604
00:27:57,480 --> 00:27:59,280
Speaker 2: a rate buy down. That's something that some of these

605
00:27:59,280 --> 00:28:02,760
Speaker 2: home buyers are doing in addition to a cheaper.

606
00:28:02,480 --> 00:28:03,600
Speaker 1: Sales price as well.

607
00:28:03,720 --> 00:28:07,280
Speaker 2: So it's just a fascinating thing to see that if

608
00:28:07,320 --> 00:28:09,920
Speaker 2: you blindly said, oh, well, all housing is the same,

609
00:28:09,960 --> 00:28:13,320
Speaker 2: there are differences between old stock, you know, like old housing,

610
00:28:13,359 --> 00:28:15,679
Speaker 2: housing that's been on them, that's been in existence for

611
00:28:15,720 --> 00:28:18,880
Speaker 2: a while, and new builds essentially, and I think there's

612
00:28:18,960 --> 00:28:22,760
Speaker 2: opportunity for folks to perhaps to get you a home

613
00:28:22,920 --> 00:28:25,280
Speaker 2: that is a bit more affordable. You certainly know the

614
00:28:25,320 --> 00:28:28,320
Speaker 2: trade offs, and I think I think it's probably safe

615
00:28:28,359 --> 00:28:29,640
Speaker 2: to say as well that you're going to see less

616
00:28:29,640 --> 00:28:32,440
Speaker 2: appreciation on those homes because they are more affordable because

617
00:28:32,880 --> 00:28:34,679
Speaker 2: they are maybe in a new development and there's not

618
00:28:34,720 --> 00:28:37,400
Speaker 2: as much infrastructure in that, you know, in that suburb

619
00:28:37,480 --> 00:28:39,560
Speaker 2: way out there. It's just like, oh yeah, homes are

620
00:28:39,600 --> 00:28:41,000
Speaker 2: real cheap out there, But do you want to live

621
00:28:41,080 --> 00:28:43,480
Speaker 2: way out there? But it comes down to what it

622
00:28:43,560 --> 00:28:45,720
Speaker 2: is that you're you're looking, that you are valuing, and

623
00:28:45,760 --> 00:28:46,960
Speaker 2: what you're trying to add to your life.

624
00:28:47,000 --> 00:28:49,160
Speaker 1: When when you look at the graph of new new

625
00:28:49,160 --> 00:28:53,120
Speaker 1: homes prices and used home prices, like new homes are

626
00:28:53,160 --> 00:28:58,120
Speaker 1: basically never cheaper than existing homes, and so it's interesting

627
00:28:58,160 --> 00:29:00,760
Speaker 1: those lines of recently crossed. Yeah, it's interesting to see

628
00:29:00,760 --> 00:29:03,960
Speaker 1: that change, and I think it does for someone who's

629
00:29:04,000 --> 00:29:05,440
Speaker 1: like I do want to get a startund The other

630
00:29:05,440 --> 00:29:06,800
Speaker 1: thing about buying a new home, I mean you still

631
00:29:06,800 --> 00:29:09,400
Speaker 1: want to get an inspection, is that you'll probably have

632
00:29:09,560 --> 00:29:12,960
Speaker 1: you should have lower maintenance costs for you know, many

633
00:29:13,040 --> 00:29:15,040
Speaker 1: years to come as well. So that might be another

634
00:29:15,080 --> 00:29:16,840
Speaker 1: factor kind of pushing you in that direction of a

635
00:29:16,880 --> 00:29:18,200
Speaker 1: new home versus an existing one.

636
00:29:18,240 --> 00:29:19,240
Speaker 2: That's a massive plus.

637
00:29:19,320 --> 00:29:22,320
Speaker 1: Yeah, it just it just makes me think too about

638
00:29:22,360 --> 00:29:25,440
Speaker 1: like house flips that I've seen in our neighborhood, Matt,

639
00:29:25,800 --> 00:29:30,640
Speaker 1: and that it's the reason this is happening is because

640
00:29:30,680 --> 00:29:33,160
Speaker 1: new homebuilders were like, look at yeah, they were incentivized

641
00:29:33,160 --> 00:29:35,560
Speaker 1: to build homes as prices were going We're going through

642
00:29:35,560 --> 00:29:37,640
Speaker 1: the roof, and now those homes are coming to market

643
00:29:37,680 --> 00:29:39,640
Speaker 1: and prices have stalled. Well, the same thing is happening

644
00:29:39,640 --> 00:29:42,520
Speaker 1: to home flippers largely right now, because they were like, oh,

645
00:29:42,560 --> 00:29:45,080
Speaker 1: I bought the house nine months ago when prices still

646
00:29:45,080 --> 00:29:46,920
Speaker 1: felt like they were going up into the right but

647
00:29:47,040 --> 00:29:49,600
Speaker 1: now I'm I'm if the house is finished and I'm

648
00:29:49,680 --> 00:29:52,560
Speaker 1: listing it in a cooling market. Some of those people,

649
00:29:52,640 --> 00:29:54,760
Speaker 1: that's what makes home flipping I think so dangerous for

650
00:29:54,800 --> 00:29:56,640
Speaker 1: a lot of people. Is like the market can change

651
00:29:57,000 --> 00:29:59,800
Speaker 1: on a dime or change pretty quickly, and you're stuck

652
00:30:00,240 --> 00:30:03,600
Speaker 1: with a home with shrinking profit margins and you're holding

653
00:30:03,600 --> 00:30:05,280
Speaker 1: on to it, and you're paying money every single month

654
00:30:05,280 --> 00:30:07,720
Speaker 1: holding onto that home. Home blooping can make sense, It

655
00:30:08,480 --> 00:30:10,280
Speaker 1: can work for some people, but it can be a

656
00:30:10,320 --> 00:30:12,080
Speaker 1: really dangerous way of investing too.

657
00:30:12,360 --> 00:30:14,840
Speaker 2: All Right, buddy, let's talk about how much we as

658
00:30:14,840 --> 00:30:19,800
Speaker 2: Americans value Social Security because there's a new study from

659
00:30:19,840 --> 00:30:22,840
Speaker 2: the Congressional Budget Office and they have found that for

660
00:30:22,920 --> 00:30:26,640
Speaker 2: the vast majority of Americans, it is in fact their

661
00:30:26,680 --> 00:30:31,280
Speaker 2: most valuable asset, which is this is a minus my

662
00:30:31,320 --> 00:30:36,360
Speaker 2: Pokemon card collection. Yeah, this is some striking and sad news.

663
00:30:36,400 --> 00:30:39,560
Speaker 2: You know, It's evidently more valuable than the retirement accounts.

664
00:30:39,600 --> 00:30:41,480
Speaker 2: It's more valuable than the home equity that they've been

665
00:30:41,480 --> 00:30:44,560
Speaker 2: able to build up. Especially with the looming physcal troubles

666
00:30:44,600 --> 00:30:47,200
Speaker 2: that Social Security is facing. I think to have the

667
00:30:47,240 --> 00:30:51,720
Speaker 2: bulk of your retirement nest egg in Social Security, like,

668
00:30:52,000 --> 00:30:55,240
Speaker 2: that's a bit unsettling. The average Social Security benefit is

669
00:30:55,240 --> 00:30:58,959
Speaker 2: two thousand dollars a month, and without that two thousand dollars, man,

670
00:30:59,000 --> 00:31:02,920
Speaker 2: we would see a lot more retire devastation. I think

671
00:31:02,920 --> 00:31:05,320
Speaker 2: it's another reason that I don't see social security going

672
00:31:05,360 --> 00:31:09,400
Speaker 2: away completely, but again, like something is going to have

673
00:31:09,480 --> 00:31:12,360
Speaker 2: to be done regardless. I was very shocked to see

674
00:31:12,400 --> 00:31:16,520
Speaker 2: that nine out of ten Americans have more essentially in

675
00:31:16,680 --> 00:31:18,760
Speaker 2: their social security and how much they're expecting to draw

676
00:31:18,840 --> 00:31:21,840
Speaker 2: from that that I was expecting.

677
00:31:21,480 --> 00:31:24,600
Speaker 1: Basically, because like, yeah, two thousand dollars a month is

678
00:31:24,720 --> 00:31:28,240
Speaker 1: what you're drawing from that, But the overall value of

679
00:31:28,400 --> 00:31:32,400
Speaker 1: a social security for the average American is something like

680
00:31:32,440 --> 00:31:34,560
Speaker 1: half a million dollars, right, That's what they can expect

681
00:31:34,560 --> 00:31:36,760
Speaker 1: to pull down from social security over the years, and

682
00:31:36,760 --> 00:31:39,200
Speaker 1: that's just way an exit. Most people don't have five

683
00:31:39,240 --> 00:31:41,600
Speaker 1: hundred thousand dollars built up in their four one kiras

684
00:31:41,680 --> 00:31:44,000
Speaker 1: or that combination thereof they don't have that much in

685
00:31:44,040 --> 00:31:47,440
Speaker 1: home equity. So yeah, it makes sense when you look

686
00:31:47,480 --> 00:31:49,560
Speaker 1: at the numbers that something like nine to ten people

687
00:31:50,960 --> 00:31:55,160
Speaker 1: find that social security is the best thing that they

688
00:31:55,200 --> 00:31:58,080
Speaker 1: have essentially to help them fund their winnerment.

689
00:31:58,120 --> 00:31:59,640
Speaker 2: I would not have expected that it was that much.

690
00:31:59,680 --> 00:32:01,640
Speaker 2: I would have said, I would have expected that it

691
00:32:01,640 --> 00:32:05,400
Speaker 2: was pretty high, but that actually maybe or well, especially

692
00:32:05,400 --> 00:32:06,720
Speaker 2: and we've talked about this on the show. I mean

693
00:32:06,800 --> 00:32:10,520
Speaker 2: especially as auto en rolling in four to one k's

694
00:32:10,560 --> 00:32:13,520
Speaker 2: as that has become the norm. Iras have been around

695
00:32:13,520 --> 00:32:15,040
Speaker 2: for quite a long time, but I mean in so

696
00:32:15,080 --> 00:32:17,080
Speaker 2: a four to one k's right, like as we switch

697
00:32:17,120 --> 00:32:19,840
Speaker 2: from this pension system. But I guess it just hasn't

698
00:32:19,880 --> 00:32:22,320
Speaker 2: been It takes a long time for a generation to

699
00:32:22,400 --> 00:32:24,080
Speaker 2: kind of go through that and build up the kind

700
00:32:24,120 --> 00:32:27,120
Speaker 2: of net worth that you would need to be able

701
00:32:27,160 --> 00:32:28,840
Speaker 2: to live on, to be able to draw two thousand

702
00:32:28,840 --> 00:32:31,960
Speaker 2: dollars or more, Yeah, when you are in those retirement years.

703
00:32:32,000 --> 00:32:34,160
Speaker 1: And I feel I guess maybe for that in between generation,

704
00:32:34,240 --> 00:32:37,719
Speaker 1: maybe it's like the gen xers, right, who didn't have

705
00:32:37,760 --> 00:32:41,000
Speaker 1: the pension, didn't have the investing knowledge or the easy

706
00:32:41,080 --> 00:32:44,440
Speaker 1: access to investing. It wasn't democratized right in the way

707
00:32:44,480 --> 00:32:47,480
Speaker 1: that it's that it's become for younger generations that you

708
00:32:47,520 --> 00:32:50,160
Speaker 1: look at the numbers of gen Zers who are just

709
00:32:50,240 --> 00:32:54,520
Speaker 1: like they're investing is kind of normalized and part of

710
00:32:54,560 --> 00:32:55,240
Speaker 1: their experience.

711
00:32:55,320 --> 00:32:57,600
Speaker 2: It was a bit like second nature there. Yeah, what

712
00:32:57,720 --> 00:33:00,560
Speaker 2: is like digital natives like they're right there, automatic four

713
00:33:00,680 --> 00:33:02,880
Speaker 2: and K natives like it's almost like what they've always known.

714
00:33:02,960 --> 00:33:04,920
Speaker 1: Yeah, and so they've they've heard enough about it, they've

715
00:33:04,920 --> 00:33:07,880
Speaker 1: participated in the investing world enough, you know, some of

716
00:33:07,880 --> 00:33:11,040
Speaker 1: it dabbling in some weird stuff. But at least at

717
00:33:11,120 --> 00:33:13,320
Speaker 1: least they're doing the thing and they're they're putting money

718
00:33:13,360 --> 00:33:14,480
Speaker 1: away for their future.

719
00:33:14,320 --> 00:33:15,760
Speaker 2: That you criticize them for their stunks.

720
00:33:17,520 --> 00:33:20,440
Speaker 1: I mean, you know there is the stunks have paid off, dude. Yeah,

721
00:33:20,600 --> 00:33:22,160
Speaker 1: and then some of the you know, fly by Night

722
00:33:22,520 --> 00:33:26,160
Speaker 1: Sheba you new coins have not yeah, and the NFTs.

723
00:33:26,400 --> 00:33:28,960
Speaker 1: But I think for us, what I take away from this,

724
00:33:29,080 --> 00:33:31,360
Speaker 1: the goal for that we have for how to Money

725
00:33:31,360 --> 00:33:35,040
Speaker 1: listeners is that your eventual monthly social Security payments are

726
00:33:35,040 --> 00:33:38,400
Speaker 1: helpful in your retirement, but that you have more valuable

727
00:33:38,440 --> 00:33:41,320
Speaker 1: assets to tap than your social security, so that you

728
00:33:41,360 --> 00:33:43,800
Speaker 1: find yourself in that ten percent of folks where social

729
00:33:43,800 --> 00:33:47,760
Speaker 1: Security is not your most valuable asset. And that is

730
00:33:47,800 --> 00:33:49,960
Speaker 1: why we talk about index funds inside of your four

731
00:33:50,080 --> 00:33:52,400
Speaker 1: one ks and I raise yea all the time.

732
00:33:52,520 --> 00:33:54,240
Speaker 2: This is a bell that we're going to continue to

733
00:33:54,320 --> 00:33:56,880
Speaker 2: ring ye from now until the end of time.

734
00:33:57,000 --> 00:34:01,440
Speaker 1: Increasing your contribution amount regular right, so that you are

735
00:34:01,520 --> 00:34:04,640
Speaker 1: well set up, well funded to have more options even

736
00:34:04,680 --> 00:34:08,040
Speaker 1: before you reach retirement, but especially once you reach those

737
00:34:08,080 --> 00:34:12,040
Speaker 1: decades that you're you're not like so dependent on Social Security.

738
00:34:12,280 --> 00:34:16,520
Speaker 1: You have other ways of funding your life, right, And

739
00:34:16,840 --> 00:34:20,759
Speaker 1: we've talked about the Polish proliferation of ETF options. Matt

740
00:34:20,760 --> 00:34:23,560
Speaker 1: recently had there's just like so dang many a lot

741
00:34:23,560 --> 00:34:26,239
Speaker 1: of AI ETFs. Yeah, I mean dozens of them. Don't

742
00:34:26,280 --> 00:34:29,880
Speaker 1: need them, but a lot of actively managed funds are

743
00:34:29,960 --> 00:34:33,399
Speaker 1: being are being added into that ETF space, and even

744
00:34:33,400 --> 00:34:36,560
Speaker 1: at brokerages like Vanguard, it's been surprising. Vanguard, the king

745
00:34:36,600 --> 00:34:42,040
Speaker 1: of passive passive investing products, has also included a bunch

746
00:34:42,080 --> 00:34:44,040
Speaker 1: of actively managed funds at lower costs and a lot

747
00:34:44,040 --> 00:34:46,960
Speaker 1: of other actively managed funds, but still like they've got

748
00:34:46,960 --> 00:34:48,640
Speaker 1: a ton. There's a ton of fun choices at even

749
00:34:48,719 --> 00:34:52,840
Speaker 1: a place like Vanguard. And while those funds, the actively

750
00:34:52,880 --> 00:34:55,719
Speaker 1: managed ones, might be getting the biggest marketing push, they

751
00:34:55,760 --> 00:34:58,920
Speaker 1: cost more and they tend to underperform. And so morning

752
00:34:58,920 --> 00:35:01,920
Speaker 1: Star recently found that at only thirty three percent of

753
00:35:02,000 --> 00:35:07,200
Speaker 1: actively managed funds outperform their passive counterparts, the kind of

754
00:35:07,200 --> 00:35:10,160
Speaker 1: peer funds that look really similar but aren't actively managed.

755
00:35:10,800 --> 00:35:13,480
Speaker 1: And that's before you factor in the much higher fees.

756
00:35:13,600 --> 00:35:16,040
Speaker 1: Please do pay attention to that. That's why we talk

757
00:35:16,200 --> 00:35:19,319
Speaker 1: often about low cost you know, total stock market s

758
00:35:19,360 --> 00:35:21,399
Speaker 1: and p funds or target day funds like those are

759
00:35:21,440 --> 00:35:22,800
Speaker 1: all great choices.

760
00:35:22,800 --> 00:35:26,239
Speaker 2: Which I mean, how many all time new highs are

761
00:35:26,280 --> 00:35:28,600
Speaker 2: we going to hit with the SMP Yeah, in particular, man,

762
00:35:28,640 --> 00:35:30,600
Speaker 2: but which well I will maybe this year is a

763
00:35:30,600 --> 00:35:33,160
Speaker 2: little mini story which was driven in part because of

764
00:35:33,200 --> 00:35:34,920
Speaker 2: the fact that the jobs report we didn't I guess

765
00:35:34,960 --> 00:35:36,920
Speaker 2: we didn't talk about the jobs report. That's not typically

766
00:35:36,960 --> 00:35:39,920
Speaker 2: something we cover the jobs report, but the numbers that

767
00:35:40,000 --> 00:35:43,080
Speaker 2: little wonky sometimes went on. The numbers got revised from

768
00:35:43,280 --> 00:35:46,680
Speaker 2: the preceding twelve months, and it was like a million

769
00:35:46,760 --> 00:35:53,440
Speaker 2: less jobs than initially reported, which like almost certainly means

770
00:35:53,480 --> 00:35:57,120
Speaker 2: a rate cut coming up very soon. And maybe we're

771
00:35:57,160 --> 00:35:59,680
Speaker 2: not covering that because it's still kind of speculative, but

772
00:35:59,719 --> 00:36:02,439
Speaker 2: I think that's something we will be talking about very soon.

773
00:36:02,680 --> 00:36:06,160
Speaker 1: Yeah, for sure. So just finishing up on social security, yeah, like,

774
00:36:06,400 --> 00:36:09,160
Speaker 1: especially for your younger folks, we do believe that you'll

775
00:36:09,200 --> 00:36:11,399
Speaker 1: have some social security waiting for you. But if you're

776
00:36:11,680 --> 00:36:15,560
Speaker 1: if you're smart, if you are active in planning for

777
00:36:15,560 --> 00:36:18,279
Speaker 1: your own financial future, then it's gravy on top, and

778
00:36:18,320 --> 00:36:20,960
Speaker 1: it's not necessarily it's not something you have to rely on.

779
00:36:21,040 --> 00:36:23,480
Speaker 1: It your it's not gonna be your biggest asset in retirement.

780
00:36:23,520 --> 00:36:25,640
Speaker 1: That's that's a good goal to have. That's right.

781
00:36:25,760 --> 00:36:27,560
Speaker 2: That's gonna be it for this Friday flight, though we

782
00:36:27,600 --> 00:36:30,080
Speaker 2: hope everyone has a fantastic weekend. We'll see you back

783
00:36:30,080 --> 00:36:32,680
Speaker 2: here with a fresh ask how to Money episode, So

784
00:36:32,800 --> 00:36:35,959
Speaker 2: until then, Buddy, best Friends Out, Best Friends Out,