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Speaker 1: Welcome to How the Money. I'm Joel and I am Matt,

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Speaker 1: and today we're talking about forgetting football, home Improvement ROI

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Speaker 1: and ignominious investing, ignominious.

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Speaker 2: Look at you using the big words, Joel, you bust

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Speaker 2: out in the old Webster's the sours on your dust sleeves.

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Speaker 1: I just came out of this giant brain of mine.

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Speaker 2: Matt, obviously, welcome to the Friday Flight, which is where

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Speaker 2: we discuss the different headlines and the stories that we've

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Speaker 2: come across this week, and we also try to impress

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Speaker 2: you with our big words, with our big lee words.

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Speaker 2: What's this you got to know here about wanting to

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Speaker 2: talk about your friend's retirement account?

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Speaker 3: Yeah?

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Speaker 1: Okay, So one of my friends sent me a screenshot

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Speaker 1: the other day. She had found like some money that

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Speaker 1: she didn't know existed in her teacher return account, and

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Speaker 1: I was like, awesome, that's always fun. But there was

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Speaker 1: this big red thing at the bottom of the of

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Speaker 1: the screenshot that she sent me, and it said you

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Speaker 1: do not have a beneficiary picked out. You need to

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Speaker 1: make this happen. And I was like, hey, whoa, No,

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Speaker 1: that's for real, Like you should look at the red

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Speaker 1: type down below. Congrats on finding money. You didn't realize.

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Speaker 2: Oh she wasn't talking. She didn't share that with you.

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Speaker 2: To talk about the beneficiary.

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Speaker 1: It's just something that you happen, like, hey, there's actually

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Speaker 1: something addressed here, just in case something happens, like you

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Speaker 1: want to make sure that your money is going to

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Speaker 1: thry person. I think we actually mentioned this in the

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Speaker 1: how to Money newsletter on Tuesday as well. This is

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Speaker 1: just such an important thing Matt that so many people,

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Speaker 1: especially like one, have you ever named a beneficiary?

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Speaker 3: Or two?

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Speaker 1: Do you need to change beneficiaries? Has something changed in

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Speaker 1: your life? Maybe you were The worst.

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Speaker 2: Case scenario is you've got all your money and going

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Speaker 2: to an X right right, exactly, you no longer care

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Speaker 2: for Perhaps maybe they're a fine person in their own right,

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Speaker 2: but you don't necessarily they're a terrible person.

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Speaker 3: Hundreds of thousands and the dollars going to them if

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Speaker 3: you die.

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Speaker 1: If that's the case, that would be the app the

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Speaker 1: worst thing, right, but yeah, definitely going there.

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Speaker 3: And you have to do with this.

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Speaker 1: Let's say you have a four one K a Vanguard,

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Speaker 1: and you have an irat Fidelity or whatever. You need

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Speaker 1: to do this with each one of those accounts log in.

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Speaker 1: Make sure your beneficiary is who you want it to be,

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Speaker 1: and make sure you have one, because the beneficiary actually

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Speaker 1: supersedes what it says in your will. Matt, it's really

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Speaker 1: really important to have those named properly and to have

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Speaker 1: the yea. And by the way, you can name multiple

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Speaker 1: beneficiaries and different percentages or whatever.

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Speaker 2: You can slice off the pie however it is that

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Speaker 2: you want, which means, Joel, that you could slice off

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Speaker 2: the tiniest little pie and send it my way if

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Speaker 2: you'd like ould. No, you don't want to, I'll think

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Speaker 2: about it.

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Speaker 3: Okay, all right, let's die. Wife be like, why is

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Speaker 3: Tim saying one?

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Speaker 1: I know they're but come on, no, you've got to

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Speaker 1: Candis to.

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Speaker 3: Provide for all right, let's get into it.

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Speaker 2: Let's talk about streaming in sports, and specifically, let's talk

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Speaker 2: about foosball.

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Speaker 3: Bobby Bouchet refference there for you.

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Speaker 1: But I heard they're making a water Boy too, or no,

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Speaker 1: they're making some Adam Sandler movie. They're doing a second

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Speaker 1: version of Oh no, It's Happy Gilmore.

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Speaker 3: Oh. I don't know.

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Speaker 2: There seems to be like a golf resurgence as of

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Speaker 2: like I feel like I don't know about you. Do

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Speaker 2: you feel like more folks you talk to play golf

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Speaker 2: than you realized?

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Speaker 3: Yeah? I think so.

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Speaker 2: I'm always shocked. I'm always surprised. I'm sticking a disc

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Speaker 2: golf myself, much more affordable. But uh, okay, football specifically, though,

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Speaker 2: if you want to watch some football, you're going to

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Speaker 2: have to wait until the fall, obviously, but you might

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Speaker 2: want to think about actually abandoning football, maybe perhaps as

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Speaker 2: a hobby before then, anyway, And that is because it's

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Speaker 2: going to cost you something around sixteen hundred dollars to

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Speaker 2: watch a full slate of NFL games next season. This

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Speaker 2: is according to some number crunching over at The Guardian.

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Speaker 1: And that's not just if you go in person, by

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Speaker 1: the way, because like, yeah, going to see an NFL

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Speaker 1: game in person is crazy expensive.

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Speaker 2: Oh yeah, yeah, this is just watching it on TV

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Speaker 2: and literally just streaming it. Yeah, And this is before if,

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Speaker 2: if let's say, you gamble, perhaps this is before any

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Speaker 2: losses from some poor decisions that you've made. But we

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Speaker 2: bring this up because streaming was the post to help

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Speaker 2: us to be able to watch our favorite content, and

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Speaker 2: to do so with less expense in our lives, but

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Speaker 2: with every streamer taking just a few games here and

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Speaker 2: there from every major league sport. You'll be spending more

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Speaker 2: than ever to keep up with your favorite leagues, with

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Speaker 2: your favorite.

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Speaker 3: Teams in the coming years.

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Speaker 2: And even having a cable subscription wouldn't help you to

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Speaker 2: avoid this. Play it to Yeah, you're gonna be spending

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Speaker 2: more than ever.

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Speaker 1: Just a heads up, that's exactly right, because you're gonna

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Speaker 1: get Yeah, maybe some of those games on cable, but

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Speaker 1: then there's oh, you gotta have Amazon Prime to watch

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Speaker 1: Thursday night football, and then there's the new Netflix games

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Speaker 1: on Christmas Day. Peacock has a few games competing with Yeah,

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Speaker 1: that's right into all of them, right, And so think

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Speaker 1: about the even the NFL game that was the Chiefs

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Speaker 1: versus the Dolphins, that the playoff game that happened last year,

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Speaker 1: and it was only on Peacock and people were upset,

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Speaker 1: but a bunch of people signed up for Peacock and

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Speaker 1: guess what, they also blocked out the free trial during

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Speaker 1: ahead of that because they knew what was about to happen.

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Speaker 1: Guess what they made bank because seventy one percent of

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Speaker 1: the subscribers who signed up just to watch that football

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Speaker 1: game have remained Peacock subscribers because we're not so great

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Speaker 1: at canceling subscriptions after the fact, and so our advice

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Speaker 1: to you don't let inertia get the best of you.

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Speaker 1: I think our collective obsession with sports is costing us

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Speaker 1: a whole lot of money in streaming, and it's so yeah,

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Speaker 1: you have to be careful and you have to realize, like,

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Speaker 1: this is how much it's going to cost. If I

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Speaker 1: want to watch all these games. Maybe you can say

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Speaker 1: I don't care about the Thursday night games, but be

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Speaker 1: thoughtful about what you're spending, because if you do have

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Speaker 1: to watch it all, it's going to cost you money.

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Speaker 2: It's just about being intentional with your money. It's funny,

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Speaker 2: we're just talking about golf, but it makes me think

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Speaker 2: about just expensive hobbies or activities or interests that you have. Dude,

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Speaker 2: Golf is one of the most expensive, like other than

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Speaker 2: playing polo or like being a race car driver, yeah,

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Speaker 2: or something like that. Like there is no other sport

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Speaker 2: that is as expensive as golf. Like folks paying like

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Speaker 2: ten thousand dollars to join a club just to have

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Speaker 2: access to be able to that earns you the privilege

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Speaker 2: to be able to pay your monthly dues in order

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Speaker 2: to go and play golf.

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Speaker 1: As a kid who grew up in Augusta, you can

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Speaker 1: play whenever you want, right not true?

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Speaker 2: Is yeah, this is coming from somebody who loved golf

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Speaker 2: when I was younger. Like literally, I would come home

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Speaker 2: in middle school and me and my best friend we

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Speaker 2: would jump. We'd sneak onto the course behind his house

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Speaker 2: and we'd play whole five, six, seven, and eight and

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Speaker 2: that's where I lived, and we'd hop off like that

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Speaker 2: was a good two hour activity after school for a

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Speaker 2: thirteen year old. But bottom line, what I guess this

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Speaker 2: is a PSA to encourage folks to realize that you

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Speaker 2: have more control over the different things that you find interesting,

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Speaker 2: and it's worth considering how much money it takes to

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Speaker 2: pursue some of these some of these interests. I think

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Speaker 2: a lot of folks they feel sort of like their

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Speaker 2: hand has been forced and they have to do these things,

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Speaker 2: when in reality, like you don't have to do these things.

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Speaker 2: And guess what when I went off to college, I

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Speaker 2: didn't have much money, and when I graduated college, I

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Speaker 2: was broke. Guess what I didn't play? I didn't play

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Speaker 2: golf anywhere. Instead, I went hiking because that was free.

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Speaker 2: And so if you enjoy golf and you've got the money,

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Speaker 2: that's fine. I'm not picking on expensive sports like watching

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Speaker 2: you know, like football and golf. Obviously golf is a

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Speaker 2: more extreme example. But if it's crimping your but if

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Speaker 2: it's keeping you from achieving different financial goals, realize that

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Speaker 2: you've got some control. I think if it's your craft

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Speaker 2: beer equivalent, okay, maybe you can splurge every now and then,

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Speaker 2: but you're gonna have to find.

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Speaker 3: Some creative ways to reduce.

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Speaker 2: That cost while achieving some of the other financial goals

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Speaker 2: that you have in your life.

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Speaker 3: That's all.

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Speaker 1: And maybe all your friends are talking about the NFL,

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Speaker 1: and that's the thing that you risk, is not being

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Speaker 1: included in those conversations, not knowing, not having watched like

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Speaker 1: a slate of six games on Sunday, not having hand

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Speaker 1: with I think it's on YouTube TV now, and yeah,

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Speaker 1: maybe it's maybe it's worth that because maybe you find

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Speaker 1: other things to talk about.

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Speaker 3: Yep. I don't know.

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Speaker 1: The NFL obsession and college football where we live to

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Speaker 1: I don't know. We feel like outcast because we don't

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Speaker 1: engage in those sports in the same way that other

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Speaker 1: people do.

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Speaker 2: Just want to encourage folks to be proactive in some

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Speaker 2: of the things that you're pursuing.

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Speaker 1: Yeah, and then you find a group of other friends

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Speaker 1: who don't similarly don't care about that stuff, or maybe

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Speaker 1: care about other things that you care about. Let's talk

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Speaker 1: about home improvement for a second, Matt, not the old

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Speaker 1: Tomalin show, although that was a good one back in

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Speaker 1: the day. Home improvement projects with the highest ROI. According

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Speaker 1: to new stats from Zonda, Americans are still spending a

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Speaker 1: lot of money on renovations, to the tune of four

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Speaker 1: hundred and fifty billion dollars this year. But the and

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Speaker 1: this is going to sound like a fake headline number

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Speaker 1: one is not what I suspected. Like, the thing that

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Speaker 1: Zenda pointed out in their stats was that the most

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Speaker 1: bang for your buck that you're going to get in

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Speaker 1: any sort of home renovation is replacing your garage door.

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Speaker 3: Yeah I didn't know that. Oh yeah, it's I feel

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Speaker 3: like it's been the garage door for like for a

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Speaker 3: number of years running.

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Speaker 1: Which is interesting. My brother in law, his full time

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Speaker 1: job is replacing garage doors. He needs to tout this

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Speaker 1: to people. It is, this is great market.

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Speaker 2: It's like the biggest thing that you see from the street, right,

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Speaker 2: Like like this is a massive way to boost your

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Speaker 2: curb appeals like which which ones look better? Like ones

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Speaker 2: that are like stayed or they got the windows. I'm

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Speaker 2: guessing those are expensive. Yeah, I've got it cheap. No,

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Speaker 2: there's you can go really expensive with garage doors or

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Speaker 2: is this crappy? He was literally telling me about some

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Speaker 2: new new version that's like super quiet, where it's like

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Speaker 2: a direct drive motor or something. Yeah, I don't have that, No,

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Speaker 2: mean neither. Our sounds like a trash truck, like compacting trash.

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Speaker 2: Like when it opens and closes, it like squeaks, sounds

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Speaker 2: like animals are screaming.

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Speaker 3: I don't know. It's awful.

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Speaker 1: Yeah, apparently this one is like quiet as a mouse. Okay,

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Speaker 1: But similarly, putting in a new front door is also

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Speaker 1: an upgrade that will actually pay more.

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Speaker 3: Than pay off.

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Speaker 1: It makes sense, right, and I think it speaks to

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Speaker 1: the curve of peel thing. Yeah, a minor kitchen model

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Speaker 1: that was close, which reveals that a modest upgrade before

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Speaker 1: selling can help your bottom line potentially, but a major

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Speaker 1: remodel will not the most important takeaway though, I think

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Speaker 1: in these stats is that almost no home renovation is

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Speaker 1: going to bring you more money when it comes time

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Speaker 1: to sell. Only three out of the twenty three home

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Speaker 1: improvements that Zonda studied provided a positive financial return. Upgrading

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Speaker 1: your home is rarely a financial win, right. It's typically

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Speaker 1: a lifestyle decision, which is totally fine, But don't trick

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Speaker 1: yourself into thinking that you're going to be getting the

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Speaker 1: bulk of those dollars back someday. Most of the time,

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Speaker 1: it's just not the case. I think sometimes that we're like, well,

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Speaker 1: I'm going to do this update, and yeah, I'm gonna

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Speaker 1: get some joy out of it, but at least in

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Speaker 1: the back of my mind, I'm thinking that this is

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Speaker 1: providing future value. This is a smart money move. Typically

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Speaker 1: not a smart money move.

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Speaker 2: Yeah, I think that is a phrase that we need

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Speaker 2: to say less often.

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Speaker 3: This is going to boost resale.

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Speaker 2: It might be, but all it takes is somebody who

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Speaker 2: wants Everyone has such difference in opinions, and even though

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Speaker 2: this is something that you might think is beautiful, you know,

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Speaker 2: the person who wants to buy your house is thinking, yeah,

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Speaker 2: I'm going to rip that out as soon as as

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Speaker 2: soon as we move in It honestly makes me think

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Speaker 2: of like at our old house. One of the first

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Speaker 2: things we did, and I so stand by this decision,

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Speaker 2: was we ripped.

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Speaker 3: Out the counter That's exactly what we did.

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Speaker 2: It had the standard black and tan brown granite countertops,

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Speaker 2: you know what I'm talking about. Yeah, perfectly fine and functional,

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Speaker 2: but we weren't a big fan, and so from day

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Speaker 2: one we said, you know what, let's just go ahead

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Speaker 2: and pull those out so that way when we're in

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Speaker 2: here cooking, it's something that we love to do. We

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Speaker 2: enjoy being in the space.

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Speaker 1: But the person who put them in probably thought everybody's

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Speaker 1: exactly exactly and we at the time it seemed a

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Speaker 1: bit excessive, but there's no part of me that regretted

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Speaker 1: that DECI back and forth on that because it was expensive,

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Speaker 1: but you realize, but we hate them, yeah, and we

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Speaker 1: wanted to create a space for us that we're going

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Speaker 1: to enjoy from day one. So on a similar topic,

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Speaker 1: if you're looking to sell a home, should you pay

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Speaker 1: to have it staged? The journal had an article about

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Speaker 1: the rising demand for homestagers specifically, and they also talked

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Speaker 1: about how it's becoming more expensive to have a professional

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Speaker 1: make your house look more awesome. But the argument is,

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Speaker 1: what if your home sells more quickly, you know, or

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Speaker 1: what if it sells for more money, that could certainly.

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Speaker 3: Make it worth it.

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Speaker 2: It's just hard though, to find specific numbers out there

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Speaker 2: that reflect that reality. I think it's it's more of

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Speaker 2: a personal decision. But like, intuitively it makes sense because

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Speaker 2: you're thinking and you see certain properties listed right, and

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Speaker 2: it's just empty seems kind of I don't know, it's uninspiring.

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Speaker 2: Perhaps it's hard to envision how you're going to live

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Speaker 2: in that home, and especially if it's like a quirky space, yeah,

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Speaker 2: where you need some additional creativity of someone to come

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Speaker 2: along beside you and to oh, this is how you

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Speaker 2: would use this space. I think that can. I don't

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Speaker 2: know it intuitively makes sense. I think it depends on

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Speaker 2: if you've got the money on hand to foot a

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Speaker 2: bill like that, to handle that expense.

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Speaker 3: Sure.

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Speaker 1: Okay, So I recently sold a home Matt When we

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Speaker 1: moved up here a couple of years ago. We ended

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Speaker 1: up renting out our primary home that we had lived

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Speaker 1: in and we just sold it because tax reasons, right,

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Speaker 1: and we did end up staging the home, but that

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Speaker 1: was because we didn't have any of our stuff in there.

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Speaker 3: It was empty.

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Speaker 1: I think for a lot of people it makes sense

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Speaker 1: to maybe minimize your possessions a little bit, to stage

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Speaker 1: the home with the things you already have, do a

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Speaker 1: little cell staging, right, But if your home is empty,

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Speaker 1: I think staging it can make sense. I think it

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Speaker 1: can be worth the cost, especially when you talk about

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Speaker 1: like time being money. The longer your home sits on

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Speaker 1: the market, that's costing you.

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Speaker 3: Days on market.

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Speaker 2: Like, yeah, get that stigma and folks are less likely

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Speaker 2: to pounce on it.

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Speaker 1: I don't know that you're likely to get twenty grand

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Speaker 1: more and it's worth the four thousand dollars staging fee

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Speaker 1: or anything like that. But I do think it might sell,

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Speaker 1: you know, thirty days sooner or something, and maybe you

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Speaker 1: get a few thousand dollars more, and so maybe it

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Speaker 1: cancels out. So yeah, I think it's a It can

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Speaker 1: be a hard decision, can feel frustrating to put the

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Speaker 1: bill for homestaging, and hopefully if you're still living in it,

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Speaker 1: yeah you don't have to. But yeah, if the home's empty,

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Speaker 1: I don't know. I think it can make sense, especially

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Speaker 1: for certain kinds of homes totally.

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Speaker 2: And what I think this also presents is an opportunity

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Speaker 2: for home buyers because if you come across a home

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Speaker 2: and it's got terrible photos, Dude, we're still on the fence,

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Speaker 2: by the way, as to whether or not we're going

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Speaker 2: to renovate our home, and so we're still looking at

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Speaker 2: other homes that are out there on the market, and

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Speaker 2: we came across one.

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Speaker 3: The photos were terrible.

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Speaker 2: It was like it was so clear that whoever took

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Speaker 2: these photos, I think it was just the realtor or

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Speaker 2: somebody that works for the company that owns the home.

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Speaker 2: No furniture inside at all, and it makes it really

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Speaker 2: difficult to know how the space is.

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Speaker 3: Going to be used.

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Speaker 2: But what I see the is an opportunity yeah, as

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Speaker 2: a home buyer, because what I see is a property

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Speaker 2: that fewer folks are going to go visit, and I'm like, Okay,

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Speaker 2: that actually could be a hoorly marketed, a really great

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Speaker 2: home right there. We just have to wait for the

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Speaker 2: price to drop and then we'll pounce. Yeah, whereas everyone

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Speaker 2: else is thinking, oh, yeah, the house deserves to drop,

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Speaker 2: it's not worth it, but in reality it is. It's

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Speaker 2: just tough to envision yourself in that space. All right, man,

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Speaker 2: let's shift gears. Let's now talk about childcare because it

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Speaker 2: is now more expensive than rent for folks who have

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Speaker 2: at least two kids, accounting for roughly ten percent of

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Speaker 2: a married couple's income, that's a pretty fat slice going

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Speaker 2: to the daycare center. Man, it's crazy to think that

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Speaker 2: this is like a top line item now so many

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Speaker 2: folks and we don't necessarily have a silver bullet solution

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Speaker 2: for this problem. But for many families with two or

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Speaker 2: more kids in paid childcare, I think what's important to

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Speaker 2: do here is to run the numbers because I think,

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Speaker 2: I mean, especially after taxes, it might make sense for

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Speaker 2: one parent to stay home perhaps and you know, at

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Speaker 2: least until one of those kids ends up in school

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Speaker 2: full time. I do think if you have family locally

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Speaker 2: who can help out, that can certainly reduce the cost

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Speaker 2: something that you are doing a little bit there, Joel.

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Speaker 2: But more than anything, I want to point to sharing

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Speaker 2: or trading duties with other nearby parents and other friends

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Speaker 2: of the family, because I think that can be Andrew help.

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Speaker 2: It makes me think back to this is something that

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Speaker 2: you and I did, our families did back when we

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Speaker 2: had our first kids, our wives were still working, and

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Speaker 2: so we created a simple spreadsheet where we tracked the

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Speaker 2: hours of how many how much, how many hours y'all

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Speaker 2: would watch ev how many hours we would watch SEMA,

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Speaker 2: And at the end of the month had it formulated

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Speaker 2: to where it would just spit out a number as

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Speaker 2: to how much either you owed us or we owed you. Yeah,

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Speaker 2: and it was never all that much because we're trading off.

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Speaker 2: But if you if y'all did happen to have a

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Speaker 2: busier month, okay, that means we're you know, we had

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Speaker 2: more hours with the kid, and so you just venmode

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Speaker 2: or cashedp over a little more money. I think that's

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Speaker 2: just it's sort of like how we do date night.

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Speaker 2: It's like a continuation of that's.

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Speaker 3: An outside of the box approach where we swap off

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Speaker 3: save a ton of money. Most people don't think about it.

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Speaker 1: They think childcare, you got to go to the traditional route,

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Speaker 1: and yeah, I think, like you can cobble together a

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Speaker 1: little bit, and yeah, maybe it takes a little bit

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Speaker 1: more planning, a little more like texting back and forth

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Speaker 1: trying to figure out the schedule and stuff like that.

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Speaker 2: I think, yeah, this is another argument too, for working

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Speaker 2: from home because of the flexibility that allows folks. You

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Speaker 2: may not be as productive working from home, but it

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Speaker 2: certainly gives you the ability to trim down on some

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Speaker 2: of those costs.

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Speaker 3: Yeah, that's true.

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Speaker 1: Speaking of work from home, I think it's changed the

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Speaker 1: lives of a lot of Americans for the better, right,

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Speaker 1: commuting less let's clutch. Many folks have found that they've

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Speaker 1: been able to claw back a whole lot of time

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Speaker 1: into their lives, and they're like never going back to

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Speaker 1: the old way of doing things. We've also highlighted some

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Speaker 1: of the downsides, Right, you might not get promoted at

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Speaker 1: the same rate. You might not you know, make as

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Speaker 1: much as some of your in office colleagues who are

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Speaker 1: showing up four or five days a week. Another downside, though,

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Speaker 1: is that work from home costs people to spend more

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Speaker 1: money online. New research from Stanford and Northwestern finds that

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Speaker 1: we collectively spent three hundred and seventy five million dollars

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Speaker 1: more last year.

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Speaker 3: Yeah. I so believe this.

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Speaker 2: Yeah, because, like, if you're not in an office environment,

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Speaker 2: you don't have it doesn't feel like someone's necessarily looking

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Speaker 2: over your shoulder.

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Speaker 3: You're you're gonna goof off a little more.

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Speaker 1: You're like, I'll open another tab, head over to my

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Speaker 1: favorite retailer.

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Speaker 3: Oh, I got an email in the box. It's a

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Speaker 3: twenty percent off sale one of my facebses some perusing

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Speaker 3: on eBay. Ye see what they got out there.

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Speaker 1: I just so I think it's true. I think people

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Speaker 1: feel a little less guilty about doing some internet shopping

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Speaker 1: while they're working, when they're doing it from home, and so,

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Speaker 1: I don't know. I think for a lot of folks,

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Speaker 1: maybe it's like a post zoom habit that they need

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Speaker 1: to crack. I think our advice is just to find

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Speaker 1: something better to replace it with, because I do think

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Speaker 1: it is kind of habitual.

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Speaker 3: So maybe a few push ups, a post.

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Speaker 1: Lunch walk, whatever it is, it's kind of gets you

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Speaker 1: out of that framework of I just finished a task.

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Speaker 1: Let me hop over to this other thing that's gonna

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Speaker 1: like release some stress or or at least, like, I

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Speaker 1: don't know, let me zone out for a minute. I

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Speaker 1: think there are better ways to do it that don't

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Speaker 1: cost us money.

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Speaker 2: Absolutely, we've you and I have been personally not on

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Speaker 2: the air talking about how beneficial it is to walk

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Speaker 2: in especially you mentioned like the post zoom shopping spree

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Speaker 2: that takes place the post zoom walk.

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Speaker 3: I think specifically it could be so huge because.

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Speaker 2: When you're in a zoom meeting, you're obviously sitting, you're

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Speaker 2: not moving, and so you're sitting, you're glued to the

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Speaker 2: screen for I don't know, an hour or so, and

439
00:17:58,680 --> 00:18:01,080
Speaker 2: so the ability to move around, Hey, your body needs that,

440
00:18:01,440 --> 00:18:03,640
Speaker 2: So it's just healthy. Yeah, but the ability to kind

441
00:18:03,680 --> 00:18:05,880
Speaker 2: of sometimes those meetings can be stressful, and so going

442
00:18:05,880 --> 00:18:07,280
Speaker 2: on a walk I think that can also.

443
00:18:07,200 --> 00:18:09,120
Speaker 3: Help as well, but it's a better way.

444
00:18:09,320 --> 00:18:11,400
Speaker 2: Yeah, And if it's just if it's like a high

445
00:18:11,400 --> 00:18:13,320
Speaker 2: strategy kind of meeting, I think going for a walk

446
00:18:13,320 --> 00:18:15,760
Speaker 2: it just does something to your body and the ability

447
00:18:15,800 --> 00:18:18,800
Speaker 2: to process the information in a way that would be

448
00:18:18,880 --> 00:18:20,639
Speaker 2: more beneficial to your work than just.

449
00:18:20,640 --> 00:18:22,880
Speaker 3: Sitting there and like kind of grinding it out.

450
00:18:23,160 --> 00:18:25,200
Speaker 2: It's like, actually stepping away from work in this way

451
00:18:25,240 --> 00:18:26,840
Speaker 2: is going to allow you to perhaps be a more

452
00:18:26,880 --> 00:18:29,080
Speaker 2: productive worker. So like it's nothing but win win. When

453
00:18:29,440 --> 00:18:31,920
Speaker 2: in my book, we're huge proponents of going for walks.

454
00:18:31,960 --> 00:18:34,280
Speaker 1: Yeah, yeah, So I mean, be careful if that's some

455
00:18:34,600 --> 00:18:38,199
Speaker 1: habit you found yourself kind of slinking into. Try to

456
00:18:38,240 --> 00:18:41,359
Speaker 1: develop a new habit that's better for you and less

457
00:18:41,359 --> 00:18:42,320
Speaker 1: harmful to your wallet.

458
00:18:42,440 --> 00:18:42,879
Speaker 3: Our mallet.

459
00:18:42,920 --> 00:18:45,360
Speaker 1: We got more to get to, including was the four

460
00:18:45,359 --> 00:18:46,280
Speaker 1: to one k a mistake?

461
00:18:46,359 --> 00:18:46,560
Speaker 3: Oh?

462
00:18:46,600 --> 00:18:48,560
Speaker 1: The New York Times says that the four to one

463
00:18:48,600 --> 00:18:51,000
Speaker 1: k sucks. We don't agree with them, so we'll talk

464
00:18:51,040 --> 00:18:52,520
Speaker 1: about that and more right after this.

465
00:19:00,400 --> 00:19:02,040
Speaker 3: All right, man, we are back from the break.

466
00:19:02,240 --> 00:19:04,840
Speaker 2: Let's get to the ludicrous headline of the week. This

467
00:19:04,920 --> 00:19:08,960
Speaker 2: one is from Bloomberg and it reads how the Harvard

468
00:19:09,000 --> 00:19:13,280
Speaker 2: of Trading ruined thousands of young people's lives. This is

469
00:19:13,560 --> 00:19:18,200
Speaker 2: a sad one. The article highlights something called I Am Academy,

470
00:19:18,680 --> 00:19:21,439
Speaker 2: and this was an organization that sold the promise of

471
00:19:21,480 --> 00:19:24,280
Speaker 2: teaching you how to invest all for the low price

472
00:19:24,320 --> 00:19:26,640
Speaker 2: of two hundred and seventy five dollars and only two

473
00:19:26,680 --> 00:19:28,160
Speaker 2: hundred and fifty dollars a month thereafter.

474
00:19:28,280 --> 00:19:31,200
Speaker 3: It sounds reasonable. Yeah, yeah, like okay. I like the

475
00:19:31,240 --> 00:19:33,879
Speaker 3: pricing structure. It sounds like we're under charging for our product.

476
00:19:34,080 --> 00:19:37,680
Speaker 2: The marketing material for these classes, they highlighted their ability

477
00:19:37,720 --> 00:19:41,440
Speaker 2: to turn you into like a Goldman Sax level trader.

478
00:19:41,480 --> 00:19:45,960
Speaker 2: They promised quote unquote spectacular returns, and unfortunately the folks

479
00:19:46,040 --> 00:19:50,320
Speaker 2: running this organization specifically targeted folks from poor backgrounds who

480
00:19:50,440 --> 00:19:53,639
Speaker 2: were looking to get rich quickly, which of course caused

481
00:19:53,640 --> 00:19:55,720
Speaker 2: them to lose money that they couldn't afford to lose.

482
00:19:56,840 --> 00:20:00,480
Speaker 2: They used like guru like language like guru and religious

483
00:20:00,480 --> 00:20:04,680
Speaker 2: type language in order to inspire young folks, which would

484
00:20:04,680 --> 00:20:08,160
Speaker 2: be bad enough, but then the organization devolved more into

485
00:20:08,640 --> 00:20:11,440
Speaker 2: an MLM, which made it even more predatory.

486
00:20:11,520 --> 00:20:13,040
Speaker 1: Yeah, yeah, you said it was only got worse. You

487
00:20:13,040 --> 00:20:15,600
Speaker 1: should inspire, but it feels more like coercing, right, It's like, oh,

488
00:20:15,680 --> 00:20:18,600
Speaker 1: let me adopt some of this fancy language to make

489
00:20:18,640 --> 00:20:21,439
Speaker 1: people think that this is more than just investing. This

490
00:20:21,640 --> 00:20:24,879
Speaker 1: is like a lifestyle. This is a way of moving

491
00:20:24,920 --> 00:20:27,840
Speaker 1: through the world. You are a brilliant investor along with

492
00:20:27,840 --> 00:20:29,600
Speaker 1: this cohort, and it makes you feel like you're a

493
00:20:29,600 --> 00:20:32,119
Speaker 1: part of something. And it's it's just like a dirty

494
00:20:32,160 --> 00:20:34,960
Speaker 1: tactic to use and especially praying on people who can't

495
00:20:34,960 --> 00:20:36,040
Speaker 1: afford to lose money, but.

496
00:20:35,920 --> 00:20:38,679
Speaker 2: More kin too, brainwashing than convincing, right exactly.

497
00:20:38,760 --> 00:20:41,840
Speaker 1: Yeah, And so like you could if you were a customer,

498
00:20:41,880 --> 00:20:44,160
Speaker 1: you could avoid paying your monthly fees by bringing in

499
00:20:44,320 --> 00:20:47,960
Speaker 1: other unsuspecting victims. You'd even make real money if you

500
00:20:48,040 --> 00:20:52,560
Speaker 1: recruited enough warm bodies. So the folks running I Am Academy, Matt,

501
00:20:52,600 --> 00:20:55,600
Speaker 1: they were buying houses next to Lionel Messi of course,

502
00:20:55,640 --> 00:20:57,000
Speaker 1: so you know that's going to be a nice house.

503
00:20:57,080 --> 00:20:59,960
Speaker 1: They were driving Bugattis, which I hear really expensive car.

504
00:21:00,240 --> 00:21:03,840
Speaker 1: I don't really know, yeah, not even not even just

505
00:21:04,680 --> 00:21:05,280
Speaker 1: a nice tesla.

506
00:21:05,359 --> 00:21:06,840
Speaker 3: It's on the road.

507
00:21:06,840 --> 00:21:09,080
Speaker 1: I probably couldn't but I think they're like three to

508
00:21:09,080 --> 00:21:11,400
Speaker 1: six hundred thousand, Like, I think they're really really, really expensive.

509
00:21:11,840 --> 00:21:14,400
Speaker 1: So not only did people get bilked out of dollars

510
00:21:14,600 --> 00:21:17,760
Speaker 1: for overly complicated advice that they didn't understand, but then

511
00:21:17,840 --> 00:21:19,640
Speaker 1: a lot of those people end up ruining friendships, Matt,

512
00:21:19,640 --> 00:21:23,359
Speaker 1: because they're recruiting them into this MLM pyramid scheme, and

513
00:21:23,480 --> 00:21:25,600
Speaker 1: which is which is awful, right, It's awful enough to

514
00:21:25,600 --> 00:21:27,560
Speaker 1: lose money, but I'm sure there were some friendships ruined

515
00:21:27,600 --> 00:21:31,920
Speaker 1: over the course of this I Am Academy thing too.

516
00:21:32,000 --> 00:21:34,280
Speaker 1: And so we're seeing more and more online courses I

517
00:21:34,320 --> 00:21:37,320
Speaker 1: think being offered by content creators these days. A lot

518
00:21:37,400 --> 00:21:41,520
Speaker 1: of them are reasonably priced and are teaching reasonably good stuff,

519
00:21:41,880 --> 00:21:43,800
Speaker 1: but be careful because a.

520
00:21:43,760 --> 00:21:45,359
Speaker 3: Lot of the info it's not so good.

521
00:21:45,440 --> 00:21:47,720
Speaker 1: Even some of those good courses, well, guess what, you

522
00:21:47,720 --> 00:21:50,960
Speaker 1: can get that info for free in reputable books and podcasts.

523
00:21:51,000 --> 00:21:52,960
Speaker 1: So they make it sound like, oh, hey, this one

524
00:21:53,000 --> 00:21:54,720
Speaker 1: hundred dollars for this course and you're one hundred bucks.

525
00:21:54,720 --> 00:21:56,840
Speaker 1: That's not bad if I'm going to learn something good. Sure, well,

526
00:21:57,000 --> 00:21:58,720
Speaker 1: a lot of those dollars would still be far better

527
00:21:58,720 --> 00:22:01,760
Speaker 1: thrust into your retirement account than into the folks running

528
00:22:01,760 --> 00:22:05,239
Speaker 1: and investing school. So this one obviously particularly egregious, But

529
00:22:05,280 --> 00:22:06,920
Speaker 1: then I think there are a lot more out there

530
00:22:07,040 --> 00:22:09,520
Speaker 1: that aren't nearly as bad and that are helpful potentially,

531
00:22:09,840 --> 00:22:12,080
Speaker 1: but still you can get that info for free Philly.

532
00:22:12,119 --> 00:22:14,679
Speaker 2: Back in the day, it was investing newsletters or newspapers

533
00:22:14,680 --> 00:22:16,600
Speaker 2: that folks would subscribe to, and now it's kind of

534
00:22:16,600 --> 00:22:19,600
Speaker 2: moved on to these different classes that are being offered online.

535
00:22:19,680 --> 00:22:23,400
Speaker 1: Our newsletter, our content always free. Like there are people

536
00:22:23,400 --> 00:22:25,119
Speaker 1: who have said, you guys, just launch a course, and

537
00:22:25,160 --> 00:22:27,320
Speaker 1: we're like, why we give it away for free, And

538
00:22:27,680 --> 00:22:29,919
Speaker 1: that's our model. Go to the library. Go to the library.

539
00:22:29,920 --> 00:22:32,439
Speaker 1: There's so many good books there that you don't have

540
00:22:32,480 --> 00:22:34,840
Speaker 1: to pay a dimefold get to that Hoopla or Libya.

541
00:22:34,920 --> 00:22:38,040
Speaker 2: That's right, all right on the investing note from New

542
00:22:38,119 --> 00:22:40,919
Speaker 2: York Times magazine was the for this. I feel like

543
00:22:40,920 --> 00:22:43,480
Speaker 2: this could have been like a secondary liudicrous, Saidler week

544
00:22:43,720 --> 00:22:45,800
Speaker 2: was the four oh one k a mistake. And the

545
00:22:45,840 --> 00:22:49,160
Speaker 2: premise of this article is that since not everyone out

546
00:22:49,200 --> 00:22:51,560
Speaker 2: there has access to a tax advantage retirement.

547
00:22:51,200 --> 00:22:52,680
Speaker 3: Account, it's a failure.

548
00:22:53,520 --> 00:22:57,200
Speaker 2: Basically, too many folks are retiring without enough money set aside.

549
00:22:57,720 --> 00:23:00,719
Speaker 2: And you know the times they're not complete wrong, but

550
00:23:01,160 --> 00:23:03,560
Speaker 2: the biggest issue here is that they've picked the wrong culprit.

551
00:23:04,000 --> 00:23:08,399
Speaker 2: This article laments the demise of the pension specifically, but

552
00:23:08,440 --> 00:23:11,520
Speaker 2: the truth is pensions weren't as ubiquitous.

553
00:23:10,880 --> 00:23:13,479
Speaker 3: As we like to think. Yeah, and everyone had them

554
00:23:13,480 --> 00:23:15,120
Speaker 3: back No, No, only half.

555
00:23:14,880 --> 00:23:17,720
Speaker 2: Of folks at best had one available to them. And

556
00:23:17,720 --> 00:23:20,679
Speaker 2: this is when pensions were at their height. So I mean,

557
00:23:20,720 --> 00:23:22,879
Speaker 2: were they nice to have, of course, for sure, But

558
00:23:22,960 --> 00:23:26,280
Speaker 2: the costs of pensions became untenable for many companies, for

559
00:23:26,520 --> 00:23:29,360
Speaker 2: many municipalities different cities that were offering them. And the

560
00:23:29,400 --> 00:23:32,800
Speaker 2: one great thing about most folks not having access to

561
00:23:33,080 --> 00:23:35,800
Speaker 2: a defined benefit plan is that they're they're more likely

562
00:23:35,840 --> 00:23:39,080
Speaker 2: to switch jobs, which actually increases their pay more significantly.

563
00:23:39,119 --> 00:23:42,040
Speaker 2: Over the years, as opposed to being becoming a lifer

564
00:23:42,080 --> 00:23:44,920
Speaker 2: at the plan or with the city. But that does

565
00:23:44,960 --> 00:23:48,200
Speaker 2: put the onus of funding retirement more on our shoulders

566
00:23:48,240 --> 00:23:51,160
Speaker 2: as individuals, which honestly is more The direction I want

567
00:23:51,160 --> 00:23:55,119
Speaker 2: to see is moving from moving away from employer provided everything.

568
00:23:55,119 --> 00:23:56,720
Speaker 2: Whether it's okay, If there's a way we could do

569
00:23:56,720 --> 00:23:58,560
Speaker 2: that with health care on a wide scale, I think

570
00:23:58,600 --> 00:24:00,920
Speaker 2: we would also see the prices of that's come down.

571
00:24:00,960 --> 00:24:04,080
Speaker 2: We would see benefit and savings coming to individuals on

572
00:24:04,119 --> 00:24:04,959
Speaker 2: a personal level as well.

573
00:24:05,040 --> 00:24:08,800
Speaker 3: Yeah. Yeah, employers are poor facilitators of retirement plans and

574
00:24:08,960 --> 00:24:10,240
Speaker 3: of healthcare plans. It's hard.

575
00:24:10,280 --> 00:24:12,919
Speaker 1: It would be great if we if employment were divorced

576
00:24:12,960 --> 00:24:15,440
Speaker 1: from those two things, because it just doesn't make sense

577
00:24:15,480 --> 00:24:17,880
Speaker 1: to cobble them all together and to get all those

578
00:24:17,880 --> 00:24:20,440
Speaker 1: things from your employer. Granted, there are reasons that that

579
00:24:20,520 --> 00:24:22,760
Speaker 1: switch happened in the United States. Doesn't make it a

580
00:24:22,760 --> 00:24:26,640
Speaker 1: good thing. And you're right, Matt, like the pensions, when

581
00:24:26,680 --> 00:24:29,320
Speaker 1: you think about it from like a nostalgia perspective, Oh

582
00:24:29,359 --> 00:24:30,080
Speaker 1: it sounds really nice.

583
00:24:30,119 --> 00:24:31,320
Speaker 3: That's what it is. This nostalagia.

584
00:24:31,320 --> 00:24:34,240
Speaker 2: More than just leave it to beaver, it's like wishing

585
00:24:34,280 --> 00:24:36,320
Speaker 2: for the days of your but like, we are so

586
00:24:36,440 --> 00:24:39,120
Speaker 2: much better off as a society now than in nineteen

587
00:24:39,240 --> 00:24:39,800
Speaker 2: sixty five.

588
00:24:39,880 --> 00:24:41,879
Speaker 1: Yeah, trust me, And guess what it was called golden

589
00:24:41,880 --> 00:24:43,280
Speaker 1: handcuffs for a reason you felt like you had to

590
00:24:43,320 --> 00:24:44,959
Speaker 1: stay in a place. Let's say you can go make

591
00:24:45,000 --> 00:24:47,000
Speaker 1: twenty percent down more down the road, which we talk

592
00:24:47,040 --> 00:24:48,840
Speaker 1: about these stats all the time, how much more you

593
00:24:48,880 --> 00:24:51,480
Speaker 1: can make by switching jobs. If you just did the

594
00:24:51,600 --> 00:24:54,240
Speaker 1: right thing and DEI invested more because you're able to

595
00:24:54,240 --> 00:24:56,600
Speaker 1: make more, well, then you would end up with far

596
00:24:56,640 --> 00:25:00,000
Speaker 1: more money than what the pension would provide you in retirement.

597
00:25:00,040 --> 00:25:02,480
Speaker 1: And so yeah, I don't know if if you don't

598
00:25:02,480 --> 00:25:04,080
Speaker 1: have access to a four one K or four h

599
00:25:04,119 --> 00:25:06,280
Speaker 1: three B or TSP. By the way, I don't think

600
00:25:06,320 --> 00:25:08,159
Speaker 1: that means you're out of luck on the retirement account

601
00:25:08,160 --> 00:25:09,680
Speaker 1: front either. So that's one of their things, is.

602
00:25:09,680 --> 00:25:10,280
Speaker 3: Like their options.

603
00:25:10,359 --> 00:25:11,719
Speaker 1: Yeah, hey, you don't have a four to one K,

604
00:25:12,080 --> 00:25:15,680
Speaker 1: you're screwed. Well, no iras exist, right, and it's entirely

605
00:25:15,720 --> 00:25:19,040
Speaker 1: possible to retire with a million dollars plus by only

606
00:25:19,080 --> 00:25:21,440
Speaker 1: maxing that one account each and every year. Right, I

607
00:25:21,480 --> 00:25:23,800
Speaker 1: don't think you should stop there. If you're self employed,

608
00:25:23,800 --> 00:25:25,720
Speaker 1: you can toss Big Bucks into a solo four oh

609
00:25:25,720 --> 00:25:28,280
Speaker 1: one k. They're cheap, they're easy to open, they're easy

610
00:25:28,320 --> 00:25:31,200
Speaker 1: to contribute to. So not having a traditional four one

611
00:25:31,240 --> 00:25:33,600
Speaker 1: K available to you through your employer, it's just not

612
00:25:33,680 --> 00:25:36,880
Speaker 1: as demoralizing as The New York Times makes it sound. Right,

613
00:25:37,160 --> 00:25:40,880
Speaker 1: social security still exists, although politicians need to shore it up,

614
00:25:41,160 --> 00:25:44,399
Speaker 1: but saving for retirement is largely an individual endeavor.

615
00:25:44,520 --> 00:25:44,720
Speaker 3: Yep.

616
00:25:44,880 --> 00:25:47,639
Speaker 1: And by the way, jobs with pensions do still exist.

617
00:25:47,920 --> 00:25:50,640
Speaker 1: Life Hacker just published an article highlighting the sectors where

618
00:25:50,640 --> 00:25:53,239
Speaker 1: pensions are still kind of the norm, and so if

619
00:25:53,280 --> 00:25:55,840
Speaker 1: you're keen on having one, we'll look to government jobs,

620
00:25:55,880 --> 00:25:58,959
Speaker 1: look to the military, and look to utility providers. Those

621
00:25:59,000 --> 00:26:02,639
Speaker 1: are typically the sectors where where pensions still remain totally.

622
00:26:02,720 --> 00:26:05,480
Speaker 2: By the way, there's far more money in iras than

623
00:26:05,480 --> 00:26:08,359
Speaker 2: there are in four to one k's. Folks are actually

624
00:26:08,400 --> 00:26:12,000
Speaker 2: getting the message. They're using these accounts effectively, and specifically,

625
00:26:12,119 --> 00:26:15,639
Speaker 2: folks are flocking to wroth iras in particular, according to

626
00:26:15,960 --> 00:26:19,720
Speaker 2: research from the Center for Retirement Research at Boston College,

627
00:26:20,160 --> 00:26:22,960
Speaker 2: and they give a lot of credence to different fintech

628
00:26:23,000 --> 00:26:25,760
Speaker 2: companies out there where they're just making it easier for

629
00:26:25,800 --> 00:26:29,000
Speaker 2: folks to open a roth ira and to contribute regularly.

630
00:26:29,080 --> 00:26:30,880
Speaker 2: And I think that's the answer. Is the answer isn't

631
00:26:30,880 --> 00:26:32,439
Speaker 2: to go back to the way things used to be.

632
00:26:32,520 --> 00:26:37,440
Speaker 2: It's about finding new and innovative and creative solutions that

633
00:26:37,560 --> 00:26:39,880
Speaker 2: make it more accessible to folks. So like it makes

634
00:26:39,920 --> 00:26:42,800
Speaker 2: me think of even just like auto enrolling folks in

635
00:26:42,840 --> 00:26:44,560
Speaker 2: four to one k's like, that's what we need to do.

636
00:26:44,640 --> 00:26:46,840
Speaker 3: We make that the default instead of this for those

637
00:26:47,200 --> 00:26:48,000
Speaker 3: people to think through.

638
00:26:47,840 --> 00:26:51,520
Speaker 2: It nudge theory, Richard Thaylor. It goes to creating easy

639
00:26:51,640 --> 00:26:54,600
Speaker 2: defaults and incentives for folks to get invested on an

640
00:26:54,600 --> 00:26:57,200
Speaker 2: individual love. That's something I love. I love to see.

641
00:26:57,240 --> 00:27:00,320
Speaker 1: Now I completely agree. I think it's not the four

642
00:27:00,359 --> 00:27:02,199
Speaker 1: one ks are the problem. And then we need to

643
00:27:02,200 --> 00:27:05,280
Speaker 1: go back to pensions because yeah, again, pensions do still

644
00:27:05,320 --> 00:27:07,800
Speaker 1: exist for some employers. I had one the very beginning

645
00:27:07,880 --> 00:27:10,280
Speaker 1: of my working career, so Matt, I'll have a small

646
00:27:10,320 --> 00:27:11,960
Speaker 1: payday for the rest of my life once I turned

647
00:27:11,960 --> 00:27:14,520
Speaker 1: sixty five from those few years working there.

648
00:27:14,800 --> 00:27:19,160
Speaker 2: In case everyone Joel is very wealthy, it's.

649
00:27:19,000 --> 00:27:21,040
Speaker 1: Like it's a very very modest pension because I did

650
00:27:21,080 --> 00:27:23,159
Speaker 1: not work that all that long and I didn't make

651
00:27:23,200 --> 00:27:24,440
Speaker 1: a ton of money when I worked there.

652
00:27:24,840 --> 00:27:28,359
Speaker 2: But everyone's like, why won't you make him a beneficiary?

653
00:27:28,640 --> 00:27:31,080
Speaker 2: Like everybody like, just a little bit, that's all it takes.

654
00:27:31,280 --> 00:27:33,400
Speaker 1: If a thousand people sign a petition, Matt, I will

655
00:27:33,400 --> 00:27:36,639
Speaker 1: give you out one percent beneficiary.

656
00:27:36,760 --> 00:27:38,800
Speaker 3: It wouldn't be too difficult to get a thousand people

657
00:27:39,600 --> 00:27:40,160
Speaker 3: a petition.

658
00:27:40,320 --> 00:27:42,320
Speaker 2: You know that you do your thing, you might be

659
00:27:42,320 --> 00:27:47,880
Speaker 2: eating your words so inclined to actually do that, all right.

660
00:27:48,200 --> 00:27:50,280
Speaker 1: I think you're right though, And I think it's interesting,

661
00:27:50,320 --> 00:27:52,720
Speaker 1: like the four one K isn't the mistake, And part

662
00:27:52,720 --> 00:27:54,480
Speaker 1: of that too is And this is something we've talked

663
00:27:54,480 --> 00:27:58,480
Speaker 1: about a lot. Is just financial education, better financial education,

664
00:27:58,560 --> 00:28:03,320
Speaker 1: growing helping is especially youngsters in high school make this

665
00:28:03,400 --> 00:28:05,560
Speaker 1: correlation as they're kind of getting to the point where

666
00:28:05,600 --> 00:28:07,639
Speaker 1: they're earning money. A lot of kids. I started working

667
00:28:07,680 --> 00:28:09,520
Speaker 1: when I was fourteen. If I had known some of

668
00:28:09,520 --> 00:28:11,160
Speaker 1: those things, if I was being taught those things as

669
00:28:11,200 --> 00:28:13,119
Speaker 1: money was coming into my life, I might have made

670
00:28:13,160 --> 00:28:15,960
Speaker 1: some shifts earlier about where that money was going. Thought

671
00:28:16,000 --> 00:28:18,320
Speaker 1: less about spending more on the car, thought more about

672
00:28:18,440 --> 00:28:20,600
Speaker 1: funding a roth Ira or something like that. Right, But

673
00:28:21,600 --> 00:28:23,640
Speaker 1: I think that's part of the solution, at least.

674
00:28:23,440 --> 00:28:25,439
Speaker 3: Too saying yes to the right things and no to

675
00:28:25,440 --> 00:28:26,000
Speaker 3: the wrong things.

676
00:28:26,000 --> 00:28:27,800
Speaker 1: Now, yeah, all right, so four or one k's we

677
00:28:27,840 --> 00:28:30,840
Speaker 1: would say are not a mistake, but college might be.

678
00:28:31,400 --> 00:28:34,600
Speaker 1: We talked about apprenticeships last week with Ryan Craig, and

679
00:28:34,720 --> 00:28:38,280
Speaker 1: good news is that enrollment invocational training programs is growing

680
00:28:38,720 --> 00:28:40,479
Speaker 1: as more gen z yers. They're giving like the heisman

681
00:28:40,520 --> 00:28:42,720
Speaker 1: the stiff arm to go into college to getting an

682
00:28:42,720 --> 00:28:47,320
Speaker 1: advanced degree, and after we saw these new stats debating

683
00:28:47,320 --> 00:28:49,760
Speaker 1: other options, I think makes even more sense.

684
00:28:49,880 --> 00:28:50,080
Speaker 3: Right.

685
00:28:50,120 --> 00:28:53,360
Speaker 1: The bad news is that thirty percent of college graduates

686
00:28:53,560 --> 00:28:56,240
Speaker 1: won't earn enough to offset the price of their higher education,

687
00:28:56,880 --> 00:28:58,760
Speaker 1: not just in like the first decade, but over the

688
00:28:58,760 --> 00:29:01,560
Speaker 1: course of their whole career. Thirty percent of people are

689
00:29:01,560 --> 00:29:05,520
Speaker 1: actually going to be underwater from a debt and income

690
00:29:05,560 --> 00:29:08,920
Speaker 1: perspective thanks to the years they spent getting that college degree.

691
00:29:09,120 --> 00:29:14,240
Speaker 1: Plus nearly half of master's degree programs leave students financially

692
00:29:14,240 --> 00:29:14,760
Speaker 1: worse off.

693
00:29:15,000 --> 00:29:15,280
Speaker 3: Right.

694
00:29:15,480 --> 00:29:18,200
Speaker 1: College, yes, of course, can still make sense for some folks,

695
00:29:18,480 --> 00:29:21,160
Speaker 1: even with the much higher price tag these days. But

696
00:29:21,280 --> 00:29:24,680
Speaker 1: as a listener who who is thinking about going back

697
00:29:24,680 --> 00:29:27,240
Speaker 1: to getting an advanced degree, or as a listener of

698
00:29:27,280 --> 00:29:29,320
Speaker 1: someone who has kids that are in high school who

699
00:29:29,320 --> 00:29:31,920
Speaker 1: are getting close to college, Like, these are conversations that

700
00:29:32,000 --> 00:29:33,400
Speaker 1: you have to have that you have to be honest

701
00:29:33,400 --> 00:29:36,400
Speaker 1: and upfront about. And the biggest thing, Matt, I think

702
00:29:36,400 --> 00:29:39,240
Speaker 1: that stuck out to me in this data was to

703
00:29:39,240 --> 00:29:41,800
Speaker 1: be careful what you major in. Right, That's the most

704
00:29:41,800 --> 00:29:45,640
Speaker 1: important factor when it comes to lifetime earnings. Engineering, computer science,

705
00:29:45,680 --> 00:29:49,040
Speaker 1: and nursing degrees, those are like slam dunks. Overwhelmingly you're

706
00:29:49,040 --> 00:29:51,280
Speaker 1: going to make more. It's going to pay off for you.

707
00:29:51,400 --> 00:29:53,840
Speaker 1: Other majors can come with a bit of a lifetime

708
00:29:54,080 --> 00:29:57,320
Speaker 1: financial advantage. And we of course know too that your

709
00:29:57,360 --> 00:30:00,320
Speaker 1: vocation isn't all about making bank. But count the cost

710
00:30:00,520 --> 00:30:03,600
Speaker 1: before you opt for an expensive education that might or

711
00:30:03,680 --> 00:30:04,280
Speaker 1: might not pay off.

712
00:30:04,360 --> 00:30:06,640
Speaker 2: Yeah, do it with your eyes wide open. And we'll

713
00:30:06,680 --> 00:30:08,520
Speaker 2: actually link to and we've done this before, but we'll

714
00:30:08,560 --> 00:30:11,080
Speaker 2: link to the BLS where they have statistics as to

715
00:30:11,360 --> 00:30:15,120
Speaker 2: the expected earnings of certain degree holders. And I think

716
00:30:15,120 --> 00:30:17,840
Speaker 2: that can help folks to make a more informed decision.

717
00:30:17,880 --> 00:30:19,640
Speaker 1: And it's not like you're you know, most of us

718
00:30:19,680 --> 00:30:21,920
Speaker 1: are not going to say, oh, engineer pays the most.

719
00:30:21,920 --> 00:30:24,120
Speaker 1: Guess what, I have zero intuition in that, Like I

720
00:30:24,120 --> 00:30:26,680
Speaker 1: would never do that. Yeah, yeah, I'm gonna do that.

721
00:30:26,640 --> 00:30:30,040
Speaker 2: Because one of the many point data points that I

722
00:30:30,080 --> 00:30:32,240
Speaker 2: think folks need to consider it. And luckily, I think

723
00:30:32,320 --> 00:30:35,360
Speaker 2: more and more folks are doing that given the ludicrously

724
00:30:35,600 --> 00:30:39,160
Speaker 2: high cost of college. Hey man, before we wrap it up,

725
00:30:39,200 --> 00:30:41,120
Speaker 2: let's give a little newsletter referral.

726
00:30:41,200 --> 00:30:44,160
Speaker 3: Shout out to our friend Andy out in Utah.

727
00:30:44,320 --> 00:30:46,480
Speaker 2: So not only does he provide us beer to drink

728
00:30:46,480 --> 00:30:50,240
Speaker 2: on the show from time to time, yeah sos sending

729
00:30:50,280 --> 00:30:52,400
Speaker 2: out the how to Money newsletter Andy, Thank you so

730
00:30:52,480 --> 00:30:52,840
Speaker 2: much for that.

731
00:30:52,880 --> 00:30:53,720
Speaker 3: Appreciate handy.

732
00:30:54,040 --> 00:30:56,000
Speaker 1: And yeah, if you are not subscribed to the how

733
00:30:56,000 --> 00:30:57,880
Speaker 1: to Money newsletter, what are you doing with your life?

734
00:30:57,920 --> 00:31:00,920
Speaker 1: Go go check that out how tomoney dot com slash newsletter.

735
00:31:01,000 --> 00:31:04,640
Speaker 1: It's free, of course, unlike those expensive, awful investing courses

736
00:31:04,720 --> 00:31:06,640
Speaker 1: that we just talked about. But Matt, that's going to

737
00:31:06,680 --> 00:31:08,360
Speaker 1: do it for this one. Hope everyone out there has

738
00:31:08,360 --> 00:31:11,440
Speaker 1: a great weekend. Until next time, Best Friends Album, Best

739
00:31:11,520 --> 00:31:12,480
Speaker 1: Friends Out,