1 00:00:00,040 --> 00:00:02,680 Speaker 1: Welcome to had the money. I'm Joel, I'm Matt, and 2 00:00:02,720 --> 00:00:07,640 Speaker 1: today we're talking junking fees, costly cassas, and procrastination penalties. 3 00:00:27,480 --> 00:00:30,920 Speaker 1: That's right. And when we say junking fees, we're using 4 00:00:31,160 --> 00:00:34,840 Speaker 1: junking as a verb, as in trashing or tossing out. 5 00:00:35,440 --> 00:00:37,040 Speaker 1: When when I was a kid growing up in our house, 6 00:00:37,080 --> 00:00:39,879 Speaker 1: we used the word pitch, like when when it came 7 00:00:39,920 --> 00:00:41,800 Speaker 1: to throwing something away and be like, oh, don't pitch that, 8 00:00:41,960 --> 00:00:43,760 Speaker 1: or also what a soccer field is called the pitch. 9 00:00:43,840 --> 00:00:47,360 Speaker 1: The pitch. A ship can also pitch out in the ocean, 10 00:00:47,760 --> 00:00:50,760 Speaker 1: right as well. Yeah, like, hey, I'm going to pitch 11 00:00:50,800 --> 00:00:54,640 Speaker 1: these leftovers and I'm like, no, I'll eat those. But 12 00:00:54,720 --> 00:00:57,280 Speaker 1: I realized I actually learned recently that that wasn't a 13 00:00:57,440 --> 00:00:59,960 Speaker 1: term that most folks use. Yeah, no, I for throwing away, 14 00:01:00,000 --> 00:01:01,840 Speaker 1: toss it out, throw it out, pitching at Yeah, pitch. 15 00:01:02,160 --> 00:01:04,000 Speaker 1: I don't think it's like I think calling things soda. 16 00:01:04,080 --> 00:01:05,600 Speaker 1: Down here in the South, we call everything coke, and 17 00:01:05,680 --> 00:01:08,959 Speaker 1: it's like kind of coke, which you like, that's a 18 00:01:09,000 --> 00:01:11,039 Speaker 1: kind of coke down here. Maybe it's an Augusta thing, 19 00:01:11,080 --> 00:01:13,600 Speaker 1: and maybe I could. I don't know if it's it's 20 00:01:13,600 --> 00:01:15,560 Speaker 1: its own thing over there, that's for sure. Probably not, 21 00:01:16,000 --> 00:01:17,800 Speaker 1: but yeah, this is our Friday flight. We're gonna talk 22 00:01:17,840 --> 00:01:20,280 Speaker 1: about our favorite headlines, our favorite stories that we came 23 00:01:20,280 --> 00:01:22,760 Speaker 1: across this week, and how they're going to pertain to 24 00:01:22,840 --> 00:01:25,680 Speaker 1: your personal finances, to your money. But Joel, real quick, 25 00:01:25,840 --> 00:01:29,840 Speaker 1: I have a shopping tip for all the listeners out there. 26 00:01:29,920 --> 00:01:32,039 Speaker 1: Bring it the spring. We've been working out in the 27 00:01:32,080 --> 00:01:36,480 Speaker 1: garden doing some landscaping, and a part of that work 28 00:01:36,520 --> 00:01:40,520 Speaker 1: that we're doing involves installing an arched trellis or an 29 00:01:40,600 --> 00:01:44,120 Speaker 1: arched arbor that's gonna go over a path. Kate had 30 00:01:44,160 --> 00:01:46,320 Speaker 1: found one. We're kind of creating like a like an 31 00:01:46,319 --> 00:01:48,880 Speaker 1: English garden, that's what Kate calls it. Thus the trellis 32 00:01:49,000 --> 00:01:50,960 Speaker 1: the beginning to look good from what I've seen that, man, yeah, 33 00:01:50,960 --> 00:01:53,640 Speaker 1: I appreciate that. But Kate had found one of these 34 00:01:53,640 --> 00:01:55,920 Speaker 1: things and it was kind of expensive. I think she 35 00:01:55,960 --> 00:01:59,080 Speaker 1: had found it at West Elm and not not a 36 00:01:59,120 --> 00:02:01,200 Speaker 1: cheap store. Not the most of It's not the aldi 37 00:02:01,280 --> 00:02:05,200 Speaker 1: of home, I'll say that. But we used it's called 38 00:02:05,240 --> 00:02:08,280 Speaker 1: Google lens, so some folks call it like the reverse 39 00:02:08,360 --> 00:02:10,680 Speaker 1: Google image search, which I've heard of. But I never 40 00:02:10,800 --> 00:02:12,280 Speaker 1: I don't think I've ever actually used it. So the 41 00:02:12,320 --> 00:02:14,840 Speaker 1: way it works is you can find an image typically 42 00:02:14,919 --> 00:02:17,480 Speaker 1: that's on the internet, and so either take a screenshot, 43 00:02:17,520 --> 00:02:19,880 Speaker 1: save it to your desktop, whatever, but go to Google 44 00:02:20,120 --> 00:02:23,040 Speaker 1: and you click and drag that image into the search 45 00:02:23,120 --> 00:02:26,480 Speaker 1: bar and it'll search for other instances of that image 46 00:02:26,760 --> 00:02:29,640 Speaker 1: on the web, And in particular, you can use that 47 00:02:29,680 --> 00:02:34,240 Speaker 1: with more factory issued basic images and so you know, 48 00:02:34,320 --> 00:02:37,040 Speaker 1: not the image of the trellis in a garden where 49 00:02:37,080 --> 00:02:39,160 Speaker 1: it looks more custom, but kind of the factory image 50 00:02:39,160 --> 00:02:42,840 Speaker 1: with a white background. And by doing that we were 51 00:02:42,840 --> 00:02:46,639 Speaker 1: able to find that exact same trellis under it may 52 00:02:46,639 --> 00:02:49,160 Speaker 1: have even been under a different name being sold on 53 00:02:49,200 --> 00:02:54,080 Speaker 1: Amazon for ninety dollars cheaper, just by doing the I 54 00:02:54,080 --> 00:02:57,400 Speaker 1: always call it reverse image look up or reverse image searching, 55 00:02:57,480 --> 00:03:01,160 Speaker 1: but it's called Google lens. That's where their official term 56 00:03:01,200 --> 00:03:02,680 Speaker 1: for its good tips. So if you get the picture 57 00:03:02,800 --> 00:03:05,920 Speaker 1: but you don't have any more identifying details, that's a 58 00:03:05,919 --> 00:03:08,800 Speaker 1: good way to kind of search it up. Yeah, Kate, 59 00:03:08,840 --> 00:03:11,480 Speaker 1: she's done this before. She's done this actually with shoes, 60 00:03:11,760 --> 00:03:13,240 Speaker 1: Like she had a pair of shoes she knew that 61 00:03:13,240 --> 00:03:15,840 Speaker 1: she was looking for, didn't a reverse image search, and 62 00:03:15,840 --> 00:03:18,080 Speaker 1: actually she didn't find the exact same pair, but found 63 00:03:18,120 --> 00:03:20,000 Speaker 1: a pair that looked really really really similar. You had 64 00:03:20,040 --> 00:03:22,160 Speaker 1: the same colors and everything, and so she thought, well, 65 00:03:22,200 --> 00:03:25,679 Speaker 1: I'm willing to save like a ton of money get 66 00:03:25,680 --> 00:03:27,720 Speaker 1: those other pair of shoes instead. And it's totally worked out. 67 00:03:27,760 --> 00:03:29,320 Speaker 1: But yeah, so that's all you do it Either take 68 00:03:29,320 --> 00:03:31,440 Speaker 1: a screen shot if you're on the computer, or if 69 00:03:31,480 --> 00:03:34,280 Speaker 1: you can kind of like save the image to your desktop. 70 00:03:34,360 --> 00:03:37,280 Speaker 1: I've never tried it on a mobile device, always on 71 00:03:37,440 --> 00:03:39,840 Speaker 1: where I can drag the image from the desktop. But 72 00:03:40,120 --> 00:03:42,640 Speaker 1: if that is something that you think might be handy, 73 00:03:42,920 --> 00:03:44,320 Speaker 1: that's how you do it. Give it a shot. Might 74 00:03:44,320 --> 00:03:47,360 Speaker 1: save you some money for sure, all right, Google lens. Yeah, yeah, 75 00:03:47,400 --> 00:03:49,440 Speaker 1: that's good tip. All Right, let's move on, Matt. Let's 76 00:03:49,480 --> 00:03:51,720 Speaker 1: get to the Friday flight sampling of stories. And first 77 00:03:51,720 --> 00:03:54,600 Speaker 1: we're gonna talk about junk fees and the potential junking 78 00:03:54,640 --> 00:03:57,160 Speaker 1: of those junk fees. Junk those you can pitch up fees. 79 00:03:57,480 --> 00:03:59,040 Speaker 1: You can pitch them if you want, that's how you 80 00:03:59,040 --> 00:04:01,920 Speaker 1: do it. Well, And so there the government is actually 81 00:04:01,960 --> 00:04:04,600 Speaker 1: looking to tackle annoying junk fees, and I guess the 82 00:04:04,680 --> 00:04:08,480 Speaker 1: question is should they be politicians have junk fees in 83 00:04:08,520 --> 00:04:11,520 Speaker 1: their sights. This is I would say some state politicians 84 00:04:11,560 --> 00:04:13,880 Speaker 1: are looking into this, especially in the state of California. 85 00:04:13,960 --> 00:04:17,680 Speaker 1: But President Biden actually addressed junk fees. He took them 86 00:04:17,720 --> 00:04:19,919 Speaker 1: head on in his State of the Union address a 87 00:04:19,960 --> 00:04:21,880 Speaker 1: few weeks back. I don't know if we mentioned this. 88 00:04:21,960 --> 00:04:24,039 Speaker 1: I don't really watch those things. They kind of bore me. 89 00:04:24,160 --> 00:04:26,719 Speaker 1: Lots of standing ovations, and they're getting even weirder these days, 90 00:04:26,720 --> 00:04:30,160 Speaker 1: as were best to avoid the State of the Union 91 00:04:30,240 --> 00:04:32,880 Speaker 1: no matter who is speaking. But it is actually a 92 00:04:32,880 --> 00:04:36,000 Speaker 1: winning political issue because ninety six percent of Americans find 93 00:04:36,080 --> 00:04:38,240 Speaker 1: junk fees annoying. What kind of fees are we talking about. 94 00:04:38,279 --> 00:04:41,960 Speaker 1: We're talking about resort fees that hotels charge, ticket Master fees, 95 00:04:42,040 --> 00:04:45,359 Speaker 1: which are definitely the worst, Like I don't know if 96 00:04:45,360 --> 00:04:47,200 Speaker 1: any worse fee than a ticket Master fees, just because 97 00:04:47,200 --> 00:04:49,800 Speaker 1: of the pure markup, the insane markup that they add 98 00:04:49,800 --> 00:04:52,039 Speaker 1: to basically anything that you buy, fees that car rental 99 00:04:52,040 --> 00:04:54,520 Speaker 1: companies add on, and even like phone and internet fees. 100 00:04:55,120 --> 00:04:57,239 Speaker 1: I'll be the first to tell you I don't like fees, 101 00:04:57,360 --> 00:05:00,040 Speaker 1: and I wish the companies were more upfront with it. 102 00:05:00,120 --> 00:05:02,560 Speaker 1: Comes to the fees they charge, we're more transparent. I 103 00:05:02,600 --> 00:05:05,120 Speaker 1: think more transparency is a good thing. It helps us 104 00:05:05,120 --> 00:05:09,080 Speaker 1: all make better financial decisions. But I'm also not completely 105 00:05:09,120 --> 00:05:11,359 Speaker 1: against every single fee that exists. I am worried that 106 00:05:11,440 --> 00:05:15,640 Speaker 1: maybe going this route would actually eliminate some fees that 107 00:05:15,720 --> 00:05:17,720 Speaker 1: actually result in saving its money. I'm wrong. Well, if 108 00:05:17,720 --> 00:05:20,560 Speaker 1: it eliminates competition, right, because that's how some of these 109 00:05:20,600 --> 00:05:24,400 Speaker 1: different businesses are able to charge less is by not 110 00:05:24,920 --> 00:05:27,120 Speaker 1: making you pay for the full package. Essentially, they set 111 00:05:27,120 --> 00:05:31,200 Speaker 1: themselves apart by lowering the initial price and having some fees. 112 00:05:31,279 --> 00:05:34,000 Speaker 1: But you kind of, yeah, exactly, you get to pick 113 00:05:34,000 --> 00:05:35,400 Speaker 1: and choose. Like it makes me think of the airline 114 00:05:35,400 --> 00:05:39,120 Speaker 1: industry right, like spirit they charge a lot less for airfare, 115 00:05:39,440 --> 00:05:41,640 Speaker 1: but then they'll fee you for all sorts of things, 116 00:05:41,680 --> 00:05:43,960 Speaker 1: lots of things. But if you jump through the hoops, 117 00:05:44,160 --> 00:05:45,960 Speaker 1: then you can stand to get to your destination for 118 00:05:46,000 --> 00:05:48,440 Speaker 1: a lot less money than what you'd pay with a 119 00:05:48,520 --> 00:05:51,040 Speaker 1: full fare airline. And so I'd hate to see the 120 00:05:51,160 --> 00:05:53,880 Speaker 1: different government regulations force all of these airlines to sell 121 00:05:53,920 --> 00:05:56,680 Speaker 1: tickets in the same exact way, even if I am 122 00:05:56,920 --> 00:06:00,719 Speaker 1: incredibly fee adverse because of the total cost is what 123 00:06:00,839 --> 00:06:03,280 Speaker 1: I'm looking at. So essentially what we're talking about here 124 00:06:03,360 --> 00:06:06,320 Speaker 1: is the is the pricing structure, because you know, charging 125 00:06:06,320 --> 00:06:09,000 Speaker 1: more fees and the ability again for these companies to 126 00:06:09,080 --> 00:06:11,360 Speaker 1: unbundle the price. That can be a way to actually 127 00:06:11,360 --> 00:06:14,840 Speaker 1: help the consumer to spend less overall. But since there 128 00:06:14,880 --> 00:06:18,080 Speaker 1: you know, there's not any government action that's being taken yet, 129 00:06:18,320 --> 00:06:21,880 Speaker 1: avoiding junk fees is going to be completely in your hands, 130 00:06:21,920 --> 00:06:25,080 Speaker 1: and so do your your due diligence. First call the 131 00:06:25,120 --> 00:06:27,560 Speaker 1: hotel before you book online, figure out what those fees 132 00:06:27,560 --> 00:06:30,240 Speaker 1: are going to be, in addition to maybe what the 133 00:06:30,240 --> 00:06:33,640 Speaker 1: headline price is going to be. Avoid businesses who levy 134 00:06:33,640 --> 00:06:37,040 Speaker 1: different fees whenever possible, of course, unless that fee is 135 00:06:37,040 --> 00:06:39,000 Speaker 1: going to actually save you money down the road on 136 00:06:39,600 --> 00:06:42,080 Speaker 1: the overall cost. And you know, if you find that 137 00:06:42,240 --> 00:06:46,039 Speaker 1: you feel that you have been unfairly saddled with a 138 00:06:46,120 --> 00:06:49,279 Speaker 1: fee that honestly just seems unjust. If it seems unfair, 139 00:06:49,320 --> 00:06:52,200 Speaker 1: well that's a complaint that you can take directly to 140 00:06:52,240 --> 00:06:55,799 Speaker 1: the Better Business Bureau or even the CFPB, the Consumer 141 00:06:55,880 --> 00:06:59,360 Speaker 1: Financial Production Bureau, and they aggregate those. If there are 142 00:06:59,480 --> 00:07:02,960 Speaker 1: enough complaints with a particular industry or with a specific company, 143 00:07:03,080 --> 00:07:04,839 Speaker 1: then that's something that they can look into to make 144 00:07:04,880 --> 00:07:07,719 Speaker 1: sure that these companies are treating their customers fairly. Yeah, 145 00:07:07,720 --> 00:07:11,480 Speaker 1: the CFPB often holds those people, those businesses to account 146 00:07:11,800 --> 00:07:15,240 Speaker 1: and makes them at least come up with a good explanation. 147 00:07:15,480 --> 00:07:18,480 Speaker 1: Oftentimes they will refund that fee if you make that complaint, 148 00:07:18,760 --> 00:07:21,600 Speaker 1: if it's an egregious fee. But yeah, it'll be interesting 149 00:07:21,640 --> 00:07:23,400 Speaker 1: to see how this shakes out here. Right now, you're 150 00:07:23,440 --> 00:07:26,760 Speaker 1: kind of in charge of battling junk fees in your 151 00:07:26,800 --> 00:07:29,600 Speaker 1: own life. Is their help coming down the road, maybe, 152 00:07:29,800 --> 00:07:32,000 Speaker 1: and some of that help might be warranted, But I 153 00:07:32,280 --> 00:07:35,080 Speaker 1: guess I'm worried too about maybe overreach and kind of 154 00:07:35,440 --> 00:07:37,960 Speaker 1: changing changing the way some of these companies operate, which 155 00:07:37,960 --> 00:07:39,400 Speaker 1: actually do allow us to like, like you said that 156 00:07:39,960 --> 00:07:42,720 Speaker 1: unbundling that all a heart, It can allow us actually 157 00:07:42,720 --> 00:07:44,920 Speaker 1: to save more if we're sappy, you can be choosier 158 00:07:45,200 --> 00:07:47,320 Speaker 1: with what it is that you're consuming. And ultimately, I 159 00:07:47,360 --> 00:07:50,480 Speaker 1: mean we would rather see just businesses make their own 160 00:07:50,520 --> 00:07:54,200 Speaker 1: decisions and then allow their profit seeking motives to then 161 00:07:54,240 --> 00:07:57,320 Speaker 1: determine what it is that they continue with, because customers 162 00:07:57,440 --> 00:08:00,440 Speaker 1: decide where and how it is that they their money. 163 00:08:00,600 --> 00:08:03,240 Speaker 1: Let's be honest, if you're dolling out all these fees. 164 00:08:03,240 --> 00:08:05,400 Speaker 1: And folks like it though, because it allows them to 165 00:08:05,600 --> 00:08:08,720 Speaker 1: pick and choose or to customize or in some instances 166 00:08:08,760 --> 00:08:12,240 Speaker 1: to really downgrade their service. But they're able to essentially 167 00:08:12,280 --> 00:08:14,320 Speaker 1: get the bare minimum. Well, that's of business that's gonna 168 00:08:14,400 --> 00:08:17,200 Speaker 1: that's gonna do well as opposed to something that feels 169 00:08:17,720 --> 00:08:20,000 Speaker 1: more all inclusive. Yeah. I mean, if you get to 170 00:08:20,160 --> 00:08:22,960 Speaker 1: Europe for one hundred and fifty dollars round trip, but 171 00:08:23,000 --> 00:08:24,640 Speaker 1: you had a stain in the whole time, yeah, would 172 00:08:24,640 --> 00:08:26,480 Speaker 1: you do it? I think I probably would, Like that's 173 00:08:26,480 --> 00:08:28,160 Speaker 1: the kind of thing. Like I know, some people might 174 00:08:28,200 --> 00:08:30,240 Speaker 1: say that should be illegal, that's just wrong to do 175 00:08:30,280 --> 00:08:32,160 Speaker 1: that to customers, But I'm like, no, I'd probably sign 176 00:08:32,240 --> 00:08:33,360 Speaker 1: up for that because it would save me a lot 177 00:08:33,400 --> 00:08:35,600 Speaker 1: of money. Well yeah, and there's trade offs, right, because 178 00:08:35,600 --> 00:08:37,320 Speaker 1: when you're younger it might not be for everyone. Then 179 00:08:37,360 --> 00:08:39,720 Speaker 1: they can to pay more, exactly, like when you're like 180 00:08:39,800 --> 00:08:42,520 Speaker 1: our age, I'm like, all right, maybe I'm gonna get 181 00:08:42,559 --> 00:08:45,400 Speaker 1: the ticket that that actually has an assigned seat. But 182 00:08:45,520 --> 00:08:48,360 Speaker 1: seriously imagine how many like twenty something year olds or 183 00:08:48,360 --> 00:08:51,120 Speaker 1: even teenagers would would say completely, Oh, I would most 184 00:08:51,160 --> 00:08:55,679 Speaker 1: definitely take the like everybody just it's like a cargo plane. Everybody, 185 00:08:55,920 --> 00:08:58,240 Speaker 1: it's like it's like a subway. You're holding onto the 186 00:08:58,240 --> 00:08:59,800 Speaker 1: bar up top. You know. That would be awesome and 187 00:08:59,880 --> 00:09:02,120 Speaker 1: I totally would have done that in college. Yeah, all right, 188 00:09:02,200 --> 00:09:04,160 Speaker 1: let's move on. Let's talk about housing for a second, 189 00:09:04,160 --> 00:09:06,560 Speaker 1: because speaking of government help, it looks like there's going 190 00:09:06,559 --> 00:09:08,880 Speaker 1: to be more aid for first time homebuyers coming up 191 00:09:08,920 --> 00:09:11,560 Speaker 1: in the near future. The White House, they announced last 192 00:09:11,600 --> 00:09:15,280 Speaker 1: week that they're going to reduce mortgage insurance fees, so 193 00:09:15,400 --> 00:09:17,440 Speaker 1: they are serious about getting rid of some of these 194 00:09:17,520 --> 00:09:19,320 Speaker 1: young fees at least, and this is going to save 195 00:09:19,360 --> 00:09:22,200 Speaker 1: the average homebuyers something like eight hundred dollars a year, 196 00:09:22,600 --> 00:09:24,920 Speaker 1: and that would reduce monthly insurance costs for people with 197 00:09:25,800 --> 00:09:28,880 Speaker 1: FHA insured loans by about seventy bucks on a two 198 00:09:28,960 --> 00:09:31,760 Speaker 1: hundred and seventy thousand dollars loan. That those numbers are 199 00:09:31,920 --> 00:09:34,280 Speaker 1: specifically according to the Wall Street Journal, this will apply 200 00:09:34,320 --> 00:09:37,679 Speaker 1: to FHA loans starting on March twentieth, that's coming up 201 00:09:37,720 --> 00:09:41,280 Speaker 1: later this month. And again, like we don't have a 202 00:09:41,320 --> 00:09:43,840 Speaker 1: soft spot for fees. We've done episodes about why we 203 00:09:44,200 --> 00:09:46,320 Speaker 1: hate fees and why we want you to fight back 204 00:09:46,360 --> 00:09:48,280 Speaker 1: on fees in your life. And I like to see 205 00:09:48,320 --> 00:09:50,720 Speaker 1: this money being put back in the hands of the people, 206 00:09:51,080 --> 00:09:54,320 Speaker 1: specifically when it comes to mortgage insurance, which is which 207 00:09:54,320 --> 00:09:56,920 Speaker 1: is expensive. But I will say one of the downsides 208 00:09:56,920 --> 00:09:58,679 Speaker 1: of this is I think a lot of people were 209 00:09:58,760 --> 00:10:01,600 Speaker 1: counting this as a way that it's going to help 210 00:10:01,760 --> 00:10:05,120 Speaker 1: housing affordability. An eight hundred dollars a year is it's 211 00:10:05,120 --> 00:10:08,520 Speaker 1: not nothing, but it's also considering how much rates have 212 00:10:08,520 --> 00:10:11,640 Speaker 1: gone up, how much home prices have gone up, it's 213 00:10:12,280 --> 00:10:13,839 Speaker 1: it's a drop in the bucket really of kind of 214 00:10:13,840 --> 00:10:15,960 Speaker 1: what we're dealing with overall. Sure, and it feels more 215 00:10:15,960 --> 00:10:18,640 Speaker 1: like a band aid as opposed to getting to or 216 00:10:18,679 --> 00:10:21,640 Speaker 1: addressing like the underlying causes. Right. Still I like it, 217 00:10:21,679 --> 00:10:23,880 Speaker 1: but it's limited in scope. Yeah, yeah, and so you 218 00:10:24,040 --> 00:10:26,120 Speaker 1: kind of mentioned this, but as rates have risen, we 219 00:10:26,200 --> 00:10:28,920 Speaker 1: just haven't seen home prices correct, we haven't seen them 220 00:10:28,920 --> 00:10:31,080 Speaker 1: a drop as much as some folks predicted. And so 221 00:10:31,120 --> 00:10:35,240 Speaker 1: buying a house it's still really expensive endeavor and honestly, 222 00:10:35,280 --> 00:10:38,439 Speaker 1: like that's larger because we still don't have enough supply, right, 223 00:10:38,520 --> 00:10:41,000 Speaker 1: like the only real way Like again again addressing the 224 00:10:41,080 --> 00:10:43,160 Speaker 1: underlying issue here that like, the biggest way to solve 225 00:10:43,200 --> 00:10:46,280 Speaker 1: the problem of housing affordability is to build more units. 226 00:10:46,280 --> 00:10:49,400 Speaker 1: Oddly enough, a lot of folks believe that building more 227 00:10:49,760 --> 00:10:52,120 Speaker 1: is actually going to cause prices to go up, but 228 00:10:52,360 --> 00:10:56,240 Speaker 1: that goes against the most basic reality of economics. More 229 00:10:56,320 --> 00:10:59,960 Speaker 1: supply is going to bring the supply and demand continuum 230 00:11:00,120 --> 00:11:03,040 Speaker 1: back into balance. And so the way that we get 231 00:11:03,040 --> 00:11:05,679 Speaker 1: there is, like, the best answer is going to be 232 00:11:05,720 --> 00:11:08,719 Speaker 1: to change zoning laws that prohibit building in lots of 233 00:11:08,760 --> 00:11:10,760 Speaker 1: cities around the country. I think, you know, we need 234 00:11:10,800 --> 00:11:14,160 Speaker 1: to reduce building obstacles, and that's certainly one way for 235 00:11:14,240 --> 00:11:17,360 Speaker 1: us to increase the number of new starts. I mean, 236 00:11:17,360 --> 00:11:20,640 Speaker 1: we're still at all time lows. Basically, we've only seen 237 00:11:20,720 --> 00:11:23,840 Speaker 1: that drop since the Great Recession, since the housing crisis 238 00:11:23,840 --> 00:11:25,959 Speaker 1: in oh seven to eight. Yeah, I saw a pole recently, 239 00:11:26,000 --> 00:11:27,960 Speaker 1: something like thirty to forty percent of people think that 240 00:11:28,120 --> 00:11:30,839 Speaker 1: building more homes is going to make costs go up, 241 00:11:31,080 --> 00:11:34,240 Speaker 1: which is flies in the face of everything we learned 242 00:11:34,280 --> 00:11:36,960 Speaker 1: in econ you know, in ninth grade, in or tenth grade, 243 00:11:36,960 --> 00:11:39,960 Speaker 1: whatever that was. And so, yeah, it just amazes me 244 00:11:40,400 --> 00:11:43,480 Speaker 1: that we still have a wrong headed view, and you're right, 245 00:11:43,559 --> 00:11:46,359 Speaker 1: part of that is just kind of zoning laws preventing 246 00:11:46,559 --> 00:11:48,640 Speaker 1: some of the building that needs to take place. Another 247 00:11:48,679 --> 00:11:51,240 Speaker 1: reason that homes cost so much more because there's so 248 00:11:51,320 --> 00:11:53,719 Speaker 1: much bigger than they used to be. Yeah. If you 249 00:11:54,280 --> 00:11:56,760 Speaker 1: contrast like a home built in the seventies versus a 250 00:11:56,800 --> 00:11:59,480 Speaker 1: home that's built today, it's also comparing apples and oranges, 251 00:11:59,559 --> 00:12:01,840 Speaker 1: or apples cucumbers or something like that, because they're just 252 00:12:02,160 --> 00:12:04,920 Speaker 1: they're vastly different. There's so much bigger now. Yeah, in 253 00:12:04,960 --> 00:12:07,040 Speaker 1: the seventies, I think the median house was something like 254 00:12:07,080 --> 00:12:09,960 Speaker 1: fifteen hundred square feet. Today we're looking at an average 255 00:12:09,960 --> 00:12:12,320 Speaker 1: of like twenty five are not of average, but a 256 00:12:12,360 --> 00:12:15,680 Speaker 1: median household size of twenty five hundred square feet much 257 00:12:15,800 --> 00:12:18,520 Speaker 1: much bigger. Yeah, and so that is going to of course, 258 00:12:18,679 --> 00:12:20,840 Speaker 1: we like say, oh, the home prices have gone up 259 00:12:20,880 --> 00:12:23,319 Speaker 1: by this in such amount, but when you're talking about 260 00:12:23,360 --> 00:12:25,400 Speaker 1: something that's twice as big, it kind of makes sense 261 00:12:25,400 --> 00:12:27,000 Speaker 1: that they've gone up at the rate that they have, 262 00:12:27,120 --> 00:12:31,760 Speaker 1: and new homes that cost two hundred thousand dollars or less, 263 00:12:32,320 --> 00:12:34,760 Speaker 1: they're just not being built. They've gone from something like 264 00:12:34,880 --> 00:12:37,719 Speaker 1: forty plus percent of the market in twenty ten to 265 00:12:37,920 --> 00:12:40,240 Speaker 1: literally zero percent of the market. Now such a crazy 266 00:12:40,400 --> 00:12:42,079 Speaker 1: was just shocking. So, like, where are all the two 267 00:12:42,120 --> 00:12:44,600 Speaker 1: hundred thousand dollars homes at Well, they don't exist anymore, literally, 268 00:12:45,200 --> 00:12:46,920 Speaker 1: at least new homes. And you know, there aren't many 269 00:12:47,160 --> 00:12:50,160 Speaker 1: used homes, I guess, at least in the Atlanta area 270 00:12:50,160 --> 00:12:52,280 Speaker 1: where we live. Certainly not in like the more most 271 00:12:52,360 --> 00:12:55,280 Speaker 1: expensive markets. But I mean, even new homes that cost 272 00:12:55,360 --> 00:12:57,320 Speaker 1: less than three hundred thousand dollars are hard to find 273 00:12:57,320 --> 00:12:59,560 Speaker 1: these days. And there are a few factors why, Like 274 00:12:59,600 --> 00:13:02,000 Speaker 1: inflation is certainly part of the equation, so is the 275 00:13:02,040 --> 00:13:04,360 Speaker 1: fact that homes, like I said, are just larger and 276 00:13:04,360 --> 00:13:07,319 Speaker 1: they're just aren't enough of them. That supply issue remains 277 00:13:07,679 --> 00:13:09,760 Speaker 1: a major problem. But at the same time, I think 278 00:13:09,760 --> 00:13:14,319 Speaker 1: builders are actually incentivized to build nicer, kind of HGTV 279 00:13:14,640 --> 00:13:17,320 Speaker 1: esque luxury homes that cost more money because that's how 280 00:13:17,320 --> 00:13:20,200 Speaker 1: they're able to They're bigger profit margins in those homes. 281 00:13:20,440 --> 00:13:22,480 Speaker 1: And so buying a home is just tough sledding these days, 282 00:13:22,480 --> 00:13:24,320 Speaker 1: and if we really want to make a den in it, 283 00:13:24,360 --> 00:13:27,120 Speaker 1: I think we have to look local to when it 284 00:13:27,160 --> 00:13:30,240 Speaker 1: comes to building codes and some of those zoning laws 285 00:13:30,240 --> 00:13:33,760 Speaker 1: that are really prohibiting increased density and just that are 286 00:13:33,640 --> 00:13:36,640 Speaker 1: that are the nimbism that's preventing building units in the 287 00:13:36,640 --> 00:13:38,480 Speaker 1: first place in a lot of places too. Yeah, I 288 00:13:38,559 --> 00:13:39,840 Speaker 1: think there is a lot of room though when it 289 00:13:39,840 --> 00:13:41,760 Speaker 1: comes to the ability for us to curb our own 290 00:13:41,880 --> 00:13:44,920 Speaker 1: enthusiasm for these larger, nicer homes. Yeah, I think you 291 00:13:45,000 --> 00:13:47,439 Speaker 1: hit the nail on the head with a h HGTV 292 00:13:47,760 --> 00:13:50,720 Speaker 1: ification of our homes. And actually, so I look this 293 00:13:50,760 --> 00:13:55,000 Speaker 1: Uptill's curious. There's something like ninety home renovation shows currently. 294 00:13:55,040 --> 00:13:57,160 Speaker 1: Just I just did a quick basic search that that 295 00:13:57,160 --> 00:13:59,280 Speaker 1: sounds right to me. That's insane. I think my mom 296 00:13:59,320 --> 00:14:01,760 Speaker 1: has watched everyone like they're like, it's almost like it's 297 00:14:01,760 --> 00:14:05,200 Speaker 1: like an American pastime now, like and quite literally it's 298 00:14:05,280 --> 00:14:09,240 Speaker 1: watching TV. It's the majority of American's top hobby. And 299 00:14:09,280 --> 00:14:11,440 Speaker 1: so when you consider there are this mini shows on 300 00:14:11,559 --> 00:14:14,480 Speaker 1: TV and people love watching TV. No, it's no wonder 301 00:14:14,520 --> 00:14:17,640 Speaker 1: that folks that we are basically brainwashing ourselves into thinking 302 00:14:17,679 --> 00:14:22,160 Speaker 1: that we need these nicer luxury homes. It kind of 303 00:14:22,200 --> 00:14:24,440 Speaker 1: makes me think back to the pandemic. So remember when 304 00:14:24,600 --> 00:14:26,840 Speaker 1: we didn't have like chips were in short supply, right, 305 00:14:27,280 --> 00:14:31,960 Speaker 1: and so there were potato chips, microprocessing transistors, all that 306 00:14:32,720 --> 00:14:35,800 Speaker 1: there was a limited number of car models that could 307 00:14:35,800 --> 00:14:39,360 Speaker 1: actually get built in the different car manufacturers, what models 308 00:14:39,400 --> 00:14:42,920 Speaker 1: did they prioritize? They expect the nicest ones, the big 309 00:14:43,000 --> 00:14:45,640 Speaker 1: ones that drive all the profits. Same like, think about 310 00:14:45,720 --> 00:14:50,000 Speaker 1: even electric vehicles. The number of high end luxury electric 311 00:14:50,080 --> 00:14:52,800 Speaker 1: vehicle evs that are on the road today dwarf the 312 00:14:52,880 --> 00:14:56,280 Speaker 1: number of affordable electric vehicles like Tesla. They put something 313 00:14:56,320 --> 00:14:58,800 Speaker 1: like a million Teslas on the road last year and 314 00:14:59,000 --> 00:15:02,680 Speaker 1: Chevy Chevy something like twenty thousand. Same thing with like 315 00:15:02,760 --> 00:15:06,080 Speaker 1: Nissan Leaf. It's a fraction of the nicer, higher end 316 00:15:06,120 --> 00:15:08,240 Speaker 1: models that drive all the profits. And so I guess 317 00:15:08,280 --> 00:15:10,600 Speaker 1: what I'm saying is like I'm not faulting Tesla, nor 318 00:15:10,760 --> 00:15:13,640 Speaker 1: am I faulting home builders for building these nicer homes. 319 00:15:13,720 --> 00:15:15,920 Speaker 1: It comes down to us. And just because they're being built, 320 00:15:15,960 --> 00:15:18,200 Speaker 1: that doesn't mean oh I can't help myself. I'm want 321 00:15:18,200 --> 00:15:21,080 Speaker 1: to buy this thing. It comes down to our ability. 322 00:15:21,640 --> 00:15:23,720 Speaker 1: I think, to make decisions for ourselves, right, like what 323 00:15:23,840 --> 00:15:25,960 Speaker 1: we think is going to be best, not just for 324 00:15:26,000 --> 00:15:29,280 Speaker 1: our family. Because I would say, oh yeah, bigger, nicer home, 325 00:15:29,320 --> 00:15:30,760 Speaker 1: that's gonna be nicer for my family. I got to 326 00:15:30,800 --> 00:15:33,080 Speaker 1: look at my finances as well, and that's we want 327 00:15:33,080 --> 00:15:36,560 Speaker 1: more folks to look at their entire financial situation and 328 00:15:36,600 --> 00:15:39,280 Speaker 1: make the best decision based on that. That doesn't mean 329 00:15:39,280 --> 00:15:41,320 Speaker 1: it's easy to find a home, but it is still 330 00:15:41,360 --> 00:15:43,320 Speaker 1: up to us to find those more affordable homes, in 331 00:15:43,360 --> 00:15:46,960 Speaker 1: particular pre existing homes, homes that are older, that aren't 332 00:15:47,000 --> 00:15:50,280 Speaker 1: brand new, because those new homebuilders want to sell and 333 00:15:50,360 --> 00:15:52,440 Speaker 1: get out to market those big, nice luxury ones that 334 00:15:52,480 --> 00:15:54,440 Speaker 1: drive all the problems. We need more homes. And you're right, 335 00:15:54,680 --> 00:15:56,600 Speaker 1: folks who are looking for homes, because these were stats 336 00:15:56,680 --> 00:15:59,480 Speaker 1: about newly built homes builds, and we don't usually call 337 00:15:59,520 --> 00:16:01,360 Speaker 1: them used home, so like think of all homes. It's 338 00:16:01,400 --> 00:16:03,440 Speaker 1: the same, but like we should, we should think about 339 00:16:03,440 --> 00:16:06,160 Speaker 1: buying a used home because there actually are homes that 340 00:16:06,200 --> 00:16:08,480 Speaker 1: are two hundred thousand dollars or less at least in 341 00:16:08,520 --> 00:16:10,520 Speaker 1: some parts of the country right that are used. Even 342 00:16:10,520 --> 00:16:12,480 Speaker 1: though no new homes are being built, they're going to 343 00:16:12,520 --> 00:16:14,920 Speaker 1: fit that fit that price point. You will be able 344 00:16:14,920 --> 00:16:17,160 Speaker 1: to find used homes, And yeah, I think that's an 345 00:16:17,160 --> 00:16:19,800 Speaker 1: important thing for people to consider. Also, also, I know 346 00:16:19,960 --> 00:16:22,120 Speaker 1: that this isn't a great suggestion. A lot of people 347 00:16:22,160 --> 00:16:24,040 Speaker 1: don't want to hear about renting right, A lot of 348 00:16:24,080 --> 00:16:26,800 Speaker 1: people opt to keep renting, largely because still a home 349 00:16:26,800 --> 00:16:30,240 Speaker 1: prices continue to be a major pain. And even though 350 00:16:30,280 --> 00:16:31,960 Speaker 1: like rents have gone up quite a bit in the 351 00:16:32,000 --> 00:16:35,280 Speaker 1: past few years, renting still makes more sense than buying 352 00:16:35,320 --> 00:16:37,920 Speaker 1: for lots of folks. And when renters take the extra 353 00:16:38,000 --> 00:16:40,240 Speaker 1: that they would have forked over to buy and maintain 354 00:16:40,280 --> 00:16:42,960 Speaker 1: a home and they shovel it towards their investment accounts, 355 00:16:43,120 --> 00:16:46,600 Speaker 1: they can do incredibly well. I think we underestimate how 356 00:16:47,120 --> 00:16:51,000 Speaker 1: renters can build wealth in this country, largely because of 357 00:16:51,040 --> 00:16:53,400 Speaker 1: the gap between what they would spend to buy a 358 00:16:53,440 --> 00:16:56,200 Speaker 1: home and all of the other associated costs. But if 359 00:16:56,200 --> 00:16:57,800 Speaker 1: you want to spend even less on rent, I saw 360 00:16:57,840 --> 00:17:01,080 Speaker 1: this interesting story in USA today about what they called 361 00:17:01,120 --> 00:17:03,880 Speaker 1: renting on standby. I thought it was super interesting. There's 362 00:17:03,880 --> 00:17:06,960 Speaker 1: this company called Landing. They offer a standby membership. I 363 00:17:07,000 --> 00:17:08,640 Speaker 1: told my sister about it right away because I knew 364 00:17:08,720 --> 00:17:11,320 Speaker 1: she was going to be interested in this totally upper 365 00:17:11,359 --> 00:17:14,720 Speaker 1: alley because it lets rent's pick a fully furnished one, 366 00:17:14,800 --> 00:17:18,040 Speaker 1: two or three bedroom apartment in three hundred and seventy 367 00:17:18,040 --> 00:17:21,080 Speaker 1: five different cities around the country for one thousand, two 368 00:17:21,160 --> 00:17:24,840 Speaker 1: hundred ninety five dollars per month, which is pretty pretty 369 00:17:24,880 --> 00:17:28,560 Speaker 1: reasonable considering where where rents have gone recently, and considering 370 00:17:28,600 --> 00:17:31,199 Speaker 1: it's fully furnished, right, well furnished. This sounds like the 371 00:17:31,359 --> 00:17:33,920 Speaker 1: perfect thing for somebody who's straight out of college. Yeah. 372 00:17:33,960 --> 00:17:35,360 Speaker 1: I don't know, maybe they were still in the dorm, 373 00:17:35,400 --> 00:17:36,879 Speaker 1: but or maybe they came from an apartment that they 374 00:17:36,880 --> 00:17:38,240 Speaker 1: shared with a few other friends and they don't have 375 00:17:38,280 --> 00:17:40,720 Speaker 1: any furniture. Dude, this is the way to do it. Yeah, 376 00:17:40,760 --> 00:17:43,520 Speaker 1: nomad style living right here. Yeah, there's no security deposit, 377 00:17:43,560 --> 00:17:46,159 Speaker 1: no lease, no utility cost, which sounds also like utilities 378 00:17:46,160 --> 00:17:48,720 Speaker 1: are included in that too. Pretty incredible, unreal. Here's the thing. 379 00:17:49,040 --> 00:17:51,600 Speaker 1: You might be forced though, to move with just seventy 380 00:17:51,640 --> 00:17:54,000 Speaker 1: two hours of notice. And so if you are living 381 00:17:54,040 --> 00:17:56,160 Speaker 1: that digital nomad life to the max and you want 382 00:17:56,160 --> 00:17:58,040 Speaker 1: to visit different cities on the RAG and you don't 383 00:17:58,040 --> 00:18:01,000 Speaker 1: mind moving often, this thing called ending standby could be 384 00:18:01,000 --> 00:18:02,159 Speaker 1: a good fit for you. Will pop a link in 385 00:18:02,200 --> 00:18:03,720 Speaker 1: the show notes so you can check it out. I 386 00:18:03,760 --> 00:18:05,960 Speaker 1: think there's there's a lot of people that this sort 387 00:18:06,000 --> 00:18:08,520 Speaker 1: of like, if they're flexible, if they're minimalist, living with 388 00:18:08,520 --> 00:18:10,680 Speaker 1: with very few possessions, and they don't mind kind of 389 00:18:10,720 --> 00:18:12,240 Speaker 1: picking up moving on a dime. It's not going to 390 00:18:12,320 --> 00:18:14,240 Speaker 1: cost them a lot of moving costs. It's not like 391 00:18:14,320 --> 00:18:18,200 Speaker 1: interest load of day. Yeah, exactly, certain certain type of person, 392 00:18:18,359 --> 00:18:21,600 Speaker 1: certain phase of life. I think this, like standby renting, 393 00:18:21,720 --> 00:18:23,719 Speaker 1: could could actually make sense. Yeah, I love it. Man. 394 00:18:23,760 --> 00:18:25,399 Speaker 1: It's not going to be for everybody, but I just 395 00:18:25,560 --> 00:18:28,399 Speaker 1: love that this is an option for folks out there. Also. 396 00:18:28,640 --> 00:18:30,960 Speaker 1: Something that may not be for everybody. The four day 397 00:18:31,000 --> 00:18:33,520 Speaker 1: work week depends, I guess on the company that you're 398 00:18:33,560 --> 00:18:35,320 Speaker 1: working for, but we're going to talk about that and 399 00:18:35,400 --> 00:18:38,680 Speaker 1: the potential for that coming to your employer, plus a 400 00:18:38,680 --> 00:18:40,320 Speaker 1: few other stories. We'll get to all of that right 401 00:18:40,359 --> 00:18:52,560 Speaker 1: after the break. All Right, the Friday flight keeps rolling along, Matt, 402 00:18:52,560 --> 00:18:54,560 Speaker 1: We've got more stories to get to, a lot of 403 00:18:54,720 --> 00:18:57,520 Speaker 1: a lot of interesting personal finance content this week that 404 00:18:57,640 --> 00:18:59,440 Speaker 1: we have to talk about. But of course, as always, 405 00:18:59,480 --> 00:19:01,880 Speaker 1: we have to get to the ludicrous headline of the week. 406 00:19:01,920 --> 00:19:03,919 Speaker 1: Of course, that's how we start off segment two here, 407 00:19:03,960 --> 00:19:06,920 Speaker 1: and this one comes from Vox and the headline reads 408 00:19:06,960 --> 00:19:10,159 Speaker 1: the death of the Customer Service Hotline, And that's kind 409 00:19:10,200 --> 00:19:13,520 Speaker 1: of where the headlines stopped but the writer explained that 410 00:19:13,680 --> 00:19:17,840 Speaker 1: essentially companies have eliminated customer service and they're getting rid 411 00:19:17,880 --> 00:19:21,000 Speaker 1: of it. It's a cost center and they don't necessarily 412 00:19:21,080 --> 00:19:23,760 Speaker 1: want to offer a phone number and employees at they're 413 00:19:23,760 --> 00:19:26,400 Speaker 1: ready to help you with your problem, a human being 414 00:19:26,440 --> 00:19:28,840 Speaker 1: that you can talk to about. The about your problem 415 00:19:28,880 --> 00:19:30,960 Speaker 1: is it's something that our parents enjoyed, but not something 416 00:19:31,000 --> 00:19:32,800 Speaker 1: that we're going to get to enjoy. And so yeah, 417 00:19:32,840 --> 00:19:35,280 Speaker 1: basically just cost the company too much money that they 418 00:19:35,320 --> 00:19:38,280 Speaker 1: think can be better spent elsewhere. And this writer, she 419 00:19:38,400 --> 00:19:40,320 Speaker 1: makes the argument that this is bad for us as 420 00:19:40,359 --> 00:19:43,240 Speaker 1: consumers and bad for companies alike. So I'm curious to 421 00:19:43,280 --> 00:19:44,960 Speaker 1: hear what you think. Is this good or bad? That 422 00:19:45,280 --> 00:19:48,399 Speaker 1: companies are eliminating customer service hotlines and our ability to 423 00:19:48,400 --> 00:19:50,280 Speaker 1: get in touch with them to get a problem resolved, 424 00:19:50,359 --> 00:19:51,760 Speaker 1: good or bad? It kind of makes me think of 425 00:19:52,040 --> 00:19:53,959 Speaker 1: it's like frugal or cheap, right, like this is this 426 00:19:54,040 --> 00:19:57,399 Speaker 1: is a business edition fugler cheek because it makes sense, right, 427 00:19:57,600 --> 00:20:01,400 Speaker 1: these different companies they're trying to cut costs. The most 428 00:20:01,400 --> 00:20:03,639 Speaker 1: expensive way to keep in touch with customers is by 429 00:20:03,880 --> 00:20:06,280 Speaker 1: having an actual person in order to talk to. But 430 00:20:06,320 --> 00:20:07,720 Speaker 1: then you moved to call centers. Then you move to 431 00:20:07,800 --> 00:20:11,640 Speaker 1: like folks who are just sitting there operating the chat. Yeah, 432 00:20:12,040 --> 00:20:16,119 Speaker 1: the chat now, and yes, by reducing their expenses, these 433 00:20:16,160 --> 00:20:18,840 Speaker 1: different companies are going to see a boost to their 434 00:20:18,840 --> 00:20:21,760 Speaker 1: corporate profits. Right, And so that's sort of the negative 435 00:20:22,080 --> 00:20:25,320 Speaker 1: pessimistic few. But don't forget these are the same changes, 436 00:20:25,440 --> 00:20:28,080 Speaker 1: Like this is the same kind of progress that makes 437 00:20:28,440 --> 00:20:32,000 Speaker 1: goods more affordable. Like just think about the declining cost 438 00:20:32,080 --> 00:20:34,840 Speaker 1: of certain electronics that we've all been able to pay 439 00:20:34,960 --> 00:20:38,400 Speaker 1: less for over the past number of decades, right, And 440 00:20:38,880 --> 00:20:40,280 Speaker 1: I think a lot of that has to do with 441 00:20:40,320 --> 00:20:43,520 Speaker 1: the ability of these companies to scale, like globalization and 442 00:20:43,560 --> 00:20:46,359 Speaker 1: the ability to streamline. I think what these companies have 443 00:20:46,440 --> 00:20:48,720 Speaker 1: realized is that that is not something that we do 444 00:20:49,000 --> 00:20:51,200 Speaker 1: really care all that much about, because if we did, 445 00:20:51,520 --> 00:20:53,840 Speaker 1: we would. It kind of goes back to what we're 446 00:20:53,880 --> 00:20:56,160 Speaker 1: talking about with like with the fees, are the fees 447 00:20:56,280 --> 00:20:59,160 Speaker 1: good or bad? Just like well, it kind of depends 448 00:20:59,680 --> 00:21:02,119 Speaker 1: is it good thing to have a great customer service? 449 00:21:02,320 --> 00:21:04,440 Speaker 1: Well it depends. I mean, it depends on the industry. 450 00:21:04,920 --> 00:21:06,920 Speaker 1: But bottom line, if it's not something that folks are 451 00:21:06,920 --> 00:21:09,080 Speaker 1: willing to pay for, then companies are going to start 452 00:21:09,160 --> 00:21:13,359 Speaker 1: removing that as an option from what it is they offer, right. Yeah, 453 00:21:13,359 --> 00:21:15,359 Speaker 1: Well it makes me think of recently had like a 454 00:21:15,400 --> 00:21:19,200 Speaker 1: little issue with our Instagram and we've had we've had spam, 455 00:21:19,240 --> 00:21:22,480 Speaker 1: imposter impersonators, right, and they've been reaching out to how 456 00:21:22,480 --> 00:21:26,120 Speaker 1: to money listeners and by the way, how dots too 457 00:21:26,200 --> 00:21:29,880 Speaker 1: money pod? Yeah, don't they're fake. Don't let them follow you. Yeah, 458 00:21:29,880 --> 00:21:31,480 Speaker 1: they're fake. They're gonna hit you up, and they're gonna 459 00:21:31,480 --> 00:21:33,800 Speaker 1: say that they've got an investing scheme. A lot of 460 00:21:33,880 --> 00:21:36,160 Speaker 1: red flags should be going yes, and so please please 461 00:21:36,160 --> 00:21:38,120 Speaker 1: report that account. We're trying. I'm trying to reach out 462 00:21:38,119 --> 00:21:40,040 Speaker 1: to Instagram and they're used to be an email address 463 00:21:40,080 --> 00:21:42,320 Speaker 1: where you could reach out for customer support. They have 464 00:21:42,680 --> 00:21:45,600 Speaker 1: disabled that and so now there's no possible way to 465 00:21:45,600 --> 00:21:48,600 Speaker 1: get customer support. And although it seems like if you 466 00:21:48,880 --> 00:21:51,520 Speaker 1: paid for the verification now that might come with it, 467 00:21:51,560 --> 00:21:53,520 Speaker 1: I'm not sure to the level the level of which 468 00:21:53,520 --> 00:21:56,080 Speaker 1: you're going to get customer support, but it kind of 469 00:21:56,119 --> 00:21:59,879 Speaker 1: feels like Instagram is forcing at least some users to 470 00:22:00,400 --> 00:22:02,240 Speaker 1: pay a monthly fee in order to get any sort 471 00:22:02,240 --> 00:22:04,800 Speaker 1: of response when they have issues, and so I don't know, 472 00:22:05,000 --> 00:22:07,399 Speaker 1: I think I'm okay with doing getting rid of some 473 00:22:07,440 --> 00:22:10,040 Speaker 1: of these customer service hotlines, like I think Frontier Airlines 474 00:22:10,119 --> 00:22:11,800 Speaker 1: is one of them that just said, hey, we're done 475 00:22:11,800 --> 00:22:15,199 Speaker 1: with that. And in finding ways that people actually like 476 00:22:15,280 --> 00:22:17,600 Speaker 1: to communicate with customer service, but ditching it all together 477 00:22:17,600 --> 00:22:20,040 Speaker 1: and not allowing people any path to get there to 478 00:22:20,040 --> 00:22:22,400 Speaker 1: get their issue resolved, I think that's a problem. Yeah, 479 00:22:22,400 --> 00:22:24,320 Speaker 1: as long as the systems that they have set in 480 00:22:24,359 --> 00:22:26,920 Speaker 1: place work, then I think folks are fine not actually 481 00:22:27,000 --> 00:22:29,720 Speaker 1: talking to somebody. But oftentimes you're going to have to 482 00:22:29,760 --> 00:22:32,800 Speaker 1: pay like a premium for that really high level of 483 00:22:32,840 --> 00:22:35,440 Speaker 1: customer service, and ultimately that leads to people talking about 484 00:22:35,480 --> 00:22:37,119 Speaker 1: some of those brains. Like again I'm thinking about like 485 00:22:37,200 --> 00:22:40,520 Speaker 1: Darntov socks, the warranty in the customer service and how 486 00:22:40,520 --> 00:22:43,240 Speaker 1: they back their products. Well, that's great, but not everyone 487 00:22:43,320 --> 00:22:45,280 Speaker 1: is willing to pay twenty bucks for a pair of socks. 488 00:22:45,400 --> 00:22:47,120 Speaker 1: Like I'm not even willing to pay that for every 489 00:22:47,119 --> 00:22:49,639 Speaker 1: single pair of socks that I own, but maybe for 490 00:22:49,680 --> 00:22:52,080 Speaker 1: the occasional like nice pair, I'm like, all right, maybe 491 00:22:52,240 --> 00:22:55,720 Speaker 1: I'll splurge, and slowly, over time I find my way 492 00:22:55,720 --> 00:22:58,840 Speaker 1: owning more of those socks. But basically I think if 493 00:22:58,880 --> 00:23:01,840 Speaker 1: companies are offering a premium product like that and customers 494 00:23:01,880 --> 00:23:04,560 Speaker 1: are talking about it, those companies will be rewarded and 495 00:23:04,600 --> 00:23:07,440 Speaker 1: that'll communicate. So maybe other companies who are cutting corners 496 00:23:07,640 --> 00:23:09,880 Speaker 1: that they need to up their game a little bit. Yeah. 497 00:23:09,880 --> 00:23:11,600 Speaker 1: I think it's just one more thing that is going 498 00:23:11,640 --> 00:23:14,919 Speaker 1: to cause people to think twice before they do business somewhere. 499 00:23:15,000 --> 00:23:17,520 Speaker 1: Does this company have a decent reputation for customer service? 500 00:23:17,520 --> 00:23:19,640 Speaker 1: Do they actually even offer any sort of customer service 501 00:23:19,760 --> 00:23:21,720 Speaker 1: or not? That's right, man. But here's a catch though, 502 00:23:21,960 --> 00:23:24,040 Speaker 1: you don't always have to pay a premium for the 503 00:23:24,240 --> 00:23:28,280 Speaker 1: higher quality product. Because Jadpower they just released their wireless 504 00:23:28,400 --> 00:23:32,600 Speaker 1: ratings and they picked Mint Mobile as their top MVNO 505 00:23:32,760 --> 00:23:36,840 Speaker 1: carrier that's mobile virtual network operator. So that props to 506 00:23:37,160 --> 00:23:39,880 Speaker 1: Mint Mobile. We've been singing their praises for years now, 507 00:23:40,119 --> 00:23:43,399 Speaker 1: and specifically JD Power they highlighted mints their transparency and 508 00:23:43,400 --> 00:23:46,520 Speaker 1: their continued price reductions. Those are two things that we 509 00:23:46,680 --> 00:23:49,680 Speaker 1: love to that we love to hear. You know, there's 510 00:23:49,680 --> 00:23:51,719 Speaker 1: other great low cost options too, but you gotta love 511 00:23:51,760 --> 00:23:54,479 Speaker 1: it when the cheapest plan on the block also comes 512 00:23:54,520 --> 00:23:57,840 Speaker 1: with superior customer service. As something that Mint's been offering 513 00:23:58,119 --> 00:24:00,800 Speaker 1: and just a great way for you to a recurring 514 00:24:00,840 --> 00:24:03,600 Speaker 1: bill bill that you see every single month. Yep, agreed. 515 00:24:03,640 --> 00:24:05,880 Speaker 1: So you don't always it doesn't always come with trade 516 00:24:05,880 --> 00:24:08,520 Speaker 1: offs getting good customer service or getting getting a lower price. 517 00:24:08,600 --> 00:24:10,800 Speaker 1: I think that's one of the things that you, yeah, 518 00:24:11,000 --> 00:24:14,280 Speaker 1: looking at these independent surveys from places like Consumer Reports 519 00:24:14,440 --> 00:24:17,400 Speaker 1: or from JD Power can really help us make better, 520 00:24:17,560 --> 00:24:19,080 Speaker 1: better calls when it comes to the companies we do 521 00:24:19,160 --> 00:24:21,239 Speaker 1: business with. You know what I miss? Consumer Reports used 522 00:24:21,280 --> 00:24:23,680 Speaker 1: to walking into a store and buying your cell phone 523 00:24:23,680 --> 00:24:25,680 Speaker 1: plan that way. Now see, that's one of the ways 524 00:24:25,720 --> 00:24:27,560 Speaker 1: that it was able to innovate because they're saying, like, 525 00:24:27,600 --> 00:24:30,240 Speaker 1: we don't need to do that anymore. You gotta be 526 00:24:30,280 --> 00:24:32,119 Speaker 1: able to maybe forecast a little bit to what it 527 00:24:32,160 --> 00:24:33,840 Speaker 1: is that folks are looking for. Yeah, yeah, yeah, you're 528 00:24:33,840 --> 00:24:36,639 Speaker 1: planning ahead. So yeah, while you're gonna say, Consumer Reports 529 00:24:36,720 --> 00:24:38,720 Speaker 1: used to have a blog called The Consumerist and they 530 00:24:38,800 --> 00:24:40,960 Speaker 1: used to rank the worst companies in the world every 531 00:24:41,000 --> 00:24:43,080 Speaker 1: single year. And that was just that's right, what do 532 00:24:43,119 --> 00:24:44,640 Speaker 1: they stop doing that? I remember that it was probably 533 00:24:44,720 --> 00:24:46,520 Speaker 1: six or seven years ago. It was a huge bummer 534 00:24:46,520 --> 00:24:48,600 Speaker 1: because they were just they were kind of like the 535 00:24:48,640 --> 00:24:51,600 Speaker 1: fun edgy side of Consumer Reports, And yeah, I wish 536 00:24:51,640 --> 00:24:53,080 Speaker 1: that was still around because that was just such a 537 00:24:53,080 --> 00:24:55,200 Speaker 1: good way for people to be tipped off to which 538 00:24:55,200 --> 00:24:57,680 Speaker 1: companies who to look out for suck really bad and 539 00:24:57,920 --> 00:25:01,800 Speaker 1: offer pretty much continually bad Cstomer service. And so, yeah, 540 00:25:01,880 --> 00:25:05,680 Speaker 1: if I had one wish this year, consumer Reports bring 541 00:25:05,680 --> 00:25:08,360 Speaker 1: back that blog. It was so good. But Matt, let's 542 00:25:08,400 --> 00:25:10,560 Speaker 1: move on. Let's talk about work life balance for a second. 543 00:25:10,640 --> 00:25:13,399 Speaker 1: Our four day workweek's going to become the new normal. 544 00:25:14,280 --> 00:25:17,480 Speaker 1: We'll see if trial runs in Great Britain have anything 545 00:25:17,480 --> 00:25:19,760 Speaker 1: to say about our future, though, and the potential before 546 00:25:19,840 --> 00:25:22,040 Speaker 1: day work week to become more of a reality for 547 00:25:22,080 --> 00:25:24,960 Speaker 1: lots of folks. The answer could be yes, because sixty 548 00:25:24,960 --> 00:25:28,080 Speaker 1: one companies ran a four day work week experiment over 549 00:25:28,080 --> 00:25:31,040 Speaker 1: the second half of last year, and fifty six out 550 00:25:31,040 --> 00:25:33,639 Speaker 1: of those sixty one are opting to keep it around 551 00:25:33,520 --> 00:25:35,760 Speaker 1: them as good odds, right there, Yeah, great odds, I 552 00:25:35,760 --> 00:25:39,760 Speaker 1: think a right something like that. So revenue for companies 553 00:25:40,000 --> 00:25:42,800 Speaker 1: apparently stated at about the same level while more employees 554 00:25:42,800 --> 00:25:45,920 Speaker 1: stuck around and remained as productive as they had been 555 00:25:45,960 --> 00:25:48,560 Speaker 1: working five days a week. And so, I don't know, 556 00:25:48,640 --> 00:25:50,480 Speaker 1: I think you actually mentioned this Matt recently, if you 557 00:25:50,800 --> 00:25:54,400 Speaker 1: Parkinson's law, which basically states that maybe even last week 558 00:25:54,600 --> 00:25:57,280 Speaker 1: work expands to fill the time available for its completion. 559 00:25:57,280 --> 00:26:00,280 Speaker 1: That's what Parkinson's law means, and that obviously has limits 560 00:26:00,000 --> 00:26:02,679 Speaker 1: as right, you can't create a thirty minute podcast episode 561 00:26:02,680 --> 00:26:05,200 Speaker 1: in fifteen minutes. That would be it'd be unless you 562 00:26:05,240 --> 00:26:08,119 Speaker 1: just wanted us to defies the laws of time. Yeah, well, 563 00:26:08,200 --> 00:26:09,840 Speaker 1: I guess we could and then just like slow ourselves 564 00:26:09,880 --> 00:26:12,040 Speaker 1: down and by half speed. But that would that would 565 00:26:12,040 --> 00:26:14,960 Speaker 1: be a bad product. But with flexible work arrangements becoming 566 00:26:15,040 --> 00:26:19,120 Speaker 1: more common and positive four day experiences being reported, including 567 00:26:19,400 --> 00:26:22,280 Speaker 1: seventy percent fewer reports of employee burnout when they when 568 00:26:22,280 --> 00:26:24,040 Speaker 1: they made this transition to the four day work week, 569 00:26:24,320 --> 00:26:25,919 Speaker 1: I'm not going to be shocked to see more companies 570 00:26:25,960 --> 00:26:28,320 Speaker 1: going in this direction. Yeah, you know, and we've already 571 00:26:28,359 --> 00:26:32,440 Speaker 1: seen workaholism on the decline. Research shows that the pandemic 572 00:26:32,520 --> 00:26:34,960 Speaker 1: it gave a lot of folks a wake up call, 573 00:26:35,520 --> 00:26:38,920 Speaker 1: especially among the highest starting folks out there who were 574 00:26:38,960 --> 00:26:42,119 Speaker 1: also working the most hours every week. Derek Thompson, he 575 00:26:42,160 --> 00:26:45,520 Speaker 1: refers to it as the breaking of the work is fever. 576 00:26:45,960 --> 00:26:48,200 Speaker 1: That it seemed that so many of us were under 577 00:26:48,200 --> 00:26:50,640 Speaker 1: the spell of so bottom line, we think that work 578 00:26:50,720 --> 00:26:52,360 Speaker 1: is a good thing, right, it helps us to pay 579 00:26:52,400 --> 00:26:55,119 Speaker 1: the bills, but it also provides meaning, it provides a 580 00:26:55,160 --> 00:26:57,959 Speaker 1: sense of community for a lot of folks. Doing away 581 00:26:58,000 --> 00:27:00,680 Speaker 1: with work altogether like that would not be a good 582 00:27:00,680 --> 00:27:04,760 Speaker 1: thing that would lead to a happy population. But working 583 00:27:04,840 --> 00:27:07,280 Speaker 1: less that would be a good thing for most folks, 584 00:27:07,400 --> 00:27:10,160 Speaker 1: and we were seeing more folks choose to work less 585 00:27:10,200 --> 00:27:14,440 Speaker 1: on purpose. British economist John Maynard Keynes he theorized that 586 00:27:14,480 --> 00:27:17,520 Speaker 1: we would all be working just fifteen hour work weeks 587 00:27:17,800 --> 00:27:21,240 Speaker 1: at this point. But our desire to consume has outpaced 588 00:27:21,600 --> 00:27:24,840 Speaker 1: technology in our desire to work less in the advancements 589 00:27:24,840 --> 00:27:27,040 Speaker 1: that we've seen in our society. So the more that 590 00:27:27,080 --> 00:27:30,000 Speaker 1: we can keep our spending and desires in check, well, 591 00:27:30,080 --> 00:27:32,000 Speaker 1: the more say that we're going to have over our 592 00:27:32,040 --> 00:27:34,000 Speaker 1: own work schedules and our futures. It kind of goes 593 00:27:34,040 --> 00:27:37,520 Speaker 1: back again to the size niceness of homes. We don't 594 00:27:37,560 --> 00:27:42,160 Speaker 1: need to have the most luxurious countertops or I mean, 595 00:27:42,200 --> 00:27:44,640 Speaker 1: just all the things that go into the expensive homes 596 00:27:44,680 --> 00:27:47,479 Speaker 1: these days. We can, but you can trade offs, right, 597 00:27:47,520 --> 00:27:49,280 Speaker 1: and you're likely if you want the ship lap on 598 00:27:49,320 --> 00:27:52,120 Speaker 1: every wall and for it join again style, as long 599 00:27:52,160 --> 00:27:54,400 Speaker 1: as you know what like what it is that you 600 00:27:54,480 --> 00:27:57,160 Speaker 1: are that you're signing up for. This is the life 601 00:27:57,160 --> 00:27:58,800 Speaker 1: that you're signing up for. Yeah, John Maynard Kine just 602 00:27:58,840 --> 00:28:01,360 Speaker 1: wasn't factoring in just how much we want our lifestyles 603 00:28:01,359 --> 00:28:03,639 Speaker 1: to improve, and how we don't mind working for that, 604 00:28:03,720 --> 00:28:05,320 Speaker 1: I guess, and how cool everything's going to be in 605 00:28:05,359 --> 00:28:08,400 Speaker 1: the right you're gonna want to buy exactly. Well, let's 606 00:28:08,400 --> 00:28:10,560 Speaker 1: talk about investing for just a second, mat because if 607 00:28:10,600 --> 00:28:13,880 Speaker 1: you're an investing procrastinator, which means you haven't met your 608 00:28:13,880 --> 00:28:17,359 Speaker 1: goal for those twenty twenty two IRA contributions, you still 609 00:28:17,359 --> 00:28:19,280 Speaker 1: got time to make it happen. You've got until the 610 00:28:19,280 --> 00:28:22,679 Speaker 1: filing deadline, which is April eighteenth, to get money in 611 00:28:22,680 --> 00:28:24,240 Speaker 1: for last year. For a lot of folks in California, 612 00:28:24,240 --> 00:28:27,760 Speaker 1: it's actually October sixteenth, I believe, because of some of 613 00:28:27,760 --> 00:28:30,840 Speaker 1: those winter storms. But because there's actually a cap on 614 00:28:30,880 --> 00:28:33,359 Speaker 1: which you can stick into a traditional or roth IRA, 615 00:28:33,880 --> 00:28:37,400 Speaker 1: it always makes sense to prioritize last year's bucket before 616 00:28:37,440 --> 00:28:39,600 Speaker 1: you start stocking dollars into the account for the current 617 00:28:39,600 --> 00:28:41,600 Speaker 1: calendar year. So we don't want you if you haven't 618 00:28:41,600 --> 00:28:44,440 Speaker 1: maxed out twenty twenty two ROTH contributions. We don't want 619 00:28:44,480 --> 00:28:47,239 Speaker 1: you putting money in twenty twenty three yet, right, So 620 00:28:47,280 --> 00:28:49,600 Speaker 1: it's just like a friendly PSA for you folks who 621 00:28:49,640 --> 00:28:51,800 Speaker 1: like to wait till the last minute. It's the last minute. 622 00:28:51,840 --> 00:28:54,720 Speaker 1: We're getting there, right, And so stock that money in 623 00:28:54,880 --> 00:28:56,640 Speaker 1: and if it was your goal to max out that account, 624 00:28:56,680 --> 00:28:59,040 Speaker 1: check and see if you've actually done it and funnel 625 00:28:59,040 --> 00:29:02,000 Speaker 1: some of those dollars into the twenty twenty two version 626 00:29:02,360 --> 00:29:04,520 Speaker 1: of your IRA to meet that goal. Yeah, And the 627 00:29:04,560 --> 00:29:07,760 Speaker 1: truth is, MA, there are actual material downsides of procrastinating 628 00:29:07,760 --> 00:29:10,800 Speaker 1: when it comes to your investments. And you know, not 629 00:29:10,880 --> 00:29:13,040 Speaker 1: here to throw shade, but I'm just trying to tell 630 00:29:13,040 --> 00:29:16,600 Speaker 1: the truth because while the person who maxes out their 631 00:29:16,800 --> 00:29:20,360 Speaker 1: their roth IRA this month for last year, they're still 632 00:29:20,360 --> 00:29:22,640 Speaker 1: doing an awesome thing for their future, right, They're still 633 00:29:22,640 --> 00:29:26,120 Speaker 1: getting those twenty twenty two contributions in, but it's not 634 00:29:26,200 --> 00:29:29,080 Speaker 1: going to be quite as impactful as if they had 635 00:29:29,080 --> 00:29:32,280 Speaker 1: done it in January of last year, because we're talking 636 00:29:32,320 --> 00:29:36,080 Speaker 1: about missing out on months of compounding returns. That's going 637 00:29:36,120 --> 00:29:39,200 Speaker 1: to magnify this mistake. And the times they just detailed 638 00:29:39,320 --> 00:29:41,560 Speaker 1: how much it is that you actually lose over time 639 00:29:42,000 --> 00:29:44,920 Speaker 1: by delaying your investment until the last minute, By waiting 640 00:29:44,920 --> 00:29:46,880 Speaker 1: just sixteen months to get those dollars in there, you're 641 00:29:46,880 --> 00:29:49,840 Speaker 1: going to lose roughly sixty five hundred dollars in returns 642 00:29:49,920 --> 00:29:53,640 Speaker 1: over the first decade, eighteen thousand dollars after two decades, 643 00:29:53,680 --> 00:29:56,960 Speaker 1: and then thirty nine thousand dollars after three decades. So 644 00:29:57,040 --> 00:29:59,000 Speaker 1: our recommendation would be, yeah, go ahead and stick that 645 00:29:59,000 --> 00:30:01,760 Speaker 1: money in for twenty twenty too. But fully funding those 646 00:30:01,800 --> 00:30:05,480 Speaker 1: accounts earlier in future years is certainly a good goal 647 00:30:05,480 --> 00:30:07,480 Speaker 1: to have. And the fact is when they were in 648 00:30:07,520 --> 00:30:09,640 Speaker 1: those calculations, Juel, they were basing it off of a 649 00:30:09,720 --> 00:30:11,840 Speaker 1: six percent rate of return. Could be even more if 650 00:30:11,880 --> 00:30:13,880 Speaker 1: we've got historic return rates history. Yeah, I mean, if 651 00:30:13,880 --> 00:30:15,920 Speaker 1: you look at the past thirty years, you're looking at 652 00:30:15,920 --> 00:30:19,600 Speaker 1: an average annualized return of ten percent with inflation, right, 653 00:30:19,600 --> 00:30:21,600 Speaker 1: you're only looking at looking at eight. But that's an 654 00:30:21,600 --> 00:30:24,720 Speaker 1: even larger disparity between what it is that you could 655 00:30:24,720 --> 00:30:26,400 Speaker 1: have earned had you gotten your money and first thing, 656 00:30:26,400 --> 00:30:28,800 Speaker 1: as opposed to waiting sixteen months later. Yeah, So it's 657 00:30:28,800 --> 00:30:31,040 Speaker 1: still better late than never, But at the same time, 658 00:30:31,160 --> 00:30:32,600 Speaker 1: I think it is good to try to get on 659 00:30:32,640 --> 00:30:36,040 Speaker 1: that cycle where you're funding your retirement accounts earlier in 660 00:30:36,080 --> 00:30:39,920 Speaker 1: the year, because that gives your money more time in 661 00:30:39,960 --> 00:30:42,360 Speaker 1: the market, which means, if we're looking at historical numbers 662 00:30:42,360 --> 00:30:44,960 Speaker 1: and the reality that the market goes up more years 663 00:30:45,000 --> 00:30:47,120 Speaker 1: than not, that that money's just gonna have longer to 664 00:30:47,120 --> 00:30:49,920 Speaker 1: work on your behalf, earning you a lot more money 665 00:30:49,960 --> 00:30:51,800 Speaker 1: over time. That's right. Yeah. And for that sixty five 666 00:30:51,880 --> 00:30:55,000 Speaker 1: hundred dollars Rothier contribution next year, what that means is 667 00:30:55,040 --> 00:30:57,120 Speaker 1: you sitting aside, I think a right around five hundred 668 00:30:57,120 --> 00:31:00,520 Speaker 1: and forty bucks every single month starting well, starting last 669 00:31:00,600 --> 00:31:02,720 Speaker 1: you know, too much starting yeah, yeah, starting in January. 670 00:31:02,760 --> 00:31:04,560 Speaker 1: So you can do that math on your own time. Yeah. 671 00:31:04,600 --> 00:31:06,160 Speaker 1: And if you've got the money sitting in there and 672 00:31:06,160 --> 00:31:08,360 Speaker 1: you're like planning just to dole it out over the year, 673 00:31:08,440 --> 00:31:11,000 Speaker 1: that's you couldn't do that. But the truth is when 674 00:31:11,000 --> 00:31:13,040 Speaker 1: you look at the numbers, two, getting in the earlier 675 00:31:13,080 --> 00:31:15,360 Speaker 1: the better, right, And so you could max it out now, 676 00:31:15,520 --> 00:31:17,560 Speaker 1: be done with it, and then do the same right 677 00:31:17,600 --> 00:31:20,120 Speaker 1: in January of next year for that the current year. 678 00:31:20,320 --> 00:31:21,920 Speaker 1: But all right, Matt, let's let's talk about how much 679 00:31:21,920 --> 00:31:24,200 Speaker 1: should the tooth faery pay for a second, because I 680 00:31:24,200 --> 00:31:26,960 Speaker 1: feel like I'm over here paying nineteen quick quick quick 681 00:31:26,960 --> 00:31:28,840 Speaker 1: warning for all of our parents out there who might 682 00:31:28,880 --> 00:31:32,080 Speaker 1: have young ears, young listeners. And ye, we're not going 683 00:31:32,120 --> 00:31:35,040 Speaker 1: to get nasty or anything, but just if you, if 684 00:31:35,040 --> 00:31:36,720 Speaker 1: you're looking to keep the magic alive for a little 685 00:31:36,760 --> 00:31:42,280 Speaker 1: bit longer, just just a warning pause. Yes. But so basically, 686 00:31:42,680 --> 00:31:44,640 Speaker 1: the new rates came out for what the tooth fairy 687 00:31:44,920 --> 00:31:47,960 Speaker 1: is paying, the tooth fairy endis and the third party 688 00:31:48,120 --> 00:31:51,600 Speaker 1: tooth fairy. Yes, and the average payout has risen sixteen 689 00:31:51,640 --> 00:31:54,160 Speaker 1: percent year over year, which means that the typical kid 690 00:31:54,360 --> 00:31:56,880 Speaker 1: is getting six dollars and twenty three cents each and 691 00:31:56,920 --> 00:31:59,760 Speaker 1: every time they lose a tooth. So crazy. Yeah, the 692 00:31:59,760 --> 00:32:02,080 Speaker 1: tooth very where we live does not pay that. And 693 00:32:02,560 --> 00:32:04,120 Speaker 1: I'm not sure if I'm a monster because of it. 694 00:32:04,120 --> 00:32:06,560 Speaker 1: What do you think It comes down to the reason, 695 00:32:06,640 --> 00:32:08,120 Speaker 1: like why do we do this, right, Like, I mean 696 00:32:08,160 --> 00:32:11,320 Speaker 1: we pay money for lost teeth. We do it because 697 00:32:11,320 --> 00:32:13,719 Speaker 1: it's tradition essentially, right, Like it's a fun thing to do. 698 00:32:13,760 --> 00:32:16,480 Speaker 1: It's a way that we mark the occasion. It's not 699 00:32:16,520 --> 00:32:19,400 Speaker 1: because there's an actual mark like an open market where 700 00:32:21,480 --> 00:32:25,720 Speaker 1: there's like exchanging going on, and like what actual lost 701 00:32:25,800 --> 00:32:27,760 Speaker 1: teeth are going for. It's it comes down to what 702 00:32:27,840 --> 00:32:31,000 Speaker 1: parents are, you know, and we already gave the warning. 703 00:32:31,040 --> 00:32:33,600 Speaker 1: That comes down to what parents are choosing to give 704 00:32:33,640 --> 00:32:35,800 Speaker 1: their kids, right Like it's a it's a rite of 705 00:32:35,840 --> 00:32:38,200 Speaker 1: passage essentially, and so I'm not gonna hate on folks 706 00:32:38,200 --> 00:32:40,560 Speaker 1: if they want to give their kids that much money 707 00:32:40,560 --> 00:32:44,880 Speaker 1: perk tooth, but personally, yeah, I'm in like early nineties. Uh, 708 00:32:45,480 --> 00:32:46,960 Speaker 1: like take me back in the way back machine. Due 709 00:32:46,960 --> 00:32:49,480 Speaker 1: because we're only we're paying out one dollar. We do 710 00:32:49,480 --> 00:32:51,520 Speaker 1: a dollar to a a quarter plus a kinder egg, so 711 00:32:52,040 --> 00:32:55,040 Speaker 1: which is super fun, but I guess that's about a 712 00:32:55,040 --> 00:32:58,120 Speaker 1: grand total of two dollars. So we're definitely at like 713 00:32:58,160 --> 00:33:00,520 Speaker 1: a third of current rates put the tooth fairries doing. 714 00:33:00,600 --> 00:33:02,680 Speaker 1: And actually when you look at the index, the tooth 715 00:33:02,680 --> 00:33:05,360 Speaker 1: fairy payouts go up actually kind of like in tandem 716 00:33:05,360 --> 00:33:07,160 Speaker 1: with the S and P five hundred, but even more, 717 00:33:07,240 --> 00:33:10,480 Speaker 1: which is I'm surprised to see that. But if there 718 00:33:10,560 --> 00:33:13,960 Speaker 1: was an actual tooth market, they yeah, you'd probably start 719 00:33:14,000 --> 00:33:19,800 Speaker 1: hearing advertisements for used teeth, like gold investing in gold seriously, 720 00:33:20,000 --> 00:33:22,960 Speaker 1: neither one of which our investments I don't think parents 721 00:33:22,960 --> 00:33:25,960 Speaker 1: should see that and feel the pressure to dialogue. No, no no, no, no, Yeah, 722 00:33:26,000 --> 00:33:28,720 Speaker 1: literally we pay a dollar and we are completely fine 723 00:33:28,760 --> 00:33:30,880 Speaker 1: and comfortable with that because again it comes down to 724 00:33:31,800 --> 00:33:33,840 Speaker 1: not an actual going rate, but what it is that 725 00:33:34,080 --> 00:33:36,400 Speaker 1: you decide, right, And I don't think we should feel 726 00:33:36,400 --> 00:33:40,040 Speaker 1: the pressure maybe from other parents to follow suit and 727 00:33:40,160 --> 00:33:41,680 Speaker 1: pony up. You ain't got to keep up with the 728 00:33:41,720 --> 00:33:44,480 Speaker 1: Jones and no no, but then yeah, you multiply that 729 00:33:44,560 --> 00:33:46,640 Speaker 1: times have a number of kids you have, dude, that's 730 00:33:46,680 --> 00:33:49,840 Speaker 1: a lot of money. Like how many teeth to baby teeth? 731 00:33:49,960 --> 00:33:52,440 Speaker 1: In the plus and I don't even know too many? 732 00:33:52,600 --> 00:33:54,960 Speaker 1: Too many at that price point, that's a lot of money. Yeah, 733 00:33:55,000 --> 00:33:56,760 Speaker 1: but that's a kid. I'd be like going to find 734 00:33:56,840 --> 00:33:58,800 Speaker 1: other kids, Like if I was getting paid that much 735 00:33:58,840 --> 00:34:02,560 Speaker 1: every time? Where did this tooth come from? But that 736 00:34:02,720 --> 00:34:04,720 Speaker 1: is going to be it for this Friday flight. We'll 737 00:34:04,720 --> 00:34:06,920 Speaker 1: make sure to we'll link to all the stories that 738 00:34:06,960 --> 00:34:09,520 Speaker 1: we referenced during this episode up in our show notes 739 00:34:09,800 --> 00:34:12,240 Speaker 1: at how to money dot com. And we'll also include 740 00:34:12,239 --> 00:34:15,319 Speaker 1: some of the different resources that we may have mentioned. Yeah, 741 00:34:15,440 --> 00:34:16,960 Speaker 1: and don't forget to sign up for the how to 742 00:34:17,000 --> 00:34:20,200 Speaker 1: Money newsletter, of course comes out every Tuesday morning. It's wonderful. 743 00:34:20,280 --> 00:34:22,600 Speaker 1: It's only getting better. And now you can refer your 744 00:34:22,640 --> 00:34:25,319 Speaker 1: friends win sweet prizes, so you can sign up for 745 00:34:25,320 --> 00:34:27,440 Speaker 1: that at how to money dot com slash newsletter. But 746 00:34:27,560 --> 00:34:29,719 Speaker 1: we'll see you back here on Monday. Have a great weekend, Matt. 747 00:34:29,840 --> 00:34:32,799 Speaker 1: Until next time, best friends out and best friends Out