1 00:00:00,080 --> 00:00:03,160 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,160 --> 00:00:06,960 Speaker 1: and today we're talking Madonna versus monger, rich renters and 3 00:00:07,160 --> 00:00:30,560 Speaker 1: empty promises of passive income. So the Madonna the monger 4 00:00:30,880 --> 00:00:32,600 Speaker 1: part of our story, part of our episode makes me 5 00:00:32,640 --> 00:00:35,720 Speaker 1: think of is it was it deathmatch celebrity death Okay, 6 00:00:35,720 --> 00:00:38,880 Speaker 1: okay from you exactly where I was gonna be claymation 7 00:00:38,960 --> 00:00:43,080 Speaker 1: clayvation when they take two celebrities and it's just ridiculous. Honestly, 8 00:00:43,200 --> 00:00:46,600 Speaker 1: I would watch that those two going on it. I 9 00:00:46,600 --> 00:00:49,319 Speaker 1: feel like Madonna has kind of been more than news lately. Oh, 10 00:00:49,360 --> 00:00:53,000 Speaker 1: we talked about um, what was the Al Yankovic story 11 00:00:53,320 --> 00:00:55,400 Speaker 1: called Weird Weird was the name of the movie but 12 00:00:55,800 --> 00:00:58,800 Speaker 1: streaming for free on Rocco, a little biopic. Uh, and 13 00:00:59,200 --> 00:01:03,440 Speaker 1: she was certainly featured in that, not accurately. But we 14 00:01:03,480 --> 00:01:07,160 Speaker 1: will actually talk about Madonna though, and her involvement in Crypto. 15 00:01:07,280 --> 00:01:09,400 Speaker 1: By the way, we're not movie reviewers or anything, but 16 00:01:09,440 --> 00:01:11,360 Speaker 1: that was that was a good one worth watching. Funny, 17 00:01:12,080 --> 00:01:14,399 Speaker 1: I will say, yeah, Daniel Redcliffe, he did a surprisingly 18 00:01:14,840 --> 00:01:18,560 Speaker 1: hilarious and good job playing Weird Al. But real quick, 19 00:01:18,640 --> 00:01:22,320 Speaker 1: let's give a quick plug for Missing Money Dot com again. 20 00:01:22,360 --> 00:01:24,760 Speaker 1: This is the website where you go and punching your name, 21 00:01:24,800 --> 00:01:27,640 Speaker 1: your state, and it'll let you know if there are 22 00:01:27,840 --> 00:01:30,640 Speaker 1: these assets out there floating around waiting for you to 23 00:01:30,680 --> 00:01:33,399 Speaker 1: claim them. And we mentioned it recently in the newsletter 24 00:01:33,760 --> 00:01:37,520 Speaker 1: Listener Hayden he found a hundred and sixties seven dollars 25 00:01:37,560 --> 00:01:41,920 Speaker 1: for his wife, specifically under her maiden name, from a 26 00:01:41,959 --> 00:01:44,600 Speaker 1: long lost PayPal account, And I wanted to mention this 27 00:01:44,600 --> 00:01:47,640 Speaker 1: because I never I never thought to search my wife's 28 00:01:47,840 --> 00:01:50,960 Speaker 1: maiden name to find great riches waiting for her. I 29 00:01:50,960 --> 00:01:54,240 Speaker 1: immediately had visions in my head of like, just vast 30 00:01:54,240 --> 00:01:56,320 Speaker 1: sums of money out there again just floating around is 31 00:01:56,400 --> 00:01:59,480 Speaker 1: waiting for me to pounce. But alas there was, there's 32 00:01:59,520 --> 00:02:01,480 Speaker 1: no part of old at the end of that rainbow. 33 00:02:01,640 --> 00:02:03,800 Speaker 1: But for all those out there who have had a 34 00:02:03,920 --> 00:02:07,480 Speaker 1: name change recently, don't forget about that old name. You 35 00:02:07,520 --> 00:02:09,519 Speaker 1: look that up as well. For sure, hundred sixty seven 36 00:02:09,560 --> 00:02:12,160 Speaker 1: dollars found money. It's like boom, Yeah, that's not nothing. 37 00:02:12,200 --> 00:02:14,079 Speaker 1: That's a big time. If you saw hundred sixty seven 38 00:02:14,080 --> 00:02:16,560 Speaker 1: dollars on the sidewalk, I guarantee you would pick it up, yeah, 39 00:02:16,560 --> 00:02:17,720 Speaker 1: but then you would turn it in because it was 40 00:02:17,720 --> 00:02:21,160 Speaker 1: probably somebody else's if it was just cash, how do 41 00:02:21,160 --> 00:02:23,000 Speaker 1: you well, we talked about that. I would try to 42 00:02:23,040 --> 00:02:24,640 Speaker 1: locate the person if I could, but I don't know 43 00:02:24,680 --> 00:02:27,120 Speaker 1: what you do if you can't. I have multiple times 44 00:02:27,160 --> 00:02:29,800 Speaker 1: found twenty dollar bills, like at a gas station on 45 00:02:29,840 --> 00:02:33,120 Speaker 1: the ground. Once I'm walking into a grocery store, I 46 00:02:33,120 --> 00:02:36,600 Speaker 1: saw twenty bucks lying there before, And I mean, you 47 00:02:36,639 --> 00:02:38,440 Speaker 1: can stand there for a second and kind of look around, 48 00:02:39,080 --> 00:02:40,840 Speaker 1: and you know, because I would hate to just pick 49 00:02:40,880 --> 00:02:42,480 Speaker 1: it up and immediately walk off with it, because that 50 00:02:42,480 --> 00:02:45,200 Speaker 1: would that feels a little more likely to be stole 51 00:02:45,240 --> 00:02:48,160 Speaker 1: it from him. Um. But beyond that, man, I feel 52 00:02:48,200 --> 00:02:50,480 Speaker 1: like cash, you know, cash money that you find on 53 00:02:50,520 --> 00:02:53,800 Speaker 1: the on the street, fair game. Okay, yeah, you're probably right, 54 00:02:53,840 --> 00:02:56,200 Speaker 1: but I think it's just important. Let's mention the web 55 00:02:56,200 --> 00:02:58,239 Speaker 1: side of gain missing money dot Com because this is 56 00:02:58,400 --> 00:03:00,000 Speaker 1: more likely going to be able to find money there 57 00:03:00,000 --> 00:03:02,600 Speaker 1: the next local guest, and you're not stealing from anyone 58 00:03:02,600 --> 00:03:06,079 Speaker 1: in that case, or potentially stealing because this is your 59 00:03:06,080 --> 00:03:08,320 Speaker 1: stealing money. If you pick up cash off of the ground, 60 00:03:08,440 --> 00:03:10,800 Speaker 1: might be right, unless you know, old lady walks up 61 00:03:10,800 --> 00:03:12,440 Speaker 1: to you. Just I lost fifty dollars. Have you seen 62 00:03:12,480 --> 00:03:14,560 Speaker 1: it and you're just like putting fifty dollars in the pocket. 63 00:03:14,639 --> 00:03:18,200 Speaker 1: You're like, no, this is now my fifty dollars, but 64 00:03:18,320 --> 00:03:21,560 Speaker 1: this is actually your money just from yeah, something like 65 00:03:22,080 --> 00:03:24,640 Speaker 1: a long lost PayPal account, or maybe money from an 66 00:03:24,680 --> 00:03:27,280 Speaker 1: insurance company that you never claimed, something like a settlement 67 00:03:27,600 --> 00:03:29,480 Speaker 1: that that never got paid out. So these it's worth 68 00:03:29,600 --> 00:03:31,760 Speaker 1: at least plugging it in and maybe, like I don't know, 69 00:03:32,080 --> 00:03:33,640 Speaker 1: see if you can, if you want to be super 70 00:03:33,639 --> 00:03:36,160 Speaker 1: noble'll help your friends find missing money too by plugging 71 00:03:36,160 --> 00:03:38,920 Speaker 1: in their information. But yeah, Matt, let's move on. Let's 72 00:03:38,960 --> 00:03:40,400 Speaker 1: get to the Friday flight. Would you charge them a 73 00:03:40,440 --> 00:03:44,760 Speaker 1: finders fee? No, just do it out of the like, 74 00:03:45,080 --> 00:03:47,600 Speaker 1: by the way, I can get you this money for 75 00:03:48,160 --> 00:03:52,480 Speaker 1: very small You want the five bucks your own I need? Right, 76 00:03:52,560 --> 00:03:54,880 Speaker 1: let's fine your cell. Let let's get to the Friday fight. 77 00:03:55,120 --> 00:03:57,640 Speaker 1: Articles we found interesting this week, and Matt, let's start 78 00:03:57,680 --> 00:03:59,840 Speaker 1: off by talking about the super Bowl for a second. 79 00:04:00,240 --> 00:04:04,080 Speaker 1: The matchup a set the Chiefs versus the Eagles. I 80 00:04:04,280 --> 00:04:06,640 Speaker 1: have to take your word for it. Well, I'm not 81 00:04:06,800 --> 00:04:08,520 Speaker 1: nearly as into sports as I used to be, and 82 00:04:08,600 --> 00:04:12,240 Speaker 1: so I watched a very small amount of the Chiefs, uh, 83 00:04:12,400 --> 00:04:14,120 Speaker 1: the ending of the Chiefs game. Because my father in 84 00:04:14,240 --> 00:04:16,559 Speaker 1: law he's a big fan, so he's very excited about 85 00:04:16,600 --> 00:04:19,120 Speaker 1: this and I will, I guess root for the Chiefs 86 00:04:19,400 --> 00:04:21,600 Speaker 1: to in order to make him happy. But there you go, 87 00:04:21,800 --> 00:04:23,520 Speaker 1: always gonna do with your father in law. Yeah. But 88 00:04:23,520 --> 00:04:25,679 Speaker 1: our our our listeners, they might see something floating around 89 00:04:25,680 --> 00:04:30,120 Speaker 1: this week about the Super Bowl Indicator, and let's talk 90 00:04:30,120 --> 00:04:33,760 Speaker 1: about what this is because it has implications for how 91 00:04:33,839 --> 00:04:36,039 Speaker 1: you might choose to invest. And the thing is, this 92 00:04:36,080 --> 00:04:39,320 Speaker 1: thing is completely non scientific, but let's mention what it is. 93 00:04:39,480 --> 00:04:41,719 Speaker 1: It basically says that if an a f C team 94 00:04:41,720 --> 00:04:44,360 Speaker 1: wins the Super Bowl, the stock market will decline this year. 95 00:04:44,400 --> 00:04:46,080 Speaker 1: So that means if the Chiefs were to win the 96 00:04:46,080 --> 00:04:48,640 Speaker 1: Super Bowl, the stock market would not do so hot 97 00:04:48,720 --> 00:04:52,120 Speaker 1: in three but if an NFC team, the Eagles, wins, 98 00:04:52,160 --> 00:04:55,239 Speaker 1: then stocks are gonna rise. And I don't know, sounds 99 00:04:55,279 --> 00:04:57,360 Speaker 1: kind of like Groundhog Day, Matt, which happened this week 100 00:04:57,720 --> 00:05:01,120 Speaker 1: to me, where it's like random fur creatures are they 101 00:05:01,120 --> 00:05:03,279 Speaker 1: going to see their shadow or not? And I think, 102 00:05:03,440 --> 00:05:07,719 Speaker 1: um punkstani fils prediction status is not all that great 103 00:05:08,160 --> 00:05:11,160 Speaker 1: depending on who you believe. It's somewhere between thirty nine 104 00:05:11,200 --> 00:05:14,880 Speaker 1: and six. But to be's right half the time, right, 105 00:05:15,160 --> 00:05:17,040 Speaker 1: And the Super Bowl indicator thing is one of those 106 00:05:17,120 --> 00:05:20,400 Speaker 1: unscientific things. It might be fun to point point too 107 00:05:20,440 --> 00:05:23,480 Speaker 1: and joke about, but of course, don't make any decisions 108 00:05:23,520 --> 00:05:26,080 Speaker 1: with your money based on a game, like if the 109 00:05:26,080 --> 00:05:28,240 Speaker 1: Eagles win, don't pour all your money into stocks and 110 00:05:28,560 --> 00:05:31,160 Speaker 1: vice versa, right, and so, long term investors, we don't 111 00:05:31,200 --> 00:05:35,000 Speaker 1: care about these types of statistical shernanigans. We don't care. Again, 112 00:05:35,040 --> 00:05:36,880 Speaker 1: it might be fun to think about, but I wouldn't 113 00:05:36,880 --> 00:05:38,760 Speaker 1: put any more a weight in that than you would 114 00:05:38,839 --> 00:05:40,880 Speaker 1: the Puppy Bowl. And do they still do the Puppy Bowl, 115 00:05:40,880 --> 00:05:43,760 Speaker 1: don't they? They have like little puppy dog race whatever. 116 00:05:44,279 --> 00:05:47,839 Speaker 1: Actually it's like you're jam I'd rather watch that, probably 117 00:05:47,920 --> 00:05:50,960 Speaker 1: the actual Super Bowl. But while we're talking about football, 118 00:05:51,200 --> 00:05:53,359 Speaker 1: another listener reached out to us Anthony. He sent us 119 00:05:53,360 --> 00:05:58,360 Speaker 1: an article about former wide receiver Chad Ocho Cinco formerly 120 00:05:58,440 --> 00:06:01,800 Speaker 1: Chad Johnson. He changed his name Oto Sinko number eighty five, 121 00:06:01,960 --> 00:06:03,880 Speaker 1: so he he seems to be one of the few 122 00:06:04,160 --> 00:06:07,200 Speaker 1: frugal NFL players out there. Although we did have a 123 00:06:07,200 --> 00:06:09,880 Speaker 1: friend of the show, Brandon Copeland, he came on the podcast, 124 00:06:10,120 --> 00:06:12,640 Speaker 1: he deserves a little shout out as well the same come. 125 00:06:12,680 --> 00:06:16,640 Speaker 1: He's definitely fits in with pals. But Chad said in 126 00:06:16,640 --> 00:06:20,200 Speaker 1: a recent article that he had a percent savings rate 127 00:06:20,680 --> 00:06:23,799 Speaker 1: uh and that he chose to to wear fake jewelry. 128 00:06:23,800 --> 00:06:26,880 Speaker 1: He chose to fly commercial despite the millions that he 129 00:06:26,960 --> 00:06:28,920 Speaker 1: was making. He actually said that he was happy with 130 00:06:28,960 --> 00:06:32,000 Speaker 1: a window seat on a spirit flight. But one of 131 00:06:32,040 --> 00:06:34,440 Speaker 1: the quotes, one of his quotes from that piece was 132 00:06:34,480 --> 00:06:36,640 Speaker 1: that everybody has caught up in the image and looking 133 00:06:36,680 --> 00:06:40,160 Speaker 1: a certain way and being rich. It's pointless. And we 134 00:06:40,320 --> 00:06:42,480 Speaker 1: felt that was worth mentioning because we could not agree more. 135 00:06:43,040 --> 00:06:45,760 Speaker 1: Although I feel like it's a little conflicting because he 136 00:06:45,760 --> 00:06:47,640 Speaker 1: says it's pointless, but then he's wearing the fake jewelry, 137 00:06:47,680 --> 00:06:51,080 Speaker 1: so maybe he's just cheap. Yeah. I mean like you 138 00:06:51,120 --> 00:06:52,520 Speaker 1: want to go for the look a little bit, but 139 00:06:52,839 --> 00:06:55,719 Speaker 1: simultaneously you don't need to spend go go with a 140 00:06:55,800 --> 00:06:58,440 Speaker 1: live grown lib grown diamonds or the Cubic zirconia as 141 00:06:58,480 --> 00:07:00,960 Speaker 1: opposed to the actual where I want to watch, but 142 00:07:01,160 --> 00:07:04,680 Speaker 1: my watch costs fifty So I like it, and I 143 00:07:04,680 --> 00:07:06,680 Speaker 1: think that there's something that we can learn from a 144 00:07:06,760 --> 00:07:10,360 Speaker 1: dude like Chad Ocho Sinko who's like, yeah, screw the 145 00:07:10,400 --> 00:07:12,720 Speaker 1: appearances what everyone else is doing. I'm gonna do it 146 00:07:12,800 --> 00:07:15,760 Speaker 1: my own way and make sure that I've got financial freedom, 147 00:07:15,840 --> 00:07:18,840 Speaker 1: and especially in you know, an industry like the NFL 148 00:07:18,840 --> 00:07:20,480 Speaker 1: where a lot of players only last for a couple 149 00:07:20,480 --> 00:07:23,000 Speaker 1: of years. Uh. You know, Chad had a longer career 150 00:07:23,000 --> 00:07:24,800 Speaker 1: than that and made over fifty million dollars I think 151 00:07:24,840 --> 00:07:26,640 Speaker 1: in the NFL. But the fact that he's held on 152 00:07:26,720 --> 00:07:29,880 Speaker 1: to that, that's the power place phenomenal. Yeah, yeah, and 153 00:07:29,880 --> 00:07:32,120 Speaker 1: that's well, what's crazy is that he didn't need to 154 00:07:32,160 --> 00:07:34,720 Speaker 1: save a three percent. He could have just set aside 155 00:07:34,720 --> 00:07:38,680 Speaker 1: two percent of his income, even if he just ten 156 00:07:38,120 --> 00:07:40,720 Speaker 1: it's been a millionaire as long as he had that invested, 157 00:07:40,960 --> 00:07:43,840 Speaker 1: uh in you know, widely diversified low cost index fund. 158 00:07:44,320 --> 00:07:46,400 Speaker 1: But the fact is most of us aren't in that situation. 159 00:07:46,600 --> 00:07:49,880 Speaker 1: And we would encourage you somewhere more than two percent, 160 00:07:50,000 --> 00:07:52,520 Speaker 1: but maybe not quite three percent. But hey, if you're 161 00:07:52,560 --> 00:07:55,120 Speaker 1: hitting that, more power to you. All Right, let's keep 162 00:07:55,120 --> 00:07:57,400 Speaker 1: talking about sports ball ish related stuff for just a 163 00:07:57,440 --> 00:07:59,520 Speaker 1: second match. But this one, look, we'll kind of pivot 164 00:07:59,560 --> 00:08:01,720 Speaker 1: a little bit to its cryptocurrency, because it seems like 165 00:08:01,760 --> 00:08:05,680 Speaker 1: almost yesterday that everyone was captivated by Matt Damon's and 166 00:08:05,760 --> 00:08:08,520 Speaker 1: just like what was his his was Fortune Favors the 167 00:08:08,520 --> 00:08:11,280 Speaker 1: Brave right his commercial or the Larry David's names, just 168 00:08:11,280 --> 00:08:13,840 Speaker 1: like yesterday was Larry David's was an FTX commercial. I 169 00:08:13,840 --> 00:08:16,400 Speaker 1: think I think so forget and now f t X 170 00:08:16,480 --> 00:08:18,000 Speaker 1: we see what happens in sin. But this was a 171 00:08:18,080 --> 00:08:20,400 Speaker 1: year ago, right, this was last Super Bowl. Well, in 172 00:08:20,440 --> 00:08:22,280 Speaker 1: the Larry David when he wasn't he actually making fun 173 00:08:22,320 --> 00:08:25,040 Speaker 1: of it kind of in the commercial. Look at it. 174 00:08:25,000 --> 00:08:28,080 Speaker 1: It's like ironic to the point of like just completely 175 00:08:28,760 --> 00:08:30,800 Speaker 1: Actually he actually kind of feels good about it because 176 00:08:30,800 --> 00:08:34,360 Speaker 1: he's like, like I said in the commercial, wouldn't trust it? Yeah, 177 00:08:34,400 --> 00:08:36,240 Speaker 1: he should have not looked past what I was saying 178 00:08:36,240 --> 00:08:37,560 Speaker 1: and just listened to what I was saying on the 179 00:08:37,559 --> 00:08:40,120 Speaker 1: service and he still got paid, right, and he did well. 180 00:08:40,160 --> 00:08:42,920 Speaker 1: On that note, should celebrities be held responsible for the 181 00:08:42,920 --> 00:08:46,680 Speaker 1: crypto endorsements that they made, because prominent endorsers of different 182 00:08:46,720 --> 00:08:49,280 Speaker 1: crypto sites and coins are being named as defendants in 183 00:08:49,360 --> 00:08:53,560 Speaker 1: recent lawsuits, and uh, honestly, the celebrity crypto craze was 184 00:08:53,600 --> 00:08:55,360 Speaker 1: tough to watch right, and the courts are going to 185 00:08:55,440 --> 00:08:59,280 Speaker 1: decide if these individuals will face legal ramifications for their 186 00:08:59,320 --> 00:09:02,760 Speaker 1: involvement in some of these potential schemes. Some folks, Matt, 187 00:09:02,760 --> 00:09:04,560 Speaker 1: we've talked about this on the show, like Kim Kardashian, 188 00:09:04,559 --> 00:09:07,160 Speaker 1: they've already had to pay fines for not disclosing the 189 00:09:07,240 --> 00:09:11,120 Speaker 1: specifics of their financial interest in specific coins and companies, 190 00:09:11,320 --> 00:09:14,400 Speaker 1: the same things happening to Madonna right now. But if 191 00:09:14,440 --> 00:09:17,240 Speaker 1: there are laws, I think that we're clearly broken, then 192 00:09:17,280 --> 00:09:19,720 Speaker 1: whoever broke those laws should be held accountable. And there 193 00:09:19,720 --> 00:09:22,720 Speaker 1: shouldn't be any free passes just because someone is a celebrity. 194 00:09:22,760 --> 00:09:24,920 Speaker 1: I hope that should go without saying, but that's that's 195 00:09:24,920 --> 00:09:27,400 Speaker 1: how I feel. That's right. But that raises another problem, 196 00:09:27,440 --> 00:09:31,200 Speaker 1: another question as well, because the sec they haven't made 197 00:09:31,320 --> 00:09:35,760 Speaker 1: entirely clear which digital assets are governed by what rules right, 198 00:09:35,800 --> 00:09:38,320 Speaker 1: and so you know, like we're all familiar with crypto. 199 00:09:38,320 --> 00:09:40,160 Speaker 1: It's been around for a minute, it's it's been around 200 00:09:40,200 --> 00:09:42,840 Speaker 1: for years now. It still feels like the wild West. 201 00:09:42,920 --> 00:09:45,720 Speaker 1: So we would recommend for folks to proceed with caution 202 00:09:45,840 --> 00:09:49,400 Speaker 1: if you are considering investing in crypto, and keep in 203 00:09:49,480 --> 00:09:53,920 Speaker 1: mind celebrities. They're typically great actors, so don't take their 204 00:09:54,000 --> 00:09:58,120 Speaker 1: endorsements and don't take their tweets or their videos as 205 00:09:58,120 --> 00:10:00,679 Speaker 1: a sign that you should also be invested. And what 206 00:10:00,720 --> 00:10:03,000 Speaker 1: it is that they're pitching. Uh And by the way, 207 00:10:03,200 --> 00:10:06,760 Speaker 1: I feel like it's worth revisiting crypto and specifically Bitcoin 208 00:10:06,840 --> 00:10:10,000 Speaker 1: and ethereum because they've been surging in recent weeks after 209 00:10:10,400 --> 00:10:13,880 Speaker 1: a pretty lengthy period of losses and we don't really 210 00:10:13,920 --> 00:10:18,360 Speaker 1: care because our exposure is incredibly minimal. It's limited to cryptocurrencies. 211 00:10:18,520 --> 00:10:20,480 Speaker 1: But one thing worth noting is that you can now 212 00:10:21,000 --> 00:10:24,400 Speaker 1: invest in bitcoin via different et s out there inside 213 00:10:24,400 --> 00:10:28,120 Speaker 1: your retirement account. And what could go wrong, Well, as 214 00:10:28,160 --> 00:10:30,080 Speaker 1: we have seen over the past year, pretty much everything 215 00:10:30,120 --> 00:10:33,840 Speaker 1: can go wrong. And not only is that particular e 216 00:10:33,880 --> 00:10:37,000 Speaker 1: t F trading at a much lower valuation to the 217 00:10:37,040 --> 00:10:40,480 Speaker 1: actual value of bitcoin, but the two percent annual fee 218 00:10:41,640 --> 00:10:44,120 Speaker 1: adsault to the wound, right it adds insult to injury. 219 00:10:44,280 --> 00:10:45,440 Speaker 1: And there are other e t F s out there 220 00:10:45,440 --> 00:10:47,520 Speaker 1: as well, but even those are they still have expense 221 00:10:47,640 --> 00:10:49,880 Speaker 1: ratios around one percent, which is more than we would 222 00:10:49,880 --> 00:10:53,000 Speaker 1: like to see you paying. Again, if you want to 223 00:10:53,040 --> 00:10:55,720 Speaker 1: invest in crypto, do it with no more than five 224 00:10:55,760 --> 00:11:00,959 Speaker 1: percent of your overall investment dollars. And here's the Madonna 225 00:11:01,040 --> 00:11:05,760 Speaker 1: versus Munger part. Charlie Munger he actually calls for cryptocurrencies 226 00:11:05,760 --> 00:11:08,120 Speaker 1: to be banned in the US. Joel, what are your 227 00:11:08,120 --> 00:11:10,200 Speaker 1: thoughts on that? Do you? Do? You agree with Charlie's 228 00:11:10,200 --> 00:11:13,480 Speaker 1: take or you disagree? Let me mention Charlie Munger Warren Buffett. 229 00:11:13,520 --> 00:11:15,600 Speaker 1: They're best friends and business partners, right and so. And 230 00:11:15,679 --> 00:11:18,319 Speaker 1: Charlie Munger is ninety nine years old and still whip smart. 231 00:11:18,480 --> 00:11:21,160 Speaker 1: I hope to be that smart when when I'm his age, 232 00:11:21,640 --> 00:11:23,240 Speaker 1: and I just hope to make it that long. But 233 00:11:23,480 --> 00:11:25,960 Speaker 1: do I agree? Would you rather be Munger or Buffett? 234 00:11:26,360 --> 00:11:29,480 Speaker 1: If that's you and me, they're both stunes. I don't know. 235 00:11:29,600 --> 00:11:32,400 Speaker 1: I'll take you the one. You know, Munger is a 236 00:11:32,400 --> 00:11:35,440 Speaker 1: little crankier um, and so that's probably gonna be you. 237 00:11:35,600 --> 00:11:38,160 Speaker 1: Let's be honest, you share your point. I'll tell you 238 00:11:38,160 --> 00:11:40,280 Speaker 1: what I think as far as his his thoughts on 239 00:11:40,400 --> 00:11:42,520 Speaker 1: so I'm all out banning it. When he says that 240 00:11:42,520 --> 00:11:43,959 Speaker 1: he should be banned, I don't like that. Yeah, I 241 00:11:44,000 --> 00:11:45,800 Speaker 1: don't think I agree with them. Actually, I think I'd 242 00:11:45,800 --> 00:11:48,719 Speaker 1: like to see actual regulations take place. But I will 243 00:11:48,720 --> 00:11:51,880 Speaker 1: say at the same time, I don't know that cryptocurrency 244 00:11:51,920 --> 00:11:55,680 Speaker 1: is adding much value to our society in any real 245 00:11:55,880 --> 00:11:58,360 Speaker 1: former fashion. A lot of people have lost meaningful amounts 246 00:11:58,360 --> 00:12:00,560 Speaker 1: of money, a lot of schams taking play that space, 247 00:12:00,600 --> 00:12:02,880 Speaker 1: a lot of pump and dump, and some people are 248 00:12:02,880 --> 00:12:05,560 Speaker 1: getting rich, but a lot of people are losing money 249 00:12:05,679 --> 00:12:07,880 Speaker 1: in this space. And so um, Yeah, if it were 250 00:12:07,920 --> 00:12:09,920 Speaker 1: to be banned, do I when I shut a bunch 251 00:12:09,920 --> 00:12:12,560 Speaker 1: of tears. No, I wouldn't, but I still don't think 252 00:12:12,600 --> 00:12:14,439 Speaker 1: that's probably the best way forward. I'll might shed a 253 00:12:14,480 --> 00:12:16,920 Speaker 1: few tears only because I think it limits our ability 254 00:12:17,000 --> 00:12:19,320 Speaker 1: to do whatever it is with our money that we 255 00:12:19,400 --> 00:12:22,200 Speaker 1: are legally allowed to do, But then we wouldn't legally 256 00:12:22,240 --> 00:12:24,200 Speaker 1: be allowed to do it. Well, exactly like everything he 257 00:12:24,200 --> 00:12:26,559 Speaker 1: says about crypto, I pretty much agree with him. As 258 00:12:26,559 --> 00:12:28,839 Speaker 1: far as rat poison, he's he's done a bunch of 259 00:12:28,840 --> 00:12:31,240 Speaker 1: bad things, as far as it being so speculative, Like, 260 00:12:31,280 --> 00:12:33,720 Speaker 1: I get all of that, But simultaneously, does that mean 261 00:12:33,760 --> 00:12:35,880 Speaker 1: that it should no longer be something that people are 262 00:12:35,880 --> 00:12:37,559 Speaker 1: allowed to do. There's a lot of things that people 263 00:12:38,320 --> 00:12:41,160 Speaker 1: can partake in in our society in the US in particular, 264 00:12:41,559 --> 00:12:44,480 Speaker 1: that's totally allowed, and I don't think that like sports gambling, 265 00:12:44,559 --> 00:12:47,160 Speaker 1: But that's another thing, right where I leaned towards maybe 266 00:12:47,160 --> 00:12:51,040 Speaker 1: outright banning it too, So we'd probably follow different Yeah. Yeah, yeah, 267 00:12:51,080 --> 00:12:53,200 Speaker 1: So this is why I, I guess when you're saying 268 00:12:53,200 --> 00:12:55,079 Speaker 1: that I'm longer that I'm like, well, I want to 269 00:12:55,120 --> 00:12:57,240 Speaker 1: distance myself a little bit from hunger. What's what's interesting 270 00:12:57,280 --> 00:12:59,440 Speaker 1: in this piece in the journal he talks about I mean, 271 00:12:59,440 --> 00:13:01,760 Speaker 1: he talks about the the Communist Party of China and 272 00:13:01,800 --> 00:13:04,280 Speaker 1: he points he like holds them up as, oh, we 273 00:13:04,320 --> 00:13:06,440 Speaker 1: should be more like China because they've all out banned it. 274 00:13:07,120 --> 00:13:09,600 Speaker 1: But literally it's in the name, like it's a communist 275 00:13:09,760 --> 00:13:12,320 Speaker 1: government and anything that is outside of their control they 276 00:13:12,360 --> 00:13:15,559 Speaker 1: don't want to see grow. Uh, And so I think 277 00:13:15,559 --> 00:13:17,040 Speaker 1: there's a lot of things to be banning it for 278 00:13:17,040 --> 00:13:21,600 Speaker 1: different reasons. Sure, But bottom line, do we agree with 279 00:13:21,640 --> 00:13:25,280 Speaker 1: everything that crypto represents. No, But I personally don't think 280 00:13:25,280 --> 00:13:28,280 Speaker 1: it should necessarily be banned. It should have the option 281 00:13:28,320 --> 00:13:29,880 Speaker 1: if they want to partake, they can if they don't 282 00:13:29,880 --> 00:13:31,959 Speaker 1: want to just skip it all together. All right, let's 283 00:13:31,960 --> 00:13:34,120 Speaker 1: just talk about reality for a second, because it's not banned. 284 00:13:34,120 --> 00:13:36,400 Speaker 1: And that was his proposal in the Wall Street Journalist week. 285 00:13:36,840 --> 00:13:40,520 Speaker 1: Agree or disagree, that's fine. But the truth is, even 286 00:13:40,559 --> 00:13:43,000 Speaker 1: as bitcoins coming back, we might start to see more 287 00:13:43,000 --> 00:13:45,280 Speaker 1: people interested, we might start to see more speculation, we 288 00:13:45,400 --> 00:13:47,760 Speaker 1: might start to see more scam attempts in this space. 289 00:13:47,960 --> 00:13:51,920 Speaker 1: So the advice as always from us, Since you can 290 00:13:52,000 --> 00:13:54,360 Speaker 1: take your hard earned dollars if you want and stick 291 00:13:54,400 --> 00:13:57,080 Speaker 1: them in that space, be very very careful, do it 292 00:13:57,120 --> 00:13:59,320 Speaker 1: with caution, and don't do very much. Right. All right, 293 00:13:59,400 --> 00:14:01,240 Speaker 1: let's talk about housing for a second, because with the 294 00:14:01,520 --> 00:14:04,440 Speaker 1: sky high cost of housing, Matt. Uh, there was an 295 00:14:04,520 --> 00:14:08,280 Speaker 1: article in Yahoo which interesting, I don't I don't find 296 00:14:08,440 --> 00:14:10,120 Speaker 1: the articles on Yahoo all that often, but this one 297 00:14:10,240 --> 00:14:12,960 Speaker 1: randomly have found. And uh. Even it said that even 298 00:14:13,000 --> 00:14:16,079 Speaker 1: millionaires are choosing to rent these days instead of by 299 00:14:16,120 --> 00:14:19,680 Speaker 1: and stats show that high income folks want to rent 300 00:14:19,920 --> 00:14:22,440 Speaker 1: instead of buying a much bigger clip. It's increased something 301 00:14:22,480 --> 00:14:25,880 Speaker 1: like in the last five years. And uh, I don't 302 00:14:25,920 --> 00:14:27,640 Speaker 1: think this is a bad thing though, right given our 303 00:14:27,960 --> 00:14:31,800 Speaker 1: countries cultip home ownership, many would say that's stupid, Like, 304 00:14:31,880 --> 00:14:33,880 Speaker 1: if you have the money, you should be buying a house. 305 00:14:33,960 --> 00:14:37,840 Speaker 1: This should be where you're investing your dollars. But of 306 00:14:37,880 --> 00:14:40,320 Speaker 1: course you and I we don't agree with that common assertion. 307 00:14:40,560 --> 00:14:43,160 Speaker 1: There are new stats from realtor dot com which show 308 00:14:43,240 --> 00:14:46,640 Speaker 1: that renting is still cheaper than monthly payments in forty 309 00:14:46,640 --> 00:14:49,280 Speaker 1: five of the largest fifty cities in America. And that's 310 00:14:49,280 --> 00:14:52,160 Speaker 1: not even factory in how expensive it is to purchase, right, 311 00:14:52,200 --> 00:14:55,520 Speaker 1: all the acquisition costs of buying a home, the fees 312 00:14:55,520 --> 00:14:58,920 Speaker 1: that you pay to realtors, and the closing costs. But 313 00:14:58,960 --> 00:15:00,440 Speaker 1: then also on top of that main hating a house, 314 00:15:00,440 --> 00:15:02,080 Speaker 1: which we talked about a couple of weeks ago, that's 315 00:15:02,080 --> 00:15:04,080 Speaker 1: not cheap either expensive. And I think a lot of 316 00:15:04,080 --> 00:15:07,480 Speaker 1: people they say renting is throwing away money. That's not true. 317 00:15:07,560 --> 00:15:09,000 Speaker 1: And if you want to know why we think that, 318 00:15:09,040 --> 00:15:10,960 Speaker 1: you can go back to episode four seventy six and 319 00:15:11,040 --> 00:15:13,080 Speaker 1: check that one out. But it's just important to note 320 00:15:13,080 --> 00:15:15,080 Speaker 1: if you're a renter, like don't despair, I think renting 321 00:15:15,120 --> 00:15:17,640 Speaker 1: can be the savvast financial move for a lot of people. 322 00:15:18,080 --> 00:15:20,760 Speaker 1: If you're taking those extra dollars and you're funneling them 323 00:15:20,760 --> 00:15:24,040 Speaker 1: into stock market like investments. Sure, yeah, and there's also 324 00:15:24,240 --> 00:15:26,400 Speaker 1: other benefits that come with owning and so on the 325 00:15:26,400 --> 00:15:28,320 Speaker 1: other side of the coin you know, if you are 326 00:15:28,400 --> 00:15:30,400 Speaker 1: in the market to buy a home, I think that's 327 00:15:30,440 --> 00:15:33,320 Speaker 1: also fantastic. Just because renting is a solid choice for 328 00:15:33,320 --> 00:15:36,000 Speaker 1: for many folks out there doesn't mean that home ownership 329 00:15:36,160 --> 00:15:38,680 Speaker 1: isn't a great choice for others. That it may not 330 00:15:38,760 --> 00:15:41,920 Speaker 1: be a good choice for you. So much depends on 331 00:15:42,040 --> 00:15:45,600 Speaker 1: your specific circumstances. But just be prepared to make offers 332 00:15:45,640 --> 00:15:48,040 Speaker 1: and to to make sure that you've saved enough money. 333 00:15:48,400 --> 00:15:51,560 Speaker 1: A new survey by nerd wallet, they find that most 334 00:15:51,560 --> 00:15:54,240 Speaker 1: Americans are looking to spend somewhere in the two and 335 00:15:54,280 --> 00:15:57,680 Speaker 1: sixty dollar range on a home. But get this, the 336 00:15:57,720 --> 00:16:02,760 Speaker 1: median home price is at eighty one dollars. These these 337 00:16:02,840 --> 00:16:05,520 Speaker 1: numbers are not the same. There's a computeness, there's a 338 00:16:05,680 --> 00:16:07,920 Speaker 1: quite a chasm here, and so just keep in mind 339 00:16:07,920 --> 00:16:09,680 Speaker 1: there are always going to be trade offs when you're 340 00:16:09,680 --> 00:16:11,280 Speaker 1: looking at homes, when you're looking to buy a home, 341 00:16:11,760 --> 00:16:14,800 Speaker 1: But just to make sure that you're not making a 342 00:16:14,840 --> 00:16:17,480 Speaker 1: trade off that that gets you maybe the home of 343 00:16:17,520 --> 00:16:19,920 Speaker 1: your dreams, but then leaves you completely house poor, where 344 00:16:19,920 --> 00:16:23,960 Speaker 1: you're unable to prioritize other crucial financial goals. There are 345 00:16:24,000 --> 00:16:27,960 Speaker 1: some expenses where we can sort of work our way back, 346 00:16:28,080 --> 00:16:30,960 Speaker 1: or we can out earn certain decisions that we've made. 347 00:16:31,000 --> 00:16:33,480 Speaker 1: But purchasing at home a mortgage, I mean, like you're 348 00:16:33,560 --> 00:16:36,320 Speaker 1: quite literally talking about the largest purchase you'll ever make. 349 00:16:36,600 --> 00:16:38,600 Speaker 1: So this is this is one of those mistakes that 350 00:16:38,600 --> 00:16:41,000 Speaker 1: you could make that has more zeros at the end 351 00:16:41,000 --> 00:16:43,520 Speaker 1: of it than you know, the misstep that you made 352 00:16:43,600 --> 00:16:46,520 Speaker 1: last month. Yeah, exactly, you bought two expensive pair of genes, 353 00:16:46,600 --> 00:16:48,840 Speaker 1: you put it on BNPL that's one mistake. But buying 354 00:16:48,920 --> 00:16:51,680 Speaker 1: a house that makes your house poor for decades, that's 355 00:16:51,800 --> 00:16:54,320 Speaker 1: another kind of mistake for And it's interestingly enough that 356 00:16:54,520 --> 00:16:56,240 Speaker 1: you and I we've talked about how kind of the 357 00:16:56,560 --> 00:16:58,720 Speaker 1: housing slowdown. We didn't think it was going to be 358 00:16:59,000 --> 00:17:01,360 Speaker 1: super long lasting. We didn't think that the dip in 359 00:17:01,400 --> 00:17:04,239 Speaker 1: prices was going to be massive. And a tweet from 360 00:17:04,280 --> 00:17:07,040 Speaker 1: our our friend Mindy Jensen, who's been on the show before. 361 00:17:07,200 --> 00:17:09,520 Speaker 1: She's a realtor and she works at Bigger Pockets, she said, 362 00:17:10,080 --> 00:17:11,800 Speaker 1: is this spring going to be as hot as last spring? 363 00:17:11,840 --> 00:17:13,480 Speaker 1: In real estate? She said, I don't know, but in 364 00:17:13,520 --> 00:17:15,600 Speaker 1: less than twenty four hours, already have fourteen showings on 365 00:17:15,640 --> 00:17:18,400 Speaker 1: my new listing. It's while Priceton looks great, but both 366 00:17:18,400 --> 00:17:20,680 Speaker 1: those things up a lot, and it was just interesting 367 00:17:20,760 --> 00:17:23,320 Speaker 1: to see her take as a realtor. Like the spring 368 00:17:23,440 --> 00:17:26,840 Speaker 1: selling season and buying season starts now really in February, 369 00:17:27,280 --> 00:17:30,680 Speaker 1: and real estate is certainly location dependent. I think some 370 00:17:30,800 --> 00:17:32,240 Speaker 1: markets are gonna be hotter than others are going to 371 00:17:32,280 --> 00:17:35,280 Speaker 1: see bounced back more quickly. The markets that stared the highest, 372 00:17:35,560 --> 00:17:37,840 Speaker 1: like Boys is probably not gonna pop in the same 373 00:17:37,840 --> 00:17:40,400 Speaker 1: way because it popped so hard over the last couple 374 00:17:40,400 --> 00:17:42,760 Speaker 1: of years. But yeah, we've been saying for months that 375 00:17:43,000 --> 00:17:45,960 Speaker 1: uh that these predictions of a housing bust were overblown, 376 00:17:46,280 --> 00:17:49,320 Speaker 1: and with rates edging back down below six with limited 377 00:17:49,320 --> 00:17:51,680 Speaker 1: supply and meaningful amounts of pent up to man people 378 00:17:51,680 --> 00:17:53,720 Speaker 1: who still want to buy a home, I expect to 379 00:17:53,760 --> 00:17:56,800 Speaker 1: see more action on in the housing market in the 380 00:17:56,800 --> 00:17:58,640 Speaker 1: coming months. It will be kind of interesting to see 381 00:17:58,640 --> 00:18:00,760 Speaker 1: how that shakes out. That's right, We only think that 382 00:18:00,800 --> 00:18:03,239 Speaker 1: the housing prices are going to continue to rise, as 383 00:18:03,280 --> 00:18:05,320 Speaker 1: there is an entire generation of folks who are still 384 00:18:05,320 --> 00:18:07,960 Speaker 1: looking to buy that first home. But jell, we've got 385 00:18:08,000 --> 00:18:10,520 Speaker 1: other additional stories we're gonna get to right after the break, 386 00:18:10,520 --> 00:18:13,760 Speaker 1: including one we're gonna discuss a strategy away in which 387 00:18:13,800 --> 00:18:16,800 Speaker 1: you can reduce your car insurance premiums. Will get to 388 00:18:16,840 --> 00:18:28,600 Speaker 1: that plus others right after this. All right, let's keep 389 00:18:28,640 --> 00:18:30,480 Speaker 1: going with the Friday flight. Matt. You're right, we have 390 00:18:30,480 --> 00:18:32,879 Speaker 1: a story coming up in just a second about how 391 00:18:32,920 --> 00:18:35,920 Speaker 1: you can cut your car insurance premiums in half. There's 392 00:18:35,960 --> 00:18:38,280 Speaker 1: like one number associated with that. We'll get to in 393 00:18:38,320 --> 00:18:41,520 Speaker 1: a second. Oh yeah, nice set up, Thank you. But 394 00:18:41,640 --> 00:18:44,760 Speaker 1: let's get to our ludicrous headline of the week. This 395 00:18:44,800 --> 00:18:48,080 Speaker 1: one comes from Bloomberg and it reads, even on a 396 00:18:48,160 --> 00:18:51,680 Speaker 1: hundred thousand dollars plus more, Americans are living paycheck to paycheck. 397 00:18:52,280 --> 00:18:54,480 Speaker 1: And when you dig into the numbers of this story, Matt, 398 00:18:54,800 --> 00:18:57,680 Speaker 1: the stats show that a full sixty percent of Americans 399 00:18:57,680 --> 00:19:01,159 Speaker 1: are living paycheck to paycheck. And of course that's like 400 00:19:01,400 --> 00:19:04,679 Speaker 1: um waterfall tier emojis coming out of my eyeballs when 401 00:19:04,720 --> 00:19:06,639 Speaker 1: I read stuff like that. But let's talk about what 402 00:19:06,680 --> 00:19:09,840 Speaker 1: the term means for a second, and basically, paycheck to paycheck. 403 00:19:09,880 --> 00:19:13,520 Speaker 1: It means that most people rely completely wholly on their 404 00:19:13,520 --> 00:19:15,800 Speaker 1: next paycheck in order to pay bills and make ends meet. 405 00:19:16,040 --> 00:19:19,520 Speaker 1: That if, like on Friday, there you know, bi monthly 406 00:19:19,520 --> 00:19:22,159 Speaker 1: paycheck is supposed to hit and it doesn't, they're screwed, 407 00:19:23,040 --> 00:19:25,240 Speaker 1: and so yeah, they'd be basically up the Greek without 408 00:19:25,280 --> 00:19:27,840 Speaker 1: a paddle. It's important to note that the majority of 409 00:19:27,840 --> 00:19:29,879 Speaker 1: folks who claim to be living paycheck to pycheck are 410 00:19:29,920 --> 00:19:32,679 Speaker 1: earning six figures, and that sounds like a really healthy income. 411 00:19:33,040 --> 00:19:36,040 Speaker 1: But it's also true that because of the inflationary environment 412 00:19:36,200 --> 00:19:38,640 Speaker 1: we're all living through, it's been even harder to save 413 00:19:38,760 --> 00:19:41,359 Speaker 1: that the wages haven't been keeping up with the pace 414 00:19:41,359 --> 00:19:44,680 Speaker 1: of inflation, and so yeah, despite difficulties, though, it's hard 415 00:19:44,680 --> 00:19:47,879 Speaker 1: to imagine that two thirds of Americans really find themselves 416 00:19:47,920 --> 00:19:50,360 Speaker 1: in this position, even though that's what the data shows. Yeah, 417 00:19:50,400 --> 00:19:53,240 Speaker 1: that's a ton of folks, um it. Also, I think 418 00:19:53,240 --> 00:19:56,199 Speaker 1: it highlights the fact that more money doesn't necessarily solve 419 00:19:56,240 --> 00:19:58,040 Speaker 1: all of the world's problems, right, Like, I think there's 420 00:19:58,040 --> 00:20:00,320 Speaker 1: a lot of folks. Again, hundred thousand dollars sounds like 421 00:20:00,359 --> 00:20:01,719 Speaker 1: a like a lot of money, And I do think 422 00:20:01,760 --> 00:20:04,080 Speaker 1: there probably are a number of folks out there who 423 00:20:04,080 --> 00:20:07,239 Speaker 1: are hearing us talk about this, and they're saying, no, uh, 424 00:20:07,600 --> 00:20:10,160 Speaker 1: earning six figures, earning hundred thousand, that would completely change 425 00:20:10,160 --> 00:20:12,720 Speaker 1: my life. And while I totally get what you're saying, 426 00:20:13,359 --> 00:20:17,399 Speaker 1: there are six of Americans who have said the exact 427 00:20:17,400 --> 00:20:20,320 Speaker 1: same thing. But we continue to go like, we spend 428 00:20:20,320 --> 00:20:22,840 Speaker 1: our money and we change the definition of what our 429 00:20:22,960 --> 00:20:26,439 Speaker 1: needs and wants. We hop on that hedonic treadmill, and 430 00:20:26,480 --> 00:20:28,440 Speaker 1: we don't. We don't look back well. And and some 431 00:20:28,520 --> 00:20:31,120 Speaker 1: of that case plus salary depends on where you live, 432 00:20:31,119 --> 00:20:32,680 Speaker 1: like it goes further in some parts of the country. 433 00:20:32,760 --> 00:20:35,239 Speaker 1: Another definitely true. So I get the relative nature of it, 434 00:20:35,440 --> 00:20:39,000 Speaker 1: but that that's still quite a high income no matter 435 00:20:39,000 --> 00:20:41,679 Speaker 1: where you live. But even in New York City or 436 00:20:41,680 --> 00:20:43,240 Speaker 1: Los Angeles, I would hope you'll be able to save 437 00:20:43,560 --> 00:20:46,080 Speaker 1: a little bit of money within become that fat. And 438 00:20:46,280 --> 00:20:49,200 Speaker 1: a long while back in episode seventy three, we talked 439 00:20:49,200 --> 00:20:52,600 Speaker 1: about how to escape that paycheck to paycheck life. It 440 00:20:52,720 --> 00:20:56,160 Speaker 1: is not easy, but we feel that it is so important. 441 00:20:56,600 --> 00:20:59,080 Speaker 1: We feel that it is definitely worth pursuing. And this 442 00:20:59,160 --> 00:21:01,440 Speaker 1: also makes me think of a phrase that that Jocko 443 00:21:01,480 --> 00:21:04,680 Speaker 1: Willing that he uses. He's the former Navy seal, hardcore 444 00:21:04,920 --> 00:21:09,240 Speaker 1: kind of dude, but he talks about how discipline equals freedom. 445 00:21:09,280 --> 00:21:12,240 Speaker 1: It's gonna say changing some habits, it's gonna say, getting 446 00:21:12,240 --> 00:21:16,000 Speaker 1: more discipline in order to not be fully dependent on 447 00:21:16,080 --> 00:21:18,280 Speaker 1: your next paycheck in order to just get by. And 448 00:21:18,320 --> 00:21:20,640 Speaker 1: of course you want to take a multi pronged approach, right, 449 00:21:20,680 --> 00:21:23,439 Speaker 1: like start off by tracking or spending. Start off by 450 00:21:23,480 --> 00:21:26,200 Speaker 1: implementing a budget, it's a good place to start. But 451 00:21:26,240 --> 00:21:28,600 Speaker 1: then cutting spending, you know, especially on some of those 452 00:21:28,680 --> 00:21:31,840 Speaker 1: larger recurring items, that is crucial. And then, like we 453 00:21:31,840 --> 00:21:34,560 Speaker 1: talked about last week, don't stop there. Don't just only 454 00:21:34,560 --> 00:21:36,120 Speaker 1: look at the different ways that you can cut back, 455 00:21:36,160 --> 00:21:38,240 Speaker 1: but do consider ways that you can grow your income 456 00:21:38,320 --> 00:21:40,080 Speaker 1: as well. You might take a minute, it's not going 457 00:21:40,119 --> 00:21:43,199 Speaker 1: to happen overnight, but we think this is very doable. Uh, 458 00:21:43,320 --> 00:21:46,560 Speaker 1: start with an initial, maybe a more tangible goal of 459 00:21:46,600 --> 00:21:49,720 Speaker 1: saving up that initial emergency fund, right, two thousand, four 460 00:21:50,080 --> 00:21:52,720 Speaker 1: and sixty seven dollars, because again, the ability to remove 461 00:21:52,720 --> 00:21:56,000 Speaker 1: yourself from living paycheck to paycheck is all about having 462 00:21:56,200 --> 00:21:58,919 Speaker 1: margin in your life. But then let's break down that 463 00:21:58,960 --> 00:22:01,400 Speaker 1: goal into two smaller amounts. Right, If you take two 464 00:22:01,440 --> 00:22:03,080 Speaker 1: four or six seven, divide that out by twelve, you're 465 00:22:03,080 --> 00:22:05,480 Speaker 1: looking at two hundred and six dollars a month. But 466 00:22:05,520 --> 00:22:07,280 Speaker 1: then let's take that one step further. Let's break that 467 00:22:07,320 --> 00:22:09,480 Speaker 1: two or six down, divide that out by thirty one days. 468 00:22:09,680 --> 00:22:13,080 Speaker 1: If you're looking at just seven bucks, that in my mind, 469 00:22:13,280 --> 00:22:15,200 Speaker 1: is a very doable not like that is a number 470 00:22:15,200 --> 00:22:16,840 Speaker 1: of dollars per day that you need seven dollars per 471 00:22:16,920 --> 00:22:18,920 Speaker 1: day to get to that point over a year where 472 00:22:18,920 --> 00:22:21,000 Speaker 1: you have two thousand, four hundred and sixty seven dollars 473 00:22:21,000 --> 00:22:23,600 Speaker 1: in the bank, which is where we want people to be, right, 474 00:22:23,600 --> 00:22:25,399 Speaker 1: We want them to have at least that that's the 475 00:22:25,400 --> 00:22:28,040 Speaker 1: perfect starting point most people. If you say, can you 476 00:22:28,080 --> 00:22:30,199 Speaker 1: find seven dollars in your budget or find a way 477 00:22:30,240 --> 00:22:33,879 Speaker 1: to make seven more dollars in a day, it's it's doable, right, 478 00:22:33,920 --> 00:22:35,360 Speaker 1: And we think when you put it like that, when 479 00:22:35,359 --> 00:22:36,800 Speaker 1: you phrase it like that, it makes it a little 480 00:22:36,840 --> 00:22:38,600 Speaker 1: more realistic, a little more accessible for a lot of 481 00:22:38,640 --> 00:22:40,639 Speaker 1: people to say, wait a second, Yeah, you're right, I 482 00:22:40,680 --> 00:22:42,920 Speaker 1: am living paycheck to paycheck right now, but it looks 483 00:22:42,920 --> 00:22:44,640 Speaker 1: like there are there's something I can do at least 484 00:22:44,640 --> 00:22:46,560 Speaker 1: on that front. I can move the needle seven dollars 485 00:22:46,560 --> 00:22:49,159 Speaker 1: a day, And so that's what you're breaking. Breaking it 486 00:22:49,200 --> 00:22:52,640 Speaker 1: down into those smaller business allows it to feel like 487 00:22:53,040 --> 00:22:55,439 Speaker 1: you can accomplish that, and I think, uh, you know, 488 00:22:55,560 --> 00:22:58,239 Speaker 1: winning slowly on a few fronts makes a whole lot 489 00:22:58,280 --> 00:23:00,440 Speaker 1: of sense, like you can make some of those your changes. 490 00:23:00,440 --> 00:23:02,960 Speaker 1: I talked about my dad who saved two a month 491 00:23:03,320 --> 00:23:05,240 Speaker 1: just by changing insurance carriers. I mean, he was able 492 00:23:05,280 --> 00:23:08,480 Speaker 1: to basically save almost his full emergency fund amount over 493 00:23:08,480 --> 00:23:11,040 Speaker 1: a year with one phone call. And that's the kind 494 00:23:11,040 --> 00:23:13,720 Speaker 1: of thing I think, take that approach and try to 495 00:23:13,760 --> 00:23:16,560 Speaker 1: try to one up, trying to do even more than that, truly, 496 00:23:16,640 --> 00:23:19,359 Speaker 1: so you can escape the paycheck to paycheck lifestyle sooner. 497 00:23:19,440 --> 00:23:23,840 Speaker 1: But that's stat it's so disappointing to see people saying, yeah, 498 00:23:23,960 --> 00:23:25,640 Speaker 1: I wouldn't be able to make it. We don't want 499 00:23:25,640 --> 00:23:28,800 Speaker 1: you in that position because it's stressful and it's obviously 500 00:23:29,000 --> 00:23:31,680 Speaker 1: terrible for when it comes to making long term financial progress. 501 00:23:32,040 --> 00:23:35,600 Speaker 1: Let's talk about something else, Matt that is fairly ludicrous 502 00:23:35,640 --> 00:23:39,040 Speaker 1: in our estimation, and that is bank fees. And this 503 00:23:39,119 --> 00:23:41,320 Speaker 1: is something else that's I think preventing people from making 504 00:23:41,320 --> 00:23:44,679 Speaker 1: more financial progress. I personally thought checking account fees were 505 00:23:44,720 --> 00:23:47,119 Speaker 1: mostly a thing in the past, but apparently I live 506 00:23:47,160 --> 00:23:50,560 Speaker 1: in an online bank bubble that that isn't necessarily reality 507 00:23:50,600 --> 00:23:52,359 Speaker 1: for a lot of people, but it can be. I 508 00:23:52,400 --> 00:23:54,480 Speaker 1: think that's the thing that's worth mentioning. A recent bank 509 00:23:54,560 --> 00:23:58,320 Speaker 1: rate survey found that nearly thirty percent of Americans still 510 00:23:58,320 --> 00:24:00,879 Speaker 1: pay fees for the ability to bank with an institution. 511 00:24:01,359 --> 00:24:04,280 Speaker 1: The average monthly fee is something like that a user 512 00:24:04,280 --> 00:24:07,800 Speaker 1: pays is something like twenty four, which equals two dollars 513 00:24:07,840 --> 00:24:10,000 Speaker 1: a year. And that's a lot of money that's being 514 00:24:10,080 --> 00:24:13,439 Speaker 1: essentially flushed down the toilet, whether it's a t M fees, 515 00:24:13,720 --> 00:24:17,040 Speaker 1: over draft fees, or monthly maintenance fees. We hit them all. 516 00:24:17,119 --> 00:24:19,240 Speaker 1: We don't like fees, and we want you to avoid 517 00:24:19,240 --> 00:24:22,400 Speaker 1: them completely. And the thing is, it's it's not all 518 00:24:22,440 --> 00:24:25,320 Speaker 1: that hard to do. Hitting the easy button really just 519 00:24:25,520 --> 00:24:29,160 Speaker 1: involves leaving the big banks for a far better online bank. 520 00:24:29,520 --> 00:24:31,640 Speaker 1: You can you know, read up. I wrote an article 521 00:24:31,680 --> 00:24:33,560 Speaker 1: about our favorite online banks and how to make the switch. 522 00:24:33,800 --> 00:24:35,360 Speaker 1: You can find that at how the Money dot com 523 00:24:35,359 --> 00:24:38,280 Speaker 1: slash bank. But if you are like, oh, yeah, I 524 00:24:38,280 --> 00:24:40,840 Speaker 1: didn't I didn't realize I am paying fees every month, 525 00:24:41,119 --> 00:24:43,159 Speaker 1: that's one of those easy ways to save two to 526 00:24:43,320 --> 00:24:46,000 Speaker 1: kind of help get your personal finances back in order. 527 00:24:46,320 --> 00:24:48,760 Speaker 1: Stop the leaks when it comes to bank fees, uh, 528 00:24:48,800 --> 00:24:51,560 Speaker 1: unless it's your money, Like there, when you're not receiving 529 00:24:51,600 --> 00:24:53,919 Speaker 1: anything tangible from that, Like that's it's one thing to 530 00:24:54,000 --> 00:24:56,600 Speaker 1: pay that for something else that you're receiving, but really 531 00:24:56,680 --> 00:24:59,200 Speaker 1: you're not getting anything from that, Like that's the that's 532 00:24:59,200 --> 00:25:01,200 Speaker 1: the maddening part. It's like a round trip flight somewhere 533 00:25:01,200 --> 00:25:03,080 Speaker 1: cool to visit family or whatever, to take a trip 534 00:25:03,119 --> 00:25:05,439 Speaker 1: like cool, that's great, that's a worthy worthwhile spend. I 535 00:25:05,480 --> 00:25:07,200 Speaker 1: just don't want it being do it for that going 536 00:25:07,200 --> 00:25:10,120 Speaker 1: out the door and you know, to pad the salaries 537 00:25:10,160 --> 00:25:12,919 Speaker 1: of bankers wearing fancy suits exactly. And this kind of 538 00:25:12,920 --> 00:25:14,639 Speaker 1: goes back to what we were just talking about, right, 539 00:25:14,920 --> 00:25:16,879 Speaker 1: like sure, some folks out there are living paycheck to 540 00:25:16,920 --> 00:25:20,359 Speaker 1: pitch because they can't bring in enough money despite working 541 00:25:20,400 --> 00:25:23,919 Speaker 1: multiple jobs. Like we realized, this isn't one about folks 542 00:25:23,920 --> 00:25:26,680 Speaker 1: picking themselves up by their bootstraps, but at the same time, 543 00:25:26,960 --> 00:25:29,159 Speaker 1: a lot of folks are shooting themselves in the foot. 544 00:25:29,840 --> 00:25:31,600 Speaker 1: Nearly three d bucks a year like that is a 545 00:25:31,600 --> 00:25:34,520 Speaker 1: massive amount of money if you're living on the financial precipice. 546 00:25:34,680 --> 00:25:37,520 Speaker 1: You you know, you can't immediately rectify your financial position 547 00:25:37,560 --> 00:25:40,240 Speaker 1: with just a single quick move like this, But making 548 00:25:40,280 --> 00:25:43,320 Speaker 1: these smaller moves like banking somewhere that's not going to 549 00:25:43,400 --> 00:25:46,320 Speaker 1: charge you fees for something that you're not receiving. That 550 00:25:46,359 --> 00:25:48,800 Speaker 1: will add up over time, meaning that more of your 551 00:25:48,800 --> 00:25:51,400 Speaker 1: money gets to stay in your account. Yeah, that's huge 552 00:25:51,480 --> 00:25:54,960 Speaker 1: for sure. Let's talk about one other simple way to save, 553 00:25:55,240 --> 00:25:57,080 Speaker 1: and this is that car insurance story, Matt. But you 554 00:25:57,200 --> 00:26:00,000 Speaker 1: made mention of say you'll save a ton of money 555 00:26:00,040 --> 00:26:01,800 Speaker 1: every year by shopping your car insurance around with the 556 00:26:01,800 --> 00:26:04,639 Speaker 1: new provider. You can do that. Site like policy Genius 557 00:26:04,640 --> 00:26:06,280 Speaker 1: can help you out with that. You can also talk 558 00:26:06,280 --> 00:26:09,679 Speaker 1: to an independent insurance agents who can help you shop around. 559 00:26:10,000 --> 00:26:11,359 Speaker 1: You do it once and you get to enjoy the 560 00:26:11,359 --> 00:26:14,960 Speaker 1: savings month after month. But maintaining a solid credit score 561 00:26:15,040 --> 00:26:17,960 Speaker 1: might be just as important as shopping around because that 562 00:26:18,000 --> 00:26:20,920 Speaker 1: can have a massive impact on your insurance premium as well. 563 00:26:21,359 --> 00:26:24,119 Speaker 1: And so here's how it works. All major insurance providers 564 00:26:24,119 --> 00:26:27,040 Speaker 1: in all but four states check your credit score and 565 00:26:27,040 --> 00:26:30,320 Speaker 1: they adjust your rate accordingly. There are places like California 566 00:26:30,359 --> 00:26:32,480 Speaker 1: where it's illegal right so they can't check your credit score, 567 00:26:32,960 --> 00:26:36,880 Speaker 1: But in most other states, these insurance companies are checking 568 00:26:36,880 --> 00:26:39,960 Speaker 1: your credit score and it's influencing your rate and insurance 569 00:26:40,000 --> 00:26:43,720 Speaker 1: site the Zebra reports that the average difference in annual 570 00:26:43,720 --> 00:26:47,000 Speaker 1: car insurance premiums between folks with a great credit score 571 00:26:47,280 --> 00:26:51,760 Speaker 1: and those with a poor one, with which means that 572 00:26:51,840 --> 00:26:55,760 Speaker 1: people with great credit scores are paying half well people 573 00:26:55,760 --> 00:26:58,160 Speaker 1: with poor credit scores are paying for car insurance. Makes 574 00:26:58,160 --> 00:27:00,800 Speaker 1: a big difference. Double man, it's easy and so it's 575 00:27:00,840 --> 00:27:02,879 Speaker 1: like the hits just keep coming. So it's not just 576 00:27:03,160 --> 00:27:05,760 Speaker 1: finding ways to save like that, but also pay attention 577 00:27:05,800 --> 00:27:09,239 Speaker 1: to your credit score because that's going to have an 578 00:27:09,280 --> 00:27:12,320 Speaker 1: impact on what you're paying, not just for a mortgage rate, 579 00:27:12,400 --> 00:27:15,240 Speaker 1: but also for that that premium every single month or 580 00:27:15,280 --> 00:27:17,880 Speaker 1: every single six months. You don't need a perfect credit score, 581 00:27:17,920 --> 00:27:20,879 Speaker 1: we've talked about that before in episode seven, but you 582 00:27:20,920 --> 00:27:23,160 Speaker 1: do need to make sure your credit score isn't good 583 00:27:23,200 --> 00:27:25,960 Speaker 1: standing because it's gonna affect your finances. It's right, Yeah, 584 00:27:26,160 --> 00:27:28,520 Speaker 1: the your FICO score, your credit score. It's more than 585 00:27:28,720 --> 00:27:31,639 Speaker 1: just uh and I love debt score as some folks 586 00:27:31,680 --> 00:27:33,880 Speaker 1: call it. But Jo, let's talk about passive income because 587 00:27:33,880 --> 00:27:36,600 Speaker 1: it is still more of a myth than reality. We 588 00:27:36,640 --> 00:27:39,800 Speaker 1: talked about that very subject back in episode three three. 589 00:27:40,000 --> 00:27:42,720 Speaker 1: We're doing a lot of callbacks two previous episodes that 590 00:27:42,720 --> 00:27:46,520 Speaker 1: we've done, but the times uh, they addressed the reality 591 00:27:46,560 --> 00:27:51,400 Speaker 1: of online influencers making passive income promises around the interwebs 592 00:27:51,440 --> 00:27:54,399 Speaker 1: this week, and you know, there's so many lofty pronouncements 593 00:27:54,440 --> 00:27:56,120 Speaker 1: out there about how much money you're gonna be able 594 00:27:56,200 --> 00:27:58,000 Speaker 1: to make from the comfort of your couch or your 595 00:27:58,359 --> 00:28:01,760 Speaker 1: your armchair, but the reality is far from the truth. 596 00:28:02,160 --> 00:28:04,280 Speaker 1: Makes me think of a tweet from friend of the show, 597 00:28:04,320 --> 00:28:07,280 Speaker 1: Cody Sanchez, who we had on to talk about small businesses. 598 00:28:07,560 --> 00:28:09,639 Speaker 1: But she said, anyone who says owning real estate is 599 00:28:09,680 --> 00:28:14,000 Speaker 1: passive income has never owned real estate. And she's spot on, 600 00:28:14,520 --> 00:28:17,080 Speaker 1: because the real estate grews out there. They want you 601 00:28:17,119 --> 00:28:20,000 Speaker 1: to think that it's easy, uh, and specifically that their 602 00:28:20,040 --> 00:28:22,119 Speaker 1: expensive course is going to teach you all that you 603 00:28:22,119 --> 00:28:23,960 Speaker 1: need to know so you can get sent for life 604 00:28:23,960 --> 00:28:26,320 Speaker 1: with a passive income, working five hours a week from 605 00:28:26,320 --> 00:28:29,959 Speaker 1: your bed, making millions exactly. But there is no magic bullet. 606 00:28:30,440 --> 00:28:33,320 Speaker 1: We think that by working hard, earning more, growing the 607 00:28:33,359 --> 00:28:36,080 Speaker 1: gap between what you are earning and what you're spending, 608 00:28:36,320 --> 00:28:38,480 Speaker 1: and then taking that that money that falls there in 609 00:28:38,480 --> 00:28:41,040 Speaker 1: that gap and investing it regularly and in a fairly 610 00:28:41,080 --> 00:28:44,080 Speaker 1: boring manner, not in crypto, do all that In years 611 00:28:44,080 --> 00:28:47,080 Speaker 1: down the road you just might have some passive income money. 612 00:28:47,320 --> 00:28:50,560 Speaker 1: It just doesn't flow to folks in an effort free way. 613 00:28:50,800 --> 00:28:52,640 Speaker 1: Like a lot of folks wants you to think it does. 614 00:28:52,680 --> 00:28:54,479 Speaker 1: We want you to put in the work, uh, and 615 00:28:54,480 --> 00:28:56,680 Speaker 1: we think that you will get there. Um. I think 616 00:28:56,720 --> 00:28:59,640 Speaker 1: there's a lot of folks too, Like in the article 617 00:28:59,680 --> 00:29:01,880 Speaker 1: they talk about how it seems like it's a lot 618 00:29:01,920 --> 00:29:04,320 Speaker 1: of millennials who are frustrated that they're not where they 619 00:29:04,360 --> 00:29:06,920 Speaker 1: would expect to be. Like a lot of them were 620 00:29:06,920 --> 00:29:09,560 Speaker 1: saying that I feel like I'm not where my parents were. 621 00:29:09,920 --> 00:29:12,080 Speaker 1: But as I was thinking about that, like, I want 622 00:29:12,240 --> 00:29:15,760 Speaker 1: everyone other to imagine the basically the kind of lifestyle 623 00:29:15,800 --> 00:29:17,640 Speaker 1: that your parents were living when they were your age, 624 00:29:17,640 --> 00:29:20,240 Speaker 1: because I, like, I would be willing to bet money 625 00:29:20,280 --> 00:29:22,719 Speaker 1: that you have more luxuries in your life, that you 626 00:29:22,800 --> 00:29:26,360 Speaker 1: travel more, that you have a bigger home than your 627 00:29:26,360 --> 00:29:29,520 Speaker 1: parents did when they were your age right versus where 628 00:29:29,560 --> 00:29:31,680 Speaker 1: you are right now. And it's the fact that cars 629 00:29:31,720 --> 00:29:33,520 Speaker 1: have gotten bigger, homes have gotten bigger, and travel has 630 00:29:33,520 --> 00:29:36,360 Speaker 1: gotten less expensive. Has means that we're just consuming more. 631 00:29:36,360 --> 00:29:38,360 Speaker 1: But it doesn't feel like we're It doesn't feel like it, 632 00:29:38,400 --> 00:29:41,080 Speaker 1: but we're just unwilling. I think if you want to 633 00:29:41,080 --> 00:29:43,640 Speaker 1: wait twenty or thirty years and then say, Okay, I 634 00:29:43,680 --> 00:29:46,040 Speaker 1: will then be able to have or achieve whatever it 635 00:29:46,120 --> 00:29:48,080 Speaker 1: is that my parents have now. Sure, but that's the 636 00:29:48,080 --> 00:29:51,680 Speaker 1: thing consumers like we are in such a consumption mentality 637 00:29:51,960 --> 00:29:54,720 Speaker 1: of having. Let's say you are trying to strive to 638 00:29:54,760 --> 00:29:56,959 Speaker 1: be like your folks. Like folks are willing to wait 639 00:29:57,000 --> 00:29:59,160 Speaker 1: at all. They want exactly what their parents have right 640 00:29:59,200 --> 00:30:01,440 Speaker 1: now in this age of life, and they your your 641 00:30:01,440 --> 00:30:04,719 Speaker 1: parents have like an entire generation of working and saving 642 00:30:04,720 --> 00:30:07,840 Speaker 1: and making smart money moves ahead of you as opposed 643 00:30:07,880 --> 00:30:10,520 Speaker 1: to just the immediate I want it now, I want 644 00:30:10,520 --> 00:30:12,720 Speaker 1: to have it my way immediately sort of mentality. And 645 00:30:12,720 --> 00:30:14,200 Speaker 1: I don't want to make it sound like nothing's changed, 646 00:30:14,240 --> 00:30:16,920 Speaker 1: because I think student loan debt has become bigger thorn 647 00:30:16,960 --> 00:30:18,600 Speaker 1: in the side for a lot of young folks Like 648 00:30:18,600 --> 00:30:21,400 Speaker 1: there there are challenges that millennials face that their parents 649 00:30:21,440 --> 00:30:23,760 Speaker 1: didn't face in nearly the same way. But you're right, 650 00:30:23,800 --> 00:30:27,240 Speaker 1: we also do have more abundance, and we spend differently 651 00:30:27,280 --> 00:30:29,040 Speaker 1: than our parents did in a lot of ways, and 652 00:30:29,080 --> 00:30:30,840 Speaker 1: we just don't factor that in because we kind of 653 00:30:30,840 --> 00:30:35,120 Speaker 1: want it all. And I think that the desire really 654 00:30:35,160 --> 00:30:37,520 Speaker 1: plays into what a lot of these like passive income 655 00:30:37,680 --> 00:30:41,200 Speaker 1: influencers are selling on the internet and you're like, cool, Yeah, no, 656 00:30:41,360 --> 00:30:44,240 Speaker 1: I do feel behind and I do want that source 657 00:30:44,480 --> 00:30:46,520 Speaker 1: of passive income. How do I get it? And so 658 00:30:46,600 --> 00:30:49,920 Speaker 1: they pay people sometimes big money, or they follow those 659 00:30:49,920 --> 00:30:52,880 Speaker 1: people in a group like fashion. And the truth is, 660 00:30:53,280 --> 00:30:57,440 Speaker 1: the non sexy route is what pays off in the end. 661 00:30:57,440 --> 00:30:59,680 Speaker 1: And that's kind of what we're always talking about here 662 00:30:59,680 --> 00:31:01,760 Speaker 1: on how to and it's it's not going to be sexy, 663 00:31:02,160 --> 00:31:05,040 Speaker 1: both the income generating and investing part of it, but 664 00:31:05,080 --> 00:31:06,920 Speaker 1: then also the cutting back because I feel like that's 665 00:31:06,960 --> 00:31:10,040 Speaker 1: the part that a lot of people want it to 666 00:31:10,080 --> 00:31:12,360 Speaker 1: happen really quickly, right, But the consumption side of it, 667 00:31:12,400 --> 00:31:14,600 Speaker 1: I feel like it's a in the area that folks 668 00:31:14,600 --> 00:31:17,320 Speaker 1: are sometimes unwilling to even consider that, Like they want 669 00:31:17,320 --> 00:31:18,760 Speaker 1: to have their cake and eat it too. They just 670 00:31:18,800 --> 00:31:21,080 Speaker 1: want to see their income grow, as opposed to realizing that, 671 00:31:21,120 --> 00:31:23,200 Speaker 1: oh man, if I want to achieve certain goals, there 672 00:31:23,240 --> 00:31:25,600 Speaker 1: are going to be some sacrifices I have to make. Yeah, well, well, 673 00:31:25,600 --> 00:31:27,760 Speaker 1: hopefully we don't sound too much like get off my 674 00:31:27,840 --> 00:31:30,280 Speaker 1: law and old men, but yeah, it's the it's the 675 00:31:30,320 --> 00:31:33,160 Speaker 1: Charlie Minger coming out of it. We're trying to just 676 00:31:33,240 --> 00:31:35,000 Speaker 1: like live in reality here, and I think it is 677 00:31:35,360 --> 00:31:37,280 Speaker 1: it is true. It's important to mention that a lot 678 00:31:37,320 --> 00:31:40,280 Speaker 1: of these people will take some of that dispensable income 679 00:31:40,320 --> 00:31:41,960 Speaker 1: that you have and when it could have been better 680 00:31:42,080 --> 00:31:45,920 Speaker 1: used in other places to further your financial progress in 681 00:31:46,000 --> 00:31:48,920 Speaker 1: more boring ways, but that are actually time tested and 682 00:31:48,960 --> 00:31:50,840 Speaker 1: you know, are actually going to help you build wealth 683 00:31:50,840 --> 00:31:53,000 Speaker 1: over time. All right, Matt, that's gonna do it for 684 00:31:53,000 --> 00:31:55,720 Speaker 1: this episode. For folks who want links to some of 685 00:31:55,760 --> 00:31:57,960 Speaker 1: the resources that we mentioned, you can find those as 686 00:31:58,000 --> 00:32:00,720 Speaker 1: always up on our website at how to money dot com. 687 00:32:00,760 --> 00:32:03,240 Speaker 1: That's right, and also over there on the site at 688 00:32:03,280 --> 00:32:05,680 Speaker 1: how do money dot com Forward slash credit Cards is 689 00:32:05,840 --> 00:32:08,760 Speaker 1: where you'll find our credit cards tool. There are some 690 00:32:09,040 --> 00:32:12,280 Speaker 1: fantastic options there that allow you to filter all the 691 00:32:12,280 --> 00:32:15,080 Speaker 1: different cards out there based on the rewards that you're 692 00:32:15,120 --> 00:32:16,960 Speaker 1: looking for. And so if that's something that you're looking 693 00:32:17,000 --> 00:32:20,120 Speaker 1: to optimize some of those different cash back rewards and 694 00:32:20,160 --> 00:32:22,000 Speaker 1: some of the different points, especially if you're looking at 695 00:32:22,040 --> 00:32:24,600 Speaker 1: doing more travel this year, we would recommend that you 696 00:32:24,680 --> 00:32:26,880 Speaker 1: check that out how the money dot Com Forward slash 697 00:32:27,000 --> 00:32:29,360 Speaker 1: credit Cards. We're actually gonna talk about credit cards in 698 00:32:29,400 --> 00:32:33,240 Speaker 1: detail on Wednesday and kind of given optimization strategy, but 699 00:32:33,240 --> 00:32:35,360 Speaker 1: also just kind of talk about the polarizing climate that 700 00:32:35,440 --> 00:32:37,360 Speaker 1: currently exists when people talk about credit cards in the 701 00:32:37,360 --> 00:32:39,520 Speaker 1: personal finance space. So I hope to see you back 702 00:32:39,560 --> 00:32:41,520 Speaker 1: here then, but Matt, that's going to do it. Everybody, 703 00:32:41,520 --> 00:32:44,080 Speaker 1: have a great weekend. Until next time, Best friends out, 704 00:32:44,160 --> 00:32:45,360 Speaker 1: Best Friends Out.