WEBVTT - Friday Flight - Prime Prescriptions, Gold Digging Dinner Dates, & Stellar Customer Service #624 0:00:00.080 --> 0:00:02.680 Welcome to How the Money. I'm Joel, I'm Matt, and 0:00:02.720 --> 0:00:07.120 today we're talking prime prescriptions, cheap dates, instellar customer service. 0:00:26.320 --> 0:00:28.800 That's right, this is our Friday flight, and you know 0:00:28.800 --> 0:00:30.920 who in the Friday flight is for Joel. It's for 0:00:30.960 --> 0:00:32.800 all the folks who didn't have the time to read 0:00:32.880 --> 0:00:35.800 every single news story that happened to be published this 0:00:35.840 --> 0:00:38.800 past week. We do, that's what we do. Yeah, We 0:00:38.840 --> 0:00:41.360 we cover all of the relevant stories, in particular the 0:00:41.360 --> 0:00:43.440 ones that have to do with your personal finance, and 0:00:43.479 --> 0:00:45.200 we filter a whole money, a whole lot of crap 0:00:45.200 --> 0:00:46.800 out so that you only have to hear the stuff 0:00:46.800 --> 0:00:50.000 that matters and stuff. Yeah exactly, So, uh, that's what 0:00:50.000 --> 0:00:51.680 we're doing today. We don't read everything, by the way, 0:00:51.680 --> 0:00:53.480 there's a lot of stuff that probably slips through our cracks. 0:00:53.479 --> 0:00:55.200 And so if you ever find a cool story and 0:00:55.240 --> 0:00:57.680 you think it's interesting, send it our way. Sending our 0:00:57.720 --> 0:01:00.480 way How the Money pod at gmail dot com. We 0:01:00.760 --> 0:01:04.000 help us out, yea, and to our research for us. Well, yeah, 0:01:04.000 --> 0:01:05.440 that we've got a lot of stories to get today. 0:01:05.480 --> 0:01:07.880 But real quick, I wanted to mention that give give 0:01:07.880 --> 0:01:10.600 a little round of applause. Well for my dad, for 0:01:10.680 --> 0:01:13.640 my dad. He uh so he is like he and 0:01:13.640 --> 0:01:15.200 my mom are about to retire to the spring, they're 0:01:15.200 --> 0:01:17.399 getting close. My dad already kind of retired, but he's 0:01:17.400 --> 0:01:20.240 working part time. But they're kind of like easing into 0:01:20.240 --> 0:01:22.360 those retirement years. Yeah, but they're like, all right, where's 0:01:22.360 --> 0:01:24.640 the low hanging fruit the weekend where we can cut 0:01:24.680 --> 0:01:28.760 back as we get closer retirement. You had this fixed income, right, uh, 0:01:28.800 --> 0:01:31.320 and it's unlikely you're going to re enter the workforce, 0:01:31.319 --> 0:01:33.240 although that's they could if they needed to write. But 0:01:33.560 --> 0:01:36.440 about this awesome website, how the money don't I was like, 0:01:36.480 --> 0:01:38.080 listen to some of these things are I've been knocking 0:01:38.120 --> 0:01:39.880 about it for a long time. But he took some 0:01:39.920 --> 0:01:42.399 meaningful steps, I will say, over the past couple of 0:01:42.400 --> 0:01:44.720 weeks to really reduce some of the bills in his life. 0:01:44.760 --> 0:01:46.760 And and one of the things I was shocked to 0:01:46.800 --> 0:01:49.040 see how much he saved on this. Well, we've talked 0:01:49.080 --> 0:01:52.640 about how much prices have gone up, how much rates 0:01:52.680 --> 0:01:55.440 have gone up on insurance like home homeowners and car insurance. 0:01:55.960 --> 0:01:58.400 My dad's car insurance in particular, our insurance in particular. 0:01:59.040 --> 0:02:01.919 He so he is going to save two hundred dollars 0:02:02.280 --> 0:02:06.520 a month a month, Holy cow. So like a year 0:02:06.600 --> 0:02:09.320 with with car insurance, with with car insurance and home 0:02:09.320 --> 0:02:12.080 insurance together, I think, but it was mostly car insurance. 0:02:12.120 --> 0:02:15.560 I think that was the biggest by far, the biggest savings. 0:02:16.200 --> 0:02:20.480 Dude that uh yeah, yeah, right, Well you're saying to 0:02:20.560 --> 0:02:22.799 applaud earlier, and I'm like, I don't know, I'm not 0:02:22.840 --> 0:02:25.120 going to clap for until I know what i'm clapping for. No, 0:02:25.200 --> 0:02:26.560 So that's a lot of money, right that I will 0:02:26.560 --> 0:02:30.120 clap for. Yeah, I just and it just bears repeating 0:02:30.240 --> 0:02:33.240 for our listeners out there who that that's always one 0:02:33.240 --> 0:02:36.040 of those low hanging places where you can save, and 0:02:36.200 --> 0:02:38.440 especially right now when we're talking about just kind of 0:02:38.480 --> 0:02:41.080 an environment where rates are going up in a big way. 0:02:41.160 --> 0:02:42.919 Some of our listeners in the Facebook group have said 0:02:42.919 --> 0:02:44.880 that their rates have gone up like thirty eight percent 0:02:44.880 --> 0:02:47.160 in a year, Like, just I believe it insane. Yeah, 0:02:47.400 --> 0:02:49.120 And so but to see that, well, you know what, 0:02:49.320 --> 0:02:52.160 insurers have all sorts of different ways that they that 0:02:52.240 --> 0:02:54.280 they come up with their rates, and not everybody has 0:02:54.320 --> 0:02:55.920 the same algorithm. In fact, they all have kind of 0:02:55.960 --> 0:02:59.040 like different algorithms. Right, So people got their own secret songs. Yeah, 0:02:59.040 --> 0:03:00.800 so you might not be giving a ton of coverage, 0:03:00.840 --> 0:03:02.560 you might be getting the same exact coverage, but just 0:03:02.560 --> 0:03:04.560 saving a lot of money. And so it's worth it's 0:03:04.600 --> 0:03:06.680 worth noting. And it's one of those things where, man, 0:03:06.720 --> 0:03:08.760 if you can save that much money, and even if 0:03:08.800 --> 0:03:10.640 it takes you a few hours of your time to 0:03:10.720 --> 0:03:13.040 do the shopping, to make the phone calls and to 0:03:13.120 --> 0:03:15.560 make the switch, it's like, who doesn't have a few 0:03:15.600 --> 0:03:17.240 hours if it's worth a couple of grand in the year, 0:03:17.680 --> 0:03:19.519 And in particular, those are savings that you're gonna be 0:03:19.560 --> 0:03:22.720 able to realize year after year instead of getting penalized 0:03:22.760 --> 0:03:25.079 for being loyal to the company that you've been with 0:03:25.400 --> 0:03:28.119 shopping around and you'll get to see that premium decrease. 0:03:28.560 --> 0:03:30.799 Mad props to my pops, by the way. And also 0:03:30.919 --> 0:03:32.720 one other thing, well, we'll link to an article in 0:03:32.720 --> 0:03:34.960 the show notes about additional ways that you can save 0:03:35.040 --> 0:03:37.360 on insurance. Like, yeah, shopping around is one thing, but 0:03:37.440 --> 0:03:39.600 then asking for there's a lot of discounts that a 0:03:39.600 --> 0:03:41.040 lot of people don't know about. Will link to that 0:03:41.160 --> 0:03:43.000 article too, yes, right man, Yeah, So let's get to 0:03:43.000 --> 0:03:45.000 our Friday flight. This is the quick sampling of the 0:03:45.520 --> 0:03:47.880 different stories that we found the most interesting this week 0:03:48.320 --> 0:03:51.720 and on Wednesday actually, so we talked about negotiating your 0:03:51.720 --> 0:03:53.160 salary and that was one of the ways that you 0:03:53.200 --> 0:03:56.800 can maximize your income. Listen back if you hadn't already 0:03:56.800 --> 0:03:59.400 listened to that one. But what about negotiating for how 0:03:59.480 --> 0:04:02.760 much you pay for products? Consumer Reports they had an 0:04:02.800 --> 0:04:06.560 excellent article this week about which a big box appliance 0:04:06.560 --> 0:04:09.120 stores out there offer you the greatest ability to get 0:04:09.160 --> 0:04:12.480 a lower price just by asking for a better price. Uh. 0:04:12.520 --> 0:04:14.160 And first of all, if you are in the market 0:04:14.200 --> 0:04:17.159 for a major appliance, where it is that you shot 0:04:17.240 --> 0:04:19.840 matters when it comes to getting the best price as 0:04:19.880 --> 0:04:22.760 well as the best perks. A BT which I've never 0:04:22.800 --> 0:04:25.440 even heard of before. Evidently that they're up in the 0:04:26.240 --> 0:04:30.600 Upper Midwest. They are beloved by their customers. Costco they 0:04:30.680 --> 0:04:33.280 ranked best for price overall and for some of those 0:04:33.320 --> 0:04:35.440 additional perks that I just mentioned. For some of those 0:04:35.480 --> 0:04:40.080 extras like delivery, they'll halloway your old appliance as well, 0:04:40.120 --> 0:04:42.440 which used to kind of be standard, but it's not anymore. 0:04:42.480 --> 0:04:45.480 So it does feel like approach. Yeah, who maintained that 0:04:45.600 --> 0:04:48.160 because this often does it costs extra, So make sure 0:04:48.200 --> 0:04:49.880 to factor that in. We want to make sure that 0:04:49.920 --> 0:04:53.400 we are all paying the lowest amount overall. And man, 0:04:53.440 --> 0:04:57.479 that holloway service that they provide as well, that is clutch. Uh. 0:04:57.560 --> 0:04:59.440 And particularly if it's broke as a joke, and like 0:04:59.480 --> 0:05:01.240 you have to pay to recycle it. It's one thing. 0:05:01.320 --> 0:05:02.960 If it's one thing, if it kind of works, and 0:05:03.000 --> 0:05:05.679 you can maybe unload it for like you know, barely 0:05:05.720 --> 0:05:09.760 working fridge sixty bucks. All the shelves are broken, broken 0:05:09.800 --> 0:05:11.680 ins out of it. But I'm specifically they speak from 0:05:11.680 --> 0:05:15.560 personal experience, Matt. Yes, well, I'm thinking of being a landlord. 0:05:15.560 --> 0:05:18.240 The ability to have a company show up haul off 0:05:18.240 --> 0:05:21.360 an old or completely broken appliance, install the new one. 0:05:21.680 --> 0:05:24.080 Oh my gosh, the ability just to be the middleman 0:05:24.160 --> 0:05:27.000 and coordinate the Okay, sounds like the guys are gonna 0:05:27.040 --> 0:05:29.719 be there between two and four this afternoon, so your 0:05:29.920 --> 0:05:32.200 your tenant knows when to be there. They show up, 0:05:32.279 --> 0:05:34.160 haul off the old one, hook up the new one. 0:05:34.440 --> 0:05:37.599 Your tenants happy. I'm happy. It's a win win situation. 0:05:37.720 --> 0:05:39.719 Makes it easier for you for sure. And yeah, absolutely, 0:05:39.720 --> 0:05:41.159 a lot of these a lot of these guys now 0:05:41.240 --> 0:05:44.960 charge money for that additional halloway and and interestingly enough, Matt, 0:05:45.160 --> 0:05:47.839 you know you mentioned the negotiating for those products, well 0:05:48.120 --> 0:05:52.640 Um Home Depot Lows and Best Buy. The Consumer Ports 0:05:52.640 --> 0:05:54.919 said that sixty percent of folks who asked for a 0:05:54.960 --> 0:05:57.560 discount at those stores were able to get one, which 0:05:57.600 --> 0:05:59.520 is crazy. I was like, wow, that's a that's a 0:05:59.520 --> 0:06:03.520 lot of people. Impressive, especially considering that these are national brands. Yeah, 0:06:03.560 --> 0:06:05.160 that where you would not think that they would have 0:06:05.200 --> 0:06:07.560 a whole lot of flexibility exactly. But here's the rub. 0:06:07.640 --> 0:06:11.440 In that same survey survey, only folks were willing to 0:06:11.480 --> 0:06:14.719 ask for the discount, so most people paid full freight, 0:06:14.960 --> 0:06:17.600 They paid the full uh sticker price of that item 0:06:17.640 --> 0:06:19.720 because they were too nervous to ask the question. But 0:06:19.800 --> 0:06:22.040 the folks who did, who put themselves in that slightly 0:06:22.040 --> 0:06:25.359 awkward situation, they ended up getting it. And what was 0:06:25.400 --> 0:06:28.400 the average savings according to Consumer reports A hundred and 0:06:28.440 --> 0:06:31.320 thirty three dollars, which is not chump change, right, that's 0:06:31.800 --> 0:06:33.400 I mean when you think about what's your hourly wage 0:06:33.400 --> 0:06:34.960 and you're like, how many hours would have to work? 0:06:35.080 --> 0:06:37.240 When you just have to ask this simple question and 0:06:37.320 --> 0:06:39.279 there's a decent chance that they're going to say yes, 0:06:39.560 --> 0:06:40.680 Like how long would it take you to make a 0:06:40.760 --> 0:06:43.400 hunter and thirty three tax free dollars? Right? And and 0:06:43.520 --> 0:06:45.640 how awesome is it that you can keep that sum 0:06:45.640 --> 0:06:47.720 of money in your pocket just by asking a simple question. 0:06:47.760 --> 0:06:50.960 We should all be asking for discounts more regularly, that's 0:06:50.960 --> 0:06:53.520 for sure. Yeah, and yeah, there was an even higher 0:06:53.520 --> 0:06:56.920 percentage of success with more like some of those regional 0:06:57.000 --> 0:06:59.640 companies or more independent stores as well, because they obviously 0:06:59.760 --> 0:07:01.800 do how the most flexibility when it comes to the 0:07:02.120 --> 0:07:05.279 prices that they can unload certain items for and also 0:07:05.480 --> 0:07:07.599 something else that you can negotiate on the So the 0:07:07.600 --> 0:07:10.679 average internet bill it's cresting seventy five bucks, you should 0:07:10.680 --> 0:07:15.520 also consider negotiating that bill down as well. Oftentimes you 0:07:15.560 --> 0:07:18.520 start service with a company, you get that new customer 0:07:18.880 --> 0:07:21.520 period of time or it's like the honeymoon phase bab right, 0:07:21.600 --> 0:07:24.440 Like they they wanna wine and dine you, sort of 0:07:24.520 --> 0:07:27.040 like going back to the insurance example, right, they want 0:07:27.080 --> 0:07:28.760 you to be happy. They want you to be warm 0:07:28.840 --> 0:07:31.320 and cozy with their with their company. That way, when 0:07:31.320 --> 0:07:33.880 they raise rates, you don't go anywhere, right. And so 0:07:33.920 --> 0:07:36.080 when it comes time to negotiating this bill, first of all, 0:07:36.080 --> 0:07:37.600 you need to make sure that you are armed with 0:07:37.640 --> 0:07:41.480 information that's always gonna give you a little more confidence, 0:07:41.520 --> 0:07:43.360 and knowing that when you go and talk to your 0:07:43.360 --> 0:07:46.880 current internet service provider that you've got hard facts. You 0:07:46.880 --> 0:07:48.600 can say that, hey, this is what so and so 0:07:48.720 --> 0:07:51.320 is charging, this is their rate, and this is the 0:07:51.360 --> 0:07:53.600 speed that they're offering, and be willing to walk right 0:07:53.600 --> 0:07:55.320 because if they're not willing to match that, hopefully they 0:07:55.360 --> 0:07:57.600 do match it, because that's the easiest thing to not 0:07:57.640 --> 0:08:01.160 have to change your service. But also, I think it's 0:08:01.200 --> 0:08:03.880 important for us to all be willing to walk away, uh, 0:08:03.960 --> 0:08:05.720 knowing that, all right, well, if you're not gonna offer 0:08:05.760 --> 0:08:07.920 me that, I can take my business elsewhere for sure. 0:08:08.120 --> 0:08:10.240 We actually just wrote an article up on the site 0:08:10.360 --> 0:08:12.560 about how to go about asking for a discount, and 0:08:12.680 --> 0:08:15.920 we talked about specific places where you're liable to get 0:08:15.960 --> 0:08:17.800 a discount. So we'll link to that one in the 0:08:17.800 --> 0:08:20.320 show notes as well. But Matt, let's talk about drugs 0:08:20.360 --> 0:08:22.720 for a second. You're not supposed to do drugs unless 0:08:22.720 --> 0:08:25.520 you're prescription drugs, and even then the doctor says you should. Yeah, 0:08:25.520 --> 0:08:27.200 you gotta be careful. If if the doctor says you should, 0:08:27.200 --> 0:08:30.360 then you should consider it. But at Prime. Prime membership 0:08:30.480 --> 0:08:32.120 continues to become more expensive, and I think it's a 0:08:32.160 --> 0:08:34.040 hundred and thirty nine dollars for a year now. It's 0:08:34.040 --> 0:08:36.840 not cheap, but Amazon it feels like they have to 0:08:36.880 --> 0:08:39.079 justify that fee to their customers because of course they do, 0:08:39.520 --> 0:08:41.440 or else you would walk away if you're not getting 0:08:41.520 --> 0:08:44.280 enough value for that Prime membership. But uh, then they 0:08:44.320 --> 0:08:47.079 already offer a number of perks, right, You've got the 0:08:47.559 --> 0:08:50.080 music that you can listen to, there's you know, a 0:08:50.080 --> 0:08:53.960 lot of streaming television and movie options on Amazon. But 0:08:53.960 --> 0:08:56.960 they're always looking to add more to make Prime membership 0:08:57.000 --> 0:09:00.600 like this stickier proposition. And what's the latest on that front, Well, 0:09:00.920 --> 0:09:04.719 they're expanding generic drug offerings. They They're new offering is 0:09:04.760 --> 0:09:07.160 called r X Past and it's going to offer access 0:09:07.200 --> 0:09:10.120 to commonly prescribe medications for just five dollars a month, 0:09:10.440 --> 0:09:13.080 and the average cost savings for the typical Prime member 0:09:13.360 --> 0:09:16.439 could be in the hundred dollar range a year, according 0:09:16.480 --> 0:09:20.640 to the VP of Amazon Pharmacy. Is the average consumer're 0:09:20.640 --> 0:09:22.520 gonna be able to say that much? It depends, right, 0:09:22.559 --> 0:09:24.480 It depends on whether or not one of the fifty 0:09:24.559 --> 0:09:26.840 prescriptions they offer is something you take on a recurring 0:09:26.840 --> 0:09:29.360 basis and how much you normally pay for it now. 0:09:29.800 --> 0:09:32.520 But yeah, if you do take a couple of those drugs, 0:09:32.559 --> 0:09:35.000 then the value of paying for Prime just went up 0:09:35.040 --> 0:09:37.240 for you. In all likelihood, you're gonna want to comparison 0:09:37.240 --> 0:09:39.200 shop and you're not gonna want to just assume that 0:09:39.320 --> 0:09:42.920 this is best. But prescription drugs are typically kind of 0:09:43.040 --> 0:09:45.120 a thorn in our side price wise, And it's also 0:09:45.280 --> 0:09:47.040 just nice to have it shipped to you for five 0:09:47.040 --> 0:09:49.319 bucks a month. That sounds pretty nice. And if it's 0:09:49.360 --> 0:09:51.199 if you have, it's gonna save you money Prime. And 0:09:51.440 --> 0:09:54.320 even for folks who aren't currently Prime members, if they're like, 0:09:54.360 --> 0:09:56.760 wait a second, five of the drugs I take, if 0:09:56.760 --> 0:09:58.840 you take a lot, you know, on a monthly basis, 0:09:58.840 --> 0:10:01.079 are on this list, Boy, that might have just made 0:10:01.080 --> 0:10:02.960 Prime membership worth it, right there, could be worth it. 0:10:03.000 --> 0:10:04.959 But also keep in mind this is coming from the 0:10:05.000 --> 0:10:08.640 person the chart. Their their livelihood is depending on the 0:10:08.679 --> 0:10:12.240 success of the r X pass, which by the way, 0:10:12.440 --> 0:10:14.160 reminds me of like is it the fast pass or 0:10:14.200 --> 0:10:16.439 whatever it makes it. It almost makes it sound like 0:10:16.480 --> 0:10:19.679 you can get as many drugs as you can handle. Obviously, 0:10:19.720 --> 0:10:21.040 that's not the case. But that's what I think of 0:10:21.080 --> 0:10:23.240 when I hear r X pass. It's just like, oh yeah, 0:10:23.240 --> 0:10:25.000 it's just like their hanunds fun. They're handing out generic 0:10:25.080 --> 0:10:27.440 drugs like candy. By the way, a new study that 0:10:27.520 --> 0:10:32.160 appeared in JAMA that's the Journal of American Medical Association. 0:10:32.480 --> 0:10:34.840 They found that the drug ads that we see on 0:10:34.880 --> 0:10:38.160 TV that they're often not any better than the drugs 0:10:38.200 --> 0:10:41.280 that are already on the market. Seventy percent of the 0:10:41.320 --> 0:10:43.880 drugs that you see pitched they have what's known as 0:10:44.160 --> 0:10:48.040 low therapeutic value. There's not much to be gained by 0:10:48.080 --> 0:10:50.880 going with those, uh those name brand drugs as opposed 0:10:50.880 --> 0:10:54.240 to the generics. Interestingly enough, most other countries other than 0:10:54.360 --> 0:10:57.800 New Zealand, I think, have banned the sorts of direct 0:10:57.920 --> 0:11:01.440 ads that we see from pharmaceutical company and uh yeah, 0:11:01.440 --> 0:11:03.600 worth mentioning because I think we'd all be happier. We'd 0:11:03.600 --> 0:11:07.160 probably be healthier too if we took a similar approach. 0:11:07.400 --> 0:11:09.960 But don't buy into the marketing hype. And you know 0:11:10.000 --> 0:11:11.960 what we'd recommend is to get those generics. You know, 0:11:11.960 --> 0:11:15.000 whether it be through Amazon or wherever it is that 0:11:15.000 --> 0:11:17.080 you can find those, they're gonna save you a boatload, 0:11:17.400 --> 0:11:20.080 And honestly, it's just dumb the way that drugs are 0:11:20.120 --> 0:11:22.600 marketed here in the US. It's actually so it's not 0:11:22.679 --> 0:11:24.680 dumb on the part of the pharmaceutical companies though, because 0:11:24.679 --> 0:11:26.600 they're making money. They wouldn't be doing that if it 0:11:26.679 --> 0:11:30.080 wasn't them making a profit, right, And so really it's 0:11:30.160 --> 0:11:33.440 it's dumb on us as as individuals to respond to 0:11:33.440 --> 0:11:36.480 that kind of advertising as opposed to tuning it out 0:11:36.480 --> 0:11:39.000 and maybe going down the path that's going to be 0:11:39.000 --> 0:11:41.040 a little bit harder, like you know, you know, we've 0:11:41.040 --> 0:11:45.400 talked about the obesity drugs that have recently have they 0:11:45.400 --> 0:11:49.040 been like officially approved think so, but for for young teens. Yeah, 0:11:49.120 --> 0:11:52.800 but it's ridiculous that we are always looking for, like 0:11:52.880 --> 0:11:55.520 quite literally the easy pill to take as opposed to 0:11:55.559 --> 0:11:57.920 doing like the things that are going to lead to 0:11:58.000 --> 0:12:02.640 more long term overall health, right, exercise, healthy diets, um, 0:12:02.640 --> 0:12:05.160 taking what's gonna be maybe the harder path that's gonna 0:12:05.160 --> 0:12:08.600 take a little little bit more disciplined, rather than thinking 0:12:08.640 --> 0:12:10.600 that we can take a drug to make us healthier. 0:12:10.640 --> 0:12:12.520 I mean, in the money realm, isn't that exactly kind 0:12:12.520 --> 0:12:16.400 of what cryptocurrency did? Uh? During COVID. Basically, there's a 0:12:16.440 --> 0:12:17.800 lot of people who are like, hey, how can I 0:12:17.840 --> 0:12:21.400 like supercharge my path but in this easy Yeah, but 0:12:21.440 --> 0:12:23.080 in the end it's it's more like a stumbling block, 0:12:23.120 --> 0:12:25.400 and it actually screws you, screws up your progress totally 0:12:25.440 --> 0:12:28.520 more than if you were to take the slower but 0:12:28.600 --> 0:12:31.560 more proven route to success totally. Well, let's talk about 0:12:31.559 --> 0:12:34.480 financial planning for a second match. The Times had an 0:12:34.559 --> 0:12:38.120 article this week about how financial planning is becoming more accessible, 0:12:38.360 --> 0:12:39.960 but they also said that this might not be a 0:12:40.000 --> 0:12:43.360 good thing. Why is that, Well, largely because there aren't 0:12:43.480 --> 0:12:46.880 robust legal standards for calling yourself a financial planner. And 0:12:46.960 --> 0:12:50.800 the biggest is that there's still no legal requirement to 0:12:50.880 --> 0:12:53.760 be a fiduciary if you're calling yourself one, right, so, 0:12:53.800 --> 0:12:56.360 which that basically means that your financial advisor doesn't have 0:12:56.440 --> 0:12:58.600 to do what's in your best interest, which sounds kind 0:12:58.600 --> 0:13:00.120 of scary. Right, Hey, let me and trust you with 0:13:00.120 --> 0:13:01.679 all my money. Oh, you don't have to do it's 0:13:01.679 --> 0:13:04.319 in my best interest? Give it back, right, That's that's 0:13:04.320 --> 0:13:06.960 how I would feel about it. There was a proposal 0:13:07.080 --> 0:13:09.320 to set that requirement in stone to make sure that 0:13:09.360 --> 0:13:12.120 everyone who calls himself a financial advisor has to be 0:13:12.200 --> 0:13:14.440 a fiduciary, But it didn't happen. This is a few 0:13:14.520 --> 0:13:18.000 years back, and so yeah, there are a fair amount 0:13:18.040 --> 0:13:21.120 of financial advisors out there who have conflicts of interest. 0:13:21.400 --> 0:13:23.120 Should they invest your money in a way that that's 0:13:23.160 --> 0:13:24.839 them the largest return or should they make sure that 0:13:24.880 --> 0:13:27.439 you're invested in what's best for you. Well, it's it's 0:13:27.440 --> 0:13:29.480 a shame that this is even up for debate and 0:13:29.520 --> 0:13:32.280 that we don't have a more consumer friendly standard still, 0:13:32.600 --> 0:13:35.480 but I think the Times reinforces a great point something 0:13:35.520 --> 0:13:37.600 we've always said on the show here Matt that if 0:13:37.760 --> 0:13:41.120 you are looking to hire a financial advisor, don't do 0:13:41.160 --> 0:13:45.280 it unless they're willing to sign a fiduciary oath to you, 0:13:45.520 --> 0:13:47.920 and if they're not, walk away that's right. Yeah, it 0:13:47.960 --> 0:13:49.719 really is a big problem. It kind of gives the 0:13:49.760 --> 0:13:53.959 financial advisor, the financial planning community a black eye because 0:13:54.000 --> 0:13:55.480 you get a few bad actors and all of a 0:13:55.480 --> 0:13:57.520 sudden and they've got to ruin the party for everyone. 0:13:57.840 --> 0:14:00.160 But there are ways to find a financial advisor who 0:14:00.200 --> 0:14:03.240 is a fiduciary, and that's largely by going through some 0:14:03.280 --> 0:14:05.200 of the different networks out there who met them we 0:14:05.360 --> 0:14:08.160 in particularly like x Y Planning Network a whole lot. 0:14:08.360 --> 0:14:10.800 If you're looking for an advisor, that's definitely a great 0:14:10.840 --> 0:14:13.160 place to look, but it's also a good idea to 0:14:13.320 --> 0:14:16.840 question whether or not you need an advisor before forking 0:14:16.880 --> 0:14:19.560 over your dollars for advice, even if it is to 0:14:20.680 --> 0:14:24.120 a lovely fee only financial advisor who does happen to 0:14:24.120 --> 0:14:27.600 be a fiduciary. Because while you know many financial advisors 0:14:27.600 --> 0:14:29.720 out there, they seem to be offering more and more services, 0:14:29.720 --> 0:14:33.240 they're obviously not free and oftentimes you're not going to 0:14:33.280 --> 0:14:35.600 be cheap either, and so we think that there's a 0:14:35.760 --> 0:14:37.800 lot of sort of more d I Y steps that 0:14:37.800 --> 0:14:39.720 you can take before you get to that stage. So 0:14:39.760 --> 0:14:42.520 whether that's reading a book or even hiring a money 0:14:42.520 --> 0:14:44.320 coach just for a couple of hours of their time, 0:14:44.360 --> 0:14:48.320 that can oftentimes offer a better payback in many circumstances 0:14:48.360 --> 0:14:51.560 as opposed to saying, all right, financial advisor, you're a fiduciary, 0:14:51.720 --> 0:14:54.360 sign me up, you're you are now my person. Yeah, 0:14:54.560 --> 0:14:57.240 it's amazing how just like a financial coach or a 0:14:57.280 --> 0:14:59.880 budgeting coach, there's so much cheaper, but oftentimes that's the 0:15:00.040 --> 0:15:02.440 kind of handholding that people need, not the full fledged 0:15:02.480 --> 0:15:04.840 financial advisor who comes with all the bells and whistles, right, 0:15:04.920 --> 0:15:07.080 many of which you don't even need, YEA. Oftentimes you 0:15:07.120 --> 0:15:09.280 just need someone to walk alongside you. And this's awtent 0:15:09.320 --> 0:15:12.160 times what those different financial coaches out there are able 0:15:12.200 --> 0:15:13.880 to provide for sure. All Right, now, we've got more 0:15:13.920 --> 0:15:17.640 to get to, including man scams apparently on one of 0:15:17.680 --> 0:15:20.320 your favorite social media sites are through the Roof, and 0:15:20.360 --> 0:15:22.680 those scams could part you from your money. We'll talk 0:15:22.680 --> 0:15:34.440 about that and more right after this. All right, man, 0:15:34.480 --> 0:15:36.280 let's get the Friday flight roll, and this is our 0:15:36.320 --> 0:15:38.680 sampling of the different stories that we came across this week. 0:15:38.720 --> 0:15:42.440 And you just alluded to the the rise and scams. 0:15:42.640 --> 0:15:44.360 I was just thinking we should have called that segment 0:15:44.400 --> 0:15:47.840 Scamsters Paradise. I think we made way too many cool 0:15:47.880 --> 0:15:50.040 Leo punts though on the show already. I didn't know 0:15:50.080 --> 0:15:51.600 if you'd like maybe not this episode, but just on 0:15:51.600 --> 0:15:54.600 the show. Yeah, not this particular episode. But let's get 0:15:54.600 --> 0:15:56.320 to our ludicrous headline of the week. This is from 0:15:56.360 --> 0:15:59.040 the New York Post and the headline reads, I went 0:15:59.120 --> 0:16:01.720 on six dates so and didn't have to buy groceries 0:16:01.840 --> 0:16:06.440 for two years. This comes from a TikTok influencer out 0:16:06.480 --> 0:16:10.160 there who admits that she actually embellished her ability to 0:16:10.200 --> 0:16:12.680 save money on food by going out with a ton 0:16:12.720 --> 0:16:14.760 of guys over the course of a couple of years. 0:16:15.040 --> 0:16:17.200 The article and in some of her quotes actually were 0:16:17.640 --> 0:16:20.640 way less offensive than that actual headline. But that being said, 0:16:20.680 --> 0:16:23.320 this this segment, it's all about ludicrous headlines. So, Joe, 0:16:23.360 --> 0:16:26.520 what do you think was this person was was this influencer? 0:16:26.640 --> 0:16:29.360 Was she being frugal or cheap to try and go 0:16:29.480 --> 0:16:32.280 on as many dates as possible in order to lower 0:16:32.280 --> 0:16:34.520 her food budget? Okay, I'm gonna say cheap. I'm gonna 0:16:34.520 --> 0:16:37.800 say it's yeah. So I think coming down hard. Alright, 0:16:37.880 --> 0:16:40.120 Sorry I am. And I was glad when I actually 0:16:40.160 --> 0:16:41.960 read the article and I was like, Okay, she's not 0:16:42.040 --> 0:16:44.640 completely taking manage of people to the tune of what 0:16:44.680 --> 0:16:48.040 this headline made it seem like. But I think if 0:16:48.080 --> 0:16:51.120 you are truly trying to find love and the other 0:16:51.160 --> 0:16:52.840 person offers to pay for your meal, if you're going 0:16:52.840 --> 0:16:55.680 on dates, that's totally fine, Like if that's generous, and 0:16:55.680 --> 0:16:58.200 you should take somebody up on their generosity. But to me, 0:16:58.240 --> 0:17:01.440 it's kind of like praying on some much generosity. If 0:17:01.560 --> 0:17:04.800 you are just going on date after date after date, 0:17:04.840 --> 0:17:08.600 you're not really trying to establish a meaningful relationship with someone. 0:17:08.640 --> 0:17:11.240 You're just in it for like the free food and 0:17:11.400 --> 0:17:14.880 for the free drinks. That feels to me, that feels cheap, 0:17:14.880 --> 0:17:17.080 and that feels it feels uncol Well, isn't that what it? 0:17:17.160 --> 0:17:18.679 What it's like when you sign up? Well, like when 0:17:18.720 --> 0:17:20.639 you writ your email down at like some sort of 0:17:21.040 --> 0:17:22.879 like festival and there's tents and they're like, hey, does 0:17:22.920 --> 0:17:24.959 give us your email and we'll we'll give you this 0:17:25.000 --> 0:17:27.400 free blah blah blah like whatever. It is like you've 0:17:27.400 --> 0:17:30.919 got no intention of actually signing up for their service. 0:17:31.000 --> 0:17:33.359 You know, you've got zero intention, but you're willing to 0:17:33.680 --> 0:17:36.120 go ahead and jump through this little hoop in order 0:17:36.160 --> 0:17:39.040 to receive the foot That's that's a willing exchange right there. 0:17:39.119 --> 0:17:41.240 And if the person know the person might know, well, 0:17:41.280 --> 0:17:43.200 I guess i'llgument that I'm making is that this chick 0:17:43.280 --> 0:17:46.400 isn't necessarily making guys go out with her claiming that 0:17:46.440 --> 0:17:49.560 she is interesting. I guess sort of what you said 0:17:49.640 --> 0:17:51.760 is true. It comes down to her intention, because if 0:17:51.800 --> 0:17:54.760 her intention is to only go out with guys because 0:17:54.840 --> 0:17:57.479 she wants to be able to get free meals, and 0:17:57.520 --> 0:17:59.320 she's like, where are we going to night? Oh? McDonald's. Yeah, 0:17:59.359 --> 0:18:03.680 I'm sick, I'm gonna guy who's taking me to the seakhouse? Yeah. 0:18:03.760 --> 0:18:05.800 If she's just doing it for the food, then obviously 0:18:05.800 --> 0:18:07.200 she's being cheap. But as long as long as she's 0:18:07.200 --> 0:18:10.159 open to the idea of entering into a relation, like 0:18:10.200 --> 0:18:13.280 if she was already dating a dude and going out 0:18:13.320 --> 0:18:15.480 with other guys, obviously that would be super cheap. But 0:18:15.520 --> 0:18:18.800 as long as she's open to like finding the right one. 0:18:19.000 --> 0:18:21.600