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Speaker 1: Welcome to how the money. I'm Joel and I am Matt,

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Speaker 1: and today we're discussing poop music, speculation, nation and coffee

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Speaker 1: drinking spendthrifts. That's right, Joel. This is our Friday flight

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Speaker 1: and we are going to talk about our favorite stories

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Speaker 1: from this week and your favorite subject up. Oh please,

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Speaker 1: I'm actually looking forward to that conversation. You're juvenile humor.

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Speaker 1: I think there's a lot of folks are probably thinking

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Speaker 1: of poop music. What the heck are they going to

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Speaker 1: talk about? We'll get to it. It'll be in the

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Speaker 1: second half, but these, like I said, our favorite stories,

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Speaker 1: and we call it the Friday flight because if you

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Speaker 1: ever go to a brewery and you get a flight

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Speaker 1: of beers, it's a small sampling of all the different

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Speaker 1: beers that they have on top, so you don't have

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Speaker 1: to commit to an entire sixteen ounces of the beer.

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Speaker 1: Sometimes you might just want four ounces or six ounces,

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Speaker 1: whatever sizes they're porn similarly, are going to dabble in

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Speaker 1: personal finance stories, a bunch of different stories of real

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Speaker 1: quick I filled up this past week for what Costco

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Speaker 1: Man They I'm so glad that I used to hate

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Speaker 1: on Costco but I have and taking advantage of our

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Speaker 1: affordable gas here in the state of Georgia. Not's a brag.

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Speaker 1: But like Georgia, do we have the lowest gas? Gas

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Speaker 1: prices not worth very close. I think Mississippi. They've got

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Speaker 1: cheaper gas and we do, or historically they do, but

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Speaker 1: otherwise George has got it going on. The water is

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Speaker 1: just fine, folks, if you want to come join us.

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Speaker 1: I think I saw gas prices had fallen for ninety

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Speaker 1: nine days straight, which, considering where gas prices were, was

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Speaker 1: a welcome relief. Although the before they broke the streak,

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Speaker 1: I'm starting to trend back up just a touch. We'll see,

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Speaker 1: but yeah, I'm glad you're able to fill up for

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Speaker 1: less than three bucks agallon. That feels like, I mean,

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Speaker 1: at least mentally, that feels like a relief. Absolutely literally.

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Speaker 1: Over the summer, when prices are at the peak, it

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Speaker 1: was costing me close to a hundred dollars to fill

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Speaker 1: up the van and now it's sixty bucks, forty, forty

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Speaker 1: difference every time we fill up the van. Well, Matt,

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Speaker 1: last week we we mentioned, hey, we're gonna do a

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Speaker 1: sock giveaways. Right, we have the dopist socks in the

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Speaker 1: podcasting game and we're gonna give give some socks away

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Speaker 1: to folks who signed up for the fairly new how

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Speaker 1: the money newsletter, and we had a bunch of folks

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Speaker 1: sign up and are in thank you contest. Yeah, thank

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Speaker 1: you to everybody who's signed up who was gunning for

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Speaker 1: one of those five pairs of socks. We had a

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Speaker 1: ton of people signed up, which is awesome, and so

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Speaker 1: we hope you get value from the newsletter to but Matt,

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Speaker 1: you want to announce the winners. That's right. Yeah, so,

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Speaker 1: of all the folks who signed up in the last

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Speaker 1: seven days, we picked five random winners through uh list,

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Speaker 1: rand randomizer dot org or something like that. I just

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Speaker 1: want people to know that we're being fair, Um, but

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Speaker 1: not just picking people with the coolest names exactly. So

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Speaker 1: these are the top five folks. Jonathan S, abby f

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Speaker 1: a Israel D, Caitlin B and Jason C. I'm not

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Speaker 1: gonna say your entire name for Privacy, privacy concerns. Please

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Speaker 1: please also read their social security number as well. So

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Speaker 1: we request upon sign up. What if you have that

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Speaker 1: on the side of floor? Just a spot. Who are

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Speaker 1: this deal? But we will be reaching out to you five. Oh, actually,

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Speaker 1: in one more, we randomly picked another person who had

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Speaker 1: signed up previously, earlier this year, because we felt that

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Speaker 1: we didn't want to leave all the folks out there

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Speaker 1: who had previously signed up for exactly so we got

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Speaker 1: a sixth in their Jenna E. UH. And so we

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Speaker 1: will reach out to all six of you folks and

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Speaker 1: we'll be getting a pair of socks to you in

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Speaker 1: the mail here shortly. Yeah, for sure. And just a reminder,

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Speaker 1: we do have the best personal finance newsletter out there

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Speaker 1: right now. In my opinion, it's rocking and rolling. And

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Speaker 1: it's not an opinion, dude. It's like it's the numbers

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Speaker 1: show right. Yes, people enjoy it's good vibes, personal funny,

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Speaker 1: it's good information letter. The most so signed up at

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Speaker 1: how the money dot com slash newsletter, and maybe you

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Speaker 1: will win more awesome how the money talks in the future. But, Matt,

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Speaker 1: let's get onto the subject of hand. The Friday flight.

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Speaker 1: A quick sampling of stories we found interesting this week.

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Speaker 1: And Uh, let's talk about rate hikes first. I feel

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Speaker 1: like that's that's the top story. After what happened on

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Speaker 1: Wednesday the Fed. They just announced another three quarters of

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Speaker 1: a percentage of rate hike, continuing their aggressive stance towards

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Speaker 1: runaway inflation. Seventy five basis points for all the nerds

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Speaker 1: out there, and and it just inflation has been pretty

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Speaker 1: sticky like. It hasn't really budgeted very much, despite the

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Speaker 1: Fed's best efforts, and chairman Powell, he said that there's

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Speaker 1: no way to escape the pain. That was were like

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Speaker 1: his literal words, and that makes people freak out a

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Speaker 1: little bit. And raising interest rates regularly in the way

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Speaker 1: that they're doing it, it's basically this necessary evil in

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Speaker 1: order to prevent a nastier outcome, which would be inflation

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Speaker 1: continuing to start and like we've seen in other countries

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Speaker 1: around the world, like Venezuela right which has had an

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Speaker 1: inflation problem for quite some time. But these rate hikes

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Speaker 1: they're attempting to basically throw some sand in the gears

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Speaker 1: of the economy. The Fed wants to curb demand for

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Speaker 1: borrowing and they want to curb consumption and the peskiness

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Speaker 1: of inflation. And these sustained rate hikes really they could

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Speaker 1: impact the stock market and the job market even more

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Speaker 1: as we move forward. So it's even more important to

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Speaker 1: make sure that you're in a strong position as an

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Speaker 1: individual when it comes to your personal economic health. These

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Speaker 1: rain hikes are likely to persist for some time to

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Speaker 1: come and just as as individual consumers, we have to

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Speaker 1: be prepared. We have to be able to weather what

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Speaker 1: looks like potentially darker economics. Guys on the horizon. That's right.

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Speaker 1: And specifically, what this means for you as an individual

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Speaker 1: are that borrowing rates are going to continue to rise,

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Speaker 1: and so that means if you are in some credit

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Speaker 1: card debt, that is going to become an even worse

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Speaker 1: foe towards your money. Credit card interest rates. They are

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Speaker 1: up close to three percent in the last three months alone.

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Speaker 1: This is according to credit cards DOT COM. That's what

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Speaker 1: the national averages are rates. They've been rising for the

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Speaker 1: last six months and all signs are pointing to that

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Speaker 1: trend continuing. Based on what J PAL is saying, uh,

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Speaker 1: the average credit card rate right now is at eighteen

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Speaker 1: percent and I think we could break into mark next year. Uh.

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Speaker 1: And you know, we were talking about how great using

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Speaker 1: credit cards for your everyday purchases can be if you

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Speaker 1: can pay the bill on time and in full. But

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Speaker 1: if that is not the case, credit card debt is

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Speaker 1: even more dangerous for you. So if you're in credit

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Speaker 1: card debt right now, if you've got consumer debt, making

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Speaker 1: a plan to get out is even more important than usual.

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Speaker 1: We could recommend for you to check out UNDEBT DOT it.

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Speaker 1: This is a great free tool to help you to

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Speaker 1: to to do just that, to get out of debt.

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Speaker 1: We want you to be careful if you've got any

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Speaker 1: floating rates on on any debt right now, you're going

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Speaker 1: to see those those rates, those payments, start to climb. Yeah,

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Speaker 1: like if you've had a home equity line of credit

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Speaker 1: because you did some renovation work over the past couple

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Speaker 1: of years and for and for years it was what

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Speaker 1: you felt was a smart debt to have around, you're

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Speaker 1: gonna start seeing the payments on that increase. That's right.

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Speaker 1: It was at a low interest rate, but that interest

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Speaker 1: rate is climbing and so maybe what was three and

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Speaker 1: a half percent is now, you know, creeping up into

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Speaker 1: the fives, and so you're you're going to want to

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Speaker 1: be paying more attention to that debt. You might want

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Speaker 1: to pay it off more quickly than you had otherwise

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Speaker 1: planned because the rate is likely to continue going up.

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Speaker 1: Matt let's let's we're talked about credit cards there, but

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Speaker 1: let's talk about gift cards, because some of them, of

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Speaker 1: those horrid pieces news items I saw this week was

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Speaker 1: specifically around gift cards and the fact that people aren't

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Speaker 1: using the gift cards that they have. To me, that's

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Speaker 1: a travesty, right. You've you've basically like, uh, taking in

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Speaker 1: cash and throwing it, throwing it in the fire, because

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Speaker 1: nearly half of Americans have unused gift cards that are

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Speaker 1: lingering around to the two of twenty one billion dollars

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Speaker 1: in total, which is just a ton of money. That's

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Speaker 1: the big problem. Yeah, like that's a lot of money. Like,

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Speaker 1: I don't know when you when you say it like

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Speaker 1: there's yeah, maybe you've got a gift card and you've

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Speaker 1: got a few bucks on there. Doesn't seem like that

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Speaker 1: they give a deal. Until you see the combine, like

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Speaker 1: how much money we're talking about here. I bet some

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Speaker 1: of our listeners have hundreds of dollars and unused gift

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Speaker 1: cards hanging around in their drawers, and so there's something

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Speaker 1: worth paying attention to because you don't want it to

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Speaker 1: go to waste. And we're not really fans of gift

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Speaker 1: cards in the first place, because why would you take

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Speaker 1: something that can be spent literally anywhere and turn it

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Speaker 1: into an asset that can only be spent at one place?

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Speaker 1: It's like, let me take a hunter bucks and now

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Speaker 1: the Hunter Bucks has turned into something I can only

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Speaker 1: spend a target like turn it into target bucks. Right,

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Speaker 1: that's a bad idea, right. Uh. The only reason to

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Speaker 1: do this, if is if you're getting an additional perk

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Speaker 1: by doing so, maybe some free extra money to spend

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Speaker 1: at that store or restaurant like, for instance, I think

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Speaker 1: on on Black Friday or in that in that vicinity,

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Speaker 1: you can get target gift cards at a ten percent discount.

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Speaker 1: And if that's the case, if your dollars are going further,

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Speaker 1: some incentive want to do that, there's a discount there also.

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Speaker 1: I Bet a lot of folks have. I saw that

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Speaker 1: this dollar amount has increased on average over the past

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Speaker 1: few years, and I think it has a lot to

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Speaker 1: do with the fact that during the pandemic, a lot

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Speaker 1: of folks, and we even talked about this on the show, right,

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Speaker 1: but restaurants in particular, they all had to closer doors,

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Speaker 1: and so it felt almost American to go out to

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Speaker 1: be a good citizen, the patriotic duty, yeah, to support

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Speaker 1: your favorite restaurants that you wanted to see make it

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Speaker 1: through the pandemic. We did that. We talked about this

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Speaker 1: here on the show, and so if you are in

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Speaker 1: that boat, make sure you know where those gift cards are, yeah,

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Speaker 1: and go out and use them now. Because, yeah, regardless,

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Speaker 1: if you've got gift cards lying around, got put them

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Speaker 1: all together in one place. You know, organize them. Yeah,

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Speaker 1: organize them, figure out what you got. You and Emily,

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Speaker 1: you've got a ziplock bag that you yes, you pull

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Speaker 1: them out before date. We pull them out for date

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Speaker 1: night and we're like, cool, do we want to hit

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Speaker 1: up one of these places tonight? Because let's spend these

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Speaker 1: suckers down. Start using them regularly for purchases you need

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Speaker 1: to make and, uh, or social outings. But, yeah, make

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Speaker 1: sure those things don't stay hidden. Take an assessment, to

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Speaker 1: do an inventory of the gift cards you've got and

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Speaker 1: then make a plan to spend them down, because you

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Speaker 1: don't want to be a part of that gruesome statistic.

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Speaker 1: That's right. Also, remember that gift cards, that they can't

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Speaker 1: expire within five years of the date that they're issued,

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Speaker 1: and this is according to federal law. But beyond that,

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Speaker 1: some states actually go even further and they allow you

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Speaker 1: to redeem those cards, or at least a portion of them,

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Speaker 1: for cash if you have a certain certain balance remaining

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Speaker 1: on your account. Will Link to a guide where you

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Speaker 1: can quickly see what your options are based on where

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Speaker 1: it is that you live. And something else you could do,

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Speaker 1: if your state doesn't offer that kind of Gift Card protection,

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Speaker 1: would be to just unload those cars altogether sell those

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Speaker 1: unwanted gift cards on a site like card cash. Um.

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Speaker 1: But whatever you do, yeah, don't let them continue to

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Speaker 1: lie dormant in your drawer. Uh, you've got yours in

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Speaker 1: a gallon ZIP block bag. I like. We keep ours

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Speaker 1: wrapped with a nice tidy rubber band. What we need

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Speaker 1: to do is probably like keep those either in the

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Speaker 1: van or just somewhere where we where we see them, right,

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Speaker 1: because when you stash them away at a size to

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Speaker 1: all your bed, bath and beyond cupons, when they're when

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Speaker 1: they're out of sight, they're out of mind. My mom

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Speaker 1: has oh yeah, I goes. I mean that's like the

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Speaker 1: it's like Jo that's the most quintessential cupon the bed

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Speaker 1: bathroom on one well, yeah, and you mentioned card cash

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Speaker 1: and that's a great site to think about selling your

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Speaker 1: your your gift cards at. And the reality is you're

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Speaker 1: not going to get return on that if you have

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Speaker 1: a hundred dollar gift card, depending on the store that

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Speaker 1: you're selling that Gift Card or you might get seventy

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Speaker 1: cents on the dollar or eighty cents on the dollar

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Speaker 1: or maybe, maybe, honestly, could be worse depending on how

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Speaker 1: popular that store is. But still getting something for that

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Speaker 1: as opposed to nothing, is smart and don't, don't let

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Speaker 1: them go to waste. Well, let's talk about home appliances

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Speaker 1: here for a second mat two, because consumer reports one

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Speaker 1: of our favorite magazines, one of the only magazines you

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Speaker 1: and I subscribe to that we pay for. They just

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Speaker 1: released a really cool new repair or a place calculator

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Speaker 1: for appliances that lives on their website and as a

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Speaker 1: landlord with just way too many fridges in my life,

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Speaker 1: I gotta be honest, I'm gonna get some use out

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Speaker 1: of this repair or a place calculated it's awesome. Well,

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Speaker 1: it's a really frequent cool tool that they've got. That's right,

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Speaker 1: because it's hard. It can be hard to know, hey,

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Speaker 1: there's things on the Fritz. Should I put a new

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Speaker 1: compressor in this fridge or do I need to just

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Speaker 1: unload it for pennies on the dollar and buy a

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Speaker 1: new one? Do I need to suck it up? Well, man,

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Speaker 1: the reality is that with the price of parts and

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Speaker 1: Labor to fix things like dishwashers, washing machines and ovens,

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Speaker 1: sometimes it really just does make sense to outright replace

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Speaker 1: your old appliance. But we say don't do it without

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Speaker 1: running the numbers and don't do it without consulting Youtube,

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Speaker 1: because you might find that what the appliance repair company

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Speaker 1: will charge you two or fifty bucks to fix that

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Speaker 1: you can fix it with a twenty dollar part in

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Speaker 1: just an hour of your time. So, yeah, the the

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Speaker 1: appliance repair companies, I will say like they do a

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Speaker 1: good business, but they charge and quite a bit of

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Speaker 1: money for their services. And if you can get to

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Speaker 1: the bottom of what's causing the problem with your appliance

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Speaker 1: and you just buy the part and fix it yourself,

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Speaker 1: boy you can find a way to make that appliance

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Speaker 1: last longer and without spending too much money. But if

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Speaker 1: you rely on other people to fix those appliances for you,

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Speaker 1: getting a new one sometimes makes more sense than paying

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Speaker 1: for the fix. That's true. Yeah, uh. So, while we're

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Speaker 1: got this appliance talk going on, I want the name

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Speaker 1: of our side spin off podcast, appliance talk. Appliance talk,

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Speaker 1: I just want to say that dishwashers are pretty freaking great.

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Speaker 1: I would have assumed that everybody knew this, but based

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Speaker 1: on the stats, there are a lot of people who

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Speaker 1: don't know this. Not only do dishwhers save you boatloads

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Speaker 1: of time, it turns out they save you a ton

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Speaker 1: of money as well. Bloomberg, they just read an article

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Speaker 1: about this. I was shocked to see that one in

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Speaker 1: five Americans don't actually use their dishwashers at all. Like,

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Speaker 1: what are they doing? Like, what what do they use

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Speaker 1: the dishwashers for? And then I remember letters for a winter. Well,

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Speaker 1: and then I and then I remembered how my um

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Speaker 1: uses the Dishwasher, which is that she washes all of

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Speaker 1: her dishes by hand, pulls out the drawer, you know,

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Speaker 1: opens the Dishwasher, pulls out the racks and she uses

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Speaker 1: it as a giant drying rack. Yes, my mom is

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Speaker 1: one of these people. So I just wanna maybe there's

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Speaker 1: other people like that. Can you convert her to do?

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Speaker 1: Who Do something similar? But we want you to know

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Speaker 1: if you're washing dishes by hand thinking that it's going

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Speaker 1: to save you money, think again. It is not true.

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Speaker 1: DISHWASHERS use only ten percent of the amount of water

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Speaker 1: that you would typically use washing them by hand. I

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Speaker 1: think on average a load of dishes takes the average

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Speaker 1: person something like like forty something gallons of water, and

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Speaker 1: it's because the faucet is just running for a lot

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Speaker 1: of that time, as opposed to something like four gallons,

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Speaker 1: which is what a dishwasher typically uses. And the electricity

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Speaker 1: costs are also incredibly minimal as well. And so we

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Speaker 1: share this because we don't know who you are. Like.

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Speaker 1: We know there's some folks out there listening who are like, yeah,

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Speaker 1: that's me, that there are thousands of people listening right

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Speaker 1: who just heard to say in there like, wait a second, really,

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Speaker 1: like maybe it's not one in five, maybe it's not

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Speaker 1: twenty percent of like I gotta think our listeners are

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Speaker 1: they're smarter than the average bearer. Maybe it's more like

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Speaker 1: but even still, that is a lot of folks out

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Speaker 1: there that we need to convince to not like, don't

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Speaker 1: feel guilty about using your dishwasher and, by the way,

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Speaker 1: you're here. You're wasting your time. You're wasting your money

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Speaker 1: as well. If you are one of those people, I

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Speaker 1: want to hear why. Let's say there's somebody out there

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Speaker 1: who says, I hear what you guys are saying, I

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Speaker 1: still I ain't gonna use my dishwasher. If you've got

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Speaker 1: a great reason, I would love to hear it, but

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Speaker 1: the reality is, from our point of view and from

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Speaker 1: the way the numbers bear out, like dishwashers are pretty

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Speaker 1: inexpensive machines to save you time, to save hassle, and

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Speaker 1: that actually save money too. So all right, we got

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Speaker 1: more to get to on this one, including getting scammed

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Speaker 1: on the payment APPs like Venmo. We'll talk about that

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Speaker 1: and more right after this. Alright, we're back from the break.

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Speaker 1: We've got plenty more stories to get to. By the way,

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Speaker 1: we didn't get to any of us. I realized we

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Speaker 1: didn't cover any of our title stories. We didn't talk

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Speaker 1: about poot music. We didn't talk about coffee drinking spend

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Speaker 1: thrifts either. Yeah, we'll get to those in just a second,

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Speaker 1: but first the ludicrous headline of the weekend and this

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Speaker 1: one comes from the l a times and it reads,

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Speaker 1: did someone accidentally send you money? On Venmo? You might

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Speaker 1: be getting scammed. And I don't know about you guys

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Speaker 1: listeners out there, but Matt, I've been getting some weird

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Speaker 1: requests on cash APP in particular. Not really as much

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Speaker 1: on Venmo, but uh, literally, people I don't know saying yeah,

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Speaker 1: requesting two bucks or a thousand dollars, literally in one case,

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Speaker 1: and I just block these people, but it's, I don't know,

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Speaker 1: to me that's a really it's a really weird part

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Speaker 1: of having these APPs. If actually hit the wrong button,

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Speaker 1: my money's gone. It's it's it's it's out the window,

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Speaker 1: it's in somebody else's account. These are these are the

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Speaker 1: same guys on the airplanes sending pictures to the air drop.

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Speaker 1: That same creeps right everybody. Well, and don't get me wrong,

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Speaker 1: the stammers. These APPS, of course, have made it just

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Speaker 1: super easy to send money to friends and family without

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Speaker 1: having to pay a fee. It's made transferring money really

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Speaker 1: simple in a lot of ways. But yeah, these occurrences

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Speaker 1: made me, like, feel a little differently about these APPs

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Speaker 1: and and I obviously I turned it down. report those

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Speaker 1: of spam attempts. But the reality is the article in

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Speaker 1: the L A times is talking about less obvious attempts

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Speaker 1: at scams that are making the rounds on these APPs,

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Speaker 1: and it's important to be aware of these things so

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Speaker 1: that you don't get taken this right. Yeah, it turns

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Speaker 1: out folks are sending you money. So the s game

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Speaker 1: would go, Joel, that somebody would actually send you money,

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Speaker 1: not make the request for money, which is gonna make

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Speaker 1: me feel better than just the request coming in an Oh,

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Speaker 1: you're gonna deposit form like free money, Bestie, but that

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Speaker 1: person will then ask you to send those funds back,

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Speaker 1: because obviously they're going to say that they send it

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Speaker 1: to you by mistake. The reality is they've just sent

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Speaker 1: you money using a stolen credit card, and then once

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Speaker 1: that credit card user, like who actually owns the true

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Speaker 1: credit card, once they realize that they find it and

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Speaker 1: once they report that fraud, not only will you have

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Speaker 1: sent the money back to the scam artist, but these

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Speaker 1: payment platforms will initiate a withdrawal of the same amount

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Speaker 1: of the actual dollars from your account, meaning that you

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Speaker 1: just got swindled. Of course you can try to initiate

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Speaker 1: Um report this fraud to your bank. But turns out

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Speaker 1: only four of VENMO scams are able to be reversed.

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Speaker 1: This is according to the better business bureau. And you've

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Speaker 1: got a kind heart. You don't want some money to

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Speaker 1: be out, money that they accidentally sent you, and so

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Speaker 1: you're like well, cool, of course I'll send the money back.

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Speaker 1: And that's how the scam gets you, because it seems

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Speaker 1: like you're doing the Nice, right, generous thing, but in

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Speaker 1: reality you're getting taken advantage of. Those are like Phantom Funds.

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Speaker 1: Not Show up in your think we should have used

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Speaker 1: that funds. That is good. That would have been the title,

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Speaker 1: but that's what's going on. You see that money show

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Speaker 1: up in you account, you think it's real, you think

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Speaker 1: you're just sending it back, but in reality that money

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Speaker 1: isn't real. So don't interact with the person directly. Reach

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Speaker 1: out to Venmo instead and be like hey, what's up

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Speaker 1: with this? and Um, most of the time it is

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Speaker 1: going to be some sort of scam. And if it

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Speaker 1: is a real person who accidentally sent money, let Venmo

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Speaker 1: handle this thing right and make the transaction right. That's right. Yeah,

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Speaker 1: let's talk about some fancy savings accounts. The Journal. They

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Speaker 1: published an article about prize linked savings accounts, and this

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Speaker 1: is something you've probably heard us talk about this before.

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Speaker 1: We've been talking about it for years. It started, as

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Speaker 1: far as we know, with credit unions up in Michigan.

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Speaker 1: Instead of just paying you interest to save money, these

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Speaker 1: credit unions were opting to reward savers with even bigger

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Speaker 1: cash prizes. Uh. It's it's kind of like gambling, but

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Speaker 1: like for a good reason. You're not yeah, it's money

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Speaker 1: that you are sitting aside in your savings account, not

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Speaker 1: money that you are spending at the local gas station. Uh,

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Speaker 1: and the more you save, the higher likelihood you could

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Speaker 1: win a substantial cash prize. Yada, they're actually one of

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Speaker 1: our favorite of the companies that are out there that

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Speaker 1: are kind of using the strategy. The payouts. They might

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Speaker 1: not average the highest rates in the country, like what

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Speaker 1: Marcus and C I t are are paying, but it

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Speaker 1: is the perfect behavioral savings in incentive for a lot

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Speaker 1: of folks. More than one hundred different credit unions out

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Speaker 1: there around the country are offering something similar, and so

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Speaker 1: it seems like this is a really cool way to

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Speaker 1: kind of tappen too, that that sweep stakes mentality, if

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Speaker 1: that's something that you find and yourself drawn to, and

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Speaker 1: will link to this safe to win site, uh, so

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Speaker 1: you can see if you have a local credit union, uh,

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Speaker 1: that participates in something like this. We'll link to Yada

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Speaker 1: as well, which is available everywhere, and you might already

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Speaker 1: be banking with somebody awesome who's paying the top rates

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Speaker 1: in the country, like C I, t or marcus or ally.

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Speaker 1: Those are those are awesome banks that we talked about

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Speaker 1: here a lot on the show. But if you're saying

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Speaker 1: I need a way, I need some incentive to help

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Speaker 1: me psychologically be willing to and able to save more money,

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Speaker 1: a little more spice in my savings account, that's what

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Speaker 1: I'm looking for. Maybe a little lot of action inside

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Speaker 1: of that savings platform will be the right motivation to

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Speaker 1: get you to salk more money away, whereas now you're

428
00:19:37,160 --> 00:19:40,040
Speaker 1: like two percent. Cool, two point four percent, I think,

429
00:19:40,080 --> 00:19:41,439
Speaker 1: is what C I is offering right now, which is

430
00:19:41,440 --> 00:19:45,320
Speaker 1: pretty incredible compared compared to where things have been. But here,

431
00:19:45,359 --> 00:19:48,359
Speaker 1: like you listen, I'll take a slightly lower rate that

432
00:19:48,400 --> 00:19:51,399
Speaker 1: offers me the potential to earn significantly more with some

433
00:19:51,440 --> 00:19:53,239
Speaker 1: sort of a lot of style drawing I think it's

434
00:19:53,280 --> 00:19:54,520
Speaker 1: cool and I think it can help a lot of

435
00:19:54,560 --> 00:19:57,679
Speaker 1: people up their savings game well. But now let's talk

436
00:19:57,680 --> 00:20:00,159
Speaker 1: about the opposite of saving here for a second, because is,

437
00:20:00,280 --> 00:20:03,040
Speaker 1: uh yeah, incentivizing yourself to save more is a good thing.

438
00:20:03,080 --> 00:20:06,720
Speaker 1: The opposite, the very opposite extreme of that, is basically

439
00:20:06,760 --> 00:20:09,840
Speaker 1: impulse buying, right and and that is on the rise

440
00:20:09,920 --> 00:20:12,439
Speaker 1: right now. I didn't realize this, but a man like

441
00:20:12,760 --> 00:20:14,480
Speaker 1: I was on Instagram the other night and I didn't

442
00:20:14,480 --> 00:20:16,399
Speaker 1: know there's like literally a button you can press and

443
00:20:16,400 --> 00:20:18,359
Speaker 1: they will just show you stuff that they think you

444
00:20:18,359 --> 00:20:21,879
Speaker 1: want to buy. It's amazing shopping feature. Yeah, I'm like,

445
00:20:21,920 --> 00:20:23,600
Speaker 1: I guess it was there. I never collect on it

446
00:20:23,600 --> 00:20:25,080
Speaker 1: before and then I accidentally clicked it and I was

447
00:20:25,119 --> 00:20:27,080
Speaker 1: like Whoa, like they're just trying to sell me like

448
00:20:27,119 --> 00:20:29,199
Speaker 1: hats and shorts and stuff like that and things that

449
00:20:29,240 --> 00:20:31,840
Speaker 1: they know I would be keen that. You're like, oh, yeah,

450
00:20:31,880 --> 00:20:33,879
Speaker 1: I kind of. Oh yeah, with the shop. That is

451
00:20:33,920 --> 00:20:36,000
Speaker 1: my style. Right. I knew it was there, but I

452
00:20:36,040 --> 00:20:38,720
Speaker 1: also avoid it too. Yeah, well, so it's weird stuff

453
00:20:38,720 --> 00:20:42,280
Speaker 1: that they're feeding me right now. It's just so much easier. Oh,

454
00:20:42,280 --> 00:20:43,919
Speaker 1: there you go. Well, I mean that is definitely up

455
00:20:43,960 --> 00:20:47,360
Speaker 1: your alley. Well, it's just easier than ever to impulse

456
00:20:47,359 --> 00:20:50,280
Speaker 1: buy stuff these days, based on the Algorithms and the

457
00:20:50,320 --> 00:20:54,480
Speaker 1: way in which we're bombarded with hyp highly tailored ads,

458
00:20:54,680 --> 00:20:57,280
Speaker 1: and consumer debt is rocketing back up right now. And

459
00:20:57,320 --> 00:20:59,600
Speaker 1: this this might sound random at but it turns out

460
00:20:59,640 --> 00:21:03,359
Speaker 1: that drinking caffeine can actually cause you to spend more money.

461
00:21:03,840 --> 00:21:07,399
Speaker 1: Odd But true. A new study shows that grabbing an

462
00:21:07,480 --> 00:21:10,280
Speaker 1: espresso or a coke before going into a store, or

463
00:21:10,320 --> 00:21:13,399
Speaker 1: maybe even before hopping on Instagram, will get you just

464
00:21:13,560 --> 00:21:16,920
Speaker 1: wired enough to up your spend amount. And not only

465
00:21:16,920 --> 00:21:19,240
Speaker 1: did the average person spend more overall in this study,

466
00:21:19,440 --> 00:21:22,320
Speaker 1: they also purchased more items. They would just add more stuff.

467
00:21:23,160 --> 00:21:26,760
Speaker 1: And I don't know, I'm if you're all like, if

468
00:21:26,800 --> 00:21:28,720
Speaker 1: you're all wired, you're just like, just give me honestly,

469
00:21:29,400 --> 00:21:32,000
Speaker 1: I can't control myself exactly. And and like, yeah, I

470
00:21:32,440 --> 00:21:35,119
Speaker 1: like caffeine on occasion. I drink some sort of caffeine

471
00:21:35,280 --> 00:21:37,840
Speaker 1: beverage basically every day, but I had no idea that

472
00:21:37,880 --> 00:21:41,439
Speaker 1: caffeine could have a real impact on your shopping behavior.

473
00:21:41,640 --> 00:21:43,280
Speaker 1: So what we would suggest? I guess, if you're trying

474
00:21:43,280 --> 00:21:45,840
Speaker 1: to curb impulse spending, in your life. You might want

475
00:21:45,840 --> 00:21:47,720
Speaker 1: to cut back just a little on your caffeine intake

476
00:21:47,800 --> 00:21:50,560
Speaker 1: or maybe, maybe, just don't browse your favorite sites right

477
00:21:50,600 --> 00:21:53,639
Speaker 1: after that cup of coffee because, yeah, if scientifically it

478
00:21:53,720 --> 00:21:55,800
Speaker 1: might cause you to spend more than you want. Definitely

479
00:21:55,880 --> 00:21:57,840
Speaker 1: something to keep in mind, and I wonder as well

480
00:21:57,920 --> 00:22:01,159
Speaker 1: if this is why target and starbucks of partnered together,

481
00:22:01,240 --> 00:22:03,400
Speaker 1: and you can't not go into a starbucks or into

482
00:22:03,400 --> 00:22:06,119
Speaker 1: a target. Man, we were like, we weren't hitting on target,

483
00:22:06,119 --> 00:22:08,280
Speaker 1: I guess, earlier, but we're talking a lot about target today.

484
00:22:08,760 --> 00:22:11,280
Speaker 1: But yeah, stay away from the starbucks before we start

485
00:22:11,320 --> 00:22:14,119
Speaker 1: perusing the aisles at your local Tar j, because it

486
00:22:14,200 --> 00:22:16,080
Speaker 1: might help you to save a little bit more money.

487
00:22:16,080 --> 00:22:17,960
Speaker 1: If you'RE gonna get one, get it on the way out. Yeah,

488
00:22:17,960 --> 00:22:20,240
Speaker 1: there you go, uh, Joel. Let's talk about investing. Uh,

489
00:22:20,240 --> 00:22:22,280
Speaker 1: it's we know this, but it's easier. It's cheaper than

490
00:22:22,280 --> 00:22:26,320
Speaker 1: ever to invest your money, but it's also easier than

491
00:22:26,359 --> 00:22:29,360
Speaker 1: ever to think you're investing when you're really just gambling.

492
00:22:29,760 --> 00:22:32,760
Speaker 1: A recent White Paper discussed how folks who are buying

493
00:22:32,840 --> 00:22:35,560
Speaker 1: top shots, N F T S, how they love the

494
00:22:35,640 --> 00:22:40,680
Speaker 1: lottery features involved those basketball basketball exactly. But there there

495
00:22:40,720 --> 00:22:43,640
Speaker 1: was like this lottery feature involved in buying and selling

496
00:22:44,000 --> 00:22:47,680
Speaker 1: and that this sort of feeds the sensation seeking behavior

497
00:22:47,720 --> 00:22:51,280
Speaker 1: that folks are drawn to. Uh. This unfortunately often resulted

498
00:22:51,359 --> 00:22:54,240
Speaker 1: in losing a ton of money. Speculation it's been on

499
00:22:54,280 --> 00:22:57,560
Speaker 1: the rise, especially in the aftermath of Covid with with

500
00:22:57,600 --> 00:23:01,080
Speaker 1: more time at home, generous steamy check uh and so

501
00:23:01,119 --> 00:23:03,760
Speaker 1: it's just something that we want to highlight because we

502
00:23:03,840 --> 00:23:07,320
Speaker 1: want you to not speculate and gamble your money, but

503
00:23:07,400 --> 00:23:10,040
Speaker 1: we want you to actually invest. And this reminds me

504
00:23:10,040 --> 00:23:12,480
Speaker 1: of a quote from an investing genius, Benjamin Graham. He

505
00:23:12,560 --> 00:23:15,640
Speaker 1: said that an investor looks for investments that provides safety

506
00:23:15,760 --> 00:23:19,040
Speaker 1: and a solid return. A speculator tries to profit off

507
00:23:19,040 --> 00:23:22,600
Speaker 1: of market moves like superior investing technology. It's been a

508
00:23:22,640 --> 00:23:25,960
Speaker 1: boon for investors who prefer the boring approach, but it's

509
00:23:26,000 --> 00:23:29,879
Speaker 1: also a massive problem for many other folks, often leading

510
00:23:29,880 --> 00:23:32,639
Speaker 1: them to lose money that they can't afford to part with.

511
00:23:32,680 --> 00:23:35,080
Speaker 1: This is money that they should be investing, not only

512
00:23:35,160 --> 00:23:37,879
Speaker 1: for I mean years at a time, but for decades

513
00:23:37,920 --> 00:23:41,320
Speaker 1: at a time. Folks should be focusing on the retirement

514
00:23:41,359 --> 00:23:44,600
Speaker 1: savings accounts and oftentimes there instead messing around with money

515
00:23:44,640 --> 00:23:48,080
Speaker 1: that's just sitting there in a non tax advantage brokerage account.

516
00:23:48,160 --> 00:23:51,879
Speaker 1: I think you mentioned the term sensation seeking behavior and

517
00:23:51,920 --> 00:23:53,720
Speaker 1: that was, I think, the literal term they used in

518
00:23:53,720 --> 00:23:56,080
Speaker 1: the paper they wrote that. Yeah, and it's funny because

519
00:23:56,080 --> 00:23:58,679
Speaker 1: we were just talking about these gamified savings accounts and

520
00:23:58,720 --> 00:24:02,159
Speaker 1: that is using sensation and seeking behavior to your advantage,

521
00:24:02,240 --> 00:24:05,399
Speaker 1: like incentivizing you in the right direction. This is the opposite, right.

522
00:24:05,600 --> 00:24:08,560
Speaker 1: It's that sensation seeking behavior that really is just akin

523
00:24:08,640 --> 00:24:10,720
Speaker 1: to gambling and a lot of people losing their money

524
00:24:10,720 --> 00:24:13,320
Speaker 1: that way. So I think there are ways you can

525
00:24:13,320 --> 00:24:16,520
Speaker 1: gamify money to to use it to propel you forward

526
00:24:16,640 --> 00:24:19,080
Speaker 1: or to hamper your progress, and this is one of

527
00:24:19,080 --> 00:24:21,200
Speaker 1: those ways where people are using it to their own harm,

528
00:24:21,240 --> 00:24:23,840
Speaker 1: to their own detriment. And I don't know what platform, Matt,

529
00:24:23,840 --> 00:24:26,040
Speaker 1: would you say a huge percentage of folks used to

530
00:24:26,040 --> 00:24:28,880
Speaker 1: make their speculative traits Robin Hood. Of course, yeah, right,

531
00:24:28,960 --> 00:24:31,200
Speaker 1: of course that is. That is the platform Du Jour

532
00:24:31,320 --> 00:24:34,560
Speaker 1: for folks who want to day trade. And there's nothing

533
00:24:34,600 --> 00:24:38,200
Speaker 1: inherently wrong with Robin Hood's products. Actually it's a really

534
00:24:38,240 --> 00:24:40,720
Speaker 1: good product. It's just that people tend to buy and

535
00:24:40,720 --> 00:24:43,359
Speaker 1: sell stocks on a whim because of the way the

536
00:24:43,359 --> 00:24:45,560
Speaker 1: interface is set up and, like I was just saying,

537
00:24:45,560 --> 00:24:48,879
Speaker 1: to brokerage accounts. There are not retirement accounts offered on

538
00:24:49,000 --> 00:24:51,119
Speaker 1: Robin's right. It's basically once they do once they do that,

539
00:24:51,280 --> 00:24:53,560
Speaker 1: I think we will slightly change our Tum yes, agreed,

540
00:24:53,680 --> 00:24:55,719
Speaker 1: but right now you can't even open up a Roth

541
00:24:55,760 --> 00:24:58,639
Speaker 1: IRA on that platform, which I think is telling of

542
00:24:58,680 --> 00:25:00,280
Speaker 1: what Robin Hood is trying to get people to do.

543
00:25:00,359 --> 00:25:03,600
Speaker 1: They're they're almost encouraging us to take action when the

544
00:25:03,680 --> 00:25:08,040
Speaker 1: best investors are stocking away money and patiently doing nothing. Right.

545
00:25:08,080 --> 00:25:10,760
Speaker 1: There in action is an investor's best friend. And so,

546
00:25:10,880 --> 00:25:14,760
Speaker 1: Matt Robin Hood just launched their own version of an

547
00:25:14,760 --> 00:25:17,520
Speaker 1: index fund this week. But, and you know, we talked

548
00:25:17,520 --> 00:25:21,040
Speaker 1: about index funds a lot. Total stock market funds, SMP funds,

549
00:25:21,040 --> 00:25:23,720
Speaker 1: those are great low cost funds, a simple way to

550
00:25:23,800 --> 00:25:25,840
Speaker 1: invest that people can understand and that a lot of

551
00:25:25,840 --> 00:25:28,919
Speaker 1: folk should choose. But this new Robin Hood One is

552
00:25:28,960 --> 00:25:32,000
Speaker 1: not one we'd recommend. Why is that? Well, instead of

553
00:25:32,080 --> 00:25:35,320
Speaker 1: investing in a big chunk of the overall market, if

554
00:25:35,359 --> 00:25:37,600
Speaker 1: you buy into this Robin Hood Index Fund, you're investing

555
00:25:37,640 --> 00:25:41,280
Speaker 1: in the favorite funds of Robin Hood, users of the day,

556
00:25:41,280 --> 00:25:44,880
Speaker 1: trader crowd right of the meme stock fellas and so populism,

557
00:25:45,040 --> 00:25:48,920
Speaker 1: investing right, right and like. Is this better than willy

558
00:25:49,000 --> 00:25:52,560
Speaker 1: nearly choosing individual stocks to invest in? Maybe a little

559
00:25:52,600 --> 00:25:55,240
Speaker 1: bit right, but it's still not a fund worth considering.

560
00:25:55,280 --> 00:25:57,239
Speaker 1: I think. If you're if you're on Robin Hood, if

561
00:25:57,280 --> 00:25:59,400
Speaker 1: that's where your main account is one we would say

562
00:25:59,400 --> 00:26:01,280
Speaker 1: it shouldn't be, because they don't have access to the

563
00:26:01,320 --> 00:26:03,600
Speaker 1: retirement accounts you need. And too you might see this

564
00:26:03,640 --> 00:26:05,560
Speaker 1: fun pop up and say, Matt and Joel Talk About

565
00:26:05,560 --> 00:26:08,240
Speaker 1: Index Funds. This is Robin Hood's version of an index fund.

566
00:26:08,880 --> 00:26:11,199
Speaker 1: Kind of yeah, but it's still worlds, apart from the

567
00:26:11,240 --> 00:26:13,920
Speaker 1: Classic Index Funds that we recommend that allow you to

568
00:26:14,080 --> 00:26:19,000
Speaker 1: gain access to basically a ridiculously large slice of American

569
00:26:19,520 --> 00:26:24,080
Speaker 1: or worldwide businesses. So yeah, this new Robin Hood Attempt

570
00:26:24,119 --> 00:26:26,560
Speaker 1: at creating an index fund not so good. Two thumbs down.

571
00:26:26,880 --> 00:26:29,400
Speaker 1: Thumbs down, stay away from it, Joel. Our last story.

572
00:26:29,480 --> 00:26:32,639
Speaker 1: Let's talk about poop music, because if you have an

573
00:26:32,640 --> 00:26:35,359
Speaker 1: Amazon Echo, there's a good chance your kids are listening

574
00:26:35,400 --> 00:26:38,639
Speaker 1: to it. But his parents with school aged kids, they've

575
00:26:38,680 --> 00:26:41,080
Speaker 1: they've heard of Perry grip. These are songs about like

576
00:26:41,320 --> 00:26:45,200
Speaker 1: cats flushing the toilets, hamsters on pianos. They are catchy, dude,

577
00:26:45,240 --> 00:26:47,560
Speaker 1: doesn't it doesn't make them good, though. Yeah, that that

578
00:26:47,640 --> 00:26:50,720
Speaker 1: dude has made like real serious money making these dorky

579
00:26:50,840 --> 00:26:54,160
Speaker 1: kids songs. Turns out, when your kids yell Poop at Alexa,

580
00:26:54,440 --> 00:26:57,679
Speaker 1: it might play a song like poopy stupid, but the

581
00:26:57,720 --> 00:27:00,399
Speaker 1: guy that the record of the song, he's making bank.

582
00:27:00,800 --> 00:27:03,080
Speaker 1: And so why are we talking about the story? Honestly,

583
00:27:03,280 --> 00:27:05,960
Speaker 1: we think it's incredible of all the different ways that

584
00:27:05,960 --> 00:27:08,879
Speaker 1: folks were able to make money. We are all for that.

585
00:27:10,040 --> 00:27:12,320
Speaker 1: But whether or not you're cool with your kids listening

586
00:27:12,359 --> 00:27:16,480
Speaker 1: to poopy stupid, but that's totally up to you. Personally,

587
00:27:16,520 --> 00:27:18,680
Speaker 1: personal decision. Personally, I'm not a fan. There's no way

588
00:27:18,720 --> 00:27:21,879
Speaker 1: I'm gonna let my kids listen to this crap. UNINTENDED

589
00:27:22,200 --> 00:27:25,840
Speaker 1: UH one. But we just came back from Finncon Matt

590
00:27:25,920 --> 00:27:28,320
Speaker 1: not too long ago and it's this nerdy financial media

591
00:27:28,359 --> 00:27:31,320
Speaker 1: conference and I'm I'm constantly amazed at the ways that

592
00:27:31,359 --> 00:27:34,600
Speaker 1: people make money online. The world can be your oyster

593
00:27:34,720 --> 00:27:37,800
Speaker 1: and if poop music is your is your method to

594
00:27:37,920 --> 00:27:40,880
Speaker 1: financial success and creative fulfillment, go for it. I say

595
00:27:40,920 --> 00:27:42,600
Speaker 1: more power to you, but I'm not going to support it.

596
00:27:43,560 --> 00:27:45,880
Speaker 1: You don't have to. You don't have to. Yeah, potty humor.

597
00:27:46,600 --> 00:27:48,480
Speaker 1: We've had a kindergartener and so if someone like two

598
00:27:48,480 --> 00:27:49,920
Speaker 1: it's at the table or something like that. Yeah, we

599
00:27:50,000 --> 00:27:52,400
Speaker 1: laugh at it's it's funny, right. But, like, I'm also

600
00:27:52,480 --> 00:27:56,840
Speaker 1: not gonna like listen to songs that's just solely about poop.

601
00:27:57,000 --> 00:27:59,760
Speaker 1: You know, like there's a difference between like, like what

602
00:27:59,880 --> 00:28:01,840
Speaker 1: is music? Like? I want to teach my kids that's

603
00:28:01,880 --> 00:28:03,320
Speaker 1: more of like an art form, that is something that

604
00:28:03,320 --> 00:28:06,440
Speaker 1: can be beautiful as opposed to like the lowest common denominator,

605
00:28:07,359 --> 00:28:10,200
Speaker 1: which is bathroom humor. Still, mad props to the perigrips

606
00:28:10,240 --> 00:28:12,199
Speaker 1: of this world and they are using it to their

607
00:28:12,720 --> 00:28:15,840
Speaker 1: support that. You know. My kids all listen to everyone.

608
00:28:15,880 --> 00:28:17,840
Speaker 1: So the catalush and a toilet song, it's a classic.

609
00:28:17,880 --> 00:28:20,200
Speaker 1: It is it's a modern classic. So, all right, it

610
00:28:20,320 --> 00:28:23,680
Speaker 1: might not be the Beatles or whatever, but still that's

611
00:28:23,680 --> 00:28:25,480
Speaker 1: what I wanted to I mean literally, we listened to

612
00:28:25,480 --> 00:28:27,800
Speaker 1: the Beatles or the beach boys. Like lately we've been

613
00:28:27,880 --> 00:28:30,200
Speaker 1: playing some like bands that Kate and I have always

614
00:28:30,000 --> 00:28:32,440
Speaker 1: been like the decembrist. We're teaching like that's one of

615
00:28:32,520 --> 00:28:35,480
Speaker 1: Kate's favorite bands, decembrists. I was playing some Jimmy eat

616
00:28:35,480 --> 00:28:37,960
Speaker 1: world for every the other day. But like teaching them

617
00:28:38,000 --> 00:28:40,840
Speaker 1: some of the great bands of at least of our history,

618
00:28:41,080 --> 00:28:42,920
Speaker 1: of our past. I'm down, I'm down. Yeah, all right,

619
00:28:42,960 --> 00:28:44,960
Speaker 1: that's gonna do it for this episode. You, you'd be

620
00:28:44,960 --> 00:28:46,440
Speaker 1: the judge on your own in your own in your

621
00:28:46,440 --> 00:28:50,520
Speaker 1: own home, not parent podcasts here. But yeah, people would

622
00:28:50,480 --> 00:28:52,120
Speaker 1: be in trouble if it was. But all right, that's

623
00:28:52,120 --> 00:28:53,760
Speaker 1: gonna do it for it, for this one. And it

624
00:28:53,800 --> 00:28:56,160
Speaker 1: will have links to all the stuff we mentioned up

625
00:28:56,200 --> 00:28:58,040
Speaker 1: on our site and how to money dot com. And again,

626
00:28:58,080 --> 00:29:00,440
Speaker 1: you can always sign up for that how the money newsletter.

627
00:29:00,440 --> 00:29:02,880
Speaker 1: Tuesday morning is when the next one comes out. Sign

628
00:29:03,000 --> 00:29:05,560
Speaker 1: up now to get that one in your inbox. But, Matt,

629
00:29:05,920 --> 00:29:08,840
Speaker 1: until next time, best friends out, best friends out,