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

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Speaker 2: Today we're talking plunging prices, Yankee job markets, and day

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Speaker 2: trading Doris.

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Speaker 1: So is Doris your go to old person named Joel?

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Speaker 2: I would say it's usually Janet. I just couldn't find

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Speaker 2: it a literative way to say that one. But that's

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Speaker 2: because the letters didn't match up. Yeah, exactly, you do,

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Speaker 2: Janet because of Uh.

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Speaker 1: I've put a lot of thought in those titles, Matt, Janet,

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Speaker 1: because of blue, because that's the go to grandma named there. Yeah,

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Speaker 1: uh no, we're talking yeah boomers, folks who are retiring,

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Speaker 1: who are day trading more. But dude, let's just kick

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Speaker 1: things off. Actually, we've got a lot to get to today.

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Speaker 1: Let's talk about skimpflation, not shrink flation, skimp flation, which is,

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Speaker 1: and I'm not actually sure if this is a term

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Speaker 1: that friend of the show Nick Midjulie coined, but he

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Speaker 1: wrote about it recently over on his blog. Essentially, so

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Speaker 1: let me define it, which is essentially, when a company

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Speaker 1: chooses to go with inferior products or ingredients that go

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Speaker 1: into something that they are manufacturing, all in an effort

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Speaker 1: to keep prices low. Right, So, rather than raise prices

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Speaker 1: on consumers or shrink the package that you're getting, which

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Speaker 1: is the definitely named shrinkflation. HU. Instead it's like, oh,

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Speaker 1: you're still getting the same amount of stuff. Maybe that

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Speaker 1: stuff isn't quite as good. It's like the same size steak,

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Speaker 1: but just like a lower quality. Yeah, maybe it's like

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Speaker 1: the choice instead of the prime, a little less marbling

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Speaker 1: going on. But what do you think about that?

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Speaker 2: I think it's an understandable reaction to rising prices, But

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Speaker 2: I think consumers are going to sniff that stuff out

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Speaker 2: and be frustrated by I think people don't mind. You

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Speaker 2: and I have talked about how shrink flation is actually understandable. Like,

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Speaker 2: I get it. I get how producers want to offer

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Speaker 2: people the same quality problem, but just a little bit

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Speaker 2: less of it and keep the price the same instead

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Speaker 2: of raising prices. That's a reasonable response. I kind of

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Speaker 2: like the idea of shri inflation over skimflation. Yeah, I

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Speaker 2: think this one is kind of like you're maintaining the

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Speaker 2: quality is just like, but do you need all that

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Speaker 2: you think you need?

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Speaker 1: Right? Could you get by with this? One?

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Speaker 2: Frustrates me a little bit more. I don't know that

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Speaker 2: I've encountered it though the way Nickmajulie was talking about, Well.

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Speaker 1: It's oftentimes because it is hidden, right, it's not something

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Speaker 1: that you would notice right away. And I am of

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Speaker 1: two minds as I think about this, because on one hand,

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Speaker 1: I like the fact that consumers have a choice, Like,

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Speaker 1: essentially people are able to continue to receive the goods

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Speaker 1: that they're receiving, albeit maybe at a slightly lower quality.

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Speaker 1: Or sometimes it's like a service right with where someone's

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Speaker 1: being replaced by automation AI, chatbot, that kind of a thing,

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Speaker 1: and so you're receiving an inferior product in that way.

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Speaker 1: But if that means that that good, that service is

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Speaker 1: accessible to a larger group of people, I can get

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Speaker 1: behind that, Like that is the good side of things.

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Speaker 1: The potential downsides might be that it lends itself more

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Speaker 1: to like a throwaway kind of consumption culture. Right, if

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Speaker 1: something isn't going to last, it just makes you think

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Speaker 1: of probably I don't know half the stuff you might

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Speaker 1: buy on Amazon, where you're just like, is this actually

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Speaker 1: gonna last? I guess that's the downside. But on the

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Speaker 1: other end of things, you still have the ability to

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Speaker 1: pay for nicer or higher quality items like you mentioned meat, right,

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Speaker 1: and man, if folks are still able to get pre

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Speaker 1: day good quality meat at Costco or somewhere more affordable,

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Speaker 1: but if they want to go to their local butcher,

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Speaker 1: because it's just like, well, it's really hard to beat

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Speaker 1: those stake burgers. Yeah, I know you're such a fan

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Speaker 1: of love, then like that's your ability, Like you have

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Speaker 1: an option there to spend a little bit more for

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Speaker 1: the higher quality, and you absolutely love it, But that

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Speaker 1: doesn't negate other people being able to get something that

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Speaker 1: is a bit more affordable for them. So personally, I'm

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Speaker 1: fine with it, and you can also I'm fine with it.

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Speaker 2: Offer your feedback to the retailer, to the small business,

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Speaker 2: to the big business and say, hey, guess what, I'm

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Speaker 2: sending this back because it's not it's not as good

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Speaker 2: as it used to be, or you know, right, go

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Speaker 2: talk to the owner and say, hey, man, I've noticed

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Speaker 2: like this feels like it's it's not the same product

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Speaker 2: that you used to sell.

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Speaker 1: What's going on. I know life is full of trade offs,

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Speaker 1: but I don't like the trade off that you've recently made.

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Speaker 2: You have we all have a voice, right, and that's

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Speaker 2: the great thing about free market. I know.

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Speaker 1: That's what I'm about to say.

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Speaker 2: It like that, we're not is heathered to anything. They're

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Speaker 2: a better option than the ability for producers, for business

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Speaker 2: owners to experiment a little bit. And maybe, let's just

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Speaker 2: say it's not a bounce. Maintaining the an affordable price

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Speaker 2: for consumers. Let's just say is them looking at shareholders

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Speaker 2: and saying, Okay, let's see how we can increase returns

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Speaker 2: and make this a more profitable company.

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Speaker 1: And if it works, then it works. If it doesn't work,

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Speaker 1: it's going to come back to bite you in the butt.

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Speaker 1: It is a self correcting system, and in that way,

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Speaker 1: it's I think it's hard to beat the structure of capitalism.

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Speaker 2: And there's always been kind of this worry and fear

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Speaker 2: about a race to the bottom. And the truth is,

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Speaker 2: at some point consumers are.

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Speaker 1: Like, uh, don't like it.

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Speaker 2: Yeah, great, it's super cheap, but it sucks, and so

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Speaker 2: I don't want that, and I'm willing to pay more

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Speaker 2: for higher quality. And the great thing is we have

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Speaker 2: like tiers of choices, yep. And if I want the

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Speaker 2: bare bottom, low wrung tier that's going to break within

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Speaker 2: like two days, Like I can choose that but then

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Speaker 2: I also have the ability to pay for something that's

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Speaker 2: higher quality, better made, that's going to stick around my

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Speaker 2: life for longer.

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Speaker 1: I love it, man, I love that there's so many

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Speaker 1: options here in the United States.

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Speaker 2: But it's inflation. Won't keep that term inflation in the rolodex.

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Speaker 2: But let's continue the conversation.

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Speaker 1: Talk about affordability and rising prices, which is obviously a

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Speaker 1: concern for a lot of folks. But we are seeing

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Speaker 1: signs of some important sectors that are experiencing real downward

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Speaker 1: price movements. Specifically, want to highlight home buyers instead of

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Speaker 1: paying ten percent above asking price like they were three

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Speaker 1: to four years ago, they are getting an average eight

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Speaker 1: percent price reduction these days. Things are also moving in

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Speaker 1: the right direction. On car insurance rates auto insurance, they're

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Speaker 1: falling by an average of six percent across the country

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Speaker 1: over the past year. This is according to and Surify,

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Speaker 1: which is fantastic. I feel like for years we were

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Speaker 1: only talking about insurance rates going up. Home insurance. Oh,

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Speaker 1: I don't know where things stand with homeowners yet, but

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Speaker 1: I wouldn't be surprised if we see a correction there

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Speaker 1: right like as we have witnessed the jolts of what

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Speaker 1: we've experienced, you know, over the past five six years,

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Speaker 1: play out in the market as we are resuming some

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Speaker 1: hopeful sense of normalcy. But just remember that savings go

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Speaker 1: to those who shop around. So when we're talking about insurance,

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Speaker 1: make sure that you're considering an independent agent. Get multiple

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Speaker 1: quotes out there. If you are loyal to the same

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Speaker 1: ensure that you've had for forever, If you feel some

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Speaker 1: sort of emotional attachment, just know that they're going to

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Speaker 1: take advantage of that and you're going to pay more.

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Speaker 2: Be loyal to your spouse, be loyal to your friends,

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Speaker 2: be less loyal to your insurance company, because that's how

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Speaker 2: you're going to save money. And yeah, I think the

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Speaker 2: four years before last year, Matt prices on insurance went

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Speaker 2: up something over forty percent. So it was like shocking

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Speaker 2: to a lot of people, and especially in California or Florida,

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Speaker 2: a lot of people are like freaking out, and understandably

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Speaker 2: so is a budget buster. So it's good to see

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Speaker 2: that trendsviders were completely leaving those states in particular, I

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Speaker 2: get it. Yeah, in lesser money saving news, you can

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Speaker 2: also get that bag of sour cream and onion or

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Speaker 2: salt and vinegar for a little bit less now chips, chips, baby, yeah,

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Speaker 2: Pepsi Co which owns you know, Lays, Doritos, all that

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Speaker 2: kind of stuff. They announced that they're lowering prices on

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Speaker 2: chips by about fifteen percent or up to fifteen percent.

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Speaker 2: So when they say up to I guess I don't

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Speaker 2: know how much are you actually going to say about

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Speaker 2: chip full see General Mills. They also made promises about

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Speaker 2: lowering prices on some of their food items cheerios, anties,

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Speaker 2: mac and cheese, which I think they purport to be healthier,

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Speaker 2: but I don't know if it actually is.

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Speaker 1: Matt.

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Speaker 2: I'm I'm have to do some yeah you buy it

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Speaker 2: scientific research on that. But you know, while this could

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Speaker 2: lead to slightly lower prices on some items, shelf pricing

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Speaker 2: is ultimately up to the retailer. And as most folks know, chips, cereal,

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Speaker 2: those prepackaged goods, they don't really represent great value, even

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Speaker 2: if are becoming a little more reasonable. Real foods, baby,

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Speaker 2: that's how you're going to save money at the grocery store.

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Speaker 1: Listen to Maha Joel over here talking about real food,

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Speaker 1: eat real food. Do they have a room for Maha dad.

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Speaker 2: It's like you, Matt, they do because I hear all

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Speaker 2: the talk about Maha moms.

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Speaker 1: But I'm sure there's a strong dad in Tennessee as well.

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Speaker 1: And by the way, we're not politically affiliated with that,

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Speaker 1: but we'm all for people eat real foods. Yeah, aside

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Speaker 1: from the non political affiliation, I'm just going to agree

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Speaker 1: with the fact that people should be eating real food

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Speaker 1: at home if you can, because's how you're gonna say

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Speaker 1: the most money. Speaking of which, Consumer Reports just released

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Speaker 1: a list of the most and least expensive grocery stores. Obviously,

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Speaker 1: where you shop is highly correlated to your ability to

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Speaker 1: save money in the food portion of your budget each

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Speaker 1: and every single month, and their data points to something

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Speaker 1: that we've been talking about here on the show for

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Speaker 1: a long time. And I love the stat because this

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Speaker 1: aligns perfectly with what I personally experienced, which is that

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Speaker 1: grocery prices can vary by more than thirty three percent

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Speaker 1: depending on where you shop, even within the same city.

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Speaker 1: And this is literally, really exactly what we saw. Our

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Speaker 1: grocery budget go down by thirty three percent. It was

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Speaker 1: cut by a third once we started shopping at Aldi

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Speaker 1: versus our local traditional grocery store.

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Speaker 2: That's essentially what Aldi purports in their ads too, is

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Speaker 2: that they can save thirty plus percent on people talking

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Speaker 2: about that, like the Consumer Reports basically says they're not lying.

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Speaker 1: Six years ago is I think when we were gosh,

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Speaker 1: maybe it was seven years ago when the Aldi that

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Speaker 1: was close to us first opened up back in the day,

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Speaker 1: and it was like a budget godsend man like, it

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Speaker 1: was fantastic to see that relief.

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Speaker 2: But did you notice yeah, yeah, yeah, I'll get to

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Speaker 2: that part.

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Speaker 1: Costco surprisingly beat Aldi. They not only beat Aldi, but

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Speaker 1: they beat Legal and Walmart on the basket of goods

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Speaker 1: that Consumer Reports tested. And I don't exactly I love

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Speaker 1: it when stuff like that checks with my priors. I

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Speaker 1: will say I was diving into the research and the

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Speaker 1: they did it based on different markets around the country,

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Speaker 1: and the market closest to us Costco and Aldi were

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Speaker 1: it was the Okay, so that's the national average. And

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Speaker 1: so that did get me to thinking, though, like I

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Speaker 1: talk about how much we save specifically with Aldi, and

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Speaker 1: I'm thinking we'll shoot maybe in other markets people aren't

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Speaker 1: saving nearly as much versus either way you're saving. So

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Speaker 1: the baseline was Walmart all those numbers were compared to

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Speaker 1: watch Walmart was the baseline because you can that they

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Speaker 1: are literally everywhere, Yeah, as opposed to like a BJ's.

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Speaker 1: You mean you may you may not have an Aldi

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Speaker 1: near you, but or legal little or it's legal okay

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Speaker 1: yeah yeah, but but yeah, and we were fortunate to

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Speaker 1: have all of those by us. But it's amazing.

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Speaker 2: Yeah, where you shot matter so much. And when you

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Speaker 2: look at the numbers, of course, like Whole Foods was

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Speaker 2: the top forty percent.

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Speaker 1: More on average than than Walmart. I believe it is

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Speaker 1: because have you ever been to a Whole Foods recently

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Speaker 1: and seeing the number of employees walking around making it

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Speaker 1: look so nice? What's a great way that one of

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Speaker 1: our kids recently and they're like, why is this so

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Speaker 1: much more expensive? I'm like, do you see how nice

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Speaker 1: it isn't there compared to the fact that like at Aldi,

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Speaker 1: all the food is in the cardboard boxes that it

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Speaker 1: was shipped to the store, and it is a nicer experience.

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Speaker 1: And I mean it's in part that it's not for

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Speaker 1: the nicer experience, but we do buy like our go

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Speaker 1: to coffee bean, the counterculture beans that we buy, they

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Speaker 1: sell out whole foods, and if you're lucky, the two

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Speaker 1: pound bags go on sale like once or twice a month,

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Speaker 1: so that's when we try to load up. And I'm

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Speaker 1: just like, it's a very different experience, and people are

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Speaker 1: willing to pay for that nicer experience and and a

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Speaker 1: lot of cases for higher quality goods, although that's not

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Speaker 1: always the case, right because Costco in particular, they've got

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Speaker 1: some of those nicer name brands.

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Speaker 2: To me, that's why Costco hits a sweet spot because

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Speaker 2: they're like almost at that level of Whole Foods in

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Speaker 2: terms of quality, but the price is so much better

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Speaker 2: because when I go into Whole Foods, I just I

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Speaker 2: have like sticker shock. I can't believe so the prices

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Speaker 2: in there, but I get it.

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Speaker 1: And I will say, I'm only buying things in the

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Speaker 1: Whole Foods that I can't find anywhere else, like, for instance,

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Speaker 1: a special meal that requires back choy because we're doing

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Speaker 1: like a Korean meal for you know, for the family.

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Speaker 2: Well like that, and Whole Foods, I feel like the

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Speaker 2: pricing has gotten better since Amazon took over ownership. So

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Speaker 2: from that perspective, it's at least presents h it's it's

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Speaker 2: less of a gut punch to go in there and chop.

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Speaker 2: But it's just I think it's really just important for

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Speaker 2: people to know that if you want to pay thirty

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Speaker 2: percent more, yeah, go to these other grocery stores. But

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Speaker 2: if you want to pay the lowest possible price, it's

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Speaker 2: you know, Aldy and Costco are pretty much at the

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Speaker 2: top of the list.

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Speaker 1: Yeah.

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Speaker 2: The opposite of hitting up a cheap grocery store isn't

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Speaker 2: ordering takeout, though, it's it's having your takeout delivered, which

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Speaker 2: still matt hate it on one of my pet peeves

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Speaker 2: the worst, trying to commence everyone in the United States

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Speaker 2: of America to avoid those apps. Even after the cute

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Speaker 2: Super Bowl ads Apparently, I think it was where they're

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Speaker 2: like Grubhub. I think there was something. Maybe it was

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Speaker 2: for Uber Eats, and I think it had Matthew McConaughey

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Speaker 2: and Bradley Cooper in it, Okay, and I think that

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Speaker 2: was That was literally the only ad I remember, because

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Speaker 2: I watched very little of the Super Bowl because I'm

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Speaker 2: I didn't.

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Speaker 1: I'm not normally I go back and I will Google, like,

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Speaker 1: give me a list of all the best ones and

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Speaker 1: I'll watch it. I didn't even do that. This year,

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Speaker 1: I didn't. I didn't follow up on the best advertisements.

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Speaker 1: I feel like it's gone. Are the days of the

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Speaker 1: Budweiser frogs back in the nineties and that was peak.

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Speaker 2: That was peak super Bowl, the peak Super Bowl ad. Sorry,

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Speaker 2: they're not they're not better than that.

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Speaker 1: It'll make them like they used to say.

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Speaker 2: No, it's true, but three and four restaurant orders, it

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Speaker 2: turns out, are not eating at the restaurant anymore.

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Speaker 1: Wow, that's great. That's actually more than I would have expected.

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Speaker 2: And that's what's why when you used to look at

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Speaker 2: a new fast food restaurant being built, the dining room

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Speaker 2: is either tiny or non existent.

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Speaker 1: Like, yeah, to drive through orders. I have friends who

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Speaker 1: work for a fast food restaurant and they're making them

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Speaker 1: with doors as opposed to drive through windows. No, no, it's

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Speaker 1: drive through doors because that way people can more easily

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Speaker 1: get out and hand you the food directly because they

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Speaker 1: got multiple lines going.

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Speaker 2: Something like of their orders now and I think it

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Speaker 2: used to be like sixty pre COVID. It's come through

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Speaker 2: the drive through, which is which is great.

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Speaker 1: What a change in culture.

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Speaker 2: Yeah, but a lot of people have even gotten used

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Speaker 2: to ordering single items despite the massive cost. So it's like,

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Speaker 2: I'm just feeling like a coffee or I'm feeling like

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Speaker 2: a pastry. Boom hit it on the app, and that

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Speaker 2: five dollars coffee turns into twelve dollars, or the pastry

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Speaker 2: that seven turns into fifteen. And so someone, someone in

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Speaker 2: this article in the New York Times profile is spending

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Speaker 2: seven hundred dollars a week on takeout a week.

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Speaker 1: That's insane. I didn't know as possible it is. They're

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Speaker 1: ant liar, I think.

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Speaker 2: So, I don't think that's what the average person is doing.

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Speaker 2: But even folks who truly can afford that luxury are

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Speaker 2: partaking at an alarming rate. And people who can't are

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Speaker 2: as well, like people who just don't have the money.

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Speaker 2: They don't have the salary to justify buying food on

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Speaker 2: these apps and paying a whole lot more that. The

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Speaker 2: New York Times then documented the guilt that people feel

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Speaker 2: when they order food on the apps with regularity. But

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Speaker 2: people are like they're addicted. They're feeling reliant on the

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Speaker 2: ease and convenience now, which is just not good. And

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Speaker 2: I don't want to sound like an old man. I

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Speaker 2: don't want to sound like a luttite, but my goodness,

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Speaker 2: the advice is to go cold turkey. Avoid these apps completely.

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Speaker 2: They are you're talking about paying somewhere between seventy and

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Speaker 2: one hundred and twenty percent more for your food items

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Speaker 2: by ordering on the app. Because there's all those fees

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Speaker 2: and tipping and stuff like that that are involved with it.

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Speaker 2: It's just not worth it. Go pick it up yourself

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Speaker 2: or make a nice little meal at home.

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Speaker 1: Totally agree. Man. Let's talk about the job market, Joel.

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Speaker 1: There's been a whole lot of chatter about that these days.

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Speaker 1: The unemployment rate is still low, but the job market

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Speaker 1: is just in a really tough spot. I'm hearing from

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Speaker 1: friends who are applying with like like they are in

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Speaker 1: the job market. They're applying for jobs regularly. They're hearing

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Speaker 1: crickets and it is showing up in the data as well.

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Speaker 1: So the journal they documented a role reversal that highlights

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Speaker 1: just how stagnant things have gotten. So folks are now

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Speaker 1: paying headhunters to help them lay in potential gigs as

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Speaker 1: like I saw one headline was like the people are

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Speaker 1: going from head hunters to bread hunters, right, so rather

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Speaker 1: than a company hiring a head hunter to find good employees.

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Speaker 1: These individuals are hiring these specialists to find them a job,

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Speaker 1: and I get the like the appeal right like, I

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Speaker 1: get the like, oh my gosh, I need some help,

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Speaker 1: but you got to be careful here, because I was

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Speaker 1: shocked to see at how expensive some of these services

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Speaker 1: can be. They documented one bread hunter is what I'll

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Speaker 1: refer or two how they charge job seekers fifteen hundred

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Speaker 1: dollars in fees every single month. And then there is

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Speaker 1: that's worse than getting your food delivered to It gets

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Speaker 1: worse because they're talking about if they land you a job,

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Speaker 1: like you owe them ten percent of your first year's salary,

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Speaker 1: which is mind blowing.

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Speaker 2: And by the way, it sounds like a deal with

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Speaker 2: the mob. Oh yeah, or we'll break your knee, cass.

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Speaker 1: In that example, they've only placed twenty of forty four clients,

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Speaker 1: So it's not like, I don't know, not super promising.

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Speaker 1: So I understand that being unemployed or even being underemployed

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Speaker 1: right like you're saying yourself, I could be earning more

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Speaker 1: and I'm looking for something different. I understand that this

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Speaker 1: can be a slog and it's not easy, but man,

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Speaker 1: if you could just treat your job hunt like an

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Speaker 1: actual job, as opposed to thinking, oh, yeah, this is

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Speaker 1: something I'm going to kind of casually do on the side. No, no, no,

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Speaker 1: if this is something you want to do. The job

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Speaker 1: market's getting more competitive, and it's not because people are

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Speaker 1: getting hired. It's just because companies are locking down. Business

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Speaker 1: is unpredictable right now, so a lot of companies aren't

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Speaker 1: willing to make moves as opposed to just hunkering down

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Speaker 1: with what they got.

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Speaker 2: Low hire, low fire. That's the environment, the exactly environment

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Speaker 2: we're in. And part of what makes the job environment

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Speaker 2: harder to navigate is artificial intelligence as well. Right, it's

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Speaker 2: not just AI eliminating jobs, which is part of it,

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Speaker 2: certainly on the margins, I think, but it's ghost jobs

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Speaker 2: they get posted, and forty percent of companies apparently post

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Speaker 2: jobs that they aren't actually hiring for. I guess it

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Speaker 2: makes it look to the public like they're doing better.

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Speaker 2: The company is like Gangbusters, right, they're doing great. And

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Speaker 2: robot gate keepers are frustrating people who apply for jobs too.

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Speaker 2: So not only are these like fake jobs listings, or

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Speaker 2: let's say they list the job even though they have

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Speaker 2: an internal candidate who they're going to promote into that

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Speaker 2: job anyway, but they listed it on the job boards

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Speaker 2: and it's just it's not accessible. But also we're talking

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Speaker 2: about the fact that it's not a human looking at resumes,

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Speaker 2: and so you have to gain the system. You have

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Speaker 2: to satisfy the robots even to get to a human

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Speaker 2: to look to consider you for that job. So I

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Speaker 2: just man, job hunting is it's not for the fan

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Speaker 2: of heart these days. The modern era has just has

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Speaker 2: made like keyword stuffing SEO for your resume essentially a

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Speaker 2: crucial necessity. The key is to look at the job listing,

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Speaker 2: what are the important words they've highlighted in there? Put

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Speaker 2: those in your own resumes that you can get past

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Speaker 2: those robot gatekeepers. But I think this also highlights something else.

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Speaker 2: I was talking to a friend today, Matt, about just

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Speaker 2: how man sometimes that talking to a human is the

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Speaker 2: best way forward, the old school analog approach, and I

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Speaker 2: think that's true a lot of ways in job hunting

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Speaker 2: as well, right that that networking relentlessly getting in touch

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Speaker 2: with people that you've worked with in the past, And

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Speaker 2: as the phrase we've used for years thanks to Jordan Harbingers,

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Speaker 2: dig the well before you're thirsty. So it's like, oh,

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Speaker 2: I think I want a new job sometime within the

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Speaker 2: next year. Pound the pavement. Now, you know, touch base

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Speaker 2: with people in your network regularly. Now that's ultimately what's

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Speaker 2: going to help you land a job. If you're frustrated

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Speaker 2: with robot gatekeepers, talk to a bunch of humans.

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Speaker 1: Yeah. Yeah, And so Jordan, it's worth mentioning too. So

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Speaker 1: friend of the show, Jordan harming jer This is back

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Speaker 1: when we but this is a predecessor to the interviews

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Speaker 1: was what we called money pros. Yeah, and he delivered

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Speaker 1: a whole whole lot of great advice. It might be

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Speaker 1: actually time to reach out for if you want to

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Speaker 1: talk to somebody else. Yeah, either him or somebody else

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Speaker 1: though who is specializing in folks who are entering the

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Speaker 1: job market and how to be incredibly competitive. But the

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Speaker 1: idea of digging the well is essentially like I remember

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Speaker 1: him talking about this, just he was methodical and relentless

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Speaker 1: about reaching out to people on a daily basis. He'd

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Speaker 1: reach out to like twenty thirty forty different people just

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Speaker 1: to check in folks who's worked with on previous projects.

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Speaker 1: Literally at trying to figure out how people are doing,

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Speaker 1: so that in large part that the well is there

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Speaker 1: when you get thirsty, right, so you find yourself in

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Speaker 1: a pinch and oh, by the way, you are already

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Speaker 1: top of mind of that person because y'all already talking

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Speaker 1: about something else now. I think Jordan would also say that, no,

432
00:19:56,960 --> 00:20:00,879
Speaker 1: it's not purely an extractive sort of manu. Right, you

433
00:20:00,960 --> 00:20:04,800
Speaker 1: are fostering communication and networking and finding ways to provide

434
00:20:04,880 --> 00:20:08,040
Speaker 1: value for them, so that ultimately it's win when because

435
00:20:08,080 --> 00:20:09,880
Speaker 1: people are going to be able to see through the

436
00:20:09,920 --> 00:20:13,960
Speaker 1: sort of networking from gaming the system kind of kind

437
00:20:13,960 --> 00:20:14,359
Speaker 1: of way.

438
00:20:14,560 --> 00:20:16,280
Speaker 2: Like hey, can we get coffee? And then your first

439
00:20:16,320 --> 00:20:18,240
Speaker 2: line is like, I'm entire straits, I need a job.

440
00:20:18,359 --> 00:20:20,880
Speaker 2: I mean, that's just that's not how you play the game.

441
00:20:21,080 --> 00:20:23,520
Speaker 2: And yeah, and honestly it's just kind of fun to

442
00:20:23,520 --> 00:20:24,919
Speaker 2: stay in total with people, Hey what are you up

443
00:20:24,920 --> 00:20:27,239
Speaker 2: to these days? And then at some point like that

444
00:20:27,280 --> 00:20:31,040
Speaker 2: connection can come back and serve you well potentially lead

445
00:20:31,119 --> 00:20:32,840
Speaker 2: to everyone or maybe you can help them out and

446
00:20:32,960 --> 00:20:33,880
Speaker 2: everyone's doing better off.

447
00:20:33,960 --> 00:20:37,120
Speaker 1: Yeah. Also, I would say consider making your own job.

448
00:20:37,760 --> 00:20:41,560
Speaker 1: The times they featured a well, I guess not just

449
00:20:41,680 --> 00:20:44,040
Speaker 1: a single home bakery like multiple home bakeries who are

450
00:20:44,040 --> 00:20:47,440
Speaker 1: crushing it. They're talking about these different side hustles, different

451
00:20:47,480 --> 00:20:50,040
Speaker 1: at home businesses and for folks who are looking for

452
00:20:50,560 --> 00:20:57,520
Speaker 1: different amounts of self employment and flexibility. Making sourdough, baking

453
00:20:57,560 --> 00:21:00,159
Speaker 1: and selling sourdough at home, I think is gonna be

454
00:21:00,240 --> 00:21:02,480
Speaker 1: very appealing. Plus it's very pretty, you know, like you

455
00:21:02,480 --> 00:21:04,399
Speaker 1: see the bread like it just looks so good. I

456
00:21:04,400 --> 00:21:06,000
Speaker 1: think that's one of the reasons too, that sourdough has

457
00:21:06,000 --> 00:21:08,879
Speaker 1: really taken off, because it like lends itself to like

458
00:21:08,920 --> 00:21:10,120
Speaker 1: the new social media.

459
00:21:10,240 --> 00:21:13,840
Speaker 2: Appli Crusty Loaf Gosh looks with like the little design

460
00:21:13,920 --> 00:21:14,240
Speaker 2: on the top.

461
00:21:14,280 --> 00:21:16,320
Speaker 1: It's so beautiful. It looks so good. But folks are

462
00:21:16,480 --> 00:21:20,040
Speaker 1: I mean they they were profiling multiple at home bakeries

463
00:21:20,080 --> 00:21:24,440
Speaker 1: for making close to six figures, which is incredibly impressive.

464
00:21:24,480 --> 00:21:26,080
Speaker 1: And I think it's just easier to start a side

465
00:21:26,160 --> 00:21:28,600
Speaker 1: hustle in this way as well. And whether we're talking

466
00:21:28,680 --> 00:21:30,879
Speaker 1: about a physical product or even just doing work on

467
00:21:30,920 --> 00:21:33,760
Speaker 1: the side, right, Like this is even just outside of

468
00:21:34,160 --> 00:21:39,080
Speaker 1: creating bread in your kitchen. We are this is something

469
00:21:39,080 --> 00:21:41,280
Speaker 1: we've talked about in the past, and I don't even

470
00:21:41,280 --> 00:21:43,040
Speaker 1: know if we've been consistent as to how we call

471
00:21:43,200 --> 00:21:44,639
Speaker 1: like what we would call this. But there is a

472
00:21:44,680 --> 00:21:47,679
Speaker 1: difference between a side gig or I'm sorry like or

473
00:21:47,720 --> 00:21:50,840
Speaker 1: like gig work in a side hustle, right, and so

474
00:21:50,920 --> 00:21:53,000
Speaker 1: if you find yourself in financial straits, then you're just like, oh,

475
00:21:53,040 --> 00:21:54,959
Speaker 1: I could use some extra cash, Okay, a little bit

476
00:21:54,960 --> 00:21:57,639
Speaker 1: of gig work here and there to be able to

477
00:21:57,640 --> 00:22:00,320
Speaker 1: create a certain amount of money. I'm not gonna you

478
00:22:00,440 --> 00:22:04,160
Speaker 1: for that. But if you find yourself continually in that cycle,

479
00:22:04,760 --> 00:22:07,640
Speaker 1: then man, we would most definitely recommend instead to look

480
00:22:07,680 --> 00:22:10,000
Speaker 1: to a side hustle, something that you can scale, something

481
00:22:10,480 --> 00:22:12,959
Speaker 1: where you are playing by your own rules, like you

482
00:22:13,000 --> 00:22:15,320
Speaker 1: are setting the rules, you are finding the clients and

483
00:22:15,359 --> 00:22:19,720
Speaker 1: the customers, something that you have autonomy over that ultimately, yeah,

484
00:22:19,760 --> 00:22:22,439
Speaker 1: you can turn into a fully fledged side business. And

485
00:22:22,480 --> 00:22:25,760
Speaker 1: there's a big difference between that and saying, oh, lois

486
00:22:25,800 --> 00:22:29,119
Speaker 1: bar Ventry, I'm gonna go drive for Uber, drive for Lyft.

487
00:22:30,080 --> 00:22:33,080
Speaker 1: Some of these companies that actually don't encourage the type

488
00:22:33,080 --> 00:22:35,720
Speaker 1: of behavior as we've so documented so far in this episode.

489
00:22:36,040 --> 00:22:37,440
Speaker 1: We don't want to see a whole lot of folks

490
00:22:37,800 --> 00:22:39,560
Speaker 1: participating in food on.

491
00:22:39,880 --> 00:22:42,520
Speaker 2: Either side of that, yeah, exactly, And the yeah, the gigwork.

492
00:22:42,560 --> 00:22:45,760
Speaker 2: You're right, Typically you're gonna get paid more quickly. Right,

493
00:22:45,800 --> 00:22:48,840
Speaker 2: It's like a little you can turn on instantly, But

494
00:22:48,880 --> 00:22:51,040
Speaker 2: the flow is just never going to be nearly as

495
00:22:51,040 --> 00:22:53,880
Speaker 2: strong as being able to build up your own side

496
00:22:53,920 --> 00:22:55,280
Speaker 2: hustle does does.

497
00:22:55,160 --> 00:22:57,600
Speaker 1: Your sister in law? Wouldn't she doing like some baking

498
00:22:57,600 --> 00:23:00,320
Speaker 1: from homehouse that? Uh huh? Is she doing okay with that?

499
00:23:00,440 --> 00:23:04,199
Speaker 1: She was not profiled in this. I mean they enjoy it,

500
00:23:04,240 --> 00:23:05,679
Speaker 1: and they do it, I think for a lot of

501
00:23:05,720 --> 00:23:07,720
Speaker 1: their friends and their neighborhood, But they live in a

502
00:23:07,840 --> 00:23:10,359
Speaker 1: really isolated neighborhood out in the middle of nowhere, and

503
00:23:10,400 --> 00:23:12,639
Speaker 1: so I think it's be really difficult for them to

504
00:23:13,119 --> 00:23:16,080
Speaker 1: scale beyond that specific. But then again, the neighborhood's huge.

505
00:23:16,320 --> 00:23:18,520
Speaker 2: So that wouldn't you want to buy bread from a

506
00:23:18,560 --> 00:23:19,639
Speaker 2: place called Nowhere Baking?

507
00:23:20,520 --> 00:23:23,200
Speaker 1: What a great name? Middle of nowhere? Yeah? Why something

508
00:23:23,240 --> 00:23:24,160
Speaker 1: like that? Yeah.

509
00:23:24,200 --> 00:23:27,359
Speaker 2: I think there's just so many ways to go about

510
00:23:27,400 --> 00:23:30,840
Speaker 2: this or to think about making money on the side.

511
00:23:31,000 --> 00:23:33,399
Speaker 2: Or if let's say one one partner is working the

512
00:23:33,480 --> 00:23:35,800
Speaker 2: other person is at home, it's like, well, all right,

513
00:23:35,840 --> 00:23:39,439
Speaker 2: how can I do something like that energizes me? That

514
00:23:39,520 --> 00:23:42,919
Speaker 2: kind of keeps the resume alive that allows me to

515
00:23:42,920 --> 00:23:45,480
Speaker 2: be creative. Yeah, a side hustle can can like really

516
00:23:45,520 --> 00:23:47,320
Speaker 2: meet all those things that can be.

517
00:23:47,000 --> 00:23:47,680
Speaker 1: A labor of love.

518
00:23:47,760 --> 00:23:49,000
Speaker 2: Like we got a friend of it right now who's

519
00:23:49,000 --> 00:23:52,239
Speaker 2: got a bakery business that he's expanding and it's been

520
00:23:52,280 --> 00:23:53,440
Speaker 2: slow but sure, but like.

521
00:23:53,680 --> 00:23:56,119
Speaker 1: He's proven the model. He's making a little bit of money. Actually,

522
00:23:56,119 --> 00:23:57,760
Speaker 1: don't even know which one you're referring to you because

523
00:23:57,760 --> 00:24:00,360
Speaker 1: I can think of two of them. Got one more

524
00:24:00,359 --> 00:24:02,720
Speaker 1: on the suites and more on the savory. Yeah, but yeah,

525
00:24:02,720 --> 00:24:05,240
Speaker 1: there's there's Yeah. I like what you said too about

526
00:24:06,119 --> 00:24:08,320
Speaker 1: as far as the resume, because let's say you did

527
00:24:08,359 --> 00:24:10,199
Speaker 1: go back to work. If this is something that you

528
00:24:10,200 --> 00:24:12,240
Speaker 1: were truly going after and took it seriously, you could

529
00:24:12,320 --> 00:24:14,639
Speaker 1: literally point to that like let's he built a website

530
00:24:14,720 --> 00:24:16,440
Speaker 1: or you've got a social media presence and be like, oh, yeah,

531
00:24:16,440 --> 00:24:19,159
Speaker 1: this is what I was working on all of a sudden. Oh,

532
00:24:19,400 --> 00:24:21,760
Speaker 1: you actually were attempting to start your own business, as

533
00:24:21,800 --> 00:24:23,679
Speaker 1: opposed to someone who might say that like, oh I

534
00:24:23,720 --> 00:24:25,200
Speaker 1: was trying my own thing. But then if you've got

535
00:24:25,200 --> 00:24:28,520
Speaker 1: nothing to show for it, yeah, yeah, it's interesting to

536
00:24:28,560 --> 00:24:30,480
Speaker 1: think through that. There's a way to almost prove that,

537
00:24:30,560 --> 00:24:33,600
Speaker 1: like you've got what it takes, I can create something beautiful.

538
00:24:33,760 --> 00:24:36,920
Speaker 1: But that maybe just the market wasn't fully behind and

539
00:24:37,240 --> 00:24:38,879
Speaker 1: this is the reason it didn't work.

540
00:24:38,920 --> 00:24:41,200
Speaker 2: And watching your own thing it requires so many skills,

541
00:24:41,200 --> 00:24:43,359
Speaker 2: Like let's say it's a bakery, you still have to

542
00:24:43,720 --> 00:24:47,439
Speaker 2: master video and photography and social media and marketing, like

543
00:24:47,480 --> 00:24:49,400
Speaker 2: there's all these other elements when you run your own

544
00:24:49,400 --> 00:24:51,760
Speaker 2: thing beyond just the making of the thing.

545
00:24:51,880 --> 00:24:54,520
Speaker 1: Right, So yeah, I think it makes Yeah, I think

546
00:24:54,520 --> 00:24:56,880
Speaker 1: what you're saying is makes you attractive to a potential

547
00:24:56,960 --> 00:24:58,360
Speaker 1: future more corporate higher.

548
00:24:58,160 --> 00:25:00,800
Speaker 2: Percent are we got more to get to, including we

549
00:25:00,960 --> 00:25:03,400
Speaker 2: can talk about old people and they're acting like gen

550
00:25:03,480 --> 00:25:03,880
Speaker 2: z ors.

551
00:25:04,040 --> 00:25:04,600
Speaker 1: I don't like it.

552
00:25:04,640 --> 00:25:06,280
Speaker 2: I wanted to stop. We'll talk about that more right

553
00:25:06,280 --> 00:25:06,639
Speaker 2: after this.

554
00:25:14,400 --> 00:25:16,280
Speaker 1: All right, buddy, we are back from the break, and

555
00:25:16,560 --> 00:25:19,560
Speaker 1: of course it is now time for the ludicrous headline

556
00:25:19,560 --> 00:25:23,280
Speaker 1: of the week, which is from Alpha Architect. Headline reads,

557
00:25:23,640 --> 00:25:28,040
Speaker 1: retired investors should stop trading so much. And this might

558
00:25:28,080 --> 00:25:32,160
Speaker 1: surprise people because most folks think of younger investors right

559
00:25:32,240 --> 00:25:34,239
Speaker 1: like as gen z those are the ones who are

560
00:25:34,240 --> 00:25:37,320
Speaker 1: constantly trading. Those are the ones out there making ill

561
00:25:37,320 --> 00:25:42,320
Speaker 1: advised investing. Moves Wall Street WSB the subreddit wall street

562
00:25:42,320 --> 00:25:45,199
Speaker 1: bets it's not full of a bunch of boomers who

563
00:25:45,280 --> 00:25:48,040
Speaker 1: are sitting around. That being said, it turns out a

564
00:25:48,040 --> 00:25:51,640
Speaker 1: lot of older Americans aren't immune from day trading either,

565
00:25:52,000 --> 00:25:55,800
Speaker 1: As a new White paper finds, it turns out once

566
00:25:55,880 --> 00:25:58,159
Speaker 1: someone retires, they've got more time on their hands. I've

567
00:25:58,160 --> 00:26:00,960
Speaker 1: heard this. They've got like they're sitting, they're washing CNBC.

568
00:26:01,280 --> 00:26:04,639
Speaker 1: They have the ability, the potential to just trade to

569
00:26:04,680 --> 00:26:07,600
Speaker 1: their hearts content. But that of course does not translate

570
00:26:07,640 --> 00:26:13,120
Speaker 1: to superior returns. Actively trading often leads to the reverse,

571
00:26:13,200 --> 00:26:16,680
Speaker 1: to lower returns. And so if you are approaching retirement,

572
00:26:16,720 --> 00:26:19,000
Speaker 1: to make sure that you have a plan for avoiding

573
00:26:19,040 --> 00:26:21,600
Speaker 1: this behavior. Make sure that you have developed hobbies over time.

574
00:26:21,640 --> 00:26:24,639
Speaker 1: And I know, I'm guessing a lot of our listeners

575
00:26:24,640 --> 00:26:27,600
Speaker 1: are actually a good bit younger. And so if you're

576
00:26:27,640 --> 00:26:29,600
Speaker 1: listening and you're like, oh, man, I've got older, I'm

577
00:26:29,600 --> 00:26:31,840
Speaker 1: thinking about my uncle, or I'm thinking about my parents.

578
00:26:32,560 --> 00:26:35,400
Speaker 1: And if they seem more keen, if they're talking more

579
00:26:35,400 --> 00:26:38,400
Speaker 1: about different companies and trades, like check in on them,

580
00:26:39,960 --> 00:26:41,760
Speaker 1: like instead I would, yeah, try to be like a

581
00:26:41,760 --> 00:26:44,720
Speaker 1: sounding board. Maybe encourage them to partake in some of

582
00:26:44,760 --> 00:26:46,320
Speaker 1: these different hots, like what else are you doing? Like

583
00:26:46,359 --> 00:26:49,320
Speaker 1: who you hanging out with? I would try to point

584
00:26:49,320 --> 00:26:51,879
Speaker 1: them in that direction as opposed to finding ways for

585
00:26:51,920 --> 00:26:54,800
Speaker 1: them to juice their retirement nest egg.

586
00:26:54,880 --> 00:26:57,040
Speaker 2: So I live on a street with quite a few

587
00:26:57,080 --> 00:26:59,680
Speaker 2: folks who are like right there just having retired there,

588
00:27:00,119 --> 00:27:02,280
Speaker 2: like late sixties, early seventies kind of thing.

589
00:27:02,680 --> 00:27:05,520
Speaker 1: And I like hanging out with old folks. They're fun.

590
00:27:05,560 --> 00:27:07,440
Speaker 2: And when I walk my neighborhood a lot, and so

591
00:27:07,480 --> 00:27:09,439
Speaker 2: I run into them. And there are a couple of

592
00:27:09,440 --> 00:27:11,960
Speaker 2: those those fellas talking the other day walking their dogs,

593
00:27:11,960 --> 00:27:14,159
Speaker 2: and they were just stopping to talk and they know

594
00:27:14,400 --> 00:27:15,480
Speaker 2: what I do, and they're.

595
00:27:15,280 --> 00:27:18,080
Speaker 1: Like, well, you like got room for one more? They

596
00:27:18,080 --> 00:27:21,200
Speaker 1: were like markets up two percent today, Joel, And I'm like, yeah,

597
00:27:21,480 --> 00:27:21,960
Speaker 1: like cool.

598
00:27:22,400 --> 00:27:25,719
Speaker 2: It's just it's just funny how they pay attention to it,

599
00:27:25,760 --> 00:27:27,720
Speaker 2: and it makes it makes sense in some ways because

600
00:27:27,720 --> 00:27:29,000
Speaker 2: they got a lot of money at stake.

601
00:27:29,000 --> 00:27:31,640
Speaker 1: They're only a source of income. Yeah, but I think

602
00:27:31,680 --> 00:27:34,879
Speaker 1: you paid a little more attention to the fluctuations fluctuations

603
00:27:34,880 --> 00:27:37,160
Speaker 1: of the market. I think when you are tapping your

604
00:27:37,160 --> 00:27:40,440
Speaker 1: funds as opposed to seeing the market down being an opportunity,

605
00:27:40,640 --> 00:27:43,600
Speaker 1: opportunity to buy for them. It's like, all right, maybe

606
00:27:43,600 --> 00:27:45,359
Speaker 1: I'm not gonna spend quite as much this month when

607
00:27:45,400 --> 00:27:48,400
Speaker 1: I withdraw my standard cost of living, but I'm from

608
00:27:48,440 --> 00:27:48,840
Speaker 1: the market.

609
00:27:48,920 --> 00:27:51,760
Speaker 2: I think having a plan is really important. And then

610
00:27:51,800 --> 00:27:55,520
Speaker 2: also not being overly fixated on every day, you know,

611
00:27:55,640 --> 00:27:57,440
Speaker 2: movements in the market because.

612
00:27:57,359 --> 00:27:59,240
Speaker 1: I trust the process. Yeah, the numbers.

613
00:27:59,119 --> 00:28:01,520
Speaker 2: Exactly, And I think it makes it a lot more

614
00:28:01,680 --> 00:28:03,280
Speaker 2: likely that you're going to make some moves when you're

615
00:28:03,280 --> 00:28:05,639
Speaker 2: paying attention and then you're well, you're paying attention to

616
00:28:05,680 --> 00:28:08,280
Speaker 2: the analysis. And this guy over here said that this

617
00:28:08,359 --> 00:28:11,199
Speaker 2: is the next sector that's gonna boom as you know,

618
00:28:11,440 --> 00:28:14,080
Speaker 2: software is busting or something like that. It's like, well

619
00:28:15,400 --> 00:28:16,400
Speaker 2: take that with a grain of baby.

620
00:28:16,760 --> 00:28:17,600
Speaker 1: Yeah.

621
00:28:17,640 --> 00:28:19,720
Speaker 2: And and I don't know, maybe another idea you said, hobbies,

622
00:28:19,720 --> 00:28:22,920
Speaker 2: Maybe volunteering, that's another. That's another way forward for a

623
00:28:22,960 --> 00:28:26,280
Speaker 2: lot of retirees to spend times doing other productive things

624
00:28:26,320 --> 00:28:29,800
Speaker 2: and less time focused on what's going on with your portfolio.

625
00:28:31,000 --> 00:28:33,120
Speaker 2: I think a lot of retirees find themselves not only

626
00:28:33,160 --> 00:28:35,480
Speaker 2: trading more frequently, but spending more time watching TV and

627
00:28:35,520 --> 00:28:38,480
Speaker 2: scrolling social media these days, which is not great. I

628
00:28:38,520 --> 00:28:41,680
Speaker 2: think serving others can reduce some of those negative inputs,

629
00:28:41,720 --> 00:28:44,600
Speaker 2: and there's some evidence that's been shown to reduce aging.

630
00:28:45,040 --> 00:28:48,720
Speaker 2: My dad, Matt has recently started serving doing meal meals

631
00:28:48,720 --> 00:28:51,880
Speaker 2: on wheels and deliver delivering meals to people who are

632
00:28:52,320 --> 00:28:55,280
Speaker 2: older than he is and in more need. And it's

633
00:28:55,640 --> 00:28:57,400
Speaker 2: I can tell it's been so good for him really

634
00:28:57,440 --> 00:28:59,400
Speaker 2: to get out and about and to have those quick

635
00:28:59,400 --> 00:29:02,280
Speaker 2: conversations with people while he delivers the meal. He puts

636
00:29:02,280 --> 00:29:05,440
Speaker 2: a smile on their face during the day. Yeah, and

637
00:29:05,520 --> 00:29:08,440
Speaker 2: so just yeah, I think that's encouraged the people in

638
00:29:08,480 --> 00:29:12,880
Speaker 2: your life to not just fixate on their own life

639
00:29:12,880 --> 00:29:14,920
Speaker 2: and portfolio, but caring for others too.

640
00:29:15,000 --> 00:29:17,000
Speaker 1: Yeah. I mean, life is more than just yeah, it's

641
00:29:17,040 --> 00:29:19,440
Speaker 1: out you're looking beyond yourself. And I mean it's not

642
00:29:19,480 --> 00:29:21,560
Speaker 1: a surprise like I saw in that same report that

643
00:29:21,600 --> 00:29:24,080
Speaker 1: they talk about less of a risk of heart attack,

644
00:29:24,640 --> 00:29:30,479
Speaker 1: decrease blood pressure, decreased levels of depression overall, generally higher

645
00:29:31,000 --> 00:29:34,240
Speaker 1: levels of life satisfaction, which is no surprise at all.

646
00:29:34,360 --> 00:29:38,120
Speaker 1: And I would actually, is it the big question? I

647
00:29:38,120 --> 00:29:42,880
Speaker 1: think is it correlative? Is it correlation or is it causation?

648
00:29:43,200 --> 00:29:45,040
Speaker 1: Because I know the folks over at Harvard who are

649
00:29:45,040 --> 00:29:47,760
Speaker 1: doing the longitudinal study, the happiness study would say, well,

650
00:29:48,080 --> 00:29:50,760
Speaker 1: that's because when you volunteer, when you are reaching out

651
00:29:50,800 --> 00:29:52,200
Speaker 1: to others, what does that do. It puts you in

652
00:29:52,240 --> 00:29:57,080
Speaker 1: contact with other people. Friendship relationships, deep relationships. These are

653
00:29:57,120 --> 00:30:00,320
Speaker 1: all things that are fed by volunteering, by getting getting

654
00:30:00,360 --> 00:30:03,160
Speaker 1: out there and not you know, dooms rolling and feeling

655
00:30:03,160 --> 00:30:04,920
Speaker 1: like you got to do something with your portfolio.

656
00:30:04,560 --> 00:30:06,920
Speaker 2: Which is what most people are are missing when they

657
00:30:07,000 --> 00:30:09,120
Speaker 2: leave work. They're like glad in some ways.

658
00:30:08,920 --> 00:30:10,600
Speaker 1: They don't have to. They're missing that camaraderie. You don't

659
00:30:10,600 --> 00:30:11,800
Speaker 1: have to work anymore. They don't have to.

660
00:30:11,920 --> 00:30:14,320
Speaker 2: Maybe their manager was not fun to work for or

661
00:30:14,360 --> 00:30:17,320
Speaker 2: something like that. Physically demanding labor. Yeah, you know, but

662
00:30:17,360 --> 00:30:19,680
Speaker 2: the reasons, but they missed the relational aspect of it,

663
00:30:19,760 --> 00:30:23,960
Speaker 2: and serving is and volunteering is a way to get

664
00:30:24,000 --> 00:30:27,200
Speaker 2: a lot of that relational benefit without the take this

665
00:30:27,280 --> 00:30:29,760
Speaker 2: job and shove it sort of mentality.

666
00:30:29,880 --> 00:30:31,800
Speaker 1: Yeah. Well, on top of that, a lot of folks

667
00:30:31,880 --> 00:30:33,840
Speaker 1: are I shouldn't see a lot of folks, but more

668
00:30:33,840 --> 00:30:37,640
Speaker 1: folks are unretiring. There is a a ARP survey that

669
00:30:37,720 --> 00:30:40,800
Speaker 1: found that more older Americans are looking for a job

670
00:30:40,840 --> 00:30:43,880
Speaker 1: these days, and some are trying to increase their income

671
00:30:44,000 --> 00:30:46,880
Speaker 1: in order to combat rising prices. But also there is

672
00:30:46,920 --> 00:30:49,720
Speaker 1: a large percentage as well who cite boredom and the

673
00:30:49,920 --> 00:30:52,240
Speaker 1: desire to stay active so they realize that, oh man,

674
00:30:52,280 --> 00:30:54,440
Speaker 1: there was something good that was coming out of me

675
00:30:54,640 --> 00:30:57,520
Speaker 1: going to work. It wasn't just financial finances. Were about

676
00:30:57,560 --> 00:30:59,760
Speaker 1: half of the folks of the people, there's something like

677
00:31:00,040 --> 00:31:02,800
Speaker 1: ven percent of retirees are going back to work. Of

678
00:31:02,840 --> 00:31:05,760
Speaker 1: that seven percent, about half of folks saying that they

679
00:31:05,800 --> 00:31:07,560
Speaker 1: need the merseille. It was because, yeah, because of just

680
00:31:07,640 --> 00:31:10,240
Speaker 1: day to day costs, but a large percentage of the

681
00:31:10,240 --> 00:31:11,920
Speaker 1: rest of that was because they were like, oh wait

682
00:31:11,960 --> 00:31:13,840
Speaker 1: a minute, that work was able to provide me a

683
00:31:13,840 --> 00:31:14,680
Speaker 1: whole lot of good.

684
00:31:15,200 --> 00:31:17,880
Speaker 2: And I think if you think about if you had

685
00:31:17,880 --> 00:31:19,960
Speaker 2: to retire right now, you'd miss me so much.

686
00:31:20,080 --> 00:31:21,640
Speaker 1: I would, and then I'd be like, hey, you want

687
00:31:21,680 --> 00:31:23,920
Speaker 1: to go do start another business or something? You know,

688
00:31:24,120 --> 00:31:27,120
Speaker 1: I mean honestly, but I guess I want to point

689
00:31:27,160 --> 00:31:30,000
Speaker 1: folks to something like a part time job in retirement,

690
00:31:30,080 --> 00:31:33,200
Speaker 1: right like, it's certainly probably not going to be as prestigious,

691
00:31:33,200 --> 00:31:34,960
Speaker 1: It's probably not going to be as lucrative as your

692
00:31:35,000 --> 00:31:37,360
Speaker 1: old full time job, even if you were working full

693
00:31:37,360 --> 00:31:39,600
Speaker 1: time hours at this part time job. But I think

694
00:31:39,600 --> 00:31:41,000
Speaker 1: it can make a ton of sense for folks as

695
00:31:41,040 --> 00:31:43,680
Speaker 1: they were looking for purpose community since it's belonging and

696
00:31:43,800 --> 00:31:45,120
Speaker 1: overall life satisfaction.

697
00:31:45,200 --> 00:31:47,760
Speaker 2: My uncle got a part time job at a greyhound

698
00:31:47,840 --> 00:31:50,600
Speaker 2: racing track. Interestingly enough nice he was like a videographer

699
00:31:50,680 --> 00:31:52,880
Speaker 2: for the local TV station, and then he transitioned and

700
00:31:52,960 --> 00:31:54,720
Speaker 2: he was doing the video stuff for the.

701
00:31:55,440 --> 00:31:58,160
Speaker 1: For the dog races. He's like, well, the dog races,

702
00:31:58,200 --> 00:32:00,320
Speaker 1: so why not he took me there on because like,

703
00:32:00,360 --> 00:32:02,040
Speaker 1: I'm long sputed every weekend there anyway, But.

704
00:32:03,600 --> 00:32:05,520
Speaker 2: Now now they pay me to be there as opposed

705
00:32:05,560 --> 00:32:07,440
Speaker 2: to I used to pay them. Let's hob he's not

706
00:32:07,680 --> 00:32:10,360
Speaker 2: gambling away all the money he made doing that. All right,

707
00:32:10,600 --> 00:32:13,840
Speaker 2: Let's talk about politics for a second, and we're not

708
00:32:13,840 --> 00:32:15,680
Speaker 2: going to get political here, but there's a lot happening

709
00:32:15,760 --> 00:32:19,680
Speaker 2: kind of in the current events space. To add to

710
00:32:19,680 --> 00:32:21,920
Speaker 2: his list of first Matt President Trump. I think he's

711
00:32:21,960 --> 00:32:24,840
Speaker 2: the only American president who has launched a pharmacy. So

712
00:32:24,920 --> 00:32:27,680
Speaker 2: Trump our X is now live. We talked about that

713
00:32:27,800 --> 00:32:28,680
Speaker 2: familiar or worse.

714
00:32:28,480 --> 00:32:29,720
Speaker 1: I feel like back in the day, I'm sure that

715
00:32:29,880 --> 00:32:33,240
Speaker 1: like Hoover or somebody used to own a pharmacy before

716
00:32:33,320 --> 00:32:36,240
Speaker 1: he entered into the political You think, I mean, there's

717
00:32:36,240 --> 00:32:38,360
Speaker 1: gotta be somebody, somebody, some connection with one of those

718
00:32:38,400 --> 00:32:40,479
Speaker 1: guys back in the day had a pharmacy. He might

719
00:32:40,520 --> 00:32:42,840
Speaker 1: be right, might this is a different kind of pharmacy.

720
00:32:42,880 --> 00:32:43,640
Speaker 1: This is what you're getting out.

721
00:32:43,680 --> 00:32:47,120
Speaker 2: Yeah, yeah, Well it seems like it could be particularly

722
00:32:47,120 --> 00:32:50,320
Speaker 2: beneficial to people who don't have insurance, although I will

723
00:32:50,320 --> 00:32:52,920
Speaker 2: say good rx is far more flexible. It includes a

724
00:32:52,960 --> 00:32:55,959
Speaker 2: lot more prescription drugs. Trump r X currently just has

725
00:32:56,000 --> 00:32:59,360
Speaker 2: a really small roster of available drugs, including some of

726
00:32:59,360 --> 00:33:03,719
Speaker 2: the popular name brand golp ones. But if you have insurance,

727
00:33:03,720 --> 00:33:05,719
Speaker 2: you're likely going to do better going that way. So,

728
00:33:06,360 --> 00:33:08,440
Speaker 2: and the thing is, you don't actually buy the drugs

729
00:33:08,440 --> 00:33:10,800
Speaker 2: from the site that the administration has set up. It

730
00:33:10,880 --> 00:33:13,400
Speaker 2: works kind of like those cubon sites like good rx,

731
00:33:14,280 --> 00:33:16,600
Speaker 2: and so it gives you a voucher that you can

732
00:33:16,640 --> 00:33:20,080
Speaker 2: present to the pharmacy to get the listed preferred price.

733
00:33:20,960 --> 00:33:23,200
Speaker 2: And so if you have traditional insurance, again it's less

734
00:33:23,240 --> 00:33:25,720
Speaker 2: likely to be of value, but it is likely it's

735
00:33:25,760 --> 00:33:28,560
Speaker 2: worth seeing at least and checking if the medication you

736
00:33:28,680 --> 00:33:32,800
Speaker 2: use is a listed on trum Trump r X's site

737
00:33:32,960 --> 00:33:35,920
Speaker 2: and if you can save money using it. I don't

738
00:33:35,920 --> 00:33:37,480
Speaker 2: know how many people this is going to help, Matt,

739
00:33:37,520 --> 00:33:40,160
Speaker 2: but I definitely it's going to help some people. And

740
00:33:40,680 --> 00:33:43,280
Speaker 2: I guess President Trump was able to use the bully

741
00:33:43,320 --> 00:33:47,360
Speaker 2: pulpit to a certain extent to maybe shame the pharma

742
00:33:47,440 --> 00:33:50,520
Speaker 2: companies into lowering prices on at least a handful of medications.

743
00:33:50,640 --> 00:33:53,960
Speaker 1: Yeah, well there's more Trump news. Let's talk about home prices,

744
00:33:54,000 --> 00:33:57,320
Speaker 1: because the President made some comments on housing recently that

745
00:33:57,640 --> 00:34:00,000
Speaker 1: I thought were worth addressing. So in a cabinet meeting,

746
00:34:00,080 --> 00:34:02,280
Speaker 1: he literally said this line, Jill. He said, I don't

747
00:34:02,280 --> 00:34:04,760
Speaker 1: want to drive housing prices down. I want to drive

748
00:34:04,760 --> 00:34:08,080
Speaker 1: housing prices up for people that own their homes, which

749
00:34:08,680 --> 00:34:11,040
Speaker 1: get rich. I don't love that. I don't like this

750
00:34:11,080 --> 00:34:14,000
Speaker 1: line of thinking, even though I think there's a I

751
00:34:14,040 --> 00:34:17,680
Speaker 1: think it might be more beneficial from a political perspective, right,

752
00:34:17,719 --> 00:34:22,200
Speaker 1: But like, it's beneficial for people who already own their homes,

753
00:34:22,200 --> 00:34:24,240
Speaker 1: but obviously there's a whole lot of folks who don't

754
00:34:24,280 --> 00:34:26,040
Speaker 1: own their homes. And what you're talking about there is

755
00:34:26,239 --> 00:34:31,080
Speaker 1: less housing affordability. But generally speaking, our country needs more housing,

756
00:34:31,120 --> 00:34:36,040
Speaker 1: particularly in highly desirable areas. And this is kind of

757
00:34:36,040 --> 00:34:38,360
Speaker 1: going back to conversations that we've had, like the ability,

758
00:34:39,320 --> 00:34:42,440
Speaker 1: like I don't think the government should do anything. And luckily,

759
00:34:43,640 --> 00:34:45,480
Speaker 1: the good news is I think there's very little that

760
00:34:45,680 --> 00:34:48,000
Speaker 1: President Trump can do that the executive branch can do

761
00:34:48,040 --> 00:34:50,440
Speaker 1: when it comes to to housing prices. But what we

762
00:34:50,480 --> 00:34:51,200
Speaker 1: need are.

763
00:34:50,760 --> 00:34:54,239
Speaker 2: More housing is pretty local and it's pretty lowly local

764
00:34:54,360 --> 00:34:58,960
Speaker 2: zoning regulations and requirements that prevent or incentivized building.

765
00:34:58,640 --> 00:35:01,000
Speaker 1: To be able to incentivize the kind building that specific

766
00:35:01,080 --> 00:35:03,480
Speaker 1: area needs, right, And like that's what's so great about

767
00:35:04,520 --> 00:35:06,279
Speaker 1: just the different markets out there is because you might

768
00:35:06,360 --> 00:35:08,760
Speaker 1: have a town or an area that needs more affordable

769
00:35:08,760 --> 00:35:12,840
Speaker 1: starter homes and and you do see like neighborhoods that

770
00:35:12,840 --> 00:35:15,160
Speaker 1: are being developed or the homes are closer together. Oh man,

771
00:35:15,200 --> 00:35:18,560
Speaker 1: those yards are tiny? Who would ever want to live there? Gosh,

772
00:35:18,600 --> 00:35:21,399
Speaker 1: there's like no backyard at all. Well, plenty of people

773
00:35:21,400 --> 00:35:23,160
Speaker 1: would love to be able to buy those homes because

774
00:35:23,160 --> 00:35:26,640
Speaker 1: they're more affordable as opposed to someone else. You know,

775
00:35:26,680 --> 00:35:29,800
Speaker 1: there's we've also seen neighborhoods, new developments going up that

776
00:35:29,840 --> 00:35:32,480
Speaker 1: are just really sinking nice, really nice, and you're thinking,

777
00:35:32,680 --> 00:35:35,480
Speaker 1: oh wow, who they can afford that. There's plenty of

778
00:35:35,480 --> 00:35:37,840
Speaker 1: folks who can afford them a very nice neighborhood like

779
00:35:38,640 --> 00:35:41,000
Speaker 1: Little Nick Mansion as well. So I don't know. Again,

780
00:35:41,040 --> 00:35:43,279
Speaker 1: I think the free market is maybe not the only

781
00:35:43,280 --> 00:35:45,239
Speaker 1: solution here, but it's certainly the structure that we need

782
00:35:45,280 --> 00:35:47,600
Speaker 1: to see in order in order for folks to be

783
00:35:47,600 --> 00:35:48,719
Speaker 1: able to get the houses that they want.

784
00:35:48,719 --> 00:35:50,160
Speaker 2: I don't know if that take is just because he's

785
00:35:50,200 --> 00:35:53,120
Speaker 2: a real estate developer, or and like prices going up

786
00:35:53,280 --> 00:35:56,120
Speaker 2: is you know, real estate developers usually do well when

787
00:35:56,160 --> 00:35:59,520
Speaker 2: that happens. But I think when you're talking about a

788
00:35:59,520 --> 00:36:02,439
Speaker 2: country of where there's tens of millions of young folks

789
00:36:02,480 --> 00:36:05,240
Speaker 2: who would love to get in on the housing pipeline,

790
00:36:05,239 --> 00:36:07,560
Speaker 2: and it has been one of the, if not the

791
00:36:07,600 --> 00:36:10,520
Speaker 2: most predominant way that people feel like they enter the

792
00:36:10,520 --> 00:36:13,880
Speaker 2: middle class and experiencing that equity growth. It's one of

793
00:36:13,880 --> 00:36:16,640
Speaker 2: the number one ways that people build wealth in this country.

794
00:36:16,880 --> 00:36:20,759
Speaker 2: So to you'll say that out loud, that you that

795
00:36:20,840 --> 00:36:23,520
Speaker 2: you don't necessarily want young Americans to participate in that,

796
00:36:23,600 --> 00:36:24,960
Speaker 2: I think feels pretty deflating.

797
00:36:25,080 --> 00:36:26,640
Speaker 1: Yeah, I don't know the full context, but I do

798
00:36:26,719 --> 00:36:28,160
Speaker 1: know he was in Davos when you said that, so

799
00:36:28,520 --> 00:36:29,600
Speaker 1: not only's speaking to the crowd.

800
00:36:29,760 --> 00:36:32,360
Speaker 2: Yeah, yeah, okay, Well, one thing you don't want to

801
00:36:32,400 --> 00:36:34,120
Speaker 2: do if you're thinking about buying home is to buy

802
00:36:34,120 --> 00:36:37,120
Speaker 2: a home with friends, because as prices stay high, the

803
00:36:37,200 --> 00:36:39,160
Speaker 2: appeal of buying a home with someone else, I think

804
00:36:39,200 --> 00:36:42,839
Speaker 2: it becomes I don't know, it sounds nicer, right, You're like, okay, well,

805
00:36:42,880 --> 00:36:45,040
Speaker 2: if I can't buy a home by myself, then let

806
00:36:45,120 --> 00:36:46,799
Speaker 2: me loop in one of my friends who also has

807
00:36:46,800 --> 00:36:47,959
Speaker 2: the same desire to buy a home.

808
00:36:48,160 --> 00:36:51,200
Speaker 1: Let's do it together, buddy, come on, best friends out. Yeah,

809
00:36:51,360 --> 00:36:53,600
Speaker 1: let's do it like mad Joel. That's right. Which let's

810
00:36:53,600 --> 00:36:55,279
Speaker 1: tell you we've it ever purchased a home together? Oh?

811
00:36:55,320 --> 00:36:57,160
Speaker 1: We have it. I don't have it. Started a business together.

812
00:36:57,280 --> 00:37:00,440
Speaker 1: But that's different than something that feels more permanent like

813
00:37:00,440 --> 00:37:00,759
Speaker 1: a house.

814
00:37:00,840 --> 00:37:03,640
Speaker 2: Yes, exactly. And some people will say, oh, it's going

815
00:37:03,719 --> 00:37:07,040
Speaker 2: to lower the entry barrier, right, it makes affordability a

816
00:37:07,040 --> 00:37:09,320
Speaker 2: little less of an issue if you've got two people,

817
00:37:10,160 --> 00:37:12,160
Speaker 2: you know, joining in that down payment and on the

818
00:37:12,160 --> 00:37:16,040
Speaker 2: monthly payment. But there are real potential pitfalls to this strategy. First,

819
00:37:16,360 --> 00:37:18,680
Speaker 2: renting is a lot cheaper right now across most of

820
00:37:18,680 --> 00:37:21,560
Speaker 2: the country, So rent with your friends instead and then

821
00:37:21,800 --> 00:37:23,640
Speaker 2: save and invest more. Rent with your friends is great.

822
00:37:23,719 --> 00:37:25,800
Speaker 1: Yeah, friends are great. Do the thing with your friends

823
00:37:25,880 --> 00:37:28,320
Speaker 1: that's something less permanent though, like renting, right, that's the

824
00:37:28,360 --> 00:37:29,319
Speaker 1: way to win because guess what.

825
00:37:29,680 --> 00:37:32,359
Speaker 2: You guys have a falling out or have a tough time, Well,

826
00:37:32,480 --> 00:37:34,680
Speaker 2: that leases up in four months or something like that,

827
00:37:34,760 --> 00:37:36,600
Speaker 2: and you don't have much longer you have to deal

828
00:37:36,680 --> 00:37:38,279
Speaker 2: with them. But if you bought the house together and

829
00:37:38,280 --> 00:37:41,239
Speaker 2: you're like, I don't like you any more than that

830
00:37:41,320 --> 00:37:43,839
Speaker 2: can create real issues. And then what if, like your

831
00:37:43,840 --> 00:37:46,319
Speaker 2: friend loses his or her job, or what if your

832
00:37:46,400 --> 00:37:48,880
Speaker 2: friendship just can't endure the strain of living together. There

833
00:37:48,880 --> 00:37:51,640
Speaker 2: are all of these things that could lead to financial

834
00:37:51,719 --> 00:37:57,840
Speaker 2: instability for one person in this partnership, and it impacts

835
00:37:57,880 --> 00:37:59,799
Speaker 2: both of your investment and both of your need to

836
00:37:59,800 --> 00:38:03,720
Speaker 2: have a roof over your head. So yeah, tying up capital,

837
00:38:03,800 --> 00:38:05,880
Speaker 2: rooting yourselves to the same spot when you buy a

838
00:38:05,880 --> 00:38:08,440
Speaker 2: house together. I think there's just there's just too much

839
00:38:08,920 --> 00:38:13,080
Speaker 2: in that proposition and I just can't in good conscience

840
00:38:13,160 --> 00:38:15,840
Speaker 2: tell people that co buying with a home with a

841
00:38:15,840 --> 00:38:18,880
Speaker 2: buddy is a great idea. And something else matter If

842
00:38:18,880 --> 00:38:21,920
Speaker 2: the housing market softens like forced selling can lead to

843
00:38:21,920 --> 00:38:25,080
Speaker 2: real losses for both people. When you're ready to buy

844
00:38:25,080 --> 00:38:27,680
Speaker 2: a home with someone you're married to, right or someone

845
00:38:27,680 --> 00:38:30,200
Speaker 2: that you have a long term loving relationship with. I

846
00:38:30,200 --> 00:38:32,640
Speaker 2: think that's different than just like going in with a friend.

847
00:38:32,800 --> 00:38:36,000
Speaker 1: Totally agree on that note. Folks might have heard something

848
00:38:36,000 --> 00:38:39,920
Speaker 1: about credit score rules for mortgages that might be changing.

849
00:38:40,120 --> 00:38:42,440
Speaker 1: So it's been reported that there are no longer minimum

850
00:38:42,480 --> 00:38:47,440
Speaker 1: credit score requirements for conventional loans for ever. I don't know.

851
00:38:47,480 --> 00:38:49,319
Speaker 1: For as long as I know, the minimum necessary score

852
00:38:49,320 --> 00:38:51,440
Speaker 1: has been six point twenty, and it is kind of

853
00:38:51,480 --> 00:38:55,000
Speaker 1: true that there's no longer like a hard minimum score requirement.

854
00:38:55,440 --> 00:39:00,239
Speaker 1: Lenders will now be evaluating risks holistically, which includes dudes,

855
00:39:00,400 --> 00:39:03,719
Speaker 1: your debt load, your income stability, your savings, things like that,

856
00:39:03,719 --> 00:39:06,239
Speaker 1: Like they're looking at the whole picture, which actually I

857
00:39:06,320 --> 00:39:06,919
Speaker 1: think is great.

858
00:39:07,040 --> 00:39:09,200
Speaker 2: This love they're taking into account savings because that's like

859
00:39:09,280 --> 00:39:11,480
Speaker 2: one thing that they didn't seem to care about before.

860
00:39:11,680 --> 00:39:15,440
Speaker 1: They're taking more of like a manual underwriting sort of

861
00:39:15,520 --> 00:39:19,359
Speaker 1: approach to mortgage lending as opposed to it before, where

862
00:39:19,360 --> 00:39:21,520
Speaker 1: it just seemed like they were just ignorantly running the

863
00:39:21,600 --> 00:39:24,399
Speaker 1: numbers through the system. So credit scores are only one

864
00:39:24,440 --> 00:39:27,160
Speaker 1: piece of the pie. That being said, your credit score

865
00:39:27,200 --> 00:39:29,680
Speaker 1: is still going to play a very large role. It

866
00:39:29,680 --> 00:39:32,080
Speaker 1: will influence whether or not you get approved, and it can,

867
00:39:32,320 --> 00:39:35,200
Speaker 1: you know, impact what rate you qualify for. So this

868
00:39:35,239 --> 00:39:37,120
Speaker 1: isn't to say that like, oh yeah, credit scores don't

869
00:39:37,120 --> 00:39:39,960
Speaker 1: matter anymore, No, seven forty like and anything above that

870
00:39:40,280 --> 00:39:43,680
Speaker 1: is and it likely always will be clutch in order

871
00:39:43,680 --> 00:39:45,680
Speaker 1: for you to receive the best rates and the best terms.

872
00:39:46,000 --> 00:39:47,719
Speaker 1: Just know that they're going to start looking at other

873
00:39:47,840 --> 00:39:51,360
Speaker 1: aspects of your personal finances, not just the quote unquote

874
00:39:51,400 --> 00:39:52,479
Speaker 1: sacred FICO score.

875
00:39:52,560 --> 00:39:55,640
Speaker 2: M H and the FTC talking about credit scores map.

876
00:39:55,640 --> 00:39:59,719
Speaker 2: The FTC recently released a consumer alert about terrible credit

877
00:39:59,760 --> 00:40:02,359
Speaker 2: repair tips that are giving people false hope about being

878
00:40:02,360 --> 00:40:04,160
Speaker 2: able to get their credit score back in decent shape.

879
00:40:04,200 --> 00:40:05,840
Speaker 2: Let's say you're in the five sixties and you're like,

880
00:40:06,000 --> 00:40:07,560
Speaker 2: you just heard what Matt said, and you're like, I

881
00:40:07,600 --> 00:40:10,640
Speaker 2: can buy a house now, Well not so fast, maybe not.

882
00:40:10,880 --> 00:40:12,320
Speaker 2: And then you're like, Okay, I guess I need to

883
00:40:12,320 --> 00:40:15,879
Speaker 2: get that credit score bumped up. Then well that's well, yes,

884
00:40:15,920 --> 00:40:17,959
Speaker 2: you do, Like that's really important, right, Your credit score

885
00:40:18,000 --> 00:40:19,960
Speaker 2: is a really important part of your personal finance hygiene

886
00:40:19,960 --> 00:40:22,279
Speaker 2: and having a good credit score matters in so many

887
00:40:22,320 --> 00:40:25,280
Speaker 2: areas of your financial life. When your credit score sucks,

888
00:40:25,880 --> 00:40:27,920
Speaker 2: it can be frustrating. The impact can be far reaching,

889
00:40:28,280 --> 00:40:30,440
Speaker 2: which makes it really easy for people who are in

890
00:40:30,480 --> 00:40:32,960
Speaker 2: that position to fall for bad advice or attempt to

891
00:40:33,000 --> 00:40:36,640
Speaker 2: pay someone to get the issue resolved quickly. But this

892
00:40:36,680 --> 00:40:40,880
Speaker 2: warning that the Federal Trade Commission issued is all about

893
00:40:40,920 --> 00:40:44,040
Speaker 2: not paying people to repair your credit or filing what's

894
00:40:44,080 --> 00:40:46,319
Speaker 2: known as a false identity theft report in order to

895
00:40:46,320 --> 00:40:50,439
Speaker 2: get information removed, because if the information is accurate, it's

896
00:40:50,560 --> 00:40:53,000
Speaker 2: not going to be removed. And apparently I didn't realize this, man,

897
00:40:53,080 --> 00:40:55,640
Speaker 2: it's a crime. It can be a crime. I don't

898
00:40:55,640 --> 00:40:57,360
Speaker 2: know that you're going to like get tossed behind bars

899
00:40:57,600 --> 00:41:00,279
Speaker 2: for this. But but you're lying. But you're paying somebody

900
00:41:00,320 --> 00:41:02,520
Speaker 2: to lie for you. That's right, that's right. So don't

901
00:41:02,719 --> 00:41:06,040
Speaker 2: do that. Do not listen to the influencers out there

902
00:41:06,040 --> 00:41:07,920
Speaker 2: on TikTok telling you that you can fix your credit

903
00:41:07,960 --> 00:41:11,120
Speaker 2: score by following one of these reports, or that they

904
00:41:11,120 --> 00:41:13,240
Speaker 2: can do it for you if you pay the money.

905
00:41:13,400 --> 00:41:16,080
Speaker 2: That's a waste your money, waste your time fixing your

906
00:41:16,120 --> 00:41:19,319
Speaker 2: credit is going to take some time and some responsible

907
00:41:19,600 --> 00:41:23,120
Speaker 2: usage of the credit that's at your disposal, which often

908
00:41:23,160 --> 00:41:25,760
Speaker 2: involves learning the ropes of how the scoring model works.

909
00:41:26,280 --> 00:41:29,000
Speaker 2: We have great articles up on how to money dot

910
00:41:29,040 --> 00:41:32,280
Speaker 2: co about that. We'll link to some of our favorites

911
00:41:32,320 --> 00:41:33,560
Speaker 2: in the show notes that it'll help you if you're

912
00:41:33,560 --> 00:41:35,200
Speaker 2: trying to figure out how do I get my credit

913
00:41:35,280 --> 00:41:36,440
Speaker 2: score back into good shape?

914
00:41:36,520 --> 00:41:38,239
Speaker 1: And of course those show notes can be found up

915
00:41:38,239 --> 00:41:41,560
Speaker 1: on the website at howtomoney dot com. Head over there

916
00:41:41,800 --> 00:41:44,080
Speaker 1: and we help everyone. Has a fantastic weekend. We'll see

917
00:41:44,080 --> 00:41:46,680
Speaker 1: you back here on Monday. Until next time, best friends Out,

918
00:41:46,800 --> 00:42:02,240
Speaker 1: Best Friends Out.