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Speaker 1: Welcome to Had of Money. I'm Joel and I am Matt.

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Speaker 1: Today we're talking about cohabitating to save big bank threats

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Speaker 1: and longevity by design. That's right.

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Speaker 2: Those are just a few of the stories that we're

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Speaker 2: gonna get to during today's Friday flight, our sampling of

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Speaker 2: the different headlines that we've come across this week.

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Speaker 1: Happy Friday, everybody.

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Speaker 2: Before we get into it, Joel, you might be proud

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Speaker 2: to hear that I've done this. But I hopped over

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Speaker 2: into the how to Money Facebook group.

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Speaker 1: Wow, you're never there. I don't often Facebook, Joel.

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Speaker 2: When I do Facebook, Joel, I go to the how

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Speaker 2: to Money group, the community page there, which is a

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Speaker 2: fantastic spot.

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Speaker 1: The only way to do Facebook properly, especially in the election,

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Speaker 1: Like avoid everything else, just go to the how of

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Speaker 1: Money Facebook group. It's like a train.

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Speaker 2: It's so hard to look away from the just all

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Speaker 2: that's going on in our political arena today. But I

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Speaker 2: noticed that listener, Allison. She posted the fact that Forever

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Speaker 2: stamps they're going up in price next week on Sunday.

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Speaker 2: So this is a little PSA. I mean, she's stuck

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Speaker 2: it out there. I think it's a PSA for everybody

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Speaker 2: over there in the how to Money Facebook group to hey,

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Speaker 2: go ahead and pick pick yourself up some of those

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Speaker 2: forever stamps before the price goes up. I think five

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Speaker 2: cents to seventy seventy three seasons sixty eight.

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Speaker 1: And I know most people are gonna be like Matt,

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Speaker 1: I don't use stamps anymore. People do the Saint nineteen

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Speaker 1: eighty two dude. But there are a lot of people

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Speaker 1: who are like, I'm getting married, I'm about to send

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Speaker 1: out a bunch of stuff, so it's the perfect time

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Speaker 1: to stock up. Go get your stamps now before the

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Speaker 1: price goes up. I think for most people they don't

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Speaker 1: necessarily need to stock up. But for people who have

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Speaker 1: something that they're gonna do some sort of mass mailing campaign, definitely,

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Speaker 1: what about you, Are you gonna go and get something, snake,

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Speaker 1: because I don't have any big an say. I think

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Speaker 1: I would if it was even like ten years ago.

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Speaker 2: But even now, we hardly ever mail things anymore. It's

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Speaker 2: just not something that we do. But here's the other

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Speaker 2: side of the coin. It's just like, well, what would

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Speaker 2: it hurt? Because it makes me think about why two K?

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Speaker 2: So you know, for those who don't know y two

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Speaker 2: k was this whole phenomenon of folks that the world

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Speaker 2: was gonna shut down New Year's Eve as soon as

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Speaker 2: the clock ticked to the year two thousand, basically January first,

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Speaker 2: that our computers wouldn't be able to handle it, and

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Speaker 2: everything was two thousand and everything was going to come

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Speaker 2: crashing down.

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Speaker 1: And I remember folks hoarding things specifically. I remember folks

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Speaker 1: loading up on gasoline.

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Speaker 2: Because I think one of the fears was that, oh,

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Speaker 2: gas stations, they're not going to be able to handle.

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Speaker 1: It, satellites are gonna be falling out of the air.

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Speaker 1: Gasoline is not something that you can hoard very well

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Speaker 1: because these giant jugs is probably kind of dangerous. But stamps,

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Speaker 1: I don't know. You could buy like multiple books.

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Speaker 2: You could have an entire binder if you want to do, yeah,

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Speaker 2: full of Forever stamps there on your shelf. You could

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Speaker 2: without getting looked out funny about your neighbors.

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Speaker 1: Maybe this is like just a PSA for like five

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Speaker 1: percent of the audience where it's like, all right, cool,

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Speaker 1: I am a heavy stamps user. I like this, which

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Speaker 1: I actually love, Like I wish I did write more

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Speaker 1: letters to people like that instead of emails or text

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Speaker 1: or something like that. It's it's a beautiful way of corresponding,

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Speaker 1: but most of us just aren't aren't writing enough letters

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Speaker 1: like that to need to stock up on stamps. But

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Speaker 1: if you do, it's a good time to do it.

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Speaker 1: That's true.

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Speaker 2: I also saw that, speaking of prices going up, costco

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Speaker 2: the raison, they're the cost of their membership.

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Speaker 1: How do you feel about this? I don't care? Does it?

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Speaker 1: I mean? Either it's five bucks, it's only five bucks,

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Speaker 1: and five bucks for regular members, ten bucks for executive members.

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Speaker 2: Oh I didn't. I didn't know that. Oh, but here's

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Speaker 2: an executive son. So no, I'm pissed. No, I'm honestly.

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Speaker 2: They could raise it one hundred bucks and I would

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Speaker 2: still pay it, would you really?

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Speaker 1: Truly? Yes? I get enough value? Okay, what about what

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Speaker 1: would it take for you to don't reconsider? I don't know.

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Speaker 1: I've I've tried tried to think about that. It would

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Speaker 1: have to be hundreds of dollars you're.

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Speaker 2: Saying, I'm just going with my knee jerk. You saying

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Speaker 2: one hundred made me feel made me kind of like

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Speaker 2: squirn them a little bit. So I think I would

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Speaker 2: have to seriously consider it. Well, I was talking to

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Speaker 2: a lot of money.

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Speaker 1: A friend who is an executive member and spends a

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Speaker 1: ton of money, and the cool thing is you get

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Speaker 1: that's true the cash back exactly. Oh my gosh. Yeah.

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Speaker 1: And that's the other thing there. While Costco's doing this

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Speaker 1: if you're a heavy spender executive member, which I am

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Speaker 1: not to his extent, but he gets the max back

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Speaker 1: every year, which is a thousand bucks from Costco for

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Speaker 1: being an executive member. I feel like Costco is that

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Speaker 1: cap to twelve fifty? Oughtn't know that. Yes, So that

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Speaker 1: was part of this announcement too, so the benefit and

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Speaker 1: you're reading the fine print. The other thing Costco did

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Speaker 1: here was raise wages for all the hourly employees. So

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Speaker 1: I'm like, Costco, take my money, you're the best. It's

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Speaker 1: cost of doing business. And it had been seven years

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Speaker 1: since their price increase. It let their last price increase,

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Speaker 1: so this only makes sense.

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Speaker 2: They've made it through the entire post pandemic period without

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Speaker 2: raising the cost of membership. Makes me feel like it's

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Speaker 2: a good time to buy one more share of Costco.

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Speaker 1: Yeah, and it might be like two percent of Costco

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Speaker 1: members who are saying, I don't know about this. This

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Speaker 1: is going to change my decision on whether or not

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Speaker 1: to keep my Costco membership. But I can't imagine that

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Speaker 1: it's a big percentage because the value is there for

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Speaker 1: most people who shop at Cosco. If you're single and

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Speaker 1: you're like, I haven't been going there much anyway, and

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Speaker 1: I don't know about the buying goods in bulk. It's

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Speaker 1: not necessarily working out for my lifestyle, then yeah, maybe

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Speaker 1: you don't need your Costco membership. It's always a good

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Speaker 1: time to reassess. I think it is when they're depressing.

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Speaker 2: We recently are visiting my folks and because they go

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Speaker 2: to Costco, they end up buying tons of.

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Speaker 1: Whatever it is that they buy.

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Speaker 2: And I swear there and I appreciate it them giving

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Speaker 2: us groceries, but it'll be like this giant bag of almonds.

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Speaker 2: We're all just pure, unadulterated almonds that are like on

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Speaker 2: the verge of going bad. And they're like, we don't

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Speaker 2: know what to do with a skull bad. Yeah, there's oil.

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Speaker 2: So anytime there's oil in some being.

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Speaker 1: Years, right, oil spoils Joel. It starts to taste.

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Speaker 2: I don't know how to describe it, but kind of

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Speaker 2: not good. Okay, It's just like it's just an off flavor.

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Speaker 2: I wouldn't call it raincid, but eventually that's that is

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Speaker 2: what it gets to.

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Speaker 1: Yeah, I mean, I'm sure it breaks out at some point,

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Speaker 1: but I can't imagine it breaks down.

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Speaker 2: It's not like honey that you can walk up in

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Speaker 2: a tomb unearth it, you know, millennia later and it's

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Speaker 2: still good.

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Speaker 1: Yeah, we'll be in like Pharaoh's too. That sounds right, Yeah,

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Speaker 1: sounds right. Okay, let's keep moving on, mat we got

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Speaker 1: more stories. Let's talk about personal finance classes in high schools.

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Speaker 1: They're becoming the norm around the country, and that trend

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Speaker 1: continues as California Governor Gavin Newsom he signed a law

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Speaker 1: requiring standalone personal finance courses for all high schoolers before graduation.

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Speaker 1: I don't think it kicks in till like the twenty

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Speaker 1: twenty eight school year, maybe twenty twenty seven, something like that,

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Speaker 1: but now somewhere close to seven in ten high school

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Speaker 1: students are going to have at least a taste of

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Speaker 1: personal finance knowledge funneled their way before graduation. And so

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Speaker 1: you and I I think people are going to guess

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Speaker 1: what we think about this. We love it. We're homers.

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Speaker 1: This is how to money. Yeah, we're all about this.

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Speaker 1: We want people to know more about how to handle

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Speaker 1: their personal finance as well.

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Speaker 2: Know.

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Speaker 1: We actually shared a study recently and it found that

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Speaker 1: the lifetime savings that someone experiences who has taken a

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Speaker 1: personal finance course in high school versus someone who didn't

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Speaker 1: is more than one hundred thousand bucks, like one hundred

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Speaker 1: and thirty thousand bucks or something like that over their lifetime.

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Speaker 1: We think that checks out and that makes it and

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Speaker 1: this potentially the most valuable class a kid might take

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Speaker 1: in high school. Sorry, calculus, you were up in the running,

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Speaker 1: but you lost to the personal finance class. Yeah.

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Speaker 2: A part of those studies show that students who end

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Speaker 2: up taking these personal finance courses they are better at

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Speaker 2: avoiding the worst kinds of debt like payday loans, like

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Speaker 2: carrying credit card balances, and because of that, they end

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Speaker 2: up with higher credit scores. And anyone listening to how

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Speaker 2: many knows the power of investing whether you are twenty

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Speaker 2: two years old or whether you're sixty two years old, but.

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Speaker 1: Starting young is clutch, And just imagine starting to invest

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Speaker 1: like forty years sooner, investing one to two percent more

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Speaker 1: over the decades.

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Speaker 2: All of these things add up in a significant way,

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Speaker 2: making a six figure difference in your future network.

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Speaker 1: So it doesn't surprise me at all. And congrats to

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Speaker 1: California on this.

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Speaker 2: We can't wait to see these these classes becoming more

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Speaker 2: commonplace because not everyone is getting personal finance knowledge. Folks

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Speaker 2: aren't talking about money in a casual, informative, helpful way

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Speaker 2: at home or even among their friends. And I'm really

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Speaker 2: excited about the conversations that this is going to spark.

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Speaker 1: Yeah, and it's not a panacea, like it's not going

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Speaker 1: to fix all the financial problems that we have going

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Speaker 1: on in this country, and it's probably not going to

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Speaker 1: dramatically alter some of the statistics that we read year

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Speaker 1: in and year out. But it is going to make

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Speaker 1: a difference in the lives of many kids, and it's

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Speaker 1: at least going to give them a baseline knowledge to

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Speaker 1: move through and so then they can question things as

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Speaker 1: the older they get. It's easier than to question or

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Speaker 1: to push back against a quote that you get on

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Speaker 1: a mortgage or something like that. You're like, wait a second,

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Speaker 1: but my credit score is actually pretty good. I know

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Speaker 1: this because I learned about credit scores in high school

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Speaker 1: and I track it a little bit now, or fees

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Speaker 1: in a four oh one k. I just feel like

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Speaker 1: people are going to be more empowered moving forward if

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Speaker 1: they have at least a little bit of knowledge which

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Speaker 1: they're going to gain from a class like this. So

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Speaker 1: kudos to California. This is awesome. All right, let's talk

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Speaker 1: about cohabitating, Matt, and the question comes up. I think

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Speaker 1: for a lot of people, especially as inflation has become

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Speaker 1: more of a problem, should I move in with somebody

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Speaker 1: else in order to save money? I think the answer

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Speaker 1: I can't answer the question for you. You have to answer

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Speaker 1: that for yourself. I guess, but it depends on your personality,

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Speaker 1: your risk tolerance. I remember being if you like people

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Speaker 1: touching your stuff, yeah, or it's like, well, actually this

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Speaker 1: will save me money, but that person's like pig pen

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Speaker 1: or something that they're really they're dirty and they don't

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Speaker 1: clean up out for themselves. That can make for a

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Speaker 1: tough roommate situation. But I remember being so excited when

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Speaker 1: Emily and I were getting married. Part of it was

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Speaker 1: like having two incomes, right, But the other part was

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Speaker 1: having one roof of our heads and it felt like

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Speaker 1: a massive paar race at the time. Do you remember

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Speaker 1: that feeling well?

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Speaker 2: I mean yeah, I mean housing is a massive line

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Speaker 2: item on everyone's budget every single month, and so to

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Speaker 2: consolidate that, it basically it feels like you like you're

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Speaker 2: winning on both ends, Like you are as a family

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Speaker 2: unit receiving more income, but then on top of that

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Speaker 2: you get to reduce some of your expenses.

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Speaker 1: It's awesome. And I guess they call it the single

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Speaker 1: tax right where if you're living alone, and it's true,

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Speaker 1: it feels like you're paying more because most of the

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Speaker 1: time you are. But a New York Times article documented

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Speaker 1: the rise of young couples moving in together, with saving

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Speaker 1: money being the primary motive. And not trying to be

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Speaker 1: prudes here, but if you decide to move in with

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Speaker 1: someone after dating for a few months, you could be

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Speaker 1: setting yourself up for relational failure and personal hardship. And

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Speaker 1: it's I think, just be careful. If saving money is

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Speaker 1: the main thrust of why you're moving in with someone,

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Speaker 1: it can actually end up costing you in the end. Yeah,

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Speaker 1: it feels like if it feels.

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Speaker 2: Like a case of the tail wagging the dog like

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Speaker 2: it should be that this is a result. This is

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Speaker 2: a benefit that you receive once you find somebody that

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Speaker 2: you want to commit to a long term relationship with.

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Speaker 2: I'm less cautious for folks who are willing to who

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Speaker 2: are wanting to move in together with a roommate, because

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Speaker 2: I think that's a very time tested, cost effective way

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Speaker 2: of reducing your expenses, right, but you don't know who

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Speaker 2: they are, certainly, absolutely, but even still, I mean like

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Speaker 2: I feel like that's one step towards house hacking, and

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Speaker 2: it's like, hey, let's figure out how long we're gonna

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Speaker 2: do this.

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Speaker 1: Whereas when it gets romantic.

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Speaker 2: I feel like that's really where the wires can get crossed,

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Speaker 2: because then there's a whole like roommates, it's kind of

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Speaker 2: like a business transaction almost. It's like, hey, can we coexist? Okay, great,

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Speaker 2: here's your room, here's my room. This is how we're

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Speaker 2: gonna do this. Yeah, right, well, and you're right. I

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Speaker 2: think the other thing you need to consider is the

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Speaker 2: potential financial downsides of doing this. So yeah, you might

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Speaker 2: save money for a few months, but then if you

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Speaker 2: have to break the lease or that person does end

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Speaker 2: up saying Listen, this isn't working. I'm moving back with

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Speaker 2: my parents. You're stuck with the lease, and you're paying

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Speaker 2: more than you were for that one bedroom apartment on

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Speaker 2: your own because now you've got two three bedrooms, or

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Speaker 2: maybe you don't need those additional rooms, and hopefully you

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Speaker 2: can be scrappy enough to then find some additional roommates.

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Speaker 1: Because yeah, you're gonna find yourself in a pinch, so

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Speaker 1: put the ball in your court.

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Speaker 2: Yeah, we do want folks to be a little more

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Speaker 2: thoughtful as they approach this. We don't want it especially,

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Speaker 2: I don't want it to be a knee jerk reaction,

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Speaker 2: especially for couples who are like, hey, we've been dating

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Speaker 2: for a couple of months, man, we could really save

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Speaker 2: a whole lot by doing this. I think you need

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Speaker 2: to really know yourself, and especially I'm more open to it,

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Speaker 2: I guess if folks are older, because when you're older,

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Speaker 2: you kind of know what you're looking for. It's like

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Speaker 2: when you're younger, like somebody who's dating somebody in high

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Speaker 2: school and they want to get married and like, okay,

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Speaker 2: come on, like you've only you've been dating for a year,

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Speaker 2: do you actually know each other? It's like, when you're younger,

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Speaker 2: you need like maybe you need like three or four

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Speaker 2: years of dating to actually know that person. But by

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Speaker 2: the time you're thirty years old, thirty five, forty years old,

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Speaker 2: like you know exactly what you're looking for you with.

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Speaker 1: Your relational event. I don't know how true that is.

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Speaker 2: I just know when I see people and they're in

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Speaker 2: their like thirties or forties and they've been dating somebody

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Speaker 2: for three four months and they want to get married

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Speaker 2: or they want to move in together, that's not nearly

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Speaker 2: as much of a red flag as opposed to someone

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Speaker 2: making that decision when they're fresh out of high school.

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Speaker 1: That's actually I'm actually gonna disagree with he really, I

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Speaker 1: think there's some of the most successful marriages I know

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Speaker 1: are people who got married in nineteen or twenty. And

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Speaker 1: I know some people right now and they only dated

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Speaker 1: for like three months. Well maybe not three months, that's

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Speaker 1: what I'm saying, like seven or eight.

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Speaker 2: I'm fine with people getting married right out of high school,

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Speaker 2: but oftentimes they have dated for at least two years

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Speaker 2: that kind of thing.

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Speaker 1: You see what I'm saying, Yeah, yeah, okay, I've been then.

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Speaker 1: I just was literally talking to a friend recently and

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Speaker 1: he's in his forties and he's dating and he's been

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Speaker 1: literally been dating a girl for three months and she

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Speaker 1: was like, I'm ready to like take this. The next

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Speaker 1: he was like, I'm ready to break up. And so

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Speaker 1: I don't know. It's just it's it's weird out there,

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Speaker 1: and it's always on the maturity of the person you're

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Speaker 1: talking to. I'm guessing and what they're looking for. Yeah. Yeah,

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Speaker 1: relationships are hard, man, And so I think you just

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Speaker 1: have to Again. I get the desire to save money,

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Speaker 1: especially as costurizing fortunately cost youre going down slightly for

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Speaker 1: renters across a lot of the country, but just be

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Speaker 1: careful before you're making a when you're making a commitment

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Speaker 1: to somebody a financially, it's a big financial commitment that

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Speaker 1: goes along with it and might seem like it's going

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Speaker 1: to save shave you money on the front end, but

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Speaker 1: it might not on the back end.

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Speaker 2: Totally agree, All right, man, Let's talk about streaming, because

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Speaker 2: with the insane number of streaming services that are out

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Speaker 2: out there and the exorbitant price increases that we've seen

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Speaker 2: over the past couple of years, it seems like more

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Speaker 2: folks are checking out the free options at their disposal.

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Speaker 2: Of course, downside their ads supported you hate aside.

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Speaker 1: I'm not a fan of.

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Speaker 2: And that's fine, you know, if I don't want to

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Speaker 2: do that, So if I want to go with the service,

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Speaker 2: I might pay a little extra.

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Speaker 1: But you can find some decent stuff out there, and

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Speaker 1: more folks are already watching ads on the paid services anyway, right,

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Speaker 1: their prices just didn't go up quite as much, and

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Speaker 1: so that's one of the ways they were able to

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Speaker 1: keep their prices in check by Amazon Prime watching the

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Speaker 1: occasional ad they put the ads on there. I mean,

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Speaker 1: you want to save a little bit of money, you're

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Speaker 1: gonna pay for the ad supported model. But guess what, Yeah,

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Speaker 1: there are free options that have that are AD supported too.

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Speaker 2: Yeah, we don't want folks to forget about Roku Pluto

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Speaker 2: is it tuby tubby?

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Speaker 1: I don't even know how to pronounce this. I've always

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Speaker 1: read about it.

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Speaker 2: But Samsung they've even got a free service, and one

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Speaker 2: of our favorite.

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Speaker 1: Library apps, Hoopla, they've got a free service as well.

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Speaker 1: I think I saw that The Whale is available on Hoopla.

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Speaker 1: That's the movie. Oh so you've seen it? Really good?

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Speaker 1: This is. I watched it on an airplane.

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Speaker 2: Nice, it feels like a good airplane movie. But Brendan

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Speaker 2: Fraser kith on a fan, so that's probably why we

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Speaker 2: haven't seen that when she never got past his role

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Speaker 2: in the Mummy.

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Speaker 1: I never saw the Mummy. So I remember Brendan Fraser

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Speaker 1: from Encino.

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Speaker 2: Man, Oh, that's where you plays the caveman, right, yeah,

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Speaker 2: with poly short that's right. Bottom line, we want folks

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Speaker 2: to remember that there are free options out there if

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Speaker 2: you're looking to reduce your budget how much you're spending

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Speaker 2: on entertainment. Of course, the downside though, is that there's

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Speaker 2: a whole lot of.

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Speaker 1: Crap that you have to filter through. And the other thing, Matt,

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Speaker 1: I have literally I found myself watching so much less TV.

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Speaker 1: Part of that is because I'm like waking up earlier

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Speaker 1: to try to run more so I'm not apathetic human being.

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Speaker 2: Yeah, and got less time in the evenings to yeah,

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Speaker 2: PLoP down in front of this, Like, how long is

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Speaker 2: it going to take me to finish The Bear season three?

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Speaker 1: I don't know. It's probably gonna take me like two months,

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Speaker 1: and so.

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Speaker 2: I haven't even started it. My list of things to

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Speaker 2: watch just continues to get longer. I haven't even seen Oppenheimer.

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Speaker 2: I shared that with you the other day. You can't

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Speaker 2: believe it.

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Speaker 1: You're like, wait, what that is great? You need to

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Speaker 1: do that one soon. But I get it. Yeah, it's

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Speaker 1: harder to find the time, especially when you're prioritizing other things,

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Speaker 1: and for prioritizing saving money on TV go with some

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Speaker 1: of these free services or watch less TV in general.

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Speaker 1: Three there you go. All right, let's talk about gambling, Matt,

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Speaker 1: one of your favorite pastimes, but it's your bigger gambler though,

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Speaker 1: I'm sorry, true I do.

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Speaker 2: Again, we're not prudes. I don't want job. Joel likes

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Speaker 2: to gamble on dog racing and cock fights. Well, actually

384
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Speaker 2: did go to a dog racing track and you raised

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Speaker 2: combat for fighting.

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Speaker 1: No, didn't do that, but I appreciate that. So okay,

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Speaker 1: let's talk about gambling for just a second. Though it's

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Speaker 1: becoming I think, more acceptable in our culture. It's not

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Speaker 1: just Vegas or going to the riverboats of Mississippi to gamble,

390
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Speaker 1: but like, let's at your fingertips all the time. They

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Speaker 1: are state lotteries that kind of stuff. And sports gambling,

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Speaker 1: of course, is the one where i've seen the massive growth,

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Speaker 1: and all the advertisements that are just maybe want to

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Speaker 1: punch myself in the face every time I see them

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Speaker 1: because they're so ubiquitous. But now there's a new way

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Speaker 1: you can gamble, a new way you can be a degenerate,

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Speaker 1: and that is to bet on economic predictions if you're

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Speaker 1: so inclined. So I guess we can all think or

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00:16:43,480 --> 00:16:46,960
Speaker 1: blame this company called Interactive Brokers for making this a reality.

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Speaker 1: They launched something called forecast Trader on Monday. Now you

401
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Speaker 1: can bet on the CPI number, what's it going to be?

402
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Speaker 1: If you bet that it was going to stay the same,

403
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Speaker 1: you would have been wrong. You would have lost money

404
00:16:57,000 --> 00:17:00,200
Speaker 1: because it went down when it was reported on Thursday.

405
00:17:00,240 --> 00:17:02,320
Speaker 1: You can bet on the jobs report, the Fed Fund's right.

406
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Speaker 1: Are they going to cut in September? Are they not? Ooh,

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Speaker 1: I want to gamble on that thing. What could go wrong? Right?

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00:17:07,040 --> 00:17:09,919
Speaker 2: Well, you could yeah, read like an enduth bio on

409
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Speaker 2: jer own pal and then that way you get the

410
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Speaker 2: inside track, right right, Knowledge is power, jool.

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Speaker 1: What's your any Gram number? Jeromee Pwell, that's gonna help

412
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Speaker 1: me out and make a better bet. Let me be clear,

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Speaker 1: I don't like the fact that this exists, but it's

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Speaker 1: hard for the libertarian side of me to not be like,

415
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Speaker 1: but it should be allowed to exist, right like, it

416
00:17:26,280 --> 00:17:29,000
Speaker 1: shouldn't necessarily be banned, I think. But what this means, though,

417
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Speaker 1: is that the responsibility is on you, especially if you

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Speaker 1: are more of a financial nerd and in the past

419
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Speaker 1: you found yourself drawn towards betting. Well, this could be

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Speaker 1: recipe for disaster for you specifically, And I think one

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Speaker 1: thing to do, like what's difficult about gambling is realizing

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Speaker 1: the ultimate cost of the little piddly what you could

423
00:17:47,760 --> 00:17:49,720
Speaker 1: perceive as the piddley amounts of money that you're spending

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Speaker 1: every week, every single month, And to that we would

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Speaker 1: recommend the rule of one seventy three, which is a

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Speaker 1: simple formula where you can take a recurring expense that

427
00:17:57,640 --> 00:18:00,360
Speaker 1: you experienced every single month, you simply multiply by one

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Speaker 1: hundred and seventy three, and that is the future investment

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Speaker 1: amount where you to take that monthly expense and invest

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Speaker 1: it rather than spend it every single month. And there's

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Speaker 1: just that disconnect, and it's so hard for us to

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Speaker 1: predict how we're going to feel about something and the

433
00:18:15,160 --> 00:18:17,480
Speaker 1: impacts that were the small steps. The small things that

434
00:18:17,520 --> 00:18:20,000
Speaker 1: we're doing today are everyday actions and the long term

435
00:18:20,000 --> 00:18:22,320
Speaker 1: consequences of that. And so the rule of one to

436
00:18:22,400 --> 00:18:24,920
Speaker 1: seventy three, that's what you can do with those monthly

437
00:18:25,000 --> 00:18:29,320
Speaker 1: expenses to truly realize the magnitude of these monthly expenses.

438
00:18:29,359 --> 00:18:31,640
Speaker 1: We always want to minimize them, right, We want to say, ah,

439
00:18:31,680 --> 00:18:33,679
Speaker 1: it's just a few bucks here and there. In some

440
00:18:33,720 --> 00:18:36,560
Speaker 1: ways that's true, But then the other thing is, well,

441
00:18:36,560 --> 00:18:38,600
Speaker 1: how much could it be if you were to eradicate

442
00:18:38,600 --> 00:18:40,120
Speaker 1: that from your life? And it's at least worth knowing

443
00:18:40,160 --> 00:18:42,119
Speaker 1: the trade off that you're making looking at it in

444
00:18:42,160 --> 00:18:43,600
Speaker 1: the face. And that's what the rule of one seventy

445
00:18:43,600 --> 00:18:45,520
Speaker 1: three helps you do. Exactly the other thing I think

446
00:18:45,560 --> 00:18:48,679
Speaker 1: when we're talking about gambling, again, not apprude. I like

447
00:18:48,800 --> 00:18:51,280
Speaker 1: to play blackjack. I probably haven't liked played blackjack in

448
00:18:51,320 --> 00:18:54,320
Speaker 1: a casino in like a decade or somewhere close to it.

449
00:18:54,640 --> 00:18:56,960
Speaker 1: But have a limit and make it part of your

450
00:18:57,080 --> 00:18:59,720
Speaker 1: entertainment budget. Sure, so if it's your thing, and maybe

451
00:18:59,720 --> 00:19:02,280
Speaker 1: in that this is the thing that just I guess

452
00:19:02,440 --> 00:19:04,080
Speaker 1: irks me or makes me sad mad. It's just the

453
00:19:04,400 --> 00:19:06,880
Speaker 1: it being at people's fingertips. It being easier than ever before.

454
00:19:06,880 --> 00:19:08,639
Speaker 1: At least you had to like drive somewhere and go

455
00:19:08,680 --> 00:19:11,480
Speaker 1: do the thing. And now it's like you can get

456
00:19:11,520 --> 00:19:14,000
Speaker 1: addicted and nobody know about it and be losing a

457
00:19:14,000 --> 00:19:16,000
Speaker 1: whole heck of a lot of money. And I do

458
00:19:16,000 --> 00:19:17,480
Speaker 1: think that we're going to see a new era of

459
00:19:17,520 --> 00:19:21,040
Speaker 1: gambling in this country that's gonna ruin individual lives, It's

460
00:19:21,080 --> 00:19:24,520
Speaker 1: going to harm families, and that I'm sad about that. So, yeah,

461
00:19:24,560 --> 00:19:26,800
Speaker 1: be careful before you enter into anything like this, and

462
00:19:27,359 --> 00:19:30,639
Speaker 1: think about whether or not gambling is worth part of

463
00:19:30,680 --> 00:19:32,840
Speaker 1: your entertainment budget before you begin.

464
00:19:33,080 --> 00:19:34,919
Speaker 2: Yeah, and if you have found in the past this

465
00:19:35,000 --> 00:19:37,960
Speaker 2: to be a slippery slope for you, just avoid it altogether.

466
00:19:38,160 --> 00:19:39,560
Speaker 1: Not worth it. Yeah, all right, Joel, We've.

467
00:19:39,480 --> 00:19:42,160
Speaker 2: Got more to get to, including some new bank fees

468
00:19:42,359 --> 00:19:44,119
Speaker 2: that some customers can expect.

469
00:19:44,160 --> 00:19:54,520
Speaker 1: We'll get to that more right after this. All right,

470
00:19:54,840 --> 00:19:58,320
Speaker 1: Friday flight continues Matthew, and we got to get to

471
00:19:58,320 --> 00:20:01,360
Speaker 1: the Lucros headline of the week. As usual, this one

472
00:20:01,359 --> 00:20:03,800
Speaker 1: comes to the Wall Street Journal and the headline reads

473
00:20:03,920 --> 00:20:09,639
Speaker 1: JP Morgan Warren's customers prepare to pay for checking accounts. No, sorry,

474
00:20:09,640 --> 00:20:12,000
Speaker 1: heads up, Joel. Yeah, this was like a Wall Street

475
00:20:12,040 --> 00:20:14,720
Speaker 1: Journal exclusive story, by the way, Chase checking account, they

476
00:20:14,760 --> 00:20:17,080
Speaker 1: interviewed a lot more expensive. Not Jamie Diamond, but like

477
00:20:17,080 --> 00:20:20,440
Speaker 1: the person's right below him, And she was basically saying, listen,

478
00:20:20,520 --> 00:20:23,679
Speaker 1: Chase Bank, if some of these government regulations that are

479
00:20:23,720 --> 00:20:26,879
Speaker 1: being proposed come to pass, all of our customers are

480
00:20:26,880 --> 00:20:29,240
Speaker 1: going to pay more money. And it feels like this

481
00:20:29,240 --> 00:20:32,679
Speaker 1: this veiled threat or empty threat. And my response to

482
00:20:32,680 --> 00:20:34,840
Speaker 1: you is no, thank you, big bank over lords. I'm

483
00:20:34,840 --> 00:20:38,160
Speaker 1: not going to do that. So basically, yeah, she was saying,

484
00:20:38,520 --> 00:20:42,040
Speaker 1: the capping of overdraft and late fees that the government

485
00:20:42,080 --> 00:20:45,119
Speaker 1: has proposed, the CFPB has been proposing, well, that would

486
00:20:45,119 --> 00:20:47,359
Speaker 1: increase their cost of doing business, and they're going to

487
00:20:47,400 --> 00:20:50,239
Speaker 1: have to pass on those increased costs to customers. They

488
00:20:50,320 --> 00:20:53,399
Speaker 1: used words like sweeping and significant. That's what's going to

489
00:20:53,440 --> 00:20:55,919
Speaker 1: have to happen when these changes are made. That's what

490
00:20:55,960 --> 00:20:58,919
Speaker 1: their customers are going to feel. And you know, the

491
00:20:58,920 --> 00:21:01,120
Speaker 1: poor banks basically wouldn't able to offer you an account

492
00:21:01,240 --> 00:21:05,800
Speaker 1: without levying a meaningful monthly fee. Insert single emoji tier

493
00:21:05,840 --> 00:21:08,239
Speaker 1: face here, Matthew for the banks. Let me get out

494
00:21:08,280 --> 00:21:10,680
Speaker 1: my tiny violin and play a little song for them.

495
00:21:11,080 --> 00:21:13,679
Speaker 1: These caps that are being proposed on. Some of these

496
00:21:13,720 --> 00:21:17,679
Speaker 1: fees will potentially, yes, reduce rewards for some customers. But

497
00:21:17,720 --> 00:21:19,639
Speaker 1: this threat from Chase is silly. I don't even know

498
00:21:19,640 --> 00:21:22,600
Speaker 1: why you agreed, the interviewer do this article. There are

499
00:21:22,840 --> 00:21:27,000
Speaker 1: hundreds of banks offering better products and services for far

500
00:21:27,080 --> 00:21:30,000
Speaker 1: less money these days than what Chase is offering. Many

501
00:21:30,359 --> 00:21:34,320
Speaker 1: of these banks have proactively eliminated these fees already. We're

502
00:21:34,320 --> 00:21:37,560
Speaker 1: talking about ally, we're talking about capital one. They've said, yeah,

503
00:21:37,680 --> 00:21:39,879
Speaker 1: before the government does anything, we're just going to get

504
00:21:39,960 --> 00:21:42,720
Speaker 1: rid of these altogether to be better for our customers.

505
00:21:42,760 --> 00:21:45,760
Speaker 1: And so this public threat, combined with their lack of

506
00:21:45,800 --> 00:21:50,000
Speaker 1: competitiveness in the personal banking space, should have any decent

507
00:21:50,280 --> 00:21:52,959
Speaker 1: money loving person, person who wants the best for their

508
00:21:53,000 --> 00:21:56,200
Speaker 1: own finances jumping ship from Chase. This threat just makes

509
00:21:56,240 --> 00:21:58,080
Speaker 1: me want people to leave in bigger numbers.

510
00:21:58,200 --> 00:22:00,960
Speaker 2: Yeah, it's interesting how they've positioned it that, hey, our

511
00:22:01,040 --> 00:22:03,280
Speaker 2: costs are going to be going up, But in reality,

512
00:22:03,359 --> 00:22:06,160
Speaker 2: what's going on here is that their profits are going down,

513
00:22:06,600 --> 00:22:08,760
Speaker 2: and so they're trying to maintain their profits. Is not

514
00:22:08,880 --> 00:22:13,639
Speaker 2: that the actual that their actual expenses are actually increasing. So,

515
00:22:13,640 --> 00:22:17,159
Speaker 2: while we're talking about banking let's talk about personal checks.

516
00:22:17,520 --> 00:22:19,480
Speaker 1: When's the last time you write a personal check, Joel,

517
00:22:19,480 --> 00:22:21,119
Speaker 1: can you remember? It's been a hot minute, Probably been

518
00:22:21,160 --> 00:22:22,760
Speaker 1: a couple years. Actually, We've got.

519
00:22:22,640 --> 00:22:25,400
Speaker 2: We had some yard work done, some work outside, and

520
00:22:25,600 --> 00:22:27,240
Speaker 2: had to bust out. He's like, oh, yeah, we need

521
00:22:27,280 --> 00:22:29,080
Speaker 2: a deposit today. I was like, yeah, sure, let me

522
00:22:29,160 --> 00:22:31,000
Speaker 2: run in. Could not find the check book. I literally

523
00:22:31,040 --> 00:22:32,479
Speaker 2: don't know where it is. I think we lost it.

524
00:22:32,520 --> 00:22:35,320
Speaker 2: But it doesn't even matter though, because I was able

525
00:22:35,440 --> 00:22:38,200
Speaker 2: to zell that individual that money.

526
00:22:37,880 --> 00:22:39,679
Speaker 1: As opposed to actually write a check. There are so

527
00:22:39,680 --> 00:22:43,480
Speaker 1: many other options, and this is something that Target has

528
00:22:43,680 --> 00:22:44,399
Speaker 1: wised up to.

529
00:22:44,520 --> 00:22:48,440
Speaker 2: Starting next week, they're not going to accept paper checks anymore.

530
00:22:49,480 --> 00:22:53,480
Speaker 2: Aldi Whole Foods, I'm pretty sure they already asked paper

531
00:22:53,520 --> 00:22:56,320
Speaker 2: checks as a payment option, and fewer than three percent

532
00:22:56,400 --> 00:22:59,960
Speaker 2: of overall transactions they were done with a personal check

533
00:23:00,280 --> 00:23:02,840
Speaker 2: in twenty twenty three. So I wanted to share this

534
00:23:03,040 --> 00:23:05,119
Speaker 2: just to give folks a heads up out there, because personally,

535
00:23:05,320 --> 00:23:08,640
Speaker 2: I'm all for this because checks they've obviously fallen out

536
00:23:08,640 --> 00:23:11,720
Speaker 2: of favor. It's just inefficient, you know, like they slow

537
00:23:11,800 --> 00:23:14,919
Speaker 2: down the checkout line, much to the chagrin of not

538
00:23:15,000 --> 00:23:17,119
Speaker 2: only the shoppers who are waiting in line behind them.

539
00:23:17,160 --> 00:23:19,680
Speaker 2: But I'm sure to the folks who are working in

540
00:23:19,720 --> 00:23:22,840
Speaker 2: their registers and from our perspective, they're just an inferior

541
00:23:22,880 --> 00:23:25,480
Speaker 2: form of payment because when handled, well, what do we

542
00:23:25,520 --> 00:23:27,720
Speaker 2: want folks to use their credit cards? We want you

543
00:23:27,800 --> 00:23:30,439
Speaker 2: to realize the different benefits that are able to be

544
00:23:30,520 --> 00:23:33,719
Speaker 2: offered there. We know that this might be an unpopular

545
00:23:33,760 --> 00:23:35,960
Speaker 2: opinion for some folks out there who do still rely

546
00:23:36,119 --> 00:23:39,080
Speaker 2: on checks. So just a heads up that the times, Joel,

547
00:23:39,160 --> 00:23:40,000
Speaker 2: they're a change.

548
00:23:39,760 --> 00:23:41,879
Speaker 1: In Yes, I'd be curious to know, by the way,

549
00:23:41,920 --> 00:23:44,600
Speaker 1: if any had a money listener out there says, guys,

550
00:23:44,680 --> 00:23:46,879
Speaker 1: you're off base here. I like writing checks. I go

551
00:23:46,960 --> 00:23:49,120
Speaker 1: to Target. I'm actually really upset they're making this move.

552
00:23:49,480 --> 00:23:51,080
Speaker 1: Send us an email. I would love to know why

553
00:23:51,119 --> 00:23:54,439
Speaker 1: somebody still writes checks these days, because, yeah, they're an

554
00:23:54,440 --> 00:23:58,160
Speaker 1: inferior form of payment. I'd be okay without lowing them altogether. Yeah,

555
00:23:58,160 --> 00:24:00,560
Speaker 1: and you're right, Matt, like when labor costs have gone up,

556
00:24:00,760 --> 00:24:03,720
Speaker 1: the longer the cashiers sitting there watching you, you know,

557
00:24:04,320 --> 00:24:06,399
Speaker 1: endorse your check and stuff like that just going to

558
00:24:06,480 --> 00:24:07,200
Speaker 1: cost them more money.

559
00:24:07,280 --> 00:24:09,320
Speaker 2: Yeah, everybody just wants to get out of there anyway, right,

560
00:24:09,359 --> 00:24:11,760
Speaker 2: And I know everyone's tired of you're going to.

561
00:24:11,800 --> 00:24:14,560
Speaker 1: Talk about Aldie, but is so great because it's so quick.

562
00:24:14,560 --> 00:24:18,040
Speaker 1: Can you remember when Aldi used to not accept credit cards? Oh? Barely? Yeah,

563
00:24:18,400 --> 00:24:20,200
Speaker 1: that was sad. It was. It was such a great

564
00:24:20,240 --> 00:24:22,240
Speaker 1: day when they started accepting cards. But they're able just

565
00:24:22,280 --> 00:24:24,800
Speaker 1: to whip those items right over that scanner, getting right

566
00:24:24,800 --> 00:24:25,600
Speaker 1: into the card. Amazing.

567
00:24:25,760 --> 00:24:28,399
Speaker 2: Like you look down to reach for your phone to

568
00:24:28,440 --> 00:24:30,800
Speaker 2: Apple pay or to pull out a credit card, and

569
00:24:30,840 --> 00:24:32,199
Speaker 2: you look up and they're aready done. They're just like

570
00:24:32,240 --> 00:24:33,159
Speaker 2: standing there waiting on you.

571
00:24:33,160 --> 00:24:34,439
Speaker 1: I'm just like, how did you do that? Same with

572
00:24:34,480 --> 00:24:36,600
Speaker 1: legal because they can They've got two places that they

573
00:24:36,640 --> 00:24:38,879
Speaker 1: can slide your grocery good at. The barcodes are like

574
00:24:39,200 --> 00:24:41,199
Speaker 1: one entire side of a box. Yeah, I love it.

575
00:24:41,240 --> 00:24:45,560
Speaker 1: Two really smart grocery operations. UT's speaking of credit cards, Matt.

576
00:24:45,640 --> 00:24:48,119
Speaker 1: Credit card disputes are one of the top reasons to

577
00:24:48,240 --> 00:24:50,199
Speaker 1: use a credit card because if the company you do

578
00:24:50,280 --> 00:24:53,200
Speaker 1: business with doesn't hold up there into the bargain, you

579
00:24:53,280 --> 00:24:56,240
Speaker 1: have recourse. Not true if you wrote a check. And

580
00:24:56,320 --> 00:24:59,159
Speaker 1: the number of credit card transactions that end with a

581
00:24:59,240 --> 00:25:02,320
Speaker 1: dispute are grow, They've gone up nearly forty percent since

582
00:25:02,359 --> 00:25:05,560
Speaker 1: twenty nineteen. I think, Matt, more people are realizing that

583
00:25:05,600 --> 00:25:07,760
Speaker 1: this is one of the privileges that come with using

584
00:25:07,840 --> 00:25:10,280
Speaker 1: your credit card at the point of purchase, in that

585
00:25:10,359 --> 00:25:13,440
Speaker 1: filing a dispute isn't really all that difficult. But credit

586
00:25:13,480 --> 00:25:17,440
Speaker 1: card companies are also finding then more people are abusing

587
00:25:17,480 --> 00:25:20,399
Speaker 1: the chargeback system right they're attempting to claw their money

588
00:25:20,440 --> 00:25:23,600
Speaker 1: back from a legitimate purchase. This costs the credit card

589
00:25:23,720 --> 00:25:26,360
Speaker 1: company and the business that you're doing. That charge back

590
00:25:26,400 --> 00:25:29,399
Speaker 1: against time and money can be really frustrating for the merchants,

591
00:25:29,440 --> 00:25:32,399
Speaker 1: and so our suggestion to you use the chargeback system

592
00:25:32,480 --> 00:25:35,320
Speaker 1: the way it was intended, because it is a benefit

593
00:25:35,720 --> 00:25:39,639
Speaker 1: of purchasing with a credit card, but don't abuse the system,

594
00:25:39,680 --> 00:25:41,640
Speaker 1: because if you become one of I could just see

595
00:25:41,880 --> 00:25:44,240
Speaker 1: rule changes being made to the way chargebacks are done. Matt.

596
00:25:44,520 --> 00:25:47,919
Speaker 1: If chargeback fraud essentially becomes like rampant normal, exactly, this

597
00:25:47,960 --> 00:25:49,720
Speaker 1: is why we can't have nice things. It's like people

598
00:25:49,760 --> 00:25:53,080
Speaker 1: abusing those super generous return policies some of our favorite retailers,

599
00:25:53,240 --> 00:25:55,399
Speaker 1: and then those retailers have to say, we have to

600
00:25:55,440 --> 00:25:57,840
Speaker 1: tweet this a little bit to prevent people from taking

601
00:25:58,000 --> 00:26:00,720
Speaker 1: this generous return policy to its like in degree.

602
00:26:00,760 --> 00:26:03,639
Speaker 2: All right, let's talk about planned obsolescence, because it is

603
00:26:03,680 --> 00:26:08,399
Speaker 2: a real problem in I'm thinking about technology specifically, and

604
00:26:08,600 --> 00:26:12,160
Speaker 2: maybe toys, maybe virtually in every area of personal consumption,

605
00:26:12,680 --> 00:26:15,040
Speaker 2: many businesses are making items that just aren't meant to

606
00:26:15,119 --> 00:26:17,639
Speaker 2: last very long and all. But that is not true

607
00:26:17,960 --> 00:26:20,800
Speaker 2: of all gadgets out there, and it's certainly worth highlighting

608
00:26:20,840 --> 00:26:23,400
Speaker 2: the companies, the folks who are doing a good job

609
00:26:23,480 --> 00:26:26,240
Speaker 2: on that front. I'm specifically thinking of Darn Tough. I've

610
00:26:26,240 --> 00:26:27,439
Speaker 2: got a pair of their socks and they got that

611
00:26:27,480 --> 00:26:30,480
Speaker 2: lifetime warranty. Get a little hole, any issues with your socks,

612
00:26:30,680 --> 00:26:31,200
Speaker 2: send them back.

613
00:26:31,200 --> 00:26:33,080
Speaker 1: They're gonna cost like ten x one a normal pair

614
00:26:33,119 --> 00:26:36,879
Speaker 1: of socks costs, but then they're incredibly come basically last forever.

615
00:26:36,960 --> 00:26:38,800
Speaker 1: Oh one other company on that I want to mention.

616
00:26:39,240 --> 00:26:42,080
Speaker 1: I'm not personally warranting, but one of my friends recently

617
00:26:42,080 --> 00:26:43,960
Speaker 1: got a new washing and dryer by a company called

618
00:26:43,960 --> 00:26:46,000
Speaker 1: speed Queen. Have you heard of them? No? So apparently

619
00:26:46,040 --> 00:26:48,280
Speaker 1: it's faster, and apparently they have like a three year

620
00:26:48,320 --> 00:26:51,800
Speaker 1: warranty and just it's much easier to fix and repair those.

621
00:26:52,040 --> 00:26:54,280
Speaker 1: Was it like a German company. I don't I know

622
00:26:54,280 --> 00:26:54,720
Speaker 1: when it comes.

623
00:26:54,600 --> 00:26:57,760
Speaker 2: To dishwashers, the was bosh, Yeah, those are the ones

624
00:26:57,800 --> 00:27:00,000
Speaker 2: that are always at the top of the heat speak queen.

625
00:27:00,000 --> 00:27:01,840
Speaker 2: I'll keep that in mind. But I'm also thinking of

626
00:27:01,880 --> 00:27:04,800
Speaker 2: Apple because they released a white paper last week called

627
00:27:05,119 --> 00:27:11,639
Speaker 2: Longevity by Design, and they discussed their progress towards product longevity.

628
00:27:12,160 --> 00:27:15,199
Speaker 2: Stat's fine that Apple users are keeping their iPhones around longer.

629
00:27:15,480 --> 00:27:17,960
Speaker 2: Hundreds of millions of iPhones are still being used well

630
00:27:18,000 --> 00:27:21,679
Speaker 2: beyond five years from the date of purchase, and folks

631
00:27:21,720 --> 00:27:23,960
Speaker 2: are holding on to their phones longer for a bunch

632
00:27:23,960 --> 00:27:28,040
Speaker 2: of reasons. Of course, cost, but there are fewer carrier

633
00:27:28,359 --> 00:27:31,359
Speaker 2: cell phone carrier subsidies these days, and honestly, there's just

634
00:27:31,400 --> 00:27:33,000
Speaker 2: not a whole lot of innovation that's taking place.

635
00:27:33,040 --> 00:27:35,679
Speaker 1: We've talked about that. We had a listener question maybe

636
00:27:35,840 --> 00:27:38,080
Speaker 1: last month, a couple months ago, or of the iPhone twelve,

637
00:27:38,119 --> 00:27:40,399
Speaker 1: So we're talking about, yeah, twelve or even maybe is

638
00:27:40,560 --> 00:27:43,480
Speaker 1: even thirteen, And I'm like, oh my gosh, a twelve

639
00:27:43,480 --> 00:27:45,960
Speaker 1: pro or thirteen pro. Those are still really great phones.

640
00:27:46,400 --> 00:27:49,280
Speaker 2: But just perhaps to Apple for creating phones that tend

641
00:27:49,359 --> 00:27:53,399
Speaker 2: to last longer then their Android peers, even if they

642
00:27:53,440 --> 00:27:56,040
Speaker 2: do cost a fair bit more on the front end

643
00:27:56,200 --> 00:27:58,359
Speaker 2: much of the time. Yeah, I think it's worth thinking

644
00:27:58,400 --> 00:27:59,760
Speaker 2: through and just waste as well.

645
00:28:00,160 --> 00:28:00,600
Speaker 1: Environment.

646
00:28:00,640 --> 00:28:02,960
Speaker 2: That's one of the things that I've that I've felt

647
00:28:02,960 --> 00:28:05,400
Speaker 2: convicted on where I know not everybody has the ability

648
00:28:05,440 --> 00:28:08,439
Speaker 2: to spend more upfront on an item like that, but

649
00:28:08,560 --> 00:28:11,640
Speaker 2: if you do have the financial ability to, it makes

650
00:28:11,680 --> 00:28:13,960
Speaker 2: sense on multiple fronts that that's something that you should

651
00:28:13,960 --> 00:28:15,240
Speaker 2: probably at least consider.

652
00:28:15,320 --> 00:28:16,639
Speaker 1: Yeah, I'm not gonna say that you have to do it.

653
00:28:16,880 --> 00:28:18,359
Speaker 1: I think you're right. I mean think people have become

654
00:28:18,400 --> 00:28:21,119
Speaker 1: more conscious about cost per use when it comes to

655
00:28:21,160 --> 00:28:23,680
Speaker 1: their clothing items. I think cost per year of ownership

656
00:28:23,720 --> 00:28:25,320
Speaker 1: is another great way to maybe think about your cell

657
00:28:25,320 --> 00:28:28,200
Speaker 1: phone because you could opt for the three hundred dollars

658
00:28:28,200 --> 00:28:30,960
Speaker 1: model and let's say it last two years, but the

659
00:28:31,480 --> 00:28:33,720
Speaker 1: but the thousand dollars model is going to last you

660
00:28:33,760 --> 00:28:36,680
Speaker 1: for six. Well, then you're talking, I don't know, you're

661
00:28:36,680 --> 00:28:39,480
Speaker 1: comparing the right thing as opposed to just the upfront cost. Right,

662
00:28:39,600 --> 00:28:41,320
Speaker 1: And if you buy something that's going to last a

663
00:28:41,360 --> 00:28:44,080
Speaker 1: heck of a lot longer, you can delay your upgrade cycle.

664
00:28:44,200 --> 00:28:46,240
Speaker 1: That's awesome. So I agree. I mean, I think it's

665
00:28:46,320 --> 00:28:49,680
Speaker 1: it's good to see that Apple products are being kept

666
00:28:49,680 --> 00:28:52,600
Speaker 1: around longer. And I think you're exactly right too. It

667
00:28:52,680 --> 00:28:54,880
Speaker 1: used to be people had the upgrade cycle because they

668
00:28:54,880 --> 00:28:57,480
Speaker 1: were paying more for their cell phone service and this

669
00:28:57,640 --> 00:29:00,520
Speaker 1: was like included. And the more we've decoupled buying the

670
00:29:00,560 --> 00:29:03,720
Speaker 1: phone from the price of the service, people have found

671
00:29:03,760 --> 00:29:05,920
Speaker 1: like they're realizing the full cost of the phone instead

672
00:29:05,920 --> 00:29:08,120
Speaker 1: of it being packaged into what their monthly bill.

673
00:29:08,200 --> 00:29:10,760
Speaker 2: It feels like there's more price transparency and consumers are

674
00:29:10,760 --> 00:29:11,880
Speaker 2: able to make more informed decisions.

675
00:29:11,880 --> 00:29:14,160
Speaker 1: And then there's more price sensitivity and that's good, Like

676
00:29:14,160 --> 00:29:16,440
Speaker 1: we want people to be price sensitive so that it's

677
00:29:16,480 --> 00:29:19,400
Speaker 1: going to change their actions, right, And so this is

678
00:29:19,400 --> 00:29:22,200
Speaker 1: all good news. Not all companies are keen on solving

679
00:29:22,240 --> 00:29:26,120
Speaker 1: customer pain points, though. The Journal this week detailed Vanguard's

680
00:29:26,240 --> 00:29:29,280
Speaker 1: horrible customer service these days. Oh yeah, and this has

681
00:29:29,320 --> 00:29:32,080
Speaker 1: been something it's been kind of a slow moving tidal

682
00:29:32,120 --> 00:29:34,840
Speaker 1: wave over the past few years. Vanguard customer is not

683
00:29:35,000 --> 00:29:37,360
Speaker 1: nearly as happy with the way Vanguard is doing business.

684
00:29:37,680 --> 00:29:39,640
Speaker 1: And we mentioned recently the Vanguard is going to start

685
00:29:39,720 --> 00:29:41,720
Speaker 1: charging money if you want to place trades via the phone.

686
00:29:42,200 --> 00:29:44,800
Speaker 1: We get that there's a freeway to do trades, do

687
00:29:44,880 --> 00:29:47,160
Speaker 1: it online right if you want to avoid that fee.

688
00:29:47,320 --> 00:29:50,000
Speaker 1: But Vanguard has let down a lot of its loyal customers,

689
00:29:50,240 --> 00:29:52,920
Speaker 1: not by raising fees, their funds are still great and

690
00:29:52,960 --> 00:29:55,560
Speaker 1: low cost, but by not helping them out when they

691
00:29:55,600 --> 00:29:59,480
Speaker 1: have a problem. Vanguard ranked last in customer service satisfaction

692
00:30:00,080 --> 00:30:02,680
Speaker 1: the major brokerages last year, and they say they're spending

693
00:30:02,720 --> 00:30:05,360
Speaker 1: money in an effort to mitigate customer issues and to

694
00:30:05,440 --> 00:30:08,200
Speaker 1: modernize things. I think they're spending like a billion dollars

695
00:30:08,280 --> 00:30:11,239
Speaker 1: or something like that on their app and website, but

696
00:30:11,240 --> 00:30:14,000
Speaker 1: it's just not happening fast enough. And if you want

697
00:30:14,000 --> 00:30:16,280
Speaker 1: to reach a human being a Vanguard, it can be tough.

698
00:30:16,320 --> 00:30:18,880
Speaker 1: And so we still love Vanguard, but we hope they

699
00:30:18,880 --> 00:30:21,280
Speaker 1: fix these issues. And if you're just starting out, if

700
00:30:21,280 --> 00:30:23,800
Speaker 1: you're trying to figure out where to invest, I don't know,

701
00:30:23,840 --> 00:30:27,080
Speaker 1: Fidelity and Schwab might be better options if you're just

702
00:30:27,080 --> 00:30:29,520
Speaker 1: starting out. I think Vanguard even has limited customer service

703
00:30:29,560 --> 00:30:32,720
Speaker 1: hours between a certain window during the day. Fidelity and

704
00:30:32,720 --> 00:30:34,840
Speaker 1: Shop are like twenty four to seven, So I see

705
00:30:34,840 --> 00:30:36,680
Speaker 1: that as at least one check mark in favor of

706
00:30:36,680 --> 00:30:38,160
Speaker 1: Fidelity Swab over Vanguard.

707
00:30:38,400 --> 00:30:42,320
Speaker 2: Yeah, I'm curious to see if Vanguard is essentially experimenting

708
00:30:42,320 --> 00:30:45,360
Speaker 2: and trying to figure out what folks are more willing

709
00:30:45,400 --> 00:30:47,800
Speaker 2: to get on board with, because on one hand, it's like, Okay,

710
00:30:47,840 --> 00:30:50,360
Speaker 2: we can maintain good service, but hey.

711
00:30:50,200 --> 00:30:51,280
Speaker 1: We're going to charge you more.

712
00:30:51,680 --> 00:30:53,680
Speaker 2: On the other end of the spectrum, it's like, well,

713
00:30:54,120 --> 00:30:55,600
Speaker 2: we can get the price the same, but we're going

714
00:30:55,680 --> 00:30:57,680
Speaker 2: to reduce what we're giving you, and in this case,

715
00:30:57,680 --> 00:31:01,280
Speaker 2: obviously they're reducing what they're delivering. Like there's one that

716
00:31:01,360 --> 00:31:03,240
Speaker 2: we tend to be like, oh, that's fine, I don't

717
00:31:03,280 --> 00:31:04,640
Speaker 2: care if you charge more fees when it comes to

718
00:31:04,720 --> 00:31:07,240
Speaker 2: making phone trades. That's not something we do. But overall

719
00:31:07,520 --> 00:31:09,960
Speaker 2: as an as a company, I'm curious to like what

720
00:31:10,000 --> 00:31:12,640
Speaker 2: they end up deciding, because maybe what they find is

721
00:31:12,640 --> 00:31:14,920
Speaker 2: that there's more they get more pushback from folks who

722
00:31:15,280 --> 00:31:17,280
Speaker 2: don't want to pay fees when it comes to making

723
00:31:17,280 --> 00:31:19,800
Speaker 2: this phone calls, and though we are more interested in

724
00:31:19,840 --> 00:31:23,600
Speaker 2: seeing customer service maintained at a higher level, maybe that's

725
00:31:23,640 --> 00:31:24,920
Speaker 2: not something that they hear back from.

726
00:31:25,040 --> 00:31:25,760
Speaker 1: Well, I don't know.

727
00:31:25,840 --> 00:31:27,440
Speaker 2: I think a lot of folks I'm curious to see

728
00:31:27,560 --> 00:31:30,080
Speaker 2: if they trend in one direction or the other.

729
00:31:30,120 --> 00:31:32,560
Speaker 1: The article highlighted people who are who are leaving Vanguard

730
00:31:32,560 --> 00:31:35,520
Speaker 1: because of this. Yeah, and so at some point Vanguard

731
00:31:35,680 --> 00:31:37,800
Speaker 1: not only are they getting a bad reputation, getting a

732
00:31:37,800 --> 00:31:40,920
Speaker 1: black eye with the public, but actually losing customer They're

733
00:31:40,920 --> 00:31:43,200
Speaker 1: losing customers, they're losing revenue because of this, and so

734
00:31:43,400 --> 00:31:44,959
Speaker 1: you got to figure out the happy medium. You're right,

735
00:31:45,000 --> 00:31:48,040
Speaker 1: you could like have one ring customer service, white glove

736
00:31:48,080 --> 00:31:50,240
Speaker 1: service or something like that, but it's too costly. It's

737
00:31:50,240 --> 00:31:52,480
Speaker 1: gonna it's going to raise it's going to raise the

738
00:31:52,600 --> 00:31:55,240
Speaker 1: cost of the service that people have to pay. Vanguard's

739
00:31:55,360 --> 00:31:57,320
Speaker 1: got to find a better happy medium than this. Though

740
00:31:57,320 --> 00:31:59,520
Speaker 1: there's carrots and there are sticks, Joel.

741
00:31:59,600 --> 00:32:03,160
Speaker 2: Something that is in legal limbo right now is the

742
00:32:03,360 --> 00:32:06,320
Speaker 2: non compete band that the Federal Trade Commission is trying

743
00:32:06,320 --> 00:32:06,800
Speaker 2: to push.

744
00:32:06,720 --> 00:32:09,920
Speaker 1: Through, something you and I have butted heads again about.

745
00:32:09,400 --> 00:32:11,720
Speaker 2: We don't butt heads off to see eye to eye

746
00:32:11,760 --> 00:32:15,400
Speaker 2: on everything, but a federal judge they delayed the implementation

747
00:32:15,720 --> 00:32:19,480
Speaker 2: of this band citing a lack of authority from the

748
00:32:19,960 --> 00:32:22,960
Speaker 2: regulatory agency. We're not legal scholars or anything, but I

749
00:32:22,960 --> 00:32:25,960
Speaker 2: think one of the recent Supreme Court rulings about government

750
00:32:26,240 --> 00:32:29,040
Speaker 2: agency power could have something to do with this.

751
00:32:29,160 --> 00:32:30,080
Speaker 1: The Chevron case.

752
00:32:30,120 --> 00:32:34,560
Speaker 2: I believe that the Chevron doctrine. Okay, you got a PhD. Apparently,

753
00:32:35,080 --> 00:32:38,720
Speaker 2: we're also not fans of non competes, though in most industries,

754
00:32:39,400 --> 00:32:42,880
Speaker 2: bottom line, they prevent workers from taking higher paying positions

755
00:32:42,880 --> 00:32:46,680
Speaker 2: with a competitor. It stimey's their ability for career advancement

756
00:32:46,760 --> 00:32:49,160
Speaker 2: without having to move. We are not a fan, but

757
00:32:49,240 --> 00:32:51,880
Speaker 2: this is another again, another area where I'm kind of like,

758
00:32:52,120 --> 00:32:54,520
Speaker 2: should it be banned? Though even though I'm not personally

759
00:32:54,600 --> 00:32:57,120
Speaker 2: a fan, I think personally I think it's up to

760
00:32:57,160 --> 00:32:59,160
Speaker 2: the business to decide how it is that they want

761
00:32:59,200 --> 00:33:01,720
Speaker 2: to transact business with their customers or in this case,

762
00:33:01,720 --> 00:33:05,440
Speaker 2: how they want to treat their employees. And that being said,

763
00:33:05,520 --> 00:33:07,480
Speaker 2: I'm not a fan because I am always going to

764
00:33:07,480 --> 00:33:11,280
Speaker 2: advocate for you as a consumer and for you in

765
00:33:11,320 --> 00:33:14,120
Speaker 2: this case as an employee. We want folks out there

766
00:33:14,120 --> 00:33:17,200
Speaker 2: to have options, to have the freedom to make decisions

767
00:33:17,800 --> 00:33:19,840
Speaker 2: and to go with whatever employer that they want to.

768
00:33:19,920 --> 00:33:21,840
Speaker 1: There's still some states, by the way, that don't allow

769
00:33:21,880 --> 00:33:24,200
Speaker 1: non competes or that have more strenuous rules about non competes.

770
00:33:24,240 --> 00:33:26,280
Speaker 1: This would have been some sort of federal ban exactly,

771
00:33:26,320 --> 00:33:31,800
Speaker 1: But yeah, in this case, with this noncompete ban being

772
00:33:31,880 --> 00:33:34,600
Speaker 1: thrown out for the time being, it's up to you

773
00:33:34,640 --> 00:33:38,120
Speaker 1: to know what your future or potential employer is asking

774
00:33:38,120 --> 00:33:40,200
Speaker 1: you to sign and to push back on that and say, listen,

775
00:33:40,240 --> 00:33:41,880
Speaker 1: I'd love to take this job, but I'm not signing

776
00:33:41,880 --> 00:33:44,160
Speaker 1: this thing because it's gonna This is rubbish. Yeah, and

777
00:33:44,840 --> 00:33:47,400
Speaker 1: use that word too, it's so British it does. And

778
00:33:47,440 --> 00:33:49,280
Speaker 1: you might say, my plan is to be here for

779
00:33:49,360 --> 00:33:51,480
Speaker 1: years to come, but I am not going to limit

780
00:33:51,560 --> 00:33:54,479
Speaker 1: my future abilities by signing something like this. And if

781
00:33:54,520 --> 00:33:57,080
Speaker 1: I can't get this job because I refuse to sign it,

782
00:33:57,240 --> 00:33:59,040
Speaker 1: guess what, I'm really talented. I'm going to go find

783
00:33:59,040 --> 00:34:01,920
Speaker 1: somewhere else. And so you just have to know that

784
00:34:01,960 --> 00:34:03,280
Speaker 1: before you sign something.

785
00:34:03,280 --> 00:34:05,680
Speaker 2: Exactly, I think it's a contract, right And at the

786
00:34:05,760 --> 00:34:07,360
Speaker 2: end of the day, when you sign your name to something,

787
00:34:07,400 --> 00:34:12,080
Speaker 2: it's one thing to click the Spotify music agreement or whatever.

788
00:34:12,160 --> 00:34:15,640
Speaker 1: Right. Yeah, it's low stakes. Getting hired by a company,

789
00:34:15,680 --> 00:34:18,120
Speaker 1: purchasing a home. These are instances where you're going to

790
00:34:18,160 --> 00:34:19,799
Speaker 1: take a little more time and make sure that you're

791
00:34:19,800 --> 00:34:22,000
Speaker 1: reading the fine print. I will readily admit I don't

792
00:34:22,000 --> 00:34:24,200
Speaker 1: read all the fine print for everything. That I click.

793
00:34:24,360 --> 00:34:27,439
Speaker 2: Nobody does, very few people do, and I don't hate

794
00:34:27,480 --> 00:34:30,120
Speaker 2: to envision a world where we do need to read

795
00:34:30,160 --> 00:34:32,560
Speaker 2: every single one of these things, especially with all the

796
00:34:32,600 --> 00:34:34,719
Speaker 2: different updates and the different apps that we install on

797
00:34:34,719 --> 00:34:38,719
Speaker 2: our phones. But those are all lower stake situations as

798
00:34:38,719 --> 00:34:41,120
Speaker 2: opposed to something like taking a new job with an

799
00:34:41,120 --> 00:34:42,400
Speaker 2: employer that you're excited.

800
00:34:42,080 --> 00:34:45,200
Speaker 1: About yeah, and then realizing, wait a second, this isn't

801
00:34:45,200 --> 00:34:47,120
Speaker 1: a great situation for me, and then you got to

802
00:34:47,160 --> 00:34:50,120
Speaker 1: wait two years before being able to work in that

803
00:34:50,200 --> 00:34:52,719
Speaker 1: industry again, at least within a certain geographical area. So

804
00:34:53,120 --> 00:34:56,200
Speaker 1: new bummer not competes can really hamstring your financial future.

805
00:34:56,480 --> 00:34:58,480
Speaker 1: And you've got to be your own advocate on this one. Heck, yeah,

806
00:34:58,520 --> 00:34:58,920
Speaker 1: look at us.

807
00:34:58,960 --> 00:35:00,239
Speaker 2: See, I feel like we kind of both into the

808
00:35:00,239 --> 00:35:01,879
Speaker 2: middle a little bit there that I think we both

809
00:35:01,880 --> 00:35:06,120
Speaker 2: still maintain our position, just without focusing on the negatives.

810
00:35:06,200 --> 00:35:08,239
Speaker 1: Yeah, but all right, that's gonna be it for this

811
00:35:08,400 --> 00:35:10,319
Speaker 1: Friday flight. We'll see you back here on Monday. We

812
00:35:10,360 --> 00:35:12,799
Speaker 1: hope everyone has a fantastic weekend. And by the way,

813
00:35:13,120 --> 00:35:15,840
Speaker 1: leave us a review over at Apple podcast or wherever

814
00:35:15,880 --> 00:35:18,880
Speaker 1: you listen if you haven't already yet done that for us.

815
00:35:18,960 --> 00:35:21,560
Speaker 1: Say something nice to me. I appreciate it MAT's new mustache.

816
00:35:21,600 --> 00:35:25,440
Speaker 1: While you're leaving that really talking about the it's gonna

817
00:35:25,480 --> 00:35:27,719
Speaker 1: last for maybe like one more week. I think. I

818
00:35:27,800 --> 00:35:29,520
Speaker 1: just I've never grown a mustache before, and I kind

819
00:35:29,560 --> 00:35:31,239
Speaker 1: of want to see what I'm capable of. Doc. I

820
00:35:31,320 --> 00:35:34,560
Speaker 1: just want to see like eighteen reviews on there and

821
00:35:33,840 --> 00:35:36,400
Speaker 1: whatever you want to say, a yes vote or a

822
00:35:36,440 --> 00:35:39,320
Speaker 1: no vote for the mustache. So three words about the mustache?

823
00:35:39,560 --> 00:35:40,560
Speaker 1: Should he ditch it or not?

824
00:35:41,480 --> 00:35:43,120
Speaker 2: All right, but that's gonna be it until next time.

825
00:35:43,200 --> 00:35:45,320
Speaker 2: Best Friends Out, Best Friends Out,