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

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Speaker 1: And today, of course we're gonna be discussing the new

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Speaker 1: student loan forgiveness reality. We're gonna also talk about an

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Speaker 1: expensive offspring and d I y Coffins. All right, man,

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Speaker 1: we got a lot to cover today. Obviously, some important

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Speaker 1: news that went who went out this week that effects

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Speaker 1: probably a whole lot of How Money listeners. That's right.

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Speaker 1: We'll definitely spend a good bit of time on that

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Speaker 1: because there's a lot of nuance to what happened with

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Speaker 1: with student loan forgiveness. But before we get to that,

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Speaker 1: I wanted to mention that your girls and my girls,

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Speaker 1: they have to wear uniforms to school these days, right,

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Speaker 1: all the kids at your school. It's not just the girls.

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Speaker 1: It's just that your girls are at of school where

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Speaker 1: your girls are old enough. My girls are old enough,

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Speaker 1: are you? Boys are are not yet in real school,

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Speaker 1: so they still like boy at the school. When they

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Speaker 1: go to school, they totally dude. Well, whereas our girls

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Speaker 1: like nice and because uniforms. We see the pictures of

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Speaker 1: them and they got like food all over their faces.

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Speaker 1: They're sure like unsucked. And girls look like they know

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Speaker 1: what's going on. Can I just say, as a parent,

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Speaker 1: it's the greatest thing that ever happened having school uniforms

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Speaker 1: because there's so much less fighting about what they were

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Speaker 1: before the school all for the day thing. I mean,

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Speaker 1: a couple of years ago we started having the girls

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Speaker 1: light out their outfits the night before. That was helpful,

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Speaker 1: but even still you would still kind of get into

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Speaker 1: some of those arguments even then, even the not the

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Speaker 1: night before. So it made it slightly less stressful because

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Speaker 1: at least we're taking care of this at least not

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Speaker 1: right before you're trying to rush out the door to school.

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Speaker 1: But it didn't completely solve the problem. And in school

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Speaker 1: uniforms totally for it. They're typically not terribly expensive, unless

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Speaker 1: sometimes the school requires a particular name brand or a

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Speaker 1: specific sort of uniform. Right, But I just wanted to

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Speaker 1: mention that our r P t A had like a

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Speaker 1: used school uniform sale and you could get I think

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Speaker 1: tops for two bucks and bottoms three dollars or something

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Speaker 1: insanely cheap, and so we stocked up. And the next

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Speaker 1: time they have one of those sales, my girls will

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Speaker 1: be bigger by then and so we'll stop up again.

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Speaker 1: But These are the kind of things man, that that

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Speaker 1: frugal folks like us to take advantage of because they

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Speaker 1: can represent big savings. And you're also like reusing something,

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Speaker 1: right and let go in the trash and sometimes well

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Speaker 1: how did the there's some nice there's some nice stuff

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Speaker 1: like nextually what we would have bought new as well? Yeah,

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Speaker 1: well so how did the PTA get it? Is? Just

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Speaker 1: is this from the lost and found from the previous year?

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Speaker 1: I think it's lost and found. I think it's donations

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Speaker 1: from other families who are like, hey, we've got a

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Speaker 1: kid graduating, or or we're leaving the school, or it's

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Speaker 1: it's different people who are donating old uniforms too. Yeah,

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Speaker 1: our school did something similar to that. I think what

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Speaker 1: they did with the lost and found from the previous years,

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Speaker 1: they basically kept some of those uniforms on hand for

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Speaker 1: families who might be in a position where they're struggling

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Speaker 1: a little bit where they could potentially get those uniforms

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Speaker 1: for for absolutely free. But but yeah, getting these things used, man,

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Speaker 1: that's totally the way to go, because I mean we've

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Speaker 1: got three girls now and forms yeah, I mean three

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Speaker 1: times five, you know, like we're actually gonna have fifteen

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Speaker 1: different sets of uniforms, and ideally, yeah, we wouldn't have

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Speaker 1: to do laundry except for once on the weekends. But

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Speaker 1: we're kind of like, you know what, let's maybe hold

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Speaker 1: off until the next sale. The next time we come

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Speaker 1: across a bunch of uniforms that someone's trying to unload

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Speaker 1: for cheap, because it's like it's something like ninety percent

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Speaker 1: off or eighty percent off versus what you pay on

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Speaker 1: the store rack. Sometimes getting those things used, which is

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Speaker 1: which is pretty sweet deal. And by the way, this

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Speaker 1: is not a private school in case people wondering these are.

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Speaker 1: These are both public schools public schools, but sometimes the

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Speaker 1: public schools require uniforms. And I like it. Again, I

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Speaker 1: like it from a housle at home standpoint, but also

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Speaker 1: just while the kids are in school. I am all

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Speaker 1: for freedom of expression and for kids to be able

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Speaker 1: to express themselves through what they wear and stuff like that.

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Speaker 1: But within two MAT's kids have neck tattoos. So there's

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Speaker 1: that DOT is working on getting some I drop tear

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Speaker 1: drop tattoos phrase for every you know, she's pretty hard, no,

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Speaker 1: but I think it does help. I think it can

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Speaker 1: help within that educational environment as well when it comes

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Speaker 1: to learning. Agreed. All right, Well, while we're talking about education,

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Speaker 1: let's let's get on the Friday flight, let's get through

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Speaker 1: the on that note, most impactful story of this week

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Speaker 1: for at least for folks in our audience, and that

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Speaker 1: is about the student loan forgiveness that just took place.

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Speaker 1: President Biden announced an executive action on Wednesday afternoon about

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Speaker 1: student loans, and I don't know about you, I was

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Speaker 1: like hitting refresh mat. I was like, what's gonna happen.

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Speaker 1: I've kind of seen a couple of different outlets reporting

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Speaker 1: what might happen, but they're rumblings. Folks knew that was

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Speaker 1: going to be going down. Yep, it has happened, so

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Speaker 1: a couple of weeks here and there, but I wanted

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Speaker 1: to know, like right when it hits, and not because

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Speaker 1: I have any skin of the game. I fortunately don't

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Speaker 1: have any student loans anymore. But if you, dear listener,

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Speaker 1: if you have student loans hanging around and you haven't

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Speaker 1: heard about what happened this week at this point, I'd

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Speaker 1: be shocked. But there's just a lot of information to

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Speaker 1: cover and you might not be familiar with all the details.

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Speaker 1: So that's what we want to kind of get into today.

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Speaker 1: The big news is that in a three hundred billion

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Speaker 1: dollar push, that's how much it's likelihood gonna cost taxpayers.

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Speaker 1: All individual federal student loan borrowers with an a g

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Speaker 1: I and adjusted gross income below a hundred and twenty

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Speaker 1: five thousand dollars or two fifty thousand dollars as a

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Speaker 1: married couple are going to receive ten thousand dollars of

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Speaker 1: forgiveness for for their student loans. And interestingly enough, parent

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Speaker 1: plus loans are included as well, Matt. But private student loans, now,

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Speaker 1: if you refinanced into private student loans, there is no

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Speaker 1: forgiveness for for you if you have those private loans.

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Speaker 1: And uh, in addition to that, folks who had pell grants,

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Speaker 1: which typically out to lower income borrowers, they're eligible for

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Speaker 1: an extra ten thousand dollars of forgiveness. So when you

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Speaker 1: kind of step back out take the big view, something

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Speaker 1: like fifteen million people just had their entire student loan

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Speaker 1: amount wiped out. And even besides that, it's a it's

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Speaker 1: obviously a huge financial relief for tens of millions of

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Speaker 1: other folks too. Yeah, and so this is great news

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Speaker 1: for all of those folks. And I promise I'm not

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Speaker 1: being a debbie downer here. I know there are a

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Speaker 1: lot of folks who are like rejoicing, you know, who

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Speaker 1: have had some of their student loans forgiven, potentially all

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Speaker 1: of their student loans wiped out. But the reality is

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Speaker 1: this announcement, it's sort of akin to treating symptoms, not

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Speaker 1: the route of what we think is a much larger problem.

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Speaker 1: It's like putting band aid on a gunshot wound. Yeah, exactly,

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Speaker 1: bleeding will continue. The cost of college it's been rising

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Speaker 1: far faster than the rate of inflation for decades, and

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Speaker 1: just for giving a boatload of the debt that individuals

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Speaker 1: currently hold, it does nothing to address that. Uh. In

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Speaker 1: case some point front of the show, Ron Lieber from

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Speaker 1: The Times, he just wrote about colleges producing graduates that

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Speaker 1: make far less money than their counterparts who only have

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Speaker 1: a high school degree. And this is even after years

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Speaker 1: of being in the workforce, where you know you've had

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Speaker 1: time to get acclimated. Sometimes those first couple of years

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Speaker 1: after graduating college, you might still be on par with

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Speaker 1: high school graduate counterparts. But you should quickly see six,

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Speaker 1: Yeah you should, You should be making far more crazy. Yeah, so,

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Speaker 1: I mean talk about being behind a ball, you know,

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Speaker 1: taking on debt without superior job prospects because of an

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Speaker 1: inferior higher education. This is a real problem going to college.

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Speaker 1: It really is a great choice for some folks, but

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Speaker 1: not for everyone. We all need to do a better

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Speaker 1: job thinking through the value proposition of a degree before

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Speaker 1: blindly encouraging folks to pursue getting one. We all need

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Speaker 1: to ask the question, you know, well, the time, well,

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Speaker 1: the money that we are willing to spend equal higher,

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Speaker 1: higher salary down the road and off. I feel like

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Speaker 1: we asked that, what's the anything else? And unfortunately, this forgiveness,

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Speaker 1: I feel like, isn't going to encourage folks to do that,

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Speaker 1: because there's always that sort of thought in the back

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Speaker 1: of your mind of like, well, there's a chance that

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Speaker 1: something might happen with it. Well, and it also incentivizes

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Speaker 1: colleges to do absolutely nothing when it comes to what

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Speaker 1: they're charging. And there's no institutional reform or kind of

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Speaker 1: soul searching when it comes to what these colleges are providing.

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Speaker 1: And you mentioned that the inflation rate of of a

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Speaker 1: higher education has outpaced basically everything else. In recent decades,

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Speaker 1: and that is true, and that will continue to be

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Speaker 1: the case if these are the kind of policy measures

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Speaker 1: that we're taking. But let's let's actually talk a little

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Speaker 1: bit more about what happens inside of the student loan

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Speaker 1: forgiveness and announcement Matt, because one question some folks might

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Speaker 1: have is are their tax implications to this forgiveness, because

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Speaker 1: sometimes there are, right if you're if you're you have

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Speaker 1: debt forgiven, oftentimes you're you tax on the amount that

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Speaker 1: was forgiven. But that is not going to be the

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Speaker 1: case with this. You will not incur any tax burden

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Speaker 1: on this forgiveness amounts. And and actually there's there's even

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Speaker 1: more in this announcement because in addition to this headline

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Speaker 1: forgiveness amount, the student loan payment pause has been extended

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Speaker 1: through the end of the year. So payments will now

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Speaker 1: maybe potentially perhaps begin in January. It's been Biden says,

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Speaker 1: that's what has been said multiple times. We'll see what

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Speaker 1: I see. Yeah, we'll see if that happens, But in

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Speaker 1: all likelihood, I do believe that January payments are going

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Speaker 1: to restart, and so how the money listeners should be

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Speaker 1: prepared for the to resume those payments come the new year.

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Speaker 1: The White House also announced new repayment plans that are

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Speaker 1: going to cap your monthly payment at five percent of

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Speaker 1: your discretionary monthly income, down from ten percent under the

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Speaker 1: previous plans. This is probably my favorite thing actually, UH

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Speaker 1: in the program, because there was like an alphabet soup

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Speaker 1: of income based payment plans before, and now this is

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Speaker 1: going to be the slam dunk repayment plan that's best

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Speaker 1: for almost everyone. It's is gonna be easier for people

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Speaker 1: to understand how it works. And instead of forgiveness after

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Speaker 1: twenty years of on time payments, folks are gonna be

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Speaker 1: able to have their loans eradicated after just ten under

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Speaker 1: this plan. And so, yeah, there's a lot of details

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Speaker 1: in this forgiveness action, and we'll link to the page

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Speaker 1: on student named dot gov and and we'll actually cover

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Speaker 1: more of this in our newsletter on Tuesday, because because

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Speaker 1: there was more than just me to the eye in

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Speaker 1: UH in a ten thousand dollar blanket forgiveness, Like, there's

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Speaker 1: a lot of moving parts in this announcement, and so

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Speaker 1: we'll do our best to kind of cover it all.

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Speaker 1: That's right, but overall, this is great news for all

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Speaker 1: of the student loan borrowers out there who are paying

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Speaker 1: down that debt. Joel, let's go ahead and shift gears.

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Speaker 1: Let's talk about TV. We saw that there's new data

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Speaker 1: from Nielsen that shows that streaming has finally overtaken cable

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Speaker 1: in terms of hours spent watching TV for the first time. Uh.

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Speaker 1: And what this tells me is that there are way

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Speaker 1: more people who love cable than I realized, because like

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Speaker 1: I would have said that this would have happened years ago.

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Speaker 1: The fact that there are still that many Up until recently,

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Speaker 1: up until I guess last quarter or last month, there

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Speaker 1: were still more people watching cable than there were watching streaming.

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Speaker 1: It's partly a demographics thing, right, mind blowing. There's there's

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Speaker 1: still a lot of fifty sixty, seventy something and they

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Speaker 1: have kind of stuck with not all of them, right,

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Speaker 1: but a much larger percentage of those hooks have stuck

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Speaker 1: with cable. They haven't really made the leap, or maybe

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Speaker 1: they've added Netflix into their life, but they didn't get

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Speaker 1: slowly they've Yeah, maybe they are slowly kind of making

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Speaker 1: that transition, making that switch. Like what I want to

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Speaker 1: know is, like, what are they watching? What content is

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Speaker 1: out there that you can't get it more affordably on

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Speaker 1: one of the streaming c ann Plus is no longer

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Speaker 1: around my friends, So then the only way to get

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Speaker 1: your cn in fix is too is to have a

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Speaker 1: cable subscription. But they're canceling their shows anyway. Uh. But

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Speaker 1: one of the other things we saw as well is

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Speaker 1: that a lot of streaming services are upping their monthly

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Speaker 1: subscription prices. Disney they announced surprise increase of thirty percent

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Speaker 1: just over a week ago now, and so unless you

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Speaker 1: know you want to watch ads while streaming BLUEI, you're

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Speaker 1: gonna have to pay that increased rate. That's going to

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Speaker 1: be the only way to keep your recurrent monthly price

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Speaker 1: of seven dollars and ninety nine cents. By the way,

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Speaker 1: Blue season three is out and it is phenomenal. Oh yeah,

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Speaker 1: it's it's it's better than all the other one if

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Speaker 1: you have kids, and even if you don't have kids,

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Speaker 1: it's it's like the best cartoon in the world, I

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Speaker 1: think right now, it's pretty great. And Netflix they're still

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Speaker 1: likely to raise its subscription price as it introduces an

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Speaker 1: ad supported tier, which makes sense, you know, like some

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Speaker 1: of these streaming companies they're spending huge amounts of money

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Speaker 1: on new content that ends up living only behind their paywalls.

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Speaker 1: We we actually we literally just covered this on the

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Speaker 1: podcast recently, episode five forty two. We talked about streaming

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Speaker 1: and we offered a lot of remedies to the problem

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Speaker 1: of these increased streaming costs. But one of these considerations

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Speaker 1: that needs to be on the table for money conscious

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Speaker 1: folks out there is to consider eliminating at least one

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Speaker 1: or two of these streaming services from your life. If

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Speaker 1: there are ways that you can be a little more

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Speaker 1: choosy with the content that you are consuming, that is

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Speaker 1: what we're gonna recommend. Plus just watching lest TV generally speaking.

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Speaker 1: When we did that episode, what was it, something like

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Speaker 1: close to four hours a day the average American watches

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Speaker 1: of TV. How it's how it's a hobby basically. I mean,

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Speaker 1: you consider sleeping hours and TV hours, that's half your

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Speaker 1: life right there. It's insane that we spend that much

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Speaker 1: time in front of the television. Some people more than that,

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Speaker 1: because that's the average, right, So yeah, watching less TV

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Speaker 1: in general sedentary basically, Like that's the other part is

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Speaker 1: that if you're on a treadmill watching TV it's a

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Speaker 1: different stuff, like, like, what is it? I guarantee it's

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Speaker 1: just the tiny, tiny sliver of those people who are

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Speaker 1: actually walking on a treadmill while watching TV. But I

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Speaker 1: had a first did that just sitting there. I think

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Speaker 1: it's a perfect way to reward yourself. If you are

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Speaker 1: going to get on the treadmill or something and you

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Speaker 1: are going to work out while watching TV, go for it.

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Speaker 1: Like I like to listen to podcast or music when

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Speaker 1: I'm working out, but it's uh, I think that's a

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Speaker 1: reasonable choice totally. But if your case's dad does that

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Speaker 1: just on the couch, he gets something elliptical and he

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Speaker 1: watches a movie while he just like plugs away for

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Speaker 1: only and a half, I like it nicely done. Greg,

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Speaker 1: all right, Well, one more thing that we should mention

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Speaker 1: specifically when it comes to watching content is if you

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Speaker 1: prefer to watch movies but then you prefer to watch

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Speaker 1: them in the theater, there's actually a chance you're gonna

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Speaker 1: be able to spend less money doing that in the

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Speaker 1: near future because movie passed. I don't remember that startup

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Speaker 1: you passed. I do. I never joined it because I

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Speaker 1: never really go watch movies in the theater. But it's

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Speaker 1: coming back from the dead. It's like a zombie company

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Speaker 1: that's coming back to life, and it's set to relaunch

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Speaker 1: in just over a week. And uh, yeah, we have

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Speaker 1: no idea how long movie Pass is gonna last this

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Speaker 1: time because their business model last time around was awesome

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Speaker 1: for consumers, but not so great for movie Pass continuing

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Speaker 1: to exist because they were offering one free movie every

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Speaker 1: day for a monthly fee of which I don't know

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Speaker 1: where you go see movies, but that's less than the

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Speaker 1: price of going to see one movie theater here. Yeah,

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Speaker 1: that's like totally a steal for a movie ticket. So

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Speaker 1: this was less than that and you can go see

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Speaker 1: a bunch of movies. It just wasn't sustainable. Um, And

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Speaker 1: since the movie Pass collapse, a lot of major movie

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Speaker 1: chains have kind of launched their own flat fee multiple

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Speaker 1: movie initiatives, So maybe a movie Pass isn't gonna be

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Speaker 1: as good of a deal. But they're apparently sets a

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Speaker 1: relaunch with different tiers of ten and thirty bucks. So

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Speaker 1: I don't know. If movies are your thing and you

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Speaker 1: want to pay less money, we don't know the specifics,

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Speaker 1: but movie Pass might be your jam, that's right. Yeah,

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Speaker 1: just do the math, and it might make a lot

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Speaker 1: of sense for you. It might make fiscal sense for

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Speaker 1: you to do that. And this advice is coming right

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Speaker 1: after we told you to consume lest TV. But like,

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Speaker 1: going to the actual movie, in my mind, is more

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Speaker 1: of an experience. You definitely have to get off your butt.

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Speaker 1: You gotta get off the couch. Maybe you could ride

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Speaker 1: your bike to the movie theater. Uh. That way, you're

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Speaker 1: not wasting any gas, you get a little bit of exercise,

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Speaker 1: you meet up with some friends there. To me, that

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Speaker 1: sounds like a lot of fun. Also, I think going

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Speaker 1: to the movie theater every single day just because you

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Speaker 1: have that movie pass, because you've got that membership, Uh,

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Speaker 1: sounds very time consuming. You know, like like this is

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Speaker 1: a young person's game. Maybe the once you get tired

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Speaker 1: of movies after a while too, would she's be like,

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Speaker 1: I gotta go just to make it worried if if

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Speaker 1: I did have movie pass, I guarantee that I'm going

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Speaker 1: to see every single movie. And that comes out just

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Speaker 1: become yourself. Yeah, in the same way crappy ones, it's

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Speaker 1: it's some cost falacy sort of well, it's it's sort

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Speaker 1: of like leftovers. If there are leftovers in my fridge.

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Speaker 1: Even if it's not something I'm super excited about. You

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Speaker 1: know what, we already paid for that thing. It still

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Speaker 1: provides calories and urishment nutrition to my body. I'm going

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Speaker 1: to eat it. But I've got kids now, and so

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Speaker 1: going to the movie theater isn't something I've done in

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Speaker 1: a long long time. Kids take up a lot of time.

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Speaker 1: They also cost a lot of money, and that is

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Speaker 1: actually a story we're gonna get to right after this break.

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Speaker 1: All right, man, it's time now to talk about expensive children.

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Speaker 1: This is the ludicrous headline of the week, and apparently

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Speaker 1: it now costs three thousand dollars to raise a child.

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Speaker 1: This this headline was based on analysis from the Brookings Institution,

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Speaker 1: and when I read it, I almost put to my

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Speaker 1: pants because I was like, I've got three children, soilers

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Speaker 1: costs me a million dollars? Right if when you add

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Speaker 1: those those numbers up one point two baby, right? Well yeah,

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Speaker 1: for you exactly when the average middle class couple is

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Speaker 1: going to spend more than three hundred and ten thousand

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Speaker 1: dollars on a child just raising them up until the

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Speaker 1: age of seventeen. So yes, this number is crazy. Does

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Speaker 1: not include the cost of college in addition to the

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Speaker 1: cost um raising them. That's that's an average annual cost

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Speaker 1: of more than eighteen tho dollars per kiddo. That's basically

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Speaker 1: it's a mortgage payment, yeah, every single month. And yeah,

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Speaker 1: if you have a few we were talking about a

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Speaker 1: luxury penthouse or something like that. But you don't get

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Speaker 1: the sweet pool to swimming. You just get the love

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Speaker 1: and affection. But of course, inflation has adjusted this this

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Speaker 1: number upwards significantly over the past couple of years, raising

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Speaker 1: the cost of everything from diapers to groceries and Matt

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Speaker 1: I'm I'm sure how much it costs to raise kids

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Speaker 1: is largely dependent on where people live and just a

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Speaker 1: slew of other factors that a lot of us are

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Speaker 1: actually largely in control of. We see this headline number

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Speaker 1: and maybe it feels disempowering, but I kind of thought

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Speaker 1: about it differently. I think, um, so many of the things,

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Speaker 1: like whether it's just small ticket expenses like buying name

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Speaker 1: brand snacks, or if you're going to get those used

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Speaker 1: school uniforms instead of the brand new ones, you know,

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Speaker 1: all the way up to bigger expenses like the kind

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Speaker 1: of camps that you're sending your kids too, or if

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Speaker 1: you buy them a car, or if you're choosing to

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Speaker 1: live in a smaller house and and letting them sleep

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Speaker 1: in the same room. Like, those are decisions you can

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Speaker 1: make that will greatly lessen the amount of money that

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Speaker 1: you're going to personally spend raising kids. You obviously you

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Speaker 1: got to feed them. But I think our suggestion would

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Speaker 1: be to take that three dollar number with a grain

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Speaker 1: of salt. There are things that you can do to

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Speaker 1: ensure that opting to have children isn't going to set

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Speaker 1: you back to that extent. I think people might read that,

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Speaker 1: especially if they're like, I'm on the fence about whether

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Speaker 1: I want to have children. They'll read that and they'll

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Speaker 1: be like, Nope, that can durish them. Yeah, basically, And

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Speaker 1: I don't think that's good because I think, um, one,

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Speaker 1: it's not good for our society. It's not good for

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Speaker 1: our country when it comes to maintaining that replacement rate.

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Speaker 1: And ultimately we would say that kids um are well

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Speaker 1: worth every single dollar. Is sure you don't have to

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Speaker 1: spend as much as this Brookings Institute study says you're

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Speaker 1: gonna have to spend. There are a lot of ways

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Speaker 1: for you to curb curb that cost. And either way, man,

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Speaker 1: it's worth having kids no matter what. Well, and it's

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Speaker 1: it's a personal decision that you need to make, right,

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Speaker 1: I mean, like, yes, you need to be wise and

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Speaker 1: and look at the numbers and to do some forecasting

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Speaker 1: and think about what your life is gonna look like

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Speaker 1: were you to have kids and if you can afford it.

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Speaker 1: We are all about potential parents being responsible right when

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Speaker 1: it comes to like crunching the numbers. But simultaneously, it's

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Speaker 1: not just financial reasons that you do or don't have kids.

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Speaker 1: Um And for all of the different planners out there

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Speaker 1: and perhaps maybe folks who listen to how the money,

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Speaker 1: what I want you to hear is that you will

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Speaker 1: not perfectly be able to plan out what it's going

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Speaker 1: to look like to have kids. Um you might think, okay,

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Speaker 1: well maybe next year or you know what, we need

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Speaker 1: to have this figured out and this figured out, whereas

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Speaker 1: in reality, being a parent, man, like a lot of

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Speaker 1: times you're just winging it. Uh. Not only from how

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Speaker 1: do I teach my kids how to stop doing this

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Speaker 1: or get them to stop doing this? How do I

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Speaker 1: teach them to be a respectful kid? But also when

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Speaker 1: it comes to the finances of what it costs to

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Speaker 1: have a kid. You don't necessarily have to have everything

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Speaker 1: planned out, but you will quickly find that you would

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Speaker 1: do pretty much anything in order to provide for your kids,

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Speaker 1: for your family. And so in that sense, a lot

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Speaker 1: of times you're not just flying by the seat of

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Speaker 1: your pants. So you're literally putting the plane together as

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Speaker 1: you're flying it because you know you have to. But

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Speaker 1: like you said, you like, I don't want that to

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Speaker 1: be discouraging for potential parents to hear and think, oh,

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Speaker 1: this is way too much money. This is not a

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Speaker 1: part of my financial plan. This is gonna derail me

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Speaker 1: from achieving fire in five years. Therefore, I'm not gonna

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Speaker 1: have kids. Hopefully, folks are out there and they're thinking

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Speaker 1: about it from a much more holistic standpoint, all right, Matt,

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Speaker 1: So hopefully we've convinced everybody out there to have at

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Speaker 1: least a kid. Maybe coup more if you're if you're unsure,

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Speaker 1: because even though they cost a lot of money, they

430
00:19:26,520 --> 00:19:28,119
Speaker 1: bring a lot of joy. If you're unsure, just have

431
00:19:28,200 --> 00:19:30,920
Speaker 1: three or four. Give it a go. What's the worst

432
00:19:30,920 --> 00:19:33,960
Speaker 1: thing could happen? Uh, let's talk about libraries for a

433
00:19:33,960 --> 00:19:37,080
Speaker 1: second map, because if you're not using your local library,

434
00:19:37,359 --> 00:19:39,920
Speaker 1: then you should rethink whether you're actually a frugal person

435
00:19:40,000 --> 00:19:42,000
Speaker 1: or not. Like you, you might be screwing up on

436
00:19:42,040 --> 00:19:45,600
Speaker 1: this one. Have your frugal license revote. If you're not

437
00:19:45,640 --> 00:19:47,119
Speaker 1: taking over here, we're gonna take it away from you

438
00:19:47,160 --> 00:19:49,160
Speaker 1: into the library. Man, you're gonna do that. We've actually

439
00:19:49,160 --> 00:19:50,959
Speaker 1: had a few guests come on the show, matt And

440
00:19:50,960 --> 00:19:53,919
Speaker 1: and they've actually said that their splurge is books. Right.

441
00:19:53,920 --> 00:19:55,760
Speaker 1: We all always want to know what's your crappier equivalent,

442
00:19:55,800 --> 00:19:57,920
Speaker 1: what is it that you're spending money on while you're

443
00:19:57,920 --> 00:20:00,240
Speaker 1: saving and investing for the future. And a lot of

444
00:20:00,280 --> 00:20:03,040
Speaker 1: them do say, I just buy whatever book I want

445
00:20:03,640 --> 00:20:06,760
Speaker 1: because knowledge is important. And I'm like, good, I can

446
00:20:06,800 --> 00:20:09,600
Speaker 1: totally get behind that. I know what you're saying, but

447
00:20:10,040 --> 00:20:12,119
Speaker 1: I sure hope you're you're not doing that at the

448
00:20:12,160 --> 00:20:14,440
Speaker 1: expense of not using what's available to you for free

449
00:20:14,480 --> 00:20:17,119
Speaker 1: at the library. Um And And sometimes I buy books,

450
00:20:17,200 --> 00:20:20,479
Speaker 1: especially used on eBay, especially if it's one I want

451
00:20:20,480 --> 00:20:21,720
Speaker 1: to keep, or if it's one I want to read

452
00:20:21,800 --> 00:20:23,800
Speaker 1: right away, where there's like a six month wait on

453
00:20:23,840 --> 00:20:26,640
Speaker 1: the libby app, but the reality is that your local

454
00:20:26,680 --> 00:20:29,560
Speaker 1: library system is an incredible resource. And the New York

455
00:20:29,560 --> 00:20:32,320
Speaker 1: Post just reading an article about Overdrive, which is the

456
00:20:32,320 --> 00:20:35,440
Speaker 1: company behind the Libby app where you can go get

457
00:20:35,480 --> 00:20:38,440
Speaker 1: free e books and audio books from your local library,

458
00:20:38,720 --> 00:20:41,760
Speaker 1: and that app has been crushing it basically since the

459
00:20:41,760 --> 00:20:44,959
Speaker 1: pandemic began. When more folks started getting their library content

460
00:20:45,240 --> 00:20:47,320
Speaker 1: via one of those apps, they started getting the digital

461
00:20:47,359 --> 00:20:50,440
Speaker 1: books instead of getting the physical ones. Sadly for libraries,

462
00:20:50,440 --> 00:20:52,800
Speaker 1: though Matt I didn't realize how bad this problem was.

463
00:20:53,160 --> 00:20:56,720
Speaker 1: Digital copies are a lot more expensive than the physical ones,

464
00:20:57,119 --> 00:20:59,120
Speaker 1: and the way times can be weeks or month long

465
00:20:59,480 --> 00:21:01,280
Speaker 1: to grab digital copy of the book you want. Like

466
00:21:01,280 --> 00:21:03,720
Speaker 1: I've literally been waiting for some books for like nine months,

467
00:21:03,840 --> 00:21:06,480
Speaker 1: and so I guess I would just say this plan

468
00:21:06,560 --> 00:21:09,040
Speaker 1: accordingly when you're getting digital copies. I kind of like

469
00:21:09,119 --> 00:21:10,840
Speaker 1: to line things up based on the way time. So

470
00:21:10,880 --> 00:21:13,640
Speaker 1: I'm like always getting fed a book within a reasonable

471
00:21:13,640 --> 00:21:16,200
Speaker 1: amount of time, But you can't always plan it perfectly.

472
00:21:16,560 --> 00:21:18,800
Speaker 1: And you know, just I wanted to use this as

473
00:21:18,840 --> 00:21:21,239
Speaker 1: an excuse to plan the free content that's at all

474
00:21:21,280 --> 00:21:23,760
Speaker 1: of our fingertips. If you're looking to maybe stream less,

475
00:21:23,760 --> 00:21:25,879
Speaker 1: like we were talking about earlier reading more is a

476
00:21:25,880 --> 00:21:27,639
Speaker 1: great way to accomplish that, and there's a way to

477
00:21:27,640 --> 00:21:29,800
Speaker 1: do it for free or for super Jeep. Sure, I'll

478
00:21:29,840 --> 00:21:31,840
Speaker 1: push back a little bit because you said that this

479
00:21:31,880 --> 00:21:34,719
Speaker 1: is a free resource, but I'll point out that it's not.

480
00:21:35,000 --> 00:21:38,000
Speaker 1: It feels like it's free, but this is a resource

481
00:21:38,040 --> 00:21:40,479
Speaker 1: that we have already paid for through our property taxes,

482
00:21:40,520 --> 00:21:43,399
Speaker 1: through our our local and state taxes. That is what

483
00:21:43,480 --> 00:21:46,520
Speaker 1: funds libraries. And so again, I don't want to be

484
00:21:46,560 --> 00:21:50,120
Speaker 1: like the super tax heavy Debbie down a realist guy

485
00:21:50,200 --> 00:21:52,800
Speaker 1: during this episode, but I think like it could even

486
00:21:52,800 --> 00:21:55,640
Speaker 1: potentially be more helpful to think about the library that way.

487
00:21:55,640 --> 00:21:59,200
Speaker 1: It's not just this free resource that's available. Uh, this

488
00:21:59,280 --> 00:22:01,480
Speaker 1: is something that you paid for and if you don't

489
00:22:01,520 --> 00:22:03,600
Speaker 1: go there and take advantage of it, in that case,

490
00:22:03,720 --> 00:22:05,439
Speaker 1: you're just flushing money down the toilet, kind of like

491
00:22:05,440 --> 00:22:08,520
Speaker 1: signing up for movie pass and not going to Like

492
00:22:08,560 --> 00:22:10,399
Speaker 1: why would you? Why would you do that? You would

493
00:22:10,440 --> 00:22:12,159
Speaker 1: not do that, and you're already paying for the library,

494
00:22:12,200 --> 00:22:14,320
Speaker 1: so go take advantage. So maybe this is the mindset

495
00:22:14,359 --> 00:22:17,320
Speaker 1: shift that might help you to visit your local library,

496
00:22:17,359 --> 00:22:20,360
Speaker 1: at least even through the libby app. Joel Let's talk

497
00:22:20,400 --> 00:22:23,280
Speaker 1: about social security. That is a topic we talked about

498
00:22:23,359 --> 00:22:25,720
Speaker 1: last week along with parent plus loans, how it's affecting

499
00:22:25,960 --> 00:22:30,240
Speaker 1: the older generations. So let's dig into another topic affecting

500
00:22:30,320 --> 00:22:34,200
Speaker 1: some of our older listeners, hearing aids. The FDA. What's

501
00:22:34,240 --> 00:22:37,080
Speaker 1: that you saying? Man? Somehow, deep down I knew you're

502
00:22:37,080 --> 00:22:42,439
Speaker 1: gonna do. But the joke. They regulated the sale of

503
00:22:42,480 --> 00:22:45,680
Speaker 1: hearing aids for decades, uh, and they have not allowed

504
00:22:45,680 --> 00:22:47,439
Speaker 1: for them to be sold over the counter. And so

505
00:22:47,520 --> 00:22:51,080
Speaker 1: that means that hearing aids they have been needlessly antiquated

506
00:22:51,160 --> 00:22:54,359
Speaker 1: and expensive for millions of older adults. And so the

507
00:22:54,400 --> 00:22:57,840
Speaker 1: good news though, is that the FTC, the Federal Trade Commission,

508
00:22:57,840 --> 00:22:59,959
Speaker 1: they just give the green light for lots of your

509
00:23:00,000 --> 00:23:02,280
Speaker 1: hearing aids to be sold over the counter. And that

510
00:23:02,359 --> 00:23:05,399
Speaker 1: means that prices that they're bound to come down, and

511
00:23:05,440 --> 00:23:08,080
Speaker 1: it's likely to happen pretty quickly. Hopefully maybe we'll even

512
00:23:08,080 --> 00:23:11,440
Speaker 1: see some innovation, and maybe we'll even see some superior

513
00:23:11,480 --> 00:23:14,159
Speaker 1: products come on the market. Uh. And so instead of

514
00:23:14,160 --> 00:23:17,200
Speaker 1: thousands of dollars for your average pair of hearing aids,

515
00:23:17,400 --> 00:23:19,080
Speaker 1: in the coming years, you know, we can see folks

516
00:23:19,119 --> 00:23:21,879
Speaker 1: being able to get comparable quality hearing aids for just

517
00:23:22,040 --> 00:23:24,639
Speaker 1: you know, hundreds of dollars rather than thousands. But that

518
00:23:24,720 --> 00:23:27,000
Speaker 1: being said, even now you can I mean, you can

519
00:23:27,040 --> 00:23:29,119
Speaker 1: get hearing aids for like a hundred bucks. Maybe the

520
00:23:29,200 --> 00:23:31,160
Speaker 1: quality isn't that good, but this is one of those

521
00:23:31,400 --> 00:23:35,919
Speaker 1: there's a huge discrepancy between hearing. Okay, so if you

522
00:23:35,920 --> 00:23:37,840
Speaker 1: want the good hearing over trying amount the thousands of

523
00:23:37,880 --> 00:23:39,840
Speaker 1: bucks and yeah, well we were not even anywhere close

524
00:23:39,880 --> 00:23:42,639
Speaker 1: to needing them mat fortunately, but at least that we

525
00:23:42,640 --> 00:23:45,440
Speaker 1: know of. But this is one of those things where

526
00:23:45,200 --> 00:23:47,280
Speaker 1: the if you cheap out, it's going to be an

527
00:23:47,320 --> 00:23:49,000
Speaker 1: inferior product. And when it's one of those things where

528
00:23:49,000 --> 00:23:51,880
Speaker 1: it's pretty necessary. If we're still doing the show and

529
00:23:52,160 --> 00:23:54,960
Speaker 1: I don't know, thirty fifty years, well that'll be a

530
00:23:54,960 --> 00:23:56,800
Speaker 1: frugal or cheap that we get to. All right, Jill,

531
00:23:56,800 --> 00:23:59,560
Speaker 1: I'm trying out the hundred dollar hundred dollar hearing aids. Well,

532
00:23:59,560 --> 00:24:01,480
Speaker 1: this is good news because it's an industry that's kind

533
00:24:01,480 --> 00:24:03,120
Speaker 1: of been behind lock and key, and if you're gonna

534
00:24:03,119 --> 00:24:05,679
Speaker 1: be able to kind of shop around and just like

535
00:24:05,720 --> 00:24:08,560
Speaker 1: you would for a whole lot of other electronic items,

536
00:24:09,440 --> 00:24:10,639
Speaker 1: now that you're gonna be able to do it with

537
00:24:10,640 --> 00:24:12,760
Speaker 1: hearing aid's gonna bring the cost down and allow more

538
00:24:12,800 --> 00:24:15,320
Speaker 1: people to get a product that's necessary for them to

539
00:24:15,320 --> 00:24:17,359
Speaker 1: be able to, like live a meaningful life, like to

540
00:24:17,359 --> 00:24:19,919
Speaker 1: be able to hear their loved ones, but and not

541
00:24:19,960 --> 00:24:22,159
Speaker 1: pay just a ridiculous amount of money to do like

542
00:24:22,200 --> 00:24:25,080
Speaker 1: it probably would be a cheap move to, like you said,

543
00:24:25,080 --> 00:24:27,000
Speaker 1: not be able to hear your loved ones, because I

544
00:24:27,040 --> 00:24:30,080
Speaker 1: know I've read stories where with the onset of hearing loss,

545
00:24:30,320 --> 00:24:35,520
Speaker 1: the likelihood of dementia increases significantly in older generations, so

546
00:24:35,800 --> 00:24:38,040
Speaker 1: it's not something you gonna mess around with. And another

547
00:24:38,080 --> 00:24:41,439
Speaker 1: story that affects the oldest among us as well as

548
00:24:41,480 --> 00:24:44,680
Speaker 1: the younger, unlucky ones. People are opting to make their

549
00:24:44,720 --> 00:24:47,919
Speaker 1: own coffins, like we tease too at the beginning of

550
00:24:47,920 --> 00:24:50,600
Speaker 1: this episode, and we're not talking about starting from scratch.

551
00:24:50,840 --> 00:24:54,240
Speaker 1: There are d i y coffin kits that you can

552
00:24:54,320 --> 00:24:56,359
Speaker 1: now buy in order to save a chunk of money.

553
00:24:56,920 --> 00:25:00,800
Speaker 1: Because coffins are they're not all that cheap cost uh.

554
00:25:01,040 --> 00:25:02,359
Speaker 1: I feel like they've probably got some of the more

555
00:25:02,359 --> 00:25:05,440
Speaker 1: affordable coffins out there, but even still they're pretty expensive.

556
00:25:05,480 --> 00:25:08,080
Speaker 1: They're like at least fifteen hundred bucks. They don't sell

557
00:25:08,200 --> 00:25:10,800
Speaker 1: the base model. They don't sell like like straight pine one.

558
00:25:10,880 --> 00:25:13,240
Speaker 1: Once all these starts selling coffins, then we might be

559
00:25:13,240 --> 00:25:17,240
Speaker 1: able to get that sub thousand dollars range. But the

560
00:25:17,480 --> 00:25:19,480
Speaker 1: d I y kits they can cost half as much,

561
00:25:19,760 --> 00:25:22,560
Speaker 1: around eight hundred bucks. But even still, man, I feel

562
00:25:22,560 --> 00:25:24,680
Speaker 1: like that is a lot of money for something that

563
00:25:25,240 --> 00:25:27,280
Speaker 1: in my opinion, I'm like, you know what, I'm still

564
00:25:27,320 --> 00:25:30,120
Speaker 1: going thinking about going the cremation route still cheaper, it's

565
00:25:30,119 --> 00:25:33,000
Speaker 1: still going to be much more affordable, because yeah, even still,

566
00:25:33,000 --> 00:25:35,119
Speaker 1: you're like, you're looking at hundreds and hundreds of dollars

567
00:25:35,160 --> 00:25:37,800
Speaker 1: for a coffin, and especially my opinion, it doesn't it

568
00:25:37,800 --> 00:25:39,560
Speaker 1: doesn't make any different actually when you shop around for

569
00:25:39,560 --> 00:25:41,359
Speaker 1: that cremation, right, And we've talked about that before in

570
00:25:41,400 --> 00:25:44,120
Speaker 1: the show, that sites like funeralocity allows you to kind

571
00:25:44,119 --> 00:25:47,880
Speaker 1: of shop around for your burial or cremation services, right,

572
00:25:47,960 --> 00:25:49,879
Speaker 1: And a lot of people pay way too much for that,

573
00:25:50,720 --> 00:25:53,560
Speaker 1: and Funeralocity is doing a great service and helping people

574
00:25:53,880 --> 00:25:56,600
Speaker 1: be able to save money on something that you kind

575
00:25:56,600 --> 00:25:58,199
Speaker 1: of you often don't have a lot of time to

576
00:25:58,240 --> 00:26:00,240
Speaker 1: plan for the cost of that, and so it's a

577
00:26:00,240 --> 00:26:02,719
Speaker 1: great site to kind of look at to see in

578
00:26:02,720 --> 00:26:05,560
Speaker 1: your area where you can go, which what what funeral

579
00:26:05,560 --> 00:26:07,240
Speaker 1: homes charge? Like you're gonna be able to see the

580
00:26:07,280 --> 00:26:09,720
Speaker 1: price front and center before you make a decision in

581
00:26:09,760 --> 00:26:11,399
Speaker 1: the heat of the moment. Totally. But yeah, I'm mad

582
00:26:11,520 --> 00:26:14,040
Speaker 1: enough about death. Let's talk about disc golf. A secantilist,

583
00:26:14,119 --> 00:26:16,440
Speaker 1: make a nice little pivot here. You got an endorsement

584
00:26:16,640 --> 00:26:18,600
Speaker 1: one of my favorite sports. You would like your ashes

585
00:26:18,680 --> 00:26:22,320
Speaker 1: scattered on a disc golf course? That's exactly right, right, honestly,

586
00:26:22,359 --> 00:26:24,560
Speaker 1: I'd be cool with that. Uh. And there was a

587
00:26:24,640 --> 00:26:26,600
Speaker 1: ringing endorsement of disc golf from The New York Times

588
00:26:26,600 --> 00:26:28,520
Speaker 1: this week. And it's not It's not that we need

589
00:26:28,560 --> 00:26:30,760
Speaker 1: the Gray ladies opinion on disc golf. I don't need

590
00:26:30,800 --> 00:26:32,879
Speaker 1: to hear their stamp of approval to know that it's awesome.

591
00:26:33,080 --> 00:26:36,040
Speaker 1: The Gray Lady, by the way, that's the nickname for

592
00:26:36,160 --> 00:26:38,520
Speaker 1: the New York Times. But it's fun to see one

593
00:26:38,520 --> 00:26:40,680
Speaker 1: of the best sports in existence get some love out there,

594
00:26:40,720 --> 00:26:43,640
Speaker 1: get some major publication love. It's it's not as hot

595
00:26:43,640 --> 00:26:45,600
Speaker 1: as pickle ball. I've seen a lot more headlines about that,

596
00:26:46,040 --> 00:26:49,520
Speaker 1: uh recently. But if you don't do anything else this weekend,

597
00:26:49,560 --> 00:26:50,960
Speaker 1: we would say, buy a disc or two. You can

598
00:26:51,000 --> 00:26:53,280
Speaker 1: get them used at played against sports if you've got

599
00:26:53,280 --> 00:26:56,520
Speaker 1: one in your area, or maybe on Facebook marketplace. But yeah,

600
00:26:56,600 --> 00:26:59,080
Speaker 1: find a course near you and go throw some disks. Well,

601
00:26:59,200 --> 00:27:01,360
Speaker 1: we'll actually link to the p d G a Professional

602
00:27:01,440 --> 00:27:04,840
Speaker 1: Discolf Association course directory on our website, so you can

603
00:27:04,880 --> 00:27:07,320
Speaker 1: find a course near you. It's free, it's fun, it

604
00:27:07,359 --> 00:27:10,240
Speaker 1: gets you out in nature. Like, there's just not many

605
00:27:10,320 --> 00:27:13,679
Speaker 1: better weekend activities than going to play around a discolf

606
00:27:13,680 --> 00:27:17,400
Speaker 1: I don't think, especially as the temperatures are starting to cool. Um,

607
00:27:17,880 --> 00:27:22,119
Speaker 1: maybe you know, I we should go sometimes sometimes today Okay,

608
00:27:22,400 --> 00:27:25,960
Speaker 1: I'm in. I mean I'll be old to today, not today,

609
00:27:25,960 --> 00:27:28,359
Speaker 1: maybe maybe next weekend. Okay, next weekend. Alright, let's you

610
00:27:28,400 --> 00:27:31,119
Speaker 1: gotta play ahead? Yeah exactly, But that is going to

611
00:27:31,200 --> 00:27:33,880
Speaker 1: be it for today's Friday flight. We hope that you

612
00:27:34,040 --> 00:27:36,680
Speaker 1: have a fantastic weekend. We've got a great episode lined

613
00:27:36,720 --> 00:27:38,560
Speaker 1: up for you here on Monday. We're actually going to

614
00:27:38,600 --> 00:27:41,960
Speaker 1: be speaking with a professional athlete, not a professional disc

615
00:27:41,960 --> 00:27:45,399
Speaker 1: golf player, a professional football player, and so we are

616
00:27:45,440 --> 00:27:48,320
Speaker 1: looking forward to sharing that one with you here on Monday.

617
00:27:48,400 --> 00:27:50,760
Speaker 1: And no, this is not the Tom Brady crypto episode. Okay,

618
00:27:51,119 --> 00:27:54,840
Speaker 1: somebody else with much more balanced personal finance views. That's

619
00:27:54,880 --> 00:27:57,359
Speaker 1: right man. Yep So, until next time, Joel, best Friends

620
00:27:57,359 --> 00:28:00,800
Speaker 1: Out and best Friends Out m