1 00:00:00,120 --> 00:00:03,159 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,200 --> 00:00:06,440 Speaker 1: And today we're talking student loan, silly season, revenge, spending, 3 00:00:06,600 --> 00:00:30,000 Speaker 1: and entrepreneurship everywhere all at once, not to be confused 4 00:00:30,000 --> 00:00:33,320 Speaker 1: with everything everywhere all at once, which I think is 5 00:00:33,320 --> 00:00:35,479 Speaker 1: the only Oscar nominated. The movie I've seen this year? 6 00:00:35,520 --> 00:00:38,680 Speaker 1: Oh really? Uh yeah, I've seen some other. We talked 7 00:00:38,680 --> 00:00:40,360 Speaker 1: about it. Which other ones? Have you seen? Ban Cheese, 8 00:00:40,440 --> 00:00:43,080 Speaker 1: Vanish Hearing? So good? You're gunning for that one, right, 9 00:00:43,280 --> 00:00:45,279 Speaker 1: I love that one, although I loved everything everywhere. I'll 10 00:00:45,320 --> 00:00:47,680 Speaker 1: up once too. Yeah, I'm not sure. Is all quiet 11 00:00:47,720 --> 00:00:50,240 Speaker 1: on the Western Front? Nominated for Best Picture? I fafiliated. 12 00:00:50,440 --> 00:00:52,560 Speaker 1: I'm not sure. I don't know, but whatever it's nominated for, 13 00:00:52,680 --> 00:00:54,720 Speaker 1: it should. Also, that was a great movie too. You're 14 00:00:54,720 --> 00:00:56,880 Speaker 1: not gonna Are you gonna watch the Oscars? No? I 15 00:00:56,960 --> 00:00:58,760 Speaker 1: feel like I've been to do with my time. I 16 00:00:58,960 --> 00:01:00,760 Speaker 1: as well. It was so think that Kate and I 17 00:01:00,880 --> 00:01:02,800 Speaker 1: used to be into same. I feel like we kind 18 00:01:02,800 --> 00:01:05,120 Speaker 1: of caught it maybe at the height of award show. 19 00:01:05,520 --> 00:01:08,319 Speaker 1: I feel like ten years ago it was something. The Oscars, 20 00:01:08,360 --> 00:01:10,920 Speaker 1: the Grammys, they were all events like we would have 21 00:01:10,959 --> 00:01:13,160 Speaker 1: friends over and we would we would sit there and 22 00:01:13,200 --> 00:01:16,440 Speaker 1: talk about music and I never went that far. Yeah, 23 00:01:16,480 --> 00:01:17,960 Speaker 1: well we only did it a couple of times. But 24 00:01:18,440 --> 00:01:20,360 Speaker 1: there are there were some Actually, I feel like the 25 00:01:20,400 --> 00:01:22,360 Speaker 1: movies that came out this past year were they were 26 00:01:22,400 --> 00:01:24,720 Speaker 1: better movies than there have been in recent years. Like 27 00:01:24,760 --> 00:01:27,240 Speaker 1: there was some really good stuff top Gun, like the 28 00:01:27,280 --> 00:01:29,880 Speaker 1: classic big screen blockbusters that everyone want to get. That 29 00:01:29,920 --> 00:01:32,720 Speaker 1: was pretty good, that wasn't in my top favorite attimated 30 00:01:32,800 --> 00:01:34,399 Speaker 1: two right, I think, so okay, So I've seen two. 31 00:01:34,400 --> 00:01:36,160 Speaker 1: I don't even know what's nominated. I don't know. All 32 00:01:36,200 --> 00:01:38,360 Speaker 1: I know is okay. Best supporting actor needs to go 33 00:01:38,600 --> 00:01:42,040 Speaker 1: to Barry Kiahan. I think who's that he was? He 34 00:01:42,080 --> 00:01:45,119 Speaker 1: was in Banshees of Vanna Sharing and he was so good. 35 00:01:45,200 --> 00:01:47,680 Speaker 1: But I really love that movie. Sorry man to check 36 00:01:47,680 --> 00:01:49,720 Speaker 1: it out. I like depressing stuff. So enough about the 37 00:01:49,800 --> 00:01:52,640 Speaker 1: entertainment talk. We want to talk about Senate bills that 38 00:01:52,680 --> 00:01:56,480 Speaker 1: are slowly working their way through our state legislature. So 39 00:01:56,600 --> 00:02:00,360 Speaker 1: literally politics policy isn't something that we normally follow ever 40 00:02:00,840 --> 00:02:03,080 Speaker 1: or talk about. Definitely talking about it, Yeah, maybe follow 41 00:02:03,360 --> 00:02:05,200 Speaker 1: more in our personalized a couple that we that we 42 00:02:05,280 --> 00:02:08,360 Speaker 1: keep up with, But send a bill fifty five also 43 00:02:08,440 --> 00:02:10,600 Speaker 1: known as the Lemonade Stand Act, looks like it's going 44 00:02:10,639 --> 00:02:12,519 Speaker 1: to make its way through it actually become law, yeah, 45 00:02:12,560 --> 00:02:15,000 Speaker 1: which is cool. Yeah yeah, Well, so basically what it's 46 00:02:15,000 --> 00:02:16,480 Speaker 1: going to do. And this is so this is in 47 00:02:16,600 --> 00:02:18,680 Speaker 1: our home state of Georgia, and the reason we're talking 48 00:02:18,720 --> 00:02:21,400 Speaker 1: about it is because it has I think implications one 49 00:02:21,480 --> 00:02:23,720 Speaker 1: here in the state, but like if bills like these 50 00:02:23,760 --> 00:02:25,760 Speaker 1: past in other places, this is just a good thing 51 00:02:25,800 --> 00:02:29,839 Speaker 1: because it would prohibit regulations on businesses that are run 52 00:02:29,880 --> 00:02:32,200 Speaker 1: by kids under the age of eighteens. Basically allows for 53 00:02:32,280 --> 00:02:34,880 Speaker 1: kids to run elemonades, right yeah, And because like we've 54 00:02:34,919 --> 00:02:37,560 Speaker 1: seen story more of those stupid more and more stories 55 00:02:37,560 --> 00:02:41,280 Speaker 1: pop up of like people shutting down police, police officers 56 00:02:41,280 --> 00:02:43,600 Speaker 1: coming and like shutting down lemonade stands all across the 57 00:02:43,639 --> 00:02:46,519 Speaker 1: country and these little eight year olds, nine year olds 58 00:02:46,560 --> 00:02:50,080 Speaker 1: making you know, petty change, but they're learning the basics 59 00:02:50,080 --> 00:02:52,720 Speaker 1: of running a business and how economics works. I want 60 00:02:52,720 --> 00:02:54,639 Speaker 1: to see this past, and I think it will, but 61 00:02:54,880 --> 00:02:57,000 Speaker 1: it seems like it's got enough support. But this is 62 00:02:57,000 --> 00:02:58,680 Speaker 1: the kind of thing where it's like, why why are 63 00:02:58,760 --> 00:03:02,440 Speaker 1: we shutting down dumb nine year olds? Like I get 64 00:03:02,480 --> 00:03:05,000 Speaker 1: it that there are laws on the books that say 65 00:03:05,040 --> 00:03:07,679 Speaker 1: that kids can't run lemonade stands, But what officer or like, 66 00:03:07,720 --> 00:03:09,679 Speaker 1: who's going to show up and actually shut down a 67 00:03:09,760 --> 00:03:12,680 Speaker 1: lemonade stand? Like anybody who's buying a couple of lemonade 68 00:03:12,760 --> 00:03:17,320 Speaker 1: or a coffee or a cookie, are they expecting, Like 69 00:03:17,360 --> 00:03:19,919 Speaker 1: do the kids wash their hands before they start serving 70 00:03:20,120 --> 00:03:23,639 Speaker 1: my drink? I don't know. There's a good chance they didn't. 71 00:03:23,919 --> 00:03:26,160 Speaker 1: But you're also not expecting there to be a health 72 00:03:26,160 --> 00:03:29,280 Speaker 1: inspection score posted right, you know, on a stand next 73 00:03:29,280 --> 00:03:31,760 Speaker 1: to the table you like, by purchasing something from one 74 00:03:31,800 --> 00:03:34,920 Speaker 1: of these stands, like, you're assuming a certain risk And 75 00:03:35,040 --> 00:03:38,400 Speaker 1: it's silly to basically make these kids or in a 76 00:03:38,400 --> 00:03:40,400 Speaker 1: lot of cases, probably their parents jumped through a bunch 77 00:03:40,400 --> 00:03:43,120 Speaker 1: of hoops in order to actually be able to participate 78 00:03:43,200 --> 00:03:45,839 Speaker 1: within entrepreneurship. Like it makes me think of selling golf 79 00:03:45,840 --> 00:03:47,920 Speaker 1: balls as a kid. I grew up in Augusta, Georgia, 80 00:03:48,040 --> 00:03:49,920 Speaker 1: a lot of golf courses and golf balls, and me 81 00:03:49,920 --> 00:03:52,720 Speaker 1: and my friends we'd go hunting through the woods finding 82 00:03:53,200 --> 00:03:56,120 Speaker 1: long forgotten golf balls. We'd take them home, wash them up. 83 00:03:56,320 --> 00:03:58,160 Speaker 1: We had hundreds of these golf balls, and then we 84 00:03:58,200 --> 00:04:02,080 Speaker 1: would sit not roads, but cart pass side with a 85 00:04:02,080 --> 00:04:04,800 Speaker 1: little table, and you know, we'd sell like three or 86 00:04:04,800 --> 00:04:07,120 Speaker 1: so golf balls for a dollar. But guess what, I 87 00:04:07,160 --> 00:04:09,120 Speaker 1: would not have done that if there was someone riding 88 00:04:09,160 --> 00:04:12,440 Speaker 1: around cracking down asking to seem a stupid permit. Sure, yeah, 89 00:04:12,440 --> 00:04:14,360 Speaker 1: if you need a permit, it is very dumb. Yeah, 90 00:04:14,480 --> 00:04:17,719 Speaker 1: And so I like seeing stuff like this, and I 91 00:04:17,760 --> 00:04:19,920 Speaker 1: want to see more more kids being able to learn 92 00:04:20,240 --> 00:04:22,680 Speaker 1: at an early age kind of what it takes to 93 00:04:22,720 --> 00:04:24,919 Speaker 1: make money like these are. They are great lessons. We 94 00:04:24,960 --> 00:04:27,560 Speaker 1: had a neighbor, a neighbor kid who used to make 95 00:04:27,560 --> 00:04:29,800 Speaker 1: his own ice cream and sell it, and that's right, 96 00:04:29,920 --> 00:04:32,080 Speaker 1: and that's like he learned a lot in that, and 97 00:04:32,200 --> 00:04:34,320 Speaker 1: his mom was like, okay, listen, here's how much the 98 00:04:34,440 --> 00:04:36,240 Speaker 1: ingredients cost. You're gonna have to pay me out of 99 00:04:36,279 --> 00:04:38,520 Speaker 1: the profits. And he learned a lot about what it 100 00:04:38,560 --> 00:04:40,640 Speaker 1: takes to start his own business and make some money 101 00:04:40,640 --> 00:04:44,440 Speaker 1: doing it. Plus he was following Jenny's recipes. It was delicious, 102 00:04:44,440 --> 00:04:46,919 Speaker 1: like he was making like some top notch It was 103 00:04:46,960 --> 00:04:49,560 Speaker 1: good stuff. So yeah, I just kind of wanted to 104 00:04:49,640 --> 00:04:52,520 Speaker 1: talk about that because it's cool to see and if 105 00:04:52,560 --> 00:04:55,520 Speaker 1: you haven't done a lemonade stand with your kids. It's 106 00:04:55,560 --> 00:04:57,040 Speaker 1: one of the best ways to kind of teach them 107 00:04:57,040 --> 00:04:59,919 Speaker 1: some of the basics of personal finance. And we're getting 108 00:05:00,040 --> 00:05:01,880 Speaker 1: to the point where, I don't know, depending on what 109 00:05:01,920 --> 00:05:03,080 Speaker 1: part of the country you live in and what the 110 00:05:03,120 --> 00:05:05,120 Speaker 1: weather is currently doing, we're getting to the point, at 111 00:05:05,160 --> 00:05:07,919 Speaker 1: least here in Atlanta where lemonade stands are on the 112 00:05:08,320 --> 00:05:10,560 Speaker 1: horizon pretty soon. So that's true, all right. And one 113 00:05:10,600 --> 00:05:13,240 Speaker 1: other thing I wanted to mention, matt Our Facebook group 114 00:05:13,440 --> 00:05:17,640 Speaker 1: just hit ten thousand members. Yeah, so yeah, boy, if 115 00:05:17,680 --> 00:05:19,640 Speaker 1: you're not a part of the how to Money Facebook group, 116 00:05:19,680 --> 00:05:21,520 Speaker 1: it's just a bunch of awesome people helping each other 117 00:05:21,560 --> 00:05:23,839 Speaker 1: out if you've got the money. I mean, it's nobody 118 00:05:23,839 --> 00:05:27,480 Speaker 1: gets paid from anybody joining the Facebook group, but it 119 00:05:27,720 --> 00:05:30,320 Speaker 1: is a great resource for people to be able to 120 00:05:30,400 --> 00:05:33,000 Speaker 1: like bad ideas around, ask good questions. A lot of 121 00:05:33,000 --> 00:05:34,520 Speaker 1: folks just helping each other out. It's one of the 122 00:05:34,560 --> 00:05:36,320 Speaker 1: only places on the Internet where people are nice to 123 00:05:36,360 --> 00:05:38,400 Speaker 1: each other. And I like seeing that there's more folks 124 00:05:38,600 --> 00:05:40,680 Speaker 1: participating in the group these days. It's one of those 125 00:05:40,680 --> 00:05:43,520 Speaker 1: good corners of the Internet. Do let's talk about student loans, 126 00:05:43,560 --> 00:05:46,839 Speaker 1: because we've got we've got more drama on the student 127 00:05:46,839 --> 00:05:50,080 Speaker 1: loan pause on the student loan forgiveness front, so far, 128 00:05:50,760 --> 00:05:54,880 Speaker 1: they are suing the Biden administration over their latest student 129 00:05:54,920 --> 00:05:57,280 Speaker 1: loan pause so far. By the way, is a fintech 130 00:05:57,400 --> 00:06:00,960 Speaker 1: who one of those newer fintech companies actualize in private 131 00:06:00,960 --> 00:06:03,600 Speaker 1: student onlineing all they've expanded kind of the things that 132 00:06:03,640 --> 00:06:06,280 Speaker 1: they do, and in so far as court filing, they 133 00:06:06,320 --> 00:06:10,320 Speaker 1: have called it an illegal overreach of power, which is honestly, 134 00:06:10,360 --> 00:06:12,360 Speaker 1: this is akin to the argument being made right now 135 00:06:12,400 --> 00:06:15,880 Speaker 1: against the ten thousand dollars in loan forgiveness that the 136 00:06:15,920 --> 00:06:19,599 Speaker 1: Biden administration is defending against the States. And so yeah, 137 00:06:19,640 --> 00:06:22,680 Speaker 1: what's gonna actually happen here, we don't know, But so 138 00:06:22,800 --> 00:06:25,320 Speaker 1: far and just a lot of the different companies who 139 00:06:25,400 --> 00:06:28,559 Speaker 1: specialize in refinancing folks into private student loans have been 140 00:06:28,600 --> 00:06:31,640 Speaker 1: harmed in a meaningful way by this pause. It has 141 00:06:31,760 --> 00:06:35,760 Speaker 1: upended their business and the legality you know, of these 142 00:06:35,800 --> 00:06:39,559 Speaker 1: perpetual payment pauses it's a bit questionable. And so yeah, 143 00:06:39,600 --> 00:06:43,279 Speaker 1: for that reason, student loan silly season is most definitely 144 00:06:43,400 --> 00:06:45,920 Speaker 1: upon us. Sure. Yeah, and the payment pauses made sense 145 00:06:46,040 --> 00:06:48,599 Speaker 1: for a time being, and they were part of emergency measures, 146 00:06:48,640 --> 00:06:52,480 Speaker 1: but I think especially after the President announced on sixty minutes, Hey, 147 00:06:52,480 --> 00:06:55,240 Speaker 1: the pandemics over this start made some of these fintech 148 00:06:55,279 --> 00:06:57,360 Speaker 1: companies start to question, Okay, then why are we still 149 00:06:58,040 --> 00:07:02,080 Speaker 1: taking measures Like we're still in an emergency situation, right, 150 00:07:02,440 --> 00:07:05,680 Speaker 1: So what does that mean for individual barbers. Well, we're 151 00:07:05,720 --> 00:07:07,680 Speaker 1: not sure how quickly we're going to see a ruling 152 00:07:07,720 --> 00:07:10,360 Speaker 1: in this case. The court systems they take time, and 153 00:07:10,400 --> 00:07:12,440 Speaker 1: we still don't know how long it's going to take 154 00:07:12,480 --> 00:07:16,000 Speaker 1: for the Supreme Court to make a ruling on student 155 00:07:16,000 --> 00:07:18,600 Speaker 1: loan forgiveness either. But like we've been saying all along, 156 00:07:18,960 --> 00:07:21,560 Speaker 1: don't pay on the student loans while the payment pass persists, 157 00:07:21,880 --> 00:07:24,600 Speaker 1: but do be saving up and preparing to resume that 158 00:07:24,640 --> 00:07:27,880 Speaker 1: payment in the near future. Funnel those dollars into savings 159 00:07:27,880 --> 00:07:29,400 Speaker 1: so that you're prepared to the max, right, so that 160 00:07:29,400 --> 00:07:32,840 Speaker 1: you're completely ready. You're in a great financial position if 161 00:07:33,000 --> 00:07:37,120 Speaker 1: or when student loans resume, and so it wouldn't hurt 162 00:07:37,160 --> 00:07:39,760 Speaker 1: to earn three, three or four percent on those savings, 163 00:07:39,840 --> 00:07:41,080 Speaker 1: by the way, which is what you can earn with 164 00:07:41,120 --> 00:07:42,880 Speaker 1: exactly how you'll saving and just make sure that's in 165 00:07:42,920 --> 00:07:44,760 Speaker 1: your budget, that the money's going somewhere so that you're 166 00:07:44,760 --> 00:07:47,960 Speaker 1: not like completely caught off guard when those payments do 167 00:07:48,560 --> 00:07:50,360 Speaker 1: come back into your life, and we could be talking 168 00:07:50,400 --> 00:07:53,320 Speaker 1: about payments starting in June or July. It's just anybody's guests. 169 00:07:53,560 --> 00:07:55,720 Speaker 1: But this lawsuit, I'd say it makes it even more 170 00:07:55,760 --> 00:07:57,680 Speaker 1: likely that the pause is going to come to an 171 00:07:57,760 --> 00:08:00,800 Speaker 1: end sooner rather than later. By the way, there was 172 00:08:01,360 --> 00:08:03,520 Speaker 1: a great story in Business inside of this week about 173 00:08:03,640 --> 00:08:07,080 Speaker 1: refinancing student loans. You're going to start seeing more ads 174 00:08:07,320 --> 00:08:11,120 Speaker 1: for refinancing with companies like SOFI or their ILK once 175 00:08:11,160 --> 00:08:13,720 Speaker 1: this pause does end, so be prepared for that too, 176 00:08:13,760 --> 00:08:16,840 Speaker 1: because while it does make sense in a very small 177 00:08:16,840 --> 00:08:19,840 Speaker 1: percentage of instances, it makes zero sense for most folks, 178 00:08:19,920 --> 00:08:24,080 Speaker 1: especially with rates going higher and potential new income based 179 00:08:24,080 --> 00:08:26,640 Speaker 1: repayment plans coming on the scene. I have a feeling 180 00:08:26,840 --> 00:08:28,840 Speaker 1: so far is not going to see many people refinancing 181 00:08:28,840 --> 00:08:32,000 Speaker 1: student loans with them even when the payment pause is over. Yeah, 182 00:08:32,000 --> 00:08:34,800 Speaker 1: I can't imagine many scenarios where somebody's where they actually 183 00:08:34,800 --> 00:08:38,240 Speaker 1: should refinance, Like maybe if the A they already had 184 00:08:38,280 --> 00:08:40,800 Speaker 1: some private student loans and they happen to have had 185 00:08:41,320 --> 00:08:43,400 Speaker 1: terrible credit at the time, and so maybe they did 186 00:08:43,480 --> 00:08:45,840 Speaker 1: get a terrible rate, and if right now you can 187 00:08:45,840 --> 00:08:48,120 Speaker 1: get a lower interest rate on your student loans, then 188 00:08:48,200 --> 00:08:51,240 Speaker 1: maybe that is something you can consider. But otherwise folks 189 00:08:51,240 --> 00:08:53,360 Speaker 1: should be sitting tight waiting for all of this to 190 00:08:53,640 --> 00:08:56,319 Speaker 1: shake out. Yeah, four or five years ago, there was 191 00:08:56,360 --> 00:08:59,080 Speaker 1: a value proposition there to refinance into private student loans 192 00:08:59,160 --> 00:09:03,760 Speaker 1: for some people. There's almost no reason for almost anyone 193 00:09:03,800 --> 00:09:06,040 Speaker 1: to refinance into private student loans now. Yeah. So, on 194 00:09:06,080 --> 00:09:09,880 Speaker 1: a related note, insanely rich Angel investor than you're capitalist, 195 00:09:10,000 --> 00:09:13,480 Speaker 1: Mark Andreson. He recently said that we are soon going 196 00:09:13,480 --> 00:09:15,360 Speaker 1: to live in a world where you can have a 197 00:09:15,400 --> 00:09:17,040 Speaker 1: TV the size of your wall that's only going to 198 00:09:17,120 --> 00:09:19,360 Speaker 1: cost one hundred dollars, and the cost of a college 199 00:09:19,440 --> 00:09:22,800 Speaker 1: education is going to cost a million dollars, which obviously 200 00:09:22,920 --> 00:09:25,880 Speaker 1: there's a bit of hyperbolee here, but not much. He 201 00:09:25,920 --> 00:09:28,680 Speaker 1: mentions that this is largely due to just the government 202 00:09:28,800 --> 00:09:32,840 Speaker 1: involvement within the different sectors where prices are rising the most, 203 00:09:33,000 --> 00:09:36,200 Speaker 1: like healthcare, college. And so this is why we keep 204 00:09:36,280 --> 00:09:39,680 Speaker 1: going back to the value proposition that a higher education, 205 00:09:39,720 --> 00:09:41,920 Speaker 1: that a higher degree is offering, because it used to 206 00:09:41,960 --> 00:09:44,600 Speaker 1: be a fairly easy decision to go to college, but 207 00:09:44,679 --> 00:09:47,760 Speaker 1: it is not anymore. We actually we touched on how 208 00:09:47,880 --> 00:09:50,600 Speaker 1: more and more folks are considering the skilled trades blue 209 00:09:50,600 --> 00:09:53,559 Speaker 1: collar work. Just a couple of weeks ago, and this 210 00:09:53,640 --> 00:09:56,720 Speaker 1: is some more local news here for Atlanta, but the 211 00:09:57,120 --> 00:10:00,960 Speaker 1: Atlanta International Airport Hartsfield Jackson, they they have just launched 212 00:10:01,040 --> 00:10:04,480 Speaker 1: a paid apprenticeship program where folks can quote unquote learn 213 00:10:04,920 --> 00:10:08,880 Speaker 1: as they earn, which is awesome, Like, we completely love this, 214 00:10:09,240 --> 00:10:12,199 Speaker 1: and hopefully other businesses and other governments can start to 215 00:10:12,240 --> 00:10:16,760 Speaker 1: implement similar programs where there isn't this default path to 216 00:10:16,880 --> 00:10:21,080 Speaker 1: funnel folks into not only trying to achieve an undergraduate degree, 217 00:10:21,080 --> 00:10:24,520 Speaker 1: but also oftentimes large amounts of student loans as well. Yeah, 218 00:10:24,559 --> 00:10:27,680 Speaker 1: I think we're starting to see different governments and different 219 00:10:27,679 --> 00:10:31,640 Speaker 1: employers eliminate college degree requirements for certain positions. I want 220 00:10:31,640 --> 00:10:33,920 Speaker 1: to see more of that because ye and I think 221 00:10:34,040 --> 00:10:36,080 Speaker 1: the hot labor market has a lot to do with that. 222 00:10:36,840 --> 00:10:39,000 Speaker 1: When it's harder to find the workers you need, you 223 00:10:39,200 --> 00:10:41,720 Speaker 1: open up those parameters a little bit more. And I 224 00:10:41,720 --> 00:10:44,640 Speaker 1: think of that is a good thing. And college isn't 225 00:10:44,640 --> 00:10:46,880 Speaker 1: for everyone, so opting out might be the best move, 226 00:10:47,000 --> 00:10:50,479 Speaker 1: right or I would say for some people who college 227 00:10:50,520 --> 00:10:52,959 Speaker 1: is for them and they want to save money. Maybe 228 00:10:52,960 --> 00:10:55,439 Speaker 1: think about going to college overseas where it's a whole 229 00:10:55,480 --> 00:10:57,000 Speaker 1: lot cheaper that I think that can make sense for 230 00:10:57,040 --> 00:10:59,120 Speaker 1: more and more folks. And the Wall Street Journal actually 231 00:10:59,120 --> 00:11:01,880 Speaker 1: had an article about how more young folks are looking 232 00:11:01,880 --> 00:11:05,440 Speaker 1: to go overseas to get that higher education to minimize 233 00:11:05,440 --> 00:11:08,079 Speaker 1: their bill. How much can you save though tens of 234 00:11:08,120 --> 00:11:11,240 Speaker 1: thousands of dollars? And fortunately, many of the programs offered 235 00:11:11,280 --> 00:11:14,040 Speaker 1: at these universities are taught in English, so it's not 236 00:11:14,080 --> 00:11:16,720 Speaker 1: like you're going to have to POLECTRC Google translating just 237 00:11:16,760 --> 00:11:19,600 Speaker 1: to understand what the professor is saying. But a slight 238 00:11:19,600 --> 00:11:23,240 Speaker 1: modification from studying abroad in a foreign country. Yeah, yeah, 239 00:11:23,280 --> 00:11:27,480 Speaker 1: but it's going to be incredibly different on an experiential level, right, 240 00:11:27,520 --> 00:11:29,959 Speaker 1: going overseas and in a lot of ways a good thing. 241 00:11:29,960 --> 00:11:32,800 Speaker 1: But also I think the requirements and the way these 242 00:11:32,920 --> 00:11:35,839 Speaker 1: universities run their business is going to look a lot 243 00:11:35,840 --> 00:11:38,679 Speaker 1: different than the way American universities do it. So you've 244 00:11:38,720 --> 00:11:42,360 Speaker 1: got to be prepared as an expat like doing school abroad, 245 00:11:42,600 --> 00:11:43,920 Speaker 1: but I think for a lot of folks it just 246 00:11:44,000 --> 00:11:46,079 Speaker 1: might be worth it. And so, yeah, if you don't 247 00:11:46,080 --> 00:11:47,520 Speaker 1: want to worry about being in death the rest of 248 00:11:47,520 --> 00:11:50,640 Speaker 1: your life. If you are concerned about the amount of 249 00:11:50,720 --> 00:11:52,440 Speaker 1: college debt you might have to take on if you 250 00:11:52,440 --> 00:11:54,920 Speaker 1: were to go to the school of your dreams here 251 00:11:54,920 --> 00:11:57,520 Speaker 1: in the States, well college abroad, it just might make 252 00:11:57,559 --> 00:12:00,040 Speaker 1: sense for a number of reasons, and in particular for 253 00:12:00,040 --> 00:12:02,319 Speaker 1: for money saving reasons. That's right, man, Yeah, that's another 254 00:12:02,360 --> 00:12:05,400 Speaker 1: way that you can avoid the potentially long term financial 255 00:12:05,400 --> 00:12:08,680 Speaker 1: harm that's caused by being saddled with those student loans. 256 00:12:09,320 --> 00:12:12,040 Speaker 1: And so obviously a big part of the reason to 257 00:12:12,080 --> 00:12:14,280 Speaker 1: get an education is that it's going to help you 258 00:12:14,320 --> 00:12:16,600 Speaker 1: to get a job. I'm sure there's a certain element, 259 00:12:16,720 --> 00:12:19,120 Speaker 1: there's a certain amount of self edification that you are 260 00:12:19,120 --> 00:12:20,880 Speaker 1: looking for when you go to college too, but you 261 00:12:20,920 --> 00:12:22,360 Speaker 1: do go to college to get more knowledge than what 262 00:12:22,400 --> 00:12:25,680 Speaker 1: they say. Oftentimes, you are also looking to increase your 263 00:12:25,760 --> 00:12:31,240 Speaker 1: lifetime earnings. And available jobs evidently declined in January, but 264 00:12:31,360 --> 00:12:34,199 Speaker 1: not to worry. There are still one point nine job 265 00:12:34,240 --> 00:12:37,840 Speaker 1: openings per every available worker out there. That is a 266 00:12:37,880 --> 00:12:39,959 Speaker 1: lot of jobs. But if you're in the market to 267 00:12:40,000 --> 00:12:43,559 Speaker 1: get a different job, preferably one with better pay, better benefits, 268 00:12:43,880 --> 00:12:47,040 Speaker 1: you've got a tailor your resume to what those potential 269 00:12:47,040 --> 00:12:49,800 Speaker 1: employers are looking for for what they want. A human 270 00:12:49,840 --> 00:12:52,840 Speaker 1: resources tech firm, they just released a list of the 271 00:12:53,000 --> 00:12:56,280 Speaker 1: most in demand skills based on a survey of almost 272 00:12:56,400 --> 00:12:59,080 Speaker 1: three thousand different employers, and at the top of the list, 273 00:12:59,080 --> 00:13:03,720 Speaker 1: it turns out that manage communication, customer service leadership, and 274 00:13:04,000 --> 00:13:07,160 Speaker 1: sales are at the top of the list. And so 275 00:13:07,200 --> 00:13:09,280 Speaker 1: basically what we wanted to highlight here is that a 276 00:13:09,280 --> 00:13:12,000 Speaker 1: lot of what they're looking for our soft skills, they're 277 00:13:12,040 --> 00:13:14,640 Speaker 1: not necessarily looking for degrees in these areas. They're looking 278 00:13:14,679 --> 00:13:18,240 Speaker 1: for the ability to perform these different tasks. So if 279 00:13:18,240 --> 00:13:19,960 Speaker 1: you're applying for jobs, we just want to make sure 280 00:13:20,200 --> 00:13:22,960 Speaker 1: that you are highlighting not just your education, not just 281 00:13:23,040 --> 00:13:26,800 Speaker 1: your degree in your technical background, but those harder to 282 00:13:26,840 --> 00:13:30,200 Speaker 1: define qualities that you possess as well. I agreed, there's 283 00:13:30,200 --> 00:13:31,800 Speaker 1: a lot that makes someone a good candidate for a 284 00:13:31,880 --> 00:13:34,560 Speaker 1: job that goes beyond just Hey, I made straight days 285 00:13:34,679 --> 00:13:37,200 Speaker 1: in this and such course in college ten years ago. 286 00:13:37,640 --> 00:13:39,719 Speaker 1: You could also start, by the way, on the path 287 00:13:39,760 --> 00:13:42,480 Speaker 1: towards working for yourself. And it looks like estimates of 288 00:13:42,520 --> 00:13:45,400 Speaker 1: how many folks do just that might have actually been 289 00:13:45,520 --> 00:13:48,040 Speaker 1: too small. For years. We might have undercounted the amount 290 00:13:48,080 --> 00:13:51,600 Speaker 1: of self employed people in this country. The Bureau of 291 00:13:51,640 --> 00:13:54,839 Speaker 1: Labor Statistics has basically said that roughly seven percent of 292 00:13:54,880 --> 00:13:58,840 Speaker 1: folks are self employed around the United States, but new 293 00:13:58,920 --> 00:14:04,040 Speaker 1: data from INBER, which is the National Bureau of Economic Research, 294 00:14:04,360 --> 00:14:07,400 Speaker 1: they say that the number is likely closer to fifteen percent. 295 00:14:07,880 --> 00:14:10,040 Speaker 1: So I don't know. I guess it makes me think 296 00:14:10,040 --> 00:14:12,560 Speaker 1: that freelancing is underrated. I like seeing that there are 297 00:14:12,600 --> 00:14:18,160 Speaker 1: more self employed people than pretty is underrated. It's also underreported. Yeah, 298 00:14:18,240 --> 00:14:21,400 Speaker 1: it's right, it's multiple unders and so we just Matt 299 00:14:21,440 --> 00:14:22,800 Speaker 1: and I think that it can be the best route 300 00:14:22,800 --> 00:14:25,880 Speaker 1: towards working for yourself full time, starting that freelancing career, 301 00:14:26,080 --> 00:14:28,160 Speaker 1: like getting it up to snuff on the side, taking 302 00:14:28,200 --> 00:14:30,720 Speaker 1: it on a side hustle client, not so that you 303 00:14:30,760 --> 00:14:35,000 Speaker 1: can side hustle interminably, like buying into hustle culture, but 304 00:14:35,240 --> 00:14:37,320 Speaker 1: so that you can hang your own shingle and over 305 00:14:37,400 --> 00:14:40,040 Speaker 1: time start to work for yourself instead of working for 306 00:14:40,280 --> 00:14:43,440 Speaker 1: somebody else, like and working for yourself. It's not always easy, right, 307 00:14:43,720 --> 00:14:45,800 Speaker 1: But the thing is, it's not an all or nothing affair. 308 00:14:46,040 --> 00:14:48,720 Speaker 1: And so I don't know. It's interesting to see that 309 00:14:49,000 --> 00:14:51,840 Speaker 1: we don't really know how many folks are working for themselves. 310 00:14:52,160 --> 00:14:54,000 Speaker 1: But if the trend is growing, and it seems like 311 00:14:54,040 --> 00:14:55,920 Speaker 1: during the pandemic it's grown even more. A whole lot 312 00:14:55,920 --> 00:14:58,160 Speaker 1: more small businesses have been formed over the last couple 313 00:14:58,120 --> 00:15:00,280 Speaker 1: of years, which again makes sense given kind of what 314 00:15:00,320 --> 00:15:02,800 Speaker 1: was happening with the economy, and to a lot of 315 00:15:02,840 --> 00:15:05,520 Speaker 1: day jobs. Even though unemployment is still at it you know, 316 00:15:05,520 --> 00:15:07,760 Speaker 1: it's pretty much at a record low. We're always going 317 00:15:07,800 --> 00:15:10,320 Speaker 1: to be cheerleaders for this trend of more people working 318 00:15:10,320 --> 00:15:13,200 Speaker 1: for themselves, right, and it all starts with that lemonade stand. 319 00:15:13,320 --> 00:15:16,480 Speaker 1: So hopefully it started yet again, and we'll full circle here. 320 00:15:16,520 --> 00:15:20,080 Speaker 1: Hopefully that passes. But Joel, we've got a few additional 321 00:15:20,120 --> 00:15:22,320 Speaker 1: stories that we're going to get to multiple stories and 322 00:15:22,400 --> 00:15:27,320 Speaker 1: facts here after the break, including the idea of revenge spending. 323 00:15:27,800 --> 00:15:29,640 Speaker 1: What is it? And have you been doing it? We 324 00:15:29,680 --> 00:15:31,640 Speaker 1: will get to that plus a few others right after this. 325 00:15:41,480 --> 00:15:44,000 Speaker 1: All right, the Friday flight continues, and we will get 326 00:15:44,040 --> 00:15:46,360 Speaker 1: to that story on revenge spending in just a second. 327 00:15:46,680 --> 00:15:48,720 Speaker 1: It's messing up a lot of people. But first we 328 00:15:48,720 --> 00:15:51,040 Speaker 1: got to get to our ludicrous headline of the week. 329 00:15:51,320 --> 00:15:55,080 Speaker 1: This one comes from Axios, and here's how the headline reads. 330 00:15:55,280 --> 00:15:59,800 Speaker 1: Credit card debt soars as Perks proliferate. I love alliteration 331 00:16:00,160 --> 00:16:03,120 Speaker 1: lack going on in that, but credit card debt is 332 00:16:03,120 --> 00:16:05,640 Speaker 1: at an all time high, right, and it's it's inching 333 00:16:05,680 --> 00:16:08,960 Speaker 1: closer to that trillion dollar mark, which is just kind 334 00:16:09,000 --> 00:16:11,960 Speaker 1: of a meaningful milestone to cross. A not one that 335 00:16:12,000 --> 00:16:15,120 Speaker 1: I would say is the one that we're gonna necessarily celebrate, right, 336 00:16:15,240 --> 00:16:18,200 Speaker 1: but we will let you know when we Sadly, if 337 00:16:18,200 --> 00:16:20,240 Speaker 1: we had like they're an applause sounder, we would not 338 00:16:20,320 --> 00:16:23,120 Speaker 1: use it for this one. But we just talked about 339 00:16:23,200 --> 00:16:25,920 Speaker 1: using credit cards as nature intended. That was episode six 340 00:16:26,000 --> 00:16:28,840 Speaker 1: twenty nine, not too long ago, and the first rule 341 00:16:29,240 --> 00:16:31,480 Speaker 1: of using a credit card well is to pay the 342 00:16:31,480 --> 00:16:33,960 Speaker 1: balance off on time and in full. We I think 343 00:16:34,000 --> 00:16:36,280 Speaker 1: we highlighted that multiple times during that episode. Not because 344 00:16:36,280 --> 00:16:38,360 Speaker 1: it's so important every time we talk about credit cards. 345 00:16:38,480 --> 00:16:40,760 Speaker 1: We want to make sure people know, hey, guess what, 346 00:16:41,120 --> 00:16:45,000 Speaker 1: don't let the rewards the credit card rewards tale wag 347 00:16:45,040 --> 00:16:47,440 Speaker 1: the dog so that you're using something that's going to 348 00:16:47,480 --> 00:16:49,680 Speaker 1: cost you money. But only fifty four percent of folks, 349 00:16:49,720 --> 00:16:52,160 Speaker 1: as it turns out, do that. The only fifty four 350 00:16:52,160 --> 00:16:55,320 Speaker 1: percent of folks pay off their credit card balance. On 351 00:16:55,360 --> 00:16:57,280 Speaker 1: time and in full. And so if you're not in 352 00:16:57,320 --> 00:16:59,760 Speaker 1: that camp, we would say put the plastic down. Even 353 00:16:59,760 --> 00:17:02,720 Speaker 1: though credit card rewards continue to get better, they continue 354 00:17:02,720 --> 00:17:05,520 Speaker 1: to get richer, they continue to be a wider variety 355 00:17:05,960 --> 00:17:09,480 Speaker 1: to make people happy when it whether it's free food 356 00:17:09,480 --> 00:17:12,000 Speaker 1: delivery service or something like that, it doesn't matter how 357 00:17:12,040 --> 00:17:15,840 Speaker 1: impressive those rewards are if you're paying something like eighteen 358 00:17:15,880 --> 00:17:18,320 Speaker 1: to twenty five percent on your purchases because you're not 359 00:17:18,440 --> 00:17:21,320 Speaker 1: following the number one rule of credit card use. These 360 00:17:21,359 --> 00:17:23,120 Speaker 1: are the kind of stats we don't like to see. 361 00:17:23,240 --> 00:17:25,960 Speaker 1: We don't mind credit cards, and in fact, we think 362 00:17:26,000 --> 00:17:28,240 Speaker 1: they can be the best spending tool for a lot 363 00:17:28,280 --> 00:17:30,840 Speaker 1: of people, but not if you're in that forty six 364 00:17:30,880 --> 00:17:33,680 Speaker 1: percent of people who don't use them properness, right, Yeah, 365 00:17:33,720 --> 00:17:35,720 Speaker 1: and yeah, there's a part of that headline that we're 366 00:17:35,720 --> 00:17:38,560 Speaker 1: all about, right, the perks proliferate. Yeah, part of the 367 00:17:38,600 --> 00:17:41,280 Speaker 1: headline we're all about. But we don't want folks to 368 00:17:41,320 --> 00:17:45,680 Speaker 1: be overly focused on chasing after those perks, those rewards, 369 00:17:45,680 --> 00:17:48,880 Speaker 1: Those points to the detriment of their overall financial health. 370 00:17:49,080 --> 00:17:51,919 Speaker 1: And it's not just about using the cards properly. But 371 00:17:52,160 --> 00:17:55,600 Speaker 1: I think sometimes when they first kind of start getting 372 00:17:55,600 --> 00:17:57,920 Speaker 1: their toes dipping their toes in the personal finance waters 373 00:17:57,960 --> 00:18:01,200 Speaker 1: a little bit. They see this thing like the different 374 00:18:01,200 --> 00:18:04,199 Speaker 1: rewards that credit cards offer, and before they establish a 375 00:18:04,200 --> 00:18:07,480 Speaker 1: solid financial foundation, they are looking to kind of some 376 00:18:07,520 --> 00:18:11,160 Speaker 1: of these tertiary some of these extra fancy ways where 377 00:18:11,160 --> 00:18:13,560 Speaker 1: they can score some additional benefits like it. So it 378 00:18:13,600 --> 00:18:16,080 Speaker 1: kind of makes me think of I've been working augele 379 00:18:16,160 --> 00:18:19,400 Speaker 1: so like it takes some vitamins, some additional protein supplements 380 00:18:19,440 --> 00:18:21,760 Speaker 1: to make sure I'm consuming enough protein. Do you know 381 00:18:21,960 --> 00:18:24,680 Speaker 1: you're supposed to consume like a ridiculous amount of protein evidently, 382 00:18:24,960 --> 00:18:27,760 Speaker 1: like way more than I think most people can can 383 00:18:27,800 --> 00:18:30,680 Speaker 1: normally consume. I guess via regular foods to eat three 384 00:18:30,680 --> 00:18:33,800 Speaker 1: stakes every morning. Matt. All that to say, you don't 385 00:18:33,840 --> 00:18:35,480 Speaker 1: need to mess with that kind of stuff unless you're 386 00:18:35,520 --> 00:18:40,280 Speaker 1: eating properly, eating well balanced, healthy meals. Beyond that, if 387 00:18:40,320 --> 00:18:42,040 Speaker 1: it's like okay, sure, if you want to like spend 388 00:18:42,080 --> 00:18:44,800 Speaker 1: a little bit of money on some vitamins or supplements, 389 00:18:44,840 --> 00:18:46,560 Speaker 1: I think that's totally fine if that's what you want 390 00:18:46,560 --> 00:18:48,800 Speaker 1: to do, But you can't eat McDonald's, you can't eat 391 00:18:48,840 --> 00:18:51,560 Speaker 1: garbage and then focus only on the supplement is exactly 392 00:18:51,720 --> 00:18:53,160 Speaker 1: say I'm not going to work out, but I'm gonna 393 00:18:53,160 --> 00:18:55,320 Speaker 1: take the protein shakes and maybe that'll bolt up. It's 394 00:18:55,359 --> 00:18:57,880 Speaker 1: like not the way you want exactly. Yeah, there's there's 395 00:18:57,920 --> 00:19:00,639 Speaker 1: a certain order. There are prerequisites we think you need 396 00:19:00,680 --> 00:19:04,320 Speaker 1: to accomplish first before moving on to something different, benefits 397 00:19:04,359 --> 00:19:06,680 Speaker 1: that credit cards can offer. But we were talking about 398 00:19:06,720 --> 00:19:09,520 Speaker 1: credit cards, Joel, A shift now to gift cards because 399 00:19:09,560 --> 00:19:11,600 Speaker 1: we've got some more some more sad stats of the 400 00:19:11,640 --> 00:19:15,639 Speaker 1: week here. Two thirds of Americans have an unspent gift 401 00:19:15,640 --> 00:19:18,479 Speaker 1: card hanging out somewhere around the house, most likely at 402 00:19:18,480 --> 00:19:21,400 Speaker 1: the bottom of a drawer somewhere, and half of Americans 403 00:19:21,480 --> 00:19:24,400 Speaker 1: say that they lose gift cards before they even use them. 404 00:19:25,200 --> 00:19:28,560 Speaker 1: These stats come from a new Credit Summit report, and 405 00:19:28,640 --> 00:19:32,960 Speaker 1: overall there is twenty one billion dollars an unspent gift 406 00:19:33,000 --> 00:19:36,439 Speaker 1: card wow funds, which is so much stinking money that 407 00:19:36,560 --> 00:19:40,600 Speaker 1: is being lost, that's currently sitting idle, that may never 408 00:19:40,640 --> 00:19:43,400 Speaker 1: actually get put to use. And so there I guess 409 00:19:43,440 --> 00:19:44,920 Speaker 1: at least two things that we can take away from 410 00:19:44,920 --> 00:19:47,120 Speaker 1: these stats. First of all, use your gift cards. Obviously, 411 00:19:47,600 --> 00:19:50,520 Speaker 1: round them up, start making those purchases. Because if we're 412 00:19:50,520 --> 00:19:53,919 Speaker 1: not proactive about spending the money that is actually on 413 00:19:53,960 --> 00:19:56,600 Speaker 1: these pieces of plastic, we're likely going to forget about 414 00:19:56,640 --> 00:20:00,600 Speaker 1: them completely. I am proud to say Joel that, well, Hallongao, 415 00:20:00,640 --> 00:20:02,480 Speaker 1: was it that I mentioned that home Depot gift card? 416 00:20:02,560 --> 00:20:04,800 Speaker 1: Oh yeah, not too long ago. Put that junk to use. 417 00:20:05,080 --> 00:20:07,480 Speaker 1: You get no longer sitting there in my wallet, Kate. 418 00:20:07,520 --> 00:20:09,399 Speaker 1: Actually I was like, here, you take this, bought some 419 00:20:09,440 --> 00:20:12,240 Speaker 1: new planes with it. But secondly, if you've got gift 420 00:20:12,240 --> 00:20:14,600 Speaker 1: cards to stores that you don't care about, well we 421 00:20:14,640 --> 00:20:18,080 Speaker 1: would recommend that you sell them. Cardcash dot com. That 422 00:20:18,240 --> 00:20:22,080 Speaker 1: is a great site for you to take some dollars 423 00:20:22,280 --> 00:20:26,200 Speaker 1: some you name the store, whatever bucks and actually get 424 00:20:26,240 --> 00:20:28,200 Speaker 1: cash for those so that you can spend or save 425 00:20:28,240 --> 00:20:30,600 Speaker 1: those dollars in whatever way that you would prefer. And 426 00:20:30,640 --> 00:20:32,640 Speaker 1: you're not going to get dollar for dollar right by 427 00:20:32,640 --> 00:20:34,520 Speaker 1: selling your gift card, but it is going to be 428 00:20:34,560 --> 00:20:36,600 Speaker 1: a way you're going to take something that might have 429 00:20:36,720 --> 00:20:38,960 Speaker 1: gone completely unused and turn it into something that you 430 00:20:39,000 --> 00:20:41,560 Speaker 1: can actually use, which is cash that could be spent anywhere. 431 00:20:41,800 --> 00:20:45,679 Speaker 1: I've never liked taking something this beautiful green piece of 432 00:20:45,680 --> 00:20:48,800 Speaker 1: paper that you can spend literally anywhere you desire and saying, 433 00:20:48,800 --> 00:20:50,280 Speaker 1: you know what I'm gonna do. I'm gonna turn this 434 00:20:50,359 --> 00:20:53,520 Speaker 1: in specifically for a piece of plastic that lets me 435 00:20:53,560 --> 00:20:56,159 Speaker 1: spend it only one specific retailer. It just doesn't make 436 00:20:56,200 --> 00:20:57,639 Speaker 1: sense to me. And I think people think it's a 437 00:20:57,640 --> 00:20:59,760 Speaker 1: thoughtful I get it, I get it. I feel like 438 00:20:59,760 --> 00:21:02,280 Speaker 1: I um and it's bad and we should stop normalizing 439 00:21:02,280 --> 00:21:03,760 Speaker 1: it because it's a really it's just a really bad 440 00:21:03,800 --> 00:21:05,280 Speaker 1: thing today. All right, all right, I'm gonna come down 441 00:21:05,280 --> 00:21:07,720 Speaker 1: a little bit more than on team gift card, I guess, 442 00:21:07,720 --> 00:21:10,120 Speaker 1: because I think it makes sense. Like if you know somebody, 443 00:21:10,160 --> 00:21:12,600 Speaker 1: for instance, like you know somebody that might love a 444 00:21:12,640 --> 00:21:15,879 Speaker 1: particular store, right and you know that they've purchased some 445 00:21:15,920 --> 00:21:18,360 Speaker 1: things from that store, but you don't know what exactly 446 00:21:18,400 --> 00:21:20,679 Speaker 1: they've purchased. I think getting a gift card for that 447 00:21:20,760 --> 00:21:22,720 Speaker 1: specific like it makes me think of problem as we 448 00:21:22,720 --> 00:21:24,240 Speaker 1: see these stats, though, and we know what happens to 449 00:21:24,240 --> 00:21:25,760 Speaker 1: a lot of the gift cards. They get forgotten about, 450 00:21:26,000 --> 00:21:28,239 Speaker 1: goes on spent, they get lost, And so those are 451 00:21:28,240 --> 00:21:30,760 Speaker 1: the less thoughtful gift cards, you know what. I don't 452 00:21:30,880 --> 00:21:32,359 Speaker 1: think those are some of the gift cards to like, 453 00:21:32,440 --> 00:21:34,120 Speaker 1: some of these national twenty more billion it's a lot 454 00:21:34,119 --> 00:21:35,840 Speaker 1: of money, you know, it doesn't get lost. One hundred 455 00:21:35,880 --> 00:21:37,560 Speaker 1: dollar bill when someone hands it to me doesn't get 456 00:21:37,560 --> 00:21:39,920 Speaker 1: lost ever. Yeah, and I can't imagine many people lose 457 00:21:39,920 --> 00:21:42,240 Speaker 1: one hundred dollars. So I would rather give somebody the 458 00:21:42,280 --> 00:21:44,479 Speaker 1: cash with a thoughtful note that says, hey, I know 459 00:21:44,520 --> 00:21:46,399 Speaker 1: you like Lloban, why don't you go get yourself a 460 00:21:46,480 --> 00:21:48,840 Speaker 1: nice rain jacket over there something like that. Like, but 461 00:21:49,119 --> 00:21:52,640 Speaker 1: you can personalize it and make it seem intentional with 462 00:21:52,720 --> 00:21:54,640 Speaker 1: the card that goes along with the gift. But gift 463 00:21:54,640 --> 00:21:57,760 Speaker 1: cards are just I don't know, our taste change. There's 464 00:21:57,800 --> 00:21:59,760 Speaker 1: so many ways that the cards also through the cracks. 465 00:22:00,200 --> 00:22:03,119 Speaker 1: So another argument for gift cards is that oftentimes you 466 00:22:03,160 --> 00:22:06,480 Speaker 1: are like you are directing your dollars a towards a 467 00:22:06,520 --> 00:22:09,560 Speaker 1: particular business, and oftentimes like a local business. Right and 468 00:22:09,560 --> 00:22:12,000 Speaker 1: so during the pandemic it makes more sense for local 469 00:22:12,040 --> 00:22:14,000 Speaker 1: restaurants want to talk about that a lot. And effect. 470 00:22:14,000 --> 00:22:16,640 Speaker 1: What you're doing is you're able to curate an experience, though, 471 00:22:17,000 --> 00:22:19,400 Speaker 1: and so by giving somebody a gift card, you're saying, 472 00:22:19,560 --> 00:22:21,840 Speaker 1: I want you to go to this place a maybe 473 00:22:21,840 --> 00:22:23,480 Speaker 1: because I know that they're a small business, like a 474 00:22:23,480 --> 00:22:25,879 Speaker 1: small local business, but b I want you to experience 475 00:22:25,920 --> 00:22:28,560 Speaker 1: the great food that they have. We kay, and I 476 00:22:28,600 --> 00:22:30,480 Speaker 1: got my parents a gift card to a local restaurant 477 00:22:30,480 --> 00:22:33,640 Speaker 1: because I know that they prize their their lunch dates 478 00:22:33,760 --> 00:22:35,760 Speaker 1: that they do every single week. So I'm like, I 479 00:22:35,800 --> 00:22:37,439 Speaker 1: love that they do that, and I want them to 480 00:22:37,480 --> 00:22:40,280 Speaker 1: continue doing that. It's almost like a vote in the 481 00:22:40,359 --> 00:22:43,919 Speaker 1: box of experiences over stuff because with money, it's like okay, 482 00:22:44,280 --> 00:22:46,760 Speaker 1: like yes, they could use that to put towards an 483 00:22:46,800 --> 00:22:50,440 Speaker 1: experience like a vacation or going out. Like the inflexibility 484 00:22:50,440 --> 00:22:52,240 Speaker 1: of a gift card is kind of the point if 485 00:22:52,280 --> 00:22:57,119 Speaker 1: you specifically want to facilitate a specific experience for the folks. 486 00:22:57,119 --> 00:23:00,119 Speaker 1: Just sad that the downsides are pretty severe when a 487 00:23:00,119 --> 00:23:02,440 Speaker 1: lot of people when it comes to gift cards, they 488 00:23:02,480 --> 00:23:05,840 Speaker 1: it's absolutely the responsibility of the receiver to put those 489 00:23:05,960 --> 00:23:08,359 Speaker 1: put those cards to use. And I completely and whenever 490 00:23:08,400 --> 00:23:10,160 Speaker 1: is on board with that. I guess as a giver, 491 00:23:10,840 --> 00:23:13,719 Speaker 1: I'm feeling more I guess leniency to say, all right, 492 00:23:13,720 --> 00:23:15,359 Speaker 1: if you want to like point somebody in this direction, 493 00:23:15,400 --> 00:23:17,480 Speaker 1: that's what that's what gifts are, right. It doesn't necessarily 494 00:23:17,520 --> 00:23:20,280 Speaker 1: have to be something that is fully optimized but it 495 00:23:20,400 --> 00:23:22,199 Speaker 1: is I totally agree. It is sad to see that 496 00:23:22,240 --> 00:23:24,480 Speaker 1: there is waste and that there is money that that 497 00:23:24,800 --> 00:23:28,240 Speaker 1: is going underutilize. The optimization side of me kind of 498 00:23:28,359 --> 00:23:30,240 Speaker 1: cringes a little bit when you see that. So there's 499 00:23:30,280 --> 00:23:32,119 Speaker 1: a lot of money left on the table on the 500 00:23:32,119 --> 00:23:35,320 Speaker 1: gift card front, and I personally think the exception the 501 00:23:35,800 --> 00:23:37,680 Speaker 1: reason to potentially buy a gift card is if they're 502 00:23:37,960 --> 00:23:40,680 Speaker 1: the business is giving you something extra. So if you're 503 00:23:40,800 --> 00:23:43,000 Speaker 1: getting one hundred and twenty dollars worth a gift card 504 00:23:43,240 --> 00:23:45,880 Speaker 1: for spending one hundred dollars, I think that's great. Oh yeah, 505 00:23:45,920 --> 00:23:48,200 Speaker 1: take advantage of it. But if you're a deal right there, 506 00:23:48,200 --> 00:23:50,240 Speaker 1: if you're just trading the money straight up, it's not 507 00:23:50,400 --> 00:23:52,760 Speaker 1: It's not my favorite thing, but all right, let's talk 508 00:23:52,760 --> 00:23:54,600 Speaker 1: about revenge spending for a second. At one of the 509 00:23:54,640 --> 00:23:57,960 Speaker 1: worst pandemic trends. It's basically when folks feel compelled to 510 00:23:58,000 --> 00:24:00,400 Speaker 1: shop because they feel like they've been wronged or life 511 00:24:00,440 --> 00:24:03,040 Speaker 1: is unfair. And so I think a lot of people 512 00:24:03,040 --> 00:24:05,080 Speaker 1: fell into this that we were all kind of wronged 513 00:24:05,320 --> 00:24:08,360 Speaker 1: by the pandemic. Something was taken away from everyone other 514 00:24:08,760 --> 00:24:12,040 Speaker 1: Different people had more severe losses than others. The problem 515 00:24:12,119 --> 00:24:15,120 Speaker 1: is the only revenge that's happening though, when you take 516 00:24:15,119 --> 00:24:17,760 Speaker 1: part in revenge spending is against yourself, your future self, 517 00:24:18,080 --> 00:24:20,480 Speaker 1: And so people are finding that, you know, once they've 518 00:24:20,480 --> 00:24:22,520 Speaker 1: gone down the revenge spending rabbit hole, it's hard to 519 00:24:22,520 --> 00:24:25,760 Speaker 1: climback out. A study from last year found that negative 520 00:24:25,760 --> 00:24:29,320 Speaker 1: emotions influence our motivation to shop. I don't think necessarily 521 00:24:29,359 --> 00:24:33,240 Speaker 1: that's groundbreaking stuff. But some people shop to make themselves 522 00:24:33,320 --> 00:24:35,720 Speaker 1: feel better. We've kind of known that's been a thing 523 00:24:35,760 --> 00:24:38,480 Speaker 1: for a long time. But other people shop as a 524 00:24:38,520 --> 00:24:40,560 Speaker 1: way to regain a sense of control, which I think 525 00:24:40,680 --> 00:24:44,000 Speaker 1: is interesting. And like you've always been told not to 526 00:24:44,000 --> 00:24:46,080 Speaker 1: shop at the grocery store when you're hungry. Well, I 527 00:24:46,160 --> 00:24:48,440 Speaker 1: think it's important to mention, and it's important for people 528 00:24:48,480 --> 00:24:50,480 Speaker 1: to think about the fact that they shouldn't allow themselves 529 00:24:50,800 --> 00:24:53,960 Speaker 1: to shop online if they're in an emotionally charged state either. 530 00:24:54,000 --> 00:24:56,760 Speaker 1: I think it's going to lead to spending that you 531 00:24:56,840 --> 00:24:59,920 Speaker 1: might regret totally. Yeah. Well, and specifically, what's so tough 532 00:25:00,080 --> 00:25:02,520 Speaker 1: about that about spending online is there's no one there 533 00:25:02,560 --> 00:25:05,000 Speaker 1: like watching you. It makes me think back when we've 534 00:25:05,240 --> 00:25:07,880 Speaker 1: when we're talking about sports gambling and how the rise 535 00:25:07,920 --> 00:25:10,760 Speaker 1: of sports gambling apps on your phone. It's one thing 536 00:25:10,880 --> 00:25:13,960 Speaker 1: to actually go to a place, and there are certain constraints, 537 00:25:13,960 --> 00:25:17,760 Speaker 1: whether it be distance or the inconvenience of having to 538 00:25:17,760 --> 00:25:19,600 Speaker 1: actually go in person. But when you're just there on 539 00:25:19,600 --> 00:25:22,040 Speaker 1: your phone, your own device, and you can make these decisions, 540 00:25:22,040 --> 00:25:25,760 Speaker 1: potentially harmful financial decisions without there being much accountability, I 541 00:25:25,800 --> 00:25:28,199 Speaker 1: think it's a much much more slippery slope. But that 542 00:25:28,280 --> 00:25:31,800 Speaker 1: being said, I'm not totally sure how widespread, how prominent 543 00:25:32,240 --> 00:25:35,040 Speaker 1: revenge spending is. I feel like it like it may 544 00:25:35,040 --> 00:25:37,719 Speaker 1: have been used by like two people on TikTok, and 545 00:25:37,840 --> 00:25:39,920 Speaker 1: then one reporter saw it was like, I'm going to 546 00:25:40,000 --> 00:25:42,280 Speaker 1: write a story about that. That is a trend these days. 547 00:25:42,280 --> 00:25:45,320 Speaker 1: I think that's how how quiet quitting cut on. But 548 00:25:45,520 --> 00:25:50,160 Speaker 1: even if quote unquote revenge spending is potentially overblown as 549 00:25:50,160 --> 00:25:55,199 Speaker 1: a phenomenon, I think it's worth mentioning just the psychological reality, 550 00:25:54,720 --> 00:25:58,439 Speaker 1: the different emotions behind what causes us to spend money. 551 00:25:59,160 --> 00:26:01,480 Speaker 1: So when we're angry, or when we're sad, or when 552 00:26:01,520 --> 00:26:03,760 Speaker 1: we're bored, we're going to be more likely to buy 553 00:26:03,960 --> 00:26:06,639 Speaker 1: something to cheer us up. And a new story came 554 00:26:06,640 --> 00:26:09,919 Speaker 1: out recently too, where actually bad weather also causes us 555 00:26:09,960 --> 00:26:12,359 Speaker 1: to spend more online, Like when when it's raining, we 556 00:26:12,359 --> 00:26:14,199 Speaker 1: spend more than when it's windy, right, And when it's 557 00:26:14,200 --> 00:26:17,560 Speaker 1: snowing outside, watch out, you're gonna you're gonna order a 558 00:26:17,560 --> 00:26:19,640 Speaker 1: lot more online. So we used to have to drive 559 00:26:20,040 --> 00:26:21,639 Speaker 1: drive in the rain to the story we wanted to 560 00:26:21,680 --> 00:26:23,800 Speaker 1: go to. We have fewer constraints. And what that means 561 00:26:23,880 --> 00:26:26,840 Speaker 1: is whether it's you can call it due diligence, you 562 00:26:26,880 --> 00:26:28,600 Speaker 1: can call it shopping for a deal, but a lot 563 00:26:28,600 --> 00:26:31,760 Speaker 1: of those things have been removed and we spend unfettered. 564 00:26:32,160 --> 00:26:34,280 Speaker 1: And so knowing that, I think that is the first 565 00:26:34,320 --> 00:26:37,399 Speaker 1: step towards taking steps just to avoid that kind of 566 00:26:37,560 --> 00:26:39,960 Speaker 1: unhealthy behavior. Yeah, I can totally see that sort of 567 00:26:40,240 --> 00:26:42,760 Speaker 1: impulse to spend more on a rainy day where you're like, yeah, 568 00:26:42,760 --> 00:26:45,680 Speaker 1: I'm just gonna sit around and do some digging and 569 00:26:45,880 --> 00:26:48,320 Speaker 1: or get onto my favorite deal side, or start shopping 570 00:26:48,359 --> 00:26:52,040 Speaker 1: at my favorite retailer, or dig into those emails that 571 00:26:52,080 --> 00:26:54,200 Speaker 1: I've been sent it's, oh, it's twenty percent off this week. 572 00:26:54,960 --> 00:26:56,840 Speaker 1: I can see how weather might influence us on that. 573 00:26:56,920 --> 00:26:59,360 Speaker 1: So it's fascinating and I think the more we understand 574 00:26:59,400 --> 00:27:01,119 Speaker 1: the psychology, we understand what's happening in the more we 575 00:27:01,119 --> 00:27:03,200 Speaker 1: can be like, wait a second, it's easier to write 576 00:27:03,200 --> 00:27:05,600 Speaker 1: the ship when we know kind of what's happening behind 577 00:27:05,600 --> 00:27:08,720 Speaker 1: the scenes in our brains and kind of how retailers, 578 00:27:08,720 --> 00:27:10,800 Speaker 1: like we talked about not too long ago as well, 579 00:27:11,080 --> 00:27:13,879 Speaker 1: the psychological tricks they're playing on us to try to 580 00:27:13,880 --> 00:27:15,800 Speaker 1: get us to spend more money. Totally, all right, so's 581 00:27:15,800 --> 00:27:18,040 Speaker 1: talking about spending, Matt. Let's talk about cars, because if 582 00:27:18,080 --> 00:27:20,199 Speaker 1: you carry it all about your financial health, you might 583 00:27:20,240 --> 00:27:24,040 Speaker 1: want to avoid buying a car like ever, or maybe 584 00:27:24,080 --> 00:27:26,520 Speaker 1: that's hyperbole. We'll see what happens with the new and 585 00:27:26,640 --> 00:27:30,679 Speaker 1: used car market moving forward. But we have some new stats. 586 00:27:30,720 --> 00:27:33,400 Speaker 1: Used car prices for dealerships are up something like four 587 00:27:33,440 --> 00:27:36,439 Speaker 1: point three percent month over month, so and specifically the 588 00:27:36,440 --> 00:27:39,640 Speaker 1: wholesale like no wholesale numbers, So what dealers are paying 589 00:27:39,760 --> 00:27:42,400 Speaker 1: are paying for exactly at the auctions, right, And so 590 00:27:42,440 --> 00:27:45,000 Speaker 1: the pandemic effect, it seems like it's still with us 591 00:27:45,040 --> 00:27:48,520 Speaker 1: actually impacting the availability and the price of both new 592 00:27:48,560 --> 00:27:51,120 Speaker 1: and used cars. So, like a lot of other things 593 00:27:51,240 --> 00:27:54,600 Speaker 1: that have been impacted by supply chain dynamics and hot inflation, 594 00:27:55,119 --> 00:27:57,320 Speaker 1: prices are going to fall at some point, but they're 595 00:27:57,359 --> 00:28:00,760 Speaker 1: likely not going back to pre pandemic levels least anytime soon. 596 00:28:01,040 --> 00:28:02,879 Speaker 1: And it's at least like the same thing that's happening 597 00:28:02,920 --> 00:28:06,840 Speaker 1: with Holmes Matt. Perpetual undersupply likely means that prices are 598 00:28:06,840 --> 00:28:09,480 Speaker 1: going to remain inflated, even if they don't remain quite 599 00:28:09,520 --> 00:28:12,320 Speaker 1: this spicy. But seeing that stat made me think that 600 00:28:12,359 --> 00:28:14,879 Speaker 1: it's likely that consumers are going to see higher prices 601 00:28:15,160 --> 00:28:18,240 Speaker 1: on used cars pretty soon. Yeah, so on that note 602 00:28:18,400 --> 00:28:21,840 Speaker 1: card debt is actually rising rapidly. We've talked about how 603 00:28:22,080 --> 00:28:24,159 Speaker 1: a lot more folks are signing up for one thousand 604 00:28:24,160 --> 00:28:27,920 Speaker 1: dollars plus car payments, which we hate seeing, but more 605 00:28:28,000 --> 00:28:32,040 Speaker 1: consumers are also driving around with negative equity these days 606 00:28:32,040 --> 00:28:34,399 Speaker 1: as well, And so if you haven't heard of that 607 00:28:34,600 --> 00:28:36,720 Speaker 1: term before, that means that they're trading in a car 608 00:28:36,760 --> 00:28:39,280 Speaker 1: that they're upside down on, buying a new one, and 609 00:28:39,320 --> 00:28:42,080 Speaker 1: then rolling over that old loan where they owe money 610 00:28:42,120 --> 00:28:44,600 Speaker 1: into a new one, and that total amount that the 611 00:28:44,640 --> 00:28:47,600 Speaker 1: O is now much more than the value of that 612 00:28:47,680 --> 00:28:50,560 Speaker 1: new vehicle or even used vehicle that they're driving around. 613 00:28:51,280 --> 00:28:53,320 Speaker 1: They often have to take a higher interest rate in 614 00:28:53,360 --> 00:28:56,480 Speaker 1: a longer term, oftentimes we're talking about eighty four months here, 615 00:28:57,160 --> 00:28:59,320 Speaker 1: which just ensures that they're in debt for a long 616 00:28:59,400 --> 00:29:01,680 Speaker 1: time to come. And man on top of that, we're 617 00:29:01,680 --> 00:29:05,239 Speaker 1: seeing more car loan delinquencies as well. So all of 618 00:29:05,240 --> 00:29:07,680 Speaker 1: these things combine, all these factors is a growing trend 619 00:29:07,720 --> 00:29:10,560 Speaker 1: that could fuel even more delinquencies in the future, and 620 00:29:10,600 --> 00:29:13,240 Speaker 1: so we want folks to avoid this trend. We would 621 00:29:13,240 --> 00:29:16,920 Speaker 1: recommend for folks to drive your car until it is 622 00:29:17,000 --> 00:29:20,360 Speaker 1: fully paid off, then keep driving it longer, and then 623 00:29:20,440 --> 00:29:22,800 Speaker 1: ideally next time you purchase a vehicle, you're able to 624 00:29:22,840 --> 00:29:25,000 Speaker 1: have enough cash on hand that you pay cash for 625 00:29:25,040 --> 00:29:29,120 Speaker 1: that car as opposed to financing and depreciation depreciating asset. Yeah, 626 00:29:29,120 --> 00:29:31,160 Speaker 1: like you said, like drive your car until it's paid 627 00:29:31,160 --> 00:29:32,720 Speaker 1: off and then keep driving it, because a lot of 628 00:29:32,720 --> 00:29:34,680 Speaker 1: people they pay off the car and then they're like, boom, 629 00:29:34,720 --> 00:29:37,120 Speaker 1: that's my ticket to buying another one. But in their 630 00:29:37,120 --> 00:29:39,200 Speaker 1: mind it's a finish line. Yeah, but like, we do 631 00:29:39,240 --> 00:29:41,560 Speaker 1: not want you to think of paying off that car 632 00:29:41,600 --> 00:29:44,000 Speaker 1: as the finish line, as the permission slip that you 633 00:29:44,040 --> 00:29:46,200 Speaker 1: are now allowed that you're given to then go buy 634 00:29:46,200 --> 00:29:48,200 Speaker 1: another vehicle. Yeah no, no no, no, you now have to 635 00:29:48,240 --> 00:29:49,800 Speaker 1: pay for a car like, think about all that you 636 00:29:49,800 --> 00:29:52,040 Speaker 1: can now do with that money that you were funneling 637 00:29:52,040 --> 00:29:55,600 Speaker 1: towards whatever terrible car loaned you may have to. Well, 638 00:29:55,640 --> 00:29:58,320 Speaker 1: in the worst case scenario is that driving around with 639 00:29:58,360 --> 00:30:01,200 Speaker 1: that negative equity in your life where you're you're trading 640 00:30:01,200 --> 00:30:05,040 Speaker 1: in a car to upgrade, and you're now you just 641 00:30:05,080 --> 00:30:07,160 Speaker 1: bought a brand new thirty thousand dollar car, but somehow 642 00:30:07,200 --> 00:30:09,600 Speaker 1: you're loan is forty two thousand dollars because you still 643 00:30:09,600 --> 00:30:11,800 Speaker 1: had owed money on that last car that you're traded in. 644 00:30:12,000 --> 00:30:14,760 Speaker 1: It's a it's a losing proposition for everyone, and I 645 00:30:14,800 --> 00:30:17,080 Speaker 1: hate to see it proliferating, and I want to how 646 00:30:17,080 --> 00:30:19,040 Speaker 1: the money listeners to avoid it like the plague. But 647 00:30:19,160 --> 00:30:21,280 Speaker 1: let's talk about interest rates for just a second, Matt. 648 00:30:21,800 --> 00:30:25,120 Speaker 1: Is the Federal Reserve trying to get people fired? Well, 649 00:30:25,160 --> 00:30:27,400 Speaker 1: there was some sparring in hearings on Capitol Hill this 650 00:30:27,480 --> 00:30:31,280 Speaker 1: week about just that, and Senator Warren She asked Jay 651 00:30:31,280 --> 00:30:33,720 Speaker 1: Powell about why he's trying to put millions of folks 652 00:30:33,720 --> 00:30:36,360 Speaker 1: out of a job, and he basically responded that he's not. 653 00:30:36,440 --> 00:30:38,720 Speaker 1: That's not what he's going for. He's trying to curb inflation, 654 00:30:38,960 --> 00:30:41,720 Speaker 1: which impacts three and thirty million folks, and so he's 655 00:30:41,760 --> 00:30:45,160 Speaker 1: trying to balance basically the labor market, which remains super 656 00:30:45,200 --> 00:30:48,360 Speaker 1: hot despite FED rate hikes and price stability at the 657 00:30:48,360 --> 00:30:51,000 Speaker 1: same time. So we're actually going to talk about how 658 00:30:51,080 --> 00:30:53,640 Speaker 1: the federal reserves rate hikes are impacting us, how they're 659 00:30:53,640 --> 00:30:56,080 Speaker 1: impacting our wallets and our personal finances. We're going to 660 00:30:56,120 --> 00:30:58,760 Speaker 1: do a deep dive on Wednesday of next week. So yeah, 661 00:30:59,280 --> 00:31:01,360 Speaker 1: make sure if you subscribe to the How to Money podcast, 662 00:31:01,400 --> 00:31:03,320 Speaker 1: do you hit the subscribe button so you get notified 663 00:31:03,600 --> 00:31:05,920 Speaker 1: of every new episode that comes along. That's right. But 664 00:31:05,960 --> 00:31:09,040 Speaker 1: before we go, we've got a newsletter referral shout outs 665 00:31:09,200 --> 00:31:13,200 Speaker 1: and Amy P sent our newsletter along to some friends 666 00:31:13,200 --> 00:31:16,320 Speaker 1: and so Amy, we are incredibly thankful for you for 667 00:31:16,400 --> 00:31:19,920 Speaker 1: supporting not only the podcast but the how to Money newsletter. 668 00:31:20,280 --> 00:31:23,080 Speaker 1: If you're hearing us talk about this and you're saying, 669 00:31:23,160 --> 00:31:24,640 Speaker 1: what is the how Do Money newsletter? 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