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

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Speaker 1: and today we're talking boa on blast, second home slip

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Speaker 1: ups and buses are back.

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Speaker 2: Yeah, And by the way, we're not trying to mislead

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Speaker 2: anybody when we say that, like a second home slip up,

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Speaker 2: but it's not like you actually you stumble until like

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Speaker 2: buying a second home. But there are some notions out

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Speaker 2: there about real estate and investing and how smart of

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Speaker 2: a decision that can be. We're gonna be talking about that,

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Speaker 2: plus all of the other top stories that we came

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Speaker 2: across this week here in our Friday flight. And by

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Speaker 2: the way, we call it a Friday flight because when

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Speaker 2: you go to a brewery, you get that nice flight,

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Speaker 2: that sampling of beers, you get a little taste of

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Speaker 2: each one. You don't have to commit necessarily to one

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Speaker 2: big story. And that's what we do here on the

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Speaker 2: Friday flights.

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Speaker 1: But what's to cover every week right in the Personal

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Speaker 1: Finance News and there's always a nugget takeaway for individuals

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Speaker 1: like Okay, well, how does this apply to me? And

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Speaker 1: so we got a bunch of good stuff lined up.

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Speaker 2: That's what we do.

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Speaker 1: Before you say, Matt, before we get to that. It

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Speaker 1: just I wanted to mention I'm not a complainer by nature.

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Speaker 1: I'm usually happy, go lucky fella. But in we've talked

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Speaker 1: about recently, I've had like a bunch of stuff happened

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Speaker 1: in my life, a lot of bad stuff. Really are

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Speaker 1: difficult things, right, And one of those things was the

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Speaker 1: tree full through my roof blah blah blah blah blah.

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Speaker 2: Not fun.

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Speaker 1: And then like soon after that we got rear ended,

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Speaker 1: like the next week. Yeah, it wasn't long after that,

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Speaker 1: And so dealing with the insurance companies on both ends

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Speaker 1: has not been like a cup of tea. But one

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Speaker 1: of the most annoying things actually for me, and hopefully

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Speaker 1: the listeners can get something out of this, was that

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Speaker 1: when my car, my car was totaled because it was

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Speaker 1: so old that even just a fender benderman, it was total.

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Speaker 2: They're like, oh, this thing's done.

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Speaker 1: Yeah, it's worth about four grand. Yeah it needs like

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Speaker 1: three grand worth of repairs. It's totaled, right, And so

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Speaker 1: I got paid out on that. But the one thing

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Speaker 1: that the insurance company refused to pay me for was

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Speaker 1: the tax that I would owe when I were to

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Speaker 1: buy another car of similar value, and so I pushed

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Speaker 1: back repeatedly saying like, listen, no, I'm going to now

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Speaker 1: I have to buy another one, and I'm going to

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Speaker 1: incur sales tax and this is coming out of my pocket.

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Speaker 1: You guys should make me whole. And they disagreed, and

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Speaker 1: they said, actually, the state not a standard thing. They said,

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Speaker 1: the state doesn't require us. They only require it in

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Speaker 1: a case where it's your primary insurance company covering your loss,

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Speaker 1: not this third party company covering my loss because I

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Speaker 1: wasn't at fault, which makes no sense. And so what

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Speaker 1: I did. I reached out to the state insurance department

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Speaker 1: to file a complaint. Because there are always ways things

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Speaker 1: at your disposal, right and like the CFPV we talk

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Speaker 1: about that for consumer complaints. If you're having a problem

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Speaker 1: with a bank or a financial institution, you can reach

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Speaker 1: out to them and oftentimes your voice will get hurt

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Speaker 1: and something will happen. Sadly, in this case, my voice

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Speaker 1: did not get hurt. Oh but well it got heard

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Speaker 1: at least.

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Speaker 2: But I was assuming there's gonna be a happy ending here.

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Speaker 2: But I'm sorry, dude.

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Speaker 1: Well it's funny. Actually, at one point.

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Speaker 2: The interest could be like this, great takeaway for it

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Speaker 2: for Everybody's just well, even if you don't get restitution,

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Speaker 2: but you still got to try it. You gotta try.

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Speaker 1: Yeah, it's important to complain. I'm gonna, you know, I

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Speaker 1: think I'm gonna take the time to write to my

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Speaker 1: congress person and just say, listen, this isn't right that

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Speaker 1: the insurance companies are not forced to make people fully

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Speaker 1: whole in you know, in a case like this, But

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Speaker 1: it sucks to Yeah. These are the kind of things

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Speaker 1: that it's like a deductible on top of your deductible.

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Speaker 2: Yeah, you know, like it's money that you're having to

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Speaker 2: pay in order to be me a whole. It sucks.

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Speaker 1: Yeah, which is it's just it's not right. But I

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Speaker 1: want to encourage people. You know, you might not always,

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Speaker 1: it might not always pan out in your favor. Lots

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Speaker 1: of times it does. But in this case, it's still

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Speaker 1: worth the complaint. It's still worth putting it on the

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Speaker 1: radar of the people in charge and saying, hey, let's

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Speaker 1: fix the system because this It doesn't make sense to

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Speaker 1: hold insurance companies accountable in a primary insurance sort of case,

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Speaker 1: but not in a third party case.

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Speaker 2: That's right, man, I like it well pay pretty soon.

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Speaker 2: You're gonna be like a recent guest on the show,

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Speaker 2: you know Espinal, and you're gonna be like a lobbyist.

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Speaker 2: You're going to be there at the capitol change and

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Speaker 2: changing the laws. Maybe maybe so how the money two

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Speaker 2: point zero is we get political? But h yes, this

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Speaker 2: is our Friday flight and our first story this week

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Speaker 2: has to do with the banks, because yes, Boa Bank

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Speaker 2: of America, they just got slapped with two hundred and

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Speaker 2: fifty million dollars in fines and refunds that they're having

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Speaker 2: to sound like a big number pay back to customers.

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Speaker 2: Let's be honest to them. It's probably not um change

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Speaker 2: it is. Hey, it's money, dude. But they regulators penalize

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Speaker 2: the US's second biggest bank for a number of consumer abuses,

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Speaker 2: including opening credit card accounts without consent, charging overdraft fees twice,

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Speaker 2: and withholding credit card rewards. And so let's kind of

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Speaker 2: let's dive into the details here. Let's itemize the crappiness

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Speaker 2: of Boa here for a minute, because while they were

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Speaker 2: not only charging insanely high fees when a transaction was

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Speaker 2: declined because of insufficient funds, but they were basically double dipping. So,

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Speaker 2: for instance, l C, you didn't have enough money in

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Speaker 2: your account and you're getting a three dollar coffee, you

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Speaker 2: try to buy it, well, you were going to be

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Speaker 2: charged in extra seventy bucks. It's thirty five dollars a

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Speaker 2: pop for their insufficient fee.

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Speaker 1: But thirty five dollars wasn't enough for Bank of America.

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Speaker 1: They said no, no, no, we're gonna We're gonna hit you

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Speaker 1: twice for one transaction, which is just completely bugging.

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Speaker 2: It's it's bonkers. But they were also this is they

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Speaker 2: were kind of taking a page out of Wells Fargo's book.

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Speaker 2: They were creating unauthorized accounts because of sales incentive goals

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Speaker 2: that were basically impossible to hit without cheating. And so

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Speaker 2: not only did they pull credit reports, which of course

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Speaker 2: hurt your credit score without asking you, but they also

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Speaker 2: charged customers' fees on that account that they opened fraudulently

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Speaker 2: in your name. So there's always a nice, wholesome group

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Speaker 2: of folks that we were counting over there at Bank

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Speaker 2: of America.

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Speaker 1: Yeah, oh man, swell people who you just wanted to

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Speaker 1: invite over for like family dinner or artecue.

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Speaker 2: Good people. The folks over the Boa.

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Speaker 1: Right now this year to infuriate every single person who

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Speaker 1: has banked with Bank of America, or even if you haven't,

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Speaker 1: like you should just make sure now to steer clear

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Speaker 1: of them completely. Same with Wells Fargo. We've been banging

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Speaker 1: that trump for years, but it gets even worse than

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Speaker 1: that match. So let's let's continue to talk about how

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Speaker 1: bad Bank of America is. They also didn't pay out

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Speaker 1: rewards as agreed on credit card sign ups. So let's

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Speaker 1: say you hit your spending threshold and Bank of America says, now,

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Speaker 1: we don't really feel like paying the you know, cash

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Speaker 1: or travel awards that we told you were going to

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Speaker 1: receive if you hit these these this sort of spending

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Speaker 1: in a certain amount of time.

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Speaker 2: Yeah, they're trying to alienate everybody, not only the folks

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Speaker 2: that don't have enough money in their count but also

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Speaker 2: the folks who are trying to optimize and take their

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Speaker 2: finances to the next level. Just in case they didn't

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Speaker 2: piss off one grip, just let's just really stir the pot.

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Speaker 1: Yeah, exactly.

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Speaker 2: They don't.

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Speaker 1: They hate everyone equally, right, So it just seems like

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Speaker 1: that they don't discriminate, no, no, and it seems like

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Speaker 1: the height of arrogance to me, right, that there's just

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Speaker 1: massive cultural rot some of the biggest banks, specifically Wells

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Speaker 1: Fargo and Bank of America, and it's you know, they're

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Speaker 1: often the worst place to go for loans, for savings,

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Speaker 1: and for fees. I mean, like there's just no reason

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Speaker 1: to do business with these guys at all. They treat

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Speaker 1: their customers like dirt, and so we would take consumers

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Speaker 1: need to rethink which banks they do business with. And

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Speaker 1: at some point it's on us if we continue to

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Speaker 1: go back into the crappiest banks who are for the

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Speaker 1: worst service and even you know, continue to commit criminal

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Speaker 1: actions against our customers. It's almost like returning to a

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Speaker 1: partner habitually who lies, steals and cheats you, right, I

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Speaker 1: mean like this is at some point you have to

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Speaker 1: say enough is enough, and I'm out of here. And

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Speaker 1: I think it's terrible what Bank of America did. I

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Speaker 1: wish the CFPB had done even more to hold them accountable.

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Speaker 1: But we have to now make a change. It's in

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Speaker 1: our best interest, and staying with the big banks like

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Speaker 1: Bank of America and Wells Fargo in particular, is a

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Speaker 1: terrible idea really for any reason.

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Speaker 2: Yeah, I mean, you've got to vote with your dollars

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Speaker 2: because shaming them, calling them out for the fact that

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Speaker 2: they've done wrong, like that doesn't move the needle. For it,

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Speaker 2: I don't think it'll feel shame. They don't care exactly.

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Speaker 2: And it's the way that you're able to move the

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Speaker 2: needle is by voting with your feet, voting with your dollars,

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Speaker 2: and taking your business elsewhere. That is how they're going

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Speaker 2: to respond. And it seems small.

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Speaker 1: I mean, I think we all want to take everybody

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Speaker 1: wants to take a big action that but really to

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Speaker 1: go down to the capitol, like, yeah, exactly, But it's

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Speaker 1: a bunch of small actions, right, And yes it is

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Speaker 1: an email here or there to your congress person, or

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Speaker 1: it is actually taking your business elsewhere. It does make

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Speaker 1: a difference. And yeah, you can't single handedly, you know,

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Speaker 1: bring Bank of America to its knees overnight, but a

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Speaker 1: bunch of us doing the right thing over a period

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Speaker 1: of time could see these banks being hurt substantially.

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Speaker 2: Yeah, Like it kind of makes me think of politics.

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Speaker 2: There's the like there's individuals who get overly obsessed with politics,

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Speaker 2: like on a federal scale, like national politics, right, But

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Speaker 2: Oftentimes the biggest change you can make is locally, is

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Speaker 2: by voting, is by pay paying attention to what's happening

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Speaker 2: there at the local level. That's how you're going to

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Speaker 2: be able to move the needle.

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Speaker 1: Or getting on the school board yourself, right as opposed

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Speaker 1: to the Does the president have a difference, Sure, but

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Speaker 1: like some of those local positions, you're right, have more

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Speaker 1: of a day to day impact on our life.

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Speaker 2: Totally. Yeah. That being said, there is some good news

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Speaker 2: on the banking front, because it's looking like more folks

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Speaker 2: are avoiding some of the different banks out there that

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Speaker 2: aren't paying much an interest. More customers are finally waking up.

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Speaker 2: More folks are realizing that as the Fed has been

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Speaker 2: raising interest rates, that the gap the discrepancy is growing

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Speaker 2: between rates at different banking institutions. Folks are realizing that

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Speaker 2: if they don't make the switch, that they are potentially

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Speaker 2: leaving a lot of money on the table. And if

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Speaker 2: banks want to grow their deposits, they're realizing that they'll

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Speaker 2: have to create a meaningful incentive to in order to

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Speaker 2: either keep folks or attract new customers. There's more competition

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Speaker 2: now than ever with banks like CIIT. We talk about

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Speaker 2: them all the time. They're at like almost five percent

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Speaker 2: right now betterment they've increased their payout to five and

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Speaker 2: a quarter. Yeah, so keep that in mind. If you're

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Speaker 2: with one of the big banks, it could cost you

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Speaker 2: on multiple fronts. It's time to ditch them. And I

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Speaker 2: also know that talking about banking is kind of boring,

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Speaker 2: but like it's so foundation, Like it makes me think

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Speaker 2: about getting enough sleep. It's something that no one really

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Speaker 2: talks about. And everybody knows that they should get the

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Speaker 2: proper amount of sleep, but instead they stay up and

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Speaker 2: watch TV. Guilty as charged. Like I do this too,

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Speaker 2: but like you know deep down that this is something

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Speaker 2: that you should do, but you just kind of keep

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Speaker 2: avoiding it. No, this is something you just need to do. Now,

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Speaker 2: get enough sleep a but then also switch away from

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Speaker 2: some of the big banks. Go with one of the

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Speaker 2: banks that are going to treat you well, that are

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Speaker 2: paying a decent rate. Yeah.

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Speaker 1: I rarely let TV mess with my sleep, but I

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Speaker 1: did allow The Bear season two to do.

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Speaker 2: What did you really, Oh, we haven't talked about that.

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Speaker 2: It's so good. You were you were like, oh, you

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Speaker 2: should really watch it. I actually got Kate to watch it.

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Speaker 2: That's the only reason I watched it. Okay, I only

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Speaker 2: watched TV if I can get Kate to do it,

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Speaker 2: because then we're spending time together.

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Speaker 1: One of the best shows that you dig it. Oh yeah,

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Speaker 1: I thought it was pretty good. I thought season two

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Speaker 1: is better than season one.

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Speaker 2: Really. Yeah, well they introduced the relational side of things, yes,

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Speaker 2: but right, nice enough about TV. Yeah, yeah, but no,

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Speaker 2: you're right.

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Speaker 1: It is kind in one of those Maull ring But man,

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Speaker 1: when you see a bank doing things like this, hating

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Speaker 1: on their customers so hard, and then you see, wow,

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Speaker 1: wait a second, it's more than that. It's like they're

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Speaker 1: still paying point zero one percent on savings, And then

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Speaker 1: are these other banks who actually care about my business.

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Speaker 1: They're trying to win me over as a customer. Why

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Speaker 1: are we saying no and staying with the piece of

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Speaker 1: craft institutions to treat us poorly. Let's not do that anymore?

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Speaker 2: All right?

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Speaker 1: While we're talking about banks, Matt, though, there's another lesson

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Speaker 1: that all of us can learn from the bank failures

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Speaker 1: that took place earlier this year. We've already talked about

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Speaker 1: FDIC insurance. Everybody knows hey don't have more than two

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Speaker 1: hundred and fifty K in a given account, because if

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Speaker 1: your bank goes bust, you're out some of that money potentially,

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Speaker 1: even though a lot of those deposits didn't actually lose money.

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Speaker 1: It's important to recognize the limits of FDIC insurance. But

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Speaker 1: there's something else, though, that we can all glean from

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Speaker 1: what happened those three bank failures, something we should avoid

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Speaker 1: it all costs, and that is buying stock in the

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Speaker 1: company you work for. And when those banks failed earlier

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Speaker 1: this year, a lot of employees lost not only their

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Speaker 1: income but a chunk of their retirement savings at the

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Speaker 1: same time because they've been investing in company stock, which

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Speaker 1: is just super sad, like how it's like insult to injury, right,

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Speaker 1: And so SVB and First Republic, they were both of

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Speaker 1: them were encouraging their employees to do just that, to

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Speaker 1: buy company stock with their retirement savings, which is bad advice.

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Speaker 1: Of course, that's what your employer wants, but that's not

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Speaker 1: what's best for you. And they're not alone, Matt. This

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Speaker 1: makes you think, my mom, she just retired from Lockheed.

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Speaker 1: And they also pushed to their employees to own company

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Speaker 1: stock for many years, and so it's just an incredibly

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Speaker 1: risky move. It's one that people should avoid. It is

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Speaker 1: it likely that the place where you work is going

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Speaker 1: to go bust over night? You're gonna lose your paycheck

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Speaker 1: in your retirement saves of savings. I mean, no, it's

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Speaker 1: probably not going to happen tomorrow.

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Speaker 2: Not but yeah, you never know. Yeah right. That's the

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Speaker 2: problem here, is that you just don't know. And I

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Speaker 2: think the only exception to this rule are the different

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Speaker 2: ESPP plans, the employee stock purchase plan options or benefits

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Speaker 2: that are available, because those can offer significant discounts for

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Speaker 2: employees to buy some company stock. But even then, you've

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Speaker 2: got to pay close attention to the timeline. You've got

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Speaker 2: to have an exist strategy so that you're not holding

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Speaker 2: onto that company's stock indefinitely, but investing in your company

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Speaker 2: stock inside of your four one K. This is a

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Speaker 2: terrible idea because if you lose your job and you

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Speaker 2: don't want your retirement dollars to get flushed down the toilet,

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Speaker 2: at the same time, you got to make sure that

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Speaker 2: those dollars are divorced from your job. Basically and honestly,

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Speaker 2: even if you're let's say you are employed by a

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Speaker 2: different company, a different bank, or say someone's employed by Lockheed.

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Speaker 2: Well that doesn't then mean that you now have permission

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Speaker 2: to put all of your retirement dollars into a single

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Speaker 2: stock company like SVB, because someone might be thinking, oh, no,

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Speaker 2: I'm diversified enough, I'm employed by this company, and I'm

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Speaker 2: investing in this company right here. Well, no, that's still

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Speaker 2: incredibly stinking risky. That's still putting all of your eggs

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Speaker 2: in one basket. And even I was, so I was

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Speaker 2: looking at the story closer sub like over the past decade,

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Speaker 2: at one point the stock was up something like eight

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Speaker 2: hundred to nine hundred percent, And so no wonder if

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Speaker 2: folks were thinking, oh, yeah, this is this gravy train

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Speaker 2: is going to keep on rolling. But it'd be a

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Speaker 2: fool not to do that exactly, And so it makes

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Speaker 2: sense as to why more and more folks were continuing

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Speaker 2: to do that. But if you use.

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Speaker 1: Around the water cooler, everybody's talking about how you know

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Speaker 1: their retirement accounts growing faster than everybody else's.

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Speaker 2: Because but you look at it now, But I did, I.

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Speaker 1: Invested in this company, and this company.

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Speaker 2: Is rocking now. They're at negative one hundred percent over

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Speaker 2: the past ten years, so it is is too risky.

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Speaker 2: It's why we recommend for folks to widely diversify their

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Speaker 2: retirement dollars in index funds. Either invest in the entire

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Speaker 2: stock market or invest in the S and P five hundred.

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Speaker 2: That is how we want you to invest your retirement dollars. Yeah.

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Speaker 1: Yeah, it might work out. It's not necessarily going to

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Speaker 1: sink your battleship, but it could. It could, and you

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Speaker 1: just don't want to put yourself at undue risk, especially

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Speaker 1: when you're getting your paycheck from that.

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Speaker 2: Employer as well. That's just too much volatility associated with

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Speaker 2: single stock investing, too scary. Ye, all right, if you

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Speaker 2: want to do it with a small percentage, I mean,

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Speaker 2: this is I don't want this to turn it into

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Speaker 2: an entire investing episode, but like you want to put

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Speaker 2: five percent of your investable dollars into a single stock, sure,

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Speaker 2: because guess what if you lose all that five percent? Yeah,

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Speaker 2: you still got a lot of the rest of your

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Speaker 2: nest egg that's unscathed. Yeah.

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Speaker 1: One guy quoted in that article had put just a

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Speaker 1: small amount in company stock in one of these banks,

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Speaker 1: and he said, well, yes, the icing was taken off

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Speaker 1: the cake, but the cake was still there, still got

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Speaker 1: the cake. And I'm like, hey, that's if you want

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Speaker 1: to do that, that's fine, but just make sure the

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Speaker 1: cake is still there at the end of this.

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Speaker 2: Right right. Yeah, And that guy isn't financially ruined, but

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Speaker 2: a lot of people weren't. So well, how about you

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Speaker 2: take it? Okay.

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Speaker 1: I was just gonna say, let's get to the story

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Speaker 1: about second homes. It's fascinating. Some of the worst financial

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Speaker 1: advice I've seen in recent memory. We'll discuss that and

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Speaker 1: more right after this.

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Speaker 2: Yeah, we're back from the break. Yes, speaking of terrible

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Speaker 2: ways to invest your dollars. We're gonna get to our

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Speaker 2: ludicrous headline of the week, and this one comes from

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Speaker 2: the brilliant minds.

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Speaker 1: Over there at Yahoo Finance. The headline the dunce, cap

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Speaker 1: on them and put them.

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Speaker 2: In the corner. Headline reads, two thirds of wealthy Americans

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Speaker 2: own a second home. Here's why everyone should consider this investment.

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Speaker 2: So there does folks, go ahead, buy that dope condo

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Speaker 2: and Malibu, buy that second home in Jackson Hole or

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Speaker 2: out in the Rockies in order to build wealth. Who

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Speaker 2: knew that is going to be that easy? But of

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Speaker 2: course basic flaw with this piece is that they are

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Speaker 2: mistaking correlation and causation. Right. Is it that buying a

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Speaker 2: vacation home is going to increase your net worth in

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Speaker 2: a substantial way? Or is it that those who already

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Speaker 2: have significant resources, who are already wealthy, that they're out

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Speaker 2: there buying second homes. It's clearly the latter, right, Buying

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Speaker 2: a vacation home is not going to make you rich.

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Speaker 2: It's folks who are already rich who are buying those homes.

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Speaker 2: It's like somebody looking around and being like, oh man,

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Speaker 2: all the wealthy people I know have Rolexes. I need

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Speaker 2: virolex because maybe then I'll be I'll be wealthy. Yeah, people,

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Speaker 2: I don't even know if people wear fancy watches anymore,

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Speaker 2: but some people do. It's it's iPhone fourteen pros like

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Speaker 2: you fancy pants.

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Speaker 1: I know, Joel's. Hey, I'm still holding on to my

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Speaker 1: Cassio though.

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Speaker 2: So you win, some you lose. That's right, Welcome to

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Speaker 2: the Apple side. Okay, soft friend, Maybe i'll tell that

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Speaker 2: story a later day. Yeah, but you got it on sale,

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Speaker 2: so yeah, but I don't know if I made the

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Speaker 2: right move. Well, really, it's it's a nicer piece of hardware,

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Speaker 2: but I don't know if I like the software quite

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Speaker 2: as much. You having some regrets, but maybe it's just

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Speaker 2: like old me being an old man, being an old curmudgeon.

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Speaker 2: It's gonna take me a few takes a second to

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Speaker 2: get used to the iOS. You literally have never had

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Speaker 2: an iPhone never, Yeah, so this is I've only ever

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Speaker 2: had an iPhones. Yeah. I think it's the greatest thing ever,

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Speaker 2: all right, And I love that I can actually like

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Speaker 2: your texts and when you like like it, just does

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Speaker 2: it in the proper way now instead of old green

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Speaker 2: bubble Joel.

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Speaker 1: Okay, I don't care about the bubble colors, but I

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Speaker 1: know some people do. Let's keep talking about second homes, Matt,

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Speaker 1: because here's the thing. If you've got the cash on

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Speaker 1: hand and you you really want a vacation home to

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Speaker 1: make family memories in or whatever, go for it. It's

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Speaker 1: okay to splurge in that way, we'd say, but do

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Speaker 1: not think of it as an investment unless you're actually

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Speaker 1: going to rent that puppy out on Airbnb for most

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Speaker 1: of the year, Like I have a buddy. He did

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Speaker 1: that in Chattanooga. He lives in California, but man, he

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Speaker 1: does well with it, and he gets to use it

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Speaker 1: every you know, or two or three weeks a year.

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Speaker 1: And so the truth is homes require repairs, maintenance, and upkeep,

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Speaker 1: and a beach home in particular, because that saltwater and

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Speaker 1: stuff like that is going to deteriorate the paint and

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Speaker 1: the HVAC even quicker, so you're going to have to

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Speaker 1: spend even more to keep that home up. All your

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Speaker 1: hardware is rusted, like everything is rusted on the outside

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Speaker 1: of a beach exactly. And so, you know, buying a

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Speaker 1: second home that's purely for family fun, it can be

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Speaker 1: a great goal to have if that's what you're into.

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Speaker 1: But please don't read articles like this and assume that

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Speaker 1: a vacation home is your ticket to wealth. It's not.

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Speaker 1: It might be the opposite. Actually, in a purchase like this,

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Speaker 1: it really is just a lifestyle play because there are

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Speaker 1: just so many superior investment strategies that also come with

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Speaker 1: fewer headaches. I also know, Matt, some people who own

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Speaker 1: that a vacation home, when they take a trip there,

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Speaker 1: it feels less RESTful because they're seeing all the things

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Speaker 1: that they need to do to fix up their own place.

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Speaker 1: Whereas if they rented it off to go there for

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Speaker 1: a work week, yes, to kind of basically open the

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Speaker 1: house back up. I have heard these phrases. Yeah, it's

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Speaker 1: like if you it said, if you rented for a

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Speaker 1: week or two on Airbnb or burbo, it's like you

432
00:19:18,960 --> 00:19:22,320
Speaker 1: can go hassle free. So I mean, it's up to you.

433
00:19:22,359 --> 00:19:25,440
Speaker 1: But it's more than anything. It's certainly not some sort

434
00:19:25,440 --> 00:19:27,800
Speaker 1: of winning investment that's gonna put you over top and

435
00:19:28,320 --> 00:19:29,919
Speaker 1: make you a millionaire overnight.

436
00:19:30,000 --> 00:19:32,440
Speaker 2: That's right. Yeah, there are certainly worse ways to spend

437
00:19:32,440 --> 00:19:34,200
Speaker 2: your money. Like I'm thinking of folks who go out

438
00:19:34,240 --> 00:19:37,200
Speaker 2: there and I like, you buy a new car, the

439
00:19:37,280 --> 00:19:39,000
Speaker 2: minute you drive it off the lot, you lose like

440
00:19:39,040 --> 00:19:40,639
Speaker 2: ten percent, right because it's no longer a new car,

441
00:19:40,680 --> 00:19:43,000
Speaker 2: it's a used car. But I don't think there's folks

442
00:19:43,000 --> 00:19:46,160
Speaker 2: who are buying new cars who are fooling and convincing themselves.

443
00:19:46,280 --> 00:19:49,120
Speaker 2: They're not delusional into thinking that, oh, this is an investment.

444
00:19:49,359 --> 00:19:52,240
Speaker 2: And oftentimes I think when it comes to vacation homes,

445
00:19:52,720 --> 00:19:54,880
Speaker 2: that is the mindset where you are fooling yourself into

446
00:19:54,920 --> 00:19:57,879
Speaker 2: thinking that you've essentially talked yourself into making that purchase.

447
00:19:57,920 --> 00:20:00,480
Speaker 2: Thinking that it's a wise financial move. It might be,

448
00:20:00,800 --> 00:20:03,880
Speaker 2: but again there, like you said, there are better investment

449
00:20:03,880 --> 00:20:05,080
Speaker 2: options out there for folks.

450
00:20:05,119 --> 00:20:07,640
Speaker 1: It's not that it won't go in value. It probably will,

451
00:20:07,840 --> 00:20:10,600
Speaker 1: but it's probably still not a great financial move. It's

452
00:20:10,600 --> 00:20:12,520
Speaker 1: not a great investment if you're doing it just to

453
00:20:12,960 --> 00:20:14,600
Speaker 1: grow your net worth. There are better ways to do that.

454
00:20:14,840 --> 00:20:18,840
Speaker 2: That's right. Let's talk about buying more affordable stuff online.

455
00:20:18,880 --> 00:20:22,240
Speaker 2: Not not houses per se, but watch out for final

456
00:20:22,359 --> 00:20:26,320
Speaker 2: sale items when you're making purchases online. We're seeing more

457
00:20:26,400 --> 00:20:29,399
Speaker 2: and more retailers who are resorting to this method in

458
00:20:29,480 --> 00:20:32,080
Speaker 2: an attempt to avoid those costly returns which are eating

459
00:20:32,119 --> 00:20:35,359
Speaker 2: into online retailer's profits. Yes, you might get a better

460
00:20:35,400 --> 00:20:37,720
Speaker 2: price if you see something that's marked as final sale.

461
00:20:38,080 --> 00:20:40,200
Speaker 2: But what if you don't like the fit? What if

462
00:20:40,200 --> 00:20:43,400
Speaker 2: you don't like the item because it's not something you've

463
00:20:43,400 --> 00:20:46,159
Speaker 2: ever ordered before, right, Like, if that happens, like you

464
00:20:46,200 --> 00:20:48,159
Speaker 2: are stuck with that item and you were out the money,

465
00:20:48,359 --> 00:20:48,680
Speaker 2: and you.

466
00:20:48,600 --> 00:20:50,199
Speaker 1: Thought it was mustard yellow on the site, but it

467
00:20:50,200 --> 00:20:51,360
Speaker 1: turns out it's pute green and.

468
00:20:51,280 --> 00:20:53,240
Speaker 2: You're like, dang it, no, wait, this is a this

469
00:20:53,280 --> 00:20:56,760
Speaker 2: is canary. We have talked about how like a lot

470
00:20:56,800 --> 00:21:00,280
Speaker 2: of retailers they're already cutting down on free returns or

471
00:21:00,680 --> 00:21:03,199
Speaker 2: they're making you jump through more hoops in order to

472
00:21:03,200 --> 00:21:06,479
Speaker 2: return an item, like returning it to a designated location,

473
00:21:06,680 --> 00:21:09,960
Speaker 2: a physical location of their choosing. But the uptrend in

474
00:21:10,280 --> 00:21:12,600
Speaker 2: final sale items that could catch a lot of folks

475
00:21:12,600 --> 00:21:14,840
Speaker 2: off guard, costing them a lot of money. You know,

476
00:21:14,840 --> 00:21:16,639
Speaker 2: I think it's it's probably only worth it if you

477
00:21:17,160 --> 00:21:20,520
Speaker 2: know that specific brand or if you know that style

478
00:21:20,880 --> 00:21:24,640
Speaker 2: really well. I think that's an advantage to a more

479
00:21:24,720 --> 00:21:27,720
Speaker 2: boring approach to clothing, which I feel like I've taken

480
00:21:27,800 --> 00:21:30,120
Speaker 2: up recently, is that once I find it like there's

481
00:21:30,119 --> 00:21:32,960
Speaker 2: only a few shirts or shorts or paints that I

482
00:21:33,000 --> 00:21:34,879
Speaker 2: own that I actually wear or that I really like,

483
00:21:35,400 --> 00:21:37,679
Speaker 2: and so whenever those things those bad boys go on sale,

484
00:21:37,800 --> 00:21:40,040
Speaker 2: I know the exact size, I know the exact thing

485
00:21:40,080 --> 00:21:41,879
Speaker 2: to get, and I'm there's no risk there. You're just

486
00:21:41,920 --> 00:21:44,399
Speaker 2: buying a backup. It's just a backup because eventually this

487
00:21:44,480 --> 00:21:46,680
Speaker 2: one's and sometimes I'll you know, I don't even wait.

488
00:21:46,680 --> 00:21:47,879
Speaker 2: It's not like I wait for one to wear out.

489
00:21:47,920 --> 00:21:49,880
Speaker 2: I've got like different versions of them, the same thing.

490
00:21:49,920 --> 00:21:53,880
Speaker 2: I've got my different Matt uniforms, but certainly an advantage

491
00:21:54,080 --> 00:21:56,960
Speaker 2: to a less adventurous form of clothing yourself.

492
00:21:56,640 --> 00:21:59,199
Speaker 1: Which I mean, I think is probably better suited to

493
00:21:59,640 --> 00:22:02,119
Speaker 1: males who do wear more boring wardrobes. I don't know,

494
00:22:02,600 --> 00:22:04,360
Speaker 1: it depends on the person. I guess depends on the.

495
00:22:04,560 --> 00:22:06,440
Speaker 2: No the ladies out there doing the capsule wardrobe where

496
00:22:06,440 --> 00:22:07,800
Speaker 2: they're keeping things simple as well.

497
00:22:07,680 --> 00:22:10,040
Speaker 1: So which, Yeah, I like that approach. And I think

498
00:22:10,080 --> 00:22:12,480
Speaker 1: final sale, like you said, could save you money, but

499
00:22:12,600 --> 00:22:14,679
Speaker 1: it also could cost you if you're like, eh, I

500
00:22:14,680 --> 00:22:17,200
Speaker 1: don't really like this thing. The other thing too. I

501
00:22:17,240 --> 00:22:19,479
Speaker 1: guess maybe if you're great those return policies. Yeah, if

502
00:22:19,480 --> 00:22:20,840
Speaker 1: you're great on eBay, you might be able to flip

503
00:22:20,880 --> 00:22:22,520
Speaker 1: it for a property. I mean, i'd say, Okay, if

504
00:22:22,560 --> 00:22:24,280
Speaker 1: I don't like this, well, they're only charge with me

505
00:22:24,320 --> 00:22:26,040
Speaker 1: twenty bucks. I know I can get thirty on eBay,

506
00:22:26,080 --> 00:22:28,200
Speaker 1: then okay, if you don't mind going through that jump

507
00:22:28,280 --> 00:22:31,400
Speaker 1: through those hoops, give it a shot. But speaking of shopping, Matt,

508
00:22:31,440 --> 00:22:33,880
Speaker 1: there was a c NET article and it was talking

509
00:22:33,920 --> 00:22:38,199
Speaker 1: about specifically buying TVs, and they were suggesting that you

510
00:22:38,240 --> 00:22:41,639
Speaker 1: go with the older model, which we've talked about in

511
00:22:41,680 --> 00:22:43,800
Speaker 1: the past. Two like Hey, when new models come out,

512
00:22:43,800 --> 00:22:46,679
Speaker 1: the old model gets discounted. Why not save a few bucks?

513
00:22:47,000 --> 00:22:49,600
Speaker 1: And this is true when we're talking about clothing, right

514
00:22:50,000 --> 00:22:52,400
Speaker 1: last season's clothes, they often go on sale, like if

515
00:22:52,440 --> 00:22:54,840
Speaker 1: you buy them right when they hit the website, there's

516
00:22:54,840 --> 00:22:57,120
Speaker 1: no discounts yet. That right, but right now, if you're

517
00:22:57,119 --> 00:22:59,919
Speaker 1: buying a winter jacket, you might save more money than

518
00:23:00,440 --> 00:23:04,760
Speaker 1: you would come like September. But yeah, c Neet talked

519
00:23:04,760 --> 00:23:07,320
Speaker 1: about how TVs are pretty similar to smartphones in a

520
00:23:07,359 --> 00:23:09,480
Speaker 1: whole lot of ways, that the improvements are just minor

521
00:23:09,480 --> 00:23:12,280
Speaker 1: and incremental every single year. So going with an older model,

522
00:23:12,320 --> 00:23:14,320
Speaker 1: a twenty twenty two model will save you a lot

523
00:23:14,320 --> 00:23:16,560
Speaker 1: of money and you're not really sacrificing very much. And

524
00:23:16,600 --> 00:23:20,040
Speaker 1: so the other thing to remember here is that November

525
00:23:20,240 --> 00:23:22,600
Speaker 1: in January or the two best times to buy a TV.

526
00:23:23,680 --> 00:23:26,720
Speaker 1: Our suggestion would be own fewer TVs, maybe just.

527
00:23:26,640 --> 00:23:29,199
Speaker 2: One, and don't us TV in general.

528
00:23:29,359 --> 00:23:31,720
Speaker 1: Yeah, and don't work for the bear for the bear.

529
00:23:32,760 --> 00:23:34,480
Speaker 2: But evidently it's Joel and Matt.

530
00:23:34,280 --> 00:23:37,560
Speaker 1: Approved, which means you know it's good two thumbs up,

531
00:23:37,640 --> 00:23:38,680
Speaker 1: or like Siskel and Eber.

532
00:23:38,520 --> 00:23:39,800
Speaker 2: A lot of the way, or should we start reviewing

533
00:23:39,920 --> 00:23:41,880
Speaker 2: reviewing shows, we'll think about. It kind of goes counter

534
00:23:41,960 --> 00:23:46,560
Speaker 2: to what we're saying watching watching TV, right, which, yeah.

535
00:23:46,359 --> 00:23:48,240
Speaker 1: But man, I had the same TV for ten years

536
00:23:48,280 --> 00:23:50,760
Speaker 1: before we upgraded. It was one like the first flat

537
00:23:50,760 --> 00:23:52,800
Speaker 1: screen I bought back in a Black Friday, like two

538
00:23:52,800 --> 00:23:55,080
Speaker 1: thousand and six or something like that. And one other

539
00:23:55,080 --> 00:23:57,360
Speaker 1: thing I wanted to say. We've talked about Telly and

540
00:23:57,400 --> 00:24:00,000
Speaker 1: the basically how you can get a free television from

541
00:24:00,080 --> 00:24:02,680
Speaker 1: Telly that's going to display ads across the bottom. I

542
00:24:02,760 --> 00:24:05,000
Speaker 1: actually I signed up. I'm gonna see if I can

543
00:24:05,040 --> 00:24:05,240
Speaker 1: get one.

544
00:24:05,280 --> 00:24:05,760
Speaker 2: So did you really?

545
00:24:05,840 --> 00:24:07,200
Speaker 1: Yeah, I'll let you know what happens. I kind of

546
00:24:07,359 --> 00:24:08,560
Speaker 1: changed my tune on it and I was like, why

547
00:24:08,600 --> 00:24:09,120
Speaker 1: not free TV?

548
00:24:09,160 --> 00:24:09,600
Speaker 2: I don't care?

549
00:24:09,800 --> 00:24:11,879
Speaker 1: And I got one of my buddies said, well, what

550
00:24:11,920 --> 00:24:15,280
Speaker 1: if you put like tape across that bottom advertising screen?

551
00:24:15,480 --> 00:24:17,280
Speaker 1: You put just like a big black piece of paper

552
00:24:17,320 --> 00:24:19,680
Speaker 1: over it. And I was like, yeah, actually that could work.

553
00:24:19,720 --> 00:24:21,919
Speaker 1: So we'll see if I get one.

554
00:24:21,960 --> 00:24:25,520
Speaker 2: It sounds like Joel's taking the more ratchet approach, but

555
00:24:25,800 --> 00:24:27,640
Speaker 2: I like it. I like it, but I also hate

556
00:24:27,640 --> 00:24:30,239
Speaker 2: it because like this makes me think about is it

557
00:24:30,240 --> 00:24:36,080
Speaker 2: the time you survey that shows that Americans like like,

558
00:24:36,240 --> 00:24:38,919
Speaker 2: aside from sleeping, which kind of mentioned earlier, Like the

559
00:24:39,040 --> 00:24:41,520
Speaker 2: number one thing that they do is watch TV. Like

560
00:24:41,560 --> 00:24:44,720
Speaker 2: it's literally America's number one hobby. It's it's like America's pastime,

561
00:24:45,000 --> 00:24:47,600
Speaker 2: which I hate, like it kind of makes it makes

562
00:24:47,640 --> 00:24:49,480
Speaker 2: me sad. But I think there's a lot of folks

563
00:24:49,480 --> 00:24:52,600
Speaker 2: who are talking themselves maybe into making some of these

564
00:24:52,760 --> 00:24:54,960
Speaker 2: upgrades and getting the newest model because to them it's

565
00:24:55,000 --> 00:24:57,640
Speaker 2: the craft beer equivalent. Yeah right, they're thinking, well, this

566
00:24:57,720 --> 00:25:01,240
Speaker 2: is this I love TV because of that, they're maybe

567
00:25:01,280 --> 00:25:03,439
Speaker 2: one of the newest models. And maybe they're justifying it

568
00:25:03,440 --> 00:25:07,120
Speaker 2: too because TV's are pretty cheap, they're pretty affordable. They've

569
00:25:07,119 --> 00:25:09,120
Speaker 2: only gone down and they've only gotten done in price.

570
00:25:09,200 --> 00:25:10,600
Speaker 2: It doesn't cost you much money, but it costs you

571
00:25:10,600 --> 00:25:12,240
Speaker 2: in a whole lot otherwise. Yeah, it costs you your

572
00:25:12,280 --> 00:25:16,040
Speaker 2: soul something like that as much TV. Let's talk about

573
00:25:16,080 --> 00:25:19,600
Speaker 2: the auto industry because the car market is softening. We

574
00:25:19,640 --> 00:25:22,560
Speaker 2: all knew that use car prices that they wouldn't continue

575
00:25:22,560 --> 00:25:25,960
Speaker 2: to appreciate in value forever, but we also didn't know

576
00:25:26,000 --> 00:25:28,760
Speaker 2: how long this odd trend was going to last. There

577
00:25:28,800 --> 00:25:31,880
Speaker 2: are now more unsold cars onto dealer lots than we've

578
00:25:31,920 --> 00:25:35,320
Speaker 2: seen in years, and this is typically measured the unit

579
00:25:35,359 --> 00:25:37,440
Speaker 2: of measurement that the use is called the day's worth

580
00:25:37,440 --> 00:25:40,679
Speaker 2: of supply, and so that is up to fifty three days,

581
00:25:40,920 --> 00:25:44,560
Speaker 2: which is a seventy five percent increase from a year ago.

582
00:25:45,000 --> 00:25:48,920
Speaker 2: And an abundance of evs is the main reason why

583
00:25:49,119 --> 00:25:51,359
Speaker 2: we've already I think the number of evs on lots,

584
00:25:51,400 --> 00:25:53,159
Speaker 2: if you only look at that sector, it's something like

585
00:25:53,160 --> 00:25:55,840
Speaker 2: one hundred. It's over one hundred days. We've already seen

586
00:25:56,240 --> 00:25:57,720
Speaker 2: Tesla prices drop like a rock.

587
00:25:57,760 --> 00:25:59,199
Speaker 1: And by the way, I think the average just so

588
00:25:59,240 --> 00:26:01,359
Speaker 1: people know, is like sixty days. So we're still not

589
00:26:01,440 --> 00:26:04,600
Speaker 1: back even to normal supply on most car lots, but

590
00:26:04,680 --> 00:26:08,040
Speaker 1: we're trending, but we're we're heading in that direction exactly.

591
00:26:08,080 --> 00:26:10,840
Speaker 1: And we're also at an overabundance of eve.

592
00:26:10,800 --> 00:26:13,760
Speaker 2: Ev specifically because well, it makes sense because the car

593
00:26:13,800 --> 00:26:16,959
Speaker 2: manufacturers have figured figured it out. But folks, I think

594
00:26:17,000 --> 00:26:18,399
Speaker 2: there's a lot of folks who are unwilling because of

595
00:26:18,400 --> 00:26:21,199
Speaker 2: the infrastructure. The technology isn't quite there. They'll allow you

596
00:26:21,240 --> 00:26:24,280
Speaker 2: to do like a cross country road trip feasibly, and

597
00:26:24,320 --> 00:26:27,440
Speaker 2: then the infrastructure, like there aren't as many charging stations

598
00:26:27,440 --> 00:26:29,639
Speaker 2: as there are gas stations, and I think that's going

599
00:26:29,720 --> 00:26:32,000
Speaker 2: to be the tipping point that allowed that gives people

600
00:26:32,040 --> 00:26:32,680
Speaker 2: the peace of mind.

601
00:26:32,720 --> 00:26:35,159
Speaker 1: I think price was another factor, although that's starting to

602
00:26:35,240 --> 00:26:35,640
Speaker 1: change too.

603
00:26:35,720 --> 00:26:37,879
Speaker 2: Yeah exactly. I mean also forward, they just announced a

604
00:26:37,920 --> 00:26:41,240
Speaker 2: ten thousand dollars price cut on the Lightning, on the

605
00:26:41,400 --> 00:26:45,080
Speaker 2: entry level Lightning, after having jacked up the prices significantly

606
00:26:45,119 --> 00:26:48,200
Speaker 2: after the truck debuted. But more ev models are coming

607
00:26:48,240 --> 00:26:50,840
Speaker 2: down the pike, which just means that prices are likely

608
00:26:50,880 --> 00:26:54,040
Speaker 2: going to decrease even more as more competition enters the

609
00:26:54,080 --> 00:26:57,359
Speaker 2: market and overall with the car, the car market, you know,

610
00:26:57,359 --> 00:27:00,359
Speaker 2: we may not be back to pre pandemic levels, but

611
00:27:00,400 --> 00:27:03,480
Speaker 2: at least we are finally moving past the upside down

612
00:27:03,520 --> 00:27:05,679
Speaker 2: car market that we've been in for a few years now.

613
00:27:05,720 --> 00:27:08,080
Speaker 2: Hopefully it'll become a little more affordable to replace that

614
00:27:08,119 --> 00:27:10,960
Speaker 2: old ride if you've kind of been limping along there.

615
00:27:11,080 --> 00:27:14,680
Speaker 1: Yeah, And I think and EBE is starting to make

616
00:27:14,720 --> 00:27:16,880
Speaker 1: more and more sense. Is financially speak for a minute,

617
00:27:17,320 --> 00:27:20,320
Speaker 1: those prices were soaring a couple of years ago, and

618
00:27:20,720 --> 00:27:23,240
Speaker 1: it was even though you were going to save potentially

619
00:27:23,359 --> 00:27:26,080
Speaker 1: on maintenance costs and gas costs, it just didn't make

620
00:27:26,080 --> 00:27:28,960
Speaker 1: financial sense. It might make more financial sense for more

621
00:27:29,000 --> 00:27:32,080
Speaker 1: people now when they get certain models, especially when you

622
00:27:32,080 --> 00:27:34,639
Speaker 1: factor in the federal tax credit on top of that. Right,

623
00:27:35,240 --> 00:27:38,640
Speaker 1: but let's something else on the car front, Matt, Lenders

624
00:27:38,840 --> 00:27:42,000
Speaker 1: are getting more cautious when they're giving out loans right now.

625
00:27:42,119 --> 00:27:44,320
Speaker 1: We talked on Wednesday about the importance of having a

626
00:27:44,359 --> 00:27:47,000
Speaker 1: good credit score and the massive downsides to having a

627
00:27:47,040 --> 00:27:50,119
Speaker 1: bad one. Well, it can impact you in a number

628
00:27:50,119 --> 00:27:53,520
Speaker 1: of ways on your personal finances, right and so it's

629
00:27:53,560 --> 00:27:55,960
Speaker 1: even more important right now to have a good credit

630
00:27:56,040 --> 00:27:58,920
Speaker 1: score because banks are tightening their lending standards, and close

631
00:27:58,960 --> 00:28:00,960
Speaker 1: to one in five folks to apply for an auto

632
00:28:00,960 --> 00:28:03,440
Speaker 1: loan right now, they're being rejected straight up. So that

633
00:28:03,480 --> 00:28:06,359
Speaker 1: should be kind of enlightening to all of us, letting

634
00:28:06,440 --> 00:28:08,600
Speaker 1: us know that we should do a few different things

635
00:28:08,640 --> 00:28:10,639
Speaker 1: if we're looking to buy a car. One, improve your

636
00:28:10,640 --> 00:28:12,359
Speaker 1: credit score. If you want to know more about that,

637
00:28:12,600 --> 00:28:15,440
Speaker 1: go back and listen to Wednesday's episodes if you haven't,

638
00:28:15,440 --> 00:28:17,280
Speaker 1: and we've got other resources on how to money dot

639
00:28:17,280 --> 00:28:21,240
Speaker 1: com to teach you how to increase your credit score. Also,

640
00:28:21,320 --> 00:28:23,560
Speaker 1: save up more money. The more cash you have on hand,

641
00:28:23,680 --> 00:28:26,440
Speaker 1: the less you have to finance. Maybe maybe even you

642
00:28:26,480 --> 00:28:29,120
Speaker 1: can pay for that car fully in cash, which would

643
00:28:29,119 --> 00:28:31,320
Speaker 1: be awesome. So the next thing, that's what we recommend,

644
00:28:31,440 --> 00:28:34,320
Speaker 1: buy a cheaper car. If you get turned down, it's like, hey,

645
00:28:34,359 --> 00:28:37,120
Speaker 1: maybe you're looking at for something that's too expensive, that's

646
00:28:37,119 --> 00:28:40,440
Speaker 1: out of your financial wheelhouse. So opt to find something

647
00:28:40,480 --> 00:28:43,120
Speaker 1: that's cheaper, that's a little older maybe but still in

648
00:28:43,160 --> 00:28:45,760
Speaker 1: good condition. And then also have a good relationship with

649
00:28:45,800 --> 00:28:48,200
Speaker 1: a local credit union. You're going to get better rates

650
00:28:48,240 --> 00:28:50,960
Speaker 1: that way. Anyway, credit unions are the best place to

651
00:28:51,040 --> 00:28:55,160
Speaker 1: turn for financing for most things, including oftentimes new and

652
00:28:55,280 --> 00:28:58,520
Speaker 1: used cars. So follow all those tips and hopefully this

653
00:28:58,960 --> 00:29:03,400
Speaker 1: tightening lending standards in the auto industry, they're not going

654
00:29:03,480 --> 00:29:04,720
Speaker 1: to impact you negatively.

655
00:29:04,880 --> 00:29:07,560
Speaker 2: Yeah yeah, and again, just save up cash and you

656
00:29:07,600 --> 00:29:11,040
Speaker 2: can avoid that headache all together because you're not Joel.

657
00:29:11,080 --> 00:29:14,880
Speaker 2: Have you ever paid interest to on a car? Note therefore, boom.

658
00:29:14,560 --> 00:29:16,320
Speaker 1: See if I financed a car one time because I got

659
00:29:16,360 --> 00:29:18,960
Speaker 1: a zero percent though, and it was it was a

660
00:29:18,960 --> 00:29:20,640
Speaker 1: new car. Is the only new car I've ever purchased,

661
00:29:20,800 --> 00:29:22,120
Speaker 1: but it was an EV and it was back when

662
00:29:22,120 --> 00:29:24,480
Speaker 1: there was a state and a federal incentive to buy it.

663
00:29:24,480 --> 00:29:24,960
Speaker 2: You're able to.

664
00:29:25,000 --> 00:29:27,680
Speaker 1: Double dip normally though, I don't know if you'll ever

665
00:29:27,720 --> 00:29:29,800
Speaker 1: catching a new car ever again. Yeah, well not only

666
00:29:29,800 --> 00:29:31,640
Speaker 1: a new car, but again just the the financing part

667
00:29:31,640 --> 00:29:33,600
Speaker 1: of it, because you are it's just a bad move

668
00:29:33,600 --> 00:29:36,600
Speaker 1: because you are financing a depreciating asset, and so I get.

669
00:29:36,920 --> 00:29:38,680
Speaker 1: I just want to end on that note with as

670
00:29:38,680 --> 00:29:40,800
Speaker 1: we're talking about cars and lending, because like, I don't

671
00:29:40,800 --> 00:29:42,600
Speaker 1: want to beat around the bush, like it's just a

672
00:29:42,960 --> 00:29:46,240
Speaker 1: much much smarter financial move. You can save up cash

673
00:29:46,400 --> 00:29:49,520
Speaker 1: buy that thing outright. But while you're doing that, you

674
00:29:49,560 --> 00:29:51,160
Speaker 1: might be thinking, well, how am I going to get around?

675
00:29:51,160 --> 00:29:52,440
Speaker 1: How am I supposed get around if I don't have

676
00:29:52,480 --> 00:29:55,080
Speaker 1: a car at all? Well maybe you could take the bus.

677
00:29:55,240 --> 00:29:59,640
Speaker 2: Yes, in our mind, bus travel it never went away,

678
00:29:59,720 --> 00:30:02,720
Speaker 2: but apparently it's back with a vengeance. We've talked before

679
00:30:02,760 --> 00:30:06,200
Speaker 2: about Megabus. That's a pretty solid company. They offer fairly

680
00:30:06,240 --> 00:30:08,360
Speaker 2: an expensive bus trips around the country.

681
00:30:08,720 --> 00:30:10,880
Speaker 1: Have I detailed the time I went round trip to

682
00:30:11,000 --> 00:30:13,280
Speaker 1: New Orleans? I think for eleven dollars round.

683
00:30:13,160 --> 00:30:16,680
Speaker 2: Trip, I think like back in the day, Yeah, eleven

684
00:30:16,720 --> 00:30:19,120
Speaker 2: dollars though that's like I was like twenty ten prices.

685
00:30:19,160 --> 00:30:23,600
Speaker 1: So yeah, I haven't taken megabus in I don't know, probably.

686
00:30:23,440 --> 00:30:25,760
Speaker 2: Do they still have the like where they sell off

687
00:30:25,760 --> 00:30:28,800
Speaker 2: the first few seats for like one dollars yep, that's amazing. Yeah,

688
00:30:28,800 --> 00:30:31,680
Speaker 2: And it's like the Costco dollar fifty hot dogs thing.

689
00:30:31,680 --> 00:30:34,840
Speaker 2: It's like, yeah, a deal that you are can't be beat.

690
00:30:34,920 --> 00:30:37,480
Speaker 1: And some of those decently comfortable seats and Wi Fi

691
00:30:37,520 --> 00:30:39,280
Speaker 1: on board that kind of stuff, So it's it's really

692
00:30:39,320 --> 00:30:41,480
Speaker 1: not that bad. I know most people are like the bus,

693
00:30:41,560 --> 00:30:42,480
Speaker 1: what are you talking about?

694
00:30:42,480 --> 00:30:44,840
Speaker 2: But we want folks to consider it. There's nicer buses

695
00:30:44,840 --> 00:30:47,120
Speaker 2: now well, and especially given the problems that the airlines

696
00:30:47,160 --> 00:30:49,760
Speaker 2: have experienced this year, it seems that folks are even

697
00:30:49,800 --> 00:30:52,240
Speaker 2: more keen to stay on the ground when they travel.

698
00:30:52,800 --> 00:30:56,640
Speaker 2: So Flicks and Greyhounds, it's they're owned by the same company,

699
00:30:57,000 --> 00:31:01,440
Speaker 2: but they both experience a significant serve and writership. And

700
00:31:01,520 --> 00:31:04,000
Speaker 2: obviously it's probably not going to be as quick as

701
00:31:04,000 --> 00:31:06,400
Speaker 2: the flight in most cases at least, but it could

702
00:31:06,480 --> 00:31:10,080
Speaker 2: be a whole lot cheaper, especially for folks who may

703
00:31:10,080 --> 00:31:11,400
Speaker 2: not have a car. I think for a lot of

704
00:31:11,440 --> 00:31:13,760
Speaker 2: folks who live in major cities like New York or

705
00:31:13,760 --> 00:31:15,440
Speaker 2: something like that, you might be thinking, oh, the only

706
00:31:15,480 --> 00:31:18,000
Speaker 2: way I get places is either take the subway or

707
00:31:18,040 --> 00:31:21,320
Speaker 2: I fly somewhere. Nah, consider the bus. It's at least

708
00:31:21,400 --> 00:31:24,400
Speaker 2: worth considering, checking the prices and seeing if it's worth

709
00:31:24,400 --> 00:31:25,720
Speaker 2: the different trade offs for sure.

710
00:31:25,920 --> 00:31:28,520
Speaker 1: All right, that's all of good stuff today, Matt. And

711
00:31:28,800 --> 00:31:30,800
Speaker 1: if you ever have a suggestion, by the way, a

712
00:31:30,840 --> 00:31:32,840
Speaker 1: story you want us to cover, or in particular a

713
00:31:32,880 --> 00:31:35,000
Speaker 1: ludicrous headline you think we should mention on the show,

714
00:31:35,120 --> 00:31:35,480
Speaker 1: we'd love to.

715
00:31:35,480 --> 00:31:36,200
Speaker 2: These are always fun.

716
00:31:36,200 --> 00:31:38,080
Speaker 1: You can always reach out. Our email is how to

717
00:31:38,160 --> 00:31:40,880
Speaker 1: Moneypod at gmail dot com, and you can find show

718
00:31:40,920 --> 00:31:43,040
Speaker 1: notes and links to some of the stuff we mentioned

719
00:31:43,320 --> 00:31:45,960
Speaker 1: up on our website at howtomoney dot com.

720
00:31:46,000 --> 00:31:47,720
Speaker 2: That's right, And if you like the show and haven't

721
00:31:47,760 --> 00:31:50,200
Speaker 2: left us a review yet, head over to Apple Podcasts

722
00:31:50,320 --> 00:31:52,240
Speaker 2: or or wherever you listen. It helps us to get the

723
00:31:52,280 --> 00:31:55,480
Speaker 2: word out. Just click the five stars on Spotify. That helps.

724
00:31:55,280 --> 00:31:57,760
Speaker 2: It's so easy to do. But we hope everyone out

725
00:31:57,800 --> 00:32:01,600
Speaker 2: there stays cool, stay hydrated during this weekend. And Buddy,

726
00:32:01,640 --> 00:32:03,760
Speaker 2: that's going to be it for this one until next time.

727
00:32:03,880 --> 00:32:05,840
Speaker 2: Best Friend's Out and best Friends Out