1 00:00:00,080 --> 00:00:01,440 Speaker 1: Welcome to Hat of Money. 2 00:00:01,480 --> 00:00:05,280 Speaker 2: I'm Joel, I'm Matt, and today we're talking about appealing arms, 3 00:00:05,640 --> 00:00:09,080 Speaker 2: iterating investments, and colleges cutting costs. 4 00:00:27,960 --> 00:00:31,400 Speaker 1: And by arms, Joel, you are not referring to your 5 00:00:31,720 --> 00:00:35,960 Speaker 1: incredible physique, they got health. No, we are going to 6 00:00:35,960 --> 00:00:38,920 Speaker 1: talk about adjustable rate mortgages and this is our Friday Flight, 7 00:00:39,040 --> 00:00:41,600 Speaker 1: the roundup of different news stories we came across this 8 00:00:41,680 --> 00:00:44,320 Speaker 1: week and specifically how we think they're going to impact 9 00:00:44,479 --> 00:00:47,440 Speaker 1: your bottom line your money. This might be the first 10 00:00:47,440 --> 00:00:48,959 Speaker 1: week and a few weeks, Joel that we don't talk 11 00:00:48,960 --> 00:00:52,199 Speaker 1: about tariffs here on the show and the crazy impacts 12 00:00:52,200 --> 00:00:55,280 Speaker 1: that it may. I appreciate you saying that on our economy, 13 00:00:55,360 --> 00:00:57,800 Speaker 1: I think we're going to for just one quick scurry, Okay, 14 00:00:58,200 --> 00:01:00,560 Speaker 1: but no, we won't go deep into tariffs because there 15 00:01:00,560 --> 00:01:03,160 Speaker 1: hasn't really been much going on this week on the 16 00:01:03,200 --> 00:01:06,760 Speaker 1: tariff front, fortunately. But my mom received a text message 17 00:01:06,840 --> 00:01:08,920 Speaker 1: from a company. She was looking to get some new 18 00:01:08,959 --> 00:01:11,640 Speaker 1: blinds in the house for a couple of windows, and 19 00:01:12,319 --> 00:01:14,839 Speaker 1: the blind company considered like, is it blinds dot com? 20 00:01:15,000 --> 00:01:17,600 Speaker 1: I don't remember. I'm pretty sure that actually is a company, 21 00:01:17,640 --> 00:01:19,160 Speaker 1: but I literally just kind of made that up. 22 00:01:19,160 --> 00:01:21,760 Speaker 2: Because I feel like I've heard of them. Yeah, but 23 00:01:21,800 --> 00:01:24,360 Speaker 2: I think she was going through a provider that she 24 00:01:24,480 --> 00:01:27,160 Speaker 2: sourced through Costco and they came out and they measured 25 00:01:27,319 --> 00:01:29,840 Speaker 2: and they'd given her a quote. This was like, I 26 00:01:29,840 --> 00:01:31,760 Speaker 2: don't know, a month and a half ago, something like that. 27 00:01:32,040 --> 00:01:34,120 Speaker 2: And they sent her a follow up text message to say, hey, 28 00:01:34,600 --> 00:01:37,960 Speaker 2: we know that you haven't purchased blinds yet from us, 29 00:01:38,560 --> 00:01:40,400 Speaker 2: just to let you know. Prices are going up twenty 30 00:01:40,400 --> 00:01:45,440 Speaker 2: percent next week because of tariffs. So but hey, we're 31 00:01:45,440 --> 00:01:48,360 Speaker 2: going to honor that price for now. You just gotta 32 00:01:48,400 --> 00:01:48,840 Speaker 2: less way. 33 00:01:49,400 --> 00:01:51,280 Speaker 1: So the question is are they really going to hike 34 00:01:51,280 --> 00:01:53,680 Speaker 1: the price now or is it just a hard Yeah, 35 00:01:53,760 --> 00:01:55,360 Speaker 1: that's what I was wondering herd selling her. 36 00:01:55,400 --> 00:01:56,840 Speaker 2: I think they're gonna get a lot of people to 37 00:01:57,440 --> 00:01:59,400 Speaker 2: book just to say like, okay, gool, I'll sign on 38 00:01:59,440 --> 00:02:01,280 Speaker 2: the dotted lines. I don't want to pay twenty percent more. 39 00:02:01,400 --> 00:02:02,760 Speaker 2: My mom was like, yeah, the quote was kind of 40 00:02:02,760 --> 00:02:06,240 Speaker 2: expensive anyway, so I'm not doing it, okay, But just does. 41 00:02:06,080 --> 00:02:08,640 Speaker 1: She already have some blinds up as? I don't know 42 00:02:08,639 --> 00:02:10,079 Speaker 1: what they're talking about it. 43 00:02:10,200 --> 00:02:10,960 Speaker 2: I think they're blinds. 44 00:02:10,960 --> 00:02:11,440 Speaker 1: I don't know. 45 00:02:11,600 --> 00:02:13,799 Speaker 2: I don't know what a roman change or something like that. Oh, 46 00:02:14,320 --> 00:02:16,880 Speaker 2: I'm not sure, but you know what I think are overrated? 47 00:02:16,919 --> 00:02:19,400 Speaker 2: Sorry total Sorry you finish your thought now. I'm just 48 00:02:19,400 --> 00:02:21,280 Speaker 2: saying I think this is a tactic that more companies 49 00:02:21,280 --> 00:02:23,520 Speaker 2: are going to use. Yeah, and I think some people 50 00:02:23,560 --> 00:02:25,360 Speaker 2: are going to be like, it's going to accelerate a 51 00:02:25,400 --> 00:02:28,040 Speaker 2: purchase that people might otherwise not have made it. I'm 52 00:02:28,080 --> 00:02:30,600 Speaker 2: not saying that the tariffs won't make things cost more. 53 00:02:30,639 --> 00:02:33,520 Speaker 1: I think they will. But whether or not this terriffs 54 00:02:33,520 --> 00:02:35,440 Speaker 1: come to be I think that's the real question. 55 00:02:35,520 --> 00:02:37,320 Speaker 2: Yeah, and how badly do you need this thing? And 56 00:02:37,360 --> 00:02:39,840 Speaker 2: can you just say, ah, no, I'm not interested, thank you, 57 00:02:39,880 --> 00:02:40,520 Speaker 2: but no, thank you. 58 00:02:40,720 --> 00:02:43,240 Speaker 1: Yeah. Well, you know what else is pricey? Joel homes 59 00:02:43,680 --> 00:02:47,200 Speaker 1: Buying a house today is an expensive endeavor. I think 60 00:02:47,200 --> 00:02:50,880 Speaker 1: that's the understatement of the century, not the century, maybe 61 00:02:51,280 --> 00:02:54,040 Speaker 1: understatement of the past decade. I'll say, as we mean, 62 00:02:54,080 --> 00:02:58,000 Speaker 1: house prices rise, they remain elevated, and interest rates are 63 00:02:58,040 --> 00:03:01,560 Speaker 1: still near seven percent on thirty your mortgages. And one 64 00:03:01,600 --> 00:03:04,440 Speaker 1: way to reduce your monthly obligation is to opt for 65 00:03:04,560 --> 00:03:07,519 Speaker 1: an arm instead of a thirty year mortgage. There is 66 00:03:07,560 --> 00:03:10,440 Speaker 1: a recent Bloomberg article and they pointed out to the 67 00:03:10,480 --> 00:03:14,320 Speaker 1: potential rise of arms and how that could help grease 68 00:03:14,360 --> 00:03:16,080 Speaker 1: the wheels of the housing market a little bit. 69 00:03:16,200 --> 00:03:18,160 Speaker 2: Yeah, you have more people opted for them that hey, 70 00:03:18,200 --> 00:03:21,320 Speaker 2: we might we might see more listings and exactly houses 71 00:03:21,360 --> 00:03:22,000 Speaker 2: going in a contract. 72 00:03:22,000 --> 00:03:23,959 Speaker 1: Things might be flowing a little bit more and it's 73 00:03:23,960 --> 00:03:26,640 Speaker 1: going to get you a lower rate, but it won't 74 00:03:26,639 --> 00:03:29,480 Speaker 1: be locked in for forever or you know, for the 75 00:03:29,480 --> 00:03:32,160 Speaker 1: life of that loan. This means that you'd you know, 76 00:03:32,240 --> 00:03:34,680 Speaker 1: you're living yourself financially exposed at the end of that 77 00:03:34,720 --> 00:03:36,800 Speaker 1: fixed term. So oftentimes we're talking about like a five 78 00:03:36,880 --> 00:03:39,040 Speaker 1: year term, like a five to one ARM. But they 79 00:03:39,040 --> 00:03:40,920 Speaker 1: can be a reasonable choice for some folks out there, 80 00:03:41,480 --> 00:03:44,200 Speaker 1: especially if you're not planning on being in that home 81 00:03:44,760 --> 00:03:47,760 Speaker 1: you know too much past the initial fixed term, or 82 00:03:48,400 --> 00:03:50,200 Speaker 1: if you understand the trade offfs if you're willing to 83 00:03:50,320 --> 00:03:54,520 Speaker 1: endure a potentially higher interest rate down the line. But man, 84 00:03:54,560 --> 00:03:55,800 Speaker 1: you got to be careful. You got to weigh the 85 00:03:55,840 --> 00:03:58,520 Speaker 1: trade offs. You need to choose carefully where you planning 86 00:03:58,520 --> 00:04:01,120 Speaker 1: to share how how you opted to go with an ARM. 87 00:04:01,800 --> 00:04:04,680 Speaker 1: I did what I mean, it's I think it can 88 00:04:04,680 --> 00:04:06,880 Speaker 1: be a It used to not be a smart decision. 89 00:04:07,120 --> 00:04:09,000 Speaker 1: Right like ten years ago, why would you opt for 90 00:04:09,000 --> 00:04:12,200 Speaker 1: an ARM? Interest rates were at like rock bottom lows 91 00:04:12,240 --> 00:04:14,120 Speaker 1: and the ability to opt for an eighth of a 92 00:04:14,160 --> 00:04:17,640 Speaker 1: percent discount over the thirty year fix. That was dumb. 93 00:04:18,320 --> 00:04:20,520 Speaker 1: But now it's like, Okay, there's a more of an 94 00:04:20,560 --> 00:04:23,760 Speaker 1: ability to save and just given the fact that there's 95 00:04:23,800 --> 00:04:26,640 Speaker 1: a higher likelihood of rates going down in the future. 96 00:04:26,400 --> 00:04:29,159 Speaker 2: It's not guaranteed, ye, but yeah, but it's interesting. Rates 97 00:04:29,200 --> 00:04:31,560 Speaker 2: did continue to drop until just a few years ago, 98 00:04:31,640 --> 00:04:33,160 Speaker 2: and so some people who did, let's say, take out 99 00:04:33,160 --> 00:04:35,400 Speaker 2: an ARM ten years ago, and then five years in 100 00:04:35,440 --> 00:04:37,840 Speaker 2: they were like, my rates looking sweeter now, I'm kind 101 00:04:37,839 --> 00:04:39,160 Speaker 2: of glad I went for the ARM and then they 102 00:04:39,160 --> 00:04:41,000 Speaker 2: sell the like they were just paying a lower interest 103 00:04:41,040 --> 00:04:42,840 Speaker 2: rate the whole time, even though a thirty year fix 104 00:04:42,839 --> 00:04:45,520 Speaker 2: would have been better, I opted for a ten to 105 00:04:45,560 --> 00:04:48,080 Speaker 2: one ARM, Matt, So I like that like greater security, 106 00:04:48,120 --> 00:04:50,840 Speaker 2: like a decade instead of just five years, because. 107 00:04:50,720 --> 00:04:53,599 Speaker 1: But only because like the rider time period too, Yeah, 108 00:04:53,600 --> 00:04:55,360 Speaker 1: because like like when you're closer to five it's like, well, 109 00:04:55,360 --> 00:04:57,320 Speaker 1: we don't want you buying and only staying there for 110 00:04:57,360 --> 00:04:59,600 Speaker 1: five years anyway, Like you need to get past that 111 00:04:59,640 --> 00:05:01,800 Speaker 1: five year I like that, like the tend and I. 112 00:05:01,760 --> 00:05:02,880 Speaker 2: Didn't know if I was going to be in the 113 00:05:02,880 --> 00:05:06,960 Speaker 2: house for ten years or thirty. But I can cross 114 00:05:07,000 --> 00:05:08,440 Speaker 2: that bridge when I come to it, and I can 115 00:05:08,800 --> 00:05:11,360 Speaker 2: pay down the mortgage more quickly if I want to, 116 00:05:11,440 --> 00:05:14,120 Speaker 2: or I can also refinance into another type of loan. 117 00:05:14,400 --> 00:05:16,360 Speaker 2: I think I used to be kind of like blinders 118 00:05:16,400 --> 00:05:18,800 Speaker 2: on thirty year mortgage. Thirty or fixes the only way 119 00:05:18,839 --> 00:05:21,920 Speaker 2: to go, and I think for most people that's probably 120 00:05:21,920 --> 00:05:25,479 Speaker 2: still the smartest move. But so much depends on the 121 00:05:25,560 --> 00:05:28,520 Speaker 2: discrepancy in rates. And if you can get a significantly 122 00:05:28,560 --> 00:05:31,000 Speaker 2: lower rate by opting for an ARM, and let's say 123 00:05:31,000 --> 00:05:34,280 Speaker 2: you're at least banking ahead, you're planning ahead for potentially 124 00:05:34,360 --> 00:05:38,880 Speaker 2: higher rates down the line as that mortgage rate adjusts. 125 00:05:39,320 --> 00:05:40,960 Speaker 2: I think it's an okay move. You just have to 126 00:05:41,160 --> 00:05:42,880 Speaker 2: go into it with eyes wide open. So that's what 127 00:05:42,920 --> 00:05:45,080 Speaker 2: I did. It's worked out well so far. We'll see, 128 00:05:45,320 --> 00:05:47,000 Speaker 2: We'll see how it goes seven and a half years 129 00:05:47,000 --> 00:05:50,799 Speaker 2: from now. But let's talk about good political money news, Matt. 130 00:05:50,920 --> 00:05:53,880 Speaker 2: A recent move from the Trump administration could bring down 131 00:05:53,920 --> 00:05:57,920 Speaker 2: costs on housing using federal land, specifically to build board units. 132 00:05:57,960 --> 00:05:59,960 Speaker 2: That was a proposal that was made this week. 133 00:06:00,080 --> 00:06:02,240 Speaker 1: I've always wanted to live in Yosemite Valley a jol. 134 00:06:02,520 --> 00:06:04,560 Speaker 1: Wouldn't they be nice and be nice just set of 135 00:06:04,640 --> 00:06:05,719 Speaker 1: right their next to Curry Village. 136 00:06:06,920 --> 00:06:08,880 Speaker 2: We'll see if they make that land avail little unlikely, 137 00:06:08,920 --> 00:06:10,960 Speaker 2: probably not, but it does look like the Interior Department 138 00:06:11,000 --> 00:06:14,560 Speaker 2: and HUD are set to work together to an attempt 139 00:06:14,600 --> 00:06:18,600 Speaker 2: to increase housing supply by allowing building on federal land 140 00:06:18,640 --> 00:06:21,440 Speaker 2: that's underutilized. Right, And the truth is, we need more supply. 141 00:06:21,480 --> 00:06:24,120 Speaker 2: We've talked about this for years, how we are millions 142 00:06:24,240 --> 00:06:26,760 Speaker 2: of homes shy in this country, what we actually need. 143 00:06:27,080 --> 00:06:29,480 Speaker 2: I was just in Austin, matt and it was fascinating 144 00:06:29,720 --> 00:06:32,600 Speaker 2: to hear from folks how much cheaper it's become to 145 00:06:32,680 --> 00:06:35,000 Speaker 2: live in Austin over just a short period of time. Really, 146 00:06:35,000 --> 00:06:37,360 Speaker 2: in just the last like year, rents have declined by 147 00:06:37,520 --> 00:06:40,279 Speaker 2: twenty two percent. I think something like that from from 148 00:06:40,320 --> 00:06:43,080 Speaker 2: peak Austin thanks to this boom and building. Like I 149 00:06:43,160 --> 00:06:46,240 Speaker 2: was driving around, I'm seeing unfinished apartment complexes everywhere. They're 150 00:06:46,279 --> 00:06:49,560 Speaker 2: continuing to build. And now the incentive is, I don't know, 151 00:06:49,640 --> 00:06:50,760 Speaker 2: it's it's it's. 152 00:06:50,720 --> 00:06:52,200 Speaker 1: Quite there for the builders yeah. 153 00:06:52,839 --> 00:06:56,000 Speaker 2: So you know, Austin renters now have more negotiation power, 154 00:06:56,040 --> 00:06:58,840 Speaker 2: and you know a lot of apartment complexes are offering 155 00:06:59,000 --> 00:07:01,200 Speaker 2: months of free rent to entice people to come over. 156 00:07:01,760 --> 00:07:04,560 Speaker 2: It's interesting, though, California is taking the opposite approach. Some 157 00:07:04,600 --> 00:07:07,680 Speaker 2: people are saying that in the aftermath of the wildfires, 158 00:07:07,720 --> 00:07:11,080 Speaker 2: it's a great time to prioritize building some density, like 159 00:07:11,840 --> 00:07:15,000 Speaker 2: adding more units. But the NIMMI movement, the not in 160 00:07:15,000 --> 00:07:17,840 Speaker 2: my backyard movement, is doing what they can to prevent that. 161 00:07:18,560 --> 00:07:21,720 Speaker 2: And so a lot of folks in California say, well, 162 00:07:21,800 --> 00:07:24,000 Speaker 2: we want more housing affordability, but we don't want to 163 00:07:24,000 --> 00:07:25,680 Speaker 2: do what it takes to get there. We don't want 164 00:07:25,720 --> 00:07:28,240 Speaker 2: more units because it might reduce the value of my house. 165 00:07:28,280 --> 00:07:31,400 Speaker 1: You don't want to kill those expensive California vibes, right, Yeah, 166 00:07:31,800 --> 00:07:33,640 Speaker 1: And they're not trust me, And so I don't know. 167 00:07:34,040 --> 00:07:36,080 Speaker 1: I was in Austin and I saw this poster mat 168 00:07:36,080 --> 00:07:38,320 Speaker 1: it said twenty five percent of housing costs are due 169 00:07:38,320 --> 00:07:40,400 Speaker 1: to government red tape. I think it was from like 170 00:07:40,400 --> 00:07:42,600 Speaker 1: realtor dot com or something like that, and I think 171 00:07:42,600 --> 00:07:44,880 Speaker 1: it's likely much more than that in California. I would 172 00:07:44,960 --> 00:07:47,600 Speaker 1: love love to see California take a page from Texas 173 00:07:47,600 --> 00:07:49,360 Speaker 1: on this. I think a lot of young folks in 174 00:07:49,400 --> 00:07:52,120 Speaker 1: particular would benefit. Think about when you bring down the 175 00:07:52,120 --> 00:07:55,320 Speaker 1: cost of housing, you bring down that barrier to entry, 176 00:07:55,360 --> 00:07:58,480 Speaker 1: and you reduce that line item in people's budget, especially 177 00:07:58,560 --> 00:08:01,120 Speaker 1: for young folks. It's a massive way, totally. Yeah, And 178 00:08:01,480 --> 00:08:03,560 Speaker 1: until then we will continue to most likely we will 179 00:08:03,560 --> 00:08:06,600 Speaker 1: continue to see population declines from California and increases in 180 00:08:06,680 --> 00:08:09,040 Speaker 1: states like Texas where there is where there has been 181 00:08:09,040 --> 00:08:09,679 Speaker 1: increased supply. 182 00:08:10,360 --> 00:08:13,240 Speaker 2: It's so much of that is like government regulation. And 183 00:08:13,280 --> 00:08:15,120 Speaker 2: if you just dial back some of the building codes 184 00:08:15,160 --> 00:08:18,120 Speaker 2: and stuff like that and make it easier for builders 185 00:08:18,160 --> 00:08:20,040 Speaker 2: to create new supply, they'll do it. 186 00:08:20,160 --> 00:08:23,240 Speaker 1: Yeah. Well, the lawsuit against the NAAR like that looked 187 00:08:23,240 --> 00:08:26,040 Speaker 1: like it might have had a meaningful implication on closing 188 00:08:26,040 --> 00:08:29,160 Speaker 1: costs and realtor commissions, specifically talking about grease and the 189 00:08:29,160 --> 00:08:32,360 Speaker 1: wheels of housing, but that hasn't panned out, at least 190 00:08:32,360 --> 00:08:35,360 Speaker 1: not yet. It's been about six months since those rules 191 00:08:35,400 --> 00:08:38,199 Speaker 1: have changed, and the average buyer commission has gone from 192 00:08:38,480 --> 00:08:41,960 Speaker 1: two point three seven percent too drum roll, two point 193 00:08:41,960 --> 00:08:46,040 Speaker 1: three six percent. He has it's barely budged, so not many, 194 00:08:46,080 --> 00:08:49,240 Speaker 1: which is great news. For worried realtors out there, but 195 00:08:49,280 --> 00:08:51,520 Speaker 1: bad news again for all the buyers who are looking 196 00:08:51,559 --> 00:08:54,120 Speaker 1: for ways to reduce some of these transaction costs associated 197 00:08:54,120 --> 00:08:57,359 Speaker 1: with buying a house. But know that as an individual, 198 00:08:57,440 --> 00:09:00,040 Speaker 1: you have the power to push back, to discuss the 199 00:09:00,040 --> 00:09:04,080 Speaker 1: commission structure with a potential agent. You don't just have 200 00:09:04,120 --> 00:09:06,520 Speaker 1: to fork over three percent of the purchase price by 201 00:09:06,600 --> 00:09:08,880 Speaker 1: default just because that's the way it's always been done. Yeah. 202 00:09:08,880 --> 00:09:10,760 Speaker 1: And I think this is an area too where I 203 00:09:10,760 --> 00:09:15,280 Speaker 1: think just the technology that's associated with the transaction, the 204 00:09:15,280 --> 00:09:17,680 Speaker 1: transaction costs, and just the buying and selling of homes, 205 00:09:18,640 --> 00:09:22,040 Speaker 1: that's an area where I'm hopeful. And man, I just 206 00:09:22,040 --> 00:09:25,199 Speaker 1: think of it feels like such an antiquated old model, 207 00:09:25,320 --> 00:09:28,360 Speaker 1: the old way of doing things, And given the pressure, 208 00:09:28,520 --> 00:09:31,480 Speaker 1: given the fact that there is an entire generation wanting 209 00:09:31,559 --> 00:09:33,840 Speaker 1: to purchase a home, where that they're finding that harder 210 00:09:33,880 --> 00:09:36,680 Speaker 1: and harder to do, I feel like something's got to change. Yeah. No, 211 00:09:36,800 --> 00:09:37,280 Speaker 1: I agree. 212 00:09:37,320 --> 00:09:40,360 Speaker 2: And it's interesting when you look at the where the 213 00:09:40,400 --> 00:09:43,040 Speaker 2: commissions are coming down the most, it's on higher end homes, 214 00:09:43,360 --> 00:09:45,280 Speaker 2: so those I'm not sure if it's just that those 215 00:09:45,320 --> 00:09:48,360 Speaker 2: buyers are more informed and they're like no, no, no, I 216 00:09:48,360 --> 00:09:50,240 Speaker 2: know what happened in that legal ruling, and I'm gonna 217 00:09:50,280 --> 00:09:53,320 Speaker 2: I'm gonna ask for a discount here, or if it's 218 00:09:53,360 --> 00:09:55,600 Speaker 2: just because the commission is steeper on that and so 219 00:09:55,760 --> 00:09:59,079 Speaker 2: realtors are more willing to offer a price cut I 220 00:09:59,160 --> 00:10:00,760 Speaker 2: kind of thing. So that's it's got maybe a little 221 00:10:00,760 --> 00:10:01,079 Speaker 2: bit of both. 222 00:10:01,160 --> 00:10:03,240 Speaker 1: Yeah, they're like, Okay, I know it's a four million 223 00:10:03,240 --> 00:10:05,439 Speaker 1: dollar house, but well, let's do commissions like it's a 224 00:10:05,440 --> 00:10:07,320 Speaker 1: two million dollars house. Yeah, Like, either way, that's. 225 00:10:07,160 --> 00:10:10,160 Speaker 2: A that check right, Yeah, the agent's still making good 226 00:10:10,160 --> 00:10:13,200 Speaker 2: money on that, Matt. Let's talk about investing investors. They're 227 00:10:13,200 --> 00:10:16,720 Speaker 2: shaking things up right now given the economic actions of 228 00:10:16,800 --> 00:10:21,320 Speaker 2: the Trump administration recent stock market volatility. The Wall Street 229 00:10:21,360 --> 00:10:25,600 Speaker 2: Journal just profiled some folks who are making meaningful changes 230 00:10:25,960 --> 00:10:29,040 Speaker 2: to their investment portfolio in light of recent volatility. They're 231 00:10:29,040 --> 00:10:31,840 Speaker 2: saying like that. Yeah, they're like, I'm not sure. This 232 00:10:31,880 --> 00:10:34,200 Speaker 2: doesn't look so good. I might need to do something different. 233 00:10:34,720 --> 00:10:38,840 Speaker 2: And it doesn't seem like, based on their investigation, that 234 00:10:38,880 --> 00:10:41,360 Speaker 2: this activity is widespread. I don't think people are knee 235 00:10:41,400 --> 00:10:43,839 Speaker 2: jerk selling right and left, but that doesn't mean it's 236 00:10:43,840 --> 00:10:47,200 Speaker 2: not concerning gold and cash in particular have been garnering 237 00:10:47,280 --> 00:10:50,120 Speaker 2: more interest as stocks have kind of sort of I'm 238 00:10:50,160 --> 00:10:52,280 Speaker 2: not going to say free fall, but they've been going down, right, 239 00:10:52,320 --> 00:10:54,240 Speaker 2: stock price themen going down or there at least they've 240 00:10:54,280 --> 00:10:57,240 Speaker 2: been more volatile. I guess we're back down to essentially 241 00:10:57,240 --> 00:10:58,480 Speaker 2: where we were at least in the S and P 242 00:10:58,559 --> 00:11:02,040 Speaker 2: five hundred about six months to go. International markets those 243 00:11:02,040 --> 00:11:05,400 Speaker 2: are also receiving more interest from people who are more 244 00:11:05,480 --> 00:11:09,080 Speaker 2: US centric focused in their investments too, And it does 245 00:11:09,160 --> 00:11:12,760 Speaker 2: seem like this, at least to some extent, does fall 246 00:11:12,920 --> 00:11:16,040 Speaker 2: along party lines. But I think no matter where you 247 00:11:16,080 --> 00:11:19,080 Speaker 2: land politically, the goal is it should be to tune 248 00:11:19,120 --> 00:11:22,160 Speaker 2: out the noise and to not make knee jerk changes. 249 00:11:22,200 --> 00:11:24,960 Speaker 2: I guess I'm just worried about people seeing something like 250 00:11:24,960 --> 00:11:28,160 Speaker 2: a ten percent drop, which feels existential, but especially for 251 00:11:28,200 --> 00:11:29,960 Speaker 2: somebody had a money listeners who are in the wealth 252 00:11:29,960 --> 00:11:32,360 Speaker 2: building phase of their life. They're early on like it's 253 00:11:32,360 --> 00:11:33,920 Speaker 2: a bad idea to make any changes right now. 254 00:11:33,920 --> 00:11:35,520 Speaker 1: And I also hate too that that it does seem 255 00:11:35,520 --> 00:11:37,400 Speaker 1: to be following along party lines. And this is where 256 00:11:37,440 --> 00:11:39,719 Speaker 1: I unfortunately I think folks politics can get in the 257 00:11:39,760 --> 00:11:43,160 Speaker 1: way of their investing because it's like, on one hand, 258 00:11:43,200 --> 00:11:45,400 Speaker 1: we'll say, oh, no, no, the volatility, it's par for 259 00:11:45,440 --> 00:11:48,280 Speaker 1: the course. But I understand when there are when there's 260 00:11:48,280 --> 00:11:50,679 Speaker 1: a subset of half of the population who looks at 261 00:11:50,679 --> 00:11:54,000 Speaker 1: this and say, well, no, this is this is volatility 262 00:11:54,160 --> 00:11:57,760 Speaker 1: that is not necessary. It feels like an own goal, 263 00:11:58,440 --> 00:12:01,160 Speaker 1: like within the current administration, if you are not optimistic 264 00:12:01,200 --> 00:12:04,880 Speaker 1: about where things are going. I totally understand a lot 265 00:12:04,920 --> 00:12:07,559 Speaker 1: of folks hesitant behavior when it comes to investing in 266 00:12:07,600 --> 00:12:10,120 Speaker 1: the market, but I think zooming out and gaining a 267 00:12:10,160 --> 00:12:13,120 Speaker 1: better just a better perspective is so important when it 268 00:12:13,120 --> 00:12:15,480 Speaker 1: comes to times like these. I think back to like, 269 00:12:15,559 --> 00:12:17,320 Speaker 1: we might have a lot of listeners and they weren't 270 00:12:17,320 --> 00:12:20,600 Speaker 1: even alive during the dot com bubble bust or whatever, 271 00:12:20,640 --> 00:12:22,320 Speaker 1: but that was like the end of the world. And 272 00:12:22,360 --> 00:12:24,120 Speaker 1: then not too long after Y two K was literally 273 00:12:24,160 --> 00:12:26,120 Speaker 1: the end of the world, right, Yeah, there's a whole 274 00:12:26,120 --> 00:12:28,240 Speaker 1: lot happening about, like satellite's gonna be falling out of the sky, 275 00:12:28,240 --> 00:12:30,480 Speaker 1: crushing us in sleep, and then the Great Recession. Like 276 00:12:30,559 --> 00:12:33,960 Speaker 1: these were like literally end of the world, the sky 277 00:12:34,080 --> 00:12:36,920 Speaker 1: is falling type of scenarios. But then what happened things 278 00:12:37,000 --> 00:12:39,360 Speaker 1: rebounded the problem though, is that you can't look ahead 279 00:12:39,360 --> 00:12:42,040 Speaker 1: to see what's You can't see what's coming down the pike, right, 280 00:12:42,080 --> 00:12:44,559 Speaker 1: and so but like when we invest, we are inherently 281 00:12:44,559 --> 00:12:47,560 Speaker 1: optimistic about what's going to happen and then and so 282 00:12:47,720 --> 00:12:50,520 Speaker 1: now because of what has happened over the past fifteen years, 283 00:12:50,960 --> 00:12:53,079 Speaker 1: we got to the market and where the economy has gone. 284 00:12:53,160 --> 00:12:54,760 Speaker 1: Like you look back to y two k, you look 285 00:12:54,800 --> 00:12:56,760 Speaker 1: back to the two thousands, dot com bust, you look 286 00:12:56,760 --> 00:12:58,560 Speaker 1: to the Great Recession, and they look like tiny little 287 00:12:58,800 --> 00:13:02,480 Speaker 1: speed bumps. Yeah, compared to where the market has gone 288 00:13:02,559 --> 00:13:05,560 Speaker 1: since then. And like even COVID, like that was creating 289 00:13:05,640 --> 00:13:08,760 Speaker 1: more uncertainty than you know, the skeettershot terrorists that were 290 00:13:08,800 --> 00:13:12,679 Speaker 1: currently currently been threatened. At least the stock market was 291 00:13:12,679 --> 00:13:16,079 Speaker 1: thinking much faster. The future was highly uncertain, but folks 292 00:13:16,080 --> 00:13:19,360 Speaker 1: who made reactionary moves back then ended up being proved 293 00:13:19,400 --> 00:13:23,000 Speaker 1: wrong fairly quickly. So ultimately, the key to a brighter 294 00:13:23,000 --> 00:13:25,920 Speaker 1: financial future is to invest more. And that's the thing. 295 00:13:25,960 --> 00:13:29,200 Speaker 1: These days, your dollar cost average purchase of an index 296 00:13:29,240 --> 00:13:32,040 Speaker 1: fund is better than it was a few weeks ago. 297 00:13:32,120 --> 00:13:36,800 Speaker 1: You are getting wealthier ultimately by staying the course. And uh, 298 00:13:37,040 --> 00:13:39,200 Speaker 1: just know that you're buying, buying at a discount. Yeah, 299 00:13:39,200 --> 00:13:39,679 Speaker 1: remember that. 300 00:13:39,800 --> 00:13:41,360 Speaker 2: What it makes me think, Matt, is that we live 301 00:13:41,400 --> 00:13:44,800 Speaker 2: in such a society that we talk about politics a 302 00:13:44,800 --> 00:13:47,360 Speaker 2: lot more. Thinking even about late night comedians that used 303 00:13:47,360 --> 00:13:50,720 Speaker 2: to be the Yeah, they used to like tell jokes 304 00:13:51,240 --> 00:13:53,520 Speaker 2: about you know, daily life, and they used to have 305 00:13:53,600 --> 00:13:56,280 Speaker 2: on entertainers and stuff like that, And now there's so 306 00:13:56,360 --> 00:13:58,839 Speaker 2: much discussion of politics in what feels like every realm 307 00:13:58,840 --> 00:14:00,200 Speaker 2: of our lives for. 308 00:14:00,480 --> 00:14:03,000 Speaker 1: Seven news cycle. I think that has a lot to 309 00:14:03,000 --> 00:14:04,400 Speaker 1: do with it as well, the fact that folks are 310 00:14:04,400 --> 00:14:07,960 Speaker 1: so glued to the headlines and every and gosh, we 311 00:14:07,960 --> 00:14:10,920 Speaker 1: talked about the democrazation of investing and so the ability 312 00:14:10,960 --> 00:14:12,360 Speaker 1: to just to pull out you you whip out your 313 00:14:12,400 --> 00:14:13,920 Speaker 1: phone and you can make a trade or you know what, 314 00:14:13,960 --> 00:14:15,760 Speaker 1: I was thinking about buying, but now I'm not going 315 00:14:15,800 --> 00:14:18,800 Speaker 1: to actually I'm thinking about selling. Just that knee jerk 316 00:14:18,880 --> 00:14:23,680 Speaker 1: response to what happens to be tweeted or truth or 317 00:14:23,720 --> 00:14:26,600 Speaker 1: just whatever. But like that day is a terrible way 318 00:14:26,680 --> 00:14:28,720 Speaker 1: to invest your money, and it can always feel like 319 00:14:28,720 --> 00:14:30,760 Speaker 1: this guy is falling. Yeah, if you're paying attention to 320 00:14:30,800 --> 00:14:33,400 Speaker 1: the headlines on the rig and we're here to say 321 00:14:33,520 --> 00:14:36,800 Speaker 1: that it's not, and that, yeah, you want to have 322 00:14:36,840 --> 00:14:38,880 Speaker 1: a plan for your money and for your investments so 323 00:14:38,880 --> 00:14:41,200 Speaker 1: that you're not making kind of moves on the fly. 324 00:14:41,720 --> 00:14:43,480 Speaker 2: You know where you're going and you know why you're 325 00:14:43,480 --> 00:14:43,920 Speaker 2: doing it. 326 00:14:44,240 --> 00:14:44,400 Speaker 1: Matt. 327 00:14:44,440 --> 00:14:46,120 Speaker 2: There was this old Fidelity study that you and I 328 00:14:46,120 --> 00:14:49,760 Speaker 2: have referenced over time as well on investing, and it 329 00:14:50,400 --> 00:14:53,680 Speaker 2: showed that seeing essentially like a digital rendering of what 330 00:14:53,720 --> 00:14:55,800 Speaker 2: you would look like in thirty to forty years, how 331 00:14:55,800 --> 00:14:57,760 Speaker 2: it could impact your willingness to invest. 332 00:14:57,840 --> 00:14:58,040 Speaker 1: Now. 333 00:14:58,080 --> 00:15:00,120 Speaker 2: I believe you and I took a picture on on 334 00:15:00,160 --> 00:15:03,360 Speaker 2: that app and we we should like, yeah, repost that 335 00:15:03,440 --> 00:15:06,720 Speaker 2: on Instagram, but we goot older. I think I was 336 00:15:06,720 --> 00:15:10,960 Speaker 2: happy with it. We're gonna be hot Grandpa's someday. But 337 00:15:11,680 --> 00:15:13,960 Speaker 2: the reality was like seeing what old you was going 338 00:15:14,000 --> 00:15:16,800 Speaker 2: to look like, it was going to create more empathy, 339 00:15:17,080 --> 00:15:19,040 Speaker 2: and it was going to cause a realization right that 340 00:15:19,080 --> 00:15:20,840 Speaker 2: you're actually going to be old someday, because there's something 341 00:15:20,880 --> 00:15:23,320 Speaker 2: about being in your twenties and you're like, yeah, I'm 342 00:15:23,320 --> 00:15:26,560 Speaker 2: gonna live forever, Hey, Grandpa, get out of here. It's 343 00:15:26,600 --> 00:15:29,440 Speaker 2: like I'm never going to be that, but you are like, 344 00:15:29,480 --> 00:15:32,200 Speaker 2: that's just how the world works, and Now there's new 345 00:15:32,280 --> 00:15:35,200 Speaker 2: data that essentially reinforces this fidelity survey from a long 346 00:15:35,200 --> 00:15:38,720 Speaker 2: time ago. There's a study from Sweden and it found 347 00:15:39,080 --> 00:15:42,520 Speaker 2: that people with low balanced savings accounts were fourteen percent 348 00:15:42,600 --> 00:15:45,960 Speaker 2: more likely to invest in a long term savings product 349 00:15:46,240 --> 00:15:49,760 Speaker 2: when they received a notification with a language prompting them 350 00:15:49,760 --> 00:15:54,040 Speaker 2: to think about the future first, just a notification map, like, hey, 351 00:15:54,280 --> 00:15:56,480 Speaker 2: just a prompt. Guess what little prompt? A minor prompt. 352 00:15:56,960 --> 00:15:59,840 Speaker 2: And I think it makes sense, right, Like, let's let's 353 00:16:00,160 --> 00:16:03,480 Speaker 2: use this sort of information to our advantage, realizing that 354 00:16:03,640 --> 00:16:06,440 Speaker 2: we have a hard time thinking about the future and 355 00:16:06,480 --> 00:16:09,920 Speaker 2: empathizing with our future selves. I think it's important for 356 00:16:09,960 --> 00:16:12,560 Speaker 2: how to money listeners to find a way to keep 357 00:16:12,560 --> 00:16:14,760 Speaker 2: their why behind investing top of mind. And I think 358 00:16:14,840 --> 00:16:17,840 Speaker 2: visuals can help. Whether that's literally doing the was it 359 00:16:17,880 --> 00:16:20,680 Speaker 2: the old OFFI app or whatever it was called, and 360 00:16:20,720 --> 00:16:24,680 Speaker 2: taking a picture and making yourself look old and then posting. 361 00:16:24,320 --> 00:16:25,760 Speaker 1: That somewhere in your room. 362 00:16:25,920 --> 00:16:27,440 Speaker 2: I don't know what you need to do. Make it 363 00:16:27,440 --> 00:16:30,280 Speaker 2: the wallpaper on your phone, yeah, or like sending a 364 00:16:30,320 --> 00:16:32,800 Speaker 2: monthly alert, Hey you're going to die someday, right, or 365 00:16:33,080 --> 00:16:36,600 Speaker 2: we're keeping some sort of like faux metal skull on 366 00:16:36,640 --> 00:16:38,640 Speaker 2: your dresser. I don't know what it is for you 367 00:16:38,680 --> 00:16:41,200 Speaker 2: that's going to help remind you that you are going 368 00:16:41,240 --> 00:16:44,120 Speaker 2: to get older over time, but I do think that 369 00:16:44,120 --> 00:16:48,400 Speaker 2: that sort of visualization and connection to that truth can 370 00:16:48,840 --> 00:16:51,360 Speaker 2: help you stay the course and potentially even bump up 371 00:16:51,400 --> 00:16:52,560 Speaker 2: your investing percentage. 372 00:16:52,680 --> 00:16:55,200 Speaker 1: Totally man, And this makes me. This reminds me of 373 00:16:55,240 --> 00:16:58,000 Speaker 1: something that I'm pretty sure mister money Mustache wrote. It's 374 00:16:58,040 --> 00:17:00,080 Speaker 1: a visual that has stuck with me ever since, and 375 00:17:00,120 --> 00:17:02,320 Speaker 1: it was something along the lines of that if you 376 00:17:02,360 --> 00:17:05,600 Speaker 1: spend money on just dumb stuff today, how essentially what 377 00:17:05,640 --> 00:17:08,000 Speaker 1: you're doing is you're taking a crap sandwich and you're 378 00:17:08,000 --> 00:17:10,240 Speaker 1: placing it on this conveyor belt, and it's going to 379 00:17:10,320 --> 00:17:12,280 Speaker 1: go off on his journey and then at some point 380 00:17:12,320 --> 00:17:14,000 Speaker 1: off in the future it comes back to future you 381 00:17:14,280 --> 00:17:16,600 Speaker 1: and this is something that you need it. Yeah, basically, 382 00:17:16,760 --> 00:17:19,640 Speaker 1: it's something that you have delivered to yourself as opposed 383 00:17:19,640 --> 00:17:24,320 Speaker 1: to instead investing your money and instead well, like what 384 00:17:24,359 --> 00:17:29,040 Speaker 1: that is is a delightful, thoughtful, generous gift to your 385 00:17:29,040 --> 00:17:31,320 Speaker 1: future self. It goes off on the conveyor belt and 386 00:17:31,320 --> 00:17:34,040 Speaker 1: then way off in the future, it's this nice present, 387 00:17:34,119 --> 00:17:36,000 Speaker 1: this nice gift that you get to receive. Think about 388 00:17:36,000 --> 00:17:38,000 Speaker 1: it that way. Just whatever it is, like you said, 389 00:17:38,000 --> 00:17:41,040 Speaker 1: that allows you to connect with your future self. Those 390 00:17:41,080 --> 00:17:42,280 Speaker 1: are the strategies to implement. 391 00:17:42,359 --> 00:17:44,760 Speaker 2: Okay, brief story my dad one time, I guess you 392 00:17:44,800 --> 00:17:47,360 Speaker 2: can swich instead of going instead of going to get 393 00:17:47,359 --> 00:17:51,840 Speaker 2: a colonoscopy, you could you could do what you needed 394 00:17:51,840 --> 00:17:54,960 Speaker 2: to do at home and then mail it in no way. 395 00:17:55,080 --> 00:18:02,520 Speaker 2: He accidentally mailed it to his to himself. So so 396 00:18:02,600 --> 00:18:05,879 Speaker 2: when he opened up that box at home, are you kidding? 397 00:18:05,920 --> 00:18:07,920 Speaker 2: And I came back like two days later and he's like, wait, oh, 398 00:18:08,000 --> 00:18:09,800 Speaker 2: what's this for me? And then he opened it, He's like, 399 00:18:09,800 --> 00:18:10,879 Speaker 2: oh gosh, what I do? 400 00:18:11,880 --> 00:18:14,560 Speaker 1: So speaking of crap sandwiches, that's what you want to avoid, 401 00:18:14,600 --> 00:18:15,640 Speaker 1: that's what you want to write there. 402 00:18:15,800 --> 00:18:18,800 Speaker 2: Yeah, all right, nice visual for everyone there, Matt. Are 403 00:18:18,800 --> 00:18:20,840 Speaker 2: we got more money saving information we got to get to, 404 00:18:20,960 --> 00:18:24,200 Speaker 2: including a price hike at one of the cell phone 405 00:18:24,280 --> 00:18:25,880 Speaker 2: companies and what you can do about it. We'll talk 406 00:18:25,880 --> 00:18:27,439 Speaker 2: about that and more right after this. 407 00:18:35,480 --> 00:18:37,840 Speaker 1: All right, buddy, we are back from the break. Still 408 00:18:37,840 --> 00:18:39,399 Speaker 1: can't get that visual out of your head? Can you? 409 00:18:40,400 --> 00:18:43,639 Speaker 1: I cannot? Now though, it is time for the ludicrous 410 00:18:43,680 --> 00:18:47,520 Speaker 1: headline of the week, which is from Bloomberg. The headline reads, 411 00:18:47,640 --> 00:18:51,439 Speaker 1: private clubs with fifty five thousand dollars memberships are taken 412 00:18:51,520 --> 00:18:55,480 Speaker 1: off in my Miami. Man, I thought folks who I 413 00:18:55,600 --> 00:18:58,960 Speaker 1: knew that were joining golf clubs this summer, your joel 414 00:18:59,040 --> 00:19:00,760 Speaker 1: that they were getting. I don't want to say take 415 00:19:00,760 --> 00:19:02,119 Speaker 1: an advantage of, because you know what it is that 416 00:19:02,119 --> 00:19:04,399 Speaker 1: you're signing up for, but it's so much money and 417 00:19:05,240 --> 00:19:07,920 Speaker 1: makes me think that just Miami is a completely different 418 00:19:07,960 --> 00:19:10,159 Speaker 1: place to live if there are clubs that cost you 419 00:19:10,320 --> 00:19:10,880 Speaker 1: that much money. 420 00:19:10,920 --> 00:19:13,040 Speaker 2: It's amazing too when people around you start to do 421 00:19:13,119 --> 00:19:16,240 Speaker 2: things and you would have thought were asinine or too expensive, 422 00:19:16,240 --> 00:19:18,080 Speaker 2: before all of a sudden you start to rationalizing. 423 00:19:18,040 --> 00:19:21,320 Speaker 1: It slowly starts seeming more and more normal. Yeah, so 424 00:19:21,560 --> 00:19:23,160 Speaker 1: you want to join the elite, You got to fork 425 00:19:23,160 --> 00:19:26,119 Speaker 1: over eight nine thousand dollars joining fee, and then of 426 00:19:26,160 --> 00:19:29,000 Speaker 1: course many thousands in fees every single year as well. 427 00:19:29,800 --> 00:19:33,440 Speaker 1: There are other clubs springing up in Miami also other 428 00:19:33,480 --> 00:19:37,280 Speaker 1: cities around the world as well, around food or wine specifically, 429 00:19:37,320 --> 00:19:40,240 Speaker 1: So not only do you have the honor of paying 430 00:19:40,240 --> 00:19:42,159 Speaker 1: for your meal, but you got to pay an annual 431 00:19:42,160 --> 00:19:44,119 Speaker 1: fee just to be able to get into the door. 432 00:19:44,520 --> 00:19:48,040 Speaker 2: It's an exclusive eating and drinking club. But what'm saying 433 00:19:48,280 --> 00:19:50,760 Speaker 2: his brother in law actually just opened up a wine 434 00:19:50,760 --> 00:19:54,200 Speaker 2: bar that is exclusive, and it's like you pay the 435 00:19:54,200 --> 00:19:57,280 Speaker 2: same prices that you would pay out at another fancy place. 436 00:19:57,320 --> 00:20:00,920 Speaker 2: But I guess because of the exclusion and the clientele 437 00:20:00,920 --> 00:20:04,000 Speaker 2: that are there kind of people man an annual or 438 00:20:04,000 --> 00:20:04,520 Speaker 2: a monthly fee. 439 00:20:04,520 --> 00:20:08,200 Speaker 1: On top of it, there's I mean, no shame, no shade, throne, 440 00:20:08,320 --> 00:20:10,520 Speaker 1: no hate if you're the kind of person who likes 441 00:20:10,680 --> 00:20:12,760 Speaker 1: ritzy clubs, But just make sure that you've got deep 442 00:20:12,840 --> 00:20:14,960 Speaker 1: enough pockets to handle something like this, Like don't, like 443 00:20:15,000 --> 00:20:17,200 Speaker 1: you said, don't get carried away thinking that like, well 444 00:20:17,240 --> 00:20:18,919 Speaker 1: this is this is just part of the course. This 445 00:20:18,960 --> 00:20:21,640 Speaker 1: is what has to be done now. And on top 446 00:20:21,680 --> 00:20:23,159 Speaker 1: of that, I would say for most of how the 447 00:20:23,200 --> 00:20:25,679 Speaker 1: money listeners, if you are craving those connections, just know 448 00:20:25,760 --> 00:20:27,520 Speaker 1: you don't have to fork over a thousands of dollars 449 00:20:27,600 --> 00:20:29,919 Speaker 1: to make it happen. There are lots of ways to 450 00:20:30,160 --> 00:20:33,000 Speaker 1: feel connected, not only to your community, your neighborhood, to 451 00:20:33,000 --> 00:20:34,840 Speaker 1: the town you live in. Like it makes me think 452 00:20:34,840 --> 00:20:38,000 Speaker 1: about we just last weekend, we ran a race and 453 00:20:38,040 --> 00:20:40,639 Speaker 1: by the way. Congrats to Joel. Joel's new nickname is 454 00:20:40,680 --> 00:20:45,120 Speaker 1: mister Bronze, having one third place in our age group. 455 00:20:45,160 --> 00:20:46,280 Speaker 2: Yeah, the old man age group. 456 00:20:46,400 --> 00:20:49,440 Speaker 1: Guess what, they don't give medals to the fourth place finishers, Joel, 457 00:20:49,520 --> 00:20:52,160 Speaker 1: that would be me right behind you for not running much. 458 00:20:52,680 --> 00:20:55,520 Speaker 1: You did well, thank you, you did even better. But 459 00:20:55,520 --> 00:20:57,520 Speaker 1: I would say there was I was in line getting 460 00:20:57,520 --> 00:20:59,280 Speaker 1: my bid number and I was just struck up a 461 00:20:59,280 --> 00:21:02,080 Speaker 1: conversation with dad and his daughter, had a nice little 462 00:21:02,119 --> 00:21:05,360 Speaker 1: chat there, wished them well did the race. I saw 463 00:21:05,400 --> 00:21:07,919 Speaker 1: them after the fact at the coffee shop and we 464 00:21:08,040 --> 00:21:10,280 Speaker 1: kind of like it reignited the conversations like, oh man, 465 00:21:10,320 --> 00:21:12,920 Speaker 1: you know, plus you have that post race running high 466 00:21:13,080 --> 00:21:15,160 Speaker 1: a little bit, kind of talked about how we did 467 00:21:15,359 --> 00:21:17,560 Speaker 1: just I don't know. It was just a great moment 468 00:21:17,720 --> 00:21:22,160 Speaker 1: of feeling connected to your community. And oftentimes I think 469 00:21:22,359 --> 00:21:25,119 Speaker 1: we chalk it up to it being this this like 470 00:21:25,200 --> 00:21:27,600 Speaker 1: massive undertaking, but it's these small things it makes me 471 00:21:27,600 --> 00:21:29,960 Speaker 1: think about, like like in the parenting community and circles, 472 00:21:30,000 --> 00:21:33,080 Speaker 1: they and Seinfeld talk about this. Actually he calls it 473 00:21:33,119 --> 00:21:35,560 Speaker 1: garbage time. And we think that what we need is 474 00:21:35,640 --> 00:21:38,080 Speaker 1: quality time like the big events, but what we need 475 00:21:38,080 --> 00:21:40,399 Speaker 1: to pay more attention to is garbage time. It's the 476 00:21:40,440 --> 00:21:43,359 Speaker 1: time that typically falls through the cracks that where a 477 00:21:43,359 --> 00:21:45,359 Speaker 1: lot of times we're not engaged and we're not willing 478 00:21:45,400 --> 00:21:47,600 Speaker 1: to talk to the people around us. We think it's 479 00:21:47,640 --> 00:21:50,280 Speaker 1: just throwaway time. But that garbage time is like the glue. 480 00:21:50,280 --> 00:21:53,720 Speaker 1: It's the things that hold things, that hold especially individuals together. 481 00:21:54,480 --> 00:21:56,480 Speaker 2: It's a random conversations that you get into with the 482 00:21:56,480 --> 00:21:57,560 Speaker 2: neighbor while you're on your walk. 483 00:21:57,680 --> 00:21:59,920 Speaker 1: Yes, and so just keep that in mind, like oftentimes 484 00:22:00,119 --> 00:22:03,320 Speaker 1: we are chalking up to these massive boulders, when in reality, 485 00:22:03,320 --> 00:22:06,639 Speaker 1: oftentimes it's like the it's the sand that forms the cements, 486 00:22:06,720 --> 00:22:08,399 Speaker 1: the mortar that holds us together. Here you go. I 487 00:22:08,480 --> 00:22:08,760 Speaker 1: like it. 488 00:22:08,960 --> 00:22:10,800 Speaker 2: I like that, and I think lots of times it 489 00:22:10,840 --> 00:22:13,400 Speaker 2: can be around physical activity, but I think the other Yeah. 490 00:22:13,440 --> 00:22:16,960 Speaker 2: The other thing to prioritize is serving volunteering. That's just 491 00:22:17,000 --> 00:22:20,159 Speaker 2: another way. It's amazing how when you give your time 492 00:22:20,359 --> 00:22:23,840 Speaker 2: in an effort toward to help a local organization, that 493 00:22:24,320 --> 00:22:26,320 Speaker 2: you'll find other people who have a similar sort of 494 00:22:26,359 --> 00:22:30,200 Speaker 2: heart and mindset, and that creates really deep connections. So 495 00:22:30,240 --> 00:22:32,640 Speaker 2: if you're feeling like, man, my connections aren't as deep 496 00:22:32,640 --> 00:22:34,920 Speaker 2: as I want to maybe I should join this expensive 497 00:22:34,920 --> 00:22:36,840 Speaker 2: club over here. There's probably a better way to go 498 00:22:36,920 --> 00:22:38,480 Speaker 2: that's going to cost you less money. It's probably going 499 00:22:38,560 --> 00:22:41,960 Speaker 2: to like make you feel like a healthy or more 500 00:22:42,119 --> 00:22:44,960 Speaker 2: well rounded person too. Totally yeah, totally agree, instead of 501 00:22:44,960 --> 00:22:45,840 Speaker 2: just drinking the fancy wine. 502 00:22:45,840 --> 00:22:48,000 Speaker 1: So we just want to push folks in the direction 503 00:22:48,119 --> 00:22:50,960 Speaker 1: of not signing up and spending incredible amounts of money 504 00:22:51,040 --> 00:22:53,800 Speaker 1: for something that feels a bit like conspicuous consumption. 505 00:22:53,880 --> 00:22:55,520 Speaker 2: And must be honest, I'm not a guest a fancy 506 00:22:55,560 --> 00:22:57,640 Speaker 2: wine it every now and again, even though I'm more 507 00:22:57,680 --> 00:23:02,320 Speaker 2: like correctly signature wine dude. But still, what about spending 508 00:23:02,359 --> 00:23:04,600 Speaker 2: money on a smaller scale, maybe to hire people to 509 00:23:04,680 --> 00:23:06,760 Speaker 2: wait in line for you. There was an article about 510 00:23:06,800 --> 00:23:08,199 Speaker 2: that this week, and it just kind of struck me 511 00:23:08,920 --> 00:23:11,359 Speaker 2: in an interesting way because initionally enough, now you can 512 00:23:11,440 --> 00:23:13,880 Speaker 2: hire someone to wait in line to help you get 513 00:23:13,880 --> 00:23:15,800 Speaker 2: a seat at a restaurant you're interested in. I was 514 00:23:15,840 --> 00:23:18,159 Speaker 2: thinking about that when I was at Franklin's Barbecue and 515 00:23:18,160 --> 00:23:20,760 Speaker 2: Austin recently. Fortunately it was a slow line, but I 516 00:23:20,760 --> 00:23:23,840 Speaker 2: guarantee you people pay someone else to wait in line 517 00:23:23,880 --> 00:23:25,840 Speaker 2: to get their brisket for them, or let's say, to 518 00:23:25,880 --> 00:23:29,000 Speaker 2: snag tickets to a popular show that to hang out 519 00:23:29,000 --> 00:23:31,840 Speaker 2: at the box office. When those tickets go on sale, 520 00:23:32,160 --> 00:23:34,720 Speaker 2: more people seem to be willing to pay. I would 521 00:23:34,760 --> 00:23:37,840 Speaker 2: say a not insignificant sum to have someone else wait 522 00:23:37,880 --> 00:23:39,760 Speaker 2: in line for them. You can use sites like task, 523 00:23:39,800 --> 00:23:42,159 Speaker 2: grab it or skip the line. I'm curious from your 524 00:23:42,160 --> 00:23:44,120 Speaker 2: point of view, man, would you pay for that? 525 00:23:45,119 --> 00:23:47,440 Speaker 1: I know, no, you wouldn't. I mean, well, I haven't, 526 00:23:47,560 --> 00:23:50,840 Speaker 1: And I'm trying to invent either scenario where I might 527 00:23:50,960 --> 00:23:53,080 Speaker 1: would want to do something like that, and I can't 528 00:23:53,119 --> 00:23:54,000 Speaker 1: really think of a scenario. 529 00:23:54,040 --> 00:23:56,800 Speaker 2: Okay, I was thinking. My initial knee jerk reaction was like, 530 00:23:56,840 --> 00:23:58,520 Speaker 2: no way would I pay someone to wait in line 531 00:23:58,560 --> 00:24:01,920 Speaker 2: for me? But is it all that dissimilar from using Instacart. 532 00:24:02,480 --> 00:24:05,439 Speaker 2: I've been I don't use either, so it's a slippery slope. 533 00:24:05,480 --> 00:24:09,000 Speaker 2: You over there paying for your luxury services. Well, and 534 00:24:09,040 --> 00:24:10,440 Speaker 2: I don't know if I've revealed this on the show. 535 00:24:10,520 --> 00:24:12,520 Speaker 2: Somebody posted in the how to Money Facebook group, but 536 00:24:12,880 --> 00:24:15,880 Speaker 2: Costco has stopped selling the discounted Instacart gift card. 537 00:24:15,920 --> 00:24:17,920 Speaker 1: Oh no, which means they found you. 538 00:24:17,920 --> 00:24:21,199 Speaker 2: Out getting my and they're like he told everybody, and 539 00:24:21,200 --> 00:24:23,480 Speaker 2: now they're doing it too. We got we gotta put 540 00:24:23,480 --> 00:24:25,719 Speaker 2: the kibosh on this, so you can't get them in 541 00:24:25,760 --> 00:24:29,320 Speaker 2: my local store or on the Costco website anymore, which 542 00:24:29,359 --> 00:24:31,280 Speaker 2: means if I want to keep doing that, it just 543 00:24:31,320 --> 00:24:33,560 Speaker 2: means my grocery bill is going to inflate. And I 544 00:24:33,600 --> 00:24:35,119 Speaker 2: got outside whether or not I'm going to go do 545 00:24:35,200 --> 00:24:36,399 Speaker 2: my own grocery shopping or not. 546 00:24:36,480 --> 00:24:38,520 Speaker 1: Now they bait and switched to dude they did. 547 00:24:38,840 --> 00:24:40,360 Speaker 2: I have a feeling I'm gonna be doing my own 548 00:24:40,359 --> 00:24:42,119 Speaker 2: grocery shopping because I won't be able to stomach it 549 00:24:42,119 --> 00:24:45,880 Speaker 2: without the discount. But I think it's okay at times 550 00:24:46,160 --> 00:24:48,959 Speaker 2: to value your time more than you value your money. 551 00:24:49,280 --> 00:24:52,120 Speaker 2: I think this just all goes in under the fancy 552 00:24:52,160 --> 00:24:53,920 Speaker 2: club and the weight that paying people to wait in 553 00:24:53,960 --> 00:24:57,080 Speaker 2: lines for you don't get accustomed to paying for perks 554 00:24:57,119 --> 00:24:58,960 Speaker 2: you can't afford. It's kind of like once you let 555 00:24:58,960 --> 00:25:01,359 Speaker 2: the genie out of the box, matt or bottle or 556 00:25:01,400 --> 00:25:04,840 Speaker 2: whatever it is you once you rubbed that lamp, once 557 00:25:04,880 --> 00:25:08,480 Speaker 2: you rubbed that box, and the cat comes flying out, 558 00:25:09,440 --> 00:25:12,119 Speaker 2: genie pops out, and you can't get the genie back in. 559 00:25:12,200 --> 00:25:16,159 Speaker 2: It's I think most people just wait longer till you 560 00:25:16,200 --> 00:25:17,800 Speaker 2: go in for let's say you're like, oh, I'm going 561 00:25:17,880 --> 00:25:20,479 Speaker 2: to hire someone to clean my house, make sure you 562 00:25:20,480 --> 00:25:23,639 Speaker 2: can sustain that for many years to come, because the 563 00:25:23,800 --> 00:25:25,800 Speaker 2: likelihood that you're gonna dial that back and start cleaning 564 00:25:25,800 --> 00:25:27,800 Speaker 2: your own house again, it goes down significantly. 565 00:25:27,800 --> 00:25:30,920 Speaker 1: I will say that was one of my biggest not complaints, 566 00:25:30,920 --> 00:25:32,399 Speaker 1: but the thing one of the things I was worried 567 00:25:32,440 --> 00:25:35,160 Speaker 1: about when it came to so for two summers now, 568 00:25:35,560 --> 00:25:37,280 Speaker 1: and maybe I'm jumping the gun on this, but we 569 00:25:37,280 --> 00:25:41,000 Speaker 1: stayed out of a really fancy beach house we went 570 00:25:41,040 --> 00:25:43,480 Speaker 1: to together with our families at the beach, and I 571 00:25:43,520 --> 00:25:46,639 Speaker 1: remember my biggest hang up was thinking, we're locked into this. 572 00:25:46,920 --> 00:25:48,760 Speaker 1: There is no way that we're going to be coming 573 00:25:48,760 --> 00:25:50,480 Speaker 1: back from it, because it was just so nice. 574 00:25:50,840 --> 00:25:54,320 Speaker 2: But it was a far cry from the nineteen sixties 575 00:25:54,359 --> 00:25:56,560 Speaker 2: the other places that we would pay on the you 576 00:25:56,600 --> 00:25:58,480 Speaker 2: know how to been to before exactly. 577 00:25:58,560 --> 00:26:01,520 Speaker 1: But we did pull back. So, I mean, this coming summer, 578 00:26:01,560 --> 00:26:04,200 Speaker 1: we've were planning on going to a spot that's much 579 00:26:04,480 --> 00:26:06,560 Speaker 1: much more affordable, and in large part that was because 580 00:26:06,560 --> 00:26:08,760 Speaker 1: the price of that fancy spot kept going up. We 581 00:26:08,800 --> 00:26:11,359 Speaker 1: found it right when it was listed cross checked it 582 00:26:11,400 --> 00:26:13,640 Speaker 1: with an actual realtor website. It was a legit place. 583 00:26:13,680 --> 00:26:16,119 Speaker 1: They just didn't have their reviews on when we booked 584 00:26:16,160 --> 00:26:18,040 Speaker 1: it on like Verbo or something like that, and so 585 00:26:18,280 --> 00:26:21,520 Speaker 1: basically they're just waiting to get a solid arsenal of 586 00:26:21,560 --> 00:26:25,439 Speaker 1: reviews before they like double the price now, which, uh, yeah, prices, 587 00:26:25,520 --> 00:26:26,960 Speaker 1: we can't. We can't do this, dude. 588 00:26:26,960 --> 00:26:28,840 Speaker 2: The price on that skyrocketed, but you know, we were 589 00:26:29,119 --> 00:26:32,080 Speaker 2: price sensitive and we said listen, when it was reasonable, 590 00:26:32,160 --> 00:26:34,040 Speaker 2: we did it. And now we're not going to be 591 00:26:34,080 --> 00:26:35,800 Speaker 2: in nearly as fancy accommodations this year. 592 00:26:36,080 --> 00:26:38,200 Speaker 1: But it wasn't easy to do that. Well, it wasn't 593 00:26:38,520 --> 00:26:40,399 Speaker 1: It was not easy for us to have, Like it 594 00:26:40,440 --> 00:26:42,080 Speaker 1: was a conversation that we had, really all right, what 595 00:26:42,080 --> 00:26:44,040 Speaker 1: do y'all think, Like this is a lot more expensive, 596 00:26:44,080 --> 00:26:46,800 Speaker 1: and it was really tempting to continue to pay out 597 00:26:46,800 --> 00:26:49,159 Speaker 1: the nose for this thing. But in the end, maybe 598 00:26:49,160 --> 00:26:51,399 Speaker 1: because of the fact that we knew the kind of 599 00:26:51,680 --> 00:26:54,080 Speaker 1: podcast that we host, we were talking about personal finance, 600 00:26:54,080 --> 00:26:55,560 Speaker 1: We're just like, we can't let ourselves do this. 601 00:26:55,600 --> 00:26:57,680 Speaker 2: And once you allow yourself to get that caveaart taste, 602 00:26:57,680 --> 00:26:58,119 Speaker 2: it's hard. 603 00:26:57,960 --> 00:26:59,720 Speaker 1: To go back to eating hot dogs. It's kind of 604 00:26:59,720 --> 00:27:01,879 Speaker 1: like one you get the automatic sliding doors. It's just 605 00:27:01,920 --> 00:27:04,600 Speaker 1: like that's what I'm just gonna drive forever, right right, 606 00:27:05,560 --> 00:27:09,000 Speaker 1: all right, man, let's talk about higher education. The decision 607 00:27:09,119 --> 00:27:12,239 Speaker 1: to get a college degree is less clear cut than 608 00:27:12,280 --> 00:27:14,360 Speaker 1: it used to be, Like it made so much economic 609 00:27:14,440 --> 00:27:17,359 Speaker 1: sense decades ago, right like fifty years ago, it was 610 00:27:17,359 --> 00:27:19,919 Speaker 1: the no brainer path to a middle class life for 611 00:27:20,040 --> 00:27:23,880 Speaker 1: our parents. The cost was reasonable. Today twenty twenty five, 612 00:27:23,960 --> 00:27:27,000 Speaker 1: making the wrong decision about what degree you choose, where 613 00:27:27,040 --> 00:27:28,120 Speaker 1: you go to school. 614 00:27:29,000 --> 00:27:31,280 Speaker 2: How much debt you're willing to take on, Like this 615 00:27:31,320 --> 00:27:33,680 Speaker 2: is a high stakes gamble, Like you mess it up 616 00:27:34,040 --> 00:27:36,399 Speaker 2: one one false move, one false step, and it's going 617 00:27:36,480 --> 00:27:39,240 Speaker 2: to hamper your future for decades to come. Yeah, well 618 00:27:39,480 --> 00:27:42,160 Speaker 2: it's not very forgiving if you make the wrong take there. 619 00:27:42,440 --> 00:27:46,920 Speaker 1: College attendance has been declining since COVID, basically the tide 620 00:27:46,920 --> 00:27:50,760 Speaker 1: is turning. And Harvard they just announced that tuition is 621 00:27:50,800 --> 00:27:53,240 Speaker 1: going to be free for students coming from families that 622 00:27:53,280 --> 00:27:56,959 Speaker 1: make less than two hundred thousand dollars a year. That 623 00:27:57,040 --> 00:27:59,600 Speaker 1: threshold used to be set at eighty five thousand dollars. 624 00:27:59,640 --> 00:28:01,760 Speaker 1: So it's a a massive increase. 625 00:28:01,720 --> 00:28:03,800 Speaker 2: Of joining what MIT and a couple of other Ivy 626 00:28:03,880 --> 00:28:05,000 Speaker 2: League schools have already done that. 627 00:28:05,080 --> 00:28:07,240 Speaker 1: It's a great trend that a lot of schools are 628 00:28:08,040 --> 00:28:10,600 Speaker 1: are headed in. Other data has found that while the 629 00:28:10,640 --> 00:28:13,480 Speaker 1: sticker price of college continues to rise, that the post 630 00:28:13,640 --> 00:28:17,159 Speaker 1: discount rate has been falling thanks to more generous financial 631 00:28:17,200 --> 00:28:19,439 Speaker 1: aid packages. This is exactly what we talked about with 632 00:28:19,520 --> 00:28:22,520 Speaker 1: Ron Lieber back in the day. College costs are still 633 00:28:22,520 --> 00:28:26,040 Speaker 1: opaque and they can appear outrageously expensive on the surface. 634 00:28:26,080 --> 00:28:28,920 Speaker 1: Everybody wants to have that super high sticker price, super 635 00:28:29,000 --> 00:28:32,440 Speaker 1: high MSRP. But to the diligit it is totally possible 636 00:28:32,480 --> 00:28:35,359 Speaker 1: to get that degree for less. And I'm also happy 637 00:28:35,400 --> 00:28:37,720 Speaker 1: to see someone like Harvard with a fifty billion dollars 638 00:28:37,800 --> 00:28:41,160 Speaker 1: plus endowment like using some of that perhaps to be 639 00:28:41,200 --> 00:28:43,160 Speaker 1: more welcoming to a lot of the different folks who 640 00:28:43,160 --> 00:28:44,920 Speaker 1: are interested in going to school but can't afford it. 641 00:28:45,000 --> 00:28:47,719 Speaker 2: Yeah, it's almost as if they think of themselves as 642 00:28:47,720 --> 00:28:49,600 Speaker 2: a luxury brand, some of these colleges, and if they 643 00:28:49,600 --> 00:28:52,600 Speaker 2: have to reduce their sticker price, then it reflects poorly 644 00:28:52,760 --> 00:28:56,600 Speaker 2: on the branding of that college or university. But the 645 00:28:56,640 --> 00:29:00,400 Speaker 2: truth is most applicants can if they take the right tact, 646 00:29:00,720 --> 00:29:03,920 Speaker 2: pay less than they might have otherwise paid five, six, 647 00:29:04,000 --> 00:29:06,280 Speaker 2: seven years ago and the Wall Street Journal Matt they 648 00:29:06,280 --> 00:29:09,480 Speaker 2: profiled a tenacious student who really wanted to go to NYU, 649 00:29:09,680 --> 00:29:11,120 Speaker 2: but she wanted to go for free because it was 650 00:29:11,160 --> 00:29:12,760 Speaker 2: so darn expensive. 651 00:29:12,320 --> 00:29:13,040 Speaker 1: To go to NYU. 652 00:29:13,080 --> 00:29:14,720 Speaker 2: She was like, the only way I'm gonna be able 653 00:29:14,720 --> 00:29:16,960 Speaker 2: to do this is if I don't have to fork 654 00:29:17,000 --> 00:29:19,800 Speaker 2: over any money. And this was such a fascinating article. 655 00:29:20,840 --> 00:29:23,800 Speaker 2: The woman's name was Sierra Billy. She made it happen 656 00:29:24,160 --> 00:29:27,680 Speaker 2: by applying for financial aid and scholarships, and then she 657 00:29:27,920 --> 00:29:30,440 Speaker 2: like locked horns with the financial aid department. She started 658 00:29:30,480 --> 00:29:33,800 Speaker 2: negotiating with them, pushing back on what they were offering 659 00:29:33,840 --> 00:29:37,080 Speaker 2: her like it, and she was able to attend NYU 660 00:29:37,240 --> 00:29:40,520 Speaker 2: for all those years for free. Now she's trying to 661 00:29:40,520 --> 00:29:43,120 Speaker 2: go to law school for free. So I'm like, she's 662 00:29:43,160 --> 00:29:45,640 Speaker 2: just saying like there's no end to the free education 663 00:29:46,040 --> 00:29:47,600 Speaker 2: that I want, which I think is awesome. I think 664 00:29:47,640 --> 00:29:49,280 Speaker 2: more power to her makes me want to get her 665 00:29:49,320 --> 00:29:51,760 Speaker 2: on the show to talk about all the strategies that 666 00:29:51,840 --> 00:29:54,920 Speaker 2: she used. But it's also possible to get a degree 667 00:29:54,920 --> 00:29:56,680 Speaker 2: for free. You don't even have to be quite as 668 00:29:56,720 --> 00:30:01,240 Speaker 2: tenacious as Sierra was, and not just into Ivy League schools, 669 00:30:01,440 --> 00:30:04,200 Speaker 2: because let's be honest, Matt, the admission rate at some 670 00:30:04,240 --> 00:30:07,200 Speaker 2: of the most of those Ivy League schools is pitifully small. 671 00:30:07,280 --> 00:30:10,440 Speaker 2: So even if you're like, oh, free school, well, do 672 00:30:10,480 --> 00:30:13,320 Speaker 2: you have like straight a's in a fifteen hundred SAT 673 00:30:13,560 --> 00:30:15,520 Speaker 2: or I don't know. I think the SAT works on 674 00:30:15,520 --> 00:30:18,240 Speaker 2: a different scale now. But yeah, if you're not going 675 00:30:18,280 --> 00:30:20,320 Speaker 2: to commit to full time scholarship hunting, how are you 676 00:30:20,360 --> 00:30:23,160 Speaker 2: going to get that free education? Well, this website, appily, 677 00:30:23,240 --> 00:30:25,360 Speaker 2: we'll link to this in the show notes just came 678 00:30:25,400 --> 00:30:28,880 Speaker 2: out with a list of colleges offering free degrees and 679 00:30:28,960 --> 00:30:31,600 Speaker 2: they spell out what it takes to qualify for that 680 00:30:31,680 --> 00:30:34,280 Speaker 2: one hundred percent discount. I think it's just nice to 681 00:30:34,320 --> 00:30:36,320 Speaker 2: know ahead of time what it takes to qualify, what 682 00:30:36,360 --> 00:30:39,840 Speaker 2: it takes to get that free education, and it's more available. 683 00:30:39,840 --> 00:30:43,000 Speaker 2: Whether it's like whether certain states offer incentives like our 684 00:30:43,040 --> 00:30:46,880 Speaker 2: home state, Matt, or whether it's just a college that says, hey, 685 00:30:46,880 --> 00:30:48,480 Speaker 2: if you make under this amount or if you meet 686 00:30:48,520 --> 00:30:51,440 Speaker 2: these certain metrics, you get to come here for free. 687 00:30:51,840 --> 00:30:54,320 Speaker 2: That could easily sway your decision from saying I really 688 00:30:54,360 --> 00:30:55,880 Speaker 2: want to go to this dream school. Man, it's going 689 00:30:55,960 --> 00:30:57,680 Speaker 2: to cost so much. But wait a second, this other 690 00:30:57,680 --> 00:30:59,680 Speaker 2: school looks like a great option. I didn't realize I 691 00:30:59,680 --> 00:31:01,200 Speaker 2: could go for essentially nothing. 692 00:31:01,360 --> 00:31:03,160 Speaker 1: Yeah. Going back to Sierra, though, do you know the 693 00:31:03,200 --> 00:31:05,840 Speaker 1: real secret to her success though? You do tell it 694 00:31:05,880 --> 00:31:07,640 Speaker 1: was the fact that she had a color coded Excel 695 00:31:07,960 --> 00:31:10,440 Speaker 1: file that she kept up with all of her different 696 00:31:10,960 --> 00:31:14,200 Speaker 1: student aid packet offers that she was receiving. I had 697 00:31:14,240 --> 00:31:15,560 Speaker 1: different scholarships and grants. 698 00:31:15,960 --> 00:31:18,640 Speaker 2: That's how you do it. Boy, I definitely thought of 699 00:31:18,640 --> 00:31:20,600 Speaker 2: you when I read that line. I was like, Oh, 700 00:31:20,680 --> 00:31:22,680 Speaker 2: she is also a stickler for the details. 701 00:31:22,720 --> 00:31:24,720 Speaker 1: You got to get after it. Man, Let's talk about 702 00:31:24,840 --> 00:31:28,200 Speaker 1: cell phones because T Mobile announced that it is raising 703 00:31:28,280 --> 00:31:31,640 Speaker 1: prices starting in early April, increasing rates by as much 704 00:31:31,680 --> 00:31:34,200 Speaker 1: as five dollars a line. And I think what's going 705 00:31:34,240 --> 00:31:36,280 Speaker 1: on here is that they're hoping that you won't notice, 706 00:31:36,520 --> 00:31:38,600 Speaker 1: or that you'll be like the frog in the pot 707 00:31:38,600 --> 00:31:41,600 Speaker 1: of warming water. You're gonna be attempted to chalk it 708 00:31:41,680 --> 00:31:44,440 Speaker 1: up to you know, oh, it's inflation, or maybe it's terrorists. 709 00:31:44,440 --> 00:31:46,240 Speaker 1: But the truth is cell phone service has been on 710 00:31:46,360 --> 00:31:50,280 Speaker 1: a deflationary trend. There's so much competition in the space, 711 00:31:50,520 --> 00:31:52,640 Speaker 1: and the folks who are losing out on the savings 712 00:31:52,680 --> 00:31:54,880 Speaker 1: are the ones who stay put instead of jumping out 713 00:31:54,880 --> 00:31:56,760 Speaker 1: of the water before it gets boiling. So if you 714 00:31:56,800 --> 00:31:59,280 Speaker 1: received a text about your your cell phone plant increasing 715 00:31:59,320 --> 00:32:02,120 Speaker 1: in price, don't put up with it. Man, You're right, 716 00:32:02,240 --> 00:32:04,040 Speaker 1: it's one of these things that has been going down 717 00:32:04,040 --> 00:32:06,520 Speaker 1: and down in price, and so it's but many people 718 00:32:06,520 --> 00:32:08,640 Speaker 1: have not partaken in the benefits. There are just so 719 00:32:08,720 --> 00:32:11,720 Speaker 1: many better choices than just going with the big companies 720 00:32:11,720 --> 00:32:14,920 Speaker 1: who advertise like who have all the commercials and are 721 00:32:14,960 --> 00:32:19,000 Speaker 1: sponsoring your favorite sports teams. Cable companies, for instance, surprisingly 722 00:32:19,200 --> 00:32:22,240 Speaker 1: have launched decent cell phone service products, like Comcast and 723 00:32:22,320 --> 00:32:25,000 Speaker 1: Charter Comcasts. Some people are like, I'll never doing business 724 00:32:25,040 --> 00:32:26,400 Speaker 1: with them again because of what they did to me. 725 00:32:26,520 --> 00:32:28,200 Speaker 1: A lot of people feel that way about that company. 726 00:32:28,240 --> 00:32:31,320 Speaker 1: But those companies have actually launched cell phone services that 727 00:32:31,320 --> 00:32:34,680 Speaker 1: are pretty decent. They've offered discount plans. Their plans, I think, 728 00:32:34,760 --> 00:32:36,960 Speaker 1: still don't provide the best value, even though they've been 729 00:32:37,000 --> 00:32:39,520 Speaker 1: gaining market share mid mobile. That's what we've talked about 730 00:32:39,520 --> 00:32:42,400 Speaker 1: for a long time. Day rock Boost is another solid 731 00:32:42,480 --> 00:32:46,040 Speaker 1: cheap option so is visible, but then US Mobile. It's 732 00:32:46,080 --> 00:32:48,600 Speaker 1: our current favorites and it's who we use right now. 733 00:32:48,760 --> 00:32:51,600 Speaker 1: Seventeen dollars and fifty cents a month matt for unlimited 734 00:32:51,960 --> 00:32:54,960 Speaker 1: cell phone service is pretty great. Look into the details 735 00:32:54,960 --> 00:32:56,560 Speaker 1: see whether or not it's going to work for you. 736 00:32:57,000 --> 00:32:59,080 Speaker 1: But when the big cell phone providers say, hey, prices 737 00:32:59,120 --> 00:33:02,200 Speaker 1: are going up, it's so easy to say not for me, 738 00:33:02,240 --> 00:33:04,880 Speaker 1: they're not. Yeah. The great thing about switching cell phone providers, too, 739 00:33:04,920 --> 00:33:06,480 Speaker 1: is that you save a ton of money, but you're 740 00:33:06,520 --> 00:33:09,480 Speaker 1: not downgrading in a serious way. And that's not the 741 00:33:09,520 --> 00:33:12,000 Speaker 1: case with most things that we buy, like especially when 742 00:33:12,040 --> 00:33:14,000 Speaker 1: it comes to things in the physical world, like if 743 00:33:14,040 --> 00:33:15,800 Speaker 1: you are going to spend less on a pair of shoes, 744 00:33:16,240 --> 00:33:18,560 Speaker 1: you're often going to get a cheaper pair, like it's 745 00:33:18,560 --> 00:33:21,000 Speaker 1: an inferior product. Basically, unless you're getting them massively on 746 00:33:21,040 --> 00:33:22,200 Speaker 1: sale like you tend to do. 747 00:33:22,280 --> 00:33:24,720 Speaker 2: You get your shoes at Walmart or pay Less versus 748 00:33:24,920 --> 00:33:26,520 Speaker 2: one of the name brands, it's not the same. You're 749 00:33:26,560 --> 00:33:28,760 Speaker 2: probably they're not gonna last as long, or maybe if 750 00:33:28,800 --> 00:33:30,600 Speaker 2: you're running in them you can hurt your feet. 751 00:33:30,680 --> 00:33:34,120 Speaker 1: Or even like going with Spirit Airlines over Delta. Sure 752 00:33:34,200 --> 00:33:36,160 Speaker 1: you're saving money, but there are trade offs. You need 753 00:33:36,200 --> 00:33:38,520 Speaker 1: to make sure you're aware of the trade offs. New 754 00:33:38,600 --> 00:33:41,080 Speaker 1: York Magazine they had an article about the difference between 755 00:33:41,160 --> 00:33:44,040 Speaker 1: a thirty dollars pair and a three hundred dollars pair 756 00:33:44,160 --> 00:33:47,160 Speaker 1: of Jeens. The materials that they use to make these 757 00:33:47,200 --> 00:33:51,000 Speaker 1: genes are meaningfully different, the craftsmanship, the design, they're typically 758 00:33:51,040 --> 00:33:54,320 Speaker 1: superior when you pay a lot more. So we're sharing 759 00:33:54,360 --> 00:33:56,560 Speaker 1: this not as a blanket statement to always go for 760 00:33:56,720 --> 00:33:59,200 Speaker 1: the cheaper item or the cheaper service out there, because 761 00:33:59,280 --> 00:34:02,080 Speaker 1: sometimes it might be worth it to pay more for 762 00:34:02,160 --> 00:34:05,360 Speaker 1: specific items. I mean especially items that you love and 763 00:34:05,600 --> 00:34:07,960 Speaker 1: just certain items that you use frequently, right, Like, if 764 00:34:07,960 --> 00:34:10,000 Speaker 1: it's something that you're going to be interacting with on 765 00:34:10,040 --> 00:34:12,080 Speaker 1: a regular basis. We talked about this in a recent 766 00:34:12,600 --> 00:34:15,600 Speaker 1: and the recent newsletter Buy once, cry once. If it's 767 00:34:15,719 --> 00:34:19,480 Speaker 1: especially if it's something that if you're constantly reminding yourself 768 00:34:19,480 --> 00:34:21,120 Speaker 1: of how cheap something is, I don't know, maybe it's 769 00:34:21,160 --> 00:34:21,839 Speaker 1: worth it to up right. 770 00:34:22,640 --> 00:34:25,920 Speaker 2: Well, yeah, I think that's the downside of Shean and Timu. 771 00:34:26,120 --> 00:34:28,439 Speaker 2: The sights of people have been gravitating towards to save 772 00:34:28,480 --> 00:34:30,720 Speaker 2: money on clothing, and I've just heard so many people 773 00:34:30,760 --> 00:34:33,640 Speaker 2: say I didn't it lasted like two wears. It ripped 774 00:34:33,760 --> 00:34:35,879 Speaker 2: or it was it didn't fit the way I thought 775 00:34:35,880 --> 00:34:38,439 Speaker 2: it was going to. And that's like the complaint in 776 00:34:38,640 --> 00:34:42,719 Speaker 2: the cheaper jans world is the way they're manufactured. That 777 00:34:42,800 --> 00:34:44,760 Speaker 2: you buy one pair of Genes and you buy the 778 00:34:44,400 --> 00:34:48,000 Speaker 2: same pair in a different color, and the fit's completely 779 00:34:48,040 --> 00:34:50,200 Speaker 2: different just because the material that's used and the craftmanship 780 00:34:50,280 --> 00:34:50,759 Speaker 2: isn't there. 781 00:34:50,960 --> 00:34:52,480 Speaker 1: So I'm made in a different factory. 782 00:34:52,520 --> 00:34:54,480 Speaker 2: Dude, I think about the jeans I wear. I've had 783 00:34:54,520 --> 00:34:56,279 Speaker 2: the same pair of Genes. I know, you have two 784 00:34:56,280 --> 00:34:58,839 Speaker 2: for like seven or eight years. I mean wearing them 785 00:34:58,840 --> 00:35:00,839 Speaker 2: over and over and over for a longeriod of time, and. 786 00:35:00,800 --> 00:35:02,760 Speaker 1: They weren't even the three hundred dollars pair of Gens. 787 00:35:02,840 --> 00:35:04,480 Speaker 1: Yeah no, no, mean you said that quickly, but like 788 00:35:04,480 --> 00:35:06,400 Speaker 1: somewhere in somewhere in between, you know, it's just a 789 00:35:06,400 --> 00:35:08,920 Speaker 1: one hundred hundred bucks is about what I am the 790 00:35:08,960 --> 00:35:10,680 Speaker 1: top end of what I'm willing to pay for a 791 00:35:10,680 --> 00:35:14,160 Speaker 1: pair of jeans. But then they're just they're better crafted, 792 00:35:14,440 --> 00:35:16,919 Speaker 1: they look good, they fit good, and I'm gonna hold 793 00:35:16,920 --> 00:35:18,080 Speaker 1: on to him for a long time. And that's where 794 00:35:18,120 --> 00:35:20,040 Speaker 1: like the price per weear comes in. I think It's 795 00:35:20,040 --> 00:35:22,080 Speaker 1: a really good metric for people to use when they're 796 00:35:22,080 --> 00:35:23,920 Speaker 1: thinking about what they're buying. Hey, am I willing to 797 00:35:23,920 --> 00:35:26,000 Speaker 1: pay a little more upfront because I know it's gonna 798 00:35:26,040 --> 00:35:28,160 Speaker 1: last longer. I'm gonna wear it a whole lot more 799 00:35:28,320 --> 00:35:30,360 Speaker 1: than the cheaper item that I might have to discard 800 00:35:30,560 --> 00:35:32,640 Speaker 1: in a whole lot less time. Totally. All right, that's 801 00:35:32,640 --> 00:35:34,600 Speaker 1: gonna be it for their Friday flight. Have a great weekend. 802 00:35:34,719 --> 00:35:36,879 Speaker 1: We'll see back here on Monday with a fresh ask 803 00:35:37,000 --> 00:35:39,439 Speaker 1: how to money? Until next time, Buddy, best friends out, 804 00:35:39,560 --> 00:35:54,200 Speaker 1: Best friends out? 805 00:35:54,880 --> 00:35:58,560 Speaker 2: Yeah, I think he like, Yeah, No, I think he. 806 00:35:58,760 --> 00:36:00,360 Speaker 2: I don't remember which one it was, but it was 807 00:36:00,360 --> 00:36:05,279 Speaker 2: something like that where yeah, yeah, you're excited about the 808 00:36:05,280 --> 00:36:06,439 Speaker 2: packages to show up at your house. 809 00:36:07,440 --> 00:36:07,680 Speaker 1: Man