1 00:00:00,080 --> 00:00:03,120 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,320 --> 00:00:07,440 Speaker 1: and today we're discussing Prime Day, Reprise, subversive subscriptions, and 3 00:00:07,520 --> 00:00:29,360 Speaker 1: moving for money. You know, buddy, this is our Friday 4 00:00:29,400 --> 00:00:31,680 Speaker 1: flight where we are gonna go over some of our 5 00:00:31,800 --> 00:00:35,680 Speaker 1: favorite stories that we came across this week, the stories 6 00:00:35,720 --> 00:00:38,120 Speaker 1: that we want you to pay attention to because they 7 00:00:38,159 --> 00:00:42,040 Speaker 1: have a direct impact on your personal finances. And um, 8 00:00:42,040 --> 00:00:44,800 Speaker 1: this isn't quite a story, but I saw that I 9 00:00:44,840 --> 00:00:46,760 Speaker 1: got a question for you following this as well. But 10 00:00:46,840 --> 00:00:51,320 Speaker 1: thirty percent of households still have a landline, which it's 11 00:00:51,400 --> 00:00:54,400 Speaker 1: obviously has been declining ever since they started keeping track 12 00:00:54,440 --> 00:00:56,680 Speaker 1: of this, maybe decade or two ago. But do you 13 00:00:56,720 --> 00:00:59,080 Speaker 1: remember the last time you ever? Have you ever lived 14 00:00:59,080 --> 00:01:01,120 Speaker 1: in a home or or an apartment where you had 15 00:01:01,120 --> 00:01:03,560 Speaker 1: a landline? Only only in the home my parents owned 16 00:01:03,600 --> 00:01:07,039 Speaker 1: back And I was curious because I as I was 17 00:01:07,040 --> 00:01:09,680 Speaker 1: thinking through this, I remembered, so ever since Kate and 18 00:01:09,680 --> 00:01:11,520 Speaker 1: I have been together, we've never paid for a phone. 19 00:01:11,640 --> 00:01:16,800 Speaker 1: But when I was in college, yep, we had a landline. Andrew, 20 00:01:16,840 --> 00:01:20,680 Speaker 1: our one roommate, insisted that we really should have a 21 00:01:20,800 --> 00:01:23,120 Speaker 1: land line, and so it was a bill that we 22 00:01:23,160 --> 00:01:25,360 Speaker 1: split four ways every single month. Cell Phones were still 23 00:01:25,400 --> 00:01:28,080 Speaker 1: a little fresh back then, right they were. They were fresh, 24 00:01:28,120 --> 00:01:31,280 Speaker 1: but even still more expensive. Nobody used the stupid land line. 25 00:01:31,440 --> 00:01:34,160 Speaker 1: It was just sort of like this thing that almost 26 00:01:34,160 --> 00:01:38,160 Speaker 1: seemed like a like a blankie, like like just in 27 00:01:38,280 --> 00:01:41,680 Speaker 1: case the grid goes down or something like that, we 28 00:01:41,720 --> 00:01:43,160 Speaker 1: can still make a phone. When you look at what's 29 00:01:43,160 --> 00:01:45,760 Speaker 1: happened with prices of land lines, they've just continued to 30 00:01:45,760 --> 00:01:48,320 Speaker 1: go up, but prices of cell phone service have just 31 00:01:48,360 --> 00:01:51,720 Speaker 1: continued to go down. So I guess I understand why 32 00:01:51,720 --> 00:01:54,560 Speaker 1: some people might want that security blanket still land line. 33 00:01:54,560 --> 00:01:56,360 Speaker 1: Maybe that was the case back then. When I guarantee 34 00:01:56,360 --> 00:01:57,920 Speaker 1: you there's still a lot of people paying for one 35 00:01:58,280 --> 00:02:01,680 Speaker 1: who might be realizing right out, wait a second, Yeah, 36 00:02:01,680 --> 00:02:03,760 Speaker 1: I am hay on that bill every month. And no, 37 00:02:03,880 --> 00:02:06,160 Speaker 1: it's been a few years since I've even used mine. 38 00:02:06,400 --> 00:02:08,799 Speaker 1: And plus I don't even remember my phone number in 39 00:02:08,880 --> 00:02:11,000 Speaker 1: line anymore. I bet there's some people who fall into 40 00:02:11,040 --> 00:02:12,800 Speaker 1: that camp, who could who could easily just kind of 41 00:02:12,840 --> 00:02:14,959 Speaker 1: call up and cancel tomorrow. You know, It's funny something 42 00:02:14,960 --> 00:02:17,360 Speaker 1: else Buddy and I mentioned recently. He said, Okay, when 43 00:02:17,400 --> 00:02:19,040 Speaker 1: your kids kids say that they're going to talk on 44 00:02:19,040 --> 00:02:21,160 Speaker 1: the phone, how do they how do they hold their 45 00:02:21,160 --> 00:02:23,800 Speaker 1: hand to their head to indicate that they're talking on 46 00:02:23,840 --> 00:02:26,160 Speaker 1: the phone. And he pointed out that basically all of 47 00:02:26,160 --> 00:02:28,320 Speaker 1: our kids when they hold a phone up to their head, 48 00:02:28,560 --> 00:02:31,040 Speaker 1: either put their hand up like it's an iPhone or 49 00:02:31,200 --> 00:02:33,160 Speaker 1: like it's a smartphone, or they hold it like you're 50 00:02:33,160 --> 00:02:37,040 Speaker 1: holding a little brick, as opposed to the pinky thumb extension, 51 00:02:37,120 --> 00:02:38,959 Speaker 1: which is I feel like my kids are used to 52 00:02:39,040 --> 00:02:41,639 Speaker 1: video calling, so they're kind of like flash in front 53 00:02:41,639 --> 00:02:45,960 Speaker 1: of their face or on FaceTime or something like that. Yeah, 54 00:02:46,280 --> 00:02:48,720 Speaker 1: but just yeah, another indicator that we're getting older. Man, 55 00:02:48,840 --> 00:02:51,080 Speaker 1: we might be the last generation who speaks into their 56 00:02:51,080 --> 00:02:54,840 Speaker 1: pinky and listens through their thumb. It's kind of kind 57 00:02:54,840 --> 00:02:56,280 Speaker 1: of old school. Not that's nothing I had thought of it. 58 00:02:56,400 --> 00:02:58,000 Speaker 1: It's like the land line. If you're out there listening 59 00:02:58,040 --> 00:02:59,400 Speaker 1: and you're like, wait a second, I don't use it, 60 00:02:59,480 --> 00:03:01,239 Speaker 1: and I do have one. Man, it's it's time to 61 00:03:01,280 --> 00:03:04,440 Speaker 1: get rid of it. But I can't imagine that how 62 00:03:04,440 --> 00:03:06,760 Speaker 1: the money listeners still have a landline hanging around. I 63 00:03:06,840 --> 00:03:09,000 Speaker 1: gotta I gotta imagine it's a much smaller segment, but 64 00:03:09,200 --> 00:03:11,079 Speaker 1: I guess so Yeah, well, let's move on, Matt. Let's 65 00:03:11,080 --> 00:03:13,639 Speaker 1: get to all the interesting stories we found fascinating this 66 00:03:13,760 --> 00:03:16,280 Speaker 1: week in the realm of personal finance, because there's a 67 00:03:16,320 --> 00:03:18,560 Speaker 1: lot of stuff that impacts how you spend, save, and 68 00:03:18,600 --> 00:03:21,400 Speaker 1: invest in today's episode. And you know what, the world 69 00:03:21,639 --> 00:03:26,560 Speaker 1: really doesn't need, Matt, but it's getting anyway. Pay phones. Yeah, 70 00:03:26,560 --> 00:03:28,640 Speaker 1: we don't need payphones anymore. But we also don't need 71 00:03:28,919 --> 00:03:32,919 Speaker 1: another Amazon Prime Day. However, they failed up help to 72 00:03:32,960 --> 00:03:35,240 Speaker 1: give us one. And this is happening in a couple 73 00:03:35,280 --> 00:03:39,000 Speaker 1: of weeks on October eleven and twelve. Amazon and other 74 00:03:39,080 --> 00:03:41,680 Speaker 1: retailers Apparently they're you know, they're they're thinking that inflation 75 00:03:41,800 --> 00:03:44,640 Speaker 1: in the slowing economy is kind of curb holiday spending. 76 00:03:44,720 --> 00:03:46,640 Speaker 1: So what they're trying to do is they're trying to 77 00:03:46,680 --> 00:03:49,320 Speaker 1: get us to spend earlier than usual. I think that's 78 00:03:49,360 --> 00:03:52,680 Speaker 1: what this second Prime Day is all about. They don't 79 00:03:52,680 --> 00:03:55,080 Speaker 1: want us to wait until the days before Christmas because 80 00:03:55,440 --> 00:03:57,640 Speaker 1: they want to spend less at that point, and or 81 00:03:57,920 --> 00:04:00,240 Speaker 1: maybe just forget to buy gifts at all, just want 82 00:04:00,240 --> 00:04:02,520 Speaker 1: to clear out those warehouses because they've got if they've 83 00:04:02,520 --> 00:04:04,680 Speaker 1: got all these goods just sitting there and nobody is 84 00:04:04,760 --> 00:04:06,840 Speaker 1: buying them. That's right. Yeah, because the supply chains are 85 00:04:06,920 --> 00:04:09,360 Speaker 1: kind of back online for a lot of those major retailers, 86 00:04:09,360 --> 00:04:11,880 Speaker 1: they've got more stuff than they planned on having. And 87 00:04:12,560 --> 00:04:15,400 Speaker 1: to Walmart and Target, they've announced similar efforts to frontload 88 00:04:15,440 --> 00:04:18,520 Speaker 1: holiday sales. Target said holiday deals are going to start 89 00:04:18,520 --> 00:04:22,280 Speaker 1: by October six in in uh Target stores. So I 90 00:04:22,320 --> 00:04:24,120 Speaker 1: guess my question is is this a good thing or 91 00:04:24,200 --> 00:04:26,800 Speaker 1: a bad thing? I think of it as kind of 92 00:04:26,839 --> 00:04:28,920 Speaker 1: being both. It's it's kind of like a double edged sword, 93 00:04:28,960 --> 00:04:32,080 Speaker 1: because more deals can cause us to buy more stuff, 94 00:04:32,120 --> 00:04:35,240 Speaker 1: stuff that we don't necessarily need. That's bad and can 95 00:04:35,400 --> 00:04:38,920 Speaker 1: inhibit our ability to reach other financial goals we have. Right. 96 00:04:39,160 --> 00:04:42,520 Speaker 1: But on the other side, shopping early for holiday presents 97 00:04:42,600 --> 00:04:46,480 Speaker 1: that you're planning to buy anyways can save you money, right, 98 00:04:46,600 --> 00:04:49,160 Speaker 1: And so there's there's that park. Yeah, if you were 99 00:04:49,200 --> 00:04:52,559 Speaker 1: already planning to make certain certain purchases, uh, if these 100 00:04:52,680 --> 00:04:54,720 Speaker 1: were gonna be gifts and things that you're gonna buy anyway, 101 00:04:54,720 --> 00:04:56,520 Speaker 1: that could save you a lot of money, uh, and 102 00:04:56,600 --> 00:04:59,320 Speaker 1: also allow you to enjoy the holidays a bit more too. 103 00:04:59,440 --> 00:05:01,640 Speaker 1: I think, you know, like you could you could be 104 00:05:01,720 --> 00:05:04,600 Speaker 1: a touch more present if you're not thinking about presents 105 00:05:05,839 --> 00:05:10,400 Speaker 1: like that their presence over presence, you know what I'm 106 00:05:10,400 --> 00:05:13,000 Speaker 1: saying there. Uh, And so we would recommend for folks 107 00:05:13,040 --> 00:05:15,400 Speaker 1: to to make a list now of the folks that 108 00:05:15,440 --> 00:05:18,080 Speaker 1: you want to buy guests for this year, create a budget, 109 00:05:18,160 --> 00:05:20,200 Speaker 1: you know, stick to that list of items that you're 110 00:05:20,200 --> 00:05:23,279 Speaker 1: considering getting for them. Don't be afraid to shop the sales, 111 00:05:23,360 --> 00:05:25,760 Speaker 1: but do stick to your list. Personally, I think I 112 00:05:26,120 --> 00:05:28,680 Speaker 1: enjoy having a little bit more time. I wish gift 113 00:05:28,760 --> 00:05:30,720 Speaker 1: giving was like a part of like more of my 114 00:05:30,839 --> 00:05:32,680 Speaker 1: day to day where I'm thinking about it more often, 115 00:05:32,720 --> 00:05:36,080 Speaker 1: but oftentimes I'm I'm not. But yeah, again, the previous years, 116 00:05:36,360 --> 00:05:39,239 Speaker 1: supply chains were a reason that some of these holiday 117 00:05:39,279 --> 00:05:42,159 Speaker 1: sales were starting sooner than later. This year, it seems 118 00:05:42,160 --> 00:05:44,280 Speaker 1: like it's going to be inflation. But either way, we 119 00:05:44,360 --> 00:05:48,080 Speaker 1: want to make sure that you are spending your dollars wisely. Joe, 120 00:05:48,120 --> 00:05:50,840 Speaker 1: let's switch from spending to saving money. There is a 121 00:05:50,880 --> 00:05:55,320 Speaker 1: great article on CNBC about super savers. We typically think 122 00:05:55,520 --> 00:05:57,839 Speaker 1: of super savers as like somebody who's saving at least 123 00:05:57,839 --> 00:06:01,480 Speaker 1: fifty of their income, but CNB they were referring to 124 00:06:01,560 --> 00:06:05,320 Speaker 1: it as folks who were funneling cent or more of 125 00:06:05,360 --> 00:06:09,040 Speaker 1: their income into work sponsored retirement account like a four 126 00:06:09,120 --> 00:06:12,080 Speaker 1: one K, and so you might, uh, you might be 127 00:06:12,120 --> 00:06:13,840 Speaker 1: having like the the knee jerk reaction that I did. 128 00:06:14,360 --> 00:06:17,479 Speaker 1: It must be nice to be a loaded, dank household, 129 00:06:17,640 --> 00:06:20,200 Speaker 1: you know, like you've got an engineering degree, Oh, you've 130 00:06:20,240 --> 00:06:23,040 Speaker 1: got a job as an attorney. Yeah, saving fift is 131 00:06:23,080 --> 00:06:25,280 Speaker 1: still like a far off goal for a lot of 132 00:06:25,320 --> 00:06:27,760 Speaker 1: people when it comes to they're what they want to 133 00:06:27,800 --> 00:06:31,240 Speaker 1: invest in. It's a lot, it's a lot less than 134 00:06:31,320 --> 00:06:33,520 Speaker 1: fifty percent. But those are folks who are on these 135 00:06:34,080 --> 00:06:36,640 Speaker 1: like crazy paths towards fire where they're looking to retire 136 00:06:36,760 --> 00:06:39,640 Speaker 1: in just a few years. Not what most folks are 137 00:06:39,800 --> 00:06:43,000 Speaker 1: looking to achieve. But that being said, as I read 138 00:06:43,040 --> 00:06:45,320 Speaker 1: this article, I found out that it's actually not when 139 00:06:45,360 --> 00:06:47,279 Speaker 1: the stats shows that it's not that kind of folks 140 00:06:47,520 --> 00:06:50,599 Speaker 1: who were considered super savers, Not all of them are loaded. 141 00:06:50,640 --> 00:06:52,960 Speaker 1: Some folks in the survey we're making as little as 142 00:06:53,040 --> 00:06:55,640 Speaker 1: thirty five thous dollars every year and they were still 143 00:06:55,800 --> 00:06:58,200 Speaker 1: able to salk away such a high percentage of their 144 00:06:58,240 --> 00:07:01,560 Speaker 1: income every month. I think that's incredibly cool and the 145 00:07:01,640 --> 00:07:04,040 Speaker 1: way that they were doing it. We're just through some 146 00:07:04,440 --> 00:07:08,120 Speaker 1: like basic frugal means of living. UH. Some of the 147 00:07:08,160 --> 00:07:10,400 Speaker 1: stats they shared where that forty eight percent of these 148 00:07:10,440 --> 00:07:13,920 Speaker 1: folks drove older vehicles, thirty nine percent don't travel as 149 00:07:14,000 --> 00:07:16,680 Speaker 1: much as that they'd like to. Percent also clean their 150 00:07:16,680 --> 00:07:19,800 Speaker 1: own homes uh, and thirty eight percent of folks attempt 151 00:07:19,880 --> 00:07:22,400 Speaker 1: to d I y most things. All of these things 152 00:07:22,480 --> 00:07:27,360 Speaker 1: sound up our alley like the kind of basic really exactly, 153 00:07:27,520 --> 00:07:30,800 Speaker 1: but it's also the path to stocking away tons of 154 00:07:30,840 --> 00:07:34,120 Speaker 1: money into retirement. It's not rocket science, but being able 155 00:07:34,200 --> 00:07:36,920 Speaker 1: to save more typically involve some of these small trade 156 00:07:36,920 --> 00:07:39,560 Speaker 1: off some of these tradeoffs that we face almost day 157 00:07:39,600 --> 00:07:42,200 Speaker 1: to day in our lives. But what we need to 158 00:07:42,240 --> 00:07:45,560 Speaker 1: keep in mind is the flexibility and the independence that 159 00:07:45,600 --> 00:07:48,040 Speaker 1: you're able to achieve are going to be well worth it. 160 00:07:48,440 --> 00:07:51,280 Speaker 1: There's nothing wrong with having a massive income, with having 161 00:07:51,440 --> 00:07:53,360 Speaker 1: a fat paycheck rolling in all the time, but this 162 00:07:53,520 --> 00:07:55,360 Speaker 1: just goes to show that you don't have to have 163 00:07:55,520 --> 00:07:57,800 Speaker 1: that in order to not only be a super saver, 164 00:07:57,960 --> 00:08:00,320 Speaker 1: but to also achieve some sort of sense of financial 165 00:08:00,360 --> 00:08:02,400 Speaker 1: freedom down the road. To me, that was the most 166 00:08:02,520 --> 00:08:04,160 Speaker 1: comforting thing because I know there are a lot of 167 00:08:04,200 --> 00:08:05,960 Speaker 1: people out there on small incomes. It makes me think 168 00:08:06,000 --> 00:08:08,760 Speaker 1: of our conversation recently with Sarah the Budget Girl, and 169 00:08:09,240 --> 00:08:11,680 Speaker 1: she is crushing it on what a lot of people 170 00:08:11,680 --> 00:08:13,720 Speaker 1: would say is as a small income, what she's been 171 00:08:13,720 --> 00:08:16,880 Speaker 1: able to achieve, all those little things matter a whole lot, 172 00:08:17,160 --> 00:08:20,200 Speaker 1: especially um the smaller income that you have going on. 173 00:08:20,520 --> 00:08:22,760 Speaker 1: So it's it's fun to be able to see people 174 00:08:23,080 --> 00:08:25,400 Speaker 1: at that end of the income spectrum still able to 175 00:08:25,480 --> 00:08:27,360 Speaker 1: save and invest that much. And Matt and I wait, 176 00:08:27,440 --> 00:08:30,560 Speaker 1: we would say, is the minimum that people should be 177 00:08:30,840 --> 00:08:34,440 Speaker 1: seeking to save and invest? Uh? Paying yourself first right, 178 00:08:34,760 --> 00:08:37,280 Speaker 1: Sacking away at least fifteen of what you have into 179 00:08:37,320 --> 00:08:40,319 Speaker 1: your savings accounts and investment accounts is an important goal 180 00:08:40,440 --> 00:08:42,719 Speaker 1: to strive for. Ultimately, we want people to be able 181 00:08:42,760 --> 00:08:45,120 Speaker 1: to save and invest more than that, and even higher percentage, 182 00:08:45,240 --> 00:08:47,520 Speaker 1: but fifteen is our kind of bare minimum we want 183 00:08:47,559 --> 00:08:50,040 Speaker 1: folks shooting for. And on the note of saving more, 184 00:08:50,080 --> 00:08:52,760 Speaker 1: Matt Bloomberg. They had a great article this week backing 185 00:08:52,840 --> 00:08:54,480 Speaker 1: up something that you and I we've been saying on 186 00:08:54,520 --> 00:08:58,199 Speaker 1: the show for years that online banks are the best 187 00:08:58,280 --> 00:09:01,520 Speaker 1: banks and it's not been close. The main takeaway from 188 00:09:01,520 --> 00:09:04,760 Speaker 1: this article was that the average rate on savings accounts 189 00:09:04,880 --> 00:09:08,760 Speaker 1: in the country is a paltry point one three but 190 00:09:09,440 --> 00:09:11,719 Speaker 1: there are some banks out there offering rates north of 191 00:09:11,880 --> 00:09:14,360 Speaker 1: two and a half percent. And the reality is that 192 00:09:14,679 --> 00:09:18,160 Speaker 1: rates are vastly superior with the online banks, but so 193 00:09:18,360 --> 00:09:21,320 Speaker 1: are the customer service and additional parks too. So if 194 00:09:21,320 --> 00:09:23,200 Speaker 1: you're banking with one of the big banks, they're likely 195 00:09:23,240 --> 00:09:26,959 Speaker 1: paying you point zero one percent on savings, like we're 196 00:09:26,960 --> 00:09:29,920 Speaker 1: talking about Wells Fargo Bank of America. Those guys, so 197 00:09:30,080 --> 00:09:32,959 Speaker 1: please please ditch them in favor of one of the 198 00:09:33,360 --> 00:09:37,199 Speaker 1: much better, fastly superior online banks. Marcus, Ally, c, I 199 00:09:37,320 --> 00:09:39,480 Speaker 1: T and Discover are just a few of our favorites. 200 00:09:39,880 --> 00:09:42,479 Speaker 1: Link to an article outlining how to switch banks effectively 201 00:09:42,520 --> 00:09:44,839 Speaker 1: in the show notes, because I know sometimes that is 202 00:09:44,880 --> 00:09:46,800 Speaker 1: what feels like a pain. It's like, do I really 203 00:09:46,840 --> 00:09:49,920 Speaker 1: have to do this adulting thing and and change banks 204 00:09:50,000 --> 00:09:53,000 Speaker 1: and and change all my financial transactions to come out 205 00:09:53,040 --> 00:09:55,839 Speaker 1: of this account. Yes, yes you do, but it's not 206 00:09:55,960 --> 00:09:58,199 Speaker 1: as big of a lift as you think it is. 207 00:09:58,559 --> 00:10:00,079 Speaker 1: And to get paid more on your money is a 208 00:10:00,120 --> 00:10:02,040 Speaker 1: great thing, But it's also nice to do business with 209 00:10:02,080 --> 00:10:04,640 Speaker 1: a bank that doesn't completely stuck. At the same time, Yeah, 210 00:10:04,800 --> 00:10:09,240 Speaker 1: I will say personally, it's been nice seeing the amount 211 00:10:09,360 --> 00:10:11,680 Speaker 1: the learning an interest every month from my high yield 212 00:10:11,679 --> 00:10:16,520 Speaker 1: savings account increase steadily every single month. That has also 213 00:10:16,600 --> 00:10:19,720 Speaker 1: been very nice. It's not that's not something that anybody 214 00:10:19,800 --> 00:10:23,120 Speaker 1: with the big traditional break and mortar banks, they're not 215 00:10:23,240 --> 00:10:26,920 Speaker 1: experiencing that. I am. Come on over to the come 216 00:10:26,960 --> 00:10:29,920 Speaker 1: on over to the bright side. Um, okay, let's talk 217 00:10:29,920 --> 00:10:34,439 Speaker 1: about those subversive subscriptions, because it turns out that on 218 00:10:34,559 --> 00:10:37,839 Speaker 1: average we underestimate how much we pay monthly for the 219 00:10:38,040 --> 00:10:40,920 Speaker 1: different recurring subscriptions in our in our life, and not 220 00:10:41,000 --> 00:10:44,040 Speaker 1: by a small amount, but by a significant amount. There 221 00:10:44,120 --> 00:10:46,720 Speaker 1: is a C and Our research paper recently and they 222 00:10:46,720 --> 00:10:49,760 Speaker 1: found out that most folks have almost no clue about 223 00:10:49,800 --> 00:10:52,120 Speaker 1: what they pay for various subscriptions each and every month. 224 00:10:52,400 --> 00:10:54,440 Speaker 1: Almost none of the folks who participate in the survey 225 00:10:54,760 --> 00:10:58,880 Speaker 1: were accurate, Like pretty much everybody missed the mark by 226 00:10:58,920 --> 00:11:02,040 Speaker 1: at least a little yeah, if if not a significant amount. 227 00:11:02,440 --> 00:11:05,920 Speaker 1: Over half fifty four percent of folks undershot how much 228 00:11:06,080 --> 00:11:09,320 Speaker 1: they spend every month on subscriptions by over a hundred 229 00:11:09,360 --> 00:11:11,480 Speaker 1: bucks uh. And the average amount that they were off 230 00:11:11,640 --> 00:11:13,760 Speaker 1: was by something like a hundred and thirty three dollars. 231 00:11:14,360 --> 00:11:16,400 Speaker 1: Of that amount, there were there was eleven percent who 232 00:11:16,440 --> 00:11:19,319 Speaker 1: were off by more than three hundred bucks, which is 233 00:11:19,400 --> 00:11:21,720 Speaker 1: like mind blowing so much money? How much you spent 234 00:11:21,760 --> 00:11:25,400 Speaker 1: on subscriptions? I don't know, twenty bucks? Sorry, Actually, like 235 00:11:25,559 --> 00:11:27,560 Speaker 1: how could you be that far off? That is that's 236 00:11:27,559 --> 00:11:29,719 Speaker 1: closer to the truth than you realize. Um, there's just 237 00:11:30,000 --> 00:11:33,520 Speaker 1: this massive gap between like what we think we're paying 238 00:11:34,120 --> 00:11:37,200 Speaker 1: what we're actually shelling out. And it's obviously it's clearly 239 00:11:37,280 --> 00:11:39,640 Speaker 1: going to have an impact on our finances in large 240 00:11:39,679 --> 00:11:42,000 Speaker 1: part because this isn't just a single expense. This these 241 00:11:42,000 --> 00:11:45,000 Speaker 1: are recurring expenses. This happens every single month. If you're 242 00:11:45,000 --> 00:11:47,360 Speaker 1: talking about three hundred bucks, over the course of a year, 243 00:11:47,400 --> 00:11:50,800 Speaker 1: you're thirty six dollars. That is a ton of money. 244 00:11:50,880 --> 00:11:52,840 Speaker 1: And folks are wondering where, like where can I find 245 00:11:52,880 --> 00:11:54,680 Speaker 1: the money to what? It's like, Oh, I've got an 246 00:11:54,800 --> 00:11:56,480 Speaker 1: hs A, but how am I supposed to fund it? 247 00:11:56,760 --> 00:11:59,920 Speaker 1: Right there? Maybe those subscriptions that you're not even maybe 248 00:12:00,000 --> 00:12:01,640 Speaker 1: you're not getting value from it. Maybe you are, but 249 00:12:01,760 --> 00:12:04,160 Speaker 1: if you're not, this is something we want you to read. 250 00:12:04,200 --> 00:12:07,200 Speaker 1: This pay attention to the money that is automatically leaving 251 00:12:07,200 --> 00:12:10,800 Speaker 1: your account every month. Yeah, these subversive subscriptions, Matt. They 252 00:12:10,840 --> 00:12:13,840 Speaker 1: made me think of like a boat that's got tiny 253 00:12:13,960 --> 00:12:16,880 Speaker 1: little leaks that are kind of hard to see. And 254 00:12:17,040 --> 00:12:18,880 Speaker 1: and that's the thing is, like, that's what they're counting 255 00:12:18,920 --> 00:12:20,920 Speaker 1: on when you sign up, is that you're going to 256 00:12:21,040 --> 00:12:23,280 Speaker 1: forget about it, but you're gonna keep paying because it's 257 00:12:23,320 --> 00:12:26,880 Speaker 1: on autopilot and you're gonna be out money every month. 258 00:12:27,080 --> 00:12:29,600 Speaker 1: But at the same time you might forget about that subscription, 259 00:12:29,679 --> 00:12:32,120 Speaker 1: you might not be getting value from it. And apparently 260 00:12:33,240 --> 00:12:36,640 Speaker 1: of folks say that subscriptions are making them crazy because 261 00:12:36,640 --> 00:12:39,079 Speaker 1: they're hard to keep track of. They're they're literally adding 262 00:12:39,160 --> 00:12:41,880 Speaker 1: stress to people's lives rather than relieving it, which is 263 00:12:41,960 --> 00:12:45,760 Speaker 1: often the promise of so many subscription services. Three quarters 264 00:12:45,840 --> 00:12:48,480 Speaker 1: of folks say they're easy to forget about, which is true. 265 00:12:48,679 --> 00:12:51,200 Speaker 1: That's why people are paying them right every single month, 266 00:12:51,640 --> 00:12:54,640 Speaker 1: like clockwork, and they're forgetting that they even that they 267 00:12:54,679 --> 00:12:56,679 Speaker 1: even have access to whatever it is, whether it's a 268 00:12:56,679 --> 00:12:59,439 Speaker 1: streaming service or whether it's some sort of relationship with 269 00:12:59,480 --> 00:13:02,440 Speaker 1: an apparel company, whether it's an Amazon subscribe and save, 270 00:13:02,559 --> 00:13:05,880 Speaker 1: like whatever it is, people are signing up forgetting about 271 00:13:05,920 --> 00:13:08,320 Speaker 1: it and still paying for us right. So we would 272 00:13:08,320 --> 00:13:10,800 Speaker 1: say it's time to call your subscriptions. I literally did 273 00:13:10,880 --> 00:13:13,960 Speaker 1: that just this week because we we had go Henry, 274 00:13:14,040 --> 00:13:17,520 Speaker 1: which helps to teach our kids about finances. But I realized, 275 00:13:17,559 --> 00:13:19,599 Speaker 1: wait a second, I thoroughly enjoyed it. I think it 276 00:13:19,640 --> 00:13:21,679 Speaker 1: was good helping my girls learn some lessons. But I 277 00:13:21,760 --> 00:13:24,600 Speaker 1: want to go back to the physical, tangible approach with dollars. 278 00:13:24,880 --> 00:13:26,719 Speaker 1: And so I'm like, listen, this is a subscription that 279 00:13:26,720 --> 00:13:29,360 Speaker 1: I'm paying for. It's costing me money too. So I 280 00:13:29,520 --> 00:13:32,640 Speaker 1: canceled and now, uh, now I've got that one out 281 00:13:32,679 --> 00:13:34,600 Speaker 1: of my life. And so if you don't track your expenses, 282 00:13:34,600 --> 00:13:36,680 Speaker 1: that's where you gotta start. You gotta find out where 283 00:13:36,760 --> 00:13:40,000 Speaker 1: your money is going, whether that's using a basic spreadsheet 284 00:13:40,080 --> 00:13:42,760 Speaker 1: or something like mint. You know, those subscription services are 285 00:13:42,880 --> 00:13:45,240 Speaker 1: nefarious because it's so easy to forget about them, And 286 00:13:45,320 --> 00:13:47,920 Speaker 1: this weekend would be a great time to start canceling 287 00:13:47,920 --> 00:13:50,600 Speaker 1: stuff you're not actually using to kind of start looking 288 00:13:50,720 --> 00:13:53,040 Speaker 1: at finding those leaks in the ship so you can 289 00:13:53,040 --> 00:13:55,440 Speaker 1: start plugging them up. Unfortunately, I don't think most folks 290 00:13:55,480 --> 00:13:57,719 Speaker 1: share the same sort of They don't get the same 291 00:13:57,800 --> 00:14:00,959 Speaker 1: high that we do when we find seeing money, when 292 00:14:01,040 --> 00:14:03,760 Speaker 1: we find ways to keep it's it's it's like a 293 00:14:03,840 --> 00:14:06,120 Speaker 1: slow bleed, you know, like like we're like you said, 294 00:14:06,280 --> 00:14:07,839 Speaker 1: well you're talking about a boat, but like you're just 295 00:14:07,920 --> 00:14:10,800 Speaker 1: slowly bleeding out, and this is these are resources that 296 00:14:10,840 --> 00:14:12,800 Speaker 1: you could easily regain. I think this is a fun game. 297 00:14:12,880 --> 00:14:15,400 Speaker 1: I think it's fun to spot these dollars and be like, 298 00:14:15,440 --> 00:14:17,520 Speaker 1: wait a second, Yeah, you're right. I was way under 299 00:14:17,640 --> 00:14:19,200 Speaker 1: estimating mind, just like the rest of these people in 300 00:14:19,240 --> 00:14:21,840 Speaker 1: the survey. And and now guess what, I'm going to 301 00:14:21,960 --> 00:14:23,720 Speaker 1: finally seeing someone plug the leaks and I'm gonna bring 302 00:14:23,720 --> 00:14:25,480 Speaker 1: a hundred twenty dollars a month back into my life 303 00:14:25,560 --> 00:14:28,040 Speaker 1: or whatever it is. That's a significant amount of money 304 00:14:28,080 --> 00:14:30,280 Speaker 1: that then you could be spending in a more intentional way. 305 00:14:30,320 --> 00:14:31,640 Speaker 1: But we just have to find a way to make 306 00:14:31,640 --> 00:14:34,000 Speaker 1: it more fun, because people would do it if like 307 00:14:34,400 --> 00:14:36,480 Speaker 1: there has to be some sort of like mental shifts, 308 00:14:36,520 --> 00:14:39,040 Speaker 1: some sort of trick that takes place. I mean, we talked, 309 00:14:39,360 --> 00:14:42,600 Speaker 1: We've talked a lot about subscriptions, uh, streaming services in 310 00:14:42,680 --> 00:14:45,320 Speaker 1: particular over the past few months. But earlier this week 311 00:14:45,400 --> 00:14:48,400 Speaker 1: or last week, I finally canceled Netflix. I had been 312 00:14:48,440 --> 00:14:51,280 Speaker 1: hanging onto it because I still hadn't finished stranger things. 313 00:14:51,360 --> 00:14:53,760 Speaker 1: But since I did, I was like, Okay, finally that's 314 00:14:53,800 --> 00:14:55,640 Speaker 1: one I can cut. And I was paying a lot 315 00:14:55,720 --> 00:14:59,000 Speaker 1: man because I was splurged on the ultra ultra high death. 316 00:14:59,040 --> 00:15:01,080 Speaker 1: I bet you did fancy pants twenty bucks a month, 317 00:15:02,320 --> 00:15:04,400 Speaker 1: but I was willing to pay that for a short 318 00:15:04,440 --> 00:15:06,920 Speaker 1: amount of time. And so, like, we want you to 319 00:15:07,520 --> 00:15:10,520 Speaker 1: have different subscriptions in your life that are bringing you 320 00:15:10,680 --> 00:15:12,960 Speaker 1: value that you are aware of, but once they are 321 00:15:13,040 --> 00:15:15,680 Speaker 1: not bringing you value anymore, be choosy. We want you 322 00:15:15,760 --> 00:15:18,000 Speaker 1: to cut those things from your life. And like you said, Jill, 323 00:15:18,120 --> 00:15:21,080 Speaker 1: being aware of those subscriptions is the first thing. And 324 00:15:21,240 --> 00:15:23,240 Speaker 1: it's tough to be aware if you're not tracking your expenses, 325 00:15:23,280 --> 00:15:25,160 Speaker 1: if you're not keeping up with where it is your 326 00:15:25,160 --> 00:15:27,800 Speaker 1: money is going. Agreed, So all right, cut some of 327 00:15:27,840 --> 00:15:31,920 Speaker 1: those sneaky, subversive subscriptions at your life, and then you'll 328 00:15:31,960 --> 00:15:34,280 Speaker 1: have more money to put towards things that matter more 329 00:15:34,320 --> 00:15:36,520 Speaker 1: to you. I mean, we've got more stuff to cover 330 00:15:37,040 --> 00:15:39,520 Speaker 1: on the Friday flight, including getting paid to move somewhere, 331 00:15:39,840 --> 00:15:41,960 Speaker 1: and we've got some tips about how to save money 332 00:15:42,160 --> 00:15:44,480 Speaker 1: on car insurance. We'll get to both of those and 333 00:15:44,600 --> 00:15:55,680 Speaker 1: more right after this. All right, we are back from 334 00:15:55,720 --> 00:15:57,400 Speaker 1: the break, Jill, you just chease to some of the 335 00:15:57,400 --> 00:15:59,480 Speaker 1: different ways to save when it comes to car insurance. 336 00:15:59,480 --> 00:16:02,320 Speaker 1: We're also gonna discussed maybe what's quite possibly going to 337 00:16:02,400 --> 00:16:05,360 Speaker 1: be the most affordable electric vehicle out there that a 338 00:16:05,520 --> 00:16:07,960 Speaker 1: lot of people are gonna potentially be able to afford, 339 00:16:08,000 --> 00:16:11,080 Speaker 1: depending on where you are in your life with your finances. 340 00:16:11,440 --> 00:16:14,480 Speaker 1: But first we've got to get to our ludicrous headline 341 00:16:14,560 --> 00:16:18,400 Speaker 1: of the week. We just kind of went off on subscriptions. Well, now, 342 00:16:18,520 --> 00:16:21,280 Speaker 1: let's give the buy now, pay later industry some hate 343 00:16:21,320 --> 00:16:23,920 Speaker 1: for a second. Here. This one comes from The Times 344 00:16:24,080 --> 00:16:28,280 Speaker 1: and it reads Mary now pay later news services put 345 00:16:28,360 --> 00:16:31,600 Speaker 1: weddings on installment, basically anything that you can buy. I 346 00:16:31,680 --> 00:16:34,160 Speaker 1: feel like it's going to be whatever that pay later, 347 00:16:34,200 --> 00:16:36,440 Speaker 1: because we did like give now pay later a few 348 00:16:36,480 --> 00:16:38,840 Speaker 1: weeks ago. Makes me think of that Tommy Boy seen 349 00:16:38,920 --> 00:16:40,560 Speaker 1: where he gets the office and he's sorry to his 350 00:16:40,720 --> 00:16:44,600 Speaker 1: dad and he's like, I can keep six packs of here? 351 00:16:45,560 --> 00:16:47,320 Speaker 1: Is that anything you want to keep cold, Tommy boy? 352 00:16:47,520 --> 00:16:49,720 Speaker 1: And it's it's truly, it's like anything you want to 353 00:16:49,760 --> 00:16:51,680 Speaker 1: put on a payment plan, Tommy Boy, Like, you really 354 00:16:51,720 --> 00:16:54,280 Speaker 1: can't anything that you can spend money on. You could 355 00:16:54,320 --> 00:16:58,560 Speaker 1: do it. Uh later this new upstart called Marou I 356 00:16:58,600 --> 00:17:00,440 Speaker 1: guess that's how you say. It's m A r oo. 357 00:17:01,160 --> 00:17:03,840 Speaker 1: They are allowing folks to pay for their wedding services 358 00:17:04,040 --> 00:17:07,320 Speaker 1: over time. Uh, and the average cost of a wedding 359 00:17:07,400 --> 00:17:10,000 Speaker 1: is is closing in on and so because of that, like, 360 00:17:10,080 --> 00:17:12,480 Speaker 1: I get the temptation, I get the desire to want 361 00:17:12,560 --> 00:17:15,520 Speaker 1: to defer some of that pain, uh of all that 362 00:17:15,600 --> 00:17:17,960 Speaker 1: money leaving your account, But you also don't want to 363 00:17:18,000 --> 00:17:21,280 Speaker 1: start off your new life of wedded bliss deep in 364 00:17:21,320 --> 00:17:24,000 Speaker 1: a debt hole. You know, Like, it's not even that 365 00:17:24,080 --> 00:17:25,920 Speaker 1: we're like, we're not again spending a lot of money 366 00:17:25,960 --> 00:17:28,280 Speaker 1: on your wedding day. It's it's a party worth splurging on. 367 00:17:28,640 --> 00:17:31,359 Speaker 1: And I would honestly even be okay with folks doing 368 00:17:31,440 --> 00:17:34,159 Speaker 1: this if they were paying for it and making the 369 00:17:34,200 --> 00:17:36,920 Speaker 1: payments on the front end, because that's traditionally how it worked. 370 00:17:37,240 --> 00:17:39,639 Speaker 1: You book a vendor, you put down a deposit, and 371 00:17:39,720 --> 00:17:41,760 Speaker 1: then typically on the day of the wedding, so like 372 00:17:41,920 --> 00:17:44,800 Speaker 1: before things even really kick off, you pay the balance. 373 00:17:45,080 --> 00:17:47,960 Speaker 1: And so if this is just like a new fintech 374 00:17:48,119 --> 00:17:50,800 Speaker 1: type way for you to accomplish this, I'm all for that. 375 00:17:51,240 --> 00:17:54,160 Speaker 1: But but this is delaying those payments exactly year after 376 00:17:54,280 --> 00:17:57,159 Speaker 1: your wedding. And that's the problem because the truth is 377 00:17:57,160 --> 00:17:59,639 Speaker 1: is that by not pay later, it allows and actually 378 00:17:59,720 --> 00:18:02,399 Speaker 1: kind of like prods people to spend more than the 379 00:18:02,480 --> 00:18:05,760 Speaker 1: otherwise would. And so not only is it a delayed payment, 380 00:18:05,800 --> 00:18:09,280 Speaker 1: they're also putting more, they're spending more on their wedding. 381 00:18:09,560 --> 00:18:12,080 Speaker 1: Uh STA show that folks often spend more than the 382 00:18:12,119 --> 00:18:14,240 Speaker 1: otherwise would. If by now, pay later is offered at 383 00:18:14,320 --> 00:18:17,960 Speaker 1: checkout in retail scenarios, is typically like thirty to fifty more. 384 00:18:18,200 --> 00:18:20,680 Speaker 1: I've got to think that with weddings it's probably something 385 00:18:20,760 --> 00:18:23,560 Speaker 1: really similar And so, yeah, it might sound old school, 386 00:18:23,720 --> 00:18:26,639 Speaker 1: but just finding ways to cut costs and save more 387 00:18:26,720 --> 00:18:28,600 Speaker 1: money on the front, and we think that that is 388 00:18:28,680 --> 00:18:32,280 Speaker 1: a much better move than utilizing the buy now, pay 389 00:18:32,359 --> 00:18:34,400 Speaker 1: later industry. That's right, Yeah, I mean I think we're 390 00:18:34,400 --> 00:18:36,520 Speaker 1: gonna see a lot of people who if you're paying 391 00:18:36,560 --> 00:18:38,520 Speaker 1: it out over the year after that. Yeah, if if 392 00:18:38,560 --> 00:18:40,600 Speaker 1: you're if you can pay something out over twelve months, 393 00:18:40,600 --> 00:18:43,359 Speaker 1: you're typically going to get the nicer food choice or 394 00:18:44,000 --> 00:18:46,720 Speaker 1: the more experienced photographer or whatever. That you're just gonna 395 00:18:46,760 --> 00:18:48,679 Speaker 1: opt for nicer stuff if you don't have to come 396 00:18:48,760 --> 00:18:50,720 Speaker 1: up with the cash on the front end, and you 397 00:18:50,800 --> 00:18:53,480 Speaker 1: might be able to rationalize it's saying that it's you know, 398 00:18:54,080 --> 00:18:56,080 Speaker 1: one of the most important days of your life. But 399 00:18:56,440 --> 00:18:58,320 Speaker 1: you can rationalize a lot of things, a lot of 400 00:18:58,400 --> 00:19:00,359 Speaker 1: doing a lot of things with that sort of mentality, 401 00:19:00,640 --> 00:19:02,200 Speaker 1: And so we would say, yeah, saving up more on 402 00:19:02,240 --> 00:19:05,399 Speaker 1: the front end, is it matters, it's important. And you know, 403 00:19:05,480 --> 00:19:07,840 Speaker 1: one other alternative to using my now pay later, by 404 00:19:07,880 --> 00:19:10,040 Speaker 1: the way, is to ask your wedding guests to give 405 00:19:10,080 --> 00:19:13,399 Speaker 1: you cash instead of presents. And apparently a lot more 406 00:19:13,440 --> 00:19:16,680 Speaker 1: folks are doing this. They're using their wedding registry to 407 00:19:17,200 --> 00:19:19,680 Speaker 1: ask for cash instead of pots and pans or whatever. 408 00:19:19,920 --> 00:19:22,520 Speaker 1: You know, getting dish towels in silverware, I guess can 409 00:19:22,560 --> 00:19:24,919 Speaker 1: be helpful, but especially as folks are getting married later 410 00:19:25,000 --> 00:19:27,159 Speaker 1: in life, Matt, I think, you know, they've often had 411 00:19:27,200 --> 00:19:28,840 Speaker 1: to purchase some of those items on their own, and 412 00:19:28,920 --> 00:19:31,280 Speaker 1: so they're saving up for thing bigger things like down 413 00:19:31,320 --> 00:19:33,960 Speaker 1: payments or a honeymoon fund. And I think it's cool 414 00:19:34,080 --> 00:19:37,600 Speaker 1: that people can and are asking for cash instead of 415 00:19:38,040 --> 00:19:41,000 Speaker 1: physical consumer goods. Yeah, when you get married. When Katy 416 00:19:41,040 --> 00:19:44,159 Speaker 1: got married, like literally we're basically like kids, like I 417 00:19:44,240 --> 00:19:46,880 Speaker 1: didn't have bath towels. Like when I got on the shower, 418 00:19:46,960 --> 00:19:49,360 Speaker 1: I was riding off with like like a big dish rag. 419 00:19:49,520 --> 00:19:53,440 Speaker 1: You're basically a Neanderthal. Uh. It makes I get it. 420 00:19:53,520 --> 00:19:56,040 Speaker 1: When you're young completely you literally don't have some of 421 00:19:56,080 --> 00:19:58,760 Speaker 1: these items. But I think that's a great point. In particular, 422 00:19:58,840 --> 00:20:01,840 Speaker 1: as folks are established, they've been out of school oftentimes 423 00:20:01,880 --> 00:20:04,199 Speaker 1: for like a decade, not only do they have all 424 00:20:04,640 --> 00:20:07,359 Speaker 1: their history of their habits, they've got their stuff and 425 00:20:07,480 --> 00:20:09,920 Speaker 1: they don't necessarily need new items when they get married. Yeah, 426 00:20:10,000 --> 00:20:12,600 Speaker 1: and I think this is becoming less of like a 427 00:20:12,800 --> 00:20:14,920 Speaker 1: rude thing like to ask for cash. I think it's 428 00:20:14,960 --> 00:20:17,560 Speaker 1: just becoming more common and we're seeing less of a 429 00:20:17,640 --> 00:20:20,400 Speaker 1: negative reaction from guests. But I do want to say 430 00:20:20,520 --> 00:20:22,879 Speaker 1: I think how you go about asking for cash is 431 00:20:22,920 --> 00:20:25,639 Speaker 1: important because there's a way to do it totally can 432 00:20:25,760 --> 00:20:27,080 Speaker 1: offend your guests, and there's a way to do it 433 00:20:27,160 --> 00:20:29,640 Speaker 1: that can actually get them really enthusiastic about giving you cash. 434 00:20:29,880 --> 00:20:32,000 Speaker 1: I would say the key, one of the main keys, 435 00:20:32,080 --> 00:20:33,560 Speaker 1: is to to tell people what it is that you're 436 00:20:33,560 --> 00:20:36,040 Speaker 1: saving for. So instead of being like throw cash, like 437 00:20:36,119 --> 00:20:38,240 Speaker 1: let's get moss saviors, account bangs so you'll give me 438 00:20:38,280 --> 00:20:40,760 Speaker 1: all the money so I can do whatever does I want. 439 00:20:41,160 --> 00:20:43,520 Speaker 1: That's how you shouldn't ask, right, It gets some more 440 00:20:43,520 --> 00:20:46,679 Speaker 1: excited to send your money if you have specific like, uh, 441 00:20:47,119 --> 00:20:49,159 Speaker 1: things you're saving for that you can call out and 442 00:20:49,200 --> 00:20:51,800 Speaker 1: ask him to donate to. And what's what's cool is 443 00:20:51,800 --> 00:20:54,440 Speaker 1: there's this site called Zola that can help help you 444 00:20:54,520 --> 00:20:56,920 Speaker 1: make that cash giving experience a bit more pleasant for 445 00:20:57,400 --> 00:20:59,919 Speaker 1: people who are attending your wedding. And the awesome thing 446 00:21:00,119 --> 00:21:02,200 Speaker 1: is there's going to be zero fee when your guests 447 00:21:02,240 --> 00:21:04,040 Speaker 1: choose to send money. They can choose to send me 448 00:21:04,119 --> 00:21:05,840 Speaker 1: a credit card and that will be a what like 449 00:21:05,880 --> 00:21:08,400 Speaker 1: two and a half percent fee, or they can choose 450 00:21:08,400 --> 00:21:10,120 Speaker 1: to send with Venmo and it will be zero fee 451 00:21:10,160 --> 00:21:12,080 Speaker 1: for you or for the person who's attending your wedding 452 00:21:12,080 --> 00:21:14,159 Speaker 1: and who doesn't have Venmo. And I gotta tell you, man, 453 00:21:14,320 --> 00:21:16,360 Speaker 1: I would be more than happy if someone's like, they've 454 00:21:16,400 --> 00:21:18,240 Speaker 1: got these buckets broken out, Hey, this is what we're 455 00:21:18,240 --> 00:21:20,480 Speaker 1: saving for. It's just like a registry, right, like like 456 00:21:20,720 --> 00:21:23,800 Speaker 1: like you're actually it's like, okay, it's a dinnerware set 457 00:21:23,920 --> 00:21:26,880 Speaker 1: of twelve Oh my gosh, they need twelve play settings. Okay, 458 00:21:27,040 --> 00:21:29,200 Speaker 1: we're gonna go in and you decide, and you you 459 00:21:29,280 --> 00:21:31,800 Speaker 1: always would kind of throw your money towards the thing 460 00:21:31,960 --> 00:21:34,439 Speaker 1: that brings value to you, you know, and so you're like, oh, oh, 461 00:21:34,520 --> 00:21:36,280 Speaker 1: they totally need to have this. In the same way, 462 00:21:36,320 --> 00:21:38,879 Speaker 1: you can do that with what you're donating to, what 463 00:21:39,040 --> 00:21:41,359 Speaker 1: it is that you're you know, whatever specific buckets that 464 00:21:41,400 --> 00:21:43,159 Speaker 1: you're looking to fill for this, if you're excited to 465 00:21:43,200 --> 00:21:45,480 Speaker 1: help fund the down payment or to fund the honeymoon fund. 466 00:21:45,520 --> 00:21:48,040 Speaker 1: Either way, it's just kind of it's more fun for 467 00:21:48,320 --> 00:21:50,040 Speaker 1: the guests to get to participate in that way, but 468 00:21:50,080 --> 00:21:52,639 Speaker 1: it's also nicer for the recipient for the couple who's 469 00:21:52,640 --> 00:21:55,600 Speaker 1: getting married because now they've got they've got more options 470 00:21:55,680 --> 00:21:58,600 Speaker 1: as opposed to having to return and sort through a 471 00:21:58,640 --> 00:22:00,440 Speaker 1: bunch of physical items. I think that the thing is 472 00:22:00,680 --> 00:22:03,359 Speaker 1: having options, and I think that's why maybe another country, 473 00:22:03,480 --> 00:22:06,280 Speaker 1: like if you are of foreign descent and you go 474 00:22:06,400 --> 00:22:08,960 Speaker 1: to like a foreign wedding, it's pretty typical to receive 475 00:22:09,040 --> 00:22:13,919 Speaker 1: cash like Asian weddings, uh, Nigerian weddings, money, cash checks, 476 00:22:14,560 --> 00:22:17,200 Speaker 1: red envelopes that are given to couples. It's a huge 477 00:22:17,280 --> 00:22:19,960 Speaker 1: part of the culture there. Um. But I think there's 478 00:22:19,960 --> 00:22:23,680 Speaker 1: something about Americans and wanting to have say over what 479 00:22:23,880 --> 00:22:26,000 Speaker 1: it is that you're giving them. And as Americans, when 480 00:22:26,040 --> 00:22:28,439 Speaker 1: we just give cash, it feels like we're being limited 481 00:22:28,560 --> 00:22:30,760 Speaker 1: as the gift giver. But like you said, if it 482 00:22:30,840 --> 00:22:33,640 Speaker 1: feels like there's some sort of autonomy, some sort of liberty, 483 00:22:33,760 --> 00:22:38,120 Speaker 1: which is a very American word, Um, it changes the game. 484 00:22:38,359 --> 00:22:40,280 Speaker 1: And I think that that can allow folks to give 485 00:22:40,320 --> 00:22:42,800 Speaker 1: a little more freely interesting as would be more accepted. 486 00:22:42,920 --> 00:22:45,480 Speaker 1: As the gift giver. I would be thrilled because I 487 00:22:45,520 --> 00:22:48,200 Speaker 1: have to do far less due diligence. I'm just like cool, Yeah, 488 00:22:48,200 --> 00:22:50,000 Speaker 1: I'll travel hunter bucks here, or whatever it is for 489 00:22:50,240 --> 00:22:52,800 Speaker 1: the experience that you're interested in creating. Yeah, and it 490 00:22:52,840 --> 00:22:54,520 Speaker 1: doesn't even have to be like these big things where 491 00:22:54,560 --> 00:22:57,040 Speaker 1: like a down payment. Uh. In the article that there's 492 00:22:57,200 --> 00:22:59,320 Speaker 1: some folks that they were talking about they created buckets 493 00:22:59,359 --> 00:23:01,879 Speaker 1: for like date something as small as date nights or 494 00:23:02,000 --> 00:23:04,520 Speaker 1: even just traveling abroad, which I'm like, man, that's awesome, 495 00:23:04,760 --> 00:23:07,480 Speaker 1: Like those are the kind of things that I would 496 00:23:07,520 --> 00:23:11,000 Speaker 1: love to see prioritize more. Those experiences, those memories that 497 00:23:11,040 --> 00:23:15,200 Speaker 1: you're you're building together as opposed to you know, bone China, 498 00:23:15,359 --> 00:23:17,880 Speaker 1: like like some really nice stuff that you can buy 499 00:23:17,920 --> 00:23:20,720 Speaker 1: at bed, Bath and Beyond. But let's keep on working 500 00:23:20,840 --> 00:23:23,200 Speaker 1: through our Friday flight, Jil. Let's get to that moving 501 00:23:23,280 --> 00:23:26,440 Speaker 1: for money headline that we mentioned at the top of 502 00:23:26,480 --> 00:23:30,760 Speaker 1: the episode. More folks are considering moving because they are 503 00:23:30,800 --> 00:23:33,280 Speaker 1: getting paid to do it. We've actually talked about some 504 00:23:33,440 --> 00:23:35,720 Speaker 1: US towns who are paying millennials to move there. This 505 00:23:35,880 --> 00:23:37,960 Speaker 1: is maybe it was this sort of like back in 506 00:23:38,000 --> 00:23:40,080 Speaker 1: the middle of the pandemic. I think you might remember 507 00:23:40,119 --> 00:23:42,760 Speaker 1: when we talked about how Northwest Arkansas, how they were 508 00:23:42,840 --> 00:23:45,359 Speaker 1: offering folks ten thousand dollars as well as a free 509 00:23:45,400 --> 00:23:49,400 Speaker 1: bike back in I got my attention, well, anytime there's 510 00:23:49,440 --> 00:23:51,399 Speaker 1: a free bike, and vall like, wait a second, should 511 00:23:51,400 --> 00:23:54,960 Speaker 1: I be doing this? Um? Apparently the Italian island of 512 00:23:55,200 --> 00:23:59,320 Speaker 1: Sardinia they're now prepared to pay folks fifteen thousand dollars 513 00:23:59,359 --> 00:24:01,879 Speaker 1: to move there. Up in the Anti Plus, you can 514 00:24:01,960 --> 00:24:05,440 Speaker 1: say that, yeah, I live in Italy, but I think 515 00:24:05,440 --> 00:24:08,240 Speaker 1: said it's always important to read the fine print because 516 00:24:08,600 --> 00:24:10,320 Speaker 1: you're gonna have to become a full time resident. This 517 00:24:10,400 --> 00:24:13,360 Speaker 1: isn't just like where your summer. Uh, you gotta live 518 00:24:13,400 --> 00:24:15,600 Speaker 1: there full time and it's got to be in the 519 00:24:15,600 --> 00:24:18,119 Speaker 1: super small town that has like less uh less than 520 00:24:18,440 --> 00:24:21,439 Speaker 1: three thousand residents and then also you have to use 521 00:24:21,480 --> 00:24:24,399 Speaker 1: that money to renovate a home there. And so we 522 00:24:24,480 --> 00:24:26,040 Speaker 1: thought this was pretty cool because if you're looking for 523 00:24:26,119 --> 00:24:29,119 Speaker 1: a big change of scenery, this could be you know, 524 00:24:29,200 --> 00:24:31,600 Speaker 1: a fun maybe a lucrative way to to make it happen. 525 00:24:31,640 --> 00:24:33,680 Speaker 1: I would like to think that if I was in 526 00:24:33,720 --> 00:24:35,600 Speaker 1: a different stage of life, that I would be willing 527 00:24:35,680 --> 00:24:39,000 Speaker 1: to take on an adventure like this, but also annoying myself, 528 00:24:39,080 --> 00:24:42,480 Speaker 1: I probably wouldn't have. I like the idea of it 529 00:24:42,560 --> 00:24:45,600 Speaker 1: more than the reality of actually doing something that yes, 530 00:24:45,760 --> 00:24:48,639 Speaker 1: same here, but I'm also setting my ways at this 531 00:24:48,720 --> 00:24:50,920 Speaker 1: point in time, and so I'm not gonna go on 532 00:24:51,000 --> 00:24:53,359 Speaker 1: this Italian adventure. But I think there are a lot 533 00:24:53,359 --> 00:24:55,320 Speaker 1: of other people who might say, you know what a 534 00:24:55,440 --> 00:24:58,560 Speaker 1: super flexible I am up for anadventure. I'm I'm willing 535 00:24:58,600 --> 00:25:00,280 Speaker 1: to go do something like this. I bet some of 536 00:25:00,320 --> 00:25:03,159 Speaker 1: those Italian villas in Sardinia are pretty cheap. It's got 537 00:25:03,240 --> 00:25:05,720 Speaker 1: to get to put towards some rerhno's. You get this 538 00:25:05,840 --> 00:25:08,639 Speaker 1: cool sweet spot that doesn't cost you very much, and 539 00:25:08,720 --> 00:25:10,840 Speaker 1: you're in this. Yeah, I don't think I could live 540 00:25:10,840 --> 00:25:12,159 Speaker 1: in a tiny town like that. That would be the 541 00:25:12,200 --> 00:25:14,520 Speaker 1: hardest part for me. But it's interesting to see some 542 00:25:14,560 --> 00:25:16,480 Speaker 1: of these things pop up. I saw something else pop up, 543 00:25:16,520 --> 00:25:19,760 Speaker 1: and uh, this yogurt company is paying someone fifty dollars 544 00:25:19,840 --> 00:25:21,960 Speaker 1: to move to Iceland. Although it's kind of like for 545 00:25:22,040 --> 00:25:23,800 Speaker 1: a job as well, like you gotta be like their 546 00:25:23,800 --> 00:25:26,359 Speaker 1: social media manager and take photos and stuff like that. 547 00:25:26,840 --> 00:25:29,480 Speaker 1: But these are the kind of fun things that I 548 00:25:29,520 --> 00:25:32,760 Speaker 1: don't know, I could see myself being excited about, being 549 00:25:32,840 --> 00:25:35,560 Speaker 1: interested in, at least in my early or mid twenties. 550 00:25:35,640 --> 00:25:40,880 Speaker 1: Fulfill your cheap Nordic houses fantasy exactly exactly. Don't forget 551 00:25:40,880 --> 00:25:43,399 Speaker 1: about the taxes though. That's that's the catch there. It's like, oh, 552 00:25:43,480 --> 00:25:45,080 Speaker 1: you could buy this villain. Oh you can buy this 553 00:25:45,160 --> 00:25:48,359 Speaker 1: house on this fiord for eighties seven thousand dollars and 554 00:25:48,440 --> 00:25:51,680 Speaker 1: it's got this incredible view. But it's not the heat, 555 00:25:51,960 --> 00:25:54,160 Speaker 1: it's the humidity. That's not the price of the house. 556 00:25:54,240 --> 00:25:58,600 Speaker 1: It's the taxes associated living in Norway, Sweden, Iceland. Getting 557 00:25:58,640 --> 00:26:00,920 Speaker 1: to that remote area I'm or is not cheap. Every 558 00:26:00,960 --> 00:26:04,240 Speaker 1: time you want a summer there or whatever. Well, and Matt, 559 00:26:04,320 --> 00:26:06,000 Speaker 1: let's just say you don't want to move to one 560 00:26:06,000 --> 00:26:08,280 Speaker 1: of these places which you'd like to visit them. What 561 00:26:08,359 --> 00:26:10,159 Speaker 1: do you need anytime you want to travel somewhere, You 562 00:26:10,240 --> 00:26:12,600 Speaker 1: gotta have a passport, right And what is one of 563 00:26:12,640 --> 00:26:14,960 Speaker 1: the biggest pain in the butts in the world getting 564 00:26:15,000 --> 00:26:17,879 Speaker 1: your passport renewed. I've never talked to anybody who's in 565 00:26:17,880 --> 00:26:19,480 Speaker 1: the middle of that process who's like, it was a 566 00:26:19,560 --> 00:26:22,680 Speaker 1: breeze and it was so simple and it only took 567 00:26:22,760 --> 00:26:24,440 Speaker 1: like a few days or a week or so to 568 00:26:24,520 --> 00:26:27,400 Speaker 1: get my passport back. No, typically it's weeks and weeks 569 00:26:27,440 --> 00:26:29,560 Speaker 1: and weeks. It's a lot of paperwork and it's a 570 00:26:29,640 --> 00:26:34,200 Speaker 1: huge hassle. But online passport renewal, Fortunately, it seems like 571 00:26:34,240 --> 00:26:35,600 Speaker 1: it's going to become a thing at the beginning of 572 00:26:36,880 --> 00:26:39,359 Speaker 1: according to the U. S. State Department. We'll let you 573 00:26:39,400 --> 00:26:41,640 Speaker 1: guys know when it officially launches. But this is great 574 00:26:41,720 --> 00:26:44,560 Speaker 1: news for travelers because it's gonna cut down on paperwork 575 00:26:44,600 --> 00:26:48,600 Speaker 1: and frustration which typically a company getting that passport renewed. 576 00:26:48,840 --> 00:26:50,880 Speaker 1: You do basically anything online now. Man, I even got 577 00:26:50,960 --> 00:26:55,320 Speaker 1: my driver's license updated online. It was free, it was easy. 578 00:26:55,400 --> 00:26:57,840 Speaker 1: But this needs to happen. I'm so glad that it's 579 00:26:57,920 --> 00:27:00,480 Speaker 1: gonna happen soon, alright. We we recently does guess how 580 00:27:00,640 --> 00:27:04,520 Speaker 1: expensive electric vehicles are getting. We love the idea of them, 581 00:27:04,560 --> 00:27:07,040 Speaker 1: but fact is, more and more, it's looking like it's 582 00:27:07,080 --> 00:27:09,879 Speaker 1: only the privilege that those who are in the most 583 00:27:10,280 --> 00:27:12,080 Speaker 1: I don't know. It feels like the upper echelons who 584 00:27:12,119 --> 00:27:16,160 Speaker 1: can actually afford electric vehicles expensive. It is. Prices are 585 00:27:16,520 --> 00:27:19,360 Speaker 1: rising quickly, in particular as battery costs are are rising 586 00:27:19,400 --> 00:27:22,080 Speaker 1: super fast. The average price of an electric vehicle is 587 00:27:22,080 --> 00:27:25,200 Speaker 1: going up five times faster than it's gas powered counterpart. 588 00:27:25,600 --> 00:27:28,359 Speaker 1: But there's always an exception to the rule, and that 589 00:27:28,480 --> 00:27:32,600 Speaker 1: exclusion is now the brand new electric Chevy Equinox and 590 00:27:32,680 --> 00:27:34,600 Speaker 1: the base model. When this puppy is released next year, 591 00:27:34,600 --> 00:27:37,360 Speaker 1: it could cost as little as twenty two thousand five 592 00:27:38,160 --> 00:27:43,080 Speaker 1: after tax credits. That's super awesome, I think. So we 593 00:27:43,119 --> 00:27:44,880 Speaker 1: shared this. We wanted to share this because if you're 594 00:27:44,880 --> 00:27:46,760 Speaker 1: in the market for an e V but you found 595 00:27:46,800 --> 00:27:50,240 Speaker 1: that it's just too freaking expensive to make the jump, 596 00:27:50,720 --> 00:27:54,280 Speaker 1: the equinoxes is likely gonna be just a frugal car 597 00:27:54,359 --> 00:27:56,639 Speaker 1: buying win for a lot of folks once it launches. 598 00:27:56,720 --> 00:27:58,720 Speaker 1: Keep an eye out for that one. Yeah, we need 599 00:27:58,920 --> 00:28:02,760 Speaker 1: more inex insitive electric vehicles because so many, so many 600 00:28:02,760 --> 00:28:05,479 Speaker 1: the vehicles being produced in that space are high end, 601 00:28:05,560 --> 00:28:08,280 Speaker 1: their luxury cars, and they're really expensive. So I'm glad 602 00:28:08,320 --> 00:28:11,040 Speaker 1: to see somebody prioritizing. And it seems like Chevrolet is 603 00:28:11,080 --> 00:28:15,720 Speaker 1: the only car manufacturer right now really prioritizing cheaper electric vehicles, 604 00:28:15,920 --> 00:28:17,720 Speaker 1: and that's the only way we're gonna get the mass adoption. 605 00:28:18,160 --> 00:28:20,840 Speaker 1: But I think it's it's just difficult for them to justify, well, 606 00:28:21,040 --> 00:28:23,000 Speaker 1: how are we going to make an electric vehicle that 607 00:28:23,119 --> 00:28:27,479 Speaker 1: also doesn't have electric windows. You know, everything's gonna run 608 00:28:27,520 --> 00:28:29,920 Speaker 1: off of electricity. It's gonna be fully digital, it's gonna 609 00:28:29,960 --> 00:28:33,520 Speaker 1: be it's virtually the most powerful computer that you're gonna 610 00:28:33,560 --> 00:28:36,000 Speaker 1: own once and if you buy a new electric vehicle, yeah, 611 00:28:36,040 --> 00:28:38,200 Speaker 1: for sure. Let's talk about car insurance costs, Matt while 612 00:28:38,200 --> 00:28:40,200 Speaker 1: we're talking about cars, because that's that's something else has 613 00:28:40,240 --> 00:28:43,000 Speaker 1: been going up in cost, And the average car insurance 614 00:28:43,000 --> 00:28:45,360 Speaker 1: policy went up something like eight point three percent over 615 00:28:45,360 --> 00:28:49,200 Speaker 1: the past year, and predictions are showing the costs are 616 00:28:49,240 --> 00:28:51,800 Speaker 1: likely to rise another ten percent next year. And we 617 00:28:51,920 --> 00:28:54,320 Speaker 1: figured it would make sense to deliver I don't know 618 00:28:54,400 --> 00:28:57,360 Speaker 1: our semi annual reminder that folks can potentially save a 619 00:28:57,480 --> 00:28:59,920 Speaker 1: ton of money by shopping insurance rates with a variety 620 00:29:00,040 --> 00:29:02,840 Speaker 1: different providers. This is a case where being a loyal 621 00:29:02,920 --> 00:29:06,440 Speaker 1: customer actually works against you. So, I don't know, let's 622 00:29:06,440 --> 00:29:08,200 Speaker 1: talk about a couple of ways that people can save. 623 00:29:08,640 --> 00:29:10,560 Speaker 1: If you're one of those folks out there listening, you're 624 00:29:10,600 --> 00:29:13,320 Speaker 1: you're living the ht M life to the fullest. Driving 625 00:29:13,520 --> 00:29:16,360 Speaker 1: you know you're driving an older car, you might actually 626 00:29:16,440 --> 00:29:20,280 Speaker 1: be overinsured. We would say that opting for liability coverage 627 00:29:20,400 --> 00:29:22,920 Speaker 1: only it could save you hundreds of dollars a year, 628 00:29:23,320 --> 00:29:26,560 Speaker 1: So that's one thing worth considering. Also, raising your deductible 629 00:29:26,640 --> 00:29:29,400 Speaker 1: is another great way to lower your premiums. You can 630 00:29:29,440 --> 00:29:32,520 Speaker 1: do that for your homeowners insurance too, which can be 631 00:29:32,600 --> 00:29:35,560 Speaker 1: a double way me saving you big bucks. Also get 632 00:29:35,640 --> 00:29:39,440 Speaker 1: pesky when you're asking about additional discounts with your agent. 633 00:29:39,840 --> 00:29:43,000 Speaker 1: You know, I took a safe driving test online Matt 634 00:29:43,280 --> 00:29:45,360 Speaker 1: at a a r p S website. Even though I'm 635 00:29:45,360 --> 00:29:48,040 Speaker 1: still a young pup. Uh. Anybody can take this this 636 00:29:48,200 --> 00:29:50,320 Speaker 1: test and a lot of insurance companies will count it. 637 00:29:50,840 --> 00:29:52,280 Speaker 1: It took a couple hours of my time, cost me 638 00:29:52,360 --> 00:29:54,520 Speaker 1: twenty five bucks, and it has saved me hundreds and 639 00:29:54,600 --> 00:29:57,920 Speaker 1: hundreds and hundreds of dollars over the years. Basically, what 640 00:29:58,000 --> 00:30:00,680 Speaker 1: we're saying too is just a self insure more. The 641 00:30:00,760 --> 00:30:03,640 Speaker 1: more you can have in savings, the higher you can 642 00:30:03,720 --> 00:30:07,240 Speaker 1: raise those deductables, like, the more opportunity you have to 643 00:30:07,400 --> 00:30:09,680 Speaker 1: save on your insurance costs. It's right, and with savings 644 00:30:09,840 --> 00:30:13,320 Speaker 1: rates that banks are paying now better than they've ever been, uh, 645 00:30:13,400 --> 00:30:15,280 Speaker 1: it does, it's not quite as painful to leave some 646 00:30:15,360 --> 00:30:17,800 Speaker 1: of that extra money sitting there within your savings account. Actually, 647 00:30:17,800 --> 00:30:19,560 Speaker 1: when you're saving hundreds of dollars a year on those 648 00:30:19,600 --> 00:30:22,160 Speaker 1: insurance costs, man, it's a win win. Yeah. And by 649 00:30:22,200 --> 00:30:24,120 Speaker 1: the way, actually, you know, seeing what just happened down 650 00:30:24,160 --> 00:30:26,360 Speaker 1: in Florida, our our hearts go out to all the 651 00:30:26,360 --> 00:30:28,320 Speaker 1: folks down there with all the all the flooding, all 652 00:30:28,360 --> 00:30:31,680 Speaker 1: the damage that Hurricane Ian has caused. But that being said, 653 00:30:31,720 --> 00:30:33,440 Speaker 1: this should be a great reminder for all of us 654 00:30:33,760 --> 00:30:37,200 Speaker 1: to actually check out our insurance coverage. It turns out 655 00:30:37,280 --> 00:30:39,800 Speaker 1: only like eighteen and a half percent of folks who 656 00:30:39,880 --> 00:30:42,600 Speaker 1: were in the evacuated counties down there in Florida had 657 00:30:42,640 --> 00:30:45,920 Speaker 1: flood insurance. Man, which is it's going to add financial 658 00:30:46,040 --> 00:30:49,080 Speaker 1: hurt to the hurricane aftermath. For many folks, um, this 659 00:30:49,360 --> 00:30:51,400 Speaker 1: is this is a difficult note to strike right because 660 00:30:51,440 --> 00:30:53,160 Speaker 1: on one hand, we want you to save as much 661 00:30:53,200 --> 00:30:55,160 Speaker 1: money as possible in particularly like Joel said, if you 662 00:30:55,240 --> 00:30:58,080 Speaker 1: have an older car, if you are self insured. But 663 00:30:58,240 --> 00:31:00,440 Speaker 1: on the other hand, if there is a type of 664 00:31:00,480 --> 00:31:03,240 Speaker 1: insurance that you should have and you're skipping out, well 665 00:31:03,360 --> 00:31:05,320 Speaker 1: that's an example of not being frugal. But we think 666 00:31:05,360 --> 00:31:06,920 Speaker 1: of being cheap, and so you kind of have to 667 00:31:07,160 --> 00:31:09,760 Speaker 1: find a way to ride that line to balance the 668 00:31:09,880 --> 00:31:13,160 Speaker 1: risk that we all face in our lives. It kind 669 00:31:13,160 --> 00:31:15,920 Speaker 1: of takes me back to like the subscriptions. We we 670 00:31:16,040 --> 00:31:18,200 Speaker 1: need to be aware of the money that we're spending 671 00:31:18,280 --> 00:31:21,080 Speaker 1: because if there is value that we're receiving from it, 672 00:31:21,200 --> 00:31:24,800 Speaker 1: then that's great. If there is some risk that is 673 00:31:24,880 --> 00:31:28,120 Speaker 1: being taken off of your plate by a certain insurance product, fantastic. 674 00:31:28,360 --> 00:31:31,200 Speaker 1: But we don't want you to to stay subscribed to 675 00:31:31,280 --> 00:31:34,680 Speaker 1: something with where there's this recurring charge for an insurance 676 00:31:34,680 --> 00:31:36,480 Speaker 1: product where you're not getting any value from we We 677 00:31:36,560 --> 00:31:38,600 Speaker 1: want you to We want everyone out there to be 678 00:31:38,960 --> 00:31:42,360 Speaker 1: conscious consumers of the different things within their life. Yeah, 679 00:31:42,480 --> 00:31:45,440 Speaker 1: insurance is just kind of a necessary thing to have 680 00:31:45,640 --> 00:31:48,960 Speaker 1: in a lot of instances in modern life. And and 681 00:31:49,040 --> 00:31:51,840 Speaker 1: it can be something like, as you've become more financially successful, 682 00:31:52,040 --> 00:31:54,240 Speaker 1: it's something you might have to allocate more dollars to 683 00:31:54,680 --> 00:31:56,640 Speaker 1: for instance, uh, you know, you might have to buy 684 00:31:56,720 --> 00:31:59,760 Speaker 1: more term life insurance. Let's say, as your income rises 685 00:31:59,800 --> 00:32:03,240 Speaker 1: and you have more more assets that now require a 686 00:32:03,320 --> 00:32:05,520 Speaker 1: more robust insurance policy. And so these are the kind 687 00:32:05,560 --> 00:32:07,720 Speaker 1: of things that we have to think about senior stat 688 00:32:07,800 --> 00:32:10,240 Speaker 1: like that match just maybe maybe really sad because there's 689 00:32:10,240 --> 00:32:11,880 Speaker 1: a lot of people who are going to have lost 690 00:32:11,920 --> 00:32:13,840 Speaker 1: a lot and now they don't have any insurance to 691 00:32:13,920 --> 00:32:15,760 Speaker 1: back them up. And flood insurance is one of those 692 00:32:15,760 --> 00:32:18,320 Speaker 1: particular things that you have to get through FEMA, through 693 00:32:18,320 --> 00:32:21,280 Speaker 1: the federal government, and it's you're a lot of people 694 00:32:21,320 --> 00:32:24,240 Speaker 1: think they're covered by their homeowners insurance, but they're not. Yeah, 695 00:32:24,320 --> 00:32:27,640 Speaker 1: and that flood insurance through FEMA's note as affordable as 696 00:32:27,680 --> 00:32:30,080 Speaker 1: it used to be either. So it's it's, yeah, you're 697 00:32:30,080 --> 00:32:32,360 Speaker 1: in a tough spot because would you actually be able 698 00:32:32,400 --> 00:32:35,000 Speaker 1: to cover the cost of completely rebuilding your house where 699 00:32:35,000 --> 00:32:36,800 Speaker 1: it to you know, where it to flood out and 700 00:32:37,040 --> 00:32:39,040 Speaker 1: in most cases no photo folks don't. But then they're 701 00:32:39,040 --> 00:32:41,280 Speaker 1: also looking at that price tag, that thousand dollars annual 702 00:32:42,040 --> 00:32:44,440 Speaker 1: annual premium that they're having to pay, and they're they're 703 00:32:44,480 --> 00:32:46,880 Speaker 1: really feeling hard pressed to actually find the money to 704 00:32:47,200 --> 00:32:49,520 Speaker 1: make that happen. Sure, yeah, it's a tough spot, but 705 00:32:49,760 --> 00:32:51,760 Speaker 1: you know, if we're gonna make big purchases like a home, 706 00:32:51,840 --> 00:32:53,880 Speaker 1: we have to include all those costs we talk about 707 00:32:53,880 --> 00:32:56,320 Speaker 1: on the show too, And if you are in a 708 00:32:56,880 --> 00:32:59,280 Speaker 1: area that's flood prone, flood insurance is one of those 709 00:32:59,320 --> 00:33:01,520 Speaker 1: things that's that's a must have, despite the fact that 710 00:33:01,600 --> 00:33:03,000 Speaker 1: it's it's not as cheap as it used to be. 711 00:33:03,320 --> 00:33:06,320 Speaker 1: But yeah, we actually have a couple of hurricane refugees, 712 00:33:06,360 --> 00:33:08,960 Speaker 1: Emily's mom and stepdad staying with us right now, and 713 00:33:09,240 --> 00:33:11,280 Speaker 1: we just wish the best everybody down in Florida and 714 00:33:11,400 --> 00:33:13,040 Speaker 1: and on the what on the coast to of what 715 00:33:13,200 --> 00:33:17,160 Speaker 1: South Carolina and Georgia, So hopefully everybody stays safe out there. 716 00:33:17,240 --> 00:33:19,520 Speaker 1: We hope you guys have a great weekend. And Matt, 717 00:33:19,560 --> 00:33:21,520 Speaker 1: that's gonna do it for this episode. Until next time. 718 00:33:21,800 --> 00:33:23,920 Speaker 1: Best Friends Out and Best Friends Out