1 00:00:04,200 --> 00:00:10,360 Speaker 1: From Bloomberg News and iHeartRadio. It's the Big Take. I'm 2 00:00:10,400 --> 00:00:15,400 Speaker 1: West Cosova today our friendly guide on how to save, protect, 3 00:00:15,520 --> 00:00:25,479 Speaker 1: and spend your money right now. Is it just me 4 00:00:25,720 --> 00:00:29,280 Speaker 1: or does managing your money seem a little more confusing 5 00:00:29,320 --> 00:00:33,080 Speaker 1: than usual right now? Unemployment is low, which in theory 6 00:00:33,120 --> 00:00:36,800 Speaker 1: means jobs are plentiful, but inflation is still high and 7 00:00:36,880 --> 00:00:40,040 Speaker 1: the economy feels shaky. So does that mean it's a 8 00:00:40,080 --> 00:00:42,760 Speaker 1: good time to quit your job for another one or 9 00:00:42,800 --> 00:00:46,000 Speaker 1: should you stay put? And what about where you live? 10 00:00:46,440 --> 00:00:50,760 Speaker 1: Rents are high almost everywhere, but house prices and mortgage 11 00:00:50,800 --> 00:00:53,520 Speaker 1: rates are too, So does it make sense to buy 12 00:00:53,560 --> 00:00:56,120 Speaker 1: a house if you can actually find one, or is 13 00:00:56,160 --> 00:00:59,400 Speaker 1: it better to hold off? And the markets, well, they're 14 00:00:59,400 --> 00:01:02,160 Speaker 1: all over the place. And oh yeah, a couple banks failed. 15 00:01:02,640 --> 00:01:06,160 Speaker 1: Should we just put all our hard earned savings inside 16 00:01:06,160 --> 00:01:10,479 Speaker 1: the mattress until things calm down? Fortunately, we've got some 17 00:01:10,560 --> 00:01:15,600 Speaker 1: answers from two Bloomberg personal finance journalists. Claire Ballantine to 18 00:01:16,319 --> 00:01:19,800 Speaker 1: not panic. That's really great advice. At the same time, 19 00:01:19,840 --> 00:01:22,800 Speaker 1: don't let that lead you to not pay attention to 20 00:01:22,800 --> 00:01:26,160 Speaker 1: what's going on, I think, and Craig Giemona, I think 21 00:01:26,240 --> 00:01:30,520 Speaker 1: the sort of Yolo. Attitude of the pandemic really has faded. 22 00:01:30,800 --> 00:01:33,960 Speaker 1: They're here to help us sort through money decisions in 23 00:01:34,280 --> 00:01:40,440 Speaker 1: volatile times, So I would say, maybe don't go with 24 00:01:40,480 --> 00:01:43,000 Speaker 1: the Mattress route. I think one thing that's become very 25 00:01:43,040 --> 00:01:45,640 Speaker 1: clear over the past few weeks is that if you 26 00:01:45,720 --> 00:01:49,120 Speaker 1: have under two hundred and fifty thousand dollars in a 27 00:01:49,160 --> 00:01:54,360 Speaker 1: Federal Deposit Insurance Corporation insured bank, you're fine. That being said, 28 00:01:54,880 --> 00:01:58,840 Speaker 1: most savings accounts in traditional banks aren't paying a lot 29 00:01:58,840 --> 00:02:01,320 Speaker 1: in interest. It could be a good time to think 30 00:02:01,360 --> 00:02:04,560 Speaker 1: about other options to keep your cash liquid but still 31 00:02:04,560 --> 00:02:07,680 Speaker 1: earn more a return. Yeah. I think that's been one 32 00:02:07,720 --> 00:02:11,400 Speaker 1: of the interesting side effects of interest rate hikes is 33 00:02:11,480 --> 00:02:13,799 Speaker 1: that we're coming out of an era of easy money, 34 00:02:13,840 --> 00:02:15,799 Speaker 1: low rates, and there's a lot of people with money 35 00:02:15,840 --> 00:02:18,519 Speaker 1: sitting in a savings account at whatever their bank is 36 00:02:18,560 --> 00:02:21,200 Speaker 1: that is making nothing or next to nothing, and there 37 00:02:21,240 --> 00:02:23,840 Speaker 1: are better options, right. I mean, at Goldman, Saxes, Marcus, 38 00:02:23,840 --> 00:02:26,440 Speaker 1: they offer high yield savings account that have become very popular. 39 00:02:26,720 --> 00:02:29,320 Speaker 1: You can get three point seven five on a savings account, 40 00:02:29,520 --> 00:02:31,280 Speaker 1: and you can do even a little bit better if 41 00:02:31,320 --> 00:02:33,640 Speaker 1: you're willing to lock that money up with a certificate 42 00:02:33,639 --> 00:02:35,359 Speaker 1: of deposit. I mean, you can go up to four 43 00:02:35,400 --> 00:02:37,640 Speaker 1: point seven five. It obviously depends on the amount of 44 00:02:37,639 --> 00:02:40,560 Speaker 1: time you're willing to lock up that cash. But I 45 00:02:40,600 --> 00:02:43,119 Speaker 1: do think for personal finance people, people that are looking 46 00:02:43,160 --> 00:02:45,919 Speaker 1: around saying I got a little spooped by everything that's 47 00:02:45,960 --> 00:02:48,400 Speaker 1: gone with the banks, they're checking their accounts, there are 48 00:02:48,520 --> 00:02:50,960 Speaker 1: ways to move money from those accounts that are really 49 00:02:51,040 --> 00:02:53,600 Speaker 1: yielding nothing or next to nothing and start making some 50 00:02:53,639 --> 00:02:56,440 Speaker 1: returns on that cash, and three point seven five or 51 00:02:56,440 --> 00:02:58,960 Speaker 1: four percent or better. You know, depending on which day 52 00:02:58,960 --> 00:03:00,440 Speaker 1: of the week it is, you're kind of doing better 53 00:03:00,480 --> 00:03:02,680 Speaker 1: than even the market. Yeah, no question, you know. It 54 00:03:02,720 --> 00:03:04,720 Speaker 1: was the worst performance for the SMP five hundred, I 55 00:03:04,720 --> 00:03:07,320 Speaker 1: think since two thousand and nine last year. So there 56 00:03:07,400 --> 00:03:10,040 Speaker 1: was a lot of people that, after a bull market 57 00:03:10,080 --> 00:03:12,480 Speaker 1: that was running and running for years and years, went 58 00:03:12,560 --> 00:03:15,000 Speaker 1: to cash, and the big debate about whether cash is 59 00:03:15,000 --> 00:03:17,000 Speaker 1: trash and what you can do with your cash. There 60 00:03:17,000 --> 00:03:20,040 Speaker 1: are great ways to put your cash places to earn 61 00:03:20,080 --> 00:03:21,600 Speaker 1: more money. You just have to take a look and 62 00:03:21,600 --> 00:03:23,400 Speaker 1: be willing to move into a different account that a 63 00:03:23,440 --> 00:03:25,920 Speaker 1: different bank, perhaps, especially if you're looking to do something 64 00:03:25,960 --> 00:03:28,080 Speaker 1: with your money right now. I at least, I'm not 65 00:03:28,120 --> 00:03:31,440 Speaker 1: super excited about putting more fresh cash into the stock 66 00:03:31,480 --> 00:03:33,639 Speaker 1: market at the moment, but looking at some of these 67 00:03:33,840 --> 00:03:37,160 Speaker 1: higled savings accounts and CDs, it's very safe and very 68 00:03:37,160 --> 00:03:41,520 Speaker 1: attractive rates. Craig, you mentioned that treasuries had become popular. 69 00:03:41,760 --> 00:03:44,280 Speaker 1: Bonds are often a place where people go in stocks 70 00:03:44,280 --> 00:03:48,360 Speaker 1: get volatile, should people be looking to put money in bonds. 71 00:03:48,640 --> 00:03:50,240 Speaker 1: So we're coming off a year where I mean there's 72 00:03:50,240 --> 00:03:53,240 Speaker 1: always been this rule in finance that the average person 73 00:03:53,240 --> 00:03:55,480 Speaker 1: wants to have sixty percent of their holdings in equities 74 00:03:55,520 --> 00:03:58,120 Speaker 1: forty percent in bonds, and you know, that's just sort 75 00:03:58,120 --> 00:03:59,640 Speaker 1: of one of those rules of thumb. It's been around 76 00:03:59,640 --> 00:04:02,200 Speaker 1: for a long time, and last year that was one 77 00:04:02,200 --> 00:04:03,960 Speaker 1: of the traumatic things I think for people was that 78 00:04:03,960 --> 00:04:06,480 Speaker 1: that did not perform well. Just because of how turbulent 79 00:04:06,520 --> 00:04:08,840 Speaker 1: things are. The Fed is jacking rates. That's had a 80 00:04:08,880 --> 00:04:11,440 Speaker 1: big impact on bond prices. You do have to be 81 00:04:11,440 --> 00:04:14,560 Speaker 1: careful obviously in the bond market. You know, people will 82 00:04:14,600 --> 00:04:16,880 Speaker 1: go to bonds when they're scared. So it's been an 83 00:04:16,880 --> 00:04:21,640 Speaker 1: extremely turbulent environment, but bonds are an option. I mean, 84 00:04:21,720 --> 00:04:23,640 Speaker 1: yields have been strong, and I think you're seeing the 85 00:04:23,680 --> 00:04:26,200 Speaker 1: sixty forties start to rebound a bit, which is what 86 00:04:26,240 --> 00:04:29,120 Speaker 1: people expected coming into this year. Yeah. So one thing 87 00:04:29,120 --> 00:04:32,800 Speaker 1: that I think regular investors, everyday people would be wise 88 00:04:32,839 --> 00:04:34,920 Speaker 1: to take away from this is that treasuries are still 89 00:04:35,000 --> 00:04:38,080 Speaker 1: very safe, very safe in a very good way to 90 00:04:38,240 --> 00:04:40,320 Speaker 1: put your money in bonds and kind of hedge some 91 00:04:40,400 --> 00:04:43,600 Speaker 1: of your stock exposure. I think there's been some concern 92 00:04:43,920 --> 00:04:46,560 Speaker 1: with all the banking turmoil that rates could drop, that 93 00:04:46,600 --> 00:04:49,280 Speaker 1: maybe the Federal Reserve would be forced to pause their 94 00:04:49,360 --> 00:04:51,800 Speaker 1: rate hikes or even cut rates. I mean, it's an 95 00:04:51,800 --> 00:04:53,920 Speaker 1: open question now whether that's going to happen this year. 96 00:04:53,960 --> 00:04:56,440 Speaker 1: But we saw the Fed raise again, so that should 97 00:04:56,480 --> 00:04:59,960 Speaker 1: give people some feeling of assurance that, you know, treasure 98 00:05:00,120 --> 00:05:01,920 Speaker 1: are still a good place to be. And again it's 99 00:05:01,960 --> 00:05:04,040 Speaker 1: still the US government the safest thing there is as 100 00:05:04,040 --> 00:05:05,680 Speaker 1: far as investment. So I think that's still a place 101 00:05:05,720 --> 00:05:06,880 Speaker 1: that a lot of people are looking at as far 102 00:05:06,920 --> 00:05:10,359 Speaker 1: as protecting their money. Claire, you said you don't know 103 00:05:10,400 --> 00:05:12,880 Speaker 1: how good you would feel about putting fresh money into 104 00:05:12,960 --> 00:05:15,400 Speaker 1: the stock market right now. Let's say you do want 105 00:05:15,440 --> 00:05:17,800 Speaker 1: to put money into the market. It's a little bit 106 00:05:17,880 --> 00:05:20,520 Speaker 1: lower now where there are some kind of rules of 107 00:05:20,520 --> 00:05:23,320 Speaker 1: the road. For the moment when stocks are down, it's 108 00:05:23,320 --> 00:05:25,480 Speaker 1: a good time to put money in. You should buy 109 00:05:25,480 --> 00:05:28,400 Speaker 1: the dip. That being said, an important point to look 110 00:05:28,440 --> 00:05:31,920 Speaker 1: at within that is valuation. There is a narrative that 111 00:05:32,360 --> 00:05:36,080 Speaker 1: whenever stock prices come down, that means stocks are cheap, 112 00:05:36,279 --> 00:05:39,440 Speaker 1: and that's generally true, but there's some nuance within that. 113 00:05:39,760 --> 00:05:42,839 Speaker 1: And one important thing to notice that stock valuations have 114 00:05:43,040 --> 00:05:46,160 Speaker 1: been so high for so long that even though we 115 00:05:46,200 --> 00:05:49,320 Speaker 1: did have that big drop in stock prices last year, 116 00:05:49,680 --> 00:05:53,360 Speaker 1: it still hasn't flushed out all of that overvaluation. There 117 00:05:53,360 --> 00:05:56,560 Speaker 1: are different sort of complex measures that Wall Street uses 118 00:05:56,640 --> 00:06:00,520 Speaker 1: to determine if stocks are cheap or not. From talking 119 00:06:00,520 --> 00:06:02,720 Speaker 1: with a couple of analysts, I think the takeaway is 120 00:06:02,760 --> 00:06:05,360 Speaker 1: that they're not quite cheap yet. It's going to take 121 00:06:05,400 --> 00:06:09,600 Speaker 1: a while for valuations to really come down. That being said, 122 00:06:09,760 --> 00:06:12,960 Speaker 1: you can still make money in the stock market, especially 123 00:06:13,279 --> 00:06:15,599 Speaker 1: if you have a longer term time horizon. But I 124 00:06:15,640 --> 00:06:18,479 Speaker 1: think just it's important to sort of dispel that narrative 125 00:06:18,520 --> 00:06:21,400 Speaker 1: that stock prices dropped, so now is a good time 126 00:06:21,880 --> 00:06:24,679 Speaker 1: to buy. And I think whenever we talk to financial 127 00:06:24,720 --> 00:06:26,760 Speaker 1: advisors or ask them questions about how to explain this 128 00:06:26,839 --> 00:06:29,600 Speaker 1: to regular people. They basically say, do not try to 129 00:06:29,640 --> 00:06:31,800 Speaker 1: time the market, that this is not something that the 130 00:06:31,839 --> 00:06:34,680 Speaker 1: average person should be attempting to sort of figure out 131 00:06:35,000 --> 00:06:37,719 Speaker 1: our stocks cheap? Is this the bottom? But that you know, 132 00:06:37,720 --> 00:06:39,680 Speaker 1: if you have a longer term goal, that stocks are 133 00:06:39,680 --> 00:06:42,599 Speaker 1: probably part of your portfolio. There's no question about that. Yeah. 134 00:06:42,640 --> 00:06:44,760 Speaker 1: I think the smartest thing to do, and what advisors 135 00:06:44,800 --> 00:06:46,800 Speaker 1: tell me as well is that you set aside a 136 00:06:46,839 --> 00:06:49,960 Speaker 1: portion to invest each month or every six months, and 137 00:06:50,000 --> 00:06:52,840 Speaker 1: you do it regularly. The issue that some people get 138 00:06:52,920 --> 00:06:54,880 Speaker 1: is that, you know, maybe they have too much in 139 00:06:54,920 --> 00:06:57,760 Speaker 1: their hild savings account and think I need to deploy 140 00:06:57,839 --> 00:07:00,440 Speaker 1: all of this into stocks right now. We're doing that 141 00:07:00,480 --> 00:07:03,640 Speaker 1: sort of gradual timing I think makes a lot more sense. 142 00:07:04,480 --> 00:07:08,120 Speaker 1: So one of the most popular features that Bloomberg runs 143 00:07:08,279 --> 00:07:10,800 Speaker 1: periodically is this article called what should you do with 144 00:07:10,840 --> 00:07:13,480 Speaker 1: ten thousand dollars right now? I'm going to put you 145 00:07:13,520 --> 00:07:15,400 Speaker 1: both down on the spot. We've been talking about various 146 00:07:15,480 --> 00:07:17,680 Speaker 1: kinds of investments. If you have ten thousand dollars and 147 00:07:17,800 --> 00:07:20,280 Speaker 1: you want to invest it, what would you do with 148 00:07:20,320 --> 00:07:22,360 Speaker 1: it right now? One thing I'll say right off the 149 00:07:22,400 --> 00:07:25,480 Speaker 1: top is buy I bonds. I bonds are a savings 150 00:07:25,600 --> 00:07:28,320 Speaker 1: vehicle that the government offers. If you can navigate the 151 00:07:28,520 --> 00:07:32,280 Speaker 1: notoriously wonky Treasury Direct website, it might be worth it. 152 00:07:32,280 --> 00:07:35,360 Speaker 1: I'll take you a few minutes. But ibonds got super popular. 153 00:07:35,400 --> 00:07:38,559 Speaker 1: They're meant to protect against inflation. They have a yield 154 00:07:38,560 --> 00:07:41,200 Speaker 1: that basically moves up and down based on inflation. So, 155 00:07:41,240 --> 00:07:44,200 Speaker 1: as you can imagine, it's been super hot the last year. 156 00:07:44,320 --> 00:07:47,160 Speaker 1: People were plowing into I bonds. You can buy ten 157 00:07:47,200 --> 00:07:50,600 Speaker 1: thousand dollars per year per person, so you could put 158 00:07:50,640 --> 00:07:53,280 Speaker 1: some in your kid's name. It's a very good savings vehicle. 159 00:07:53,320 --> 00:07:56,040 Speaker 1: The money is basically locked up for five years. You know. 160 00:07:56,040 --> 00:07:58,840 Speaker 1: There's various rules around when you could take the money out, 161 00:07:58,840 --> 00:08:01,200 Speaker 1: how much interest you would forge. Again, if you have 162 00:08:01,240 --> 00:08:03,240 Speaker 1: money ten thousand dollars that you want to protect, you 163 00:08:03,240 --> 00:08:05,560 Speaker 1: want it to be safe. I think I bonds are 164 00:08:05,640 --> 00:08:07,640 Speaker 1: up there on the list of things. You know. My 165 00:08:07,680 --> 00:08:09,120 Speaker 1: first answer is going to be to put it all 166 00:08:09,160 --> 00:08:15,840 Speaker 1: on doagecoin. But besides that, I think disclaimer Claire is kid. Yeah, 167 00:08:15,960 --> 00:08:18,960 Speaker 1: I'm getting on the doagecoin. But so I like the 168 00:08:19,000 --> 00:08:21,640 Speaker 1: I bonds answer. I think I'm gonna go slightly different. 169 00:08:21,640 --> 00:08:24,640 Speaker 1: I'm going to say, put it in a CD. The 170 00:08:24,680 --> 00:08:27,400 Speaker 1: reason I'm going there instead of I bonds is that 171 00:08:28,000 --> 00:08:31,800 Speaker 1: one less time that your money is locked up. Also, 172 00:08:31,840 --> 00:08:35,079 Speaker 1: with I bonds, the rate does change based on inflation, 173 00:08:35,120 --> 00:08:38,440 Speaker 1: and so we're seeing inflation come down, those I bond 174 00:08:38,559 --> 00:08:42,679 Speaker 1: rates may come down pretty soon. And most importantly, the 175 00:08:42,880 --> 00:08:45,760 Speaker 1: websites for any digital bank are going to be a 176 00:08:45,760 --> 00:08:49,160 Speaker 1: lot nicer and more user friendly than the Treasury Direct website, 177 00:08:49,200 --> 00:08:52,240 Speaker 1: which is notoriously something out of the early two thousands 178 00:08:52,280 --> 00:08:55,880 Speaker 1: Internet era. It's a great environment for savers. If there's 179 00:08:55,920 --> 00:08:57,360 Speaker 1: one good thing that comes out of all of this, 180 00:08:57,480 --> 00:08:59,520 Speaker 1: it's that and Americans are going to get a better 181 00:08:59,600 --> 00:09:02,920 Speaker 1: yield on their savings. We may even see that longer 182 00:09:02,920 --> 00:09:06,200 Speaker 1: than you know this whole crisis plays out, because banks 183 00:09:06,240 --> 00:09:08,160 Speaker 1: get competitive and you know, they don't want to be 184 00:09:08,240 --> 00:09:11,520 Speaker 1: the first to drop their rights. So it really is 185 00:09:11,559 --> 00:09:13,959 Speaker 1: the time to look and explore the options that banks 186 00:09:13,960 --> 00:09:18,040 Speaker 1: are offering for your savings. I think another thing that 187 00:09:18,160 --> 00:09:21,360 Speaker 1: has become a little bit in turmoil lately for a 188 00:09:21,360 --> 00:09:23,840 Speaker 1: lot of people is the workplace in their own jobs. 189 00:09:24,080 --> 00:09:27,200 Speaker 1: We've seen a lot of people decide to quit their jobs, 190 00:09:27,520 --> 00:09:31,439 Speaker 1: take a new job, drop out, entirely. If you're one 191 00:09:31,480 --> 00:09:33,760 Speaker 1: of those people and maybe you're thinking it's time for 192 00:09:33,840 --> 00:09:35,600 Speaker 1: something new, what are some of the things you should 193 00:09:35,600 --> 00:09:39,000 Speaker 1: be considering when it comes to quitting your job or 194 00:09:39,040 --> 00:09:42,200 Speaker 1: taking a new one in this kind of tumultuous environment. 195 00:09:42,640 --> 00:09:45,200 Speaker 1: This is another thing that really went into the spotlight 196 00:09:45,200 --> 00:09:47,959 Speaker 1: in the pandemic that suddenly offices were closed. I mean, 197 00:09:47,960 --> 00:09:50,400 Speaker 1: this was a massive shift in society and culture, and 198 00:09:50,880 --> 00:09:54,280 Speaker 1: people were moving anywhere, working remotely, so and you know, 199 00:09:54,320 --> 00:09:56,640 Speaker 1: the Great Resignation was a story that got written about 200 00:09:56,679 --> 00:09:59,080 Speaker 1: quite a bit that people were just quitting their jobs. 201 00:09:59,120 --> 00:10:01,000 Speaker 1: I mean, I think the pandemic pushed people to re 202 00:10:01,120 --> 00:10:04,719 Speaker 1: examine all facets of life in some cases, and there 203 00:10:04,760 --> 00:10:06,320 Speaker 1: was a lot of quitting. I mean, the quits rate, 204 00:10:06,360 --> 00:10:08,560 Speaker 1: which is a government statistic, was through the roof for 205 00:10:08,559 --> 00:10:10,720 Speaker 1: a long time. You know. Frankly, a lot of that 206 00:10:10,720 --> 00:10:13,240 Speaker 1: stuff has settled down. I mean, there has been a 207 00:10:13,280 --> 00:10:15,880 Speaker 1: massive amount of tech layoffs. I think tech has been 208 00:10:15,920 --> 00:10:18,360 Speaker 1: the hardest hit. The headlines are I think a little 209 00:10:18,360 --> 00:10:21,400 Speaker 1: bit scary for average people who are sitting there the 210 00:10:21,440 --> 00:10:23,960 Speaker 1: mortgage payment is due, you know, they're paying for their 211 00:10:24,000 --> 00:10:26,280 Speaker 1: kids school. Maybe the kid is getting ready to go 212 00:10:26,320 --> 00:10:28,760 Speaker 1: to college. So I think there's a people that are 213 00:10:29,080 --> 00:10:31,480 Speaker 1: doing the financial math, and I think the sort of 214 00:10:31,600 --> 00:10:35,600 Speaker 1: yolo attitude of the pandemic really has faded, and that 215 00:10:35,720 --> 00:10:38,760 Speaker 1: people are looking out there saying, you know what I mean, Look, 216 00:10:38,800 --> 00:10:40,679 Speaker 1: maybe I don't love this job, but it's a job. 217 00:10:40,800 --> 00:10:43,120 Speaker 1: I like the steady paycheck. From where I sit, it's 218 00:10:43,120 --> 00:10:45,800 Speaker 1: a tricky time to be doing some of the risky 219 00:10:45,880 --> 00:10:48,040 Speaker 1: stuff that we saw in the pandemic because the job 220 00:10:48,080 --> 00:10:50,800 Speaker 1: market has just cooled off so much. Yeah, I think 221 00:10:50,800 --> 00:10:53,640 Speaker 1: the days of quitting your job without a backup plan 222 00:10:53,920 --> 00:10:56,880 Speaker 1: are mostly over. Some people are still going to do it, obviously, 223 00:10:57,040 --> 00:11:01,079 Speaker 1: but now people are prioritizing safety. They're looking more at 224 00:11:01,080 --> 00:11:04,880 Speaker 1: their savings accounts, They're looking at how much everything costs, 225 00:11:05,480 --> 00:11:09,040 Speaker 1: and unless you're super young and super you know, into risk, 226 00:11:09,480 --> 00:11:11,960 Speaker 1: the decision to leave your job is going to be 227 00:11:12,000 --> 00:11:14,480 Speaker 1: a bit more fraught than it was during the pandemic. 228 00:11:15,040 --> 00:11:17,360 Speaker 1: In some ways, that, you know, can be a bit 229 00:11:17,400 --> 00:11:19,640 Speaker 1: of a good thing. And that, you know, people are 230 00:11:19,640 --> 00:11:22,559 Speaker 1: thinking more about their finances, they're looking at their next steps, 231 00:11:23,080 --> 00:11:26,559 Speaker 1: but people still are looking for different jobs. You know, 232 00:11:26,600 --> 00:11:29,400 Speaker 1: the economy is on pretty solid footing right now. A 233 00:11:29,400 --> 00:11:32,520 Speaker 1: lot of places are hiring, even if some are laying 234 00:11:32,520 --> 00:11:35,520 Speaker 1: off workers. So it's not to say that no one 235 00:11:35,559 --> 00:11:38,200 Speaker 1: should look for a new job right now. It's just 236 00:11:38,440 --> 00:11:41,240 Speaker 1: the time to put more consideration into it versus any 237 00:11:41,360 --> 00:11:43,640 Speaker 1: spur of the moment quitting like we had seen the 238 00:11:43,679 --> 00:11:45,880 Speaker 1: past couple of years. If you aren't going to make 239 00:11:45,920 --> 00:11:48,760 Speaker 1: that leap, make sure you have enough savings to do that. 240 00:11:48,880 --> 00:11:50,640 Speaker 1: Make sure you have a bit of a plan. You know, 241 00:11:50,679 --> 00:11:53,360 Speaker 1: I'm going to give myself this long to do whatever 242 00:11:53,400 --> 00:11:56,280 Speaker 1: and find myself. And I also think take a closer 243 00:11:56,320 --> 00:11:58,760 Speaker 1: look at the job market, right I mean, you're absolutely right. 244 00:11:58,760 --> 00:12:01,959 Speaker 1: The unemployment rate remains low. The participation rate, I think 245 00:12:01,960 --> 00:12:03,520 Speaker 1: has ticked up a tiny bit as far as the 246 00:12:03,600 --> 00:12:05,840 Speaker 1: number of people that are actually looking for work, which 247 00:12:05,880 --> 00:12:08,680 Speaker 1: is a good sign. So there's labor shortages in places 248 00:12:08,760 --> 00:12:11,680 Speaker 1: in the economy, particularly in places where a lot of 249 00:12:11,679 --> 00:12:14,240 Speaker 1: people got laid off when the pandemic hit, you know. 250 00:12:14,280 --> 00:12:15,840 Speaker 1: But at the same time, I think you're seeing a 251 00:12:15,840 --> 00:12:18,199 Speaker 1: lot of white collar jobs go away. When you think 252 00:12:18,240 --> 00:12:20,480 Speaker 1: about Wall Street's been pretty hard hit. I mean, the 253 00:12:20,520 --> 00:12:24,560 Speaker 1: credit sweeting has affected thousands of people. The banks are 254 00:12:24,920 --> 00:12:27,320 Speaker 1: taking a look at cost the big tech companies where 255 00:12:27,520 --> 00:12:30,040 Speaker 1: you talk to people whose kids are graduating college. Right now, 256 00:12:30,080 --> 00:12:33,080 Speaker 1: it is rough out there as far as where people 257 00:12:33,120 --> 00:12:35,960 Speaker 1: are going to find good white collar jobs. So to me, 258 00:12:36,040 --> 00:12:38,199 Speaker 1: the job market is complicated and it's a bit of 259 00:12:38,200 --> 00:12:40,480 Speaker 1: a mixed picture. I would just think about it, like 260 00:12:40,520 --> 00:12:42,320 Speaker 1: Claire saying, think about it a little bit before you 261 00:12:42,320 --> 00:12:45,360 Speaker 1: take that leap. When we come back, is now a 262 00:12:45,400 --> 00:12:47,520 Speaker 1: good time to tell your boss you want to raise 263 00:12:55,280 --> 00:12:57,000 Speaker 1: Claire for a while? There is a lot of talk 264 00:12:57,120 --> 00:13:00,560 Speaker 1: about how working from home in jobs can do. That 265 00:13:00,679 --> 00:13:04,000 Speaker 1: would be the new normal, But any employers are now 266 00:13:04,040 --> 00:13:07,839 Speaker 1: demanding people come back at least two or three days 267 00:13:07,880 --> 00:13:09,719 Speaker 1: a week, So is that kind of a thing in 268 00:13:09,760 --> 00:13:12,520 Speaker 1: the past now? A lot of people during the pandemic 269 00:13:12,800 --> 00:13:15,280 Speaker 1: had jobs and cities maybe, and then they moved out 270 00:13:15,320 --> 00:13:18,720 Speaker 1: to Boise or Cleveland and now they're working remotely, which 271 00:13:18,760 --> 00:13:20,280 Speaker 1: is all well and good. But say you want to 272 00:13:20,360 --> 00:13:22,920 Speaker 1: quit your job then and you're still living in Boise 273 00:13:23,080 --> 00:13:26,079 Speaker 1: or Cleveland. A lot of employers now aren't is keen 274 00:13:26,120 --> 00:13:29,280 Speaker 1: on remote work, So maybe you'll have more trouble finding 275 00:13:29,280 --> 00:13:31,320 Speaker 1: a remote work job than you did in the past, 276 00:13:31,800 --> 00:13:33,640 Speaker 1: or you have to find a job in the new 277 00:13:33,640 --> 00:13:36,240 Speaker 1: place that you're living, so it gets a little more complicated, 278 00:13:36,320 --> 00:13:39,080 Speaker 1: especially if you have moved. Is now a good time 279 00:13:39,160 --> 00:13:42,440 Speaker 1: to ask for a raise? Always a tricky question. I 280 00:13:42,440 --> 00:13:45,200 Speaker 1: think this was another pandemic trend, another thing where the 281 00:13:45,280 --> 00:13:49,160 Speaker 1: great resignation. People felt free to leave their jobs. And 282 00:13:49,240 --> 00:13:51,760 Speaker 1: I think part of the reaction with inflation running as 283 00:13:51,760 --> 00:13:53,839 Speaker 1: hot as it was was that companies were saying, I'm 284 00:13:53,840 --> 00:13:56,800 Speaker 1: going to pay up to keep talent, so there was leverage. 285 00:13:56,800 --> 00:13:59,440 Speaker 1: People were getting big raises to jump to new jobs. 286 00:13:59,440 --> 00:14:01,880 Speaker 1: That's a big reason why it was happening. And then 287 00:14:01,920 --> 00:14:03,800 Speaker 1: you saw the reaction of Okay, I don't want to 288 00:14:03,840 --> 00:14:06,360 Speaker 1: lose this person, so I will give them a raise. 289 00:14:06,440 --> 00:14:09,000 Speaker 1: I mean, the answer to this question is tricky, but 290 00:14:09,120 --> 00:14:11,079 Speaker 1: I think the bottom line is you have to take 291 00:14:11,080 --> 00:14:12,680 Speaker 1: a look at what's going on out there with white 292 00:14:12,679 --> 00:14:15,080 Speaker 1: collar work and how many people are getting laid off. 293 00:14:15,120 --> 00:14:18,280 Speaker 1: I mean, I think the reception to the raised request 294 00:14:18,480 --> 00:14:21,520 Speaker 1: right now is going to be a little cooler, tepid, 295 00:14:21,560 --> 00:14:23,160 Speaker 1: however you want to think about it than it was 296 00:14:23,680 --> 00:14:26,120 Speaker 1: a year ago, two years ago. Yeah, Well, in the 297 00:14:26,160 --> 00:14:29,360 Speaker 1: counterpoint to that, I would say is that some people 298 00:14:29,360 --> 00:14:31,480 Speaker 1: may be thinking it's going to get worse from here 299 00:14:31,600 --> 00:14:34,320 Speaker 1: in terms of the job market and the economy. So 300 00:14:34,760 --> 00:14:37,160 Speaker 1: do you put the ask in now or do you 301 00:14:37,160 --> 00:14:39,680 Speaker 1: wait six months when we could be in a recession. 302 00:14:40,120 --> 00:14:42,840 Speaker 1: I think that's also on people's minds. And you know, 303 00:14:42,880 --> 00:14:44,960 Speaker 1: that's not to say everyone should go ask for a raise, 304 00:14:45,480 --> 00:14:49,240 Speaker 1: but if you think you deserve one and you're going 305 00:14:49,320 --> 00:14:51,520 Speaker 1: to ask at some point, you know, I think it 306 00:14:51,640 --> 00:14:54,560 Speaker 1: is worth keeping an eye on these trends in the economy. 307 00:14:55,080 --> 00:14:56,960 Speaker 1: If you're at a company that has had a round 308 00:14:56,960 --> 00:15:00,120 Speaker 1: of layoffs and people are gone, you're probably doing more work. 309 00:15:00,240 --> 00:15:02,480 Speaker 1: You know. The bottom line is that if you're left standing, 310 00:15:02,480 --> 00:15:05,520 Speaker 1: if you survived, maybe you're doing a job that two 311 00:15:05,560 --> 00:15:07,720 Speaker 1: people used to do. And also, by the way, if 312 00:15:07,720 --> 00:15:10,040 Speaker 1: you survived, that means that you made the cut. So 313 00:15:10,120 --> 00:15:12,760 Speaker 1: I think again, if you're doing the job of two people, 314 00:15:12,760 --> 00:15:14,400 Speaker 1: that's something you always have to watch out for and 315 00:15:14,400 --> 00:15:17,000 Speaker 1: talk to your boss about. It's just that the vibes 316 00:15:17,000 --> 00:15:19,560 Speaker 1: have definitely changed here the last six months, and it 317 00:15:19,880 --> 00:15:25,080 Speaker 1: is a tricky time, Claire. How much should people have 318 00:15:25,480 --> 00:15:28,680 Speaker 1: sort of saved if they can to prepare if they 319 00:15:28,800 --> 00:15:31,720 Speaker 1: lose their job. Yeah, so most of the experts that 320 00:15:31,840 --> 00:15:34,240 Speaker 1: I talked to say it should be a bit more 321 00:15:34,320 --> 00:15:37,760 Speaker 1: than maybe you had in the past. The standard advice 322 00:15:38,160 --> 00:15:42,360 Speaker 1: is three to six months worth of living expenses. That's 323 00:15:42,360 --> 00:15:45,120 Speaker 1: sort of the gold standard to always have as a 324 00:15:45,160 --> 00:15:47,800 Speaker 1: cushion in case you lose your job, in case something 325 00:15:47,960 --> 00:15:50,800 Speaker 1: bad happens. That being said, we know from some of 326 00:15:50,800 --> 00:15:53,560 Speaker 1: the studies out there that a lot of Americans just 327 00:15:53,600 --> 00:15:56,280 Speaker 1: don't have the ability to do that. So anything is 328 00:15:56,320 --> 00:15:59,080 Speaker 1: better than nothing, I think, is the takeaway. Some people 329 00:15:59,200 --> 00:16:02,040 Speaker 1: just don't have the ability to put extra money away 330 00:16:02,040 --> 00:16:06,200 Speaker 1: like that. But if you can having a bit more 331 00:16:06,320 --> 00:16:08,440 Speaker 1: in your savings or a bit more in some kind 332 00:16:08,440 --> 00:16:12,080 Speaker 1: of cash like instrument, this is where how yould savings 333 00:16:12,080 --> 00:16:15,520 Speaker 1: accounts can come into play. Extending that to nine months 334 00:16:15,560 --> 00:16:19,280 Speaker 1: worth if you're living expenses, even a year can be 335 00:16:19,320 --> 00:16:22,200 Speaker 1: super smart just in case you know, you do happen 336 00:16:22,240 --> 00:16:25,640 Speaker 1: to lose your job. Sometimes, you know, younger people might 337 00:16:25,680 --> 00:16:28,960 Speaker 1: not need to have as much. They have more flexibility, 338 00:16:29,280 --> 00:16:32,800 Speaker 1: less dependence and things like that. But in general, I 339 00:16:32,800 --> 00:16:34,840 Speaker 1: think now is the time to look at your savings 340 00:16:34,960 --> 00:16:37,480 Speaker 1: and your emergency fund and maybe boost that if at 341 00:16:37,480 --> 00:16:40,200 Speaker 1: all possible. Someone said to me that a way to 342 00:16:40,240 --> 00:16:43,640 Speaker 1: reduce your expenses is go through your credit card statement 343 00:16:43,640 --> 00:16:46,080 Speaker 1: and look at all of the things that you're subscribed 344 00:16:46,160 --> 00:16:49,440 Speaker 1: to figure out which ones you can do away with. 345 00:16:49,560 --> 00:16:51,760 Speaker 1: Maybe that's only, you know, ten bucks a month, but 346 00:16:51,800 --> 00:16:54,280 Speaker 1: that really can add up. And I know I'm subscribed 347 00:16:54,320 --> 00:16:57,920 Speaker 1: to lots of things that I've wholly forgotten about. Craig 348 00:16:57,920 --> 00:17:01,480 Speaker 1: going from work to a little closer to home. A 349 00:17:01,480 --> 00:17:04,480 Speaker 1: lot of people now are trying to figure out renting 350 00:17:04,720 --> 00:17:08,399 Speaker 1: versus buying. It's a tough calculation to make. How should 351 00:17:08,400 --> 00:17:11,720 Speaker 1: people be thinking about that? Yeah, it is very tricky. 352 00:17:11,720 --> 00:17:14,720 Speaker 1: That's another one of these classic personal finance questions, rent 353 00:17:14,800 --> 00:17:17,439 Speaker 1: versus buy. You know, there's the old idea that if 354 00:17:17,480 --> 00:17:19,560 Speaker 1: you're renting, you're flushing the money down the toilet, you're 355 00:17:19,600 --> 00:17:21,919 Speaker 1: not building any equity. The bottom line is that it 356 00:17:22,000 --> 00:17:24,040 Speaker 1: is very very hard to buy a house right now, 357 00:17:24,400 --> 00:17:26,200 Speaker 1: you know, with what's happened with mortgage rates. I mean, 358 00:17:26,640 --> 00:17:29,800 Speaker 1: mortgage rates were down around three percent for the better 359 00:17:29,840 --> 00:17:32,119 Speaker 1: part of two years, you know, and you had a 360 00:17:32,200 --> 00:17:35,000 Speaker 1: whole host of people across the US refinance to two 361 00:17:35,040 --> 00:17:37,680 Speaker 1: point seven five. And so the problem with that is 362 00:17:37,760 --> 00:17:40,160 Speaker 1: those people don't want to move. So people that refined 363 00:17:40,200 --> 00:17:42,280 Speaker 1: in the pandemic, you know, they might not love their house. 364 00:17:42,280 --> 00:17:44,760 Speaker 1: Everyone finds things to hate about their house. But to 365 00:17:44,760 --> 00:17:46,800 Speaker 1: take out a new mortgage now at six and a half, 366 00:17:46,840 --> 00:17:49,520 Speaker 1: that just doesn't make any sense. So the fallout from 367 00:17:49,560 --> 00:17:52,879 Speaker 1: that is that it's very, very hard to find affordable 368 00:17:52,920 --> 00:17:55,760 Speaker 1: homes to buy. There's a tremendous pent up demand from 369 00:17:55,760 --> 00:17:58,000 Speaker 1: a millennial generation that was a little slow to get 370 00:17:58,040 --> 00:18:00,800 Speaker 1: into the housing market. But as you have a very 371 00:18:00,840 --> 00:18:03,399 Speaker 1: big down payment, it's just a tricky time. There's not 372 00:18:03,440 --> 00:18:05,919 Speaker 1: a ton to buy. You know, the markets in the 373 00:18:06,040 --> 00:18:09,920 Speaker 1: suburbs of New York and Boston have stayed extremely hot, 374 00:18:09,960 --> 00:18:11,840 Speaker 1: you know, places where the job markets are doing well. 375 00:18:12,359 --> 00:18:14,040 Speaker 1: So it's a very tricky time to buy for all 376 00:18:14,040 --> 00:18:16,760 Speaker 1: but a very few people. Rent is high too, but 377 00:18:16,800 --> 00:18:18,600 Speaker 1: I just think that there's a lot of people that 378 00:18:19,000 --> 00:18:21,000 Speaker 1: you just have to find rent that hopefully you can 379 00:18:21,000 --> 00:18:24,360 Speaker 1: still save money while renting. That is really the move. Well, 380 00:18:24,359 --> 00:18:26,280 Speaker 1: and then you have people like of my generation, I'm 381 00:18:26,320 --> 00:18:28,960 Speaker 1: twenty six, and you know, they're looking at what they're 382 00:18:28,960 --> 00:18:32,000 Speaker 1: paying in rent, which is in New York at least extraordinary, 383 00:18:32,119 --> 00:18:35,320 Speaker 1: and the dream is to buy a house. But you know, 384 00:18:35,320 --> 00:18:37,560 Speaker 1: we just talked about savings and how hard it is 385 00:18:37,600 --> 00:18:39,400 Speaker 1: for people to save. You know, you're trying to come 386 00:18:39,440 --> 00:18:41,560 Speaker 1: up with a down payment for a house, even if 387 00:18:41,560 --> 00:18:44,119 Speaker 1: you can swing maybe the monthly payment, and it just 388 00:18:44,160 --> 00:18:47,440 Speaker 1: feels impossible to save up that much money for that 389 00:18:48,080 --> 00:18:50,960 Speaker 1: after the break. Is sinking your money into a house 390 00:18:51,280 --> 00:19:03,520 Speaker 1: still a good investment? So for people who are fortunate 391 00:19:03,640 --> 00:19:06,040 Speaker 1: enough to actually have the money to buy a house. 392 00:19:06,280 --> 00:19:09,600 Speaker 1: Traditionally houses have been a very good long term investment. 393 00:19:09,760 --> 00:19:12,400 Speaker 1: Is that still true? Like can you still get your 394 00:19:12,440 --> 00:19:15,720 Speaker 1: money back and then with a house? That's another reason 395 00:19:15,760 --> 00:19:18,040 Speaker 1: why nobody wants to sell right now, or why people 396 00:19:18,040 --> 00:19:19,480 Speaker 1: don't want to buy right now, is because, I mean, 397 00:19:19,480 --> 00:19:21,280 Speaker 1: our home price is going to fall another twenty percent. 398 00:19:21,320 --> 00:19:23,080 Speaker 1: I mean we're still in this bit of a limbo 399 00:19:23,119 --> 00:19:27,240 Speaker 1: phase where the economy by some measures, is on solid ground. 400 00:19:27,240 --> 00:19:30,360 Speaker 1: There's certainly some distress signals out there, some warning signs, 401 00:19:30,359 --> 00:19:32,960 Speaker 1: but there's a feeling that this could get really bad. 402 00:19:33,160 --> 00:19:35,160 Speaker 1: I mean, I think the message you get from experts 403 00:19:35,200 --> 00:19:37,199 Speaker 1: about this is, look, if you're going to buy a house, 404 00:19:37,280 --> 00:19:38,840 Speaker 1: you better be willing to live there for a while. 405 00:19:39,119 --> 00:19:40,879 Speaker 1: The days of a quick flip where it's just going 406 00:19:40,960 --> 00:19:42,640 Speaker 1: to go up by one hundred thousand dollars in two 407 00:19:42,720 --> 00:19:45,320 Speaker 1: years and you can move on. That seems like it's 408 00:19:45,359 --> 00:19:48,119 Speaker 1: on pause at the very least, that a house is 409 00:19:48,160 --> 00:19:49,800 Speaker 1: still going to be a good investment. If you're looking 410 00:19:49,800 --> 00:19:51,600 Speaker 1: for a place to raise your family and you're willing 411 00:19:51,600 --> 00:19:54,320 Speaker 1: to live there for fifteen years, it's probably still going 412 00:19:54,359 --> 00:19:57,280 Speaker 1: to pencil out despite the elevated rates. But things have 413 00:19:57,400 --> 00:19:59,040 Speaker 1: changed and you do have to be careful about making 414 00:19:59,040 --> 00:20:01,600 Speaker 1: that decision. I mean, other big thing is that we 415 00:20:01,720 --> 00:20:04,520 Speaker 1: have a massive generational housing shortage in this country. There 416 00:20:04,600 --> 00:20:07,480 Speaker 1: is simply a shortage of places to live. There's not 417 00:20:07,600 --> 00:20:10,520 Speaker 1: enough apartments, we don't build enough. Zoning is a problem, 418 00:20:10,560 --> 00:20:13,440 Speaker 1: There's not enough houses. So I think that's an argument 419 00:20:13,440 --> 00:20:16,399 Speaker 1: for on the longer scale, home prices going up because 420 00:20:16,400 --> 00:20:18,280 Speaker 1: people need a place to live and we just don't 421 00:20:18,280 --> 00:20:21,520 Speaker 1: have enough in this country. Yeah, I've definitely heard talking 422 00:20:21,560 --> 00:20:24,639 Speaker 1: to personal finance advisors that if you're buying a house 423 00:20:24,640 --> 00:20:26,639 Speaker 1: and you're thinking is your forever home, You're going to 424 00:20:26,720 --> 00:20:30,400 Speaker 1: be there until you retire, then of course it makes 425 00:20:30,400 --> 00:20:32,840 Speaker 1: sense to not be paying money in rent if you're 426 00:20:32,840 --> 00:20:35,199 Speaker 1: going to do that, but especially if you may have 427 00:20:35,280 --> 00:20:38,600 Speaker 1: to move for work. That's where the calculus gets kind 428 00:20:38,600 --> 00:20:42,040 Speaker 1: of hard. Claire Craig. We've covered a lot of ground 429 00:20:42,080 --> 00:20:45,199 Speaker 1: here here. To give somebody one piece of advice to 430 00:20:45,320 --> 00:20:47,160 Speaker 1: kind of put in their pocket and take with them, 431 00:20:47,240 --> 00:20:50,400 Speaker 1: what would it be. We always joke a little bit 432 00:20:50,440 --> 00:20:53,240 Speaker 1: on the Personal Finance team when we call up advisors. 433 00:20:53,280 --> 00:20:55,960 Speaker 1: The first thing they all say is don't panic. Easier 434 00:20:56,000 --> 00:20:58,480 Speaker 1: said than done in times like these when you're seeing 435 00:20:58,520 --> 00:21:01,159 Speaker 1: headlines about bank collapses. But you know, I think the 436 00:21:01,160 --> 00:21:03,919 Speaker 1: thing that you take away from talking to advisors and 437 00:21:03,960 --> 00:21:06,199 Speaker 1: reporting on these stories, it's just that this is a 438 00:21:06,240 --> 00:21:09,240 Speaker 1: long term thing. You know. It's not really about some 439 00:21:09,359 --> 00:21:12,280 Speaker 1: quick way to make money in crypto or there's there's 440 00:21:12,320 --> 00:21:14,159 Speaker 1: really no way to game the system, right. It's a 441 00:21:14,200 --> 00:21:17,640 Speaker 1: sort of a steady as you go strategy. So that's 442 00:21:17,640 --> 00:21:19,800 Speaker 1: what I take away from sort of the don't panic advice, 443 00:21:19,840 --> 00:21:22,320 Speaker 1: which is that it should be a long term game 444 00:21:22,520 --> 00:21:25,320 Speaker 1: and it's very difficult to time the market, and you 445 00:21:25,400 --> 00:21:27,959 Speaker 1: just have to be rational about this and save as 446 00:21:28,040 --> 00:21:30,000 Speaker 1: much as you can and put that money in places 447 00:21:30,000 --> 00:21:32,639 Speaker 1: that is safe and can get you some yield. Yeah, 448 00:21:32,680 --> 00:21:35,480 Speaker 1: and I would say it's good to just take a 449 00:21:35,520 --> 00:21:38,159 Speaker 1: look at what all you're doing. The set it and 450 00:21:38,200 --> 00:21:40,800 Speaker 1: forget it method is really good in a lot of ways, 451 00:21:40,840 --> 00:21:44,280 Speaker 1: and it prevents you from, you know, maybe making mistakes 452 00:21:44,320 --> 00:21:47,280 Speaker 1: because you're panicking. But also just be aware of these things. 453 00:21:47,359 --> 00:21:49,520 Speaker 1: Be aware of what's in your four oh one K 454 00:21:49,920 --> 00:21:53,280 Speaker 1: and what kind of yield you're getting on your savings accounts, 455 00:21:53,440 --> 00:21:56,119 Speaker 1: where all of your money is in these different accounts, 456 00:21:56,240 --> 00:21:59,840 Speaker 1: and how much you are planning to save for the future. 457 00:22:00,920 --> 00:22:04,320 Speaker 1: Claire Valentine, Craig Jamona, thanks for coming on the show. 458 00:22:04,440 --> 00:22:07,719 Speaker 1: Thank you, thanks for having us, Thanks for listening to 459 00:22:07,800 --> 00:22:10,000 Speaker 1: us here at The Big Take. It's a daily podcast 460 00:22:10,040 --> 00:22:14,040 Speaker 1: from Bloomberg and iHeartRadio. For more shows from iHeartRadio, visit 461 00:22:14,080 --> 00:22:18,439 Speaker 1: the iHeartRadio app, Apple Podcasts, or wherever you listen, and 462 00:22:18,600 --> 00:22:21,560 Speaker 1: we'd love to hear from you. Email us questions or 463 00:22:21,600 --> 00:22:25,920 Speaker 1: comments to Big Take at Bloomberg dot net. The supervising 464 00:22:25,960 --> 00:22:29,439 Speaker 1: producer of The Big Take is Vicky Bergolina. Our senior 465 00:22:29,520 --> 00:22:33,960 Speaker 1: producer is Katherine Fink. Rebecca Chassan is our producer. Our 466 00:22:34,000 --> 00:22:38,520 Speaker 1: associate producer is Sam Gobauer. Killed Garcia is our engineer. 467 00:22:38,920 --> 00:22:43,120 Speaker 1: Our original music was composed by Leo Sidrin. I'm west Kasova. 468 00:22:43,400 --> 00:22:46,000 Speaker 1: We'll be back tomorrow with another Big Take.