1 00:00:00,280 --> 00:00:03,240 Speaker 1: Welcome to How to Money. I'm Joel and I am Matt, 2 00:00:03,360 --> 00:00:06,440 Speaker 1: and today we're talking atrocious auto pay, the high cost 3 00:00:06,440 --> 00:00:09,680 Speaker 1: of working from home in IRS coming for savers. 4 00:00:30,120 --> 00:00:32,360 Speaker 2: That's right, buddy, this is our Friday flight and we're 5 00:00:32,360 --> 00:00:35,360 Speaker 2: going to discuss the top stories that we came across 6 00:00:35,400 --> 00:00:37,479 Speaker 2: this week and how it's going to impact your wallet. 7 00:00:37,680 --> 00:00:39,519 Speaker 1: And by the way, or your purse, the IRS likely 8 00:00:39,600 --> 00:00:41,120 Speaker 1: isn't going to show whatever it is to keep your money, 9 00:00:41,200 --> 00:00:42,839 Speaker 1: but you might get an unexpected tax bill. 10 00:00:42,880 --> 00:00:44,520 Speaker 2: That's what we'll talk about. Yeah, we will talk about 11 00:00:44,560 --> 00:00:46,800 Speaker 2: that later. By the way, did you see that, speaking 12 00:00:46,840 --> 00:00:50,120 Speaker 2: of tax ride offs, Facebook is no longer going to 13 00:00:50,159 --> 00:00:52,200 Speaker 2: be accept or they're no longer going to be footing 14 00:00:52,240 --> 00:00:55,200 Speaker 2: the bill I guess for the credit card transactions when 15 00:00:55,240 --> 00:00:58,760 Speaker 2: you donate to a nonprofit via Facebook. I did see 16 00:00:58,880 --> 00:00:59,360 Speaker 2: the platform. 17 00:00:59,400 --> 00:01:01,160 Speaker 1: So I have a friend who runs a nonprofit and 18 00:01:01,560 --> 00:01:03,800 Speaker 1: because of that perk, and because of the fact that 19 00:01:03,840 --> 00:01:06,880 Speaker 1: her nonprofit accept donations via Facebook, she reached out to 20 00:01:06,920 --> 00:01:08,560 Speaker 1: me proactively and was like, Hey, just want to let 21 00:01:08,560 --> 00:01:11,200 Speaker 1: you know. I know you love donating via credit card 22 00:01:11,280 --> 00:01:13,640 Speaker 1: through this way because you get the perks without having 23 00:01:13,640 --> 00:01:15,959 Speaker 1: to pay the additional two point nine percent processing fear 24 00:01:16,000 --> 00:01:17,640 Speaker 1: or whatever. But that will no longer be the case 25 00:01:17,640 --> 00:01:19,720 Speaker 1: at the end of this month. So if you're like, yep, 26 00:01:19,840 --> 00:01:22,399 Speaker 1: I donate through Facebook and I like to use my 27 00:01:22,400 --> 00:01:24,640 Speaker 1: credit card and get the points or rewards or whatever, 28 00:01:24,760 --> 00:01:27,040 Speaker 1: maybe meet a spending threshold to get the bonus. 29 00:01:27,160 --> 00:01:29,080 Speaker 2: That's what's I've only used it a couple of times, 30 00:01:29,120 --> 00:01:31,520 Speaker 2: but in both cases it was to do that. Yep. 31 00:01:31,600 --> 00:01:34,280 Speaker 2: It was to hit that spend threshold. It was such 32 00:01:34,319 --> 00:01:37,320 Speaker 2: an easy way of going about that for spending in 33 00:01:37,360 --> 00:01:39,679 Speaker 2: this case giving yeah that you're already already gonna do. 34 00:01:39,959 --> 00:01:41,319 Speaker 2: So it was a win win. 35 00:01:41,360 --> 00:01:45,960 Speaker 1: And now Zackerberg, his philanthropic help him get he's just 36 00:01:46,000 --> 00:01:46,840 Speaker 1: not gonna do that anymore for. 37 00:01:46,880 --> 00:01:49,520 Speaker 2: Us credit card fees. Man, they're impacting everybody, and so 38 00:01:49,720 --> 00:01:53,200 Speaker 2: I don't fault them necessarily for making adjustments and realizing that, 39 00:01:53,240 --> 00:01:55,760 Speaker 2: all right, we've got to just like everybody else out there, 40 00:01:55,760 --> 00:01:58,520 Speaker 2: who whether it's cell phone companies who are offering discounts 41 00:01:58,560 --> 00:02:01,640 Speaker 2: on plans or in this case, they're just saying, we're 42 00:02:01,640 --> 00:02:03,720 Speaker 2: not quite willing to cover the cost of it anymore. 43 00:02:03,760 --> 00:02:05,920 Speaker 2: But yeah, but yeah, you've got a few more weeks. Well, 44 00:02:06,040 --> 00:02:08,160 Speaker 2: are a couple I guess, yeah, no much longer. 45 00:02:08,320 --> 00:02:09,720 Speaker 1: You got to get it in there two and a 46 00:02:09,760 --> 00:02:12,520 Speaker 1: half weeks and the Wiltimber is here more about year 47 00:02:12,560 --> 00:02:15,400 Speaker 1: end giving before the year is out. But it's time 48 00:02:15,400 --> 00:02:17,720 Speaker 1: to start thinking about that and remember that you don't 49 00:02:17,760 --> 00:02:21,440 Speaker 1: necessarily get a tax right off for every single donation 50 00:02:21,639 --> 00:02:23,919 Speaker 1: that you make. But at least in the case of Facebook, 51 00:02:23,960 --> 00:02:27,359 Speaker 1: for now, for just a couple more weeks, you get 52 00:02:27,400 --> 00:02:28,640 Speaker 1: to be able to You get to donate with a 53 00:02:28,639 --> 00:02:31,320 Speaker 1: credit card without getting stuck with the processing fees. But 54 00:02:31,320 --> 00:02:32,079 Speaker 1: that's going away soon. 55 00:02:32,120 --> 00:02:33,920 Speaker 2: That's right, man, Let's dive into it. Let's get to 56 00:02:33,960 --> 00:02:37,200 Speaker 2: our first story, which is about the EV tax credit. Basically, 57 00:02:37,240 --> 00:02:40,120 Speaker 2: the good news keeps on rolling for potential EV buyers. 58 00:02:40,480 --> 00:02:43,639 Speaker 2: Prices they've been going down significantly and led in large 59 00:02:43,680 --> 00:02:46,120 Speaker 2: part by Tesla. They've slashed the prices on most of 60 00:02:46,160 --> 00:02:46,600 Speaker 2: their models. 61 00:02:46,639 --> 00:02:49,600 Speaker 1: I've seen you salivating over the Testa prices you have. 62 00:02:50,480 --> 00:02:54,040 Speaker 2: But starting in January, new EV buyers are going to 63 00:02:54,120 --> 00:02:56,160 Speaker 2: have the ability to get their tax credit in the 64 00:02:56,200 --> 00:03:00,880 Speaker 2: form of an instant price cut at the dealership instead 65 00:03:00,919 --> 00:03:02,720 Speaker 2: of having to wait to get it back on their 66 00:03:02,720 --> 00:03:05,280 Speaker 2: tax return the following April, which is a long that's 67 00:03:05,280 --> 00:03:07,120 Speaker 2: a lot of time, right, I mean if you were 68 00:03:07,120 --> 00:03:09,400 Speaker 2: looking up potentially doing that sooner than later, you could 69 00:03:09,400 --> 00:03:13,359 Speaker 2: be waiting like what sixteen months before you actually saw 70 00:03:13,400 --> 00:03:16,400 Speaker 2: that credit, before you felt that yourself, and you know 71 00:03:16,440 --> 00:03:20,720 Speaker 2: it's coming, but you're like hands out, massively delayious, waiting 72 00:03:20,720 --> 00:03:22,119 Speaker 2: for the long arm of the government to actually stick 73 00:03:22,120 --> 00:03:24,200 Speaker 2: the money in your hands. Yeah, lawmakers and DC are 74 00:03:24,320 --> 00:03:27,519 Speaker 2: currently working with dealerships across the country to help them 75 00:03:27,680 --> 00:03:29,840 Speaker 2: to get up to speed on this process and how 76 00:03:29,880 --> 00:03:31,880 Speaker 2: it's going to work. But we still want you to 77 00:03:31,919 --> 00:03:34,600 Speaker 2: know that there are income limits in order to qualify 78 00:03:34,720 --> 00:03:37,240 Speaker 2: for that tax rebate. But how much nicer is it 79 00:03:37,240 --> 00:03:39,640 Speaker 2: going to be to not have to again just wait 80 00:03:39,760 --> 00:03:43,560 Speaker 2: around because that's because of how large the tax breaks are. 81 00:03:43,600 --> 00:03:46,160 Speaker 2: The rebate it has a serious impact on I think 82 00:03:46,200 --> 00:03:48,840 Speaker 2: on a lot of ev byrus decision to make that purchase. 83 00:03:49,400 --> 00:03:51,160 Speaker 2: The value it's not like a two hundred dollars a 84 00:03:51,160 --> 00:03:54,000 Speaker 2: little bonus, right right, It is thousands of dollars. 85 00:03:53,960 --> 00:03:56,200 Speaker 1: The value proposition between a forty thousand dollars car and 86 00:03:56,240 --> 00:03:59,000 Speaker 1: a thirty two thousand dollars car is massive. It makes 87 00:03:59,040 --> 00:04:01,400 Speaker 1: a big difference. And yet this new perk. By the way, 88 00:04:01,400 --> 00:04:04,040 Speaker 1: it applies to use dvs under twenty five thousand dollars 89 00:04:04,080 --> 00:04:06,240 Speaker 1: as well. Those come with a tax breakup up to 90 00:04:06,320 --> 00:04:09,280 Speaker 1: four thousand dollars, which you can only get from a dealership, 91 00:04:09,320 --> 00:04:11,440 Speaker 1: of course, not from a private sale, because there's all 92 00:04:11,480 --> 00:04:13,600 Speaker 1: sorts of ways you could hoodwink the government. I guess 93 00:04:13,600 --> 00:04:15,200 Speaker 1: if you were doing a private sale trying to get 94 00:04:15,240 --> 00:04:16,680 Speaker 1: their rebate back, you'd be like, yeah, I bought my 95 00:04:16,720 --> 00:04:18,600 Speaker 1: brothers EV and sold it back to them and we 96 00:04:18,600 --> 00:04:21,159 Speaker 1: both get the discount, right. But yeah, dealerships are essentially 97 00:04:21,160 --> 00:04:23,719 Speaker 1: going to be reimbursed by the federal government within seventy 98 00:04:23,720 --> 00:04:25,560 Speaker 1: two hours of you making that purchase on a used 99 00:04:25,600 --> 00:04:28,240 Speaker 1: or new electric vehicle. And don't forget, by the way, 100 00:04:28,360 --> 00:04:31,000 Speaker 1: that these tax credits are going to be around for years. 101 00:04:31,080 --> 00:04:34,080 Speaker 1: So even though this change is happening in January first, 102 00:04:34,080 --> 00:04:36,600 Speaker 1: there's no rush necessarily to head in on New Year's 103 00:04:36,680 --> 00:04:40,320 Speaker 1: Day to the dealer and buy that electric vehicle. Will 104 00:04:40,320 --> 00:04:43,120 Speaker 1: one maybe your gas power vehicle or your older electric 105 00:04:43,160 --> 00:04:43,839 Speaker 1: vehicles doing. 106 00:04:43,760 --> 00:04:45,400 Speaker 2: Just fine so and it's paid for. 107 00:04:45,560 --> 00:04:47,919 Speaker 1: Yeah, way, don't let this necessarily drive you to do 108 00:04:47,960 --> 00:04:51,279 Speaker 1: something crazy. But also, competition in the EV space is 109 00:04:51,279 --> 00:04:54,040 Speaker 1: increasing on what seems like a daily basis, right, and 110 00:04:54,120 --> 00:04:56,560 Speaker 1: so there's going to be more and more options, hopefully 111 00:04:56,560 --> 00:04:58,480 Speaker 1: even more price competition in the space. 112 00:04:58,839 --> 00:04:59,800 Speaker 2: And you can. 113 00:04:59,640 --> 00:05:03,600 Speaker 1: Still get this this EV tax credit a few years 114 00:05:03,600 --> 00:05:05,640 Speaker 1: from now if you want to wait. By the way, 115 00:05:05,680 --> 00:05:07,320 Speaker 1: one of our favorites, Matt Rivian or one of my 116 00:05:07,360 --> 00:05:10,760 Speaker 1: personal favorites, they're having a tough time reaching profitability. And 117 00:05:10,839 --> 00:05:13,320 Speaker 1: even though the average ribbon costs eighty thousand dollars, which 118 00:05:13,360 --> 00:05:15,320 Speaker 1: is way outside of my budget, there was an article 119 00:05:15,320 --> 00:05:17,640 Speaker 1: in the Wall Street Journal that that outlined that every 120 00:05:17,760 --> 00:05:20,320 Speaker 1: vehicle they make cost them one hundred and ten thousand 121 00:05:20,360 --> 00:05:22,880 Speaker 1: dollars or more to actually produce. 122 00:05:23,120 --> 00:05:26,800 Speaker 2: So, uh, yeah, not great for Rivian. 123 00:05:26,880 --> 00:05:29,400 Speaker 1: Not great for Rivian, Yeah, and unlikely still that I'm 124 00:05:29,440 --> 00:05:30,680 Speaker 1: gonna find myself buying one. 125 00:05:30,800 --> 00:05:32,880 Speaker 2: But I think what you said is true, Fingers crossed 126 00:05:32,920 --> 00:05:36,400 Speaker 2: that as we continue to see just advances in technology 127 00:05:36,440 --> 00:05:39,840 Speaker 2: and prices declining, the ability to snag an EV a 128 00:05:39,880 --> 00:05:41,440 Speaker 2: couple of years down the road. That's what I've That's 129 00:05:41,440 --> 00:05:44,680 Speaker 2: what I'm hoping for personally. But speaking of cars, the 130 00:05:44,880 --> 00:05:48,760 Speaker 2: average annual cost of car ownership has skyrocketed. It has 131 00:05:48,800 --> 00:05:51,680 Speaker 2: gone up more than thirteen percent from last year up 132 00:05:51,760 --> 00:05:56,240 Speaker 2: to a twelve thousand dollars average according to TRIPAA. That's 133 00:05:56,279 --> 00:05:58,200 Speaker 2: a thousand bucks a month. Yeah, that's a lot of money, man, 134 00:05:58,520 --> 00:06:03,440 Speaker 2: And so which makes a want to encourage folks to consider, honestly, 135 00:06:03,560 --> 00:06:06,840 Speaker 2: just walking more, maybe consider biking a bit more than 136 00:06:06,839 --> 00:06:09,560 Speaker 2: you have previously. And I say that knowing that a 137 00:06:09,560 --> 00:06:11,400 Speaker 2: lot of folks aren't going to do that. Actually, there 138 00:06:11,440 --> 00:06:14,040 Speaker 2: is an article in Bloomberg this week which found that 139 00:06:14,080 --> 00:06:18,120 Speaker 2: biking to work, unfortunately, it is not gaining any momentum. 140 00:06:18,320 --> 00:06:20,480 Speaker 2: It's not gaining any steam, which means that we've kind 141 00:06:20,520 --> 00:06:22,680 Speaker 2: of failed in our mission to get more folks to 142 00:06:22,680 --> 00:06:26,119 Speaker 2: bike more often. Folks are commuting via bike less often 143 00:06:26,160 --> 00:06:29,719 Speaker 2: than they were ten years ago, which is, honestly, is 144 00:06:29,760 --> 00:06:31,880 Speaker 2: tough to stomach. It's sad to see that this is 145 00:06:31,920 --> 00:06:34,160 Speaker 2: the direction that we're going, kind of like a knife 146 00:06:34,160 --> 00:06:36,760 Speaker 2: through my gut. Yes, because we want folks to consider 147 00:06:36,800 --> 00:06:39,680 Speaker 2: how much money they could actually save, and according to 148 00:06:39,680 --> 00:06:41,880 Speaker 2: the latest data, they'd be able to save more than 149 00:06:42,000 --> 00:06:43,039 Speaker 2: we've ever seen before. 150 00:06:43,080 --> 00:06:46,400 Speaker 1: The stakes are higher, right at the average annual cost 151 00:06:46,440 --> 00:06:48,360 Speaker 1: of car ownership goes through the roof. And then you're 152 00:06:48,360 --> 00:06:50,839 Speaker 1: talking about one thousand bucks a month. Well, every mile 153 00:06:51,080 --> 00:06:53,880 Speaker 1: that you don't drive, you're putting money back in your pocket. 154 00:06:54,120 --> 00:06:56,200 Speaker 1: And that's even more true, by the way, if you 155 00:06:56,279 --> 00:06:59,159 Speaker 1: drive a truck, and so it might be time to 156 00:06:59,160 --> 00:07:01,920 Speaker 1: consider ditching one if you don't necessarily need it. Right, 157 00:07:01,960 --> 00:07:03,680 Speaker 1: Some people drive a truck just because it's like I 158 00:07:03,760 --> 00:07:06,680 Speaker 1: like the truck, right, I like the bed in the 159 00:07:06,680 --> 00:07:09,440 Speaker 1: back and utility to be able to potentially but are 160 00:07:09,480 --> 00:07:10,000 Speaker 1: you using it? 161 00:07:10,160 --> 00:07:10,400 Speaker 2: Yeah? 162 00:07:10,480 --> 00:07:12,520 Speaker 1: Right, And so when you look at the numbers, you're 163 00:07:12,520 --> 00:07:15,160 Speaker 1: gonna pay over a dollar a mile to run one 164 00:07:15,200 --> 00:07:18,200 Speaker 1: of those bigger bee for your trucks, and closer to 165 00:07:18,440 --> 00:07:22,000 Speaker 1: sixty cents a mile driving a compact suv. The type 166 00:07:22,000 --> 00:07:24,480 Speaker 1: of car that you drive matters, and so does driving 167 00:07:24,480 --> 00:07:26,280 Speaker 1: an older car, right, because you take so much less 168 00:07:26,280 --> 00:07:29,320 Speaker 1: of a depreciation hit the older the car that you drive. 169 00:07:29,680 --> 00:07:32,160 Speaker 1: It means there's just less value to be lost, which 170 00:07:32,360 --> 00:07:37,080 Speaker 1: is helpful to your overall personal finance situation. But driving 171 00:07:37,200 --> 00:07:39,280 Speaker 1: less does too, right, Right, So back to your point, Matt, 172 00:07:39,320 --> 00:07:42,240 Speaker 1: walking and biking more is going to make a difference 173 00:07:42,440 --> 00:07:44,720 Speaker 1: in keeping that car off the road, keeping your car 174 00:07:44,760 --> 00:07:47,640 Speaker 1: in better shape, less fewer repairs, less gas, all that 175 00:07:47,720 --> 00:07:50,120 Speaker 1: kind of stuff too, And so yeah, maybe we'll try again, 176 00:07:50,160 --> 00:07:52,600 Speaker 1: in the style of Don Quixote, to push how to 177 00:07:52,640 --> 00:07:55,040 Speaker 1: money listeners to dust off their bikes and hit the streets. 178 00:07:55,680 --> 00:07:57,560 Speaker 2: And I realized if you sometime of youar to do it. 179 00:07:57,560 --> 00:07:59,480 Speaker 2: By the way, it is, it's perfect weather out there. 180 00:07:59,680 --> 00:08:02,080 Speaker 2: You and I literally this morning we rode back from 181 00:08:02,120 --> 00:08:04,120 Speaker 2: dropping the little dudes off at daycare. 182 00:08:04,600 --> 00:08:06,720 Speaker 1: So freaking nice of it to be better this this 183 00:08:06,920 --> 00:08:09,840 Speaker 1: fall is the best prime like bike riding. And I 184 00:08:09,880 --> 00:08:11,760 Speaker 1: get if you live like forty miles away from your job, right, 185 00:08:11,760 --> 00:08:14,000 Speaker 1: that's a big ask. But could you at least just 186 00:08:14,000 --> 00:08:16,040 Speaker 1: hop on to get your groceries because every. 187 00:08:16,160 --> 00:08:17,200 Speaker 2: Every little bit matters. 188 00:08:17,200 --> 00:08:19,160 Speaker 1: And I think we've talked about this before, something like 189 00:08:19,200 --> 00:08:22,560 Speaker 1: fifty percent of our car trips are four miles or less. 190 00:08:22,560 --> 00:08:24,600 Speaker 1: And if we could hop on the bike for very, 191 00:08:25,120 --> 00:08:27,720 Speaker 1: very bikeable distances, even just for those, that would make 192 00:08:27,760 --> 00:08:29,840 Speaker 1: a big difference. And guess what, we'd be healthier too, 193 00:08:30,120 --> 00:08:31,760 Speaker 1: get in that fresh air we see our neighbors. 194 00:08:31,800 --> 00:08:33,440 Speaker 2: That's the other part of it too. It's not that 195 00:08:33,480 --> 00:08:35,920 Speaker 2: you're just reaping the financial rewards. You are going to 196 00:08:35,960 --> 00:08:38,600 Speaker 2: be healthier as well. Even if you opt for an 197 00:08:38,640 --> 00:08:41,160 Speaker 2: e bike, which because guess what, you're still going to 198 00:08:41,200 --> 00:08:42,760 Speaker 2: be moving your body a lot more on a knee 199 00:08:42,760 --> 00:08:46,280 Speaker 2: bike than you would just sitting in your car, as 200 00:08:46,320 --> 00:08:48,000 Speaker 2: you can commute to work in front of ours. Garrett, 201 00:08:48,000 --> 00:08:50,120 Speaker 2: he reached out and was just like, hey, dudes, I 202 00:08:50,200 --> 00:08:51,760 Speaker 2: think he did this a year ago, but he just 203 00:08:52,120 --> 00:08:54,280 Speaker 2: we don't see him, so I think it was out 204 00:08:54,280 --> 00:08:56,040 Speaker 2: of sight, out of mind. But he texted us and 205 00:08:56,160 --> 00:08:58,400 Speaker 2: was like, after I was listening to a bunch of 206 00:08:58,480 --> 00:09:00,240 Speaker 2: how to money, I sold my car and I bought 207 00:09:00,240 --> 00:09:02,480 Speaker 2: an ee bike instead, and he bikes to work every 208 00:09:02,520 --> 00:09:05,240 Speaker 2: single day. Now, well, some people are doing it. Awesome, Yeah, 209 00:09:05,480 --> 00:09:07,480 Speaker 2: some folks are doing it. Don't don't be We shouldn't 210 00:09:07,480 --> 00:09:09,560 Speaker 2: be too down on ourselves, but we obviously want to 211 00:09:09,559 --> 00:09:12,880 Speaker 2: see that trend continue. And there's just, dude, there's something 212 00:09:12,880 --> 00:09:14,679 Speaker 2: else that you gain. It is so, yes, you're going 213 00:09:14,720 --> 00:09:17,559 Speaker 2: to be healthier, Yes it'll save you money, but you 214 00:09:17,640 --> 00:09:21,040 Speaker 2: just develop a sense of grit, right, Like you realize 215 00:09:21,040 --> 00:09:24,080 Speaker 2: that you are more capable of doing things, not just biking, 216 00:09:24,120 --> 00:09:27,200 Speaker 2: but beyond that. I feel like it has this ability 217 00:09:27,240 --> 00:09:30,240 Speaker 2: to spread into other areas of your life where you realize, 218 00:09:30,320 --> 00:09:32,760 Speaker 2: oh man, I am capable of so much more than 219 00:09:33,320 --> 00:09:34,560 Speaker 2: you would typically give yourself. 220 00:09:34,600 --> 00:09:36,600 Speaker 1: Things you thought were hard before become just a little 221 00:09:36,600 --> 00:09:40,000 Speaker 1: bit easier because you're like, maybe figured this out seven 222 00:09:40,000 --> 00:09:41,440 Speaker 1: miles to work in the cold or whatever, and so 223 00:09:41,800 --> 00:09:44,199 Speaker 1: I can I can handle this or that too. Yeah, 224 00:09:44,240 --> 00:09:46,360 Speaker 1: all right, Well, how you get to work matters less 225 00:09:46,400 --> 00:09:47,679 Speaker 1: than whether or not you show up by the way. 226 00:09:47,720 --> 00:09:50,200 Speaker 1: So you got to show up to work. That's important 227 00:09:50,679 --> 00:09:53,280 Speaker 1: for to keep that paycheck coming. And by showing up, 228 00:09:53,320 --> 00:09:55,600 Speaker 1: by the way, I mean going back into the office. 229 00:09:55,720 --> 00:09:58,559 Speaker 1: And we've seen lots of companies pushing for this mass 230 00:09:58,600 --> 00:10:00,880 Speaker 1: migration back. They want all their w to come back in. 231 00:10:01,120 --> 00:10:03,840 Speaker 1: They're kind of forcing their employees to come back in 232 00:10:04,080 --> 00:10:06,120 Speaker 1: at least three out of five days and said some 233 00:10:06,200 --> 00:10:08,720 Speaker 1: are saying even more than that. But a new survey 234 00:10:08,800 --> 00:10:12,400 Speaker 1: shows that even if your employer isn't necessarily forcing the 235 00:10:12,800 --> 00:10:15,360 Speaker 1: issue making you come back in, you might want to 236 00:10:15,360 --> 00:10:19,600 Speaker 1: consider heading back to the cubicle life voluntarily. Why well, 237 00:10:19,920 --> 00:10:21,920 Speaker 1: because you're far more likely to get a raise or 238 00:10:21,960 --> 00:10:25,160 Speaker 1: a promotion. And so a survey of CEOs found that 239 00:10:25,320 --> 00:10:27,600 Speaker 1: nine to ten say they're going to give more pay, 240 00:10:27,679 --> 00:10:30,840 Speaker 1: better positions, and superior assignments to folks who are in 241 00:10:30,880 --> 00:10:33,000 Speaker 1: the office regularly, and this is like. 242 00:10:33,480 --> 00:10:38,240 Speaker 2: That's incredible data. Yeah, ninety percent. The all odds point 243 00:10:38,280 --> 00:10:40,560 Speaker 2: to you getting paid more for you to show up. 244 00:10:40,600 --> 00:10:42,920 Speaker 1: It's not shocking to me. It doesn't surprise me that 245 00:10:43,000 --> 00:10:46,000 Speaker 1: it makes sense. CEOs and the managers and stuff say, hey, 246 00:10:46,000 --> 00:10:48,400 Speaker 1: if you're in the office more, you're likely going to 247 00:10:48,840 --> 00:10:52,640 Speaker 1: benefit financially and career wise. So I see this data 248 00:10:52,720 --> 00:10:54,880 Speaker 1: and I'm like, makes sense to me. But I also 249 00:10:54,920 --> 00:10:57,560 Speaker 1: get the reluctance because work from home is so alluring. 250 00:10:57,679 --> 00:11:00,400 Speaker 2: Yeah. Absolutely, I mean so hybrid work, right, So the 251 00:11:00,400 --> 00:11:03,320 Speaker 2: ability to work from home some of the week, but 252 00:11:03,360 --> 00:11:06,480 Speaker 2: at least going into the office let's say three out 253 00:11:06,480 --> 00:11:08,360 Speaker 2: of five days, right, Like doesn't have to be like 254 00:11:08,400 --> 00:11:11,839 Speaker 2: a cold turkey on or off switch. But especially for 255 00:11:11,960 --> 00:11:14,240 Speaker 2: how to Money listeners who are earlier in their career, 256 00:11:14,320 --> 00:11:16,880 Speaker 2: I think it could pay even more because as you 257 00:11:16,920 --> 00:11:19,200 Speaker 2: are slowly kind of climbing that ladder, you're learning how 258 00:11:19,240 --> 00:11:21,120 Speaker 2: things work. It could make a whole lot of sense 259 00:11:21,360 --> 00:11:24,080 Speaker 2: to make sure that you're there at least three, If not, 260 00:11:24,360 --> 00:11:26,600 Speaker 2: I don't know, maybe four, consider going in five days 261 00:11:26,600 --> 00:11:27,280 Speaker 2: a week occasionally. 262 00:11:27,280 --> 00:11:29,680 Speaker 1: I mean, I think those benefits can accrue to people 263 00:11:29,720 --> 00:11:32,000 Speaker 1: of all ages and in a whole bunch of different 264 00:11:32,400 --> 00:11:34,640 Speaker 1: you know, fields of work. But I think you're right, 265 00:11:34,640 --> 00:11:37,319 Speaker 1: the biggest benefits go to people who are earlier on 266 00:11:37,360 --> 00:11:37,800 Speaker 1: in their career. 267 00:11:37,880 --> 00:11:40,120 Speaker 2: Yeah. Yeah, And of course, the biggest downside of going 268 00:11:40,120 --> 00:11:43,120 Speaker 2: into work are those additional costs. And we just talked 269 00:11:43,120 --> 00:11:46,000 Speaker 2: about commuting, but a study finds that the average employee 270 00:11:46,000 --> 00:11:49,160 Speaker 2: spends fifty one dollars a day in order to simply 271 00:11:49,240 --> 00:11:53,360 Speaker 2: go into the office, and not surprisingly, they highlight commuting 272 00:11:53,520 --> 00:11:56,920 Speaker 2: and food costs are the biggest culprits. And so we've 273 00:11:56,920 --> 00:11:59,160 Speaker 2: already talked about the commuting aspect and how maybe you 274 00:11:59,160 --> 00:12:03,160 Speaker 2: could sort of mitigate those expenses by biking, perhaps maybe 275 00:12:03,160 --> 00:12:04,960 Speaker 2: even taking public trainsit. 276 00:12:04,960 --> 00:12:07,520 Speaker 1: But let's talk about the car pooling or car pooling. Yeah, 277 00:12:07,640 --> 00:12:10,319 Speaker 1: someone highly underrated one of your coworkers looks close to 278 00:12:10,360 --> 00:12:12,840 Speaker 1: where you work, like hopping the car together. That feels 279 00:12:12,880 --> 00:12:15,680 Speaker 1: like so old school and antiquated, but it's I'm telling you, 280 00:12:15,720 --> 00:12:17,440 Speaker 1: it works. Yeah, it's a great way to save money. 281 00:12:17,520 --> 00:12:21,160 Speaker 2: Let's talk about the food costs portion of what they found, 282 00:12:21,600 --> 00:12:23,640 Speaker 2: because this is something that's near and dear to my heart. 283 00:12:24,000 --> 00:12:27,160 Speaker 2: That's right, we're going to talk about leftover, Okay dad 284 00:12:27,240 --> 00:12:30,679 Speaker 2: for a second. When we when forty percent of our 285 00:12:30,679 --> 00:12:33,280 Speaker 2: grocery bill literally ends up in the trash because it's 286 00:12:33,280 --> 00:12:35,880 Speaker 2: food that we don't actually eat. This this is an 287 00:12:35,920 --> 00:12:38,959 Speaker 2: area that's ripe for us to be able to cut 288 00:12:39,000 --> 00:12:42,719 Speaker 2: back on our expenses. And like it is a it's 289 00:12:42,720 --> 00:12:45,040 Speaker 2: a lose lose situation when we don't eat that food 290 00:12:45,080 --> 00:12:48,560 Speaker 2: because what happens, Yes, we are not consuming the groceries 291 00:12:48,559 --> 00:12:50,160 Speaker 2: we've already purchased, but then on top of that, what 292 00:12:50,200 --> 00:12:52,839 Speaker 2: are we then doing instead, in particular when we're going 293 00:12:52,880 --> 00:12:55,600 Speaker 2: in to the office because we don't have lunch, Well, 294 00:12:55,600 --> 00:12:58,040 Speaker 2: then you go out to eat, and that which is 295 00:12:58,200 --> 00:13:01,160 Speaker 2: perhaps the most expensive way that you can feed yourself. Yeah, 296 00:13:01,240 --> 00:13:04,320 Speaker 2: and left can be great. I say that you and 297 00:13:04,360 --> 00:13:06,839 Speaker 2: I are. I feel like you've kind of gotten more 298 00:13:06,880 --> 00:13:09,480 Speaker 2: on the leftover train. Dude. I opened that fridge and 299 00:13:09,520 --> 00:13:11,320 Speaker 2: I see your little tupper work contender in there with 300 00:13:11,320 --> 00:13:13,440 Speaker 2: a couple with a couple of eggs, And I think 301 00:13:13,640 --> 00:13:15,880 Speaker 2: that's that's the man after my own heart right there. 302 00:13:16,000 --> 00:13:17,480 Speaker 2: Cry up a couple of eggs. Put that over some 303 00:13:17,559 --> 00:13:19,480 Speaker 2: leftovers that you want to heat up. Yeah, you got 304 00:13:19,480 --> 00:13:21,280 Speaker 2: to make sure you get enough protein. Well, my lunch 305 00:13:21,400 --> 00:13:23,840 Speaker 2: today it's literally staking eggs. It was protein heavy, so 306 00:13:24,440 --> 00:13:26,760 Speaker 2: I had had chicken pizzole. I got it. It's so good. 307 00:13:26,760 --> 00:13:29,400 Speaker 2: I gotta eat some veggies for dinner to night. But yeah, no, 308 00:13:29,440 --> 00:13:30,440 Speaker 2: I think that's a really good point. 309 00:13:30,720 --> 00:13:32,480 Speaker 1: Those are the those are the costs that Some of 310 00:13:32,480 --> 00:13:35,400 Speaker 1: those are hard costs, they're impossible to avoid. Other costs 311 00:13:35,440 --> 00:13:38,320 Speaker 1: are are more flexible. And especially when you're talking about 312 00:13:38,320 --> 00:13:40,080 Speaker 1: the trade offs of being able to advance in your 313 00:13:40,120 --> 00:13:43,319 Speaker 1: career make more money, it might be worth spending the 314 00:13:44,600 --> 00:13:48,520 Speaker 1: dollars the gas that added miles to your car to 315 00:13:48,559 --> 00:13:51,600 Speaker 1: get into the office to make sure that you're showing 316 00:13:51,600 --> 00:13:53,680 Speaker 1: your face and you're doing good work and your bosses 317 00:13:53,760 --> 00:13:55,400 Speaker 1: know that you exist. But here's the other thing, the 318 00:13:55,400 --> 00:13:56,920 Speaker 1: other side of work from home. And I've read about 319 00:13:56,920 --> 00:14:00,079 Speaker 1: this on Tyler Cowen's blog this week, Marginal Revolution. He 320 00:14:00,440 --> 00:14:02,200 Speaker 1: talks about how work from home tends to make people 321 00:14:02,280 --> 00:14:04,800 Speaker 1: more productive and so in some ways, like I get 322 00:14:04,880 --> 00:14:06,959 Speaker 1: the call to work from home, one you can do 323 00:14:07,000 --> 00:14:08,280 Speaker 1: it in your PGAs you can do laundry at the 324 00:14:08,280 --> 00:14:10,400 Speaker 1: same time, but also you might actually be getting more done. 325 00:14:10,640 --> 00:14:12,760 Speaker 1: But here's the thing, when you dig into the data 326 00:14:12,880 --> 00:14:16,200 Speaker 1: the productivity boosts of working from home, they come largely 327 00:14:16,440 --> 00:14:19,120 Speaker 1: from working more hours, lengthening the work day by almost 328 00:14:19,160 --> 00:14:22,160 Speaker 1: something like ten percent. And so hey, are you more productive? Yeah, 329 00:14:22,160 --> 00:14:23,960 Speaker 1: but if you're spending more time over it because. 330 00:14:23,720 --> 00:14:26,280 Speaker 2: You're actually just working longer, yeah, which is what seems 331 00:14:26,280 --> 00:14:28,400 Speaker 2: to be the case as opposed to you being able 332 00:14:28,440 --> 00:14:30,880 Speaker 2: to work at a higher level within the same amount 333 00:14:30,920 --> 00:14:32,200 Speaker 2: of right. Right, So I feel like there's like a 334 00:14:32,280 --> 00:14:34,360 Speaker 2: jumps actually kind of feel the opposite as far as 335 00:14:34,440 --> 00:14:37,440 Speaker 2: the ability to focus and to more efficiently get work done. 336 00:14:37,760 --> 00:14:39,280 Speaker 2: And that's office setting. 337 00:14:39,360 --> 00:14:41,280 Speaker 1: Well, that's because you're not working in an office environment 338 00:14:41,280 --> 00:14:43,640 Speaker 1: where there's fifty co workers and you know, because it's 339 00:14:43,720 --> 00:14:45,520 Speaker 1: just true of us, and so we can be really focused. 340 00:14:45,560 --> 00:14:46,480 Speaker 1: But I think in those. 341 00:14:46,480 --> 00:14:48,960 Speaker 2: They have a massive open floor plan, right, where folks 342 00:14:49,000 --> 00:14:53,520 Speaker 2: are just dropping by a quick chat when I would say, oh, actually, 343 00:14:53,600 --> 00:14:56,200 Speaker 2: in that case, you should email me. Yeah. 344 00:14:56,200 --> 00:14:58,760 Speaker 1: I think that's the biggest downer to working in the 345 00:14:58,800 --> 00:15:00,560 Speaker 1: office is you do feel like you're not able to 346 00:15:00,560 --> 00:15:02,800 Speaker 1: get as much done, and that is because more of 347 00:15:02,840 --> 00:15:05,040 Speaker 1: your time is sucked up via the commute and via 348 00:15:05,080 --> 00:15:07,400 Speaker 1: coworker's dropping by and some of that life's true healthy right, 349 00:15:07,520 --> 00:15:09,640 Speaker 1: like seeing the people you work with and having those 350 00:15:09,680 --> 00:15:11,120 Speaker 1: spontaneous interactions. 351 00:15:10,760 --> 00:15:12,800 Speaker 2: Last week a little bit, just the socialization and the 352 00:15:12,800 --> 00:15:14,800 Speaker 2: connection to other people. Yeah, you can discount that. 353 00:15:14,880 --> 00:15:16,480 Speaker 1: It's just like a jumble of data here and so 354 00:15:16,640 --> 00:15:19,680 Speaker 1: there is You've got to There is no holistic prescription. 355 00:15:19,840 --> 00:15:22,520 Speaker 1: It is very much individual to your own situation. But 356 00:15:22,600 --> 00:15:24,520 Speaker 1: take all these things into account when you're kind of 357 00:15:24,560 --> 00:15:26,240 Speaker 1: trying to figure out where do I want to work? 358 00:15:26,240 --> 00:15:27,800 Speaker 1: How much am I going to work from home? Should 359 00:15:27,800 --> 00:15:30,080 Speaker 1: I go into the office more? And even if let's 360 00:15:30,080 --> 00:15:32,360 Speaker 1: say your employer allows you to work from home as 361 00:15:32,440 --> 00:15:34,800 Speaker 1: much as you want, maybe showing your face at least 362 00:15:34,840 --> 00:15:37,360 Speaker 1: a couple of times a week could be to your benefit. 363 00:15:37,600 --> 00:15:38,200 Speaker 2: But I don't know. 364 00:15:38,200 --> 00:15:40,040 Speaker 1: You got to think about all the stuff, and I 365 00:15:40,080 --> 00:15:42,440 Speaker 1: get that long commutes are pain in the butt and 366 00:15:42,560 --> 00:15:44,840 Speaker 1: you might actually be getting more done at home, but 367 00:15:44,880 --> 00:15:46,600 Speaker 1: hopefully hopefully you're still keeping your hours. 368 00:15:46,640 --> 00:15:48,680 Speaker 2: Yeah, maybe instead we can use that time save that 369 00:15:49,000 --> 00:15:53,760 Speaker 2: was previously spent commuting towards more beneficial or other related areas, 370 00:15:54,080 --> 00:15:56,440 Speaker 2: not related, but just other areas that are also important, 371 00:15:56,440 --> 00:15:59,840 Speaker 2: like your physical health relationships, things like that, as opposed 372 00:15:59,880 --> 00:16:02,840 Speaker 2: to just working more. Yeah, but all right, we've got 373 00:16:02,880 --> 00:16:05,280 Speaker 2: more stories that we're gonna get to. We will actually 374 00:16:05,320 --> 00:16:07,840 Speaker 2: share our thoughts on whether or not we've changed our 375 00:16:07,880 --> 00:16:11,600 Speaker 2: opinion on financial advisors. Right with the interest rates being 376 00:16:11,760 --> 00:16:15,640 Speaker 2: where they are, are they still necessary or as not 377 00:16:15,720 --> 00:16:18,720 Speaker 2: necessary as we've previously said. We'll get to that story, 378 00:16:18,760 --> 00:16:30,520 Speaker 2: plus several others right after this. All right, we're back. 379 00:16:30,480 --> 00:16:33,560 Speaker 1: As always, it's time for the ludicrous headline of the 380 00:16:33,600 --> 00:16:35,760 Speaker 1: week at this point in the Friday flight, and this 381 00:16:36,640 --> 00:16:39,040 Speaker 1: article comes from the Wall Street Journal, and the headline reads, 382 00:16:39,040 --> 00:16:41,840 Speaker 1: autopay is making us worse and managing credit card bills 383 00:16:42,360 --> 00:16:44,120 Speaker 1: and Matt, you and I we talk about automating your 384 00:16:44,120 --> 00:16:45,119 Speaker 1: finances pretty. 385 00:16:44,840 --> 00:16:45,560 Speaker 2: Regularly on the show. 386 00:16:45,600 --> 00:16:48,000 Speaker 1: Seems counterintuitive, so this one caught my attention. I was like, 387 00:16:48,240 --> 00:16:50,160 Speaker 1: what are you guys up to? You tricksters at the Journal? 388 00:16:50,560 --> 00:16:53,160 Speaker 1: But the truth is it's mostly a good thing. To 389 00:16:53,200 --> 00:16:55,440 Speaker 1: have bills paid on repeat, right without having to log 390 00:16:55,480 --> 00:16:57,440 Speaker 1: in or remember to make those payments every month. Makes 391 00:16:57,480 --> 00:16:59,400 Speaker 1: me think of not to throw you under the bus, 392 00:16:59,600 --> 00:17:03,320 Speaker 1: but you forgot to pay our rent this I did, 393 00:17:03,760 --> 00:17:07,080 Speaker 1: and our Laylor was like, he was, hey, dude, it's 394 00:17:07,119 --> 00:17:07,480 Speaker 1: the ninth. 395 00:17:07,600 --> 00:17:10,000 Speaker 2: You guys gonna pay rent. Just a few days ago, 396 00:17:10,040 --> 00:17:12,320 Speaker 2: I totally slimmed my head, which I felt terrible about. 397 00:17:12,359 --> 00:17:15,160 Speaker 2: And by the way, I actually I set up our 398 00:17:15,400 --> 00:17:18,520 Speaker 2: so I always pay via zel and I didn't know this, 399 00:17:18,720 --> 00:17:21,760 Speaker 2: but you can set up recurring payments via zel. There 400 00:17:21,800 --> 00:17:24,840 Speaker 2: you go, and so guess what, You're back on the automatic. 401 00:17:25,480 --> 00:17:28,520 Speaker 2: He's gonna be getting paid on the first of every 402 00:17:28,520 --> 00:17:31,000 Speaker 2: month for our little office here. But yeah, even though 403 00:17:31,000 --> 00:17:32,479 Speaker 2: he's a he's a friend, I don't want to take 404 00:17:32,520 --> 00:17:33,800 Speaker 2: advantage of that. I don't want him to be in 405 00:17:33,800 --> 00:17:35,200 Speaker 2: the position to where he has to come knocking. 406 00:17:35,600 --> 00:17:38,520 Speaker 1: It's like, hey, guys, well he knows. It's like it's 407 00:17:38,520 --> 00:17:40,280 Speaker 1: like once we pay on time most of that. But 408 00:17:40,280 --> 00:17:41,919 Speaker 1: thanks for the grace. 409 00:17:41,960 --> 00:17:42,400 Speaker 2: You're right. 410 00:17:43,520 --> 00:17:45,960 Speaker 1: But a new study finds that folks end up under 411 00:17:46,000 --> 00:17:48,720 Speaker 1: paying when they auto pay. How does this happen? Well, 412 00:17:48,840 --> 00:17:50,280 Speaker 1: the crutch of the problem is that people are not 413 00:17:50,440 --> 00:17:54,119 Speaker 1: signing up for the full statement balance option when they 414 00:17:54,119 --> 00:17:56,360 Speaker 1: set up that auto pay right, and so a good 415 00:17:56,440 --> 00:17:59,800 Speaker 1: chunk of folks are choosing to autopay the minimum balance 416 00:18:00,040 --> 00:18:02,080 Speaker 1: and then they never go back and change it, which 417 00:18:02,200 --> 00:18:05,120 Speaker 1: obviously means they're racking up a whole lot of interest 418 00:18:05,359 --> 00:18:07,240 Speaker 1: because they're not paying off that balance on time and 419 00:18:07,240 --> 00:18:10,320 Speaker 1: in full, which is pretty much the number one rule 420 00:18:10,359 --> 00:18:12,600 Speaker 1: of credit card usage. And so, Matt, you know, we 421 00:18:13,040 --> 00:18:15,800 Speaker 1: love auto pay, but the truth is, make sure you're 422 00:18:15,800 --> 00:18:18,680 Speaker 1: signed up to pay that balance on time and in 423 00:18:18,680 --> 00:18:21,320 Speaker 1: full full every single month, so if you're gonna do autopay, 424 00:18:21,359 --> 00:18:23,440 Speaker 1: and then also make sure that you've got the necessary 425 00:18:23,440 --> 00:18:25,199 Speaker 1: funds at your bank too, so you're not getting an 426 00:18:25,240 --> 00:18:28,840 Speaker 1: auto draft fee by having insufficient funds. Win that credit 427 00:18:28,880 --> 00:18:32,200 Speaker 1: card bill is supposed to be paid. So both those 428 00:18:32,200 --> 00:18:34,000 Speaker 1: things are really important. But I guess I never really 429 00:18:34,040 --> 00:18:35,800 Speaker 1: thought about how this could come back to bye people 430 00:18:35,840 --> 00:18:38,320 Speaker 1: setting out up on autopay but only paying a fraction 431 00:18:38,440 --> 00:18:39,040 Speaker 1: of what you owe. 432 00:18:39,080 --> 00:18:42,400 Speaker 2: Well, it's it doesn't It optimizes things when it comes 433 00:18:42,440 --> 00:18:46,160 Speaker 2: to convenience and ensuring that you don't forget to pay anything. 434 00:18:46,560 --> 00:18:49,000 Speaker 2: But I feel like a downside of autopay is that 435 00:18:49,040 --> 00:18:51,240 Speaker 2: a lot of folks just don't look very hard at 436 00:18:51,320 --> 00:18:54,040 Speaker 2: their actual spending because that bill, it just gets paid 437 00:18:54,040 --> 00:18:56,680 Speaker 2: like clockwork, right. They don't notice that they maybe perhaps 438 00:18:56,720 --> 00:18:59,600 Speaker 2: spend a little more that month, or maybe they ran 439 00:18:59,680 --> 00:19:02,400 Speaker 2: the ace see a lot more than they had previously, 440 00:19:02,440 --> 00:19:04,560 Speaker 2: which is why I hate budget billing right because budget 441 00:19:04,560 --> 00:19:07,959 Speaker 2: billing is totally set up to get you to not 442 00:19:08,000 --> 00:19:11,119 Speaker 2: really care about how much energy you're using. It's all 443 00:19:11,160 --> 00:19:12,560 Speaker 2: about it insulates. 444 00:19:12,119 --> 00:19:15,040 Speaker 1: You from your your behavior and your usage, and you 445 00:19:15,119 --> 00:19:16,640 Speaker 1: might that's what I don't like it. After the course 446 00:19:16,640 --> 00:19:18,399 Speaker 1: of a year, see a slight pump up, right, and 447 00:19:18,480 --> 00:19:21,040 Speaker 1: you're in that monthly budget billing amount, but you're not 448 00:19:21,080 --> 00:19:24,320 Speaker 1: actually feeling the pain of the usage kind of closer 449 00:19:24,359 --> 00:19:25,600 Speaker 1: to the time when you use it. 450 00:19:25,760 --> 00:19:28,359 Speaker 2: Yeah. So so in this way, I feel that setting 451 00:19:28,400 --> 00:19:31,760 Speaker 2: up autopay or an auto draft or auto ze, whatever 452 00:19:31,800 --> 00:19:33,920 Speaker 2: it is, I think it works great in particular when 453 00:19:33,960 --> 00:19:37,680 Speaker 2: you have a set amounts, like our rent doesn't fluctuate 454 00:19:37,760 --> 00:19:40,200 Speaker 2: on how often we're here, right, Like, it's the same amount. 455 00:19:40,240 --> 00:19:42,400 Speaker 2: So that's one that's like one hundred percent a bill 456 00:19:42,440 --> 00:19:43,960 Speaker 2: that should be on autopay to where I just don't 457 00:19:44,000 --> 00:19:46,119 Speaker 2: have to think about it ever again. But when it 458 00:19:46,160 --> 00:19:49,960 Speaker 2: comes to areas of spending where we have more control over, 459 00:19:50,160 --> 00:19:52,440 Speaker 2: whether it be because we're consuming more or because we're 460 00:19:52,840 --> 00:19:56,880 Speaker 2: consuming yeah more utilities, whether it's gas, water, or electricity, 461 00:19:57,160 --> 00:19:59,919 Speaker 2: this is a way that we could potentially be spending 462 00:20:00,160 --> 00:20:03,399 Speaker 2: more money than we otherwise would. It's important to track 463 00:20:03,440 --> 00:20:06,040 Speaker 2: your spending. It's important to look those bills in the face, 464 00:20:06,440 --> 00:20:08,360 Speaker 2: even if you are signed up to have that bill 465 00:20:08,400 --> 00:20:11,879 Speaker 2: automatically paid on or before the due date, so that 466 00:20:11,920 --> 00:20:15,320 Speaker 2: you can be not only informed from a knowledge like 467 00:20:15,320 --> 00:20:17,720 Speaker 2: from a like the information standpoint, but just to kind 468 00:20:17,720 --> 00:20:19,600 Speaker 2: of like feel it in your guts, like it's where 469 00:20:19,600 --> 00:20:20,560 Speaker 2: it's visceral. Yeah. 470 00:20:20,680 --> 00:20:23,159 Speaker 1: Yeah, so I think you and I were still pro 471 00:20:23,280 --> 00:20:25,840 Speaker 1: We're still in favor of automating your finances on so 472 00:20:25,880 --> 00:20:28,639 Speaker 1: many levels, we think, especially when you're talking about investing 473 00:20:28,680 --> 00:20:30,280 Speaker 1: or when we're paying debt. But you got to do 474 00:20:30,320 --> 00:20:32,800 Speaker 1: it the right way, and that means paying the full bill, 475 00:20:32,920 --> 00:20:34,920 Speaker 1: not just a fraction of it. And that means also, 476 00:20:35,040 --> 00:20:37,159 Speaker 1: like you said, Matt, being aware of what you're spending, 477 00:20:37,200 --> 00:20:39,520 Speaker 1: looking at it every single month, so that it's not 478 00:20:39,720 --> 00:20:42,320 Speaker 1: completely in the background, and that you're not oblivious to 479 00:20:42,320 --> 00:20:44,600 Speaker 1: what's going on with your finances totally. There's an upside, 480 00:20:44,600 --> 00:20:46,760 Speaker 1: but there's a potential downside at the same time that 481 00:20:46,800 --> 00:20:49,119 Speaker 1: you want to avoid. Let's talk about Christmas shopping, and 482 00:20:49,240 --> 00:20:52,280 Speaker 1: there is there's new holiday shopping data out. These are 483 00:20:52,320 --> 00:20:56,000 Speaker 1: predictions about what's going to likely happen with holiday spending 484 00:20:56,160 --> 00:20:58,760 Speaker 1: this coming year in the next couple of months, And 485 00:20:58,800 --> 00:21:01,200 Speaker 1: it looks like folks are played on ramping up Christmas 486 00:21:01,200 --> 00:21:03,320 Speaker 1: spending in a big way this year, right, gen z 487 00:21:03,520 --> 00:21:06,520 Speaker 1: and millennials are planning to increase their spending the most 488 00:21:06,800 --> 00:21:09,399 Speaker 1: by something like fourteen to fifteen percent, which sounds like 489 00:21:09,520 --> 00:21:12,520 Speaker 1: a lot and does why the big jump? And there's 490 00:21:12,560 --> 00:21:14,880 Speaker 1: nothing wrong with buying gifts for the people that you love, 491 00:21:15,160 --> 00:21:17,240 Speaker 1: and inflation, of course means that those gifts are likely 492 00:21:17,280 --> 00:21:19,560 Speaker 1: to cost more this year than they did last year. 493 00:21:19,920 --> 00:21:22,080 Speaker 1: But our advice to you is to start preparing now 494 00:21:22,119 --> 00:21:24,080 Speaker 1: if you haven't already. The best time to plan a 495 00:21:24,080 --> 00:21:26,359 Speaker 1: tree it was like a long time ago, but the 496 00:21:26,400 --> 00:21:28,159 Speaker 1: second best time is now. And so the way you 497 00:21:28,240 --> 00:21:30,760 Speaker 1: avoid credit card debt is to be proactive. Come up 498 00:21:30,800 --> 00:21:33,119 Speaker 1: with a list of folks you are planning on buying 499 00:21:33,160 --> 00:21:35,560 Speaker 1: something for, and a budget associated with each one of 500 00:21:35,560 --> 00:21:38,480 Speaker 1: those folks as well, and then be funneling extra cash 501 00:21:38,560 --> 00:21:41,080 Speaker 1: into savings now so that you aren't left in the 502 00:21:41,160 --> 00:21:43,240 Speaker 1: lurch or that you're not swiping the card that you 503 00:21:43,280 --> 00:21:46,680 Speaker 1: can't actually pay off in full come January. 504 00:21:46,760 --> 00:21:50,040 Speaker 2: That's right, Yeah, every single year right after Christmas, we 505 00:21:50,080 --> 00:21:52,600 Speaker 2: do hear from listeners and they've kind of gone overboard 506 00:21:52,600 --> 00:21:55,240 Speaker 2: when it comes to how much they spend. They regret it, 507 00:21:55,280 --> 00:21:57,760 Speaker 2: and we want to basically kind of give you some 508 00:21:57,840 --> 00:22:00,600 Speaker 2: permission to spend less. It is okay to have a 509 00:22:00,640 --> 00:22:03,560 Speaker 2: conversation with family members about budgets, about expectations. 510 00:22:03,640 --> 00:22:05,840 Speaker 1: Makes me think of our minimalist Christmas episode with mag 511 00:22:05,880 --> 00:22:07,399 Speaker 1: Norman a couple of years. We should link to that 512 00:22:07,440 --> 00:22:07,720 Speaker 1: in the show. 513 00:22:07,760 --> 00:22:09,640 Speaker 2: Not we should. Yeah, it's a good one to start 514 00:22:09,680 --> 00:22:12,520 Speaker 2: thinking about now, because you know, we don't want you 515 00:22:12,560 --> 00:22:15,280 Speaker 2: to go into credit card debt pretty much any type 516 00:22:15,280 --> 00:22:17,680 Speaker 2: of spending in consumption. We don't want you paying interest 517 00:22:17,680 --> 00:22:19,280 Speaker 2: on that. But we also want you to be careful 518 00:22:19,480 --> 00:22:23,000 Speaker 2: using by Now Pay Later as well. There's a new 519 00:22:23,160 --> 00:22:26,000 Speaker 2: New York fed research that found that buy Now Pay 520 00:22:26,080 --> 00:22:30,240 Speaker 2: Later users are what they call financially fragile. And it's 521 00:22:30,280 --> 00:22:32,800 Speaker 2: not even because they don't make enough money, because many 522 00:22:32,800 --> 00:22:35,120 Speaker 2: folks are actually well off, but they're still living on 523 00:22:35,160 --> 00:22:36,040 Speaker 2: the financial press of this. 524 00:22:36,080 --> 00:22:37,760 Speaker 1: Yeah, it's not a lack of income, and it's like, oh, 525 00:22:37,800 --> 00:22:39,439 Speaker 1: I have to use by Now Pay Later because I 526 00:22:39,440 --> 00:22:42,200 Speaker 1: can't necessarily afford to pay for the attam infol it's 527 00:22:42,240 --> 00:22:44,080 Speaker 1: that people have become addicted to these services. 528 00:22:44,119 --> 00:22:46,800 Speaker 2: Yeah, they're spending continues to keep up with how much 529 00:22:46,800 --> 00:22:49,359 Speaker 2: they're earning, and they never get to a point to 530 00:22:49,359 --> 00:22:51,520 Speaker 2: where there's actually margin in their lives and they're able 531 00:22:51,600 --> 00:22:53,919 Speaker 2: to sock away a little bit more. But our biggest 532 00:22:53,920 --> 00:22:55,479 Speaker 2: problem too with by not pay later is just the 533 00:22:55,520 --> 00:22:58,880 Speaker 2: behavioral reaction that it creates because when you again, when 534 00:22:58,920 --> 00:23:03,040 Speaker 2: you disassociate the act of getting the item from paying 535 00:23:03,080 --> 00:23:06,080 Speaker 2: for it, like Bino pay latter does, it just leads 536 00:23:06,119 --> 00:23:09,600 Speaker 2: to a payment buyer mindset. Is this something that in 537 00:23:09,640 --> 00:23:12,560 Speaker 2: the moments or maybe tomorrow, next month, will I be 538 00:23:12,560 --> 00:23:15,240 Speaker 2: able to make that payment? I think, so let's go 539 00:23:15,320 --> 00:23:17,680 Speaker 2: for it. Yeah, yea. My best advice is just to 540 00:23:17,760 --> 00:23:21,479 Speaker 2: just avoid this completely, avoid binipay lader for holiday spending, 541 00:23:21,800 --> 00:23:25,000 Speaker 2: and honestly really like at all other times as well, 542 00:23:25,080 --> 00:23:27,360 Speaker 2: not just now the during the holidays. 543 00:23:27,400 --> 00:23:30,320 Speaker 1: Yeah, and not that there's so many brilliant, awesome people 544 00:23:30,320 --> 00:23:31,760 Speaker 1: in gen Z. I'm not trying to throw them under 545 00:23:31,800 --> 00:23:33,120 Speaker 1: the bus. But I was talking to someone who's quite 546 00:23:33,160 --> 00:23:35,160 Speaker 1: a bit younger than me recently and she was like, yeah, 547 00:23:35,200 --> 00:23:37,920 Speaker 1: it just makes it easier to buy those nicer genes. 548 00:23:38,119 --> 00:23:40,760 Speaker 1: When I spread out the payments, I'm like, that's I know, 549 00:23:40,840 --> 00:23:42,240 Speaker 1: that's the point. That's what they're trying to get you 550 00:23:42,280 --> 00:23:45,040 Speaker 1: to do. And the thing is feeling the pain is 551 00:23:45,080 --> 00:23:47,760 Speaker 1: actually a good thing. And so if you can't truly 552 00:23:47,880 --> 00:23:51,119 Speaker 1: afford the item and take the painful step of buying 553 00:23:51,119 --> 00:23:53,439 Speaker 1: it in one fell swoop, then you should avoid it 554 00:23:53,440 --> 00:23:55,119 Speaker 1: and wait and save up until you have the money 555 00:23:55,200 --> 00:23:57,800 Speaker 1: to sock down. But I think because it makes it 556 00:23:57,960 --> 00:24:04,400 Speaker 1: feel emotionally easier and financially less onerous to buy via 557 00:24:04,720 --> 00:24:06,560 Speaker 1: buying out pay later, that's why they become so popular. 558 00:24:06,640 --> 00:24:09,000 Speaker 2: Yeah, not pay later. It's like budget billing, yeah for 559 00:24:09,040 --> 00:24:09,760 Speaker 2: your pants. 560 00:24:09,480 --> 00:24:12,280 Speaker 1: And right, And they're creating these bad habits that people 561 00:24:12,359 --> 00:24:16,119 Speaker 1: are are you getting into and it turns into a 562 00:24:16,200 --> 00:24:18,959 Speaker 1: terrible cycle where people like, do more and more buy 563 00:24:19,000 --> 00:24:20,400 Speaker 1: no out, pay later because it's so easy and it's 564 00:24:20,400 --> 00:24:22,760 Speaker 1: so swell, And then they realized, wait a second, I'm 565 00:24:22,800 --> 00:24:25,520 Speaker 1: thinking on way too many payments, and now my savings 566 00:24:25,600 --> 00:24:28,960 Speaker 1: have become depleted. Well, speaking of savings, savers, Matt are 567 00:24:28,960 --> 00:24:32,600 Speaker 1: mostly satisfied these days. It's been a really tough slog 568 00:24:32,800 --> 00:24:35,680 Speaker 1: for many, many years at least a decade for anybody 569 00:24:35,680 --> 00:24:38,760 Speaker 1: trying to save money because rates were in the toilet, 570 00:24:38,800 --> 00:24:41,240 Speaker 1: and so saving money it kind of felt like repeatedly 571 00:24:41,280 --> 00:24:44,160 Speaker 1: getting punched in the gut, even though you had savings 572 00:24:44,160 --> 00:24:46,520 Speaker 1: on hand because you had to because personal finance, right, 573 00:24:46,560 --> 00:24:48,639 Speaker 1: you have to have emergency fund, you have to have 574 00:24:48,680 --> 00:24:52,399 Speaker 1: three to six months of savings in hand liquid. And 575 00:24:52,440 --> 00:24:54,960 Speaker 1: then even as savings rates were going up, well, inflation 576 00:24:55,080 --> 00:24:57,680 Speaker 1: was going up faster and so real returns were still 577 00:24:57,680 --> 00:24:59,359 Speaker 1: negative and so it was like, well, who, savings are 578 00:24:59,359 --> 00:25:02,679 Speaker 1: going up? Oh crap, inflation is still ruining any attempt 579 00:25:02,800 --> 00:25:05,600 Speaker 1: I'm making it saving more. That's not the case anymore, though, 580 00:25:05,640 --> 00:25:08,680 Speaker 1: people who have more money in saving now who don't 581 00:25:08,720 --> 00:25:10,560 Speaker 1: do business with the big banks, by the way, because 582 00:25:10,960 --> 00:25:13,440 Speaker 1: that's important to mention those big banks pay almost nothing 583 00:25:13,720 --> 00:25:16,879 Speaker 1: on your savings. They're making real money on their cash, 584 00:25:16,960 --> 00:25:18,440 Speaker 1: and so that is good news. But I think it's 585 00:25:18,440 --> 00:25:20,000 Speaker 1: also important to mention that if you have a long 586 00:25:20,080 --> 00:25:21,960 Speaker 1: enough time horizon, we still don't want you to be 587 00:25:22,040 --> 00:25:25,120 Speaker 1: too cash heavy, because, like we talked about with Paul 588 00:25:25,160 --> 00:25:28,280 Speaker 1: Merriman on Wednesday, we're talking millions here, and so the 589 00:25:28,320 --> 00:25:30,400 Speaker 1: money that you're able to stock in the market. Yes, 590 00:25:30,520 --> 00:25:33,480 Speaker 1: your saving these account can earn you five plus percent guaranteed, 591 00:25:33,520 --> 00:25:36,440 Speaker 1: which is great, but the market over the long term 592 00:25:36,480 --> 00:25:39,200 Speaker 1: is still going to provide higher returns, so don't bank 593 00:25:39,560 --> 00:25:42,719 Speaker 1: too heavy on cash, even though ooh that's a bright side. 594 00:25:42,800 --> 00:25:45,840 Speaker 1: And then one downer, let me say that these higher 595 00:25:45,840 --> 00:25:49,440 Speaker 1: interest rates on savings which equal bigger returns, which means yeah, 596 00:25:49,440 --> 00:25:51,320 Speaker 1: you're actually gonna get paid real money on that money, 597 00:25:51,400 --> 00:25:53,560 Speaker 1: are going to mean higher taxes. So watch out for 598 00:25:53,640 --> 00:25:55,679 Speaker 1: the ten ninety nine I in that you're gonna get 599 00:25:55,680 --> 00:25:58,239 Speaker 1: early next year. Especially people who have, like you know, 600 00:25:58,680 --> 00:26:01,760 Speaker 1: big five figures or they're getting the six figures in savings. 601 00:26:01,960 --> 00:26:04,199 Speaker 1: They're gonna be shocked, I think, to see the ten 602 00:26:04,320 --> 00:26:05,880 Speaker 1: ninety nine nine ten. They're gonna be like, I didn't. 603 00:26:06,000 --> 00:26:07,679 Speaker 1: I didn't realize I owed this much in tax just 604 00:26:07,720 --> 00:26:09,479 Speaker 1: because I got higher returns. 605 00:26:09,560 --> 00:26:11,640 Speaker 2: Think of it almost that though, as like a success 606 00:26:11,720 --> 00:26:14,280 Speaker 2: tax right Like this isn't necessarily something you should be 607 00:26:14,320 --> 00:26:17,000 Speaker 2: mad about, but you should be prepared for a potentially 608 00:26:17,080 --> 00:26:19,240 Speaker 2: higher tax bill if you've got a significant chunk of 609 00:26:19,320 --> 00:26:22,280 Speaker 2: change within your high old savings account. Us. One other 610 00:26:22,320 --> 00:26:25,640 Speaker 2: impact of the higher savings rate environment that we're in. 611 00:26:26,040 --> 00:26:28,560 Speaker 2: This is, at least according to Bloomberg, is that these 612 00:26:28,680 --> 00:26:34,560 Speaker 2: higher guaranteed returns are making financial advisors less attractive, which 613 00:26:34,960 --> 00:26:38,080 Speaker 2: doesn't make a ton of sense in my book. Again, 614 00:26:38,119 --> 00:26:40,320 Speaker 2: like you're talking about with Paul Merriman, you need to 615 00:26:40,320 --> 00:26:43,360 Speaker 2: be investing your money, and like, when I see headlines 616 00:26:43,359 --> 00:26:45,840 Speaker 2: like this, it makes me realize that folks have two 617 00:26:46,320 --> 00:26:50,120 Speaker 2: short term of view or take on their finances because 618 00:26:50,160 --> 00:26:52,680 Speaker 2: it's something like percent I don't need you anymore, No, 619 00:26:52,880 --> 00:26:55,960 Speaker 2: exactly as opposed to like, there are legitimate reasons to 620 00:26:56,080 --> 00:26:59,320 Speaker 2: consider a financial advisor, like oftentimes it's gonna come with 621 00:26:59,440 --> 00:27:01,040 Speaker 2: like a major life change, like if you're going to 622 00:27:01,080 --> 00:27:04,040 Speaker 2: have a kid, or if you're getting closer to retirement. 623 00:27:04,280 --> 00:27:07,480 Speaker 2: Those are good reasons to consider a financial advisor. Not 624 00:27:08,000 --> 00:27:11,520 Speaker 2: oh interest rates, Oh it's better than ever before that means, uh, 625 00:27:11,640 --> 00:27:14,880 Speaker 2: maybe I shouldn't consider investing that money, when in fact, no, 626 00:27:15,040 --> 00:27:18,280 Speaker 2: you do need to be investing that money. Personally, if 627 00:27:18,800 --> 00:27:21,359 Speaker 2: if I've got a financial goal that's beyond right like 628 00:27:21,400 --> 00:27:25,080 Speaker 2: three to five years, I feel very comfortable investing that money. 629 00:27:25,119 --> 00:27:28,680 Speaker 2: And that's because of the three or rolling five year returns. 630 00:27:28,760 --> 00:27:32,000 Speaker 2: The chances are the percentage that the market is actually 631 00:27:32,040 --> 00:27:34,960 Speaker 2: going to go up is very very high. It's not guaranteed, 632 00:27:35,760 --> 00:27:38,320 Speaker 2: but it's a much higher chance than it going down. 633 00:27:38,400 --> 00:27:41,200 Speaker 2: So something to consider if you have some of those 634 00:27:41,280 --> 00:27:43,600 Speaker 2: longer I don't know, I don't call the longer term 635 00:27:43,600 --> 00:27:45,840 Speaker 2: savings goals, but like a medium term saving goal, savings 636 00:27:45,840 --> 00:27:48,919 Speaker 2: goal something beyond three, three to five years, you should 637 00:27:48,960 --> 00:27:51,520 Speaker 2: likely be investing that money, not socking it away into 638 00:27:51,600 --> 00:27:53,240 Speaker 2: your high YOU'LD savings account. 639 00:27:53,520 --> 00:27:55,480 Speaker 1: Yeah, I don't know if i'd actually agree on three years. 640 00:27:55,480 --> 00:27:57,479 Speaker 1: I think three year timelines like real shady about what 641 00:27:57,520 --> 00:27:59,359 Speaker 1: you should do. Five years, for sure, I think you 642 00:27:59,400 --> 00:28:02,400 Speaker 1: can you can be more of have an investor mindset. Yeah, 643 00:28:02,400 --> 00:28:04,200 Speaker 1: three years, you're trying to protect some of that capital, 644 00:28:04,200 --> 00:28:06,959 Speaker 1: and with higher savings rates, I might be inclined to 645 00:28:07,320 --> 00:28:08,720 Speaker 1: lean more in that direction, or at least happen. 646 00:28:09,000 --> 00:28:12,560 Speaker 2: So historically, I think if every three year rolling period, 647 00:28:12,600 --> 00:28:14,399 Speaker 2: I think it's something like eighty four percent of the 648 00:28:14,440 --> 00:28:16,560 Speaker 2: time the market goes up, and at five years it 649 00:28:16,600 --> 00:28:18,440 Speaker 2: only goes up to something like eighty eight percent. Yeah, 650 00:28:18,480 --> 00:28:21,240 Speaker 2: so it's actually but beyond five years, of course, like 651 00:28:21,240 --> 00:28:23,879 Speaker 2: the more years you have in order to see that 652 00:28:23,920 --> 00:28:27,359 Speaker 2: money grow it's the chances of it going up are higher. 653 00:28:27,720 --> 00:28:29,439 Speaker 2: You got to take all that into consideration exactly. And 654 00:28:29,440 --> 00:28:31,879 Speaker 2: I think going back to what you said about advisors, 655 00:28:32,119 --> 00:28:34,560 Speaker 2: it makes me think of something that Paul said on Wednesday, 656 00:28:34,800 --> 00:28:36,639 Speaker 2: and he said something if you're willing to take the 657 00:28:36,680 --> 00:28:38,680 Speaker 2: fifty to one hundred hours it takes and he likes 658 00:28:38,760 --> 00:28:40,800 Speaker 2: he said, that's about how much of time it takes 659 00:28:41,080 --> 00:28:43,680 Speaker 2: to feel like you have the information and the confidence 660 00:28:43,720 --> 00:28:46,480 Speaker 2: to actually go out there and go the DIY investing route, 661 00:28:46,560 --> 00:28:48,360 Speaker 2: then you might not need a financial advisor to at 662 00:28:48,440 --> 00:28:51,120 Speaker 2: least help you with the investing side of things, right. 663 00:28:51,720 --> 00:28:51,959 Speaker 2: It can. 664 00:28:52,160 --> 00:28:55,440 Speaker 1: It can ensure that you have the information and you're 665 00:28:55,440 --> 00:28:58,840 Speaker 1: taking the proper steps to invest your money thoughtfully, reducing fees, 666 00:28:58,960 --> 00:29:00,680 Speaker 1: putting it in the right fund, you get the long 667 00:29:00,760 --> 00:29:02,400 Speaker 1: term mindset. And I think he's right. I think it 668 00:29:02,400 --> 00:29:04,320 Speaker 1: probably is somewhere in that fifty to one hundred hours. 669 00:29:04,440 --> 00:29:07,240 Speaker 1: And if you do that due diligence, then and you 670 00:29:07,280 --> 00:29:08,760 Speaker 1: know what, you probably need to do some of that 671 00:29:08,840 --> 00:29:11,000 Speaker 1: due diligence anyway to know the right questions to ask 672 00:29:11,000 --> 00:29:12,520 Speaker 1: a financial advisor that you might hire. 673 00:29:12,600 --> 00:29:14,320 Speaker 2: Yeah, you got to be well informed before you even 674 00:29:14,320 --> 00:29:18,200 Speaker 2: start to have that conversation with a fee only fiduciary advisor, 675 00:29:18,200 --> 00:29:20,479 Speaker 2: which is what we would recommend if you want to 676 00:29:20,680 --> 00:29:22,880 Speaker 2: see an advisor. It's the exact same thing you and 677 00:29:22,920 --> 00:29:24,560 Speaker 2: I talk about when it comes to real estate, and 678 00:29:24,600 --> 00:29:26,560 Speaker 2: if you're going to hire a property manager, well, guess what, 679 00:29:26,720 --> 00:29:28,440 Speaker 2: you probably should have done it yourself for a year 680 00:29:28,520 --> 00:29:30,640 Speaker 2: at least anyway, so that you have an idea of 681 00:29:30,640 --> 00:29:32,800 Speaker 2: what the job entails, so you know the right questions 682 00:29:32,800 --> 00:29:34,800 Speaker 2: to ask when you're hiring them. And it's the same. 683 00:29:34,880 --> 00:29:37,080 Speaker 2: It's the same thing when you're talking about a financial advisor. 684 00:29:37,160 --> 00:29:39,560 Speaker 2: Is like, you're more likely to get hoodwinked if you 685 00:29:39,600 --> 00:29:42,200 Speaker 2: have no idea what questions to ask, you might you 686 00:29:42,280 --> 00:29:44,640 Speaker 2: might end up with a financial advisor who has, you know, 687 00:29:44,840 --> 00:29:48,000 Speaker 2: different sorts of incentives that aren't aligned with yours. That's right, 688 00:29:48,040 --> 00:29:50,920 Speaker 2: but that makes said everybody's different and everyone has different 689 00:29:50,920 --> 00:29:53,239 Speaker 2: needs as to what they're what they're looking for when 690 00:29:53,280 --> 00:29:55,960 Speaker 2: it comes to investing in the kind of you know, 691 00:29:56,000 --> 00:29:58,280 Speaker 2: the different kinds of assistance that you need. So we'll 692 00:29:58,320 --> 00:30:01,720 Speaker 2: link to X Y play a network as well as NAPFA, 693 00:30:01,960 --> 00:30:05,520 Speaker 2: which is the National Association of Personal Finance Advisors. Both 694 00:30:05,560 --> 00:30:08,800 Speaker 2: of those offer have a nice network of fee only 695 00:30:08,920 --> 00:30:10,040 Speaker 2: fiduciary advisors. 696 00:30:10,160 --> 00:30:12,040 Speaker 1: A lot of those incentives can set you straight, are 697 00:30:12,080 --> 00:30:14,720 Speaker 1: aligned before you even pick the exact one because of 698 00:30:14,760 --> 00:30:16,960 Speaker 1: the website and exact devetting they do on the front 699 00:30:17,040 --> 00:30:19,320 Speaker 1: end to ensure that these are advisors who are going 700 00:30:19,360 --> 00:30:22,160 Speaker 1: to who are fiduciary, fee only advisors who are going 701 00:30:22,240 --> 00:30:24,520 Speaker 1: to do and help you in a way that doesn't 702 00:30:24,560 --> 00:30:25,080 Speaker 1: screw you over. 703 00:30:25,160 --> 00:30:27,600 Speaker 2: So a bunch of folks who are in good company 704 00:30:27,600 --> 00:30:30,360 Speaker 2: with each other. But that's gonna be it for this 705 00:30:30,600 --> 00:30:32,640 Speaker 2: Friday flight. We hope everyone out there has a great 706 00:30:32,640 --> 00:30:34,520 Speaker 2: weekend and we will make sure to link to some 707 00:30:34,560 --> 00:30:37,160 Speaker 2: of the different resources that we mentioned during this episode 708 00:30:37,200 --> 00:30:40,280 Speaker 2: up in the show notes at howdomoney dot com. So 709 00:30:40,320 --> 00:30:42,920 Speaker 2: that's it, but until next time, Best Friends Out, Best 710 00:30:42,960 --> 00:30:43,880 Speaker 2: Friends Out.