1 00:00:00,080 --> 00:00:02,840 Speaker 1: Welcome to Out of Money. I'm Joel, I'm Matt, and 2 00:00:02,840 --> 00:00:08,000 Speaker 1: today we're talking awful AI advice, booming BNPL, and frittering 3 00:00:08,280 --> 00:00:10,080 Speaker 1: on Fitness. 4 00:00:28,000 --> 00:00:28,360 Speaker 2: Angel. 5 00:00:28,440 --> 00:00:31,720 Speaker 3: You know, I like to explain the acronyms BNPL, buy now, 6 00:00:31,800 --> 00:00:34,040 Speaker 3: pay later. I think most of our listeners probably know 7 00:00:34,120 --> 00:00:36,520 Speaker 3: that at this what we're talking about. But I never 8 00:00:36,640 --> 00:00:39,320 Speaker 3: like leading with the acronyms without a little explanation. I 9 00:00:39,360 --> 00:00:41,040 Speaker 3: don't want to be I don't want this to be 10 00:00:41,080 --> 00:00:43,680 Speaker 3: a jargon zone. But yeah, maybe by this point everyone 11 00:00:43,680 --> 00:00:44,159 Speaker 3: doesn't know what. 12 00:00:44,159 --> 00:00:44,680 Speaker 2: We're talking about. 13 00:00:44,680 --> 00:00:48,000 Speaker 1: Your affirms here, Klarna's that's what we're talking about here, yeap, exactly. 14 00:00:48,479 --> 00:00:48,680 Speaker 2: Man. 15 00:00:48,720 --> 00:00:50,560 Speaker 3: Our heart continues to go out to all the folks 16 00:00:50,560 --> 00:00:54,240 Speaker 3: out there in California, folks who have been impacted in 17 00:00:54,280 --> 00:00:55,680 Speaker 3: a crazy way with. 18 00:00:55,560 --> 00:00:56,639 Speaker 2: All the fires that are out there. 19 00:00:56,680 --> 00:00:58,960 Speaker 3: Hopefully there's a little bit optimism now, given the fact 20 00:00:58,960 --> 00:01:02,320 Speaker 3: that seems like wins of died down some and firefighters 21 00:01:02,480 --> 00:01:05,280 Speaker 3: may have started to gain control of all the different. 22 00:01:04,959 --> 00:01:06,279 Speaker 2: Fires out there. But it's terrible. 23 00:01:06,400 --> 00:01:09,080 Speaker 1: Yeah, so many people impacted, and then so many first 24 00:01:09,080 --> 00:01:12,280 Speaker 1: responders going out there to help mitigate the impacts and 25 00:01:12,319 --> 00:01:16,600 Speaker 1: try to tame those fires, and yeah, The interesting thing though, is, Matt, 26 00:01:16,640 --> 00:01:19,920 Speaker 1: I think for people who want to give money to 27 00:01:20,360 --> 00:01:25,160 Speaker 1: organizations that are helping in light of what's happened, there 28 00:01:25,160 --> 00:01:27,800 Speaker 1: are great places to give, but there are also scammers 29 00:01:27,880 --> 00:01:30,800 Speaker 1: attempting to try impart people from their money on the 30 00:01:30,800 --> 00:01:34,080 Speaker 1: giving front, and so charity Navigator has compiled a list 31 00:01:34,120 --> 00:01:37,160 Speaker 1: of charities that they've vetted. Go to charitynavigator dot org. 32 00:01:37,360 --> 00:01:38,920 Speaker 1: We'll link to that in the show notes to the 33 00:01:40,160 --> 00:01:43,640 Speaker 1: specific url where you can find vetted charities to give to. 34 00:01:44,120 --> 00:01:46,759 Speaker 1: The Other thing, Matt is people who have, like families 35 00:01:46,800 --> 00:01:50,400 Speaker 1: or individuals who were displaced by the fire, they're launching gofundmes, 36 00:01:50,680 --> 00:01:53,040 Speaker 1: which makes sense like I would do the same if 37 00:01:53,080 --> 00:01:55,400 Speaker 1: I was in their shoes in an attempt to kind 38 00:01:55,440 --> 00:01:59,480 Speaker 1: of get by in the here and now. And one 39 00:01:59,520 --> 00:02:01,640 Speaker 1: thing I noticed though, Matt and go fund me is 40 00:02:01,680 --> 00:02:04,880 Speaker 1: a solid platform. They don't quote unquote charge platform fees 41 00:02:04,920 --> 00:02:08,960 Speaker 1: aside from the general swipe fees that Visa and MasterCard 42 00:02:09,360 --> 00:02:11,919 Speaker 1: charge them. But did you notice that they have this 43 00:02:12,120 --> 00:02:14,160 Speaker 1: tipping thing on there and not. 44 00:02:14,160 --> 00:02:17,079 Speaker 3: Big on the GoFundMe. So is it like the screen 45 00:02:17,120 --> 00:02:20,240 Speaker 3: at the coffee shop where you can where you can 46 00:02:20,280 --> 00:02:21,880 Speaker 3: only tip fifteen, twenty or twenty five. 47 00:02:21,960 --> 00:02:23,840 Speaker 1: You can bring it down to zero percent. But the 48 00:02:23,919 --> 00:02:27,799 Speaker 1: suggested tip that GoFundMe wants you to give is really high. 49 00:02:27,800 --> 00:02:29,920 Speaker 1: It's typically in that fifteen to twenty percent range. So 50 00:02:30,280 --> 00:02:32,080 Speaker 1: if you don't notice, or you're like, wait a second, 51 00:02:32,160 --> 00:02:34,519 Speaker 1: is this mandatory, you might end up giving a lot more. 52 00:02:34,600 --> 00:02:37,440 Speaker 1: And just so does having a lot to the funders 53 00:02:37,440 --> 00:02:39,160 Speaker 1: of GoFundMe and the people who operate it. 54 00:02:39,240 --> 00:02:41,120 Speaker 3: Sure so, does that typically go on top of the 55 00:02:41,240 --> 00:02:44,040 Speaker 3: dollar amount or does it deduct from. 56 00:02:43,760 --> 00:02:46,320 Speaker 1: The No, it goes on top. So let's say you're 57 00:02:46,320 --> 00:02:47,600 Speaker 1: giving five hundred bucks. 58 00:02:47,360 --> 00:02:49,760 Speaker 3: I don't know which one is worse seeing that additional 59 00:02:49,840 --> 00:02:52,920 Speaker 3: charge hit or knowing that not all of your dollars 60 00:02:52,960 --> 00:02:54,560 Speaker 3: went towards the cause that you're trying to support. 61 00:02:54,680 --> 00:02:58,200 Speaker 2: Yeah, it's kind of again, I get a little sneaky. 62 00:02:58,240 --> 00:03:00,680 Speaker 1: I get to go fundme itself is not a nonprofit 63 00:03:00,760 --> 00:03:03,119 Speaker 1: and they need to have funds to operate as well. 64 00:03:03,160 --> 00:03:04,639 Speaker 1: But it's kind of weird when you're on there and 65 00:03:04,680 --> 00:03:06,280 Speaker 1: you're like, h let me donate five hundred bucks to 66 00:03:06,280 --> 00:03:07,520 Speaker 1: this nonprofit And then makes sense. 67 00:03:07,960 --> 00:03:09,800 Speaker 3: So used to the fifteen percent, it's one thing if there' 68 00:03:09,800 --> 00:03:12,120 Speaker 3: somebody's standing there and they're crafting a beverage for you, 69 00:03:12,440 --> 00:03:14,720 Speaker 3: as opposed to being like, oh, yeah, here's this giant 70 00:03:14,760 --> 00:03:17,000 Speaker 3: organization that's looking to make a profit. Should they also 71 00:03:17,040 --> 00:03:19,440 Speaker 3: deserve fifteen percent of what I'm looking to donate to 72 00:03:19,480 --> 00:03:20,960 Speaker 3: somebody to help them to get by. 73 00:03:21,000 --> 00:03:21,640 Speaker 2: I don't know about that. 74 00:03:21,639 --> 00:03:23,880 Speaker 1: I've kind of come under fire, come under some criticism 75 00:03:23,919 --> 00:03:24,120 Speaker 1: for that. 76 00:03:24,240 --> 00:03:24,720 Speaker 2: I get it. 77 00:03:24,840 --> 00:03:28,840 Speaker 1: I think it's deserved, just because and maybe they should 78 00:03:28,840 --> 00:03:30,720 Speaker 1: be better at spelling it out and saying, hey, here's 79 00:03:31,080 --> 00:03:32,600 Speaker 1: you know what we need to operate and. 80 00:03:32,720 --> 00:03:34,600 Speaker 3: But guess what, I bet there's gonna better communication about 81 00:03:34,600 --> 00:03:38,560 Speaker 3: it now. Yeah, moving forward, after stories of spread around 82 00:03:38,600 --> 00:03:39,440 Speaker 3: on the internet. 83 00:03:39,400 --> 00:03:42,840 Speaker 1: And maybe just a lower suggested tip amount go fund 84 00:03:42,880 --> 00:03:46,000 Speaker 1: me because yeah, the ninety bucks on five hundred seems 85 00:03:46,040 --> 00:03:46,839 Speaker 1: a little over the top. 86 00:03:46,960 --> 00:03:49,960 Speaker 3: Yeah, Okay, So we recently mentioned robin Hood's plan to 87 00:03:50,320 --> 00:03:54,680 Speaker 3: infuse some AI advice into its app for customers in 88 00:03:54,680 --> 00:03:56,840 Speaker 3: the future. We're curious to see what that's gonna end 89 00:03:56,920 --> 00:04:00,080 Speaker 3: up looking like. We're also skeptical about its ability to 90 00:04:00,080 --> 00:04:04,320 Speaker 3: effectively help folks make smart money and investing decisions. Well, 91 00:04:04,360 --> 00:04:08,680 Speaker 3: there's a recent piece and Wired about AI financial advisors 92 00:04:08,920 --> 00:04:13,000 Speaker 3: that are currently in existence, and that only exacerbated our 93 00:04:13,080 --> 00:04:16,159 Speaker 3: concerns about what's to come. So for folks out there 94 00:04:16,200 --> 00:04:18,880 Speaker 3: who want financial advice but they're loath to spend hundreds 95 00:04:19,000 --> 00:04:22,240 Speaker 3: or even thousands of dollars sometimes to speak to a human, 96 00:04:22,520 --> 00:04:24,919 Speaker 3: well you've got an AI chatbot that might seem like 97 00:04:24,920 --> 00:04:27,680 Speaker 3: a good place to turn. Froogler sheet Man, I would say, 98 00:04:28,040 --> 00:04:29,880 Speaker 3: I think you know what my answer is going to be. 99 00:04:30,040 --> 00:04:33,520 Speaker 3: Cleo AI and Bright. They are two of the biggest 100 00:04:33,520 --> 00:04:35,320 Speaker 3: free ones out there, at the top of the charts 101 00:04:35,360 --> 00:04:38,920 Speaker 3: on Apple and you connect your account to these apps, 102 00:04:38,960 --> 00:04:41,640 Speaker 3: so get it. So these are standalone apps the AI 103 00:04:41,800 --> 00:04:45,560 Speaker 3: it peruses your particulars, your different transactions, and then it 104 00:04:45,560 --> 00:04:46,040 Speaker 3: offers you. 105 00:04:46,000 --> 00:04:47,880 Speaker 2: Advice based on what it sees. 106 00:04:48,200 --> 00:04:51,039 Speaker 3: Guess what I don't like about this whole scenario, Joel, 107 00:04:51,240 --> 00:04:54,960 Speaker 3: all of it basically, But they're trying to sell it, 108 00:04:55,000 --> 00:04:57,799 Speaker 3: you know, like it's sounds so good in the marketing materials, 109 00:04:57,839 --> 00:05:00,880 Speaker 3: but in reality, you know, especially when the product is free, 110 00:05:01,080 --> 00:05:01,880 Speaker 3: you gotta. 111 00:05:01,600 --> 00:05:02,160 Speaker 2: Watch your back. 112 00:05:02,240 --> 00:05:04,440 Speaker 1: Yeah, when the product is free, you're the product, which 113 00:05:04,480 --> 00:05:07,039 Speaker 1: means like they're going to try to sell you stuff. Right, 114 00:05:07,360 --> 00:05:10,360 Speaker 1: These apps and outs are kind of funny in one regard, 115 00:05:10,400 --> 00:05:13,600 Speaker 1: because you can even ask the artificial intelligence to roast 116 00:05:13,640 --> 00:05:16,080 Speaker 1: your personal finance moves or to I don't give you 117 00:05:16,160 --> 00:05:17,520 Speaker 1: pat on the back for maybe some of the good 118 00:05:17,560 --> 00:05:20,240 Speaker 1: things you've done, and it's kind of funny some of 119 00:05:20,240 --> 00:05:22,520 Speaker 1: the things that'll it'll tell you that doesn't. 120 00:05:22,320 --> 00:05:24,200 Speaker 2: Mean well, a lot of money not last month. 121 00:05:25,080 --> 00:05:26,360 Speaker 1: W how do you know if you've been looking at 122 00:05:26,360 --> 00:05:29,520 Speaker 1: my budget map, Well, I think it's goofy, but I 123 00:05:29,520 --> 00:05:31,839 Speaker 1: don't know that it's terribly helpful. And on the actual 124 00:05:32,000 --> 00:05:35,960 Speaker 1: money management front, these apps, they end up providing advice 125 00:05:36,360 --> 00:05:38,680 Speaker 1: at times at least that attempts to part you from 126 00:05:38,720 --> 00:05:41,680 Speaker 1: your money. So if, for instance, in conversation with the 127 00:05:41,839 --> 00:05:44,640 Speaker 1: AI bot, you maybe sound a little cash strapped, a 128 00:05:44,640 --> 00:05:47,480 Speaker 1: little cash poor, it will recommend applying for a cash 129 00:05:47,520 --> 00:05:50,320 Speaker 1: advance granted to you. Buy Cleo right by the app 130 00:05:50,320 --> 00:05:53,080 Speaker 1: itself rights surprised. Hey, I'm here to help you solve 131 00:05:53,160 --> 00:05:54,800 Speaker 1: your problem that I just identified. 132 00:05:55,680 --> 00:05:57,880 Speaker 3: And honestly, this is one of the issues we have 133 00:05:57,920 --> 00:05:59,480 Speaker 3: with some of the neo banks out there as well. 134 00:05:59,520 --> 00:06:01,799 Speaker 3: It's like it's not that they're not providing a service. Yes, 135 00:06:01,960 --> 00:06:04,159 Speaker 3: do they offer a competitive interest rate, yes, but what 136 00:06:04,279 --> 00:06:06,960 Speaker 3: else are they also trying to sneak in the door. Yes, 137 00:06:07,120 --> 00:06:09,680 Speaker 3: with you downloading that app and opening an account with them. 138 00:06:09,600 --> 00:06:11,160 Speaker 1: And with Cleo, what they'll say is, well, if it's 139 00:06:11,160 --> 00:06:13,760 Speaker 1: a really small cash infusion, we were not going to 140 00:06:13,839 --> 00:06:16,960 Speaker 1: charge any interest, right, But if you want money of 141 00:06:17,160 --> 00:06:21,919 Speaker 1: any meaningful amount, you will pay Cleo handsomely for that ability. 142 00:06:22,279 --> 00:06:24,200 Speaker 1: And if you want the money immediately, which is what 143 00:06:24,320 --> 00:06:26,600 Speaker 1: most people will want if they're in that situation, You're 144 00:06:26,600 --> 00:06:28,240 Speaker 1: going to pay an extra fee for that too. It's 145 00:06:28,279 --> 00:06:29,800 Speaker 1: kind of like on Venmo, I guess where you can 146 00:06:30,080 --> 00:06:32,160 Speaker 1: choose to send money back to your account, the slow 147 00:06:32,160 --> 00:06:33,680 Speaker 1: way or the quick way. You're going to pay for 148 00:06:33,680 --> 00:06:37,599 Speaker 1: the quickway and the cash infusion that Cleo suggests it 149 00:06:37,640 --> 00:06:40,240 Speaker 1: might only compound your financial troubles. So maybe they think 150 00:06:40,279 --> 00:06:42,640 Speaker 1: you need cash, but maybe the truth is that's not 151 00:06:42,839 --> 00:06:44,400 Speaker 1: the best thing for you and your compounding your. 152 00:06:44,279 --> 00:06:47,640 Speaker 2: Problems or not addressing the underlying issue. Yeah, neither of you. 153 00:06:47,680 --> 00:06:50,039 Speaker 1: They might try to sell you a premium membership as well. 154 00:06:50,400 --> 00:06:53,480 Speaker 1: And I think the app developers they didn't create this 155 00:06:53,600 --> 00:06:57,080 Speaker 1: AI financial advice spot for purely altruistic reasons, right. They 156 00:06:57,080 --> 00:06:58,880 Speaker 1: want to get paid, they want to develop an app 157 00:06:58,920 --> 00:07:03,080 Speaker 1: that makes them rich. And we're not against people's ability 158 00:07:03,080 --> 00:07:05,360 Speaker 1: to build a business that helps people and makes them money. 159 00:07:05,839 --> 00:07:08,719 Speaker 1: But we've also seen no evidence that these sorts of 160 00:07:08,720 --> 00:07:12,200 Speaker 1: apps are the smart way for you to get money advice, 161 00:07:12,400 --> 00:07:14,800 Speaker 1: and if the advice giver also benefits from selling you 162 00:07:14,840 --> 00:07:18,760 Speaker 1: financial products that enrich them, I guess our advice is 163 00:07:18,840 --> 00:07:22,600 Speaker 1: just to beware. It might be kind of funny and novel, 164 00:07:23,040 --> 00:07:24,720 Speaker 1: but I just don't think that these apps are in 165 00:07:24,760 --> 00:07:25,760 Speaker 1: people's best interests. 166 00:07:25,760 --> 00:07:28,360 Speaker 3: And I think eventually the novelty will wear off as 167 00:07:28,360 --> 00:07:30,040 Speaker 3: folks are getting used to what it is that these 168 00:07:30,080 --> 00:07:33,000 Speaker 3: AI bought chatbots can do, and like that's the thing. 169 00:07:33,160 --> 00:07:35,720 Speaker 3: They're not all bad, because like literally we're in this 170 00:07:35,800 --> 00:07:38,040 Speaker 3: like AI brave new world, and I think it is 171 00:07:38,120 --> 00:07:40,600 Speaker 3: up to us to decipher and to figure out which 172 00:07:40,720 --> 00:07:42,800 Speaker 3: of these applications are there to help us and which 173 00:07:42,800 --> 00:07:44,240 Speaker 3: ones are there to hurt us, Because if you think 174 00:07:44,240 --> 00:07:46,280 Speaker 3: about it from like a like if you log into 175 00:07:46,280 --> 00:07:49,080 Speaker 3: your credit card account, they've oftentimes got like little chatbots there, 176 00:07:49,360 --> 00:07:51,960 Speaker 3: and you can use those to your advantage. I actually 177 00:07:51,960 --> 00:07:55,800 Speaker 3: recently did this with my the mortgage holder of our house. 178 00:07:56,320 --> 00:07:58,520 Speaker 3: I had it on my calendar to log in and 179 00:07:58,560 --> 00:08:01,120 Speaker 3: cancel PMI, with which this is a whole nother thing. 180 00:08:01,440 --> 00:08:03,960 Speaker 3: I actually accepted PMI and didn't put on twenty percent 181 00:08:04,000 --> 00:08:05,320 Speaker 3: back when we got the house because I got a 182 00:08:05,400 --> 00:08:08,800 Speaker 3: lender credit and I knew that that credit was would 183 00:08:08,840 --> 00:08:12,480 Speaker 3: offset the monthly amount of that PMI two or three years. 184 00:08:12,680 --> 00:08:14,960 Speaker 3: In short, we don't want people to tell you have 185 00:08:15,040 --> 00:08:16,760 Speaker 3: PMI on their homes, but in this case, it financially 186 00:08:16,800 --> 00:08:18,440 Speaker 3: made sense for me. Anyway, I had it on my 187 00:08:18,480 --> 00:08:19,960 Speaker 3: calendar to go in and cancel that, and I was 188 00:08:20,000 --> 00:08:22,720 Speaker 3: dreading it, dude, because I'm like, ugh, it's gonna be 189 00:08:22,760 --> 00:08:24,640 Speaker 3: such a pain in the butt. I've never done this before, 190 00:08:24,680 --> 00:08:26,920 Speaker 3: and so because of the fact that it's the fear 191 00:08:26,960 --> 00:08:28,720 Speaker 3: of the unknown, I'm thinking about it and I'm just 192 00:08:28,760 --> 00:08:30,240 Speaker 3: like dreading it and it's just going to be a 193 00:08:30,320 --> 00:08:34,400 Speaker 3: huge hassle. I logged in, saw a chat box prompt 194 00:08:34,520 --> 00:08:37,240 Speaker 3: there and I thought, how do I drop PMI? And 195 00:08:37,280 --> 00:08:39,520 Speaker 3: it told me, and it took me directly to the page, 196 00:08:39,960 --> 00:08:42,880 Speaker 3: which was of course buried like it's a page that 197 00:08:42,920 --> 00:08:44,720 Speaker 3: I would would not have been able to find it. 198 00:08:44,760 --> 00:08:48,480 Speaker 3: And by the way, PMI automatically drops off of your 199 00:08:48,480 --> 00:08:51,400 Speaker 3: mortgage once you hit seventy eight percent, but you can 200 00:08:51,440 --> 00:08:53,760 Speaker 3: get it dropped once you hit eighty. I was at 201 00:08:53,760 --> 00:08:56,760 Speaker 3: eighty percent and I clicked one button. 202 00:08:56,679 --> 00:08:58,600 Speaker 2: Boom is gone, and it's gone. There you go. 203 00:08:58,640 --> 00:09:00,839 Speaker 3: And so this is an instance where in this case 204 00:09:00,880 --> 00:09:03,080 Speaker 3: the loan service or and there's other products out there too, 205 00:09:03,080 --> 00:09:04,679 Speaker 3: like I mentioned with credit cards that where you can 206 00:09:04,760 --> 00:09:07,600 Speaker 3: use that to your advantage and it's there to serve you. Right, 207 00:09:07,640 --> 00:09:11,000 Speaker 3: it's a an AI customer service, but be careful when 208 00:09:11,000 --> 00:09:12,880 Speaker 3: it's set up like this in this case, which is 209 00:09:12,920 --> 00:09:15,320 Speaker 3: more like an AI salesman and they're trying to sell 210 00:09:15,400 --> 00:09:17,480 Speaker 3: you on the different products that they're offering. Yeah, it's 211 00:09:17,520 --> 00:09:20,120 Speaker 3: not that AI is bad, it's that certain implementations of 212 00:09:20,160 --> 00:09:22,240 Speaker 3: a one hundred percent can be harmful. All right, let's 213 00:09:22,240 --> 00:09:25,040 Speaker 3: talk about the aftermath of the holiday shopping season, Matt. 214 00:09:25,280 --> 00:09:28,120 Speaker 3: I always worry seeing these stats on the back end 215 00:09:28,400 --> 00:09:31,000 Speaker 3: of how much people spent and how much debt was accrued, 216 00:09:31,360 --> 00:09:33,280 Speaker 3: and the numbers are just never heartening. 217 00:09:33,280 --> 00:09:35,640 Speaker 1: And I think in the United States of America, we 218 00:09:35,920 --> 00:09:40,200 Speaker 1: just consume, we spend and it shows up in especially 219 00:09:40,240 --> 00:09:42,720 Speaker 1: around the holidays, and we get the data in January, 220 00:09:42,880 --> 00:09:45,000 Speaker 1: well and by now pay later has been the hot 221 00:09:45,080 --> 00:09:48,120 Speaker 1: new spending method of the moment, especially over just the 222 00:09:48,120 --> 00:09:50,760 Speaker 1: past couple of years. Like the rise in BNPL has 223 00:09:50,840 --> 00:09:54,520 Speaker 1: been astounding, and that continued to be the case this 224 00:09:54,600 --> 00:09:58,080 Speaker 1: Christmas season, as more retailers embedded buy now, pay later 225 00:09:58,120 --> 00:10:01,640 Speaker 1: options at checkout and more consumer said yes, please, I 226 00:10:01,679 --> 00:10:03,920 Speaker 1: don't have the money or I'm not interested in paying 227 00:10:03,920 --> 00:10:06,839 Speaker 1: the full price for this item right now, I'd like 228 00:10:06,880 --> 00:10:09,960 Speaker 1: to pay for this I don't know until March instead, 229 00:10:10,480 --> 00:10:13,080 Speaker 1: and so because of that, we saw buy now, pay 230 00:10:13,160 --> 00:10:15,760 Speaker 1: later obligations increase by more than ten percent. This is 231 00:10:15,800 --> 00:10:21,080 Speaker 1: according to data from Adobe. And obviously, like I don't 232 00:10:21,120 --> 00:10:23,480 Speaker 1: like this, you and I were not huge fans of 233 00:10:23,480 --> 00:10:26,120 Speaker 1: buy now, Pay later in general, because we would rather 234 00:10:26,160 --> 00:10:29,080 Speaker 1: people actually feel the pain when they're making the purchase. 235 00:10:29,240 --> 00:10:31,440 Speaker 3: No, we don't want you to soften the blow, right, 236 00:10:31,840 --> 00:10:34,400 Speaker 3: How can we make this feel even more poignant? 237 00:10:34,600 --> 00:10:36,560 Speaker 1: It's not because we're Massachis and we love pain and 238 00:10:36,559 --> 00:10:38,720 Speaker 1: we're just like sweet punch me in the face. But 239 00:10:38,960 --> 00:10:41,679 Speaker 1: when you feel the punch in the face of a purchase, 240 00:10:42,080 --> 00:10:44,600 Speaker 1: it makes you think twice before you actually make the purchase, 241 00:10:44,679 --> 00:10:47,960 Speaker 1: and it makes you question whether you have the funds 242 00:10:47,960 --> 00:10:50,480 Speaker 1: to cover that purchase or not. And I'm also worried 243 00:10:50,640 --> 00:10:52,760 Speaker 1: that it's not just people opting for buy now, pay 244 00:10:52,840 --> 00:10:55,440 Speaker 1: later instead of a credit card. I think more people 245 00:10:55,480 --> 00:10:59,480 Speaker 1: are choosing d all the above. Yeah, and they're saying, wait, well, 246 00:10:59,520 --> 00:11:01,200 Speaker 1: I'm kind of like, I don't know, got a lot 247 00:11:01,240 --> 00:11:03,360 Speaker 1: of credit card debt, so maybe buy now, pay later 248 00:11:03,480 --> 00:11:05,880 Speaker 1: is my only option. And so they're just adding fuel 249 00:11:05,960 --> 00:11:09,760 Speaker 1: to the fire, heaping on debt levels that this could, 250 00:11:09,840 --> 00:11:13,000 Speaker 1: you know, result in more delinquencies it already is, it 251 00:11:13,040 --> 00:11:16,040 Speaker 1: seems like, and rising buy now, pay later on top 252 00:11:16,080 --> 00:11:18,319 Speaker 1: of rising credit card payments and interest rates, it could 253 00:11:18,360 --> 00:11:21,720 Speaker 1: create this nasty headache for millions of individuals and it 254 00:11:21,760 --> 00:11:24,640 Speaker 1: really could harm the economy as a whole. The more 255 00:11:24,760 --> 00:11:29,120 Speaker 1: you pay for today's stuff tomorrow, the more precarious your 256 00:11:29,120 --> 00:11:31,880 Speaker 1: finances to come. You're just like punting it down the 257 00:11:32,000 --> 00:11:34,160 Speaker 1: line and saying, oh, yeah, I'll pay for that someday 258 00:11:34,200 --> 00:11:34,679 Speaker 1: in the future. 259 00:11:34,720 --> 00:11:36,120 Speaker 2: That can down the road, man. 260 00:11:36,200 --> 00:11:38,160 Speaker 3: That's the that's the American way, as opposed to do 261 00:11:38,200 --> 00:11:41,040 Speaker 3: with the exact opposite, Like that is the path to 262 00:11:41,200 --> 00:11:45,199 Speaker 3: financial independence. Paying for today's goods yesterday. Yeah, because you've 263 00:11:45,200 --> 00:11:46,080 Speaker 3: been saving up for it. 264 00:11:46,240 --> 00:11:46,880 Speaker 2: Fin it's like. 265 00:11:46,760 --> 00:11:48,960 Speaker 1: Paying for your auto insurance six months or a year 266 00:11:48,960 --> 00:11:51,640 Speaker 1: at a time instead of in advance. Yes, you typically 267 00:11:51,640 --> 00:11:52,920 Speaker 1: get a break for doing that too, right. 268 00:11:52,960 --> 00:11:56,400 Speaker 3: Yeah, you literally financially get rewarded for that. And dude, 269 00:11:56,480 --> 00:11:58,480 Speaker 3: just generally speaking, I think we're bucking up against the 270 00:11:58,520 --> 00:12:01,560 Speaker 3: limits of consumerism in our country right now. And like 271 00:12:01,640 --> 00:12:05,040 Speaker 3: not just the financial limitations, the inability to keep spending 272 00:12:05,080 --> 00:12:07,640 Speaker 3: without restraint, but also just its inability to impact our 273 00:12:07,679 --> 00:12:11,400 Speaker 3: actual happiness levels. But I mean, we keep launching new 274 00:12:11,480 --> 00:12:14,440 Speaker 3: creative payment products, keep launching there are different ways for 275 00:12:14,480 --> 00:12:17,559 Speaker 3: people to get into debt in an attempt to fuel spending, 276 00:12:17,960 --> 00:12:21,360 Speaker 3: but that spending can't outpace wages forever, and the system 277 00:12:21,360 --> 00:12:23,280 Speaker 3: isn't set up to help you to make wise choices. 278 00:12:23,320 --> 00:12:25,800 Speaker 3: But that is why the show exists, and this is 279 00:12:25,800 --> 00:12:28,240 Speaker 3: why we talk about what it is what we talk about, 280 00:12:28,280 --> 00:12:30,480 Speaker 3: and so that's from a financial lens, but going back 281 00:12:30,480 --> 00:12:32,840 Speaker 3: to that, like from the happiness point of view as well, 282 00:12:33,520 --> 00:12:36,120 Speaker 3: it's not just a lack of dollars and cents that 283 00:12:36,240 --> 00:12:38,160 Speaker 3: are going to keep us from being able to continue 284 00:12:38,320 --> 00:12:39,760 Speaker 3: to spend in this way, but like, how long are 285 00:12:39,760 --> 00:12:41,960 Speaker 3: we going to continue to like common sense as well, 286 00:12:42,280 --> 00:12:45,160 Speaker 3: we continue, or just Americans broadly speaking, if we continue 287 00:12:45,160 --> 00:12:48,839 Speaker 3: to make these same purchases slash mistakes, thinking that it's 288 00:12:48,840 --> 00:12:51,880 Speaker 3: going to continue to sort of boost our happiness levels. 289 00:12:51,920 --> 00:12:54,720 Speaker 3: As opposed to the things that we oftentimes will point 290 00:12:54,760 --> 00:12:56,880 Speaker 3: to when we get a little more philosophical here on 291 00:12:56,920 --> 00:12:59,200 Speaker 3: the show, the things that truly do bring happiness, like 292 00:12:59,440 --> 00:13:02,840 Speaker 3: social can actions, deep relationships, feeling like you are a 293 00:13:02,840 --> 00:13:04,960 Speaker 3: part of something bigger. These are the things that folks 294 00:13:04,960 --> 00:13:08,160 Speaker 3: should be looking to as opposed to maxing out their 295 00:13:08,200 --> 00:13:10,960 Speaker 3: credit cards, maxing out the number of items that they 296 00:13:11,000 --> 00:13:13,840 Speaker 3: can cram into their house, or even like on the 297 00:13:13,840 --> 00:13:16,800 Speaker 3: more financially savvy an the literate thing to do, which 298 00:13:16,840 --> 00:13:19,080 Speaker 3: is like maxing out your retirement accounts. That is something 299 00:13:19,160 --> 00:13:21,480 Speaker 3: we do want people to do, and that's a healthy 300 00:13:21,520 --> 00:13:23,880 Speaker 3: step to take towards financial independence. But that's not necessarily 301 00:13:23,880 --> 00:13:26,000 Speaker 3: going to bring about happiness, which is I think what 302 00:13:26,040 --> 00:13:27,800 Speaker 3: a lot of folks are are after, you know, like 303 00:13:27,840 --> 00:13:31,160 Speaker 3: what does it mean to lead a rewarding life? Like 304 00:13:31,160 --> 00:13:33,960 Speaker 3: what does it mean to be human? Well? Yeah, you know, 305 00:13:34,000 --> 00:13:36,199 Speaker 3: like these the higher level questions are what I'm pointing 306 00:13:36,200 --> 00:13:37,000 Speaker 3: folks towards here. 307 00:13:37,160 --> 00:13:39,240 Speaker 1: Going back to something a little lower level you're making. 308 00:13:39,280 --> 00:13:42,119 Speaker 1: It makes me think of the release or the announcement 309 00:13:42,160 --> 00:13:44,880 Speaker 1: of the release of the new Nintendo Switch right, Nintendo 310 00:13:44,920 --> 00:13:49,600 Speaker 1: Switch to coming out this spring, and just thinking about 311 00:13:49,600 --> 00:13:53,120 Speaker 1: the limitations of improvement to some of the products that 312 00:13:53,200 --> 00:13:55,600 Speaker 1: we're interested in buying. We talk about this when it 313 00:13:55,600 --> 00:13:59,959 Speaker 1: comes to cell phones, right, how the ooh, now you've 314 00:14:00,120 --> 00:14:02,880 Speaker 1: get Ai in your in your iPhone, but just like 315 00:14:02,920 --> 00:14:05,959 Speaker 1: how this one's got another button. Yeah, how incremental the 316 00:14:05,960 --> 00:14:07,920 Speaker 1: improvements are. I think the same thing is true for 317 00:14:08,160 --> 00:14:10,360 Speaker 1: the Nintendo Switch. You you and I were just like reminiscing 318 00:14:10,400 --> 00:14:12,800 Speaker 1: about how groundbreaking the n sixty four was when it 319 00:14:12,840 --> 00:14:14,959 Speaker 1: came out, and it was a cool system. I mean 320 00:14:15,559 --> 00:14:17,079 Speaker 1: Golden Eye, what a classic game. 321 00:14:16,960 --> 00:14:17,640 Speaker 2: Right, amazing. 322 00:14:18,120 --> 00:14:21,240 Speaker 1: But I just think that we're at this point where 323 00:14:21,480 --> 00:14:24,680 Speaker 1: the marketing mechanism has to kick into full gear to 324 00:14:24,680 --> 00:14:26,600 Speaker 1: try to convince us that we need this thing that 325 00:14:26,680 --> 00:14:29,200 Speaker 1: when we actually compare the thing side by side, were like, 326 00:14:29,200 --> 00:14:31,120 Speaker 1: what is that? What am I actually getting for the 327 00:14:31,160 --> 00:14:32,880 Speaker 1: money I'm spending? Because it feels. 328 00:14:32,600 --> 00:14:34,920 Speaker 3: Like getting it is the shiny new Yeah, you're getting 329 00:14:34,920 --> 00:14:36,800 Speaker 3: the novelty, right. I think this is a part of 330 00:14:36,840 --> 00:14:38,880 Speaker 3: the reason why that just kind of going back to AI. 331 00:14:39,360 --> 00:14:41,480 Speaker 3: Why that's still appealing, it is because it's novel, it's new, 332 00:14:41,520 --> 00:14:44,760 Speaker 3: it's shiny, it's different. It's not that it provides like 333 00:14:45,000 --> 00:14:47,360 Speaker 3: that much utility necessarily unless you are. 334 00:14:47,280 --> 00:14:48,120 Speaker 2: Able to utilize it. 335 00:14:48,160 --> 00:14:50,240 Speaker 3: And I think the proper way, but like that's what 336 00:14:50,280 --> 00:14:52,800 Speaker 3: people are paying for, yeah, as opposed to actually looking 337 00:14:52,840 --> 00:14:56,520 Speaker 3: at is there a legitimate benefit that this new switch 338 00:14:56,560 --> 00:14:58,200 Speaker 3: is going to provide me. I think for some folks 339 00:14:58,240 --> 00:15:00,400 Speaker 3: out there, like the hardcore gamers, they'll say yeah, But 340 00:15:00,440 --> 00:15:02,800 Speaker 3: I think for the vast majority of folks what they 341 00:15:02,880 --> 00:15:05,520 Speaker 3: might see themselves getting sucked up into is that marketing 342 00:15:05,520 --> 00:15:06,480 Speaker 3: machine and the hype. 343 00:15:06,640 --> 00:15:09,800 Speaker 1: Another reason that people spend Matt is and sometimes they 344 00:15:09,840 --> 00:15:12,160 Speaker 1: do this without realizing it. They spend to please others, 345 00:15:12,200 --> 00:15:14,040 Speaker 1: to make other people happy. And the New York Times 346 00:15:14,080 --> 00:15:16,320 Speaker 1: had an interesting article about that actually this week. And 347 00:15:16,360 --> 00:15:19,160 Speaker 1: I think sometimes we spend money we don't have because 348 00:15:19,160 --> 00:15:22,280 Speaker 1: it's been normalized. It's like, well, yeah, this going off 349 00:15:22,280 --> 00:15:24,000 Speaker 1: for drinks after work, even though I can actually afford 350 00:15:24,040 --> 00:15:27,560 Speaker 1: the drinks. It's what people do, it's what everyone does, 351 00:15:27,600 --> 00:15:29,040 Speaker 1: and so I can't buck the system. 352 00:15:29,040 --> 00:15:30,920 Speaker 3: And it kind of it feels a little less selfish 353 00:15:30,960 --> 00:15:33,000 Speaker 3: if you're doing it, because like what I just kind 354 00:15:33,000 --> 00:15:35,560 Speaker 3: of pointed to a relationship and if you're thinking, well, well, 355 00:15:35,600 --> 00:15:37,680 Speaker 3: here's a way I can kind of help to grow 356 00:15:37,920 --> 00:15:40,840 Speaker 3: those relationships and those social connections. Yeah, so I think 357 00:15:40,840 --> 00:15:42,480 Speaker 3: that that might be I don't know, I can see 358 00:15:42,480 --> 00:15:45,120 Speaker 3: that being an excuse for folks to maybe spend money 359 00:15:45,160 --> 00:15:45,600 Speaker 3: that they don't have. 360 00:15:45,640 --> 00:15:47,360 Speaker 1: But the truth is it is an excuse because there 361 00:15:47,360 --> 00:15:49,800 Speaker 1: are other ways to grow your relationships without spending money. 362 00:15:50,080 --> 00:15:52,520 Speaker 1: And I think if you struggle with people pleasing or 363 00:15:52,640 --> 00:15:55,520 Speaker 1: going with the flow and it's costing you money, it's 364 00:15:55,560 --> 00:15:58,640 Speaker 1: worth taking some time to dig deeper and find out why. 365 00:15:59,280 --> 00:16:01,840 Speaker 1: I don't think there's like a quick fix for this necessarily, 366 00:16:02,080 --> 00:16:06,360 Speaker 1: but becoming more comfortable with discomfort, more comfortable with saying 367 00:16:06,360 --> 00:16:09,200 Speaker 1: no or being left out of something, that could be 368 00:16:09,240 --> 00:16:11,360 Speaker 1: the key maybe for some people at least listening to 369 00:16:11,440 --> 00:16:14,520 Speaker 1: this to saving more in twenty twenty five and you know, 370 00:16:14,560 --> 00:16:17,960 Speaker 1: money success it might just look like having harder conversations, yeah, 371 00:16:18,000 --> 00:16:20,920 Speaker 1: and growing more individually this year For some folks, Matt, 372 00:16:20,960 --> 00:16:23,480 Speaker 1: it might even mean talking to a money therapist. I 373 00:16:23,480 --> 00:16:25,400 Speaker 1: think about our friend Asia Evans, who we had on 374 00:16:25,400 --> 00:16:27,920 Speaker 1: the show, maybe a money therapist is like the right 375 00:16:27,920 --> 00:16:30,080 Speaker 1: person for you to talk to and that's actually going 376 00:16:30,120 --> 00:16:32,840 Speaker 1: to help you fix some of those leaks. And those 377 00:16:32,920 --> 00:16:35,360 Speaker 1: leaks are coming from the fact that you feel compelled 378 00:16:35,400 --> 00:16:37,800 Speaker 1: to spend because other people are doing it or because 379 00:16:37,840 --> 00:16:40,040 Speaker 1: it has become normalized in our culture totally. 380 00:16:40,120 --> 00:16:42,040 Speaker 3: And of course, like we always do on our Friday flights, 381 00:16:42,080 --> 00:16:44,800 Speaker 3: will link to these different stories because this one in particular, 382 00:16:44,800 --> 00:16:45,320 Speaker 3: I think can. 383 00:16:45,280 --> 00:16:46,280 Speaker 2: Be helpful for folks. 384 00:16:46,560 --> 00:16:49,720 Speaker 3: I will say one thing, like one complaint I had 385 00:16:49,840 --> 00:16:52,400 Speaker 3: is that a lot of the different things that they 386 00:16:52,600 --> 00:16:54,480 Speaker 3: said that you could do to kind of push back 387 00:16:54,520 --> 00:16:57,520 Speaker 3: on spending money were like they would qualify the behaviors, 388 00:16:57,600 --> 00:17:00,080 Speaker 3: like they would say that it's okay to say that 389 00:17:00,120 --> 00:17:04,040 Speaker 3: you can't do this if it's financially styming your progress 390 00:17:04,119 --> 00:17:06,280 Speaker 3: or if you are in financial debt, but like I 391 00:17:06,280 --> 00:17:08,639 Speaker 3: would even take that a step further and say, no, no, 392 00:17:08,720 --> 00:17:11,439 Speaker 3: it's necessary if you are able to sort of self 393 00:17:11,480 --> 00:17:13,359 Speaker 3: analyze and think about this for a second and you 394 00:17:13,440 --> 00:17:17,199 Speaker 3: realize that these expenses, these expenditures aren't getting you closer 395 00:17:17,240 --> 00:17:19,959 Speaker 3: to whatever your personal goals are, then then you can 396 00:17:20,000 --> 00:17:21,879 Speaker 3: say no, no matter what, Like I don't like, it 397 00:17:21,880 --> 00:17:22,600 Speaker 3: doesn't have to. 398 00:17:22,520 --> 00:17:24,200 Speaker 1: Be you don't have to have a good reason yes 399 00:17:24,840 --> 00:17:25,480 Speaker 1: to other people. 400 00:17:25,520 --> 00:17:27,080 Speaker 3: It doesn't have to be something that you can point 401 00:17:27,160 --> 00:17:29,760 Speaker 3: to aside from you just saying well that doesn't I 402 00:17:29,760 --> 00:17:31,880 Speaker 3: don't value that, or that doesn't fit within my story. 403 00:17:32,400 --> 00:17:33,800 Speaker 2: I think the ability for folks. 404 00:17:33,600 --> 00:17:35,680 Speaker 3: To do like that to me is the more uncomfortable part, 405 00:17:35,720 --> 00:17:37,600 Speaker 3: Like I like that you what you said about like 406 00:17:37,720 --> 00:17:39,679 Speaker 3: kind of leaning into the uncomfort a little bit. And 407 00:17:39,760 --> 00:17:44,400 Speaker 3: oftentimes folks will put the blame on their financial situation 408 00:17:44,520 --> 00:17:47,560 Speaker 3: and their circumstances and they'll say, well, I can't afford that, right, 409 00:17:48,000 --> 00:17:50,840 Speaker 3: And I think it's easier to place the blame on 410 00:17:50,880 --> 00:17:53,399 Speaker 3: that for sure. But what that does then is it 411 00:17:53,480 --> 00:17:57,600 Speaker 3: kind of perpetuates that narrative of saying, oh, well, if 412 00:17:57,600 --> 00:17:59,360 Speaker 3: you have money, you spend it, and you spend, spend, 413 00:17:59,359 --> 00:18:01,240 Speaker 3: spend until you don't have any money anymore, and it 414 00:18:01,320 --> 00:18:03,920 Speaker 3: sort of normalizes that narrative as opposed to more of 415 00:18:03,960 --> 00:18:05,879 Speaker 3: the path and more the approach that we try to 416 00:18:05,880 --> 00:18:07,240 Speaker 3: take care on the show is making sure that you're 417 00:18:07,240 --> 00:18:09,800 Speaker 3: spending aligns with your values, and sometimes what that looks 418 00:18:09,880 --> 00:18:12,600 Speaker 3: like is financial health and you just don't want to 419 00:18:12,640 --> 00:18:14,720 Speaker 3: spend your money in this way because it just doesn't 420 00:18:14,720 --> 00:18:15,199 Speaker 3: resonate with you. 421 00:18:15,240 --> 00:18:17,600 Speaker 1: That's almost like a negative response vers a positive response, right, 422 00:18:17,600 --> 00:18:19,600 Speaker 1: And the negative is like, I can't do this because 423 00:18:19,840 --> 00:18:22,080 Speaker 1: how about I can't do this because because I got 424 00:18:22,080 --> 00:18:24,320 Speaker 1: this other awesome thing that I'm working towards. Yeah, And 425 00:18:24,320 --> 00:18:26,440 Speaker 1: I think that's just a better way to respond. I 426 00:18:26,480 --> 00:18:28,680 Speaker 1: think it's encouraging actually to the people around you, and 427 00:18:28,880 --> 00:18:32,000 Speaker 1: it helps them understand maybe they feel less like depressed 428 00:18:32,040 --> 00:18:34,199 Speaker 1: on your behalf and they feel more excited for you 429 00:18:34,240 --> 00:18:37,080 Speaker 1: because you're able to kind of convey something like that's 430 00:18:37,119 --> 00:18:40,520 Speaker 1: deeper and more personal with your quote unquote excuse. 431 00:18:40,200 --> 00:18:42,840 Speaker 3: There's more depth yeaheah, there's more depth there as opposed 432 00:18:42,840 --> 00:18:44,680 Speaker 3: to kind of like well right out of money. 433 00:18:44,760 --> 00:18:47,639 Speaker 1: Yeah, yeah, exactly. Or We've got more to get to 434 00:18:48,200 --> 00:18:50,920 Speaker 1: on this episode, including we're going to talk about getting 435 00:18:51,000 --> 00:18:54,040 Speaker 1: fit in twenty twenty five and one pitfall. I think 436 00:18:54,040 --> 00:18:56,399 Speaker 1: that could cost you money if you don't play your 437 00:18:56,440 --> 00:18:58,240 Speaker 1: cards right. We'll get to that and more right after this. 438 00:19:06,240 --> 00:19:08,040 Speaker 3: We are back from the break and Joel, we're not 439 00:19:08,040 --> 00:19:10,960 Speaker 3: talking about getting financially fit, we're talking about getting yoked. 440 00:19:12,359 --> 00:19:15,040 Speaker 3: But before we get to that, it is now time 441 00:19:15,080 --> 00:19:17,359 Speaker 3: for the ludicrous headline of the week, which is from 442 00:19:17,480 --> 00:19:21,040 Speaker 3: the Journal. The headline reads, more men are addicted to 443 00:19:21,080 --> 00:19:23,159 Speaker 3: the crack cocaine of the stock market. 444 00:19:23,240 --> 00:19:26,000 Speaker 1: It's a clickable headline, and it's. 445 00:19:26,080 --> 00:19:28,560 Speaker 3: Easier than ever to of course, get addicted to pretty 446 00:19:28,640 --> 00:19:31,240 Speaker 3: much anything under the sun. You know, we've talked about 447 00:19:31,240 --> 00:19:34,880 Speaker 3: shopping addictions recently, we've talked about the rise of sports gambling, 448 00:19:34,920 --> 00:19:37,280 Speaker 3: but this article was all about the allure of something 449 00:19:37,280 --> 00:19:40,159 Speaker 3: that we hold up as a wonderful thing, and of 450 00:19:40,200 --> 00:19:43,359 Speaker 3: course that is investing. And they kind of specifically were 451 00:19:43,359 --> 00:19:46,640 Speaker 3: targeting options as like the actual crack cocaine. But just 452 00:19:46,720 --> 00:19:48,800 Speaker 3: I mean generally speaking, when it comes to investing, if 453 00:19:48,800 --> 00:19:51,639 Speaker 3: you approach it the wrong way, not only can you 454 00:19:51,680 --> 00:19:55,160 Speaker 3: hamper your returns, you can find yourself with a debilitating 455 00:19:55,200 --> 00:19:58,760 Speaker 3: addiction that's going to harm relationships that can oftentimes take 456 00:19:58,840 --> 00:20:01,560 Speaker 3: years to recover from. And I think this is another 457 00:20:01,600 --> 00:20:06,679 Speaker 3: reason to avoid investing in individual stocks or speculative mean coins. 458 00:20:07,080 --> 00:20:09,520 Speaker 3: You know, like initially it might seem fun at the outset, 459 00:20:09,840 --> 00:20:11,439 Speaker 3: and I think if you have the discipline and the 460 00:20:11,480 --> 00:20:14,159 Speaker 3: wisdom to be able to keep things in check, if 461 00:20:14,160 --> 00:20:16,360 Speaker 3: you're like Brian Ferraldi. We had him on the show. 462 00:20:16,400 --> 00:20:20,560 Speaker 3: He invests in single stocks. Yeah, you might outperform, but 463 00:20:20,600 --> 00:20:23,720 Speaker 3: the downsides are significant. I think like it makes me 464 00:20:23,760 --> 00:20:26,920 Speaker 3: think about like I just mentioned, shopping addictions. You gotta 465 00:20:26,920 --> 00:20:28,320 Speaker 3: go to the store. There's certain things you gotta buy, 466 00:20:28,359 --> 00:20:30,640 Speaker 3: no matter what their necessities. And in a similar way, 467 00:20:30,640 --> 00:20:32,680 Speaker 3: that's how I think about investing. It's like you gotta 468 00:20:32,680 --> 00:20:35,480 Speaker 3: wade into the waters. If you want to grow your wealth, 469 00:20:35,520 --> 00:20:38,640 Speaker 3: you have to invest your money. But like it, it's 470 00:20:38,640 --> 00:20:41,359 Speaker 3: so important though, to just know thyself. If this is 471 00:20:41,400 --> 00:20:43,640 Speaker 3: gonna be a slippery slope for you, there are ways 472 00:20:44,040 --> 00:20:45,439 Speaker 3: for you to set it and forget it. There are 473 00:20:45,480 --> 00:20:47,439 Speaker 3: ways for you to not download the apps onto your 474 00:20:47,440 --> 00:20:49,199 Speaker 3: phone to where you're gonna be tempted to make some 475 00:20:49,240 --> 00:20:52,720 Speaker 3: of those late night trades when maybe you're not in 476 00:20:52,760 --> 00:20:55,119 Speaker 3: the best state of mind to be making those large 477 00:20:55,440 --> 00:20:56,680 Speaker 3: purchases or sales. 478 00:20:56,840 --> 00:21:00,720 Speaker 1: In that poll, I think for risky behavior is more 479 00:21:00,760 --> 00:21:02,520 Speaker 1: prevalent than it's ever before. And I think we' when 480 00:21:02,560 --> 00:21:04,280 Speaker 1: I say more prevalent, I mean used to have to 481 00:21:04,280 --> 00:21:06,840 Speaker 1: like jump through hoops to do some of this risky behavior, 482 00:21:06,880 --> 00:21:10,000 Speaker 1: and now there's essentially no social stigma because you can 483 00:21:10,040 --> 00:21:12,000 Speaker 1: do it from the privacy of your own home and 484 00:21:12,400 --> 00:21:16,640 Speaker 1: nobody knows maybe some of the nefarious things you've been 485 00:21:16,640 --> 00:21:19,400 Speaker 1: doing no matter what it is that you're doing online 486 00:21:19,440 --> 00:21:24,240 Speaker 1: and there's more anonymity, and it's just it's the wheels 487 00:21:24,280 --> 00:21:24,560 Speaker 1: have been. 488 00:21:24,520 --> 00:21:26,159 Speaker 2: Greased crostilization of it. 489 00:21:26,280 --> 00:21:29,159 Speaker 1: Yeah, for us to partake in some of this antisocial 490 00:21:29,320 --> 00:21:33,600 Speaker 1: or addiction prone behavior, and even like it's been glorified 491 00:21:33,600 --> 00:21:35,920 Speaker 1: in some ways. I think about just all the ads 492 00:21:35,920 --> 00:21:38,320 Speaker 1: for sports gambling now that are all over the place, 493 00:21:38,800 --> 00:21:41,199 Speaker 1: or just those investing apps. It's like they make it 494 00:21:41,240 --> 00:21:44,280 Speaker 1: sound like you're being empowered to take control of your 495 00:21:44,320 --> 00:21:47,280 Speaker 1: own future, but really what's happening, and what they're incentivizing 496 00:21:47,320 --> 00:21:50,520 Speaker 1: you to do is to trade frequently so they make 497 00:21:50,600 --> 00:21:53,399 Speaker 1: money instead of you building wealth over the long term. 498 00:21:53,640 --> 00:21:56,080 Speaker 1: And Vox just sort of piece called sports gambling should 499 00:21:56,080 --> 00:21:59,480 Speaker 1: have stayed in Vegas. And you know those ads are 500 00:21:59,520 --> 00:22:01,560 Speaker 1: all about free money for your first bet. It sounds 501 00:22:01,560 --> 00:22:04,560 Speaker 1: so great, but then so many people end up getting hooked, 502 00:22:05,040 --> 00:22:06,600 Speaker 1: and then there are so many games to bet on, 503 00:22:06,720 --> 00:22:08,840 Speaker 1: and you know, I don't know, whatever we want is 504 00:22:08,880 --> 00:22:12,320 Speaker 1: at our fingertips in a moment on these smartphones, and 505 00:22:12,400 --> 00:22:14,320 Speaker 1: in some ways that's cool, like all the information in 506 00:22:14,320 --> 00:22:16,800 Speaker 1: the entire world, but how are we actually using our 507 00:22:16,840 --> 00:22:20,320 Speaker 1: access to that information In the case of a YouTube 508 00:22:20,359 --> 00:22:24,920 Speaker 1: conversation or a podcast like that's really neat the access 509 00:22:24,960 --> 00:22:27,040 Speaker 1: that you have to certain conversations that you never would 510 00:22:27,040 --> 00:22:30,080 Speaker 1: have been privy to, never would have existed before. But 511 00:22:30,720 --> 00:22:33,520 Speaker 1: you know, I think the lack of friction often causes 512 00:22:33,600 --> 00:22:36,439 Speaker 1: us to not think twice before doing something that's not 513 00:22:36,440 --> 00:22:37,159 Speaker 1: going to be good for us. 514 00:22:37,240 --> 00:22:39,880 Speaker 3: Yeah, we're already doing it before we've even even realized it. 515 00:22:40,040 --> 00:22:43,159 Speaker 3: If you were a gambling addict before and all your 516 00:22:43,160 --> 00:22:45,320 Speaker 3: neighbors saw your car at the casino all the time 517 00:22:45,520 --> 00:22:48,200 Speaker 3: like that, that says something as opposed to like you 518 00:22:48,240 --> 00:22:50,680 Speaker 3: on your phone, which honestly can look like productivity. That 519 00:22:50,720 --> 00:22:52,160 Speaker 3: could look like, oh man, that guy is like he's 520 00:22:52,160 --> 00:22:55,240 Speaker 3: really getting after it. Look at him over there emailing, Yeah, 521 00:22:55,359 --> 00:22:58,240 Speaker 3: getting back to his bosses or his boss or you know, 522 00:22:58,320 --> 00:22:59,760 Speaker 3: leading other folks on his team. 523 00:23:00,040 --> 00:23:00,520 Speaker 2: That's what it think. 524 00:23:00,560 --> 00:23:03,520 Speaker 1: I randomly met somebody recently and she told me that 525 00:23:03,640 --> 00:23:05,800 Speaker 1: she's telling me how her husband switched jobs and his 526 00:23:05,840 --> 00:23:08,520 Speaker 1: new job is day trading from home. And I had 527 00:23:08,560 --> 00:23:11,040 Speaker 1: so many questions. But I was also just a little 528 00:23:11,160 --> 00:23:12,920 Speaker 1: I didn't want to pass judgment or be a jerk 529 00:23:13,000 --> 00:23:15,240 Speaker 1: or anything like that. Yeah you're like, oh that's interesting, Yeah, 530 00:23:15,560 --> 00:23:18,000 Speaker 1: tell me more, tell me more. But I just it 531 00:23:18,040 --> 00:23:21,280 Speaker 1: made me nervous to think that that's his new job 532 00:23:21,359 --> 00:23:24,639 Speaker 1: right now, and there's just a lot of potential downside. 533 00:23:24,960 --> 00:23:27,360 Speaker 1: I think if you're making trading your number one thing. 534 00:23:27,520 --> 00:23:30,560 Speaker 3: Did you see that the CFPB that they went after 535 00:23:30,680 --> 00:23:32,560 Speaker 3: Capital One this past week? Oh yeah, what do you 536 00:23:32,600 --> 00:23:33,200 Speaker 3: think about that? 537 00:23:33,400 --> 00:23:37,480 Speaker 1: Well, one, the cfe PB has been incredibly active CFPB 538 00:23:37,560 --> 00:23:38,920 Speaker 1: Consumer Financial Protection Bureau. 539 00:23:39,119 --> 00:23:42,040 Speaker 3: They have been like yet another acronyms and lawsuits. How sorry, 540 00:23:42,040 --> 00:23:45,520 Speaker 3: folks right and left right towards. I think they in 541 00:23:45,560 --> 00:23:48,200 Speaker 3: what they're saying about Capital One is that hey, Capital 542 00:23:48,200 --> 00:23:50,840 Speaker 3: one cheated customers out of interest in well why why 543 00:23:50,920 --> 00:23:52,080 Speaker 3: are they saying that? Well? 544 00:23:52,080 --> 00:23:54,720 Speaker 1: Capital one had two different savings accounts that they had 545 00:23:54,760 --> 00:23:58,119 Speaker 1: on offer at, one of which paid a non competitive 546 00:23:58,240 --> 00:24:00,680 Speaker 1: interest rate zero point three percent, and then the other one, 547 00:24:00,680 --> 00:24:03,560 Speaker 1: in their performance savings account, paid what like, you know, 548 00:24:03,840 --> 00:24:06,360 Speaker 1: competitive rates four and a half to five percent whatever. 549 00:24:06,480 --> 00:24:08,680 Speaker 1: And I feel two ways about this lawsuit, Matt. I 550 00:24:08,680 --> 00:24:12,080 Speaker 1: think one, I don't love the deliberate confusion. The capital 551 00:24:12,119 --> 00:24:14,240 Speaker 1: one was kind of partaking in, like why have the 552 00:24:14,280 --> 00:24:15,160 Speaker 1: two savings accounts? 553 00:24:15,160 --> 00:24:16,200 Speaker 2: I don't necessarily get it. 554 00:24:16,160 --> 00:24:18,200 Speaker 3: But so here I guess here's my pushback on that point, 555 00:24:18,240 --> 00:24:19,920 Speaker 3: which is that a lot of banks do this. Yeah, 556 00:24:19,920 --> 00:24:22,840 Speaker 3: and so, like even our favorite online banks CI they've 557 00:24:22,840 --> 00:24:25,560 Speaker 3: got like a regular old krusty savings account that pays 558 00:24:25,600 --> 00:24:27,399 Speaker 3: one percent, But then they've got the one that we 559 00:24:27,440 --> 00:24:29,960 Speaker 3: talk about all the time, which is the Platinum savings. 560 00:24:29,960 --> 00:24:31,959 Speaker 3: I don't even Platinum savings connect or something like that. 561 00:24:32,160 --> 00:24:34,720 Speaker 3: Actually no, not the connect one that's another one that 562 00:24:34,720 --> 00:24:37,879 Speaker 3: has a low has a lower rate, but the Platinum account, 563 00:24:37,920 --> 00:24:41,360 Speaker 3: which is like still like four and a quarter. Yeah, 564 00:24:41,440 --> 00:24:43,120 Speaker 3: and so I guess that's the part of it where 565 00:24:43,320 --> 00:24:45,239 Speaker 3: like I'm not like an investigative journalist, I don't know 566 00:24:45,320 --> 00:24:48,840 Speaker 3: necessarily why banks have these multiple savings accounts, but like 567 00:24:49,640 --> 00:24:52,200 Speaker 3: choose the one that is offering the higher rate. 568 00:24:52,240 --> 00:24:55,000 Speaker 1: I'm guessing it's because they're assuming that some people aren't 569 00:24:55,240 --> 00:24:57,119 Speaker 1: going to pay attention, and that's the thing. You have 570 00:24:57,160 --> 00:24:57,719 Speaker 1: to pay attention. 571 00:24:57,920 --> 00:25:01,080 Speaker 2: Yes, but it's interesting wise it falls to us as individuals. 572 00:25:01,119 --> 00:25:03,440 Speaker 1: It's interesting to me though that the CFPB is going 573 00:25:03,440 --> 00:25:07,640 Speaker 1: after Capital One for the two savings account thing, one 574 00:25:07,640 --> 00:25:10,240 Speaker 1: of which doesn't pay very much. When the big banks 575 00:25:10,240 --> 00:25:14,000 Speaker 1: are paying nothing at all on savings consistently and anything, 576 00:25:14,040 --> 00:25:16,080 Speaker 1: They're like, hey, we don't offer any good savings accounts 577 00:25:16,160 --> 00:25:18,880 Speaker 1: at all for anyone ever. And Capital One, even their 578 00:25:18,880 --> 00:25:20,720 Speaker 1: crappy save mus account was better than what the big 579 00:25:20,760 --> 00:25:24,119 Speaker 1: banks offer. So I guess I'm kind of shocked and 580 00:25:24,200 --> 00:25:27,080 Speaker 1: surprised that the CFPV thought this was worth going after. 581 00:25:27,359 --> 00:25:27,960 Speaker 2: More than anything. 582 00:25:28,000 --> 00:25:29,720 Speaker 3: To me, is just annoying because like it just seems 583 00:25:29,760 --> 00:25:32,320 Speaker 3: like there's like a flurry of activity that looks like 584 00:25:32,359 --> 00:25:34,919 Speaker 3: it may not have any teeth, may not stick at all. Yeah, 585 00:25:34,960 --> 00:25:38,760 Speaker 3: but Joe, let's talk about some frugal living. There is 586 00:25:38,800 --> 00:25:42,200 Speaker 3: this profile. Did you see the profile of the shoebrand sketches? 587 00:25:42,280 --> 00:25:42,680 Speaker 2: Oh? 588 00:25:42,680 --> 00:25:44,320 Speaker 1: In the journal you've got a pair, right? Do you 589 00:25:44,400 --> 00:25:45,960 Speaker 1: have the kind with like the wheel in the back 590 00:25:46,440 --> 00:25:47,840 Speaker 1: that's not sketches? Those are Wheelies? 591 00:25:47,840 --> 00:25:47,959 Speaker 2: Oh? 592 00:25:47,960 --> 00:25:50,879 Speaker 1: Are they or Healey's Helies? I think they're called a 593 00:25:50,960 --> 00:25:53,120 Speaker 1: completely different shoe brand. I think so, Okay, I don't 594 00:25:53,280 --> 00:25:55,000 Speaker 1: I'd never had those as a kid. 595 00:25:55,240 --> 00:25:57,960 Speaker 3: This ride up, though, the summary was that all the 596 00:25:58,000 --> 00:26:01,119 Speaker 3: other shoe brands out there that they were essentially gunning 597 00:26:01,160 --> 00:26:06,399 Speaker 3: for expensive clientele. They're forgetting about cost conscious customers like us. 598 00:26:06,720 --> 00:26:11,119 Speaker 3: And so you got like Adidas, Nike, Hoka even on 599 00:26:11,560 --> 00:26:14,320 Speaker 3: the on air shoes or whatever, going after the brand 600 00:26:14,320 --> 00:26:17,119 Speaker 3: that goes after the tech bros. They've been throwing punches 601 00:26:17,160 --> 00:26:19,600 Speaker 3: at each other, while all the while Sketchers they've been 602 00:26:19,640 --> 00:26:23,400 Speaker 3: above the fray. There's essentially been this race to create 603 00:26:23,520 --> 00:26:27,400 Speaker 3: like a multi hundred dollars super sneaker, and yet Sketchers 604 00:26:27,600 --> 00:26:30,800 Speaker 3: is succeeding wildly. They've had a great past five years. 605 00:26:31,119 --> 00:26:32,960 Speaker 3: But I just love the fact that they are still 606 00:26:32,960 --> 00:26:37,600 Speaker 3: appealing to customers out there who are cost price conscious. Personally, 607 00:26:37,640 --> 00:26:40,480 Speaker 3: I like to buy my shoes on eBay. I don't know. 608 00:26:40,520 --> 00:26:42,639 Speaker 3: I kind of see them moms like vehicles, Like you 609 00:26:42,680 --> 00:26:44,600 Speaker 3: buy a brand new pair of shoes. Some folks like 610 00:26:44,640 --> 00:26:47,720 Speaker 3: the smell. They're like, oh, yeah, that fresh sneaker. Get 611 00:26:47,720 --> 00:26:50,280 Speaker 3: the toilet paper, you know, the branded paper that you're 612 00:26:50,280 --> 00:26:52,159 Speaker 3: pulling out of the shoe and it's all wrapped up. 613 00:26:52,160 --> 00:26:54,080 Speaker 3: I don't care about any of that. I don't care 614 00:26:54,080 --> 00:26:56,520 Speaker 3: about the new car smell. Let somebody else take that depreciation. 615 00:26:56,600 --> 00:26:59,240 Speaker 1: Are you buying you sneakers are new but discounted. 616 00:26:59,359 --> 00:27:01,919 Speaker 3: Both Like I'm not gonna buy a pair of shoes 617 00:27:01,960 --> 00:27:04,240 Speaker 3: that are like worn down or whatever. But sometimes like 618 00:27:04,440 --> 00:27:06,119 Speaker 3: they don't have the box, but you can tell that 619 00:27:06,160 --> 00:27:08,600 Speaker 3: they're basically brand new or maybe somebody warm for like 620 00:27:09,119 --> 00:27:11,080 Speaker 3: I don't know, a week before they decided that, oh 621 00:27:11,080 --> 00:27:13,200 Speaker 3: this shoe isn't for me. But the ability to get 622 00:27:13,520 --> 00:27:16,720 Speaker 3: great shoes drastically discounted. Man, That's that's the way I 623 00:27:16,720 --> 00:27:17,120 Speaker 3: like to roll. 624 00:27:17,160 --> 00:27:20,359 Speaker 1: I've noticed that shoes are kind of going the way 625 00:27:20,480 --> 00:27:23,440 Speaker 1: of cell phones, and like they're being upgraded, and it's 626 00:27:23,520 --> 00:27:27,280 Speaker 1: the it's the new you know, instead of the number 627 00:27:27,320 --> 00:27:29,439 Speaker 1: six version, it's the number seven, number eight version, and 628 00:27:29,440 --> 00:27:31,119 Speaker 1: they're just changing every year ever so slightly. 629 00:27:31,200 --> 00:27:32,720 Speaker 2: You're on this, you're on the upgrade cycle. 630 00:27:32,800 --> 00:27:35,840 Speaker 1: I'm guessing that the improvements are negligible, so I'm all 631 00:27:35,840 --> 00:27:38,520 Speaker 1: about buying the previous year's version. 632 00:27:38,359 --> 00:27:39,120 Speaker 2: Or multiple years. 633 00:27:39,320 --> 00:27:43,520 Speaker 3: I mean literally, like, what is it my Ultra's loan peak. Yeah, 634 00:27:43,520 --> 00:27:46,360 Speaker 3: they're on like loan peak nine, maybe even ten by now. 635 00:27:46,480 --> 00:27:48,600 Speaker 3: But like you know, I'm a big fan of the 636 00:27:48,600 --> 00:27:50,800 Speaker 3: sixes in the seventh, which there are a lot of 637 00:27:50,800 --> 00:27:51,679 Speaker 3: folks still selling on you. 638 00:27:51,720 --> 00:27:53,680 Speaker 1: If you can find some still around, you're gonna save 639 00:27:53,720 --> 00:27:54,640 Speaker 1: a whole lot of money. 640 00:27:54,440 --> 00:27:56,040 Speaker 3: Especially once you know your size and you can just 641 00:27:56,200 --> 00:27:58,560 Speaker 3: maybe this is more of an old dad kind of move, 642 00:27:58,640 --> 00:28:00,600 Speaker 3: like going back to the same shoe and just being like, 643 00:28:00,640 --> 00:28:02,639 Speaker 3: I know the shoe fits, I know the exact size, 644 00:28:02,680 --> 00:28:03,800 Speaker 3: I even know what color I like. 645 00:28:03,960 --> 00:28:05,480 Speaker 2: Let's see if I can find a pair again. 646 00:28:05,520 --> 00:28:07,040 Speaker 1: I mean, they make it sound like there's all these 647 00:28:07,160 --> 00:28:08,080 Speaker 1: improvements that are done. 648 00:28:08,160 --> 00:28:10,280 Speaker 2: Ye, yeah, it's a sneaker man. 649 00:28:10,359 --> 00:28:13,359 Speaker 1: How many improvements can you really make? Not that there 650 00:28:13,359 --> 00:28:14,120 Speaker 1: aren't some. 651 00:28:14,119 --> 00:28:16,679 Speaker 3: Right, But I do like the fact that Sketchers that 652 00:28:16,720 --> 00:28:19,000 Speaker 3: they've kind of been under the radar and while all 653 00:28:19,000 --> 00:28:21,560 Speaker 3: these while all these other big names are duking it out, 654 00:28:21,600 --> 00:28:23,720 Speaker 3: they're able to swoop in and take a whole lot 655 00:28:23,760 --> 00:28:24,360 Speaker 3: of market share. 656 00:28:24,440 --> 00:28:27,639 Speaker 1: Yeah, and consumers, Matt, they want lower cost options, it 657 00:28:27,680 --> 00:28:29,520 Speaker 1: seems like on everything these days, and so it's really 658 00:28:29,560 --> 00:28:32,119 Speaker 1: interesting to see a brand like Sketter is taking advantage 659 00:28:32,320 --> 00:28:35,160 Speaker 1: of that reality when everyone else is literally fighting for 660 00:28:35,320 --> 00:28:38,600 Speaker 1: the expensive, high end consumer that and there's just fewer 661 00:28:38,640 --> 00:28:41,880 Speaker 1: of those people to fight between, which means Sketchers is succeeding. 662 00:28:42,000 --> 00:28:43,440 Speaker 1: And if the name brands aren't going to give us 663 00:28:43,440 --> 00:28:46,280 Speaker 1: the discounts, Well, somebody else is waiting out there to 664 00:28:46,520 --> 00:28:49,840 Speaker 1: try and win our dollars. And this is evidenced too 665 00:28:49,880 --> 00:28:52,200 Speaker 1: by the fact that store brands are thriving right now 666 00:28:52,240 --> 00:28:55,520 Speaker 1: at the grocery store retailers like Walmart and Target, they're 667 00:28:55,560 --> 00:28:58,560 Speaker 1: expanding and they're improving their store brand offerings. I noticed 668 00:28:58,600 --> 00:29:01,600 Speaker 1: Walmart like has this new law of store brands. They 669 00:29:01,600 --> 00:29:04,960 Speaker 1: look kind of cool, like yeah, like almost like Trader 670 00:29:05,040 --> 00:29:08,000 Speaker 1: Joe's esque in like the flavors they're putting in there, 671 00:29:08,040 --> 00:29:11,320 Speaker 1: and just kind of the higher quality store brand items 672 00:29:11,320 --> 00:29:13,400 Speaker 1: where it's not the great value brand, Like they're trying 673 00:29:13,440 --> 00:29:15,600 Speaker 1: to distinguish and say, no, no, we're going we're going to 674 00:29:15,640 --> 00:29:16,840 Speaker 1: something that we got to drop. 675 00:29:16,680 --> 00:29:18,760 Speaker 3: The great value, just like they dropped the skinny logo. 676 00:29:18,800 --> 00:29:22,640 Speaker 3: Did you see the new logo the beefier. Oh yeah, beefiers. 677 00:29:22,640 --> 00:29:25,920 Speaker 1: They're obviously not dropping great value because that's like bargain 678 00:29:25,920 --> 00:29:28,360 Speaker 1: basement prices for a bunch of stuff that people want 679 00:29:28,400 --> 00:29:30,160 Speaker 1: every day. But if you're looking for something a little 680 00:29:30,160 --> 00:29:33,000 Speaker 1: more inventive, Walmart has your back with a new store 681 00:29:33,000 --> 00:29:36,040 Speaker 1: brand and the price gap between name brands and store 682 00:29:36,040 --> 00:29:39,400 Speaker 1: brands has grown, which means trading down will save you 683 00:29:39,480 --> 00:29:42,200 Speaker 1: even more than it did years ago. And there was 684 00:29:42,240 --> 00:29:44,640 Speaker 1: this article in Sherwood News and there was a quote 685 00:29:44,640 --> 00:29:46,920 Speaker 1: on the rise of store brands and it said the 686 00:29:47,000 --> 00:29:50,000 Speaker 1: pricing that's built into a branded product is ninety nine 687 00:29:50,040 --> 00:29:53,160 Speaker 1: percent of the time not driven by higher quality. It's 688 00:29:53,240 --> 00:29:55,920 Speaker 1: driven by the fact that branded company has to pay 689 00:29:56,200 --> 00:30:00,160 Speaker 1: for the marketing to maintain their brand position. So think 690 00:30:00,160 --> 00:30:02,520 Speaker 1: there's a lot of truth there. Mattic's those Super Bowl 691 00:30:02,560 --> 00:30:04,680 Speaker 1: ads that Doritos has to pay for or whatever to 692 00:30:04,760 --> 00:30:06,480 Speaker 1: kind of keep them in the forefront of your mind. 693 00:30:07,120 --> 00:30:08,719 Speaker 1: And I just think this is a good reminder to 694 00:30:08,720 --> 00:30:11,720 Speaker 1: not neglect store brands, like and think about the fact 695 00:30:11,720 --> 00:30:13,760 Speaker 1: that at leital and Aldi they come with a fantastic 696 00:30:13,760 --> 00:30:15,600 Speaker 1: money back guarantee if you if you try it and 697 00:30:15,600 --> 00:30:17,719 Speaker 1: you're like, this sucks, this is not as good as 698 00:30:17,720 --> 00:30:20,080 Speaker 1: what I'm used to, you take it back and you 699 00:30:20,120 --> 00:30:23,120 Speaker 1: get you get your money back, right. And the best 700 00:30:23,120 --> 00:30:25,840 Speaker 1: store brand, in my opinion, is Kirkleanard Signature. Still like, 701 00:30:25,880 --> 00:30:28,160 Speaker 1: when you get a Kirklear Signature product, typically it is 702 00:30:28,240 --> 00:30:31,160 Speaker 1: as good or better than the name brand equivalent. Although 703 00:30:31,560 --> 00:30:33,240 Speaker 1: I would say it doesn't come with quite as much 704 00:30:33,240 --> 00:30:36,320 Speaker 1: money savings. It's high quality, but not quite as much 705 00:30:36,320 --> 00:30:38,280 Speaker 1: savings as you're gonna get with like Legal or all 706 00:30:38,360 --> 00:30:39,080 Speaker 1: the store brands. 707 00:30:39,200 --> 00:30:39,920 Speaker 2: Totally get it, man. 708 00:30:40,000 --> 00:30:42,480 Speaker 3: Yeah, the last time the was it like a Pino 709 00:30:42,560 --> 00:30:45,360 Speaker 3: noir that we cracked open at our last pizza movie night. 710 00:30:45,440 --> 00:30:45,760 Speaker 2: Uh huh. 711 00:30:45,760 --> 00:30:46,400 Speaker 3: It was really good. 712 00:30:46,480 --> 00:30:48,120 Speaker 2: Yeah, really enjoyed it. It's like pick up a bottle 713 00:30:48,120 --> 00:30:50,520 Speaker 2: of that. Yeah, next time we're we're there at Costco. 714 00:30:50,280 --> 00:30:53,080 Speaker 1: Twelve dollars bottle of wine, which is not as much 715 00:30:53,080 --> 00:30:53,800 Speaker 1: as I'm willing. 716 00:30:53,560 --> 00:30:55,040 Speaker 2: To take them, more like a twenty dollars bottle. 717 00:30:55,040 --> 00:30:55,600 Speaker 1: I'll be honest. 718 00:30:55,800 --> 00:30:58,520 Speaker 3: Who we're talking about what different companies are out there doing. 719 00:30:58,640 --> 00:31:02,560 Speaker 3: Planet Fitness is going like crazy. There are now over 720 00:31:02,640 --> 00:31:06,400 Speaker 3: twenty seven hundred locations around the country, and Planet Fitness 721 00:31:06,440 --> 00:31:10,080 Speaker 3: says that it wants to grow to five thousand locations 722 00:31:10,120 --> 00:31:13,200 Speaker 3: in the coming years. It's a pretty rapid growth Planwhere 723 00:31:13,240 --> 00:31:15,280 Speaker 3: you look, it's gonna be like Starbucks now it's just 724 00:31:15,320 --> 00:31:18,280 Speaker 3: a ton of gyms to imagine as well. It's like 725 00:31:18,320 --> 00:31:21,320 Speaker 3: there's gonna be a Planet Fitness on every corner, but 726 00:31:22,200 --> 00:31:25,440 Speaker 3: the Planet Fitness. Yeah, can they make the closing stores, right, yeah, 727 00:31:25,440 --> 00:31:28,640 Speaker 3: and be fascinating. But here's what's really interesting. The average 728 00:31:28,680 --> 00:31:32,080 Speaker 3: Planet Fitness gym has more than seventy two hundred members, 729 00:31:32,440 --> 00:31:34,520 Speaker 3: which is a ton of people. Can you imagine that 730 00:31:34,560 --> 00:31:36,920 Speaker 3: many people in the gym? Maybe like at the beginning 731 00:31:36,960 --> 00:31:39,560 Speaker 3: of the year, so yes, you can't imagine it, but 732 00:31:39,760 --> 00:31:41,440 Speaker 3: first week you saw it. What that means though, is 733 00:31:41,480 --> 00:31:43,640 Speaker 3: that there is not actually enough room for everyone to 734 00:31:43,680 --> 00:31:45,920 Speaker 3: work out. But that that makes it kind of sound 735 00:31:45,960 --> 00:31:48,720 Speaker 3: like that the growing gym count is a necessity, which 736 00:31:48,960 --> 00:31:50,600 Speaker 3: maybe is true for the company for them to expand 737 00:31:50,640 --> 00:31:52,840 Speaker 3: their locations, but it also reflects the fact that too 738 00:31:52,840 --> 00:31:56,920 Speaker 3: many people are paying Planet Fitness without actually going to 739 00:31:56,960 --> 00:31:59,600 Speaker 3: the gym at all. So keep This is just a 740 00:31:59,600 --> 00:32:03,200 Speaker 3: reminder for folks who might be falling into the subscription trap. 741 00:32:03,440 --> 00:32:06,400 Speaker 3: If fitness is one of your your twenty twenty five goals, 742 00:32:06,400 --> 00:32:09,320 Speaker 3: that's great, but don't pay a gym month after month 743 00:32:09,440 --> 00:32:11,960 Speaker 3: with hopes that maybe you'll get the gumption to go 744 00:32:12,080 --> 00:32:15,600 Speaker 3: one random morning. It's I think it is cool that 745 00:32:16,240 --> 00:32:19,680 Speaker 3: Planet Fitness is inexpensive. It's pretty dang affordable. It was 746 00:32:19,680 --> 00:32:21,959 Speaker 3: only recently that they change the pricing from ten dollars 747 00:32:22,000 --> 00:32:24,600 Speaker 3: a month to. I think they upgraded it to fifteen. 748 00:32:25,160 --> 00:32:27,560 Speaker 3: But it only matters if you actually do the dang thing, 749 00:32:27,640 --> 00:32:30,520 Speaker 3: and so it doesn't matter how cheap it is. Yeah, exactly. 750 00:32:30,600 --> 00:32:33,880 Speaker 3: Otherwise you're just you are actually furttering those fitness dollars away. 751 00:32:33,960 --> 00:32:36,840 Speaker 1: Yeah, And I mean, I think the gym membership for 752 00:32:36,880 --> 00:32:39,400 Speaker 1: some people might be the best investment they ever made. Yes, 753 00:32:39,440 --> 00:32:42,040 Speaker 1: but I think it's actually interesting. Planet Fitness is at 754 00:32:42,040 --> 00:32:44,320 Speaker 1: that price point where some people continue to pay and 755 00:32:44,320 --> 00:32:46,080 Speaker 1: they'll say, ah, it's it's ten bucks. 756 00:32:46,080 --> 00:32:48,000 Speaker 3: Or fifteen bucks a month, you can stomach it. It's not 757 00:32:48,000 --> 00:32:49,520 Speaker 3: that much. Yeah, but if it was even if it're 758 00:32:49,560 --> 00:32:50,240 Speaker 3: not go and if. 759 00:32:50,080 --> 00:32:51,400 Speaker 1: It was crossing it and it was one pint eighty, 760 00:32:51,640 --> 00:32:53,920 Speaker 1: you cancel because you feel that junk. If you're not 761 00:32:53,960 --> 00:32:54,560 Speaker 1: going right. 762 00:32:54,480 --> 00:32:55,920 Speaker 2: Yeah, do what works for you. 763 00:32:56,000 --> 00:32:59,880 Speaker 3: Like Emily, she goes to a fancy workout class situation 764 00:33:00,000 --> 00:33:03,360 Speaker 3: machine on five days a week. That's like freaking amazing. 765 00:33:03,360 --> 00:33:05,160 Speaker 3: I love that, and I also love that there is 766 00:33:05,200 --> 00:33:06,680 Speaker 3: an option out there for folks who are looking to 767 00:33:06,760 --> 00:33:08,400 Speaker 3: only spend fifteen dollars a month. 768 00:33:08,920 --> 00:33:09,840 Speaker 2: But on the note of. 769 00:33:10,160 --> 00:33:12,480 Speaker 3: Paying top dollar, make sure you also know how to 770 00:33:12,560 --> 00:33:15,680 Speaker 3: cancel your membership because that's maybe this is something I've 771 00:33:15,680 --> 00:33:17,920 Speaker 3: expled that I experienced firsthand. 772 00:33:18,080 --> 00:33:19,440 Speaker 2: I think you share that. Did you say it? 773 00:33:19,800 --> 00:33:23,080 Speaker 3: I talked around it because I didn't want to talk badly, 774 00:33:23,160 --> 00:33:26,320 Speaker 3: but like, make sure you know what the fine print 775 00:33:26,360 --> 00:33:28,440 Speaker 3: is when it comes to canceling the membership and how 776 00:33:28,520 --> 00:33:30,200 Speaker 3: much of a window, how much of a heads up 777 00:33:30,240 --> 00:33:32,680 Speaker 3: you might need to give a gym. Again, you're talking 778 00:33:32,760 --> 00:33:35,720 Speaker 3: about one of these big box places like a Crunch 779 00:33:35,760 --> 00:33:38,520 Speaker 3: Fitness or a Planet Fitness or whatever, and it's not 780 00:33:38,520 --> 00:33:39,959 Speaker 3: that big of a deal if you get stuck with 781 00:33:39,960 --> 00:33:41,920 Speaker 3: one more month, but especially for some of the more 782 00:33:41,920 --> 00:33:45,880 Speaker 3: specialized gyms that have the nice classes, where maybe you 783 00:33:45,920 --> 00:33:48,320 Speaker 3: are paying closer to two hundred dollars a month, Well, 784 00:33:48,360 --> 00:33:50,640 Speaker 3: it's definitely enough money to notice, and maybe something that 785 00:33:50,720 --> 00:33:51,800 Speaker 3: is still roughly my feathers. 786 00:33:51,840 --> 00:33:56,240 Speaker 1: Yeah, and they might require fifteen or thirty days advanced notice, 787 00:33:56,240 --> 00:33:58,520 Speaker 1: which I mean, yeah, it's just in the fine print. 788 00:33:58,520 --> 00:34:01,840 Speaker 1: It's how they brow even though a little uncouth. So 789 00:34:01,880 --> 00:34:03,480 Speaker 1: you just have to know what the rules are so 790 00:34:03,560 --> 00:34:05,520 Speaker 1: you cancel, so you don't pay that extra month that 791 00:34:05,520 --> 00:34:06,160 Speaker 1: you're not gonna use. 792 00:34:06,200 --> 00:34:07,200 Speaker 2: All right, that's gonna do it. 793 00:34:07,200 --> 00:34:09,040 Speaker 1: For this episode, Matt We'll put links to some of 794 00:34:09,080 --> 00:34:11,239 Speaker 1: the articles that we mentioned up in the show notes 795 00:34:11,280 --> 00:34:14,360 Speaker 1: on our website at howtomoney dot com. Tons of resources 796 00:34:14,400 --> 00:34:16,880 Speaker 1: up there, including the how to Money Newsletter. If you 797 00:34:16,880 --> 00:34:18,759 Speaker 1: haven't subscribed to that, please do sign up at how 798 00:34:18,800 --> 00:34:21,520 Speaker 1: toomoney dot com slash newsletter. It's free and shows up 799 00:34:21,560 --> 00:34:24,680 Speaker 1: in your inbox every Tuesday. We promise no spam, you 800 00:34:24,760 --> 00:34:27,200 Speaker 1: know it. We hope everyone has a fantastic weekend. We'll 801 00:34:27,200 --> 00:34:28,400 Speaker 1: see you back here on Monday. 802 00:34:28,440 --> 00:34:31,120 Speaker 3: Oh by the way, everyone have a fantastic Martin Luther 803 00:34:31,200 --> 00:34:33,879 Speaker 3: King Junior holiday Federal holiday off. 804 00:34:33,960 --> 00:34:36,160 Speaker 1: But we will still have a fresh episode here waiting 805 00:34:36,200 --> 00:34:37,040 Speaker 1: for you, no doubt. 806 00:34:37,160 --> 00:34:40,439 Speaker 3: So until next time, Buddy, best Friends Out, Best Friends Out,