1 00:00:00,200 --> 00:00:03,440 Speaker 1: Welcome to Out of Money. I'm Joel and Matt's not 2 00:00:03,480 --> 00:00:06,000 Speaker 1: here today, but I'm going to be talking about the 3 00:00:06,080 --> 00:00:11,080 Speaker 1: unemployment uptick, ridiculous returns, and the four percent rule debunked. 4 00:00:30,120 --> 00:00:35,479 Speaker 1: That's right, My good friend Michael Padre, my bestie. He 5 00:00:35,640 --> 00:00:38,440 Speaker 1: is not with me today, which is a little disappointing. 6 00:00:38,560 --> 00:00:41,360 Speaker 1: You might find at times during this episode that I 7 00:00:41,400 --> 00:00:44,279 Speaker 1: asked a question of Matt and then I just hear 8 00:00:44,320 --> 00:00:48,400 Speaker 1: crickets chirping, just crying into my microphone. No, but for 9 00:00:48,479 --> 00:00:50,760 Speaker 1: this Friday flight and next Friday flight, Matt will not 10 00:00:50,840 --> 00:00:54,800 Speaker 1: be with me, and I will be offering my take 11 00:00:55,040 --> 00:00:58,800 Speaker 1: on the headlines that I found interesting this week. Matt 12 00:00:58,840 --> 00:01:01,360 Speaker 1: didn't get to have any say, just me. Will the 13 00:01:01,400 --> 00:01:03,320 Speaker 1: power go to my head? That remains to be seen. 14 00:01:03,760 --> 00:01:07,399 Speaker 1: But first thing I wanted to talk about, actually real quick, 15 00:01:07,720 --> 00:01:10,520 Speaker 1: was just a heads up that today only it was 16 00:01:10,560 --> 00:01:12,800 Speaker 1: happening earlier this week. But today is the last day 17 00:01:13,240 --> 00:01:18,240 Speaker 1: Southwest extended their sale. We've kind of run Southwest through 18 00:01:18,280 --> 00:01:22,720 Speaker 1: the ringer recently, they haven't. I don't love the free 19 00:01:22,760 --> 00:01:24,760 Speaker 1: bags going away. I don't love some of the changes 20 00:01:24,800 --> 00:01:27,479 Speaker 1: happening at Southwest. I think they're going to lose loyalty. 21 00:01:27,520 --> 00:01:30,280 Speaker 1: They're definitely going to lose loyalty from me. But what 22 00:01:30,319 --> 00:01:34,160 Speaker 1: will gain loyalty back is low prices and so up 23 00:01:34,240 --> 00:01:38,080 Speaker 1: to fifty percent off on fares right now at Southwest 24 00:01:38,200 --> 00:01:41,760 Speaker 1: dot com. So if you're looking to travel and you're 25 00:01:41,800 --> 00:01:44,400 Speaker 1: flexible on where you go and when you go, and 26 00:01:44,440 --> 00:01:46,240 Speaker 1: you just want to get a cheap fair somewhere cool, 27 00:01:46,959 --> 00:01:49,760 Speaker 1: go check it out. I'm looking to go to New 28 00:01:49,840 --> 00:01:52,280 Speaker 1: York in the fall, potentially for a few days, and 29 00:01:53,160 --> 00:01:57,080 Speaker 1: I found some ridiculously cheap faares so this but again, 30 00:01:57,120 --> 00:02:00,280 Speaker 1: today's the last day for that. That is word to 31 00:02:00,280 --> 00:02:03,520 Speaker 1: the wise. Love a good deal, especially on airfare. Oh 32 00:02:03,560 --> 00:02:06,440 Speaker 1: and you can pay with points. I've got some Southwest 33 00:02:06,440 --> 00:02:10,880 Speaker 1: points loaded up that I plan to use for that trip. 34 00:02:11,400 --> 00:02:14,800 Speaker 1: So yeah, if you got some points lounging around, the 35 00:02:14,919 --> 00:02:19,200 Speaker 1: discount counts on airfare that you buy with points as well. 36 00:02:19,720 --> 00:02:25,120 Speaker 1: All right, I want to talk about specifically unemployment for 37 00:02:25,120 --> 00:02:29,480 Speaker 1: a little while, and we are not at great recession 38 00:02:29,560 --> 00:02:32,080 Speaker 1: levels of unemployment. We're far from it, in fact, I 39 00:02:32,080 --> 00:02:35,119 Speaker 1: mean you think about that. I remember I was graduating 40 00:02:35,240 --> 00:02:40,000 Speaker 1: college in the teeth of the Great Recession, and man, 41 00:02:40,040 --> 00:02:45,400 Speaker 1: I just remember havoc tumult all around. Shortly after graduation, 42 00:02:46,560 --> 00:02:48,919 Speaker 1: and especially for people graduating the year or two after me, 43 00:02:49,160 --> 00:02:51,959 Speaker 1: the job market just continued to get worse. But recent 44 00:02:52,080 --> 00:02:55,919 Speaker 1: college graduates, they're getting more nervous about entering the job 45 00:02:55,960 --> 00:02:59,600 Speaker 1: market right now. They're kind of assuming and feeling like 46 00:03:00,440 --> 00:03:03,200 Speaker 1: things aren't as good as they have been. And I 47 00:03:03,240 --> 00:03:06,799 Speaker 1: think it feels worse for recent college grads than it 48 00:03:07,440 --> 00:03:10,239 Speaker 1: has been, largely because the job market was so worker 49 00:03:10,280 --> 00:03:13,359 Speaker 1: friendly for the past few years. When you think about 50 00:03:13,639 --> 00:03:17,760 Speaker 1: just how good things have been that it makes sense 51 00:03:17,800 --> 00:03:20,360 Speaker 1: that they can't stay that good forever. And we've reached 52 00:03:20,360 --> 00:03:22,880 Speaker 1: more of an equilibrium now, right So it's kind of 53 00:03:22,919 --> 00:03:25,720 Speaker 1: like housing prices, they couldn't continue to go up into 54 00:03:25,760 --> 00:03:29,280 Speaker 1: the right at the insane rate that that they were 55 00:03:29,280 --> 00:03:32,560 Speaker 1: traveling upward for the coming years, like they had to 56 00:03:32,560 --> 00:03:35,760 Speaker 1: come back down to earth. Home prices couldn't outpace wage 57 00:03:35,800 --> 00:03:37,960 Speaker 1: growth for forever, and that's why I think we're starting 58 00:03:37,960 --> 00:03:41,000 Speaker 1: to see a softening in the housing market. But the 59 00:03:41,080 --> 00:03:44,840 Speaker 1: same thing is true of the job market. People jumping 60 00:03:44,880 --> 00:03:47,680 Speaker 1: ship and being able to get paid twenty thirty forty 61 00:03:47,720 --> 00:03:52,440 Speaker 1: thousand dollars more because there was such a shortage of workers, 62 00:03:53,000 --> 00:03:55,400 Speaker 1: and so yeah, we've reached this I think new place 63 00:03:55,600 --> 00:03:59,280 Speaker 1: of equilibrium, which does mean it's harder for new graduates 64 00:03:59,360 --> 00:04:03,560 Speaker 1: to find work, even as the unemployment rate remains low. 65 00:04:03,760 --> 00:04:07,800 Speaker 1: And so recent data found that the unemployment rates for 66 00:04:07,920 --> 00:04:11,720 Speaker 1: people in their young twenties is higher than average. It's 67 00:04:12,000 --> 00:04:18,160 Speaker 1: six percent compared to four percent, so still relatively historically low, 68 00:04:18,279 --> 00:04:21,320 Speaker 1: but not as good as the overall job market. So 69 00:04:21,320 --> 00:04:23,599 Speaker 1: if you're graduating and you're ready to put that degree 70 00:04:23,640 --> 00:04:26,800 Speaker 1: to use, you're like, oh, I don't know, maybe am 71 00:04:26,839 --> 00:04:29,440 Speaker 1: I actually going to get the job I want. Some 72 00:04:29,560 --> 00:04:33,440 Speaker 1: even suspect that companies are leaning more heavily on artificial intelligence. 73 00:04:33,440 --> 00:04:35,440 Speaker 1: That's part of the reason why I think there is 74 00:04:35,960 --> 00:04:41,039 Speaker 1: some anecdotal evidence to that and potentially some reality some 75 00:04:41,120 --> 00:04:43,880 Speaker 1: feat to the ground for that claim. But I also 76 00:04:43,920 --> 00:04:47,280 Speaker 1: think it might be overblown, Like the Shopify, No, you 77 00:04:47,320 --> 00:04:49,000 Speaker 1: can't hire anyone until you can prove that a I 78 00:04:49,040 --> 00:04:52,000 Speaker 1: can't do that job. That's few and far between, at 79 00:04:52,040 --> 00:04:54,440 Speaker 1: least at this point. Where that goes in the future, 80 00:04:55,000 --> 00:04:57,160 Speaker 1: that's a good question. I'm not an expert on that, 81 00:04:57,200 --> 00:05:01,240 Speaker 1: but I think, yeah, it's true they graduate into a 82 00:05:01,240 --> 00:05:04,719 Speaker 1: tougher economic climate, it's emotionally difficult. It can have long 83 00:05:04,800 --> 00:05:09,200 Speaker 1: term personal finance consequences as well. So if you're graduating 84 00:05:09,200 --> 00:05:10,719 Speaker 1: into a down job market and you feel like you 85 00:05:10,760 --> 00:05:13,240 Speaker 1: have to take a job that you otherwise would not 86 00:05:13,880 --> 00:05:16,960 Speaker 1: have taken, or you might have, you're more highly qualified 87 00:05:16,960 --> 00:05:20,560 Speaker 1: than the job. Your first job suggests, it could have 88 00:05:20,680 --> 00:05:23,800 Speaker 1: lifetime career earnings impact. So I would do a couple 89 00:05:23,800 --> 00:05:26,520 Speaker 1: of things. I would suggest proactively reaching out to companies 90 00:05:26,800 --> 00:05:29,240 Speaker 1: you like and you want to work for. Don't just 91 00:05:29,360 --> 00:05:32,560 Speaker 1: lazily toss out resumes online. If you look at the 92 00:05:32,640 --> 00:05:35,720 Speaker 1: job boards of companies that you really dig, I think 93 00:05:35,720 --> 00:05:37,560 Speaker 1: that's a better way to go, and then just kind 94 00:05:37,560 --> 00:05:41,080 Speaker 1: of keep barking up that tree. Also, your network might 95 00:05:41,120 --> 00:05:43,320 Speaker 1: be small right now, but don't neglect it as your 96 00:05:43,360 --> 00:05:47,320 Speaker 1: job hunting. And also your school's alumni department they might 97 00:05:47,360 --> 00:05:50,960 Speaker 1: offer helpful resources. Hey, I just got a degree. Here, 98 00:05:51,640 --> 00:05:53,280 Speaker 1: I'm gonna hold your feet to the fire. You help 99 00:05:53,320 --> 00:05:56,440 Speaker 1: me find this job. What connections do you have for me? 100 00:05:56,680 --> 00:05:58,640 Speaker 1: I think that's always a good place to turn as well. 101 00:05:59,040 --> 00:06:03,200 Speaker 1: And this might counterintuitive, but if a graduate degree would 102 00:06:03,200 --> 00:06:06,680 Speaker 1: help your lifetime career earnings and you can mostly avoid debt. 103 00:06:06,680 --> 00:06:08,120 Speaker 1: You don't have to take on loads of debt to 104 00:06:08,160 --> 00:06:11,280 Speaker 1: get that an extra degree. And at the same time, 105 00:06:11,320 --> 00:06:13,320 Speaker 1: you feel like you're having trouble securing the kind of 106 00:06:13,440 --> 00:06:16,440 Speaker 1: job that you want, and you feel like you should 107 00:06:16,480 --> 00:06:20,200 Speaker 1: be capable of achieving in a better job climate, consider 108 00:06:20,240 --> 00:06:23,200 Speaker 1: getting more education. I think it's a way to wait 109 00:06:23,320 --> 00:06:26,120 Speaker 1: out a potential recession and to come out better on 110 00:06:26,160 --> 00:06:28,560 Speaker 1: the other side. Again, is a recession gonna happen, I 111 00:06:28,600 --> 00:06:31,840 Speaker 1: don't know, but if the job climate, if you feel 112 00:06:31,839 --> 00:06:35,200 Speaker 1: like you are having a harder time finding the job 113 00:06:35,720 --> 00:06:39,800 Speaker 1: that you deserve, or you think your education and experience 114 00:06:39,880 --> 00:06:43,919 Speaker 1: level qualifies you for this is a kind of a 115 00:06:44,000 --> 00:06:47,440 Speaker 1: normal approach for a lot of people over time has 116 00:06:47,520 --> 00:06:50,200 Speaker 1: been you know what, I'm gonna hunker down during the 117 00:06:50,200 --> 00:06:53,080 Speaker 1: tough economic climate, get that education. I'll come out on 118 00:06:53,400 --> 00:06:56,120 Speaker 1: the other side a little bit better, a little bit stronger, 119 00:06:56,760 --> 00:07:00,359 Speaker 1: ready to get that fancy your job. But also this 120 00:07:00,480 --> 00:07:03,440 Speaker 1: was making me think is unemployment worse than maybe the 121 00:07:03,440 --> 00:07:06,240 Speaker 1: headline number suggests. And there's this new study that found 122 00:07:06,320 --> 00:07:08,880 Speaker 1: that what they called functional employment in the US is 123 00:07:08,920 --> 00:07:12,120 Speaker 1: closer to twenty five percent, And I was like dumbfounded 124 00:07:12,120 --> 00:07:15,040 Speaker 1: when I read that statistic twenty five percent. No, I 125 00:07:15,840 --> 00:07:20,720 Speaker 1: have not seen any sign that we are experiencing unemployment 126 00:07:20,960 --> 00:07:24,040 Speaker 1: at those levels. And this study it made for shocking 127 00:07:24,080 --> 00:07:27,200 Speaker 1: and clickable headline, but I just don't I just don't 128 00:07:27,200 --> 00:07:30,520 Speaker 1: think it's accurate. I think the real truth, though, lies 129 00:07:30,680 --> 00:07:33,040 Speaker 1: maybe somewhere in the middle. We see the headline rate 130 00:07:33,320 --> 00:07:37,280 Speaker 1: four point two percent unemployment rate, and that headline rate 131 00:07:37,320 --> 00:07:40,880 Speaker 1: that gets the vast majority of the headlines right, but 132 00:07:40,960 --> 00:07:44,200 Speaker 1: maybe that's not quite as accurate as we would assume either. 133 00:07:44,240 --> 00:07:46,280 Speaker 1: And so maybe now is a good time for me 134 00:07:46,400 --> 00:07:50,720 Speaker 1: to quickly put on my pointy hat. Not really an economist, 135 00:07:50,720 --> 00:07:52,680 Speaker 1: but I'll play one for just a second and dive 136 00:07:52,720 --> 00:07:55,960 Speaker 1: into different stratifications of the unemployment rate in what they 137 00:07:56,040 --> 00:07:58,560 Speaker 1: might mean. So there's the headline rate, that four point 138 00:07:58,600 --> 00:08:01,240 Speaker 1: two percent that I just mentioned is known as U three, 139 00:08:01,320 --> 00:08:05,960 Speaker 1: But there's this other unemployment metric called U six, and 140 00:08:06,000 --> 00:08:09,120 Speaker 1: it might be a better indication of what's really going 141 00:08:09,160 --> 00:08:13,679 Speaker 1: on in the job market because U six includes another segment, 142 00:08:13,760 --> 00:08:16,800 Speaker 1: multiple other segments of folks that you three does not, 143 00:08:16,960 --> 00:08:20,920 Speaker 1: And so U six says, actually, we're gonna include just 144 00:08:21,280 --> 00:08:23,480 Speaker 1: beyond people who are just actively looking for work, who 145 00:08:23,480 --> 00:08:25,960 Speaker 1: don't have work. That's U three. We're going to actually 146 00:08:25,960 --> 00:08:28,280 Speaker 1: include people who have part time jobs who wish they 147 00:08:28,280 --> 00:08:31,120 Speaker 1: had a full time job. And if you look at 148 00:08:31,200 --> 00:08:35,640 Speaker 1: U six, then that unemployment rate is currently at seven 149 00:08:35,640 --> 00:08:40,479 Speaker 1: point three percent. So is unemployment four percent? Is unemployment 150 00:08:40,720 --> 00:08:43,240 Speaker 1: twenty five percent? Well, if you were to ask me, 151 00:08:43,440 --> 00:08:45,160 Speaker 1: I would point to U six and say, ah, it's 152 00:08:45,200 --> 00:08:49,080 Speaker 1: probably closer to the low sevens. That's likely a more 153 00:08:49,120 --> 00:08:52,120 Speaker 1: accurate state of what's happening in the labor market right now. 154 00:08:52,679 --> 00:08:54,720 Speaker 1: So U three that's what hits the papers. U six 155 00:08:54,760 --> 00:08:58,640 Speaker 1: is more reflective of real employment conditions. And actually U 156 00:08:58,679 --> 00:09:01,080 Speaker 1: six is still historically when we're talking about it. So 157 00:09:01,679 --> 00:09:04,000 Speaker 1: where does the job market stand? Certainly not as good 158 00:09:04,000 --> 00:09:06,120 Speaker 1: as it was a few years ago, but I think 159 00:09:06,120 --> 00:09:10,240 Speaker 1: there's still opportunity for people who are go getters. And yeah, 160 00:09:10,320 --> 00:09:14,440 Speaker 1: it's also helpful to realize that maybe the U three 161 00:09:14,840 --> 00:09:17,160 Speaker 1: if you are working hard to find a job and 162 00:09:17,200 --> 00:09:19,760 Speaker 1: you feel like it's harder to get don't be demoralized. 163 00:09:20,440 --> 00:09:23,800 Speaker 1: The unemployment rate not quite as rosy and glossy as 164 00:09:23,800 --> 00:09:26,920 Speaker 1: it seems in some of the headlines. Are worries about 165 00:09:26,920 --> 00:09:29,880 Speaker 1: the state of the economy are leading workers to reduce 166 00:09:30,000 --> 00:09:32,600 Speaker 1: four h one k contributions. Right now, there's this new 167 00:09:32,760 --> 00:09:35,280 Speaker 1: Morgan Stanley survey and it found that four in ten 168 00:09:35,400 --> 00:09:39,240 Speaker 1: employees are reducing what they're contributing to their workplace retirement 169 00:09:39,240 --> 00:09:43,080 Speaker 1: accounts because of the uncertainty that they're feeling. They're like, 170 00:09:43,520 --> 00:09:48,160 Speaker 1: things just don't feel good. It's a ViBe's based approach 171 00:09:48,480 --> 00:09:52,040 Speaker 1: to how much they're setting aside for their future. And 172 00:09:52,120 --> 00:09:56,440 Speaker 1: so the vast majority are still contributing something, right, They're 173 00:09:56,440 --> 00:09:58,439 Speaker 1: not dialing all the way back to zero, but they 174 00:09:58,440 --> 00:10:02,160 Speaker 1: are cutting back how much they invest. And the first 175 00:10:02,160 --> 00:10:05,000 Speaker 1: thing I thought of when I read this was that 176 00:10:05,200 --> 00:10:07,360 Speaker 1: actually might not be the worst news. If people are saying, 177 00:10:07,360 --> 00:10:09,320 Speaker 1: I'm gonna invest a little bit less, I'm gonna stick 178 00:10:09,360 --> 00:10:12,160 Speaker 1: some money into my savings account. I'm shoring up that 179 00:10:12,240 --> 00:10:16,120 Speaker 1: liquid savings because that's what I need to be worried 180 00:10:16,120 --> 00:10:19,480 Speaker 1: about if I really do have concerns about the economy 181 00:10:19,480 --> 00:10:23,200 Speaker 1: in the near term my own employment, Like, am I 182 00:10:23,280 --> 00:10:25,360 Speaker 1: going to have a job six months from now? I 183 00:10:25,360 --> 00:10:27,839 Speaker 1: don't know if you're worried about that. Having more cash 184 00:10:27,920 --> 00:10:32,120 Speaker 1: on hand makes sense. But sixty seven percent of folks 185 00:10:32,120 --> 00:10:35,080 Speaker 1: in this survey said they're not prioritizing savings either, So 186 00:10:35,080 --> 00:10:37,880 Speaker 1: they're not dialing back on retirement of contributions to sticking 187 00:10:37,880 --> 00:10:41,559 Speaker 1: in a high heel savings account, they're funneling it into 188 00:10:41,720 --> 00:10:45,560 Speaker 1: their monthly spending. You know, I don't want you investing 189 00:10:45,559 --> 00:10:47,880 Speaker 1: a big chunk of your paycheck if you haven't prioritized 190 00:10:47,960 --> 00:10:50,240 Speaker 1: liquid savings. Go look up the money gear's got to 191 00:10:50,320 --> 00:10:52,200 Speaker 1: how to money dot com. Click start here. You'll find 192 00:10:52,200 --> 00:10:54,840 Speaker 1: our money gears there. See where you're at and what 193 00:10:54,880 --> 00:10:57,360 Speaker 1: the next step is for you. But if your job 194 00:10:57,440 --> 00:11:01,240 Speaker 1: or industry right feels particularly vulnerable, airing on the side 195 00:11:01,240 --> 00:11:06,160 Speaker 1: of more savings could be wise. It's okay to dial 196 00:11:06,280 --> 00:11:09,640 Speaker 1: back in order to bulk up savings for a limited time. 197 00:11:09,679 --> 00:11:11,400 Speaker 1: But I also don't want you to cut back on 198 00:11:11,480 --> 00:11:14,640 Speaker 1: contributions because you're worried about the stock market, right. That 199 00:11:14,800 --> 00:11:19,040 Speaker 1: is the classic mistake that so many people make. I 200 00:11:19,080 --> 00:11:22,640 Speaker 1: was literally just reading about there's this old adage of 201 00:11:23,160 --> 00:11:25,880 Speaker 1: when it comes to investing in the stock market, and 202 00:11:26,080 --> 00:11:29,280 Speaker 1: we're in June now, but it's you go away in May, like, 203 00:11:29,320 --> 00:11:33,360 Speaker 1: don't don't invest in May because stock market doesn't usually 204 00:11:33,360 --> 00:11:35,640 Speaker 1: perform as well as it does in other months. And 205 00:11:36,400 --> 00:11:39,640 Speaker 1: actually when you look at the historical performance of the 206 00:11:39,640 --> 00:11:42,800 Speaker 1: stock market in May, it's pretty dark good. It's not 207 00:11:42,880 --> 00:11:44,640 Speaker 1: as good as the average stock market returns, but it's 208 00:11:44,640 --> 00:11:47,079 Speaker 1: still pretty good. And if you look at what happened 209 00:11:47,120 --> 00:11:49,760 Speaker 1: to the stock market in May twenty twenty five, it 210 00:11:49,840 --> 00:11:52,640 Speaker 1: was pretty awesome too. And so even with all of 211 00:11:52,679 --> 00:11:55,800 Speaker 1: these concerns, even with all the tariff concerns and the 212 00:11:55,840 --> 00:11:59,240 Speaker 1: steep stock market declines, we've seen a recovery and then some. 213 00:11:59,720 --> 00:12:05,679 Speaker 1: And so to change your investing goals, attitude and the 214 00:12:06,000 --> 00:12:12,240 Speaker 1: percentage because of headlines and vibes and uncertainty, well, if 215 00:12:12,240 --> 00:12:14,600 Speaker 1: you did that, if you follow that advice, it'd be 216 00:12:14,880 --> 00:12:19,360 Speaker 1: like shooting yourself in the foot from an investment perspective. 217 00:12:19,760 --> 00:12:23,320 Speaker 1: And instantly, there was this other study from Fidelity that 218 00:12:23,360 --> 00:12:26,280 Speaker 1: came out this week, and it found something really different 219 00:12:26,320 --> 00:12:29,880 Speaker 1: than what this Morgan Stanley survey found. It found that 220 00:12:29,960 --> 00:12:32,440 Speaker 1: people are saving a record amount in four to one case. 221 00:12:33,840 --> 00:12:36,359 Speaker 1: So where is there. It feels like there's this dissonance 222 00:12:36,440 --> 00:12:38,959 Speaker 1: to these two separate findings that came out in the 223 00:12:39,000 --> 00:12:42,720 Speaker 1: same week. Fidelity says people are saving almost fifteen percent 224 00:12:43,200 --> 00:12:46,720 Speaker 1: in four to one case, which is the minimum recommended 225 00:12:46,760 --> 00:12:50,240 Speaker 1: amount to invest for your future from most personal finance 226 00:12:50,320 --> 00:12:52,800 Speaker 1: nerds myself included, I want to see people hit that 227 00:12:52,840 --> 00:12:55,440 Speaker 1: as like a minimum threshold for what they're contributing to 228 00:12:55,640 --> 00:13:00,200 Speaker 1: their future. And I think these things are actually not 229 00:13:00,360 --> 00:13:02,880 Speaker 1: mutually exclusive, And let me explain why I think they 230 00:13:02,920 --> 00:13:07,200 Speaker 1: actually fit together in an interesting way. I think the 231 00:13:07,240 --> 00:13:09,600 Speaker 1: reason that both of these things are true is that 232 00:13:09,640 --> 00:13:13,160 Speaker 1: more folks are being auto opted into their workplace retirement 233 00:13:13,200 --> 00:13:18,160 Speaker 1: accounts in record numbers, and so like the bulk of 234 00:13:18,200 --> 00:13:22,600 Speaker 1: folks who were contributing nothing to their retirement accounts are 235 00:13:22,720 --> 00:13:26,880 Speaker 1: now contributing three percent or five percent whatever their employer 236 00:13:26,960 --> 00:13:29,199 Speaker 1: has said, Hey, this is like the minimum amount we're 237 00:13:29,200 --> 00:13:31,199 Speaker 1: going to auto opt you in at A lot of 238 00:13:31,240 --> 00:13:34,560 Speaker 1: the people who get auto opted in don't end up 239 00:13:34,679 --> 00:13:38,640 Speaker 1: changing that back to zero, which is something I love 240 00:13:38,679 --> 00:13:41,360 Speaker 1: to see because more people investing for their future is 241 00:13:41,480 --> 00:13:44,280 Speaker 1: a good thing, even if it's kind of against their will, 242 00:13:44,280 --> 00:13:46,240 Speaker 1: but they're too lazy to change it. I think that's awesome. 243 00:13:46,800 --> 00:13:50,480 Speaker 1: Then other people are taking their contribution amount down because 244 00:13:50,480 --> 00:13:53,320 Speaker 1: of economic race, and so you can have this effect 245 00:13:53,320 --> 00:13:56,360 Speaker 1: where yes, some people are dialing back retirement contributions and 246 00:13:56,440 --> 00:13:59,160 Speaker 1: other people are saving more than they and investing more 247 00:13:59,200 --> 00:14:01,559 Speaker 1: than the other. Why what have so both of those 248 00:14:01,559 --> 00:14:03,120 Speaker 1: things can be true at the same time. It's just 249 00:14:03,160 --> 00:14:05,319 Speaker 1: kind of fascinating to see both of those come out 250 00:14:05,559 --> 00:14:09,200 Speaker 1: simultaneously and be like, oh, yeah, okay, yeah. As I 251 00:14:09,280 --> 00:14:10,920 Speaker 1: noodled it out, I was like that there really can 252 00:14:11,040 --> 00:14:13,520 Speaker 1: be possible. I'd be curious to hear Maths take, but 253 00:14:13,559 --> 00:14:17,440 Speaker 1: he's not here, so yeah, I'll keep talking. Let's I 254 00:14:17,440 --> 00:14:19,480 Speaker 1: want to talk about four O one K withdraws for 255 00:14:19,520 --> 00:14:22,840 Speaker 1: a second. And I think lots of times we talk 256 00:14:22,880 --> 00:14:26,120 Speaker 1: about this in the context of retirement, but especially given 257 00:14:26,280 --> 00:14:29,040 Speaker 1: the younger audience of how to money, I think it's 258 00:14:29,040 --> 00:14:32,320 Speaker 1: actually means something for you today too, And I'll explain why. 259 00:14:33,080 --> 00:14:37,320 Speaker 1: The father of the four percent withdrawal rate, which essentially 260 00:14:37,360 --> 00:14:42,640 Speaker 1: says you can withdraw four percent of your portfolio every 261 00:14:42,680 --> 00:14:45,040 Speaker 1: single year in retirement and not run out of money, 262 00:14:45,200 --> 00:14:49,000 Speaker 1: his name is Bill Bengen, and this has been a 263 00:14:50,120 --> 00:14:53,600 Speaker 1: his the way his methodology, and the way that he 264 00:14:54,200 --> 00:14:58,160 Speaker 1: rigorously defined and came to the four percent rule conclusion. 265 00:14:58,600 --> 00:15:01,120 Speaker 1: It's been a mainsay of personal finance for a long time, 266 00:15:01,600 --> 00:15:05,720 Speaker 1: and fascinating enough, it wasn't four percent originally it was 267 00:15:05,760 --> 00:15:08,160 Speaker 1: four point one five percent. He rerounded it down to 268 00:15:08,200 --> 00:15:12,120 Speaker 1: four percent because it just seemed more palatable and like 269 00:15:12,200 --> 00:15:13,720 Speaker 1: you would catch on, and yeah, it did catch on 270 00:15:13,760 --> 00:15:17,320 Speaker 1: like wildfire. But even mister Bengan, who came up with 271 00:15:17,320 --> 00:15:20,960 Speaker 1: that rule decades ago, has basically said, now, ah, it's 272 00:15:21,000 --> 00:15:25,400 Speaker 1: too conservative, and he says he's amended the rule to 273 00:15:25,480 --> 00:15:27,480 Speaker 1: be the four percent rule to the four point seven 274 00:15:27,520 --> 00:15:30,960 Speaker 1: percent rule, based on new calculations of stock market returns 275 00:15:31,240 --> 00:15:34,520 Speaker 1: over the past few decades, alongside better inflation data the 276 00:15:35,560 --> 00:15:39,280 Speaker 1: option to be able to invest in a greater diversity 277 00:15:39,280 --> 00:15:41,760 Speaker 1: of assets. So mister Bengan has said, hey, actually the 278 00:15:41,760 --> 00:15:45,200 Speaker 1: four percent rule is too conservative, and I think this 279 00:15:45,240 --> 00:15:47,480 Speaker 1: is really good news for a lot of reasons. One, 280 00:15:47,840 --> 00:15:49,720 Speaker 1: this is something that's gotten in the news more recently, 281 00:15:49,760 --> 00:15:51,800 Speaker 1: as Dave Ramsey was like, oh, you can have like 282 00:15:51,800 --> 00:15:54,960 Speaker 1: a seven or eight percent withdrawal rate and you won't 283 00:15:54,960 --> 00:15:58,360 Speaker 1: outlive your money, and that's not great advice. It can 284 00:15:58,440 --> 00:16:01,280 Speaker 1: hold up. Yes, it's certainly possible that that works out 285 00:16:01,320 --> 00:16:03,960 Speaker 1: for you, but there's just too high a percentage of 286 00:16:04,000 --> 00:16:05,920 Speaker 1: the time where if you're taking out seventy eight percent 287 00:16:05,920 --> 00:16:08,640 Speaker 1: of your money from your portfolio every year, over the 288 00:16:08,640 --> 00:16:10,840 Speaker 1: course of decades, you do run out of money and 289 00:16:10,840 --> 00:16:13,200 Speaker 1: then what do you do at that point? But this 290 00:16:13,320 --> 00:16:16,760 Speaker 1: allows a couple things. It allows you to take out 291 00:16:16,840 --> 00:16:19,560 Speaker 1: more of your assets every single year in retirement and 292 00:16:19,600 --> 00:16:22,880 Speaker 1: still stay solvent over the course of your retirement. Basically, 293 00:16:22,880 --> 00:16:27,600 Speaker 1: if historical trends continue. This is backward looking projecting into 294 00:16:27,600 --> 00:16:29,800 Speaker 1: the future. You can't know what the future will bring. 295 00:16:30,520 --> 00:16:33,520 Speaker 1: But the flip side is also that people can retire 296 00:16:33,560 --> 00:16:36,600 Speaker 1: with less money than they assumed. Right, if you need less, 297 00:16:36,880 --> 00:16:40,000 Speaker 1: you can amass less. And I think that hopefully should 298 00:16:40,080 --> 00:16:42,480 Speaker 1: ease the mind of some type a retirement savers who 299 00:16:42,520 --> 00:16:44,200 Speaker 1: are like, I need to have four million dollars in 300 00:16:44,240 --> 00:16:47,160 Speaker 1: my retirement account by the time I'm sixty five. Maybe 301 00:16:47,160 --> 00:16:52,120 Speaker 1: you don't, right, Maybe you can aim for a smaller number. 302 00:16:52,280 --> 00:16:59,120 Speaker 1: And obviously the four percent rule is contextualized for it's 303 00:16:59,120 --> 00:17:01,760 Speaker 1: a rule of thumb because so much depends on well, 304 00:17:01,800 --> 00:17:04,680 Speaker 1: do you have a mortgage still when you reach retirement age, 305 00:17:04,800 --> 00:17:07,320 Speaker 1: do you have other sources of income? Are you delaying 306 00:17:07,320 --> 00:17:10,359 Speaker 1: social Security and planning on taking that? Then there are 307 00:17:10,400 --> 00:17:13,240 Speaker 1: so many other factors that go into whether or not 308 00:17:13,280 --> 00:17:16,560 Speaker 1: you actually need four percent of your portfolio. For in 309 00:17:16,680 --> 00:17:21,080 Speaker 1: perpetuity right for decades on end, or you can actually 310 00:17:21,119 --> 00:17:24,680 Speaker 1: withdraw more one year less another year. But I think 311 00:17:24,880 --> 00:17:27,960 Speaker 1: just even knowing and seeing that the guy who created 312 00:17:28,280 --> 00:17:31,320 Speaker 1: the four percent rule, mister Bengen, that he's saying, actually, 313 00:17:31,640 --> 00:17:35,920 Speaker 1: you can withdraw a decently a bigger chunk of your 314 00:17:35,920 --> 00:17:39,400 Speaker 1: retirement savings every year, that should, I think, help us 315 00:17:39,440 --> 00:17:43,000 Speaker 1: all maybe feel take a deep breath and say, actually, 316 00:17:43,000 --> 00:17:46,560 Speaker 1: I probably don't need to be quite as intense as 317 00:17:46,600 --> 00:17:49,720 Speaker 1: I otherwise thought that thought I needed to be. And 318 00:17:49,760 --> 00:17:51,440 Speaker 1: maybe that can be a little breath of fresh air 319 00:17:51,480 --> 00:17:56,280 Speaker 1: as you're pursuing your retirement savings goals. And for folks 320 00:17:56,280 --> 00:17:59,240 Speaker 1: who want a guaranteed stream of income in retirement instead 321 00:17:59,240 --> 00:18:02,639 Speaker 1: of fretting over withdrawal rates and stock market moves, annuities 322 00:18:02,680 --> 00:18:05,600 Speaker 1: are becoming a more and more popular choice. Kiplinger wrote 323 00:18:05,600 --> 00:18:08,200 Speaker 1: about how buying an annuity inside of your four to 324 00:18:08,240 --> 00:18:11,679 Speaker 1: one k is. It's becoming an even more popular approach 325 00:18:11,760 --> 00:18:14,719 Speaker 1: these days. But I'm not a huge fan of this, 326 00:18:14,760 --> 00:18:17,720 Speaker 1: and there are also big potential downsides to the income 327 00:18:17,960 --> 00:18:20,639 Speaker 1: certainty that you'd achieve by having an annuity inside of 328 00:18:20,680 --> 00:18:23,919 Speaker 1: your retirement account. The main things are the fees and 329 00:18:23,960 --> 00:18:27,040 Speaker 1: the likelihood of lower returns. So is your peace of 330 00:18:27,160 --> 00:18:30,280 Speaker 1: mind for having the guaranteed stream of income really worth 331 00:18:30,600 --> 00:18:34,080 Speaker 1: those two fairly significant trade offs. I'd say probably not. 332 00:18:34,640 --> 00:18:36,359 Speaker 1: And if you're being sold or being told that you 333 00:18:36,440 --> 00:18:39,040 Speaker 1: need to get an annuity or should get an annuity, 334 00:18:39,080 --> 00:18:43,440 Speaker 1: you should dig into the details before you pounce and say, sure, 335 00:18:43,480 --> 00:18:46,359 Speaker 1: that sounds great, because what sounds good on the surface 336 00:18:46,359 --> 00:18:49,520 Speaker 1: when someone's selling it to you could mess you up. 337 00:18:49,760 --> 00:18:52,480 Speaker 1: And it means more certainty, yes, but it could also 338 00:18:52,880 --> 00:18:56,639 Speaker 1: mean and will likely mean fewer dollars to spend because 339 00:18:56,680 --> 00:18:58,520 Speaker 1: you're taking some of that risk off the table. And 340 00:18:58,560 --> 00:19:02,640 Speaker 1: don't forget functions like an annuity. So do you need 341 00:19:02,680 --> 00:19:05,960 Speaker 1: to also innuitize the money that you have invested and 342 00:19:06,040 --> 00:19:09,600 Speaker 1: saved up for many, many years and decades as well? 343 00:19:10,560 --> 00:19:14,320 Speaker 1: Probably not, like having the guaranteed annuity of Social Security 344 00:19:14,560 --> 00:19:16,879 Speaker 1: and then having an investment portfolio to tap from. I 345 00:19:16,920 --> 00:19:20,240 Speaker 1: love the idea of having both. Remember, your retirement can 346 00:19:20,359 --> 00:19:24,120 Speaker 1: last for many decades. You don't want to be overly conservative, 347 00:19:24,119 --> 00:19:27,439 Speaker 1: and sometimes if you lean too heavy in the hyper 348 00:19:27,480 --> 00:19:32,240 Speaker 1: expensive annuity direction, you are taking too conservative of an approach. 349 00:19:32,760 --> 00:19:36,400 Speaker 1: We got more to get to solo here on today's 350 00:19:36,480 --> 00:19:39,720 Speaker 1: Friday Flights, including you're going to talk about mocktails and 351 00:19:39,800 --> 00:19:43,520 Speaker 1: why gen Z treats a bar tab a lot differently 352 00:19:43,600 --> 00:19:46,560 Speaker 1: than previous generations, and why I actually think it's smart. 353 00:19:46,640 --> 00:19:56,439 Speaker 1: We'll get to that and more right after this. All right, 354 00:19:56,440 --> 00:19:59,960 Speaker 1: we're back, still talking Friday Flight and of course it's 355 00:20:00,240 --> 00:20:02,920 Speaker 1: for the ludicrous headline of the week. This one comes 356 00:20:02,920 --> 00:20:05,480 Speaker 1: from the Wall Street Journal and has said mocktails cost 357 00:20:05,520 --> 00:20:10,399 Speaker 1: fifteen bucks and nobody knows why. And I'm not a 358 00:20:10,400 --> 00:20:14,080 Speaker 1: mocktail guy, but I was like, mocktails for real cost 359 00:20:14,119 --> 00:20:16,480 Speaker 1: fifteen bucks. That's insane. So I read the article and 360 00:20:17,119 --> 00:20:20,119 Speaker 1: I there are obviously a couple different takeaways from this. 361 00:20:20,160 --> 00:20:22,480 Speaker 1: I think it's interesting that we as a society are 362 00:20:22,480 --> 00:20:25,600 Speaker 1: more aware of the effects of alcohol, and we're all 363 00:20:25,640 --> 00:20:29,280 Speaker 1: avoiding alcohol more and more. And this comes from the 364 00:20:29,280 --> 00:20:34,160 Speaker 1: guy who drinks beer on his podcast. But even I 365 00:20:34,200 --> 00:20:37,120 Speaker 1: am drinking less than I have in the past, and 366 00:20:37,640 --> 00:20:40,240 Speaker 1: on purpose to say I want to be healthier. I 367 00:20:40,280 --> 00:20:43,280 Speaker 1: want to enjoy a good drink on occasion, but I 368 00:20:43,280 --> 00:20:48,160 Speaker 1: also think that drinking a lot less frequently is better 369 00:20:48,160 --> 00:20:50,920 Speaker 1: for me. I feel better, So I get why people 370 00:20:51,000 --> 00:20:54,359 Speaker 1: are dropping alcohol. Some people dropping it all together. And 371 00:20:54,520 --> 00:20:56,479 Speaker 1: I wish Matt was here today to tell me what 372 00:20:56,560 --> 00:20:59,640 Speaker 1: Andrew Huberman would say, probably something like alcohol is poison. 373 00:21:00,240 --> 00:21:03,919 Speaker 1: Lift heavy stuff and then live forever. And there's a 374 00:21:03,960 --> 00:21:05,919 Speaker 1: point for that. Except for living forever. None of us 375 00:21:05,920 --> 00:21:08,160 Speaker 1: are going to do that. But I also, I think 376 00:21:08,359 --> 00:21:11,560 Speaker 1: I love that we're not teetotaling and dropping alcohol out 377 00:21:11,560 --> 00:21:13,719 Speaker 1: of this like legalistic moral duty, but it's more of 378 00:21:13,760 --> 00:21:16,760 Speaker 1: just an effort to treat our bodies well. Non Alcoholic 379 00:21:16,800 --> 00:21:19,800 Speaker 1: beer is gaining popularity in a big way too, and 380 00:21:19,840 --> 00:21:22,160 Speaker 1: even craft brewers are saying, oh, we have to have 381 00:21:22,600 --> 00:21:26,600 Speaker 1: non alcoholic beer to cater to that segment of the 382 00:21:26,640 --> 00:21:30,720 Speaker 1: population because they're growing. And I've had a couple solid ones. 383 00:21:30,800 --> 00:21:35,520 Speaker 1: I'm still a fan of real craft beer, but it's 384 00:21:35,600 --> 00:21:37,600 Speaker 1: nice to see the non alcoholic stuff getting better. But 385 00:21:37,640 --> 00:21:40,119 Speaker 1: mocktails they're hot too, And you would think that a 386 00:21:40,160 --> 00:21:43,520 Speaker 1: mocktail would save us money because the most expensive ingredient 387 00:21:43,560 --> 00:21:45,760 Speaker 1: is being left out of the equation, but they don't. 388 00:21:46,640 --> 00:21:49,399 Speaker 1: Bars used to charge less for non alcoholic drinks, like 389 00:21:49,440 --> 00:21:51,720 Speaker 1: a Shirley Temple or something like that, but bars have 390 00:21:51,760 --> 00:21:57,520 Speaker 1: caught on and many are charging cocktail equivalent prices because 391 00:21:57,560 --> 00:22:00,639 Speaker 1: they can, I guess, and also because us the more 392 00:22:00,680 --> 00:22:04,159 Speaker 1: you dig into it, like, you can make non alcoholic 393 00:22:04,440 --> 00:22:07,080 Speaker 1: spirits like gin and vodka and stuff like that, and 394 00:22:07,119 --> 00:22:09,400 Speaker 1: they're really hard to make and they're expensive to make, 395 00:22:09,440 --> 00:22:12,240 Speaker 1: and so if you want those put into your drink 396 00:22:12,680 --> 00:22:15,360 Speaker 1: to get more of the flavor profile you were hoping for, 397 00:22:15,680 --> 00:22:18,040 Speaker 1: it's going to be just as expensive as a drink, 398 00:22:18,240 --> 00:22:20,880 Speaker 1: or very close to as expensive as the alcoholic version 399 00:22:20,880 --> 00:22:25,240 Speaker 1: of that drink. So a lot of ebstainers are taking 400 00:22:25,320 --> 00:22:28,520 Speaker 1: the smart route of opting for tea or diet coke 401 00:22:28,600 --> 00:22:31,040 Speaker 1: or sparkling water or something like that instead when they're 402 00:22:31,040 --> 00:22:34,240 Speaker 1: out in the bar. So just know if you're cutting 403 00:22:34,280 --> 00:22:38,879 Speaker 1: out alcohol and part of your reasoning is not just 404 00:22:38,960 --> 00:22:41,040 Speaker 1: health but an effort to save money, well it might 405 00:22:41,080 --> 00:22:44,119 Speaker 1: not save you money. If you're buying the expensive mocktails, 406 00:22:44,119 --> 00:22:48,080 Speaker 1: the ones that are attempting to most closely mimic your 407 00:22:48,080 --> 00:22:51,159 Speaker 1: favorite cocktails. Be aware when you go out with your 408 00:22:51,160 --> 00:22:54,840 Speaker 1: friends you might be racking up just as high of 409 00:22:54,880 --> 00:22:58,239 Speaker 1: a bar tab and I douce I obviously drinking at 410 00:22:58,240 --> 00:23:00,960 Speaker 1: home or making your own cocktails or mocktails at home 411 00:23:01,280 --> 00:23:03,960 Speaker 1: will be will save you a lot of money as well. 412 00:23:04,320 --> 00:23:06,520 Speaker 1: And there's this other drinking trend that I thought was 413 00:23:06,560 --> 00:23:10,600 Speaker 1: worth covering. It's gen zers saying we're going to open 414 00:23:10,600 --> 00:23:12,679 Speaker 1: a bar tab, or we're not going to open a 415 00:23:12,680 --> 00:23:16,280 Speaker 1: bar tab. We're just going to pay for each drink individually. 416 00:23:16,320 --> 00:23:18,720 Speaker 1: So if you order three beers in a night, you 417 00:23:18,760 --> 00:23:21,560 Speaker 1: literally pay three times over the course of the evening 418 00:23:21,800 --> 00:23:23,560 Speaker 1: instead of opening a tab and paying for it all 419 00:23:23,560 --> 00:23:25,600 Speaker 1: at once at the end. And one of my friends 420 00:23:25,640 --> 00:23:28,639 Speaker 1: he texted me about this, and he's a millennial like me, 421 00:23:29,080 --> 00:23:31,520 Speaker 1: and he just couldn't understand the logic. He's like, what 422 00:23:31,600 --> 00:23:33,840 Speaker 1: is up with these young people, the gen zers, who 423 00:23:33,880 --> 00:23:35,639 Speaker 1: don't open up a bar tab and they pay for 424 00:23:35,680 --> 00:23:39,320 Speaker 1: every drink as they get it. He's like, this baffles me. 425 00:23:39,920 --> 00:23:45,000 Speaker 1: I don't understand, but I actually do, and I think 426 00:23:45,040 --> 00:23:47,120 Speaker 1: that this kind of makes some sense, and I think 427 00:23:47,119 --> 00:23:49,600 Speaker 1: it actually might be financially savvy. It might be smart 428 00:23:49,840 --> 00:23:52,040 Speaker 1: because when we talk, and when we've talked in the 429 00:23:52,080 --> 00:23:55,080 Speaker 1: past about the gamification of money, part of what helps 430 00:23:55,080 --> 00:24:01,240 Speaker 1: you spend less is increasing the pain of spending. In 431 00:24:01,280 --> 00:24:05,320 Speaker 1: a society of ever reducing amounts of friction for buying stuff, 432 00:24:05,760 --> 00:24:08,760 Speaker 1: it's much easier to get parted from your money and 433 00:24:08,800 --> 00:24:12,800 Speaker 1: not feel a thing until you realize, oh man, credit 434 00:24:12,800 --> 00:24:15,320 Speaker 1: card bill just came in and I owe more than 435 00:24:15,359 --> 00:24:19,280 Speaker 1: I thought I did, or your savings get depleted because 436 00:24:19,560 --> 00:24:23,439 Speaker 1: you just were more thoughtlessly spending. And it's of course 437 00:24:24,080 --> 00:24:28,560 Speaker 1: easier to do that now than it has ever been 438 00:24:28,560 --> 00:24:30,800 Speaker 1: in human history to spend money and not think about 439 00:24:30,800 --> 00:24:33,000 Speaker 1: it by now, pay later makes it easy. Credit cards 440 00:24:33,040 --> 00:24:37,199 Speaker 1: have made it easy. So, and even just retailers where 441 00:24:37,800 --> 00:24:40,000 Speaker 1: one day shipping, or hey, you know you can get 442 00:24:40,000 --> 00:24:42,640 Speaker 1: it the same day, get it later this afternoon, that 443 00:24:42,880 --> 00:24:47,200 Speaker 1: sort of frictionless response or grub hub whatever, everything it's 444 00:24:47,280 --> 00:24:50,000 Speaker 1: conspiring to get us to spend money thoughtlessly. And so 445 00:24:50,080 --> 00:24:53,280 Speaker 1: what gen zers are doing here, in my opinion, by 446 00:24:53,359 --> 00:24:56,800 Speaker 1: avoiding the bar tab is saying is every time I 447 00:24:56,880 --> 00:24:58,760 Speaker 1: get a beer or a drink or whatever it is, 448 00:24:58,840 --> 00:25:01,879 Speaker 1: or a mocktail, I'm going to pay for it, and 449 00:25:01,920 --> 00:25:04,600 Speaker 1: then I will feel the pain. And maybe don't mean 450 00:25:04,600 --> 00:25:07,160 Speaker 1: I drink less because I don't want to spend as 451 00:25:07,240 --> 00:25:11,639 Speaker 1: much as I realize I'm spending. So paying free drink individually, 452 00:25:11,680 --> 00:25:14,200 Speaker 1: maybe it slows you down, maybe drink less overall, It 453 00:25:14,280 --> 00:25:17,080 Speaker 1: might decrease what you ultimately spend when going out. I'm 454 00:25:17,119 --> 00:25:19,040 Speaker 1: gonna call this a win. I'm gonna say, gen z Ers, 455 00:25:19,280 --> 00:25:22,240 Speaker 1: you're being smart here. I like this. If it's a 456 00:25:22,320 --> 00:25:26,040 Speaker 1: frugal versus cheap, I'm gonna say it's frugal. And if 457 00:25:26,080 --> 00:25:29,399 Speaker 1: you would prefer to make cocktails at home, but you 458 00:25:29,440 --> 00:25:31,639 Speaker 1: want to make them the easy route. One of my 459 00:25:31,840 --> 00:25:36,360 Speaker 1: favorite substacks from a guy who is a raging cocktail enthusiast. 460 00:25:36,680 --> 00:25:40,159 Speaker 1: He tried Kirkland's Signature from Costco their New Old Fashion 461 00:25:40,200 --> 00:25:42,320 Speaker 1: in a bottle, so it's not just bourbon, and then 462 00:25:42,320 --> 00:25:45,520 Speaker 1: you mix the other ingredients like the bitters and the 463 00:25:47,040 --> 00:25:50,400 Speaker 1: sugar and stuff in yourself. You just get pre made 464 00:25:50,440 --> 00:25:52,360 Speaker 1: in a bottle and then you can add some lemon 465 00:25:52,440 --> 00:25:53,960 Speaker 1: dust on your own. I guess if you want. But 466 00:25:54,000 --> 00:25:56,440 Speaker 1: he said it's actually not too bad. So it wasn't 467 00:25:56,440 --> 00:26:00,520 Speaker 1: like this ringing endorsement, like it's incredible. But he said, yeah, 468 00:26:00,600 --> 00:26:04,160 Speaker 1: decently delicious for the price you pay, and the New 469 00:26:04,200 --> 00:26:08,680 Speaker 1: Old Fashion in a bottle Kirkland signature brand is less 470 00:26:08,720 --> 00:26:13,160 Speaker 1: than a dollar a serving, which ain't bad. So that's 471 00:26:13,200 --> 00:26:15,160 Speaker 1: one of my go to cocktails at home. I might 472 00:26:15,200 --> 00:26:17,359 Speaker 1: have to try this out at some point, but that's 473 00:26:17,440 --> 00:26:20,520 Speaker 1: another Hey, if you're looking to save money the pre 474 00:26:20,600 --> 00:26:24,200 Speaker 1: mixed Kirkland signature cocktail, drinking it at home might make sense. 475 00:26:24,760 --> 00:26:27,640 Speaker 1: Or another story I found interesting this week, one out 476 00:26:27,680 --> 00:26:32,880 Speaker 1: of eight new items of clothing is now purchased on Amazon. 477 00:26:33,920 --> 00:26:38,440 Speaker 1: Amazon feels like the sun that our universe revolves around now, 478 00:26:38,520 --> 00:26:40,760 Speaker 1: at least for some people. I was talking to somebody 479 00:26:40,760 --> 00:26:43,159 Speaker 1: this week and they said, my wife buys stuff on 480 00:26:43,200 --> 00:26:48,160 Speaker 1: Amazon like it's her job, and the returns you a woman. 481 00:26:48,200 --> 00:26:50,000 Speaker 1: We're going to talk about returns in just a second, 482 00:26:50,359 --> 00:26:54,040 Speaker 1: because she is just like clothing, whatever it is. Amazon 483 00:26:54,119 --> 00:26:56,280 Speaker 1: is the center of her retail universe. And I don't 484 00:26:56,280 --> 00:26:58,159 Speaker 1: think she's alone in that. And it is kind of 485 00:26:58,160 --> 00:27:01,280 Speaker 1: frightening to me because one out of eight items being 486 00:27:01,320 --> 00:27:03,840 Speaker 1: sold clothing items being sold on Amazon. Now, Amazon's not 487 00:27:03,880 --> 00:27:06,280 Speaker 1: even like was not originally a clothing retailer, And when 488 00:27:06,320 --> 00:27:09,040 Speaker 1: you think about that's not their bread and butter, but 489 00:27:09,119 --> 00:27:12,560 Speaker 1: it's becoming the bread and butter at least more than 490 00:27:12,600 --> 00:27:15,640 Speaker 1: I suspected. And that's double the amounts they're selling, double 491 00:27:15,680 --> 00:27:19,520 Speaker 1: the amount of clothing items of any other retailer Walmart included, 492 00:27:19,520 --> 00:27:23,040 Speaker 1: And think about Walmart they've got physical locations around the country. 493 00:27:23,600 --> 00:27:27,800 Speaker 1: Amazon doesn't like they're just online. And so I'm not 494 00:27:27,800 --> 00:27:30,919 Speaker 1: an Amazon hater, and I don't think everyone should just 495 00:27:31,160 --> 00:27:35,800 Speaker 1: boycott Amazon or anything like that, but it's Amazon has 496 00:27:35,840 --> 00:27:40,479 Speaker 1: been expanding their wardrobe selection, and when you're shopping for 497 00:27:40,560 --> 00:27:43,480 Speaker 1: other stuff now, they're going to make suggestions and say, hey, 498 00:27:43,480 --> 00:27:46,040 Speaker 1: had you thought about maybe adding a pair of socks 499 00:27:46,400 --> 00:27:48,800 Speaker 1: or a dress or this nice shirt. Did you realize 500 00:27:48,800 --> 00:27:51,080 Speaker 1: that we have these Amazon basic shorts that you would 501 00:27:51,080 --> 00:27:53,800 Speaker 1: look so good in. And so they're making suggestions, and 502 00:27:53,840 --> 00:27:56,800 Speaker 1: because this is the place where most people are shopping 503 00:27:56,800 --> 00:27:59,000 Speaker 1: on a regular basis, they're just more likely to buy 504 00:27:59,040 --> 00:28:03,119 Speaker 1: clothes there now. And it is adding up. So it 505 00:28:03,200 --> 00:28:05,359 Speaker 1: might not be because they have the most fashionable items 506 00:28:05,359 --> 00:28:07,800 Speaker 1: in existence, or because they even have the cheapest items, 507 00:28:07,840 --> 00:28:11,119 Speaker 1: but it's I think it's largely comes down to the 508 00:28:11,160 --> 00:28:14,119 Speaker 1: fact that it's convenient, and yet maybe some of the 509 00:28:14,200 --> 00:28:16,199 Speaker 1: stuff is a great value. I think I have like 510 00:28:16,320 --> 00:28:19,560 Speaker 1: a pair of Amazon shorts and they're good, like they're fine, 511 00:28:19,600 --> 00:28:23,040 Speaker 1: Like they're they're worth the money, I would say, and 512 00:28:23,400 --> 00:28:25,560 Speaker 1: they fit good, they're not like the highest quality. I've 513 00:28:25,560 --> 00:28:29,479 Speaker 1: got some nicer shorts fund of like more. But I 514 00:28:29,480 --> 00:28:32,119 Speaker 1: think the main reason people buy stuff on Amazon and 515 00:28:32,119 --> 00:28:34,199 Speaker 1: buy clothing on Amazon, it's because it's easy. I know 516 00:28:34,240 --> 00:28:37,280 Speaker 1: that's why my wife shops there. She buys stuff on Amazon, 517 00:28:37,280 --> 00:28:39,800 Speaker 1: and then she's like, yeah, that's fine, Yeah it works. 518 00:28:40,600 --> 00:28:46,360 Speaker 1: But I think if I've been trying lately to help 519 00:28:46,400 --> 00:28:49,760 Speaker 1: her shop for nicer, even more expensive items that I 520 00:28:49,760 --> 00:28:51,840 Speaker 1: think are going to last longer for her, she just 521 00:28:51,880 --> 00:28:54,080 Speaker 1: doesn't love to shop online. And so the more I 522 00:28:54,120 --> 00:28:55,880 Speaker 1: can kind of pitch in and say, oh, look at 523 00:28:55,880 --> 00:28:59,640 Speaker 1: this stuff I found for you, it takes some weight 524 00:28:59,720 --> 00:29:02,040 Speaker 1: off her plate and she actually she actually likes me 525 00:29:02,120 --> 00:29:05,200 Speaker 1: being her kind of secret shopper of sorts. But I 526 00:29:05,240 --> 00:29:09,040 Speaker 1: think taking Amazon, the Amazon app off your phone is 527 00:29:09,080 --> 00:29:11,920 Speaker 1: a good way to maybe stop some of that mindless shopping. 528 00:29:11,920 --> 00:29:13,520 Speaker 1: If you feel like you've gotten into a rut, so 529 00:29:14,040 --> 00:29:18,320 Speaker 1: consider reconsider how much clothing you're buying on Amazon, whether 530 00:29:18,360 --> 00:29:21,680 Speaker 1: you need it, and whether or not you're actually wearing 531 00:29:21,680 --> 00:29:25,360 Speaker 1: the stuff that you buy, and just don't buy it 532 00:29:25,360 --> 00:29:29,160 Speaker 1: because it's easy, and consider buying stuff more stuff secondhand. 533 00:29:29,240 --> 00:29:32,200 Speaker 1: We talked about how tariffs are making secondhand goods more enticing. 534 00:29:32,680 --> 00:29:35,560 Speaker 1: There's no arbitrary additional cost added on when you buy 535 00:29:35,560 --> 00:29:38,479 Speaker 1: stuff used, whether it's a garage, shale of goodwill anything 536 00:29:38,520 --> 00:29:41,280 Speaker 1: like that. Right, but everyone is getting in on this action. 537 00:29:42,120 --> 00:29:43,959 Speaker 1: My wife was just talking about her clothing habits. Well, 538 00:29:43,960 --> 00:29:48,800 Speaker 1: she's a big fan of Anthropology clothing, but it's incredibly 539 00:29:48,800 --> 00:29:52,480 Speaker 1: expensive and so actually buying stuff there she just never 540 00:29:52,520 --> 00:29:55,920 Speaker 1: does it because it's so one dress is like two 541 00:29:56,000 --> 00:29:57,600 Speaker 1: hundred and fifty bucks or something like that. She's like, 542 00:29:57,600 --> 00:30:01,360 Speaker 1: I'm not doing that, which I'm thankful for. But she 543 00:30:01,640 --> 00:30:03,920 Speaker 1: actually I talked about this recently. She rented some stuff 544 00:30:03,960 --> 00:30:06,960 Speaker 1: from Newly, where you spend one hundred hundred and twenty 545 00:30:06,960 --> 00:30:08,880 Speaker 1: five bucks and you get like six different pieces for 546 00:30:08,920 --> 00:30:11,560 Speaker 1: the month, and she needed a fancy dress and she's like, great, 547 00:30:11,600 --> 00:30:13,680 Speaker 1: this is a perfect chance to try this, and it 548 00:30:13,720 --> 00:30:17,880 Speaker 1: was awesome. And what I've just came around to realizing 549 00:30:18,000 --> 00:30:20,560 Speaker 1: is that Newly has to at some point sell the 550 00:30:20,560 --> 00:30:22,760 Speaker 1: stuff they've been renting, and they sell it at a 551 00:30:22,800 --> 00:30:25,560 Speaker 1: massive discount. So some of the dresses that you can get, 552 00:30:25,920 --> 00:30:27,720 Speaker 1: or a lot of more than just dresses, items of 553 00:30:27,760 --> 00:30:30,240 Speaker 1: clothing that you can get that were rented by people 554 00:30:30,280 --> 00:30:34,360 Speaker 1: on Newly are now being sold on Anthropologies site. That 555 00:30:34,440 --> 00:30:36,240 Speaker 1: they're like cleaned up and then shipped out to you, 556 00:30:36,520 --> 00:30:38,400 Speaker 1: and it's amazing. You can get like two hundred dollar 557 00:30:38,480 --> 00:30:41,280 Speaker 1: dresses for like thirty bucks. And so that's kind of 558 00:30:41,360 --> 00:30:44,160 Speaker 1: where we've been sourcing her wardrobe lately. We've gotten some 559 00:30:44,200 --> 00:30:47,080 Speaker 1: really cool stuff there that hasn't cost much money, but 560 00:30:47,080 --> 00:30:50,400 Speaker 1: it's high quality. I think other places to prioritize buying 561 00:30:50,480 --> 00:30:52,480 Speaker 1: US goods. If you haven't heard of Buffalo Exchange, that's 562 00:30:52,520 --> 00:30:55,400 Speaker 1: like a growing chain that's being added to more and 563 00:30:55,400 --> 00:30:58,520 Speaker 1: more cities. Plato's Closet that's another one, and that's too 564 00:30:58,520 --> 00:31:01,160 Speaker 1: where you can make money selling your old stuff at 565 00:31:01,200 --> 00:31:04,239 Speaker 1: both of those stores, and then they'll turn around and 566 00:31:04,280 --> 00:31:06,320 Speaker 1: sell your stuff for more. They're kind of the middleman 567 00:31:06,400 --> 00:31:09,560 Speaker 1: of sorts goodwill obviously, even on sporting goods, I was thinking, 568 00:31:09,560 --> 00:31:11,400 Speaker 1: Play It Again Sports is a great place to go 569 00:31:12,160 --> 00:31:14,600 Speaker 1: because buying used it saves you know, it's good for 570 00:31:14,600 --> 00:31:18,200 Speaker 1: the planet, it's green, but also saves you money. And 571 00:31:18,480 --> 00:31:21,120 Speaker 1: so I'm looking for a used stationary bike for my 572 00:31:21,120 --> 00:31:22,760 Speaker 1: wife right now, and I'm like, yeah, I probably need 573 00:31:22,800 --> 00:31:24,480 Speaker 1: to head over to Play It Again Sports if I 574 00:31:24,520 --> 00:31:28,080 Speaker 1: don't find what I need on Facebook Marketplace. But yeah, 575 00:31:28,240 --> 00:31:30,600 Speaker 1: I think it's also important to mention that some of 576 00:31:30,640 --> 00:31:34,280 Speaker 1: these retailer websites they're getting into the secondhand goods game, 577 00:31:34,280 --> 00:31:38,040 Speaker 1: like Levi's has done this well. Peloton just launched a 578 00:31:38,120 --> 00:31:45,040 Speaker 1: secondhand Peloton store online this week. And the what I found, because, 579 00:31:45,200 --> 00:31:46,880 Speaker 1: like I said, I'm looking for a stationary bike. I 580 00:31:46,920 --> 00:31:50,160 Speaker 1: went onto Peloton site and we're talking about starting prices 581 00:31:50,200 --> 00:31:52,800 Speaker 1: at like nine hundred bucks. But if you look on 582 00:31:52,800 --> 00:31:54,920 Speaker 1: Facebook Marketplace and you buy from someone in your area, 583 00:31:54,960 --> 00:31:58,000 Speaker 1: you're talking about being able to get one for close 584 00:31:58,040 --> 00:32:02,280 Speaker 1: to half that price. So just make sure that you 585 00:32:02,360 --> 00:32:05,920 Speaker 1: don't knee jerk go to the brand's website and not 586 00:32:06,040 --> 00:32:10,040 Speaker 1: look to your peers in your community, because you might 587 00:32:10,080 --> 00:32:12,960 Speaker 1: find that they're cutting out the middleman is going to 588 00:32:13,000 --> 00:32:16,040 Speaker 1: save you the most money. And this is a way 589 00:32:16,080 --> 00:32:19,360 Speaker 1: I think to follow Ashley Piper's advice from the Wednesday 590 00:32:19,360 --> 00:32:22,480 Speaker 1: episode no new things, adding no new things to your life. 591 00:32:22,520 --> 00:32:24,760 Speaker 1: It's not easy, but it's also it is a beautiful 592 00:32:24,760 --> 00:32:29,840 Speaker 1: way to live. So trying to deprioritize new buys and 593 00:32:29,960 --> 00:32:34,400 Speaker 1: prioritize secondhand goods is it. Yeah, it's good for the 594 00:32:34,400 --> 00:32:37,600 Speaker 1: world and it's good for our wallets. The how to 595 00:32:37,640 --> 00:32:41,719 Speaker 1: Money Facebook group recently had a post that scratch made 596 00:32:41,760 --> 00:32:44,960 Speaker 1: me scratch my head and then a lot of people 597 00:32:45,120 --> 00:32:47,440 Speaker 1: chipped in in the how to Money community community and 598 00:32:47,480 --> 00:32:50,040 Speaker 1: they didn't they didn't love the post, but it was 599 00:32:50,120 --> 00:32:53,800 Speaker 1: essentially about returning something after using it, and The New 600 00:32:53,840 --> 00:32:56,720 Speaker 1: York Post had an article that had some overlap with 601 00:32:56,760 --> 00:32:58,800 Speaker 1: that post. In the how to Money Facebook group this week, 602 00:32:58,960 --> 00:33:02,640 Speaker 1: there was a listener specifically saying like, well, well, yeah, 603 00:33:01,840 --> 00:33:05,080 Speaker 1: what if I know that I need this item for 604 00:33:05,200 --> 00:33:08,440 Speaker 1: just one use and then I return it after the fact, Like, 605 00:33:08,520 --> 00:33:10,680 Speaker 1: is that frugal or cheap? And people are like that, 606 00:33:10,680 --> 00:33:14,320 Speaker 1: that's cheap man, that's super messed up to return something 607 00:33:15,000 --> 00:33:19,920 Speaker 1: that you use for like borrow it instead, but don't 608 00:33:19,960 --> 00:33:22,360 Speaker 1: cheat the retailer, which I think I think the hout 609 00:33:22,360 --> 00:33:25,760 Speaker 1: to Money community was right on this one. Well, this 610 00:33:25,880 --> 00:33:31,000 Speaker 1: tactic Apparently, tactics like this are becoming increasingly common and 611 00:33:31,400 --> 00:33:34,280 Speaker 1: more than one hundred billion dollars of returns that are 612 00:33:34,280 --> 00:33:38,480 Speaker 1: being made are fraudulent. Some people are making returns they're 613 00:33:38,520 --> 00:33:42,280 Speaker 1: just shipping back an empty box. Others are returning like 614 00:33:42,400 --> 00:33:45,760 Speaker 1: bricked electronic goods, like they take the insides of the 615 00:33:45,800 --> 00:33:49,600 Speaker 1: electronics out the parts that make the thing work properly, 616 00:33:50,080 --> 00:33:53,920 Speaker 1: and they take the goods, they use that for their 617 00:33:53,920 --> 00:33:57,560 Speaker 1: own purposes, and then they send back the hollow electronics 618 00:33:57,600 --> 00:34:01,640 Speaker 1: item to the retailer that the retailer doesn't notice, at 619 00:34:01,720 --> 00:34:06,560 Speaker 1: least before they get their refund. That is dirty. It's 620 00:34:06,640 --> 00:34:11,480 Speaker 1: not okay. It's unethical. So if you're like, I don't know, 621 00:34:11,680 --> 00:34:14,759 Speaker 1: I mean these big retailers, these corporations, these greedy corporations 622 00:34:14,760 --> 00:34:19,720 Speaker 1: making money at our expense, that's not how it works. 623 00:34:19,719 --> 00:34:25,160 Speaker 1: And if you are abusing return policies for your own 624 00:34:25,200 --> 00:34:30,040 Speaker 1: financial benefit, I think that is it's wrong on multiple levels. 625 00:34:30,800 --> 00:34:34,200 Speaker 1: And so this is what's going to happen. It's already 626 00:34:34,280 --> 00:34:37,960 Speaker 1: leading to more draconian return policies for all of us. 627 00:34:38,239 --> 00:34:41,440 Speaker 1: We talk about LLBean kind of changing their return policy. 628 00:34:41,480 --> 00:34:44,160 Speaker 1: Costco had to do this with electronics. They still have 629 00:34:44,480 --> 00:34:47,440 Speaker 1: one of the most generous return policies in the history 630 00:34:47,440 --> 00:34:50,319 Speaker 1: of return policies. But with the electronics man, people were 631 00:34:50,480 --> 00:34:53,680 Speaker 1: abusing the crap out of it, and especially in the 632 00:34:53,719 --> 00:34:57,680 Speaker 1: electronics department where prices go down over time, it was 633 00:34:57,680 --> 00:35:01,520 Speaker 1: costing Costco a significant amount of money. It's okay to 634 00:35:01,600 --> 00:35:05,480 Speaker 1: return stuff that wasn't up to stuff, buying clothes, wearing them, 635 00:35:05,520 --> 00:35:07,919 Speaker 1: then returning them. Though I think that's wrong to say 636 00:35:07,960 --> 00:35:10,040 Speaker 1: I'm going to use it one time and then return it. 637 00:35:10,760 --> 00:35:12,960 Speaker 1: That's not okay. Borrow from a friend instead, or try 638 00:35:13,000 --> 00:35:16,640 Speaker 1: one of those online rental sites. And I think this 639 00:35:16,719 --> 00:35:19,480 Speaker 1: is something else is going to come of this. With 640 00:35:19,560 --> 00:35:22,680 Speaker 1: the data that companies are generating on each individual customer, 641 00:35:23,120 --> 00:35:27,719 Speaker 1: they're likely to change return policies for individual customers in 642 00:35:27,760 --> 00:35:31,600 Speaker 1: the future. I think we're bound to get more personalized 643 00:35:31,600 --> 00:35:35,360 Speaker 1: return policies in the future where they say, oh, hey, Matt, 644 00:35:35,400 --> 00:35:37,920 Speaker 1: we noticed you've been returning stuff at twice the rate 645 00:35:37,960 --> 00:35:40,080 Speaker 1: of the normal customer, and I'm throwing them out under 646 00:35:40,080 --> 00:35:42,600 Speaker 1: the bus because he's not here today. You're cut off 647 00:35:42,840 --> 00:35:47,239 Speaker 1: from making returns in the near future, or we are 648 00:35:47,280 --> 00:35:49,360 Speaker 1: going to have a higher threshold for your ability to 649 00:35:49,360 --> 00:35:53,839 Speaker 1: make returns. I think they're going to punish habitual abusers 650 00:35:54,120 --> 00:35:57,640 Speaker 1: of return policy on the individual level instead of just 651 00:35:57,680 --> 00:36:00,719 Speaker 1: saying this is our corporate return policy. I think they're 652 00:36:00,760 --> 00:36:04,000 Speaker 1: gonna cut people off and say, oh, you're an Amazon 653 00:36:04,000 --> 00:36:06,120 Speaker 1: Prime customer. You've been here with us a long time, 654 00:36:06,480 --> 00:36:10,160 Speaker 1: but your return rate is significantly higher than average we're 655 00:36:10,160 --> 00:36:12,920 Speaker 1: going to have to curb this for you or Costco 656 00:36:12,960 --> 00:36:15,479 Speaker 1: at some point. Don't you think Costco is going to say, Hey, 657 00:36:16,040 --> 00:36:19,080 Speaker 1: you spend less than the average person and you return 658 00:36:19,200 --> 00:36:22,879 Speaker 1: three times as much. No Costco membership for you. Kind 659 00:36:22,880 --> 00:36:25,399 Speaker 1: of like no suit for you from Seinfeld. I could 660 00:36:25,440 --> 00:36:29,560 Speaker 1: see that being the case. You almost like dynamic pricing 661 00:36:29,920 --> 00:36:34,280 Speaker 1: for airlines and other companies out there saying hey, actually, 662 00:36:34,320 --> 00:36:35,680 Speaker 1: if you buy it this time, we're going to give 663 00:36:35,719 --> 00:36:37,319 Speaker 1: you a better deal. I think they're going to say 664 00:36:38,080 --> 00:36:42,080 Speaker 1: it's like dynamic return policies for individuals, and I don't 665 00:36:42,080 --> 00:36:44,799 Speaker 1: think they're wrong, because when you look at the way 666 00:36:45,520 --> 00:36:49,759 Speaker 1: individuals are, not everyone, obviously, but a small few could 667 00:36:49,840 --> 00:36:52,680 Speaker 1: ruin generous re term policies for the rest of us. 668 00:36:52,680 --> 00:36:56,239 Speaker 1: And I just hope that this doesn't get to the 669 00:36:56,280 --> 00:37:02,480 Speaker 1: point where we all get punished because of the awful 670 00:37:02,520 --> 00:37:07,759 Speaker 1: actions from a small minority of people that just return 671 00:37:08,160 --> 00:37:12,640 Speaker 1: a bunch of stuff thoughtlessly and uncaringly, almost attempting to 672 00:37:13,120 --> 00:37:19,560 Speaker 1: on purpose punish that retailer. So not cool, And I 673 00:37:19,560 --> 00:37:22,640 Speaker 1: hope that the how to money community realizes that these 674 00:37:22,719 --> 00:37:25,120 Speaker 1: kinds of tactics really cost all of us more money. 675 00:37:25,200 --> 00:37:29,600 Speaker 1: The loss and shrinkage that retailer's experience. It gets passed 676 00:37:29,640 --> 00:37:32,080 Speaker 1: on to us in the form of higher prices. It's 677 00:37:32,080 --> 00:37:35,680 Speaker 1: not like there's no harm caused when we abuse these systems. 678 00:37:36,080 --> 00:37:39,640 Speaker 1: All right, thank you as always for joining joining me 679 00:37:39,680 --> 00:37:42,000 Speaker 1: today on the show. It was weird to do this 680 00:37:42,040 --> 00:37:44,919 Speaker 1: one solo. I missed my buddy. We'll be back though 681 00:37:45,120 --> 00:37:47,400 Speaker 1: very shortly together. And if you've got money questions, well, 682 00:37:47,400 --> 00:37:49,640 Speaker 1: we've got a lot of money content up on our 683 00:37:49,680 --> 00:37:52,400 Speaker 1: website at howtomoney dot com. Go check that out. If 684 00:37:52,400 --> 00:37:54,880 Speaker 1: you've got a money question, we've probably answered it in 685 00:37:54,960 --> 00:37:58,080 Speaker 1: written form somewhere on the how to Money website, so 686 00:37:58,080 --> 00:38:00,080 Speaker 1: please do go check that out and sign up of 687 00:38:00,120 --> 00:38:01,600 Speaker 1: the how to Money newsletter dot com at how to 688 00:38:01,640 --> 00:38:05,040 Speaker 1: money dot com slash newsletter. All Right, until next time, 689 00:38:05,719 --> 00:38:06,560 Speaker 1: best friend, Oubt