1 00:00:00,080 --> 00:00:02,640 Speaker 1: Welcome to How the Money. I'm Joel and I am 2 00:00:02,680 --> 00:00:07,320 Speaker 1: Matt Stay. We're discussing invasive inflation, tax filing advice, and 3 00:00:07,680 --> 00:00:30,000 Speaker 1: credit bureau ineptitude. You know, when you say tax filing advice, 4 00:00:30,000 --> 00:00:31,400 Speaker 1: it makes it kind of puts me on edge a 5 00:00:31,400 --> 00:00:33,879 Speaker 1: little bit. I'm like, like, you're gonna take advice from us? 6 00:00:34,159 --> 00:00:35,960 Speaker 1: But then I remember that's what we do every week 7 00:00:36,840 --> 00:00:39,080 Speaker 1: here on the show. We're basically advice a lot. We're 8 00:00:39,120 --> 00:00:42,400 Speaker 1: we're talking about how we would go about doing these things. 9 00:00:42,680 --> 00:00:45,080 Speaker 1: This is a podcast for entertainments, but of course hopefully 10 00:00:45,120 --> 00:00:47,319 Speaker 1: you take some of the knowledge that you learn from 11 00:00:47,320 --> 00:00:49,240 Speaker 1: listening to Joel and I talk and you are able 12 00:00:49,240 --> 00:00:51,600 Speaker 1: to apply it to your own life. Yes, that's the goal. 13 00:00:51,640 --> 00:00:54,279 Speaker 1: And well, and we're not against seeking professional advice. That's 14 00:00:54,280 --> 00:00:55,760 Speaker 1: one of the things we've talked about too, especially when 15 00:00:55,760 --> 00:00:57,800 Speaker 1: it comes to taxes. We'll talk about that in a 16 00:00:57,800 --> 00:01:00,880 Speaker 1: minute when we do give some of our own tax 17 00:01:00,920 --> 00:01:03,360 Speaker 1: advice and kind of detail what's happening this time of 18 00:01:03,440 --> 00:01:05,800 Speaker 1: year with the I R S. Things are not looking good. 19 00:01:05,840 --> 00:01:08,840 Speaker 1: But Matt, before we get to that, let's let's recap actually, 20 00:01:09,319 --> 00:01:12,000 Speaker 1: uh the ore How the Money Giveaway Giveaway which we 21 00:01:12,080 --> 00:01:14,040 Speaker 1: have money giveaway give away. That's right, the cash money 22 00:01:14,040 --> 00:01:16,520 Speaker 1: giveaway giveaway. And basically what we did at the end 23 00:01:16,520 --> 00:01:18,880 Speaker 1: of last year. If you if you um were not 24 00:01:18,920 --> 00:01:21,280 Speaker 1: privy to or you don't remember us talking about it, 25 00:01:21,880 --> 00:01:23,520 Speaker 1: or if you're new or if you're new here, we 26 00:01:23,560 --> 00:01:26,520 Speaker 1: gave away a thousand dollars of our own money a 27 00:01:26,600 --> 00:01:29,840 Speaker 1: hundred dollars to ten different listeners because we wanted our 28 00:01:29,880 --> 00:01:32,280 Speaker 1: listeners to do good in their community, to give that 29 00:01:32,360 --> 00:01:34,920 Speaker 1: money away and do something awesome with it. Thus give 30 00:01:34,920 --> 00:01:37,240 Speaker 1: away giveaway. Yeah, yeah, we're giving it away so that 31 00:01:37,280 --> 00:01:40,040 Speaker 1: you can give it away. And the great thing is, Matt, 32 00:01:40,080 --> 00:01:42,520 Speaker 1: some of those results have rolled in from the winners. 33 00:01:42,560 --> 00:01:45,720 Speaker 1: They've told us kind of where they gave that money, 34 00:01:45,760 --> 00:01:47,760 Speaker 1: and so we just want to kind of like share 35 00:01:47,760 --> 00:01:51,400 Speaker 1: that with with everybody. And there there were a few 36 00:01:51,440 --> 00:01:54,400 Speaker 1: places that I thought were especially cool where some of 37 00:01:54,400 --> 00:01:57,520 Speaker 1: that money ended up. There's a nonprofit boxing gym in 38 00:01:57,560 --> 00:02:01,080 Speaker 1: a low income community in California. Some money went there. 39 00:02:01,400 --> 00:02:04,960 Speaker 1: There's a nonprofit called Cooperative for Education, which is breaking 40 00:02:04,960 --> 00:02:08,440 Speaker 1: the cycle of poverty in Guatemala through education. That was 41 00:02:08,480 --> 00:02:11,959 Speaker 1: pretty cool. Yeah, there's the Cystic Fibrosis Foundation of Central 42 00:02:12,000 --> 00:02:14,720 Speaker 1: Texas and there were more than that too. There was 43 00:02:14,760 --> 00:02:18,359 Speaker 1: one that I thought was Creature Conservancy. Yeah, a nonprofit 44 00:02:19,400 --> 00:02:24,400 Speaker 1: that's attempting to help connect kids to UH to scientists 45 00:02:24,639 --> 00:02:29,560 Speaker 1: through the presciences basically, yeah, pre scientists like pinpal. Basically 46 00:02:29,960 --> 00:02:32,239 Speaker 1: you get to receive letters and write letters to kids 47 00:02:32,280 --> 00:02:35,440 Speaker 1: who are looking to enter into steam or stem fields. 48 00:02:35,800 --> 00:02:38,360 Speaker 1: There was one too, called Farm to Pantry where this 49 00:02:38,480 --> 00:02:41,200 Speaker 1: this group they rescue produce from farms that's destined for 50 00:02:41,240 --> 00:02:44,519 Speaker 1: the landfill and they are able to give that produce away. 51 00:02:44,520 --> 00:02:46,480 Speaker 1: They're able to give away those vegetables and that fruit. 52 00:02:47,480 --> 00:02:50,440 Speaker 1: They rescued over two hunter thousand pounds of produce that 53 00:02:50,480 --> 00:02:52,560 Speaker 1: they were able to give away. That was an organization 54 00:02:52,680 --> 00:02:54,920 Speaker 1: I think that was in Sonoma. But yeah, thank you 55 00:02:54,960 --> 00:02:57,600 Speaker 1: to everyone who participated in this giveaway. Thank you for 56 00:02:57,680 --> 00:03:01,880 Speaker 1: commenting and sharing the organization that you were interested in 57 00:03:01,919 --> 00:03:03,840 Speaker 1: giving to. Hopefully you were able to support them no 58 00:03:03,880 --> 00:03:06,600 Speaker 1: matter what. But either way, I think this is just 59 00:03:06,639 --> 00:03:08,680 Speaker 1: a great way to get the word outs as a 60 00:03:08,680 --> 00:03:11,920 Speaker 1: lot of these different organizations depend on charity, depend on 61 00:03:11,919 --> 00:03:14,200 Speaker 1: our giving, especially at the end of the year. At 62 00:03:14,200 --> 00:03:16,120 Speaker 1: the end of one they're trying to do that final 63 00:03:16,200 --> 00:03:18,960 Speaker 1: push and of course we're glad to hear that the 64 00:03:19,120 --> 00:03:21,520 Speaker 1: How the Money Giveaway giveaway winners were able to do 65 00:03:21,560 --> 00:03:23,239 Speaker 1: that as well. Uh, and look out for more of 66 00:03:23,280 --> 00:03:24,920 Speaker 1: these in the future. This is something that we hope 67 00:03:24,960 --> 00:03:27,600 Speaker 1: to continue to do in different ways. But it was 68 00:03:27,600 --> 00:03:29,880 Speaker 1: really fun just to be able to Venmo and cash 69 00:03:30,160 --> 00:03:33,480 Speaker 1: people a hundred bucks. It was a fun way to 70 00:03:33,600 --> 00:03:36,560 Speaker 1: end one. Now we know what you know what Oprah 71 00:03:36,560 --> 00:03:39,360 Speaker 1: feels like. She's like, you get a hundred dollars, only 72 00:03:39,360 --> 00:03:42,080 Speaker 1: on a much smaller scale, right, But yeah, no, I agree. 73 00:03:42,080 --> 00:03:43,600 Speaker 1: It was fun and and hopefully we can do more 74 00:03:43,600 --> 00:03:45,800 Speaker 1: of that in the future. I totally it was. It 75 00:03:45,880 --> 00:03:48,800 Speaker 1: was really cool to see the organizations that that money 76 00:03:48,800 --> 00:03:50,760 Speaker 1: went to, and I feel more connected to some of 77 00:03:50,800 --> 00:03:53,320 Speaker 1: those organizations. And I did not know that most of 78 00:03:53,360 --> 00:03:55,920 Speaker 1: those organizations even existed, so the fact that they're on 79 00:03:55,960 --> 00:03:58,640 Speaker 1: my radar is cool to Matt. Let's move on. Let's 80 00:03:58,680 --> 00:04:01,160 Speaker 1: get to the Friday Flight and it's basically a quick 81 00:04:01,160 --> 00:04:04,200 Speaker 1: sampling of stories we found interesting this week that have 82 00:04:04,320 --> 00:04:07,080 Speaker 1: to do with your personal finances. First one, let's get 83 00:04:07,120 --> 00:04:09,720 Speaker 1: to tax season. It's it's right, it's gonna be here 84 00:04:09,760 --> 00:04:12,280 Speaker 1: before you know. Yeah, basically, it's here. Yeah, it's basically 85 00:04:12,400 --> 00:04:15,680 Speaker 1: landed at our doorstep. And you know, we hear at 86 00:04:15,680 --> 00:04:17,560 Speaker 1: how the money have been fans of the fact that 87 00:04:17,640 --> 00:04:20,400 Speaker 1: lots of folks can file their taxes for free on 88 00:04:20,440 --> 00:04:23,240 Speaker 1: the I R S, the on their free file websites, 89 00:04:23,720 --> 00:04:27,000 Speaker 1: and they actually just announced free file is officially open 90 00:04:27,400 --> 00:04:30,760 Speaker 1: as of today. They today January fourteen. If you're a 91 00:04:30,760 --> 00:04:33,640 Speaker 1: go getter, like, go make it happen, go file, go 92 00:04:33,720 --> 00:04:36,040 Speaker 1: fire your taxes, uh today if you're if you're that 93 00:04:36,120 --> 00:04:38,560 Speaker 1: kind of person. Me, I'm more of a procrastinator, Matt, 94 00:04:38,600 --> 00:04:42,640 Speaker 1: So probably not gonna happen today. Yeah, not not not 95 00:04:42,720 --> 00:04:45,720 Speaker 1: quite April fifte necessarily, but uh yeah. The the I 96 00:04:45,839 --> 00:04:48,840 Speaker 1: R S sadly doesn't do a great job of publicizing 97 00:04:49,320 --> 00:04:52,360 Speaker 1: this the free file system, so most people don't know 98 00:04:52,400 --> 00:04:53,960 Speaker 1: about it and what We'll put a link to it 99 00:04:53,960 --> 00:04:55,360 Speaker 1: in our show notes. But it's one of those things 100 00:04:55,360 --> 00:04:58,640 Speaker 1: that everybody should know about because you can file your 101 00:04:58,640 --> 00:05:02,760 Speaker 1: taxes for free if you are in a certain income bracket, 102 00:05:02,839 --> 00:05:06,080 Speaker 1: right if you make under seventy three thousand dollars a 103 00:05:06,160 --> 00:05:09,440 Speaker 1: year adjusted gross income. But yeah, there are going to 104 00:05:09,520 --> 00:05:12,359 Speaker 1: be fewer companies participating in free file this year. We 105 00:05:12,360 --> 00:05:14,919 Speaker 1: wanted to mention that as well. Turbo Tax just announced 106 00:05:14,920 --> 00:05:16,480 Speaker 1: that they're gonna be out of it. H and R 107 00:05:16,480 --> 00:05:19,240 Speaker 1: Block announced that they're not going to participate back in October. 108 00:05:19,520 --> 00:05:21,520 Speaker 1: So now the two biggest names in tax filing are 109 00:05:21,560 --> 00:05:24,520 Speaker 1: no longer offering free tax filing through the I R 110 00:05:24,640 --> 00:05:27,800 Speaker 1: S and matt. The truth is those companies have been 111 00:05:27,920 --> 00:05:31,320 Speaker 1: kind of antagonistic towards the free tax filing service. Doesn't 112 00:05:31,320 --> 00:05:33,279 Speaker 1: make the money for a while now anyway. Yeah, and 113 00:05:33,279 --> 00:05:36,400 Speaker 1: it's just kind of um annoying frustrating to see that 114 00:05:36,480 --> 00:05:39,279 Speaker 1: they are abandoning this system that has been great for 115 00:05:39,320 --> 00:05:41,960 Speaker 1: millions of people. Yeah, and somewhere close to se of 116 00:05:42,000 --> 00:05:45,720 Speaker 1: Americans qualify to file their taxes for free using the 117 00:05:45,760 --> 00:05:49,280 Speaker 1: different third party software programs you know where they do 118 00:05:49,320 --> 00:05:52,280 Speaker 1: all the math, they guide you through the process. This 119 00:05:52,360 --> 00:05:54,159 Speaker 1: is through the partnership between the I R S and 120 00:05:54,200 --> 00:05:56,920 Speaker 1: individual companies. But like we said, Turbo Tax, H and 121 00:05:57,000 --> 00:05:59,000 Speaker 1: R Block, they are no longer going to be options, 122 00:05:59,320 --> 00:06:02,520 Speaker 1: but will link to the Free File Alliance site that 123 00:06:02,600 --> 00:06:05,720 Speaker 1: lists out participating companies. But a couple of our favorites 124 00:06:05,760 --> 00:06:09,040 Speaker 1: are cash app taxes, which literally it's through the cash app, 125 00:06:09,120 --> 00:06:12,120 Speaker 1: but they're doing a great job. And Tax Slayer as well. 126 00:06:12,400 --> 00:06:15,440 Speaker 1: Both of those options are offering free federal and state returns, 127 00:06:15,760 --> 00:06:17,560 Speaker 1: and so as long as you're adjusted gross income, like 128 00:06:17,600 --> 00:06:20,920 Speaker 1: Jell said, is seventy three dollars or less, you qualify 129 00:06:21,080 --> 00:06:23,560 Speaker 1: to use that free file software where essentially you just 130 00:06:23,560 --> 00:06:25,320 Speaker 1: get to plug your numbers in and the software does 131 00:06:25,360 --> 00:06:27,200 Speaker 1: all the heavy lifting for you. Yeah, and Cash App 132 00:06:27,240 --> 00:06:29,520 Speaker 1: Taxes Matt is kind of new on the scene this year, 133 00:06:30,040 --> 00:06:32,960 Speaker 1: but it's actually not new. It's changes name. It used 134 00:06:32,960 --> 00:06:34,640 Speaker 1: to be credit card Attacks, which we've talked about on 135 00:06:34,680 --> 00:06:36,800 Speaker 1: the show before. We're big fans of it in the past. Yeah, 136 00:06:36,920 --> 00:06:39,800 Speaker 1: and now it's it's changed, it's shifted. It's now under 137 00:06:39,839 --> 00:06:42,640 Speaker 1: the cash App logo, and it looks like that is 138 00:06:42,720 --> 00:06:46,000 Speaker 1: another great way to file your taxes for free. And like, 139 00:06:46,160 --> 00:06:48,080 Speaker 1: who doesn't have the cash app on their phone right, 140 00:06:48,120 --> 00:06:50,719 Speaker 1: Like almost everybody uses it to send money to friends, 141 00:06:50,720 --> 00:06:52,720 Speaker 1: to split dinner bills or something like that. And now 142 00:06:52,760 --> 00:06:55,039 Speaker 1: you can fire your taxes there for free to But 143 00:06:55,600 --> 00:06:57,599 Speaker 1: here's another thing we have to note when we're talking 144 00:06:57,640 --> 00:07:00,800 Speaker 1: about taxes. If you make more than you can still 145 00:07:00,880 --> 00:07:03,160 Speaker 1: file file for free. You just can't use any of 146 00:07:03,200 --> 00:07:06,320 Speaker 1: the partnering software, right, and instead you can use the 147 00:07:06,360 --> 00:07:09,800 Speaker 1: freefillable forms that are available online at i r S 148 00:07:09,840 --> 00:07:11,960 Speaker 1: Free File. I don't think they're from what I've seen, Matt, 149 00:07:11,960 --> 00:07:13,960 Speaker 1: that there is any sort of income cap when it 150 00:07:14,000 --> 00:07:15,880 Speaker 1: comes to the cash app taxes though, And there's not 151 00:07:15,960 --> 00:07:18,320 Speaker 1: income limit for the fillable forms as well. You can 152 00:07:18,360 --> 00:07:20,920 Speaker 1: earn anything and you know, fill out those affillable forms. 153 00:07:21,000 --> 00:07:24,200 Speaker 1: It's unfortunate that it's called free file, right, because if 154 00:07:24,240 --> 00:07:26,120 Speaker 1: you earn less than a certain amount, then you you 155 00:07:26,160 --> 00:07:28,640 Speaker 1: can use the free file system. But you can still 156 00:07:28,760 --> 00:07:32,520 Speaker 1: file your taxes for free if you earn more than that, uh, 157 00:07:32,760 --> 00:07:35,680 Speaker 1: just slightly more onerous. Yeah, it's not good not going 158 00:07:35,680 --> 00:07:39,360 Speaker 1: through some super nifty software prob exactly. And but here's 159 00:07:39,440 --> 00:07:41,880 Speaker 1: another thing, Like I talked about how I'm kind of 160 00:07:41,920 --> 00:07:44,680 Speaker 1: more of a procrastinator, but I probably shouldn't be this year, 161 00:07:44,680 --> 00:07:46,720 Speaker 1: because getting started early is going to make even more 162 00:07:46,760 --> 00:07:49,760 Speaker 1: sense than it normally does. And that's because if you've 163 00:07:49,760 --> 00:07:52,880 Speaker 1: been paying attention, there's a mountain of issues that the 164 00:07:52,920 --> 00:07:55,880 Speaker 1: I r S is still dealing with. They some stats 165 00:07:55,880 --> 00:07:58,000 Speaker 1: came out this week, Matt, and they literally admitted that 166 00:07:58,040 --> 00:08:00,600 Speaker 1: they have one person on staff to answer UH phone 167 00:08:00,640 --> 00:08:03,640 Speaker 1: calls for every sixteen people that calls in, So odds 168 00:08:03,680 --> 00:08:06,200 Speaker 1: are not in your favor. They're never getting to your 169 00:08:06,200 --> 00:08:09,480 Speaker 1: phone call in case you're wondering, So you're never gonna 170 00:08:09,480 --> 00:08:10,600 Speaker 1: be able to talk to a human at the i 171 00:08:10,640 --> 00:08:12,720 Speaker 1: r S. Don't even try. And as of this year, 172 00:08:12,760 --> 00:08:15,480 Speaker 1: there are still roughly eight million returns that the i 173 00:08:15,560 --> 00:08:18,600 Speaker 1: r S has yet to process, so many from last year. Yeah, 174 00:08:18,640 --> 00:08:21,360 Speaker 1: they got their work cut out for them. The key 175 00:08:21,480 --> 00:08:25,640 Speaker 1: to avoiding long delays if you're expecting a tax refund 176 00:08:25,920 --> 00:08:29,120 Speaker 1: and you don't want to wait till to get it, 177 00:08:29,200 --> 00:08:31,960 Speaker 1: is to file electronically, to file early, and then to 178 00:08:32,040 --> 00:08:35,600 Speaker 1: opt for direct deposit. If you UH choose a different 179 00:08:35,640 --> 00:08:38,320 Speaker 1: direction on any of those fronts, you're probably going to 180 00:08:38,360 --> 00:08:41,160 Speaker 1: be waiting quite a bit longer. Yeah, file early and 181 00:08:41,320 --> 00:08:44,920 Speaker 1: often likely this is something we only have to do 182 00:08:45,000 --> 00:08:48,160 Speaker 1: once a year. But it's not like investing, where you 183 00:08:48,200 --> 00:08:51,000 Speaker 1: wanna invest early in get off the dollar cost average 184 00:08:51,120 --> 00:08:55,080 Speaker 1: taxes man. Let's talk about working from home, because so 185 00:08:55,120 --> 00:08:57,079 Speaker 1: everyone knows that the number of people working from home 186 00:08:57,120 --> 00:08:59,360 Speaker 1: has skyrocket, right, that's like a no du thing at 187 00:08:59,360 --> 00:09:01,840 Speaker 1: this point, But I didn't know by how much On 188 00:09:01,880 --> 00:09:05,120 Speaker 1: a recent Sixty Minutes appearance, the chief economists for LinkedIn 189 00:09:05,559 --> 00:09:08,320 Speaker 1: this is Karen Kimbro said that prior to the pandemic, 190 00:09:08,520 --> 00:09:11,240 Speaker 1: it was just one in sixty seven jobs that were remote. 191 00:09:11,559 --> 00:09:14,920 Speaker 1: Now it's one in seven, which is just an epic shift. 192 00:09:15,440 --> 00:09:18,280 Speaker 1: And then piling onto that. Airbnb they said this week 193 00:09:18,320 --> 00:09:20,520 Speaker 1: that they used to find the bulk of their employees 194 00:09:20,600 --> 00:09:24,079 Speaker 1: in the San Francisco Bay area, but not anymore. Now. 195 00:09:24,120 --> 00:09:25,960 Speaker 1: They say that every three and four hires they make 196 00:09:26,000 --> 00:09:29,200 Speaker 1: are folks who are working from someplace else. It's just 197 00:09:29,200 --> 00:09:31,640 Speaker 1: crazy to think about how quickly this pivot has happened. 198 00:09:31,840 --> 00:09:33,400 Speaker 1: But at the same time, when it comes to Airbnb, 199 00:09:33,440 --> 00:09:35,520 Speaker 1: I feel like this is quite on brand for them. 200 00:09:35,520 --> 00:09:37,640 Speaker 1: It's just like, oh, you don't need to come in, Uh, 201 00:09:37,679 --> 00:09:39,200 Speaker 1: you don't need to be in a certain location, just 202 00:09:39,240 --> 00:09:42,960 Speaker 1: travel the world. You're working from an igloo today. That's great. Exactly, 203 00:09:43,120 --> 00:09:45,400 Speaker 1: why don't you use our Airbnb credits that that you 204 00:09:45,440 --> 00:09:47,560 Speaker 1: get everybody, which that would be a pretty sweet perk, 205 00:09:47,640 --> 00:09:49,040 Speaker 1: don't I don't know if they actually do you think 206 00:09:49,040 --> 00:09:52,280 Speaker 1: they do that Airbnb dollars? What if they what if 207 00:09:52,280 --> 00:09:55,240 Speaker 1: you only were paid in Airbnb dollars? I'd be like, oh, sorry, 208 00:09:55,360 --> 00:09:58,199 Speaker 1: I need actual I also have to buy food actual money. 209 00:09:58,320 --> 00:10:00,960 Speaker 1: Can't survive and travel alone. No, but I'm sure they 210 00:10:01,000 --> 00:10:03,400 Speaker 1: get some sort of most employees are all employees get 211 00:10:03,440 --> 00:10:05,599 Speaker 1: some sort of there's gotta be something free Airbnb credits, Like, 212 00:10:05,679 --> 00:10:08,320 Speaker 1: I gotta imagine that exists. But yeah, that is interesting 213 00:10:08,360 --> 00:10:10,199 Speaker 1: to see. And yeah, one in sixty seven to one 214 00:10:10,240 --> 00:10:13,800 Speaker 1: in seven, that's a massive shift that we've seen in 215 00:10:13,840 --> 00:10:16,559 Speaker 1: just a really short period of time. Uh. And and 216 00:10:16,600 --> 00:10:18,520 Speaker 1: since a huge chunk of folks are are still out 217 00:10:18,520 --> 00:10:20,000 Speaker 1: there looking for a new job, they were like, I 218 00:10:20,000 --> 00:10:23,679 Speaker 1: think it's thirty nine according to a new survey from Fidelity. 219 00:10:24,000 --> 00:10:26,560 Speaker 1: The great thing is you probably won't have to move 220 00:10:26,920 --> 00:10:28,960 Speaker 1: if you don't want to. And for the longest time 221 00:10:28,960 --> 00:10:31,640 Speaker 1: in human history, or you had to move where the 222 00:10:31,679 --> 00:10:33,719 Speaker 1: opportunity was, there's a one in seven chance now that 223 00:10:33,760 --> 00:10:36,600 Speaker 1: you don't have to exactly. You can stay put wherever 224 00:10:36,800 --> 00:10:39,240 Speaker 1: you want to be and still get a great job. 225 00:10:39,559 --> 00:10:42,480 Speaker 1: And yeah, that the fact that there are more jobs 226 00:10:42,480 --> 00:10:45,439 Speaker 1: than folks looking for jobs is resulting in higher wages 227 00:10:45,520 --> 00:10:48,200 Speaker 1: for a ton of folks. So winn, winn, Yeah, and 228 00:10:48,240 --> 00:10:50,160 Speaker 1: from home and get paid more. That's the way to 229 00:10:50,200 --> 00:10:51,960 Speaker 1: do it. And my guest, Matt, is that we can 230 00:10:52,000 --> 00:10:55,880 Speaker 1: expect even more labor market turmoil in the years ahead, 231 00:10:56,280 --> 00:10:59,040 Speaker 1: and this labor market continues to be good for savvy 232 00:10:59,080 --> 00:11:02,680 Speaker 1: folks who are out there like taking advantage of the 233 00:11:02,720 --> 00:11:05,520 Speaker 1: opportunities that are happening in the market. That's right. Uh, 234 00:11:05,679 --> 00:11:08,559 Speaker 1: new inflation numbers they were released this week. They're definitely 235 00:11:08,600 --> 00:11:10,920 Speaker 1: still on the rise, although we might be seeing signs 236 00:11:10,920 --> 00:11:13,040 Speaker 1: of it slowing down. We'll just have to see. But 237 00:11:13,120 --> 00:11:16,040 Speaker 1: the headline inflation number is now at seven percent year 238 00:11:16,080 --> 00:11:18,240 Speaker 1: over year. This is a couple of ticks higher than 239 00:11:18,240 --> 00:11:20,760 Speaker 1: a month ago. And we've all noticed the impact of 240 00:11:20,840 --> 00:11:23,679 Speaker 1: inflation on our monthly budgets. Although you know, it has 241 00:11:23,720 --> 00:11:27,680 Speaker 1: affected us all to varying degrees, but if you've purchased 242 00:11:27,679 --> 00:11:30,600 Speaker 1: a car recently, for instance, you've definitely felt the impact 243 00:11:30,600 --> 00:11:32,840 Speaker 1: in a much bigger way. I'm sure there was some 244 00:11:32,960 --> 00:11:36,200 Speaker 1: legitimate sticker shot going on, but we wanted to mention 245 00:11:36,360 --> 00:11:39,040 Speaker 1: some of the potential inflation impacts that almost no one 246 00:11:39,200 --> 00:11:42,520 Speaker 1: else is actually currently talking about right now, like higher 247 00:11:42,600 --> 00:11:45,760 Speaker 1: property taxes on cars as well as homes. Yeah, we're 248 00:11:45,800 --> 00:11:47,880 Speaker 1: we're all talking about the price at the pump or 249 00:11:47,920 --> 00:11:50,360 Speaker 1: the price to buy a car, or how must bacon 250 00:11:50,440 --> 00:11:55,280 Speaker 1: bacon or the price of rebias and bacon. Uh, something 251 00:11:55,280 --> 00:11:57,360 Speaker 1: we gotta keep our finger on. I mean, to be honest, 252 00:11:57,440 --> 00:11:59,679 Speaker 1: the Joel inflation gauges is through the roof because of 253 00:11:59,679 --> 00:12:02,719 Speaker 1: those two things. But your own personal inflation indexes through 254 00:12:02,760 --> 00:12:05,920 Speaker 1: the roof, exactly. Although yeah, I've had the tamptown my 255 00:12:05,960 --> 00:12:08,920 Speaker 1: consumption of those things. But you're right, Matt, Like, the 256 00:12:08,920 --> 00:12:12,560 Speaker 1: things that we're not talking about are higher taxes because 257 00:12:12,760 --> 00:12:15,520 Speaker 1: of rising values. And so yeah, if you own a home, 258 00:12:15,840 --> 00:12:17,640 Speaker 1: the value of that home has been soaring, and so 259 00:12:17,679 --> 00:12:20,280 Speaker 1: you're like, all right, I'm saying I'm more equity. Who well, 260 00:12:20,360 --> 00:12:21,880 Speaker 1: the same thing with your car. You're like, I bought 261 00:12:21,920 --> 00:12:23,640 Speaker 1: this car for ten thousand dollars and now it's worth 262 00:12:25,000 --> 00:12:26,640 Speaker 1: good thing. I don't have to buy a new home 263 00:12:26,720 --> 00:12:28,920 Speaker 1: or a new car right now. Yeah, exactly, But you 264 00:12:29,000 --> 00:12:31,520 Speaker 1: still got to pay taxes on that, exactly exactly. And 265 00:12:31,559 --> 00:12:35,200 Speaker 1: so these rising values means rising taxes. And if you 266 00:12:35,240 --> 00:12:38,160 Speaker 1: live in a state where property taxes are assessed annually 267 00:12:38,200 --> 00:12:40,600 Speaker 1: based on the value of your home or the value 268 00:12:40,679 --> 00:12:43,320 Speaker 1: of your car, Matt, we the state of Georgia changed 269 00:12:43,360 --> 00:12:45,199 Speaker 1: that just a few years ago where you pay kind 270 00:12:45,200 --> 00:12:47,200 Speaker 1: of a lump sum upfront, and that kind of annoyed 271 00:12:47,240 --> 00:12:49,520 Speaker 1: me until now Yeah, I'm actually like, oh, it's a 272 00:12:49,520 --> 00:12:51,080 Speaker 1: good thing that we're not seeing the rate of our 273 00:12:51,160 --> 00:12:53,439 Speaker 1: vehicles go up. Yeah. And and lawma here's in certain 274 00:12:53,440 --> 00:12:56,040 Speaker 1: states have said, hey, we're gonna try to like roll 275 00:12:56,080 --> 00:12:59,680 Speaker 1: back valuations and and and make the tax assessments based 276 00:12:59,720 --> 00:13:01,880 Speaker 1: on I'll use from a couple of years ago. We'll 277 00:13:01,880 --> 00:13:04,200 Speaker 1: see if that actually happens. But it just a heads 278 00:13:04,240 --> 00:13:06,680 Speaker 1: up to all of our listeners. If you are paying 279 00:13:06,960 --> 00:13:09,840 Speaker 1: like an annual tax on your car or home, you're 280 00:13:09,880 --> 00:13:12,160 Speaker 1: you need to be prepared for the likelihood of a 281 00:13:12,240 --> 00:13:15,040 Speaker 1: higher tax bill this year. Yeah, that's right. Everything truly 282 00:13:15,200 --> 00:13:17,199 Speaker 1: is costing more than it used to. Joel. We've got 283 00:13:17,240 --> 00:13:19,480 Speaker 1: a few additional stories we're gonna get to right after 284 00:13:19,520 --> 00:13:22,040 Speaker 1: the break, including we're gonna talk a little bit about 285 00:13:22,280 --> 00:13:25,079 Speaker 1: buy now, pay later and uh it's impact on your 286 00:13:25,120 --> 00:13:27,000 Speaker 1: credit score, and so we'll get to all of that 287 00:13:27,160 --> 00:13:38,280 Speaker 1: right after this. All right, maw, we got more stories 288 00:13:38,280 --> 00:13:40,600 Speaker 1: to get to on this Friday flight, And of course 289 00:13:40,800 --> 00:13:43,160 Speaker 1: we have to get to our ludicrous headline of the week, 290 00:13:43,559 --> 00:13:47,240 Speaker 1: and this one comes from CNBC and it reads crypto 291 00:13:47,280 --> 00:13:51,400 Speaker 1: scams are the top threat to investors by far. This article, 292 00:13:51,480 --> 00:13:54,320 Speaker 1: Matt was based on data from the North American Securities 293 00:13:54,320 --> 00:13:58,880 Speaker 1: Administrators Association of the good Old NASA. It's like a 294 00:13:58,920 --> 00:14:00,960 Speaker 1: different form with NASA. It's not the one sending rockets 295 00:14:00,960 --> 00:14:02,559 Speaker 1: in the space, although I don't think NASA does that 296 00:14:02,600 --> 00:14:05,920 Speaker 1: anymore anyway, that's left to the billionaire titans like Elon 297 00:14:06,000 --> 00:14:09,240 Speaker 1: Muskin and Jeff Bezos there. But basically, they found that 298 00:14:09,360 --> 00:14:13,719 Speaker 1: losses from cryptocrons have risen sev year over year. So 299 00:14:13,800 --> 00:14:15,760 Speaker 1: a lot of more people are getting swindled in the 300 00:14:15,760 --> 00:14:19,720 Speaker 1: crypto space. And the question might be, well why. The 301 00:14:19,760 --> 00:14:21,760 Speaker 1: answer is that's where the easy money is. There have 302 00:14:21,800 --> 00:14:25,840 Speaker 1: been so many articles detailing the rise of crypto millionaires. Uh, 303 00:14:25,920 --> 00:14:28,440 Speaker 1: the guy that put ten thousand bucks in Dodge cooin 304 00:14:28,480 --> 00:14:30,480 Speaker 1: and I look at how much money he has well, 305 00:14:30,520 --> 00:14:33,240 Speaker 1: and it's led to just millions of want to be 306 00:14:33,360 --> 00:14:35,960 Speaker 1: copycats who are hoping to get rich quickly, using their 307 00:14:36,000 --> 00:14:38,760 Speaker 1: money in an incredibly risky way in the crypto space, 308 00:14:39,160 --> 00:14:42,480 Speaker 1: hoping to get rich on the latest token that gets released. 309 00:14:42,720 --> 00:14:45,200 Speaker 1: But basically it's been a losing game for a lot 310 00:14:45,280 --> 00:14:48,480 Speaker 1: of those folks, and yeah, those stories don't tend to 311 00:14:48,480 --> 00:14:51,920 Speaker 1: make the newspapers the people who uh lose twenty thos 312 00:14:52,000 --> 00:14:54,720 Speaker 1: or thirty thousand dollars and so yeah, everyday folks are 313 00:14:54,720 --> 00:14:58,200 Speaker 1: getting burned in the crypto space. And these stats are interesting, 314 00:14:58,280 --> 00:15:00,520 Speaker 1: not because they're really proving out something that we have 315 00:15:00,800 --> 00:15:03,600 Speaker 1: talked about on the show that we've been fearful of 316 00:15:03,800 --> 00:15:06,800 Speaker 1: for people who are gangbusters ready to to get into 317 00:15:06,800 --> 00:15:09,280 Speaker 1: crypto all out, that's right. Yeah, And like you said, 318 00:15:09,280 --> 00:15:12,000 Speaker 1: this goes to the show how the scammers they're always 319 00:15:12,040 --> 00:15:13,600 Speaker 1: going to chase the money, right, Like that's all they 320 00:15:13,640 --> 00:15:16,760 Speaker 1: care about. If you're in the scaming industry or business, 321 00:15:16,880 --> 00:15:20,000 Speaker 1: like there's no service, but there's no sort of higher standard. 322 00:15:20,080 --> 00:15:22,160 Speaker 1: You are just chasing the money. And so traditionally you 323 00:15:22,200 --> 00:15:25,240 Speaker 1: see older generations getting scammed, or if you if there's 324 00:15:25,240 --> 00:15:28,200 Speaker 1: like a natural disaster, different funds get set up, right 325 00:15:28,200 --> 00:15:31,440 Speaker 1: and folks are pouring money into support those people. The 326 00:15:31,520 --> 00:15:33,680 Speaker 1: scammers will show up there as well. But of course, 327 00:15:33,760 --> 00:15:37,080 Speaker 1: with all the money pouring into cryptocurrencies, all these scamers 328 00:15:37,120 --> 00:15:39,240 Speaker 1: one a piece of that action. Uh, And they're praying 329 00:15:39,560 --> 00:15:42,520 Speaker 1: on fomo, right because you've got all of these crypto investors. 330 00:15:42,680 --> 00:15:45,280 Speaker 1: They're not seeing the type of returns that we saw 331 00:15:45,440 --> 00:15:48,560 Speaker 1: last year when everybody was flush with cash, and so 332 00:15:48,600 --> 00:15:50,320 Speaker 1: they're looking to some of the different ways where they 333 00:15:50,320 --> 00:15:53,360 Speaker 1: can see a quick return on their money, and that's 334 00:15:53,400 --> 00:15:55,520 Speaker 1: when they do get scammed. But like you mentioned, you know, 335 00:15:55,520 --> 00:15:58,720 Speaker 1: we don't typically hear about those different SOBS stories, although 336 00:15:58,800 --> 00:16:00,840 Speaker 1: one story that didn't make the newspapers this week on 337 00:16:00,880 --> 00:16:04,360 Speaker 1: that front is the lawsuit against Kim Kardashian some other 338 00:16:04,440 --> 00:16:07,880 Speaker 1: high profile athletes that alleges that they were part of, 339 00:16:07,920 --> 00:16:09,800 Speaker 1: you know, one of these crypto scams, although in a 340 00:16:09,920 --> 00:16:12,360 Speaker 1: kind of a different way. But kk she posted on 341 00:16:12,400 --> 00:16:15,520 Speaker 1: Instagram to first calling her that I appreciate that she 342 00:16:15,520 --> 00:16:18,480 Speaker 1: she posted to all of her followers about the specific 343 00:16:18,520 --> 00:16:21,400 Speaker 1: crypto coin. We actually mentioned it when that was in 344 00:16:21,440 --> 00:16:24,000 Speaker 1: the headlines, like a few months ago. As she mentioned 345 00:16:24,000 --> 00:16:26,040 Speaker 1: the specific we we told you then this is a 346 00:16:26,040 --> 00:16:29,320 Speaker 1: bad move. We did. Uh, so hopefully you listen to us, 347 00:16:29,320 --> 00:16:32,080 Speaker 1: and you didn't weren't one of her followers. But of 348 00:16:32,120 --> 00:16:36,080 Speaker 1: course that coin obviously became super popular, driving up the price, 349 00:16:36,600 --> 00:16:40,000 Speaker 1: and the lawsuit alleges that a few people, the folks 350 00:16:40,120 --> 00:16:43,480 Speaker 1: generating this buzz in particular, they got incredibly rich by 351 00:16:43,600 --> 00:16:46,880 Speaker 1: dumping their steak as prices were at these you know, 352 00:16:47,040 --> 00:16:50,480 Speaker 1: moon levels, And so what's happening with that coin now, Well, 353 00:16:50,560 --> 00:16:54,520 Speaker 1: you can probably guess it's lost of its value, meaning 354 00:16:54,760 --> 00:16:57,520 Speaker 1: that a bunch of normal folks who were maybe looking 355 00:16:57,560 --> 00:16:59,920 Speaker 1: to grow some of their money they got screwed over. 356 00:17:00,200 --> 00:17:02,160 Speaker 1: And so we share this because we want to remind 357 00:17:02,200 --> 00:17:03,920 Speaker 1: you that if you are going to put some money 358 00:17:03,960 --> 00:17:07,440 Speaker 1: into crypto, make sure that it's only a very small amounts. 359 00:17:07,240 --> 00:17:09,000 Speaker 1: It needs to be an amount of money that you 360 00:17:09,040 --> 00:17:12,840 Speaker 1: are willing to completely lose. Uh, And watch out for scams, 361 00:17:12,840 --> 00:17:15,840 Speaker 1: watch out for fishy behavior where they're asking for you 362 00:17:15,880 --> 00:17:19,720 Speaker 1: to do something, or you know, don't click the links 363 00:17:19,800 --> 00:17:21,639 Speaker 1: like that's the number one thing. If you receive kind 364 00:17:21,680 --> 00:17:23,840 Speaker 1: of an odd email, don't click the link to find 365 00:17:23,880 --> 00:17:26,720 Speaker 1: out more what they're talking about. Go to your browser directly, 366 00:17:26,800 --> 00:17:30,160 Speaker 1: go directly to your coin base account or whatever accounts 367 00:17:30,200 --> 00:17:32,879 Speaker 1: you might have, and see if what they're saying is legit. 368 00:17:33,080 --> 00:17:35,639 Speaker 1: It might truly be a year in tax form to 369 00:17:35,720 --> 00:17:37,760 Speaker 1: start preparing for the shock of seeing all the transactions 370 00:17:37,760 --> 00:17:41,320 Speaker 1: that you have to account for with your taxes this year. However, 371 00:17:41,520 --> 00:17:44,680 Speaker 1: even still I'm going to be going directly to any 372 00:17:44,680 --> 00:17:46,479 Speaker 1: of my accounts to get any of those year informs. 373 00:17:46,520 --> 00:17:49,359 Speaker 1: Don't click the links in the email. Yes, agreed, and 374 00:17:49,520 --> 00:17:52,640 Speaker 1: just be aware. It's a very speculative space still, and 375 00:17:52,760 --> 00:17:56,040 Speaker 1: there are new coins being made every single day, and 376 00:17:56,280 --> 00:17:58,480 Speaker 1: a few people will get rich and lots of people 377 00:17:58,520 --> 00:18:01,200 Speaker 1: will lose money. But let's talk about another place where 378 00:18:01,200 --> 00:18:04,080 Speaker 1: people might lose money, Matta, the buy now, Pay later space. 379 00:18:04,359 --> 00:18:06,720 Speaker 1: There have been a couple of interesting changes since we 380 00:18:06,880 --> 00:18:10,040 Speaker 1: last talked about this fast growing way to buy stuff online. 381 00:18:10,240 --> 00:18:13,600 Speaker 1: It feels like at every turn every online checkout, I'm 382 00:18:13,640 --> 00:18:16,879 Speaker 1: now given the option to pay across multiple installments instead 383 00:18:16,920 --> 00:18:19,360 Speaker 1: of paying in full, and that's been great for retailers. 384 00:18:19,359 --> 00:18:22,360 Speaker 1: People are spending more money because of buy now, pay later. 385 00:18:22,400 --> 00:18:25,080 Speaker 1: Instead of buying that mattress eight mattress all at once, 386 00:18:25,280 --> 00:18:28,040 Speaker 1: you can pay for it over six months, and it 387 00:18:28,160 --> 00:18:30,399 Speaker 1: sounds it sounds great as an individual to not have 388 00:18:30,440 --> 00:18:32,919 Speaker 1: to pay it all at once without fees or interest. 389 00:18:33,119 --> 00:18:36,159 Speaker 1: But we wanted to mention the CFPV has announced that 390 00:18:36,240 --> 00:18:38,040 Speaker 1: is going to do some digging into the buy now, 391 00:18:38,080 --> 00:18:40,360 Speaker 1: pay later space, and Matt, you and I we've talked 392 00:18:40,359 --> 00:18:43,399 Speaker 1: about our reluctance to embrace the companies like Klarna and 393 00:18:43,600 --> 00:18:46,760 Speaker 1: after pay because we think that payment buying is a 394 00:18:46,840 --> 00:18:50,560 Speaker 1: bad way to go, even when you're removing fees and 395 00:18:50,600 --> 00:18:53,840 Speaker 1: interest payments. And that's exactly because it's easy to let 396 00:18:53,880 --> 00:18:57,480 Speaker 1: consumption based buying get out of control. When you're signing 397 00:18:57,560 --> 00:19:00,320 Speaker 1: up for smaller, more convenient payments, you might take more 398 00:19:00,359 --> 00:19:02,720 Speaker 1: payments than you can actually afford. And if you can't 399 00:19:02,760 --> 00:19:05,280 Speaker 1: afford it up front, but you think you can afford 400 00:19:05,280 --> 00:19:08,160 Speaker 1: it on payments, ultimately, that's gonna be bad for your finances. 401 00:19:08,200 --> 00:19:09,920 Speaker 1: And so yeah, we would say, if that's what it 402 00:19:09,960 --> 00:19:13,000 Speaker 1: takes to afford that new purchase, you can't actually afford it, 403 00:19:13,240 --> 00:19:15,240 Speaker 1: that's right, you know, like they're all just looking for 404 00:19:15,240 --> 00:19:17,400 Speaker 1: different ways to make it easier to buy stuff. If 405 00:19:17,560 --> 00:19:20,719 Speaker 1: we were coming out with some sort of payment processing system, 406 00:19:20,920 --> 00:19:22,800 Speaker 1: I guess it wouldn't necessarily be a product. I could 407 00:19:22,800 --> 00:19:24,800 Speaker 1: see it being like a widget, you know, like like 408 00:19:24,920 --> 00:19:26,159 Speaker 1: so you got the Honey app, you know, like the 409 00:19:26,160 --> 00:19:28,480 Speaker 1: different extensions on your browser. If how the money was 410 00:19:28,520 --> 00:19:29,960 Speaker 1: to create one, I think what it would say is 411 00:19:30,000 --> 00:19:32,440 Speaker 1: that before, like when you would go to click by, 412 00:19:32,560 --> 00:19:36,200 Speaker 1: it would be like are you sure just basically second 413 00:19:36,200 --> 00:19:38,000 Speaker 1: guessing your ability to pay for this is like, are 414 00:19:38,040 --> 00:19:40,480 Speaker 1: you sure you're willing to trade? And what if you 415 00:19:40,520 --> 00:19:43,199 Speaker 1: were able to u enter in like your hourly wage 416 00:19:43,440 --> 00:19:45,679 Speaker 1: and then it automatically get converted it to like how 417 00:19:45,760 --> 00:19:48,160 Speaker 1: much time it would cause you? Like, I like that seriously? 418 00:19:48,240 --> 00:19:51,000 Speaker 1: Like what if instead of making it so easy to 419 00:19:51,080 --> 00:19:53,399 Speaker 1: buy like you mentioned, like what like a mattress or 420 00:19:53,400 --> 00:19:55,159 Speaker 1: something like that, if instead it was almost like a 421 00:19:55,200 --> 00:19:57,440 Speaker 1: caption where it slows you down, it bogs you down. 422 00:19:57,960 --> 00:19:59,840 Speaker 1: Because that's what we want folks to do. We were 423 00:20:00,040 --> 00:20:01,960 Speaker 1: he with folks buying stuff, but we want you to 424 00:20:02,440 --> 00:20:04,960 Speaker 1: maybe reconsider, just think twice about it, and maybe a 425 00:20:04,960 --> 00:20:06,840 Speaker 1: couple of questions where it's like do you actually need this? 426 00:20:06,920 --> 00:20:08,800 Speaker 1: And have you shopped the market to see if this 427 00:20:08,840 --> 00:20:11,240 Speaker 1: is the lowest price, do you have an emergency fund 428 00:20:11,240 --> 00:20:14,879 Speaker 1: set up? If not, how much of a priority? How 429 00:20:14,920 --> 00:20:18,680 Speaker 1: annoying would that be? Two people? They would hate us, Well, yeah, 430 00:20:18,720 --> 00:20:20,720 Speaker 1: we would be the worst. But that is what we 431 00:20:20,760 --> 00:20:22,920 Speaker 1: want you thinking, at least in the back of your mind. 432 00:20:23,280 --> 00:20:25,359 Speaker 1: This isn't something we're actually going to implement, but now 433 00:20:25,400 --> 00:20:28,119 Speaker 1: that you've heard us say this, hopefully this is something 434 00:20:28,160 --> 00:20:30,320 Speaker 1: that you have stored away in your brain, but joels 435 00:20:30,480 --> 00:20:32,640 Speaker 1: like we're talking about by not pay later. Uh, there's 436 00:20:32,680 --> 00:20:34,440 Speaker 1: more news in that space this week. It looks like 437 00:20:34,640 --> 00:20:37,960 Speaker 1: these installment loans are going to start affecting your credit 438 00:20:37,960 --> 00:20:40,600 Speaker 1: score in the near future, starting with Equifax that is 439 00:20:40,600 --> 00:20:43,159 Speaker 1: set to debut next month. The other two major bureaus 440 00:20:43,200 --> 00:20:45,480 Speaker 1: have reported similar plans. And so what does this mean 441 00:20:45,480 --> 00:20:47,879 Speaker 1: to you? Well, if you buy something and you opt 442 00:20:48,040 --> 00:20:50,480 Speaker 1: to buy now, pay later at checkout and end up 443 00:20:50,520 --> 00:20:53,200 Speaker 1: not being able to make a payment, it's gonna dent 444 00:20:53,400 --> 00:20:55,480 Speaker 1: your credit score. It's likely going to hurt you in 445 00:20:55,480 --> 00:20:57,600 Speaker 1: the same way that I missed credit card payment hurt 446 00:20:57,640 --> 00:21:00,720 Speaker 1: you now. But again, remember, just because someone will lend 447 00:21:00,760 --> 00:21:02,760 Speaker 1: you money doesn't mean that you should take it. Just 448 00:21:02,840 --> 00:21:06,000 Speaker 1: because you qualify at check out, that doesn't mean that 449 00:21:06,040 --> 00:21:07,600 Speaker 1: this is the right choice for you. It wants you 450 00:21:07,640 --> 00:21:09,560 Speaker 1: to tread lightly. When it comes to these buy now, 451 00:21:09,600 --> 00:21:13,080 Speaker 1: pay later programs, Yes, and they pretty much everybody qualifies. 452 00:21:13,119 --> 00:21:14,879 Speaker 1: It seems like from what I've read, it's not that 453 00:21:14,920 --> 00:21:18,199 Speaker 1: hard to to buy that new item of clothing with 454 00:21:18,320 --> 00:21:21,000 Speaker 1: b N p L. They're not like doing a super 455 00:21:21,040 --> 00:21:24,040 Speaker 1: extensive search to make sure that you are credit worthy, 456 00:21:24,359 --> 00:21:26,280 Speaker 1: which is why more and more people I think are 457 00:21:26,400 --> 00:21:28,840 Speaker 1: jumping on the bandwagon. By the way, you mentioned credit 458 00:21:28,880 --> 00:21:32,199 Speaker 1: bureaus and Matt, I think everybody hates credit bureaus at 459 00:21:32,200 --> 00:21:34,320 Speaker 1: this point in time, Am I wrong? Um? I don't 460 00:21:34,320 --> 00:21:36,240 Speaker 1: know of anybody who's like attached at the hip but 461 00:21:36,320 --> 00:21:38,760 Speaker 1: has like them. It has like an Equifax bump or 462 00:21:38,760 --> 00:21:40,280 Speaker 1: sticker on that car or something like that. I will say, 463 00:21:40,280 --> 00:21:42,200 Speaker 1: it's been a while since they've done a big old 464 00:21:42,280 --> 00:21:45,879 Speaker 1: goof where they've you know, accidentally released the information of 465 00:21:46,720 --> 00:21:52,000 Speaker 1: Americans million actually, but um, yeah, I think everybody hates them. 466 00:21:52,040 --> 00:21:54,720 Speaker 1: And there's new data from the CFPB, the Consumer Financial 467 00:21:54,760 --> 00:21:57,600 Speaker 1: Production Bureau, that reveals that more than half of the 468 00:21:57,600 --> 00:22:01,119 Speaker 1: total complaints that they receive every year is about three 469 00:22:01,160 --> 00:22:04,720 Speaker 1: companies the credit bureaus. Like, it's not about the big banks. 470 00:22:04,760 --> 00:22:06,440 Speaker 1: I mean, I'm sure that they get their fair share 471 00:22:06,440 --> 00:22:10,880 Speaker 1: of their third fourth, but with the credit bureaus take 472 00:22:10,960 --> 00:22:13,080 Speaker 1: the number one spot by a long shot. And to 473 00:22:13,119 --> 00:22:16,240 Speaker 1: add insult to injury, the bureaus they used to provide 474 00:22:16,480 --> 00:22:19,120 Speaker 1: some help to a decent chunk of these complaints. That's 475 00:22:19,200 --> 00:22:21,399 Speaker 1: kind of what was great about the CFPB is they 476 00:22:21,400 --> 00:22:24,720 Speaker 1: would take these complaints and then these companies would do 477 00:22:24,800 --> 00:22:28,480 Speaker 1: something about it. Well, not really anymore. They apparently only 478 00:22:28,480 --> 00:22:32,720 Speaker 1: respond to two percent of all complaints that come their way. 479 00:22:33,000 --> 00:22:35,000 Speaker 1: And the major three credit bureaus they need to get 480 00:22:35,000 --> 00:22:38,160 Speaker 1: their act together. I think the CFPB does too. They're 481 00:22:38,200 --> 00:22:39,840 Speaker 1: supposed to be the cop on the beat here. They've 482 00:22:39,840 --> 00:22:42,840 Speaker 1: got to step up their game. But seven thousand complaints 483 00:22:42,920 --> 00:22:46,920 Speaker 1: and somewhere close to zero responses is unacceptable, especially considering 484 00:22:46,960 --> 00:22:50,240 Speaker 1: how important credit scores are to our financial lives these days. 485 00:22:50,320 --> 00:22:53,959 Speaker 1: They're kind of like a central part of getting loans 486 00:22:54,040 --> 00:22:56,000 Speaker 1: and living life, and it's frustrating to see that when 487 00:22:56,040 --> 00:22:57,639 Speaker 1: when then, when people have a problem and they go 488 00:22:57,680 --> 00:23:00,280 Speaker 1: directly to the credit bureau they get no response, And 489 00:23:00,280 --> 00:23:01,960 Speaker 1: then they go to the agency that's supposed to be 490 00:23:02,560 --> 00:23:05,320 Speaker 1: overseeing the credit bureaus and they get no response. And 491 00:23:05,400 --> 00:23:07,800 Speaker 1: so what are consumers supposed to do? I'm not sure, 492 00:23:07,840 --> 00:23:10,840 Speaker 1: but something's got to give here because it's not okay. Yeah, 493 00:23:10,840 --> 00:23:13,720 Speaker 1: and friend of the show, Michelle Singletary, we actually had 494 00:23:13,720 --> 00:23:16,560 Speaker 1: her on back on that was episode three seventy three, 495 00:23:16,600 --> 00:23:18,720 Speaker 1: if you wanted to listen back, but she had this 496 00:23:18,840 --> 00:23:21,679 Speaker 1: article recently in the Washington Post on the credit bureaus 497 00:23:21,680 --> 00:23:25,280 Speaker 1: as well, and she highlighted the fact that since if 498 00:23:25,320 --> 00:23:28,439 Speaker 1: the bureaus suspected that you had hired a third party 499 00:23:28,520 --> 00:23:31,080 Speaker 1: debt repair company to get involved and to take care 500 00:23:31,119 --> 00:23:33,920 Speaker 1: of any errors for you, there's a really good chance 501 00:23:33,960 --> 00:23:36,000 Speaker 1: that you are not going to hear back at all. 502 00:23:36,400 --> 00:23:39,480 Speaker 1: And so this only reinforces our recommendation that you never 503 00:23:39,520 --> 00:23:42,159 Speaker 1: do business with any company that claims that they can 504 00:23:42,200 --> 00:23:44,159 Speaker 1: fix your credit score. Not only are you gonna be 505 00:23:44,200 --> 00:23:46,480 Speaker 1: out that money, but you're not actually going to see results. 506 00:23:46,680 --> 00:23:49,600 Speaker 1: So instead you'll have to go about filing a dispute yourself. 507 00:23:50,040 --> 00:23:51,480 Speaker 1: You're gonna have to d I Y it, You're gonna 508 00:23:51,480 --> 00:23:54,040 Speaker 1: have to do it the manual way. There's no shortcut 509 00:23:54,080 --> 00:23:56,840 Speaker 1: to to getting mistakes off of your credit report. Yes, 510 00:23:57,080 --> 00:24:00,760 Speaker 1: and it's just still appalling that we're dealing with us, 511 00:24:01,080 --> 00:24:05,080 Speaker 1: that the credit bureaus are so unresponsive and so vengeful 512 00:24:05,119 --> 00:24:07,360 Speaker 1: towards their customers, and we're not even really their customers, 513 00:24:07,359 --> 00:24:10,280 Speaker 1: even though we are the ones at their mercy to 514 00:24:10,400 --> 00:24:14,639 Speaker 1: do the right thing. We are the product. It's pretty 515 00:24:14,680 --> 00:24:16,640 Speaker 1: messed up, all right, Matt. One last thing we got 516 00:24:16,640 --> 00:24:19,080 Speaker 1: to cover on today's episode is, like I think like 517 00:24:19,119 --> 00:24:22,080 Speaker 1: a month or so ago, we mentioned that it's pretty 518 00:24:22,119 --> 00:24:25,520 Speaker 1: ridiculous that members of Congress can trade individual stocks and 519 00:24:25,520 --> 00:24:28,960 Speaker 1: there have been many cases of senators and their spouses 520 00:24:29,080 --> 00:24:34,000 Speaker 1: enriching themselves, especially during this pandemic, and it's it's not okay. 521 00:24:34,320 --> 00:24:38,000 Speaker 1: And so yeah, they're they're making key decisions that impact 522 00:24:38,040 --> 00:24:41,040 Speaker 1: specific sectors, specific companies, and for them to be able 523 00:24:41,080 --> 00:24:43,560 Speaker 1: to trade and profit off of that, we think that's awful. 524 00:24:43,720 --> 00:24:47,439 Speaker 1: And so uh interestingly enough, this week, our neighbor and 525 00:24:47,520 --> 00:24:49,480 Speaker 1: also U S Senator John aust Off. I don't I 526 00:24:49,480 --> 00:24:51,120 Speaker 1: don't actually know him. I know he lives right around 527 00:24:51,119 --> 00:24:53,680 Speaker 1: the corner, but the neighborhood over. Yeah, but we don't 528 00:24:53,680 --> 00:24:56,480 Speaker 1: really like hang out or anything. But he agrees with 529 00:24:56,800 --> 00:24:59,680 Speaker 1: after that, after this, now maybe we should we gotta 530 00:24:59,720 --> 00:25:01,159 Speaker 1: get beer. Is it's like, hey, buddy, we talked about you. 531 00:25:01,200 --> 00:25:03,040 Speaker 1: Turns out he agrees with us, and he set to 532 00:25:03,080 --> 00:25:06,480 Speaker 1: introduce legislation that's going to curb this altogether. Uh. And 533 00:25:06,520 --> 00:25:08,840 Speaker 1: it turns out that it's not just a Democrat versus 534 00:25:08,880 --> 00:25:12,080 Speaker 1: Republican thing. Oh yeah, this has bipartisan supposes across the board, 535 00:25:12,080 --> 00:25:17,320 Speaker 1: because we've seen Republicans and Democrats behaving poorly, behaving suspiciously 536 00:25:17,320 --> 00:25:19,439 Speaker 1: when it comes to the different trades they've made. But 537 00:25:19,560 --> 00:25:22,320 Speaker 1: right before, certain like you said, certain sectors or even 538 00:25:22,400 --> 00:25:26,040 Speaker 1: certain specific companies have seen their stocks either you know, 539 00:25:26,119 --> 00:25:28,480 Speaker 1: plummet or skyrocket. And to see that people on both 540 00:25:28,480 --> 00:25:31,120 Speaker 1: sides of the aisle are concerned about this is heartening. 541 00:25:31,400 --> 00:25:33,520 Speaker 1: And I just share a quote really quick from John 542 00:25:33,520 --> 00:25:36,119 Speaker 1: Austaf He said, I'm an advocate for banning stock trading 543 00:25:36,160 --> 00:25:38,919 Speaker 1: by members of Congress who make policy, who have access 544 00:25:38,960 --> 00:25:42,760 Speaker 1: to information and economic forecasting. Wow. Thank you, Thank you 545 00:25:42,800 --> 00:25:45,280 Speaker 1: for putting it so plainly, and not only congress members 546 00:25:45,280 --> 00:25:48,239 Speaker 1: but their families as well, families and partners, because I mean, 547 00:25:48,280 --> 00:25:50,359 Speaker 1: what good is it gonna do if a congress member 548 00:25:51,400 --> 00:25:54,119 Speaker 1: they can't do the trades, but their partner can, and 549 00:25:54,160 --> 00:25:56,960 Speaker 1: that's it gets used. It's like all those are those 550 00:25:56,960 --> 00:25:59,399 Speaker 1: are my wife stocks? It's like, well, okay, yeah, or 551 00:25:59,440 --> 00:26:01,479 Speaker 1: in Pelosi's as it was her husband. I mean, you know, 552 00:26:01,680 --> 00:26:04,760 Speaker 1: they have a massive portfolio and they have large amounts 553 00:26:04,760 --> 00:26:06,919 Speaker 1: of single stocks and you know, with individual companies, and 554 00:26:06,960 --> 00:26:09,000 Speaker 1: so that's something we want to see curbed as well. 555 00:26:09,480 --> 00:26:11,080 Speaker 1: And just to pick on equal signs of the aisle, 556 00:26:11,160 --> 00:26:15,479 Speaker 1: Kelly Loffler, former Senator Georgia, very similar situation. So um, 557 00:26:15,520 --> 00:26:17,360 Speaker 1: we we're not okay with it, and hopefully we're rooting 558 00:26:17,400 --> 00:26:19,440 Speaker 1: for this piece of legislation. We'll see what happens. Maybe 559 00:26:19,440 --> 00:26:21,960 Speaker 1: I'll go knock on Senator ofss off store and you know, 560 00:26:22,000 --> 00:26:25,320 Speaker 1: give me a handshake for this drop off the six back. Yeah, exactly, 561 00:26:25,440 --> 00:26:27,800 Speaker 1: all right, that's gonna do it for this episode. We'll 562 00:26:27,800 --> 00:26:29,600 Speaker 1: put our show notes for this episode up on our 563 00:26:29,600 --> 00:26:31,760 Speaker 1: website at how to money dot com, including the that 564 00:26:31,840 --> 00:26:33,639 Speaker 1: link to the I R S free file and the 565 00:26:33,680 --> 00:26:36,360 Speaker 1: cash app tax filing, among other things that we talked 566 00:26:36,359 --> 00:26:38,800 Speaker 1: about today. That's right. We hope everyone has a great 567 00:26:38,840 --> 00:26:41,000 Speaker 1: weekend and we look forward to seeing you back here 568 00:26:41,000 --> 00:26:43,400 Speaker 1: on Monday. We actually have a great interview for you 569 00:26:43,520 --> 00:26:46,400 Speaker 1: with Leanne Brown. She is a New York Times best 570 00:26:46,480 --> 00:26:49,560 Speaker 1: selling cookbook author. We're gonna be talking about food. Looking 571 00:26:49,600 --> 00:26:51,720 Speaker 1: forward to that conversation, and so Joel, that's gonna be 572 00:26:51,720 --> 00:26:54,960 Speaker 1: a buddy until next time. Best Friends Out, Best Friends Out.