1 00:00:00,080 --> 00:00:01,360 Speaker 1: Welcome to Had of Money. 2 00:00:01,400 --> 00:00:03,080 Speaker 2: I'm Joel and I am Matt. 3 00:00:03,120 --> 00:00:07,200 Speaker 1: Today we're talking blue collar cash, restless realtors, and social 4 00:00:07,280 --> 00:00:08,480 Speaker 1: media for savings. 5 00:00:27,600 --> 00:00:30,760 Speaker 2: Social media is for savers. It's like Virginia is for lovers, 6 00:00:31,040 --> 00:00:32,400 Speaker 2: which is, by the way, I think that's the most 7 00:00:32,400 --> 00:00:35,920 Speaker 2: popular state motto is Virginia is for lovers. It's the 8 00:00:35,960 --> 00:00:37,559 Speaker 2: best of the bunch. That's pretty good. But yeah, we've 9 00:00:37,600 --> 00:00:39,839 Speaker 2: got a lot of good stories, personal finding stories to 10 00:00:39,840 --> 00:00:42,920 Speaker 2: get to this week. And yeah, those realtors are restless. 11 00:00:42,920 --> 00:00:44,960 Speaker 2: There are a lot of changes coming to the housing, 12 00:00:45,159 --> 00:00:48,159 Speaker 2: a lot of freaking outs. Yeah, and I think for 13 00:00:48,200 --> 00:00:50,199 Speaker 2: a good reason. We'll get to that later on in 14 00:00:50,240 --> 00:00:52,879 Speaker 2: the episode. But first, a quick shout out to a 15 00:00:52,920 --> 00:00:56,400 Speaker 2: couple folks who referred the newsletter to multiple friends. So 16 00:00:56,560 --> 00:00:59,800 Speaker 2: a big thank you to lan m as well as 17 00:01:00,360 --> 00:01:03,920 Speaker 2: de rag or maybe is it datage. Maybe that's how 18 00:01:03,920 --> 00:01:05,560 Speaker 2: you say it. Maybe if you're trying to be accurate, 19 00:01:05,760 --> 00:01:09,360 Speaker 2: I'm gonna say datage p But uh, we appreciate you 20 00:01:09,400 --> 00:01:11,680 Speaker 2: both for sharing the good word of how to Money. 21 00:01:11,720 --> 00:01:13,520 Speaker 1: They had the Money newsletter. You can always subscribe a 22 00:01:13,520 --> 00:01:14,959 Speaker 1: had to money dot com slash newsletter. 23 00:01:15,160 --> 00:01:15,360 Speaker 2: Matt. 24 00:01:15,440 --> 00:01:17,280 Speaker 1: Let's just a quick follow up to something we mentioned 25 00:01:17,319 --> 00:01:18,839 Speaker 1: last week before we kind of get into the nitty 26 00:01:18,840 --> 00:01:20,520 Speaker 1: gritty of the Friday flight, there was an article I 27 00:01:20,640 --> 00:01:24,720 Speaker 1: read about airlines like why they're increasing baggage fees. 28 00:01:24,800 --> 00:01:25,360 Speaker 2: We talked about that. 29 00:01:25,440 --> 00:01:27,480 Speaker 1: It's just kind of frustrating, right to see the baggage 30 00:01:27,480 --> 00:01:29,920 Speaker 1: fees climb and climb, and we said, basically the way 31 00:01:29,920 --> 00:01:32,280 Speaker 1: around that is to either get the credit card or 32 00:01:32,280 --> 00:01:36,039 Speaker 1: the airline you like to fly, or to just pack lighter, right, 33 00:01:36,400 --> 00:01:38,839 Speaker 1: use use a bag instead of a back backpack. 34 00:01:38,959 --> 00:01:41,199 Speaker 2: Yeah, the code of packs twenty eight l it's pretty 35 00:01:41,360 --> 00:01:44,039 Speaker 2: it's pretty fantastic. Yeah, it fits within the confines of 36 00:01:44,080 --> 00:01:47,400 Speaker 2: what it is that Frontier and other discount airliners require, 37 00:01:47,720 --> 00:01:48,440 Speaker 2: right from a dimension. 38 00:01:48,480 --> 00:01:49,800 Speaker 1: There's a lot of chatter in the in the how 39 00:01:49,800 --> 00:01:51,760 Speaker 1: to Money Facebook group about that after the facts because 40 00:01:51,760 --> 00:01:52,520 Speaker 1: they're like a lot of. 41 00:01:52,480 --> 00:01:54,160 Speaker 2: Other folks that are big fans of the Alpa. 42 00:01:54,280 --> 00:01:56,520 Speaker 1: Yeah, like what size do I get like the and 43 00:01:56,560 --> 00:01:59,240 Speaker 1: which is outpus perfect for other people? Multiple days? Yeah, 44 00:01:59,240 --> 00:02:00,880 Speaker 1: I mean think about the price to the bagpipe pays 45 00:02:00,920 --> 00:02:03,000 Speaker 1: for itself at some point depending on how many trips 46 00:02:03,040 --> 00:02:03,640 Speaker 1: you go to school. 47 00:02:03,640 --> 00:02:05,120 Speaker 2: It's a fun I love it, but. 48 00:02:05,000 --> 00:02:08,080 Speaker 1: If you're wondering why the airlines charge and continue to 49 00:02:08,120 --> 00:02:12,360 Speaker 1: increase baggage fees, there is a greedy well, I don't know. 50 00:02:12,400 --> 00:02:14,760 Speaker 1: I don't like the term greedy, but I think. 51 00:02:14,600 --> 00:02:17,800 Speaker 2: That they are publicly traded companies, so it's not greed. 52 00:02:17,880 --> 00:02:20,160 Speaker 2: But they do have a duty to their shareholders to 53 00:02:20,280 --> 00:02:22,280 Speaker 2: increase revenues, and they. 54 00:02:22,160 --> 00:02:24,200 Speaker 1: Have a lot of employees and they're trying to run 55 00:02:24,200 --> 00:02:27,520 Speaker 1: a profitable business. So one of the reasons though that they, 56 00:02:27,600 --> 00:02:31,960 Speaker 1: instead of hiking fares hike baggage fees is taxes. There 57 00:02:32,000 --> 00:02:35,560 Speaker 1: is an incentive for the airlines. They don't pay the 58 00:02:35,560 --> 00:02:38,919 Speaker 1: same amount of tax to the government on baggage fees 59 00:02:38,960 --> 00:02:39,400 Speaker 1: that they do on. 60 00:02:39,320 --> 00:02:44,360 Speaker 2: Airfare check bags. It's directly it's like straight in their pockets, right. 61 00:02:44,480 --> 00:02:46,359 Speaker 1: Oh, so I think they pay something like seven and 62 00:02:46,360 --> 00:02:49,000 Speaker 1: a half percent of the airfare price. 63 00:02:48,720 --> 00:02:50,960 Speaker 2: If you're the airline, right, trying to maximize. 64 00:02:50,919 --> 00:02:52,840 Speaker 1: That, right, So in some way, it's kind of like 65 00:02:52,919 --> 00:02:54,600 Speaker 1: on the eBay. I think we sell something on eBay, 66 00:02:54,840 --> 00:02:57,360 Speaker 1: you don't pay a cut to eBay of the shipping price, 67 00:02:57,639 --> 00:02:59,480 Speaker 1: so why not sell the thing for a whole lot lesson. 68 00:02:59,280 --> 00:03:00,680 Speaker 2: Just jack up the show dollars shipping. 69 00:03:00,720 --> 00:03:03,320 Speaker 1: Yeah, yeah, or yeah, that's exactly that's exactly what the 70 00:03:03,360 --> 00:03:06,320 Speaker 1: airlines are doing. It's this incentive, yeah, to get them 71 00:03:06,320 --> 00:03:10,400 Speaker 1: to lower airfares and raise baggage fees instead. 72 00:03:10,520 --> 00:03:12,360 Speaker 2: Yeah, all things tell the same you're gonna make more 73 00:03:12,360 --> 00:03:14,160 Speaker 2: money or the airlines are going to make more money 74 00:03:14,200 --> 00:03:18,600 Speaker 2: collecting that additional yeah, revenue income, revenue via baggage fees. 75 00:03:18,600 --> 00:03:20,520 Speaker 1: It's it's just one of those things where like incentives 76 00:03:20,600 --> 00:03:22,040 Speaker 1: run the world, man, and it's just one of those 77 00:03:22,040 --> 00:03:22,880 Speaker 1: incentives that just. 78 00:03:22,760 --> 00:03:24,960 Speaker 2: Pushes them in the creative way for them to find 79 00:03:24,960 --> 00:03:26,600 Speaker 2: a work around it. Like, honestly, it kind of makes 80 00:03:26,600 --> 00:03:29,320 Speaker 2: me think of if you contribute to a four one 81 00:03:29,400 --> 00:03:32,240 Speaker 2: K or to a traditional IRA, well, that's money that 82 00:03:32,280 --> 00:03:35,000 Speaker 2: you don't have to pay taxes on. It's just let's 83 00:03:35,040 --> 00:03:38,040 Speaker 2: just divert this funds to you know, over here. Obviously 84 00:03:38,080 --> 00:03:40,120 Speaker 2: in this case, that's money that you can then invest. 85 00:03:40,280 --> 00:03:43,640 Speaker 2: But yeah, the ability to find different workarounds, different deductions, 86 00:03:43,720 --> 00:03:45,160 Speaker 2: I'm all for it. Yeah, I think it's smart. 87 00:03:45,280 --> 00:03:48,120 Speaker 1: It's just it just explains I think kind of this 88 00:03:48,200 --> 00:03:51,000 Speaker 1: natural phenomenon that's been occurring over the years and you 89 00:03:51,120 --> 00:03:53,800 Speaker 1: keep seeing the baggage fees rack up and the price 90 00:03:53,880 --> 00:03:56,720 Speaker 1: go up out the wazoo, and it's like, why, because 91 00:03:56,880 --> 00:04:00,560 Speaker 1: airfares have been pretty competitive, this is the one space, 92 00:04:00,880 --> 00:04:03,360 Speaker 1: just those ancillaries right that the airline charts have been 93 00:04:03,360 --> 00:04:06,120 Speaker 1: going up significantly, way more than airfare, And now we 94 00:04:06,160 --> 00:04:06,480 Speaker 1: know why. 95 00:04:06,520 --> 00:04:08,680 Speaker 2: It's much more believable too than them saying, oh, we've 96 00:04:08,680 --> 00:04:12,360 Speaker 2: got to recoup some costs because fuel costs, because your 97 00:04:12,400 --> 00:04:15,280 Speaker 2: bag's weigh so much. It's like, now you're just trying 98 00:04:15,280 --> 00:04:17,479 Speaker 2: to we know that you're trying to maximize profits. Just 99 00:04:17,839 --> 00:04:19,560 Speaker 2: I don't know. I honestly wish they would be a 100 00:04:19,600 --> 00:04:23,200 Speaker 2: little more transparent and forthright with that information, because to me, 101 00:04:23,240 --> 00:04:25,640 Speaker 2: that's a little more understandable once you hate them less. Yeah, 102 00:04:25,800 --> 00:04:29,600 Speaker 2: kind of like it makes me appreciate their creativity. I guess. 103 00:04:29,640 --> 00:04:32,000 Speaker 2: I don't know. I agree as an industry, but uh yeah, 104 00:04:32,080 --> 00:04:34,600 Speaker 2: let's get to some additional stories. There is a new 105 00:04:34,680 --> 00:04:38,200 Speaker 2: proposal to dial back work weeks to four days rather 106 00:04:38,240 --> 00:04:41,560 Speaker 2: than five the traditional five day work week, And depending 107 00:04:41,600 --> 00:04:44,080 Speaker 2: on where you stand politically, perhaps you might think this 108 00:04:44,160 --> 00:04:46,479 Speaker 2: is the greatest thing since sliced bread, or on how 109 00:04:46,560 --> 00:04:48,640 Speaker 2: much you hate your job, I guess true, or you 110 00:04:48,720 --> 00:04:51,520 Speaker 2: might think this is a pretty dumb idea. Shorter work weeks. 111 00:04:51,520 --> 00:04:54,080 Speaker 2: They are more in vogue right now, and there have 112 00:04:54,080 --> 00:04:57,039 Speaker 2: been different trial runs happening in different places across the 113 00:04:57,080 --> 00:05:00,760 Speaker 2: globe in recent years, with mostly positive results. Although I'm 114 00:05:00,760 --> 00:05:03,279 Speaker 2: curious to see long term what that means for that country, 115 00:05:03,279 --> 00:05:05,520 Speaker 2: because in the short term it's like, oh, yeah, productivity 116 00:05:05,560 --> 00:05:06,880 Speaker 2: is just as sigh, But what does that do to 117 00:05:07,200 --> 00:05:10,400 Speaker 2: other things, innovation, things like that. That being said, we've 118 00:05:10,440 --> 00:05:13,720 Speaker 2: got a different take as usual. Can we lay somewhere 119 00:05:13,760 --> 00:05:16,760 Speaker 2: in the middle, But first, let's kind of explain some 120 00:05:16,839 --> 00:05:18,960 Speaker 2: of the nuts and bolts here. The bill would require 121 00:05:19,000 --> 00:05:22,120 Speaker 2: employers to limit your hours to thirty two hours a week, 122 00:05:22,560 --> 00:05:25,360 Speaker 2: and that's without reducing pay. But if you work more 123 00:05:25,400 --> 00:05:27,800 Speaker 2: than eight hours in a single day, well time and 124 00:05:27,839 --> 00:05:30,360 Speaker 2: a half kicks in. Sounds pretty nice, right, If you 125 00:05:30,400 --> 00:05:33,240 Speaker 2: work more than twelve hours in one day, double pay. 126 00:05:33,279 --> 00:05:37,400 Speaker 1: Baby's happy to pull those eighteen hour shifts. Yeah yeah, 127 00:05:37,400 --> 00:05:41,119 Speaker 1: books are like, yes, will this actually pass? 128 00:05:41,160 --> 00:05:44,400 Speaker 2: It certainly seems unlikely and should it pass, well, we 129 00:05:44,400 --> 00:05:46,160 Speaker 2: don't think so. I think part of the reason our 130 00:05:46,200 --> 00:05:49,039 Speaker 2: economy is doing better than every other economy in every 131 00:05:49,040 --> 00:05:51,919 Speaker 2: other country in the modern world is because our creativity 132 00:05:51,960 --> 00:05:55,360 Speaker 2: and the productivity going back to like, whilst touching on 133 00:05:55,760 --> 00:05:57,440 Speaker 2: for the short term, there might be positive results, but 134 00:05:57,480 --> 00:06:00,000 Speaker 2: what happens to different industries within countries over the law 135 00:06:00,200 --> 00:06:04,120 Speaker 2: hall as folks are basically de incentivized to work. Like 136 00:06:04,360 --> 00:06:07,240 Speaker 2: the fact that we've got Starship Heavy blasting off into space. 137 00:06:07,520 --> 00:06:09,440 Speaker 2: That's likely because there's an insane person at the head 138 00:06:09,440 --> 00:06:11,800 Speaker 2: of that company encouraging folks to work crazy hard and 139 00:06:12,000 --> 00:06:12,839 Speaker 2: leading by example. 140 00:06:12,839 --> 00:06:15,400 Speaker 1: In most cases, you see the video of the first neuralink, 141 00:06:15,800 --> 00:06:19,160 Speaker 1: I mean that stuff only happens I did because some 142 00:06:19,279 --> 00:06:22,360 Speaker 1: crazy people out there decide to work eighty plus hour wise, 143 00:06:22,400 --> 00:06:24,520 Speaker 1: like you want rockets and space? Do you want a 144 00:06:24,760 --> 00:06:28,000 Speaker 1: satellite internet for the world at a reasonable price? I mean, 145 00:06:28,040 --> 00:06:29,680 Speaker 1: this is the way it happens. So what did you 146 00:06:29,680 --> 00:06:32,440 Speaker 1: think about the neuralink thing? So I'm fascinating, mind blowing. 147 00:06:32,560 --> 00:06:34,719 Speaker 2: I could not but like literally moving the curve like 148 00:06:35,000 --> 00:06:36,880 Speaker 2: you're talking about the guy with the chest yep, oh 149 00:06:36,920 --> 00:06:38,760 Speaker 2: my gosh, he's like, okay, let me go ahead and 150 00:06:38,800 --> 00:06:40,719 Speaker 2: turn off the music because they're shooting a video. 151 00:06:40,880 --> 00:06:44,120 Speaker 1: Yeah, there's a reason our economy is more dynamic than 152 00:06:44,279 --> 00:06:46,479 Speaker 1: the economy of France and their trade offs, right, there's 153 00:06:46,520 --> 00:06:49,160 Speaker 1: always trade offs involved. And the thing is, though, Matt, 154 00:06:49,240 --> 00:06:51,640 Speaker 1: you and I also take another side of this, which 155 00:06:51,680 --> 00:06:55,440 Speaker 1: is you should proactively consider reducing your work hours and 156 00:06:55,760 --> 00:06:59,320 Speaker 1: largely oftentimes that means more frugal habits. And so when 157 00:06:59,360 --> 00:07:01,960 Speaker 1: you've been saving and investing thoughtfully for a while, you 158 00:07:02,080 --> 00:07:04,960 Speaker 1: gain more margin, and you should use and exploit that margin, 159 00:07:05,200 --> 00:07:08,160 Speaker 1: which we think means, yeah, maybe considering a thirty two 160 00:07:08,200 --> 00:07:11,480 Speaker 1: hour workweek yourself, even if there's no government mandate totally 161 00:07:11,560 --> 00:07:12,280 Speaker 1: that you engage in it. 162 00:07:12,360 --> 00:07:14,600 Speaker 2: Right, Yeah, the end goal is the same what it 163 00:07:14,640 --> 00:07:16,560 Speaker 2: is we're trying to achieve. But how you achieve that 164 00:07:16,600 --> 00:07:18,440 Speaker 2: makes all the difference in the world, cause either a 165 00:07:18,480 --> 00:07:21,120 Speaker 2: personal decision or whether it's yeah, like you said, government mandated. Yeah. 166 00:07:21,120 --> 00:07:22,680 Speaker 1: And even because though Elon Musk is working at eighty 167 00:07:22,680 --> 00:07:24,400 Speaker 1: plus hour weeks, guess what, I don't have to and 168 00:07:24,440 --> 00:07:26,480 Speaker 1: I don't want to, So more power to you. I'm 169 00:07:26,480 --> 00:07:28,640 Speaker 1: glad that people have the choice, though they can if 170 00:07:28,680 --> 00:07:31,040 Speaker 1: they want. And CNBC actually highlighted somebody who did that 171 00:07:31,360 --> 00:07:34,240 Speaker 1: this week. This highlighted someone who went from a director 172 00:07:34,280 --> 00:07:38,160 Speaker 1: level job to working part time at Target, and she. 173 00:07:38,160 --> 00:07:41,400 Speaker 2: Wrote about how good it was life. Not in target management, 174 00:07:41,640 --> 00:07:46,680 Speaker 2: but like like hourly yeah, employee, they're working in the store. Yeah. 175 00:07:46,720 --> 00:07:48,760 Speaker 1: And those are the kinds of decisions you can make 176 00:07:49,120 --> 00:07:51,760 Speaker 1: when you've been thoughtful about your incoming and outgoing right, 177 00:07:51,800 --> 00:07:54,800 Speaker 1: and you can choose to take a less lucrative job 178 00:07:55,240 --> 00:07:58,600 Speaker 1: because and not be worried about derailing your career because 179 00:07:58,640 --> 00:08:00,640 Speaker 1: you care less about it. There was another article in 180 00:08:00,640 --> 00:08:03,680 Speaker 1: the Wall Street Journal about post achievement life right, where 181 00:08:03,720 --> 00:08:07,240 Speaker 1: basically people collect big paychecks for a number of years 182 00:08:07,240 --> 00:08:10,360 Speaker 1: and then late thirties, early forties, they start prioritizing other 183 00:08:10,400 --> 00:08:12,160 Speaker 1: things that it doesn't mean that they're not working at all, 184 00:08:12,360 --> 00:08:15,000 Speaker 1: but it's that kind of better approach to fire. Instead 185 00:08:15,040 --> 00:08:18,920 Speaker 1: of all to nothing, it's all to less right or whatever. 186 00:08:19,000 --> 00:08:20,680 Speaker 1: And so I love that approach. I like the kind 187 00:08:20,720 --> 00:08:23,600 Speaker 1: of kick butt then kickback sort of approach. More money 188 00:08:23,680 --> 00:08:25,920 Speaker 1: can be a great thing, but it's important to realize 189 00:08:25,960 --> 00:08:28,160 Speaker 1: that it can derail us from what really matters. And 190 00:08:28,160 --> 00:08:30,520 Speaker 1: so yes, even if you and I don't think that 191 00:08:30,560 --> 00:08:33,760 Speaker 1: a bill that precludes folks from working more or then 192 00:08:33,880 --> 00:08:36,280 Speaker 1: you forces employers at least to pay you more if 193 00:08:36,320 --> 00:08:38,040 Speaker 1: you do work more than thirty two hours a week, 194 00:08:38,200 --> 00:08:40,160 Speaker 1: we think there's a lot of wiggle room for businesses 195 00:08:40,200 --> 00:08:42,920 Speaker 1: to kind of implement for four day workweeks of their 196 00:08:42,920 --> 00:08:44,679 Speaker 1: own a cord because they realize it's going to make 197 00:08:44,760 --> 00:08:48,360 Speaker 1: their employees happier and potentially more productive, and at the 198 00:08:48,360 --> 00:08:50,319 Speaker 1: same time, you have that ability to make some of 199 00:08:50,360 --> 00:08:51,640 Speaker 1: those choices in your own life too. 200 00:08:51,760 --> 00:08:53,440 Speaker 2: That's right, by the way, we link to all the 201 00:08:53,559 --> 00:08:56,440 Speaker 2: articles that we mentioned during the Friday flights up on 202 00:08:56,480 --> 00:08:59,000 Speaker 2: the websites at how tomoney dot com. But what was 203 00:08:59,000 --> 00:09:02,800 Speaker 2: fascinating about that articles they're highlighting like big time earners 204 00:09:03,280 --> 00:09:07,120 Speaker 2: who then step back from earning millions essentially, which people 205 00:09:07,160 --> 00:09:10,600 Speaker 2: thought they were crazy exactly, which is it's certainly admirable, 206 00:09:10,720 --> 00:09:12,640 Speaker 2: because I do think it would be harder to be 207 00:09:13,120 --> 00:09:16,280 Speaker 2: making bank like that and then to say, okay, instead, 208 00:09:16,720 --> 00:09:18,160 Speaker 2: I want to go rock climbing or I want to 209 00:09:18,160 --> 00:09:20,640 Speaker 2: be a surfer. I certainly get that, But even just 210 00:09:20,720 --> 00:09:24,679 Speaker 2: this mentality of the again, the post achievement life, it's 211 00:09:24,720 --> 00:09:28,480 Speaker 2: still too akin to like traditional retirement for my liking, 212 00:09:28,640 --> 00:09:30,880 Speaker 2: because what they're saying is instead of like working your 213 00:09:30,880 --> 00:09:33,320 Speaker 2: butt off until you're sixty and then kicking back, why 214 00:09:33,360 --> 00:09:36,760 Speaker 2: not do it when you're forty well, how about you 215 00:09:36,760 --> 00:09:39,439 Speaker 2: start doing that when you take your first job, or 216 00:09:39,440 --> 00:09:41,320 Speaker 2: like like when you're twenty years old, even or if 217 00:09:41,360 --> 00:09:43,640 Speaker 2: you're older than twenty, but even now, trying to find 218 00:09:43,679 --> 00:09:46,079 Speaker 2: that balance to where you can prioritize some of the 219 00:09:46,120 --> 00:09:48,959 Speaker 2: different things in life like engaging in your community, taking 220 00:09:48,960 --> 00:09:51,640 Speaker 2: care of family members, taking care of your health, or 221 00:09:51,679 --> 00:09:53,880 Speaker 2: even hobbies like if you do want to go rock 222 00:09:53,880 --> 00:09:55,320 Speaker 2: climbing like that kind of. So basically what. 223 00:09:55,360 --> 00:09:57,920 Speaker 1: You're advocating for is more balanced throughout your entire life. 224 00:09:57,960 --> 00:10:00,679 Speaker 2: Yes, like why work hard, play hard? It just seems 225 00:10:00,760 --> 00:10:03,720 Speaker 2: like this just a more traditional view of work life 226 00:10:03,800 --> 00:10:06,120 Speaker 2: balance where it feels more partitioned as opposed to it 227 00:10:06,160 --> 00:10:08,800 Speaker 2: being more integrated and something that you continue to do 228 00:10:08,880 --> 00:10:12,560 Speaker 2: because hey, work, it's life giving. You're able to do 229 00:10:12,640 --> 00:10:15,080 Speaker 2: meaningful work, You're able to contribute positively to society. 230 00:10:15,360 --> 00:10:17,640 Speaker 1: Yeah, I'm not all about like quitting work altogether. I 231 00:10:17,640 --> 00:10:19,600 Speaker 1: think I've Yeah, we both talked about how I think 232 00:10:19,600 --> 00:10:21,000 Speaker 1: I'm going to work at least in some way form 233 00:10:21,040 --> 00:10:23,560 Speaker 1: or fashion for a long long time. But I do 234 00:10:23,600 --> 00:10:25,800 Speaker 1: think it is a kid to frontloading the sacrifice, which 235 00:10:25,800 --> 00:10:28,000 Speaker 1: is what we talk about. There is some element to 236 00:10:28,040 --> 00:10:31,160 Speaker 1: which at least in those early years hustling and making 237 00:10:31,160 --> 00:10:35,080 Speaker 1: outsized contributions to your retirement accounts. Especially let's say if 238 00:10:35,080 --> 00:10:37,400 Speaker 1: you plan on having kids. In your pre kids, you 239 00:10:37,440 --> 00:10:39,400 Speaker 1: just have more widdle room, you have more ability to 240 00:10:39,480 --> 00:10:41,440 Speaker 1: throw more into those endeavors, and I think there can 241 00:10:41,480 --> 00:10:42,880 Speaker 1: be a lot of wisdom in that, so you can 242 00:10:42,920 --> 00:10:45,520 Speaker 1: set yourself up for a more leisurely lifestyle later on. 243 00:10:46,760 --> 00:10:48,560 Speaker 2: And it's true you never know what your health is 244 00:10:48,559 --> 00:10:50,800 Speaker 2: going to look like, your mobility, the ability for you 245 00:10:50,840 --> 00:10:52,640 Speaker 2: to do hard labor later in life. I think. 246 00:10:52,720 --> 00:10:54,880 Speaker 1: So there's another, by the way, laws that are happying 247 00:10:54,880 --> 00:10:59,280 Speaker 1: in other countries around the world, including in France and Spain, 248 00:10:59,440 --> 00:11:01,560 Speaker 1: and it looks like Australia maybe soon called the right 249 00:11:01,600 --> 00:11:02,719 Speaker 1: to disconnect. 250 00:11:02,280 --> 00:11:04,880 Speaker 2: Law, and I think I like this law a whole lot. 251 00:11:04,679 --> 00:11:07,440 Speaker 1: More than the mandated thirty two hour work week. Basically, 252 00:11:07,480 --> 00:11:10,760 Speaker 1: this prevents employers from being able to contact you after 253 00:11:10,800 --> 00:11:13,120 Speaker 1: work hours. So if you have a pesky manager who's 254 00:11:13,160 --> 00:11:14,920 Speaker 1: like texting and emailing you all hours of the night, 255 00:11:15,000 --> 00:11:18,360 Speaker 1: expects applies at four am or something like that, which 256 00:11:18,480 --> 00:11:21,839 Speaker 1: feels just unruly, then a law like this would actually 257 00:11:21,920 --> 00:11:24,480 Speaker 1: prevent that from happening. So I think that's maybe some 258 00:11:24,559 --> 00:11:27,320 Speaker 1: of the drain tuomt that people feel is thinking they 259 00:11:27,320 --> 00:11:28,959 Speaker 1: always have to be connected, they always have to be 260 00:11:29,040 --> 00:11:32,320 Speaker 1: responding instantly on post dinner and stuff like that. And 261 00:11:32,400 --> 00:11:34,040 Speaker 1: so if there is a law that we're going to 262 00:11:34,080 --> 00:11:36,400 Speaker 1: do that prevents people from over work, I think this 263 00:11:36,480 --> 00:11:39,080 Speaker 1: is like a better approach than the mandated work week. 264 00:11:39,240 --> 00:11:41,800 Speaker 2: Yeah, from a principal standpoint, I hate it just as much, 265 00:11:42,320 --> 00:11:45,439 Speaker 2: but in practice it does seem like it's less egregious. 266 00:11:45,440 --> 00:11:48,160 Speaker 2: But even still, I wish that this could be something 267 00:11:48,200 --> 00:11:51,120 Speaker 2: that individuals could work out with their employeers, Like this 268 00:11:51,160 --> 00:11:54,960 Speaker 2: is an employer employee conversation, as opposed to government saying hey, 269 00:11:55,000 --> 00:11:56,839 Speaker 2: just by the way, you can't text your folks or 270 00:11:56,880 --> 00:11:59,800 Speaker 2: you can't reach out to them after business hours. Because again, 271 00:12:00,160 --> 00:12:02,200 Speaker 2: like going back to the airlines, what you find is 272 00:12:02,200 --> 00:12:06,320 Speaker 2: that companies, employers they're creative when it comes to finding 273 00:12:06,360 --> 00:12:09,320 Speaker 2: work arounds, and employees they're creative as well, And so 274 00:12:09,400 --> 00:12:12,839 Speaker 2: I think there's just more that can come out of conversations. 275 00:12:12,880 --> 00:12:15,520 Speaker 2: I think that that can take place between employers and employees, 276 00:12:16,000 --> 00:12:19,640 Speaker 2: like it makes the pie bigger, as opposed to slapping restraints. Yeah, 277 00:12:20,040 --> 00:12:22,720 Speaker 2: on either an employer or an employee, if that's. 278 00:12:22,600 --> 00:12:24,720 Speaker 1: The culture where you work, by the way, you might 279 00:12:24,920 --> 00:12:26,720 Speaker 1: have to have that conversation, or you might need to 280 00:12:27,200 --> 00:12:29,280 Speaker 1: you know, mosey on down the road somewhere else. Fortunately, 281 00:12:29,280 --> 00:12:33,839 Speaker 1: we're still in an employment environment where there's plenty of 282 00:12:33,880 --> 00:12:34,760 Speaker 1: opportunity out there. 283 00:12:34,840 --> 00:12:37,839 Speaker 2: Yeah, unemployment still at historic clothes. And those are conversations 284 00:12:37,880 --> 00:12:40,160 Speaker 2: I think that are totally worth happening, worth having. And 285 00:12:40,200 --> 00:12:42,760 Speaker 2: like if you're receiving that text on the weekends or 286 00:12:42,800 --> 00:12:45,160 Speaker 2: after hours, like, yeah, that should be the fire that 287 00:12:45,200 --> 00:12:48,240 Speaker 2: gets lit under you to say it might be time 288 00:12:48,280 --> 00:12:50,839 Speaker 2: to go dust off the resume or. 289 00:12:50,920 --> 00:12:53,160 Speaker 1: Even sometimes people sit there and take it when they 290 00:12:53,720 --> 00:12:54,480 Speaker 1: have options and. 291 00:12:54,440 --> 00:12:55,640 Speaker 2: Then dyptions yeah, yeah, yeah. 292 00:12:55,679 --> 00:12:58,440 Speaker 1: There's way more agency that we have as individuals. By 293 00:12:58,440 --> 00:12:59,959 Speaker 1: the way, some of it is in just job choy. 294 00:13:00,040 --> 00:13:01,199 Speaker 1: So I was talking to somebody the other day and 295 00:13:01,240 --> 00:13:03,800 Speaker 1: they were saying, oh, well, the District of Attorney of 296 00:13:03,840 --> 00:13:06,040 Speaker 1: Los Ange he thinks that he should be able to 297 00:13:06,040 --> 00:13:10,199 Speaker 1: talk to reach his employees any hour of the day 298 00:13:10,280 --> 00:13:12,679 Speaker 1: or night weekends too. And part of that is the 299 00:13:12,760 --> 00:13:14,360 Speaker 1: job you take on, right, And so if you go 300 00:13:14,440 --> 00:13:16,920 Speaker 1: work for Elon Musk and his rocket company, you should 301 00:13:16,960 --> 00:13:17,920 Speaker 1: expect probably. 302 00:13:17,600 --> 00:13:19,160 Speaker 2: To work pair to go hardcore. That's right. 303 00:13:19,920 --> 00:13:21,719 Speaker 1: If you tell me what you want to work a 304 00:13:21,720 --> 00:13:23,000 Speaker 1: little less and you don't want to be reached at 305 00:13:23,000 --> 00:13:26,160 Speaker 1: certain hours, he'll probably say, go find another job, and 306 00:13:26,280 --> 00:13:27,120 Speaker 1: maybe that's the answer. 307 00:13:27,200 --> 00:13:29,600 Speaker 2: Yeah, okay. So a related article that I read recently 308 00:13:29,640 --> 00:13:33,920 Speaker 2: about developing a leisure ethic. So the author here argued 309 00:13:33,960 --> 00:13:36,160 Speaker 2: that at other points in history, the goal wasn't to 310 00:13:36,200 --> 00:13:38,959 Speaker 2: make as much money as possible where you're working longer 311 00:13:39,000 --> 00:13:41,360 Speaker 2: hours to have the bank account. Instead, it was to 312 00:13:41,400 --> 00:13:44,120 Speaker 2: make and save enough and then choose to work less. 313 00:13:44,600 --> 00:13:48,000 Speaker 2: And although hours work they have took down since the pandemic, 314 00:13:48,160 --> 00:13:51,640 Speaker 2: we are still not great at doing the leisure or 315 00:13:51,800 --> 00:13:55,280 Speaker 2: at leisuring unpaid free time we think can be so 316 00:13:55,360 --> 00:13:59,200 Speaker 2: much more beneficial than additional paid work time. In our 317 00:13:59,200 --> 00:14:02,640 Speaker 2: culture doesn't seem to value it very highly, but we 318 00:14:02,679 --> 00:14:05,160 Speaker 2: think it's worth swimming against the current in order to 319 00:14:05,200 --> 00:14:07,880 Speaker 2: prioritize this. And I think, more than anything else, the 320 00:14:07,880 --> 00:14:12,440 Speaker 2: biggest hurdle is the fact that technology is working against us. Right. Basically, 321 00:14:12,480 --> 00:14:16,720 Speaker 2: industrialization and technology I think has led certainly to amazing things, 322 00:14:16,720 --> 00:14:19,320 Speaker 2: but also to the ability for us to be on 323 00:14:19,560 --> 00:14:21,880 Speaker 2: all the time I think back to what like the 324 00:14:21,920 --> 00:14:26,680 Speaker 2: agrarian life, like there are natural cycles and seasons literally 325 00:14:26,680 --> 00:14:29,560 Speaker 2: built into life, and so what that meant. Did we 326 00:14:29,640 --> 00:14:31,960 Speaker 2: talk about this book recently? I know I read this somewhere, 327 00:14:31,960 --> 00:14:34,880 Speaker 2: I don't know where, but how life has changed since 328 00:14:34,880 --> 00:14:38,520 Speaker 2: then and we are basically on a more industrialized type 329 00:14:38,520 --> 00:14:42,560 Speaker 2: of schedule versus what our natural bodies would revert to, 330 00:14:43,080 --> 00:14:45,400 Speaker 2: where we more reliant on sort of the natural cycle. 331 00:14:45,440 --> 00:14:48,080 Speaker 1: I mean even just the mention of light bulb versus 332 00:14:48,080 --> 00:14:49,120 Speaker 1: literally electric lights. 333 00:14:49,200 --> 00:14:51,200 Speaker 2: Yes, And the reason I point this out is it's 334 00:14:51,240 --> 00:14:53,800 Speaker 2: going to be more important than ever to have to 335 00:14:53,880 --> 00:14:56,280 Speaker 2: choose this on your own as opposed to just kind 336 00:14:56,320 --> 00:14:58,600 Speaker 2: of going along with the flow, Like we are going 337 00:14:58,720 --> 00:15:01,280 Speaker 2: to have to intentionally make these because either way you're 338 00:15:01,280 --> 00:15:03,120 Speaker 2: making a decision. So it's whether or not you are 339 00:15:03,160 --> 00:15:06,800 Speaker 2: intentionally proactively making this decision or whether you're doing it passively. 340 00:15:06,920 --> 00:15:09,640 Speaker 2: And I think the more nuanced and thoughtful conversations we 341 00:15:09,640 --> 00:15:12,880 Speaker 2: can have around this should lead to people being happier 342 00:15:12,880 --> 00:15:15,240 Speaker 2: because folks feel more in control over their life. I 343 00:15:15,240 --> 00:15:15,920 Speaker 2: think that's essentially. 344 00:15:16,000 --> 00:15:17,800 Speaker 1: It just goes also to the point that one of 345 00:15:17,840 --> 00:15:19,280 Speaker 1: the best things you can do with your money is 346 00:15:19,320 --> 00:15:21,800 Speaker 1: buy your time and buy your freedom. And if you're 347 00:15:21,840 --> 00:15:25,640 Speaker 1: so focused on buying the fancy new car or junk, 348 00:15:25,880 --> 00:15:28,960 Speaker 1: the bigger house, or the next thing on Amazon as 349 00:15:29,000 --> 00:15:31,880 Speaker 1: a which is again that's a choice, but it's a 350 00:15:31,920 --> 00:15:34,120 Speaker 1: choice that many of us make kind of mindlessly these days. 351 00:15:34,280 --> 00:15:37,320 Speaker 1: And so if you take a more intentional approach, these 352 00:15:37,360 --> 00:15:39,120 Speaker 1: are the kinds of decisions you can pull back into 353 00:15:39,120 --> 00:15:42,440 Speaker 1: your life. And sometimes it feels like that it's this 354 00:15:42,840 --> 00:15:45,360 Speaker 1: societal expectation or I can't get away from it, I 355 00:15:45,360 --> 00:15:47,960 Speaker 1: can't escape. But again that kind of post achievement life 356 00:15:48,080 --> 00:15:50,320 Speaker 1: article shows that a lot of people can avoid it, 357 00:15:50,360 --> 00:15:53,040 Speaker 1: can escape it. The fire movement, the growing fire movement 358 00:15:53,360 --> 00:15:56,200 Speaker 1: is he doesn't have to be that extreme. I don't 359 00:15:56,200 --> 00:15:57,960 Speaker 1: think for you or for how to money listeners, but 360 00:15:57,960 --> 00:16:00,400 Speaker 1: it just goes to show a slight overcorrection the fire movement. 361 00:16:00,400 --> 00:16:03,560 Speaker 1: But yeah, culture is encouraging us to continue to work 362 00:16:03,560 --> 00:16:06,920 Speaker 1: and to continue to consume, like consumer spending, like that 363 00:16:07,120 --> 00:16:10,040 Speaker 1: is what drives the economy, and so like everything surrounding 364 00:16:10,080 --> 00:16:12,000 Speaker 1: us is driving us to keep doing what we're doing, 365 00:16:12,000 --> 00:16:13,440 Speaker 1: and we have to. I like what you said, the 366 00:16:13,480 --> 00:16:14,320 Speaker 1: ability to buy. 367 00:16:14,160 --> 00:16:16,560 Speaker 2: Our time, and it's not that the time is anything 368 00:16:16,600 --> 00:16:18,480 Speaker 2: magical in and of itself, but it's the fact that 369 00:16:18,480 --> 00:16:21,720 Speaker 2: that time then gives you space to consider what it 370 00:16:21,800 --> 00:16:23,840 Speaker 2: is that is going to bring you happiness. 371 00:16:23,920 --> 00:16:25,440 Speaker 1: And that's I think a big part of the problem. 372 00:16:25,440 --> 00:16:27,640 Speaker 1: We have the Money Money Mission statement. Maybe we'll link 373 00:16:27,640 --> 00:16:29,640 Speaker 1: to that in this week's show that it's free. It's 374 00:16:29,680 --> 00:16:32,080 Speaker 1: two pages, ask you a bunch of questions, and you 375 00:16:32,160 --> 00:16:34,000 Speaker 1: go through it, maybe with your spouse if you're single, 376 00:16:34,040 --> 00:16:35,560 Speaker 1: go through it by yourself and start to think about 377 00:16:35,560 --> 00:16:36,760 Speaker 1: what do I want my life to look like? And 378 00:16:36,800 --> 00:16:39,400 Speaker 1: those questions can help poke and prod and then and 379 00:16:39,440 --> 00:16:42,560 Speaker 1: then your money will follow. Once you have kind of 380 00:16:42,600 --> 00:16:46,040 Speaker 1: an informed belief about how you want to live your life, 381 00:16:46,200 --> 00:16:48,560 Speaker 1: you'll start to change things up. And that that might 382 00:16:48,600 --> 00:16:51,720 Speaker 1: look like changing your job, that might look like reducing hours. 383 00:16:51,800 --> 00:16:54,120 Speaker 1: It's probably going to look like reduced consumption too. So 384 00:16:54,840 --> 00:16:58,520 Speaker 1: is speaking of enough philosophizing about work. This is like 385 00:16:58,960 --> 00:17:01,040 Speaker 1: the most philosophical gotten on a Friday flight and recent 386 00:17:01,720 --> 00:17:04,480 Speaker 1: win more not some boltsy practical. Okay, so this next 387 00:17:04,480 --> 00:17:07,360 Speaker 1: story is very practical. It's there's a new report from 388 00:17:07,520 --> 00:17:10,040 Speaker 1: Edmunds and it finds that half of new car purchases 389 00:17:10,400 --> 00:17:12,800 Speaker 1: are done with a trade in and then over twenty 390 00:17:12,800 --> 00:17:15,439 Speaker 1: percent of those transactions. When someone buys a new car 391 00:17:15,480 --> 00:17:17,439 Speaker 1: and trades in their old vehicle, we're done with an 392 00:17:17,520 --> 00:17:20,639 Speaker 1: underwater car. So and that doesn't mean that the car's 393 00:17:20,800 --> 00:17:23,280 Speaker 1: like when flooded out, not in the office, you know, 394 00:17:23,760 --> 00:17:25,359 Speaker 1: when he drives into the lake, right because he follows 395 00:17:25,359 --> 00:17:26,360 Speaker 1: the GPS. 396 00:17:26,400 --> 00:17:27,040 Speaker 2: It's not like that. 397 00:17:27,400 --> 00:17:29,720 Speaker 1: It means that the owner owed more on the car 398 00:17:29,840 --> 00:17:31,439 Speaker 1: than it was worth at the time of purchase, right 399 00:17:31,440 --> 00:17:34,520 Speaker 1: to the average tun of six thousand dollars, which is 400 00:17:35,160 --> 00:17:40,200 Speaker 1: bad news. Rolling negative equity into your new car means 401 00:17:40,240 --> 00:17:42,760 Speaker 1: worse terms, and it means being underwater in the new 402 00:17:42,800 --> 00:17:45,359 Speaker 1: car loan for even longer. Right, it's it's turning one 403 00:17:45,440 --> 00:17:47,600 Speaker 1: bad financial move into a worse one. 404 00:17:48,080 --> 00:17:48,880 Speaker 2: So what should you do? 405 00:17:49,359 --> 00:17:51,639 Speaker 1: Well, the answer is to keep your car longer. Right, 406 00:17:51,840 --> 00:17:53,960 Speaker 1: to be zen with the car, even if it's ugly, 407 00:17:54,040 --> 00:17:57,040 Speaker 1: even if it's beat up, Matt. My parents used to 408 00:17:57,040 --> 00:18:00,520 Speaker 1: have ugly old yellow super they called the brew Banana 409 00:18:00,560 --> 00:18:03,440 Speaker 1: when I was a kid, and it was SI got 410 00:18:03,440 --> 00:18:05,639 Speaker 1: the more bruisal look. Yeah, But for me, like I 411 00:18:05,640 --> 00:18:07,600 Speaker 1: think for my parents, it was like a not a 412 00:18:07,600 --> 00:18:08,200 Speaker 1: badge of honor. 413 00:18:08,200 --> 00:18:08,520 Speaker 2: But for me. 414 00:18:08,600 --> 00:18:10,080 Speaker 1: That's how I would have worn it. I would been like, yeah, 415 00:18:10,119 --> 00:18:11,760 Speaker 1: look at this ugly old car. I'm gonna keep driving 416 00:18:11,760 --> 00:18:12,400 Speaker 1: it as long as I can. 417 00:18:12,640 --> 00:18:14,359 Speaker 2: Was there no embarrassment as a kid, because as an 418 00:18:14,359 --> 00:18:16,760 Speaker 2: adult who's in charge of the finances, you're like, yeah, 419 00:18:16,960 --> 00:18:18,840 Speaker 2: it is a badge of honor. But as a kid, 420 00:18:18,880 --> 00:18:19,840 Speaker 2: I remember being embarrassed. 421 00:18:20,000 --> 00:18:21,200 Speaker 1: I don't really remember being embarrassed. 422 00:18:21,359 --> 00:18:22,280 Speaker 2: Really. Yeah, oh I definitely. 423 00:18:22,320 --> 00:18:25,360 Speaker 1: And so that was before superws were cool. But yeah, 424 00:18:25,400 --> 00:18:28,160 Speaker 1: so bzen with the car. I think until you've paid 425 00:18:28,200 --> 00:18:30,840 Speaker 1: it off, like, do not allow yourself to buy the 426 00:18:30,880 --> 00:18:33,040 Speaker 1: new thing when you still owe money on the old thing, 427 00:18:33,119 --> 00:18:35,600 Speaker 1: or at least at least at minimum until you aren't 428 00:18:35,640 --> 00:18:37,600 Speaker 1: upside down it. If you owe more than it's worth, 429 00:18:37,760 --> 00:18:39,240 Speaker 1: you got to make more payments and you got to 430 00:18:39,440 --> 00:18:42,040 Speaker 1: get past the break even point before you're willing to 431 00:18:42,080 --> 00:18:44,760 Speaker 1: trade that in an upgrade. Yeah, and I'll say this 432 00:18:44,880 --> 00:18:47,280 Speaker 1: car repair suck. I just incurred a one thousand dollars 433 00:18:47,280 --> 00:18:50,920 Speaker 1: car repair bill this week. Not fun, but it sure 434 00:18:50,960 --> 00:18:53,440 Speaker 1: beats seven years of massive car payments. They'll suck a 435 00:18:53,440 --> 00:18:54,080 Speaker 1: whole lot worse. 436 00:18:54,240 --> 00:18:57,200 Speaker 2: Absolutely. Yeah. It's interesting because the Edmonds report it was 437 00:18:57,280 --> 00:18:59,639 Speaker 2: highlighting the fact that the behaviors of folks trading in 438 00:18:59,640 --> 00:19:02,480 Speaker 2: their cars has remained from the pandemic essentially, And so 439 00:19:02,880 --> 00:19:05,720 Speaker 2: the reason that a lot of folks are underwater upside 440 00:19:05,720 --> 00:19:08,320 Speaker 2: down in their in their cars was because back during 441 00:19:08,359 --> 00:19:11,440 Speaker 2: the pandemic, when there were supply supply chain disruptions, car 442 00:19:11,520 --> 00:19:13,280 Speaker 2: lots didn't have cars to sell, and so when people 443 00:19:13,320 --> 00:19:15,159 Speaker 2: were coming in to trade in their vehicle, they're like, 444 00:19:15,200 --> 00:19:17,280 Speaker 2: oh my gosh, I'll hey, what you want for that, 445 00:19:17,680 --> 00:19:20,760 Speaker 2: I'll pay top dollar. And that's no longer the case. 446 00:19:21,400 --> 00:19:23,879 Speaker 2: Folks are receiving much less for those trade ins. And 447 00:19:23,920 --> 00:19:26,600 Speaker 2: I saw that the it's called the ATP. The average 448 00:19:26,600 --> 00:19:30,399 Speaker 2: transaction price of used vehicles has dropped significantly over the 449 00:19:30,440 --> 00:19:33,879 Speaker 2: past year, and so for vehicles that are two to 450 00:19:34,000 --> 00:19:37,280 Speaker 2: ten years old, the average transaction price is dropped by 451 00:19:37,440 --> 00:19:41,000 Speaker 2: ten percent, and for a used vehicle that's only one 452 00:19:41,080 --> 00:19:44,920 Speaker 2: year old, it's dropped close to twenty percent. Is seventeen percent, 453 00:19:45,119 --> 00:19:47,360 Speaker 2: which is a ton of money. When you're talking about 454 00:19:47,600 --> 00:19:51,000 Speaker 2: the average one year old used vehicles like forty like 455 00:19:51,040 --> 00:19:53,520 Speaker 2: thirty eight thou forty thousand dollars, that's a ton of 456 00:19:53,520 --> 00:19:55,640 Speaker 2: money to have to go down that much, and So 457 00:19:55,960 --> 00:19:57,920 Speaker 2: what I'm highlighting here as well is that there's a 458 00:19:58,200 --> 00:20:00,399 Speaker 2: there's a silver lining, which is folks who are looking 459 00:20:00,440 --> 00:20:03,840 Speaker 2: to potentially buy a used vehicle. Hey, the longer you 460 00:20:03,880 --> 00:20:05,879 Speaker 2: can hold out, the more likely you are to pay 461 00:20:06,119 --> 00:20:07,480 Speaker 2: less for that used vehicle. 462 00:20:07,560 --> 00:20:09,840 Speaker 1: Yeah, that's true, and I will say too, I was 463 00:20:09,840 --> 00:20:12,400 Speaker 1: also shocked that fifty percent of purchases involved a trade 464 00:20:12,440 --> 00:20:15,280 Speaker 1: in at all. That people don't privately sell their cars anymore. 465 00:20:15,320 --> 00:20:17,480 Speaker 1: We've talked about that, like it's just it's harder to 466 00:20:17,520 --> 00:20:20,359 Speaker 1: find a good used car sold by an actual human. 467 00:20:20,520 --> 00:20:22,639 Speaker 1: There are all these intermediatory third parties who want to 468 00:20:22,640 --> 00:20:24,080 Speaker 1: cut and so we're. 469 00:20:24,080 --> 00:20:24,879 Speaker 2: Making it so easy. 470 00:20:25,000 --> 00:20:27,399 Speaker 1: Car does and they do, they do, But that also 471 00:20:27,480 --> 00:20:29,960 Speaker 1: means you're paying more typically, and so it might behoove 472 00:20:30,000 --> 00:20:33,320 Speaker 1: you to wait a little longer, wait hunt for the 473 00:20:33,359 --> 00:20:35,680 Speaker 1: private individual to sell you a car. And so, even 474 00:20:35,720 --> 00:20:39,320 Speaker 1: if you aren't underwater on that vehicle too that you're selling, 475 00:20:39,560 --> 00:20:41,919 Speaker 1: at least consider selling your vehicle privately because it's going 476 00:20:41,960 --> 00:20:43,840 Speaker 1: to mean more money. The one caveat I will say 477 00:20:43,880 --> 00:20:46,479 Speaker 1: is that you get a tax benefit sometimes by trading 478 00:20:46,520 --> 00:20:49,040 Speaker 1: in your car in some states, like in Georgia, that 479 00:20:49,080 --> 00:20:52,080 Speaker 1: doesn't apply in states like California, So to look at 480 00:20:52,080 --> 00:20:54,240 Speaker 1: the fine print too, because maybe the trade in reduces 481 00:20:54,280 --> 00:20:57,560 Speaker 1: the sale price, which reduces then the amount that's taxable, 482 00:20:57,840 --> 00:21:00,439 Speaker 1: which makes trade in a little less egregious in Georgia. 483 00:21:00,440 --> 00:21:02,919 Speaker 1: But still I would say getting top dollar for your 484 00:21:02,960 --> 00:21:05,320 Speaker 1: vehicle is the priority. Even if they it thing's a 485 00:21:05,359 --> 00:21:07,840 Speaker 1: little bit extra time, it might be worth it considering 486 00:21:07,880 --> 00:21:09,960 Speaker 1: the extra multi thousand dollars you might be able to get. 487 00:21:10,040 --> 00:21:13,399 Speaker 2: I dig it. Yeah, so cars, that's a very expensive 488 00:21:13,440 --> 00:21:16,040 Speaker 2: purchase in your life. We're going to talk about perhaps 489 00:21:16,119 --> 00:21:18,040 Speaker 2: the most expensive purchase that you can make. How that's 490 00:21:18,040 --> 00:21:20,680 Speaker 2: getting all shook up. We'll get to that more right 491 00:21:20,720 --> 00:21:29,960 Speaker 2: after the break. All right, we're back. 492 00:21:30,000 --> 00:21:32,480 Speaker 1: The Friday flight continues, and of course we got to 493 00:21:32,480 --> 00:21:36,080 Speaker 1: get to the ludicrous headline of the week. This one 494 00:21:36,119 --> 00:21:38,520 Speaker 1: comes from a actually a real estate blog, Matt that 495 00:21:38,760 --> 00:21:41,520 Speaker 1: is one of the better real estate blogs out there. 496 00:21:41,600 --> 00:21:43,520 Speaker 2: It's called the Basis Point for the Nerds. 497 00:21:43,560 --> 00:21:45,240 Speaker 1: For the nerds, Yeah, for the people who liked like 498 00:21:45,280 --> 00:21:48,000 Speaker 1: the industry insider kind of stuff. Well, this headline reads 499 00:21:48,119 --> 00:21:51,919 Speaker 1: our home buyers hit hardest by Landmark realtor lawsuit the 500 00:21:52,000 --> 00:21:53,920 Speaker 1: end of the Yes headline, that's the end of the TLDR. 501 00:21:54,000 --> 00:21:57,040 Speaker 2: No, so why don't you yell at brage. 502 00:21:57,119 --> 00:21:59,680 Speaker 1: Well, okay, so everybody knows homes aren't cheap. The really 503 00:21:59,680 --> 00:22:03,320 Speaker 1: expense right now and interest rates still kind of up 504 00:22:03,400 --> 00:22:07,080 Speaker 1: there at least when we're talking about where they were recently. 505 00:22:07,240 --> 00:22:11,639 Speaker 1: And exacerbating the problem is that buying and selling homes 506 00:22:12,000 --> 00:22:14,880 Speaker 1: is expensive. So the transaction costs we've always talked about 507 00:22:14,880 --> 00:22:17,679 Speaker 1: the transaction costs of real estate. You have to factor 508 00:22:17,680 --> 00:22:20,520 Speaker 1: those in to how you think about buying and selling. 509 00:22:20,720 --> 00:22:22,000 Speaker 1: For instance, you don't want to buy a home sell 510 00:22:22,000 --> 00:22:24,240 Speaker 1: it two years later. The transaction costs will eat up 511 00:22:24,240 --> 00:22:26,200 Speaker 1: any sort of value you might have been able to gain. 512 00:22:26,520 --> 00:22:29,480 Speaker 1: And the National Association of Realtors has acted as a 513 00:22:29,520 --> 00:22:32,439 Speaker 1: monopoly of sorts for decades. They've protected high fees for 514 00:22:32,480 --> 00:22:36,640 Speaker 1: agents and that's cost been costing individuals across the country 515 00:22:36,960 --> 00:22:40,679 Speaker 1: big bucks with every transaction that happens. But then this article, 516 00:22:40,960 --> 00:22:43,520 Speaker 1: in the basis point was trying to outline how this 517 00:22:43,600 --> 00:22:46,479 Speaker 1: is actually bad for buyers. This new ruling that the 518 00:22:46,600 --> 00:22:50,520 Speaker 1: National Association and realtors can't have this monopoly status and 519 00:22:50,560 --> 00:22:52,080 Speaker 1: that people are going to be able to negotiate their 520 00:22:52,119 --> 00:22:55,280 Speaker 1: fees directly with agents, and I just don't think that's true. 521 00:22:55,280 --> 00:22:57,880 Speaker 1: I don't think this is bad for buyers. Buyers might need, 522 00:22:58,000 --> 00:23:00,399 Speaker 1: as the article points out, to fork over money to 523 00:23:00,480 --> 00:23:03,560 Speaker 1: hire an agent to represent them, but buyers were paying 524 00:23:04,080 --> 00:23:06,760 Speaker 1: big bucks through the roof because of the baked in 525 00:23:06,880 --> 00:23:09,560 Speaker 1: fee anyway, Right, It's not like the buyer's agent was 526 00:23:09,560 --> 00:23:13,400 Speaker 1: working for free. The problem, Oh, they were still getting paid. 527 00:23:13,400 --> 00:23:15,679 Speaker 1: They were getting paid. The problem was the opaqueness of 528 00:23:15,680 --> 00:23:19,040 Speaker 1: the whole system. And the overall effect of greatly reduced 529 00:23:19,040 --> 00:23:22,320 Speaker 1: fees is going to have a positive impact on everyone 530 00:23:22,560 --> 00:23:25,280 Speaker 1: in the housing market except for maybe real estate agent. 531 00:23:25,359 --> 00:23:27,119 Speaker 2: That's true. Yeah, So the main thing here is that 532 00:23:27,160 --> 00:23:30,000 Speaker 2: sellers won't be forced to pay a dime to the 533 00:23:30,040 --> 00:23:33,399 Speaker 2: buyer's agents. That flat six percent fee that's been in 534 00:23:33,560 --> 00:23:37,200 Speaker 2: existence basically for forever, where the two agents essentially split 535 00:23:37,240 --> 00:23:39,280 Speaker 2: it three and three. That's going to be a thing 536 00:23:39,320 --> 00:23:41,240 Speaker 2: of the past. And so buyers, yeah, they're going to 537 00:23:41,280 --> 00:23:43,320 Speaker 2: have to find a way to compensate their agent directly, 538 00:23:43,600 --> 00:23:46,240 Speaker 2: which is what the basis point is pointing out. But 539 00:23:46,280 --> 00:23:48,240 Speaker 2: all sorts of great models, I think are bound to 540 00:23:48,280 --> 00:23:50,679 Speaker 2: spring up now that this model is collapsing. It's not 541 00:23:50,800 --> 00:23:55,600 Speaker 2: being propped up by this monopoly is such like you said, 542 00:23:55,760 --> 00:23:57,879 Speaker 2: I think you said it right by the National Association 543 00:23:57,920 --> 00:24:00,520 Speaker 2: of Realtors. I think competition is going to bring down 544 00:24:00,600 --> 00:24:03,359 Speaker 2: the fees across the board, and I think there's a chance, 545 00:24:03,440 --> 00:24:07,080 Speaker 2: like I think initially it might cause like there's gonna 546 00:24:07,080 --> 00:24:09,240 Speaker 2: be some unrest as folks are trying to figure out 547 00:24:09,280 --> 00:24:10,240 Speaker 2: what's going on, in. 548 00:24:10,200 --> 00:24:13,679 Speaker 1: Particular this spring housing market through this summer, people are like, 549 00:24:13,960 --> 00:24:16,600 Speaker 1: do I buy more quickly? Do I talk to my 550 00:24:16,640 --> 00:24:18,360 Speaker 1: agent about the fees? Do I start to negotiate? 551 00:24:18,400 --> 00:24:19,760 Speaker 2: What do I do? But I do think that maybe 552 00:24:19,760 --> 00:24:22,720 Speaker 2: in the short term that it slows things down just 553 00:24:22,800 --> 00:24:25,680 Speaker 2: a little bit because of the uncertainty, because folks are like, wow, 554 00:24:25,720 --> 00:24:28,280 Speaker 2: how's this all going to shake out. It's interesting that, 555 00:24:28,359 --> 00:24:30,320 Speaker 2: if you think about it, the way realtors get paid 556 00:24:30,440 --> 00:24:33,200 Speaker 2: is from whoever is selling the house. The person who's 557 00:24:33,200 --> 00:24:34,880 Speaker 2: selling the house is the one getting the fat check 558 00:24:35,200 --> 00:24:36,680 Speaker 2: at the end of the closing, right. That's why they 559 00:24:36,760 --> 00:24:38,360 Speaker 2: do it that way, and so because of that they 560 00:24:38,400 --> 00:24:41,159 Speaker 2: are less price sensitive. They're like, Okay, what's six percent? 561 00:24:41,240 --> 00:24:44,200 Speaker 2: Well it's a bummer, but hey, that's that's just how 562 00:24:44,240 --> 00:24:47,760 Speaker 2: the cookie crumbles. As opposed to the buyer being the 563 00:24:47,760 --> 00:24:49,840 Speaker 2: one who's not paying essentially for half of that or 564 00:24:50,119 --> 00:24:52,520 Speaker 2: perhaps less of fees come down. Overall, it's going to 565 00:24:52,560 --> 00:24:54,879 Speaker 2: make them more price sensitive and like there's going to 566 00:24:54,960 --> 00:24:57,720 Speaker 2: be more competition because of that, because they're the ones 567 00:24:57,960 --> 00:25:00,480 Speaker 2: on the front end of the transaction happened to that happened. 568 00:25:00,480 --> 00:25:05,400 Speaker 2: They haven't realized years of appreciation with all this equity 569 00:25:05,440 --> 00:25:07,560 Speaker 2: that's now in their home. I think that's an interesting 570 00:25:07,600 --> 00:25:10,560 Speaker 2: like there's a psychological component here. I guess not even psychological. 571 00:25:10,600 --> 00:25:13,400 Speaker 2: It's literally the person selling the house has more money, Yeah, 572 00:25:13,440 --> 00:25:16,280 Speaker 2: because they most likely are selling it for more than 573 00:25:16,560 --> 00:25:18,760 Speaker 2: than they paid for it. But it'll be interesting from 574 00:25:18,800 --> 00:25:21,520 Speaker 2: a dollars and cents standpoint the fact that buyers have less, 575 00:25:21,520 --> 00:25:25,360 Speaker 2: but also from a psychological standpoint, the fact that, oh man, 576 00:25:25,040 --> 00:25:27,880 Speaker 2: I'm having to pay how much in order to hopefully 577 00:25:28,359 --> 00:25:30,720 Speaker 2: buy this home and hopefully to see the equity growing it. 578 00:25:30,760 --> 00:25:32,639 Speaker 2: I think there's a there's something going on there. 579 00:25:33,119 --> 00:25:34,840 Speaker 1: What's fascinating is one, I think there's gonna be a 580 00:25:34,840 --> 00:25:37,040 Speaker 1: lot of like digital startups coming, and I think Red 581 00:25:37,040 --> 00:25:38,640 Speaker 1: Shannon Zilla are going to help changes. 582 00:25:38,640 --> 00:25:40,960 Speaker 2: They've already been doing it. But I think it's only 583 00:25:40,960 --> 00:25:42,840 Speaker 2: going to normalize it. And yeah, I think there will 584 00:25:42,880 --> 00:25:45,040 Speaker 2: be a whole host of different players that are going 585 00:25:45,080 --> 00:25:47,239 Speaker 2: to cater to folks who don't want to go use 586 00:25:47,280 --> 00:25:47,959 Speaker 2: a realtor at all. 587 00:25:48,040 --> 00:25:50,040 Speaker 1: And yeah, there's gonna be levels, right, There's gonna be 588 00:25:50,119 --> 00:25:52,360 Speaker 1: levels of this. So if you want the top dollar, 589 00:25:52,480 --> 00:25:55,080 Speaker 1: high end white glove service, some agents might find themselves 590 00:25:55,119 --> 00:25:57,680 Speaker 1: getting paid even more, I don't know. And then there's 591 00:25:57,720 --> 00:26:00,480 Speaker 1: gonna be a medium tier. There's gonna be a lower 592 00:26:00,520 --> 00:26:02,560 Speaker 1: tier where you're like, I'm just hunting on Zillow, I'm 593 00:26:02,560 --> 00:26:04,840 Speaker 1: reaching out proactively, I'm scheduling my own tour of the home, 594 00:26:05,160 --> 00:26:09,280 Speaker 1: and you basically your transaction costs go down significantly. I 595 00:26:09,320 --> 00:26:11,360 Speaker 1: think that's what's going to be great is that you're 596 00:26:11,400 --> 00:26:12,600 Speaker 1: going to be able to kind of choose your own 597 00:26:12,640 --> 00:26:15,119 Speaker 1: adventure when it comes to and it's but it's going 598 00:26:15,160 --> 00:26:17,480 Speaker 1: to take time for this to shake out. I will 599 00:26:17,480 --> 00:26:19,800 Speaker 1: say the one thing you can do now or in 600 00:26:19,880 --> 00:26:21,919 Speaker 1: the near future, if you're planning on buying or selling, 601 00:26:22,200 --> 00:26:25,719 Speaker 1: I would talk to your agent proactively upfront about the 602 00:26:25,720 --> 00:26:27,560 Speaker 1: fee that they're able to get from the home, and 603 00:26:27,560 --> 00:26:30,720 Speaker 1: I would say, listen, hey, I'm doing this legwork. I'm 604 00:26:30,800 --> 00:26:33,400 Speaker 1: more involved in the process, which you feel feel comfortable 605 00:26:33,480 --> 00:26:37,000 Speaker 1: taking this much. I think now the negotiation table is 606 00:26:37,040 --> 00:26:39,600 Speaker 1: kind of wide open for how you can approach your 607 00:26:39,640 --> 00:26:42,000 Speaker 1: real estate agent, whereas it wasn't even just a few 608 00:26:42,080 --> 00:26:45,119 Speaker 1: months ago. So, by the way, we love real estate agents. 609 00:26:45,160 --> 00:26:47,840 Speaker 1: They provide a great service, but real estate commissions in 610 00:26:47,920 --> 00:26:50,119 Speaker 1: most other countries are about half of what they've been 611 00:26:50,160 --> 00:26:52,440 Speaker 1: in the US, and I just think under this new, 612 00:26:52,640 --> 00:26:55,200 Speaker 1: more competitive environment, we're going to see the best, most 613 00:26:55,200 --> 00:26:58,359 Speaker 1: productive agents thrive. A lot of agents. I think fifty 614 00:26:58,359 --> 00:27:00,639 Speaker 1: percent of agents Matt sell one or zero houses in 615 00:27:00,680 --> 00:27:02,840 Speaker 1: a year. A lot of those folks will just exit 616 00:27:02,880 --> 00:27:04,719 Speaker 1: the doors completely, which is understandable. 617 00:27:04,880 --> 00:27:07,879 Speaker 2: Like podcasts on Apple and they have at least one 618 00:27:07,920 --> 00:27:09,679 Speaker 2: episode or. 619 00:27:09,720 --> 00:27:12,960 Speaker 1: Yeah, yeah, three or less preponderance of them, right, yeah, 620 00:27:12,960 --> 00:27:15,600 Speaker 1: so yeah, I think this is ultimately a good thing 621 00:27:15,640 --> 00:27:18,199 Speaker 1: for consumers. When we know what we're paying, and when 622 00:27:18,200 --> 00:27:20,640 Speaker 1: the fees aren't hidden, and when there's not a monopoly 623 00:27:20,840 --> 00:27:23,200 Speaker 1: enforcing a certain way of doing business, it's going to 624 00:27:23,240 --> 00:27:24,640 Speaker 1: provide a lot of choice so that we can all 625 00:27:24,640 --> 00:27:25,639 Speaker 1: make more informed decisions. 626 00:27:25,720 --> 00:27:28,320 Speaker 2: I like it, man. Yeah. Plus I'm thinking about it too. 627 00:27:28,359 --> 00:27:31,520 Speaker 2: I don't see how buyers aren't going to be able 628 00:27:31,600 --> 00:27:34,879 Speaker 2: to roll those buyer agent costs into their loan. Like 629 00:27:34,920 --> 00:27:37,480 Speaker 2: if you think about just how loans are structured now anyway, 630 00:27:37,520 --> 00:27:40,200 Speaker 2: Like there are already so many fees, an origination fee, 631 00:27:40,240 --> 00:27:44,160 Speaker 2: an appraisal fee, underwriting fee, tax record. You know, there's 632 00:27:44,200 --> 00:27:46,199 Speaker 2: like all these fees that get rolled into it. And 633 00:27:46,560 --> 00:27:50,320 Speaker 2: I would be surprised if lenders aren't approving agents fees 634 00:27:50,359 --> 00:27:53,159 Speaker 2: to also get rolled into that the overall loan amount. 635 00:27:53,200 --> 00:27:56,040 Speaker 2: So maybe folks won't be as price sensitive. But what 636 00:27:56,040 --> 00:27:57,600 Speaker 2: that's going to do then is it's going to raise 637 00:27:57,640 --> 00:28:00,240 Speaker 2: their monthly payment, and so I guess that'll be even 638 00:28:00,240 --> 00:28:01,360 Speaker 2: more important number to look at. 639 00:28:01,400 --> 00:28:04,159 Speaker 1: I'm so curious to see how this shakes out because. 640 00:28:04,240 --> 00:28:07,320 Speaker 2: Where is the equili equilibrium gonna end up? Where's it 641 00:28:07,320 --> 00:28:07,679 Speaker 2: gonna land? 642 00:28:07,720 --> 00:28:10,399 Speaker 1: And ultimately I think it's yeah, it's gonna create more 643 00:28:10,440 --> 00:28:12,600 Speaker 1: supply on the market over time as well, because I 644 00:28:12,600 --> 00:28:14,920 Speaker 1: think people are just with transaction costs go down, people 645 00:28:14,920 --> 00:28:16,200 Speaker 1: are going to be more willing to sell their home. 646 00:28:16,240 --> 00:28:17,919 Speaker 1: And guess what we need right now, we need more 647 00:28:17,920 --> 00:28:18,760 Speaker 1: people being willing to. 648 00:28:18,680 --> 00:28:20,920 Speaker 2: Sell their homes. Yeah, not without a bunch of hiccups though, 649 00:28:20,920 --> 00:28:22,560 Speaker 2: and like that's like, I know that's what we're going 650 00:28:22,600 --> 00:28:24,760 Speaker 2: to hear in the coming months, is a realtor is 651 00:28:24,800 --> 00:28:27,080 Speaker 2: complaining about it. But then also buyers and sellers just 652 00:28:27,119 --> 00:28:28,959 Speaker 2: like it's it's just a gray area, like we are 653 00:28:28,960 --> 00:28:29,919 Speaker 2: in transition right now. 654 00:28:29,960 --> 00:28:31,760 Speaker 1: That's what's already happening. I think that's exactly what this 655 00:28:31,880 --> 00:28:34,720 Speaker 1: article is about. Home Buyers hit hardest, like because they're 656 00:28:34,720 --> 00:28:37,560 Speaker 1: gonna have to pay their agent directly. That it's making 657 00:28:37,600 --> 00:28:40,520 Speaker 1: it seem like they're at a disadvantage because of this ruling, 658 00:28:40,640 --> 00:28:44,000 Speaker 1: and they're not. Overall fees will go down, they'll overall 659 00:28:44,040 --> 00:28:46,640 Speaker 1: pay less. Well, they might have to pay upfront directly though. 660 00:28:46,720 --> 00:28:49,480 Speaker 2: Yeah, buyers today, they're not going to be encouraged by 661 00:28:49,480 --> 00:28:52,080 Speaker 2: the fact that eventually it'll be it'll be better. Yeah 662 00:28:52,320 --> 00:28:53,760 Speaker 2: for the folks who are looking to buy right now. 663 00:28:53,960 --> 00:28:57,440 Speaker 2: But let's talk about the dire need for skilled laborers. 664 00:28:57,480 --> 00:29:00,120 Speaker 2: Let's talk about blue collar work. It continues to be 665 00:29:00,160 --> 00:29:02,880 Speaker 2: an area of need in our country. Like what it 666 00:29:03,000 --> 00:29:05,000 Speaker 2: is is that the push for everyone in their mom 667 00:29:05,040 --> 00:29:07,280 Speaker 2: to go to college that has reduced the number of 668 00:29:07,280 --> 00:29:09,720 Speaker 2: folks willing to do work with their hands. We talked 669 00:29:09,760 --> 00:29:11,720 Speaker 2: about this in depth way back in the day with. 670 00:29:11,720 --> 00:29:13,040 Speaker 1: A Napoleon Dynamite reference. 671 00:29:13,040 --> 00:29:14,560 Speaker 2: By the way, your mom goes to college. I want 672 00:29:14,600 --> 00:29:18,960 Speaker 2: that we talked about this though with Ken Rusk episode 673 00:29:19,120 --> 00:29:21,360 Speaker 2: two seventy seven. This is way back in the day 674 00:29:21,840 --> 00:29:24,880 Speaker 2: where he talked about the value of the skilled trades. 675 00:29:25,280 --> 00:29:28,520 Speaker 2: But there's new data from Handshake and they find that 676 00:29:28,640 --> 00:29:30,520 Speaker 2: gen Z they don't want to do the plumbing work. 677 00:29:30,560 --> 00:29:33,560 Speaker 2: They don't want to be an HVAC or an auto 678 00:29:33,600 --> 00:29:36,440 Speaker 2: technician or an electrician manual labor. We know it's not 679 00:29:36,480 --> 00:29:38,840 Speaker 2: for everyone, but at the same time, college isn't either, 680 00:29:39,000 --> 00:29:41,800 Speaker 2: and the pay is growing rapidly in some of these 681 00:29:41,840 --> 00:29:45,000 Speaker 2: in demand blue collar sectors. And then on top of that, though, 682 00:29:45,000 --> 00:29:49,200 Speaker 2: even if you're not super handy, there's room for entrepreneurship 683 00:29:49,280 --> 00:29:51,960 Speaker 2: within the space, meaning that many folks can just run 684 00:29:52,000 --> 00:29:55,400 Speaker 2: their own varies profitable small business. I literally have a 685 00:29:55,400 --> 00:29:58,440 Speaker 2: friend at the gym. He's in mergers and acquisitions. He 686 00:29:58,480 --> 00:29:59,920 Speaker 2: works for a bank, but he doesn't want to do 687 00:30:00,080 --> 00:30:02,880 Speaker 2: that anymore, and he's literally right now on the hunt 688 00:30:02,920 --> 00:30:05,719 Speaker 2: to acquire an HVAC company. He's he's like, I'm going 689 00:30:05,760 --> 00:30:07,600 Speaker 2: to have to learn the ins and outs just though 690 00:30:07,640 --> 00:30:09,320 Speaker 2: I know what I'm talking about, but he's like, the 691 00:30:09,400 --> 00:30:11,160 Speaker 2: plan is for me to run that business. I'm not 692 00:30:11,200 --> 00:30:13,080 Speaker 2: the one making the house calls, and that's what he 693 00:30:13,080 --> 00:30:15,360 Speaker 2: wants to do instead of like having the corporate gig. 694 00:30:15,400 --> 00:30:17,960 Speaker 2: And I think that's there's a massive opportunity there as 695 00:30:18,280 --> 00:30:21,400 Speaker 2: lots of folks who, let's face it, are older, they're boomers, 696 00:30:21,520 --> 00:30:24,520 Speaker 2: and they're exiting the skilled labor trades, and there's a 697 00:30:24,520 --> 00:30:26,040 Speaker 2: lot of opportunity there for younger folks. 698 00:30:26,040 --> 00:30:28,160 Speaker 1: Something we talked about with Cody Sanchez back in the day, 699 00:30:28,200 --> 00:30:31,400 Speaker 1: right that that basically this is a ripe time to 700 00:30:31,400 --> 00:30:33,960 Speaker 1: buy somebody else's small business and there's a lot of 701 00:30:34,080 --> 00:30:36,440 Speaker 1: potential value to be had because depending on what the 702 00:30:36,480 --> 00:30:38,000 Speaker 1: business is, you might be able to get it for 703 00:30:38,000 --> 00:30:40,720 Speaker 1: a song, and then you can optimize that business, you 704 00:30:40,720 --> 00:30:41,320 Speaker 1: can grow. 705 00:30:41,160 --> 00:30:43,880 Speaker 2: Your wealth, implement new systems exactly, Yeah, run it a 706 00:30:43,920 --> 00:30:46,360 Speaker 2: lot more efficiently. Yeah, there's a lot of upside here. 707 00:30:46,400 --> 00:30:49,120 Speaker 1: The other upside, by the way, when you look at 708 00:30:49,160 --> 00:30:51,440 Speaker 1: the numbers of what Matt some of these skilled trades, 709 00:30:51,480 --> 00:30:54,080 Speaker 1: what they can earn, even if you're working for someone else, 710 00:30:54,240 --> 00:30:56,600 Speaker 1: like you can earning potential. 711 00:30:57,760 --> 00:30:59,880 Speaker 2: Yeah. Yeah, so you don't want to own your own business. 712 00:31:00,000 --> 00:31:00,720 Speaker 2: I just want to do the work. 713 00:31:00,800 --> 00:31:02,280 Speaker 1: Yeah, you might be like twenty one to twenty two 714 00:31:02,320 --> 00:31:05,640 Speaker 1: years old making seventy five eighty five thousand dollars a year, 715 00:31:06,080 --> 00:31:07,360 Speaker 1: and guess what, you also. 716 00:31:07,200 --> 00:31:09,600 Speaker 2: Avoid the student loan debt. So it's like a double win. 717 00:31:10,520 --> 00:31:13,360 Speaker 1: You're starting to make significant money and it didn't take 718 00:31:13,400 --> 00:31:16,880 Speaker 1: an expensive college degree and four or more years to 719 00:31:16,920 --> 00:31:20,160 Speaker 1: get there. And the more our society promotes college as 720 00:31:20,200 --> 00:31:22,960 Speaker 1: a no brainer, the greater the dearth of skilled labor 721 00:31:23,000 --> 00:31:25,479 Speaker 1: that we have in this country. When it becomes kind 722 00:31:25,520 --> 00:31:28,360 Speaker 1: of the no brainer, one size fits all solution, even 723 00:31:28,400 --> 00:31:30,520 Speaker 1: for people where it's a square peg in a round hole, 724 00:31:30,960 --> 00:31:34,560 Speaker 1: we're just actually not funneling people to their most productive ends. 725 00:31:34,920 --> 00:31:37,960 Speaker 1: And then, you know, fewer folks entering those professions means 726 00:31:38,000 --> 00:31:41,000 Speaker 1: more opportunity, Like there is now an earning potential for 727 00:31:41,040 --> 00:31:43,440 Speaker 1: people who skip the college route, go to a trade school, 728 00:31:43,480 --> 00:31:46,160 Speaker 1: or take the apprenticeship route. One interesting note, by the way, 729 00:31:46,640 --> 00:31:49,440 Speaker 1: on the college front is that many colleges are acting 730 00:31:49,480 --> 00:31:52,400 Speaker 1: student loans completely. Matt saw this recently. It doesn't mean 731 00:31:52,400 --> 00:31:54,920 Speaker 1: that it's free to go to that school, because there 732 00:31:54,960 --> 00:31:58,280 Speaker 1: still might be an expected family contribution or even stuff 733 00:31:58,320 --> 00:32:00,960 Speaker 1: like work study requirements for the student. But I feel 734 00:32:00,960 --> 00:32:01,680 Speaker 1: like this is a trend. 735 00:32:01,520 --> 00:32:02,120 Speaker 2: We can get behind. 736 00:32:02,120 --> 00:32:04,200 Speaker 1: Why are more colleges not doing I think there's a 737 00:32:04,200 --> 00:32:06,360 Speaker 1: couple dozen colleges who have entered into this kind of 738 00:32:06,400 --> 00:32:09,080 Speaker 1: no student loan agreement. Will link to a list of 739 00:32:09,080 --> 00:32:11,400 Speaker 1: the colleges that have these no loan policies. But I 740 00:32:11,440 --> 00:32:13,840 Speaker 1: feel like there's a world of creative solutions to help 741 00:32:13,920 --> 00:32:18,200 Speaker 1: make college more affordable, less expensive, and less debt driven. 742 00:32:18,320 --> 00:32:19,920 Speaker 1: And this is at least kind of one of those 743 00:32:19,920 --> 00:32:22,840 Speaker 1: cool solutions. It's starting to gain steam. 744 00:32:22,960 --> 00:32:25,840 Speaker 2: Yeah, especially if so a lot of the funding is 745 00:32:25,880 --> 00:32:28,480 Speaker 2: being provided by like endowments of some of these colleges. 746 00:32:28,520 --> 00:32:30,680 Speaker 2: And what better use of an endowment, Like, I mean, 747 00:32:30,720 --> 00:32:33,320 Speaker 2: when you've got like fifty billion dollars Harvard, That's what 748 00:32:33,400 --> 00:32:35,320 Speaker 2: I'm speaking to right now, Like, what better way to 749 00:32:35,400 --> 00:32:37,720 Speaker 2: use that money than to fund the tuition of folks 750 00:32:37,760 --> 00:32:39,720 Speaker 2: who don't have the money to be able to afford 751 00:32:39,760 --> 00:32:41,040 Speaker 2: that education. I think that's great. 752 00:32:41,200 --> 00:32:42,920 Speaker 1: And there was the other There was a billionaire who 753 00:32:42,920 --> 00:32:45,960 Speaker 1: gave a lot of money to a medical school in 754 00:32:45,960 --> 00:32:49,120 Speaker 1: New York recently, and basically everybody who goes to study medicine. 755 00:32:49,160 --> 00:32:50,800 Speaker 1: There is going to get their degree debt free too, 756 00:32:50,840 --> 00:32:53,280 Speaker 1: which I love that. Yeah, well, yeah, that's a great 757 00:32:53,280 --> 00:32:54,200 Speaker 1: thing for rich people to do. 758 00:32:54,320 --> 00:32:57,440 Speaker 2: It's like at the you see the different commencement speeches 759 00:32:57,520 --> 00:33:00,720 Speaker 2: and there's like somebody who's really successful and graduated class 760 00:33:00,720 --> 00:33:03,200 Speaker 2: of whatever, you know, thirty forty years ago. And then 761 00:33:03,200 --> 00:33:04,320 Speaker 2: like at the end of the thing, he's like, by 762 00:33:04,360 --> 00:33:07,320 Speaker 2: the way, all your student owns are forgiven, they're on me, 763 00:33:07,480 --> 00:33:09,760 Speaker 2: checks on me. It just makes you makes you feel 764 00:33:09,760 --> 00:33:12,040 Speaker 2: good inside. When Mac gives a commencement speech, he gives out. 765 00:33:12,040 --> 00:33:15,880 Speaker 2: He just gives out free burritos, like work for Bo's 766 00:33:15,960 --> 00:33:18,760 Speaker 2: or Chipoli or something. I mean, that's all you have 767 00:33:18,840 --> 00:33:20,920 Speaker 2: money for being in rice burrito? Is it still nine 768 00:33:20,920 --> 00:33:22,400 Speaker 2: to nine? Sense I talked about it? I don't know. 769 00:33:22,920 --> 00:33:24,960 Speaker 2: Let's talk about social media and how it's for savers 770 00:33:25,000 --> 00:33:28,280 Speaker 2: because it giveth and it taketh away. It can save 771 00:33:28,320 --> 00:33:30,200 Speaker 2: you money or it can cost you money, depending on 772 00:33:30,240 --> 00:33:32,520 Speaker 2: how you use it. The Times they had an article 773 00:33:32,520 --> 00:33:35,080 Speaker 2: this week about the only reason that gen z still 774 00:33:35,200 --> 00:33:39,760 Speaker 2: uses Facebook, and no surprise here, it's for Facebook marketplace 775 00:33:39,960 --> 00:33:42,720 Speaker 2: right of course, to be able to buy used or 776 00:33:42,880 --> 00:33:44,440 Speaker 2: buy and sell use goods. It's kind of like when 777 00:33:44,480 --> 00:33:45,520 Speaker 2: your mom and grandma got on there. 778 00:33:45,560 --> 00:33:47,400 Speaker 1: You're like, I'm getting on off Facebook, and then Marketplace 779 00:33:47,440 --> 00:33:48,600 Speaker 1: got so good you had to get back. 780 00:33:48,520 --> 00:33:52,040 Speaker 2: On so good, and so Instagram, which of course is 781 00:33:52,040 --> 00:33:55,000 Speaker 2: also owned by Meta, is only trying to sell you 782 00:33:55,120 --> 00:33:57,560 Speaker 2: new things. With all of those targeted ads, Facebook, it's 783 00:33:57,560 --> 00:34:00,640 Speaker 2: become the most robust used marketplace on the Internet, I think. 784 00:34:00,680 --> 00:34:04,400 Speaker 2: And so farewell, Craigslist, we won't miss you because of 785 00:34:04,560 --> 00:34:07,120 Speaker 2: man all the different scams. I've got some good Craigslist 786 00:34:07,160 --> 00:34:10,320 Speaker 2: memories too, you really, Yeah, I don't at all. Marketplace 787 00:34:10,520 --> 00:34:13,360 Speaker 2: is the best place. And plus you got the local 788 00:34:13,520 --> 00:34:16,200 Speaker 2: buy nothing groups on Facebook. Those are pretty good too. Yeah. 789 00:34:16,239 --> 00:34:18,560 Speaker 2: The ability to completely avoid spending any money. 790 00:34:18,600 --> 00:34:20,280 Speaker 1: I think there are the way to go. Two reasons 791 00:34:20,320 --> 00:34:23,200 Speaker 1: to be on Facebook. One is Facebook Marketplace, the other 792 00:34:23,360 --> 00:34:27,399 Speaker 1: is Facebook Groups. And the great thing is you can 793 00:34:27,560 --> 00:34:31,080 Speaker 1: use both of those without subjecting yourself to all the 794 00:34:31,120 --> 00:34:33,680 Speaker 1: rest of the things that Facebook tries to suck you into. 795 00:34:34,040 --> 00:34:36,879 Speaker 1: So there is a plug game called the Facebook news 796 00:34:36,920 --> 00:34:39,960 Speaker 1: feed Eradicator. I put that on my browser. So when 797 00:34:39,960 --> 00:34:42,120 Speaker 1: I go to Facebook, there's literally two places I hop 798 00:34:42,200 --> 00:34:44,360 Speaker 1: over to. One is to the how to Money Facebook 799 00:34:44,360 --> 00:34:46,439 Speaker 1: group because it's awesome, so many great questions and people 800 00:34:46,480 --> 00:34:47,880 Speaker 1: helping each other out, and I just want to like 801 00:34:48,160 --> 00:34:49,920 Speaker 1: be a part of the cool discussions. And then the 802 00:34:49,960 --> 00:34:52,200 Speaker 1: other thing is Facebook Marketplace. If I'm looking to buy 803 00:34:52,280 --> 00:34:54,800 Speaker 1: or sell something. That's all I use Facebook for anymore. 804 00:34:54,920 --> 00:34:58,359 Speaker 1: I don't know what people believe politically anymore or all 805 00:34:58,360 --> 00:35:00,640 Speaker 1: the I'm not seeing all those ads coming through. I'm 806 00:35:00,680 --> 00:35:03,960 Speaker 1: really just using Facebook for the things that matter and 807 00:35:04,040 --> 00:35:04,799 Speaker 1: ditching all the rest. 808 00:35:04,880 --> 00:35:08,719 Speaker 2: You're not getting reminders of ex girlfriends from high school. 809 00:35:08,360 --> 00:35:10,799 Speaker 1: Nope, don't know if they even exist anymore. I hope 810 00:35:10,800 --> 00:35:13,719 Speaker 1: they're doing fine though. All right, that's gonna do it 811 00:35:13,760 --> 00:35:16,640 Speaker 1: for this episode. We'll have links to all the articles 812 00:35:16,719 --> 00:35:19,399 Speaker 1: we mentioned up on our show notes at howtomoney dot com. 813 00:35:19,400 --> 00:35:21,800 Speaker 2: That's right. We hope everyone has the beautiful weekend, a 814 00:35:21,840 --> 00:35:24,120 Speaker 2: beautiful spring weekend. We'll see you back here on Monday 815 00:35:24,200 --> 00:35:27,239 Speaker 2: with a fresh ask How to Money episode. Trying to 816 00:35:27,239 --> 00:35:32,279 Speaker 2: fake sneeze right now, listener questions the pollen It does 817 00:35:32,400 --> 00:35:34,400 Speaker 2: get to you. It gets to me as well. But buddy, 818 00:35:34,440 --> 00:35:35,919 Speaker 2: that's gonna be it for this one until next time. 819 00:35:36,040 --> 00:35:38,200 Speaker 2: Best Friends Out, Best Friends Out,