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Speaker 1: Welcome to How the Money.

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Speaker 2: I'm Joel, I'm Matt, and today we're talking about auto iras,

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Speaker 2: travel Tuesday and sloppy Seconds.

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Speaker 1: Not auto iras as in car or truck iras, Automatic

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Speaker 1: iras right, automatic for the people, Joel, this is in

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Speaker 1: fact our Friday flight, and we're gonna hit all the

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Speaker 1: most important headlines that we think pertain to your personal finance.

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Speaker 2: You're an RAM fan, right, that was a name one

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Speaker 2: of their albums, Automatic.

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Speaker 1: For the People.

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Speaker 2: Well, you know where that came from, from your college

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Speaker 2: town of Athens, Georgia.

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Speaker 1: Yeah, we were D's the meeting three. I'm still around.

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Speaker 1: I actually I haven't been back to Athens in years,

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Speaker 1: and so I personally can't speak from experience as to

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Speaker 1: whether or not that's still there. But it was this

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Speaker 1: lod spot back in the day, especially for someone like me.

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Speaker 1: I was the I don't think I ever went there. Oh,

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Speaker 1: you would have loved it. You would have loved I

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Speaker 1: mean just like the combination of Southern food mixed with

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Speaker 1: music and culture and man, yeah, I'm sad that it

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Speaker 1: sounds like my it's not there. I'm sad that you

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Speaker 1: never that you've never made it. But if not if

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Speaker 1: it's still there, then we should totally hit it up.

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Speaker 1: I'll look it up. Uh, what you want to talk

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Speaker 1: about first, Joel?

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Speaker 2: Okay, So we got an email from a listener this

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Speaker 2: week and we're I guess we were talking recently about

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Speaker 2: are the older cars that I my accurate in particularly

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Speaker 2: the two thousand and five. I can't really listen to

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Speaker 2: music in there. I like literally just play it for

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Speaker 2: my phone. Oh yeah, instead of like playing it through

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Speaker 2: my sound system because it's so antiquate.

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Speaker 1: Well, you were literally using your your phone speakers, yes,

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Speaker 1: when you said okay, I'm like, I put it from

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Speaker 1: my car too.

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Speaker 2: No, I'm literally playing it through the speaker on the phone.

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Speaker 2: And you may as well just like keep your earbuds in.

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Speaker 2: I know I probably should. Well sometimes I've done that

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Speaker 2: before too, but I don't know if that's that data. Yeah,

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Speaker 2: probably there. So listener Matt he emailed and he said, actually,

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Speaker 2: what you should do is just get basically a new

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Speaker 2: head unit for an older car. It's a couple hundred bucks,

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Speaker 2: especially stereo system. Yeah, especially this time of year, some

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Speaker 2: of those discounts from best Buy kicking in, and you

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Speaker 2: maybe get a free install or something like that, and yeah,

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Speaker 2: I don't know if I'm going to or not, but

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Speaker 2: I do think that's a good recommendation. And I think

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Speaker 2: for some people and set because that is one of

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Speaker 2: those things were like, ooh, that upgrade and make a

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Speaker 2: big difference in my life. And maybe you keep fixating

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Speaker 2: on that, and maybe maybe you.

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Speaker 1: If it moves the needle for you, maybe that's enough

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Speaker 1: to keep you from getting a new vehicle exactly.

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Speaker 2: And I think some people would say that's so important

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Speaker 2: to me. I think I'm going to kick this one

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Speaker 2: of the curve and get a new one. But there's

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Speaker 2: a whole lot more costs involved with upgrading your vehicle

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Speaker 2: than there is just putting in that new head unit,

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Speaker 2: So yeah, are you going to do it?

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Speaker 1: Are you going to keep an eye out for some

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Speaker 1: deals over the next one?

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Speaker 2: I might look around because honestly, being able to play

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Speaker 2: my favorite music through the car speakers would be a

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Speaker 2: big win. And I don't know how long I'm going

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Speaker 2: to have this car. That's like the thing, I'm not

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Speaker 2: trying to necessarily run it into the ground.

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Speaker 1: Case. Do you get a Bluetooth speaker and just set

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Speaker 1: it up on your dash and just kind of blast

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Speaker 1: it through then I would look real ratchet. Then you

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Speaker 1: can plug it straight into the cigarette power unit as well,

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Speaker 1: so it'll never run out of power. Well, that's the

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Speaker 1: ultimate frugal hack. Instead of getting something a stereosystem it

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Speaker 1: looks a little ridiculous that you can only use while

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Speaker 1: you're in the car. Get you something that you can

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Speaker 1: take with you, all right, like like on a picnic.

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Speaker 1: I don't know.

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Speaker 2: That doesn't interest me because I think it would look

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Speaker 2: a little ridiculous and it wouldn't provide quite as good

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Speaker 2: as sound either.

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Speaker 1: You could you don't have to set it up on

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Speaker 1: the dash, you can set it down there, you know,

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Speaker 1: next to the shifter or whatever. I'll consider that the problem.

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Speaker 1: I totally hear what you're saying, though, you're talking about

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Speaker 1: not wanting to make that upgrade because of how much

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Speaker 1: value residual values left in the vehicle.

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Speaker 2: If I'm just like, oh, I'm going to try to

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Speaker 2: own this car for the next five years, I'd be

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Speaker 2: willing to drop in the two hundred bucks, get three

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Speaker 2: hundred bucks even and say great, baby, yeah I would.

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Speaker 1: Because you think you could get for it right now.

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Speaker 2: The vehicle I'm gonna say thirty five hundred bucks.

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Speaker 1: So you're talking like almost ten percent of the overall

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Speaker 1: cost of the vehicle in stereoss.

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Speaker 2: But if I'm holding on to it for for five years.

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Speaker 1: And you're going to hang on to it, I'm with

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Speaker 1: you one hundred percent. But that also means making all

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Speaker 1: the other repairs on it that you're probably neglecting, like

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Speaker 1: the windshield. You got some hate milk for that, talking

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Speaker 1: about how you need to get that windshield replaced because

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Speaker 1: it's got that big, old nasty crab, but it's not.

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Speaker 1: I don't know.

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Speaker 2: Maybe I'll take a picture and post on Instagram or

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Speaker 2: something like that. But people were, like somebody in the

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Speaker 2: in the in the Facebook group said something like dude

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Speaker 2: with his net worth, like he should be doing that.

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Speaker 2: But the whole way you grow your net worth is

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Speaker 2: by not doing it stuff.

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Speaker 1: But it just depends, Like I totally agree, because if

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Speaker 1: you are going to keep the thing around, if you

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Speaker 1: are going to drive it into the ground, if you

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Speaker 1: are in it for the long haul, you gotta you

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Speaker 1: gotta get the new tires. You may as well go

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Speaker 1: ahead and get the brakes turned or whatever. That way

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Speaker 1: you're not eating into the rotors, get the timing belt

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Speaker 1: was the last time the timing belt's been changed, because

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Speaker 1: if you don't do that, you'll literally total the vehicle

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Speaker 1: because of the cost to repair the engine sure if

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Speaker 1: it goes out, and that's not I mean, that's crazy expensive,

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Speaker 1: but worth it if you want to keep driving. I

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Speaker 1: say that because how much was it? It's like eleven

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Speaker 1: hundred bucks, I think, And that included an old change.

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Speaker 1: I did that last month. Not cheap, but now I

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Speaker 1: know that man are obviously it's going to be good

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Speaker 1: for another seventy five one hundred thousand miles.

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Speaker 2: I just think I think more than anything, this is

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Speaker 2: not just a good recommendation for car owners, Like what's

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Speaker 2: the thing you can do to enjoy that car for longer?

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Speaker 2: So that keep prevents you from buying something newer? And

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Speaker 2: maybe like stops you from looking like browsing. But there's

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Speaker 2: got to be other things in life like that too,

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Speaker 2: Or is there something you can do.

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Speaker 1: There's something that rises to the top that bothers you

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Speaker 1: game most?

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Speaker 2: Yeah, what can you upgrade in your life at a

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Speaker 2: reasonable price that prevents you from making a more expensive upgrade?

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Speaker 2: So I like Matt's suggestion, and I think maybe we

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Speaker 2: can take that to another degree and say, what else

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Speaker 2: in your life can you upgrade in a small way

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Speaker 2: that prevents you from upgrading in a massive way.

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Speaker 1: The problem is it's a bunch of little things typically,

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Speaker 1: because what would you say if you had to make

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Speaker 1: some upgrades to your van? What would it be? Because

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Speaker 1: we were recently talking about that grill piece on the

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Speaker 1: front of you, Evan the pop off, and you're like, oh,

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Speaker 1: give me because mine did as well, but the mechanic

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Speaker 1: glued it back on. But I was like, it's only

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Speaker 1: sixty bucks, and you're telling me to get one for

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Speaker 1: you as well, so you can slap it on there.

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Speaker 1: It's all the small things all added up together that

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Speaker 1: oftentimes think makes it difficult to pinpoint one single thing.

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Speaker 1: But I'm with you.

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Speaker 2: If there is I find it a few small things

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Speaker 2: to my van and just literally put in a few

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Speaker 2: hundred bucks, I'd probably be like, you know what, you'd probably.

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Speaker 1: Feel a lot. I feel at about it, yeah, but

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Speaker 1: it's just what is it about it?

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Speaker 2: There's a scratch on the side that my dad put

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Speaker 2: on it, and I'm like, oh, if I repaired that

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Speaker 2: in the exterior, maybe yeah, something so I don't but

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Speaker 2: I think like maybe sometimes what those things are, you

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Speaker 2: might see that and you say, time to kick this

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Speaker 2: into the curving.

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Speaker 1: That's what we don't want folks exactly. All right, Well,

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Speaker 1: we're talking about saving money by not spending it. One

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Speaker 1: of the other things you can do with your money, Joel,

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Speaker 1: invest your money. More states are now working to help

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Speaker 1: the residents save for retirement via something called auto iras.

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Speaker 1: There's a recent report from Pew that finds that tens

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Speaker 1: of millions of Americans who are employed in the private

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Speaker 1: sector that they don't have access to a retirement account.

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Speaker 1: And if you don't have access through work, you know,

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Speaker 1: you might go sign up for an IRA with one

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Speaker 1: of our low cost favorites out there, Vanguard Fidelity, even

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Speaker 1: Charles Schwab. But many folks don't do that.

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Speaker 2: Is that takes some gumption, right to go out there

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Speaker 2: and make that happening on your.

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Speaker 1: Own, kind of like making all these small little fixes

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Speaker 1: to your vehicle, Like I don't know, you got to

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Speaker 1: want it badly enough to make it happen. And so

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Speaker 1: some states are stepping in to bridge the gap. Some

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Speaker 1: of those employers who don't offer a four one K

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Speaker 1: plan are now required to offer this IRA that's run

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Speaker 1: by the state, and it includes automatic contributions of three

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Speaker 1: to five percent. That's typical. Ten states are now doing this,

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Speaker 1: seven more are going to follow suit soon, and dude,

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Speaker 1: it's working. There's an amazing amount of money in there,

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Speaker 1: something like one point seven billion dollars, which is really impressive.

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Speaker 1: And I think this is great because on average, when

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Speaker 1: you've got Americans who are struggling to save for retirement,

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Speaker 1: I think the easier that we can make it, especially

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Speaker 1: for folks who don't have access to an account at work,

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Speaker 1: a four to one k I think this is a

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Speaker 1: good thing. Yeah.

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Speaker 2: Man, This is kind of like if you're a government

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Speaker 2: employee or you serve in the armed forces, you have

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Speaker 2: access to something called the TSP, right and there's been

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Speaker 2: talk over the years about hey, what if we made

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Speaker 2: just the TSP available to everybody in America? And this

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Speaker 2: is kind of the equivalent of that, because I think

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Speaker 2: a lot of people know that, hey, iras exist, I

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Speaker 2: could go out and do this, but if it's not

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Speaker 2: something that's offered through their workplace and isn't deducted from

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Speaker 2: their paycheck, they're less likely to go out there and

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Speaker 2: actually make it. Happen. So I like kind of making

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Speaker 2: it easy for people. The easier we can make it

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Speaker 2: for people, the more likely they are to do it right.

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Speaker 2: And since we started out of money, since we began

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Speaker 2: this podcast, we've always said that investing doesn't have to

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Speaker 2: be complicated. That the more we ratchet up the difficulty

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Speaker 2: level of what successful investing look like looks like, the

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Speaker 2: less likely people are to actually do the thing and

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Speaker 2: to start investing. And in fact, we've always said that

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Speaker 2: the more complicated it gets, typically the worse returns.

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Speaker 1: Tend to get.

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Speaker 2: And there was this recent article in Bloomberg and it

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Speaker 2: highlighted the difference between returns from hedge funds and overall

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Speaker 2: market returns this year. And although I will throw this caveat,

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Speaker 2: in hedge funds often they're not attempting to maximize returns.

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Speaker 2: They're using hedge tactics to reduce downside risk. But still,

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Speaker 2: on average, and this has been true for years and

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Speaker 2: years on end, they underperform what the total stock market produces.

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Speaker 1: Yeah, I was gonna say you could. You could probably

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Speaker 1: substitute hedge funds for actively managed funds as well, and

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Speaker 1: you're gonna see smilar results.

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Speaker 2: Exactly well, and that's before too accounting for the absurd

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Speaker 2: fees that they charge. And so here's a line from

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Speaker 2: the article that I've like kind of struck me. It said,

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Speaker 2: these higher fee strategies have proved too complex for their

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Speaker 2: own good, either by diversifying bets across the stock market

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Speaker 2: or shorting week looking companies.

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Speaker 1: And so, as.

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Speaker 2: Always, our advice is to buy the whole stock market

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Speaker 2: right at the whole basket of stocks, at the lowest

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Speaker 2: cost you possibly can. If you're in the wealth building

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Speaker 2: phase of your life, and if you're being told that

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Speaker 2: you need fancy and expensive funds or tactics, it's just

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Speaker 2: not true. And when you look at the people who

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Speaker 2: are engaging in that, these folks who probably dress in

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Speaker 2: fancy suits and work in the financial district of Manhattan, well,

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Speaker 2: they're not doing as well as a lot of everyday

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Speaker 2: normal investors just taking that basic approach of putting money

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Speaker 2: in continually, week after week, month after month, just funneling

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Speaker 2: do into the stock market.

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Speaker 1: That's true. Yeah, don't you get the impression too, that

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Speaker 1: like the elite class of folks in the investing in

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Speaker 1: personal plan space, that they're over complicating things with like

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Speaker 1: they're justifying their own existence essentially through all of these products,

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Speaker 1: because like the message really isn't all that different, like

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Speaker 1: day after day, Like we try to cut through all

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Speaker 1: the all the junk, all the bs to point people

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Speaker 1: to like the healthy behaviors that they should be doing.

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Speaker 1: And I don't know, maybe it gets monotonous yea, and

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Speaker 1: folks out, maybe they tune out. But when it comes

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Speaker 1: to some of these investing products, like they have to

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Speaker 1: find new, creative, inventive ways to find diversification and try

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Speaker 1: to outperform the market in order to justify their fees.

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Speaker 2: And I think it's always helpful to highlight these things

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Speaker 2: to say, oh, it seems really sexy, like, oh, I'm

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Speaker 2: a hedge fund manager, Like does it if you met

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Speaker 2: somebody who's a hedge fund manager?

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Speaker 1: Sounds cool?

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Speaker 2: You're talking to me slightly awestruck, and you'd be like, oh, yah,

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Speaker 2: tell me more about that. But the cooler thing is, Hey,

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Speaker 2: I addressed a lot of money in index funds, and

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Speaker 2: guess what, I'm building wealth and I'm getting rich.

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Speaker 1: The cooler thing is to have the actual money.

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Speaker 2: Yeah, And I'm sure some of those people have lots

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Speaker 2: of money, but they would have more. They just taken

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Speaker 2: the index mound approach.

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Speaker 1: Joel. It's the time of year where retailers are discounting

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Speaker 1: in order to win your spending dollars. Is talk about

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Speaker 1: some of the deals that we're going to come across,

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Speaker 1: because it's not just TVs and toys. Travel is getting

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Speaker 1: on the price cut action as well, and in the

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Speaker 1: coming weeks you might find some sweet travel deals coming

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Speaker 1: your way. Specifically, if you are looking to book on

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Speaker 1: travel Tuesday, this is a way for travel companies to

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Speaker 1: boost their bookings at it's time that tends to be

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Speaker 1: a you know, there's like a lull in the market,

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Speaker 1: similar to a Black Friday. It's now more of an

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Speaker 1: extended event as opposed to just actually taking place on Tuesday.

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Speaker 1: But that being said, if traveling more is a part

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Speaker 1: of your twenty twenty five budget, and if it's something

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Speaker 1: that you want to do well, looking during the week

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Speaker 1: of in the week after Thanksgiving, it can help you

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Speaker 1: to snag a deal. And so the best deals, according

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Speaker 1: to a recent piece over on McKenzie's website, are of

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Speaker 1: course flights, but then cruises as well as package travel

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Speaker 1: deals too.

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Speaker 2: Yeah, we're already seeing some of those travel bargains rolling

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Speaker 2: out even though travel Tuesday isn't actually doesn't come about

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Speaker 2: for a couple of weeks. And Matt, you mentioned package deals.

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Speaker 2: Some of those can be really good deals. But then

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Speaker 2: there are other things that kind of sound like they

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Speaker 2: might be a great package deal and they're actually exploitative,

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Speaker 2: and they could be like the worst deal you've ever encountered.

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Speaker 2: And I'm talking about something called vacation clubs, and they

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Speaker 2: are a twist on time shares, a kind of a

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Speaker 2: new twist on timeshares, because boy, if you call something

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Speaker 2: a timeshare now, people are kind of tipped off.

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Speaker 1: Red flag.

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Speaker 2: Wait a second, I've heard something bad about time shares

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Speaker 2: in the past, But if you call it a vacation

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Speaker 2: club and you rebrand it, people are saying, oh, vacation

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Speaker 2: clubs sound so much better. I haven't heard bad things

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Speaker 2: about this, but you're gonna hear something bad it now.

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Speaker 2: There was this New York Times report and it found

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Speaker 2: that people are paying tens of thousands of dollars to

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Speaker 2: join these vacation clubs based on a sexy pitch and

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Speaker 2: using name brand recognition from a company like Hyatt Ooh,

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Speaker 2: come get this Hyatt vacation club them. I've heard of Hyatt.

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Speaker 2: They wouldn't steer me wrong. They wouldn't completely steal my money,

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Speaker 2: would they. Well, these pitches are being made while they're

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Speaker 2: also applying the people who are receiving the pitch with

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Speaker 2: lots of alcohol, and we know that alcohol harm decision making.

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Speaker 2: I like drinks, yeah, but maybe not combined with like

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Speaker 2: tens you're saying all the things I like, Joel, maybe

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Speaker 2: not combined with a decision that could cost you tens

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Speaker 2: of thousands of dollars. Right, And then consumers they're finding

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Speaker 2: that the fine print after they've signed up for one

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Speaker 2: of these vacation clubs, it makes the investment that they've

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Speaker 2: made I use investment loosely, it's made it worthless. And

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Speaker 2: so the pristine promise that's been delivered in the pitch,

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Speaker 2: it doesn't live up to the reality that you encounter

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Speaker 2: on the back end. If you buy into a vacation club,

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Speaker 2: you don't actually really own it an you don't own

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Speaker 2: any real estate. You're buying discounts for future stays, but

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Speaker 2: blackout dates and other unfulfilled promises diminish the value to

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Speaker 2: being almost worthless. So timeshares are a problem because they're

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Speaker 2: really expensive, they're hard to unload, they're basically worth nothing

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Speaker 2: after you buy them. It'd be better you'd be better

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Speaker 2: off buying a used timeshare for very little, because people

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Speaker 2: will sell them for literally pennies. And you might hear

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Speaker 2: a pitch for a vacation club. It's eerily like a timeshare,

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Speaker 2: and it will similarly cost you big bucks.

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Speaker 1: I think oftentimes what you're paying for is like the

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Speaker 1: access right, Like people are allured by the exclusivity of

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Speaker 1: some of these different clubs, and you kind of get

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Speaker 1: sucked in that way. It makes me think of there's

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Speaker 1: been a trend I've noticed recently two of smaller businesses

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Speaker 1: doing like these small business pop ups, and they charge

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Speaker 1: an upfront cost or upfront fee to even shop at

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Speaker 1: the pop up, and I feel like it's drawing on

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Speaker 1: the same sort of like limited time only the exclusive

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Speaker 1: nature of the ability to shop here and if you know,

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Speaker 1: like you may not even buy anything. But also it

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Speaker 1: includes a drink, and so it's a similar tactic. And

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Speaker 1: I don't like, I'm all for small businesses, but what's

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Speaker 1: great is that the market will decide whether or not

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Speaker 1: these things are going to be successful or not. But

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Speaker 1: I think it's just important to highlight some of the

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Speaker 1: marketing tactics that are going into whether you're talking about

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Speaker 1: a purchase with you know that's five digits versus one

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Speaker 1: that maybe is only two digits, right, Yeah, Well there's

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Speaker 1: this takes our pattern.

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Speaker 2: Yeah, and some of the the maybe cute marketing is

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Speaker 2: one thing, but kind of predatory tactics that some of

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Speaker 2: these vacation clubs take is another. And you might be

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Speaker 2: We don't want you to be an unsuspecting victim.

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Speaker 1: So while we're talking about traveled man, it's not been

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Speaker 1: a good week for Spirit Airlines. Huh, that's true. We

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Speaker 1: recently talked pretty glowingly about the Spirit effect and how

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Speaker 1: by it's just mere existence that they're able to help

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Speaker 1: lower fares for all of us. But the airline has

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Speaker 1: been struggling financially. They've entered bankruptcy. So what does that

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Speaker 1: mean for everyone out there who already has the trip

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Speaker 1: to Spirit. Well, if you are traveling in the near future,

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Speaker 1: like over Thanksgiving, it shouldn't change pretty much anything for you.

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Speaker 1: And you can even still book future flights with Spirit

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Speaker 1: if you're so inclined of maybe getting the absolute lowest price,

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Speaker 1: and you're not looking to take anything with you, just

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Speaker 1: your phone in your pocket. But if you have Spirit points, however,

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Speaker 1: you might want to consider using those sooner than later.

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Speaker 1: It's not completely known what the fate I guess, of

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Speaker 1: those points or the Spirit Airlines as a whole, will be,

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Speaker 1: but it does make it just given them more business

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Speaker 1: friendly administration coming to AUUS next year, it doesn't make

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Speaker 1: it more likely that they will exit bankruptcy via a

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Speaker 1: merger with one of the other airlines where those mergers

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Speaker 1: have gotten shut down.

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Speaker 2: What they were trying to trying to merge with Jet

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Speaker 2: Blue or Jet Blue is trying to take Spirit over,

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Speaker 2: and that kind of got the.

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Speaker 1: Frontier was trying to get in on the action to

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Speaker 1: at some point, and.

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Speaker 2: I could just see that happening, because what's worse than

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Speaker 2: reduce competition via merger, Well, reduce competition probably.

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Speaker 1: Via bankruptcy of Spirit.

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Speaker 2: So I think you're probably right, and I think we

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Speaker 2: could see Spirit brought into the loving arms of one

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Speaker 2: of these other low cost airlines. But yeah, Spirit not

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Speaker 2: being around anymore would be a loss for all of us.

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Speaker 2: Matt flying Spirit. It's not the only way to save

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Speaker 2: the times had an article this week about skip lagging,

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Speaker 2: which airlines continue to hate. Airlines really don't love it

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Speaker 2: when consumers try to save money on flights and out

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Speaker 2: of the box ways, and skip lagging is one of

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Speaker 2: those ways that people attempt to do that. And some

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Speaker 2: people might say, well, what is that, what does that

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Speaker 2: term mean? Well, it's when you hop off the plane

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Speaker 2: before you reach your end destination. And why would you

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Speaker 2: do that, Like, why would you book a flight somewhere

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Speaker 2: and get off early. Well, it's because it's actually cheaper

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Speaker 2: to book to a further off destination that connects in

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Speaker 2: the city you want to go to, instead of just

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Speaker 2: booking directly to the city you're trying to go to.

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Speaker 2: Your final destination exactly, is actually just the layover spot,

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Speaker 2: so you disembark early and you just paid a whole

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Speaker 2: lot less for your tickets. And there are even websites

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Speaker 2: out there, the main one being skip lagged dot com

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Speaker 2: to help you fight these hidden discounted fares, which is cool,

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Speaker 2: But this guy, Matt, the guy who started this website

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Speaker 2: years ago, has been being harassed and sued by the

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Speaker 2: airlines non stop because they freaking hate this.

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Speaker 1: They do not they don't like it.

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Speaker 2: They don't want anybody per taking these cheaper fares, They

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Speaker 2: don't want anyone highlighting that they exist. They would prefer

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Speaker 2: you to have a blindfold on and just pay them

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Speaker 2: more money. And I've actually never taken a flight that

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Speaker 2: used skip lagging, but I love that it exists, and

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Speaker 2: I think it's worth it for other travelers who want

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Speaker 2: to save money to at least look into skip blagging

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Speaker 2: and see if it could save them meaningful money. But

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Speaker 2: at the same time, you have to be a little

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Speaker 2: bit careful because the airlines hate this practice so much

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Speaker 2: they could penalize you if you get off the plane early.

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Speaker 2: For instance, some people have been sued. They've had their

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Speaker 2: frequent Flyer miles for folks, And often you're gonna have

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Speaker 2: the rest of your itinerary canceled. So you might find, oh,

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Speaker 2: I show back to I got off early, and then

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Speaker 2: you know what, I want to go back home now, Well,

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Speaker 2: the rest of your ticket is Nolan voids. You got

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Speaker 2: to be really careful in how you do the skip

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Speaker 2: blagging thing, but if you do it right, you might

436
00:19:08,200 --> 00:19:09,000
Speaker 2: be able to save money.

437
00:19:09,240 --> 00:19:11,320
Speaker 1: Well, one way skip blagged that seems to make more

438
00:19:11,359 --> 00:19:13,280
Speaker 1: sense than the a round trip. The round trip ain't

439
00:19:13,280 --> 00:19:14,879
Speaker 1: going to happen. Yeah, But Joel, we've got more to

440
00:19:14,880 --> 00:19:18,760
Speaker 1: get to, including why previously loyal consumers are saying no

441
00:19:18,960 --> 00:19:20,480
Speaker 1: to the brands they used to love. We'll get to

442
00:19:20,520 --> 00:19:30,240
Speaker 1: that more right after this. We're back.

443
00:19:30,320 --> 00:19:32,919
Speaker 2: The Friday flight continues, and it's time to get to

444
00:19:32,920 --> 00:19:36,639
Speaker 2: the ludicrous headline of the week, matth. This comes from Sherwood,

445
00:19:36,960 --> 00:19:40,960
Speaker 2: which is Robin Hood's journalistic brand thing they got going

446
00:19:41,000 --> 00:19:43,200
Speaker 2: on now, and they're doing a good job over there actually.

447
00:19:42,960 --> 00:19:45,400
Speaker 1: Yeah, and we we'll continue to read stories by them

448
00:19:45,400 --> 00:19:49,000
Speaker 1: as long as their journalistic integrity is upheld. Yeah, it's

449
00:19:49,000 --> 00:19:51,360
Speaker 1: been solid so far. It's just a little suspicious because

450
00:19:51,400 --> 00:19:53,160
Speaker 1: you're kind of like, all right, what are they trying

451
00:19:53,160 --> 00:19:54,639
Speaker 1: to push? But when they've got good stories, I mean,

452
00:19:54,680 --> 00:19:56,119
Speaker 1: good stories are good stories, that's true.

453
00:19:56,200 --> 00:19:59,080
Speaker 2: And so this one, the title was Today's sports betting

454
00:19:59,080 --> 00:20:01,520
Speaker 2: boom may be to Morrow's investment issue.

455
00:20:01,960 --> 00:20:05,439
Speaker 1: Yeah, and so first off, doesn't sound like they're promoting

456
00:20:05,440 --> 00:20:06,199
Speaker 1: anything dodgy.

457
00:20:06,480 --> 00:20:08,439
Speaker 2: No, like they're trying to make a supporting a real

458
00:20:08,480 --> 00:20:12,240
Speaker 2: problem exactly. And so first they mentioned that one hundred

459
00:20:12,240 --> 00:20:15,440
Speaker 2: and twenty billion dollars in sports bets were made last year,

460
00:20:15,680 --> 00:20:18,240
Speaker 2: which is crazy. I didn't realize just how much money

461
00:20:18,280 --> 00:20:21,000
Speaker 2: people are sinking into the sports gambling apps, but it's

462
00:20:21,000 --> 00:20:24,359
Speaker 2: a lot. There's no wonder we're seeing all the ads

463
00:20:24,359 --> 00:20:26,879
Speaker 2: for fan duel and DraftKings and all the like. I

464
00:20:26,880 --> 00:20:28,760
Speaker 2: don't really watch sports as much as I used to,

465
00:20:28,760 --> 00:20:32,160
Speaker 2: but I know, I know that they're advertising NonStop, especially

466
00:20:32,160 --> 00:20:34,919
Speaker 2: when you're watching your favorite teams play. And then a

467
00:20:34,960 --> 00:20:37,720
Speaker 2: group of academics on top of that just released a

468
00:20:37,800 --> 00:20:41,720
Speaker 2: new study which finds that sports gambling is causing people

469
00:20:41,840 --> 00:20:45,399
Speaker 2: who are partaking in it, it's causing them to invest less,

470
00:20:45,800 --> 00:20:48,679
Speaker 2: and so don't like that. That makes sense though it

471
00:20:48,720 --> 00:20:51,600
Speaker 2: makes sense, but it's also not a good thing. I mean,

472
00:20:52,000 --> 00:20:53,840
Speaker 2: one line that stuck out to me from this article

473
00:20:53,920 --> 00:20:58,000
Speaker 2: was this. It's said the increase embedding an associated consumption

474
00:20:58,359 --> 00:21:01,959
Speaker 2: leads to heightened financial instant ability, as households run up

475
00:21:01,960 --> 00:21:05,920
Speaker 2: credit card balances and more frequently overdraw their bank accounts.

476
00:21:06,359 --> 00:21:11,120
Speaker 2: So basically, sports gambling is ruining their lives and it's

477
00:21:11,160 --> 00:21:13,000
Speaker 2: causing people to invest a whole lot less. So if

478
00:21:13,040 --> 00:21:15,360
Speaker 2: you really, if you really want to gamble on sports,

479
00:21:15,920 --> 00:21:17,480
Speaker 2: you do you like, I'm not here to be the

480
00:21:17,480 --> 00:21:20,160
Speaker 2: moral police or to tell you that it's not okay

481
00:21:20,160 --> 00:21:21,840
Speaker 2: for you to spend your money in that way. But

482
00:21:21,880 --> 00:21:24,240
Speaker 2: I think it's also crucial to create a strict line

483
00:21:24,240 --> 00:21:26,680
Speaker 2: item in your budget and to pull those funds from

484
00:21:26,800 --> 00:21:29,600
Speaker 2: other areas, like your entertainment budget for instance. Right, Like

485
00:21:29,640 --> 00:21:31,359
Speaker 2: if you that's what it is. Yeah, if you go

486
00:21:31,400 --> 00:21:35,240
Speaker 2: to Vegas and you like for the weekend and you

487
00:21:35,280 --> 00:21:37,119
Speaker 2: gamble at the tables, like that should come out of

488
00:21:37,119 --> 00:21:39,800
Speaker 2: your entertainment budget. It shouldn't come from your investment account.

489
00:21:40,880 --> 00:21:43,919
Speaker 2: Do not, under any circumstances take money you would have

490
00:21:43,960 --> 00:21:46,719
Speaker 2: invested and shove it into your FanDuel account. Just make

491
00:21:46,760 --> 00:21:49,000
Speaker 2: sure it's not coming out of You're not taking it

492
00:21:49,040 --> 00:21:53,480
Speaker 2: from your eventual retirement future for having fun today.

493
00:21:53,560 --> 00:21:55,960
Speaker 1: That's true. Yeah, it's less about the morality and more

494
00:21:56,000 --> 00:21:58,840
Speaker 1: of the fact that of what it's keeping people from doing,

495
00:21:59,000 --> 00:22:01,280
Speaker 1: you know, like it's the it's like junk food. Honestly,

496
00:22:01,320 --> 00:22:04,080
Speaker 1: it's like it's not that a Snickers bar. It's like poison.

497
00:22:04,080 --> 00:22:05,560
Speaker 1: And you're not to drop dead because of that. It's

498
00:22:05,600 --> 00:22:07,560
Speaker 1: that fact that that fills you up and that keeps

499
00:22:07,560 --> 00:22:09,959
Speaker 1: you from eating like healthy vegetables and meats and protein

500
00:22:10,040 --> 00:22:12,440
Speaker 1: like all the other things that we need in our diets.

501
00:22:12,960 --> 00:22:16,200
Speaker 1: And yes, over time that will cause you to drop dead. Yeah,

502
00:22:17,040 --> 00:22:21,320
Speaker 1: it's the substitute in nature that gambling poses. While we're

503
00:22:21,320 --> 00:22:25,159
Speaker 1: talking about food, another nefarious financial trend that continues is

504
00:22:25,160 --> 00:22:28,320
Speaker 1: shrink flation. And we've always said to make sure to

505
00:22:28,359 --> 00:22:31,119
Speaker 1: be alert to the different manufacturers out there that are

506
00:22:31,119 --> 00:22:34,159
Speaker 1: shrinking their sizes. Check the price per serving, know what

507
00:22:34,200 --> 00:22:36,439
Speaker 1: it is that you're getting. Smaller packages are just one

508
00:22:36,440 --> 00:22:38,800
Speaker 1: way that companies are able to avoid jacking up the price.

509
00:22:39,480 --> 00:22:43,280
Speaker 1: And some listeners they don't love our take on shrink inflation, Joel.

510
00:22:43,320 --> 00:22:44,440
Speaker 1: They think it should be illegal.

511
00:22:44,560 --> 00:22:47,720
Speaker 2: Someone crapped on me when I said something recently about shrinkflation.

512
00:22:47,880 --> 00:22:49,720
Speaker 2: They reached out on Twitter and we're like, that's the

513
00:22:49,800 --> 00:22:51,400
Speaker 2: dumbest thing I've ever heard, Like why are you.

514
00:22:51,400 --> 00:22:53,600
Speaker 1: Okay with this? And I'm like, well, what's the alternative?

515
00:22:53,600 --> 00:22:55,639
Speaker 1: Because it gives us options, that's why, you know. It

516
00:22:55,680 --> 00:22:59,080
Speaker 1: turns out consumers do notice when their favorite items shrink

517
00:22:59,200 --> 00:23:02,879
Speaker 1: in size. The free market in action and they changed

518
00:23:02,920 --> 00:23:07,160
Speaker 1: their buying habits accordingly. This actually happened with Tropicana recently.

519
00:23:07,160 --> 00:23:11,080
Speaker 1: They shrunk the container the jug down by six ounces

520
00:23:11,520 --> 00:23:13,879
Speaker 1: and instead of taking it lying down, folks opted to

521
00:23:13,880 --> 00:23:16,320
Speaker 1: buy another orange juice brand, a little bit of consumer

522
00:23:16,359 --> 00:23:19,400
Speaker 1: activism going on here. Tropicana sales went down by eight

523
00:23:19,480 --> 00:23:22,720
Speaker 1: percent in July, and then that trend continued. Sales were

524
00:23:22,760 --> 00:23:26,720
Speaker 1: down nineteen percent in October. I think that's awesome too.

525
00:23:26,880 --> 00:23:29,560
Speaker 1: I think it's good to see that folks are paying attention,

526
00:23:29,560 --> 00:23:32,760
Speaker 1: they're adjusting their their shopping habits, and I want to

527
00:23:32,800 --> 00:23:35,720
Speaker 1: highlight to the fact that I will say, we as

528
00:23:35,720 --> 00:23:39,600
Speaker 1: consumers are not perfectly rational and objective and logical when

529
00:23:39,640 --> 00:23:41,720
Speaker 1: it comes to what, you know, our grocery habits and

530
00:23:41,760 --> 00:23:43,360
Speaker 1: what it is that we're buying. I think a part

531
00:23:43,359 --> 00:23:44,760
Speaker 1: of it, too, came down to the fact that they

532
00:23:44,840 --> 00:23:48,040
Speaker 1: changed the actual packaging. And so you know what the

533
00:23:48,119 --> 00:23:50,280
Speaker 1: clear jug of tropicana looks like joal right, Like, how

534
00:23:50,280 --> 00:23:52,560
Speaker 1: would you describe that? Like A it's like bigger at

535
00:23:52,600 --> 00:23:55,040
Speaker 1: the bottom, and it's pear shaped, right, it's skinning around

536
00:23:55,080 --> 00:23:56,800
Speaker 1: the top, And so they changed it to where it's

537
00:23:56,800 --> 00:24:00,439
Speaker 1: more uniform, which makes sense. Like honestly, I kind of

538
00:24:00,480 --> 00:24:02,399
Speaker 1: as I'm thinking about it, I'm like, oh, I'd prefer

539
00:24:02,640 --> 00:24:05,160
Speaker 1: for that to be in my fridge. Then the wide

540
00:24:05,160 --> 00:24:08,640
Speaker 1: bottom thing because you get smaller footprint. But that has

541
00:24:08,640 --> 00:24:11,159
Speaker 1: an impact and people perceive it differently. They perceive it

542
00:24:11,200 --> 00:24:14,359
Speaker 1: differently and it looks more generic. And so while I

543
00:24:14,400 --> 00:24:17,200
Speaker 1: do think folks are looking at how much things cost

544
00:24:17,240 --> 00:24:20,000
Speaker 1: and are looking at the price perounce, even that one

545
00:24:20,040 --> 00:24:22,320
Speaker 1: little thing that snaps them out of the default purchase,

546
00:24:22,440 --> 00:24:24,880
Speaker 1: like the default reaching forward on the shelves, is enough

547
00:24:24,880 --> 00:24:27,359
Speaker 1: to help folks to reassess whether or not they're gaining

548
00:24:27,440 --> 00:24:31,080
Speaker 1: value from that company, which ultimately I also think is good.

549
00:24:31,080 --> 00:24:33,440
Speaker 2: And I guess I just don't think shrink inflation is

550
00:24:33,480 --> 00:24:35,399
Speaker 2: going away. So we can beat our heads against the

551
00:24:35,400 --> 00:24:38,680
Speaker 2: wall and complain about the fact that package sizers are shrinking,

552
00:24:38,960 --> 00:24:40,320
Speaker 2: but the truth is we have to be aware of

553
00:24:40,320 --> 00:24:42,760
Speaker 2: it and react differently. And I think switching away from

554
00:24:42,840 --> 00:24:44,760
Speaker 2: name brands is one way to save a lot of money.

555
00:24:44,920 --> 00:24:47,320
Speaker 2: And if companies try to get too cute with their

556
00:24:47,359 --> 00:24:50,399
Speaker 2: shrinkflation efforts, it's going to backfire. People see that the

557
00:24:50,440 --> 00:24:52,200
Speaker 2: sizes are going down, they see that they're not getting

558
00:24:52,240 --> 00:24:54,080
Speaker 2: as much bang for their buck, and they're going to

559
00:24:54,119 --> 00:24:56,800
Speaker 2: make changes in how they shop. And that's just how

560
00:24:56,880 --> 00:24:59,480
Speaker 2: it should be. While we don't think shrinkflation should be

561
00:24:59,560 --> 00:25:01,880
Speaker 2: illegal or anything like that. It's totally okay for you

562
00:25:02,119 --> 00:25:05,040
Speaker 2: to not reward companies for doing it though, And Matt,

563
00:25:05,119 --> 00:25:07,560
Speaker 2: this is the time of year when people shop more

564
00:25:07,600 --> 00:25:10,560
Speaker 2: than ever. People are making more in store and online

565
00:25:10,560 --> 00:25:13,480
Speaker 2: transactions this time of year, and the truth is we

566
00:25:13,480 --> 00:25:14,960
Speaker 2: don't always hit the nail on the head with those

567
00:25:15,000 --> 00:25:18,159
Speaker 2: purchases the first time around, which means we're also making

568
00:25:18,320 --> 00:25:21,119
Speaker 2: more returns this time of year. And statistics show that

569
00:25:21,240 --> 00:25:25,400
Speaker 2: roughly fifteen percent of purchases overall end up being returned,

570
00:25:25,800 --> 00:25:28,400
Speaker 2: even higher in this winter shopping season. And so it's

571
00:25:28,400 --> 00:25:31,119
Speaker 2: a pain to make returns. I actually have a return

572
00:25:31,240 --> 00:25:34,080
Speaker 2: I gotta make right now. I just I hate actually

573
00:25:34,640 --> 00:25:37,160
Speaker 2: get there were some light bulbs that didn't work out. Dude,

574
00:25:37,440 --> 00:25:40,119
Speaker 2: don't don't maybe go off about light bulbs. They are

575
00:25:40,280 --> 00:25:43,760
Speaker 2: there are kind of ratchet lightbulbs that you no. It's

576
00:25:43,840 --> 00:25:47,200
Speaker 2: like this particular four pronged light bulb that goes into

577
00:25:47,800 --> 00:25:51,760
Speaker 2: a specialty light fixture. Light bulbs, light bulbs and batteries.

578
00:25:52,320 --> 00:25:54,399
Speaker 2: That's something I would love to see shrunk Like. We

579
00:25:54,440 --> 00:25:56,439
Speaker 2: don't need as many of any of those. Can we

580
00:25:56,480 --> 00:25:58,280
Speaker 2: just standardize those things a little bit more? But I

581
00:25:58,280 --> 00:26:00,480
Speaker 2: have to return those light bulbs because it didn't fit.

582
00:26:00,760 --> 00:26:04,280
Speaker 2: But more retailers are refunding your money and then also

583
00:26:04,320 --> 00:26:06,600
Speaker 2: on top of that, allowing you to keep the item

584
00:26:06,960 --> 00:26:11,399
Speaker 2: because the cost of taking it back receiving that that return, well,

585
00:26:11,440 --> 00:26:13,960
Speaker 2: they're just too high. And so there's there's this company

586
00:26:14,000 --> 00:26:16,600
Speaker 2: called return pro and they said that roughly sixty percent

587
00:26:16,640 --> 00:26:20,320
Speaker 2: of retailers now have an internal policy where they're allowing

588
00:26:20,320 --> 00:26:22,000
Speaker 2: you to keep the item that you're trying to return.

589
00:26:22,040 --> 00:26:23,520
Speaker 2: So not only they're giving you the money back, but

590
00:26:23,560 --> 00:26:25,879
Speaker 2: they're saying, just hold on to that dumb light.

591
00:26:25,720 --> 00:26:28,639
Speaker 1: Bulb, you idiot. But they didn't say that to you.

592
00:26:28,680 --> 00:26:30,520
Speaker 1: They didn't say that, No, I got to actually go

593
00:26:30,520 --> 00:26:31,800
Speaker 1: in and give the light pull back. Was this an

594
00:26:31,800 --> 00:26:34,240
Speaker 1: online order or in person online? But of course then

595
00:26:34,240 --> 00:26:35,600
Speaker 1: you got to like go to see I guess that's

596
00:26:35,640 --> 00:26:38,040
Speaker 1: the problem because it's so small that they're like, oh, yeah,

597
00:26:38,040 --> 00:26:39,600
Speaker 1: you can get send the back. It's not going to

598
00:26:39,640 --> 00:26:42,280
Speaker 1: cost this tal only by the heavy stuff on language. Yeah.

599
00:26:42,560 --> 00:26:45,800
Speaker 2: Well, and they don't make these policies public typically because

600
00:26:45,840 --> 00:26:47,960
Speaker 2: then I think people would gain the system, right, But

601
00:26:48,040 --> 00:26:49,719
Speaker 2: this is a good reminder to know.

602
00:26:50,119 --> 00:26:51,159
Speaker 1: I think that.

603
00:26:51,200 --> 00:26:52,720
Speaker 2: Maybe you might get to keep the item that you're

604
00:26:52,800 --> 00:26:55,679
Speaker 2: returning in get the refund, but also know the return

605
00:26:55,720 --> 00:26:58,720
Speaker 2: policy before you buy, especially this time of year, because

606
00:26:59,280 --> 00:27:03,359
Speaker 2: lots of retail are offering larger return windows, but there

607
00:27:03,440 --> 00:27:05,440
Speaker 2: might be some items that they won't take back and

608
00:27:05,480 --> 00:27:08,840
Speaker 2: they might have harsher return policies around electronics items. So

609
00:27:09,400 --> 00:27:12,080
Speaker 2: know what you're getting into and where you're buying from

610
00:27:12,240 --> 00:27:14,840
Speaker 2: and what the return policy actually is before you make

611
00:27:14,880 --> 00:27:15,840
Speaker 2: a purchase this time of year.

612
00:27:15,880 --> 00:27:18,600
Speaker 1: It's true, yeah, especially with some of those clearance items

613
00:27:18,600 --> 00:27:21,280
Speaker 1: that you may not have the ability to return, and

614
00:27:21,440 --> 00:27:23,199
Speaker 1: when you buy, you might be tempted to get a

615
00:27:23,240 --> 00:27:26,960
Speaker 1: store card store credit card at checkout in order to

616
00:27:26,960 --> 00:27:30,080
Speaker 1: snag a thirty percent off discount something like that. We

617
00:27:30,119 --> 00:27:33,119
Speaker 1: would recommend for you to not do that. Store cards

618
00:27:33,160 --> 00:27:37,320
Speaker 1: they're not nearly as good as traditional normal credit cards.

619
00:27:37,680 --> 00:27:40,520
Speaker 1: They come with far higher interest rates attached to them.

620
00:27:40,680 --> 00:27:43,480
Speaker 1: They're at a record high of thirty three percent this year,

621
00:27:44,000 --> 00:27:45,679
Speaker 1: and so if you don't pay off that balance on

622
00:27:45,800 --> 00:27:49,000
Speaker 1: time and in full, it's worse than ever. So an

623
00:27:49,119 --> 00:27:51,960
Speaker 1: argument to this, though, might be some folks are thinking, well, hey,

624
00:27:52,400 --> 00:27:55,280
Speaker 1: this car's got a zero percent rate for a certain

625
00:27:55,280 --> 00:27:55,840
Speaker 1: amount of time.

626
00:27:55,880 --> 00:27:58,720
Speaker 2: That sweet introductory fee plus I say, fifty bucks off

627
00:27:58,720 --> 00:28:00,760
Speaker 2: the total purchase. So you guys are this is a

628
00:28:00,760 --> 00:28:01,440
Speaker 2: good money.

629
00:28:01,200 --> 00:28:03,720
Speaker 1: Move, and that's true, but you got to make sure

630
00:28:04,080 --> 00:28:05,720
Speaker 1: it just like honestly, it comes down to how you

631
00:28:05,720 --> 00:28:07,119
Speaker 1: handle it. If you can handle a credit card like

632
00:28:07,119 --> 00:28:09,800
Speaker 1: a pro, then sure, go for it. But often those

633
00:28:09,960 --> 00:28:13,320
Speaker 1: cards charged was called deferred interest, and so this means

634
00:28:13,320 --> 00:28:16,480
Speaker 1: that you will be retroactively charged interest for the entire

635
00:28:16,520 --> 00:28:20,560
Speaker 1: time span, going back to day one of that promotional period.

636
00:28:20,880 --> 00:28:23,600
Speaker 2: It's like those furniture stores that would do like no payments,

637
00:28:23,680 --> 00:28:27,000
Speaker 2: no interest until twenty twenty nine, and then if you

638
00:28:27,040 --> 00:28:28,560
Speaker 2: missed one payment or you're a little bit laate or

639
00:28:28,600 --> 00:28:31,200
Speaker 2: something like, all that interest comite you exactly.

640
00:28:31,280 --> 00:28:33,600
Speaker 1: And so in that case, that extra discount that you

641
00:28:33,640 --> 00:28:35,959
Speaker 1: got on the items you purchase, they won't make up

642
00:28:35,960 --> 00:28:38,800
Speaker 1: for it. It's a nefarious tactic. We want you to

643
00:28:38,920 --> 00:28:42,560
Speaker 1: avoid store cards. In particular. It's the transparency that bothers

644
00:28:42,600 --> 00:28:45,360
Speaker 1: me the most. And I wasn't surprised to see that

645
00:28:45,760 --> 00:28:48,960
Speaker 1: a certain retailer that sells electronics, Best Buy had the

646
00:28:49,000 --> 00:28:51,360
Speaker 1: worst transparency in the fact that this was not something

647
00:28:51,360 --> 00:28:54,040
Speaker 1: that they disclosed. I'm all for people making the decisions

648
00:28:54,080 --> 00:28:57,040
Speaker 1: in an informed way, right, Like you can make give

649
00:28:57,360 --> 00:28:59,800
Speaker 1: give people the information, but when you try to hide it,

650
00:29:00,000 --> 00:29:02,320
Speaker 1: and that deserves like a special call out. In my opinion,

651
00:29:02,360 --> 00:29:02,760
Speaker 1: I think.

652
00:29:02,680 --> 00:29:05,760
Speaker 2: Two store cards that I am less opposed to than

653
00:29:05,840 --> 00:29:08,400
Speaker 2: most of the other store cards are Amazon and Target

654
00:29:08,680 --> 00:29:13,080
Speaker 2: because those offer a reasonable discount five percent on everything

655
00:29:13,120 --> 00:29:15,800
Speaker 2: you buy from those two stores. And Amazon's credit card

656
00:29:15,840 --> 00:29:18,040
Speaker 2: is offering a two hundred dollars sign up bonus right

657
00:29:18,080 --> 00:29:21,400
Speaker 2: now when you grab that card, So if you shop

658
00:29:21,400 --> 00:29:24,120
Speaker 2: at those two stores a significant amount, if those are

659
00:29:24,160 --> 00:29:26,720
Speaker 2: retailers that you're loyal to, I think having that credit

660
00:29:26,720 --> 00:29:29,320
Speaker 2: card is fine. And I've actually got the Amazon card

661
00:29:29,320 --> 00:29:31,920
Speaker 2: and I only use it when I'm shopping at Amazon.

662
00:29:31,720 --> 00:29:32,560
Speaker 1: So yeah, same.

663
00:29:32,640 --> 00:29:35,160
Speaker 2: But most of the store cards we are so much crappier.

664
00:29:35,240 --> 00:29:36,840
Speaker 1: Yeah, well, and we handle them like a pro. And

665
00:29:36,880 --> 00:29:38,520
Speaker 1: it just depends on what you're doing, right, like if

666
00:29:38,560 --> 00:29:43,000
Speaker 1: you're going to go in and completely revamp your wardrobe

667
00:29:43,080 --> 00:29:45,560
Speaker 1: or something like that, like getting thirty percent off at

668
00:29:45,600 --> 00:29:49,080
Speaker 1: like Banana Republic or something like you can say of

669
00:29:49,160 --> 00:29:51,840
Speaker 1: a huge chunk of money. It's just when you don't

670
00:29:51,840 --> 00:29:55,760
Speaker 1: handle your cards properly. In fact, is buying brain new

671
00:29:55,800 --> 00:29:58,360
Speaker 1: clothes in the mall. That is not likely the most

672
00:29:58,360 --> 00:30:00,800
Speaker 1: affordable way to revamp your wardrobe. The best way is

673
00:30:00,840 --> 00:30:03,360
Speaker 1: to buy used. And it turns out to all that

674
00:30:03,400 --> 00:30:05,760
Speaker 1: more Americans are apparently getting more comfortable with the idea

675
00:30:05,880 --> 00:30:08,680
Speaker 1: of buying used gifts, wrapping them up, you know, making

676
00:30:08,720 --> 00:30:10,920
Speaker 1: them look all nice and pretty, sticking them under the tree.

677
00:30:11,280 --> 00:30:14,160
Speaker 1: Folks are trying to stretch their gift giving budget and

678
00:30:14,240 --> 00:30:17,360
Speaker 1: are turning to secondhand gifts to make this happen. And

679
00:30:17,600 --> 00:30:20,080
Speaker 1: this is apparently one of the things that divides along

680
00:30:20,160 --> 00:30:23,240
Speaker 1: generational lines. So here's just that seventy nine percent of

681
00:30:23,360 --> 00:30:27,640
Speaker 1: gen zers think that giving secondhand presence is great, but

682
00:30:27,680 --> 00:30:30,719
Speaker 1: only thirty two percent of boomers. I agree with that,

683
00:30:30,760 --> 00:30:34,600
Speaker 1: Okay Boomer. Yeah, although, like I said, make it look nice,

684
00:30:34,960 --> 00:30:36,880
Speaker 1: like it all comes down to, like the presentation.

685
00:30:36,960 --> 00:30:39,000
Speaker 2: You can make sure it's still thoughtful too, right, Like

686
00:30:39,040 --> 00:30:41,440
Speaker 2: you can buy a used gift that's completely thoughtless, and

687
00:30:41,440 --> 00:30:43,160
Speaker 2: you can buy a used gift it could be even

688
00:30:43,160 --> 00:30:45,800
Speaker 2: be like something vintage, and it could be an incredibly

689
00:30:45,800 --> 00:30:47,920
Speaker 2: thoughtful gift, like I could buy you Matt, like a

690
00:30:48,520 --> 00:30:50,840
Speaker 2: use what a used record or something like that, like

691
00:30:51,320 --> 00:30:53,560
Speaker 2: you know, and you'd be like, oh, this early Arcade

692
00:30:53,560 --> 00:30:56,040
Speaker 2: Fire album, it's one of my favorites, and you'd spin

693
00:30:56,120 --> 00:31:00,520
Speaker 2: it on your happily on your vinyl player record place

694
00:31:00,560 --> 00:31:02,360
Speaker 2: if you had one. I'm just I'm just like pointing out,

695
00:31:02,440 --> 00:31:03,800
Speaker 2: just like a random thing. But there are ways to

696
00:31:03,880 --> 00:31:06,520
Speaker 2: do turntables, I think. So I never got a record player,

697
00:31:06,840 --> 00:31:09,800
Speaker 2: got one? You got into yeah, vinyl back. I probably

698
00:31:09,800 --> 00:31:13,719
Speaker 2: got like eight albums, eight records, but it's it's I

699
00:31:13,760 --> 00:31:16,000
Speaker 2: like the sound of it, even though I rarely play it.

700
00:31:16,440 --> 00:31:18,800
Speaker 2: But they think there are ways to do use gifts

701
00:31:18,840 --> 00:31:22,360
Speaker 2: or like you've been into giving me dumbbells recently for

702
00:31:22,440 --> 00:31:23,560
Speaker 2: Christmas the last couple of years.

703
00:31:23,920 --> 00:31:26,200
Speaker 1: I could. One time I gave you, you know. Then last

704
00:31:26,240 --> 00:31:27,880
Speaker 1: year you gave me a rocking plate. Oh that's right.

705
00:31:27,920 --> 00:31:30,920
Speaker 2: I wouldn't have cared if it was used or new. True,

706
00:31:31,000 --> 00:31:33,040
Speaker 2: as long as it works like it does it weigh

707
00:31:33,040 --> 00:31:34,120
Speaker 2: thirty heavy thing?

708
00:31:34,200 --> 00:31:35,400
Speaker 1: Yes, does exactly.

709
00:31:35,600 --> 00:31:37,600
Speaker 2: So if you had said, dude, I got this actually

710
00:31:37,640 --> 00:31:39,720
Speaker 2: for like ten bucks off Facebook marketplace, I would have

711
00:31:39,720 --> 00:31:40,640
Speaker 2: thought that was awesome.

712
00:31:40,680 --> 00:31:42,400
Speaker 1: Well, the plan cheap. I had to get you that,

713
00:31:42,400 --> 00:31:44,800
Speaker 1: because you're putting multiple dumbells in your back, like as

714
00:31:44,800 --> 00:31:47,200
Speaker 1: you're getting into rocking. You're putting multiple dumbbells in your bag,

715
00:31:47,240 --> 00:31:48,520
Speaker 1: and it was like poking you in the back. And

716
00:31:48,960 --> 00:31:50,680
Speaker 1: this is going to lead to Jill having some issues.

717
00:31:50,720 --> 00:31:53,640
Speaker 1: It's like punching on his kidneys to get you that flat.

718
00:31:53,800 --> 00:31:54,920
Speaker 1: Do you rook to work today?

719
00:31:54,920 --> 00:31:56,600
Speaker 2: Do you always keep it in your backpack as always?

720
00:31:56,600 --> 00:31:59,080
Speaker 2: But I try to nice. Yeah, I'm probably fifty percent

721
00:31:59,120 --> 00:32:01,000
Speaker 2: of the time on the day and when I'm bringing

722
00:32:01,040 --> 00:32:01,920
Speaker 2: do work in my backpack.

723
00:32:01,960 --> 00:32:04,760
Speaker 1: But I think I won't get you wait for Christmas

724
00:32:04,800 --> 00:32:05,480
Speaker 1: this year. I about that.

725
00:32:05,800 --> 00:32:12,040
Speaker 2: Okay, Well, I was thinking to another like another way

726
00:32:12,080 --> 00:32:14,240
Speaker 2: that used gifts actually make sense. Like I've thought about

727
00:32:14,320 --> 00:32:16,040
Speaker 2: kid getting my kids a Nintendo Switch. I don't know

728
00:32:16,040 --> 00:32:17,960
Speaker 2: if I'm going to or not, probably not, honestly, but

729
00:32:18,000 --> 00:32:19,959
Speaker 2: I've thought about it. Have we talked about this, No,

730
00:32:20,000 --> 00:32:21,440
Speaker 2: we haven't. Oh yeah, we're thinking about doing the same.

731
00:32:21,520 --> 00:32:23,640
Speaker 2: Are you okay for the new one?

732
00:32:23,720 --> 00:32:25,400
Speaker 1: I know? Same? But then they so I'm just like,

733
00:32:25,440 --> 00:32:26,800
Speaker 1: but some of the deals are better this year on.

734
00:32:26,880 --> 00:32:27,680
Speaker 1: So I've thought about it.

735
00:32:27,680 --> 00:32:31,480
Speaker 2: But I was think my nephew who's sixteen, he's probably

736
00:32:31,480 --> 00:32:33,719
Speaker 2: got some old games that he doesn't play anymore. He's

737
00:32:33,720 --> 00:32:35,840
Speaker 2: got a switch and guess what, they're perfectly fine games

738
00:32:36,200 --> 00:32:38,200
Speaker 2: and my kids wouldn't know the difference. And so why

739
00:32:38,240 --> 00:32:40,320
Speaker 2: go out and buy my kids a fifty dollars game

740
00:32:40,480 --> 00:32:41,920
Speaker 2: when he could just give them three the games he

741
00:32:41,960 --> 00:32:44,280
Speaker 2: doesn't play anymore that they would be interested in software?

742
00:32:44,480 --> 00:32:47,000
Speaker 2: Run wear Out does it right? So that's like, that's

743
00:32:47,040 --> 00:32:49,760
Speaker 2: where I think we used gifts. I'm okay with us

744
00:32:49,800 --> 00:32:52,000
Speaker 2: gifts as long as they're they're thoughtful, they might save

745
00:32:52,040 --> 00:32:53,880
Speaker 2: you some money and you're able to get the person

746
00:32:54,200 --> 00:32:56,320
Speaker 2: kind of what they want for the holidays instead of

747
00:32:56,360 --> 00:32:58,040
Speaker 2: feeling like you got to go out there and buy

748
00:32:58,080 --> 00:33:01,080
Speaker 2: something in like this new glossy packaging or something like that.

749
00:33:01,160 --> 00:33:03,440
Speaker 1: One yeah, one man's trash is another man's treasure. What

750
00:33:03,480 --> 00:33:06,120
Speaker 1: do you think about white elephant gifts? How nice do

751
00:33:06,160 --> 00:33:07,080
Speaker 1: white elephant gifts? Do?

752
00:33:07,080 --> 00:33:09,200
Speaker 2: This need to be see, this has to be clarified

753
00:33:09,200 --> 00:33:10,880
Speaker 2: for every white elephant gathering, because you.

754
00:33:10,880 --> 00:33:12,720
Speaker 1: Gotta put the price, you gotta put the price range

755
00:33:12,720 --> 00:33:12,959
Speaker 1: on there.

756
00:33:13,000 --> 00:33:14,640
Speaker 2: Some people are like, oh, yeah, the twenty five dollars

757
00:33:14,640 --> 00:33:16,480
Speaker 2: price range, But then they're getting like twenty five dollars

758
00:33:16,520 --> 00:33:19,320
Speaker 2: Starbucks gift cards or something like that, and I'm not with.

759
00:33:19,280 --> 00:33:21,440
Speaker 1: That unless you left Starbucks. Well no, but I think white.

760
00:33:21,280 --> 00:33:23,200
Speaker 2: Elephant gift should be a little offbeat, should be a

761
00:33:23,240 --> 00:33:24,960
Speaker 2: little goofy, right, isn't that the whole point of them?

762
00:33:25,040 --> 00:33:25,280
Speaker 1: I guess?

763
00:33:25,320 --> 00:33:27,160
Speaker 2: So I don't necessarily like you want it to be

764
00:33:27,200 --> 00:33:29,600
Speaker 2: something that somebody kind of wants, but it's also.

765
00:33:30,080 --> 00:33:32,360
Speaker 1: A little weird. I like the fact that sometimes folks

766
00:33:32,400 --> 00:33:34,680
Speaker 1: will give you bust out the thirty dollars gift card

767
00:33:34,680 --> 00:33:37,040
Speaker 1: to the local coffee shop, but then someone else has

768
00:33:37,080 --> 00:33:40,080
Speaker 1: got something totally random, because you know, there's different strokes

769
00:33:40,120 --> 00:33:41,920
Speaker 1: for different folks in the same way that we're talking

770
00:33:41,920 --> 00:33:44,200
Speaker 1: about getting used gifts, Like everyone's looking for something different,

771
00:33:44,400 --> 00:33:46,360
Speaker 1: and maybe you're just not in the mood to go

772
00:33:46,440 --> 00:33:48,040
Speaker 1: home with something wacky, and you just want to load

773
00:33:48,080 --> 00:33:49,760
Speaker 1: the gift card into your app so that you don't

774
00:33:49,760 --> 00:33:51,360
Speaker 1: forget it, and boom, you got free coffee for the

775
00:33:51,400 --> 00:33:53,239
Speaker 1: next couple months. All right, that whole thing.

776
00:33:53,440 --> 00:33:55,240
Speaker 2: Well, so he said her own on that one, I guess,

777
00:33:55,280 --> 00:33:58,800
Speaker 2: But maybe just at least consider giving a used gift

778
00:33:58,800 --> 00:34:01,880
Speaker 2: this year to someone who would enjoy it. But Matt,

779
00:34:01,880 --> 00:34:03,200
Speaker 2: that's going to do it. For this episode of How

780
00:34:03,240 --> 00:34:05,400
Speaker 2: to Money, we'll put links to some of the stories

781
00:34:05,400 --> 00:34:08,439
Speaker 2: we covered on today's podcast up in the show notes

782
00:34:08,480 --> 00:34:10,120
Speaker 2: on our website at howtomoney dot com.

783
00:34:10,160 --> 00:34:12,399
Speaker 1: You know it. So, until next time, best friends out

784
00:34:12,400 --> 00:34:13,680
Speaker 1: and best friends Out