1
00:00:00,080 --> 00:00:01,400
Speaker 1: Welcome to Had of Money.

2
00:00:01,440 --> 00:00:02,759
Speaker 2: I'm Joel Matt.

3
00:00:02,880 --> 00:00:06,960
Speaker 1: Today we're talking housing, boom busts, AI induced outrage, and

4
00:00:07,080 --> 00:00:08,000
Speaker 1: infinite work days.

5
00:00:27,760 --> 00:00:30,880
Speaker 2: Infinite work days sound much less appeeling than the infinite

6
00:00:30,960 --> 00:00:33,720
Speaker 2: pool that you want to be at sipping a drink

7
00:00:33,840 --> 00:00:34,600
Speaker 2: while you're on vacation.

8
00:00:34,640 --> 00:00:35,960
Speaker 1: I'm gonna need you to come in on Sunday for

9
00:00:36,000 --> 00:00:37,160
Speaker 1: those TPS reports, Matt.

10
00:00:37,880 --> 00:00:41,239
Speaker 2: Do people even understand office space references anymore?

11
00:00:41,400 --> 00:00:43,479
Speaker 1: I would hope. So it's still one of the greatest

12
00:00:43,479 --> 00:00:47,159
Speaker 1: comedies of all time. If you're a boomer, like you know,

13
00:00:48,200 --> 00:00:51,599
Speaker 1: they don't make great comedies any it is more all right,

14
00:00:51,640 --> 00:00:52,880
Speaker 1: Derek Thompson, No, they don't.

15
00:00:53,000 --> 00:00:55,040
Speaker 2: Oh I know, yeah, Yeah, that's something he harps on.

16
00:00:55,240 --> 00:00:56,280
Speaker 1: Just how it's just true.

17
00:00:56,320 --> 00:00:58,840
Speaker 2: It is true, and I think the reasons given often

18
00:00:58,960 --> 00:01:01,920
Speaker 2: are it's definitely they is. It's less something that you

19
00:01:01,920 --> 00:01:05,040
Speaker 2: can translate to other cultures and countries, right, like as

20
00:01:05,080 --> 00:01:08,520
Speaker 2: opposed to like a big action. Everyone understands fear, everyone

21
00:01:08,600 --> 00:01:13,480
Speaker 2: understands suspense. Comedy can be more of a regional certainly

22
00:01:13,480 --> 00:01:14,960
Speaker 2: a more country based thing. Yeah.

23
00:01:15,000 --> 00:01:17,520
Speaker 1: I don't know, Joe Dirt. I think hits in every region, Matt.

24
00:01:17,959 --> 00:01:20,640
Speaker 1: But yeah, maybe not in China, which is where Hollywood

25
00:01:20,640 --> 00:01:21,960
Speaker 1: needs to make movies that do well there.

26
00:01:22,000 --> 00:01:25,080
Speaker 2: Now the okay, so the Office Space, I feel like

27
00:01:25,080 --> 00:01:27,120
Speaker 2: it was just more of a Gen X movie as

28
00:01:27,120 --> 00:01:32,560
Speaker 2: opposed to it. Yes, our generation wasn't really watching King

29
00:01:32,600 --> 00:01:35,200
Speaker 2: of the Hill, which is like coming back, all right,

30
00:01:35,280 --> 00:01:38,119
Speaker 2: Joel over here making a case for Office Space. If

31
00:01:38,120 --> 00:01:40,399
Speaker 2: you've never seen it, go out, wash it and let's

32
00:01:40,400 --> 00:01:41,440
Speaker 2: see if it still holds up.

33
00:01:41,480 --> 00:01:43,560
Speaker 1: And you can email me if you wasted an hour

34
00:01:43,560 --> 00:01:45,000
Speaker 1: and a half of your time. But I'm gonna say

35
00:01:45,120 --> 00:01:47,840
Speaker 1: a dreamail out there had a money pottedt gmail dot com.

36
00:01:47,880 --> 00:01:49,560
Speaker 1: I don't want to read the email both of us.

37
00:01:50,080 --> 00:01:53,280
Speaker 1: I will reply just if you hate it, then you're wrong,

38
00:01:53,320 --> 00:01:54,120
Speaker 1: but you can tell me why.

39
00:01:54,160 --> 00:01:55,920
Speaker 2: All right, now, this is our Friday flight and we

40
00:01:55,960 --> 00:01:58,160
Speaker 2: are going to cover the top personal finance stories we

41
00:01:58,200 --> 00:02:00,680
Speaker 2: came across this past week, the ones that we think

42
00:02:00,760 --> 00:02:02,720
Speaker 2: are gonna impact you the most, the ones that we

43
00:02:02,760 --> 00:02:04,600
Speaker 2: think that you need to be paying attention to.

44
00:02:04,840 --> 00:02:08,919
Speaker 1: Yeah, real quick. The so we bought a used Peloton

45
00:02:08,960 --> 00:02:11,960
Speaker 1: bike for Emily. She's like, we have this little sun

46
00:02:12,040 --> 00:02:14,280
Speaker 1: room that's right off are That was your.

47
00:02:14,160 --> 00:02:17,280
Speaker 2: Project for this summer. It was to reclaim the sun room.

48
00:02:17,360 --> 00:02:20,080
Speaker 1: The kids had taken it over and we had to declutter,

49
00:02:20,240 --> 00:02:21,760
Speaker 1: and we wanted it to be more of a room

50
00:02:21,800 --> 00:02:23,040
Speaker 1: that that she and I get to used. I've got

51
00:02:23,080 --> 00:02:25,800
Speaker 1: my little sona tent in there, she's got I've got

52
00:02:25,840 --> 00:02:27,360
Speaker 1: my rolling machines, she's got a little Peloton.

53
00:02:27,480 --> 00:02:28,880
Speaker 2: I feel like the first thing that's gonna break on

54
00:02:28,919 --> 00:02:30,959
Speaker 2: your portable sauna tent is the zipper.

55
00:02:31,600 --> 00:02:34,280
Speaker 1: Yeah, so far as held up surprisingly.

56
00:02:33,680 --> 00:02:36,400
Speaker 2: Well, I can totally see you go into unzip it

57
00:02:37,560 --> 00:02:39,239
Speaker 2: today and it's just gonna pull off.

58
00:02:39,240 --> 00:02:41,320
Speaker 1: And you say, that's also why I got it at

59
00:02:41,360 --> 00:02:44,240
Speaker 1: Costco because I was looking at ones on Amazon, but

60
00:02:44,240 --> 00:02:46,200
Speaker 1: I was like, I got Costco because the return policy

61
00:02:46,200 --> 00:02:46,639
Speaker 1: is much better.

62
00:02:46,639 --> 00:02:49,519
Speaker 2: But would you feel how long? How many uses to

63
00:02:49,600 --> 00:02:52,079
Speaker 2: would you put it through before you would feel bad

64
00:02:52,080 --> 00:02:53,720
Speaker 2: about taking it back? Because we've talked about this is

65
00:02:53,760 --> 00:02:55,600
Speaker 2: why we can't have nice things at Costco anymore, because

66
00:02:55,600 --> 00:02:58,440
Speaker 2: people abuse it. I'll probably getting to that point where, yeah,

67
00:02:58,440 --> 00:03:02,560
Speaker 2: if it broke today, since my nine month birthday, so.

68
00:03:02,600 --> 00:03:05,240
Speaker 1: Yeah, not really that long six months, So if it

69
00:03:05,280 --> 00:03:09,560
Speaker 1: broke today, I'd be morally questionable. Yeah, okay, all right, Peloton,

70
00:03:09,720 --> 00:03:13,000
Speaker 1: So Peloton bought a used Peloton on Facebook marketplace from somebody.

71
00:03:13,000 --> 00:03:15,560
Speaker 1: Even though Peloton and we talked about this, has their

72
00:03:15,600 --> 00:03:18,840
Speaker 1: own site for reselling used Pelotons now, but they're way

73
00:03:18,880 --> 00:03:21,600
Speaker 1: more expensive than buying it from the slew of people

74
00:03:21,600 --> 00:03:23,760
Speaker 1: who are selling their Pelotons on Facebook. The price has

75
00:03:23,800 --> 00:03:25,880
Speaker 1: gone down dramatically because everyone's trying to get rid of

76
00:03:25,880 --> 00:03:29,520
Speaker 1: their glorified code hanger that that is their Peloton.

77
00:03:29,600 --> 00:03:31,480
Speaker 2: They're like, I've been tired of looking at this thing

78
00:03:31,520 --> 00:03:33,280
Speaker 2: for the price four years, so that I got back

79
00:03:33,320 --> 00:03:33,919
Speaker 2: in twenty one.

80
00:03:34,080 --> 00:03:37,240
Speaker 1: Yes, when Emily's other age, she's been using it, she's

81
00:03:37,280 --> 00:03:40,360
Speaker 1: been enjoying it. But the one thing I was surprised

82
00:03:40,680 --> 00:03:44,240
Speaker 1: by and a little bit frustrated about when we bought

83
00:03:44,440 --> 00:03:47,560
Speaker 1: the used Peloton. You know what Peloton is trying to

84
00:03:47,600 --> 00:03:52,120
Speaker 1: do to siphon money from users. If you buy a

85
00:03:52,200 --> 00:03:54,560
Speaker 1: used bike, they want to charge you a one hundred

86
00:03:54,600 --> 00:03:59,040
Speaker 1: dollars activation fee for switching that bike over to another account.

87
00:03:59,480 --> 00:04:01,680
Speaker 2: It is an activation fee.

88
00:04:01,960 --> 00:04:05,320
Speaker 1: Yeah, it was already activated by somebody else being used,

89
00:04:05,440 --> 00:04:08,240
Speaker 1: and you're trying to switch it over to be suited

90
00:04:08,240 --> 00:04:08,600
Speaker 1: your name.

91
00:04:08,640 --> 00:04:10,280
Speaker 2: So it would be like Apple, It's like you selling

92
00:04:10,280 --> 00:04:12,320
Speaker 2: your phone and being like yep, i've wiped it here.

93
00:04:12,360 --> 00:04:12,480
Speaker 3: You know.

94
00:04:12,560 --> 00:04:15,200
Speaker 2: This one's a totally factory reset, and the Apple being

95
00:04:15,200 --> 00:04:16,800
Speaker 2: like no, no, no, we get a cut of that because

96
00:04:16,880 --> 00:04:18,280
Speaker 2: somebody else is going to know use it.

97
00:04:18,279 --> 00:04:20,960
Speaker 1: It would be exactly like that. That's so stupid, like, hey,

98
00:04:20,960 --> 00:04:22,680
Speaker 1: I'm going to sell my book and then the author

99
00:04:22,720 --> 00:04:25,600
Speaker 1: gets actually gets paid, we get more royalty.

100
00:04:25,960 --> 00:04:27,720
Speaker 2: Yeah no, that's not how it works. How they use

101
00:04:27,800 --> 00:04:28,599
Speaker 2: market works man.

102
00:04:28,520 --> 00:04:30,839
Speaker 1: Utterally ridiculous, totally, this is the kind of thing that

103
00:04:30,920 --> 00:04:33,840
Speaker 1: only a brand like Peloton could get away with where

104
00:04:34,080 --> 00:04:37,400
Speaker 1: they've they're just banking on rich customers who don't care

105
00:04:37,400 --> 00:04:38,800
Speaker 1: about money, and they're like, I guess this is just

106
00:04:38,839 --> 00:04:39,919
Speaker 1: part of doing business.

107
00:04:39,920 --> 00:04:43,039
Speaker 2: But that's not what you did, right, Okay, give me

108
00:04:43,120 --> 00:04:46,800
Speaker 2: the ravocate or yeah, some eravocate success story.

109
00:04:46,800 --> 00:04:48,880
Speaker 1: You've got to call in and advocate for yourself. This is,

110
00:04:48,920 --> 00:04:51,120
Speaker 1: by the way, if you want like a nerdy economist term,

111
00:04:51,160 --> 00:04:53,200
Speaker 1: it's called rent seeking. And this is totally that. This

112
00:04:53,240 --> 00:04:56,000
Speaker 1: would be a great definition of rent seeking by Peloton

113
00:04:56,040 --> 00:04:59,160
Speaker 1: saying like, listen, we've already, like gott we've landed our

114
00:05:00,080 --> 00:05:02,280
Speaker 1: hooks into this territory, and it's a way we can

115
00:05:02,320 --> 00:05:05,360
Speaker 1: just make extra money just fleecing people who don't deserve

116
00:05:05,400 --> 00:05:09,640
Speaker 1: to be fleeced, and it's pretty unethical also, But so

117
00:05:09,720 --> 00:05:11,919
Speaker 1: I called Peloton. I'm like, listen, we don't want to

118
00:05:11,920 --> 00:05:13,640
Speaker 1: pay this fee, Like what in the world do we

119
00:05:13,680 --> 00:05:15,960
Speaker 1: do to avoid this thing? And it took talking to

120
00:05:16,000 --> 00:05:18,440
Speaker 1: a couple of different representatives. You just kind of have

121
00:05:18,520 --> 00:05:22,040
Speaker 1: to keep pushing the envelope to get them to finally agree.

122
00:05:21,760 --> 00:05:24,800
Speaker 2: To talking to customer service people. It's not my favorite.

123
00:05:25,080 --> 00:05:25,600
Speaker 1: I wish it was.

124
00:05:25,680 --> 00:05:27,360
Speaker 2: You're willing to do it, but I'm willing to do it,

125
00:05:27,400 --> 00:05:29,960
Speaker 2: especially for a hundred bucks. So it was just a

126
00:05:29,960 --> 00:05:33,800
Speaker 2: one time so you gotta waved kind of waved nice. Yeah,

127
00:05:33,920 --> 00:05:35,960
Speaker 2: very nice dude. All right, Well for all the folks.

128
00:05:36,240 --> 00:05:38,080
Speaker 2: This is for obviously for everyone other there who's thinking

129
00:05:38,080 --> 00:05:41,160
Speaker 2: about getting the secondhand Peloton, or you can just jump

130
00:05:41,160 --> 00:05:43,120
Speaker 2: on the bike that you already have mm hmm right

131
00:05:43,160 --> 00:05:45,520
Speaker 2: out there. The tradition, I like prefer to ride on

132
00:05:45,520 --> 00:05:48,440
Speaker 2: the street, the traditional bike in the wild scenario or

133
00:05:48,480 --> 00:05:49,720
Speaker 2: the winds blowing through your hair.

134
00:05:50,520 --> 00:05:52,560
Speaker 1: Emily and I differ in this regard. I bike, I

135
00:05:52,640 --> 00:05:53,360
Speaker 1: ride on my real bike.

136
00:05:53,440 --> 00:05:56,320
Speaker 2: She rides. You get the passion neighbors have a conversation

137
00:05:56,440 --> 00:05:58,799
Speaker 2: with them. Cuts down on emissions because you're not driving

138
00:05:58,800 --> 00:06:02,040
Speaker 2: your vehicle, Combine it with needing to run an errand yep,

139
00:06:02,120 --> 00:06:05,239
Speaker 2: not to mention the cost savings of the aforementioned benefits.

140
00:06:05,279 --> 00:06:06,400
Speaker 1: I'll let you talk.

141
00:06:06,240 --> 00:06:08,839
Speaker 2: To my wife about it. Hey, I'll do it. Also.

142
00:06:09,000 --> 00:06:10,520
Speaker 2: Maybe one of the things you're talking about with your

143
00:06:10,560 --> 00:06:13,680
Speaker 2: neighbors as you're riding past their house is, Oh, what

144
00:06:13,720 --> 00:06:15,200
Speaker 2: do you think about the so and so's over there?

145
00:06:15,240 --> 00:06:16,919
Speaker 2: They got their house listed for saless been sitting on

146
00:06:16,920 --> 00:06:19,360
Speaker 2: the market forever. There's one in our neighborhood. That's literally

147
00:06:19,400 --> 00:06:21,159
Speaker 2: a conversation I had with one of our neighbors, like

148
00:06:21,320 --> 00:06:23,320
Speaker 2: what's going on with it? It's like, Oh, hasn't been

149
00:06:23,360 --> 00:06:26,839
Speaker 2: renovated recently? You think the uh it's overpriced? Well, I

150
00:06:26,839 --> 00:06:28,400
Speaker 2: think it is. And I think that's one of the

151
00:06:28,480 --> 00:06:30,960
Speaker 2: questions a lot of folks are wondering, is like, has

152
00:06:31,120 --> 00:06:34,560
Speaker 2: there been a housing like bubble essentially and is it

153
00:06:34,600 --> 00:06:37,800
Speaker 2: about to pop? And I would say that it's it

154
00:06:38,120 --> 00:06:40,360
Speaker 2: seems more like a slow leak as like versus just

155
00:06:40,360 --> 00:06:41,680
Speaker 2: like a sudden popping.

156
00:06:41,560 --> 00:06:44,240
Speaker 1: Right less two thousand and nine more its own thing.

157
00:06:44,160 --> 00:06:48,240
Speaker 2: Exactly yeah, yeah, numbers from almost every corner of the

158
00:06:48,279 --> 00:06:51,919
Speaker 2: market out there are showing asking price decreases. There is

159
00:06:51,960 --> 00:06:55,000
Speaker 2: showing more sellar concessions, inventory decreases as.

160
00:06:54,920 --> 00:06:58,280
Speaker 1: Well, inventory increases more I'm sorry on the market.

161
00:06:58,320 --> 00:07:01,400
Speaker 2: Yea, more homes are on the market, which, to be honest, though,

162
00:07:01,400 --> 00:07:05,720
Speaker 2: it's also just returning back to like pre pandemic norms. Essentially,

163
00:07:05,720 --> 00:07:08,760
Speaker 2: we saw a significant decline and that was in large

164
00:07:08,800 --> 00:07:12,720
Speaker 2: part why there was such an increase in housing prices.

165
00:07:13,240 --> 00:07:17,720
Speaker 2: But we're also seeing more cancellations after houses are going

166
00:07:17,800 --> 00:07:21,040
Speaker 2: under contract. Folks are basically getting cold feet during due diligence,

167
00:07:21,560 --> 00:07:24,080
Speaker 2: and this is such a far cry, dude, from a

168
00:07:24,080 --> 00:07:27,720
Speaker 2: few years ago. Homeowners obviously don't love seeing this, and

169
00:07:28,120 --> 00:07:31,440
Speaker 2: sellers of course are not pleased. You know, like back

170
00:07:31,440 --> 00:07:34,200
Speaker 2: when there was an open house and buyers were lined

171
00:07:34,280 --> 00:07:35,800
Speaker 2: up around the block just to be able to get

172
00:07:35,800 --> 00:07:37,520
Speaker 2: in and see the place. It's not like that.

173
00:07:37,800 --> 00:07:40,800
Speaker 1: Remember those calls for highest and best like two years ago,

174
00:07:40,920 --> 00:07:44,240
Speaker 1: three years ago, and the insanity of how much people

175
00:07:44,280 --> 00:07:46,640
Speaker 1: are willing to pay and bid up the price. It

176
00:07:46,800 --> 00:07:50,440
Speaker 1: was really unseen. I don't remember a time at least

177
00:07:50,480 --> 00:07:51,720
Speaker 1: in my life where that was the case.

178
00:07:51,800 --> 00:07:53,840
Speaker 2: Yeah, So I want to put a note out there

179
00:07:53,880 --> 00:07:56,760
Speaker 2: for a lot of folks who have been thinking about

180
00:07:56,800 --> 00:07:59,160
Speaker 2: purchasing the home because I think, dude, this is my

181
00:07:59,200 --> 00:08:01,800
Speaker 2: personal opinion. I think now is the time to strike personally,

182
00:08:01,880 --> 00:08:04,240
Speaker 2: So byek I do because I don't think. I don't

183
00:08:04,240 --> 00:08:06,360
Speaker 2: think we're going to continue to see declient. So I

184
00:08:06,960 --> 00:08:09,640
Speaker 2: this morning, I pretended to be a chart analyst and I.

185
00:08:09,600 --> 00:08:11,160
Speaker 1: Pulled up the I was gonna say, how did you

186
00:08:11,160 --> 00:08:11,640
Speaker 1: come to this school?

187
00:08:11,880 --> 00:08:13,400
Speaker 2: What am I basing this on? And I pulled up

188
00:08:13,400 --> 00:08:14,840
Speaker 2: some data from the FED. I was looking at the chart,

189
00:08:14,880 --> 00:08:17,400
Speaker 2: and if you look at just the trend, So if

190
00:08:17,440 --> 00:08:20,040
Speaker 2: you look at the median home price in the US

191
00:08:20,760 --> 00:08:23,560
Speaker 2: from starting from around nine twenty ten, and if you

192
00:08:23,640 --> 00:08:26,360
Speaker 2: follow that up to pre pans so like around twenty nineteen,

193
00:08:26,760 --> 00:08:29,600
Speaker 2: there's a pretty consistent line. Uh. And then of course

194
00:08:29,640 --> 00:08:32,000
Speaker 2: what you saw slight decrease, but then you see it

195
00:08:32,000 --> 00:08:35,080
Speaker 2: shoot up. Specifically, a lot of folks are thinking about

196
00:08:35,080 --> 00:08:37,640
Speaker 2: the last fifteen years as when we saw these massive

197
00:08:37,640 --> 00:08:40,680
Speaker 2: price increases. I think all that was just kind of

198
00:08:40,679 --> 00:08:43,720
Speaker 2: catching back up to where things needed to be after

199
00:08:44,040 --> 00:08:47,679
Speaker 2: the housing crisis, price back seven eight nine exactly.

200
00:08:47,280 --> 00:08:49,199
Speaker 1: Like in twenty eleven, you could get a house for

201
00:08:50,160 --> 00:08:50,760
Speaker 1: not much money.

202
00:08:50,920 --> 00:08:54,480
Speaker 2: Yeah, and so I think all that was relatively healthy growth.

203
00:08:54,480 --> 00:08:58,000
Speaker 2: But what we saw basically in the two years twenty

204
00:08:58,040 --> 00:09:01,040
Speaker 2: to twenty two, we saw a massive increase. It goes COVID.

205
00:09:01,679 --> 00:09:03,160
Speaker 2: It all comes back to COVID. And if you draw

206
00:09:03,160 --> 00:09:06,760
Speaker 2: that line, basically from nine to nineteen we are about

207
00:09:06,800 --> 00:09:10,440
Speaker 2: where prices should be. We saw it spike where we

208
00:09:10,480 --> 00:09:12,320
Speaker 2: got way ahead of the curve. And for the past

209
00:09:12,320 --> 00:09:15,880
Speaker 2: couple of years, two three years, we've seen prices basically plateau.

210
00:09:15,920 --> 00:09:17,880
Speaker 2: They're starting to decline just a little bit.

211
00:09:18,200 --> 00:09:19,880
Speaker 1: And it depends on local markets.

212
00:09:19,960 --> 00:09:22,560
Speaker 2: It depends on local markets, but financing as well. And

213
00:09:22,600 --> 00:09:25,320
Speaker 2: so I think personally, my personal opinion is I would

214
00:09:25,320 --> 00:09:29,400
Speaker 2: not be surprised if we see mortgage rates come down. Right,

215
00:09:29,400 --> 00:09:32,240
Speaker 2: if the FED lower's rates, which there is talk about

216
00:09:32,240 --> 00:09:35,800
Speaker 2: that potentially happening next month in September, I think that

217
00:09:35,840 --> 00:09:38,400
Speaker 2: could be the first that could be the starting line

218
00:09:38,480 --> 00:09:40,080
Speaker 2: of the market opening back up.

219
00:09:40,080 --> 00:09:42,960
Speaker 1: If mortgage rates go down, I think that will increase

220
00:09:43,000 --> 00:09:46,240
Speaker 1: buyer interest. I think you're probably right, and then maybe

221
00:09:46,400 --> 00:09:48,960
Speaker 1: the instead of declining prices, we do start to see

222
00:09:48,960 --> 00:09:51,200
Speaker 1: prices go up again. But just at a far less

223
00:09:51,240 --> 00:09:52,000
Speaker 1: accelerated pace.

224
00:09:52,040 --> 00:09:54,280
Speaker 2: It will not be at the pace that we've seen because.

225
00:09:54,000 --> 00:09:56,680
Speaker 1: That was just unsustainable. Yeah, totally, and I think but

226
00:09:56,720 --> 00:09:59,880
Speaker 1: I think this does maybe as far as advice for

227
00:10:00,000 --> 00:10:02,839
Speaker 1: potential home buyers, have a plan to own longer, because

228
00:10:02,840 --> 00:10:05,040
Speaker 1: it's really hard to know where the housing market goes

229
00:10:05,040 --> 00:10:09,440
Speaker 1: from here. I appreciate your your insights, Matt, and you

230
00:10:09,480 --> 00:10:11,240
Speaker 1: really might be right my hot take. Yeah, I mean

231
00:10:11,280 --> 00:10:14,840
Speaker 1: you might be right, but like my I know somebody

232
00:10:14,920 --> 00:10:16,920
Speaker 1: right now in my family who's selling a home after

233
00:10:16,960 --> 00:10:20,200
Speaker 1: owning it for two years, and that's just there's a

234
00:10:20,280 --> 00:10:23,080
Speaker 1: chance because of just what's happened with housing prices that

235
00:10:23,160 --> 00:10:26,200
Speaker 1: she's going to do okay, even after you know real

236
00:10:26,280 --> 00:10:30,280
Speaker 1: estate realtor expenses. But there's also it's a hard position

237
00:10:30,320 --> 00:10:32,839
Speaker 1: to put yourself in, and if you're planning, the longer

238
00:10:32,880 --> 00:10:35,640
Speaker 1: you plan to own, the more likely it is to

239
00:10:35,720 --> 00:10:37,920
Speaker 1: be a decent decision to buy, even if you are

240
00:10:38,120 --> 00:10:38,960
Speaker 1: slightly overpaying.

241
00:10:39,000 --> 00:10:39,560
Speaker 2: Totally agree.

242
00:10:39,840 --> 00:10:43,360
Speaker 1: Speaking of agents, got an email the other day criticizing us.

243
00:10:43,360 --> 00:10:46,600
Speaker 1: We're talking about three percent fees for real estate agents. Well,

244
00:10:47,360 --> 00:10:49,520
Speaker 1: you know, if they don't charge that much anymore, is

245
00:10:49,559 --> 00:10:53,800
Speaker 1: what the emailer said, well, legally, they don't have the

246
00:10:53,800 --> 00:10:57,040
Speaker 1: same leeway to just flat out charge three percent based

247
00:10:57,080 --> 00:11:00,720
Speaker 1: on that ruling against the National Association of Realtors practice

248
00:11:00,920 --> 00:11:05,680
Speaker 1: agent compensation hasn't really changed much since that ruling, but

249
00:11:06,679 --> 00:11:09,640
Speaker 1: for savvy consumers who know how to negotiate, some people

250
00:11:09,720 --> 00:11:12,240
Speaker 1: are able to claw back some of the agent's fees

251
00:11:12,240 --> 00:11:15,160
Speaker 1: they would have paid. This is particularly happening at the

252
00:11:15,240 --> 00:11:18,079
Speaker 1: higher end of the spectrum, where someone's saying, well, you're

253
00:11:18,080 --> 00:11:21,560
Speaker 1: gonna sell my three million dollar home, Well, awesome, but

254
00:11:21,640 --> 00:11:23,679
Speaker 1: guess what I'm gonna pay you one and a half

255
00:11:23,720 --> 00:11:26,160
Speaker 1: percent instead of the three percent their agent's like, it's

256
00:11:26,200 --> 00:11:29,319
Speaker 1: still pretty good payday, I'll do it. But yeah, I

257
00:11:29,320 --> 00:11:32,720
Speaker 1: think technology too, is finally and slowly starting to make

258
00:11:33,000 --> 00:11:35,240
Speaker 1: an impact on this front. There are startups in some

259
00:11:35,400 --> 00:11:38,280
Speaker 1: states that are helping a sliver of buyers of all

260
00:11:38,320 --> 00:11:41,920
Speaker 1: price points to majorly cut transaction costs. One called Turbo Home,

261
00:11:42,080 --> 00:11:45,400
Speaker 1: another one called shop prop, and another one called Arriva.

262
00:11:45,520 --> 00:11:47,120
Speaker 1: Will link to these in the show notes, but.

263
00:11:47,160 --> 00:11:49,920
Speaker 2: These I'd like to say, Arriva arrive at that and

264
00:11:50,240 --> 00:11:52,800
Speaker 2: you've arrived at your home. Arriva makes me think more

265
00:11:52,800 --> 00:11:55,720
Speaker 2: of speedy Gonzales the little mouse, which I'm pretty sure

266
00:11:55,720 --> 00:11:56,600
Speaker 2: he was probably canceled or.

267
00:11:56,600 --> 00:11:58,800
Speaker 1: Also makes me think of like the coldsor medication for

268
00:11:58,800 --> 00:12:00,560
Speaker 1: some reason. Arriva, Yeah, I don't know why.

269
00:12:00,679 --> 00:12:04,160
Speaker 2: What is it called the the canker sore? It sound

270
00:12:04,200 --> 00:12:05,800
Speaker 2: like the little wand and you put it on your

271
00:12:06,280 --> 00:12:08,559
Speaker 2: sore and it like numbs. It probably what's I thought

272
00:12:08,559 --> 00:12:12,800
Speaker 2: it was called like be something, but no, it's called Burreva. No.

273
00:12:12,920 --> 00:12:18,160
Speaker 3: I don't know, all right, but for me, yeah, but

274
00:12:18,200 --> 00:12:22,040
Speaker 3: these three different startups are a potentially good way for

275
00:12:22,120 --> 00:12:24,559
Speaker 3: buyers and sellers to kind of hook up at a

276
00:12:24,559 --> 00:12:25,400
Speaker 3: fraction of the price.

277
00:12:25,800 --> 00:12:27,560
Speaker 1: And this really like when you look at how much

278
00:12:27,800 --> 00:12:31,560
Speaker 1: transaction costs are in the typical transaction, you're you could

279
00:12:31,559 --> 00:12:34,719
Speaker 1: be talking about ten thousand dollars or more in savings

280
00:12:34,960 --> 00:12:37,280
Speaker 1: and awesome agents can really be worth worth the fee.

281
00:12:37,840 --> 00:12:40,120
Speaker 1: But there's also a growing place, I think, for agents

282
00:12:40,160 --> 00:12:42,880
Speaker 1: who charge reduced fees and for technology to kind of

283
00:12:42,880 --> 00:12:45,559
Speaker 1: grease the wheels of real estate transactions, making it a

284
00:12:45,600 --> 00:12:48,199
Speaker 1: little easier to buy and sell and less costly.

285
00:12:48,440 --> 00:12:51,000
Speaker 2: That's right, so a couple of years ago, I think

286
00:12:51,000 --> 00:12:52,840
Speaker 2: it was back in twenty three Joel we talked about

287
00:12:52,880 --> 00:12:57,480
Speaker 2: how medical debt below a certain threshold wouldn't affect your credit.

288
00:12:57,760 --> 00:13:01,680
Speaker 2: Well that's no longer the case. Originally, back under the

289
00:13:01,720 --> 00:13:05,840
Speaker 2: Biden administration, the CFPP, the Consumer Financial Protection Bureau, they

290
00:13:05,880 --> 00:13:10,280
Speaker 2: instituted a medical debt rule that benefited millions of Americans

291
00:13:10,320 --> 00:13:13,520
Speaker 2: out there by not penalizing the credit for small medical debts.

292
00:13:13,760 --> 00:13:16,000
Speaker 1: Yeah less than five hundred bucks, right, Yeah, that's right.

293
00:13:16,640 --> 00:13:20,240
Speaker 2: That was recently overturned by a judge. But even still,

294
00:13:20,280 --> 00:13:23,600
Speaker 2: credit bureaus they have the ability to factor medical debt

295
00:13:23,640 --> 00:13:27,360
Speaker 2: in different ways, and all three are still not including

296
00:13:27,400 --> 00:13:29,400
Speaker 2: bounces below five hundred bucks. So that's good.

297
00:13:29,480 --> 00:13:32,080
Speaker 1: It's not legally mandated, but a choice that they're making.

298
00:13:32,120 --> 00:13:33,920
Speaker 2: It's like a yeah, And there's there's a lot of

299
00:13:33,960 --> 00:13:35,640
Speaker 2: that actually that we're going to cover today in different

300
00:13:35,760 --> 00:13:38,040
Speaker 2: in varying ways. Where there are there have been different

301
00:13:38,480 --> 00:13:42,080
Speaker 2: recommendations perhaps or even an executive order that's not necessarily

302
00:13:42,120 --> 00:13:45,840
Speaker 2: enforceable by law because it's not something that Congress is

303
00:13:45,880 --> 00:13:48,520
Speaker 2: taking any action on. But there's also a one year

304
00:13:48,760 --> 00:13:52,960
Speaker 2: grace period before overdue medical debt gets reported, So we

305
00:13:53,000 --> 00:13:55,320
Speaker 2: want we're putting this out there as a nice little PSA.

306
00:13:55,400 --> 00:13:58,319
Speaker 2: We want folks to be aware and specifically as well

307
00:13:58,360 --> 00:13:59,839
Speaker 2: to go back and listen to some of the different

308
00:13:59,880 --> 00:14:04,240
Speaker 2: up episodes that where we've discussed negotiating medical debts. If

309
00:14:04,240 --> 00:14:06,560
Speaker 2: you are finding yourself in a situation where you're like,

310
00:14:06,640 --> 00:14:08,640
Speaker 2: oh my gosh, got hit with medical bill that I

311
00:14:08,679 --> 00:14:10,480
Speaker 2: was not expecting. We don't have the money on hand

312
00:14:10,520 --> 00:14:12,440
Speaker 2: for that. Even if hey, even if you do have

313
00:14:12,480 --> 00:14:14,600
Speaker 2: the money on hand, like Joeldaes, when it comes to

314
00:14:14,640 --> 00:14:16,760
Speaker 2: some different fees that these companies are hitting you with,

315
00:14:17,440 --> 00:14:19,960
Speaker 2: it is always worth negotiating and see if you can

316
00:14:20,000 --> 00:14:21,240
Speaker 2: push back. I could pay.

317
00:14:21,120 --> 00:14:22,800
Speaker 1: Peloton on our bucks, but I'm not going to. And

318
00:14:22,800 --> 00:14:24,840
Speaker 1: it's right basically, Well, it's been said to Matt on

319
00:14:24,880 --> 00:14:28,280
Speaker 1: the Credit Core Creditcore Front that you are the average

320
00:14:28,480 --> 00:14:30,480
Speaker 1: of the five people you spend the most time with.

321
00:14:30,720 --> 00:14:32,280
Speaker 1: And I think there's a lot of truth to that,

322
00:14:32,400 --> 00:14:35,200
Speaker 1: right that we rub off on each other, I've learned

323
00:14:35,240 --> 00:14:39,640
Speaker 1: a lot being your friend. I think what my life

324
00:14:39,640 --> 00:14:41,240
Speaker 1: would look like would be different if we didn't hang

325
00:14:41,240 --> 00:14:41,680
Speaker 1: out so much.

326
00:14:41,720 --> 00:14:42,960
Speaker 2: It wouldn't be nearly as cool.

327
00:14:43,280 --> 00:14:45,480
Speaker 1: Well, that's true, that's definitely true.

328
00:14:45,880 --> 00:14:48,560
Speaker 2: In fact, first, I wouldn't know half of the Great

329
00:14:48,840 --> 00:14:51,040
Speaker 2: musical artists that I know because of you, as you're

330
00:14:51,080 --> 00:14:53,320
Speaker 2: sitting there wearing your brand new billy string shirt. And

331
00:14:53,360 --> 00:14:56,200
Speaker 2: I'm sorry that I have not even commented on. I

332
00:14:56,200 --> 00:14:58,400
Speaker 2: know you're excited about the glorious, isn't I commented on

333
00:14:58,440 --> 00:14:59,880
Speaker 2: the one that you had on yesterday. I wear a

334
00:15:00,480 --> 00:15:03,440
Speaker 2: but this one it's purple. Yeah, it is not a

335
00:15:03,440 --> 00:15:05,560
Speaker 2: lot of men out there are rock and purple purple

336
00:15:05,600 --> 00:15:09,720
Speaker 2: tieye baby, I'm I'm all for it. Uh yeah, especially

337
00:15:09,920 --> 00:15:12,880
Speaker 2: Joel's not scared, especially when I'm supporting the best guitarist

338
00:15:12,920 --> 00:15:13,360
Speaker 2: of all time.

339
00:15:13,560 --> 00:15:17,520
Speaker 1: Okay, but credit scores. This new Harvard study of twenty

340
00:15:17,560 --> 00:15:22,240
Speaker 1: five million people found that financial habits are similar to

341
00:15:22,560 --> 00:15:24,800
Speaker 1: other people who grow up in an environment like yours.

342
00:15:25,080 --> 00:15:28,080
Speaker 1: So you rub shoulders with folks for eighteen years, and

343
00:15:28,240 --> 00:15:31,680
Speaker 1: you're likely to have similar credit scores and loan delinquency rates.

344
00:15:32,200 --> 00:15:36,400
Speaker 1: And that's actually not terribly surprising to me. There are,

345
00:15:36,560 --> 00:15:40,720
Speaker 1: of course, like individual examples of folks rising above their circumstances.

346
00:15:41,360 --> 00:15:43,960
Speaker 1: But I see this as another reason to get on

347
00:15:44,040 --> 00:15:47,480
Speaker 1: the ground personal finance education into neighborhoods that need it most.

348
00:15:47,760 --> 00:15:50,680
Speaker 1: Because one of the toughest things about doing what you

349
00:15:50,720 --> 00:15:53,360
Speaker 1: and I do. Matt is realizing that there's a bunch

350
00:15:53,360 --> 00:15:57,280
Speaker 1: of people who grew up without any helpful personal finance advice,

351
00:15:57,280 --> 00:16:00,320
Speaker 1: and they're probably not like on their podcastcher saying, what

352
00:16:00,480 --> 00:16:02,600
Speaker 1: is like a good personal finance podcast that can help

353
00:16:02,640 --> 00:16:04,280
Speaker 1: me out at this point in time, it's just kind

354
00:16:04,280 --> 00:16:06,800
Speaker 1: of off their radar. And so I think it's a

355
00:16:06,840 --> 00:16:09,240
Speaker 1: good call for us to surround ourselves with folks who

356
00:16:09,360 --> 00:16:13,400
Speaker 1: encourage us on money journey. But also it's just kind

357
00:16:13,400 --> 00:16:15,880
Speaker 1: of discouraging in some ways too to realize that there

358
00:16:15,920 --> 00:16:18,560
Speaker 1: are some people who are going to be more difficult

359
00:16:18,600 --> 00:16:20,440
Speaker 1: to help. It's going to be harder to find those people.

360
00:16:20,480 --> 00:16:21,920
Speaker 2: I think a lot of those folks it's less the

361
00:16:21,960 --> 00:16:24,040
Speaker 2: advice and it's more that there's also just nobody in

362
00:16:24,080 --> 00:16:28,320
Speaker 2: their life who has lived it out essentially right, Like

363
00:16:28,360 --> 00:16:30,960
Speaker 2: oftentimes we look to mentors or just others that we

364
00:16:30,960 --> 00:16:33,720
Speaker 2: can look up to. Actually, on that note, do you

365
00:16:33,760 --> 00:16:38,040
Speaker 2: see the report by USAA about gen Z. Everyone likes

366
00:16:38,080 --> 00:16:40,280
Speaker 2: to pick on gen Z and they're saying that like

367
00:16:40,320 --> 00:16:42,560
Speaker 2: half a gen zs don't even know what their credit

368
00:16:42,640 --> 00:16:46,360
Speaker 2: score is or even like what constitutes their credit school. Yeah,

369
00:16:46,360 --> 00:16:48,560
Speaker 2: they don't know how it's made up, And I appreciate

370
00:16:48,640 --> 00:16:51,760
Speaker 2: that USA is trying to shine light on the younger generations, right,

371
00:16:51,800 --> 00:16:53,360
Speaker 2: because like that's kind of what you were speaking to

372
00:16:53,440 --> 00:16:56,120
Speaker 2: as well, like making sure that we are doing what

373
00:16:56,160 --> 00:16:58,160
Speaker 2: we can to help those around us, and maybe to

374
00:16:58,200 --> 00:17:00,960
Speaker 2: a certain extent, USAA is doing that well. But also

375
00:17:01,480 --> 00:17:04,280
Speaker 2: half of you gen Z, the gen Z generation are

376
00:17:04,280 --> 00:17:07,000
Speaker 2: like middle schoolers and high schoolers. So there's a part

377
00:17:07,000 --> 00:17:08,400
Speaker 2: of that too where I'm just like, I'm not I'm

378
00:17:08,400 --> 00:17:11,280
Speaker 2: also not going to necessarily expect a middle schooler or

379
00:17:11,280 --> 00:17:13,560
Speaker 2: a high schooler to know what their credit score is

380
00:17:13,600 --> 00:17:15,480
Speaker 2: because it's like, well, you probably don't really have a

381
00:17:15,520 --> 00:17:19,040
Speaker 2: credit I don't know. I didn't dive into that study

382
00:17:19,080 --> 00:17:21,720
Speaker 2: in depth, but I think there is a large part

383
00:17:21,840 --> 00:17:24,919
Speaker 2: of that generation who they're just getting started, right, And

384
00:17:25,000 --> 00:17:27,160
Speaker 2: just like we back in the day, what did we do?

385
00:17:27,200 --> 00:17:30,480
Speaker 2: We focused on being cheap. You actually are seeing gen

386
00:17:30,560 --> 00:17:33,159
Speaker 2: Z doing more of that sort of stuff. Embracing being

387
00:17:33,280 --> 00:17:35,320
Speaker 2: frugal is something that I saw reported recently.

388
00:17:35,520 --> 00:17:37,480
Speaker 1: I couldn't have told you much about credit scores or

389
00:17:37,520 --> 00:17:39,280
Speaker 1: credit reports when I was in middle school either.

390
00:17:39,119 --> 00:17:40,800
Speaker 2: So exactly. Yeah, So I think we all just need

391
00:17:40,800 --> 00:17:42,880
Speaker 2: to kind of play our part to educating the next

392
00:17:42,960 --> 00:17:45,920
Speaker 2: generation of financial savvy Americans. Yeah.

393
00:17:45,920 --> 00:17:49,160
Speaker 1: I mean, I think though, as you get older and

394
00:17:49,240 --> 00:17:52,399
Speaker 1: the credit score is a big part of our financial lives,

395
00:17:52,440 --> 00:17:55,840
Speaker 1: and so knowing what your credit score is, knowing how

396
00:17:55,960 --> 00:17:59,760
Speaker 1: your credit score comes about, like the factors that make

397
00:17:59,760 --> 00:18:02,040
Speaker 1: it up up is important. We've got information on that

398
00:18:02,359 --> 00:18:04,919
Speaker 1: at our website, howdomoney dot com. Matt, let's talk about

399
00:18:04,960 --> 00:18:08,440
Speaker 1: executive a new executive order for a second. That actually

400
00:18:08,480 --> 00:18:11,040
Speaker 1: makes it more likely that your workplace retirement account is

401
00:18:11,080 --> 00:18:14,399
Speaker 1: going to have access to even more investment options. That

402
00:18:14,640 --> 00:18:20,919
Speaker 1: sounds like a good thing, including alternative assets cryptocurrency. The basically,

403
00:18:21,200 --> 00:18:24,760
Speaker 1: the how this was worded in the executive order is

404
00:18:24,800 --> 00:18:28,720
Speaker 1: that the Department of Labor is supposed to revisit fiduciary guidelines.

405
00:18:29,119 --> 00:18:32,240
Speaker 1: And when you kind of pull the curtain up on that,

406
00:18:32,240 --> 00:18:35,600
Speaker 1: that the only way that they can make this or

407
00:18:35,640 --> 00:18:39,879
Speaker 1: that this executive order can push retirement accounts in this

408
00:18:40,000 --> 00:18:43,240
Speaker 1: direction to offer more alternative assets and cryptocurrency is to

409
00:18:43,280 --> 00:18:46,720
Speaker 1: say that the fiduciary standard isn't as big of a deal.

410
00:18:47,480 --> 00:18:50,679
Speaker 1: And so I don't love that, Matt, because I don't

411
00:18:50,720 --> 00:18:54,440
Speaker 1: necessarily think that people need access to alternative investments and

412
00:18:54,480 --> 00:18:57,399
Speaker 1: more cryptocurrency inside of their four o one ks. And

413
00:18:57,480 --> 00:19:00,560
Speaker 1: kind of on another point, like all the you know,

414
00:19:00,600 --> 00:19:04,280
Speaker 1: working on a smart selection that doesn't overwhelm folks. There's

415
00:19:04,280 --> 00:19:06,600
Speaker 1: not sixty two different versions of Ketchup and Aldi, There's

416
00:19:06,600 --> 00:19:09,680
Speaker 1: like two, right, And so I think most people already

417
00:19:09,680 --> 00:19:12,280
Speaker 1: get overwhelmed when trying to choose what to invest in,

418
00:19:12,320 --> 00:19:14,879
Speaker 1: like which fund makes sense for them. And then a

419
00:19:14,920 --> 00:19:17,439
Speaker 1: lot of the funds that could become available in the

420
00:19:17,440 --> 00:19:21,720
Speaker 1: aftermath of this executive order, they're inferior in so many ways. Right,

421
00:19:21,720 --> 00:19:25,000
Speaker 1: They're more illiquid, they come with higher fees, and then

422
00:19:25,240 --> 00:19:28,600
Speaker 1: the kicker, they don't produce higher returns on average. So

423
00:19:28,960 --> 00:19:31,199
Speaker 1: I don't know how effective this executive order is going

424
00:19:31,280 --> 00:19:33,560
Speaker 1: to be. And when you might start seeing some of

425
00:19:33,600 --> 00:19:36,320
Speaker 1: these different funds available in your four to one K.

426
00:19:36,720 --> 00:19:38,560
Speaker 1: Is this like months down the road or years down

427
00:19:38,600 --> 00:19:41,399
Speaker 1: the road? I don't know, But it doesn't matter to me.

428
00:19:41,520 --> 00:19:43,080
Speaker 1: Like I think index funds the thing that we talk

429
00:19:43,080 --> 00:19:45,240
Speaker 1: about all the time, it doesn't matter if like eighty

430
00:19:45,240 --> 00:19:49,560
Speaker 1: two funds are added to your roster of choices tomorrow,

431
00:19:50,000 --> 00:19:51,400
Speaker 1: it still shouldn't change what you pick.

432
00:19:51,560 --> 00:19:54,760
Speaker 2: Yeah, I see what you're doing. Here you are putting

433
00:19:54,800 --> 00:19:57,080
Speaker 2: head to head my love of aldi and the lack

434
00:19:57,119 --> 00:19:59,879
Speaker 2: of options there with my desire for a libertarian option

435
00:20:00,240 --> 00:20:02,920
Speaker 2: right and for the market to decide, Because on one hand,

436
00:20:03,280 --> 00:20:05,000
Speaker 2: I'm with you, I don't want there to be more

437
00:20:05,040 --> 00:20:07,240
Speaker 2: options for folks to kind of muddy the waters. But

438
00:20:07,520 --> 00:20:09,320
Speaker 2: at the same time, I want the market to decide,

439
00:20:09,320 --> 00:20:11,000
Speaker 2: and I want the market to say, is this something

440
00:20:11,040 --> 00:20:13,240
Speaker 2: that's valuable or not? And if it is, it will

441
00:20:13,280 --> 00:20:15,640
Speaker 2: succeed and do well. If it isn't, then it's something

442
00:20:15,680 --> 00:20:18,320
Speaker 2: that hopefully will in most cases most of these cases,

443
00:20:18,359 --> 00:20:20,400
Speaker 2: hopefully it'll just end up dying on the vine as

444
00:20:20,400 --> 00:20:22,520
Speaker 2: opposed to being something that more and more folks get

445
00:20:22,560 --> 00:20:26,720
Speaker 2: pulled into. As we are talking about alternative assets, specifically crypto,

446
00:20:27,480 --> 00:20:30,840
Speaker 2: owning some crypto can actually help you to get a mortgage. Possibly,

447
00:20:31,359 --> 00:20:34,760
Speaker 2: Fanny and Freddy they are pivoting to factoring in your

448
00:20:34,800 --> 00:20:39,440
Speaker 2: crypto holdings when they are making loans. Now, if you were,

449
00:20:39,520 --> 00:20:41,800
Speaker 2: let's say an early adopter and you've got a decent

450
00:20:41,960 --> 00:20:44,520
Speaker 2: chunk of bitcoin, well, that can help you to qualify

451
00:20:44,560 --> 00:20:48,080
Speaker 2: for a mortgage, which this could be a good idea.

452
00:20:48,400 --> 00:20:51,840
Speaker 2: I like, like they are truly assets, right, and so today,

453
00:20:52,000 --> 00:20:56,240
Speaker 2: were someone to liquidate their holdings of let's say bitcoin,

454
00:20:56,320 --> 00:20:58,040
Speaker 2: Let's say they you know, they had one bitcoin, that's

455
00:20:58,080 --> 00:20:59,880
Speaker 2: a lot of money that could go towards a down

456
00:21:00,040 --> 00:21:04,840
Speaker 2: payment on two thousand dollars. It depends on the money, yeah,

457
00:21:04,880 --> 00:21:08,240
Speaker 2: exactly by the second. But given that volatility, that's also

458
00:21:08,280 --> 00:21:12,080
Speaker 2: the downside because it's just like, well, the underwriting process

459
00:21:12,160 --> 00:21:15,480
Speaker 2: is typically let's just say, it doesn't move as quickly

460
00:21:15,560 --> 00:21:18,480
Speaker 2: as crypto prices do. And so I could also see

461
00:21:18,480 --> 00:21:20,880
Speaker 2: that not being a great thing if you were counting

462
00:21:20,920 --> 00:21:23,560
Speaker 2: on some of that money for your down payment, as

463
00:21:23,600 --> 00:21:26,040
Speaker 2: opposed to actually, if you want to use some of

464
00:21:26,080 --> 00:21:28,320
Speaker 2: those funds, maybe you should go ahead and liquidate that

465
00:21:28,640 --> 00:21:30,679
Speaker 2: and then you could put that towards a down payment.

466
00:21:30,720 --> 00:21:33,080
Speaker 2: But hopefully it doesn't really matter all that much because

467
00:21:33,080 --> 00:21:35,880
Speaker 2: there aren't how the money listeners don't have an overwhelming

468
00:21:36,240 --> 00:21:39,159
Speaker 2: percentage of their portfolio in cryptocurrencies. Maybe it does a

469
00:21:39,160 --> 00:21:40,920
Speaker 2: little bit enough to be interested, And that's what I've

470
00:21:40,960 --> 00:21:42,520
Speaker 2: got going on. Yeah, it's sort of like factoring at

471
00:21:42,560 --> 00:21:45,879
Speaker 2: the margins exactly. And again this is more guidance that

472
00:21:45,960 --> 00:21:50,120
Speaker 2: has been given at the executive level. So the staying

473
00:21:50,200 --> 00:21:53,520
Speaker 2: power of this. How much it actually does impact loans

474
00:21:53,520 --> 00:21:55,560
Speaker 2: that are going to be made and moving forward is

475
00:21:55,760 --> 00:21:56,560
Speaker 2: yet to be determined.

476
00:21:56,680 --> 00:21:59,280
Speaker 1: Yeah, we've got more to get to, Matt, including how

477
00:21:59,440 --> 00:22:04,399
Speaker 1: artificial and intelligence is frustrating people who travel and rent

478
00:22:04,400 --> 00:22:07,480
Speaker 1: cars regularly. We'll talk about that and some interesting workplace

479
00:22:07,480 --> 00:22:10,200
Speaker 1: trends as well. We'll get to those stories and more

480
00:22:10,280 --> 00:22:10,800
Speaker 1: right after this.

481
00:22:18,760 --> 00:22:21,920
Speaker 2: Right, buddy, we are back from the break, and now

482
00:22:21,920 --> 00:22:24,560
Speaker 2: it is time, of course, for the ludicrous headline of

483
00:22:24,600 --> 00:22:26,960
Speaker 2: the week. We're gonna spend a minute here talking about

484
00:22:27,800 --> 00:22:29,960
Speaker 2: artificial intelligence, the old AI.

485
00:22:30,960 --> 00:22:32,840
Speaker 1: It's kind of new, but it's Yeah, I don't know,

486
00:22:33,200 --> 00:22:33,560
Speaker 1: I don't know.

487
00:22:33,640 --> 00:22:34,920
Speaker 2: I feel like at this point.

488
00:22:34,760 --> 00:22:37,440
Speaker 1: It does feel like there's too much talk about it much.

489
00:22:37,520 --> 00:22:39,560
Speaker 1: But this is where the rubber hits the road, right here, Matt,

490
00:22:39,640 --> 00:22:40,800
Speaker 1: with this story tifically.

491
00:22:40,840 --> 00:22:42,639
Speaker 2: I like this story a whole lot. Actually, I mean

492
00:22:42,680 --> 00:22:47,040
Speaker 2: that in a very literal sense. It does. This one's

493
00:22:47,040 --> 00:22:51,800
Speaker 2: from Sherwood headline reads Hurts says it's AI powered damage

494
00:22:51,840 --> 00:22:56,160
Speaker 2: scanners are supposed to enhance your customer experience and part Okay,

495
00:22:56,160 --> 00:22:58,080
Speaker 2: So I was just saying that I am glad that

496
00:22:58,160 --> 00:22:59,880
Speaker 2: I actually like I'm a big fan of the story.

497
00:23:00,320 --> 00:23:03,600
Speaker 2: Sherwood is out there doing some real, some real journalism.

498
00:23:03,680 --> 00:23:06,720
Speaker 1: Yeah, they are, because it's just like Robin Hood's news.

499
00:23:06,400 --> 00:23:08,679
Speaker 2: Brand, which initially when when they rolled it out. So

500
00:23:08,760 --> 00:23:10,959
Speaker 2: this is a little bit of media talk, right. So

501
00:23:11,000 --> 00:23:12,760
Speaker 2: there's some shows we listened to and they the whole

502
00:23:12,760 --> 00:23:14,399
Speaker 2: time they just talk about media and some of the

503
00:23:14,400 --> 00:23:17,960
Speaker 2: different outlets and what's wrong with the world of media specifically.

504
00:23:18,160 --> 00:23:19,879
Speaker 2: So this is gonna be our tiny little segment how

505
00:23:19,920 --> 00:23:22,439
Speaker 2: to drill down on as we as we talk about that.

506
00:23:22,840 --> 00:23:26,720
Speaker 2: But I was skeptical of Sherwood initially. First of all,

507
00:23:26,920 --> 00:23:29,640
Speaker 2: it's kind of a too catchy of a name coming

508
00:23:29,680 --> 00:23:32,800
Speaker 2: from Robinhood as a trading platform. It's like, of course

509
00:23:33,240 --> 00:23:36,439
Speaker 2: you're gonna name your your news outlet media outlet here

510
00:23:36,560 --> 00:23:40,640
Speaker 2: think Sherwood. But the author of this piece was listening

511
00:23:40,680 --> 00:23:44,080
Speaker 2: in to the Earnings Call of Hurts and that's how

512
00:23:44,119 --> 00:23:47,560
Speaker 2: he discovered the fact that they were implementing some of

513
00:23:47,600 --> 00:23:51,920
Speaker 2: this AI say again quote quote unquote enhance the customer experience,

514
00:23:51,920 --> 00:23:54,440
Speaker 2: and it turns out that it's actually harming the customer.

515
00:23:54,560 --> 00:23:56,119
Speaker 1: Well, that's like the nitty gritty stuff that you have

516
00:23:56,160 --> 00:23:59,040
Speaker 1: to do as a reporter to get the good story, right, Yeah,

517
00:23:59,119 --> 00:24:00,880
Speaker 1: listen to the earnings call. And I don't know.

518
00:24:00,840 --> 00:24:02,679
Speaker 2: Because because the thing is that these companies they're not

519
00:24:02,680 --> 00:24:06,280
Speaker 2: broadcasting necessarily, some of them are, and they're learning really quickly,

520
00:24:06,359 --> 00:24:09,320
Speaker 2: ooh well yeah, when we are using this against you,

521
00:24:09,400 --> 00:24:12,600
Speaker 2: customers don't like that. But if they are quietly mentioning

522
00:24:12,640 --> 00:24:16,080
Speaker 2: it on an earnings call, they're thinking, all right, this

523
00:24:16,119 --> 00:24:18,399
Speaker 2: isn't no onman's going to hear about this except for

524
00:24:18,400 --> 00:24:21,000
Speaker 2: the investors, and it's going to positively impact our share price,

525
00:24:21,040 --> 00:24:23,640
Speaker 2: which it did in this case. But the customer out there,

526
00:24:23,760 --> 00:24:26,600
Speaker 2: the renters of vehicles, they're not going to hear about it. No,

527
00:24:27,119 --> 00:24:27,800
Speaker 2: we heard about it.

528
00:24:27,800 --> 00:24:29,320
Speaker 1: Well they are, they're hearing about it. And so so

529
00:24:29,600 --> 00:24:33,040
Speaker 1: customers are basically saying that they've received post rental bills

530
00:24:33,080 --> 00:24:35,399
Speaker 1: for damage that they didn't inflict on the car they rented.

531
00:24:35,440 --> 00:24:38,160
Speaker 1: So they're like, what the AI scanner. Yeah, I didn't

532
00:24:38,160 --> 00:24:39,919
Speaker 1: get in an accident. I didn't bump in anything like

533
00:24:40,000 --> 00:24:43,440
Speaker 1: Matt did in Scotland. Like that wasn't me so good

534
00:24:43,520 --> 00:24:47,720
Speaker 1: thing that was pre AI scanner right. Well. Sherwood says

535
00:24:47,720 --> 00:24:49,960
Speaker 1: that one customer was charged one hundred ninety five dollars

536
00:24:50,200 --> 00:24:53,040
Speaker 1: for a dent that looked like it crashed into an ant. Yeah,

537
00:24:53,040 --> 00:24:56,040
Speaker 1: it's a really funny one, great description, And I get

538
00:24:56,240 --> 00:24:58,920
Speaker 1: that Hurtz wants to save on labor costs by having

539
00:24:59,160 --> 00:25:03,080
Speaker 1: AI scan cars for damage versus using humans, But they

540
00:25:03,119 --> 00:25:05,480
Speaker 1: and other car rental companies they run the risk of

541
00:25:05,560 --> 00:25:10,800
Speaker 1: alienating their customers by fabricating these charges. And have you

542
00:25:10,840 --> 00:25:12,479
Speaker 1: seen what they look like, Matt. It looks kind of

543
00:25:12,520 --> 00:25:15,080
Speaker 1: like what humans walk through at the airport as they

544
00:25:15,080 --> 00:25:17,359
Speaker 1: go through security. Those scanners tsa scanner, it's kind of

545
00:25:17,400 --> 00:25:19,080
Speaker 1: like that for a car, and it's like taking these,

546
00:25:19,240 --> 00:25:21,960
Speaker 1: you know, three sixty videos and photos. And it has

547
00:25:22,040 --> 00:25:24,760
Speaker 1: obviously with think about how good cameras are now, how

548
00:25:25,119 --> 00:25:27,720
Speaker 1: much detail they can get into, and they can find

549
00:25:28,040 --> 00:25:31,760
Speaker 1: those seemingly insignificant scratches that you probably didn't even put

550
00:25:31,800 --> 00:25:33,840
Speaker 1: on the car. It was there already, and then they

551
00:25:33,840 --> 00:25:37,040
Speaker 1: can say, yeah, previous customer, this is on you.

552
00:25:37,080 --> 00:25:39,440
Speaker 2: But if it was there already, wouldn't it have been

553
00:25:39,440 --> 00:25:40,920
Speaker 2: caught by the previous renter.

554
00:25:41,000 --> 00:25:43,200
Speaker 1: You would think so maybe, But they're also so minor

555
00:25:43,240 --> 00:25:45,239
Speaker 1: that a human never would have done anything about it.

556
00:25:45,359 --> 00:25:50,240
Speaker 1: And typically you wouldn't be charged for a minor, minor scratch.

557
00:25:50,280 --> 00:25:52,080
Speaker 2: So I think one like the guy at Scotland. I

558
00:25:52,119 --> 00:25:54,080
Speaker 2: was just like, oh, you know kinda, He's like, oh,

559
00:25:54,080 --> 00:25:56,520
Speaker 2: don't worry about it. Yeah, I'm not going to even try.

560
00:25:57,640 --> 00:26:00,400
Speaker 1: But well, and one of the one of the people

561
00:26:00,440 --> 00:26:02,199
Speaker 1: can do to protect themselves is to just is to

562
00:26:02,240 --> 00:26:04,320
Speaker 1: take a three sixty video as you're walking around the.

563
00:26:04,240 --> 00:26:08,000
Speaker 2: Car zero your own skin. Yeah. I always take a

564
00:26:08,040 --> 00:26:08,560
Speaker 2: ton of photos.

565
00:26:08,600 --> 00:26:10,880
Speaker 1: And that way, if you get called out, you get

566
00:26:10,920 --> 00:26:12,199
Speaker 1: some sort of bill in the mail, you can be

567
00:26:12,240 --> 00:26:14,159
Speaker 1: like no, no, no, that was here before or what are

568
00:26:14,200 --> 00:26:16,560
Speaker 1: you talking about, Like do it before and after and

569
00:26:16,600 --> 00:26:18,640
Speaker 1: then say it's not on my video or I don't

570
00:26:18,640 --> 00:26:19,360
Speaker 1: see anything here.

571
00:26:19,520 --> 00:26:20,240
Speaker 2: Yeah.

572
00:26:20,280 --> 00:26:21,920
Speaker 1: That way you can at least have a fighting chance.

573
00:26:22,000 --> 00:26:24,040
Speaker 2: Yeah, I get it. I'm of two minds because on

574
00:26:24,320 --> 00:26:26,080
Speaker 2: from the renter's perspective, you don't want to get hit

575
00:26:26,080 --> 00:26:28,760
Speaker 2: with a bill for a small little ding but like

576
00:26:28,840 --> 00:26:31,359
Speaker 2: from well even from a renter's like, imagine you're the

577
00:26:31,359 --> 00:26:33,600
Speaker 2: next rent right and like, as this happens over the

578
00:26:33,600 --> 00:26:37,399
Speaker 2: course of multiple rentals, multiple renters, you end up getting

579
00:26:37,400 --> 00:26:38,879
Speaker 2: a car that's all dinged up, Like that's not what

580
00:26:38,920 --> 00:26:41,119
Speaker 2: you're paying for when you rent a bran new vehicle.

581
00:26:41,200 --> 00:26:43,840
Speaker 2: So from a renter's point of view, it's it keeps

582
00:26:43,840 --> 00:26:46,320
Speaker 2: the standard high. But then also for hurts, they're you know,

583
00:26:46,320 --> 00:26:49,040
Speaker 2: they unload these vehicles after a couple of years and

584
00:26:49,080 --> 00:26:50,639
Speaker 2: when they go to auction these things off. If if

585
00:26:50,680 --> 00:26:52,480
Speaker 2: you've got a car that's all dinged up with nothing

586
00:26:52,520 --> 00:26:53,920
Speaker 2: to show for it, well you're gonna get a whole

587
00:26:53,960 --> 00:26:56,439
Speaker 2: lot less for it. But I will say one of

588
00:26:56,440 --> 00:26:58,520
Speaker 2: the other examples was like a drop out of water

589
00:26:59,080 --> 00:27:02,040
Speaker 2: was on the car and that was initially cited by

590
00:27:02,119 --> 00:27:04,800
Speaker 2: one of the customers. It was flagged to a customer

591
00:27:05,280 --> 00:27:07,320
Speaker 2: as a dent and they're like, no, man, that's some rain.

592
00:27:07,440 --> 00:27:10,600
Speaker 2: That was like, that's water, and they apologize, really, oh sorry,

593
00:27:10,640 --> 00:27:12,439
Speaker 2: Actually I don't even even know if they apologize. But

594
00:27:12,440 --> 00:27:14,600
Speaker 2: he didn't have to pay anything because of that. So

595
00:27:14,640 --> 00:27:16,080
Speaker 2: you've got to be careful if it's not ready for

596
00:27:16,080 --> 00:27:18,440
Speaker 2: prime time. Yet. That's another reason to maybe slow the

597
00:27:18,520 --> 00:27:21,199
Speaker 2: role when it comes to implementing some of this. But

598
00:27:21,440 --> 00:27:24,720
Speaker 2: it's just fascinating because how it is that a company

599
00:27:25,200 --> 00:27:27,960
Speaker 2: rolls something like this out has such an impact on

600
00:27:28,320 --> 00:27:31,760
Speaker 2: how a company's perceived, which then therefore has an impact

601
00:27:31,840 --> 00:27:34,760
Speaker 2: on the share price of that company if it's publicly traded,

602
00:27:34,840 --> 00:27:36,480
Speaker 2: or even if you want to work for it. There's

603
00:27:36,520 --> 00:27:39,439
Speaker 2: new research from Charter that links the financial health and

604
00:27:39,520 --> 00:27:42,199
Speaker 2: the stock market returns of a company to how it

605
00:27:42,320 --> 00:27:45,440
Speaker 2: is perceived by the workforce. So, for instance, when folks

606
00:27:45,480 --> 00:27:48,800
Speaker 2: want to work for a particular employer, it has many

607
00:27:48,880 --> 00:27:53,280
Speaker 2: benefits enhancing that specific brand, right, they're attracting there and

608
00:27:53,320 --> 00:27:58,200
Speaker 2: retaining talent. It's limiting turnover, which leads to even more

609
00:27:58,400 --> 00:28:00,000
Speaker 2: positive results for that company.

610
00:28:00,160 --> 00:28:02,560
Speaker 1: Yeah. That like, the actual hiring process and training of

611
00:28:02,560 --> 00:28:04,879
Speaker 1: new employees costs so much money that if there's a

612
00:28:04,960 --> 00:28:07,240
Speaker 1: high turnover, it's an expense exactly.

613
00:28:07,400 --> 00:28:10,080
Speaker 2: Yeah, and this then of course improves customer service and

614
00:28:10,160 --> 00:28:14,280
Speaker 2: gender's loyalty from customers. It's an upward spiral. Basically. It

615
00:28:14,359 --> 00:28:16,320
Speaker 2: just makes me think about all the different PR professionals

616
00:28:16,359 --> 00:28:19,119
Speaker 2: who are out there. If you are, if you know

617
00:28:19,200 --> 00:28:21,840
Speaker 2: somebody that has the work the title at work of

618
00:28:21,920 --> 00:28:24,720
Speaker 2: like chief Storyteller, Like all the PR folks are just

619
00:28:24,720 --> 00:28:27,080
Speaker 2: like fist pumping and just like so happy because they're like, yeah,

620
00:28:27,119 --> 00:28:30,520
Speaker 2: see what we do matters. Because truly, something like Hertz,

621
00:28:30,800 --> 00:28:32,399
Speaker 2: if they were to have rolled that out in a

622
00:28:32,480 --> 00:28:35,399
Speaker 2: very public way, they would have gotten lambasted. I mean

623
00:28:35,440 --> 00:28:37,919
Speaker 2: they they're getting called out on it already as it is,

624
00:28:37,960 --> 00:28:41,479
Speaker 2: but I've got to think that something like this is

625
00:28:41,960 --> 00:28:44,640
Speaker 2: a much easier thing to get past as opposed to

626
00:28:44,920 --> 00:28:47,000
Speaker 2: rolling this out as a new feature where they just

627
00:28:47,000 --> 00:28:49,400
Speaker 2: get ridiculed and made a fun of by the market.

628
00:28:49,480 --> 00:28:52,280
Speaker 1: Well, what you were just talking about too, with kind

629
00:28:52,280 --> 00:28:54,640
Speaker 1: of where people want to work and how that enhances

630
00:28:54,720 --> 00:28:56,920
Speaker 1: a brand. It makes me think that, like, if I

631
00:28:57,040 --> 00:28:59,400
Speaker 1: was out there looking for a job in the workforce,

632
00:29:00,040 --> 00:29:03,320
Speaker 1: instead of just looking for positions that were reflected what

633
00:29:03,360 --> 00:29:06,480
Speaker 1: I was interested in, I would be looking towards employers

634
00:29:06,560 --> 00:29:10,120
Speaker 1: who have a great reputation amongst their employees, and I

635
00:29:10,160 --> 00:29:12,400
Speaker 1: would be looking for positions at those companies that I

636
00:29:12,440 --> 00:29:14,720
Speaker 1: was interested in, absolutely, because like I want to work

637
00:29:14,720 --> 00:29:17,280
Speaker 1: for a company that treats people well, that offers great benefits,

638
00:29:17,280 --> 00:29:19,840
Speaker 1: where I could stay for a long time, instead of

639
00:29:19,840 --> 00:29:22,560
Speaker 1: just getting the position in the salary I was interested in,

640
00:29:23,120 --> 00:29:25,560
Speaker 1: because that I don't know, it might not be there

641
00:29:25,560 --> 00:29:27,760
Speaker 1: as long, it might not be as good of an experience.

642
00:29:27,960 --> 00:29:30,520
Speaker 2: Totally agree. Yeah, that's why these narratives though, are so important,

643
00:29:30,520 --> 00:29:33,400
Speaker 2: because it's almost like a self fulfilling prophecy. Yeah, if

644
00:29:33,400 --> 00:29:35,920
Speaker 2: you say that you believe in something, it attracts people

645
00:29:35,920 --> 00:29:38,560
Speaker 2: who then believe in that. A couple of brands come

646
00:29:38,560 --> 00:29:40,160
Speaker 2: to mind, but I'm not going to focus on them

647
00:29:40,600 --> 00:29:42,680
Speaker 2: at this point in time. Jo. Let's talk about hybrid work,

648
00:29:43,360 --> 00:29:45,400
Speaker 2: because I think this is an instance where we're going

649
00:29:45,440 --> 00:29:47,000
Speaker 2: to have to eat some crow. Remember we had an

650
00:29:47,040 --> 00:29:49,280
Speaker 2: episode called I think it was called hybrid work.

651
00:29:49,320 --> 00:29:53,320
Speaker 1: Is here to say that we're wrong sometimes?

652
00:29:53,320 --> 00:29:55,920
Speaker 2: Oh yeah, and we're going to call ourselves out on it.

653
00:29:56,440 --> 00:29:57,760
Speaker 1: I'm okay. Following on the sword here.

654
00:29:57,880 --> 00:30:01,880
Speaker 2: Hybrid work is no longer the norm, and worker leverage

655
00:30:02,160 --> 00:30:06,480
Speaker 2: is on the decline. More than half of the top

656
00:30:06,560 --> 00:30:10,080
Speaker 2: Fortune one hundred companies are requiring employees to be back

657
00:30:10,240 --> 00:30:12,960
Speaker 2: at the office full time. So I guess it's maybe

658
00:30:13,280 --> 00:30:16,880
Speaker 2: Fortune fifty companies. We got from the Fortune five hundred

659
00:30:16,880 --> 00:30:19,520
Speaker 2: to the one hundred to the fifty. But for folks

660
00:30:19,520 --> 00:30:22,240
Speaker 2: who got used to like a zero commute, basically if

661
00:30:22,280 --> 00:30:24,720
Speaker 2: they got used to having more flexible time, or maybe

662
00:30:24,720 --> 00:30:27,240
Speaker 2: even some of those folks even moved right, they're like, Oh,

663
00:30:27,280 --> 00:30:28,880
Speaker 2: location doesn't even matter.

664
00:30:28,920 --> 00:30:31,040
Speaker 1: I'm moving out to the country because I don't have

665
00:30:31,120 --> 00:30:33,480
Speaker 1: that commute. And then the employer comes to knocking and says,

666
00:30:33,560 --> 00:30:33,960
Speaker 1: yes you do.

667
00:30:34,160 --> 00:30:36,080
Speaker 2: They're like, oh, maybe I'll move to Boise, like Matt

668
00:30:36,200 --> 00:30:40,280
Speaker 2: was thinking, which is very short lived, which I'm so glad.

669
00:30:40,320 --> 00:30:42,280
Speaker 2: Oh my gosh, I'm so glad that was very short lived.

670
00:30:42,680 --> 00:30:44,400
Speaker 2: Of Course, it's nice to get paid, But is it

671
00:30:44,520 --> 00:30:47,920
Speaker 2: worth going back to this sort of old pre payan

672
00:30:48,240 --> 00:30:52,200
Speaker 2: pre COVID normalcy. There are certainly pros and cons to it.

673
00:30:52,200 --> 00:30:54,000
Speaker 2: I think there are more pros for younger workers who

674
00:30:54,000 --> 00:30:57,360
Speaker 2: are looking to show that they've got the initiative, they

675
00:30:57,360 --> 00:30:59,760
Speaker 2: got what it takes. They're trying to learn from their peers.

676
00:30:59,520 --> 00:31:00,240
Speaker 1: That face time.

677
00:31:00,400 --> 00:31:03,800
Speaker 2: Yeah, but if your employer is pushing for some serious

678
00:31:03,880 --> 00:31:07,200
Speaker 2: back to office, you know, policies that you aren't okay with,

679
00:31:07,720 --> 00:31:10,760
Speaker 2: I would recommend to politely push back. See if this

680
00:31:10,840 --> 00:31:13,160
Speaker 2: is something that you can discuss. Is this the conversation

681
00:31:13,240 --> 00:31:16,600
Speaker 2: worth having? Hey, maybe this is maybe we can have

682
00:31:16,640 --> 00:31:19,360
Speaker 2: some sort of roundtable. This guy, I don't know, Like,

683
00:31:19,640 --> 00:31:21,520
Speaker 2: what's it called out there in the corporate world, Folks,

684
00:31:21,680 --> 00:31:23,920
Speaker 2: I'm lacking when it comes to the most latest experience

685
00:31:24,080 --> 00:31:25,800
Speaker 2: of what it's like to be in the corporate world.

686
00:31:26,040 --> 00:31:29,480
Speaker 2: That or despite the cooling labor market. I might even

687
00:31:29,680 --> 00:31:33,120
Speaker 2: be worth looking elsewhere if this is not something if

688
00:31:33,200 --> 00:31:35,800
Speaker 2: this if it has been very clearly communicated that this

689
00:31:35,840 --> 00:31:38,200
Speaker 2: isn't a conversation we're having anymore, because I still.

690
00:31:38,040 --> 00:31:41,760
Speaker 1: Think those flexible policies are gonna matter to workers and

691
00:31:41,800 --> 00:31:43,800
Speaker 1: for the best workers out there, for sure. And I

692
00:31:43,840 --> 00:31:46,200
Speaker 1: think that a lot of companies, Yeah, you can try

693
00:31:46,200 --> 00:31:48,720
Speaker 1: to go all draconian, but you will eventually have some

694
00:31:48,800 --> 00:31:51,040
Speaker 1: brain drain, and those people are gonna want to go

695
00:31:51,040 --> 00:31:53,640
Speaker 1: to companies that have a little more flexibility. I was

696
00:31:53,640 --> 00:31:55,720
Speaker 1: talking to a friend who just got a new job

697
00:31:56,120 --> 00:31:59,520
Speaker 1: at one of those big tech companies, and he was like, yeah,

698
00:31:59,560 --> 00:32:01,800
Speaker 1: I have to go in. I think I forget if

699
00:32:01,800 --> 00:32:04,560
Speaker 1: you said four or five days a week, but all

700
00:32:04,600 --> 00:32:06,440
Speaker 1: I have to do is like be there for a

701
00:32:06,440 --> 00:32:09,040
Speaker 1: little bit. So I think going in ten to two

702
00:32:09,160 --> 00:32:11,480
Speaker 1: or ten to three, and I'm avoiding traffic on both ends,

703
00:32:11,880 --> 00:32:14,880
Speaker 1: but I'm in the office, and so it's I'm giving

704
00:32:14,880 --> 00:32:16,400
Speaker 1: them what they want, but I'm kind of getting what

705
00:32:16,440 --> 00:32:18,360
Speaker 1: I want at the same time. And I do think

706
00:32:18,360 --> 00:32:20,520
Speaker 1: the companies are gonna have to be flexible.

707
00:32:20,640 --> 00:32:22,840
Speaker 2: Yeah, if you I think on both ends, yeah, right,

708
00:32:22,880 --> 00:32:24,840
Speaker 2: Like like for the employee. It's just like, all right, cool,

709
00:32:24,840 --> 00:32:26,840
Speaker 2: you're getting in there, you're having some of those face

710
00:32:26,840 --> 00:32:29,560
Speaker 2: to face meetings. Yeah, being a little bit more collaborative,

711
00:32:29,560 --> 00:32:32,280
Speaker 2: which is I think still easier without having to go

712
00:32:32,400 --> 00:32:34,160
Speaker 2: do it over zoom or teams or whatever.

713
00:32:34,240 --> 00:32:35,760
Speaker 1: Yeah, and maybe you're doing something that in the morning,

714
00:32:35,760 --> 00:32:37,080
Speaker 1: a little bit of that when you get home, but

715
00:32:37,360 --> 00:32:40,080
Speaker 1: you're not at the office all day totally. Let's talk

716
00:32:40,120 --> 00:32:42,200
Speaker 1: about me some of the downsides of work from home.

717
00:32:42,240 --> 00:32:46,080
Speaker 1: There's this new work Trend Index report and they said

718
00:32:46,120 --> 00:32:48,080
Speaker 1: that one of the biggest downsides and this is something

719
00:32:48,120 --> 00:32:50,720
Speaker 1: I think we've seen spiral out of control, Matt. They're

720
00:32:50,760 --> 00:32:53,640
Speaker 1: calling it the infinite work day, And basically it was

721
00:32:53,840 --> 00:32:56,920
Speaker 1: a Microsoft report that found that workers are starting they're

722
00:32:56,920 --> 00:32:59,520
Speaker 1: looking at an email at six am, likely right after they

723
00:32:59,560 --> 00:33:03,040
Speaker 1: wake up, and then those workers are battling messages on

724
00:33:03,120 --> 00:33:06,200
Speaker 1: a ton of different fronts like Slack and Microsoft teams,

725
00:33:06,240 --> 00:33:08,440
Speaker 1: and then text messages and phone calls, so they feel

726
00:33:08,440 --> 00:33:13,640
Speaker 1: like they're getting inundated with requests or with coworker chatter

727
00:33:14,040 --> 00:33:17,880
Speaker 1: from every direction. Then also they're working into the evening

728
00:33:17,880 --> 00:33:19,600
Speaker 1: with a whole lot of folks. A high percentage of

729
00:33:19,600 --> 00:33:22,840
Speaker 1: people digging back into their inbox between eight and ten pm. Oh,

730
00:33:22,880 --> 00:33:25,280
Speaker 1: and then guess what. The weekends aren't free of work.

731
00:33:25,440 --> 00:33:29,680
Speaker 1: Either you're maybe expected to respond or you're at least

732
00:33:29,760 --> 00:33:32,320
Speaker 1: checking stuff trying to stay up on it even though

733
00:33:32,560 --> 00:33:35,960
Speaker 1: you're not supposed to be working. And then there's this

734
00:33:36,160 --> 00:33:39,160
Speaker 1: just the reality of work these days, where there's constant interruptions.

735
00:33:39,200 --> 00:33:41,880
Speaker 1: On average, every two minutes, you're being interrupted by a

736
00:33:41,960 --> 00:33:45,040
Speaker 1: pin from somewhere. And it makes me think of Cal Newport.

737
00:33:45,040 --> 00:33:47,480
Speaker 1: One of his first books was called Deep Work, and man,

738
00:33:47,560 --> 00:33:51,040
Speaker 1: how do you actually get deep work done when it

739
00:33:51,040 --> 00:33:54,320
Speaker 1: feels like, Okay, you're constantly playing whack a mole, right,

740
00:33:54,360 --> 00:33:56,600
Speaker 1: whether it's with messages or emails or you're just kind

741
00:33:56,600 --> 00:33:59,000
Speaker 1: of you never have that time to actually deeply focus

742
00:33:59,360 --> 00:33:59,960
Speaker 1: on a tack.

743
00:34:00,280 --> 00:34:01,720
Speaker 2: Yeah, what was the number? I think it was like

744
00:34:01,760 --> 00:34:04,640
Speaker 2: twenty three minutes. Once you are once you are distracted

745
00:34:04,640 --> 00:34:06,400
Speaker 2: from something, it takes you twenty three minutes to kind

746
00:34:06,440 --> 00:34:08,160
Speaker 2: of regain your focus to be able to hit that

747
00:34:08,200 --> 00:34:10,600
Speaker 2: deep work again. Yeah, which we love saying when we're

748
00:34:10,640 --> 00:34:14,800
Speaker 2: talking about distractions. But I'm also I don't know, I

749
00:34:14,800 --> 00:34:16,440
Speaker 2: don't know if I totally believe that twenty.

750
00:34:16,200 --> 00:34:19,160
Speaker 1: Three minutes like a long time lot. Sometimes your mind

751
00:34:19,200 --> 00:34:21,200
Speaker 1: wanders for a while. But I don't know, like I

752
00:34:21,239 --> 00:34:21,520
Speaker 1: get it.

753
00:34:21,520 --> 00:34:23,760
Speaker 2: I could be I get distracted easily, but I guess

754
00:34:23,800 --> 00:34:25,359
Speaker 2: even if it's half of that, Like let's just say,

755
00:34:25,360 --> 00:34:27,000
Speaker 2: even if it's ten minutes, that's a lot of time

756
00:34:27,680 --> 00:34:30,399
Speaker 2: when you are getting distracted as often as oftentimes we are.

757
00:34:30,480 --> 00:34:33,040
Speaker 1: And I think it's probably a good idea to have

758
00:34:33,120 --> 00:34:35,640
Speaker 1: some like non office hours during the day where if

759
00:34:35,640 --> 00:34:37,480
Speaker 1: you are working on a big project or you know,

760
00:34:37,520 --> 00:34:40,080
Speaker 1: some people like you mentioned pr people just a second ago, Matt,

761
00:34:40,800 --> 00:34:42,239
Speaker 1: A lot of those people like their job is to

762
00:34:42,280 --> 00:34:44,400
Speaker 1: constantly be in their inbox. So that's that's just a

763
00:34:44,440 --> 00:34:46,680
Speaker 1: different type of profession, right, But then there are other

764
00:34:46,719 --> 00:34:48,640
Speaker 1: professions where you're like, no, I have to work on

765
00:34:48,680 --> 00:34:51,719
Speaker 1: this project and I cannot be like emailing and slacking

766
00:34:51,760 --> 00:34:53,600
Speaker 1: while I'm trying to get that thing done, and you

767
00:34:53,840 --> 00:34:56,719
Speaker 1: carving out an hour in the afternoon and thirty minutes

768
00:34:56,760 --> 00:34:58,680
Speaker 1: in the morning or whatever, but carving out these specific

769
00:34:58,680 --> 00:35:01,160
Speaker 1: times where you're not responsible and kind of letting people

770
00:35:01,200 --> 00:35:04,560
Speaker 1: know that, whether it's an away from the desk message

771
00:35:04,640 --> 00:35:07,319
Speaker 1: or something like that on slack, letting your boss know Hey,

772
00:35:07,320 --> 00:35:09,359
Speaker 1: I'm going to be unreachable, but it's going to make

773
00:35:09,400 --> 00:35:12,120
Speaker 1: sure I'm able to meet the deadline. That's really important

774
00:35:12,160 --> 00:35:15,160
Speaker 1: to kind of set, I think, those expectations and allow

775
00:35:15,200 --> 00:35:17,880
Speaker 1: that time for yourself to do what you need to

776
00:35:17,960 --> 00:35:20,000
Speaker 1: do so that you can actually be productive and not

777
00:35:20,080 --> 00:35:22,440
Speaker 1: just be responding to whatever someone else tells you as

778
00:35:22,560 --> 00:35:23,160
Speaker 1: urgent in the moment.

779
00:35:23,239 --> 00:35:25,239
Speaker 2: Yeah, you said it away from desk, obviously, away from

780
00:35:25,320 --> 00:35:27,520
Speaker 2: office makes it seem like you're not even on location.

781
00:35:27,680 --> 00:35:29,560
Speaker 2: Away from desk, it's just like, well, he's around, but

782
00:35:29,600 --> 00:35:31,520
Speaker 2: what's he even doing. Maybe he's over there playing ping pong.

783
00:35:31,640 --> 00:35:33,080
Speaker 2: I woul like to even call it like an away

784
00:35:33,080 --> 00:35:35,919
Speaker 2: from email or away from Slack sort of message, because

785
00:35:35,920 --> 00:35:37,520
Speaker 2: it's like, no, I'm sitting here, I'm working, I'm just

786
00:35:37,520 --> 00:35:39,279
Speaker 2: trying to do the important stuff. I just muted this

787
00:35:39,360 --> 00:35:42,160
Speaker 2: right now exactly like I'm sitting here. I'm We're all

788
00:35:42,200 --> 00:35:44,320
Speaker 2: part of this, but let's have some dedicated time to

789
00:35:44,360 --> 00:35:45,960
Speaker 2: the project at hand that we're trying to be able

790
00:35:46,000 --> 00:35:47,879
Speaker 2: to deliver in two weeks. Yeah, that sort of thing.

791
00:35:48,640 --> 00:35:50,640
Speaker 2: Or maybe you can just leave all the notifications on Joel,

792
00:35:50,680 --> 00:35:51,960
Speaker 2: but just put your plugs in. That's what I do

793
00:35:52,120 --> 00:35:54,640
Speaker 2: here in the office. Yeah, you've done it. How do

794
00:35:54,680 --> 00:35:56,560
Speaker 2: you feel when I put my ear plugs in? Because

795
00:35:56,560 --> 00:35:59,360
Speaker 2: sometimes I get even distracted by my coworkers are typing.

796
00:36:00,040 --> 00:36:02,440
Speaker 2: And when I say coworkers, everyone knows I'm talking about you.

797
00:36:03,040 --> 00:36:06,600
Speaker 1: There's not many of them. That doesn't bother me. I think,

798
00:36:06,640 --> 00:36:08,719
Speaker 1: even something super simple, if I need something, I'll let

799
00:36:08,760 --> 00:36:10,400
Speaker 1: you know. Yeah, you can, like well, wave but I.

800
00:36:10,400 --> 00:36:11,799
Speaker 2: Can kind of hear you. But it's enough to kind

801
00:36:11,840 --> 00:36:16,080
Speaker 2: of blunt the sharp stimulus of messages. Other sounds like

802
00:36:16,120 --> 00:36:17,880
Speaker 2: folks who honestly folks who go in and work in

803
00:36:17,920 --> 00:36:19,880
Speaker 2: like a coffee shop. I don't know how they do that,

804
00:36:20,040 --> 00:36:23,720
Speaker 2: and maybe I'm just overly sensitive, but I like the vibe.

805
00:36:23,760 --> 00:36:25,759
Speaker 2: I like the scene of going and working somewhere where

806
00:36:25,760 --> 00:36:28,160
Speaker 2: there's a lot of people. But man, the distractions.

807
00:36:28,200 --> 00:36:29,200
Speaker 1: I'd never get anything done.

808
00:36:29,280 --> 00:36:31,479
Speaker 2: I would not. Well, I know why you wouldn't, because

809
00:36:31,480 --> 00:36:34,759
Speaker 2: you're talking to everybody. Yeah, I'm ignoring people, but then

810
00:36:34,760 --> 00:36:37,359
Speaker 2: I'm thinking about the fact that I've ignored them.

811
00:36:37,360 --> 00:36:38,880
Speaker 1: But if I if I really have to dig in

812
00:36:38,920 --> 00:36:42,080
Speaker 1: and get something done, I'm usually taking like clicking out

813
00:36:42,320 --> 00:36:45,000
Speaker 1: of the email on my like you should put nothing

814
00:36:45,080 --> 00:36:47,000
Speaker 1: down so if I see the number popping up, I'm

815
00:36:47,040 --> 00:36:48,560
Speaker 1: tempted to go over there and get in, and I

816
00:36:48,560 --> 00:36:49,799
Speaker 1: get distracted pretty quickly, and.

817
00:36:49,800 --> 00:36:52,040
Speaker 2: Then command Q on the on the mail ad.

818
00:36:52,080 --> 00:36:54,200
Speaker 1: When do I actually get back to the task. Here

819
00:36:54,239 --> 00:36:56,080
Speaker 1: you go, you know, all right, Matt, that's going to

820
00:36:56,160 --> 00:36:58,799
Speaker 1: do it for this Friday flight. The show notes we

821
00:36:59,080 --> 00:37:01,200
Speaker 1: always live up on the way website at howtomoney dot com,

822
00:37:01,280 --> 00:37:05,160
Speaker 1: along with a bunch of other money saving information. But yeah,

823
00:37:05,200 --> 00:37:07,120
Speaker 1: we'll catch you back here on Monday for a fresh

824
00:37:07,239 --> 00:37:11,319
Speaker 1: ask how to Money episode. Until next time, best Friends Out,

825
00:37:11,360 --> 00:37:12,680
Speaker 1: Best Friends Out,