1 00:00:00,040 --> 00:00:03,400 Speaker 1: Welcome to Had a Money. I'm Joel, I am Matt's 2 00:00:03,480 --> 00:00:06,280 Speaker 1: the other host, and today we're talking about the Credit 3 00:00:06,320 --> 00:00:27,760 Speaker 1: Crunch mag of money and gas gouging. Jill, you know, 4 00:00:27,840 --> 00:00:30,240 Speaker 1: I can't but hear Credit Crunch and think of like 5 00:00:30,280 --> 00:00:32,479 Speaker 1: a cereal I would have eaten back in like nineteen 6 00:00:32,560 --> 00:00:36,960 Speaker 1: ninety one. Was that peak cereal? Peak cereal aisle? I 7 00:00:37,000 --> 00:00:39,599 Speaker 1: don't know, man, I just saw something just the other 8 00:00:39,640 --> 00:00:42,120 Speaker 1: day that apparently cereals getting even worse for you, like 9 00:00:42,159 --> 00:00:45,080 Speaker 1: it's become of course, yeah, cereals terrible. How's it getting 10 00:00:45,080 --> 00:00:47,280 Speaker 1: worse because they're taking all the dies out? Well, maybe 11 00:00:47,280 --> 00:00:49,559 Speaker 1: it will get less worse in the near future. Right now, 12 00:00:50,320 --> 00:00:52,400 Speaker 1: right now, it's the worst. We're at peak cereals, terrible 13 00:00:52,400 --> 00:00:54,400 Speaker 1: for your health. So I feel like the nineties were 14 00:00:54,480 --> 00:00:57,640 Speaker 1: peak cereal culture, just as far as it just constantly 15 00:00:57,640 --> 00:01:01,280 Speaker 1: being everywhere cheerios, because like they normally on the commercials 16 00:01:01,320 --> 00:01:03,279 Speaker 1: to make it seem like parents, your kids wake up 17 00:01:03,280 --> 00:01:05,320 Speaker 1: on Saturday, get a couple of bulls here and watch 18 00:01:05,360 --> 00:01:09,400 Speaker 1: that TV. You know that heart shaped bullet cheerios? Yeah, yeah, 19 00:01:09,560 --> 00:01:11,240 Speaker 1: with the ones problem, it seems less bad and it 20 00:01:11,240 --> 00:01:12,959 Speaker 1: probably is less bad than a lot of the other 21 00:01:13,040 --> 00:01:15,600 Speaker 1: kinds that you could eat. But those are the just 22 00:01:15,680 --> 00:01:17,759 Speaker 1: a few of the stories we're going to get to 23 00:01:17,760 --> 00:01:20,880 Speaker 1: today on our Friday flight, which generally speaking is the 24 00:01:20,920 --> 00:01:23,240 Speaker 1: nice little sampling of the different headlines we've come across 25 00:01:23,240 --> 00:01:26,080 Speaker 1: this week, and specifically we like to address how those 26 00:01:26,120 --> 00:01:29,240 Speaker 1: issues are going to impact your money specifically. But before 27 00:01:29,240 --> 00:01:30,960 Speaker 1: we get to all that, Joel, do you want to 28 00:01:30,959 --> 00:01:33,560 Speaker 1: give a quick little update on your dishwasher the dishwasher 29 00:01:33,640 --> 00:01:37,680 Speaker 1: saga that we shared on Monday with folks. So, I'm 30 00:01:37,720 --> 00:01:39,320 Speaker 1: sure folks are wondering. They've been on the edge of 31 00:01:39,319 --> 00:01:42,679 Speaker 1: their seat. I know. Well, yeah, so I ended up 32 00:01:42,680 --> 00:01:45,199 Speaker 1: I bought four dishwashers from Costco, as I said, and 33 00:01:45,319 --> 00:01:48,920 Speaker 1: my wife was were they all shrink wrapped together? Were 34 00:01:48,960 --> 00:01:52,320 Speaker 1: they connected with the big handle? Amazing? How could you 35 00:01:52,320 --> 00:01:56,120 Speaker 1: carry that? Well? No, separately shrink wrapped olive oils. But man, 36 00:01:56,200 --> 00:02:00,000 Speaker 1: so I had mine installed and I sold my old dishwasher, 37 00:02:00,480 --> 00:02:04,200 Speaker 1: and then my dad wanted one of the dishwashers, and 38 00:02:04,320 --> 00:02:07,760 Speaker 1: so caught free installation from Costco for for mine and 39 00:02:07,840 --> 00:02:11,120 Speaker 1: for his, and then I sold serious serious deja vous, 40 00:02:11,160 --> 00:02:13,480 Speaker 1: but but keep going Keeka, And then so I sold 41 00:02:13,480 --> 00:02:16,200 Speaker 1: the other two on Facebook pretty quickly for five hundred 42 00:02:16,240 --> 00:02:19,919 Speaker 1: bucks each. So my dad, I gave him the essentially 43 00:02:20,120 --> 00:02:23,040 Speaker 1: the price that I paid per dishwasher, right, but but 44 00:02:23,160 --> 00:02:25,880 Speaker 1: for the ones I should get, that can discount. That's right, right, 45 00:02:26,280 --> 00:02:28,960 Speaker 1: But I'm not gonna like charge him extra. But people 46 00:02:29,000 --> 00:02:31,560 Speaker 1: on Facebook paid the full freight that I was asking 47 00:02:31,600 --> 00:02:33,360 Speaker 1: five hundred bucks. I was like, well, it started off 48 00:02:33,400 --> 00:02:35,520 Speaker 1: higher than that because I was like, maybe I'll get more, 49 00:02:35,880 --> 00:02:39,200 Speaker 1: but had takers at five hundred and so ultimately I 50 00:02:39,280 --> 00:02:41,560 Speaker 1: ended up not getting paid, which I thought I would. 51 00:02:41,600 --> 00:02:43,120 Speaker 1: I think I told you I thought I would, and 52 00:02:43,160 --> 00:02:45,000 Speaker 1: I did. I ended up getting paid to get a 53 00:02:45,000 --> 00:02:48,560 Speaker 1: new dishwasher put in at my house. And like I 54 00:02:48,600 --> 00:02:50,200 Speaker 1: told you, that was getting long in the tooth. I 55 00:02:50,200 --> 00:02:53,720 Speaker 1: was getting frustrated with it. So yeah, I'm happy. So okay, 56 00:02:53,720 --> 00:02:56,040 Speaker 1: so the big question does it You've had it now 57 00:02:56,080 --> 00:02:57,720 Speaker 1: for for a few days, and you so you said 58 00:02:57,720 --> 00:02:59,600 Speaker 1: you wanted to get a new dishwasher because your old one. 59 00:02:59,800 --> 00:03:02,200 Speaker 1: You are the man who handles the dishes, the dish 60 00:03:02,280 --> 00:03:04,440 Speaker 1: like you you are, Yeah, you're in charge of clean up. 61 00:03:04,520 --> 00:03:07,280 Speaker 1: Does it clean better? Because this is a Bosh dishwasher 62 00:03:07,360 --> 00:03:09,920 Speaker 1: and we know that with it being a German company. Well, 63 00:03:10,000 --> 00:03:12,200 Speaker 1: I guess just because this German doesn't mean it's automatically better. 64 00:03:12,240 --> 00:03:16,080 Speaker 1: But Bosh specifically are incredibly highly rated. They last, does it, 65 00:03:16,480 --> 00:03:19,160 Speaker 1: does it clean? It's been cleaning better, and so my 66 00:03:19,720 --> 00:03:22,639 Speaker 1: mornings when I'm putting the dishes away are far less frustrating. 67 00:03:22,680 --> 00:03:25,480 Speaker 1: Are they dryer as well? They are dryer as well? Yeah, yeah, 68 00:03:25,520 --> 00:03:27,079 Speaker 1: see that was that was my big hold up because 69 00:03:27,080 --> 00:03:30,399 Speaker 1: of the plastics. Yeah, I was, yeah, all right, there's 70 00:03:30,400 --> 00:03:34,040 Speaker 1: certain spots in like those kids food containers that just 71 00:03:34,080 --> 00:03:35,680 Speaker 1: didn't always going to get all the way dry. I 72 00:03:35,680 --> 00:03:37,600 Speaker 1: don't think in any like if it could have, if 73 00:03:37,600 --> 00:03:39,160 Speaker 1: you could get rid of all the water in there, 74 00:03:39,280 --> 00:03:43,080 Speaker 1: that'd be impressive. But evidently some of them can't, including plastics. 75 00:03:43,120 --> 00:03:45,200 Speaker 1: All right, Okay, so one of our our biggest hang 76 00:03:45,320 --> 00:03:48,800 Speaker 1: ups has been we tried some uh like some green 77 00:03:49,480 --> 00:03:51,920 Speaker 1: detergent pods because we're like, yeah, you know, maybe we 78 00:03:51,920 --> 00:03:55,080 Speaker 1: should be a little more health conscience health conscious. But 79 00:03:55,360 --> 00:03:57,760 Speaker 1: they didn't do a great job cleaning the freaking dishes. 80 00:03:57,880 --> 00:04:02,040 Speaker 1: And I do. I am credibly hesitant to throw something away. 81 00:04:02,240 --> 00:04:05,400 Speaker 1: I don't like to waste stuff. It's the leftover's principle. Right, 82 00:04:05,440 --> 00:04:07,920 Speaker 1: like you got it, like put it to use. I 83 00:04:08,040 --> 00:04:10,120 Speaker 1: was so close to toss on those things because the 84 00:04:10,160 --> 00:04:12,560 Speaker 1: dishes were not getting clean. I was so happy to 85 00:04:12,640 --> 00:04:15,000 Speaker 1: see to put the last pod in the thing. And 86 00:04:15,080 --> 00:04:16,479 Speaker 1: then we kind of swung in the other direction and 87 00:04:16,520 --> 00:04:19,440 Speaker 1: got like these incredibly highly rated, very not natural, very 88 00:04:19,440 --> 00:04:23,880 Speaker 1: not green, little gel pod looking things or whatever. And 89 00:04:23,920 --> 00:04:25,880 Speaker 1: I hate those two not because so they do a 90 00:04:25,880 --> 00:04:29,960 Speaker 1: good job cleaning the best. Well, the fragrance specifically on 91 00:04:30,000 --> 00:04:32,880 Speaker 1: these it's terrible, like all the cups and plates, everything 92 00:04:32,880 --> 00:04:36,200 Speaker 1: smells like this, like flowers or something. Yeah, I hate it. Again. 93 00:04:36,279 --> 00:04:38,520 Speaker 1: I'm like this close to toss on all those, but I 94 00:04:38,520 --> 00:04:42,520 Speaker 1: can't bring myself to waste these perfectly fine, they get 95 00:04:42,520 --> 00:04:44,800 Speaker 1: the job done. I just prove a conundrum right there. Oh, 96 00:04:44,800 --> 00:04:46,320 Speaker 1: I got a grit and Barratt, and I can't give 97 00:04:46,320 --> 00:04:49,400 Speaker 1: them to somebody you think might appreciate them. Maybe we should. Yeah, 98 00:04:49,400 --> 00:04:51,640 Speaker 1: So I'm looking forward to being done with those and 99 00:04:51,680 --> 00:04:53,719 Speaker 1: just moving back to the what is it the power ball? 100 00:04:53,760 --> 00:04:55,960 Speaker 1: You know it's got the little red classic. I feel 101 00:04:55,960 --> 00:04:58,240 Speaker 1: like those are just they're not overly fancy, they're not 102 00:04:58,279 --> 00:05:01,680 Speaker 1: super expensive, they don't seemed like the absolute worst pods 103 00:05:01,720 --> 00:05:04,080 Speaker 1: for you, But I'm on sale and it's what we 104 00:05:04,160 --> 00:05:05,800 Speaker 1: have been using. I don't know why we switched it up. 105 00:05:05,839 --> 00:05:07,920 Speaker 1: Is that what y'all use? No, we use the liquid 106 00:05:08,080 --> 00:05:11,599 Speaker 1: because he's like squirted in there. Is it multiple like that? 107 00:05:11,640 --> 00:05:14,159 Speaker 1: You get this from Costco? Yeah, so it's the Kirkland sig. 108 00:05:14,279 --> 00:05:16,800 Speaker 1: It's not Kirklands. Okay, what does it with? The brain 109 00:05:16,839 --> 00:05:18,720 Speaker 1: is in a green bottle? But okay, they want to 110 00:05:18,760 --> 00:05:23,240 Speaker 1: say it's like seven bucks for giant tub of dishrusher liquid. Interesting, Yeah, 111 00:05:23,360 --> 00:05:26,280 Speaker 1: not bad. Let's go for it. But let's keep moving though. 112 00:05:26,320 --> 00:05:28,960 Speaker 1: This is like a quite a departure from what we're 113 00:05:28,960 --> 00:05:30,600 Speaker 1: talking about now that you want to talk about. I 114 00:05:30,640 --> 00:05:32,880 Speaker 1: just want to say a macro level what's going on. 115 00:05:33,000 --> 00:05:35,240 Speaker 1: It's thrilling to me, to the frugal guy and me 116 00:05:35,640 --> 00:05:38,120 Speaker 1: to get paid to put a new dish rusher in 117 00:05:38,160 --> 00:05:39,919 Speaker 1: when I already married that. I am very happy for 118 00:05:40,000 --> 00:05:41,800 Speaker 1: you for me, that's just that's like a that's a 119 00:05:41,800 --> 00:05:44,080 Speaker 1: big money win. It's good. But yes, let's talk about 120 00:05:44,120 --> 00:05:47,560 Speaker 1: a bunch of other stories, Matt. Personal finance stories that 121 00:05:47,600 --> 00:05:51,799 Speaker 1: are going to impact people's people's finances in America's credit worthiness. 122 00:05:51,800 --> 00:05:54,200 Speaker 1: That's something that we should probably talk about in the beginning. 123 00:05:54,760 --> 00:05:58,920 Speaker 1: It's in greater question right now. After Moody's one of 124 00:05:58,920 --> 00:06:01,880 Speaker 1: the credit rating agents, he's joined the other two credit 125 00:06:01,960 --> 00:06:06,480 Speaker 1: rating agencies and downgraded the America's credit standing. So it's 126 00:06:06,560 --> 00:06:10,039 Speaker 1: it's like essentially the like Equifax telling you, yeah, you 127 00:06:10,080 --> 00:06:12,440 Speaker 1: had a seven forty, now you're down to like seven 128 00:06:12,440 --> 00:06:15,440 Speaker 1: to twenty five. We just don't think here as good 129 00:06:15,480 --> 00:06:18,800 Speaker 1: at handling credit as we thought four. But this is 130 00:06:18,839 --> 00:06:21,600 Speaker 1: on a national scale, so this isn't surprising, but it 131 00:06:21,600 --> 00:06:26,080 Speaker 1: does shine a light on our unwillingness to face economic 132 00:06:26,320 --> 00:06:28,880 Speaker 1: facts head on as a country. I think it's some 133 00:06:28,920 --> 00:06:31,760 Speaker 1: people might be overestimating the impact though it's I think 134 00:06:31,760 --> 00:06:33,799 Speaker 1: it is also not a red warning light that should 135 00:06:33,800 --> 00:06:36,840 Speaker 1: be freaking us all out. But it does reveal the 136 00:06:36,880 --> 00:06:38,760 Speaker 1: fact that our country could be on better financial footing 137 00:06:39,080 --> 00:06:43,039 Speaker 1: if we were better managing guard title entitlement programs and 138 00:06:43,080 --> 00:06:46,240 Speaker 1: our overall debt load. That would have a positive impact. 139 00:06:46,640 --> 00:06:48,880 Speaker 1: That's actually part of the reason I think that this 140 00:06:49,560 --> 00:06:52,640 Speaker 1: big beautiful bill as it's being called, is becoming a 141 00:06:52,680 --> 00:06:56,200 Speaker 1: political football right now, and the extra trillions in debt 142 00:06:56,240 --> 00:06:58,119 Speaker 1: that we're likely to be racking up in the coming 143 00:06:58,160 --> 00:07:01,440 Speaker 1: decades if this bill goes through, which could impact the 144 00:07:01,480 --> 00:07:05,360 Speaker 1: economy and the desirability of owning US treasuries, which impacts 145 00:07:05,440 --> 00:07:07,760 Speaker 1: all of us. Right, but it's also relative, Right, Matt, 146 00:07:07,800 --> 00:07:09,920 Speaker 1: you and I have had these conversations off the mic. 147 00:07:10,240 --> 00:07:13,760 Speaker 1: America's financial strength is still unparalleled. When we're talking about 148 00:07:14,040 --> 00:07:17,880 Speaker 1: pure nations, we're number one. Yeah. Still, even if we're 149 00:07:17,920 --> 00:07:20,400 Speaker 1: all like making dumb moves like shooting ourselves in the foot, 150 00:07:20,400 --> 00:07:23,680 Speaker 1: to a certain extent, America is still in a top 151 00:07:23,720 --> 00:07:27,200 Speaker 1: notch position. So yeah, I think, similar to prior downgrades 152 00:07:27,240 --> 00:07:30,000 Speaker 1: from the other credit rating agencies, I think it's likely 153 00:07:30,080 --> 00:07:32,400 Speaker 1: to have a minimal impact, but it doesn't mean it's 154 00:07:32,440 --> 00:07:34,360 Speaker 1: still not tough to watch. I totally agree. So yeah, 155 00:07:34,480 --> 00:07:36,560 Speaker 1: I wanted to highlight that because there's been a lot 156 00:07:36,560 --> 00:07:39,320 Speaker 1: of talk about this being political. It's not political. So 157 00:07:39,360 --> 00:07:42,000 Speaker 1: the first downgrade as we came down from the triple 158 00:07:42,040 --> 00:07:44,000 Speaker 1: A rating, it happened back in twenty eleven. And guess 159 00:07:44,000 --> 00:07:46,960 Speaker 1: who was president back then, a very popular Democrat who 160 00:07:47,040 --> 00:07:49,720 Speaker 1: was residing in the White House, Barack Obama yea, and 161 00:07:49,800 --> 00:07:51,800 Speaker 1: twenty thirteen. For some reason, twenty I think, well, maybe 162 00:07:51,840 --> 00:07:54,520 Speaker 1: it was twenty eleven, maybe twenty thirteen, But then I 163 00:07:54,560 --> 00:07:57,120 Speaker 1: know that the second one of the other ones, maybe 164 00:07:57,160 --> 00:08:00,440 Speaker 1: it's Fitch at that point downgraded. That happen in twenty 165 00:08:00,480 --> 00:08:02,920 Speaker 1: twenty three, and I remember we covered that then and 166 00:08:02,960 --> 00:08:05,119 Speaker 1: again how it's likely to be overblown, But it's definitely 167 00:08:05,160 --> 00:08:09,280 Speaker 1: not political, because you've got two Democratic presidents who are 168 00:08:09,320 --> 00:08:11,880 Speaker 1: in office at that point in time. It is not political. 169 00:08:12,520 --> 00:08:13,880 Speaker 1: But I also don't think it's as big of a 170 00:08:13,920 --> 00:08:15,440 Speaker 1: deal as many folks are making it out to be, 171 00:08:15,440 --> 00:08:19,080 Speaker 1: because it's in particular, I find myself thinking more and 172 00:08:19,120 --> 00:08:21,440 Speaker 1: more like in this line of thought, thinking about what 173 00:08:21,480 --> 00:08:24,720 Speaker 1: are the alternatives when it comes to borrowing from countries, 174 00:08:24,720 --> 00:08:26,760 Speaker 1: because and so I looked it up, and there are 175 00:08:27,000 --> 00:08:29,320 Speaker 1: maybe about a dozen countries out there who still have 176 00:08:29,400 --> 00:08:33,280 Speaker 1: retained the perfect triple A status. But here's the thing, 177 00:08:33,720 --> 00:08:37,320 Speaker 1: they're tiny. They are so stink and small. So you 178 00:08:37,400 --> 00:08:42,560 Speaker 1: average the GDP of those around twelve countries who still 179 00:08:42,559 --> 00:08:45,600 Speaker 1: retain that perfect rating, and we are something like twenty 180 00:08:45,640 --> 00:08:48,040 Speaker 1: seven times larger than the average at all, the GDP 181 00:08:48,320 --> 00:08:51,040 Speaker 1: of all those combined, but just on average, like it's 182 00:08:51,080 --> 00:08:54,160 Speaker 1: anywhere from like Germany is the biggest, And I think 183 00:08:54,320 --> 00:08:57,360 Speaker 1: there's something like four trillion dollars or something like that, 184 00:08:57,520 --> 00:09:00,400 Speaker 1: compared to the US is twenty seven. But the other 185 00:09:00,400 --> 00:09:03,920 Speaker 1: countries are closer to not fortunately, but like three two, 186 00:09:04,040 --> 00:09:06,240 Speaker 1: and most of them are in the hundreds of billions 187 00:09:06,240 --> 00:09:09,040 Speaker 1: of dollars that retain that perfect ring. So that's something 188 00:09:09,080 --> 00:09:11,320 Speaker 1: to keep in mind on a macro level as folks 189 00:09:11,360 --> 00:09:13,480 Speaker 1: are freaking out. I don't think this is something that 190 00:09:13,480 --> 00:09:15,600 Speaker 1: folks should be overly concerned about. Yeah, and you say 191 00:09:15,640 --> 00:09:17,600 Speaker 1: that it's not political, and I think you're right. It's 192 00:09:17,640 --> 00:09:21,400 Speaker 1: not some sort of like denigration of a particular party 193 00:09:21,520 --> 00:09:24,240 Speaker 1: or their policies. But I do think this is in 194 00:09:24,240 --> 00:09:28,560 Speaker 1: some ways the extension of the tax cuts and Job Act, 195 00:09:28,640 --> 00:09:31,000 Speaker 1: or this new big, beautiful bill that we're starting to 196 00:09:31,080 --> 00:09:32,760 Speaker 1: learn more about, which I'm sure we'll talk more about 197 00:09:32,800 --> 00:09:36,240 Speaker 1: next week. The tax cuts, extension of the tax cuts, 198 00:09:36,280 --> 00:09:40,120 Speaker 1: the elimination of taxes on social Security tips, over time pay. 199 00:09:40,600 --> 00:09:43,559 Speaker 1: Those policies aren't raining spending it in any meaningful way, 200 00:09:43,960 --> 00:09:47,400 Speaker 1: and so it's not obviously just a reflection of the 201 00:09:47,400 --> 00:09:50,480 Speaker 1: current administration. It's a reflection of what's been happening with 202 00:09:50,679 --> 00:09:54,880 Speaker 1: under both Democratic, Democrat and Republican regimes. It's a reaction 203 00:09:54,920 --> 00:09:57,319 Speaker 1: to the fiscal reality of what's likely to happen. But 204 00:09:57,360 --> 00:09:59,280 Speaker 1: I think we're also seeing a wait a second, like 205 00:09:59,400 --> 00:10:03,000 Speaker 1: this bill. Well, yeah, it'll provide tax savings for many Americans, 206 00:10:03,040 --> 00:10:06,000 Speaker 1: it'll grow the deficit, which is not great for the 207 00:10:06,040 --> 00:10:08,599 Speaker 1: long term financial health of our country. Yeah, and of 208 00:10:08,600 --> 00:10:11,360 Speaker 1: course on an individual level, borrowing costs are going to 209 00:10:11,400 --> 00:10:14,200 Speaker 1: go up because these I mean, basically, the US has 210 00:10:14,200 --> 00:10:18,000 Speaker 1: been told, hey, you know, before you addition on these 211 00:10:18,120 --> 00:10:20,320 Speaker 1: these treasuries at four percent, like, we're going to need 212 00:10:20,360 --> 00:10:22,120 Speaker 1: to see a little more from you because we're not 213 00:10:22,200 --> 00:10:24,120 Speaker 1: totally sure if you're going to be able to pay 214 00:10:24,160 --> 00:10:26,200 Speaker 1: these off. And so we saw like thirty year treasuries 215 00:10:26,240 --> 00:10:28,439 Speaker 1: go from like they went over five percent for the 216 00:10:28,440 --> 00:10:30,800 Speaker 1: first time in quite a while. But the way this 217 00:10:30,840 --> 00:10:35,200 Speaker 1: is going to impact us as individuals, specifically for borrowers, right, so, 218 00:10:35,240 --> 00:10:37,400 Speaker 1: for folks who are looking to buy a home, the 219 00:10:37,440 --> 00:10:41,240 Speaker 1: thirty year fixed mortgage rate is closely aligned with a 220 00:10:41,280 --> 00:10:44,199 Speaker 1: ten year treasury note this is how it's going to 221 00:10:44,240 --> 00:10:47,640 Speaker 1: more directly impact folks on a personal level. But even still, 222 00:10:47,679 --> 00:10:49,560 Speaker 1: I wouldn't be freaking out, joll. Let's talk about the 223 00:10:49,600 --> 00:10:52,080 Speaker 1: youths for a minute. Here one of the kids up 224 00:10:52,120 --> 00:10:54,640 Speaker 1: to you. Matt, not totally sure. I'm not on social 225 00:10:54,720 --> 00:10:56,480 Speaker 1: media as much these days, but I did see that 226 00:10:56,520 --> 00:10:59,840 Speaker 1: some high school juniors are getting seventy thousand dollars job, 227 00:11:00,600 --> 00:11:04,079 Speaker 1: which is more than the average pay for Americans across 228 00:11:04,120 --> 00:11:05,600 Speaker 1: the country. You know what I would say to that 229 00:11:06,040 --> 00:11:09,679 Speaker 1: skibity rizzler or that someone I'm assuming kids would say 230 00:11:09,679 --> 00:11:12,160 Speaker 1: to that. I think that's what you would have to say. Honestly, 231 00:11:12,160 --> 00:11:14,000 Speaker 1: I would just assume I heard that like six months 232 00:11:14,000 --> 00:11:16,000 Speaker 1: ago from my honor, so I'm assuming it's not going 233 00:11:16,040 --> 00:11:20,839 Speaker 1: to anymore. This is incredibly impressive for teenagers who are 234 00:11:20,840 --> 00:11:23,839 Speaker 1: just starting out with no college degrees, and so you 235 00:11:23,920 --> 00:11:26,679 Speaker 1: might be thinking, gosh, these are some smart kids. You know, 236 00:11:26,720 --> 00:11:29,480 Speaker 1: they've gotten straight a's, maybe they've gotten insane score on 237 00:11:29,520 --> 00:11:33,920 Speaker 1: their SATs, whatever other tests these kids are taking these days. Nope, 238 00:11:34,000 --> 00:11:36,880 Speaker 1: that is not the case. Companies are hiring these kids 239 00:11:37,000 --> 00:11:40,760 Speaker 1: who have shop experience, something like welding, for instance, and 240 00:11:40,800 --> 00:11:43,959 Speaker 1: they are being courted almost like star athletes because of 241 00:11:44,000 --> 00:11:47,280 Speaker 1: the extreme lack of skilled labor in the country. We've 242 00:11:47,320 --> 00:11:50,600 Speaker 1: talked about this before, including with different experts here on 243 00:11:50,600 --> 00:11:54,920 Speaker 1: the show. Yeah, but blue collar work apprenticeships are thriving 244 00:11:54,960 --> 00:11:57,480 Speaker 1: right now, and man, you combine that with the ability 245 00:11:57,520 --> 00:12:00,760 Speaker 1: to start making money early, you're able to avoid college debt. 246 00:12:01,000 --> 00:12:04,680 Speaker 1: It's certainly not for everyone, but I really love seeing 247 00:12:04,679 --> 00:12:06,440 Speaker 1: this trend. It's hard for me to not project and 248 00:12:06,440 --> 00:12:09,400 Speaker 1: picture myself in a situation like this where I wasn't 249 00:12:09,440 --> 00:12:11,680 Speaker 1: totally sure what I wanted to do when I was 250 00:12:11,760 --> 00:12:15,320 Speaker 1: sixteen or seventeen. And I say that because that's how 251 00:12:15,360 --> 00:12:17,400 Speaker 1: old you are. When you're a junior, that's when you 252 00:12:17,400 --> 00:12:19,480 Speaker 1: start making some of these decisions as to what you 253 00:12:19,600 --> 00:12:21,760 Speaker 1: might be doing for the next five years of your life. 254 00:12:21,960 --> 00:12:24,000 Speaker 1: We're talking to a friend of ours recently. They've got 255 00:12:24,040 --> 00:12:26,360 Speaker 1: a rising senior. They're going to be spending the summer 256 00:12:26,400 --> 00:12:29,000 Speaker 1: going to different colleges. And that's great for a lot 257 00:12:29,000 --> 00:12:31,720 Speaker 1: of folks. Who are I mean kids, who are I 258 00:12:31,760 --> 00:12:33,280 Speaker 1: was not mature at that age, That's all I'm going 259 00:12:33,360 --> 00:12:36,360 Speaker 1: to say. That's all I'm saying. And I lucked out. 260 00:12:36,640 --> 00:12:38,160 Speaker 1: I was fortunate enough to not have to take on 261 00:12:38,240 --> 00:12:41,439 Speaker 1: student loans and chose a degree that blighted me in 262 00:12:41,480 --> 00:12:44,120 Speaker 1: great careers and I found my way, Joel. But for 263 00:12:44,320 --> 00:12:45,760 Speaker 1: a lot of students out there, I think this can 264 00:12:45,800 --> 00:12:48,400 Speaker 1: be such a fantastic way to make some money for 265 00:12:48,400 --> 00:12:50,480 Speaker 1: a couple of years, to gain some maturity, to figure 266 00:12:50,480 --> 00:12:51,520 Speaker 1: out what it is that you want to do with 267 00:12:51,559 --> 00:12:54,400 Speaker 1: your life. Yeah, before you, especially before you take on 268 00:12:54,440 --> 00:12:56,560 Speaker 1: some inordinate student loan debt. Yeah, I mean, there's a 269 00:12:56,760 --> 00:12:58,959 Speaker 1: school not too far from where we live. In one 270 00:12:59,000 --> 00:13:02,640 Speaker 1: of our friends, Matt oversaw this program of kids learning 271 00:13:02,679 --> 00:13:07,559 Speaker 1: to become airplane mechanics and so amazing. They are graduating 272 00:13:07,640 --> 00:13:10,600 Speaker 1: with the best skill set, the better skill set than 273 00:13:10,640 --> 00:13:14,320 Speaker 1: most of their peers with immediate professions. And he would 274 00:13:14,400 --> 00:13:18,000 Speaker 1: he told me this with a little smack of I 275 00:13:18,000 --> 00:13:20,080 Speaker 1: don't know, sadness on his face. He's like, they're gonna 276 00:13:20,080 --> 00:13:21,680 Speaker 1: get paid more than I am right when they graduate 277 00:13:21,800 --> 00:13:25,760 Speaker 1: high school, because he's a teacher, And like, I feel 278 00:13:25,760 --> 00:13:27,320 Speaker 1: to hear the pain in your voice when you say that, 279 00:13:27,360 --> 00:13:29,920 Speaker 1: but also the pride that those kids are able to 280 00:13:30,520 --> 00:13:33,600 Speaker 1: instantly earn coming from a tough background in lots of situations, 281 00:13:33,760 --> 00:13:36,240 Speaker 1: instantly earn more than he was after all the education 282 00:13:36,320 --> 00:13:38,960 Speaker 1: he'd received amazing. And it's not that, I mean when 283 00:13:39,000 --> 00:13:41,480 Speaker 1: you look at the data, still on average, people earn 284 00:13:41,520 --> 00:13:43,559 Speaker 1: more with a college degree over the lifetime of their 285 00:13:43,559 --> 00:13:46,960 Speaker 1: earning some a million dollars more over time. But it's 286 00:13:47,000 --> 00:13:51,400 Speaker 1: also with the price of college and with the dearth 287 00:13:51,400 --> 00:13:55,120 Speaker 1: of blue collar workers. If you're if you're smart in 288 00:13:55,160 --> 00:13:57,600 Speaker 1: the path that you take, you can do better I 289 00:13:57,600 --> 00:14:00,520 Speaker 1: think in many instances than your college kind of parts. 290 00:14:00,559 --> 00:14:02,560 Speaker 1: Especially the people who go to college for a couple 291 00:14:02,559 --> 00:14:04,720 Speaker 1: of years then drop out. They've got college debt, they 292 00:14:04,720 --> 00:14:06,160 Speaker 1: don't have the degree to show for it. That's the 293 00:14:06,160 --> 00:14:08,400 Speaker 1: worst case scenario. Yeah, especially when it hasn't cost you 294 00:14:08,440 --> 00:14:11,000 Speaker 1: any money to gain these skills, Like why not buy 295 00:14:11,000 --> 00:14:12,680 Speaker 1: yourself a couple of years if you want to change 296 00:14:12,679 --> 00:14:14,400 Speaker 1: your mind, that's something you can do. You can then 297 00:14:14,440 --> 00:14:16,679 Speaker 1: apply for college at that point in time when you've 298 00:14:16,720 --> 00:14:19,960 Speaker 1: got maybe a clear idea of what it is you 299 00:14:20,000 --> 00:14:22,400 Speaker 1: want to pursue, and drop tens of thousands of dollars 300 00:14:22,480 --> 00:14:24,720 Speaker 1: on in high ra and how much you spend on that. 301 00:14:24,760 --> 00:14:28,680 Speaker 1: College education is crucial, especially in today's job market and environment. 302 00:14:28,840 --> 00:14:31,320 Speaker 1: If you're talking about taking on six figures in student 303 00:14:31,360 --> 00:14:34,080 Speaker 1: loan debt, it's tough to overcome. But if you're talking 304 00:14:34,120 --> 00:14:37,600 Speaker 1: about a free or incredibly cheap education, then that's also 305 00:14:37,640 --> 00:14:39,240 Speaker 1: a case of like, well, yeah, I don't know why 306 00:14:39,280 --> 00:14:41,880 Speaker 1: not go for it. But let's hope those youngsters Smatt 307 00:14:42,080 --> 00:14:44,360 Speaker 1: making good money right out of high school are investing 308 00:14:44,360 --> 00:14:46,240 Speaker 1: in a roth Ira from the get go. That's something 309 00:14:46,280 --> 00:14:48,760 Speaker 1: we would recommend they do right to build up to 310 00:14:48,800 --> 00:14:51,880 Speaker 1: start building wealth through their future. They really should be 311 00:14:52,120 --> 00:14:54,560 Speaker 1: that kind of salary. And one of the best people 312 00:14:54,600 --> 00:14:56,720 Speaker 1: in personal finance Jonathan Clements, he used to write for 313 00:14:56,720 --> 00:14:58,680 Speaker 1: The Wall Street Journal. He launched a website called the 314 00:14:58,760 --> 00:15:02,640 Speaker 1: Humble Dollar, which is which great well. He's launched a 315 00:15:02,680 --> 00:15:06,800 Speaker 1: new initiative to help kids from poor families start investing 316 00:15:06,840 --> 00:15:10,040 Speaker 1: in a wrath early on. And so Jonathan, he was 317 00:15:10,120 --> 00:15:14,600 Speaker 1: sadly diagnosed with a terminal form of lung cancer about 318 00:15:14,640 --> 00:15:17,560 Speaker 1: a year ago, but he's still and I've been really 319 00:15:17,760 --> 00:15:20,680 Speaker 1: interested to watch kind of how he's handled this man. 320 00:15:20,720 --> 00:15:22,800 Speaker 1: He's handled it so well in the way he's talked 321 00:15:22,800 --> 00:15:24,520 Speaker 1: about it, but also the way that he's continued to 322 00:15:24,520 --> 00:15:26,840 Speaker 1: pursue the things that he cares about, even in the 323 00:15:26,880 --> 00:15:31,760 Speaker 1: face of death coming soon. And he's so he's pursuing 324 00:15:31,800 --> 00:15:34,280 Speaker 1: that passion of personal finance and education despite those trials 325 00:15:34,280 --> 00:15:37,080 Speaker 1: that he's facing. And proceeds from his new book, which 326 00:15:37,120 --> 00:15:40,680 Speaker 1: is an anthology of his writings from the journal back 327 00:15:40,680 --> 00:15:43,280 Speaker 1: in the day. Are it's going to fund a getting 328 00:15:43,320 --> 00:15:46,200 Speaker 1: going on savings initiative, and this is being launched in 329 00:15:46,400 --> 00:15:51,640 Speaker 1: Boston specifically, and it pairs education with free matching ROTH 330 00:15:51,680 --> 00:15:55,600 Speaker 1: contributions for some lucky teens. And they're also what I 331 00:15:55,640 --> 00:15:57,440 Speaker 1: love about this, They're going to do some tracking. They're 332 00:15:57,440 --> 00:16:00,000 Speaker 1: going to see how this impacts those savers moving forward, 333 00:16:00,280 --> 00:16:03,960 Speaker 1: like incentivizing them to invest in a wrath so good 334 00:16:04,000 --> 00:16:06,280 Speaker 1: in their teens when they otherwise likely would not have. 335 00:16:06,600 --> 00:16:09,600 Speaker 1: Is this going to lead to lifelong savers and investors? 336 00:16:10,080 --> 00:16:12,040 Speaker 1: I think it will. I'm really curious to see the results. 337 00:16:12,080 --> 00:16:14,360 Speaker 1: But I love that Jonathan is like putting his money 338 00:16:14,360 --> 00:16:16,960 Speaker 1: where his mouth is in this, and he's really not 339 00:16:17,000 --> 00:16:21,040 Speaker 1: only investing in kids, but investing in some data that's 340 00:16:21,080 --> 00:16:23,960 Speaker 1: gonna I think help us, help us all figure out 341 00:16:24,200 --> 00:16:26,160 Speaker 1: what it looks like to help the next generation become 342 00:16:26,280 --> 00:16:28,800 Speaker 1: better savers and investors totally. And I think another lesson 343 00:16:28,840 --> 00:16:30,840 Speaker 1: we can gain here is that that we have more 344 00:16:30,920 --> 00:16:33,440 Speaker 1: power as individuals to make change out in the world right, 345 00:16:33,480 --> 00:16:35,800 Speaker 1: like incentivize the type of behavior that you want to see. 346 00:16:35,960 --> 00:16:38,640 Speaker 1: I I don't want to make everything about like fitness, 347 00:16:38,640 --> 00:16:39,920 Speaker 1: and I don't know, I feel like we've kept we 348 00:16:40,080 --> 00:16:41,680 Speaker 1: kept that rained in some but like this is a 349 00:16:41,720 --> 00:16:43,600 Speaker 1: part of and I've shared this. This is one of 350 00:16:43,600 --> 00:16:45,840 Speaker 1: the reasons. That's part of the reason why I built 351 00:16:45,880 --> 00:16:47,520 Speaker 1: up the home gym is because I wanted to empower 352 00:16:47,560 --> 00:16:49,480 Speaker 1: my daughters, Like I wanted them to see that it 353 00:16:49,560 --> 00:16:53,240 Speaker 1: is okay and in fact great to be a strong female. 354 00:16:53,320 --> 00:16:55,240 Speaker 1: And I've incentivized them to like do pull ups and 355 00:16:55,280 --> 00:16:56,760 Speaker 1: depths and stuff like that. And as well as the 356 00:16:56,800 --> 00:16:59,360 Speaker 1: kids in the neighborhood, like when they came over, if 357 00:16:59,360 --> 00:17:01,760 Speaker 1: they're able to, you know, to do that, they get 358 00:17:01,760 --> 00:17:04,720 Speaker 1: paid money, Like it's a party when the kids come over. 359 00:17:05,520 --> 00:17:08,160 Speaker 1: We don't have to fully rely on the government to 360 00:17:08,280 --> 00:17:12,400 Speaker 1: enact ways for future generations to save. Will you pay 361 00:17:12,400 --> 00:17:14,439 Speaker 1: me for public stoy? No, I'm sorry, Joe. So. On 362 00:17:14,480 --> 00:17:18,080 Speaker 1: an opposite note, there might be a new investment account 363 00:17:18,080 --> 00:17:21,040 Speaker 1: created out of thin air, and it's called this is 364 00:17:21,080 --> 00:17:24,280 Speaker 1: so terrible, but the money account for growth and advancement 365 00:17:24,800 --> 00:17:28,120 Speaker 1: or of course maga. Yeah, I will say this sort 366 00:17:28,119 --> 00:17:31,159 Speaker 1: of account has been proposed by both Republicans and Democrats 367 00:17:31,160 --> 00:17:33,320 Speaker 1: in the past as a way to jump start savings 368 00:17:33,359 --> 00:17:36,359 Speaker 1: for the next generation. They call like baby bonds at 369 00:17:36,359 --> 00:17:40,200 Speaker 1: different there's different methodologies behind this, but the whole goal 370 00:17:40,280 --> 00:17:42,639 Speaker 1: is to say, in effect, it's the same thing. Yeah, 371 00:17:42,720 --> 00:17:46,240 Speaker 1: And as part of the new big, beautiful tax bill, 372 00:17:46,280 --> 00:17:48,200 Speaker 1: it's meant to be away for the government to put 373 00:17:48,200 --> 00:17:49,920 Speaker 1: a thousand bucks into the hands of kids across the 374 00:17:49,960 --> 00:17:52,360 Speaker 1: country for their futures. So the way it's proposed, parents 375 00:17:52,359 --> 00:17:55,120 Speaker 1: could then contribute more up to five thousand dollars a year. 376 00:17:55,600 --> 00:17:57,560 Speaker 1: And it seems like this account would be sort of 377 00:17:57,560 --> 00:18:00,640 Speaker 1: like a hybrid of a five twenty nine account and 378 00:18:00,720 --> 00:18:03,600 Speaker 1: the four to one K so part education part, like 379 00:18:03,760 --> 00:18:06,000 Speaker 1: this is money you can live off off in the future, 380 00:18:06,160 --> 00:18:08,480 Speaker 1: but it would allow kids to use that money that's 381 00:18:08,520 --> 00:18:11,200 Speaker 1: a crew to start a business, or you could buy 382 00:18:11,560 --> 00:18:15,600 Speaker 1: your first home once you turn eighteen. It's all up 383 00:18:15,600 --> 00:18:16,879 Speaker 1: in the air right now. It's hard for us to 384 00:18:16,920 --> 00:18:19,440 Speaker 1: take a to give our opinion, to give a hot take. 385 00:18:20,280 --> 00:18:24,000 Speaker 1: It could help peak investing interest, making a lifelong difference. Certainly, 386 00:18:24,160 --> 00:18:26,639 Speaker 1: it could legitimately help some kids have a bit of 387 00:18:26,640 --> 00:18:29,280 Speaker 1: a nest egg when they graduate high school even or 388 00:18:29,359 --> 00:18:33,240 Speaker 1: certainly maybe by college. But the way the law is warded, 389 00:18:33,240 --> 00:18:35,320 Speaker 1: this account might not be around for long. That's one 390 00:18:35,320 --> 00:18:37,600 Speaker 1: of the saddest parts to me. Like so a lot 391 00:18:37,640 --> 00:18:39,359 Speaker 1: of the proposed parts of the bill, there is a 392 00:18:39,400 --> 00:18:42,920 Speaker 1: senset of twenty twenty eight, which in off the mic 393 00:18:42,960 --> 00:18:45,439 Speaker 1: jel We've talked about why we think this is. But 394 00:18:46,000 --> 00:18:48,760 Speaker 1: it's not a done deal. And the fact is, it's 395 00:18:48,840 --> 00:18:51,680 Speaker 1: tough to get really excited about something when there is 396 00:18:51,720 --> 00:18:54,399 Speaker 1: a clear expiration date. When it's set to sunsets. It 397 00:18:54,400 --> 00:18:57,120 Speaker 1: could literally help three years worth of children, and then 398 00:18:57,320 --> 00:19:00,280 Speaker 1: it's away. It's weird, and I don't if this is 399 00:19:00,280 --> 00:19:02,680 Speaker 1: a good policy, let's keep it around, and if it's not, 400 00:19:02,720 --> 00:19:04,159 Speaker 1: then let's not do it at all. It might be 401 00:19:04,160 --> 00:19:05,760 Speaker 1: a way to try it out then to be able 402 00:19:05,800 --> 00:19:07,800 Speaker 1: to silently just okay, yeah, let's go ahead and let 403 00:19:07,880 --> 00:19:10,679 Speaker 1: allow that program to end because folks aren't excited about it. 404 00:19:10,680 --> 00:19:12,840 Speaker 1: It could just be a political maneuver to be like, hey, 405 00:19:12,880 --> 00:19:15,520 Speaker 1: you want this to continue. We've got to pass another big, 406 00:19:15,560 --> 00:19:19,560 Speaker 1: beautiful bill in another three four years. But we will 407 00:19:19,560 --> 00:19:22,760 Speaker 1: certainly make sure to keep folks posted as that bill 408 00:19:23,320 --> 00:19:26,600 Speaker 1: comes together, solidifies gets passed, like, for instance, the child 409 00:19:26,600 --> 00:19:29,400 Speaker 1: tax credit. Some of the different changes likely to increase 410 00:19:29,600 --> 00:19:31,720 Speaker 1: for the next two years as well. Yeah, exactly at 411 00:19:31,760 --> 00:19:34,440 Speaker 1: lots of cover that will impact your personal finances as 412 00:19:34,440 --> 00:19:36,240 Speaker 1: it solidifies. I'm sure we'll be talking about it in 413 00:19:36,280 --> 00:19:38,080 Speaker 1: the weeks to come. All Right, man, We've got more 414 00:19:38,119 --> 00:19:41,280 Speaker 1: to get to though on this episode, including gas stations 415 00:19:41,400 --> 00:19:43,520 Speaker 1: that are gouging if you use a credit card. We'll 416 00:19:43,520 --> 00:19:53,840 Speaker 1: talk about that and more right after this. All right, buddy, 417 00:19:53,880 --> 00:19:55,440 Speaker 1: we are back from the Barak. We've got more to 418 00:19:55,480 --> 00:19:58,359 Speaker 1: get to. We're gonna talk about plenty more like gold 419 00:19:58,760 --> 00:20:01,440 Speaker 1: in real estate. But if horse now at a time 420 00:20:01,520 --> 00:20:03,600 Speaker 1: for the ludicrous headline of the week, and you know what, 421 00:20:03,840 --> 00:20:06,080 Speaker 1: I think you are a little more enraged about this 422 00:20:06,080 --> 00:20:09,480 Speaker 1: headline than I am, because I don't know if I 423 00:20:09,480 --> 00:20:12,879 Speaker 1: can officially call it gallaging. But okay, I feel you 424 00:20:13,200 --> 00:20:15,639 Speaker 1: feel a little more in that direction. Well, let's go ahead. 425 00:20:15,680 --> 00:20:18,720 Speaker 1: Let's go ahead, and then we can So the headline, 426 00:20:18,760 --> 00:20:21,200 Speaker 1: it comes from Yahoo Finance, and it reads I can 427 00:20:21,200 --> 00:20:24,200 Speaker 1: make it any number I want. Gas stations are charging 428 00:20:24,240 --> 00:20:27,119 Speaker 1: customers a dollar more a gallon for using credit cards, 429 00:20:27,680 --> 00:20:31,320 Speaker 1: and I so I was frustrated by reading this. The 430 00:20:31,359 --> 00:20:33,640 Speaker 1: gas stations are I would be frustrated going to charge 431 00:20:33,720 --> 00:20:35,480 Speaker 1: that much if I rolled up to that gas station 432 00:20:35,560 --> 00:20:38,040 Speaker 1: and I was like, wait a second, gas is two 433 00:20:38,240 --> 00:20:40,680 Speaker 1: eighty five a gallon? With three eighty five a gallon 434 00:20:40,720 --> 00:20:42,760 Speaker 1: if I use my credit card, if I had rotten 435 00:20:42,760 --> 00:20:45,240 Speaker 1: fruit in the car, Matt, I would throw it at 436 00:20:45,240 --> 00:20:47,240 Speaker 1: the at the gas not the person, but at the 437 00:20:47,240 --> 00:20:50,399 Speaker 1: gas station itself, because that's assault. Brother, Yeah, I know, 438 00:20:50,440 --> 00:20:52,679 Speaker 1: because that's messed up. That's it was a Billy Madison 439 00:20:52,760 --> 00:20:57,000 Speaker 1: life for all the oldies out there. Classic movie, classic movie. 440 00:20:57,200 --> 00:21:00,399 Speaker 1: But then Kiplinger, alongside this article documented the rise of 441 00:21:00,440 --> 00:21:04,280 Speaker 1: gas stations charging outrageous fees for credit card usage at 442 00:21:04,280 --> 00:21:07,480 Speaker 1: the gas pump too, and we seems like it's becoming 443 00:21:07,480 --> 00:21:10,440 Speaker 1: more of a widespread It's not like just the Florida 444 00:21:10,480 --> 00:21:13,840 Speaker 1: man or the Florida man gas station owner, right, which 445 00:21:13,840 --> 00:21:17,919 Speaker 1: apparently this is largely happening in Florida. And you and 446 00:21:17,960 --> 00:21:20,000 Speaker 1: I we've documented this on the show. We know that 447 00:21:20,000 --> 00:21:22,400 Speaker 1: taking credit cards eats into the profit of a small 448 00:21:22,440 --> 00:21:26,920 Speaker 1: business or a gas station operator, which is why many 449 00:21:27,119 --> 00:21:29,320 Speaker 1: small businesses are saying there's a cash discount or there's 450 00:21:29,320 --> 00:21:31,080 Speaker 1: a price you have to pay to use a credit card, 451 00:21:31,119 --> 00:21:33,720 Speaker 1: and it's why more gas stations are charging ten cents 452 00:21:33,720 --> 00:21:36,439 Speaker 1: a gallon, but a dollar a gallon, that to me 453 00:21:36,560 --> 00:21:40,000 Speaker 1: seemed pretty ludicrous. And so I think this is just 454 00:21:40,000 --> 00:21:41,760 Speaker 1: a heads up for you. If you're the kind of 455 00:21:41,800 --> 00:21:44,600 Speaker 1: person tap fill up, you don't even realize, you're not 456 00:21:44,640 --> 00:21:46,760 Speaker 1: even thinking about it, you're kind of thoughtlessly filling up 457 00:21:46,760 --> 00:21:49,640 Speaker 1: at whatever gas station you come across. Just know that 458 00:21:49,640 --> 00:21:52,600 Speaker 1: they might be charging this significant amount extra for using 459 00:21:52,680 --> 00:21:55,000 Speaker 1: your gas, for using your credit card at the pump. 460 00:21:55,359 --> 00:21:57,199 Speaker 1: And I just I also kind of don't see the 461 00:21:57,240 --> 00:22:00,359 Speaker 1: financial incentive for gas stations to charge this much more, 462 00:22:00,920 --> 00:22:03,359 Speaker 1: far beyond the cost that they incur for taking credit cards. 463 00:22:03,400 --> 00:22:06,199 Speaker 1: Because if I was a customer who found out that 464 00:22:06,240 --> 00:22:10,080 Speaker 1: I got, you know, kind of the hoodwinked, paying more 465 00:22:10,119 --> 00:22:12,320 Speaker 1: than I thought I was going to for the gas 466 00:22:12,320 --> 00:22:14,600 Speaker 1: house putting in my car, I wouldn't come back there. 467 00:22:14,840 --> 00:22:17,960 Speaker 1: So I just see like, a yeah, really stupid move. 468 00:22:18,359 --> 00:22:20,240 Speaker 1: It does seem like a stupid it's a short term. 469 00:22:20,280 --> 00:22:22,119 Speaker 1: It seems like it's a short term, a short sided, 470 00:22:22,160 --> 00:22:24,879 Speaker 1: near sighted like cash grab. Yeah, and I would not 471 00:22:24,920 --> 00:22:26,800 Speaker 1: even go back to that gas station, I think, even 472 00:22:26,800 --> 00:22:29,359 Speaker 1: after they lowered the price, because it's like wait a minute, wait, 473 00:22:29,520 --> 00:22:31,720 Speaker 1: was that an error? And maybe they're counting on folks 474 00:22:31,720 --> 00:22:34,240 Speaker 1: thinking that. But the fact that at least in this 475 00:22:34,440 --> 00:22:36,640 Speaker 1: in the one report that the guy's like, no, I can, 476 00:22:36,680 --> 00:22:38,880 Speaker 1: I can just make it whatever whatever I want. It's like, yeah, 477 00:22:38,880 --> 00:22:41,199 Speaker 1: you can run yourself out of business too, and he 478 00:22:41,280 --> 00:22:42,800 Speaker 1: might actually end up doing that. But the reason I 479 00:22:42,840 --> 00:22:45,000 Speaker 1: don't think this is gouging, of course, is because are 480 00:22:45,000 --> 00:22:47,240 Speaker 1: there other options? Do you have the ability to leave? 481 00:22:47,359 --> 00:22:49,159 Speaker 1: And man, there are a ton of gas stations all 482 00:22:49,200 --> 00:22:51,800 Speaker 1: over the place unless you happen to live somewhere or yeah, 483 00:22:51,840 --> 00:22:54,720 Speaker 1: it is your only gas station option. Right your town 484 00:22:54,800 --> 00:22:58,040 Speaker 1: is an intersection, like the radiator spring, there's like one 485 00:22:58,320 --> 00:23:00,880 Speaker 1: flashing red light. If that's the case, well maybe it's 486 00:23:00,880 --> 00:23:03,000 Speaker 1: tign for a town hall and there's there there should 487 00:23:03,040 --> 00:23:06,399 Speaker 1: be some social pressure, yeah, like that station owner. H 488 00:23:06,520 --> 00:23:08,680 Speaker 1: So that's the difference between like two eighty five versus 489 00:23:08,720 --> 00:23:10,320 Speaker 1: like three eighty five a gallon or something like that. 490 00:23:10,359 --> 00:23:12,840 Speaker 1: But like, for instance, the a ten cent per gallon 491 00:23:13,080 --> 00:23:15,840 Speaker 1: difference is typically worth it if you're using the right 492 00:23:15,840 --> 00:23:18,880 Speaker 1: credit card. Of course, Costco Visa. It gives you four 493 00:23:18,920 --> 00:23:23,000 Speaker 1: percent cash back and five percent with no fee at Costco, 494 00:23:23,480 --> 00:23:27,120 Speaker 1: which is also a very superior form of gas, Joel, 495 00:23:27,119 --> 00:23:29,040 Speaker 1: Speaking of gas, there's another gas station that I've been 496 00:23:29,080 --> 00:23:31,679 Speaker 1: to and I won't go back to because the the 497 00:23:31,880 --> 00:23:34,600 Speaker 1: check engine light came on after we filled up at 498 00:23:34,600 --> 00:23:36,760 Speaker 1: this text, I don't know what you want to say 499 00:23:36,760 --> 00:23:39,320 Speaker 1: it because, like you did, I'm sure it's a particular 500 00:23:39,400 --> 00:23:42,040 Speaker 1: gastation owner who maybe isn't doing a great job, or 501 00:23:42,080 --> 00:23:44,000 Speaker 1: maybe it was just a bad batch of gas. But 502 00:23:44,119 --> 00:23:48,000 Speaker 1: I'm like, I'm not going to risk my wonderfully old 503 00:23:48,240 --> 00:23:51,840 Speaker 1: engine in our our odyssey, uh going on the fritz. Yeah, 504 00:23:51,840 --> 00:23:54,080 Speaker 1: I mean we've talked about this before too, but there 505 00:23:54,240 --> 00:23:56,399 Speaker 1: is a type of gas called top tier gas. So 506 00:23:56,400 --> 00:23:58,080 Speaker 1: you're not just saying here, baby, no, it seems like 507 00:23:58,119 --> 00:24:01,240 Speaker 1: it's better at costco, but it really is really formulated 508 00:24:01,240 --> 00:24:03,800 Speaker 1: better to keep your engine clean. And so yeah, they 509 00:24:03,840 --> 00:24:06,680 Speaker 1: sell this stuff at the AutoZone or whatever. You can 510 00:24:07,000 --> 00:24:08,840 Speaker 1: dump in your dump in your engine to try to 511 00:24:08,880 --> 00:24:10,880 Speaker 1: clean your engine. Well, if you're filling up top tier 512 00:24:10,920 --> 00:24:13,879 Speaker 1: gas with regularity, your engine and components are going to 513 00:24:13,920 --> 00:24:15,520 Speaker 1: be cleaner. Maybe you don't need to even do that 514 00:24:15,520 --> 00:24:17,439 Speaker 1: at all. And by the way, it doesn't cost more 515 00:24:17,520 --> 00:24:20,439 Speaker 1: to get top tier gas. But they're just so certain 516 00:24:20,480 --> 00:24:22,800 Speaker 1: stations that provide it, so make sure you know where 517 00:24:22,840 --> 00:24:24,760 Speaker 1: you can get it. So as we're talking about competition, 518 00:24:24,800 --> 00:24:27,640 Speaker 1: there's actually an interesting white paper recently about competition at 519 00:24:27,640 --> 00:24:30,439 Speaker 1: the gas pump and how it spurs price reductions. They 520 00:24:30,440 --> 00:24:32,919 Speaker 1: maybe think of like when an Audi moves into the neighborhood, Well, 521 00:24:32,920 --> 00:24:35,040 Speaker 1: the prices at the other grocery stores, of course are 522 00:24:35,040 --> 00:24:37,200 Speaker 1: going to come down. Or maybe like when Southwest when 523 00:24:37,240 --> 00:24:39,720 Speaker 1: they start operating out of a certain airport, all the 524 00:24:39,760 --> 00:24:42,000 Speaker 1: other airlines, they got to get a bit more competitive, 525 00:24:42,119 --> 00:24:45,239 Speaker 1: although maybe that's declined with the Southwest drop spirit the 526 00:24:45,240 --> 00:24:47,560 Speaker 1: frontier when they jump in like Delta's like, all right, 527 00:24:47,600 --> 00:24:49,400 Speaker 1: we got to lower our prices for a little while. 528 00:24:49,520 --> 00:24:51,800 Speaker 1: At least, so the price per gallon at existing gas 529 00:24:51,800 --> 00:24:55,119 Speaker 1: stations gets reduced immediately because now they gotta work harder 530 00:24:55,119 --> 00:24:57,360 Speaker 1: to get you to fill up there. The study said 531 00:24:57,400 --> 00:25:01,760 Speaker 1: that the effects are immediate and person competition works man 532 00:25:01,800 --> 00:25:04,960 Speaker 1: because prices create important signals to the shoppers. If gas 533 00:25:04,960 --> 00:25:07,680 Speaker 1: stations try to gouge you make sure to peace out. 534 00:25:07,960 --> 00:25:10,760 Speaker 1: You can vote with your dollars. Prices are signals, and 535 00:25:10,800 --> 00:25:13,359 Speaker 1: we react accordingly when a price goes up somewhere and 536 00:25:13,480 --> 00:25:16,400 Speaker 1: make my little Antennas pick up, Matt. We might get 537 00:25:16,400 --> 00:25:19,800 Speaker 1: honorary economic degrees from some college out there who might 538 00:25:19,840 --> 00:25:23,000 Speaker 1: be willing, probably for some if you keep saying signals, Joel, 539 00:25:23,760 --> 00:25:28,240 Speaker 1: some fly by Nightronic Credit University. Uh yeah, we'll see 540 00:25:28,400 --> 00:25:30,920 Speaker 1: University of Phoenix. We're getting our honorary degrees from there. 541 00:25:31,040 --> 00:25:32,680 Speaker 1: I don't know. Is that a good I don't know. 542 00:25:32,720 --> 00:25:36,320 Speaker 1: If I'm not trying to cast, if they've got great 543 00:25:36,320 --> 00:25:38,440 Speaker 1: programs over there, I don't know. Well, the price of 544 00:25:38,480 --> 00:25:41,439 Speaker 1: home internet has been on the rise. C net found 545 00:25:41,600 --> 00:25:44,160 Speaker 1: that two thirds of folks are paying more for Internet 546 00:25:44,200 --> 00:25:46,359 Speaker 1: than they were last year, and not just not just 547 00:25:46,359 --> 00:25:47,560 Speaker 1: by a little bit. I was kind of shocked to 548 00:25:47,560 --> 00:25:50,359 Speaker 1: see this, by almost two hundred dollars more over the 549 00:25:50,400 --> 00:25:53,680 Speaker 1: course of a year. And they also said that service 550 00:25:53,960 --> 00:25:57,520 Speaker 1: has not improved with the with their Wi Fi, which 551 00:25:57,520 --> 00:25:59,720 Speaker 1: makes the cost increase even more frustrating. If I'm paying 552 00:25:59,720 --> 00:26:03,240 Speaker 1: more because I'm getting something superior, I might be willing 553 00:26:03,760 --> 00:26:07,040 Speaker 1: to look past the price increase, But if the service 554 00:26:07,119 --> 00:26:09,920 Speaker 1: is degrading at the same time, I mean, that makes 555 00:26:09,960 --> 00:26:12,520 Speaker 1: me frustrated. But it makes sense that this is happening because, 556 00:26:12,760 --> 00:26:16,760 Speaker 1: first off, home internet it's not a competitive industry in 557 00:26:16,840 --> 00:26:19,200 Speaker 1: many locations around the country, you're looking at a duopoly, 558 00:26:19,240 --> 00:26:22,880 Speaker 1: which means your options are paltry, like one of two 559 00:26:22,920 --> 00:26:26,000 Speaker 1: places you can go. Yeah, and then price competitiveness, it's 560 00:26:26,320 --> 00:26:29,800 Speaker 1: not really a thing, and it's still worth monitoring your 561 00:26:29,800 --> 00:26:33,040 Speaker 1: bill for price increases and calling your service provider to 562 00:26:33,080 --> 00:26:35,159 Speaker 1: ask about a reduction, or I've talked about this before, 563 00:26:36,080 --> 00:26:38,720 Speaker 1: you're reaching out to them on Twitter, because sometimes those 564 00:26:38,720 --> 00:26:40,679 Speaker 1: are the people who are most empowered to help you 565 00:26:41,040 --> 00:26:42,760 Speaker 1: get a better price, as opposed to call them the one 566 00:26:42,800 --> 00:26:45,480 Speaker 1: eight hundred number other options we've talked about this in 567 00:26:45,480 --> 00:26:47,320 Speaker 1: the past. Two or to choose slower speeds, or to 568 00:26:47,359 --> 00:26:50,040 Speaker 1: stop renting equipment. Buying your own equipment can reduce that 569 00:26:50,119 --> 00:26:52,680 Speaker 1: monthly cost. Oh yeah, but yeah, I think it's just 570 00:26:52,720 --> 00:26:55,080 Speaker 1: important to note this. That's slow creep up of your 571 00:26:55,080 --> 00:26:57,280 Speaker 1: internet price. You may be like, yeah, I'm paying seventy 572 00:26:57,320 --> 00:26:59,400 Speaker 1: bucks a month for an internet or something like that. 573 00:26:59,400 --> 00:27:01,960 Speaker 1: That is probably more than you should be paying, and 574 00:27:02,000 --> 00:27:03,840 Speaker 1: there are a lot of ways to reduce that bill. 575 00:27:04,240 --> 00:27:06,600 Speaker 1: Just don't pay the increased bill price because that's what 576 00:27:06,640 --> 00:27:08,760 Speaker 1: came in the mail, and not do a lick. Do 577 00:27:08,960 --> 00:27:10,800 Speaker 1: not to a lick about it. Because you really could 578 00:27:10,880 --> 00:27:13,320 Speaker 1: save a couple hundred bucks a year. Yeah, pretty easily 579 00:27:13,800 --> 00:27:16,320 Speaker 1: with maybe a couple hours of your time. Hek. Yeah, 580 00:27:16,359 --> 00:27:18,520 Speaker 1: So we're talking about paying for gas, paying for internet, 581 00:27:18,760 --> 00:27:23,760 Speaker 1: talking about paying our favorite authors for news because newsletter 582 00:27:23,840 --> 00:27:27,800 Speaker 1: subscription costs are also adding up. And this is too 583 00:27:28,080 --> 00:27:29,480 Speaker 1: Like it looked like for a minute there that all 584 00:27:29,520 --> 00:27:31,479 Speaker 1: news was going to be ad supported, everything was going 585 00:27:31,520 --> 00:27:34,200 Speaker 1: to be free. Of course, that's when substat came along. 586 00:27:34,280 --> 00:27:37,040 Speaker 1: They kind of changed the game kind of shockingly, right. 587 00:27:37,119 --> 00:27:38,679 Speaker 1: I don't know that you or I could have predicted that, 588 00:27:39,000 --> 00:27:41,199 Speaker 1: know that that was kind of moving in that direction. 589 00:27:41,280 --> 00:27:44,160 Speaker 1: And like, we pay for a few of these subscriptions 590 00:27:44,160 --> 00:27:46,560 Speaker 1: as well, some of which actually help us to stay 591 00:27:46,560 --> 00:27:48,840 Speaker 1: informed in order to do the show. Here. We had 592 00:27:48,880 --> 00:27:51,439 Speaker 1: Noah Smith on not too long ago, and right, that 593 00:27:51,520 --> 00:27:55,520 Speaker 1: dude crushes on substances, no opinion. We are torn though, 594 00:27:55,640 --> 00:27:58,600 Speaker 1: on this new model, because it's cool. I love that 595 00:27:58,680 --> 00:28:02,040 Speaker 1: you can directly support independent creators. It's amazing that great 596 00:28:02,080 --> 00:28:04,600 Speaker 1: writers out there can succeed without the backing of a 597 00:28:04,640 --> 00:28:08,240 Speaker 1: major corporation or a network. But then as an individual, 598 00:28:08,320 --> 00:28:10,680 Speaker 1: you've also got to be careful not to overdo it. 599 00:28:10,680 --> 00:28:14,080 Speaker 1: It's the boiling water and the frog, right, Like, you 600 00:28:14,119 --> 00:28:15,800 Speaker 1: just kind of get used to paying a little bit more, 601 00:28:15,800 --> 00:28:18,119 Speaker 1: a little bit more every single month, especially when the 602 00:28:18,119 --> 00:28:20,880 Speaker 1: average cost is just it's five bucks, it's ten bucks 603 00:28:20,920 --> 00:28:22,800 Speaker 1: a month. You know, you don't think that's going to 604 00:28:22,840 --> 00:28:24,800 Speaker 1: make or break anything, but you multiply that times all 605 00:28:24,800 --> 00:28:26,760 Speaker 1: the subscriptions they can get six to seven or eight, 606 00:28:26,960 --> 00:28:30,000 Speaker 1: it really adds up. Yeah, yeah, recurring subscriptions. So just 607 00:28:30,040 --> 00:28:32,960 Speaker 1: keep track of how many you have, and even speaking 608 00:28:32,960 --> 00:28:35,400 Speaker 1: from experience, can you actually read them all? I would 609 00:28:35,440 --> 00:28:37,119 Speaker 1: dare say that there is some waste. You know, I 610 00:28:37,160 --> 00:28:38,920 Speaker 1: was talking about waste earlier. I don't like to throw 611 00:28:38,960 --> 00:28:41,800 Speaker 1: things away, and in effect, that's what's happening, right Like, 612 00:28:41,840 --> 00:28:43,400 Speaker 1: if this is something that you're paying for and it's 613 00:28:43,400 --> 00:28:46,480 Speaker 1: not actually something you're consuming, that's just a whole jewel, 614 00:28:46,520 --> 00:28:48,360 Speaker 1: that's a ribby that's in the fridge that you're like, oh, man, 615 00:28:48,400 --> 00:28:49,920 Speaker 1: I didn't get to I didn't get to throw that 616 00:28:49,960 --> 00:28:52,560 Speaker 1: on the grill, which I know you've never done, never would, 617 00:28:52,640 --> 00:28:54,640 Speaker 1: but maybe you should start thinking about it. If there's 618 00:28:54,640 --> 00:28:56,760 Speaker 1: something you ever read you're like, man, that's just wasted money. 619 00:28:56,960 --> 00:29:00,000 Speaker 1: Maybe I should reevaluate and that doesn't mean don't subscric 620 00:29:00,480 --> 00:29:03,200 Speaker 1: to substack newsletters that move the needle for you, because, 621 00:29:03,640 --> 00:29:06,160 Speaker 1: like you said, we do there are some yeah really 622 00:29:06,200 --> 00:29:09,280 Speaker 1: but and some of which really do help us think 623 00:29:09,320 --> 00:29:12,800 Speaker 1: about money incredibly well and translate that for the show 624 00:29:12,920 --> 00:29:16,040 Speaker 1: for you as listeners. I love reading Noah Smiths articles, 625 00:29:16,280 --> 00:29:19,920 Speaker 1: and I yeah, happy to pay creators that I think 626 00:29:20,160 --> 00:29:23,280 Speaker 1: do great work. But I think for some folks it's 627 00:29:23,320 --> 00:29:25,040 Speaker 1: adding up and then they're like, I just got so 628 00:29:25,080 --> 00:29:28,920 Speaker 1: many newsletters. I'm my inbox is swamped and the only 629 00:29:28,960 --> 00:29:31,240 Speaker 1: newsletter that really matters Matt, After all you and I 630 00:29:31,280 --> 00:29:33,000 Speaker 1: both know is that how the Money Newsletter. Of course, 631 00:29:33,040 --> 00:29:35,040 Speaker 1: that's why we try to keep it shorter and sweeter 632 00:29:35,240 --> 00:29:40,360 Speaker 1: and free and freer. Yeah, exactly how to money dot 633 00:29:40,360 --> 00:29:44,720 Speaker 1: com slash newsletter for that. Let's talk about investing, and 634 00:29:45,520 --> 00:29:48,200 Speaker 1: as we know Americans, you know, when it comes to 635 00:29:48,240 --> 00:29:50,719 Speaker 1: investing and being informed about the best ways to invest, 636 00:29:51,560 --> 00:29:53,800 Speaker 1: maybe they're not as informed as you and I would love. 637 00:29:53,880 --> 00:29:56,240 Speaker 1: That's part of the reason the show exists. But there's 638 00:29:56,240 --> 00:29:59,080 Speaker 1: this new report from Gallup and it finds that's similar 639 00:29:59,200 --> 00:30:03,400 Speaker 1: to last year, people assume that real estate and gold 640 00:30:03,560 --> 00:30:06,640 Speaker 1: are the top notch absolute best investments that you could 641 00:30:06,680 --> 00:30:09,400 Speaker 1: be for taking in. And so it's a sticky myth. 642 00:30:09,560 --> 00:30:12,200 Speaker 1: That's right, sticky myth because it perpetuates people continue to 643 00:30:12,200 --> 00:30:14,080 Speaker 1: think this. You and I we talked about gold a 644 00:30:14,080 --> 00:30:16,640 Speaker 1: little bit last week, so we won't like brate that 645 00:30:16,720 --> 00:30:19,040 Speaker 1: topic and keep going at it. And it hasn't been 646 00:30:19,040 --> 00:30:21,160 Speaker 1: a bad investment recently. We documented that over the past 647 00:30:21,200 --> 00:30:24,200 Speaker 1: twenty years, it's actually it's actually been an awesome investment. 648 00:30:24,960 --> 00:30:28,040 Speaker 1: But it doesn't hold a candle to investing in stocks 649 00:30:28,120 --> 00:30:31,000 Speaker 1: over many decades, and you and I were real estate investors, 650 00:30:31,160 --> 00:30:33,520 Speaker 1: but we would still, I think hesitate to tell folks 651 00:30:33,760 --> 00:30:37,480 Speaker 1: that real estate is the best long term investment. There's 652 00:30:37,480 --> 00:30:39,880 Speaker 1: a lot of just nuance and specifics that come into 653 00:30:39,880 --> 00:30:41,680 Speaker 1: play there. If it can be if you buy at 654 00:30:41,680 --> 00:30:43,360 Speaker 1: the right time and you know what you're doing right, 655 00:30:43,760 --> 00:30:46,120 Speaker 1: or if you bought a property that was pretty inexpensive 656 00:30:46,520 --> 00:30:48,560 Speaker 1: and you use leverage to buy it and you've seen 657 00:30:48,600 --> 00:30:50,560 Speaker 1: what returns have done over the past fifteen years, it's 658 00:30:50,560 --> 00:30:53,360 Speaker 1: no wonder the recency bias inside of you would say 659 00:30:53,600 --> 00:30:56,280 Speaker 1: real estate crushes stocks no matter what, even those stocks 660 00:30:56,320 --> 00:31:00,560 Speaker 1: have done well too. But just to assume that gold 661 00:31:00,600 --> 00:31:03,240 Speaker 1: and real estate are better than investing in the stock market. 662 00:31:03,440 --> 00:31:05,840 Speaker 1: I don't think the numbers over all an extended period 663 00:31:05,880 --> 00:31:07,600 Speaker 1: of time bear that out. I was sad to see 664 00:31:07,600 --> 00:31:10,600 Speaker 1: that only sixteen percent of folks who were surveying thought 665 00:31:10,640 --> 00:31:13,120 Speaker 1: that the stocks were the best long term investment. And 666 00:31:13,160 --> 00:31:16,000 Speaker 1: it's worth mentioning that it is just so much easier 667 00:31:16,120 --> 00:31:18,280 Speaker 1: to invest in the market right like it can be 668 00:31:18,280 --> 00:31:21,480 Speaker 1: worth working hard. It's maybe it's worth you spending some 669 00:31:21,560 --> 00:31:23,480 Speaker 1: time on the weekend putting in some sweat equity, putting 670 00:31:23,480 --> 00:31:25,960 Speaker 1: in some elbow grease in order to increase your returns 671 00:31:26,440 --> 00:31:28,760 Speaker 1: as you are forcing equity into that property. But many 672 00:31:28,800 --> 00:31:30,240 Speaker 1: folks are going to find it hard to make the 673 00:31:30,320 --> 00:31:33,400 Speaker 1: numbers work investing in real estate specifically right now. Plus 674 00:31:33,400 --> 00:31:35,160 Speaker 1: it's just hard to save up enough liquid cash to 675 00:31:35,200 --> 00:31:37,680 Speaker 1: get you in the game. And there's also the part 676 00:31:37,680 --> 00:31:39,360 Speaker 1: time job aspect of it, and you do have to 677 00:31:39,360 --> 00:31:41,960 Speaker 1: do all that Like this, yeah, exactly, Like I'm not 678 00:31:41,960 --> 00:31:44,640 Speaker 1: trying to shatter your landlord dreams if you've got them, 679 00:31:44,640 --> 00:31:47,400 Speaker 1: but just simply dollar cost averaging into the market is 680 00:31:47,440 --> 00:31:49,720 Speaker 1: still the best way for the vast majority of folks, 681 00:31:50,000 --> 00:31:51,680 Speaker 1: despite what it is that they think. I think a 682 00:31:51,720 --> 00:31:54,280 Speaker 1: lot of individuals lash onto the different anecdote. They lash 683 00:31:54,320 --> 00:31:56,680 Speaker 1: onto the outliers. They've heard stories of, Oh he made 684 00:31:56,680 --> 00:31:59,160 Speaker 1: all his money in real estate, and well it feels 685 00:31:59,200 --> 00:32:03,120 Speaker 1: more approachable too. Then like I built a business around 686 00:32:03,120 --> 00:32:05,240 Speaker 1: AI and I sold it for billions or something. It 687 00:32:05,240 --> 00:32:07,000 Speaker 1: seems like something that they can do. But even still, 688 00:32:07,080 --> 00:32:09,640 Speaker 1: like the average American, they've got a nine to five. Yeah, like, 689 00:32:09,920 --> 00:32:12,520 Speaker 1: and then after that, you've got a family who you 690 00:32:12,560 --> 00:32:14,920 Speaker 1: want to see, or you've got friends, You've got interest, 691 00:32:14,960 --> 00:32:18,040 Speaker 1: you've got other hobbies. And I think there are some 692 00:32:18,080 --> 00:32:19,960 Speaker 1: things in life that are hard to do and it's 693 00:32:20,000 --> 00:32:22,160 Speaker 1: worth putting in. Like you wrote, you want to run 694 00:32:22,160 --> 00:32:24,120 Speaker 1: a marathon, That's gonna take a whole lot of work. 695 00:32:24,400 --> 00:32:26,280 Speaker 1: It's not an easy thing to do. You want to 696 00:32:26,280 --> 00:32:29,200 Speaker 1: be able to snatch two times your body weight, That's 697 00:32:29,240 --> 00:32:32,440 Speaker 1: a hard thing to do. It's gonna take a whole 698 00:32:32,440 --> 00:32:35,880 Speaker 1: lot of grit to make this thing happen. And unfortunately, 699 00:32:36,040 --> 00:32:38,080 Speaker 1: I think people they take that principle and they apply 700 00:32:38,080 --> 00:32:40,960 Speaker 1: it to their investments when truly, when it comes to 701 00:32:40,960 --> 00:32:43,520 Speaker 1: building wealth, it pays to be average, Like it pays 702 00:32:43,520 --> 00:32:45,840 Speaker 1: to be able to literally dollar cost average into the market, 703 00:32:46,040 --> 00:32:48,400 Speaker 1: paying low fees and just doing that over the course 704 00:32:48,480 --> 00:32:51,160 Speaker 1: of decades, like you are going to be able to 705 00:32:51,200 --> 00:32:54,160 Speaker 1: retire comfortably and with a whole lot of wealth by 706 00:32:54,200 --> 00:32:56,720 Speaker 1: doing that. It doesn't have to be hard without going 707 00:32:57,320 --> 00:32:59,760 Speaker 1: as hard as you can, right, which, yes, that's typically 708 00:32:59,760 --> 00:33:04,720 Speaker 1: when we're talking about real estate and buying physical properties. Yeah, 709 00:33:04,960 --> 00:33:07,760 Speaker 1: it could certainly work out to your advantage, and you 710 00:33:07,800 --> 00:33:10,400 Speaker 1: could be wealthier because of it, but there are so 711 00:33:10,440 --> 00:33:13,040 Speaker 1: many factors at play just to knee jerk assume that 712 00:33:13,160 --> 00:33:14,880 Speaker 1: real estate is the best investment. I think that's what 713 00:33:15,040 --> 00:33:16,920 Speaker 1: kind of irks me about this study, that people just 714 00:33:16,960 --> 00:33:19,400 Speaker 1: continue to assume that real estate and gold are better 715 00:33:19,440 --> 00:33:22,480 Speaker 1: than stocks. And it's like that doesn't bear out in 716 00:33:22,480 --> 00:33:24,320 Speaker 1: the numbers, and it doesn't bear out for a lot 717 00:33:24,320 --> 00:33:26,440 Speaker 1: of people's personal experience. And yes, there are some people 718 00:33:26,720 --> 00:33:30,040 Speaker 1: who massively crush at real estate, but it, yeah, it 719 00:33:30,080 --> 00:33:31,520 Speaker 1: takes and we talk to some of those people, and 720 00:33:31,560 --> 00:33:33,840 Speaker 1: you and I are real estate investors ourselves. But just 721 00:33:33,880 --> 00:33:37,040 Speaker 1: be careful before thinking that real estate is the golden 722 00:33:37,080 --> 00:33:39,640 Speaker 1: ticket to building wealth, because stocks can certainly be that 723 00:33:39,680 --> 00:33:41,480 Speaker 1: for you too, and they can be a much easier 724 00:33:41,520 --> 00:33:44,680 Speaker 1: way to get there. Another tried and true way to 725 00:33:44,720 --> 00:33:46,640 Speaker 1: get wealthy in the US is to build a business. 726 00:33:46,960 --> 00:33:50,240 Speaker 1: And the journal had an awesome profile of small to 727 00:33:50,320 --> 00:33:53,440 Speaker 1: medium sized business owners across the country this week, and 728 00:33:53,480 --> 00:33:57,320 Speaker 1: they called the folks who built those businesses the stealthy wealthy. 729 00:33:57,840 --> 00:34:01,480 Speaker 1: And the people that they highlighted here make their living 730 00:34:02,120 --> 00:34:07,600 Speaker 1: manufacturing flooring or having an auto dealership, or they distribute beverages, 731 00:34:07,640 --> 00:34:09,840 Speaker 1: stuff like that, Like these kind of run of the 732 00:34:09,880 --> 00:34:13,759 Speaker 1: mill businesses you don't think about. And I think the 733 00:34:13,800 --> 00:34:15,360 Speaker 1: gist of the article was that it doesn't have to 734 00:34:15,400 --> 00:34:18,120 Speaker 1: be sexy to make money, right. Makes me think of 735 00:34:19,120 --> 00:34:21,640 Speaker 1: when you interview kids these days, Matt, Like, so many 736 00:34:21,680 --> 00:34:23,640 Speaker 1: of them say they want to be influencers, Like that's 737 00:34:23,680 --> 00:34:24,960 Speaker 1: what they want to grow up to be. It's the 738 00:34:24,960 --> 00:34:27,400 Speaker 1: hot career. Wouldn't it be nice to be mister beast Right, 739 00:34:27,440 --> 00:34:29,400 Speaker 1: to follow in his footsteps? And it's kind of like 740 00:34:29,600 --> 00:34:31,560 Speaker 1: when you would have interviewed kids my age and me 741 00:34:31,640 --> 00:34:34,000 Speaker 1: in particular, probably all I want to be Michael Jordan, 742 00:34:34,200 --> 00:34:36,400 Speaker 1: Like that's how cool would it be to play basketball 743 00:34:36,400 --> 00:34:38,840 Speaker 1: every day and earn a living and earn millions of dollars. 744 00:34:39,320 --> 00:34:42,520 Speaker 1: But I think it's important to highlight, to not neglect 745 00:34:42,640 --> 00:34:45,240 Speaker 1: the boring ways of being able to make a living 746 00:34:45,560 --> 00:34:48,520 Speaker 1: and in fact how successful those people can be. And 747 00:34:48,520 --> 00:34:51,520 Speaker 1: in fact, boomers are selling their boring businesses these days. 748 00:34:51,920 --> 00:34:55,000 Speaker 1: You can buy their business as they're ready to retire, 749 00:34:55,960 --> 00:34:58,360 Speaker 1: they might let it fold otherwise. I mean, this is 750 00:34:58,400 --> 00:35:01,560 Speaker 1: the kind of thing where could boring business be your 751 00:35:01,600 --> 00:35:05,000 Speaker 1: path to success potentially? And I love reading that article 752 00:35:05,120 --> 00:35:07,920 Speaker 1: just how Yeah, I just think those things get neglected 753 00:35:08,080 --> 00:35:12,000 Speaker 1: so often because they're not snazzy, they're not fancy. But 754 00:35:12,320 --> 00:35:14,239 Speaker 1: I mean that's what you're going for with your life 755 00:35:14,280 --> 00:35:15,959 Speaker 1: and if you want to if you want to build 756 00:35:16,000 --> 00:35:19,359 Speaker 1: wealth without and you don't want to be famous, this 757 00:35:19,360 --> 00:35:21,279 Speaker 1: could be a great way to go. Yeah. Honestly, like 758 00:35:21,440 --> 00:35:23,279 Speaker 1: going back to investing in the stock market, it's a 759 00:35:23,280 --> 00:35:25,959 Speaker 1: similar thing, like take the boring path. Yeah, it also 760 00:35:26,000 --> 00:35:28,959 Speaker 1: comes with a whole lot less drama as well. Quick 761 00:35:28,960 --> 00:35:33,359 Speaker 1: shout out to listener Bill. He just launched his his 762 00:35:33,400 --> 00:35:36,439 Speaker 1: comics website, Joel Pizza from scratch dot Net. We wanted 763 00:35:36,480 --> 00:35:38,960 Speaker 1: to mention him. He I don't know if there's any 764 00:35:39,120 --> 00:35:42,640 Speaker 1: listener who that we correspond with as much as Bill. Yeah, 765 00:35:42,680 --> 00:35:44,359 Speaker 1: so we just wanted to give him a quick shout out. Bill, 766 00:35:44,400 --> 00:35:47,000 Speaker 1: Thank you for listening to the show. Yeah. Love, love 767 00:35:47,040 --> 00:35:50,319 Speaker 1: The Bill's doing his comics they're good, or checking out. 768 00:35:50,440 --> 00:35:52,839 Speaker 1: We'll link to his site in the show notes. All right, Matt, 769 00:35:52,880 --> 00:35:54,960 Speaker 1: that's gonna do it for this one until next time. 770 00:35:55,400 --> 00:36:04,000 Speaker 1: Best Friends Out, Best Friends Out Only became the