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Speaker 1: Welcome to Had of Money. I'm Joel, I'm Matt. Today

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Speaker 1: we're talking pet debt, job hopping, and Goldilocks cash.

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Speaker 2: Of course everyone knows that. On our Friday flight, so

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Speaker 2: we covered the top stories from this past week. That is,

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Speaker 2: in fact, what we're going to do, the stories that

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Speaker 2: we think you need to be paying attention to because

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Speaker 2: they are going to directly impact your finances. Joel, Before

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Speaker 2: we get to those stories, I wanted to share a

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Speaker 2: quick little DIY bike repair when I've got a confession

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Speaker 2: to make, which is I have not been taken care

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Speaker 2: of my bike very well, say that for Emily, Okay,

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Speaker 2: that's how you serenad her right? No, Yeah, for the

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Speaker 2: like the past few months, like my by making weird noises,

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Speaker 2: it's been clicking, it hasn't been shifting properly, and specifically.

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Speaker 1: It's not growling. That'd be really concerning.

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Speaker 2: The final straw was that it got to where on

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Speaker 2: my front brake I would squeeze it pretty hard and

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Speaker 2: it would make this loud popping sound like this click,

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Speaker 2: and I would lose my break like my braking power

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Speaker 2: would diminish significantly. And so this past week, and that's

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Speaker 2: a really important that's a major one, right, Like, that's

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Speaker 2: not the one you can ignore. And so I thought,

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Speaker 2: dang it, what the heck? Okay, so I've I had

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Speaker 2: some time this past weekend focused on the bike, adjusting

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Speaker 2: the derailer, setting the upper lower limits or whatever. No,

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Speaker 2: that's not that big of a deal. But the brakes.

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Speaker 2: I guess in my biking history, I've never really dealt

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Speaker 2: with disc brakes all that often. And I'm trying to

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Speaker 2: figure this out. It seems kind of complicated, and honestly,

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Speaker 2: it looked like it was broken. Like you'd squeeze the

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Speaker 2: lever in the little or I squeezed the handle and

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Speaker 2: the little lever that gets pulled that squeezes the brake

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Speaker 2: pads onto the disc, it would like pop. It would

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Speaker 2: look like, honestly that it would dislocate. And I thought,

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Speaker 2: of course, I've got to now drop I don't know,

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Speaker 2: like a hundred bucks on some fancy disc brakes or

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Speaker 2: something like that. It's gonna be a huge pain of

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Speaker 2: the butt plus the time, of course. But before I

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Speaker 2: did that, I thought, let me see if I can

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Speaker 2: enter my symptoms within the old YouTube, see if anybody

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Speaker 2: else has dealt with the saint like WebMD for bikes,

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Speaker 2: for WebMD for like anything that's broken in my house.

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Speaker 2: But dude, seriously, within five minutes I had not only

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Speaker 2: identified what was going on, but how to fix it.

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Speaker 2: In the comments, like the first comment, someone had responded

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Speaker 2: and they said, hey, I actually made a video on

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Speaker 2: how it is that you can fix this problem. I

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Speaker 2: hopped over there. Literally it only required me taking an

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Speaker 2: Allen wrench. And so it's the brake pad on the

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Speaker 2: other side of the disc. It had just worn down,

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Speaker 2: and so you squeeze the one piston and it pushes

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Speaker 2: the disc over and had to travel all the way

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Speaker 2: across and evidently that little arm it's not made to

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Speaker 2: travel that far.

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Speaker 1: And so you.

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Speaker 2: Literally just unscrew this brake pad adjuster on the other side.

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Speaker 2: It centers the disc, and now my breaking power is

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Speaker 2: back to full strength. And it literally took it like

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Speaker 2: a five second adjustment. I was just like zoop, just

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Speaker 2: turned it and I'm good to go.

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Speaker 1: Man. So many things in life are actually not nearly

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Speaker 1: as hard as we built them up to be. It's

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Speaker 1: just because you don't know what it is to do, right.

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Speaker 2: Yeah, it's like almost like a fear of the unknown

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Speaker 2: or you're just like, I mean, I was dreading the worst.

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Speaker 2: I'm like, oh, I'm gonna have to just hold on

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Speaker 2: my bike and just buy it. Just why I ran

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Speaker 2: new bike immediately went to the worst case scenario. But yeah,

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Speaker 2: that's in one case. We're just so lucky to live

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Speaker 2: in the era of YouTube. Granted, yes, it can be

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Speaker 2: an attention sock if you're watching the wrong stuff and

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Speaker 2: you're watching it too much. But man, are lucky.

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Speaker 1: Sure, there really are solutions to to so many problems,

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Speaker 1: external problems, not the internal ones. Take the different kinds

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Speaker 1: of work, I think. But yeah, so many problems, including

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Speaker 1: fix it kind of stuff around the house, on your bike,

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Speaker 1: your car or whatever. That's why I wanted to share this.

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Speaker 1: Use your advantage to encourage folks.

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Speaker 2: Instead of thinking, Okay, we got to hire somebody, just

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Speaker 2: spend a few minutes searching YouTube, searching Google seeing seeing

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Speaker 2: if you can find something, and I'm not.

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Speaker 1: Find that thirty minutes and just a little bit of

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Speaker 1: elbow grease gets.

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Speaker 2: You done, and it can not only save you money now,

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Speaker 2: but it's it's the like I know this for the

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Speaker 2: rest of my life, Like anytime I've got a disc brake,

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Speaker 2: that's set up with a single piston whatever.

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Speaker 1: I just I learned some of these terms.

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Speaker 2: I don't know it exactly, but I know that the

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Speaker 2: other side you have to occasionally adjust it out so

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Speaker 2: it keeps the rotor centered. That way, it makes so

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Speaker 2: much sense to I remember looking down and like, why

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Speaker 2: does why is my actual roador flexing a little bit

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Speaker 2: because like when I squeeze it, did.

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Speaker 1: It always do that?

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Speaker 2: I don't know, but guess what doesn't do that anymore.

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Speaker 2: I will never have that problem again, nor will any

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Speaker 2: of the bikes in our household. And hopefully you can

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Speaker 2: take this lesson and apply it to different fixes within

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Speaker 2: the things that you manage, the different things that we

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Speaker 2: have to maintain.

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Speaker 1: Since you're talking about bike in our households, just for

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Speaker 1: a second, I want to say, gas prices have gone

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Speaker 1: up significantly in the past couple of months. It seems

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Speaker 1: like I swear I was shocked the last time I

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Speaker 1: went to the gas station. I feel like they've gone

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Speaker 1: up forty five to fifty cents a gallon, And so

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Speaker 1: now's the perfect time to get your bike in shape,

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Speaker 1: get back on it. As gas prices go up, they

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Speaker 1: impact your wallet more and more. That every ride you

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Speaker 1: take on your bike cuts down your gas consumption.

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Speaker 2: It not to miss your car in a better shape,

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Speaker 2: not to mention now, it's this is the best time

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Speaker 2: of you to start considering backing get into as the

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Speaker 2: temperatures are starting to cool down. Literally a couple of

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Speaker 2: days ago. It was the first ride so far. Since

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Speaker 2: it's not technically post summer yet, it's still gonna get hot,

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Speaker 2: I'm sure. But I started riding and I thought, ooh,

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Speaker 2: I'm kinda it's a little chilly this morning. I mean great,

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Speaker 2: it was like six in the morning or whatever. But

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Speaker 2: I was like, oh, this is awesome.

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Speaker 1: Yes, is great. Yeah, it is that right time. And

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Speaker 1: it's not snowing in Minnesota yet, not yet, probably next week,

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Speaker 1: but yeah, in Denver it will be snowing in a

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Speaker 1: couple of weeks. Yeah, all right, let's get to the

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Speaker 1: Friday flight Matt, the sampling of stories we found interesting

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Speaker 1: this week. Let's start by talking about a topic that

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Speaker 1: we've gotten pushback on every time we discuss this, and

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Speaker 1: it's how much people spend on pets. And it's not

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Speaker 1: because you and I don't like goldfish or hamsters or

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Speaker 1: puppy dogs. We're totally fine with all the above. I

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Speaker 1: love a new puppy that I get to pet for

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Speaker 1: two minutes, as long as I don't have to keep

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Speaker 1: the sidewalk. I mean, someday, I think we would love

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Speaker 1: to have a dog in our family, but not right now.

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Speaker 1: Not right now. Yeah, we are not at that point.

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Speaker 1: But a new survey revealed that seventy eight percent of

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Speaker 1: Americans say that they're willing to go into debt for

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Speaker 1: their pet. And I'm sure everyone can guess what we

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Speaker 1: think of that. It's a bad idea, right, do not

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Speaker 1: go into debt for your pet. It's great that you.

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Speaker 2: Love your fat It's like a Doctor Seuss story. Yeah,

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Speaker 2: debt for your pet. You must not go into debt

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Speaker 2: for your pet rhymes.

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Speaker 1: Too, yeah exactly. But even if you love the hamster,

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Speaker 1: like if you can resuscitate it yourself, that's fine, but like,

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Speaker 1: don't pay right a vet to thousands of dollars to

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Speaker 1: do that for you. We just don't want you to

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Speaker 1: screw up your finances because of your attachment, your affinity

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Speaker 1: for the four legged creature in your house. And we've

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Speaker 1: just like I said, we've talked smack about how much

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Speaker 1: more Americans are spending on their animals these days. It's

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Speaker 1: skyrocketed really in recent years. And it's not that it's

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Speaker 1: not okay to spend more if that brings you joy, right,

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Speaker 1: and you've budgeted for that purpose, But that's the key,

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Speaker 1: having an allocating money for that purpose. Right. Putting pet

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Speaker 1: care expenses on a credit card, though, that you can't

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Speaker 1: pay off in full and on time at the end

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Speaker 1: of the month, that is what's a bad idea. And

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Speaker 1: for some reason, more than three quarters of people say, no,

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Speaker 1: it's fine when it comes to my pet. I don't

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Speaker 1: mind sticking on a credit card, and I get the impulse,

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Speaker 1: but it's better. It's far better to prepare in advance,

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Speaker 1: to be saving up instead, so that you're not put

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Speaker 1: in that position exactly.

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Speaker 2: And again, if your pet is your craft beer equivalent,

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Speaker 2: I am fine with you spending lavishly on your pet.

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Speaker 2: We just want you to go into that purchase. You know,

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Speaker 2: when you adopt or buy a pet with your eyes

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Speaker 2: wide open, and you need to do it like as

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Speaker 2: an adult. You need to be prepared for some of

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Speaker 2: those additional costs that a company, some of those hidden

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Speaker 2: costs that a company.

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Speaker 1: Being a pet owner that means a line on them

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Speaker 1: in your budget and additional savings on hand to take

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Speaker 1: care of even those unfortunate instances that might come along. Exactly.

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Speaker 2: Yeah, okay, So some folks might think that pet insurance

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Speaker 2: policies that those might be the solution for some of

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Speaker 2: those unforeseen accidents or just the inevitable shots and visits

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Speaker 2: that take place when you just have a cat or

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Speaker 2: a dog. But pet insurance is not the solution, and

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Speaker 2: to state it plainly, they are bad financial products when

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Speaker 2: you think about the So not only are the premium's skyrocketing,

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Speaker 2: there have been stories written about that recently, the deductibles

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Speaker 2: are pretty high, but then you've also got the limits

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Speaker 2: on the different policy payouts. You consider all of that,

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Speaker 2: you're going to be better off self ensuring, and so

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Speaker 2: you just would take what you would have paid in

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Speaker 2: premiums and instead just funnel that into your high old

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Speaker 2: savings account. Again, create an itemized bucket, a sinking fund.

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Speaker 2: A lot of folks end up making the purchase in

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Speaker 2: order just to gain some peace of mind. And given

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Speaker 2: the current state of that market, we want folks to

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Speaker 2: completely avoid it altogether.

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Speaker 1: Yeah, Matt, and the way you just said it kind

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Speaker 1: of sounds like a one size fits all solution, and

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Speaker 1: that might be a slight oversimplification, but it's pretty darn

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Speaker 1: directionally accurate that pet insurance policy majority folks, For most people,

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Speaker 1: it is throwing away money instead of those If you've

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Speaker 1: seen your premiums go up quite a bit, A lot

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Speaker 1: of those policies allow for up to twenty percent increases

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Speaker 1: every single year, and a lot of people have felt that,

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Speaker 1: like have actually gotten price increases that large for years

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Speaker 1: and years in a row, and even beyond that.

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Speaker 2: Yeah, is it the journal that documented certain insurers who

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Speaker 2: have even though they stated from that contract, yes, exactly,

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Speaker 2: and so I don't. Yeah, there doesn't seem to be

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Speaker 2: any consequences or any retaliation.

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Speaker 1: No repercussions. Yeah, so that's the better word. Yeah, the

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Speaker 1: only repercussion is that you then say, Okay, I don't

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Speaker 1: want this piece of junk. I'm gonna start saving for myself.

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Speaker 1: I don't need your overpriced insurance policy anymore. And that's

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Speaker 1: how they're gonna feel it. They're gonna have to be

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Speaker 1: competitive for your money and offer a better products, and

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Speaker 1: a lot of these pet insurance policies they are bad products.

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Speaker 1: Let's talk about another kind of insurance though, Matt, that

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Speaker 1: more people are flocking to that also might not be

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Speaker 1: a great deal, and that is travel insurance. There's probably

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Speaker 1: a little more nuance on this one than there is

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Speaker 1: pet insurance. The Wall Street Journal wrote about travel insurance

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Speaker 1: this past week and how different providers have been crushing

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Speaker 1: it recently. They're making a lot of money, but as

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Speaker 1: a lot more people buy these products, it's lining their pocket,

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Speaker 1: it's but at the expense of yours. And so whether

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Speaker 1: it's because folks are worrying about bad storms or even

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Speaker 1: the lingering impact that COVID is having on travel plans,

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Speaker 1: that's kind of what's pushing them in that direction. And honestly,

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Speaker 1: it's not too expensive either. Right for someone who's younger

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Speaker 1: and healthier, that travel insurance policy isn't going to be crazy,

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Speaker 1: nasty expensive. It can potentially work out financially. But just

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Speaker 1: because it seems affordable, that doesn't necessarily mean it's a

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Speaker 1: smart move, because there can be a lot of exclusions

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Speaker 1: in these policies. Similar to pet insurance, you've got to

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Speaker 1: read the fine print in order to decide if it's

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Speaker 1: going to make sense for you. For instance, you might

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Speaker 1: be worried about bad weather, but that insurance isn't going

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Speaker 1: to save the day if your flight isn't actually canceled, right,

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Speaker 1: Or if you're concerned about getting sick, well, it better

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Speaker 1: not be because of a pre existing condition, because that's

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Speaker 1: not going to be covered either. You have to know

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Speaker 1: that going into it before you click purchase. That's true.

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Speaker 2: Yeah, so it's not that travel insurance is a scam.

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Speaker 2: You just need to know again what the fine print

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Speaker 2: is of the plan that you're considering. And often there

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Speaker 2: are just better ways of achieving that piece of mind

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Speaker 2: than going with trip insurance.

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Speaker 1: You could go to a.

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Speaker 2: Website like ensure my Trip and that'll allow you to

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Speaker 2: shop the open market and hopes of saving on some

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Speaker 2: travel insurance. But getting it through your credit card that

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Speaker 2: is almost always a better idea than buying a separate,

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Speaker 2: standalone policy. The Chase Sapphire Preferred Card, for instance, that

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Speaker 2: is a great card to get for that specific purpose.

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Speaker 2: It's got up to ten thousand dollars in trip cancelation

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Speaker 2: coverage per person up to twenty thousand dollars per trip.

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Speaker 2: That's a really nice sounding expensification.

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Speaker 1: I've never taken vacation anywhere close to that.

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Speaker 2: But your trip it doesn't even need to be canceled

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Speaker 2: before some of these different benefits kick in. That again,

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Speaker 2: this is just one card where I'm just highlighting some

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Speaker 2: of the benefits that the preferred card offers. So for instance,

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Speaker 2: you get five hundred dollars per ticket for a delay

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Speaker 2: of more than twelve hours.

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Speaker 1: This is awesome.

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Speaker 2: Of course, you know, you need to make sure that

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Speaker 2: you're handling your credit card properly. Anytime we talk about

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Speaker 2: the different benefits that credit cards are offering, we always

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Speaker 2: state that because if you are paying interest, because you're

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Speaker 2: not paying off your statement every single month, you're losing out.

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Speaker 2: Like it doesn't really matter how many of the different

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Speaker 2: benefits you take advantage of at sort of like gambling actually,

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Speaker 2: which we're gonna talk about here later on, but the

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Speaker 2: house always wins, the bank always wins if you are

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Speaker 2: paying interest. But we do want to mention this because

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Speaker 2: this is one of those little known or maybe I

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Speaker 2: don't know, a little less often talked about benefits at

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Speaker 2: credit cards offer. And we actually talked about some of

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Speaker 2: the different unique benefits that credit cards offer back in

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Speaker 2: episode six eighty three. So if you haven't listened to

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Speaker 2: not one, be sure to check it out. But bottom

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Speaker 2: line both I mean trip insurance and pet insurance. It's

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Speaker 2: one of those things where it seems like the responsible

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Speaker 2: thing to do. It is not like life insurance, right,

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Speaker 2: auto insurance, homeowners.

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Speaker 1: Like these are things that are insurance.

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Speaker 2: Yeah, these are things that are either required by law

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Speaker 2: or if the terrible thing were to happen, it would

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Speaker 2: completely devastate your finances. That's not the case where the

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Speaker 2: worst thing to happen is your trip gets canceled. Yeah,

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Speaker 2: you're to be out some money or with the unexpected

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Speaker 2: medical that bill. Yeah, it's gonna hurt a little bit financially,

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Speaker 2: but it's not gonna significantly set you back. Slowly, these

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Speaker 2: different insurance products have like crept their way into oh yeah,

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Speaker 2: like oh, it's the smart, responsible adulting kind of thing

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Speaker 2: to do.

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Speaker 1: There's a specialized insurance product for everything now, right, for everything,

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Speaker 1: And so when you buy anything online now it's like

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Speaker 1: do you want to ensure those genes you just got?

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Speaker 1: And you're like what are you getting a hole? And

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Speaker 1: I'm like, what are you talking about? It just feels

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Speaker 1: like there's insurance for everything. Yeah, and it always feels

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Speaker 1: like the right thing to protect your stuff, but they're

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Speaker 1: they're easier, right, it seems like the smart adulting thing

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Speaker 1: to do. You're like, I'm a grown up. I guess

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Speaker 1: I'll ensure that thing, right. And there are some things

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Speaker 1: where insurance makes sense, but there are a lot of

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Speaker 1: other areas where insurance makes very little sense. And I

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Speaker 1: know it can be kind of hard to spot. And

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Speaker 1: that's kind of why we want to talk through these

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Speaker 1: things and say, well, here's all the things you have

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Speaker 1: to pay attention to if you're buying those things, and actually,

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Speaker 1: maybe they're better ways to skin the cat so that

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Speaker 1: you are you still get some coverage, some solid coverage

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Speaker 1: via your credit card, but you don't have to go

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Speaker 1: out of pocket and buy inexpensive policy that you're unlikely

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Speaker 1: to need and that might not even cover the things

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Speaker 1: you needed to cover. Joel, Hell, dare you say skin

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Speaker 1: the cat when we're talking about pettent? Sure? I know

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Speaker 1: that was wrong. Sorry, All right, let's talk about transportation

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Speaker 1: for a second. Carvana, which is kind of the mega

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Speaker 1: online car used car seller. They have a new tool

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Speaker 1: that they just launched for tracking the value of your

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Speaker 1: used car, and so they kind of want you to

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Speaker 1: have the equivalent of a zestament for your ride. So

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Speaker 1: should you hop over there input your car's info and

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Speaker 1: see what it's worth? Yeah, I don't know, probably not

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Speaker 1: who cares? Like, did you look into it for for

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Speaker 1: your van? No? I did. I did not actually punch

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Speaker 1: hi man. I actually should have done that. I don't care.

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Speaker 1: What was your vand worthless? Enough? It was like forty

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Speaker 1: seven hundred dollars? Okay, So here's the thing, the reason

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Speaker 1: Carvana is telling you that's north. Of course, if you

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Speaker 1: go to KBB dot com, I guarantee you at least

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Speaker 1: two grand more at least two grand yeah, yeah, proba,

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Speaker 1: probably even more.

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Speaker 2: There's no way that I would be able to find

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Speaker 2: a van that's in the condition that mine is in,

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Speaker 2: with the miles that it has, all things considered, that

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Speaker 2: would be a steel Yes, there's no way.

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Speaker 1: Does not exist exactly. And so this is why, like,

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Speaker 1: this is what Carbana wants. They want you to input it,

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Speaker 1: and then they want to entice you into their ecosystem

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Speaker 1: so that they can low ball you for your car

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Speaker 1: and try to sell you on something nicer. Right, They

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Speaker 1: want you to upgrade, They want you to get cobwebbed

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Speaker 1: into their orbit. And the reality is you're not going

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Speaker 1: to get top dollar. If you do, you're gonna get

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Speaker 1: paid a lot more selling your car in other ways

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Speaker 1: than you are in all likelihoods selling directly to carbon

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Speaker 1: Is it worth maybe seeing if you're in the market

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Speaker 1: to sell your car what they'll pay you. Yeah, sure,

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Speaker 1: get hurts, no harm, no found. But at least check

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Speaker 1: out multiple other forms of selling your car so you

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Speaker 1: can see whether you can get paid more selling even

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Speaker 1: directly to another human. It's harder to do than it

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Speaker 1: ever has been before, but it doesn't mean it's not

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Speaker 1: worth the time and energy it often can be. Because

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Speaker 1: we're talking about thousands of dollars back in your Pocketmat

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Speaker 1: you sold your car, If you listened it for eight

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Speaker 1: grand tomorrow, that would be gone. It'd be gone. Yeah,

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Speaker 1: and Carvana says I will pay you forty seven hundred,

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Speaker 1: Like just know that's how big the gap can be.

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Speaker 1: You might even be able to sell yours for ten grand.

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Speaker 1: So like that, that's what you have to take into consideration. Oh, yes,

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Speaker 1: it's a hassle. It's it's easy to sell it directly

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Speaker 1: to one of these online sites. Biggest one being Carvana.

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Speaker 1: But I'll do a whole lot better if I sell

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Speaker 1: it myself. Sure.

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Speaker 2: Yeah, I love it from the standpoint that it provides you.

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Speaker 2: It's an easy way to get gathered data, right, just

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Speaker 2: like zestimate, Like it doesn't hurt to know and to

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Speaker 2: have that data on hand and to be informed. For

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Speaker 2: that reason, I love it, But I also hate it

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Speaker 2: for other reasons. You said, right, they're trying to make

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Speaker 2: it easy, and once you kind of get within their orbit,

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Speaker 2: they've got their tentacles on you. Now you're thinking about

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Speaker 2: your car, you start thinking, oh, if I took that

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Speaker 2: much money, plus maybe some more money I've got in

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Speaker 2: the bank. Oh, let's see what else Carvana has to offer.

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Speaker 1: Like selling Carvana is going to tell you what else

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Speaker 1: they have to offer, because they want you to make

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Speaker 1: an up great. That temptation to buy is real, and

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Speaker 1: their whole, the whole point of their business is just

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Speaker 1: to make things easier. Right, So it's like harder than

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Speaker 1: ever now to sell it to another person. No, no, no,

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Speaker 1: that's how we perceive it. It has remained the same,

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Speaker 1: right like it has to think, so actually to buy

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Speaker 1: or sell it to a private owner, I think because

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Speaker 1: so many people are taking the easy way. Oh, sure,

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Speaker 1: there's fewer vehicles out there for purchase directly from others,

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Speaker 1: and there are few people looking in that way too. Sure,

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Speaker 1: so that the inventory or just the number of cars

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Speaker 1: that are out there might be fewer. But it's not

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Speaker 1: like there are more barriers than their uro to be.

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Speaker 1: It's just that that has remained the same. And a

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Speaker 1: company like Carvana has removed barriers and they're like, have

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Speaker 1: greased the skids, man, Like they are trying to just

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Speaker 1: get you thinking in this direction. And man, they want

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Speaker 1: to offer me that forty seven hundred dollars so that

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Speaker 1: they can turn around and sell that thing for top dollar.

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Speaker 2: But hey, lets let's talk about jobs too, because we've

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Speaker 2: been talking about job hopping a lot over the last

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Speaker 2: few years, I think, ever since the pandemic really kicked in.

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Speaker 2: But it has certainly allowed a lot of folks to

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Speaker 2: massively increase their income in a hot labor market, a

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Speaker 2: slew of individuals they were able to crank up their

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Speaker 2: earnings by seeking employment elsewhere. And while that's true and

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Speaker 2: the possibility for increasing your earnings is definitely still there,

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Speaker 2: the gap has shrunk, it's not as guaranteed, like before

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Speaker 2: literally just floating your resume out there. It's it's sort

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Speaker 2: of like the opposite of the car market offering.

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Speaker 1: And peoplecause you want ninety, I'll give you a hundred,

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Speaker 1: I'll give you one twenty And like that, people were

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Speaker 1: getting paid a whole lot more job hopping, especially like

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Speaker 1: a year ago. Yeah exactly.

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Speaker 2: And so another downside though that was recently documented, is

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Speaker 2: that when you change jobs too many times, it can

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Speaker 2: start to impact your future job prospects. I think it

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Speaker 2: was something like seventy seven percent of hiring managers at

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Speaker 2: different companies see that as the top concern when they

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Speaker 2: are hiring for a new position. It costs them a

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Speaker 2: ton of money to hire somebody new, and it's just

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Speaker 2: a headache you don't want to have to continue to

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Speaker 2: Like when you have attrition rates that high, it ends

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Speaker 2: up costing your company, your business, your organization, a lot

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Speaker 2: of money, a lot of time that could be focused

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Speaker 2: in another areas.

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Speaker 1: I want to hire someone who's going to stick around

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Speaker 1: for nine months. It's almost like going on tender after

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Speaker 1: you've just your fifth marriage has failed and you're like

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Speaker 1: looking for the love of my life and the person

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Speaker 1: who is reading your profile. If they see that, they're

433
00:19:12,280 --> 00:19:15,440
Speaker 1: going to say, Okay, I don't know if this person's

434
00:19:15,440 --> 00:19:18,040
Speaker 1: going to stick around either. Those past actions are going

435
00:19:18,080 --> 00:19:20,320
Speaker 1: to influence how they perceive you in the present, and

436
00:19:20,359 --> 00:19:24,240
Speaker 1: the same is true. It's indicative if you've job job

437
00:19:24,280 --> 00:19:26,840
Speaker 1: hopped like once or twice in the past five years,

438
00:19:26,840 --> 00:19:29,200
Speaker 1: that's one thing. But if you have, if you consistently

439
00:19:29,280 --> 00:19:32,640
Speaker 1: job hop every nine to twelve months, four years on end,

440
00:19:32,960 --> 00:19:34,640
Speaker 1: that's going to catch up with you eventually, and it's

441
00:19:34,720 --> 00:19:37,040
Speaker 1: not in the best long term interest of your career.

442
00:19:37,080 --> 00:19:40,119
Speaker 1: It might be a short term boost, but in the

443
00:19:40,280 --> 00:19:43,680
Speaker 1: end you could find that your options are limited moving forward.

444
00:19:43,840 --> 00:19:44,159
Speaker 1: That's right.

445
00:19:44,280 --> 00:19:46,199
Speaker 2: Yeah, And like it makes me think of like the

446
00:19:46,240 --> 00:19:48,680
Speaker 2: Carvana example. I don't think it like a one hand.

447
00:19:48,720 --> 00:19:51,120
Speaker 2: It doesn't necessarily hurt to float your resume out there

448
00:19:51,119 --> 00:19:53,560
Speaker 2: and see what different folks are offering and kind of

449
00:19:53,600 --> 00:19:56,000
Speaker 2: keeping an eye on the market, but it could lead

450
00:19:56,080 --> 00:19:58,520
Speaker 2: to dissatisfaction with the job that you currently have, just

451
00:19:58,560 --> 00:20:01,040
Speaker 2: like with the Carvana things, if you think you might

452
00:20:01,080 --> 00:20:05,000
Speaker 2: be tempted into perusing the site and seeing, oh man,

453
00:20:05,200 --> 00:20:07,840
Speaker 2: these cars are more affordable than I thought they're gonna be.

454
00:20:07,840 --> 00:20:09,920
Speaker 2: I think the same thing can be true of your

455
00:20:10,000 --> 00:20:12,360
Speaker 2: job as well, and it could lead to you thinking.

456
00:20:12,119 --> 00:20:14,040
Speaker 1: You know what, maybe I'm.

457
00:20:13,840 --> 00:20:16,520
Speaker 2: Not happy with this job that I've had for six months.

458
00:20:16,880 --> 00:20:20,280
Speaker 2: But in reality, man, what you have might be an

459
00:20:20,280 --> 00:20:23,320
Speaker 2: incredible job that pays really well, but you're just maybe

460
00:20:23,320 --> 00:20:26,080
Speaker 2: you're not taking it as seriously as you could. But

461
00:20:26,560 --> 00:20:28,520
Speaker 2: we've got more stories that we're gonna get to. Actually,

462
00:20:28,640 --> 00:20:31,679
Speaker 2: we're gonna talk about gambling and how it may or

463
00:20:31,760 --> 00:20:33,200
Speaker 2: may not be your.

464
00:20:32,960 --> 00:20:35,480
Speaker 1: Ticket to wealth. We'll get that story plus others right

465
00:20:35,520 --> 00:20:47,639
Speaker 1: after this. All right, the Friday flight continues. There's a

466
00:20:47,680 --> 00:20:49,800
Speaker 1: lot more money headlines we've got to cover on this

467
00:20:49,840 --> 00:20:52,119
Speaker 1: episode before we peace out and get to the weekend.

468
00:20:52,480 --> 00:20:53,879
Speaker 1: But of course, the thing we have to get to

469
00:20:53,920 --> 00:20:56,440
Speaker 1: now is the ludicrous headline of the week. This one

470
00:20:56,480 --> 00:20:59,560
Speaker 1: comes from market Watch and the title reads, I spent

471
00:20:59,640 --> 00:21:03,080
Speaker 1: tenths dollars renting a storage unit, but finally learn my lesson.

472
00:21:03,440 --> 00:21:05,159
Speaker 1: Sounds like this one had a happy ending. I'm just

473
00:21:05,359 --> 00:21:07,760
Speaker 1: I'm glad. I'm glad for the author that they finally

474
00:21:07,800 --> 00:21:11,800
Speaker 1: realize the error of their ways. But this article highlights

475
00:21:11,920 --> 00:21:14,720
Speaker 1: what a lot of folks need to do, and a

476
00:21:14,720 --> 00:21:17,640
Speaker 1: persistent problem really in our society, which is that they're

477
00:21:17,680 --> 00:21:21,119
Speaker 1: spending too much money on storage units, and then the

478
00:21:21,119 --> 00:21:23,920
Speaker 1: solution is to pair back the possessions. Right, More than

479
00:21:24,000 --> 00:21:27,080
Speaker 1: one in ten Americans currently rent at a storage facility,

480
00:21:27,359 --> 00:21:29,320
Speaker 1: and an average cost to something like one hundred and

481
00:21:29,400 --> 00:21:32,639
Speaker 1: sixty five dollars a month, Matt. That's that's almost like

482
00:21:32,680 --> 00:21:34,840
Speaker 1: two thousand dollars a year. That's a huge bill. That's

483
00:21:34,840 --> 00:21:37,920
Speaker 1: a lot of money. And so they pay the bill regularly, yes,

484
00:21:38,119 --> 00:21:40,439
Speaker 1: but they tend to forget about what they have in

485
00:21:40,480 --> 00:21:42,200
Speaker 1: the storage unit. They're like, yeah, I got I pay

486
00:21:42,200 --> 00:21:43,760
Speaker 1: for this thing every single month, but I don't even

487
00:21:43,840 --> 00:21:46,080
Speaker 1: remember what I've socked away in there. It's almost like

488
00:21:46,119 --> 00:21:48,680
Speaker 1: a self imposed tax that people who levied on themselves.

489
00:21:48,760 --> 00:21:50,439
Speaker 1: And I just want people to think, again, if you

490
00:21:50,560 --> 00:21:53,639
Speaker 1: have stuff in storage, do you know what's in there?

491
00:21:53,760 --> 00:21:55,760
Speaker 1: Is there a reason that it's in there? Could you

492
00:21:55,800 --> 00:21:58,280
Speaker 1: potentially get rid of or sell a lot of that

493
00:21:58,280 --> 00:22:00,000
Speaker 1: stuff and get rid of that monthly payment.

494
00:22:00,359 --> 00:22:03,080
Speaker 2: Yeah, So I think the author he admitted that the

495
00:22:03,119 --> 00:22:06,640
Speaker 2: stuff that was in his storage unit was actually worth much, much,

496
00:22:06,720 --> 00:22:09,800
Speaker 2: much less than what he was actually paying every month

497
00:22:09,800 --> 00:22:12,320
Speaker 2: this store, which is is pretty ridiculous, but it's a

498
00:22:12,400 --> 00:22:14,720
Speaker 2: very American sort of phenomenon. Yeah, we need more space

499
00:22:14,720 --> 00:22:17,400
Speaker 2: for all of our stuff storage units. It can make

500
00:22:17,440 --> 00:22:18,959
Speaker 2: sense in the short term, right like if you are

501
00:22:19,000 --> 00:22:21,480
Speaker 2: moving for a short period of time, perhaps you know

502
00:22:21,520 --> 00:22:24,280
Speaker 2: you're moving to the city and you're going to have

503
00:22:24,320 --> 00:22:26,440
Speaker 2: a small apartment, that kind of thing. But they're a

504
00:22:26,520 --> 00:22:29,959
Speaker 2: terrible long term solution. But the business, the industry has

505
00:22:30,000 --> 00:22:33,199
Speaker 2: been making money handover fist, largely because we're just unable

506
00:22:33,200 --> 00:22:36,320
Speaker 2: to control our purchases and we've got to find somewhere

507
00:22:36,320 --> 00:22:38,800
Speaker 2: else to keep all that excess stuff that we've accumulated

508
00:22:38,920 --> 00:22:39,560
Speaker 2: over the years.

509
00:22:40,160 --> 00:22:42,280
Speaker 1: And so if I don't.

510
00:22:42,080 --> 00:22:43,639
Speaker 2: Know, if you feel like we've put you on the

511
00:22:43,640 --> 00:22:45,840
Speaker 2: hot seat, if you feel called out here, we're not

512
00:22:45,920 --> 00:22:49,040
Speaker 2: sorry at all, and we hope that you use this

513
00:22:49,280 --> 00:22:52,320
Speaker 2: as a kick in the butt to declutter to save

514
00:22:52,440 --> 00:22:55,320
Speaker 2: you don't have to go full Marie Condo on it.

515
00:22:55,359 --> 00:22:57,080
Speaker 2: And I was just about to call you, Matt Recondo,

516
00:22:57,240 --> 00:22:59,200
Speaker 2: try to figure out what it is that brings you joy.

517
00:22:59,240 --> 00:23:01,320
Speaker 2: But I think there is a way that you can

518
00:23:01,600 --> 00:23:04,920
Speaker 2: just unemotionally look at some of your stuff and think,

519
00:23:04,920 --> 00:23:06,280
Speaker 2: when was the last time I looked at this? When

520
00:23:06,359 --> 00:23:08,120
Speaker 2: was the last time I touched this, the last time

521
00:23:08,160 --> 00:23:09,960
Speaker 2: I wore this, right, Like, that's a great measure when

522
00:23:09,960 --> 00:23:11,880
Speaker 2: it comes to clothes that you have. Have I worn

523
00:23:11,960 --> 00:23:14,240
Speaker 2: this in the past twelve months? If not, I think

524
00:23:14,280 --> 00:23:15,080
Speaker 2: you could get rid of it.

525
00:23:15,119 --> 00:23:18,040
Speaker 1: When you look at like the past decade plus of returns,

526
00:23:18,160 --> 00:23:21,320
Speaker 1: people who have invested in the storage unit facilities have

527
00:23:21,720 --> 00:23:24,240
Speaker 1: crushed like way out paced the S and P five hundred.

528
00:23:24,600 --> 00:23:27,800
Speaker 1: And they may not like bandits largely because we're idiots, right,

529
00:23:28,080 --> 00:23:30,320
Speaker 1: And so it's not that I want to see those

530
00:23:30,320 --> 00:23:32,359
Speaker 1: investors get crushed, but I kind of do because I

531
00:23:32,400 --> 00:23:33,960
Speaker 1: want Americans to do, because it would.

532
00:23:33,800 --> 00:23:37,400
Speaker 2: Be an indicator of the larger American public doing what's

533
00:23:37,440 --> 00:23:38,120
Speaker 2: in their best entry.

534
00:23:38,119 --> 00:23:41,160
Speaker 1: Dialing back, getting rid of some of those those recurring bills,

535
00:23:41,280 --> 00:23:44,119
Speaker 1: selling some of their stuff, or just yeah, getting rid

536
00:23:44,119 --> 00:23:45,760
Speaker 1: of it in some way for more fashion, all right.

537
00:23:45,840 --> 00:23:48,640
Speaker 1: Piggybacking down on that, though, Matt The Wall Street Journal

538
00:23:48,680 --> 00:23:52,159
Speaker 1: had an interesting article touting the end of ultra cheap stuff,

539
00:23:52,200 --> 00:23:54,080
Speaker 1: as they called it, and they were talking about how

540
00:23:54,080 --> 00:23:56,919
Speaker 1: factories in Asia are having a tough time finding younger

541
00:23:56,920 --> 00:24:00,520
Speaker 1: workers and the results are likely to be more expensive

542
00:24:00,520 --> 00:24:04,359
Speaker 1: goods over time for us here in the States, And

543
00:24:04,359 --> 00:24:06,080
Speaker 1: I don't think of that as a bad thing either. Like,

544
00:24:06,200 --> 00:24:07,960
Speaker 1: we had this race to the bottom, and it was

545
00:24:08,080 --> 00:24:11,560
Speaker 1: largely factories in Asia that were producing the ultra cheap

546
00:24:11,600 --> 00:24:14,840
Speaker 1: goods that we've been consuming here lower prices. Yeah, they

547
00:24:14,840 --> 00:24:17,800
Speaker 1: are a net good, but that has often come alongside

548
00:24:18,080 --> 00:24:21,399
Speaker 1: compromise quality in recent years. Right, we're buying stuff that

549
00:24:21,520 --> 00:24:24,280
Speaker 1: is so cheap that it doesn't last. And so instead

550
00:24:24,280 --> 00:24:27,800
Speaker 1: of letting price maybe drive our purchasing decisions, I think

551
00:24:27,840 --> 00:24:30,720
Speaker 1: you and I we would suggest to think more about value. Right,

552
00:24:30,960 --> 00:24:33,359
Speaker 1: Potentially buying something that's more expensive it's going to last

553
00:24:33,359 --> 00:24:36,280
Speaker 1: for decades instead of months, that's still likely going to

554
00:24:36,280 --> 00:24:37,800
Speaker 1: be a better option in most cases. So if we're

555
00:24:37,800 --> 00:24:41,879
Speaker 1: talking about fewer complete piece of crap particle board products,

556
00:24:41,880 --> 00:24:45,400
Speaker 1: if we're talking about less of the poorly made stuff

557
00:24:45,680 --> 00:24:48,399
Speaker 1: coming over here from overseas, I don't say that as

558
00:24:48,440 --> 00:24:48,840
Speaker 1: an issue.

559
00:24:48,880 --> 00:24:50,199
Speaker 2: Yeah, And that's not to say that you have to

560
00:24:50,200 --> 00:24:52,760
Speaker 2: go out there and spend top dollar on your furniture

561
00:24:52,760 --> 00:24:53,520
Speaker 2: pieces or anything like that.

562
00:24:53,600 --> 00:24:54,520
Speaker 1: Look at look at Goodwill.

563
00:24:54,960 --> 00:24:59,520
Speaker 2: Literally the boys are back in daycare now, And I

564
00:24:59,560 --> 00:25:03,159
Speaker 2: asked K after the first day that she had reclaimed

565
00:25:03,240 --> 00:25:05,560
Speaker 2: you know where she's had like a solid three hours

566
00:25:05,600 --> 00:25:08,200
Speaker 2: of being able to do whatever it is that she wanted.

567
00:25:08,280 --> 00:25:09,879
Speaker 1: I was like, what do you do today? And she

568
00:25:10,440 --> 00:25:10,840
Speaker 1: looked at me.

569
00:25:10,840 --> 00:25:13,320
Speaker 2: As much as like went to good Will? Because the

570
00:25:13,400 --> 00:25:18,360
Speaker 2: ability to find quality stuff secondhand at someplace like Goodwill, well,

571
00:25:18,359 --> 00:25:20,679
Speaker 2: that's just one of the solutions too, not having a

572
00:25:20,680 --> 00:25:22,840
Speaker 2: ton of money on hand or just not wanting to

573
00:25:22,840 --> 00:25:25,479
Speaker 2: spend a toney on quality products. Sure, it doesn't mean

574
00:25:25,480 --> 00:25:27,120
Speaker 2: you have to go out and buy the nicest thing

575
00:25:27,200 --> 00:25:28,399
Speaker 2: at some high end store.

576
00:25:28,640 --> 00:25:31,879
Speaker 1: Sometimes vintage, antique, donated sort of stuff is going to

577
00:25:31,960 --> 00:25:33,720
Speaker 1: be more solidly built and it's going to cost you

578
00:25:33,760 --> 00:25:34,359
Speaker 1: less money.

579
00:25:34,560 --> 00:25:37,840
Speaker 2: Okay, let's talk about gambling, because sports betting it's growing

580
00:25:37,880 --> 00:25:43,680
Speaker 2: like gangbusters, specifically ESPN they've now gotten into the industry. Personally,

581
00:25:44,000 --> 00:25:46,560
Speaker 2: I don't really watch a whole lot of sports all

582
00:25:46,560 --> 00:25:48,920
Speaker 2: that much, so I'm not likely going to be inundated

583
00:25:48,960 --> 00:25:51,080
Speaker 2: with any commercials, although I am talking about it, so

584
00:25:51,119 --> 00:25:53,000
Speaker 2: I'm sure my phone is listening and I will now

585
00:25:53,080 --> 00:25:53,600
Speaker 2: get the ads.

586
00:25:53,720 --> 00:25:56,320
Speaker 1: You're alma honor is I believe ranked preseason number number

587
00:25:56,320 --> 00:26:01,040
Speaker 1: one this year. Hey, maybe I'll watch the championship match

588
00:26:01,160 --> 00:26:01,560
Speaker 1: this year.

589
00:26:02,080 --> 00:26:05,040
Speaker 2: But ESPN bet they're going to try to convince a

590
00:26:05,080 --> 00:26:07,960
Speaker 2: lot of folks that start betting on games and different matches.

591
00:26:08,280 --> 00:26:10,800
Speaker 2: Don't do it, though, because everyone knows that the house

592
00:26:10,920 --> 00:26:13,919
Speaker 2: always wins. Again, it's one thing to say, go to

593
00:26:14,000 --> 00:26:16,680
Speaker 2: Vegas once a year or once every five years or

594
00:26:16,720 --> 00:26:20,040
Speaker 2: something like that and just blow some money in some

595
00:26:20,080 --> 00:26:20,800
Speaker 2: different casinos.

596
00:26:20,840 --> 00:26:22,960
Speaker 1: Right. It's a form of entertainment at the point, But

597
00:26:23,000 --> 00:26:26,000
Speaker 1: I think it's entertainment categories. Is entertainment money in your budget?

598
00:26:26,000 --> 00:26:28,960
Speaker 2: It just it feels like something that can that's more managed, though,

599
00:26:29,000 --> 00:26:33,000
Speaker 2: as opposed to the more pernicious form of betting that's

600
00:26:33,000 --> 00:26:35,840
Speaker 2: taking place in the palm of our hands via our smartphones.

601
00:26:36,280 --> 00:26:38,080
Speaker 2: This kind of makes David Brooks this past week he

602
00:26:38,119 --> 00:26:42,760
Speaker 2: wrote about moral formation in the Atlantic and like we

603
00:26:42,800 --> 00:26:45,879
Speaker 2: have become adomized individuals. And I think this is a

604
00:26:45,920 --> 00:26:49,240
Speaker 2: small example. Before you had to go to a casino,

605
00:26:49,480 --> 00:26:52,720
Speaker 2: and there are certain things keeping us from going back there,

606
00:26:52,840 --> 00:26:54,879
Speaker 2: whether it's people see you there all the time, and

607
00:26:54,920 --> 00:26:57,560
Speaker 2: you don't want to necessarily become a regular at a casino.

608
00:26:58,080 --> 00:26:59,919
Speaker 2: But when you can do it, when you're sitting on

609
00:27:00,080 --> 00:27:02,280
Speaker 2: a toilet or you're sitting at a stopwly and you

610
00:27:02,359 --> 00:27:05,040
Speaker 2: make a bet. These are some of the ways where

611
00:27:05,080 --> 00:27:07,040
Speaker 2: I feel like we are losing perhaps a little bit

612
00:27:07,080 --> 00:27:10,120
Speaker 2: of our moral fiber, the ability to control our behavior,

613
00:27:10,240 --> 00:27:13,240
Speaker 2: and ultimately leading to the American people having few, you know,

614
00:27:13,440 --> 00:27:14,200
Speaker 2: less money on it.

615
00:27:14,240 --> 00:27:16,080
Speaker 1: Well, and you say that, but I think part of

616
00:27:16,119 --> 00:27:18,720
Speaker 1: it too is you and I are not necessarily against

617
00:27:18,800 --> 00:27:22,360
Speaker 1: gambling from some sort of moral standpoint, from a religious

618
00:27:22,359 --> 00:27:24,760
Speaker 1: bent or anything like that. It's the form that it's taken,

619
00:27:25,119 --> 00:27:27,399
Speaker 1: is what I'm I'm speaking to. Yeah, exactly, because I

620
00:27:27,840 --> 00:27:30,960
Speaker 1: have played blackjack before. I find it to be enjoyable

621
00:27:31,040 --> 00:27:33,879
Speaker 1: every now and again, every few years maybe, And honestly,

622
00:27:33,920 --> 00:27:35,639
Speaker 1: It's probably been six or seven years since I've been

623
00:27:35,640 --> 00:27:38,480
Speaker 1: to a casino. So it's not necessarily about that, although

624
00:27:38,480 --> 00:27:40,159
Speaker 1: it is for most people, it's going to be a

625
00:27:40,160 --> 00:27:45,160
Speaker 1: waste of money. But it's the accessibility and how easy

626
00:27:45,200 --> 00:27:46,240
Speaker 1: it's going to be for a lot of people to

627
00:27:46,240 --> 00:27:48,399
Speaker 1: get into a lot of financial trouble, and and a

628
00:27:48,400 --> 00:27:51,040
Speaker 1: lot of that financial trouble is going to breed relationship trouble,

629
00:27:51,280 --> 00:27:53,960
Speaker 1: personal trouble, and so I think it's best for a

630
00:27:54,000 --> 00:27:56,960
Speaker 1: lot of people to avoid this. And these these betting companies,

631
00:27:57,000 --> 00:27:59,880
Speaker 1: Fan Duel and ESPN bet and the like. Well, they're

632
00:28:00,160 --> 00:28:03,959
Speaker 1: starting to get into other versions offering different kinds of

633
00:28:04,320 --> 00:28:07,399
Speaker 1: gambling as well more novelty. They're getting into parlay bets,

634
00:28:07,440 --> 00:28:11,040
Speaker 1: which means you can and I'm not an expert on this,

635
00:28:11,080 --> 00:28:12,800
Speaker 1: but bet on multiple things at once. So instead of

636
00:28:12,840 --> 00:28:14,919
Speaker 1: just betting on your team to win, maybe it's like

637
00:28:14,960 --> 00:28:17,280
Speaker 1: betting on your team to win while also hitting at

638
00:28:17,359 --> 00:28:19,160
Speaker 1: least story home runs in that game or something like that.

639
00:28:19,440 --> 00:28:22,000
Speaker 1: And so the odds of winning are lower those on

640
00:28:22,040 --> 00:28:24,680
Speaker 1: those kinds of bets, but the payouts are higher, and

641
00:28:25,440 --> 00:28:27,960
Speaker 1: because the gambling apps are making even more money on

642
00:28:28,000 --> 00:28:30,239
Speaker 1: these types of bets. So I think these things are

643
00:28:30,760 --> 00:28:33,199
Speaker 1: pulling a lot of people in given kind of how

644
00:28:33,280 --> 00:28:34,879
Speaker 1: much marketing is going on around them and all the

645
00:28:35,040 --> 00:28:37,960
Speaker 1: like free money to come gamble on our app, and

646
00:28:38,000 --> 00:28:41,000
Speaker 1: it's getting people hooked. And maybe that first win makes

647
00:28:41,000 --> 00:28:42,600
Speaker 1: you feel like, all right, this is gonna be great,

648
00:28:42,640 --> 00:28:45,080
Speaker 1: This is gonna be my new side hustle or something

649
00:28:45,160 --> 00:28:47,000
Speaker 1: like that. But this is the kind of side hustle

650
00:28:47,000 --> 00:28:49,320
Speaker 1: that's gonna leave a whole lot of people broke. And

651
00:28:49,360 --> 00:28:51,680
Speaker 1: I don't want to see people ruin their budget. But then,

652
00:28:51,880 --> 00:28:53,680
Speaker 1: like I said, I think it's gonna lead to even

653
00:28:54,360 --> 00:28:58,560
Speaker 1: ruination on even deeper, more meaningful levels like family units.

654
00:28:58,600 --> 00:29:02,640
Speaker 1: So we're again not against gambling from like the moral standpoint,

655
00:29:02,640 --> 00:29:04,040
Speaker 1: but man, it's going to mess a lot of people up,

656
00:29:04,040 --> 00:29:05,160
Speaker 1: and we want to see people avoid it.

657
00:29:05,240 --> 00:29:07,960
Speaker 2: Yeah, the downstream detrimental effects are going to impact a

658
00:29:07,960 --> 00:29:10,880
Speaker 2: lot of folks. And now let's talk about having too

659
00:29:11,160 --> 00:29:14,040
Speaker 2: much cash, which too much of a good thing, right, Like,

660
00:29:14,080 --> 00:29:16,320
Speaker 2: it's always if you do maybe you should gamble it away.

661
00:29:16,320 --> 00:29:16,720
Speaker 1: I don't know.

662
00:29:16,920 --> 00:29:18,920
Speaker 2: We don't want you to to actually gamble it away.

663
00:29:18,960 --> 00:29:20,920
Speaker 2: We do want you to invest it though, And so

664
00:29:21,000 --> 00:29:23,480
Speaker 2: this is becoming more of a problem for folks because

665
00:29:23,520 --> 00:29:27,200
Speaker 2: individuals are feeling content to keep their excess money in

666
00:29:27,720 --> 00:29:31,520
Speaker 2: savings and within CDs. We are of course happy to

667
00:29:31,520 --> 00:29:34,120
Speaker 2: see that you can make more in those those different

668
00:29:34,120 --> 00:29:37,120
Speaker 2: accounts these days, because obviously savers are finally able to

669
00:29:37,240 --> 00:29:40,880
Speaker 2: outpace inflation for the first time in a while, And

670
00:29:40,960 --> 00:29:43,240
Speaker 2: so you might be wondering, like, why not take the

671
00:29:43,280 --> 00:29:45,880
Speaker 2: bird in the hand, why not keep earning money month

672
00:29:45,960 --> 00:29:50,520
Speaker 2: after month without any real risk that comes with investing. Well, here,

673
00:29:50,720 --> 00:29:53,120
Speaker 2: we definitely do want you to keep some cash on hand.

674
00:29:53,440 --> 00:29:55,800
Speaker 2: We want you to if we talked about self ensuring

675
00:29:55,800 --> 00:29:59,080
Speaker 2: when it comes to your pets or with vacations earlier,

676
00:29:59,240 --> 00:30:02,240
Speaker 2: it's important to make sure that you are accounting for

677
00:30:02,280 --> 00:30:03,920
Speaker 2: some of the additional costs of the different things that

678
00:30:03,960 --> 00:30:07,400
Speaker 2: you're buying. That means liquid cash reserve savings, and when

679
00:30:07,440 --> 00:30:09,719
Speaker 2: it comes to having an emergency fund, a minimum of

680
00:30:10,720 --> 00:30:13,520
Speaker 2: four hundred and sixty seven dollars is what we recommend,

681
00:30:13,520 --> 00:30:16,160
Speaker 2: but truly a full three to six months worth of

682
00:30:16,240 --> 00:30:19,080
Speaker 2: living expenses is ideal. But beyond that, though, there's a

683
00:30:19,200 --> 00:30:22,480
Speaker 2: chance that you could be too cash heavy to the

684
00:30:22,520 --> 00:30:25,200
Speaker 2: detriment of your ability to build wealth over the long term.

685
00:30:25,240 --> 00:30:28,040
Speaker 2: It's not that you're not earning enough in the here

686
00:30:28,080 --> 00:30:30,480
Speaker 2: and now, you actually are, but over the long term

687
00:30:30,720 --> 00:30:32,720
Speaker 2: that money isn't compounding and it's not growing out a

688
00:30:32,800 --> 00:30:35,240
Speaker 2: rate that we have seen historically within the stock market.

689
00:30:35,320 --> 00:30:37,520
Speaker 1: Yeah, even though saving rates have gone up, they're still

690
00:30:37,680 --> 00:30:40,640
Speaker 1: not as high as what you're going to get in

691
00:30:40,680 --> 00:30:42,600
Speaker 1: the stock market over the next couple of decades in

692
00:30:42,640 --> 00:30:44,520
Speaker 1: all likelihood, right, And so if you're saving for a

693
00:30:44,520 --> 00:30:46,720
Speaker 1: bigger goal, let's say, like that home down payment in

694
00:30:46,720 --> 00:30:49,000
Speaker 1: the next couple of years, that is a good reason

695
00:30:49,080 --> 00:30:51,600
Speaker 1: to have extra cash on hand right more than you

696
00:30:51,680 --> 00:30:54,680
Speaker 1: otherwise would. But other than that, I mean in investing

697
00:30:54,760 --> 00:30:56,880
Speaker 1: less and adding to your cash pile when you've got

698
00:30:56,920 --> 00:30:59,520
Speaker 1: decades left on your investing time horizon, that is going

699
00:30:59,600 --> 00:31:01,840
Speaker 1: to cost you money over time. And so yeah, when

700
00:31:01,840 --> 00:31:03,280
Speaker 1: you look at that, when you zoom out and you

701
00:31:03,280 --> 00:31:05,640
Speaker 1: look at the historic returns of the stock market, it's

702
00:31:05,680 --> 00:31:07,880
Speaker 1: clear that they're superior to even the rates you can

703
00:31:07,880 --> 00:31:11,200
Speaker 1: get on savings right now that are guaranteed. And so again,

704
00:31:11,440 --> 00:31:15,520
Speaker 1: so nice to see savings accounts finally outpacing inflation at

705
00:31:15,560 --> 00:31:18,800
Speaker 1: least by a little bit. But still still you can't

706
00:31:18,840 --> 00:31:21,560
Speaker 1: save your way to retirement. Really, you have to be

707
00:31:21,600 --> 00:31:23,040
Speaker 1: investing your way to get through. You have to be

708
00:31:23,640 --> 00:31:27,680
Speaker 1: stocking money way inside of income producing assets. And so

709
00:31:28,840 --> 00:31:31,880
Speaker 1: increased rates for savers beautiful thing, it's just not going

710
00:31:31,920 --> 00:31:33,280
Speaker 1: to be enough to get you where you want to go.

711
00:31:33,520 --> 00:31:35,040
Speaker 1: You got to be investing too, So make sure you've

712
00:31:35,080 --> 00:31:37,320
Speaker 1: got enough cash reserves, like we talked about, but also

713
00:31:37,360 --> 00:31:39,760
Speaker 1: make sure you're not sitting in so much cash that

714
00:31:39,840 --> 00:31:42,400
Speaker 1: it's actually potentially hampering some of those future goals too.

715
00:31:42,560 --> 00:31:45,280
Speaker 2: Yeah, you want to have goldilocks cash, not too little,

716
00:31:45,400 --> 00:31:48,240
Speaker 2: not too much, that's right. But before we wrap this

717
00:31:48,400 --> 00:31:52,560
Speaker 2: Friday flight, a quick little newsletter shout out, so Tyler W.

718
00:31:52,800 --> 00:31:55,200
Speaker 2: He referred to the how to Money newsletter, which shows

719
00:31:55,240 --> 00:31:57,320
Speaker 2: up in your inbox every Tuesday morning with helpful bits

720
00:31:57,320 --> 00:32:01,000
Speaker 2: of personal finance news and information into news and just

721
00:32:01,480 --> 00:32:03,520
Speaker 2: mindset shifts that we think are going to help you

722
00:32:03,560 --> 00:32:06,640
Speaker 2: along your way to financial freedom. But he forded the

723
00:32:06,680 --> 00:32:09,560
Speaker 2: newsletter along to some friends who signed up, So Tyler W,

724
00:32:09,800 --> 00:32:12,160
Speaker 2: thank you so much for that. And if you are

725
00:32:12,160 --> 00:32:14,640
Speaker 2: not currently subscribed, you can head over to how toomoney

726
00:32:14,680 --> 00:32:17,400
Speaker 2: dot com forward slash newsletter. You can learn more about

727
00:32:17,400 --> 00:32:18,280
Speaker 2: it and sign up there.

728
00:32:18,400 --> 00:32:21,480
Speaker 1: Yeah, and if you refer the email newsletter, which is

729
00:32:21,480 --> 00:32:23,080
Speaker 1: awesome to all your friends who are going to want

730
00:32:23,080 --> 00:32:25,640
Speaker 1: to sign up, you can even earn how to Money

731
00:32:25,680 --> 00:32:27,680
Speaker 1: socks or a beer on us, which is kind of cool.

732
00:32:27,720 --> 00:32:29,840
Speaker 1: So yeah, there are because that's our thing. Perks for

733
00:32:29,880 --> 00:32:32,200
Speaker 1: referring our stuff, but that is our thing, beer and money, right,

734
00:32:32,280 --> 00:32:35,080
Speaker 1: So that's going to do it, Matt for this episode

735
00:32:35,160 --> 00:32:36,840
Speaker 1: will include links to some of the stuff that we

736
00:32:36,880 --> 00:32:39,160
Speaker 1: mentioned up on our website at howtomoney dot com.

737
00:32:39,240 --> 00:32:41,520
Speaker 2: That's all right, buddy, So until next time, best friends out,

738
00:32:41,640 --> 00:32:43,040
Speaker 2: best friends out,