WEBVTT - Friday Flight - Joel & Matt's Year End Review! #612 0:00:00.120 --> 0:00:02.560 Welcome to How the Money. I'm Joel, I'm Matt, and 0:00:02.640 --> 0:00:24.920 today we're doing our year end review. You know what, buddy, 0:00:25.079 --> 0:00:27.560 So this is our Friday flight, and typically we cover 0:00:27.720 --> 0:00:31.120 the headlines that we've come across this past week that 0:00:31.240 --> 0:00:33.080 we felt were most important to talk about. And with 0:00:33.159 --> 0:00:35.600 us being the last Friday, not only of the week, 0:00:35.680 --> 0:00:37.720 but of the entire year, how you're gonna say of 0:00:37.760 --> 0:00:38.920 all time? And I was like, what do you know 0:00:39.000 --> 0:00:41.400 that I don't know? The world is coming to now? 0:00:41.440 --> 0:00:43.000 We we did feel that it was on the street 0:00:43.000 --> 0:00:45.360 corner of this this past week of preaching that to everyone, 0:00:45.520 --> 0:00:48.199 we wanted to cover the best, the most important kind 0:00:48.200 --> 0:00:51.160 of like the overarching stories that impacted us the most 0:00:51.240 --> 0:00:54.080 from this past year. And so we're not just talking 0:00:54.080 --> 0:00:56.120 about the headlines from this week. We're talking about the 0:00:56.160 --> 0:01:01.280 headlines of twenty two was in resting year. There was 0:01:01.560 --> 0:01:03.720 a lot that happened, and so I think it's good 0:01:03.760 --> 0:01:06.440 for us to like reflect. We see that every single year, though, 0:01:06.480 --> 0:01:08.080 you know, but but I feel I feel like this 0:01:08.160 --> 0:01:11.120 year was particularly it was different. It was listening and 0:01:11.240 --> 0:01:14.000 especially hopefully it calms down. It deviated a lot from 0:01:14.000 --> 0:01:16.039 what we're happening in recent years in a whole bunch 0:01:16.040 --> 0:01:17.520 of different ways, and there was a whole lot of 0:01:17.520 --> 0:01:19.560 news to follow, Like I feel like our Friday flights, 0:01:19.600 --> 0:01:22.520 like we're it's only gotten more interesting. Yeah, I think 0:01:23.200 --> 0:01:24.960 like every single week it felt like there was something 0:01:25.000 --> 0:01:27.280 important to tell the audience. And so hope we're not 0:01:27.319 --> 0:01:30.280 just doing these for our health, right, Uh, we're doing 0:01:30.319 --> 0:01:33.759 it for your financial health though, right exactly, And so yeah, 0:01:33.840 --> 0:01:37.440 we uh, we'll continue Friday flights obviously going on every 0:01:37.440 --> 0:01:39.480 Friday next year, but this we were like, let's do 0:01:39.520 --> 0:01:41.920 one where we're just reflecting on the insanity that was 0:01:43.000 --> 0:01:45.160 and the big takeaways really that we had from this year. 0:01:45.600 --> 0:01:47.440 But but seriously, ever since we started the Friday flight 0:01:47.680 --> 0:01:50.040 with at the beginning of twenty like, it's only gotten 0:01:50.440 --> 0:01:54.360 like Nutty year and NUTI Year. Hopefully no additional pandemics 0:01:54.360 --> 0:01:57.080 in our future, but the news has definitely been worth 0:01:57.120 --> 0:02:00.600 covering for sure. Before we get to our year in review, though, 0:02:00.760 --> 0:02:02.720 I just wanted to quickly mentioned listener Nathan he sent 0:02:02.800 --> 0:02:05.760 us an email last month and who hadn't gotten around 0:02:05.760 --> 0:02:07.760 to talking about it yet, but he mentioned this a 0:02:07.760 --> 0:02:10.400 couple of cool tools, one called simple log In, another 0:02:10.520 --> 0:02:13.760 called and on Addie, and these tools can help you 0:02:13.800 --> 0:02:17.880 create email aliases in order to protect your privacy online, 0:02:17.960 --> 0:02:20.920 making it harder for different companies to track you and 0:02:20.919 --> 0:02:22.960 stuff like that. So I thought this was interesting. Man, 0:02:23.000 --> 0:02:25.560 it's not something that's really thought about a whole what's 0:02:25.560 --> 0:02:27.160 the tracking aspect of it? I didn't look into it. 0:02:27.160 --> 0:02:29.960 So so it sounds like basically like if they have 0:02:30.040 --> 0:02:32.680 your direct email address, there's ways in which they know 0:02:32.880 --> 0:02:35.320 have more information about you. But if you're creating alias 0:02:35.440 --> 0:02:38.440 email addresses that are like it's it's harder for them 0:02:38.480 --> 0:02:41.440 to pinpoint who you are as a person, and they 0:02:42.440 --> 0:02:43.839 know less about you if you do that where they're 0:02:43.840 --> 0:02:46.680 creating that dossier on you. I'm not an expert. Nathan 0:02:46.720 --> 0:02:48.920 writes a blog about this stuff. He's the security so 0:02:49.040 --> 0:02:51.119 I will link to his blog post in the show notes. 0:02:51.160 --> 0:02:53.119 And there's certain folks I think who are less comfortable 0:02:53.320 --> 0:02:56.639 putting their email address out there. Personally, I'm not one 0:02:56.639 --> 0:02:58.679 of those guys. Like any time there's a like a 0:02:58.720 --> 0:03:00.240 lot of times there's a side up. It's like hey 0:03:00.240 --> 0:03:03.360 give us your email, you get this free letting United flag, 0:03:03.720 --> 0:03:06.239 or hey give us your email and you get a 0:03:06.320 --> 0:03:07.920 chance to spind the wheel and maybe you'll win a 0:03:07.919 --> 0:03:10.280 free beer. I'm all about that kind of stuff. Yeah, 0:03:10.520 --> 0:03:12.639 I get it. I've got zero fee. That's a trade off. 0:03:12.639 --> 0:03:15.760 Work my email everybody, it's all mixed at gmail dot com. 0:03:15.840 --> 0:03:17.960 If you want to hit me up, go for it. 0:03:17.960 --> 0:03:19.800 You're going to life flock route here, you're just announcing 0:03:19.800 --> 0:03:24.480 it to everybody and the Joel's social security is let's 0:03:24.480 --> 0:03:27.239 do that and we'll pause right there. I also don't 0:03:27.280 --> 0:03:29.520 know your social security by heart. Well yeah, if you're 0:03:29.520 --> 0:03:31.840 into that though. In online privacy something that matters to 0:03:31.840 --> 0:03:35.360 you at then email aliases I think are an interesting 0:03:35.400 --> 0:03:37.480 tool to be able to protect your privacy online and 0:03:37.880 --> 0:03:41.760 kind of create individual email addresses without literally creating one 0:03:41.840 --> 0:03:44.560 every single time. You don't want to give a marketer 0:03:44.760 --> 0:03:47.600 or a company your your specific email and some of 0:03:47.640 --> 0:03:50.240 your specific information. But that being said, if your email 0:03:50.280 --> 0:03:52.680 is getting oh there, I mean I would just suggest 0:03:52.840 --> 0:03:55.880 to ruthlessly unsubscribed to stuff for sure. I feel like 0:03:55.880 --> 0:03:57.800 I've been doing a lot more that here towards the 0:03:57.880 --> 0:03:59.800 end of the year, because you know, when you start 0:03:59.880 --> 0:04:02.560 the and you look and you've got like thirty new emails, 0:04:02.640 --> 0:04:04.880 and I don't really want to look at two thirds 0:04:04.880 --> 0:04:06.960 of them. Two thirds of them are trash, their trash, 0:04:07.000 --> 0:04:08.920 and that's what that's when I'm like, Okay, a lot 0:04:08.960 --> 0:04:10.720 of times I just hit the lead because that's the power, 0:04:11.040 --> 0:04:13.320 that's the fast mover. I just bam bam, bam, bam bam. 0:04:13.320 --> 0:04:16.320 He just keep coming later exactly, so I just take 0:04:16.360 --> 0:04:19.520 the slightly longer route and actually unsubscribed. But Joe, yeah, Like, 0:04:19.520 --> 0:04:21.240 like you said, it's been a challenging year for a 0:04:21.279 --> 0:04:25.000 lot of folks, at least from a money perspective. The 0:04:25.120 --> 0:04:29.120 roaring economy of one has led to what feels essentially 0:04:29.160 --> 0:04:32.839 like a slowdown this year here in two. But whether 0:04:33.000 --> 0:04:35.320 or not we are in a recession, I think that 0:04:35.360 --> 0:04:37.240 kind of depends on your definition. It's hard to say. 0:04:37.480 --> 0:04:40.520 I wouldn't be surprised to see if very soon they're like, hey, 0:04:40.560 --> 0:04:44.240 we're in a recession, and we have been for whenever 0:04:44.279 --> 0:04:46.280 the data came out, like maybe six months ago, I 0:04:46.279 --> 0:04:48.680 guess is when the data came out. It's hard to say, 0:04:49.240 --> 0:04:52.320 but we have seen double digit losses in the stock market. 0:04:52.320 --> 0:04:55.320 We've seen a labor market cool off, We've seen the 0:04:55.360 --> 0:04:58.640 housing market essentially grind to a halt because I mean 0:04:58.760 --> 0:05:02.280 multiple things, right, combination of of high prices, rising interest rates. 0:05:02.560 --> 0:05:04.560 But as we learned from many of the How to 0:05:04.600 --> 0:05:06.800 Money listener wins that we shared a few weeks ago 0:05:06.839 --> 0:05:10.279 on our Wednesday episode, despite headwinds, a lot of folks 0:05:10.320 --> 0:05:12.440 out there have crushed it this year and they've been 0:05:12.480 --> 0:05:15.680 able to just make accelerated progress towards their financial goal. 0:05:15.760 --> 0:05:17.480 By the way, we got like double the amount of 0:05:17.480 --> 0:05:20.360 submissions we were able to use. Sadly, like we would 0:05:20.360 --> 0:05:21.760 love to share them all, but we were even just 0:05:21.839 --> 0:05:24.279 get email from people after the fact saying hey, I 0:05:24.320 --> 0:05:26.240 missed it, but let me share with you. And the 0:05:26.279 --> 0:05:28.400 amount of progress that some of our listeners were able 0:05:28.440 --> 0:05:30.280 to make was astounding, which, by the way, we love 0:05:30.520 --> 0:05:37.320 because it's one thing Gmail dot com or I don't 0:05:37.320 --> 0:05:41.680 want to say years, that's what it is. Uh. But 0:05:41.880 --> 0:05:45.120 just the macro environment that we're in, Uh, it can 0:05:45.160 --> 0:05:48.320 certainly help or hurt your personal progress. But there's still 0:05:48.320 --> 0:05:50.400 a lot that we can do to change and advance 0:05:50.600 --> 0:05:53.479 our own goals. In spite of what is happening in 0:05:53.520 --> 0:05:55.680 the economy all around us as a whole, there are 0:05:55.680 --> 0:05:59.440 things that we can do as individuals that is really encouraging, 0:05:59.480 --> 0:06:00.920 but we still do you want to make sure that 0:06:00.960 --> 0:06:02.920 we cover some of the biggest stories that we came 0:06:02.920 --> 0:06:04.920 across from this past year. Yeah, I mean, like some 0:06:04.960 --> 0:06:07.400 people ask us from time to time, like, well, what's 0:06:07.440 --> 0:06:10.120 the impetus behind the Friday flight? Why do you do it? 0:06:10.440 --> 0:06:13.839 Because your advice doesn't necessarily change a whole lot based 0:06:13.839 --> 0:06:15.599 on what's happening. I mean sometimes it's like as interest 0:06:15.680 --> 0:06:18.599 rates go up, it changes the dynamics, let's say, of 0:06:18.600 --> 0:06:20.520 whether or not you should buy a house, Like there 0:06:20.520 --> 0:06:22.440 are things that happen on a micro scale that do 0:06:22.560 --> 0:06:27.320 impact our micro actions, but like our our general advice 0:06:27.400 --> 0:06:30.400 on so many things doesn't change. It doesn't move with 0:06:30.560 --> 0:06:33.640 the whims of the market, right, and so we get 0:06:33.680 --> 0:06:36.200 slightly here and there. For sure, there are ways usually 0:06:36.200 --> 0:06:39.200 if some of these trends continue that it can have 0:06:39.400 --> 0:06:42.160 a longer lasting impact. But it's opposed to the headline 0:06:42.160 --> 0:06:43.559 I know the week, but I like that you noted 0:06:43.600 --> 0:06:46.600 that people may made significant progress no matter what's going on. 0:06:46.839 --> 0:06:48.640 It's like, we're gonna talking about a bunch of things 0:06:48.680 --> 0:06:51.839 that went on this year, but no matter what is 0:06:51.880 --> 0:06:54.320 happening in our economy, there are ways for you to 0:06:54.760 --> 0:06:57.760 not just survive but thrive in almost any environment really 0:06:57.800 --> 0:06:59.440 that comes our way. And so let's talk about the 0:06:59.440 --> 0:07:02.480 big stories of this year, Matt. Inflation and interest rate rises. 0:07:02.520 --> 0:07:05.120 They were I would say, basically the top two stories 0:07:05.200 --> 0:07:08.120 tied together and tied at the connected at the hip. 0:07:08.400 --> 0:07:12.120 So let's discuss those for a minute. Because fraternal twins, yeah, exactly, 0:07:12.280 --> 0:07:15.080 and uh, it's not identical, not exactly the saying, but man, 0:07:15.120 --> 0:07:19.800 they sure do look similar. Yeah, they same family, exactly 0:07:19.840 --> 0:07:23.000 a lot in common. Well, inflation is something that we've 0:07:23.040 --> 0:07:26.480 all felt acutely this year, and it's a big story, 0:07:26.600 --> 0:07:29.600 largely because we haven't experienced inflation like this in something 0:07:29.640 --> 0:07:32.720 like forty years, right, So it's for most of us 0:07:32.800 --> 0:07:35.520 who are under the age of forty, which is all 0:07:35.520 --> 0:07:38.480 of us except for you now, Matt, who just turned forty. Right. Uh, 0:07:39.040 --> 0:07:42.800 we haven't experienced this. You were fresh out of the 0:07:42.840 --> 0:07:45.480 womb in diapers, Matt when you experienced this last And 0:07:45.520 --> 0:07:47.880 although inflation is starting to ease up a little, it's 0:07:47.880 --> 0:07:50.720 gonna be a while before it's back where Fed officials wanted, 0:07:50.960 --> 0:07:54.240 back to that like annual two percent sort of range. Um, 0:07:54.560 --> 0:07:56.240 we don't know exactly how long it's gonna take. But 0:07:56.320 --> 0:07:59.200 that's where we're trying to get back to. But car prices, 0:07:59.320 --> 0:08:01.840 energy prices, food prices, all those things shot through the 0:08:01.880 --> 0:08:04.800 roof in a shock to our wallets, and depending on 0:08:04.960 --> 0:08:06.840 what our consumption looked like, it impacted us all in 0:08:06.840 --> 0:08:11.000 different ways. Right, if you're replacing a car, you probably 0:08:11.000 --> 0:08:12.880 paid more than you would otherwise. And if you were 0:08:12.880 --> 0:08:15.080 downsizing your fleet, you made out like a bandit because 0:08:15.320 --> 0:08:17.239 you sold a car that you bought for ten thousand 0:08:17.240 --> 0:08:21.880 dollars for hundred, because you took advantage of inflation in 0:08:21.880 --> 0:08:24.520 the car market. But in an effort to combat these 0:08:24.640 --> 0:08:27.040 rising prices, the FED of course, has been using the 0:08:27.080 --> 0:08:29.560 only instruments at its disposal really, or one of the 0:08:29.720 --> 0:08:32.760 two instruments that has its disposal. It's been making money 0:08:32.840 --> 0:08:35.679 more expensive by raising interest rates. And it's just fairly 0:08:35.679 --> 0:08:38.280 blunt tool that seems to be doing the job. But 0:08:38.520 --> 0:08:40.160 this is a story that's going to continue to be 0:08:40.160 --> 0:08:43.160 a big one in three but hopefully for all our sakes, 0:08:43.320 --> 0:08:45.040 it's not going to be quite as headlined word of 0:08:45.040 --> 0:08:47.400 the as it's bent. That's right, Yeah, speaking of food prices, 0:08:47.480 --> 0:08:51.160 I was literally recent just yesterday at Aldi purchasing some 0:08:51.240 --> 0:08:54.480 eggs and was shocked to see, of course, aldi because 0:08:54.480 --> 0:08:57.000 they are the most affordable. But dude, I think it 0:08:57.040 --> 0:08:59.760 was still earlier this year, Yes, earlier this year, and 0:09:00.120 --> 0:09:04.040 these are something close. I remember to take prices close 0:09:04.120 --> 0:09:06.320 to be being close to a dollar, and they were 0:09:06.440 --> 0:09:10.040 almost five bucks. I could not believe for a dozen 0:09:10.600 --> 0:09:13.240 regular eggs. Do like, this wasn't the organics, this, This 0:09:13.320 --> 0:09:16.040 wasn't chickens that that are just like walking around laying eggs, 0:09:16.040 --> 0:09:18.160 you know, like these are chickens that are like caged up, 0:09:19.280 --> 0:09:23.600 like the regular eggs that got massages. Everybody, No, no, yeah, exactly. 0:09:23.920 --> 0:09:25.600 Uh so, yeah, I think a lot of folks have 0:09:25.640 --> 0:09:28.800 been experiencing some of those inflated prices at the grocery store. 0:09:28.800 --> 0:09:31.800 But gas prices that they've been up in the stratosphere 0:09:31.800 --> 0:09:34.320 as well, and then they actually crater back down near 0:09:34.360 --> 0:09:36.360 to where they were at the start of this year. 0:09:36.600 --> 0:09:38.360 Well that's good news for folks who drive a ton. 0:09:38.600 --> 0:09:42.080 And those prices were partly impacted by raging inflation, sure, 0:09:42.160 --> 0:09:45.240 but also because of the war that's happening in Ukraine 0:09:45.600 --> 0:09:48.880 that Russia is perpetrating. But right now gas prices are 0:09:49.120 --> 0:09:52.280 south of three dollars a gallon in much of the country, 0:09:52.320 --> 0:09:55.760 which is awesome. Uh. Definitely here in the state of Georgia, 0:09:55.800 --> 0:09:57.559 I think we've got some of the lowest gas prices, 0:09:57.800 --> 0:10:00.160 but the national average is getting closer to crossing that 0:10:00.240 --> 0:10:04.000 point as well, that three dollar threshold. But that being said, uh, 0:10:04.559 --> 0:10:07.680 gas prices, they definitely have a real impact on our budgets. 0:10:08.040 --> 0:10:10.280 We need to keep in mind that oftentimes we we 0:10:10.360 --> 0:10:14.080 tend to overestimate how much we're spending on gas, even 0:10:14.120 --> 0:10:17.040 when prices are north of five dollars a gallon. And 0:10:17.120 --> 0:10:19.240 a reason for that is because this is literally a 0:10:19.240 --> 0:10:21.680 price that we see everywhere we go, Like you drive 0:10:21.679 --> 0:10:23.760 down the road and it's plastered, you know, on the 0:10:23.800 --> 0:10:27.079 side of the signs, like a giant font tiny billboard 0:10:27.120 --> 0:10:30.400 on every street exactly. Yeah, and so we feel the 0:10:30.480 --> 0:10:33.199 pain more intensively. Uh. And so the tip that we 0:10:33.240 --> 0:10:36.520 would recommend for folks is we want you to perhaps 0:10:36.520 --> 0:10:39.160 focus a little bit less on gas prices and instead 0:10:39.559 --> 0:10:41.680 we want you to focus more on your overall cost 0:10:42.080 --> 0:10:46.199 of transportation, including the depreciation hit that you're taking each 0:10:46.320 --> 0:10:47.959 and every year on the car that you own. We 0:10:48.000 --> 0:10:51.040 want you to focus on not just what it is 0:10:51.200 --> 0:10:53.199 that it costs you to fill up at the pump, 0:10:53.240 --> 0:10:54.839 but how much you're paying for that car, whether or 0:10:54.880 --> 0:10:59.400 not you're buying new or used in particular, cost of maintenance, 0:10:59.400 --> 0:11:02.360 things like that, but definitely the the appreciation that you 0:11:02.440 --> 0:11:05.240 hit that you assume as well. Yeah, if you are 0:11:05.320 --> 0:11:09.560 driving a O six Toyota Corolla and you opted to 0:11:09.559 --> 0:11:11.760 sell it for five thousand dollars and upgrade to a 0:11:11.840 --> 0:11:14.400 Tesla because gas prices were out of this world, but 0:11:14.480 --> 0:11:18.120 you only drive seven thousand miles a year, that was shortsighted, right, Like, 0:11:18.160 --> 0:11:19.640 that's not the kind of movie wants you to make. 0:11:19.679 --> 0:11:21.640 And holding onto that Corolla is gonna be much better 0:11:21.720 --> 0:11:24.880 for your finances overall. And so gas prices, they are 0:11:24.920 --> 0:11:26.800 a story of this year, but they're also one we 0:11:26.840 --> 0:11:28.920 want you to ignore more than you pay attention to. 0:11:29.200 --> 0:11:32.280 And hopefully, hopefully for all our sakes, gas prices remain 0:11:32.320 --> 0:11:34.320 low right and remain near where they are right now, 0:11:34.559 --> 0:11:37.480 but staring inflation, I would say had one bright spot, Matt. 0:11:37.559 --> 0:11:40.440 And if you're playing how the money drinking game this year, 0:11:40.559 --> 0:11:43.240 when you're listening to Friday flights, you probably we let's 0:11:43.240 --> 0:11:44.560 say you had to take a shot every time we 0:11:44.600 --> 0:11:46.960 mentioned I bonds, you probably have too much to drink 0:11:47.080 --> 0:11:49.360 a couple of times at least this year, because starting 0:11:49.400 --> 0:11:52.040 at the very beginning of yeah, I bonds became a 0:11:52.040 --> 0:11:55.319 significant story, one that we kept talking about as inflation 0:11:55.640 --> 0:11:58.880 was roaring. It's one of those things where you can 0:11:58.920 --> 0:12:01.160 make out like a bandit I putting some of your 0:12:01.200 --> 0:12:03.719 savings at least into I bonds And by the way, 0:12:03.720 --> 0:12:05.520 don't play drinking games when you listen to our show. 0:12:05.520 --> 0:12:08.160 Come on. But but even the savings rates rose, ibans 0:12:08.160 --> 0:12:11.280 were basically the best refuge for savers as rates were 0:12:11.280 --> 0:12:13.880 close to ten percent. Now they're closer to seven percent. 0:12:13.960 --> 0:12:17.760 But uh, there's there's still a smart medium term savings 0:12:17.840 --> 0:12:20.440 vehicle for lots of folks and runaway inflation. Of course 0:12:20.480 --> 0:12:23.400 it's a bad thing, but that silver lining has been 0:12:23.600 --> 0:12:26.440 kind of the nice run up in options for savers 0:12:26.520 --> 0:12:28.800 who had few to no options for a lot of 0:12:28.880 --> 0:12:31.840 years and then they got a rainy they fund in 0:12:31.960 --> 0:12:34.320 the savings account. Half a percent was about the best 0:12:34.320 --> 0:12:37.000 you could expect to get. But now we're talking about 0:12:37.320 --> 0:12:41.040 four percent or even more on some of these savings vehicles, 0:12:41.040 --> 0:12:43.480 which is just really good to see. So on the 0:12:43.480 --> 0:12:45.719 flip side. Rates on credit cards have been going up 0:12:46.000 --> 0:12:48.680 that is likely to continue. So pay off that debt quickly, 0:12:48.800 --> 0:12:51.679 very short lived silver lining jewel. Yeah, but at least 0:12:51.679 --> 0:12:55.520 there was something to Yeah, inflation mostly bad and rates 0:12:55.559 --> 0:12:57.960 going up mostly bad for a lot of things, but 0:12:58.200 --> 0:13:00.559 there are some bright spots alongside of it. Sure. And 0:13:00.960 --> 0:13:03.320 in addition to the higher interest rates we've seen our 0:13:03.320 --> 0:13:05.680 credit cards, we've seen higher mortgage rates as well, right, 0:13:05.760 --> 0:13:07.040 I mean we kind of touched on that there at 0:13:07.080 --> 0:13:10.800 the beginning about higher mortgage interest rates, quickly rising price 0:13:10.840 --> 0:13:13.120 of houses. Unfortunately, that has left a lot of folks 0:13:13.160 --> 0:13:15.679 who have been hunting for a place, you know, with 0:13:16.080 --> 0:13:19.160 the housing market just with the inability to purchase a home. 0:13:19.200 --> 0:13:21.160 And so for for those folks, yeah, we would recommend 0:13:21.400 --> 0:13:23.440 to hang in there, continue to stock that money away 0:13:23.840 --> 0:13:26.800 in saving his account. And even though overall the housing 0:13:26.840 --> 0:13:28.920 market it's it's in a tight spot, it's not in 0:13:28.960 --> 0:13:31.000 a good good position right now, but even still there 0:13:31.080 --> 0:13:34.480 is the ability to find a deal on an individual level. Yes, 0:13:34.520 --> 0:13:37.960 mortgage rates are high, Yes, the prices of homes have skyrocketed, um, 0:13:37.960 --> 0:13:40.000 but keep your eyes open, right like, look for those 0:13:40.040 --> 0:13:43.320 for sale, those fisbos look, ask around, talk to your neighbors. 0:13:43.360 --> 0:13:46.120 There is still the ability to to find a deal 0:13:46.440 --> 0:13:49.200 wherever it is that you live. Overall, market trends don't 0:13:49.200 --> 0:13:51.520 look good on a personal level. That doesn't mean that 0:13:51.679 --> 0:13:54.000 you can't find a deal. I think you definitely can. 0:13:54.280 --> 0:13:58.160 Let's keep moving. Let's talk about cryptocurrencies, Joel. So essentially 0:13:58.200 --> 0:13:59.680 everyone's calling what we're in right now it's one of 0:13:59.679 --> 0:14:02.600 like the Doe winter, And I'll say it's right now. 0:14:02.600 --> 0:14:06.280 It's got more crypto symperia, it's like the tundra. It's 0:14:06.280 --> 0:14:09.840 got more like Narnia like elements, right like this crypto dip. 0:14:09.920 --> 0:14:13.200 It certainly feels more like an internal winter where Christmas 0:14:13.360 --> 0:14:15.760 it never comes more than it, you know, does a 0:14:15.800 --> 0:14:19.520 short seasonal about of cold weather. Uh. Even before actually 0:14:19.560 --> 0:14:22.400 we knew about Sam Bankman freed, before we knew about 0:14:22.400 --> 0:14:25.760 the ft X fraud insanity, we asked a friend of 0:14:25.760 --> 0:14:29.320 the show, crypto expert Stacy Marie Ishmael. Uh. We talked 0:14:29.320 --> 0:14:32.560 with her back in episode three. But we're curious as 0:14:32.560 --> 0:14:36.080 to whether or not crypto was going extinct, and that 0:14:36.200 --> 0:14:39.640 was a difficult question to answer. But it's certainly feels 0:14:39.680 --> 0:14:42.000 like crypto was in the right place at the right 0:14:42.040 --> 0:14:45.200 time to take advantage of just the massive influx of 0:14:45.240 --> 0:14:48.600 cash in people's pockets while they were simultaneously forced to 0:14:48.640 --> 0:14:51.160 stay home. Right, It's like, hey, normally you're used to 0:14:51.200 --> 0:14:53.920 spending your money in all of these different kinds of ways. Also, 0:14:54.080 --> 0:14:56.040 you're only used to receiving this much money. We're gonna 0:14:56.080 --> 0:14:58.640 give you this much more money. And then crypto was 0:14:58.680 --> 0:15:01.120 able to slide into those d m and said, hey, 0:15:01.600 --> 0:15:05.600 put your money towards me. Certainly fueled a rise in speculation. Gosh. Yeah, 0:15:05.880 --> 0:15:08.160 So you know, we don't know if the block chains 0:15:08.160 --> 0:15:10.880 ever gonna make a difference in our day to day Um, 0:15:11.400 --> 0:15:13.240 will any of these cryptoc poins, will they have a 0:15:13.320 --> 0:15:16.160 use case scenario? We are not sure of the future 0:15:16.200 --> 0:15:19.920 of that. But two has has taught us anything. It's 0:15:19.960 --> 0:15:23.560 just really it's honestly reinforced our belief that's speculating in 0:15:23.800 --> 0:15:27.200 unregulated markets, that it can have devastating effects on your 0:15:27.240 --> 0:15:30.160 personal finances. Yeah, and some folks at the farm, right, 0:15:30.160 --> 0:15:33.240 they've they've got vast amounts of their investable assets on 0:15:33.280 --> 0:15:36.640 this new form of currency, largely because they saw the 0:15:36.760 --> 0:15:39.560 trend and they wanted to follow the trend. They too 0:15:39.720 --> 0:15:42.480 wanted to make money overnight or quickly, right, and that 0:15:42.520 --> 0:15:45.480 was ill advised. But as assets prices were staring, they 0:15:45.520 --> 0:15:47.480 just they wanted to get on the gravy train, and 0:15:47.480 --> 0:15:49.080 they wanted to make sure they weren't left on the 0:15:49.120 --> 0:15:51.880 sidelines while all their friends were getting rich. They bought 0:15:51.880 --> 0:15:54.280 into even some of the hype of high profile athletes 0:15:54.280 --> 0:15:58.160 and actors touting crypto on Super Bowl ads and Instagram 0:15:58.160 --> 0:16:01.640 ads like the Justin Bieber's of This World and the 0:16:01.760 --> 0:16:04.040 Kim Kardashians, not to mention that Tom Brady's. I mean, 0:16:04.080 --> 0:16:07.800 like lots of influential people. All the celebrities were getting 0:16:07.880 --> 0:16:09.960 n f T s and they had laser eyes in 0:16:10.000 --> 0:16:12.280 their Twitter profiles, and so it just made sense that 0:16:12.320 --> 0:16:15.000 we got in on the boom as well. Right at 0:16:15.080 --> 0:16:17.960 stadiums being named after crypto training platforms. There was so 0:16:18.040 --> 0:16:22.000 much like legitimacy being given to a lot of these 0:16:22.000 --> 0:16:25.280 companies as they associated with high profile people and made 0:16:25.320 --> 0:16:27.120 some of these bigger deals. It felt like it had 0:16:27.160 --> 0:16:30.040 gone mainstream. Yeah, I mean, it basically did, right, I mean, 0:16:30.120 --> 0:16:32.280 not only was it in our popular culture, but then 0:16:32.320 --> 0:16:35.520 the fact that institutional investors were also I mean and 0:16:35.600 --> 0:16:37.520 I think that's only increased this year, and so it's 0:16:37.560 --> 0:16:40.880 not that in that sense there's not still a whole 0:16:40.920 --> 0:16:43.080 lot of attention being given to it, but there was 0:16:43.080 --> 0:16:45.760 certainly way too much of that going on in previous years, 0:16:45.760 --> 0:16:48.240 and we've seen that correction. I mean, I wish we 0:16:48.240 --> 0:16:50.120 were we had gone back and actually pulled some clips 0:16:50.160 --> 0:16:52.160 from what you and I had said this year about crypto. 0:16:52.440 --> 0:16:54.520 We talked about how we invested a very very small 0:16:54.560 --> 0:16:59.120 amount of our personal assets in crypto, very small amount, 0:17:00.000 --> 0:17:02.120 and that was what we have. That's always what we've 0:17:02.120 --> 0:17:04.680 said when it comes to single stocks and crypto investing. Matt, 0:17:04.720 --> 0:17:07.440 now you you invested. We both invested enough to where 0:17:07.680 --> 0:17:09.320 if we lost it all a bitcoin went to zero, 0:17:09.560 --> 0:17:12.639 we wouldn't hear like it has. There's no material impact. 0:17:12.680 --> 0:17:15.000 I don't like losing money, right right, That's not that's 0:17:15.000 --> 0:17:17.080 not what we want, and that's what we told everyone. 0:17:17.119 --> 0:17:19.159 We didn't bet the far throughout, although there were a 0:17:19.200 --> 0:17:22.359 lot of people saying this is the future, getting on 0:17:22.400 --> 0:17:25.240 the ground floor, and a lot of people obviously harmed 0:17:25.280 --> 0:17:27.480 this year in the crypto space, and so what is 0:17:27.560 --> 0:17:30.360 the what is going to hold for crypto? I don't 0:17:30.359 --> 0:17:32.320 know I don't have any predictions, but I did think 0:17:32.320 --> 0:17:35.080 it was interesting. And new survey showed that only eight 0:17:35.119 --> 0:17:37.959 percent of Americans have a positive view of cryptocurrencies. Now 0:17:38.000 --> 0:17:40.280 that seems about right, yeah, and I get it. I 0:17:40.320 --> 0:17:42.200 mean I think I'm surprised it's even that high. But 0:17:42.240 --> 0:17:45.480 even if you're still keen on what the cryptocurrency space 0:17:45.560 --> 0:17:47.640 is going to be able to do moving forward, keep 0:17:47.680 --> 0:17:51.000 your exposure small. It's nothing if not volatile. And so 0:17:51.040 --> 0:17:53.040 even if you believe in it, like do the boring 0:17:53.040 --> 0:17:56.280 stuff first, don't go too hard in an unproven space, right, 0:17:56.359 --> 0:18:00.520 continue to eat your fruits and vegetables and meat whatever 0:18:00.800 --> 0:18:02.840 the USDA recommends. Now, I feel like they always changed 0:18:02.840 --> 0:18:04.440 it up. Like a bread, I think that still recommend 0:18:04.480 --> 0:18:06.760 a lot of bread every few years is still surprising 0:18:06.840 --> 0:18:09.240 to me. Uh. But I mean not only in the 0:18:09.280 --> 0:18:12.960 crypto market, but we've seen massive downturn in just the 0:18:12.960 --> 0:18:15.280 regular stock market as well. And I think that's worth 0:18:15.280 --> 0:18:18.200 mentioning because like, I mean, we we saw a significant 0:18:18.320 --> 0:18:20.760 dip back in when the pandemic hit, but that was 0:18:20.800 --> 0:18:22.359 just a flash in the pan, like literally a few 0:18:22.400 --> 0:18:25.119 months later, we're back to normal. Uh. And so like 0:18:25.160 --> 0:18:27.720 if you erase that, which I kind of do in 0:18:27.760 --> 0:18:30.159 my mind, Like, we haven't seen a bear market like this, 0:18:30.320 --> 0:18:33.359 like I mean, earlier this this year in October, we 0:18:33.359 --> 0:18:35.800 were down something like and so this is the first 0:18:36.240 --> 0:18:39.119 seriously down market that a lot of folks, a lot 0:18:39.119 --> 0:18:41.240 of our listeners have ever experienced. We haven't had something 0:18:41.240 --> 0:18:43.480 like this since two thousand and nine. And I think 0:18:43.520 --> 0:18:46.520 a lot of individuals feel a little bit nervous because 0:18:46.520 --> 0:18:48.840 they're they're they're for the first time, they're realizing that, 0:18:48.960 --> 0:18:50.720 wait a minute, it doesn't always go up into the 0:18:50.800 --> 0:18:53.440 right and so we don't want you to get freaked 0:18:53.480 --> 0:18:55.560