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Speaker 1: Welcome to How the Money. I'm Joel and Matt and

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Speaker 1: today we're discussing Zillo's implosion, your office beckons, and the

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Speaker 1: four oh one extra k So maybe we should have

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Speaker 1: just called it the four one KKU instead of the

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Speaker 1: extra k but uh, but we are going to get

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Speaker 1: to that story, plus several others that we came across

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Speaker 1: this weekend. How it applies to you and your finances

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Speaker 1: real quickly? Did you see that? Why now they talking

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Speaker 1: about up in their prices? Man, speaking of your finances,

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Speaker 1: Like the wine app is stands for you need a budget,

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Speaker 1: which is one of the best sites out there for

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Speaker 1: you to figure out how to budget well. And we've

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Speaker 1: we've loved their mission for a long time. We love

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Speaker 1: what they're up to. But a lot of wine abbers

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Speaker 1: are not so happy right now because it's gonna cost

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Speaker 1: them a little bit or to use winnapp starting next month, right,

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Speaker 1: it's starting December one this year. Uh. Inflation, it's hit,

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Speaker 1: that's true, and definitely hitting the winnabers. What's funny is that,

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Speaker 1: unfortunately folks who use wineap are probably the most likely

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Speaker 1: to notice a price increase like this. It's like, what

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Speaker 1: are you doing. You know, we're gonna see this this

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Speaker 1: price increase. We track our money using your software. But yeah,

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Speaker 1: what do you think about price increase? I mean, I

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Speaker 1: think it's really what is it, fifteen bucks a year?

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Speaker 1: It's for a year increase, yes, yes, And so I

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Speaker 1: think if you're on the month to month payment plan,

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Speaker 1: it's like it's a lot more than that. It's something

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Speaker 1: like thirty thirty five bucks a year difference. But you

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Speaker 1: should pay for it all at once. That's yeah, if

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Speaker 1: you're going to use it. But I think if winnab

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Speaker 1: the average user, I would say, would tell you that

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Speaker 1: that software has saved them thousands of dollars. And it's

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Speaker 1: not that you can't do it by yourself. Like you know, Matt,

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Speaker 1: you like the old Excel spreadsheet style, Oh yes I do,

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Speaker 1: and you don't pay for any sort of fancy software.

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Speaker 1: But for the kind of person who's gonna work for uh,

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Speaker 1: fifteen bucks should not make enough of a difference. And

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Speaker 1: I get it, it's annoying. But if it's if it's

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Speaker 1: helping you, if it's like the perfect organizational tool for

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Speaker 1: you to get your money together, then you should, you

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Speaker 1: know what, take it like a Champ keep paying the

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Speaker 1: extra fifteen bucks a month because it's a it's really

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Speaker 1: good at what it does, all right, forget that. I'm

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Speaker 1: going to provide the counter argument, which is kick wine

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Speaker 1: app to the curve, because I will agree with you,

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Speaker 1: like you said, if you are just getting started, if

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Speaker 1: you're a nube when it comes to budgeting and it's

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Speaker 1: not something you've ever done, then yes, going with something

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Speaker 1: where you've got a little little bit of skin in

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Speaker 1: the game, so you've got some accountability because you are

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Speaker 1: actually spending your money to better your finances in this way,

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Speaker 1: and so in that way I see wind, I'm helping.

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Speaker 1: But if you at the same time, by the way

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Speaker 1: winapp is, it's also actually giving you some of the

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Speaker 1: tools to do better with your money. It's kind of

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Speaker 1: acting like a goad to push you in the right

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Speaker 1: direction totally. But that being said, if you have been

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Speaker 1: budgeting for a while and you are no longer in ube,

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Speaker 1: I want to provide the counter argument and say that

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Speaker 1: this might be a good little nudge, a little push

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Speaker 1: out the nest for you to maybe start budgeting on

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Speaker 1: your own, like using Excel like I do. But that

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Speaker 1: also costs money, and so use something like Libra Office

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Speaker 1: We've talked about them before. Even sheets like you using

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Speaker 1: Google sheets or numbers if you have a Mac. But

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Speaker 1: these are all different options where you have access to

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Speaker 1: software and when you start a new file you can

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Speaker 1: use like a lot of them have built in templates

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Speaker 1: to create a budget, and so it would not be

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Speaker 1: that difficult to literally just manually import your numbers from

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Speaker 1: wineap and be like, Okay, I'm just going to create

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Speaker 1: what's there on here. And that actually makes me think

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Speaker 1: of another thing, Like one of the benefits of wine

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Speaker 1: app is that it has the It basically automatically imports

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Speaker 1: your data right like your transactions, and a lot of

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Speaker 1: folks will say, well, I don't want to have to

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Speaker 1: manually copy things over or type them out, and don't

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Speaker 1: see that as a flaw. I actually see that as

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Speaker 1: a benefit. I literally think that the fact that I

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Speaker 1: have to copy and paste my transactions and place them

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Speaker 1: in the right category that helps Kate and I to

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Speaker 1: rein in our spending. I think it's feature not a bug. Yes,

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Speaker 1: absolutely it it has. It has kept our lifestyle inflation

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Speaker 1: and check, it's kept us from raising our personal debt ceiling,

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Speaker 1: so to speak. Uh, and so instead of seeing that

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Speaker 1: as something that you have to do, see that as

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Speaker 1: a practice. Right. It's sort of like going for a run.

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Speaker 1: Not many people actually enjoy going for a run, but

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Speaker 1: you know that it's good for you and you know

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Speaker 1: that it's going to lead to better outcomes in the futures.

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Speaker 1: Just keep that in mind, please. Okay, So, different reactions

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Speaker 1: for different folks based on the wine ab increase. And

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Speaker 1: I'm curious to hear what how the money listeners are

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Speaker 1: are going to do here and so post in our

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Speaker 1: Facebook group and if you didn't know you had a

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Speaker 1: Facebook group, it's super helpful. Different how the money listeners

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Speaker 1: helping each other out? Go join that, And we'd love

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Speaker 1: to hear your thoughts, like, are you going to take

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Speaker 1: this one lying down and just keep using winnab because it's,

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Speaker 1: you know, basically the best software out there from your standpoint,

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Speaker 1: or are you gonna go in mass direction and say,

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Speaker 1: all right, I'm I'm curbing this hundred dollar a year cost,

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Speaker 1: I'm gonna go d I Y I would I would

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Speaker 1: be curious to yeah. And one other thing, I think

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Speaker 1: this might be the perfect time to share my personal budget.

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Speaker 1: So basically, like the template that I use within Excel.

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Speaker 1: Maybe what we'll do, I'll go in there and wipe

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Speaker 1: out all of my personal information. You don't need to

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Speaker 1: know all of my details, but I will include a

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Speaker 1: file within our show notes for this episode that you

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Speaker 1: can download, and maybe that will work for you. Here

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Speaker 1: you go, free free template from the man himself. All right,

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Speaker 1: let's move on. Let's get to the Friday flight. This

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Speaker 1: sampling of stories we found interesting this week and how

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Speaker 1: they pertain to your finances. In the first one, we've

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Speaker 1: got to talk about the four oh one extra K

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Speaker 1: and so if you're the kind of person who likes

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Speaker 1: to max out their retirement accounts. If you're if you're

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Speaker 1: that type of person, we've got good news for you.

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Speaker 1: The personal contribution limit for your workplace four oh one

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Speaker 1: K just went up by one K, by a thousand dollars.

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Speaker 1: There you go. So instead of dollars like that, that's

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Speaker 1: the limit for this year. Next year, you're gonna be

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Speaker 1: able to contribute twenty thousand. The same is true for

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Speaker 1: fifty seven and four or three B plans. So yeah,

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Speaker 1: if you're a go getter, if you're a max saver,

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Speaker 1: this is music to your ears. You like I can

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Speaker 1: pop more money away for the future, get more tax

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Speaker 1: advantage dollars for my future retirement self. And so yeah,

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Speaker 1: we could say adjust your paycheck contributions accordingly starting at

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Speaker 1: the beginning of next year, so that you're able to

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Speaker 1: take that extra thousand bucks and sticking in that account. Sadly,

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Speaker 1: though no changes for the ira A limits, you're still

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Speaker 1: stuck at six thousand bucks a month, although that does

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Speaker 1: allow for a nice round even five contribution every month

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Speaker 1: in order to max that out. The i R s

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Speaker 1: did increase. They bumped up those income limits. Uh, so

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Speaker 1: you may be eligible to contribute to in ira when

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Speaker 1: maybe you weren't before if you're one of those higher

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Speaker 1: wage earners. Joe, let's talk about working from home, because man,

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Speaker 1: these days, it seems like everything pandemic related is kind

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Speaker 1: of coming back to earth, all the things that blew up,

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Speaker 1: and we're really popular. Last year seemed to be deflating

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Speaker 1: a little bit. Specifically, I'm thinking about like the stock

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Speaker 1: price for Zoom Peloton. They've they've fallen off a cliff.

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Speaker 1: But it is not just like those work from home

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Speaker 1: stocks that are suffering. Employees are being dragged back into

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Speaker 1: the office as well. The Bureau of Labor Statistics. They

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Speaker 1: just published a chart showing the rapid decline of folks

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Speaker 1: who are working from home these days. Back in midsummer

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Speaker 1: of last year, something like thirty of folks we're working

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Speaker 1: from home. Now it is less than twelve percent. It's

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Speaker 1: a surprising, dramatic decrease, especially like last we expect to

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Speaker 1: see a drop off that summer. Last fall, folks were

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Speaker 1: talking about, oh, the future of work has change, if

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Speaker 1: things are going to be different forever, And it's like now,

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Speaker 1: people still want to be able to, you know, work

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Speaker 1: together in teams, see each other in person, can care.

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Speaker 1: At least managers want that. Yeah, that's true. I don't

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Speaker 1: know if all the employees do. And so things are yeah,

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Speaker 1: they're they're kind of getting back to normal all over

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Speaker 1: the place, including the workforce. And so we mentioned this

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Speaker 1: because if you want to keep working from home, you

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Speaker 1: might have to negotiate for your ability to do so.

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Speaker 1: You might have to flex those employee muscles a little bit.

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Speaker 1: It's right. So if you are one of those employees

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Speaker 1: who is being beckoned and you're like, no, I don't

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Speaker 1: want to. You're resisting every fiber in your being but

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Speaker 1: at some point you're not going to a choice. Well,

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Speaker 1: we would say you have options. Given the current state

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Speaker 1: of things, you can always push back on that request

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Speaker 1: or that demand. We've talked about the great resignation right.

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Speaker 1: Employers are feeling it, and if you're a good employee,

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Speaker 1: they don't want you to quit. So yeah, use your

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Speaker 1: desire or your need to work from home as a

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Speaker 1: negotiation tool with your current employer, and if they're not

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Speaker 1: going to budge, you can always test the waters of

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Speaker 1: the job market. Word on the street is there's lots

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Speaker 1: of positions available. We've seen that more positions than actual

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Speaker 1: people looking for jobs, and wages are popping, you know,

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Speaker 1: worker worker pay and benefit increases just set a record

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Speaker 1: for the highest three month increase since they started keeping

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Speaker 1: records on this stuff something like twenty years ago. And so,

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Speaker 1: as we've said before, wage increases are at their highest

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Speaker 1: for those who are switching jobs, not for those who stay.

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Speaker 1: So you might find that you have more flexible benefit opportunities,

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Speaker 1: including working from home. Uh, and you can use that

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Speaker 1: as a negotiation tool with a future employer, and you

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Speaker 1: can even bring back that new job offer with those

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Speaker 1: more flexible terms to your current employer. If you actually

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Speaker 1: want to stay, you don't just have to take it

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Speaker 1: lying down and be a sucker and start commuting again

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Speaker 1: five days a week. That's true. Yeah, this is a

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Speaker 1: conversation I was having actually recently with one of my tenants.

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Speaker 1: We were talking about the state of things, and she

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Speaker 1: mentioned how she hadn't gotten a raise in over two years.

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Speaker 1: Borderline criminal and I do I told her, I was like,

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Speaker 1: I bet there's a good chance that you deserve. You

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Speaker 1: deserve definitely a raise, and one she has a very

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Speaker 1: specific job that can't easily be filled. She works in

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Speaker 1: a research lab here in Atlanta. But secondly, I mean,

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Speaker 1: I think what you want to do is you want

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Speaker 1: to go about this in a way to show improve

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Speaker 1: your value to your employer. You wouldn't necessarily recommend that

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Speaker 1: you just kick in the door and say, hey, I

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Speaker 1: deserve more money, but going through it in a methodical

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Speaker 1: way and prove and showing your accomplishments, you know, like

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Speaker 1: documenting the different projects you've worked on, basically finding any

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Speaker 1: way to quantify the value and what you've brought to

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Speaker 1: that company. Those are the kind of steps that you

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Speaker 1: need to take in addition to maybe coming back to

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Speaker 1: the HR manager with an offer that you got from

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Speaker 1: another penny. Sometimes that's like the big cahuna right there,

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Speaker 1: Like that's the only way to actually get what you want.

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Speaker 1: All of the above approach. Whatever it takes for you

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Speaker 1: to see a fatter paycheck every single month, that's the

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Speaker 1: kind of thing that we want you to do. And

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Speaker 1: you know, jolly, it also might be time to consider

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Speaker 1: working for yourself, you know, become your own boss. Are

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Speaker 1: you firing me? Hey, you work for yourself, I work

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Speaker 1: for myself. We are partners, buddy. Besides the benefit of

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Speaker 1: making your own rules, like drinking beer whenever you want

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Speaker 1: because it's a part of the show as part of

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Speaker 1: the podcast, could get out of hand depending on what

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Speaker 1: your line of working. We have set limits. Uh. But

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Speaker 1: it turns out that entrepreneurs are happier than the standard

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Speaker 1: normal working stiffs out there, but they are also more stressed. Uh.

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Speaker 1: We don't want a glass over that point. But this

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Speaker 1: is according to a new study from King's College, London.

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Speaker 1: And you know, this makes total sense. Entrepreneurs are they're

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Speaker 1: usually pursuing a dream. Entrepreneurs they often find more meaning

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Speaker 1: in work and they and they also just have more

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Speaker 1: autonomy over their time, even if they're spending more other

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Speaker 1: time at work. And just so much of the entrepreneurship

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Speaker 1: versus paid employee discussion comes down to your personality and

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Speaker 1: your desires, and so if you prioritize freedom over you know,

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Speaker 1: basically everything else out there than quitting your day job,

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Speaker 1: that might be the best option for you. Yeah, if

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Speaker 1: you've got that brave heart mentality, right the freedom. Yeah,

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Speaker 1: I'm gonna say it. He totally. I saw you set

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Speaker 1: that ball. You're gonna You're gonna you can spike it.

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Speaker 1: I'm not gonna do it. I agree though, that that is.

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Speaker 1: It's funny most people who end up pursuing entrepreneurship, they

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Speaker 1: end up working more hours, but they're more fulfilling hours

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Speaker 1: and sometimes more stressful hours. But it does lead to

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Speaker 1: higher levels of happiness for most folks who go down

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Speaker 1: that that route. Yeah. Well, and it's worth mentioning too.

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Speaker 1: I mean, in the same report, they highlighted the fact

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Speaker 1: that it doesn't necessarily pay more than the standard nine

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Speaker 1: to five jobs as well, And so it kind of

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Speaker 1: comes down to personality, type of personality. But then just

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Speaker 1: the problem that you're trying to solve, right, because if

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Speaker 1: you have a happiness problem, well then entrepreneurship is definitely

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Speaker 1: going to be something that can address that problem. But

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Speaker 1: if we're talking about money problem, not all entrepreneurs get rich,

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Speaker 1: Like there's a I mean, there's a lot of entrepreneurs

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Speaker 1: out there who fail, uh and find out that it's

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Speaker 1: not for them. In addition to the fact that most

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Speaker 1: of them are making less than they would otherwise. And

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Speaker 1: I'm sure part of that has to do with the

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Speaker 1: fact that you're you're working more hours anyway, so your

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Speaker 1: income kind of gets deluded, uh, your hourly ray goes down. Yeah, exactly,

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Speaker 1: but definitely something to keep in mind. Totally, totally. All right,

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Speaker 1: let's move on. Let's talk about e bikes for a second.

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Speaker 1: There was everyone knows we like bikes, we like e bikes,

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Speaker 1: and there was a recent story from the New York

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Speaker 1: Times reported that e bikes are more popular than electric cars.

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Speaker 1: While I'm all about electric cars personally, used to have

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Speaker 1: that Nissan Leaf. It was it was a lot of

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Speaker 1: fun to drive, even though it had like a forty

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Speaker 1: two mile range something like that. It was pretty pathetic.

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Speaker 1: H And they're getting better these days. I love seeing

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Speaker 1: these stats from the Pew Research Center about how many

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Speaker 1: Americans are adopting ebikes these days. Half a million folks

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Speaker 1: in this country botany bike last year. Matt, that's a lot.

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Speaker 1: That is awesome when you look at the ton of folks.

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Speaker 1: But it just makes me happy about all the folks

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Speaker 1: riding around with smiles on their faces. Exactly. There's so

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Speaker 1: many more people riding e bikes and just biking more

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Speaker 1: in general because e bikes are a thing and because

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Speaker 1: they've gotten good and popularized. But when you look at

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Speaker 1: the numbers, only two hundred and thirty thousand electric vehicles

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Speaker 1: actual cars were sold. That makes e bikes by far

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Speaker 1: the most popular form of electric transportation these days, and

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Speaker 1: projections show that a hundred and thirty million e bikes

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Speaker 1: are likely to be sold between which is crazy worldwide.

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Speaker 1: And so yeah, if you hear us talk about biking

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Speaker 1: a lot, but it goes in one ear and out

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Speaker 1: the other, and you're like, those guys are idiots, and

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Speaker 1: it doesn't work from my lifestyle, and you come up

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Speaker 1: with an excuse every single time. We would say think again,

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Speaker 1: because e bikes are a silver bullet really for so

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Speaker 1: many people. They are that solution to kill a car

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Speaker 1: in your life, or to save on gas and to

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Speaker 1: just enjoy yourself and get some physical activity out there

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Speaker 1: on the bike. For for so many folks who would

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Speaker 1: never get on just a regular traditional bike because hills, right,

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Speaker 1: they suck. Well, e bikes are a good solution. So

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Speaker 1: are good for the heart though, it is, It's true,

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Speaker 1: so if if it works for your lifestyle, though, we

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Speaker 1: would say join the ebike movement, consider getting an ebike

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Speaker 1: selling a car and you know where we love e

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Speaker 1: vs to like electric cars, but e bikes are for

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Speaker 1: most people. They're getting cheaper and they make a whole

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Speaker 1: lot of sense for the way a lot of people live. Totally. Yeah,

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Speaker 1: long time listeners know that we are big fans of bikes.

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Speaker 1: It was actually the very first episode that we ever

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Speaker 1: recorded was about biking. Don't go listen to it because

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Speaker 1: it was I think it was. It was a terrible episode.

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Speaker 1: You might run your ebike into a tree or something.

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Speaker 1: But I will say I am more of a recent

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Speaker 1: e bike converts. I mean I'm still bucking the trend.

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Speaker 1: Like I don't have a bike with motors or batteries

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Speaker 1: hooked up to it yet. Power I used to hate no, Yeah,

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Speaker 1: I've had a diesel powered by someone. Yeah, I call

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Speaker 1: role with my biking. But I did used to hate

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Speaker 1: on e bikes because I felt like it was cheating.

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Speaker 1: But I have gotten over that because of the idea that,

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Speaker 1: like I was convincing myself that well, if you are

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Speaker 1: going to bike more often because you have an e bike,

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Speaker 1: well then that's that's a win and I can get

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Speaker 1: behind that. But it turns out the data also supports this.

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Speaker 1: There's a study recently and they talked about how if

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Speaker 1: you have an e bike your two times at least

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Speaker 1: two times more likely to write it than a traditional bike.

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Speaker 1: And so for all the ebike haters out there, and uh,

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Speaker 1: this is data to back up the fact that more

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Speaker 1: people are biking. Uh, and e bikes are leading to

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Speaker 1: that explosion in bike riding. Yes, I think that is

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Speaker 1: definitely the case. All Right, we got more to get to,

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Speaker 1: including what happened with Zillo the past week or two.

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Speaker 1: It's it's not been good. We'll talk about that and

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Speaker 1: more right after this. All Right, we're back from the break.

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Speaker 1: We've got several other stories we're gonna get to include.

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Speaker 1: We're gonna talk about some real estate we're gonna talk

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Speaker 1: about financial advisors. But first we've got our ludicrous headline

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Speaker 1: of the week the week, and this one was from

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Speaker 1: listener Gary and the headline reads, Christian radio host gets

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Speaker 1: three life prison terms for bilking listeners out of millions

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Speaker 1: of dollars. What a total piece of trash. This guy

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Speaker 1: is out of Texas. Uh. And I can I don't know.

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Speaker 1: We joke about things and we're pretty light hearted, but

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Speaker 1: this one made me really upset. When you steal money

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Speaker 1: from people, and when you use your position in authority

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Speaker 1: to that, when people trust you and then you take

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Speaker 1: their hard earned dollars for your own personal gain. Yeah, no,

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Speaker 1: I think you call that person a piece of trash.

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Speaker 1: Piece of trash for sure. Uh. And this is actually

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Speaker 1: this is affinity fraud, which is one of the most

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Speaker 1: common ways that people get scammed. This is essentially this

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Speaker 1: is what Bernie may Off did. He he ran in

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Speaker 1: the same fancy New York circles as many of the

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Speaker 1: investors he stole from. Uh. And this quote unquote Christian

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Speaker 1: did the same thing. You know, whether it was on radio.

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Speaker 1: He had books that were all centered around religion and

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Speaker 1: faith and money, and he was conning these folks. Uh,

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Speaker 1: and so you know this guy specifically, it felt like

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Speaker 1: a similar con to what like what Bernie was doing,

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Speaker 1: but it does feel even worse though. It's just as

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Speaker 1: common when someone you go to church with or who

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Speaker 1: talks about their faith openly is using that commonality to

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Speaker 1: you know, pray on victims to steal their money. And

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Speaker 1: it also feels worse too since this dirt bag he

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Speaker 1: was also targeting seniors who may not have an opportunity

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Speaker 1: to earn back what they lost. I mean, these these

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Speaker 1: are folks who are they're looking at their Social Security

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Speaker 1: payments and they're not sure if they're gonna have enough

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Speaker 1: money to last them through their retirement. They don't have

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Speaker 1: that ability to make up some of that lost ground,

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Speaker 1: That's right. Yeah, So just word of the wise, when

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Speaker 1: you hear something is too good to be true, it

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Speaker 1: probably is. And the worst kinds of scamps often come

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Speaker 1: from people that are in your community. Um and I

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Speaker 1: hate to say that because because Matt and I put

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Speaker 1: a whole lot of value in community and local community

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Speaker 1: and building that community where you live. But you you

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Speaker 1: have to watch out for yourself because stuff like this

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Speaker 1: goes down. Yeah, this makes me think of like he

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Speaker 1: is a wolf in sheep's clothing, you know, like he

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Speaker 1: is there among the others, like in this case pretending

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Speaker 1: like I would have ventured to say he's not a Christian,

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Speaker 1: right if he's within the circles and taking advantage of people.

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Speaker 1: But aside Christian values, this isn't even like a decent

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Speaker 1: thing for just human beings to do to one another,

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Speaker 1: just generally speaking. And so I would be willing to

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Speaker 1: go out on a limb to say that, at least

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Speaker 1: at the time when he was defrauding these folks. Yeah,

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Speaker 1: so thanks to listener Gary for sending us a really

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Speaker 1: depressing Ludicros headline of the week this week. But let's

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Speaker 1: just go ahead and wrap it up, and now we've

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Speaker 1: got other other good stuff to get to you. But

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Speaker 1: of course we would say scams aren't just limited to

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Speaker 1: grandparents losing their money. There's been a rise of crypto

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Speaker 1: scams that are using social media to con you out

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Speaker 1: of your bitcoin too. This was an article from c

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Speaker 1: net and these scams are often coming from accounts that

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Speaker 1: are impersonating celebrities or other well known individuals, and oftentimes

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Speaker 1: these accounts are verified. They might have the check mark

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Speaker 1: going on up top so they look legitimate. Scammers will

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Speaker 1: work to get an account verified under a pseudonym, and

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Speaker 1: then once they've got that check mark, they'll change names

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Speaker 1: to Elon Musk or something like that, and then the

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Speaker 1: fraud begins. Because we know people listen to pretty much

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Speaker 1: every tweet from Elon Musk. But this is happening on

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Speaker 1: YouTube too, where fraudsters are stealing other folks old videos

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Speaker 1: to impersonate a live event. Then viewers are directed to

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Speaker 1: donate to a charity, or there's a promise that you

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Speaker 1: can win some crypto if you just send a little

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Speaker 1: bit over first, like U S and some of your

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Speaker 1: money over, and then you can be entered into this

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Speaker 1: sweet crypto sweepstakes like a little red Rover game where

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Speaker 1: you end up losing hard. And they should really all

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Speaker 1: be red flags, right, we would say, don't let the

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Speaker 1: urgency that comes with some sort of a live YouTube

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Speaker 1: events or the fomo, the fear of missing out that's

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Speaker 1: accompanied the rise of cryptocurrencies as we've seen Bitcoin and

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Speaker 1: Ether just like skyrocket in value. Don't let that fomo

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Speaker 1: get the best of you. Uh, don't fall prey to

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Speaker 1: these crypto scams, that want to actually siphon your money,

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Speaker 1: not make you rich. That's right, Enjoliat, you mentioned this,

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Speaker 1: but the live events on YouTube that urgency. I think

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Speaker 1: that is the particular strain that's going around right now

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Speaker 1: that makes it seem like this is a limited time event,

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Speaker 1: because in all of these cases, when there's more time,

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Speaker 1: people have the ability to step back, think through it

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Speaker 1: a little bit and they're lamp down the emotion minute, No,

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Speaker 1: that's that's a total scam, or they have time to

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Speaker 1: talk to a friend about it, and then that friends

429
00:20:19,040 --> 00:20:20,879
Speaker 1: saying no, man, that like, you don't need to be

430
00:20:20,920 --> 00:20:22,760
Speaker 1: to doing that. But when you have a live event

431
00:20:22,800 --> 00:20:25,399
Speaker 1: on YouTube, it creates that false sense of urgency and

432
00:20:25,440 --> 00:20:27,880
Speaker 1: it truly does feel like that you have to act now.

433
00:20:28,320 --> 00:20:30,719
Speaker 1: And so keep an eye out for these specific versions,

434
00:20:30,800 --> 00:20:33,720
Speaker 1: this iteration of this, uh, the scam that's been going around. Yes,

435
00:20:33,800 --> 00:20:35,959
Speaker 1: so many of these worst games really prey on that

436
00:20:36,000 --> 00:20:38,680
Speaker 1: sense of urgency. Yeah. It makes me think like back

437
00:20:38,720 --> 00:20:40,800
Speaker 1: in the day, like infomercials where it's like call now

438
00:20:41,400 --> 00:20:43,439
Speaker 1: and then you'll get your free gift, limited time online

439
00:20:43,440 --> 00:20:44,920
Speaker 1: and it's like comes with then not Actually that same

440
00:20:45,080 --> 00:20:47,560
Speaker 1: commercial runs every night for months on night. You thought

441
00:20:47,560 --> 00:20:49,600
Speaker 1: you were only gonna get sixteen nine, You're actually gonna

442
00:20:49,600 --> 00:20:53,639
Speaker 1: get twenty four. Uh, let's keep going. Rich millennials are

443
00:20:53,840 --> 00:20:56,680
Speaker 1: saying no to financial advisors. We we talked about why

444
00:20:57,000 --> 00:21:00,000
Speaker 1: financial advisors, why they're not all bad back in episode

445
00:21:00,000 --> 00:21:02,760
Speaker 1: two of six last year, but they still don't make

446
00:21:02,800 --> 00:21:05,440
Speaker 1: sense for the vast majority of folks, and especially millennials.

447
00:21:05,720 --> 00:21:07,600
Speaker 1: Some folks just first of all, they don't have enough

448
00:21:07,600 --> 00:21:09,400
Speaker 1: money to invest in order to make it worth their

449
00:21:09,400 --> 00:21:12,439
Speaker 1: time and effort. And then many advisers don't offer the

450
00:21:12,480 --> 00:21:16,000
Speaker 1: services that young investors that they're wanting and that they're needing.

451
00:21:16,480 --> 00:21:19,720
Speaker 1: The Wall Street Journal they profiled some younger investors who

452
00:21:19,960 --> 00:21:23,639
Speaker 1: want nothing to do with the old guard of financial advisors.

453
00:21:23,800 --> 00:21:26,240
Speaker 1: They would rather d I Wyatt. That's kind of the

454
00:21:26,520 --> 00:21:29,560
Speaker 1: route that we recommend for a lot of folks to follow. Uh.

455
00:21:29,600 --> 00:21:33,080
Speaker 1: They want to pick their own investments without others input. Uh.

456
00:21:33,080 --> 00:21:35,720
Speaker 1: And there's been a twenty percent uptick in the number

457
00:21:35,760 --> 00:21:38,800
Speaker 1: of young wealthy households who are opting to manage their

458
00:21:38,800 --> 00:21:41,399
Speaker 1: own investments. And generally speaking, I think this is a

459
00:21:41,400 --> 00:21:43,199
Speaker 1: good thing. Yeah, I think there's been an element to

460
00:21:43,240 --> 00:21:46,800
Speaker 1: which technology has solved some of those problems that maybe

461
00:21:47,000 --> 00:21:50,120
Speaker 1: thirty years ago you you might have needed the help

462
00:21:50,160 --> 00:21:52,760
Speaker 1: of a financial advisor, and today it's a lot easier.

463
00:21:52,800 --> 00:21:55,439
Speaker 1: There's a lot more information and technology to help you

464
00:21:55,680 --> 00:21:59,000
Speaker 1: go it alone and do well when it comes to investing.

465
00:21:59,280 --> 00:22:02,199
Speaker 1: But so much of like whether you do opt to

466
00:22:02,280 --> 00:22:05,240
Speaker 1: go the professional advisor route or you opt to do

467
00:22:05,280 --> 00:22:08,800
Speaker 1: it yourself, depends on your specific situation, like if you

468
00:22:08,840 --> 00:22:11,360
Speaker 1: know your own propensity to do dumb things with your

469
00:22:11,400 --> 00:22:14,800
Speaker 1: investment too, Like you're like I've fallen prey to the

470
00:22:14,880 --> 00:22:19,200
Speaker 1: robin Hood speculative trader syndrome, and I'm going I'm I'm

471
00:22:19,240 --> 00:22:21,080
Speaker 1: hopping on the app five times a day, twenty times

472
00:22:21,119 --> 00:22:24,560
Speaker 1: a day, and I'm making moves. While we would say

473
00:22:24,680 --> 00:22:27,040
Speaker 1: an advisor can help you stay the course, you might

474
00:22:27,080 --> 00:22:29,920
Speaker 1: be one of those people who you're trying to allocate

475
00:22:29,960 --> 00:22:32,639
Speaker 1: your money in the right way, but behaviorally you need

476
00:22:32,720 --> 00:22:34,919
Speaker 1: some help. Yeah, you need some handholding or you need

477
00:22:35,000 --> 00:22:36,800
Speaker 1: some coaching. Right. I don't want to say handholding because

478
00:22:36,800 --> 00:22:38,560
Speaker 1: it makes it sound like you're a baby or like

479
00:22:38,600 --> 00:22:40,879
Speaker 1: you're a little toddler, But sometimes you need that coach

480
00:22:40,960 --> 00:22:42,760
Speaker 1: there to be at your side yelling at you, be

481
00:22:42,760 --> 00:22:44,280
Speaker 1: like come on, No, you can do it. Get your

482
00:22:44,280 --> 00:22:45,800
Speaker 1: hand off of the bye button or or the cell

483
00:22:45,880 --> 00:22:48,640
Speaker 1: button right. Or let's say you're in a specific financial

484
00:22:48,760 --> 00:22:51,760
Speaker 1: situation where the stakes are high, you do not want

485
00:22:51,760 --> 00:22:54,560
Speaker 1: to bring in some professional help then to like, for instance,

486
00:22:54,600 --> 00:22:57,280
Speaker 1: a certified student loan professional if you're trying to make

487
00:22:57,320 --> 00:23:00,720
Speaker 1: a decision about how to repay a massive pile of

488
00:23:00,760 --> 00:23:03,000
Speaker 1: student loan debt. If your income is is something like

489
00:23:03,320 --> 00:23:05,359
Speaker 1: seventy or eighty thousand dollars a year, but your student

490
00:23:05,400 --> 00:23:07,879
Speaker 1: loan debt is something like a hundred and fifty thou dollars,

491
00:23:08,200 --> 00:23:10,680
Speaker 1: that might be a place you'd want to go turn

492
00:23:10,720 --> 00:23:14,000
Speaker 1: to for advice. But here's the thing. Only do business

493
00:23:14,040 --> 00:23:17,040
Speaker 1: with an advisor who is a fee only fiduciary. If

494
00:23:17,040 --> 00:23:20,720
Speaker 1: they're not, we would say runaway that you only want

495
00:23:20,760 --> 00:23:24,000
Speaker 1: to do business with that particular brand, that particular flavor

496
00:23:24,119 --> 00:23:27,119
Speaker 1: of financial advisors. Yes, when your incentives are going to

497
00:23:27,160 --> 00:23:30,560
Speaker 1: be aligned. And Jill, speaking of fees, you know, like

498
00:23:30,600 --> 00:23:32,439
Speaker 1: some folks out there might think that a smart way

499
00:23:32,480 --> 00:23:35,720
Speaker 1: to avoid paying fees, you know, directly to an advisor

500
00:23:36,000 --> 00:23:39,199
Speaker 1: might be going with investments that are actively managed. So

501
00:23:39,280 --> 00:23:41,760
Speaker 1: these are the funds that have someone making decisions. You know,

502
00:23:41,840 --> 00:23:44,280
Speaker 1: sometimes they got they have teams of folks who are researching,

503
00:23:44,320 --> 00:23:47,000
Speaker 1: their crunching the numbers, all in an effort, you know,

504
00:23:47,080 --> 00:23:50,280
Speaker 1: so that they're they're fund sees outside returns. And so

505
00:23:50,320 --> 00:23:52,560
Speaker 1: it's where you convince yourself to pay a premium on

506
00:23:52,760 --> 00:23:55,480
Speaker 1: the investment so that you avoid paying a potentially a

507
00:23:55,560 --> 00:23:58,199
Speaker 1: larger premium to an advisor. Well, that's actually wrong. It

508
00:23:58,280 --> 00:24:00,879
Speaker 1: turns out that paying for these fancy uns would be

509
00:24:00,920 --> 00:24:04,040
Speaker 1: a complete waste of money because the recent analysis by

510
00:24:04,040 --> 00:24:08,800
Speaker 1: morning Star demonstrated that only of actively managed mutual funds

511
00:24:09,040 --> 00:24:13,159
Speaker 1: outperformed their passive counterparts in the past twelve months. That

512
00:24:13,280 --> 00:24:16,120
Speaker 1: is a terrible rate of success. And when investors are

513
00:24:16,119 --> 00:24:19,000
Speaker 1: paying on average at least a half a percent higher

514
00:24:19,359 --> 00:24:22,639
Speaker 1: more on fees for actively managed funds, it is not

515
00:24:22,680 --> 00:24:24,760
Speaker 1: going to be worth it. It is not worth it

516
00:24:24,840 --> 00:24:28,359
Speaker 1: to consistently pay more and then basically leaving it to

517
00:24:28,400 --> 00:24:30,439
Speaker 1: a coin flip to determine if you're gonna end up

518
00:24:30,440 --> 00:24:33,320
Speaker 1: beating a passively managed fund like an index fund. So

519
00:24:33,359 --> 00:24:36,200
Speaker 1: don't do it. Instead, just stick with vanguards e T

520
00:24:36,520 --> 00:24:39,000
Speaker 1: S v T I their total stock market fund or VOO.

521
00:24:39,040 --> 00:24:41,760
Speaker 1: The SMP five fund. We believe that is all that

522
00:24:41,800 --> 00:24:45,240
Speaker 1: you need. Yeah, sometimes simple is the most effective and

523
00:24:45,440 --> 00:24:48,000
Speaker 1: simple and cheap. It's the lowest cost. Exactly, it's cheap.

524
00:24:48,000 --> 00:24:50,000
Speaker 1: All right. Let's let's talk about Zillo now, Matt. Let's

525
00:24:50,000 --> 00:24:52,639
Speaker 1: get to that one, because I found this story fascinating

526
00:24:52,760 --> 00:24:54,760
Speaker 1: as a mom of pop real estate investor and as

527
00:24:54,800 --> 00:24:57,119
Speaker 1: someone who likes to go on Zillo. I list my

528
00:24:57,119 --> 00:24:59,640
Speaker 1: rental properties on Zillo and I listed one just last week,

529
00:24:59,720 --> 00:25:02,280
Speaker 1: and it's a great site for that. But there's one

530
00:25:02,280 --> 00:25:05,240
Speaker 1: thing that Zillo is not so great at and everyone

531
00:25:05,280 --> 00:25:07,840
Speaker 1: knows it now. Zilla kind of got pantsed this week,

532
00:25:07,840 --> 00:25:10,520
Speaker 1: I would say, to a certain extent, and they are

533
00:25:10,600 --> 00:25:14,080
Speaker 1: getting out of the house buying game because what they

534
00:25:14,080 --> 00:25:17,280
Speaker 1: had done they were pushing into I buying, buying homes

535
00:25:17,680 --> 00:25:20,720
Speaker 1: and then reselling them, hopefully for a profits. And it's

536
00:25:20,760 --> 00:25:22,760
Speaker 1: kind of become the hot new thing in real estate

537
00:25:22,800 --> 00:25:26,840
Speaker 1: as like multiple Silicon Valley style startups are trying to

538
00:25:26,880 --> 00:25:29,360
Speaker 1: get in on the profit that can be had through

539
00:25:29,400 --> 00:25:32,680
Speaker 1: buying and selling homes. Open Door is a competitor that

540
00:25:32,840 --> 00:25:35,320
Speaker 1: was doing the same thing, and they're actually doing better

541
00:25:35,400 --> 00:25:38,200
Speaker 1: than Zillo with this. But Zillo, as it turns out,

542
00:25:38,560 --> 00:25:40,960
Speaker 1: just could not figure it out, Like they were losing

543
00:25:40,960 --> 00:25:44,120
Speaker 1: money hand over fists, and they actually racked up hundreds

544
00:25:44,200 --> 00:25:46,520
Speaker 1: of millions of dollars in losses and they had to

545
00:25:46,520 --> 00:25:50,879
Speaker 1: cut of their workforce as a result of like just

546
00:25:51,080 --> 00:25:53,639
Speaker 1: bungling this up in a big way. Two thirds of

547
00:25:53,680 --> 00:25:56,560
Speaker 1: the homes they bought they were underwater on. They lost

548
00:25:56,720 --> 00:25:59,119
Speaker 1: a few thousand on some tens of thousands on others,

549
00:25:59,400 --> 00:26:02,760
Speaker 1: and their stock price tank as investors left in droves.

550
00:26:02,800 --> 00:26:05,239
Speaker 1: That's right, And so what Canzilla's recent catastrophe teach us

551
00:26:05,240 --> 00:26:08,920
Speaker 1: about real estate? Well, first, algorithms have a hard time

552
00:26:08,960 --> 00:26:12,080
Speaker 1: with something as unique as real estate houses. They aren't

553
00:26:12,080 --> 00:26:15,000
Speaker 1: made from a cookie cutter mold, uh. And it's hard

554
00:26:15,000 --> 00:26:17,560
Speaker 1: for software to determine how well a house has been

555
00:26:17,560 --> 00:26:19,960
Speaker 1: taken care of or or whether that specific location is

556
00:26:20,000 --> 00:26:22,800
Speaker 1: as good as another house just around the corner, you know.

557
00:26:22,840 --> 00:26:25,880
Speaker 1: And an algorithm it can't smell a weird scent that's

558
00:26:25,920 --> 00:26:28,560
Speaker 1: lurking maybe from a bedroom or a bathroom. And I

559
00:26:28,560 --> 00:26:30,280
Speaker 1: remember trying to buy a house one time and there

560
00:26:30,359 --> 00:26:33,119
Speaker 1: was like loads of cat cat urine in one of

561
00:26:33,119 --> 00:26:35,960
Speaker 1: the bedrooms, and it's like I was there. The purple

562
00:26:36,000 --> 00:26:38,879
Speaker 1: house is right, yeah, and an algorithm just can't attect that.

563
00:26:39,119 --> 00:26:41,240
Speaker 1: I remember that, uh. And so first of all, yeah,

564
00:26:41,240 --> 00:26:44,440
Speaker 1: we we mentioned the the algorithms. The software isn't up

565
00:26:44,440 --> 00:26:47,480
Speaker 1: to snuff. And then second, it's hard to make money

566
00:26:47,480 --> 00:26:50,080
Speaker 1: on a short timeline. You know, Zello was attempting to

567
00:26:50,119 --> 00:26:52,800
Speaker 1: buy homes, do minimal rehab and cleaning, and then to

568
00:26:52,840 --> 00:26:56,560
Speaker 1: flip it for a profit banking on the continued rising

569
00:26:56,760 --> 00:27:00,280
Speaker 1: values of homes. That's a tough business model to pull off.

570
00:27:00,760 --> 00:27:03,040
Speaker 1: And the folks who make money in real estate they

571
00:27:03,040 --> 00:27:06,240
Speaker 1: put more effort and time into rehabs or you know,

572
00:27:06,440 --> 00:27:07,920
Speaker 1: they buy and hold and they rent it out for

573
00:27:08,119 --> 00:27:10,120
Speaker 1: extended periods of time like you and I do. Joel.

574
00:27:10,359 --> 00:27:11,800
Speaker 1: So we mentioned this because we want you to know

575
00:27:11,840 --> 00:27:14,200
Speaker 1: that investing in real estate is way different than buying

576
00:27:14,400 --> 00:27:17,600
Speaker 1: a total stock market index fund. There's a lot more

577
00:27:17,600 --> 00:27:20,280
Speaker 1: friction involved. And it just goes to show that tech

578
00:27:20,640 --> 00:27:23,199
Speaker 1: it you know, it does some things incredibly well, but

579
00:27:23,280 --> 00:27:26,159
Speaker 1: others not so much. We're curious to see how I

580
00:27:26,359 --> 00:27:30,000
Speaker 1: buying well fair in the future, and I you know, honestly,

581
00:27:30,000 --> 00:27:32,119
Speaker 1: I think we will continue to see the technology. It's

582
00:27:32,119 --> 00:27:34,639
Speaker 1: going to stick around, It's going to uh continue to

583
00:27:34,680 --> 00:27:36,879
Speaker 1: grease the skids and allow us to make some of

584
00:27:36,880 --> 00:27:40,520
Speaker 1: these transactions more friction lists. But when it comes to

585
00:27:40,560 --> 00:27:43,000
Speaker 1: the actual decision making and who it is is that

586
00:27:43,000 --> 00:27:45,160
Speaker 1: that's going to purchase the home, like that is still

587
00:27:45,200 --> 00:27:47,440
Speaker 1: going to need to come down to an individual. Yeah,

588
00:27:47,440 --> 00:27:49,320
Speaker 1: and I think for a lot of individuals, testing those

589
00:27:49,320 --> 00:27:52,000
Speaker 1: eye buying waters if you're selling a home makes a

590
00:27:52,000 --> 00:27:54,080
Speaker 1: whole lot of sense, especially if you do have that

591
00:27:54,280 --> 00:27:57,200
Speaker 1: cat you'urn home, because you might find that you get

592
00:27:57,240 --> 00:27:59,600
Speaker 1: more money offered to you by one of the eye

593
00:27:59,640 --> 00:28:02,360
Speaker 1: buyers than you do from an actual human being. When

594
00:28:02,359 --> 00:28:04,760
Speaker 1: you're open house, people walk away like holding their nose

595
00:28:04,880 --> 00:28:06,639
Speaker 1: well and you don't want to turn to the eyebiasye

596
00:28:06,640 --> 00:28:09,640
Speaker 1: what happens. But let's talk about refinances, matt. Let Let's

597
00:28:09,680 --> 00:28:12,119
Speaker 1: say you wanted to stay in your home, and you know,

598
00:28:12,359 --> 00:28:15,120
Speaker 1: rates aren't quite as low as they were earlier this year,

599
00:28:15,359 --> 00:28:18,640
Speaker 1: but they're still near record lows and it doesn't look

600
00:28:18,640 --> 00:28:20,399
Speaker 1: like rates are going to take off like a rocket

601
00:28:20,440 --> 00:28:23,840
Speaker 1: anytime soon. But from from everything we're seeing it, all

602
00:28:23,840 --> 00:28:26,960
Speaker 1: signs point to rates going up in the coming months

603
00:28:27,080 --> 00:28:29,399
Speaker 1: and years. And so it's not gonna shoot up, but

604
00:28:29,440 --> 00:28:33,040
Speaker 1: they will be going up sometime soon ish, exactly. And

605
00:28:33,040 --> 00:28:34,720
Speaker 1: I feel like I've been kind of kind of saying

606
00:28:34,760 --> 00:28:37,000
Speaker 1: that maybe for a while because we've expected the FED

607
00:28:37,040 --> 00:28:39,320
Speaker 1: to raise rates and everything else to follow, but we

608
00:28:39,400 --> 00:28:41,960
Speaker 1: just haven't seen that yet. Yes, and we have seen

609
00:28:42,080 --> 00:28:45,520
Speaker 1: rates take up, you know, noticeably over the past few months,

610
00:28:45,640 --> 00:28:47,600
Speaker 1: but they're still really low, and so it is worth

611
00:28:47,640 --> 00:28:50,600
Speaker 1: looking into whether a refinance is right for you or not.

612
00:28:51,160 --> 00:28:52,880
Speaker 1: If you have owned home for a few years and

613
00:28:52,880 --> 00:28:55,880
Speaker 1: you just have never done it, it is a good

614
00:28:55,960 --> 00:28:59,520
Speaker 1: time still to shop around. And we've got an article

615
00:28:59,560 --> 00:29:01,880
Speaker 1: that will too in the show notes that has some

616
00:29:01,920 --> 00:29:04,200
Speaker 1: food for thought to help you decide. But like I

617
00:29:04,240 --> 00:29:06,600
Speaker 1: just said, shop around, don't do it all in one place.

618
00:29:06,880 --> 00:29:08,760
Speaker 1: And yeah, we've mentioned this on the show before, but

619
00:29:08,800 --> 00:29:11,600
Speaker 1: Credible is a great site where you can do that

620
00:29:11,920 --> 00:29:15,280
Speaker 1: really easily, and you can compare multiple lenders in one place.

621
00:29:15,440 --> 00:29:16,760
Speaker 1: And that's what you need to do. You go to

622
00:29:16,800 --> 00:29:18,840
Speaker 1: your credit union to look on their look on your

623
00:29:18,840 --> 00:29:21,440
Speaker 1: credit union's website, see what rates they're offering. But don't

624
00:29:21,520 --> 00:29:24,040
Speaker 1: just go to one big bank and do that refinance

625
00:29:24,080 --> 00:29:27,400
Speaker 1: because you're gonna overpay. That's gonna do it. For today's episode,

626
00:29:27,440 --> 00:29:29,960
Speaker 1: and we hope you have a great weekend and we

627
00:29:29,960 --> 00:29:31,760
Speaker 1: hope to see you back here on Monday. We'll have

628
00:29:31,880 --> 00:29:34,560
Speaker 1: an ask how the Money episode ready for you. That's right,

629
00:29:34,640 --> 00:29:37,840
Speaker 1: so Joel. Until next time, best friends Out, Best Friends Out,