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Speaker 1: Welcome to had of money.

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Speaker 2: I'm Joel, I'm Matt.

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Speaker 3: Today we're talking accidental landlords, debilitating debt, and the work

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Speaker 3: from home premium.

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Speaker 2: Happy beautiful Friday, everyonek it's beautiful at least where we

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Speaker 2: are actual.

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Speaker 1: Yeah, it is.

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Speaker 2: You know what else was beautiful is the run that

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Speaker 2: I got to go on. I'm sorry.

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Speaker 1: The mustache. Oh thank you, it's coming in nice.

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Speaker 2: I don't know if the mustache is doing it for me.

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Speaker 2: I take that back. I love your mustache, I think there.

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Speaker 2: How's the family taking to it? Yeah, your family is

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Speaker 2: so much more accepting of your mustache than my family was.

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Speaker 2: Even your daughter of my mustache.

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Speaker 3: The other day, she hopped in the car and she said,

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Speaker 3: I like your mustache, not my dad's.

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Speaker 2: I was like, oh, okay, yours is a bit thicker.

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Speaker 2: It's a bit thicker and bushier than mine. Facial hair

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Speaker 2: has always been my nemesis, so that's rare. No, it's

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Speaker 2: I think it's legit. Man. You kind of got like

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Speaker 2: the what's the uh blonde?

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Speaker 1: Bert Reynolds is what I'm coming for? The whitet arp.

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Speaker 2: From is that tombstone?

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Speaker 1: I don't think. Let's be honest and you're just buttering

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Speaker 1: me up.

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Speaker 2: Oh it is good. No, I was gonna say the

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Speaker 2: beautiful morning that we both got to enjoy because we

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Speaker 2: both unplanned went on a run this morning and literally

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Speaker 2: you were running out onto the street that I was

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Speaker 2: on at the same time section and we just kind

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Speaker 2: of like linked up, high fived and immediately started talking

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Speaker 2: about money on our on our un No, you would

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Speaker 2: have been sorely disappointed if that's what you're expecting, just

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Speaker 2: random catchup friend stuff. We did hold hands for a

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Speaker 2: second because we thought it was so funny.

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Speaker 3: And that's what people expect from us at this point,

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Speaker 3: right tied at the hip.

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Speaker 2: Yeah, that's pretty funny. But I know this is our

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Speaker 2: Friday flight. The most pertinent headlines we think to your

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Speaker 2: personal finances. We want to talk about how changes out

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Speaker 2: in the world are impacting your dollars. And first of all, man,

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Speaker 2: let's touch on the government shutdown, because the threats of

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Speaker 2: federal layoffs have actually finally came to pass this week.

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Speaker 2: And by the way, we're not here to assess the

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Speaker 2: political fallout or anything. We're going to stick to the

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Speaker 2: individual financial implication. I want to tell about personal finance here.

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Speaker 3: I forget which department it was in, but I think

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Speaker 3: there was an accidental firing of double the amount of

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Speaker 3: intended people Human services.

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Speaker 1: I don't remember.

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Speaker 2: Yeah, Yeah, roughly four thousand folks across a few different

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Speaker 2: agencies are no longer just furloughed, but they're actually out

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Speaker 2: of a job, and threats of more firings are being

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Speaker 2: made in an attempt to end the shutdown. But it

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Speaker 2: appears that we are still at an impass. But beyond that,

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Speaker 2: close to a million federal workers are still for a

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Speaker 2: load and haven't gotten paid. Although I think I saw

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Speaker 2: the news yesterday was the fact that some of our military,

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Speaker 2: some of our members of the military, they're getting their

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Speaker 2: their checks paid, at least for this paycheck as they're moving, yeah,

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Speaker 2: offing dollars trying to make things happen. But the President

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Speaker 2: has threatened that there will be additional folks who won't

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Speaker 2: receive back pay that's legally due to them. I'm not

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Speaker 2: sure how that would actually play out. I'm sure would

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Speaker 2: end up in courts, but I am almost certain that

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Speaker 2: this is going to have broader economic implications. But I'm

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Speaker 2: just going to.

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Speaker 1: Tee it up for you, Joel.

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Speaker 2: What's the responsibility that we can transfer to ourselves and

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Speaker 2: how we could get by a financial little storm like this.

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Speaker 3: Let's be let's be honest that just the feeling of

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Speaker 3: not getting a paycheck when you're supposed to get one

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Speaker 3: sucks totally, you know, Oh yeah, and.

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Speaker 2: So on say it. I'm seeing I'm teeing it up

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Speaker 2: for you.

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Speaker 3: There's a lot of personal responsibility in play at play

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Speaker 3: in having your finances in order so that you're not

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Speaker 3: terribly impacted by something like this. But thirty six months three, Yes,

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Speaker 3: you're supposed to have thirty six months. That's why it's

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Speaker 3: so important. The emergency fund is so important. But I

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Speaker 3: guess I just I think it's important to speak to

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Speaker 3: the fear and anxiety that people feel when they're like,

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Speaker 3: how long is this going to go on? And how

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Speaker 3: long are is my paycheck going to get punted? And

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Speaker 3: I can maybe I can miss one, but it's hard

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Speaker 3: to miss too. And the truth is, yes, you should

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Speaker 3: have three to six months worth of savings on hand.

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Speaker 3: But we know this, Matt, from all the studies, we

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Speaker 3: see that the vast majority of Americans do not have that,

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Speaker 3: and so it puts them in a really tough place.

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Speaker 3: Where how am I going to get money to cover

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Speaker 3: expenses when a paycheck stops unexpectedly?

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Speaker 1: Sure, And so what's.

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Speaker 2: Really fascinating is the fact that I think a lot

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Speaker 2: of folks who had government jobs probably thought that, oh, yeah,

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Speaker 2: this is a type of work where I don't have

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Speaker 2: to you know what, entrepreneurship. That's not for me. I

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Speaker 2: just want a steady paycheck from the government. And then

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Speaker 2: all of a sudden they find themselves in a situation

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Speaker 2: like this, and they might even be sort of less

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Speaker 2: prepared from a mental standpoint, right, because like, if you

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Speaker 2: are going to launch your own business, you kind of

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Speaker 2: know that, man, it's going to be feast or foula,

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Speaker 2: you know, like instead the ability to.

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Speaker 3: You're ready for the variability of income the entrepreneurship brings,

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Speaker 3: whereas You're right, if you sign up for the steady

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Speaker 3: paycheck life, it feels more like a gut punch. Yeah,

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Speaker 3: that's so yeah, I think too. What this highlights, and

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Speaker 3: this is something we talk about sometimes on the show,

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Speaker 3: is the need for a BBB, a bare bones budget.

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Speaker 3: Oh yeah, and the BBB is ideally something that you

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Speaker 3: would kind of figure out and and and suss out

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Speaker 3: before you hit this point where you don't have money

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Speaker 3: coming in, but also, hey, like if you don't have

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Speaker 3: if you're already in hard times, sometimes you just gotta

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Speaker 3: go with what's gonna work. And the bear bones budget

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Speaker 3: is one of those things that is it's underrated. And

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Speaker 3: what you're doing is you're really separating your needs and

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Speaker 3: your wants and you're saying, well, these are these are

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Speaker 3: just these are things I enjoy saving up for the vacation,

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Speaker 3: or saving up for that new car, or streaming services,

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Speaker 3: whatever it is. I you know, buying stuff on Amazon

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Speaker 3: willy nilly, that's just kind of fun to have, Like

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Speaker 3: buying new clothing, like those are all things that can

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Speaker 3: really be kind of shoved aside until the bleeding is stopped,

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Speaker 3: until the paycheck's resumed. So we have an article up

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Speaker 3: on the site about creating a bar bone budget. The

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Speaker 3: goal isn't to live like that forever, right to not

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Speaker 3: be able to enjoy the fruits of your labor and

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Speaker 3: buy some of those things that you care about that

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Speaker 3: you've put into the wants category. But the goal is

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Speaker 3: too safe for the time being. Wants are off the

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Speaker 3: table until that inflow of cash is restored.

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Speaker 2: It feels like a like an intermittent financial fasting, right,

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Speaker 2: Like you're focusing all the things that are going to

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Speaker 2: allow you to survive, but you're cutting out a whole

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Speaker 2: lot of the other stuff, Joel, As you alluded to

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Speaker 2: in the title of this episode, we are seeing a

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Speaker 2: rise in accidental landlords. There are folks who want to

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Speaker 2: sell their home, but they aren't very enthusiastic about the

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Speaker 2: price that they're able to fetch on the market, and

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Speaker 2: they're finding that renting their home out that it might

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Speaker 2: be a better bet. There's a research group, Parcel Labs,

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Speaker 2: and of course parcel they leave out the E. That's

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Speaker 2: how you know it's a new hit think tank anything.

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Speaker 3: My son was asking the other day about a hat

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Speaker 3: I was wearing and it's from a running company brand.

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Speaker 3: It's called Runner Runner yess that's what they're called. But

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Speaker 3: it's like are in n R? And he was like,

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Speaker 3: what does that spell? And he's in kindergarten, so he's liked,

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Speaker 3: where are the vowels? Man Like, sorry, Bud, He's like,

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Speaker 3: those aren't that's not that's not.

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Speaker 1: A real word. This is how all brand names are made.

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Speaker 2: Yeah, Unfortunately, but this research group found that more homes

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Speaker 2: are being taken off the MLS in order to be

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Speaker 2: rented out rather than being sold for a lesser amount,

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Speaker 2: and this is another sign that the housing market is

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Speaker 2: a little less friendly to sellers these days, and that

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Speaker 2: buyers are likely to see better prices in the coming months,

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Speaker 2: I think. And the housing market it's really complex, man,

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Speaker 2: it's a little fickle, and what happens with race are

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Speaker 2: going to have a significant impact on the buyer demand.

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Speaker 2: But just know that selling a home and running it

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Speaker 2: out are quite different decisions. You've got to be ready

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Speaker 2: to take on the reality of landlording and it might

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Speaker 2: make financial sense, but it might not. And so we

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Speaker 2: would encourage folks to run the numbers. We want folks

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Speaker 2: to consider the time that's going to be involved, that

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Speaker 2: it's more like a part time job as opposed to

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Speaker 2: this passive stream of income. We're just kind of kicking

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Speaker 2: back and just cruising down the stream of cash flow.

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Speaker 1: I don't know.

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Speaker 3: I will say though, that terms such a tough one,

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Speaker 3: the passiving Yeah, just because I think people believe something.

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Speaker 1: That's not actually true. Absolutely absolutely.

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Speaker 2: But I think what could be helpful too is the

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Speaker 2: different folks have heard of the the one way door

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Speaker 2: and the two way door decision matrix in selling your

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Speaker 2: home certainly falls into the category of more of the

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Speaker 2: one way door where you can't easily undo that. You

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Speaker 2: can't get your house back, You can't hit command Z,

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Speaker 2: you can't you can't undo that transaction and say you

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Speaker 2: know what, actually I don't want to do that anymore. No, sorry,

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Speaker 2: you don't have that three and a quarter percent mortgage anymore.

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Speaker 2: You sold that, You sold that house. As opposed to

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Speaker 2: a two way door where you can I think Jeff

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Speaker 2: Bezos actually is the one. He coined this or made

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Speaker 2: it popular. But like a two way door allows you

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Speaker 2: to experiment, try things out at a very low cost,

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Speaker 2: and because it's no big deal if it doesn't work out, well,

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Speaker 2: no harm, no foul.

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Speaker 1: Yeah I hate landlording.

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Speaker 2: Well you can already that pretty quick, exactly exactly. And

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Speaker 2: so I think that being said, if you know you

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Speaker 2: are and did potentially in being a landlord, and you

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Speaker 2: have a house and you're not it's sat there on

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Speaker 2: the market, it's definitely something to consider.

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Speaker 3: Makes me think actually of a house right around the

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Speaker 3: corner from ust Matt that was listed for well, I

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Speaker 3: think nine hundred thousand and ended up selling for less

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Speaker 3: than six hundred thousand.

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Speaker 2: Right, Oh yeah, yeah, like I know what's what you're

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Speaker 2: talking about.

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Speaker 1: Yeah, because we looked up the records.

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Speaker 3: We were curious to see what it sold for after sold,

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Speaker 3: and we're like, oh my gosh, I did not realize

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Speaker 3: it sold for that much less than asking price. So

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Speaker 3: sometimes that that bitter reality hits you in the face

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Speaker 3: when you were assuming, based on the listing prices of

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Speaker 3: homes around, you were gonna get a lot more. But

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Speaker 3: the market isn't quite what it used to be, and yeah,

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Speaker 3: it might be a lot.

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Speaker 2: We'll say this particular home, I think they were shooting

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Speaker 2: for the moon. Yeah, then they probably realized, oh lady,

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Speaker 2: this house hasn't been touched in forty years.

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Speaker 1: There's a lot of a lot of issues with it.

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Speaker 3: So I feel like I'm seeing a lot more multi

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Speaker 3: hundred thousand dollars price cuts on homes, just people shooting

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Speaker 3: for the moon and realizing the market ain't there. And

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Speaker 3: another reason homeowners are staying put I think two which

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Speaker 3: is making things difficult in the market, matters because they're

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Speaker 3: going to owe tax if they sell. Because if someone

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Speaker 3: has owned a home for a long time, and the

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Speaker 3: value of their home has appreciated significantly. Capital gains taxes

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Speaker 3: are going to kick in right if they were to sell,

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Speaker 3: which offers another reason to stay put. It's it's not

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Speaker 3: just oh, I'm abandoning a three percent mortgage. It's gosh,

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Speaker 3: my home is worth eight hundred thousand dollars more than

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Speaker 3: it used to be, and I don't want to pay

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Speaker 3: forty five thousand dollars in tax because of it. This

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Speaker 3: is particularly true for many older homeowners who live in

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Speaker 3: expensive markets. But Business Insider had an interesting article about

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Speaker 3: whether or not capital gains taxes on primary homes should

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Speaker 3: just be eliminated altogether, and similar to a lot of legislation,

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Speaker 3: this hasn't been updated since nineteen ninety seven. So if

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Speaker 3: we were to index inflation for inflation caps on what

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Speaker 3: you would pay from a tax perspective when you sold

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Speaker 3: your home, they wouldn't be what they are right now,

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Speaker 3: which is two hundred and fifty thousand for single individuals

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Speaker 3: and five hundred thousand dollars for people married filing jointly.

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Speaker 3: They'd be something like double that. Maybe five hundred thousand

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Speaker 3: and a million dollars would be the exclusion.

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Speaker 2: Doesn't surprise me.

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Speaker 3: Yeah, but this happened in ninety seven, and so they

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Speaker 3: would be even higher, by the way, if they were

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Speaker 3: indexed to home price growth. But this is something that

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Speaker 3: we as individuals don't really have any control over. But

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Speaker 3: it is interesting food for thought that is just a

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Speaker 3: kind of another lock in mechanism, that is, I think,

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Speaker 3: hampering home sales. And if something were to be done

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Speaker 3: from a legislation perspective, which again I think there are

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Speaker 3: a couple of different proposals, one to eliminate and then

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Speaker 3: one just to increase like that, that could actually move

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Speaker 3: things forward.

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Speaker 2: Yeah, those capital gains are just one of the manufacturers

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Speaker 2: keeping houses from being on the market being opened up

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Speaker 2: for folks who really want to live there. Let's touch

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Speaker 2: on the cost of utilities. Man, Inflation has calmed down

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Speaker 2: in many parts of the economy, but certainly not all parts.

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Speaker 2: And we've recently discussed how how much more expensive healthcare

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Speaker 2: is getting, but electricity prices are going up at a

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Speaker 2: similar ten percent clip year over year.

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Speaker 3: Do you blame artificial intelligence and the power sucking to idea? Actually, yeah,

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Speaker 3: it has a lot to do with It's got to

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Speaker 3: be part of it. I literally went too chachipt to

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Speaker 3: ask it if it was the problem behind higher electricity

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Speaker 3: product crisis, and it was like, hey, dude, list and

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Speaker 3: this is a multi fasted problem.

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Speaker 2: Don't just play me. But wasn't getting defensive, But yeah,

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Speaker 2: it might be part of it. You're picking up on

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Speaker 2: the tone.

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Speaker 3: No, it was pretty straightforward in its approach. But it

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Speaker 3: was funny how it was like trying not to take

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Speaker 3: all the blame.

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Speaker 2: What's so crazy is? I mean? I saw I just

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Speaker 2: saw the headline yesterday. I didn't read it, but talking

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Speaker 2: about how the AI data centers they're building their own

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Speaker 2: power plants because of the amount of electricity that they

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Speaker 2: are requiring. And you were recently in Memphis, which is

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Speaker 2: where Elon Musk's newest the Colossus. Did you swing by there?

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Speaker 2: No he didn't. Friend of the show. Yeah, yeah, are

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Speaker 2: the world's richest buddy. He didn't give you a tour?

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Speaker 1: But no, he didn't.

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Speaker 3: It wasn't it Microsoft that bought a defunct nuclear power

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Speaker 3: plant trying to bring it back online.

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Speaker 2: So it's crazy, yeah, but it also it makes a

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Speaker 2: ton of sense because it's it almost seems like AI

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Speaker 2: has become this public utility. But oh, no, no, no,

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Speaker 2: we In that sense, it is sort of like a

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Speaker 2: public utility because we are all paying the price to

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Speaker 2: a certain extent in higher electricity prices. But it makes

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Speaker 2: sense though that seventy eight percent of folks are saying

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Speaker 2: that their energy bills just across the board are a

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Speaker 2: source of stress. And so one tip if you live

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Speaker 2: in a state where you can shop with different natural

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Speaker 2: gas marketers, we'll certainly do that. And there are all

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Speaker 2: sorts of other ways to make your home more efficient

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Speaker 2: and still get tax credits for doing it at the

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Speaker 2: end of the year, right, yeah, well, and yeah, and

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Speaker 2: depending on the state as well, Like so for instance,

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Speaker 2: our local there's we've a tax rebate for thermostats. Yeah,

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Speaker 2: and guess what, I didn't replace all my thermistats this year,

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Speaker 2: just the ones you get, just the two because I'm

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Speaker 2: wait until next year. Yeah, because those are still going

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Speaker 2: to be there. But you can also make other changes

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Speaker 2: to use less energy as well. I'm thinking of the

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Speaker 2: ability to wear warmer clothes so you can lower thermistat temperature.

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Speaker 3: Thanks dad, I can't wait. Man, you sound just like

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Speaker 3: my dad, but now I'm a dad and I say

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Speaker 3: the same. No, that's what's it's crazy? I think about

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Speaker 3: one of our daughters and she loves and I know

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Speaker 3: you've got a daughter this way too. What is up

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Speaker 3: with these girls they love? Like in the summer months,

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Speaker 3: they're wearing these very warm robes. Yeah, and then they're

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Speaker 3: one in the air to be a little bit cooler.

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Speaker 3: And I go in her room and the fans on

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Speaker 3: full blast. It's like a like a wind tunnel, and

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Speaker 3: they're so typical dad fashioned. I say, hey, sweetie, you

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Speaker 3: know if you took off your robe and only Warrior

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Speaker 3: Jamie's you could lower the fan from high on to

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Speaker 3: low that way. It wasn't you know your your mouth

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Speaker 3: wouldn't get so dried out in your eyes are so

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Speaker 3: dry because the wind's.

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Speaker 1: Blowing so hard. I don't quite understand.

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Speaker 2: She just stares at me with that like that blank

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Speaker 2: preatine stare like that, you don't understand anything.

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Speaker 1: We're at the.

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Speaker 3: Point now in their progress as adolescents where I think

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Speaker 3: they really think we they're getting the point where they

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Speaker 3: don't they think they know more than us.

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Speaker 2: Yeah, yeah, they think we're idiots. I don't know how

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Speaker 2: I feel about this, but in some ways we are idiots.

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Speaker 2: That's true some ways, we are not.

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Speaker 3: They're pointing out the truth in some ways. But yeah,

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Speaker 3: I think it's important to note that the tax credits

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Speaker 3: for a lot of these home, these green improvements, they

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Speaker 3: are federal tax credits. Yeah, through the end of the year.

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Speaker 3: And one of the things I think Matt people don't

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Speaker 3: consider is insulation. And this is a DIY project you

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Speaker 3: can do. I've done it in the past. You can

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Speaker 3: like rent that gear by the product and hurl it

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Speaker 3: into your attic and it's not that difficult. Me and

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Speaker 3: a buddy did it in like hour and a half,

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Speaker 3: like insulating the attic at one of my old houses.

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Speaker 3: And so think about that, and then just think about

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Speaker 3: how much you can save. You can get it deeply

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Speaker 3: discounted thanks to the federal government, and then at the

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Speaker 3: same time you're going to reduce those those energy costs.

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Speaker 3: So and then there might be another way to save

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Speaker 3: Matt outside the box way here. Space heaters could be

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Speaker 3: a good way to save money this one.

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Speaker 2: Or like inside the box space heater box.

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Speaker 1: Yeah, I guess they come into box.

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Speaker 2: I was just trying to lean into the whole Dad

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Speaker 2: Dad jokes.

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Speaker 3: Well seen at ran the numbers which I appreciated specifically

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Speaker 3: about how much a save space heater can save if

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Speaker 3: you opt to use that, and they can basically save

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Speaker 3: depending on how you're getting your energy where you live

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Speaker 3: in the country. They can help you save hundreds of

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Speaker 3: dollars a year if you use it. And this is

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Speaker 3: really important to heat specific spaces over keeping the heat

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Speaker 3: on throughout your home. So this I think, yeah, especially Matt,

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Speaker 3: for people who work from home, who maybe they're alone

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Speaker 3: in the house and they don't need to heat the

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Speaker 3: whole entire house. They can turn the temp way down

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Speaker 3: this winter and they just have their space heater warming

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Speaker 3: up their little space you're heating. Instead of heating twenty

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Speaker 3: five hundred square feet, you're heating three hundred square feet,

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Speaker 3: whatever it is. I think not heating the whole house,

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Speaker 3: but just the space you're using is a smart way

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Speaker 3: to go. And this is going to be actually even

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Speaker 3: more impactful for people who live in the States where

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Speaker 3: home heating oil is the main source of energy because

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Speaker 3: it is a much more expensive form of energy.

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Speaker 2: Yeah, heating oil and propane.

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Speaker 3: Yeah, less helpful if you use natural gas, But I

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Speaker 3: think it's also even more helpful if you have a

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Speaker 3: larger home, because yeah, if you're turning on the heat everywhere,

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Speaker 3: and the bigger your house is, the more you're spending

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Speaker 3: to keep that house warm.

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Speaker 2: Yeah. Yeah. What I like what you said though about insulation, though,

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Speaker 2: is that that is a passive form of energy saving.

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Speaker 2: Whereas the space heater, though it's better than heating the

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Speaker 2: whole house, it's still active, it's still costs you money.

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Speaker 2: And so yes, heating let's say, one floor as opposed

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Speaker 2: to the entire house, is better than heating the whole house.

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Speaker 2: And yes, heating one room is better than heating the

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Speaker 2: entire floor. But you know what's better than heating an

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Speaker 2: entire room just heating yourself. And uh, put that roadback on, sweet,

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Speaker 2: because it's winter.

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Speaker 3: And you know what you're you're probably number one tip

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Speaker 3: to stay warm in the winter. What am I gonna say?

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Speaker 2: Oh, man, I can't wait to start drinking hot water. Water.

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Speaker 2: We definitely aren't in that season yet.

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Speaker 3: But occasionally, every once in a while, you it's too hot,

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Speaker 3: you burn your tongue, and I look over that and

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00:17:49,880 --> 00:17:52,159
Speaker 3: you're like, oh, I feel bad for you.

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Speaker 2: I yeah, I have gotten better about always testing the

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Speaker 2: water before chugging it, but uh, Okay, one other monthly

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Speaker 2: cost that's been going down the price of cell service,

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Speaker 2: and Mint Mobile is pushing to make the same true

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Speaker 2: of home internet.

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Speaker 1: They've got a thirty.

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Speaker 2: Dollars a month for at home five G internet plan.

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Speaker 2: This is if you already have a mit mobile plan.

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Speaker 2: But that's pretty great. This is another more competition, ways

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Speaker 2: to integrate lower prices or ways for us to be

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Speaker 2: or to have available to us some of these different providers.

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Speaker 1: I love that.

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Speaker 3: Well, for the longest time it was cable company and

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Speaker 3: phone companies where you can get internet from. And now

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Speaker 3: that you can get them get you know, internet service

415
00:18:31,920 --> 00:18:35,200
Speaker 3: five G from a bunch of different players now, which

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Speaker 3: we talked about not too long ago. But it's nice

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Speaker 3: to see mint Mobile entering this space as well. Thirty

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Speaker 3: bucks a month. And I was looking at the speeds.

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Speaker 3: If you look at they have like their little cards

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Speaker 3: almost like nutrition fact labels, telling you about how fast

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Speaker 3: your download speeds are going to be. They're pretty fast.

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Speaker 3: I mean they're not a terabyte, but they're like, you

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Speaker 3: don't need a terabyte. Somebody between one hundred and thirty

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Speaker 3: and four hundred megabyte, which which is.

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Speaker 2: Most that's what most people need me, right, most people

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Speaker 2: don't even need that much. Yeah, that's crazy. So if

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Speaker 2: you're gonna be a serious techie, if you're w in

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Speaker 2: over five hundred.

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Speaker 3: I think saw a Facebook post in the how to

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Speaker 3: Money Facebook group this week someone said, I spent fifty

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Speaker 3: six minutes on the phone to try to lower my

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Speaker 3: internet bill. But hey, I saved sixty bucks a month.

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Speaker 3: That's a lot of money to save that much money.

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Speaker 3: But if this might be one of those ways where

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Speaker 3: you don't actually have to get on the phone with anybody.

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Speaker 3: You literally just go to mint Mobile's website, you sign

437
00:19:24,119 --> 00:19:26,120
Speaker 3: up for this thing. The equipment is free as well.

438
00:19:26,119 --> 00:19:28,320
Speaker 3: There's no extra fews for that. So thirty bucks a

439
00:19:28,320 --> 00:19:30,119
Speaker 3: month will save a lot of people out there listening

440
00:19:30,320 --> 00:19:31,720
Speaker 3: quite a bit of money, and they'll still get pretty

441
00:19:31,720 --> 00:19:32,320
Speaker 3: fast internet.

442
00:19:32,359 --> 00:19:33,840
Speaker 2: That's right. I would even say that that is a

443
00:19:33,880 --> 00:19:36,440
Speaker 2: form of creative destruction, Joel. Which is another story that

444
00:19:36,440 --> 00:19:38,960
Speaker 2: we're going to get to. We'll touch on the perceived

445
00:19:39,040 --> 00:19:42,240
Speaker 2: importance of college and more right after the break.

446
00:19:49,800 --> 00:19:50,680
Speaker 1: All right, Matt, we're back.

447
00:19:50,920 --> 00:19:53,359
Speaker 3: Let's get to the Ludacris headline of the week. Da

448
00:19:53,400 --> 00:19:56,000
Speaker 3: Luda this one cous Does he appear like in the

449
00:19:56,000 --> 00:19:57,080
Speaker 3: state farm commercials.

450
00:19:57,680 --> 00:19:59,760
Speaker 2: When you do that, that's just our new little jingle

451
00:20:00,240 --> 00:20:00,840
Speaker 2: Ducas headline.

452
00:20:01,000 --> 00:20:01,800
Speaker 1: Okay, I like it.

453
00:20:02,040 --> 00:20:04,800
Speaker 3: So this one comes from CNBC and it says attending

454
00:20:04,840 --> 00:20:07,040
Speaker 3: a wedding can cost you as much as a typical

455
00:20:07,160 --> 00:20:10,960
Speaker 3: month's rent. And this is not getting married. This is

456
00:20:11,000 --> 00:20:13,200
Speaker 3: not throwing a wedding. This is going to a wedding.

457
00:20:14,080 --> 00:20:16,920
Speaker 3: This is a study from Zillow which found that going

458
00:20:16,960 --> 00:20:19,840
Speaker 3: to like being involved in the wedding party, essentially going

459
00:20:19,840 --> 00:20:23,040
Speaker 3: to the bachelor bachelorette party plus travel, that's going to

460
00:20:23,119 --> 00:20:26,880
Speaker 3: cost the average attendee more than two thousand bucks, which

461
00:20:26,920 --> 00:20:32,879
Speaker 3: I think just slightly over the typical renters monthly rent.

462
00:20:34,080 --> 00:20:36,240
Speaker 3: And Matt, you and I were no longer in the

463
00:20:36,440 --> 00:20:38,640
Speaker 3: friends getting married phase of our lives. We talked about

464
00:20:38,680 --> 00:20:41,920
Speaker 3: that recently. We're no longer in the friends that are

465
00:20:41,960 --> 00:20:44,320
Speaker 3: getting or having kids phase of our lives, although I

466
00:20:44,320 --> 00:20:45,880
Speaker 3: guess that still happens on occasion.

467
00:20:46,080 --> 00:20:49,240
Speaker 2: Yeah, we're hey, you speak for yourself. I hold babies occasionally.

468
00:20:49,320 --> 00:20:50,000
Speaker 1: You old babies too.

469
00:20:50,040 --> 00:20:52,119
Speaker 2: Oh baby, We've got plenty of friend who are having babies. Okay,

470
00:20:52,200 --> 00:20:55,960
Speaker 2: I'm just saying personally, we are not. I'm saying we're old,

471
00:20:56,040 --> 00:20:57,080
Speaker 2: we don't fingers crossed.

472
00:20:57,119 --> 00:20:58,560
Speaker 1: I'll go to weddings as much as they used to.

473
00:20:58,560 --> 00:21:00,440
Speaker 2: Know, And that's actually kind of sad. Weddings are a

474
00:21:00,480 --> 00:21:01,919
Speaker 2: ton of fun. They are so fun, so much fun. Well,

475
00:21:01,920 --> 00:21:03,600
Speaker 2: you definitely go to a lot less than you used to.

476
00:21:04,040 --> 00:21:06,480
Speaker 3: Used to photograph them, used to be there, be there

477
00:21:06,480 --> 00:21:09,679
Speaker 3: all the time, right, But I guess I too. I

478
00:21:09,840 --> 00:21:11,800
Speaker 3: just I feel for young folks who are put in

479
00:21:11,800 --> 00:21:15,240
Speaker 3: this position. I remember being in that position of someone saying, hey,

480
00:21:15,520 --> 00:21:18,840
Speaker 3: be in my wedding, and it'll be and I'm like, yeah,

481
00:21:18,880 --> 00:21:20,520
Speaker 3: you're my friend. I would love to be in your wedding.

482
00:21:20,800 --> 00:21:22,600
Speaker 3: And then you're like they're like, oh, you gotta buy

483
00:21:22,600 --> 00:21:25,320
Speaker 3: this suit, and you need to travel here, and we're

484
00:21:25,320 --> 00:21:28,080
Speaker 3: gonna throw this party, and like there were all these

485
00:21:28,119 --> 00:21:33,280
Speaker 3: expenses that were expected from from you as a participant

486
00:21:33,320 --> 00:21:35,560
Speaker 3: in the wedding. And that can feel especially as someone

487
00:21:35,560 --> 00:21:37,360
Speaker 3: who's trying to be frugal, trying to save money, trying

488
00:21:37,400 --> 00:21:40,280
Speaker 3: to make progress. And typically when you're in that young

489
00:21:40,280 --> 00:21:42,200
Speaker 3: phase of life, it's not like you got tons of

490
00:21:42,240 --> 00:21:44,280
Speaker 3: money rolling in and you're like, oh, yeah, this is

491
00:21:44,280 --> 00:21:46,800
Speaker 3: no big deal. It's like two thousand bucks feels like

492
00:21:46,880 --> 00:21:48,359
Speaker 3: a lot of money in a lot of money your

493
00:21:48,440 --> 00:21:50,800
Speaker 3: mid twenties, right, but there's a lot.

494
00:21:50,640 --> 00:21:52,919
Speaker 2: Of money in your even if someone were to be

495
00:21:52,960 --> 00:21:55,720
Speaker 2: in their mid forties, on the mid forties, even if you're.

496
00:21:55,600 --> 00:21:59,160
Speaker 1: Getting close up early forties. Baby, Do you think there are.

497
00:21:59,040 --> 00:22:01,199
Speaker 3: Still ways though, for people be able to tone down the

498
00:22:01,240 --> 00:22:02,479
Speaker 3: cost of stuff like that.

499
00:22:02,520 --> 00:22:03,480
Speaker 1: I mean, I think maybe.

500
00:22:03,680 --> 00:22:06,800
Speaker 2: Having conversations, yeah, and there's ways to even I think

501
00:22:06,840 --> 00:22:08,960
Speaker 2: be involved in the planning a little bit, Like you're

502
00:22:08,960 --> 00:22:11,400
Speaker 2: talking about bachelor. Maybe not the actual wedding, but when

503
00:22:11,400 --> 00:22:14,399
Speaker 2: it comes to the plans for a bachelor or a

504
00:22:14,400 --> 00:22:16,960
Speaker 2: bachelorette party, it's like, hey, guys, maybe we don't order

505
00:22:17,000 --> 00:22:20,760
Speaker 2: that bottle of crystal hall because it's too infuensive for

506
00:22:20,840 --> 00:22:22,280
Speaker 2: my taste. Why it is that? Anyone?

507
00:22:22,760 --> 00:22:22,840
Speaker 1: Like?

508
00:22:22,960 --> 00:22:25,760
Speaker 2: Why is that? That is? Even? The thing is like

509
00:22:25,800 --> 00:22:29,160
Speaker 2: mind blowing, Like just the whole club culture, like ordering

510
00:22:29,160 --> 00:22:31,320
Speaker 2: a bottle at a club, being there with a bunch

511
00:22:31,320 --> 00:22:32,840
Speaker 2: of other people who are also doing the same thing,

512
00:22:32,880 --> 00:22:35,640
Speaker 2: Like why would you not do that in your own

513
00:22:35,680 --> 00:22:37,800
Speaker 2: home or like a place that you would rent on area.

514
00:22:37,840 --> 00:22:40,280
Speaker 2: It's such an old school way of doing things, but.

515
00:22:40,359 --> 00:22:43,160
Speaker 3: It still happens. Your friend blowing. I'll buy the case

516
00:22:43,160 --> 00:22:44,920
Speaker 3: of beer. Let's do board game n at my house.

517
00:22:45,200 --> 00:22:48,280
Speaker 3: That's the bachelor party, right, Yeah, make the suggestion like.

518
00:22:48,280 --> 00:22:50,720
Speaker 2: That, although I will say, I mean, we want folks

519
00:22:50,760 --> 00:22:52,879
Speaker 2: to be there for their friends. But yes, if you

520
00:22:52,960 --> 00:22:55,120
Speaker 2: have especially if you have other financial goals, I think

521
00:22:55,160 --> 00:22:58,119
Speaker 2: find a way to do it a little bit more

522
00:22:58,320 --> 00:23:01,600
Speaker 2: on the frugal side. But prices or what it is

523
00:23:01,600 --> 00:23:03,720
Speaker 2: that folks were spending on weddings have it has gone

524
00:23:03,760 --> 00:23:05,600
Speaker 2: down in the past twenty years pretty significantly?

525
00:23:06,000 --> 00:23:06,880
Speaker 1: Really Yeah?

526
00:23:06,920 --> 00:23:09,560
Speaker 2: Okay, well, I mean, like not the actual prices, Like

527
00:23:09,560 --> 00:23:12,680
Speaker 2: when you adjust for inflation, it peaked around two thousand

528
00:23:12,680 --> 00:23:15,159
Speaker 2: and seven, the amount of money that folks were spending on,

529
00:23:15,200 --> 00:23:16,840
Speaker 2: and so it's it's I think it's around like twenty

530
00:23:16,880 --> 00:23:19,600
Speaker 2: five percent less now than it was twenty years ago.

531
00:23:19,600 --> 00:23:21,640
Speaker 3: Wedding's just aren't that crazy matter in the same way.

532
00:23:21,720 --> 00:23:23,840
Speaker 2: So yeah, I think folks are just they're just spending

533
00:23:23,920 --> 00:23:27,600
Speaker 2: much less on getting married and all the events surrounding

534
00:23:27,640 --> 00:23:29,239
Speaker 2: the wedding. Folks I think, I mean, folks obviously are

535
00:23:29,240 --> 00:23:31,359
Speaker 2: still getting married, but they're just not throwing the massive

536
00:23:31,359 --> 00:23:34,920
Speaker 2: traditional parties that one might assume needs to be thrown

537
00:23:35,000 --> 00:23:39,240
Speaker 2: as opposed to more alternative ways to elope or to

538
00:23:39,240 --> 00:23:41,680
Speaker 2: get married at the courthouse and then hey, we're running

539
00:23:41,720 --> 00:23:45,840
Speaker 2: out our favorite little restaurant here. Everyone's invited. That's basically

540
00:23:45,920 --> 00:23:47,439
Speaker 2: the reception, right like that, think about how much more

541
00:23:47,440 --> 00:23:50,040
Speaker 2: affordable that is and throwing like a one hundred and

542
00:23:50,040 --> 00:23:52,240
Speaker 2: fifty percent wedding. Yeah, that's going to cost you thirty

543
00:23:52,280 --> 00:23:52,919
Speaker 2: thousand dollars.

544
00:23:52,920 --> 00:23:55,000
Speaker 3: So I think I think young people to maybe what

545
00:23:55,040 --> 00:23:58,119
Speaker 3: this speaks to as well is that they're they're thinking

546
00:23:58,160 --> 00:24:00,920
Speaker 3: about those bigger financial decisions are coming up for them,

547
00:24:00,920 --> 00:24:02,680
Speaker 3: including wanting to buy a house.

548
00:24:03,560 --> 00:24:03,800
Speaker 1: Yeah.

549
00:24:03,840 --> 00:24:05,840
Speaker 3: Instead they're saying, like, should we spend all this money

550
00:24:05,920 --> 00:24:10,239
Speaker 3: on a party a single day? And I think that, Like,

551
00:24:10,280 --> 00:24:12,159
Speaker 3: I love the party atmosphere, like I love that the

552
00:24:12,240 --> 00:24:13,800
Speaker 3: weddings are so much fun. I think back on mine

553
00:24:13,800 --> 00:24:15,240
Speaker 3: with tons of fondness, and I wouldn't want to do

554
00:24:15,240 --> 00:24:17,520
Speaker 3: it any differently. Yeah, we also didn't spend too much

555
00:24:17,560 --> 00:24:19,920
Speaker 3: money on it. But yeah, like I think if you're

556
00:24:19,960 --> 00:24:23,639
Speaker 3: saying we're prioritizing this instead, we want the long term

557
00:24:23,680 --> 00:24:26,320
Speaker 3: benefit of owning our own home, it makes sense that

558
00:24:26,359 --> 00:24:27,480
Speaker 3: you might spend less on a wedding.

559
00:24:27,520 --> 00:24:29,560
Speaker 2: I get it. We've already touched on working from home,

560
00:24:29,600 --> 00:24:32,760
Speaker 2: but the trend away from working from home is in

561
00:24:32,840 --> 00:24:36,119
Speaker 2: full swing, so hybrid work I think. I don't know.

562
00:24:36,119 --> 00:24:38,240
Speaker 2: My impression is that it's still pretty normal, but some

563
00:24:38,280 --> 00:24:42,960
Speaker 2: companies are playing hardball. Their employees aren't loving it, and man,

564
00:24:43,080 --> 00:24:44,920
Speaker 2: there are some folks who are just straight up opting

565
00:24:44,920 --> 00:24:47,400
Speaker 2: to quit their job rather than going back to commuting,

566
00:24:48,160 --> 00:24:49,240
Speaker 2: you know, driving into.

567
00:24:49,119 --> 00:24:50,760
Speaker 1: The office four or five days a week.

568
00:24:51,240 --> 00:24:53,959
Speaker 2: And on top of that, many folks are willing to

569
00:24:54,000 --> 00:24:57,520
Speaker 2: get paid less elsewhere in order to keep that work

570
00:24:57,560 --> 00:25:00,520
Speaker 2: from home perk, that flexibility. There's a new study from

571
00:25:00,520 --> 00:25:03,080
Speaker 2: Harvard that found that software engineers and data scientists with

572
00:25:03,160 --> 00:25:05,919
Speaker 2: multiple job offers, they declined the higher paying ones that

573
00:25:05,960 --> 00:25:08,720
Speaker 2: required in office attendance in order to keep that work

574
00:25:08,760 --> 00:25:12,359
Speaker 2: from home flexibility to the tune of twenty five percent

575
00:25:12,440 --> 00:25:15,679
Speaker 2: less pay, which is significant. Man, Like I would have

576
00:25:15,760 --> 00:25:19,080
Speaker 2: expected something like, oh, yeah, I'll take out ten percent cut,

577
00:25:19,240 --> 00:25:22,080
Speaker 2: but twenty five percent is major. Yeah.

578
00:25:22,119 --> 00:25:24,679
Speaker 3: It just shows how much haircut? No, man, that's like

579
00:25:24,920 --> 00:25:28,640
Speaker 3: it's like taking it down to the scalp. Yeah, yeah,

580
00:25:28,680 --> 00:25:31,800
Speaker 3: straight edge undercut like to this, yeah, to the scalp.

581
00:25:31,960 --> 00:25:35,160
Speaker 2: It just shows Wait, is thatways called undercut, like when you, yeah,

582
00:25:35,160 --> 00:25:36,719
Speaker 2: still out their hair on top. Yeah, I don't want

583
00:25:36,760 --> 00:25:39,240
Speaker 2: you to think like under No, that's an uppercut, like

584
00:25:39,280 --> 00:25:41,080
Speaker 2: a punch, punch to the gut. I don't want you

585
00:25:41,119 --> 00:25:43,480
Speaker 2: to think I was confusing, mixing, mixing up my metaphors.

586
00:25:43,520 --> 00:25:46,480
Speaker 2: But it shows you how much individuals these days are

587
00:25:46,560 --> 00:25:49,200
Speaker 2: valuing that perk. And it also it just makes sense

588
00:25:49,200 --> 00:25:51,880
Speaker 2: to not just commuting to work, Like if you think

589
00:25:51,880 --> 00:25:53,600
Speaker 2: about the total amount of time that you're spending away

590
00:25:53,600 --> 00:25:56,920
Speaker 2: from home. Like we were just touching on people being

591
00:25:56,920 --> 00:25:58,600
Speaker 2: in their homes. There's like a lot of young professionals

592
00:25:58,640 --> 00:26:00,640
Speaker 2: who spent a lot of money on their home, right,

593
00:26:00,960 --> 00:26:03,680
Speaker 2: Like they spend money on that nice new wallpaper or

594
00:26:04,320 --> 00:26:06,000
Speaker 2: the nice new piece of art that they've got up

595
00:26:06,000 --> 00:26:07,399
Speaker 2: on the wall. And if you think about the amount

596
00:26:07,400 --> 00:26:09,520
Speaker 2: of time you dedicate to getting ready for work, commuting

597
00:26:09,560 --> 00:26:12,080
Speaker 2: to work, the time actually being at work then coming

598
00:26:12,119 --> 00:26:14,239
Speaker 2: back home, think about how little time you spend at

599
00:26:14,280 --> 00:26:19,240
Speaker 2: home as opposed to some drab office part where if

600
00:26:19,240 --> 00:26:20,880
Speaker 2: you want to go for a walk after work, it's

601
00:26:21,200 --> 00:26:23,560
Speaker 2: you're walking in a parking deck or or walking the

602
00:26:23,560 --> 00:26:26,000
Speaker 2: stair well as opposed to walking around and your you know,

603
00:26:26,040 --> 00:26:27,320
Speaker 2: your beautiful, sunny neighborhood.

604
00:26:27,320 --> 00:26:29,760
Speaker 3: And also I think your tone on this is also

605
00:26:30,080 --> 00:26:34,000
Speaker 3: revealing maybe a more introverted way of existing in the world.

606
00:26:34,160 --> 00:26:36,399
Speaker 3: I'm more of an extrovert, and so I don't think

607
00:26:36,440 --> 00:26:38,960
Speaker 3: of coming into the office in that same.

608
00:26:38,720 --> 00:26:42,640
Speaker 1: Way I'm showing my cards. Everybody feels.

609
00:26:42,760 --> 00:26:45,560
Speaker 3: People feel differently about it, right, And I think most

610
00:26:45,600 --> 00:26:48,080
Speaker 3: people can admit that, like, oh, if I'm stuck in

611
00:26:48,119 --> 00:26:51,320
Speaker 3: like an hour plus long traffic slog to and from work,

612
00:26:51,800 --> 00:26:57,040
Speaker 3: that that commute can really can be unsatisfying, to say

613
00:26:57,040 --> 00:27:00,720
Speaker 3: the least. But I do think for especially for younger workers,

614
00:27:00,760 --> 00:27:02,280
Speaker 3: this is something we've talked about, Matt, but I think

615
00:27:02,800 --> 00:27:05,560
Speaker 3: it can bring increased connection, increased joy in your work,

616
00:27:05,560 --> 00:27:09,719
Speaker 3: and then specifically more ability to advance. But then it's

617
00:27:09,760 --> 00:27:11,520
Speaker 3: also true that maybe you've been working in the same

618
00:27:11,520 --> 00:27:13,879
Speaker 3: industry for fifteen years or something like that, you have

619
00:27:13,920 --> 00:27:16,720
Speaker 3: a lot of connections, and you have other priorities, and

620
00:27:16,760 --> 00:27:19,479
Speaker 3: so working from home is something that you're more than

621
00:27:19,520 --> 00:27:21,280
Speaker 3: willing to trade off less paid for. I do think

622
00:27:21,359 --> 00:27:25,880
Speaker 3: this this this perk of work from home is not

623
00:27:26,200 --> 00:27:28,720
Speaker 3: seen as a perk anymore. It's almost seen as for

624
00:27:28,800 --> 00:27:30,840
Speaker 3: a lot of people like table stakes for me to

625
00:27:30,840 --> 00:27:33,680
Speaker 3: even consider, you're working at your job in this place,

626
00:27:34,240 --> 00:27:35,880
Speaker 3: and I think the companies who are saying no, no, you're

627
00:27:35,880 --> 00:27:37,560
Speaker 3: gonna have to work in person, they're going to have

628
00:27:37,560 --> 00:27:39,640
Speaker 3: to come up with a compelling reason why, and part

629
00:27:39,640 --> 00:27:41,160
Speaker 3: of that is going to have to be increased pay.

630
00:27:41,240 --> 00:27:43,320
Speaker 2: I think, yeah, I agree. I do think it does

631
00:27:43,359 --> 00:27:47,000
Speaker 2: feel more like a middle aged slash introvert benefit working

632
00:27:47,000 --> 00:27:50,480
Speaker 2: from home, yeah, as opposed to like that younger but

633
00:27:50,600 --> 00:27:52,040
Speaker 2: also more extroverted approach.

634
00:27:52,119 --> 00:27:54,480
Speaker 3: It's also interesting, right that this study was done of

635
00:27:54,520 --> 00:27:57,200
Speaker 3: tech workers, and it's easier to take a twenty five

636
00:27:57,240 --> 00:27:59,600
Speaker 3: percent pay cut when you're talking about a job that

637
00:27:59,600 --> 00:28:02,159
Speaker 3: pays two rand one hundred fifty grand. It's harder to,

638
00:28:02,320 --> 00:28:04,399
Speaker 3: I think, take that twenty five percent pay cut if

639
00:28:04,400 --> 00:28:06,440
Speaker 3: you're talking about a job that pays one hundred grand

640
00:28:06,480 --> 00:28:09,479
Speaker 3: and seventy five grand or the stakes are different there too,

641
00:28:09,520 --> 00:28:11,119
Speaker 3: So I don't know that everyone's willing to make that

642
00:28:11,160 --> 00:28:12,359
Speaker 3: exact same trade off.

643
00:28:12,720 --> 00:28:13,520
Speaker 1: Not everyone has the.

644
00:28:13,520 --> 00:28:16,880
Speaker 3: Same ability to turn down a much bigger paycheck, and

645
00:28:17,119 --> 00:28:20,760
Speaker 3: part of that is because of the propensity for Americans

646
00:28:20,760 --> 00:28:23,560
Speaker 3: to be in debt. And there was a study debt

647
00:28:23,680 --> 00:28:26,480
Speaker 3: keeps seven in ten people from building wealth. This was,

648
00:28:26,560 --> 00:28:29,359
Speaker 3: according to a new survey from the National Foundation for

649
00:28:29,440 --> 00:28:34,040
Speaker 3: Credit Counseling, not shocking at all. Really, that's why we're

650
00:28:34,320 --> 00:28:37,200
Speaker 3: against most forms of debt because they keep you spinning

651
00:28:37,240 --> 00:28:38,880
Speaker 3: your wheels, they keep you locked in place, they keep

652
00:28:38,880 --> 00:28:41,640
Speaker 3: you unable to make decisions that are in your best

653
00:28:41,640 --> 00:28:45,840
Speaker 3: future interest because you're paying for past mistakes. And for

654
00:28:45,960 --> 00:28:48,040
Speaker 3: most folks too, it takes a while to dig that

655
00:28:48,080 --> 00:28:50,520
Speaker 3: debt hole, in quite a while to dig out of it.

656
00:28:50,800 --> 00:28:53,440
Speaker 3: So if you find yourself in that scenario, you're one

657
00:28:53,440 --> 00:28:54,920
Speaker 3: of those seven and ten people, you're like I hear

658
00:28:54,920 --> 00:28:57,240
Speaker 3: Matt and Joel talking about building net worth. This is

659
00:28:57,240 --> 00:28:59,640
Speaker 3: something that I would love to do, but my goodness,

660
00:28:59,680 --> 00:29:01,720
Speaker 3: I feel like I just can't get out of this

661
00:29:02,360 --> 00:29:07,280
Speaker 3: perpetual debt hangover that I'm living in. Facing the facts

662
00:29:07,400 --> 00:29:10,640
Speaker 3: is crucial because there's no way to really start taking

663
00:29:10,680 --> 00:29:13,480
Speaker 3: yourself out until you do look at head on and say, hey,

664
00:29:13,520 --> 00:29:15,640
Speaker 3: list out all your debts, know what you actually owe,

665
00:29:15,960 --> 00:29:17,800
Speaker 3: and figure out what the monthly payments are. That's a

666
00:29:17,800 --> 00:29:20,000
Speaker 3: really important part of it. And going back to the

667
00:29:20,080 --> 00:29:22,760
Speaker 3: beginning too, Mat I think that barebones budget might be

668
00:29:22,800 --> 00:29:24,960
Speaker 3: the right thing for some of these people who are

669
00:29:25,120 --> 00:29:27,080
Speaker 3: saying I can't build wealth because I'm in lots of debt,

670
00:29:27,440 --> 00:29:30,840
Speaker 3: cutting back significantly for a time in order to make

671
00:29:30,880 --> 00:29:32,560
Speaker 3: sure that you can pay off those debts.

672
00:29:32,480 --> 00:29:33,360
Speaker 1: In shorter order.

673
00:29:34,360 --> 00:29:36,560
Speaker 3: With that kind of goal in mind, it makes it

674
00:29:36,600 --> 00:29:39,120
Speaker 3: easier for a lot of people to actually make progress,

675
00:29:39,120 --> 00:29:40,960
Speaker 3: not just from a financial standpoint, but from that sort

676
00:29:40,960 --> 00:29:44,200
Speaker 3: of myopic focus standpoint. And so I would I'd love

677
00:29:44,240 --> 00:29:46,080
Speaker 3: to see more people who find themselves in that position

678
00:29:46,600 --> 00:29:49,760
Speaker 3: just kicking it up into top gear to be able

679
00:29:49,760 --> 00:29:51,320
Speaker 3: to pay off that debt more quickly.

680
00:29:51,080 --> 00:29:53,320
Speaker 2: Totally and at the very least. I mean, I think

681
00:29:53,360 --> 00:29:55,320
Speaker 2: another way to think about a baarbones budget too, is

682
00:29:55,360 --> 00:29:58,480
Speaker 2: it's sort of like a financial bug out bag, you know,

683
00:29:58,560 --> 00:30:01,480
Speaker 2: for the preant bugapag bug out bat like preppers like

684
00:30:01,480 --> 00:30:03,680
Speaker 2: folks are just like, oh, in case, like you know,

685
00:30:03,760 --> 00:30:06,440
Speaker 2: it hits the fan or there's a natural disaster, like

686
00:30:06,480 --> 00:30:09,840
Speaker 2: a lot of times, it'll include some nonperishable meals like

687
00:30:09,880 --> 00:30:12,479
Speaker 2: a flashlight, I don't know, cash, things like that, but

688
00:30:12,640 --> 00:30:15,360
Speaker 2: something that allows you to hit the road soon without

689
00:30:15,400 --> 00:30:16,960
Speaker 2: having to sit there and figure it out, right. And

690
00:30:17,000 --> 00:30:19,680
Speaker 2: so that's why figuring out a bare bones budget ahead

691
00:30:19,680 --> 00:30:23,120
Speaker 2: of time before some of the furlough.

692
00:30:22,840 --> 00:30:23,800
Speaker 1: Pay takes place.

693
00:30:23,840 --> 00:30:26,800
Speaker 2: But what you're talking about implementing it right now, not

694
00:30:27,000 --> 00:30:28,920
Speaker 2: like off way off in the future, but putting it

695
00:30:28,920 --> 00:30:30,800
Speaker 2: to use right now. But I don't know. I'm just

696
00:30:30,880 --> 00:30:33,600
Speaker 2: helping folks to try to help folks understand how to

697
00:30:33,680 --> 00:30:35,800
Speaker 2: potentially use a bare bones budget. You know, it's just

698
00:30:35,800 --> 00:30:39,520
Speaker 2: a plan for where the the worst financial outcomes were

699
00:30:39,560 --> 00:30:41,520
Speaker 2: they to happen. Yeah, Like it's like a fire drill, right,

700
00:30:41,560 --> 00:30:42,960
Speaker 2: Like the reason you do a fire drill is like

701
00:30:43,000 --> 00:30:45,040
Speaker 2: you hope you don't have to do that, but if

702
00:30:45,040 --> 00:30:47,600
Speaker 2: it gets really bad, you know exactly what it is

703
00:30:47,600 --> 00:30:48,400
Speaker 2: that you should be doing.

704
00:30:48,640 --> 00:30:50,080
Speaker 3: And I do think for some of these people who

705
00:30:50,160 --> 00:30:51,880
Speaker 3: are saying I can't build wealth because I'm in debt,

706
00:30:52,040 --> 00:30:54,120
Speaker 3: like that might be really bad, right and that.

707
00:30:54,200 --> 00:30:56,440
Speaker 2: Might just be like finally fed up and tired of

708
00:30:56,480 --> 00:30:57,880
Speaker 2: the situation that they find themselves in.

709
00:30:57,960 --> 00:31:00,960
Speaker 3: And maybe maybe you implement halfway me But I don't know.

710
00:31:01,000 --> 00:31:05,560
Speaker 3: I think sometimes for a lot of people, like halfway

711
00:31:05,600 --> 00:31:08,640
Speaker 3: measures can be like you want to make more progress

712
00:31:08,640 --> 00:31:11,440
Speaker 3: on your goal quickly, and it just depends on where

713
00:31:11,440 --> 00:31:13,120
Speaker 3: your mindset's at and how fed you fed up you

714
00:31:13,160 --> 00:31:15,360
Speaker 3: are with the debt that you've got on hand, But like,

715
00:31:15,480 --> 00:31:19,000
Speaker 3: if that were me, because I know what's possible, I'm like,

716
00:31:19,280 --> 00:31:20,640
Speaker 3: I don't want to live in this for longer than

717
00:31:20,640 --> 00:31:22,760
Speaker 3: I have to. And then once you reach a certain

718
00:31:22,800 --> 00:31:24,880
Speaker 3: point of stability where you're starting to make where you've

719
00:31:24,880 --> 00:31:26,320
Speaker 3: gotten rid of a lot of that debt, you're starting

720
00:31:26,320 --> 00:31:28,200
Speaker 3: to make progress on your net worth, that's when you

721
00:31:28,200 --> 00:31:30,920
Speaker 3: can kick that barebones budget to the curb and start

722
00:31:30,960 --> 00:31:34,320
Speaker 3: living a life that's more measured in how you spend,

723
00:31:34,320 --> 00:31:35,720
Speaker 3: so that you're not going back to that place, but

724
00:31:35,760 --> 00:31:37,720
Speaker 3: you can also enjoy more of that stuff that you

725
00:31:37,760 --> 00:31:38,760
Speaker 3: care about totally.

726
00:31:38,880 --> 00:31:41,800
Speaker 2: What are you thinking about college these days, Joel, I'm

727
00:31:41,800 --> 00:31:45,280
Speaker 2: not going back. Have I talked to you about the preparation?

728
00:31:46,000 --> 00:31:46,880
Speaker 2: Have we talked about that.

729
00:31:47,080 --> 00:31:47,840
Speaker 1: This guy that's.

730
00:31:47,680 --> 00:31:51,440
Speaker 2: Coming up with this like alternative plan for his for

731
00:31:51,520 --> 00:31:52,960
Speaker 2: his son, I think he's like, I think he wrote

732
00:31:52,960 --> 00:31:54,440
Speaker 2: a book or something about it. But uh, it's like

733
00:31:54,440 --> 00:31:56,800
Speaker 2: all these different paths that you can explore, and they

734
00:31:56,840 --> 00:31:59,360
Speaker 2: each have like kind of a cutesy name, but allows

735
00:31:59,400 --> 00:32:03,400
Speaker 2: you to explore like an entirely different industry, different activities

736
00:32:03,400 --> 00:32:06,120
Speaker 2: to do. I don't know it was really fascinating kid,

737
00:32:06,200 --> 00:32:08,320
Speaker 2: so is high school kids. He's like he's got a

738
00:32:08,360 --> 00:32:11,360
Speaker 2: teenager that yeah, that I think he's putting through that.

739
00:32:11,440 --> 00:32:13,760
Speaker 2: But it did really well. I don't know, just the

740
00:32:13,800 --> 00:32:15,680
Speaker 2: way the hym and somebody else got together and you

741
00:32:15,720 --> 00:32:18,600
Speaker 2: can created a book on that, because there are more

742
00:32:18,640 --> 00:32:22,360
Speaker 2: folks who are just not sure if the high cost

743
00:32:22,440 --> 00:32:24,880
Speaker 2: of college are going to be worth it for you. Yeah, no,

744
00:32:24,960 --> 00:32:27,120
Speaker 2: that's cool. I've not heard about that off. Like like

745
00:32:27,160 --> 00:32:31,040
Speaker 2: one is like the medic and it's basically like I

746
00:32:31,040 --> 00:32:32,760
Speaker 2: wish I knew it better. But for instance, you go

747
00:32:32,760 --> 00:32:35,400
Speaker 2: to an EMT like training course, you do this, you've

748
00:32:35,440 --> 00:32:38,120
Speaker 2: all you working a volunteer in hospital. It's just all

749
00:32:38,160 --> 00:32:41,360
Speaker 2: these different avenues of what it looks like to be

750
00:32:41,520 --> 00:32:43,760
Speaker 2: in healthcare to a certain extent. But like at the

751
00:32:43,840 --> 00:32:45,800
Speaker 2: end of the day, after you do like the little course,

752
00:32:46,040 --> 00:32:48,960
Speaker 2: like in that sector, you actually have marketable skills. You

753
00:32:49,000 --> 00:32:52,360
Speaker 2: have not talents, but ability skills that you've learned. Maybe

754
00:32:52,440 --> 00:32:55,320
Speaker 2: maybe a certificate of some yeah exactly, like one of them,

755
00:32:55,360 --> 00:32:57,400
Speaker 2: Like okay, so what maybe one was like home building,

756
00:32:57,840 --> 00:33:00,880
Speaker 2: And I think this certificate costs a lot, like a

757
00:33:01,000 --> 00:33:03,719
Speaker 2: larger amount of money, like the outlays a little bit more,

758
00:33:03,720 --> 00:33:07,440
Speaker 2: but you learn how to operate bulldozers and stuff like that,

759
00:33:07,520 --> 00:33:09,200
Speaker 2: which evidently that costs a lot of money, but it

760
00:33:09,280 --> 00:33:11,120
Speaker 2: kind of makes sense given the distruction that you can

761
00:33:11,880 --> 00:33:12,960
Speaker 2: that you could renk on a site.

762
00:33:13,080 --> 00:33:14,200
Speaker 1: Yeah, but like that's.

763
00:33:14,040 --> 00:33:15,720
Speaker 2: Something that even if you choose not to be a

764
00:33:15,800 --> 00:33:18,000
Speaker 2: quote unquote homebuilder and you're not totally sure what you

765
00:33:18,000 --> 00:33:19,800
Speaker 2: want to do with your life, at the end of

766
00:33:19,600 --> 00:33:23,120
Speaker 2: the course, you've got this certificate that then allows you, well,

767
00:33:23,160 --> 00:33:26,240
Speaker 2: instead of driving for Uber, which is of course the

768
00:33:26,280 --> 00:33:27,840
Speaker 2: lowest hanging fruit for a lot of folks because they

769
00:33:27,840 --> 00:33:30,200
Speaker 2: can just download it under their smartphone, you can go

770
00:33:30,480 --> 00:33:33,880
Speaker 2: and work for a company. Yeah, earn way more per hour.

771
00:33:34,240 --> 00:33:35,720
Speaker 2: In the meantime, well the very least.

772
00:33:35,880 --> 00:33:38,320
Speaker 3: You if you become a homeowner at some point, you

773
00:33:38,360 --> 00:33:40,040
Speaker 3: have the ability to fix your own home, probably in

774
00:33:40,120 --> 00:33:41,480
Speaker 3: ways that you wouldn't have before.

775
00:33:41,520 --> 00:33:42,440
Speaker 1: And you're just getting exposure.

776
00:33:42,480 --> 00:33:44,959
Speaker 3: I like that because you're getting exposure to instead of

777
00:33:45,320 --> 00:33:47,480
Speaker 3: just saying, hey, you're eighteen, what is the thing you

778
00:33:47,480 --> 00:33:48,720
Speaker 3: want to do for the rest of your life? Pick

779
00:33:48,760 --> 00:33:51,240
Speaker 3: that thing right now, you're getting exposure to a bunch

780
00:33:51,280 --> 00:33:54,200
Speaker 3: of different things before you get to that point the way, Yeah, yeah, Well,

781
00:33:54,240 --> 00:33:56,320
Speaker 3: I think is fascinating while you're bringing this up, is

782
00:33:56,320 --> 00:33:59,560
Speaker 3: because there was this like Gallop Pole, and basically Gallop

783
00:33:59,640 --> 00:34:03,480
Speaker 3: found that the importance of college is being questioned now

784
00:34:03,520 --> 00:34:07,080
Speaker 3: more than ever before. Only thirty five percent of Americans

785
00:34:07,080 --> 00:34:10,040
Speaker 3: think that college is very important. That's compared to seventy

786
00:34:10,080 --> 00:34:12,960
Speaker 3: five percent twenty ten. It's interesting to see that the

787
00:34:13,000 --> 00:34:18,399
Speaker 3: decline across every subgroup of American life, that nobody really

788
00:34:18,400 --> 00:34:20,520
Speaker 3: thinks college is as important as it used to be.

789
00:34:20,560 --> 00:34:22,799
Speaker 3: But that's not surprising to me, right, And this is

790
00:34:22,840 --> 00:34:26,120
Speaker 3: why people are coming up with alternative routes to tease

791
00:34:26,160 --> 00:34:28,520
Speaker 3: their kids or to help their kids figure out what

792
00:34:29,120 --> 00:34:31,080
Speaker 3: they want to pursue in the future before they just

793
00:34:31,120 --> 00:34:33,600
Speaker 3: go off send them to an expensive four year school.

794
00:34:34,400 --> 00:34:37,040
Speaker 3: I think it's escalating cost, mounting student loan debt. Those

795
00:34:37,040 --> 00:34:39,720
Speaker 3: are big parts of the reason. And we're just seeing

796
00:34:39,719 --> 00:34:42,920
Speaker 3: a higher percentage of college graduates not putting their degree

797
00:34:43,000 --> 00:34:46,280
Speaker 3: to good use, feeling like they could have gone without

798
00:34:46,280 --> 00:34:48,439
Speaker 3: and then they wouldn't have been saddled with that debt.

799
00:34:48,480 --> 00:34:51,360
Speaker 3: I don't know that a college degree is the same

800
00:34:51,560 --> 00:34:55,400
Speaker 3: crucial stepping stone to living in a middle class lifestyle

801
00:34:55,440 --> 00:34:57,880
Speaker 3: as it once was. I mean, to be fair, the

802
00:34:57,880 --> 00:35:00,160
Speaker 3: other side of the equation, the average college graduate, it

803
00:35:00,200 --> 00:35:03,040
Speaker 3: still makes a lot more over their lifetime that someone

804
00:35:03,120 --> 00:35:05,960
Speaker 3: with just a high school diploma, but the value proposition

805
00:35:06,080 --> 00:35:07,920
Speaker 3: isn't what he used to be. And I just don't

806
00:35:07,960 --> 00:35:11,160
Speaker 3: know if that reality is going to hold over the

807
00:35:11,200 --> 00:35:13,480
Speaker 3: next thirty years in the way that it has over

808
00:35:13,520 --> 00:35:14,920
Speaker 3: the past thirty Exactly.

809
00:35:15,040 --> 00:35:18,720
Speaker 2: Yeah, we should mention one silver lining. Yes, overall college

810
00:35:18,719 --> 00:35:21,120
Speaker 2: costs are going up, but so are the discounts that

811
00:35:21,200 --> 00:35:23,640
Speaker 2: colleges are offering. And we got to mention in front

812
00:35:23,680 --> 00:35:26,239
Speaker 2: of the show Ron Lieber because he reports that the

813
00:35:26,280 --> 00:35:29,759
Speaker 2: average discounts for full time students at private colleges is

814
00:35:29,840 --> 00:35:34,319
Speaker 2: fifty six percent, which is that's a big discount man.

815
00:35:34,400 --> 00:35:34,600
Speaker 1: Yeah.

816
00:35:34,600 --> 00:35:36,479
Speaker 3: So basically they say it's going to cost forty grand,

817
00:35:36,680 --> 00:35:39,840
Speaker 3: and then it costs nowhere near that ultimately because of than.

818
00:35:39,719 --> 00:35:41,280
Speaker 1: Half of that aid that's offered.

819
00:35:41,360 --> 00:35:44,480
Speaker 2: Yeah, yeah, you're paying nowhere near that the shockingly high

820
00:35:44,520 --> 00:35:46,920
Speaker 2: list price. It is not the real price. This is

821
00:35:46,960 --> 00:35:49,319
Speaker 2: the good news. But only for the folks out there

822
00:35:49,320 --> 00:35:51,680
Speaker 2: who know this and who are acting accordingly, who are

823
00:35:51,719 --> 00:35:54,560
Speaker 2: pushing for a financial aid, who are pushing for just

824
00:35:54,800 --> 00:35:57,400
Speaker 2: different merit aid that might be available to them, and

825
00:35:57,400 --> 00:35:59,919
Speaker 2: who are searching for schools that offer more of both

826
00:36:00,160 --> 00:36:03,080
Speaker 2: of this aid. But still the lack of transparency about

827
00:36:03,320 --> 00:36:06,399
Speaker 2: what discounts are offered and to whom it is being

828
00:36:06,440 --> 00:36:08,800
Speaker 2: offered to is It's a frustrating part of the process.

829
00:36:08,800 --> 00:36:11,960
Speaker 2: But certainly know that the list price is not the

830
00:36:12,000 --> 00:36:14,320
Speaker 2: actual cost of attending that school.

831
00:36:14,440 --> 00:36:18,200
Speaker 3: Yeah, all right, let's quickly touch on the Nobel Prize

832
00:36:18,760 --> 00:36:21,960
Speaker 3: in Economics was warded to three different economists secons early

833
00:36:22,040 --> 00:36:23,719
Speaker 3: this week. I'm not going to lie and say that, oh,

834
00:36:23,760 --> 00:36:25,719
Speaker 3: I followed their work mostly or anything like that, because

835
00:36:25,719 --> 00:36:26,400
Speaker 3: that's not true.

836
00:36:26,760 --> 00:36:27,160
Speaker 1: I did not.

837
00:36:27,840 --> 00:36:31,000
Speaker 3: But in reading about kind of why these guys won

838
00:36:31,040 --> 00:36:33,200
Speaker 3: the Nobel Prize, that I thought was at least worth

839
00:36:33,239 --> 00:36:37,920
Speaker 3: mentioning because their work centered around explaining and quantifying the

840
00:36:37,960 --> 00:36:42,400
Speaker 3: reality of creative destruction, which is an important concept in economics.

841
00:36:42,800 --> 00:36:44,120
Speaker 3: And I don't know that you and I have touched

842
00:36:44,160 --> 00:36:48,480
Speaker 3: on it a lot because we mostly talk personal finance microeconomics,

843
00:36:48,560 --> 00:36:51,200
Speaker 3: but this is truly one of the most important features

844
00:36:51,200 --> 00:36:54,160
Speaker 3: of our economics system, and it ensures that the top

845
00:36:54,160 --> 00:36:57,359
Speaker 3: dogs aren't going to be there forever. It realizes that

846
00:36:57,400 --> 00:37:02,480
Speaker 3: innovation drives competition, increases standard of living for all of us,

847
00:37:02,760 --> 00:37:05,120
Speaker 3: and then it drives down prices as a whole over time.

848
00:37:06,000 --> 00:37:08,440
Speaker 3: And while it can suck, I guess to be in

849
00:37:08,480 --> 00:37:11,400
Speaker 3: the industry that's on the fritz, that's kind of in decline,

850
00:37:11,560 --> 00:37:14,000
Speaker 3: like being in typewriters right when computers are coming.

851
00:37:13,800 --> 00:37:14,759
Speaker 1: Around the processors.

852
00:37:14,800 --> 00:37:18,120
Speaker 3: Yeah, you're like no, but ultimately it's better for humanity

853
00:37:18,120 --> 00:37:21,440
Speaker 3: as a whole, and so we shouldn't want the typewriter

854
00:37:21,520 --> 00:37:24,640
Speaker 3: industry to stick around. It makes you think of this

855
00:37:24,680 --> 00:37:26,719
Speaker 3: happens all the time all the time, and we just

856
00:37:26,760 --> 00:37:28,480
Speaker 3: assume that the top dogs are going to be there forever.

857
00:37:28,520 --> 00:37:33,840
Speaker 3: So like Kodak, they found out about digital technology in

858
00:37:34,719 --> 00:37:37,600
Speaker 3: photography before anybody else and they kind of sat on

859
00:37:37,640 --> 00:37:39,920
Speaker 3: it and then they were usurped by a bunch of

860
00:37:39,960 --> 00:37:42,759
Speaker 3: other players in the photography industry. Same thing even with

861
00:37:42,840 --> 00:37:46,040
Speaker 3: Google and AI right now, there's I think Google wrote

862
00:37:46,080 --> 00:37:48,000
Speaker 3: this incredible. They had a lot of in house work

863
00:37:48,040 --> 00:37:50,719
Speaker 3: on that. They wrote white paper on it in twenty seventeen,

864
00:37:51,560 --> 00:37:55,560
Speaker 3: and other people have surpassed them quickly. Because Google didn't

865
00:37:55,600 --> 00:37:59,560
Speaker 3: want to cannibalize the money maker, which was paid search.

866
00:37:59,280 --> 00:38:00,760
Speaker 2: Ads ad sense.

867
00:38:01,200 --> 00:38:01,839
Speaker 1: Yeah.

868
00:38:02,000 --> 00:38:04,440
Speaker 3: So it's just fascinating to see that the companies you

869
00:38:04,520 --> 00:38:09,600
Speaker 3: think right now are unstoppable, they probably won't be forever.

870
00:38:09,680 --> 00:38:12,880
Speaker 3: And if history has anything to say about it, creative

871
00:38:12,880 --> 00:38:16,160
Speaker 3: destruction means think, yeah, some companies are going to lose,

872
00:38:16,440 --> 00:38:16,959
Speaker 3: but that we're.

873
00:38:16,880 --> 00:38:18,160
Speaker 1: All going to benefit from that losing.

874
00:38:18,400 --> 00:38:21,480
Speaker 2: Yeah, And to allow for that creative destruction is so important.

875
00:38:21,520 --> 00:38:24,399
Speaker 2: And this is not to go take a political turn

876
00:38:24,480 --> 00:38:26,800
Speaker 2: or anything, but this is like my beef with the

877
00:38:26,840 --> 00:38:29,720
Speaker 2: government shutdown, because what's at the center of the government shutdown.

878
00:38:29,920 --> 00:38:31,040
Speaker 1: It's a healthcare subsidies.

879
00:38:31,160 --> 00:38:34,279
Speaker 2: Yeah, right, and so which is the government reducing the

880
00:38:34,360 --> 00:38:37,239
Speaker 2: price of a system that is not working very well.

881
00:38:37,520 --> 00:38:40,480
Speaker 2: And so the fact that the government is subsidizing the

882
00:38:40,520 --> 00:38:43,040
Speaker 2: cost of health care, it only like, do the insurance

883
00:38:43,120 --> 00:38:44,919
Speaker 2: have any in the healthcare providers? Do they have any

884
00:38:44,960 --> 00:38:47,600
Speaker 2: incentive to reduce the prices or to get creative or

885
00:38:47,640 --> 00:38:48,840
Speaker 2: for there to be more competition.

886
00:38:49,080 --> 00:38:51,719
Speaker 3: No, and so there's already very little incentive based on

887
00:38:51,760 --> 00:38:53,640
Speaker 3: the way that the structure is set up.

888
00:38:53,680 --> 00:38:56,600
Speaker 2: And yeah, so actually, but yeah, I want to see

889
00:38:56,600 --> 00:39:00,040
Speaker 2: more creative distruction, specifically in healthcare, because that's something that

890
00:39:00,120 --> 00:39:01,560
Speaker 2: a lot of folks are talking about these days, there

891
00:39:01,640 --> 00:39:03,960
Speaker 2: need to be more competitors, there need to be more alternatives,

892
00:39:04,120 --> 00:39:06,959
Speaker 2: and maybe this is on my mind. We never listened

893
00:39:07,000 --> 00:39:09,480
Speaker 2: to the radio, but we were in a while. We

894
00:39:09,480 --> 00:39:11,759
Speaker 2: were in a loner vehicle yesterday and the radio was

895
00:39:11,800 --> 00:39:13,760
Speaker 2: on and there is an ad for a health sharing

896
00:39:14,080 --> 00:39:16,839
Speaker 2: company that I never heard of, and my daughter was like, well,

897
00:39:16,880 --> 00:39:18,480
Speaker 2: what's that? And I got to explain to her what

898
00:39:18,520 --> 00:39:20,400
Speaker 2: that is, and that's how that's actually something that we

899
00:39:20,440 --> 00:39:23,120
Speaker 2: are on. This is not that particular one, but just

900
00:39:23,200 --> 00:39:27,920
Speaker 2: explaining basic essentially creative distraction and how like this is

901
00:39:27,960 --> 00:39:30,640
Speaker 2: coming up because there is a desire for there to

902
00:39:30,680 --> 00:39:31,680
Speaker 2: be alternatives.

903
00:39:31,840 --> 00:39:36,440
Speaker 3: So favorite podcast episode I've listened to recently was specifically

904
00:39:36,480 --> 00:39:39,279
Speaker 3: on the healthcare topic, and it was an actually an

905
00:39:39,280 --> 00:39:41,680
Speaker 3: episode from like ten years ago from this podcast called

906
00:39:41,680 --> 00:39:44,480
Speaker 3: econ Talk, Oh Yeah and Man, which is just one

907
00:39:44,520 --> 00:39:47,200
Speaker 3: of the greatest if you care about economics at all,

908
00:39:47,280 --> 00:39:49,799
Speaker 3: and Russ Roberts is such a great host's been doing

909
00:39:49,840 --> 00:39:50,000
Speaker 3: it for.

910
00:39:49,960 --> 00:39:53,000
Speaker 2: A long time, but he's very smart individual. Yeah, he

911
00:39:53,000 --> 00:39:53,360
Speaker 2: spoke with.

912
00:39:53,360 --> 00:39:56,600
Speaker 3: A guy who started the Surgery Center of Oklahoma and

913
00:39:56,840 --> 00:40:00,799
Speaker 3: they don't take insurance, and he talked about the way

914
00:40:00,840 --> 00:40:04,759
Speaker 3: they've created an actual free market health system inside of

915
00:40:04,800 --> 00:40:08,360
Speaker 3: their location, and this has spread to many other parts

916
00:40:08,440 --> 00:40:12,200
Speaker 3: of the country. But that's just not how it works

917
00:40:12,239 --> 00:40:14,480
Speaker 3: for the most part in healthcare. It is such an opaque,

918
00:40:14,800 --> 00:40:18,680
Speaker 3: non market based system. And so I love seeing stuff

919
00:40:18,719 --> 00:40:21,719
Speaker 3: like that pop up. And actually, people with insurance go

920
00:40:21,880 --> 00:40:25,320
Speaker 3: to the Surgery Center of Oklahoma or other similar places

921
00:40:25,400 --> 00:40:29,279
Speaker 3: because it's actually cheaper to pay the cash rate at

922
00:40:29,320 --> 00:40:31,000
Speaker 3: a place like that than it is to pay the

923
00:40:31,040 --> 00:40:34,080
Speaker 3: insurance adjusted rate in going to your local hospital.

924
00:40:34,160 --> 00:40:37,120
Speaker 2: So and guess what, they're probably getting better service, better providers,

925
00:40:37,120 --> 00:40:39,480
Speaker 2: better surgeons because of the fact that they don't have

926
00:40:39,520 --> 00:40:40,880
Speaker 2: to deal with all the red tape, they don't have

927
00:40:40,880 --> 00:40:43,560
Speaker 2: to deal with insurance, and they're attracting the talent. They're

928
00:40:43,600 --> 00:40:46,839
Speaker 2: offering a superior product essentially, and then patients are going

929
00:40:46,840 --> 00:40:48,040
Speaker 2: there because they want that.

930
00:40:48,000 --> 00:40:50,400
Speaker 1: Superior service, superior product.

931
00:40:50,560 --> 00:40:54,719
Speaker 2: Okay, was that we dabbled too much in politics for

932
00:40:54,800 --> 00:40:55,200
Speaker 2: the end there?

933
00:40:55,200 --> 00:40:55,759
Speaker 1: How about that?

934
00:40:56,719 --> 00:40:59,040
Speaker 3: I think we're good. But if you have angry emails,

935
00:40:59,040 --> 00:41:00,759
Speaker 3: send them directly to Matt. Send him to Joel how

936
00:41:00,880 --> 00:41:01,840
Speaker 3: money Pot atjmail dot com.

937
00:41:01,920 --> 00:41:03,200
Speaker 2: We read them all we do we do.

938
00:41:03,280 --> 00:41:05,000
Speaker 3: Please reach out holler at us We love to hear

939
00:41:05,000 --> 00:41:06,960
Speaker 3: from you, and we hope you have a great weekend.

940
00:41:07,360 --> 00:41:10,600
Speaker 3: But until next time, Matt. Best friends Out, best Friends Out,