WEBVTT - Friday Flight - Accidental Landlords, Debilitating Debt & The WFH Premium #1050 0:00:00.040 --> 0:00:01.280 Welcome to had of money. 0:00:01.320 --> 0:00:02.599 I'm Joel, I'm Matt. 0:00:02.759 --> 0:00:07.080 Today we're talking accidental landlords, debilitating debt, and the work 0:00:07.080 --> 0:00:26.880 from home premium. 0:00:26.880 --> 0:00:31.000 Happy beautiful Friday, everyonek it's beautiful at least where we 0:00:31.000 --> 0:00:31.280 are actual. 0:00:31.400 --> 0:00:31.720 Yeah, it is. 0:00:31.760 --> 0:00:34.440 You know what else was beautiful is the run that 0:00:34.560 --> 0:00:36.680 I got to go on. I'm sorry. 0:00:36.680 --> 0:00:39.800 The mustache. Oh thank you, it's coming in nice. 0:00:39.960 --> 0:00:41.600 I don't know if the mustache is doing it for me. 0:00:42.240 --> 0:00:45.120 I take that back. I love your mustache, I think there. 0:00:45.280 --> 0:00:48.479 How's the family taking to it? Yeah, your family is 0:00:48.479 --> 0:00:51.360 so much more accepting of your mustache than my family was. 0:00:51.440 --> 0:00:53.000 Even your daughter of my mustache. 0:00:53.000 --> 0:00:54.880 The other day, she hopped in the car and she said, 0:00:55.120 --> 0:00:56.800 I like your mustache, not my dad's. 0:00:57.440 --> 0:01:01.360 I was like, oh, okay, yours is a bit thicker. 0:01:01.480 --> 0:01:04.160 It's a bit thicker and bushier than mine. Facial hair 0:01:04.200 --> 0:01:06.600 has always been my nemesis, so that's rare. No, it's 0:01:06.680 --> 0:01:08.560 I think it's legit. Man. You kind of got like 0:01:08.600 --> 0:01:10.600 the what's the uh blonde? 0:01:10.600 --> 0:01:12.880 Bert Reynolds is what I'm coming for? The whitet arp. 0:01:12.920 --> 0:01:14.240 From is that tombstone? 0:01:14.959 --> 0:01:18.240 I don't think. Let's be honest and you're just buttering 0:01:18.280 --> 0:01:18.560 me up. 0:01:19.240 --> 0:01:21.440 Oh it is good. No, I was gonna say the 0:01:21.480 --> 0:01:23.440 beautiful morning that we both got to enjoy because we 0:01:23.520 --> 0:01:26.160 both unplanned went on a run this morning and literally 0:01:26.240 --> 0:01:28.080 you were running out onto the street that I was 0:01:28.120 --> 0:01:30.360 on at the same time section and we just kind 0:01:30.400 --> 0:01:33.440 of like linked up, high fived and immediately started talking 0:01:33.440 --> 0:01:36.759 about money on our on our un No, you would 0:01:36.760 --> 0:01:39.680 have been sorely disappointed if that's what you're expecting, just 0:01:40.120 --> 0:01:42.440 random catchup friend stuff. We did hold hands for a 0:01:42.480 --> 0:01:45.760 second because we thought it was so funny. 0:01:45.760 --> 0:01:47.440 And that's what people expect from us at this point, 0:01:47.680 --> 0:01:49.040 right tied at the hip. 0:01:48.960 --> 0:01:51.280 Yeah, that's pretty funny. But I know this is our 0:01:51.320 --> 0:01:55.120 Friday flight. The most pertinent headlines we think to your 0:01:55.120 --> 0:01:57.960 personal finances. We want to talk about how changes out 0:01:57.960 --> 0:02:01.320 in the world are impacting your dollars. And first of all, man, 0:02:02.000 --> 0:02:05.440 let's touch on the government shutdown, because the threats of 0:02:05.520 --> 0:02:09.040 federal layoffs have actually finally came to pass this week. 0:02:09.240 --> 0:02:11.000 And by the way, we're not here to assess the 0:02:11.160 --> 0:02:13.080 political fallout or anything. We're going to stick to the 0:02:13.080 --> 0:02:17.320 individual financial implication. I want to tell about personal finance here. 0:02:17.400 --> 0:02:20.200 I forget which department it was in, but I think 0:02:20.240 --> 0:02:22.920 there was an accidental firing of double the amount of 0:02:22.919 --> 0:02:25.640 intended people Human services. 0:02:25.639 --> 0:02:26.079 I don't remember. 0:02:26.320 --> 0:02:29.919 Yeah, Yeah, roughly four thousand folks across a few different 0:02:29.960 --> 0:02:33.799 agencies are no longer just furloughed, but they're actually out 0:02:33.840 --> 0:02:37.000 of a job, and threats of more firings are being 0:02:37.000 --> 0:02:39.720 made in an attempt to end the shutdown. But it 0:02:39.760 --> 0:02:43.639 appears that we are still at an impass. But beyond that, 0:02:44.480 --> 0:02:47.320 close to a million federal workers are still for a 0:02:47.360 --> 0:02:50.280 load and haven't gotten paid. Although I think I saw 0:02:50.320 --> 0:02:53.200 the news yesterday was the fact that some of our military, 0:02:53.320 --> 0:02:55.720 some of our members of the military, they're getting their 0:02:56.160 --> 0:02:59.920 their checks paid, at least for this paycheck as they're moving, yeah, 0:03:00.000 --> 0:03:02.920 offing dollars trying to make things happen. But the President 0:03:03.000 --> 0:03:06.480 has threatened that there will be additional folks who won't 0:03:06.560 --> 0:03:09.840 receive back pay that's legally due to them. I'm not 0:03:09.840 --> 0:03:11.720 sure how that would actually play out. I'm sure would 0:03:11.800 --> 0:03:14.840 end up in courts, but I am almost certain that 0:03:14.919 --> 0:03:17.919 this is going to have broader economic implications. But I'm 0:03:17.919 --> 0:03:18.200 just going to. 0:03:18.240 --> 0:03:19.040 Tee it up for you, Joel. 0:03:19.320 --> 0:03:22.160 What's the responsibility that we can transfer to ourselves and 0:03:22.440 --> 0:03:25.560 how we could get by a financial little storm like this. 0:03:25.680 --> 0:03:28.840 Let's be let's be honest that just the feeling of 0:03:28.880 --> 0:03:30.600 not getting a paycheck when you're supposed to get one 0:03:30.919 --> 0:03:33.720 sucks totally, you know, Oh yeah, and. 0:03:33.320 --> 0:03:35.360 So on say it. I'm seeing I'm teeing it up 0:03:35.360 --> 0:03:35.680 for you. 0:03:36.760 --> 0:03:39.560 There's a lot of personal responsibility in play at play 0:03:39.640 --> 0:03:41.760 in having your finances in order so that you're not 0:03:42.240 --> 0:03:45.160 terribly impacted by something like this. But thirty six months three, Yes, 0:03:45.160 --> 0:03:48.160 you're supposed to have thirty six months. That's why it's 0:03:48.160 --> 0:03:50.640 so important. The emergency fund is so important. But I 0:03:50.640 --> 0:03:52.760 guess I just I think it's important to speak to 0:03:52.760 --> 0:03:55.080 the fear and anxiety that people feel when they're like, 0:03:55.080 --> 0:03:57.040 how long is this going to go on? And how 0:03:57.080 --> 0:03:59.680 long are is my paycheck going to get punted? And 0:03:59.720 --> 0:04:01.720 I can maybe I can miss one, but it's hard 0:04:01.720 --> 0:04:03.440 to miss too. And the truth is, yes, you should 0:04:03.440 --> 0:04:06.240 have three to six months worth of savings on hand. 0:04:06.320 --> 0:04:09.480 But we know this, Matt, from all the studies, we 0:04:09.560 --> 0:04:13.000 see that the vast majority of Americans do not have that, 0:04:13.520 --> 0:04:17.320 and so it puts them in a really tough place. 0:04:17.720 --> 0:04:19.960 Where how am I going to get money to cover 0:04:20.080 --> 0:04:23.240 expenses when a paycheck stops unexpectedly? 0:04:23.440 --> 0:04:25.080 Sure, And so what's. 0:04:24.920 --> 0:04:26.600 Really fascinating is the fact that I think a lot 0:04:26.640 --> 0:04:30.200 of folks who had government jobs probably thought that, oh, yeah, 0:04:30.200 --> 0:04:31.919 this is a type of work where I don't have 0:04:31.960 --> 0:04:34.480 to you know what, entrepreneurship. That's not for me. I 0:04:34.520 --> 0:04:36.520 just want a steady paycheck from the government. And then 0:04:36.560 --> 0:04:38.800 all of a sudden they find themselves in a situation 0:04:39.040 --> 0:04:41.760 like this, and they might even be sort of less 0:04:41.800 --> 0:04:44.000 prepared from a mental standpoint, right, because like, if you 0:04:44.040 --> 0:04:46.400 are going to launch your own business, you kind of 0:04:46.440 --> 0:04:48.479 know that, man, it's going to be feast or foula, 0:04:48.680 --> 0:04:50.400 you know, like instead the ability to. 0:04:51.120 --> 0:04:54.320 You're ready for the variability of income the entrepreneurship brings, 0:04:54.320 --> 0:04:56.400 whereas You're right, if you sign up for the steady 0:04:56.400 --> 0:05:00.000 paycheck life, it feels more like a gut punch. Yeah, 0:05:00.120 --> 0:05:02.640 that's so yeah, I think too. What this highlights, and 0:05:02.680 --> 0:05:04.560 this is something we talk about sometimes on the show, 0:05:04.680 --> 0:05:07.800 is the need for a BBB, a bare bones budget. 0:05:07.839 --> 0:05:10.320 Oh yeah, and the BBB is ideally something that you 0:05:10.320 --> 0:05:15.039 would kind of figure out and and and suss out 0:05:15.120 --> 0:05:17.919 before you hit this point where you don't have money 0:05:17.920 --> 0:05:21.360 coming in, but also, hey, like if you don't have 0:05:22.160 --> 0:05:24.559 if you're already in hard times, sometimes you just gotta 0:05:24.880 --> 0:05:26.839 go with what's gonna work. And the bear bones budget 0:05:26.880 --> 0:05:29.800 is one of those things that is it's underrated. And 0:05:30.040 --> 0:05:32.159 what you're doing is you're really separating your needs and 0:05:32.200 --> 0:05:34.279 your wants and you're saying, well, these are these are 0:05:34.320 --> 0:05:38.040 just these are things I enjoy saving up for the vacation, 0:05:38.160 --> 0:05:42.800 or saving up for that new car, or streaming services, 0:05:42.839 --> 0:05:45.839 whatever it is. I you know, buying stuff on Amazon 0:05:45.839 --> 0:05:48.680 willy nilly, that's just kind of fun to have, Like 0:05:49.200 --> 0:05:51.160 buying new clothing, like those are all things that can 0:05:51.200 --> 0:05:54.480 really be kind of shoved aside until the bleeding is stopped, 0:05:54.520 --> 0:05:57.560 until the paycheck's resumed. So we have an article up 0:05:57.600 --> 0:06:01.080 on the site about creating a bar bone budget. The 0:06:01.120 --> 0:06:03.640 goal isn't to live like that forever, right to not 0:06:03.680 --> 0:06:05.920 be able to enjoy the fruits of your labor and 0:06:05.960 --> 0:06:07.960 buy some of those things that you care about that 0:06:09.040 --> 0:06:12.000 you've put into the wants category. But the goal is 0:06:12.080 --> 0:06:13.760 too safe for the time being. Wants are off the 0:06:13.760 --> 0:06:16.600 table until that inflow of cash is restored. 0:06:16.680 --> 0:06:20.080 It feels like a like an intermittent financial fasting, right, 0:06:20.240 --> 0:06:22.440 Like you're focusing all the things that are going to 0:06:22.520 --> 0:06:24.719 allow you to survive, but you're cutting out a whole 0:06:24.720 --> 0:06:27.279 lot of the other stuff, Joel, As you alluded to 0:06:27.680 --> 0:06:29.960 in the title of this episode, we are seeing a 0:06:30.040 --> 0:06:34.159 rise in accidental landlords. There are folks who want to 0:06:34.200 --> 0:06:36.960 sell their home, but they aren't very enthusiastic about the 0:06:37.000 --> 0:06:39.400 price that they're able to fetch on the market, and 0:06:39.440 --> 0:06:41.440 they're finding that renting their home out that it might 0:06:41.480 --> 0:06:46.719 be a better bet. There's a research group, Parcel Labs, 0:06:47.040 --> 0:06:49.000 and of course parcel they leave out the E. That's 0:06:49.000 --> 0:06:51.400 how you know it's a new hit think tank anything. 0:06:51.560 --> 0:06:53.160 My son was asking the other day about a hat 0:06:53.200 --> 0:06:55.839 I was wearing and it's from a running company brand. 0:06:56.040 --> 0:06:58.240 It's called Runner Runner yess that's what they're called. But 0:06:58.279 --> 0:06:59.720 it's like are in n R? And he was like, 0:07:00.040 --> 0:07:02.240 what does that spell? And he's in kindergarten, so he's liked, 0:07:02.240 --> 0:07:05.120 where are the vowels? Man Like, sorry, Bud, He's like, 0:07:05.120 --> 0:07:06.320 those aren't that's not that's not. 0:07:06.320 --> 0:07:08.120 A real word. This is how all brand names are made. 0:07:08.279 --> 0:07:12.880 Yeah, Unfortunately, but this research group found that more homes 0:07:13.000 --> 0:07:15.120 are being taken off the MLS in order to be 0:07:15.160 --> 0:07:19.120 rented out rather than being sold for a lesser amount, 0:07:19.320 --> 0:07:21.600 and this is another sign that the housing market is 0:07:21.760 --> 0:07:23.800 a little less friendly to sellers these days, and that 0:07:23.880 --> 0:07:26.640 buyers are likely to see better prices in the coming months, 0:07:26.680 --> 0:07:29.520 I think. And the housing market it's really complex, man, 0:07:29.520 --> 0:07:32.400 it's a little fickle, and what happens with race are 0:07:32.440 --> 0:07:35.080 going to have a significant impact on the buyer demand. 0:07:35.920 --> 0:07:38.400 But just know that selling a home and running it 0:07:38.400 --> 0:07:42.360 out are quite different decisions. You've got to be ready 0:07:42.400 --> 0:07:45.120 to take on the reality of landlording and it might 0:07:45.160 --> 0:07:47.720 make financial sense, but it might not. And so we 0:07:47.760 --> 0:07:50.600 would encourage folks to run the numbers. We want folks 0:07:50.680 --> 0:07:53.240 to consider the time that's going to be involved, that 0:07:53.280 --> 0:07:55.920 it's more like a part time job as opposed to 0:07:56.600 --> 0:07:59.559 this passive stream of income. We're just kind of kicking 0:07:59.640 --> 0:08:02.440 back and just cruising down the stream of cash flow. 0:08:02.440 --> 0:08:02.800 I don't know. 0:08:03.120 --> 0:08:05.080 I will say though, that terms such a tough one, 0:08:05.240 --> 0:08:08.760 the passiving Yeah, just because I think people believe something. 0:08:08.520 --> 0:08:10.800 That's not actually true. Absolutely absolutely. 0:08:10.880 --> 0:08:12.280 But I think what could be helpful too is the 0:08:12.320 --> 0:08:15.440 different folks have heard of the the one way door 0:08:15.800 --> 0:08:18.640 and the two way door decision matrix in selling your 0:08:18.640 --> 0:08:21.480 home certainly falls into the category of more of the 0:08:21.480 --> 0:08:24.960 one way door where you can't easily undo that. You 0:08:25.000 --> 0:08:27.000 can't get your house back, You can't hit command Z, 0:08:27.160 --> 0:08:30.400 you can't you can't undo that transaction and say you 0:08:30.440 --> 0:08:33.160 know what, actually I don't want to do that anymore. No, sorry, 0:08:33.480 --> 0:08:36.800 you don't have that three and a quarter percent mortgage anymore. 0:08:36.800 --> 0:08:39.360 You sold that, You sold that house. As opposed to 0:08:39.400 --> 0:08:41.160 a two way door where you can I think Jeff 0:08:41.160 --> 0:08:43.480 Bezos actually is the one. He coined this or made 0:08:43.480 --> 0:08:46.200 it popular. But like a two way door allows you 0:08:46.240 --> 0:08:48.839 to experiment, try things out at a very low cost, 0:08:49.000 --> 0:08:51.640 and because it's no big deal if it doesn't work out, well, 0:08:51.760 --> 0:08:52.720 no harm, no foul. 0:08:52.800 --> 0:08:54.120 Yeah I hate landlording. 0:08:54.160 --> 0:08:56.920 Well you can already that pretty quick, exactly exactly. And 0:08:56.960 --> 0:08:59.360 so I think that being said, if you know you 0:08:59.440 --> 0:09:02.280 are and did potentially in being a landlord, and you 0:09:02.320 --> 0:09:04.280 have a house and you're not it's sat there on 0:09:04.320 --> 0:09:06.120 the market, it's definitely something to consider. 0:09:06.520 --> 0:09:09.000 Makes me think actually of a house right around the 0:09:09.040 --> 0:09:12.559 corner from ust Matt that was listed for well, I 0:09:12.600 --> 0:09:15.040 think nine hundred thousand and ended up selling for less 0:09:15.040 --> 0:09:16.040 than six hundred thousand. 0:09:16.200 --> 0:09:18.079 Right, Oh yeah, yeah, like I know what's what you're 0:09:18.080 --> 0:09:18.480 talking about. 0:09:18.559 --> 0:09:19.840 Yeah, because we looked up the records. 0:09:19.880 --> 0:09:21.720 We were curious to see what it sold for after sold, 0:09:21.760 --> 0:09:24.199 and we're like, oh my gosh, I did not realize 0:09:24.360 --> 0:09:26.320 it sold for that much less than asking price. So 0:09:26.600 --> 0:09:29.800 sometimes that that bitter reality hits you in the face 0:09:29.960 --> 0:09:32.800 when you were assuming, based on the listing prices of 0:09:32.800 --> 0:09:34.600 homes around, you were gonna get a lot more. But 0:09:34.640 --> 0:09:37.240 the market isn't quite what it used to be, and yeah, 0:09:37.240 --> 0:09:37.800 it might be a lot. 0:09:38.120 --> 0:09:40.840 We'll say this particular home, I think they were shooting 0:09:40.840 --> 0:09:44.360 for the moon. Yeah, then they probably realized, oh lady, 0:09:44.360 --> 0:09:46.560 this house hasn't been touched in forty years. 0:09:46.600 --> 0:09:48.560 There's a lot of a lot of issues with it. 0:09:48.679 --> 0:09:50.920 So I feel like I'm seeing a lot more multi 0:09:51.000 --> 0:09:54.720 hundred thousand dollars price cuts on homes, just people shooting 0:09:54.720 --> 0:09:57.199 for the moon and realizing the market ain't there. And 0:09:57.400 --> 0:10:00.280 another reason homeowners are staying put I think two which 0:10:00.320 --> 0:10:03.080 is making things difficult in the market, matters because they're 0:10:03.080 --> 0:10:05.360 going to owe tax if they sell. Because if someone 0:10:05.400 --> 0:10:07.400 has owned a home for a long time, and the 0:10:07.520 --> 0:10:11.360 value of their home has appreciated significantly. Capital gains taxes 0:10:11.400 --> 0:10:13.920 are going to kick in right if they were to sell, 0:10:14.040 --> 0:10:16.400 which offers another reason to stay put. It's it's not 0:10:16.559 --> 0:10:19.520 just oh, I'm abandoning a three percent mortgage. It's gosh, 0:10:19.559 --> 0:10:22.400 my home is worth eight hundred thousand dollars more than 0:10:22.400 --> 0:10:23.600 it used to be, and I don't want to pay 0:10:24.200 --> 0:10:27.320 forty five thousand dollars in tax because of it. This 0:10:27.360 --> 0:10:30.679 is particularly true for many older homeowners who live in 0:10:30.720 --> 0:10:34.480 expensive markets. But Business Insider had an interesting article about 0:10:34.480 --> 0:10:38.080 whether or not capital gains taxes on primary homes should 0:10:38.080 --> 0:10:42.679 just be eliminated altogether, and similar to a lot of legislation, 0:10:43.000 --> 0:10:45.719 this hasn't been updated since nineteen ninety seven. So if 0:10:45.720 --> 0:10:49.960 we were to index inflation for inflation caps on what 0:10:50.000 --> 0:10:52.560 you would pay from a tax perspective when you sold 0:10:52.559 --> 0:10:54.280 your home, they wouldn't be what they are right now, 0:10:54.280 --> 0:10:56.559 which is two hundred and fifty thousand for single individuals 0:10:56.559 --> 0:10:58.800 and five hundred thousand dollars for people married filing jointly. 0:10:58.840 --> 0:11:01.839 They'd be something like double that. Maybe five hundred thousand 0:11:01.840 --> 0:11:04.679 and a million dollars would be the exclusion. 0:11:04.160 --> 0:11:05.000 Doesn't surprise me. 0:11:05.200 --> 0:11:09.160 Yeah, but this happened in ninety seven, and so they 0:11:09.200 --> 0:11:10.960 would be even higher, by the way, if they were 0:11:10.960 --> 0:11:14.120 indexed to home price growth. But this is something that 0:11:14.280 --> 0:11:16.880 we as individuals don't really have any control over. But 0:11:16.960 --> 0:11:19.040 it is interesting food for thought that is just a 0:11:19.120 --> 0:11:22.760 kind of another lock in mechanism, that is, I think, 0:11:22.800 --> 0:11:25.600 hampering home sales. And if something were to be done 0:11:25.800 --> 0:11:28.480 from a legislation perspective, which again I think there are 0:11:28.520 --> 0:11:30.840 a couple of different proposals, one to eliminate and then 0:11:30.840 --> 0:11:33.120 one just to increase like that, that could actually move 0:11:33.160 --> 0:11:33.640 things forward. 0:11:33.760 --> 0:11:36.360 Yeah, those capital gains are just one of the manufacturers 0:11:36.559 --> 0:11:39.400 keeping houses from being on the market being opened up 0:11:39.400 --> 0:11:41.559 for folks who really want to live there. Let's touch 0:11:41.640 --> 0:11:44.640 on the cost of utilities. Man, Inflation has calmed down 0:11:44.760 --> 0:11:47.440 in many parts of the economy, but certainly not all parts. 0:11:47.480 --> 0:11:50.760 And we've recently discussed how how much more expensive healthcare 0:11:50.800 --> 0:11:53.760 is getting, but electricity prices are going up at a 0:11:53.760 --> 0:11:56.320 similar ten percent clip year over year. 0:11:56.440 --> 0:12:00.400 Do you blame artificial intelligence and the power sucking to idea? Actually, yeah, 0:12:00.559 --> 0:12:01.679 it has a lot to do with It's got to 0:12:01.679 --> 0:12:04.480 be part of it. I literally went too chachipt to 0:12:04.559 --> 0:12:06.800 ask it if it was the problem behind higher electricity 0:12:06.800 --> 0:12:09.120 product crisis, and it was like, hey, dude, list and 0:12:09.160 --> 0:12:10.480 this is a multi fasted problem. 0:12:10.520 --> 0:12:12.840 Don't just play me. But wasn't getting defensive, But yeah, 0:12:12.840 --> 0:12:14.040 it might be part of it. You're picking up on 0:12:14.040 --> 0:12:14.400 the tone. 0:12:14.679 --> 0:12:17.960 No, it was pretty straightforward in its approach. But it 0:12:18.000 --> 0:12:19.640 was funny how it was like trying not to take 0:12:19.640 --> 0:12:20.120 all the blame. 0:12:20.320 --> 0:12:22.400 What's so crazy is? I mean? I saw I just 0:12:22.400 --> 0:12:24.760 saw the headline yesterday. I didn't read it, but talking 0:12:24.800 --> 0:12:27.520 about how the AI data centers they're building their own 0:12:27.840 --> 0:12:31.160 power plants because of the amount of electricity that they 0:12:31.200 --> 0:12:33.600 are requiring. And you were recently in Memphis, which is 0:12:33.600 --> 0:12:38.600 where Elon Musk's newest the Colossus. Did you swing by there? 0:12:38.679 --> 0:12:41.960 No he didn't. Friend of the show. Yeah, yeah, are 0:12:42.280 --> 0:12:44.480 the world's richest buddy. He didn't give you a tour? 0:12:44.679 --> 0:12:45.480 But no, he didn't. 0:12:45.920 --> 0:12:49.320 It wasn't it Microsoft that bought a defunct nuclear power 0:12:49.320 --> 0:12:50.679 plant trying to bring it back online. 0:12:50.720 --> 0:12:53.079 So it's crazy, yeah, but it also it makes a 0:12:53.160 --> 0:12:56.120 ton of sense because it's it almost seems like AI 0:12:56.160 --> 0:12:58.720 has become this public utility. But oh, no, no, no, 0:12:58.760 --> 0:13:00.720 we In that sense, it is sort of like a 0:13:00.720 --> 0:13:03.240 public utility because we are all paying the price to 0:13:03.280 --> 0:13:07.200 a certain extent in higher electricity prices. But it makes 0:13:07.200 --> 0:13:09.439 sense though that seventy eight percent of folks are saying 0:13:09.480 --> 0:13:12.679 that their energy bills just across the board are a 0:13:12.720 --> 0:13:15.440 source of stress. And so one tip if you live 0:13:15.480 --> 0:13:17.560 in a state where you can shop with different natural 0:13:17.800 --> 0:13:21.560 gas marketers, we'll certainly do that. And there are all 0:13:21.600 --> 0:13:24.160 sorts of other ways to make your home more efficient 0:13:24.559 --> 0:13:26.719 and still get tax credits for doing it at the 0:13:26.840 --> 0:13:28.840 end of the year, right, yeah, well, and yeah, and 0:13:28.960 --> 0:13:31.000 depending on the state as well, Like so for instance, 0:13:31.040 --> 0:13:35.120 our local there's we've a tax rebate for thermostats. Yeah, 0:13:35.160 --> 0:13:37.760 and guess what, I didn't replace all my thermistats this year, 0:13:37.840 --> 0:13:40.079 just the ones you get, just the two because I'm 0:13:40.080 --> 0:13:42.120 wait until next year. Yeah, because those are still going 0:13:42.200 --> 0:13:44.640 to be there. But you can also make other changes 0:13:44.679 --> 0:13:46.960 to use less energy as well. I'm thinking of the 0:13:47.000 --> 0:13:50.840 ability to wear warmer clothes so you can lower thermistat temperature. 0:13:50.880 --> 0:13:53.200 Thanks dad, I can't wait. Man, you sound just like 0:13:53.240 --> 0:13:54.800 my dad, but now I'm a dad and I say 0:13:54.800 --> 0:13:57.200 the same. No, that's what's it's crazy? I think about 0:13:57.400 --> 0:13:59.920 one of our daughters and she loves and I know 0:14:00.120 --> 0:14:01.520 you've got a daughter this way too. What is up 0:14:01.559 --> 0:14:03.480 with these girls they love? Like in the summer months, 0:14:03.480 --> 0:14:07.280 they're wearing these very warm robes. Yeah, and then they're 0:14:07.400 --> 0:14:09.040 one in the air to be a little bit cooler. 0:14:09.280 --> 0:14:11.440 And I go in her room and the fans on 0:14:11.480 --> 0:14:13.760 full blast. It's like a like a wind tunnel, and 0:14:13.840 --> 0:14:18.160 they're so typical dad fashioned. I say, hey, sweetie, you 0:14:18.200 --> 0:14:20.800 know if you took off your robe and only Warrior 0:14:20.920 --> 0:14:23.720 Jamie's you could lower the fan from high on to 0:14:23.800 --> 0:14:26.560 low that way. It wasn't you know your your mouth 0:14:26.600 --> 0:14:28.480 wouldn't get so dried out in your eyes are so 0:14:28.600 --> 0:14:30.200 dry because the wind's. 0:14:29.880 --> 0:14:32.480 Blowing so hard. I don't quite understand. 0:14:32.600 --> 0:14:34.160 She just stares at me with that like that blank 0:14:34.200 --> 0:14:37.200 preatine stare like that, you don't understand anything. 0:14:38.640 --> 0:14:39.160 We're at the. 0:14:39.080 --> 0:14:44.360 Point now in their progress as adolescents where I think 0:14:44.400 --> 0:14:46.760 they really think we they're getting the point where they 0:14:46.760 --> 0:14:48.080 don't they think they know more than us. 0:14:48.240 --> 0:14:50.360 Yeah, yeah, they think we're idiots. I don't know how 0:14:50.440 --> 0:14:53.720 I feel about this, but in some ways we are idiots. 0:14:54.000 --> 0:14:55.480 That's true some ways, we are not. 0:14:55.520 --> 0:14:57.960 They're pointing out the truth in some ways. But yeah, 0:14:57.960 --> 0:14:59.800 I think it's important to note that the tax credits 0:15:00.200 --> 0:15:03.360 for a lot of these home, these green improvements, they 0:15:03.360 --> 0:15:05.600 are federal tax credits. Yeah, through the end of the year. 0:15:06.040 --> 0:15:09.080 And one of the things I think Matt people don't 0:15:09.080 --> 0:15:12.080 consider is insulation. And this is a DIY project you 0:15:12.120 --> 0:15:14.560 can do. I've done it in the past. You can 0:15:14.640 --> 0:15:18.680 like rent that gear by the product and hurl it 0:15:18.720 --> 0:15:22.000 into your attic and it's not that difficult. Me and 0:15:22.040 --> 0:15:23.680 a buddy did it in like hour and a half, 0:15:23.800 --> 0:15:26.360 like insulating the attic at one of my old houses. 0:15:26.600 --> 0:15:28.920 And so think about that, and then just think about 0:15:28.920 --> 0:15:32.600 how much you can save. You can get it deeply 0:15:32.600 --> 0:15:34.960 discounted thanks to the federal government, and then at the 0:15:34.960 --> 0:15:37.640 same time you're going to reduce those those energy costs. 0:15:37.680 --> 0:15:40.040 So and then there might be another way to save 0:15:40.040 --> 0:15:43.240 Matt outside the box way here. Space heaters could be 0:15:43.240 --> 0:15:44.480 a good way to save money this one. 0:15:44.520 --> 0:15:47.080 Or like inside the box space heater box. 0:15:47.240 --> 0:15:48.720 Yeah, I guess they come into box. 0:15:49.200 --> 0:15:50.800 I was just trying to lean into the whole Dad 0:15:51.440 --> 0:15:52.000 Dad jokes. 0:15:52.320 --> 0:15:56.240 Well seen at ran the numbers which I appreciated specifically 0:15:56.240 --> 0:15:58.960 about how much a save space heater can save if 0:15:58.960 --> 0:16:02.280 you opt to use that, and they can basically save 0:16:02.400 --> 0:16:05.200 depending on how you're getting your energy where you live 0:16:05.240 --> 0:16:07.480 in the country. They can help you save hundreds of 0:16:07.480 --> 0:16:10.440 dollars a year if you use it. And this is 0:16:10.480 --> 0:16:13.840 really important to heat specific spaces over keeping the heat 0:16:13.840 --> 0:16:18.560 on throughout your home. So this I think, yeah, especially Matt, 0:16:18.600 --> 0:16:22.120 for people who work from home, who maybe they're alone 0:16:22.160 --> 0:16:23.560 in the house and they don't need to heat the 0:16:23.560 --> 0:16:27.960 whole entire house. They can turn the temp way down 0:16:28.360 --> 0:16:30.800 this winter and they just have their space heater warming 0:16:30.880 --> 0:16:33.800 up their little space you're heating. Instead of heating twenty 0:16:33.840 --> 0:16:36.360 five hundred square feet, you're heating three hundred square feet, 0:16:36.400 --> 0:16:39.560 whatever it is. I think not heating the whole house, 0:16:39.600 --> 0:16:41.880 but just the space you're using is a smart way 0:16:41.920 --> 0:16:44.120 to go. And this is going to be actually even 0:16:44.160 --> 0:16:47.200 more impactful for people who live in the States where 0:16:47.240 --> 0:16:49.760 home heating oil is the main source of energy because 0:16:49.760 --> 0:16:52.080 it is a much more expensive form of energy. 0:16:52.160 --> 0:16:54.080 Yeah, heating oil and propane. 0:16:53.640 --> 0:16:57.680 Yeah, less helpful if you use natural gas, But I 0:16:57.720 --> 0:16:59.440 think it's also even more helpful if you have a 0:16:59.520 --> 0:17:03.680 larger home, because yeah, if you're turning on the heat everywhere, 0:17:03.720 --> 0:17:06.040 and the bigger your house is, the more you're spending 0:17:06.080 --> 0:17:07.440 to keep that house warm. 0:17:07.560 --> 0:17:10.640 Yeah. Yeah. What I like what you said though about insulation, though, 0:17:10.720 --> 0:17:13.320 is that that is a passive form of energy saving. 0:17:13.320 --> 0:17:15.320 Whereas the space heater, though it's better than heating the 0:17:15.359 --> 0:17:18.160 whole house, it's still active, it's still costs you money. 0:17:18.200 --> 0:17:22.679 And so yes, heating let's say, one floor as opposed 0:17:22.680 --> 0:17:25.080 to the entire house, is better than heating the whole house. 0:17:25.240 --> 0:17:27.359 And yes, heating one room is better than heating the 0:17:27.480 --> 0:17:29.520 entire floor. But you know what's better than heating an 0:17:29.640 --> 0:17:33.840 entire room just heating yourself. And uh, put that roadback on, sweet, 0:17:33.880 --> 0:17:34.680 because it's winter. 0:17:34.640 --> 0:17:37.320 And you know what you're you're probably number one tip 0:17:37.359 --> 0:17:39.640 to stay warm in the winter. What am I gonna say? 0:17:39.720 --> 0:17:42.200 Oh, man, I can't wait to start drinking hot water. Water. 0:17:42.560 --> 0:17:44.440 We definitely aren't in that season yet. 0:17:44.280 --> 0:17:47.520 But occasionally, every once in a while, you it's too hot, 0:17:47.600 --> 0:17:49.840 you burn your tongue, and I look over that and 0:17:49.880 --> 0:17:52.159 you're like, oh, I feel bad for you. 0:17:52.240 --> 0:17:55.359 I yeah, I have gotten better about always testing the 0:17:55.359 --> 0:17:59.120