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

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Speaker 1: and today we are talking about the high cost of loyalty,

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Speaker 1: scheduel loyalty and our finances and our money. It can

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Speaker 1: be an interesting thing, right, Like, there's a good side

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Speaker 1: of loyalty, but there's also this sort of bad slash

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Speaker 1: high cost side to it. And I'm interested in picking

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Speaker 1: this one apart with you today. Man. Yeah, loyalty highly

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Speaker 1: priced and friendship. You know, we're very loyal to each other,

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Speaker 1: we're good friends. But when it comes to the world

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Speaker 1: of personal finance, loyalty can often come back to bite

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Speaker 1: you in the butt. And so we are going to

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Speaker 1: talk about that a little bit. I'm looking forward to it, Matt.

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Speaker 1: Before we get into it, I wanted to mention that

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Speaker 1: I saw the craziest story that I never thought i'd

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Speaker 1: read in my entire life. Some kid made three million

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Speaker 1: dollars based I'm playing video games. You're talking about the

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Speaker 1: sports Seriously, I didn't realize. I know it's gotten really big,

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Speaker 1: but it's gotten more than really big. It's enormous that

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Speaker 1: the world of e sports. And actually every day on

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Speaker 1: my bike commute home, there's this new e sports venue

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Speaker 1: on my ride. I've never been in there. I have

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Speaker 1: no idea exactly what it means, what it looks like

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Speaker 1: on the inside. The windows are kind of dark. But

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Speaker 1: apparently people are trying to make money because this one

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Speaker 1: kid is thirteen year old kid just want three million

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Speaker 1: dollars by winning like the Fortnight Championships World Championship, which

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Speaker 1: is incredible. Well, dude, next time you see those guys

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Speaker 1: in the gaming spot, I mean, they're just they're trying

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Speaker 1: to get their hustle on, right, They're just trying to

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Speaker 1: make an extra buck. It's a side hustle for so

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Speaker 1: I guess. Yeah. So I still probably wouldn't encourage my

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Speaker 1: kids to go all in on Fortnite, like that's your

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Speaker 1: path to riches or anything like that. But it is

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Speaker 1: kind of interesting to see how E sports has boomed

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Speaker 1: into such a big industry, big enough to support a

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Speaker 1: three million dollar prize for a thirteen year old kid

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Speaker 1: for winning the World Championships at this one game. I'm

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Speaker 1: truly fast needed by it. Yeah, so check this out.

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Speaker 1: Wired had an article earlier this year where they talked

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Speaker 1: about how last year, about two different colleges offered around

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Speaker 1: fifteen million dollars in E sports scholarships. Wow, yeah, that's legit,

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Speaker 1: Like that's a real amount of money. And get this

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Speaker 1: that there's this game called the League of Legends. I've

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Speaker 1: never heard of it. Yeah, it's another huge game, sort

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Speaker 1: of like Fortnite, kind of like Mario Brothers. Yeah, yeah,

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Speaker 1: exactly like Mario Party. Did you ever play that one?

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Speaker 1: That was a good one. But I did like Mario Kart,

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Speaker 1: even though I never owned at sixty four is I

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Speaker 1: never owned in sixty four But that was a fun game. Okay,

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Speaker 1: So League of Legends though for the World Championship last year,

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Speaker 1: it had more viewers than the Super Bowl in the

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Speaker 1: n C Double A Final four combined, which is just

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Speaker 1: completely insane. I think my head just exploded. Yeah, seriously,

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Speaker 1: the thought of that many people tuning in too to

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Speaker 1: watch these folks play this game. I mean, like you said,

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Speaker 1: it's blown up to be this real legit industry. And

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Speaker 1: when it comes to potentially prize money and funding college

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Speaker 1: mean to actually get real scholarships. I think the article

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Speaker 1: said that the average scholarship recipient for E sports received

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Speaker 1: around four to five thousand dollars. That's real money that

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Speaker 1: high schoolers are scoring to use that to be able

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Speaker 1: to apply to their school. I mean, I think that's fantastic,

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Speaker 1: and it's it's not a world that you and I

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Speaker 1: are really that part of. But even Atlanta United, our

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Speaker 1: soccer team, they have an e sports team or a

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Speaker 1: branch where these guys are they're playing soccer. And you know,

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Speaker 1: I mentioned this to Kate and she said, that's just

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Speaker 1: so silly. But we go and we watch people play sports,

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Speaker 1: and these folks are playing games. So how is it

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Speaker 1: that much different? I guess I don't know. Yeah, no,

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Speaker 1: I mean I feel you're not going to knock it

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Speaker 1: when there's a legit industry behind it. Physical feat to

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Speaker 1: me feel a little different than twitching your thumbs, but

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Speaker 1: I completely understand. I guess. The one thing I do

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Speaker 1: worry about is it becomes harder to parent when your

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Speaker 1: kids have some sort of financial game potentially on the line.

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Speaker 1: It's like, this is gonna pay for college? Mom? That off. Yeah,

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Speaker 1: Then what do you say to your kid when it's

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Speaker 1: truly like they really might get some full ride scholarship

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Speaker 1: to some university based on how good they are a

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Speaker 1: video game. I don't know. It's a little weird, but

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Speaker 1: also kind of cool, so interesting to talk about. Alright,

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Speaker 1: let's talk about something else. It's interesting that today on

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Speaker 1: the show we're drinking a beer called Fairy Nectar London.

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Speaker 1: It's a double dry hopped India pale ale by Cross

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Speaker 1: Train Brewing Company, sent to us by listener Joey in Omaha. Yeah,

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Speaker 1: this is the second beer that Joey sent us. Monday's episode,

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Speaker 1: we had regular Fairy Nectar and this one is Fairy

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Speaker 1: Nectar London. Yeah, Monday's beer was great, the regular Faery Nectar.

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Speaker 1: We'll see how this one holds up. We'll talk about

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Speaker 1: that at the end of the episode. But okay, Matt,

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Speaker 1: now onto the topic at hand. We're talking about the

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Speaker 1: high cost of loyalty. Loyalty in so many ways, is

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Speaker 1: such a good thing to have loyal family and friends

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Speaker 1: when you're going through hard times. Well, that's invaluable. You

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Speaker 1: can't put a price on it. But in our current economy,

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Speaker 1: loyalty isn't often rewarded. When we're talking about like transactional loyalty,

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Speaker 1: so oftentimes your loyalty is seen as a way to

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Speaker 1: pay you less or charge you more. So how should

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Speaker 1: you handle loyal ty considering kind of the current climate

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Speaker 1: that we're in. Well, that's what we're trying to address

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Speaker 1: in this episode, and gel this is a nuanced conversation, right,

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Speaker 1: and it's worth noting when loyalty is appropriate and even

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Speaker 1: called for. Sometimes there may be some justifiable and and

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Speaker 1: even good reasons why we might be loyal, whether it's

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Speaker 1: to specific brands, or service providers, or or even stores.

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Speaker 1: One of those that I want to mention is if

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Speaker 1: you can get behind a company's mission statement or their

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Speaker 1: business philosophy, well, in those cases, money is going to

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Speaker 1: matter less. I'm specifically thinking of a company like Patagonia.

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Speaker 1: They have clearly outlined how you know, it's their goal

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Speaker 1: to essentially take care of the earth, and for a

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Speaker 1: lot of folks out there, we have the mission statement

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Speaker 1: like that that aligns with their personal belief Well, it

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Speaker 1: doesn't matter if their clothing or their products cost a

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Speaker 1: lot more because the amount that they're spending just matters

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Speaker 1: that much less. And on top of that, they know

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Speaker 1: that money that they are spending is going towards those missions, right,

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Speaker 1: It's going towards what they believe in. That's why a

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Speaker 1: company like Tom's I think did so well because they

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Speaker 1: kind of through a game changer out there that if

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Speaker 1: you buy one pair of shoes, you know what you're doing,

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Speaker 1: You're buying a pair of shoes for someone else who's

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Speaker 1: in need. And that resonated with people, and so a

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Speaker 1: bunch of different businesses have taken on a philosophy like that,

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Speaker 1: the one for one approach, and Patagonia even started before

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Speaker 1: that with a different business model. But where they are

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Speaker 1: putting their money where their mouth is in regards to

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Speaker 1: what they support, I think loyalty is understandable in those circumstances,

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Speaker 1: that's for sure. Did you ever own a pair of

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Speaker 1: Tom's back in the day. I never did, really, there

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Speaker 1: was a goofy on me, so I just didn't do it.

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Speaker 1: I was more of a Chuck's guy. You know this

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Speaker 1: big feet I had? Yeah, I guess maybe, But don't

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Speaker 1: you wear like sized wells Like you're talking about your

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Speaker 1: Scotti Pippens Scotty Pippen basketball shoes. They were pretty big.

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Speaker 1: I all I know is that wore my Tom's and

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Speaker 1: so there are holes in them. Like I basically, and

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Speaker 1: I've done this before, but I almost like had cut

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Speaker 1: off the back half of the shoe to where it

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Speaker 1: was almost like a pair of clogs. They didn't evolved

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Speaker 1: from like the Toms shoot almost since this sort of

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Speaker 1: this like sad looking pair of sliders that you could

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Speaker 1: just kind of slide your foot into. And yeah they

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Speaker 1: weren't pretty well. You did the same thing with a

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Speaker 1: pair of new balances as I were all yeah, yeah, yeah,

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Speaker 1: well that that was intentional. The Tomas thing, they just

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Speaker 1: kind of war and and yeah I had them for years,

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Speaker 1: all right, so maybe every once in a while you

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Speaker 1: should maybe I should get some new shoes. Yeah, buy

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Speaker 1: new bearer of shoes. That's what's gonna say. Another reason

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Speaker 1: that loyalty is truly justified is if you're getting an

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Speaker 1: excellent product or fantastic service. So if you have found

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Speaker 1: a particular product that does exactly what you needed to do, right,

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Speaker 1: it fits and everything that they say it's going to do,

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Speaker 1: it does it, and more, well, keep going back, keep

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Speaker 1: buying that product. Loyalty is totally understandable if essentially the

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Speaker 1: message on the website, the message on the box meets

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Speaker 1: what comes out of it. And also too, if you

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Speaker 1: have found a company that offers incredible customer service, what's

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Speaker 1: worth it to keep going back there too? And Matt.

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Speaker 1: There are even certain companies that have developed like a

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Speaker 1: cult following based specifically around their customer service. Companies like

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Speaker 1: Zappos have just kind of changed the game and they've

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Speaker 1: raised the bar on what people expect when it comes

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Speaker 1: to customer service. Or even a company like Warby Parker

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Speaker 1: who's lowering the price offering quality glasses but then just

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Speaker 1: giving you this ability to try on these frames in

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Speaker 1: your own home. If you found a company that offers

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Speaker 1: you something superior like that that you can't find anywhere

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Speaker 1: else or are hard pressed to find service at that level, well,

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Speaker 1: I think you're loyalty to a company like that makes

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Speaker 1: a lot of sense to And you're mentioning these newer

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Speaker 1: companies as well, like the kind of the two point

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Speaker 1: o companies, right, But even some of the old school

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Speaker 1: companies that offer and fantastic customer service, Costco, they get rewarded,

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Speaker 1: like maybe Costco. I don't know, I never never stopped

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Speaker 1: foot inside one before. I'm kidding, I've been in one before. Okay,

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Speaker 1: I was gonna say, wow, not to your detriment, but

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Speaker 1: I'm thinking of like insurance companies specifically, like Amika. I'm

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Speaker 1: thinking of USA A people love those insurers because they

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Speaker 1: provide fantastic service, not because they have the lowest prices,

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Speaker 1: but because they treat their customers so well. And so

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Speaker 1: you know, on one end, you've got just really amazing service.

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Speaker 1: And we're talking about great products, but I'm also thinking

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Speaker 1: of two just smaller things, like, for instance, we always

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Speaker 1: buy the same chemics filters for our our chemics coffee maker,

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Speaker 1: and we've tried cheaper ones, uh, and you know what,

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Speaker 1: our coffee kind of tastes like cardboard that time that

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Speaker 1: we did that. And so we know that we get

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Speaker 1: these same ones every single time, and you know what,

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Speaker 1: we might pay a little bit more sometimes because the

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Speaker 1: price fluctuates, but we know that that's one less decision

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Speaker 1: that we have to make, and it's worth it to

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Speaker 1: kind of free up some of that mental space and

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Speaker 1: automate more of our life. Yeah, and I'm glad we're

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Speaker 1: talking about the positive elements of loyalty before we kind

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Speaker 1: of dive into the negative. Demolish the idea that you

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Speaker 1: should be loyal to companies or service providers right to.

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Speaker 1: Another reason I think too that loyalty can be called

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Speaker 1: for is let's say you have an emotional attachment to

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Speaker 1: a company. There's nostalgia sometimes at play in the decisions

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Speaker 1: that we make when it comes to how loyal we

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Speaker 1: are to companies that we've done business with. Sometimes it's

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Speaker 1: like what your family has been used to. Brands can

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Speaker 1: be really good at playing on nostalgia, but really it's

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Speaker 1: up to you to decide whether it's worthwhile to stay

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Speaker 1: loyal to a company that has these like nostalgic qualities. Yeah,

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Speaker 1: J I think what you said there about it being

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Speaker 1: up to the individual is so important because maybe you

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Speaker 1: just grew up around like Kate Spade products and that's

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Speaker 1: just what you are going to get, or like with tools,

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Speaker 1: I'm thinking of like Craftsman tools, or like snap On

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Speaker 1: is a really nice tool company. And if that's what

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Speaker 1: you've always used because you know that a it's just

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Speaker 1: a fantastic product, but you also have a lot of

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Speaker 1: emotional attachment, then it's up to you to determine how

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Speaker 1: much value that you're garnering from that product, even a

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Speaker 1: company like Coca Cola. That's the honestly the first one

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Speaker 1: I thought when we're talking about nostalgia of like Man,

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Speaker 1: it's like the squids more nostalgic than Coca Cola. It's

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Speaker 1: the red can. It's everything right. And I will say

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Speaker 1: the worst thing about going to Costco is it they

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Speaker 1: have pepsi machines in there. But honestly, over time, the

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Speaker 1: more PEPs I've had because it's been forced to buy Costco,

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Speaker 1: it's not that bad. And I realized that kind of

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Speaker 1: part of why I drink coke more than a drink pepsi.

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Speaker 1: So much of it is nostalgic. I don't know how

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Speaker 1: you could say that pepsi is not that bad. It's

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Speaker 1: not that bad. We live in Atlanta, so like, come on,

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Speaker 1: where with Coca Cola for life? I mean I lost

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Speaker 1: some streak cred, that's for sure. So those are maybe

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Speaker 1: some different reasons. It's why you can justify that you

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Speaker 1: are loyal to a store or a brand. But a

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Speaker 1: bad reason for us to be loyal is if we

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Speaker 1: haven't put any energy into researching, if we haven't put

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Speaker 1: any energy into shopping around, and we're loyal by default,

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Speaker 1: that is just not good. With some purchases, it's not

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Speaker 1: going to be that big of a deal. Like you know,

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Speaker 1: we talked about Amazon a bunch, but we always get

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Speaker 1: the Amazon basics batteries and you do not me, You

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Speaker 1: don't know. You probably get the Costco ones and so

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Speaker 1: there might be batteries out there that maybe are a

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Speaker 1: little bit cheaper, but you know what, for me, there's

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Speaker 1: Amazon Basics. Thing weren't just fine, And that's one less

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Speaker 1: decision I have to make. And it's not that big

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Speaker 1: of a deal because it's batteries. So I'm spending twenty

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Speaker 1: bucks on a hundred double as literally I just bought

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Speaker 1: those and they showed up today. Oh nice. Yeah, No,

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Speaker 1: I definitely get the Costco batteries, the Kirkland signature batteries.

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Speaker 1: I do have some Amazon Basic rechargeable batteries though. Nice.

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Speaker 1: Nice either way, though we're talking about batteries here. This

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Speaker 1: is a small dollar conversation, right, this is a twenty

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Speaker 1: dollar conversations like the first wrong of the latter, who

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Speaker 1: really cares? Yeah, But then some things that we're gonna

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Speaker 1: get you here, it's a big deal. I'm talking about

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Speaker 1: things like insurance, things where we spend a lot of

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Speaker 1: money on. You most definitely need to be aware of

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Speaker 1: what you're spending in those categories because if you're not,

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Speaker 1: that could be costing you a ton of money. We

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Speaker 1: just want to make sure that we're not being loyal

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Speaker 1: because we're just being lazy. No, man, that's a great point.

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Speaker 1: Laziness is not the same thing as loyalty. And if

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Speaker 1: for loyal by default without doing the research, that's not

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Speaker 1: good for our bottom line. And we're gonna talk about

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Speaker 1: some of those major places where your loyalty can actually

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Speaker 1: work against you, including potentially where you work. We'll talk

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Speaker 1: about that right after the break. All right, man, we

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Speaker 1: are back, and let's go ahead now and discuss some

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Speaker 1: some places some industries where loyalty is not rewarded. You

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Speaker 1: just tease to this, but let's talk about loyalty in

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Speaker 1: the workplace. Loyalty back in the day, it was a

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Speaker 1: very commonplace in American businesses. We've heard tons of stories

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Speaker 1: of prior generations working with the same company for thirty

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Speaker 1: plus years getting that gold watch at the same time

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Speaker 1: everyone got pensions. It was fantastic. Well that is, it's

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Speaker 1: just no longer the case. There's an implicit agreement that

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Speaker 1: has gone by the wayside. We're seeing just less loyalty

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Speaker 1: from both employers but also from employees as well. Yeah,

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Speaker 1: and I think when the paradigm shifts and employers have

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Speaker 1: less loyalty to their employees, right, And this can be

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Speaker 1: different depending on where you work and what company you

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Speaker 1: work for. There might be a really great track record

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Speaker 1: of loyalty at your specific place of business, and in

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Speaker 1: which case it might make sense for you to be

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Speaker 1: a more loyal employee. But overall, the dynamics have drastically shifted,

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Speaker 1: and so blind loyalty just doesn't make sense in the

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Speaker 1: current economy. And so even at your workplace, your undying

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Speaker 1: loyalty is not necessarily a good thing, And it's important

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Speaker 1: just to realize the fact that the dynamics have changed

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Speaker 1: and where you work today might not be the place

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Speaker 1: where your work ten years from now, much less a

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Speaker 1: couple of years from now. Yeah, you know. This also

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Speaker 1: might be a good time to encourage our listeners to

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Speaker 1: sort of self analyze and for them to ask themselves

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Speaker 1: if they tend to be a loyal person in general.

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Speaker 1: I'm thinking of the Myers brig test, right, I don't

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Speaker 1: know if there's a section where loyalty tends to be

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Speaker 1: more associated with a certain letter, right, Like maybe it's

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Speaker 1: like feeling overthinking, right, like the third category or something

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Speaker 1: like that could be I don't. I don't know, but

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Speaker 1: it could be, that's sure. But I think certain individuals

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Speaker 1: have a tendency to be more or less loyal, and

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Speaker 1: so to be aware of that when you are going

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Speaker 1: into these conversations that you might have with an employer,

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Speaker 1: knowing your natural tendencies and whether or not you lean

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Speaker 1: towards the loyal side or not, it's good to be

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Speaker 1: aware of that. Yeah, that's a great point, Matt. I

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Speaker 1: think inherent loyalty, if that's a trait that you kind

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Speaker 1: of possess more than most people, I think there's even

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Speaker 1: more cause for you to start to consider some of

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Speaker 1: the things that we're talking about in this episode. It

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Speaker 1: could be costing you, all right. So another area that

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Speaker 1: it could be costing you where loyalty isn't typically rewarded,

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Speaker 1: is in just regular retail business. Retailers want you to

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Speaker 1: shop at their stores, they want you to purchase items

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Speaker 1: on their website, but most retailers these days are too

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Speaker 1: large and too dumb to think about you as a

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Speaker 1: reoccurring customer. There's a major shift that's happened across the

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Speaker 1: United States when it comes to how we get the

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Speaker 1: products that we use, how we get our groceries, how

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Speaker 1: we get consumer staples, and how we buy the things

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Speaker 1: that we just enjoy the things that are frivolous that

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Speaker 1: we don't even need. And there's certainly some benefits to

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Speaker 1: the way things have changed. Prices have come down, the

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Speaker 1: level of competition is stiff in that regard, but many

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Speaker 1: retailers have also gotten too big for their own good,

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Speaker 1: and so when it comes to treating you as a

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Speaker 1: valuable customer, well, they've lost sight of knowing how to

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Speaker 1: do that. Well. This can be seen in the promotions

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Speaker 1: that you see, let's say for a cell phone service company,

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Speaker 1: where they say it's for new customers only, and if

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Speaker 1: you've been a loyal customer for four or five, six years,

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Speaker 1: maybe even longer, the cell phone company says, you know what,

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Speaker 1: you don't qualify for this rate. It's just for new customers.

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Speaker 1: And you know what, that makes me want to do

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Speaker 1: run away and find a better deal elsewhere. That is

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Speaker 1: a way in which this company says we don't value

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Speaker 1: your loyalty. And I feel like I'm seeing things like

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Speaker 1: this happen more and more. Yeah, that's so true for

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Speaker 1: new or returning customers, because sometimes they'll put that in

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Speaker 1: there as well, because they know folks are bouncing around. Right,

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Speaker 1: if you've been gone a year, maybe maybe you get

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Speaker 1: the good right. Then, another industry sort of category to

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Speaker 1: consider our insurance companies. We just touched on this for

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Speaker 1: a little bit earlier. But six folks never shop at all,

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Speaker 1: and only tim person are willing to even consider switching.

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Speaker 1: So insurance companies often are the worst culprits, which also

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Speaker 1: means that the savings are often the most substantial when

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Speaker 1: it comes to insurance. It turns out in many states,

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Speaker 1: insurance companies will base their rates on quote unquote price optimization,

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Speaker 1: which means that they base it on their guests as

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Speaker 1: to how much they can increase your rate without you

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Speaker 1: going elsewhere, which makes you feel all warm and fuzzy inside. Yeah,

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Speaker 1: I'm this algorithm essentially not a real human being, and

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Speaker 1: they're gonna see how high they can turn up the

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Speaker 1: heat before I jump out of the pot. If we're

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Speaker 1: talking about that frog and the boy, and yeah, when

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Speaker 1: I read stuff like that, man, it just makes me

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Speaker 1: want to call up a local independent insurance agent tomorrow

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Speaker 1: and start shopping, because it's it's so true. The longer

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Speaker 1: you've been with an insurance company. In all likelihood, the

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Speaker 1: higher rates are not based on accidents that you've been in,

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Speaker 1: not based on true facts, right, but based on the

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Speaker 1: fact that you haven't left, and that's why they're charging

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Speaker 1: you more. And it's just utterly ridiculous. And another place,

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Speaker 1: another industry that does not reward you for loyalty is

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Speaker 1: with TV and internet companies. We just talked about cutting

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Speaker 1: the chord recently an episode number one oh seven Shop Frequently,

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Speaker 1: the best deal that you find today may not be

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Speaker 1: the best deal tomorrow. Pitting these companies against each other

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Speaker 1: and ruthlessly bargaining them down is is the only way

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Speaker 1: that you are going to get a good deal. Staying loyal,

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Speaker 1: sticking with the same company in this arena that the

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Speaker 1: the arena of pay TV and internet is going to

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Speaker 1: cost you lots of money in the long run. That

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Speaker 1: loyalty is never rewarded, I promise you, Yeah, and Jill,

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Speaker 1: don't forget about banks, especially the big ones. It doesn't

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Speaker 1: matter how long you've been with them. They don't care

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Speaker 1: and they're not gonna cut you any breaks. The closest

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Speaker 1: thing that I think you could get to when it

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Speaker 1: comes to being rewarded for your loyalty is if you

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Speaker 1: have an old account that's kind of being grandfathered in.

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Speaker 1: I had one of those with one of the bigs

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Speaker 1: for a while, and the way that they would talk

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Speaker 1: about it or refer to that specific account anytime I

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Speaker 1: went into a local branch, it's almost like they were

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Speaker 1: doing me a favor by allowing me to maintain that

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Speaker 1: account which had lower minimums in order for there to

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Speaker 1: not be a fee, which I obviously appreciated. But it's

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Speaker 1: not a benefit. It's it's just them like adhering to

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Speaker 1: their word. This is an account I opened years ago,

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Speaker 1: and just because they don't offer that account now, I

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Speaker 1: personally don't see that as a reward or a benefit. Yeah,

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Speaker 1: it's interesting. I think sometimes older companies have just a

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Speaker 1: different mentality than newer companies that are trying to compete

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Speaker 1: in the same space. And if you look at something like,

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Speaker 1: let's say take for example, Tesla versus you know, an older,

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Speaker 1: more established car company, Tesla has kind of just broken

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Speaker 1: the rules, Like what they're offering is just completely different

401
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Speaker 1: than traditional car companies. And so many of those traditional

402
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Speaker 1: car companies are now trying to compete in a new

403
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Speaker 1: landscape where they realize things are changing quickly. And as

404
00:19:13,880 --> 00:19:17,000
Speaker 1: technology changes in regards to internet and TV, like we

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Speaker 1: talked about a little bit in episode one or seven,

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Speaker 1: and just as technology has changed the car industry, it's

407
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Speaker 1: changing the cable and internet industry as well. And pretty

408
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Speaker 1: soon we're gonna have five g the options that we're

409
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Speaker 1: gonna have for home internet are gonna drastically shift, and

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Speaker 1: it's gonna hit some of these older players in the

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Speaker 1: industry really hard. And the longer that we stay loyal

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Speaker 1: to companies that don't really feel any loyalty towards us, well,

413
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Speaker 1: it's not hurting them, it's hurting us and Joe. It's

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Speaker 1: worth mentioning to that we're naming some entire industries. And

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Speaker 1: even though in general maybe the auto industry is a

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Speaker 1: little behind the times, there are certain companies, certain outliers

417
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Speaker 1: who are doing things well, for instance, Tesla, and so

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Speaker 1: it kind of comes down to you as an individual

419
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Speaker 1: to see whether or not the specific company or the

420
00:19:59,160 --> 00:20:01,479
Speaker 1: brand that you love to examine whether or not they

421
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Speaker 1: are doing things that are rewarding you as a customer.

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Speaker 1: Another sort of industry that I'm thinking of is just housing.

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Speaker 1: I'm thinking of like the large apartment complexes, right, and

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Speaker 1: in general their policy is to raise rent year after year.

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Speaker 1: That's just what they do. Yeah, No loyalty taken into account,

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Speaker 1: that's for sure. Yeah. Typically it's not up to a

427
00:20:19,760 --> 00:20:22,960
Speaker 1: specific individual. There's just a company wide policy. In particular,

428
00:20:23,000 --> 00:20:25,200
Speaker 1: if it's one of these bigger companies, that they just

429
00:20:25,320 --> 00:20:27,919
Speaker 1: have these rules. This is just what they do. However,

430
00:20:28,040 --> 00:20:30,880
Speaker 1: that's not the case with all apartment complexes, and it's

431
00:20:30,920 --> 00:20:33,640
Speaker 1: certainly not the case when it comes to smaller mom

432
00:20:33,680 --> 00:20:35,720
Speaker 1: and pop landlords, which you and I kind of claimed

433
00:20:35,760 --> 00:20:38,920
Speaker 1: to be, and so we kind of are. That's what

434
00:20:39,040 --> 00:20:41,119
Speaker 1: we are, and so hold onto that fot because after

435
00:20:41,160 --> 00:20:44,120
Speaker 1: the break, we're gonna talk about where loyalty is rewarded.

436
00:20:53,680 --> 00:20:55,720
Speaker 1: All right, Matt, we're back, and we're talking about when

437
00:20:55,880 --> 00:20:59,000
Speaker 1: our loyalty is actually rewarded. We're gonna get to what

438
00:20:59,160 --> 00:21:02,000
Speaker 1: exactly we do when we're doing business with companies that

439
00:21:02,200 --> 00:21:04,680
Speaker 1: don't reward our loyalty. In just a bit, but you

440
00:21:04,760 --> 00:21:07,680
Speaker 1: gave you a good example about an apartment complex versus

441
00:21:07,760 --> 00:21:10,359
Speaker 1: a mom and pop landlord. An apartment complexes is more

442
00:21:10,440 --> 00:21:13,600
Speaker 1: like a giant bureaucracy that says rates are going up

443
00:21:14,040 --> 00:21:16,960
Speaker 1: eight percent this year across the board, no questions asked,

444
00:21:17,200 --> 00:21:18,879
Speaker 1: And it doesn't matter if you've been in that apartment

445
00:21:18,960 --> 00:21:22,840
Speaker 1: complex for five years, ten years, or six months. It's

446
00:21:22,880 --> 00:21:25,560
Speaker 1: happening just the same to everyone. You can't ask for

447
00:21:25,600 --> 00:21:27,800
Speaker 1: a discount, it's not going to happen. But if you

448
00:21:27,880 --> 00:21:30,560
Speaker 1: have a personal relationship with a landlord and you've been

449
00:21:30,600 --> 00:21:32,840
Speaker 1: there for a few years, you've paid rent on time,

450
00:21:33,160 --> 00:21:35,720
Speaker 1: you've built a little bit of a relationship, there's an

451
00:21:35,800 --> 00:21:38,840
Speaker 1: element to which your loyalty can be rewarded in a

452
00:21:38,920 --> 00:21:41,440
Speaker 1: personal relationship like that. And so I think in that case,

453
00:21:41,800 --> 00:21:44,640
Speaker 1: actually raising the question with your mom and populane lord

454
00:21:44,880 --> 00:21:47,320
Speaker 1: over why your rents going up based on your history,

455
00:21:47,560 --> 00:21:50,000
Speaker 1: Well there's actually room for movement where that wasn't a

456
00:21:50,040 --> 00:21:53,440
Speaker 1: possibility with a big apartment complex. You know. Yeah, another

457
00:21:53,520 --> 00:21:56,560
Speaker 1: quick example I'm thinking of where you could or couldn't

458
00:21:56,560 --> 00:21:59,480
Speaker 1: see loyalty rewarded depending on who you're with. Again, let's

459
00:21:59,480 --> 00:22:01,879
Speaker 1: go back to that insurance example. I'm thinking of the

460
00:22:01,960 --> 00:22:04,879
Speaker 1: insurance agent who I have my business insurance with. We

461
00:22:04,960 --> 00:22:07,399
Speaker 1: have an inland marine policy and a liability policy with

462
00:22:07,520 --> 00:22:09,920
Speaker 1: this guy. Have you ever heard of an inland marine

463
00:22:09,960 --> 00:22:12,560
Speaker 1: policy it's kind of a fancy business term. No, man,

464
00:22:12,640 --> 00:22:14,920
Speaker 1: sounds fancy. I've never heard of it. You're like, do

465
00:22:15,000 --> 00:22:18,119
Speaker 1: you actually have a boat? What's that all about? In

466
00:22:18,240 --> 00:22:22,240
Speaker 1: lind marine is basically like insurance for any gear like possessions,

467
00:22:22,280 --> 00:22:25,439
Speaker 1: so in my case, cameras, computers, lenses, all that kind

468
00:22:25,440 --> 00:22:27,720
Speaker 1: of stuff. Yeah, but I wanted to mention a couple

469
00:22:27,720 --> 00:22:30,000
Speaker 1: of years ago, our policies were about to shoot through

470
00:22:30,040 --> 00:22:32,720
Speaker 1: the roof, and he was able to actively find a

471
00:22:32,760 --> 00:22:35,840
Speaker 1: way to combine those policies into something that was providing

472
00:22:35,920 --> 00:22:37,960
Speaker 1: us with the exact same coverage, but in the end

473
00:22:38,080 --> 00:22:40,160
Speaker 1: was going to end up costing us a lot less.

474
00:22:40,640 --> 00:22:42,560
Speaker 1: In my experience, that's just an example of where a

475
00:22:42,600 --> 00:22:45,240
Speaker 1: relationship and experience, I mean, we've been with him for

476
00:22:45,359 --> 00:22:48,200
Speaker 1: a few years that trumped the cost and for him

477
00:22:48,320 --> 00:22:50,000
Speaker 1: to kind of reach out to us and provide us

478
00:22:50,040 --> 00:22:52,440
Speaker 1: with not only that kind of service but also that

479
00:22:52,560 --> 00:22:54,399
Speaker 1: kind of savings. Man, that was a huge one for

480
00:22:54,600 --> 00:22:58,280
Speaker 1: us within an industry that doesn't typically reward loyalty. Another

481
00:22:58,359 --> 00:23:02,040
Speaker 1: example of of an industry where loyalty is actually rewarded,

482
00:23:02,440 --> 00:23:06,359
Speaker 1: but not even actually by the company necessarily is credit cards.

483
00:23:06,520 --> 00:23:09,320
Speaker 1: The longer you have a credit card, the better your

484
00:23:09,359 --> 00:23:11,880
Speaker 1: credit score does. So it's not actually the credit card

485
00:23:12,000 --> 00:23:14,600
Speaker 1: company that is rewarding you for having been a long

486
00:23:14,640 --> 00:23:17,840
Speaker 1: time customer. It's that being a longtime customer looks better

487
00:23:17,920 --> 00:23:19,760
Speaker 1: to the credit bureaus, which helps you out in a

488
00:23:19,800 --> 00:23:21,640
Speaker 1: lot of ways. And we just talked about that last week,

489
00:23:21,840 --> 00:23:24,760
Speaker 1: but it's just worth throwing in that your loyalty there matters,

490
00:23:25,119 --> 00:23:28,800
Speaker 1: even if it doesn't necessarily matter to the specific company

491
00:23:28,840 --> 00:23:30,800
Speaker 1: that you have a credit card with. Let's talk about

492
00:23:30,800 --> 00:23:33,440
Speaker 1: something completely different than the credit card industry. Let's talk

493
00:23:33,480 --> 00:23:36,680
Speaker 1: about local businesses. Your brick and mortars that are gonna

494
00:23:36,720 --> 00:23:39,600
Speaker 1: be near you are typically where you are likely to

495
00:23:39,760 --> 00:23:43,679
Speaker 1: see loyalty rewarded. For example, even as simple as being

496
00:23:43,760 --> 00:23:46,960
Speaker 1: a regular at a local bar or a restaurant, it's

497
00:23:47,040 --> 00:23:49,200
Speaker 1: likely that you're not only going to get fantastic service,

498
00:23:49,520 --> 00:23:52,119
Speaker 1: assuming that you tip well, but there might even be

499
00:23:52,280 --> 00:23:54,760
Speaker 1: special little benefits that you get. Maybe there's a special

500
00:23:54,800 --> 00:23:57,360
Speaker 1: beer on draft that you didn't order, but the bartender

501
00:23:57,440 --> 00:23:59,560
Speaker 1: knows you and knows that you're all about those sour beers,

502
00:23:59,600 --> 00:24:01,159
Speaker 1: and once you to try it, well, that might even

503
00:24:01,200 --> 00:24:03,399
Speaker 1: show up at your table without you having asked. There

504
00:24:03,440 --> 00:24:07,159
Speaker 1: are some softer, sort of intangible lifestyle benefits that that

505
00:24:07,280 --> 00:24:09,159
Speaker 1: come and it's harder to put a dollar amount on

506
00:24:09,359 --> 00:24:12,720
Speaker 1: things like that, but just don't underestimate that benefit as well. Yeah,

507
00:24:12,760 --> 00:24:14,640
Speaker 1: for me, this is huge, Matt. I feel like there

508
00:24:14,720 --> 00:24:16,720
Speaker 1: was a bar I used to go to, like probably

509
00:24:16,760 --> 00:24:18,679
Speaker 1: ten years ago with my buddies, and we'd played trivia

510
00:24:18,760 --> 00:24:21,440
Speaker 1: there most weeks, and the way they treated us just

511
00:24:21,560 --> 00:24:24,200
Speaker 1: because we were regulars was, I mean, just was awesome.

512
00:24:24,240 --> 00:24:26,280
Speaker 1: I loved walking in there. I felt like I became

513
00:24:26,359 --> 00:24:28,240
Speaker 1: friends with a lot of the folks that worked there,

514
00:24:28,680 --> 00:24:31,760
Speaker 1: and just knowing the servers and the bartenders as human

515
00:24:31,800 --> 00:24:34,120
Speaker 1: beings that I engaged with and enjoyed, and then seeing

516
00:24:34,160 --> 00:24:36,680
Speaker 1: them around town that was just that was enjoyable for me.

517
00:24:37,040 --> 00:24:38,800
Speaker 1: And the same thing. There's this local beer store I

518
00:24:38,880 --> 00:24:40,800
Speaker 1: go to. The guy who runs the beer section. He

519
00:24:40,880 --> 00:24:43,080
Speaker 1: and I have become really good friends just because I

520
00:24:43,200 --> 00:24:45,400
Speaker 1: go in there, you know, once a week every other week,

521
00:24:45,680 --> 00:24:48,359
Speaker 1: maybe too often, but we've had so many great conversations

522
00:24:48,400 --> 00:24:50,800
Speaker 1: about things other than beer now because I've been going

523
00:24:50,880 --> 00:24:53,159
Speaker 1: there for years and so it doesn't matter if I

524
00:24:53,200 --> 00:24:55,280
Speaker 1: can save a dollar on a six pack somewhere else.

525
00:24:55,720 --> 00:24:59,440
Speaker 1: My loyalty is rewarded through friendship and through great service.

526
00:24:59,800 --> 00:25:01,800
Speaker 1: So those are intangibles that you're you're right, that you

527
00:25:01,920 --> 00:25:05,240
Speaker 1: can't really put a price tag on, but they're meaningful, right, Yeah.

528
00:25:05,240 --> 00:25:07,880
Speaker 1: It just leads to a better experience for everyone. Kind

529
00:25:07,880 --> 00:25:09,439
Speaker 1: Of going the opposite direction though, I want to talk

530
00:25:09,480 --> 00:25:14,040
Speaker 1: about smartphone apps. Look into utilizing apps that offer rewards

531
00:25:14,160 --> 00:25:17,240
Speaker 1: and free meals and drinks from you know, earning points. Basically,

532
00:25:17,280 --> 00:25:20,159
Speaker 1: these apps have replaced the punch card from back in

533
00:25:20,200 --> 00:25:21,840
Speaker 1: the day when you will walk into a coffee shop

534
00:25:22,000 --> 00:25:23,800
Speaker 1: get a coffee. You know, they punched the card, you

535
00:25:23,880 --> 00:25:26,640
Speaker 1: get tin punches boom, got free coffee. Although those still

536
00:25:26,720 --> 00:25:28,760
Speaker 1: exist and yeah, I still have two of them in

537
00:25:28,800 --> 00:25:32,359
Speaker 1: Mawala from for local places. Yeah, it's it's mostly local places,

538
00:25:32,440 --> 00:25:34,320
Speaker 1: right that still use the punch card, And it's bigger

539
00:25:34,480 --> 00:25:38,200
Speaker 1: restaurants or coffee shops that use the apps. The different

540
00:25:38,240 --> 00:25:41,480
Speaker 1: franchises I'm thinking of mos, I'm thinking of Starbucks. You know,

541
00:25:41,640 --> 00:25:43,480
Speaker 1: you earn a certain number of points and then you

542
00:25:43,520 --> 00:25:45,800
Speaker 1: get those freebees, but plus you get freebes on your

543
00:25:45,840 --> 00:25:47,600
Speaker 1: birthday as well. I don't know if you've ever jumped

544
00:25:47,600 --> 00:25:49,440
Speaker 1: on the different apps on your birthday man. But you

545
00:25:49,440 --> 00:25:51,680
Speaker 1: can score an entire day of meals without spending a

546
00:25:51,680 --> 00:25:54,560
Speaker 1: single dollar. It's pretty sweet, yeah, no doubt. And I

547
00:25:54,600 --> 00:25:57,159
Speaker 1: mean I don't really drink Starbucks, but maybe just a

548
00:25:57,200 --> 00:25:59,600
Speaker 1: couple of times a year. But from everyone that I

549
00:25:59,680 --> 00:26:02,800
Speaker 1: know that drink Starbucks regularly, they say the app is

550
00:26:02,920 --> 00:26:05,840
Speaker 1: just awesome to use because you do score free drinks

551
00:26:06,119 --> 00:26:07,879
Speaker 1: from time to time just by being kind of a

552
00:26:07,920 --> 00:26:10,080
Speaker 1: regular customer. And even just those little things, right like

553
00:26:10,119 --> 00:26:12,240
Speaker 1: having this app that gives you some free bees from

554
00:26:12,280 --> 00:26:14,800
Speaker 1: time to time does breed a sense of loyalty. Yeah,

555
00:26:14,800 --> 00:26:16,720
Speaker 1: and not just free bees too. But we're talking about

556
00:26:16,760 --> 00:26:19,639
Speaker 1: maybe some of the different platforms that offer a rating system,

557
00:26:19,880 --> 00:26:22,680
Speaker 1: they allow access to better service and the ability to

558
00:26:22,960 --> 00:26:25,879
Speaker 1: even just use that service at all. I'm thinking of eBay,

559
00:26:26,200 --> 00:26:29,080
Speaker 1: where if you have a higher score and you're reviewed more,

560
00:26:29,359 --> 00:26:31,600
Speaker 1: there's a better chance of folks bidding on your items

561
00:26:31,640 --> 00:26:34,359
Speaker 1: for sale. Or Airbnb, if you're a renter and you

562
00:26:34,440 --> 00:26:36,200
Speaker 1: have a lot of great reviews, well, there's a better

563
00:26:36,280 --> 00:26:39,359
Speaker 1: chance of your reservation being accepted by the host. And

564
00:26:39,440 --> 00:26:41,639
Speaker 1: so these benefits they're able to be enjoyed by the

565
00:26:41,720 --> 00:26:44,760
Speaker 1: different users, by the different customers who are loyal and

566
00:26:44,960 --> 00:26:47,200
Speaker 1: who are using these apps and using these platforms and

567
00:26:47,240 --> 00:26:49,879
Speaker 1: the websites, and they're using them frequently. And even with

568
00:26:50,040 --> 00:26:52,520
Speaker 1: ride sharing sites as well. I'm thinking of Uber and left. Basically,

569
00:26:52,600 --> 00:26:54,359
Speaker 1: the more you use it and the more that you

570
00:26:54,520 --> 00:26:57,359
Speaker 1: are a good human being while while you're using these apps,

571
00:26:57,760 --> 00:27:00,320
Speaker 1: you get rewarded. Yeah, Matt. And like you mentioned with eBay,

572
00:27:00,480 --> 00:27:03,200
Speaker 1: and the more you sell on eBay, the higher ratings

573
00:27:03,280 --> 00:27:06,080
Speaker 1: you get, the more people trust what you're selling, and

574
00:27:06,160 --> 00:27:08,760
Speaker 1: that loyalty, it's just rewarded. Same thing with being an

575
00:27:08,800 --> 00:27:12,600
Speaker 1: airbnb host. Speaking of Airbnb, let's talk about travel loyalty

576
00:27:12,680 --> 00:27:15,680
Speaker 1: rewards programs. Well, many of these have been watered down

577
00:27:15,760 --> 00:27:18,320
Speaker 1: over the years. The more you fly an airline, right,

578
00:27:18,680 --> 00:27:21,879
Speaker 1: you get frequent flyer miles, and frequent flyer miles used

579
00:27:21,920 --> 00:27:26,440
Speaker 1: to be prized. They've become worthless over time. They've been devalued.

580
00:27:26,800 --> 00:27:29,800
Speaker 1: But still I think it's important to join these programs

581
00:27:29,880 --> 00:27:33,440
Speaker 1: because there is some sort of loyalty reward that's given.

582
00:27:33,880 --> 00:27:36,600
Speaker 1: I think there's a caveat though, we shouldn't just book

583
00:27:37,000 --> 00:27:39,760
Speaker 1: with an airline because we're a member of their loyalty

584
00:27:39,840 --> 00:27:42,280
Speaker 1: rewards program. It's nice to get those miles on the

585
00:27:42,320 --> 00:27:44,920
Speaker 1: back end after we take the trip. But we should

586
00:27:44,920 --> 00:27:47,639
Speaker 1: shop on price first and foremost. In one of our

587
00:27:47,720 --> 00:27:50,640
Speaker 1: favorite ways to shop based on price is a site

588
00:27:50,640 --> 00:27:53,760
Speaker 1: called Scotch Cheap Flights, So check that out. Sign up

589
00:27:53,800 --> 00:27:56,879
Speaker 1: for those emails. They will notify you of the cheapest flights,

590
00:27:57,080 --> 00:27:59,959
Speaker 1: especially international flights. So basically sign up for the role

591
00:28:00,000 --> 00:28:03,040
Speaker 1: awards programs, but don't count on them to do too much.

592
00:28:03,400 --> 00:28:06,000
Speaker 1: Don't be blindly loyal to one airline because you signed

593
00:28:06,080 --> 00:28:09,920
Speaker 1: up for their frequent flyer program first. Ultimately, uh, super

594
00:28:10,000 --> 00:28:12,240
Speaker 1: low fair means a heck of a lot more than

595
00:28:12,680 --> 00:28:16,439
Speaker 1: building up your status in an airline's loyalty program. All right,

596
00:28:16,520 --> 00:28:18,920
Speaker 1: let's talk about what we think you should do when

597
00:28:18,960 --> 00:28:22,119
Speaker 1: it comes to loyalty and your money, and that is

598
00:28:22,200 --> 00:28:26,280
Speaker 1: to be loyal where loyalty is shown to you and

599
00:28:26,359 --> 00:28:29,480
Speaker 1: you're more likely to encounter that loyalty locally, in particular

600
00:28:29,600 --> 00:28:32,320
Speaker 1: where there is another human being involved. Anytime that we

601
00:28:32,400 --> 00:28:35,600
Speaker 1: can foster and develop relationships, it's easy to see how

602
00:28:35,640 --> 00:28:38,840
Speaker 1: that can translate into either lower costs, better service, or

603
00:28:38,960 --> 00:28:42,600
Speaker 1: a better product overall. And when you're not finding loyalty

604
00:28:42,880 --> 00:28:46,600
Speaker 1: where you're shopping, well, shop around shopping for a different

605
00:28:46,680 --> 00:28:49,600
Speaker 1: service provider or just shopping for that item elsewhere. It

606
00:28:49,640 --> 00:28:51,760
Speaker 1: doesn't take as long as you think. You'll save money

607
00:28:51,840 --> 00:28:55,080
Speaker 1: and have the amazing feeling of having empowered yourself to

608
00:28:55,200 --> 00:28:57,480
Speaker 1: make a change for the better. If you feel like

609
00:28:57,600 --> 00:29:01,479
Speaker 1: your loyalty isn't being valued, take your business elsewhere. But Joe,

610
00:29:01,560 --> 00:29:03,560
Speaker 1: let's say you don't want to take your business elsewhere,

611
00:29:03,920 --> 00:29:05,960
Speaker 1: and you want to stay with a company, but you

612
00:29:06,040 --> 00:29:08,760
Speaker 1: just want to lower price. Will work the system. Just

613
00:29:08,800 --> 00:29:10,480
Speaker 1: trying to think a little differently when it comes to

614
00:29:10,640 --> 00:29:12,840
Speaker 1: how you interact with that company. Don't be afraid to

615
00:29:12,920 --> 00:29:14,840
Speaker 1: ask for discounts. We talked about that way back in

616
00:29:14,880 --> 00:29:18,240
Speaker 1: episode eighteen. We've also found that contacting them and reaching

617
00:29:18,280 --> 00:29:21,360
Speaker 1: out to their customer service via Twitter is a fantastic

618
00:29:21,400 --> 00:29:23,600
Speaker 1: way to see results. And if push comes to shove,

619
00:29:23,880 --> 00:29:27,479
Speaker 1: see if you can connect with their customer retention department, because,

620
00:29:27,560 --> 00:29:29,760
Speaker 1: like the name says, that's their entire job is to

621
00:29:29,840 --> 00:29:32,160
Speaker 1: keep you as a happy customer. Well maybe not happy,

622
00:29:32,280 --> 00:29:34,560
Speaker 1: but just as a customer. I was gonna say, basically,

623
00:29:34,560 --> 00:29:36,840
Speaker 1: when you do this, these companies aren't reacting based on

624
00:29:36,960 --> 00:29:39,800
Speaker 1: your loyalty, but based on you being the squeaky wheel.

625
00:29:40,120 --> 00:29:44,160
Speaker 1: So if you're not finding loyalty, it doesn't necessarily mean

626
00:29:44,360 --> 00:29:47,239
Speaker 1: you shouldn't do business with that company. It does mean, though,

627
00:29:47,280 --> 00:29:48,880
Speaker 1: that you might have to work the system in order

628
00:29:48,920 --> 00:29:51,520
Speaker 1: to get a better deal. All right, Another place where

629
00:29:51,560 --> 00:29:54,000
Speaker 1: your loyalty might not be rewarded that we talked about

630
00:29:54,080 --> 00:29:57,840
Speaker 1: earlier is the workplace, and some stats bear out that

631
00:29:57,920 --> 00:30:01,280
Speaker 1: you'll make much less money by staying with an employer

632
00:30:01,720 --> 00:30:04,040
Speaker 1: over the long haul, and in fact, if you end

633
00:30:04,120 --> 00:30:07,320
Speaker 1: up working for an employer even just over two years,

634
00:30:07,680 --> 00:30:09,760
Speaker 1: typically you end up making less money you would make

635
00:30:09,840 --> 00:30:13,520
Speaker 1: more by accepting a job elsewhere. So obviously it's important

636
00:30:13,520 --> 00:30:16,360
Speaker 1: to consider your personal happiness, the projects you're working on,

637
00:30:16,720 --> 00:30:19,360
Speaker 1: who you're working with, and the personal fulfillment that you

638
00:30:19,480 --> 00:30:21,760
Speaker 1: find in your day to day work. It's just important

639
00:30:21,760 --> 00:30:25,240
Speaker 1: to note and to realize that loyalty is often penalized

640
00:30:25,320 --> 00:30:29,160
Speaker 1: by lots of employers in the form of smaller raises.

641
00:30:29,480 --> 00:30:32,160
Speaker 1: So just like an apartment complex that jacks up the

642
00:30:32,240 --> 00:30:35,280
Speaker 1: rates on everyone at the same amount every year, well,

643
00:30:35,480 --> 00:30:39,080
Speaker 1: employers often have maximum raise amounts that they're willing to

644
00:30:39,120 --> 00:30:42,040
Speaker 1: give out. And if you've been someplace where races have

645
00:30:42,160 --> 00:30:44,400
Speaker 1: been capped, for quite a while, but you feel like

646
00:30:44,480 --> 00:30:46,600
Speaker 1: you should be making more. There's a good chance that

647
00:30:46,680 --> 00:30:49,040
Speaker 1: that's not going to happen in your current work environment,

648
00:30:49,240 --> 00:30:51,080
Speaker 1: and the best way to actually do that is to

649
00:30:51,120 --> 00:30:55,800
Speaker 1: apply elsewhere. Essentially, blind loyalty, even to an employer, is

650
00:30:55,840 --> 00:30:59,840
Speaker 1: worth questioning considering what's potentially at stake. Nice, all right, Joel,

651
00:30:59,840 --> 00:31:02,320
Speaker 1: I'm excited to jump back to this beer because we

652
00:31:02,440 --> 00:31:05,360
Speaker 1: basically had the Little Brother version of this beer on Monday,

653
00:31:05,760 --> 00:31:09,400
Speaker 1: the traditional Fairy Nectar, and it was good. But I've

654
00:31:09,440 --> 00:31:15,200
Speaker 1: got to say this version, the Fairy Nectar London, was delicious.

655
00:31:15,520 --> 00:31:17,880
Speaker 1: And I'm gonna let you give your thoughts first. Sure,

656
00:31:17,960 --> 00:31:19,640
Speaker 1: last week on the show, we had a gold medal

657
00:31:19,720 --> 00:31:22,360
Speaker 1: winning beer at the Great American Beer Festival. This was

658
00:31:22,480 --> 00:31:25,240
Speaker 1: a silver medal winning beer. So we've had some fancy

659
00:31:25,280 --> 00:31:27,960
Speaker 1: beers on the show lately, and this one was really

660
00:31:28,000 --> 00:31:30,480
Speaker 1: really good. Man. There's no wonder it won a silver

661
00:31:30,600 --> 00:31:33,920
Speaker 1: medal award. It's It's a really really good beer, delightfully juicy,

662
00:31:34,240 --> 00:31:36,560
Speaker 1: and I think what I love most about it was

663
00:31:36,640 --> 00:31:40,040
Speaker 1: that the flavor linger so long on your tongue. Is

664
00:31:40,080 --> 00:31:42,320
Speaker 1: one of those sippers that you could drink over hours,

665
00:31:42,640 --> 00:31:44,760
Speaker 1: but you're tasting those flavors as they kind of bloom

666
00:31:44,800 --> 00:31:47,400
Speaker 1: on your tongue the whole time, even when you're not

667
00:31:47,560 --> 00:31:50,880
Speaker 1: sipping it. It was really really enjoyable. Well, we may

668
00:31:50,920 --> 00:31:53,200
Speaker 1: have mentioned that this was a double dry hot beer,

669
00:31:53,440 --> 00:31:55,080
Speaker 1: and for me a lot of times with a double

670
00:31:55,160 --> 00:31:57,160
Speaker 1: dry hot beer, it it tends to have this almost

671
00:31:57,280 --> 00:32:00,120
Speaker 1: sort of funky blue cheese like flavor. It's it's hard

672
00:32:00,160 --> 00:32:02,600
Speaker 1: to describe and people are gonna be totally turned off

673
00:32:02,640 --> 00:32:04,440
Speaker 1: if they hear that, But if you've had some really

674
00:32:04,480 --> 00:32:07,400
Speaker 1: good dry hot beers, you know what I'm talking about. However,

675
00:32:07,600 --> 00:32:09,760
Speaker 1: this specific beer also has a lot of fruit action

676
00:32:09,840 --> 00:32:11,680
Speaker 1: going on. It's got like a lot of tropical fruits

677
00:32:11,720 --> 00:32:15,040
Speaker 1: and just just fruity flavors in general, and that blue

678
00:32:15,160 --> 00:32:17,440
Speaker 1: cheese flavor and mixed with like the kind of fruitiness

679
00:32:17,760 --> 00:32:20,000
Speaker 1: makes me think of like a drunken goat cheese. Every

680
00:32:20,040 --> 00:32:22,800
Speaker 1: head drunken goat before it's a goat cheese, and I

681
00:32:22,880 --> 00:32:24,200
Speaker 1: think the way they do it hang out with drunk

682
00:32:24,240 --> 00:32:26,600
Speaker 1: goats from time to time, but I think they typically

683
00:32:26,720 --> 00:32:28,920
Speaker 1: will take that goat cheese and then age it in

684
00:32:29,240 --> 00:32:31,120
Speaker 1: wine or something like that. There's some sort of like

685
00:32:31,280 --> 00:32:33,840
Speaker 1: fine action and fused into the cheese. It's not like

686
00:32:34,080 --> 00:32:36,160
Speaker 1: that goat got drunk and then they may cheese from it.

687
00:32:36,320 --> 00:32:38,320
Speaker 1: Right now, good. I think Peter would be on that

688
00:32:38,480 --> 00:32:42,640
Speaker 1: if that is not allowed. And this makes this just

689
00:32:42,760 --> 00:32:45,280
Speaker 1: a really unique beer. And I've never described a beer

690
00:32:45,400 --> 00:32:48,160
Speaker 1: quite this way before, But I hope to describe more

691
00:32:48,240 --> 00:32:50,320
Speaker 1: beers this way because more folks will will jump on

692
00:32:50,360 --> 00:32:53,440
Speaker 1: that drunken goat train. Man, I'm all about this. Another

693
00:32:53,560 --> 00:32:56,440
Speaker 1: huge thanks to Joey and Omaha for sending this one

694
00:32:56,560 --> 00:32:59,000
Speaker 1: and our beer earlier this week to us. Thanks Joey, Yeah,

695
00:32:59,080 --> 00:33:01,240
Speaker 1: thanks Joey. All right, Joel, let's kick it to our

696
00:33:01,320 --> 00:33:04,360
Speaker 1: final thoughts. When it comes to loyalty. It is okay

697
00:33:04,520 --> 00:33:07,120
Speaker 1: to be loyal to specific companies or brains, but just

698
00:33:07,200 --> 00:33:09,440
Speaker 1: make sure that you are doing it intentionally. Whether it

699
00:33:09,520 --> 00:33:12,560
Speaker 1: be because of their excellent products, maybe they've got a

700
00:33:12,560 --> 00:33:15,000
Speaker 1: great mission statement, or you've got other reasons, maybe you

701
00:33:15,080 --> 00:33:18,320
Speaker 1: have an emotional attachment or even some slight convenience. Make

702
00:33:18,360 --> 00:33:21,760
Speaker 1: sure that you are being loyal intentionally. Also, think about

703
00:33:21,920 --> 00:33:25,600
Speaker 1: where your loyalty is being taken advantage of. There are

704
00:33:25,680 --> 00:33:29,440
Speaker 1: certain places and industries where your loyalty just isn't rewarded.

705
00:33:29,600 --> 00:33:31,960
Speaker 1: When it is rewarded, it makes sense for you to

706
00:33:32,040 --> 00:33:35,040
Speaker 1: be loyal in return. But where it isn't, it makes

707
00:33:35,040 --> 00:33:37,560
Speaker 1: sense to shop around and save money or work the

708
00:33:37,600 --> 00:33:39,560
Speaker 1: system to get a better deal. All right, Matt, that's

709
00:33:39,560 --> 00:33:42,320
Speaker 1: gonna be it for this episode. Folks can find show

710
00:33:42,360 --> 00:33:44,840
Speaker 1: notes for this one on our website at how to

711
00:33:44,920 --> 00:33:46,800
Speaker 1: money dot com. And a quick things to all of

712
00:33:46,800 --> 00:33:49,520
Speaker 1: our listeners out there who have left amazing reviews over

713
00:33:49,640 --> 00:33:52,320
Speaker 1: on Apple Podcasts. We really appreciate that. But if you

714
00:33:52,360 --> 00:33:54,320
Speaker 1: haven't done that yet, we would totally appreciate if you

715
00:33:54,360 --> 00:33:56,520
Speaker 1: clicked over there and left us a review. And while

716
00:33:56,560 --> 00:33:58,040
Speaker 1: we're thanking folks, I want to thank all of our

717
00:33:58,080 --> 00:34:00,480
Speaker 1: listeners out there who have sent us years to have

718
00:34:00,560 --> 00:34:02,960
Speaker 1: on the show Man. We really appreciate that they have

719
00:34:03,200 --> 00:34:05,480
Speaker 1: been delicious. That's just a part of the show that

720
00:34:05,600 --> 00:34:09,160
Speaker 1: we have been delightfully surprised with where we get to

721
00:34:09,239 --> 00:34:11,360
Speaker 1: have amazing beers from all across the country that we

722
00:34:11,400 --> 00:34:13,120
Speaker 1: wouldn't normally be able to get our hands on. So

723
00:34:13,400 --> 00:34:15,919
Speaker 1: so thanks to all of our listeners out there for that. Seriously, dude,

724
00:34:15,960 --> 00:34:19,960
Speaker 1: we've had some really good beers from all across the country,

725
00:34:20,520 --> 00:34:23,080
Speaker 1: from just really cool people that are really excited about

726
00:34:23,239 --> 00:34:25,600
Speaker 1: the breweries in their area, and there's some sort of

727
00:34:25,680 --> 00:34:27,480
Speaker 1: really cool connection when we get to drink a beer,

728
00:34:27,920 --> 00:34:31,000
Speaker 1: a favorite beer from a local brewery of someone who

729
00:34:31,040 --> 00:34:33,080
Speaker 1: listens to the show. I mean, that's just so cool.

730
00:34:33,280 --> 00:34:34,759
Speaker 1: So yeah, for sure, that has been one of the

731
00:34:34,880 --> 00:34:36,920
Speaker 1: coolest parts of doing this show. Yeah, thanks to the

732
00:34:37,000 --> 00:34:40,719
Speaker 1: loyalty of our listeners. Loyal I like it. I like it, Joel.

733
00:34:41,080 --> 00:34:44,279
Speaker 1: Until next time, best Friends Out, Best Friends Out,