WEBVTT - Reopening the Economy and Getting Refunds #192 0:00:00.080 --> 0:00:02.440 Welcome to How the Money. I'm Joel and I and 0:00:02.520 --> 0:00:06.760 Matt and today we're discussing reopening the economy and getting refunds. 0:00:25.720 --> 0:00:28.440 All right, Joel Friday. Episode. That means it's time to 0:00:28.440 --> 0:00:30.360 talk about the coronavirus how it has to do with 0:00:30.400 --> 0:00:33.640 our personal finances. It's currently week six of the of 0:00:33.680 --> 0:00:35.680 the lockdown, at least for most of the country. I 0:00:35.680 --> 0:00:38.480 think while some places are starting to ease restrictions, some 0:00:38.479 --> 0:00:41.080 some states, you know, some governors have opened up certain 0:00:41.080 --> 0:00:43.040 sectors of the economy, and that's something that we're gonna 0:00:43.120 --> 0:00:45.040 address and kind of talk about on the show today too. 0:00:45.240 --> 0:00:47.120 We're gonna talk about that, We're gonna talk about being 0:00:47.120 --> 0:00:49.879 watched by your employer when you're working from home, as 0:00:49.920 --> 0:00:52.680 well as getting refunds. So let's let's kind of dive 0:00:52.680 --> 0:00:54.360 into it because we actually have a lot to talk about. 0:00:54.520 --> 0:00:57.720 No personal banter. Well, let's get to Yeah, let's get 0:00:57.720 --> 0:00:59.120 to the good news first, Mac, That's what we like 0:00:59.200 --> 0:01:02.160 to cover on these the good news. Yeah, and there 0:01:02.200 --> 0:01:05.080 are some good things, some good stories floating around, even 0:01:05.120 --> 0:01:06.839 at a time of great distress for a lot of people. 0:01:06.880 --> 0:01:08.920 And so I think for you know, how we're going 0:01:08.959 --> 0:01:10.839 through this mentally, it's good to be able to focus 0:01:10.880 --> 0:01:12.400 on some of the some of the positive things that 0:01:12.440 --> 0:01:14.920 are happening around us. And one thing that we were 0:01:14.959 --> 0:01:18.280 notified of by a local listener, Rebecca wrote into us 0:01:18.360 --> 0:01:21.080 and she mentioned that our episode about how to use 0:01:21.080 --> 0:01:24.040 your stimulus check that came out last week, that really 0:01:24.040 --> 0:01:25.960 helped her a lot to ease some of her guilt. Actually, 0:01:26.000 --> 0:01:28.800 the moral conversation that we had about how to use 0:01:28.840 --> 0:01:31.480 that stimulus money, how you should think about it, it 0:01:31.560 --> 0:01:33.960 was really helpful in in her being able to actually 0:01:34.360 --> 0:01:36.720 feel okay saving a portion of it. But she also 0:01:36.760 --> 0:01:40.039 mentioned in her email Matt, this local nonprofit called Bloom 0:01:40.080 --> 0:01:42.440 to a Room and it just got started because of 0:01:42.480 --> 0:01:45.800 COVID nineteen. And there's this young fella, young local Atlantic guy, 0:01:45.800 --> 0:01:48.920 Braxton Chadwick. He's a high school senior and he is 0:01:49.160 --> 0:01:52.680 looking for donations to brighten the lives of seniors suffering 0:01:52.680 --> 0:01:57.760 from COVID. He's getting flowers into rooms around the Atlanta area. Man, 0:01:57.840 --> 0:01:59.480 I had to make a donation when I read that 0:01:59.480 --> 0:02:01.760 story when I went to his website. It's really cool 0:02:01.800 --> 0:02:04.640 to see young people in particular doing incredible things in 0:02:04.680 --> 0:02:07.120 this time. And Braxton is one of those young people 0:02:07.200 --> 0:02:09.880 doing something really great, some flowers to brighten the days 0:02:09.919 --> 0:02:12.280 of seniors who are suffering right now. And the reason 0:02:12.360 --> 0:02:14.639 we're sharing this story is so Rebecca she mentioned that 0:02:14.680 --> 0:02:16.440 she had a little bit of guilt for from receiving 0:02:16.440 --> 0:02:18.800 her stimulus money, right and so we had talked some 0:02:18.919 --> 0:02:21.240 about ways that we can give that money away, and 0:02:21.280 --> 0:02:24.160 so I think stories like this will help us. Hopefully 0:02:24.160 --> 0:02:26.200 it will encourage folks out there to kind of pay 0:02:26.200 --> 0:02:28.919 it forward essentially, if you feel at tinge of guilt 0:02:28.960 --> 0:02:32.120 because you maybe maybe you are in a fantastic spot financially, 0:02:32.400 --> 0:02:34.760 and if so, then then paying it forward and find 0:02:34.880 --> 0:02:37.320 ways to contribute to you know, the needs of others 0:02:37.360 --> 0:02:39.839 and looking for those different opportunities to to give your money. 0:02:39.919 --> 0:02:43.000 That's a great use of your stimulus money. But Joel, yeah, 0:02:43.040 --> 0:02:45.760 I'm with you when I heard about that story. You know, 0:02:45.800 --> 0:02:47.960 he's a high school senior, and so I think it's 0:02:47.960 --> 0:02:51.560 just an amazing mission that he has started, essentially, And 0:02:51.560 --> 0:02:53.560 so Rebecca, you know, she had gotten in touch with us. 0:02:53.600 --> 0:02:55.760 She let us know about bloom to a Room. She 0:02:55.880 --> 0:02:59.640 even emailed him Braxton to inquire if her aunt's senior 0:02:59.760 --> 0:03:02.800 living facility was on his list, and he said that 0:03:02.840 --> 0:03:05.120 it wasn't, but he ended up putting it on his 0:03:05.200 --> 0:03:09.000 list and delivered flowers to that facility the very next day. 0:03:09.320 --> 0:03:11.720 She said that she didn't get flowers personally, but that 0:03:11.800 --> 0:03:13.840 she sure felt like she did, so major props to 0:03:13.880 --> 0:03:17.200 Braxton for brightening people's days, you know, with these flowers 0:03:17.240 --> 0:03:19.519 and doing something that I think a typical senior in 0:03:19.600 --> 0:03:21.760 high school wouldn't be doing, you know, like this is 0:03:21.800 --> 0:03:25.520 a typical high school senior behavior, but it's definitely something 0:03:25.560 --> 0:03:28.640 that he's doing. And major props to him for that. Yeah, completely. 0:03:28.840 --> 0:03:31.720 And Matt on another note on the good news front 0:03:31.840 --> 0:03:34.560 and talking about paying it forward, well, an anonymous donor 0:03:34.680 --> 0:03:37.520 paid the water bill of four thousand residents of a 0:03:37.560 --> 0:03:41.960 small Indiana town. The total donation was over two thousand dollars. 0:03:42.280 --> 0:03:43.840 Those kind of stories are so fun to read, right 0:03:43.880 --> 0:03:47.560 because a donation like that has an immediate impact on 0:03:47.720 --> 0:03:49.960 all the families of that town, but in particular a 0:03:50.000 --> 0:03:52.400 family that is struggling that's maybe gone through a job 0:03:52.440 --> 0:03:55.880 loss or has been furloughed and hasn't seen a stimulus 0:03:55.960 --> 0:03:58.560 check come into their bank account yet, or their waiting 0:03:58.760 --> 0:04:02.560 on an unemployment claim. That's one major financial victory right there, 0:04:02.680 --> 0:04:04.680 having your water bill taken care of for a month. 0:04:04.800 --> 0:04:06.960 So yeah, I don't know who this person is. They're anonymous, 0:04:07.000 --> 0:04:09.280 but I love reading stories like that too, well, a 0:04:09.360 --> 0:04:13.200 non anonymous donor. So in Atlanta, Tyler Perry, he's you know, 0:04:13.240 --> 0:04:17.920 like the film producer. I just call him Media. Those 0:04:17.960 --> 0:04:20.279 are some of the movies that he makes. But he uh, 0:04:20.360 --> 0:04:23.080 a few weeks ago, he paid for all the groceries 0:04:23.200 --> 0:04:26.760 during Senior Hour and so uh local grocery store around here, Kroger. 0:04:27.080 --> 0:04:29.640 He paid for the groceries on a specific day of 0:04:29.680 --> 0:04:32.360 a bunch of Kroger's across Atlanta, as well as some 0:04:32.360 --> 0:04:34.800 Win Dixies I think in Louisiana, which is where he's from. 0:04:35.440 --> 0:04:37.520 But yeah, another super cool way that folks are kind 0:04:37.520 --> 0:04:39.599 of stepping up and helping others in need. By the way, 0:04:39.600 --> 0:04:45.000 can he shop during Senior Hour if he's dressed as media? Absolutely? 0:04:45.480 --> 0:04:48.479 I think he totally kid Atlanta's Angel. That was I 0:04:48.480 --> 0:04:51.800 think what the cashiers were supposed to tell the seniors 0:04:51.839 --> 0:04:54.120 when they said, oh no, your bills covered. So I 0:04:54.200 --> 0:04:57.400 thought that was pretty cool. Also, there's this luxury hotel 0:04:57.680 --> 0:05:00.800 that's hosting COVID patients at this hotel. It's for fancy 0:05:00.880 --> 0:05:03.720 in Barcelona, right in Spain. It normally has rooms at 0:05:03.720 --> 0:05:06.280 four hundred fifty dollars a night's but the owner decided 0:05:06.360 --> 0:05:09.280 to open up their rooms for those affected by COVID nineteen. 0:05:09.680 --> 0:05:12.120 Most of their guests are those with miles symptoms, but 0:05:12.200 --> 0:05:15.720 again also those who are more vulnerable, the elderly, some 0:05:15.800 --> 0:05:18.400 who are pregnant. It's interesting about that story is the 0:05:18.440 --> 0:05:19.880 owner she was a little worried that she was going 0:05:19.920 --> 0:05:22.520 to get a little bit of pushback from her current customers, 0:05:22.560 --> 0:05:25.200 from you know, her previous customers that typically come to 0:05:25.240 --> 0:05:27.720 her hotel, but in fact she saw the opposite. A 0:05:27.760 --> 0:05:30.159 lot of regulars who do stay at the hotel reached 0:05:30.160 --> 0:05:31.640 out when they heard that she was doing this to 0:05:31.839 --> 0:05:33.880 let her know that like, hey, I'm not gonna be 0:05:33.960 --> 0:05:36.880 traveling to Barcelona in time soon for obvious reasons, but 0:05:36.960 --> 0:05:38.479 as soon as possible, I'm going to make sure that 0:05:38.560 --> 0:05:40.480 I book some travel and I'm going to make sure 0:05:40.560 --> 0:05:43.120 to stay at your hotel. Because they wanted to voice 0:05:43.160 --> 0:05:45.400 their support for how she's taking care of others. Yeah, 0:05:45.440 --> 0:05:47.359 that's a really cool story, man. I I found that 0:05:47.400 --> 0:05:49.760 one to be really neat and hotels at this particular 0:05:49.760 --> 0:05:52.000 point in time, Yeah, they're not seeing much foot traffic, 0:05:52.040 --> 0:05:55.120 and so the hotel owners who are being generous with 0:05:55.160 --> 0:05:57.680 those rooms and taking care of patients, that's huge, Matt. 0:05:57.720 --> 0:05:59.599 There was another listener email that we got this week 0:05:59.640 --> 0:06:01.480 that thought it was important to share. It was from 0:06:01.520 --> 0:06:04.840 Tristan and Liz, a really young couple from Massachusetts, and 0:06:04.880 --> 0:06:06.560 they said they started listening last year when they were 0:06:06.560 --> 0:06:09.039 twenty three and twenty five, and Liz was in three 0:06:09.040 --> 0:06:11.679 thousand dollars worth the credit card debt, ninety thod dollars 0:06:11.680 --> 0:06:13.919 with the student loans, and thirty thousand of that was 0:06:14.080 --> 0:06:17.640 a private student loan at eleven percent interest. And Tristan 0:06:17.720 --> 0:06:20.320 told us that he budgeted and worked more overtime at 0:06:20.360 --> 0:06:22.200 his job as an e m T when they were 0:06:22.200 --> 0:06:24.320 short on money. He said, neither of us had an 0:06:24.320 --> 0:06:27.520 emergency fund, neither of us budgeting a single dollar. Now 0:06:27.680 --> 0:06:29.800 both of us used mint to budget. We know where 0:06:29.800 --> 0:06:32.599 every dollar goes, and we're realizing how much money was 0:06:32.640 --> 0:06:34.960 slipping through the cracks. Tristan says, I opened up a 0:06:34.960 --> 0:06:36.960 wrath for oh K at work, and I'm taking advantage 0:06:36.960 --> 0:06:40.240 of my company match. Liz obliterated her credit card debt 0:06:40.320 --> 0:06:43.000 last summer, bought a used car in cash, and refinanced 0:06:43.200 --> 0:06:45.560 that thirty thousand dollars of private loans to a four 0:06:45.640 --> 0:06:49.000 percent interest rate. They both have emergency funds in high 0:06:49.040 --> 0:06:51.799 interest rate accounts too, with three months worth of expenses 0:06:51.839 --> 0:06:54.440 on hand, and they just finished saving up those emergency 0:06:54.440 --> 0:06:57.560 funds when the COVID pandemic occurred and Liz lost her job, 0:06:58.000 --> 0:06:59.800 and Triston said, thanks to this money, she can take 0:06:59.800 --> 0:07:02.119 her time looking for a job and live stress free 0:07:02.120 --> 0:07:04.680 for months. And if we hadn't been taken the advice 0:07:04.839 --> 0:07:07.560 from the podcast, then they wouldn't have been in this position. 0:07:07.680 --> 0:07:09.840 So yeah, I love hearing reports like that from listeners 0:07:09.840 --> 0:07:12.280 who have been able to take the advice that we 0:07:12.360 --> 0:07:14.680 give on the show. They've taken action on it. And 0:07:14.720 --> 0:07:17.400 for for Liz and Tristan, they've really only been taking 0:07:17.440 --> 0:07:19.080 action for a year, but they've made a lot of 0:07:19.120 --> 0:07:21.400 progress in one year. I think sometimes it can be 0:07:21.440 --> 0:07:23.280 daunting to hear all the things we talk about, and 0:07:23.320 --> 0:07:26.920 it feels like those far off projections of healthy retirement 0:07:27.080 --> 0:07:29.080 and paying off debt, they seem so far away, But 0:07:29.160 --> 0:07:30.440 you have to put one ft in front of the other. 0:07:30.440 --> 0:07:32.160 And that's what Tristan Liz did. And look at what's 0:07:32.160 --> 0:07:34.120 possible in just a year's worth of time, and how 0:07:34.200 --> 0:07:38.040 much safety and security that provides during an even unforeseen 0:07:38.120 --> 0:07:41.280 economic downturn. Yeah. Man, what an awesome email. So a 0:07:41.400 --> 0:07:44.040 huge thanks to to Liz and Tristan for sending that 0:07:44.080 --> 0:07:45.600 note our way. And I think for the rest of 0:07:45.640 --> 0:07:47.520 our listeners out there who are thinking, like, what do 0:07:47.560 --> 0:07:50.360 I do now that we are in this situation? Um? 0:07:50.400 --> 0:07:52.920 And I still think that changes can be made even now, 0:07:53.160 --> 0:07:55.400 even during the great lockdown, right, a lot of us 0:07:55.400 --> 0:08:00.320 have received and stimulus money, and I think if you 0:08:00.360 --> 0:08:02.920 don't have an emergency fund, put that money towards an 0:08:02.960 --> 0:08:06.640 emergency fund, right, Like we've talked before. How two thousand 0:08:06.680 --> 0:08:09.840 and sixty seven dollars, How that's a great baseline. And 0:08:09.880 --> 0:08:11.600 guess what twelve und bucks that gets you half of 0:08:11.640 --> 0:08:14.920 the way there. So obviously most folks financial situations look 0:08:14.960 --> 0:08:17.560 a lot different today than it did two months ago. 0:08:17.840 --> 0:08:20.040 But we want to encourage you, if you're listening, to 0:08:20.160 --> 0:08:23.000 take those small steps today and to start making those 0:08:23.120 --> 0:08:26.760 those small changes in your lives. Until one final quick 0:08:26.800 --> 0:08:28.600 piece of good news we wanted to share is that 0:08:28.640 --> 0:08:32.560 the credit reporting agencies, Experience, Equifax, and trains Union, they 0:08:32.600 --> 0:08:36.280 are all offering free credit reports every single week for 0:08:36.320 --> 0:08:38.839 the next year if you go to annual credit report 0:08:38.880 --> 0:08:40.760 dot com. So it used to be to where you 0:08:40.800 --> 0:08:43.079 only had access to a free report by one of 0:08:43.120 --> 0:08:45.559 those three bureaus once a year, but now you get 0:08:45.559 --> 0:08:48.040 it fifty two times a year. And we're all about 0:08:48.120 --> 0:08:50.520 keeping in the track of your score. That is free 0:08:50.600 --> 0:08:53.160 via a lot of different websites, and you can do 0:08:53.240 --> 0:08:55.280 that whenever you want. You can check in on your 0:08:55.280 --> 0:08:58.840 credit score. It's updated monthly, but check in on your report. Yeah, 0:08:58.960 --> 0:09:01.480 usually only available to people once you hear Now it's 0:09:01.480 --> 0:09:04.000 open to you every single week. You can really stay 0:09:04.080 --> 0:09:06.080 up to speed on what's going on with your credit 0:09:06.320 --> 0:09:08.640 and in particular with people going through difficult financial times, 0:09:08.800 --> 0:09:11.400 there's a higher potential of credit damage and so yeah, 0:09:11.400 --> 0:09:14.679 staying on top of that is really important. Nice alright, Well, 0:09:14.679 --> 0:09:16.520 so one other thing we wanted to discuss before the 0:09:16.520 --> 0:09:19.640 break is how some states are starting to make their 0:09:19.679 --> 0:09:23.920 own determinations on their reopening timeline. Our governor here in 0:09:23.920 --> 0:09:28.040 Georgia actually made the controversial decision uh and today. The 0:09:28.080 --> 0:09:31.720 Governor's order will allow places like Gems, bowling alleys, nail 0:09:31.840 --> 0:09:35.920 and hair salons, and massage therapists to reopen for business. 0:09:36.840 --> 0:09:39.439 On top of that, restaurants will be allowed to open 0:09:39.440 --> 0:09:43.960 on Monday if they comply with social distancing and sanitary measures. 0:09:44.240 --> 0:09:46.400 I mean, you know what, I think it's pretty stinking 0:09:46.440 --> 0:09:50.840 ironic that Georgia is saying that these businesses can reopen 0:09:51.400 --> 0:09:54.479 when the state as a whole hasn't met the guidelines 0:09:54.880 --> 0:09:57.120 that was handed down from the White House on a 0:09:57.160 --> 0:10:00.400 federal level. Yeah, it's certainly weird to hear that that 0:10:00.480 --> 0:10:03.600 these businesses can reopen right now when it doesn't seem 0:10:03.640 --> 0:10:06.360 like from the health professional side of things that almost 0:10:06.360 --> 0:10:09.680 anybody is advocating for that. But I think the biggest 0:10:09.679 --> 0:10:11.760 stand up to me, and that was bowling Alleys. Really, 0:10:11.800 --> 0:10:14.040 they're they're an essential business that we should be reopening 0:10:14.160 --> 0:10:16.160 right now. And I guess maybe maybe on the lanes 0:10:16.200 --> 0:10:17.880 you can stay six ft away from people, Yeah, you 0:10:17.880 --> 0:10:20.480 can maintain some social distance at a bowling alley, but like, 0:10:20.520 --> 0:10:21.760 how are you supposed to do that at a hair 0:10:21.760 --> 0:10:24.120 salon or or nail salon? Right? Yeah? Yeah, And so 0:10:24.160 --> 0:10:27.600 I think it does that this question of the reopening 0:10:27.600 --> 0:10:30.040 of the economy, well, it has a few layers to it. 0:10:30.280 --> 0:10:33.679 One is the economic considerations. Right, it prompts the question 0:10:33.760 --> 0:10:37.040 how should we view our economy reopening? And I think 0:10:37.120 --> 0:10:39.560 the answer is that it's complicated. Our lives as a 0:10:39.559 --> 0:10:42.360 whole are going to be very different for the foreseeable future. 0:10:42.760 --> 0:10:44.800 Like we talked about last week, Matt, that even as 0:10:44.920 --> 0:10:49.320 these businesses begin to reopen, as governors do open the doors, 0:10:49.559 --> 0:10:52.400 and the great lockdown kind of subsides, Well, just because 0:10:52.679 --> 0:10:56.080 states can reopen some sectors, should they be reopening those 0:10:56.120 --> 0:10:58.640 sectors of the economy. And just because the state says 0:10:58.640 --> 0:11:01.480 that we can, well should we be links so as individuals. 0:11:01.559 --> 0:11:03.800 And I think we've heard from local restaurants, from local 0:11:03.840 --> 0:11:06.760 businesses pretty loud and clear that at least the ones 0:11:06.800 --> 0:11:08.680 that I follow on social media and the ones that 0:11:08.720 --> 0:11:11.520 the people that we're friends with, is that they're unlikely 0:11:11.559 --> 0:11:13.480 to open even though they're being told that they can. 0:11:13.840 --> 0:11:16.520 But I will say that these are tough questions and 0:11:16.640 --> 0:11:18.599 the government edicts that have forced people to stay in 0:11:18.600 --> 0:11:20.800 their home and shutter their business, well, in many cases, 0:11:21.000 --> 0:11:23.400 the government has promised to help them to keep food 0:11:23.440 --> 0:11:26.000 on the table, and that help has not materialized. The 0:11:26.240 --> 0:11:29.040 stimulus checks have been at least somewhat delayed, the p 0:11:29.040 --> 0:11:31.720 PP funding and the E I d L funding for 0:11:31.720 --> 0:11:34.360 for small businesses in need ran out in no time flat, 0:11:34.679 --> 0:11:38.360 And so those people are are understandably frustrated that they 0:11:38.360 --> 0:11:40.040 have been told to shut their business and they have 0:11:40.120 --> 0:11:43.160 not been compensated in any sort of way from the government. 0:11:43.280 --> 0:11:45.560 So I understand that first frustration, and I think that's 0:11:45.640 --> 0:11:48.440 why we're seeing some protests around the country, uh, surrounding 0:11:48.480 --> 0:11:51.679 these political decisions to to keep enforcing a lockdown. But 0:11:51.720 --> 0:11:53.360 that doesn't mean it's the best course of action, right 0:11:53.400 --> 0:11:54.720 and and for all of us as a whole. We 0:11:54.760 --> 0:11:57.599 have to be thinking on this greater level that continuing 0:11:57.720 --> 0:12:00.800 to shelter in place for at least a foreseeable future 0:12:01.120 --> 0:12:04.120 actually is going to help us all health wise and 0:12:04.280 --> 0:12:07.080 economically in the long run. But I understand the frustration 0:12:07.120 --> 0:12:09.360 from both sides. It's it's a really tough conundrum that 0:12:09.400 --> 0:12:11.440 we're in. Yeah, I totally agreement. I think we can 0:12:11.480 --> 0:12:14.480 easily see how it's not the best decision when it 0:12:14.480 --> 0:12:16.280 comes to our health. And like you said that, like 0:12:16.320 --> 0:12:19.480 the long term implications and let's play Devil's advocate a 0:12:19.480 --> 0:12:21.920 little bit here too, write and like, aside from the 0:12:22.000 --> 0:12:26.079 economic and personal finance factors, individuals are going to have 0:12:26.480 --> 0:12:29.200 different levels of risk that they are comfortable with. Right, 0:12:29.679 --> 0:12:31.679 There are always trade offs in life. Right. We make 0:12:31.679 --> 0:12:34.400 decisions every single day that affect not only our health 0:12:34.720 --> 0:12:37.080 but the health of those around us. So take cars 0:12:37.120 --> 0:12:39.560 as a quick example, like driving more and walking less, 0:12:39.600 --> 0:12:41.800 like that leads to increased heart disease. We know that, 0:12:42.440 --> 0:12:44.840 you know, driving more leads to more carbon dioxide in 0:12:44.840 --> 0:12:46.920 our atmosphere. And then not to mention the deaths that 0:12:46.960 --> 0:12:52.160 are directly attributed to automobile accidents right easily over desks 0:12:52.200 --> 0:12:55.200 every single year for almost the past one years. Yet 0:12:55.520 --> 0:12:58.360 we all continue to drive because we're comfortable with that risk. 0:12:58.760 --> 0:13:00.720 So I mentioned this, you know, to point out that 0:13:00.760 --> 0:13:03.040 this is not an easy question to answer, and our 0:13:03.040 --> 0:13:05.840 goal shouldn't be to vilify those who we disagree with, 0:13:05.840 --> 0:13:08.560 whether the topic is our health or if it's money related. 0:13:08.760 --> 0:13:11.000 So much of what we talk about on this show 0:13:11.320 --> 0:13:14.240 it comes down to us on a personal and individual level. 0:13:14.280 --> 0:13:16.440 And like, that's why we call it personal finance. Right, 0:13:16.480 --> 0:13:19.680 it has to do with us as individuals. However, we 0:13:19.800 --> 0:13:22.440 just need to remember, though, to base our actions on 0:13:22.600 --> 0:13:25.320 fact and science. Right, Like, we all know it's important 0:13:25.320 --> 0:13:27.599 to continue to slow the spread of the virus to 0:13:27.720 --> 0:13:30.640 buy scientists and doctors more time. So we need to 0:13:30.679 --> 0:13:33.400 make sure that we're doing our part. Just because the 0:13:33.400 --> 0:13:36.600 governor said that certain businesses can open doesn't necessarily mean 0:13:36.600 --> 0:13:39.880 that those businesses should And just because some businesses will 0:13:39.880 --> 0:13:42.320 open their doors doesn't mean that we have to take 0:13:42.400 --> 0:13:45.360 part in that. It comes down to us as individuals 0:13:45.400 --> 0:13:48.360 and man, you know, like unfortunately, I think certain individuals 0:13:48.360 --> 0:13:50.839 they'll see headlines that say, oh, the all these stores 0:13:50.880 --> 0:13:53.880 are open, and they're going to see that as a 0:13:54.000 --> 0:13:57.840 sign that everything is safe. And unfortunately that's not the case. 0:13:57.880 --> 0:14:00.199 We know that's not the case, but sadly that the 0:14:00.400 --> 0:14:03.000 message that it sends, yeah, it certainly does, and I 0:14:03.040 --> 0:14:04.400 hate that some people are going to get the wrong 0:14:04.400 --> 0:14:07.079 message from this. So I would say, as as your 0:14:07.120 --> 0:14:10.680 local economy starts to reopen slowly, no matter what timeline 0:14:10.720 --> 0:14:12.920 that's on, whether you live in a state that is 0:14:12.960 --> 0:14:16.280 reopening swiftly starting today or you live in a state 0:14:16.280 --> 0:14:19.240 that that's taking greater precautions, I would say wear a mask, 0:14:19.360 --> 0:14:22.600 don't take unnecessary risks, and if you're a business owner, 0:14:22.680 --> 0:14:25.920 make sure you're looking after your your workers. And so 0:14:25.960 --> 0:14:28.920 even if you know you really want to reopen your business, 0:14:28.920 --> 0:14:30.640 but you don't feel it safe or you can't take 0:14:30.920 --> 0:14:34.240 proper social distancing precautions to be able to to ensure 0:14:34.320 --> 0:14:38.240 the safety of your your workers and your your customers, 0:14:38.480 --> 0:14:40.600 then then I would say hold off if that's in 0:14:40.640 --> 0:14:43.280 the best interests of everyone's health. And also, don't look 0:14:43.320 --> 0:14:45.520 to politicians as having the right answer on the best 0:14:45.520 --> 0:14:47.480 behavior that you should be taking to keep yourself in 0:14:47.480 --> 0:14:50.640 your family safe. So, yeah, Matt, I think the reopening 0:14:50.640 --> 0:14:52.680 of the economy, it's kind of a hot button issue 0:14:52.760 --> 0:14:54.760 right now, but we felt the need away and especially 0:14:54.760 --> 0:14:56.640 as some of these local economies are starting to reopen 0:14:56.840 --> 0:14:58.600 like now. But all right, we got some more things 0:14:58.640 --> 0:15:00.800 to get to, including being watched while working from home, 0:15:00.960 --> 0:15:04.000 giving refunds. That's become a tricky thing for consumers in 0:15:04.000 --> 0:15:06.400 this COVID nineteen world. We'll get to some of those 0:15:06.400 --> 0:15:17.720 things right after the break, right Joel, back from the break, 0:15:17.720 --> 0:15:19.560 and before we get to working from home and getting 0:15:19.560 --> 0:15:22.000 some refunds from different companies, it's got to mention how 0:15:22.040 --> 0:15:25.200 there's gonna be more money for small businesses p PP 0:15:25.440 --> 0:15:29.000 funding or the paycheck Protection program that ran out last 0:15:29.040 --> 0:15:31.680 week because the original bill man it just did not 0:15:31.920 --> 0:15:35.000 allocate nearly enough money. It seemed obvious that, you know, 0:15:35.080 --> 0:15:37.480 lawmakers essentially kind of knew that maybe when the bill 0:15:37.520 --> 0:15:40.200 was crafted. And in addition to that, like some big 0:15:40.240 --> 0:15:44.280 American corporations actually took money that was intended for more 0:15:44.360 --> 0:15:46.920 these small businesses. Shake Shack, they're one of these large 0:15:46.960 --> 0:15:49.560 companies that took a lot of money that was available 0:15:49.600 --> 0:15:52.080 to them through PPP. But at least in their case, 0:15:52.120 --> 0:15:55.520 they returned the ten million dollars that they took after 0:15:55.720 --> 0:15:58.720 receiving criticism. And some would argue that they do contribute 0:15:58.760 --> 0:16:01.080 to their economy local lee, but the fact that this 0:16:01.160 --> 0:16:03.720 is a giant corporation, they have funding and resources that's 0:16:03.760 --> 0:16:07.040 available to them, that's you know, true small businesses could 0:16:07.040 --> 0:16:09.320 only dream of having access to. Yeah, they did the 0:16:09.400 --> 0:16:11.320 right thing by returning that money. And I think, you know, 0:16:11.360 --> 0:16:14.160 hopefully some of these other larger corporations that should not 0:16:14.240 --> 0:16:16.600 have taken PPP money will be returning there's as well. 0:16:16.840 --> 0:16:20.800 So lawmakers are passing this bill, this FO four billion 0:16:20.840 --> 0:16:23.840 dollar package, and a large portion of that will be 0:16:23.880 --> 0:16:27.920 earmarked for the unbanked, to minorities in rural areas, into 0:16:28.240 --> 0:16:30.760 lots of mom and pop stores that don't have good 0:16:30.760 --> 0:16:33.600 banking connections and need to help. That's really what was missing, 0:16:33.840 --> 0:16:36.120 Matt from the first iteration, where a lot of those 0:16:36.160 --> 0:16:38.360 people were left on the sidelines while these bigger companies 0:16:38.480 --> 0:16:40.360 snatched up all the money. So if you are a 0:16:40.400 --> 0:16:43.400 small business that has applied but was denied access to 0:16:43.400 --> 0:16:44.960 one of these p p P loans, will stay in 0:16:45.000 --> 0:16:48.000 touch with your banker if you have one. But but 0:16:48.040 --> 0:16:50.000 some of these small businesses, Matt, they don't even have 0:16:50.040 --> 0:16:52.880 a relationship with a bank. So we would mention too 0:16:53.000 --> 0:16:56.600 that PayPal and fintech small business lender Cabbage k A 0:16:56.680 --> 0:16:59.120 B B a g E are both offering p p 0:16:59.120 --> 0:17:01.680 P loans to people online, and they're offering you the 0:17:01.680 --> 0:17:05.240 ability to apply online and they're taking applications now. They've 0:17:05.280 --> 0:17:09.119 left applications open even while there was no PPP funding 0:17:09.200 --> 0:17:12.000 in anticipation that there would be more. So, yeah, those 0:17:12.000 --> 0:17:14.760 are two good places to to go to consider to 0:17:14.840 --> 0:17:17.720 apply for that money if you're having trouble getting a 0:17:17.760 --> 0:17:20.080 banker at at a big bank, or even at a 0:17:20.320 --> 0:17:23.080 smaller local bank or credit unions even respond to your emails, 0:17:23.359 --> 0:17:25.760 and so let's talk about getting refunds to add insult 0:17:25.800 --> 0:17:28.640 to injury. For many big companies are being stingy with 0:17:28.760 --> 0:17:33.280 refunds in situations where events or services were canceled. Ticket Master, 0:17:33.480 --> 0:17:35.920 you know, they do not have the most consumer friendly 0:17:35.960 --> 0:17:39.000 policies in normal times. I know I haven't heard that, 0:17:39.160 --> 0:17:41.720 and they weren't too keen to offer refunds even in 0:17:41.760 --> 0:17:44.640 the face of a pandemic. But they have changed their 0:17:44.640 --> 0:17:46.639 tune and now you know, they've made it sound like 0:17:46.640 --> 0:17:49.119 that they were always planning to get refunds for these 0:17:49.119 --> 0:17:51.720 shows that were going to be rescheduled. Sure you are right, 0:17:52.520 --> 0:17:55.080 I'm sure taket Master, right, Yeah, I'm glad that they 0:17:55.119 --> 0:17:59.080 have said that even a rescheduled show was available for 0:17:59.160 --> 0:18:01.720 a refund. But yeah, for at the beginning, they were like, no, 0:18:01.800 --> 0:18:03.320 what are you talking about. We just moved the date. 0:18:03.600 --> 0:18:05.920 And that's a big issue, especially if you've got hundreds 0:18:05.920 --> 0:18:08.960 of dollars tied up in tickets that you purchased. Ticketmaster 0:18:09.119 --> 0:18:11.640 finally doing the right thing. Many reports to have shown 0:18:11.640 --> 0:18:14.720 that airlines are attempting to offer travel credits instead of 0:18:14.760 --> 0:18:17.880 refunds at the same time, And and Consumer Reports has 0:18:17.920 --> 0:18:20.520 a petition that you can sign, because that's a big 0:18:20.560 --> 0:18:23.320 problem right now, and that is even more money tied 0:18:23.400 --> 0:18:26.120 up than concert tickets. Typically, if you've got travel booked 0:18:26.119 --> 0:18:29.000 to a foreign country or even just domestically, you could 0:18:29.000 --> 0:18:31.320 have hundreds and hundreds or thousands of dollars tied up 0:18:31.320 --> 0:18:34.280 in airline tickets and the airline just wants to offer 0:18:34.320 --> 0:18:36.840 you a credit for a future flight. Uh, And that 0:18:37.000 --> 0:18:39.040 just isn't fair. So we would encourage you to sign 0:18:39.080 --> 0:18:40.720 that petition. We've linked to it in the show notes. 0:18:40.960 --> 0:18:44.199 And especially with the federal funds that these airlines are receiving, 0:18:44.240 --> 0:18:47.240 that it's not okay for them to be only issuing vouchers. 0:18:47.280 --> 0:18:49.960 It may seem mad to see that they're receiving billions 0:18:50.480 --> 0:18:52.680