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

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Speaker 2: Today we're talking work from Home, fairness, Roth four oh one,

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Speaker 2: k Revamps, and mister Beast's debt Dystopia.

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Speaker 1: Yeah, so, how much of mister Beast's success do you

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Speaker 1: think comes from the fact that he's made mister Beast? Like,

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Speaker 1: I don't think that's how he came out of the

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Speaker 1: womb though. It's just a very I don't know, it

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Speaker 1: sounds like your own in it. If you're gonna call

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Speaker 1: yourself that.

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Speaker 2: If he did, Like if you're that was his actual

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Speaker 2: legal first name, so much belief in you that they were,

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Speaker 2: like we're calling mister Beast.

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Speaker 1: It makes me think of some of the UGA's.

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Speaker 2: You've got a lot to live up to. You're you

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Speaker 2: gonna fail hard or succeed well.

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Speaker 1: Football player like Champ, Like I'm thinking of the Height

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Speaker 1: the Bailey Brothers, Champ, Bailey, Boss, those Champ and Boss.

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Speaker 1: That's right back in the nineties, early two thousands. They

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Speaker 1: lived up to the expectations. And yeah, like to a

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Speaker 1: certain extent, you rise up to the occasion, Maybe you

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Speaker 1: fulfill your destiny. Perhaps, I don't know, it depends on

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Speaker 1: how you believe and all that kind of stuff.

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Speaker 2: I gotta say, I feel like I'm living out the name.

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Speaker 1: Joel Joel perfectly. Well man, this is our Friday flight,

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Speaker 1: and in fact, we're going to talk of personal finance

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Speaker 1: and the different stories in the news that pertain to it,

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Speaker 1: one of which I guess we'll touch on quickly here.

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Speaker 1: Like bitcoin. It's been in the news recently, it's been.

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Speaker 2: On uh by bitcoin now etf.

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Speaker 1: Well, it's been in the news for a while because

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Speaker 1: basically over the past twelve months it's been rising on

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Speaker 1: the rise, as folks were expecting or hoping maybe that

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Speaker 1: bitcoin was going to be able to be able to

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Speaker 1: be purchased in like a mainstream brokerage.

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Speaker 2: But yeah, that officially got passed earlier this week. Well, yeah,

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Speaker 2: the SEC finally gave approval.

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Speaker 1: They proved it.

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Speaker 2: And so this is one of those things where if

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Speaker 2: you're like, oh, I want some exposure to bitcoin, but

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Speaker 2: I don't know, I don't want to go through all

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Speaker 2: the hassles of cold storage and and owning the actual bitcoin,

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Speaker 2: like having it on my person, then this is a

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Speaker 2: way where you can now.

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Speaker 1: Buy put the bitcoins in your pocket, jool, Right, you

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Speaker 1: don't have to have it on your person.

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Speaker 2: Right, yeah, via the Okay, Okay, I do want to

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Speaker 2: make sure you know, I don't know all the mechanisms. No,

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Speaker 2: But that's what crypto purists would say, right, is that

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Speaker 2: you should actually own the bitcoin. You should have it

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Speaker 2: stored on the proper device, and you should have it

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Speaker 2: in your possession, right like password protected. Yea, all the

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Speaker 2: guys that are waiting on the fall of the United States, Yeah, yeah,

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Speaker 2: yeah yeah. But other people say, listen, I just think

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Speaker 2: this is a new asset class that I want some

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Speaker 2: exposure to, and now it's easier than ever to do that,

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Speaker 2: so via one of these spot bitcoin ETFs. And if

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Speaker 2: you're looking to do that, if you're interested, Matt and

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Speaker 2: I we always say, keep your exposure to cryptocurrency minimal.

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Speaker 2: It's not that it's not okay to own a little bit.

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Speaker 2: That's totally fine. If that's something you're interested in, and

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Speaker 2: if you're doing the boring stuff, you know, to a

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Speaker 2: meaningful degree, go for it. But if the lowest expensorationho

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Speaker 2: mat because they're like ten or eleven of these that

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Speaker 2: launched this week, it's really important to look for. And

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Speaker 2: so I looked in to it just to see, like,

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Speaker 2: which bitcoin fund seem to have the lowest cost. It's

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Speaker 2: one called BB So yeah, we'll link to that one

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Speaker 2: in the show notes. Like, and again, this is not

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Speaker 2: us saying you should go buy bitcoin. That's we don't

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Speaker 2: necessarily think that, but just kind of to put it

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Speaker 2: out there. This is news, it's financial news.

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Speaker 1: And it's worth noting. Yeah, I'll say that. We don't

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Speaker 1: think that you should actively go out there and buy bitcoin,

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Speaker 1: but if you do own some bitcoin or want to

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Speaker 1: own something, that's totally fine. Specifically, if you keep that

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Speaker 1: under five percent of your overall investment portfolio, a little

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Speaker 1: low cost.

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Speaker 2: Exposure can't hurt. Again, if you're doing all the other things,

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Speaker 2: you're doing it regularly, and you're doing them well, right,

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Speaker 2: you are maxing on the on the index fund side

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Speaker 2: of things, and this is just a small slipper of

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Speaker 2: what you do.

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Speaker 1: Yeah, go for it.

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Speaker 2: You got credit card debt, don't even think about it,

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Speaker 2: right exactly, No, that shouldn't be on your radar. Then,

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Speaker 2: all right, Mat, let's keep going on. I don't know

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Speaker 2: if you saw this. Matt, the CEO of Wayfair, send

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Speaker 2: out a memo back in December and he basically said, hey,

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Speaker 2: company's crushing it, which is great. But then he said,

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Speaker 2: and everyone should get used to working longer hours, which

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Speaker 2: just feels so demoralizing. It feels like a weird interpretation

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Speaker 2: to draw from positive sales data. Hey guys, we're doing great,

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Speaker 2: and you're going to need to beat your desk more often.

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Speaker 1: It's like adultsla like off just because we're ahead. Right.

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Speaker 1: It sounds like a I don't know, maybe it could

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Speaker 1: be interpreted as like a fourth quarter kind of pump

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Speaker 1: up pep talk.

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Speaker 2: Yeah, let's get back at it knows to the ground

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Speaker 2: center R Yeah exactly. But he also said he said,

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Speaker 2: and I quote, blending work and life is not anything

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Speaker 2: to shy away from. And I don't disagree to a

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Speaker 2: certain extent, like I love what we do. I love

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Speaker 2: our work, and I feel like our work is more

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Speaker 2: to me than just work. But now is as good

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Speaker 2: a time as any to question that belief about whether

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Speaker 2: or not blending your work in life is something you

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Speaker 2: should be doing more of, and if it's something that

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Speaker 2: you want more of or not, or whether you want

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Speaker 2: more work life balance this year, Is it your goal

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Speaker 2: to work more in twenty twenty four? That might be

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Speaker 2: okay if that's a goal of yours, but not just

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Speaker 2: because your boss says that's how it's going to be.

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Speaker 2: And so I'm sure the CEO of Wayfair is a

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Speaker 2: totally fine guy. This is normal corporate speak.

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Speaker 1: I know.

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Speaker 2: I've been there, I've worked for those companies. They try

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Speaker 2: to get more out of you in all these interesting,

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Speaker 2: seemingly kind ways. But this is also the kind of

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Speaker 2: stuff that gets people thinking about what they actually want

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Speaker 2: out of their lives. It's a phrase like that, it's

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Speaker 2: a retort like that, it's a memo like that from

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Speaker 2: a CEO that makes them question whether or not they

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Speaker 2: want to stick around at a company like that, even

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Speaker 2: if profits are soaring. I think this is a good

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Speaker 2: cause for all of us to take a step back

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Speaker 2: and take the reasonable approach of questioning whether or not

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Speaker 2: the company that we work for how much we're working,

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Speaker 2: how much we're investing in our career, in our day jobs,

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Speaker 2: like is it too much? Because for some people the

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Speaker 2: answer m my bs sure.

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Speaker 1: Okay. So there's an article in Bloomberg about productivity and

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Speaker 1: your personal well being, and similarly, right like it was

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Speaker 1: asking this question about the extent to which those two

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Speaker 1: things are at odds. Is kind of like what we're

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Speaker 1: talking about here, because obviously if you're not productive at all,

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Speaker 1: well you're probably not going to be very happy if

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Speaker 1: you're not working.

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Speaker 2: But Wi Potato doesn't necessarily feel ridiculous amounts of self flfilment.

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Speaker 1: Unless they have somehow reached nirvana there on the couch.

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Speaker 1: But let's say, for instance, your job and productivity is

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Speaker 1: your number one priority, Well, you're not going to be

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Speaker 1: maxing out your happiness either, because you're not going to

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Speaker 1: have any time for the other things that most likely

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Speaker 1: matter more to you in life. And so there's a

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Speaker 1: happy medium. It's sort of like we talked about on

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Speaker 1: Wednesday with Michael Easter moderation, right, like that is what's key.

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Speaker 1: But the question, as always, it comes down to what

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Speaker 1: it is that you are optimizing for. Because you can

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Speaker 1: guarantee that your employer or that CEO of Wayfair, he

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Speaker 1: is optimizing for profits for his company.

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Speaker 2: He wants to juce more productivity out of you, exactly.

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Speaker 2: The thing is those desires of that CEO or your boss.

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Speaker 2: It also might coincide with what it is that you're

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Speaker 2: trying to accomplish in your life as well, and there's

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Speaker 2: absolutely nothing wrong with work. It's one of the beautiful

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Speaker 2: things about work, and we talk about this often, but

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Speaker 2: it is like it is a tangible measure of the

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Speaker 2: value that you're able to provide other people. And when

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Speaker 2: you can see it through through that lane, you realize

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Speaker 2: how amazing work can be. Right because on one hand,

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Speaker 2: you think, oh, well, I just want to be able

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Speaker 2: to provide I want to do something that feels fulfilling

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Speaker 2: for me as an individual, and I want to help

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Speaker 2: my fellow human being. Well, you combine that with a job,

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Speaker 2: which is like your ability to literally receive tangible dollars

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Speaker 2: or value for that, well, that's an amazing thing and

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Speaker 2: it tells you that you are able to provide value

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Speaker 2: to people. So we're talking about work here, but this

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Speaker 2: is just a call to be intentional about these sorts

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Speaker 2: of questions because it's just too easy to find yourself

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Speaker 2: doing the same thing on repeat without asking why. Just

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Speaker 2: because your boss is wanting you to do that doesn't

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Speaker 2: necessarily mean that you have to do that. Another thing

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Speaker 2: we talked about with Michael Well, actually we didn't talk

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Speaker 2: about it. In his book he talks about He talks

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Speaker 2: a lot about adventure and he talks about the hero's journey.

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Speaker 1: Yeah, and that's what we want. We want for you

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Speaker 1: to be asking yourself these questions. And I feel like

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Speaker 1: this is like a trope. We want you to be

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Speaker 1: the main character in your own life, like all that

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Speaker 1: kind of crap. But it sounds pithy, but it's also

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Speaker 1: very serious because they can have long lasting implications as

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Speaker 1: to what it is your life is going to look like.

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Speaker 2: I think that corporatism and bureaucracy are two of the

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Speaker 2: things that actually give people the kick in the butt

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Speaker 2: that they need to go do something on their own

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Speaker 2: and pauses them to ask those questions.

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Speaker 1: Yeah, it's like, okay, cool.

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Speaker 2: I kind of liked my job, and I kind of

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Speaker 2: like the people I work with, but my goodness, the

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Speaker 2: bureaucracy is getting overwhelming and I just I feel stifled

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Speaker 2: by it. That is one of the things that actually

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Speaker 2: leads to innovation, into people doing their own thing. I

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Speaker 2: think that's a good thing. Sometimes sometimes these companies they

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Speaker 2: get too big, they get too stuffy, and the people

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Speaker 2: who aren't down with that, they're going to go start

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Speaker 2: something interesting, or they're going to move on and go

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Speaker 2: to a company that's doing something a little more nimble.

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Speaker 2: So yeah, again, not trying to throw Awayfair under the bus.

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Speaker 1: Just saw that. I thought it was an.

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Speaker 2: Interesting thing and it was worth talking about. Speaking of jobs, Matt,

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Speaker 2: the job market, it's not slow, but it's also not

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Speaker 2: in fuego like it was. Right, it's slowing, Yeah, slowing right,

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Speaker 2: which is actually a good thing, right. US job opening

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Speaker 2: actually fell in November to their lowest life level since

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Speaker 2: March twenty one, and in much of twenty twenty two

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Speaker 2: there were two job listings for every job seeker.

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Speaker 1: I don't remember those days.

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Speaker 2: Yeah, now that's down to one point four, which isn't

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Speaker 2: a bad thing. It's actually a sign that the economy

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Speaker 2: is normalizing. It was out of whack there for a

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Speaker 2: hot minute. And so job switchers. By the way, another

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Speaker 2: consequence is that they're not getting paid the premium they

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Speaker 2: were twelve to eighteen months ago to switch. So if

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Speaker 2: you wanted to move down the road go to a

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Speaker 2: different company. Well, you know what, a year ago, a

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Speaker 2: year and a half ago, you had your pick of

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Speaker 2: the litter and you were going to get a big raise.

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Speaker 2: Today you're going to get a raise, but not quite

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Speaker 2: as big of a raise as you would have before.

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Speaker 2: So what does that mean for you, Well, if you

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Speaker 2: do want to switch things up on the employment front,

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Speaker 2: this year one point four jobs per job seekers, there

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Speaker 2: is still ample opportunity. You're just going to have to

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Speaker 2: work for it, probably harder than you would have had

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Speaker 2: two in twenty twenty two exactly, and you're probably not

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Speaker 2: going to get that pay bump. Maybe that's stratus theriic

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Speaker 2: like you would have hoped.

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Speaker 1: Yeah, the unemployment rate, it's still below four percent, which

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Speaker 1: is near historic low. So keep that in mind. And

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Speaker 1: by the way, Harvard Business Review they did a fascinating

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Speaker 1: study about the fairness or actually the lack thereof, of

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Speaker 1: working from home. They were highlighting the disparity in the

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Speaker 1: research that they found, and the meat of their findings

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Speaker 1: are that the ability to work from home, it actually

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Speaker 1: increases as your education, as your pay level, and as

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Speaker 1: your work experience increase, and basically the further along you are,

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Speaker 1: you know, within those dimensions, the more likely you'll be

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Speaker 1: applying for jobs that allow you to work from home

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Speaker 1: at least some of the time. And so there's definitely

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Speaker 1: like a level of inequality to working from home. It's

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Speaker 1: fascinating though that they're focusing on sort of like the

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Speaker 1: fairness or the disparity of between the different sort of

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Speaker 1: industries out there, because bottom line, like, there are going

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Speaker 1: to be certain industries that allow you to work from

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Speaker 1: home and other industries that don't allow you to. It's

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Speaker 1: not necessarily about it's just the nature. It's the nature

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Speaker 1: of certain jobs. Like imagine if a restaurant owner or

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Speaker 1: somebody was just like, oh man, I wish I could

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Speaker 1: work from Well, no, that's like the entire industry that

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Speaker 1: you're in is very customer facing. You are out there

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Speaker 1: in person, And the flip side of that is true

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Speaker 1: as well. Like it makes me think about somebody who's

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Speaker 1: a computer programmer, a software engineer, and if they're sitting

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Speaker 1: there at home by themselves, working and they're like, oh man,

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Speaker 1: you know what would be awesome if I had more

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Speaker 1: colleagues around me, buddies like work buddies. I don't have

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Speaker 1: work buddies. Yeah, well, dude, Like the inherent nature of

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Speaker 1: your job lends itself to you being alone at a

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Speaker 1: computer for like tens. There be water cooler conversations. I

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Speaker 1: want some of those. Oh I wish it was like

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Speaker 1: the old day is where you we're all just farming.

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Speaker 1: I don't know. It seems a little bit silly, but

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Speaker 1: it is important to keep in mind that, yes, there

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Speaker 1: are different things we can pursue if we're looking for

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Speaker 1: higher levels of the ability to work from home. But

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Speaker 1: that bottom line that there are some industries that just

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Speaker 1: don't provide that as an option.

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Speaker 2: That's right, you want to be We're at the grocery store.

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Speaker 2: Chance there's no work from home, Like, that's just not

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Speaker 2: how it works. Yeah, exactly, But it is interesting and

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Speaker 2: I think that's true. Like those three things, Matt, you

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Speaker 2: increase your education, your pay level, and your work experience,

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Speaker 2: and you're in the right sector that's going to increase

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Speaker 2: your chances of being able to work from home.

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Speaker 1: If that's important to you. Yeah. I just thought of

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Speaker 1: something else too, which is like, it makes me think

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Speaker 1: about what if? Ever, So, what if everybody were restaurant

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Speaker 1: owners in our little town here? M hm? That kind

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Speaker 1: of seems like a weird place to live, right, Or

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Speaker 1: like what if everybody were like computer programmers or accountants

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Speaker 1: that work from home or something like that. That doesn't

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Speaker 1: that sound like a terrible place to live. You want

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Speaker 1: to mix, you want the mix, like the variety that

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Speaker 1: we have within our culture and society, I think is

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Speaker 1: what makes towns and places that we choose to live,

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Speaker 1: That's what makes it beautiful. Sure, And so I don't know.

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Speaker 1: I think there's a place for all types of jobs, yeah,

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Speaker 1: whether or not you're working from home or not.

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Speaker 2: Sometimes at different points in time too, you might be yeah,

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Speaker 2: exactly what work from home works great for me now,

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Speaker 2: and then it's like, wait a second, I want to

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Speaker 2: get back in the office.

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Speaker 1: I miss the culture. And as we've said, maybe we

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Speaker 1: don't have some sort of like caste system where you're

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Speaker 1: locked into being a hairdresser for the rest of your

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Speaker 1: life and you actually hate people. Yeah.

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Speaker 2: Yeah, Well we've also said that, in particular for younger

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Speaker 2: how to money listeners, being in the office more is

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Speaker 2: in all likelihood going to help your career. There's there's

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Speaker 2: always been a few different things that have come out

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Speaker 2: just saying that the more you're in the office, the

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Speaker 2: more you're in front of your boss, the more you're

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Speaker 2: contributing in person, the more likely you are to get

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Speaker 2: a raise, the more likely you are to get a promotion. So,

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Speaker 2: especially if you're in your twenties, I get the desire

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Speaker 2: to work from home. And I'm not saying that like

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Speaker 2: you shouldn't do it at all, but I'm just saying

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Speaker 2: there's trade.

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Speaker 1: Offs that come with working from totally.

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Speaker 2: All right, let's talk about four to one k's for

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Speaker 2: a second, Matt Roth roth War one k's in particular,

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Speaker 2: nine and ten employers now offer a roth War one

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Speaker 2: K option these days, which is good news, especially in

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Speaker 2: those early earning years that can make the most sense

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Speaker 2: as an option of which account to go into. And

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Speaker 2: there's an interesting change that started January first, which now

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Speaker 2: allows you to get the match from your employer in

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Speaker 2: WROTH form too. Because back in the day, it used

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Speaker 2: to be you contribute to the ROTH within your employer

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Speaker 2: is contributing essentially to a traditional four to one K

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Speaker 2: with those match dollars. This feature might be harder to

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Speaker 2: find even though it's now legal, just because it's so

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Speaker 2: new and only recently came into being. But in years past,

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Speaker 2: there was, like I said, that traditional bucket in the

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Speaker 2: ROTH buck if you were contributing to one, well, your

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Speaker 2: employer was contributing to the other. Now you can get

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Speaker 2: all that money into a wrath if your employer says Hey, yeah,

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Speaker 2: they're signing, we're signing up for this is what we're doing.

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Speaker 2: I'd be curious to know what's coming out from HR

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Speaker 2: emails across the country. And for our listeners who have

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Speaker 2: a wraw FORRA one K option. Again, most people have

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Speaker 2: a wrath for one K option, But are there employers

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Speaker 2: now doing this and sticking their match dollars inside the

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Speaker 2: wrath for one K two? If you're listening and that

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Speaker 2: has happened, your employers already basically said hey, we're going

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Speaker 2: to do this, please let us know, because that is

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Speaker 2: a that is a big perk, funneling even more money

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Speaker 2: into that tax advantaged account that will never be taxed again.

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Speaker 1: Yeah, especially if you ares like again, I feel like

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Speaker 1: we're targeting all the younger workers out there. If you

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Speaker 1: are early on in your career and you don't have

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Speaker 1: a high income right now, but you have the ability

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Speaker 1: to pay taxes on those contributions at at a fairly

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Speaker 1: low level, and knowing that you will never be taxed

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Speaker 1: on any of that money ever.

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Speaker 2: Again, that's pretty huge kind of front loading some of

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Speaker 2: that sacrifice. Yeah, letting those dollars grow for decades and

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Speaker 2: decades exactly never you know, the growth and then when

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Speaker 2: you take that money out not gonna be taxed.

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Speaker 1: Yeah, that being said, listen back. We talked with Sean

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Speaker 1: mulaney last year and we kind of debated the merits

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Speaker 1: of going with a WROTH for owin K versus a

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Speaker 1: traditional and Sean's specific he's the five tax guy, so

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Speaker 1: he's all he's operating within the framework of financial independence

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Speaker 1: and he has some great thoughts. We'd recommend for you

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Speaker 1: to listen back to that one. We'll link to it

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Speaker 1: in the show notes. But the ROTH for one K

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Speaker 1: might not always be the best, but there is a

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Speaker 1: like a both and approach. Again, Jill, it's all about moderation,

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Speaker 1: so I going too hard in one direction or the other.

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Speaker 1: And by the way, if you are trying to figure

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Speaker 1: out where to open an IRA, again, we're talking about

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Speaker 1: WROTH four one k's is talk about iras well. Companies

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Speaker 1: like Robin Hood so FI they are trying to get

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Speaker 1: you to open an account with them by offering the

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Speaker 1: only match separate from your employer.

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Speaker 2: Robin Tech companies. Man, they know how to do it

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Speaker 2: all right. We see what big artfidell I have been

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Speaker 2: able to build. Now we want we want those dollars

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Speaker 2: coming to a piece of the pie.

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Speaker 1: Robin Hood started doing this a few months back, and

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Speaker 1: they've actually seen a lot of wealthy customers taking advantage

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Speaker 1: of the one percent that they're offering on all transfers,

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Speaker 1: which is pretty awesome. But then actually, and we talked

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Speaker 1: about this on an Ask how to Money episode, but

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Speaker 1: their Gold account, which it does cost money, but you

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Speaker 1: get a three percent match, which is basically unheard of.

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Speaker 1: That's the paid account. I forget, what five bucks a

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Speaker 1: month or something like that. Yeah, it's sixty time, twelve six,

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Speaker 1: that's always my trick, sixty bucks a year. So far,

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Speaker 1: they are offering a two percent match for limited time

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Speaker 1: on whatever you stick in an IRA, as long as

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Speaker 1: you do that before tax day, and that's a free

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Speaker 1: account with so fine bottom line. We think these are

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Speaker 1: pretty cool, but they're also a little bit gimmicky because yes,

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Speaker 1: you are going to be able to make you know,

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Speaker 1: an extra one hundred.

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Speaker 2: And sixty one hundred and sixty if you max Howells percent.

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Speaker 1: Yeah, but then you got your it's two hundred something,

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Speaker 1: but then minus your sixty dollars in annual fees, I guess,

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Speaker 1: But just keep in mind, there are hurdles that you're

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Speaker 1: gonna have to jump through, and you're gonna have to

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Speaker 1: keep your money there for many years before that match,

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Speaker 1: before you vested with robin Hood. It's kind of like

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Speaker 1: switching banks in order to gain an extra point two percent.

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Speaker 1: We don't want you to do that, but definitely switch

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Speaker 1: for an extra two percent. Maybe the biggest benefit with

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Speaker 1: some of these offerings is assuming and hoping that they're

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Speaker 1: going to offer this forever, right, because if you're thinking

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Speaker 1: about it over the course of years and even decades, well, yeah,

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Speaker 1: you're thinking this is a slam dunk. Nobody else is

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Speaker 1: doing this, but that's not necessarily guaranteed. And that's the

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Speaker 1: part that feels a little like, man, I think this

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Speaker 1: is going to be a bait and switch.

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Speaker 2: I think if this was a match for life, it's

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Speaker 2: a different thing. Like even this two percent thing from

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Speaker 2: so far, it's a limited time only do it by

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Speaker 2: tax Day twenty twenty four. And if if you don't, well,

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Speaker 2: guess what, this thing goes away. And so are they

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Speaker 2: going to continue this thing in perpetuity or are they

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Speaker 2: going to realize pretty quickly, wait a second, we're losing

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Speaker 2: a lot of money on this. Yeah, I don't know,

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Speaker 2: so I just don't. For me at this point in time,

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Speaker 2: I'm not going to make the switch, but I understand

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Speaker 2: why some people would.

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Speaker 1: Yeah. Well, and especially if you are opening an IRA

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Speaker 1: for the first time. Oh absolutely, I think it totally

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Speaker 1: makes sense. Hey, you don't have to go through the

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Speaker 1: pit making the transfer happen setting up a yet another account.

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Speaker 2: I think for folks, especially who are just getting started,

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Speaker 2: I think it can make a lot of sense. Again,

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Speaker 2: the other warning though, if you're doing business with robin Hood.

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Speaker 1: I love this match. You like this match.

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Speaker 2: It's cool, man, It's the first of its kind, and

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Speaker 2: it's the only time that not your employer is incentivizing

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Speaker 2: you to save for retirement. It's really cool. But Robinhood

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Speaker 2: is also set up to get you to trade frequently.

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Speaker 2: That is kind of how the interface works. It's pretty

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Speaker 2: smooth interface. It's really cool. But that really cool interface,

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Speaker 2: if it gets you to log in more, make more trades, well,

432
00:18:33,280 --> 00:18:35,400
Speaker 2: this one percent match could be short sighted. It could

433
00:18:35,440 --> 00:18:37,879
Speaker 2: be cheap not frugal. Right, it ended up losing you

434
00:18:37,920 --> 00:18:40,119
Speaker 2: more in the long Yeah, losing money by making moves

435
00:18:40,119 --> 00:18:42,480
Speaker 2: with your money and with your investments.

436
00:18:42,640 --> 00:18:44,600
Speaker 1: That you shouldn't be doing exactly. Yeah, because you know

437
00:18:44,600 --> 00:18:48,239
Speaker 1: what you can buy over in Robinhood Bitcoin, which is

438
00:18:48,280 --> 00:18:51,399
Speaker 1: why I opened my Robinhood account years ago, is because

439
00:18:51,400 --> 00:18:53,960
Speaker 1: they had the ability to make this purchases. And that's

440
00:18:54,000 --> 00:18:56,120
Speaker 1: not again, that is not where you want ninety five

441
00:18:56,119 --> 00:18:59,320
Speaker 1: percent of your retirement funds. Maybe just a little bit sure,

442
00:18:59,359 --> 00:19:01,879
Speaker 1: but beyond that, Yeah, don't be tempted into investing in

443
00:19:01,960 --> 00:19:03,800
Speaker 1: ways that Joel would not approve of.

444
00:19:04,240 --> 00:19:05,800
Speaker 2: But I don't want to have to come to your

445
00:19:05,800 --> 00:19:08,960
Speaker 2: house and wag my finger to Kabe move Tumbo style

446
00:19:08,960 --> 00:19:09,400
Speaker 2: in your face.

447
00:19:09,480 --> 00:19:12,200
Speaker 1: We've got more personal finance stories to get to. We're

448
00:19:12,200 --> 00:19:15,320
Speaker 1: gonna talk about mister Beast, like we mentioned at the top,

449
00:19:15,359 --> 00:19:17,679
Speaker 1: We're gonna talk about lifestyle Creep and a couple other

450
00:19:17,720 --> 00:19:19,360
Speaker 1: stories as well. We'll get to all of that right

451
00:19:19,400 --> 00:19:19,840
Speaker 1: after this.

452
00:19:27,800 --> 00:19:30,320
Speaker 2: All right, Matt, the Friday flight continues. Of course, we

453
00:19:30,400 --> 00:19:32,320
Speaker 2: got to get to the Ludacro's headline of the week.

454
00:19:32,440 --> 00:19:35,840
Speaker 2: This one comes from tech Crunch and the headline read

455
00:19:36,160 --> 00:19:38,879
Speaker 2: the new American dream is to get mister Beast to

456
00:19:38,920 --> 00:19:41,119
Speaker 2: pay off your debt. And I kind of laughed at

457
00:19:41,119 --> 00:19:43,720
Speaker 2: this one a little bit, and then I also cried afterwards. Yeah,

458
00:19:43,800 --> 00:19:45,679
Speaker 2: a little bit of both, right, just because I was like,

459
00:19:45,800 --> 00:19:48,240
Speaker 2: I do not want to live in a world where

460
00:19:48,280 --> 00:19:50,800
Speaker 2: this is the dream. Although I kind of think what

461
00:19:50,840 --> 00:19:54,000
Speaker 2: mister Beast does is cool. Yeah, some of his videos

462
00:19:54,119 --> 00:19:55,600
Speaker 2: I've watched maybe a few.

463
00:19:55,440 --> 00:19:57,520
Speaker 1: But most folks probably know mister Beast when we kind

464
00:19:57,520 --> 00:19:59,399
Speaker 1: of talked about it at the beginning. He's a YouTube

465
00:19:59,400 --> 00:20:03,240
Speaker 1: creator puts on these elaborate, ridiculous stunts where he's basically

466
00:20:03,240 --> 00:20:05,640
Speaker 1: giving away money, in some cases a ton of money,

467
00:20:05,720 --> 00:20:06,800
Speaker 1: hundreds of thousands of dollars.

468
00:20:06,880 --> 00:20:08,440
Speaker 2: Sometimes people just show up on a college campus and

469
00:20:08,440 --> 00:20:10,119
Speaker 2: say how much is your intuition this year? And the

470
00:20:10,200 --> 00:20:12,320
Speaker 2: kid will be like thirty six thousand dollars and he'll

471
00:20:12,359 --> 00:20:14,320
Speaker 2: hand them a briefcase of money, yeah to the tune

472
00:20:14,359 --> 00:20:16,520
Speaker 2: of thirty six, or he'll be like that's forty.

473
00:20:16,560 --> 00:20:17,159
Speaker 1: I round it up.

474
00:20:17,560 --> 00:20:20,439
Speaker 2: And so it's kind of cool that he does stuff

475
00:20:20,480 --> 00:20:23,080
Speaker 2: like that like that. He uses very cool his influence,

476
00:20:23,080 --> 00:20:23,520
Speaker 2: and I think.

477
00:20:23,440 --> 00:20:25,320
Speaker 1: It's one hundred percent cool that. Yeah, if that's how

478
00:20:25,359 --> 00:20:28,199
Speaker 1: he wants to operate his bit. It's a capitalistic endeavor

479
00:20:28,240 --> 00:20:30,280
Speaker 1: on his part that actually has benefit for a lot

480
00:20:30,280 --> 00:20:33,119
Speaker 1: of other people. But are we in that much of

481
00:20:33,119 --> 00:20:35,280
Speaker 1: a capitalist he escape that we need mister Beast to

482
00:20:35,280 --> 00:20:37,359
Speaker 1: pay off everyone else's debt. I don't think so.

483
00:20:37,520 --> 00:20:39,360
Speaker 2: Like, are we living in this real life squid game

484
00:20:39,680 --> 00:20:43,359
Speaker 2: where we're hoping for some sort of invite right to

485
00:20:43,520 --> 00:20:47,600
Speaker 2: win a bundle of money because that's the only way

486
00:20:47,600 --> 00:20:50,080
Speaker 2: out of the insane amount of debt we've gotten into.

487
00:20:50,640 --> 00:20:53,760
Speaker 2: I don't think so. I guess basically waiting for mister

488
00:20:53,840 --> 00:20:56,320
Speaker 2: Beast to come around ed big man style with a

489
00:20:56,320 --> 00:20:59,520
Speaker 2: big check to your door to help you pay off

490
00:20:59,560 --> 00:21:02,920
Speaker 2: your debt that is pie in the sky, hope and belief.

491
00:21:03,960 --> 00:21:06,160
Speaker 2: And let's say, even if you somehow got caught cast

492
00:21:06,200 --> 00:21:08,280
Speaker 2: into one of his videos one, are you gonna outlast

493
00:21:08,320 --> 00:21:12,479
Speaker 2: you're hungry maybe starving neighbor, or your competition to win

494
00:21:12,520 --> 00:21:13,159
Speaker 2: the grand prize?

495
00:21:13,520 --> 00:21:14,639
Speaker 1: The truth is probably not.

496
00:21:14,800 --> 00:21:17,200
Speaker 2: So, you know, while the Mister Beast gimmick plays out

497
00:21:17,480 --> 00:21:20,080
Speaker 2: and a few random people strike it rich on his

498
00:21:20,160 --> 00:21:23,679
Speaker 2: site via those videos, it's on par with winning the lottery,

499
00:21:23,720 --> 00:21:27,600
Speaker 2: It's not going to happen. So I think some people

500
00:21:27,920 --> 00:21:30,040
Speaker 2: see mister Beast and kind of what he's doing, and

501
00:21:30,080 --> 00:21:31,960
Speaker 2: they say, I went in on that. I want my

502
00:21:32,000 --> 00:21:32,600
Speaker 2: debt paid off.

503
00:21:32,640 --> 00:21:33,040
Speaker 1: Overnight.

504
00:21:33,400 --> 00:21:35,800
Speaker 2: Well, yeah, wouldn't it be nice? But the truth is,

505
00:21:35,880 --> 00:21:37,680
Speaker 2: if you want your debt paid off, you got to

506
00:21:37,680 --> 00:21:39,480
Speaker 2: come up with a plan, and now is as good

507
00:21:39,480 --> 00:21:41,200
Speaker 2: a time as any to get started.

508
00:21:40,960 --> 00:21:43,280
Speaker 1: An actual plan. That's what I hate most about this

509
00:21:43,440 --> 00:21:46,520
Speaker 1: is that you're it's just relying on luck, and it

510
00:21:46,600 --> 00:21:49,760
Speaker 1: removes the agency from the equation kind of like again

511
00:21:49,800 --> 00:21:51,200
Speaker 1: going back to what we were saying at the beginning

512
00:21:51,200 --> 00:21:54,200
Speaker 1: of the last section with when it comes to jobs

513
00:21:54,200 --> 00:21:56,640
Speaker 1: and what you're willing to work and what you're willing

514
00:21:56,640 --> 00:21:58,760
Speaker 1: to take on and not take on, there's not a

515
00:21:58,800 --> 00:22:01,000
Speaker 1: plan if you're relying on luck. If you're relying on

516
00:22:01,040 --> 00:22:03,119
Speaker 1: the luck of the luck of the draw as opposed

517
00:22:03,160 --> 00:22:05,560
Speaker 1: to funneling and directing your efforts towards something that is

518
00:22:05,600 --> 00:22:08,199
Speaker 1: actually going to lead to too many fuel change in

519
00:22:08,200 --> 00:22:09,200
Speaker 1: your life, in your life.

520
00:22:09,040 --> 00:22:11,280
Speaker 2: Because the longer you sit there and don't take action,

521
00:22:11,880 --> 00:22:14,520
Speaker 2: guess what, that debt persists and it gets worse, gets worse,

522
00:22:14,520 --> 00:22:17,320
Speaker 2: and your situation gets worse the longer you don't make

523
00:22:17,320 --> 00:22:17,919
Speaker 2: steps to.

524
00:22:18,440 --> 00:22:20,480
Speaker 1: In the right direction. Yeah, while at the same time

525
00:22:20,520 --> 00:22:23,560
Speaker 1: acknowledging that I think any success out there always has

526
00:22:23,600 --> 00:22:26,040
Speaker 1: some degree of luck, right, Like I don't. There's there's

527
00:22:26,040 --> 00:22:28,439
Speaker 1: nobody out there that's like one hundred percent, one hundred

528
00:22:28,480 --> 00:22:32,440
Speaker 1: percent purely refined, fully made, like on their own right,

529
00:22:32,520 --> 00:22:35,040
Speaker 1: like where it's something that they were able to completely determine.

530
00:22:35,040 --> 00:22:38,280
Speaker 1: There are always different outside forces that that play that

531
00:22:38,320 --> 00:22:41,440
Speaker 1: play into that, but in this case, it's just relying

532
00:22:41,480 --> 00:22:41,920
Speaker 1: on that luck.

533
00:22:42,440 --> 00:22:45,000
Speaker 2: We've all we've all won the lottery just by where

534
00:22:45,040 --> 00:22:46,920
Speaker 2: we were born. Sure, right, so most of our listeners

535
00:22:46,920 --> 00:22:49,920
Speaker 2: inside the United States, there's there's a whole lot of

536
00:22:49,920 --> 00:22:52,080
Speaker 2: benefit that accrues to you just by by the fact

537
00:22:52,080 --> 00:22:54,000
Speaker 2: that you live here. And I just want to put

538
00:22:54,040 --> 00:22:55,760
Speaker 2: in one plug too, Matt. If you are the kind

539
00:22:55,760 --> 00:22:58,200
Speaker 2: of person who's in debt up to your eyeballs and

540
00:22:58,280 --> 00:23:00,160
Speaker 2: like you are the kind of saying like a hope,

541
00:23:00,200 --> 00:23:03,119
Speaker 2: mister beat knocks on my door, well, the first proactive

542
00:23:03,119 --> 00:23:04,960
Speaker 2: step you should probably take is to talk to someone

543
00:23:05,200 --> 00:23:09,960
Speaker 2: at a nonprofit counseling center Debt Counseling Center, Money Management International.

544
00:23:10,680 --> 00:23:13,600
Speaker 2: Those folks are great. Go check out their site, find

545
00:23:13,640 --> 00:23:14,800
Speaker 2: a counseling center near you.

546
00:23:15,240 --> 00:23:16,000
Speaker 1: If you're in.

547
00:23:15,960 --> 00:23:19,040
Speaker 2: Debt that that badly, this is where you need to turn.

548
00:23:19,119 --> 00:23:20,399
Speaker 2: It's not gonna be easy and it's not going to

549
00:23:20,480 --> 00:23:22,840
Speaker 2: be like some sort of gift payoff of your debt,

550
00:23:23,080 --> 00:23:24,320
Speaker 2: but this is the way you're going to be able

551
00:23:24,320 --> 00:23:25,600
Speaker 2: to get an under control totally.

552
00:23:25,720 --> 00:23:29,120
Speaker 1: So, speaking of debt, did you see that Robert Kiyosaki.

553
00:23:29,400 --> 00:23:31,600
Speaker 1: He's got like evidently he's got like one billion dollars

554
00:23:31,640 --> 00:23:33,400
Speaker 1: in debt, and it's just like, yes, I'm not worried

555
00:23:33,400 --> 00:23:35,760
Speaker 1: about it, because if I go under, my bank goes on.

556
00:23:35,920 --> 00:23:39,600
Speaker 2: Yeah, basically, I mean Robert Kyosaki on steroids being weird again.

557
00:23:39,800 --> 00:23:41,879
Speaker 2: We actually replayed an episode at the end of the

558
00:23:41,920 --> 00:23:44,600
Speaker 2: year about how we feel about debt and the strategic

559
00:23:44,720 --> 00:23:46,840
Speaker 2: use of debt, so we actually kind of sort of

560
00:23:46,880 --> 00:23:49,720
Speaker 2: agree with mister Kiyosaki to a certain extent when it

561
00:23:49,760 --> 00:23:52,119
Speaker 2: comes to using debt wisely. Let's say you have a

562
00:23:52,160 --> 00:23:55,159
Speaker 2: billion dollars in debt financed at three percent, but you

563
00:23:55,320 --> 00:23:57,680
Speaker 2: have you know, ten billion dollars of value in a

564
00:23:57,720 --> 00:24:00,520
Speaker 2: real estate portfolio. That's what different story. I'm not really

565
00:24:00,560 --> 00:24:02,720
Speaker 2: worried about what's going on with your debt, and you

566
00:24:02,760 --> 00:24:06,280
Speaker 2: shouldn't be either. But I don't know what his balance

567
00:24:06,320 --> 00:24:08,159
Speaker 2: sheet looks like. But I would just say this is

568
00:24:08,200 --> 00:24:12,040
Speaker 2: a good reminder that debt can be used well if

569
00:24:12,240 --> 00:24:16,199
Speaker 2: used to buy income producing assets, but also moderation on

570
00:24:16,240 --> 00:24:18,480
Speaker 2: the debt front and know the difference between good debt

571
00:24:18,520 --> 00:24:20,840
Speaker 2: and bad debt. And it's not easy, right, Like, that's

572
00:24:20,840 --> 00:24:22,879
Speaker 2: why so many people, the people who make the biggest

573
00:24:22,880 --> 00:24:25,639
Speaker 2: headlines are either the ones who say debt is a

574
00:24:25,680 --> 00:24:28,320
Speaker 2: gift to you, like Robert Kiyosaki does, or the person

575
00:24:28,359 --> 00:24:30,399
Speaker 2: who says debt is dumb and you're an idiot for

576
00:24:30,440 --> 00:24:32,560
Speaker 2: even attempting to use debt in any way, form or fashion.

577
00:24:33,320 --> 00:24:35,920
Speaker 2: Those extremes get all depressed. But the truth lies somewhere

578
00:24:35,920 --> 00:24:39,119
Speaker 2: in the middle. And if you can use debt effectively

579
00:24:39,160 --> 00:24:41,600
Speaker 2: to build wealth, you just got to be really, really careful.

580
00:24:41,320 --> 00:24:43,520
Speaker 1: When you're doing it. Exactly. Yeah, don't and don't hear

581
00:24:43,600 --> 00:24:46,720
Speaker 1: us point to him or mention him as an example

582
00:24:46,720 --> 00:24:48,840
Speaker 1: to follow. We're highlighting him because that's what we want

583
00:24:48,880 --> 00:24:51,199
Speaker 1: you to avoid. Yeah. And by the way, so as

584
00:24:51,240 --> 00:24:52,040
Speaker 1: we're talking about.

585
00:24:51,800 --> 00:24:53,879
Speaker 2: Debt, not that he has nothing good to share, but

586
00:24:53,920 --> 00:24:55,280
Speaker 2: there's some stuff I wouldn't listen to him.

587
00:24:55,280 --> 00:24:57,080
Speaker 1: There's some nuggets of wisdom. Yeah, So it makes me

588
00:24:57,119 --> 00:24:58,960
Speaker 1: think of We've got a new article on the site

589
00:24:59,080 --> 00:25:01,879
Speaker 1: about what it's to invest in real estate, the different

590
00:25:01,920 --> 00:25:04,919
Speaker 1: ways you can do that. It's an awesome article. We'll

591
00:25:04,920 --> 00:25:06,400
Speaker 1: make sure to link to that as well. If that's

592
00:25:06,400 --> 00:25:08,399
Speaker 1: something that you're like, all right, I want to know

593
00:25:08,560 --> 00:25:11,520
Speaker 1: basically all there is to know about not only finding

594
00:25:11,600 --> 00:25:13,600
Speaker 1: a property to invest in, but how to manage it,

595
00:25:13,640 --> 00:25:14,439
Speaker 1: from soup to.

596
00:25:14,440 --> 00:25:18,000
Speaker 2: Nuts based financing, hiring a property manager, all the above.

597
00:25:18,040 --> 00:25:21,000
Speaker 2: It's a very long form how to money influenced way

598
00:25:21,400 --> 00:25:23,040
Speaker 2: of like how to go about buying.

599
00:25:22,840 --> 00:25:25,040
Speaker 1: A rental property exactly. Yeah, So, speaking of housing, there

600
00:25:25,119 --> 00:25:27,320
Speaker 1: is a really long article in the journal about how

601
00:25:27,440 --> 00:25:30,640
Speaker 1: messed up the home and auto insurance markets are right now.

602
00:25:31,080 --> 00:25:34,199
Speaker 1: And if you live in California or Florida in particular,

603
00:25:34,240 --> 00:25:36,680
Speaker 1: you don't need us to tell you that. State Farm,

604
00:25:36,680 --> 00:25:39,040
Speaker 1: for instance, I think they're putting through average rate hikes

605
00:25:39,040 --> 00:25:43,440
Speaker 1: of twenty percent this year in California, but rate increases

606
00:25:43,440 --> 00:25:46,160
Speaker 1: they're actually happening across the country in the double digit

607
00:25:46,240 --> 00:25:49,960
Speaker 1: percentage range year of a year. And also we're kind

608
00:25:49,960 --> 00:25:52,480
Speaker 1: of railing on potential, like the would you say you said,

609
00:25:52,480 --> 00:25:56,200
Speaker 1: like the capitalistic healthscape that we live in. This isn't

610
00:25:56,240 --> 00:25:58,880
Speaker 1: just an attempt by insurance companies to get rich. They

611
00:25:58,960 --> 00:26:01,879
Speaker 1: have been losing money because there have been bigger payouts

612
00:26:01,920 --> 00:26:04,600
Speaker 1: over the last couple of years, in particular in states

613
00:26:04,640 --> 00:26:06,800
Speaker 1: that have experienced a lot of hurricanes or fires.

614
00:26:06,840 --> 00:26:08,880
Speaker 2: However, so it seems like, yo, it's just just cash

615
00:26:08,880 --> 00:26:10,639
Speaker 2: grab from the insurance companies. But in reality, when you

616
00:26:10,680 --> 00:26:12,679
Speaker 2: look at their numbers, they've not been doing so hot.

617
00:26:12,680 --> 00:26:14,520
Speaker 2: They have to make up for losses they've incurred. Stuff

618
00:26:14,560 --> 00:26:15,080
Speaker 2: costs money.

619
00:26:15,200 --> 00:26:16,119
Speaker 1: Yeah, but I.

620
00:26:16,160 --> 00:26:19,840
Speaker 2: Heard of inflation. These companies, these insurance companies are having

621
00:26:19,920 --> 00:26:21,240
Speaker 2: to deal with that when it comes to rebuilds and

622
00:26:21,280 --> 00:26:21,879
Speaker 2: stuff like that too.

623
00:26:22,000 --> 00:26:24,600
Speaker 1: Yeah. So here's a line from the article, for many

624
00:26:24,640 --> 00:26:27,479
Speaker 1: Americans getting insurance for both their cars and homes has

625
00:26:27,520 --> 00:26:31,119
Speaker 1: gone from a routine, generally manageable expense to a do

626
00:26:31,320 --> 00:26:34,680
Speaker 1: or die ordeal that can strain household budgets. I feel

627
00:26:34,680 --> 00:26:37,320
Speaker 1: like that was pretty spot on based on the numbers

628
00:26:37,359 --> 00:26:38,800
Speaker 1: that we've been seeing, but as well as the different

629
00:26:38,800 --> 00:26:39,720
Speaker 1: anecdotes we've been hearing.

630
00:26:39,800 --> 00:26:43,040
Speaker 2: Yeah, I guess like just because it's justifiable doesn't mean

631
00:26:43,080 --> 00:26:46,200
Speaker 2: it's not shocking to our listeners, right.

632
00:26:46,040 --> 00:26:46,600
Speaker 1: It is.

633
00:26:46,800 --> 00:26:49,639
Speaker 2: It's completely It can be overwhelming if you're saying, oh,

634
00:26:49,640 --> 00:26:53,280
Speaker 2: I'm making financial progress started funneling money towards my roth Ira.

635
00:26:53,760 --> 00:26:56,000
Speaker 2: I even got that three percent match because I'm doing

636
00:26:56,080 --> 00:26:58,760
Speaker 2: robin Hood Gold or whatever, you know, and you're so

637
00:26:58,920 --> 00:27:01,160
Speaker 2: happy about what you're doing, and then boom, you get

638
00:27:01,160 --> 00:27:03,399
Speaker 2: this dropped in your lap and it's a twenty percent

639
00:27:03,440 --> 00:27:06,359
Speaker 2: increase on your homeowners insurance and a twenty four percent

640
00:27:06,400 --> 00:27:08,480
Speaker 2: increase on your car insurance. And you're just like, how

641
00:27:08,480 --> 00:27:11,240
Speaker 2: do I get ahead as these bills continue popping up?

642
00:27:11,520 --> 00:27:15,320
Speaker 2: And I get that reaction because it is. It is frusturing.

643
00:27:15,359 --> 00:27:17,000
Speaker 2: So we'll offer the best device we can to save

644
00:27:17,000 --> 00:27:17,520
Speaker 2: on insurance.

645
00:27:17,560 --> 00:27:17,720
Speaker 1: Here.

646
00:27:17,800 --> 00:27:20,600
Speaker 2: One the best way to save on your insurance bill

647
00:27:20,640 --> 00:27:23,639
Speaker 2: is to shop around. Every insurance sets rates differently, So

648
00:27:23,840 --> 00:27:25,879
Speaker 2: use a site like policy Genius, or reach out to

649
00:27:25,920 --> 00:27:29,200
Speaker 2: an independent insurance agent via a site like trusted choice

650
00:27:29,200 --> 00:27:31,960
Speaker 2: dot com. That is the lowest hanging fruit. That's the

651
00:27:31,960 --> 00:27:34,520
Speaker 2: best potential way to save the most dollars. Let's say

652
00:27:34,520 --> 00:27:36,280
Speaker 2: you get a massive increase in the mail, though I

653
00:27:36,280 --> 00:27:39,000
Speaker 2: would just say don't take it lying down like loyalty

654
00:27:39,119 --> 00:27:43,200
Speaker 2: doesn't pay. You don't get better rates because you've been

655
00:27:43,240 --> 00:27:47,439
Speaker 2: with an insurance company longer. Typically that typically is the

656
00:27:47,480 --> 00:27:50,399
Speaker 2: opposite is true, and some folks, Matt, they might be

657
00:27:50,520 --> 00:27:53,520
Speaker 2: tempted to lower their coverage limits, but that's setting you

658
00:27:53,560 --> 00:27:55,200
Speaker 2: up for another potential problem if you have to file

659
00:27:55,240 --> 00:27:57,000
Speaker 2: a claim more money out of pocket.

660
00:27:57,080 --> 00:27:57,280
Speaker 1: Right.

661
00:27:57,520 --> 00:28:00,720
Speaker 2: Another interesting way to save is by some insuring more

662
00:28:00,960 --> 00:28:05,000
Speaker 2: right and so that that can mean increasing your deductible

663
00:28:05,200 --> 00:28:08,439
Speaker 2: on your car or your home. That can massively reduce

664
00:28:08,480 --> 00:28:10,840
Speaker 2: the premiums that you pay, but it does mean you

665
00:28:10,880 --> 00:28:13,880
Speaker 2: have to have more money in cash in the savings account.

666
00:28:14,119 --> 00:28:17,040
Speaker 2: That's a tactic I've taken, Matt. Didn't help me out

667
00:28:17,160 --> 00:28:19,239
Speaker 2: when a tree fell through my house last March, but

668
00:28:19,520 --> 00:28:22,240
Speaker 2: still overall, over the many decades, it's going to save

669
00:28:22,280 --> 00:28:24,879
Speaker 2: me money on insurance. And one other thought is to

670
00:28:24,920 --> 00:28:27,800
Speaker 2: ditch a car from your life, right, because ensuring fewer

671
00:28:27,800 --> 00:28:30,640
Speaker 2: things is going to reduce your insurance costs. So let's

672
00:28:30,640 --> 00:28:33,000
Speaker 2: say you've got three cars in your driveway. Can you

673
00:28:33,040 --> 00:28:35,840
Speaker 2: get that down to two? That will save you money

674
00:28:35,880 --> 00:28:39,760
Speaker 2: just by having fewer rides in your life less to ensure. Yeah,

675
00:28:39,840 --> 00:28:41,440
Speaker 2: none of those tips is like some sort of silver

676
00:28:41,480 --> 00:28:44,360
Speaker 2: bullet going to save you millions, but hopefully you know

677
00:28:44,600 --> 00:28:44,960
Speaker 2: one of.

678
00:28:44,920 --> 00:28:47,440
Speaker 1: Those maybe decades, maybe million, Maybe doing two of those,

679
00:28:47,520 --> 00:28:49,800
Speaker 1: maybe maybe it will have an impact. Okay, you talked

680
00:28:49,800 --> 00:28:52,120
Speaker 1: about having three cars and the driveway. That actually makes

681
00:28:52,160 --> 00:28:55,960
Speaker 1: me think about lifestyle creep. We did a deep dive

682
00:28:56,200 --> 00:28:58,880
Speaker 1: on this topic way back. I think it was episode

683
00:28:58,960 --> 00:29:02,760
Speaker 1: three seventy four. But man, it is a consistently pernicious

684
00:29:02,800 --> 00:29:05,280
Speaker 1: way that folks end up hamstringing the progress that they're

685
00:29:05,280 --> 00:29:08,120
Speaker 1: trying to make toward their different financial goals. And basically,

686
00:29:08,200 --> 00:29:11,760
Speaker 1: like the heart of lifestyle creep is there's a little

687
00:29:11,800 --> 00:29:14,920
Speaker 1: treat that you used to indulge yourself in, and maybe

688
00:29:14,920 --> 00:29:17,760
Speaker 1: you do it occasionally, but now it's something that becomes routine,

689
00:29:17,880 --> 00:29:20,560
Speaker 1: and guess what. Because it's routine, it's also no longer special,

690
00:29:20,720 --> 00:29:22,640
Speaker 1: and all of a sudden, the cost for you to

691
00:29:22,680 --> 00:29:24,920
Speaker 1: exist on this earth has gone up every single month. Yeah,

692
00:29:24,960 --> 00:29:27,480
Speaker 1: it's not the occasional latte treat. It's the now I

693
00:29:27,520 --> 00:29:30,720
Speaker 1: deserve a Lotte every morning or every Monday morning. I mean,

694
00:29:31,080 --> 00:29:33,080
Speaker 1: because I'll admit, like, there are certain things that we

695
00:29:33,160 --> 00:29:36,720
Speaker 1: do in life where we are knowingly and intentionally entering

696
00:29:36,760 --> 00:29:40,120
Speaker 1: into lifestyle creep. So like every Monday morning, you not,

697
00:29:40,200 --> 00:29:42,479
Speaker 1: like we go to our favorite local coffee shop here

698
00:29:42,480 --> 00:29:44,760
Speaker 1: and we enjoy a nice coffee it's also a way

699
00:29:44,760 --> 00:29:47,040
Speaker 1: for us to a it's a business expense, stretch our

700
00:29:47,080 --> 00:29:48,800
Speaker 1: legs in the morning too, but get the blood flow

701
00:29:48,840 --> 00:29:51,080
Speaker 1: on and uh, the just to catch up. You know,

702
00:29:51,120 --> 00:29:53,800
Speaker 1: it's buds from the weekend. But I think that's fine

703
00:29:53,880 --> 00:29:56,720
Speaker 1: if that is something that you are proactively or intentionally

704
00:29:56,800 --> 00:29:59,720
Speaker 1: or entering like a transaction that you're entering into with

705
00:29:59,760 --> 00:30:02,440
Speaker 1: your eyes wide open, and as long as you don't

706
00:30:02,480 --> 00:30:05,040
Speaker 1: have other goals that you're trying to accomplish, right, because

707
00:30:05,040 --> 00:30:08,440
Speaker 1: that's when like that's the trade off essentially that you're making. Yeah,

708
00:30:08,480 --> 00:30:10,040
Speaker 1: if there are other things that you want to do

709
00:30:10,080 --> 00:30:12,760
Speaker 1: with your money, well, then that's when lifestyle creep in

710
00:30:12,800 --> 00:30:15,520
Speaker 1: particular can be this this pernicious thing.

711
00:30:15,640 --> 00:30:18,880
Speaker 2: Yeah, it comes in and it actually robs you of

712
00:30:18,920 --> 00:30:21,880
Speaker 2: your bigger goals, maybe your long more long term future

713
00:30:21,920 --> 00:30:24,680
Speaker 2: goals because you feel like you deserve the thing in

714
00:30:24,720 --> 00:30:27,000
Speaker 2: the here and now, even though you haven't budgeted for it.

715
00:30:27,040 --> 00:30:28,640
Speaker 2: That's kind of the heart of livestyle creep.

716
00:30:28,680 --> 00:30:30,560
Speaker 1: I think it's like death by a thousand cuts. Yeah,

717
00:30:30,600 --> 00:30:32,920
Speaker 1: like each one of these small things seems like it's

718
00:30:32,960 --> 00:30:35,160
Speaker 1: not that big of a deal, But what if you

719
00:30:35,160 --> 00:30:35,800
Speaker 1: didn't have all but.

720
00:30:35,800 --> 00:30:38,240
Speaker 2: Then you can't take that sweet family vacation without going

721
00:30:38,280 --> 00:30:40,239
Speaker 2: into debt that you wanted to. Because yeah, all those

722
00:30:40,280 --> 00:30:42,120
Speaker 2: things do add up exactly, And it's not that it's

723
00:30:42,120 --> 00:30:44,160
Speaker 2: not okay to enjoy the fruit of your labor, but

724
00:30:44,200 --> 00:30:46,480
Speaker 2: it's often those decisions that we make in the heat

725
00:30:46,520 --> 00:30:48,960
Speaker 2: of the moment that derail us, right, even if it's

726
00:30:49,000 --> 00:30:51,120
Speaker 2: not some sort of oh, I bought a new car today,

727
00:30:51,960 --> 00:30:55,080
Speaker 2: or oh, I just like you know, booked some ridiculously

728
00:30:55,120 --> 00:30:56,800
Speaker 2: expensive cruise. By the way, if you want to book

729
00:30:56,800 --> 00:30:59,320
Speaker 2: a ridiculously expensive cruise, stay tuned for next week. We're

730
00:30:59,320 --> 00:31:00,560
Speaker 2: going to talk to a cruise expert on the show.

731
00:31:00,560 --> 00:31:01,080
Speaker 2: It's gonna be a.

732
00:31:01,040 --> 00:31:04,360
Speaker 1: Lot of ridicuously affordable cruise ridiculous talking about.

733
00:31:04,120 --> 00:31:07,440
Speaker 2: That's right, But it's always important to be aware of

734
00:31:07,480 --> 00:31:09,960
Speaker 2: the potential for lifestyle creep in our lives and maybe

735
00:31:10,000 --> 00:31:11,840
Speaker 2: maybe plan out a few elements of your life that

736
00:31:11,920 --> 00:31:13,800
Speaker 2: you want to kind of like you're talking about mat,

737
00:31:13,800 --> 00:31:16,760
Speaker 2: intentionally upgrade as your financial position changes. You get a

738
00:31:16,800 --> 00:31:19,600
Speaker 2: twenty percent pay raise, you don't have to funnel all

739
00:31:19,640 --> 00:31:21,760
Speaker 2: that into your four to one K. Nobody's saying that,

740
00:31:21,880 --> 00:31:23,720
Speaker 2: Matt and I aren't saying that, Like you should be

741
00:31:23,720 --> 00:31:26,200
Speaker 2: able to enjoy some of those dollars in the here

742
00:31:26,240 --> 00:31:29,360
Speaker 2: and now, right, but just plan out how you're going

743
00:31:29,400 --> 00:31:31,520
Speaker 2: to spend those know the ways in which you do

744
00:31:31,560 --> 00:31:33,680
Speaker 2: want to elevate your lifestyle, And I think I can

745
00:31:33,720 --> 00:31:36,720
Speaker 2: help keep other lifestyle creep villains from kind of coming

746
00:31:36,760 --> 00:31:39,360
Speaker 2: in ruining your progress, taking that money that should have

747
00:31:39,360 --> 00:31:41,560
Speaker 2: gone to other stuff that you actually care about more.

748
00:31:42,120 --> 00:31:45,800
Speaker 2: Sometimes it's like that immediate thing that lifestyle creep is

749
00:31:45,880 --> 00:31:48,280
Speaker 2: the most tempting version, right, It's like, oh, how can

750
00:31:48,320 --> 00:31:51,240
Speaker 2: I upgrade my lifestyle right now? It's at Stanley water

751
00:31:51,280 --> 00:31:53,360
Speaker 2: bottle at Target or something like that, which we should

752
00:31:53,440 --> 00:31:55,120
Speaker 2: talk about Stanley water bottles.

753
00:31:54,760 --> 00:31:57,760
Speaker 1: More so, well, I feel like that's the perfect example

754
00:31:57,880 --> 00:32:00,360
Speaker 1: of in granted that's not very much money, but sure

755
00:32:00,400 --> 00:32:02,520
Speaker 1: it's more than a cup of coffee. But like it's

756
00:32:02,520 --> 00:32:04,120
Speaker 1: the kind of thing that gets thrust in front of

757
00:32:04,120 --> 00:32:06,600
Speaker 1: you because in this case, like popular culture or for

758
00:32:06,640 --> 00:32:09,160
Speaker 1: whatever reason, the influencers believe that this is something that

759
00:32:09,200 --> 00:32:13,520
Speaker 1: people that everybody needs as opposed to deciding for yourself, Hey,

760
00:32:13,640 --> 00:32:15,320
Speaker 1: what is it for you that's going to bring about

761
00:32:15,320 --> 00:32:18,120
Speaker 1: the most happiness? That's what those these are the questions

762
00:32:18,160 --> 00:32:21,440
Speaker 1: that we want you asking yourself as opposed to being

763
00:32:21,520 --> 00:32:23,520
Speaker 1: like spoon fed, what it is that you should think and.

764
00:32:23,520 --> 00:32:26,360
Speaker 2: Belie, did you even think that you needed a water

765
00:32:26,440 --> 00:32:29,720
Speaker 2: vessel upgrade until you saw the videos floating around a

766
00:32:29,720 --> 00:32:31,800
Speaker 2: stand until one of your best friend showed up with one, and.

767
00:32:31,720 --> 00:32:34,800
Speaker 1: Then you're like, oh, yeah, it does look nice, big

768
00:32:34,840 --> 00:32:39,320
Speaker 1: old handle. I love it. Delightful straw. I mean, that's yeah.

769
00:32:39,560 --> 00:32:41,400
Speaker 2: If you want to own a Stanley, do your thing,

770
00:32:41,440 --> 00:32:43,320
Speaker 2: but just do it because that was a choice you

771
00:32:43,360 --> 00:32:45,520
Speaker 2: made to the exclusion of other things you could have

772
00:32:45,520 --> 00:32:47,960
Speaker 2: done with that money. It's not because you mindlessly were like,

773
00:32:48,480 --> 00:32:50,719
Speaker 2: time for me to be fancy and cool, just like

774
00:32:51,040 --> 00:32:52,160
Speaker 2: everybody else who's got one.

775
00:32:52,240 --> 00:32:56,840
Speaker 1: Yeah. But all right, so that last rate I is

776
00:32:56,880 --> 00:33:01,000
Speaker 1: the closest I got to ever saying sheeple. Now you

777
00:33:01,080 --> 00:33:03,760
Speaker 1: said on the podcast, but I didn't.

778
00:33:03,880 --> 00:33:06,640
Speaker 2: It's been an interesting I caught myself interesting trend to watch.

779
00:33:06,960 --> 00:33:08,880
Speaker 2: All right, that's gonna do it for this episode. We

780
00:33:08,920 --> 00:33:10,640
Speaker 2: hope you have a great weekend. Can't wait to see

781
00:33:10,680 --> 00:33:12,840
Speaker 2: you back here next week. More great money saving content,

782
00:33:13,120 --> 00:33:16,440
Speaker 2: including like we said that conversation with a cruise expert

783
00:33:16,760 --> 00:33:18,280
Speaker 2: Ilana of Life while Cruised.

784
00:33:18,680 --> 00:33:19,080
Speaker 1: Matt and I.

785
00:33:19,160 --> 00:33:20,920
Speaker 2: We've never been on a cruise before. We'll see if

786
00:33:20,960 --> 00:33:22,720
Speaker 2: she convinced us can convince us to go on one.

787
00:33:23,040 --> 00:33:25,040
Speaker 2: But Matt, that's gonna do it for this one. Until

788
00:33:25,080 --> 00:33:28,040
Speaker 2: next time, best Friends Out, Best Friends Out,