1 00:00:00,080 --> 00:00:02,800 Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt, 2 00:00:02,960 --> 00:00:26,040 Speaker 1: and today we're discussing robots, rent Control, and Taylor Swift. Yeah. 3 00:00:26,079 --> 00:00:29,960 Speaker 1: So what do all three of those things haven't common? Well? Money, 4 00:00:30,000 --> 00:00:32,160 Speaker 1: of course, that's what we're gonna talk about today. How 5 00:00:32,280 --> 00:00:34,680 Speaker 1: the stories that we've come across this week how they 6 00:00:34,720 --> 00:00:38,760 Speaker 1: apply to your personal finances. We've got those three stories 7 00:00:38,800 --> 00:00:42,040 Speaker 1: plus several others that we're gonna get to today. That's right, Matt. 8 00:00:42,040 --> 00:00:44,479 Speaker 1: But before we dig into those stories, before we get 9 00:00:44,479 --> 00:00:46,680 Speaker 1: into the Friday flight, I wanted to quickly mention that 10 00:00:47,280 --> 00:00:50,120 Speaker 1: I filed my first homeowners claim in my adult life. 11 00:00:50,200 --> 00:00:54,080 Speaker 1: Is something you're excited about? Um, not really, it's it's 12 00:00:54,160 --> 00:00:56,720 Speaker 1: luckily this is bad news, But I guess it kind 13 00:00:56,720 --> 00:00:58,639 Speaker 1: of depends on how things shape up for you, right, 14 00:00:58,680 --> 00:01:01,160 Speaker 1: I mean, ultimately it's it's not the worst thing ever, 15 00:01:01,840 --> 00:01:04,839 Speaker 1: but it's also not fun, I would say. But basically, 16 00:01:04,920 --> 00:01:07,040 Speaker 1: what happened that the house that we're doing some work 17 00:01:07,040 --> 00:01:08,600 Speaker 1: to right now that used to be a duplex, we're 18 00:01:08,600 --> 00:01:10,640 Speaker 1: turning it back into a single family home for our family, 19 00:01:10,920 --> 00:01:14,319 Speaker 1: someone decided to get down on the cross space and 20 00:01:14,520 --> 00:01:17,959 Speaker 1: rip out the copper pipes with the sauce. Huge bummer dude. Actually, 21 00:01:18,000 --> 00:01:21,120 Speaker 1: So I was one that discovered it because Kate and 22 00:01:21,160 --> 00:01:23,000 Speaker 1: I and the kids were just out for a walk 23 00:01:23,280 --> 00:01:26,880 Speaker 1: and they had recently like busted out the back wall 24 00:01:26,959 --> 00:01:30,520 Speaker 1: of your entire house and which is to me super fascinating, 25 00:01:31,160 --> 00:01:32,679 Speaker 1: Like we're really interested in stuff like that. And so 26 00:01:32,720 --> 00:01:34,720 Speaker 1: we went snoop and well, Emily she like sent us 27 00:01:34,720 --> 00:01:36,039 Speaker 1: to the lock box code and was like, hey, go 28 00:01:36,120 --> 00:01:37,880 Speaker 1: check it out, you know. So we poked our head 29 00:01:37,880 --> 00:01:40,000 Speaker 1: in there. Y'all had just left town, I think, and 30 00:01:40,200 --> 00:01:41,960 Speaker 1: uh it was like, do you hear that? Is that 31 00:01:42,040 --> 00:01:45,240 Speaker 1: something like water running? And I was like, uh, yeah, 32 00:01:45,319 --> 00:01:47,160 Speaker 1: I don't know why the water is running. And sure enough, 33 00:01:47,240 --> 00:01:49,120 Speaker 1: we kind of poked our head down through the floor 34 00:01:49,240 --> 00:01:52,240 Speaker 1: and saw like a river underneath your house. It did 35 00:01:52,280 --> 00:01:54,480 Speaker 1: not look like something that was planned. It was it 36 00:01:54,600 --> 00:01:56,559 Speaker 1: was not a good thing, and it was not And yeah, 37 00:01:56,560 --> 00:02:00,640 Speaker 1: so that water ended up ruining the h VAX them 38 00:02:00,640 --> 00:02:03,240 Speaker 1: and you know a couple other things down there. And 39 00:02:03,280 --> 00:02:05,480 Speaker 1: it was one of those things where I had my 40 00:02:05,640 --> 00:02:08,520 Speaker 1: deductible set as high as possible, and that's something we've 41 00:02:08,560 --> 00:02:10,720 Speaker 1: recommended on the show, and I had never had to 42 00:02:10,760 --> 00:02:14,040 Speaker 1: file an insurance claim before, and so I was like 43 00:02:14,080 --> 00:02:17,360 Speaker 1: looking pretty just saving money every year on the money 44 00:02:17,360 --> 00:02:19,720 Speaker 1: I was paying to the insurance company, but came back 45 00:02:19,760 --> 00:02:22,000 Speaker 1: to bite me in this instance. But I will say, 46 00:02:22,240 --> 00:02:23,480 Speaker 1: you know, I need to do the math at some 47 00:02:23,480 --> 00:02:25,400 Speaker 1: point and kind of see what's what's the difference how 48 00:02:25,480 --> 00:02:27,639 Speaker 1: much am I saving on an annual basis, because I'm 49 00:02:27,639 --> 00:02:29,960 Speaker 1: sure I have more than made up for, uh this 50 00:02:30,120 --> 00:02:33,080 Speaker 1: the additional deductible amount that I had to pay in 51 00:02:33,160 --> 00:02:35,720 Speaker 1: order to replace the HVAC system and fix you know, 52 00:02:35,760 --> 00:02:38,520 Speaker 1: some of the other things that were ruined by this 53 00:02:38,560 --> 00:02:41,280 Speaker 1: act of vandalism. But I think that advice still holds 54 00:02:41,280 --> 00:02:43,440 Speaker 1: true because, Yeah, one of the other things that it 55 00:02:43,480 --> 00:02:46,480 Speaker 1: does is is having a higher deductible prevents you from 56 00:02:46,680 --> 00:02:50,040 Speaker 1: filing needless claims because if you have that really tiny deductible, 57 00:02:50,040 --> 00:02:52,240 Speaker 1: you might start doing it willy nilly, and then your 58 00:02:52,320 --> 00:02:55,320 Speaker 1: rates start to go up over time. And so I 59 00:02:55,320 --> 00:02:58,480 Speaker 1: think this one claim hopefully shouldn't have too much of 60 00:02:58,480 --> 00:03:01,720 Speaker 1: an adverse impact on the premiums you'll find out next 61 00:03:01,800 --> 00:03:05,799 Speaker 1: year comes up, right, Well, so have you heard from 62 00:03:05,800 --> 00:03:08,000 Speaker 1: them at all? Because oftentimes your stories about how when 63 00:03:08,000 --> 00:03:10,000 Speaker 1: you file a claim like this, something I mean, this 64 00:03:10,040 --> 00:03:11,960 Speaker 1: isn't it's not a tiny claim, but it's also not 65 00:03:12,000 --> 00:03:13,720 Speaker 1: like a massive claim. It's not like a true felt 66 00:03:13,840 --> 00:03:18,160 Speaker 1: in between, and so I'm curious if because sometimes individuals 67 00:03:18,200 --> 00:03:20,960 Speaker 1: will get booted from there insured because once you use it, 68 00:03:21,040 --> 00:03:22,960 Speaker 1: you lose it. Yes, I have heard that too, and 69 00:03:23,080 --> 00:03:26,639 Speaker 1: uh so obviously that hasn't happened to you, I think, yeah, 70 00:03:26,680 --> 00:03:28,880 Speaker 1: I mean, the higher rates is definitely something that's worth 71 00:03:28,960 --> 00:03:31,360 Speaker 1: revisiting once you do get your your bill or your 72 00:03:31,360 --> 00:03:34,040 Speaker 1: premium for next year, because that's unfortunately not something that 73 00:03:34,080 --> 00:03:36,040 Speaker 1: you can shop around. I mean, you can shop around 74 00:03:36,040 --> 00:03:39,560 Speaker 1: your home insurance, but when you take advantage of your insurance, 75 00:03:39,640 --> 00:03:42,000 Speaker 1: it goes onto your clue report, and that's something that 76 00:03:42,040 --> 00:03:44,280 Speaker 1: follows you from one insure to the next, and that's 77 00:03:44,280 --> 00:03:47,480 Speaker 1: like the database where every insurance company can chant, does 78 00:03:47,480 --> 00:03:50,080 Speaker 1: this person five claims or not? And yeah, hopefully one 79 00:03:50,080 --> 00:03:52,080 Speaker 1: claim isn't gonna mess me up. And it was the 80 00:03:52,160 --> 00:03:54,320 Speaker 1: right thing to do, even though it was tough because 81 00:03:54,320 --> 00:03:56,240 Speaker 1: I'm one of those guys who's like, I'm gonna go 82 00:03:56,240 --> 00:03:58,600 Speaker 1: through all my life and never use this insurance. But 83 00:03:58,760 --> 00:04:00,560 Speaker 1: that's what it's there forms that time when you do 84 00:04:00,640 --> 00:04:02,400 Speaker 1: want to use it and like you said, though, it 85 00:04:02,440 --> 00:04:03,720 Speaker 1: is tough to know how much you're saving, and so 86 00:04:03,760 --> 00:04:06,040 Speaker 1: you actually crunch the numbers. But that did cause me 87 00:04:06,120 --> 00:04:09,800 Speaker 1: to go and check my homeowners insurance because we just 88 00:04:09,840 --> 00:04:13,080 Speaker 1: hadn't touched our home policy in a while. Dude, my 89 00:04:13,160 --> 00:04:16,320 Speaker 1: deductible was said at one thousand dollars, I'm getting hosed. 90 00:04:16,400 --> 00:04:19,559 Speaker 1: That's too low. Yes, I'm getting hosed every single year. 91 00:04:19,880 --> 00:04:23,000 Speaker 1: And so immediately wrote an email to our insurance agent 92 00:04:23,000 --> 00:04:24,679 Speaker 1: because I don't know how that happened, but at some point, 93 00:04:24,920 --> 00:04:26,560 Speaker 1: I mean, I know I didn't set it there intentionally, 94 00:04:26,560 --> 00:04:28,920 Speaker 1: but at some point I think it reset or they 95 00:04:28,920 --> 00:04:32,520 Speaker 1: just automatically migrated it down to whatever the standard policy is. 96 00:04:32,560 --> 00:04:34,520 Speaker 1: But I'm sure that you're wishing that would have happened 97 00:04:34,520 --> 00:04:37,800 Speaker 1: to you. If only we could trade places accidentally just 98 00:04:37,839 --> 00:04:39,840 Speaker 1: weeks before the accident, would have been great. Yeah, because 99 00:04:39,839 --> 00:04:41,960 Speaker 1: obviously we're back, and let us know what the difference is, 100 00:04:41,960 --> 00:04:43,680 Speaker 1: like how much you're able to save, because if I mean, 101 00:04:44,080 --> 00:04:47,560 Speaker 1: I'm curious, my assumption is it's probably a couple hundred 102 00:04:47,560 --> 00:04:50,320 Speaker 1: dollars a year. Oh yeah, I'm hoping by boosting that deductible, 103 00:04:50,360 --> 00:04:53,640 Speaker 1: we should see a significant savings every single year. But yeah, 104 00:04:53,640 --> 00:04:55,680 Speaker 1: I'll let you know, okay, all right, Well, yeah, and 105 00:04:55,680 --> 00:04:57,520 Speaker 1: and nobody needs to shed tears from me. Not a 106 00:04:57,520 --> 00:05:00,279 Speaker 1: big deal, but h and and ultimately means we're getting 107 00:05:00,320 --> 00:05:02,160 Speaker 1: a new HVAC system, Like this whole house is gonna 108 00:05:02,160 --> 00:05:03,880 Speaker 1: be new at the end of the day. You really are. 109 00:05:04,800 --> 00:05:07,080 Speaker 1: It's yeah, it's gonna it's cool. Bank accounts taking a 110 00:05:07,120 --> 00:05:09,720 Speaker 1: beating right now, but at least for a while. Yeah, 111 00:05:09,720 --> 00:05:12,440 Speaker 1: hopefully that means that no repairs needed on this house 112 00:05:12,480 --> 00:05:14,400 Speaker 1: for a long time, good buddy years. Yeah, well, let's 113 00:05:14,440 --> 00:05:16,240 Speaker 1: move on. Let's get to the Friday flight. Let's do 114 00:05:16,480 --> 00:05:19,120 Speaker 1: stories we found interesting this week in the realm of 115 00:05:19,160 --> 00:05:23,279 Speaker 1: personal finance. And first let's talk about budgeting for Christmas. 116 00:05:23,360 --> 00:05:26,120 Speaker 1: There was a new service something you do budget Christmas, 117 00:05:26,120 --> 00:05:29,320 Speaker 1: and well, I trying to keep that budget minimal, but 118 00:05:29,440 --> 00:05:32,120 Speaker 1: obviously we we there is money they get spent every 119 00:05:32,200 --> 00:05:34,560 Speaker 1: year around the holidays when it comes to yeah, gifts 120 00:05:34,600 --> 00:05:38,359 Speaker 1: for our friends and loved ones, or experiences that we 121 00:05:38,400 --> 00:05:41,880 Speaker 1: share with other people, bringing something to a holiday party. 122 00:05:41,880 --> 00:05:43,560 Speaker 1: Those those are all the kind of things that you've 123 00:05:43,560 --> 00:05:46,719 Speaker 1: got to plan ahead for. And there's a new survey 124 00:05:46,760 --> 00:05:51,040 Speaker 1: from ally Bank and it reveals that Americans are worried 125 00:05:51,040 --> 00:05:54,000 Speaker 1: about going over budget this holiday season. That makes sense 126 00:05:54,040 --> 00:05:56,400 Speaker 1: to me, especially with inflation, which we're gonna talk about 127 00:05:56,400 --> 00:05:58,400 Speaker 1: in just a little bit. It's like everything costs more. 128 00:05:58,600 --> 00:06:00,120 Speaker 1: Am I gonna be able to to stick to the 129 00:06:00,120 --> 00:06:03,040 Speaker 1: budget that I have? People don't want to overspend, and 130 00:06:03,080 --> 00:06:06,320 Speaker 1: we're all about that. But the statistic that followed in 131 00:06:06,320 --> 00:06:10,520 Speaker 1: that same survey revealed that two in five people they're 132 00:06:10,560 --> 00:06:13,839 Speaker 1: not doing any planning, they're not using a budget at all. 133 00:06:14,240 --> 00:06:17,279 Speaker 1: And so, yeah, people who are like I'm really worried 134 00:06:17,279 --> 00:06:19,240 Speaker 1: about going over budget the budget that I don't have, 135 00:06:20,200 --> 00:06:23,039 Speaker 1: I found that interesting. And it's gonna be hard not 136 00:06:23,120 --> 00:06:25,280 Speaker 1: to go overboard if you don't have a plan, if 137 00:06:25,279 --> 00:06:27,240 Speaker 1: you don't have any sort of budget when it comes 138 00:06:27,279 --> 00:06:30,120 Speaker 1: to your holiday spending. And so, yeah, no, wonder you're 139 00:06:30,120 --> 00:06:32,800 Speaker 1: worried about it. Um, if you want to prevent what 140 00:06:32,839 --> 00:06:36,159 Speaker 1: we would say a January financial shock that can linger 141 00:06:36,680 --> 00:06:39,400 Speaker 1: into the summer months, well you need to get a 142 00:06:39,440 --> 00:06:42,760 Speaker 1: plan in motion now. You need to be prepared with 143 00:06:43,120 --> 00:06:46,279 Speaker 1: a budget for holiday spending. That's right. And of course 144 00:06:46,279 --> 00:06:48,320 Speaker 1: I was making fun of you because you too not 145 00:06:48,480 --> 00:06:50,800 Speaker 1: to budget in the formal sense like you don't track 146 00:06:50,839 --> 00:06:53,760 Speaker 1: every sense that you spend like I do, but you 147 00:06:53,800 --> 00:06:55,760 Speaker 1: still have a more of a shoot from the hit 148 00:06:56,040 --> 00:06:58,960 Speaker 1: spending plan, and certainly when it comes to something like Christmas. 149 00:06:59,120 --> 00:07:01,200 Speaker 1: But the number one thing that we think folks should 150 00:07:01,200 --> 00:07:03,080 Speaker 1: make sure to do, you know, in order to not 151 00:07:03,160 --> 00:07:05,680 Speaker 1: go overboard, is just to develop a list of people 152 00:07:05,920 --> 00:07:08,279 Speaker 1: that you plan to buy presents for and just you know, 153 00:07:08,360 --> 00:07:10,840 Speaker 1: don't don't overdo it just because maybe you have a 154 00:07:10,840 --> 00:07:14,520 Speaker 1: little more cash sitting around in your accounts, uh this year. Uh, 155 00:07:14,600 --> 00:07:16,400 Speaker 1: you don't need to buy anything, you know, for your 156 00:07:16,560 --> 00:07:19,760 Speaker 1: your third cousin who's twice removed. Hey, we're very close, Matt. 157 00:07:20,160 --> 00:07:21,800 Speaker 1: If that's the case, then make sure to buy them 158 00:07:21,800 --> 00:07:23,920 Speaker 1: a nice gift. But just make sure that you have 159 00:07:24,040 --> 00:07:27,480 Speaker 1: communicated with folks with your family, who you're close to, 160 00:07:27,800 --> 00:07:30,760 Speaker 1: who you don't plan to exchange presence with. Because part 161 00:07:30,800 --> 00:07:32,520 Speaker 1: of the reason we tend to go overboard is out 162 00:07:32,520 --> 00:07:36,360 Speaker 1: of this sense of obligation and and this almost reciprocal 163 00:07:37,080 --> 00:07:40,480 Speaker 1: nonspoken agreement that we seem to have, especially with family members. 164 00:07:40,720 --> 00:07:43,440 Speaker 1: But right down the specific amounts that you aim to 165 00:07:43,480 --> 00:07:46,040 Speaker 1: spend on each person. We've talked about this somewhat recently, 166 00:07:46,080 --> 00:07:49,600 Speaker 1: but even consider giving cash with just a thoughtful, uh 167 00:07:49,680 --> 00:07:52,120 Speaker 1: handwritten letter or a note, that can be a great 168 00:07:52,160 --> 00:07:55,600 Speaker 1: way for you to avoid finding your spending continuing to 169 00:07:55,720 --> 00:07:58,960 Speaker 1: increase throughout the holidays. Maybe even giving a fun experience 170 00:07:59,000 --> 00:08:00,920 Speaker 1: instead of a of a high priced item. But just 171 00:08:00,960 --> 00:08:03,120 Speaker 1: don't overdo it because of the you know, you can't 172 00:08:03,120 --> 00:08:06,480 Speaker 1: blame it on the holiday spirit. You can't say that like, oh, well, 173 00:08:06,520 --> 00:08:08,440 Speaker 1: I just this is something I feel like doing. We 174 00:08:08,480 --> 00:08:10,680 Speaker 1: don't want you to approach you're spending that way. We 175 00:08:10,720 --> 00:08:12,880 Speaker 1: want you to have a plan. Getting in the Christmas 176 00:08:12,880 --> 00:08:15,600 Speaker 1: spirit or the holiday spirit is a great thing. But 177 00:08:15,640 --> 00:08:17,400 Speaker 1: if you know yourself and you know you're the kind 178 00:08:17,400 --> 00:08:20,360 Speaker 1: of person because the jolly nous takes over your soul 179 00:08:20,640 --> 00:08:23,040 Speaker 1: that you just start spending dollars like crazy, Like, yeah, 180 00:08:23,040 --> 00:08:24,600 Speaker 1: you want to have a plan so that you don't 181 00:08:24,600 --> 00:08:26,480 Speaker 1: do that. Yeah. Well, And one of the other things too, 182 00:08:26,520 --> 00:08:29,840 Speaker 1: is just avoid spending on yourself because you see all 183 00:08:29,840 --> 00:08:32,360 Speaker 1: the money that you're spending and you think, holy cal like, 184 00:08:32,400 --> 00:08:34,040 Speaker 1: I am spending so much money on other people. I 185 00:08:34,040 --> 00:08:36,920 Speaker 1: am being so generous. I deserve a little bit of that. 186 00:08:36,960 --> 00:08:39,920 Speaker 1: I'm gonna treat myself Uh. And that's another way to 187 00:08:40,080 --> 00:08:42,480 Speaker 1: add a solid, i don't know, ten percent onto your 188 00:08:42,480 --> 00:08:45,240 Speaker 1: holiday spending budget where you to start buying some items 189 00:08:45,240 --> 00:08:47,440 Speaker 1: for yourself. And so that's something we want you to avoid. 190 00:08:47,520 --> 00:08:49,720 Speaker 1: And by the way, we're gonna go into depth about 191 00:08:49,720 --> 00:08:52,920 Speaker 1: how to have more of a minimalist Christmas. We're gonna 192 00:08:52,920 --> 00:08:56,240 Speaker 1: talk about that on Monday with guest Meg Nordman, so 193 00:08:56,280 --> 00:08:58,240 Speaker 1: you can look forward to that, no doubt. All right, 194 00:08:58,320 --> 00:09:00,839 Speaker 1: let's move on, Matt to talking about Tylor Swift for 195 00:09:00,880 --> 00:09:03,600 Speaker 1: a second. You're a big fan, right, I am not 196 00:09:03,640 --> 00:09:06,000 Speaker 1: a Swift tie, but I do like some of her music, Okay, yeah, 197 00:09:06,040 --> 00:09:08,400 Speaker 1: and and me me too, Like I I like a 198 00:09:08,440 --> 00:09:11,319 Speaker 1: few of her songs, but I only really listened to 199 00:09:11,320 --> 00:09:13,920 Speaker 1: Taylor Swift when my wife is listening to Taylor Swift. 200 00:09:14,120 --> 00:09:18,240 Speaker 1: And you know what, she's talented, just not my jams. Yeah, 201 00:09:18,559 --> 00:09:21,920 Speaker 1: I mean specifically, recently, her music has gotten like, you know, 202 00:09:21,960 --> 00:09:23,960 Speaker 1: a little darker. Yeah, get a little more of an 203 00:09:23,960 --> 00:09:26,160 Speaker 1: indie vibe to some of the stuff she's like. Now, well, yeah, 204 00:09:26,240 --> 00:09:29,080 Speaker 1: and uh, if our listeners remember we we just had 205 00:09:29,120 --> 00:09:33,000 Speaker 1: an episode about ownership recently. It was episode and there's 206 00:09:33,040 --> 00:09:36,200 Speaker 1: this new story this week that to me reflected the 207 00:09:36,280 --> 00:09:39,840 Speaker 1: power of individual ownership and uh, and how it leads 208 00:09:39,880 --> 00:09:42,560 Speaker 1: to building wealth and just like a real substantial like 209 00:09:42,600 --> 00:09:47,000 Speaker 1: pop cultural moments, and and this was really Taylor Swift right, 210 00:09:47,040 --> 00:09:50,000 Speaker 1: Like she she's more than just a good musical artist, 211 00:09:50,000 --> 00:09:53,120 Speaker 1: as it turns out, adored by tens of millions of people, 212 00:09:53,200 --> 00:09:56,960 Speaker 1: she's an incredible businesswoman. And she actually just rereleased an 213 00:09:56,960 --> 00:09:59,679 Speaker 1: album that originally came out in two thousand and twelve. 214 00:10:00,120 --> 00:10:02,360 Speaker 1: Why did she do that well, because the rights to 215 00:10:02,440 --> 00:10:05,400 Speaker 1: her original songs were sold out from under her and 216 00:10:05,400 --> 00:10:07,320 Speaker 1: they now belonged to like some hedge fund or something 217 00:10:07,320 --> 00:10:09,080 Speaker 1: like that, sold to the hedgephone buy some guy named 218 00:10:09,080 --> 00:10:11,160 Speaker 1: like Scooter or something like that. Right, apparently Taylor and 219 00:10:11,160 --> 00:10:15,200 Speaker 1: Scooter are not on good terms at odds they're not celebrating. Uh, 220 00:10:15,480 --> 00:10:17,600 Speaker 1: not going to be the same holiday parties, is my guest. 221 00:10:17,840 --> 00:10:21,240 Speaker 1: But she rerecorded those songs and re release them, and 222 00:10:21,280 --> 00:10:23,600 Speaker 1: that meant that she owns the music that her fans 223 00:10:23,600 --> 00:10:25,920 Speaker 1: are now listening to. No swifties are going back and 224 00:10:25,960 --> 00:10:30,880 Speaker 1: listening to that album. They're listening to the Swift version, 225 00:10:31,400 --> 00:10:34,000 Speaker 1: the one that that Taylor is now profiting from because 226 00:10:34,000 --> 00:10:36,480 Speaker 1: she owns it directly, and it's also at the same 227 00:10:36,480 --> 00:10:39,920 Speaker 1: time it's devaluing those original recordings in a significant way. 228 00:10:39,960 --> 00:10:43,680 Speaker 1: I'm not sure which one she's happier about, probably considering 229 00:10:43,720 --> 00:10:47,040 Speaker 1: where she is with their finances, I'm sure the ladder 230 00:10:47,120 --> 00:10:50,200 Speaker 1: it's probably a little more enjoyable at the moment. Uh. 231 00:10:50,200 --> 00:10:52,280 Speaker 1: And you know, she already did this with. The first 232 00:10:52,280 --> 00:10:54,560 Speaker 1: album that she did this with was Fearless, and that 233 00:10:54,600 --> 00:10:58,200 Speaker 1: album sold almost one million copies since April, and those 234 00:10:58,240 --> 00:11:01,800 Speaker 1: newly recorded songs have been streamed six hundred million times, 235 00:11:02,080 --> 00:11:04,200 Speaker 1: and so this is just an awesome I don't know. 236 00:11:04,240 --> 00:11:07,040 Speaker 1: And even though she's a total celebrity, this is still 237 00:11:07,600 --> 00:11:09,920 Speaker 1: a very fun success story when it comes to an 238 00:11:09,920 --> 00:11:13,560 Speaker 1: individual and their business acumen because Taylor, Yeah, she's got 239 00:11:13,600 --> 00:11:16,440 Speaker 1: that ownership over everything that she's creating. That's incredibly powerful. 240 00:11:16,679 --> 00:11:18,760 Speaker 1: And again, it just goes to show how important it 241 00:11:18,800 --> 00:11:21,920 Speaker 1: is to be an owner not just a consumer. Yeah, 242 00:11:21,960 --> 00:11:24,920 Speaker 1: we see that clearly in Taylor Swift's example. It's just 243 00:11:24,960 --> 00:11:26,480 Speaker 1: it's fun to see someone not just be a great 244 00:11:26,559 --> 00:11:30,520 Speaker 1: entertainer but also great business person as well. Then, so, um, yeah, 245 00:11:30,600 --> 00:11:33,559 Speaker 1: just kudos to t Swift on that front. And and yeah, 246 00:11:33,600 --> 00:11:35,880 Speaker 1: Matt le's let's let's keep moving. Let's talk about inflation 247 00:11:35,960 --> 00:11:39,720 Speaker 1: for a second. The costs of essentials in our lives 248 00:11:39,800 --> 00:11:42,839 Speaker 1: have been going through the roof, well, cost of everything, yeah, 249 00:11:43,080 --> 00:11:45,240 Speaker 1: has definitely been going up, but yeah and quickly, right, 250 00:11:45,320 --> 00:11:48,440 Speaker 1: And gas prices in particular, or something that's on everyone's mind. 251 00:11:48,520 --> 00:11:52,560 Speaker 1: The state of California actually is setting gas price records 252 00:11:52,760 --> 00:11:55,160 Speaker 1: this week. Those are the kind of records you prefer 253 00:11:55,240 --> 00:11:59,400 Speaker 1: to remain unbroken, especially records that they're not celebrating in 254 00:11:59,400 --> 00:12:01,959 Speaker 1: a positive way. And don't drive an electric vehicle in California. 255 00:12:01,960 --> 00:12:03,480 Speaker 1: If you have a gas powered vehicle there, you're probably 256 00:12:03,559 --> 00:12:06,559 Speaker 1: like not happy. And the national average of a gallon 257 00:12:06,600 --> 00:12:09,320 Speaker 1: of gas is almost three dollars and fifty cents uh. 258 00:12:09,360 --> 00:12:12,000 Speaker 1: And when you run the numbers, Matt that this costs 259 00:12:12,000 --> 00:12:15,960 Speaker 1: the average person sixty nine dollars more every single month 260 00:12:16,200 --> 00:12:18,760 Speaker 1: compared to where gas prices were last year. And that 261 00:12:18,880 --> 00:12:22,319 Speaker 1: that's real money for for lots of folks like that, 262 00:12:22,320 --> 00:12:24,839 Speaker 1: that's a whole lot more money that's going straight into 263 00:12:24,920 --> 00:12:26,679 Speaker 1: the gas tank just to get where you need to go. 264 00:12:27,000 --> 00:12:28,640 Speaker 1: And of course, you know, we talked a little bit 265 00:12:28,640 --> 00:12:31,640 Speaker 1: about e bikes last week. It only makes more and 266 00:12:31,679 --> 00:12:34,480 Speaker 1: more sense to go in that direction when we see 267 00:12:34,480 --> 00:12:38,120 Speaker 1: those numbers. But also grocery store prices are rising sharply, 268 00:12:38,160 --> 00:12:40,400 Speaker 1: and in fact, you know, prices for meat, poultry, and 269 00:12:40,440 --> 00:12:43,760 Speaker 1: eggs were up more than ten percent in September. And 270 00:12:43,760 --> 00:12:47,080 Speaker 1: so we're seeing shoppers having to make decisions at the 271 00:12:47,080 --> 00:12:50,040 Speaker 1: grocery store so that their grocery budget remains intact. They're 272 00:12:50,120 --> 00:12:53,280 Speaker 1: trading down for lower priced items because of how quickly 273 00:12:53,320 --> 00:12:56,320 Speaker 1: these prices are escalating, and and many are buying more 274 00:12:56,400 --> 00:12:58,880 Speaker 1: store brand items instead of the name brand counterparts. That's 275 00:12:58,920 --> 00:13:00,920 Speaker 1: something that you and I are are all about, you know, 276 00:13:00,920 --> 00:13:03,400 Speaker 1: We're all about that. We're less about switching to store 277 00:13:03,400 --> 00:13:07,040 Speaker 1: brand beer. You've tried the Aldi beer before, yeah, and 278 00:13:07,400 --> 00:13:10,120 Speaker 1: in the Kirkland signature beer too, But I'm not down 279 00:13:10,160 --> 00:13:12,080 Speaker 1: with either. I am willing to drink some of the 280 00:13:12,120 --> 00:13:14,240 Speaker 1: I think it's called hopping nomad or whatever is the 281 00:13:14,280 --> 00:13:16,600 Speaker 1: Aldi beer in the summertime, like after cutting the grass. 282 00:13:16,600 --> 00:13:19,560 Speaker 1: I'm okay with an occasional six pack of that. But uh, 283 00:13:19,800 --> 00:13:22,800 Speaker 1: you know, inflation, like basically we've just seen inflation stick around, 284 00:13:22,960 --> 00:13:24,439 Speaker 1: right it Like we thought it was just going to 285 00:13:24,520 --> 00:13:27,120 Speaker 1: be around for a few months, but it has been 286 00:13:27,240 --> 00:13:30,640 Speaker 1: much more sticky, and store brands and substitutions are two 287 00:13:30,679 --> 00:13:33,520 Speaker 1: great ways to curd costs as those rising prices continue 288 00:13:33,679 --> 00:13:37,120 Speaker 1: their climb. But what else can you do? You know, Joel, 289 00:13:37,160 --> 00:13:40,679 Speaker 1: you're talking about the high costs of gasoline. Well, on 290 00:13:40,840 --> 00:13:43,000 Speaker 1: the gas front, not all of us can drive less. 291 00:13:43,040 --> 00:13:44,959 Speaker 1: There are just sometimes places that we have to be. 292 00:13:45,080 --> 00:13:47,200 Speaker 1: We may not have the option to work from home, 293 00:13:47,440 --> 00:13:51,640 Speaker 1: and so that morning and afternoon commute is still going on. Um. 294 00:13:51,679 --> 00:13:54,680 Speaker 1: But there are a lot of us who can change 295 00:13:54,679 --> 00:13:57,400 Speaker 1: our driving patterns and habits because a big chunk of 296 00:13:57,400 --> 00:14:00,160 Speaker 1: the miles that we drive our discretionary myself to get 297 00:14:00,160 --> 00:14:02,120 Speaker 1: to work. But can you combine more trips and go 298 00:14:02,160 --> 00:14:05,079 Speaker 1: to the grocery store once every two weeks twice a 299 00:14:05,120 --> 00:14:07,160 Speaker 1: week if you happen to work near a costco, that 300 00:14:07,160 --> 00:14:09,439 Speaker 1: needs to be something that you're doing. And the other 301 00:14:09,480 --> 00:14:11,760 Speaker 1: thing too. A lot of those miles are within just 302 00:14:12,000 --> 00:14:14,960 Speaker 1: a smaller radius of our home, So we really could 303 00:14:15,000 --> 00:14:17,280 Speaker 1: hop on a bike a bit more for those shorter 304 00:14:17,320 --> 00:14:19,920 Speaker 1: trips in order to curb our gas usage. And if 305 00:14:19,960 --> 00:14:21,560 Speaker 1: you are going to get in the car, look at 306 00:14:22,440 --> 00:14:25,120 Speaker 1: this is gonna sound silly, but just accelerate a little 307 00:14:25,160 --> 00:14:28,160 Speaker 1: more slowly, like like coast. You notice this when you're 308 00:14:28,240 --> 00:14:30,480 Speaker 1: riding on your bike. But there's this one stretch where 309 00:14:30,520 --> 00:14:33,920 Speaker 1: I always take a right onto a more main road. Uh. 310 00:14:33,920 --> 00:14:36,840 Speaker 1: And whoever is behind me, well, after they make their right, 311 00:14:36,880 --> 00:14:38,960 Speaker 1: they'll come zoom and past me. But there's always a 312 00:14:39,000 --> 00:14:42,320 Speaker 1: stoplight like one block up, and they're just like flooring it. 313 00:14:42,440 --> 00:14:44,880 Speaker 1: Just wasted gas fifty feet or something like that. And 314 00:14:45,200 --> 00:14:47,520 Speaker 1: I always just gonna slam it on the brakes again. Yeah, yes, 315 00:14:47,600 --> 00:14:48,960 Speaker 1: And I always pull up right next to them. And 316 00:14:49,000 --> 00:14:50,800 Speaker 1: sometimes I love it when I'm like even a car 317 00:14:50,920 --> 00:14:52,280 Speaker 1: too in front of them, and that you know, they 318 00:14:52,360 --> 00:14:55,040 Speaker 1: floored it. They wasted all that energy. Uh, they've lost 319 00:14:55,080 --> 00:14:57,920 Speaker 1: their whatever their patients, they've they've lost their cool. But 320 00:14:58,080 --> 00:14:59,920 Speaker 1: just take it easy. Uh. And the other thing too, 321 00:15:00,240 --> 00:15:03,160 Speaker 1: we're talking about insurance earlier on, while you're already driving 322 00:15:03,200 --> 00:15:06,160 Speaker 1: like a grandma. See if your insurance provider, if they 323 00:15:06,200 --> 00:15:09,200 Speaker 1: offer one of those monitors or the driving trackers, because 324 00:15:09,440 --> 00:15:11,720 Speaker 1: you know what, if you can combine gas savings with 325 00:15:11,880 --> 00:15:15,040 Speaker 1: some insurance savings as well, that is two birds with 326 00:15:15,040 --> 00:15:16,920 Speaker 1: one stone right there. Uh. And then yeah, on the 327 00:15:16,920 --> 00:15:19,240 Speaker 1: food front, where your shop is going to make the 328 00:15:19,240 --> 00:15:23,800 Speaker 1: biggest difference. We've already mentioned Aldi and Costco randomly, but 329 00:15:24,240 --> 00:15:27,320 Speaker 1: those stores can make a massive difference in your food budget. 330 00:15:27,480 --> 00:15:30,000 Speaker 1: Legal is also another affordable option. But we want you 331 00:15:30,080 --> 00:15:32,320 Speaker 1: just to constantly be challenging what it is that you've 332 00:15:32,360 --> 00:15:34,840 Speaker 1: all always done in order to see if you can 333 00:15:34,840 --> 00:15:36,400 Speaker 1: save a little bit here and there, because you might 334 00:15:36,480 --> 00:15:39,280 Speaker 1: find that these are patterns that stick. Uh, and even 335 00:15:39,360 --> 00:15:43,480 Speaker 1: when groceries are dropping in price, if you maintain those habits, well, 336 00:15:43,520 --> 00:15:45,480 Speaker 1: then you're saving money every single month. You're not just 337 00:15:45,520 --> 00:15:48,560 Speaker 1: breaking even. And so just even simple things like buying 338 00:15:48,560 --> 00:15:50,760 Speaker 1: sale items, throwing them in the freezer, doing things that 339 00:15:50,800 --> 00:15:53,680 Speaker 1: you haven't done before in order to curb your spending, 340 00:15:54,040 --> 00:15:56,200 Speaker 1: and just stop eating steak right now probably. I mean, 341 00:15:56,480 --> 00:15:59,240 Speaker 1: you know, it's a rare delicacy for for us saying 342 00:15:59,280 --> 00:16:01,840 Speaker 1: it's like once a year, I feel like, seriously, but 343 00:16:02,240 --> 00:16:04,520 Speaker 1: when we do have it, it's it's a delight. But 344 00:16:04,560 --> 00:16:06,480 Speaker 1: if you're having it on a weekly basis, you fancy 345 00:16:06,760 --> 00:16:10,600 Speaker 1: and probably should trade down to chicken or meatless mondays 346 00:16:10,680 --> 00:16:12,360 Speaker 1: or you know, whatever you want to do. But we've 347 00:16:12,400 --> 00:16:14,920 Speaker 1: got more stories to get to on today's Friday flight, 348 00:16:15,120 --> 00:16:18,320 Speaker 1: including that robot story and a really interesting one about 349 00:16:18,400 --> 00:16:21,440 Speaker 1: rent control. We'll get to those and more right after 350 00:16:21,440 --> 00:16:32,440 Speaker 1: this break. Alright, we're back in. Before we get to 351 00:16:32,560 --> 00:16:36,720 Speaker 1: that more heavy academic topic of rent control, put our 352 00:16:36,760 --> 00:16:39,080 Speaker 1: putting our economist hats on. We yeah, we actually are 353 00:16:39,120 --> 00:16:40,600 Speaker 1: going to do that. But before we get to that one, 354 00:16:40,680 --> 00:16:42,800 Speaker 1: let's get now to our ludicrous headline of the week. 355 00:16:43,160 --> 00:16:45,840 Speaker 1: And this one is from Fast Company and it reads 356 00:16:46,200 --> 00:16:49,320 Speaker 1: science proves it most n f T s are worthless. 357 00:16:49,400 --> 00:16:51,480 Speaker 1: You know what? Trust science on this one. Well, here's 358 00:16:51,520 --> 00:16:53,040 Speaker 1: the thing. It's less about the science, and it's just 359 00:16:53,120 --> 00:16:56,720 Speaker 1: kind of like the simple numbers. It's like empirical evidence. 360 00:16:56,720 --> 00:16:59,160 Speaker 1: It's just data. It's like, I love that they wrote science, 361 00:16:59,160 --> 00:17:01,160 Speaker 1: And where does science actually come into play here? It's not. 362 00:17:01,280 --> 00:17:03,600 Speaker 1: It's like, really like we've just looked at the actual 363 00:17:03,640 --> 00:17:07,720 Speaker 1: sales prices of n but science sounds a little more fun. 364 00:17:07,760 --> 00:17:10,960 Speaker 1: I guess like we've just discovered a new statistics. Yeah. 365 00:17:11,000 --> 00:17:13,560 Speaker 1: But this article focused on the research from the University 366 00:17:13,560 --> 00:17:16,760 Speaker 1: of London, which poured over the sales data from thousands 367 00:17:16,800 --> 00:17:18,760 Speaker 1: of n f T s and oftentimes, you know the 368 00:17:18,880 --> 00:17:21,199 Speaker 1: n f T sales that make the headlines or for 369 00:17:21,280 --> 00:17:22,840 Speaker 1: the different n f t s that might go for 370 00:17:23,040 --> 00:17:25,840 Speaker 1: tens of thousands or even tens of millions of dollars. 371 00:17:25,840 --> 00:17:27,720 Speaker 1: In the case with that people n f T that 372 00:17:27,880 --> 00:17:31,560 Speaker 1: that's sold for like seventy million dollars. But here is 373 00:17:32,240 --> 00:17:35,359 Speaker 1: an interesting little tidbit. Three quarters of n f t 374 00:17:35,520 --> 00:17:39,760 Speaker 1: s actually sell for fifteen dollars or less, and actually 375 00:17:39,800 --> 00:17:43,760 Speaker 1: only one percent sell for more than And so the 376 00:17:44,320 --> 00:17:46,320 Speaker 1: crypto punk n f t s that were you know, 377 00:17:46,400 --> 00:17:50,480 Speaker 1: all the rage for a minute, Yeah, those are extreme outliers. 378 00:17:50,520 --> 00:17:52,520 Speaker 1: But this doesn't mean that n f t s aren't 379 00:17:52,560 --> 00:17:54,399 Speaker 1: here to stay. But at the same time, we're not 380 00:17:54,480 --> 00:17:57,119 Speaker 1: saying that, you know, the space is only about making 381 00:17:57,119 --> 00:17:59,879 Speaker 1: money or getting super rich, because you know, even if 382 00:18:00,040 --> 00:18:02,560 Speaker 1: is a digital piece of art, it's okay to buy it, 383 00:18:02,720 --> 00:18:04,680 Speaker 1: but only by it if you like it. If it's 384 00:18:04,720 --> 00:18:09,040 Speaker 1: something that you can somehow remove the knowledge that you 385 00:18:09,080 --> 00:18:10,639 Speaker 1: have of n f t s and what they have 386 00:18:10,760 --> 00:18:12,679 Speaker 1: sold for, and can if you can just evaluate it 387 00:18:12,720 --> 00:18:15,439 Speaker 1: from just a sense of appreciation. I don't know if 388 00:18:15,440 --> 00:18:18,399 Speaker 1: that's something that anybody could actually do by actually removing 389 00:18:18,400 --> 00:18:20,040 Speaker 1: the dollars and cents from it, But if that's something 390 00:18:20,080 --> 00:18:21,840 Speaker 1: you can do, and it's something that you're drawn to, 391 00:18:21,920 --> 00:18:23,720 Speaker 1: this n f T, then if that's the case, go 392 00:18:23,760 --> 00:18:26,000 Speaker 1: ahead and buy it. But it's just important to know 393 00:18:26,560 --> 00:18:28,280 Speaker 1: that the latest, you know, the new n f T 394 00:18:28,400 --> 00:18:31,080 Speaker 1: that you scoop up, is very unlikely to actually make 395 00:18:31,119 --> 00:18:33,560 Speaker 1: you any money. Uh, it's I don't know. I see 396 00:18:33,560 --> 00:18:35,720 Speaker 1: this almost as like a wake up call for for 397 00:18:35,760 --> 00:18:37,880 Speaker 1: those who are making n f T s to realize 398 00:18:37,880 --> 00:18:39,520 Speaker 1: that they're probably not going to get rich that way. 399 00:18:39,520 --> 00:18:41,680 Speaker 1: But then also for those who are looking at investing 400 00:18:41,760 --> 00:18:43,919 Speaker 1: in the n f T s that that's also probably 401 00:18:43,960 --> 00:18:45,520 Speaker 1: not going to pan out well for them either. Yeah. 402 00:18:45,560 --> 00:18:48,040 Speaker 1: I think it's really good to see the actual statistics, 403 00:18:48,240 --> 00:18:50,359 Speaker 1: and it's kind of like a bucket of cold water 404 00:18:50,400 --> 00:18:52,760 Speaker 1: being tossed on your head, you know, they kind of 405 00:18:52,760 --> 00:18:56,359 Speaker 1: helps you wake you up, because, Yeah, the only real 406 00:18:56,480 --> 00:18:59,760 Speaker 1: facts and figures we typically see are just the rarest 407 00:18:59,800 --> 00:19:01,639 Speaker 1: of a rare n f T s that are selling 408 00:19:01,680 --> 00:19:06,200 Speaker 1: for like bookoo's of dollars, and people just assume, all right, 409 00:19:06,200 --> 00:19:08,000 Speaker 1: that's base. That's where I say, I'm gonna go make 410 00:19:08,000 --> 00:19:10,480 Speaker 1: my money. But it turns out most people are making 411 00:19:10,840 --> 00:19:13,320 Speaker 1: next to nothing really on the creator and on the 412 00:19:13,359 --> 00:19:16,159 Speaker 1: investor side. And like you said, Matt, I think you're right. Like, 413 00:19:16,359 --> 00:19:18,080 Speaker 1: it doesn't mean you can't buy one if you want to. 414 00:19:18,359 --> 00:19:19,960 Speaker 1: I just don't think you're gonna get rich. Just do 415 00:19:20,000 --> 00:19:22,520 Speaker 1: it for funzies. And something that was really interesting in 416 00:19:22,560 --> 00:19:24,440 Speaker 1: this piece as well. In this article is the guy 417 00:19:24,640 --> 00:19:27,159 Speaker 1: the researcher pointed out that the majority of an n 418 00:19:27,200 --> 00:19:30,440 Speaker 1: f T s actually don't sell at all, and so 419 00:19:31,040 --> 00:19:33,920 Speaker 1: those are all data points that aren't taken into their calculations, 420 00:19:33,960 --> 00:19:36,040 Speaker 1: and so the figures are actually way way, way worse 421 00:19:36,720 --> 00:19:40,160 Speaker 1: because they're not even counting the ones that don't actually sell. Yeah. Yeah, 422 00:19:40,160 --> 00:19:41,919 Speaker 1: there's probably a lot of people that post our our 423 00:19:41,960 --> 00:19:44,320 Speaker 1: work online and people are like, yeah, no, I don't 424 00:19:44,320 --> 00:19:46,120 Speaker 1: want I don't think so it's not even worth fifty cents. 425 00:19:46,240 --> 00:19:50,080 Speaker 1: That's weird, dude, Which is a lot of that stuff. Yeah. Well, 426 00:19:50,080 --> 00:19:53,480 Speaker 1: and while we're talking about mostly worthless purchases, let's talk 427 00:19:53,480 --> 00:19:57,919 Speaker 1: about maybe you're worthless smartphone. And I mean, you like 428 00:19:58,000 --> 00:20:00,840 Speaker 1: it and that's fine, but the question is is your 429 00:20:00,880 --> 00:20:04,359 Speaker 1: phone about to become worthless? And there was an article 430 00:20:04,359 --> 00:20:07,000 Speaker 1: in The l A Times written by David Lazarus about 431 00:20:07,000 --> 00:20:09,359 Speaker 1: this this week, and he said, as five g is 432 00:20:09,359 --> 00:20:11,919 Speaker 1: spring up around the country. A lot of older phones 433 00:20:11,960 --> 00:20:15,160 Speaker 1: are set to become bricks as three G networks get 434 00:20:15,200 --> 00:20:18,200 Speaker 1: shut down all over the place. And so if it's 435 00:20:18,200 --> 00:20:21,720 Speaker 1: been like a really really long time since you upgraded 436 00:20:21,760 --> 00:20:24,240 Speaker 1: your phone and you're still running on like three G, 437 00:20:24,400 --> 00:20:26,600 Speaker 1: your phone doesn't do four G. If you've done that 438 00:20:27,000 --> 00:20:31,080 Speaker 1: then managed to keep your phone working better than yeah, seriously, 439 00:20:31,080 --> 00:20:33,520 Speaker 1: you're impressive. But it might be just a matter of 440 00:20:33,560 --> 00:20:36,600 Speaker 1: months until you can't look stuff up on the go anymore, 441 00:20:36,600 --> 00:20:38,760 Speaker 1: Like you won't be able to use data or make 442 00:20:38,760 --> 00:20:40,480 Speaker 1: a call, like you can't even make a nine one 443 00:20:40,480 --> 00:20:43,359 Speaker 1: one call once the network actually comes down. That phone 444 00:20:43,480 --> 00:20:46,000 Speaker 1: is literally yeah, well I guess technically you could use 445 00:20:46,040 --> 00:20:50,040 Speaker 1: it at home. Is like a Internet searching device. Maybe 446 00:20:50,040 --> 00:20:53,120 Speaker 1: it's something you can give to your kids. Yeah, it's 447 00:20:53,119 --> 00:20:56,200 Speaker 1: not completely worthless, but it's mostly worthless. But this is 448 00:20:56,200 --> 00:20:59,080 Speaker 1: probably a small segment of the population, probably not many 449 00:20:59,119 --> 00:21:01,600 Speaker 1: how to money listeners, And I just wanted to note 450 00:21:01,640 --> 00:21:04,200 Speaker 1: though I could see people seeing headlines, because there's probably 451 00:21:04,200 --> 00:21:06,520 Speaker 1: gonna be more headlines about this as the five G 452 00:21:06,640 --> 00:21:09,240 Speaker 1: network comes online and people are gonna assume that they're 453 00:21:09,280 --> 00:21:12,080 Speaker 1: four G phones are also going to be bricked or 454 00:21:12,119 --> 00:21:14,680 Speaker 1: become worthless. But that is not the case. Your four 455 00:21:14,720 --> 00:21:16,760 Speaker 1: gy phone is going to continue to work perfectly fine 456 00:21:16,840 --> 00:21:19,159 Speaker 1: for the time being, You're just yeah, but probably for 457 00:21:19,280 --> 00:21:21,120 Speaker 1: years to come. But the thing is it won't be 458 00:21:21,359 --> 00:21:24,240 Speaker 1: as speedy as the new phones that are coming out. 459 00:21:24,440 --> 00:21:26,720 Speaker 1: We would still say, don't feel the need to upgrade. 460 00:21:26,920 --> 00:21:29,240 Speaker 1: Five G. I'm sure will be nice, it will be faster, 461 00:21:29,640 --> 00:21:32,000 Speaker 1: but keep what you've got as long as you can. 462 00:21:32,400 --> 00:21:35,159 Speaker 1: At the phone I bought last year, it doesn't have 463 00:21:35,240 --> 00:21:38,119 Speaker 1: five G capability and something along just fine, though, isn't it. 464 00:21:38,119 --> 00:21:40,000 Speaker 1: I'm not jealous. I'm gonna I'm gonna stick with the 465 00:21:40,000 --> 00:21:42,280 Speaker 1: four G as long as I can. I don't care, 466 00:21:42,320 --> 00:21:44,160 Speaker 1: and I think most of us should take that mentality. 467 00:21:44,200 --> 00:21:46,359 Speaker 1: Just kind of keep using our phone. If it works fine, 468 00:21:46,480 --> 00:21:49,240 Speaker 1: that's right. Yeah, don't be like me who splurged and 469 00:21:49,280 --> 00:21:51,199 Speaker 1: went big time. So we talked about this a few 470 00:21:51,240 --> 00:21:53,159 Speaker 1: months ago, how I was planning to wait until the 471 00:21:53,160 --> 00:21:55,240 Speaker 1: new thirteens came out so that the price of the 472 00:21:55,280 --> 00:21:58,119 Speaker 1: twelves would drop and the nut could pounce on a 473 00:21:58,119 --> 00:22:00,439 Speaker 1: great deal. Right. I don't know if he ever did update, 474 00:22:00,480 --> 00:22:04,639 Speaker 1: but fact is, the twelve pros never came down in price. 475 00:22:04,920 --> 00:22:07,080 Speaker 1: Apple cut them completely from their website, and so I 476 00:22:07,119 --> 00:22:08,920 Speaker 1: was stuck in this position of Okay, am I gonna 477 00:22:08,960 --> 00:22:10,919 Speaker 1: spend a thousand dollars on a twelve pro? Or am 478 00:22:10,960 --> 00:22:12,480 Speaker 1: I gonna go ahead and get the new one? I know, 479 00:22:12,760 --> 00:22:15,000 Speaker 1: splurging getting the new one. I kind of talked myself 480 00:22:15,040 --> 00:22:16,960 Speaker 1: into doing it after having you know, I sold like 481 00:22:17,000 --> 00:22:19,560 Speaker 1: over ten thousand dollars worth of photography equipment. So that 482 00:22:19,640 --> 00:22:22,639 Speaker 1: was my justification saying that, like, Okay, well there's a 483 00:22:22,720 --> 00:22:26,040 Speaker 1: net win here of nine thousand dollars. And so in reality, 484 00:22:26,080 --> 00:22:27,960 Speaker 1: maybe I'm you know, I'm kind of coming out ahead. 485 00:22:28,160 --> 00:22:30,679 Speaker 1: But in my case, I definitely splurged. But if you 486 00:22:30,720 --> 00:22:32,680 Speaker 1: are not in a position where your phone is hanging 487 00:22:32,680 --> 00:22:35,160 Speaker 1: on by a thread, like Joel said, we would recommend 488 00:22:35,160 --> 00:22:38,040 Speaker 1: that you do your best to continue to make do uh. 489 00:22:38,080 --> 00:22:40,160 Speaker 1: And the other thing too, is this not the most 490 00:22:40,200 --> 00:22:44,360 Speaker 1: egregious example of planned obsolescence. It's like the cell carriers 491 00:22:44,480 --> 00:22:46,800 Speaker 1: and then like the phone manufacturers are in like serious 492 00:22:46,800 --> 00:22:49,919 Speaker 1: cahoots because they're like, hey, what kind of deals can 493 00:22:49,920 --> 00:22:52,880 Speaker 1: we work out if you just uh start not offering 494 00:22:52,880 --> 00:22:56,119 Speaker 1: three G anymore so that all of your subscribers have 495 00:22:56,240 --> 00:22:59,000 Speaker 1: to purchase a new phone that we happen to make. 496 00:22:59,240 --> 00:23:01,120 Speaker 1: It's unfortunately be because this is one of those areas 497 00:23:01,119 --> 00:23:02,760 Speaker 1: where I think a lot of folks would be happy 498 00:23:02,800 --> 00:23:06,760 Speaker 1: to continue using their old, krusty phones, but in this case, 499 00:23:06,920 --> 00:23:09,359 Speaker 1: they don't have that option anymore. Yeah, Matt, And to 500 00:23:09,400 --> 00:23:11,000 Speaker 1: be honest, I feel like, you know, I don't have 501 00:23:11,000 --> 00:23:13,600 Speaker 1: any problem with you spending money on the newest iPhone 502 00:23:13,800 --> 00:23:18,040 Speaker 1: because you waited like five years with your like I 503 00:23:18,160 --> 00:23:20,520 Speaker 1: earned it, I think so. I think so, I think 504 00:23:20,560 --> 00:23:23,080 Speaker 1: like trying to get you more time out of your phone. 505 00:23:23,200 --> 00:23:26,959 Speaker 1: Just what we want to fight is that reactionary upgrade 506 00:23:26,960 --> 00:23:28,840 Speaker 1: cycle where it's like every year I get a new phone, 507 00:23:28,920 --> 00:23:31,440 Speaker 1: or every eighteen months I get a new phone. Um, 508 00:23:31,480 --> 00:23:35,119 Speaker 1: and we just think that's unnecessary, especially when we're talking 509 00:23:35,119 --> 00:23:38,440 Speaker 1: about the phone upgrades being pretty minimal these days. Each year. 510 00:23:38,560 --> 00:23:42,080 Speaker 1: And I will say that I've gotten tremendous satisfaction out 511 00:23:42,119 --> 00:23:44,119 Speaker 1: of the new features on this new phone compared to 512 00:23:44,160 --> 00:23:47,120 Speaker 1: the original se which is what I had. Good. I'm 513 00:23:47,160 --> 00:23:49,439 Speaker 1: glad to hear that. And I figured I figured you 514 00:23:49,440 --> 00:23:53,600 Speaker 1: would because it's a photographer, you know, having the multiple 515 00:23:53,720 --> 00:23:56,360 Speaker 1: camera approach, free lenses, Dude, it's awesome. I know you're 516 00:23:56,359 --> 00:24:01,000 Speaker 1: gonna love it. Well, let's talk about robots for a second. Businesses, 517 00:24:01,200 --> 00:24:03,920 Speaker 1: obviously you're having a hard time finding the workers they need. 518 00:24:03,960 --> 00:24:06,480 Speaker 1: We've talked about that, and in fact, there are more 519 00:24:06,640 --> 00:24:09,280 Speaker 1: jobs than people looking for those jobs right now. For 520 00:24:09,320 --> 00:24:13,760 Speaker 1: every one job opening, there's only point seven people looking 521 00:24:13,840 --> 00:24:16,440 Speaker 1: for a job, and so yeah, that just leads to 522 00:24:16,920 --> 00:24:20,160 Speaker 1: uh A wage hikes of course, alongside just more leverage 523 00:24:20,440 --> 00:24:23,679 Speaker 1: for the everyday worker, and then with compensation going up, 524 00:24:23,680 --> 00:24:28,159 Speaker 1: though some companies are deciding to turn to robots for 525 00:24:28,200 --> 00:24:32,359 Speaker 1: certain specific tasks. Uh demand for robots is apparently also 526 00:24:32,480 --> 00:24:34,480 Speaker 1: at an all time high, and Matt I would say, 527 00:24:34,480 --> 00:24:36,119 Speaker 1: it's gonna be interesting to see what sort of an 528 00:24:36,119 --> 00:24:39,320 Speaker 1: impact this has on our economy and on the workforce, 529 00:24:39,520 --> 00:24:42,520 Speaker 1: because it makes sense the faster wages rise, the more 530 00:24:42,760 --> 00:24:46,080 Speaker 1: employers start to figure out how they can thin the herd, 531 00:24:46,119 --> 00:24:50,160 Speaker 1: and robots are able to perform more tasks these days. 532 00:24:50,440 --> 00:24:52,639 Speaker 1: So what did you think when you saw that statistic? Well, 533 00:24:52,680 --> 00:24:54,199 Speaker 1: I mean and just the fact too that I mean, 534 00:24:54,240 --> 00:24:57,000 Speaker 1: employers don't have the ability to continue to do business 535 00:24:57,040 --> 00:24:58,800 Speaker 1: because they just don't have the people around to do 536 00:24:58,880 --> 00:25:01,000 Speaker 1: the jobs. And so sometimes I mean in this case, 537 00:25:01,040 --> 00:25:03,480 Speaker 1: like it's it's a little bit less about the fact 538 00:25:03,560 --> 00:25:06,520 Speaker 1: that the robots are here to take over take over 539 00:25:06,560 --> 00:25:08,280 Speaker 1: our jobs, and it's more, we've got to find a 540 00:25:08,280 --> 00:25:10,720 Speaker 1: way to continue doing business here, and in this way, 541 00:25:10,800 --> 00:25:13,720 Speaker 1: robots are are the answer. But even for those who 542 00:25:13,720 --> 00:25:16,320 Speaker 1: are a little worried about robots showing up taking over 543 00:25:16,359 --> 00:25:18,399 Speaker 1: our jobs, you know, this is uh, I feel like 544 00:25:18,440 --> 00:25:21,800 Speaker 1: a topic. This is a fear that's been circulating for 545 00:25:21,880 --> 00:25:24,560 Speaker 1: decades and they actually they never really seemed to come true. 546 00:25:24,840 --> 00:25:27,479 Speaker 1: And so, for instance, it was thought that the brilliant 547 00:25:27,520 --> 00:25:31,400 Speaker 1: new technology of the automated teller machine a t M, 548 00:25:31,400 --> 00:25:33,600 Speaker 1: that that would mean that most banks would no longer 549 00:25:33,800 --> 00:25:36,800 Speaker 1: need human tellers, right, people who you know, sit there 550 00:25:36,800 --> 00:25:39,320 Speaker 1: and work at the desk. But that didn't happen, uh, 551 00:25:39,440 --> 00:25:41,320 Speaker 1: not even close. In fact, as more a t M 552 00:25:41,400 --> 00:25:43,840 Speaker 1: s came on the scene, we also saw a rise 553 00:25:43,880 --> 00:25:46,880 Speaker 1: in the number of human tellers working at banks as well. 554 00:25:47,240 --> 00:25:50,439 Speaker 1: Not not quite the apocalyptic scenario that someone yeah, exactly. 555 00:25:50,480 --> 00:25:53,400 Speaker 1: And another instance, I'm thinking of the three D printed house. Uh, 556 00:25:53,480 --> 00:25:56,280 Speaker 1: these are starting to become a reality as well, and 557 00:25:56,359 --> 00:25:57,760 Speaker 1: so a big question might be, you know, are they 558 00:25:57,760 --> 00:26:01,359 Speaker 1: going to take away jobs? From skill laborers and contractors. 559 00:26:01,359 --> 00:26:04,679 Speaker 1: Because these houses are being made by like tubes of concrete. 560 00:26:05,720 --> 00:26:08,399 Speaker 1: It's like giant toothpaste machine. It's like a soft service 561 00:26:09,200 --> 00:26:11,160 Speaker 1: that you can live in. But we think that that's 562 00:26:11,160 --> 00:26:13,840 Speaker 1: pretty unlikely as well. But it is likely going to 563 00:26:13,880 --> 00:26:16,399 Speaker 1: create more affordable housing, and those machines are going to 564 00:26:16,480 --> 00:26:19,040 Speaker 1: lower the cost of living for for many folks as 565 00:26:19,080 --> 00:26:21,920 Speaker 1: homes become more affordable. But you know, these robot headlines 566 00:26:21,960 --> 00:26:26,679 Speaker 1: and predictions of rapidly advancing automation, at times it can 567 00:26:26,680 --> 00:26:29,400 Speaker 1: be scary, but you know, while it sometimes will negatively 568 00:26:29,440 --> 00:26:33,359 Speaker 1: impact a few specific communities or specific jobs, it's almost 569 00:26:33,359 --> 00:26:35,879 Speaker 1: always going to be part of a rising tide. You 570 00:26:35,880 --> 00:26:39,200 Speaker 1: know that helps the country overall more than it harms, 571 00:26:39,200 --> 00:26:41,120 Speaker 1: And honestly, more than anything, it just makes me think 572 00:26:41,160 --> 00:26:45,879 Speaker 1: of just the natural forces of supply and demand. Right now, 573 00:26:45,920 --> 00:26:48,479 Speaker 1: there is just an incredibly low supply of workers, and 574 00:26:48,520 --> 00:26:52,040 Speaker 1: so employers they're having to get creative when it comes 575 00:26:52,080 --> 00:26:56,359 Speaker 1: to manufacturing literally more supply by creating more workers. This 576 00:26:56,440 --> 00:26:58,280 Speaker 1: is something that I think sometimes can be scary, but 577 00:26:58,480 --> 00:27:02,439 Speaker 1: it's just the natural changing landscape of our economy, of 578 00:27:02,440 --> 00:27:04,600 Speaker 1: our labor markets, no doubt, so I don't think there's 579 00:27:04,600 --> 00:27:07,560 Speaker 1: any any need or reason to fear the robot Matt 580 00:27:07,640 --> 00:27:09,760 Speaker 1: Like like you mentioned, I think you're right, and let 581 00:27:09,840 --> 00:27:11,760 Speaker 1: let's move on. Let's talk about rent control our our 582 00:27:11,840 --> 00:27:14,440 Speaker 1: last story for this Friday Flights. You know, we we've 583 00:27:14,480 --> 00:27:18,440 Speaker 1: talked about rising rents on the show, and it's certainly 584 00:27:18,480 --> 00:27:21,880 Speaker 1: no fun to encounter. If you're a renter and you're 585 00:27:21,920 --> 00:27:25,240 Speaker 1: told that rent is a hundred fifty dollars more a 586 00:27:25,280 --> 00:27:29,200 Speaker 1: month for this next year long lease, that's that's frustrating, 587 00:27:29,240 --> 00:27:31,280 Speaker 1: and that is it can be a budget buster. But 588 00:27:31,560 --> 00:27:34,360 Speaker 1: what are some cities trying to do to combat these 589 00:27:34,400 --> 00:27:38,560 Speaker 1: substantial increases that we're seeing? Rent control and uh ST Paul, 590 00:27:38,600 --> 00:27:41,320 Speaker 1: Minnesota is the most recent example of this. They just 591 00:27:41,359 --> 00:27:45,400 Speaker 1: passed a ballot initiative capping rent price increases at three 592 00:27:45,920 --> 00:27:48,240 Speaker 1: a year. And that sounds nice if you're a renter, 593 00:27:48,440 --> 00:27:50,680 Speaker 1: right saying that, hey, my rent is not going to 594 00:27:50,760 --> 00:27:54,000 Speaker 1: go up above this amount. I know that it can't increase. 595 00:27:54,720 --> 00:27:58,320 Speaker 1: But sadly, while rent control sounds good on its face, 596 00:27:58,560 --> 00:28:01,480 Speaker 1: the effects are almost all He's harmful in the end, 597 00:28:01,760 --> 00:28:04,639 Speaker 1: and landlords they tend to stop investing in the units 598 00:28:04,640 --> 00:28:08,400 Speaker 1: they own, leading to a more dilapidated housing supply overall, 599 00:28:09,040 --> 00:28:11,359 Speaker 1: they would ask themselves a question like why will I 600 00:28:11,400 --> 00:28:14,640 Speaker 1: spend extra to put in a nishier bathroom if they're 601 00:28:14,640 --> 00:28:16,720 Speaker 1: not going to be able to recoup those costs. And yeah, 602 00:28:16,720 --> 00:28:19,439 Speaker 1: and pretty much at every turn when rent control is instituted, 603 00:28:19,680 --> 00:28:22,679 Speaker 1: it ends up harming the vast majority of folks in 604 00:28:22,720 --> 00:28:25,800 Speaker 1: that city where it's instituted exactly. Yeah. Yeah, we feel 605 00:28:25,800 --> 00:28:28,080 Speaker 1: that the answer isn't capping the rent price that a 606 00:28:28,119 --> 00:28:30,720 Speaker 1: private landlord is able to charge. We feel that a 607 00:28:30,720 --> 00:28:33,880 Speaker 1: better answer is to focus on creating more supply, just 608 00:28:33,960 --> 00:28:37,080 Speaker 1: like those inventive employers who are finding ways to put 609 00:28:37,200 --> 00:28:40,320 Speaker 1: robots to work and so uh and we're not alone too. 610 00:28:40,400 --> 00:28:44,000 Speaker 1: Economists have been in complete agreement on this for decades. Uh. 611 00:28:44,040 --> 00:28:48,200 Speaker 1: And in fact, Richard Taylor, the economist, he compared asking 612 00:28:48,280 --> 00:28:50,920 Speaker 1: whether rent control is good to asking whether the sun 613 00:28:51,080 --> 00:28:54,720 Speaker 1: revolves around the earth and this, No, that's just lunacy. Yeah, 614 00:28:54,720 --> 00:28:56,840 Speaker 1: it's just like I mean, it was just outside the 615 00:28:56,840 --> 00:28:59,560 Speaker 1: realm of consideration for him. Uh. And so it's just 616 00:28:59,600 --> 00:29:02,080 Speaker 1: interesting to see that there's a city that's gonna be 617 00:29:02,120 --> 00:29:04,440 Speaker 1: moving in the opposite direction. Uh. And for the folks 618 00:29:04,480 --> 00:29:07,720 Speaker 1: who currently live in a rent controlled unit. You know, 619 00:29:07,760 --> 00:29:10,400 Speaker 1: it's great, it feels like it's like heaven. But for 620 00:29:10,440 --> 00:29:13,080 Speaker 1: other renters, the market rate is two thousand a month 621 00:29:13,080 --> 00:29:15,120 Speaker 1: and you're paying seven hundred a month because of your 622 00:29:15,240 --> 00:29:18,320 Speaker 1: units rent controlled. You're like, I want the lottery exactly. 623 00:29:18,480 --> 00:29:20,840 Speaker 1: But for the other renters looking for a place to live, 624 00:29:20,880 --> 00:29:23,880 Speaker 1: it becomes more difficult. And instead, we think that more 625 00:29:23,880 --> 00:29:27,160 Speaker 1: relaxed zoning and creating incentives to build more units to 626 00:29:27,240 --> 00:29:30,120 Speaker 1: increase that supply is the best way to create more 627 00:29:30,160 --> 00:29:33,120 Speaker 1: affordable housing. Rising rents and the lack of access to 628 00:29:33,240 --> 00:29:36,000 Speaker 1: affordable housing are real issues in our country, uh, and 629 00:29:36,040 --> 00:29:38,720 Speaker 1: they're you know, more prevalent in some specific cities. But 630 00:29:38,880 --> 00:29:41,880 Speaker 1: rent control legislation is just going to make things worse 631 00:29:41,920 --> 00:29:44,240 Speaker 1: over time. This is an example where we're gonna side 632 00:29:44,280 --> 00:29:46,960 Speaker 1: with the economists and we feel that the government, uh, 633 00:29:47,000 --> 00:29:50,880 Speaker 1: different governments should consider involving themselves less when it comes 634 00:29:50,920 --> 00:29:54,560 Speaker 1: to interfering in an open market like this, where you know, 635 00:29:54,960 --> 00:29:57,520 Speaker 1: the supply and demand can find their own equilibrium. And 636 00:29:57,520 --> 00:30:00,760 Speaker 1: when you start interfering and placing rent trolls at least 637 00:30:00,760 --> 00:30:03,320 Speaker 1: to distortions within the market, the amount it just makes 638 00:30:03,320 --> 00:30:05,760 Speaker 1: you think the city where we live, Atlanta, passed a 639 00:30:05,840 --> 00:30:08,520 Speaker 1: law a few years back that said that people could 640 00:30:08,560 --> 00:30:12,680 Speaker 1: build a small dwelling unit in their backyard, which creates 641 00:30:12,680 --> 00:30:15,840 Speaker 1: more density dwelling units. The more units that are available 642 00:30:15,840 --> 00:30:18,720 Speaker 1: for people to rent, especially in some of these older neighborhoods, 643 00:30:19,040 --> 00:30:20,560 Speaker 1: the better the better it's going to be when it 644 00:30:20,560 --> 00:30:24,800 Speaker 1: comes to housing affordability. But then when you look at 645 00:30:24,840 --> 00:30:28,120 Speaker 1: actually the zoning laws, it's really it's harder than it 646 00:30:28,120 --> 00:30:30,320 Speaker 1: would appear at first glance to build one of those 647 00:30:30,360 --> 00:30:32,320 Speaker 1: ad U s, as I found out because I wanted 648 00:30:32,320 --> 00:30:34,880 Speaker 1: to put one in my backyard, and because of the 649 00:30:34,920 --> 00:30:37,800 Speaker 1: setback laws, it was basically impossible to put that house 650 00:30:37,840 --> 00:30:40,880 Speaker 1: in my backyard, even though the law made it somewhat 651 00:30:40,880 --> 00:30:43,520 Speaker 1: easier than it originally was. And so those are the 652 00:30:43,560 --> 00:30:45,200 Speaker 1: kind of things that need to be looked at. If 653 00:30:45,200 --> 00:30:47,000 Speaker 1: the law doesn't just say that you can build an 654 00:30:47,040 --> 00:30:49,440 Speaker 1: a DU, but then the zoning laws make it not 655 00:30:49,720 --> 00:30:51,760 Speaker 1: too terribly difficult to do, so people will do it, 656 00:30:51,920 --> 00:30:53,840 Speaker 1: and that will increase density. That will lead to lower 657 00:30:53,840 --> 00:30:57,280 Speaker 1: rent prices for people all across the spectrum. Not surprising 658 00:30:57,360 --> 00:30:58,800 Speaker 1: Joel and I we live in the city. We're all 659 00:30:58,800 --> 00:31:02,560 Speaker 1: about density and and yes, in my backyard please. We're 660 00:31:02,600 --> 00:31:04,680 Speaker 1: all about it, and we think that that can alleviate 661 00:31:04,720 --> 00:31:08,120 Speaker 1: some of the high costs of housing as well. But Joel, 662 00:31:08,120 --> 00:31:10,120 Speaker 1: that's gonna be it for this episode. Listeners can find 663 00:31:10,120 --> 00:31:11,840 Speaker 1: our show notes up on the website will link to 664 00:31:11,920 --> 00:31:15,440 Speaker 1: all the different stories that we mentioned and covered during 665 00:31:15,480 --> 00:31:18,120 Speaker 1: this episode up at how to money dot com. That's right, 666 00:31:18,160 --> 00:31:20,440 Speaker 1: and we'll be back on Monday within interview with our 667 00:31:20,480 --> 00:31:22,680 Speaker 1: friend Meg, who's going to talk about how to have 668 00:31:22,760 --> 00:31:25,360 Speaker 1: that minimalist Christmas. We hope to see you then, but 669 00:31:25,440 --> 00:31:28,080 Speaker 1: have a great weekend, but buddy, until next time, Best 670 00:31:28,080 --> 00:31:29,760 Speaker 1: Friends Out, Best Friends Out.