1 00:00:00,080 --> 00:00:02,880 Speaker 1: Welcome to Had of Money. I'm Joel, I'm Matt, and 2 00:00:02,920 --> 00:00:08,400 Speaker 1: today we're talking about upgrade, underwhelm, fortunate flyers, and feckless influencers. 3 00:00:27,240 --> 00:00:29,160 Speaker 2: You know, feckless is not a word I think I've 4 00:00:29,200 --> 00:00:31,640 Speaker 2: ever used before, Joel, but I'm going to start incorporating 5 00:00:31,640 --> 00:00:32,760 Speaker 2: it into my day to day speech. 6 00:00:32,800 --> 00:00:35,519 Speaker 1: I'm trying to grow my vocabulary. I like it. 7 00:00:35,720 --> 00:00:38,559 Speaker 2: Let's just talk about vocabulary because there's nothing else to 8 00:00:38,640 --> 00:00:40,760 Speaker 2: talk about. Nothing happened this week. It's been a slow 9 00:00:40,880 --> 00:00:43,559 Speaker 2: news cycle. Yeah, nothing, wouldn't you agree, Yeah, it's been 10 00:00:43,600 --> 00:00:45,360 Speaker 2: really boring. We go ahead and say congrats to all 11 00:00:45,360 --> 00:00:49,120 Speaker 2: the Republicans out there, condolences to the Democrats out there. 12 00:00:49,600 --> 00:00:51,080 Speaker 2: And I say that because we're not trying to. I 13 00:00:51,080 --> 00:00:53,400 Speaker 2: don't know, it would feel weird to completely ignore the election. 14 00:00:53,920 --> 00:00:55,360 Speaker 1: Do you agree? Yeah, we have to. 15 00:00:55,400 --> 00:00:57,040 Speaker 2: We're not putting our head in the sand and completely 16 00:00:57,040 --> 00:00:59,600 Speaker 2: ignoring the fact that. I mean, it's like the Super 17 00:00:59,640 --> 00:01:01,520 Speaker 2: Bowl comes to public. It's not the Super Bowl, Joe, 18 00:01:01,520 --> 00:01:04,840 Speaker 2: because that happens every year. It's the Olympics that just 19 00:01:04,880 --> 00:01:06,119 Speaker 2: happened right here in the US. 20 00:01:06,120 --> 00:01:08,600 Speaker 1: But it's also true that our listeners tuned to the 21 00:01:08,640 --> 00:01:12,000 Speaker 1: show because they can get political analysis anywhere, and so 22 00:01:12,520 --> 00:01:14,679 Speaker 1: I think, how the money is here? Yeah, we want 23 00:01:14,680 --> 00:01:17,360 Speaker 1: to acknowledge what happened, And then it does have economic 24 00:01:17,480 --> 00:01:20,319 Speaker 1: and ramifications, and it also has ratifications for a whole 25 00:01:20,360 --> 00:01:21,160 Speaker 1: bunch of other things. 26 00:01:21,200 --> 00:01:23,640 Speaker 2: But whether it good or bad, we don't know. Yeah, right, 27 00:01:23,680 --> 00:01:26,479 Speaker 2: And so like, for instance, the market I mean popped 28 00:01:26,480 --> 00:01:29,360 Speaker 2: off over two percent on election day or not on 29 00:01:29,440 --> 00:01:32,160 Speaker 2: election day, I guess the day after, right as the 30 00:01:32,200 --> 00:01:35,080 Speaker 2: results came in. And what I don't want folks to 31 00:01:35,120 --> 00:01:39,080 Speaker 2: do is have a takeaway and say to themselves, oh, 32 00:01:39,120 --> 00:01:42,240 Speaker 2: the market only goes up when there's a Republican president. 33 00:01:42,319 --> 00:01:44,120 Speaker 2: But that's not the case. We don't want folks to 34 00:01:44,280 --> 00:01:47,000 Speaker 2: consider politics when it comes to how it is that 35 00:01:47,080 --> 00:01:49,280 Speaker 2: they should be dollar cost averaging into the market. 36 00:01:49,240 --> 00:01:50,800 Speaker 1: And we talked about that in the months leading up 37 00:01:50,800 --> 00:01:52,680 Speaker 1: to the election, kind of how you look at chart 38 00:01:53,120 --> 00:01:56,560 Speaker 1: of what happens how the stock market performs under different administrations, 39 00:01:56,600 --> 00:01:58,640 Speaker 1: And the truth is, whether it's blue or red, the 40 00:01:58,680 --> 00:02:03,440 Speaker 1: American economy continues to hum along whether it's under blue 41 00:02:03,560 --> 00:02:06,360 Speaker 1: or red leadership. And so the thing for all how 42 00:02:06,360 --> 00:02:08,360 Speaker 1: the money listeners to take away? I get that you 43 00:02:08,400 --> 00:02:11,119 Speaker 1: probably have a politician you supported or a political team 44 00:02:11,160 --> 00:02:14,320 Speaker 1: you align with more. But don't let that impact how 45 00:02:14,320 --> 00:02:17,760 Speaker 1: you think about investing in your continuation essentially of the 46 00:02:17,760 --> 00:02:18,880 Speaker 1: investing journey that you're on. 47 00:02:18,960 --> 00:02:21,000 Speaker 2: Yeah, you know what I will say, I think a 48 00:02:21,040 --> 00:02:23,320 Speaker 2: part of the reason why the market did so well 49 00:02:23,360 --> 00:02:25,520 Speaker 2: the day after is just because of the fact that 50 00:02:25,560 --> 00:02:27,560 Speaker 2: there was a decisive outcome. 51 00:02:27,680 --> 00:02:29,320 Speaker 1: Yeah, to the election. There's a lot of predictions that 52 00:02:29,360 --> 00:02:32,440 Speaker 1: would have taken a lot of time come to a conclusion, and. 53 00:02:32,400 --> 00:02:34,359 Speaker 2: I think everybody sort of saw that as like the 54 00:02:34,400 --> 00:02:38,040 Speaker 2: worst case scenario, right, Like who wanted months of a 55 00:02:38,080 --> 00:02:40,799 Speaker 2: contested election dragging on like that is the absolute worst 56 00:02:40,800 --> 00:02:43,360 Speaker 2: case scenario. Nope, Like, we don't like uncertainty and for 57 00:02:43,400 --> 00:02:45,400 Speaker 2: there to be something certain, whether or not it's good 58 00:02:45,760 --> 00:02:47,920 Speaker 2: or bad according to your political leanings. The fact that 59 00:02:47,919 --> 00:02:50,280 Speaker 2: there is like a known sort of thing that's going 60 00:02:50,360 --> 00:02:52,000 Speaker 2: to happen now, I think that is sort of what 61 00:02:52,680 --> 00:02:54,680 Speaker 2: maybe put the market at ease or maybe has people 62 00:02:54,840 --> 00:02:56,880 Speaker 2: feeling like, oh, things are so much better than they 63 00:02:56,960 --> 00:02:59,760 Speaker 2: used to be. Well, things are the same right now, 64 00:02:59,760 --> 00:03:02,919 Speaker 2: but what is known is that the US government isn't 65 00:03:02,960 --> 00:03:04,960 Speaker 2: in some weird limbo purgatory. 66 00:03:04,960 --> 00:03:06,480 Speaker 1: I think you know what I'm saying, you know, I 67 00:03:06,560 --> 00:03:09,600 Speaker 1: mean that is in economics one oh one is that 68 00:03:10,040 --> 00:03:14,239 Speaker 1: uncertainty is a killer for businesses, it's a killer for markets. 69 00:03:14,360 --> 00:03:16,840 Speaker 1: And so yeah, I think certainty is probably a big 70 00:03:16,880 --> 00:03:19,160 Speaker 1: part of what the market was reacting to at the 71 00:03:19,200 --> 00:03:21,200 Speaker 1: tail end of this week. But let's move on, Matt. 72 00:03:21,320 --> 00:03:22,160 Speaker 1: Let's get to. 73 00:03:22,320 --> 00:03:23,800 Speaker 2: More more practical personal findence this. 74 00:03:23,800 --> 00:03:27,160 Speaker 1: Stuff we normally talk about, and let's actually talk about 75 00:03:27,160 --> 00:03:29,400 Speaker 1: a new study that I saw this week. I found 76 00:03:29,480 --> 00:03:32,480 Speaker 1: it said it found that two thirds of folks think 77 00:03:32,520 --> 00:03:35,680 Speaker 1: that they're really great with money, And I just thought 78 00:03:35,720 --> 00:03:39,120 Speaker 1: that was really interesting because it are we just lacking 79 00:03:39,160 --> 00:03:41,400 Speaker 1: self awareness in this country? Do people really think? Do 80 00:03:41,800 --> 00:03:44,520 Speaker 1: sixty six percent of people really think I'm awesome with money? 81 00:03:44,520 --> 00:03:47,200 Speaker 1: This is look how great I am? This USA Today 82 00:03:47,280 --> 00:03:49,920 Speaker 1: survey found that like a big chunk of Americans, they 83 00:03:49,960 --> 00:03:54,120 Speaker 1: self report as making well informed financial decisions. So if 84 00:03:54,120 --> 00:03:55,880 Speaker 1: you're asked them to be like, yeah, I'm pretty awesome 85 00:03:56,200 --> 00:03:58,840 Speaker 1: at this money thing, they're confident that they know what 86 00:03:58,840 --> 00:04:01,800 Speaker 1: they're doing. But the question is should they be Because 87 00:04:01,840 --> 00:04:03,800 Speaker 1: like all the other data we've seen over the years, 88 00:04:03,880 --> 00:04:07,320 Speaker 1: the things that you and I talk about fairly regularly right, 89 00:04:07,360 --> 00:04:09,120 Speaker 1: including the number of folks even though it's making one 90 00:04:09,160 --> 00:04:11,680 Speaker 1: hundred thousand bucks or one hundred and fifty thousand dollars 91 00:04:11,720 --> 00:04:14,840 Speaker 1: a year, making a significant income, a huge oneng of 92 00:04:14,840 --> 00:04:18,039 Speaker 1: those people are living paycheck to paycheck, and I don't know. 93 00:04:18,040 --> 00:04:19,960 Speaker 1: That makes me think that this might be a bout 94 00:04:20,000 --> 00:04:24,040 Speaker 1: of overconfidence that the American people are struggling with. And 95 00:04:24,440 --> 00:04:26,240 Speaker 1: later on in the survey, Matt that the kind of 96 00:04:26,320 --> 00:04:29,760 Speaker 1: blinking red light that stuck out to me was that 97 00:04:29,800 --> 00:04:31,480 Speaker 1: we find that more than half of the people who 98 00:04:31,520 --> 00:04:33,760 Speaker 1: responded to the survey admit that they don't have an 99 00:04:33,760 --> 00:04:34,520 Speaker 1: emergency fund. 100 00:04:34,560 --> 00:04:38,160 Speaker 2: Yeah, these numbers don't add up. Yeah, the overconfidence in 101 00:04:38,240 --> 00:04:40,720 Speaker 2: conjunction with the fact that they don't have money in 102 00:04:40,760 --> 00:04:41,000 Speaker 2: the bank. 103 00:04:41,040 --> 00:04:44,159 Speaker 1: It's like if I say, hey, are you great with money? 104 00:04:44,160 --> 00:04:45,960 Speaker 1: And you say yes, and then I say, how do 105 00:04:46,000 --> 00:04:47,760 Speaker 1: you have a solid emergency fund? And you say what's 106 00:04:47,760 --> 00:04:48,560 Speaker 1: an emergency fund? 107 00:04:48,560 --> 00:04:50,760 Speaker 2: Like, Oh, I mean I'm good at spending my money, right, 108 00:04:50,839 --> 00:04:51,960 Speaker 2: Is that what you meant? Yeah? 109 00:04:52,000 --> 00:04:54,839 Speaker 1: Exactly. It makes me think like they didn't understand the question, 110 00:04:55,000 --> 00:04:57,840 Speaker 1: or they assume that they're better with money than they are. 111 00:04:57,839 --> 00:04:59,920 Speaker 1: And so I think this is part of the reason too, Man, 112 00:05:00,440 --> 00:05:01,760 Speaker 1: You and I why we do what we do. I 113 00:05:01,800 --> 00:05:04,960 Speaker 1: think the financial system can feel and can be at 114 00:05:04,960 --> 00:05:08,039 Speaker 1: times overly complicated, and we want to break down topics 115 00:05:08,080 --> 00:05:11,000 Speaker 1: so that people can understand and have the confidence to 116 00:05:11,080 --> 00:05:14,039 Speaker 1: make real and sustainable changes in how they handle money. 117 00:05:14,120 --> 00:05:16,400 Speaker 1: Like we we want them to actually be good with money. 118 00:05:16,400 --> 00:05:18,400 Speaker 1: And I just think they are sure, And I think I. 119 00:05:18,320 --> 00:05:20,279 Speaker 2: Get what you're saying as far as it seeming like 120 00:05:20,320 --> 00:05:23,000 Speaker 2: it's overly complicated. And so it is overly complicated in 121 00:05:23,000 --> 00:05:25,240 Speaker 2: some areas, right, like when it comes to tax law, but. 122 00:05:25,360 --> 00:05:28,560 Speaker 1: Like the basics or even the myriad of investment accounts 123 00:05:28,600 --> 00:05:29,640 Speaker 1: that we have options. 124 00:05:29,320 --> 00:05:31,240 Speaker 2: And the like, we sure and I totally get it. 125 00:05:31,279 --> 00:05:32,760 Speaker 2: But like what you pointed to is the fact that 126 00:05:32,760 --> 00:05:34,479 Speaker 2: like people don't even have money in the bank. Yeah, 127 00:05:34,480 --> 00:05:37,000 Speaker 2: we're talking about basic building blocks, like people can't get 128 00:05:37,040 --> 00:05:42,000 Speaker 2: past like level one, which literally comes down to spending 129 00:05:42,040 --> 00:05:44,320 Speaker 2: less than you make and having enough on hand to 130 00:05:44,320 --> 00:05:46,240 Speaker 2: be able to invest like that that is like literally 131 00:05:46,279 --> 00:05:48,760 Speaker 2: the cheat code. And so I think a part of 132 00:05:48,800 --> 00:05:50,200 Speaker 2: what we do here on the show is just finding 133 00:05:50,240 --> 00:05:52,039 Speaker 2: different ways to say that as we try to cut 134 00:05:52,040 --> 00:05:54,800 Speaker 2: through just all the all the noise out there. So 135 00:05:54,880 --> 00:05:57,880 Speaker 2: while yes, especially as you get more and more money, 136 00:05:57,920 --> 00:06:00,480 Speaker 2: how it is you invest that ways to optimize your 137 00:06:00,520 --> 00:06:03,359 Speaker 2: personal finances. I think it certainly can get complex, but 138 00:06:03,400 --> 00:06:05,880 Speaker 2: I don't want that aura of complexity to be a 139 00:06:05,920 --> 00:06:08,440 Speaker 2: crutch for a lot of folks who truly just need 140 00:06:08,480 --> 00:06:09,719 Speaker 2: to spend the less of their money. 141 00:06:09,760 --> 00:06:11,800 Speaker 1: Yeah, and the most basic decisions I think what you're 142 00:06:11,839 --> 00:06:15,159 Speaker 1: getting at are really the big needle drivers for people. 143 00:06:15,240 --> 00:06:18,680 Speaker 1: And it's not rocket science to figure some of that stuff. Totally, totally. 144 00:06:18,720 --> 00:06:21,720 Speaker 2: So on a related note, new data finds that conscientiousness 145 00:06:22,120 --> 00:06:26,760 Speaker 2: and evidently other non cognitive determinants that they influence our 146 00:06:26,800 --> 00:06:29,640 Speaker 2: money behavior and how much people say. It's really interesting 147 00:06:29,680 --> 00:06:32,320 Speaker 2: that there's these soft skills that have the big impact. 148 00:06:32,480 --> 00:06:34,839 Speaker 2: And one of the other factors that they mentioned was 149 00:06:35,160 --> 00:06:37,360 Speaker 2: grit We did a whole episode on. 150 00:06:37,320 --> 00:06:39,919 Speaker 1: Grit back in the day. All we live in the South, 151 00:06:40,000 --> 00:06:41,200 Speaker 1: so we're not talking about grits. 152 00:06:41,200 --> 00:06:44,280 Speaker 2: Not grits, Yeah, talking about grit I mean, we're such 153 00:06:44,279 --> 00:06:47,359 Speaker 2: a online culture. Everyone knows what grits are, right Like. 154 00:06:47,400 --> 00:06:49,320 Speaker 2: I remember as my dad grew up in the Midwest, 155 00:06:49,520 --> 00:06:51,080 Speaker 2: and the first time he had grits, he thought it 156 00:06:51,120 --> 00:06:54,480 Speaker 2: was cream of wheat and he was putting like syrup 157 00:06:54,560 --> 00:06:56,279 Speaker 2: on his grits and whatever else. I guess that you 158 00:06:56,279 --> 00:06:57,880 Speaker 2: put on cream of wheat, which I'm not even sure 159 00:06:57,880 --> 00:06:59,400 Speaker 2: what cream of wheat is because I grew up in 160 00:06:59,440 --> 00:06:59,719 Speaker 2: the South. 161 00:06:59,800 --> 00:07:02,440 Speaker 1: Yeah, yeah, yeah, I'm not actually from the South, even 162 00:07:02,440 --> 00:07:03,600 Speaker 1: though I've lived for most of my life. So I 163 00:07:03,600 --> 00:07:04,400 Speaker 1: don't need grits either. 164 00:07:05,080 --> 00:07:05,799 Speaker 2: Do you not like grits? 165 00:07:05,920 --> 00:07:08,400 Speaker 1: They're okay, but I don't really opt for them typically. 166 00:07:08,600 --> 00:07:10,440 Speaker 1: Did we eat grits all the time? Do you grits 167 00:07:10,480 --> 00:07:12,200 Speaker 1: with a couple of fried eggs on top of the yoke? 168 00:07:12,320 --> 00:07:12,960 Speaker 1: Still all over? 169 00:07:13,000 --> 00:07:13,080 Speaker 2: It? 170 00:07:13,560 --> 00:07:14,000 Speaker 1: So good? 171 00:07:14,320 --> 00:07:16,160 Speaker 2: But that's not what we're talking about. We are talking 172 00:07:16,200 --> 00:07:20,760 Speaker 2: about grit and it sounds like that being more conscientious, well, 173 00:07:20,760 --> 00:07:22,720 Speaker 2: it means that you are more self aware, and that 174 00:07:22,760 --> 00:07:25,680 Speaker 2: self awareness leads to saving more money and thinking more 175 00:07:25,720 --> 00:07:28,720 Speaker 2: about the long term. Meaning there's like a kind of 176 00:07:28,720 --> 00:07:30,840 Speaker 2: a knock on effect here, but meaning that there is 177 00:07:30,880 --> 00:07:32,840 Speaker 2: a greater propensity for you to invest in the stock 178 00:07:32,880 --> 00:07:36,400 Speaker 2: market and for you to plan for retirement. So don't 179 00:07:36,480 --> 00:07:38,200 Speaker 2: just listen to a town of money in order to 180 00:07:38,200 --> 00:07:41,320 Speaker 2: better your finances. It's just a good idea to grow 181 00:07:41,400 --> 00:07:44,720 Speaker 2: your grit and other character skills as well. I think 182 00:07:44,720 --> 00:07:47,880 Speaker 2: it's worth aiming to grow in other areas in life 183 00:07:48,080 --> 00:07:51,320 Speaker 2: that are honestly completely unrelated to your finances, and I 184 00:07:51,320 --> 00:07:53,480 Speaker 2: think it'll still have a pretty big impact on your 185 00:07:53,480 --> 00:07:56,560 Speaker 2: overall wealth building journey, not to mention just you as 186 00:07:56,560 --> 00:07:58,280 Speaker 2: a as a well rounded human being. 187 00:07:58,440 --> 00:08:00,040 Speaker 1: Yeah, it gets back to kind of what you were just saying, 188 00:08:00,000 --> 00:08:01,960 Speaker 1: saying that, Yes, some of those rules can be complex, 189 00:08:02,040 --> 00:08:04,760 Speaker 1: and you can focus super hard on figuring out all 190 00:08:04,800 --> 00:08:09,720 Speaker 1: the nitty gritty details of how every single facet of 191 00:08:09,840 --> 00:08:12,880 Speaker 1: each retirement account works, or you can work on kind 192 00:08:12,880 --> 00:08:15,760 Speaker 1: of growing some of those softer skills about yourself, growing 193 00:08:15,760 --> 00:08:18,520 Speaker 1: in grit, becoming more resilient, and those things are actually 194 00:08:18,520 --> 00:08:20,800 Speaker 1: going to help you become a better investor, even if 195 00:08:20,840 --> 00:08:24,560 Speaker 1: you don't maybe know exactly how to tap your traditional 196 00:08:24,560 --> 00:08:28,160 Speaker 1: IRA early, if you're aiming for fire or something like that. 197 00:08:28,200 --> 00:08:30,520 Speaker 2: Right, Yeah, And isn't that what we really want from 198 00:08:30,520 --> 00:08:34,160 Speaker 2: our politicians anyway? More well rounded human beings, individuals who 199 00:08:34,160 --> 00:08:35,920 Speaker 2: are less focused on like one specific detail. 200 00:08:36,160 --> 00:08:37,640 Speaker 1: Yeah, but I want that, I'm saying I want that 201 00:08:37,679 --> 00:08:39,760 Speaker 1: for our listeners, right yeah, yeah, exactly politicians. 202 00:08:39,760 --> 00:08:41,120 Speaker 2: I don't know why I went back to the whole 203 00:08:41,120 --> 00:08:41,720 Speaker 2: political talk. 204 00:08:41,720 --> 00:08:43,360 Speaker 1: I care less about those people. Let's just leave it 205 00:08:44,360 --> 00:08:47,560 Speaker 1: all right, Let's talk about TVs. Matt. TV's are getting 206 00:08:47,600 --> 00:08:50,520 Speaker 1: a lot bigger and simultaneously cheaper. So we've talked a 207 00:08:50,559 --> 00:08:54,680 Speaker 1: lot about inflation, and the last four years we've seen 208 00:08:55,200 --> 00:08:57,800 Speaker 1: experience a lot of inflation in our lives. But if 209 00:08:57,840 --> 00:09:00,000 Speaker 1: you're in the market for a TV this holiday season, 210 00:09:00,400 --> 00:09:02,880 Speaker 1: you're actually experiencing the opposite, which is good news. And 211 00:09:02,920 --> 00:09:06,040 Speaker 1: so Black Friday and pre Super Bowl, those are typically 212 00:09:06,080 --> 00:09:08,880 Speaker 1: the best times to get a good deal on a television. 213 00:09:08,880 --> 00:09:11,720 Speaker 1: We're gonna see the lowest prices typically of the entire year, 214 00:09:11,720 --> 00:09:14,559 Speaker 1: in the months of November and January. But Americans are 215 00:09:14,640 --> 00:09:19,840 Speaker 1: actually they're gravitating towards larger television sets. Sixty five inches 216 00:09:19,880 --> 00:09:22,560 Speaker 1: ain't cutting it anymore, Matt, fifty five inches. That's so 217 00:09:22,800 --> 00:09:27,319 Speaker 1: like twenty twelve, people now want the ninety seven inch 218 00:09:27,640 --> 00:09:30,319 Speaker 1: plus screens. I figure what they call it. There's like 219 00:09:30,360 --> 00:09:33,040 Speaker 1: this category now with like the megasized TVs, so they 220 00:09:33,080 --> 00:09:34,000 Speaker 1: want the mega sized TV. 221 00:09:34,200 --> 00:09:35,800 Speaker 2: I haven't been in the market, so I have no idea. 222 00:09:36,000 --> 00:09:38,000 Speaker 1: Me neither me. I'm sticking with the sixty five inch 223 00:09:38,400 --> 00:09:40,520 Speaker 1: one I bought like four years ago on Black Friday. 224 00:09:40,760 --> 00:09:44,000 Speaker 1: But it's kind of fascinating to see even in this category, 225 00:09:44,160 --> 00:09:47,360 Speaker 1: prices are dropping like a rock. Like literally, prices fell 226 00:09:47,400 --> 00:09:49,240 Speaker 1: by more than fifty percent over the course of a 227 00:09:49,320 --> 00:09:53,000 Speaker 1: single year on these big screen televisions. A ninety eight 228 00:09:53,040 --> 00:09:55,959 Speaker 1: inch Samsung TV matt was one hundred thousand dollars four 229 00:09:56,040 --> 00:09:58,679 Speaker 1: years ago. Now it's four thousand dollars. 230 00:09:59,360 --> 00:10:00,880 Speaker 2: Which is that's more than fifty percent. 231 00:10:00,960 --> 00:10:02,680 Speaker 1: That's way one than fifty percent of that particularly well 232 00:10:02,720 --> 00:10:05,840 Speaker 1: that one, yes, which is just incredible and so one. 233 00:10:05,960 --> 00:10:08,560 Speaker 1: It's cool to see how these things work and how 234 00:10:08,960 --> 00:10:13,160 Speaker 1: technological progress and a lot of competition can actually lead 235 00:10:13,200 --> 00:10:15,920 Speaker 1: to lower prices in some segments of the marketplace. That's 236 00:10:15,960 --> 00:10:17,839 Speaker 1: really cool. But I also want to say this, I 237 00:10:17,840 --> 00:10:20,000 Speaker 1: don't want to caution people out there who are listening 238 00:10:20,280 --> 00:10:24,000 Speaker 1: despite these massive price drops, think twice before upgrading, do 239 00:10:24,040 --> 00:10:27,280 Speaker 1: you actually need a bigger TV? Because four thousand bucks 240 00:10:27,400 --> 00:10:28,920 Speaker 1: is still a lot of money to dropped on a 241 00:10:29,000 --> 00:10:31,360 Speaker 1: television set. It's cool to see the price is dropping, 242 00:10:31,360 --> 00:10:33,199 Speaker 1: but don't make that think that you need to go 243 00:10:33,240 --> 00:10:35,240 Speaker 1: out and buy one tomorrow, because guess what, they're going 244 00:10:35,280 --> 00:10:37,320 Speaker 1: to be cheaper the day after tomorrow typically two. That 245 00:10:37,440 --> 00:10:38,120 Speaker 1: is true. 246 00:10:38,320 --> 00:10:42,760 Speaker 2: Okay, some more good news on the consumer electronics front. 247 00:10:42,960 --> 00:10:47,760 Speaker 2: Folks are keeping their smartphones for longer, so much to 248 00:10:48,240 --> 00:10:52,319 Speaker 2: Samsung and Apple chagrin, we have fully entered the diminishing 249 00:10:52,520 --> 00:10:56,360 Speaker 2: upgrade cycle. Consumers out there, they're taking all the mindset 250 00:10:56,400 --> 00:10:58,440 Speaker 2: of if it ain't broke, I'm not gonna fix it. 251 00:10:58,760 --> 00:11:02,720 Speaker 2: I love this attitude. Our devices are working longer, while 252 00:11:02,720 --> 00:11:05,520 Speaker 2: at the same time newer devices don't represent much progress. 253 00:11:05,600 --> 00:11:08,280 Speaker 1: Have you not heard about the AI in the new iPhone? 254 00:11:08,280 --> 00:11:10,480 Speaker 1: Come on, dude, don't you want one more button on 255 00:11:10,520 --> 00:11:14,400 Speaker 1: the the extra button? Folks are sticking with what they have, 256 00:11:14,600 --> 00:11:17,600 Speaker 1: and so instead of getting the new model every year 257 00:11:17,679 --> 00:11:20,280 Speaker 1: or two, the average person is evidently waiting three to 258 00:11:20,360 --> 00:11:20,959 Speaker 1: four years. 259 00:11:21,080 --> 00:11:24,400 Speaker 2: I love this so much. Inevidently a part of this 260 00:11:24,480 --> 00:11:29,240 Speaker 2: is also thanks to the new cell phone service provider model, 261 00:11:29,320 --> 00:11:33,320 Speaker 2: the mv and O model, the mobile virtual network operator model. 262 00:11:33,600 --> 00:11:36,679 Speaker 2: We are paying far less every single month. But what 263 00:11:36,679 --> 00:11:39,079 Speaker 2: that means is that we're not getting these subsidized phones 264 00:11:39,400 --> 00:11:41,040 Speaker 2: in the same way that we used to. Right, so, 265 00:11:41,080 --> 00:11:42,760 Speaker 2: you sign up for that long contract, you get a 266 00:11:42,760 --> 00:11:45,960 Speaker 2: discounted phone. So I think feeling that pain is actually good, 267 00:11:46,440 --> 00:11:48,800 Speaker 2: and it's creating change when it comes to consumer behavior. 268 00:11:48,800 --> 00:11:50,880 Speaker 2: Folks are taking care of their devices at least to 269 00:11:51,000 --> 00:11:54,520 Speaker 2: less waste, fewer electronics than the landfills, and more money 270 00:11:54,520 --> 00:11:55,120 Speaker 2: in our pockets. 271 00:11:55,200 --> 00:11:57,760 Speaker 1: Yeah. I'm a fan of all those things, and I 272 00:11:57,840 --> 00:12:00,480 Speaker 1: like paying the price for things. I want it all 273 00:12:00,480 --> 00:12:02,120 Speaker 1: packaged into one big deal, and I don't know what 274 00:12:02,120 --> 00:12:04,440 Speaker 1: I'm paying for, and all the kind of amorphous costs 275 00:12:04,679 --> 00:12:06,319 Speaker 1: in some sort of like eighty dollar a month cell 276 00:12:06,320 --> 00:12:08,920 Speaker 1: phone bill. I want the fifteen to twenty dollars a 277 00:12:08,960 --> 00:12:10,679 Speaker 1: month cell phone bill. And then I want to pay 278 00:12:10,679 --> 00:12:11,920 Speaker 1: for a device when I. 279 00:12:12,000 --> 00:12:13,800 Speaker 2: Need it, let me decide exactly. 280 00:12:13,840 --> 00:12:15,440 Speaker 1: And so I think this is a much better model, 281 00:12:15,480 --> 00:12:18,000 Speaker 1: and it does crease that pain point that is actually 282 00:12:18,000 --> 00:12:20,640 Speaker 1: a good thing. Gives people the data to know how 283 00:12:20,679 --> 00:12:23,200 Speaker 1: to respond to. And here's something else, Matt, that could 284 00:12:23,200 --> 00:12:26,520 Speaker 1: help Americans do the right thing with their money. Let's 285 00:12:26,520 --> 00:12:29,680 Speaker 1: talk about the new CFPB rule consumer Financial Protection BIERAU 286 00:12:29,720 --> 00:12:32,280 Speaker 1: rule that aims to make it easier to switch banks. 287 00:12:32,520 --> 00:12:35,120 Speaker 1: We talked about it when they first announced it. I 288 00:12:35,200 --> 00:12:37,959 Speaker 1: think this was in the spring maybe, But last week 289 00:12:38,040 --> 00:12:41,840 Speaker 1: they unveiled the final draft of their open Banking Rule, 290 00:12:41,880 --> 00:12:44,040 Speaker 1: that's what they're calling it, which is interesting. I said, 291 00:12:44,040 --> 00:12:47,000 Speaker 1: they are unveiling the final draft, but sadly it's not 292 00:12:47,040 --> 00:12:50,160 Speaker 1: going to be fully implemented until twenty twenty six. And 293 00:12:50,360 --> 00:12:52,319 Speaker 1: I think this is actually part of the reason, though, 294 00:12:52,440 --> 00:12:54,400 Speaker 1: that so many folks still hang with the big banks. 295 00:12:54,400 --> 00:12:57,920 Speaker 1: We talk about that like being kind of baffled at 296 00:12:57,920 --> 00:13:00,920 Speaker 1: the fact that people stick with the biggest banks Wells Fargo, 297 00:13:01,000 --> 00:13:03,600 Speaker 1: Bank of America, even though they don't pay anything, their 298 00:13:03,600 --> 00:13:06,679 Speaker 1: customer service isn't good, they have more fees than most 299 00:13:06,720 --> 00:13:09,120 Speaker 1: of our favorite online banks. But I think people stick 300 00:13:09,160 --> 00:13:12,800 Speaker 1: around often because it's difficult to switch. And the thing 301 00:13:12,800 --> 00:13:14,560 Speaker 1: about this new rules is it's going to allow for 302 00:13:14,720 --> 00:13:18,400 Speaker 1: fintech companies to have access to your account data so 303 00:13:18,440 --> 00:13:21,360 Speaker 1: they can help you seamlessly switch the big banks. They're 304 00:13:21,360 --> 00:13:22,920 Speaker 1: not happy about this. They don't like this because they 305 00:13:22,960 --> 00:13:24,600 Speaker 1: know that the easier it is to switch, the more 306 00:13:24,640 --> 00:13:27,720 Speaker 1: likely you are to leave them. But now switching all 307 00:13:27,760 --> 00:13:30,040 Speaker 1: your payments, it's not going to be a massive chore, 308 00:13:30,240 --> 00:13:32,240 Speaker 1: which means you're not going to feel as handcuffed to 309 00:13:32,280 --> 00:13:34,920 Speaker 1: a crumby bank maybe that you've been doing business with. 310 00:13:35,360 --> 00:13:37,240 Speaker 1: I like this. I'm curious to see what it looks 311 00:13:37,240 --> 00:13:40,880 Speaker 1: like when the rule is not just finalized, but once 312 00:13:40,880 --> 00:13:42,280 Speaker 1: it's actually launched into. 313 00:13:42,200 --> 00:13:44,000 Speaker 2: The world, and once it makes this way through the 314 00:13:44,000 --> 00:13:45,680 Speaker 2: courts as well, because I think there's a lawsuit up 315 00:13:45,679 --> 00:13:48,800 Speaker 2: against it. But yeah, I'm hopeful because I'm really curious 316 00:13:48,800 --> 00:13:51,720 Speaker 2: to see if it actually leads to folks jumping ship 317 00:13:51,880 --> 00:13:54,680 Speaker 2: with the current bank that they're with, because I still 318 00:13:54,800 --> 00:13:57,120 Speaker 2: think that there is a certain amount of inertia bias 319 00:13:57,120 --> 00:13:58,600 Speaker 2: that keeps people from doing the thing. 320 00:13:58,440 --> 00:13:59,280 Speaker 1: That they're supposed to do. 321 00:13:59,400 --> 00:14:02,400 Speaker 2: Right. You are with somebody and maybe they're not the best, 322 00:14:02,480 --> 00:14:04,400 Speaker 2: but you're like, well that's what I've always done. I'm 323 00:14:04,440 --> 00:14:06,320 Speaker 2: just gonna stick with it, Like no matter how many 324 00:14:06,320 --> 00:14:09,120 Speaker 2: times we've said, no matter how easy you make it right, Like, like, 325 00:14:09,280 --> 00:14:11,720 Speaker 2: there are still going to be folks who aren't going 326 00:14:11,760 --> 00:14:13,200 Speaker 2: to do the quote unquote right thing. 327 00:14:13,840 --> 00:14:15,480 Speaker 1: It's like you can buy all we all know. It's 328 00:14:15,520 --> 00:14:17,320 Speaker 1: a reality in our lives. Oh yeah, in so many 329 00:14:17,320 --> 00:14:19,560 Speaker 1: different spaces where we're like I would love to get 330 00:14:19,600 --> 00:14:22,240 Speaker 1: a six pack, but like there's an easy way to 331 00:14:22,240 --> 00:14:24,000 Speaker 1: do that, like ice cream, and so you know you 332 00:14:24,080 --> 00:14:26,560 Speaker 1: just kind of keep going on the ice cream train. Yeah, exactly, 333 00:14:26,640 --> 00:14:30,000 Speaker 1: like you can buy the vegetables and the fruit, but like, 334 00:14:30,120 --> 00:14:30,920 Speaker 1: will you eat it? 335 00:14:31,080 --> 00:14:33,080 Speaker 2: Or do are you instead? Like, but the chips are 336 00:14:33,120 --> 00:14:35,280 Speaker 2: right there boom, you're eating the chips in the ice 337 00:14:35,320 --> 00:14:38,360 Speaker 2: cream instead instead of the healthy food like to you 338 00:14:38,400 --> 00:14:40,680 Speaker 2: have to want it badly enough. You have to be 339 00:14:40,760 --> 00:14:42,040 Speaker 2: sick and tired of it. You have to be so 340 00:14:42,080 --> 00:14:44,160 Speaker 2: fed up with it to find to make that move. 341 00:14:44,680 --> 00:14:46,480 Speaker 2: So I think for the folks who get to that point, 342 00:14:46,680 --> 00:14:48,000 Speaker 2: this is going to be great because it's going to 343 00:14:48,040 --> 00:14:49,920 Speaker 2: make it easier for them. But I still think, man, 344 00:14:49,960 --> 00:14:51,600 Speaker 2: that there is going to be a subset of folks 345 00:14:52,240 --> 00:14:54,040 Speaker 2: with like no matter how easy you make it, that 346 00:14:54,040 --> 00:14:55,600 Speaker 2: they're not going to change, and they're going to be 347 00:14:55,640 --> 00:14:57,920 Speaker 2: the ones who are still beholden. 348 00:14:57,600 --> 00:15:00,400 Speaker 1: To some of those big bangs, will prioritize convenience and 349 00:15:00,920 --> 00:15:04,400 Speaker 1: ease instead of making the switch even if it's easier exactly. 350 00:15:04,480 --> 00:15:06,960 Speaker 2: Another rule that actually went live this week so no 351 00:15:07,120 --> 00:15:11,440 Speaker 2: need to wait another couple of years, is automatic refunds 352 00:15:11,760 --> 00:15:16,160 Speaker 2: if your flight has been delayed, significantly, changed, or canceled, 353 00:15:16,480 --> 00:15:19,960 Speaker 2: And so that means a three hour plus delay on 354 00:15:20,040 --> 00:15:23,000 Speaker 2: domestic flights, and it means a six hour plus delay 355 00:15:23,120 --> 00:15:26,480 Speaker 2: on international flights for US here find out of the US. 356 00:15:26,840 --> 00:15:28,960 Speaker 2: There are other protections for stuff like if your bags 357 00:15:28,960 --> 00:15:31,720 Speaker 2: don't show up when you do as well. But what's 358 00:15:31,840 --> 00:15:33,520 Speaker 2: great about this new rule is that it's going to 359 00:15:33,520 --> 00:15:37,120 Speaker 2: prevent you from spending hours with customer service as you're 360 00:15:37,120 --> 00:15:40,080 Speaker 2: trying to claw your money back. It mandates that refunds 361 00:15:40,080 --> 00:15:44,080 Speaker 2: are automatically processed by an airline. Before it used to 362 00:15:44,080 --> 00:15:46,240 Speaker 2: be where you had to make this request, right, you 363 00:15:46,240 --> 00:15:47,080 Speaker 2: had to actually. 364 00:15:46,920 --> 00:15:49,960 Speaker 1: Call the one eight hundred number and complain. Listen, I 365 00:15:50,000 --> 00:15:51,720 Speaker 1: was on like a I had a four hour delay? 366 00:15:51,720 --> 00:15:53,520 Speaker 1: Can I get my money back? And they would be like, well, 367 00:15:53,520 --> 00:15:56,000 Speaker 1: we'll put you on hold and I'll talk to my 368 00:15:56,040 --> 00:15:56,640 Speaker 1: manager about that. 369 00:15:56,640 --> 00:15:58,280 Speaker 2: So, going back to the whole inertia bias, how many 370 00:15:58,280 --> 00:16:00,640 Speaker 2: people are actually going to pick up the phone just 371 00:16:00,640 --> 00:16:02,560 Speaker 2: just call the number? But how many folks are actually 372 00:16:02,560 --> 00:16:05,080 Speaker 2: doing that thing? But that's no longer the case. The 373 00:16:05,120 --> 00:16:07,160 Speaker 2: refund it's got to go back on your credit card 374 00:16:07,160 --> 00:16:11,000 Speaker 2: within seven business days. So this is like the good 375 00:16:11,040 --> 00:16:14,360 Speaker 2: news part of this rule sounds awesome and it will 376 00:16:14,400 --> 00:16:16,800 Speaker 2: be in a lot of cases, but in other cases 377 00:16:16,880 --> 00:16:18,840 Speaker 2: it'll negatively impact. 378 00:16:18,560 --> 00:16:19,360 Speaker 1: Some of those folks. 379 00:16:19,720 --> 00:16:23,360 Speaker 2: So there's a site Crankyflyer dot com. They focus on 380 00:16:23,400 --> 00:16:25,520 Speaker 2: the airlines over there, but they pointed out that many 381 00:16:25,520 --> 00:16:29,720 Speaker 2: airlines previously actually had more generous refund policies, let's say 382 00:16:29,720 --> 00:16:32,040 Speaker 2: after just like a one hour or a two hour delay. 383 00:16:32,360 --> 00:16:35,400 Speaker 2: But now that they're kind of doing something, they're mandating 384 00:16:35,440 --> 00:16:39,480 Speaker 2: this across the board, they're switching to the less stringent 385 00:16:39,720 --> 00:16:41,280 Speaker 2: DOT guidelines. 386 00:16:41,480 --> 00:16:43,000 Speaker 1: So, and this was one of all of those ways 387 00:16:43,000 --> 00:16:45,240 Speaker 1: they kind of competed with each other at times. Was like, yeah, 388 00:16:45,280 --> 00:16:47,800 Speaker 1: we've got more generous refund policies. We're going to make 389 00:16:47,840 --> 00:16:50,760 Speaker 1: it easier for customers who have had a bad experience 390 00:16:50,800 --> 00:16:54,120 Speaker 1: to get their money back. It was never automatic, and 391 00:16:54,160 --> 00:16:55,920 Speaker 1: so that's what the DOT is trying to remedy, is 392 00:16:56,120 --> 00:16:58,640 Speaker 1: people having to claw their money back. But at the 393 00:16:58,640 --> 00:17:01,440 Speaker 1: same time, you're right, like some of those generous refund 394 00:17:01,480 --> 00:17:04,600 Speaker 1: policies they're gonna get less generous because of this new standardization. 395 00:17:04,720 --> 00:17:06,800 Speaker 2: It might be some more delays when it comes to 396 00:17:06,840 --> 00:17:08,720 Speaker 2: some of your flights, but Joel, we've got more to 397 00:17:08,760 --> 00:17:10,639 Speaker 2: get to. We've got to talk about the I R 398 00:17:10,760 --> 00:17:13,399 Speaker 2: s specifically, they change some rules around. There's actually a 399 00:17:13,440 --> 00:17:17,120 Speaker 2: new segment of people who can really ramp up their 400 00:17:17,200 --> 00:17:20,680 Speaker 2: retirement contributions. We'll get to that, maybe some social media 401 00:17:20,720 --> 00:17:22,080 Speaker 2: talk all that right after this. 402 00:17:29,920 --> 00:17:32,719 Speaker 1: All right, we're back. We are continuing with the Friday 403 00:17:32,720 --> 00:17:35,240 Speaker 1: flight and as always, we got to get to the 404 00:17:35,320 --> 00:17:39,520 Speaker 1: ludicrous headline of the week. This one comes from Entrepreneur magazine, 405 00:17:39,520 --> 00:17:41,680 Speaker 1: which matter. I know you're reading on the rag right. 406 00:17:41,760 --> 00:17:44,119 Speaker 2: I don't get any Actually, you know what, we started 407 00:17:44,119 --> 00:17:47,159 Speaker 2: getting some random magazines like out of the Blue earlier. 408 00:17:48,040 --> 00:17:50,400 Speaker 2: When's the travel magazine? I'm like, wait, we don't. We're 409 00:17:50,400 --> 00:17:51,879 Speaker 2: not gonna go to any of these fancy places. A 410 00:17:51,880 --> 00:17:54,400 Speaker 2: lot like why are you sending this to me? Did 411 00:17:54,400 --> 00:17:56,560 Speaker 2: you have ink? Is that a magazine? I n c. 412 00:17:56,800 --> 00:17:58,359 Speaker 1: It is like a business. Did you have like a 413 00:17:58,359 --> 00:17:59,520 Speaker 1: favorite magazine when you were a kid? 414 00:17:59,560 --> 00:18:01,240 Speaker 2: By the way, Oh, I think do we talk about 415 00:18:01,240 --> 00:18:05,280 Speaker 2: this recently when I was more into I guess technology? Uh? Wired? 416 00:18:05,400 --> 00:18:06,960 Speaker 1: Okay, I like wired? Maga. I think we did talk 417 00:18:06,960 --> 00:18:08,440 Speaker 1: about that. I guess mine. I don't know if I 418 00:18:08,480 --> 00:18:10,760 Speaker 1: mentioned Mark Illustrated, I know, but it was like it 419 00:18:10,800 --> 00:18:13,480 Speaker 1: was a basketball specific magazine. I think I want to 420 00:18:13,480 --> 00:18:15,080 Speaker 1: say it was called Stuff, but I don't remember. It 421 00:18:15,080 --> 00:18:17,440 Speaker 1: was a long time ago, so but I loved loved 422 00:18:17,440 --> 00:18:18,360 Speaker 1: basketball when I was a kid. 423 00:18:18,359 --> 00:18:20,040 Speaker 2: I bet you were all about the what was the 424 00:18:20,240 --> 00:18:25,119 Speaker 2: what was the shoes? Magazine catalog that in like middle school, 425 00:18:25,160 --> 00:18:28,640 Speaker 2: high school. You know what I'm talking about, Babe. Oh 426 00:18:28,680 --> 00:18:31,000 Speaker 2: I loved looking at the basketball shoes too, for sure. 427 00:18:31,000 --> 00:18:33,360 Speaker 2: I knew that was totally yeah. I could totally see 428 00:18:33,359 --> 00:18:34,360 Speaker 2: middle school Joel. 429 00:18:34,160 --> 00:18:37,959 Speaker 1: Right, most definitely, most definitely all right. So, this headlines 430 00:18:37,960 --> 00:18:41,439 Speaker 1: from Entrepreneur magazine reads nearly three and four posts on 431 00:18:41,480 --> 00:18:45,320 Speaker 1: social media with financial advice are misleading, according to a 432 00:18:45,320 --> 00:18:47,880 Speaker 1: new report. So the amount of time matt people spent 433 00:18:47,960 --> 00:18:50,399 Speaker 1: on social media it continues to increase. I think I 434 00:18:50,440 --> 00:18:54,359 Speaker 1: saw yep. Australia just banned social media for kids under 435 00:18:54,359 --> 00:18:57,719 Speaker 1: the age of sixteen. So nice countries are starting to 436 00:18:57,880 --> 00:18:59,960 Speaker 1: take notice and parents are starting to take notice of 437 00:19:00,200 --> 00:19:03,400 Speaker 1: just the dismal impact of too much social media usage. 438 00:19:03,880 --> 00:19:06,600 Speaker 1: You and I we use social media sparingly, I would say, 439 00:19:07,000 --> 00:19:09,240 Speaker 1: and to each their own. Really is how they choose 440 00:19:09,320 --> 00:19:12,280 Speaker 1: to spend their time. But it is important to be 441 00:19:12,359 --> 00:19:17,399 Speaker 1: careful if you're following financial influencers on TikTok, Instagram, whatever 442 00:19:17,440 --> 00:19:20,720 Speaker 1: other social media platform is in vogue these days, and 443 00:19:20,760 --> 00:19:24,240 Speaker 1: TikTok was apparently the worst. In this new report, seventy 444 00:19:24,280 --> 00:19:27,400 Speaker 1: one percent of all the posts that were analyzed were 445 00:19:27,440 --> 00:19:30,679 Speaker 1: found to be misleading. And then let's talk about what 446 00:19:30,720 --> 00:19:33,920 Speaker 1: that means. I guess seven and ten advocated investing in 447 00:19:34,040 --> 00:19:37,040 Speaker 1: specific stocks. So it's people saying, don't like that I 448 00:19:37,080 --> 00:19:39,560 Speaker 1: got the hot pick over here, you should follow me, 449 00:19:40,040 --> 00:19:43,199 Speaker 1: and you too will become rich because this stock is 450 00:19:43,240 --> 00:19:46,080 Speaker 1: going to do far better than silly index funds. Right, 451 00:19:46,400 --> 00:19:48,440 Speaker 1: and so, there were a lot of other ways that 452 00:19:48,760 --> 00:19:51,680 Speaker 1: social media posts can be misleading and social media in 453 00:19:51,720 --> 00:19:53,440 Speaker 1: and of itself, Matt, I guess it can be fun 454 00:19:53,480 --> 00:19:57,680 Speaker 1: at times, but there are a lot We've said this repeatedly. 455 00:19:57,680 --> 00:19:59,639 Speaker 1: There are a lot of well intentioned folks creating content 456 00:19:59,640 --> 00:20:02,560 Speaker 1: out there on the social media platforms, but there are 457 00:20:02,600 --> 00:20:05,960 Speaker 1: also nefarious, self serving creators out there who are pushing 458 00:20:06,119 --> 00:20:09,280 Speaker 1: content out there in order to juice their own returns 459 00:20:09,359 --> 00:20:11,399 Speaker 1: or in order to make a big name for themselves, 460 00:20:11,480 --> 00:20:14,719 Speaker 1: not to help people. So just be careful changing your 461 00:20:14,720 --> 00:20:18,960 Speaker 1: approach to money or changing your investing strategy because of 462 00:20:19,040 --> 00:20:20,480 Speaker 1: the social media videos you're watching. 463 00:20:20,560 --> 00:20:22,320 Speaker 2: Totally, Yeah, I think you're right. I think the term 464 00:20:22,480 --> 00:20:25,119 Speaker 2: misleading is apt here and part of The problem with 465 00:20:25,160 --> 00:20:28,879 Speaker 2: financial content I think on social media is the medium itself, right, Like, 466 00:20:28,920 --> 00:20:31,360 Speaker 2: these are platforms that are built for short form. They're 467 00:20:31,400 --> 00:20:34,920 Speaker 2: built for I grabbing content that are going to attract 468 00:20:34,960 --> 00:20:38,000 Speaker 2: your ADHD mind, and that prevents the ability to dig 469 00:20:38,040 --> 00:20:40,119 Speaker 2: into I'm saying that about myself here as well, not 470 00:20:40,320 --> 00:20:42,760 Speaker 2: like you or our listeners, Like this is just how 471 00:20:42,840 --> 00:20:45,080 Speaker 2: we're wired, and it keeps us you can all get 472 00:20:45,160 --> 00:20:47,560 Speaker 2: hijacked by it. Yeah, it prevents us though, from like 473 00:20:47,640 --> 00:20:50,800 Speaker 2: diving into the specifics and the nuance of what it 474 00:20:50,880 --> 00:20:53,560 Speaker 2: is that you're of, how you should be talking about it, right, 475 00:20:53,600 --> 00:20:56,560 Speaker 2: and so what might start off as solid advice kind 476 00:20:56,560 --> 00:20:59,200 Speaker 2: of ends up being stubpar because there's just not enough 477 00:20:59,200 --> 00:21:02,680 Speaker 2: time to actually dedicate to the specifics. That's why podcasting, 478 00:21:02,880 --> 00:21:04,439 Speaker 2: in our opinion, is the tops. 479 00:21:04,960 --> 00:21:07,080 Speaker 1: But also it's really tough to explain some of these 480 00:21:07,080 --> 00:21:09,800 Speaker 1: concepts in sixty seconds or last it's not even that 481 00:21:09,840 --> 00:21:12,200 Speaker 1: long with the nuance and the gray area that's needed 482 00:21:12,200 --> 00:21:13,800 Speaker 1: to help other people who might not be in the 483 00:21:13,800 --> 00:21:14,680 Speaker 1: same exact position. 484 00:21:14,760 --> 00:21:16,800 Speaker 2: But also it's just it's social media, right, Like, so 485 00:21:17,280 --> 00:21:19,920 Speaker 2: it's like a playground for entertainment. So like, I don't 486 00:21:19,920 --> 00:21:23,720 Speaker 2: think you should necessarily be making decisions with like lots 487 00:21:23,720 --> 00:21:26,000 Speaker 2: of dollar signs attached to them based on something that 488 00:21:26,040 --> 00:21:29,040 Speaker 2: you're seeing on social media, because like there's always been 489 00:21:29,440 --> 00:21:31,800 Speaker 2: snake oil salesman or you know, since like the beginning 490 00:21:31,880 --> 00:21:35,360 Speaker 2: of time. It's just that now that's nicke oil salesmen. 491 00:21:35,560 --> 00:21:37,399 Speaker 2: Like they're twenty two and have a cool haircut and 492 00:21:37,520 --> 00:21:39,080 Speaker 2: like a nice car. They're telling you to buy a 493 00:21:39,080 --> 00:21:39,560 Speaker 2: certain stock. 494 00:21:39,600 --> 00:21:41,800 Speaker 1: Have they rented for like two hours, right, so they 495 00:21:41,800 --> 00:21:44,240 Speaker 1: can look rich exactly in order to impress you and 496 00:21:44,240 --> 00:21:45,680 Speaker 1: make you think they're legit even though they don't know 497 00:21:45,720 --> 00:21:47,560 Speaker 1: what they're talking about. It's the same games, So be 498 00:21:47,600 --> 00:21:49,760 Speaker 1: careful who it is that you follow for financial advice. Yeah, 499 00:21:49,760 --> 00:21:51,720 Speaker 1: and I realized that maybe that sounds a little self serving. 500 00:21:51,720 --> 00:21:54,480 Speaker 1: You should listen to podcasts instead of social media, But 501 00:21:55,200 --> 00:21:57,320 Speaker 1: I think you're right, man. There is something about the 502 00:21:57,320 --> 00:22:01,000 Speaker 1: ability to kind of talk about these these topics in 503 00:22:01,040 --> 00:22:03,640 Speaker 1: a more well rounded and full throated way instead of 504 00:22:03,680 --> 00:22:06,840 Speaker 1: just like hype and puff and all that jazz. Sure, 505 00:22:06,880 --> 00:22:09,119 Speaker 1: all right, let's talk about four oh one K contribution 506 00:22:09,240 --> 00:22:10,080 Speaker 1: limit increases. 507 00:22:10,200 --> 00:22:11,280 Speaker 2: All right, let's get nerdy with it. 508 00:22:11,320 --> 00:22:14,360 Speaker 1: Woo who you mentioned? Actually that there is a subset 509 00:22:14,359 --> 00:22:15,960 Speaker 1: of people who are going to be able to contribute 510 00:22:16,000 --> 00:22:18,000 Speaker 1: a whole lot more to their retirem accounts. Well we'll 511 00:22:18,000 --> 00:22:19,679 Speaker 1: talk about that in just a second. But when you 512 00:22:19,680 --> 00:22:23,960 Speaker 1: look at the irs contribution limit, what they have, they've 513 00:22:24,040 --> 00:22:27,000 Speaker 1: raised how much everybody can can contribute to their four 514 00:22:27,080 --> 00:22:29,840 Speaker 1: on K by five hundred bucks a year. So not 515 00:22:29,960 --> 00:22:33,199 Speaker 1: massive and not like this insane jump. But we in 516 00:22:33,240 --> 00:22:35,879 Speaker 1: twenty twenty four, you can put twenty three thousand dollars 517 00:22:35,920 --> 00:22:39,240 Speaker 1: into your four O on K. Now, your individual contribution 518 00:22:39,280 --> 00:22:41,840 Speaker 1: can be twenty three thousand, five hundred bucks. So hey, 519 00:22:42,000 --> 00:22:43,880 Speaker 1: a little bit of a bump, right, Yeah, I'll take it. 520 00:22:44,119 --> 00:22:46,879 Speaker 1: And I actually saw recently meant that what fourteen percent 521 00:22:46,920 --> 00:22:49,400 Speaker 1: of people maxed out their four on K. I think 522 00:22:49,400 --> 00:22:52,199 Speaker 1: that was some numbers from Vanguard. That's actually higher than 523 00:22:52,200 --> 00:22:53,960 Speaker 1: I would have guessed. Yeah, that's a ton of money 524 00:22:53,960 --> 00:22:56,080 Speaker 1: the funnel, indeed, And so if you're one of those 525 00:22:56,080 --> 00:22:57,960 Speaker 1: folks who does max it out, you've got an extra 526 00:22:58,000 --> 00:23:00,400 Speaker 1: five hundred bucks that you can toss in there, which 527 00:23:00,400 --> 00:23:03,399 Speaker 1: basically means shooting four around the numbers. Here, Matt one 528 00:23:03,800 --> 00:23:05,840 Speaker 1: nine hundred and fifty eight dollars and thirty three cents 529 00:23:06,000 --> 00:23:08,040 Speaker 1: per month. Look at you gett an exact into your 530 00:23:08,080 --> 00:23:10,800 Speaker 1: four to one k, so close, so close to the 531 00:23:10,840 --> 00:23:12,879 Speaker 1: two thousand dollars a month, if only it was a 532 00:23:13,080 --> 00:23:16,399 Speaker 1: round twenty four thousand dollars contribution limit number. There's one 533 00:23:16,440 --> 00:23:18,920 Speaker 1: group of people for whom the contribution limit has increased 534 00:23:19,240 --> 00:23:22,800 Speaker 1: significantly more than the average human thanks to this Cure 535 00:23:22,840 --> 00:23:24,959 Speaker 1: Act two point zero, and that is people who are 536 00:23:25,000 --> 00:23:28,000 Speaker 1: between the ages of sixty and sixty three years old. 537 00:23:28,440 --> 00:23:31,879 Speaker 1: They are allowed to contribute up to eleven two hundred 538 00:23:31,920 --> 00:23:34,919 Speaker 1: and fifty dollars more for a total contribution limit of 539 00:23:35,240 --> 00:23:37,840 Speaker 1: thirty four thousand, seven hundred and fifty dollars. And so 540 00:23:37,920 --> 00:23:40,879 Speaker 1: once they turn sixty four, that dials back to thirty 541 00:23:40,880 --> 00:23:43,800 Speaker 1: one thousand dollars overall, which is weird. 542 00:23:44,200 --> 00:23:47,399 Speaker 2: Don't really understand it. Yeah, makes me think that whoever 543 00:23:47,520 --> 00:23:50,320 Speaker 2: proposed this was somewhere within the age of sixty to 544 00:23:50,359 --> 00:23:50,840 Speaker 2: sixty three. 545 00:23:51,040 --> 00:23:53,359 Speaker 1: Yeah, they're like fifty eight. They're like, I'm gonna turn 546 00:23:53,400 --> 00:23:56,359 Speaker 1: sixty by the time this comes into being perfect for me. 547 00:23:56,840 --> 00:23:58,960 Speaker 1: But this is great news for folks who are late 548 00:23:59,000 --> 00:24:01,520 Speaker 1: to the investing game and they're keen to shovel money 549 00:24:01,800 --> 00:24:05,879 Speaker 1: into tax advantage accounts in larger sums. It kind of 550 00:24:05,920 --> 00:24:07,679 Speaker 1: sounds a little arbitrary and a little weird, but if 551 00:24:07,720 --> 00:24:10,159 Speaker 1: you fall into that camp, hey, you can make up 552 00:24:10,160 --> 00:24:10,680 Speaker 1: for lost time. 553 00:24:10,800 --> 00:24:14,000 Speaker 2: And while four to one K contribution amounts are going up, well, 554 00:24:14,000 --> 00:24:17,400 Speaker 2: the IRA limit is staying firm for most folks at 555 00:24:17,600 --> 00:24:20,280 Speaker 2: seven thousand dollars. It's eight thousand dollars for folks who 556 00:24:20,280 --> 00:24:24,240 Speaker 2: are fifty in older wamp wamp no progress there. So 557 00:24:24,280 --> 00:24:26,560 Speaker 2: the key, though, for everyone listening to the show, is 558 00:24:26,600 --> 00:24:29,720 Speaker 2: to be investing into these accounts regularly and then to 559 00:24:30,320 --> 00:24:33,800 Speaker 2: work on upping those contribution amounts over time. Right, you 560 00:24:33,880 --> 00:24:35,760 Speaker 2: may have just started out investing. You may you may 561 00:24:35,760 --> 00:24:39,199 Speaker 2: not be anywhere near maxing out either account, and that's okay. 562 00:24:39,560 --> 00:24:41,639 Speaker 2: This is a place that we've all been. But the 563 00:24:41,720 --> 00:24:44,679 Speaker 2: goal is to steadily increase the amount of money, the 564 00:24:44,720 --> 00:24:47,840 Speaker 2: percentage that you're investing in your retirement accounts over time, 565 00:24:47,920 --> 00:24:51,560 Speaker 2: and then maybe someday you'll you'll arrive at the promised 566 00:24:51,600 --> 00:24:53,800 Speaker 2: land and end up among the fourteen percent who we're 567 00:24:53,880 --> 00:24:56,640 Speaker 2: maxing out their four one ks each year. But until then, 568 00:24:56,760 --> 00:24:58,800 Speaker 2: just you know, keep moving in the right direction, because 569 00:24:58,840 --> 00:25:01,440 Speaker 2: I think those times any little baby steps that incremental 570 00:25:01,480 --> 00:25:04,160 Speaker 2: progress a little bit better every day. Just a one 571 00:25:04,200 --> 00:25:05,919 Speaker 2: percent increase that makes a real difference. 572 00:25:06,000 --> 00:25:10,040 Speaker 1: Yeah, people solidly underestimate, Matt the power of like super 573 00:25:10,080 --> 00:25:12,840 Speaker 1: duper small changes. And I think you're right. If more 574 00:25:12,880 --> 00:25:15,399 Speaker 1: listeners would maybe literally today, go into the back end 575 00:25:15,440 --> 00:25:18,280 Speaker 1: of their account, the four one K account through work 576 00:25:18,400 --> 00:25:21,280 Speaker 1: or they're the automatic contributions they make maybe to their 577 00:25:21,480 --> 00:25:23,760 Speaker 1: traditional or roth ira, and just increase it by a 578 00:25:23,760 --> 00:25:25,639 Speaker 1: little twenty bucks a month or one percent into your 579 00:25:25,640 --> 00:25:29,400 Speaker 1: four one K. You might not notice a significant decrease 580 00:25:29,480 --> 00:25:32,080 Speaker 1: in the size of your check, but those little bits 581 00:25:32,119 --> 00:25:34,320 Speaker 1: really do add up and make a big difference. And 582 00:25:34,359 --> 00:25:36,680 Speaker 1: if you can do that, let's say, on repeat once 583 00:25:36,720 --> 00:25:39,320 Speaker 1: a year or once every six months, even that the 584 00:25:39,440 --> 00:25:42,240 Speaker 1: kind of impact you can have on your financial future 585 00:25:42,440 --> 00:25:45,199 Speaker 1: is significant. It's massive. A one percent change or a 586 00:25:45,200 --> 00:25:47,200 Speaker 1: one degree change in like a rudder on a ship. 587 00:25:47,480 --> 00:25:49,800 Speaker 1: It starts out really really small, and you're like, you're 588 00:25:49,840 --> 00:25:53,320 Speaker 1: barely off course, but six days later you're in Tahiti 589 00:25:53,440 --> 00:25:55,160 Speaker 1: when you were trying to go to Antarctica or something 590 00:25:55,200 --> 00:25:58,320 Speaker 1: like that. And so I think that's, yeah, it's solidly underestimated, 591 00:25:58,359 --> 00:25:58,680 Speaker 1: for sure. 592 00:25:58,760 --> 00:26:01,160 Speaker 2: Totally agree, Man, right, Let's talk about a job market, 593 00:26:01,160 --> 00:26:04,040 Speaker 2: Because just a couple of years ago, changing jobs was 594 00:26:04,080 --> 00:26:06,159 Speaker 2: all the rage. Dude, like that was how you got paid. 595 00:26:06,400 --> 00:26:07,720 Speaker 2: All you had to do is just hop over to 596 00:26:07,800 --> 00:26:10,200 Speaker 2: a you know, a different company, hop over to that competitor. 597 00:26:10,359 --> 00:26:13,000 Speaker 2: The labor market was on fire. Workers were in such 598 00:26:13,080 --> 00:26:17,080 Speaker 2: high demand that job switches they're being essentially like overwhelmed 599 00:26:17,160 --> 00:26:20,240 Speaker 2: with cash for jumping ship. And while the labor market 600 00:26:20,280 --> 00:26:23,280 Speaker 2: it is still solid unapployment, it is incredibly low. That 601 00:26:23,400 --> 00:26:25,800 Speaker 2: being said, job hopping is not going to get you 602 00:26:25,840 --> 00:26:29,520 Speaker 2: paid nearly as much these days. The gap between switching 603 00:26:29,680 --> 00:26:32,760 Speaker 2: and staying it was nine percent a couple of years back. 604 00:26:32,840 --> 00:26:35,719 Speaker 2: Now it is down to one point five percent. This 605 00:26:35,760 --> 00:26:39,399 Speaker 2: is according to ADP, the you know, the payroll company, 606 00:26:39,760 --> 00:26:42,280 Speaker 2: and that's obviously just an average. I think there are 607 00:26:42,320 --> 00:26:45,040 Speaker 2: folks out there who can be smart about it. I 608 00:26:45,040 --> 00:26:46,960 Speaker 2: think savvy folks out there can still get paid a 609 00:26:46,960 --> 00:26:50,119 Speaker 2: decent chunk more by not staying put and looking around 610 00:26:50,119 --> 00:26:53,080 Speaker 2: to the different carrots that are being dangled out there. 611 00:26:53,280 --> 00:26:55,639 Speaker 2: It's just that it's not as easy. It's not nearly 612 00:26:55,640 --> 00:26:57,720 Speaker 2: as easy to pull off at the you know, the 613 00:26:57,720 --> 00:27:01,399 Speaker 2: tail end of Now this year versus as it was 614 00:27:01,440 --> 00:27:03,320 Speaker 2: like back in like spring of twenty twenty two. 615 00:27:03,440 --> 00:27:05,679 Speaker 1: Yeah, those were hot times right there for anything. And 616 00:27:05,720 --> 00:27:08,560 Speaker 1: we heard from a fairmut of listeners who cause we 617 00:27:08,560 --> 00:27:10,000 Speaker 1: were talking about that at the time. Hey, guess what, 618 00:27:10,040 --> 00:27:13,439 Speaker 1: this is a phenomenon that's probably going to be semi 619 00:27:13,480 --> 00:27:16,120 Speaker 1: short lived, and if you took advantage of it, you 620 00:27:16,280 --> 00:27:17,679 Speaker 1: might have found that you were able to increase your 621 00:27:17,680 --> 00:27:19,800 Speaker 1: paycheck maybe by nine or ten percent. But a lot 622 00:27:19,840 --> 00:27:22,240 Speaker 1: of other folks twenty thirty forty percent of cos and 623 00:27:22,280 --> 00:27:24,959 Speaker 1: pay they made hay while the sunshine and I think 624 00:27:24,960 --> 00:27:27,320 Speaker 1: you're right to point out method other people can still 625 00:27:27,359 --> 00:27:30,080 Speaker 1: do that, even though the numbers say on average, it's 626 00:27:30,119 --> 00:27:33,919 Speaker 1: not as impactful financially to switch jobs. On the job's note, 627 00:27:34,119 --> 00:27:38,760 Speaker 1: job scams are proliferating and they're targeting younger workers. This 628 00:27:38,800 --> 00:27:42,400 Speaker 1: is according to a recent FTC press release. The way 629 00:27:42,440 --> 00:27:45,280 Speaker 1: it works, according to the FTC, is that you get 630 00:27:45,280 --> 00:27:47,840 Speaker 1: an email saying that you've been recommended for a job 631 00:27:47,920 --> 00:27:50,000 Speaker 1: from a former professor or from someone you know. And 632 00:27:50,119 --> 00:27:52,080 Speaker 1: that's why you know it's targeting young folks. It's like, Hey, 633 00:27:52,080 --> 00:27:54,480 Speaker 1: your professor just recommended to you for this job. You're like, 634 00:27:54,480 --> 00:27:57,640 Speaker 1: oh cool, he or she was so sweet. That's really 635 00:27:57,720 --> 00:27:59,920 Speaker 1: nice of them to think of me. And this establishedes 636 00:28:00,040 --> 00:28:02,280 Speaker 1: some trust. It's like, hey, we're in contact with someone 637 00:28:02,320 --> 00:28:06,240 Speaker 1: you know already. Then the company, the fake company, asked 638 00:28:06,240 --> 00:28:08,520 Speaker 1: you to fill out an application to come on board, 639 00:28:08,920 --> 00:28:11,399 Speaker 1: and they might try to weasel out enough info to 640 00:28:11,440 --> 00:28:14,720 Speaker 1: steal your identity or some of your bank account information 641 00:28:14,840 --> 00:28:18,080 Speaker 1: in that application, or they might tell you that you're 642 00:28:18,160 --> 00:28:20,280 Speaker 1: hired and then send you a check to cover the 643 00:28:20,320 --> 00:28:23,000 Speaker 1: cost of work from home equipment, because Matt, everybody's working 644 00:28:23,000 --> 00:28:24,720 Speaker 1: from home, and hey, you need a computer to get 645 00:28:24,720 --> 00:28:26,480 Speaker 1: set up on the network and all that stuff. You know. 646 00:28:26,520 --> 00:28:29,040 Speaker 2: One of the guys they profiled in here actually had 647 00:28:29,040 --> 00:28:32,159 Speaker 2: an interview that was done over Microsoft teams. Yeah, and 648 00:28:32,440 --> 00:28:34,960 Speaker 2: I think another reason that they're targeting younger folks is 649 00:28:34,960 --> 00:28:36,920 Speaker 2: that they're just used to living so much of their 650 00:28:37,000 --> 00:28:39,160 Speaker 2: conducting a lot of their life online and. 651 00:28:39,360 --> 00:28:40,760 Speaker 1: I never need to meet my employer in person. 652 00:28:40,840 --> 00:28:42,600 Speaker 2: They're like, oh, yeah, that's totally normal. Yeah, they didn't 653 00:28:42,640 --> 00:28:43,880 Speaker 2: bat an eyelash, understandable. 654 00:28:43,880 --> 00:28:45,880 Speaker 1: We do everything online. We buy cars online, which fifteen 655 00:28:45,920 --> 00:28:47,680 Speaker 1: years ago people would have said is insane. No one's 656 00:28:47,680 --> 00:28:48,520 Speaker 1: going to buy cars online. 657 00:28:48,520 --> 00:28:51,120 Speaker 2: But we do, but we do them from legitimate sites, right, 658 00:28:51,320 --> 00:28:53,880 Speaker 2: not from something that shows up in your inbox exactly, 659 00:28:53,920 --> 00:28:55,960 Speaker 2: here's a car to buy, right, That's kind of the 660 00:28:56,000 --> 00:28:56,560 Speaker 2: key difference here. 661 00:28:56,600 --> 00:28:58,200 Speaker 1: So what happens when you get sent this check? You're like, 662 00:28:58,240 --> 00:28:59,720 Speaker 1: oh cool, great, now it's time for me to go 663 00:28:59,720 --> 00:29:02,440 Speaker 1: buy a computer. Let me deposit the check. Well, then 664 00:29:02,800 --> 00:29:05,520 Speaker 1: ask you actually to send money back via zell or 665 00:29:05,600 --> 00:29:08,720 Speaker 1: Venmo red flag, red Flag, red flag. 666 00:29:08,480 --> 00:29:10,280 Speaker 2: Classic scam, just in a new flavor. 667 00:29:10,320 --> 00:29:12,920 Speaker 1: And then the check they sent you later bounces. So 668 00:29:13,400 --> 00:29:18,000 Speaker 1: look carefully at the email address that you're getting propositioned from. 669 00:29:18,400 --> 00:29:21,040 Speaker 1: Don't click on links that come in from email addresses 670 00:29:21,120 --> 00:29:23,360 Speaker 1: you don't know, and don't ever give out your bank 671 00:29:23,400 --> 00:29:26,800 Speaker 1: account information or send money to any employer, even if 672 00:29:26,800 --> 00:29:28,880 Speaker 1: it sounds like it's for legitimate reason. 673 00:29:28,960 --> 00:29:30,320 Speaker 2: Yeah, have you ever had a job or you had 674 00:29:30,320 --> 00:29:32,040 Speaker 2: to send your employer money, Joel? 675 00:29:32,120 --> 00:29:34,920 Speaker 1: No, Now, typically it should be the other way around, right, 676 00:29:35,040 --> 00:29:35,880 Speaker 1: they should be paying you. 677 00:29:36,040 --> 00:29:39,040 Speaker 2: And I don't want people to be overly paranoid, but like, 678 00:29:39,440 --> 00:29:40,800 Speaker 2: I don't know, I think some folks might even be 679 00:29:40,840 --> 00:29:43,880 Speaker 2: hesitant to fill out any information. Just verify it independently, 680 00:29:43,960 --> 00:29:46,320 Speaker 2: verify so if it's a company that you think you 681 00:29:46,400 --> 00:29:48,960 Speaker 2: might have an interview with, proactively reach out to that 682 00:29:48,960 --> 00:29:53,520 Speaker 2: company by pulling up their website independently clicking on HR, 683 00:29:53,840 --> 00:29:56,200 Speaker 2: giving them a call. If it's a professor, if they're 684 00:29:56,240 --> 00:29:57,960 Speaker 2: reaching out to you, I'm guessing you've got some sort 685 00:29:58,000 --> 00:30:00,959 Speaker 2: of connection to them. It's like look up the school 686 00:30:01,000 --> 00:30:03,720 Speaker 2: website and find their phone number, like actually call them, 687 00:30:03,800 --> 00:30:06,120 Speaker 2: or you know, if you're near campus, like go to 688 00:30:06,320 --> 00:30:08,400 Speaker 2: go on campus and like talk to Like there's just 689 00:30:08,440 --> 00:30:10,920 Speaker 2: so many different ways to independently verify this and not 690 00:30:11,040 --> 00:30:13,320 Speaker 2: just and the main thing is put your head kind 691 00:30:13,320 --> 00:30:15,720 Speaker 2: of in the sand and like it's it's wishful thinking, right, 692 00:30:16,160 --> 00:30:17,440 Speaker 2: Like that's why you kind of fall for it. 693 00:30:17,480 --> 00:30:20,000 Speaker 1: You might get duped briefly on the front end, but 694 00:30:20,440 --> 00:30:23,600 Speaker 1: don't ever send any mony money, especially because there's no 695 00:30:23,640 --> 00:30:25,680 Speaker 1: way of calawing that money back. And if someone ever 696 00:30:25,760 --> 00:30:28,000 Speaker 1: asked you to do that, the answer is now okay. 697 00:30:28,000 --> 00:30:30,200 Speaker 2: So while we're talking about getting hired, let's talk about 698 00:30:30,240 --> 00:30:32,600 Speaker 2: getting fired, well, not fired, how about retired? 699 00:30:34,400 --> 00:30:35,160 Speaker 1: Talking about it all. 700 00:30:35,040 --> 00:30:37,440 Speaker 2: Matt, it turns out older Americans are more keen on 701 00:30:37,720 --> 00:30:41,280 Speaker 2: retiring early. Ish. There's a there's a new study from 702 00:30:41,360 --> 00:30:43,360 Speaker 2: the New York Fed, and they find that American workers 703 00:30:43,400 --> 00:30:46,200 Speaker 2: think that there is a forty six percent chance that 704 00:30:46,200 --> 00:30:48,600 Speaker 2: they're still going to be working full time after the 705 00:30:48,640 --> 00:30:51,320 Speaker 2: age of sixty two. Back in twenty sixteen, it wasn't 706 00:30:51,320 --> 00:30:54,200 Speaker 2: forty six percent. It was fifty eight percent of folks 707 00:30:54,280 --> 00:30:57,000 Speaker 2: thought that they would be working full time past that age. 708 00:30:57,440 --> 00:30:59,680 Speaker 2: And so there's going to be on a beach earlier. Yeah, 709 00:30:59,680 --> 00:31:02,200 Speaker 2: there's a shift here, And depending on your personal goals, 710 00:31:02,240 --> 00:31:06,120 Speaker 2: how you've done saving and investing, that can easily be achievable. 711 00:31:06,320 --> 00:31:06,520 Speaker 1: You know. 712 00:31:06,680 --> 00:31:08,840 Speaker 2: Like when I see these stats, like I want to 713 00:31:08,880 --> 00:31:11,240 Speaker 2: tell people to hope for meaningful work at the back 714 00:31:11,320 --> 00:31:14,680 Speaker 2: end of their career, but financially planned for not being there. 715 00:31:14,880 --> 00:31:16,880 Speaker 2: But I think I can't help but to think of 716 00:31:16,920 --> 00:31:19,920 Speaker 2: the pandemic and just how much that changed how it is, 717 00:31:20,200 --> 00:31:23,960 Speaker 2: especially older Americans view their work because the world seemed 718 00:31:23,960 --> 00:31:25,480 Speaker 2: like it was crumbling, And I feel like talking about 719 00:31:25,480 --> 00:31:27,880 Speaker 2: the pandemic is like not in vogue anymore, Like and right, 720 00:31:28,240 --> 00:31:30,760 Speaker 2: I understand why it was like a terrible time we wanted. 721 00:31:30,960 --> 00:31:32,160 Speaker 2: I think there's a lot of us that want to 722 00:31:32,200 --> 00:31:34,520 Speaker 2: completely block that from our minds and completely ignore it. 723 00:31:34,520 --> 00:31:36,320 Speaker 2: But I think we do that at our own peril, 724 00:31:36,560 --> 00:31:38,800 Speaker 2: But during that period of time, we're able to recognize 725 00:31:38,840 --> 00:31:41,240 Speaker 2: that there are some more important things in life than 726 00:31:41,640 --> 00:31:43,760 Speaker 2: being a participant in the rat race right where you're 727 00:31:43,840 --> 00:31:47,000 Speaker 2: going from one achievement, one promotion to the next, or 728 00:31:47,040 --> 00:31:49,120 Speaker 2: from one flat screen to another as you're trying to 729 00:31:49,120 --> 00:31:52,480 Speaker 2: like buy your way to life satisfaction and happiness, and. 730 00:31:52,520 --> 00:31:55,200 Speaker 1: I'm saying a ninety eight inch TV doesn't provide life satisfaction. 731 00:31:55,880 --> 00:31:58,160 Speaker 1: I think we were able to agree to disagreement, to. 732 00:31:58,040 --> 00:32:02,760 Speaker 2: Realize that there are more important things in life, you know, relationships, family, 733 00:32:03,640 --> 00:32:06,760 Speaker 2: like a higher calling, like self sacrificing, to be able 734 00:32:06,800 --> 00:32:09,120 Speaker 2: to provide for others, just different things that bring so 735 00:32:09,200 --> 00:32:12,240 Speaker 2: much more meaning in life. But oftentimes we don't take 736 00:32:12,360 --> 00:32:14,760 Speaker 2: enough time out of our lives to think about what 737 00:32:14,840 --> 00:32:17,040 Speaker 2: those things are. And something else that we had during 738 00:32:17,080 --> 00:32:20,640 Speaker 2: the pandemic not only sort of this fear that maybe 739 00:32:20,760 --> 00:32:23,040 Speaker 2: things weren't going as planned in the world, like maybe 740 00:32:23,040 --> 00:32:24,600 Speaker 2: we're hoping, but we also had a lot of time 741 00:32:24,920 --> 00:32:28,080 Speaker 2: on our hands. And that's one thing that I don't 742 00:32:28,160 --> 00:32:30,840 Speaker 2: like about having resumed quote unquote normal, is that we're 743 00:32:30,880 --> 00:32:33,760 Speaker 2: also resuming the pace at which we're living life, which 744 00:32:33,880 --> 00:32:36,680 Speaker 2: leading frantic pace, which leads to us not really thinking 745 00:32:36,880 --> 00:32:39,800 Speaker 2: through some of these bigger questions in life. And that's 746 00:32:39,880 --> 00:32:42,960 Speaker 2: one thing that I actually appreciated during the pandemic was 747 00:32:43,120 --> 00:32:45,720 Speaker 2: sort of that refocus and the ability to pursue the 748 00:32:45,760 --> 00:32:48,800 Speaker 2: things that ultimately might bring about happiness for us. 749 00:32:49,120 --> 00:32:51,280 Speaker 1: I think kind of what you said earlier on you 750 00:32:51,320 --> 00:32:55,320 Speaker 1: said something essentially planning for the worst but hoping for 751 00:32:55,360 --> 00:32:57,800 Speaker 1: the best when it comes to employment in those later years. 752 00:32:57,920 --> 00:33:00,200 Speaker 1: And I think that's like a really good tax to 753 00:33:00,240 --> 00:33:03,920 Speaker 1: take because you want to save and invest, like you 754 00:33:03,960 --> 00:33:06,440 Speaker 1: won't have a job that you love in your sixties. 755 00:33:06,960 --> 00:33:09,040 Speaker 1: You want to have that kind of financial freedom. But 756 00:33:09,160 --> 00:33:11,120 Speaker 1: if you love what you do, man keep doing it, 757 00:33:11,200 --> 00:33:13,880 Speaker 1: keep enjoying. That's that's the way that you'reat life. 758 00:33:13,920 --> 00:33:17,040 Speaker 2: To define that fulfilment, yeah, is by keeping yourself occupied. 759 00:33:17,040 --> 00:33:19,480 Speaker 2: And it maybe is not kicking back holding a drink 760 00:33:19,520 --> 00:33:21,840 Speaker 2: on the beach or on the golf course, whatever it 761 00:33:21,920 --> 00:33:26,760 Speaker 2: is that is like the quintessential stereotypical retirement. Maybe that 762 00:33:26,920 --> 00:33:28,720 Speaker 2: that's not what it's what's in store for you, But 763 00:33:28,760 --> 00:33:30,360 Speaker 2: you got to figure out what it is for you 764 00:33:30,400 --> 00:33:32,440 Speaker 2: individually that's going to move the needle, no doubt. 765 00:33:32,720 --> 00:33:35,400 Speaker 1: All right, Matt, that's it for today's Friday flight. We 766 00:33:35,760 --> 00:33:38,280 Speaker 1: will link to some of the stories we mentioned in 767 00:33:38,320 --> 00:33:41,240 Speaker 1: the show notes up on the site at howtomoney dot com. 768 00:33:41,280 --> 00:33:41,760 Speaker 1: That's right. 769 00:33:41,800 --> 00:33:44,360 Speaker 2: We hope everyone has a fantastic weekend. We hope you 770 00:33:44,360 --> 00:33:47,360 Speaker 2: have enjoy a long weekend. Veterans Day heads up, Well, 771 00:33:47,400 --> 00:33:48,320 Speaker 2: that's on Monday. 772 00:33:48,040 --> 00:33:49,560 Speaker 1: Although we'll still have a new episode up for you. 773 00:33:49,560 --> 00:33:50,640 Speaker 1: That's right, so you can. 774 00:33:50,560 --> 00:33:53,200 Speaker 2: Look forward to that in your podcatchers. But until next time, 775 00:33:53,520 --> 00:34:07,400 Speaker 2: best friends Out, Best Friends Out.