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

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Speaker 1: we're talking about people being content to rent, we're going

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Speaker 1: to offer a gift card caution, and we're gonna talk

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Speaker 1: about bitcoin bowls.

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Speaker 2: That's right, buddy. This is our Friday Flights, our weekly

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Speaker 2: roundup of personal finance news out there, specifically how we

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Speaker 2: think it's going to impact your money. But should we

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Speaker 2: go ahead and tell folks about this news site that

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Speaker 2: we came across that launched recently, Gallion.

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Speaker 1: It's a I don't even know where I saw it,

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Speaker 1: but I was like, oh, this is really interesting and

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Speaker 1: just kind of allows people to list their own home

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Speaker 1: for sale, and they're kind of trying to create their

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Speaker 1: own marketplace, avoiding the National Association of Realtor stranglehold the

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Speaker 1: mls US, which has been kind of the lynchpin to

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Speaker 1: where people can buy and sell homes and how homes

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Speaker 1: get kind of thrown out there into the ether when

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Speaker 1: they're for sale. And matt Zilla used to have this feature.

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Speaker 1: I don't know if they still do make me move.

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Speaker 1: Is that still on the site.

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Speaker 2: Oh, I definitely remember it. Yeah, I'll be honest, I

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Speaker 2: haven't spent as much time on Zilla which is probably

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Speaker 2: a good thing for mental health.

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Speaker 1: Well, I used to love that feature because I think

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Speaker 1: at some point there is a price that I'm willing

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Speaker 1: to accept right for a home, even the home I'm

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Speaker 1: living in, even if I love it. Well, if someone

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Speaker 1: wants to come off me like two million dollars tomorrow.

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Speaker 2: Okay, sure as well just stick up there for five

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Speaker 2: million if someone's willing to pay that.

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Speaker 1: No one would have paid me five million for it.

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Speaker 1: But like, I like that kind of idea that you

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Speaker 1: can at least kind of name a price if somebody says,

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Speaker 1: I'm desperate enough for the place that you live in

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Speaker 1: that I'll pay it. Boom, Like you're able to find

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Speaker 1: a place where buyer and seller are willing to meet.

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Speaker 1: And it seems like Gallion is kind of trying to

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Speaker 1: create that marketplace and I think it's neat.

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Speaker 2: Yeah, searched our area. There's a couple dozen homes where.

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Speaker 2: It's actually kind of funny too, because you can see

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Speaker 2: how it's like there's little pockets of listings and it's

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Speaker 2: like someone learns about it and then they tell a

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Speaker 2: couple of their friends and they also get their house

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Speaker 2: up there as well. I mean, bottom line the more

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Speaker 2: competitors there are in the space, the more people are

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Speaker 2: a going to be talking about it. But then just

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Speaker 2: there's just more competition, and I think more folks are

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Speaker 2: going to be willing to go out there quote unquote,

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Speaker 2: go out on a limb, as opposed to kind of

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Speaker 2: going with the more traditional model of going with a

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Speaker 2: listing agent, having an agent who's looking for a home

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Speaker 2: on your behalf, because let's be honest, I don't know

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Speaker 2: about I mean I do know actually about you, Like

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Speaker 2: you are not only looking at the homes that your

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Speaker 2: realtor sends you. You are getting out there yourself, right,

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Speaker 2: and so like the model has completely changed, at least

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Speaker 2: when it comes to the work that's being provided, but

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Speaker 2: the commission hasn't changed. And that's what that's the biggest

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Speaker 2: sticking point. It's not that we don't think that realtors

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Speaker 2: are providing value, it's just that maybe the way that

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Speaker 2: they should be compensated should change. I still think that

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Speaker 2: there is going to be a space a market for realtors.

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Speaker 2: It's still the most of item most people are ever

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Speaker 2: going to purchase. But I think there's a lot of

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Speaker 2: room in between four folks who maybe are looking at

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Speaker 2: like a first time home purchase where they're not spending

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Speaker 2: a ton of money, where they are going to be

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Speaker 2: a little more engaged in the home search process.

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Speaker 1: But I think this site, at least what it's trying

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Speaker 1: to do is go to the complete opposite and end

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Speaker 1: of those spectruments and just line up buyers and sellers

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Speaker 1: together through online listings on Gallion's website specifically, and maybe

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Speaker 1: at least for some people they'll be able to find

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Speaker 1: their perfect match. They'll be able to avoid paying any

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Speaker 1: real circ commission. And if this does reach critical mass

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Speaker 1: where enough people are listing properties and searching for properties,

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Speaker 1: this could be like a new way forward.

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Speaker 2: Yeah, and again, even the fact that it exists, I

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Speaker 2: think it can be promising and hopefully can open up

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Speaker 2: the housing market as things have slowed down significantly. Let's

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Speaker 2: keep talking about housing, Joel. Sixty percent of people thought

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Speaker 2: it was smart to buy a home four years ago, right,

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Speaker 2: so sixty percent. Then only twenty percent think it's a

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Speaker 2: smart move today, and man, rightly so. Starter homes they

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Speaker 2: cost more than a million dollars in a ton of

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Speaker 2: different cities around the country. That's crazy to think, right,

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Speaker 2: It's like, yeah, what kind of job you have to

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Speaker 2: be able to afford a million dollar, million dollar starter home.

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Speaker 2: Sticky high rates, they actually taken the wind out of

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Speaker 2: the sales of a lot of folks as well, meaning

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Speaker 2: they are becoming more content to rent for the time being.

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Speaker 2: There's your I like the rhyming better than the alliteration personally,

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Speaker 2: but the truth is, in most markets around the country,

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Speaker 2: you can rent the home that's equivalent to what you

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Speaker 2: could buy and pay far less every single month, and

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Speaker 2: by doing that, you retain that flexibility because you can

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Speaker 2: always opt to buy if marketing conditions change. And of

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Speaker 2: course you don't have you don't have the maintenance, you

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Speaker 2: don't have the repairs to worry about. So if you

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Speaker 2: are in the twenty percent camp of folks who want

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Speaker 2: to own a home, I totally get it. But renting

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Speaker 2: maybe a little bit longer in order to juice your

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Speaker 2: savings and hopes that barring rates, they you know, hoping

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Speaker 2: that they'll take down or maybe if supply tacks up,

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Speaker 2: or actually both would ideally happen at the same time.

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Speaker 2: That could still be the best financial move right now

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Speaker 2: for a lot of folks.

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Speaker 1: Yeah, I hate them, maybe dismay that people feel like,

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Speaker 1: all right, I guess I'm gonna take buying off the table.

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Speaker 1: But I also think in a lot of ways it's

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Speaker 1: smart because the market is pretty ridiculous. As someone who's

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Speaker 1: especially for first time home buy it's if you're selling

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Speaker 1: one home buying another one, I think it's like, oh, well,

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Speaker 1: at least I'm making out like a bandit on the

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Speaker 1: sale potentially, and even though I'm paying out the nose

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Speaker 1: for the next house. But it makes us a whole

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Speaker 1: lot of sense financially speaking, for a lot of folks

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Speaker 1: to say, you know what, I'm gonna wait to buy

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Speaker 1: for the time being. Another reason I think to be

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Speaker 1: dubious of buying a home these days is rising home owners'

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Speaker 1: association fees. Some homeowners Matt they're seeing just ridiculous increases

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Speaker 1: in their HOA dues. And this again, this kind of

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Speaker 1: makes sense too. It jives with what's going on. The

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Speaker 1: cost of insurance has risen significantly, so is the cost

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Speaker 1: of repairs and maintenance and so up keep for the pool,

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Speaker 1: the tennis court, it's all that kind of the common areas.

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Speaker 1: It's not as cheap as it used to be. And

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Speaker 1: you know, for associations that weren't good at planning. Some

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Speaker 1: are really good at planning. They've got money banked and

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Speaker 1: they've been, you know, just raising hoadus steadily over the years. Well,

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Speaker 1: those year over year bumps might not be too bad,

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Speaker 1: but for a lot of other associations who weren't good

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Speaker 1: at planning, those bumps can be significant or worse. Maybe

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Speaker 1: there's some sort of special assessment that gets levied that

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Speaker 1: can be thousands and thousands of dollars. Those can be considerable.

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Speaker 1: And then you know, I know, some folks prefer to

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Speaker 1: live in neighborhoods that have in HOA. They like the

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Speaker 1: well maintained public spaces. They like the idea that their

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Speaker 1: neighbor can't paint their door hot pink or something like that.

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Speaker 1: But it's called self expression, I know. But in hoa's

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Speaker 1: you're not allowed to have that self expression. So I

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Speaker 1: think a warning here, just be careful before buying a

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Speaker 1: home in a neighborhood that has an HOA, or buying

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Speaker 1: a condo right where there's a homeowner's association, which are

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Speaker 1: typically is in condo communities. It's harder to do these

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Speaker 1: days with I think a third of homes are a

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Speaker 1: part of an HOA, and when we're talking about new builds,

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Speaker 1: the vast majority are. But if you're going to do that,

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Speaker 1: if you are going to buy a home that does

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Speaker 1: have a homeowners association, dig into the financials of the

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Speaker 1: HOA before you buy, because you might be like, oh,

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Speaker 1: this is a reasonably priced monthly fee. Well, it might

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Speaker 1: not stay there for long. There was a local example,

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Speaker 1: Matt of a twenty nine thousand dollars assessment per person

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Speaker 1: in the community to fix a dam that was owned

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Speaker 1: by the community. And that's just shocking. I mean, we've

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Speaker 1: seen what happened has happened in Florida too, homeowners associations

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Speaker 1: jacking up rates significantly. So hoa's they can be good

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Speaker 1: and they can help protect your home value, but they

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Speaker 1: can also be quite expensive.

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Speaker 2: Yeah. So what do you think about manufactured homes as

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Speaker 2: being a potential solution. Prefab manufactured homes they get hauled

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Speaker 2: on site, you know, normally they're like split down the middle, yeah,

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Speaker 2: and then they I guess get bolted together.

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Speaker 1: I think those have come a long way actually in

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Speaker 1: recent years, and maybe twenty years ago, it wasn't, as

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Speaker 1: you know, worthwhile a solution. But no, I guess I

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Speaker 1: think they could be part of the solution to high

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Speaker 1: housing costs.

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Speaker 2: Yeah, it makes me so. We on the show, we've

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Speaker 2: talked before about the problems with nimbiism, you know, where

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Speaker 2: folks who are like not in my backyard. We've talked

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Speaker 2: about zoning laws that prevent building new homes in much

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Speaker 2: of the country without a lengthy process, and those remain

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Speaker 2: hurdles to increased building. And if we as a country

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Speaker 2: incentivize adding more supply, I think that would reduce prices

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Speaker 2: over time. But manufactured homes, I think that could actually

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Speaker 2: be a part of the solution as well. It's funny

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Speaker 2: how things have changed over like one hundred years, because

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Speaker 2: like the Seers catalog where you could buy the home kits,

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Speaker 2: like our old neighborhood that we used to live in,

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Speaker 2: I think like half of the homes, half of the

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Speaker 2: bungalows in that neighborhood were essentially you could look at

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Speaker 2: some of the old Seers kits and see your home

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Speaker 2: an illustrated version that was one hundred years old, yeah,

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Speaker 2: drawn in there.

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Speaker 1: And those kits what used to cost like one thousand bucks.

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Speaker 1: I mean those insane to think about how cheap and

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Speaker 1: how cool those homes actually are.

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Speaker 2: They look really cool. But those days are seeing a resurgence.

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Speaker 2: You can buy a manufactured home on Amazon. You can

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Speaker 2: even buy one on Facebook, although you know they I

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Speaker 2: don't think they hold a candle to the old bungalows

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Speaker 2: of your But zoning laws all right, So it comes

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Speaker 2: full circle here. Zoning laws often prevent folks from putting

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Speaker 2: up manufactured homes on their property. So if you are

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Speaker 2: living in a community, I can understand why some folks

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Speaker 2: are wanting something that's not like cookie cutter homes, but

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Speaker 2: something that feels a little more uniform and where you

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Speaker 2: can't just stick whatever you want on that property.

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Speaker 1: But especially if you are.

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Speaker 2: Further out, the ability to spend significantly less on a

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Speaker 2: manufactured home, I think that could be just an awesome

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Speaker 2: way to consider saving a ton of money. Just make

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Speaker 2: sure to check local rules. But new building methods as

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Speaker 2: well as manufactured homes, I think could if done in

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Speaker 2: conjunction with zoning reform, it could provide a lot of

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Speaker 2: relief on the home buying front as folks are looking

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Speaker 2: to especially if for folks who are looking to get

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Speaker 2: their first place.

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Speaker 1: Yeah, it's like we have to look into all of

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Speaker 1: those areas. Let's keep talking about real estate, Matt. There's

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Speaker 1: something that people are doing in order to combat the

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Speaker 1: high cost of real estate where they live, and this

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Speaker 1: is actually something that I think is ill advised, and

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Speaker 1: it is buying a home with friends. So people are

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Speaker 1: pulling their assets together. They're saying, hey, Sarah, hey Steve,

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Speaker 1: whatever your best friend's name is, and they say, I

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Speaker 1: can't afford a home on my own. I know you

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Speaker 1: want to buy a home too. Why don't we, with

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Speaker 1: the money that we've both been able to save, put

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Speaker 1: this down payment on a single family home and we'll

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Speaker 1: both we'll co own it.

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Speaker 2: What could go wrong?

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Speaker 1: What could go wrong? Right? And when you look at

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Speaker 1: the stats, there's a lot more people who are actually

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Speaker 1: opting to do this. This is kind of it's a

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Speaker 1: trend these days, I think, Matt. Part of that has

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Speaker 1: to do with people getting married later in life, and

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Speaker 1: so they're like, I don't know, sure, I'm in my

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Speaker 1: late twenties. Why not buy a home with a friend,

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Speaker 1: since maybe I'm punting marriage until my mid thirties. And

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Speaker 1: the next thing you know, you're making offers together, but

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Speaker 1: getting into that purchase is actually fairly easy if you

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Speaker 1: have the funds and you have the desire. The tough

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Speaker 1: thing is getting out of the purchase, right. It's so

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Speaker 1: much harder to get out than it is to get in.

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Speaker 1: And so if living together with the person you have

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Speaker 1: bought this home with isn't working out, or even if

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Speaker 1: you just want a portion of the equity because you're

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Speaker 1: moving for a job, or that you do decide to

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Speaker 1: get married, your co owner or co owners, if you're

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Speaker 1: doing this with multiple people and not just one other

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Speaker 1: person might not be in the financial position to oblige

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Speaker 1: your whim. They might say, oh, sorry, I can't actually

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Speaker 1: by this portion of the home out, or we'd have

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Speaker 1: to do a cash out refinance, which is also a

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Speaker 1: tough move to do. Even if they want to help

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Speaker 1: you out, oftentimes they can't. So the Wall Street Journal

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Speaker 1: had a profile of people who are combining assets to

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Speaker 1: buy homes and just like how sticky and how difficult

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Speaker 1: it can be, and how it can lead to hurt relationships.

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Speaker 1: You might be the person who gets lucky in is

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Speaker 1: able to make it work, but this kind of arrangement

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Speaker 1: can hurt your personal finances, and it can hurt your

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Speaker 1: relationships too. So I think our advice typical would be

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Speaker 1: a stay clear, don't buy real estate. Well, these are

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Speaker 1: the people most of the time.

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Speaker 2: Well, it's different too, if like you are doing this

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Speaker 2: with your spouse, because you that's a very different kind

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Speaker 2: of relationship than yes, like even to your bestie, but

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Speaker 2: let alone. Definitely just like your buddy, right Like, when

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Speaker 2: you are married, you've literally taken vows, there are witnesses.

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Speaker 2: Maybe you even threw a big party afterwards called a reception.

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Speaker 1: Yeah, the like stakes are ramped up.

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Speaker 2: It's a stickier relationship, you are more committed, and so

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Speaker 2: it makes sense that, oh, yeah, we are going to

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Speaker 2: buy a house together. It's a lot different to do

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Speaker 2: that with a friend. And a much better solution, I think,

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Speaker 2: would be for there to be a single buyer and

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Speaker 2: then hey, maybe you'll rint out that extra room or

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Speaker 2: rent out two rooms or rent out three rooms. But

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Speaker 2: the ability for a single individual to go in there

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Speaker 2: and make that purchase, and chances are if you're the

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Speaker 2: one listening to the Personal Finance Money podcast here, that

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Speaker 2: person is probably you. Yeah, and so just to think

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Speaker 2: creatively about this. Typically on the show, we call this

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Speaker 2: house hacking, but back in the day, it was just

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Speaker 2: called roommates, and that's just certainly a way to get

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Speaker 2: your housing costs down. Why still being able to purchase that.

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Speaker 1: House, and you might even be able to provide your

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Speaker 1: friends like a slightly below market rent. Say you're gouging there, right, Hey,

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Speaker 1: I'm buying this place, and yes, I know your rent's

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Speaker 1: pretty expensive. And once you move into the bedroom of

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Speaker 1: the place I'm buying, and hey, then but then it

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Speaker 1: just it creates less of that you're not commingling your

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Speaker 1: finances to this overwhelming extent. And you're right, man, it's

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Speaker 1: not overwhelming if you're married, but it can be overwhelming

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Speaker 1: if you're just friends. And then both of you want

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Speaker 1: to go separate.

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Speaker 2: Ways, and you can like wade into those waters. It's

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Speaker 2: so easy to wait in those waters. Like you can

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Speaker 2: just say, hey, let's just try this out for three months,

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Speaker 2: Like you don't have to even sign it, like create

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Speaker 2: a lease, and hey, this is up to you, by

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Speaker 2: the way, as the landlord, and as the owner of

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Speaker 2: the property, you get to decide how long you want

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Speaker 2: them to be there. So you could say, hey, let's

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Speaker 2: try this out for three months. We only met last year,

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Speaker 2: so I'm not totally sure how this is going to

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Speaker 2: work out. And three months in it's like, hey, let's

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Speaker 2: do this. This is working out really well. We literally

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Speaker 2: that's what we did here with our office, the studio

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Speaker 2: that we rent. It's a carriage house and they'd never

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Speaker 2: done that before, and so we're like, let's just try

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Speaker 2: it out. Let's just give it a few months. We

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Speaker 2: came back to the table, talked about it, and we've

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Speaker 2: been here for like, we're on our third year now

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Speaker 2: at this point, Joel, and we've only had one rent increase.

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Speaker 2: I think it's just because we're great tenants. Thanks Andrew. Joe,

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Speaker 2: you want to talk about I know you're not a

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Speaker 2: fan of gift cards. Do you have some evidence? Do

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Speaker 2: you want to you want to talk about gift cards

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Speaker 2: especially I guess this time of year.

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Speaker 1: Feel like this is something we debate at least once

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Speaker 1: a year, typically right around this.

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Speaker 2: Time, the bi annual conversation that we have because well,

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Speaker 2: this is this is the time of year where people

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Speaker 2: are most enticed to buying gift cards. They're an incredibly

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Speaker 2: popular purchase this time of year, which makes sense, and

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Speaker 2: they I've always understood why people are attracted to buying

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Speaker 2: gift cards. I feel like they they seem like they're

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Speaker 2: are an incredibly thoughtful gift. They're seen as more intentional

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Speaker 2: than giving just cash, which some people think of is

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Speaker 2: is ghost uncouth. Yeah, say right, And that might or

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Speaker 2: might not be true. I think it depends in the

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Speaker 2: eye of the beholder. But when you buy a gift card,

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Speaker 2: you're I've always said this, I made this argument. You're

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Speaker 2: trading US dollars that can be spent anywhere in the world,

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Speaker 2: essentially definitely anywhere in the United States, into a plastic card.

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Speaker 2: They can only be spent at one retailer. So it

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Speaker 2: doesn't really make a whole lot of mental sense for

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Speaker 2: me to do that. That's not my favorite thing in

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Speaker 2: the world. But making matters worse, Matt And this is

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Speaker 2: the this is going to help prove my point. Hope,

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Speaker 2: I hope you listen to me.

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Speaker 1: Here. What happens if the retailer that you buy the

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Speaker 1: gift card from experiences financial trouble. Right, So, for instance,

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Speaker 1: TGI Fridays, which I know is your favorite restaurant, go

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Speaker 1: there every Thursday. Right, They're not doing so hot right now.

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Speaker 1: They've shut down dozens of locations and we just don't

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Speaker 1: know how long the company as a whole is going

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Speaker 1: to be around. And if you have a TGI Friday's

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Speaker 1: gift card, and there's fifty million dollars worth of unspent

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Speaker 1: gift cards that are earmarked for TGI Friday's use, that

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Speaker 1: a lot of those people are going to be completely

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Speaker 1: out of luck. They're not going to be able to

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Speaker 1: find their gift cards in time. They've already misplaced them.

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Speaker 1: Some of these gift cards are twenty years old, They've

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Speaker 1: been in an underwear drawer, or they got tossed in

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Speaker 1: the trash. So I think that's what happens with a

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Speaker 1: lot of gift cards. When you look at the overall

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Speaker 1: amount of unspent gift cards, a lot of it is

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Speaker 1: just misplaced forgotten. Oh I got this gift card to

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Speaker 1: a retailer I don't like or I don't go to,

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Speaker 1: and so I just didn't spend it. And that to

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Speaker 1: me is the worst part of gift cards. So people

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Speaker 1: don't usually forget to spend one hundred dollars it shows

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Speaker 1: up in their hands, but they do forget to spend

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Speaker 1: gift cards.

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Speaker 2: I totally agree with the fact that getting a gift

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Speaker 2: card that it limits your options, But like, I wonder

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Speaker 2: if for you, if it's less about that you don't

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Speaker 2: like the concept of a gift card as opposed to

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Speaker 2: you not liking the biggest retailers out there that tend

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Speaker 2: to benefit from gift cards, right, So, like, I don't

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Speaker 2: think you're a huge fan of Starbucks, but they've got Starbucks.

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Speaker 2: I've heard this is like an airline, an urban Legends

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Speaker 2: stat or something like that. But they're like Starbucks is

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Speaker 2: like the third largest bank in America. I think it's

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Speaker 2: true when you consider the amount of outstanding dollars that

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Speaker 2: are out there on Starbucks gift cards. And so is

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Speaker 2: it like for you, is it more or that's and

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Speaker 2: maybe to prove my point, like, would you rather have

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Speaker 2: somebody give you a Huckberry gift card? So Huckberry it's

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Speaker 2: like one of your favorite men's clothing retailers, online retailers.

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Speaker 2: Would you rather get a Huckberry gift card? Or would

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Speaker 2: you rather have someone get you something from Huckberry that

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Speaker 2: you may or may not be able to take.

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Speaker 1: I'd rather have the gift card, yeah, than a clothing one.

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Speaker 1: And because you're right, like, maybe it doesn't size is

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Speaker 1: not the right size, or maybe it's not the right.

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Speaker 2: And you don't want to have to go to the

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Speaker 2: hassle of making the return, but even better give me cash.

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Speaker 2: But then, like in that case, like for you and

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Speaker 2: your wife, are you y'all gonna say, okay, let's just

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Speaker 2: both give each other one hundred dollars? Then what it's happened?

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Speaker 1: Like literally, I'm gonna buy her something I know she'll

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Speaker 1: like because that's how I roll, and I know her

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Speaker 1: well enough to do that. But I guess I think

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Speaker 1: some people think, oh, well, I'm going to get the

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Speaker 1: teacher a gift, or I'm gonna go get I'm gonna

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Speaker 1: get a friend, you know that. I kind of sort

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Speaker 1: of know we're gonna swap. Guess I'm gonna get them

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Speaker 1: a gift card because it feels like, oh, there's some

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Speaker 1: element of thought in it. But really, do you know

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Speaker 1: if that person actually likes that store or not?

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Speaker 2: Yeah, I think there's somewhere in between, like because like,

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Speaker 2: like you can envision you giving a great gift to

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Speaker 2: your wife, but then on the like far other extreme,

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Speaker 2: you can envision someone not giving any thought to a

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Speaker 2: gift to a teacher and getting them a tgif right

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Speaker 2: as a gift card, and like there's somewhere in between

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Speaker 2: where it's just like, Okay, I know that they I'm

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Speaker 2: pretty sure are a big fan of the local coffee

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Speaker 2: shop that's got this killer cute interior that everyone falls over.

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Speaker 2: Like that's the kind of gift card that would like

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Speaker 2: one get used. It's just I feel like there are

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Speaker 2: more gray areas when it comes to the gift card conversation,

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Speaker 2: which I feel like you tend to. I feel like

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Speaker 2: you embrace the gray typically, but when it comes to

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Speaker 2: the gift.

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Speaker 1: Cards, I will add another element of gray.

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Speaker 2: I think it's more the stats, the fact that they're

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Speaker 2: like US dollars. Yeah, and that's it's so it's less

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Speaker 2: the gift cards. It's more the behavior. And that comes

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Speaker 2: down to us as individuals to modify our behavior, not

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Speaker 2: necessarily to say that gift.

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Speaker 1: Cards are from but I've done the same thing. They're

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Speaker 1: of the devil body. I think we are more apt

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Speaker 1: to do that with the gift cards than we are

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Speaker 1: with cash, Like we're not going to leave cash on spent,

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Speaker 1: but we will leave gift cards on spent. And so

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Speaker 1: I guess I just don't want to feed into that cycle.

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Speaker 1: But the one exception, and we do see more discounting

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Speaker 1: on gift cards this time of year. If there's a

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Speaker 1: discount for your favorite restaurant, for I mean, Costco sells

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Speaker 1: discount of gift cards. So much of the time you

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Speaker 1: spend seventy five or eighty dollars and you get one

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Speaker 1: hundred dollars worth of gift cards. If you're getting a

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Speaker 1: deal on gift cards, that's when I think it's I

432
00:19:19,600 --> 00:19:22,399
Speaker 1: think that's actually like a really smart move. Then just

433
00:19:22,520 --> 00:19:23,920
Speaker 1: make sure you actually use them.

434
00:19:24,080 --> 00:19:27,560
Speaker 2: Yeah, especially if you do it for yourself, because if

435
00:19:27,560 --> 00:19:30,119
Speaker 2: you know, like that's the problem, not knowing whether or

436
00:19:30,160 --> 00:19:32,720
Speaker 2: not the thing's going to get redeemed. But as an individual,

437
00:19:32,760 --> 00:19:35,439
Speaker 2: if you're saying, hey, we on an annual basis, we

438
00:19:35,520 --> 00:19:38,440
Speaker 2: spend at least five hundred dollars at this local restaurant. Yeah,

439
00:19:38,440 --> 00:19:40,399
Speaker 2: well the ability to, like you said, get a twenty

440
00:19:40,440 --> 00:19:43,359
Speaker 2: percent off gift card, Well that's a slam dunk, no

441
00:19:43,440 --> 00:19:46,000
Speaker 2: brainer sort of decision. Joe, we got more to get.

442
00:19:46,040 --> 00:19:48,119
Speaker 2: So we're going to talk about flooded out cars, ripped

443
00:19:48,160 --> 00:19:50,400
Speaker 2: jeans and more right after this.

444
00:19:58,200 --> 00:20:00,360
Speaker 1: All right, we're back to the break. Matt We will

445
00:20:00,400 --> 00:20:02,280
Speaker 1: get to some of those other topics here in just

446
00:20:02,280 --> 00:20:04,440
Speaker 1: a second, but you got to get to the ludicrous

447
00:20:04,560 --> 00:20:08,879
Speaker 1: headline of the week. This one comes from a publication

448
00:20:08,960 --> 00:20:14,240
Speaker 1: called coin Telegraph, and it reads Bitcoin gained nineteen percent

449
00:20:14,480 --> 00:20:17,719
Speaker 1: in Trump's first term. Will betc price hit one million

450
00:20:17,880 --> 00:20:21,159
Speaker 1: dollars this time? And I don't know if you've been

451
00:20:21,160 --> 00:20:23,359
Speaker 1: following Matt since the last week and a.

452
00:20:23,359 --> 00:20:26,520
Speaker 2: Half, been following because I own some bitcoin? Okay?

453
00:20:26,600 --> 00:20:28,240
Speaker 1: Well, A lot's happened in the political arena, and that

454
00:20:28,280 --> 00:20:32,639
Speaker 1: political arena has influenced the financial arena in some instances,

455
00:20:32,840 --> 00:20:36,400
Speaker 1: and cryptocurrency in general and bitcoin specifically, have been kind

456
00:20:36,440 --> 00:20:40,800
Speaker 1: of beneficiars. The prices on some of these coins, Bitcoin

457
00:20:40,840 --> 00:20:44,119
Speaker 1: particularly has been popping in a massive way, hitting all

458
00:20:44,160 --> 00:20:48,040
Speaker 1: time highs, even all time highs adjusted for inflation. Dogecoin,

459
00:20:48,359 --> 00:20:50,800
Speaker 1: which started out as a joke currency that has been

460
00:20:51,280 --> 00:20:55,880
Speaker 1: slamming as well. And Matt, what happens when prices are

461
00:20:55,880 --> 00:20:59,560
Speaker 1: soaring in the cryptocurrency space. A lot of people who

462
00:20:59,800 --> 00:21:03,160
Speaker 1: have been on the sidelines starting to come off the sidelines.

463
00:21:03,160 --> 00:21:06,040
Speaker 1: They start to invest in the cryptocurrency.

464
00:21:06,200 --> 00:21:08,080
Speaker 2: They get drawn in by the fear of missing out.

465
00:21:08,240 --> 00:21:11,280
Speaker 1: Yeah, exactly, it's the fomo and it just only fuels

466
00:21:11,320 --> 00:21:15,520
Speaker 1: the crypto resurgence. But this headline is is bigcoin going

467
00:21:15,600 --> 00:21:18,480
Speaker 1: to like ten x in the next four years? I

468
00:21:18,480 --> 00:21:19,280
Speaker 1: don't know, do.

469
00:21:19,240 --> 00:21:21,400
Speaker 2: You know, Matt, Like no, I know, is it likely

470
00:21:21,440 --> 00:21:21,840
Speaker 2: to happen?

471
00:21:21,960 --> 00:21:25,560
Speaker 1: I would say probably not, But I mean again, I

472
00:21:25,560 --> 00:21:28,320
Speaker 1: don't know, and I wouldn't stake a significant amount of

473
00:21:28,359 --> 00:21:30,480
Speaker 1: my wealth on it. And the truth is, like when

474
00:21:30,480 --> 00:21:33,639
Speaker 1: we look at history, we don't have very much data

475
00:21:33,720 --> 00:21:36,320
Speaker 1: when it comes to cryptocurrency, not nearly as much as

476
00:21:36,320 --> 00:21:39,000
Speaker 1: we do with the stock market. And so I guess

477
00:21:39,040 --> 00:21:40,720
Speaker 1: a word of caution if you're to put too many

478
00:21:40,760 --> 00:21:44,000
Speaker 1: eggs in the cryptocurrency basket. Yeah, maybe you get lucky,

479
00:21:44,119 --> 00:21:47,080
Speaker 1: maybe you find yourself sitting on massive gains because maybe

480
00:21:47,119 --> 00:21:50,359
Speaker 1: some of these predictions are right, but there's also significant

481
00:21:50,440 --> 00:21:53,840
Speaker 1: risk in going that route. The headlines, they're all about

482
00:21:53,880 --> 00:21:57,159
Speaker 1: crypto going to the moon again. But our yeah, our

483
00:21:57,200 --> 00:21:59,320
Speaker 1: advice is always is to invest for the long term,

484
00:21:59,400 --> 00:22:02,119
Speaker 1: and especially in the crypto space, only invest what you

485
00:22:02,160 --> 00:22:02,960
Speaker 1: can afford to lose.

486
00:22:03,040 --> 00:22:05,399
Speaker 2: That's true, Yeah, And the reason that's been blown up

487
00:22:05,440 --> 00:22:09,760
Speaker 2: is largely because the crypto community sees Trump as being

488
00:22:09,800 --> 00:22:13,000
Speaker 2: sympathetic to their cause based on what he said, and

489
00:22:13,040 --> 00:22:15,360
Speaker 2: he says a whole lot so you know, maybe taking

490
00:22:15,440 --> 00:22:19,359
Speaker 2: as many things grain of salt, but they see fewer constraints,

491
00:22:19,440 --> 00:22:23,200
Speaker 2: fewer regulations within the crypto space just generally speaking. Moving forward,

492
00:22:23,880 --> 00:22:27,480
Speaker 2: he's even mentioned the possibility of a like this national

493
00:22:27,520 --> 00:22:31,119
Speaker 2: strategic Bitcoin reserve, sort of like what we have with oil,

494
00:22:31,320 --> 00:22:34,240
Speaker 2: like a just like a stockpile coin base. They've actually

495
00:22:34,320 --> 00:22:37,080
Speaker 2: even benefited handsomely from the election too, as more folks

496
00:22:37,119 --> 00:22:39,520
Speaker 2: are there's more interest in cryptocurrency.

497
00:22:39,560 --> 00:22:43,280
Speaker 1: It's like all signs are pointing towards like crypto, less

498
00:22:43,280 --> 00:22:46,840
Speaker 1: crypto regulation, more interesting crypto, and more of like a

499
00:22:47,080 --> 00:22:48,439
Speaker 1: government support of cryptocurrency.

500
00:22:48,440 --> 00:22:50,760
Speaker 2: There's a whole lot more excitement and trust. It's it's

501
00:22:50,760 --> 00:22:54,480
Speaker 2: continuing to build in bitcoin, in particular as the store

502
00:22:54,480 --> 00:22:58,800
Speaker 2: of value black rocks bitcoin ETF, it has more now

503
00:22:59,160 --> 00:23:02,800
Speaker 2: in assets then it's gold ETF like actual physical gold,

504
00:23:02,840 --> 00:23:06,600
Speaker 2: something that you can hold. And so how should you react, Well,

505
00:23:06,640 --> 00:23:10,080
Speaker 2: our advice hasn't changed crypto, especially when it comes to

506
00:23:10,080 --> 00:23:14,840
Speaker 2: the mean coins are incredibly speculative assets and having some

507
00:23:15,000 --> 00:23:18,479
Speaker 2: exposure to it, it can be a reasonable choice, but

508
00:23:18,560 --> 00:23:22,399
Speaker 2: still please keep it to five percent or less of

509
00:23:22,440 --> 00:23:25,480
Speaker 2: your overall portfolio if this is something that you are

510
00:23:25,520 --> 00:23:29,120
Speaker 2: interested in, and just take all market and financial predictions

511
00:23:29,119 --> 00:23:32,800
Speaker 2: with a grain of salt because we have no idea. Like, yes,

512
00:23:32,920 --> 00:23:34,639
Speaker 2: trust is growing, and a lot of that has to

513
00:23:34,680 --> 00:23:37,040
Speaker 2: do with the fact that it's even lasted this long.

514
00:23:37,160 --> 00:23:42,000
Speaker 2: I'll be honest. My perceptions of crypto, especially bitcoin, it's

515
00:23:42,040 --> 00:23:46,000
Speaker 2: slowly changing, slowly morphing over time, and that has in

516
00:23:46,080 --> 00:23:48,200
Speaker 2: large part to do with the there's a track record,

517
00:23:48,200 --> 00:23:50,600
Speaker 2: there's a history that you can look back at, and

518
00:23:51,000 --> 00:23:53,760
Speaker 2: what is the value of currency if not just the

519
00:23:54,000 --> 00:23:57,000
Speaker 2: mutual trust, Yeah, like the collective trust of everyone looking

520
00:23:57,040 --> 00:23:58,639
Speaker 2: at it and saying that this is something that we

521
00:23:58,680 --> 00:24:01,680
Speaker 2: believe in now and oftentime. That comes with time. So

522
00:24:02,200 --> 00:24:05,280
Speaker 2: that's an argument I guess for it or why I

523
00:24:05,320 --> 00:24:08,240
Speaker 2: still hold some bitcoin, But it's by no means a

524
00:24:08,280 --> 00:24:10,399
Speaker 2: recommendation to go out there and get you some of that.

525
00:24:10,240 --> 00:24:13,480
Speaker 1: That's right, or unless you're keeping it to a minimal

526
00:24:14,200 --> 00:24:17,360
Speaker 1: portion of your overall portfolio. So yeah, I think that's

527
00:24:17,440 --> 00:24:19,920
Speaker 1: that's kind of what we've said for a long time,

528
00:24:19,960 --> 00:24:23,359
Speaker 1: and I think you and I have probably softened our

529
00:24:23,400 --> 00:24:27,399
Speaker 1: stance on bitcoin in particular over the past few years.

530
00:24:27,800 --> 00:24:30,639
Speaker 1: But we still don't want people to make it a

531
00:24:30,640 --> 00:24:32,720
Speaker 1: major holding in their retirement accounts or anything like.

532
00:24:32,800 --> 00:24:35,400
Speaker 2: Sure, so I almost hate saying this, but like another

533
00:24:35,480 --> 00:24:38,679
Speaker 2: argument for it, I sound like a bitcoin bowl now,

534
00:24:38,720 --> 00:24:41,199
Speaker 2: but like like I feel like the first wave was

535
00:24:41,720 --> 00:24:44,440
Speaker 2: individual investors getting into bitcoin. But then what do we

536
00:24:44,560 --> 00:24:48,680
Speaker 2: see four years ago? We saw institutional investors, yeah, start

537
00:24:48,720 --> 00:24:51,359
Speaker 2: to step into the game. And I do wonder if

538
00:24:51,440 --> 00:24:54,080
Speaker 2: more countries start to come on board, especially the US,

539
00:24:54,200 --> 00:24:56,040
Speaker 2: because as the US goes, so does the rest of

540
00:24:56,040 --> 00:24:58,040
Speaker 2: the world, oftentimes when it comes to countries. But I

541
00:24:58,119 --> 00:25:01,040
Speaker 2: wonder if that's a part of frothy headlines that we

542
00:25:01,040 --> 00:25:03,040
Speaker 2: see regarding bitcoin this time around here. Maybe.

543
00:25:03,080 --> 00:25:06,080
Speaker 1: So all right, let's talk about cars, Matt. We talked

544
00:25:06,080 --> 00:25:09,520
Speaker 1: about actually some of the repercussions of horrendous weather events

545
00:25:09,560 --> 00:25:13,800
Speaker 1: in the South recently, namely the severe damage in Florida, Georgia,

546
00:25:13,800 --> 00:25:18,280
Speaker 1: and North Carolina from Hurricanes Helene and Milton, and Matt,

547
00:25:18,640 --> 00:25:21,240
Speaker 1: my buddy was just in Asheville, like working on his property.

548
00:25:21,280 --> 00:25:24,520
Speaker 1: Like it's still so much clean up, so much devastation

549
00:25:24,960 --> 00:25:27,800
Speaker 1: from the flooding as a result of that hurricane. But

550
00:25:28,240 --> 00:25:32,159
Speaker 1: another result that could impact literally everyone listening to this show,

551
00:25:32,359 --> 00:25:34,439
Speaker 1: no matter where you live in the country. Is the

552
00:25:34,560 --> 00:25:38,359
Speaker 1: hundreds of thousands of cars that sustained flood damage in

553
00:25:38,400 --> 00:25:41,800
Speaker 1: those storms as well. And that's not an overstatement like that.

554
00:25:41,880 --> 00:25:45,119
Speaker 1: There's a ton of cars who experienced flood damage where

555
00:25:45,240 --> 00:25:47,840
Speaker 1: there was like some sort of insurance client made and

556
00:25:47,920 --> 00:25:51,480
Speaker 1: flood damaged cars are getting cleaned up. I put that

557
00:25:51,480 --> 00:25:54,240
Speaker 1: in quotation marks so cleaned up and then they're being

558
00:25:54,280 --> 00:25:58,199
Speaker 1: shipped to far reaching domestic destinations. But just because they

559
00:25:58,240 --> 00:26:01,720
Speaker 1: got cleaned up does mean they're actually in good condition.

560
00:26:02,280 --> 00:26:05,840
Speaker 1: The damage that happens from the flooding often leads to

561
00:26:05,880 --> 00:26:11,480
Speaker 1: like electrical issues, engine malfunctions, rust on the vehicle that

562
00:26:11,640 --> 00:26:14,760
Speaker 1: lead to just prolonged issues over the course of you

563
00:26:14,800 --> 00:26:18,160
Speaker 1: owning that vehicle. And those problem ridden cars, they often

564
00:26:18,200 --> 00:26:21,800
Speaker 1: get sold for less money to scammers who are trying

565
00:26:21,800 --> 00:26:24,280
Speaker 1: to flip those cars to unsuspecting consumers in other parts

566
00:26:24,280 --> 00:26:26,359
Speaker 1: of the country. So then maybe they're maybe they're shipping

567
00:26:26,440 --> 00:26:30,640
Speaker 1: them from areas in the southeast where they experience the flooding,

568
00:26:30,840 --> 00:26:34,080
Speaker 1: they're shipping them over to the southwest, to the northeast,

569
00:26:34,119 --> 00:26:36,520
Speaker 1: something like that, And people just don't assume that this

570
00:26:36,640 --> 00:26:39,960
Speaker 1: car had any sort of flooding history. And this doesn't

571
00:26:40,000 --> 00:26:42,240
Speaker 1: mean that you should buy new cars to avoid like

572
00:26:42,920 --> 00:26:47,679
Speaker 1: the potential for buying a flood damaged used car. But always, always,

573
00:26:47,760 --> 00:26:50,440
Speaker 1: always get a used car that you're looking to buy

574
00:26:50,840 --> 00:26:53,359
Speaker 1: inspected by a mechanic you trust, because they're going to

575
00:26:53,400 --> 00:26:56,280
Speaker 1: be able to pinpoint and point out, say, listen, actually,

576
00:26:56,320 --> 00:26:59,120
Speaker 1: here's why you probably shouldn't buy this one. They're gonna

577
00:26:59,119 --> 00:27:01,360
Speaker 1: be able to see flood damage and kind of help

578
00:27:01,400 --> 00:27:03,399
Speaker 1: point you away from buying a car that has it.

579
00:27:03,600 --> 00:27:05,280
Speaker 2: Yeah, I mean, I think it's worth spending a minute

580
00:27:05,320 --> 00:27:06,919
Speaker 2: and talking about how much of a game changer it

581
00:27:07,000 --> 00:27:09,600
Speaker 2: is to buy a used vehicle as opposed to a

582
00:27:09,680 --> 00:27:12,800
Speaker 2: new vehicle. And so to argue our point, Joel, I've

583
00:27:12,840 --> 00:27:14,560
Speaker 2: got some numbers that I've crunched.

584
00:27:14,600 --> 00:27:15,719
Speaker 1: You always pree the numbers.

585
00:27:15,760 --> 00:27:18,679
Speaker 2: The average monthly payment on a new car today is

586
00:27:18,840 --> 00:27:21,520
Speaker 2: seven hundred and thirty four dollars. Now that wasn't the

587
00:27:21,560 --> 00:27:23,439
Speaker 2: case sixteen years ago, but let's just say it was.

588
00:27:23,640 --> 00:27:25,359
Speaker 2: And I'm going to say sixteen years ago because Kate

589
00:27:25,400 --> 00:27:27,120
Speaker 2: and I that's when we moved from a two car

590
00:27:27,119 --> 00:27:30,879
Speaker 2: family down to a one car family. Had we invested

591
00:27:30,960 --> 00:27:33,639
Speaker 2: that monthly payment for sixteen years up to today, we

592
00:27:33,640 --> 00:27:36,440
Speaker 2: would have around three hundred and sixteen thousand dollars. Dang,

593
00:27:36,680 --> 00:27:39,080
Speaker 2: that's that's pretty nice, right were we to continue to

594
00:27:39,720 --> 00:27:41,840
Speaker 2: invest that seven hundred and thirty four dollars, because guess what,

595
00:27:41,920 --> 00:27:44,119
Speaker 2: in the future, that new car payment, it's actually going

596
00:27:44,160 --> 00:27:46,600
Speaker 2: to be higher than it is right now. True another

597
00:27:46,640 --> 00:27:49,880
Speaker 2: ten years, we're looking at a million dollars just from

598
00:27:49,920 --> 00:27:52,520
Speaker 2: not having a new car. And I don't think that

599
00:27:52,520 --> 00:27:54,679
Speaker 2: that's some sort of straw man argument either, because a

600
00:27:54,680 --> 00:27:56,320
Speaker 2: lot of people do this. A lot of people kind

601
00:27:56,320 --> 00:28:00,000
Speaker 2: of get locked into this new car cycle. They're all

602
00:28:00,000 --> 00:28:03,040
Speaker 2: always making a payment on a vehicle, and we.

603
00:28:03,200 --> 00:28:04,160
Speaker 1: Just normalized it so much.

604
00:28:04,160 --> 00:28:07,480
Speaker 2: It's normalized and it's just seen as a lifestyle up

605
00:28:07,880 --> 00:28:09,800
Speaker 2: not an upgrade, but it's just something that people are

606
00:28:09,920 --> 00:28:12,199
Speaker 2: used to and if you can afford it, if you've

607
00:28:12,240 --> 00:28:14,720
Speaker 2: got the money on hand, if you have the money

608
00:28:14,760 --> 00:28:16,280
Speaker 2: on hand, you should be buying that vehicle new first

609
00:28:16,280 --> 00:28:18,520
Speaker 2: of all. But secondly, I think some people see it

610
00:28:18,560 --> 00:28:20,840
Speaker 2: as like, hey, this is something this is like my

611
00:28:20,920 --> 00:28:22,920
Speaker 2: one thing that I like to spend money on if

612
00:28:22,960 --> 00:28:25,480
Speaker 2: you can afford it, I think that's that. That can

613
00:28:25,520 --> 00:28:28,200
Speaker 2: be okay, that can be a decent argument, but it's

614
00:28:28,240 --> 00:28:31,920
Speaker 2: at least worth running the numbers occasionally and just facing

615
00:28:32,000 --> 00:28:33,720
Speaker 2: the facts and how much this is actually going to

616
00:28:33,800 --> 00:28:35,800
Speaker 2: cost you over the long haul, were you to instead

617
00:28:36,280 --> 00:28:39,160
Speaker 2: go with something that's used and something that you pay

618
00:28:39,200 --> 00:28:41,440
Speaker 2: cash for as opposed to paying out the nose for

619
00:28:41,800 --> 00:28:43,040
Speaker 2: a new vehicle every single year.

620
00:28:43,040 --> 00:28:45,560
Speaker 1: I mean, trade offs are the ultimate reality of personal finance,

621
00:28:45,600 --> 00:28:48,000
Speaker 1: and at least know with eyes wide open the trade

622
00:28:48,040 --> 00:28:51,440
Speaker 1: off you're making. And that, to me is kind of

623
00:28:51,440 --> 00:28:54,120
Speaker 1: a shocking statistic to think that just investing what you

624
00:28:54,160 --> 00:28:56,680
Speaker 1: would have spent every single month on a car payment,

625
00:28:56,680 --> 00:28:58,960
Speaker 1: assuming you had won every single month for all those years,

626
00:28:59,280 --> 00:29:01,640
Speaker 1: for less than three decades, that becomes a million dollars

627
00:29:01,640 --> 00:29:04,520
Speaker 1: twenty six years. Yeah, that's pretty crazy to think about,

628
00:29:05,000 --> 00:29:07,280
Speaker 1: and at least it should make you, I don't know,

629
00:29:07,520 --> 00:29:09,680
Speaker 1: I you're the car sitting in your driveway a little

630
00:29:09,680 --> 00:29:11,680
Speaker 1: more warrely be like, wait a second, you know how

631
00:29:11,760 --> 00:29:13,720
Speaker 1: much money you're costing me? Think about that?

632
00:29:13,880 --> 00:29:15,280
Speaker 2: Like if you are able to look at it through

633
00:29:15,440 --> 00:29:17,400
Speaker 2: a different lens, like you're putting on Like I don't

634
00:29:17,400 --> 00:29:19,560
Speaker 2: want you to always be wearing the money lens, the

635
00:29:19,560 --> 00:29:22,000
Speaker 2: money goggles, like you know, as you're looking at expenses

636
00:29:22,000 --> 00:29:24,320
Speaker 2: in your house, like you shouldn't instinctively see like dollars

637
00:29:24,360 --> 00:29:25,120
Speaker 2: side it's like.

638
00:29:25,080 --> 00:29:28,640
Speaker 1: Look at your child, Look at that much food you're eating. Expensive.

639
00:29:28,680 --> 00:29:31,720
Speaker 2: Augmented reality where like you've got a program that automatically

640
00:29:31,760 --> 00:29:34,920
Speaker 2: tallies how much something's costing you. That would actually be pretty.

641
00:29:34,640 --> 00:29:37,560
Speaker 1: Dope, like the meta glasses or something. There's kind of yeah,

642
00:29:37,600 --> 00:29:40,080
Speaker 1: exact software that could they could put in their virtual reality.

643
00:29:40,080 --> 00:29:42,480
Speaker 2: I've never been a fan of, but augmented reality I

644
00:29:42,480 --> 00:29:45,000
Speaker 2: feel like actually has potential, the ability to marry the

645
00:29:45,040 --> 00:29:48,000
Speaker 2: digital world and like the actual reality that we're in.

646
00:29:48,440 --> 00:29:50,960
Speaker 2: I see that being Ah, that maybe a useful uh

647
00:29:51,040 --> 00:29:51,840
Speaker 2: useful application.

648
00:29:51,920 --> 00:29:54,720
Speaker 1: Perhaps, all right, let's talk about fashion for a second.

649
00:29:54,760 --> 00:29:54,960
Speaker 2: Matt.

650
00:29:55,000 --> 00:29:57,520
Speaker 1: At the risk of sounding like an old man, I'm

651
00:29:57,560 --> 00:30:00,640
Speaker 1: willing to dip my toes in this. Why are people

652
00:30:00,680 --> 00:30:01,640
Speaker 1: still buying ripped jeans?

653
00:30:01,920 --> 00:30:04,160
Speaker 2: Here's joll over here shaking his fist at the sky.

654
00:30:04,800 --> 00:30:07,920
Speaker 1: Get off my lawn. People. Well, and this was actually

655
00:30:08,080 --> 00:30:09,720
Speaker 1: this was the title of a recent New York Times

656
00:30:09,800 --> 00:30:12,120
Speaker 1: article Why are people still buying rip jeans? And I

657
00:30:12,200 --> 00:30:15,200
Speaker 1: just agree with this question because I've never really understood

658
00:30:15,240 --> 00:30:18,240
Speaker 1: why people do this. I've never been a fan of

659
00:30:18,280 --> 00:30:20,240
Speaker 1: the rip jeans phenomenon. I think I have a pair

660
00:30:20,320 --> 00:30:21,720
Speaker 1: of jeans that have a rip in it, but only

661
00:30:21,760 --> 00:30:25,320
Speaker 1: because they're like fourteen years old. You rip the whole

662
00:30:26,120 --> 00:30:26,880
Speaker 1: them because.

663
00:30:26,680 --> 00:30:27,720
Speaker 2: I earned that rip.

664
00:30:27,920 --> 00:30:29,120
Speaker 1: Yes, insane buying.

665
00:30:29,200 --> 00:30:30,880
Speaker 2: That's such a better way of thinking about it. Is

666
00:30:30,920 --> 00:30:34,200
Speaker 2: like my living created that rip. Like me getting down

667
00:30:34,200 --> 00:30:35,920
Speaker 2: on my knees to pick up my kid for the

668
00:30:36,040 --> 00:30:39,760
Speaker 2: umpteenth time. Is what caused that? Where that threadbare patch

669
00:30:39,800 --> 00:30:42,160
Speaker 2: there on the knee right, which eventually leads to a

670
00:30:42,160 --> 00:30:42,840
Speaker 2: beautiful rip?

671
00:30:42,920 --> 00:30:45,640
Speaker 1: Well, And as The New York Times highlights in this article,

672
00:30:45,720 --> 00:30:49,120
Speaker 1: it's the funny thing is that it's luxury brands. Those

673
00:30:49,160 --> 00:30:53,360
Speaker 1: are the ones that are specializing in creating these these

674
00:30:53,760 --> 00:30:56,160
Speaker 1: these coveted pairs of ripped pants that people are into.

675
00:30:56,560 --> 00:30:59,240
Speaker 1: So not only are people paying for jeans with rips,

676
00:30:59,640 --> 00:31:02,840
Speaker 1: which doesn't make sense to me at all, they're also

677
00:31:02,880 --> 00:31:04,800
Speaker 1: not getting them at a reasonable price because they're buying

678
00:31:05,040 --> 00:31:09,600
Speaker 1: them from luxury retailers who charge more for ripped jeans.

679
00:31:09,800 --> 00:31:11,480
Speaker 1: So it's not like, oh, let me go get this

680
00:31:11,600 --> 00:31:14,640
Speaker 1: pair of rib jeans from Walmart because they're eighteen dollars.

681
00:31:14,680 --> 00:31:17,040
Speaker 1: It's like, let me get the Balenciaga rip jeans that

682
00:31:17,080 --> 00:31:18,280
Speaker 1: are seven hundred and ninety five dollars.

683
00:31:18,400 --> 00:31:20,040
Speaker 2: Yeah, if it was like, hey, you're gonna get a

684
00:31:20,080 --> 00:31:22,280
Speaker 2: discount because these genes are ripped, it's like buying ugly

685
00:31:22,320 --> 00:31:24,920
Speaker 2: food or dented produce at the grocery store. That's like,

686
00:31:24,960 --> 00:31:27,040
Speaker 2: it's still good, but we'll give you a discount. Yeah,

687
00:31:27,040 --> 00:31:27,960
Speaker 2: if you take this off our hands.

688
00:31:28,080 --> 00:31:30,600
Speaker 1: I might be willing to partake if it was exactly discounted,

689
00:31:30,640 --> 00:31:33,200
Speaker 1: but it's not right. So I don't know that you

690
00:31:33,400 --> 00:31:37,040
Speaker 1: or I are icons of style anything like that. Speak

691
00:31:37,040 --> 00:31:41,360
Speaker 1: for yourself, but forking over big bucks to the fancy

692
00:31:41,400 --> 00:31:44,360
Speaker 1: brands to buy rib jeans doesn't make really much sense

693
00:31:44,400 --> 00:31:45,080
Speaker 1: to me at all.

694
00:31:45,200 --> 00:31:47,840
Speaker 2: And I don't even like the distressed. It makes me

695
00:31:47,880 --> 00:31:50,320
Speaker 2: think back to the eighties. Like the eighties is is

696
00:31:50,360 --> 00:31:53,000
Speaker 2: that when like acid wash came in or stonewashed. That's

697
00:31:53,040 --> 00:31:55,280
Speaker 2: what it was called stone washed, and it was to

698
00:31:55,280 --> 00:31:57,200
Speaker 2: make the genes look like they were somewhat broken in

699
00:31:57,240 --> 00:32:00,200
Speaker 2: because as a kid, I remember the absolute worst thing

700
00:32:00,520 --> 00:32:02,240
Speaker 2: was getting a pair of like brand new genes that

701
00:32:02,240 --> 00:32:06,600
Speaker 2: were like dark blue. Like that was lame and so

702
00:32:06,920 --> 00:32:09,640
Speaker 2: I kind of understand from a kid's perspective, but now

703
00:32:09,720 --> 00:32:12,080
Speaker 2: as an adult man, like those like those are the

704
00:32:12,160 --> 00:32:16,880
Speaker 2: nice genes, right, Like this Japanese salvage dark blue raw denim.

705
00:32:17,800 --> 00:32:19,320
Speaker 2: I love getting a pair of those because it's almost

706
00:32:19,320 --> 00:32:21,040
Speaker 2: like a blank canvas. And like you said, you have

707
00:32:21,080 --> 00:32:25,400
Speaker 2: to earn those wear lines. Yeah, you earned that whiskery.

708
00:32:25,400 --> 00:32:26,760
Speaker 1: It's coming about naturally over time.

709
00:32:26,960 --> 00:32:29,479
Speaker 2: Yeah, yeah, that's a and you're paying more in that

710
00:32:29,520 --> 00:32:32,360
Speaker 2: case though, on those kinds of genes because they're salvage

711
00:32:32,400 --> 00:32:34,720
Speaker 2: and so it's a it's a nicer denim. I don't

712
00:32:34,720 --> 00:32:36,280
Speaker 2: know all everything that goes into it, but it's a

713
00:32:36,320 --> 00:32:39,360
Speaker 2: nicer fabric. It's a it's heavier, it's like the heavyweight.

714
00:32:39,800 --> 00:32:41,080
Speaker 2: However many ounces I don't.

715
00:32:41,160 --> 00:32:42,600
Speaker 1: I'm not like a.

716
00:32:42,200 --> 00:32:44,240
Speaker 2: Denim head or anything like that. But like you are

717
00:32:44,280 --> 00:32:47,320
Speaker 2: literally getting more. There's a utilitarian.

718
00:32:46,640 --> 00:32:49,480
Speaker 1: You're getting something that's higher quality and will last longer,

719
00:32:49,480 --> 00:32:52,560
Speaker 1: as opposed to getting something that is an attempt at

720
00:32:52,560 --> 00:32:53,840
Speaker 1: at being trendy exactly.

721
00:32:53,880 --> 00:32:56,560
Speaker 2: Okay, So, speaking of spending money on crap, maybe try

722
00:32:56,640 --> 00:33:01,760
Speaker 2: and avoid Amazon's new line, Amazon Haul. This is Amazon's

723
00:33:01,760 --> 00:33:05,800
Speaker 2: effort to compete with the cheap Chinese sites like Timu

724
00:33:06,440 --> 00:33:10,160
Speaker 2: over there nothing is priced more than twenty dollars. And

725
00:33:10,280 --> 00:33:12,520
Speaker 2: you may be listening to the show and thinking that, man,

726
00:33:12,600 --> 00:33:15,280
Speaker 2: these money saving hosts of the podcast, they'd be all

727
00:33:15,320 --> 00:33:19,520
Speaker 2: about Amazon Hall, but we're actually not. Because these quote

728
00:33:19,560 --> 00:33:24,560
Speaker 2: unquote affordable products are they're often made incredibly poorly. That

729
00:33:24,640 --> 00:33:26,720
Speaker 2: means they're gonna break quickly. If it's a fashion item,

730
00:33:26,720 --> 00:33:29,600
Speaker 2: it means it's gonna unravel quickly or fade, or it's

731
00:33:29,640 --> 00:33:32,360
Speaker 2: gonna pill and you're gonna start seeing more prompts to

732
00:33:32,440 --> 00:33:36,040
Speaker 2: check out Amazon Hall over on their site or on

733
00:33:36,040 --> 00:33:39,040
Speaker 2: the app, especially here around the holidays. But avoiding it

734
00:33:39,120 --> 00:33:42,560
Speaker 2: is likely the best policy. We like getting a deal,

735
00:33:42,560 --> 00:33:45,960
Speaker 2: we like the prices, but we are certainly down to

736
00:33:46,000 --> 00:33:48,560
Speaker 2: pay a little bit more for quality for something that

737
00:33:48,600 --> 00:33:51,960
Speaker 2: we think is gonna last the actual long haul. I

738
00:33:52,000 --> 00:33:54,280
Speaker 2: don't know, I didn't really wrap that up cleanly, but

739
00:33:54,320 --> 00:33:55,920
Speaker 2: you know what I'm saying. Yeah, So the reason it's

740
00:33:55,920 --> 00:33:58,440
Speaker 2: called Amazon Hall too is it because it's because they

741
00:33:58,440 --> 00:34:00,400
Speaker 2: want you to They have to send it directly from

742
00:34:00,520 --> 00:34:03,479
Speaker 2: China right to avoid the it's likely going to take

743
00:34:03,520 --> 00:34:05,680
Speaker 2: multiple weeks to get your stuff, just because yeah, it

744
00:34:05,760 --> 00:34:08,239
Speaker 2: is this direct from direct from China sort of to

745
00:34:08,320 --> 00:34:09,080
Speaker 2: avoid the teriffs?

746
00:34:09,200 --> 00:34:09,439
Speaker 1: Yeah?

747
00:34:09,920 --> 00:34:12,320
Speaker 2: Literally, I guess like when you are when they're shipping

748
00:34:12,360 --> 00:34:13,440
Speaker 2: it directly from China, like.

749
00:34:13,600 --> 00:34:16,040
Speaker 1: They're in Amazon much much much less. They know, Hey,

750
00:34:16,080 --> 00:34:19,600
Speaker 1: we're maybe competitive with a lot of American retailers, but

751
00:34:19,680 --> 00:34:22,759
Speaker 1: we're not as competitive with Timu Sheian like those kind

752
00:34:22,800 --> 00:34:25,319
Speaker 1: of companies. And so this is their attempt to be

753
00:34:25,440 --> 00:34:28,719
Speaker 1: competitive on that front. But that in their attempts to

754
00:34:28,760 --> 00:34:32,399
Speaker 1: be competitive with some of those Chinese retailers, they are

755
00:34:32,640 --> 00:34:34,399
Speaker 1: going to have to reduce the quality of the product.

756
00:34:34,400 --> 00:34:35,960
Speaker 1: They're reducing the price. Yeah, but a lot of these

757
00:34:35,960 --> 00:34:38,640
Speaker 1: things are just going to be cheap chot keys that

758
00:34:38,760 --> 00:34:41,880
Speaker 1: you should avoid because they're not gonna last very long,

759
00:34:41,960 --> 00:34:44,279
Speaker 1: especially man, some of those clothing items. Think about how

760
00:34:44,960 --> 00:34:47,319
Speaker 1: I've never bought anything from any of those Chinese sites. Man,

761
00:34:47,360 --> 00:34:50,040
Speaker 1: I kind of I refuse to, Like, I'm not interested.

762
00:34:50,320 --> 00:34:52,200
Speaker 1: And I know some people like are addicted to them

763
00:34:52,200 --> 00:34:54,880
Speaker 1: and they get stuff for super duper cheap, but I

764
00:34:54,920 --> 00:34:57,200
Speaker 1: just don't think the deep discounts are worth.

765
00:34:57,160 --> 00:34:59,640
Speaker 2: The price we pay. Joel's buy an American made only,

766
00:35:00,120 --> 00:35:01,200
Speaker 2: Joel's a Patriot.

767
00:35:00,880 --> 00:35:04,040
Speaker 1: I'm American made only but like my goodness.

768
00:35:03,880 --> 00:35:05,839
Speaker 2: Avoiding the absolutely cheapest crap out there.

769
00:35:05,920 --> 00:35:08,280
Speaker 1: Yeah yeah, I mean everything I read about the especially

770
00:35:08,320 --> 00:35:09,960
Speaker 1: the clothing items, but like think about like the all

771
00:35:09,960 --> 00:35:11,840
Speaker 1: the plastic junkin stuff. It's a lot of it's like

772
00:35:11,880 --> 00:35:14,520
Speaker 1: completely needless stuff. And word, we're just wowed by the price,

773
00:35:14,520 --> 00:35:16,600
Speaker 1: and so we buy. But how long does that thing

774
00:35:16,640 --> 00:35:18,719
Speaker 1: actually last? And is it something that we use for

775
00:35:18,760 --> 00:35:19,799
Speaker 1: longer than a few days?

776
00:35:19,840 --> 00:35:21,360
Speaker 2: I know. Yeah, we are literally in the midst of

777
00:35:21,440 --> 00:35:23,680
Speaker 2: having conversations with family right now as we're trying to

778
00:35:23,840 --> 00:35:25,839
Speaker 2: figure out what gifts are going to look like around

779
00:35:25,840 --> 00:35:28,319
Speaker 2: the holidays in Christmas in order to keep you know,

780
00:35:28,480 --> 00:35:30,080
Speaker 2: just all that stuff that's gonna end up breaking or

781
00:35:30,120 --> 00:35:31,160
Speaker 2: that we're not going to find a whole lot of

782
00:35:31,200 --> 00:35:32,280
Speaker 2: value in to a minimum.

783
00:35:32,360 --> 00:35:34,279
Speaker 1: Yeah, those are important conversations to have right now.

784
00:35:34,360 --> 00:35:37,000
Speaker 2: Yeah, man, let's do a quick newsletter referral shout out

785
00:35:37,040 --> 00:35:40,000
Speaker 2: to Brittany Ka. Brittany, thank you so much for being

786
00:35:40,000 --> 00:35:43,839
Speaker 2: a how to Money newsletter reader as well as disseminator.

787
00:35:43,880 --> 00:35:46,120
Speaker 2: You've sent it out to some of your most loved

788
00:35:46,200 --> 00:35:48,680
Speaker 2: friends and family, so thank you for spreading the word.

789
00:35:48,800 --> 00:35:51,200
Speaker 1: No doubt we appreciate you Brittany. All right, Matt, that's

790
00:35:51,200 --> 00:35:53,200
Speaker 1: gonna do it for this episode. We'll put links in

791
00:35:53,239 --> 00:35:55,320
Speaker 1: the show notes to some of the stuff that we mentioned,

792
00:35:55,440 --> 00:35:58,560
Speaker 1: and there's always more money saving information about how toomoney

793
00:35:58,600 --> 00:36:01,920
Speaker 1: dot com. But until next time, best Friends Out, Best

794
00:36:02,000 --> 00:36:02,959
Speaker 1: Friends Out,