WEBVTT - Friday Flight - Content to Rent, Gift Card Caution, & Bitcoin Bulls #906 0:00:00.080 --> 0:00:03.480 Welcome to How to Money. I'm Joel Matt and today 0:00:03.480 --> 0:00:05.400 we're talking about people being content to rent, we're going 0:00:05.440 --> 0:00:08.319 to offer a gift card caution, and we're gonna talk 0:00:08.320 --> 0:00:09.360 about bitcoin bowls. 0:00:28.560 --> 0:00:31.280 That's right, buddy. This is our Friday Flights, our weekly 0:00:31.360 --> 0:00:35.320 roundup of personal finance news out there, specifically how we 0:00:35.320 --> 0:00:37.920 think it's going to impact your money. But should we 0:00:37.920 --> 0:00:40.000 go ahead and tell folks about this news site that 0:00:40.520 --> 0:00:42.720 we came across that launched recently, Gallion. 0:00:43.280 --> 0:00:44.920 It's a I don't even know where I saw it, 0:00:45.000 --> 0:00:48.960 but I was like, oh, this is really interesting and 0:00:49.240 --> 0:00:51.560 just kind of allows people to list their own home 0:00:51.680 --> 0:00:53.680 for sale, and they're kind of trying to create their 0:00:53.680 --> 0:00:59.560 own marketplace, avoiding the National Association of Realtor stranglehold the 0:00:59.680 --> 0:01:03.160 mls US, which has been kind of the lynchpin to 0:01:03.240 --> 0:01:06.120 where people can buy and sell homes and how homes 0:01:06.200 --> 0:01:08.640 get kind of thrown out there into the ether when 0:01:08.640 --> 0:01:11.040 they're for sale. And matt Zilla used to have this feature. 0:01:11.040 --> 0:01:12.399 I don't know if they still do make me move. 0:01:12.480 --> 0:01:13.360 Is that still on the site. 0:01:13.440 --> 0:01:16.880 Oh, I definitely remember it. Yeah, I'll be honest, I 0:01:16.920 --> 0:01:18.720 haven't spent as much time on Zilla which is probably 0:01:18.720 --> 0:01:20.200 a good thing for mental health. 0:01:20.400 --> 0:01:22.559 Well, I used to love that feature because I think 0:01:22.920 --> 0:01:25.680 at some point there is a price that I'm willing 0:01:25.680 --> 0:01:28.840 to accept right for a home, even the home I'm 0:01:28.840 --> 0:01:30.800 living in, even if I love it. Well, if someone 0:01:30.840 --> 0:01:33.199 wants to come off me like two million dollars tomorrow. 0:01:33.240 --> 0:01:35.480 Okay, sure as well just stick up there for five 0:01:35.480 --> 0:01:37.520 million if someone's willing to pay that. 0:01:38.880 --> 0:01:40.360 No one would have paid me five million for it. 0:01:40.400 --> 0:01:42.840 But like, I like that kind of idea that you 0:01:42.880 --> 0:01:45.840 can at least kind of name a price if somebody says, 0:01:45.920 --> 0:01:47.880 I'm desperate enough for the place that you live in 0:01:48.120 --> 0:01:50.440 that I'll pay it. Boom, Like you're able to find 0:01:50.480 --> 0:01:52.360 a place where buyer and seller are willing to meet. 0:01:52.360 --> 0:01:54.880 And it seems like Gallion is kind of trying to 0:01:54.920 --> 0:01:56.880 create that marketplace and I think it's neat. 0:01:56.920 --> 0:01:59.760 Yeah, searched our area. There's a couple dozen homes where. 0:02:00.280 --> 0:02:02.000 It's actually kind of funny too, because you can see 0:02:02.000 --> 0:02:04.640 how it's like there's little pockets of listings and it's 0:02:04.680 --> 0:02:06.080 like someone learns about it and then they tell a 0:02:06.120 --> 0:02:08.760 couple of their friends and they also get their house 0:02:08.840 --> 0:02:10.760 up there as well. I mean, bottom line the more 0:02:10.960 --> 0:02:13.840 competitors there are in the space, the more people are 0:02:13.840 --> 0:02:15.600 a going to be talking about it. But then just 0:02:15.680 --> 0:02:18.520 there's just more competition, and I think more folks are 0:02:18.520 --> 0:02:20.919 going to be willing to go out there quote unquote, 0:02:20.960 --> 0:02:22.600 go out on a limb, as opposed to kind of 0:02:22.639 --> 0:02:25.320 going with the more traditional model of going with a 0:02:25.360 --> 0:02:28.440 listing agent, having an agent who's looking for a home 0:02:28.480 --> 0:02:30.519 on your behalf, because let's be honest, I don't know 0:02:30.560 --> 0:02:32.880 about I mean I do know actually about you, Like 0:02:33.280 --> 0:02:35.880 you are not only looking at the homes that your 0:02:35.919 --> 0:02:38.640 realtor sends you. You are getting out there yourself, right, 0:02:38.720 --> 0:02:41.200 and so like the model has completely changed, at least 0:02:41.200 --> 0:02:42.959 when it comes to the work that's being provided, but 0:02:43.080 --> 0:02:47.160 the commission hasn't changed. And that's what that's the biggest 0:02:47.160 --> 0:02:49.160 sticking point. It's not that we don't think that realtors 0:02:49.160 --> 0:02:52.160 are providing value, it's just that maybe the way that 0:02:52.280 --> 0:02:54.679 they should be compensated should change. I still think that 0:02:54.720 --> 0:02:58.400 there is going to be a space a market for realtors. 0:02:59.040 --> 0:03:02.200 It's still the most of item most people are ever 0:03:02.240 --> 0:03:03.720 going to purchase. But I think there's a lot of 0:03:03.760 --> 0:03:06.239 room in between four folks who maybe are looking at 0:03:06.280 --> 0:03:08.760 like a first time home purchase where they're not spending 0:03:08.800 --> 0:03:10.200 a ton of money, where they are going to be 0:03:10.200 --> 0:03:13.200 a little more engaged in the home search process. 0:03:13.680 --> 0:03:15.840 But I think this site, at least what it's trying 0:03:15.840 --> 0:03:17.600 to do is go to the complete opposite and end 0:03:17.639 --> 0:03:20.480 of those spectruments and just line up buyers and sellers 0:03:20.520 --> 0:03:26.200 together through online listings on Gallion's website specifically, and maybe 0:03:26.200 --> 0:03:27.799 at least for some people they'll be able to find 0:03:27.800 --> 0:03:30.400 their perfect match. They'll be able to avoid paying any 0:03:30.520 --> 0:03:35.120 real circ commission. And if this does reach critical mass 0:03:35.160 --> 0:03:37.600 where enough people are listing properties and searching for properties, 0:03:37.880 --> 0:03:39.440 this could be like a new way forward. 0:03:39.600 --> 0:03:42.080 Yeah, and again, even the fact that it exists, I 0:03:42.080 --> 0:03:44.080 think it can be promising and hopefully can open up 0:03:44.080 --> 0:03:47.520 the housing market as things have slowed down significantly. Let's 0:03:47.560 --> 0:03:50.240 keep talking about housing, Joel. Sixty percent of people thought 0:03:50.280 --> 0:03:53.160 it was smart to buy a home four years ago, right, 0:03:53.200 --> 0:03:56.760 so sixty percent. Then only twenty percent think it's a 0:03:56.800 --> 0:04:00.720 smart move today, and man, rightly so. Starter homes they 0:04:00.720 --> 0:04:03.040 cost more than a million dollars in a ton of 0:04:03.040 --> 0:04:05.880 different cities around the country. That's crazy to think, right, 0:04:06.360 --> 0:04:08.440 It's like, yeah, what kind of job you have to 0:04:08.480 --> 0:04:12.080 be able to afford a million dollar, million dollar starter home. 0:04:12.440 --> 0:04:15.480 Sticky high rates, they actually taken the wind out of 0:04:15.520 --> 0:04:18.239 the sales of a lot of folks as well, meaning 0:04:18.240 --> 0:04:21.880 they are becoming more content to rent for the time being. 0:04:21.960 --> 0:04:26.120 There's your I like the rhyming better than the alliteration personally, 0:04:26.480 --> 0:04:28.559 but the truth is, in most markets around the country, 0:04:28.600 --> 0:04:31.279 you can rent the home that's equivalent to what you 0:04:31.320 --> 0:04:34.560 could buy and pay far less every single month, and 0:04:34.720 --> 0:04:37.000 by doing that, you retain that flexibility because you can 0:04:37.040 --> 0:04:41.560 always opt to buy if marketing conditions change. And of 0:04:41.560 --> 0:04:43.800 course you don't have you don't have the maintenance, you 0:04:43.800 --> 0:04:47.200 don't have the repairs to worry about. So if you 0:04:47.279 --> 0:04:49.800 are in the twenty percent camp of folks who want 0:04:49.839 --> 0:04:52.600 to own a home, I totally get it. But renting 0:04:52.960 --> 0:04:54.960 maybe a little bit longer in order to juice your 0:04:54.960 --> 0:04:58.479 savings and hopes that barring rates, they you know, hoping 0:04:58.480 --> 0:05:01.560 that they'll take down or maybe if supply tacks up, 0:05:01.640 --> 0:05:04.280 or actually both would ideally happen at the same time. 0:05:04.360 --> 0:05:06.200 That could still be the best financial move right now 0:05:06.240 --> 0:05:07.040 for a lot of folks. 0:05:07.160 --> 0:05:10.320 Yeah, I hate them, maybe dismay that people feel like, 0:05:11.080 --> 0:05:13.920 all right, I guess I'm gonna take buying off the table. 0:05:14.200 --> 0:05:15.920 But I also think in a lot of ways it's 0:05:15.960 --> 0:05:21.080 smart because the market is pretty ridiculous. As someone who's 0:05:21.200 --> 0:05:23.040 especially for first time home buy it's if you're selling 0:05:23.080 --> 0:05:25.520 one home buying another one, I think it's like, oh, well, 0:05:25.520 --> 0:05:27.320 at least I'm making out like a bandit on the 0:05:27.360 --> 0:05:30.240 sale potentially, and even though I'm paying out the nose 0:05:30.279 --> 0:05:33.039 for the next house. But it makes us a whole 0:05:33.040 --> 0:05:35.200 lot of sense financially speaking, for a lot of folks 0:05:35.200 --> 0:05:37.039 to say, you know what, I'm gonna wait to buy 0:05:37.080 --> 0:05:39.760 for the time being. Another reason I think to be 0:05:39.880 --> 0:05:42.599 dubious of buying a home these days is rising home owners' 0:05:42.600 --> 0:05:47.400 association fees. Some homeowners Matt they're seeing just ridiculous increases 0:05:47.440 --> 0:05:50.800 in their HOA dues. And this again, this kind of 0:05:50.839 --> 0:05:52.880 makes sense too. It jives with what's going on. The 0:05:52.960 --> 0:05:56.039 cost of insurance has risen significantly, so is the cost 0:05:56.080 --> 0:05:58.720 of repairs and maintenance and so up keep for the pool, 0:05:58.800 --> 0:06:01.200 the tennis court, it's all that kind of the common areas. 0:06:01.400 --> 0:06:03.760 It's not as cheap as it used to be. And 0:06:04.120 --> 0:06:06.320 you know, for associations that weren't good at planning. Some 0:06:06.360 --> 0:06:08.640 are really good at planning. They've got money banked and 0:06:09.040 --> 0:06:14.000 they've been, you know, just raising hoadus steadily over the years. Well, 0:06:14.360 --> 0:06:16.480 those year over year bumps might not be too bad, 0:06:16.560 --> 0:06:19.280 but for a lot of other associations who weren't good 0:06:19.279 --> 0:06:22.640 at planning, those bumps can be significant or worse. Maybe 0:06:22.680 --> 0:06:25.240 there's some sort of special assessment that gets levied that 0:06:25.279 --> 0:06:28.640 can be thousands and thousands of dollars. Those can be considerable. 0:06:29.080 --> 0:06:31.400 And then you know, I know, some folks prefer to 0:06:31.440 --> 0:06:34.320 live in neighborhoods that have in HOA. They like the 0:06:34.680 --> 0:06:37.520 well maintained public spaces. They like the idea that their 0:06:37.560 --> 0:06:39.880 neighbor can't paint their door hot pink or something like that. 0:06:40.360 --> 0:06:44.440 But it's called self expression, I know. But in hoa's 0:06:44.560 --> 0:06:47.760 you're not allowed to have that self expression. So I 0:06:47.760 --> 0:06:50.039 think a warning here, just be careful before buying a 0:06:50.040 --> 0:06:52.520 home in a neighborhood that has an HOA, or buying 0:06:52.560 --> 0:06:55.920 a condo right where there's a homeowner's association, which are 0:06:55.920 --> 0:06:59.240 typically is in condo communities. It's harder to do these 0:06:59.320 --> 0:07:01.800 days with I think a third of homes are a 0:07:01.839 --> 0:07:04.400 part of an HOA, and when we're talking about new builds, 0:07:04.400 --> 0:07:07.720 the vast majority are. But if you're going to do that, 0:07:07.760 --> 0:07:09.760 if you are going to buy a home that does 0:07:09.800 --> 0:07:13.200 have a homeowners association, dig into the financials of the 0:07:13.360 --> 0:07:17.160 HOA before you buy, because you might be like, oh, 0:07:17.160 --> 0:07:20.200 this is a reasonably priced monthly fee. Well, it might 0:07:20.240 --> 0:07:23.040 not stay there for long. There was a local example, 0:07:23.080 --> 0:07:27.480 Matt of a twenty nine thousand dollars assessment per person 0:07:27.640 --> 0:07:30.360 in the community to fix a dam that was owned 0:07:30.360 --> 0:07:33.760 by the community. And that's just shocking. I mean, we've 0:07:33.760 --> 0:07:36.720 seen what happened has happened in Florida too, homeowners associations 0:07:36.760 --> 0:07:40.880 jacking up rates significantly. So hoa's they can be good 0:07:40.880 --> 0:07:42.320 and they can help protect your home value, but they 0:07:42.360 --> 0:07:43.400 can also be quite expensive. 0:07:43.440 --> 0:07:45.400 Yeah. So what do you think about manufactured homes as 0:07:45.400 --> 0:07:49.440 being a potential solution. Prefab manufactured homes they get hauled 0:07:49.480 --> 0:07:51.640 on site, you know, normally they're like split down the middle, yeah, 0:07:51.640 --> 0:07:53.280 and then they I guess get bolted together. 0:07:53.320 --> 0:07:55.360 I think those have come a long way actually in 0:07:55.600 --> 0:07:58.200 recent years, and maybe twenty years ago, it wasn't, as 0:07:58.600 --> 0:08:00.520 you know, worthwhile a solution. But no, I guess I 0:08:00.560 --> 0:08:02.480 think they could be part of the solution to high 0:08:02.520 --> 0:08:03.160 housing costs. 0:08:03.240 --> 0:08:05.200 Yeah, it makes me so. We on the show, we've 0:08:05.200 --> 0:08:07.800 talked before about the problems with nimbiism, you know, where 0:08:07.800 --> 0:08:09.880 folks who are like not in my backyard. We've talked 0:08:09.880 --> 0:08:13.600 about zoning laws that prevent building new homes in much 0:08:13.640 --> 0:08:17.200 of the country without a lengthy process, and those remain 0:08:17.240 --> 0:08:20.320 hurdles to increased building. And if we as a country 0:08:20.320 --> 0:08:23.760 incentivize adding more supply, I think that would reduce prices 0:08:23.760 --> 0:08:27.240 over time. But manufactured homes, I think that could actually 0:08:27.240 --> 0:08:30.080 be a part of the solution as well. It's funny 0:08:30.080 --> 0:08:32.040 how things have changed over like one hundred years, because 0:08:32.080 --> 0:08:34.160 like the Seers catalog where you could buy the home kits, 0:08:34.640 --> 0:08:36.320 like our old neighborhood that we used to live in, 0:08:36.360 --> 0:08:38.439 I think like half of the homes, half of the 0:08:38.480 --> 0:08:41.160 bungalows in that neighborhood were essentially you could look at 0:08:41.160 --> 0:08:43.600 some of the old Seers kits and see your home 0:08:43.880 --> 0:08:46.040 an illustrated version that was one hundred years old, yeah, 0:08:46.080 --> 0:08:46.640 drawn in there. 0:08:46.679 --> 0:08:49.400 And those kits what used to cost like one thousand bucks. 0:08:49.440 --> 0:08:52.319 I mean those insane to think about how cheap and 0:08:52.360 --> 0:08:53.880 how cool those homes actually are. 0:08:53.559 --> 0:08:57.439 They look really cool. But those days are seeing a resurgence. 0:08:57.760 --> 0:09:01.560 You can buy a manufactured home on Amazon. You can 0:09:01.600 --> 0:09:05.520 even buy one on Facebook, although you know they I 0:09:05.520 --> 0:09:08.560 don't think they hold a candle to the old bungalows 0:09:08.600 --> 0:09:10.960 of your But zoning laws all right, So it comes 0:09:10.960 --> 0:09:14.120 full circle here. Zoning laws often prevent folks from putting 0:09:14.240 --> 0:09:18.480 up manufactured homes on their property. So if you are 0:09:18.520 --> 0:09:21.440 living in a community, I can understand why some folks 0:09:21.480 --> 0:09:24.440 are wanting something that's not like cookie cutter homes, but 0:09:24.480 --> 0:09:27.320 something that feels a little more uniform and where you 0:09:27.360 --> 0:09:29.800 can't just stick whatever you want on that property. 0:09:29.840 --> 0:09:30.880 But especially if you are. 0:09:30.760 --> 0:09:35.040 Further out, the ability to spend significantly less on a 0:09:35.080 --> 0:09:38.319 manufactured home, I think that could be just an awesome 0:09:38.320 --> 0:09:40.400 way to consider saving a ton of money. Just make 0:09:40.440 --> 0:09:43.480 sure to check local rules. But new building methods as 0:09:43.480 --> 0:09:45.960 well as manufactured homes, I think could if done in 0:09:46.000 --> 0:09:48.400 conjunction with zoning reform, it could provide a lot of 0:09:48.440 --> 0:09:50.920 relief on the home buying front as folks are looking 0:09:50.920 --> 0:09:52.640 to especially if for folks who are looking to get 0:09:52.640 --> 0:09:53.160 their first place. 0:09:53.240 --> 0:09:55.120 Yeah, it's like we have to look into all of 0:09:55.160 --> 0:09:58.320 those areas. Let's keep talking about real estate, Matt. There's 0:09:58.440 --> 0:10:01.160 something that people are doing in order to combat the 0:10:01.240 --> 0:10:04.280 high cost of real estate where they live, and this 0:10:04.360 --> 0:10:07.120 is actually something that I think is ill advised, and 0:10:07.160 --> 0:10:10.720 it is buying a home with friends. So people are 0:10:11.040 --> 0:10:15.520 pulling their assets together. They're saying, hey, Sarah, hey Steve, 0:10:15.960 --> 0:10:18.439 whatever your best friend's name is, and they say, I 0:10:18.480 --> 0:10:20.000 can't afford a home on my own. I know you 0:10:20.040 --> 0:10:22.640 want to buy a home too. Why don't we, with 0:10:22.720 --> 0:10:25.080 the money that we've both been able to save, put 0:10:25.080 --> 0:10:29.600 this down payment on a single family home and we'll 0:10:29.640 --> 0:10:30.720 both we'll co own it. 0:10:31.000 --> 0:10:31.880 What could go wrong? 0:10:32.040 --> 0:10:35.040 What could go wrong? Right? And when you look at 0:10:35.080 --> 0:10:37.360 the stats, there's a lot more people who are actually 0:10:37.400 --> 0:10:40.000 opting to do this. This is kind of it's a 0:10:40.000 --> 0:10:41.800 trend these days, I think, Matt. Part of that has 0:10:41.840 --> 0:10:44.760 to do with people getting married later in life, and 0:10:44.800 --> 0:10:46.720 so they're like, I don't know, sure, I'm in my 0:10:46.960 --> 0:10:49.720 late twenties. Why not buy a home with a friend, 0:10:50.120 --> 0:10:54.520 since maybe I'm punting marriage until my mid thirties. And 0:10:54.559 --> 0:10:57.200 the next thing you know, you're making offers together, but 0:10:57.280 --> 0:11:01.280 getting into that purchase is actually fairly easy if you 0:11:01.320 --> 0:11:04.240 have the funds and you have the desire. The tough 0:11:04.280 --> 0:11:06.440 thing is getting out of the purchase, right. It's so 0:11:06.559 --> 0:11:08.840 much harder to get out than it is to get in. 0:11:09.240 --> 0:11:11.559 And so if living together with the person you have 0:11:11.600 --> 0:11:14.600 bought this home with isn't working out, or even if 0:11:14.640 --> 0:11:17.400 you just want a portion of the equity because you're 0:11:17.440 --> 0:11:19.319 moving for a job, or that you do decide to 0:11:19.360 --> 0:11:22.520 get married, your co owner or co owners, if you're 0:11:22.520 --> 0:11:24.280 doing this with multiple people and not just one other 0:11:24.360 --> 0:11:28.840 person might not be in the financial position to oblige 0:11:28.840 --> 0:11:31.640 your whim. They might say, oh, sorry, I can't actually 0:11:31.720 --> 0:11:34.319 by this portion of the home out, or we'd have 0:11:34.360 --> 0:11:36.520 to do a cash out refinance, which is also a 0:11:36.559 --> 0:11:39.000 tough move to do. Even if they want to help 0:11:39.000 --> 0:11:41.920 you out, oftentimes they can't. So the Wall Street Journal 0:11:41.960 --> 0:11:44.959 had a profile of people who are combining assets to 0:11:44.960 --> 0:11:47.800 buy homes and just like how sticky and how difficult 0:11:47.800 --> 0:11:49.800 it can be, and how it can lead to hurt relationships. 0:11:50.080 --> 0:11:52.160 You might be the person who gets lucky in is 0:11:52.200 --> 0:11:54.920 able to make it work, but this kind of arrangement 0:11:55.040 --> 0:11:57.200 can hurt your personal finances, and it can hurt your 0:11:57.200 --> 0:12:00.160 relationships too. So I think our advice typical would be 0:12:00.240 --> 0:12:03.320 a stay clear, don't buy real estate. Well, these are 0:12:03.320 --> 0:12:04.280 the people most of the time. 0:12:04.360 --> 0:12:06.280 Well, it's different too, if like you are doing this 0:12:06.320 --> 0:12:09.679 with your spouse, because you that's a very different kind 0:12:09.720 --> 0:12:12.200 of relationship than yes, like even to your bestie, but 0:12:12.280 --> 0:12:15.240 let alone. Definitely just like your buddy, right Like, when 0:12:15.240 --> 0:12:18.079 you are married, you've literally taken vows, there are witnesses. 0:12:18.679 --> 0:12:21.360 Maybe you even threw a big party afterwards called a reception. 0:12:21.520 --> 0:12:23.199 Yeah, the like stakes are ramped up. 0:12:23.320 --> 0:12:26.360 It's a stickier relationship, you are more committed, and so 0:12:26.440 --> 0:12:28.280 it makes sense that, oh, yeah, we are going to 0:12:28.320 --> 0:12:30.120 buy a house together. It's a lot different to do 0:12:30.160 --> 0:12:33.440 that with a friend. And a much better solution, I think, 0:12:33.480 --> 0:12:35.880 would be for there to be a single buyer and 0:12:35.920 --> 0:12:38.720 then hey, maybe you'll rint out that extra room or 0:12:38.760 --> 0:12:40.760 rent out two rooms or rent out three rooms. But 0:12:40.800 --> 0:12:43.000 the ability for a single individual to go in there 0:12:43.000 --> 0:12:45.199 and make that purchase, and chances are if you're the 0:12:45.240 --> 0:12:48.000 one listening to the Personal Finance Money podcast here, that 0:12:48.040 --> 0:12:51.320 person is probably you. Yeah, and so just to think 0:12:51.360 --> 0:12:53.440 creatively about this. Typically on the show, we call this 0:12:53.480 --> 0:12:55.439 house hacking, but back in the day, it was just 0:12:55.520 --> 0:12:59.040 called roommates, and that's just certainly a way to get 0:12:59.040 --> 0:13:02.160 your housing costs down. Why still being able to purchase that. 0:13:02.080 --> 0:13:03.679 House, and you might even be able to provide your 0:13:03.720 --> 0:13:09.559 friends like a slightly below market rent. Say you're gouging there, right, Hey, 0:13:09.600 --> 0:13:12.280 I'm buying this place, and yes, I know your rent's 0:13:12.320 --> 0:13:15.480 pretty expensive. And once you move into the bedroom of 0:13:15.480 --> 0:13:17.800 the place I'm buying, and hey, then but then it 0:13:17.960 --> 0:13:21.040 just it creates less of that you're not commingling your 0:13:21.080 --> 0:13:25.480 finances to this overwhelming extent. And you're right, man, it's 0:13:25.520 --> 0:13:27.720 not overwhelming if you're married, but it can be overwhelming 0:13:27.760 --> 0:13:29.679 if you're just friends. And then both of you want 0:13:29.720 --> 0:13:30.439 to go separate. 0:13:30.160 --> 0:13:32.160 Ways, and you can like wade into those waters. It's 0:13:32.160 --> 0:13:33.920 so easy to wait in those waters. Like you can 0:13:33.960 --> 0:13:36.400 just say, hey, let's just try this out for three months, 0:13:36.480 --> 0:13:38.320 Like you don't have to even sign it, like create 0:13:38.320 --> 0:13:40.080 a lease, and hey, this is up to you, by 0:13:40.080 --> 0:13:41.760 the way, as the landlord, and as the owner of 0:13:41.800 --> 0:13:43.880 the property, you get to decide how long you want 0:13:43.920 --> 0:13:45.480 them to be there. So you could say, hey, let's 0:13:45.480 --> 0:13:47.959 try this out for three months. We only met last year, 0:13:48.000 --> 0:13:49.199 so I'm not totally sure how this is going to 0:13:49.280 --> 0:13:51.560 work out. And three months in it's like, hey, let's 0:13:51.600 --> 0:13:54.280 do this. This is working out really well. We literally 0:13:54.440 --> 0:13:56.840 that's what we did here with our office, the studio 0:13:56.880 --> 0:13:59.640 that we rent. It's a carriage house and they'd never 0:13:59.640 --> 0:14:01.640 done that before, and so we're like, let's just try 0:14:01.679 --> 0:14:03.200 it out. Let's just give it a few months. We 0:14:03.240 --> 0:14:05.719 came back to the table, talked about it, and we've 0:14:05.760 --> 0:14:08.040 been here for like, we're on our third year now 0:14:08.040 --> 0:14:11.280 at this point, Joel, and we've only had one rent increase. 0:14:11.360 --> 0:14:14.720 I think it's just because we're great tenants. Thanks Andrew. Joe, 0:14:14.720 --> 0:14:16.360 you want to talk about I know you're not a 0:14:16.400 --> 0:14:18.920 fan of gift cards. Do you have some evidence? Do 0:14:18.920 --> 0:14:20.400 you want to you want to talk about gift cards 0:14:20.480 --> 0:14:21.840 especially I guess this time of year. 0:14:21.880 --> 0:14:24.280 Feel like this is something we debate at least once 0:14:24.320 --> 0:14:25.640 a year, typically right around this. 0:14:25.600 --> 0:14:28.280 Time, the bi annual conversation that we have because well, 0:14:28.280 --> 0:14:30.200 this is this is the time of year where people 0:14:30.200 --> 0:14:33.920 are most enticed to buying gift cards. They're an incredibly 0:14:33.920 --> 0:14:37.000 popular purchase this time of year, which makes sense, and 0:14:37.040 --> 0:14:40.280 they I've always understood why people are attracted to buying 0:14:40.320 --> 0:14:42.720 gift cards. I feel like they they seem like they're 0:14:42.760 --> 0:14:45.960 are an incredibly thoughtful gift. They're seen as more intentional 0:14:46.000 --> 0:14:49.240 than giving just cash, which some people think of is 0:14:49.240 --> 0:14:54.000 is ghost uncouth. Yeah, say right, And that might or 0:14:54.080 --> 0:14:56.080 might not be true. I think it depends in the 0:14:56.120 --> 0:14:58.720 eye of the beholder. But when you buy a gift card, 0:14:58.800 --> 0:15:00.840 you're I've always said this, I made this argument. You're 0:15:00.840 --> 0:15:03.960 trading US dollars that can be spent anywhere in the world, 0:15:04.040 --> 0:15:07.760 essentially definitely anywhere in the United States, into a plastic card. 0:15:07.760 --> 0:15:10.800 They can only be spent at one retailer. So it 0:15:10.840 --> 0:15:14.240 doesn't really make a whole lot of mental sense for 0:15:14.280 --> 0:15:16.560 me to do that. That's not my favorite thing in 0:15:16.600 --> 0:15:18.880 the world. But making matters worse, Matt And this is 0:15:18.920 --> 0:15:21.520 the this is going to help prove my point. Hope, 0:15:21.600 --> 0:15:22.480 I hope you listen to me. 0:15:22.480 --> 0:15:25.120 Here. What happens if the retailer that you buy the 0:15:25.120 --> 0:15:29.280 gift card from experiences financial trouble. Right, So, for instance, 0:15:29.560 --> 0:15:32.160 TGI Fridays, which I know is your favorite restaurant, go 0:15:32.280 --> 0:15:36.240 there every Thursday. Right, They're not doing so hot right now. 0:15:36.360 --> 0:15:39.480 They've shut down dozens of locations and we just don't 0:15:39.520 --> 0:15:41.360 know how long the company as a whole is going 0:15:41.400 --> 0:15:44.360 to be around. And if you have a TGI Friday's 0:15:44.400 --> 0:15:47.680 gift card, and there's fifty million dollars worth of unspent 0:15:47.760 --> 0:15:52.120 gift cards that are earmarked for TGI Friday's use, that 0:15:52.840 --> 0:15:54.280 a lot of those people are going to be completely 0:15:54.280 --> 0:15:55.520 out of luck. They're not going to be able to 0:15:55.560 --> 0:15:57.840 find their gift cards in time. They've already misplaced them. 0:15:57.840 --> 0:16:00.320 Some of these gift cards are twenty years old, They've 0:16:00.400 --> 0:16:02.240 been in an underwear drawer, or they got tossed in 0:16:02.280 --> 0:16:04.560 the trash. So I think that's what happens with a 0:16:04.600 --> 0:16:06.240 lot of gift cards. When you look at the overall 0:16:06.280 --> 0:16:08.720 amount of unspent gift cards, a lot of it is 0:16:08.800 --> 0:16:11.520 just misplaced forgotten. Oh I got this gift card to 0:16:12.400 --> 0:16:15.320 a retailer I don't like or I don't go to, 0:16:15.760 --> 0:16:18.560 and so I just didn't spend it. And that to 0:16:18.600 --> 0:16:20.360 me is the worst part of gift cards. So people 0:16:20.400 --> 0:16:22.680 don't usually forget to spend one hundred dollars it shows 0:16:22.720 --> 0:16:24.600 up in their hands, but they do forget to spend 0:16:24.640 --> 0:16:25.080 gift cards. 0:16:25.080 --> 0:16:26.960 I totally agree with the fact that getting a gift 0:16:26.960 --> 0:16:30.120 card that it limits your options, But like, I wonder 0:16:30.160 --> 0:16:33.280 if for you, if it's less about that you don't 0:16:33.320 --> 0:16:35.600 like the concept of a gift card as opposed to 0:16:35.640 --> 0:16:39.000 you not liking the biggest retailers out there that tend 0:16:39.080 --> 0:16:41.560 to benefit from gift cards, right, So, like, I don't 0:16:41.600 --> 0:16:44.560 think you're a huge fan of Starbucks, but they've got Starbucks. 0:16:44.680 --> 0:16:47.560 I've heard this is like an airline, an urban Legends 0:16:47.600 --> 0:16:49.880 stat or something like that. But they're like Starbucks is 0:16:49.920 --> 0:16:52.600 like the third largest bank in America. I think it's 0:16:52.640 --> 0:16:54.880 true when you consider the amount of outstanding dollars that 0:16:54.920 --> 0:16:58.320 are out there on Starbucks gift cards. And so is 0:16:58.800 --> 0:17:01.080 it like for you, is it more or that's and 0:17:01.240 --> 0:17:04.320 maybe to prove my point, like, would you rather have 0:17:04.680 --> 0:17:07.880 somebody give you a Huckberry gift card? So Huckberry it's 0:17:07.880 --> 0:17:11.240 like one of your favorite men's clothing retailers, online retailers. 0:17:11.400 --> 0:17:14.000 Would you rather get a Huckberry gift card? Or would 0:17:14.000 --> 0:17:17.639 you rather have someone get you something from Huckberry that 0:17:18.200 --> 0:17:19.880 you may or may not be able to take. 0:17:19.960 --> 0:17:22.960 I'd rather have the gift card, yeah, than a clothing one. 0:17:22.960 --> 0:17:25.440 And because you're right, like, maybe it doesn't size is 0:17:25.480 --> 0:17:27.000 not the right size, or maybe it's not the right. 0:17:27.160 --> 0:17:28.080 And you don't want to have to go to the 0:17:28.160 --> 0:17:31.960 hassle of making the return, but even better give me cash. 0:17:32.160 --> 0:17:33.879 But then, like in that case, like for you and 0:17:33.920 --> 0:17:36.080 your wife, are you y'all gonna say, okay, let's just 0:17:36.119 --> 0:17:38.320 both give each other one hundred dollars? Then what it's happened? 0:17:38.359 --> 0:17:40.440 Like literally, I'm gonna buy her something I know she'll 0:17:40.520 --> 0:17:44.520 like because that's how I roll, and I know her 0:17:44.560 --> 0:17:46.880 well enough to do that. But I guess I think 0:17:46.920 --> 0:17:48.880 some people think, oh, well, I'm going to get the 0:17:49.000 --> 0:17:50.480 teacher a gift, or I'm gonna go get I'm gonna 0:17:50.480 --> 0:17:52.080 get a friend, you know that. I kind of sort 0:17:52.119 --> 0:17:53.679 of know we're gonna swap. Guess I'm gonna get them 0:17:53.680 --> 0:17:55.800 a gift card because it feels like, oh, there's some 0:17:55.960 --> 0:17:59.200 element of thought in it. But really, do you know 0:17:59.240 --> 0:18:00.840 if that person actually likes that store or not? 0:18:01.000 --> 0:18:03.280 Yeah, I think there's somewhere in between, like because like, 0:18:03.280 --> 0:18:05.639 like you can envision you giving a great gift to 0:18:05.640 --> 0:18:07.919 your wife, but then on the like far other extreme, 0:18:08.000 --> 0:18:10.560