WEBVTT - Breaking Down More Common Money Phrases #383 0:00:00.080 --> 0:00:03.000 Welcome to How the Money. I'm Joel and I am Matt. 0:00:03.200 --> 0:00:25.119 Today we're breaking down more common money phrases. Yeah, Joel, 0:00:25.120 --> 0:00:26.520 not only are there a lot of dumb things that 0:00:26.560 --> 0:00:29.360 we often here, but we will in turn take those 0:00:29.440 --> 0:00:32.559 dumb things, internalize them, and say those same dumb things 0:00:32.560 --> 0:00:37.160 again because oftentimes, when we hear phrases being used out 0:00:37.159 --> 0:00:38.519 in the you know, out in the world, out in 0:00:38.600 --> 0:00:41.080 social settings, we believe this phrases to be true. We 0:00:41.080 --> 0:00:43.640 think they're factual, uh, and that can lead us astray, 0:00:43.840 --> 0:00:46.040 especially when it comes to our money. This is kind 0:00:46.040 --> 0:00:48.120 of a part two. We've already covered a lot of 0:00:48.120 --> 0:00:50.279 different money phrases that are out there, but there are 0:00:50.320 --> 0:00:52.360 just so many that we went in to dedicate an 0:00:52.400 --> 0:00:55.000 additional episode to some of these different money phrases that 0:00:55.040 --> 0:00:56.920 we often hear. No doubt, we got some good ones 0:00:57.040 --> 0:00:59.240 on the docket for today to kind of talk about, 0:00:59.320 --> 0:01:01.120 just so that next time you hear them, you don't 0:01:01.120 --> 0:01:03.640 just automatically assume they're true. You run them through a filter. 0:01:03.720 --> 0:01:05.679 And so, yeah, we're gonna be the filter on today's episode. 0:01:05.720 --> 0:01:07.759 And here's the thing too, we already actually started working 0:01:07.760 --> 0:01:11.000 on the outline for episode three because there are a 0:01:11.000 --> 0:01:13.000 bunch that we didn't want to include because we're just 0:01:13.000 --> 0:01:15.040 gonna end up going along. I think. So we might 0:01:15.040 --> 0:01:16.920 get to another episode like this here in a few months. 0:01:17.000 --> 0:01:19.080 There we go all right, But before we get to that, Matt, 0:01:19.200 --> 0:01:22.920 I wanted to mention that recently I was hanging out 0:01:22.959 --> 0:01:25.360 on one of the deal websites like I do sometimes. 0:01:26.200 --> 0:01:28.280 It's like, deal is probably be my favorite one. Let 0:01:28.360 --> 0:01:32.039 you do this weekend just hanging out on the deal side. Now, 0:01:32.120 --> 0:01:33.680 I'll do like a brief check every now and again, 0:01:33.760 --> 0:01:35.440 like you know, four, three or five times a week, 0:01:36.080 --> 0:01:40.000 maybe seven times a week. And so I need a 0:01:40.040 --> 0:01:42.720 new water heater for my home. We're making some changes 0:01:43.080 --> 0:01:45.200 and it's one of those things where it's like I'm 0:01:45.240 --> 0:01:47.560 just on the lookout for the right one. And one 0:01:47.600 --> 0:01:49.320 of the things we're doing is we're going from natural 0:01:49.320 --> 0:01:51.160 gas to electric. It costs a little more per year, 0:01:51.440 --> 0:01:53.480 but there's so many reasons we had to do that, 0:01:53.480 --> 0:01:54.920 and I don't want to go into all that right now, 0:01:55.040 --> 0:01:59.000 but yeah, I ended up finding one. Uh Slick Deals 0:01:59.080 --> 0:02:01.880 mentioned that there was a two hundred dollar electric water 0:02:01.920 --> 0:02:05.080 heater brand new from Costco, and I was like, Uh, 0:02:05.160 --> 0:02:07.400 this is perfect. This is money. So you're like, I 0:02:07.440 --> 0:02:11.160 like Costco and like we've shared recently, I too also 0:02:11.360 --> 0:02:14.440 like Costco. You are you're a recent convert finally a convert, 0:02:14.440 --> 0:02:16.800 which I appreciate. But yeah, so I just want to live. 0:02:16.840 --> 0:02:19.160 People know that, like sometimes those deal sites, they can 0:02:19.400 --> 0:02:20.840 if we spend too much time on them, we can 0:02:20.880 --> 0:02:22.520 be prone to spend too much money. But if you 0:02:22.560 --> 0:02:24.560 know what you're looking for, and especially if you like 0:02:24.639 --> 0:02:26.720 hit the search bar up there and you're just searching 0:02:26.800 --> 0:02:29.520 for the particular item that you're in need of. So 0:02:29.639 --> 0:02:31.600 I was able to pounce man, and that's a normally 0:02:31.760 --> 0:02:33.799 six d fifty dollar water heater that I got for 0:02:33.800 --> 0:02:36.839 two hundred dollars because they're clearancing. That's like good discount. Yeah, 0:02:36.840 --> 0:02:38.680 that's a sweet discount. So and I got a shipped 0:02:38.680 --> 0:02:40.480 to my home. It didn't cost additional money for shipping. 0:02:40.480 --> 0:02:43.640 I was so surprised that that's actually pretty great delivered 0:02:43.639 --> 0:02:45.400 to your doorstep. Go pick that thing up in person. 0:02:45.720 --> 0:02:48.079 And I definitely could have used this hot water heater. 0:02:48.240 --> 0:02:50.519 What like five months ago, I had to replace uh 0:02:50.760 --> 0:02:52.720 an electric hot water heater in one of my rentals, 0:02:52.720 --> 0:02:54.720 and we talked about how I had gotten one that 0:02:54.880 --> 0:02:58.320 was used for free, and it sat up under our 0:02:58.360 --> 0:03:00.880 house to use to put the use for like a 0:03:00.919 --> 0:03:03.799 couple of years. But then finally the plumber was like, nope, 0:03:04.040 --> 0:03:06.640 I mean, I can you know, install it, but you know, 0:03:06.680 --> 0:03:08.120 there's no promise that it is not going to go 0:03:08.160 --> 0:03:11.520 out next year. And we couldn't find any info on 0:03:11.600 --> 0:03:14.240 the hot water heater as to when it was manufactured, 0:03:14.280 --> 0:03:15.760 so I didn't know if it was gonna last yeah, 0:03:15.760 --> 0:03:17.679 one year or maybe a solid fifteen it if it 0:03:17.720 --> 0:03:19.640 had only been installed for a year at the previous home, 0:03:19.680 --> 0:03:22.359 it was probably gonna cheapest out of frugal to yeah, 0:03:22.400 --> 0:03:24.560 paper the labor and then have to get a reinstalled 0:03:24.639 --> 0:03:26.400 a new one in a couple of years. I did 0:03:26.480 --> 0:03:28.440 not want to have that regret. And at this point, 0:03:28.480 --> 0:03:31.760 I know there's a perfectly brand new, manufacturer covered hot 0:03:31.760 --> 0:03:33.959 water heater in that house, but I wish I would 0:03:33.960 --> 0:03:35.600 have been able to snack it for two. Man, that's 0:03:35.600 --> 0:03:37.240 a good deal, pretty sweet deal. Good for you. Every 0:03:37.280 --> 0:03:38.600 once in a while you get one of those things 0:03:38.600 --> 0:03:41.000 falls into your lap and you think the deal, Gods, 0:03:41.080 --> 0:03:44.240 let's just gotta do afterwards. Okay, So since I am 0:03:44.280 --> 0:03:47.440 relatively newer to Costco. Do they sell large appliances like 0:03:47.480 --> 0:03:50.080 that often or Okay, so they got like water heaters, 0:03:50.120 --> 0:03:54.720 like beds, you can get dishwashers, yeah, yeah, yeah, dishwashers, 0:03:54.960 --> 0:03:59.120 fridges everything, Yeah, washer dryers as well. Yeah, okay, totally 0:03:59.120 --> 0:04:01.480 gotta keep that in mind. All the appliances you could 0:04:01.520 --> 0:04:03.600 ever need, Matthew, these are things that they don't sell 0:04:03.600 --> 0:04:05.760 it Aldi. And here's the thing. I've actually found that 0:04:05.800 --> 0:04:08.960 we haven't yet been using our Costco membership to its 0:04:09.000 --> 0:04:11.360 fullest potential. We still go to Aldi for the vast 0:04:11.360 --> 0:04:13.240 majority of our groceries, but I'm curious to see how 0:04:13.320 --> 0:04:15.280 our behaviors change here in the coming months. Yeah, it's 0:04:15.280 --> 0:04:17.760 gonna take time, but she'll get there. I'll keep you posted, 0:04:17.760 --> 0:04:20.560 I'll shove you along. Yeah, let's mention the beer we're 0:04:20.560 --> 0:04:23.680 having on this episode. It's called Elderberry Northwest sour Ale 0:04:23.720 --> 0:04:26.240 and it's by Cascade Brewing and matt Um. It's made 0:04:26.240 --> 0:04:28.440 with elderberries, which just always makes me think of Monty 0:04:28.440 --> 0:04:32.039 Python and the Holy Grail. Your father smelled of elderberry. 0:04:32.279 --> 0:04:34.680 So yeah, we'll give our thoughts on this beer at 0:04:34.720 --> 0:04:36.920 the end of the episode, but for now, let's move 0:04:36.920 --> 0:04:39.000 on and get to the topic in hand. We're breaking 0:04:39.000 --> 0:04:41.279 down more common money phrases. And now we we really 0:04:41.279 --> 0:04:44.040 did just have so much fun talking about some common 0:04:44.040 --> 0:04:47.080 money phrases and the truthfulness or lack thereof back in 0:04:47.120 --> 0:04:49.200 the episode three thirty five that we figured, let's do 0:04:49.200 --> 0:04:50.960 it again, let's find some more because there are a 0:04:51.040 --> 0:04:53.960 lot of money phrases floating around. They're stuck in our 0:04:53.960 --> 0:04:56.960 brain in one way, form or fashion um and sometimes 0:04:57.040 --> 0:04:59.480 they're informing our money beliefs. So we figured it was 0:04:59.520 --> 0:05:01.400 a good idea to hit up even more of these 0:05:01.440 --> 0:05:04.719 money phrases and dissect a few extras, because, yeah, those 0:05:04.720 --> 0:05:07.000 sayings bore into our brains if we hear them enough. 0:05:07.080 --> 0:05:09.520 Like you said, we believe that they're facts. But so 0:05:09.560 --> 0:05:11.640 many of these sayings have flaws in them, and some 0:05:11.720 --> 0:05:15.320 of them they have worse than flaws, just downright inaccurate. 0:05:15.839 --> 0:05:18.000 And so yeah, today let's Matt like talk talk through 0:05:18.040 --> 0:05:20.080 some more, think through some more, and see maybe where 0:05:20.080 --> 0:05:24.040 the potential truth and have truths lie. Yeah, an example 0:05:24.320 --> 0:05:26.680 that comes to mind that isn't money related. Actually, So 0:05:26.720 --> 0:05:28.919 it's summertime and a lot of folks are probably doing 0:05:29.000 --> 0:05:32.760 a lot more grilling cooking outside. We definitely have, as 0:05:32.960 --> 0:05:35.000 we've been cooking a ton more on our our flat 0:05:35.000 --> 0:05:38.480 top griddle. And you always hear folks say that they 0:05:38.480 --> 0:05:40.600 want to get the thing really sticking hot in order 0:05:40.640 --> 0:05:42.719 to sear the meat. Right, I've heard that before. That's 0:05:42.880 --> 0:05:45.400 what I attempt to do. But you're saying I'm wrong. Well, 0:05:45.720 --> 0:05:48.000 I do this as well, but oftentimes the phrases you 0:05:48.000 --> 0:05:49.479 want to sear the meat so you can lock in 0:05:49.480 --> 0:05:52.280 that moisture like you see the meat. I believe that 0:05:52.440 --> 0:05:54.280 is that not true? It is not true. No, Yeah, 0:05:54.520 --> 0:05:56.839 and so I'm pretty sure that I've even said this before. 0:05:57.000 --> 0:05:59.040 But it turns out that this is false. There are 0:05:59.040 --> 0:06:00.960 a bunch of studies out there and experiments to back 0:06:01.000 --> 0:06:03.640 this up. Alton Brown he even didn't experiment and found 0:06:03.720 --> 0:06:07.840 that seared meat was actually less moist than an identical 0:06:07.920 --> 0:06:10.960 piece that's cooked the exact same internal temperature. I would 0:06:10.960 --> 0:06:13.560 trust Alton Brown with my life, so I believe. Yeah, 0:06:13.560 --> 0:06:15.880 I like his methodology. Um, and so this is a 0:06:15.880 --> 0:06:18.400 simple example of a line of thought that is just 0:06:18.480 --> 0:06:20.120 not true, even though you hear it all the time, 0:06:20.160 --> 0:06:21.680 even though that it might be something that you have 0:06:21.760 --> 0:06:24.359 even stated. I'm pretty sure, I've said it before, but 0:06:24.400 --> 0:06:26.680 now I know that it's not true. That doesn't here 0:06:26.839 --> 0:06:28.600 all this to say, that doesn't mean you don't want 0:06:28.600 --> 0:06:30.920 to brown your meat, because you do add flavor from 0:06:30.960 --> 0:06:34.640 the browning. What is it the like malle effect? It 0:06:34.760 --> 0:06:36.640 was like the it's named after a French guy I've 0:06:36.640 --> 0:06:38.039 heard all. I thought it was named after the duck. 0:06:38.160 --> 0:06:41.520 Oh yeah, nope, Mallard duck. But there's like, there is 0:06:41.560 --> 0:06:44.120 an actual chemical reaction that takes place and your food 0:06:44.160 --> 0:06:47.080 it changes at a molecular level when you brown food. 0:06:47.080 --> 0:06:50.800 That's why we're drawn to brown meats in different catermalization 0:06:50.920 --> 0:06:53.240 effects that that occur when you cook, and so you 0:06:53.279 --> 0:06:55.359 do it for the flavor. But you don't do it 0:06:55.400 --> 0:06:57.960 because you think you're creating like this crust where you're 0:06:57.960 --> 0:07:00.600 locking in that moisture on the inside. It's just not true. Okay, 0:07:00.600 --> 0:07:03.279 all right, Well that's one important misconception clear up right 0:07:03.279 --> 0:07:05.080 there for all our foodies out there. The more you know, 0:07:06.440 --> 0:07:08.480 and part of the difficulty is that we live in 0:07:08.600 --> 0:07:11.520 the information age. There's just no shortage of pithy sayings 0:07:11.560 --> 0:07:15.120 that were inundated with and everyone's gotten an opinion. Nobody 0:07:15.120 --> 0:07:18.120 minds tweeting it out like to spur of the moment. 0:07:18.280 --> 0:07:19.880 Here's what I think I would put it out there 0:07:19.920 --> 0:07:22.440 in a hundred forty or whatever. It's two Internet characters. Now, 0:07:22.440 --> 0:07:24.239 I think they plumped it up for everyone to see. 0:07:24.560 --> 0:07:28.000 But yeah, thoughtful conversation and insightful nuance is kind of 0:07:28.000 --> 0:07:30.280 more rarity. It's harder to find that, although I think 0:07:30.280 --> 0:07:32.840 that's making a comeback in some parts of the Internet, 0:07:32.880 --> 0:07:35.280 and I'm glad to see that podcasting is one of them. 0:07:35.320 --> 0:07:37.440 There's some more thoughtful YouTube channels out there doing some 0:07:37.520 --> 0:07:41.120 of like more in depth conversational type stuff. But that's 0:07:41.160 --> 0:07:42.960 our goal with this show, is to have more of 0:07:43.000 --> 0:07:46.040 that long form, rational approach to money topics as opposed 0:07:46.080 --> 0:07:50.040 to the hot take money topic conversations that sometimes get had, 0:07:50.280 --> 0:07:52.880 especially on social media. But yeah, that's why today we're 0:07:52.880 --> 0:07:56.080 gonna tackle more of these common money phrases which tend 0:07:56.200 --> 0:08:00.360 to become common money misconceptions instead. And Matt, let's get 0:08:00.360 --> 0:08:02.760 to the first one. This one actually comes from a 0:08:02.960 --> 0:08:05.280 movie that was popular back in the day, and you 0:08:05.280 --> 0:08:07.840 actually recently rewatched it, didn't you. Well, I never had 0:08:07.840 --> 0:08:09.280 seen it, and so I just wanted to see it 0:08:09.320 --> 0:08:11.320 because I'm like, all right, I talk about money every 0:08:11.320 --> 0:08:14.120 single day. I need to have seen Wall Street, the 0:08:14.160 --> 0:08:16.320 old Dadies movie. Al Right, so this one is greed 0:08:16.440 --> 0:08:18.840 is good? Right, And that was what Gordon Geko said, 0:08:18.880 --> 0:08:20.880 what in this shareholder meeting during the movie. It's been 0:08:20.920 --> 0:08:22.400 a long time so I've seen, right, I don't think 0:08:22.440 --> 0:08:25.120 I've ever heard anybody in the course of normal conversation 0:08:25.520 --> 0:08:29.120 say greed is good. That would uh in polite company, 0:08:29.160 --> 0:08:31.320 people might shame you or like look at you a 0:08:31.320 --> 0:08:33.960 little differently, But that is yeah, the phrase like, let's 0:08:34.000 --> 0:08:35.960 distact that one real quick. Yeah, that's an attribute that 0:08:36.000 --> 0:08:38.760 most people wouldn't be proud of, right, Like it would 0:08:38.760 --> 0:08:41.360 take a like a brazen individual to say, oh, yeah, 0:08:41.400 --> 0:08:44.240 I believe greed is good and I'm all for it. 0:08:44.280 --> 0:08:46.120 But because of that, I almost feel that it's even 0:08:46.240 --> 0:08:49.640 more insidious because so anytime there's something that you don't 0:08:49.640 --> 0:08:51.920 really talk about, even though it's like they're a little bit, 0:08:52.040 --> 0:08:53.719 I feel like it can find its way into your 0:08:53.840 --> 0:08:56.000 life without you even realizing it. And so I feel 0:08:56.000 --> 0:08:57.960 like that's maybe a reason that we should like even 0:08:58.000 --> 0:09:01.520 be even more careful about green. But that being said, yeah, 0:09:01.559 --> 0:09:04.800 what is true about this phrase, because obviously greed is 0:09:04.880 --> 0:09:06.960 mostly negative, you know, it's one of the seven Deadly 0:09:07.040 --> 0:09:10.600 sins after all, but enlightened self interest, let's an economic 0:09:10.679 --> 0:09:12.959 term for the role that greed plays and free markets, 0:09:13.320 --> 0:09:15.280 and it's a huge part of what makes our free 0:09:15.280 --> 0:09:17.960 market society work the way that it does, and that's 0:09:17.960 --> 0:09:20.920 what makes the pie bigger for society as a whole. Right, 0:09:20.960 --> 0:09:24.319 we're talking about innovation and progress, and oftentimes some folks 0:09:24.360 --> 0:09:27.600 will say that greed spurs that on. Uh, and so, yeah, 0:09:27.720 --> 0:09:30.520 greed in that context is that desire to do something 0:09:30.520 --> 0:09:33.600 that benefits a lot of other people, to work together 0:09:33.640 --> 0:09:36.520 and to collaborate in order to make sure that you 0:09:36.559 --> 0:09:39.040 can earn a living and create further good, you know, 0:09:39.080 --> 0:09:40.880 not just for yourself but for others. That's the way 0:09:40.880 --> 0:09:43.000 that we can justify greed. Maybe just a little bit, 0:09:43.000 --> 0:09:44.679 but it does feel like that we are kind of 0:09:44.679 --> 0:09:47.600 performing some acrobatics in order to in order to say 0:09:47.600 --> 0:09:49.520 that it's okay. Yeah, yeah, well I do think it 0:09:49.559 --> 0:09:52.320 is okay in that one context. I think the putting 0:09:52.360 --> 0:09:55.400 something good out into the world, serving customers, there is 0:09:55.440 --> 0:09:58.120 an element to which you're trying to be able to 0:09:58.160 --> 0:09:59.920 pay the bills or take your family on a vacation, 0:10:00.240 --> 0:10:03.440 and so your job, your work does have some tie 0:10:03.760 --> 0:10:08.000 towards compensation, and like that's a necessary component to all 0:10:08.040 --> 0:10:10.280 of our lives. And so I think that that enlightened 0:10:10.280 --> 0:10:12.960 self interest is not the exact same thing as greed, 0:10:12.960 --> 0:10:15.600 but it's definitely a cousin and yeah, yeah, and it's related, 0:10:15.720 --> 0:10:19.040 yeah exactly. But yeah, greed obviously does have more downside 0:10:19.040 --> 0:10:21.800 than upside, that's for sure. And it's the root cause 0:10:21.800 --> 0:10:23.760 of a lot of scams that part people from their money. 0:10:23.800 --> 0:10:25.960 Think about Bernie made Off. That's a result of un 0:10:26.040 --> 0:10:28.720 checked reed, people thinking that they could earn double digit 0:10:28.920 --> 0:10:32.480 returns every single year without ever seeing a negative return 0:10:32.679 --> 0:10:34.319 at any point in time. And they're like, this is 0:10:34.600 --> 0:10:37.520 what the market is doing. You're always going you're always 0:10:37.520 --> 0:10:39.880 coming out on top, and that is a sign of greed, 0:10:39.960 --> 0:10:42.360 like get those dollar signs in your eyes actually leading 0:10:42.400 --> 0:10:46.200 to your downfall. Like predatory lenders, that's another area where 0:10:46.400 --> 0:10:50.000 those people are greedy. They're taking advantage of folks. Six 0:10:50.559 --> 0:10:53.520 interest rates I personally don't think should be legal in 0:10:53.600 --> 0:10:57.679 they're bad for society. And yeah, like greed, also on 0:10:57.800 --> 0:11:00.319 the individual level, it can act like a set of enders, 0:11:00.360 --> 0:11:03.000 causing us to make unhealthy decisions with our money. When 0:11:03.120 --> 0:11:05.560 our desire to do well with our money turns into 0:11:05.600 --> 0:11:08.720 this insatiable desire for more money just for the sake 0:11:08.760 --> 0:11:10.920 of it, we run the risk of turning a good 0:11:10.920 --> 0:11:13.559 thing into something that can cause us to take unnecessary 0:11:13.679 --> 0:11:17.760 risks with our money right, potentially causing severe financial harm um. 0:11:17.760 --> 0:11:20.640 But even more importantly, matt like obviously, getting too greedy 0:11:21.040 --> 0:11:23.000 signing up with somebody like Murning made off good cause 0:11:23.080 --> 0:11:25.920 us to lose a fortune. But the love of money 0:11:26.040 --> 0:11:29.079 and an intense greediness UH will cause us to lose 0:11:29.200 --> 0:11:31.560 focus on what truly matters in life. We begin to 0:11:31.559 --> 0:11:34.880 put the emphasis way too strongly on the tool, and 0:11:34.920 --> 0:11:36.760 the tool is what's supposed to allow us to do 0:11:36.800 --> 0:11:39.120 all these other things to magnify the good things in 0:11:39.120 --> 0:11:43.559 our life, which are usually free, which are usually people, relationships, places, community, 0:11:43.880 --> 0:11:45.760 and Yeah, when we put the focus all the money 0:11:45.760 --> 0:11:48.480 and we get greedy for more, it's just a bad recipe. Yeah. 0:11:48.520 --> 0:11:51.920 Not only can greedily to irreparable damage to your finances, 0:11:51.920 --> 0:11:54.320 but it could severely hurt some relationships UH in your 0:11:54.360 --> 0:11:56.520 life as well. But moving onto our next phrase, the 0:11:56.559 --> 0:11:58.680 next one we're gonna get to is there's no such 0:11:58.720 --> 0:12:01.040 thing as a free lunch. And you've also heard this 0:12:01.080 --> 0:12:03.440 one as if it's too good to be true. It is, 0:12:03.800 --> 0:12:06.439 and so there are times when you actually do get 0:12:06.480 --> 0:12:09.720 something for nothing, but like, let's be honest, that's really rare. 0:12:10.160 --> 0:12:13.280 Our friend Deacon actually recently told us that he won 0:12:13.360 --> 0:12:16.240 this legit free trip to Hawaii after signing up for 0:12:16.559 --> 0:12:19.400 this contest. He was going to delete the email because 0:12:19.400 --> 0:12:22.160 it seems spammy, of course, but then he thought better 0:12:22.200 --> 0:12:24.040 of it and gave it once over. He realized that 0:12:24.120 --> 0:12:26.160 this was a legit company that he had done business 0:12:26.160 --> 0:12:28.840 with before. It was a legit email, uh, and the 0:12:28.880 --> 0:12:31.800 contest was real. My parents similar they want to Harley 0:12:31.840 --> 0:12:33.880 Davidson from a raffle when I was in high school. 0:12:34.160 --> 0:12:38.720 They ended up selling it right after. Why they should 0:12:38.720 --> 0:12:40.520 have kept it fur their teenage son. My momus would 0:12:40.520 --> 0:12:42.000 have been a great idea, a big game about how 0:12:42.040 --> 0:12:43.840 she was gonna be become a hardy rider, but she 0:12:43.880 --> 0:12:46.040 never did. But it was one of those things where 0:12:46.080 --> 0:12:47.840 I guess that's not the same thing as a free lunch, right, 0:12:47.840 --> 0:12:50.319 because they did buy a raffle ticket and somebody's gotta win. 0:12:50.640 --> 0:12:52.720 But but it feels like that, right. There's there's not 0:12:52.760 --> 0:12:55.320 many circumstances like that where you get an email about 0:12:55.400 --> 0:12:58.280 a free Hawaii trip and it's actually real exactly, Yeah, 0:12:58.320 --> 0:13:00.840 that's not the norm, right, and it's someone is offering 0:13:00.840 --> 0:13:03.080 you something for free. There's like a chance that there's 0:13:03.120 --> 0:13:06.319 another shoe that's gonna drop, uh insaid, This saying is 0:13:06.320 --> 0:13:09.760 pretty high on the truthiness scale. There oftentimes is no 0:13:09.880 --> 0:13:11.720 such thing as a free lunch, true, yea. One of 0:13:11.720 --> 0:13:14.600 the more ubiquitous examples that we see of this today 0:13:14.800 --> 0:13:18.000 is signing up for the social media services. They're free, right, 0:13:18.200 --> 0:13:21.680 They'll cost a dime, just sign up. It's so nice, Well, 0:13:21.800 --> 0:13:24.600 I think, kind of are. You don't pay us dollars 0:13:24.640 --> 0:13:26.920 to Twitter, Facebook or Instagram to have an account, But 0:13:26.960 --> 0:13:29.400 it turns out that you are the product in this case, 0:13:29.440 --> 0:13:32.439 and it's your data that's being mined and sold. Right. 0:13:32.720 --> 0:13:35.080 So that's certainly example of when there's no free lunch. 0:13:35.160 --> 0:13:39.160 It's free what you're paying in a different form of currency. 0:13:39.720 --> 0:13:42.080 There's always a catch, exactly. I think to where the 0:13:42.080 --> 0:13:45.400 concept no free lunch is most important is when we're 0:13:45.400 --> 0:13:48.120 talking about insurance and retirement sales folks, people that are 0:13:48.280 --> 0:13:50.600 trying to get into your pockets and they're offering something 0:13:50.679 --> 0:13:53.480 quote unquote for free in order to get you to 0:13:53.679 --> 0:13:56.400 take them up on their offer. Timeshare sales folks, Matt 0:13:56.440 --> 0:13:58.520 would be a similar thing. It's like, get this free 0:13:58.679 --> 0:14:02.280 gift card or get this free meal, and we'll tell 0:14:02.320 --> 0:14:05.079 you about our awesome time shares and potentially brate you 0:14:05.120 --> 0:14:08.880 into buying one. Right, And there's uh, if you have 0:14:09.280 --> 0:14:11.360 a will of steel, maybe it's worth it to go. 0:14:11.480 --> 0:14:13.640 Like if you know that, Like Nope, I'm a robot. 0:14:13.760 --> 0:14:15.640 Like whatever they say to me. I'm just gonna sit 0:14:15.679 --> 0:14:18.720 there and enjoy that lunch. Yeah, Like I don't know, 0:14:18.800 --> 0:14:20.560 like it might be worth it for you at that point. 0:14:20.840 --> 0:14:22.600 It just depends on the person. So there was this 0:14:22.640 --> 0:14:24.680 great article in the New York Times. I still remember 0:14:24.720 --> 0:14:27.000 it from three years ago from reading it from our 0:14:27.040 --> 0:14:29.400 friend and former guests Ron Lieber, who one of my 0:14:29.400 --> 0:14:31.880 favorite interviews still on this show. So he wrote about 0:14:31.880 --> 0:14:33.960 it three years He went to attend a free state 0:14:34.000 --> 0:14:37.240 dinner with his aunt that an annuity salesperson was hosting. 0:14:37.560 --> 0:14:39.720 And it's one of those things where like millions of Americans, 0:14:39.840 --> 0:14:42.520 especially older folks, are being offered things like this, like 0:14:42.520 --> 0:14:44.800 a free dinner in exchange for the sales pitch for 0:14:44.840 --> 0:14:47.320 a product that is going to cost you a lot 0:14:47.360 --> 0:14:49.560 of money in the coming years. They're obviously trying to 0:14:49.680 --> 0:14:51.720 hide those costs, paper over them, and they're making you 0:14:51.760 --> 0:14:54.000 feel good by like being your friend and shaking your 0:14:54.000 --> 0:14:55.960 hand and giving you a free meal. Um. And a 0:14:56.000 --> 0:14:58.560 lot of people end up signing for something that's not 0:14:58.640 --> 0:15:01.640 in their financial best interest because something free was offered. 0:15:01.680 --> 0:15:03.880 So I think, like, in that case, that could be 0:15:03.920 --> 0:15:06.280 the most expensive free lunch or dinner of your life. 0:15:06.720 --> 0:15:09.040 So I think, yeah, there's no such thing as a 0:15:09.040 --> 0:15:11.840 free lunch is a pretty accurate statement, that's right, man. 0:15:11.920 --> 0:15:14.600 We have several more to get to, including, uh, put 0:15:14.600 --> 0:15:16.200 your money where your mouth is. I feel like this 0:15:16.320 --> 0:15:18.920 one maybe hergible as you've got an arguments with friends. 0:15:19.040 --> 0:15:22.040 That's when I say to you all the time, Yeah, 0:15:22.120 --> 0:15:24.000 I'll talk, no action. We're gonna get to that one, 0:15:24.000 --> 0:15:26.800 plus a few others like don't put all your eggs 0:15:26.840 --> 0:15:29.000 in one basket. We're gonna get to those two. It's 0:15:29.000 --> 0:15:40.760 several more. Right after this break a well back, Matt, 0:15:40.840 --> 0:15:43.880 let's cover some more common money phrases. And kind of 0:15:43.920 --> 0:15:46.720 dissect the truthiness or lack thereof. I don't think truthiness 0:15:46.760 --> 0:15:48.040 is a word, but I wish it was, because I'm 0:15:48.080 --> 0:15:49.960 gonna use it anyway. We've talked about that before on 0:15:50.080 --> 0:15:52.080 the Colbert Report. It's something that he used. That's right, 0:15:52.120 --> 0:15:55.680 that's used to label certain words that politicians would say, like, 0:15:55.800 --> 0:15:59.120 let's let's kind of write this on the truthiness. Okay, 0:15:59.120 --> 0:16:00.440 so before we get to our new one, I kind 0:16:00.440 --> 0:16:02.000 of want to go back a little bit too. There's 0:16:02.000 --> 0:16:03.960 no such thing as a free lunch. How do you 0:16:04.040 --> 0:16:07.800 feel if you were to attend a state dinner knowing 0:16:07.920 --> 0:16:09.920 that you weren't going to sign up for some time 0:16:09.960 --> 0:16:12.320 share or you know, annuity something like that, I'd be 0:16:12.320 --> 0:16:13.600 okay with it? Would you be okay that? Do you 0:16:13.640 --> 0:16:16.240 feel like you would feel morally okay knowing that, well, 0:16:16.720 --> 0:16:19.480 they're doing this because it obviously works on some people. 0:16:19.520 --> 0:16:21.800 Otherwise they wouldn't do it. But I'm kind of with you, right, 0:16:21.800 --> 0:16:24.200 I think I could justify it because I know that, like, 0:16:24.480 --> 0:16:26.880 this model is kind of on the decline, and it's 0:16:26.920 --> 0:16:29.480 just like, okay, well it used to work, it's not 0:16:29.520 --> 0:16:31.360 going to continue to work. I don't think I don't 0:16:31.360 --> 0:16:32.680 know if it's not gonna work on me, and so 0:16:32.720 --> 0:16:35.040 I would feel okay with the perks that would come 0:16:35.040 --> 0:16:36.760 with that presentation. Yeah, I just don't know if I 0:16:36.800 --> 0:16:39.240 could justify my time for a movie like like, Okay, 0:16:39.360 --> 0:16:40.640 you gotta come here for like an hour and a 0:16:40.640 --> 0:16:42.720 half and listen to this pitch and just be generally 0:16:42.760 --> 0:16:44.600 annoyed and uncomfortable the whole time. What if you get 0:16:44.640 --> 0:16:45.880 sit in the back and just like talk with your 0:16:45.880 --> 0:16:48.640 aunt the whole time, just kind of catch up quietly, 0:16:48.680 --> 0:16:50.920 potentially sitting there with a wedge salad and some ribby. 0:16:51.280 --> 0:16:52.800 If it comes along, I might take it. We'll see. 0:16:53.000 --> 0:16:54.880 I'd be okay with that. All right. Let's get to 0:16:54.920 --> 0:16:57.000 the next money phrase we want to dissect, though. This 0:16:57.040 --> 0:17:00.440 one is more money, more problems. This was, Yeah, another 0:17:00.440 --> 0:17:02.240 phrase I think is we're talking about. I remember the 0:17:02.280 --> 0:17:04.440 first time I heard that coming out of someone's mouth, Matt. 0:17:04.880 --> 0:17:07.720 That wasn't the Notorious Big. I didn't know which version 0:17:07.720 --> 0:17:09.760 you're gonna go with, if you're going with more money 0:17:09.960 --> 0:17:13.159 more problems, or if you're going with more money more problems. Yeah. No, 0:17:13.320 --> 0:17:16.879 I never really listened to Notorious Big, although I had friends, 0:17:16.880 --> 0:17:19.119 friends that did. But yeah, I remember the first time 0:17:19.160 --> 0:17:21.080 I heard someone say that, like it was legit truth, 0:17:21.280 --> 0:17:22.879 and I thought that was like the stupidest thing at 0:17:22.880 --> 0:17:26.159 everard And I think maybe that was because, like my 0:17:26.240 --> 0:17:29.560 family's problems growing up, they were mostly financial in nature, 0:17:29.800 --> 0:17:31.920 and that led me to believe that just having more 0:17:31.960 --> 0:17:34.840 money is going to fix all of our family's problems. Right, 0:17:34.920 --> 0:17:36.680 You're like, we can't win to Harley David's in every 0:17:36.720 --> 0:17:41.520 single week exactly. And that came along later and in Okay, 0:17:41.720 --> 0:17:43.840 that was when I was in late high school. But yeah, 0:17:43.920 --> 0:17:45.760