1 00:00:00,080 --> 00:00:02,400 Speaker 1: Welcome to How the Money. I'm Joel and I am 2 00:00:02,480 --> 00:00:05,920 Speaker 1: Matt's and today we're discussing protecting your tax refund, credit 3 00:00:06,000 --> 00:00:29,240 Speaker 1: reporting errors, and fake Amazon reviews. That's right, Joel. This 4 00:00:29,360 --> 00:00:31,840 Speaker 1: is our Friday Flight episode, which means we are going 5 00:00:31,880 --> 00:00:34,040 Speaker 1: to cover a bunch of stories that we came across 6 00:00:34,120 --> 00:00:37,080 Speaker 1: this week, uh and specifically how they pertain to our 7 00:00:37,200 --> 00:00:40,800 Speaker 1: personal finances, our money. Uh. And we got a great 8 00:00:40,840 --> 00:00:43,440 Speaker 1: note actually the earlier this week from a listener talking 9 00:00:43,479 --> 00:00:45,360 Speaker 1: about one of the ways that she's kind of able 10 00:00:45,360 --> 00:00:46,920 Speaker 1: to make a little bit of money on the side 11 00:00:47,200 --> 00:00:49,720 Speaker 1: while also helping her neighbors. Yeah. Man, I thought that 12 00:00:49,760 --> 00:00:53,000 Speaker 1: was so cool. Listener Stephanie wrote to us, and she 13 00:00:53,000 --> 00:00:55,680 Speaker 1: she mentioned that she was shopping for groceries not just 14 00:00:55,760 --> 00:00:59,120 Speaker 1: for herself, but for health vulnerable friends who just like 15 00:00:59,320 --> 00:01:02,800 Speaker 1: don't feel going to the grocery store right now. And um, like, 16 00:01:02,840 --> 00:01:04,480 Speaker 1: what a sweet thing to do, right, to offer to 17 00:01:04,520 --> 00:01:07,399 Speaker 1: go pick up their groceries, because, like we've talked about before, 18 00:01:07,440 --> 00:01:10,920 Speaker 1: getting food delivered or even groceries delivered, there's additional fees involved, right, 19 00:01:10,959 --> 00:01:13,200 Speaker 1: It's gonna cost him more, and so Stephanie doing that 20 00:01:13,319 --> 00:01:15,440 Speaker 1: for them is just a super sweet thing. But at 21 00:01:15,440 --> 00:01:20,840 Speaker 1: the same time, Stephanie is putting those grocery purchases on 22 00:01:20,920 --> 00:01:24,920 Speaker 1: her m X Blue Cash Preferred credit card and said maybe. Yeah, 23 00:01:25,360 --> 00:01:27,759 Speaker 1: so it's like nobody else gets charged the fee like that, 24 00:01:27,800 --> 00:01:29,560 Speaker 1: her friends don't get charged the fee. But she's you know, 25 00:01:29,640 --> 00:01:31,800 Speaker 1: racking up a little bit of those rewards at the 26 00:01:31,840 --> 00:01:35,320 Speaker 1: same time while she's like doing something noble and helpful. Yeah, 27 00:01:35,319 --> 00:01:37,200 Speaker 1: like a pretty good sized grocery run, like maybe two 28 00:01:37,200 --> 00:01:39,600 Speaker 1: in her bucks. That's twelve bucks just on one run. 29 00:01:39,640 --> 00:01:41,200 Speaker 1: I mean that could definite at least pay for your dinner, 30 00:01:41,240 --> 00:01:43,760 Speaker 1: you know. But I think that this is a good 31 00:01:43,760 --> 00:01:45,440 Speaker 1: way to think about it if you're kind of maybe 32 00:01:45,440 --> 00:01:48,120 Speaker 1: on the fence about whether or not, uh, the annual 33 00:01:48,160 --> 00:01:49,920 Speaker 1: fee that comes with that card, if it's worth it, right, 34 00:01:49,920 --> 00:01:51,600 Speaker 1: because if you don't go to the grocery store all 35 00:01:51,640 --> 00:01:53,840 Speaker 1: that often. But you know, I can definitely go to 36 00:01:53,840 --> 00:01:56,240 Speaker 1: the grocery store, use it for you know, neighbors, for 37 00:01:56,280 --> 00:01:58,240 Speaker 1: other friends who yeah, like you said, might be vulnerable. 38 00:01:58,280 --> 00:02:00,440 Speaker 1: That's definitely can tip the scales a little bit and 39 00:02:00,640 --> 00:02:03,240 Speaker 1: make it a little bit more worthwhile. But again, yeah, 40 00:02:03,280 --> 00:02:05,040 Speaker 1: it's just a nice thing to do regardless, you know, 41 00:02:05,160 --> 00:02:07,040 Speaker 1: to do it for for your neighbors, do it for 42 00:02:07,080 --> 00:02:09,400 Speaker 1: some friends. I like that. Yeah, super sweet. So Stephanie, 43 00:02:09,440 --> 00:02:12,360 Speaker 1: thank you for sharing and glad you're getting some extra 44 00:02:12,400 --> 00:02:13,919 Speaker 1: cash back. Just a little bonus in your life for 45 00:02:14,040 --> 00:02:16,480 Speaker 1: doing something nice. Alright, Matt, let's get onto the Friday flight. 46 00:02:16,520 --> 00:02:18,480 Speaker 1: Let's talk about the stories we found interesting this week 47 00:02:18,520 --> 00:02:21,600 Speaker 1: that pertain to our personal finances. Uh. First, let's talk 48 00:02:21,600 --> 00:02:24,480 Speaker 1: about taxes. It is tax season. Tax season is in 49 00:02:24,639 --> 00:02:27,640 Speaker 1: full swing now. The I R S is accepting tax 50 00:02:27,680 --> 00:02:30,040 Speaker 1: returns UM. And you know, we've talked about where you 51 00:02:30,040 --> 00:02:32,639 Speaker 1: can go to file your tax return for free. If 52 00:02:32,680 --> 00:02:34,320 Speaker 1: you make under a certain amount and I think it's 53 00:02:34,320 --> 00:02:37,280 Speaker 1: seventy two adjusted gross income, you can hit up I 54 00:02:37,360 --> 00:02:40,280 Speaker 1: R S free file go there. But one thing we 55 00:02:40,320 --> 00:02:43,200 Speaker 1: haven't talked about is that identity theft is a legitimate 56 00:02:43,240 --> 00:02:47,160 Speaker 1: concern when you're filing your taxes, given that nearly half 57 00:02:47,200 --> 00:02:50,120 Speaker 1: of the country had their Social Security numbers compromised with 58 00:02:50,120 --> 00:02:52,400 Speaker 1: the Equifax breach a few years ago. We're gonna talk 59 00:02:52,400 --> 00:02:54,520 Speaker 1: more about that UM later on in the show. We're 60 00:02:54,600 --> 00:02:56,960 Speaker 1: glad to see that the I R S is now 61 00:02:57,200 --> 00:03:00,880 Speaker 1: issuing identity protection pins, uh, because you might need them 62 00:03:00,880 --> 00:03:04,040 Speaker 1: now filing your taxes. Basically, what this pin does is 63 00:03:04,080 --> 00:03:07,160 Speaker 1: it prevents thieves from filing a fake tax return before 64 00:03:07,240 --> 00:03:09,560 Speaker 1: you do, which would potentially give them access to your 65 00:03:09,560 --> 00:03:11,480 Speaker 1: tax refund if you're owed one. And a lot of 66 00:03:11,480 --> 00:03:15,000 Speaker 1: people are they count on that tax refund. They usually 67 00:03:15,000 --> 00:03:16,680 Speaker 1: set it up. You know, we don't advise this, but 68 00:03:16,720 --> 00:03:18,359 Speaker 1: a lot of people set it up to where they're 69 00:03:18,360 --> 00:03:20,840 Speaker 1: gonna get a two, three or four thousand dollar tax refund, 70 00:03:21,200 --> 00:03:23,640 Speaker 1: and if somebody else files taxes before you do, they 71 00:03:23,680 --> 00:03:25,839 Speaker 1: get that money and then you have to calaw it back, 72 00:03:25,919 --> 00:03:29,120 Speaker 1: usually in a long process with the I r S. Right. 73 00:03:29,320 --> 00:03:31,280 Speaker 1: And so though even though you don't have to do this, 74 00:03:31,320 --> 00:03:33,560 Speaker 1: you don't have to get one of these protection pins, 75 00:03:33,760 --> 00:03:36,760 Speaker 1: it's not mandatory, we would suggest that you do it. 76 00:03:37,000 --> 00:03:38,760 Speaker 1: You can get your own PIN by going to the 77 00:03:38,800 --> 00:03:41,080 Speaker 1: I r S website where you provide your info and 78 00:03:41,160 --> 00:03:43,760 Speaker 1: you opt into the program, and then when you file 79 00:03:43,800 --> 00:03:47,240 Speaker 1: your return, you input that PIN, and a potential identity thief, well, 80 00:03:47,320 --> 00:03:49,560 Speaker 1: they wouldn't have access to that PIN, meaning they can't 81 00:03:49,560 --> 00:03:51,480 Speaker 1: file that return as if they were you. So we'll 82 00:03:51,520 --> 00:03:53,440 Speaker 1: put that link in the show notes. Because it's not 83 00:03:53,520 --> 00:03:55,720 Speaker 1: like some easy term member u r L. But it's 84 00:03:55,760 --> 00:03:59,040 Speaker 1: not like it's like thirty or forty characters long. Yeah. 85 00:03:59,200 --> 00:04:01,000 Speaker 1: So yeah, go to our site how to money dot com. 86 00:04:01,120 --> 00:04:02,920 Speaker 1: You'll find that link so that you can sign up 87 00:04:02,920 --> 00:04:05,560 Speaker 1: for your own I r S protection pin. It's pretty 88 00:04:05,560 --> 00:04:07,400 Speaker 1: easy to do it, and you know what, it could 89 00:04:07,400 --> 00:04:09,240 Speaker 1: save you a bunch of hassle, you know. On the 90 00:04:09,280 --> 00:04:12,600 Speaker 1: note of not only taxes, but Texas as well, we 91 00:04:12,600 --> 00:04:15,400 Speaker 1: know Texas is still recovering from the storms from last week. 92 00:04:15,720 --> 00:04:17,400 Speaker 1: We know things have been crazy out there right due 93 00:04:17,440 --> 00:04:20,400 Speaker 1: to the storms. We definitely feel for everyone who is suffering. 94 00:04:20,440 --> 00:04:24,039 Speaker 1: But there is some good news regarding UH taxes. The 95 00:04:24,200 --> 00:04:28,000 Speaker 1: tax deadline has been extended to June for residents of 96 00:04:28,040 --> 00:04:31,960 Speaker 1: Texas as well as other states that had disaster declarations 97 00:04:31,960 --> 00:04:34,839 Speaker 1: issued by FEMA. And so this also means that affected 98 00:04:34,880 --> 00:04:39,560 Speaker 1: taxpayers will have until June ira A contributions as well 99 00:04:39,600 --> 00:04:42,000 Speaker 1: as quarterly estimates as well, if that's something that you 100 00:04:42,040 --> 00:04:44,039 Speaker 1: have to pay. Yeah, smart moved by the I r S. 101 00:04:44,440 --> 00:04:47,159 Speaker 1: Very helpful to the people of Texas that have suffered 102 00:04:47,200 --> 00:04:50,160 Speaker 1: greatly in recent weeks. And Matt two, let's talk about 103 00:04:50,160 --> 00:04:52,760 Speaker 1: how people at an individual level can actually help some 104 00:04:52,800 --> 00:04:54,800 Speaker 1: of the people out there in Texas to you can 105 00:04:54,880 --> 00:04:57,479 Speaker 1: donate and help people that were affected by the extreme 106 00:04:57,520 --> 00:05:00,600 Speaker 1: weather and power outages. The Houston Food Ban is collecting 107 00:05:00,640 --> 00:05:03,400 Speaker 1: donations to help feed people. They're saying that a hundred 108 00:05:03,400 --> 00:05:05,680 Speaker 1: and fifty meals can be provided with a donation of 109 00:05:05,720 --> 00:05:08,760 Speaker 1: just fifty bucks, which is really cool. And so in Oklahoma, 110 00:05:09,040 --> 00:05:11,440 Speaker 1: the Homeless Alliance is doing something similar. Will link to 111 00:05:11,520 --> 00:05:13,400 Speaker 1: an article that The New York Times published where you 112 00:05:13,400 --> 00:05:15,880 Speaker 1: can learn how to donate, how you can help, and 113 00:05:15,920 --> 00:05:18,320 Speaker 1: also we'll put a link to Charity Navigator in our 114 00:05:18,320 --> 00:05:20,159 Speaker 1: show notes as well. But if you've got a little 115 00:05:20,200 --> 00:05:22,520 Speaker 1: bit of extra money and you're feeling generous, those people 116 00:05:22,640 --> 00:05:24,920 Speaker 1: went through a lot and so if you can spare 117 00:05:24,920 --> 00:05:27,960 Speaker 1: some money to donate in that direction, we would encourage it. Yeah, 118 00:05:28,000 --> 00:05:29,919 Speaker 1: I mean the reason who we mentioned Charity Navigator is 119 00:05:29,920 --> 00:05:32,560 Speaker 1: that anytime there is a crisis or or folks who 120 00:05:32,600 --> 00:05:35,720 Speaker 1: are asking for money, sometimes you'll hear from organizations kind 121 00:05:35,720 --> 00:05:37,080 Speaker 1: of out of the wood work, you know, they'll kind 122 00:05:37,080 --> 00:05:38,280 Speaker 1: of just show up, and you want to make sure 123 00:05:38,320 --> 00:05:41,040 Speaker 1: that you are giving to an organization that is doing 124 00:05:41,080 --> 00:05:42,880 Speaker 1: what you want them to do, that's legit. Yeah, you 125 00:05:42,880 --> 00:05:45,479 Speaker 1: want to vet that organization and charity navigators in place 126 00:05:45,520 --> 00:05:47,440 Speaker 1: to do it. Yeah. Yeah, So let's shift gears. Let's 127 00:05:47,440 --> 00:05:49,520 Speaker 1: talk about the wedding industry, man, which is, by the way, 128 00:05:49,640 --> 00:05:53,400 Speaker 1: a seventy three billion dollar market, and really, of course, 129 00:05:53,440 --> 00:05:56,560 Speaker 1: that industry saw a massive shift last year. The Washington 130 00:05:56,600 --> 00:06:00,560 Speaker 1: Post reports that about eight of couples post owned or 131 00:06:00,680 --> 00:06:04,920 Speaker 1: canceled their ceremonies, and those who still had weddings massively 132 00:06:05,080 --> 00:06:08,160 Speaker 1: scaled back for obvious reasons. But it's interesting that though 133 00:06:08,520 --> 00:06:11,719 Speaker 1: couples cut back on some things like venues and catering, 134 00:06:12,000 --> 00:06:15,680 Speaker 1: they redirected that money towards things like bigger and more 135 00:06:15,720 --> 00:06:19,000 Speaker 1: expensive floral arrangements and wedding rings as well. So they're 136 00:06:19,000 --> 00:06:21,640 Speaker 1: not doing just the cheap silicone rings like I'm doing. No. 137 00:06:22,440 --> 00:06:23,919 Speaker 1: I kind of wish they would have, you know, like 138 00:06:23,920 --> 00:06:25,280 Speaker 1: it would have been an awesome way to just save 139 00:06:25,320 --> 00:06:27,280 Speaker 1: money overall. But folks, they I don't know, they I 140 00:06:27,320 --> 00:06:28,960 Speaker 1: guess they still wanted to spend that money, but they 141 00:06:28,960 --> 00:06:31,160 Speaker 1: just spend it in other areas. There's there's this other 142 00:06:31,200 --> 00:06:34,360 Speaker 1: couple too, who said that they're planning to spend more 143 00:06:34,839 --> 00:06:36,760 Speaker 1: on their honeymoon. In fact, they were gonna go on 144 00:06:36,760 --> 00:06:40,599 Speaker 1: two honeymoons instead of just one, the old double honey Yeah. 145 00:06:41,000 --> 00:06:43,600 Speaker 1: Once uh, you know, once travel is able to open up, 146 00:06:43,600 --> 00:06:46,240 Speaker 1: and so it's just an interesting observation of kind of 147 00:06:46,279 --> 00:06:48,800 Speaker 1: what's happening there within that industry. I gotta say I 148 00:06:48,800 --> 00:06:50,840 Speaker 1: am in favor of the double honeymoon, Like why not? 149 00:06:50,960 --> 00:06:53,680 Speaker 1: Man Like, especially if you're able to save money on 150 00:06:53,760 --> 00:06:55,960 Speaker 1: other parts of your wedding right now and you can 151 00:06:56,000 --> 00:06:58,480 Speaker 1: spring for two awesome trips, go for it. I'm sure 152 00:06:58,480 --> 00:07:00,400 Speaker 1: the story how Kate and I went on two honeymoons, Yeah, 153 00:07:00,440 --> 00:07:02,719 Speaker 1: because of the hurricane. The hurricane and Jamaica. So we 154 00:07:02,760 --> 00:07:04,680 Speaker 1: had our initial kind of week off you know that 155 00:07:04,720 --> 00:07:07,080 Speaker 1: we had planned, uh, and so we instead just kind 156 00:07:07,080 --> 00:07:09,800 Speaker 1: of found a really affordable bed and breakfast in Charleston 157 00:07:09,800 --> 00:07:11,680 Speaker 1: and spent the time at the beach. But then, yeah, 158 00:07:11,720 --> 00:07:13,640 Speaker 1: because of that hurricane, we were able to then go 159 00:07:13,720 --> 00:07:15,760 Speaker 1: on the actual honeymoon and go to Jamaica, and we 160 00:07:15,800 --> 00:07:18,200 Speaker 1: did that over Thanksgiving. It was slightly shorter, but we 161 00:07:18,280 --> 00:07:19,840 Speaker 1: got two trips out of it that fall. See, you're 162 00:07:19,840 --> 00:07:22,840 Speaker 1: a fancy dude. You've been on two hunting super nice. 163 00:07:22,840 --> 00:07:24,840 Speaker 1: All you need is a hurricane to line up. Yeah, 164 00:07:25,680 --> 00:07:27,800 Speaker 1: it's similar to travel. There's going to be like a 165 00:07:27,880 --> 00:07:30,480 Speaker 1: lot of pent up demand. Of course, in the wedding industry, 166 00:07:30,720 --> 00:07:32,840 Speaker 1: things are going to ramp back up this summer in 167 00:07:32,840 --> 00:07:35,440 Speaker 1: a big way in all likelihood. But the problem is, Matt, 168 00:07:35,680 --> 00:07:37,200 Speaker 1: that there are going to be a lot of wedding 169 00:07:37,240 --> 00:07:39,000 Speaker 1: vendors who are gonna be booked up and won't be 170 00:07:39,040 --> 00:07:40,840 Speaker 1: able to meet the demand because I don't know what 171 00:07:40,920 --> 00:07:42,560 Speaker 1: twice as many people are gonna want to get married 172 00:07:42,600 --> 00:07:44,680 Speaker 1: this summer as in a normal Yeah, I mean there's 173 00:07:44,680 --> 00:07:46,760 Speaker 1: there are certain vendors who can only do one thing 174 00:07:46,760 --> 00:07:49,040 Speaker 1: a day, Like as a former wedding photographer, there's only 175 00:07:49,080 --> 00:07:50,840 Speaker 1: one wedding I'm going to shoot that day. Like same 176 00:07:50,840 --> 00:07:53,440 Speaker 1: thing with venues as well, like there's typically only one 177 00:07:53,520 --> 00:07:55,040 Speaker 1: wedding that you can knows per day. You can't just 178 00:07:55,080 --> 00:07:58,320 Speaker 1: like work harder and in order to meet all this demand, 179 00:07:58,360 --> 00:08:00,760 Speaker 1: can't be in two places at once. And as more 180 00:08:00,880 --> 00:08:03,440 Speaker 1: venues are booked up, and you know more photographers are 181 00:08:03,480 --> 00:08:05,680 Speaker 1: booked up, um, you know you're gonna have to make 182 00:08:05,720 --> 00:08:08,240 Speaker 1: some different choices if you're planning to get married this summer. 183 00:08:08,480 --> 00:08:10,080 Speaker 1: In a particular, if you're a listener and you've got 184 00:08:10,080 --> 00:08:12,440 Speaker 1: a cool space, you might want to consider listening it 185 00:08:12,600 --> 00:08:15,760 Speaker 1: on a site like pier space or this open space 186 00:08:15,800 --> 00:08:17,840 Speaker 1: dot com. More couples are gonna be out there looking 187 00:08:17,920 --> 00:08:20,480 Speaker 1: at less traditional platforms to play in their wedding because 188 00:08:20,520 --> 00:08:23,120 Speaker 1: some of the traditional wedding venues are going to be 189 00:08:23,200 --> 00:08:25,239 Speaker 1: all booked up. So if you have a place where 190 00:08:25,320 --> 00:08:27,520 Speaker 1: you're like, man, people will be interested in getting married 191 00:08:27,560 --> 00:08:29,320 Speaker 1: in my yard. Um, I've got a nice little thing. 192 00:08:29,400 --> 00:08:31,240 Speaker 1: We can make a fancy pergola or something where people 193 00:08:31,360 --> 00:08:33,680 Speaker 1: get get married, toss some seating out there. You know, 194 00:08:33,720 --> 00:08:35,520 Speaker 1: I might want to consider, you know, listening your space 195 00:08:35,520 --> 00:08:37,040 Speaker 1: because you might be able to make some money off 196 00:08:37,040 --> 00:08:38,840 Speaker 1: of it. Yeah. I mean, like some folks might have 197 00:08:38,880 --> 00:08:41,120 Speaker 1: had an airbnb and instead they're like, you know what, 198 00:08:41,160 --> 00:08:43,720 Speaker 1: I don't want to do like the every two days 199 00:08:43,760 --> 00:08:45,760 Speaker 1: cleaning thing instead, Like what if we just host a 200 00:08:45,800 --> 00:08:47,920 Speaker 1: party every weekend or something like that. I think it 201 00:08:47,960 --> 00:08:49,520 Speaker 1: all just depends on what kind of space you have, 202 00:08:49,600 --> 00:08:52,000 Speaker 1: you know. I think folks are realizing that people are 203 00:08:52,160 --> 00:08:54,439 Speaker 1: down to get married wherever, you know, like a farm 204 00:08:54,480 --> 00:08:56,640 Speaker 1: that overlooks the mountains. Sure, like it doesn't have to 205 00:08:56,640 --> 00:08:58,760 Speaker 1: be some traditional chapel you know, in the middle of 206 00:08:58,800 --> 00:09:01,040 Speaker 1: the city, like like I think folks are often used to, 207 00:09:01,400 --> 00:09:03,000 Speaker 1: So that's definitely something to keep in mind as we're 208 00:09:03,120 --> 00:09:05,720 Speaker 1: expecting things to kind of ramp back up this year. Also, 209 00:09:05,760 --> 00:09:09,200 Speaker 1: we're seeing gasoline prices really continue to climb since this 210 00:09:09,280 --> 00:09:12,600 Speaker 1: past winter, in large part because demand is increasing as 211 00:09:12,640 --> 00:09:16,200 Speaker 1: as COVID numbers are starting to go down. The national 212 00:09:16,240 --> 00:09:19,280 Speaker 1: averages now around two dollars and six cents a gallon, 213 00:09:19,600 --> 00:09:22,000 Speaker 1: and experts are saying that that's actually only going to 214 00:09:22,040 --> 00:09:24,800 Speaker 1: get worse in the coming weeks with refineries that shut 215 00:09:24,840 --> 00:09:27,720 Speaker 1: down because of all that winter weather. So you know, 216 00:09:27,720 --> 00:09:29,120 Speaker 1: next time you're at the pump, maybe you can go 217 00:09:29,160 --> 00:09:31,640 Speaker 1: ahead and fill up the tank all the way as 218 00:09:31,679 --> 00:09:33,760 Speaker 1: opposed to just a quick fill. And if you don't 219 00:09:33,760 --> 00:09:36,400 Speaker 1: already use it, the gas Buddy app is a great 220 00:09:36,400 --> 00:09:38,480 Speaker 1: app to look up to see the prices around you. 221 00:09:38,480 --> 00:09:39,920 Speaker 1: You know, like we wouldn't recommend for you to drive 222 00:09:39,960 --> 00:09:42,120 Speaker 1: across town just to save a few cents, but it 223 00:09:42,200 --> 00:09:44,600 Speaker 1: is a convenient way to at least know where to look. 224 00:09:44,640 --> 00:09:47,160 Speaker 1: If you've got two gas stations that are equidistant from 225 00:09:47,160 --> 00:09:48,920 Speaker 1: your home, definitely go to the one that's ten cents 226 00:09:49,000 --> 00:09:50,439 Speaker 1: cheaper man, and so we'll make sure to link to 227 00:09:50,520 --> 00:09:52,600 Speaker 1: that app gas Buddy in our show notes. We will 228 00:09:52,800 --> 00:09:54,840 Speaker 1: and also to make sure that you're putting those gas 229 00:09:54,960 --> 00:09:57,479 Speaker 1: charges on the right credit card, because that can effectively 230 00:09:57,520 --> 00:10:00,000 Speaker 1: lower the price you pay per gallon at the pump. Right. 231 00:10:00,360 --> 00:10:03,160 Speaker 1: Having a dedicated gas credit card or card that you 232 00:10:03,200 --> 00:10:04,880 Speaker 1: know gives you the best cash back at the gas 233 00:10:04,880 --> 00:10:07,520 Speaker 1: station is a no brainer, and so if you're a 234 00:10:07,559 --> 00:10:10,160 Speaker 1: Sam's Club or Costco member, those cards offer the best 235 00:10:10,200 --> 00:10:13,400 Speaker 1: cash back on purchases that you make when you're fueling 236 00:10:13,480 --> 00:10:16,920 Speaker 1: up five percent and four percent, respectively. It's also important 237 00:10:16,920 --> 00:10:20,040 Speaker 1: to remember that for most people, even as gas prices rise, 238 00:10:20,360 --> 00:10:23,440 Speaker 1: they're often still a small sliver of your overall budget. 239 00:10:23,520 --> 00:10:26,080 Speaker 1: So don't freak out. Don't go swapping your SUV for 240 00:10:26,120 --> 00:10:29,280 Speaker 1: a new Prius just because gas got more expensive. I know, 241 00:10:29,320 --> 00:10:30,920 Speaker 1: as I read these headlines, Matt, I kind of start 242 00:10:31,000 --> 00:10:33,320 Speaker 1: to miss my niecean Leaf a little bit. You't you do? Yeah, 243 00:10:33,360 --> 00:10:36,480 Speaker 1: but I'm like, electricity so much cheaper than gas. But um, 244 00:10:36,480 --> 00:10:37,800 Speaker 1: but really, when it comes down to it, we don't 245 00:10:37,880 --> 00:10:40,160 Speaker 1: drive very much, and obviously what we're saving by having 246 00:10:40,160 --> 00:10:43,840 Speaker 1: only one car versus too far outweighs the additional price 247 00:10:43,840 --> 00:10:46,160 Speaker 1: that we're gonna pay in gas. Also to one quick 248 00:10:46,200 --> 00:10:49,280 Speaker 1: note update, the mileage that you're driving with your insurer. 249 00:10:49,360 --> 00:10:51,240 Speaker 1: If you're not one of those people who's ramping back up, 250 00:10:51,280 --> 00:10:54,000 Speaker 1: you're driving. If you have curbed, you're driving in large 251 00:10:54,040 --> 00:10:56,600 Speaker 1: part due to COVID Let your insurer no, because you 252 00:10:56,640 --> 00:11:00,000 Speaker 1: might be eligible for you know, discounts on your premiums 253 00:11:00,320 --> 00:11:03,360 Speaker 1: because you drive under a certain amount of miles. That's right, man. 254 00:11:03,440 --> 00:11:05,959 Speaker 1: And as gas prices rise, the exact opposite is actually 255 00:11:06,040 --> 00:11:08,760 Speaker 1: happening in the world of solar. According to our World 256 00:11:08,760 --> 00:11:11,040 Speaker 1: and data that the price of producing electricity via solar 257 00:11:11,040 --> 00:11:14,040 Speaker 1: has plummeted eighty nine in the past ten years, which 258 00:11:14,080 --> 00:11:17,320 Speaker 1: is remarkable. As solar paywall production has scaled up, these 259 00:11:17,360 --> 00:11:20,760 Speaker 1: productivity gains are having a major impact on our ability 260 00:11:20,800 --> 00:11:23,880 Speaker 1: to implement solar more broadly at an individual level on 261 00:11:23,880 --> 00:11:26,520 Speaker 1: our own roof. And you know, utility companies are opting 262 00:11:26,559 --> 00:11:29,040 Speaker 1: for solar over say, you know, let's you know, like 263 00:11:29,040 --> 00:11:31,559 Speaker 1: building a new natural gas plant. Uh. It's incredible to 264 00:11:31,600 --> 00:11:34,320 Speaker 1: see how solar has gone from kind of the most 265 00:11:34,320 --> 00:11:37,280 Speaker 1: expensive way to produce power to the cheapest in just 266 00:11:37,440 --> 00:11:40,320 Speaker 1: a decade, and they're still federal tax credits available to 267 00:11:40,400 --> 00:11:42,600 Speaker 1: for folks. So this year, if you install a new 268 00:11:42,640 --> 00:11:45,839 Speaker 1: solar system on your house, you still get a federal 269 00:11:45,920 --> 00:11:47,960 Speaker 1: tax credit, which is pretty sweet, and that it's actually 270 00:11:47,960 --> 00:11:51,320 Speaker 1: set to expire in two unless the government steps in, 271 00:11:51,360 --> 00:11:53,560 Speaker 1: which they might then they might. Yeah, but it is 272 00:11:53,720 --> 00:11:56,280 Speaker 1: really incredible to see. We'll link to that article map, 273 00:11:56,320 --> 00:12:00,120 Speaker 1: but the visual to see what's happened with solar prices 274 00:12:00,120 --> 00:12:03,080 Speaker 1: over a decade. It's just like it's it blows your 275 00:12:03,080 --> 00:12:05,920 Speaker 1: mind that the solar prices have plummeted that far um 276 00:12:05,960 --> 00:12:08,120 Speaker 1: and that it used to literally be ten years ago, 277 00:12:08,200 --> 00:12:10,719 Speaker 1: like the most expensive way to generate power, and now 278 00:12:10,760 --> 00:12:13,280 Speaker 1: it's literally the cheapest. And with a tax credit too. 279 00:12:13,320 --> 00:12:14,559 Speaker 1: It could make sense for a lot of people. It 280 00:12:14,600 --> 00:12:16,400 Speaker 1: doesn't make sense for everyone. There are other factors you 281 00:12:16,440 --> 00:12:18,400 Speaker 1: have to uh, you have to think about when you're 282 00:12:18,600 --> 00:12:20,760 Speaker 1: designing to install solo at your house, but it could 283 00:12:20,840 --> 00:12:22,720 Speaker 1: make sense for a lot of people, especially you know, 284 00:12:22,760 --> 00:12:24,839 Speaker 1: with that tax credit still hanging around. That's right, when 285 00:12:24,840 --> 00:12:27,720 Speaker 1: the sun is not shining, you don't make power, That 286 00:12:27,840 --> 00:12:29,840 Speaker 1: is true. But we got more to get to, including 287 00:12:29,880 --> 00:12:33,920 Speaker 1: some interesting stuff about credit reporting errors and maybe something 288 00:12:33,920 --> 00:12:37,240 Speaker 1: that the Biden administration plans to do about that. We'll 289 00:12:37,240 --> 00:12:48,560 Speaker 1: get to that and more right after this break. Al Right, 290 00:12:48,559 --> 00:12:50,800 Speaker 1: we are back and it's time now for our ludicrous 291 00:12:50,800 --> 00:12:53,760 Speaker 1: headline of the week. There was a pretty ludicrous headline 292 00:12:53,760 --> 00:12:56,320 Speaker 1: that we saw from CNBC and this one was titled 293 00:12:56,720 --> 00:13:00,000 Speaker 1: millionaire who bought a home that regrets paying off as 294 00:13:00,040 --> 00:13:02,760 Speaker 1: mortgage early. Uh. And then they had a quote from 295 00:13:02,840 --> 00:13:04,600 Speaker 1: him which is, this is the biggest downside no one 296 00:13:04,640 --> 00:13:07,320 Speaker 1: tells you. Uh. And you know, part of the reason 297 00:13:07,320 --> 00:13:09,280 Speaker 1: we chose this article is because the headline is kind 298 00:13:09,280 --> 00:13:11,760 Speaker 1: of tough to stomach. Let's all, I feel sorry for 299 00:13:11,840 --> 00:13:13,920 Speaker 1: the millionaire who you know, paid off his mortgage right 300 00:13:13,960 --> 00:13:16,560 Speaker 1: I'm playing my little violine over here right now. But 301 00:13:16,880 --> 00:13:20,480 Speaker 1: I mean, despite the kind of crummy clickbait headline, the 302 00:13:20,480 --> 00:13:23,600 Speaker 1: the actual content of the article had some surprise, like 303 00:13:23,640 --> 00:13:25,400 Speaker 1: really helpful advice, you know, if you are one of 304 00:13:25,400 --> 00:13:28,600 Speaker 1: those people who might be a bit obsessed with paying 305 00:13:28,600 --> 00:13:31,120 Speaker 1: off your mortgage early. Yeah. I agree that it was 306 00:13:31,160 --> 00:13:35,480 Speaker 1: a ludicrous headline, but actually had some legit helpful money insights. Uh. 307 00:13:35,600 --> 00:13:38,680 Speaker 1: The author his name Sam. He goes by financial Samurai 308 00:13:38,720 --> 00:13:41,400 Speaker 1: on the on the internet. On the webs. He he 309 00:13:41,440 --> 00:13:44,320 Speaker 1: detailed his obsession with paying off his mortgage early. He 310 00:13:44,360 --> 00:13:46,360 Speaker 1: and his wife were able to get their mortgage paid 311 00:13:46,360 --> 00:13:48,480 Speaker 1: off in just twelve years, which is pretty good, right. 312 00:13:48,760 --> 00:13:50,200 Speaker 1: A lot of people will be happy with that, would 313 00:13:50,240 --> 00:13:51,720 Speaker 1: be thrilled to be able to pay off their mortgage 314 00:13:51,720 --> 00:13:54,440 Speaker 1: in that amount of time. But once that mortgage was 315 00:13:54,600 --> 00:13:56,960 Speaker 1: paid off, Sam kind of details how he lost his 316 00:13:57,000 --> 00:14:00,960 Speaker 1: psychological edge to continue making financial prog rest. He saw 317 00:14:01,000 --> 00:14:05,240 Speaker 1: that additional bucks a month that he was paying towards 318 00:14:05,240 --> 00:14:07,960 Speaker 1: his mortgage kind of as extra spending money in his life, 319 00:14:08,000 --> 00:14:09,920 Speaker 1: and he kind of started to soak it in and 320 00:14:09,920 --> 00:14:12,560 Speaker 1: and you just buying more stuff, and that curbed. He 321 00:14:12,600 --> 00:14:14,880 Speaker 1: also said some of his desire to hit some of 322 00:14:14,880 --> 00:14:17,320 Speaker 1: the other financial goals that he had for himself, and 323 00:14:17,360 --> 00:14:18,960 Speaker 1: that you know, when I was reading that, I could 324 00:14:18,960 --> 00:14:22,520 Speaker 1: totally identify with Sam in that regard. Like as as 325 00:14:23,120 --> 00:14:26,520 Speaker 1: our family wealth has continued to grow, fortunately, I've had 326 00:14:26,560 --> 00:14:29,000 Speaker 1: to set up mental and physical roadbox to prevent me 327 00:14:29,240 --> 00:14:31,800 Speaker 1: from seeing or using that money. It's helpful that you 328 00:14:31,840 --> 00:14:35,000 Speaker 1: know most of the wealth that I'm accumulating is in 329 00:14:35,080 --> 00:14:37,760 Speaker 1: retirement accounts that I can't touch for decades anyway, right, 330 00:14:38,040 --> 00:14:40,080 Speaker 1: and in home equity that's harder to get to. I 331 00:14:40,080 --> 00:14:43,680 Speaker 1: can mentally convince myself that it doesn't really exist. Now, 332 00:14:43,680 --> 00:14:45,080 Speaker 1: you can't just show up at the bank and take 333 00:14:45,120 --> 00:14:47,280 Speaker 1: some money out of that home equity account. Yeah, exactly, 334 00:14:47,720 --> 00:14:49,440 Speaker 1: you have a helo, which I guess I could do. 335 00:14:49,640 --> 00:14:52,040 Speaker 1: But like knowing that it's over there, it's siphoned off, 336 00:14:52,080 --> 00:14:55,560 Speaker 1: it feels like it's very removed from your every day spending. Yeah, 337 00:14:55,560 --> 00:14:57,880 Speaker 1: it feels like vapor money that doesn't exist. And obviously, 338 00:14:58,000 --> 00:14:59,960 Speaker 1: you know, someday if I sold the home, it would, 339 00:15:00,400 --> 00:15:02,880 Speaker 1: But I'm all about these kind of tricks that keep 340 00:15:02,960 --> 00:15:05,400 Speaker 1: us motivated and on track. And for Sam, paying off 341 00:15:05,400 --> 00:15:08,000 Speaker 1: his mortgage, um kind of took him off the track 342 00:15:08,040 --> 00:15:09,680 Speaker 1: that he wanted to be on. Yeah, I mean, and 343 00:15:09,720 --> 00:15:11,600 Speaker 1: we would never want to stand in the way of 344 00:15:11,680 --> 00:15:13,560 Speaker 1: someone who is, you know, attempting to pay off their 345 00:15:13,640 --> 00:15:17,280 Speaker 1: debt and do so in short order, especially when we're 346 00:15:17,280 --> 00:15:19,440 Speaker 1: talking about high interest rate debt like credit card debt. 347 00:15:19,720 --> 00:15:21,240 Speaker 1: In that case, we would recommend for folks to pay 348 00:15:21,240 --> 00:15:24,160 Speaker 1: it off quickly. There's no downside in terms of math 349 00:15:24,400 --> 00:15:26,720 Speaker 1: or psychology, but attempting to pay off your mortgage as 350 00:15:26,800 --> 00:15:30,040 Speaker 1: quickly as possible can have downsides on both fronts, So 351 00:15:30,120 --> 00:15:32,160 Speaker 1: we just want folks to be aware before you put 352 00:15:32,240 --> 00:15:35,120 Speaker 1: too much energy into that pursuit. Like, honestly, I think 353 00:15:35,120 --> 00:15:37,200 Speaker 1: in the end, what folks need to do once they've 354 00:15:37,200 --> 00:15:39,160 Speaker 1: achieved a goal like that is to remember, like why 355 00:15:39,200 --> 00:15:41,480 Speaker 1: it is that they set out to achieve that goal, right, 356 00:15:41,840 --> 00:15:43,880 Speaker 1: And so if for you, maybe that meant like being 357 00:15:43,880 --> 00:15:46,360 Speaker 1: able to step out of like a more stressful work situation, 358 00:15:46,880 --> 00:15:48,680 Speaker 1: maybe part of the reasoning was for you to spend 359 00:15:48,680 --> 00:15:50,080 Speaker 1: more money, right, Like if you want to be able 360 00:15:50,120 --> 00:15:52,400 Speaker 1: to increase how much you spent on vacation every year, 361 00:15:52,480 --> 00:15:53,600 Speaker 1: or like how much you want to be able to 362 00:15:53,640 --> 00:15:55,920 Speaker 1: give away, it's just important to kind of loop back 363 00:15:55,960 --> 00:15:58,160 Speaker 1: around and revisit why it is that you had set 364 00:15:58,160 --> 00:15:59,880 Speaker 1: these financial goals, and just to make sure that you're 365 00:16:00,040 --> 00:16:02,160 Speaker 1: you're kind of seeing to those you know. Like I 366 00:16:02,160 --> 00:16:03,440 Speaker 1: guess the idea is that we want to make sure 367 00:16:03,480 --> 00:16:06,000 Speaker 1: that you're not just by default, just spending more money 368 00:16:06,400 --> 00:16:08,640 Speaker 1: without really thinking about it. Like all of a sudden, 369 00:16:08,680 --> 00:16:11,120 Speaker 1: you're like buying more junk on Amazon, You're getting more 370 00:16:11,160 --> 00:16:14,320 Speaker 1: meals delivered over priced meals delivered to your door because 371 00:16:14,320 --> 00:16:16,760 Speaker 1: you don't feel like cooking. It's things like that. It's 372 00:16:16,800 --> 00:16:20,840 Speaker 1: the mindless consumption that we're against here, not necessarily the 373 00:16:21,280 --> 00:16:24,320 Speaker 1: consumption that you've sought out to pursue. Uh. And these 374 00:16:24,360 --> 00:16:26,680 Speaker 1: financial goals have allowed you to pursue those goals. If 375 00:16:26,680 --> 00:16:28,400 Speaker 1: you if you pay off your mortgage in twelve years, 376 00:16:28,400 --> 00:16:31,760 Speaker 1: you're you're obviously being intentional. Right, that's a that's a 377 00:16:31,880 --> 00:16:33,680 Speaker 1: very specific goal you said not to achieve and then 378 00:16:33,720 --> 00:16:36,120 Speaker 1: you hit it. But once that happens, you almost have 379 00:16:36,160 --> 00:16:38,480 Speaker 1: to be intentional again, right, you have to figure out 380 00:16:38,560 --> 00:16:40,120 Speaker 1: what what's the next thing I want to tackle, What's 381 00:16:40,200 --> 00:16:42,200 Speaker 1: what's the next place I want to go with this money, 382 00:16:42,200 --> 00:16:44,360 Speaker 1: and not just achieve a goal? Um, and then you 383 00:16:44,400 --> 00:16:48,120 Speaker 1: know sit back and get lazy. Well and that yeah, yeah, 384 00:16:48,160 --> 00:16:49,920 Speaker 1: and and setting new goals is super important. But I 385 00:16:49,920 --> 00:16:51,960 Speaker 1: guess what I'm kind of honding on on like making 386 00:16:52,000 --> 00:16:53,880 Speaker 1: sure that you achieve that goal and then make sure 387 00:16:54,040 --> 00:16:56,160 Speaker 1: like you think about why it is that you've even 388 00:16:56,200 --> 00:16:58,080 Speaker 1: set that goal to begin with, you know, and like 389 00:16:58,200 --> 00:17:01,200 Speaker 1: actually make sure you realize the things that you wanted 390 00:17:01,200 --> 00:17:03,200 Speaker 1: to achieve with that goal. But yeah, like setting that 391 00:17:03,240 --> 00:17:05,000 Speaker 1: next goal is super important though, as well, to make 392 00:17:05,000 --> 00:17:07,359 Speaker 1: sure that like cool. Otherwise you're gonna just kind of 393 00:17:07,400 --> 00:17:10,199 Speaker 1: coast along. Make sure that you are just living the 394 00:17:10,200 --> 00:17:11,919 Speaker 1: life you want to live totally. All right, let's get 395 00:17:11,960 --> 00:17:15,120 Speaker 1: to credit reports. Matt. We mentioned briefly at the beginning 396 00:17:15,119 --> 00:17:17,880 Speaker 1: of the episode the Equifax credit breach of a few 397 00:17:17,920 --> 00:17:20,119 Speaker 1: years back, and it turns out that more Americans are 398 00:17:20,200 --> 00:17:23,560 Speaker 1: reporting errors on their credit reports these days. According to 399 00:17:23,640 --> 00:17:27,879 Speaker 1: the Consumer Financial Protection Bureau, consumer complaints about errors found 400 00:17:28,000 --> 00:17:31,760 Speaker 1: on a personal credit report doubled in the past year alone, 401 00:17:32,000 --> 00:17:35,960 Speaker 1: and currently americans have at least one error on their 402 00:17:36,000 --> 00:17:39,280 Speaker 1: credit report. Ouch a lot of folks. That's a lot 403 00:17:39,280 --> 00:17:42,600 Speaker 1: of folks. This is a huge problem because the accuracy 404 00:17:42,640 --> 00:17:45,000 Speaker 1: of what's on your credit report has a direct effect 405 00:17:45,080 --> 00:17:48,120 Speaker 1: on your credit score. Your credit score, of course, impacts 406 00:17:48,119 --> 00:17:50,160 Speaker 1: a ridiculous amount of things in your life. We've talked 407 00:17:50,160 --> 00:17:52,280 Speaker 1: about that many times on the show. Matt, I was 408 00:17:52,320 --> 00:17:54,119 Speaker 1: just talking with someone this week who is in the 409 00:17:54,200 --> 00:17:56,960 Speaker 1: middle of a refinance and there's something awful on his 410 00:17:57,000 --> 00:17:59,960 Speaker 1: credit report because someone else with the same name had 411 00:18:00,040 --> 00:18:03,320 Speaker 1: is a massive outstanding debt of sixty and he's like, 412 00:18:03,600 --> 00:18:06,040 Speaker 1: that's not that's not me. I'm not the end you're 413 00:18:06,040 --> 00:18:08,840 Speaker 1: looking for. And this is called a mixed file, and 414 00:18:08,840 --> 00:18:11,840 Speaker 1: it's one of the most common credit reporting error complaints. 415 00:18:12,080 --> 00:18:15,840 Speaker 1: And just try getting that error resolved. It's incredibly difficult, right, 416 00:18:16,000 --> 00:18:19,880 Speaker 1: because the credit bureaus aren't really interested in serving the masses. 417 00:18:20,080 --> 00:18:23,280 Speaker 1: They're interested in selling your data, selling your information, not 418 00:18:23,359 --> 00:18:26,240 Speaker 1: making sure necessarily that your report is exactly the way 419 00:18:26,240 --> 00:18:28,280 Speaker 1: it should be, that your that your report is accurate, 420 00:18:28,280 --> 00:18:30,119 Speaker 1: and that your score is accurate. Yeah, they're way too 421 00:18:30,119 --> 00:18:33,160 Speaker 1: comfortable with their being casualties, you know, along the path 422 00:18:33,240 --> 00:18:35,280 Speaker 1: that them making a profit. Right, and one in five 423 00:18:35,280 --> 00:18:38,480 Speaker 1: Americans are casualties. That's way too much. Yeah, that's right. 424 00:18:38,520 --> 00:18:39,760 Speaker 1: And so if that is you, if you do find 425 00:18:39,800 --> 00:18:42,880 Speaker 1: yourself in that situation. Uh, there are some templates, some 426 00:18:42,880 --> 00:18:45,600 Speaker 1: some sample letters that the CFPB, which is the Consumer 427 00:18:45,600 --> 00:18:48,520 Speaker 1: Financial Protection Bureau, that they have on their website. And 428 00:18:48,560 --> 00:18:49,919 Speaker 1: not only do they have that, but they also have 429 00:18:49,960 --> 00:18:54,080 Speaker 1: instructions as to how you can best dispute these inaccuracies 430 00:18:54,240 --> 00:18:55,760 Speaker 1: on your credit report. And we'll make sure to link 431 00:18:55,760 --> 00:18:58,440 Speaker 1: to those in our show notes. UM, but just generally speaking, 432 00:18:58,560 --> 00:19:00,720 Speaker 1: we have seen issues somebum is when it comes to 433 00:19:00,720 --> 00:19:03,760 Speaker 1: the credit bureaus. UH, and so que the government, you know, 434 00:19:03,800 --> 00:19:06,880 Speaker 1: the possible government intervention. UM, it looks like the three 435 00:19:06,920 --> 00:19:10,160 Speaker 1: major credit bureaus might not be around for forever uh, 436 00:19:10,200 --> 00:19:12,399 Speaker 1: and they could be replaced by a completely new credit 437 00:19:12,440 --> 00:19:16,040 Speaker 1: scoring system that would essentially be run by the CFPB. 438 00:19:17,160 --> 00:19:20,040 Speaker 1: The major credit bureaus they haven't been very consumer friendly, 439 00:19:20,080 --> 00:19:22,280 Speaker 1: like we discussed, you know, in general, uh in the 440 00:19:23,200 --> 00:19:26,600 Speaker 1: effects credit breach. In response to that breach, Dude, we're 441 00:19:26,720 --> 00:19:29,040 Speaker 1: worse than like the Dumb and Dumber sequel, which is 442 00:19:29,359 --> 00:19:32,520 Speaker 1: that was a bad movie. Was it wasn't very good. Uh. 443 00:19:32,560 --> 00:19:35,520 Speaker 1: This move would do more than just centralizing credit reports, though. 444 00:19:35,560 --> 00:19:38,320 Speaker 1: It would also create a new algorithm that would include 445 00:19:38,359 --> 00:19:41,440 Speaker 1: information like on time utility and rent payments. The current 446 00:19:41,440 --> 00:19:44,480 Speaker 1: credit bureaus don't give those items much weight, if any 447 00:19:44,520 --> 00:19:47,720 Speaker 1: at all, which negatively affects tens of millions of people 448 00:19:47,880 --> 00:19:51,080 Speaker 1: who are paying those utilities on time. So we'll see 449 00:19:51,119 --> 00:19:52,520 Speaker 1: what happens. But we wanted to mention that this is 450 00:19:52,560 --> 00:19:55,760 Speaker 1: something that you might start seeing uh and hearing more about, 451 00:19:55,800 --> 00:19:57,800 Speaker 1: and if so, will make sure to let y'all know 452 00:19:57,840 --> 00:20:01,000 Speaker 1: about it. And you know, it remains to bec what happens, UM, 453 00:20:01,040 --> 00:20:04,159 Speaker 1: And you know, maybe the and maybe the CFPB, you know, 454 00:20:04,200 --> 00:20:07,080 Speaker 1: starts handling credit reports at the same time though, and 455 00:20:07,200 --> 00:20:09,760 Speaker 1: that might be the best way forward, but at least 456 00:20:09,800 --> 00:20:12,359 Speaker 1: at a minimum, um, I feel like the CFPB and 457 00:20:12,400 --> 00:20:14,480 Speaker 1: the federal government has not been doing the oversight of 458 00:20:14,520 --> 00:20:17,000 Speaker 1: these credit bureaus that needs to be done, because literally, 459 00:20:17,000 --> 00:20:20,639 Speaker 1: if one in five Americans is struggling having inaccurate information 460 00:20:20,680 --> 00:20:22,640 Speaker 1: on their credit report, we at least need to see 461 00:20:22,680 --> 00:20:25,120 Speaker 1: some more scrutiny over how these you know, private companies 462 00:20:25,320 --> 00:20:27,639 Speaker 1: are coming up with these credit scores and their attention 463 00:20:27,680 --> 00:20:30,000 Speaker 1: to detail over the data that they have on us. 464 00:20:30,320 --> 00:20:32,359 Speaker 1: The current state of things just isn't working for a 465 00:20:32,400 --> 00:20:34,840 Speaker 1: whole lot of people. Yeah, regardless of where you stand, 466 00:20:34,920 --> 00:20:38,359 Speaker 1: you know, government regulation, when so many Americans are being 467 00:20:38,400 --> 00:20:41,120 Speaker 1: negatively affected, this is definitely uh an area that could 468 00:20:41,160 --> 00:20:44,320 Speaker 1: see some improvement for sure. All Right, matt Our last 469 00:20:44,320 --> 00:20:47,159 Speaker 1: story of the day, Let's talk about online reviews and 470 00:20:47,200 --> 00:20:50,040 Speaker 1: fake reviews on Amazon. Let's hear it. Online reviews as 471 00:20:50,240 --> 00:20:52,479 Speaker 1: has always been like a weird spot, right. I remember 472 00:20:52,560 --> 00:20:55,600 Speaker 1: when Yelp started and it was kind of cool to 473 00:20:55,600 --> 00:20:57,760 Speaker 1: to get to see reviews about local restaurants and stuff 474 00:20:57,760 --> 00:20:59,960 Speaker 1: like that, and then they were like lawsuits because someone 475 00:21:00,000 --> 00:21:01,440 Speaker 1: would leave a one star review and be like that 476 00:21:01,520 --> 00:21:03,920 Speaker 1: sand which was trash. And so online reviews are in 477 00:21:04,000 --> 00:21:08,200 Speaker 1: interesting space and for you know, us as consumers, like, 478 00:21:08,240 --> 00:21:10,600 Speaker 1: can we really trust what we're reading when we see 479 00:21:10,600 --> 00:21:14,160 Speaker 1: an online review? Well, according to analysis from fake spot 480 00:21:14,359 --> 00:21:18,240 Speaker 1: last year, roughly half of the reviews on Amazon are fraudulent. 481 00:21:18,760 --> 00:21:21,480 Speaker 1: Fake Spot and review Meta are sites designed to catch 482 00:21:21,480 --> 00:21:23,760 Speaker 1: fake reviews and then notify you so you can get 483 00:21:23,800 --> 00:21:27,920 Speaker 1: a more accurate picture of an item before you buy. Like, 484 00:21:28,000 --> 00:21:30,840 Speaker 1: let's say you're looking at an alarm clock that has 485 00:21:30,840 --> 00:21:32,919 Speaker 1: a four point seven star rating on Amazon. You're like, 486 00:21:33,040 --> 00:21:35,720 Speaker 1: that's pretty good. Yeah. Yeah, when you see four point 487 00:21:35,760 --> 00:21:38,480 Speaker 1: seven stars, you just click by um. But maybe it 488 00:21:38,520 --> 00:21:41,040 Speaker 1: turns out that checking one of those sites could alert 489 00:21:41,080 --> 00:21:44,080 Speaker 1: you to a ton of fake reviews for that particular product. 490 00:21:44,400 --> 00:21:46,760 Speaker 1: The alarm clock, in reality might be more like three 491 00:21:46,760 --> 00:21:49,120 Speaker 1: point two stars, And if I saw a three point 492 00:21:49,119 --> 00:21:51,560 Speaker 1: two star alarm clock, I'm way less likely to buy it. 493 00:21:51,800 --> 00:21:54,520 Speaker 1: And both of these sites have browser extensions that work 494 00:21:54,560 --> 00:21:57,040 Speaker 1: while you're shopping, or you can copy and paste the 495 00:21:57,200 --> 00:22:00,240 Speaker 1: r L of the product you're looking at onto their 496 00:22:00,240 --> 00:22:02,679 Speaker 1: sites and they'll rate the quality of the reviews for 497 00:22:02,840 --> 00:22:05,600 Speaker 1: that specific item. So if you have been just willy 498 00:22:05,680 --> 00:22:08,399 Speaker 1: nilly buying stuff on a site like Amazon based on 499 00:22:08,440 --> 00:22:10,720 Speaker 1: the overall star rating, well you're gonna want to dig 500 00:22:10,760 --> 00:22:13,480 Speaker 1: a level deeper because of the abundance of fake reviews 501 00:22:13,520 --> 00:22:16,160 Speaker 1: that are out there. Yeah, a British consumer advacy group 502 00:22:16,320 --> 00:22:20,760 Speaker 1: they found ten websites offering review manipulation services for products 503 00:22:20,800 --> 00:22:23,640 Speaker 1: listed on Amazon. And on these sites merchants can buy 504 00:22:23,680 --> 00:22:26,959 Speaker 1: reviews for as little as eighteen dollars a pop, or 505 00:22:27,000 --> 00:22:29,119 Speaker 1: they can like drop ten grand, you know, and buy 506 00:22:29,160 --> 00:22:31,840 Speaker 1: bulk reviews by the thousands. And so before you buy something, 507 00:22:31,880 --> 00:22:34,960 Speaker 1: always cheaper to buy in bulk, it's I want to 508 00:22:34,960 --> 00:22:37,440 Speaker 1: be the costco of the fake reviews site. Second, not 509 00:22:37,440 --> 00:22:40,320 Speaker 1: not the aldi, but before you buy something on Amazon, 510 00:22:40,600 --> 00:22:42,680 Speaker 1: you know, because of the overall star rating, think again, 511 00:22:42,720 --> 00:22:45,040 Speaker 1: you know, do some digging on other sites before you 512 00:22:45,080 --> 00:22:47,879 Speaker 1: make that purchase. Consider using those two extensions that we mentioned, 513 00:22:47,840 --> 00:22:50,760 Speaker 1: and actually to read the actual reviews as well. You 514 00:22:50,800 --> 00:22:53,600 Speaker 1: might see a ton of reviews that that contained poor spelling. 515 00:22:53,920 --> 00:22:55,679 Speaker 1: I think that could be a fake review red flag. 516 00:22:55,720 --> 00:22:58,160 Speaker 1: But then again, you think about just how people write 517 00:22:58,280 --> 00:23:00,960 Speaker 1: to each other these days, it could be a completely 518 00:23:01,040 --> 00:23:03,879 Speaker 1: legitimate review and there's just terrible spelling. But you know, 519 00:23:03,880 --> 00:23:06,280 Speaker 1: hopefully this doesn't make you paranoid, but it does help 520 00:23:06,320 --> 00:23:08,480 Speaker 1: you to shop online with a bit more of a 521 00:23:08,480 --> 00:23:11,879 Speaker 1: critical I it's just gotten way more difficult to shop online. 522 00:23:11,920 --> 00:23:14,560 Speaker 1: You know. I've even received products before where there's an 523 00:23:14,560 --> 00:23:18,280 Speaker 1: insensive packaged with the product to leave a positive review. 524 00:23:18,560 --> 00:23:20,760 Speaker 1: And so it's not it wouldn't necessarily be a fake review, 525 00:23:21,240 --> 00:23:23,840 Speaker 1: but it can influence how positively you might, you know, 526 00:23:23,920 --> 00:23:26,000 Speaker 1: rate that product. This is just another one of those 527 00:23:26,000 --> 00:23:29,680 Speaker 1: areas whereas consumers, as we've moved more to online shopping, 528 00:23:29,680 --> 00:23:33,159 Speaker 1: we we just need to basically get better at becoming 529 00:23:33,160 --> 00:23:35,280 Speaker 1: online shoppers, you know, like there's there's little things that 530 00:23:35,359 --> 00:23:37,399 Speaker 1: we need to pick up on as shoppers. And so 531 00:23:37,480 --> 00:23:39,159 Speaker 1: keeping an eye out for those fake reviews, looking for 532 00:23:39,320 --> 00:23:41,120 Speaker 1: like reviews with pictures I feel like are actually really 533 00:23:41,119 --> 00:23:44,520 Speaker 1: helpful to pictures that like kind of highlight a little defect, 534 00:23:44,560 --> 00:23:47,120 Speaker 1: like something that's not listed in the description, or something 535 00:23:47,119 --> 00:23:49,080 Speaker 1: that other folks aren't talking about, or how someone who 536 00:23:49,080 --> 00:23:51,679 Speaker 1: has actually used the product, right, Yeah, those are the 537 00:23:51,680 --> 00:23:53,199 Speaker 1: reviews that I think are the best. It's like you 538 00:23:53,200 --> 00:23:54,840 Speaker 1: didn't just get it and you're like, yeah, it looks nice, 539 00:23:55,000 --> 00:23:56,919 Speaker 1: you implemented it into your life, and then you leave 540 00:23:56,960 --> 00:23:59,200 Speaker 1: the review, and those are the reviews I find most 541 00:23:59,240 --> 00:24:01,960 Speaker 1: helpful most um. All right, well, speaking of reviews, Matt, 542 00:24:02,240 --> 00:24:04,959 Speaker 1: thanks everyone for listening to this episode, and if you 543 00:24:05,200 --> 00:24:08,000 Speaker 1: decide you want to go leave a real review for 544 00:24:08,160 --> 00:24:10,400 Speaker 1: our podcast How the Money, we would appreciate it. When 545 00:24:10,400 --> 00:24:12,560 Speaker 1: you write a helpful review. It lets other people know 546 00:24:12,880 --> 00:24:15,080 Speaker 1: about the value that the show is providing. It grows 547 00:24:15,080 --> 00:24:17,320 Speaker 1: to How the Money community and helps other people get 548 00:24:17,359 --> 00:24:20,040 Speaker 1: their personal finances in order. That's right, and we appreciate 549 00:24:20,200 --> 00:24:23,639 Speaker 1: you know, great reviews, but honestly, we appreciate any true, 550 00:24:23,800 --> 00:24:25,760 Speaker 1: honest review from from all of our listeners out there, 551 00:24:25,760 --> 00:24:27,920 Speaker 1: So thanks in advance for that. Uh and folks, and 552 00:24:27,920 --> 00:24:29,479 Speaker 1: find our show notes up on our website at how 553 00:24:29,560 --> 00:24:31,399 Speaker 1: to Money dot com. Will make sure to link to 554 00:24:31,520 --> 00:24:34,040 Speaker 1: any of the stories that we mentioned during this episode. Yeah, 555 00:24:34,080 --> 00:24:36,720 Speaker 1: lots of links today so that you're gonna want to 556 00:24:36,720 --> 00:24:38,560 Speaker 1: get on our website. All right, So, Joe, that's gonna 557 00:24:38,560 --> 00:24:40,840 Speaker 1: be it for this one man. Until next time. Best 558 00:24:40,840 --> 00:24:42,560 Speaker 1: Friends Out, Best Friends Out.