April 19, 2024 • 34 mins
Time for a Friday Flight- our little sampling of the week’s financial news and what it means for your personal finances. There are a lot of headlines out there, but we boil them down to specific takeaways that will allow you to kick off the weekend informed and help you to get ahead with your money. In this episode we explain some relevant and helpful stories like: banks for rednecks, more debt less fun, cruisers standby, frictionless payments, echo housing boom, phantom housing costs, baked rates, turning down a promotion, lotto lies, false jackpots, money dysmorphia, you need less to retire than you think, & advice only advisors.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to How the Money. I'm Joel and I am Matt.
Speaker 2 (00:03):
Today we're talking banks for rednecks, lotto lies in the echo,
housing boom.
Speaker 1 (00:28):
And this is not a bait and switch. I feel
like folks are thinking, Okay, they say they're gonna talk
about banks for rednecks, but no. In fact, Joel, you
in particular, you came across this bank that's literally called
redneck bait. It really is. You want to tell folks
what they're offering.
Speaker 2 (00:42):
Well, first off, everybody who's listening to this has to
go visit the website. This is not an advertisement. You
have to see it for your own two eyes. It's
like Larry the cable guy who has coding skills.
Speaker 1 (00:52):
Made this lady does have like Geo cities esque mixed
with like Larry the Cable guys last Jeff fox Worthy.
There's a daunt they got it. They got to go
there to make a bank.
Speaker 2 (01:00):
And there's a fake fly that you kind of think
is like a fly to landed on your computer screen.
It's the craziest thing you've ever seen. But this is
a real bank.
Speaker 1 (01:06):
But the reason you keep across it is because they've
they're offering a pretty killer rate right now on the saving.
Speaker 2 (01:11):
Wallet Hub acknowledged that Redneck Bank currently has the highest
rewards checking rate in the country.
Speaker 1 (01:17):
You can it was on checking.
Speaker 2 (01:18):
Yeah, on checking, Oh my gosh, five thousand savings five
point one five on up to fifteen thousand dollars.
Speaker 1 (01:24):
That's impressive.
Speaker 2 (01:25):
But are you willing to trade off all of your
dignity to open.
Speaker 1 (01:28):
It checking account? So they've actually got an app too.
Did you see that they've got a Redneck Bank app?
I didn't download it Apple for Android as well.
Speaker 2 (01:36):
Yeah, yeah, they're out there bud okay, so just heads up,
like you might find the highest rates in the most
inconspicuous places, including a bank.
Speaker 1 (01:44):
Would I thought was a joke. Would you do it
if you were looking for a new online bank that
was offering a killer rate? Probably not.
Speaker 2 (01:50):
I mean you and I have talked about neo banks
in the past, and I'd prefer to do business with
a full fledged bank.
Speaker 1 (01:55):
This is the real bank though, That's that's what's crazy.
So they have a partner bank. If you go down
it's the Redneck Bank is the digital division of evidently
All America Bank okay, which is based in Oklahoma, Okay.
So it's not a neil. I don't think it was
too far. Further, I don't think it was a stretch
for them maybe to be like, oh, yeah, we can
do the Redneck b But I love it, dude. I mean,
obviously it's a gimmick, it's ridiculous. But the fact that
(02:18):
something like that can't exist because within banking normally, what
do you think of it's just like, dude, dodgy in suits.
It's really stiff, it's really boring. And the fact that
they had the guts to go out on a limb
and say, hey, let's let's make the Redneck bank. I
think that's awesome personally, bank sure, or like or like
(02:39):
the New Yorker bank, you know, or the Harvard Business
Review bank, like with something that's like the polar opposite
of a redneck I guess. But I love that you
have the possibility of both of those to potentially exist
and to perhaps even thrive here in our great country America.
Speaker 2 (02:54):
Ultimately, when it comes down to you, I guess I
could probably get over the weirdness with the name and
the website if everything else is good, if the customer
service is great, and if the rate is solid and
in this case, the rate solid so the customer service
is pretty good too.
Speaker 1 (03:05):
Yeah, yeah, Oklahoma. Yeah, I think less redneck and I
think more like cracker barrel, which feels very like very
warm and welcoming, and they're like you want a biscuit? Sure, okay,
come on, okay. Instead of giving out candy when you
go to big a deposit, maybe what if they're given
out like collars and corn break there you go.
Speaker 2 (03:20):
Well, this slogan or banking's funner, which adorable. Okay, so
redneck bank, dig it? Not a joke really exists?
Speaker 1 (03:27):
Yeah. That was our first Riaday Flying story where we
cover truly what we think are the best headlines, best
news stories from this past week. And that was just
the most interesting pertain to your personal finances. But yeah,
that was a legit story. Let's get to the real
real stuff. Thought story is real. I just said it's
a real story. And then you call it like like
a fake story. But that's like more like poking fun
and is't this isn't fake newsdrul making you aware of something.
(03:48):
But let's get to the stuff that hopefully is going
to inform you and then we'll have hopefully take and
then we'll provide takeaways to help you with your personal finances.
Question of the day is, would you go into debt
to or fun this year? Matt, I'm guessing your answer
to that would be no, Okay, we'll do it same well.
This question, though, was posed to a recent slew of
folks in a bank rate survey, and sadly.
Speaker 2 (04:11):
We're used to this in the United States of America.
At this point, more than a third of folks said sure,
why not? Thirty eight percent of folks to be exact,
and there were three categories that people said they'd take
on debt for in varying amounts. They were dining out, live, entertainment,
and travel, and Matt the risky willingness to go into
debt for fun experiences. It's been even more normalized for
(04:31):
younger folks, the millennials and gen z in particular, like
polled at higher levels, they're willing to spend money they
don't actually have to do fun stuff.
Speaker 1 (04:38):
I think this is.
Speaker 2 (04:39):
Partly revenge spending hangover, but really what you're getting is
revenge on your future self when you go into debt
for this stuff. Right, This is a reflection in my
estimation of the yolo mentality and an inability to see
the financial needs of future you. It's always easier to
get into debt than it is to get out, and
it always seems, I think, less risky when you're young,
But paying for those fun experiences for years to come
(05:02):
with interest added on top, especially if you're using credit
cards with a lot of interest added on top, that
really is just it's a crappy way to live.
Speaker 1 (05:08):
That's true, man. Yeah, So, speaking of fun, going on
a cruise, that sounds like a good time, right, That
sounds like fun, even though it's something that neither you
nor I have ever done. Still haven't done it obviously,
don't put it on a credit card, of course, don't
go into debt to go on that cruise, but do
consider going stand by to spend less on that excursion.
Friend of the show Elaine Glusac, she wrote about this
(05:30):
in The Times, how you can pay substantially less if
you're willing to, perhaps even risk missing the boat. You
can cut your cruise price in half or even more
by being able to move at a moment's notice. This
is through Holland America. Not everyone has this sort of flexibility,
but we love that you can cruise for what she
reported was forty nine dollars a night plus fees. And
(05:53):
you can do this if you've got an incredibly flexible
limber schedule, and that's going to mean you're gonna pay
rock bottom prices for travel. But dude, this might be
my favorite story from the entire Friday flight because of
the ability, especially if you're a retiree, if you have
flexible work, if you can work from home, the ability
to within twenty or I think those forty eight hours perhaps, yeah,
(06:14):
to be able to be like all right, I'm there.
They've got locations. So this cruise line they go out
of Seattle, West Coast and East Coast on the West coast, Seattle,
San Diego on the East coast. What do you call
it port of departure. I don't know. I don't know
that the cruise terms. But they're leaving out of Boston,
out of Fort Lauderdale. I think that's awesome. I think
if you have the flexibility to be able to take
(06:34):
advantage of deals like this, it's huge. And they go
out of Alaska as well, so maybe that's how you'll
finally get your glacier calving vibes in well, you can
do the Alaska Cruise departing from Seattle, which I thought
was great so or even for I don't know what
city it was that they were leaving out of actual
Alaska as well, but either way, it's a legit cruise line.
And it makes me really happy to know that there
(06:56):
are folks who are able to be super flexible, pounce
on a deal like that and enjoy it. Think of
how cheap that excursion is for such little money.
Speaker 2 (07:03):
You're talking normally with a hotel room one hundred and
sixty five bucks a night or something like that. This
is like your entertainment and you're lodging all in one
for forty nine bucks a night. Granted, you got to
be like life flexible, like you said, Matt, but I
agree that's a great deal. Let's talk about something that
might not be a great deal, and that's using your
phone as your wallet.
Speaker 1 (07:19):
And this is something that I don't know.
Speaker 2 (07:21):
We're in our early forties and so we were maybe
late adopters to this game, but it seems like everybody's paying.
Speaker 1 (07:27):
With their phone these days. And it.
Speaker 2 (07:29):
Yeah, it's quicker, it's more frictionless, it's convenient, but that
extreme level of convenience. It makes it easier to spend
more money. Apparently, are you're not using Apple Pay on
your I do sometimes, not all the time, Like I
just to pay love it. I love to have to
pay with the credit card though too.
Speaker 1 (07:42):
I just like having the phone.
Speaker 2 (07:43):
Hey, I gotta get one of the two out of
my pocket anyway. So I don't know, but I didn't
realize that that. Apparently people are spending more almost ten
percent more per transaction, that's according to a recent NPR article,
when they use their smartphone. And so I don't think
the right answer is to go back to a phone,
Although I don't know. That could probably help our lives
in a lot of ways. But it's amazing how certain
(08:05):
ingrained habits can impact the way that we spend money. Matt,
you and I were not luddites. Technology is not the
enemy here, But it's about what tech allows us to
do that doesn't serve our own best interest that I
think we're talking about here. You just have to be
careful if you find yourself, like we've talked about this before,
spending on a credit card versus spending with cash. Different
generations feel different ways about that. Some people think, well,
(08:27):
if you got cash, that's free money. Other people think
of cash as like hard currency, and they think of
their credit card as free money.
Speaker 1 (08:32):
Something physical that you're being parted with.
Speaker 2 (08:34):
Yeah, I think so much depends on your perspective and
maybe even just like the age cohort that you're in.
But if you find yourself spending more money by tapping
with your phone, if that feels like free money or
something like that, then I don't know, you might want
to find it a more painful way to pay so
that you don't get too loose with your spending.
Speaker 1 (08:50):
Totally agree, Yeah, I completely agree, And I see how
it's even more frictionless because for me, like as I
was thinking, you're talking about tapping to pay, and I
picture like what I still have to do is I
still have to reach in my pocket, pull out my wallet,
then reach into my wallet and pull up my card,
whereas my phone it's always just in my pocket, right
Like I never have a credit card just floating in
my pocket. And so for me it's yes, it's even
(09:12):
more frictionless, But personally, I don't think I spend more
using my phone versus using a credit card or another
form of payment called MPR liar. H This just again
it depends on how you view, how you frame your
expenses and the stuff that you're buying. Joel, let's talk
about housing because Fast Company they published an excellent article
about what they're calling the echo housing boom. And what
(09:35):
they mean by that is as home values have risen,
property taxes in most states they have not kept pace.
So over the past four years, national home prices they've
risen something like forty percent, while national property taxes have
only risen twenty one percent. And so why the discrepancy. Well,
even though home values aren't going up at the same
pace they were, you might be shocked when you get
(09:57):
your tax bill in the mail this year. As local municipality,
they're playing catch up. And so they noticed the discrepancy. Now, yes,
and even as it was happening, they're probably like, all right,
that's going to mean more money in our coffers, right,
would you say?
Speaker 2 (10:10):
It's like a delay cycle, right, So they're not like
right on top of the pulse, but they're like.
Speaker 1 (10:15):
Two beats behind me. Yeah, So it's good news, right,
like hooray for having more equity, your house being worth more.
But just be prepared for a growing tax bill that
is going to impact your monthly payment.
Speaker 2 (10:25):
Yeah, start preparing for sure, Like, don't let that come
by come as a shock. Start preparing for an increased
monthly payment. Now, by the way, Matt, you called it
the echo housing move. Do you remember the Sega game
echoed the Dolphin?
Speaker 1 (10:36):
Oh? Oh, my gosh. Okay, So this makes me think
of two things. At some point you and I. I can't
remember if we're talking about on the show or just
in real life, but we're talking about the Sega handheld
that was color that you could play at night. Just
remembered it. It's called game gear. Oh but also my
friend George, I'm pretty sure he had that Dolphin that
game on his game gear. It was a classic. Man,
(10:57):
So many feelings are rushing back.
Speaker 2 (11:00):
Well, okay, but what you're referencing though, the Echo housing move.
This is at least part of the reason why you
and I why we don't hold home ownership out to
be this panacea, This this brilliant personal finance move that
anybody who wants to be good with their money has
to buy a home, has to own their own home.
Taxes and insurance, which Axios just called the stealth inflation
driver insurance, which is true. Right if you look at
(11:22):
the recent numbers, and we've talked about this before, maintenance
cost as well, those could be hard to predict. Matt,
I just incurred on one rental property more than six
thousand dollars of expenses, new HVAC, new water heater, all
in one fell swoop. That's the kind of stuff that's
I mean, I'm prepared. I have enough money in savings,
but I'm also kind of not prepared mentally for that, right,
(11:43):
like it a little like it.
Speaker 1 (11:44):
Yeah, it's a lot to replace something that doesn't look
it's just like, all right, cool, here's the ability for
your house to continue on just like it was when you.
Speaker 2 (11:52):
Bought it, right, Yeah, no estates, Yeah, no added benefit,
no fancy new like grant, accounter toops or anything like that.
But those phantomish costs can like just significantly impact the
financial brilliance or lack thereof of buying a home. And
it's just another reason to not buy a home, by
the way, at the top of your price range, because
the mortgage company might say, hey, here's how much you
can afford, congratulations, and then you might find yourself out
(12:14):
over your skis. Leave some money in savings, of course,
and some extra wiggle room for increased cost you're going
to incur down the line when you buy a home
at the top of your price range. Like, man, that's
just a tough way to live, trying to make that
mortgage payment every single month when you're at the when
you're kind of at the limit already.
Speaker 1 (12:29):
Yeah, well, while we're talking about mortgage rates, let's give
ourselves a little small paddle to bat real quick. Because
the whole we talked about this this term date the rate,
So marry the house, date the rate. Yeah, a lot
of people were saying that. For a lot of us
were saying that. We felt that it was garbage. We
felt like it was bad advice. We said so at
the time because it certainly looked like rates might come down.
(12:51):
J Powell, the Fed, they even said so. They said
that there were going to be rate cuts coming like
basically three expect three rate cuts, four maybe even Yeah.
But that being said, inflation we touched on this last week,
it's remained stubborn and sticky, and with that being the case,
these cuts are less likely. And our advice was to
(13:11):
not count your chickens before they hatch basically, if you
can't afford the home for long with the rate that
you currently have. Now, we don't think that you can
afford the home, even if somebody else, like your lender
or your realistic agent is telling you, hey, you can
easily refly down the road.
Speaker 2 (13:26):
You see those like sweet projections. Oh guess what, in
eighteen months, mortgage rates are gonna be down to five
five and a half percent, and so you're gonna save
a point and I like, think about how much that's
gonna reduce your monthly mortgage payment. And if that pans out, congratulations,
But if it doesn't, you're screwed.
Speaker 1 (13:40):
We were incredibly cautious about that whole philosophy when it
came to home buying, because, like, if you zoom out
and you look, so the Fed they started tracking thirty
your mortgage rates back in nineteen seventy one, and if
you zoom out, you can see that for like a
solid thirty years. Up until around two thousand, thirty year
mortgage rates were at seven percent or higher. It wasn't
until about two thousand that they dip below that seven
(14:00):
percent mark. It wasn't until the Great Recession around like
eight nine did rates drops down significantly beyond lower than
five percent, right, it's like five four three percent. So
basically what we're pointing to is the fact that we've
had a pretty nice low and straight low mortgage rate
run over the past ten years, an anomaly, and I
do think that that's the case. Man, Like it's the
(14:21):
stickier that inflation becomes and the fact that rates are
staying where they are it makes me realize that, man,
this really could be the new normal. I wouldn't necessarily
count on rates. I mean they might dip a little bit, yeah,
you know, like rates might get lower, but I don't.
I think folks just need to start thinking through that, like,
this might actually be the reality, and we need to
make sure that the decisions that we're making with our
personal finances in the here now that they reflect the
(14:43):
current reality.
Speaker 2 (14:44):
Higher for longer probably going to be the case. And
the great news is out there for savers. Redneck bank
Matt might start offering even higher rates because of this.
Who knows, but I think that really is because savers
got screwed for so long, and it's at least nice
to see savers in a non crumming environment. But yeah,
mortgage rates what's gonna happen with those anybody's guests, just
(15:04):
continually don't bank, don't let anyone tell you rates are
gonna go down. You're gonna be able to save a
lot of money on your monthly payment next week, next month,
only by the home if you can afford the payment
as currently constructed. And Matt Yahoo had an article this
week about just how sticky low mortgage rates are for folks.
And we've known this are kind of like golden handcuffs. Hey,
I've got a three percent mortgage. Yeah, you're not going
to give me to leave my house for any reason.
(15:25):
But people are so attached to their incredible mortgage rates
that they're turning down more lucrative job offers in other locations.
That's because they'd have to give up a ridiculously low
mortgage rate and reasonable monthly payments, And by leaving that
behind and going elsewhere, that means they'd be ramping up
their housing costs significantly to take that superior job. Of course,
(15:45):
like a twenty thousand dollars raise sounds nice, sounds awesome,
but not if you're giving up those other things necessarily right,
Like true, you can easily end up in a worse
overall financial position. It's kind of crazy to think about,
but it is something else you have to consider. If
you're in the market for another job, what's the total
compensation here, and how is that switch going to impact
your monthly budget. If you've got the home you bought
(16:06):
for three hundred thousand dollars and you got a three
percent mortgage rate, and that extra income would be nice,
but you're talking about, oh now it's gonna cost you
seven hundred thousand dollars to buy a home at a
seven percent rate, tradeoff might not be worth it.
Speaker 1 (16:17):
That's true. You got to look at the entire picture,
which is why it's always so helpful to zoom out
and to consider not only what you're making but what
you're likely to be spending. But Joey got more to
get to. After the break, we're going to talk about
money dysmorphia, what that is, how we can combat that,
and more. Right after this, all right, we're back. The
(16:42):
Friday flight continues.
Speaker 2 (16:44):
I promise no more references to Redneck Bank unless they
start sponsoring the show, which they are welcome to because
the rates are great. But Matt, let's get to the
ludicrous headline.
Speaker 1 (16:53):
Of the week for Banking's funder. Exactly. This one comes
everything that's the other part to you. Like anytime they
said banking wasn't banking, it was like banking. There's no
ry at the end. Yeah, gotta love it. Okay.
Speaker 2 (17:05):
So this lydacrous headline comes from the website formally known
as Twitter, from a finance dude named Charlie Billelo. I
read his newsletter every week and he said Americans spent
over one hundred and thirteen billion dollars on lottery tickets
last year, more than they spent on movies, books, concerts,
and sports tickets combined. Sobering statistic, Matt, that's impressive. Not
(17:27):
what I would have guessed. I would would not have
thought that our collective lottery addiction was that out of whack.
I've heard some folks trying to rationalize this. They've said
that the poorest Americans who played the lottery the most,
they don't have other options. I guess I just don't
buy that argument, though. I think like buying even just
a few lottery tickets a week, it adds up. And
we talk about micro investing and how yeah it's not
(17:49):
the panacea, but small, little bits here and there, and
guess what, over time it's going to make a difference.
Speaker 1 (17:54):
And so if this is something you do.
Speaker 2 (17:56):
For fun with your coworkers, and when the jackpot soars,
you do you if it's factored into your entertainment budget. Fine,
no judgment here, but I would personally rather spend my
money on the three other categories he mentioned. I guess
it was four movies, books, concert, sports tickets. I'd rather
do all of the above than play the lottery. Again,
not trying to be some produced judgmental type over here,
but my goodness, when you think about that as a
(18:17):
line item and just what that means in individual people's lives,
that's not nothing.
Speaker 1 (18:21):
That's true, by the way. Jeff Sommer over at The Times,
he wrote an article calling out the BS marketing tactics
that lotteries play, and here's what he had to say.
This is a quote from the story. The advertised numbers
have swelled while the real value of the current lottery
prizes isn't even half that much. And that's before taking
the bite of taxes into account. Basically, the lotteries are
(18:43):
they're framing the jackpots that that they've got there like
they're massive, but the cash value is actually less than
half of what they claim. It's only the it's something
like the thirty year annuitized value that might actually be
that high. That is the headline number, but tho's hefty numbers,
and then the the subsequent news segments about these massive jackpots.
They just feed the beast. They feed the machine. Right,
(19:05):
it's like a it's like a turbo charger for lotteries,
which encourages more people to play and to purchase more
tickets and lotteries. Man, they're run by state agencies which
are apparently exempt from truth in advertising laws, and this
allows them to I think make misleading or more likely
what we can just call false claims. But basically the
headline number isn't what it's all cracked up to be. Essentially,
(19:27):
it's only if you stick around for the you know,
the the annual payments and that's because of you know,
it's based I guess on ten year treasury notes and
because rates are higher there. That's essentially they're able to
inflate the advertised jackpot.
Speaker 2 (19:42):
And MELA which is which is a discouraging which I
mean gets again makes it more frothy, makes people more
excited to play the lottery because they see the headline number,
not realizing the headline number, well, once you dig into
the fine print, it's not nearly as good as it seems.
Just another reason not to play the lottery and get
Matt makes me think of a sports gambling the first
basketball player got ki out of the NBA for gambling
(20:02):
on sports this week, and we're going to see more
and more of that, just which I think is great
that he got kicked out, or that he was gambling
that he got kicked out. Agree well, because it just
helps to maintain the integrity of the game, right because
if if Ward starts getting around that like, oh man,
there's guys out there. If it's like the what is
it the speaking of current events and sports?
Speaker 1 (20:17):
Is it? In China? The three African runners, I think
there's like two, there's like two or three of them
running alongside a Chinese runner. They slowed down and at
the last second it's so obvious Slayton that that they
just like hit the brakes and let him win. And
I'm sure there's some sort of they literally did the handwave.
He was crazy, which you know, maybe you call it
(20:38):
sportsmanship or maybe you call it or doing this to
save our lives.
Speaker 2 (20:42):
I don't think you'll be able to escape this country.
I don't think that's what they call it in an
authoritarian society. But yeah, one another thing I was thinking
about too, when it comes to the lottery, like the
statistically speaking, it's your chances of winning are so small, right,
But there is a part of me that when I
look at the numbers, I think, but if you don't
buy any ticket, it's statistically impossible to win.
Speaker 1 (21:01):
There is a part of it is the wrong line
of reasons. It is for me who like, if I'm
looking at the data and I'm looking at the numbers,
I think, all right, I literally have no chance of
winning unless I buy one ticket, And even though the
chances are incredibly slim, there's a part of me that
just wants to go out there get the one ticket.
That way, Okay, I'm in I'm not gonna win most likely,
but you've got like literally zero chance of winning if
(21:21):
you don't actually buy a single tear.
Speaker 2 (21:22):
Your microphone privileges have been revoked for the next five minutes.
I'm just in exactly of mentality. I'm trying to comb
out of it.
Speaker 1 (21:28):
It's hard for me just from a logical, data driven approach,
It's like, buy one ticket and that's it, and then
just step back get every time or well, I don't know.
Speaker 2 (21:36):
See. That's what I'm talking about, is these little whatever
you get excited about the jackpie, it's not larger, always
divide it by twos because that's in fact.
Speaker 1 (21:45):
The actual cash prize.
Speaker 2 (21:46):
If you look at the other numbers, they basically say
that you have one in three hundred and something million
chance of winning, but like literally, you have.
Speaker 1 (21:52):
A zero percent chance if you don't actually spend the
five bucks. Let's move on, all right. This is for
all the credit card optimizers out there. If you think
like I do, this is just something that you want.
Speaker 2 (22:04):
I'm guessing they disagree with you and they side with me.
But if you do agree with Matt, send us an email.
I'd love to hear your reasoning and if it has
as little basis in reality as Matt's does.
Speaker 1 (22:13):
Okay.
Speaker 2 (22:13):
One reason I think Matt numbers is numbers, Joel. So
that's what the Redneck Bank says. One reason I think
so many people play the lottery is because they aren't
content with their circumstances, right, they're comparing themselves to others
and it feels like they're behind. And there's more evidence
that's come out recently that comparing ourselves to others is
just really, really bad for us. And this was a
new survey from Credit card I found that almost half
(22:34):
of adults struggle with what they call money dysmorphia body dysmorphia.
That's a literal mental health definition when people are overly
concerned with how they look, they notice flaws than no
one else sees. Matt, We've known somebody like that who
thinks that a freckle on their scan or something is
marring to their physique or something like that, and it's
like nobody else has even noticed that. Well, the money
version is a brand new term, and it's referring to
(22:57):
how people feel about their financial status compare to their peers.
It's often not because they're actually behind, because Credit Karma
found that many of those who experience money dysmorphia have
above average savings. In fact, the real issue is avoiding comparison.
Obviously easier said than done. It's hard, especially in an
age of connectedness and social media apps. But the study
(23:20):
also found that the more time we spend on social media,
the worse we feel, and so I don't know.
Speaker 1 (23:26):
The answer.
Speaker 2 (23:26):
I guess is to delete the apps, reduce the time
we spend on the Middle East. And my guess is
that a lot of folks will start to feel a
whole lot less self conscious about their money situation, allowing
them to make more progress with their finances and maybe
just maybe surround yourself with people who have better money
habits and who are encouraging you to do the right things.
Speaker 1 (23:45):
With your money.
Speaker 2 (23:46):
You're going to be more like the people you spend
the most time with. And that's just another plug for
the how to Money Facebook group too, people who are
trying to do the right thing, encouraging each other in
the right direction. Join that if you need a little
inspiration and a little encouragement in your financial life.
Speaker 1 (23:59):
Totally you talking about deleting the apps makes me think
about just cell phones in general. And I mentioned that
maybe like a couple of months ago that I was
thinking about or maybe it was just a couple of weeks
ago that I was thinking about just removing this my
iPhone from my bedroom completely to see if I if
I sleep better. I totally have done that, by the way,
and I'm using my my watch because hey, guess what,
your watch. You can send an alarm with your watch. Dude,
(24:21):
It's awesome. I highly recommend it. Sleeping better. I have
been sleeping better because I've been taking I'm just an
easy and pills like that. That's what my friend Tim says,
but he's probably wrong. Wait, you've actually been doing it
or your friend's doing it. He told me too, I did.
And are you sleeping better? And it hasn't been. I
feel it's been like three nights, so maybe something. This
is like one of those things where there's like different
cycles of different things that are popular that's popular. I
(24:43):
feel like I don't trust any I feel like Magnanisum
is just like one of the new ones. I don't
trust any of it. I don't trust any of the
pills or the vitamins. So I'm shocked that or really
many of them. But like I'm shocked that I even
did it. Take the frugal route. You on these supplements
just to remove the phone from the room. You're less
tempted to doom scroll. And I've got to think that
there's some sort of yeah, this is weird that we're
like kind of going off topic here, but like there's
(25:03):
the active part of scrolling and knowing that you're wasting time, right,
So there's that part of it. There's like the blue
light where you're kind of like stimulated right before you
go to bed, so that probably doesn't help. I also
think there's this sort of subconsciousness, like knowing that it's
fall close that is further away, even though it's just
like why I'm not thinking while I sleep. But that
being said, I do think it has an impact.
Speaker 2 (25:21):
So anyway, well, I think it's almost like the when
we've all had this at this point, because we're also
addicted to our phones, like the phantom buzz in our pocket.
We think that our phone buzz and it didn't know.
Speaker 1 (25:30):
What's funny is I'm actually getting that with my watch,
are you really? Because yeah, well we don't have some
art watches. You know, I both have the same Garmin watch.
This year's buzz when it literally my just did it?
It just says move? Oh that is unreal? Does it's
something like that? Okay? So like the default is like
every if you've been, if you haven't moved, it buzzes
like that and tells you to move, and I turn
(25:50):
that setting off. That's so funny. I can't believe it
just literally happened. Whle we're talking about atle buzz.
Speaker 2 (25:54):
When I hit a goal that I have for that day,
I guess like a certain amount of steps or yeah,
something I've got that.
Speaker 1 (25:58):
Yeah, it changes every I don't understand that. Should we
end up cutting all this out? No, maybe people want
to hear this. Keep talking about retirements and speaking of
big jackpot like numbers. Evidently one point four to six
million dollars that is how much Americans say that they're
going to need to retire. This amount has grown by
(26:18):
fifty percent since twenty nineteen. It's grown two hundred thousand
dollars from last year point and ramping up our expectations quickly. Well,
I think what the shows is It isn't even that
inflation has made everything cost more, although that is a factor.
But more than anything, dude, I think it reveals a
lot of anxiety about how much money is going to
take to retire comfortably. And we just talked about this
when it came to the money dysmorphia. But I think
(26:41):
we just have an inability to curb what it is
that we think is going to make us happy more
than anything else, and whether it's us comparing via social media,
like what other people are buying, the stuff that they're
putting in their homes, the kind of cars that they're driving,
the types of vacations that they're going on. Man, again,
the ability to be happy and content with what we have.
It doesn't just apply it to like the yolo twenty
(27:03):
something year olds who are willing to go into debt
in order to travel and have whatever fund that they're
looking to have. It comes to it also applies to
retirees as they're looking ahead, thinking into their golden quote
unquote golden years. And I think that has an impact
on them too. Yeah. I think they're thinking, oh, man,
well do you see so and so and so and so,
And they're like, you know somebody they went to high
(27:24):
school with that they haven't talked to in twenty years,
but they still are friends with them on Facebook and
they're saying, well, they're doing this thing for two weeks
in Cabo and blah blah blah. And it just expands
I think what folks who are closer to retirement age
what they think is necessary in order for them to
be happy as well. So it impacts everybody.
Speaker 2 (27:41):
I think you're spot on at identifying putting your finger
on anxiety being the problem, because when we don't know
what the answer is, we just like kind of doom
extrapolate and I guess I probably need five million, you know,
like you just you just think that's.
Speaker 1 (27:54):
The scarcity mindset. It's just always more, you know exactly.
It's not like it there's a dollar, it's not in
form by data. Is just thinking that, well, what I
have isn't enough, and so the goalposts keep moving. Even
if you did decide on a dollar amount and you
are a money a financial nerd, and you've got it
figured out in your financial spreadsheet, if you are constantly
comparing yourselves to others and see what other folks are doing, well,
you're gonna change that number because you used to be
(28:16):
happy with let's just make sure we have nine hundred
and fifty k in there. Then you b o, hey,
we're up to the one million dollar mark. Now you're
at one one, Now you're at one four to six.
You're never satisfied. You're never satisfying.
Speaker 2 (28:26):
Ahah.
Speaker 1 (28:26):
Alexander Hamilton.
Speaker 2 (28:27):
Yeah, And I think that's sort of focus on a
Gargantua number can take your eye off the things you
have more control over, like your savings rate, being consistent,
paying off debt, and so I just I guess I
think that part of that, part of what breeds anxiety
is a focus on the things we can't control, and
it becomes like an out of control cycle. We're just
kind of we're spinning. And so the only way, at
least part of the way to rain that back in
(28:49):
is to say, let me focus on the things that
I actually touch every day, every and part so part
of that is being a little more frugal. It's finding
ways to save money in your current budget so you
can toss more into those retirement accounts, but they so
you have more financial breathing, more margin in your life too.
And maybe going back to social media, it's not like
the cause of all of our ills in society, but
(29:09):
the more we're on there, I think the more we're
prompted not just to spend on the ad that pops
in front of us, but we're prompted all just to
spend more because we see what other people are doing.
We're comparing our lives to others, and we feel like
we got up our game.
Speaker 1 (29:20):
Yeah, so friend of the show, Alison Scheger, she wrote
about that in Bloomberg this week. Part of the anxiety
comes from drawing down funds in the volatility of the market,
because that is something that you cannot control. This poses
a problem for retirees, and she mentions annuities as a
guaranteed income solution to this problem, but she also acknowledges
the high costs and the opaque features of annuities. And
(29:42):
I think the only real solution is, just like you
dollar cost average into the market when it came to
building your wealth, that same principle applies when it comes
to taking money out of the market. And I know, Joel,
you and I were not retirees, and so it is
much easier said than done for us to kick back
as forty year olds. I'm forty one and to say, well,
you just got to you gotta grand and Barrett Man,
(30:02):
you have to stomach it. I still think that that
solution is going to be better than paying higher fees
that are not necessary when it comes to you are
paying a price for certain decrease in volatility, yes, and
for that certainty, And so I don't know, like, on
one hand, you could say, well, you can combat that
by saving more and more and more, and then you
end up like the one point four to six million
(30:24):
stat right where it feels like, well, I know, I
said one point four to six last year, but like
it's more like one point five this year. And then
there's like the one more year syndrome. There's the golden handcuffs.
There are these things that that keeps us working longer
than I think maybe we could be working if you've
got other goals that you want to.
Speaker 2 (30:41):
Pursue, and I think frugality and flexibility are two weapons
in your arsenal to help you combat one, meaning more
and more and more in the savings. And then it
also just allows you to kind of move with the punches,
roll with the punches when let's say the market does
experience it down yere, because it's going to happen right
Like sorry, if you've only been investing for the past
like fourteen months, you haven't experienced any punches yet, like,
(31:03):
but they're gonna come. Like the market doesn't just go
up in perpetuity all the time.
Speaker 1 (31:07):
Yeah, and that's when it's to have taken that like
two months along European vacation, you watch what Holland America
and look for the standby deals, and that's your amazing vacation.
That's your flexibility take that summer. Yes, Basically, when you
are in your prime earning years, you are relatively money
rich time poor, right, and as a retiree, you're maybe
you're feeling a little more money poor because you're kind
(31:28):
of like, all right, I want the paycheck's not there. Yeah,
the paycheck is not coming in. You want to make
sure that you're able to stretch your dollar, but you
do have a lot of time on hand. Again, that's
why that flexibility and being able to pounce on a
deal like that. I just love the scrappiness that comes
with being able to vacation for really cheap, potentially to
go on an awesome cruise.
Speaker 2 (31:44):
Isn't that exactly what Gillian said in this past past
week's episode The Things on Wednesday.
Speaker 1 (31:49):
As opposed to like shoehorning a vacation into like this one,
this perfect one week period when prices might be where
you might be paying out the nose.
Speaker 2 (31:57):
Okay, And by the way, I think it's just worth mentioning.
Vanguard reports that younger generations are doing better than their elders,
they're starting younger, which gives them a big leg up
and building wealth. So we keep hearing the term retirement crisis,
and I think the term crisis just gets overused. I
don't know that we're actually in a retirement crisis. I
think a lot of these things are solvable, and I
think a lot of these things are solvable at the
individual level. On that note, Baron's wrote an article about
(32:18):
the uptick in flat fee advisors, which something we like
to see. It's being called advice only, right, and it's
the direction we point most people in if they feel
like they need one on one help from a financial pro.
Not all fees are created equal, though, so like reading
this article and seeing what some advisor's charge, it can
be shocking to see even just what they're flat fee
(32:39):
might run. Many charge thousands of dollars a year to
be your financial advisor. It might even be as much
as like fifteen grand for a year, which is a
lot of money.
Speaker 1 (32:47):
It seems a bit ridiculous. Yeah, it's a bit steep, man, right,
just saying I'm not.
Speaker 2 (32:51):
Trying to hate, but that's still too expensive for most
ordinary people and it robs them of the funds they
need to funnel into investments for their future. And that's
why we like the hourly rate model when you have
money questions, not just a flat annual fee, although there's
nothing wrong with that, I guess if you feel like
that's the best way to go for you. But going
the DIY route with your investments, but then always being
(33:11):
able to pay for an hour of somebody's time if
you visit a site like Hellonectarine dot com or something
like that, that I think is a superior route. And
don't forget about robo advisors like Betterment too. Just we
realize that sometimes the confirmation or the nitty gritty financial
question you might have might need or might be best
addressed by someone who has passed the CFP exam. But
I think especially for younger folks Matt, who are just
(33:33):
the whole goal is to really funnel more into low
cost index funds because they've got decades for that money
to grow, that's actually a simple thing to figure out.
And so most folks in that stage of their life, Man,
they don't even need a flat fee advisor. They might
just want to schedule like an hour or to chat
with somebody who knows more than they.
Speaker 1 (33:52):
Is, right man, And for everyone out there to make
sure that you are subscribed to the How To Money newsletter,
which comes out every Tuesday morning. A quick referral shot
out to Jay mcblaine as well as a Arius, Thank
y'all so much for refer the newsletter along to some
friends by the way, families or even enemies of y'alls,
frindies and Matt.
Speaker 2 (34:11):
We're actually about to hit next week pretty sweet newsletter
aversary two years of the newslettersary, and we're gonna do
a giveaway. So if you haven't signed up, sign up
so you can be a part of that. Why be
giving away a lot of hot money socks.
Speaker 1 (34:23):
Just like you know, it's gonna be rain in socks.
That's right, raining, That's right. Uh, that's gonna be it
for this episode, buddy, Until next time, Best Friends Out,
Best Friends Out,
Welcome to How the Money. I'm Joel and I am Matt.
Speaker 2 (00:03):
Today we're talking banks for rednecks, lotto lies in the echo,
housing boom.
Speaker 1 (00:28):
And this is not a bait and switch. I feel
like folks are thinking, Okay, they say they're gonna talk
about banks for rednecks, but no. In fact, Joel, you
in particular, you came across this bank that's literally called
redneck bait. It really is. You want to tell folks
what they're offering.
Speaker 2 (00:42):
Well, first off, everybody who's listening to this has to
go visit the website. This is not an advertisement. You
have to see it for your own two eyes. It's
like Larry the cable guy who has coding skills.
Speaker 1 (00:52):
Made this lady does have like Geo cities esque mixed
with like Larry the Cable guys last Jeff fox Worthy.
There's a daunt they got it. They got to go
there to make a bank.
Speaker 2 (01:00):
And there's a fake fly that you kind of think
is like a fly to landed on your computer screen.
It's the craziest thing you've ever seen. But this is
a real bank.
Speaker 1 (01:06):
But the reason you keep across it is because they've
they're offering a pretty killer rate right now on the saving.
Speaker 2 (01:11):
Wallet Hub acknowledged that Redneck Bank currently has the highest
rewards checking rate in the country.
Speaker 1 (01:17):
You can it was on checking.
Speaker 2 (01:18):
Yeah, on checking, Oh my gosh, five thousand savings five
point one five on up to fifteen thousand dollars.
Speaker 1 (01:24):
That's impressive.
Speaker 2 (01:25):
But are you willing to trade off all of your
dignity to open.
Speaker 1 (01:28):
It checking account? So they've actually got an app too.
Did you see that they've got a Redneck Bank app?
I didn't download it Apple for Android as well.
Speaker 2 (01:36):
Yeah, yeah, they're out there bud okay, so just heads up,
like you might find the highest rates in the most
inconspicuous places, including a bank.
Speaker 1 (01:44):
Would I thought was a joke. Would you do it
if you were looking for a new online bank that
was offering a killer rate? Probably not.
Speaker 2 (01:50):
I mean you and I have talked about neo banks
in the past, and I'd prefer to do business with
a full fledged bank.
Speaker 1 (01:55):
This is the real bank though, That's that's what's crazy.
So they have a partner bank. If you go down
it's the Redneck Bank is the digital division of evidently
All America Bank okay, which is based in Oklahoma, Okay.
So it's not a neil. I don't think it was
too far. Further, I don't think it was a stretch
for them maybe to be like, oh, yeah, we can
do the Redneck b But I love it, dude. I mean,
obviously it's a gimmick, it's ridiculous. But the fact that
(02:18):
something like that can't exist because within banking normally, what
do you think of it's just like, dude, dodgy in suits.
It's really stiff, it's really boring. And the fact that
they had the guts to go out on a limb
and say, hey, let's let's make the Redneck bank. I
think that's awesome personally, bank sure, or like or like
(02:39):
the New Yorker bank, you know, or the Harvard Business
Review bank, like with something that's like the polar opposite
of a redneck I guess. But I love that you
have the possibility of both of those to potentially exist
and to perhaps even thrive here in our great country America.
Speaker 2 (02:54):
Ultimately, when it comes down to you, I guess I
could probably get over the weirdness with the name and
the website if everything else is good, if the customer
service is great, and if the rate is solid and
in this case, the rate solid so the customer service
is pretty good too.
Speaker 1 (03:05):
Yeah, yeah, Oklahoma. Yeah, I think less redneck and I
think more like cracker barrel, which feels very like very
warm and welcoming, and they're like you want a biscuit? Sure, okay,
come on, okay. Instead of giving out candy when you
go to big a deposit, maybe what if they're given
out like collars and corn break there you go.
Speaker 2 (03:20):
Well, this slogan or banking's funner, which adorable. Okay, so
redneck bank, dig it? Not a joke really exists?
Speaker 1 (03:27):
Yeah. That was our first Riaday Flying story where we
cover truly what we think are the best headlines, best
news stories from this past week. And that was just
the most interesting pertain to your personal finances. But yeah,
that was a legit story. Let's get to the real
real stuff. Thought story is real. I just said it's
a real story. And then you call it like like
a fake story. But that's like more like poking fun
and is't this isn't fake newsdrul making you aware of something.
(03:48):
But let's get to the stuff that hopefully is going
to inform you and then we'll have hopefully take and
then we'll provide takeaways to help you with your personal finances.
Question of the day is, would you go into debt
to or fun this year? Matt, I'm guessing your answer
to that would be no, Okay, we'll do it same well.
This question, though, was posed to a recent slew of
folks in a bank rate survey, and sadly.
Speaker 2 (04:11):
We're used to this in the United States of America.
At this point, more than a third of folks said sure,
why not? Thirty eight percent of folks to be exact,
and there were three categories that people said they'd take
on debt for in varying amounts. They were dining out, live, entertainment,
and travel, and Matt the risky willingness to go into
debt for fun experiences. It's been even more normalized for
(04:31):
younger folks, the millennials and gen z in particular, like
polled at higher levels, they're willing to spend money they
don't actually have to do fun stuff.
Speaker 1 (04:38):
I think this is.
Speaker 2 (04:39):
Partly revenge spending hangover, but really what you're getting is
revenge on your future self when you go into debt
for this stuff. Right, This is a reflection in my
estimation of the yolo mentality and an inability to see
the financial needs of future you. It's always easier to
get into debt than it is to get out, and
it always seems, I think, less risky when you're young,
But paying for those fun experiences for years to come
(05:02):
with interest added on top, especially if you're using credit
cards with a lot of interest added on top, that
really is just it's a crappy way to live.
Speaker 1 (05:08):
That's true, man. Yeah, So, speaking of fun, going on
a cruise, that sounds like a good time, right, That
sounds like fun, even though it's something that neither you
nor I have ever done. Still haven't done it obviously,
don't put it on a credit card, of course, don't
go into debt to go on that cruise, but do
consider going stand by to spend less on that excursion.
Friend of the show Elaine Glusac, she wrote about this
(05:30):
in The Times, how you can pay substantially less if
you're willing to, perhaps even risk missing the boat. You
can cut your cruise price in half or even more
by being able to move at a moment's notice. This
is through Holland America. Not everyone has this sort of flexibility,
but we love that you can cruise for what she
reported was forty nine dollars a night plus fees. And
(05:53):
you can do this if you've got an incredibly flexible
limber schedule, and that's going to mean you're gonna pay
rock bottom prices for travel. But dude, this might be
my favorite story from the entire Friday flight because of
the ability, especially if you're a retiree, if you have
flexible work, if you can work from home, the ability
to within twenty or I think those forty eight hours perhaps, yeah,
(06:14):
to be able to be like all right, I'm there.
They've got locations. So this cruise line they go out
of Seattle, West Coast and East Coast on the West coast, Seattle,
San Diego on the East coast. What do you call
it port of departure. I don't know. I don't know
that the cruise terms. But they're leaving out of Boston,
out of Fort Lauderdale. I think that's awesome. I think
if you have the flexibility to be able to take
(06:34):
advantage of deals like this, it's huge. And they go
out of Alaska as well, so maybe that's how you'll
finally get your glacier calving vibes in well, you can
do the Alaska Cruise departing from Seattle, which I thought
was great so or even for I don't know what
city it was that they were leaving out of actual
Alaska as well, but either way, it's a legit cruise line.
And it makes me really happy to know that there
(06:56):
are folks who are able to be super flexible, pounce
on a deal like that and enjoy it. Think of
how cheap that excursion is for such little money.
Speaker 2 (07:03):
You're talking normally with a hotel room one hundred and
sixty five bucks a night or something like that. This
is like your entertainment and you're lodging all in one
for forty nine bucks a night. Granted, you got to
be like life flexible, like you said, Matt, but I
agree that's a great deal. Let's talk about something that
might not be a great deal, and that's using your
phone as your wallet.
Speaker 1 (07:19):
And this is something that I don't know.
Speaker 2 (07:21):
We're in our early forties and so we were maybe
late adopters to this game, but it seems like everybody's paying.
Speaker 1 (07:27):
With their phone these days. And it.
Speaker 2 (07:29):
Yeah, it's quicker, it's more frictionless, it's convenient, but that
extreme level of convenience. It makes it easier to spend
more money. Apparently, are you're not using Apple Pay on
your I do sometimes, not all the time, Like I
just to pay love it. I love to have to
pay with the credit card though too.
Speaker 1 (07:42):
I just like having the phone.
Speaker 2 (07:43):
Hey, I gotta get one of the two out of
my pocket anyway. So I don't know, but I didn't
realize that that. Apparently people are spending more almost ten
percent more per transaction, that's according to a recent NPR article,
when they use their smartphone. And so I don't think
the right answer is to go back to a phone,
Although I don't know. That could probably help our lives
in a lot of ways. But it's amazing how certain
(08:05):
ingrained habits can impact the way that we spend money. Matt,
you and I were not luddites. Technology is not the
enemy here, But it's about what tech allows us to
do that doesn't serve our own best interest that I
think we're talking about here. You just have to be
careful if you find yourself, like we've talked about this before,
spending on a credit card versus spending with cash. Different
generations feel different ways about that. Some people think, well,
(08:27):
if you got cash, that's free money. Other people think
of cash as like hard currency, and they think of
their credit card as free money.
Speaker 1 (08:32):
Something physical that you're being parted with.
Speaker 2 (08:34):
Yeah, I think so much depends on your perspective and
maybe even just like the age cohort that you're in.
But if you find yourself spending more money by tapping
with your phone, if that feels like free money or
something like that, then I don't know, you might want
to find it a more painful way to pay so
that you don't get too loose with your spending.
Speaker 1 (08:50):
Totally agree, Yeah, I completely agree, And I see how
it's even more frictionless because for me, like as I
was thinking, you're talking about tapping to pay, and I
picture like what I still have to do is I
still have to reach in my pocket, pull out my wallet,
then reach into my wallet and pull up my card,
whereas my phone it's always just in my pocket, right
Like I never have a credit card just floating in
my pocket. And so for me it's yes, it's even
(09:12):
more frictionless, But personally, I don't think I spend more
using my phone versus using a credit card or another
form of payment called MPR liar. H This just again
it depends on how you view, how you frame your
expenses and the stuff that you're buying. Joel, let's talk
about housing because Fast Company they published an excellent article
about what they're calling the echo housing boom. And what
(09:35):
they mean by that is as home values have risen,
property taxes in most states they have not kept pace.
So over the past four years, national home prices they've
risen something like forty percent, while national property taxes have
only risen twenty one percent. And so why the discrepancy. Well,
even though home values aren't going up at the same
pace they were, you might be shocked when you get
(09:57):
your tax bill in the mail this year. As local municipality,
they're playing catch up. And so they noticed the discrepancy. Now, yes,
and even as it was happening, they're probably like, all right,
that's going to mean more money in our coffers, right,
would you say?
Speaker 2 (10:10):
It's like a delay cycle, right, So they're not like
right on top of the pulse, but they're like.
Speaker 1 (10:15):
Two beats behind me. Yeah, So it's good news, right,
like hooray for having more equity, your house being worth more.
But just be prepared for a growing tax bill that
is going to impact your monthly payment.
Speaker 2 (10:25):
Yeah, start preparing for sure, Like, don't let that come
by come as a shock. Start preparing for an increased
monthly payment. Now, by the way, Matt, you called it
the echo housing move. Do you remember the Sega game
echoed the Dolphin?
Speaker 1 (10:36):
Oh? Oh, my gosh. Okay, So this makes me think
of two things. At some point you and I. I can't
remember if we're talking about on the show or just
in real life, but we're talking about the Sega handheld
that was color that you could play at night. Just
remembered it. It's called game gear. Oh but also my
friend George, I'm pretty sure he had that Dolphin that
game on his game gear. It was a classic. Man,
(10:57):
So many feelings are rushing back.
Speaker 2 (11:00):
Well, okay, but what you're referencing though, the Echo housing move.
This is at least part of the reason why you
and I why we don't hold home ownership out to
be this panacea, This this brilliant personal finance move that
anybody who wants to be good with their money has
to buy a home, has to own their own home.
Taxes and insurance, which Axios just called the stealth inflation
driver insurance, which is true. Right if you look at
(11:22):
the recent numbers, and we've talked about this before, maintenance
cost as well, those could be hard to predict. Matt,
I just incurred on one rental property more than six
thousand dollars of expenses, new HVAC, new water heater, all
in one fell swoop. That's the kind of stuff that's
I mean, I'm prepared. I have enough money in savings,
but I'm also kind of not prepared mentally for that, right,
(11:43):
like it a little like it.
Speaker 1 (11:44):
Yeah, it's a lot to replace something that doesn't look
it's just like, all right, cool, here's the ability for
your house to continue on just like it was when you.
Speaker 2 (11:52):
Bought it, right, Yeah, no estates, Yeah, no added benefit,
no fancy new like grant, accounter toops or anything like that.
But those phantomish costs can like just significantly impact the
financial brilliance or lack thereof of buying a home. And
it's just another reason to not buy a home, by
the way, at the top of your price range, because
the mortgage company might say, hey, here's how much you
can afford, congratulations, and then you might find yourself out
(12:14):
over your skis. Leave some money in savings, of course,
and some extra wiggle room for increased cost you're going
to incur down the line when you buy a home
at the top of your price range. Like, man, that's
just a tough way to live, trying to make that
mortgage payment every single month when you're at the when
you're kind of at the limit already.
Speaker 1 (12:29):
Yeah, well, while we're talking about mortgage rates, let's give
ourselves a little small paddle to bat real quick. Because
the whole we talked about this this term date the rate,
So marry the house, date the rate. Yeah, a lot
of people were saying that. For a lot of us
were saying that. We felt that it was garbage. We
felt like it was bad advice. We said so at
the time because it certainly looked like rates might come down.
(12:51):
J Powell, the Fed, they even said so. They said
that there were going to be rate cuts coming like
basically three expect three rate cuts, four maybe even Yeah.
But that being said, inflation we touched on this last week,
it's remained stubborn and sticky, and with that being the case,
these cuts are less likely. And our advice was to
(13:11):
not count your chickens before they hatch basically, if you
can't afford the home for long with the rate that
you currently have. Now, we don't think that you can
afford the home, even if somebody else, like your lender
or your realistic agent is telling you, hey, you can
easily refly down the road.
Speaker 2 (13:26):
You see those like sweet projections. Oh guess what, in
eighteen months, mortgage rates are gonna be down to five
five and a half percent, and so you're gonna save
a point and I like, think about how much that's
gonna reduce your monthly mortgage payment. And if that pans out, congratulations,
But if it doesn't, you're screwed.
Speaker 1 (13:40):
We were incredibly cautious about that whole philosophy when it
came to home buying, because, like, if you zoom out
and you look, so the Fed they started tracking thirty
your mortgage rates back in nineteen seventy one, and if
you zoom out, you can see that for like a
solid thirty years. Up until around two thousand, thirty year
mortgage rates were at seven percent or higher. It wasn't
until about two thousand that they dip below that seven
(14:00):
percent mark. It wasn't until the Great Recession around like
eight nine did rates drops down significantly beyond lower than
five percent, right, it's like five four three percent. So
basically what we're pointing to is the fact that we've
had a pretty nice low and straight low mortgage rate
run over the past ten years, an anomaly, and I
do think that that's the case. Man, Like it's the
(14:21):
stickier that inflation becomes and the fact that rates are
staying where they are it makes me realize that, man,
this really could be the new normal. I wouldn't necessarily
count on rates. I mean they might dip a little bit, yeah,
you know, like rates might get lower, but I don't.
I think folks just need to start thinking through that, like,
this might actually be the reality, and we need to
make sure that the decisions that we're making with our
personal finances in the here now that they reflect the
(14:43):
current reality.
Speaker 2 (14:44):
Higher for longer probably going to be the case. And
the great news is out there for savers. Redneck bank
Matt might start offering even higher rates because of this.
Who knows, but I think that really is because savers
got screwed for so long, and it's at least nice
to see savers in a non crumming environment. But yeah,
mortgage rates what's gonna happen with those anybody's guests, just
(15:04):
continually don't bank, don't let anyone tell you rates are
gonna go down. You're gonna be able to save a
lot of money on your monthly payment next week, next month,
only by the home if you can afford the payment
as currently constructed. And Matt Yahoo had an article this
week about just how sticky low mortgage rates are for folks.
And we've known this are kind of like golden handcuffs. Hey,
I've got a three percent mortgage. Yeah, you're not going
to give me to leave my house for any reason.
(15:25):
But people are so attached to their incredible mortgage rates
that they're turning down more lucrative job offers in other locations.
That's because they'd have to give up a ridiculously low
mortgage rate and reasonable monthly payments, And by leaving that
behind and going elsewhere, that means they'd be ramping up
their housing costs significantly to take that superior job. Of course,
(15:45):
like a twenty thousand dollars raise sounds nice, sounds awesome,
but not if you're giving up those other things necessarily right,
Like true, you can easily end up in a worse
overall financial position. It's kind of crazy to think about,
but it is something else you have to consider. If
you're in the market for another job, what's the total
compensation here, and how is that switch going to impact
your monthly budget. If you've got the home you bought
(16:06):
for three hundred thousand dollars and you got a three
percent mortgage rate, and that extra income would be nice,
but you're talking about, oh now it's gonna cost you
seven hundred thousand dollars to buy a home at a
seven percent rate, tradeoff might not be worth it.
Speaker 1 (16:17):
That's true. You got to look at the entire picture,
which is why it's always so helpful to zoom out
and to consider not only what you're making but what
you're likely to be spending. But Joey got more to
get to. After the break, we're going to talk about
money dysmorphia, what that is, how we can combat that,
and more. Right after this, all right, we're back. The
(16:42):
Friday flight continues.
Speaker 2 (16:44):
I promise no more references to Redneck Bank unless they
start sponsoring the show, which they are welcome to because
the rates are great. But Matt, let's get to the
ludicrous headline.
Speaker 1 (16:53):
Of the week for Banking's funder. Exactly. This one comes
everything that's the other part to you. Like anytime they
said banking wasn't banking, it was like banking. There's no
ry at the end. Yeah, gotta love it. Okay.
Speaker 2 (17:05):
So this lydacrous headline comes from the website formally known
as Twitter, from a finance dude named Charlie Billelo. I
read his newsletter every week and he said Americans spent
over one hundred and thirteen billion dollars on lottery tickets
last year, more than they spent on movies, books, concerts,
and sports tickets combined. Sobering statistic, Matt, that's impressive. Not
(17:27):
what I would have guessed. I would would not have
thought that our collective lottery addiction was that out of whack.
I've heard some folks trying to rationalize this. They've said
that the poorest Americans who played the lottery the most,
they don't have other options. I guess I just don't
buy that argument, though. I think like buying even just
a few lottery tickets a week, it adds up. And
we talk about micro investing and how yeah it's not
(17:49):
the panacea, but small, little bits here and there, and
guess what, over time it's going to make a difference.
Speaker 1 (17:54):
And so if this is something you do.
Speaker 2 (17:56):
For fun with your coworkers, and when the jackpot soars,
you do you if it's factored into your entertainment budget. Fine,
no judgment here, but I would personally rather spend my
money on the three other categories he mentioned. I guess
it was four movies, books, concert, sports tickets. I'd rather
do all of the above than play the lottery. Again,
not trying to be some produced judgmental type over here,
but my goodness, when you think about that as a
(18:17):
line item and just what that means in individual people's lives,
that's not nothing.
Speaker 1 (18:21):
That's true, by the way. Jeff Sommer over at The Times,
he wrote an article calling out the BS marketing tactics
that lotteries play, and here's what he had to say.
This is a quote from the story. The advertised numbers
have swelled while the real value of the current lottery
prizes isn't even half that much. And that's before taking
the bite of taxes into account. Basically, the lotteries are
(18:43):
they're framing the jackpots that that they've got there like
they're massive, but the cash value is actually less than
half of what they claim. It's only the it's something
like the thirty year annuitized value that might actually be
that high. That is the headline number, but tho's hefty numbers,
and then the the subsequent news segments about these massive jackpots.
They just feed the beast. They feed the machine. Right,
(19:05):
it's like a it's like a turbo charger for lotteries,
which encourages more people to play and to purchase more
tickets and lotteries. Man, they're run by state agencies which
are apparently exempt from truth in advertising laws, and this
allows them to I think make misleading or more likely
what we can just call false claims. But basically the
headline number isn't what it's all cracked up to be. Essentially,
(19:27):
it's only if you stick around for the you know,
the the annual payments and that's because of you know,
it's based I guess on ten year treasury notes and
because rates are higher there. That's essentially they're able to
inflate the advertised jackpot.
Speaker 2 (19:42):
And MELA which is which is a discouraging which I
mean gets again makes it more frothy, makes people more
excited to play the lottery because they see the headline number,
not realizing the headline number, well, once you dig into
the fine print, it's not nearly as good as it seems.
Just another reason not to play the lottery and get
Matt makes me think of a sports gambling the first
basketball player got ki out of the NBA for gambling
(20:02):
on sports this week, and we're going to see more
and more of that, just which I think is great
that he got kicked out, or that he was gambling
that he got kicked out. Agree well, because it just
helps to maintain the integrity of the game, right because
if if Ward starts getting around that like, oh man,
there's guys out there. If it's like the what is
it the speaking of current events and sports?
Speaker 1 (20:17):
Is it? In China? The three African runners, I think
there's like two, there's like two or three of them
running alongside a Chinese runner. They slowed down and at
the last second it's so obvious Slayton that that they
just like hit the brakes and let him win. And
I'm sure there's some sort of they literally did the handwave.
He was crazy, which you know, maybe you call it
(20:38):
sportsmanship or maybe you call it or doing this to
save our lives.
Speaker 2 (20:42):
I don't think you'll be able to escape this country.
I don't think that's what they call it in an
authoritarian society. But yeah, one another thing I was thinking
about too, when it comes to the lottery, like the
statistically speaking, it's your chances of winning are so small, right,
But there is a part of me that when I
look at the numbers, I think, but if you don't
buy any ticket, it's statistically impossible to win.
Speaker 1 (21:01):
There is a part of it is the wrong line
of reasons. It is for me who like, if I'm
looking at the data and I'm looking at the numbers,
I think, all right, I literally have no chance of
winning unless I buy one ticket, And even though the
chances are incredibly slim, there's a part of me that
just wants to go out there get the one ticket.
That way, Okay, I'm in I'm not gonna win most likely,
but you've got like literally zero chance of winning if
(21:21):
you don't actually buy a single tear.
Speaker 2 (21:22):
Your microphone privileges have been revoked for the next five minutes.
I'm just in exactly of mentality. I'm trying to comb
out of it.
Speaker 1 (21:28):
It's hard for me just from a logical, data driven approach,
It's like, buy one ticket and that's it, and then
just step back get every time or well, I don't know.
Speaker 2 (21:36):
See. That's what I'm talking about, is these little whatever
you get excited about the jackpie, it's not larger, always
divide it by twos because that's in fact.
Speaker 1 (21:45):
The actual cash prize.
Speaker 2 (21:46):
If you look at the other numbers, they basically say
that you have one in three hundred and something million
chance of winning, but like literally, you have.
Speaker 1 (21:52):
A zero percent chance if you don't actually spend the
five bucks. Let's move on, all right. This is for
all the credit card optimizers out there. If you think
like I do, this is just something that you want.
Speaker 2 (22:04):
I'm guessing they disagree with you and they side with me.
But if you do agree with Matt, send us an email.
I'd love to hear your reasoning and if it has
as little basis in reality as Matt's does.
Speaker 1 (22:13):
Okay.
Speaker 2 (22:13):
One reason I think Matt numbers is numbers, Joel. So
that's what the Redneck Bank says. One reason I think
so many people play the lottery is because they aren't
content with their circumstances, right, they're comparing themselves to others
and it feels like they're behind. And there's more evidence
that's come out recently that comparing ourselves to others is
just really, really bad for us. And this was a
new survey from Credit card I found that almost half
(22:34):
of adults struggle with what they call money dysmorphia body dysmorphia.
That's a literal mental health definition when people are overly
concerned with how they look, they notice flaws than no
one else sees. Matt, We've known somebody like that who
thinks that a freckle on their scan or something is
marring to their physique or something like that, and it's
like nobody else has even noticed that. Well, the money
version is a brand new term, and it's referring to
(22:57):
how people feel about their financial status compare to their peers.
It's often not because they're actually behind, because Credit Karma
found that many of those who experience money dysmorphia have
above average savings. In fact, the real issue is avoiding comparison.
Obviously easier said than done. It's hard, especially in an
age of connectedness and social media apps. But the study
(23:20):
also found that the more time we spend on social media,
the worse we feel, and so I don't know.
Speaker 1 (23:26):
The answer.
Speaker 2 (23:26):
I guess is to delete the apps, reduce the time
we spend on the Middle East. And my guess is
that a lot of folks will start to feel a
whole lot less self conscious about their money situation, allowing
them to make more progress with their finances and maybe
just maybe surround yourself with people who have better money
habits and who are encouraging you to do the right things.
Speaker 1 (23:45):
With your money.
Speaker 2 (23:46):
You're going to be more like the people you spend
the most time with. And that's just another plug for
the how to Money Facebook group too, people who are
trying to do the right thing, encouraging each other in
the right direction. Join that if you need a little
inspiration and a little encouragement in your financial life.
Speaker 1 (23:59):
Totally you talking about deleting the apps makes me think
about just cell phones in general. And I mentioned that
maybe like a couple of months ago that I was
thinking about or maybe it was just a couple of weeks
ago that I was thinking about just removing this my
iPhone from my bedroom completely to see if I if
I sleep better. I totally have done that, by the way,
and I'm using my my watch because hey, guess what,
your watch. You can send an alarm with your watch. Dude,
(24:21):
It's awesome. I highly recommend it. Sleeping better. I have
been sleeping better because I've been taking I'm just an
easy and pills like that. That's what my friend Tim says,
but he's probably wrong. Wait, you've actually been doing it
or your friend's doing it. He told me too, I did.
And are you sleeping better? And it hasn't been. I
feel it's been like three nights, so maybe something. This
is like one of those things where there's like different
cycles of different things that are popular that's popular. I
(24:43):
feel like I don't trust any I feel like Magnanisum
is just like one of the new ones. I don't
trust any of it. I don't trust any of the
pills or the vitamins. So I'm shocked that or really
many of them. But like I'm shocked that I even
did it. Take the frugal route. You on these supplements
just to remove the phone from the room. You're less
tempted to doom scroll. And I've got to think that
there's some sort of yeah, this is weird that we're
like kind of going off topic here, but like there's
(25:03):
the active part of scrolling and knowing that you're wasting time, right,
So there's that part of it. There's like the blue
light where you're kind of like stimulated right before you
go to bed, so that probably doesn't help. I also
think there's this sort of subconsciousness, like knowing that it's
fall close that is further away, even though it's just
like why I'm not thinking while I sleep. But that
being said, I do think it has an impact.
Speaker 2 (25:21):
So anyway, well, I think it's almost like the when
we've all had this at this point, because we're also
addicted to our phones, like the phantom buzz in our pocket.
We think that our phone buzz and it didn't know.
Speaker 1 (25:30):
What's funny is I'm actually getting that with my watch,
are you really? Because yeah, well we don't have some
art watches. You know, I both have the same Garmin watch.
This year's buzz when it literally my just did it?
It just says move? Oh that is unreal? Does it's
something like that? Okay? So like the default is like
every if you've been, if you haven't moved, it buzzes
like that and tells you to move, and I turn
(25:50):
that setting off. That's so funny. I can't believe it
just literally happened. Whle we're talking about atle buzz.
Speaker 2 (25:54):
When I hit a goal that I have for that day,
I guess like a certain amount of steps or yeah,
something I've got that.
Speaker 1 (25:58):
Yeah, it changes every I don't understand that. Should we
end up cutting all this out? No, maybe people want
to hear this. Keep talking about retirements and speaking of
big jackpot like numbers. Evidently one point four to six
million dollars that is how much Americans say that they're
going to need to retire. This amount has grown by
(26:18):
fifty percent since twenty nineteen. It's grown two hundred thousand
dollars from last year point and ramping up our expectations quickly. Well,
I think what the shows is It isn't even that
inflation has made everything cost more, although that is a factor.
But more than anything, dude, I think it reveals a
lot of anxiety about how much money is going to
take to retire comfortably. And we just talked about this
when it came to the money dysmorphia. But I think
(26:41):
we just have an inability to curb what it is
that we think is going to make us happy more
than anything else, and whether it's us comparing via social media,
like what other people are buying, the stuff that they're
putting in their homes, the kind of cars that they're driving,
the types of vacations that they're going on. Man, again,
the ability to be happy and content with what we have.
It doesn't just apply it to like the yolo twenty
(27:03):
something year olds who are willing to go into debt
in order to travel and have whatever fund that they're
looking to have. It comes to it also applies to
retirees as they're looking ahead, thinking into their golden quote
unquote golden years. And I think that has an impact
on them too. Yeah. I think they're thinking, oh, man,
well do you see so and so and so and so,
And they're like, you know somebody they went to high
(27:24):
school with that they haven't talked to in twenty years,
but they still are friends with them on Facebook and
they're saying, well, they're doing this thing for two weeks
in Cabo and blah blah blah. And it just expands
I think what folks who are closer to retirement age
what they think is necessary in order for them to
be happy as well. So it impacts everybody.
Speaker 2 (27:41):
I think you're spot on at identifying putting your finger
on anxiety being the problem, because when we don't know
what the answer is, we just like kind of doom
extrapolate and I guess I probably need five million, you know,
like you just you just think that's.
Speaker 1 (27:54):
The scarcity mindset. It's just always more, you know exactly.
It's not like it there's a dollar, it's not in
form by data. Is just thinking that, well, what I
have isn't enough, and so the goalposts keep moving. Even
if you did decide on a dollar amount and you
are a money a financial nerd, and you've got it
figured out in your financial spreadsheet, if you are constantly
comparing yourselves to others and see what other folks are doing, well,
you're gonna change that number because you used to be
(28:16):
happy with let's just make sure we have nine hundred
and fifty k in there. Then you b o, hey,
we're up to the one million dollar mark. Now you're
at one one, Now you're at one four to six.
You're never satisfied. You're never satisfying.
Speaker 2 (28:26):
Ahah.
Speaker 1 (28:26):
Alexander Hamilton.
Speaker 2 (28:27):
Yeah, And I think that's sort of focus on a
Gargantua number can take your eye off the things you
have more control over, like your savings rate, being consistent,
paying off debt, and so I just I guess I
think that part of that, part of what breeds anxiety
is a focus on the things we can't control, and
it becomes like an out of control cycle. We're just
kind of we're spinning. And so the only way, at
least part of the way to rain that back in
(28:49):
is to say, let me focus on the things that
I actually touch every day, every and part so part
of that is being a little more frugal. It's finding
ways to save money in your current budget so you
can toss more into those retirement accounts, but they so
you have more financial breathing, more margin in your life too.
And maybe going back to social media, it's not like
the cause of all of our ills in society, but
(29:09):
the more we're on there, I think the more we're
prompted not just to spend on the ad that pops
in front of us, but we're prompted all just to
spend more because we see what other people are doing.
We're comparing our lives to others, and we feel like
we got up our game.
Speaker 1 (29:20):
Yeah, so friend of the show, Alison Scheger, she wrote
about that in Bloomberg this week. Part of the anxiety
comes from drawing down funds in the volatility of the market,
because that is something that you cannot control. This poses
a problem for retirees, and she mentions annuities as a
guaranteed income solution to this problem, but she also acknowledges
the high costs and the opaque features of annuities. And
(29:42):
I think the only real solution is, just like you
dollar cost average into the market when it came to
building your wealth, that same principle applies when it comes
to taking money out of the market. And I know, Joel,
you and I were not retirees, and so it is
much easier said than done for us to kick back
as forty year olds. I'm forty one and to say, well,
you just got to you gotta grand and Barrett Man,
(30:02):
you have to stomach it. I still think that that
solution is going to be better than paying higher fees
that are not necessary when it comes to you are
paying a price for certain decrease in volatility, yes, and
for that certainty, And so I don't know, like, on
one hand, you could say, well, you can combat that
by saving more and more and more, and then you
end up like the one point four to six million
(30:24):
stat right where it feels like, well, I know, I
said one point four to six last year, but like
it's more like one point five this year. And then
there's like the one more year syndrome. There's the golden handcuffs.
There are these things that that keeps us working longer
than I think maybe we could be working if you've
got other goals that you want to.
Speaker 2 (30:41):
Pursue, and I think frugality and flexibility are two weapons
in your arsenal to help you combat one, meaning more
and more and more in the savings. And then it
also just allows you to kind of move with the punches,
roll with the punches when let's say the market does
experience it down yere, because it's going to happen right
Like sorry, if you've only been investing for the past
like fourteen months, you haven't experienced any punches yet, like,
(31:03):
but they're gonna come. Like the market doesn't just go
up in perpetuity all the time.
Speaker 1 (31:07):
Yeah, and that's when it's to have taken that like
two months along European vacation, you watch what Holland America
and look for the standby deals, and that's your amazing vacation.
That's your flexibility take that summer. Yes, Basically, when you
are in your prime earning years, you are relatively money
rich time poor, right, and as a retiree, you're maybe
you're feeling a little more money poor because you're kind
(31:28):
of like, all right, I want the paycheck's not there. Yeah,
the paycheck is not coming in. You want to make
sure that you're able to stretch your dollar, but you
do have a lot of time on hand. Again, that's
why that flexibility and being able to pounce on a
deal like that. I just love the scrappiness that comes
with being able to vacation for really cheap, potentially to
go on an awesome cruise.
Speaker 2 (31:44):
Isn't that exactly what Gillian said in this past past
week's episode The Things on Wednesday.
Speaker 1 (31:49):
As opposed to like shoehorning a vacation into like this one,
this perfect one week period when prices might be where
you might be paying out the nose.
Speaker 2 (31:57):
Okay, And by the way, I think it's just worth mentioning.
Vanguard reports that younger generations are doing better than their elders,
they're starting younger, which gives them a big leg up
and building wealth. So we keep hearing the term retirement crisis,
and I think the term crisis just gets overused. I
don't know that we're actually in a retirement crisis. I
think a lot of these things are solvable, and I
think a lot of these things are solvable at the
individual level. On that note, Baron's wrote an article about
(32:18):
the uptick in flat fee advisors, which something we like
to see. It's being called advice only, right, and it's
the direction we point most people in if they feel
like they need one on one help from a financial pro.
Not all fees are created equal, though, so like reading
this article and seeing what some advisor's charge, it can
be shocking to see even just what they're flat fee
(32:39):
might run. Many charge thousands of dollars a year to
be your financial advisor. It might even be as much
as like fifteen grand for a year, which is a
lot of money.
Speaker 1 (32:47):
It seems a bit ridiculous. Yeah, it's a bit steep, man, right,
just saying I'm not.
Speaker 2 (32:51):
Trying to hate, but that's still too expensive for most
ordinary people and it robs them of the funds they
need to funnel into investments for their future. And that's
why we like the hourly rate model when you have
money questions, not just a flat annual fee, although there's
nothing wrong with that, I guess if you feel like
that's the best way to go for you. But going
the DIY route with your investments, but then always being
(33:11):
able to pay for an hour of somebody's time if
you visit a site like Hellonectarine dot com or something
like that, that I think is a superior route. And
don't forget about robo advisors like Betterment too. Just we
realize that sometimes the confirmation or the nitty gritty financial
question you might have might need or might be best
addressed by someone who has passed the CFP exam. But
I think especially for younger folks Matt, who are just
(33:33):
the whole goal is to really funnel more into low
cost index funds because they've got decades for that money
to grow, that's actually a simple thing to figure out.
And so most folks in that stage of their life, Man,
they don't even need a flat fee advisor. They might
just want to schedule like an hour or to chat
with somebody who knows more than they.
Speaker 1 (33:52):
Is, right man, And for everyone out there to make
sure that you are subscribed to the How To Money newsletter,
which comes out every Tuesday morning. A quick referral shot
out to Jay mcblaine as well as a Arius, Thank
y'all so much for refer the newsletter along to some
friends by the way, families or even enemies of y'alls,
frindies and Matt.
Speaker 2 (34:11):
We're actually about to hit next week pretty sweet newsletter
aversary two years of the newslettersary, and we're gonna do
a giveaway. So if you haven't signed up, sign up
so you can be a part of that. Why be
giving away a lot of hot money socks.
Speaker 1 (34:23):
Just like you know, it's gonna be rain in socks.
That's right, raining, That's right. Uh, that's gonna be it
for this episode, buddy, Until next time, Best Friends Out,
Best Friends Out,
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