April 4, 2025 • 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: thrift stores and radon tests, last minute tax tips, Liberation Day and tariffs, wage deflation, secondhand phones, dumb beautiful expensive phones, gorilla windows, fancy schmancy investing features, and BNPL on credit reports.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to Out of Money. I'm Joel, I'm Matt. Today
we're talking tax tips, wage deflation, and being liberated from
low prices.
Speaker 2 (00:28):
Of course, we got a touch on liberation Day, Joel,
how do you feel liberated?
Speaker 3 (00:32):
I do? I do? From what?
Speaker 2 (00:34):
From paying affordable prices. We'll actually get to all that
here in a bit, but this is our Friday Flight Buddy,
where we tackle the most pressing headlines and specifically how
they're gonna impact your money.
Speaker 1 (00:48):
And there was some news this week, Oh there was
absolutely Before we get to all that, though, real quick,
I wanted to mention a quick shout out to Caitlin.
Speaker 2 (00:55):
She was listening to a recent episode and her is
talking about raid On and she actually it was funny.
She emailed and she's like, how to hit pause and
reach out to you guys, because right on entered the chat.
But we were mentioning a listener had reached out and
was talking about some remediation. I guess he's gonna have
to install some stuff at the new house that they're
that they were purchasing, including a rate on remediation device.
(01:19):
I guess, like event fan that kind of thing. And
we kind of touched on how we didn't really know
much about radon. Well I know a lot more about
it now because Klen informed me. And I can't remember
if she mentioned this in the email or if this
was a part of my deep dive, but right on
is a radioactive substance. It's it's a radioactive.
Speaker 1 (01:36):
Gas or I guess frightening, or like it's gonna turn
me into a superhero one of the two like Spider Man. No,
but it actually can cause lung cancer.
Speaker 2 (01:43):
It causes lung cancer eventually, and that's I think that's
the big long period of time. Is that a lot
of times it's not seen as this pressing issue, but yeah,
like you live in a house and you got radon
coming up through the ground underneath, it gets getting trapped
in the maybe the cross space entering into the house,
and it can cause issues. So I looked into it.
Saw that you can buy like a fifteen dollars like
(02:05):
one time used test kit, or if you like the data,
they've got these little monitors, these little readouts, and you
can put that in your basement and kind of see
how maybe the levels might fluctuate, might give you a
better picture, but just search wherever it is that you live,
and whether or not right on is more or less
active in your area, because it turns out where we
are there are these different hotspots. Yeah, and the closer
(02:27):
you are, in particular to like the mountains, it seems
that there are higher levels of right on and that's
actually pretty descriptive of where we live, Joel. So I'm
going to look into this, all right. Yeah, good PSA
nice little tip, yep, for sure. All right.
Speaker 1 (02:41):
I wanted to mention one other thing real quick before
we get tell the stories, Matt. My daughter is in
this like manners class, which is kind of goofy. I
never remember those. I never thought we would partake.
Speaker 3 (02:50):
Of that ktillion? But is that what it's called. It's
not called that, but yeah, that's.
Speaker 2 (02:54):
Basically that's what it was called when I was in
middle school. Did they send you to one?
Speaker 3 (02:57):
Of course not?
Speaker 1 (02:58):
Okay, I was gonna say, I haven't seen the fruits
of that. You've seen how I treat people too, I've
seen how you eat. I use the wrong fork all
the time.
Speaker 3 (03:06):
That's the salad fork. Man.
Speaker 1 (03:08):
Well, so she had to get some fancy dresses for
these classes because she's like learning how to dance with
boys and.
Speaker 3 (03:14):
All that stuff. That's how it goes.
Speaker 1 (03:16):
Man, that's the point we're at in our lives right now. Well,
Emily and Sama, she they went to the Thirst Store
to get some new dresses as just a smart move, right,
And the one thing she was she found some really
beautiful dresses. She was super stoked about it. The one
thing she was nervous about was, wait a second, is
that gonna be totally uncool that I got my stuff
at the thrift store. Nobody's gonna know, well, she she
(03:39):
she told her friends, Hey, I got dressed to the
Thirst Store, and they thought she was the coolest that
she got her dressed to the thrift store. And so
for folks who are out there and you're worried, you're like,
are people gonna judge me?
Speaker 3 (03:49):
Dude?
Speaker 1 (03:49):
People are gonna think if you get something cool, and
then you also, on top of that, got it at
a significant discount because you got it at the Thirst
Store and you didn't I guess, buy it from retailer
who's like has to manufacture that you're reusing something.
Speaker 3 (04:03):
People just give you extra street cred, dude. Third Store
has always been cool.
Speaker 2 (04:06):
I remember going to to the strift door when I
was in high school. And I don't know if it's
just how we view the world. Maybe we're just not
a part of the group jowl that thins.
Speaker 3 (04:14):
The thrist store.
Speaker 2 (04:15):
Is uncool, but the thrift store has always been cool.
And this is this used to be a knock on
living in the burbs, the fact. I remember thinking when
we moved up here that I was just like man,
nobody puts out, nobody does a kerb alert.
Speaker 3 (04:27):
There's there's not.
Speaker 2 (04:28):
Cool stuff out on the street. But it's because they're
donating at all to Goodwill. You've got this third party
that's gone through stuff to make sure it's up to snuff,
and then you get to show up. They've curated it
for you, right, And then you show up and our
oldest she are all nikes called like air Force ones.
Now I don't I don't really understand. I don't think so,
but I think those are the popular night I thought
it used to be just a singular shoe, but no,
(04:49):
it seems like I don't know.
Speaker 1 (04:51):
Or something, Yeah, like all those shoes are air Force
maybe like the Jordan's where there's a line of them.
Speaker 3 (04:55):
Now probably I guess so.
Speaker 2 (04:56):
But she picked up a pair of like these dope
sea foam green Nike high tops. Cool that are like
I think one hundred bucks, are over one hundred bucks
brand new, wow for kids shoes. She picked them up. Man,
they're basically brand new.
Speaker 3 (05:08):
For eight dollars.
Speaker 2 (05:09):
They're so cool.
Speaker 3 (05:11):
I love them.
Speaker 1 (05:11):
What parent in the right mind would spend I've put
three figures on shoes when your kid's gonna out grow them.
Speaker 2 (05:16):
And like what we're saying, it's so all that to say,
I'm all for three stores. Man, we certainly need more
of that in our life.
Speaker 1 (05:22):
And and I think it's good to teach your kid
to own it, like just be like, yeah, God, that's
the third store, and people people will show you mad
respect for that. All right, Matt, let's talk taxes. Tax
days almost here. We're gonna get to tariffs in just
a minute. But millions of Americans, including myself, haven't actually
filed yet. I think you just filed your taxes.
Speaker 3 (05:40):
Storry.
Speaker 1 (05:41):
No, they're still yeah, Okay, I've given you and I
are both included in this.
Speaker 2 (05:45):
Yeah, I've give them my information weeks ago. They're just
I think they're pretty backed up.
Speaker 1 (05:51):
I personally was waiting on a couple of last minute documents.
My last one didn't come till March twentieth, so I
was like, Okay, I might I might be filing an
extension actually, kind of like we talked about with Jasmine earlier.
This week, Well, the IRS reports that filings are down
this year compared to last year, which means tens of
millions of folks are in the same boat as we are, Matt.
They've got some work to do this weekend or next
(06:12):
if they really want to punt to the last minute.
One possible reason though, for this, is because millions of
folks live in an area impacted by a natural disaster
California by the wildfires. If you live in Los Angeles County,
there are parts of North Carolina, South Carolina, Georgia that
were impacted by Hurricane Helene. Those populations also have they
(06:33):
don't have to file until the fall, and they don't
incur a penalty by delaying. I think another reason, though,
is the greater complexity that people tend to face these
days in their taxes. Yes, there's the higher standard deduction,
but there's also a lot of side hustles and day trading,
just kind of investment schemes that people are participating in
as well, So I think that might be part of
(06:54):
the reason that some folks are waiting. It's like they
got to get all their documents in order, and it
takes a little more time.
Speaker 2 (07:00):
These a lot of folks are trying to figure out
what documents they actually need to have in hand before
they can file as well. It's it's sort of like, yeah,
there's a learning curve, and you mentioned filing for an extension,
but that even if you do file for an extension, reminder,
that doesn't mean that you can.
Speaker 3 (07:13):
Wait to pay your taxes.
Speaker 2 (07:15):
If you owe, and if you can't afford to actually
pay your tax bill, we'll make sure to file anyway,
because yeah, failing to pay on time, that's gonna prompt
some stiff penalties. But so well, failing to actually file
two wrongs don't make it right here, at least do
one of them. By the way, there have been staff
cuts at the IRS, so it's a good idea as
always to file your return electronic.
Speaker 1 (07:37):
I thought you're going to say, file a fraudlet return
that claims a lot of money back, because they're not now,
they're not going to catch you.
Speaker 2 (07:43):
Actually, I think that's the advice that Joel's recommending Matts no,
but I am Matt's is not recommending that advice.
Speaker 3 (07:49):
IRS go after Joel, You're angry emails to me.
Speaker 2 (07:52):
But when you file electronically, the refunds are being processed
really quickly if you go that route. And some good
news I guess is that the average return I'm sorry,
refund is higher than it was last year. It's more
than thirty two hundred dollars. Make sure you use it wisely.
I'm optimistic that I might be receiving a refund. The
(08:13):
CPA theyccountant reached out and they said, hey, if you
get a refund, you want to go ahead and do
a direct deposit into the checking account ending and blah
blah blah blah. I was like, of course, just got
me thinking there's a chance, I mean not oh this year,
so it's good, all right? Well that yeah, that is fun,
although you dial it in pretty close, so if the
refund is probably going to be minimal, and that is
typically the best advice. But what well, I'm just yeah, yeah,
(08:37):
there's a reason though that I'm thinking that I might
ow a little bit more last year because I'd failed
to do some last year. Okay, now we won't get
into here on the show.
Speaker 1 (08:44):
Okay, well, yeah, maybe people do a deep dive on
your taxis specifically at something, but yeah, the truth is
most people do get a refund, and that is kind
of it's like your once a year opportunity to make
a massive dent in your personal finances. Link to an
article in the show notes about how you can use
your tax refund wisely.
Speaker 3 (09:04):
Check that out.
Speaker 1 (09:05):
One tax and investing move you can still make, by
the way, even though it's twenty twenty five not twenty
twenty four, is to contribute to your roth IRA for
last year. It's one of those few things right that
you can still partake in from the prior year, and
you always want to fill up that bucket right before
you start contributing to your twenty twenty five roth. So
(09:25):
if you didn't fill it up and you feel you're
like I got some extra cash on hand, or I
know I'm going to get a big return, I want
to maximize my wrath from last year first, great, go
for it. And there was recent data from Boston College
which found that young folks are flocking to roth iras
in general, they're just kind of like console in Zoolander.
They're so hot right now. And we obviously we love
(09:46):
this map because it's not just that we're pumped to
see gen Z investing. We are, but also because if
you're in your twenties, your income is still likely ramping up.
You haven't reached those peak.
Speaker 3 (09:56):
Earning years exactly.
Speaker 1 (09:58):
So opting for the roth ira instead of a true
additional paying the tax now future you is going to
be so thankful. I just think about those earliest years
of working, how little I was making it, so every
dollar that went into the wrath was so dang smart
because my tax bill was almost non existent on the
money that I was sticking into my wrath. Yeah, I
(10:18):
was paying the tax now, but I was paying tax
at such a low rate. So young people in ROTHI RaSE,
they just go hand in hand.
Speaker 3 (10:24):
That's right.
Speaker 2 (10:25):
So did you watch the presidential address from the real
life this cost Wednesday?
Speaker 3 (10:29):
I caught a.
Speaker 1 (10:30):
Little bit where he held up the poster and which
is just kind of a fun image.
Speaker 2 (10:34):
Kind of feels like giving a presentation like in school
sort of thing.
Speaker 3 (10:39):
Surprise it wasn't on a trifle board.
Speaker 2 (10:41):
That would have been the icing on the cake. Of course,
the President's continued belief that tariffs are the solution to
basically every human problem that continued with the announcement.
Speaker 3 (10:50):
Of depress.
Speaker 2 (10:52):
Array of widespread terrists. Man, the thing is, and we've
talked about this, this, this ramped up trade war is
going to harm everyone. American businesses. They're going to be
at a disadvantage internationally assuming there are reactionary tariffs and
they fail, generally speaking, to tak into account just many
classic economic realities like comparative advantage. Think about all the
(11:15):
things that are produced abroad in different countries where maybe
there's more affordable labor, a desire to produce pencils or
plastic cups, things that we don't necessarily want to produce.
Speaker 3 (11:26):
Here in the United States.
Speaker 1 (11:27):
Just try bringing banana and avocado production into the United States.
That's secilias parts tariffs on items that we can't even produce,
like coffee, for instance. Milton Friedman, he called terraffs a
protection against low prices, which, Man, we wholeheartedly agree. And
it's not surprising to see that consumers are already dialing
(11:49):
back their spending, at least their discretionary spending, increasing their savings.
They are quote unquote preparing for a rainy day, which
is smart because Yale Budget Labs they predict that the
average family will lose an extra three to four thousand
dollars in purchasing power. That's a lot of money, man
and cheap stuff.
Speaker 2 (12:06):
It's not the only part of the American dream, but
it is not an inconsequential.
Speaker 3 (12:11):
Part of it either.
Speaker 2 (12:12):
And of course this is assuming that these terrors stick around,
right Like, there's a part of me that's just holding
my breath and waiting to see how long before these
are either walked back or other countries are where they
say that, hey, we don't want to play this game,
right like, this is the best case argument for terrists,
right where it's a political move where they're gonna blink first,
(12:34):
where they're not checking exactly yeah, where they're saying it's
almost it's like an economic nuclear war almost right where
it's like, all right, we've got these other countries and
they've maybe been poaching around the edges of the around
the border a little bit, but this is this is
an entirely different ball game, and hopefully we do see
some countries start to walk that back.
Speaker 3 (12:52):
It's a tit for tat.
Speaker 2 (12:53):
And we see terrafts significantly decrease over time. Like that's
I think the best case scenario, right, because you can't
in dust realize the country overnight, but you can say, oh, yeah,
we're not going to do those terraces anymore. That is
something that can happen over it.
Speaker 1 (13:06):
And even if we did bring back some of that
industrial production that I think the White House is hoping for,
that doesn't necessarily mean low prices either, because can you
imagine how much it's going to cost to build the
factory and manufacture an iPhone here on US soil?
Speaker 3 (13:20):
It's gonna be cheap. We have high wages here in
the US, which is.
Speaker 1 (13:22):
Which is great, and we also have fairly inexpensive goods
because of free trade. The I think the attempt to
make free trade to demonize free trade. I get where
it comes from, but I think that it doesn't make
a whole lot of sense, and consumers are going to
feel the pinch pretty quickly on all sorts of goods
(13:42):
in not very long. And I do think that yeah,
we'll see. I mean, the stock market obviously didn't react
well yesterday.
Speaker 3 (13:48):
It reacted immediately.
Speaker 1 (13:50):
Yeah, yeah, Whereas I don't know that I've ever seen
that steep of a drop in that short amount of time.
Oh do you remember COVID? Was there a was there
a ten hour blip? Where where atual dropping my quiver.
Speaker 2 (14:01):
Once it was announced as like a global health crisis
in an actual pandemic, and thinks Scott freaky real quick, Hey, yeah,
that's true either way. I think everyone is praying for
tariff de escalation essentially is what it is what I'm
happened for.
Speaker 1 (14:12):
I agree, and we will continue to monitor, keep our
finger on the tariff pulse as it were tariff def
con you know, like we're up to three.
Speaker 2 (14:20):
Four Yeah, I don't know, it's backwards like it's it
feels like we're at two right now, Like it's it's
actually about to seriously impact the globe and hopefully we
can back that thing down.
Speaker 1 (14:28):
The announcement was like a tariff flinking, like certain for
sure and then and so I think, yeah, tariff vigilance
on baff of individuals, it's more it's more of a
necessity right now right and UPS is making it easier
to see the impact of tariffs on your purchases as
they're becoming more widespread, more international deliveries are coming with
like an unexpected bill attached for unpaid import costs, and
(14:50):
so UPS has this new global checkout that they that
they launched, and it's automatically adding the cost of tariffs
in for shoppers buying from overseas companies who are subject
to TERRF, which is going to be more necessary right now,
Like it's going to be really frustrating to get a
bill after the fact if you bought the thing and
you didn't realize that there was a tariff attached that
for some reason wasn't paid for by the company sending
(15:12):
the good into the United States. And so, you know,
we wish this solution wasn't necessary because that would mean
that tariffs weren't a reality in the way they're currently existing.
But it's I don't know, kind of cool that there's
some transparency on that front, sure, and more needed transparency.
By the way, one thing we didn't really talk about
on Tariff's Matt is that this is also going to
impact American companies sending goods to other countries if there
(15:33):
are retaliatory tariffs.
Speaker 2 (15:34):
So, oh yeah, I mentioned the reactionary tariffs.
Speaker 1 (15:36):
It's like to complay at that game. Well, that's why
we're doing it. But then yeah, when you think, just
think about what that's going to do to American businesses
who send a lot of goods overseas.
Speaker 2 (15:44):
Yeah, Well, as prices go up, that means we as
consumers need to pay a little bit more attention to
our personal spending. And we've been saying this for quite
some time because of inflation. But Bloomberg they just published
a piece about the importance of individual action to cut
down on your own rate of inflation. And I think
depending on how you view the world, maybe the side
(16:06):
of the political aisle that you're on, it can be
tempting just to throw your hands up and just talk
smack about our elected officials, and there is certainly a
time and place for that. But it's also really important
to remember that despite policy changes that we have no
control over, there is still a lot that we actually
do have control over. And so the moral of this
(16:26):
article is pretty simple, which is to shop around. And
I can see no better way to cut your spending
the spend more time about the Thristorgel.
Speaker 1 (16:34):
Yeah, yeah, that's a good point. Like I think there
are some ways in which we're just gonna grin and
bear it. We're just gonna take it on the chin
because there are necessary items that we can't afford to
not purchase.
Speaker 3 (16:44):
And then I think.
Speaker 1 (16:44):
There are other ways in which we Companies are going
to be doing the same thing. Right, They're gonna be
pivoting to where they source their goods from, and we
can do the same as individuals. We can pivot to
where we're buying from, and yeah, buying secondhand, keeping some
things around longer become a necessity for some folks. It
might just be a savvy way for people to save
more as individuals too.
Speaker 2 (17:05):
Even just bringing up the pandemic, it reminds me of
how different our world is now from just a few
short years ago. We've seen just incredible changes to interest rates,
to housing costs, to inflation, basically to everything. And we
all remember the increased power that fell into the hands
of job seekers back a couple of years ago, like
back in twenty twenty two, twenty twenty three. Well, now
(17:26):
there are some stats that are showing that many job
seekers are experiencing wage deflation. More companies are hesitant to
make new hires, which means job switching is not going
to net you any more pay and in fact, it
might even net you less pay for you to go
with a new company these days as opposed to staying put.
So this is not a hard and fast rule, obviously,
(17:47):
but we a couple of weeks ago, we recently talked
about getting the job you want with Madeline Mann, and
so if that's not an episode that you happen to catch,
we'd recommend going back and checking that one out.
Speaker 1 (17:57):
Yeah, getting higher pay by whopping or moving to a
different job. It was like shooting fish in a barrel
in twenty twenty two, and we heard from so many
listeners right who made out like bandits during that time.
They're getting a sick raise right while the getting was good,
And I think part of that was just people took
the stimu money. Andy said, I'm not going to work
as much these days, and so there was just a constraint,
(18:17):
a lack of supply of workers that to do to
fill some of those jobs that employers needed. And there
was also people were buying more stuff and so like
the economy was humming and that shortage of workers just man,
that power in your hands felt so good. But there
was just no way the post COVID job market could
last forever, and so it's it's obviously not impossible, but
it's just going to be more difficult to pull that
(18:37):
off in today's job climate, to get that heist of
like a thirty percent raise that you were able to
get a few years back. And and sadly, Matt, there
was recent stats too, we're seeing higher levels of unemployment
for gen Zers, especially when compared to their millennial counterparts.
And you know, gen Z, it might I think they
might be going through something similar to what millennials went
through in the Great Recession, not quite as bad, but
(19:00):
at least ikin to kind of what millennials experience. Some
are calling this a gen Z job recession. I don't
know if it's quite that bad yet, but you know,
in a tighter job market, with more competition and less
ability to increase your income and then kind of tremors
of a recession potential, it's even more I think important
to tend to your network and to have solid personal
(19:22):
finance hygiene. Both those things in combo are going to
help you be more resilient given whatever comes down the line.
Speaker 2 (19:28):
All right, we've got more to get to During our
Friday flight today, we might even talk about Joe, how
gorillas might be able to save you money every single month.
Speaker 3 (19:36):
We'll get to that more right after this. All right,
we're back, Matt, Gorillas. You got me on the edge
of my seat.
Speaker 2 (19:49):
Maybe I wasn't being entirely truthful there when it came
to that teas That's why it's called a teas though,
and not.
Speaker 3 (19:56):
The actual story.
Speaker 1 (19:56):
That's right, let me do that in a second. Let's
get to the ludacrous headline of the though. This It
comes from the Wall Street Journal, and it reads feeling
ripped off by one thousand dollars phones. The secondhand market
is taking off. And yes, yes, Matt, I personally am
offended and taken particularly ripped off by how expensive these
phones have gotten. I'm on a new phone buyer strike.
(20:16):
I'm on a mission to make mine last as long
as humanly possible.
Speaker 3 (20:20):
You know what? You can do that with an iPhone.
Speaker 2 (20:22):
That's because the bill quality is so much better. You've
got to admit that at this point.
Speaker 3 (20:25):
You're right.
Speaker 1 (20:26):
And the other thing, and that we've talked about this
before on the show, is that iPhone Apple supports their
phones longer than Android does then Google does. Right, So
just the fact that. Like, my daughter has an iPhone
seven that was gifted tour by her grandma that we
keep at home. She barely uses, but they just stop
supporting that at the end of the last year. Yeah,
so it's one of those things where they finally bricked it.
Speaker 3 (20:48):
That's a seven. Think about how long ago that was
that came out. I don't even know when nothing came out.
Speaker 1 (20:52):
Probably eight or nine years ago, is my guess. That's amazing, right,
So yeah, but I will say this, I think a
lot of people are going on new phone buyer strikes.
You can you can see that in kind of the
age of the average handset that the people have.
Speaker 2 (21:05):
Phones are the new car. They're only getting older and
older the ones that are out there on the road.
And in a similar way, yeah, maybe we should be
considering used phones, just like we consider used cars.
Speaker 3 (21:15):
All the time.
Speaker 1 (21:16):
Maybe a secondhand phone, right. I love that because especially
it's like the flagship prices have gone up, the budget
devices have also gone up. We talked about that when
iPhone Apple announced excuse me, the sixteen E, right, and
it's like that was way more expensive than the Esse
that they had released as a budget phone. So quote
unquote budget it's a six hundred dollars phone, right, It's
not a budget phone anymore. They used to be three
(21:37):
fifty to four hundred bucks, which is why I used
to go with the pixel versions, the dumbed down pixel versions,
because they were really good and they were like three fifty.
But that's not the case anymore. And so yeah, I
love to see that the people are holding onto their
phones alonger especially we talk about the lack of innovation,
although there's a counter argument that coming in a second.
In the cell phone space, that's another reason just to
(21:57):
not upgrade, especially when I'm hearing all the bad reviews
about Apple's AI in their newest hands It's like, it's
not that great, it's it's over it's overblown, and so
you probably don't need that either. So paying instead of
paying I guess twelve hundred bucks for the newest iPhone,
you can get something of almost equal ability, like the
iPhone fourteen or something like that. Go back a couple
(22:18):
generations and you can get that for like five hundred
bucks instead. I was even I was seeing some refer
models on Woot for roughly that price, and yeah, less
than half price. I'm that's what I want to sign up.
Speaker 2 (22:30):
For Well, yeah, I mean that's big, specifically because offers
a three hundred and sixty five day repair or replace
warranty on the referred phones that they sell. I made
the mistake of purchasing a REFERB a refurbished I don't
like seeing referb. That's a weird word. Refurbished that sounds
way better a refurbished phone from eBay, And they did
not it's not I mean it was presented. It wasn't
(22:53):
presented as a refurbished phone, so that's the problem. And
then they're making repairs to it and they're not watertight
as opposed to buying a truly refurbished phone from let's
say Apple, where it still has a one year warranty
and it's up to factory standards, and that's that's a
good price.
Speaker 1 (23:10):
The battery too. They do additional things to their refurb phones.
But then again, the price you're gonna pay for a
reper phone and Apple versus a place like woo it
is gonna be a gonna be expensive. But I also
like the idea of having a Dummer phone to just
prevent me from becoming my own worst enemy, doom scrolling
until I die. Basically, I wanted to mention the light
Phone that's been a good option on that front, and
(23:31):
they just released this new.
Speaker 2 (23:33):
Model this past week. It too, is way overpriced at
eight hundred dollars. I think for a limited time they're
offering it for six for six hundred bucks. But on
top of that, the company's proprietary service, like the plan, well,
it costs you thirty dollars a month, not surprising you
only get one gig of data because that's all it
probably takes to run a light phone. But even thirty
(23:54):
dollars a month, man, that's way more than what it
is that you and I are spending. Like I am
all for a limiting tech to live more IRL life,
but not at that price point. If you're gonna pay that,
if you want a dumb phone, just go back and
get a basic flip phone.
Speaker 3 (24:07):
Exactly.
Speaker 2 (24:08):
It feels like light Phone is jumped the shark with
this pricing, and it just highlights how there aren't new
products that are needed to solve old problems, right. It's
just like, oh, I got this problem, whe I'm on
my phone. Oh instead, I need this new, shiny, sexy
product that's going to solve this old problem as opposed
to kind of going back to what it was like
before you had that problem, which is an older phone,
(24:28):
or even just limiting. Honestly, it reminds me of folks
who are wanting to go for more the minimalist lifestyle
or clothing aesthetic, and they think, oh, I need to
buy I need to go with one of those companies
that sells all them kind of minimalist looking clothes, you know,
where everything's like solid colors and colors aren't very vibrant,
and stripes the occasional stripe. But you don't have to
(24:51):
do that. All you need to do is first toss
out half the clothes in your actual closet, find the
items that you love the most that you compare with
lots of other clothes. Boom, you've got yourself a capsule wardrobe.
That's what that's called.
Speaker 3 (25:04):
You no longer.
Speaker 2 (25:04):
You don't have to go out and buy an entirely
new product. In a similar way, I think there's a
way that you can do that when it comes to
technology like your phone. I, for lent, I gave up
social media, specifically Instagram, because I didn't like how much
time that that was draining out of my life.
Speaker 3 (25:19):
I guess why.
Speaker 2 (25:20):
What I don't need to do is go out and
buy the dollar phone app. You just delete the app,
and I think it's something I'm actually hopefully going to
be able to maintain even after the litten season. But yeah,
you don't need to spend money to solve your problems.
Speaker 1 (25:34):
You make a great point. Well, let's talk about gorillas though, Matt,
you you hinted at this. Do you want to talk
about it?
Speaker 2 (25:38):
I feel a little bad about the gorilla. It was
a gorilla glass.
Speaker 1 (25:42):
Yeah, okay, why don't you tell us about how apples
like all. The one thing that Apple has done incredibly
well is work with Corning to innovate on glass, which
has been great for your iPhones. It means that you
know the iPhone you got when when was it starting
with the twelve or thirteen that the more unbreakable glass
(26:02):
kind of came into being.
Speaker 2 (26:03):
Yeah, so the glass was always the gorilla glass, I'm
pretty sure from the beginning. But yeah, starting with the
twelve is when they did the ceramic shield, Like that
was like the next level.
Speaker 3 (26:11):
Of hard glass. So now it's like harder.
Speaker 2 (26:13):
It's even harder exactly, So basically what I'm saying here
from a phone standpoint. Personally, at least I wouldn't go
past anything older than a twelve. But hey, if you do,
I bet you would be able to get a really
sick deal. But when it comes to home improvements, the
hard glass that's out there is being translated to new
windows for your home, which could save Americans billions of
(26:34):
dollars annually on energy costs. These new windows, they now
have a better installation value than your walls, which is crazy. Like,
typically windows are the it's like the weakest link when
it comes to energy lost.
Speaker 1 (26:48):
They're like at least twenty percent worse than your walls.
But the windows we've got here in our little studio
clubhouse thing, Matt, they're probably much worse than that.
Speaker 3 (26:56):
It's amazing.
Speaker 2 (26:57):
This is the kind of progress that's going to have
major ramifications on new builds window replacement jobs in the
coming years, and it's just going to be able to
save individuals a lot of money due to the fact
that they're spending much less on heating and cooling their homes.
Speaker 1 (27:09):
That sort of progress gets me really excited, especially when
we talk about the potential for energy shortages, which I
think have been overblown. But when we talk about just
making things far more efficient and retrofitting buildings to ensure
that they reduce energy loss, that is a huge bright spot.
Speaker 3 (27:27):
In the future.
Speaker 1 (27:28):
And seeing that like innovation in windows, that's something like
I wasn't really thinking much about, and then you read
about that and you're like, holy crap, Like that could
have such a massive impact as people do over time
replace crummy old windows and they put in not just
slightly better, but significantly better windows that could ruce your
energy build by quite a bit. All right, let's talk
about your favorites investing firm Matt Robinhood. They're kind of
(27:52):
still trying to be big boy. I think they've been.
Speaker 3 (27:55):
They're totally big boy. They're a big boy.
Speaker 1 (27:56):
But like they started as mostly a day trading app
and they have over time it evolved in their services
offering retirement accounts and now they just announced this past
week that they're going to offer retirement advice. And so
the fee similar to what other robo advisors, like Betterment
Charges are kind of getting into this robo advisor space.
(28:17):
They're charging a quarter of a percent, but that fee
then is capped at two hundred and fifty bucks a
year for Robinhood gold numbers. Yeah, that's good, which I
think is cool. I kind of like the idea of
the fee cap, like, hey, yeah, it's a quarter of
a point, but after you have a certain balance, we
don't charge you anymore. A good explanation of the methodology
of the Robinhood portfolio management, like how they're doing this, though,
(28:39):
was lacking. I just feel like I didn't see enough
information about how they're planning on implementing this. Although they're
saying that this is actively managed and that can include
individual stocks, but what it doesn't include, of course, at
that cut rate price, is personal advice. I think for now,
I don't know about you. I would say the jury
is out, we need more information about out what this
(29:00):
sort of Robinhood offering is going to look like. It's
like a flashy launch, but there wasn't a whole lot
of substance behind it. I think the thing I am
most nervous about, though, is robin Hood's another announcement an
upcoming launch of AI based advice, which is supposedly going
to explain to people, as you're on the app, why
stock a specific stock is going up or down? And
(29:21):
that it's not always straightforward, right, So, like, is the
AI going to be right on that?
Speaker 3 (29:25):
Is it going to give me good advice? Or is
it going to be way off base? I don't know.
Speaker 1 (29:29):
So some of the ways robin Hood is changing are
positive for customers. Others like that, like the training and
betting on future events that worries me. So there's yeah,
kind of the growing up Robinhood, and then there's still
the juvenile robin Hood I think, where I just kind
of don't know which one I'm getting. And if you're
going to go with robin Hood, you just got to
make sure you have the behavioral fortitude to let's do
(29:49):
the basic.
Speaker 2 (29:49):
St I think that's always the case, and that's what
I was going to point to, right, like the fact
that they're offering this portfolio management and they've got these
AI tools. They're just trying to give people what it
is that folks seem to think that they want.
Speaker 3 (30:00):
Right.
Speaker 2 (30:00):
There are some things that like their match. The fact
that they have a non employer retirement match is amazing,
the first of its kind, freaking love that. But then
also when I log into the app, I also see
a little banner that says Hey, are you interested in
margin investing? I hate that but it's terrible. But it's
at the same time though, it's what it is that
(30:21):
people are coming to expect from their brokerages. But that
doesn't mean that you have to participate. It makes me,
honestly think of because like they've got so many different things,
so many different options, anything your heart might desire.
Speaker 3 (30:32):
Joel.
Speaker 2 (30:32):
It feels like like Walt, like Robin is almost like
Walmart here where Yeah, they've got some amazing stuff. They've
got like some great affordable organic produce that feels like
the three percent match for Gold members when it comes
to their iras. Right, You're like, yeah, give me that's
the good stuff. But guess what else Walmart cells like
Dorito's and Coke.
Speaker 3 (30:51):
Yeah to me that shelves and shelves of junk food.
Speaker 2 (30:54):
Yes, like in the center of the aisle. Like that's
the kind of thing that feels more like margin investing
or advice. It's like could you do without?
Speaker 3 (31:03):
Well, absolutely, is it.
Speaker 2 (31:04):
Something maybe occasionally you want to take a peek at. Sure,
you kind of take the good with the bad. But
in this way, ultimately, as personal finance enthusiasts, it does
come down to us as individuals and the decisions that
we make, and they continue.
Speaker 3 (31:16):
Right.
Speaker 1 (31:16):
The one thing, the one great thing about some of
this Robinhood innovation is I think they continue to push
the envelope and they're causing other broker's firms to have
to react and step up. Right, And so we've seen innovation.
Maybe we've seen other great broker terms. You kind of
follow robin Hood's lead on the match, right, like Betterment
implemented a match after robin Hood did.
Speaker 3 (31:34):
It, which is cool.
Speaker 1 (31:35):
So I like to see that maybe they're innovative ways
of thinking that could benefit some of their customers. Well,
it's it's also not limited to Robinhood. Then other firms
are getting in on the action.
Speaker 2 (31:46):
Yeah, okay, talk about buy now, pay later, because those
companies out there are going to start to report to
the credit bureaus. This is a sector of the market
that's grown to be a significant piece of the consumer
lending industry. Makes a ton of sense that those cleverly
disguised loans would be factored into your credit score. I
honestly can't believe it's taken this long, especially given the
(32:08):
data that we have about how heavy by now Paylater
users tend to be higher credit risks, so Affirm They
started furnishing data to experience last Tuesday, TransUnion. They say
that they're already working with two NYL payloader companies as well.
Speaker 3 (32:24):
I'm sure more are going to follow soon. The damn
has broken.
Speaker 2 (32:27):
Credit scoring models are going to have to be tweaked
in order to include this ben PL data in their
models moving forward, where they're likely going to be treated
like other forms of debt, in particular I mean credit cards,
but also car loans because they are more like installment loans.
It's unlikely these changes are going to cause big creditscrese wings,
but maybe it might because for for some I think
(32:49):
it might because in a way, it almost feels like
this thing that has been ignored, like where folks have
like stuck their head in the sand, and it's like
when if you know that you've your shower's been lenking leaking,
and it's like, well, I know that there's probably some
rot under there. Maybe I don't know, maybe the sub
floor is kind of getting a little soft, but you
don't really fully know until someone gets in there and
kind of like peels it back and you're like, oh wow,
(33:10):
that's like all the way down to the floor joystsitude
I didn't fall through. There's a lot of damage here,
and I don't like that. The credit bureaus are kind
of the arbiters of your credit worthiness. But somebody's got
to do it, like, somebody has to be able to
wrap their head entirely around an individual's credit worthiness, how
much debt they have on hand, because there's a lot
of individuals who haven't you know again, they haven't really
(33:31):
been paying attention. But for those who have been paying attention,
I think the big takeaway here is that if you
pay your buy now pay later payments on time, that's
gonna help your credit score.
Speaker 3 (33:42):
It's a good thing.
Speaker 1 (33:42):
And clearly these deserve to be factored into your credit score,
especially based on their popularity. I could see how five
years ago like they were just they were small potatoes
and so there was more of a novel too. It
was no necessity. Yeah, and I think I mentioned this
on the show before. I've only used by now Pay
Later once and it was only because there was a
discount offer, like fifty bucks off if I use buy
now pay Later sign then I paid it off instantly.
(34:03):
So buy Now Pay Later still remains one of those
things where I think people lose track of how much
you're spending. You can grub ub your burger on it now,
like we've talked about recently, it's just something we're staying
away from. Especially if you don't handle it well or
you have too many outstanding loans, Well, how's that going
to factor into your credit score? It could cause it
to drop at least by a little bit, if you're
(34:24):
not handling those buy now, pay later payments well, or
if you're just overdoing it on buy now pay later
in general, just using it indiscriminately. All right, Matt, that's
going to do it. For this episode, we will link
to some of the articles that we mentioned up in
the show notes on our website howdomoney dot com. But
until next time, best Friends Out, Best Friends Out,
Welcome to Out of Money. I'm Joel, I'm Matt. Today
we're talking tax tips, wage deflation, and being liberated from
low prices.
Speaker 2 (00:28):
Of course, we got a touch on liberation Day, Joel,
how do you feel liberated?
Speaker 3 (00:32):
I do? I do? From what?
Speaker 2 (00:34):
From paying affordable prices. We'll actually get to all that
here in a bit, but this is our Friday Flight Buddy,
where we tackle the most pressing headlines and specifically how
they're gonna impact your money.
Speaker 1 (00:48):
And there was some news this week, Oh there was
absolutely Before we get to all that, though, real quick,
I wanted to mention a quick shout out to Caitlin.
Speaker 2 (00:55):
She was listening to a recent episode and her is
talking about raid On and she actually it was funny.
She emailed and she's like, how to hit pause and
reach out to you guys, because right on entered the chat.
But we were mentioning a listener had reached out and
was talking about some remediation. I guess he's gonna have
to install some stuff at the new house that they're
that they were purchasing, including a rate on remediation device.
(01:19):
I guess, like event fan that kind of thing. And
we kind of touched on how we didn't really know
much about radon. Well I know a lot more about
it now because Klen informed me. And I can't remember
if she mentioned this in the email or if this
was a part of my deep dive, but right on
is a radioactive substance. It's it's a radioactive.
Speaker 1 (01:36):
Gas or I guess frightening, or like it's gonna turn
me into a superhero one of the two like Spider Man. No,
but it actually can cause lung cancer.
Speaker 2 (01:43):
It causes lung cancer eventually, and that's I think that's
the big long period of time. Is that a lot
of times it's not seen as this pressing issue, but yeah,
like you live in a house and you got radon
coming up through the ground underneath, it gets getting trapped
in the maybe the cross space entering into the house,
and it can cause issues. So I looked into it.
Saw that you can buy like a fifteen dollars like
(02:05):
one time used test kit, or if you like the data,
they've got these little monitors, these little readouts, and you
can put that in your basement and kind of see
how maybe the levels might fluctuate, might give you a
better picture, but just search wherever it is that you live,
and whether or not right on is more or less
active in your area, because it turns out where we
are there are these different hotspots. Yeah, and the closer
(02:27):
you are, in particular to like the mountains, it seems
that there are higher levels of right on and that's
actually pretty descriptive of where we live, Joel. So I'm
going to look into this, all right. Yeah, good PSA
nice little tip, yep, for sure. All right.
Speaker 1 (02:41):
I wanted to mention one other thing real quick before
we get tell the stories, Matt. My daughter is in
this like manners class, which is kind of goofy. I
never remember those. I never thought we would partake.
Speaker 3 (02:50):
Of that ktillion? But is that what it's called. It's
not called that, but yeah, that's.
Speaker 2 (02:54):
Basically that's what it was called when I was in
middle school. Did they send you to one?
Speaker 3 (02:57):
Of course not?
Speaker 1 (02:58):
Okay, I was gonna say, I haven't seen the fruits
of that. You've seen how I treat people too, I've
seen how you eat. I use the wrong fork all
the time.
Speaker 3 (03:06):
That's the salad fork. Man.
Speaker 1 (03:08):
Well, so she had to get some fancy dresses for
these classes because she's like learning how to dance with
boys and.
Speaker 3 (03:14):
All that stuff. That's how it goes.
Speaker 1 (03:16):
Man, that's the point we're at in our lives right now. Well,
Emily and Sama, she they went to the Thirst Store
to get some new dresses as just a smart move, right,
And the one thing she was she found some really
beautiful dresses. She was super stoked about it. The one
thing she was nervous about was, wait a second, is
that gonna be totally uncool that I got my stuff
at the thrift store. Nobody's gonna know, well, she she
(03:39):
she told her friends, Hey, I got dressed to the
Thirst Store, and they thought she was the coolest that
she got her dressed to the thrift store. And so
for folks who are out there and you're worried, you're like,
are people gonna judge me?
Speaker 3 (03:49):
Dude?
Speaker 1 (03:49):
People are gonna think if you get something cool, and
then you also, on top of that, got it at
a significant discount because you got it at the Thirst
Store and you didn't I guess, buy it from retailer
who's like has to manufacture that you're reusing something.
Speaker 3 (04:03):
People just give you extra street cred, dude. Third Store
has always been cool.
Speaker 2 (04:06):
I remember going to to the strift door when I
was in high school. And I don't know if it's
just how we view the world. Maybe we're just not
a part of the group jowl that thins.
Speaker 3 (04:14):
The thrist store.
Speaker 2 (04:15):
Is uncool, but the thrift store has always been cool.
And this is this used to be a knock on
living in the burbs, the fact. I remember thinking when
we moved up here that I was just like man,
nobody puts out, nobody does a kerb alert.
Speaker 3 (04:27):
There's there's not.
Speaker 2 (04:28):
Cool stuff out on the street. But it's because they're
donating at all to Goodwill. You've got this third party
that's gone through stuff to make sure it's up to snuff,
and then you get to show up. They've curated it
for you, right, And then you show up and our
oldest she are all nikes called like air Force ones.
Now I don't I don't really understand. I don't think so,
but I think those are the popular night I thought
it used to be just a singular shoe, but no,
(04:49):
it seems like I don't know.
Speaker 1 (04:51):
Or something, Yeah, like all those shoes are air Force
maybe like the Jordan's where there's a line of them.
Speaker 3 (04:55):
Now probably I guess so.
Speaker 2 (04:56):
But she picked up a pair of like these dope
sea foam green Nike high tops. Cool that are like
I think one hundred bucks, are over one hundred bucks
brand new, wow for kids shoes. She picked them up. Man,
they're basically brand new.
Speaker 3 (05:08):
For eight dollars.
Speaker 2 (05:09):
They're so cool.
Speaker 3 (05:11):
I love them.
Speaker 1 (05:11):
What parent in the right mind would spend I've put
three figures on shoes when your kid's gonna out grow them.
Speaker 2 (05:16):
And like what we're saying, it's so all that to say,
I'm all for three stores. Man, we certainly need more
of that in our life.
Speaker 1 (05:22):
And and I think it's good to teach your kid
to own it, like just be like, yeah, God, that's
the third store, and people people will show you mad
respect for that. All right, Matt, let's talk taxes. Tax
days almost here. We're gonna get to tariffs in just
a minute. But millions of Americans, including myself, haven't actually
filed yet. I think you just filed your taxes.
Speaker 3 (05:40):
Storry.
Speaker 1 (05:41):
No, they're still yeah, Okay, I've given you and I
are both included in this.
Speaker 2 (05:45):
Yeah, I've give them my information weeks ago. They're just
I think they're pretty backed up.
Speaker 1 (05:51):
I personally was waiting on a couple of last minute documents.
My last one didn't come till March twentieth, so I
was like, Okay, I might I might be filing an
extension actually, kind of like we talked about with Jasmine earlier.
This week, Well, the IRS reports that filings are down
this year compared to last year, which means tens of
millions of folks are in the same boat as we are, Matt.
They've got some work to do this weekend or next
(06:12):
if they really want to punt to the last minute.
One possible reason though, for this, is because millions of
folks live in an area impacted by a natural disaster
California by the wildfires. If you live in Los Angeles County,
there are parts of North Carolina, South Carolina, Georgia that
were impacted by Hurricane Helene. Those populations also have they
(06:33):
don't have to file until the fall, and they don't
incur a penalty by delaying. I think another reason, though,
is the greater complexity that people tend to face these
days in their taxes. Yes, there's the higher standard deduction,
but there's also a lot of side hustles and day trading,
just kind of investment schemes that people are participating in
as well, So I think that might be part of
(06:54):
the reason that some folks are waiting. It's like they
got to get all their documents in order, and it
takes a little more time.
Speaker 2 (07:00):
These a lot of folks are trying to figure out
what documents they actually need to have in hand before
they can file as well. It's it's sort of like, yeah,
there's a learning curve, and you mentioned filing for an extension,
but that even if you do file for an extension, reminder,
that doesn't mean that you can.
Speaker 3 (07:13):
Wait to pay your taxes.
Speaker 2 (07:15):
If you owe, and if you can't afford to actually
pay your tax bill, we'll make sure to file anyway,
because yeah, failing to pay on time, that's gonna prompt
some stiff penalties. But so well, failing to actually file
two wrongs don't make it right here, at least do
one of them. By the way, there have been staff
cuts at the IRS, so it's a good idea as
always to file your return electronic.
Speaker 1 (07:37):
I thought you're going to say, file a fraudlet return
that claims a lot of money back, because they're not now,
they're not going to catch you.
Speaker 2 (07:43):
Actually, I think that's the advice that Joel's recommending Matts no,
but I am Matt's is not recommending that advice.
Speaker 3 (07:49):
IRS go after Joel, You're angry emails to me.
Speaker 2 (07:52):
But when you file electronically, the refunds are being processed
really quickly if you go that route. And some good
news I guess is that the average return I'm sorry,
refund is higher than it was last year. It's more
than thirty two hundred dollars. Make sure you use it wisely.
I'm optimistic that I might be receiving a refund. The
(08:13):
CPA theyccountant reached out and they said, hey, if you
get a refund, you want to go ahead and do
a direct deposit into the checking account ending and blah
blah blah blah. I was like, of course, just got
me thinking there's a chance, I mean not oh this year,
so it's good, all right? Well that yeah, that is fun,
although you dial it in pretty close, so if the
refund is probably going to be minimal, and that is
typically the best advice. But what well, I'm just yeah, yeah,
(08:37):
there's a reason though that I'm thinking that I might
ow a little bit more last year because I'd failed
to do some last year. Okay, now we won't get
into here on the show.
Speaker 1 (08:44):
Okay, well, yeah, maybe people do a deep dive on
your taxis specifically at something, but yeah, the truth is
most people do get a refund, and that is kind
of it's like your once a year opportunity to make
a massive dent in your personal finances. Link to an
article in the show notes about how you can use
your tax refund wisely.
Speaker 3 (09:04):
Check that out.
Speaker 1 (09:05):
One tax and investing move you can still make, by
the way, even though it's twenty twenty five not twenty
twenty four, is to contribute to your roth IRA for
last year. It's one of those few things right that
you can still partake in from the prior year, and
you always want to fill up that bucket right before
you start contributing to your twenty twenty five roth. So
(09:25):
if you didn't fill it up and you feel you're
like I got some extra cash on hand, or I
know I'm going to get a big return, I want
to maximize my wrath from last year first, great, go
for it. And there was recent data from Boston College
which found that young folks are flocking to roth iras
in general, they're just kind of like console in Zoolander.
They're so hot right now. And we obviously we love
(09:46):
this map because it's not just that we're pumped to
see gen Z investing. We are, but also because if
you're in your twenties, your income is still likely ramping up.
You haven't reached those peak.
Speaker 3 (09:56):
Earning years exactly.
Speaker 1 (09:58):
So opting for the roth ira instead of a true
additional paying the tax now future you is going to
be so thankful. I just think about those earliest years
of working, how little I was making it, so every
dollar that went into the wrath was so dang smart
because my tax bill was almost non existent on the
money that I was sticking into my wrath. Yeah, I
(10:18):
was paying the tax now, but I was paying tax
at such a low rate. So young people in ROTHI RaSE,
they just go hand in hand.
Speaker 3 (10:24):
That's right.
Speaker 2 (10:25):
So did you watch the presidential address from the real
life this cost Wednesday?
Speaker 3 (10:29):
I caught a.
Speaker 1 (10:30):
Little bit where he held up the poster and which
is just kind of a fun image.
Speaker 2 (10:34):
Kind of feels like giving a presentation like in school
sort of thing.
Speaker 3 (10:39):
Surprise it wasn't on a trifle board.
Speaker 2 (10:41):
That would have been the icing on the cake. Of course,
the President's continued belief that tariffs are the solution to
basically every human problem that continued with the announcement.
Speaker 3 (10:50):
Of depress.
Speaker 2 (10:52):
Array of widespread terrists. Man, the thing is, and we've
talked about this, this, this ramped up trade war is
going to harm everyone. American businesses. They're going to be
at a disadvantage internationally assuming there are reactionary tariffs and
they fail, generally speaking, to tak into account just many
classic economic realities like comparative advantage. Think about all the
(11:15):
things that are produced abroad in different countries where maybe
there's more affordable labor, a desire to produce pencils or
plastic cups, things that we don't necessarily want to produce.
Speaker 3 (11:26):
Here in the United States.
Speaker 1 (11:27):
Just try bringing banana and avocado production into the United States.
That's secilias parts tariffs on items that we can't even produce,
like coffee, for instance. Milton Friedman, he called terraffs a
protection against low prices, which, Man, we wholeheartedly agree. And
it's not surprising to see that consumers are already dialing
(11:49):
back their spending, at least their discretionary spending, increasing their savings.
They are quote unquote preparing for a rainy day, which
is smart because Yale Budget Labs they predict that the
average family will lose an extra three to four thousand
dollars in purchasing power. That's a lot of money, man
and cheap stuff.
Speaker 2 (12:06):
It's not the only part of the American dream, but
it is not an inconsequential.
Speaker 3 (12:11):
Part of it either.
Speaker 2 (12:12):
And of course this is assuming that these terrors stick around,
right Like, there's a part of me that's just holding
my breath and waiting to see how long before these
are either walked back or other countries are where they
say that, hey, we don't want to play this game,
right like, this is the best case argument for terrists,
right where it's a political move where they're gonna blink first,
(12:34):
where they're not checking exactly yeah, where they're saying it's
almost it's like an economic nuclear war almost right where
it's like, all right, we've got these other countries and
they've maybe been poaching around the edges of the around
the border a little bit, but this is this is
an entirely different ball game, and hopefully we do see
some countries start to walk that back.
Speaker 3 (12:52):
It's a tit for tat.
Speaker 2 (12:53):
And we see terrafts significantly decrease over time. Like that's
I think the best case scenario, right, because you can't
in dust realize the country overnight, but you can say, oh, yeah,
we're not going to do those terraces anymore. That is
something that can happen over it.
Speaker 1 (13:06):
And even if we did bring back some of that
industrial production that I think the White House is hoping for,
that doesn't necessarily mean low prices either, because can you
imagine how much it's going to cost to build the
factory and manufacture an iPhone here on US soil?
Speaker 3 (13:20):
It's gonna be cheap. We have high wages here in
the US, which is.
Speaker 1 (13:22):
Which is great, and we also have fairly inexpensive goods
because of free trade. The I think the attempt to
make free trade to demonize free trade. I get where
it comes from, but I think that it doesn't make
a whole lot of sense, and consumers are going to
feel the pinch pretty quickly on all sorts of goods
(13:42):
in not very long. And I do think that yeah,
we'll see. I mean, the stock market obviously didn't react
well yesterday.
Speaker 3 (13:48):
It reacted immediately.
Speaker 1 (13:50):
Yeah, yeah, Whereas I don't know that I've ever seen
that steep of a drop in that short amount of time.
Oh do you remember COVID? Was there a was there
a ten hour blip? Where where atual dropping my quiver.
Speaker 2 (14:01):
Once it was announced as like a global health crisis
in an actual pandemic, and thinks Scott freaky real quick, Hey, yeah,
that's true either way. I think everyone is praying for
tariff de escalation essentially is what it is what I'm
happened for.
Speaker 1 (14:12):
I agree, and we will continue to monitor, keep our
finger on the tariff pulse as it were tariff def
con you know, like we're up to three.
Speaker 2 (14:20):
Four Yeah, I don't know, it's backwards like it's it
feels like we're at two right now, Like it's it's
actually about to seriously impact the globe and hopefully we
can back that thing down.
Speaker 1 (14:28):
The announcement was like a tariff flinking, like certain for
sure and then and so I think, yeah, tariff vigilance
on baff of individuals, it's more it's more of a
necessity right now right and UPS is making it easier
to see the impact of tariffs on your purchases as
they're becoming more widespread, more international deliveries are coming with
like an unexpected bill attached for unpaid import costs, and
(14:50):
so UPS has this new global checkout that they that
they launched, and it's automatically adding the cost of tariffs
in for shoppers buying from overseas companies who are subject
to TERRF, which is going to be more necessary right now,
Like it's going to be really frustrating to get a
bill after the fact if you bought the thing and
you didn't realize that there was a tariff attached that
for some reason wasn't paid for by the company sending
(15:12):
the good into the United States. And so, you know,
we wish this solution wasn't necessary because that would mean
that tariffs weren't a reality in the way they're currently existing.
But it's I don't know, kind of cool that there's
some transparency on that front, sure, and more needed transparency.
By the way, one thing we didn't really talk about
on Tariff's Matt is that this is also going to
impact American companies sending goods to other countries if there
(15:33):
are retaliatory tariffs.
Speaker 2 (15:34):
So, oh yeah, I mentioned the reactionary tariffs.
Speaker 1 (15:36):
It's like to complay at that game. Well, that's why
we're doing it. But then yeah, when you think, just
think about what that's going to do to American businesses
who send a lot of goods overseas.
Speaker 2 (15:44):
Yeah, Well, as prices go up, that means we as
consumers need to pay a little bit more attention to
our personal spending. And we've been saying this for quite
some time because of inflation. But Bloomberg they just published
a piece about the importance of individual action to cut
down on your own rate of inflation. And I think
depending on how you view the world, maybe the side
(16:06):
of the political aisle that you're on, it can be
tempting just to throw your hands up and just talk
smack about our elected officials, and there is certainly a
time and place for that. But it's also really important
to remember that despite policy changes that we have no
control over, there is still a lot that we actually
do have control over. And so the moral of this
(16:26):
article is pretty simple, which is to shop around. And
I can see no better way to cut your spending
the spend more time about the Thristorgel.
Speaker 1 (16:34):
Yeah, yeah, that's a good point. Like I think there
are some ways in which we're just gonna grin and
bear it. We're just gonna take it on the chin
because there are necessary items that we can't afford to
not purchase.
Speaker 3 (16:44):
And then I think.
Speaker 1 (16:44):
There are other ways in which we Companies are going
to be doing the same thing. Right, They're gonna be
pivoting to where they source their goods from, and we
can do the same as individuals. We can pivot to
where we're buying from, and yeah, buying secondhand, keeping some
things around longer become a necessity for some folks. It
might just be a savvy way for people to save
more as individuals too.
Speaker 2 (17:05):
Even just bringing up the pandemic, it reminds me of
how different our world is now from just a few
short years ago. We've seen just incredible changes to interest rates,
to housing costs, to inflation, basically to everything. And we
all remember the increased power that fell into the hands
of job seekers back a couple of years ago, like
back in twenty twenty two, twenty twenty three. Well, now
(17:26):
there are some stats that are showing that many job
seekers are experiencing wage deflation. More companies are hesitant to
make new hires, which means job switching is not going
to net you any more pay and in fact, it
might even net you less pay for you to go
with a new company these days as opposed to staying put.
So this is not a hard and fast rule, obviously,
(17:47):
but we a couple of weeks ago, we recently talked
about getting the job you want with Madeline Mann, and
so if that's not an episode that you happen to catch,
we'd recommend going back and checking that one out.
Speaker 1 (17:57):
Yeah, getting higher pay by whopping or moving to a
different job. It was like shooting fish in a barrel
in twenty twenty two, and we heard from so many
listeners right who made out like bandits during that time.
They're getting a sick raise right while the getting was good,
And I think part of that was just people took
the stimu money. Andy said, I'm not going to work
as much these days, and so there was just a constraint,
(18:17):
a lack of supply of workers that to do to
fill some of those jobs that employers needed. And there
was also people were buying more stuff and so like
the economy was humming and that shortage of workers just man,
that power in your hands felt so good. But there
was just no way the post COVID job market could
last forever, and so it's it's obviously not impossible, but
it's just going to be more difficult to pull that
(18:37):
off in today's job climate, to get that heist of
like a thirty percent raise that you were able to
get a few years back. And and sadly, Matt, there
was recent stats too, we're seeing higher levels of unemployment
for gen Zers, especially when compared to their millennial counterparts.
And you know, gen Z, it might I think they
might be going through something similar to what millennials went
through in the Great Recession, not quite as bad, but
(19:00):
at least ikin to kind of what millennials experience. Some
are calling this a gen Z job recession. I don't
know if it's quite that bad yet, but you know,
in a tighter job market, with more competition and less
ability to increase your income and then kind of tremors
of a recession potential, it's even more I think important
to tend to your network and to have solid personal
(19:22):
finance hygiene. Both those things in combo are going to
help you be more resilient given whatever comes down the line.
Speaker 2 (19:28):
All right, we've got more to get to During our
Friday flight today, we might even talk about Joe, how
gorillas might be able to save you money every single month.
Speaker 3 (19:36):
We'll get to that more right after this. All right,
we're back, Matt, Gorillas. You got me on the edge
of my seat.
Speaker 2 (19:49):
Maybe I wasn't being entirely truthful there when it came
to that teas That's why it's called a teas though,
and not.
Speaker 3 (19:56):
The actual story.
Speaker 1 (19:56):
That's right, let me do that in a second. Let's
get to the ludacrous headline of the though. This It
comes from the Wall Street Journal, and it reads feeling
ripped off by one thousand dollars phones. The secondhand market
is taking off. And yes, yes, Matt, I personally am
offended and taken particularly ripped off by how expensive these
phones have gotten. I'm on a new phone buyer strike.
(20:16):
I'm on a mission to make mine last as long
as humanly possible.
Speaker 3 (20:20):
You know what? You can do that with an iPhone.
Speaker 2 (20:22):
That's because the bill quality is so much better. You've
got to admit that at this point.
Speaker 3 (20:25):
You're right.
Speaker 1 (20:26):
And the other thing, and that we've talked about this
before on the show, is that iPhone Apple supports their
phones longer than Android does then Google does. Right, So
just the fact that. Like, my daughter has an iPhone
seven that was gifted tour by her grandma that we
keep at home. She barely uses, but they just stop
supporting that at the end of the last year. Yeah,
so it's one of those things where they finally bricked it.
Speaker 3 (20:48):
That's a seven. Think about how long ago that was
that came out. I don't even know when nothing came out.
Speaker 1 (20:52):
Probably eight or nine years ago, is my guess. That's amazing, right,
So yeah, but I will say this, I think a
lot of people are going on new phone buyer strikes.
You can you can see that in kind of the
age of the average handset that the people have.
Speaker 2 (21:05):
Phones are the new car. They're only getting older and
older the ones that are out there on the road.
And in a similar way, yeah, maybe we should be
considering used phones, just like we consider used cars.
Speaker 3 (21:15):
All the time.
Speaker 1 (21:16):
Maybe a secondhand phone, right. I love that because especially
it's like the flagship prices have gone up, the budget
devices have also gone up. We talked about that when
iPhone Apple announced excuse me, the sixteen E, right, and
it's like that was way more expensive than the Esse
that they had released as a budget phone. So quote
unquote budget it's a six hundred dollars phone, right, It's
not a budget phone anymore. They used to be three
(21:37):
fifty to four hundred bucks, which is why I used
to go with the pixel versions, the dumbed down pixel versions,
because they were really good and they were like three fifty.
But that's not the case anymore. And so yeah, I
love to see that the people are holding onto their
phones alonger especially we talk about the lack of innovation,
although there's a counter argument that coming in a second.
In the cell phone space, that's another reason just to
(21:57):
not upgrade, especially when I'm hearing all the bad reviews
about Apple's AI in their newest hands It's like, it's
not that great, it's it's over it's overblown, and so
you probably don't need that either. So paying instead of
paying I guess twelve hundred bucks for the newest iPhone,
you can get something of almost equal ability, like the
iPhone fourteen or something like that. Go back a couple
(22:18):
generations and you can get that for like five hundred
bucks instead. I was even I was seeing some refer
models on Woot for roughly that price, and yeah, less
than half price. I'm that's what I want to sign up.
Speaker 2 (22:30):
For Well, yeah, I mean that's big, specifically because offers
a three hundred and sixty five day repair or replace
warranty on the referred phones that they sell. I made
the mistake of purchasing a REFERB a refurbished I don't
like seeing referb. That's a weird word. Refurbished that sounds
way better a refurbished phone from eBay, And they did
not it's not I mean it was presented. It wasn't
(22:53):
presented as a refurbished phone, so that's the problem. And
then they're making repairs to it and they're not watertight
as opposed to buying a truly refurbished phone from let's
say Apple, where it still has a one year warranty
and it's up to factory standards, and that's that's a
good price.
Speaker 1 (23:10):
The battery too. They do additional things to their refurb phones.
But then again, the price you're gonna pay for a
reper phone and Apple versus a place like woo it
is gonna be a gonna be expensive. But I also
like the idea of having a Dummer phone to just
prevent me from becoming my own worst enemy, doom scrolling
until I die. Basically, I wanted to mention the light
Phone that's been a good option on that front, and
(23:31):
they just released this new.
Speaker 2 (23:33):
Model this past week. It too, is way overpriced at
eight hundred dollars. I think for a limited time they're
offering it for six for six hundred bucks. But on
top of that, the company's proprietary service, like the plan, well,
it costs you thirty dollars a month, not surprising you
only get one gig of data because that's all it
probably takes to run a light phone. But even thirty
(23:54):
dollars a month, man, that's way more than what it
is that you and I are spending. Like I am
all for a limiting tech to live more IRL life,
but not at that price point. If you're gonna pay that,
if you want a dumb phone, just go back and
get a basic flip phone.
Speaker 3 (24:07):
Exactly.
Speaker 2 (24:08):
It feels like light Phone is jumped the shark with
this pricing, and it just highlights how there aren't new
products that are needed to solve old problems, right. It's
just like, oh, I got this problem, whe I'm on
my phone. Oh instead, I need this new, shiny, sexy
product that's going to solve this old problem as opposed
to kind of going back to what it was like
before you had that problem, which is an older phone,
(24:28):
or even just limiting. Honestly, it reminds me of folks
who are wanting to go for more the minimalist lifestyle
or clothing aesthetic, and they think, oh, I need to
buy I need to go with one of those companies
that sells all them kind of minimalist looking clothes, you know,
where everything's like solid colors and colors aren't very vibrant,
and stripes the occasional stripe. But you don't have to
(24:51):
do that. All you need to do is first toss
out half the clothes in your actual closet, find the
items that you love the most that you compare with
lots of other clothes. Boom, you've got yourself a capsule wardrobe.
That's what that's called.
Speaker 3 (25:04):
You no longer.
Speaker 2 (25:04):
You don't have to go out and buy an entirely
new product. In a similar way, I think there's a
way that you can do that when it comes to
technology like your phone. I, for lent, I gave up
social media, specifically Instagram, because I didn't like how much
time that that was draining out of my life.
Speaker 3 (25:19):
I guess why.
Speaker 2 (25:20):
What I don't need to do is go out and
buy the dollar phone app. You just delete the app,
and I think it's something I'm actually hopefully going to
be able to maintain even after the litten season. But yeah,
you don't need to spend money to solve your problems.
Speaker 1 (25:34):
You make a great point. Well, let's talk about gorillas though, Matt,
you you hinted at this. Do you want to talk
about it?
Speaker 2 (25:38):
I feel a little bad about the gorilla. It was
a gorilla glass.
Speaker 1 (25:42):
Yeah, okay, why don't you tell us about how apples
like all. The one thing that Apple has done incredibly
well is work with Corning to innovate on glass, which
has been great for your iPhones. It means that you
know the iPhone you got when when was it starting
with the twelve or thirteen that the more unbreakable glass
(26:02):
kind of came into being.
Speaker 2 (26:03):
Yeah, so the glass was always the gorilla glass, I'm
pretty sure from the beginning. But yeah, starting with the
twelve is when they did the ceramic shield, Like that
was like the next level.
Speaker 3 (26:11):
Of hard glass. So now it's like harder.
Speaker 2 (26:13):
It's even harder exactly, So basically what I'm saying here
from a phone standpoint. Personally, at least I wouldn't go
past anything older than a twelve. But hey, if you do,
I bet you would be able to get a really
sick deal. But when it comes to home improvements, the
hard glass that's out there is being translated to new
windows for your home, which could save Americans billions of
(26:34):
dollars annually on energy costs. These new windows, they now
have a better installation value than your walls, which is crazy. Like,
typically windows are the it's like the weakest link when
it comes to energy lost.
Speaker 1 (26:48):
They're like at least twenty percent worse than your walls.
But the windows we've got here in our little studio
clubhouse thing, Matt, they're probably much worse than that.
Speaker 3 (26:56):
It's amazing.
Speaker 2 (26:57):
This is the kind of progress that's going to have
major ramifications on new builds window replacement jobs in the
coming years, and it's just going to be able to
save individuals a lot of money due to the fact
that they're spending much less on heating and cooling their homes.
Speaker 1 (27:09):
That sort of progress gets me really excited, especially when
we talk about the potential for energy shortages, which I
think have been overblown. But when we talk about just
making things far more efficient and retrofitting buildings to ensure
that they reduce energy loss, that is a huge bright spot.
Speaker 3 (27:27):
In the future.
Speaker 1 (27:28):
And seeing that like innovation in windows, that's something like
I wasn't really thinking much about, and then you read
about that and you're like, holy crap, Like that could
have such a massive impact as people do over time
replace crummy old windows and they put in not just
slightly better, but significantly better windows that could ruce your
energy build by quite a bit. All right, let's talk
about your favorites investing firm Matt Robinhood. They're kind of
(27:52):
still trying to be big boy. I think they've been.
Speaker 3 (27:55):
They're totally big boy. They're a big boy.
Speaker 1 (27:56):
But like they started as mostly a day trading app
and they have over time it evolved in their services
offering retirement accounts and now they just announced this past
week that they're going to offer retirement advice. And so
the fee similar to what other robo advisors, like Betterment
Charges are kind of getting into this robo advisor space.
(28:17):
They're charging a quarter of a percent, but that fee
then is capped at two hundred and fifty bucks a
year for Robinhood gold numbers. Yeah, that's good, which I
think is cool. I kind of like the idea of
the fee cap, like, hey, yeah, it's a quarter of
a point, but after you have a certain balance, we
don't charge you anymore. A good explanation of the methodology
of the Robinhood portfolio management, like how they're doing this, though,
(28:39):
was lacking. I just feel like I didn't see enough
information about how they're planning on implementing this. Although they're
saying that this is actively managed and that can include
individual stocks, but what it doesn't include, of course, at
that cut rate price, is personal advice. I think for now,
I don't know about you. I would say the jury
is out, we need more information about out what this
(29:00):
sort of Robinhood offering is going to look like. It's
like a flashy launch, but there wasn't a whole lot
of substance behind it. I think the thing I am
most nervous about, though, is robin Hood's another announcement an
upcoming launch of AI based advice, which is supposedly going
to explain to people, as you're on the app, why
stock a specific stock is going up or down? And
(29:21):
that it's not always straightforward, right, So, like, is the
AI going to be right on that?
Speaker 3 (29:25):
Is it going to give me good advice? Or is
it going to be way off base? I don't know.
Speaker 1 (29:29):
So some of the ways robin Hood is changing are
positive for customers. Others like that, like the training and
betting on future events that worries me. So there's yeah,
kind of the growing up Robinhood, and then there's still
the juvenile robin Hood I think, where I just kind
of don't know which one I'm getting. And if you're
going to go with robin Hood, you just got to
make sure you have the behavioral fortitude to let's do
(29:49):
the basic.
Speaker 2 (29:49):
St I think that's always the case, and that's what
I was going to point to, right, like the fact
that they're offering this portfolio management and they've got these
AI tools. They're just trying to give people what it
is that folks seem to think that they want.
Speaker 3 (30:00):
Right.
Speaker 2 (30:00):
There are some things that like their match. The fact
that they have a non employer retirement match is amazing,
the first of its kind, freaking love that. But then
also when I log into the app, I also see
a little banner that says Hey, are you interested in
margin investing? I hate that but it's terrible. But it's
at the same time though, it's what it is that
(30:21):
people are coming to expect from their brokerages. But that
doesn't mean that you have to participate. It makes me,
honestly think of because like they've got so many different things,
so many different options, anything your heart might desire.
Speaker 3 (30:32):
Joel.
Speaker 2 (30:32):
It feels like like Walt, like Robin is almost like
Walmart here where Yeah, they've got some amazing stuff. They've
got like some great affordable organic produce that feels like
the three percent match for Gold members when it comes
to their iras. Right, You're like, yeah, give me that's
the good stuff. But guess what else Walmart cells like
Dorito's and Coke.
Speaker 3 (30:51):
Yeah to me that shelves and shelves of junk food.
Speaker 2 (30:54):
Yes, like in the center of the aisle. Like that's
the kind of thing that feels more like margin investing
or advice. It's like could you do without?
Speaker 3 (31:03):
Well, absolutely, is it.
Speaker 2 (31:04):
Something maybe occasionally you want to take a peek at. Sure,
you kind of take the good with the bad. But
in this way, ultimately, as personal finance enthusiasts, it does
come down to us as individuals and the decisions that
we make, and they continue.
Speaker 3 (31:16):
Right.
Speaker 1 (31:16):
The one thing, the one great thing about some of
this Robinhood innovation is I think they continue to push
the envelope and they're causing other broker's firms to have
to react and step up. Right, And so we've seen innovation.
Maybe we've seen other great broker terms. You kind of
follow robin Hood's lead on the match, right, like Betterment
implemented a match after robin Hood did.
Speaker 3 (31:34):
It, which is cool.
Speaker 1 (31:35):
So I like to see that maybe they're innovative ways
of thinking that could benefit some of their customers. Well,
it's it's also not limited to Robinhood. Then other firms
are getting in on the action.
Speaker 2 (31:46):
Yeah, okay, talk about buy now, pay later, because those
companies out there are going to start to report to
the credit bureaus. This is a sector of the market
that's grown to be a significant piece of the consumer
lending industry. Makes a ton of sense that those cleverly
disguised loans would be factored into your credit score. I
honestly can't believe it's taken this long, especially given the
(32:08):
data that we have about how heavy by now Paylater
users tend to be higher credit risks, so Affirm They
started furnishing data to experience last Tuesday, TransUnion. They say
that they're already working with two NYL payloader companies as well.
Speaker 3 (32:24):
I'm sure more are going to follow soon. The damn
has broken.
Speaker 2 (32:27):
Credit scoring models are going to have to be tweaked
in order to include this ben PL data in their
models moving forward, where they're likely going to be treated
like other forms of debt, in particular I mean credit cards,
but also car loans because they are more like installment loans.
It's unlikely these changes are going to cause big creditscrese wings,
but maybe it might because for for some I think
(32:49):
it might because in a way, it almost feels like
this thing that has been ignored, like where folks have
like stuck their head in the sand, and it's like
when if you know that you've your shower's been lenking leaking,
and it's like, well, I know that there's probably some
rot under there. Maybe I don't know, maybe the sub
floor is kind of getting a little soft, but you
don't really fully know until someone gets in there and
kind of like peels it back and you're like, oh wow,
(33:10):
that's like all the way down to the floor joystsitude
I didn't fall through. There's a lot of damage here,
and I don't like that. The credit bureaus are kind
of the arbiters of your credit worthiness. But somebody's got
to do it, like, somebody has to be able to
wrap their head entirely around an individual's credit worthiness, how
much debt they have on hand, because there's a lot
of individuals who haven't you know again, they haven't really
(33:31):
been paying attention. But for those who have been paying attention,
I think the big takeaway here is that if you
pay your buy now pay later payments on time, that's
gonna help your credit score.
Speaker 3 (33:42):
It's a good thing.
Speaker 1 (33:42):
And clearly these deserve to be factored into your credit score,
especially based on their popularity. I could see how five
years ago like they were just they were small potatoes
and so there was more of a novel too. It
was no necessity. Yeah, and I think I mentioned this
on the show before. I've only used by now Pay
Later once and it was only because there was a
discount offer, like fifty bucks off if I use buy
now pay Later sign then I paid it off instantly.
(34:03):
So buy Now Pay Later still remains one of those
things where I think people lose track of how much
you're spending. You can grub ub your burger on it now,
like we've talked about recently, it's just something we're staying
away from. Especially if you don't handle it well or
you have too many outstanding loans, Well, how's that going
to factor into your credit score? It could cause it
to drop at least by a little bit, if you're
(34:24):
not handling those buy now, pay later payments well, or
if you're just overdoing it on buy now pay later
in general, just using it indiscriminately. All right, Matt, that's
going to do it. For this episode, we will link
to some of the articles that we mentioned up in
the show notes on our website howdomoney dot com. But
until next time, best Friends Out, Best Friends Out,
Hosts And Creators
Joel Larsgaard
Matthew Altmix
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