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$1,000 Kids Savings Account, FSA Deadlines, and Your Airline Refund Rights · Becoming Financially Confident

• 0:07
  Today, the brand new savings account that comes with $1,000 from the government for kids born in the last couple of years and the one thing a family has to do to actually get it.
• 0:17
  Plus two fast moves.
• 0:19
  One for anybody whose job offers a health FSA as open enrollment starts and one for anybody with a flight flight coming up who doesn't know the airline may owe them cash, not a voucher.
• 0:29
  Then turning, oh, turning what's already in your closet, your garage or your own know how into real money.
• 0:36
  And today we're also having a conversation about what is a need versus a want with a caller on the show.
• 0:42
  Becoming Financially confident.
• 0:50
  Welcome to Becoming Financially Confident, where we are breaking free from money shame, one conversation at a time.
• 0:56
  We're live every Monday through Friday from 11:30am Eastern.
• 0:59
  And I see in the chat today is officially Wacky Wednesday.
• 1:04
  So we are going to be playing our Wacky Wednesdays episode today.
• 1:08
  And I'm Ralph Estepp Jr.
• 1:09
  I'm a licensed accountant with 30 years of experience.
• 1:13
  And I'm Juliet.
• 1:14
  I'm just a regular person who's going to ask Ralph all the questions because you may have them, too.
• 1:18
  Yeah.
• 1:19
  And as you can tell, we're two very different people having conversations about things that affect our money and they affect your money and that's why they're so important.
• 1:26
  I just want to remind everybody, if you've not been here before, we've got a couple house rules.
• 1:30
  The first house rule is there's no shaming anybody about money on this show.
• 1:35
  This is a new day and we're going to help you be better decisions.
• 1:38
  And nobody's going to ever be judged on this show for what they didn't know.
• 1:43
  And if there's anything you want to talk about us to talk about on this show with you guys, definitely let us know either in the chat right now or in@becoming financiallyconfident.com.
• 1:53
  No question is off limits.
• 1:55
  Yeah.
• 1:55
  And I mean that.
• 1:56
  No question is off limits.
• 1:57
  And if you want to try to stump the ralpher, you can try to do that.
• 2:00
  So send us your questions.
• 2:02
  And remember this, wherever you are on your financial journey, I want you to know you're not alone in that journey.
• 2:14
  All right?
• 2:14
  If you watch the show every day, you're going to notice we're going to change things up a little bit today.
• 2:19
  So rather than Juliet reading the headlines, I'm going to start the conversation and we're going to talk about the first one here.
• 2:25
  This one is really interesting.
• 2:27
  Juliet, talk about this in so there's $1,000.
• 2:31
  $1,000 that the government will put in your kid's name.
• 2:37
  What do you think of that?
• 2:38
  Well, I feel like we've talked about that on the show when we had the community, when we had somebody call in asking about opening something for their grandchildren.
• 2:48
  Is the thing that you're talking about A.
• 2:51
  It absolutely is.
• 2:52
  And my grandson Carson is the beneficiary of this because he was born in 2026.
• 2:57
  I want to remind the audience, if you have a child that was born in 25, 26, 27 or 28, the US not going yet.
• 3:08
  Exactly.
• 3:08
  So if you're.
• 3:09
  So here's a little planning technique.
• 3:11
  If you want to get an extra.
• 3:13
  Not that.
• 3:13
  Listen, I don't think having a child is the right answer for a reason to get a thousand dollars.
• 3:20
  But if you happen to have a child, it' going to cost you more than that.
• 3:24
  Let's just be honest.
• 3:25
  But anyway, my son and my grandson are beneficiaries of this.
• 3:29
  It's a beautiful program.
• 3:31
  It's free.
• 3:31
  It is absolutely cost you nothing.
• 3:34
  All you've got to do is set up the account.
• 3:37
  I've talked about this on the show before.
• 3:39
  It's free money and it's for any baby born 25 to 28.
• 3:45
  Did you, did you set up over this weekend?
• 3:46
  Is that what you're telling me?
• 3:48
  No, my son, actually.
• 3:49
  So when my grandson was born, let me think now, he's about three and a half months old.
• 3:54
  He's about three and a half months old.
• 3:55
  So I know my son and I had this conversation.
• 3:57
  So what happened was this.
• 3:59
  Trump accounts went live July 1st.
• 4:02
  Okay.
• 4:03
  So once July 1st came, my son said, you know what, dad, I'm gonna go enroll him in this.
• 4:07
  So if you've got a child born in 20, 25 or later, you can do this right now.
• 4:12
  You go to trumpaccounts.gov and you open the account so that the government will put the money in that account.
• 4:18
  Here's the best part of it.
• 4:20
  You don't have to put a dime of your own money to get that seed going.
• 4:24
  You can open the account and honestly, you can just let it sit there for the next 18 years, but you can start it off right away.
• 4:31
  Now, here's a little caveat.
• 4:33
  You got to have a Social Security number for your child.
• 4:37
  Oh, you can't get that until the child is born, though, right?
• 4:40
  Yes, correct.
• 4:41
  So once the child is born, make sure that you get the enrollment.
• 4:45
  A lot of hospitals now are actually doing this, which is kind of interesting.
• 4:50
  They're telling you, hey, go get these, these things.
• 4:52
  But again, it's a thousand dollars free money.
• 4:55
  And you can add up to $5,000 a year into this account.
• 4:59
  You can do it, your parents can do it, other people, aunts and uncles, friends and family.
• 5:04
  The cap is $5,000 a year.
• 5:06
  But the beauty of this is it grows tax deferred.
• 5:10
  So there's no tax as long as, you know, this is till they're 18.
• 5:15
  Now once they turn 18, then we can have a different discussion about what it means and what happens to it.
• 5:19
  But this is really a great way to get a free thousand bucks.
• 5:23
  I have a quick question here though.
• 5:26
  So tax deferred.
• 5:27
  I know you said tax deferred until they're 18.
• 5:29
  And then they can roll this into another IRA of some sort.
• 5:32
  Right.
• 5:33
  It actually becomes an individual IRA when they turn 18.
• 5:37
  Yes.
• 5:38
  So this is, and the whole thought behind this is a way to put, if you think about it, you could put $5,000 a year into this account for 18 years.
• 5:47
  That's not a small amount of money.
• 5:49
  If you fund this whole thing.
• 5:51
  The downside to this, as the accountant in the room, is this money will be an ira.
• 5:57
  If your child takes that money out, they're going to get whacked with taxes.
• 6:02
  I mean, I'm just being honest with you.
• 6:03
  There's going to be a, there's going to be an oh when they go to take the money out, because this is going to be ordinary income to them.
• 6:10
  Yeah, yeah.
• 6:11
  As compared to things like a.
• 6:15
  I can't think the term escapes me, a 529 plan.
• 6:19
  If they have a college education savings account.
• 6:22
  If they have one of those, the money grows tax free.
• 6:25
  And as long as they use that money for education, there's no tax on it at all.
• 6:30
  So here's my professional thing that I would do for this.
• 6:35
  Go open the thousand dollar account, get it for free, and just let that thing sit there and collect interest.
• 6:42
  Because in general, money doubles every seven years.
• 6:47
  So this money should almost triple by the time they turn 18.
• 6:52
  Just by fee, you know, just by doing $1,000.
• 6:55
  I like those numbers.
• 6:56
  That's compound interest for you.
• 6:58
  Yeah.
• 6:59
  Duchess of NJ in the chat says kids are not going to make you money.
• 7:03
  Lol.
• 7:03
  And then that I got my daughter's Social Security numbers asap.
• 7:09
  Who knew?
• 7:10
  I didn't know that.
• 7:10
  I don't have kids.
• 7:11
  So.
• 7:11
  Yeah, good to know.
• 7:12
  And it's interesting in my practice, Juliet, you know, I do taxes.
• 7:16
  One of my main things I do in my Practice.
• 7:18
  Well, a lot of times new parents will come in and get the taxes done and they'll say to me, oh, we had a child this year.
• 7:23
  I'm like, oh, that's fant.
• 7:24
  Fantastic.
• 7:24
  And I'll say to them, okay, what's your child's name?
• 7:26
  What's their date of birth?
• 7:28
  What's their Social Security number?
• 7:29
  Like, I have to get one of those.
• 7:32
  Yeah.
• 7:33
  I'm like, yeah, because here's the thing.
• 7:34
  The IRS changed this rule a few years ago.
• 7:37
  We cannot file your return unless your child has a Social Security number.
• 7:43
  There was, there was so much fraud, people were just putting names.
• 7:47
  And what we would do is we put applied for instead of the actual Social Security number we put applied for.
• 7:52
  But I think what was going on is there were thousands of people in the United States that were making up kids and they were applying for those but never getting those.
• 7:59
  And people were getting bogus refunds, effectively, or the earned income credit.
• 8:06
  So the IRS finally got wise and said, you know what?
• 8:09
  Before you.
• 8:10
  And this is where it becomes an issue, right.
• 8:12
  If your child is born at the last part of the year, jump on.
• 8:17
  Yeah, getting that Social Security number right away because you've got to file your return at the latest by April 15.
• 8:25
  But a lot of people want to file early because they owe.
• 8:27
  They're getting a refund.
• 8:28
  We're going to talk a lot about that next week.
• 8:29
  A hint, hint.
• 8:30
  Our money move for next week is going to be talking about how to get your withholding square away.
• 8:34
  But that's the reason.
• 8:35
  So if you're going to have an end of the year child.
• 8:38
  So if you're pregnant right now and you're fixing to have that baby in the next three months, end of the year child and end of the year child.
• 8:44
  Now listen, Julia, I've had clients that have got that baby born on like the 31st of December, and they're like, yeah, we got it for the year.
• 8:52
  Now, I don't know if you want to induce labor at that point point or like scheduled a C section for like 11 o' clock at night on the 31st, but yeah, anyway.
• 9:02
  Oh, yeah, okay.
• 9:03
  So Duchess also said Social Security is proof of existence, which is very true.
• 9:07
  I just never thought that anybody would commit fraud like that, I guess.
• 9:11
  Well, there was a big issue a couple years ago where there were actually scammers in the hospital that were stealing babies identities and actually they were getting their name, their date of birth, where they were born.
• 9:25
  They were applying for the Social Security number, getting the Social Security Number and then opening up credit and all these kind of things for those people.
• 9:32
  So, yeah, this is a whole issue.
• 9:36
  Scams are all around the world.
• 9:37
  It's just so fascinating to learn more different variations of the scams.
• 9:41
  So.
• 9:41
  All right, well, let's talk about fsa, because this is one of the things we mentioned on the show the other day.
• 9:45
  This is what I call our second headline of the day.
• 9:48
  Julia, you know what an FSA is?
• 9:50
  Did you know that these things don't roll over by themselves automatically every year?
• 9:56
  I did know that.
• 9:57
  And FSA is like, you have to opt into it with your employer.
• 10:01
  But I don't know.
• 10:02
  A question I have just randomly is like, I don't know if you are, if you are an entrepreneur, you don't have an employer.
• 10:09
  Can you also get an fsa?
• 10:11
  Generally not.
• 10:13
  Because you have to have this.
• 10:14
  It's what's called a flexible spending account.
• 10:16
  I have had some clients that have set these up even for a small business.
• 10:21
  So there is, there is a way to do it.
• 10:22
  There's a bunch of benefits companies online that you can set these up.
• 10:25
  So to answer your question, maybe, but generally these are for the.
• 10:30
  So you used to work in the corporate field.
• 10:32
  When you worked in the corporate field, did your company that you work for, did they have a fsa?
• 10:37
  I did.
• 10:37
  I actually did use FSA to get Lasik.
• 10:40
  Oh, wow.
• 10:42
  Yeah, yeah, yeah.
• 10:42
  And so it was a lot of planning because what I found out at the time.
• 10:46
  So I went to the Lasik and they were.
• 10:50
  I don't know if this is all like, vision or like all medical stuff.
• 10:54
  It's something very curious.
• 10:56
  When I went there, I.
• 10:57
  When I went to go get a consultation at the Lasik place, they said, oh, if you sign the page paper now and say, oh, you're going to get the surgery, we'll give you like a discount, right?
• 11:13
  Because they.
• 11:14
  But then if you don't, if you come back next time, we won't give you a discount anymore.
• 11:18
  And it sounds like a timeshare for Lasix.
• 11:21
  A little bit.
• 11:22
  A little bit.
• 11:22
  If you leave the room now, we will not give you a discount on your vision correction.
• 11:27
  It does, it does.
• 11:28
  But at the time, like, I was already.
• 11:30
  That.
• 11:31
  At the time, I was already thinking about getting Lasik and like, really, really thinking about it.
• 11:37
  And it happened to be around open enrollment time anyways, so I just planned.
• 11:42
  I was like, hey, I want to do it.
• 11:44
  I also want the discount, but I want the surgery the following year after my FSA kicks in, right?
• 11:51
  So that's what I was able to work out.
• 11:53
  So this is like, really something interesting to take a look at.
• 11:57
  I would say if you're using your fsa, like if you have a specific thing that you're thinking about is try to do as much planning as possible so you can take advantage of any money savings.
• 12:10
  Yeah, it's all about being intentional.
• 12:12
  Yeah, that's what it comes down to.
• 12:14
  So there's two money moves during this enrollment.
• 12:17
  First of all, actively re elect your fsa.
• 12:20
  Go through the list, make sure you're going to use the money.
• 12:22
  It doesn't carry over on its own.
• 12:24
  If you skip the form, it doesn't go to zero.
• 12:26
  Second thing, look at what's left in this year's account.
• 12:29
  Do that right now because it's use it or lose it.
• 12:32
  Mostly there's a little bit of money most plans will allow you to carry over.
• 12:36
  And this is the biggest arbitrary number in the world.
• 12:38
  As I prepared for today, it'll let you carry over $680.
• 12:44
  Or they give this grace period up through March 15th.
• 12:48
  But this is one of those things that it's a huge savings.
• 12:50
  But make sure you're using those monies up before the end of the year because you'd hate to not use it.
• 12:55
  And that's.
• 12:55
  I love what you talked about with the Lasik.
• 12:57
  You know, I went to get the Lasix, I went to look at this.
• 13:00
  Yeah.
• 13:00
  Because I wear.
• 13:02
  All right, I'm gonna date myself right now.
• 13:03
  I'm actually wearing.
• 13:04
  This is the craziest thing.
• 13:05
  I'm wearing bifocal contacts.
• 13:08
  Oh.
• 13:09
  Are they hard or soft?
• 13:10
  They're soft.
• 13:11
  I wear daily disposables because, you know, so anyway, I said, why don't you just get the Lasix?
• 13:16
  And my eye doctor is like, well, Ralph, let me tell you something, dude.
• 13:19
  We can fix your long distance vision with Lasix, but then you're going to still need glasses for the up close stuff.
• 13:26
  You know, it sucks to get old.
• 13:28
  Juliet.
• 13:28
  That's just the truth.
• 13:30
  But now I literally have these contacts.
• 13:32
  He's explaining it to me.
• 13:33
  Different spots in the context have different.
• 13:36
  We call it prescription.
• 13:37
  So watch this.
• 13:38
  I'm going to like, can I skew this way?
• 13:40
  If you're watching it on video, you can see.
• 13:42
  I'm like, but actually there are times during the day where I have to move my eyes around in all kinds of crazy directions.
• 13:47
  So you can hit that specific spot.
• 13:49
  Yeah, yeah.
• 13:49
  And you just think, how does that happen on this little thing?
• 13:52
  It's almost like bionic eyes.
• 13:54
  Yeah.
• 13:54
  Yeah, yeah.
• 13:54
  Well, I have a friend who specializes in contact lenses, and they were just saying that the field has gotten a lot.
• 14:03
  Or like the.
• 14:04
  The.
• 14:04
  Yeah, the field has gotten a lot more expansive over the last couple of years, so it's really interesting to hear.
• 14:10
  Yeah, I thought it was really cool.
• 14:11
  I like what Dutchess said, too.
• 14:12
  And, Dutchess, I'm gonna.
• 14:14
  I'm gonna call you out on this.
• 14:15
  My job offers nothing.
• 14:17
  Well, you know what?
• 14:20
  Come on.
• 14:21
  Who do you think you're fooling?
• 14:23
  Yeah.
• 14:24
  You know, you need to talk to your employer and say, wait a second, you need to offer this.
• 14:27
  This is actually an all kidding aside.
• 14:30
  If you want to retain good people and you're a business person listening to this, this is one of the biggest no brainers in the world because it doesn't cost much to manage one of these plans.
• 14:41
  And your employers will love it.
• 14:44
  Yeah.
• 14:45
  And for the people who are.
• 14:46
  Look, like even considering fsa, you do have to go read the rules because there are a few things that FSAs do not cover.
• 14:54
  Right.
• 14:54
  So make sure to go look at that and plan ahead before you even opt into fsa.
• 15:00
  Like Ralph said, it's a lose it or use it or lose it rule.
• 15:04
  Yeah.
• 15:04
  It's really important that you read the fine print on these things.
• 15:06
  Well, Juliet, let me ask you this.
• 15:08
  This is our third headline of the day.
• 15:10
  Have you ever been at the airport, you're sitting there waiting for your domestic flight, and you hear that dreaded thing come across the loudspeaker?
• 15:21
  Flight number 1234 to Tucson, Arizona, has been canceled?
• 15:28
  Yes, I have.
• 15:30
  I've never actually had that happen to me.
• 15:32
  So tell me about that, because here's the thing.
• 15:35
  I don't know if you realize this or not.
• 15:37
  Yeah.
• 15:37
  And I actually know the answer because we had a little meeting before the show.
• 15:40
  Do you know that the airline is supposed to pay you cash, not just offer you a voucher when this happens?
• 15:49
  But you're not talking about physical cash, you're talking about.
• 15:51
  Well, actually, it depends.
• 15:52
  If you paid for the airline ticket with cash, then the law says they have to give you cash.
• 15:59
  If you paid for it with a credit card, they have to refund that to your credit card.
• 16:04
  I was about to ask.
• 16:05
  I was like, who pays airplane tickets in cash anymore?
• 16:08
  You know, you can just picture, like, the pilots in the bridge going, okay, let me get the cash drawer out.
• 16:13
  Cha Ching.
• 16:13
  And it's like, you know, cha Ching, Cha Ching.
• 16:15
  I just, you know, like, you know, again, I agree with that.
• 16:18
  But, yeah, A lot of people.
• 16:20
  And you actually said this to me before the show.
• 16:23
  Well, Ralph, they just give me a voucher.
• 16:25
  Yeah.
• 16:25
  I didn't know that they would have to refund a certain thing.
• 16:28
  Maybe I should have pressed for that.
• 16:30
  But I.
• 16:32
  This has happened to me a couple of times.
• 16:34
  I was stuck in Alaska one time.
• 16:37
  I was stuck in Oregon another time.
• 16:39
  And it was all, like, overnight.
• 16:41
  They had to, like, put us up in a hotel.
• 16:43
  It's miserable when you're.
• 16:44
  You have, like, a extended layover just because everybody's exhausted.
• 16:49
  Everybody's in a really bad mood, and it's not a pleasant experience when that happens.
• 16:55
  But, yeah, I only got vouchers during that time.
• 16:58
  I think I may have just been one.
• 16:59
  I didn't know that they had to refund a portion of it.
• 17:02
  And so I want to ask you specifically, what can we fight for as consumers?
• 17:06
  And then two, I was probably also just way too exhausted to be like, just put me in a room.
• 17:12
  Let me rest.
• 17:12
  I will see y' all suckers tomorrow.
• 17:15
  You know, I have a funny story about this.
• 17:17
  So I went to the University of Nebraska my freshman year in college, okay?
• 17:22
  And one particular flight, I was flying home.
• 17:24
  Now I live on the East Coast.
• 17:25
  I was flying into Philadelphia.
• 17:26
  I was flying from Omaha to Philadelphia, okay?
• 17:29
  And we got delayed coming into Philadelphia.
• 17:31
  There was some kind of storm, so we got deferred to Albany, New York, which to me, I think we just crash landed because this.
• 17:40
  The weather up there was worse.
• 17:41
  So we get on the ground, we'd land.
• 17:43
  It's like in the middle of the night.
• 17:44
  They're taking us off the plane.
• 17:45
  They're like, okay, great.
• 17:46
  So we're gonna put you on an airplane tomorrow morning.
• 17:49
  But because we're so great, they're gonna put you up in a hotel.
• 17:54
  I was like, okay, that's cool.
• 17:55
  I'm like 18 years old.
• 17:56
  I'm like, I probably have three nickels to my name because, you know, parents are still paying for everything at this point.
• 18:01
  So they put us on these little buses.
• 18:03
  We go to the hotel.
• 18:04
  We go in the front door of the hotel, and the guy says, so people are.
• 18:08
  There's, like, more than me just there.
• 18:09
  And the guy's telling them, no, we don't honor that airline.
• 18:13
  I'm like, what are you talking about?
• 18:14
  So I'm like, the smart Al.
• 18:15
  I walk.
• 18:16
  What are you talking about?
• 18:16
  He goes, it was Midway Airlines.
• 18:19
  I don't think they exist anymore.
• 18:20
  He says, midway Airlines doesn't pay their bill.
• 18:24
  I was like, nice.
• 18:25
  So back to the airport, we go.
• 18:27
  So Ralph slept in the airport.
• 18:29
  But here's the deal.
• 18:30
  If they've canceled your flight or if there's a big delay, you don't have to accept a voucher.
• 18:36
  You can ask for it by name.
• 18:38
  You want a actual refund.
• 18:41
  Here's the deal.
• 18:42
  If the airline cancels your flight or delays it three hours or more on a domestic trip.
• 18:48
  Right.
• 18:48
  That's the key.
• 18:49
  Domestic, you're owed a cash refund to your original payment method.
• 18:54
  Not a voucher, not a credit.
• 18:56
  So here's what you say.
• 18:57
  You be bold and say, I want the automatic refund.
• 19:01
  And they have to put that on the card.
• 19:03
  That has to land within your account within seven days.
• 19:07
  This is all Department of Transportation rules.
• 19:09
  Again, it's a significant change or delay of three hours or more for a domestic flight, six hours or more for international flight.
• 19:18
  This is a big deal, and a lot of people don't know.
• 19:19
  Now, there is a refund window.
• 19:21
  They've got seven days to put it on your card, 20 calendar days for other.
• 19:26
  Now, here's the problem, though, Juliet.
• 19:28
  If you accept a rebooking or a.
• 19:31
  Voucher, you can't do the refund.
• 19:33
  Correct.
• 19:34
  So that's the thing.
• 19:34
  You got to be bold about that.
• 19:36
  That's what I was going to ask about, because it makes sense.
• 19:39
  If they give you a refund, then that means you have to book your own flight, you know, out.
• 19:44
  Yeah, it depends on what you need, what you want.
• 19:47
  And Dutchess said Albany.
• 19:48
  Ugh.
• 19:49
  Yeah, that's exactly what I felt.
• 19:50
  But I didn't see much of Albany, although, you know, I've always been a big guy and like, those trying to sleep in an airport because you're like, you don't want to miss the flight.
• 19:59
  And that was not a very restful sleep.
• 20:02
  I was very happy to get home to mama at that point because, you know, I was coming home from school and.
• 20:06
  Yeah, that was not fun.
• 20:08
  And I should have known there was going to be a problem.
• 20:10
  And this is going to sound really mean.
• 20:11
  So the first flight from Omaha to Chicago was fine.
• 20:14
  Oh, there's connecting.
• 20:16
  It was two flights.
• 20:17
  Yeah.
• 20:17
  My dad used to buy these tickets at, like, the grocery store.
• 20:20
  They were, like, super el cheapo tickets.
• 20:22
  I'm not even sure there was a seat.
• 20:23
  I may have sat on a cooler or something.
• 20:25
  I'm just being funny.
• 20:26
  But anyway, you know, some flyback.
• 20:28
  So we're getting ready to take the second leg of the plate.
• 20:30
  I look into the cockpit because, you know, I don't like to Fly and I can look in there and both the pilot and the co pilot have Santa hats on.
• 20:37
  I'm like, oh, you know what?
• 20:39
  You know what?
• 20:40
  I don't know that I want Santa and Santa's helpers flying my airplane, but that's a whole nother discussion.
• 20:47
  They were being joyful, but I wasn't feeling very joyful when we crash landed in Albany, New York.
• 20:51
  And then I get shuffled off to a hotel that says, we don't accept a credit from your airline.
• 20:55
  But yeah, that's fair.
• 20:57
  That's fair.
• 20:58
  Absolutely.
• 20:59
  Well, let's talk about WalletHub.
• 21:00
  So WalletHub is all about helping you keep your credit score where it is, because when's the last time you checked your credit score?
• 21:09
  Most people avoid it.
• 21:11
  Look, I don't think you avoid it because you're scared or because you don't care, but you're scared of that number.
• 21:16
  But here's the thing.
• 21:17
  I've mentioned this on the show before.
• 21:18
  The FTC, the Federal Trade Commission found 1 in 4 people have an error on their credit report.
• 21:23
  And guess what, my friend, that error is costing you money.
• 21:27
  And if you don't look at it, you can't dispute it.
• 21:30
  Now, WalletHub is free.
• 21:32
  It updates daily, and it tells you what's dragging down your number.
• 21:36
  If you want to find out more information, you can go to becomingfinanciallyconfident.com wallet.
• 21:41
  Again, that's becoming financiallyconfident.com wallet.
• 21:46
  And check out WalletHub.
• 21:47
  It's really a great service, and it's absolutely free.
• 21:53
  All right, well, let's get to our Side Hustle Corner.
• 21:55
  Yes.
• 21:56
  This is a live show with a live studio audience.
• 21:59
  And as I was preparing today, it seems like, you know, I have this transition slide for the Side Hustle Corner.
• 22:06
  And for some, you know, the gremlins in my computer have decided that we are going to play games with Ralph today, and we're not actually going to play the correct one.
• 22:18
  So the transition that I wanted to play is actually not playing at all.
• 22:23
  But anyway, we're going to move on with it.
• 22:25
  So let's talk about some side hustles.
• 22:28
  You know, one of the things we do on Wednesdays is we talk about side hustles.
• 22:32
  Yeah.
• 22:33
  And so today we are going to cover a few that we saw this week and just talk about, you know, how do we think about these side hustles?
• 22:42
  If you have a side hustle, let us know in the chat, because I am so curious.
• 22:46
  I love reading about people's weird Side hustles, whether they work out or they don't, would love to hear it.
• 22:52
  But, Ralph, what is the first side hustle we're going to go through?
• 22:55
  So, interestingly enough, where I got this information was actually an article, and it was written to retirees.
• 23:02
  And as I read through this article, like, you know what?
• 23:04
  This can be useful for everybody.
• 23:06
  There's two things I want to talk about, though.
• 23:07
  First.
• 23:08
  Right.
• 23:09
  Understand what some of these side hustles, the company, the aggregator, for lack of a better term, the person that's doing a platform, is going to charge you a percentage fee.
• 23:17
  So just understand that.
• 23:19
  Right.
• 23:19
  So understand what you're getting into.
• 23:22
  And here's the thing.
• 23:22
  In the article, it said 49% of retirees say cost beat expectations.
• 23:27
  So they really.
• 23:29
  The cost of.
• 23:29
  Yeah, so the cost of doing this was better.
• 23:31
  So here's a couple.
• 23:33
  We'll start off with a big category.
• 23:35
  Sell your expertise and your network.
• 23:38
  What do you know how to do?
• 23:40
  What are the network?
• 23:42
  And the cool thing about this, a lot of these expert network, they pay by the hour.
• 23:48
  Really?
• 23:48
  Expert networkers by the hour.
• 23:50
  Yeah.
• 23:51
  So, for example, if you're in medical school or if you've been a doctor, you've been in the medical field, there are standardized patient things that you can do.
• 24:00
  You can be a mock juror.
• 24:01
  I thought that was really cool.
• 24:02
  Like, you can be one of these mock jurors.
• 24:04
  A lot of these law firms hire people to put you through it.
• 24:06
  You can be an expert witness, you can be a mentor, you can be a peer reviewer.
• 24:11
  Right.
• 24:12
  And all of those things have value to somebody who's looking for that.
• 24:16
  A guy named Brandon Brandi Marion from Bach Financial.
• 24:19
  He says one of the things that you can do that's cool about this is you can fit this around vacations and you can really put it into what works for you.
• 24:27
  So that's the first thing.
• 24:28
  Use the knowledge that you have.
• 24:29
  Julia, have you ever done that?
• 24:31
  No, but that is definitely something that I want to.
• 24:34
  Not as a side hustle, but I want to do as like one main form of income, revenue.
• 24:38
  But I think it's really hard, I think right now for me to grasp what.
• 24:43
  What would I.
• 24:45
  What's like the network or like the expertise that I could do?
• 24:47
  So that's always brewing in the back of my brain.
• 24:50
  Yeah.
• 24:50
  And I think the easiest way to look at that is what are you getting paid to do?
• 24:53
  What is your main job?
• 24:54
  What are the skills and the things that you already know how to do and then go out and think about, hey, who could I do this for?
• 25:00
  Where could I make some extra money?
• 25:03
  Here's another category that a lot of people overthink.
• 25:07
  How about space?
• 25:07
  You don't need?
• 25:09
  Maybe you've got a.
• 25:10
  Yeah, maybe you've got a garage that you're not using.
• 25:13
  Yeah, maybe your driveway.
• 25:15
  If you think about it, in some of these big cities, a place to park a car, a place to park a boat, a place to park a camper, all of those things.
• 25:24
  You can make money doing this.
• 25:25
  Ralph, have you ever heard of the company Spot Hero?
• 25:29
  I have never heard.
• 25:30
  You got to tell us about Spot Hero.
• 25:32
  Never heard of that one.
• 25:33
  Well, I guess it's like, in the whole realm, in this realm of, like, you have space, you can sell it.
• 25:39
  Spot Hero is if you have a parking spot.
• 25:42
  So I use it a lot when I was living in Boston.
• 25:44
  And you could just rent out somebody's parking spot.
• 25:47
  It could.
• 25:47
  They could have, like, a parking garage.
• 25:49
  They could have a driveway, and you just pay for that.
• 25:52
  And it has expanded to around, like, concert time.
• 25:56
  You know, sometimes the concert venue parking is super expensive.
• 25:59
  Yeah.
• 26:00
  You can spend some money on those concerts.
• 26:02
  I'm like, you got to be kidding.
• 26:03
  Yeah.
• 26:03
  So if you spent.
• 26:04
  If you charge a little bit less than the concert venue and your place is just good enough, then you can also make money that way.
• 26:11
  So Spot Hero.
• 26:12
  That's one.
• 26:12
  And so I definitely imagine that there are platforms for, like, parking your.
• 26:17
  Did you say boat?
• 26:19
  I'm sure there's something out there.
• 26:20
  And it's interesting that I see that Dutch's just put a comment in here.
• 26:26
  And actually, great question, Dutch.
• 26:27
  He said leasing out a spot, Is that an insurance issue, a liability?
• 26:32
  And thank you.
• 26:33
  It's like we were on the same wavelength.
• 26:35
  Dutchess, what is it?
• 26:36
  What is it, Ralph?
• 26:38
  Absolutely.
• 26:38
  That's an issue, because now all of a sudden, you are going to be the host of somebody's stuff.
• 26:45
  This is one of the ones.
• 26:46
  Reach out to your insurance carrier.
• 26:49
  And because here's the thing.
• 26:50
  There's a word.
• 26:50
  There's a thing called insurable interest.
• 26:53
  Insurable interest.
• 26:54
  If you don't actually own something, most insurance companies would say you don't have insurable interest.
• 27:02
  Can you repeat that one more time, please?
• 27:03
  So think about it like this.
• 27:05
  Insurance companies cover things that you actually own.
• 27:08
  Right.
• 27:09
  So I have my.
• 27:10
  That's what gives.
• 27:11
  You called.
• 27:12
  It's called insurable interest.
• 27:14
  So in other words, if Juliet, you have a friend, and a friend says, hey, Juliet, I'm going out of town.
• 27:20
  For a week.
• 27:20
  Can I park my car in your driveway?
• 27:23
  Right.
• 27:24
  Your insurance may not cover if that car gets destroyed in your driveway because you don't own the car.
• 27:30
  Own that car.
• 27:31
  So your insurance company would say, juliet doesn't have insurable interest in this.
• 27:37
  So be aware of that.
• 27:38
  Ask your insurance company.
• 27:41
  Does this work?
• 27:41
  You may have to pay for a rider.
• 27:43
  A rider being something you add to your policy.
• 27:46
  Right.
• 27:47
  So just be aware of that.
• 27:48
  Another one that's got some people in trouble.
• 27:50
  Listen to this one.
• 27:51
  And I kind of what this feels like.
• 27:52
  I have an EV.
• 27:53
  I have a Hummer H3 EV.
• 27:55
  Right.
• 27:56
  Well, some people have said, you know what I'm going to do?
• 27:58
  I'm going to open it up so, like, people can come and charge their cars at my house.
• 28:02
  Charge their cars at your house?
• 28:04
  Yeah.
• 28:04
  You got the whole EEV charger.
• 28:06
  Right?
• 28:06
  Yeah.
• 28:06
  But here's the problem.
• 28:08
  What happens if your electric bill goes up and you didn't charge enough?
• 28:12
  Right.
• 28:13
  That's a big deal.
• 28:16
  So if you've got extra space, the driveway, the parking spot, there's a neighbor app that you can use.
• 28:24
  I think these are just great ideas.
• 28:25
  Let's get into the next one.
• 28:26
  So the next one is turn clutter into income.
• 28:30
  Now, I'll be honest with you.
• 28:31
  My wife is a minimalist.
• 28:34
  Right.
• 28:34
  She has like.
• 28:35
  I mean, if something was to happen, she's got like two boxes and she's good.
• 28:38
  I am not a minimalist, but I thought this was a really cool idea.
• 28:43
  Yeah.
• 28:44
  Juliet, do you have any friends who have a lot of stuff?
• 28:47
  Yeah, I do.
• 28:49
  I have a lot of friends who have a lot of stuff.
• 28:51
  So here's something the article recommended you said to your friends.
• 28:55
  Hey, you got a lot of stuff.
• 28:57
  How about I sell those things for you and I'll just take a little commission?
• 29:01
  Yeah.
• 29:02
  And maybe you're good at Facebook Marketplace.
• 29:05
  You're good at.
• 29:05
  What's the other one?
• 29:06
  The Craigslist.
• 29:07
  There's a whole bunch of different ones.
• 29:09
  I thought this was really a cool idea.
• 29:12
  Yeah.
• 29:12
  Go out to your friends, go out to the hoarders that you know and say to them, hey, you got a lot of stuff.
• 29:18
  But think about it.
• 29:19
  If you can sell something for them, let's say you take a 10 or a 20% commission, right.
• 29:24
  It's a win win because your friend gets less stuff in their home or where they're at, and you make a commission.
• 29:31
  Yeah, Yeah.
• 29:31
  I will also throw it out there, even though this is not.
• 29:34
  I.
• 29:34
  I don't know how many places do this.
• 29:36
  But around me, there's a group that every weekend they do buy.
• 29:44
  It's called a buy nothing group.
• 29:46
  Right.
• 29:46
  So if you have stuff that you want to get rid of or maybe you want to sell, but if you come to this, like, buy nothing, you bring your stuff and you're not allowed to charge for it, and
• 29:55
  then you basically swap or whatever.
• 29:57
  And then at the end, if nobody has taken your stuff, you have to take it back.
• 30:00
  That's the rule of this.
• 30:01
  So it's like a straight up swap meet.
• 30:03
  It's a straight up swap meet.
• 30:05
  Right.
• 30:05
  So there.
• 30:06
  Sounds really interesting.
• 30:07
  But, like, do you.
• 30:08
  Do you.
• 30:08
  So.
• 30:09
  So you take your stuff, but you're.
• 30:10
  Gonna come back with more stuff, though.
• 30:12
  So if you're trying to get rid of stuff, it's not necessarily the good plan, right?
• 30:15
  Oh, well, it's.
• 30:16
  It's.
• 30:17
  You don't have to do a swap.
• 30:18
  One for one.
• 30:19
  Okay.
• 30:20
  It's so like, you could get rid of your stuff, but you can get other people's stuff if you want.
• 30:25
  Reminds me of a funny story.
• 30:26
  So have you ever heard of, like, the public dump, like, where you take trash?
• 30:30
  Do you have these in California?
• 30:32
  So my grandfather used to take me to the dump when we were kids.
• 30:35
  Like, we would do a project around the yard, and he would take me to the dump.
• 30:39
  Now, Julie, this is no lie.
• 30:40
  My grandfather.
• 30:41
  So the way it works is you load up your truck, okay?
• 30:44
  And you drive to the dump.
• 30:45
  And they've got this scale as you go in.
• 30:48
  So they weigh your truck, okay?
• 30:50
  So they give you a weight.
• 30:51
  Here's how much stuff is in your truck.
• 30:53
  And you drive up, you dump the truck, and the guys have the bulldozer.
• 30:58
  They're like, but here's the problem.
• 31:00
  My grandfather would go find stuff at the dump.
• 31:05
  Yeah.
• 31:06
  So he'd look around and be like, oh, I could use that.
• 31:08
  Oh, I could.
• 31:09
  I could fit.
• 31:10
  My grandfather was a tinkerer.
• 31:11
  He liked to tinker with stuff.
• 31:12
  So this one day, he takes me to the dump.
• 31:14
  Julie, this is no lie.
• 31:16
  We go in, they weigh us.
• 31:17
  We didn't have that much stuff.
• 31:18
  I don't remember what we had.
• 31:19
  It was like clippings or something from the yard and maybe some trash or something.
• 31:21
  We used to burn a lot of trash.
• 31:22
  But anyway, that's another discussion.
• 31:24
  So we leave the dump, and the guy in a little booth, it says, I'm gonna go ahead and weigh it now.
• 31:29
  And he looks at my grandfather and he goes, sir, I think our scale's broken.
• 31:34
  And my grandfather's chuckling the whole time he's gone.
• 31:38
  He goes.
• 31:38
  And my grandfather says to me, he goes, watch this.
• 31:41
  They had to pay him because he took money from the dump.
• 31:44
  He took more weight out of the dump than what he took in.
• 31:47
  So the law was they had to pay him the difference.
• 31:51
  So here.
• 31:52
  So it reminded me of the swap meet thing, because basically, he went into it with the idea of getting rid of stuff, but he came back with more.
• 31:59
  And of course, my grandmother was not happy about that.
• 32:02
  Tinker.
• 32:03
  He is.
• 32:03
  He was a tinker.
• 32:05
  And for seeker in the chat says there are some Facebook groups that are buy nothing groups.
• 32:09
  They put stuff.
• 32:10
  They put up stuff to get rid of the person needs to pick it up.
• 32:13
  But you don't charge.
• 32:14
  Yes.
• 32:15
  Buy nothing.
• 32:16
  Yeah, and I like, wander the dump.
• 32:18
  Duchess, what are you doing?
• 32:19
  You can't wander the dump any more.
• 32:21
  Damn regulations.
• 32:22
  Yeah.
• 32:22
  And Duchess.
• 32:23
  Yo.
• 32:23
  It was a thing, like, my grandfather and I used to have fun because we were always at.
• 32:26
  Now, look, you got to get past the smell, because anyway, that's.
• 32:30
  That's an image we probably don't need in our mind.
• 32:31
  But I guess they've.
• 32:32
  They've gone against that now.
• 32:33
  So you can't wander around the dump.
• 32:36
  That's kind of dumpy, isn't it?
• 32:38
  Yeah.
• 32:39
  Well, we covered three.
• 32:42
  Three.
• 32:43
  What is these, like, side hustles?
• 32:44
  I also saw in the chat hustle ideas.
• 32:47
  Duchess wrote that she's trying to set up a side hustle with ACX, audiobooks, etc.
• 32:53
  That's gonna be so much fun.
• 32:55
  I actually had a moment, you know, like, when I got this mic.
• 33:00
  I was like, ooh, maybe I should start looking at audiobooks and all that stuff, too.
• 33:04
  But not on my list right now.
• 33:06
  That's kind of fun.
• 33:07
  Dutch, as we.
• 33:07
  Yeah.
• 33:07
  I encourage you to do.
• 33:08
  That's great.
• 33:09
  That's fantastic.
• 33:10
  Yeah, I like it.
• 33:11
  Now, here's some other ideas.
• 33:12
  I just want to throw some other ideas out there before we get to our next segment.
• 33:15
  You could do seasonal work.
• 33:17
  A lot of golf courses hire people.
• 33:19
  Museums hire people.
• 33:20
  Theaters, parks, sometimes these things.
• 33:23
  You might not get paid a lot, but you might get comp tickets.
• 33:26
  Not a big deal.
• 33:27
  Here's another thing a lot of people hadn't thought about.
• 33:29
  If you've got an iPhone, you've got a way to record yourself.
• 33:33
  You can go on the YouTube and you can teach other people your trade.
• 33:36
  You might be able to get sponsors to do that.
• 33:39
  Yeah.
• 33:40
  And the thing about all of these things, it doesn't take a lot of experience like, here's another one I threw out there.
• 33:44
  This one was an idea of if you know, what do you love?
• 33:47
  Well, there's a couple that has zero experience, but they built a wedding photography business about helping their friends out.
• 33:54
  Like, I looked at it.
• 33:55
  I've been married a couple times.
• 33:56
  That sounded weird, but I've been with the same wife for 26 years.
• 33:59
  But listen, photography for a wedding is super expensive.
• 34:04
  Yeah.
• 34:04
  So maybe offer that to your friends.
• 34:07
  Yeah.
• 34:07
  But just be aware what you're getting into, because no platform is ever going to publish what you actually are going to earn.
• 34:13
  They're going to tell you what you might earn.
• 34:15
  Just do your due diligence, understand what they're charging, understand the insurance.
• 34:20
  Insurance like Dutchess talked about.
• 34:22
  Understand you know what you're getting into.
• 34:25
  Because in all things that we do on this show, you've got to be intentional about them.
• 34:29
  Because when you're not intentional, that's when you can get yourself into trouble.
• 34:34
  Infor Seeker in the chat has such a great idea.
• 34:36
  Halloween is coming up.
• 34:37
  Some attractions, hire actors.
• 34:40
  Is this going to be one of my side quests this year?
• 34:42
  I want to think about it.
• 34:43
  It's a great idea.
• 34:43
  And actually, it's funny because where I live in Delaware, probably.
• 34:46
  Okay, I'm gonna use a colloquial term.
• 34:48
  A stone's throw from here.
• 34:50
  You probably never even heard that, have you?
• 34:51
  No.
• 34:52
  You throw a stone and you hit something.
• 34:53
  Yeah.
• 34:53
  So anyway, a stone's throw from here is this place called Frightland.
• 34:58
  And every year, it's exactly what Infor Seeker said.
• 35:01
  And I saw the billboard out yesterday hiring 180 people.
• 35:06
  Wow.
• 35:07
  I was like, you know what?
• 35:09
  Maybe Ralph needs a side hustle.
• 35:12
  But people look at me, they're already scared.
• 35:13
  So I wouldn't take much to do it.
• 35:16
  See, I would be interested in this because I just want to have fun and do side quests.
• 35:20
  But I'm not a huge Halloween person.
• 35:22
  I get scared really easily.
• 35:23
  So I.
• 35:24
  Maybe it's not my season.
• 35:25
  I'll wait for, I don't know, Thanksgiving.
• 35:27
  Thanksgiving.
• 35:28
  But you could be the anti Halloween person.
• 35:30
  You could be the soother.
• 35:32
  Yeah.
• 35:33
  What's.
• 35:33
  Wait, what's the soothing?
• 35:34
  The soother, the person that calms everybody down.
• 35:37
  I could do that.
• 35:38
  Yeah.
• 35:38
  Like to go ahead.
• 35:40
  I'm sorry, Infoseeker.
• 35:41
  If you get to do it this season, let us come back and tell us about it.
• 35:46
  Yeah, tell us all about it.
• 35:47
  And I like what Dutchess put.
• 35:48
  She said we have a Six Flags always hiring for Fright Fest.
• 35:53
  Yeah, Yeah.
• 35:54
  I think I could get a job doing that because people tell you I'm scary.
• 35:56
  So that'll work.
• 35:58
  That'll work.
• 36:00
  All right, well, let's get into our next discussion here.
• 36:03
  And this is about shipstation.
• 36:04
  We talked a lot about.
• 36:05
  If you're doing side hustles, well, maybe you're selling stuff.
• 36:09
  And just think about it.
• 36:10
  You sold $32,000 of product last year, but you only cleared four of it.
• 36:14
  What I have seen when I've worked with clients is a lot of time.
• 36:17
  It's because of the shipping costs.
• 36:20
  You got the wrong box, the wrong rates, and all that adds up to time.
• 36:23
  Well, here's the thing about shipstation.
• 36:25
  It prints the label at your kitchen table at the rates you can't get by standing in the counter.
• 36:31
  And the best part of this, you get 30 days for free.
• 36:34
  No credit card.
• 36:35
  And here's the best part.
• 36:36
  $14.99 a month after.
• 36:38
  If you're interested in more information about shipstation, and I'm saying that very carefully, go to our website.
• 36:43
  That's becoming financiallyconfident dot com.
• 36:47
  ShipStation Again, that's becomingfinanciallyconfident dot com.
• 36:52
  See, I told you I'd mess that up.
• 36:54
  Julia.
• 36:56
  All good?
• 36:56
  It's okay.
• 36:58
  Well, we're getting ready to hear from our friend who's going to join the show here.
• 37:02
  Her name is.
• 37:10
  All right, so we have got it set up now.
• 37:12
  We are testing out something new today.
• 37:14
  K is going to call in and join us and we're going to talk about needs versus wants.
• 37:19
  So let's see if we can get K on the program now.
• 37:24
  So while Ralph is doing that and we are getting K on the show, I want everybody in the audience to think about how do you define what is a need versus a want?
• 37:32
  Right.
• 37:32
  I'm sure there are certain things that you go, you look at and you're like, oh, I need this.
• 37:39
  I need this.
• 37:40
  But then it takes you a little bit of time to be like, do I really need this or do I just want this?
• 37:45
  Right.
• 37:46
  So if you have any stories of your own journey through this financial mindset, I guess, please let us know in the comments and then also tell us what your definition.
• 37:56
  How do you define that?
• 37:57
  Awesome.
• 37:58
  Cool.
• 37:58
  Okay, we are going to bring on K.
• 38:00
  So let's see if we can make this work.
• 38:02
  Kay.
• 38:02
  Can you hear us?
• 38:03
  Okay?
• 38:03
  Hear us?
• 38:03
  Okay, I can.
• 38:05
  Can you hear me?
• 38:06
  Yes, we can hear you.
• 38:07
  So, K, I want to start now.
• 38:08
  We're getting a little bit of an echo, so we're going to deal with that, but we're going to do our best to work through that.
• 38:14
  So, K, you're one of our main listeners, and you mentioned to me, Ralph, you.
• 38:20
  One of the things you should talk about on this show is needs versus wants.
• 38:25
  Tell me about why you asked me that and give me an idea of what you want to talk about.
• 38:30
  So I wanted to talk about it just because I feel like I'm constantly gaslighting myself into thinking a want is a need.
• 38:36
  Like, I look at my bank account at the end of the month, and I'm like, how did, like, groceries cost that much?
• 38:42
  Only to realize I'm calling, like, doordash or daily iced coffee a survival expense for, like, a stressful day.
• 38:49
  Like, I'm not really focusing on what I need more than what I want.
• 38:55
  Yeah, that's a really good point.
• 38:57
  Let's get into this.
• 38:58
  So, Juliet, what do you think?
• 39:01
  Do you think this is a common situation?
• 39:03
  I.
• 39:04
  I totally think it's a common situation.
• 39:05
  I love the.
• 39:07
  The example that K brought up where it's like, oh, I'm going to the groceries.
• 39:11
  My grocery bill is so high, whether it's on food or dining.
• 39:14
  Right.
• 39:15
  But then when she looks into it, Casey.
• 39:18
  Oh, sometimes I'm just ordering out more because of something.
• 39:22
  I'm feeling stressed, and I just order instead of cooking.
• 39:26
  That is such a real depiction of want versus need within a need category.
• 39:31
  Because you need.
• 39:32
  We all need food to survive.
• 39:33
  Right.
• 39:34
  And so do you.
• 39:37
  Do you agree with that assessment?
• 39:38
  First, Ralph, before we get into the nitty gritty of this.
• 39:42
  Yeah, I think that's a good way to look at it.
• 39:43
  I think needs are things that keep you housed, they keep you fed, they keep you safe, they keep working, and they keep you legal.
• 39:53
  Yeah.
• 39:54
  Yeah.
• 39:55
  So I think for K, it's just like, when have you.
• 39:59
  Do you feel like, I guess, that emotional piece of it when you do go out and buy doordash or you buy certain things, like, what is that emotional piece that you're trying to get rid of or feel or
• 40:14
  not feel or not.
• 40:15
  Right, right.
• 40:17
  I think, like, I just.
• 40:19
  There's always those days that they're just really long, and then I get home and I'm like, I really don't feel like doing anything else.
• 40:26
  So my first thought is, like, well, I don't want to cook, so I'm gonna get doordash.
• 40:30
  Yeah.
• 40:30
  Yeah.
• 40:31
  Or I'm gonna go out and get something different.
• 40:33
  And then, like, that is hurting my bank account.
• 40:37
  Oh, some fascinating things that where my Brain goes towards is one, are you the type of person, do you.
• 40:45
  Are you able to eat the same foods every single day?
• 40:47
  And then the second thing is, have you ever tried things like meal prepping for meal prepping at all?
• 40:57
  I can definitely eat the same things every day.
• 40:58
  That's never really been an issue for me.
• 41:00
  And I have tried meal prepping, but sometimes, like, I'll try it and then it doesn't stick.
• 41:06
  Yeah.
• 41:07
  And then I'll try it again and it doesn't stick.
• 41:09
  So, like, I really gave up on it.
• 41:12
  Yeah, I like what Dutch just put in the comment.
• 41:14
  She said planning is key.
• 41:16
  Yes, I agree.
• 41:17
  Being intentional meal prep, all these things are fascinating.
• 41:21
  Now, Julia, I want to say what I the other side of this.
• 41:23
  You asked me what a need is.
• 41:25
  Let's talk about a want, because I think we need to have a definition.
• 41:29
  Right.
• 41:29
  In my view, a want adds comfort or enjoyment, but life goes on without it.
• 41:37
  Now, here's the thing.
• 41:38
  The truth is, and Kay, I'm going to ask you about this because I think you probably agree with me.
• 41:41
  Most things are both.
• 41:44
  Because if you think about it, if you have doordash, you have to eat.
• 41:48
  We said at the beginning that's a survival thing.
• 41:50
  There's some basic level.
• 41:52
  But I think a want is over and above that.
• 41:55
  So let's use the doordash as an example because it ties into what we're talking about.
• 42:00
  You have a need to eat.
• 42:01
  There's a need for sustenance in your body.
• 42:04
  Right.
• 42:05
  The want is.
• 42:06
  Well, I didn't plan well.
• 42:08
  The want is.
• 42:09
  Yeah, I've got some ground beef here and I could put this together, make some home tacos or something like that.
• 42:15
  But I really want what's at the doordash.
• 42:18
  Do you feel that way, Kay?
• 42:21
  Yeah, I think that's it most of the time or sometimes it's like, just not really feeling like wanting to go to the grocery store and buy something to cook.
• 42:31
  It's more so, like, well, that store's right there.
• 42:33
  I can just go there and get it since it's closer or just because I don't feel like cooking or stuff like that.
• 42:40
  Right.
• 42:41
  And I've got a test I want to share with the audience that I came up with, how to determine if it's a need or a want.
• 42:46
  Right.
• 42:46
  Are you ready, Juliet?
• 42:47
  Here's what I came up with.
• 42:49
  First question to ask yourself, what happens if I don't?
• 42:55
  So, for example, let's use that doordash thing.
• 42:57
  If I don't order doordash Am I going to survive?
• 43:03
  I think the answer is yes.
• 43:05
  Yeah.
• 43:05
  Because you're gonna figure something out.
• 43:06
  There's always peanut butter and jelly, Right.
• 43:08
  There's always crackers.
• 43:09
  But.
• 43:10
  So that's the first question.
• 43:12
  What happens if I don't?
• 43:14
  Second question, can I delay it?
• 43:16
  This is more of that discussion of, I'll give you a great example of this.
• 43:20
  Like, people know I'm like a techno nerd, right?
• 43:22
  So I already know the new Apple iPhone duo.
• 43:25
  That's the.
• 43:26
  The opening screen is going to come out in October.
• 43:28
  Right now, if you ask me, I would say I need that.
• 43:32
  Mm.
• 43:33
  But do I really need it or could I delay it?
• 43:36
  Do I already have a phone that works?
• 43:38
  Right.
• 43:39
  You know, and that doesn't really fit into the idea of the doordash we were talking about.
• 43:43
  But that's the second tier to this.
• 43:45
  Right.
• 43:46
  I think.
• 43:46
  I mean, I think it's a really good conversation to bring it to that doordash example.
• 43:50
  Right.
• 43:51
  And so when Kay is saying, oh, I.
• 43:56
  When Kay brought up this example of I'm spending a lot more money on doordash, the way that I think of.
• 44:00
  Okay.
• 44:01
  There are some other things that.
• 44:03
  Some additional things that came through this conversation with K.
• 44:06
  Are you being very strict on yourself on, you know, saying, I need to.
• 44:11
  Or I want to want to cook seven days a week or something like that?
• 44:15
  Right.
• 44:16
  Like we talked previously on the show.
• 44:18
  Your ratios, your ratios of how you're spending your money, I think it's the same thing within a group.
• 44:23
  Like, this is for K.
• 44:25
  What do you feel like is an acceptable ratio of eating out versus cooking?
• 44:30
  Right.
• 44:31
  And then also tying it to.
• 44:32
  Do you have a money dream of your own?
• 44:37
  I try not to eat out as much as I would like to.
• 44:41
  Okay.
• 44:42
  Most of the time it's on the weekends because I go do whatever and then I get home late and, like, I don't feel like cooking.
• 44:51
  So I'm just gonna grab something fast and go home, eat whatever I'm.
• 44:58
  I try to just keep a routine cooking, like at least five days a week and then getting stuff on the weekends.
• 45:05
  Sometimes I'll crack a little bit and go and get something during the week just because, you know, just that's how it is sometimes.
• 45:15
  But I try my best to just cook at home just with what we have.
• 45:20
  Yeah, it's so true.
• 45:21
  And what actually leads me to the next question, and that is, is there a cheaper version that meets the same need?
• 45:27
  So could you make something at home that meets that same need?
• 45:30
  That's Where I think.
• 45:31
  And I'm going to pick on K for a second, honestly, I think doordash is always a want because there is a cheaper version that meets the same need.
• 45:41
  So that's where the decision between and this isn't.
• 45:44
  This isn't a.
• 45:44
  This is a judgment free zone.
• 45:46
  This is not menace judgment.
• 45:47
  But I think if we're going to tie it into a need versus want, I think it's very hard to argue that doordash is a need.
• 45:55
  Yeah.
• 45:56
  I will say she did mention that she K usually eats out on the weekends though, which I feel like is very similar to the people in my life and even my own like Stan.
• 46:08
  The way that I live, I tend to save all my eating out on the weekends as well.
• 46:13
  Oh, trust me, I hear this all the time from my wife, Juliet.
• 46:16
  Yeah, because here's the deal.
• 46:17
  Here's Ralph's life, right.
• 46:21
  I'm talking to the third person.
• 46:22
  Like I've really lost it at this point.
• 46:23
  But we eat out on Friday night, Saturday night and Sunday night.
• 46:27
  And I'll tell you why, because it's going to sound kind of funny, but my office and my home are on the same property.
• 46:33
  Yeah.
• 46:34
  And honestly there are days where I don't leave the property.
• 46:38
  So for me, and this may be true for a lot of people in that needs versus want discussion, for me it's not about the need for food, it's the need for socialization.
• 46:48
  It's the need to get out and do things.
• 46:50
  And that's why.
• 46:51
  And Kay, you can answer this question.
• 46:52
  Is the eating out for you more of a need for socialization to be out with other people or is it a need for food?
• 46:59
  What is it for you?
• 47:01
  I think it's just being out with other people because I have a dog and he is only two years old and.
• 47:07
  And it's hard to just have him in the house by himself all day every day.
• 47:12
  So I stay with him as much as I can.
• 47:14
  But if I get the chance to go out and see people and talk with people, whether it's eating or mini golf or just whatever it is, I try my best to get out and do stuff so that I'm
• 47:25
  with society and not stuck in a house all.
• 47:28
  Day, oh for sure that's important.
• 47:30
  Let me give you some things like people are talking in the chat.
• 47:33
  Infoseeker has said I always keep on hand some frozen stuff, chicken patties or frozen frozen pizza for those stressful days.
• 47:39
  Meal prepping can also be just planning what to eat each day, which helps with Grocery shopping.
• 47:44
  And Duchess of NJ also does the same for like soups, tortilla wraps, canned, canned veggies and fruit.
• 47:52
  Infoseeker also says delete doordash and figure out how to make the food you are doordashing, you will start not even missing it.
• 47:58
  Meals are out, are starting to decrease in quality.
• 48:02
  Ooh, sorry, my voice is cracking.
• 48:05
  No, but.
• 48:06
  But I think in four Seeker makes a good point there.
• 48:08
  And I've been on a health kick for a while and I know Dutchess is too.
• 48:12
  And Dutchess has a new show called 50 over 50.
• 48:15
  I can't remember the thing, but she talks a lot about this on her show, her and John.
• 48:20
  And that's the other thing I want to talk about here, is that sometimes eating out doordash, you're eating food that's not necessarily good for you.
• 48:27
  So as I start to get more intentional about my eating and all that sort of just something else to think about because that's a needs versus want to thing as well.
• 48:36
  You might want that food because, oh, it's like a little bit of a cheat, if you will.
• 48:40
  But is it really a need?
• 48:42
  Yeah, I think some other things.
• 48:44
  K.
• 48:45
  If you want to talk now about it or just think about it on your own is one.
• 48:51
  Maybe there are other ways.
• 48:53
  Maybe like this socialization, because you did say it is a socialization piece for you.
• 48:58
  Maybe that is something that you need in your life so you don't go stir crazy and you don't lose the.
• 49:03
  The ability to connect with other humans.
• 49:05
  I can see that totally as a need.
• 49:07
  I think that's a need.
• 49:11
  So then if you end up saying to yourself, hey, this is an important piece and I just don't see this number changing.
• 49:17
  Right.
• 49:17
  Like you can put it at a cap.
• 49:18
  You can say, I don't want to spend more than, I don't know, 200, I guess, a month.
• 49:22
  If you want it.
• 49:23
  Want to then take a look at other areas of how you're spending your money and being able to still achieve your money dreams through other avenues.
• 49:35
  You know, this is exactly what we talked about on the show, the Joy Fund.
• 49:38
  This is that part of your life that's joy.
• 49:41
  I'll throw something else out there.
• 49:43
  If you like to get out and socialize, pack a picnic.
• 49:46
  Picnic lunch.
• 49:48
  This way you can get out, you know, But I'm saying, when I was a kid, it seemed like more people did that.
• 49:52
  Now I want to mention something.
• 49:53
  Our moderator, Abby, put something, something in there and I want to bring it to light.
• 49:57
  She says, I Eat out during the weekends too, because I've been working at home most of the time.
• 50:01
  Again, it's funny that we've landed there, but I think for a lot of people it's that socialization.
• 50:07
  And I see this a lot more post Covid.
• 50:10
  I think we all lived in this, like, this Covid bubble where we weren't.
• 50:13
  I remember.
• 50:14
  I remember distinctly, like the cool thing that I found getting past Covid was going out to dinner.
• 50:18
  Again, because it was cool.
• 50:20
  We could go around Delaware.
• 50:22
  There's a lot of places you go get takeout and all this kind of stuff.
• 50:24
  But it just wasn't the same as sitting in a restaurant with other people and hearing kids carrying on and people just having a good time.
• 50:31
  So I think all those things are valid.
• 50:33
  Yeah.
• 50:34
  So I think for me, just like hearing what?
• 50:37
  Oh.
• 50:37
  So Infoseeker says socialization is a need.
• 50:40
  That's where you can do potlucks with friends, barbecues and dinner parties.
• 50:43
  And Dutchess agrees.
• 50:45
  I also agree, like, if that is something, if you're socializing with friends that you've known for a long time and y' all can do potlucks, that is so cute.
• 50:54
  And then you guys can go do mini golf and just pay for the mini golf.
• 50:57
  Like more money on that.
• 51:01
  So I think after talking to K about it, the way that I see it is that the social socialization is a need.
• 51:11
  And right now it's all about socialization around food and an event.
• 51:16
  And so maybe it's one of those things where you have to think to yourself, is that actually bringing you the most value of the socialization piece?
• 51:23
  If not, how are ways that you can navigate around that?
• 51:25
  That's my take on your situation.
• 51:28
  And Kay said something else that I want to spend a couple minutes talking about because one of the reasons I do this show is Kay said she feels like she's gaslighting herself.
• 51:37
  She said, I feel like I'm letting myself down.
• 51:40
  Kate, let's talk about that a little bit more.
• 51:41
  Are you cool to talk about that?
• 51:43
  Yeah, I'm okay with talking about it.
• 51:45
  Okay.
• 51:45
  Cuz this is one of those things that gets a little personal and it's about feelings.
• 51:50
  K, do you come from a place where you were made to feel like spending money on yourself or doing things that weren't?
• 51:58
  The routine was sort of like a.
• 52:00
  No.
• 52:00
  No.
• 52:00
  Do you come from a place like that?
• 52:04
  Not entirely.
• 52:05
  It's just I'm very used to not always having money.
• 52:10
  So when I did have it or when I do have it and I see something that I'm like, oh, well, I didn't have money for that before, but I have it now.
• 52:18
  It's like, that's what's on my mind.
• 52:19
  I want to get that.
• 52:20
  And then after I get it, I'm like, oh, well, I probably shouldn't have done that.
• 52:24
  I relate so hard.
• 52:26
  Me.
• 52:27
  Me too.
• 52:27
  Absolutely.
• 52:28
  And I'll share a story here on the show.
• 52:30
  My parents split up when I was 8 and I lived in a very warped situation.
• 52:34
  Let me just.
• 52:35
  I won't take an hour to talk about it.
• 52:36
  But basically, my dad was very wealthy.
• 52:39
  Still is very wealthy.
• 52:40
  My mom wasn't so much.
• 52:42
  So I lived in this weird dichotomy of just different worlds where we were predominantly with my mother, but then every other weekend we would go to my dad's house.
• 52:50
  Well, with my mother, she was one of these people that she planned the meals out.
• 52:54
  She did a great job, but everything was planned.
• 52:56
  We didn't go out for fun dinners and all this kind of stuff.
• 52:58
  Well, we would go to my dad's and it was like there was no spending limit.
• 53:02
  So when I was out on my own, I think I feel a little bit like you do, Kay.
• 53:06
  There would be extra money in the bank account.
• 53:08
  I'm like, oh, cool, I can go buy something.
• 53:09
  I can go out to eat.
• 53:10
  I can go do this or do that.
• 53:12
  Because I felt like there were times and listen, I'm not bad mouthing my mother, but there were times when I felt like we were so restricted and.
• 53:21
  Kay, maybe that's what you're feeling too.
• 53:23
  I just want to say something to you, Kay.
• 53:25
  It's okay.
• 53:26
  It's okay to make mistakes.
• 53:28
  It's okay to learn from this.
• 53:30
  The whole point of this show is to help you make a better decisions.
• 53:35
  So I hope today we've given you some ideas of some things you can put into practice of, you know, like, like the people in the chat said, do some meal planning, but also at the same time, and Juliet
• 53:44
  said this.
• 53:45
  Build into your.
• 53:47
  I'm going to use the word budget in the way.
• 53:49
  I hate that word.
• 53:49
  But build into your intentional spending plan.
• 53:52
  Put a job together.
• 53:54
  That's the better word to use for what is joy for you.
• 53:58
  And then be comfortable spending that on Joy.
• 54:00
  If it's $20 a week, if it's whatever, whatever your budget works with, whatever you can afford, it's okay to do that.
• 54:07
  Don't beat yourself up about that.
• 54:09
  As long as you're being intentional about it and you're using the money for the job that was designed for.
• 54:14
  Does that help you, Kay?
• 54:17
  Yeah, it does.
• 54:18
  It really does.
• 54:18
  I have a lot that I have to think about and figure out, but you guys have definitely helped, so thank you.
• 54:25
  K.
• 54:26
  I'm with you.
• 54:27
  I'm with you.
• 54:27
  I know we talked a lot about the dollar job framework on this show over the last couple of weeks.
• 54:32
  I still need to do this week's, like, money move, the subscriptions and the expenses and all that.
• 54:37
  I'm not excited about it, but I'm kind of excited because then I know how I can set an intention for everything that I do.
• 54:44
  And I'll just like, I know we're almost on time, but I'll just share something else too.
• 54:48
  It's like, I've talked on the show.
• 54:50
  I'm a new entrepreneur, and so in the past, I would be much more willing to, you know, go out and I have a group of friends where we eat together every.
• 54:58
  Every two weeks.
• 54:59
  And we used to order a lot of food and then come in and like, split the bill.
• 55:03
  And then recently we've been going out to restaurants.
• 55:06
  I had to just be like, hey, I'm not one.
• 55:09
  I don't feel good about spending this money right now just because I'm mentally constraining myself.
• 55:15
  But then it opens us up to have conversation on, like, okay, well, what's the goal of these get togethers?
• 55:22
  It's really to have a really valuable fun time where we just are relaxed and we can chit chat about everything under the sun.
• 55:30
  Does it really matter if we go to an expensive restaurant or not an expensive restaurant?
• 55:34
  And then we.
• 55:34
  And then as a group, we kind of have those conversations.
• 55:37
  Right.
• 55:37
  So those conversations are important to have internally as well.
• 55:40
  So your money doesn't go somewhere that you don't want it to go.
• 55:45
  And I love that, Julia, because what you're saying is you have the conversation with your friends and family and say, listen, I'm in a season right now where I'm trying to watch where I'm spending money.
• 55:55
  If our goal is to be comfortable, I hate it.
• 55:57
  I totally get it.
• 55:58
  But it.
• 55:58
  But it's a conversation you need to have.
• 56:01
  Because what you will probably find is there's someone else in your group that feels the same way, but they don't feel empowered enough to say it.
• 56:08
  Yeah.
• 56:09
  And that's the other reason we do the money move is like, if you find other places where you're leaking money, this may allow you to put more money into this joy area.
• 56:17
  It may allow you to put more money into the stability thing.
• 56:20
  So, Kay, thank you so much for joining us today.
• 56:22
  We really appreciate you being on this show and feel free to join us again in the future because this is what this show is all about.
• 56:29
  We want to bring people on, real people who are experiencing the things that are going on at the kitchen table in their lives.
• 56:35
  So thank you so much for joining us today.
• 56:37
  We really appreciate it.
• 56:38
  Kay, thank you.
• 56:39
  Of course.
• 56:40
  Thank you guys for having me.
• 56:41
  You're very welcome.
• 56:44
  So, Ralph, if anybody else wants to leave a voicemail or be a caller on this show, where can they go?
• 56:50
  So you can go to becoming financiallyconfident.com now you can also go to becomingfinanciallyconfident.com voicemail.
• 56:58
  And here's my challenge.
• 56:59
  Here's what I want to challenge.
• 57:00
  I'm going to put it out there on the line in the next 24 hours.
• 57:04
  I would like to get a couple of voicemails.
• 57:07
  So if you're listening to this show, if you're live on the show right now, do me a favor.
• 57:11
  Even if you just want to say, hi, Ralph, I'm such and such enjoying the show.
• 57:16
  You don't even have to have a question.
• 57:17
  Tell us what you're enjoying about it.
• 57:19
  If you want to tell us about a struggle that you're having, or just tell us, hey, Ralph, the weather in northern New Jersey is fantastic.
• 57:26
  And I'm going to Six Flags this weekend to Fright Fest.
• 57:28
  I am totally cool with that.
• 57:30
  We just really want to talk to our audience and get a feel for where you are right now on your financial journey.
• 57:36
  Because, listen, we're all together in this.
• 57:39
  That's the big thing.
• 57:40
  I'll say one thing.
• 57:41
  I think what's really beautiful about Kay's question or like, her feelings is it's a lot of feelings, right?
• 57:47
  You don't need to have a pointed question because again, there's not always one right answer to everything.
• 57:53
  But talking through how to think about it, how other people think about it, how you feel about a situation, how do other people feel about a situation?
• 57:59
  It just gives you a lot more data points and stories to work off of.
• 58:05
  Absolutely.
• 58:06
  Let's get to our money move before we run out of time.
• 58:08
  Oh,.
• 58:12
  All right.
• 58:12
  So don't forget, this week's money move and we just talked about a little bit is you write down every subscription that you have and cancel one of those.
• 58:21
  And that's what we're doing this week.
• 58:23
  I have not done it yet, but I still have a couple more days.
• 58:26
  You got a couple more days.
• 58:27
  Well, let's talk about what's coming up on tomorrow's show.
• 58:34
  All right.
• 58:35
  Ready for this?
• 58:35
  Tomorrow we have a record $131.5 million settlement.
• 58:40
  It's paying back delivery drivers in New York City this fall.
• 58:45
  And here's the best part.
• 58:46
  Nobody has to file a single claim form.
• 58:48
  And then guess what time it is.
• 58:50
  It's Thursday.
• 58:51
  And it's time for Ralph is on the spot with questions that I haven't seen.
• 58:57
  And truth is, anything can come up.
• 58:59
  And then I'm going to talk about one more thing.
• 59:01
  I'm going to tell you a story about a client whose tax software talked them into the problem the IRS is still arguing about.
• 59:08
  I'll give you a little hint.
• 59:10
  This client got an $8,000 refund.
• 59:13
  A month later, they owed the IRS $10,000.
• 59:17
  What?
• 59:18
  Yes.
• 59:19
  That's we're going to talk about on tomorrow's show.
• 59:21
  So make sure you join us tomorrow.
• 59:23
  Sounds good.
• 59:24
  That is it for today's episode of Becoming Financially Confident.
• 59:27
  I'm Ralph Estepp Jr.
• 59:29
  And I am Juliet.
• 59:30
  And again, if you've got questions for the show, that's why we do what we do.
• 59:34
  Go to becomingfinanciallyconfident.com and make sure you share the show with somebody else because we'd love to talk to more people and make sure you join us tomorrow.
• 59:43
  Yes.
• 59:45
  Remember, this is Becoming Financially Confident, where we are breaking free from money shame.
• 59:49
  One conversation at a time.
• 59:50
  So join us tomorrow at 11:30am Eastern.
• 59:54
  Have a great day, everybody.
• 59:55
  Bye.