Latest / The Bill Handel Show / ‘How to Money’ with Joel Larsgaard | Grocery Stores Adopt Digital Price Tags

Transcript

‘How to Money’ with Joel Larsgaard | Grocery Stores Adopt Digital Price Tags · The Bill Handel Show

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  Speaker 1: You're listenings KFI AM six forty the Bill Handles show
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  Speaker 1: on demand on the iHeartRadio Fatto.
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  Speaker 2: Here is Thursday morning, October sixteenth.
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  Speaker 1: As the stories, we're looking at a judge's order of
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  Speaker 1: the Trump administration to halt its effort to fire those
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  Speaker 1: federal workers and not just put them on a four
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  Speaker 1: well permanent furlough and four thousand already he's going to
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  Speaker 1: go to ten thousand, and judge said no, no, no,
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  Speaker 1: not during the shutdown.
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  Speaker 2: And also what else do we have here? Oh in Gaza.
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  Speaker 1: I think Hamas is looking at a world of hurt
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  Speaker 1: because they said they had the twenty eight dead hostages
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  Speaker 1: and now they say they don't, and Israel is not
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  Speaker 1: really happy with that. All right, Sunday, every Sunday from
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  Speaker 1: twelve to two pm. What I find kind of interesting
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  Speaker 1: and I didn't even know this, and that's that there
• 0:57
  Speaker 1: are certain bankruptcy attorneys that are actually open and usually
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  Speaker 1: they listen. People listen to Joel on the way to
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  Speaker 1: the bankruptcy attorney and figure out how their life is
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  Speaker 1: going to end very quickly.
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  Speaker 2: Joel, Good morning morning Bill.
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  Speaker 1: Yeah, Joel is Sunday twelve pm to two pm at
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  Speaker 1: how to money, Joel, all Right, a couple of things,
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  Speaker 1: and this one is weird.
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  Speaker 2: I'm sure that this was there's something wrong with this.
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  Speaker 2: Going to a wedding.
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  Speaker 1: Going to a wedding is now as expensive as a
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  Speaker 1: month's rent.
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  Speaker 2: Do I have that right?
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  Speaker 3: Not throwing a wedding, but going to Yeah, just just
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  Speaker 3: attending and participating in. And basically what they're saying is that,
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  Speaker 3: you know, for people who are in the wedding party
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  Speaker 3: and all of the stuff involved with being a part
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  Speaker 3: of the crew, it's expensive.
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  Speaker 2: And I think it's true.
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  Speaker 3: Like it's think about buying the suit or the dress
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  Speaker 3: if you are if you're a groomsman, Like think about
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  Speaker 3: the bachelorette party, the bachelor party. Those have been ramped
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  Speaker 3: up in recent years, and so often they involve a
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  Speaker 3: destination and running a place and going out and stuff
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  Speaker 3: like that. And so I think especially for young people,
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  Speaker 3: I'm out of this phase, Bill, haven't been in this
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  Speaker 3: phase for a while of like all my friends getting married.
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  Speaker 3: But when you are invited to participate, it's an honor
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  Speaker 3: and then you realize, holy mackerel, this is going to
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  Speaker 3: cost me a lot of money to actually participate in
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  Speaker 3: the way my friend wants me to be able to participate,
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  Speaker 3: this is actually going to be a financial obligation at
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  Speaker 3: the same time.
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  Speaker 1: Well, there's a couple of ways around it. And by
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  Speaker 1: the way, I'm still in I'm going to weddings, usually
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  Speaker 1: fourth or fifth weddings that my friends are having. And
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  Speaker 1: when they say we'd love you to be a groomsman,
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  Speaker 1: and all I have to do is rent this tuxedo
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  Speaker 1: at one hundred and fifty dollars and kick into the
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  Speaker 1: bachelor party, the quick answer is no, thanks.
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  Speaker 3: Have fewer friends. I think is one piece of advice,
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  Speaker 3: right that you could follow in order to save money
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  Speaker 3: and then or yeah, you could say no, or I
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  Speaker 3: think there's also just ways to lean in and say, hey, like,
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  Speaker 3: what are the obligations going to be. I'd love to participate,
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  Speaker 3: but I'm also worried about my finances and if we're
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  Speaker 3: going on some sort of fat, fancy, you know, bachelor trip,
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  Speaker 3: like then a bachelor party trip, then I'm a little
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  Speaker 3: nervous I won't be able to participate in that part
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  Speaker 3: of it. I think you could be honest with your
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  Speaker 3: friends and typically that I don't think people view it
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  Speaker 3: in the way they used to thirty years ago. I
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  Speaker 3: don't think there's a shame in that game. I think
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  Speaker 3: you can just be honest and say, listen, I want
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  Speaker 3: to participate in the ways I can't, but I can't
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  Speaker 3: afford that part of it.
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  Speaker 2: Yeah, or do what I do. I have plenty of money.
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  Speaker 2: I could easily afford it, but you are not worth it.
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  Speaker 2: I am not going to spend this kind of money.
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  Speaker 3: You could be that brutally honest.
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  Speaker 1: Yeah, but it can be expensive. You know, I'm no joking.
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  Speaker 1: I have bailed out and said it's not worth it.
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  Speaker 1: I will be glad to sit in the audience and
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  Speaker 1: watch what's going on. I don't have to be up there.
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  Speaker 3: When I got married, I had one of my best friends.
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  Speaker 3: I asked him to be a groomsman and he said no,
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  Speaker 3: And he was a photographer, and so he said, actually,
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  Speaker 3: I'm gonna I'm gonna shoot the wedding. Can you pay
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  Speaker 3: me to do that? And so he took the opposite approach,
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  Speaker 3: and he was like, I'm gonna find a way to
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  Speaker 3: make money off your wedding instead of paying money to
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  Speaker 3: be in it.
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  Speaker 2: So you he charged you. He charged me.
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  Speaker 4: Good for him, I know, right, Yeah, that works Now,
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  Speaker 4: Neil was my best man, and I'm going to invoice
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  Speaker 4: you too.
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  Speaker 2: Yeah, of course Neil was my best man.
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  Speaker 1: And the only thing I asked is that everybody wear
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  Speaker 1: the groomsman if you will, just wear a dark suit, right,
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  Speaker 1: just and the only people that had to wear a
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  Speaker 1: charcoal suit that matched my suit and neil suit. As
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  Speaker 1: I am my best man. And Neil came through, didn't you, Neil,
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  Speaker 1: you went out and bought a suit. Oh no, no,
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  Speaker 1: hold on, I'll tell you what I did. I went
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  Speaker 1: out and bought your suit.
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  Speaker 2: Suit doesn't what happened together? And then I went, oh no, no,
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  Speaker 2: I got it.
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  Speaker 5: I got it, don't worry.
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  Speaker 2: And Bill goes, no, I got it, and I said,
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  Speaker 2: you're damn right.
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  Speaker 1: You do.
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  Speaker 5: And then they brought in four bolts of material to
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  Speaker 5: weave together a suit that fit.
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  Speaker 2: It was beautiful.
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  Speaker 1: Now to realistically, okay, I'm going to tell you a
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  Speaker 1: true story. There's a little inside baseball, and that is
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  Speaker 1: we pulled out the biggest suit they had and and
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  Speaker 1: I'm not exaggerating, it costs more money to alter the
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  Speaker 1: suit to fit Neil to take it out than the
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  Speaker 1: suit itself.
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  Speaker 2: That's absolutely true. Take out the suit. It's true. We
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  Speaker 2: almost had two. He almost had two suits put together
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  Speaker 2: to make it work. I had four arms, four pant legs.
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  Speaker 2: It was beautiful.
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  Speaker 1: Neil came in with a Neil came in with the
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  Speaker 1: best idea of all since weekend, since I bought a
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  Speaker 1: suit and Neil got a suit, he suggested that we
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  Speaker 1: put the two suits together, and so you had two arms,
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  Speaker 1: one arm for me, one arm for Neil, two heads,
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  Speaker 1: three legs, so we would hop and walk down as
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  Speaker 1: conjoined twins.
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  Speaker 4: I like it.
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  Speaker 2: I like it.
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  Speaker 3: It's got like a dumb and dumber vibe going on.
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  Speaker 1: I thought it was, and I really wanted I came
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  Speaker 1: very close to doing that, but I have a certain
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  Speaker 1: person in my life said, you are dreaming. If you're
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  Speaker 1: going to do that, Yeah, it wasn't gonna happen, all right, Joel.
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  Speaker 1: It used to be that if you didn't go to college,
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  Speaker 1: that was something that you were almost embarrassed because it
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  Speaker 1: depends on the culture. But to me, going to college
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  Speaker 1: was like gravity. I woke up in the morning, my heat,
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  Speaker 1: my feet hit the floor instead of the ceiling. I mean,
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  Speaker 1: it was sort of automatic, and so was college. Not anymore,
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  Speaker 1: the world has changed, hasn't it.
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  Speaker 3: Yeah, it sure has. And I don't necessarily think it's
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  Speaker 3: because college is unimportant or it doesn't make a big
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  Speaker 3: difference in your earning trajectory over your lifetime. It still does.
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  Speaker 3: When you look at the numbers, the average person with
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  Speaker 3: a high school diploma and a college degree that the
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  Speaker 3: average earning is different is something like a million dollars
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  Speaker 3: over the course of your career. And so, yeah, it
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  Speaker 3: still matters. But it's really been interesting to see the
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  Speaker 3: growing skepticism that the general American public has about the
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  Speaker 3: value of college and whether it's worth it or not.
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  Speaker 3: And Gallup does this poll every year, They've been doing
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  Speaker 3: it for decades, and something like a third of Americans
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  Speaker 3: now think college is very important. That was three quarters
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  Speaker 3: of Americans back in twenty ten, So just fifteen years ago.
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  Speaker 3: The massive at least belief that people have in how
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  Speaker 3: important going to college is, it's declined precipitously. I think
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  Speaker 3: that's a few different things that are contributing to that,
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  Speaker 3: but I think probably the number one thing is how
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  Speaker 3: student loans have burdened people massively, which comes down to
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  Speaker 3: really how expensive college has become.
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  Speaker 1: Hey, I have a question and I noted this as
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  Speaker 1: we talk about it is over a lifetime a million dollars,
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  Speaker 1: let's say, and that's probably a pretty fair figure. Well,
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  Speaker 1: that's people who if you look backwards, if you look prospectively,
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  Speaker 1: we're not going to know if that figure is a
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  Speaker 1: million dollars until people retire fifty years from now or
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  Speaker 1: forty years from now. And when you look at high
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  Speaker 1: school versus college, first of all, you're four years ahead
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  Speaker 1: of the game if you go out of high school.
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  Speaker 1: If you start getting a job, a blue collar job
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  Speaker 1: that's highly skilled versus what you can get with college today,
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  Speaker 1: I would say a blue collar job is worth more,
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  Speaker 1: certainly in the short term. And with blue collar jobs
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  Speaker 1: you normally don't get student loans, or if you do,
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  Speaker 1: they're very small. I'm willing to that if we talk
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  Speaker 1: and we look prospectively at the next forty years, I
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  Speaker 1: think that number is going to change, where a college
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  Speaker 1: degree is not going to be worth as much as
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  Speaker 1: a good, highly paid blue collar job.
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  Speaker 2: I think you're right.
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  Speaker 3: I mean, I think the gap between those is closed,
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  Speaker 3: and I think you have to look at what degree
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  Speaker 3: are you getting, is what is it going to get
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  Speaker 3: you at the end of the day, because if you're
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  Speaker 3: getting a degree in engineering, then that's one thing, right
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  Speaker 3: that you might be able to be in that upper
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  Speaker 3: echelon of income earners. And if you're getting a degree
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  Speaker 3: in English literature, let's say, not to denigrate that as
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  Speaker 3: a choice, but truly, especially depending on how much you're
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  Speaker 3: going to pay for that degree, you might not find
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  Speaker 3: that it pays off in the same way. And I
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  Speaker 3: just think back in the day twenty thirty forty years ago,
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  Speaker 3: getting a degree was was the most important thing, and
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  Speaker 3: even if you got it in something that wasn't necessarily
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  Speaker 3: like highly applicable or leading to an immediate six face
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  Speaker 3: your job, it could still mean and it still often
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  Speaker 3: did mean increase lifetime earnings. But I think with artificial
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  Speaker 3: intelligence harming especially some of those people at the very
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  Speaker 3: beginning of their career ladder taking over some of those jobs,
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  Speaker 3: or at least making some of those jobs less relevant
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  Speaker 3: or maybe leading to lower pay in some of those
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  Speaker 3: early postgraduate years, I think you really do have to
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  Speaker 3: do a different value assessment. And the people that are
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  Speaker 3: ultimately in the worst possible place when we're talking about
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  Speaker 3: college is the people that go for two or three
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  Speaker 3: years and then don't get the degree. I was talking
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  Speaker 3: to a friend the other day and her son's been
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  Speaker 3: going to school for a couple of years. He's racked
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  Speaker 3: up a little bit of student loan debt, fortunately not
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  Speaker 3: a lot, But so oftentimes it's the people who are like,
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  Speaker 3: I'm not sure what I want to do. Let me
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  Speaker 3: go to college, let me figure it out, and then
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  Speaker 3: they take on, you know, tens of thousands of dollars
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  Speaker 3: in student loan debt. They don't graduate, they don't have
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  Speaker 3: the degree that drives up their earnings, and they still
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  Speaker 3: have student loan debt to pay off.
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  Speaker 1: Yeah, and the cost of course of tuition, to your point,
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  Speaker 1: is absolutely insane. When I went to law school and
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  Speaker 1: they raise the per unit cost from fifty five dollars
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  Speaker 1: a unit to sixty five dollars a unit, there was
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  Speaker 1: almost the riot at high school.
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  Speaker 3: I believe it.
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  Speaker 2: I believe.
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  Speaker 3: One of the other things I think we should probably
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  Speaker 3: mention real quickly on that front is that when you
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  Speaker 3: look at the sticker price of college and then the
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  Speaker 3: actual out the door price, the gap has actually grown there.
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  Speaker 3: So what looks like like when you look at the
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  Speaker 3: website of the school you're interested in going to and
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  Speaker 3: you see the average annual tuition, you're like, oh my gosh,
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  Speaker 3: that's insane. But when you think about when you look
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  Speaker 3: at the merit aid and the need based aid that
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  Speaker 3: students are able to get these days, if you fill
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  Speaker 3: out the fast SAD and you jump through the proper
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  Speaker 3: hoops something like the average private school, the discount is
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  Speaker 3: something like fifty six percent for students. So if you
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  Speaker 3: see the forty thousand dollars a year, it's not actually
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  Speaker 3: forty thousand dollars a year, And you do have to
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  Speaker 3: jump through those hoops in order to get that discounted price.
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  Speaker 3: But it is important to note that maybe it's not
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  Speaker 3: quite as expensive as you might think it is either.
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  Speaker 1: Yeah, as I've been saying, my daughter is starting a
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  Speaker 1: master's degree in computer engineering because she can't get a job,
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  Speaker 1: and so she goes now getting a master's degree, which
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  Speaker 1: at the end of that she won't have a job.
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  Speaker 2: So you know what I do.
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  Speaker 1: I have her practice every day at min espresso machine
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  Speaker 1: making coffee.
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  Speaker 2: It just IS's a skill.
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  Speaker 1: That's a that's a skill she can actually use. All right, Joel,
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  Speaker 1: we'll catch you this Sunday, twelve to two pm. And
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  Speaker 1: he's at how to Money. Joel, you have a good
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  Speaker 1: wedd you too, thanks Bill. Okay, let me tell you
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  Speaker 1: a little bit about technology and dynamic pricing. Dynamic pricing
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  Speaker 1: is pricing that changes pursuant to well market influences.
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  Speaker 2: And we know a dynamic dynamic process pricing. We live
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  Speaker 2: with it all day long.
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  Speaker 1: Airlines, hotels dynamic pricing, Disneyland dynamic pricing. And so how
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  Speaker 1: about grocery stores. Well, wait a minute, how do you
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  Speaker 1: do dynamic pricing at grocery stores. Well, you have a
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  Speaker 1: little screen and the pricing and it's electronic, like a
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  Speaker 1: little tiny electronic billboard.
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  Speaker 2: I mean it used to be whenever you would.
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  Speaker 1: Do a price change, the clerk would come out, have
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  Speaker 1: this little gun that would punch out this adhesive sticker
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  Speaker 1: thing and that would go on. Well, those days are gone,
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  Speaker 1: and grocery stores are arguing prices are going to go
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  Speaker 1: down because our labor costs are going to go down
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  Speaker 1: and we can change the price literally just by pushing
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  Speaker 1: a button in the office. So they claim, the grocery
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  Speaker 1: stores claim, we're not using it to increase costs dynamically.
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  Speaker 1: Now the question is, Neil, your thoughts on this because
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  Speaker 1: this is your wheelhouse.
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  Speaker 2: It is bad. I think both are true.
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  Speaker 5: I think it's going to expedite them being able to
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  Speaker 5: raise prices. I don't know that it's going to be
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  Speaker 5: like on the far end of fear where people are
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  Speaker 5: saying that, you know, if you walk around the store once,
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  Speaker 5: that the price is going to be different between you
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  Speaker 5: walking in and walking out, although we saw that with
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  Speaker 5: you know, the first place I.
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  Speaker 2: Remember this was gas stations.
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  Speaker 5: You remember they used to use those suction cups with
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  Speaker 5: the plastic letters and the big pole. They'd put them
• 14:23
  Speaker 5: up and they'd change the gas prices that way. Now
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  Speaker 5: they're all digital, and they change as they need to change,
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  Speaker 5: and I'm driven up and seeing the change, the price changes,
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  Speaker 5: you know, just it's happened.
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  Speaker 2: I do think that it will.
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  Speaker 5: Cut labor costs, but I think it's a little dubious
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  Speaker 5: to say that that's going to be passed on.
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  Speaker 2: To us technology.
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  Speaker 1: I'm going to go another step further and take technology
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  Speaker 1: which is there right now, and I maybe they're using it,
• 14:54
  Speaker 1: maybe they're not, or maybe they're trying pilot programs. And
• 14:58
  Speaker 1: that is you walk in the store face recognition right
• 15:02
  Speaker 1: for example, just as an example, I go to Smart
• 15:05
  Speaker 1: and Final and they have these pork egg rolls that
• 15:08
  Speaker 1: you can't find anyplace else, and they are phenomenal, They're wonderful.
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  Speaker 1: And so I walk into the store and they get
• 15:17
  Speaker 1: my face bill handle pork egg rolls, and they know
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  Speaker 1: that's where I go. And as I walk past the
• 15:25
  Speaker 1: pork egg rolls, there's my little the little sign sort
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  Speaker 1: of blinking.
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  Speaker 2: Pork egg rolls A buck off, a dollar off. Do
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  Speaker 2: you see that happening? Oh?
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  Speaker 5: Yeah.
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  Speaker 2: I think that we already have.
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  Speaker 5: Digital billboards and bust shelters and things like that, that
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  Speaker 5: encoding will eventually let them. They have the technology now
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  Speaker 5: speak directly to us the same way our phone or
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  Speaker 5: Alexa or anything else. I get more suggestions now on
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  Speaker 5: things that I've looked at that it's like, hey, this
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  Speaker 5: just went down in price than ever before on my phone,
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  Speaker 5: in my inbox, all these things. I think absolutely they
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  Speaker 5: will see you coming and know when you're in there
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  Speaker 5: and offer you cupons most definitely and beyond your phone,
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  Speaker 5: exclusive to you.
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  Speaker 1: And there is the digital price which changes just for
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  Speaker 1: you as a loss leader, to keep you in the store.
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  Speaker 4: Why not?
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  Speaker 2: So, I mean there's technology in a way that is extraordinary.
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  Speaker 1: And they save a ton of money because the amount
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  Speaker 1: of labor that goes into changing prices is very high
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  Speaker 1: because it's so labor intensive to change prices.
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  Speaker 2: Think of it this way.
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  Speaker 5: Your average grocery store has an upwards of forty different
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  Speaker 5: items in the store, and of course some are produced
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  Speaker 5: and you're not labeling every single individual one. But keep
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  Speaker 5: in mind how long that takes to do to go
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  Speaker 5: through and change all those different prices.
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  Speaker 2: Yeah, all right, be prepared for those. Why not digital
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  Speaker 2: age changing?
• 17:24
  Speaker 1: Now?
• 17:25
  Speaker 2: Job interviews AI is really a terrific thing.
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  Speaker 1: Why because now job applicants no one looks at job
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  Speaker 1: applications anymore. It's all algorithms, and so you have to say,
• 17:39
  Speaker 1: you have to use the words that they want, and
• 17:42
  Speaker 1: so you have to basically generate the job application application
• 17:47
  Speaker 1: that the employer wants. Well, everybody is doing that. So
• 17:52
  Speaker 1: now what do you do when a job opening and
• 17:57
  Speaker 1: literally thousands of applications come in because it's so easy
• 18:01
  Speaker 1: with AI. Well, the company now has to have an
• 18:05
  Speaker 1: algorithm that figures out is this AI?
• 18:11
  Speaker 2: And if it is, everybody is back to square zero.
• 18:15
  Speaker 1: So what AI has done through insane technology is effectively
• 18:22
  Speaker 1: made it mandatory for people to sit down and do
• 18:26
  Speaker 1: a personal interview, just like they always did, except how
• 18:32
  Speaker 1: do you know if someone is qualified because an AI
• 18:36
  Speaker 1: produces the application.
• 18:38
  Speaker 2: By the way, all applications are the same and leadership.
• 18:42
  Speaker 2: I love working with people. I communicate great.
• 18:45
  Speaker 1: You know, I had when I had my surrogacy agency
• 18:49
  Speaker 1: and I had applications and it was always, I mean,
• 18:51
  Speaker 1: they were identical in terms of how great people where
• 18:55
  Speaker 1: I did projects, and you know, I looked to me
• 18:57
  Speaker 1: and I'm looking you know, as a fit and You're
• 19:00
  Speaker 1: company is wonderful and I want to stay there forever.
• 19:02
  Speaker 2: God, I prayed that someone would say, hey, I hate people.
• 19:08
  Speaker 2: I'll probably hate you.
• 19:10
  Speaker 1: I have no leadership abilities whatsoever, no communication skills at all,
• 19:16
  Speaker 1: but I'll work my ass off for you and I'll
• 19:17
  Speaker 1: produce hired.
• 19:20
  Speaker 2: You're hired. But that doesn't work, does it?
• 19:25
  Speaker 1: So AI helps you figure out through the algorithm what
• 19:30
  Speaker 1: the algorithm wants, and AI tells the tells the algorithm.
• 19:37
  Speaker 2: That you are one of a million, and you really
• 19:40
  Speaker 2: have just written or have just produced.
• 19:44
  Speaker 1: An application that's meant for the AI algorithm.
• 19:49
  Speaker 2: It's sort of everything is useless. It used to be
• 19:53
  Speaker 2: great it's all now useless.
• 19:56
  Speaker 1: And my daughter told me this, by the way, when
• 19:59
  Speaker 1: AI first came out, this is Pamela and she said, Dad,
• 20:04
  Speaker 1: you have no leadership abilities.
• 20:06
  Speaker 2: You hate everybody. I hate you.
• 20:07
  Speaker 1: That's a given, that's the way conversation starts. But she said,
• 20:10
  Speaker 1: you're going to find that AI is not the panacea
• 20:15
  Speaker 1: that you think it is. Right now, it's the hottest
• 20:19
  Speaker 1: ticket in town. I was reading an article the other
• 20:22
  Speaker 1: day in the Wall Street Journal that there's no way
• 20:25
  Speaker 1: for these companies that are spending hundreds of billions of
• 20:28
  Speaker 1: dollars on AI technology and the systems and the hardware
• 20:33
  Speaker 1: are ever going to get their money back. It just
• 20:37
  Speaker 1: isn't the panacea. So don't look for me to work,
• 20:42
  Speaker 1: especially if you like people and you have great communication
• 20:45
  Speaker 1: skills and you have leadership crap, I don't want to
• 20:47
  Speaker 1: hear it. We're done, all right, coming up Gary and
• 20:50
  Speaker 1: Shannon and they're at Bjay's and huntingson Beach, and I'm
• 20:53
  Speaker 1: taking phone calls starting in just a moment off the
• 20:56
  Speaker 1: air for handle on the law marginal legally vice. The
• 21:00
  Speaker 1: numbers eight seven seven five two zero eleven, fifty eight
• 21:04
  Speaker 1: seven seven five two zero eleven fifty. I go through
• 21:07
  Speaker 1: the calls pretty quickly because there's news, no breaks. There's
• 21:10
  Speaker 1: no news, no breaks, no weather, and I have no
• 21:14
  Speaker 1: patience and no commercials, so that all works out. Eight
• 21:16
  Speaker 1: seven seven five two zero eleven fifty. Back again tomorrow,
• 21:20
  Speaker 1: five am. Wake up call with Amy and Neil, with
• 21:24
  Speaker 1: Amy and Will Neil and I come aboard at six
• 21:27
  Speaker 1: we're out of here. And of course I have to
• 21:29
  Speaker 1: mention Cono and you've been listening to the Bill Handle Show.
• 21:33
  Speaker 1: Catch My Show Monday through Friday, six am to nine am,
• 21:37
  Speaker 1: and anytime on demand on the iHeartRadio app