Latest / The Bill Handel Show / ‘How to Money’ with Joel Larsgaard | Fed Cuts Rates

Transcript

‘How to Money’ with Joel Larsgaard | Fed Cuts Rates · The Bill Handel Show

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  Speaker 1: You're listenings kf I AM six forty.
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  Speaker 1: Today.
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  Speaker 2: Joe Larsgard every Sunday from twelve to two pm has
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  Speaker 2: heard right here on KFI how to Money. His social
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  Speaker 2: address at how to Money Joel. His website is howtomoney
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  Speaker 2: dot com.
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  Speaker 1: Good morning, Joel, Good morning, bill Ah. Now I have
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  Speaker 1: a question.
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  Speaker 2: I want to throw something at you, and that is
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  Speaker 2: how cash is a joke. I have one checkbook one
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  Speaker 2: and when I first started, actually up until I met
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  Speaker 2: my current wife, she's number four, number five.
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  Speaker 3: Is that it?
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  Speaker 1: I feel like the Big lou commercial.
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  Speaker 2: Anyway, she she started laughing at me for writing checks,
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  Speaker 2: and I still think of checks, but then I'm a dinosaur.
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  Speaker 1: I'm getting better at it.
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  Speaker 2: Where today, of course, particularly a gen Z, do they
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  Speaker 2: even know what cash is.
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  Speaker 3: Well, they know what cash is, but they treat it
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  Speaker 3: like it's got no value at all. And you know,
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  Speaker 3: it's interesting because this was the problem with credit cards
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  Speaker 3: a decade ago in particular, but still is with a
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  Speaker 3: lot of people who treat using plastic right, oh, tap
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  Speaker 3: to pay. I've got my auto fill of my credit
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  Speaker 3: card payment information on my favorite retail websites, and people
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  Speaker 3: use tend to use credit cards and they don't know
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  Speaker 3: what they're spending. They're not keeping track, and so credit
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  Speaker 3: cards were the slippery slope, or have been for previous generations.
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  Speaker 3: But for gen Z, cash is kind of the slippery slope,
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  Speaker 3: like they're used to everything being digital and maybe they
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  Speaker 3: have like a you need a budget why NAB account,
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  Speaker 3: or they have a monarch money account or something like that,
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  Speaker 3: and so all of their spending is done from a
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  Speaker 3: digital thing, whether it's from one of their payment apps
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  Speaker 3: or a credit card or a debit card. Everything lives
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  Speaker 3: and filters into that website. So it's easy for them
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  Speaker 3: to go in and look at their dashboard and say, well,
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  Speaker 3: what did I spend here or there. But if they
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  Speaker 3: if they get randomly one hundred bucks or two hundred
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  Speaker 3: bucks or something like that dropped into their life, that's cash.
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  Speaker 3: They're like, well, this doesn't compute with my digital system
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  Speaker 3: that everything's set up on, and so they treat it
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  Speaker 3: like it's absolutely they just like go wast it on stuff.
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  Speaker 3: And so it's just really interesting to see kind of
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  Speaker 3: generational differences in how we think about different types of money.
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  Speaker 2: Yeah, Goo, you can figure out what you spend on
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  Speaker 2: a credit card in three seconds. Cash you have to
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  Speaker 2: bring the receipt and you have to look at it
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  Speaker 2: and compile it. Also, now the tap to pay or
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  Speaker 2: even using your phone, usually anything under ten bucks, I
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  Speaker 2: reach in my pocket and take out cash, and I
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  Speaker 2: pay for it, and then I wait for the change. Now,
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  Speaker 2: if it's three bucks, I'll still just take out my
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  Speaker 2: credit card, only because it's so much easier than actually
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  Speaker 2: dealing with money. And that's not even generational, it's just
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  Speaker 2: it's easier.
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  Speaker 3: I mean, I don't like change clinking around in my pocket,
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  Speaker 3: and so that's one of the Like my dad used
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  Speaker 3: to always have a pocket full of change, and I'm
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  Speaker 3: like the complete opposite. I'm like, if I have cash,
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  Speaker 3: or if I have like pennies and pennies going the
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  Speaker 3: way of the Dodo bird, but if any of those
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  Speaker 3: coins jingle around my pocket, I gotta get them out.
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  Speaker 1: I'm just like, oh, it's so annoying. And so yeah,
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  Speaker 1: I'm the same way.
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  Speaker 3: Like even with with small, small purchases, I'm typically using
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  Speaker 3: my credit card, and if you use your credit card responsibly,
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  Speaker 3: I'm a big fan of people using credit cards as
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  Speaker 3: a method of payment. I guess what I want to
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  Speaker 3: stress to gen zers or to people who feel like
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  Speaker 3: cash is becoming this thing where it just slips right
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  Speaker 3: out of their hands when it comes in one it's
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  Speaker 3: okay to splurge, like when you get cash, right, So
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  Speaker 3: let's say you get birthday holiday money something like that. Yeah,
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  Speaker 3: it's it's totally fine to spend that money on something
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  Speaker 3: that you might not have otherwise allocated it for. But
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  Speaker 3: I also love the idea of people having an envelope,
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  Speaker 3: and so when they get cash, maybe instead of just
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  Speaker 3: frittering that money away, they have a bigger thing that
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  Speaker 3: they're saving for, whether it's like a vacation or a
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  Speaker 3: down payment for a home. Think about even just those
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  Speaker 3: jar I'm sure you knew people, Bill who had a
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  Speaker 3: big jar of coin.
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  Speaker 2: It's me. You save up and you go to one
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  Speaker 2: of those cash machines at the supermarket.
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  Speaker 1: You throw it all in there.
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  Speaker 2: The coin machines they grab fifteen percent or eighteen percent.
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  Speaker 2: You walk out with in some cases. In my case
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  Speaker 2: it was hundreds of dollars. But that took Yeah, it
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  Speaker 2: took free. What is it took forever to say that?
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  Speaker 2: By the way, the point of having a change in
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  Speaker 2: your pocket. I enjoy having change in my pocket, and
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  Speaker 2: a fair amount because here's what happens. I'll be walking
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  Speaker 2: down the street and there'll be some homeless guy sitting
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  Speaker 2: there and say, hey, mister, do you have any change. Well,
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  Speaker 2: I reach in my pocket, I jingle all the money
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  Speaker 2: so you can hear it, and I say, why, yes,
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  Speaker 2: I do, and I just keep on walking. The entertainment
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  Speaker 2: value of doing that is very high, right.
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  Speaker 3: Yeah, I guess if that's what you're into, if that's
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  Speaker 3: it makes you smile, yeah, does.
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  Speaker 1: Makes me smile a big time, all right, Joel.
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  Speaker 2: Instacart with algorithmic pricing, is that dynamic pricing.
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  Speaker 3: It's not just dynamic because that's already been happening, right,
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  Speaker 3: And that's happening all across the internet. And we're talking
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  Speaker 3: about Yeah, you log in the morning to look for
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  Speaker 3: a flight, it's one price.
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  Speaker 2: H No, I understand that. But this is instacart. This
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  Speaker 2: is going to the supermarket.
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  Speaker 1: That's right. So this is this is different.
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  Speaker 3: This is less. Hey, prices are changing based on the
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  Speaker 3: price we pay, and it's more, prices are changing based
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  Speaker 3: on who you are and where you're buying from, and
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  Speaker 3: it's seemingly random.
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  Speaker 2: Uh in.
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  Speaker 3: So there was this test done by Consumer Reports. The
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  Speaker 3: Consumer Reports is one of the stallwarts in the you know,
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  Speaker 3: in the in the business of looking out for consumers.
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  Speaker 3: They do an amazing job on so many different fronts.
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  Speaker 3: They partnered with this company called Groundwork Collective to look
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  Speaker 3: into what's going on with instacart pricing, And basically, it's
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  Speaker 3: not just that the prices are dynamic, it's that they
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  Speaker 3: are seemingly random. And so even when like twenty different
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  Speaker 3: shoppers at the very very same time are adding a
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  Speaker 3: specific item to their cart. Let's say something as basic
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  Speaker 3: as eggs, one person might be paying four dollars for
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  Speaker 3: a dozen, the other might be paying close to five
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  Speaker 3: dollars a dozen. And Instacart's kind of like cut with
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  Speaker 3: their pants down here. They don't really know what to say.
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  Speaker 2: I find intacart fascinating. I really do, for a couple
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  Speaker 2: of reasons. One it is, on the one hand, it
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  Speaker 2: is the easiest way of shopping. You literally go and
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  Speaker 2: do a cart, and you actually save money because you're
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  Speaker 2: not at the market if you're hungry.
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  Speaker 1: Particularly, you should see the stuff that I throw.
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  Speaker 2: Into the into the into the shopping cart. So instacart
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  Speaker 2: is easy. Except have you ever do you use instacart
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  Speaker 2: at all?
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  Speaker 3: So I do, And I've really come around on this
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  Speaker 3: because I agree. I think in so many ways what happened,
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  Speaker 3: especially like Bill, I know your fondness for Costco when
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  Speaker 3: you go to Costco, Like there's something about you don't
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  Speaker 3: stick to the list.
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  Speaker 1: Right, because no, I do not. I buy a treasure
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  Speaker 1: there if you can.
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  Speaker 2: I have a freezer in my garage that is my
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  Speaker 2: Costco freezer also Smart and Final. I sort of you know.
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  Speaker 2: I hate to say it, but I also shop a
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  Speaker 2: Smart and Final. It is filled with my crap filled.
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  Speaker 2: I'm not kidding you. A full freezer that's top to
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  Speaker 2: bottom jammed inner looks like a display case at Costco.
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  Speaker 1: And it's only because I shopped there.
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  Speaker 2: But here's the other thing with instacart is you also
• 8:42
  Speaker 2: shop for produce and they don't pick and squeeze the
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  Speaker 2: tomatoes and actually squeeze the avocados to get the perfect rightness.
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  Speaker 1: That that is the problem. Yet with produce, have you
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  Speaker 1: noticed that? Yeah, for sure.
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  Speaker 3: I mean like my wife or like she eats spinach
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  Speaker 3: like it's her job, and when when the spinach comes,
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  Speaker 3: it like expires the next day sometimes and I'm like,
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  Speaker 3: you didn't look in the back, like you didn't rifle
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  Speaker 3: through the spinach to find the furthest out expiration date.
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  Speaker 3: And that's one of my frustrations. But I will say, yeah,
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  Speaker 3: it saves time, and I think in some ways it
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  Speaker 3: can save money, like if you're really diligent and you're shopping.
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  Speaker 3: And I also I keep my eye out for discounted
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  Speaker 3: Instacart gift cards, which just helps bring that price down
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  Speaker 3: a little bit. But I think what this reveals one
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  Speaker 3: is just kind of that Instacart is like they're testing
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  Speaker 3: some things out here, and they're testing to see how
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  Speaker 3: much people are willing to pay and how price conscious
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  Speaker 3: people are. And I think if you were to do
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  Speaker 3: a poll, the average Instacart user is less price conscious
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  Speaker 3: than the person who's going down to the making for
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  Speaker 3: every week.
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  Speaker 1: Right, that's the convenience.
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  Speaker 2: Hey, In terms of dynamic pricing, has it reached supermarkets?
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  Speaker 2: I'm thinking, let's say eggs, which used to be fourteen
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  Speaker 2: fifteen dollars a dozen if you bought the fancy, if
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  Speaker 2: you bought the fancy schmancy you know, brown eggs, organic stuff,
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  Speaker 2: you know, grain feed, or whatever the hell they do
• 10:06
  Speaker 2: with chickens and expensive eggs. But as the inventory goes down,
• 10:12
  Speaker 2: you would think the price would go up.
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  Speaker 1: Have they reached that point?
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  Speaker 3: So we are seeing more supermarkets put in like digital
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  Speaker 3: display readers, But most of the supermarkets are saying that
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  Speaker 3: the reason for that is not so that they can
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  Speaker 3: institute dynamic pricing. It's just so that it will be
• 10:28
  Speaker 3: less labor intensive to change the price labels. And especially
• 10:31
  Speaker 3: when prices are going up more regularly and you have
• 10:34
  Speaker 3: to change the pricing labels more frequently, I get that
• 10:38
  Speaker 3: it makes sense, and I think people still have like
• 10:42
  Speaker 3: a backlash against prices going up. Like you remember when
• 10:46
  Speaker 3: Wendy said, Hey, we're thinking about charging more during lunch
• 10:50
  Speaker 3: and maybe less during Some of the people were so
• 10:52
  Speaker 3: upset about that, and when Wendy's had to change on
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  Speaker 3: a dime. So especially I think for everyday necessities, people
• 11:00
  Speaker 3: are revolting a little bit more when they're being told
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  Speaker 3: they're gonna have to pay more if they come at
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  Speaker 3: the wrong time of day. But this is inst Like
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  Speaker 3: I think with instacart, you're going to see because people
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  Speaker 3: using it are less price conscious, you might see some
• 11:14
  Speaker 3: of that shifting upward of prices and they might see, oh,
• 11:18
  Speaker 3: you know what Bill in California is. You know, he
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  Speaker 3: doesn't care if the eggs are three ninety nine or
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  Speaker 3: four sixty nine, So we're going to keep pushing up
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  Speaker 3: prices on him. But somebody else might abandon some of
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  Speaker 3: the items in their car or start using this time
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  Speaker 3: less and then they might start trying to pull you
• 11:32
  Speaker 3: back in with discounts and coupons like it's just one
• 11:35
  Speaker 3: of those buyer beware things in the modern age of
• 11:38
  Speaker 3: internet grocery shopping.
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  Speaker 2: All right, Joel, we'll catch you this Sunday at twelve
• 11:44
  Speaker 2: to two pm and we can reach you at at
• 11:47
  Speaker 2: how to Money, Joel.
• 11:48
  Speaker 1: And then the website is howdomoney dot com. All right.
• 11:50
  Speaker 2: Now, moving over to what happened yesterday, the FEDS cut
• 11:55
  Speaker 2: interest rates a quarter of a percent.
• 11:58
  Speaker 1: Not enough for President and Trump.
• 12:01
  Speaker 2: He is going to name a new FED chairman when
• 12:04
  Speaker 2: Jerome Powell's term ends early next year, and he hopes
• 12:10
  Speaker 2: that interest rates will be cut.
• 12:12
  Speaker 1: Donald Trump wants.
• 12:13
  Speaker 2: To control the FED. It's real easy. And unfortunately the
• 12:17
  Speaker 2: FED is independent. It's a CAUSEI independent and all he
• 12:20
  Speaker 2: can do is choose the members of the FED. After that,
• 12:22
  Speaker 2: it's up to the FED to determine interest rates.
• 12:24
  Speaker 1: Okay. One of the things.
• 12:26
  Speaker 2: About the FED, and this is what drives this administration
• 12:29
  Speaker 2: or any administration's completely nuts. And the President said this
• 12:35
  Speaker 2: and complained about this. You get an initial we get
• 12:38
  Speaker 2: an initial number of unemployed federal data, and what the chair,
• 12:46
  Speaker 2: Jerome pal said, is that the data is overstating job
• 12:52
  Speaker 2: creation by up to sixty thousand jobs a month.
• 12:55
  Speaker 1: Wait a minute, how is that possible.
• 12:57
  Speaker 2: Well, they come back and revise, and that was the
• 13:01
  Speaker 2: problem that Donald Trump had because these revisions coming in
• 13:06
  Speaker 2: later actually make it worse most of the time, sometimes better.
• 13:11
  Speaker 1: And here's what the Bureau of Labor.
• 13:12
  Speaker 2: Statistics, that's the that's the administrative arm of the Labor Department,
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  Speaker 2: the Bureau of Labor Statistics. They have a birth death
• 13:24
  Speaker 2: model and these are new businesses have historically overstated job creation,
• 13:30
  Speaker 2: which is why downward revisions coming up later on.
• 13:35
  Speaker 1: And I'll explain.
• 13:36
  Speaker 2: What they do is they take current jobs and they
• 13:41
  Speaker 2: sort of extrapolate because they don't know exactly how many
• 13:44
  Speaker 2: people are hired. For example, you start a new business
• 13:48
  Speaker 2: and it has five people working, well, they don't know
• 13:53
  Speaker 2: that until a month later.
• 13:56
  Speaker 1: You know, if you start a business.
• 13:58
  Speaker 2: Today and they're doing they're modeling, going to they're not
• 14:02
  Speaker 2: going to know how many jobs there actually are. So
• 14:07
  Speaker 2: this is the quandary with the Labor Department when measuring hiring,
• 14:11
  Speaker 2: which is a huge determinative of where the economy is going.
• 14:16
  Speaker 2: Because the Department of Labor Statistics also tells us the
• 14:19
  Speaker 2: number of jobs that are added, you know, fifty thousand
• 14:22
  Speaker 2: jobs added, two hundred thousand, or we lost twenty thousand jobs.
• 14:26
  Speaker 2: They're the ones that come up with it. So how
• 14:28
  Speaker 2: do they measure the number of jobs? Well, jobs can't
• 14:32
  Speaker 2: be surveyed directly because as I said, governments don't reach
• 14:37
  Speaker 2: out or the government doesn't reach out to brand new
• 14:39
  Speaker 2: companies or companies that no longer exist where jobs are gone.
• 14:44
  Speaker 2: They have to figure it out at least a month later.
• 14:47
  Speaker 2: And so what they do is they use a statistical
• 14:49
  Speaker 2: model and they make a guess. And that's the birth
• 14:52
  Speaker 2: death model. Not birth death as in people dying, but
• 14:56
  Speaker 2: birth death of businesses and the number of people who
• 15:00
  Speaker 2: are being hired. And so what he has said Powell,
• 15:05
  Speaker 2: and what is known is those estimates over state job
• 15:09
  Speaker 2: creation initially by hundreds of thousands of jobs a year,
• 15:14
  Speaker 2: and revisions later on go down. And now they're changing.
• 15:19
  Speaker 2: They're trying to change the model and they're trying to
• 15:23
  Speaker 2: make it real time numbers more accurate. And that's starting
• 15:27
  Speaker 2: in February. They're going to give a different model. And
• 15:32
  Speaker 2: what is going to do is hopefully make it more
• 15:36
  Speaker 2: specific and more accurate. So now where the politics of this, Well,
• 15:42
  Speaker 2: unemployment figures for any president are x number of unemployed,
• 15:48
  Speaker 2: new jobs, lost jobs. When they go down, which they
• 15:52
  Speaker 2: have been revised down, the president goes nuts.
• 15:56
  Speaker 1: That's fake news.
• 15:58
  Speaker 2: Those are politics where the numbers go down and the
• 16:02
  Speaker 2: FED goes But wait a minute, we're using Department.
• 16:05
  Speaker 1: Of Labor statistics numbers that we're seeing.
• 16:07
  Speaker 2: Doesn't matter if later on you say that the number
• 16:11
  Speaker 2: of unemployed goes up, where the number of employed goes down,
• 16:16
  Speaker 2: then if it's down, it's bad news and it's fake.
• 16:20
  Speaker 2: If it goes up, well, you know that's helping the economy,
• 16:24
  Speaker 2: isn't that fun. Statistics there are two kinds of statistics.
• 16:31
  Speaker 2: Statistics that lie and statistics that really lie. And that's yeah,
• 16:39
  Speaker 2: you can't understand this. I mean, the longer I'm doing this, literally,
• 16:43
  Speaker 2: the longer I'm doing this, the more I'm confused.
• 16:46
  Speaker 1: All Right.
• 16:47
  Speaker 2: There's been a lot of controversy out there with the
• 16:50
  Speaker 2: pro Palestinian demonstrations, especially in the universities, and the President
• 16:58
  Speaker 2: has come down pretty hard on the pro Palestinian crowd
• 17:02
  Speaker 2: and very much in favor of the of Israel and
• 17:07
  Speaker 2: the politics have run over into the university's big time.
• 17:12
  Speaker 2: Now there are those that are pro Palestinian that argue,
• 17:17
  Speaker 2: because we're anti Israel doesn't mean we are anti Jewish. Well,
• 17:22
  Speaker 2: the reality is for most Jews, except some left wing
• 17:26
  Speaker 2: groups who believe that Palestine should be a second have
• 17:32
  Speaker 2: to be a second state, or should be an independent state,
• 17:34
  Speaker 2: which I happen to believe, by the way, and I'm
• 17:36
  Speaker 2: certainly not left wing, But do I believe that the
• 17:40
  Speaker 2: pro Palestinians that those folks.
• 17:43
  Speaker 1: Are, is it code for Jews? I think so. I
• 17:47
  Speaker 1: think so. The administration thinks that also happens.
• 17:52
  Speaker 2: One of the things about going to university, and this,
• 17:55
  Speaker 2: I mean this goes back to you know what I
• 17:57
  Speaker 2: was in school, and I was going to school in
• 17:59
  Speaker 2: the seventies, the underdog always gets the credit.
• 18:03
  Speaker 1: Always.
• 18:05
  Speaker 2: The students and the professors are insanely left wing for
• 18:09
  Speaker 2: the most part, and therefore, if you're left wing, you
• 18:12
  Speaker 2: probably are not pro ISRAELI, especially if you're a student
• 18:16
  Speaker 2: and on campus. Well, one of the reasons that the
• 18:21
  Speaker 2: President has come down hard on universities not only the
• 18:24
  Speaker 2: wokism but also the anti Semitism. So a couple of
• 18:28
  Speaker 2: cases just came down a couple settlements. UC Berkeley is
• 18:32
  Speaker 2: going to pay an Israeli visiting professor sixty thousand dollars
• 18:36
  Speaker 2: and rehire her because she was rejected to teach a
• 18:41
  Speaker 2: class frankly because she's Israeli. Pomona College agreed to a
• 18:47
  Speaker 2: non monetary settlement that includes hiring a title SIK Civil
• 18:53
  Speaker 2: Rights coordinator and creating a task force on Jewish campus life.
• 18:58
  Speaker 2: There were plenty of anti Semitic groups or certainly anti
• 19:03
  Speaker 2: Israel groups on campuses, as far as pro Israeli groups
• 19:08
  Speaker 2: pretty small, and there are a couple of organization. Habad,
• 19:12
  Speaker 2: for example, has they have on virtually every campus in
• 19:18
  Speaker 2: the country. They have a chapter, but for the most
• 19:21
  Speaker 2: part they're sort of isolated.
• 19:24
  Speaker 1: And the schools are Are they caving? Yeah? They are?
• 19:29
  Speaker 1: And should they cave?
• 19:31
  Speaker 2: Yeah, because I truly believe that the anti Semitism and
• 19:36
  Speaker 2: anti Israel are part and parcel. Now, do I believe
• 19:40
  Speaker 2: that Israel has committed war crimes?
• 19:43
  Speaker 1: Yeah? I do.
• 19:44
  Speaker 2: Do I believe in going out and demonstrating, I don't do.
• 19:49
  Speaker 2: I believe that school should divest and get out of Israel.
• 19:55
  Speaker 1: Oh, here's news.
• 19:55
  Speaker 2: I don't know if you covered this, Amy, but Eurovision,
• 19:59
  Speaker 2: that European Song Festival, there are five countries that have
• 20:05
  Speaker 2: pulled out.
• 20:07
  Speaker 1: Because Israel is.
• 20:10
  Speaker 2: Still performing there, so you're gonna see I think more
• 20:14
  Speaker 2: and more of that, except in the United States. There's
• 20:18
  Speaker 2: been a lot of pressure coming down for the universities
• 20:21
  Speaker 2: and good sneeze. By the way, Amy, excellent, that's quite
• 20:25
  Speaker 2: all right. I wish you had put that on the air. Okay,
• 20:28
  Speaker 2: we are done, everybody so much for today. Thursday is done.
• 20:34
  Speaker 2: But coming up with Gary and Shannon tomorrow morning all
• 20:38
  Speaker 2: over again.
• 20:39
  Speaker 1: It's a wake up.
• 20:40
  Speaker 2: It's a wake up call with Amy and Will and
• 20:45
  Speaker 2: of course Neil and I are here until nine o'clock
• 20:49
  Speaker 2: and Cono and Ann put all of this together, and
• 20:51
  Speaker 2: that's why it sounds so bad.
• 20:55
  Speaker 1: Also, it's foody Friday at eight o'clock.
• 20:58
  Speaker 2: Tomorrow and ask handle anything at eight thirty, So Friday
• 21:03
  Speaker 2: last hour always great fun.
• 21:06
  Speaker 1: That's it, guys.
• 21:08
  Speaker 2: We will catch you in the morning. KFI am six forty.
• 21:12
  Speaker 1: You've been listening to the Bill Handle Show.
• 21:14
  Speaker 2: Catch My Show Monday through Friday six am to nine am,
• 21:18
  Speaker 2: and anytime on demand on the iHeartRadio app.