How to Money Podcast Episode Summary

Title: Friday Flight - Tariff Tantrum, Southwest Succumbs, & The Greatest Grocers #957
Release Date: March 14, 2025
Host/Author: Joel and Matt, How to Money podcast by iHeartPodcasts

Introduction

In episode #957 of How to Money, hosts Joel and Matt delve into a variety of topics that intersect with personal finances, ranging from the impacts of tariffs on the economy to changes in airline policies and the evolving landscape of grocery shopping. True to their mission, Joel and Matt provide listeners with actionable insights, personal anecdotes, and thoughtful discussions to help navigate the financial complexities of everyday life.

Personal Anecdotes: A Taste of Austin

Joel and Matt kick off the episode by sharing their recent trip to Austin, Texas, highlighting their culinary adventures:

• Joel: “[03:00] My taco and brisket consumption went through the roof.”
• Matt: “[03:07] The brisket literally melts in your mouth. So good.”

Their visit to Franklin’s barbecue exemplifies how personal experiences can enrich financial discussions, showcasing the blend of enjoyment and budgeting.

Money Tip: Comparing Rideshare Options

A significant segment of the episode focuses on maximizing savings through smart rideshare choices:

• Joel: “[04:18] One ride on our way to the award show, Uber was $27 for half a mile.”
• Joel: “[04:40] Come on, $5 on Lyft.”

Joel emphasizes the importance of comparing prices between Uber and Lyft to uncover substantial savings. Matt adds insight into the behavioral economics at play:

• Matt: “[05:20] It's a very simple thing to do.”

They discuss how minor efforts, such as switching apps, can lead to significant financial benefits, especially in frequently used services like ridesharing.

Tariffs and Their Economic Impact

The hosts transition into a detailed analysis of the current tariff landscape and its broader economic implications:

• Matt: “[07:17] We are seeing the ripple effects of that bad policy shake out in some pretty substantial ways.”
• Joel: “[10:47] One economist called it the first recession that is totally unnecessary and could be stopped at any point.”

Joel and Matt explore how widespread tariffs are affecting stock markets, consumer prices, and the potential for an impending recession. They critique the use of tariffs as a blunt economic tool, questioning their long-term efficacy:

• Matt: “[11:54] Tariffs, they, you know, they can be a geopolitical tool if they're used sparingly.”

The discussion underscores the delicate balance policymakers must maintain to avoid unintended economic downturns.

Airline Industry Changes: Southwest's New Policy

A major shift in airline policies is examined through Southwest Airlines' decision to begin charging for checked bags:

• Matt: “[12:12] Southwest is now going to start charging for checked bags.”
• Joel: “[13:07] I'd do it if I'm fully retired, if I want to go do my grocery shopping on a Wednesday morning to get that extra 5 or 10% off.”

Joel and Matt express concern over how this move might affect customer loyalty, comparing it to iconic policies at other companies like Costco’s hot dog and drink combo. They predict that altering longstanding consumer-friendly practices could backfire, potentially driving customers to competitors.

The Rise of Life Coaches: A Costly Trend

The conversation shifts to the burgeoning industry of life coaches and specialized coaching services:

• Matt: “[16:15] You can now hire a meditation coach. You can hire a vacation coach, for instance.”
• Joel: “[17:35] We're turning to paid experts, and I do use the term expert lightly because the majority of these coaches, they don't have any formal designation.”

Joel and Matt critique the increasing normalization of hiring coaches for various aspects of life, questioning the affordability and necessity of such services. They advocate for leveraging free resources and stronger personal relationships as more sustainable and cost-effective alternatives.

Consumer Protection Against Scams: Zelle and Beyond

In an era of digital transactions, the hosts address the rising concern of financial scams:

• Joel: “[27:07] Chase is going to block Zelle payments made on social media in an attempt to reduce fraud.”
• Matt: “[28:24] There have been other scams floating around recently as well.”

Joel and Matt highlight Chase’s initiative to enhance security on Zelle by restricting social media transactions, aiming to curb fraudulent activities. They offer practical advice on safeguarding against scams, such as avoiding payments to unknown parties and scrutinizing URLs for legitimacy.

Best and Worst Grocery Stores: Consumer Experiences

Using data from Kiplinger’s analysis based on Google reviews, Joel and Matt discuss the rankings of grocery stores:

• Matt: “[31:22] Yeah, I do hate the fact, though, that it was based on Google reviews.”
• Joel: “[32:20] It made intuitive sense that some stores ranked higher due to customer experience.”

Trader Joe’s tops the list, praised for its vibrant atmosphere and competitive pricing, while giants like Walmart and Kroger fall to the lower end. The hosts emphasize the benefits of competition in the grocery sector, which often translates to better prices and customer satisfaction.

Senior Discounts Debate: Ethical Considerations and Practical Benefits

The episode explores the ongoing debate around senior discounts in grocery stores:

• Joel: “[34:24] Senior discounts are a form of dynamic pricing.”
• Matt: “[34:40] If I'm fully retired, I'll do my grocery shopping on Wednesday morning to get that extra 5 or 10% off.”

Joel and Matt support the continuation of senior discounts, highlighting their importance for financially vulnerable seniors. They liken these discounts to dynamic pricing strategies that benefit both consumers and businesses by incentivizing shopping during off-peak hours.

Home Energy Audits and Insulation: Saving on Utilities

Addressing home efficiency, the hosts discuss the significance of proper insulation and energy audits:

• Matt: “[35:04] So, if you're going to improve your home insulation, make sure you have a free home energy audit.”
• Joel: “[36:31] Our landlord put insulation in, did a couple of other things, and reap some substantial tax savings.”

Joel and Matt advocate for taking advantage of free home energy audits offered by utility providers. They share personal successes in reducing utility bills through enhanced insulation and the installation of smart thermostats, emphasizing both financial and comfort benefits.

Conclusion

In this episode, Joel and Matt adeptly navigate through a spectrum of financial topics, offering listeners a blend of personal stories, expert insights, and practical advice. From understanding the ramifications of tariffs and airline policy changes to critiquing the rise of life coaches and emphasizing the importance of home energy efficiency, the hosts maintain their commitment to providing valuable, jargon-free financial guidance. Listeners are encouraged to stay informed, compare options, and leverage available resources to enhance their financial well-being.

Notable Quotes:

• Joel on Tariffs: “[10:47] One economist called it the first recession that is totally unnecessary and could be stopped at any point.”
• Matt on Life Coaches: “[16:15] You can now hire a meditation coach. You can hire a vacation coach, for instance.”
• Joel on Senior Discounts: “[34:24] Senior discounts are a form of dynamic pricing.”
• Matt on Home Energy Audits: “[35:04] So, if you're going to improve your home insulation, make sure you have a free home energy audit.”

Additional Resources:

For more detailed discussions and resources mentioned in this episode, visit howtomoney.com. Links to articles, tools, and further reading are available in the show notes.