The Stacking Benjamins Show: Episode Summary - "Yeah, We Overpaid for That (SB1656)"

Episode Information:

• Title: Yeah, We Overpaid for That (SB1656)
• Release Date: March 14, 2025
• Hosts: Joe Saul-Sehy and Doug (OG)
• Guests: Paula Pant (Afford Anything) and Justin Peters (The Struggle is Real)

Overview: In this engaging episode of The Stacking Benjamins Show, hosts Joe Saul-Sehy and Doug delve into the common areas where individuals tend to overspend. Joined by financial experts Paula Pant and Justin Peters, the discussion revolves around strategies to identify and curb unnecessary expenses, ultimately helping listeners save more effectively.

1. Introduction to Overpaying Habits

The episode kicks off with a light-hearted banter between Joe and Doug, setting a friendly tone before introducing the main topic: identifying and addressing areas where people commonly overpay.

Notable Quote:

• Joe Saul-Sehy [01:24]: "Someone's drunk in the kitchen. Go check on Grandma."

2. Overpriced Airport Food and Amenities

Discussion Highlights:

• Joe shares personal anecdotes about the exorbitant costs of airport food and beverages, emphasizing how premium pricing affects travelers.

  Quote:

  • Joe Saul-Sehy [10:05]: "I paid $89 per beer, but I still got drunk in the kitchen."

• Paula Pant discusses her preference for airport lounges to avoid the high costs associated with general airport eateries.

  Quote:

  • Paula Pant [09:47]: "I'm usually in airport lounges where restaurants are exactly filthy, unwashed."

• Justin Peters reveals his strategy of packing a lunchbox to circumvent overpriced airport food, though he notes the challenges posed by security protocols.

  Quote:

  • Justin Peters [10:24]: "I'm the guy that packs a lunchbox into the airport, and the security is like, what is going on here?"

Insights:

• Airport venues often capitalize on travelers' limited time, leading to inflated prices.
• Planning ahead by bringing your own food can result in significant savings, despite potential inconveniences.

3. The Hidden Costs of Concert Tickets

Discussion Highlights:

• Justin Peters highlights the significant markup on concert tickets, particularly junk fees that inflate the overall cost.

  Quote:

  • Justin Peters [11:48]: "It's ridiculous."

• Doug estimates that approximately 27% of a concert ticket's cost can be attributed to additional fees unrelated to the artist or venue.

  Quote:

  • Doug [11:54]: "27% of your total spend for a given ticket is actually for extra fees."

• Joe and Guests explore strategies to mitigate these costs, such as waiting for resale tickets or choosing general admission options to avoid exorbitant fees.

  Quote:

  • Joe Saul-Sehy [16:57]: "If I know I can't save money, I make sure the night doesn't suck by adding other enjoyable activities."

Insights:

• Junk fees significantly increase the cost of attending concerts.
• Flexible ticket purchasing strategies, like waiting for resale sales, can help reduce expenses.

4. Managing Travel-Related Expenses: Taxis vs. Public Transit

Discussion Highlights:

• Paula Pant shares her consistent struggle with opting for taxis over public transportation due to time constraints and the hassle of scheduling.

  Quote:

  • Paula Pant [17:37]: "Every single time I'm rushing out the door and then I have to take a taxi."

• Doug and Joe discuss the high costs associated with taxis and rental car gas surcharges, debating the value of time versus money.

  Quote:

  • Joe Saul-Sehy [22:19]: "It's like an extra, what, 20 bucks?"

• Justin Peters emphasizes the importance of aligning spending with personal values, suggesting that some expenses are justified if they save valuable time.

  Quote:

  • Justin Peters [41:21]: "I'd rather spend it on the things that really bring me joy."

Insights:

• Evaluating the necessity and frequency of travel-related expenses can lead to significant savings.
• Balancing time efficiency with cost-effectiveness involves personal financial priorities.

5. Everyday Spending Habits and Their Impact

Discussion Highlights:

• Doug shares humorous yet insightful stories about overpaying for convenience, such as returning rental cars with an empty tank to avoid high refueling costs.

  Quote:

  • Doug [21:20]: "I just return it as is. I don't even care."

• Paula Pant and Justin Peters discuss the subtle but impactful ways daily habits, like buying pre-cut vegetables or using delivery services, contribute to unnecessary spending.

  Quote:

  • Doug [45:52]: "I bought the individual bell peppers, and I pay so much more for that."

• Joe Saul-Sehy reflects on the importance of valuing time, sharing his past consideration of a grocery shopping service to reclaim valuable hours.

  Quote:

  • Joe Saul-Sehy [42:14]: "I want somebody to buy me groceries. I don't care what it costs."

Insights:

• Small, everyday expenses can accumulate, leading to significant financial strain over time.
• Conscious spending and strategic planning can help mitigate these costs without sacrificing quality of life.

6. Trivia Segment: McDonald's Pie Sales on Pi Day

Overview: In celebration of Pi Day (March 14), the hosts introduce a trivia challenge centered around McDonald's pie sales during their peak in the late 1980s.

Question: At their peak, how many pies did McDonald's sell in one year back in the late '80s?

Participants' Guesses:

• Doug: 61 million pies [29:50]
• Paula Pant: 22 million pies [31:36]
• Justin Peters: 40 million pies [32:22]

Correct Answer:

• Doug: 250 million pies [38:41]

Reflection: The trivia segment not only adds an element of fun but also underscores the massive scale of everyday items like fast-food pies, illustrating how seemingly small products contribute significantly to corporate revenues.

Notable Quote:

• Doug [38:41]: "The correct answer is 250 million. Making Jerk Face OG our winner."

7. Key Takeaways and Strategies to Avoid Overpaying

Discussion Highlights:

• Paula Pant emphasizes the importance of collective effort in events like weddings to reduce costs, advocating for potluck-style gatherings.

  Quote:

  • Paula Pant [49:28]: "They had a big spreadsheet, and everybody was assigned a different type of dish."

• Justin Peters shares his ongoing struggle with wedding expenses, highlighting the average cost and exploring creative solutions to stay within budget.

  Quote:

  • Justin Peters [48:34]: "I thought that was a bit ridiculous. So I'm still struggling there."

• Joe Saul-Sehy and Doug discuss the broader theme of valuing time over money, suggesting that investing in time-saving measures can lead to long-term financial benefits.

  Quote:

  • Joe Saul-Sehy [41:36]: "My multiple on that time was huge."

Insights:

• Collaborative planning and community involvement can significantly reduce large-scale event costs.
• Prioritizing time-saving expenses aligns spending with personal values, enhancing overall financial well-being.

8. Conclusion and Final Thoughts

As the episode wraps up, the hosts reiterate the importance of being mindful about where and how money is spent. By identifying areas of overspending and implementing strategic adjustments, listeners can optimize their finances and save more effectively.

Notable Quote:

• Doug [52:19]: "This show is for entertainment purposes only. Before making any financial decisions, speak with a real financial advisor."

Final Takeaways:

• Identify Overpaying Areas: Recognize common spending traps like overpriced airport food, concert fees, and everyday conveniences.
• Strategic Savings: Implement practical strategies such as packing meals, choosing general admission for events, and evaluating the necessity of certain expenses.
• Value Time: Balance spending by valuing time-saving measures that align with personal financial goals.
• Collaborative Efforts: Engage in collective planning for large expenses like weddings to minimize costs without compromising quality.

By staying informed and intentional with spending habits, listeners can make smarter financial decisions and enhance their overall financial health.