Speaker 1: I'm ready, all right, Welcome to another episode of the
Chicks on the Right podcast where we talk to our
friend and sponsor of the show, Zach Abraham from Bulwark
Capital Management, and today we're going to talk about the
so called annoyance economy.
Speaker 2: There's this new report.
Speaker 1: It's from someplace called Groundwork Collaborative, and they found that
the annoyance economy, which includes things like subscription canceling, dealing
with insurance, paperwork, junk fees, all of these things contribute
to one hundred and sixty five billion dollars a year.
Speaker 2: That's what it costs all of us to just.
Speaker 1: Deal with those tasks because companies recognize this is a
good way to just like make money without you know,
a whole lot of effort.
Speaker 2: So how I mean.
Speaker 1: And some of the biggest drains according to this report
include those junk fees, include healthcare administrative hassles, the non
stop spam calls, tech.
Speaker 3: Subscription so subscriptions. I feel like I'm guilty of this year. Guys, like,
I'm certain to panic just listening to her, because I
swear I think I probably have like subscriptions, you know,
like even little things you don't use anymore.
Speaker 2: Like apps. I know that's not ridiculous, but even apps.
Speaker 3: And I'm like, I may have bought apps that cost
like twenty dollars a year, and then I'm like I
forget about them.
Speaker 2: I'm like, I have that app, what and so?
Speaker 3: And I know there are probably other apps that you
can get to clean up those apps, but I'm just like.
Speaker 2: Where does it end?
Speaker 1: You?
Speaker 4: Know?
Speaker 1: Well, I'm curious, Zach, when you're dealing with folks in
your practice, do you ever uncover these kinds of sort
of fees that people are paying that they don't even realize.
Speaker 4: App?
Speaker 5: Absolutely, so let me give you. Let me give you
a little simple tip. This is everybody can use Hey,
call your bank, tell what, tell them you've lost your
debit card, and issue you a new one.
Speaker 4: Everybody that's tied to that debit.
Speaker 5: Card, yes, will send you an email and say your
payment did not go through. And then you go through
and pick out which ones you want to re up
on and which ones you don't. Yeah, I'm dead series. Yeah,
So use the same use the same email, right, have it?
So I've got a separate email for subscription stuff like that.
And well, usually something happens to a card. But There
have been times where I'm just like, you know what,
let's just cancel the card and then you go and
then you go back and select which ones you don't
and usually it's like a fifty to fifty you know,
but hey, that's the easiest way to do it.
Speaker 4: You don't need to go pay an app.
Speaker 5: Yeah, you don't need to go pay yeah, just make
sure you use the exact same card every single time
for those things, right, and then just go through cancel
it and they all kick you the automatic email, Hey
your payment didn't go through.
Speaker 4: And you're like good right.
Speaker 1: Yeah, yeah, I mean, are like so killer because there
it's tiny, right, It's like, yeah, oh you think, well,
it's just a couple of bucks, I'm not going to
worry about it.
Speaker 2: But that stuff adds up so quick. Yeah.
Speaker 5: Yeah, it's death by a thousand cuts. And then and
then you just you're just leaking money right and left,
you know what I mean. And especially if you're younger
and you've got to restrict an income, you got to know,
what's you know, twenty bucks here, thirty bucks there.
Speaker 4: It matters.
Speaker 3: So what would be GOA No, I was gonna say,
what would be the second thing next? To that would
be like that's draining you just from that. When you
say a thousand cuts, what would be one of the
thousand a thousand cuts that's probably next to like one
of these little junk fees.
Speaker 2: Then would it be food? Is it food?
Speaker 4: Yeah?
Speaker 5: Like yeah, eat now? Food and coffee that kind of thing.
Where would you just see amazing amounts? And it's such
an easy it's such a it's such an easy habit
to break, you know what I mean?
Speaker 6: Is it why I think wouldn't market food? And with
me it's coffee? We are like, is it yeah?
Speaker 3: Because I'm not a very good person when I don't
have my coffee.
Speaker 4: Well, no, but you could do.
Speaker 5: I'm not either. I got to have two cups before
I can even tie my shoes.
Speaker 4: Right.
Speaker 2: But she likes and she loves the fish. She she's
a foodie.
Speaker 3: She loves restaurant, she likes she's a nice restaurant girl.
Speaker 2: I am not that girl, but she is that girl.
Speaker 5: And I could not give it up, No guy, no,
look but here these are all these are me too, right,
And I love going to really nice restaurants and spending
too much.
Speaker 4: It's a I just love it.
Speaker 5: We call it you know, sit there for three hours,
the whole deal.
Speaker 4: No, I love it.
Speaker 5: It's like it's like a sport, right, and then it's
and it's the whole experience.
Speaker 2: I'm the medalist at that sport.
Speaker 5: Yeah, I will, Yes, true, I mean we yeah, so
am I right?
Speaker 4: I mean my wife?
Speaker 2: What we need to ask him? I'm sorry, Zach, I'm no.
Speaker 1: We had this question on our show a couple of
weeks ago where there there's this like scenario where you
could get a billion dollars right now, something billion billion
dollars if you agree to only eat plain chicken and
rice with no seasoning.
Speaker 2: That's it for the the rest of your life. Would
you do it?
Speaker 4: No? I wouldn't know that.
Speaker 2: There's no way, no way I could advise it.
Speaker 5: And I said, yes, what what what's the point I
have a billion dollars if I can't go out to
a nice restaurant.
Speaker 2: What I said?
Speaker 3: And it's so funny because I asked that same question
to so many people in my family, and my family
is the exact same way.
Speaker 2: They're like, of course I would take it, like our
son was. Our son did not hesitate.
Speaker 3: He was like, of course I would eat chicken, rice,
the rest of my life, like, what are you crazy?
Speaker 2: Of course I would like, what.
Speaker 4: Are you going to do with the billion?
Speaker 2: Then? If you can't everything else?
Speaker 5: Yeah, No, there's an age in life where I would
have looked at you like you're not said, I'd have
taken the billion dollars.
Speaker 2: He's showing, Yeah, but you.
Speaker 5: Know, my life's pretty comfortable as it is, and say,
you know what, I can't know. I don't need to
and I don't have anywhere close to a billion dollars.
By the way, I'm not saying it is.
Speaker 3: It's a it's a pretty interesting question because some people
are really into like some people love the long, lavish dinners.
And then if listen, if I can still have a
cup of coffee every day, I could probably eat chicken
rice every day.
Speaker 2: I probably could have not really.
Speaker 5: Well, and this and part of this goes back. Part
of this goes back to the conversation. And I understand
that people don't believe it, but money's really disappointing. It
like if you can, if you people, we ascribe so
much to it because so few of us actually have
the ability to do something, you know, like have a
private jet or something like that.
Speaker 4: We just overvalue it.
Speaker 5: And I'm just like, there's the studies that have been
done where it's does money make you happy? And the
answer is up to a certain point, and it's about
two hundred and twenty five hundred and fifty thousand dollars
where you don't have to worry about tomorrow, right, and
there's more money there than the immediate financial need.
Speaker 4: After that, the rate starts falling off.
Speaker 3: Yeah, But wouldn't it be kind of fun to give
a lot of it away?
Speaker 2: That's my thing.
Speaker 3: Oh, I'd think it would be to have so much
money that I could give so much to, Like I
would want to give so much of it away, like
anonymously and watch people.
Speaker 4: Yeah, no, that would be a blast.
Speaker 5: But maybe as you gave it away that bought some
foods back.
Speaker 4: I mean, you like a restriction diet.
Speaker 2: It would suck to give it away and then be
eating chicken and rice. Is that what you're saying? Yeah, yeah, exactly, Yeah.
Speaker 5: That's hey for such a philanthropist like yourself, that's a
mighty bland meal.
Speaker 6: You're eating it and rice.
Speaker 1: Yeah, that's just such an interesting question, is and you
wouldn't necessarily because when you first hear it you just think, oh,
everybody would easily just have chicken and rice for a
billion dollars because that's so much money.
Speaker 3: But I want to think about it.
Speaker 5: There's just no way that'd be like saying, do you
want a billion dollars?
Speaker 1: But you can never go on vacation, right, Like you
could never actually enjoy the billion dollars.
Speaker 4: Now, yeah I can't.
Speaker 5: No, well, and then like and and and then mock's
probably like this, but like when my wife and I
plan out a vacation, it's location first, and then we
literally plan the rest of vacation around the meals, right
like we're gonna hit up here, we're gonna have this,
We're gonna go yeah.
Speaker 4: Yeah. Now.
Speaker 5: The only problem is, especially when her and I go
on vacations by herself, we both usually come back seven
pounds heavier. That's okay, or excuse me, excuse me, I
come back heavier.
Speaker 4: She she didn't put on a single pound really.
Speaker 5: Usually, I just know I just said we come back heavy,
and I'm like, I'm not supposed to say.
Speaker 2: That about her, Okay, okay, yeah.
Speaker 4: I pack on the vacation way.
Speaker 3: Yeah, I was going to say, because you got the
same thing I mean, that's okay, God have the food
you do.
Speaker 2: Yeah, I hear you, guys.
Speaker 4: But he doesn't make it.
Speaker 5: If you can't, If I'm not going to sit there
and be able to have a great bottle of wine
with a phenomenal state and some great sides, or what's
the point of being what's what's the point of being
a billionaire?
Speaker 1: Yeah?
Speaker 4: Yeah, exactly, Or no cheeseburger ever again.
Speaker 3: Ever, you're right, cheeseburger, that's heart. You're driving a hard bar.
Speaker 2: Or chips and pso. I mean, live in.
Speaker 3: Texas, there's a lot of You're right, there's a lot
of great Mexican and barbecue.
Speaker 4: No more ribs.
Speaker 3: Maybe I could pay somebody to make the chicken and
rice taste like a cheeseburger, you know, like an ever
lasting gobstopper.
Speaker 5: They're making meat, and they're making meat and labs, now right,
you know what I mean?
Speaker 2: Yes, it's true, exactly. That's the next thing. This has
gone totally off the rails. Rails.
Speaker 1: I don't even remember, like what our topic was, but
you're talking about junk fees.
Speaker 4: Yeah, junk fees. So just cancel the debit card, man,
that's the.
Speaker 3: Easiest way to do it, okay, greatest advice. You wouldn't
take the billion dollars, you would take the food.
Speaker 2: I love that. I think that's great. And you know what,
Zach's his webinars. Never go off the rails, they doubt
ever they're not. You can find those by.
Speaker 4: Visiting your transitions. Don't go off the rails down, always
on there. It's like.
Speaker 2: They're off as the kids with.
Speaker 4: Bulwark or they're T right, isn't that your thing?
Speaker 1: Now?
Speaker 4: They're t I don't never know.
Speaker 2: I can't keep track.
Speaker 5: I'm gonna play this episode for my kids, just so
my fifteen year old daughter can hear that I use
the word T.
Speaker 4: You tell them.
Speaker 1: We said that you were looksmaxing today.
Speaker 2: Right.
Speaker 4: Oh, I don't know what that means, but I think
it's good.
Speaker 2: Right.
Speaker 4: Yeah.
Speaker 5: You get our webinars at Bowarkcapitalmanagement dot com. Sign up
for free. We don't call you on the weekends. We're
not going to chase you down. If you like what
you hear, we can book a meeting with me or
one of our other advisors. If not, hopefully you come
more educated, like cancel your debit cards. Right, those are
invaluable nuggets for to give you on these webinars. Yeah
so Bulwarkcapitalmanagement dot com. Know Your Risk podcast dot com.
Speaker 4: Not hard to find.
Speaker 2: Aw thank you, Zach, Thank you ladies.
Speaker 5: Investment advisory services offered through Trek Financial loc and SEC
Registered Investment Advisor. The opinions expressed in this programmer for
general informational purposes only and are not intended to provide
specific advice or recommendations for any individual or on any
specific security. Any references to performance of security so it
thought to be materially accurate and actual performance made different
or Investments involve risk and are not guaranteed. Past performance
doesn't guarantee future results.
Speaker 4: Track twenty four three zero eight