Personal Inflation, Buyer’s Remorse, and No-Show Fees (Ep. 300)
By Jake Falcon on June 7, 2024
It’s our 300th episode! Thank you for supporting us on our financial literacy adventure. We work to continue improving our shows every week and we appreciate you tuning in!
This week on Upticks, join Jake and Cory as they discuss real-world experiences in prepping for retirement and big-ticket items people buy to later regret.
Do you agree with no-show fees and how has inflation affected different people? This an more on Upticks!
Thank you for joining us this week! If you have a topic that you would like Jake and Cory to discuss or debate live on Upticks, please email it directly to me at luke@falconwealthadvisors.com and I’ll be sure to ask them to bring it up on the show!
To subscribe to our newsletter, please email luke@falconwealthadvisors.com
Order ‘Retiring Right’ Today: https://a.co/d/geeSRDy
Third-party links and references are provided solely to share social, cultural and educational information. Any reference in this post to any person, or organization, or activities, products, or services related to such person or organization, or any linkages from this post to the web site of another party, do not constitute or imply the endorsement, recommendation, or favoring of Falcon Wealth Advisors or Hightower Advisors, LLC, or any of its affiliates, employees or contractors acting on their behalf. Hightower Advisors, LLC, do not guarantee the accuracy or safety of any linked site.
Read a summary of the conversation below:
Introduction
Jake and Cory welcome listeners to the 300th episode of Upticks! Cory is expecting a baby soon, while Jake recently tried playing pickleball for the second time and enjoyed it more than the first time, especially since all players were at a similar skill level.
300th Episode!
Jake and Cory reflect on reaching their 300th episode, having started the podcast on December 11, 2017. While Jake feels they have accomplished a significant milestone, Cory believes the best is yet to come. They encourage listeners to subscribe, like, and share their content aimed at enhancing financial literacy.
What We Got Right in Preparing for Retirement
Jake discusses an article profiling a retired couple in San Francisco who have embraced what they did right in preparing for retirement. They saved early, lived within their means, are grateful for Medicare covering their health needs, budgeted well for travel, and continued pursuing curiosity in retirement. The husband wishes he had hired a financial advisor sooner, and they regret not downsizing their home earlier, but overall, they are content with their retirement decisions.
‘What Was I Thinking?’ The Big-Ticket Items People Regret
Cory shares insights from an article highlighting people’s regrets over major purchases like expensive watches, second homes, RVs, and clothes. The recurring theme was shortsightedness and not fully considering the long-term implications of such purchases. Cory emphasizes the importance of understanding one’s priorities and spending money on things that truly matter, rather than making impulsive decisions leading to buyer’s remorse.
The Era of ‘No-Show’ Fees Is Here—and It’s Going to Cost You
Jake and Cory discuss the practice of service providers charging fees for customers who fail to show up for scheduled appointments without canceling. They both agree that it is generally appropriate for businesses like barbers, salons, and restaurants to implement such fees, as service providers block off time for customers who then don’t show up or pay. Jake shares a personal experience of potentially no-showing for a reservation in France due to unfamiliarity with cancellation procedures. Overall, they view no-show fees as fair compensation for the provider’s time and a reasonable practice for an accountable society.
How Has Inflation Hit Your Finances? 10 People Get Candid
Cory shares key takeaways from an article featuring 10 people’s experiences with inflation’s impact on their finances in San Francisco, including housing/rent being a significant factor, more people taking on side hustles or additional income streams, cutting back on vacations, and observing smaller packaging and higher grocery prices. He quotes two individuals lamenting the economy’s impact on their financial situations. Jake argues that while inflation affects everyone differently based on personal circumstances and expenses, blaming the economy may be an excuse for lack of financial discipline, emphasizing the importance of having a financial plan aligned with one’s values and purpose.
Thank you for tuning in, we hope you have a great week!
