Upticks: Charitable Giving, Retirement Conversations, Buying Used Cars, and Home Equity Insights
By Jake Falcon on November 21, 2024
On this episode of Upticks, Jake and Cory discuss the benefits and potential pitfalls of charitable giving, including the concept of a “helper’s high.” They review individuals to consult before retiring and debate the necessity of them.
Jake and Cory also explore the potential advantages of buying used cars versus new ones and share their personal experiences. Finally, they discuss the current state of the housing market and the historically increased equity held by some homeowners.
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!
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Read a summary of the conversation below:
Buy Happiness—by Giving Your Money Away
Jake and Cory discuss the psychological and physical benefits of donating to charity. They highlight the concept of a “helper’s high,” where giving boosts mood and reduces stress through the release of endorphins. Additionally, regular acts of generosity can improve heart health, lower blood pressure, and increase lifespan. However, they also caution against the potential downsides, such as feeling pressured to donate or becoming overly reliant on the positive feelings from giving.
The People to Speak to Before You Retire—and the Key Questions to Ask Them
The hosts review an article from the Wall Street Journal that emphasizes the importance of consulting with key individuals before making the decision to retire. These include your spouse, adult children, doctor, HR chief, siblings, financial advisor, trusted colleague, and yourself. Jake and Cory debate the necessity of consulting so many people, suggesting that a smaller, trusted circle might be more effective to avoid conflicting advice.
The $20,000 Reason to Buy a Used Car
Jake and Cory explore the potential financial benefits of buying a used car over a new one. They discuss how used cars can save buyers up to $20,000 and may avoid the steep depreciation that new cars face. While Jake shares his experience of buying a new car for long-term reliability, Cory talks about his preference for leasing new cars due to the convenience and updated technology. Noting that the decision to buy or lease is separate from the decision to buy new or used.
America’s Homes Are Piggy Banks That Few People Can Afford to Raid
Finally, Jake and Cory dive into the current state of the housing market, noting that a significant amount of home equity is held by older homeowners. They discuss the challenges and opportunities of tapping into home equity, especially for those looking to downsize. Jake emphasizes that a home should not be viewed as an investment but rather as a personal and emotional decision.
Thank you for tuning in, we hope you have a great week!
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