December 3, 2025 • 34 mins
Pastathon supremacy – in today’s economy! Have you done your holiday shopping yet? Can AI help you pick out the perfect festive season gift for your loved ones? Black Friday sales have reportedly gone up 4-11% from last year, although some outlets suggest people planned to spend less this year. Are the haves carrying the have-nots? Merrill also discusses credit card hacks and people using buy now, pay later to purchase burritos. Have you heard of credit card churning? It’s when people open and close credit cards in quick succession to enjoy the perks like airline miles and cashback incentives, then close the card before they must pay the annual fee. This practice can earn up to thousands of dollars.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
You're listening to kfi AM six forty on demand.
Speaker 2 (00:08):
I'm Chris merrilf I AM six forty more stimulating talk.
Speaker 3 (00:13):
A couple of things I wanted to open with.
Speaker 2 (00:14):
First of all, thanks to everybody that made donations and
listened in on the pastathon and closing in on a
million dollars is incredible. It is incredible with with many
people expressing jitters about the economy and still opening up
here and a giving Tuesday just amazing. So thank you
to everyone, and don't forget we're we're not even done yet.
Go to KFI AM six forty dot com slash Pastathon
(00:37):
and remember one hundred percent of your donation goes to
Katerinas Club being still going to any of the smart
and finals, donate any amount of the checkout go to
the Wendy's restaurants in southern California. Donate five dollars more.
You get a coupon book. And then of course we've
got the auction items. And I just saw I saw
an addendum of the auction item list. Did you guys
see the addendum here? It goes on to say this,
(00:58):
I thought this was really unique. One of the auction
items is a private backyard barbecue with Bill and Lindsay
handle and Neil Sevader is going to be there too,
to make sure that you know Bill doesn't stab you.
Speaker 4 (01:09):
Uh.
Speaker 2 (01:10):
However, they added other descriptions like, no, really, it will
be fun. You'll get and I'm not joking, you'll get
a non eventful ride and handles home, elevator, a tour
of Bill's one room, a broadcast studio at a photo
op in Bill's I'm depressed, so I eat here chair.
Speaker 3 (01:30):
That sounds like a good time. An elevator, Yeah, I
guess he's got an elevators. I don't know. It doesn't
let me come over.
Speaker 2 (01:38):
And then it says if the stars in the line,
you get a belly rub from Neil.
Speaker 3 (01:41):
So that's pretty great.
Speaker 4 (01:42):
Okay, that's a negatory on the belly rub, but the
rest sounds fun.
Speaker 5 (01:46):
Uh.
Speaker 2 (01:46):
You get a year's supply of Zelman's Minty Mouth. And
this is actually really nice. A twelve piece professional knife
set that they say is a value to two thousand dollars.
God what I would give for a two thousand dollars
knife set.
Speaker 3 (01:58):
Baby. So anyway, that's up there.
Speaker 2 (02:01):
So if you wanted to pay to take a non
eventful ride in a random radio guys home elevator.
Speaker 3 (02:08):
This is for you there. It is very good. Uh.
Speaker 2 (02:12):
Foush was at the event tonight. Yeah, God, that was great.
That was really nice that that Fush was able to
show up and looking forward at Fush is gonna be
back next week.
Speaker 3 (02:21):
I saw the video of it. He looks amazing.
Speaker 2 (02:25):
And you know, you heard Conway talking about how a
lot of people thought, you know, that was a fatality,
the car accident that that he was in, and and
for him to be there and then sort of showing
off how he's you know, his physical therapy is giving
him his strength and his in his dominant armback is
just incredible.
Speaker 3 (02:42):
I was talking to Ali though, and I thought it
was a little odd.
Speaker 2 (02:45):
So Ali's been working as a as a tech director
while Fush is out. Of course, there's been a number
of people that have that have stepped up and done
a great job.
Speaker 3 (02:53):
But Ali, Ali, you never worked with Fush, right, No? Never?
Speaker 5 (02:56):
I can't wait to meet yeh.
Speaker 3 (02:57):
Yeah.
Speaker 2 (02:57):
Yeah, that's nice for me to say on the air,
because off the air he was like, I'm really mad
that Fush is coming back is going to cut my hours.
Speaker 3 (03:02):
I thought that was rude. Hey, you thought that was wrong.
I don't think you should have been saying that.
Speaker 2 (03:07):
It was in private, Chris, Nah, everybody's excited about the
fush coming back. It's just a he's a quirky good dude.
Is that fair to say? Yes, right, quirky good dude.
Speaker 4 (03:21):
He is a lovable odd ball and he's part of
the family here, and it was really kind of an
emotional moment.
Speaker 3 (03:26):
Yeah.
Speaker 2 (03:27):
Yeah, he's a lovable odd ball and that's always liked.
Speaker 6 (03:30):
My outfits and that's all I need.
Speaker 3 (03:32):
Okay, Yeah, validation. Man. He is a very very sweet
he is very nice.
Speaker 2 (03:38):
Lovable odd ball is kind of what we strive for
a Kafi.
Speaker 3 (03:42):
Is that fair to say?
Speaker 2 (03:43):
I mean, I've always heard it referred to as as
the radio station Island of misfit toys, Like we're just
a bunch of odd balls.
Speaker 3 (03:50):
Too all come together.
Speaker 2 (03:51):
We're the weird kids in the school cafeteria that nobody
could really get a beat on guaranteed humans.
Speaker 3 (03:57):
Yeah, uh so.
Speaker 2 (03:59):
I to the amazing program that I have planned for tonight.
It's it sucks, but here's what I got. If you
haven't done your holiday shopping at I was doing a
little shopping too. While I was, you know, listening to
Ali complained about Foosh recovering again.
Speaker 3 (04:17):
Really odd, but I was, I was trying to do
some shopping.
Speaker 2 (04:21):
I'm not done shopping at I've got a few people,
and I don't know what to get him.
Speaker 3 (04:25):
Like my brother, I don't know what to get him.
We're not really all that close, and.
Speaker 2 (04:27):
I don't want to spend that much on him, you know,
but he's also got three kids and a wife.
Speaker 3 (04:33):
Damn, I have to get him all presents.
Speaker 2 (04:36):
No, no, get them nothing. So that's what he always
gets me. But that also gives me the chance to
be the better brother.
Speaker 3 (04:44):
Do you do you need that? Just get him nothing? No,
I just I need to be better.
Speaker 6 (04:48):
You need to pull my trick and just play the
jew card.
Speaker 3 (04:52):
Here we go.
Speaker 2 (04:52):
Oh god, alla, you got your hand on that dumb button, right, buddy.
Speaker 6 (04:56):
I didn't say anything.
Speaker 2 (04:59):
All right, Okay, all right, Marjorie Taylor Green? What kind
of space laser should I get him?
Speaker 7 (05:04):
I don't buy Christmas gifts because I don't celebrate Christmas.
Speaker 3 (05:08):
Oh, I see, okay? All right? Do I have to
get him like eight Hanuka gifts or something?
Speaker 6 (05:12):
Then no, we don't really do that either. That's a lie.
Speaker 7 (05:15):
So we never felt out of at the wrong end
of the school yard as kid, That makes sense.
Speaker 2 (05:22):
I don't know what to get some people who are
you know, they're They're close enough that I'd probably helped
them move, but not close enough that I'd let them
hang out at my place after dinner, like Roner, and
so I turned to AI. So a number of people
are turning to AI this year to find the perfect gift.
I don't know if I believe that this is perfect.
(05:42):
You're supposed to simply type in some details about the
individual and then ask AI Chat GPT to help you
figure out what it is. In fact, so much so
that Walmart has partnered with open Ai and Target is
launching a beta version of their new app experience within
chat GPT, which is open Ai. And this is all
(06:04):
to try to help people find gifts. So Mark, you
tell me if I got this right. Here's what I
typed in. All right, what can I give my code?
What gift can I give my coworker. He's a radio
news anchor who loves classic cinema, does freelance writing. It
is a bit of a vampire sleeps during the day
and up all night. H Okay, it was any of
that inaccurate.
Speaker 4 (06:25):
We'll just go forward with this without my quibbling. But
it's really could you make a gift more meaningless and
impersonal than by consulting AI?
Speaker 3 (06:34):
No? Well, I don't know.
Speaker 2 (06:36):
I mean half the crap that I buy for people
is completely meaningless an imperson I.
Speaker 3 (06:39):
Mean, why don't you just address it to occupant while
you're at it?
Speaker 2 (06:41):
Okay, Well, are you kidding? Mickey just said to buy booze? Well,
though you would appreciate you. Yeah, I don't have a
problem with at least that would be fine. Yeah, but
that's totally in personal. Okay, So it says I should
get you a restored classic film Blu ray or collector's edition.
Speaker 4 (06:56):
Uh, but it's a boulevard of evil the third man,
I'm pretty sure I have all those. That's the problem
with movie fans. It's like it's like a you know,
if a reader or a comic book fan or something
to have it.
Speaker 3 (07:09):
You have no idea what they don't have.
Speaker 4 (07:11):
Yeah, that's true, that's true, and there's there's no sly
way to find out either. It's like asking a girl
what what a ring size is? You know you know
what's coming.
Speaker 3 (07:20):
Yeah, yeah, I do. And I'm not telling you my
ring size either.
Speaker 5 (07:24):
You could talk for about ten films that he doesn't
have but he wants, and then pick one and then
it's a half surprise he still know.
Speaker 3 (07:33):
Is getting into something.
Speaker 2 (07:34):
Yeah, a cinema themed desk lamp or Marquee light.
Speaker 3 (07:39):
I'll tell you.
Speaker 4 (07:39):
I saw a desk lamp in the shape of an
alien Xeno morph and I think the light was coming
out of its mouth. That was a festive holiday gift
that I would enjoy receiving.
Speaker 2 (07:48):
That's a that's a definitely, that's a runner winner. Yeah.
About a high quality notebook for your freelance writing. Oh yeah,
you're not fancy enough. What well, just like paper, I
guess to write my hand says Writers secretly judge each
other's stationary No, no, we don't.
Speaker 3 (08:05):
I didn't think so.
Speaker 6 (08:06):
Doesn't anyone just want things that they need anymore, like
like socks and underwear?
Speaker 3 (08:12):
I think I'm kind of coming.
Speaker 2 (08:13):
This is why, this is why nobody's buying you Christmas presents.
Is not the jew thing, it's the it's the nobody
like your Your gifts are terrible ideas.
Speaker 7 (08:21):
I'm really happy if somebody bought me socks and anddies.
Speaker 2 (08:25):
Well they're not because you already pulled them. You pulled
the jew card, so you can't do it.
Speaker 5 (08:29):
He just said snooze fest about a notepad, and then
you mentioned sucks socks and underwear.
Speaker 6 (08:33):
Helpful.
Speaker 7 (08:34):
We always wear socks and andies, so we need that
you're free socks.
Speaker 3 (08:41):
How about a night creature survival kid mark. I what
is that? Okay?
Speaker 2 (08:45):
So gourmet coffee or cold brew concentrate, blue light blocking glasses,
a small blackout sleep mask, and I do not disturb
doorhannger does it?
Speaker 4 (08:55):
Does it come with a mask and a knife?
Speaker 3 (08:58):
Yeah? A criteria collection masking nights. Okay?
Speaker 4 (09:01):
Yeah, well I mean sure, I mean in a pinch.
But isn't the main reason to give gifts, apart from
the perfunctory holiday aspect showing somebody who you know that
you've been thoughtful and picked out something you want them
to have.
Speaker 3 (09:16):
What about the gift that you didn't give right?
Speaker 2 (09:19):
Like, for instance, I told you that we're close enough,
I would help you move, but not close enough I'd
stick around after dinner.
Speaker 3 (09:24):
All right, That's that's where I am. I'll take that.
Speaker 2 (09:27):
Yeah, and I always feel like if you're willing to
help somebody move, that's a real market friendship.
Speaker 3 (09:32):
So yeah, I consider us to be friends. Right.
Speaker 2 (09:34):
I would help you move, but I would never ask
you to help me move. And I consider that a gift,
the fact it's a gift that you'll never know you got,
but you got it.
Speaker 4 (09:44):
I appreciate the being spared aspect of that. That is
a gift. Thank you, You're welcome.
Speaker 2 (09:50):
Meanwhile, a number of people did find the right gifts.
I was surprised to see that Black Friday sales went up.
We keep hearing about how bad things are, we're gonna
predictions for the last few months about how a lot
of retailers were worried about spending being down. But as
far as the start to the holiday season way up.
Online sales up over ten percent, in store sales one
point seven percent. And so that gives us a total
(10:12):
of retail sales excluding cars. Yeh, to throw that in,
I guess, uh went up four point one percent. So
that is actually stronger than last year's growth.
Speaker 4 (10:23):
Well, if you'll excuse me for interrupting, go on. Isn't
the second half of that sentence that the research showed
that people actually bought fewer things and the reason they
spent more was because of inflation.
Speaker 2 (10:34):
Yes, yes, that is exactly right. So but but and
I had to explain this to a friend of mine.
I was telling them about this story, and he was like,
wait a minute, doesn't that mean that they got more stuff?
And I went, no, it means that they got the
same amount of stuff. It just cost them four percent more.
They spent more and they got less, which I mean
that explains if inflation is up three to four percent
(10:56):
year over year and we spent three or four percent
more year over year, that basically means we bought the
same amount of crap roughly right. And I know your
contention is we actually bought less. Perhaps we did.
Speaker 3 (11:08):
But I also.
Speaker 2 (11:09):
Wonder if we're at a because we have a tighter
window this year slightly. I think last year that wasn't
thanks saving on the twenty sixth last year, if I'm
not mistakes, So we have a slightly smaller window, slightly
fewer days until Christmas, which means you have to pack
in a little bit more on your on your Black Friday.
I found Black Friday sales sucked.
Speaker 3 (11:28):
You've got nothing you bought not a single thing. I mean,
of course I did. Yeah, okay, you know I don't
have handle money, but I'm not bro Well.
Speaker 4 (11:35):
The thing is that bookmark things that you're interested in
so that you can see how you're not really getting
a good deal on Black Friday, especially on Amazon.
Speaker 2 (11:43):
One of the things I love to do is Amazon
now has a feature where we'll say price track this,
so it will show you. In fact, let me just
let me just grab something. Oh look, I have Amazon
bookmarked right here. Let me just pull this up real fast.
I will bring this out here. Let's see.
Speaker 3 (11:58):
Is this the one?
Speaker 8 (11:59):
Oh?
Speaker 2 (12:00):
Maybe it's an app I have on here that says,
you know, track the price. Oh yeah, no, no, it's on Amazon.
It says price history, so it tells me what the
price history is. And then I've got other apps on
here that will tell me that, yeah, that is the
lowest price in thirty days.
Speaker 3 (12:14):
Okay, so that's good. Now I kind of want to
buy it, all right, Well, maybe I'll just have to
buy this here. What is it you're circling around there?
Speaker 2 (12:23):
There's a steak knives that match the other set that
the other you're obsessed with knives kind of am Yeah,
I think I think there may have been a ninja
in a previous life.
Speaker 4 (12:32):
I think your obsession with knives is kind of proof
you shouldn't be around knives.
Speaker 2 (12:36):
So what is interesting, though, is that as we're worried
about the economy, we're still spending the same amount. We're
spending more money, even if we're getting less, We're spending
more money. And if we're so nervous about the economy,
why are the holiday sales up so far?
Speaker 3 (12:49):
I have answers to this. That is next, Chris Meryld.
Speaker 1 (12:54):
You're listening to KFI AM six forty on demand.
Speaker 2 (13:00):
Thanks to everybody that participated in the postathon. It continues.
Just go to camf I AM six sporting dot com
slash pastathon and it looks like we may hit our
goal up over a million dollars this year.
Speaker 3 (13:11):
Really incredible.
Speaker 2 (13:12):
And the work that you're doing to trying to help
out of the kids that are fed by Chef Bruno's charity,
which is Katrina's Club. More than twenty five thousand meals
every week go to kids in need in southern California.
And I'm no mathematics whiz, but I think that's like
one point two even more than that if it's per week,
so it's like a one and a half million meals
(13:33):
a year that they provide. That is really wild, So
thank you to everybody that helped to make that happen.
Spending this holiday season is up, what you get is
down thanks to inflation. But we did see that on
Black Friday anyway, numbers went up, retail data showing that
(13:54):
the retail sales excluding autos went up by a over
four percent year over year, which beats out last year,
which was at three and a half percent.
Speaker 3 (14:01):
Although it was interesting, it all depends on who you're
listening to.
Speaker 2 (14:04):
So I went looking for audio for the story and
it ran across the story from Fox four, w FTX, Naples,
Florida and others. I just grabbed this one because it
was the first one that I found. And here's what
they were talking about. They said, Oh, we're spending less.
Speaker 9 (14:22):
A new survey from coupon follow shows nearly one in
three people planning to spend less this holiday season compared
to last year. Forty percent are cutting back on gift
giving due to inflation. The studies surveyed more than one
thousand US adults about their holidays spending plans. Nearly two
in five Americans say they feel financially insecure about affording
(14:44):
the holidays this year.
Speaker 2 (14:46):
So it's entirely possible that this is consistent with what
we saw throughout the year. There have been a number
of stories about how the economy is being propped up
by the halves and have nots continue to suffer more
and more. So it is totally possible that the people
with my he spent more money this year to make
up for the people who didn't have as much money,
and the same way that you may have heard about
how the economy is largely being propped up by the
(15:10):
enticing nature of the prospect of AI. So Nvidia doing
really well, whereas some of the other companies not doing
quite as well. But now let me turn to another
story out of ABC in Austin, and again, first one,
I found Kvue out of Boston, and don't read anything
into Fox is talking bad things. ABC's saying good, no, no, no,
(15:31):
there's nothing I was finding it from all the different networks.
Speaker 3 (15:33):
Has nothing to do with that. This was in Austin.
They say, oh no, we're all going to spend more and.
Speaker 8 (15:37):
A less, say Black Fridays on increase in shoppers, with
consumers spending about eleven point eight billion dollars online. That's
a nine point one percent increase compared to last year,
but the amount of people shopping in person decrease this year.
Speaker 6 (15:53):
Retailers say the biggest.
Speaker 8 (15:54):
Challenge is a lack of change, and with the last penny.
Speaker 3 (15:58):
Mint Wait a minute, say that again.
Speaker 6 (16:00):
What retailers say?
Speaker 8 (16:01):
The biggest challenge is a lack of change, and with
the last penny minted just three weeks ago, stores are
having to round down to avoid disputes with shoppers.
Speaker 2 (16:12):
The biggest challenge is a lack of change. I'm skeptical
about that too.
Speaker 3 (16:17):
Yeah.
Speaker 2 (16:18):
Yeah, it's not often you and I agree, but we
are on this one. I know it's boring when we agree,
it kind of is.
Speaker 3 (16:23):
Yeah.
Speaker 2 (16:23):
No, I'm not buying that, and this whole thing with
the penny. You're not telling me, Oh, our sales are
way off because we had to round down.
Speaker 3 (16:33):
No, no, I'm not buying that either. No no, no, no, no.
Speaker 2 (16:37):
No no no. In fact, I'm in camp get rid
of change altogether. Let's just go to paper currencies. Let's
just do that. Oh no, I'm definitely the minority on
this one. I know it, but I say, just you
know what, Nichols dimes all of those get them out
of here. I might let you get away with quarters,
but for the most part not just get rid of
all that crap. We don't need any of it. So
why do people? Why are people spending so much money?
(17:00):
And if if we're hearing about how broke they are?
And I think, Mark, I think you hit a big
one on the head when you said this perfunctory gift buying.
Speaker 3 (17:09):
Did you use that the big word?
Speaker 4 (17:11):
That does sound like something i'd say, yeah, And I
just think that is so true.
Speaker 2 (17:16):
We've got it. Well, I got it. I have to.
It's Christmas. We always do it. Well, I have to.
If I don't, then the relatives are gonna think that
I'm poor, and I don't want that to happen.
Speaker 3 (17:26):
Well, what if I.
Speaker 2 (17:27):
Don't and then my kids go tell the neighbors that
they didn't get as much stuff. I don't want anybody
in the neighborhood talking. Oh, I don't want any I
have to make sure everybody knows it. I got to
keep up with the Joneses. No, you don't. I have
a simple hack. Are you ready for this?
Speaker 3 (17:43):
Tell people you're broke. Yeah, sure, I get it.
Speaker 2 (17:47):
You're like, oh, yeah, but my ego can't handle that,
and I don't want people to think I'm But I
just want you to think of that. Think of all
the money you would save if people thought you didn't
have any to spend on.
Speaker 4 (17:56):
Them, And in seventy percent of the cases you wouldn't
be lying.
Speaker 3 (18:02):
Yeah, but even I'm actually okay with the lying too.
Speaker 2 (18:06):
But yeah, no, you're right, you're right. In many cases
you're right. But also there's nothing wrong with lying. I'm
totally okay with it, all right. You keep saying that
you're being careful with money, but your your credit cards
are working overtime. There is a little trick to making
sure that your only a regret from this holiday season
involves drinking too much and telling your uncle what you
think about as politics, credit card hacks are next.
Speaker 1 (18:29):
Chris Merril, you're listening to KFI AM six forty on demand.
Speaker 3 (18:37):
Hey, even, I'm Chris Merril.
Speaker 2 (18:39):
KFI AM six forty more stimulating talk and on demand
anytime the iHeartRadio app. Thanks again to everybody that participated
with the fifteenth Annuel Kfi Pasta than Chef Bruno's charity,
Katerina's Club, providing more than twenty five thousand meals every
week to kids in need in southern California. It's your
generosity that makes that all happen. But you're pretty great,
(19:03):
So donate anytime KFI am six forty dot com slash pastathon,
and remember one hundred percent of your donation goes to
Katarina's Club. All the details KFI am six forty dot
com slash Pastathon. You can also bid on the KFI
exclusive auction items that are there, including hanging out with
either John No excuse me, John Cobalt. You could co
host an hour with him, or you can do a
(19:24):
Dodgers game with the Dean and Tina Sharp or with
Garyan Shannon. So good stuff on that list. Or the
Vegas package Oh Baby, three days, two nights, two adults
and one hundred fifty dollars in food and beverage credit
Resorts World Las Vegas gotta be over twenty one. So yeah,
good stuff on the on the auction blocker, you see
(19:45):
that very good. I did happen to see two on
the KFI Instagram. I hadn't seen this before the first
time I ran across it the legal addendum that's been
added to the broadcast. The legal addendum is the requirement
(20:06):
that there be no fewer than three hundred, but no
more than five hundred and fifty bagels delivered to any
and all Pastathon Live broadcasts. Not only is it a
legal addendum, he signed it, it's also been signed by
the corporate lawyers. It's really funny if you, if you
get a chance, look at it. Can if I Instagram page,
(20:26):
so there, you know all my friends, let.
Speaker 3 (20:30):
Me see taking a look. Okay, all right, I was
just looking NICKI said that. Somebody was saying, oh yeah,
hold on, what is this? Hang on?
Speaker 2 (20:42):
Somebody from the talkback talking about Nicky wanted to do
socks and undies for Christmas.
Speaker 5 (20:48):
I agree with her.
Speaker 10 (20:49):
I think that socks and undies are a perfect gift
and I would love to get those for her if
she would try them on in front of me.
Speaker 6 (20:59):
I mean, I am.
Speaker 2 (21:02):
Don't guys, and most people would be creeped out by that.
But you're like, well, you know, we'll give it a show.
Speaker 6 (21:08):
I mean, I'm Australian, We're filthy.
Speaker 11 (21:10):
I don't I don't keep crushing back on that, huh,
it's true. I don't think it's an Australian things. It's
a youth Australians a youth. It might be a Commonwealth thing.
Speaker 3 (21:22):
We were a commonwealth.
Speaker 6 (21:25):
It's not like we were.
Speaker 3 (21:28):
I mean, we were never a penal island.
Speaker 2 (21:29):
But okay, credit cards are where everybody's going this holiday season.
We're packing it up on the credit cards. According to
oh some dude called the oh Meade team on on
the YouTube breaking down the credit card usage, there's.
Speaker 10 (21:47):
A lot of folks that are spending a lot of
money on credit because they are seeing their four one
ks they're not as of late anyway, but their digital
currency accounts things like that. They're seeing all their investments
go up the way that they is. Oh now, that's
all on paper because unless you cash that out, you
don't have the money yet, right. So because they see
that on paper, then they feel safe spending and overspending
(22:10):
on their credit card. So forty two percent of consumers
are using credit cards for Thanksgiving and Cyber Monday shopping,
and that's up from thirty eight percent. So the reliance
on this, especially in addition to the buy now and
pay later that's now on the rise, should be of
some concern to all of us who are living in
(22:31):
this economy.
Speaker 3 (22:32):
So here's the thing.
Speaker 2 (22:33):
If you're feeling like, oh, I can spend that money
on my credit card because my four oh one king
is doing well, that's not a great plan. And let
me give you an example. I'm old enough to remember
something called the Great Recession. And one of the things
that happened prior to the Great Recession is that home
value started a skyrocket. And as home value skyrocketed, people
(22:53):
became very comfortable in borrowing against the equity of their homes.
So it's not that they had paid down their homes.
Is that you buy a home, and let's say you
bought a home for five hundred thousand, things started going
up and up and up and up, and all of
a sudden, your home is worth eight hundred, nine hundred
thousand dollars and your net worth has gone up three
or four hundred grand. And so in your mind you're thinking, sure,
(23:17):
I may have only paid off eighty thousand dollars in
this house, but look, I'm worth four hundred.
Speaker 3 (23:24):
Eighty thousand dollars. I can have a merry Christmas.
Speaker 2 (23:28):
And so they start spending on the credit cards thinking
I got the money if I need to, or they
start taking out home equity lines of credit and then
they start buying toys, jet skis.
Speaker 3 (23:38):
Boats, whatever it might be.
Speaker 2 (23:40):
Right, So they started buying toys, and then what happened, Well,
then obviously the roof crashed in and they found themselves
not only is their home not worth anything, they have
an ass load of debt and they're paying on their
home equity lines of credit. Plus their mortgage on a
home that they bought for five hundred went up to
(24:02):
nine hundred and that was only worth two fitty.
Speaker 3 (24:06):
So that didn't work out very well. Because you're net worth.
Speaker 2 (24:09):
You thought you were worth half a million dollars and
all of a sudden you are in the negatives. And
so let's just it's not great money management. It's not
it's not using very good constraint on your own impulses.
So you gotta you gotta plan ahead, you gotta track
your spending. You gotta do all the boring things that
our parents told us to do. You gotta do all
the boring things that our high school econ teacher told
us to do. You gotta you gotta shop around. You
(24:32):
have to try to avoid going into debt using credit
cards in the first place. And look, it's a bit
hypocritical because I do use my credit card for about everything,
but then pay it off at the.
Speaker 3 (24:42):
End of the month.
Speaker 2 (24:43):
And I'm not exactly a shining example of great fiscal responsibility.
But I made enough mistakes to learn a few things
along the way. And in fact, I was just sending
a photo to my buddy who didn't believe we We
lost touch and then reconnected here recently, and he's, you know,
(25:04):
how are things going. I said, well, I lived in
an RV for two years. Well, my wife and I
paid off that. He didn't believe me, and I sent
him pictures of it. I said, yeah, Look, we lived
in this fifth wheel trailer for two years while we
paid off our debt. Now I was fortunate we could
stay at the My family has a few acres, and
we were able to basically build ourselves our own pad
and live there, you know, without having to pay a
(25:25):
monthly fee, which is very helpful. But by golly, we
lived in a three hundred square foot trailer for two years,
my wife and I did, because we made all those
mistakes along the way. So the other one that you
gotta be careful of this buy now pay later is
it's catching a lot of people, and they're putting the
(25:47):
goofiest things on there too. When you're when you're putting
burritos on your buying now pay later, that is not
a great plan. Just if you're using Klarna to buy
your takeout, not a good indication that things are going.
Speaker 3 (26:00):
Well for you.
Speaker 6 (26:01):
Is that a gen Z thing exclusively?
Speaker 2 (26:04):
I don't think it's exclusive, but I think it's I
think they're may be more familiar with using Klarna back
in back in our day.
Speaker 3 (26:11):
Oh, we had kmart lay.
Speaker 2 (26:13):
Away, you know, where you could and I never really
understood it lay away either other than making sure somebody
else didn't buy it. But basically, if you're unfamiliar, you
found something you wanted at Kmart, you took it back
at the layway desk, They put it on a shelf
in the back, and then you made payments on it.
Once it was paid off, you left right then it
was yours, which is actually way more responsible than using
(26:36):
credit cards because you know they're at I think they
charge you a layway fee.
Speaker 3 (26:40):
Do you remember Mark? Did they charge they charge a
layway fee?
Speaker 4 (26:43):
Right, I'm sure some places did, But I don't think
it's a gen X thing so much as it is
a crappy economy thing, because we're reading more and more
about people just having to put groceries on their credit
cards to make it.
Speaker 3 (26:53):
And I hear that right to Mike.
Speaker 2 (26:58):
But there's a difference between I have to have groceries
and I'm putting out of my credit card versus I
can use buy now, pay later to order my Chinese takeout.
You know, Chinese takeout is not necessary. Groceries are, so
I don't know. I don't know if gen Z's using
it more than others are. If they are, I think
it's probably has more to do with familiarity and maybe
(27:20):
impulse control, because every generation has had things where they've gone.
Speaker 3 (27:26):
You know, I shouldn't be doing that. I put groceries
on my credit card.
Speaker 2 (27:30):
Really, and I pay them off though I'm the person
that makes everything so expensive because I want my airline miles.
Speaker 4 (27:38):
Oh well, yeah, okay, I do the same thing as you.
I pay off my credit card at the end of
every single month. Yeah, to the shock and surprise of
the teller at the credit union, because.
Speaker 3 (27:48):
It's well, yeah, exactly.
Speaker 4 (27:52):
They'll tell me what the minimum payment is, and when
I say, well, just tell me the balance and I'll
pay that, they like I've just presented them with pluton,
And so that's that's always good. But it's also kind
of watch list somewhere. It's good for your credit to
do that as well.
Speaker 2 (28:08):
Yeah, yeah, so yeah, I mean I use it. I
use it instead of cash, although studies show that when
you do, they end up spending more money than you
intended to. So you think maybe having a dozens of
credit cards as irresponsible. Mark and I and me talking
about getting my airline miles. Some people are treating the
whole credit card hustle like a whole business, and they
(28:31):
earn thousands by opening and the closing the plastic accounts.
The side hustle is literally their wallets. How they're doing
it and whether or not you want to dip your
toe in these waters is next, Chris Merrill.
Speaker 1 (28:45):
You're listening to KFI AM six forty on demand.
Speaker 2 (28:54):
So I've always been tempted to do this, and I've
never actually been willing to play with fire.
Speaker 3 (29:01):
Enough to I just don't have the I don't have
the gonads to do it.
Speaker 2 (29:04):
Have you heard of churning when it comes to credit cards,
churning shirt churning sounds like somebody with a speech impediment
trying to say turning, but it's churning. Churners open is
in like they're yeah, it churns okay. Churners open numerous
credit card accounts in a short span to collect welcome
bonuses like cash back, miles or points, and then they
(29:25):
cancel a downgrade before the annual fees start to apply.
So you may get a credit card offer. For instance,
I told you I like to say my airline miles.
You may get a credit card offer. This is if
you spend three thousand dollars in the first three months,
then you'll get one hundred thousand airline miles. And so
somebody takes that card, They open the card, they buy
(29:48):
their normal everyday stuff on that card, and then uh,
they get their airline miles. Then they cancel the card
before they have before a year rolls around, they have
to pay the annual fee. For some people, they go
crazy and they open dozens. In some cases they say
they make a couple grand. They had a couple grand
(30:08):
in a year just opening this card with these different
cash back things.
Speaker 3 (30:12):
Or miles or whatever it was.
Speaker 2 (30:15):
And so some people are they're looking at this almost
like those those extreme couponers. Do you know what I'm
talking about with the extreme couponnors, where they they somehow
they go they go to the grocery store and they've
got six hundred dollars worth of groceries and it ends
up costing them like eight dollars.
Speaker 3 (30:30):
That's ambitious. I don't know how they have the time
to do that.
Speaker 2 (30:35):
I mean, I'm impressed by the organizational skills.
Speaker 3 (30:38):
I'm impressed by what they do.
Speaker 2 (30:39):
But they have to buy massive quantities of some of
these things, and they have to have entire rooms dedicated
to holding all the different supplies. But they if they
do it, they do it right, and then they end
up getting their their groceries or whatever their goods are
for next to nothing.
Speaker 3 (30:54):
I'm amazed by it. It takes so.
Speaker 2 (30:56):
Much time and focus, and I think that's where you're
playing with fire. If something slips through all of a sudden, damn,
you are getting slammed with annual fees. You're getting slammed
with interest on the money that you spent in order
to get your bonus. That's why the credit card companies
offer it in the first place is because they figure
they're going to make more money on you in the
(31:17):
long run.
Speaker 3 (31:18):
And even if you even if you are paying things.
Speaker 2 (31:20):
Off every month, like Mark and I talk about doing,
and the world is still amazed Mark does it, they're
still making money on your transactions, so they want to
encourage you to use that card. Then they make money
from the retailer on the transactions. The people that are
taking advantage of the system, however, are starting to catch
the ire of the credit card companies, and so a
(31:41):
number of banks, credit card companies, the banks, the lenders,
they're putting forth the five twenty four rule, so it
basically will reject you if you've opened five or more
credit cards in the last two years. Some people say, well,
you don't want to do that, because if you every
time you open a card, it's going to be a
hard credit check on you.
Speaker 3 (32:02):
And if it does a hard credit check, then it's
going to lower your your.
Speaker 2 (32:07):
Your credit rating, and it's gonna decrease your average age,
and that would reduce your credit score. The thing is
is that those are weighted so lightly when it comes
to credit scores by something that's weighted very hard is
your debt usage. So if you open a bunch of
credit cards and they're all at five thousand dollars, let's
say you open ten credit cards at five thousand dollars,
(32:28):
that's fifty thousand dollars in available credit that you're not using.
So now your credit usage number is so incredibly low.
It really offsets largely the hard inquiries and then the
average age of your credit. So they're saying, well, it
doesn't actually hurt that doesn't actually hurt me. But I'm
making so much in my miles, my bonuses, my free vacations,
(32:51):
whatever else it is. I'm just not willing to I
am not willing to take the risk. For some people,
they just do it because they like the thrill. They're like, ah,
I beat the system. Okay, congratulations, you beat the system.
Nobody cares it is. It is absolutely a win in
your own mind. You didn't somehow find a hack that
(33:13):
makes you the all powerful credit card churner. You can't
quit your day job. It's not paying for your retirement,
so to me, just not worth the effort. But look,
if that's what you want to do with your free time,
you do whatever you want. We all do things with
our free time other people wouldn't do. If that's your thing,
do your thing to me. Not worth my time, That's
not worth it. The Supreme Court heard something today that
(33:35):
I think is really fascinating, largely because it could mean
the end of the Internet. I'm not really exaggerating too much.
Maybe a little, maybe a little. Your Internet bill at
the very least could continue to climb as a result
of what the Supreme Court heard today if they rule
in a different way. However, if you're an artist, you
(33:58):
may be willing to make that sack fight of other
people's bills. What it is that could cost billions is
very drama loaded. It's next
Speaker 1 (34:09):
KFI a M six forty on demand
You're listening to kfi AM six forty on demand.
Speaker 2 (00:08):
I'm Chris merrilf I AM six forty more stimulating talk.
Speaker 3 (00:13):
A couple of things I wanted to open with.
Speaker 2 (00:14):
First of all, thanks to everybody that made donations and
listened in on the pastathon and closing in on a
million dollars is incredible. It is incredible with with many
people expressing jitters about the economy and still opening up
here and a giving Tuesday just amazing. So thank you
to everyone, and don't forget we're we're not even done yet.
Go to KFI AM six forty dot com slash Pastathon
(00:37):
and remember one hundred percent of your donation goes to
Katerinas Club being still going to any of the smart
and finals, donate any amount of the checkout go to
the Wendy's restaurants in southern California. Donate five dollars more.
You get a coupon book. And then of course we've
got the auction items. And I just saw I saw
an addendum of the auction item list. Did you guys
see the addendum here? It goes on to say this,
(00:58):
I thought this was really unique. One of the auction
items is a private backyard barbecue with Bill and Lindsay
handle and Neil Sevader is going to be there too,
to make sure that you know Bill doesn't stab you.
Speaker 4 (01:09):
Uh.
Speaker 2 (01:10):
However, they added other descriptions like, no, really, it will
be fun. You'll get and I'm not joking, you'll get
a non eventful ride and handles home, elevator, a tour
of Bill's one room, a broadcast studio at a photo
op in Bill's I'm depressed, so I eat here chair.
Speaker 3 (01:30):
That sounds like a good time. An elevator, Yeah, I
guess he's got an elevators. I don't know. It doesn't
let me come over.
Speaker 2 (01:38):
And then it says if the stars in the line,
you get a belly rub from Neil.
Speaker 3 (01:41):
So that's pretty great.
Speaker 4 (01:42):
Okay, that's a negatory on the belly rub, but the
rest sounds fun.
Speaker 5 (01:46):
Uh.
Speaker 2 (01:46):
You get a year's supply of Zelman's Minty Mouth. And
this is actually really nice. A twelve piece professional knife
set that they say is a value to two thousand dollars.
God what I would give for a two thousand dollars
knife set.
Speaker 3 (01:58):
Baby. So anyway, that's up there.
Speaker 2 (02:01):
So if you wanted to pay to take a non
eventful ride in a random radio guys home elevator.
Speaker 3 (02:08):
This is for you there. It is very good. Uh.
Speaker 2 (02:12):
Foush was at the event tonight. Yeah, God, that was great.
That was really nice that that Fush was able to
show up and looking forward at Fush is gonna be
back next week.
Speaker 3 (02:21):
I saw the video of it. He looks amazing.
Speaker 2 (02:25):
And you know, you heard Conway talking about how a
lot of people thought, you know, that was a fatality,
the car accident that that he was in, and and
for him to be there and then sort of showing
off how he's you know, his physical therapy is giving
him his strength and his in his dominant armback is
just incredible.
Speaker 3 (02:42):
I was talking to Ali though, and I thought it
was a little odd.
Speaker 2 (02:45):
So Ali's been working as a as a tech director
while Fush is out. Of course, there's been a number
of people that have that have stepped up and done
a great job.
Speaker 3 (02:53):
But Ali, Ali, you never worked with Fush, right, No? Never?
Speaker 5 (02:56):
I can't wait to meet yeh.
Speaker 3 (02:57):
Yeah.
Speaker 2 (02:57):
Yeah, that's nice for me to say on the air,
because off the air he was like, I'm really mad
that Fush is coming back is going to cut my hours.
Speaker 3 (03:02):
I thought that was rude. Hey, you thought that was wrong.
I don't think you should have been saying that.
Speaker 2 (03:07):
It was in private, Chris, Nah, everybody's excited about the
fush coming back. It's just a he's a quirky good dude.
Is that fair to say? Yes, right, quirky good dude.
Speaker 4 (03:21):
He is a lovable odd ball and he's part of
the family here, and it was really kind of an
emotional moment.
Speaker 3 (03:26):
Yeah.
Speaker 2 (03:27):
Yeah, he's a lovable odd ball and that's always liked.
Speaker 6 (03:30):
My outfits and that's all I need.
Speaker 3 (03:32):
Okay, Yeah, validation. Man. He is a very very sweet
he is very nice.
Speaker 2 (03:38):
Lovable odd ball is kind of what we strive for
a Kafi.
Speaker 3 (03:42):
Is that fair to say?
Speaker 2 (03:43):
I mean, I've always heard it referred to as as
the radio station Island of misfit toys, Like we're just
a bunch of odd balls.
Speaker 3 (03:50):
Too all come together.
Speaker 2 (03:51):
We're the weird kids in the school cafeteria that nobody
could really get a beat on guaranteed humans.
Speaker 3 (03:57):
Yeah, uh so.
Speaker 2 (03:59):
I to the amazing program that I have planned for tonight.
It's it sucks, but here's what I got. If you
haven't done your holiday shopping at I was doing a
little shopping too. While I was, you know, listening to
Ali complained about Foosh recovering again.
Speaker 3 (04:17):
Really odd, but I was, I was trying to do
some shopping.
Speaker 2 (04:21):
I'm not done shopping at I've got a few people,
and I don't know what to get him.
Speaker 3 (04:25):
Like my brother, I don't know what to get him.
We're not really all that close, and.
Speaker 2 (04:27):
I don't want to spend that much on him, you know,
but he's also got three kids and a wife.
Speaker 3 (04:33):
Damn, I have to get him all presents.
Speaker 2 (04:36):
No, no, get them nothing. So that's what he always
gets me. But that also gives me the chance to
be the better brother.
Speaker 3 (04:44):
Do you do you need that? Just get him nothing? No,
I just I need to be better.
Speaker 6 (04:48):
You need to pull my trick and just play the
jew card.
Speaker 3 (04:52):
Here we go.
Speaker 2 (04:52):
Oh god, alla, you got your hand on that dumb button, right, buddy.
Speaker 6 (04:56):
I didn't say anything.
Speaker 2 (04:59):
All right, Okay, all right, Marjorie Taylor Green? What kind
of space laser should I get him?
Speaker 7 (05:04):
I don't buy Christmas gifts because I don't celebrate Christmas.
Speaker 3 (05:08):
Oh, I see, okay? All right? Do I have to
get him like eight Hanuka gifts or something?
Speaker 6 (05:12):
Then no, we don't really do that either. That's a lie.
Speaker 7 (05:15):
So we never felt out of at the wrong end
of the school yard as kid, That makes sense.
Speaker 2 (05:22):
I don't know what to get some people who are
you know, they're They're close enough that I'd probably helped
them move, but not close enough that I'd let them
hang out at my place after dinner, like Roner, and
so I turned to AI. So a number of people
are turning to AI this year to find the perfect gift.
I don't know if I believe that this is perfect.
(05:42):
You're supposed to simply type in some details about the
individual and then ask AI Chat GPT to help you
figure out what it is. In fact, so much so
that Walmart has partnered with open Ai and Target is
launching a beta version of their new app experience within
chat GPT, which is open Ai. And this is all
(06:04):
to try to help people find gifts. So Mark, you
tell me if I got this right. Here's what I
typed in. All right, what can I give my code?
What gift can I give my coworker. He's a radio
news anchor who loves classic cinema, does freelance writing. It
is a bit of a vampire sleeps during the day
and up all night. H Okay, it was any of
that inaccurate.
Speaker 4 (06:25):
We'll just go forward with this without my quibbling. But
it's really could you make a gift more meaningless and
impersonal than by consulting AI?
Speaker 3 (06:34):
No? Well, I don't know.
Speaker 2 (06:36):
I mean half the crap that I buy for people
is completely meaningless an imperson I.
Speaker 3 (06:39):
Mean, why don't you just address it to occupant while
you're at it?
Speaker 2 (06:41):
Okay, Well, are you kidding? Mickey just said to buy booze? Well,
though you would appreciate you. Yeah, I don't have a
problem with at least that would be fine. Yeah, but
that's totally in personal. Okay, So it says I should
get you a restored classic film Blu ray or collector's edition.
Speaker 4 (06:56):
Uh, but it's a boulevard of evil the third man,
I'm pretty sure I have all those. That's the problem
with movie fans. It's like it's like a you know,
if a reader or a comic book fan or something
to have it.
Speaker 3 (07:09):
You have no idea what they don't have.
Speaker 4 (07:11):
Yeah, that's true, that's true, and there's there's no sly
way to find out either. It's like asking a girl
what what a ring size is? You know you know
what's coming.
Speaker 3 (07:20):
Yeah, yeah, I do. And I'm not telling you my
ring size either.
Speaker 5 (07:24):
You could talk for about ten films that he doesn't
have but he wants, and then pick one and then
it's a half surprise he still know.
Speaker 3 (07:33):
Is getting into something.
Speaker 2 (07:34):
Yeah, a cinema themed desk lamp or Marquee light.
Speaker 3 (07:39):
I'll tell you.
Speaker 4 (07:39):
I saw a desk lamp in the shape of an
alien Xeno morph and I think the light was coming
out of its mouth. That was a festive holiday gift
that I would enjoy receiving.
Speaker 2 (07:48):
That's a that's a definitely, that's a runner winner. Yeah.
About a high quality notebook for your freelance writing. Oh yeah,
you're not fancy enough. What well, just like paper, I
guess to write my hand says Writers secretly judge each
other's stationary No, no, we don't.
Speaker 3 (08:05):
I didn't think so.
Speaker 6 (08:06):
Doesn't anyone just want things that they need anymore, like
like socks and underwear?
Speaker 3 (08:12):
I think I'm kind of coming.
Speaker 2 (08:13):
This is why, this is why nobody's buying you Christmas presents.
Is not the jew thing, it's the it's the nobody
like your Your gifts are terrible ideas.
Speaker 7 (08:21):
I'm really happy if somebody bought me socks and anddies.
Speaker 2 (08:25):
Well they're not because you already pulled them. You pulled
the jew card, so you can't do it.
Speaker 5 (08:29):
He just said snooze fest about a notepad, and then
you mentioned sucks socks and underwear.
Speaker 6 (08:33):
Helpful.
Speaker 7 (08:34):
We always wear socks and andies, so we need that
you're free socks.
Speaker 3 (08:41):
How about a night creature survival kid mark. I what
is that? Okay?
Speaker 2 (08:45):
So gourmet coffee or cold brew concentrate, blue light blocking glasses,
a small blackout sleep mask, and I do not disturb
doorhannger does it?
Speaker 4 (08:55):
Does it come with a mask and a knife?
Speaker 3 (08:58):
Yeah? A criteria collection masking nights. Okay?
Speaker 4 (09:01):
Yeah, well I mean sure, I mean in a pinch.
But isn't the main reason to give gifts, apart from
the perfunctory holiday aspect showing somebody who you know that
you've been thoughtful and picked out something you want them
to have.
Speaker 3 (09:16):
What about the gift that you didn't give right?
Speaker 2 (09:19):
Like, for instance, I told you that we're close enough,
I would help you move, but not close enough I'd
stick around after dinner.
Speaker 3 (09:24):
All right, That's that's where I am. I'll take that.
Speaker 2 (09:27):
Yeah, and I always feel like if you're willing to
help somebody move, that's a real market friendship.
Speaker 3 (09:32):
So yeah, I consider us to be friends. Right.
Speaker 2 (09:34):
I would help you move, but I would never ask
you to help me move. And I consider that a gift,
the fact it's a gift that you'll never know you got,
but you got it.
Speaker 4 (09:44):
I appreciate the being spared aspect of that. That is
a gift. Thank you, You're welcome.
Speaker 2 (09:50):
Meanwhile, a number of people did find the right gifts.
I was surprised to see that Black Friday sales went up.
We keep hearing about how bad things are, we're gonna
predictions for the last few months about how a lot
of retailers were worried about spending being down. But as
far as the start to the holiday season way up.
Online sales up over ten percent, in store sales one
point seven percent. And so that gives us a total
(10:12):
of retail sales excluding cars. Yeh, to throw that in,
I guess, uh went up four point one percent. So
that is actually stronger than last year's growth.
Speaker 4 (10:23):
Well, if you'll excuse me for interrupting, go on. Isn't
the second half of that sentence that the research showed
that people actually bought fewer things and the reason they
spent more was because of inflation.
Speaker 2 (10:34):
Yes, yes, that is exactly right. So but but and
I had to explain this to a friend of mine.
I was telling them about this story, and he was like,
wait a minute, doesn't that mean that they got more stuff?
And I went, no, it means that they got the
same amount of stuff. It just cost them four percent more.
They spent more and they got less, which I mean
that explains if inflation is up three to four percent
(10:56):
year over year and we spent three or four percent
more year over year, that basically means we bought the
same amount of crap roughly right. And I know your
contention is we actually bought less. Perhaps we did.
Speaker 3 (11:08):
But I also.
Speaker 2 (11:09):
Wonder if we're at a because we have a tighter
window this year slightly. I think last year that wasn't
thanks saving on the twenty sixth last year, if I'm
not mistakes, So we have a slightly smaller window, slightly
fewer days until Christmas, which means you have to pack
in a little bit more on your on your Black Friday.
I found Black Friday sales sucked.
Speaker 3 (11:28):
You've got nothing you bought not a single thing. I mean,
of course I did. Yeah, okay, you know I don't
have handle money, but I'm not bro Well.
Speaker 4 (11:35):
The thing is that bookmark things that you're interested in
so that you can see how you're not really getting
a good deal on Black Friday, especially on Amazon.
Speaker 2 (11:43):
One of the things I love to do is Amazon
now has a feature where we'll say price track this,
so it will show you. In fact, let me just
let me just grab something. Oh look, I have Amazon
bookmarked right here. Let me just pull this up real fast.
I will bring this out here. Let's see.
Speaker 3 (11:58):
Is this the one?
Speaker 8 (11:59):
Oh?
Speaker 2 (12:00):
Maybe it's an app I have on here that says,
you know, track the price. Oh yeah, no, no, it's on Amazon.
It says price history, so it tells me what the
price history is. And then I've got other apps on
here that will tell me that, yeah, that is the
lowest price in thirty days.
Speaker 3 (12:14):
Okay, so that's good. Now I kind of want to
buy it, all right, Well, maybe I'll just have to
buy this here. What is it you're circling around there?
Speaker 2 (12:23):
There's a steak knives that match the other set that
the other you're obsessed with knives kind of am Yeah,
I think I think there may have been a ninja
in a previous life.
Speaker 4 (12:32):
I think your obsession with knives is kind of proof
you shouldn't be around knives.
Speaker 2 (12:36):
So what is interesting, though, is that as we're worried
about the economy, we're still spending the same amount. We're
spending more money, even if we're getting less, We're spending
more money. And if we're so nervous about the economy,
why are the holiday sales up so far?
Speaker 3 (12:49):
I have answers to this. That is next, Chris Meryld.
Speaker 1 (12:54):
You're listening to KFI AM six forty on demand.
Speaker 2 (13:00):
Thanks to everybody that participated in the postathon. It continues.
Just go to camf I AM six sporting dot com
slash pastathon and it looks like we may hit our
goal up over a million dollars this year.
Speaker 3 (13:11):
Really incredible.
Speaker 2 (13:12):
And the work that you're doing to trying to help
out of the kids that are fed by Chef Bruno's charity,
which is Katrina's Club. More than twenty five thousand meals
every week go to kids in need in southern California.
And I'm no mathematics whiz, but I think that's like
one point two even more than that if it's per week,
so it's like a one and a half million meals
(13:33):
a year that they provide. That is really wild, So
thank you to everybody that helped to make that happen.
Spending this holiday season is up, what you get is
down thanks to inflation. But we did see that on
Black Friday anyway, numbers went up, retail data showing that
(13:54):
the retail sales excluding autos went up by a over
four percent year over year, which beats out last year,
which was at three and a half percent.
Speaker 3 (14:01):
Although it was interesting, it all depends on who you're
listening to.
Speaker 2 (14:04):
So I went looking for audio for the story and
it ran across the story from Fox four, w FTX, Naples,
Florida and others. I just grabbed this one because it
was the first one that I found. And here's what
they were talking about. They said, Oh, we're spending less.
Speaker 9 (14:22):
A new survey from coupon follow shows nearly one in
three people planning to spend less this holiday season compared
to last year. Forty percent are cutting back on gift
giving due to inflation. The studies surveyed more than one
thousand US adults about their holidays spending plans. Nearly two
in five Americans say they feel financially insecure about affording
(14:44):
the holidays this year.
Speaker 2 (14:46):
So it's entirely possible that this is consistent with what
we saw throughout the year. There have been a number
of stories about how the economy is being propped up
by the halves and have nots continue to suffer more
and more. So it is totally possible that the people
with my he spent more money this year to make
up for the people who didn't have as much money,
and the same way that you may have heard about
how the economy is largely being propped up by the
(15:10):
enticing nature of the prospect of AI. So Nvidia doing
really well, whereas some of the other companies not doing
quite as well. But now let me turn to another
story out of ABC in Austin, and again, first one,
I found Kvue out of Boston, and don't read anything
into Fox is talking bad things. ABC's saying good, no, no, no,
(15:31):
there's nothing I was finding it from all the different networks.
Speaker 3 (15:33):
Has nothing to do with that. This was in Austin.
They say, oh no, we're all going to spend more and.
Speaker 8 (15:37):
A less, say Black Fridays on increase in shoppers, with
consumers spending about eleven point eight billion dollars online. That's
a nine point one percent increase compared to last year,
but the amount of people shopping in person decrease this year.
Speaker 6 (15:53):
Retailers say the biggest.
Speaker 8 (15:54):
Challenge is a lack of change, and with the last penny.
Speaker 3 (15:58):
Mint Wait a minute, say that again.
Speaker 6 (16:00):
What retailers say?
Speaker 8 (16:01):
The biggest challenge is a lack of change, and with
the last penny minted just three weeks ago, stores are
having to round down to avoid disputes with shoppers.
Speaker 2 (16:12):
The biggest challenge is a lack of change. I'm skeptical
about that too.
Speaker 3 (16:17):
Yeah.
Speaker 2 (16:18):
Yeah, it's not often you and I agree, but we
are on this one. I know it's boring when we agree,
it kind of is.
Speaker 3 (16:23):
Yeah.
Speaker 2 (16:23):
No, I'm not buying that, and this whole thing with
the penny. You're not telling me, Oh, our sales are
way off because we had to round down.
Speaker 3 (16:33):
No, no, I'm not buying that either. No no, no, no, no.
Speaker 2 (16:37):
No no no. In fact, I'm in camp get rid
of change altogether. Let's just go to paper currencies. Let's
just do that. Oh no, I'm definitely the minority on
this one. I know it, but I say, just you
know what, Nichols dimes all of those get them out
of here. I might let you get away with quarters,
but for the most part not just get rid of
all that crap. We don't need any of it. So
why do people? Why are people spending so much money?
(17:00):
And if if we're hearing about how broke they are?
And I think, Mark, I think you hit a big
one on the head when you said this perfunctory gift buying.
Speaker 3 (17:09):
Did you use that the big word?
Speaker 4 (17:11):
That does sound like something i'd say, yeah, And I
just think that is so true.
Speaker 2 (17:16):
We've got it. Well, I got it. I have to.
It's Christmas. We always do it. Well, I have to.
If I don't, then the relatives are gonna think that
I'm poor, and I don't want that to happen.
Speaker 3 (17:26):
Well, what if I.
Speaker 2 (17:27):
Don't and then my kids go tell the neighbors that
they didn't get as much stuff. I don't want anybody
in the neighborhood talking. Oh, I don't want any I
have to make sure everybody knows it. I got to
keep up with the Joneses. No, you don't. I have
a simple hack. Are you ready for this?
Speaker 3 (17:43):
Tell people you're broke. Yeah, sure, I get it.
Speaker 2 (17:47):
You're like, oh, yeah, but my ego can't handle that,
and I don't want people to think I'm But I
just want you to think of that. Think of all
the money you would save if people thought you didn't
have any to spend on.
Speaker 4 (17:56):
Them, And in seventy percent of the cases you wouldn't
be lying.
Speaker 3 (18:02):
Yeah, but even I'm actually okay with the lying too.
Speaker 2 (18:06):
But yeah, no, you're right, you're right. In many cases
you're right. But also there's nothing wrong with lying. I'm
totally okay with it, all right. You keep saying that
you're being careful with money, but your your credit cards
are working overtime. There is a little trick to making
sure that your only a regret from this holiday season
involves drinking too much and telling your uncle what you
think about as politics, credit card hacks are next.
Speaker 1 (18:29):
Chris Merril, you're listening to KFI AM six forty on demand.
Speaker 3 (18:37):
Hey, even, I'm Chris Merril.
Speaker 2 (18:39):
KFI AM six forty more stimulating talk and on demand
anytime the iHeartRadio app. Thanks again to everybody that participated
with the fifteenth Annuel Kfi Pasta than Chef Bruno's charity,
Katerina's Club, providing more than twenty five thousand meals every
week to kids in need in southern California. It's your
generosity that makes that all happen. But you're pretty great,
(19:03):
So donate anytime KFI am six forty dot com slash pastathon,
and remember one hundred percent of your donation goes to
Katarina's Club. All the details KFI am six forty dot
com slash Pastathon. You can also bid on the KFI
exclusive auction items that are there, including hanging out with
either John No excuse me, John Cobalt. You could co
host an hour with him, or you can do a
(19:24):
Dodgers game with the Dean and Tina Sharp or with
Garyan Shannon. So good stuff on that list. Or the
Vegas package Oh Baby, three days, two nights, two adults
and one hundred fifty dollars in food and beverage credit
Resorts World Las Vegas gotta be over twenty one. So yeah,
good stuff on the on the auction blocker, you see
(19:45):
that very good. I did happen to see two on
the KFI Instagram. I hadn't seen this before the first
time I ran across it the legal addendum that's been
added to the broadcast. The legal addendum is the requirement
(20:06):
that there be no fewer than three hundred, but no
more than five hundred and fifty bagels delivered to any
and all Pastathon Live broadcasts. Not only is it a
legal addendum, he signed it, it's also been signed by
the corporate lawyers. It's really funny if you, if you
get a chance, look at it. Can if I Instagram page,
(20:26):
so there, you know all my friends, let.
Speaker 3 (20:30):
Me see taking a look. Okay, all right, I was
just looking NICKI said that. Somebody was saying, oh yeah,
hold on, what is this? Hang on?
Speaker 2 (20:42):
Somebody from the talkback talking about Nicky wanted to do
socks and undies for Christmas.
Speaker 5 (20:48):
I agree with her.
Speaker 10 (20:49):
I think that socks and undies are a perfect gift
and I would love to get those for her if
she would try them on in front of me.
Speaker 6 (20:59):
I mean, I am.
Speaker 2 (21:02):
Don't guys, and most people would be creeped out by that.
But you're like, well, you know, we'll give it a show.
Speaker 6 (21:08):
I mean, I'm Australian, We're filthy.
Speaker 11 (21:10):
I don't I don't keep crushing back on that, huh,
it's true. I don't think it's an Australian things. It's
a youth Australians a youth. It might be a Commonwealth thing.
Speaker 3 (21:22):
We were a commonwealth.
Speaker 6 (21:25):
It's not like we were.
Speaker 3 (21:28):
I mean, we were never a penal island.
Speaker 2 (21:29):
But okay, credit cards are where everybody's going this holiday season.
We're packing it up on the credit cards. According to
oh some dude called the oh Meade team on on
the YouTube breaking down the credit card usage, there's.
Speaker 10 (21:47):
A lot of folks that are spending a lot of
money on credit because they are seeing their four one
ks they're not as of late anyway, but their digital
currency accounts things like that. They're seeing all their investments
go up the way that they is. Oh now, that's
all on paper because unless you cash that out, you
don't have the money yet, right. So because they see
that on paper, then they feel safe spending and overspending
(22:10):
on their credit card. So forty two percent of consumers
are using credit cards for Thanksgiving and Cyber Monday shopping,
and that's up from thirty eight percent. So the reliance
on this, especially in addition to the buy now and
pay later that's now on the rise, should be of
some concern to all of us who are living in
(22:31):
this economy.
Speaker 3 (22:32):
So here's the thing.
Speaker 2 (22:33):
If you're feeling like, oh, I can spend that money
on my credit card because my four oh one king
is doing well, that's not a great plan. And let
me give you an example. I'm old enough to remember
something called the Great Recession. And one of the things
that happened prior to the Great Recession is that home
value started a skyrocket. And as home value skyrocketed, people
(22:53):
became very comfortable in borrowing against the equity of their homes.
So it's not that they had paid down their homes.
Is that you buy a home, and let's say you
bought a home for five hundred thousand, things started going
up and up and up and up, and all of
a sudden, your home is worth eight hundred, nine hundred
thousand dollars and your net worth has gone up three
or four hundred grand. And so in your mind you're thinking, sure,
(23:17):
I may have only paid off eighty thousand dollars in
this house, but look, I'm worth four hundred.
Speaker 3 (23:24):
Eighty thousand dollars. I can have a merry Christmas.
Speaker 2 (23:28):
And so they start spending on the credit cards thinking
I got the money if I need to, or they
start taking out home equity lines of credit and then
they start buying toys, jet skis.
Speaker 3 (23:38):
Boats, whatever it might be.
Speaker 2 (23:40):
Right, So they started buying toys, and then what happened, Well,
then obviously the roof crashed in and they found themselves
not only is their home not worth anything, they have
an ass load of debt and they're paying on their
home equity lines of credit. Plus their mortgage on a
home that they bought for five hundred went up to
(24:02):
nine hundred and that was only worth two fitty.
Speaker 3 (24:06):
So that didn't work out very well. Because you're net worth.
Speaker 2 (24:09):
You thought you were worth half a million dollars and
all of a sudden you are in the negatives. And
so let's just it's not great money management. It's not
it's not using very good constraint on your own impulses.
So you gotta you gotta plan ahead, you gotta track
your spending. You gotta do all the boring things that
our parents told us to do. You gotta do all
the boring things that our high school econ teacher told
us to do. You gotta you gotta shop around. You
(24:32):
have to try to avoid going into debt using credit
cards in the first place. And look, it's a bit
hypocritical because I do use my credit card for about everything,
but then pay it off at the.
Speaker 3 (24:42):
End of the month.
Speaker 2 (24:43):
And I'm not exactly a shining example of great fiscal responsibility.
But I made enough mistakes to learn a few things
along the way. And in fact, I was just sending
a photo to my buddy who didn't believe we We
lost touch and then reconnected here recently, and he's, you know,
(25:04):
how are things going. I said, well, I lived in
an RV for two years. Well, my wife and I
paid off that. He didn't believe me, and I sent
him pictures of it. I said, yeah, Look, we lived
in this fifth wheel trailer for two years while we
paid off our debt. Now I was fortunate we could
stay at the My family has a few acres, and
we were able to basically build ourselves our own pad
and live there, you know, without having to pay a
(25:25):
monthly fee, which is very helpful. But by golly, we
lived in a three hundred square foot trailer for two years,
my wife and I did, because we made all those
mistakes along the way. So the other one that you
gotta be careful of this buy now pay later is
it's catching a lot of people, and they're putting the
(25:47):
goofiest things on there too. When you're when you're putting
burritos on your buying now pay later, that is not
a great plan. Just if you're using Klarna to buy
your takeout, not a good indication that things are going.
Speaker 3 (26:00):
Well for you.
Speaker 6 (26:01):
Is that a gen Z thing exclusively?
Speaker 2 (26:04):
I don't think it's exclusive, but I think it's I
think they're may be more familiar with using Klarna back
in back in our day.
Speaker 3 (26:11):
Oh, we had kmart lay.
Speaker 2 (26:13):
Away, you know, where you could and I never really
understood it lay away either other than making sure somebody
else didn't buy it. But basically, if you're unfamiliar, you
found something you wanted at Kmart, you took it back
at the layway desk, They put it on a shelf
in the back, and then you made payments on it.
Once it was paid off, you left right then it
was yours, which is actually way more responsible than using
(26:36):
credit cards because you know they're at I think they
charge you a layway fee.
Speaker 3 (26:40):
Do you remember Mark? Did they charge they charge a
layway fee?
Speaker 4 (26:43):
Right, I'm sure some places did, But I don't think
it's a gen X thing so much as it is
a crappy economy thing, because we're reading more and more
about people just having to put groceries on their credit
cards to make it.
Speaker 3 (26:53):
And I hear that right to Mike.
Speaker 2 (26:58):
But there's a difference between I have to have groceries
and I'm putting out of my credit card versus I
can use buy now, pay later to order my Chinese takeout.
You know, Chinese takeout is not necessary. Groceries are, so
I don't know. I don't know if gen Z's using
it more than others are. If they are, I think
it's probably has more to do with familiarity and maybe
(27:20):
impulse control, because every generation has had things where they've gone.
Speaker 3 (27:26):
You know, I shouldn't be doing that. I put groceries
on my credit card.
Speaker 2 (27:30):
Really, and I pay them off though I'm the person
that makes everything so expensive because I want my airline miles.
Speaker 4 (27:38):
Oh well, yeah, okay, I do the same thing as you.
I pay off my credit card at the end of
every single month. Yeah, to the shock and surprise of
the teller at the credit union, because.
Speaker 3 (27:48):
It's well, yeah, exactly.
Speaker 4 (27:52):
They'll tell me what the minimum payment is, and when
I say, well, just tell me the balance and I'll
pay that, they like I've just presented them with pluton,
And so that's that's always good. But it's also kind
of watch list somewhere. It's good for your credit to
do that as well.
Speaker 2 (28:08):
Yeah, yeah, so yeah, I mean I use it. I
use it instead of cash, although studies show that when
you do, they end up spending more money than you
intended to. So you think maybe having a dozens of
credit cards as irresponsible. Mark and I and me talking
about getting my airline miles. Some people are treating the
whole credit card hustle like a whole business, and they
(28:31):
earn thousands by opening and the closing the plastic accounts.
The side hustle is literally their wallets. How they're doing
it and whether or not you want to dip your
toe in these waters is next, Chris Merrill.
Speaker 1 (28:45):
You're listening to KFI AM six forty on demand.
Speaker 2 (28:54):
So I've always been tempted to do this, and I've
never actually been willing to play with fire.
Speaker 3 (29:01):
Enough to I just don't have the I don't have
the gonads to do it.
Speaker 2 (29:04):
Have you heard of churning when it comes to credit cards,
churning shirt churning sounds like somebody with a speech impediment
trying to say turning, but it's churning. Churners open is
in like they're yeah, it churns okay. Churners open numerous
credit card accounts in a short span to collect welcome
bonuses like cash back, miles or points, and then they
(29:25):
cancel a downgrade before the annual fees start to apply.
So you may get a credit card offer. For instance,
I told you I like to say my airline miles.
You may get a credit card offer. This is if
you spend three thousand dollars in the first three months,
then you'll get one hundred thousand airline miles. And so
somebody takes that card, They open the card, they buy
(29:48):
their normal everyday stuff on that card, and then uh,
they get their airline miles. Then they cancel the card
before they have before a year rolls around, they have
to pay the annual fee. For some people, they go
crazy and they open dozens. In some cases they say
they make a couple grand. They had a couple grand
(30:08):
in a year just opening this card with these different
cash back things.
Speaker 3 (30:12):
Or miles or whatever it was.
Speaker 2 (30:15):
And so some people are they're looking at this almost
like those those extreme couponers. Do you know what I'm
talking about with the extreme couponnors, where they they somehow
they go they go to the grocery store and they've
got six hundred dollars worth of groceries and it ends
up costing them like eight dollars.
Speaker 3 (30:30):
That's ambitious. I don't know how they have the time
to do that.
Speaker 2 (30:35):
I mean, I'm impressed by the organizational skills.
Speaker 3 (30:38):
I'm impressed by what they do.
Speaker 2 (30:39):
But they have to buy massive quantities of some of
these things, and they have to have entire rooms dedicated
to holding all the different supplies. But they if they
do it, they do it right, and then they end
up getting their their groceries or whatever their goods are
for next to nothing.
Speaker 3 (30:54):
I'm amazed by it. It takes so.
Speaker 2 (30:56):
Much time and focus, and I think that's where you're
playing with fire. If something slips through all of a sudden, damn,
you are getting slammed with annual fees. You're getting slammed
with interest on the money that you spent in order
to get your bonus. That's why the credit card companies
offer it in the first place is because they figure
they're going to make more money on you in the
(31:17):
long run.
Speaker 3 (31:18):
And even if you even if you are paying things.
Speaker 2 (31:20):
Off every month, like Mark and I talk about doing,
and the world is still amazed Mark does it, they're
still making money on your transactions, so they want to
encourage you to use that card. Then they make money
from the retailer on the transactions. The people that are
taking advantage of the system, however, are starting to catch
the ire of the credit card companies, and so a
(31:41):
number of banks, credit card companies, the banks, the lenders,
they're putting forth the five twenty four rule, so it
basically will reject you if you've opened five or more
credit cards in the last two years. Some people say, well,
you don't want to do that, because if you every
time you open a card, it's going to be a
hard credit check on you.
Speaker 3 (32:02):
And if it does a hard credit check, then it's
going to lower your your.
Speaker 2 (32:07):
Your credit rating, and it's gonna decrease your average age,
and that would reduce your credit score. The thing is
is that those are weighted so lightly when it comes
to credit scores by something that's weighted very hard is
your debt usage. So if you open a bunch of
credit cards and they're all at five thousand dollars, let's
say you open ten credit cards at five thousand dollars,
(32:28):
that's fifty thousand dollars in available credit that you're not using.
So now your credit usage number is so incredibly low.
It really offsets largely the hard inquiries and then the
average age of your credit. So they're saying, well, it
doesn't actually hurt that doesn't actually hurt me. But I'm
making so much in my miles, my bonuses, my free vacations,
(32:51):
whatever else it is. I'm just not willing to I
am not willing to take the risk. For some people,
they just do it because they like the thrill. They're like, ah,
I beat the system. Okay, congratulations, you beat the system.
Nobody cares it is. It is absolutely a win in
your own mind. You didn't somehow find a hack that
(33:13):
makes you the all powerful credit card churner. You can't
quit your day job. It's not paying for your retirement,
so to me, just not worth the effort. But look,
if that's what you want to do with your free time,
you do whatever you want. We all do things with
our free time other people wouldn't do. If that's your thing,
do your thing to me. Not worth my time, That's
not worth it. The Supreme Court heard something today that
(33:35):
I think is really fascinating, largely because it could mean
the end of the Internet. I'm not really exaggerating too much.
Maybe a little, maybe a little. Your Internet bill at
the very least could continue to climb as a result
of what the Supreme Court heard today if they rule
in a different way. However, if you're an artist, you
(33:58):
may be willing to make that sack fight of other
people's bills. What it is that could cost billions is
very drama loaded. It's next
Speaker 1 (34:09):
KFI a M six forty on demand
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Are You A Charlotte?
In 1997, actress Kristin Davis’ life was forever changed when she took on the role of Charlotte York in Sex and the City. As we watched Carrie, Samantha, Miranda and Charlotte navigate relationships in NYC, the show helped push once unacceptable conversation topics out of the shadows and altered the narrative around women and sex. We all saw ourselves in them as they searched for fulfillment in life, sex and friendships. Now, Kristin Davis wants to connect with you, the fans, and share untold stories and all the behind the scenes. Together, with Kristin and special guests, what will begin with Sex and the City will evolve into talks about themes that are still so relevant today. "Are you a Charlotte?" is much more than just rewatching this beloved show, it brings the past and the present together as we talk with heart, humor and of course some optimism.