BHS – 8A – ‘How to Money’ with Joel Larsgaard | Earlier with Mo Kelly

Host of ‘How to Money’ on KFI Joel Larsgaard joins the show to talk about side hustles, whether the worst is over for potential homebuyers, and not letting political events affect the way you invest. We’re teaching kids that nothings their fault… stop complaining about referees. Host of ‘Later with Mo Kelly’ on KFI weekdays from 7pm-10pm wraps the show talking about Inside Out 2 becoming the highest grossing animated movie of all-time, Deadpool and Wolverine hitting theatres and is expected to smash box office records.

Episode Transcript

(00:00):
You're listening to Bill Handle on demandfrom KFI AM six forty and this is
KFI AM six forty Bill Handle hereon a Thursday morning, July twenty five.
Some of the stories we're looking atlast night President Biden, well he
quit. We knew that was goingto happen, and it was an eleven
minute speech that he gave to thecountry from the Oval Office rather than usual.

(00:27):
Yesterday, Prime Minister Prime Minister NetanyahuIsrael spoke to a joint session of
congress Man Rippy. They said therewasna be somewhat conciliatory, not even close.
Just it goes on and on,and I have a question. It's
time for Joel Larsgard, the hostof How To Monday, how To Money

(00:50):
Sunday twelve to two pm every Sundayright here on KFI and Joel, because
I'm in the studio and Joel youare at home. I usually look at
you through zoo and I'm looking atmyself. Yeah, yeah, sorry about
that. Bill, I'm trying.I don't know what's going on and not
being let into the meeting. Uhyeah. And by the way, this
is fine too, talking you andlooking in the mirror. It could be

(01:11):
worse. Actually, I think thatis probably the best best case scenario for
you. Yeah, no, Ireally am uh hi Bill, Oh there
he is, you know, Yeah, we're meaning I moved my hand,
it moves his hand back and forth. It really works out, all right,
Joey, I love that you describeBiden as quitting. There just yeah,
he's quitting, like nobody talks aboutit in those terms. Yeah,

(01:32):
what else is he doing? I'mdone? Goodbye? All right. Let's
go into a topic that actually Ididn't think that. I didn't think of
it, but it makes all thesense in the world. And that is
how many people think that we needa side hustle and actually do hot side
hustles. I know lots of peoplegoing, I need another job, and

(01:53):
they're doing it more so than everbefore. Oh yeah, for sure.
And this is particularly true amongst theyounger generations. Gen Z has it something
like forty something percent of gen zers have a side hustle. There's this
new bank rate survey and they foundthat more than a third of Americans overall
claim that they're making money from somewhereother than their main job. So that

(02:15):
could just be like, hey,I do a yard sale every quarter.
But it could be I drive forUber on the side, or Uber eats,
or or whatever. I mean,there's all sorts of ways I make
stuff and sell it on Etsy.But more and more people are saying I've
found a way. I feel theneed, in fact, to have some
sort of side income above and beyondjust what my day job provides, and

(02:37):
so side hustles are kind of becomingas American as apple Piot seems. Whenever
I'm in an Uber or a lyftand I go back and forth, I
inevitably get in a conversation with adriver, and sometimes I even speak English,
but it's it's sometimes I have tolearn Farsie. But there I am
talking to the driver, and inevitablyI asked, what do you do just

(02:57):
to kill the time? And thepercentage of those drivers that work other jobs
that this ride share job is aside hustle is extraordinary. I have not
run into many full time Uber drivers. It's really interesting that that number.
It appears to me that number isgrowing. What's your take on that,

(03:21):
I mean, I think that's true. By the way, there are two
types of people in this world.The type of people who put in put
on their headphones, and the typepeople who talk to their uber drivers.
I'm with you, I always wantto talk to them, which I don't
know what that says about us,but yeah, it is this growing thing.
It's becoming more normalized. The onething that makes me sad about this
stat I don't mind people having aside hustle. Specifically, if you have
like a short to medium term financialgoal, you're like, listen, this

(03:45):
credit card debt eating me alive.I'm ready to get be done with it.
Or I'm saving up to pay forthat next car in cash. Having
the side hustle, trading your timefor money to hit that goal in short
order is awesome. That's a greatthing to do. But it's this idea,
and this survey also found that there'sa lot of people who are saying,
I'm pretty sure I'm going to haveto have this side hustle in perpetuity,

(04:05):
like I'm never not going to beable to work two jobs. And
one that just makes me sad thatpeople think that. But I think it
also might be a little short sighted. And I think there are other better
ways to approach your work and income, and so a couple things. One,
I think it's good to double downon your skills and try to double
down on your day jobs. Howcan I move up in the corporate ladder?

(04:27):
How can I make more money inthe nine to five instead of trying
to perpetually bring home two incomes justbecause it's a recipe for burnout. I
think working sixty plus hours a weekor something like that is just unsustainable after
a period of time. The otherthing is, by the way, I
love people think about starting a business, and that's very different than a side
hustle where you're working for someone elseand starting the business. Initially, at

(04:49):
least, it's not going to bringhome as much money. You're going to
be spending hours for very little return. But over time that builds and it
can exceed ultimately what that side hustleis able to provide for you. Yeah,
I'm gonna throw a couple of thingsat you. First of all,
the number of people start businesses andsucceed in those businesses not great in terms
of percentage. Also, as youdescribed, instead of doing that uber driving

(05:15):
ride sharing, spend time at yourjob either developing new skills or getting yourself
promoted. That is years. Imean that takes a long time. Where
if you start driving for Uber thatfirst trip, you're making money, and
so it's and on a personal level, I have always my entire life,

(05:38):
I've I've had two three jobs becausethat's just the way I roll. And
it's not a question of money,because I just do fine here. It's
just I've always thought that another jobis simply part and parcel of what I
do. It's just the way Iroll. How many people, and I
don't know if you have those numbers, do other jobs just for the joy

(06:00):
of doing other jobs. Now,keep in mind, I have no social
life. Everybody hates me. Ihate them, I hate my family.
I don't hang out with anybody.So I've got plenty of time. But
you know, in my position,I always personalize it here. What do
you think of the number of peoplewho do this just because they want to
do it? Yeah, that's areally good question. Like I don't think
most of these people are like sidehustling just for the joy of it.

(06:23):
I think they're doing it to whatthey say is to make ends meet at
least a good portion of them.And that's why they think they're going to
need to keep this thing around forforever. Is because it's like, no
everything costs more, and this isthe way for me to me to be
able to put food on the table, or other people it's like, well,
it allows me to afford those luxuriesthat I otherwise would have to forego.
So it's the fancy your shoes,or it is that trip you want

(06:44):
to take, the side hustle.It's at least you're saying, if I
put in a few more hours andI'm doing this for some extra income,
then I can afford those extra thingsthat I want. I guess the other
thing here is too, there's anotherway to bring in extra money, and
that is to, over time bean investor. And so it's to live
on lesson you make, be investingsome of those money. Eventually that's going
to allow you some extra freedom toYeah, good luck on that one.

(07:05):
It takes time. It takes allthese things take time. And everybody,
I mean Bill, we live ina society where you want instant gratification,
right, and that that shows upin the form of everything that we consume.
We're getting delivery where we're all aboutultimate convenience. But a lot of
these things, the truth is whenpeople want some sort of silver bullet when
it comes to building wealth they're gettingthere quickly or or ramping up your income

(07:28):
by six figures in no time.That's just not how life works. And
so you're right, like every timeyou've said multiple times in this conversation,
it's going to take time to getthere, and that is true. So
be ready for that. And thegreat thing about the side hustle is it's
an instant on sort of thing.The only problem is it's really tough to
trade time for money forever, especiallywhen we're talking about what most side hustles
bring in just an aside in termsof additional work. Yesterday were they before

(07:55):
I was at Costco, of courseI was, and those people that the
you know they set up you know, the little food displays or where they
give you the samples, and Isaw a lady bent over, I mean,
just sort of dragging herself out.You see people that are just old

(08:16):
and walking and shuffling, and shewas dragging a cart to set up her
display to give samples. And itjust broke my heart because you know,
this is not a fun job forthis woman, so she doesn't need cat
food that night. It was justheartbreaking. You see so much of that
going on, you know, greetersat Walmart. You know, Hi,

(08:37):
welcome though to Walmart, and they'reninety years old. Yeah, I just
thought i'd mentioned that. By theway, I'd just bring us all down
here. Yeah, that's it,you know what I went First of all,
it was really a heartbreaker and wewere being a little bit too optimistic
as we were able to do thesegment. So let's move on to home
buyers. Bad news there, politicalevents, bad news there. So we

(09:01):
got plenty yet to talk about toruin your day. Okay, So now
potential homeowners. Home buyers is theworst over because, as you know,
I bought a house and the guywho bought it before me and sold it
to me made a fortune. Hebought it year and change before I bought

(09:24):
the house. In other words,he flipped it in a year and he
made about forty to fifty percent profiton the house. I mean, it
was crazy. Now, if Iturn around and want to sell my house,
am I looking at that or arethose days completely over? Yeah,
that's a good question. So Ihad a listener just reach out and asked
me, like, hey, Ibought this house two years ago. I

(09:45):
know you're supposed to hold onto ahome longer than that, you know,
because of the extreme costs in buyingand selling a home. Am I screwed
if I saw my house now?And the truth is, well, you
wrote a massive wave up. Sodepending on how long you've go on the
home, if you owned the homefor like three months, yeah, you're
going to be screwed. But ifyou've owned the home for two plus years,
you're going to be okay. Thatis not normal though, because we've

(10:07):
seen an abnormal rise in the priceof homes, but that is starting to
level out, it's starting to moderate. Zillow just released our report and they
basically said, hey, there's moresupply on the market. There have been
more price cuts that we're seeing,and so rates have gone down to so
affordability is going up. And wethought I thought that as rates were going

(10:28):
to go down, they're still pentup demand. There's still not enough housing
units in this country, and sowe're going to continue to see prices escalate.
But I think we're seeing more buyersgo on strike, so we might
continue to see prices moderate. Andso yeah, not great news for you
as the person who bought a homefairly recently, but good news for people
who've been sitting on the sidelines andare like, I think I might want
to pounce, but I want towait until things are at least more reasonably

(10:48):
priced. Yeah. Now, keepin mind, we just got during this
entire course of conversation about buying andselling homes, not once did you say,
and I haven't heard you say priceshave actually dropped. And in terms
of real estate, you can't talkabout real estate without discussing at some point
prices dropping. It's still increasing,it's just slowing down. And so we're

(11:13):
looking at a point that when doesit stop. When does my house,
for example, when does it stopgrowing in value or does it never I
mean, that's a good question,and it's really hard to know. And
we might see some cities, someparts of the country that inflated too much,
see see more deflation than others.We might see other parts of the

(11:33):
country where house prices never drop,but they do plateau. It's just really
because real estate is so hyper local, it's going to depend on demand and
it's going to depend on supply.And so I think in parts of California
we might not see like massive dropsor anything like that, but we will
see just extreme moderation in the increaseof prices. It again, it just
so much depends on where we're talkingabout, but yeah, it's the home

(11:58):
prices overall. It's really hard tosee your neighbor sell their home for one
point two million and then to belike, am I only going to get
one point one for mine? Andso they're willing to either stay in their
house longer. There's just this mindsetfor people that are like, I'm not
going to get less than my neighborgott And so that is one of the
things that makes home prices a littlebit stickier than maybe other things out there.

(12:20):
And even so I wonder, andI'm looking out the window here in
Burbank and and we're talking about thefirst houses I see or maybe a quarter
mile away and two bedroom, onebath house million bucks, you know,
four hundred years old, little tinyyards old old house built in the thirties
forties maybe, and he's massive remodeling. How do people afford that? How

(12:41):
does anybody your time? But let'ssay you're going to be this is not
a second buyer home. This isyour first home when you buy something that
small, And how do people comeup with a down payment? And the
five thousand dollars a month mortgage payment. I mean, I just don't understand
it. I mean today I couldn'tbuy my house, the house that I

(13:01):
just sold, I couldn't buy it. Yeah, yeah, just not.
I agree. It's one of thosethings where it's like, oh, glad
I got in the neighborhood five yearsago, because it's unaffordable now. The
Financial Times actually had a piece recentlyand it was just talking about how gen
Z and younger millennials are just saying, screw it all together when it comes
to buying a home. I'm justnot interested anymore. They've kind of maybe

(13:22):
they were looking at Zilo and theywere interested over the past couple of years,
and they saw the massive run up, they saw prices just completely out
of whack, and they're like,I'm not even interested anymore. And I
do think that one of those that'sone of the things that could help bring
prices back to reality and maybe pequetheir interest again in a couple of years
is if enough buyers go on strikeand say, listen, these homes are
too expensive. Eventually, if you'vegot to move, if you're one of

(13:45):
those people who can't just stay put, you have to be willing to take
less for your home or you haveto stay put. And so people are
gonna It's the same thing with interestrates. People find like they had their
their locked in three percent mortgage andthey're like, I don't want to sell
because this is such a great thisis such a great thing to have in
my possession. But they've realized what, Okay, Now, these other extenuating

(14:05):
factors have made it necessary for meto either move or upgrade my house.
And so at some point you justhave to deal with the environment as it
is. But I do think thatthe younger generation saying, listen, we're
down with being perpetual renters, especiallysince renting is so much cheaper than buying
in so much of the country,especially in California. That is one of
the things that could have a moderatingeffector or maybe even bring a decline to
housing prices. Yeah, for thoseof you that have parents and you want

(14:28):
to inherit the house or you wantto get something close, people with the
three percent mortgages are going to haveto die. That's it. They're going
to die. They're going to diein their homes. So we're talking a
generation now before they do. Daysare boy. I'll tell you it's so
different today. My god, lookat the changes that have occurred. All
right, Joel, thank you verymuch. Sunday's twelve to two pm here

(14:52):
on KFI. How is socialist athow too money? Joel? Take care?
Joel? All right, sounds good. Thanks Bill. Now I want
to change gears for a moment andtalk about what just happened a few minutes
ago. Okay, I was latecoming into the segment. Oh, how
unusual. I never do that becauseI was getting my freedo's. Okay,
hold on, let's just to provemy point. Okay, so I was

(15:18):
late, but it's not my fault. Why that damn machine, that vending
machine at the end of the hallwouldn't scan the freedo's bad And therefore this
is not my fault because nothing isour fault, and that is the problem.
There's an article in The Atlantic writtenby a guy who umpires baseball games

(15:43):
for kids, and he said,it's never a kid's fault, it's always
mine. A kid is never abad player, a kid never makes a
mistake. It's always my call.That's a mistake. You ever watch a
soccer game, professional soccer game,or even a call it soccer game,
right, someone falls down and orsomeone gets kicked and then starts rolling on

(16:07):
the ground and screaming and grabbing theknees. Oh my god, look at
how Look at how I've been injured. Whatever play I made is not my
fault. And of course, soonas the referee starts saying now, no
penalty here, he jumps up andtrots away. Not his fault. And
you know what that really means iswe are all victims. That's what it's

(16:29):
about. That's what it's about.We're not responsible. None of us are
bad ratings. Not my fault.It's because the rating system didn't work well.
I lose an election. I'm avictim. I mean, there's no
way that more people voted for myopponent. That's impossible. There's no way

(16:51):
that I do a bad job.It's always someone else's fault. And what
he did, the guy who wrotethis I don't even know his name.
Actually he took that analogy where hetook that umpiring that he does and brought
it across the board talking about wherewe've come to number we don't make mistakes.

(17:15):
I remember my kids. That's anotherthing. Kid's birthday parties. My
kids were eight years old and theyhad a bowling tournament where it was a
legitimate tournament, was at a birthdayparty, and so we keep score.
And my kids did terribly because theyhad no I don't know how many how
good eight year old bowlers are,but some are better than others. And

(17:37):
there was a winner, except therewasn't a winner. Oh my god,
we can't tell anybody. We can'ttell any of those kids. They weren't
as good as the child next tothem. So you know what everybody got,
which, of course were pre madethese little placards. Actually they were
these awards, and at the bottomof it it said world's greatest bowler and

(18:03):
everyone, every kid got handed one. And you go, what does that
teach kids? Really? What doesthat teach kids? Try doing that?
In the world of corporate America,you screw up. Hey, you come
in my office and something is notdone correctly, it's not done on time.
There's a sloppy job. It's notmy fault. I remember I once

(18:29):
gave a secretary my taxes to paymy home taxes, and I put it
in an envelope and I said,I want this, I want to send
this registered and we had a packof registered mail stamps kind of thing.
And I get a bill month twolater that I had ten percent penalty was

(18:49):
never sent in, and I wentout there and I laid into her saying,
I just paid ten percent more formy property taxes. It wasn't my
fault. We didn't have those stamps. It's impossible, it's not. No
one's at fault, and we areall victims. It's that simple. Now,

(19:12):
Let's say I get fired here becausemy ratings aren't good enough, or
I don't get enough advertisers in here, because god forbid, advertisers pay the
bill around here, and they doin commercial radio. And if my performance
is down, not enough advertisers,Hey, the situation has changed. It's
not my fault. The rating systemhas changed, which, by the way,

(19:36):
it does constantly. Gee, it'snot my fault. That's just the
way, that's just the way wework. And am I sitting here saying
we've got to change? Of course, I mean no. And you know
everybody wants fairness. That's the otherthing. Go ahead and ask anybody what
what kind of society do you want? And do a survey. Well,
I want fairness. That's very important. To me, I want equality.

(19:57):
Well guess what, you know what? There is no fairness, and yet
at the same time, when you'reon the other side of I want fairness
and you get screwed over. Okay, Yeah, I don't want fairness.
I don't. It's completely crazy.Okay. All that came from buying a

(20:17):
bag of fritos at the machine.It's my bag of fritos. What if
you would have ordered a whole sandwich? Oh? Okay, it was close.
I didn't actually say it. Ididn't. I came close. Okay.
Mo Kelly host of Later with MoKelly tonight Monday through Friday, seven

(20:38):
pm to ten pm. He's atmister mo Kelly, Mo good morning,
Good morning Bill. It's always goodto talk to you. It certainly is.
Now Inside Out Too has become thehighest grossing animated movie of all time.
We have talked time and time againhow movies are going into the toilet,

(21:00):
that no one is going to movies, and so this seems not only
counterintuitive, it seems almost impossible becausewe're talking in the billions of dollars.
I mean, within the first whatnineteen days, it hit a billion dollars.
Well, yes, and no it'snot counterintuitive. I think even this
extends to superhero movies. People willgo to the movies for a good movie.

(21:22):
They'll even see it multiple times,and we'll get to that with Deadpool
and Wolverine. But Inside Out Toois one of those great Pixar movies,
and it's telling the story that peoplealready know to a certain degree. Is
a direct sequel to Inside Out one, and you're picking up just literally nine
years after the first year first filmwas made, and where the protagonist is
now going through puberty. People willgo to the movies for good movies,

(21:45):
but the problem is people are notfinding as many good movies in which to
go, and so more often thannot, they are staying home and not
spending two or three weekends a monthat the movies like you and I used
to do. It's I'm not afan of superhero movies. You and I
have talked about that. Frankly,I just don't pay attention. I was

(22:08):
somehow talked into going to see thefirst Iron Man, and I loved it
because, forget about everything else,it was just a well crafted, well
written, well acted, well directed, directed movie. It was movie making
at a very high level, whichmeans it's incredibly entertaining. Are we talking

(22:30):
about that level of movie making when, for example, Inside Out to other
animated Disney films. Yes. Absolutely. If anything, when you think about
Disney animated films, which is nowinclusive of Pixar, the story is more
important than the visual medium in whichwe're seeing it. Some of the greatest
animated films of all time are nowthe Pixar animation. If you think about

(22:52):
Toy Story or Up or any ofthose in the genre, it's about the
story which at your heart strings andis for both children and adults. Where
the original two dimensional animation, ifyou think of Snow White or Pinocchio or
something like that, it's more forjust the children. But animation today in
that three dimensional style and Pixar artis about adults and children. Yeah.

(23:17):
When it was Bob Iger who boughtPixar for Disney, if I'm not mistaken,
and it was I think he paidfive billion dollars or five point two
billion dollars for a deal. Yeah, the bark and it was so outrageous
money and he just sat back andbought it anyway, and it was one
of the greatest deals in entertainment ofall time. And this is when you

(23:41):
have a CEO that makes thirty million, forty million dollars, that's worth the
money. Yeah, because he's madethat money back for the company ten times
over. Yeah. Easily extraordinary tosay the least. Okay, moving over
to Deadpool and Wolverine, and that'sexpected to do very well. How do
they know that? By the way, when a movie comes out sometimes they
bomb. Don't they know that inadvance? Yeah, But there's anticipation,

(24:03):
there's expectation, there's screenings, andthere's the history of the franchise Deadpool,
which is held by Ryan Riynolds.And this is actually a brainshot of Ryan
Reynolds. Deadpool was a foul mouthof superhero and there was no real belief
that you could bring Deadpool to lifeon the screen. He made a short
out of his own money and convincedthen Sony and Fox to produce the movie.

(24:27):
He had did it on a shoestring budget, the original Deadpool.
It was a tremendous hit and itgrew. Then when Marvel purchased Fox,
they also got the rights to Deadpooland the question was whether whether they could
do in our version of Deadpool,which it was and bring it into the
Marvel Cinematic universe, in other words, produced by Marvel Productions. And from

(24:48):
what I've heard from all of thetest screenings and critics reviews, they've been
able to do it. They haven'ttaken out any of the vulgar aspects of
it. And it's a tremendous hit. It's expected to do one hundred and
sixty five million this week, andI'll be seeing it tonight at eleven pm.
Wow. And Disney is no doubtgoing to have a Deadpool character at
the park. And I can't waitfor you to start screaming at those kids.

(25:11):
Those kids will be in therapy fortwenty years. Thanks Mo. Work.
We'll catch again next Thursday and thisweekend, let's not forget that.
And tonight seven to ten o'clock asevery single night of the week. All
right, mo, take care.This is KFI AM six forty live everywhere
on the iHeartRadio app. You've beenlistening to the Bill Handle Show. Catch

(25:33):
my show Monday through Friday six amto nine am, and anytime on demand
on the iHeartRadio app.