Buying Years of Service
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
16 min
2 speakers
4 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money.
DIY Money. What's up, Logan? Not much. I think we should kind of circle back around, Quint, on one of our recent podcasts that we did where we were talking about stopping because now the car loans that are outstanding are at all-time highs.
Okay.
Oh, that was titled Stop. Yes, exactly. Yes, yes. We have new data that is telling us that, yes, the concern of 90-day delinquencies of auto loans is now not just in sort of dangerous territory, but it is at all-time highs.
What financial warning signs are Quint and Logan discussing at the start of the episode?
And I think what's the most concerning is we're just starting to see an uptick in the unemployment numbers. Yeah, I would definitely, if you're new to this podcast or somebody has shared this podcast with you and you didn't listen to that one that we just did a few weeks ago to sort of get you back in alignment of being responsible with your finances, now's the time. I mean, there just is no question in my opinion. And listen, this is not like forecasting some doom and gloom. We have no idea what could happen today. Typically, these things move like a snail's pace. They don't move, you know, unless there's a catalyst. They don't move at a, you know, an expedited pace. But it's very important when you see that the sort of tide starting to turn to just do some self-reflection and make sure you're in a good position.
But yeah, the data that we continue to see coming down the pike is not promising.
Yeah, no, I think you just need to be careful out there. You need to watch, make sure you don't get over your skis. And if you are over your skis and you have too much debt outstanding for the income that you're bringing in, it might be time to make some big changes and make some strategic changes.
I love to ski. It's so relaxing.
I would agree with that. I would also caution you if you're listening to the podcast and you are very interested in markets and you really like when we talk markets and so forth, we are not at all suggesting that this changes your long-term investment plan. In fact, I read a statistic today. that the negative sentiment is higher than it's been – this is amazing – higher than it's been since the bottom of 2009, March of 2009. And I know that was before your time, Logan, but 2008, the market was down around 25%, 30%. I don't remember exactly. And few, few people remember – that yes, 2009 was positive. Many people remember that.
Why are rising auto loan delinquencies and unemployment a concern for personal finances?
So when you're looking at a chart and you look at the year, you're like, wow, 2008 was bad. The first quarter of 2009, stocks were down 25%. Gosh, after 2008. After a total decline of 50% from peak to trough, it was horrific. And that was, of course, at that point in time, people just threw the baby out with the bathwater and so forth. And pessimism was, I mean, like I'd never seen it. I mean, it was just absolutely amazing how high it was, and rightfully so after a 50% decline. It's fascinating to me that investor sentiment is the same. Now, does that translate into some massive rip higher in the markets? We don't know. But my point is, be careful when we're talking about the economic cycles and getting your personal financial house in order.
That does not mean that you go out there and make some drastic change. Oh, this is what the DIY guys, money guys are saying, that things are going to get really bad. We should sell everything. That is not what we're saying at all. It's your personal financial house. Your long-term plan is there.
Boy, that escalated quickly. I mean, that really got out of hand fast.
It jumped up a notch. It did, didn't it? Last thing I'll say about that is we've had a decline. We've had a pullback in the markets over the last few months. But I have started talking to people, and I've realized that young people have been trying to play the game. They've been trying to do a little bit of everything.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–0:54
2
What financial warning signs are Quint and Logan discussing at the start of the episode?
0:54–2:49
3
Why are rising auto loan delinquencies and unemployment a concern for personal finances?
2:49–9:34
4
How should listeners respond when market sentiment turns negative but long‑term plans remain intact?
9:34–16:15