Welcome to NerdWallet’s Good Cash podcast, the place we reply your real-world cash questions. On this episode:
Have fun 2024’s Monetary Turkeys as we highlight the 12 months’s greatest cash blunders and share tricks to keep away from them your self.
Why are grocery costs so excessive in 2024? What are ghost jobs and the way do they have an effect on job seekers? Hosts Sean Pyles and Sara Rathner roast the 12 months’s “Monetary Turkeys” (pun meant), spotlighting the most important cash misfortunes of 2024 and providing listeners an opportunity to commiserate over shared monetary frustrations. They share their very own takes on this 12 months’s monetary flops and invite listeners to mirror on how these points have affected their lives, turning monetary woes right into a shared chuckle or sigh of aid.
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Episode transcript
This transcript was generated from podcast audio by an AI instrument.
Welcome to NerdWallet’s Good Cash podcast, the place you ship us your cash questions and we reply them with the assistance of our genius Nerds. I am Sean Pyles.
And I am Sara Rathner. Sean, pleased Thanksgiving.
Oh, and a cheerful Thanksgiving to you too, Sara. On this present day of thanks, I wish to thank all of our listeners for collaborating within the grand Good Cash experiment. We love getting and answering your questions, and we respect all of you and your loyal listenership.
It truly is a privilege to be right here in entrance of the microphone interacting with of us, serving to them with their funds. I’ve to say, I actually get pleasure from listening to about folks’s lives and the monetary choices that they are hoping to get assist with. And never simply because I’m a nosy particular person, but additionally as a result of I identical to to know what’s on folks’s minds.
And the way we may help folks. It truly is an honor. I have been answering the questions of Good Cash listeners for a number of years now, and typically folks ask if I become bored with answering related questions again and again. And I all the time say no as a result of in fact, every listener’s query is totally different. No matter somebody needs assist with is knowledgeable by their very own monetary background and experiences and their present monetary targets, and I simply discover that stuff endlessly fascinating.
So do I. And apart from, listeners be a part of us at totally different factors, at totally different episodes. So it’s useful to repeat subjects on occasion. And in case you’re making a extremely powerful monetary resolution, typically you need to hear about it a number of occasions earlier than you are feeling snug truly taking any form of motion. We’re right here to look at all kinds of cash stuff from a number of angles.
We’re all about knowledgeable choices, and it is our job to offer you that data. For all of these nice and fantastic episodes, at the moment, we’re handing out our 2024 Monetary Turkey Awards. And by turkeys, we imply issues that basically missed the mark within the monetary world. And let me inform you, there have been plenty of turkeys this 12 months.
That is true. So Sean, what do winners get?
A damaged wishbone and unsalted gravy.
Yuck. No one needs these. That is like getting socks—
Yeah. Effectively, in a second, we bestow honors on the monetary turkeys of 2024. However if in case you have a cash query for the Nerds, we invite you to name us or textual content us any time, together with holidays, on the Nerd hotline at 901-730-6373. That is 901-730-NERD. Or electronic mail us at [email protected].
And if you wish to nominate your individual Monetary Turkey of the 12 months Award, we’re all ears, so tell us. We’ll be again in a second with our nominees and winners for monetary or financial turkeys of the 12 months. Stick with us.
Okay, we’re again and prepared with our nominees and winners of the Good Cash 2024 Monetary Turkeys of the 12 months. Sara, what’s your first candidate?
If we will discuss turkey, let’s focus on grocery inflation. Keep in mind eggflation? That was truly a 2023 downside. That peaked in January of that 12 months, however it’s nonetheless actually onerous to get out of the shop typically with out spending 50 bucks on just some objects. And meals costs are up considerably since 2019, due to every part from provide chain points to chook flu to the battle in Ukraine. And in accordance with the USDA, as US family incomes rise, these households truly spend extra money on meals, however their meals spending represents a smaller share of revenue.
So have a look at it this manner. Taking a look at knowledge from 2022, households within the lowest revenue quintile spent 31.3% of their revenue on meals. That is practically a 3rd of their family revenue. On the opposite facet of the coin, households within the highest revenue quintile spent simply 8% of their revenue on meals. So this can be a downside that impacts US households throughout the board, however it’s affecting particular forms of households rather more significantly. So we’ll must see how this continues to play out. Excessive meals costs will be onerous to abdomen…pun meant.
Good job, Sara. Love that pun. And a strong and on-theme nominee for the meals vacation. By the best way, I’ll say I am nonetheless upset about how a lot my cream cheese prices these days, though I cannot quit my bagels. Okay, Sara, what’s your subsequent candidate?
That is a extremely particular meals merchandise to be upset about, however okay. That is high-quality. I really like bagel and cream cheese myself. All proper, so my subsequent candidate: ghost jobs, and I’m not speaking about seasonal work as an actor in a haunted home attraction. These are job listings on-line that look fully actual, however the position both does not truly exist or it is already been stuffed and the corporate’s nonetheless promoting it as in the event that they’re nonetheless in search of candidates.
In response to a Might 2024 survey by Resume Builder, 40% of firms posted a faux job itemizing this 12 months, and three in 10 firms at present have energetic faux listings. So why the heck do firms do that? As a result of that is actually annoying. A pair causes. One is to look open to new expertise or make it appear to the skin viewers that the corporate is rising. Typically they identical to seeing what expertise is on the market to allow them to have a set of potential future workers.
They may even be doing this to trick present workers into pondering they’re about to get some aid if the corporate’s been understaffed. And even worse, they’re doing this to remind their present workers that they are replaceable. I imply, pay attention, all of us already know that AI is coming for us all, so we do not must be reminded of that 12 months spherical. You realize what I imply?
Anyway, what actually is horrible about that is that some firms will go so far as truly interviewing job candidates with zero intention of shifting ahead with them in any method. And I do know plenty of people who find themselves job searching proper now, and ghost jobs are an enormous waste of their time. That is time that they could possibly be spending on interviews that would truly result in actual job affords.
Wow. Sara, I’ve acquired to confess, I had not heard of the ghost job phenomenon, however it’s actually tousled. What a merciless strategy to play with people who find themselves determined for employment in some circumstances. Yikes. So Sara, you have given us your nominees. Which one wins your 2024 Monetary Turkey Award?
I’ve acquired to go along with ghost jobs. And such as you mentioned, it’s merciless to toy with people who find themselves simply looking for a strategy to assist themselves and their households. Yeah, do not mess with compensation, firms.
A strong winner. Unsalted gravy for all of the ghost job posters.
Might these recruiters be lined in unsalted gravy the best way folks will get slimed on Nickelodeon.
Oh, sure. I might love that.
All proper, Sean. So these had been my nominees. What are yours?
First up, I wish to nominate some of the grotesque turkeys within the monetary world, scams and scammers. We did a particular sequence about scams earlier this 12 months and heard from folks, together with my very own dad, who’ve been put by every kind of hell making an attempt to reclaim their cash and their lives after they had been financially assaulted by scammers. And it looks like each week there’s yet one more report a few huge knowledge breach, which signifies that we’re all uncovered but once more to scammers who’re making an attempt to make a buck off of our private data.
It is a strong nomination, Sean. It is really easy to fall for a rip-off, and none of us are immune.
Yeah. In order we all the time say, of us, freeze your credit score reviews and commonly monitor your accounts for any humorous enterprise. You possibly can join your free credit score rating and get credit-building insights customized to you if you register at nerdwallet.com. So we are going to put a hyperlink to that in at the moment’s present notes.
Good plug, Sean. I see what you probably did there.
Sure. I am simply making an attempt to offer of us helpful sources, as all the time. Onto my second turkey. It is barely conceptual, so stick with me. It’s the hole between how we’re all advised the financial system is doing and how we really feel in regards to the financial system. We noticed a great deal of financial reviews all through 2024 exhibiting that the job market continued to be resilient, even when it cooled a bit. And inflation actually slowed. However issues nonetheless do not feel nice, proper? Such as you had been saying earlier, Sara, grocery buying just isn’t an fulfilling expertise. It is painful. And there is some knowledge to again this up too. Bank card delinquency charges are as excessive as they have been since 2011, in accordance with the Federal Reserve Financial institution of St. Louis. The financial system simply continues to really feel actually bizarre, bizarre form of like how a turkey appears bizarre. It is each majestic and lumpy on the identical time.
Actually, I do not assume I’ve ever heard majestic and lumpy in the identical sentence earlier than. And actually, I hope to by no means hear that once more, so thanks for that second I by no means need to relive.
All proper, Sean, what’s your winner for the 2024 Monetary Turkey Award?
It is acquired to be scams and scammers, the individuals who perpetrate these scams. And that is one thing that we’re all susceptible to on a regular basis. It is tremendous scary and never sufficient is being executed to guard us from these criminals, so everybody, keep vigilant.
Sure. Simply assume that everybody’s out to get you, and make them show they’re legit. Let all bizarre calls go to voicemail and solely name them again in the event that they’re actual. Screening your calls is a time-honored custom that goes again to the times of answering machines, and I say we deliver it again.
And do what you may to guard your private data. Don’t go giving out your Social Safety quantity willy-nilly, even when it is perhaps already on the market.
Yeah. Actually, it in all probability is.
I chuckle, however actually, I cry on the within.
I do know. It’s unhappy and scary. Effectively, Sara, now that now we have handed out some turkeys, how about we go eat a few of our personal, or I assume in my quasi-vegetarian family, I will go eat some nut loaf.
What the hell is a nut loaf?
It is precisely what it seems like. It is a huge mush of nuts and mushrooms and it is actually good. Plenty of cheese in it too.
Ew. Oh, no. Each time you point out one other ingredient, you make it worse.
I swear these items style higher than they sound.
They acquired to rename it. They should… Oh, oh, nut loaf.
Yeah. The branding round nut loaf could possibly be improved, I will give them that. However I swear, it is actually, actually good. Anyway, that is all now we have for this episode. We right here at Good Cash want you and yours a really pleased Thanksgiving and a beautiful vacation season to return. And bear in mind, in fact, that we’re right here for you and your cash questions, so ship them our method. Name or textual content us on the Nerd hotline at 901-730-6373. It’s also possible to electronic mail us at [email protected]. Go to nerdwallet.com/podcast for more information on this episode. And bear in mind, you may observe the present in your favourite podcast app, together with Spotify, Apple Podcasts, and iHeartRadio to routinely obtain new episodes.
At present’s episode was produced by Tess Vigeland and edited by Sean. Megan Maurer blended our audio. And this is our transient disclaimer. We’re not monetary or funding advisors. This nerdy information is offered for basic instructional and leisure functions and will not apply to your particular circumstances.
And with that mentioned, till subsequent time, flip to the Nerds.
It is good. I swear it’s.
It is acquired the worst title. No, it simply sounds so bland. It is like…
It is not bland. It is filled with umami taste.
It is mushrooms and cashews, walnuts. I feel there’s some almonds in there. Plenty of cheese. It is like 50% cheese.
I imply, I am down with 50% cheese. However there will need to have been an outdated Twitter account that did this. It was like bizarre recipes from mid-century.
And it form of seems like a kind of issues that individuals ate for dinner within the 60s.
Though I am fairly certain it is a up to date recipe. And other people will look again at mid-aughts and 2020 recipes and be like, “What the hell are they doing making nut loafs? It is disgusting.”
