Welcome to BW’s Smart Money podcast, where we answer your real-world money questions. In this episode: Celebrate 2024’s Financial Turkeys as we spotlight the year’s biggest money blunders and share tips to avoid them yourself. Why are grocery prices so high in 2024? What are ghost jobs and how do they affect job seekers? Hosts Sean Pyles and Sara Rathner roast the year’s “Financial Turkeys” (pun intended), spotlighting the biggest money misfortunes of 2024 and offering listeners a chance to commiserate over shared financial frustrations. They share their own takes on this year’s financial flops and invite listeners to reflect on how these issues have affected their lives, turning financial woes into a shared laugh or sigh of relief.
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Episode transcript
This transcript was generated from podcast audio by an AI tool.
Welcome to BW’s Smart Money podcast, where you send us your money questions and we answer them with the help of our genius Nerds. I’m Sean Pyles.
And I’m Sara Rathner. Sean, happy Thanksgiving.
Oh, and a happy Thanksgiving to you too, Sara. On this day of thanks, I would like to thank all of our listeners for participating in the grand Smart Money experiment. We love getting and answering your questions, and we appreciate all of you and your loyal listenership.
It really is a privilege to be here in front of the microphone interacting with folks, helping them with their finances. I have to say, I really enjoy hearing about people’s lives and the financial decisions that they’re hoping to get help with. And not just because I am a nosy person, but also because I just like to know what’s on people’s minds.
And how we can help people. It really is an honor. I’ve been answering the questions of Smart Money listeners for a few years now, and sometimes people ask if I get bored of answering similar questions over and over. And I always say no because in truth, each listener’s question is different. Whatever someone wants help with is informed by their own financial background and experiences and their current financial goals, and I just find that stuff endlessly interesting.
So do I. And besides, listeners join us at different points, at different episodes. So it is helpful to repeat topics once in a while. And if you’re making a really tough financial decision, sometimes you have to hear about it a few times before you feel comfortable actually taking any sort of action. We’re here to examine all sorts of money stuff from multiple angles.
We are all about informed decisions, and it’s our job to give you that information. For all of those great and wonderful episodes, today, we are handing out our 2024 Financial Turkey Awards. And by turkeys, we mean things that really missed the mark in the financial world. And let me tell you, there were a number of turkeys this year.
That’s true. So Sean, what do winners get?
A broken wishbone and unsalted gravy.
Yuck. Nobody wants those. That’s like getting socks—
Yeah. Well, in a moment, we bestow honors on the financial turkeys of 2024. But if you have a money question for the Nerds, we invite you to call us or text us any time, including holidays, on the Nerd hotline at 901-730-6373. That’s 901-730-NERD. Or email us at [email protected].
And if you want to nominate your own Financial Turkey of the Year Award, we’re all ears, so let us know. We’ll be back in a moment with our nominees and winners for financial or economic turkeys of the year. Stay with us.
Okay, we are back and ready with our nominees and winners of the Smart Money 2024 Financial Turkeys of the Year. Sara, what’s your first candidate?
If we’re going to talk turkey, let’s discuss grocery inflation. Remember eggflation? That was actually a 2023 problem. That peaked in January of that year, but it’s still really hard to get out of the store sometimes without spending 50 bucks on just a few items. And food prices are up significantly since 2019, thanks to everything from supply chain issues to bird flu to the war in Ukraine. And according to the USDA, as US household incomes rise, those households actually spend more money on food, but their food spending represents a smaller share of income.
So look at it this way. Looking at data from 2022, households in the lowest income quintile spent 31.3% of their income on food. That’s nearly a third of their household income. On the other side of the coin, households in the highest income quintile spent just 8% of their income on food. So this is a problem that affects US households across the board, but it’s affecting specific types of households much more seriously. So we’ll have to see how this continues to play out. High food prices can be hard to stomach…pun intended.
Good job, Sara. Love that pun. And a solid and on-theme nominee for the food holiday. By the way, I’m going to say I’m still upset about how much my cream cheese costs nowadays, although I will not give up my bagels. Okay, Sara, what’s your next candidate?
That’s a highly specific food item to be upset about, but okay. That’s fine.
I myself enjoy a delicious bagel with cream cheese. Moving on to my next contender: ghost jobs. These are job listings that appear real online, but either the position doesn’t exist or it has already been filled, yet the company continues to advertise it.
A recent survey by Resume Builder found that 40% of companies posted fake job listings this year, with 3 in 10 companies currently having active fake listings. Companies engage in this practice for various reasons, such as appearing open to new talent, demonstrating growth to the public, or simply to scout potential future employees.
Some companies use ghost jobs to deceive existing employees into thinking they will be relieved of understaffing, or worse, to remind them of their replaceability. This unethical practice extends to interviewing job candidates with no intention of hiring them, wasting the time of job seekers who could be pursuing genuine opportunities.
The phenomenon of ghost jobs is truly disheartening, as it preys on individuals seeking meaningful employment. It is a cruel manipulation of hopeful job seekers and deserves recognition as a recipient of the 2024 Financial Turkey Award.
Be cautious about sharing your Social Security number casually, even if it may already be compromised.
Yes, unfortunately, that’s a sad reality.
It’s concerning and unsettling. Well, after spreading some holiday cheer, how about we indulge in our own Thanksgiving feast? Or in my case, a nut loaf since I’m almost a vegetarian.
What on earth is a nut loaf?
It’s exactly what it sounds like – a mixture of nuts, mushrooms, and cheese. Surprisingly delicious.
Yikes. The more ingredients you mention, the less appetizing it sounds.
Trust me, it’s tastier than it sounds.
They should really rename it to something more appealing. Maybe “oh, nut loaf”?
Agreed, the branding could use some work. But I promise, it’s worth a try. That wraps up this episode. Wishing you a joyful Thanksgiving and a fantastic holiday season ahead. Remember, we’re here to answer your money queries, so reach out to us via the Nerd hotline at 901-730-6373 or email us at [email protected]. Visit nerdwallet.com/podcast for more details. Don’t forget to follow us on your preferred podcast app for new episodes.
Today’s episode was produced by Tess Vigeland, edited by Sean, and audio mixed by Megan Maurer. Please note, we’re not financial advisors. This information is for educational and entertainment purposes only.
Until next time, stay nerdy!
It’s surprisingly delicious, I promise.
It’s such a bland name. It doesn’t do justice to the flavors.
It’s a flavorful mix of mushrooms, cashews, walnuts, almonds, and lots of cheese – about 50% cheese!
It does sound like a retro recipe from the 60s, but it’s actually a modern dish. Who knows, maybe in the future, people will find nut loaf recipes from our time strange and unappetizing.
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