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The Money with Katie Show
34 minutes | Aug 10, 2022
How to Set Up Money Management Systems for Short-Term & Long-Term Goals
This episode is a logistical examination of how to put systems in place that help you balance your short-term and long-term spending goals—after all, “saving” is really just another name for “deferred spending,” and the ideal scenario we’d find ourselves in is one in which the money we need is available to us whenever we need it. It’s my hope that after listening, you’ll have a solid understanding of how to structure all of your savings and investing and—most importantly—you’ll eliminate the fear that you’re “missing something.” — Mentioned in the Episode - Atomic Habits by James Clear: https://jamesclear.com/atomic-habits — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew
54 minutes | Aug 3, 2022
To Lease, Buy, or Have No Car at All? How 2022’s Used Car Market Shifts Things
I sold my car in March 2021 and have (mostly) never looked back as part of a one-car couple, but my husband and I have been dabbling with the idea of getting a new car this year. Unfortunately, 2022 is…not a great time to buy a vehicle, as anyone who’s perused the used car market knows. It inspired this episode in which we break down the lease vs. buy decision in today’s car market with guest Jorge Diaz, author of Car Leasing Done Right (https://www.leasecosts.ca/en/book). As part of the episode, I wanted to do an IRL lease vs. buy comparison with a luxury car—so I reached out to a Porsche dealership to pull numbers on a 2023 Macan. What I wasn’t expecting as part of my number-crunching journey: being immediately plunged into an inferior sense of class consciousness as a result of the interaction. That’s…a fun bonus in the episode. 😂 Mentioned in the Episode - Car market prices up 24% in 2021 (via The Washington Post): https://www.washingtonpost.com/us-policy/2021/10/28/used-car-prices-chip-shortage/ - Rule of thumb for paying for a car: https://www.nerdwallet.com/article/loans/auto-loans/much-spend-car - “Why Leasing a Car is Like Setting Money on Fire”: https://moneywithkatie.com/blog/why-leasing-a-car-is-like-setting-money-on-fire - Study: Driving fewer than 10K/year: https://www.rockethq.com/learn/personal-finances/how-expensive-is-uber - Pregnancy Discrimination Act: https://www.eeoc.gov/pregnancy-discrimination — Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew
49 minutes | Jul 27, 2022
Wedding Confessions: Budget, Who Paid, and Biggest Learnings
Ah, the long-awaited deep dive is finally here! As someone who got married in a courthouse and in a big, traditional ceremony (to the same person, don’t worry), I feel I’m now qualified to do a thorough compare-and-contrast analysis of the two—and share the granular details of how much our ceremony cost. I’m diving into the budget ($25,000), the actual spend (...a lot more than $25,000), who paid, the things that shocked me, and the stuff I thought was worthwhile. I also do a deep-dive into the Wedding Industrial Complex with our guest, Anna Braff, founder of the award-winning vendor service Provenance Rentals. Originally, I wasn’t planning on doing any sort of deep dive about my nuptials—but ultimately decided it was incredibly off-brand not to talk about one of the largest expenses a young couple faces. — Follow Along - Watch Money with Katie here: https://www.youtube.com/MoneywithKatie - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew
38 minutes | Jul 20, 2022
Why I’m Not Buying I Bonds, the “Flight to Safety,” and Optimism
Something I had never even heard of a year ago has been front and center in the financial news for the last few months: I Bonds. But I suppose it makes sense: Nothing tempts those seeking performance and those seeking safety alike quite like a guaranteed nominal 9.62% rate of return, right? But I fear they’re a distraction for young investors (and don’t worry, we address who they might make sense for in the episode). Plus, I invited Alan Ebright of Hodges Private Client—a wealth management firm in Dallas with $1B+ assets under management—on the show this week to talk about investor psychology and the self-defeating flight to safety. *Any information shared is not tax or legal advice, and is purely for informational purposes. #MoneyWithKatie #IBonds #Investing #Bonds #PersonalFinance — This Episode’s Sponsors To learn more about our sponsor, Ubiquity, check out https://ubiquity.com/ To learn more about our sponsor, Caribou, check out https://www.caribou.com/moneywithkatie/?utm_source=moneywithkatie&utm_medium=podcast&utm_campaign=jul13 For more info on our sponsor, Q.Ai, check out https://refer.tryq.ai/MBrew To learn more about Betterment, visit https://betterment.com/moneywithkatie — Mentioned in the Episode - Nick Maggiulli's blog, Of Dollars & Data - DALBAR Quantitative Analysis of Investor Behavior - National Association of Personal Financial Advisors Database Follow Along - Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ - Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! - Instagram: https://www.instagram.com/moneywithkatie/ - Twitter: https://twitter.com/moneywithkatie - TikTok: https://www.tiktok.com/@moneywithkatie Subscribe to Morning Brew - Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! - Instagram: https://www.instagram.com/morningbrew/ - Twitter: https://twitter.com/MorningBrew - TikTok: https://www.tiktok.com/@morningbrew — *Disclaimer: Hodges Private Client is a program offered through Hodges Capital Management, Inc. (“HCM”). HCM is an Investment Advisory Firm registered with the Securities and Exchange Commission (“SEC”), is a wholly owned subsidiary of Hodges Capital Holdings and serves as investment advisor to the Hodges Funds. HCM is affiliated with First Dallas Securities, Inc, a broker-dealer and investment advisor registered with the SEC. This discussion is not intended to be a forecast of future events and should not be considered a recommendation to buy or sell any security. Past performance is not indicative of future results. Investing involves risk. Principal loss is possible. Investing in smaller companies involves additional risks such as limited liquidity and greater volatility. No current or prospective client should assume that information referenced in this communication is a recommendation to buy or sell any security or is a substitute for personalized investment advice from your individual advisor. HCM does not provide tax or legal advice. Consult your tax or legal advisor for any related questions. All information referenced herein is from sources believed to be reliable and is provided as general market commentary and does not constitute investment advice. This material was created for informational purposes only and the opinions expressed are solely those of HCM. HCM shall not in any way be liable for claims and makes no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information. The data and information are provided as of the date referenced and are subject to change without notice.
47 minutes | Jul 13, 2022
The Benefits and Pitfalls of Salary Transparency with Jason Tartick
Nothing excites millennials and surprises baby boomers quite like our penchant for sharing how much money we make with one another. But salary transparency—one of the latest tactics for rectifying biases in hiring and compensation—is a means to an end, not the end itself. In this week’s episode, we explore the benefits and pitfalls of openly sharing compensation information within an organization—and how we can share in a way that actually helps one another. Plus, an interview with Jason Tartick of Bachelor Nation fame, and the host of Trading Secrets, a podcast about our “taboo curiosities” around money and career. -- Mentioned in the episode World Economic Forum's data on closing the gender pay gap National Labor Relations Act: Your right to discuss pay in the US Silicon Valley study about top employee performance Tim Low's interview about PayScale and salary transparency 2018 Denmark study on closing the gender pay gap Buffer case study on salary transparency Trading Secrets interview with Rob Dyrdek Trading Secrets interview with A-Rod Trading Secrets interview with Molly Bloom (Molly's Game) Follow Along Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram: https://www.instagram.com/moneywithkatie/ Twitter: https://twitter.com/moneywithkatie TikTok: https://www.tiktok.com/@moneywithkatie
53 minutes | Jul 6, 2022
$40,000 to $200,000+ in 5 Years: Don’t Quit Your Day Job with Cinneah El-Amin
This episode was inspired by a Medium article about a woman’s nine side hustles that replaced her full-time income. After reading it, I couldn’t help but think: “I know our generation loves the glamorized solopreneur thing, but at what point is it easier to just…have a full-time job?” I wanted to explore the obsession with the side hustle, the (unfair) demonization of the 9-5, and—importantly—how to expend energy in a more efficient way for a higher ROI within your traditional career path for those of us who don’t want to become ~online entrepreneurs~. Cinneah of Flynanced joins us for this episode to regale us with her career journey ($40,000 to $200,000+ in just five years!) and has a ton of actionable advice to share for scaling your full-time income and breaking into highly paid technical fields without going back to school. Here's the referenced blog post about diversifying your effort and my side hustles that amounted to nothing. Follow Along Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram: https://www.instagram.com/moneywithkatie/ Twitter: https://twitter.com/moneywithkatie TikTok: https://www.tiktok.com/@moneywithkatie
48 minutes | Jun 29, 2022
Is Now a Good Time to Pick Stocks? The Pros & Cons of Active Investing with Jack Raines
Given current market conditions, it seemed like a good time to revisit the age-old temptation for investors: Should I…try to stop the bleeding and make more active investment choices? Surely I could do better than -22%! In most personal finance circles, this question is heresy—but lucky for you, I like to rock the boat. We’re digging into the case against active, some oddly compelling arguments for it, and everything in between in this week’s episode. Don’t call the FI/RE department on me! (See what I did there?) I'm joined by Jack Raines of the blog Young Money (https://www.youngmoney.co/) today to discuss 'the true cost of alpha.' (Alpha = an investment's ability to beat the market.) This is also our first episode with a listener Q&A. Today’s is about commission income: How it’s taxed, how to budget for it, and how to invest it. Got a question you want answered? Make sure you’re following Money with Katie on Instagram, where you’ll see our call for questions! — Mentioned in the Episode Jack's article, A New Definition of Alpha Nick's article, Why You Shouldn't Pick Individual Stocks Dalio's book, The Changing World Order Mike Green interview on Resolve's Gestalt University Follow Along Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram - https://www.instagram.com/moneywithkatie/ Twitter - https://twitter.com/moneywithkatie TikTok - https://www.tiktok.com/@moneywithkatie This episode is sponsored by Betterment.
49 minutes | Jun 22, 2022
The Bear Market, Future Returns, and the History of Low-Cost Investing with Eric Balchunas
Every time the market experiences a drawdown, it feels like the echoing chorus of, “This time, it’s different,” gets more deafening. As the history buffs assure us, that’s very unlikely—but that doesn’t change the fact I want to hedge if it’s true. For many of us #n00b investors who started in the last decade, we’re experiencing a serious pullback for the first time (I no longer count the 30% COVID drawdown since it was so short-lived). I think it’s a (healthy) reminder that investing in the stock market is not a risk-free proposition, and returns are not guaranteed. So how do we adjust our expectations and behavior accordingly? I’ll tell you how I’m pivoting in this week’s episode. I invited Bloomberg ETF analyst Eric Balchunas on the show to talk about the history of low-cost investing, Jack Bogle’s legacy, and Vanguard’s role in changing the industry forever—plus, his spicy take on cryptocurrency. 👀 Resources Eric's book, The Bogle Effect Follow Along Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram: https://www.instagram.com/moneywithkatie/ Twitter: https://twitter.com/moneywithkatie TikTok: https://www.tiktok.com/@moneywithkatie This episode is sponsored by Betterment.
44 minutes | Jun 15, 2022
Money Mindset: How the Victim vs. Victor Dynamic Shapes our Financial Outcomes
One of the single-most impactful determinants of our outcomes in life is our self-concept: Our identity. Whether we see ourselves as the victims of circumstance or victors over our challenges. It plays out in everything from miscommunications at work to compensation conversations. The victim mindset tells you that you're not in control of your outcomes, while the victor's mindset acknowledges that—while life isn't fair—you have some control over your outcomes and are capable of overcoming the challenges you're presented with. At the crux of it all is a sense of control. Sometimes, we ascribe to a victim mindset and undermine our own resilience, capacity, and control—and stand in our own way in the process. Making the conversation more complicated? The reality of victimization and privilege. My guest today, Dominick Quartuccio, gives us a three-step framework to rewire these negative thought patterns, design a future we can "live into," and regain control over our lives and finances. -- Follow Along Dominick Quartuccio: https://www.dominickq.com/ Ayishat Akanbi's book, The Awokening: Clarity, Culture ,and Identity in the Web of Chaos Listen to Money with Katie here: https://www.podpage.com/money-with-katie-show/ Read Money with Katie: https://moneywithkatie.com/ Follow Money with Katie! Instagram - https://www.instagram.com/moneywithkatie/ Twitter - https://twitter.com/moneywithkatie TikTok - https://www.tiktok.com/@moneywithkatie This episode is sponsored by Betterment.
51 minutes | Jun 8, 2022
Building a Six-Figure Side Hustle, Monetizing Content, & Budgeting with Variable Income
If you've ever wondered how Money with Katie went from a $0 side hustle to a half-million venture in two years (and if you can do the same!), then this episode is for you. Today, I'm getting into the weeds and sharing exactly how Money with Katie makes money, all things sponsorships and affiliates, and even ventures I tried that didn't quite pan out. I share real numbers and stories, beyond just the surface-level stuff you've heard before. And because becoming a creative entrepreneur often means budgeting with variable income, I invited Lauren Anastasio, director of financial advice at Stash, to talk about setting yourself up for financial success from day one of your entrepreneurial journey. Follow Along Blog Instagram Twitter Inspiration for this show's episode: March 2020 Lessons for 2022 and Beyond Breaking down the SEP IRA and a Solo 401(k) for those with self-employment income This episode is presented by Betterment.
47 minutes | Jun 1, 2022
To Prenup or Not to Prenup? with the Fiscal Feminist, Kim Davis
Let’s kick this off with an admission: We don’t have a prenup. In today’s episode, I’ll tell you why—and why we probably should’ve gotten one. We also talk with Kim Davis (former Wall Street attorney, present managing director at the Bahnsen Group, and founder of the Fiscal Feminist) about: How the “stay-at-home” spouse can protect themselves financially Why the prenup agreement is like an insurance policy for your marriage What Kim thinks about joint credit cards How much to budget for a prenup …and a whole lot more. Follow Along Blog Instagram Twitter Read Kim's book, The Fiscal Feminist
55 minutes | May 25, 2022
Buying Small Businesses: Is Investing in One Worth It?
A couple months ago, I got really anxious about income. Aside from ~lite paranoia~ being one of the core tenets of my personality, my concern was (probably) justified. Rumblings of a recession on the horizon, #stonks going down, and the fact that Money with Katie was my sole source of income started to make me feel a little…vulnerable. So I started looking into alternative investments. While I deeply considered real estate and passed for the time being, I discovered an amazing world of online content around buying small businesses and began my pursuit. This episode dives into where I looked, what I found, the two businesses I almost bought, and why I didn’t pull the trigger. Plus, two interviews: One with Sarah Becker, a friend of mine who bought a dilapidated commercial property in her neighborhood when she was 24, and another with Steffany Boldrini, a successful investor in the self-storage space. Sarah's new course, Independent Retirement Academy, launched on May 23. Listeners of Money with Katie get $50 off with code MWK50. Follow Along Blog Instagram Twitter
45 minutes | May 18, 2022
How to Start Investing Successfully with Just Two Funds
The best part about living in 2022 is the fact that you don’t have to know anything about investing to be a successful investor thanks to products like Betterment (and financial technology more broadly). But what if you do want to manage your own investments? Then what? Before I learned about Paul Merriman and Chris Pedersen’s Two Funds for Life strategy, I never really knew what to tell people aside from do your research and best of luck to you, madam. So this week, I’m joined by Chris (who created the Two Funds for Life model) to talk about an amazing 80/20 solution for getting proper, low-cost diversification with only two funds (hence the name). Not only that, but the “rebalancing” is more or less taken care of for you. Follow Along Blog Instagram Twitter
40 minutes | May 11, 2022
The Myth of the "Dream Job" and Expanding Your Earning Potential
Lauren from Career Contessa joins me this week for a revelatory conversation about the myth of the elusive “dream job.” Ironically, it took getting my dream job to realize it’s…still a job. Wait a second, why does this still feel like work sometimes? So why does acknowledging this myth and moving past it matter? Because the illusion that there’s a “dream job” out there for you (the career version of a soulmate) leads to both expectation hangovers and disappointment when—surprise!—even a job you really like comes with downsides. This episode is an exploration of the idea that maybe the grass isn’t always greener, and the things that make a job “good” are often overlooked in our misguided pursuit of a job that elicits “passion.” That said, we also discuss the importance of liking what you do (to a healthy extent) and the positive financial outcomes that enjoying your work can bring.
47 minutes | May 8, 2022
BONUS: The SHEcession, Childcare, and Modern Motherhood in the US
...because who's more qualified to talk about the challenges of being a mother than someone without kids, right?! Right?! 3.5 million women were pushed out of the workforce in March 2020 because of caretaking challenges. Overnight, we dropped to 1988 levels of women’s workforce participation, which confirms the theory that there’s a causal relationship between childcare availability and affordability, and women’s workforce participation. Hear from your favorite childless woman (yours truly!) and a slew of Rich-Girls-Turned-Rich-Moms about how they've addressed these challenges in their own lives. One of the Rich Girls (Moms) who called in is also a personal finance writer: Ashley Feinstein Gerstley is the author of Financial Adulting, a guide that breaks down everything you need to be a financially confident and conscious adult. As a trusted money expert, she has appeared on or been quoted in The Financial Times, the TODAY Show, CNBC, Forbes, NBC, Glamour and the The New York Times. Ashley has worked in the financial services industry for over fifteen years: first as an investment banker, then in corporate finance, and most recently running The Fiscal Femme. She graduated with a bachelor's in finance from the Wharton School at the University of Pennsylvania. Follow along Instagram Twitter Blog
42 minutes | May 4, 2022
The Most Dangerous Misconceptions about the 4% Safe Withdrawal Rate
So much of personal finance and early retirement #literature is predicated on the 4% safe withdrawal rate that it’s easy to forget that the “rule” was discovered in the 1990s by the original Freak in the Spreadsheets, Bill Bengen. And man, the financial media loves to splash sensational headlines about the 4% rule all over the place (“The founder of the 4% rule just changed it!”). You know the kind. But there are a lot of misconceptions about the 4% rule, including the recent criticisms that it’s no longer valid. If you ever want to retire, this episode is a must-listen. I welcomed Brian Feroldi onto the show to talk about the underlying assumption that makes the 4% rule work—over time, the stock market generally goes up. Brian's new book (aptly named Why Does the Stock Market Go Up?) is out now. Sources cited Historical bond returns Follow along Instagram Twitter Newsletter
48 minutes | Apr 27, 2022
Why Owners & Renters Alike Would Benefit from a Housing Market Cooldown
Today's episode is about the current reality of the US housing market (and stock market, to some degree) and how it's—paradoxically—not actually good for anyone, renters and owners alike. The one group it is benefiting? Investors. The episode dives into why I think a cooldown is inevitable, and focuses more on why human shelter turning into an inflated asset class is dangerous for everyone who needs a house to live in. Look no further than Canada’s precarious situation and increasing homelessness for a cautionary tale. My guest this week (Brandon of Mad FIentist fame) lends his perspective as someone who narrowly escaped the bubble burst in 2008 and ended up losing money on his next property—only to be priced out entirely in 2022. For context, Brandon retired a multimillionaire at age 34. He rents. Cited Sources Philip Pilkington's dire warning about intergenerational "war" stemming from inflated asset prices Investor participation in the real estate market reaching new highs (Washington Post) Americans' inability to pay for a minor emergency Follow Along Blog Instagram Twitter
47 minutes | Apr 20, 2022
How to Buy Back Your Time: Outsourcing Tasks with Farnoosh Torabi
Today's episode is all about outsourcing, a topic around which my views have evolved over the years. (Read: As you get older and busier, you're less interested in "doing it all," apparently.) We discuss how to determine what's worth outsourcing in your life and how much to pay for it, as well as address some common objections. My guest today, Farnoosh Torabi, is an icon in the personal finance world (and a mother of 2!) and she's got some #hottakes on the value of her (and your) time. You can check out Farnoosh on CNET's So Money podcast. To learn more about the Money with Katie Retreat, head here. Resources Average time use per day of American men and women from the U.S. Bureau of Labor Statistics "Even female breadwinners (the 29% of American women who out-earn their husbands) bear the brunt of household labor." "Even during a pandemic, gender gaps in sharing household responsibilities persist." FOLLOW ALONG Money with Katie Blog Money with Katie Instagram Money with Katie Twitter Sign up for the Newsletter! FULL EPISODE TRANSCRIPTS AT HTTPS://PODCAST.MONEYWITHKATIE.COM
33 minutes | Apr 13, 2022
Investing in the Age of "Overvalued" Stocks & Homes with Nick Maggiulli
Today, my friend Nick Maggiulli (COO of Ritholtz Wealth Management & former data scientist, as well as author of Of Dollars & Data and his new book, Just Keep Buying) joined me to talk about something that’s been (justifiably) freaking me out a little bit lately. To boil it down to its most layman's terms is the government’s money printing the reason why stocks and homes are worth so much more now, and does that mean we’re headed for a crash? More to the point: What the hell do we do about it? I think you’ll enjoy the little history lesson throwback (Kansas farmland in the 1970s, anyone?), the explanation of quantitative easing and expansionary monetary policy (I wish my Econ 101 professor could see my B+ self now), and—most importantly—the conversation I had with Nick about what we’re supposed to make of all this. Here's the Politico article referenced. Point of clarification: We reference the S&P 500's PE ratio (25 as of this recording) and Shiller PE ratio, or CAPE ratio (36 as of this recording), in this episode, and (somewhat confusingly) switch between the two in the conversation. Nick originally describes the CAPE ratio, and then I ask him his opinion of the current PE ratio. FOLLOW ALONG Money with Katie Blog Money with Katie Instagram Money with Katie Twitter Sign up for the Newsletter! FULL EPISODE TRANSCRIPTS AT HTTPS://PODCAST.MONEYWITHKATIE.COM
26 minutes | Apr 6, 2022
Why You May Need to Save Less Than You Think for Retirement
Worried you're behind, or may not have enough money to retire someday? You may have less cause for concern than you think. Today’s episode dives into the math behind why you may need to save less than you think for retirement, with two solid examples from my own life. Plus, an interview with Kim Curtis, a nationally recognized wealth management advisor and President and CEO of Wealth Legacy Institute, where she dives into what we actually need to be worried about in retirement. Hint: It’s likely not running out of money. FOLLOW ALONG Money with Katie Blog Money with Katie Instagram Money with Katie Twitter Sign up for the Newsletter! FULL EPISODE TRANSCRIPTS AT HTTPS://PODCAST.MONEYWITHKATIE.COM
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