1 00:00:00,080 --> 00:00:02,960 Speaker 1: Welcome to How the Money. I'm Joel and I am Matt, 2 00:00:03,000 --> 00:00:05,720 Speaker 1: and today we're discussing a full proof plan to ditch 3 00:00:05,760 --> 00:00:27,200 Speaker 1: holiday debt. You know what, buddy, this is. This is 4 00:00:27,200 --> 00:00:29,520 Speaker 1: gonna be a really wholesome episode for all the folks 5 00:00:29,520 --> 00:00:31,880 Speaker 1: out there who may have spent a little bit more 6 00:00:32,200 --> 00:00:35,440 Speaker 1: than they meant to the past couple of months. But 7 00:00:35,479 --> 00:00:37,960 Speaker 1: we're gonna talk about, first of all, why it is 8 00:00:38,040 --> 00:00:41,279 Speaker 1: that having debt, why having those balances, why it's such 9 00:00:41,320 --> 00:00:43,160 Speaker 1: a bad thing. We're gonna talk through how to put 10 00:00:43,200 --> 00:00:46,040 Speaker 1: together a plan to eliminate that debt, as well as 11 00:00:46,040 --> 00:00:49,199 Speaker 1: some other tips as well. Regardless of the the approach 12 00:00:49,240 --> 00:00:51,520 Speaker 1: that you decide to take, there are a few things 13 00:00:51,560 --> 00:00:53,680 Speaker 1: that you can implement, some different ways of looking at 14 00:00:53,720 --> 00:00:55,600 Speaker 1: your debt in order to make sure that you are 15 00:00:55,720 --> 00:00:58,640 Speaker 1: moving onwards and upwards with your finances. Yeah, and if 16 00:00:58,760 --> 00:01:00,560 Speaker 1: people have been listening for any amount time, they know 17 00:01:00,840 --> 00:01:03,600 Speaker 1: we like to be nuanced on the topic of debt. 18 00:01:04,120 --> 00:01:06,959 Speaker 1: But we're specifically talking about like the crumbiest forms of 19 00:01:07,000 --> 00:01:09,280 Speaker 1: consumer debt in this episode, which is what a lot 20 00:01:09,319 --> 00:01:12,160 Speaker 1: of people are battling in January, right, and the credit 21 00:01:12,200 --> 00:01:14,880 Speaker 1: card statement comes in your email in box and you're like, 22 00:01:15,080 --> 00:01:16,800 Speaker 1: dang it, I didn't think it was that bad. Maybe 23 00:01:16,880 --> 00:01:20,280 Speaker 1: even today that statement showed maybe you had a December 24 00:01:20,360 --> 00:01:24,640 Speaker 1: fifteenth to January fifteenth statement and you are, yeah, you're 25 00:01:24,440 --> 00:01:27,080 Speaker 1: you're maybe you're a little disappointed in yourself. Yeah, and 26 00:01:27,319 --> 00:01:30,280 Speaker 1: but and that's how like that happens, right, people, But 27 00:01:30,280 --> 00:01:33,320 Speaker 1: how do you combat those? Now? How do you move forward? 28 00:01:33,400 --> 00:01:35,759 Speaker 1: That's yeah, what we're gonna talk about the exactly man. Yeah, 29 00:01:35,800 --> 00:01:37,760 Speaker 1: but first, actually, so I've got a frugal or cheap 30 00:01:37,800 --> 00:01:40,400 Speaker 1: for you, but it is actually for once, it's not 31 00:01:40,480 --> 00:01:43,240 Speaker 1: me being cheap. It is it's up to you to 32 00:01:43,319 --> 00:01:47,560 Speaker 1: decide whether or not Kate is being frugal or cheap. Okay, 33 00:01:47,600 --> 00:01:51,680 Speaker 1: you're white, that's right. So she was considering getting this 34 00:01:52,000 --> 00:01:55,880 Speaker 1: face serum. It's this oil that you if you ever 35 00:01:55,880 --> 00:01:57,680 Speaker 1: see her do it, which that'd be weird. I guess 36 00:01:57,720 --> 00:02:00,200 Speaker 1: if you're if you are doing a night she does 37 00:02:00,200 --> 00:02:02,280 Speaker 1: it right before she gets to bed. But it's like 38 00:02:02,320 --> 00:02:04,760 Speaker 1: this little glass usually hanging out of that time. Yeah, yeah, 39 00:02:04,880 --> 00:02:07,320 Speaker 1: my wife has some face here, and so I think 40 00:02:06,880 --> 00:02:09,840 Speaker 1: I do. She had like this dropper where she squeezes 41 00:02:09,880 --> 00:02:12,280 Speaker 1: into this glass room and she likes squirts it like 42 00:02:12,320 --> 00:02:15,560 Speaker 1: across her forehead, over her cheeks. I forget where normally 43 00:02:15,600 --> 00:02:17,320 Speaker 1: buys hers from. But I tried to convince her to 44 00:02:17,360 --> 00:02:19,160 Speaker 1: go with the Costco brand when it was on clearance. 45 00:02:19,440 --> 00:02:21,679 Speaker 1: She gave she gave it a shot, and she's like, 46 00:02:21,720 --> 00:02:23,760 Speaker 1: it's not it's not as good. This is garbage. And 47 00:02:23,800 --> 00:02:26,000 Speaker 1: I was like, dang it. So maybe Kate felt that 48 00:02:26,080 --> 00:02:28,880 Speaker 1: same way as well, because the stuff that she wanted 49 00:02:28,919 --> 00:02:30,440 Speaker 1: to buy, I forget the name of the website, but 50 00:02:30,440 --> 00:02:32,600 Speaker 1: it's like a hundred bucks. It's over a hundred bucks 51 00:02:33,000 --> 00:02:35,880 Speaker 1: for a three ounce bottle, which is that is not 52 00:02:36,040 --> 00:02:39,520 Speaker 1: very many ounces here? Uh? And so what and she 53 00:02:39,600 --> 00:02:42,560 Speaker 1: realized that, man, this is too stink and expensive. But 54 00:02:42,840 --> 00:02:45,720 Speaker 1: the website for the bottle that she was wanting, they 55 00:02:45,760 --> 00:02:48,280 Speaker 1: list out all the different ingredients. They list out the oils, 56 00:02:48,280 --> 00:02:51,160 Speaker 1: and obviously she doesn't know the exact ratios, and I 57 00:02:51,240 --> 00:02:53,120 Speaker 1: mean there's a little bit of fragrance thrown in there 58 00:02:53,160 --> 00:02:56,320 Speaker 1: as well, but she would had just ordered some nice 59 00:02:56,480 --> 00:03:00,400 Speaker 1: organic versions of those oils and created her own blend, 60 00:03:00,800 --> 00:03:04,280 Speaker 1: and so she's able to make a three ounce bottle. 61 00:03:04,320 --> 00:03:06,000 Speaker 1: So the equivalent of what you would pay over a 62 00:03:06,080 --> 00:03:07,680 Speaker 1: hundred bucks for and she's able to make that for 63 00:03:07,760 --> 00:03:11,480 Speaker 1: under ten dollars, staying per bottle. It's like like argone 64 00:03:11,520 --> 00:03:13,760 Speaker 1: oil or like rose hip, a little bit of like 65 00:03:13,800 --> 00:03:16,880 Speaker 1: grape seed, like like all these oils combined, a lot 66 00:03:16,880 --> 00:03:20,680 Speaker 1: of a lot of branding that goes into makeup. But 67 00:03:20,800 --> 00:03:23,680 Speaker 1: so I'm just how's this going? By the way, She's like, 68 00:03:23,840 --> 00:03:26,840 Speaker 1: it is going incredibly well, and so she's super happy 69 00:03:26,880 --> 00:03:28,520 Speaker 1: with it. But what are your thoughts? Do you think 70 00:03:28,520 --> 00:03:30,680 Speaker 1: she was being frugal or cheap? Sounds frugal? Is all 71 00:03:30,680 --> 00:03:34,080 Speaker 1: get out to me? Like I think if I was, 72 00:03:34,120 --> 00:03:36,200 Speaker 1: like I agree, I am all for this, it was 73 00:03:36,280 --> 00:03:38,800 Speaker 1: like destroying her face or something like that. That's the risk, right, 74 00:03:38,840 --> 00:03:40,960 Speaker 1: Like I guess if is there a risk that you 75 00:03:41,040 --> 00:03:44,160 Speaker 1: run by not getting the proportions exactly right and you 76 00:03:44,160 --> 00:03:45,560 Speaker 1: put on your face and all of a sudden you've 77 00:03:45,560 --> 00:03:48,080 Speaker 1: got you know, first degree of burns. Yeah, if you 78 00:03:48,120 --> 00:03:51,120 Speaker 1: were putting out with potentially face melting acid or something 79 00:03:51,160 --> 00:03:53,520 Speaker 1: in this concoction, then it could be seen as cheap. 80 00:03:53,560 --> 00:03:55,400 Speaker 1: You might need some sort of expert blender to get 81 00:03:55,440 --> 00:03:57,640 Speaker 1: exactly right. But it's it's a bunch of these organic 82 00:03:57,640 --> 00:04:00,120 Speaker 1: oils to create a face like the chances are you 83 00:04:00,160 --> 00:04:02,280 Speaker 1: can't screw it up that bad, right, and you can 84 00:04:02,320 --> 00:04:04,520 Speaker 1: always like test it out on your arm or something 85 00:04:04,560 --> 00:04:07,200 Speaker 1: before going like full board, just like scorting it on 86 00:04:07,200 --> 00:04:09,680 Speaker 1: your face. Right, But this sounds like thing in an 87 00:04:09,680 --> 00:04:12,640 Speaker 1: inconspicuous location, sort of like if you're doing a treatment 88 00:04:12,680 --> 00:04:15,040 Speaker 1: for laundry, right, that's what they say. Yeah, I'm thinking 89 00:04:15,040 --> 00:04:16,679 Speaker 1: the next step for her though, could be the launched 90 00:04:16,680 --> 00:04:18,839 Speaker 1: aside hustle with this, like start selling her own serums, 91 00:04:19,279 --> 00:04:21,720 Speaker 1: kates serums. Yeah, I like it, so I don't know, 92 00:04:21,760 --> 00:04:24,440 Speaker 1: maybe I'll talk her into that. Next time I sear 93 00:04:24,480 --> 00:04:29,320 Speaker 1: Her first customer will be Emily. She probably probably hopefully 94 00:04:29,320 --> 00:04:31,800 Speaker 1: it's a that that'll save us money too. So No, 95 00:04:31,960 --> 00:04:34,640 Speaker 1: I like that. I like experimenting in ways like that. 96 00:04:34,720 --> 00:04:36,760 Speaker 1: I think that's one of those things that you don't 97 00:04:37,080 --> 00:04:38,960 Speaker 1: you don't even think of doing. Let me just try 98 00:04:39,000 --> 00:04:41,760 Speaker 1: to make this concoction myself, because wow, they're charging a 99 00:04:41,800 --> 00:04:43,880 Speaker 1: lot of money for it. But when it's when the 100 00:04:43,920 --> 00:04:46,800 Speaker 1: cost is that insane, maybe it brings you back to 101 00:04:46,800 --> 00:04:48,520 Speaker 1: the drawing board and you're like, yeah, maybe I'm gonna 102 00:04:48,560 --> 00:04:50,320 Speaker 1: give it a shot and see what happens. Absolutely, I 103 00:04:50,360 --> 00:04:53,120 Speaker 1: kind of like the creativity and the ingenuity that she's 104 00:04:53,440 --> 00:04:55,720 Speaker 1: that she's expressing them. Yeah, thinking outside the box a 105 00:04:55,760 --> 00:04:59,000 Speaker 1: little bit. I will pass along her the frugal approval 106 00:04:59,680 --> 00:05:02,119 Speaker 1: by my cod were pound on the back for me. Well, alright, 107 00:05:02,200 --> 00:05:05,920 Speaker 1: let's introduce our beer this episode. This is Perpetual Composition. 108 00:05:06,520 --> 00:05:09,560 Speaker 1: This is a beer by Southern Grist Brewery, who we've 109 00:05:09,640 --> 00:05:12,159 Speaker 1: had on the show many times before, but not this 110 00:05:12,240 --> 00:05:14,880 Speaker 1: particular beer. And we will share our thoughts at the 111 00:05:15,000 --> 00:05:16,760 Speaker 1: end of the episode, for sure. Let's get on the 112 00:05:16,800 --> 00:05:19,000 Speaker 1: topic in hand though. We are talking about creating a 113 00:05:19,000 --> 00:05:22,760 Speaker 1: fullproof plan to ditch holiday debt, and Matt there are 114 00:05:22,800 --> 00:05:24,839 Speaker 1: some folks out there who might think that just a 115 00:05:24,839 --> 00:05:27,760 Speaker 1: little bit of debt is no big deal. But it 116 00:05:27,800 --> 00:05:29,680 Speaker 1: makes me think about something else that we might not 117 00:05:29,720 --> 00:05:32,359 Speaker 1: consider to be all that bad, and that is sitting 118 00:05:32,640 --> 00:05:36,480 Speaker 1: sitting down. And it's it's interesting. I think a lot 119 00:05:36,520 --> 00:05:39,279 Speaker 1: of new information has come to light in recent years 120 00:05:39,520 --> 00:05:41,760 Speaker 1: about how bad sitting can actually be for us. Like 121 00:05:42,000 --> 00:05:43,600 Speaker 1: we we all sit down, You and I were sitting 122 00:05:43,640 --> 00:05:46,119 Speaker 1: down doing this podcast right now, and we're not heeling 123 00:05:46,160 --> 00:05:49,280 Speaker 1: over and dying, right, But uh, it turns out that's 124 00:05:49,279 --> 00:05:51,040 Speaker 1: sitting on your butt all day is much worse than 125 00:05:51,080 --> 00:05:53,719 Speaker 1: we thought. And it's actually been called the new smoking. 126 00:05:54,080 --> 00:05:56,799 Speaker 1: You've heard people say sitting in a new smoking. Maybe 127 00:05:56,800 --> 00:05:58,400 Speaker 1: I have only because I feel like I've heard you 128 00:05:58,440 --> 00:06:00,120 Speaker 1: talk about it, but that this sort of sounds like 129 00:06:00,120 --> 00:06:02,480 Speaker 1: a report that maybe came from Big Tennis Shoe, all 130 00:06:02,480 --> 00:06:05,080 Speaker 1: the other shoot companies out there, by Nike and Reebok, 131 00:06:05,640 --> 00:06:08,600 Speaker 1: all the uh the anti chair trade groups out there 132 00:06:08,640 --> 00:06:11,359 Speaker 1: who are battling so many of them, so many of 133 00:06:11,400 --> 00:06:14,160 Speaker 1: them clearly will know that when you look at stats 134 00:06:14,200 --> 00:06:16,720 Speaker 1: from the Heart Foundation, they found that the people who sit, 135 00:06:17,279 --> 00:06:20,039 Speaker 1: uh sit a lot are the They're in a greater 136 00:06:20,120 --> 00:06:22,440 Speaker 1: risk for heart disease and death. They have a hundred 137 00:06:22,440 --> 00:06:26,919 Speaker 1: twelve percent increased risk of diabetes, increased risk of cardio 138 00:06:27,040 --> 00:06:30,719 Speaker 1: vascular events like heart attack and stroke, increased risk of 139 00:06:30,800 --> 00:06:33,880 Speaker 1: death from cardio vascular events in general, and a forty 140 00:06:34,440 --> 00:06:38,239 Speaker 1: increased risk of death from many couts just just because 141 00:06:38,279 --> 00:06:39,960 Speaker 1: of the amount of time you're sitting in a day 142 00:06:40,440 --> 00:06:42,960 Speaker 1: and uh, you know, debt. I don't think that that's 143 00:06:42,960 --> 00:06:44,760 Speaker 1: not going to lead to diabetes, that I know if 144 00:06:44,800 --> 00:06:46,839 Speaker 1: there's no link between the two that I've seen. But 145 00:06:46,920 --> 00:06:49,719 Speaker 1: it can cause stress, It can cause relational insecurity, and 146 00:06:49,760 --> 00:06:52,520 Speaker 1: it can actually lead to adverse physical effects like headaches 147 00:06:52,520 --> 00:06:55,520 Speaker 1: and an inability to focus. So that's why we wanted 148 00:06:55,560 --> 00:06:58,520 Speaker 1: out of your life. It's you know, sitting in small 149 00:06:58,520 --> 00:07:01,320 Speaker 1: amounts isn't the worst thing. The right kinds of debt 150 00:07:01,400 --> 00:07:03,240 Speaker 1: in your life aren't the worst thing. We've talked about 151 00:07:03,279 --> 00:07:06,000 Speaker 1: using debt strategically. But if you've racked up the worst 152 00:07:06,080 --> 00:07:08,800 Speaker 1: kinds of debt, consumer debt, and you you actually have 153 00:07:08,880 --> 00:07:11,280 Speaker 1: more in your life than you expected because of what 154 00:07:11,360 --> 00:07:12,840 Speaker 1: was happening at the end of last year and what 155 00:07:12,880 --> 00:07:15,120 Speaker 1: you were you were spending money on. Well, today's show 156 00:07:15,160 --> 00:07:17,360 Speaker 1: is all about creating a plan to ditch it because 157 00:07:17,560 --> 00:07:20,200 Speaker 1: it's worse than you think it is. That's right. Simultaneously, 158 00:07:20,240 --> 00:07:21,760 Speaker 1: it's not like sitting all day once it's going to 159 00:07:21,920 --> 00:07:24,200 Speaker 1: kill you, right, Like like most of us probably sit 160 00:07:24,240 --> 00:07:26,480 Speaker 1: for the majority of our waking hours. You're probably half 161 00:07:26,480 --> 00:07:27,960 Speaker 1: of the folks out there might be sitting right now. 162 00:07:28,360 --> 00:07:31,520 Speaker 1: Maybe you're going for a walk, though, But when those 163 00:07:31,560 --> 00:07:34,600 Speaker 1: weeks turn into years, right and like when those years 164 00:07:34,600 --> 00:07:38,360 Speaker 1: trying to turn into decades, like that is when this 165 00:07:38,360 --> 00:07:41,480 Speaker 1: this fairly normal activity, how it can wreck our health 166 00:07:41,960 --> 00:07:45,280 Speaker 1: and we definitely don't want consumer debt to become a 167 00:07:45,280 --> 00:07:48,120 Speaker 1: fairly normal fixture in your life. But the truth is 168 00:07:48,200 --> 00:07:50,920 Speaker 1: that if you don't have a plan, you are not 169 00:07:51,040 --> 00:07:53,720 Speaker 1: going to take action. And so that plan part like 170 00:07:53,800 --> 00:07:55,760 Speaker 1: that is crucial to getting you to where you want 171 00:07:55,760 --> 00:07:58,200 Speaker 1: to be. Uh. And if not having debt, you know, 172 00:07:58,280 --> 00:08:00,600 Speaker 1: lingering around is what you want and it should definitely 173 00:08:00,600 --> 00:08:03,280 Speaker 1: should be, then we want to help you to get there. Um, 174 00:08:03,440 --> 00:08:05,720 Speaker 1: like your say, angel, consumer debt, it's it's worse than 175 00:08:05,760 --> 00:08:08,400 Speaker 1: most people think. It's not like this, this this cute 176 00:08:08,400 --> 00:08:10,120 Speaker 1: little thing. It's not like a pet that you want 177 00:08:10,120 --> 00:08:12,800 Speaker 1: to want to keep around. It's quite literally keeping you 178 00:08:12,920 --> 00:08:16,360 Speaker 1: from achieving your bigger financial goals. It turns out that 179 00:08:16,400 --> 00:08:19,800 Speaker 1: the average household today has more than nine thousand dollars 180 00:08:19,800 --> 00:08:23,640 Speaker 1: in recurring credit card debt. And that's not even including uh, 181 00:08:23,680 --> 00:08:25,360 Speaker 1: some of the other crappy debt products out there, like 182 00:08:25,400 --> 00:08:28,120 Speaker 1: personal loans or by not pay later. Yeah, that's literally 183 00:08:28,160 --> 00:08:30,840 Speaker 1: just credit card debt hanging out in people's lives. And 184 00:08:31,240 --> 00:08:33,760 Speaker 1: you know, I think part of the thing that we 185 00:08:33,760 --> 00:08:36,400 Speaker 1: need to address here too, is it debt. Credit card 186 00:08:36,400 --> 00:08:40,600 Speaker 1: debt in particular, is getting worse. Variable interest rate debt 187 00:08:41,160 --> 00:08:45,120 Speaker 1: is steadily becoming a bigger train on your finances because 188 00:08:45,120 --> 00:08:47,520 Speaker 1: we're in an era of rising interest rates, and so 189 00:08:47,640 --> 00:08:49,959 Speaker 1: credit card debt is actually worse right now than it 190 00:08:50,040 --> 00:08:52,240 Speaker 1: was a couple of years ago. And it's always bad, 191 00:08:52,480 --> 00:08:54,720 Speaker 1: right Sure, it sucks no matter what to have credit 192 00:08:54,720 --> 00:08:57,040 Speaker 1: card debt. We've never liked it. But when you're talking 193 00:08:57,080 --> 00:08:59,520 Speaker 1: about interest rates, closing it on twenty at this point, 194 00:08:59,520 --> 00:09:01,120 Speaker 1: which we're gett pretty close to. I think we're over 195 00:09:01,200 --> 00:09:03,920 Speaker 1: nineteen percent on average, And there's a lot of predictions 196 00:09:04,000 --> 00:09:06,280 Speaker 1: because the Fed is likely going to continue to raise 197 00:09:06,320 --> 00:09:08,760 Speaker 1: interest rates that we're gonna see at some point this 198 00:09:08,840 --> 00:09:12,920 Speaker 1: year being the average APR on a credit card, and 199 00:09:12,960 --> 00:09:16,120 Speaker 1: so making the minimums, making those minimum payments is now 200 00:09:16,160 --> 00:09:18,520 Speaker 1: even worse for you than it was. That means more 201 00:09:18,559 --> 00:09:21,320 Speaker 1: of each payment is going to pay that interest, which 202 00:09:21,320 --> 00:09:24,680 Speaker 1: means your debt lingers even longer. And the reality is 203 00:09:24,720 --> 00:09:27,160 Speaker 1: that almost half of folks have no idea what the 204 00:09:27,200 --> 00:09:29,160 Speaker 1: interest rate is on the credit card they carry anyway. 205 00:09:29,200 --> 00:09:32,240 Speaker 1: So people are like just would prefer to be ignorant 206 00:09:32,520 --> 00:09:34,440 Speaker 1: and just gut their head in the sand. Yeah, they 207 00:09:34,679 --> 00:09:37,280 Speaker 1: prefer to keep their eyes closed and not even think 208 00:09:37,360 --> 00:09:40,360 Speaker 1: about how bad this debt is. Well, the truth is 209 00:09:40,480 --> 00:09:42,920 Speaker 1: it's bad. And if you're clueless about how bad your 210 00:09:42,960 --> 00:09:45,760 Speaker 1: debt is, you're likely you're you're less likely to prioritize 211 00:09:45,800 --> 00:09:47,640 Speaker 1: getting rid of it, and we want you to get 212 00:09:47,720 --> 00:09:48,840 Speaker 1: rid of it. So we want to tell you right 213 00:09:48,840 --> 00:09:51,360 Speaker 1: now up front, Hey, it's worse than you think. It sucks, 214 00:09:51,360 --> 00:09:53,240 Speaker 1: really bad, and we want you to be done with it. 215 00:09:53,480 --> 00:09:56,040 Speaker 1: That's right. Yeah, And while existing credit card rates are 216 00:09:56,080 --> 00:09:59,120 Speaker 1: in the sixteen percent range, uh new offers are at 217 00:09:59,160 --> 00:10:02,000 Speaker 1: nearly twenty two percent. Uh So, like you said, it's 218 00:10:02,040 --> 00:10:04,320 Speaker 1: becoming much more costly to carry a balance on on 219 00:10:04,360 --> 00:10:07,520 Speaker 1: the credit card these days. That's terrible. But it's also 220 00:10:07,600 --> 00:10:10,240 Speaker 1: important to look at what you are giving up by 221 00:10:10,280 --> 00:10:12,880 Speaker 1: having to make these payments. We're talking about the opportunity 222 00:10:12,880 --> 00:10:16,000 Speaker 1: cost here. So going back to the nine thousand dollars 223 00:10:16,240 --> 00:10:19,160 Speaker 1: that the average household has, so assuming someone is just 224 00:10:19,200 --> 00:10:21,720 Speaker 1: making the month payments with an and straight at around, 225 00:10:22,840 --> 00:10:25,800 Speaker 1: you are looking at a three thirty dollar per month 226 00:10:25,880 --> 00:10:29,280 Speaker 1: payment that is going to take over three years to 227 00:10:29,360 --> 00:10:31,800 Speaker 1: fully pay off. And so that means you're you're looking 228 00:10:31,800 --> 00:10:35,120 Speaker 1: at around twelve dollars that you're giving up plus another 229 00:10:35,360 --> 00:10:38,400 Speaker 1: one thousand dollars where you two have invested that money, right, 230 00:10:38,440 --> 00:10:40,640 Speaker 1: And so it's I'm pointing that out because it's not 231 00:10:40,760 --> 00:10:44,000 Speaker 1: just that making payments to the bank that sucks, but 232 00:10:44,040 --> 00:10:47,040 Speaker 1: it's also what you're not able to achieve because of 233 00:10:47,040 --> 00:10:49,360 Speaker 1: those monthly payments. It kind of going back to the 234 00:10:49,559 --> 00:10:52,080 Speaker 1: sitting analogy, right, It's it's not that the act of 235 00:10:52,120 --> 00:10:54,600 Speaker 1: sitting on your butt that that in and of itself 236 00:10:54,720 --> 00:10:57,280 Speaker 1: is bad for you. I think it's also what you 237 00:10:57,360 --> 00:11:00,560 Speaker 1: are not doing when you are sitting down, right, Like 238 00:11:00,640 --> 00:11:02,960 Speaker 1: there aren't you're not working out if you're sitting on 239 00:11:02,960 --> 00:11:05,760 Speaker 1: your butt. Well, I guess technically you can go. You 240 00:11:05,800 --> 00:11:07,440 Speaker 1: can get on that, you can get on a rowing 241 00:11:07,480 --> 00:11:11,079 Speaker 1: machine or uh like a bike or something. Right, I 242 00:11:11,440 --> 00:11:13,000 Speaker 1: do a rowing machines, So I guess I am technically 243 00:11:13,000 --> 00:11:15,280 Speaker 1: you are. You are sitting. But most the time, you know, 244 00:11:15,280 --> 00:11:18,319 Speaker 1: what the referring to is a sedentary lifestyle. You're talking 245 00:11:18,320 --> 00:11:21,360 Speaker 1: about folks PLoP down on the couch watching TV. And 246 00:11:21,400 --> 00:11:24,079 Speaker 1: not to mention the other behaviors that oftentimes a company 247 00:11:24,559 --> 00:11:27,839 Speaker 1: sitting down, like eating some popcorns, some snacks, drinking a coke, 248 00:11:27,920 --> 00:11:29,560 Speaker 1: that kind of thing. And so in the same way, 249 00:11:29,920 --> 00:11:32,000 Speaker 1: it's a little bit different, I guess with that because 250 00:11:32,400 --> 00:11:34,800 Speaker 1: the thing in and of itself is dangerous, It is 251 00:11:34,840 --> 00:11:36,640 Speaker 1: bad for you. So it's more like smoking in this 252 00:11:36,760 --> 00:11:39,960 Speaker 1: in this way where the actual act of it's not 253 00:11:40,000 --> 00:11:43,240 Speaker 1: that you're just not spending money on other healthier products. 254 00:11:43,520 --> 00:11:46,960 Speaker 1: Actually inhaling smoke is bad furial. Yeah, but may maybe 255 00:11:47,000 --> 00:11:49,840 Speaker 1: there is a better analogy overall. But but but in 256 00:11:49,880 --> 00:11:51,960 Speaker 1: this case, it also has to do with the things 257 00:11:52,000 --> 00:11:53,960 Speaker 1: that you can't do with the money, the things that 258 00:11:54,000 --> 00:11:55,600 Speaker 1: you're missing out on, and we want to make sure 259 00:11:55,640 --> 00:11:58,160 Speaker 1: that we're highlighting that as well. Well. Yeah, and I think, well, 260 00:11:58,200 --> 00:12:01,000 Speaker 1: just in the same way that people are are spending 261 00:12:01,000 --> 00:12:03,640 Speaker 1: more hours of the day sitting, which is impacting their 262 00:12:03,640 --> 00:12:08,439 Speaker 1: health negatively, people are keeping consumer debt around in their 263 00:12:08,440 --> 00:12:12,520 Speaker 1: lives more than ever before two which is just negatively 264 00:12:12,559 --> 00:12:15,120 Speaker 1: impacting their financials. And and so let's get back to 265 00:12:15,120 --> 00:12:17,160 Speaker 1: that paying the bill on time and in full every month. 266 00:12:17,440 --> 00:12:19,840 Speaker 1: We we always say that when we're talking about taking 267 00:12:19,840 --> 00:12:22,959 Speaker 1: on credit card debt. We don't mind people using credit cards, 268 00:12:22,960 --> 00:12:25,280 Speaker 1: and in fact, we think they're the best method of 269 00:12:25,280 --> 00:12:27,200 Speaker 1: payment in many cases, but we sure I don't want 270 00:12:27,200 --> 00:12:29,160 Speaker 1: people using them if they're not going to do that 271 00:12:29,200 --> 00:12:31,760 Speaker 1: basic thing, which is to pay off the balance every 272 00:12:31,800 --> 00:12:34,520 Speaker 1: single month. And and that's because each and every month 273 00:12:34,520 --> 00:12:36,880 Speaker 1: that you don't attack that debt, that you're not doing that, 274 00:12:37,200 --> 00:12:39,800 Speaker 1: you start to dig yourself a whole. And every month 275 00:12:39,880 --> 00:12:44,120 Speaker 1: you let that credit card debt roll over, you're digging 276 00:12:44,160 --> 00:12:47,000 Speaker 1: that whole even deeper. And so unfortunately, that's what a 277 00:12:47,040 --> 00:12:49,320 Speaker 1: lot of people are are doing. According to bank rate 278 00:12:50,600 --> 00:12:53,480 Speaker 1: of credit card holders roll over their debt each month, 279 00:12:53,520 --> 00:12:55,520 Speaker 1: meaning that they're not paying off that balance in full, 280 00:12:55,800 --> 00:12:58,280 Speaker 1: and so they might not be paying just the minimum, 281 00:12:58,480 --> 00:13:01,160 Speaker 1: which is the worst possible. So here you know that you're, well, 282 00:13:01,200 --> 00:13:02,880 Speaker 1: I guess the worst possible scenaries that you're not even 283 00:13:02,880 --> 00:13:05,480 Speaker 1: paying that. But if you're just paying the minimum, you're 284 00:13:05,480 --> 00:13:06,920 Speaker 1: it's going to take a really long time for you 285 00:13:06,920 --> 00:13:09,520 Speaker 1: to make progress, for you to actually pay off that 286 00:13:09,520 --> 00:13:12,560 Speaker 1: that debt. But some people might be paying more than that, 287 00:13:12,600 --> 00:13:14,400 Speaker 1: but they're still they're paying interest to the credit card 288 00:13:14,440 --> 00:13:16,720 Speaker 1: company on at least a portion of that balance, and 289 00:13:16,800 --> 00:13:18,760 Speaker 1: that's not good. And so yeah, for a lot of folks, 290 00:13:18,840 --> 00:13:21,800 Speaker 1: we think they can handle credit cards wisely, but we 291 00:13:21,880 --> 00:13:24,600 Speaker 1: only want folks to consider using credit cards if they're 292 00:13:24,600 --> 00:13:28,200 Speaker 1: going to be able to basically curb rolling over that 293 00:13:28,240 --> 00:13:30,120 Speaker 1: debt if they're only only if they're going to be 294 00:13:30,160 --> 00:13:31,440 Speaker 1: able to pay it off on time and it full 295 00:13:31,440 --> 00:13:34,120 Speaker 1: every single month, Because yeah, we want you to refuse 296 00:13:34,200 --> 00:13:37,200 Speaker 1: to allow yourself to pay extra for using this method 297 00:13:37,200 --> 00:13:40,040 Speaker 1: of payment. That turns something that can be good for 298 00:13:40,080 --> 00:13:43,360 Speaker 1: your finances into something that's pretty bad exactly. Yeah, we 299 00:13:43,400 --> 00:13:46,600 Speaker 1: see it as a tool that you need to wield properly. 300 00:13:47,120 --> 00:13:49,960 Speaker 1: And it turns out to more than one third of folks, 301 00:13:50,000 --> 00:13:53,040 Speaker 1: according to a wallet hub survey, said that they overspent 302 00:13:53,360 --> 00:13:55,760 Speaker 1: during the holidays. I think most folks it's something like 303 00:13:55,840 --> 00:13:58,960 Speaker 1: in the th range, but hopefully just based on you know, 304 00:13:59,000 --> 00:14:01,280 Speaker 1: just the beginning of this podcast asked you've been alerted 305 00:14:01,320 --> 00:14:04,320 Speaker 1: to just how bad keeping credit card debt around can be, 306 00:14:04,600 --> 00:14:07,000 Speaker 1: how it's actually getting worse, how it's bad for your health. 307 00:14:07,040 --> 00:14:09,640 Speaker 1: Like quite literally, debt is bad for your health and 308 00:14:09,800 --> 00:14:11,720 Speaker 1: you all. You also might want to even consider looking 309 00:14:11,720 --> 00:14:15,120 Speaker 1: to buying a standing desk as well. After hearing Joel's 310 00:14:15,400 --> 00:14:17,640 Speaker 1: the sitting stats. I mean, I'm thinking about it right now. Really, 311 00:14:18,360 --> 00:14:20,360 Speaker 1: you have mentioned it multiple times. We saw last time 312 00:14:20,400 --> 00:14:22,800 Speaker 1: you and I were in Costco together and I was like, Matt, 313 00:14:23,080 --> 00:14:25,320 Speaker 1: maybe we should upgrade to these standing desks. It feels 314 00:14:25,360 --> 00:14:27,120 Speaker 1: like just such a commitment, you know what, Let's figure 315 00:14:27,120 --> 00:14:29,760 Speaker 1: out a way to just elevate our current desks, just 316 00:14:29,840 --> 00:14:31,440 Speaker 1: to try it out. Like, I guess that's the thing 317 00:14:31,480 --> 00:14:33,080 Speaker 1: for me. I guess we can always take it back 318 00:14:33,120 --> 00:14:36,520 Speaker 1: to Costco, obviously, but it's the commitment of like getting 319 00:14:36,640 --> 00:14:38,360 Speaker 1: I mean, they're big and heavy and a lot of 320 00:14:38,360 --> 00:14:41,560 Speaker 1: times are adjustable, and so it's it's nice because, like 321 00:14:41,720 --> 00:14:43,880 Speaker 1: you know, while sitting too much is bad for you, you 322 00:14:43,760 --> 00:14:46,560 Speaker 1: you also can't stand necessarily for eight or nine hours 323 00:14:46,560 --> 00:14:48,120 Speaker 1: a day and all I could in perpetuity. You don't 324 00:14:48,160 --> 00:14:50,240 Speaker 1: want to be hunched over. You want it to be whatever. Yeah, 325 00:14:50,360 --> 00:14:54,240 Speaker 1: size properly for you. Um. But back to debt. For 326 00:14:54,240 --> 00:14:56,400 Speaker 1: the rest of the episode, we're gonna talk about creating 327 00:14:56,600 --> 00:14:59,440 Speaker 1: an effective plan to get rid of that debt that 328 00:14:59,480 --> 00:15:02,200 Speaker 1: we're talking about, and we will get to that right 329 00:15:02,280 --> 00:15:14,040 Speaker 1: after this. All right, Matt, let's keep talking about debt. 330 00:15:14,200 --> 00:15:16,880 Speaker 1: Let's do it. Clearly, we don't like consumer debt. We 331 00:15:16,920 --> 00:15:19,800 Speaker 1: don't like these high interest credit card debts that people 332 00:15:19,800 --> 00:15:23,400 Speaker 1: are keeping around in their lives and the average person. 333 00:15:23,440 --> 00:15:26,120 Speaker 1: I think it's in in a recent survey I read, 334 00:15:26,360 --> 00:15:28,800 Speaker 1: I think it takes something like five months for them 335 00:15:28,840 --> 00:15:30,920 Speaker 1: to pay off the debt they accrued over the holidays. 336 00:15:31,200 --> 00:15:33,560 Speaker 1: So we're talking about like we're basically in summer right 337 00:15:33,560 --> 00:15:36,440 Speaker 1: by the time people are people are done getting rid 338 00:15:36,440 --> 00:15:38,120 Speaker 1: of that debt. We don't want that to be the case. 339 00:15:38,200 --> 00:15:39,760 Speaker 1: We want you to pay it off in short order. 340 00:15:40,080 --> 00:15:42,320 Speaker 1: And the key to doing that is to create a plan. 341 00:15:42,560 --> 00:15:44,000 Speaker 1: We want you to make a plan to pay off 342 00:15:44,000 --> 00:15:46,320 Speaker 1: your debt. That's crucial to getting rid of it. And 343 00:15:46,360 --> 00:15:48,400 Speaker 1: so that's what we're going to discuss now. Because you 344 00:15:48,440 --> 00:15:49,760 Speaker 1: know that there are there are a lot of folks, 345 00:15:49,800 --> 00:15:51,520 Speaker 1: by the way out there who who are going to 346 00:15:51,640 --> 00:15:54,160 Speaker 1: tell you I can help you create a plan. And 347 00:15:54,200 --> 00:15:55,800 Speaker 1: I'm not I'm not talking about us, but like I'm 348 00:15:55,800 --> 00:15:57,920 Speaker 1: talking about that's what we're saying. Yes, we're saying we 349 00:15:57,960 --> 00:16:00,360 Speaker 1: actually can. But there are organizations out there who wants 350 00:16:00,360 --> 00:16:02,320 Speaker 1: you to pay them money and then they promised that 351 00:16:02,320 --> 00:16:04,280 Speaker 1: they're going to take care of your debt issues for you. 352 00:16:04,280 --> 00:16:06,760 Speaker 1: Do not want your money, right, No, don't send us anything, 353 00:16:07,480 --> 00:16:11,240 Speaker 1: just just listen. But it might sound nice. There might 354 00:16:11,280 --> 00:16:14,680 Speaker 1: be people on the internet or on let's say you're 355 00:16:14,680 --> 00:16:17,520 Speaker 1: listening to traditional radio or something like that. There might 356 00:16:17,560 --> 00:16:20,360 Speaker 1: be companies that say, listen for a small fee will 357 00:16:20,400 --> 00:16:23,120 Speaker 1: help you created that plan, and even if you pay us, 358 00:16:23,320 --> 00:16:25,200 Speaker 1: we'll take care of some of that debt on your behalf. 359 00:16:25,240 --> 00:16:28,880 Speaker 1: And that sounds really nice because then you're offloading that 360 00:16:28,960 --> 00:16:34,400 Speaker 1: responsibility to an expert or supposed expert. But almost always 361 00:16:34,400 --> 00:16:36,760 Speaker 1: they end up making your situation worse. So we'll discuss 362 00:16:36,800 --> 00:16:39,000 Speaker 1: more on that in just a minute, but but let's start. 363 00:16:39,160 --> 00:16:41,000 Speaker 1: Let's talk about taking the d I Y route. How 364 00:16:41,080 --> 00:16:43,280 Speaker 1: you can create your own plan. We don't we're not 365 00:16:43,320 --> 00:16:44,640 Speaker 1: going to create it for you, but we're gonna help 366 00:16:44,640 --> 00:16:46,840 Speaker 1: you create one. How can you create your own plan 367 00:16:47,160 --> 00:16:49,120 Speaker 1: to get rid of that debt? Let's right, Yeah, So 368 00:16:49,120 --> 00:16:51,920 Speaker 1: the first thing that you'll want to do is determine 369 00:16:52,160 --> 00:16:54,400 Speaker 1: how much you owe by listing out all your debts 370 00:16:54,640 --> 00:16:57,640 Speaker 1: between multiple credit cards and buy now pay later companies 371 00:16:57,640 --> 00:16:59,120 Speaker 1: that are out there. My guess is that a lot 372 00:16:59,160 --> 00:17:02,680 Speaker 1: of folks underestimate how much debt they get into. And 373 00:17:02,720 --> 00:17:04,280 Speaker 1: I just mentioned by not pay later, it makes me 374 00:17:04,320 --> 00:17:07,200 Speaker 1: think about Uh. We had a listener actually recently email 375 00:17:07,280 --> 00:17:10,679 Speaker 1: us and she's she's an HR manager. She works for 376 00:17:10,720 --> 00:17:13,920 Speaker 1: the government. She's talking about someone she's about to interview 377 00:17:14,280 --> 00:17:17,560 Speaker 1: and he had something like eighteen delinquent by now pay 378 00:17:17,640 --> 00:17:21,159 Speaker 1: later accounts on his name, and she didn't like flat 379 00:17:21,160 --> 00:17:22,800 Speaker 1: out say that she wasn't going to hire this guy. 380 00:17:22,840 --> 00:17:25,480 Speaker 1: But it wasn't a good thing. It's definitely not helping 381 00:17:25,480 --> 00:17:27,639 Speaker 1: his change. He might not be all that responsible. Yeah, well, 382 00:17:27,720 --> 00:17:29,760 Speaker 1: especially when it comes to different government jobs like that, 383 00:17:29,760 --> 00:17:32,520 Speaker 1: because there's a security issue. So that's just store that 384 00:17:32,560 --> 00:17:35,359 Speaker 1: one away. That's another benefit of making sure that you 385 00:17:35,400 --> 00:17:37,560 Speaker 1: aren't carrying around large amounts of consumer debt and that 386 00:17:37,640 --> 00:17:40,240 Speaker 1: you're not delinquent on your accounts because they can keep 387 00:17:40,280 --> 00:17:42,640 Speaker 1: you from potentially getting a job that you're hoping to land. 388 00:17:42,680 --> 00:17:44,439 Speaker 1: And by the way, and hunting for you just mentioned 389 00:17:44,440 --> 00:17:46,679 Speaker 1: that we're probably a lot of people are underestimating how 390 00:17:46,760 --> 00:17:48,240 Speaker 1: much they owe on some of these to some of 391 00:17:48,280 --> 00:17:50,320 Speaker 1: these by now pay later companies, And it reminds me 392 00:17:50,359 --> 00:17:53,000 Speaker 1: of when we talked about how much people I think 393 00:17:53,000 --> 00:17:55,760 Speaker 1: they spend in subscription dollars every single month versus the 394 00:17:55,760 --> 00:17:57,879 Speaker 1: reality of how much I spend, and I guarantee the 395 00:17:57,880 --> 00:18:00,479 Speaker 1: same thing is true. They're people vastly under estimate how 396 00:18:00,560 --> 00:18:04,240 Speaker 1: much they spend on recurring subscriptions, and once they dig 397 00:18:04,280 --> 00:18:06,399 Speaker 1: into the details, we're like, oh, I didn't realize that 398 00:18:06,480 --> 00:18:08,240 Speaker 1: so much I was spending, and I gives some problem 399 00:18:08,280 --> 00:18:10,280 Speaker 1: is because most of most of the time, folks aren't 400 00:18:10,280 --> 00:18:12,280 Speaker 1: digging into the details. They haven't sat down, they haven't 401 00:18:12,320 --> 00:18:14,000 Speaker 1: done their homework. And that's the whole point of might 402 00:18:14,000 --> 00:18:15,880 Speaker 1: not pay later. They want you to forget. They want 403 00:18:15,920 --> 00:18:17,720 Speaker 1: you to make it easy installments so that you don't 404 00:18:17,760 --> 00:18:20,199 Speaker 1: realize how much you're paying. Yeah, you immediately forget about it. 405 00:18:20,240 --> 00:18:21,879 Speaker 1: But if you don't know how much debt that you 406 00:18:21,920 --> 00:18:24,159 Speaker 1: are trying to pay, if you're not sure what the 407 00:18:24,240 --> 00:18:26,720 Speaker 1: end goal is, well obviously it's gonna be a lot 408 00:18:26,800 --> 00:18:30,720 Speaker 1: harder to achieve and it's almost always going to ensure 409 00:18:30,760 --> 00:18:32,520 Speaker 1: that you're you know that you're gonna take longer to 410 00:18:32,560 --> 00:18:34,800 Speaker 1: reach that goal. So what we would recommend is to 411 00:18:35,040 --> 00:18:37,240 Speaker 1: log into the back end of your credit card, UH, 412 00:18:37,480 --> 00:18:40,600 Speaker 1: log into Karna or after pay those different accounts so 413 00:18:40,640 --> 00:18:42,840 Speaker 1: that you can put eyeballs on the numbers. We want 414 00:18:42,880 --> 00:18:45,280 Speaker 1: you to get organized and write them all down in 415 00:18:45,320 --> 00:18:49,760 Speaker 1: one place, because knowing the totality of how much you 416 00:18:49,760 --> 00:18:52,359 Speaker 1: owe like that is a crucial first step so that 417 00:18:52,400 --> 00:18:54,600 Speaker 1: you can make a plan to get out of the step. 418 00:18:54,720 --> 00:18:57,280 Speaker 1: That's right, So first looking the numbers in the face, 419 00:18:57,280 --> 00:18:59,719 Speaker 1: how much that do I actually have? Not just rounding 420 00:18:59,720 --> 00:19:03,600 Speaker 1: it or are assuming, but knowing the actual specific amount 421 00:19:03,720 --> 00:19:06,520 Speaker 1: that's gonna be a massive help in helping you in 422 00:19:06,560 --> 00:19:09,280 Speaker 1: allowing you to formulate this plan. Next, let's talk about 423 00:19:09,720 --> 00:19:12,159 Speaker 1: how to come up with how much a payment amount 424 00:19:12,200 --> 00:19:16,560 Speaker 1: that you can reliably and realistically handle, because once you 425 00:19:16,600 --> 00:19:18,880 Speaker 1: know how much you owe, it's important to figure out 426 00:19:18,920 --> 00:19:21,480 Speaker 1: how much you can spare to pay that debt off. 427 00:19:21,760 --> 00:19:23,600 Speaker 1: Can you put an extra twenty bucks a month towards 428 00:19:23,600 --> 00:19:26,600 Speaker 1: it or an extra two Can you truly only afford 429 00:19:26,640 --> 00:19:29,240 Speaker 1: to pay the minimums? Or is there actually more wiggle 430 00:19:29,320 --> 00:19:31,400 Speaker 1: room than you thought? Those are good questions to ask, 431 00:19:31,560 --> 00:19:33,520 Speaker 1: and you want to be realistic with how much you 432 00:19:33,560 --> 00:19:36,960 Speaker 1: can devote to that debt in order to to keep 433 00:19:37,000 --> 00:19:39,439 Speaker 1: yourself from flaming out after you've only been out it 434 00:19:39,600 --> 00:19:41,800 Speaker 1: for a couple of weeks. I keep you're like, listen, 435 00:19:41,840 --> 00:19:44,200 Speaker 1: I will reduce my grocery bill from six or fifty 436 00:19:44,240 --> 00:19:46,520 Speaker 1: dollars a month to to fifty by eating only rice 437 00:19:46,560 --> 00:19:48,959 Speaker 1: and beans. I'm making a thousand dollars. I'm gonna put 438 00:19:49,000 --> 00:19:51,679 Speaker 1: a thousand dollar payment every single week. Yeah. Yeah. Fourteen 439 00:19:51,720 --> 00:19:56,240 Speaker 1: days later you're like, oh yeah, gnawing, hunger paying star 440 00:19:56,359 --> 00:19:58,280 Speaker 1: you're and you're like, I that was a bad move. 441 00:19:58,520 --> 00:20:00,760 Speaker 1: I can't actually stick to this and you know, scrap 442 00:20:00,760 --> 00:20:02,720 Speaker 1: it all together. That that's not a good way to 443 00:20:02,760 --> 00:20:05,640 Speaker 1: tackle it. We want, we want you to financial stamina. 444 00:20:05,840 --> 00:20:07,560 Speaker 1: And of course, like a simple budget is going to 445 00:20:07,600 --> 00:20:09,760 Speaker 1: be an incredible tool that will help you to calculate 446 00:20:09,800 --> 00:20:12,720 Speaker 1: a reasonable payment. So take a look at your overall incoming, 447 00:20:12,760 --> 00:20:15,879 Speaker 1: your overall outgoing. That's massively important. It will help you 448 00:20:15,880 --> 00:20:18,680 Speaker 1: figure out how much free cash you have left over 449 00:20:18,720 --> 00:20:21,680 Speaker 1: after paying all of your other obligations to dedicate towards 450 00:20:21,720 --> 00:20:24,400 Speaker 1: debt pay down and making it happen quickly. That's right. Yeah. 451 00:20:24,440 --> 00:20:27,439 Speaker 1: And this past Monday, we talked with Jesse Meekham, the 452 00:20:27,720 --> 00:20:30,480 Speaker 1: founder of y nap. And if you are looking for 453 00:20:30,800 --> 00:20:34,080 Speaker 1: and and this is it's funny because they charge you 454 00:20:34,359 --> 00:20:36,439 Speaker 1: in order to use the software, right, and so you 455 00:20:36,480 --> 00:20:38,200 Speaker 1: might be thinking, well, man, Joel, I can't believe you're 456 00:20:38,200 --> 00:20:40,800 Speaker 1: going to recommend going with this program, with the software, 457 00:20:40,920 --> 00:20:43,560 Speaker 1: with this app that is going to cost me money well, 458 00:20:43,600 --> 00:20:45,600 Speaker 1: first of all, free trial, and you don't have to 459 00:20:45,600 --> 00:20:48,600 Speaker 1: inter credit card information into to take part in that 460 00:20:48,640 --> 00:20:51,080 Speaker 1: free trial. But secondly, if you've never done this before, 461 00:20:51,119 --> 00:20:53,920 Speaker 1: you might need some handholding. You might need uh an 462 00:20:53,960 --> 00:20:55,760 Speaker 1: app or a program like that. And by the way, 463 00:20:55,840 --> 00:20:57,640 Speaker 1: not everyone needs it in order. I think even Jesse 464 00:20:57,720 --> 00:20:59,479 Speaker 1: would say that, you would say that, I would say 465 00:20:59,480 --> 00:21:01,040 Speaker 1: that you don't want to certainly need a program. You 466 00:21:01,040 --> 00:21:02,919 Speaker 1: can do it without one. But if that's what it 467 00:21:02,960 --> 00:21:05,720 Speaker 1: takes to get you making it happen, and that is 468 00:21:05,760 --> 00:21:07,000 Speaker 1: what it takes for a lot of people, like whin 469 00:21:07,080 --> 00:21:09,040 Speaker 1: nap helps a lot of people, absolutely, and if if 470 00:21:09,080 --> 00:21:11,840 Speaker 1: that's what it takes, we would it's worth the money, Yeah, totally. 471 00:21:11,880 --> 00:21:14,399 Speaker 1: And when it comes to so maybe you're you're kind 472 00:21:14,400 --> 00:21:17,000 Speaker 1: of like all gung ho about it, right, If that's you, 473 00:21:17,320 --> 00:21:19,439 Speaker 1: it's important to note that we don't want you to 474 00:21:19,520 --> 00:21:22,080 Speaker 1: empty out all of the cash that you have on hand, 475 00:21:22,160 --> 00:21:23,600 Speaker 1: like all of the cash out of your your bank 476 00:21:23,600 --> 00:21:26,240 Speaker 1: account in order to pay this debt off like a 477 00:21:26,240 --> 00:21:29,040 Speaker 1: hammer to your piggy bank and all right, and then 478 00:21:29,080 --> 00:21:31,040 Speaker 1: take it to your credit card. We still want you 479 00:21:31,040 --> 00:21:33,480 Speaker 1: to maintain that that cash buffer. We still want you 480 00:21:33,520 --> 00:21:36,679 Speaker 1: to maintain at least that bare minimum emergency fund of 481 00:21:36,720 --> 00:21:39,840 Speaker 1: two thousand, four d and sixty seven dollars as a 482 00:21:39,960 --> 00:21:42,159 Speaker 1: base amount in your savings account for just some of 483 00:21:42,160 --> 00:21:44,080 Speaker 1: those other emergencies, some of those bumps on the road 484 00:21:44,160 --> 00:21:46,280 Speaker 1: that could pop up, because you might be tempted to 485 00:21:46,320 --> 00:21:49,600 Speaker 1: destroy this debt as fast as humanly possible by taking 486 00:21:49,640 --> 00:21:52,520 Speaker 1: that balance straight down to zero, but that's gonna leave 487 00:21:52,560 --> 00:21:56,720 Speaker 1: you in an incredibly vulnerable position two four six seven. 488 00:21:57,119 --> 00:21:59,680 Speaker 1: That should be your essentially like your low water line 489 00:21:59,760 --> 00:22:03,280 Speaker 1: that refuse to dip below. But then every every dollar 490 00:22:03,320 --> 00:22:05,840 Speaker 1: above that, every dollar beyond that should be headed toward 491 00:22:05,960 --> 00:22:08,640 Speaker 1: that debt demolition. Yeah, so we want you to list 492 00:22:08,640 --> 00:22:10,240 Speaker 1: out those debts. We want you to figure out a 493 00:22:10,280 --> 00:22:13,520 Speaker 1: pragmatic payment amounts which should maintain that cash buffer those 494 00:22:13,600 --> 00:22:16,080 Speaker 1: that you're not dipping below it and putting yourself in 495 00:22:16,160 --> 00:22:19,240 Speaker 1: harm's way. And then then once you know how much 496 00:22:19,240 --> 00:22:21,440 Speaker 1: you can dedicate to debt payoff and how much those 497 00:22:21,440 --> 00:22:23,639 Speaker 1: debts stack out to, what should come up with the 498 00:22:23,680 --> 00:22:25,840 Speaker 1: timeline to get rid of that debt. We want you 499 00:22:25,840 --> 00:22:29,159 Speaker 1: to have a firm week or month amount that is 500 00:22:29,160 --> 00:22:31,480 Speaker 1: going to take you to get rid of it. Because 501 00:22:31,520 --> 00:22:33,280 Speaker 1: now you. You have those numbers in hand, and you 502 00:22:33,280 --> 00:22:35,400 Speaker 1: should be able to It's a basic math equation now 503 00:22:35,800 --> 00:22:37,240 Speaker 1: that will tell you how long it's going to take 504 00:22:37,280 --> 00:22:39,320 Speaker 1: to pay it off. So let's say you owe the 505 00:22:39,359 --> 00:22:41,480 Speaker 1: average amount of holiday debt, which I said, it's something 506 00:22:41,520 --> 00:22:46,280 Speaker 1: like one uh. And let's say you've got four dollars 507 00:22:46,320 --> 00:22:48,480 Speaker 1: a month. You figured out that you can put towards 508 00:22:48,560 --> 00:22:51,080 Speaker 1: paying off that debt, well, you should have it paid 509 00:22:51,080 --> 00:22:53,679 Speaker 1: off in four months. And and now there's light at 510 00:22:53,680 --> 00:22:55,960 Speaker 1: the end of the tunnel. Your debt elimination date is set. 511 00:22:56,000 --> 00:22:58,359 Speaker 1: And that's powerful to know that, Hey, it's not just 512 00:22:58,440 --> 00:23:00,320 Speaker 1: like this, I don't know how long it's going to take. 513 00:23:00,320 --> 00:23:01,840 Speaker 1: I'm not sure when I'm gonna get rid of it, 514 00:23:01,920 --> 00:23:04,440 Speaker 1: but I'm trying my best. Now it's like, no, no, no, 515 00:23:04,600 --> 00:23:06,520 Speaker 1: I know what I'm gonna be done with it. I 516 00:23:06,560 --> 00:23:08,200 Speaker 1: know when this monkey is gonna be off my back. 517 00:23:08,359 --> 00:23:10,880 Speaker 1: And so we want you to have that specific date, 518 00:23:11,000 --> 00:23:12,720 Speaker 1: do the math, and look at your calendar and put 519 00:23:12,760 --> 00:23:15,040 Speaker 1: an X mark. And that's such just like an empowering 520 00:23:15,080 --> 00:23:17,159 Speaker 1: feeling to have to say I know when this is 521 00:23:17,200 --> 00:23:19,120 Speaker 1: going to be out of my life completely. In that way, 522 00:23:19,119 --> 00:23:21,600 Speaker 1: it feels more like a program as opposed to just 523 00:23:21,640 --> 00:23:23,879 Speaker 1: a slog right, like where your heads down, you're not 524 00:23:23,920 --> 00:23:26,399 Speaker 1: even paying attention to the numbers. That being said, I 525 00:23:26,440 --> 00:23:28,720 Speaker 1: think for some folks maybe that's what they need to do. 526 00:23:29,240 --> 00:23:32,240 Speaker 1: I think different personalities are are going to react differently, 527 00:23:32,320 --> 00:23:34,600 Speaker 1: but I think for a lot of folks, having that 528 00:23:34,600 --> 00:23:37,480 Speaker 1: that thing that you're trying to achieve on a timeline 529 00:23:37,560 --> 00:23:39,640 Speaker 1: is incredibly helpful. Like it's it's one thing to say 530 00:23:39,680 --> 00:23:41,160 Speaker 1: that you want to pay that debt off like maybe 531 00:23:41,240 --> 00:23:44,160 Speaker 1: sometime this year. It's a very different thing to say 532 00:23:44,320 --> 00:23:47,640 Speaker 1: that you're gonna have the financial capability to pay off 533 00:23:47,680 --> 00:23:51,240 Speaker 1: that debt by May, right, knowing how long it will take, 534 00:23:51,280 --> 00:23:55,000 Speaker 1: I think only March, but maybe your reality that's okay. 535 00:23:55,440 --> 00:23:56,919 Speaker 1: I think it'll just help folks to stick with that 536 00:23:57,040 --> 00:24:00,359 Speaker 1: that payoff plan and to ensure that this debt payoff 537 00:24:00,359 --> 00:24:02,399 Speaker 1: actually happens. We would recommend for you to automate the 538 00:24:02,400 --> 00:24:06,360 Speaker 1: plan by setting up recurring payments of the amount that 539 00:24:06,400 --> 00:24:09,040 Speaker 1: you want to make on a weekly or bi weekly 540 00:24:09,119 --> 00:24:12,200 Speaker 1: or monthly basis. Again going back to once you've determined 541 00:24:12,240 --> 00:24:14,720 Speaker 1: your payment amount, you've got your total, divide that out, 542 00:24:14,760 --> 00:24:16,879 Speaker 1: you know how many payments you need to make and 543 00:24:16,920 --> 00:24:19,600 Speaker 1: at what dollar amount? Well, go ahead and uh schedule 544 00:24:19,640 --> 00:24:22,159 Speaker 1: those ahead of time. Uh. Something else you could do 545 00:24:22,440 --> 00:24:26,399 Speaker 1: consider just talking about your debt payoff journey with a 546 00:24:26,480 --> 00:24:30,080 Speaker 1: friend who might be interested in talking about finances with you, 547 00:24:30,200 --> 00:24:32,240 Speaker 1: or if not, it is like you joined the Facebook 548 00:24:32,240 --> 00:24:35,680 Speaker 1: group how do Money Facebook group, basically just giving someone 549 00:24:35,720 --> 00:24:37,720 Speaker 1: else like a peak under the hood. I think that 550 00:24:37,720 --> 00:24:41,000 Speaker 1: can provide not only some motivation, but some accountability to 551 00:24:41,080 --> 00:24:43,160 Speaker 1: make sure that you're getting it done as well. There's 552 00:24:43,160 --> 00:24:46,359 Speaker 1: also like that element of not embarrassing. I guess it's 553 00:24:46,400 --> 00:24:48,080 Speaker 1: embarrassment if you kind of put it out there for 554 00:24:48,160 --> 00:24:51,000 Speaker 1: the for everyone in the group to know that this 555 00:24:51,119 --> 00:24:53,320 Speaker 1: is something you're working towards. And if you, I don't know, 556 00:24:53,359 --> 00:24:56,080 Speaker 1: if you kind of slink off into the background and 557 00:24:56,119 --> 00:24:58,480 Speaker 1: you don't actually achieve achieve that there might be some 558 00:24:58,520 --> 00:25:00,639 Speaker 1: additional pressure there for you to actually get it. It It 559 00:25:00,760 --> 00:25:02,280 Speaker 1: might be that kind of good pressure though, kind of 560 00:25:02,280 --> 00:25:04,359 Speaker 1: like we talked about with Katie Milkman right earlier in 561 00:25:04,400 --> 00:25:06,720 Speaker 1: the year, might be like good peer pressure. Yeah, it's 562 00:25:06,720 --> 00:25:09,320 Speaker 1: like putting a good peer pressure to to kind of 563 00:25:09,480 --> 00:25:11,080 Speaker 1: help force you in the right direction. So maybe you 564 00:25:11,119 --> 00:25:13,359 Speaker 1: listen to this episode you do some of these steps 565 00:25:13,359 --> 00:25:15,560 Speaker 1: here and you kind of realize, here's how much I owe, 566 00:25:15,880 --> 00:25:18,240 Speaker 1: here's how much I can afford to pay, here's the 567 00:25:18,320 --> 00:25:20,400 Speaker 1: timeline now for me. And then you make that public 568 00:25:20,480 --> 00:25:22,199 Speaker 1: and how to money Facebook group. You you do a 569 00:25:22,240 --> 00:25:25,119 Speaker 1: post later this week and you say, hey, guys, I 570 00:25:25,160 --> 00:25:28,760 Speaker 1: know you don't know me, but I've just realized, like, 571 00:25:28,800 --> 00:25:31,000 Speaker 1: this is how much consumer that I'm in and this 572 00:25:31,119 --> 00:25:33,200 Speaker 1: is the date at which I'm not gonna have anymore. 573 00:25:33,520 --> 00:25:36,040 Speaker 1: And I just love it. Hey, root for me. And 574 00:25:36,119 --> 00:25:38,399 Speaker 1: that kind of public statement I think does go a 575 00:25:38,400 --> 00:25:41,240 Speaker 1: long way, and it it's meaningful, and it can help 576 00:25:41,359 --> 00:25:43,919 Speaker 1: kind of steal your resolve to keep pushing in the 577 00:25:43,960 --> 00:25:46,760 Speaker 1: right direction, because hey, you made a public display of 578 00:25:46,800 --> 00:25:48,720 Speaker 1: your hatred for dead and like when you're gonna be 579 00:25:48,720 --> 00:25:51,399 Speaker 1: done with it? And even though those people most of 580 00:25:51,400 --> 00:25:53,240 Speaker 1: them probably don't know you, maybe none of them know 581 00:25:53,320 --> 00:25:57,119 Speaker 1: you in real life, there's still something powerful about that totally. Alright, 582 00:25:57,160 --> 00:25:59,160 Speaker 1: So Matt, let's talk about we we've kind of got 583 00:25:59,320 --> 00:26:02,520 Speaker 1: some of the some of those basics for how to 584 00:26:02,600 --> 00:26:04,800 Speaker 1: ditch a debt and how to kind of kind of 585 00:26:04,840 --> 00:26:07,199 Speaker 1: create a payment plan to make sure you're getting rid 586 00:26:07,240 --> 00:26:08,880 Speaker 1: of it. Out of the way. But let's talk about 587 00:26:08,920 --> 00:26:11,359 Speaker 1: maybe like the order of operations when it comes to 588 00:26:11,560 --> 00:26:14,600 Speaker 1: debt payoff, like and and how you decide which If 589 00:26:14,600 --> 00:26:16,680 Speaker 1: you have multiple debts, right, you might be just using 590 00:26:16,680 --> 00:26:18,840 Speaker 1: one credit card and boom, it's it's a little bit easier. 591 00:26:19,000 --> 00:26:21,440 Speaker 1: But you might also have multiple credit cards with balances, 592 00:26:21,480 --> 00:26:23,680 Speaker 1: and it's hard to know which debt to pay off first. 593 00:26:23,720 --> 00:26:25,880 Speaker 1: It's you might have some buy now, pay later debt 594 00:26:25,960 --> 00:26:28,320 Speaker 1: as well, like you talked about. And that's a good question. 595 00:26:28,320 --> 00:26:30,320 Speaker 1: I mean, I think the most important part of the 596 00:26:30,320 --> 00:26:32,120 Speaker 1: debt pay off plan is is what is what we've 597 00:26:32,160 --> 00:26:34,399 Speaker 1: just talked about. It's discovering how much you owe and 598 00:26:34,400 --> 00:26:36,800 Speaker 1: how much you can dedicate towards paying off those debts, 599 00:26:36,800 --> 00:26:39,360 Speaker 1: and then you know, creating that actual timeline. But it's 600 00:26:39,359 --> 00:26:42,240 Speaker 1: important to configure an order of operations to to decide 601 00:26:42,280 --> 00:26:45,439 Speaker 1: which debts you're gonna attack first. And and I think really, 602 00:26:45,560 --> 00:26:48,000 Speaker 1: when it comes down to it, that question is mostly 603 00:26:48,000 --> 00:26:50,919 Speaker 1: it mostly comes down to the snowball versus avalanche approach. 604 00:26:51,000 --> 00:26:54,439 Speaker 1: That's right, Yeah, which one should you go with? And 605 00:26:54,560 --> 00:26:56,600 Speaker 1: actually we have an article on that up on the website. 606 00:26:56,640 --> 00:26:58,200 Speaker 1: So if you want to dive in deep here. We 607 00:26:58,240 --> 00:27:00,280 Speaker 1: would recommend for you to check that out. We'll sure 608 00:27:00,320 --> 00:27:02,560 Speaker 1: too linked to that article in the show notes for 609 00:27:02,600 --> 00:27:06,679 Speaker 1: this episode. But in short, the snowball approach, that's the 610 00:27:06,800 --> 00:27:09,480 Speaker 1: method where you are paying off your debts with the 611 00:27:09,560 --> 00:27:15,520 Speaker 1: smallest balance first. This method prior prioritizes the psychological winds, 612 00:27:15,600 --> 00:27:19,840 Speaker 1: the psychological satisfaction that you're gonna derive from getting rid 613 00:27:19,840 --> 00:27:22,639 Speaker 1: of a small debt and then getting you get that 614 00:27:22,720 --> 00:27:26,240 Speaker 1: endorphin rush, which will then only embolden your resolved to 615 00:27:26,280 --> 00:27:28,840 Speaker 1: pay off that next debt even more quickly. Uh. And 616 00:27:28,880 --> 00:27:32,879 Speaker 1: then you've got the debt avalanche method, and it prioritizes 617 00:27:33,280 --> 00:27:37,159 Speaker 1: not the psychological side of things, but it prioritizes the numbers, 618 00:27:37,160 --> 00:27:40,160 Speaker 1: like the cold hard facts, by paying off whichever debt 619 00:27:40,160 --> 00:27:43,040 Speaker 1: in your life has the highest interest rate first. So 620 00:27:43,080 --> 00:27:45,800 Speaker 1: this is it's all about the math, it's not psychology 621 00:27:45,840 --> 00:27:48,440 Speaker 1: at all. And so which one is right for you? Well, 622 00:27:48,640 --> 00:27:51,240 Speaker 1: I think it depends on your personality. It depends on 623 00:27:51,920 --> 00:27:56,119 Speaker 1: a lot of the different things in your specific given circumstance. 624 00:27:56,119 --> 00:27:58,119 Speaker 1: It depends on some of the debt that you have 625 00:27:58,200 --> 00:28:00,119 Speaker 1: and the balances that you have. But at the end 626 00:28:00,160 --> 00:28:01,800 Speaker 1: of the day, we think that something more of a 627 00:28:01,880 --> 00:28:05,080 Speaker 1: hybrid approach is uh, that might be the best approach 628 00:28:05,160 --> 00:28:07,719 Speaker 1: for many folks. The toyota prius of debt payoff methods, 629 00:28:07,800 --> 00:28:09,280 Speaker 1: you might say, and I think you're right. I think 630 00:28:09,280 --> 00:28:10,280 Speaker 1: if you were put a gun to my head and 631 00:28:10,320 --> 00:28:13,000 Speaker 1: you're saying, which one done, avalanche, debt snowball, first off, 632 00:28:13,000 --> 00:28:15,520 Speaker 1: don't do that because that would scare me. But debt snowball, 633 00:28:15,560 --> 00:28:17,760 Speaker 1: I think is is something I think early on in 634 00:28:17,760 --> 00:28:19,359 Speaker 1: our podcasting days, we would have been like, oh, we 635 00:28:19,400 --> 00:28:22,400 Speaker 1: totally knocked the snowball. Yeah, we were Avalanche people because 636 00:28:22,400 --> 00:28:24,439 Speaker 1: we're all about the facts. It's all about the numbers. 637 00:28:24,440 --> 00:28:26,600 Speaker 1: But the more you learn about personal finance, the more 638 00:28:26,680 --> 00:28:29,800 Speaker 1: you learned about the deep psychology that's play. And the 639 00:28:30,160 --> 00:28:32,399 Speaker 1: more I'm married to someone who's becoming a uh, you know, 640 00:28:32,440 --> 00:28:36,119 Speaker 1: working to become a licensed therapist. It's like psychology. It 641 00:28:36,119 --> 00:28:38,280 Speaker 1: impact is a big rol our history are you know, 642 00:28:38,480 --> 00:28:41,160 Speaker 1: all so many things going on underneath the surface in 643 00:28:41,160 --> 00:28:44,480 Speaker 1: our brains and our bodies, like impact how we we 644 00:28:44,520 --> 00:28:46,760 Speaker 1: tackle things. And so I do think that that psychological 645 00:28:46,880 --> 00:28:49,120 Speaker 1: aid of getting rid of one debt like it can 646 00:28:49,440 --> 00:28:51,520 Speaker 1: help build progress for people. Sure, And the fact is 647 00:28:51,560 --> 00:28:54,200 Speaker 1: if it if it was only about the numbers, well 648 00:28:54,600 --> 00:28:57,120 Speaker 1: you wouldn't be in debt to begin with because you 649 00:28:57,120 --> 00:28:59,320 Speaker 1: would have seen the interest rate. You would have known 650 00:28:59,480 --> 00:29:01,120 Speaker 1: that this is and end up costing you weigh more 651 00:29:01,160 --> 00:29:04,080 Speaker 1: money down the road. And you would have said, I'm 652 00:29:04,120 --> 00:29:05,720 Speaker 1: going to use credit cards the way that Matt and 653 00:29:05,800 --> 00:29:08,440 Speaker 1: Joel recommend for me to write. But the fact is, 654 00:29:08,640 --> 00:29:11,320 Speaker 1: if that is not how you naturally think, well, then 655 00:29:11,360 --> 00:29:14,160 Speaker 1: we need to use the tools of psych psychology at 656 00:29:14,160 --> 00:29:17,400 Speaker 1: those psychological wins, those emotional wins to your advantage, as 657 00:29:17,440 --> 00:29:19,800 Speaker 1: opposed to using them against you. Yeah. Well, let's talk 658 00:29:19,840 --> 00:29:21,920 Speaker 1: about that hybrid approach to a little bit like and 659 00:29:22,080 --> 00:29:24,280 Speaker 1: maybe give an example here, because when we're talking about 660 00:29:24,280 --> 00:29:26,480 Speaker 1: paying off let's say three different credit cards that all 661 00:29:26,520 --> 00:29:29,440 Speaker 1: have between a an interest right between sixteen and nine, 662 00:29:30,360 --> 00:29:32,880 Speaker 1: then we're really splitting heres and the snowball appear basically 663 00:29:32,920 --> 00:29:35,400 Speaker 1: the same. The snowball approach is basically slam donk. Just 664 00:29:35,440 --> 00:29:37,440 Speaker 1: pay off the lowest balance first. That's going to create 665 00:29:37,440 --> 00:29:40,479 Speaker 1: the momentum boom. It's great, but if you let's say 666 00:29:40,480 --> 00:29:42,160 Speaker 1: you toss a car loan into the mix that you 667 00:29:42,200 --> 00:29:44,520 Speaker 1: financed a few years ago, we're not really seeing rates 668 00:29:44,520 --> 00:29:46,320 Speaker 1: at one point nine percent these days. But let's say 669 00:29:46,320 --> 00:29:47,760 Speaker 1: you locked in three years ago and you got that 670 00:29:47,800 --> 00:29:50,680 Speaker 1: one point nine percent rate, that's a different story. Do 671 00:29:50,720 --> 00:29:52,240 Speaker 1: we still want you to pay off that car loan? 672 00:29:52,440 --> 00:29:55,480 Speaker 1: Of course, but there's such a massive disparity in the 673 00:29:55,560 --> 00:29:58,520 Speaker 1: rates between what you owe on that car versus what 674 00:29:58,600 --> 00:30:01,520 Speaker 1: you owe on the credit cards, and it's just so 675 00:30:01,640 --> 00:30:03,920 Speaker 1: much worse that we'd rather see you even if that's 676 00:30:03,960 --> 00:30:06,840 Speaker 1: the lowest balance that that that car loan, that car notes, 677 00:30:06,920 --> 00:30:09,720 Speaker 1: we'd rather see you pay off the credit cards first, uh, 678 00:30:09,760 --> 00:30:12,400 Speaker 1: and just the minimums on your car, because this is 679 00:30:12,400 --> 00:30:15,040 Speaker 1: an instance where the specific type of debt, the specific 680 00:30:15,080 --> 00:30:17,360 Speaker 1: interest rate matters, and and some people might be tempted 681 00:30:17,360 --> 00:30:20,160 Speaker 1: to throw their mortgage in these calculations, and depending on 682 00:30:20,200 --> 00:30:22,760 Speaker 1: your interest rate, like well, consumer debt is worse than 683 00:30:22,760 --> 00:30:25,920 Speaker 1: these other kinds of debt, and so you just that's 684 00:30:25,920 --> 00:30:27,800 Speaker 1: why you just have to be careful when you're coming 685 00:30:27,880 --> 00:30:30,680 Speaker 1: up with these calculations so that you're not prioritizing the 686 00:30:30,680 --> 00:30:34,520 Speaker 1: wrong thing first. And so yeah, just know that the 687 00:30:34,600 --> 00:30:37,520 Speaker 1: higher the interest rate often the more important it is. 688 00:30:37,640 --> 00:30:39,560 Speaker 1: And if the interest rates are close enough, then we 689 00:30:39,560 --> 00:30:42,000 Speaker 1: would say snowball approach is great, but if they're far 690 00:30:42,160 --> 00:30:45,080 Speaker 1: enough apart, that's when I think the hybrid approach makes 691 00:30:45,080 --> 00:30:46,760 Speaker 1: the most sense. And if you're looking for a tool 692 00:30:47,120 --> 00:30:49,400 Speaker 1: to help you create that payoff plan, if you if 693 00:30:49,400 --> 00:30:50,840 Speaker 1: you don't want to just like sit down with a 694 00:30:50,880 --> 00:30:53,480 Speaker 1: pen and paper or create your own Excel spreadsheet, but 695 00:30:53,480 --> 00:30:55,680 Speaker 1: you want a software to help you out on debt 696 00:30:55,960 --> 00:30:57,760 Speaker 1: dot it, we will link to it in the show notes. 697 00:30:57,840 --> 00:31:00,400 Speaker 1: Undebt it is one of our favorite sites that helps 698 00:31:00,440 --> 00:31:03,480 Speaker 1: you create a debt payoff plan if you want, yeah, 699 00:31:03,600 --> 00:31:05,760 Speaker 1: some software to kind of have your back into where 700 00:31:05,760 --> 00:31:08,040 Speaker 1: you can kind of track it and see it just 701 00:31:08,120 --> 00:31:10,280 Speaker 1: helps you make that plan. That's always one of the 702 00:31:10,400 --> 00:31:13,200 Speaker 1: my favorite resources that we always help check out if 703 00:31:13,240 --> 00:31:16,400 Speaker 1: they're like I'm in debt, and especially if they have multiple, 704 00:31:16,840 --> 00:31:21,760 Speaker 1: you know, multiple balances with different rates. It allows you to, h, yeah, 705 00:31:21,800 --> 00:31:24,680 Speaker 1: create that hierarchy of which debts you're gonna attack for it. Again, 706 00:31:24,720 --> 00:31:26,280 Speaker 1: just like we were talking about with why now do 707 00:31:26,320 --> 00:31:29,000 Speaker 1: you need it? No? Can you do it yourself manually? Yes? 708 00:31:29,280 --> 00:31:31,200 Speaker 1: But like does it help sometimes to be able to 709 00:31:31,240 --> 00:31:34,000 Speaker 1: type some numbers into a piece of software and have 710 00:31:34,080 --> 00:31:36,280 Speaker 1: it render everything for you so that you can more 711 00:31:36,320 --> 00:31:39,840 Speaker 1: easily see your trajectory and and what that payoff plane 712 00:31:39,880 --> 00:31:41,720 Speaker 1: is going to look like. Yeah, for a lot of people, 713 00:31:41,880 --> 00:31:45,000 Speaker 1: that is a motivating factor and it's gonna help them 714 00:31:45,040 --> 00:31:47,320 Speaker 1: actually stick to a plan. But now we've got more 715 00:31:47,400 --> 00:31:50,000 Speaker 1: to get to. We want to talk about this foolproof 716 00:31:50,040 --> 00:31:52,920 Speaker 1: plan to ditch holiday debt, and there are a few 717 00:31:52,960 --> 00:31:55,640 Speaker 1: things you can actually do to speed up your progress. 718 00:31:55,880 --> 00:31:58,120 Speaker 1: And we'll talk about how to do that and what 719 00:31:58,240 --> 00:31:59,760 Speaker 1: to do if you're like I came up with a 720 00:31:59,800 --> 00:32:01,560 Speaker 1: plan in and it said it was going to be 721 00:32:01,600 --> 00:32:03,400 Speaker 1: thirty two years before I get out of this credit 722 00:32:03,400 --> 00:32:05,800 Speaker 1: card debt. Like, if that's the case, then you might 723 00:32:05,840 --> 00:32:08,080 Speaker 1: have to take more drastic measures. We'll talk about both 724 00:32:08,120 --> 00:32:19,680 Speaker 1: of those things right after this. All right, man, let's 725 00:32:19,680 --> 00:32:22,960 Speaker 1: continue to help folks on their way to becoming consumer 726 00:32:23,040 --> 00:32:25,760 Speaker 1: debt free. We've got a few other suggestions in different 727 00:32:25,800 --> 00:32:29,040 Speaker 1: ways to minimize the impact of your debt as you 728 00:32:29,040 --> 00:32:31,120 Speaker 1: try to pay it off. Uh. And the first one 729 00:32:31,560 --> 00:32:33,400 Speaker 1: is this is I don't know, I don't I don't 730 00:32:33,400 --> 00:32:36,040 Speaker 1: want this to see him like, uh, the kind of moment, 731 00:32:36,040 --> 00:32:39,120 Speaker 1: but uh, make more money when you have a bigger 732 00:32:39,120 --> 00:32:41,959 Speaker 1: shovel that is going to allow you to dig yourself 733 00:32:42,000 --> 00:32:44,520 Speaker 1: out of that hole even faster. A wallet hub survey 734 00:32:44,520 --> 00:32:46,880 Speaker 1: found that fifty eight percent of folks would be willing 735 00:32:46,920 --> 00:32:50,280 Speaker 1: to work longer hours to get out of debt. And 736 00:32:50,320 --> 00:32:53,160 Speaker 1: we we like hearing that. We're all about work life balance, 737 00:32:53,240 --> 00:32:55,520 Speaker 1: but if you took on too much debt over the holidays, 738 00:32:55,520 --> 00:32:58,160 Speaker 1: you might actually want to take this approach. We're actually 739 00:32:58,160 --> 00:33:00,560 Speaker 1: gonna give a bunch of ideasm how it is that 740 00:33:00,600 --> 00:33:03,320 Speaker 1: you can increase your income in next week here on 741 00:33:03,320 --> 00:33:05,320 Speaker 1: the show. But if you can increase your income, that 742 00:33:05,360 --> 00:33:08,040 Speaker 1: will allow you to pay off crappy debt even faster. 743 00:33:08,480 --> 00:33:09,800 Speaker 1: And of course you know, I mean, the best way 744 00:33:09,800 --> 00:33:12,400 Speaker 1: to make more money in the long run is not 745 00:33:12,600 --> 00:33:15,600 Speaker 1: to trade your time for money by like driving for 746 00:33:15,720 --> 00:33:18,840 Speaker 1: Uber or taking online surveys that kind of thing. But 747 00:33:18,960 --> 00:33:22,880 Speaker 1: it will quickly add ammunition to eradicate that debt in 748 00:33:22,880 --> 00:33:25,360 Speaker 1: the near term, right like temporarily. If you are in 749 00:33:25,520 --> 00:33:28,280 Speaker 1: a bind and you have some ridiculous debt where you're 750 00:33:28,280 --> 00:33:31,360 Speaker 1: paying a dumb interest rate, then we are not above 751 00:33:31,640 --> 00:33:33,719 Speaker 1: you taking some of these more drastic steps to make 752 00:33:33,720 --> 00:33:36,080 Speaker 1: sure that you are out of that debt quickly. Yeah. Man, 753 00:33:36,120 --> 00:33:38,440 Speaker 1: it's not often that we tell people to drive for 754 00:33:38,560 --> 00:33:41,160 Speaker 1: Uber or you have to do some of these these 755 00:33:41,280 --> 00:33:44,920 Speaker 1: um gig jobs where you beholden to these giant companies 756 00:33:45,720 --> 00:33:48,000 Speaker 1: do with you whatever they want. Yeah, and we'd rather 757 00:33:48,240 --> 00:33:51,760 Speaker 1: you make less money typically, but build something that could 758 00:33:51,800 --> 00:33:55,200 Speaker 1: be more sustainable and potentially more lucrative for you over 759 00:33:55,240 --> 00:33:58,040 Speaker 1: the years. But but if we're talking about getting rid 760 00:33:58,040 --> 00:33:59,960 Speaker 1: of of some of this high interest debt and get 761 00:34:00,120 --> 00:34:02,080 Speaker 1: rid of it more quickly, I think treating it like 762 00:34:02,120 --> 00:34:05,400 Speaker 1: it's a serious problem and uh, signing up for whatever 763 00:34:05,480 --> 00:34:07,680 Speaker 1: you can do to make a little extra income to 764 00:34:07,760 --> 00:34:11,520 Speaker 1: make that debt payoff happen even more quickly is worth considering. 765 00:34:11,760 --> 00:34:13,760 Speaker 1: It's like a tourniquet, like you are just trying to 766 00:34:13,800 --> 00:34:16,560 Speaker 1: stop the bleeding. Yeah, we can worry about stitches later, 767 00:34:16,560 --> 00:34:18,640 Speaker 1: but right now, just like whip off that belt and yeah, 768 00:34:19,080 --> 00:34:21,319 Speaker 1: tighten that sucker. It doesn't have to be forever, right, 769 00:34:22,080 --> 00:34:23,759 Speaker 1: even if it's just two months driving for Uber, so 770 00:34:23,800 --> 00:34:26,080 Speaker 1: you can knock knock this out more quickly. That's that's fine. 771 00:34:27,080 --> 00:34:28,839 Speaker 1: But let's talk to another thing that you can do 772 00:34:28,960 --> 00:34:31,400 Speaker 1: and you should do in all likelihood. If you think 773 00:34:31,480 --> 00:34:33,480 Speaker 1: this is as big of a problem as Matt and 774 00:34:33,520 --> 00:34:35,960 Speaker 1: I do if you think this consumer debt is just 775 00:34:36,000 --> 00:34:40,360 Speaker 1: a financial calamity, is that you should consider cutting your spending, 776 00:34:40,520 --> 00:34:41,759 Speaker 1: and that there were a lot of folks in that 777 00:34:41,840 --> 00:34:44,120 Speaker 1: same survey you just mentioned that said that they would 778 00:34:44,120 --> 00:34:47,160 Speaker 1: cut out luxuries or skip vacations in order to get 779 00:34:47,239 --> 00:34:49,160 Speaker 1: rid of their debt faster. Yeah, and I think those 780 00:34:49,160 --> 00:34:51,600 Speaker 1: are both great choices. And again I feel like, you know, 781 00:34:51,800 --> 00:34:53,680 Speaker 1: we're all about balance here. We don't want people working 782 00:34:53,760 --> 00:34:56,440 Speaker 1: eighty hours a week normally, we won't want people skimming 783 00:34:56,560 --> 00:35:00,759 Speaker 1: vacations for years on end or never buying anything they 784 00:35:00,760 --> 00:35:03,640 Speaker 1: care about. Like we want people to be intentional with 785 00:35:03,719 --> 00:35:06,800 Speaker 1: their spending too. But again, consumer debt should be treated 786 00:35:06,840 --> 00:35:10,480 Speaker 1: like a real, severe problem. And I wouldn't want to 787 00:35:10,520 --> 00:35:13,080 Speaker 1: spend personally a couple of thousand bucks on a beach 788 00:35:13,160 --> 00:35:16,719 Speaker 1: vacation while credit card debt is still lingering in the background. 789 00:35:16,800 --> 00:35:19,360 Speaker 1: I wouldn't want to be booking my beach vacation for 790 00:35:19,360 --> 00:35:23,560 Speaker 1: for July and spending money that I don't have, adding 791 00:35:23,600 --> 00:35:26,040 Speaker 1: to the problem. And so you know, dialing back you're 792 00:35:26,040 --> 00:35:29,000 Speaker 1: spending on the big stuff until you've eradicated that debt 793 00:35:29,520 --> 00:35:32,640 Speaker 1: is crucial. We also say don't forget the small expenses either, right, 794 00:35:32,640 --> 00:35:35,600 Speaker 1: there likely some monthly spending categories where you can cut 795 00:35:35,600 --> 00:35:38,040 Speaker 1: back at least temporarily in order to grow the gap, 796 00:35:38,200 --> 00:35:39,880 Speaker 1: which is going to speed up the process. Again, that 797 00:35:39,920 --> 00:35:42,759 Speaker 1: doesn't mean rice and beans right for months on hand, 798 00:35:43,000 --> 00:35:45,359 Speaker 1: but there are smart ways maybe for a couple of months, 799 00:35:45,400 --> 00:35:47,680 Speaker 1: though for a couple of weeks. I don't know how 800 00:35:47,719 --> 00:35:51,160 Speaker 1: long you're being. Yeah, I think it can be a 801 00:35:51,160 --> 00:35:53,160 Speaker 1: good approach. Yeah, it is a it's a real problem. 802 00:35:53,200 --> 00:35:55,359 Speaker 1: And cutting back on spending, especially on some of those 803 00:35:55,360 --> 00:35:57,640 Speaker 1: big things for the time being, until you've got it 804 00:35:57,680 --> 00:36:00,400 Speaker 1: under control, until you've gotten rid of it, is I 805 00:36:00,480 --> 00:36:02,480 Speaker 1: think it's a really important move to make. Yeah. Well, 806 00:36:02,520 --> 00:36:05,040 Speaker 1: I mean again, it's temporary, right, and I think by 807 00:36:05,239 --> 00:36:07,760 Speaker 1: making some of those more severe cuts, it can strengthen 808 00:36:07,760 --> 00:36:10,600 Speaker 1: your resolve to actually stick with the program, to actually 809 00:36:10,719 --> 00:36:14,120 Speaker 1: not want, you know, for you to say this sucks 810 00:36:14,400 --> 00:36:15,920 Speaker 1: and I don't ever want to end up in this 811 00:36:15,960 --> 00:36:18,280 Speaker 1: kind of situation. Again, I think it can can strengthen 812 00:36:18,280 --> 00:36:23,360 Speaker 1: your resolve by actually experiencing some true, uh, temporary suffering 813 00:36:23,400 --> 00:36:25,359 Speaker 1: when it comes to the money that you're spending. It's 814 00:36:25,360 --> 00:36:27,560 Speaker 1: not again, like you said, this is not your new lifestyle. 815 00:36:27,840 --> 00:36:30,160 Speaker 1: But maybe it is until you are out of that 816 00:36:30,440 --> 00:36:32,760 Speaker 1: worst of the worst debts, like suffering with a purpose 817 00:36:32,920 --> 00:36:35,719 Speaker 1: because it is I think it is doing is doing it. 818 00:36:35,719 --> 00:36:37,960 Speaker 1: It's teaching you a deeper lesson and it's also at 819 00:36:37,960 --> 00:36:39,479 Speaker 1: the same time helping you get out of this place 820 00:36:39,520 --> 00:36:41,759 Speaker 1: more quickly. Exactly. Yeah. And so another way to make 821 00:36:41,760 --> 00:36:44,560 Speaker 1: your debt less egregious and to catalyze the process is 822 00:36:45,000 --> 00:36:49,120 Speaker 1: by asking for a lower APR from your current credit 823 00:36:49,160 --> 00:36:52,480 Speaker 1: card provider. Asking for a lower rate. Obviously, if you 824 00:36:52,520 --> 00:36:54,520 Speaker 1: don't ask, you you're certainly not going to receive You're 825 00:36:54,520 --> 00:36:57,120 Speaker 1: certainly not going to get one. But seventy percent of 826 00:36:57,120 --> 00:37:00,279 Speaker 1: folks who ask, according to recent survey, receives some sort 827 00:37:00,520 --> 00:37:03,000 Speaker 1: of interest rate reduction. And we're talking about an average 828 00:37:03,040 --> 00:37:06,440 Speaker 1: reduction somewhere in the ballpark of seven percent. That is huge, 829 00:37:06,960 --> 00:37:09,480 Speaker 1: And of course that reduction will mean more of your 830 00:37:09,480 --> 00:37:12,240 Speaker 1: dollars are then going to be attacking the debt balance, 831 00:37:12,280 --> 00:37:14,279 Speaker 1: which is huge. And one of the reasons that we're 832 00:37:14,360 --> 00:37:17,319 Speaker 1: highlighting this is because I'm afraid that like that we're 833 00:37:17,360 --> 00:37:20,759 Speaker 1: a generation that where we're not advocating for ourselves enough. 834 00:37:21,239 --> 00:37:22,800 Speaker 1: I think a lot of folks feel like it's personal 835 00:37:23,040 --> 00:37:26,080 Speaker 1: where they feel like whoever they're talking to like that, 836 00:37:26,120 --> 00:37:28,120 Speaker 1: they're then not going to be able to put food 837 00:37:28,120 --> 00:37:30,719 Speaker 1: on the table because that there that they might be 838 00:37:30,760 --> 00:37:32,840 Speaker 1: offering a lower rate. No, this this is just business 839 00:37:32,880 --> 00:37:34,560 Speaker 1: and they either have the permission or they don't have 840 00:37:34,600 --> 00:37:38,520 Speaker 1: their permission to lower your APR based on your credit score, 841 00:37:38,600 --> 00:37:41,279 Speaker 1: maybe your payment history, a variety of different factors that 842 00:37:41,280 --> 00:37:43,160 Speaker 1: they have to take into account. Right, you're not taking 843 00:37:43,200 --> 00:37:46,440 Speaker 1: food out of the baby's mouth. The customer service representative 844 00:37:46,480 --> 00:37:48,680 Speaker 1: you're talking to, you're just advocating for your for yourself 845 00:37:48,719 --> 00:37:51,719 Speaker 1: and you are asking say, hey, based on my my 846 00:37:51,920 --> 00:37:56,160 Speaker 1: longstanding relationships which with you with this bank as a customer, 847 00:37:56,200 --> 00:37:58,240 Speaker 1: based on would you like to keep me around? Yeah, 848 00:37:58,760 --> 00:38:01,360 Speaker 1: I'm basically a good customer for are you? Because I 849 00:38:01,360 --> 00:38:03,880 Speaker 1: am willing to have this conversation? Yeah, yeah, will you? 850 00:38:03,960 --> 00:38:06,040 Speaker 1: Will you now give me a little bit of a break. 851 00:38:06,120 --> 00:38:08,560 Speaker 1: And I think they're willing to do that too because 852 00:38:08,640 --> 00:38:12,120 Speaker 1: it engenders them to you. They want now now they 853 00:38:12,160 --> 00:38:13,799 Speaker 1: they you're going to think of them as a company 854 00:38:13,840 --> 00:38:15,680 Speaker 1: you want to continue to do business total because they 855 00:38:15,719 --> 00:38:18,120 Speaker 1: were generous to you in a moment of pain. Absolutely, yeah, 856 00:38:18,120 --> 00:38:19,680 Speaker 1: and so there's there's sort of like that element of 857 00:38:19,719 --> 00:38:22,000 Speaker 1: it where it's just like, well, who am I to 858 00:38:22,040 --> 00:38:24,640 Speaker 1: be asking? Uh, like why why why can't you know? 859 00:38:24,680 --> 00:38:26,600 Speaker 1: Why wouldn't they just say no? So I feel like 860 00:38:26,600 --> 00:38:28,680 Speaker 1: there's that side of it. Why wouldn't they proactively reach out? 861 00:38:28,719 --> 00:38:30,839 Speaker 1: The norm? I rate that's not how it works, that's 862 00:38:30,880 --> 00:38:32,880 Speaker 1: not how business works. But there's also sort of like 863 00:38:32,920 --> 00:38:36,560 Speaker 1: the social norms and like mores associated with like asking 864 00:38:36,600 --> 00:38:39,120 Speaker 1: for something, which we just actually publish an article on 865 00:38:39,160 --> 00:38:40,880 Speaker 1: our side about asking for a discount, will link to 866 00:38:40,880 --> 00:38:42,879 Speaker 1: that in the shop. It's because there are so many 867 00:38:42,880 --> 00:38:45,359 Speaker 1: ways and and their their tips, I think, to help 868 00:38:45,360 --> 00:38:47,600 Speaker 1: you do it the right way so you're more likely 869 00:38:47,640 --> 00:38:49,960 Speaker 1: to get the answer as of meaning of yes instead 870 00:38:49,960 --> 00:38:51,600 Speaker 1: of no. Yeah. I think a lot of times folks 871 00:38:51,680 --> 00:38:54,879 Speaker 1: they're they're just too afraid of like rocking the boat. Uh, 872 00:38:54,920 --> 00:38:58,520 Speaker 1: they're afraid of like offending whoever they're talking to, as 873 00:38:58,520 --> 00:39:00,800 Speaker 1: opposed to just starting a versation. There's a way that 874 00:39:00,840 --> 00:39:03,239 Speaker 1: you can go about this in a friendly way. Uh. 875 00:39:03,280 --> 00:39:05,960 Speaker 1: You mentioned Costco earlier with a staining desk. That same trip, 876 00:39:06,000 --> 00:39:08,480 Speaker 1: we're at Costco. We're grabbing pizzas for our families for 877 00:39:08,520 --> 00:39:11,000 Speaker 1: a Friday night pizza movie night kind of thing. We're 878 00:39:11,040 --> 00:39:13,640 Speaker 1: standing there getting ready to pick them up, and I 879 00:39:13,680 --> 00:39:16,480 Speaker 1: was holding a bag of Meyer lemons and there's a 880 00:39:16,560 --> 00:39:18,040 Speaker 1: lady there and we got to talking to her and 881 00:39:18,040 --> 00:39:20,239 Speaker 1: she's like, man, Meyer Lemons. I didn't We've always been 882 00:39:20,239 --> 00:39:23,560 Speaker 1: wanting to try those. And I was like, you want one? 883 00:39:24,560 --> 00:39:26,160 Speaker 1: Which isn't a normal thing that you do with is 884 00:39:26,160 --> 00:39:27,960 Speaker 1: standing there in the grocery store is like giving somebody 885 00:39:28,000 --> 00:39:30,280 Speaker 1: some of your grocer but it's like a huge obviously 886 00:39:30,320 --> 00:39:34,399 Speaker 1: it's Costco, so there's like there's a bunch of them 887 00:39:34,400 --> 00:39:38,560 Speaker 1: in there. And she was like, well, yeah, but and 888 00:39:38,600 --> 00:39:40,480 Speaker 1: so obviously I was like, yeah, sure, totally have one, 889 00:39:40,560 --> 00:39:43,600 Speaker 1: and you autographed to know. But had she asked, I 890 00:39:43,640 --> 00:39:45,960 Speaker 1: would have also been like, well, of course. I mean, granted, 891 00:39:46,000 --> 00:39:48,239 Speaker 1: we were nice and kind of offered her one. But 892 00:39:48,360 --> 00:39:50,359 Speaker 1: I think there's a way that you can go about 893 00:39:50,400 --> 00:39:54,080 Speaker 1: asking for something in a way where you're building sort 894 00:39:54,080 --> 00:39:57,080 Speaker 1: of good will, like be cheeky about it, right, like 895 00:39:57,120 --> 00:39:59,839 Speaker 1: you're being a little irreverent about what you're asking for. 896 00:40:00,080 --> 00:40:01,520 Speaker 1: If you can do it in kind of a funny way, 897 00:40:01,600 --> 00:40:03,319 Speaker 1: if you can kind of do it in a kind way, 898 00:40:03,520 --> 00:40:05,319 Speaker 1: I think a lot of times the answer that you're 899 00:40:05,320 --> 00:40:06,800 Speaker 1: gonna hear is yes, I might just call up the 900 00:40:06,800 --> 00:40:09,000 Speaker 1: credit card company the one number, and I might be like, hey, 901 00:40:09,360 --> 00:40:11,200 Speaker 1: I'm sure you're getting this call. A lot a lot 902 00:40:11,200 --> 00:40:13,000 Speaker 1: of people spent too much money at the end of 903 00:40:13,080 --> 00:40:16,280 Speaker 1: last year. I'm one of them, Like, yeah, guilty is charged, 904 00:40:16,520 --> 00:40:19,880 Speaker 1: and then start them. But I was really hoping to 905 00:40:19,920 --> 00:40:22,239 Speaker 1: get that non to one and a half. What do 906 00:40:22,280 --> 00:40:26,480 Speaker 1: you think, right? And like you gelve or thirteen right, 907 00:40:26,840 --> 00:40:29,080 Speaker 1: And that at least is going to ensure that more 908 00:40:29,200 --> 00:40:32,640 Speaker 1: of your payments are going to the principle and that 909 00:40:32,680 --> 00:40:36,080 Speaker 1: you that your payment timeline is going to be shortened. 910 00:40:36,080 --> 00:40:37,640 Speaker 1: So I think that's a really important one asking for 911 00:40:37,680 --> 00:40:40,359 Speaker 1: a lower rate from your current issuer. Also, what about 912 00:40:40,440 --> 00:40:42,920 Speaker 1: zero percent balance transfer cards? Matt, That's another way that 913 00:40:43,000 --> 00:40:46,239 Speaker 1: you can take something that is pretty dang bad and 914 00:40:46,280 --> 00:40:48,759 Speaker 1: turn it into something less awful. And and that's a 915 00:40:48,880 --> 00:40:52,040 Speaker 1: that's another way to to just uh move your consumer 916 00:40:52,080 --> 00:40:54,560 Speaker 1: debt around to make it less nasty and to make 917 00:40:54,560 --> 00:40:57,640 Speaker 1: sure you can make more progress more quickly. And of course, 918 00:40:57,680 --> 00:40:59,319 Speaker 1: like some debts are worse than others, like a three 919 00:40:59,320 --> 00:41:01,880 Speaker 1: percent mortgage shouldn't be a top priority for you when 920 00:41:01,880 --> 00:41:04,560 Speaker 1: you've got credit card debt lingering around. But but what 921 00:41:04,600 --> 00:41:06,520 Speaker 1: if you could take a debt that looks really bad, 922 00:41:06,880 --> 00:41:08,839 Speaker 1: It looks like a financial black eye, and you can 923 00:41:08,920 --> 00:41:10,600 Speaker 1: just like, I don't do one of those killer makeup 924 00:41:10,680 --> 00:41:13,400 Speaker 1: jobs with it, like and and nobody knows that you 925 00:41:13,480 --> 00:41:15,560 Speaker 1: got punched in the eye. Well, that's kind of what 926 00:41:15,680 --> 00:41:19,040 Speaker 1: transferring to a zero percent interest credit card can do 927 00:41:19,160 --> 00:41:21,080 Speaker 1: for you. And by the way, we Matt, you wrote 928 00:41:21,080 --> 00:41:24,080 Speaker 1: an article about the best balance transfer credit cards. You 929 00:41:24,080 --> 00:41:26,200 Speaker 1: can go to how to money dot com slash balance 930 00:41:26,320 --> 00:41:28,920 Speaker 1: transfer and you can read that list and you can 931 00:41:28,960 --> 00:41:31,359 Speaker 1: find one if you're like, Man, I've got ten dollars 932 00:41:31,360 --> 00:41:33,600 Speaker 1: with a credit card debt. I'm but if I can 933 00:41:33,640 --> 00:41:36,440 Speaker 1: get it down to zero percent for twelve months, I 934 00:41:36,440 --> 00:41:38,239 Speaker 1: can be rid of it without paying any interest, and 935 00:41:38,239 --> 00:41:40,160 Speaker 1: I can do it much more quickly. Well, then this 936 00:41:40,200 --> 00:41:43,160 Speaker 1: can be one of those methods to minimizing the impact 937 00:41:43,160 --> 00:41:45,560 Speaker 1: of that debt as you're paying it off more quickly. Yeah, 938 00:41:45,560 --> 00:41:47,560 Speaker 1: getting one means that you're gonna need to have a 939 00:41:47,560 --> 00:41:49,839 Speaker 1: solid credit score, but it will also mean that you'll 940 00:41:49,880 --> 00:41:53,319 Speaker 1: need to have the personal resolve to pay this debt 941 00:41:53,360 --> 00:41:55,759 Speaker 1: off right because you know, transferring that debt to another 942 00:41:55,760 --> 00:41:58,080 Speaker 1: piece of plastic and just continuing to spend like you've 943 00:41:58,080 --> 00:42:00,279 Speaker 1: been doing like that is only going to do the 944 00:42:00,280 --> 00:42:03,560 Speaker 1: whole deeper. It's possible to use this technique just to 945 00:42:03,600 --> 00:42:06,440 Speaker 1: make your situation worse. You don't want to be shifting 946 00:42:06,440 --> 00:42:08,759 Speaker 1: the chairs around on the deck of the Titanic. You 947 00:42:08,800 --> 00:42:10,920 Speaker 1: want to prevent it from sinking. If you deploy the 948 00:42:10,960 --> 00:42:15,520 Speaker 1: strategy before you're actually ready to make some permanent changes, uh, 949 00:42:15,560 --> 00:42:17,160 Speaker 1: it's it's gonna end up making things worse for you 950 00:42:17,239 --> 00:42:19,239 Speaker 1: for sure. Yeah. Some people think like, oh, if I 951 00:42:19,360 --> 00:42:21,319 Speaker 1: just get the lower interest rate, that's going to solve 952 00:42:21,320 --> 00:42:24,160 Speaker 1: my problems, and it's just not true. The plan is 953 00:42:24,200 --> 00:42:27,160 Speaker 1: the biggest thing that having the plan, knowing the numbers 954 00:42:27,360 --> 00:42:29,080 Speaker 1: and realizing how long it's going to take you to 955 00:42:29,080 --> 00:42:31,960 Speaker 1: pay it off. Like these are just like uh, cherries 956 00:42:32,000 --> 00:42:35,000 Speaker 1: on top of a Sunday. The sunday is the plan 957 00:42:35,040 --> 00:42:36,919 Speaker 1: that you're gonna be able to create. And so, yeah, 958 00:42:36,960 --> 00:42:38,480 Speaker 1: if you can lessen the pain of the debt, if 959 00:42:38,520 --> 00:42:40,440 Speaker 1: you can make it less egregious, and if you can 960 00:42:40,480 --> 00:42:42,640 Speaker 1: lower the interest rate on it, that's good because it's 961 00:42:42,640 --> 00:42:44,319 Speaker 1: gonna benefit you and it's gonna allow you to pay 962 00:42:44,360 --> 00:42:46,239 Speaker 1: it off more quickly, but there's also ways that you 963 00:42:46,280 --> 00:42:48,279 Speaker 1: can screw that up, and so we don't want you to, yeah, 964 00:42:48,480 --> 00:42:51,160 Speaker 1: take out other credit cards and then you know, add 965 00:42:51,239 --> 00:42:54,239 Speaker 1: more consumer debt on to the pile that you already have. 966 00:42:54,800 --> 00:42:57,759 Speaker 1: That you're making the situation worse at that point. But yeah, 967 00:42:57,840 --> 00:42:59,640 Speaker 1: and let's talk about too. Matt I mentioned a minute 968 00:42:59,640 --> 00:43:02,799 Speaker 1: ago about how somebody might have just so much debt 969 00:43:03,160 --> 00:43:05,719 Speaker 1: and they are overwhelmed when they look at it that 970 00:43:05,760 --> 00:43:08,280 Speaker 1: it's just that bad, right, that their consumer debt situation. 971 00:43:08,440 --> 00:43:10,200 Speaker 1: And maybe it didn't happen just over the holidays. In 972 00:43:10,239 --> 00:43:12,480 Speaker 1: all likelihood, if it's that bad, it's been happening over 973 00:43:12,520 --> 00:43:14,400 Speaker 1: the course of years and years and years, and you 974 00:43:14,480 --> 00:43:16,640 Speaker 1: have built up to the point where you're like, listen, 975 00:43:16,640 --> 00:43:18,600 Speaker 1: I created one of these debt payoff plans that you 976 00:43:18,640 --> 00:43:22,760 Speaker 1: talked about, and it just seemed insurmountable. Even at that point, 977 00:43:22,800 --> 00:43:25,360 Speaker 1: it felt like I wasn't going to be able to 978 00:43:25,360 --> 00:43:28,200 Speaker 1: make progress in any sort of timely manner. And sometimes 979 00:43:28,239 --> 00:43:30,680 Speaker 1: you are so mired in debt that it becomes too 980 00:43:30,719 --> 00:43:32,400 Speaker 1: hard to go it alone. And so maybe you are 981 00:43:32,440 --> 00:43:35,520 Speaker 1: actually in too deep. And the truth is that this 982 00:43:35,640 --> 00:43:37,800 Speaker 1: mountain of debt that you've accrued, it didn't happen overnight, 983 00:43:37,840 --> 00:43:39,360 Speaker 1: like I said, and the fix isn't gonna happen in 984 00:43:39,360 --> 00:43:41,520 Speaker 1: a week or two either, So it's important to know that. 985 00:43:41,560 --> 00:43:44,080 Speaker 1: I think sometimes Matt people get into a situation over 986 00:43:44,120 --> 00:43:47,080 Speaker 1: the course of a number of years and they want 987 00:43:47,080 --> 00:43:49,839 Speaker 1: it to be remedied really quickly, but that's just not 988 00:43:49,960 --> 00:43:52,040 Speaker 1: how it happened and when it fixed overnight, and hopefully 989 00:43:52,080 --> 00:43:55,120 Speaker 1: you can fix it quicker than how long it took 990 00:43:55,120 --> 00:43:56,760 Speaker 1: you to get into the mess in the first place. 991 00:43:56,960 --> 00:43:59,120 Speaker 1: But it's just important to note that that you know 992 00:43:59,160 --> 00:44:01,200 Speaker 1: it's it typically takes time to get out of this 993 00:44:01,560 --> 00:44:04,680 Speaker 1: problem too. But if after running the numbers, it's gonna 994 00:44:04,760 --> 00:44:06,640 Speaker 1: take you a lot of years to pay that debt 995 00:44:06,640 --> 00:44:08,319 Speaker 1: off and it feels hopeless, we would say it's time 996 00:44:08,360 --> 00:44:10,200 Speaker 1: to bring in the big guns and reach out to 997 00:44:10,760 --> 00:44:14,080 Speaker 1: the not for profit folks at the NFCC or Money 998 00:44:14,120 --> 00:44:18,160 Speaker 1: Management International, Unlike those for profit services that I talked about, 999 00:44:18,239 --> 00:44:21,680 Speaker 1: who might you might hear advertised and they say, hey, 1000 00:44:22,120 --> 00:44:23,719 Speaker 1: pay us some money up front. You might see them 1001 00:44:23,719 --> 00:44:26,239 Speaker 1: on social media they you know, they're saying that they 1002 00:44:26,239 --> 00:44:28,439 Speaker 1: can they can help you get out of this debt. 1003 00:44:29,000 --> 00:44:31,759 Speaker 1: But for a small fee or sometimes a large fee. 1004 00:44:32,200 --> 00:44:34,120 Speaker 1: Often times they're gonna make it worse. Almost always are 1005 00:44:34,120 --> 00:44:37,920 Speaker 1: gonna make it worse. Well, the NFCC or Money Management International, 1006 00:44:38,200 --> 00:44:40,520 Speaker 1: those not for profit companies, they can help you put 1007 00:44:40,560 --> 00:44:43,759 Speaker 1: together a debt management plan that actually works, and they 1008 00:44:43,760 --> 00:44:46,279 Speaker 1: can even negotiate with creditors on your behalf. So we 1009 00:44:46,320 --> 00:44:48,759 Speaker 1: would say, go see a credit counselor. They can help 1010 00:44:48,760 --> 00:44:51,200 Speaker 1: you figure out the best way forward. If you run 1011 00:44:51,239 --> 00:44:53,080 Speaker 1: those numbers and you're like, it's it's worse than I 1012 00:44:53,080 --> 00:44:55,200 Speaker 1: even thought, that's when you're gonna want to like reach 1013 00:44:55,239 --> 00:44:58,520 Speaker 1: out to one of those companies, and typically it's free. 1014 00:44:58,880 --> 00:45:01,719 Speaker 1: Sometimes they'll charge very very modest amounts of money. I'm 1015 00:45:01,719 --> 00:45:05,240 Speaker 1: talking like sixty in order to see a debt counselor. 1016 00:45:05,400 --> 00:45:07,719 Speaker 1: But that's probably where you're gonna want to go. We 1017 00:45:07,760 --> 00:45:10,480 Speaker 1: will put links to both those organizations in the show notes. 1018 00:45:10,920 --> 00:45:12,640 Speaker 1: That's right, man. And one other thing that we would 1019 00:45:12,640 --> 00:45:15,360 Speaker 1: recommend is for you to celebrate some of the small 1020 00:45:15,440 --> 00:45:18,759 Speaker 1: victories along the way to paying down your debt. We 1021 00:45:18,800 --> 00:45:21,440 Speaker 1: would recommend for you to just treat yourself a little bit, 1022 00:45:21,520 --> 00:45:25,080 Speaker 1: not like Parks and Rex style treat yourself, but just 1023 00:45:25,320 --> 00:45:28,200 Speaker 1: find some different ways to mark your accomplishments, to mark 1024 00:45:28,239 --> 00:45:30,520 Speaker 1: the occasion. And it doesn't have to be and likely 1025 00:45:30,520 --> 00:45:33,080 Speaker 1: shouldn't be an expensive reward because obviously that will slow 1026 00:45:33,120 --> 00:45:37,320 Speaker 1: down your payoff payoff progress. But it's amazing how something 1027 00:45:37,640 --> 00:45:39,560 Speaker 1: that just that costs very little that or maybe something 1028 00:45:39,560 --> 00:45:41,960 Speaker 1: you already have on hand, or something that costs you nothing, 1029 00:45:41,960 --> 00:45:44,279 Speaker 1: how that can provide some additional motivation. You could just 1030 00:45:44,280 --> 00:45:45,799 Speaker 1: be a board game night with friends. You'd be like, 1031 00:45:45,840 --> 00:45:48,400 Speaker 1: that's my reward, or like I'm thinking of like a 1032 00:45:48,440 --> 00:45:50,600 Speaker 1: creative it's not even creative, but it's just like having 1033 00:45:50,640 --> 00:45:53,640 Speaker 1: a picnic in a like in your favorite park. But 1034 00:45:53,719 --> 00:45:55,360 Speaker 1: you might be paying off your first card here in 1035 00:45:55,400 --> 00:45:57,560 Speaker 1: a couple of months, once the weather warms up a 1036 00:45:57,600 --> 00:45:59,640 Speaker 1: little bit, invite some friends over, take a meal that 1037 00:45:59,640 --> 00:46:01,640 Speaker 1: you would have already eating at home. Maybe you can 1038 00:46:02,120 --> 00:46:03,960 Speaker 1: like show some two buck chuck, you know, like that's 1039 00:46:04,160 --> 00:46:06,920 Speaker 1: very affordable. That's the kind of wine. If you're into wine, 1040 00:46:07,160 --> 00:46:09,160 Speaker 1: you should be drinking cheap wine while you're paying off 1041 00:46:09,160 --> 00:46:11,960 Speaker 1: your debt. But take something like that to apart, because 1042 00:46:12,120 --> 00:46:14,400 Speaker 1: that is going to help you to mark the occasion. 1043 00:46:14,680 --> 00:46:16,680 Speaker 1: Not only that but you're also doing it with friends. 1044 00:46:16,680 --> 00:46:19,080 Speaker 1: That's something that they're gonna remember. They're gonna maybe even 1045 00:46:19,120 --> 00:46:21,399 Speaker 1: ask you about, like why are we doing this? Or 1046 00:46:21,600 --> 00:46:24,279 Speaker 1: you know, what's what's the special occasion? Which is really 1047 00:46:24,280 --> 00:46:26,240 Speaker 1: cool too because then it'll get you and your friends 1048 00:46:26,280 --> 00:46:28,680 Speaker 1: talking about money, and before you know it, you're all 1049 00:46:28,680 --> 00:46:31,680 Speaker 1: going to be getting richer, getting wealthier together. That's the 1050 00:46:31,719 --> 00:46:33,080 Speaker 1: kind of thing that we want to see you doing. 1051 00:46:33,160 --> 00:46:34,680 Speaker 1: We want you to pat yourself on the back a 1052 00:46:34,760 --> 00:46:37,000 Speaker 1: little bit here for making some smart choices and it'll 1053 00:46:37,040 --> 00:46:39,319 Speaker 1: make this journey a bit more enjoyable and less of 1054 00:46:39,320 --> 00:46:42,239 Speaker 1: a slog. It's not that we want we don't want 1055 00:46:42,280 --> 00:46:45,040 Speaker 1: you to intentionally make your life miserable miserable, but we 1056 00:46:45,080 --> 00:46:47,680 Speaker 1: do want you to make decisions that is going to 1057 00:46:47,760 --> 00:46:49,759 Speaker 1: leave more money in your bank account so that you 1058 00:46:49,800 --> 00:46:52,040 Speaker 1: can attack this debt and be done with it once 1059 00:46:52,080 --> 00:46:53,600 Speaker 1: and for all. Yeah, and we just don't want this 1060 00:46:53,640 --> 00:46:56,040 Speaker 1: debt lingering over you anymore. That we want you to 1061 00:46:56,080 --> 00:46:57,719 Speaker 1: be rid of it once and for all. And what 1062 00:46:57,800 --> 00:46:59,640 Speaker 1: we want you to looking ahead to, like the bigger 1063 00:46:59,640 --> 00:47:02,440 Speaker 1: and eight better things that you're that that you do 1064 00:47:02,440 --> 00:47:04,839 Speaker 1: want to achieve paying off this kind of debt often 1065 00:47:04,880 --> 00:47:06,480 Speaker 1: means you're looking kind of in the rear view mirror 1066 00:47:06,520 --> 00:47:08,960 Speaker 1: and set it through the windshield right in your life exactly, 1067 00:47:09,000 --> 00:47:11,239 Speaker 1: And so we want you to like, you know, you 1068 00:47:11,280 --> 00:47:13,680 Speaker 1: always need a rear mirror when you're driving a car, 1069 00:47:13,840 --> 00:47:15,520 Speaker 1: but we want you at least when it comes to 1070 00:47:15,640 --> 00:47:16,920 Speaker 1: your life, we want you to kind of be able 1071 00:47:16,960 --> 00:47:19,799 Speaker 1: to act that off. Well, that should be done with 1072 00:47:20,040 --> 00:47:23,200 Speaker 1: the spending, paying for the spending you did over the 1073 00:47:23,200 --> 00:47:24,919 Speaker 1: past year, and we want you to be thinking about 1074 00:47:24,920 --> 00:47:27,040 Speaker 1: what you can save up for and invest for so 1075 00:47:27,080 --> 00:47:29,520 Speaker 1: that you can think about building wealth and think about 1076 00:47:29,560 --> 00:47:33,000 Speaker 1: those bigger possibilities, right, creating more margin. You can't even 1077 00:47:33,040 --> 00:47:34,680 Speaker 1: get to that point when you've still got that debt 1078 00:47:34,760 --> 00:47:37,839 Speaker 1: lingering around. That's first priority. So absolutely hopefully we've given 1079 00:47:37,880 --> 00:47:40,560 Speaker 1: you enough tips to create an effective plan to get 1080 00:47:40,640 --> 00:47:44,200 Speaker 1: rid of it in hopefully not too much time. But Matt, 1081 00:47:44,239 --> 00:47:45,960 Speaker 1: let's get back to the beer that we had on 1082 00:47:46,000 --> 00:47:49,520 Speaker 1: this episode. This one is called Perpetual Composition. It's by 1083 00:47:49,719 --> 00:47:52,000 Speaker 1: Southern Grist who I believe they're out of Nashville, Is 1084 00:47:52,000 --> 00:47:54,239 Speaker 1: that correct? I think? So I can take a look 1085 00:47:54,280 --> 00:47:56,279 Speaker 1: here on the bottle, Yeah, Nashville, Tennessee. And this is 1086 00:47:56,360 --> 00:48:01,240 Speaker 1: perpetual Composition blend number two. So maybe we'll have additional 1087 00:48:01,280 --> 00:48:03,319 Speaker 1: blends here on the show. But what your thoughts on 1088 00:48:03,320 --> 00:48:04,840 Speaker 1: this one? If I can get some additional blends of 1089 00:48:04,880 --> 00:48:07,480 Speaker 1: this one, I'll take it. I'm all about it. It's 1090 00:48:07,480 --> 00:48:09,560 Speaker 1: delicious of it. You were just mentioning wine. This one 1091 00:48:09,600 --> 00:48:12,359 Speaker 1: has a lot of white wine fines. Actually sure, it's 1092 00:48:12,400 --> 00:48:15,239 Speaker 1: the sea so it's a Solera style food or beer 1093 00:48:15,480 --> 00:48:21,600 Speaker 1: aged for six months in a French Bordeaux fooder. Fancy. Yeah, 1094 00:48:21,880 --> 00:48:23,880 Speaker 1: and I guess what. We're also not in debt, so 1095 00:48:24,880 --> 00:48:28,759 Speaker 1: we can afford to splurge a little bit. Exactly, Well, 1096 00:48:28,800 --> 00:48:32,120 Speaker 1: this one definitely so my dad he always gets this 1097 00:48:32,480 --> 00:48:36,320 Speaker 1: white wine called govert Demeanor, but when we have Thanksgiving 1098 00:48:36,680 --> 00:48:40,160 Speaker 1: and uh, he has always called it Goosemeister for some reason. Goose. 1099 00:48:40,800 --> 00:48:43,359 Speaker 1: It's pretty goofy, but it's it's kind of a it's 1100 00:48:43,440 --> 00:48:45,080 Speaker 1: like more of like a dessert white wine. And I 1101 00:48:45,200 --> 00:48:47,080 Speaker 1: really don't drink wine very much, but I always look 1102 00:48:47,080 --> 00:48:49,120 Speaker 1: forward to it on Thanksgiving, even though I don't know 1103 00:48:49,200 --> 00:48:51,440 Speaker 1: anything about white wine, but this one has some of 1104 00:48:51,480 --> 00:48:53,840 Speaker 1: those elements. It's a little bit sweeter, kind of like 1105 00:48:53,880 --> 00:48:56,320 Speaker 1: one of those dessert white wines, but it's it's that 1106 00:48:56,400 --> 00:48:58,759 Speaker 1: golden sour. It's got more nuanced though, and I think 1107 00:48:58,840 --> 00:49:01,560 Speaker 1: part of that is the oak barrel aging. But I 1108 00:49:02,120 --> 00:49:04,040 Speaker 1: like everything I've had from Southern grist and this is 1109 00:49:04,040 --> 00:49:06,000 Speaker 1: one of the better ones. It's so good. Yeah, when 1110 00:49:06,040 --> 00:49:08,000 Speaker 1: when we poured it, it it just had like a beautiful 1111 00:49:08,040 --> 00:49:09,600 Speaker 1: I mean the sun was kind of shunning through. It's 1112 00:49:09,680 --> 00:49:13,000 Speaker 1: kind of it's been like a sun out, sudden hidden 1113 00:49:13,160 --> 00:49:15,360 Speaker 1: sun out, sun hidden kind of day, and like the 1114 00:49:15,440 --> 00:49:17,160 Speaker 1: rays hit it perfect. Oh yeah, yeah, Like right when 1115 00:49:17,160 --> 00:49:18,600 Speaker 1: I cracked this thing up and poured it, like the 1116 00:49:19,239 --> 00:49:21,120 Speaker 1: beams of light shot through the sun. It was just 1117 00:49:21,200 --> 00:49:23,839 Speaker 1: like sparkling. So it had this beautiful golden color. Uh, 1118 00:49:23,880 --> 00:49:27,080 Speaker 1: it was really carbonated initially. It's almost like champagne or 1119 00:49:27,440 --> 00:49:29,920 Speaker 1: like the a lot of effervescence coming up. But I 1120 00:49:29,920 --> 00:49:31,680 Speaker 1: think I feel like it was a nice balance of 1121 00:49:32,320 --> 00:49:35,120 Speaker 1: acidity and sweetness. It wasn't too over the top sweet 1122 00:49:35,120 --> 00:49:37,759 Speaker 1: for me. Um. It had that, yeah, that nice kind 1123 00:49:37,760 --> 00:49:41,160 Speaker 1: of tart acid profile as well, that combined with that 1124 00:49:41,280 --> 00:49:44,080 Speaker 1: depth that you get with the oak. If in particular, Yeah, 1125 00:49:44,080 --> 00:49:46,759 Speaker 1: if you like white wine, this is abs. Look up 1126 00:49:46,760 --> 00:49:49,440 Speaker 1: golden sours just in general because that is a style 1127 00:49:49,520 --> 00:49:52,440 Speaker 1: that you will it would likely find yourself gravitate towards. 1128 00:49:52,760 --> 00:49:54,959 Speaker 1: But if you know your beer and you're looking for 1129 00:49:55,480 --> 00:49:59,920 Speaker 1: an oak aged sour, would definitely recommend this perpetual composition 1130 00:50:00,000 --> 00:50:02,480 Speaker 1: by Southern Grist out of Tennessee most stuff. All right, 1131 00:50:02,480 --> 00:50:05,040 Speaker 1: that's gonna do it, Matt for this episode. And if 1132 00:50:05,040 --> 00:50:06,840 Speaker 1: you want, yeah, some of the links that we mentioned 1133 00:50:07,280 --> 00:50:09,440 Speaker 1: on this episode, you can find them up on our 1134 00:50:09,480 --> 00:50:11,479 Speaker 1: site at how to money dot com. There are also 1135 00:50:11,520 --> 00:50:14,200 Speaker 1: other helpful resources there too. We've got a lot of 1136 00:50:14,320 --> 00:50:17,040 Speaker 1: new money content that we're writing about that we're putting 1137 00:50:17,080 --> 00:50:18,919 Speaker 1: out on a weekly basis, and you can also sign 1138 00:50:19,000 --> 00:50:20,960 Speaker 1: up for our newsletter at how to money dot com 1139 00:50:21,000 --> 00:50:23,879 Speaker 1: slash newsletter. But Matt, that's gonna do it. Until next time, 1140 00:50:24,000 --> 00:50:25,759 Speaker 1: best Friends Out and best Friends Out