1
00:00:00,080 --> 00:00:03,080
Speaker 1: Welcome to How the Money. I'm Joel and I and Matt.

2
00:00:03,279 --> 00:00:06,640
Speaker 1: In today's topic, don't trust money advice from these folks,

3
00:00:25,480 --> 00:00:27,159
Speaker 1: you know, Joel. In life, there are people who you

4
00:00:27,160 --> 00:00:29,720
Speaker 1: can trust and there's people who you shouldn't be trusting

5
00:00:30,920 --> 00:00:33,560
Speaker 1: with your life, with your money. But here's the question

6
00:00:33,720 --> 00:00:35,960
Speaker 1: that I think everybody's kind of wondering, like, who's to

7
00:00:35,960 --> 00:00:38,239
Speaker 1: say that I should be trusting Matt and Joel. We're

8
00:00:38,240 --> 00:00:40,880
Speaker 1: actually going to get to that during this episode because

9
00:00:40,880 --> 00:00:42,680
Speaker 1: we realized as you and I were discussing this, we're like,

10
00:00:42,720 --> 00:00:44,680
Speaker 1: wait a minute, how are folks supposed to know whether

11
00:00:45,440 --> 00:00:47,959
Speaker 1: they are trustworthy Matt and Joel themselves? And so I'm

12
00:00:47,960 --> 00:00:51,000
Speaker 1: actually really looking forward to getting to that part of

13
00:00:51,000 --> 00:00:53,199
Speaker 1: our discussion today, dude. And there might be a few

14
00:00:53,200 --> 00:00:55,320
Speaker 1: people that know you and me who would specifically say

15
00:00:55,360 --> 00:00:58,520
Speaker 1: we're not all that trust don't trust them, But yeah,

16
00:00:58,520 --> 00:01:00,040
Speaker 1: we'll talk about all that, and we're not gonna of

17
00:01:00,080 --> 00:01:01,720
Speaker 1: specific names. We're not going to go down like a

18
00:01:01,800 --> 00:01:05,080
Speaker 1: laundry list of individuals and say don't trust their advice.

19
00:01:05,240 --> 00:01:06,720
Speaker 1: We're gonna do is kind of talking about it. Don't

20
00:01:06,720 --> 00:01:09,960
Speaker 1: listen to your aunt, Karen, that's terrible advice, right, and

21
00:01:10,000 --> 00:01:12,600
Speaker 1: you probably shouldn't. But there's all sorts of different groups

22
00:01:12,600 --> 00:01:14,559
Speaker 1: of folks, the types of people that might be trying

23
00:01:14,560 --> 00:01:15,960
Speaker 1: to offer you money advice. We want to kind of

24
00:01:16,000 --> 00:01:18,600
Speaker 1: like talk about, like where should you go for trustworthy advice?

25
00:01:18,680 --> 00:01:20,839
Speaker 1: How can you vet and make sure the money advice

26
00:01:20,840 --> 00:01:23,840
Speaker 1: that you're getting is solid and helpful for you. Well,

27
00:01:23,920 --> 00:01:25,720
Speaker 1: we'll talk about that today on the show, Matt. Before

28
00:01:25,760 --> 00:01:26,960
Speaker 1: we get to that, I wanted to let you know

29
00:01:27,360 --> 00:01:31,240
Speaker 1: that I recently watched the We Work documentary on Hulu.

30
00:01:31,319 --> 00:01:34,280
Speaker 1: I don't actually have Hulu, but I was babysitting your kids.

31
00:01:34,400 --> 00:01:37,160
Speaker 1: We do, So you're you're signing to Hulu on on

32
00:01:37,200 --> 00:01:38,920
Speaker 1: your TV because I think your mother in law's got

33
00:01:38,920 --> 00:01:41,280
Speaker 1: it right now, Man, I'm pretty sure we are paying

34
00:01:41,319 --> 00:01:43,200
Speaker 1: for I think Kate had signed up in order to

35
00:01:43,200 --> 00:01:45,520
Speaker 1: watch the series. But that's a good reminder that I

36
00:01:45,520 --> 00:01:47,640
Speaker 1: need to get in there and cancel that jump. Keep

37
00:01:47,720 --> 00:01:49,920
Speaker 1: the folks from you from a freeloading off of the

38
00:01:49,920 --> 00:01:53,360
Speaker 1: free Netflix, the free perks from watching your best friend's kids.

39
00:01:53,440 --> 00:01:55,880
Speaker 1: Maybe maybe go watch this document four I cancel it.

40
00:01:55,920 --> 00:01:58,040
Speaker 1: Maybe I should watch The We Work. Yeah, it was

41
00:01:58,040 --> 00:02:00,800
Speaker 1: super interesting, honestly, watching It made me think about this

42
00:02:00,840 --> 00:02:03,200
Speaker 1: episode that We're about the Request. Yeah, because you know,

43
00:02:03,240 --> 00:02:05,360
Speaker 1: the CEO of we Work, Adam Newman, there was just

44
00:02:05,400 --> 00:02:09,920
Speaker 1: like cult of personality around the company he was Basically

45
00:02:10,000 --> 00:02:12,799
Speaker 1: it was this real estate company that he pitched as

46
00:02:12,800 --> 00:02:17,000
Speaker 1: being this tech company, and so like valuations soared because

47
00:02:17,040 --> 00:02:19,280
Speaker 1: he was convincing investors that this company was something other

48
00:02:19,320 --> 00:02:21,440
Speaker 1: than what it actually was. It was a real estate company,

49
00:02:21,440 --> 00:02:23,839
Speaker 1: but he was tapping into that Bay Area tech mindsets. Yeah,

50
00:02:23,840 --> 00:02:25,640
Speaker 1: they're based out of New York, but he's you know,

51
00:02:25,680 --> 00:02:27,560
Speaker 1: letting everybody know that no, no, no, we're we're more

52
00:02:27,600 --> 00:02:29,840
Speaker 1: like Facebook and Google than we are like the Regius

53
00:02:29,960 --> 00:02:31,919
Speaker 1: office Systems or whatever. Like it's just running off the

54
00:02:31,960 --> 00:02:34,160
Speaker 1: space where we're above that he was a tech bro

55
00:02:34,240 --> 00:02:37,120
Speaker 1: I want to be Yeah, exactly. And so obviously a

56
00:02:37,160 --> 00:02:38,680
Speaker 1: lot of a lot of people got hurt in the

57
00:02:38,680 --> 00:02:40,520
Speaker 1: Weework saga. A lot of people lost a lot of

58
00:02:40,520 --> 00:02:42,840
Speaker 1: money in that. But just watching that made me think,

59
00:02:43,680 --> 00:02:45,120
Speaker 1: I did, I did. I liked it, And it was

60
00:02:45,160 --> 00:02:47,679
Speaker 1: just a warning to like, be careful who you listened, to,

61
00:02:47,880 --> 00:02:49,600
Speaker 1: be careful what people are telling you, and you need

62
00:02:49,639 --> 00:02:51,960
Speaker 1: to vet what you're being told because when you look

63
00:02:52,000 --> 00:02:54,680
Speaker 1: at the fundamentals of a company like work. He was

64
00:02:54,800 --> 00:02:57,079
Speaker 1: just a real estate company, and you know, they did

65
00:02:57,200 --> 00:02:59,560
Speaker 1: fine for a while, but they were trying to grow

66
00:02:59,680 --> 00:03:02,040
Speaker 1: too and they were trying to be something that they weren't,

67
00:03:02,200 --> 00:03:04,440
Speaker 1: and they just couldn't sustained the valuation and things came

68
00:03:04,520 --> 00:03:06,920
Speaker 1: crashing back down to earth. Well, thanks for that recommendation, man,

69
00:03:06,960 --> 00:03:08,840
Speaker 1: I'll have to check it out. I did look it

70
00:03:08,919 --> 00:03:10,639
Speaker 1: up on Rotten Tomatoes and it gets it gets good

71
00:03:10,639 --> 00:03:13,079
Speaker 1: reviews on there. Do you ever you still use Rotten Tomatoes?

72
00:03:13,120 --> 00:03:16,320
Speaker 1: And sometime actually, okay, so you you watched that recently?

73
00:03:16,320 --> 00:03:18,520
Speaker 1: I recently also looked up Wall Street. Have you ever

74
00:03:18,520 --> 00:03:20,760
Speaker 1: watched that movie? Like from the eighties? We have a

75
00:03:20,760 --> 00:03:22,280
Speaker 1: long time like a long time ago, so I don't

76
00:03:22,280 --> 00:03:24,040
Speaker 1: think I've ever seen it. But recently I've had a

77
00:03:24,080 --> 00:03:26,400
Speaker 1: desire just we talk about money all the time. We

78
00:03:26,400 --> 00:03:28,280
Speaker 1: talked about investing, we talked about the stock market. But

79
00:03:28,280 --> 00:03:30,240
Speaker 1: we've never been a Wall Street. Well I've I've been

80
00:03:30,240 --> 00:03:33,320
Speaker 1: a Wall Street like yeah, like like visiting New York. Okay,

81
00:03:33,800 --> 00:03:35,200
Speaker 1: I've never been there. I've been up there taking a

82
00:03:35,240 --> 00:03:38,800
Speaker 1: picture with a bowl. Yeah, but I feel like it

83
00:03:38,800 --> 00:03:41,320
Speaker 1: would be interesting to just see how things used to

84
00:03:41,360 --> 00:03:42,720
Speaker 1: be kind of like back. I mean, that's a long

85
00:03:42,760 --> 00:03:45,520
Speaker 1: time ago, right back in the eighties. But well, specifically,

86
00:03:45,560 --> 00:03:46,760
Speaker 1: one of the reasons I want to watch it is

87
00:03:46,760 --> 00:03:48,880
Speaker 1: because that movie came out like a couple of months

88
00:03:48,960 --> 00:03:51,800
Speaker 1: after the crash in eighty seven, and so a lot

89
00:03:51,800 --> 00:03:53,880
Speaker 1: of folks kind of like they basically it seemed like

90
00:03:53,920 --> 00:03:55,920
Speaker 1: they had a scapegoat, like they had a reason as

91
00:03:55,920 --> 00:03:57,600
Speaker 1: to why everyone was going through this, and that movie

92
00:03:57,600 --> 00:03:59,360
Speaker 1: had just come out, and so I heard about that

93
00:03:59,400 --> 00:04:01,000
Speaker 1: recently and it just made me realize that, like, man,

94
00:04:01,000 --> 00:04:03,080
Speaker 1: that's that's not a movie I've ever seen a doubt

95
00:04:03,160 --> 00:04:04,960
Speaker 1: Kate has any interest in watching it this so I'll

96
00:04:04,960 --> 00:04:07,480
Speaker 1: have to watch it solo. Might maybe even tonight because

97
00:04:07,520 --> 00:04:09,280
Speaker 1: our wives have a little girls night playing and they're

98
00:04:09,280 --> 00:04:11,040
Speaker 1: gonna go out to eat. That's right, So all right,

99
00:04:11,080 --> 00:04:12,480
Speaker 1: well let me know how it is. I will let

100
00:04:12,480 --> 00:04:15,280
Speaker 1: you know because it's been a while. But let's mention

101
00:04:15,360 --> 00:04:17,000
Speaker 1: the beer that we're having on the show today, Matt.

102
00:04:17,080 --> 00:04:19,360
Speaker 1: This one is called the Return of the Tripping Dead

103
00:04:19,680 --> 00:04:22,679
Speaker 1: by Tripping Animals Brewing Company, and they make some really

104
00:04:22,680 --> 00:04:25,240
Speaker 1: interesting stuff. This is a sour beer. I'm excited to

105
00:04:25,400 --> 00:04:27,240
Speaker 1: check out today and we'll give our thoughts on this

106
00:04:27,279 --> 00:04:29,120
Speaker 1: beer at the end of the episode, but for now,

107
00:04:29,200 --> 00:04:31,400
Speaker 1: let's get onto the topic at hand. We are discussing

108
00:04:31,520 --> 00:04:34,640
Speaker 1: why you shouldn't trust money advice from certain people, and Matt,

109
00:04:35,040 --> 00:04:36,840
Speaker 1: I want to ask you, what's the worst advice you've

110
00:04:36,880 --> 00:04:38,760
Speaker 1: ever gotten? Hopefully didn't come from me. I mean, I

111
00:04:38,760 --> 00:04:41,880
Speaker 1: think I've actually gotten pretty good advice, uh, issued to

112
00:04:42,000 --> 00:04:43,919
Speaker 1: me my entire life. I feel like it's more me

113
00:04:44,000 --> 00:04:46,360
Speaker 1: just not listening to that advice, Like I feel like

114
00:04:46,440 --> 00:04:48,680
Speaker 1: I've gotten pretty good advice. That being said, I can't

115
00:04:48,720 --> 00:04:51,359
Speaker 1: remember one time a specific real estate deal and I

116
00:04:51,400 --> 00:04:54,640
Speaker 1: had a great agent, very experienced real estate agent, and

117
00:04:54,760 --> 00:04:56,560
Speaker 1: she was recommending for me to walk away from a

118
00:04:56,560 --> 00:04:59,719
Speaker 1: specific deal because the seller's agent was doing kind of

119
00:04:59,720 --> 00:05:02,159
Speaker 1: some unconventional stuff, like the way like some of the

120
00:05:02,160 --> 00:05:04,120
Speaker 1: requirements he was he was making folks to kind of

121
00:05:04,160 --> 00:05:06,119
Speaker 1: the hoops that he was making folks jump three weren't normal.

122
00:05:06,360 --> 00:05:07,919
Speaker 1: And she was like, no, that's not how you you

123
00:05:07,960 --> 00:05:10,240
Speaker 1: do business. You shouldn't have to do this. Walk away

124
00:05:10,240 --> 00:05:12,040
Speaker 1: from the deal. But he had good reasons for it,

125
00:05:12,360 --> 00:05:13,800
Speaker 1: and I kind of felt down on my gult that

126
00:05:13,800 --> 00:05:15,640
Speaker 1: I was willing to take that risk, and had I

127
00:05:15,680 --> 00:05:17,920
Speaker 1: listened to her, there's a good chance that we would

128
00:05:17,920 --> 00:05:20,480
Speaker 1: have missed out on that property. Uh, and that specific

129
00:05:20,480 --> 00:05:23,800
Speaker 1: house is our best rental property, and so had I

130
00:05:23,839 --> 00:05:25,599
Speaker 1: listened to her, we wouldn't have that rental. And so

131
00:05:25,720 --> 00:05:28,760
Speaker 1: that's I guess maybe one specific piece of financial advice

132
00:05:28,800 --> 00:05:30,560
Speaker 1: that was given to me that I intentionally was like,

133
00:05:30,600 --> 00:05:33,120
Speaker 1: I hear what you're saying. I totally appreciate where you're

134
00:05:33,120 --> 00:05:35,640
Speaker 1: coming from, but I'm going to choose to take another path.

135
00:05:36,000 --> 00:05:37,440
Speaker 1: And it worked out too good a deal to pass

136
00:05:37,520 --> 00:05:39,839
Speaker 1: up on. Yeah, exactly, I understand that. I feel like

137
00:05:39,839 --> 00:05:41,880
Speaker 1: we've all gotten some bad advice at some point in

138
00:05:41,920 --> 00:05:45,000
Speaker 1: our lives, whether it's like relationship advice, or money advice,

139
00:05:45,080 --> 00:05:47,080
Speaker 1: or just like really anything someone has steered us wrong

140
00:05:47,120 --> 00:05:50,680
Speaker 1: at some point. Actually, I've gotten poor relationships getting now

141
00:05:50,680 --> 00:05:52,680
Speaker 1: that I think about it, well, it makes me think

142
00:05:52,839 --> 00:05:55,359
Speaker 1: about like if you're visiting somewhere and you're trying to

143
00:05:55,360 --> 00:05:58,400
Speaker 1: get directions from someone else who's also visiting. Like one

144
00:05:58,400 --> 00:06:01,040
Speaker 1: time I was in Norway, and because I look Norwegian

145
00:06:01,040 --> 00:06:03,120
Speaker 1: because like my family's Norwegian, people came up to me

146
00:06:03,160 --> 00:06:04,640
Speaker 1: and they're like, hey, do you know how to get here,

147
00:06:04,680 --> 00:06:06,400
Speaker 1: and I'm like, I mean, I could try to tell you,

148
00:06:06,400 --> 00:06:08,120
Speaker 1: but I don't really know, and like just not a

149
00:06:08,120 --> 00:06:10,000
Speaker 1: good idea to get advice for me. While I'm like

150
00:06:10,160 --> 00:06:12,360
Speaker 1: visiting somewhere and the same is true someone else is

151
00:06:12,440 --> 00:06:14,200
Speaker 1: visiting and they're like, I mean, I don't really know,

152
00:06:14,279 --> 00:06:15,839
Speaker 1: but I can kind of point you in the right direction.

153
00:06:16,240 --> 00:06:17,839
Speaker 1: Those tourists were like looking at each other, is like,

154
00:06:18,080 --> 00:06:21,479
Speaker 1: did that guy sound like it's from MARYA to Georgia. Yeah,

155
00:06:21,480 --> 00:06:23,440
Speaker 1: there's just there's just like this high probability that you're

156
00:06:23,440 --> 00:06:26,160
Speaker 1: not going to get through the right destination if that

157
00:06:26,200 --> 00:06:29,719
Speaker 1: person isn't familiar with where you're headed. Right. And the

158
00:06:29,760 --> 00:06:32,880
Speaker 1: democratization of media has been great in a whole lot

159
00:06:32,880 --> 00:06:35,240
Speaker 1: of ways, but it can also make it difficult as

160
00:06:35,279 --> 00:06:37,800
Speaker 1: an individual to know who you can trust really in

161
00:06:37,800 --> 00:06:39,960
Speaker 1: a lot of areas of life, but specifically we're gonna

162
00:06:39,960 --> 00:06:42,520
Speaker 1: talk about money. There are a lot of self appointed

163
00:06:42,600 --> 00:06:45,760
Speaker 1: experts these days, and it's easy to start following and

164
00:06:45,800 --> 00:06:48,600
Speaker 1: listening to people who either maybe hav an outright bias

165
00:06:49,080 --> 00:06:51,480
Speaker 1: or maybe they just don't know enough to give you

166
00:06:51,720 --> 00:06:54,800
Speaker 1: solid advice for what's going on in your life. That

167
00:06:54,920 --> 00:06:56,520
Speaker 1: is true dude. Yeah, most of us don't really know

168
00:06:56,520 --> 00:06:58,800
Speaker 1: where to turn for advice these days, so we end

169
00:06:58,880 --> 00:07:01,400
Speaker 1: up oftentimes getting it from the wrong folks. Right. We

170
00:07:01,440 --> 00:07:04,040
Speaker 1: either turn to to folks who know maybe just a

171
00:07:04,080 --> 00:07:06,320
Speaker 1: little bit more than us, but still not very much,

172
00:07:06,760 --> 00:07:09,119
Speaker 1: or we try to find a quote unquote expert where

173
00:07:09,200 --> 00:07:12,360
Speaker 1: we're not sure which one actually knows what they're talking about,

174
00:07:12,800 --> 00:07:15,080
Speaker 1: and often to that person has a goal to make

175
00:07:15,120 --> 00:07:17,080
Speaker 1: money based on how it is that you react to

176
00:07:17,120 --> 00:07:19,440
Speaker 1: their advice. Uh. And so because of that, it's really

177
00:07:19,520 --> 00:07:21,880
Speaker 1: hard to know who to trust. And then, in addition

178
00:07:21,920 --> 00:07:25,280
Speaker 1: to that too, since time compounds the effects of bad advice,

179
00:07:25,680 --> 00:07:29,640
Speaker 1: implementing these poor money habits based on just bad advice

180
00:07:29,680 --> 00:07:32,720
Speaker 1: early on, they can really cost you big time if

181
00:07:32,720 --> 00:07:34,800
Speaker 1: you don't correct those bad news. And so that's what

182
00:07:34,840 --> 00:07:36,560
Speaker 1: we're gonna talk about today. We're gonna talk about some

183
00:07:36,560 --> 00:07:39,480
Speaker 1: of the commonplaces that folks turn for money advice and

184
00:07:39,480 --> 00:07:41,680
Speaker 1: how it is to know who's trustworthy and who isn't.

185
00:07:41,720 --> 00:07:43,480
Speaker 1: That's true. Before we get in that too, though, I

186
00:07:43,520 --> 00:07:46,960
Speaker 1: think it's important to note that a lot of situations

187
00:07:47,200 --> 00:07:50,480
Speaker 1: that we're gonna talk about today aren't instances where someone

188
00:07:50,680 --> 00:07:53,640
Speaker 1: is out to get you right where they're trying on

189
00:07:53,720 --> 00:07:57,120
Speaker 1: purpose to give you bad advice. Often financial advice that

190
00:07:57,160 --> 00:07:59,520
Speaker 1: you're gonna hear from a whole lot of people comes

191
00:07:59,560 --> 00:08:02,520
Speaker 1: with good in tensions, but it's still not helpful because

192
00:08:02,520 --> 00:08:05,320
Speaker 1: it's not the right advice for you. There are, of course,

193
00:08:05,400 --> 00:08:07,640
Speaker 1: folks out there trying to take advantage of other people.

194
00:08:07,840 --> 00:08:10,280
Speaker 1: Bernie made Off, for instance, was one of those kinds

195
00:08:10,280 --> 00:08:14,040
Speaker 1: of folks. But hopefully we're all finding ourselves in situations

196
00:08:14,040 --> 00:08:16,440
Speaker 1: where someone is trying to give us good advice. They

197
00:08:16,440 --> 00:08:19,080
Speaker 1: have good intentions, but it's just not advice that you

198
00:08:19,120 --> 00:08:21,240
Speaker 1: should be taking. That's when it's going to take some

199
00:08:21,320 --> 00:08:23,960
Speaker 1: wisdom on your part to know what you should be doing.

200
00:08:24,320 --> 00:08:27,440
Speaker 1: Just because you can take someone's advice, it doesn't mean

201
00:08:27,480 --> 00:08:29,880
Speaker 1: that you should, right, Yeah, dude, I almost feel that

202
00:08:29,920 --> 00:08:32,320
Speaker 1: could be like the subtitle of this episode, just because

203
00:08:32,360 --> 00:08:34,400
Speaker 1: you can doesn't mean you should write. Because we're like,

204
00:08:34,400 --> 00:08:37,040
Speaker 1: we're gonna be exposed to lots of different pieces of

205
00:08:37,080 --> 00:08:39,560
Speaker 1: advice in our lifetimes. Um. It honestly just kind of

206
00:08:39,559 --> 00:08:41,719
Speaker 1: makes me think to other areas in our life as well. Right,

207
00:08:41,760 --> 00:08:44,080
Speaker 1: Like I can go and smoke a cigarette, right, In fact,

208
00:08:44,080 --> 00:08:45,959
Speaker 1: I could choose to smoke a pack of day if

209
00:08:45,960 --> 00:08:48,120
Speaker 1: I if I chose to do a buddy, I could,

210
00:08:48,400 --> 00:08:49,800
Speaker 1: but I'm not going to because that would be a

211
00:08:49,840 --> 00:08:52,400
Speaker 1: bad decision for me. Just because something exists out there

212
00:08:52,400 --> 00:08:54,280
Speaker 1: in the world doesn't mean you should like that decision

213
00:08:54,280 --> 00:08:57,000
Speaker 1: for everyone. By the one. Yeah, it's like the same

214
00:08:57,000 --> 00:08:59,000
Speaker 1: thing with food. It doesn't have to be like, you know,

215
00:08:59,120 --> 00:09:01,640
Speaker 1: drug related or whatever. I could choose to eat Christmy

216
00:09:01,679 --> 00:09:04,360
Speaker 1: Creep donuts every single day and I would love that,

217
00:09:04,400 --> 00:09:06,800
Speaker 1: but because I love those donuts, but that doesn't mean

218
00:09:06,840 --> 00:09:08,760
Speaker 1: I should, right, And so it's important to point out

219
00:09:08,800 --> 00:09:11,160
Speaker 1: that we have the freedom to choose what it is

220
00:09:11,200 --> 00:09:13,360
Speaker 1: that we're going to pursue what we're not going to pursue.

221
00:09:13,440 --> 00:09:15,280
Speaker 1: It is up to us as individuals. And when it

222
00:09:15,280 --> 00:09:18,080
Speaker 1: comes to the different financial advice that we hear, sometimes

223
00:09:18,120 --> 00:09:21,520
Speaker 1: the advice can be poor because oftentimes folks don't know

224
00:09:21,600 --> 00:09:26,280
Speaker 1: our specific situation. You know, personal circumstances are incredibly relevant

225
00:09:26,320 --> 00:09:29,200
Speaker 1: to these different conversations that we have surrounding money. Say

226
00:09:29,200 --> 00:09:31,360
Speaker 1: you're talking with someone and they suggest you do exactly

227
00:09:31,360 --> 00:09:33,679
Speaker 1: what they're doing with their money, but they don't find

228
00:09:33,720 --> 00:09:36,640
Speaker 1: out more about your specific situation Like that could be harmful.

229
00:09:36,920 --> 00:09:39,480
Speaker 1: You might even be making a good financial move, but

230
00:09:39,520 --> 00:09:41,439
Speaker 1: if you do it at the wrong time, that could

231
00:09:41,480 --> 00:09:44,240
Speaker 1: be bad for your current financial situation. And actually, man,

232
00:09:44,280 --> 00:09:47,680
Speaker 1: I made this exact mistake. After I graduated college, A

233
00:09:47,679 --> 00:09:49,400
Speaker 1: slightly older friend of mine, you know, said that I

234
00:09:49,400 --> 00:09:52,040
Speaker 1: should go ahead and open a roth ira get investing

235
00:09:52,040 --> 00:09:54,840
Speaker 1: as soon as possible. He himself he'd seen some huge

236
00:09:54,840 --> 00:09:57,160
Speaker 1: gains over the course of just a few years. He was,

237
00:09:57,280 --> 00:09:58,920
Speaker 1: you know, like a I don't know, five ten years

238
00:09:58,920 --> 00:10:00,839
Speaker 1: older than me, and so I follow does advice I did.

239
00:10:00,880 --> 00:10:03,200
Speaker 1: I opened up that roth ira. A However, I was

240
00:10:03,240 --> 00:10:06,160
Speaker 1: not in a solid position when it came to my money,

241
00:10:06,240 --> 00:10:10,080
Speaker 1: not enough savings in the bank, Yes, exactly, And in

242
00:10:10,200 --> 00:10:11,640
Speaker 1: a couple of years later, I found myself in a

243
00:10:11,679 --> 00:10:14,000
Speaker 1: situation where I was in the process of moving. I

244
00:10:14,040 --> 00:10:15,800
Speaker 1: needed that money for some other things, and luckily it

245
00:10:15,840 --> 00:10:17,360
Speaker 1: was in a wrath and so I could withdraw those

246
00:10:17,360 --> 00:10:20,120
Speaker 1: contributions without penalty. But even still, I would have been

247
00:10:20,160 --> 00:10:22,360
Speaker 1: better served. Had I had that money in the bank,

248
00:10:22,360 --> 00:10:24,160
Speaker 1: I would have been much less dressed. I would have

249
00:10:24,160 --> 00:10:26,120
Speaker 1: had more margin in that emergency fund would have been

250
00:10:26,120 --> 00:10:28,320
Speaker 1: sitting there waiting on me. But instead that money was

251
00:10:28,320 --> 00:10:30,480
Speaker 1: in a volatile market. Yeah, so that of course is

252
00:10:30,520 --> 00:10:33,040
Speaker 1: a case of someone with good intentions, but you're getting

253
00:10:33,040 --> 00:10:34,960
Speaker 1: the advice maybe at the wrong time. You're not quite

254
00:10:35,000 --> 00:10:37,360
Speaker 1: ready for that staff exactly. That's where the money years

255
00:10:37,360 --> 00:10:39,520
Speaker 1: come in that we talked about an episode three oh two. Right,

256
00:10:39,559 --> 00:10:41,320
Speaker 1: it's like it's important to know when to do what

257
00:10:41,440 --> 00:10:43,439
Speaker 1: with your money, not just what to do with your money.

258
00:10:43,600 --> 00:10:46,319
Speaker 1: And of course too, like maybe someone who's offering you

259
00:10:46,320 --> 00:10:48,560
Speaker 1: advice is chomping at the bit to offer you a

260
00:10:48,559 --> 00:10:52,000
Speaker 1: specific solution that's a silver bullet, right, and they're saying

261
00:10:52,360 --> 00:10:54,760
Speaker 1: this is exactly what you should be doing with your money.

262
00:10:55,080 --> 00:10:56,959
Speaker 1: That can also be a red flag, right. It might

263
00:10:57,000 --> 00:11:00,160
Speaker 1: mean that that person, that individual is biased or maybe

264
00:11:00,200 --> 00:11:02,040
Speaker 1: they stand to gain in some way if you follow

265
00:11:02,040 --> 00:11:04,040
Speaker 1: their advice. It's like talk could do an insurance salesman,

266
00:11:04,240 --> 00:11:06,439
Speaker 1: you know what you need ten million dollars of term

267
00:11:06,480 --> 00:11:09,040
Speaker 1: life insurance or or ten million dollars worse of whole

268
00:11:09,040 --> 00:11:12,440
Speaker 1: life insurance, and um, you're asking the wrong person. They

269
00:11:12,480 --> 00:11:15,920
Speaker 1: stand to benefit and maybe you don't need nearly that

270
00:11:16,040 --> 00:11:18,920
Speaker 1: much and not likelihood you need term life insurance. Right,

271
00:11:18,960 --> 00:11:21,720
Speaker 1: So that's true. Yeah, a little life insurance snugget for folks.

272
00:11:22,520 --> 00:11:24,520
Speaker 1: And this is especially true, right if if that person

273
00:11:24,640 --> 00:11:26,880
Speaker 1: is selling a product with their name or their company's

274
00:11:26,960 --> 00:11:29,200
Speaker 1: name on it, or maybe they're trying to get you

275
00:11:29,240 --> 00:11:31,760
Speaker 1: to sign up for a service they offer. Again, it's

276
00:11:31,800 --> 00:11:35,000
Speaker 1: not that they're trying to swindle you or steal your money.

277
00:11:35,160 --> 00:11:38,200
Speaker 1: It's just that they have self interest in what they're selling,

278
00:11:38,320 --> 00:11:41,000
Speaker 1: in the product that they're pushing, and that's just really

279
00:11:41,040 --> 00:11:44,240
Speaker 1: important to be aware of when you're taking money advice. Yeah, dude, Honestly,

280
00:11:44,280 --> 00:11:45,679
Speaker 1: the same thing could be said of us, right. We

281
00:11:45,760 --> 00:11:47,560
Speaker 1: kind of touched on this at the very beginning, Like,

282
00:11:47,559 --> 00:11:50,520
Speaker 1: folks probably think that we're acting in our own best interests,

283
00:11:50,880 --> 00:11:53,240
Speaker 1: and honestly, like that's really true to a certain extent,

284
00:11:53,600 --> 00:11:57,440
Speaker 1: but we fully believe that our interests align with the

285
00:11:57,840 --> 00:12:00,199
Speaker 1: interests of our listeners. And I don't mean, right that

286
00:12:00,240 --> 00:12:02,760
Speaker 1: everyone should take the exact path towards wealth building that

287
00:12:02,760 --> 00:12:04,719
Speaker 1: we're taking, right, Like, I'm not saying that everybody out

288
00:12:04,720 --> 00:12:07,200
Speaker 1: there should dabble in real estate like we do, but

289
00:12:07,240 --> 00:12:09,080
Speaker 1: we're what we're talking about is that the quality and

290
00:12:09,120 --> 00:12:10,839
Speaker 1: the soundness of the advice that we give here in

291
00:12:10,920 --> 00:12:13,160
Speaker 1: the show, that it needs to be the absolute best

292
00:12:13,200 --> 00:12:16,000
Speaker 1: info that there is. You know, it's not only for

293
00:12:16,040 --> 00:12:19,720
Speaker 1: the benefit of everyone listening, but that approach also benefits

294
00:12:19,840 --> 00:12:23,040
Speaker 1: us and our ability to have a quality show that

295
00:12:23,080 --> 00:12:25,040
Speaker 1: we care about, that we want to continue to grow.

296
00:12:25,080 --> 00:12:27,079
Speaker 1: We want to make sure that we're doing things. It's

297
00:12:27,080 --> 00:12:29,040
Speaker 1: not only for the benefit of everyone out there listening,

298
00:12:29,360 --> 00:12:32,160
Speaker 1: but that approach also benefits us and our ability to

299
00:12:32,200 --> 00:12:34,240
Speaker 1: have a quality show that we care about and a

300
00:12:34,280 --> 00:12:36,160
Speaker 1: show that we want to see continue to grow, to

301
00:12:36,320 --> 00:12:38,400
Speaker 1: continue to reach listeners out there too, you know, as

302
00:12:38,440 --> 00:12:41,760
Speaker 1: we provide great financial advice. I mean, it's it's just

303
00:12:41,800 --> 00:12:43,280
Speaker 1: a way for us to show that, like we have

304
00:12:43,320 --> 00:12:44,920
Speaker 1: skin in the game, and that's one of the ways

305
00:12:44,920 --> 00:12:47,520
Speaker 1: that ensures that we're giving good advice to you, our listener. Yeah,

306
00:12:47,559 --> 00:12:49,720
Speaker 1: it's that's true. Like, I don't think we would last

307
00:12:49,800 --> 00:12:53,640
Speaker 1: very long if we were selling crummy online courses or

308
00:12:53,800 --> 00:12:56,400
Speaker 1: something that didn't have the best interests of our listeners

309
00:12:56,679 --> 00:12:59,000
Speaker 1: front and center. Like that's what matters the most to us.

310
00:12:59,200 --> 00:13:00,959
Speaker 1: You know, we might stand to benefit maybe in the

311
00:13:01,000 --> 00:13:04,640
Speaker 1: short term if we offered more self interested advice or

312
00:13:04,679 --> 00:13:07,360
Speaker 1: we were packaging more and more things to sell, but

313
00:13:07,400 --> 00:13:09,679
Speaker 1: in the long run, that level of trust in what

314
00:13:09,720 --> 00:13:12,520
Speaker 1: we're saying, I think would disintegrate, right, leaving you and

315
00:13:12,559 --> 00:13:14,640
Speaker 1: I with a show that maybe people would want to

316
00:13:14,640 --> 00:13:17,320
Speaker 1: listen to, and not maybe but like people people would

317
00:13:17,360 --> 00:13:19,559
Speaker 1: not want to listen to, you know, and like if

318
00:13:19,559 --> 00:13:23,319
Speaker 1: people can't trust us, how the money goes bust? Period, right,

319
00:13:23,320 --> 00:13:25,400
Speaker 1: and we gotta move on and find something else to do.

320
00:13:25,720 --> 00:13:28,760
Speaker 1: And that's also why we so often discussed how we

321
00:13:28,800 --> 00:13:31,320
Speaker 1: come to certain conclusions, especially when we're taking listener questions.

322
00:13:31,360 --> 00:13:33,280
Speaker 1: But in every episode, right, we don't want to just

323
00:13:33,320 --> 00:13:36,280
Speaker 1: provide an answer to a question. We want to show

324
00:13:36,440 --> 00:13:39,480
Speaker 1: the process of how we arrived there. Those principles can

325
00:13:39,480 --> 00:13:41,720
Speaker 1: then be applied, uh in a lot of other financial

326
00:13:41,720 --> 00:13:44,480
Speaker 1: situations you find yourself in down the road. And to me,

327
00:13:44,880 --> 00:13:48,079
Speaker 1: that fuller explanation makes what we're talking about and the

328
00:13:48,080 --> 00:13:51,240
Speaker 1: answers that we're giving even more valuable. Yeah, dude. And additionally,

329
00:13:51,360 --> 00:13:53,079
Speaker 1: if we didn't really believe this, we wouldn't have chosen

330
00:13:53,120 --> 00:13:55,520
Speaker 1: to do an episode on this topic, right, be shining

331
00:13:55,559 --> 00:13:59,480
Speaker 1: a spotlight on like already itself exactly. They're like, these

332
00:13:59,480 --> 00:14:04,120
Speaker 1: guys are either geniuses or they're idiots. Hopefully folks just

333
00:14:04,120 --> 00:14:06,280
Speaker 1: realize that we're just being honest in this case. So

334
00:14:06,480 --> 00:14:08,360
Speaker 1: we've we've likely had a ton of different folks give

335
00:14:08,440 --> 00:14:10,800
Speaker 1: us different advice over the years, like we talked about earlier,

336
00:14:10,920 --> 00:14:13,160
Speaker 1: and we're gonna get into more specifics about who it

337
00:14:13,280 --> 00:14:15,640
Speaker 1: is that you should be ignoring. Uh and the principles

338
00:14:15,679 --> 00:14:19,160
Speaker 1: too for finding solid money advice regularly right after the break,

339
00:14:28,760 --> 00:14:30,800
Speaker 1: All right, Alice, keep rolling with this. Let's talk about

340
00:14:31,000 --> 00:14:33,280
Speaker 1: folks that you shouldn't trust when it comes to money advice.

341
00:14:33,720 --> 00:14:35,480
Speaker 1: And I feel like one of the places that we

342
00:14:35,480 --> 00:14:38,480
Speaker 1: should shine a light first is maybe like the experts

343
00:14:38,480 --> 00:14:40,640
Speaker 1: that you're gonna find on social media, they're kind of

344
00:14:40,720 --> 00:14:42,600
Speaker 1: a dime a dozen these days. This is this is

345
00:14:42,600 --> 00:14:44,360
Speaker 1: a category I feel like we've been again, we've we've

346
00:14:44,400 --> 00:14:46,600
Speaker 1: kind of been touching on this a lot lately. And

347
00:14:46,640 --> 00:14:48,720
Speaker 1: I will say it's it's not that social media is

348
00:14:48,760 --> 00:14:51,280
Speaker 1: all bad, and there are some awesome people using that

349
00:14:51,360 --> 00:14:54,600
Speaker 1: medium well in an attempt to spread helpful information about

350
00:14:54,600 --> 00:14:58,640
Speaker 1: personal finance, debt reduction, investing, financial literacy. I mean, my

351
00:14:58,680 --> 00:15:00,680
Speaker 1: sister the other day was telling me about a couple

352
00:15:00,680 --> 00:15:03,560
Speaker 1: of people she follows on Instagram and it's just giving

353
00:15:03,600 --> 00:15:05,960
Speaker 1: her a lot of inspiration when it comes to her

354
00:15:06,040 --> 00:15:08,640
Speaker 1: debt payoff journey, and I'm glad she's got those people.

355
00:15:08,680 --> 00:15:11,280
Speaker 1: So I don't want to like on social media altogether, right,

356
00:15:11,480 --> 00:15:14,440
Speaker 1: But but it's also true that certain mediums are less

357
00:15:14,480 --> 00:15:17,440
Speaker 1: conducive to helpful advice and others. Some are set up

358
00:15:17,480 --> 00:15:20,160
Speaker 1: to provide a back and forth exchange and they can

359
00:15:20,200 --> 00:15:23,040
Speaker 1: include greater context, long form audio. I feel like it's

360
00:15:23,040 --> 00:15:25,480
Speaker 1: actually one of those mediums where you can do that. Yeah,

361
00:15:25,520 --> 00:15:27,520
Speaker 1: it allows you to dive into more of the nuances

362
00:15:27,560 --> 00:15:29,160
Speaker 1: of a topic instead of just being like, you just

363
00:15:29,200 --> 00:15:31,160
Speaker 1: gotta do this, just do this one thing and you'll

364
00:15:31,160 --> 00:15:33,400
Speaker 1: be set right exactly. It's not how we do it. Yeah.

365
00:15:33,400 --> 00:15:35,600
Speaker 1: But but the problem with social media is that anyone

366
00:15:35,680 --> 00:15:37,960
Speaker 1: can post financial content that ends up in your feed.

367
00:15:38,160 --> 00:15:40,040
Speaker 1: You know, some people might be more informed than others,

368
00:15:40,080 --> 00:15:42,200
Speaker 1: like hopefully some of the people and my sisters following

369
00:15:42,400 --> 00:15:45,000
Speaker 1: are helpful and are giving good advice as well as

370
00:15:45,000 --> 00:15:47,800
Speaker 1: that inspiration and the ability to get more contact from

371
00:15:47,840 --> 00:15:50,800
Speaker 1: someone that you follow see or here just in social

372
00:15:50,840 --> 00:15:53,600
Speaker 1: media is almost non existent. So you might see a graphic,

373
00:15:53,840 --> 00:15:56,280
Speaker 1: but a fuller context and explanation can be harder to

374
00:15:56,280 --> 00:15:58,320
Speaker 1: come by. Yeah, this, folks, your sister follows. I feel

375
00:15:58,360 --> 00:15:59,800
Speaker 1: like that could be a great place for folks to

376
00:15:59,800 --> 00:16:02,840
Speaker 1: turn for, like you said, kind of this inspirational financial content,

377
00:16:02,880 --> 00:16:04,840
Speaker 1: you know, and and yeah, you might even learn something

378
00:16:04,920 --> 00:16:06,760
Speaker 1: kind of along the way, especially if you're following the

379
00:16:06,840 --> 00:16:09,640
Speaker 1: right folks who have a solid history in the personal

380
00:16:09,680 --> 00:16:11,640
Speaker 1: finance space. But the thing is, you know, we're talking

381
00:16:11,680 --> 00:16:13,520
Speaker 1: about social media here, but we're also seeing this in

382
00:16:13,560 --> 00:16:16,160
Speaker 1: other media as well, just like even on TV, like entertainment,

383
00:16:16,560 --> 00:16:18,760
Speaker 1: uh in social media is almost like a form of

384
00:16:18,880 --> 00:16:21,280
Speaker 1: entertainment now. It's not like we're using it to just

385
00:16:21,360 --> 00:16:23,760
Speaker 1: keep in touch with other folks. It's kind of replaced

386
00:16:24,080 --> 00:16:25,960
Speaker 1: some of the other types of entertainment that we used

387
00:16:26,000 --> 00:16:28,600
Speaker 1: to consume. And so in the same way, you shouldn't

388
00:16:28,600 --> 00:16:31,680
Speaker 1: necessarily take business advice from Shark Tank. It's inspiring and

389
00:16:31,680 --> 00:16:33,160
Speaker 1: it's it's and it's pretty cool to see some of

390
00:16:33,160 --> 00:16:34,920
Speaker 1: the things that they're doing, but that's not a replacement

391
00:16:34,960 --> 00:16:36,600
Speaker 1: for an MBA for instance, right, And so in the

392
00:16:36,640 --> 00:16:39,760
Speaker 1: same way, following these folks online isn't necessarily a replacement

393
00:16:39,800 --> 00:16:42,000
Speaker 1: for you kind of getting your own personal finance chops

394
00:16:42,000 --> 00:16:43,560
Speaker 1: in order. And so if you're looking to get a

395
00:16:43,600 --> 00:16:46,720
Speaker 1: big chunk of your financial education from the major social

396
00:16:46,760 --> 00:16:49,120
Speaker 1: media platforms out there that we don't think the results

397
00:16:49,120 --> 00:16:51,600
Speaker 1: are gonna be great again. Like we said earlier, this

398
00:16:51,640 --> 00:16:54,280
Speaker 1: is a huge reason why we're all about teaching uh

399
00:16:54,280 --> 00:16:56,600
Speaker 1: and not just about like selling a product or making

400
00:16:56,640 --> 00:16:59,520
Speaker 1: a pitch. We want you to dig a little bit deeper. UH,

401
00:16:59,560 --> 00:17:02,360
Speaker 1: don't findly follow what it is that folks are out

402
00:17:02,400 --> 00:17:04,840
Speaker 1: there pitching and selling. Gosh, it even makes me think

403
00:17:04,840 --> 00:17:06,800
Speaker 1: about Reddit, right, Like, folks are turning to these different

404
00:17:06,800 --> 00:17:09,639
Speaker 1: subreddits and they're taking their financial advice as to what

405
00:17:09,680 --> 00:17:12,200
Speaker 1: they should purchase next, what they should invest in. UH.

406
00:17:12,240 --> 00:17:14,160
Speaker 1: And that's not a great way of going about things.

407
00:17:14,200 --> 00:17:16,359
Speaker 1: And I've seen some sound financial advice I read it.

408
00:17:16,520 --> 00:17:19,200
Speaker 1: I've also seen the option and and for for novices,

409
00:17:19,240 --> 00:17:21,720
Speaker 1: it's hard to know what the difference is and who

410
00:17:21,800 --> 00:17:23,440
Speaker 1: you should listen to on there. And so if you're

411
00:17:23,440 --> 00:17:25,680
Speaker 1: going there frequently and that's where you're hoping to get

412
00:17:25,720 --> 00:17:28,399
Speaker 1: a good bit of your financial education, you could be

413
00:17:28,480 --> 00:17:31,359
Speaker 1: let us right right. Also, let's talk about journalists. Maybe

414
00:17:31,359 --> 00:17:34,280
Speaker 1: that's another place where you shouldn't be turning. You shouldn't

415
00:17:34,280 --> 00:17:37,400
Speaker 1: be trusting those folks for financial advice. Established media Yeah,

416
00:17:37,560 --> 00:17:39,800
Speaker 1: news articles in particular seem like they'd be a great

417
00:17:39,800 --> 00:17:42,040
Speaker 1: place for helpful financial advice, right. We turn to the

418
00:17:42,119 --> 00:17:44,160
Speaker 1: news frequently to find out what's going on in the world,

419
00:17:44,560 --> 00:17:47,200
Speaker 1: why not turn there for some enlightenment when it comes

420
00:17:47,200 --> 00:17:51,480
Speaker 1: to our money. Well, clickbate and sensationalism are major problems

421
00:17:51,480 --> 00:17:54,000
Speaker 1: in the world of online journalism, and a lot of

422
00:17:54,000 --> 00:17:56,200
Speaker 1: papers have had to trim staff in a major way.

423
00:17:56,520 --> 00:18:00,119
Speaker 1: Like good personal finance content is almost non existent the

424
00:18:00,160 --> 00:18:02,359
Speaker 1: pages of some of the most prominent papers in the

425
00:18:02,359 --> 00:18:05,320
Speaker 1: country now. That didn't used to be the case. Fifteen

426
00:18:05,359 --> 00:18:08,840
Speaker 1: twenty years ago. Used to find great personal finance content

427
00:18:09,080 --> 00:18:12,760
Speaker 1: in newspapers around the country, but that is sorely lacking

428
00:18:12,800 --> 00:18:15,080
Speaker 1: these days. That's true, dude, Yeah, there are still some

429
00:18:15,119 --> 00:18:16,960
Speaker 1: great writers out there, you know that we consistently turn

430
00:18:17,040 --> 00:18:19,320
Speaker 1: to week End and week out. Ron Lieber one of

431
00:18:19,320 --> 00:18:21,000
Speaker 1: our buddies in the New York Time. That's true. Him

432
00:18:21,119 --> 00:18:22,680
Speaker 1: David Lazarus out there at the l A Times. He

433
00:18:22,680 --> 00:18:24,800
Speaker 1: doesn't get a job as well. But these folks have

434
00:18:24,880 --> 00:18:28,359
Speaker 1: established a history of excellent reporting on the topic of money,

435
00:18:28,359 --> 00:18:31,600
Speaker 1: specifically personal finance. But man, they are few and far between,

436
00:18:31,960 --> 00:18:34,600
Speaker 1: and so news articles can be a helpful supplement to

437
00:18:34,640 --> 00:18:38,280
Speaker 1: your personal finance knowledge, but knowing where you can specifically

438
00:18:38,359 --> 00:18:42,400
Speaker 1: turn to for that helpful advice is key. And I dude,

439
00:18:42,400 --> 00:18:44,520
Speaker 1: I think some of the best written personal finance content

440
00:18:44,800 --> 00:18:48,000
Speaker 1: is actually found outside of the major publications. These days,

441
00:18:48,320 --> 00:18:50,520
Speaker 1: there are a lot of individuals who have written specifically

442
00:18:50,560 --> 00:18:53,840
Speaker 1: about their personal situation, you know, whether it's them getting

443
00:18:53,840 --> 00:18:57,040
Speaker 1: out of debt or them achieving financial independence. But even still,

444
00:18:57,119 --> 00:18:59,720
Speaker 1: make sure that you're not just blindly following those folks. Yeah,

445
00:19:00,000 --> 00:19:03,919
Speaker 1: constantly surprised that I can get far better personal finance

446
00:19:03,960 --> 00:19:07,960
Speaker 1: content from hundreds of blogs around the Internet than I

447
00:19:08,000 --> 00:19:10,560
Speaker 1: can from some of the biggest newspapers like that. That

448
00:19:10,680 --> 00:19:13,160
Speaker 1: just constantly shocks me, but I think it's true. Also,

449
00:19:13,200 --> 00:19:16,080
Speaker 1: let's talk about friends, Matt. Can you trust advice from

450
00:19:16,119 --> 00:19:19,000
Speaker 1: your friends? Well, obviously you can rely on your friends

451
00:19:19,000 --> 00:19:21,080
Speaker 1: for a whole lot of things through thick and thin, right.

452
00:19:21,240 --> 00:19:24,080
Speaker 1: I know if I was stranded four hours south of town,

453
00:19:24,440 --> 00:19:26,240
Speaker 1: that you'd come you come get me, right, But of course, dude,

454
00:19:26,440 --> 00:19:29,320
Speaker 1: come there, all right, And that's what's great about friendship, right,

455
00:19:29,320 --> 00:19:32,199
Speaker 1: and best friends in particular. But you can rely on

456
00:19:32,280 --> 00:19:35,880
Speaker 1: your friends, I would say four almost anything, because friends

457
00:19:35,920 --> 00:19:38,879
Speaker 1: aren't typically a great resource when we're talking about personal

458
00:19:38,880 --> 00:19:42,320
Speaker 1: finance advice, right unless you're friends with Warren Buffett or

459
00:19:42,480 --> 00:19:44,520
Speaker 1: you like we are right, Well, we keep making that joke,

460
00:19:44,560 --> 00:19:46,040
Speaker 1: and I feel like we should actually try to see

461
00:19:46,080 --> 00:19:48,080
Speaker 1: if we can get like warm buffets of digits like

462
00:19:48,240 --> 00:19:50,400
Speaker 1: let's on podcast. I would love if I had Warm

463
00:19:50,400 --> 00:19:52,320
Speaker 1: Buffett in my phone. I'm sure a lot of people

464
00:19:52,320 --> 00:19:54,359
Speaker 1: would actually, yeah, they would, they would. Well, you know,

465
00:19:54,760 --> 00:19:56,520
Speaker 1: if you're friends with Warn Buffet, you can definitely take

466
00:19:56,560 --> 00:19:59,159
Speaker 1: his money advice. Or maybe if you co host a

467
00:19:59,200 --> 00:20:01,800
Speaker 1: podcast about need with your best friend, then uh, and

468
00:20:01,840 --> 00:20:03,480
Speaker 1: then it's a good idea to take your best friends

469
00:20:03,480 --> 00:20:06,200
Speaker 1: money advice. But you might want to think twice before

470
00:20:06,359 --> 00:20:09,680
Speaker 1: taking action on a lot of your friends hot money

471
00:20:09,680 --> 00:20:12,879
Speaker 1: take or even their well intentioned money advice. Just because

472
00:20:12,920 --> 00:20:14,520
Speaker 1: you've known it for a lot of years and they're

473
00:20:14,520 --> 00:20:17,080
Speaker 1: super supportive of you, doesn't mean that they're going to

474
00:20:17,119 --> 00:20:19,320
Speaker 1: be able to offer you, you know, stellar money advice.

475
00:20:19,440 --> 00:20:21,639
Speaker 1: It doesn't mean that they're necessarily the most knowledgeable in

476
00:20:21,640 --> 00:20:24,919
Speaker 1: that particular area. I do think a solid friendship is

477
00:20:24,920 --> 00:20:27,440
Speaker 1: a great place though, to start talking about money, and

478
00:20:27,640 --> 00:20:29,680
Speaker 1: you know, bouncing ideas off of one another. Like that's

479
00:20:29,720 --> 00:20:32,560
Speaker 1: basically how you and I started this this podcast, Like

480
00:20:32,560 --> 00:20:34,040
Speaker 1: we would sit down and start talking about it, and

481
00:20:34,119 --> 00:20:36,200
Speaker 1: it's evolved into what it is today. But a friend

482
00:20:36,200 --> 00:20:38,760
Speaker 1: who is also interested in personal finance can provide just

483
00:20:38,800 --> 00:20:41,879
Speaker 1: a ton of motivation to attack your your savings and

484
00:20:41,920 --> 00:20:44,479
Speaker 1: your wealth building goals. And we really think that friends

485
00:20:44,720 --> 00:20:48,040
Speaker 1: should open up and talk about money together more often.

486
00:20:48,440 --> 00:20:49,720
Speaker 1: I mean, that's one of our missions here on the

487
00:20:49,720 --> 00:20:52,400
Speaker 1: show is to to normalize that. But taking off hand

488
00:20:52,400 --> 00:20:55,520
Speaker 1: investment advice from your friend or you know, making changes

489
00:20:55,560 --> 00:20:58,479
Speaker 1: to your game plan based on a quick conversation is

490
00:20:58,600 --> 00:21:01,800
Speaker 1: what should be avoided. Don't make a quick pivot based

491
00:21:01,840 --> 00:21:04,119
Speaker 1: on a just a brief discussion that you'll had. Instead,

492
00:21:04,200 --> 00:21:07,040
Speaker 1: use that conversation and let it feel you to go

493
00:21:07,200 --> 00:21:09,560
Speaker 1: and dig deeper on a specific topic to see how

494
00:21:09,640 --> 00:21:12,600
Speaker 1: much validity there is. Uh, it might turn out that

495
00:21:12,680 --> 00:21:15,040
Speaker 1: your friend knows what they're talking about, and if so,

496
00:21:15,119 --> 00:21:16,399
Speaker 1: you know, maybe you can start to trust them a

497
00:21:16,440 --> 00:21:18,359
Speaker 1: little bit more. Yeah, I think basically we don't want

498
00:21:18,400 --> 00:21:20,960
Speaker 1: you to blindly trust, you know, money advice from a friend,

499
00:21:21,160 --> 00:21:23,040
Speaker 1: And definitely I agree Matt. Open up the lines of

500
00:21:23,080 --> 00:21:25,800
Speaker 1: communication and talk about money more. Just because money advice

501
00:21:25,880 --> 00:21:28,240
Speaker 1: from your friend isn't fool proof doesn't mean you guys

502
00:21:28,280 --> 00:21:30,240
Speaker 1: shouldn't be talking about it, because we do believe the

503
00:21:30,240 --> 00:21:32,680
Speaker 1: conversation in and of itself is a good thing. Also

504
00:21:32,720 --> 00:21:34,520
Speaker 1: to Matt, let's let's talk about an other place people

505
00:21:34,640 --> 00:21:37,160
Speaker 1: might be tempted to get money advice from, or people

506
00:21:37,160 --> 00:21:39,000
Speaker 1: that might be tempted to give you money advice. That's

507
00:21:39,000 --> 00:21:43,440
Speaker 1: your coworkers, right. I feel like, especially back in the day,

508
00:21:43,480 --> 00:21:45,600
Speaker 1: he might hear, you know, some financial advice around the

509
00:21:45,600 --> 00:21:47,880
Speaker 1: water cooler in the break room. It's probably less common

510
00:21:47,920 --> 00:21:49,720
Speaker 1: these days right there, that is true, or people hanging

511
00:21:49,760 --> 00:21:52,000
Speaker 1: out the brake rooms maybe soon, hopefully soon. And my

512
00:21:52,040 --> 00:21:53,800
Speaker 1: guess is there's less of that right now too, because

513
00:21:53,800 --> 00:21:56,919
Speaker 1: colleagues are less likely to give their tips over email

514
00:21:57,000 --> 00:21:59,760
Speaker 1: or a zoom call. But still, like it seems a

515
00:21:59,800 --> 00:22:01,320
Speaker 1: lot it's natural to be like, hey, by the way,

516
00:22:01,320 --> 00:22:03,600
Speaker 1: I think you should buy this, what are you talking

517
00:22:03,600 --> 00:22:06,240
Speaker 1: about me? It's not the same as if we're just

518
00:22:06,280 --> 00:22:08,600
Speaker 1: not like hanging out in person, just like dish information.

519
00:22:08,720 --> 00:22:11,240
Speaker 1: By way, It's true, yeah, but still I think you know,

520
00:22:11,280 --> 00:22:13,840
Speaker 1: taking personal finance advice from someone that you work with

521
00:22:13,880 --> 00:22:16,080
Speaker 1: should be done with a crane of salt and do

522
00:22:16,160 --> 00:22:19,280
Speaker 1: your due diligence before taking action on their advice. Just

523
00:22:19,320 --> 00:22:21,280
Speaker 1: because you've been working with them for a long time

524
00:22:21,520 --> 00:22:23,560
Speaker 1: and just because you know they're nice to work with,

525
00:22:23,840 --> 00:22:25,960
Speaker 1: doesn't mean that they've got their finances buttoned up and

526
00:22:25,960 --> 00:22:28,040
Speaker 1: that they've got good advice to offer you. Yeah, I mean,

527
00:22:28,080 --> 00:22:29,879
Speaker 1: I think that's a reason why we were mentioning this

528
00:22:29,880 --> 00:22:32,040
Speaker 1: one is because when you work with somebody, you build

529
00:22:32,119 --> 00:22:33,560
Speaker 1: up a level of trust. I mean, just like with

530
00:22:33,600 --> 00:22:36,520
Speaker 1: your friends. Uh, you know somebody, you know their heart.

531
00:22:36,840 --> 00:22:38,439
Speaker 1: Same thing with co workers, when when you've worked with

532
00:22:38,480 --> 00:22:40,480
Speaker 1: them for so long you know that they're dependable and

533
00:22:40,480 --> 00:22:43,240
Speaker 1: that they deliver the goods when it comes to specific projects.

534
00:22:43,280 --> 00:22:45,520
Speaker 1: Just because they're a great consultant when it comes to

535
00:22:45,760 --> 00:22:48,720
Speaker 1: consulting on the things that they consult about whatever consultants,

536
00:22:48,920 --> 00:22:51,520
Speaker 1: I don't know what consultants do. Man, That doesn't mean

537
00:22:51,600 --> 00:22:53,640
Speaker 1: that you should follow their advice when it comes to

538
00:22:53,400 --> 00:22:56,239
Speaker 1: to your money, to your personal finances. And so if

539
00:22:56,240 --> 00:22:59,480
Speaker 1: they occasionally opine about their their money about the personal finances,

540
00:22:59,640 --> 00:23:01,960
Speaker 1: it's the to let their beliefs take root in your

541
00:23:01,960 --> 00:23:04,800
Speaker 1: brain without much pushback. Uh, and you know, i'd say,

542
00:23:04,800 --> 00:23:09,040
Speaker 1: don't feel the need to combat their errors, uh necessarily,

543
00:23:09,560 --> 00:23:11,720
Speaker 1: you know, unless you have that kind of relationship. But

544
00:23:11,840 --> 00:23:14,280
Speaker 1: also be careful that you just don't let that great

545
00:23:14,320 --> 00:23:17,720
Speaker 1: work relationship lead to money misinformation if you just kind

546
00:23:17,720 --> 00:23:21,159
Speaker 1: of again blindly trust whatever it is that they're saying truth,

547
00:23:21,200 --> 00:23:25,080
Speaker 1: all right. Another place that people definitely frequently get personal

548
00:23:25,160 --> 00:23:29,080
Speaker 1: financial advice is from their parents. But should you actually

549
00:23:29,080 --> 00:23:31,720
Speaker 1: trust your parents when it comes to money advice? And

550
00:23:31,720 --> 00:23:34,240
Speaker 1: I think this is probably the best example of someone

551
00:23:34,440 --> 00:23:36,440
Speaker 1: who really wants the best for you, you know, But

552
00:23:36,440 --> 00:23:39,080
Speaker 1: but they might just be misinformed, or they could just

553
00:23:39,160 --> 00:23:42,520
Speaker 1: have different opinions of how to achieve a shared end goal. Right,

554
00:23:42,840 --> 00:23:45,800
Speaker 1: But just because they think your parents think that they

555
00:23:45,800 --> 00:23:48,320
Speaker 1: have your best intentions in mind, that doesn't mean that

556
00:23:48,400 --> 00:23:50,680
Speaker 1: they have the best advice for the situation that you're

557
00:23:50,720 --> 00:23:53,440
Speaker 1: going through. Is in particular, when it comes to money.

558
00:23:53,800 --> 00:23:57,040
Speaker 1: When giving personal finance advice, your parents are probably gonna

559
00:23:57,080 --> 00:23:59,720
Speaker 1: default to what they're most familiar with, or maybe they're

560
00:23:59,720 --> 00:24:01,480
Speaker 1: thinking about what they did when they were your age

561
00:24:01,600 --> 00:24:03,720
Speaker 1: and things have changed quite a bit. Matt, Like, think

562
00:24:03,760 --> 00:24:07,480
Speaker 1: about even just investing, like index funds were not really

563
00:24:07,520 --> 00:24:10,720
Speaker 1: a thing when our parents began investing, and now they're

564
00:24:10,720 --> 00:24:12,880
Speaker 1: exactly what most people should be doing. But even though

565
00:24:12,920 --> 00:24:16,200
Speaker 1: certain goals like financial security and even certain values can

566
00:24:16,200 --> 00:24:19,680
Speaker 1: transcend generations, right, what applied to our parents can apply

567
00:24:19,800 --> 00:24:22,439
Speaker 1: to us, the way we arrive at those goals, I

568
00:24:22,440 --> 00:24:25,080
Speaker 1: think has changed and will likely continue to change over

569
00:24:25,119 --> 00:24:27,479
Speaker 1: the years. And so when you're getting advice from your

570
00:24:27,480 --> 00:24:30,119
Speaker 1: parents about money, you have to be careful and you

571
00:24:30,160 --> 00:24:32,040
Speaker 1: have to filter it. At least it makes me think

572
00:24:32,040 --> 00:24:36,000
Speaker 1: of roth iiras like they literally didn't exist before. And

573
00:24:36,040 --> 00:24:39,520
Speaker 1: it's something that I mean that we recommend folks start with,

574
00:24:39,560 --> 00:24:41,399
Speaker 1: like that's the number one thing folks should do as

575
00:24:41,400 --> 00:24:43,880
Speaker 1: they're looking to invest in and save for their retirement.

576
00:24:44,480 --> 00:24:45,960
Speaker 1: But that was it wasn't even a thing that was

577
00:24:46,000 --> 00:24:48,440
Speaker 1: around before seven and it wasn't something that most folks

578
00:24:48,480 --> 00:24:50,520
Speaker 1: even knew about until the two thousands. And so, yeah,

579
00:24:50,520 --> 00:24:53,280
Speaker 1: that's a small example of how the goals of having

580
00:24:53,280 --> 00:24:56,480
Speaker 1: financial stability and independence is still the same goal, but

581
00:24:56,520 --> 00:24:59,199
Speaker 1: the ways that we arrived there have changed. But yeah, man,

582
00:24:59,240 --> 00:25:00,719
Speaker 1: I like what you said about we learned from our

583
00:25:00,760 --> 00:25:04,080
Speaker 1: folks because these different financial habits can be passed down

584
00:25:04,200 --> 00:25:07,119
Speaker 1: from one generation to the to the next unintentionally, you know,

585
00:25:07,200 --> 00:25:09,719
Speaker 1: like many of us are almost like swimming in the

586
00:25:09,800 --> 00:25:12,320
Speaker 1: sea of personal finance beliefs that we're not even aware

587
00:25:12,359 --> 00:25:15,240
Speaker 1: of that were formed during our childhood to a large

588
00:25:15,280 --> 00:25:17,679
Speaker 1: extent by our parents. So if your parents handle their

589
00:25:17,720 --> 00:25:20,240
Speaker 1: money like average Americans do, uh, then it can be

590
00:25:20,280 --> 00:25:22,560
Speaker 1: easy for us to do the exact same thing. But

591
00:25:22,600 --> 00:25:25,080
Speaker 1: here's the thing, man, Like, we don't want to be average, right,

592
00:25:25,160 --> 00:25:27,680
Speaker 1: Like the way the average American has something like six

593
00:25:27,680 --> 00:25:30,760
Speaker 1: thousand dollars in revolving credit card debt, and so that's

594
00:25:30,760 --> 00:25:33,639
Speaker 1: not what we're striving after. But maybe your parents have

595
00:25:33,800 --> 00:25:36,120
Speaker 1: been exceptional with their money and they've taught you well,

596
00:25:36,119 --> 00:25:39,080
Speaker 1: and that's great, but it's also going to be more rare.

597
00:25:39,440 --> 00:25:41,840
Speaker 1: And so there's a way to love and to honor

598
00:25:41,960 --> 00:25:45,480
Speaker 1: your your folks without continuing to execute your your financial

599
00:25:45,520 --> 00:25:48,239
Speaker 1: life in a similar way in the same way that

600
00:25:48,280 --> 00:25:50,359
Speaker 1: they're doing it. Agreed, And I think too, there's a

601
00:25:50,359 --> 00:25:53,240
Speaker 1: way to like hear your parents out and you know, filter,

602
00:25:53,400 --> 00:25:55,199
Speaker 1: like I said, the good things from the bad, and

603
00:25:55,240 --> 00:25:56,639
Speaker 1: you don't have to be disrespectful and you don't have

604
00:25:56,680 --> 00:25:58,480
Speaker 1: to push back, and a lot of these situations you

605
00:25:58,480 --> 00:26:00,439
Speaker 1: don't have to be a jerk when someone giving you

606
00:26:00,720 --> 00:26:03,360
Speaker 1: bad financial advice, especially when it's someone you love, which

607
00:26:03,400 --> 00:26:05,920
Speaker 1: is just important still to be aware that it might

608
00:26:05,960 --> 00:26:08,359
Speaker 1: not be the most trustworthy information. So far, we've been

609
00:26:08,359 --> 00:26:12,320
Speaker 1: talking about avoiding personal finance advice from non professionals, though,

610
00:26:12,560 --> 00:26:14,399
Speaker 1: but what about getting a professional to weigh in on

611
00:26:14,440 --> 00:26:17,399
Speaker 1: your situation? How do we feel about financial advisors and

612
00:26:17,400 --> 00:26:19,960
Speaker 1: into like where just how the money measure up? We'll

613
00:26:20,000 --> 00:26:31,280
Speaker 1: get to that and more right after this break or man,

614
00:26:31,320 --> 00:26:33,840
Speaker 1: we're back, let's keep on trucking. The examples you know

615
00:26:33,880 --> 00:26:35,840
Speaker 1: that we've talked through so far are a bit more

616
00:26:35,960 --> 00:26:39,080
Speaker 1: social in nature, right, Like, they're more social relationships. The

617
00:26:39,080 --> 00:26:42,040
Speaker 1: folks we mentioned they probably don't stand to directly benefit

618
00:26:42,080 --> 00:26:45,600
Speaker 1: from the personal finance advice that they're dispensing. But what

619
00:26:45,680 --> 00:26:49,920
Speaker 1: about a professional relationship, right, a client advisor kind of relationship. Well,

620
00:26:50,000 --> 00:26:53,120
Speaker 1: we feel that an advisor can be the perfect answer

621
00:26:53,240 --> 00:26:54,959
Speaker 1: to some of the different money quandaries that you might

622
00:26:55,000 --> 00:26:59,360
Speaker 1: find yourself in. A good fee only fiduciary advisor might

623
00:26:59,440 --> 00:27:01,560
Speaker 1: be the perfect place if you to turn. Once you've

624
00:27:01,560 --> 00:27:04,080
Speaker 1: build up a solid nest egg, they're gonna know, you know,

625
00:27:04,119 --> 00:27:05,640
Speaker 1: all the ins and out. They're gonna know the latest

626
00:27:05,720 --> 00:27:08,720
Speaker 1: changes to the rules. But hiring an advisor often won't

627
00:27:08,760 --> 00:27:11,600
Speaker 1: help you to implement some of the most important aspects

628
00:27:11,680 --> 00:27:14,399
Speaker 1: of personal finance into your life. Like that's gonna be

629
00:27:14,400 --> 00:27:17,399
Speaker 1: on you. It's even if you've hired them as a coach, like,

630
00:27:17,440 --> 00:27:19,560
Speaker 1: you're still gonna have to act on their advice. You

631
00:27:19,600 --> 00:27:22,120
Speaker 1: still have to make the decision to actually follow through.

632
00:27:22,320 --> 00:27:25,400
Speaker 1: That's true, and a financial advisor can be really helpful

633
00:27:25,680 --> 00:27:27,479
Speaker 1: and a great place for all kinds of advice as

634
00:27:27,520 --> 00:27:29,800
Speaker 1: you get further along in your money journey, but you

635
00:27:29,880 --> 00:27:32,080
Speaker 1: still got to know your stuff right. Even if you

636
00:27:32,119 --> 00:27:33,919
Speaker 1: have an advisor on your side, you have to be

637
00:27:34,000 --> 00:27:36,600
Speaker 1: well informed. Building up your own base of money knowledge

638
00:27:36,840 --> 00:27:38,879
Speaker 1: can't be avoided. That's just not something you can skip.

639
00:27:39,040 --> 00:27:40,879
Speaker 1: And so even if it's only to be able to

640
00:27:40,920 --> 00:27:44,000
Speaker 1: ask that advisor the important questions when you're choosing one

641
00:27:44,119 --> 00:27:46,560
Speaker 1: and working with them, it's important to have a solid

642
00:27:46,560 --> 00:27:50,680
Speaker 1: personal finance education that you have gained yourself. By the way.

643
00:27:50,680 --> 00:27:53,560
Speaker 1: We talked about advisors in depth back in episode two

644
00:27:53,560 --> 00:27:56,679
Speaker 1: oh six. There are pros and cons to hiring a

645
00:27:56,720 --> 00:27:58,840
Speaker 1: financial advisor, and we discussed the things that you need

646
00:27:58,880 --> 00:28:01,280
Speaker 1: to think through before you actually take that leap. Yeah,

647
00:28:01,320 --> 00:28:04,000
Speaker 1: that's right. And aside to from from hiring a financial advisor,

648
00:28:04,119 --> 00:28:07,280
Speaker 1: having that foundational knowledge is how you'll know whether the

649
00:28:07,320 --> 00:28:09,760
Speaker 1: advice that you're hearing is legit right, because you know,

650
00:28:09,880 --> 00:28:12,880
Speaker 1: we're talking about like the coworkers. Like your coworker might

651
00:28:12,920 --> 00:28:16,240
Speaker 1: actually be like a personal finance genius that you should

652
00:28:16,280 --> 00:28:18,320
Speaker 1: be taking advice from, but you're not gonna know that

653
00:28:18,359 --> 00:28:20,840
Speaker 1: if you don't have any knowledge at all. We feel

654
00:28:20,880 --> 00:28:23,680
Speaker 1: that there are a factors beyond digging into the background

655
00:28:23,680 --> 00:28:25,840
Speaker 1: of the person who's who's currently giving you the advice.

656
00:28:26,160 --> 00:28:28,159
Speaker 1: And we don't think too that this involves asking for

657
00:28:28,200 --> 00:28:30,560
Speaker 1: diplomas and credentials you know, of the person you're talking to.

658
00:28:31,119 --> 00:28:34,080
Speaker 1: Having just that proper base of knowledge will help you

659
00:28:34,119 --> 00:28:36,439
Speaker 1: to filter the different things that you're hearing. You need

660
00:28:36,480 --> 00:28:38,200
Speaker 1: to have a baseline of money knowledge that you can

661
00:28:38,240 --> 00:28:39,760
Speaker 1: kind of stand on your own two feet. You can't

662
00:28:39,840 --> 00:28:42,040
Speaker 1: just rely on the opinions of others or even on

663
00:28:42,120 --> 00:28:44,120
Speaker 1: your quote unquote like money guy or money girl. You

664
00:28:44,160 --> 00:28:47,120
Speaker 1: can't just like completely trust them with everything. Yeah, man,

665
00:28:47,160 --> 00:28:49,400
Speaker 1: I feel like some of the most influential minds in

666
00:28:49,400 --> 00:28:52,920
Speaker 1: the personal finance space. They don't have a CFP designation,

667
00:28:52,920 --> 00:28:55,719
Speaker 1: they didn't necessarily get a degree in economics. They're just

668
00:28:55,800 --> 00:28:58,480
Speaker 1: like endlessly curious. They read a lot, and they write

669
00:28:58,480 --> 00:29:00,520
Speaker 1: a lot, and they think a lot about money. And

670
00:29:00,560 --> 00:29:02,280
Speaker 1: so some of my favorite people in the space that

671
00:29:02,320 --> 00:29:05,040
Speaker 1: I have learned the most from are mostly self educated.

672
00:29:05,160 --> 00:29:07,080
Speaker 1: So I agree. I don't think it comes down to

673
00:29:07,480 --> 00:29:11,200
Speaker 1: credentialism or just somebody having a diploma that doesn't necessarily

674
00:29:11,240 --> 00:29:12,760
Speaker 1: mean that they're the person you should be listening to.

675
00:29:13,320 --> 00:29:14,800
Speaker 1: I think one of the questions you want to ask

676
00:29:14,960 --> 00:29:17,800
Speaker 1: when you're getting advice from someone, when you're vetting personal

677
00:29:17,840 --> 00:29:21,520
Speaker 1: finance advice is how similar is this person's financial situation

678
00:29:21,720 --> 00:29:25,400
Speaker 1: to mind taking advice about like investing from your boss's

679
00:29:25,440 --> 00:29:28,240
Speaker 1: boss who makes ten times as much as you do. Well,

680
00:29:28,240 --> 00:29:30,200
Speaker 1: it might not make much sense, right that they might

681
00:29:30,200 --> 00:29:32,960
Speaker 1: be messing around with briskier assets because they have more

682
00:29:32,960 --> 00:29:35,040
Speaker 1: money at their disposal. They might be telling you to

683
00:29:35,200 --> 00:29:37,720
Speaker 1: invest big time in crypto when you're barely getting the

684
00:29:37,760 --> 00:29:39,880
Speaker 1: match in your company four O one K right, Or

685
00:29:40,120 --> 00:29:42,200
Speaker 1: they might just be more bored than you are and

686
00:29:42,760 --> 00:29:45,520
Speaker 1: just be reading a bunch of different crypto blogs. Let's

687
00:29:45,520 --> 00:29:47,760
Speaker 1: have a lot of time up there in the corner office,

688
00:29:47,800 --> 00:29:51,280
Speaker 1: I guess, yeah, And it might not always be clear

689
00:29:51,640 --> 00:29:53,360
Speaker 1: how much you hold in common with the person that's

690
00:29:53,400 --> 00:29:55,360
Speaker 1: giving you advice, but it can be help hold to

691
00:29:55,360 --> 00:29:58,600
Speaker 1: ask that question because it might be immediately clear that

692
00:29:58,680 --> 00:30:00,440
Speaker 1: this is someone that you shouldn't be learning to for

693
00:30:00,520 --> 00:30:03,600
Speaker 1: money advice because they're just like extreme differences in where

694
00:30:03,600 --> 00:30:05,760
Speaker 1: you're at in your personal finance journey. Yeah, But at

695
00:30:05,800 --> 00:30:07,440
Speaker 1: the same time too, you know, like there might be

696
00:30:07,440 --> 00:30:10,120
Speaker 1: a variety of folks who you could have money conversations with,

697
00:30:10,480 --> 00:30:13,240
Speaker 1: and there's probably a good chance that you make different incomes.

698
00:30:13,240 --> 00:30:16,760
Speaker 1: You know, you have different amounts of money saved or invested,

699
00:30:17,000 --> 00:30:20,240
Speaker 1: Like you likely will have a very different financial situation,

700
00:30:20,640 --> 00:30:23,640
Speaker 1: and so in those instances, it's important that the advice

701
00:30:23,840 --> 00:30:26,840
Speaker 1: giver is asking you the right questions. You want to

702
00:30:26,880 --> 00:30:29,000
Speaker 1: make sure that they know and understand what your goals are,

703
00:30:29,000 --> 00:30:31,320
Speaker 1: where you're coming from, what it is that you're trying

704
00:30:31,360 --> 00:30:33,680
Speaker 1: to achieve, because I mean, this is definitely true too

705
00:30:33,720 --> 00:30:35,960
Speaker 1: when it comes to hiring a financial advisor. You're probably

706
00:30:36,000 --> 00:30:38,520
Speaker 1: hoping I mean, I guess, depending on your situation, you

707
00:30:38,600 --> 00:30:40,520
Speaker 1: might make more than that financial advisor or you might

708
00:30:40,520 --> 00:30:42,560
Speaker 1: be making this, but chances are your goals might be

709
00:30:42,600 --> 00:30:44,800
Speaker 1: a little bit different, and so in that case, it's

710
00:30:44,840 --> 00:30:46,560
Speaker 1: okay that things are different, but just make sure that

711
00:30:46,560 --> 00:30:49,400
Speaker 1: they're curious about you and your goals. Yeah, totally. I

712
00:30:49,400 --> 00:30:51,360
Speaker 1: think one of the helpful question to ask when you're

713
00:30:51,400 --> 00:30:53,760
Speaker 1: vetting the advice you're being given is if I follow

714
00:30:53,800 --> 00:30:57,160
Speaker 1: this advice, does the person who's giving it benefit from

715
00:30:57,240 --> 00:30:59,480
Speaker 1: an action that I might take? And like, in terms

716
00:30:59,520 --> 00:31:01,880
Speaker 1: of specific like you're you're saying a man a financial advisor,

717
00:31:02,240 --> 00:31:04,600
Speaker 1: knowing how they get paid is crucial in order to

718
00:31:04,640 --> 00:31:07,120
Speaker 1: be able to trust the advice that's being given to you.

719
00:31:07,560 --> 00:31:09,680
Speaker 1: If they make a commission based on the funds that

720
00:31:09,680 --> 00:31:12,440
Speaker 1: they're selling, then they have an incentive to put you

721
00:31:12,520 --> 00:31:15,560
Speaker 1: in specific funds that might cost you more. And that's

722
00:31:15,640 --> 00:31:17,840
Speaker 1: really different than if they make money based on how

723
00:31:17,960 --> 00:31:21,440
Speaker 1: much time they spend with you, like a hourly rate essentially,

724
00:31:21,440 --> 00:31:23,720
Speaker 1: and they spend five hours with you in a given month,

725
00:31:23,760 --> 00:31:25,800
Speaker 1: and so that's how much you get billed. Knowing how

726
00:31:25,800 --> 00:31:28,000
Speaker 1: their bread is buttered is going to inform how you

727
00:31:28,120 --> 00:31:31,240
Speaker 1: respond to the advice that's being given. And so you know,

728
00:31:31,280 --> 00:31:33,440
Speaker 1: another question that's worth asking now, here as we kind

729
00:31:33,440 --> 00:31:34,840
Speaker 1: of get close to the end of the episode, is

730
00:31:34,880 --> 00:31:38,000
Speaker 1: does how to money? Do we pass this test? Does

731
00:31:38,040 --> 00:31:39,520
Speaker 1: the advice that you and I talked about and give

732
00:31:39,560 --> 00:31:42,800
Speaker 1: here on the show is it legit? And and so

733
00:31:42,880 --> 00:31:44,280
Speaker 1: let's talk about that. You know, like Joe and I

734
00:31:44,320 --> 00:31:47,160
Speaker 1: we make money. When the ads play during the podcast,

735
00:31:47,520 --> 00:31:49,480
Speaker 1: you might find that annoying. I don't think many people

736
00:31:49,640 --> 00:31:53,440
Speaker 1: get pumped to hear podcast ads. But our business model

737
00:31:53,600 --> 00:31:56,880
Speaker 1: is easy to understand as transparent in our financial situation

738
00:31:57,240 --> 00:31:59,000
Speaker 1: is you know, it is probably similar to some of

739
00:31:59,000 --> 00:32:01,480
Speaker 1: you out there. Some of you who listen and have

740
00:32:01,560 --> 00:32:04,320
Speaker 1: been investing for a couple more decades are are likely

741
00:32:04,360 --> 00:32:06,479
Speaker 1: actually well beyond us when it comes to wealth building.

742
00:32:06,600 --> 00:32:08,440
Speaker 1: But there's others out there too who are starting out

743
00:32:08,480 --> 00:32:10,880
Speaker 1: on their journey. They likely don't have as much built

744
00:32:10,960 --> 00:32:13,080
Speaker 1: up yet. But it's our goal here on the show

745
00:32:13,120 --> 00:32:16,040
Speaker 1: to offer advice that speaks to a wide range of

746
00:32:16,040 --> 00:32:18,280
Speaker 1: people from all different walks of life as well as

747
00:32:18,320 --> 00:32:22,200
Speaker 1: different stages of their personal financial life. And additionally, we're

748
00:32:22,240 --> 00:32:24,320
Speaker 1: not selling anything here on the show, Like we don't

749
00:32:24,360 --> 00:32:26,959
Speaker 1: have programs or classes or different things like that, so

750
00:32:27,040 --> 00:32:29,560
Speaker 1: we benefit if you continue listening to the show. But

751
00:32:29,720 --> 00:32:32,440
Speaker 1: we're not going to directly benefit if you do exactly

752
00:32:32,440 --> 00:32:33,680
Speaker 1: what we tell you to do, if you open that

753
00:32:33,760 --> 00:32:36,520
Speaker 1: raw higher, right, Like, that's all your benefit, right, Yeah,

754
00:32:36,520 --> 00:32:39,280
Speaker 1: the Matt and Joel bank that's offering this type of fund,

755
00:32:39,360 --> 00:32:41,760
Speaker 1: that's not something that we have. Uh. I mean, you

756
00:32:41,800 --> 00:32:43,520
Speaker 1: don't have to listen to our advice. We hope that

757
00:32:43,560 --> 00:32:45,560
Speaker 1: you do. Uh And honestly, Joel, I mean that's one

758
00:32:45,560 --> 00:32:47,000
Speaker 1: of the best parts of the show is when we

759
00:32:47,040 --> 00:32:48,720
Speaker 1: do get to hear from listeners who have listened to

760
00:32:48,720 --> 00:32:51,880
Speaker 1: our advice and have changed the trajectory of their lives.

761
00:32:52,000 --> 00:32:53,680
Speaker 1: They've changed what they do with their money, and they've

762
00:32:53,720 --> 00:32:55,440
Speaker 1: seen the impact that is going to have on them

763
00:32:55,640 --> 00:32:58,520
Speaker 1: and their family trees. Yeah, totally. And I think to Matt,

764
00:32:58,600 --> 00:32:59,720
Speaker 1: one of the other things we try to do on

765
00:32:59,760 --> 00:33:01,640
Speaker 1: this show, oh, is that we really also want our

766
00:33:01,680 --> 00:33:04,760
Speaker 1: listeners to look to other resources for financial knowledge too.

767
00:33:05,320 --> 00:33:07,040
Speaker 1: We don't want to be your guru, you know, we

768
00:33:07,040 --> 00:33:09,600
Speaker 1: don't want to be the only place you turn for

769
00:33:09,720 --> 00:33:11,680
Speaker 1: financial advice. We would like to be one of the

770
00:33:11,680 --> 00:33:13,680
Speaker 1: places that you turned, but we suggest looking at other

771
00:33:13,680 --> 00:33:17,160
Speaker 1: places too. There are other great personal finance podcasts out

772
00:33:17,200 --> 00:33:19,760
Speaker 1: there besides ours. We brought some of those podcasters on

773
00:33:19,800 --> 00:33:21,480
Speaker 1: the show that we really respect and we like what

774
00:33:21,520 --> 00:33:23,760
Speaker 1: they're doing. We interview other money experts and folks who

775
00:33:23,760 --> 00:33:27,160
Speaker 1: have gone deep on more like niche personal finance topics

776
00:33:27,200 --> 00:33:29,120
Speaker 1: every other week, Like that's one of the things we

777
00:33:29,160 --> 00:33:31,000
Speaker 1: like to do. Folks who have written books, people are

778
00:33:31,040 --> 00:33:34,440
Speaker 1: doing interesting things in the personal finance space. Matt will

779
00:33:34,440 --> 00:33:37,719
Speaker 1: readily admit we don't know everything, and we also believe

780
00:33:37,840 --> 00:33:41,440
Speaker 1: that different perspectives are important in this genre because we

781
00:33:41,520 --> 00:33:43,960
Speaker 1: all come from a different place with our personal finances

782
00:33:44,040 --> 00:33:46,080
Speaker 1: a different history, and it's nice to bring on people

783
00:33:46,200 --> 00:33:49,120
Speaker 1: that view things a little bit differently. Right, Yes, there

784
00:33:49,160 --> 00:33:51,480
Speaker 1: are foundational truths, right, Like they're like, you're not gonna

785
00:33:51,480 --> 00:33:52,680
Speaker 1: be able to get ahead of your money if you're

786
00:33:52,680 --> 00:33:54,640
Speaker 1: always spending more than you make, Like that's like a

787
00:33:54,640 --> 00:33:57,680
Speaker 1: foundational truth. But when it comes to the different paths

788
00:33:57,760 --> 00:34:00,440
Speaker 1: that people take to achieve those in goal of being

789
00:34:00,440 --> 00:34:02,920
Speaker 1: able to to be financially independent, there are lots of

790
00:34:02,920 --> 00:34:04,920
Speaker 1: different paths and that's one of the best parts of

791
00:34:04,960 --> 00:34:06,960
Speaker 1: having other folks here on the show. That's right, And

792
00:34:07,200 --> 00:34:09,520
Speaker 1: like you and I were not above saying something stupid

793
00:34:09,600 --> 00:34:11,640
Speaker 1: or even something is just playing wrong. From time to time,

794
00:34:11,719 --> 00:34:14,359
Speaker 1: we say dumb stuff and we are fallible. Yes, yes,

795
00:34:14,640 --> 00:34:17,720
Speaker 1: And like, I think that's another important part of vetting

796
00:34:17,719 --> 00:34:19,919
Speaker 1: somebody that you want to get personal finance advice from

797
00:34:20,000 --> 00:34:22,560
Speaker 1: or or money advice from. You want them to be

798
00:34:22,600 --> 00:34:24,920
Speaker 1: willing to admit that, and some people aren't. Um. But yeah,

799
00:34:24,960 --> 00:34:27,840
Speaker 1: and also too, it's it's not everything that we discussed

800
00:34:27,880 --> 00:34:30,360
Speaker 1: on the show is going to be applicable to everyone,

801
00:34:30,640 --> 00:34:32,839
Speaker 1: or at least appicable to everyone at that time. It's

802
00:34:32,880 --> 00:34:34,680
Speaker 1: important to note that. And I know some people skip

803
00:34:34,719 --> 00:34:36,600
Speaker 1: episodes based on what we're talking about. They're like, investing

804
00:34:36,600 --> 00:34:38,319
Speaker 1: in real estate, I've heard you talk about that. I'm

805
00:34:38,360 --> 00:34:40,400
Speaker 1: not interested. That's just not something I'm ever going to

806
00:34:40,440 --> 00:34:42,520
Speaker 1: get into. So they skip those episodes. And I understand

807
00:34:42,560 --> 00:34:44,640
Speaker 1: that that's fine, or maybe we'd recommend that you give

808
00:34:44,680 --> 00:34:46,680
Speaker 1: it a shot, because we always try to talk about

809
00:34:46,680 --> 00:34:49,239
Speaker 1: things differently. Uh. And I think sometimes when you know,

810
00:34:49,480 --> 00:34:51,240
Speaker 1: one of the reasons we come back to certain topics

811
00:34:51,239 --> 00:34:53,960
Speaker 1: is there's just different ways to view those things. Uh.

812
00:34:54,000 --> 00:34:55,759
Speaker 1: And you know, the first time someone hears about real estate,

813
00:34:55,760 --> 00:34:57,840
Speaker 1: they're like, oh, no, that sounds terrible, But then you know,

814
00:34:57,880 --> 00:34:59,479
Speaker 1: we talk about it kind of from like this MoMA

815
00:34:59,520 --> 00:35:02,640
Speaker 1: pop management standpoint and how we like to approach our properties,

816
00:35:02,719 --> 00:35:05,439
Speaker 1: or the Airbnb hospitality standpoint, and you're like, that sounds

817
00:35:05,480 --> 00:35:07,279
Speaker 1: more interesting to me, yea, And that can appeal to

818
00:35:07,280 --> 00:35:10,120
Speaker 1: different folks totally. So so wrapping this up, it's it's

819
00:35:10,160 --> 00:35:12,799
Speaker 1: great to get advice from knowledgeable people. You want people

820
00:35:12,840 --> 00:35:14,440
Speaker 1: that know what they're talking about. That's that's where you

821
00:35:14,440 --> 00:35:16,600
Speaker 1: want to get your advice. But even when you find

822
00:35:16,719 --> 00:35:19,799
Speaker 1: trusted sources of information, it's important to do your own

823
00:35:19,880 --> 00:35:23,719
Speaker 1: due diligence. Seeking out well informed and unbiased advice is

824
00:35:23,800 --> 00:35:25,799
Speaker 1: key to growing your knowledge and avoiding some of the

825
00:35:25,840 --> 00:35:28,360
Speaker 1: mistakes that you might otherwise make if you're taking in

826
00:35:28,400 --> 00:35:31,920
Speaker 1: the personal finance perspectives of everyone around you. So be

827
00:35:31,960 --> 00:35:35,080
Speaker 1: careful when you're taking in personal finance advice. There's a

828
00:35:35,120 --> 00:35:37,080
Speaker 1: lot of it coming at us these days from a

829
00:35:37,080 --> 00:35:39,520
Speaker 1: lot of different angles, and it's important to know who's

830
00:35:39,520 --> 00:35:43,160
Speaker 1: trustworthy and also to find multiple trustworthy sources to build

831
00:35:43,160 --> 00:35:45,359
Speaker 1: our knowledge base from. Nice yeah man, All right, let's

832
00:35:45,360 --> 00:35:47,239
Speaker 1: go ahead and quickly shift gears. Let's get to the

833
00:35:47,280 --> 00:35:48,480
Speaker 1: beer we had on this episode. I feel like we

834
00:35:48,480 --> 00:35:51,440
Speaker 1: had a lot to say about financial advice, so hopefully

835
00:35:51,440 --> 00:35:53,479
Speaker 1: that doesn't mean, though, that we short change the beer.

836
00:35:53,520 --> 00:35:55,800
Speaker 1: On this episode, you and I shared the return of

837
00:35:55,840 --> 00:35:59,240
Speaker 1: the Tripping Dead. Uh. This is a beer by Tripping Animals,

838
00:35:59,640 --> 00:36:04,320
Speaker 1: and this is the Berlin of Ice style beer with cherry, coconut, almonds,

839
00:36:04,360 --> 00:36:06,799
Speaker 1: and vanilla. And I read all those ingredients listed here

840
00:36:06,840 --> 00:36:09,399
Speaker 1: under the name because I could taste every single one

841
00:36:09,400 --> 00:36:12,320
Speaker 1: of those ingredients in this beer. They were perfectly balanced.

842
00:36:12,320 --> 00:36:14,560
Speaker 1: I really enjoyed this beer. Yeah, what were your thoughts, man, dude?

843
00:36:14,560 --> 00:36:17,680
Speaker 1: There's a joyous medley of different flavors popping at the

844
00:36:17,719 --> 00:36:19,760
Speaker 1: same time. We've had a few beers by this brewery

845
00:36:19,760 --> 00:36:22,560
Speaker 1: there down in Florida somewhere, and everyone we've had has

846
00:36:22,560 --> 00:36:25,400
Speaker 1: been impeccable, has been just like really really delicious, and

847
00:36:25,440 --> 00:36:28,200
Speaker 1: the can art is killer too. So I just, um,

848
00:36:28,280 --> 00:36:30,520
Speaker 1: I really like everything I've had from them. Looking forward

849
00:36:30,520 --> 00:36:32,719
Speaker 1: to having more Chirping Animals beers in the future. I

850
00:36:32,760 --> 00:36:36,640
Speaker 1: know you're drawn to the labels, and for me, I'm like, whatever, yeah, yeah,

851
00:36:36,719 --> 00:36:39,320
Speaker 1: like you you love the illustrations for sure, but even

852
00:36:39,360 --> 00:36:42,319
Speaker 1: if their branding was terrible, I would still really enjoy

853
00:36:42,400 --> 00:36:44,040
Speaker 1: this beer. It almost tastes like this is a sour

854
00:36:44,160 --> 00:36:46,480
Speaker 1: that's been aged in wood because it has more of

855
00:36:46,480 --> 00:36:49,480
Speaker 1: a almost like a funky acidity going on. A lot

856
00:36:49,480 --> 00:36:50,880
Speaker 1: of times when you have a sour that's got a

857
00:36:50,920 --> 00:36:52,319
Speaker 1: lot of fruit like this, it can kind of be

858
00:36:52,719 --> 00:36:55,880
Speaker 1: just over the top, like chloringly sweet and soft kind

859
00:36:55,920 --> 00:36:57,839
Speaker 1: of feeling. But with the acidity in this beer, it's

860
00:36:57,880 --> 00:37:01,160
Speaker 1: just it's so well rounded and balanced. Yeah, it definitely

861
00:37:01,200 --> 00:37:02,920
Speaker 1: had me wishing we had two of these and that

862
00:37:03,000 --> 00:37:05,839
Speaker 1: we didn't just share this one can today, But yeah,

863
00:37:05,840 --> 00:37:07,319
Speaker 1: I enjoyed it. Man, Glad this is when we were

864
00:37:07,320 --> 00:37:09,440
Speaker 1: able to share on the show today. But dude, that's

865
00:37:09,440 --> 00:37:11,319
Speaker 1: gonna be it for this episode. Listeners can find our

866
00:37:11,320 --> 00:37:13,240
Speaker 1: show notes up on the website at how to money

867
00:37:13,320 --> 00:37:15,600
Speaker 1: dot com. That's right, and Matt and I we just

868
00:37:15,640 --> 00:37:18,080
Speaker 1: admitted we're fallible and if you have found a way

869
00:37:18,080 --> 00:37:19,719
Speaker 1: that we have messed up, we want to hear from

870
00:37:19,719 --> 00:37:21,200
Speaker 1: you and we we want to do better. So if

871
00:37:21,200 --> 00:37:23,160
Speaker 1: you have a way that we can improve the show,

872
00:37:23,560 --> 00:37:25,799
Speaker 1: make it better for listeners from all walks of life,

873
00:37:25,920 --> 00:37:27,440
Speaker 1: we would love to hear it. And so just go

874
00:37:27,520 --> 00:37:30,399
Speaker 1: to how to money dot com slash do better, drop

875
00:37:30,480 --> 00:37:33,839
Speaker 1: us a line your constructive criticism really helps us hone

876
00:37:33,880 --> 00:37:35,799
Speaker 1: the show and make it better. That's right, so Joel.

877
00:37:35,880 --> 00:37:38,759
Speaker 1: Until next time, best friends out, best Friends Out,