1 00:00:00,080 --> 00:00:03,520 Speaker 1: Welcome to How the Money. I'm Joel, I'm Matt. Today 2 00:00:03,560 --> 00:00:27,120 Speaker 1: we're asking the question did the pandemic change personal finance? Yeah, 3 00:00:27,160 --> 00:00:29,560 Speaker 1: So the real question is is it too soon too 4 00:00:29,640 --> 00:00:32,320 Speaker 1: soon to revisit the pandemic? You know, like, while we're 5 00:00:32,360 --> 00:00:35,560 Speaker 1: in the midst of it, it seemed completely appropriate, uh, 6 00:00:35,600 --> 00:00:37,599 Speaker 1: and it was an important thing for us to talk about, right, 7 00:00:37,640 --> 00:00:41,880 Speaker 1: how the pandemic was impacting our finances, how the Cares 8 00:00:41,920 --> 00:00:44,080 Speaker 1: Act was that the Cares Act was the one one 9 00:00:44,120 --> 00:00:45,920 Speaker 1: of the ones where we we got the checks. But 10 00:00:46,000 --> 00:00:48,720 Speaker 1: that obviously that was stuff that we were covering, uh, 11 00:00:48,800 --> 00:00:51,080 Speaker 1: pretty much on the rag. But now that we are 12 00:00:51,120 --> 00:00:54,040 Speaker 1: past the pandemic, we felt that it was appropriate. We 13 00:00:54,080 --> 00:00:56,680 Speaker 1: felt that it was a good time to revisit the pandemic. 14 00:00:56,800 --> 00:01:00,520 Speaker 1: There's even a political and cap milestone and insight. I 15 00:01:00,560 --> 00:01:03,240 Speaker 1: think it's made right when it's gonna officially be over, 16 00:01:03,520 --> 00:01:08,560 Speaker 1: um at least from a like political emergency, ability to 17 00:01:08,880 --> 00:01:12,200 Speaker 1: institute different laws and make changes from a governmental standpoint. So, 18 00:01:12,280 --> 00:01:14,360 Speaker 1: but but even before, I feel like most people are 19 00:01:14,400 --> 00:01:18,000 Speaker 1: living like the pandemic is over and so but but 20 00:01:18,120 --> 00:01:21,399 Speaker 1: how has it impacted personal finances moving forward? I think 21 00:01:21,400 --> 00:01:23,640 Speaker 1: it's made it's made some impact. We're gonna talk about 22 00:01:23,800 --> 00:01:26,240 Speaker 1: kind of the many ways and and hopefully the ways 23 00:01:26,240 --> 00:01:27,760 Speaker 1: in which we can look back and say, hey, we 24 00:01:27,800 --> 00:01:30,600 Speaker 1: made changes early on, right at the beginning, let's not 25 00:01:30,640 --> 00:01:33,319 Speaker 1: forget about those and and so this episode, yeah, it's 26 00:01:33,319 --> 00:01:35,920 Speaker 1: going to be about some of the changes that happened, 27 00:01:35,959 --> 00:01:38,480 Speaker 1: some that stuck around with something that didn't and kind 28 00:01:38,520 --> 00:01:40,560 Speaker 1: of how we can maybe take some of those lessons 29 00:01:40,640 --> 00:01:43,440 Speaker 1: and apply them moving forward. So, by the way, before 30 00:01:43,480 --> 00:01:45,760 Speaker 1: we kind of launch into actual personal finance talk, do 31 00:01:45,800 --> 00:01:48,320 Speaker 1: you think that there is going to be sort of 32 00:01:48,360 --> 00:01:53,080 Speaker 1: an obsession with pandemic related content for the foreseeable future 33 00:01:53,120 --> 00:01:56,680 Speaker 1: ever since because of the pandemic? So I asked, because start, 34 00:01:56,720 --> 00:01:58,080 Speaker 1: a lot of us want to forget about it. That's 35 00:01:58,080 --> 00:02:00,560 Speaker 1: obviously not true, because have you seen The Last of Us? 36 00:02:00,680 --> 00:02:04,480 Speaker 1: It's the new HBO. I've heard of the apocalyptic pandemic show. 37 00:02:04,480 --> 00:02:06,000 Speaker 1: It's been getting good reviews, but I haven't seen it. 38 00:02:06,080 --> 00:02:09,880 Speaker 1: Kate and I started watching over this past weekend very fast. 39 00:02:09,960 --> 00:02:11,600 Speaker 1: You know, it's kind of the end of the world 40 00:02:11,680 --> 00:02:15,480 Speaker 1: sort of again post apocalyptic scenario, but even going back 41 00:02:15,480 --> 00:02:19,119 Speaker 1: to like Station eleven, which was written and then made 42 00:02:19,120 --> 00:02:23,399 Speaker 1: into a series was written before before the pandemic exactly. 43 00:02:24,480 --> 00:02:26,920 Speaker 1: Very fascinating to think that there seems to be like 44 00:02:26,960 --> 00:02:29,680 Speaker 1: this obsession of pandemics and what it is that we 45 00:02:29,720 --> 00:02:33,320 Speaker 1: have experienced from a fictional standpoint alongside the reality that 46 00:02:33,360 --> 00:02:36,359 Speaker 1: we're actually living. You would think that folks would want 47 00:02:36,400 --> 00:02:38,720 Speaker 1: to escape it and for it just to be something 48 00:02:38,760 --> 00:02:41,880 Speaker 1: that's completely behind us. But it is a really crazy, 49 00:02:41,919 --> 00:02:44,320 Speaker 1: fascinating thing to think about. Well, in Station eleven was 50 00:02:44,400 --> 00:02:46,600 Speaker 1: just good TV. Man um and and so I'm not 51 00:02:46,600 --> 00:02:48,280 Speaker 1: sure about this HBO show, although I've heard it's good, 52 00:02:48,280 --> 00:02:50,239 Speaker 1: so maybe I'll check it out. But Stasi eleven is 53 00:02:50,280 --> 00:02:52,920 Speaker 1: when I want to revisit already. Patrio Pascal, he's so 54 00:02:52,960 --> 00:02:54,760 Speaker 1: he's the guy from The Mandalorian and I've never seen 55 00:02:54,840 --> 00:02:57,720 Speaker 1: him seen him in anything prior to The Mandalorian, and 56 00:02:57,760 --> 00:03:00,360 Speaker 1: always was thinking, oh don't I'm not if I like 57 00:03:00,440 --> 00:03:02,560 Speaker 1: this this uh, this actor, But that that was just 58 00:03:02,600 --> 00:03:05,560 Speaker 1: his characters, like he was playing kind of like the 59 00:03:05,560 --> 00:03:08,640 Speaker 1: stoic Mandalorian type, getting kind of nerdy here for a second. 60 00:03:08,680 --> 00:03:11,760 Speaker 1: But his character in the Last of Us is awesome. 61 00:03:12,680 --> 00:03:14,680 Speaker 1: I would I would recommend it if you were into 62 00:03:14,760 --> 00:03:17,240 Speaker 1: that kind of show. Okay, alright, alright, well, before we 63 00:03:17,280 --> 00:03:19,720 Speaker 1: get to kind of our thoughts on the pandemic and 64 00:03:19,760 --> 00:03:22,520 Speaker 1: personal finance, Man I wanted to quickly mention something. There's 65 00:03:22,520 --> 00:03:25,640 Speaker 1: a place where you can donate your used cell phone 66 00:03:25,639 --> 00:03:29,440 Speaker 1: that maybe is like shoved away in a drawer to charity, 67 00:03:29,639 --> 00:03:31,720 Speaker 1: and so I just I don't remember where I came 68 00:03:31,720 --> 00:03:33,440 Speaker 1: across this, but thought I thought it was cool. There's 69 00:03:33,480 --> 00:03:36,920 Speaker 1: a recycling site called Big Sky Recycling, and we'll link 70 00:03:36,960 --> 00:03:39,160 Speaker 1: to it in the show notes. But yeah, if you've 71 00:03:39,160 --> 00:03:41,160 Speaker 1: got a couple of cell phones laying around, you can 72 00:03:41,200 --> 00:03:44,800 Speaker 1: basically just donate those and the proceeds as Big Sky 73 00:03:44,880 --> 00:03:48,240 Speaker 1: makes money selling these off go to support soldiers, send 74 00:03:48,280 --> 00:03:51,000 Speaker 1: care packages overseas to soldiers who are serving our country. 75 00:03:51,240 --> 00:03:53,640 Speaker 1: I thought that was kind of meat, so worth mentioning. 76 00:03:53,680 --> 00:03:56,880 Speaker 1: You can go the old school capitalists around and just 77 00:03:57,160 --> 00:03:59,400 Speaker 1: sell your cell phone and make money on a site 78 00:03:59,400 --> 00:04:01,160 Speaker 1: like cell cell If you type in your phone and 79 00:04:01,160 --> 00:04:03,040 Speaker 1: I'll let you know, Hey, here's how much money your 80 00:04:03,040 --> 00:04:05,560 Speaker 1: phone's worth. Make that decision for yourself. But for people 81 00:04:05,560 --> 00:04:07,800 Speaker 1: who are like man, I do have a cell phone 82 00:04:07,880 --> 00:04:11,120 Speaker 1: or two or ten sitting around in my drawer, old ones, um, 83 00:04:11,160 --> 00:04:13,720 Speaker 1: donating them can be I think a wise move. Sure 84 00:04:13,800 --> 00:04:18,320 Speaker 1: do they also give you the receipt of donation that 85 00:04:18,360 --> 00:04:20,760 Speaker 1: you get to that question, I'm sure you'd be able 86 00:04:20,800 --> 00:04:22,240 Speaker 1: to write that off on your tax. Not that that 87 00:04:22,240 --> 00:04:25,000 Speaker 1: shouldn't be the driving force behind donating if if that's 88 00:04:25,040 --> 00:04:26,880 Speaker 1: what you wanted to do. But and also, well you 89 00:04:26,920 --> 00:04:29,359 Speaker 1: mentioned like cell cell, which is a great site. What 90 00:04:29,360 --> 00:04:31,080 Speaker 1: what makes cell cell so great is the fact that 91 00:04:31,200 --> 00:04:34,440 Speaker 1: they aggregate a lot of the different buyers out there, 92 00:04:34,480 --> 00:04:36,719 Speaker 1: who is some of the different sites and what they're 93 00:04:36,760 --> 00:04:39,000 Speaker 1: willing to pay, So in a single place you can 94 00:04:39,080 --> 00:04:40,440 Speaker 1: kind of see what it is that you can get 95 00:04:40,480 --> 00:04:42,839 Speaker 1: for your phone from these different sites. Like the clutter 96 00:04:42,960 --> 00:04:45,520 Speaker 1: is a great site, but cell cell list de clutter 97 00:04:45,560 --> 00:04:48,719 Speaker 1: amongst other options. Exactly, they're saying, hey, here's who pays 98 00:04:48,760 --> 00:04:51,799 Speaker 1: the best for the best rate for that you specific 99 00:04:52,080 --> 00:04:54,400 Speaker 1: version cell phone that you're looking to get enough, But 100 00:04:54,560 --> 00:04:57,760 Speaker 1: don't forget you know, you said the purely capitalistic route. 101 00:04:57,760 --> 00:05:00,479 Speaker 1: Don't forget eBay because like that's like I guess the 102 00:05:00,520 --> 00:05:02,760 Speaker 1: ultimate is actually like listing it where somebody doesn't get 103 00:05:02,760 --> 00:05:04,760 Speaker 1: it cut because obviously eBay they still get a cut. 104 00:05:05,000 --> 00:05:06,919 Speaker 1: But if you put a little more legwork into it 105 00:05:06,960 --> 00:05:09,440 Speaker 1: takes some decent pictures shine that thing up. If you've 106 00:05:09,440 --> 00:05:13,240 Speaker 1: got some good feedback on eBay, that is absolutely the 107 00:05:13,240 --> 00:05:15,720 Speaker 1: best place to get the top dollar, even more so 108 00:05:15,800 --> 00:05:18,200 Speaker 1: than some of the different sides Like that was just 109 00:05:18,240 --> 00:05:19,840 Speaker 1: make it a little easier, and yeah, you're gonna get 110 00:05:19,920 --> 00:05:23,040 Speaker 1: less of the money, but it's is the trade off 111 00:05:23,040 --> 00:05:24,600 Speaker 1: with it. I don't know, but yeah, you're right. I mean, 112 00:05:24,640 --> 00:05:28,720 Speaker 1: selling on eBay, you're just reaching reaching the most potential buyers, 113 00:05:28,720 --> 00:05:30,960 Speaker 1: which makes sense. And I say that too honestly as 114 00:05:31,080 --> 00:05:34,560 Speaker 1: a reminder to myself. Actually literally yesterday I was getting 115 00:05:34,600 --> 00:05:37,200 Speaker 1: ready to buy a shirt and I thought for I 116 00:05:37,240 --> 00:05:38,599 Speaker 1: almost clicked by, and I was like, wait a minute, 117 00:05:38,640 --> 00:05:40,280 Speaker 1: let me see if I could get the shirt over 118 00:05:40,520 --> 00:05:43,279 Speaker 1: over on eBay. Hopped over there. Guess what. It wasn't 119 00:05:43,279 --> 00:05:45,320 Speaker 1: the exact same shirt. It was a different color, but 120 00:05:45,400 --> 00:05:47,360 Speaker 1: it was brand new with tags, and it was the 121 00:05:47,400 --> 00:05:50,360 Speaker 1: exact you know, exact size, exact same unless you say 122 00:05:50,600 --> 00:05:54,560 Speaker 1: model half half say it was insane. Uh. Granted I 123 00:05:54,560 --> 00:05:57,560 Speaker 1: had percent off coupon from from the websites, I would 124 00:05:57,560 --> 00:05:59,159 Speaker 1: have at least gotten you know, it would have been 125 00:05:59,200 --> 00:06:01,920 Speaker 1: discouded a little bit. But to have that slashed in half. 126 00:06:01,960 --> 00:06:04,440 Speaker 1: I was very happy. So yeah, I don't forget about 127 00:06:04,480 --> 00:06:07,560 Speaker 1: eBay when it comes to buying or selling stuff. Nice yep, 128 00:06:07,680 --> 00:06:09,640 Speaker 1: good reminder. All right, let's move on. Let's mention the 129 00:06:09,680 --> 00:06:12,000 Speaker 1: beer we're having this week, and it's kind of a 130 00:06:12,000 --> 00:06:15,960 Speaker 1: goofy name for the Spirit's called Mango Funk Yourself. My 131 00:06:16,120 --> 00:06:20,120 Speaker 1: Mentlesome Brewing. I think it's man go funk Yourself. Yeah. 132 00:06:20,160 --> 00:06:22,599 Speaker 1: I know. I was trying not to offend, so I 133 00:06:22,680 --> 00:06:25,159 Speaker 1: was trying to be funk. Yeah. But it's got like 134 00:06:25,160 --> 00:06:28,280 Speaker 1: a groovy seventies you know that seventies show kind of 135 00:06:28,320 --> 00:06:30,039 Speaker 1: styling on the front of the kids. This, of course 136 00:06:30,120 --> 00:06:32,240 Speaker 1: is a mango beer with a goofy name. And we'll 137 00:06:32,240 --> 00:06:34,719 Speaker 1: give our thoughts on this one at the end. But Matt, 138 00:06:34,760 --> 00:06:36,240 Speaker 1: let's move on. Let's get to the topic of hand. 139 00:06:36,279 --> 00:06:38,520 Speaker 1: Did the pandemic change personal finance? That's kind of the 140 00:06:38,560 --> 00:06:41,800 Speaker 1: question we're tackling on today's episode. And I don't know 141 00:06:41,800 --> 00:06:44,719 Speaker 1: about you. Wait, have you ever been in a cult? Yeah? Yeah, okay, 142 00:06:44,760 --> 00:06:46,640 Speaker 1: A bunch of them? Oh good, Okay, this was just 143 00:06:46,680 --> 00:06:49,040 Speaker 1: before we met I guess right, Okay, well, I've never 144 00:06:49,120 --> 00:06:51,640 Speaker 1: been in one. Um, although sometimes some people might say 145 00:06:51,720 --> 00:06:53,840 Speaker 1: kind of the style of church I grew up in. 146 00:06:53,880 --> 00:06:57,320 Speaker 1: Maybe growing up might have cult like elements, and I 147 00:06:57,400 --> 00:06:58,960 Speaker 1: might I might agree a little bit, but a little 148 00:06:59,000 --> 00:07:01,240 Speaker 1: more FUNDI yeah in the medalist Yeah, but I'm not 149 00:07:01,240 --> 00:07:03,599 Speaker 1: gonna like divulge publicly if I've actually been in a cult, 150 00:07:03,640 --> 00:07:06,520 Speaker 1: which that kind of goes against the Yeah, it goes 151 00:07:06,520 --> 00:07:08,520 Speaker 1: against the grain of being in a cult, right, you 152 00:07:08,560 --> 00:07:10,000 Speaker 1: know what we talk about it. And also to tell 153 00:07:10,000 --> 00:07:13,120 Speaker 1: pople's kind of like fight club. Yeah, but I've watched documentaries, 154 00:07:13,120 --> 00:07:15,360 Speaker 1: I've read books about some of the most prominent cults 155 00:07:15,360 --> 00:07:17,920 Speaker 1: over the years. They fascinate me and and one of 156 00:07:17,960 --> 00:07:21,120 Speaker 1: the most interesting parts is to see interviews with like 157 00:07:21,200 --> 00:07:24,040 Speaker 1: folks who finally got out, who like have seen the light, 158 00:07:24,760 --> 00:07:27,840 Speaker 1: but for years they couldn't see clearly, and now they 159 00:07:27,880 --> 00:07:30,840 Speaker 1: look back on everything they experienced in a completely different light. 160 00:07:31,160 --> 00:07:34,720 Speaker 1: And like, um, I'm thinking Leah Remedy now has a 161 00:07:34,800 --> 00:07:38,520 Speaker 1: show that's spanned multiple seasons about getting out of scientology, 162 00:07:39,080 --> 00:07:42,520 Speaker 1: but now that she's left this cult, she's like, WHOA, 163 00:07:42,800 --> 00:07:46,120 Speaker 1: I was basically brainwashed, right, And like those folks, they 164 00:07:46,120 --> 00:07:47,800 Speaker 1: often end up reaching out to their friends who were 165 00:07:47,800 --> 00:07:49,880 Speaker 1: also bought into that cult. In an attempt to get 166 00:07:49,920 --> 00:07:52,440 Speaker 1: them out. Sometimes the work works, but oftentimes it doesn't. 167 00:07:52,440 --> 00:07:56,440 Speaker 1: Like these cults will separate families because they're that intense, 168 00:07:56,600 --> 00:07:58,200 Speaker 1: and they're that hard for a lot of people to 169 00:07:58,240 --> 00:08:00,720 Speaker 1: recognize that their in one. And and it's just like 170 00:08:00,760 --> 00:08:02,520 Speaker 1: hard to commit someone in a cult that they're in one. 171 00:08:02,720 --> 00:08:04,840 Speaker 1: They just I don't want to believe it, right, Um, 172 00:08:05,480 --> 00:08:07,680 Speaker 1: it's hard to know like which ways up, which weighs 173 00:08:07,680 --> 00:08:09,800 Speaker 1: down when you're kind of in the middle, what's true 174 00:08:09,840 --> 00:08:11,520 Speaker 1: what's false? Yeah, And that's why we want to take 175 00:08:11,560 --> 00:08:13,440 Speaker 1: like a retrospective now that we're kind of out of 176 00:08:14,000 --> 00:08:18,160 Speaker 1: the heat of COVID all the crazy craziness insanity. Like 177 00:08:18,200 --> 00:08:20,600 Speaker 1: we're basically three years removed from the first inklings that 178 00:08:20,640 --> 00:08:23,560 Speaker 1: COVID was going to change everything. Let's reassess, like did 179 00:08:23,600 --> 00:08:26,760 Speaker 1: it and our society we've clearly changed in so many 180 00:08:26,800 --> 00:08:28,840 Speaker 1: ways in just a few years time, not all of 181 00:08:28,840 --> 00:08:31,320 Speaker 1: it for good. But what about personal finances, Like how 182 00:08:31,360 --> 00:08:34,200 Speaker 1: have things changed? That's what we're gonna discuss today, exactly. Yeah, 183 00:08:34,240 --> 00:08:36,760 Speaker 1: it can be it can be really difficult to discern 184 00:08:37,080 --> 00:08:40,600 Speaker 1: just the magnitude the scope of the impacts of something 185 00:08:40,760 --> 00:08:44,000 Speaker 1: like a global pandemic on our lives until we've put 186 00:08:44,000 --> 00:08:46,760 Speaker 1: some distance between us and the novel coronavirus, right, that's 187 00:08:46,760 --> 00:08:48,920 Speaker 1: what we used to call it back when it was new. 188 00:08:49,400 --> 00:08:52,000 Speaker 1: But there were a lot of predictions back then early 189 00:08:52,040 --> 00:08:55,000 Speaker 1: on about the death of major cities, just how they're 190 00:08:55,040 --> 00:08:57,959 Speaker 1: gonna hollow out, or articles about New York City it's 191 00:08:58,000 --> 00:09:01,000 Speaker 1: never coming back, right, right, that was true. How like 192 00:09:01,040 --> 00:09:03,000 Speaker 1: business travel, how that was never going to be a 193 00:09:03,080 --> 00:09:05,520 Speaker 1: thing ever again, you're going to get on airplanes, travel 194 00:09:05,600 --> 00:09:07,599 Speaker 1: and demand is going to be you know, curbed for 195 00:09:07,640 --> 00:09:10,599 Speaker 1: a long time, working even in an office, right like 196 00:09:10,640 --> 00:09:13,240 Speaker 1: gathering with other people to actually get your job done. 197 00:09:13,520 --> 00:09:16,960 Speaker 1: But many of those predictions ended up being fairly inaccurate, 198 00:09:17,000 --> 00:09:20,760 Speaker 1: even though there's maybe some residual effects that we're still 199 00:09:20,800 --> 00:09:22,840 Speaker 1: seeing today. But you know, when we are in the 200 00:09:22,840 --> 00:09:25,080 Speaker 1: middle of something that was as crazy as COVID nineteen, 201 00:09:25,280 --> 00:09:27,960 Speaker 1: it was really difficult to know what it is that 202 00:09:28,000 --> 00:09:31,079 Speaker 1: we should be doing with our money, let alone our lives. 203 00:09:31,520 --> 00:09:33,160 Speaker 1: We were all just trying to do the best we 204 00:09:33,200 --> 00:09:36,040 Speaker 1: could given the information that we had at the time. Um, 205 00:09:36,080 --> 00:09:38,400 Speaker 1: But now that we've had a few years between us 206 00:09:38,440 --> 00:09:41,800 Speaker 1: and between the lockdowns, we wanted to discuss the specific 207 00:09:41,800 --> 00:09:44,360 Speaker 1: ways in which COVID has changed things and how it 208 00:09:44,440 --> 00:09:47,199 Speaker 1: is that we should respond to those changes. Yeah, and 209 00:09:47,240 --> 00:09:49,080 Speaker 1: I think it's important to mention that the effects of 210 00:09:49,120 --> 00:09:51,920 Speaker 1: COVID still anker, right, So it's not like we're completely 211 00:09:52,679 --> 00:09:54,640 Speaker 1: out of it or that none of us that we 212 00:09:54,640 --> 00:09:57,560 Speaker 1: don't have any like shell shock residual style effects from 213 00:09:57,640 --> 00:09:59,640 Speaker 1: what happened over the past few years. And and this 214 00:09:59,720 --> 00:10:03,080 Speaker 1: isn't say that the virus like coronavirus, that it has 215 00:10:03,080 --> 00:10:05,400 Speaker 1: completely gone away, but the pandemic is behind us. But 216 00:10:05,440 --> 00:10:08,199 Speaker 1: obviously there are still folks who are dealing with whether 217 00:10:08,200 --> 00:10:10,520 Speaker 1: it be long COVID or just even the new strings 218 00:10:10,520 --> 00:10:12,280 Speaker 1: of it. Yeah, it is still out there, of course 219 00:10:12,280 --> 00:10:15,280 Speaker 1: completely And anyone who out there with young kids right, 220 00:10:15,360 --> 00:10:17,600 Speaker 1: for instance, they're likely still dealing with the effects of 221 00:10:18,040 --> 00:10:20,760 Speaker 1: learning loss and how to make for lost time based 222 00:10:20,800 --> 00:10:23,720 Speaker 1: on a couple of years of subpar instructions, not necessarily 223 00:10:23,760 --> 00:10:25,959 Speaker 1: the fault of the teachers, but it's just the reality 224 00:10:25,960 --> 00:10:28,680 Speaker 1: of virtual school and how inferior was I still remember 225 00:10:29,120 --> 00:10:31,640 Speaker 1: my daughter, she was in kindergarten at the time, like 226 00:10:31,720 --> 00:10:34,800 Speaker 1: just looking at her holding her feet up in front 227 00:10:34,800 --> 00:10:37,160 Speaker 1: of the computer, burning like there was a candle and 228 00:10:37,240 --> 00:10:39,160 Speaker 1: she's like putting a trash bag in the candle, and 229 00:10:39,360 --> 00:10:41,240 Speaker 1: my wife was like, what are you doing? Wasn't ye? 230 00:10:41,440 --> 00:10:45,080 Speaker 1: Just like, uh, there was not as much learning happening 231 00:10:45,280 --> 00:10:47,040 Speaker 1: at home as there was in the classroom. So I 232 00:10:47,080 --> 00:10:48,679 Speaker 1: mean and actually there were dangerous things happening in our 233 00:10:48,679 --> 00:10:50,679 Speaker 1: home at least the test results showed that as well. 234 00:10:50,760 --> 00:10:53,360 Speaker 1: Right with the scores did that come out last fall 235 00:10:54,080 --> 00:10:57,080 Speaker 1: showed obviously, you know, not surprisingly that the reading and 236 00:10:57,280 --> 00:11:00,760 Speaker 1: math scores just across the board significantly decla because I 237 00:11:00,760 --> 00:11:02,720 Speaker 1: mean that was just one of the many effects of 238 00:11:02,760 --> 00:11:04,880 Speaker 1: the pandemic. I feel, Yeah, my second grader hasn't had 239 00:11:04,880 --> 00:11:07,080 Speaker 1: a normal year of school until this year, Like this 240 00:11:07,120 --> 00:11:08,880 Speaker 1: is the first one. And so like for us that 241 00:11:08,960 --> 00:11:11,719 Speaker 1: the kindergartener started with virtual due it was pre K 242 00:11:11,960 --> 00:11:14,480 Speaker 1: when yeah, it was pre K, and so it was 243 00:11:14,520 --> 00:11:16,880 Speaker 1: pre K kindergarten and first they were all screwed up 244 00:11:16,920 --> 00:11:20,120 Speaker 1: at least to some extent. And now we're rebounding from that, 245 00:11:20,240 --> 00:11:21,840 Speaker 1: and and we're having to do homework I swear, like 246 00:11:21,880 --> 00:11:23,800 Speaker 1: every night just to kind of try to catch up 247 00:11:23,800 --> 00:11:26,320 Speaker 1: to worship. Yeah, that part of the pandemic we do 248 00:11:26,360 --> 00:11:29,520 Speaker 1: want to put behind, Yes, Like the part that feels 249 00:11:29,920 --> 00:11:31,960 Speaker 1: that hit maybe a little too close to home, Like 250 00:11:32,080 --> 00:11:35,480 Speaker 1: like those are the parts that it is more difficult 251 00:11:35,480 --> 00:11:37,560 Speaker 1: to recall with fondness. That's why there are some things 252 00:11:37,559 --> 00:11:39,920 Speaker 1: that we can look back on and smile. But obviously 253 00:11:40,160 --> 00:11:42,400 Speaker 1: kids not being in school, definitely, And that's why I 254 00:11:42,400 --> 00:11:44,080 Speaker 1: just want to say that the effects still linger, right 255 00:11:44,080 --> 00:11:46,720 Speaker 1: And and then there was new research from from Pew 256 00:11:47,360 --> 00:11:51,640 Speaker 1: who said of Americans the experienced psychological distress during COVID, 257 00:11:52,000 --> 00:11:53,800 Speaker 1: that's a lot of folks. And that just doesn't go 258 00:11:53,840 --> 00:11:57,360 Speaker 1: away overnight either, Like, these effects are are still with us, 259 00:11:57,360 --> 00:11:59,240 Speaker 1: even if they're hard to pinpoint, and even if there 260 00:11:59,240 --> 00:12:01,880 Speaker 1: are many things that just caused our stress levels to 261 00:12:02,000 --> 00:12:04,240 Speaker 1: rise or made more life more difficult or we aren't 262 00:12:04,440 --> 00:12:08,200 Speaker 1: man losing loved ones that's another thing, or just massively 263 00:12:08,240 --> 00:12:11,960 Speaker 1: impacts your life moving forward. So yeah, the same though 264 00:12:12,040 --> 00:12:15,000 Speaker 1: is true from a financial perspective. I think COVID changed 265 00:12:15,040 --> 00:12:17,559 Speaker 1: the way folks think about their money, their careers, their 266 00:12:17,600 --> 00:12:20,600 Speaker 1: debt spending, and rightly so, like it was right that 267 00:12:20,600 --> 00:12:22,120 Speaker 1: we made a lot of those changes, But what were 268 00:12:22,160 --> 00:12:24,679 Speaker 1: those changes? How are they sticking around? That's what we 269 00:12:24,800 --> 00:12:26,880 Speaker 1: want to talk about today. Yeah, and so I think 270 00:12:26,880 --> 00:12:29,480 Speaker 1: before we start talking about money changes, it's good a 271 00:12:29,520 --> 00:12:31,840 Speaker 1: point out that COVID had a massive impact on on 272 00:12:32,000 --> 00:12:34,000 Speaker 1: just how it is that we choose to live life. 273 00:12:34,440 --> 00:12:37,600 Speaker 1: I'm thinking about Americans have been getting outdoors I think 274 00:12:37,600 --> 00:12:39,480 Speaker 1: more over the past few years because of the pandemic, 275 00:12:39,720 --> 00:12:41,200 Speaker 1: and I think this is a great thing. I know 276 00:12:41,320 --> 00:12:44,880 Speaker 1: that we definitely saw bike sales increase in a massive way, right, 277 00:12:45,040 --> 00:12:48,880 Speaker 1: I mean, good luck trying to find a bike somewhars impossible. 278 00:12:49,080 --> 00:12:51,080 Speaker 1: Same thing with the bikes. But these are the kind 279 00:12:51,080 --> 00:12:53,080 Speaker 1: of changes that we'd like to see stick around. I 280 00:12:53,120 --> 00:12:56,920 Speaker 1: know we were doing way more family picnics. We were, 281 00:12:56,960 --> 00:12:59,760 Speaker 1: you know, finding different hikes, new hikes on and almost 282 00:12:59,800 --> 00:13:02,600 Speaker 1: we lead basis there for a while. Uh. And we're 283 00:13:02,679 --> 00:13:04,680 Speaker 1: definitely not doing those things quite as much, but it 284 00:13:04,840 --> 00:13:08,760 Speaker 1: is definitely a healthy rhythm that has stuck around for us. Uh. 285 00:13:08,880 --> 00:13:11,480 Speaker 1: COVID it really made many of us out there just 286 00:13:11,559 --> 00:13:13,480 Speaker 1: asked the question of what it is that we want 287 00:13:13,480 --> 00:13:15,640 Speaker 1: our days, how does that we want to spend our time, 288 00:13:15,640 --> 00:13:17,440 Speaker 1: what we want that to look like? Uh. And I 289 00:13:17,440 --> 00:13:20,280 Speaker 1: think these are important questions to keep in mind. And 290 00:13:20,440 --> 00:13:23,520 Speaker 1: many folks realized that they were working too much that 291 00:13:23,600 --> 00:13:26,480 Speaker 1: they were not taking enough time off in order to 292 00:13:26,520 --> 00:13:29,280 Speaker 1: spend their time, you know, doing the things that ultimately 293 00:13:29,320 --> 00:13:31,480 Speaker 1: we're going to matter more to them. Sure, yeah, I 294 00:13:31,520 --> 00:13:32,920 Speaker 1: think we should look back and say, what were we 295 00:13:32,960 --> 00:13:34,600 Speaker 1: doing in some of those early days of the pandemic. 296 00:13:34,600 --> 00:13:37,040 Speaker 1: I know that was just a silver lining for some people. 297 00:13:37,120 --> 00:13:41,240 Speaker 1: Is it kind of made them reconsider what was important, 298 00:13:41,280 --> 00:13:43,079 Speaker 1: what was valuable? And I know, yeah, we were doing 299 00:13:43,160 --> 00:13:47,239 Speaker 1: similar things, Like we were just more family togetherness outdoors, 300 00:13:47,320 --> 00:13:49,720 Speaker 1: which was really healthy for us. And and similar to you, 301 00:13:50,080 --> 00:13:51,760 Speaker 1: I feel like it's something that's stuck around, although we're 302 00:13:51,760 --> 00:13:53,280 Speaker 1: not doing it as much as we used to as 303 00:13:53,880 --> 00:13:56,280 Speaker 1: kind of I don't like kid birthday parties. They weren't 304 00:13:56,320 --> 00:13:57,680 Speaker 1: a thing for a while, right, Like you just didn't 305 00:13:57,720 --> 00:14:00,360 Speaker 1: get together in that sort of capacity. And now that's 306 00:14:00,360 --> 00:14:03,400 Speaker 1: happening again, and so our weekends are changing. But let's 307 00:14:03,440 --> 00:14:05,439 Speaker 1: make sure we keep around some of those lessons that 308 00:14:05,480 --> 00:14:07,120 Speaker 1: we learned and some of the better things that came 309 00:14:07,200 --> 00:14:09,880 Speaker 1: from kind of our reaction to COVID. Yeah, and instead 310 00:14:09,920 --> 00:14:13,360 Speaker 1: of meeting up at a park where you're celebrating an outdoor, 311 00:14:13,600 --> 00:14:17,040 Speaker 1: socially responsible, socially distanced birthday, now we're back at the 312 00:14:17,080 --> 00:14:20,000 Speaker 1: trampoline park where the kids are just toughing on each other, 313 00:14:20,160 --> 00:14:22,640 Speaker 1: are bowling party, like my daughter just went through this 314 00:14:22,680 --> 00:14:25,800 Speaker 1: past weekend. Well, and there are all sorts of speaking 315 00:14:25,840 --> 00:14:27,800 Speaker 1: of like careers and stuff, Matt and how that changed people. 316 00:14:27,840 --> 00:14:29,640 Speaker 1: Let's let's talk about that for a second, because there 317 00:14:29,640 --> 00:14:32,360 Speaker 1: were all sorts of movements during COVID. They were kind 318 00:14:32,400 --> 00:14:35,760 Speaker 1: of a reaction really too, kind of the stress of 319 00:14:35,920 --> 00:14:38,720 Speaker 1: the virus, and you know, they were the great resignation 320 00:14:38,760 --> 00:14:41,360 Speaker 1: and quiet quitting. Those are two of kind of the 321 00:14:41,520 --> 00:14:44,760 Speaker 1: career movements we saw kind of a rippling across our society, 322 00:14:45,000 --> 00:14:48,280 Speaker 1: and like COVID just just changed the work equation in 323 00:14:48,320 --> 00:14:51,200 Speaker 1: a meaningful way. You mentioned that some people were decided 324 00:14:51,240 --> 00:14:53,520 Speaker 1: they were working too much and they cut back. That's great, 325 00:14:53,680 --> 00:14:55,680 Speaker 1: you know, I think that's a reasonable move to make 326 00:14:55,720 --> 00:14:58,040 Speaker 1: in line of the situation. It felt like people were 327 00:14:58,040 --> 00:15:01,080 Speaker 1: more willing to leave a job, even highly paying one, 328 00:15:01,360 --> 00:15:03,960 Speaker 1: because of the impact of COVID And new stats actually 329 00:15:04,000 --> 00:15:06,000 Speaker 1: just came out which showed that Americans as a whole 330 00:15:06,040 --> 00:15:08,120 Speaker 1: are working less than they were just a few years 331 00:15:08,120 --> 00:15:11,640 Speaker 1: ago before COVID came into our our purview, and people 332 00:15:11,680 --> 00:15:14,120 Speaker 1: on average are working something somewhere between one and three 333 00:15:14,160 --> 00:15:16,600 Speaker 1: percent less than they were in twenty nineteen. We're not 334 00:15:16,680 --> 00:15:19,280 Speaker 1: necessarily like turning into France or anything like that. Where 335 00:15:19,640 --> 00:15:22,280 Speaker 1: what I think the revolts over the raising the of 336 00:15:22,320 --> 00:15:25,480 Speaker 1: the retirement age from sixty two to sixty four, and 337 00:15:25,480 --> 00:15:29,280 Speaker 1: and where there are like strict measures in place for 338 00:15:29,360 --> 00:15:33,000 Speaker 1: how much employers can require employees to work. But at 339 00:15:33,040 --> 00:15:34,920 Speaker 1: the same time, like America, we've been known for our 340 00:15:34,920 --> 00:15:37,640 Speaker 1: workaholic tendencies and those appear to be correcting a little bit, 341 00:15:37,640 --> 00:15:39,720 Speaker 1: which I think is a good thing. We've always been 342 00:15:39,760 --> 00:15:43,320 Speaker 1: fans of people taking the vacation time they're allotted, and 343 00:15:43,800 --> 00:15:46,480 Speaker 1: you know, using your increased financial margin to make work 344 00:15:46,480 --> 00:15:49,840 Speaker 1: decisions that are in your best interest. That might even 345 00:15:49,880 --> 00:15:51,720 Speaker 1: mean taking a job that pays less because it's more 346 00:15:51,760 --> 00:15:54,280 Speaker 1: fulfilling and it allows for more balance. These are the 347 00:15:54,320 --> 00:15:57,680 Speaker 1: kinds of decisions people were making. They felt like an 348 00:15:57,720 --> 00:16:03,000 Speaker 1: acute need to make a change, especially in early on, 349 00:16:03,320 --> 00:16:05,960 Speaker 1: and I think people are kind of forgetting that. But 350 00:16:06,000 --> 00:16:10,200 Speaker 1: I still think that's a reasonable worthwhile response for us 351 00:16:10,240 --> 00:16:13,040 Speaker 1: to continue to have, even as the pandemic isn't kind 352 00:16:13,040 --> 00:16:15,480 Speaker 1: of top of mind, front of mind. Sure, Yeah, And 353 00:16:15,560 --> 00:16:17,960 Speaker 1: so that was something that we realized as employees. But 354 00:16:18,000 --> 00:16:20,320 Speaker 1: there are shifts that were taking place on the side 355 00:16:20,320 --> 00:16:23,960 Speaker 1: of the employers as well. Right as companies realized that 356 00:16:24,000 --> 00:16:26,120 Speaker 1: the folks who worked for them could, in fact, you know, 357 00:16:26,200 --> 00:16:28,160 Speaker 1: not come into the office every single day of the 358 00:16:28,160 --> 00:16:30,760 Speaker 1: week and still get their work done. As that happened, 359 00:16:30,800 --> 00:16:32,800 Speaker 1: you know, we did see a shift in the ability 360 00:16:32,840 --> 00:16:35,920 Speaker 1: for folks to work from home. And granted we're not 361 00:16:35,960 --> 00:16:37,600 Speaker 1: seeing this to the full extent you know that we 362 00:16:37,720 --> 00:16:40,800 Speaker 1: thought we would. More companies are calling for employees to 363 00:16:40,800 --> 00:16:44,600 Speaker 1: return to the office to rejoin the collaborative environment in 364 00:16:44,600 --> 00:16:47,800 Speaker 1: real life. But the pandemic was honestly was a wake 365 00:16:47,840 --> 00:16:49,960 Speaker 1: up call, I think for the laptop class out there, 366 00:16:50,000 --> 00:16:53,760 Speaker 1: for all the knowledge information knowledge workers to question what 367 00:16:53,840 --> 00:16:56,080 Speaker 1: their jobs should look like if they felt they actually 368 00:16:56,080 --> 00:16:58,400 Speaker 1: needed to return to the office full time, uh, and 369 00:16:58,440 --> 00:17:00,520 Speaker 1: then if not, you know, maybe that and meant it 370 00:17:00,520 --> 00:17:03,800 Speaker 1: was time to consider moving right. And so in this way, 371 00:17:03,840 --> 00:17:07,680 Speaker 1: the pandemic essentially reshuffled the deck in regards to jobs 372 00:17:07,840 --> 00:17:11,760 Speaker 1: and geography. Specifically, no longer, uh, did you have to 373 00:17:11,800 --> 00:17:13,960 Speaker 1: live in the Bay Area if you wanted to have 374 00:17:13,960 --> 00:17:16,199 Speaker 1: a career in tech. You didn't have to live in 375 00:17:16,200 --> 00:17:17,760 Speaker 1: New York City if you wanted to have a job 376 00:17:17,800 --> 00:17:20,720 Speaker 1: in finance. All of a sudden, certain career paths were 377 00:17:20,720 --> 00:17:24,360 Speaker 1: no longer tethered to higher cost of living areas, which 378 00:17:24,359 --> 00:17:26,239 Speaker 1: of course can can have a massive impact on your 379 00:17:26,240 --> 00:17:29,479 Speaker 1: personal finances. Ever since Katina lived in Atlanta, well, we 380 00:17:29,480 --> 00:17:32,000 Speaker 1: had started a photography company, and to a certain extent, 381 00:17:32,040 --> 00:17:34,639 Speaker 1: we were tied to Atlanta, like our our work was 382 00:17:34,760 --> 00:17:37,280 Speaker 1: in and around Atlanta. And as you and I were 383 00:17:37,280 --> 00:17:39,439 Speaker 1: taking the podcast more full time, one of the things 384 00:17:39,480 --> 00:17:41,399 Speaker 1: we realized was that, man, we we no longer have 385 00:17:41,480 --> 00:17:43,920 Speaker 1: to live here, and so because of that, it caused 386 00:17:44,000 --> 00:17:46,800 Speaker 1: us to think, oh, well, maybe we should live in 387 00:17:46,840 --> 00:17:49,800 Speaker 1: a different state or a different city. Like that's when 388 00:17:50,119 --> 00:17:52,080 Speaker 1: we're I mean, back then we were talking about like 389 00:17:52,119 --> 00:17:54,080 Speaker 1: moving out the Boise or Denver. Were like we were 390 00:17:54,080 --> 00:17:57,199 Speaker 1: talking about Asheville. You were in a similar situation. You 391 00:17:57,200 --> 00:17:58,960 Speaker 1: weren't you know, you weren't thinking maybe that far away. 392 00:17:59,359 --> 00:18:01,439 Speaker 1: But you're like, oh, don't you know before you were 393 00:18:01,480 --> 00:18:04,880 Speaker 1: commuting into your office every single day by bike most 394 00:18:04,960 --> 00:18:07,040 Speaker 1: most of the time. But as we were both kind 395 00:18:07,080 --> 00:18:09,680 Speaker 1: of entering that stage in life, we realized, oh, man, 396 00:18:09,840 --> 00:18:13,080 Speaker 1: we should essentially reconsider where it is that we're living, 397 00:18:13,359 --> 00:18:15,000 Speaker 1: which is a huge part of why it is that 398 00:18:15,040 --> 00:18:17,400 Speaker 1: we we did end up moving, and we actually dedicated 399 00:18:17,480 --> 00:18:19,639 Speaker 1: an entire episode talking about that move and how it 400 00:18:19,720 --> 00:18:21,240 Speaker 1: is that we thought about that. Will make sure to 401 00:18:21,560 --> 00:18:23,359 Speaker 1: I forget the episode number of that one, but well, 402 00:18:23,480 --> 00:18:24,920 Speaker 1: we can link to that one in the show notes. 403 00:18:25,240 --> 00:18:27,080 Speaker 1: But I think it is important to get a little 404 00:18:27,119 --> 00:18:29,879 Speaker 1: introspective here and to think why is it that I 405 00:18:29,920 --> 00:18:33,600 Speaker 1: am still in this specific city or the state, Because 406 00:18:33,640 --> 00:18:37,400 Speaker 1: if it is only work, I think it's worth reconsidering. 407 00:18:37,480 --> 00:18:40,760 Speaker 1: Are there other things that are more important? Is there 408 00:18:40,800 --> 00:18:43,479 Speaker 1: a way for me to continue that that I can 409 00:18:43,520 --> 00:18:47,000 Speaker 1: maintain this job and potentially move somewhere else by working remotely? 410 00:18:47,160 --> 00:18:49,080 Speaker 1: Or can I get a better job that's still remote 411 00:18:49,080 --> 00:18:51,520 Speaker 1: and work elsewhere exactly? Or yeah, but why are you 412 00:18:51,520 --> 00:18:53,560 Speaker 1: living where you're living? Like can you move? Do you 413 00:18:53,600 --> 00:18:55,960 Speaker 1: want to move closer to family and friends, or just 414 00:18:56,560 --> 00:19:00,400 Speaker 1: maybe a better place to be closer to some nature 415 00:19:00,480 --> 00:19:02,240 Speaker 1: hikes or something like that. I don't know what, closer 416 00:19:02,320 --> 00:19:04,520 Speaker 1: to family or just maybe living in a part of 417 00:19:04,520 --> 00:19:06,720 Speaker 1: the country that just really resonates with you that you 418 00:19:06,760 --> 00:19:08,679 Speaker 1: think is beautiful. Like essentially, what we're you know, what 419 00:19:08,720 --> 00:19:11,280 Speaker 1: we're talking about here is geographic arbitrage. Is there a 420 00:19:11,280 --> 00:19:13,960 Speaker 1: way for you to have an awesome job while simultaneously 421 00:19:14,359 --> 00:19:16,879 Speaker 1: living somewhere that is going to be more affordable because 422 00:19:16,960 --> 00:19:19,040 Speaker 1: that might not even be somewhere outside of the United States, 423 00:19:19,160 --> 00:19:22,400 Speaker 1: or people specifically moving to other countries to lower their costs. 424 00:19:22,440 --> 00:19:24,160 Speaker 1: Right that we've talked about arbitrage here on the show. 425 00:19:24,160 --> 00:19:27,520 Speaker 1: Before you moved to Thailand or portrait that forget boys, 426 00:19:27,520 --> 00:19:30,240 Speaker 1: they should have been thinking about, Right, you move someplace 427 00:19:30,280 --> 00:19:31,800 Speaker 1: like that and your money goes a whole lot further 428 00:19:32,200 --> 00:19:34,800 Speaker 1: and so yeah, maybe, but maybe you don't speak the 429 00:19:34,840 --> 00:19:36,840 Speaker 1: language and so you're not interested in that. I don't know. 430 00:19:37,040 --> 00:19:39,520 Speaker 1: But like the thing is like, we have more options 431 00:19:39,520 --> 00:19:41,760 Speaker 1: open to us than we think. I think. Um, that's 432 00:19:41,800 --> 00:19:44,480 Speaker 1: a real blessing of the pandemic in a way, a 433 00:19:44,560 --> 00:19:47,600 Speaker 1: silver lining is that we were all made to think 434 00:19:47,640 --> 00:19:50,320 Speaker 1: a little differently about what options we have at our disposal. 435 00:19:50,680 --> 00:19:54,040 Speaker 1: And many people realized, wait a second, like I'm not stuck, 436 00:19:54,720 --> 00:19:56,840 Speaker 1: and there are choices I can make. They're going to 437 00:19:56,920 --> 00:19:58,920 Speaker 1: have consequences, right, and I might not be able to 438 00:19:58,960 --> 00:20:00,880 Speaker 1: keep my job, or I might have to make other 439 00:20:00,920 --> 00:20:03,040 Speaker 1: trade offs but a lot of people realized, and rightly so, 440 00:20:03,080 --> 00:20:05,960 Speaker 1: that they do have um the potential to make change 441 00:20:06,119 --> 00:20:08,680 Speaker 1: in their life, significant change, more than they thought was 442 00:20:08,720 --> 00:20:11,320 Speaker 1: previously possible. And of course, your ability to do this 443 00:20:11,359 --> 00:20:14,359 Speaker 1: is gonna depend on your personal situation, your specific job 444 00:20:14,600 --> 00:20:17,600 Speaker 1: or industry, and what your goals are. But we've got 445 00:20:17,680 --> 00:20:19,439 Speaker 1: more specific things we want to talk about. How the 446 00:20:19,440 --> 00:20:22,479 Speaker 1: pandemic has changed personal finances. We're gonna talk about, you know, 447 00:20:22,520 --> 00:20:25,400 Speaker 1: how people have reconsidered the use of debt in their life, 448 00:20:25,440 --> 00:20:28,000 Speaker 1: and then we're gonna also talk about which changes should 449 00:20:28,040 --> 00:20:30,600 Speaker 1: stick around and maybe which ones we should jettison. Will 450 00:20:30,840 --> 00:20:42,280 Speaker 1: keep talking about this right after the break, right man, 451 00:20:42,359 --> 00:20:44,760 Speaker 1: let's continue to talk about the pandemic. And we were 452 00:20:44,800 --> 00:20:47,919 Speaker 1: talking more about lifestyle, and we were talking about, you know, 453 00:20:47,960 --> 00:20:50,200 Speaker 1: your job and your career, which obviously have an impact 454 00:20:50,280 --> 00:20:53,320 Speaker 1: on your personal finances. It does have an impact on 455 00:20:53,359 --> 00:20:55,000 Speaker 1: your money where it is that you live in, the 456 00:20:55,040 --> 00:20:57,840 Speaker 1: cost of living there. Obviously, if you're able to reduce 457 00:20:57,880 --> 00:21:00,760 Speaker 1: the cost of your housing with the rapid the rising prices, 458 00:21:00,800 --> 00:21:03,280 Speaker 1: that is going to have a dramatic impact on your 459 00:21:03,280 --> 00:21:07,879 Speaker 1: personal finances. You moved from San Francisco to Indiana, rural Indiana, 460 00:21:07,920 --> 00:21:09,879 Speaker 1: somewhere in the heartland, and you're still able to keep 461 00:21:09,880 --> 00:21:14,200 Speaker 1: your tech job many you're living and those decisions that 462 00:21:14,280 --> 00:21:16,199 Speaker 1: some people were able to make and did actually make 463 00:21:16,280 --> 00:21:18,840 Speaker 1: exactly But let let's drill down now and talk about 464 00:21:18,880 --> 00:21:21,679 Speaker 1: some specific ways that maybe had a more direct impact 465 00:21:21,720 --> 00:21:24,359 Speaker 1: on our personal finances. And one of the things that 466 00:21:24,400 --> 00:21:27,840 Speaker 1: come to mind is the amount of cash that we 467 00:21:28,040 --> 00:21:30,480 Speaker 1: kept on hand. With everything in life being up in 468 00:21:30,480 --> 00:21:33,520 Speaker 1: the air, liquidity and having that cash on hand came 469 00:21:33,520 --> 00:21:36,840 Speaker 1: back into vogue because for the longest time, during it 470 00:21:36,920 --> 00:21:39,720 Speaker 1: was like a ten plus year bulmarket run, it was 471 00:21:39,720 --> 00:21:43,720 Speaker 1: basically regarded as trash. And while interest rates were they 472 00:21:43,720 --> 00:21:46,520 Speaker 1: were still paltry. Early on in the pandemic, it became 473 00:21:46,920 --> 00:21:50,000 Speaker 1: quite apparent that having cash on hand gave you the 474 00:21:50,000 --> 00:21:53,560 Speaker 1: flexibility to make choices in a time of great upheaval 475 00:21:53,560 --> 00:21:56,679 Speaker 1: that we're experiencing. We certainly want you investing money for 476 00:21:56,720 --> 00:21:59,560 Speaker 1: your future. We want you socking away money into index 477 00:21:59,600 --> 00:22:02,600 Speaker 1: funds and side of your retirement accounts. Obviously this is 478 00:22:02,640 --> 00:22:05,200 Speaker 1: how you grow wealth for the future. But we also 479 00:22:05,520 --> 00:22:07,959 Speaker 1: don't want you to do this with such vigor that 480 00:22:08,080 --> 00:22:11,639 Speaker 1: you aren't giving yourself options. We want you to have 481 00:22:11,760 --> 00:22:14,880 Speaker 1: some freedom of choice when it comes to the careers 482 00:22:15,000 --> 00:22:18,720 Speaker 1: that you are considering pursuing, or even the ability to consider, 483 00:22:18,800 --> 00:22:21,919 Speaker 1: you know, something completely different in life. It's just mentally 484 00:22:21,960 --> 00:22:24,399 Speaker 1: easier to be a saver now is rates certainly have 485 00:22:24,440 --> 00:22:28,160 Speaker 1: crested four percent on savings accounts, something like five percent 486 00:22:28,200 --> 00:22:30,840 Speaker 1: on CDs. But it has always been important. In the 487 00:22:30,840 --> 00:22:34,600 Speaker 1: pandemic only heightened our awareness of that importance. And I 488 00:22:34,640 --> 00:22:37,399 Speaker 1: think that's certainly a lesson that's important for us to 489 00:22:37,480 --> 00:22:39,280 Speaker 1: not forget. Yeah, a lot of people started to think 490 00:22:39,320 --> 00:22:42,439 Speaker 1: that the stock market was a high interest savings account 491 00:22:42,480 --> 00:22:45,159 Speaker 1: on steroids. And when your normal high interest savings account 492 00:22:45,160 --> 00:22:46,879 Speaker 1: was paying half a percent, you're like, why wouldn't I 493 00:22:46,920 --> 00:22:48,439 Speaker 1: stick money in here? It doesn't go down, it just 494 00:22:48,480 --> 00:22:50,879 Speaker 1: goes up. But we have experience. We'll talk about this 495 00:22:50,920 --> 00:22:53,040 Speaker 1: in a second. How this that is not the case 496 00:22:53,119 --> 00:22:55,600 Speaker 1: for the stock market, and so you have to invest accordingly. 497 00:22:55,840 --> 00:22:58,399 Speaker 1: But yeah, cash on hand, piece out money mat is 498 00:22:58,440 --> 00:23:00,840 Speaker 1: what we called. Other people call it something else, but 499 00:23:01,000 --> 00:23:04,639 Speaker 1: we like the um food money. Yeah, we like the 500 00:23:04,680 --> 00:23:07,040 Speaker 1: approach of calling a piece out money and it's but 501 00:23:07,040 --> 00:23:12,160 Speaker 1: it's always been important. MANO, funk yourself right, Just you know, 502 00:23:12,440 --> 00:23:14,680 Speaker 1: trying to be good dudes. But we did an episode 503 00:23:14,680 --> 00:23:17,000 Speaker 1: on that a long time ago, before COVID was even 504 00:23:17,000 --> 00:23:18,399 Speaker 1: a thing. We talked about piece out money and the 505 00:23:18,480 --> 00:23:22,480 Speaker 1: importance of it, and that means having liquid cash, the 506 00:23:22,520 --> 00:23:26,000 Speaker 1: ability to use that to fund current needs or goals 507 00:23:26,160 --> 00:23:28,800 Speaker 1: or potential needs or goals, and it's it's always been 508 00:23:28,840 --> 00:23:30,840 Speaker 1: a wise sink to pursue, but the pandemic, I think 509 00:23:30,880 --> 00:23:33,480 Speaker 1: helped us see that even more clearly. And it's it's 510 00:23:33,520 --> 00:23:36,800 Speaker 1: not just because that cash gave folks the ability to 511 00:23:36,880 --> 00:23:40,280 Speaker 1: move to Idaho or Montana or wherever the cool new 512 00:23:40,359 --> 00:23:42,760 Speaker 1: hit place was to to be moving to get out 513 00:23:42,760 --> 00:23:45,399 Speaker 1: of the city, although there were definitely folks trying to 514 00:23:45,480 --> 00:23:48,359 Speaker 1: leave civilization for more rural vibes, and I think that 515 00:23:48,480 --> 00:23:50,680 Speaker 1: the cash they had on hand help that. But having 516 00:23:50,680 --> 00:23:53,639 Speaker 1: that margin built up didn't just give folks the option 517 00:23:53,720 --> 00:23:57,160 Speaker 1: to consider a different career path and focus on self actualization, 518 00:23:57,400 --> 00:24:00,840 Speaker 1: but inllions of folks lost their livelihood, So a lot 519 00:24:00,840 --> 00:24:03,280 Speaker 1: of people were up a financial creek without a paddle. 520 00:24:03,520 --> 00:24:05,840 Speaker 1: Folks who didn't have any piece out money that they 521 00:24:05,840 --> 00:24:08,119 Speaker 1: were more worried about how to scrape by, how they 522 00:24:08,160 --> 00:24:10,879 Speaker 1: were gonna pay rent um as Congress was trying to 523 00:24:10,920 --> 00:24:12,840 Speaker 1: come up with a plan for how to help, and granted, 524 00:24:13,160 --> 00:24:16,200 Speaker 1: Congress came up with plans fairly quickly. And of course 525 00:24:16,240 --> 00:24:19,280 Speaker 1: it's impossible to eradicate that stress completely, right like you 526 00:24:19,320 --> 00:24:22,040 Speaker 1: can um it's I guess maybe if you have like 527 00:24:22,359 --> 00:24:24,520 Speaker 1: Bezos level wealth or something like that, like you never 528 00:24:24,560 --> 00:24:26,160 Speaker 1: have to get different kind of problems, you've got different 529 00:24:26,200 --> 00:24:29,200 Speaker 1: kind of problems than that's true. But having money saved up, 530 00:24:29,240 --> 00:24:31,840 Speaker 1: it's it's sure lessons the blow of an unpredictable situation 531 00:24:32,200 --> 00:24:34,800 Speaker 1: like COVID was, especially in those early days, those first 532 00:24:34,800 --> 00:24:37,479 Speaker 1: few months, and let's just not forget this lesson, right, 533 00:24:37,800 --> 00:24:41,160 Speaker 1: we would say it is worth sacrificing returns on some 534 00:24:41,320 --> 00:24:44,239 Speaker 1: of the dollars that you're stocking away by keeping some 535 00:24:44,320 --> 00:24:47,000 Speaker 1: of it in savings, to ensure that you've got liquidity 536 00:24:47,040 --> 00:24:51,920 Speaker 1: and flexibility. I value flexibility so highly, and I don't 537 00:24:51,920 --> 00:24:55,600 Speaker 1: want to eat, you know, lock away everything, which would 538 00:24:55,920 --> 00:24:58,159 Speaker 1: which would then limit my options because I don't know 539 00:24:58,440 --> 00:25:00,639 Speaker 1: who knows what's going to happen. Who who knows if 540 00:25:00,640 --> 00:25:03,000 Speaker 1: Matt says says something tomorrow that gets us canceled, You 541 00:25:03,040 --> 00:25:04,919 Speaker 1: never know, And so you've got to be prepared. Like 542 00:25:04,960 --> 00:25:07,000 Speaker 1: if we say mango funk yourself, you know, like that 543 00:25:07,000 --> 00:25:10,280 Speaker 1: that that could get us canceled. Somebody might misinterpret. And yeah, 544 00:25:10,359 --> 00:25:13,960 Speaker 1: I think flexibility liquidity are more valued, and I think 545 00:25:14,240 --> 00:25:17,760 Speaker 1: COVID taught us that than previously people gave them credit for. Yeah, 546 00:25:17,800 --> 00:25:20,119 Speaker 1: So what we're talking about specifically about emergency funds is 547 00:25:20,160 --> 00:25:23,040 Speaker 1: initially setting aside that two thousand, four hundred and sixty seven, 548 00:25:23,320 --> 00:25:25,840 Speaker 1: but ultimately what that means is having at least three 549 00:25:25,880 --> 00:25:28,720 Speaker 1: to six months worth of living expenses set aside. Personally, 550 00:25:28,840 --> 00:25:30,399 Speaker 1: Kate and I, I mean, we like having six to 551 00:25:30,480 --> 00:25:34,000 Speaker 1: nine months because like, just given the unpredictability of our income, 552 00:25:34,280 --> 00:25:36,879 Speaker 1: we like having a little bit extra set aside gives us, 553 00:25:37,040 --> 00:25:39,240 Speaker 1: you know, that peace of mind. And it's not just 554 00:25:39,400 --> 00:25:42,520 Speaker 1: for what we experienced a few years ago, right, which 555 00:25:42,560 --> 00:25:46,320 Speaker 1: was like a widespread amount of suffering that we were 556 00:25:46,320 --> 00:25:50,360 Speaker 1: all experiencing communally. Um, obviously that's why the government intervened, 557 00:25:50,400 --> 00:25:53,840 Speaker 1: because this is something that was impacting everyone. But aside 558 00:25:53,880 --> 00:25:56,879 Speaker 1: from sort of like uh, macro emergencies, Like on a 559 00:25:57,000 --> 00:26:00,879 Speaker 1: personal level, we're gonna all experience different levels of micro 560 00:26:01,400 --> 00:26:03,480 Speaker 1: emergencies that they're going to crop up, and that's why 561 00:26:03,520 --> 00:26:06,199 Speaker 1: it is so important for us to have emergency funds 562 00:26:06,400 --> 00:26:09,560 Speaker 1: set aside. Well, yeah, you mean, even with some predictions 563 00:26:09,800 --> 00:26:14,800 Speaker 1: of recession in or we're seeing headlines about more and 564 00:26:14,840 --> 00:26:19,520 Speaker 1: more layoffs, and it's like these are other potential personal catastrophes, 565 00:26:19,880 --> 00:26:22,800 Speaker 1: right that we can learn from the reality of COVID, 566 00:26:22,960 --> 00:26:26,200 Speaker 1: which was a macro catastrophe, that like an individual, familiar 567 00:26:26,280 --> 00:26:28,440 Speaker 1: level catastrophe, can happen to us almost you know, in 568 00:26:28,520 --> 00:26:30,760 Speaker 1: any any given time. Sure, yeah, I mean, like I'm 569 00:26:30,760 --> 00:26:34,120 Speaker 1: thinking of just like running into something like rear ending 570 00:26:34,119 --> 00:26:35,760 Speaker 1: somebody because you were on your phone or you weren't 571 00:26:35,760 --> 00:26:37,880 Speaker 1: paying attention, Like that's something that is happening to you, 572 00:26:38,119 --> 00:26:40,400 Speaker 1: and better make sure you got enough money to set 573 00:26:40,440 --> 00:26:42,800 Speaker 1: aside to cover that deductible or a hospital busity you 574 00:26:42,840 --> 00:26:46,200 Speaker 1: weren't planning for work, exactor of sickness that lingers for 575 00:26:46,240 --> 00:26:48,119 Speaker 1: a while, that prevents you from being able to do 576 00:26:48,160 --> 00:26:49,760 Speaker 1: the kind of work you want to do. There are 577 00:26:49,800 --> 00:26:51,439 Speaker 1: all sorts of things that can hit us from a 578 00:26:51,480 --> 00:26:54,960 Speaker 1: personal level, and that liquidity it matters. Yeah, So early 579 00:26:55,000 --> 00:26:57,640 Speaker 1: in the pandemic, folks were also paying off their debt 580 00:26:58,000 --> 00:27:00,400 Speaker 1: in a meaningful way, at least for a little while. 581 00:27:01,359 --> 00:27:04,200 Speaker 1: These days, it seems we're back to seeing lower savings rates, 582 00:27:04,200 --> 00:27:07,360 Speaker 1: we're seeing skyrocketing credit card balances, but at least for 583 00:27:07,480 --> 00:27:09,800 Speaker 1: a brief period of time, we saw the opposite. Honestly, 584 00:27:09,800 --> 00:27:13,000 Speaker 1: it's it's almost counterintuitive that people would opt to pay 585 00:27:13,000 --> 00:27:15,399 Speaker 1: off debt balances when the economy is in terrible shape. 586 00:27:15,680 --> 00:27:18,320 Speaker 1: Why not do that when you're flushed with cash, as 587 00:27:18,320 --> 00:27:20,680 Speaker 1: opposed to a point in time when it seemed that 588 00:27:20,760 --> 00:27:23,920 Speaker 1: the economy was contracting. Sure, yeah, when the world's falling apart, 589 00:27:24,000 --> 00:27:25,359 Speaker 1: that's when you start paying off your I mean it 590 00:27:25,560 --> 00:27:28,280 Speaker 1: also makes sense kind of from an emotional standpoint, right, Uh, 591 00:27:28,480 --> 00:27:30,359 Speaker 1: Like we saw this happen during the Great Recession back 592 00:27:30,400 --> 00:27:32,679 Speaker 1: in no way, like folks buckle down when they need to, 593 00:27:33,080 --> 00:27:36,160 Speaker 1: but we want folks to buckle down before you need 594 00:27:36,200 --> 00:27:40,240 Speaker 1: to actually take action and make changes to your finances. Um, 595 00:27:40,280 --> 00:27:42,440 Speaker 1: you know, the worst kinds of debt, like credit card debt, 596 00:27:42,640 --> 00:27:46,560 Speaker 1: personal loans. Honestly, anything with an interest rate higher uh 597 00:27:46,640 --> 00:27:49,600 Speaker 1: near upper single digits or or double digits, you should 598 00:27:49,640 --> 00:27:52,000 Speaker 1: be working to get out of your life. Um. I 599 00:27:52,000 --> 00:27:54,919 Speaker 1: think many folks have unlearned the lesson and they're unfortunately 600 00:27:54,960 --> 00:27:57,679 Speaker 1: sinking back into their their old spending habits, and we 601 00:27:57,720 --> 00:27:59,640 Speaker 1: don't want that to be you. Yeah, so the pandemic 602 00:27:59,680 --> 00:28:01,720 Speaker 1: lesson was get rid of debt. It puts me on 603 00:28:01,720 --> 00:28:05,200 Speaker 1: more solid footing, especially the high interest rate consumer debt. 604 00:28:05,520 --> 00:28:09,160 Speaker 1: But we're losing that lesson pretty quickly. We're forgetting what 605 00:28:09,200 --> 00:28:10,879 Speaker 1: we learned, and this is one of those that we 606 00:28:10,880 --> 00:28:13,120 Speaker 1: want to stick around for. How the money listeners that like, hey, 607 00:28:13,480 --> 00:28:14,960 Speaker 1: no, no no, no, I want to avoid that in the future. 608 00:28:15,000 --> 00:28:16,439 Speaker 1: And if I'm still in that debt, I want to 609 00:28:16,440 --> 00:28:20,439 Speaker 1: prioritize getting rid of it because it is actively working 610 00:28:20,480 --> 00:28:22,920 Speaker 1: against the future I'm trying to create for myself. So 611 00:28:23,240 --> 00:28:25,359 Speaker 1: high interest rate debt, we want you to tack it 612 00:28:25,440 --> 00:28:28,480 Speaker 1: like it's like April may you know, it's interesting to 613 00:28:28,520 --> 00:28:31,320 Speaker 1: note that folks actually chose to pay down their debts 614 00:28:31,440 --> 00:28:33,680 Speaker 1: right like, they didn't have to, but they chose to. 615 00:28:33,800 --> 00:28:36,520 Speaker 1: But during a time of heightened stress, the public chose 616 00:28:36,560 --> 00:28:39,240 Speaker 1: to offset that stress by reducing the amount of debt 617 00:28:39,240 --> 00:28:42,240 Speaker 1: that they're carrying months and month um. It's it's almost 618 00:28:42,240 --> 00:28:45,000 Speaker 1: like a public confession of the inherent stress that a 619 00:28:45,040 --> 00:28:48,680 Speaker 1: company is carrying debt. Oftentimes folks It's almost as if 620 00:28:48,680 --> 00:28:50,720 Speaker 1: folks like deny that, like, oh, this doesn't really have 621 00:28:50,760 --> 00:28:53,000 Speaker 1: an impact on me. But the very fact that you 622 00:28:53,000 --> 00:28:54,880 Speaker 1: pay down your stress while there is a bunch of 623 00:28:54,880 --> 00:28:56,880 Speaker 1: craziness going on, while like all the stuff was hitting 624 00:28:56,880 --> 00:28:59,680 Speaker 1: the fan, kind of proves like the data shows otherwise, right, 625 00:28:59,760 --> 00:29:02,640 Speaker 1: Like the data shows that well, in fact, it seems 626 00:29:02,680 --> 00:29:05,320 Speaker 1: like maybe that does cause stress in your life, and 627 00:29:05,360 --> 00:29:08,040 Speaker 1: you're actually kind of admitting that by paying that off 628 00:29:08,160 --> 00:29:09,680 Speaker 1: during the pandem, we're saying, this is one thing I 629 00:29:09,720 --> 00:29:12,680 Speaker 1: have under my control, is exactly I mean, when when 630 00:29:12,720 --> 00:29:14,560 Speaker 1: so many things were out of our control and just 631 00:29:14,600 --> 00:29:16,160 Speaker 1: completely out of our hands, and we were at the 632 00:29:16,160 --> 00:29:19,320 Speaker 1: whim of a virus that we didn't know what the 633 00:29:19,360 --> 00:29:21,480 Speaker 1: total impact was going to be, this was something that 634 00:29:21,520 --> 00:29:23,720 Speaker 1: you could actually do that would make a difference in 635 00:29:23,760 --> 00:29:26,400 Speaker 1: your own life. Yeah, I felt like some like practical, 636 00:29:26,520 --> 00:29:29,600 Speaker 1: tangible steps that you could take to better your personal situation. 637 00:29:30,440 --> 00:29:32,360 Speaker 1: But that being said, like a part of how so 638 00:29:32,400 --> 00:29:34,960 Speaker 1: many individuals were able to pay down that debt was 639 00:29:35,000 --> 00:29:38,280 Speaker 1: because we were all forced to spend less money because 640 00:29:38,320 --> 00:29:40,560 Speaker 1: of the new reality that we're living in. Again, I'm 641 00:29:40,560 --> 00:29:42,160 Speaker 1: not sure this is a lesson that's stuck around, but 642 00:29:42,200 --> 00:29:44,080 Speaker 1: it is one that we want how to money listeners 643 00:29:44,160 --> 00:29:48,160 Speaker 1: to remember and to carry forward. It is possible to 644 00:29:48,320 --> 00:29:50,440 Speaker 1: reduce your spending. There's a lot of folks out there 645 00:29:50,440 --> 00:29:52,080 Speaker 1: and they thought, like, I'm never going to be able 646 00:29:52,120 --> 00:29:54,600 Speaker 1: to cut my entertainment budget in half. It's just part 647 00:29:54,640 --> 00:29:56,480 Speaker 1: of who I am. I'm just I'm going to go out. 648 00:29:57,440 --> 00:30:00,360 Speaker 1: But spending more money it does not necessarily equal a 649 00:30:00,400 --> 00:30:03,520 Speaker 1: greater level of happiness. We have more control over what 650 00:30:03,560 --> 00:30:05,360 Speaker 1: it is that we spend on a monthly and on 651 00:30:05,400 --> 00:30:07,840 Speaker 1: an annual basis than we would like to think. Obviously, 652 00:30:07,920 --> 00:30:10,240 Speaker 1: back then it was easier to do because quite literally, 653 00:30:10,280 --> 00:30:12,960 Speaker 1: you couldn't spend your money to go see a concert 654 00:30:13,040 --> 00:30:14,640 Speaker 1: or to go to a restaurant because all of those 655 00:30:14,640 --> 00:30:16,800 Speaker 1: things were shut down. But the fact is going to 656 00:30:16,800 --> 00:30:18,880 Speaker 1: the club just wasn't happening. You did not have those 657 00:30:18,880 --> 00:30:21,520 Speaker 1: things in your life. And so that just proves like 658 00:30:21,600 --> 00:30:24,240 Speaker 1: you won't literally die if you don't go out with 659 00:30:24,280 --> 00:30:26,880 Speaker 1: your friends. That is something that you can cut back 660 00:30:26,880 --> 00:30:29,640 Speaker 1: on and save more money if you choose to. Yeah. Yeah, 661 00:30:29,680 --> 00:30:31,920 Speaker 1: And while we're talking about spending, man, I think let's 662 00:30:31,960 --> 00:30:33,680 Speaker 1: touch on inflation here for a second too, because I 663 00:30:33,680 --> 00:30:36,560 Speaker 1: think a lot of Americans learned about inflation over the 664 00:30:36,600 --> 00:30:38,880 Speaker 1: past couple of years. It's not like they hadn't heard 665 00:30:38,880 --> 00:30:41,240 Speaker 1: the term or they didn't know what it was, but 666 00:30:41,720 --> 00:30:43,680 Speaker 1: maybe it was one of those things where they hadn't 667 00:30:43,680 --> 00:30:47,000 Speaker 1: really given much credence to it. And just like Cardi 668 00:30:47,040 --> 00:30:49,680 Speaker 1: b tweeting about the price of eggs and the price 669 00:30:49,680 --> 00:30:51,480 Speaker 1: of groceries, like that was one of the things where 670 00:30:51,480 --> 00:30:53,560 Speaker 1: it kind of hit a cultural moment where you're like, oh, yeah, 671 00:30:53,560 --> 00:30:57,400 Speaker 1: even the we're on the show, we should I'll reach out. 672 00:30:58,120 --> 00:31:00,680 Speaker 1: But yeah, like even rich and famous for were kind 673 00:31:00,680 --> 00:31:03,440 Speaker 1: of talking about rising prices. It was just kind of 674 00:31:03,480 --> 00:31:07,600 Speaker 1: something that stole the cultural spotlight. And but the thing is, 675 00:31:07,640 --> 00:31:11,000 Speaker 1: inflation has always been never present reality. It was just 676 00:31:11,320 --> 00:31:13,520 Speaker 1: so much more visible over the past couple of years 677 00:31:13,880 --> 00:31:18,120 Speaker 1: as government policy like basically caused inflation to soar along 678 00:31:18,120 --> 00:31:21,720 Speaker 1: with supply chain issues, pushing inflation upward to getting really 679 00:31:21,720 --> 00:31:23,640 Speaker 1: close to the double digit range there for a little bit. 680 00:31:24,040 --> 00:31:27,239 Speaker 1: And that also caused us to think more about our 681 00:31:27,280 --> 00:31:30,280 Speaker 1: buying decisions, caused us to think more about trade offs, 682 00:31:30,680 --> 00:31:33,720 Speaker 1: things like buying store brands and just buying less. As 683 00:31:33,840 --> 00:31:37,080 Speaker 1: inflation was going up and wages weren't quite keeping up 684 00:31:37,080 --> 00:31:39,920 Speaker 1: for most people with the reality of inflation. There there 685 00:31:39,920 --> 00:31:42,760 Speaker 1: are some things we can't control, right, That's an important 686 00:31:42,760 --> 00:31:44,760 Speaker 1: thing to note. COVID was one of those things, Like 687 00:31:44,800 --> 00:31:47,520 Speaker 1: we couldn't control um, but whether or not we got sick, 688 00:31:47,880 --> 00:31:51,320 Speaker 1: that was there were some things certainly in our at 689 00:31:51,320 --> 00:31:54,040 Speaker 1: our disposal, but especially in those early days, there wasn't 690 00:31:54,080 --> 00:31:56,400 Speaker 1: a whole lot we could do. We were just hoping, 691 00:31:56,600 --> 00:31:58,840 Speaker 1: right that we that we wouldn't get sick. And and 692 00:31:58,920 --> 00:32:00,960 Speaker 1: the same is true with with our personal finances. There 693 00:32:01,000 --> 00:32:03,360 Speaker 1: are some things we can't control, like how much eggs 694 00:32:03,520 --> 00:32:06,360 Speaker 1: or use cars cost, But we also have more control 695 00:32:06,400 --> 00:32:09,440 Speaker 1: over our personal inflation rate than the headlines. Let on. 696 00:32:09,520 --> 00:32:11,200 Speaker 1: I think sometimes you see the headlines and it's like 697 00:32:11,200 --> 00:32:13,719 Speaker 1: inflation is nine percent, and you just assume you just 698 00:32:13,760 --> 00:32:16,680 Speaker 1: have to sit there and take it. But we can 699 00:32:16,680 --> 00:32:19,640 Speaker 1: fight back by what we choose to buy, by training 700 00:32:19,640 --> 00:32:21,840 Speaker 1: down to lower cost options, and just by buying us 701 00:32:21,880 --> 00:32:25,680 Speaker 1: all together. Like we have power as consumers, power as individuals, 702 00:32:26,000 --> 00:32:28,040 Speaker 1: and we Yeah, I think it's important to remember that 703 00:32:28,080 --> 00:32:30,040 Speaker 1: we can take that back. Yeah, you definitely didn't have 704 00:32:30,120 --> 00:32:32,040 Speaker 1: to buy a used vehicle over the past two and 705 00:32:32,080 --> 00:32:34,800 Speaker 1: a half years and if you did, you like, well, 706 00:32:34,840 --> 00:32:37,440 Speaker 1: you definitely definitely didn't have to buy a new vehicle, right, 707 00:32:37,480 --> 00:32:39,720 Speaker 1: And if the vehicles were going up, but let's say 708 00:32:39,720 --> 00:32:42,440 Speaker 1: your car vehicles, that meant all the used vehicles, we're 709 00:32:42,440 --> 00:32:44,760 Speaker 1: going for a sky high. But let's say the transmission 710 00:32:44,760 --> 00:32:46,920 Speaker 1: in your in your ride busted, and you might have 711 00:32:46,960 --> 00:32:48,760 Speaker 1: had to get a new car, right or a new 712 00:32:48,800 --> 00:32:50,680 Speaker 1: to U car, but you definitely don't have to get 713 00:32:50,720 --> 00:32:53,360 Speaker 1: a brand new car. Um. But yeah, there are ways 714 00:32:53,360 --> 00:32:55,960 Speaker 1: that we can control that rate of inflation in our lives. 715 00:32:55,960 --> 00:32:57,960 Speaker 1: And we don't have full control, but there's a lot 716 00:32:58,000 --> 00:32:59,680 Speaker 1: we can do more than we give ourselves credit for 717 00:32:59,800 --> 00:33:02,320 Speaker 1: total Yeah, inflation, By the way, it's a big part 718 00:33:02,360 --> 00:33:05,480 Speaker 1: of the necessity to invest your money, right, Like the 719 00:33:05,520 --> 00:33:07,720 Speaker 1: dollars that you stick under your mattress are going to 720 00:33:07,800 --> 00:33:09,920 Speaker 1: slowly lose their buying power over time, They're going to 721 00:33:10,040 --> 00:33:14,880 Speaker 1: slowly erode. And we'll talk more about how COVID changed investing. 722 00:33:15,120 --> 00:33:26,720 Speaker 1: We'll get to that right after this. All right, let's 723 00:33:26,760 --> 00:33:28,920 Speaker 1: keep going mount Let's talk about the the impacts of 724 00:33:29,080 --> 00:33:32,600 Speaker 1: COVID on our personal finance lives. And you know, the 725 00:33:32,640 --> 00:33:35,120 Speaker 1: impacts were far reaching in so many ways, when it 726 00:33:35,160 --> 00:33:37,719 Speaker 1: came to career, when it came to savings rates, when 727 00:33:37,720 --> 00:33:39,560 Speaker 1: it came to how we thought about paying off debt, 728 00:33:39,840 --> 00:33:42,040 Speaker 1: where we lived. I mean, I feel like it's changed 729 00:33:42,520 --> 00:33:45,320 Speaker 1: so much in just a few years time. The world 730 00:33:45,320 --> 00:33:47,320 Speaker 1: looks a lot different than it did just three years ago. 731 00:33:47,800 --> 00:33:50,800 Speaker 1: And you know, a lot of that has been I 732 00:33:50,840 --> 00:33:53,400 Speaker 1: think we've learned a lot of good lessons in the 733 00:33:53,440 --> 00:33:57,640 Speaker 1: aftermath of COVID, from those early days in particular about 734 00:33:58,160 --> 00:34:01,000 Speaker 1: that that should stick with us. And let's talk about 735 00:34:01,080 --> 00:34:05,320 Speaker 1: investing as well, because COVID had a massive impact on how, where, 736 00:34:05,400 --> 00:34:09,080 Speaker 1: and why people invest. Most of it wasn't good, by 737 00:34:09,080 --> 00:34:13,000 Speaker 1: the way, because yeah, cash infusions provided by like stimulus 738 00:34:13,080 --> 00:34:15,520 Speaker 1: checks and the inability to spend that money like we 739 00:34:15,600 --> 00:34:17,680 Speaker 1: normally would going out with our friends, going out to 740 00:34:17,719 --> 00:34:20,400 Speaker 1: the bar, whatever it is that maybe was normally in 741 00:34:20,560 --> 00:34:23,120 Speaker 1: our line item spending. We were like, yeah, maybe i'll 742 00:34:23,160 --> 00:34:26,399 Speaker 1: like Socket and Robin Hood and see what happens. There's 743 00:34:26,400 --> 00:34:30,000 Speaker 1: a lot of people that got into investing, yeah, but 744 00:34:30,080 --> 00:34:31,560 Speaker 1: it didn't work out for a lot of those people 745 00:34:31,719 --> 00:34:33,319 Speaker 1: very well. So this is I think a lesson that 746 00:34:33,360 --> 00:34:36,239 Speaker 1: we can learn where we can say, like, like a 747 00:34:36,239 --> 00:34:39,239 Speaker 1: record scratch stop and let's not do that. Let's not 748 00:34:39,320 --> 00:34:42,160 Speaker 1: keep going in that direction. The cryptocurrencies and meme stocks, 749 00:34:42,160 --> 00:34:44,200 Speaker 1: they were hot for folks who are looking for a 750 00:34:44,239 --> 00:34:46,840 Speaker 1: quick return on their money on their investments. There was 751 00:34:46,880 --> 00:34:50,759 Speaker 1: a tremendous amount of speculation going on. But that sugar 752 00:34:50,800 --> 00:34:54,720 Speaker 1: Russia didn't last forever, nor did the upward trajectory of 753 00:34:54,840 --> 00:34:56,879 Speaker 1: you know, many of the tech darlings out there that 754 00:34:56,880 --> 00:35:00,080 Speaker 1: that we're hot during the pandemic. We're talking about carve An, 755 00:35:00,280 --> 00:35:02,759 Speaker 1: We're talking about tele doc, right. There were a lot 756 00:35:02,840 --> 00:35:05,320 Speaker 1: of companies that we were peloton that were just crushing 757 00:35:05,320 --> 00:35:08,319 Speaker 1: it during the pandemic, and they fell harder than they 758 00:35:08,320 --> 00:35:11,279 Speaker 1: soared and so um. Yeah, if you were if you 759 00:35:11,280 --> 00:35:13,719 Speaker 1: were thinking teleconferencing is the future, and you went all 760 00:35:13,760 --> 00:35:15,600 Speaker 1: in on zoom stock, you would have seen a gain 761 00:35:15,640 --> 00:35:19,600 Speaker 1: of you thought you were the king of the world. 762 00:35:20,000 --> 00:35:22,120 Speaker 1: If you sold, then you're a lucky dog. And you 763 00:35:22,160 --> 00:35:25,440 Speaker 1: had better foresight than most because you know, if you 764 00:35:25,440 --> 00:35:28,600 Speaker 1: didn't time it perfectly, you got to ze zoom tank. 765 00:35:28,960 --> 00:35:31,040 Speaker 1: And now it's back at the same levels as it 766 00:35:31,120 --> 00:35:34,640 Speaker 1: was at the beginning of before the pandemic began. These 767 00:35:34,640 --> 00:35:36,840 Speaker 1: are the kind of mistakes, and people were making as 768 00:35:36,880 --> 00:35:39,360 Speaker 1: as investors. They were, they were hoping to get it 769 00:35:39,400 --> 00:35:42,240 Speaker 1: on the upswing. They certainly didn't get on the ground floor, 770 00:35:42,320 --> 00:35:44,719 Speaker 1: but they also probably sold too late to and they 771 00:35:44,760 --> 00:35:47,000 Speaker 1: lost money in the in the process. Sure. Yeah, And 772 00:35:47,000 --> 00:35:49,640 Speaker 1: and most of the folks who had a newfound enthusiasm 773 00:35:49,719 --> 00:35:52,680 Speaker 1: for quote unquote investing, Uh, those are the exact same 774 00:35:52,680 --> 00:35:55,640 Speaker 1: folks who are now sitting on the sidelines after getting burned. 775 00:35:56,000 --> 00:35:58,080 Speaker 1: The Journal actually had an article a couple of weeks 776 00:35:58,120 --> 00:36:01,759 Speaker 1: ago that they called the Retreat of Amateur Investors. And 777 00:36:01,960 --> 00:36:04,000 Speaker 1: many of those folks have lost all the money that 778 00:36:04,040 --> 00:36:06,719 Speaker 1: they put in. They were, you know, had one point 779 00:36:06,719 --> 00:36:09,920 Speaker 1: two million, and now they're earning like nineteen dollars an hour, uh, 780 00:36:10,239 --> 00:36:13,560 Speaker 1: you know, working off of tips. Others have taken just 781 00:36:13,680 --> 00:36:16,640 Speaker 1: a more cautious approach to investing, you know, so cautious 782 00:36:16,640 --> 00:36:20,440 Speaker 1: that they want basically like zero exposure to the market. Uh. 783 00:36:20,440 --> 00:36:23,000 Speaker 1: And so it's good that there's certainly less day trading 784 00:36:23,080 --> 00:36:25,920 Speaker 1: activity going on, but not investing at all is the 785 00:36:25,960 --> 00:36:28,680 Speaker 1: wrong lesson to learn. The right lesson, of course, is 786 00:36:28,719 --> 00:36:30,760 Speaker 1: to just zoom out and to see what the market 787 00:36:30,800 --> 00:36:34,480 Speaker 1: has done over larger's loss of time, like we're talking about, 788 00:36:34,640 --> 00:36:37,360 Speaker 1: look like, look at the past ten, twenty thirty years, 789 00:36:37,480 --> 00:36:39,879 Speaker 1: because if you take that perspective, that approach, you're gonna 790 00:36:39,880 --> 00:36:44,279 Speaker 1: crush over the decades with that consistent approach to year investing. Yeah, 791 00:36:44,320 --> 00:36:47,240 Speaker 1: and a lot of it too, was envy and greed. 792 00:36:47,280 --> 00:36:49,319 Speaker 1: That was driving a lot of the investing decisions. It 793 00:36:49,440 --> 00:36:52,799 Speaker 1: was Hey, that's going up. I want in on the fun. 794 00:36:53,200 --> 00:36:56,000 Speaker 1: But for most folks, by the time you realized, by 795 00:36:56,040 --> 00:36:58,680 Speaker 1: the time it's hitting the headlines, it's too late, you're 796 00:36:58,719 --> 00:37:01,560 Speaker 1: on the tail end. And a lot of people, yeah, 797 00:37:01,600 --> 00:37:02,880 Speaker 1: they've lost a lot of money and they learned the 798 00:37:02,880 --> 00:37:05,279 Speaker 1: wrong lesson. But yeah, I think something else, Matt, we 799 00:37:05,360 --> 00:37:08,879 Speaker 1: learned from these COVID years has been just that it's 800 00:37:08,920 --> 00:37:11,000 Speaker 1: important to be prepared, right, and that that was the 801 00:37:11,040 --> 00:37:13,240 Speaker 1: original boy scout model. Were you were you a boy scout? 802 00:37:13,480 --> 00:37:15,560 Speaker 1: I never was, Although you would have made a good one, 803 00:37:15,560 --> 00:37:17,000 Speaker 1: I feel like I would have enjoyed it. Yeah, I 804 00:37:17,000 --> 00:37:19,480 Speaker 1: think so. Well. I think it's that motto of be 805 00:37:19,520 --> 00:37:21,800 Speaker 1: prepared is a good one for us all to implement 806 00:37:21,800 --> 00:37:23,879 Speaker 1: in our financial lives. You know, you and I were 807 00:37:23,880 --> 00:37:26,520 Speaker 1: not smart enough to know whether or not another pandemic 808 00:37:26,560 --> 00:37:28,160 Speaker 1: is gonna come along. I sure, I sure hope not 809 00:37:28,400 --> 00:37:31,200 Speaker 1: hopefully you don't have another one for a good long time. 810 00:37:31,239 --> 00:37:33,440 Speaker 1: But the truth is we can't predict these things, and 811 00:37:33,440 --> 00:37:35,560 Speaker 1: and I think it's important though, no matter what, to 812 00:37:35,600 --> 00:37:38,120 Speaker 1: be prepared for the next pandemic, right And so there 813 00:37:38,120 --> 00:37:40,080 Speaker 1: are people that are working on that as we speak. 814 00:37:40,440 --> 00:37:42,359 Speaker 1: I don't know how well they're doing at it, but 815 00:37:42,880 --> 00:37:45,359 Speaker 1: I think the same is true for us. We can 816 00:37:45,840 --> 00:37:48,799 Speaker 1: be prepared for potential disasters, even if we're not quite 817 00:37:48,840 --> 00:37:52,480 Speaker 1: sure what we're preparing for. Is we talked about the recession, 818 00:37:52,520 --> 00:37:54,640 Speaker 1: potential for a recession coming along this year. Is it 819 00:37:54,680 --> 00:37:56,799 Speaker 1: going to come to pass? Who knows. But but like 820 00:37:56,840 --> 00:37:58,399 Speaker 1: we said, a personal catash for you can come along 821 00:37:58,440 --> 00:38:00,680 Speaker 1: at any time, a job loss or health issue, or 822 00:38:00,719 --> 00:38:02,880 Speaker 1: a family step back, and it's important to be working 823 00:38:02,960 --> 00:38:07,240 Speaker 1: towards getting your financial life in order before a catastrophe hits. 824 00:38:07,640 --> 00:38:10,560 Speaker 1: So be prepared, folks. That is I think a good 825 00:38:10,640 --> 00:38:13,919 Speaker 1: lesson that we can learn from the past three years. Sure, yeah, 826 00:38:13,960 --> 00:38:16,600 Speaker 1: I think another lesson that kind of came to the 827 00:38:16,640 --> 00:38:18,759 Speaker 1: forefront is the fact that we that none of us 828 00:38:18,760 --> 00:38:21,120 Speaker 1: are going to live forever. And of course we all 829 00:38:21,120 --> 00:38:23,440 Speaker 1: know this intuitively, but I think this is something that 830 00:38:23,480 --> 00:38:26,279 Speaker 1: we really think about, you know, like the pandemic, it 831 00:38:26,400 --> 00:38:28,080 Speaker 1: caused all of us, at least for a little while 832 00:38:28,120 --> 00:38:31,040 Speaker 1: to think about the brevity of life and how that 833 00:38:31,080 --> 00:38:34,000 Speaker 1: impacts our our money, how that impacts our financial decisions. 834 00:38:34,320 --> 00:38:36,399 Speaker 1: Um makes me think about our conversation that we had 835 00:38:36,400 --> 00:38:39,000 Speaker 1: with Abby Davison that was the episode six o seven. 836 00:38:39,080 --> 00:38:41,680 Speaker 1: But we need to think about bigger life decisions just 837 00:38:41,760 --> 00:38:44,960 Speaker 1: in a holistic way. And you know, we're preaching to 838 00:38:45,000 --> 00:38:46,560 Speaker 1: the choir here. We're you know, we do this for 839 00:38:46,600 --> 00:38:48,640 Speaker 1: ourselves the show, as much as we do it for 840 00:38:48,640 --> 00:38:51,880 Speaker 1: other folks out there, because sometimes as money nerds like 841 00:38:51,960 --> 00:38:55,799 Speaker 1: we can overweight the financial the money angle when we're 842 00:38:55,800 --> 00:38:58,600 Speaker 1: trying to make a major life change, and it's not 843 00:38:58,640 --> 00:39:01,400 Speaker 1: that money that is not an important consideration obviously, Like 844 00:39:01,440 --> 00:39:03,239 Speaker 1: don't quit your job, even one that you don't like, 845 00:39:03,719 --> 00:39:05,400 Speaker 1: if you don't have any money in the bank, that 846 00:39:05,400 --> 00:39:08,040 Speaker 1: would just be foolish. But don't let the money be 847 00:39:08,320 --> 00:39:11,799 Speaker 1: the tail that wags the dog either. You know, we're 848 00:39:11,840 --> 00:39:14,279 Speaker 1: gonna live forever, so make sure that you have the 849 00:39:14,360 --> 00:39:16,719 Speaker 1: right perspective and let money be the tool that it's 850 00:39:16,760 --> 00:39:19,800 Speaker 1: supposed to be that helps to then fuel the life 851 00:39:19,960 --> 00:39:22,239 Speaker 1: that you want to live. I think as we're going 852 00:39:22,239 --> 00:39:24,719 Speaker 1: through the pandemic and we are all faced with like 853 00:39:24,760 --> 00:39:26,880 Speaker 1: we were more acutely faced with the prospect of death, 854 00:39:26,920 --> 00:39:28,719 Speaker 1: I think a lot of folks ask the question like, 855 00:39:29,120 --> 00:39:31,719 Speaker 1: why should I have my head down and toil and 856 00:39:31,800 --> 00:39:36,480 Speaker 1: work endlessly for something and and sort of delaying and 857 00:39:36,520 --> 00:39:39,439 Speaker 1: sacrificing for something for a time that may never come. 858 00:39:40,160 --> 00:39:42,000 Speaker 1: And so I think it's important to keep kind of 859 00:39:42,040 --> 00:39:44,359 Speaker 1: all of the important things in mind as we are 860 00:39:44,480 --> 00:39:48,960 Speaker 1: simultaneously trying to be responsible and financially savvy as well. Yeah, 861 00:39:49,520 --> 00:39:52,000 Speaker 1: but that's why we always try to strike a balance here, 862 00:39:52,000 --> 00:39:54,800 Speaker 1: because you're right, we're not promised tomorrow. But the truth 863 00:39:54,880 --> 00:39:57,160 Speaker 1: is we can also live another fifty years, and so 864 00:39:57,440 --> 00:40:00,399 Speaker 1: you have to plan for that. Right If you knew 865 00:40:00,400 --> 00:40:01,759 Speaker 1: the end date, if you do the expiration, it will 866 00:40:01,800 --> 00:40:03,560 Speaker 1: first have be a little daunting. Would you know, I 867 00:40:03,560 --> 00:40:05,719 Speaker 1: wouldn't want to know. I feel like we've talked about 868 00:40:05,719 --> 00:40:07,960 Speaker 1: this before. Would you want to know the date now? 869 00:40:08,120 --> 00:40:11,000 Speaker 1: I mean, I get the impetus for that, but no, 870 00:40:11,080 --> 00:40:13,080 Speaker 1: I think that's what my life a little exciting. You said, 871 00:40:13,080 --> 00:40:16,080 Speaker 1: you don't know, I guess so, but I think simultaneously 872 00:40:16,200 --> 00:40:17,759 Speaker 1: you could play it better. You could play it better, 873 00:40:17,800 --> 00:40:21,720 Speaker 1: and you can you really could perfectly quote unquote perfectly 874 00:40:21,800 --> 00:40:25,120 Speaker 1: orchestrate your life in such a way. So because if 875 00:40:25,120 --> 00:40:26,880 Speaker 1: you knew exactly when you're gonna die, what if you 876 00:40:26,920 --> 00:40:28,319 Speaker 1: found out it was gonna be three days from now, 877 00:40:28,760 --> 00:40:31,279 Speaker 1: you'd spend like crazy, you would do all the important things. 878 00:40:31,320 --> 00:40:32,680 Speaker 1: But if if you knew it was gonna be thirty 879 00:40:32,719 --> 00:40:35,640 Speaker 1: years from now or thirty plus three or whatever however long, 880 00:40:35,840 --> 00:40:37,560 Speaker 1: you could plan it and orchestrated in such a way 881 00:40:37,600 --> 00:40:40,719 Speaker 1: that you spend every single dollar optimally. I don't think 882 00:40:40,719 --> 00:40:42,799 Speaker 1: I can handle that information from though. I don't think 883 00:40:42,840 --> 00:40:46,200 Speaker 1: my brain, my psyche can handle it. Uh Like, on paper, 884 00:40:46,400 --> 00:40:47,600 Speaker 1: as I think about it, I think it makes a 885 00:40:47,680 --> 00:40:49,600 Speaker 1: ton of sense. But the emotional side of it obviously 886 00:40:49,600 --> 00:40:52,480 Speaker 1: be tough. It would be incredibly difficult. Well, so you 887 00:40:52,520 --> 00:40:54,080 Speaker 1: know what you're talking about, that the fact that we're 888 00:40:54,080 --> 00:40:56,000 Speaker 1: not gonna live forever. And Matt, I just got done 889 00:40:56,000 --> 00:40:58,279 Speaker 1: reading a book called A Heart That Works, and it 890 00:40:58,320 --> 00:41:02,040 Speaker 1: was by comedian Rob Delaney and by the way, highly recommended, 891 00:41:02,160 --> 00:41:05,440 Speaker 1: really well written, but also just like devastatingly sad. It 892 00:41:05,480 --> 00:41:08,520 Speaker 1: was a gut punch because it's about Rob losing his 893 00:41:08,560 --> 00:41:10,240 Speaker 1: son at the age of two years old to cancer 894 00:41:10,680 --> 00:41:13,560 Speaker 1: and spoiler alert, yeah, well, I mean you find that 895 00:41:13,560 --> 00:41:17,560 Speaker 1: album pretty so um, but I was like sitting there 896 00:41:17,560 --> 00:41:19,640 Speaker 1: reading the book at night and bed and I'm like 897 00:41:19,719 --> 00:41:22,440 Speaker 1: kind of like simultaneously laughing and crying because it's so 898 00:41:22,480 --> 00:41:24,439 Speaker 1: funny at the same time, but it's also just so 899 00:41:24,520 --> 00:41:27,239 Speaker 1: such a so freaking sad and and that's the kind 900 00:41:27,239 --> 00:41:29,960 Speaker 1: of balance that we try to strike here, Like, right, 901 00:41:30,120 --> 00:41:33,799 Speaker 1: we want you laughing but also weeping time. Well, this 902 00:41:33,840 --> 00:41:35,640 Speaker 1: book will do that to you. But it also just 903 00:41:35,719 --> 00:41:37,239 Speaker 1: I mean, it made me realize. It made me hug 904 00:41:37,280 --> 00:41:39,279 Speaker 1: my kids a little bit tighter after reading that book, 905 00:41:39,280 --> 00:41:41,600 Speaker 1: and just kind of think differently about my own life. 906 00:41:41,600 --> 00:41:43,239 Speaker 1: These are the kind of reminders that we need on 907 00:41:43,239 --> 00:41:46,319 Speaker 1: an ongoing basis because as humans we forget. We're not 908 00:41:46,360 --> 00:41:48,640 Speaker 1: like elephants who never forget, right, Like, we tend to 909 00:41:48,680 --> 00:41:52,160 Speaker 1: forget things, and we need constant reminders of what's true 910 00:41:52,480 --> 00:41:54,600 Speaker 1: and what we should be pursuing. I know that's true 911 00:41:54,640 --> 00:41:56,279 Speaker 1: for myself because I can even like think about all 912 00:41:56,320 --> 00:41:58,719 Speaker 1: these things that have changed because of COVID and I 913 00:41:58,719 --> 00:42:01,279 Speaker 1: can say, yeah, I learned that lesson, but has that 914 00:42:01,360 --> 00:42:04,360 Speaker 1: lesson stuck? No, Like sometimes it does. But sometimes I 915 00:42:04,400 --> 00:42:06,799 Speaker 1: need that. I need a reminder and I need a 916 00:42:06,840 --> 00:42:10,960 Speaker 1: fresh perspective from somebody else to say, hey, like, no, 917 00:42:11,080 --> 00:42:13,600 Speaker 1: really cherish your family because you're not promising you're gonna 918 00:42:13,640 --> 00:42:15,560 Speaker 1: have them tomorrow. And his book in particular just like 919 00:42:15,840 --> 00:42:18,560 Speaker 1: did that for me in a visceral, meaningful way. Um, 920 00:42:18,600 --> 00:42:20,920 Speaker 1: And even still I'm gonna need a reminder, you know, 921 00:42:21,160 --> 00:42:24,399 Speaker 1: um tomorrow next month about like what's true as well, 922 00:42:24,440 --> 00:42:26,680 Speaker 1: because we're I think, just as humans we are, we 923 00:42:26,719 --> 00:42:28,400 Speaker 1: forget such a huge portion of the things that we 924 00:42:28,480 --> 00:42:31,560 Speaker 1: learned over time. And yeah, we just we need other 925 00:42:31,560 --> 00:42:33,719 Speaker 1: people to help us out. We've got leaky minds. And 926 00:42:33,840 --> 00:42:36,840 Speaker 1: not only I think it's not only just forgetting some things. 927 00:42:36,880 --> 00:42:40,040 Speaker 1: It's just the practice. It's it's practice, it's actually doing 928 00:42:40,080 --> 00:42:43,040 Speaker 1: the things right. Because for instance, for folks who listen 929 00:42:43,080 --> 00:42:44,320 Speaker 1: to the show, and I'm sure there's a lot of 930 00:42:44,360 --> 00:42:46,520 Speaker 1: folks out there who probably do a pretty damn good job, 931 00:42:46,680 --> 00:42:49,520 Speaker 1: working really hard and say having a really high savings rate, 932 00:42:50,239 --> 00:42:52,640 Speaker 1: and when you are remind yourself that you're not gonna 933 00:42:52,640 --> 00:42:55,560 Speaker 1: live forever, what you need to do is over time, 934 00:42:55,760 --> 00:43:00,319 Speaker 1: like you're trying to transition from working crazy, I mean whatever. 935 00:43:00,400 --> 00:43:02,520 Speaker 1: We all take different approaches to I guess to to 936 00:43:02,600 --> 00:43:06,000 Speaker 1: earning money and working hard. I for instance, always see 937 00:43:06,000 --> 00:43:08,879 Speaker 1: myself working really hard in some capacity, whether I'm getting 938 00:43:08,880 --> 00:43:10,399 Speaker 1: paid for it or not. But I guess what I'm 939 00:43:10,400 --> 00:43:12,359 Speaker 1: talking about mainly here is spending money, because I think 940 00:43:12,400 --> 00:43:14,200 Speaker 1: early on it can be really easy to be like, 941 00:43:14,239 --> 00:43:16,600 Speaker 1: oh no, I have to deny the flesh. I'm gonna 942 00:43:16,640 --> 00:43:18,319 Speaker 1: not spend money on the things that I would really 943 00:43:18,320 --> 00:43:22,080 Speaker 1: love to spend money on, and you know, years from now. 944 00:43:22,080 --> 00:43:25,200 Speaker 1: That's why I'm like having an expiration date, Like if 945 00:43:25,239 --> 00:43:28,200 Speaker 1: you knew when you're gonna die, you could almost formulate 946 00:43:28,200 --> 00:43:30,920 Speaker 1: a plan. But without obviously none of us know that 947 00:43:30,960 --> 00:43:35,360 Speaker 1: we have to kind of gradually start shifting our resources 948 00:43:35,400 --> 00:43:37,000 Speaker 1: in certain ways that we think are going to bring 949 00:43:37,040 --> 00:43:39,800 Speaker 1: us the most happiness. It really does take take some practice, 950 00:43:39,840 --> 00:43:41,560 Speaker 1: and not only with our money, but also our time. 951 00:43:41,640 --> 00:43:42,880 Speaker 1: This kind of goes back to at the beginning of 952 00:43:42,880 --> 00:43:44,799 Speaker 1: the episode when we're talking about like what it is 953 00:43:44,840 --> 00:43:46,600 Speaker 1: that we want our lives to look like, because in 954 00:43:46,600 --> 00:43:49,080 Speaker 1: the same way, we spend a lot of our early 955 00:43:49,200 --> 00:43:53,040 Speaker 1: professional years working really hard, and over time, it's important 956 00:43:53,080 --> 00:43:56,160 Speaker 1: to start putting into practice what it looks like to 957 00:43:56,480 --> 00:43:59,920 Speaker 1: live your life pursuing other hobbies, things that don't generate income. 958 00:44:00,440 --> 00:44:02,960 Speaker 1: We're not, you know, working late hours, like late into 959 00:44:02,960 --> 00:44:05,640 Speaker 1: the night. So so it's not just forgetting that these 960 00:44:05,680 --> 00:44:08,600 Speaker 1: things are true, but it also takes just actively practicing 961 00:44:08,640 --> 00:44:10,719 Speaker 1: those things. I think, I think for me, like that's 962 00:44:10,719 --> 00:44:12,719 Speaker 1: honestly the hardest thing because I know these things like 963 00:44:12,800 --> 00:44:15,640 Speaker 1: from a you know, from an academic standpoint, but what 964 00:44:15,640 --> 00:44:18,000 Speaker 1: does it look like from a practical standpoint. That's that's 965 00:44:17,800 --> 00:44:20,160 Speaker 1: the tough part for me. It's also figuring out what 966 00:44:20,200 --> 00:44:22,880 Speaker 1: your craft beer equivalent is and then spending money purposely 967 00:44:22,880 --> 00:44:25,680 Speaker 1: on that stuff. Because even while you're especially and maybe 968 00:44:25,680 --> 00:44:27,600 Speaker 1: in some of those early grinding years trying to get 969 00:44:27,600 --> 00:44:30,239 Speaker 1: out of debt and and trying to start investing for 970 00:44:30,280 --> 00:44:33,920 Speaker 1: the future before kind of compounding is doing a lot 971 00:44:33,960 --> 00:44:35,840 Speaker 1: of the work on your behalf, because it takes a 972 00:44:35,880 --> 00:44:38,360 Speaker 1: decade plus to get to that point. Um you have, 973 00:44:38,640 --> 00:44:41,759 Speaker 1: we still want you simultaneously pursuing the things that you 974 00:44:41,840 --> 00:44:44,560 Speaker 1: care about, even though you're not able to maybe pursue 975 00:44:44,600 --> 00:44:46,279 Speaker 1: them quite to the extent that you want to and 976 00:44:46,280 --> 00:44:49,439 Speaker 1: that's a goal for future, right, But I think maybe 977 00:44:49,520 --> 00:44:52,080 Speaker 1: like more something more practical on on the reality if 978 00:44:52,080 --> 00:44:54,680 Speaker 1: we're not going to live forever as well, is it 979 00:44:54,680 --> 00:44:56,640 Speaker 1: should shine a spotlight on our need to have like 980 00:44:56,680 --> 00:44:58,799 Speaker 1: an estate plan, to create a will, and to get 981 00:44:58,840 --> 00:45:01,120 Speaker 1: life insurance. A lot of people put off some of 982 00:45:01,160 --> 00:45:04,279 Speaker 1: those adulting sort of moves, and and that is kind 983 00:45:04,320 --> 00:45:07,120 Speaker 1: of some of the boring stuff in personal finance that 984 00:45:07,120 --> 00:45:09,719 Speaker 1: nobody wants to talk about. But make sure the beneficiary 985 00:45:09,800 --> 00:45:12,759 Speaker 1: on your accounts are correct. That should take very little time. 986 00:45:12,760 --> 00:45:14,960 Speaker 1: But you don't want your retirement dollars going to like 987 00:45:15,239 --> 00:45:17,160 Speaker 1: an ex girlfriend or boyfriend and the chemn't spoken to 988 00:45:17,200 --> 00:45:19,400 Speaker 1: in years just because you forgot to log in and 989 00:45:19,440 --> 00:45:22,520 Speaker 1: make that switch. And and you know, nobody really wants 990 00:45:22,560 --> 00:45:25,520 Speaker 1: to do this boring crap, but it's a necessary part 991 00:45:25,520 --> 00:45:28,680 Speaker 1: of protecting the assets that you have managed to accrue 992 00:45:28,719 --> 00:45:31,040 Speaker 1: over the years and your loved ones as well, like 993 00:45:31,080 --> 00:45:33,000 Speaker 1: you want to make sure they're taken care of should 994 00:45:33,040 --> 00:45:36,440 Speaker 1: something awful happen in COVID. Of course, help us realize, hey, 995 00:45:36,600 --> 00:45:39,359 Speaker 1: all things can happen, uh, and and we can't predict them, 996 00:45:39,360 --> 00:45:42,000 Speaker 1: and so these things don't take as long as you 997 00:45:42,040 --> 00:45:44,719 Speaker 1: think either. But I think, yeah, we should be reminded, 998 00:45:44,800 --> 00:45:47,799 Speaker 1: We should be reminding ourselves of the reality, uh that 999 00:45:47,800 --> 00:45:50,040 Speaker 1: we're not gonna live forever. But then that should also 1000 00:45:50,160 --> 00:45:53,879 Speaker 1: come out in practical ways for us to take care 1001 00:45:53,880 --> 00:45:56,719 Speaker 1: of the assets we have been so diligent to save 1002 00:45:56,840 --> 00:45:59,879 Speaker 1: and invest up. Yeah, and ultimately, the pandemic it changed 1003 00:45:59,880 --> 00:46:02,080 Speaker 1: it lot of things for a lot of folks. And 1004 00:46:02,120 --> 00:46:05,040 Speaker 1: while the world has it's largely gotten back to normal, uh, 1005 00:46:05,080 --> 00:46:08,319 Speaker 1: the impact of COVID it continues to reverberate in many 1006 00:46:08,360 --> 00:46:12,120 Speaker 1: of our lives. The fundamentals of money and personal finances 1007 00:46:12,280 --> 00:46:15,920 Speaker 1: haven't necessarily changed because of the pandemic, but what people 1008 00:46:16,040 --> 00:46:18,720 Speaker 1: want out of their lives, I think that has changed 1009 00:46:18,760 --> 00:46:21,120 Speaker 1: in many ways. Though I think some of the like 1010 00:46:21,160 --> 00:46:23,560 Speaker 1: the underlying presumptions and the goals that we might have, 1011 00:46:24,280 --> 00:46:26,239 Speaker 1: those things have changed, and I think it's caused us 1012 00:46:26,239 --> 00:46:29,400 Speaker 1: to view how it is, how the ways that we 1013 00:46:29,440 --> 00:46:31,080 Speaker 1: go about handling our money. It puts it in a 1014 00:46:31,120 --> 00:46:32,640 Speaker 1: new light. Yeah, you might have thought, oh, you know what, 1015 00:46:32,680 --> 00:46:35,000 Speaker 1: I want the corner office, but now I want the 1016 00:46:35,000 --> 00:46:37,480 Speaker 1: third bedroom to be my office so that I don't 1017 00:46:37,520 --> 00:46:39,359 Speaker 1: have to go in anymore. I mean, yeah, it just 1018 00:46:39,520 --> 00:46:42,600 Speaker 1: everybody has had some sort of shifting goals over the 1019 00:46:42,640 --> 00:46:44,200 Speaker 1: past few years, and a lot of those ships were 1020 00:46:44,200 --> 00:46:48,200 Speaker 1: brought on because by COVID. Essentially, the pandemic was a gift, 1021 00:46:48,520 --> 00:46:50,279 Speaker 1: and like you said, it was a terrible thing, but 1022 00:46:50,680 --> 00:46:53,239 Speaker 1: it gave a lot of folks a peek into what 1023 00:46:53,360 --> 00:46:55,319 Speaker 1: life could look like as we were all facing a 1024 00:46:55,440 --> 00:46:58,759 Speaker 1: very uncertain future, and it hopefully allowed us to make 1025 00:46:58,800 --> 00:47:01,680 Speaker 1: some course corrections. And those are the lessons that we 1026 00:47:01,960 --> 00:47:04,399 Speaker 1: don't want to forget. But all right, man, let's get 1027 00:47:04,400 --> 00:47:06,080 Speaker 1: back to the beer that you and I enjoyed during 1028 00:47:06,080 --> 00:47:10,120 Speaker 1: this episode. This was a mango Funk yourself or funk yourself. 1029 00:47:11,160 --> 00:47:13,480 Speaker 1: This is a beer by Metlesome. It's good name for 1030 00:47:13,480 --> 00:47:16,880 Speaker 1: a brewery that names her beer. That's by way. What 1031 00:47:16,920 --> 00:47:19,960 Speaker 1: are your thoughts on this psychedelic sour beer? All right? 1032 00:47:20,000 --> 00:47:22,000 Speaker 1: So you know, I'm not a huge fan of just 1033 00:47:22,080 --> 00:47:24,560 Speaker 1: eating fresh mango. I think the texture is weird to me. 1034 00:47:25,360 --> 00:47:28,520 Speaker 1: Dried mango different story ed mango. Dry mango from Costco 1035 00:47:28,560 --> 00:47:31,560 Speaker 1: is delicious from Costco or Aldi it's better from So Good. 1036 00:47:31,600 --> 00:47:34,000 Speaker 1: It's better from Costco, to be honest, But I dig 1037 00:47:34,080 --> 00:47:37,600 Speaker 1: mango in a beer, and so I thought this was 1038 00:47:37,719 --> 00:47:40,440 Speaker 1: really good. It's it's kind of light, a little fruity 1039 00:47:40,480 --> 00:47:42,759 Speaker 1: with the mango, tiny bit funky. I was hoping with 1040 00:47:42,800 --> 00:47:44,960 Speaker 1: the funk being in the name, would be a little funkier. 1041 00:47:45,200 --> 00:47:48,720 Speaker 1: But overall, I would say, yeah, solid mango beer, pretty 1042 00:47:48,760 --> 00:47:50,920 Speaker 1: dang tartan sour. I was hoping there will be a 1043 00:47:50,920 --> 00:47:53,319 Speaker 1: bit more sweetness going on because I like that the 1044 00:47:53,320 --> 00:47:55,520 Speaker 1: acidity that you get with this sour, but I like 1045 00:47:55,600 --> 00:47:58,080 Speaker 1: it followed up with some of that sweetness like you 1046 00:47:58,080 --> 00:48:00,560 Speaker 1: would expect from like if you had mango in a 1047 00:48:00,640 --> 00:48:02,440 Speaker 1: smoothie or something like. Al Right, like when you have 1048 00:48:02,480 --> 00:48:06,319 Speaker 1: a smoothie, you're not just being confronted and assaulted with 1049 00:48:06,360 --> 00:48:09,600 Speaker 1: the sour notes. No, that's not how smoothies work. And 1050 00:48:09,640 --> 00:48:11,879 Speaker 1: I kind of wish that this beer had a little 1051 00:48:11,880 --> 00:48:14,000 Speaker 1: more sweetness going on, but I still liked it. It 1052 00:48:14,040 --> 00:48:16,640 Speaker 1: was a really solid beer. And this is my brewery 1053 00:48:16,680 --> 00:48:18,480 Speaker 1: who I don't think we've ever had the first time. 1054 00:48:18,480 --> 00:48:23,319 Speaker 1: I think, what are they had of Memphis Metalsome Cordova. Yeah, 1055 00:48:23,360 --> 00:48:25,120 Speaker 1: so that's kind of right outside of Memphis. This was 1056 00:48:25,160 --> 00:48:27,399 Speaker 1: another one that my brother in law task my way. 1057 00:48:27,600 --> 00:48:31,640 Speaker 1: Nice thanks man, thanks Ben and Rachel. Rachel, yes, right, 1058 00:48:31,800 --> 00:48:33,600 Speaker 1: sister in law. Yeah, so you know we're better than night. 1059 00:48:34,719 --> 00:48:36,520 Speaker 1: All right, that's gonna do it for this episode. For 1060 00:48:36,719 --> 00:48:38,120 Speaker 1: for shure notes, you can find those up on our 1061 00:48:38,160 --> 00:48:40,440 Speaker 1: website at how to money dot com. That's right, And 1062 00:48:40,440 --> 00:48:42,319 Speaker 1: if you have not left us a review, we would 1063 00:48:42,360 --> 00:48:43,759 Speaker 1: love it if you were to go over there and 1064 00:48:43,840 --> 00:48:45,880 Speaker 1: leave us a solid one. And we say this all 1065 00:48:45,880 --> 00:48:48,520 Speaker 1: the time, but it is so true, and those reviews 1066 00:48:48,520 --> 00:48:51,120 Speaker 1: help others to find our podcast. And so if you 1067 00:48:51,200 --> 00:48:53,839 Speaker 1: have gotten value out of this episode or any of 1068 00:48:53,880 --> 00:48:56,440 Speaker 1: the other countless episodes that you may have listened to, 1069 00:48:56,760 --> 00:49:00,359 Speaker 1: we would be incredibly appreciative of that. But Joel, that's 1070 00:49:00,360 --> 00:49:02,919 Speaker 1: going to be a buddy for this one. Until next time, 1071 00:49:03,040 --> 00:49:05,080 Speaker 1: best Friends Out, Best Friends Out.