1 00:00:00,200 --> 00:00:03,440 Speaker 1: Welcome to How to Money. I'm Joel, I am Matt, 2 00:00:03,800 --> 00:00:25,919 Speaker 1: and today we're answering your listener questions. Yes, Joel, we 3 00:00:25,960 --> 00:00:28,200 Speaker 1: are going to answer some listener questions from the topics 4 00:00:28,520 --> 00:00:30,560 Speaker 1: that we're gonna be talking about today are always to 5 00:00:30,680 --> 00:00:33,479 Speaker 1: prove your credit score after a bankruptcy. We're gonna talk 6 00:00:33,520 --> 00:00:36,680 Speaker 1: about robo advisors. We're gonna talk about college savings accounts. 7 00:00:36,920 --> 00:00:39,000 Speaker 1: Lots of fun stuff for you today. Man man, robots 8 00:00:39,000 --> 00:00:41,680 Speaker 1: are taking over the world, the robo advising people. Now, 9 00:00:42,080 --> 00:00:44,839 Speaker 1: I wouldn't mind a robo made or like a what 10 00:00:45,000 --> 00:00:46,599 Speaker 1: is it from the Jetsons? I think they make those 11 00:00:46,640 --> 00:00:50,199 Speaker 1: dude rumbasuma, But how do they do those actually work well? 12 00:00:50,240 --> 00:00:53,000 Speaker 1: By the way, Yeah, people love them. Okay, I feel 13 00:00:53,040 --> 00:00:54,600 Speaker 1: like I want to test one out, but but they 14 00:00:54,640 --> 00:00:56,639 Speaker 1: still seem like a little too expensive for me. So 15 00:00:56,880 --> 00:00:58,440 Speaker 1: I'm not quite there yet. But if anyone has one, 16 00:00:58,440 --> 00:01:00,600 Speaker 1: I'd be really interested to know your back on whether 17 00:01:00,600 --> 00:01:02,319 Speaker 1: they work well or not. Rum but hook us up. 18 00:01:03,120 --> 00:01:05,040 Speaker 1: Also feel like I could see my kids like stepping 19 00:01:05,040 --> 00:01:07,080 Speaker 1: on them or something. I don't I don't know how 20 00:01:07,080 --> 00:01:09,600 Speaker 1: folks with kids allow theirs to last more than a 21 00:01:09,640 --> 00:01:12,120 Speaker 1: couple of months. I want to ask you a question 22 00:01:12,200 --> 00:01:14,280 Speaker 1: regarding beer. I was thinking about this the other night. 23 00:01:14,520 --> 00:01:16,120 Speaker 1: When you get to a bar and you're ordering a 24 00:01:16,120 --> 00:01:18,400 Speaker 1: beer at the counter, how much do you typically tip 25 00:01:18,840 --> 00:01:21,120 Speaker 1: because you're standing there? And this also applies not if 26 00:01:21,120 --> 00:01:23,039 Speaker 1: you're just ordering a beer at a bar, but say 27 00:01:23,120 --> 00:01:24,960 Speaker 1: you're you go to a walk up window. You know, 28 00:01:25,040 --> 00:01:26,959 Speaker 1: you go up someplace that's got awesome barbecue. You want 29 00:01:26,959 --> 00:01:28,959 Speaker 1: to get a little barbecue plate, maybe get some barbecue 30 00:01:29,000 --> 00:01:31,160 Speaker 1: to go because they've got the twenty percent on there, 31 00:01:31,200 --> 00:01:33,800 Speaker 1: like you're sitting down being waited on, but you actually 32 00:01:33,800 --> 00:01:37,080 Speaker 1: do or what are your thoughts? No, definitely not if 33 00:01:37,080 --> 00:01:38,760 Speaker 1: I'm going up to get some barbecue to go, why 34 00:01:38,760 --> 00:01:40,520 Speaker 1: are you being so cheap? Dog? I wouldn't do it now. 35 00:01:40,520 --> 00:01:43,280 Speaker 1: I just don't feel like it's the same level of service, 36 00:01:43,319 --> 00:01:46,759 Speaker 1: like being weighted on all night. I'm liable to tip 37 00:01:46,800 --> 00:01:50,640 Speaker 1: between twenty maybe even more, depending on how good the services. 38 00:01:51,000 --> 00:01:53,960 Speaker 1: I could easily see myself tipping a little bit more 39 00:01:53,960 --> 00:01:58,320 Speaker 1: than even But if you got those deep pockets, that 40 00:01:58,400 --> 00:02:00,520 Speaker 1: is true. But if I just go up right in 41 00:02:00,600 --> 00:02:02,920 Speaker 1: order a barbecue plate and they hand it to me 42 00:02:03,040 --> 00:02:05,840 Speaker 1: with my drink or whatever, like I just can't understand 43 00:02:05,920 --> 00:02:08,360 Speaker 1: why I would pay the same amount of tip, and 44 00:02:08,400 --> 00:02:11,360 Speaker 1: so typically I will leave a ten percent tip when 45 00:02:11,400 --> 00:02:13,320 Speaker 1: I'm doing something like that, ordering at the counter and 46 00:02:13,320 --> 00:02:15,520 Speaker 1: then sitting down because it's just not the same level 47 00:02:15,560 --> 00:02:17,440 Speaker 1: of service continuing to come back, I go refill my 48 00:02:17,480 --> 00:02:20,040 Speaker 1: own drink. Right, So the same thing. If I go 49 00:02:20,120 --> 00:02:22,280 Speaker 1: up and order a beer at the counter, I'm usually 50 00:02:22,280 --> 00:02:24,400 Speaker 1: you're gonna tip a dollar, dollar, fifty something like that 51 00:02:24,680 --> 00:02:26,920 Speaker 1: based on my five or six dollar beer purchase. Nice man, 52 00:02:26,960 --> 00:02:29,120 Speaker 1: I'm with you. I have no idea what the is 53 00:02:29,240 --> 00:02:31,400 Speaker 1: Emily Post. I'm not sure what she says in regards 54 00:02:31,400 --> 00:02:33,359 Speaker 1: the tipping, but Kate and I were having this discussion 55 00:02:33,400 --> 00:02:35,480 Speaker 1: the other night, and when it comes to beer, my 56 00:02:35,520 --> 00:02:37,280 Speaker 1: thoughts were, Okay, no matter what, if I'm going to 57 00:02:37,400 --> 00:02:39,680 Speaker 1: order a beer somewhere, I'm always gonna leave a buck 58 00:02:40,000 --> 00:02:41,640 Speaker 1: because I don't know, I just have that kind of 59 00:02:41,720 --> 00:02:43,080 Speaker 1: ingrained in me. So even if I order like a 60 00:02:43,120 --> 00:02:46,040 Speaker 1: three dollar high Life, which I don't do often because 61 00:02:46,080 --> 00:02:48,959 Speaker 1: I like nicer beers, but even ten per cents, thirty cents, 62 00:02:48,960 --> 00:02:51,120 Speaker 1: you're gonna leave thirty cents thirty cent tip, No five 63 00:02:51,120 --> 00:02:53,680 Speaker 1: dollars at the minimum, dollars in the minimum kind of standard, 64 00:02:53,760 --> 00:02:56,000 Speaker 1: never tip less than a dollar. But then it kind 65 00:02:56,000 --> 00:02:57,960 Speaker 1: of only goes up from there. If it's a bartender 66 00:02:58,000 --> 00:03:00,520 Speaker 1: who's engaging and it's talking to me about the different 67 00:03:00,520 --> 00:03:03,880 Speaker 1: beers that they have on or especially if they're willing 68 00:03:03,919 --> 00:03:06,080 Speaker 1: to pour some samples and let me try a couple, Dude, 69 00:03:06,120 --> 00:03:08,680 Speaker 1: that easily gets them up mark because I'm able to 70 00:03:09,080 --> 00:03:11,480 Speaker 1: try some different beers and variety is the spice of 71 00:03:11,480 --> 00:03:13,080 Speaker 1: my life when it comes to beers. Man, I'm all 72 00:03:13,080 --> 00:03:16,400 Speaker 1: about that. Yeah, I agree. If it's completely impurely transactional, 73 00:03:16,760 --> 00:03:19,640 Speaker 1: then you're gonna get that baseline ten percent tip or 74 00:03:19,680 --> 00:03:21,520 Speaker 1: one dollar for the beer, you know, whatever it is. 75 00:03:21,800 --> 00:03:24,200 Speaker 1: But if it's more involved than that, and if I'm 76 00:03:24,240 --> 00:03:27,160 Speaker 1: getting great feedback, great customer service, you know, there's definitely 77 00:03:27,160 --> 00:03:29,160 Speaker 1: a chance on tip a little bit more. But it 78 00:03:29,240 --> 00:03:30,840 Speaker 1: just doesn't make sense to me to tip the same 79 00:03:30,840 --> 00:03:34,320 Speaker 1: amount for us when I'm sitting down to dinner and 80 00:03:34,520 --> 00:03:37,920 Speaker 1: a waiter or waitress is working hard. Yeah, they're really hard, exactly, 81 00:03:37,960 --> 00:03:39,760 Speaker 1: they work. You drink a lot of water. I've seen you, 82 00:03:39,960 --> 00:03:43,800 Speaker 1: and I'm I'm like a camel man. Yeah, So that 83 00:03:43,880 --> 00:03:45,560 Speaker 1: doesn't make sense to me um, So that's kind of 84 00:03:45,600 --> 00:03:47,320 Speaker 1: how I handle it. I'd be interested to hear how 85 00:03:47,360 --> 00:03:49,680 Speaker 1: everyone else handles it. Definitely don't want to be cheap 86 00:03:50,240 --> 00:03:51,520 Speaker 1: when it comes to that. You know, we want to 87 00:03:51,560 --> 00:03:53,200 Speaker 1: be frugal, but we don't want to be cheap and 88 00:03:53,240 --> 00:03:55,160 Speaker 1: we don't want to save money at the expense of 89 00:03:55,160 --> 00:03:57,200 Speaker 1: other people. But that that's the that's just what has 90 00:03:57,200 --> 00:03:58,840 Speaker 1: made sense to me in my head. Yeah, it's always 91 00:03:58,880 --> 00:04:01,320 Speaker 1: going to be generous. But for not being generous folks, Uh, 92 00:04:01,440 --> 00:04:03,200 Speaker 1: don't shoot us down at the same time, be nice, 93 00:04:04,200 --> 00:04:07,120 Speaker 1: all right Matton speaking of generous, Well, guess what, there's 94 00:04:07,160 --> 00:04:11,520 Speaker 1: a really generous guy named Jamie who works Jamie Jamie Man. 95 00:04:11,560 --> 00:04:15,200 Speaker 1: He works at Southern Grist Brewing in Nashville. I know 96 00:04:15,240 --> 00:04:17,720 Speaker 1: these guys, only know them because I've heard them talked about. 97 00:04:17,720 --> 00:04:20,120 Speaker 1: I've never been up there. I've never had their beers before. 98 00:04:20,360 --> 00:04:22,800 Speaker 1: This is my first me neither, but I've heard good things. 99 00:04:22,800 --> 00:04:25,440 Speaker 1: And actually one of our listeners said, you have to 100 00:04:25,520 --> 00:04:28,160 Speaker 1: have some Southern Grist, and so I popped off an 101 00:04:28,160 --> 00:04:30,960 Speaker 1: email to the folks at Southern Grist and Jamie responded 102 00:04:30,960 --> 00:04:33,640 Speaker 1: really quickly, super cool, sent us a few beers, and 103 00:04:33,720 --> 00:04:37,559 Speaker 1: so Yeah, really excited today to enjoy this double dry hopped. 104 00:04:37,560 --> 00:04:40,560 Speaker 1: I p a called bio Rhythm from Southern Grist. Yeah, 105 00:04:40,600 --> 00:04:44,159 Speaker 1: this specific beer is a collaboration beer, so they brewed 106 00:04:44,200 --> 00:04:47,040 Speaker 1: this with a brewery out of Maine called mass Landing, 107 00:04:47,360 --> 00:04:49,719 Speaker 1: So we're kind of sampling two different breweries at once, 108 00:04:49,760 --> 00:04:52,280 Speaker 1: which I always love. Gotta love that, and we'll let 109 00:04:52,320 --> 00:04:53,839 Speaker 1: you know what we think about this beer at the 110 00:04:53,920 --> 00:04:56,160 Speaker 1: end of the show. All right, Matt, So let's get 111 00:04:56,160 --> 00:04:59,960 Speaker 1: to it Listener Questions. This is our second Listener Questions episode. 112 00:05:00,120 --> 00:05:03,280 Speaker 1: We're gonna be releasing these episodes every other week on Mondays, 113 00:05:03,360 --> 00:05:05,640 Speaker 1: and if you have a question that you want us 114 00:05:05,640 --> 00:05:07,800 Speaker 1: to answer on the show, we'd love to do that, 115 00:05:08,000 --> 00:05:10,680 Speaker 1: and you can submit your question at how to money 116 00:05:10,680 --> 00:05:12,920 Speaker 1: dot com slash ask. We got a lot of fun 117 00:05:12,960 --> 00:05:15,760 Speaker 1: ones stancer here on the show today, So let's get 118 00:05:15,800 --> 00:05:17,560 Speaker 1: to it, Matt. What do you say? Yeah, I say, 119 00:05:17,640 --> 00:05:20,000 Speaker 1: let's do it. Man. Let's play that first clip. Hey guys, 120 00:05:20,200 --> 00:05:22,839 Speaker 1: my name is Lathan and I'm from Charlotte, North Carolina. 121 00:05:23,320 --> 00:05:27,640 Speaker 1: My question today, ultimately is what's the difference between annuities 122 00:05:27,720 --> 00:05:30,279 Speaker 1: and life insurance. I've been a little bit of research 123 00:05:30,360 --> 00:05:33,400 Speaker 1: myself as well as listen to your podcast about life 124 00:05:33,400 --> 00:05:35,839 Speaker 1: insurance and whatever reason, I'm still having a hard time 125 00:05:35,880 --> 00:05:39,080 Speaker 1: grasping it. I'm soon to be twenty seven and hopefully 126 00:05:39,160 --> 00:05:43,200 Speaker 1: also soon be engaged, fingers crossed, and with the idea 127 00:05:43,240 --> 00:05:46,360 Speaker 1: of my family potentially growing, getting married, having kids in 128 00:05:46,400 --> 00:05:48,560 Speaker 1: the next few years, I've got this feeling that these 129 00:05:48,640 --> 00:05:51,160 Speaker 1: vehicles might be something that would benefit me. I was 130 00:05:51,200 --> 00:05:53,599 Speaker 1: hoping you guys can kind of break down the different types, 131 00:05:53,920 --> 00:05:56,520 Speaker 1: what happens with the money, what are the benefits of them? 132 00:05:56,880 --> 00:05:58,480 Speaker 1: Can't wait to hear what you guys have to say. 133 00:05:58,640 --> 00:06:02,320 Speaker 1: I absolutely love the show. Thanks Lathan, thanks so much 134 00:06:02,360 --> 00:06:04,680 Speaker 1: for that message, man, And hey, we hope you are 135 00:06:04,680 --> 00:06:07,520 Speaker 1: engaged by now, so we'll go ahead and say a congrats. Yeah, 136 00:06:07,600 --> 00:06:10,280 Speaker 1: I hope so, I hope she said yes. I'm sure 137 00:06:10,320 --> 00:06:12,200 Speaker 1: she did. Layton sounds like a great guy, of course. 138 00:06:12,320 --> 00:06:14,240 Speaker 1: But Lathan, we're gonna go ahead and make an assumption here, 139 00:06:14,520 --> 00:06:18,080 Speaker 1: because you mentioned life insurance next to annuities, I'm gonna 140 00:06:18,080 --> 00:06:20,440 Speaker 1: assume that you're talking about whole life because those are 141 00:06:20,440 --> 00:06:22,719 Speaker 1: closely related. That being said, we're not going to compare 142 00:06:22,720 --> 00:06:25,200 Speaker 1: those two because they are both pretty terrible products. Most 143 00:06:25,240 --> 00:06:29,120 Speaker 1: folks honestly shouldn't consider them because they are way too expensive, 144 00:06:29,240 --> 00:06:33,159 Speaker 1: and they both combine elements of investing and insurance together. 145 00:06:33,680 --> 00:06:35,280 Speaker 1: You want to make sure that you are keeping your 146 00:06:35,279 --> 00:06:39,159 Speaker 1: insurance needs separate from your investments. Annuities are essentially for 147 00:06:39,240 --> 00:06:43,120 Speaker 1: quote unquote retirement income, but really they offer a poor 148 00:06:43,160 --> 00:06:47,800 Speaker 1: way to get to retirement and often have huge fees. Yeah. 149 00:06:47,839 --> 00:06:50,520 Speaker 1: How high are those fees, Matt Well, Oftentimes on the 150 00:06:50,560 --> 00:06:53,280 Speaker 1: more expensive types of annuities, it can be between four 151 00:06:53,360 --> 00:06:57,359 Speaker 1: and nine percent, so, which is insane and that's ridiculous. 152 00:06:57,400 --> 00:06:59,880 Speaker 1: So when we're talking about annuities, annuities are often sold 153 00:07:00,040 --> 00:07:04,080 Speaker 1: by insurance companies and apparently because of that incredibly high 154 00:07:04,080 --> 00:07:07,520 Speaker 1: expense ratio, I've read that some annuity sales people can 155 00:07:07,560 --> 00:07:11,440 Speaker 1: by selling one massively profitable annuity, send their kid to 156 00:07:11,480 --> 00:07:13,200 Speaker 1: college for a whole year. Like that's the kind of 157 00:07:13,240 --> 00:07:15,720 Speaker 1: money that's on the line, seriously for some of these 158 00:07:15,800 --> 00:07:19,680 Speaker 1: insurance sales people that are pushing annuities. Yeah, and another 159 00:07:19,760 --> 00:07:22,600 Speaker 1: kind of crazy fact about annuities is a few years back, 160 00:07:22,680 --> 00:07:25,600 Speaker 1: there was a fiduciary rule that was supposed to be 161 00:07:25,600 --> 00:07:28,120 Speaker 1: put in place by the Department of Labor Interestingly enough, 162 00:07:28,160 --> 00:07:30,840 Speaker 1: when we got really close to the implementation of that rule, 163 00:07:31,120 --> 00:07:35,600 Speaker 1: annuity sales were in massive decline because investment professionals knew 164 00:07:35,640 --> 00:07:39,160 Speaker 1: that they couldn't honestly sell annuities to people and then 165 00:07:39,200 --> 00:07:41,080 Speaker 1: claim that they were doing it in their best interest. 166 00:07:41,360 --> 00:07:44,040 Speaker 1: And it's heard out that the fiduciary rule was eventually 167 00:07:44,120 --> 00:07:47,200 Speaker 1: putting the scrap heap and no longer is being implemented, 168 00:07:47,400 --> 00:07:49,600 Speaker 1: which I think is a huge bummer. I think that 169 00:07:49,800 --> 00:07:52,480 Speaker 1: is the duty that investment professionals should have to their client, 170 00:07:52,760 --> 00:07:56,600 Speaker 1: and some many actual financial advisors do take on that 171 00:07:56,640 --> 00:07:59,320 Speaker 1: fiduciary rule on their own accord, without being forced to 172 00:07:59,360 --> 00:08:02,160 Speaker 1: by the Department labor. But it's interesting to note that 173 00:08:02,200 --> 00:08:06,120 Speaker 1: once the fiduciary rule was thrown away, annuity sales are 174 00:08:06,240 --> 00:08:08,920 Speaker 1: kind of back to where they were. They're being pushed again, 175 00:08:09,000 --> 00:08:11,559 Speaker 1: really heavily. And no wonder when you're talking about all 176 00:08:11,600 --> 00:08:14,040 Speaker 1: of the numerous different kinds of fees that can be 177 00:08:14,040 --> 00:08:17,240 Speaker 1: pocketed by an insurance salesman when an annuity is sold, 178 00:08:17,600 --> 00:08:20,239 Speaker 1: are lathan life insurance? Right? So that begs the question 179 00:08:20,240 --> 00:08:22,160 Speaker 1: now of what kind of life insurance do you actually 180 00:08:22,200 --> 00:08:25,440 Speaker 1: need to get? Uh? And that is level term life insurance. 181 00:08:25,480 --> 00:08:27,160 Speaker 1: You're you know, you're going to have a spouse here soon, 182 00:08:27,680 --> 00:08:30,280 Speaker 1: you're hoping someday to have kids who will most definitely 183 00:08:30,280 --> 00:08:32,520 Speaker 1: be dependent on you, And the type of coverage that 184 00:08:32,600 --> 00:08:34,920 Speaker 1: a level term life insurance policy will be able to 185 00:08:34,920 --> 00:08:37,080 Speaker 1: provide you is exactly what you want to look for, 186 00:08:37,320 --> 00:08:40,720 Speaker 1: and that is funds in case you were to pass 187 00:08:40,720 --> 00:08:44,400 Speaker 1: away to those who you love. Yeah, level term is 188 00:08:44,440 --> 00:08:47,160 Speaker 1: just the cleanest type of life insurance policy that you 189 00:08:47,200 --> 00:08:49,520 Speaker 1: can get. There's no cash value build up, there's no 190 00:08:49,679 --> 00:08:52,679 Speaker 1: weird investing angle to it, and that makes level term 191 00:08:52,720 --> 00:08:55,040 Speaker 1: not only the easiest to understand, but also by far 192 00:08:55,320 --> 00:08:58,480 Speaker 1: the cheapest type of life insurance that you can buy. 193 00:08:58,600 --> 00:09:00,720 Speaker 1: And typically, if you were to buy a whole life policy, 194 00:09:00,920 --> 00:09:04,000 Speaker 1: you're looking at paying ten times more every month for 195 00:09:04,040 --> 00:09:07,200 Speaker 1: the premium. A level term policy is incredibly affordable. So 196 00:09:07,280 --> 00:09:09,160 Speaker 1: let's say you wait just a few years until you're 197 00:09:09,160 --> 00:09:11,199 Speaker 1: a little bit closer to having kids. You said your 198 00:09:11,240 --> 00:09:13,440 Speaker 1: twenty seven now, so maybe you wait till you're thirty 199 00:09:13,520 --> 00:09:15,800 Speaker 1: in order to pick up that level term policy. Well, 200 00:09:15,840 --> 00:09:18,640 Speaker 1: in all likelihood you're probably going to be paying about 201 00:09:18,720 --> 00:09:21,559 Speaker 1: twenty five thirty dollars a month thirty five. Just depending 202 00:09:21,600 --> 00:09:23,560 Speaker 1: on how much of a policy you feel like you 203 00:09:23,600 --> 00:09:27,720 Speaker 1: need to take out, you might choose a two dollar policy, uh, 204 00:09:27,760 --> 00:09:30,160 Speaker 1: maybe five thousand. You might even think you need a 205 00:09:30,160 --> 00:09:32,800 Speaker 1: million dollar policy. We talked all about term life insurance 206 00:09:32,880 --> 00:09:35,000 Speaker 1: in an earlier episode, and we talked about how you 207 00:09:35,080 --> 00:09:37,679 Speaker 1: could even ladder life insurance policies. You might want to 208 00:09:37,679 --> 00:09:40,120 Speaker 1: start small and then maybe get another policy down the 209 00:09:40,200 --> 00:09:43,280 Speaker 1: road when you feel like it's necessary. But these policies 210 00:09:43,320 --> 00:09:46,960 Speaker 1: are incredibly affordable and incredibly easy to understand. And that's 211 00:09:47,000 --> 00:09:49,680 Speaker 1: why we like term life insurance. And we will link 212 00:09:49,720 --> 00:09:51,439 Speaker 1: to a couple of the sites that we think are 213 00:09:51,520 --> 00:09:55,000 Speaker 1: best for shopping those term life insurance rates in the 214 00:09:55,000 --> 00:09:57,360 Speaker 1: show notes for this episode. Yeah, and one of those sites, 215 00:09:57,400 --> 00:09:59,480 Speaker 1: real quickly is policy Genius. You should be able to 216 00:09:59,520 --> 00:10:01,920 Speaker 1: remember that one. And when it comes to the amount 217 00:10:01,960 --> 00:10:04,200 Speaker 1: of coverage as well, a good ballpark sort of rule 218 00:10:04,240 --> 00:10:06,920 Speaker 1: of thumb figure is just ten times your annual income 219 00:10:07,320 --> 00:10:10,280 Speaker 1: is typically a great number to consider to set up 220 00:10:10,280 --> 00:10:12,360 Speaker 1: your loved ones. All right, let's real quick talk about 221 00:10:12,360 --> 00:10:15,160 Speaker 1: the investment side. If you were considering an annuity, well, 222 00:10:15,200 --> 00:10:18,559 Speaker 1: you're really thinking about starting investing, and so if that's 223 00:10:18,559 --> 00:10:20,600 Speaker 1: the case, we would recommend you check out episode sixty 224 00:10:20,679 --> 00:10:23,240 Speaker 1: nine where we talked about the perceived risks of investing 225 00:10:23,240 --> 00:10:25,480 Speaker 1: in the stock market and annuities. Part of the reason 226 00:10:25,520 --> 00:10:29,559 Speaker 1: people decide to go with an annuity is because there 227 00:10:29,800 --> 00:10:33,000 Speaker 1: is less quote unquote downside. Yeah, less risk if the 228 00:10:33,040 --> 00:10:35,880 Speaker 1: market word to tank, Yeah, exactly, except for you get 229 00:10:35,920 --> 00:10:38,960 Speaker 1: a much smaller share of the upside, and that really 230 00:10:39,080 --> 00:10:41,760 Speaker 1: hurts you over the long run, especially Lathan. We're talking 231 00:10:41,760 --> 00:10:44,520 Speaker 1: about you being in your twenties and investing for years 232 00:10:44,520 --> 00:10:46,400 Speaker 1: and years and years to come. Not to mention those 233 00:10:46,480 --> 00:10:48,440 Speaker 1: high fees, you're gonna miss out on some of the 234 00:10:48,520 --> 00:10:50,559 Speaker 1: huge games at the stock market will have to offer 235 00:10:50,600 --> 00:10:53,720 Speaker 1: over your investing lifetime, and so you're gonna come out 236 00:10:53,960 --> 00:10:56,440 Speaker 1: way ahead if you invest in tax advantage accounts like 237 00:10:56,440 --> 00:10:58,800 Speaker 1: four oh one KS and rath I Raise, and then 238 00:10:58,840 --> 00:11:01,319 Speaker 1: even after that, if you aren't crushing it and investing 239 00:11:01,320 --> 00:11:04,480 Speaker 1: a lot regular taxbill brokerage accounts. Since you're in the 240 00:11:04,520 --> 00:11:06,560 Speaker 1: wealth building stage of life, you're gonna want to be 241 00:11:06,640 --> 00:11:11,240 Speaker 1: invested inside of low cost stock index funds, inside of 242 00:11:11,280 --> 00:11:14,680 Speaker 1: those investing vehicles. That's gonna lower the cost. It's not 243 00:11:14,800 --> 00:11:17,480 Speaker 1: going to be the smoothest ride right, because the stock 244 00:11:17,520 --> 00:11:20,760 Speaker 1: market has wild swings up and down, but over the 245 00:11:20,800 --> 00:11:22,719 Speaker 1: course of decades, it's going to be by far the 246 00:11:22,760 --> 00:11:25,320 Speaker 1: best decision you can make with your money. So, Lathan, 247 00:11:25,400 --> 00:11:28,880 Speaker 1: we hope we answered your question. Basically, avoid whole life insurance, 248 00:11:28,920 --> 00:11:32,440 Speaker 1: avoid annuities instead, you want to look at level term 249 00:11:32,480 --> 00:11:35,640 Speaker 1: life insurance when it comes to actual life insurance. And 250 00:11:35,679 --> 00:11:37,720 Speaker 1: as you're considering your investments, make sure you're putting your 251 00:11:37,760 --> 00:11:40,680 Speaker 1: money into tax advantage retirement accounts like your fur own 252 00:11:40,760 --> 00:11:43,080 Speaker 1: k or rath I A. So, right after the break, 253 00:11:43,080 --> 00:11:45,400 Speaker 1: we're gonna hear from someone who has filed Chapter seven 254 00:11:45,440 --> 00:11:48,240 Speaker 1: bankruptcy and is looking for ways to improve his credit score. 255 00:11:57,040 --> 00:11:58,760 Speaker 1: All right, Matt, we're back in a second. We're gonna 256 00:11:58,800 --> 00:12:01,840 Speaker 1: get to a question about robo advisors, but first let's 257 00:12:01,880 --> 00:12:05,040 Speaker 1: take this question on credit score improvement. Hey, Joel and 258 00:12:05,120 --> 00:12:09,960 Speaker 1: Matt W calling from Colorado here, love the show. Curious 259 00:12:10,000 --> 00:12:14,680 Speaker 1: your thoughts on things I could do to improve my 260 00:12:14,800 --> 00:12:21,040 Speaker 1: credit score after a Chapter seven bankruptcy filing. I just 261 00:12:21,120 --> 00:12:25,760 Speaker 1: got a checking account opened up again after a while 262 00:12:26,080 --> 00:12:28,120 Speaker 1: uh not being able to get one. And I also 263 00:12:28,160 --> 00:12:33,800 Speaker 1: actually just got approved for a high interest low limit 264 00:12:33,920 --> 00:12:36,680 Speaker 1: credit card, but it doesn't have an annual fee, which 265 00:12:36,720 --> 00:12:39,800 Speaker 1: is great plan on hanging that off every month. So 266 00:12:39,880 --> 00:12:43,400 Speaker 1: any other tips greatly appreciated. Keep up with great work, 267 00:12:43,480 --> 00:12:46,680 Speaker 1: Love the podcast. W thank you so much for listening 268 00:12:46,679 --> 00:12:48,800 Speaker 1: to the podcast. Man. You know, it's tough that you 269 00:12:48,800 --> 00:12:50,880 Speaker 1: went through the bankruptcy, but it sounds like you are 270 00:12:51,000 --> 00:12:53,720 Speaker 1: already back on the right track, So thanks for sending 271 00:12:53,760 --> 00:12:55,880 Speaker 1: us this message. The first thing, you know, that Joel 272 00:12:55,880 --> 00:12:57,720 Speaker 1: and I wanted to cover was just kind of talking 273 00:12:57,760 --> 00:13:00,480 Speaker 1: about some of the behavioral changes. You just want to 274 00:13:00,480 --> 00:13:02,320 Speaker 1: make sure that you've taken the time to, you know, 275 00:13:02,360 --> 00:13:04,920 Speaker 1: examine how that you found yourself in tons of debt 276 00:13:04,920 --> 00:13:07,720 Speaker 1: to begin with, if you're just overly focused on improving 277 00:13:07,720 --> 00:13:09,520 Speaker 1: your credit score, I just want to make sure that 278 00:13:09,600 --> 00:13:11,880 Speaker 1: you don't find yourself in a similar situation again down 279 00:13:11,920 --> 00:13:14,840 Speaker 1: the road. Uh, So make sure you've examined how it 280 00:13:14,960 --> 00:13:16,640 Speaker 1: is that you've kind of gotten into that situation. A 281 00:13:16,679 --> 00:13:18,200 Speaker 1: lot of times for a lot of folks when it 282 00:13:18,200 --> 00:13:20,080 Speaker 1: comes to you know, their behavior has to do with 283 00:13:20,160 --> 00:13:22,680 Speaker 1: spending on a credit card or a consumer debt. We 284 00:13:22,720 --> 00:13:25,520 Speaker 1: talk about consumption a lot, but it's good for us, 285 00:13:25,559 --> 00:13:27,160 Speaker 1: I know, Joel and I had to challenge ourselves when 286 00:13:27,200 --> 00:13:29,760 Speaker 1: it comes to the purchases that we make. A budget 287 00:13:29,760 --> 00:13:31,200 Speaker 1: helps so much when it comes to that, just to 288 00:13:31,240 --> 00:13:34,280 Speaker 1: make sure that we are keeping ourselves on track. Yeah, Matt, 289 00:13:34,280 --> 00:13:36,720 Speaker 1: I'm sure W has had time to think about those things. 290 00:13:36,760 --> 00:13:38,640 Speaker 1: And it sounds like he is already back on the 291 00:13:39,000 --> 00:13:41,320 Speaker 1: right track, right. He's he's got that checking account, he's 292 00:13:41,320 --> 00:13:43,439 Speaker 1: got that first credit card. Yeah, that's huge. Those are 293 00:13:43,480 --> 00:13:46,360 Speaker 1: big first steps, right, and so that's that's really important. 294 00:13:46,559 --> 00:13:48,280 Speaker 1: The next thing to do is to probably try and 295 00:13:48,280 --> 00:13:50,760 Speaker 1: get another credit card if you can. And there's a 296 00:13:50,760 --> 00:13:53,960 Speaker 1: really cool credit card product that is important for W 297 00:13:54,080 --> 00:13:56,520 Speaker 1: don't know about and potentially a lot of other listeners. 298 00:13:56,760 --> 00:13:58,880 Speaker 1: It's called pedal Card, and you can go to pedal 299 00:13:58,920 --> 00:14:02,440 Speaker 1: card dot com and they actually offer credit cards with 300 00:14:02,720 --> 00:14:06,120 Speaker 1: higher limits than a lot of secured credit cards. You 301 00:14:06,160 --> 00:14:08,600 Speaker 1: link your accounts up to pedal Card, they kind of 302 00:14:08,640 --> 00:14:11,480 Speaker 1: analyze you're spending, They look at more than just your 303 00:14:11,520 --> 00:14:13,840 Speaker 1: Phyco score, and then they tell you whether you're approved 304 00:14:13,840 --> 00:14:15,200 Speaker 1: and you can actually find out if you're going to 305 00:14:15,240 --> 00:14:19,640 Speaker 1: get approved for it before you officially apply, which avoids 306 00:14:19,640 --> 00:14:21,480 Speaker 1: that ding to your credit that you don't really want 307 00:14:21,480 --> 00:14:23,960 Speaker 1: to get. Well, Yeah, and that's incredibly important too after 308 00:14:24,000 --> 00:14:25,840 Speaker 1: you filed for bankruptcy, because your credit score is in 309 00:14:25,840 --> 00:14:27,880 Speaker 1: a really bad shape. So if you are trying to 310 00:14:27,920 --> 00:14:30,560 Speaker 1: get your credit back by applying for new cards so 311 00:14:30,600 --> 00:14:33,000 Speaker 1: that you're increasing your total credit limit, well, every time 312 00:14:33,000 --> 00:14:36,000 Speaker 1: you get denied, like, those are very valuable points, you know. Like, 313 00:14:36,040 --> 00:14:38,040 Speaker 1: if you've got a great credit score, you get denied 314 00:14:38,360 --> 00:14:40,280 Speaker 1: or you apply for a new card, it's not a 315 00:14:40,360 --> 00:14:42,720 Speaker 1: huge deal if you're around the eight hundreds. But again, 316 00:14:42,760 --> 00:14:44,560 Speaker 1: if you have a lower credit score, yeah, every one 317 00:14:44,600 --> 00:14:47,320 Speaker 1: of those dings hurts a good bit more, alright. So 318 00:14:47,360 --> 00:14:49,960 Speaker 1: a couple of other things you should consider too is 319 00:14:50,520 --> 00:14:53,360 Speaker 1: seeing maybe if you can become an authorized user on 320 00:14:53,600 --> 00:14:56,240 Speaker 1: the credit card of a friend or family member. Yeah, 321 00:14:56,240 --> 00:14:58,440 Speaker 1: they don't even have to give you access to the 322 00:14:58,480 --> 00:15:01,200 Speaker 1: credit card. And if there's some body that you trust 323 00:15:01,480 --> 00:15:04,160 Speaker 1: that is willing to let you piggyback on their good 324 00:15:04,240 --> 00:15:07,160 Speaker 1: name and credit reputation, that can be really helpful to 325 00:15:07,360 --> 00:15:10,280 Speaker 1: boosting your score more quickly. Part of it, too, is 326 00:15:10,320 --> 00:15:12,640 Speaker 1: that your bankruptcy is just gonna take time to fade. 327 00:15:12,880 --> 00:15:15,440 Speaker 1: It's gonna stay on your credit report for ten years, 328 00:15:15,680 --> 00:15:17,640 Speaker 1: but it's gonna have less and less of an impact 329 00:15:17,880 --> 00:15:20,400 Speaker 1: the further you get away from the incident. And Joel, 330 00:15:20,520 --> 00:15:22,360 Speaker 1: the other things that that you can do in order 331 00:15:22,400 --> 00:15:25,480 Speaker 1: to boost his credit score are things that anybody would 332 00:15:25,520 --> 00:15:27,840 Speaker 1: do to get their credit score up. Make sure that 333 00:15:27,920 --> 00:15:31,080 Speaker 1: you are paying your bills on time and full every month. 334 00:15:31,400 --> 00:15:33,960 Speaker 1: You wanna make sure you're keeping your utilization rate down. 335 00:15:34,000 --> 00:15:36,280 Speaker 1: That's why applying for new cards. That way you can 336 00:15:36,280 --> 00:15:39,360 Speaker 1: increase your total overall credit limit. That's why that's so 337 00:15:39,400 --> 00:15:42,080 Speaker 1: important because even a few small purchases on a lower 338 00:15:42,120 --> 00:15:44,080 Speaker 1: limit card, it doesn't take long that you're out of 339 00:15:44,080 --> 00:15:47,480 Speaker 1: that threshold, uh past that thirty mark where it starts 340 00:15:47,560 --> 00:15:50,520 Speaker 1: not looking so great on your credit That's totally true, Matt. Yeah. 341 00:15:50,520 --> 00:15:52,480 Speaker 1: And one other way that you can kind of game 342 00:15:52,560 --> 00:15:55,360 Speaker 1: the system is to pay your credit card off before 343 00:15:55,720 --> 00:15:58,320 Speaker 1: the statement even closes out. And that's a way to 344 00:15:58,400 --> 00:16:00,920 Speaker 1: keep your utilization rate low, which is such a huge 345 00:16:00,960 --> 00:16:03,640 Speaker 1: factor in your score. So let's say your bill is 346 00:16:03,720 --> 00:16:06,720 Speaker 1: due on the twenty one every month, try paying the 347 00:16:06,880 --> 00:16:10,600 Speaker 1: balance off at the end of the prior month. That way, 348 00:16:10,640 --> 00:16:12,920 Speaker 1: the balance that's going to be reported to the credit 349 00:16:12,960 --> 00:16:15,440 Speaker 1: bureau is going to be zero or just minuscule. Right 350 00:16:15,480 --> 00:16:18,280 Speaker 1: If you've made a couple of charges sentible new purchases, right, Yeah, 351 00:16:18,320 --> 00:16:20,520 Speaker 1: but that's gonna be a huge boost in helping you 352 00:16:20,600 --> 00:16:23,840 Speaker 1: keep that utilization rate low and until you can get 353 00:16:23,880 --> 00:16:26,840 Speaker 1: more credit with higher limits, that's gonna be that's gonna 354 00:16:26,840 --> 00:16:29,760 Speaker 1: be a really important way to boost your score. Yeah. 355 00:16:29,800 --> 00:16:31,840 Speaker 1: And then in addition to that, just always make sure 356 00:16:31,880 --> 00:16:35,720 Speaker 1: you are monitoring your credit score via credit Karma or 357 00:16:35,760 --> 00:16:38,680 Speaker 1: whatever credit card you you do have. W uh. Most 358 00:16:38,800 --> 00:16:41,680 Speaker 1: issuers now have some sort of their own credit score 359 00:16:41,720 --> 00:16:43,240 Speaker 1: built in and it's kind of off to the side 360 00:16:43,240 --> 00:16:44,840 Speaker 1: and you can click it that way you can kind 361 00:16:44,840 --> 00:16:47,600 Speaker 1: of track that history. But again, if your credit card 362 00:16:47,680 --> 00:16:50,320 Speaker 1: does not have that, go ahead and open an account 363 00:16:50,320 --> 00:16:52,440 Speaker 1: with Credit Karma. It's a bit more fleshed out. It's 364 00:16:52,440 --> 00:16:55,120 Speaker 1: got more cool little features than what the credit cards 365 00:16:55,120 --> 00:16:57,200 Speaker 1: will show you. Yeah. I feel like Credit Carma. It 366 00:16:57,240 --> 00:17:00,280 Speaker 1: gives you the specific info for your situation on how 367 00:17:00,280 --> 00:17:02,560 Speaker 1: to try to boost your score. Yeah, in particular the 368 00:17:02,640 --> 00:17:05,320 Speaker 1: letter grades that you get for for each different section 369 00:17:05,600 --> 00:17:08,560 Speaker 1: of how your credit score is constructed. It's just really 370 00:17:08,560 --> 00:17:10,840 Speaker 1: helpful so that you can know where you're not doing 371 00:17:10,880 --> 00:17:12,959 Speaker 1: well and then figure it out and make some changes. 372 00:17:13,359 --> 00:17:15,760 Speaker 1: And one last thing to check out is Experience Boost 373 00:17:15,960 --> 00:17:18,879 Speaker 1: and this is a service or like a product that 374 00:17:18,960 --> 00:17:21,879 Speaker 1: Experience is offering. They're one of the three credit bureau 375 00:17:21,920 --> 00:17:25,639 Speaker 1: agencies and they now are taking into account your phone 376 00:17:25,640 --> 00:17:28,200 Speaker 1: and utility bills when they calculate your credit score, which 377 00:17:28,640 --> 00:17:31,040 Speaker 1: normally that is not included. So this could be an 378 00:17:31,080 --> 00:17:33,280 Speaker 1: awesome way for you to increase your your credit score. Right, 379 00:17:33,320 --> 00:17:36,200 Speaker 1: it's sort of an easy button for forgetting that boost. Yeah, 380 00:17:36,200 --> 00:17:38,439 Speaker 1: most people are going to see a nine, ten, eleven, 381 00:17:38,480 --> 00:17:40,440 Speaker 1: twelve point bumps something like that in their credit score. 382 00:17:40,520 --> 00:17:42,879 Speaker 1: It's just a quick, easy way to get a little movement, 383 00:17:43,080 --> 00:17:44,760 Speaker 1: all right, Joel, Now let's go ahead and take a 384 00:17:44,840 --> 00:17:48,840 Speaker 1: question about robo advisors. Hey there, Joel in Matt, this 385 00:17:48,920 --> 00:17:52,600 Speaker 1: is Christina from Eugene, Oregon, and I have a question 386 00:17:52,640 --> 00:17:57,399 Speaker 1: for you. I'm wondering about robo advisors companies such as 387 00:17:57,480 --> 00:18:01,320 Speaker 1: Betterment or wealth front Um. They seem almost a little 388 00:18:01,320 --> 00:18:03,280 Speaker 1: too good to be true. It seems like a really 389 00:18:03,359 --> 00:18:07,000 Speaker 1: quick and easy way to get started investing and kind 390 00:18:07,000 --> 00:18:09,760 Speaker 1: of staying very hands off about it. So I'm really 391 00:18:09,760 --> 00:18:12,119 Speaker 1: curious to see if you guys have any experience with 392 00:18:12,520 --> 00:18:16,359 Speaker 1: m robo advisors and what your thoughts are so yeah, 393 00:18:16,480 --> 00:18:19,240 Speaker 1: let me know, Christina before we get to our thoughts 394 00:18:19,320 --> 00:18:22,280 Speaker 1: on robo advisors, Man, I want your thoughts on Rogue 395 00:18:22,320 --> 00:18:24,880 Speaker 1: Brewing Company because they're also based out of Eugene organ 396 00:18:24,920 --> 00:18:27,800 Speaker 1: I think, and that's honestly one of the first craft 397 00:18:27,800 --> 00:18:31,080 Speaker 1: brewers I gravitated towards. They've got that pink bottled voodoo 398 00:18:31,080 --> 00:18:33,160 Speaker 1: stylet like the Voodoo Donuts. Right. Oh, you know I'm 399 00:18:33,160 --> 00:18:36,080 Speaker 1: talking about, no doubt. Yeah, it's it's unmistakable on the shelves, 400 00:18:36,080 --> 00:18:38,440 Speaker 1: it really is. Yeah, but Rogue has been making good 401 00:18:38,440 --> 00:18:42,439 Speaker 1: beers for quite a long time. Beer side fact. All right, 402 00:18:42,480 --> 00:18:44,960 Speaker 1: let's get out of the question though robo advisors are 403 00:18:44,960 --> 00:18:47,359 Speaker 1: they too good to be true? And in particular, Christina 404 00:18:47,440 --> 00:18:50,080 Speaker 1: mentioned Betterment and Wealth Front, and they're pretty much like 405 00:18:50,119 --> 00:18:54,439 Speaker 1: the two original gangsters of robo advisors and Betterment and 406 00:18:54,440 --> 00:18:56,960 Speaker 1: Wealth Front. Man, they're great. You're right there there. It's 407 00:18:56,960 --> 00:18:59,600 Speaker 1: a great way to get started. There's no minimums in 408 00:18:59,600 --> 00:19:01,480 Speaker 1: particular or for Betterment. I think Wealth Front has a 409 00:19:01,520 --> 00:19:06,000 Speaker 1: minimum of five. They have low fees and diverse investing choices. 410 00:19:06,240 --> 00:19:09,800 Speaker 1: They just don't have the absolute lowest fees. Yeah, both 411 00:19:09,960 --> 00:19:13,719 Speaker 1: Betterment and Wealth Front are charging quarter percent, and so 412 00:19:13,800 --> 00:19:16,280 Speaker 1: that's point to five percent more than you're gonna be 413 00:19:16,320 --> 00:19:19,640 Speaker 1: paying if you had your money invested in funds through 414 00:19:19,760 --> 00:19:23,000 Speaker 1: Vanguard or Fidelity. That is slightly more than what you're 415 00:19:23,000 --> 00:19:26,880 Speaker 1: gonna be paying with the absolute cheapest option. But if 416 00:19:26,880 --> 00:19:30,120 Speaker 1: you compare that to an actual financial advisor who's gonna 417 00:19:30,160 --> 00:19:32,920 Speaker 1: take anywhere between one to two percent of the assets 418 00:19:33,000 --> 00:19:35,720 Speaker 1: under management, you know, a quarter percent, it's a little 419 00:19:35,720 --> 00:19:38,359 Speaker 1: bit more than point oh four percent, but it is 420 00:19:38,400 --> 00:19:42,000 Speaker 1: substantially less than one to two. Yeah. Man, I kind 421 00:19:42,000 --> 00:19:44,760 Speaker 1: of think of these robo advisors as kind of being 422 00:19:44,800 --> 00:19:47,760 Speaker 1: like the e bikes of financial services, right, because it 423 00:19:47,800 --> 00:19:50,760 Speaker 1: gets you pedaling, gets your legs moving. Yeah. Yeah, So 424 00:19:50,800 --> 00:19:53,600 Speaker 1: I think, yeah, if you're not going to actually do 425 00:19:53,640 --> 00:19:56,760 Speaker 1: the workhop on a regular bike and get going, and 426 00:19:56,840 --> 00:19:58,639 Speaker 1: an e bike is what's gonna get you, you know, 427 00:19:58,720 --> 00:20:01,760 Speaker 1: off the couch and a and moving, well, then I 428 00:20:01,800 --> 00:20:05,520 Speaker 1: think it's worth investing in that instead. And so I think, yeah, 429 00:20:05,560 --> 00:20:09,119 Speaker 1: if a robo advisor that's simple offering feels more approachable 430 00:20:09,160 --> 00:20:11,320 Speaker 1: to you, well then I think it's a great idea. 431 00:20:11,680 --> 00:20:13,520 Speaker 1: Like we're just talking about, the fees are a little 432 00:20:13,520 --> 00:20:15,959 Speaker 1: bit higher than we're talking about if we're kind of 433 00:20:16,080 --> 00:20:18,640 Speaker 1: completely going the d I Y method all on our own. 434 00:20:18,920 --> 00:20:21,280 Speaker 1: But the offerings from companies like Betterment and wealth Front 435 00:20:21,320 --> 00:20:23,720 Speaker 1: are great and you also have access I think in 436 00:20:23,720 --> 00:20:27,720 Speaker 1: particular with Betterment to actual financial advisors. You can pay 437 00:20:27,760 --> 00:20:30,240 Speaker 1: a couple hundred dollars in a similar way to a 438 00:20:30,240 --> 00:20:33,080 Speaker 1: company that we mentioned a long time ago Matt called Grove, 439 00:20:33,440 --> 00:20:36,080 Speaker 1: who you can you have access to a financial advisor 440 00:20:36,119 --> 00:20:39,400 Speaker 1: for a whole year for one flat fee, and these 441 00:20:39,440 --> 00:20:42,080 Speaker 1: financial advisors on Betterment will offer you advice on many 442 00:20:42,119 --> 00:20:47,800 Speaker 1: different financial scenarios, not just picking your asset allocation for investments. 443 00:20:48,040 --> 00:20:49,840 Speaker 1: So that's kind of cool. I think that's going to 444 00:20:49,960 --> 00:20:51,880 Speaker 1: become more and more of the model where people pay 445 00:20:51,880 --> 00:20:54,119 Speaker 1: a flat fee and it becomes easier to get actual 446 00:20:54,160 --> 00:20:57,000 Speaker 1: financial advice, and these robo advisors are kind of leading 447 00:20:57,000 --> 00:20:59,320 Speaker 1: the way on that. I think that's great, But really 448 00:20:59,400 --> 00:21:01,800 Speaker 1: robo advised there's our best for people that want a 449 00:21:01,800 --> 00:21:05,920 Speaker 1: handsoff approach, who value ease of use and a great 450 00:21:06,000 --> 00:21:09,840 Speaker 1: user interface, and these companies definitely definitely offer that. Yeah, 451 00:21:09,880 --> 00:21:12,760 Speaker 1: And speaking of a user interface, h M one is 452 00:21:12,840 --> 00:21:15,400 Speaker 1: also a great option. Uh And specifically if you're looking 453 00:21:15,440 --> 00:21:17,919 Speaker 1: for the best of both worlds between a more automated 454 00:21:18,040 --> 00:21:21,280 Speaker 1: robo advisor versus a more d I Y approach to 455 00:21:21,359 --> 00:21:25,119 Speaker 1: your investing. They are zero costs and have auto rebalancing 456 00:21:25,600 --> 00:21:28,280 Speaker 1: you currently. M one is really our favorite these days. 457 00:21:28,720 --> 00:21:31,480 Speaker 1: You can also choose your risk tolerance and you can 458 00:21:31,480 --> 00:21:34,440 Speaker 1: create your own custom pie, which allows you basically to 459 00:21:34,880 --> 00:21:38,280 Speaker 1: customize your asset allocation based on a number of things, 460 00:21:38,520 --> 00:21:40,800 Speaker 1: but specifically as well, you can base it on your 461 00:21:40,840 --> 00:21:43,199 Speaker 1: target retirement date. Yeah, I feel like m one is 462 00:21:43,240 --> 00:21:45,160 Speaker 1: just such a great app. They're doing such a good 463 00:21:45,240 --> 00:21:48,320 Speaker 1: job and they're really towing that line of keeping costs 464 00:21:48,400 --> 00:21:51,960 Speaker 1: low yet also providing just a huge benefit for the 465 00:21:52,119 --> 00:21:55,680 Speaker 1: end user, really really well. So if you're on kind 466 00:21:55,680 --> 00:21:58,000 Speaker 1: of a robo advisor kick and you want one more 467 00:21:58,000 --> 00:22:00,080 Speaker 1: to look into, well in one is definitely one that 468 00:22:00,119 --> 00:22:02,360 Speaker 1: we would say, check that one out. All right, after 469 00:22:02,359 --> 00:22:15,880 Speaker 1: the break, Matt, let's get into plans. Yep, we're back 470 00:22:15,880 --> 00:22:18,520 Speaker 1: from the break. Now, let's pack a question about saving 471 00:22:18,560 --> 00:22:21,840 Speaker 1: for college. My name is Katie and I have a 472 00:22:21,920 --> 00:22:25,840 Speaker 1: three year old and just had another baby, and my 473 00:22:25,920 --> 00:22:30,880 Speaker 1: husband and I are thinking about college already. Should we 474 00:22:31,000 --> 00:22:34,840 Speaker 1: be opening up a college savings account for them, and 475 00:22:35,000 --> 00:22:39,800 Speaker 1: if so, what kind Katie thinking about college already for 476 00:22:39,840 --> 00:22:43,879 Speaker 1: her youngsters. Uh, that's impressive. Hey, that's implanning. Yeah, well 477 00:22:43,960 --> 00:22:46,480 Speaker 1: it's not too soon. College is expensive, and you know, 478 00:22:46,720 --> 00:22:48,520 Speaker 1: now is the time to get started. I applaud you 479 00:22:48,600 --> 00:22:50,960 Speaker 1: Katie for considering that at this point. And Joel, I 480 00:22:50,960 --> 00:22:53,160 Speaker 1: also want to applaud you because you just found out 481 00:22:53,200 --> 00:22:56,080 Speaker 1: you are having a baby boy this fall, and so 482 00:22:56,240 --> 00:23:00,119 Speaker 1: did you. Right now we're running with all girls in 483 00:23:00,160 --> 00:23:01,880 Speaker 1: our houses and now you and I just found out 484 00:23:01,880 --> 00:23:04,159 Speaker 1: we're having boys. Man, So that's pretty exciting, pretty crazy. 485 00:23:04,200 --> 00:23:06,480 Speaker 1: It's it's honestly kind of stupid, the fact that you know, 486 00:23:06,720 --> 00:23:09,879 Speaker 1: like that we're both having boys. We we found out 487 00:23:09,880 --> 00:23:12,000 Speaker 1: on the same day as well, which is ridiculous. It's 488 00:23:12,119 --> 00:23:15,199 Speaker 1: so crazy, so crazy. But also, congrats to Katie for 489 00:23:15,280 --> 00:23:17,840 Speaker 1: having your second. She's got a three year old as well. 490 00:23:17,880 --> 00:23:20,240 Speaker 1: That's awesome. Yeah, so super fun. Kids are the best 491 00:23:20,280 --> 00:23:22,080 Speaker 1: you We said that many times on the show. But 492 00:23:22,160 --> 00:23:25,360 Speaker 1: let's get to her question Matt about plans and when 493 00:23:25,400 --> 00:23:27,359 Speaker 1: they're a great option, and the first thing we have 494 00:23:27,400 --> 00:23:29,560 Speaker 1: to mention, I feel like any time we're talking about 495 00:23:29,720 --> 00:23:34,080 Speaker 1: college savings plans, thinking ahead for saving for your kids 496 00:23:34,480 --> 00:23:37,520 Speaker 1: is how well are you doing saving for yourself? Because 497 00:23:37,560 --> 00:23:39,960 Speaker 1: if you're not saving for your own future, your own 498 00:23:40,080 --> 00:23:43,439 Speaker 1: retirement and your own goals, well, then you do need 499 00:23:43,480 --> 00:23:46,440 Speaker 1: to put the five account on hold. Typically, and that 500 00:23:46,480 --> 00:23:49,600 Speaker 1: means how well are you doing investing inside of your 501 00:23:49,720 --> 00:23:51,919 Speaker 1: company's four one k? Your spouse is four oh one k? 502 00:23:52,320 --> 00:23:55,360 Speaker 1: How well are you doing saving inside of a roth 503 00:23:55,440 --> 00:23:57,720 Speaker 1: Hi ray or a traditional I ray or a set 504 00:23:57,800 --> 00:24:00,800 Speaker 1: I ra. How well are you doing It's really important 505 00:24:00,960 --> 00:24:03,520 Speaker 1: to make sure that you're saving for your own future 506 00:24:03,840 --> 00:24:08,160 Speaker 1: before prioritizing saving for your kids college future. Yeah, we've 507 00:24:08,200 --> 00:24:10,879 Speaker 1: given this analogy before when the when they tell you 508 00:24:10,920 --> 00:24:13,280 Speaker 1: to to put the oxygen mask over your own face 509 00:24:13,280 --> 00:24:15,840 Speaker 1: when you're on the plane and a terrible thing happens, 510 00:24:16,840 --> 00:24:19,040 Speaker 1: but make sure you cover yourself first. That way you 511 00:24:19,080 --> 00:24:21,520 Speaker 1: can help your children and those around you. That is 512 00:24:21,560 --> 00:24:24,880 Speaker 1: a perfect metaphor when it comes to retirement savings and 513 00:24:24,920 --> 00:24:26,960 Speaker 1: a college savings account. So make sure that you are 514 00:24:27,000 --> 00:24:30,000 Speaker 1: doing that and specifically make sure that you are contributing. 515 00:24:30,040 --> 00:24:33,119 Speaker 1: If you're eligible to a roth ira a like a 516 00:24:33,160 --> 00:24:35,879 Speaker 1: five twenty nine, it's a tax advantage account but with 517 00:24:35,880 --> 00:24:38,560 Speaker 1: more flexibility, so you have that money there first and 518 00:24:38,600 --> 00:24:40,919 Speaker 1: foremost as an option for retirement. But if you do 519 00:24:40,960 --> 00:24:42,679 Speaker 1: want to dip into that sum to pay for college, 520 00:24:42,720 --> 00:24:45,399 Speaker 1: you have that as an option versus the opposite. You 521 00:24:45,440 --> 00:24:48,080 Speaker 1: cannot dip into a five or twenty nine for retirement Rachel, Yeah, 522 00:24:48,160 --> 00:24:50,000 Speaker 1: I mean you can, but you're gonna pay taxes and 523 00:24:50,040 --> 00:24:53,000 Speaker 1: penalties which make it a really ineffective tool for saving 524 00:24:53,000 --> 00:24:55,440 Speaker 1: for retirement. So taking advantage of something like a roth ira, 525 00:24:55,600 --> 00:24:57,560 Speaker 1: which provides a lot of flexibility, is a good way 526 00:24:57,560 --> 00:24:59,600 Speaker 1: to go. But if you're already doing that and you 527 00:24:59,600 --> 00:25:01,840 Speaker 1: want to say of more, and you're really sure that 528 00:25:01,960 --> 00:25:04,159 Speaker 1: one of your kids is likely to go to college 529 00:25:04,200 --> 00:25:07,200 Speaker 1: based on your family culture and your views towards college 530 00:25:07,240 --> 00:25:09,680 Speaker 1: as a family, well, then a five account can be 531 00:25:09,720 --> 00:25:12,879 Speaker 1: a really great investment, especially if you're a higher income earner. 532 00:25:13,119 --> 00:25:16,120 Speaker 1: And in addition, if you have a state tax benefit 533 00:25:16,480 --> 00:25:19,520 Speaker 1: through your plan. You also, by the way, I have 534 00:25:19,600 --> 00:25:22,000 Speaker 1: two kids, which is really helpful because you can change 535 00:25:22,040 --> 00:25:25,800 Speaker 1: the beneficiary to another person in your family one time 536 00:25:25,840 --> 00:25:28,120 Speaker 1: a year. That means, if one of your children ends 537 00:25:28,200 --> 00:25:31,080 Speaker 1: up going to school and the other one doesn't, well 538 00:25:31,160 --> 00:25:34,520 Speaker 1: you can change the beneficiary of the five account that 539 00:25:34,520 --> 00:25:36,920 Speaker 1: you've opened up and funnel it all towards that one 540 00:25:37,000 --> 00:25:39,320 Speaker 1: kid who is going to school, and that provides just 541 00:25:39,400 --> 00:25:41,640 Speaker 1: a little bit of extra flexibility, and you could even 542 00:25:41,720 --> 00:25:43,879 Speaker 1: use it right if you or your husband decided to 543 00:25:43,880 --> 00:25:46,320 Speaker 1: go back to school some day too, or even future 544 00:25:46,480 --> 00:25:48,639 Speaker 1: children that you haven't even had yet. So, Katie, you 545 00:25:48,640 --> 00:25:51,680 Speaker 1: can check out your state's direct sold five twenty nine 546 00:25:51,720 --> 00:25:55,280 Speaker 1: plan option and Saving for College dot com. They have 547 00:25:55,400 --> 00:25:58,520 Speaker 1: a great right up there on every state plan that's offered, 548 00:25:58,800 --> 00:26:00,920 Speaker 1: and while you're there can see if your state does 549 00:26:00,960 --> 00:26:03,040 Speaker 1: have a tax benefit and offers a good plan. You 550 00:26:03,080 --> 00:26:05,280 Speaker 1: don't have to go with your home states plan if 551 00:26:05,320 --> 00:26:08,200 Speaker 1: they are not offering a nice state benefit or if 552 00:26:08,240 --> 00:26:11,119 Speaker 1: the fees and the investment options aren't that great. If 553 00:26:11,160 --> 00:26:13,360 Speaker 1: they're not that great, you can go with a different state. Yeah, Matt, 554 00:26:13,359 --> 00:26:15,520 Speaker 1: Saving for College dot Com just has really easy to 555 00:26:15,600 --> 00:26:18,240 Speaker 1: understand formula to see which states are offering the best 556 00:26:18,280 --> 00:26:20,639 Speaker 1: overall plans with the lowest fees. And so there are 557 00:26:20,680 --> 00:26:22,560 Speaker 1: some in particular that are just really well known for 558 00:26:22,640 --> 00:26:25,439 Speaker 1: having low cost investment options through companies like that we 559 00:26:25,520 --> 00:26:28,120 Speaker 1: like like Van Garden Fidelity, and we would recommend going 560 00:26:28,119 --> 00:26:29,719 Speaker 1: with some of those states. But but there's a lot 561 00:26:29,720 --> 00:26:32,000 Speaker 1: of really good ones. Just kind of dig around saving 562 00:26:32,040 --> 00:26:35,000 Speaker 1: for college and you'll easily find their list of best 563 00:26:35,160 --> 00:26:37,560 Speaker 1: rated plans. Will even put a link to that in 564 00:26:37,560 --> 00:26:40,000 Speaker 1: the show notes. So again, Katie, that is awesome that 565 00:26:40,080 --> 00:26:43,040 Speaker 1: you are looking ahead. You're you're thinking about your kids education. 566 00:26:43,359 --> 00:26:45,760 Speaker 1: But just make sure that you are not foregoing or 567 00:26:45,840 --> 00:26:48,639 Speaker 1: skipping saving for your own retirements. You want to make 568 00:26:48,640 --> 00:26:51,720 Speaker 1: sure that you are devoting enough funds and attention towards 569 00:26:51,840 --> 00:26:53,639 Speaker 1: some of the other financial goals that you might have 570 00:26:53,720 --> 00:26:56,400 Speaker 1: as well. Saving for college is awesome, just make sure 571 00:26:56,400 --> 00:26:58,199 Speaker 1: that you're not doing it out of guilts. Just make 572 00:26:58,240 --> 00:27:00,239 Speaker 1: sure you're not thinking, oh, I've got kids, now, now 573 00:27:00,320 --> 00:27:02,360 Speaker 1: is the time to start saving for college. Yeah, it's 574 00:27:02,359 --> 00:27:04,520 Speaker 1: a great thing to do if you have the money 575 00:27:04,800 --> 00:27:07,040 Speaker 1: and you can meet those other goals at the same time. Right, 576 00:27:07,280 --> 00:27:08,879 Speaker 1: all right, now, let's get to our final question for 577 00:27:08,920 --> 00:27:10,920 Speaker 1: this episode. This one is kind of fun, a little 578 00:27:10,920 --> 00:27:13,680 Speaker 1: bit meta about how we do the podcast. Hey, Joel 579 00:27:13,680 --> 00:27:16,879 Speaker 1: and Matt, huge fan of the podcast. Even as a 580 00:27:16,920 --> 00:27:20,720 Speaker 1: self proclaimed personal finance nerd, I still found myself learning 581 00:27:20,720 --> 00:27:23,920 Speaker 1: new things from your guys show every week. Um interested 582 00:27:23,920 --> 00:27:26,320 Speaker 1: in starting my own podcast and I've noticed that you 583 00:27:26,359 --> 00:27:29,439 Speaker 1: guys do it in uh one of your houses, but 584 00:27:29,520 --> 00:27:32,400 Speaker 1: the audio sounds great. So just wondering what you guys 585 00:27:32,560 --> 00:27:36,760 Speaker 1: use as microphones and mixers and what type of equipment 586 00:27:36,760 --> 00:27:40,240 Speaker 1: do you have on site? Thanks by nice. That message 587 00:27:40,320 --> 00:27:42,199 Speaker 1: was from Chase, and so now we're going to do 588 00:27:42,200 --> 00:27:46,600 Speaker 1: a podcast about podcasting. So let's talk about gear. We 589 00:27:47,200 --> 00:27:50,240 Speaker 1: use a Zoom h four n Pro and I just 590 00:27:50,280 --> 00:27:51,800 Speaker 1: looked this up, but you can get one of these 591 00:27:51,840 --> 00:27:54,879 Speaker 1: on Amazon brand new for like twenty bucks. And the 592 00:27:54,920 --> 00:27:57,680 Speaker 1: mics we use are sure SM fifty eight, which are 593 00:27:57,800 --> 00:27:59,840 Speaker 1: the classic microphone. If you've ever been to a concert 594 00:28:00,200 --> 00:28:03,680 Speaker 1: or a town hall meeting or church or anywhere where 595 00:28:03,680 --> 00:28:06,040 Speaker 1: someone's talking into a microphone, they're gonna be talking into 596 00:28:06,040 --> 00:28:09,920 Speaker 1: this microphone. It's it's the basic, standard, indestructible microphone. And 597 00:28:10,080 --> 00:28:12,399 Speaker 1: these are a hunter bucks on Amazon. Honestly, you can 598 00:28:12,400 --> 00:28:14,800 Speaker 1: probably get both of these for cheaper on eBay if 599 00:28:14,800 --> 00:28:16,720 Speaker 1: you look too, but pretty much our entire setup you 600 00:28:16,720 --> 00:28:18,920 Speaker 1: can get four under four or fifty bucks. You gotta 601 00:28:18,920 --> 00:28:21,199 Speaker 1: have the cables as well, yeah, exactly that. We've got 602 00:28:21,240 --> 00:28:22,840 Speaker 1: little stains here so that we don't have to hold 603 00:28:22,880 --> 00:28:26,760 Speaker 1: our microphones. But Honestly, that's not that much money. And 604 00:28:26,760 --> 00:28:29,080 Speaker 1: so the biggest difference, I think, Joel, is that how 605 00:28:29,080 --> 00:28:32,320 Speaker 1: we record right, our technique makes the biggest difference. We 606 00:28:32,400 --> 00:28:34,920 Speaker 1: are not in a sound booth or a fancy room 607 00:28:35,040 --> 00:28:37,399 Speaker 1: or space. We do this at my dining room table, 608 00:28:37,440 --> 00:28:40,000 Speaker 1: and there are certainly echoes as we're sitting here and talk, 609 00:28:40,400 --> 00:28:42,360 Speaker 1: but we get really close to the microphone when we talk. 610 00:28:42,760 --> 00:28:44,880 Speaker 1: That allows us to keep our recording levels down, so 611 00:28:44,960 --> 00:28:47,480 Speaker 1: it picks up less ambient noise, and I think it 612 00:28:47,520 --> 00:28:50,160 Speaker 1: makes us sound nice and warm, and we're right here 613 00:28:50,160 --> 00:28:53,920 Speaker 1: on the microphone. Yeah, I think, actually, that's that's so true. 614 00:28:53,960 --> 00:28:56,400 Speaker 1: A lot of people who aren't used to talking into 615 00:28:56,400 --> 00:28:59,440 Speaker 1: a microphone, they end up getting a little bit further back. 616 00:28:59,480 --> 00:29:01,720 Speaker 1: They can often be a foot away from the microphone 617 00:29:01,760 --> 00:29:04,360 Speaker 1: when they're talking. But really you want your chin almost 618 00:29:04,400 --> 00:29:06,200 Speaker 1: to be hitting the microphone. That's how we do it 619 00:29:06,240 --> 00:29:08,640 Speaker 1: at least, yeah, while you're recording, and and that makes 620 00:29:08,640 --> 00:29:10,920 Speaker 1: a big difference. Like you said, So that's why I think, 621 00:29:10,960 --> 00:29:13,320 Speaker 1: you know, with good equipment, with a with a solid 622 00:29:13,400 --> 00:29:16,200 Speaker 1: recording device, really good microphones, you know, they're not top 623 00:29:16,240 --> 00:29:18,440 Speaker 1: of the line, they're not ridiculously expensive. This isn't some 624 00:29:18,840 --> 00:29:21,040 Speaker 1: pro set up we've got going. We're literally recording at 625 00:29:21,040 --> 00:29:23,760 Speaker 1: your dining room table, and it's good enough. But it's 626 00:29:23,760 --> 00:29:26,000 Speaker 1: good enough exactly. So what I like a robo advisor, 627 00:29:26,120 --> 00:29:29,360 Speaker 1: you know what? Good enough? Very very similar. That's true, 628 00:29:29,440 --> 00:29:32,000 Speaker 1: my friend. And so yeah, you can get started and 629 00:29:32,040 --> 00:29:35,640 Speaker 1: making a podcast with really good sound quality for even 630 00:29:35,720 --> 00:29:38,040 Speaker 1: less money than this. I think you can find really 631 00:29:38,080 --> 00:29:40,840 Speaker 1: good microphones in the sixty or seventy dollar range, So 632 00:29:40,960 --> 00:29:42,960 Speaker 1: do some more research on that. But this is the 633 00:29:43,000 --> 00:29:44,920 Speaker 1: set up kind of we're rolling with, and we like it. 634 00:29:44,920 --> 00:29:46,960 Speaker 1: It's been really good to us. By the way. When 635 00:29:46,960 --> 00:29:50,720 Speaker 1: it comes to editing, I edit on Adobe Audition because 636 00:29:50,840 --> 00:29:52,440 Speaker 1: my day job I work in radio, and that's just 637 00:29:52,560 --> 00:29:54,440 Speaker 1: kind of what I've used for more than ten years, 638 00:29:54,480 --> 00:29:57,200 Speaker 1: and so I'm just really really used to it. Adobe 639 00:29:57,240 --> 00:30:00,080 Speaker 1: is the industry standard those right, Yeah, most definitely. So 640 00:30:00,120 --> 00:30:02,440 Speaker 1: there's another one called pro Tools, which is another expensive 641 00:30:02,440 --> 00:30:05,080 Speaker 1: one that is another industry standard kind of recording software. 642 00:30:05,440 --> 00:30:08,280 Speaker 1: But you could also use something called Audacity. And so 643 00:30:08,360 --> 00:30:11,240 Speaker 1: every time we're done recording the podcast, I take the 644 00:30:11,360 --> 00:30:13,760 Speaker 1: SD card out of the Zoom, I pop it into 645 00:30:13,800 --> 00:30:17,360 Speaker 1: the computer, I upload it, and I start editing an audition, 646 00:30:17,560 --> 00:30:20,320 Speaker 1: but you could edit in something like Audacity, which is 647 00:30:20,360 --> 00:30:22,920 Speaker 1: a free editing tool, and I've heard great things about it. 648 00:30:23,000 --> 00:30:24,480 Speaker 1: So one of these days I want to kind of 649 00:30:24,480 --> 00:30:26,280 Speaker 1: give it a go, but I just haven't had the 650 00:30:26,320 --> 00:30:28,400 Speaker 1: time to play around with it. Do pro Tools? Isn't 651 00:30:28,440 --> 00:30:31,160 Speaker 1: that the like pro Tools had just come out when 652 00:30:31,280 --> 00:30:33,760 Speaker 1: that first Third Eye Line debut album came out in 653 00:30:33,800 --> 00:30:37,160 Speaker 1: their lead singer Like he recorded every single track on 654 00:30:37,200 --> 00:30:40,160 Speaker 1: that album himself and and cut it and that's why 655 00:30:40,240 --> 00:30:42,280 Speaker 1: it was like so amazing and kind of a breakthrough album. 656 00:30:42,360 --> 00:30:44,600 Speaker 1: And that right pro Tools. I have no idea, but 657 00:30:44,680 --> 00:30:46,600 Speaker 1: I do love that album. Our our buddy Jeremy, I'm 658 00:30:46,600 --> 00:30:48,600 Speaker 1: pretty sure like he would always talk about how he 659 00:30:48,720 --> 00:30:51,840 Speaker 1: was just amazing and pro Tools live Thirdline was kind 660 00:30:51,840 --> 00:30:55,000 Speaker 1: of terrible, but that's so true though. Yeah, I've actually 661 00:30:55,040 --> 00:30:58,040 Speaker 1: seen recordings of them playing and it's just really bad, 662 00:30:58,160 --> 00:31:00,920 Speaker 1: not so great. But that album was freaking amazing. It 663 00:31:00,960 --> 00:31:02,880 Speaker 1: really was. It really was. I think we're showing our 664 00:31:02,920 --> 00:31:04,600 Speaker 1: age to here a little bit that where it doesn't 665 00:31:04,640 --> 00:31:07,400 Speaker 1: matter man, that nineties rock man, it was good stuff. 666 00:31:07,680 --> 00:31:10,080 Speaker 1: But also to Chase, I want to say, you should 667 00:31:10,120 --> 00:31:13,200 Speaker 1: start a podcast. I think everybody that's interested in starting 668 00:31:13,240 --> 00:31:16,400 Speaker 1: a podcast should consider it. The barrier to entry is 669 00:31:16,480 --> 00:31:19,160 Speaker 1: quite low, and it's a lot of fun to kind 670 00:31:19,200 --> 00:31:21,240 Speaker 1: of create a baby and then put it out there 671 00:31:21,280 --> 00:31:24,040 Speaker 1: in the world and and kind of see what happens. Matt, 672 00:31:24,160 --> 00:31:25,360 Speaker 1: you know, we've had a lot of fun doing it, 673 00:31:25,400 --> 00:31:27,280 Speaker 1: and in particular getting to create something like this with 674 00:31:27,320 --> 00:31:30,280 Speaker 1: your best friend. I mean, there's not much downside. So yeah, 675 00:31:30,320 --> 00:31:32,800 Speaker 1: a few hundred bucks in and you're good to go, 676 00:31:33,160 --> 00:31:34,960 Speaker 1: and then just you know what, start creating the stuff 677 00:31:34,960 --> 00:31:38,080 Speaker 1: that you love to create. And one last recommendation to Chase, 678 00:31:38,120 --> 00:31:40,080 Speaker 1: but you know, just anybody out there who's thinking about 679 00:31:40,120 --> 00:31:42,920 Speaker 1: making a podcast. But like, you don't need the zoom recorder, 680 00:31:42,920 --> 00:31:44,840 Speaker 1: and you don't need the nicer mics, like Joel you mentioned, 681 00:31:44,880 --> 00:31:48,600 Speaker 1: like a sixty dollar microphone. There is a great audio technical, 682 00:31:48,840 --> 00:31:51,800 Speaker 1: fantastic USB microphone that's out there that tons of people use. 683 00:31:51,840 --> 00:31:54,000 Speaker 1: We've got one of them that we use occasionally. But 684 00:31:54,080 --> 00:31:55,760 Speaker 1: you can take that and you can plug directly up 685 00:31:55,760 --> 00:31:58,840 Speaker 1: to your laptop or to your computer, record directly into 686 00:31:58,880 --> 00:32:01,920 Speaker 1: Audacity or gar uch Band, and with just those tools 687 00:32:02,000 --> 00:32:04,320 Speaker 1: right there, you can make a really good podcast. So Joel, 688 00:32:04,400 --> 00:32:06,480 Speaker 1: I would say, our setup is is kind of semi pro. 689 00:32:06,640 --> 00:32:08,720 Speaker 1: You know, we spent some decent money on getting a 690 00:32:09,360 --> 00:32:11,800 Speaker 1: decent set up here, but you can spend way, way 691 00:32:11,920 --> 00:32:15,400 Speaker 1: less on your equipment to get a really good sounding podcast. 692 00:32:15,640 --> 00:32:17,640 Speaker 1: These messages that we're playing on the listener questions, these 693 00:32:17,640 --> 00:32:20,479 Speaker 1: are just recorded on phones. All smartphones now have that 694 00:32:20,600 --> 00:32:23,120 Speaker 1: voice recorder app built in. You flip that around and 695 00:32:23,160 --> 00:32:24,960 Speaker 1: hold it eight inches from your face and start talking. 696 00:32:25,200 --> 00:32:28,400 Speaker 1: It's gonna sound really, really good. So don't at all 697 00:32:28,560 --> 00:32:30,760 Speaker 1: let the tools that you have at your disposal be 698 00:32:30,800 --> 00:32:34,120 Speaker 1: the limiting factor and you creating something awesome. By the way, 699 00:32:34,160 --> 00:32:36,400 Speaker 1: since we just mentioned it, that's how you record a 700 00:32:36,520 --> 00:32:38,880 Speaker 1: voicemail and send it into the show a little side plug, 701 00:32:39,080 --> 00:32:41,280 Speaker 1: so go to how the Money dot com slash ask 702 00:32:41,400 --> 00:32:44,320 Speaker 1: and that's how you can have your question answered on 703 00:32:44,360 --> 00:32:46,200 Speaker 1: the show. But Matt, let's get back to the beer 704 00:32:46,200 --> 00:32:48,880 Speaker 1: that we had on the show today. Yeah, this episode, Joel, 705 00:32:48,920 --> 00:32:52,760 Speaker 1: we had Bio Rhythm by Southern Grist Brewing at a Nashville, 706 00:32:52,800 --> 00:32:56,240 Speaker 1: Tennessee and this was graciously sent to us by Jamie, 707 00:32:56,320 --> 00:32:58,960 Speaker 1: So thank you so much for that, Joel. What are 708 00:32:59,000 --> 00:33:02,000 Speaker 1: your thoughts on this beer, Matt? This was my first 709 00:33:02,200 --> 00:33:05,520 Speaker 1: Southern grist beer and a really really good introduction, I think, 710 00:33:05,680 --> 00:33:08,320 Speaker 1: So yeah, I'm excited to have more because this one 711 00:33:08,400 --> 00:33:10,880 Speaker 1: had a lot of awesome hoppy goodness. It also had 712 00:33:10,920 --> 00:33:13,880 Speaker 1: a nice dryness to it as well. It said on 713 00:33:13,880 --> 00:33:16,240 Speaker 1: the can that it was brewed with an experimental type hop, 714 00:33:16,640 --> 00:33:18,880 Speaker 1: and man, it really did have this interesting flavor that 715 00:33:18,920 --> 00:33:20,840 Speaker 1: I feel like I've never had before in an I 716 00:33:20,920 --> 00:33:23,280 Speaker 1: p a and I couldn't quite put my finger on it, 717 00:33:23,320 --> 00:33:25,680 Speaker 1: but I didn't know that it had a massive hot 718 00:33:25,720 --> 00:33:28,360 Speaker 1: punch and and so yeah, I really enjoyed that beer. Yeah. 719 00:33:28,400 --> 00:33:29,800 Speaker 1: You know how we used to do the one word 720 00:33:29,840 --> 00:33:31,600 Speaker 1: to describe the beer at the beginning of the episode 721 00:33:31,600 --> 00:33:33,560 Speaker 1: a while ago. Uhuh, Yeah, we stopped doing that because 722 00:33:33,600 --> 00:33:37,200 Speaker 1: it was dumb. Well it's hard to repeat to right, like, yeah, 723 00:33:37,400 --> 00:33:38,640 Speaker 1: I mean, we're kind of doing it over and over. 724 00:33:39,000 --> 00:33:41,280 Speaker 1: But my one word if we're still doing that, would 725 00:33:41,320 --> 00:33:43,760 Speaker 1: be this tastes like spring. To me, it had sort 726 00:33:43,800 --> 00:33:46,240 Speaker 1: of a jasmine like or like a honeysuckle sort of 727 00:33:46,280 --> 00:33:48,200 Speaker 1: floral nous to it. So to me, it's sort of 728 00:33:48,200 --> 00:33:50,200 Speaker 1: tasted like the way spring smells. And you're walking down 729 00:33:50,240 --> 00:33:51,920 Speaker 1: the sidewalk and you've got the vines kind of grown 730 00:33:51,960 --> 00:33:53,680 Speaker 1: up next to you, And I feel like you can 731 00:33:53,680 --> 00:33:56,080 Speaker 1: tell that this was crazy fresh, because when you have 732 00:33:56,320 --> 00:33:58,240 Speaker 1: a good I P like this that hasn't been brewed 733 00:33:58,280 --> 00:34:00,360 Speaker 1: that long ago, it kind of has this tingly feeling 734 00:34:00,360 --> 00:34:03,880 Speaker 1: on your tongue and it feels alive still. And this 735 00:34:04,000 --> 00:34:05,920 Speaker 1: totally had that going on for me, So I was 736 00:34:06,120 --> 00:34:08,040 Speaker 1: I'm a big fan of this beer. Man. Man, I 737 00:34:08,040 --> 00:34:10,359 Speaker 1: feel like you always put my descriptions to shame because 738 00:34:10,440 --> 00:34:13,000 Speaker 1: your palette is just so much more refined than mine is. Man, 739 00:34:13,160 --> 00:34:14,799 Speaker 1: and certain beers just kind of speak to me. And 740 00:34:14,840 --> 00:34:16,759 Speaker 1: I'm just gonna say that this beer spoke to me. 741 00:34:16,880 --> 00:34:18,640 Speaker 1: And I'm looking forward to getting up there and checking 742 00:34:18,640 --> 00:34:20,520 Speaker 1: out Southern christ. Yeah. We gotta get up there at 743 00:34:20,560 --> 00:34:23,040 Speaker 1: some point. Okay, well that is gonna be it for 744 00:34:23,040 --> 00:34:25,239 Speaker 1: this episode. Then you can find our show notes up 745 00:34:25,480 --> 00:34:28,080 Speaker 1: at how Some money dot com, and if you have 746 00:34:28,200 --> 00:34:30,680 Speaker 1: your own listener questions, be sure to go to how 747 00:34:30,680 --> 00:34:33,680 Speaker 1: the Money dot com forward slash ask Yeah, these are 748 00:34:33,719 --> 00:34:36,160 Speaker 1: really fun. I'm looking forward to many more of these 749 00:34:36,200 --> 00:34:39,279 Speaker 1: listener questions episodes, and if you like the show, we'd 750 00:34:39,280 --> 00:34:41,480 Speaker 1: appreciate it if you'd leave a five star review. For 751 00:34:41,600 --> 00:34:44,120 Speaker 1: us on Apple Podcast. That'd be awesome, and make sure 752 00:34:44,120 --> 00:34:46,560 Speaker 1: to hit the subscribe button while you're there. But if 753 00:34:46,560 --> 00:34:49,520 Speaker 1: you think we've got room for improvement, go to how 754 00:34:49,560 --> 00:34:52,040 Speaker 1: to money dot com slash do Better and drop us 755 00:34:52,040 --> 00:34:54,440 Speaker 1: a line there. We'd really appreciate that as well. You know, 756 00:34:54,520 --> 00:34:58,080 Speaker 1: we appreciate that feedback and Joel. Until next time, Best 757 00:34:58,120 --> 00:35:07,600 Speaker 1: friends out, Best friends Out, m m m