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Speaker 1: Welcome to How the Money. I'm Matt. I'm just kidding.

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Speaker 1: I'm Joel, and you're oh, you're.

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Speaker 2: Actually gonna we're we're gonna run with it. I am Matt.

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Speaker 1: That's right. Today we're answering your listener questions.

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Speaker 2: You know what, buddy, just to completely throw I wonder

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Speaker 2: if folks actually thought, wait a minute, is that is

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Speaker 2: that Matt? They're like, no, that's that's Joel. He's just

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Speaker 2: lying to us. Some people say our voices sound alike.

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Speaker 2: So they do sound alike, and okay, here's what really

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Speaker 2: think they do? Well, they sound less alike for two reasons. One,

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Speaker 2: we are in a better acoustically treated room. Back in

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Speaker 2: the early days, when both of our mikes would pick

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Speaker 2: up both of our voices, our voices did kind of

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Speaker 2: meld together. Secondly, okay, three things. Secondly, we got better mics. Thirdly,

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Speaker 2: I actually, here's a little peak behind the curtain. I

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Speaker 2: put a slight pan on our voices. And so as

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Speaker 2: you are listening to this, and some listeners may have

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Speaker 2: picked up on this, they might notice that my voice

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Speaker 2: right now is coming through your left earbud slightly more

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Speaker 2: than your right earbud, which is where Joel's talking out

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Speaker 2: of right now, that's right. So Joel's on your right

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Speaker 2: side of your shoulder. I'm on the left side.

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Speaker 1: And you know, on the right side is always the angel.

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Speaker 2: I don't know which one is the angel and which

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Speaker 2: one's the little devil.

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Speaker 1: I think it's obvious.

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Speaker 2: Now this is our ask how many episode we're going

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Speaker 2: to hear from listeners asking questions, for instance, road trips

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Speaker 2: and used cars? Can they kill Mingle?

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Speaker 1: We'll see.

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Speaker 2: Another listener is asking for some specific steps when it

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Speaker 2: comes to combining his finances with his new wife, and

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Speaker 2: another is asking whether or not he is in a

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Speaker 2: good position to drop Escrow insurance.

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Speaker 1: There with his mortgage. We'll get to those plus more

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Speaker 1: on today's episode.

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Speaker 2: Sounds good, Yeah, man, got anything for us? Any any tips?

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Speaker 1: Questions?

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Speaker 2: Well, I was gonna say I was just emailing a

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Speaker 2: listener who he shared the newsletter with five buddies, which

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Speaker 2: means that he received a free beer on us on

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Speaker 2: Joel and Matt, And he said, yeah, actually, I just

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Speaker 2: I missed it because I assumed it was a late

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Speaker 2: tip because bartending is.

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Speaker 1: His side hustle.

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Speaker 2: So he's like, oh, I just did a wedding and

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Speaker 2: all of the tips always say beer because.

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Speaker 1: It's a Venmo tips, and that's what we put when

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Speaker 1: we send you money on Venmo.

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Speaker 2: Exactly sharing our news so two things. Check out the

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Speaker 2: how to Money newsletter how toomoney dot com forward slash

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Speaker 2: newsletter and sign up, and you share it with your

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Speaker 2: friends or family members. You'll get special perks from from

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Speaker 2: Joel and I.

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Speaker 1: But eventually you can win the coveted how to Money socks.

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Speaker 2: Yeah, you know nobody has taken us up on the

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Speaker 2: virtual hang.

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Speaker 1: Nobody shared the newsletter that many times. Is it fifty

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Speaker 1: or forty? Well, I know I want to say we

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Speaker 1: dropped it, oh.

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Speaker 2: Because we're like, oh man, nobody wants to. Nobody wants

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Speaker 2: to talk about it.

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Speaker 1: If you share the newsletter enough, you get to spend

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Speaker 1: quality virtual time with us.

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Speaker 2: Okay, here's my question for you. If you we're not

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Speaker 2: interested in personal finance. I know it's impossible to imagine,

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Speaker 2: but try to if in a world interested in personal finance,

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Speaker 2: if you didn't have real estate on the side, what

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Speaker 2: would your side hustle be. Because the reason I thought

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Speaker 2: on this is because I pictured him standing there pouring

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Speaker 2: up beers, serving glasses of wine. Chatting with guests at

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Speaker 2: the wedding, and I thought, man, that's what Jol.

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Speaker 1: Needs to do.

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Speaker 2: I feel like you would be so happy in that scenario,

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Speaker 2: just serving it up, chatting with folks, having a great time.

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Speaker 1: The hours of bartending are not conducive to my lifestyle.

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Speaker 1: That's the worst. Like the actual job itself, I've never

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Speaker 1: done it, but I've always been I've always wanted to

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Speaker 1: because like just being Sam malonea cheers slinging beers and

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Speaker 1: talking to the crowd like that, that sounds pretty great

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Speaker 1: to me. So yeah, I could be up for it,

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Speaker 1: especially in a world where I didn't have, you know,

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Speaker 1: a life, three kids.

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Speaker 2: Yeah, I get it, I get it. It's also hard

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Speaker 2: to remove that from the equation.

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Speaker 1: You should be a barista probably right just came crafting

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Speaker 1: the coffee.

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Speaker 2: So I really do want to learn how to pull

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Speaker 2: some really excellent shots as honestly as like training because

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Speaker 2: at some point I'm going to get my own espresso

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Speaker 2: machine at home. I want to build out a little

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Speaker 2: coffee like a cocktail and coffee corner of our kitchen

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Speaker 2: that's purely dedicated.

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Speaker 1: For that espresso martinis NonStop.

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Speaker 2: Well, I know that that seems like the logical outflow

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Speaker 2: of combining caffeine and cocktails.

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Speaker 1: But I absolutely.

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Speaker 2: Do not like espresso martini saying they're terrible. Yeah, I mean,

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Speaker 2: I don't know what it is about them that people

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Speaker 2: are drawn to you. I think it's just a weird

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Speaker 2: about an end drink. Yeah, that we've folks have been

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Speaker 2: experiencing over the past few years, no doubt.

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Speaker 1: All right, that's all I got. Okay, you good? Yeah,

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Speaker 1: all right, right, let's mention the beer we're having. This

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Speaker 1: one's called White Ferrari. It's by the Veil Brewing Company

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Speaker 1: out of Virginia. We'll give our thoughts later. If you

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Speaker 1: have a money question, go Tohata money dot com, slash ask,

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Speaker 1: or just literally record your question on the voice memo

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Speaker 1: app of your phone and email it over to us.

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Speaker 1: Hopefully we can take it really soon. On the show, Matt,

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Speaker 1: let's kick this off. Let's take a question now from

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Speaker 1: a listener who wants to know about taking a road trip.

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Speaker 1: Should he rent a car or use the one he's got?

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Speaker 1: And actually it's kind of a question named towards you

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Speaker 1: as well. Angel and Matt.

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Speaker 3: This is Rob me and Ellicate City, Maryland. I know

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Speaker 3: you both are big fans of driving high mileage, paid

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Speaker 3: off vehicles.

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Speaker 1: I am right there with you, Matt.

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Speaker 3: I know that you have a big summer road trip

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Speaker 3: coming up, and I'm curious whether you will take your

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Speaker 3: high mileage vehicle on that trip or if you'll rent

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Speaker 3: a car. I always struggle with the whole idea of

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Speaker 3: how confident am I that the hauler can make it

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Speaker 3: there and back with the family. Intel appreciate your perspective

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Speaker 3: and hope you have a great trip.

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Speaker 1: Rob is so polite.

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Speaker 2: He calls it a high mileage vehicle as opposed to

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Speaker 2: a clunker.

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Speaker 1: Do you remember that, Rob?

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Speaker 2: You make me feel good about my vehicle.

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Speaker 1: It's just a high mileage. He's totally pc You remember

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Speaker 1: during the Obama administration there was something called cash for Clunkers,

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Speaker 1: a government program or get paid. That's right, And like

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Speaker 1: they didn't I didn't realize that I was a government

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Speaker 1: Broy didn't avoid the term. Yeah, yeah, he was. Well,

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Speaker 1: so that's because.

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Speaker 2: They're trying to encourage you to offload. It was all

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Speaker 2: about the the evy green transportation man.

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Speaker 1: That's right. I think I love this question, and it's

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Speaker 1: something that I I was curious to know before, because

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Speaker 1: I didn't, I hadn't asked you this yet. I was like,

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Speaker 1: are you going to take your head talked about it

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Speaker 1: or are you going to rent one? Especially given the

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Speaker 1: length of your road trip? And you know, when it

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Speaker 1: comes down to it, Matt, we know that opting for

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Speaker 1: a used car makes so much sense just from a

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Speaker 1: financial perspective. But if you're scared that you that your

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Speaker 1: used car, especially if it's getting really long in the tooth,

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Speaker 1: is going to hold up on a longer drive. So

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Speaker 1: I mean, yeah, you are going on this pretty extensive

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Speaker 1: road trip. We're not talking about a couple hundred miles,

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Speaker 1: We're talking about thousands of miles. So what are your thoughts?

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Speaker 2: I think that's I mean, that's a large consideration as well,

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Speaker 2: the fact that I mean, like we're looking at driving

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Speaker 2: and we don't know our our exact itinerary just yet,

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Speaker 2: but we're at least going to be driving around three

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Speaker 2: thousand miles, if not more.

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Speaker 1: This is over the course of a couple of weeks.

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Speaker 2: And so first of all, there's the depreciation, right there

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Speaker 2: are estimates that cars appreciate at twenty cents a mile.

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Speaker 1: I'm guessing that hours is probably less at this point.

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Speaker 2: But if you run the math, we're talking about losing

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Speaker 2: six hundred dollars at least in value on the car

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Speaker 2: by putting it through its paces this degree. You say

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Speaker 2: that yours would depreciate less, and that's just because it's older.

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Speaker 2: Is older more to depreciate. So if you're talking about

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Speaker 2: a three year old used car will one, you're probably

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Speaker 2: not as worried about it it breaking down on you

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Speaker 2: or something like that exactly, But you're also going to

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Speaker 2: trade offs. Yeah, depreciate will cost you more putting those

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Speaker 2: miles on it, And so I will say I just

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Speaker 2: want ahead and second that out there. But I'm not

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Speaker 2: really thinking about the depreciation all that much.

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Speaker 1: This is our vehicle.

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Speaker 2: We're not necessarily looking I guess another way to think

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Speaker 2: about it too, is just instead of thinking about it

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Speaker 2: as depreciation, maybe I should be thinking about it as

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Speaker 2: wear and tear on the vehicle. But even still, I'm

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Speaker 2: not thinking about it through that lens as much. It's

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Speaker 2: more about the peace of mind.

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Speaker 3: Uh.

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Speaker 2: That means a lot more on a road trip like

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Speaker 2: this with a pretty tight itinerary. I mean we've got

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Speaker 2: stops in different cities. We don't want to roll in late.

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Speaker 2: We want it to unfold. I guess it's the way

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Speaker 2: we want it.

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Speaker 1: To especial, especially for that private audience with the pope

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Speaker 1: that you've got.

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Speaker 2: But the reason I mentioned this is because, like like

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Speaker 2: Rob said, when you've got the family in tow, I don't, man,

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Speaker 2: there aren't a lot of things that are more stressful

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Speaker 2: than having to make a major repair while on the

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Speaker 2: road while trying to travel and hit up multiple states,

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Speaker 2: multiple cities, multiple sites, things that we have tickets to, right, Like,

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Speaker 2: that's another thing. It's not like just checking in late.

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Speaker 2: It's a matter of, oh, man, are we going to

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Speaker 2: miss our tour? You know, things like that.

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Speaker 1: Emily was taking the kids on a few hundred mile

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Speaker 1: trip and I was going to catch up to him

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Speaker 1: a few days later, and the alternator went bust, And

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Speaker 1: so that's always a possibility, like you can never And

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Speaker 1: it's a possibility too with a rental car. You might say, hey, great,

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Speaker 1: this thing's two years old, it's got twenty thousand miles

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Speaker 1: on it.

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Speaker 2: But it's much less likely, I would say, that's compared

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Speaker 2: to like one hundred and fifty thousand mile.

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Speaker 1: You're playing the odds long in.

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Speaker 2: The is there an equivalent to long in the tooth

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Speaker 2: when it comes to vehicles, like long in the oodometers,

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Speaker 2: long in the radiator, something like that.

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Speaker 1: So I had to race down there and we man,

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Speaker 1: we got so lucky with being able to replace the

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Speaker 1: alternator that day somewhere. Yeah, on a Saturday, nonetheless, when

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Speaker 1: a lot of shops are closed. But that's the kind

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Speaker 1: of thing that, yeah, can throw kink in into the plans.

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Speaker 1: I was going to pick them up and bring them

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Speaker 1: home and it was just going to be like trips

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Speaker 1: off for the time being, massive hassle. And so yeah,

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Speaker 1: I think you have to take those things at a consideration.

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Speaker 1: And if you're the kind of family that prioritizes high

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Speaker 1: mileage non clunker vehicles, Rob, those are the kind of

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Speaker 1: questions you have to have to wrestle with. And I think, Matt,

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Speaker 1: if you were to decide to take your own van,

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Speaker 1: you'd probably want to have it at least looked over

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Speaker 1: thoroughly before you win. Sure the fresh oil change right,

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Speaker 1: check in the tires, fluid levels, spark plugs, all that

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Speaker 1: kind of stuff would be why same thing for you, Rob,

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Speaker 1: if you're going to opt to go that route, just

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Speaker 1: make sure your your beautifully vintage vehicle is at least

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Speaker 1: up to snuff from everything that you can ascertain. I

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Speaker 1: think the nice thing about renting a car, especially when

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Speaker 1: you're going on a really long road tip, is that

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Speaker 1: you benefit from the from the unlimited mileage that you're

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Speaker 1: able to get through the rental car company.

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Speaker 2: Right.

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Speaker 1: So again, if you're driving a few hundred miles of

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Speaker 1: the course of a few weeks, you get less benefit. Right,

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Speaker 1: You're getting less bang for your buck. The risk is

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Speaker 1: a whole lot less too. But since Matt, you're driving

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Speaker 1: at least three thousand miles, you're probably going to do

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Speaker 1: more than that. I think the price of the rental

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Speaker 1: looks far more attractive because you're like beating the crap

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Speaker 1: out of the rental car and not your own. You

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Speaker 1: just get every dollar you spend on It just matters

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Speaker 1: more because of all the mileage you're avoiding putting on

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Speaker 1: your vehicle. And so I'd be leaning in that direction,

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Speaker 1: especially with the kind of travels you guys have planned

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Speaker 1: and totally that the time sensitive nature of not wanting

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Speaker 1: to screw that up.

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Speaker 2: Yeah, one argument for folks taking their own car, and

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Speaker 2: this isn't something that we especially feel but I have

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Speaker 2: I have heard folks push back and say, well, I

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Speaker 2: want to take my vehicle like they have more like

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Speaker 2: they're more car people. This is because that they have

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Speaker 2: an emotional attachment to their car. That was one of

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Speaker 2: my dad's arguments for because I was trying to talk

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Speaker 2: them into getting an EV and he's like, well, I

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Speaker 2: can't drive that out to the Midwest and visit family.

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Speaker 2: I'm like, well, you just you rent a car when

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Speaker 2: you do that once or twice a year. He's like, right,

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Speaker 2: I want to be able to take my car. And

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Speaker 2: so that's the consideration that I know some folks have

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Speaker 2: in their minds, but that in this case this doesn't apply.

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Speaker 2: I'm like, no, it's not about the vehicle that we're

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Speaker 2: traveling as opposed to what we're doing as a family.

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Speaker 2: But for some people, part of what they're doing as

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Speaker 2: a family is the vehicle or they're traveling in.

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Speaker 1: I get that, especially when you have an older car

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Speaker 1: that doesn't have some of the new fangled tech accessories.

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Speaker 1: Renting the car might.

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Speaker 2: Prove good in that not even considered the entertainment says

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Speaker 2: so much is what I assume your friend?

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Speaker 1: Yeah, yeah, no, I think There's also this.

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Speaker 2: Like as a frugal versus cheap element to this question

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Speaker 2: as well, because if it was just me, Let's say,

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Speaker 2: for some reason, I was planning on doing this two

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Speaker 2: week road trip, Yes, but I was maybe planning on

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Speaker 2: doing it solo. Well, in that case, I would be

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Speaker 2: much more willing to take a well maintained, older vehicle

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Speaker 2: that I already owned, as opposed to straight up for anyone,

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Speaker 2: because you know, getting stranded on the side of the

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Speaker 2: interstate or even some country back road where it's just

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Speaker 2: me my backpack, it's no big deal.

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Speaker 1: Says a little more fun and serendipitous when you're solo

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Speaker 1: than it does been.

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Speaker 2: Like, I would even be willing to like consider hitchhiking,

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Speaker 2: which I've never done before, because I'm like, oh, kind

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Speaker 2: of sounds like an adventure, But putting the family through

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Speaker 2: an ordeal like that is not something that I would

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Speaker 2: be interested in doing that. Those are the kind of

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Speaker 2: memories that I think, I don't know, they would certainly stick.

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Speaker 1: Yeah, I posted picks of our my hitchhiking adventures before

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Speaker 1: the chainsaw. Yeah from the whole bud light commercials. Yeah,

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Speaker 1: good times is fun. People are more reticent to pick

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Speaker 1: you up when you're with shady characters like my friend

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Speaker 1: Josh indeed. But yeah, I think you're right. I mean,

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Speaker 1: I think when one person is and you can kind

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Speaker 1: of roll with the punches, that's one thing. But kids

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Speaker 1: are not just the vehicle of the punches. Yeah, it's

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Speaker 1: it's the party. It's who you're rolling with as well.

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Speaker 1: That is something you got to take into acount. I

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Speaker 1: think it's similar like the idea of staying at a hostel.

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Speaker 1: I'm a ful, I don't care. That's fine. I'm in

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Speaker 1: my forties and I'm still down with that, but my

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Speaker 1: wife not as much, and so like you have to

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Speaker 1: kind of play around everybody's goals and dreams. I think

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Speaker 1: I would be willing to stay.

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Speaker 2: I could stay in a hostele too, as long as

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Speaker 2: I had a comfortable bed. I think for me that's

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Speaker 2: kind of what it comes down to now. I don't

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Speaker 2: want to sleep on like someone's couch where it's slanted

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Speaker 2: and angled.

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Speaker 1: As long as it's quiet.

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Speaker 2: It it's a there's a comfortable mattress, and I have

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Speaker 2: control over the temperature, I think I would be able

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Speaker 2: to get a great night sleep.

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Speaker 1: Yeah. Side note slight Tangent. Okay, so where you rent

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Speaker 1: your car matters to Matt, So you have you have

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Speaker 1: you talked through that, like where you're gonna go to

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Speaker 1: rent this car? Well, you're for sure renting a car, Yeah.

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Speaker 2: For sure renting, and I am. We've kind of dragged

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Speaker 2: our feet because we haven't nailed down the itinerary yet,

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Speaker 2: and so because of that, we don't exactly know whether

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Speaker 2: we're coming back, like, oh, are we going to be

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Speaker 2: coming back on that Monday or that maybe that Tuesday,

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Speaker 2: or is it going to be more like that Wednesday

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Speaker 2: or Thursday. I have looked around a little bit though,

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Speaker 2: and of course looked over at Priceline.

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Speaker 1: So what are the what are the rates?

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Speaker 2: It's roughly a one thousand bucks okay, basically a thousand

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Speaker 2: bucks of all the different places I look, except for

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Speaker 2: the fact, I will say so looking on Priceline and

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Speaker 2: preparation for our trip, but also for Rob's question, I

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Speaker 2: was really shocked to see this what price Line called

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Speaker 2: an express deal and it was substantially less, so all

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Speaker 2: the other.

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Speaker 1: Better than Costco, better than Yeah, well, I know you

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Speaker 1: like Costco, but I like Auto slash Tube by them.

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Speaker 2: Oh I haven't checked out. I should definitely check out

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Speaker 2: autoslash is it dot.

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Speaker 1: Com for all folks, and it's because they will continually

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Speaker 1: shop the price, that's right. Yeah, yeah, Okay, so I

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Speaker 1: got some homework to do. But here's the deal.

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Speaker 2: The express deal specifically that I saw on Priceline was

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Speaker 2: for a rental and they don't name it, of course,

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Speaker 2: but it is only if I were to go pick

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Speaker 2: that up at the airport as opposed to a more

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Speaker 2: convenient pickup. And when we're talking, it was over well

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Speaker 2: over three hundred dollars. It was pretty close to five

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Speaker 2: hundred dollars in savings, oh wow, over the course of

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Speaker 2: two weeks, So it was like thirty three dollars a

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Speaker 2: day versus like eighty seven or something like that. That

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Speaker 2: was something I was not expecting, and I was almost

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Speaker 2: gonna pounce on it because I was like, well, shoot,

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Speaker 2: maybe this is some sort of lightning deal, limited time only,

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Speaker 2: but it's non refundable. So that was the main catch

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Speaker 2: with this one. And so once we nail down the itinerary, though,

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Speaker 2: I'm going to hopefully see if that's still available because

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Speaker 2: that's the kind of those are the kind of hoops

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Speaker 2: that I'm willing to jump through. Sure, if we're looking

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Speaker 2: at savings, not magnet, I'll.

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Speaker 1: Drive you down there to pick it up. And so, yeah,

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Speaker 1: I think that's that's actually a really that's a really

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Speaker 1: good tip there too, because if you it's one thing

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Speaker 1: to look at a bunch of different rental car companies,

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Speaker 1: but it's another thing to look at different locations. And

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Speaker 1: so let's say you live twenty five thirty fifty minutes

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Speaker 1: from an airport, and you might be able to go

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Speaker 1: save a bunch of money getting it at the airport

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Speaker 1: location as opposed to the neighborhood location that's closest to you.

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Speaker 1: That's yeah, that's a hoop that's probably worth jumping through.

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Speaker 1: For a whole lot of people, that's big savings. So

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Speaker 1: I think one last thing that's probably worth mentioning is

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Speaker 1: when you rent a car, you might be able to

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Speaker 1: prioritize fuel economy. So for even if you're choosing a

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Speaker 1: similar kind of make right, like you have a minivan,

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Speaker 1: I'm sure you're probably gonna rent another minivan. You're not

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Speaker 1: gonna rent like a compact, Like no, yeah, it's not

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Speaker 1: gonna work out very well, but you might find that

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Speaker 1: the rental car gets an extra five six miles to

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Speaker 1: the gallon on the interstate, and when you're talking about

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Speaker 1: driving the distances you are, that could probably save a

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Speaker 1: decent chunk of change when you're as well. So I

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Speaker 1: would take all those things into consideration. But I think

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Speaker 1: the biggest thing, kind of like you alluded to at

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Speaker 1: the very beginning, is the peace of mind and the

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Speaker 1: being like, hey, we're gonna be able to hit our

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Speaker 1: spots the acts of God. Things always happen, right. There's

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Speaker 1: no way to completely ensure that nothing goes wrong with

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Speaker 1: even the rental vehicle. But I think for a lot

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Speaker 1: of people, depending on the price, depending on all those

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Speaker 1: different variables, that can make a lot of sense to

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Speaker 1: rent the car on that road trip instead of using

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Speaker 1: your own.

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Speaker 2: That's right, Yeah, so Rob, we wish you the best

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Speaker 2: of travels if that's also something that you're planning to do. Joe,

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Speaker 2: we got more to get to, including a listener who

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Speaker 2: has a question about putting childcare on a credit card

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Speaker 2: for the benefits.

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Speaker 1: We'll get to that and more right after this. All right,

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Speaker 1: we're back, Matt. We got more money questions we got

403
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Speaker 1: to get to, and listeners who just need to know

404
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Speaker 1: things about finances, and we're here to help. This next

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Speaker 1: question comes from a listener who just got married.

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Speaker 4: Hey guys, this is justin from Kokemo, Indiana. I just

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Speaker 4: got married six days ago and my wife and I

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Speaker 4: are planning to combine our finances. I know this is

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Speaker 4: a topic you've discussed in the past, but I can

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Speaker 4: only find the content where you discuss the philosophy of

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Speaker 4: combining finances, but not the strategy. What are your suggestions

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Speaker 4: for going about creating a joint checking account, deciding how

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Speaker 4: much of each paycheck should be put into that combined account.

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Speaker 4: Should we keep our own separate accounts for personal spending money,

415
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Speaker 4: that type of stuff. Additionally, I've been using WINEAP for

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Speaker 4: over five years and I love it. She is not

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Speaker 4: interested in using WINEAP, so I'm just curious from the

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Speaker 4: budget app standpoint, what's the best way to view all

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Speaker 4: of our information in the same spot where I don't

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Speaker 4: have to put in her transactions for her.

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Speaker 1: Any information you have would be greatly helpful.

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Speaker 4: If you're ever north of Cocomo, come check out the

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Speaker 4: Coterie in Cocomo, Indiana. It is a cocktail bar, but

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Speaker 4: we have a huge selection of craft beers and the

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Speaker 4: best burgers in Indiana. Thanks so much.

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Speaker 2: Okay, two things. What was it called the coterie, the coderie,

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Speaker 2: the couttery, and then also Cocomo. That sounds like a

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Speaker 2: place that should be, like in Hawaii or something.

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Speaker 1: There was this band that he used to come to

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Speaker 1: my elementary school and they wud sing a song about Cocomo.

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Speaker 1: But I don't think they were sing when you were

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Speaker 1: talking about this code, so I don't think so. But

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Speaker 1: thank you for the recommendation. Justin sounds like an awesome place.

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Speaker 1: We're all about cocktails, burgers in addition to delicious craft beer.

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Speaker 1: Equal opportunity in bibers. Heck yeah.

436
00:18:37,720 --> 00:18:39,760
Speaker 2: But briefly, I will say so, I know this is

437
00:18:39,800 --> 00:18:42,760
Speaker 2: in Justin's question, But the philosophy is that by combining

438
00:18:42,800 --> 00:18:44,800
Speaker 2: your finances helps you too to get on the same page.

439
00:18:44,880 --> 00:18:48,159
Speaker 2: You're you're paddling together in the same direction when you

440
00:18:48,320 --> 00:18:51,920
Speaker 2: combine your finances, and all the stats point to improved

441
00:18:51,960 --> 00:18:54,720
Speaker 2: happiness levels. It points to the ability to move towards

442
00:18:54,760 --> 00:18:58,479
Speaker 2: those mutual goals faster. But that being said, I think

443
00:18:58,520 --> 00:19:00,960
Speaker 2: that's what all. That's all we'll say on the philosophical

444
00:19:01,359 --> 00:19:04,879
Speaker 2: reasons why you should combine your money. Justin however, is

445
00:19:04,960 --> 00:19:06,480
Speaker 2: asking about the strategy.

446
00:19:06,600 --> 00:19:08,320
Speaker 1: Joe's let's get to it. Let's do it. Let's do it.

447
00:19:08,400 --> 00:19:12,119
Speaker 1: So let's talk some logistics. And I do think that

448
00:19:12,240 --> 00:19:15,560
Speaker 1: the simplest thing to do is to combine your accounts,

449
00:19:15,640 --> 00:19:18,520
Speaker 1: to have one account that rules them all. Allah Lord

450
00:19:18,560 --> 00:19:22,080
Speaker 1: of the Rings is funnel everything, all of your income,

451
00:19:22,160 --> 00:19:25,280
Speaker 1: all of your spending through a single checking in saving

452
00:19:25,320 --> 00:19:26,920
Speaker 1: these account that has both of your names on it.

453
00:19:27,560 --> 00:19:30,480
Speaker 1: It's quite possible to keep your individual accounts and to

454
00:19:30,560 --> 00:19:33,000
Speaker 1: set up transfers to a shared main account, but I

455
00:19:33,160 --> 00:19:34,879
Speaker 1: just don't think it's as effective. And I know some

456
00:19:34,960 --> 00:19:39,200
Speaker 1: people mad, especially if it's like a second marriage. They're

457
00:19:39,240 --> 00:19:41,640
Speaker 1: just a little more reticent to combine all the way,

458
00:19:41,760 --> 00:19:44,040
Speaker 1: especially if they've been burned. So this isn't like a

459
00:19:44,160 --> 00:19:46,560
Speaker 1: judgment or hey, you've got to do things exactly the

460
00:19:46,600 --> 00:19:48,280
Speaker 1: way Matt and Joel tell you to do it, or

461
00:19:48,320 --> 00:19:51,359
Speaker 1: you're not doing it right. There are different ways to

462
00:19:51,440 --> 00:19:53,200
Speaker 1: make this happen and to make it work for you,

463
00:19:53,760 --> 00:19:55,960
Speaker 1: But I do think that the most effective way is

464
00:19:56,040 --> 00:19:59,680
Speaker 1: to have everything go into an account and let that

465
00:19:59,800 --> 00:20:02,520
Speaker 1: be the center what you call Matt the grand central station.

466
00:20:03,000 --> 00:20:05,400
Speaker 1: Of your finances, right, that's right. And I just think

467
00:20:05,440 --> 00:20:09,159
Speaker 1: that's a really effective way, both kind of mentally and

468
00:20:09,400 --> 00:20:13,160
Speaker 1: financially to do things. And I think the other way

469
00:20:13,200 --> 00:20:15,120
Speaker 1: i'd maybe encourage you to do that is to say

470
00:20:15,160 --> 00:20:17,840
Speaker 1: that you just got married, right, just a few days ago,

471
00:20:18,480 --> 00:20:21,960
Speaker 1: and you said some bows. They're pretty significant, right, I'm

472
00:20:21,960 --> 00:20:25,040
Speaker 1: gonna love you sickness and health till the day I die.

473
00:20:25,560 --> 00:20:28,439
Speaker 1: You're going to care for each other until the end

474
00:20:28,480 --> 00:20:31,680
Speaker 1: of time, right, So combining accounts, I think it's really

475
00:20:31,720 --> 00:20:33,320
Speaker 1: interesting to me that some people buck that. They're like,

476
00:20:33,359 --> 00:20:35,240
Speaker 1: I'm going to marry this person, but and I want

477
00:20:35,240 --> 00:20:36,440
Speaker 1: to say all these things when I marry them, but

478
00:20:36,600 --> 00:20:38,440
Speaker 1: we're not going to combine accounts. And I just I

479
00:20:38,520 --> 00:20:41,840
Speaker 1: don't necessarily understand that way of thinking. Again, unless it's

480
00:20:41,920 --> 00:20:43,920
Speaker 1: like this is my second or third marriage or something

481
00:20:43,960 --> 00:20:45,760
Speaker 1: like that. But I would suggest either using one of

482
00:20:45,800 --> 00:20:48,560
Speaker 1: your current bank accounts if you have a great online bank,

483
00:20:48,880 --> 00:20:51,600
Speaker 1: and adding the other as a co owner of that account,

484
00:20:52,080 --> 00:20:54,840
Speaker 1: or opening up a new account if your current bank suck.

485
00:20:54,880 --> 00:20:56,560
Speaker 1: If you're with one of the giant banks that we

486
00:20:56,720 --> 00:20:58,880
Speaker 1: talk trash about all the time, this is a great

487
00:20:58,920 --> 00:21:01,480
Speaker 1: time to create a fresh art bank account where you

488
00:21:01,800 --> 00:21:03,280
Speaker 1: get to go with one of the people that we say,

489
00:21:04,200 --> 00:21:06,840
Speaker 1: one of the institutions that is top notch and paying

490
00:21:06,880 --> 00:21:09,960
Speaker 1: good rates and has better customer service, and go with

491
00:21:10,080 --> 00:21:12,760
Speaker 1: them instead of going with the bank you've been with totally.

492
00:21:12,920 --> 00:21:15,600
Speaker 2: All money going into that account, all money leaving that account.

493
00:21:15,680 --> 00:21:18,480
Speaker 2: You've got like this United Combined financial home base.

494
00:21:19,000 --> 00:21:19,639
Speaker 1: I don't think you.

495
00:21:19,800 --> 00:21:23,440
Speaker 2: Need individual accounts for spending money. Again, you can, but

496
00:21:23,640 --> 00:21:25,560
Speaker 2: something as simple as each of you having your own

497
00:21:25,600 --> 00:21:28,120
Speaker 2: credit card that feeds into why nop for record keeping,

498
00:21:28,119 --> 00:21:29,240
Speaker 2: I think that can work just fine.

499
00:21:29,400 --> 00:21:30,879
Speaker 1: There's like less to keep track of it. It's like

500
00:21:31,280 --> 00:21:33,000
Speaker 1: it's simple, yeah, I've got this credit card, you've got

501
00:21:33,040 --> 00:21:34,840
Speaker 1: that credit card, but both of them going to wine apps,

502
00:21:34,840 --> 00:21:35,879
Speaker 1: so it's easy to keep track.

503
00:21:35,720 --> 00:21:38,480
Speaker 2: Of hing or I mean, I think for a lot

504
00:21:38,520 --> 00:21:41,000
Speaker 2: of folks that's how they're able to have spending that

505
00:21:41,119 --> 00:21:42,880
Speaker 2: the other one doesn't know about it when it comes

506
00:21:42,920 --> 00:21:45,239
Speaker 2: to gifts that kind of thing. But otherwise, I think

507
00:21:45,320 --> 00:21:48,000
Speaker 2: even just having your own card and you just I mean,

508
00:21:48,040 --> 00:21:50,760
Speaker 2: you're using wineapps, so you've got different financial goals that

509
00:21:50,800 --> 00:21:53,359
Speaker 2: you've got set up in there. Two accounts is what

510
00:21:53,480 --> 00:21:55,520
Speaker 2: some folks are going to advise that. We think it's unnecessary.

511
00:21:55,560 --> 00:21:58,399
Speaker 2: I think it's potentially clunky. It also doesn't provide for

512
00:21:58,520 --> 00:22:01,560
Speaker 2: that individual legal protection for assets if the marriage.

513
00:22:01,280 --> 00:22:04,000
Speaker 1: Were to dissolve, Like Joel said, for folks who have

514
00:22:04,880 --> 00:22:07,600
Speaker 1: just more difficult backgrounds. Some folks think that, hey, I've

515
00:22:07,640 --> 00:22:10,080
Speaker 1: got this account that's online with my money in it.

516
00:22:10,240 --> 00:22:13,399
Speaker 1: But in many states that doesn't protect your money. That

517
00:22:13,440 --> 00:22:15,600
Speaker 1: doesn't mean, oh, I've got this individual save us account

518
00:22:15,600 --> 00:22:17,360
Speaker 1: with my name and you have one with your name.

519
00:22:17,400 --> 00:22:19,639
Speaker 1: It would be a preu that want to cover yours right.

520
00:22:20,160 --> 00:22:23,240
Speaker 1: But in community proper state property states in particular, that

521
00:22:23,400 --> 00:22:25,120
Speaker 1: money's still going to get dibbat up fifty to fifty.

522
00:22:25,119 --> 00:22:28,080
Speaker 2: And he mentioned too that his wife doesn't she's not

523
00:22:28,160 --> 00:22:30,440
Speaker 2: into why AB. I think it's totally okay to divvy

524
00:22:30,520 --> 00:22:34,520
Speaker 2: up responsibilities based on your respective strengths and your interests.

525
00:22:35,040 --> 00:22:38,119
Speaker 2: I think that you justin you're maybe more of a

526
00:22:38,240 --> 00:22:40,760
Speaker 2: nerd accountant CPA type who likes to listen to personal

527
00:22:40,800 --> 00:22:41,680
Speaker 2: finance podcasts.

528
00:22:41,720 --> 00:22:44,800
Speaker 1: I get it. If you are in charge of tracking.

529
00:22:44,560 --> 00:22:46,560
Speaker 2: And spending and why AB works best for you, I

530
00:22:46,600 --> 00:22:49,440
Speaker 2: think that's great, utilize it, But I think you're the

531
00:22:49,560 --> 00:22:51,640
Speaker 2: ability for y'all just to get on the same page.

532
00:22:51,720 --> 00:22:53,960
Speaker 2: Like she doesn't need to be sitting there right there

533
00:22:54,040 --> 00:22:57,400
Speaker 2: next to you as you're making the updates and providing

534
00:22:57,440 --> 00:22:59,600
Speaker 2: her the feedback, or as you're talking about some of

535
00:22:59,600 --> 00:23:01,680
Speaker 2: the different that you're both working towards. That can be

536
00:23:01,760 --> 00:23:05,760
Speaker 2: something that you predominantly focus on. Certainly, keep her informed

537
00:23:05,960 --> 00:23:07,680
Speaker 2: to the extent that she wants to be informed, But

538
00:23:07,760 --> 00:23:10,199
Speaker 2: beyond that, I think there's plenty of other things in.

539
00:23:10,240 --> 00:23:12,760
Speaker 1: Life that you should be focusing on as opposed to

540
00:23:12,760 --> 00:23:14,360
Speaker 1: the numbers. By the way, I think I just made

541
00:23:14,760 --> 00:23:16,520
Speaker 1: like a legal comment, and I just want people to

542
00:23:16,600 --> 00:23:18,719
Speaker 1: know I'm not a lawyer, and I don't know very

543
00:23:18,800 --> 00:23:21,720
Speaker 1: much about that stuff, but I do know that you

544
00:23:21,760 --> 00:23:23,720
Speaker 1: should look into the laws in your state to be

545
00:23:23,800 --> 00:23:26,440
Speaker 1: aware of when you keep money separate, Like are you

546
00:23:26,520 --> 00:23:28,920
Speaker 1: actually protected in some way, form or fashion by doing that,

547
00:23:28,960 --> 00:23:31,080
Speaker 1: because in many cases you're not. That's true. And you

548
00:23:31,240 --> 00:23:34,440
Speaker 1: just talked about kind of the mutual involvement, Matt and

549
00:23:35,040 --> 00:23:36,560
Speaker 1: and I think you and I would both say that

550
00:23:36,680 --> 00:23:39,360
Speaker 1: both parties should be involved, both should play a role

551
00:23:39,840 --> 00:23:42,879
Speaker 1: and have a say in the finances. You know, we

552
00:23:42,960 --> 00:23:44,920
Speaker 1: want you to come to an agreement about goals and

553
00:23:45,280 --> 00:23:48,560
Speaker 1: savings rates and even investment options to kind of so

554
00:23:48,680 --> 00:23:50,480
Speaker 1: that both of you at least have an idea. Maybe

555
00:23:50,560 --> 00:23:53,480
Speaker 1: one of you has is leading the charge on that,

556
00:23:53,960 --> 00:23:57,000
Speaker 1: but that you're you're having discussions about it openly together. Yeah,

557
00:23:57,280 --> 00:23:59,959
Speaker 1: because then those shared goals are going to help determine

558
00:24:00,160 --> 00:24:04,119
Speaker 1: just how hard you work towards each individual component of

559
00:24:04,160 --> 00:24:07,880
Speaker 1: personal finances like investing, saving, spending, giving, And then those

560
00:24:08,240 --> 00:24:10,280
Speaker 1: goals are going to shift and morph over the years,

561
00:24:10,400 --> 00:24:13,440
Speaker 1: causing you to rethink things, right, dialing back or increasing

562
00:24:13,520 --> 00:24:17,240
Speaker 1: contributions amounts and given years. I think it's okay to

563
00:24:17,320 --> 00:24:19,320
Speaker 1: have like an eighty twenty or even like a ninety

564
00:24:19,359 --> 00:24:22,000
Speaker 1: ten responsibility split where it's like, hey, I'm in charge

565
00:24:22,040 --> 00:24:23,679
Speaker 1: here for the most part when it comes to finances

566
00:24:23,720 --> 00:24:26,440
Speaker 1: because it's what I'm interested in and you trust me,

567
00:24:26,560 --> 00:24:29,160
Speaker 1: and so I'm the wine ab guy and you don't

568
00:24:29,160 --> 00:24:31,720
Speaker 1: care about that stuff. I think it's totally fine. And

569
00:24:32,280 --> 00:24:34,800
Speaker 1: that's actually how a lot of relationships work. It's not

570
00:24:34,880 --> 00:24:37,440
Speaker 1: a fifty to fifty split. Similar how you might split

571
00:24:37,520 --> 00:24:39,639
Speaker 1: up like cooking duties. Maybe it's like, now I'm the

572
00:24:39,720 --> 00:24:41,760
Speaker 1: chef in this house, right, and you do the dishes

573
00:24:41,840 --> 00:24:45,000
Speaker 1: and that's pretty common, pretty normal. It's a fifty to

574
00:24:45,000 --> 00:24:47,280
Speaker 1: fifty split on cooking, I would say is more abnormal

575
00:24:47,359 --> 00:24:50,119
Speaker 1: but admirable if that works for you. But I think

576
00:24:50,160 --> 00:24:52,560
Speaker 1: one hundred to zero that's just not healthy. And that

577
00:24:52,640 --> 00:24:54,560
Speaker 1: can lead to marital issues down the road, and that

578
00:24:54,640 --> 00:24:57,840
Speaker 1: can lead one party to feeling like they're completely left

579
00:24:57,880 --> 00:25:00,359
Speaker 1: out in the dark on all the financial decision that

580
00:25:00,480 --> 00:25:01,840
Speaker 1: get made. And so I even if they want to

581
00:25:01,880 --> 00:25:03,600
Speaker 1: be left in the dark, it doesn't put you, It

582
00:25:03,640 --> 00:25:06,800
Speaker 1: doesn't put that partner in a strong position because then

583
00:25:07,400 --> 00:25:09,239
Speaker 1: you need to be clued in at least a little bit,

584
00:25:09,320 --> 00:25:11,680
Speaker 1: even if somebody like the other partner is pulling the

585
00:25:11,920 --> 00:25:13,480
Speaker 1: majority of the way. Yep, I agree.

586
00:25:13,720 --> 00:25:17,639
Speaker 2: I'm thinking about how justin, I'm picturing maybe something that

587
00:25:17,800 --> 00:25:20,720
Speaker 2: is maybe a little more ninety ten. And I want you,

588
00:25:21,000 --> 00:25:22,920
Speaker 2: justin to find different ways to talk about some of

589
00:25:22,920 --> 00:25:25,200
Speaker 2: the different savings goals, some of the shared life goals

590
00:25:25,200 --> 00:25:27,480
Speaker 2: that you have with your wife in a way that

591
00:25:27,600 --> 00:25:29,639
Speaker 2: gets her excited. Because what I don't want you to

592
00:25:29,720 --> 00:25:32,560
Speaker 2: do is say, hey, Matt and Joel said this, and

593
00:25:33,280 --> 00:25:35,600
Speaker 2: if you are, she's like, who are those guys? I mean,

594
00:25:35,640 --> 00:25:38,440
Speaker 2: if you are all about why nap. It means that

595
00:25:38,480 --> 00:25:41,560
Speaker 2: you are into the numbers, which means you are going

596
00:25:41,640 --> 00:25:44,040
Speaker 2: to be most likely incredibly successful in reaching some of

597
00:25:44,080 --> 00:25:47,200
Speaker 2: your financial goals. It means you also know your savings rate.

598
00:25:47,480 --> 00:25:51,040
Speaker 2: Don't tell your wife that, Like, don't don't be like, oh,

599
00:25:51,200 --> 00:25:53,120
Speaker 2: guess what our net worth is pumped up to. I'm

600
00:25:53,160 --> 00:25:55,639
Speaker 2: guessing that's probably not something that she's going to be

601
00:25:55,680 --> 00:25:58,960
Speaker 2: all that interested interested in, as opposed to, well, what

602
00:25:59,040 --> 00:26:01,040
Speaker 2: does that mean for us being able to eat out?

603
00:26:01,200 --> 00:26:01,240
Speaker 3: Like?

604
00:26:01,280 --> 00:26:02,800
Speaker 2: Does that mean that we can take like, is it

605
00:26:03,000 --> 00:26:04,960
Speaker 2: our date nights back on the table because our savings

606
00:26:05,040 --> 00:26:07,719
Speaker 2: rate hit hit x percentage? Does this mean that we'll

607
00:26:07,720 --> 00:26:09,920
Speaker 2: be able to go visit my sister next summer even

608
00:26:09,960 --> 00:26:12,200
Speaker 2: though she lives on the other side of the world, Like,

609
00:26:12,359 --> 00:26:15,360
Speaker 2: find the things that she is interested in and help

610
00:26:15,480 --> 00:26:18,720
Speaker 2: bring personal finances alive because of some of these things

611
00:26:18,760 --> 00:26:20,359
Speaker 2: that you want to do in real life. As opposed

612
00:26:20,400 --> 00:26:22,320
Speaker 2: to just focusing on the numbers, I think that's really.

613
00:26:22,160 --> 00:26:25,000
Speaker 1: Important to disinterested party. That's the best way to get

614
00:26:25,080 --> 00:26:27,720
Speaker 1: them at least a little interested in in what you

615
00:26:27,760 --> 00:26:29,639
Speaker 1: guys are trying to accomplish to Again makes me think

616
00:26:29,680 --> 00:26:32,320
Speaker 1: of a recent conversation you and I had about your

617
00:26:32,720 --> 00:26:36,160
Speaker 1: your workouts with Kate because you were like, oh, man,

618
00:26:36,160 --> 00:26:41,040
Speaker 1: I found this like nerdy details about strength training for women,

619
00:26:41,320 --> 00:26:42,600
Speaker 1: and you're like, but I'm not going to tell her

620
00:26:42,760 --> 00:26:45,040
Speaker 1: because she won't care, and she doesn't care, it'll probably

621
00:26:45,040 --> 00:26:45,679
Speaker 1: make her hate it more.

622
00:26:45,880 --> 00:26:48,399
Speaker 2: Yeah, exactly, that's that's so true. And I was geeking

623
00:26:48,400 --> 00:26:50,480
Speaker 2: out because I'm like, oh, give me the data. It

624
00:26:50,600 --> 00:26:53,240
Speaker 2: was something that we've talked to Michael Easter, friend of

625
00:26:53,320 --> 00:26:55,959
Speaker 2: the show, right, but he's got a great fitness kind

626
00:26:55,960 --> 00:26:58,240
Speaker 2: of newsletter, lifestyle sort of stuff, and he just was

627
00:26:58,359 --> 00:27:02,400
Speaker 2: taking on women and muscle mass and longevity and caneser

628
00:27:02,680 --> 00:27:05,600
Speaker 2: just all of these different things. And guess who wasn't

629
00:27:05,600 --> 00:27:07,360
Speaker 2: going to be interested in that at all?

630
00:27:07,560 --> 00:27:09,960
Speaker 1: Yeah, my wife. You want to make her cringe and

631
00:27:10,040 --> 00:27:11,119
Speaker 1: eyroll share that with.

632
00:27:11,200 --> 00:27:12,960
Speaker 2: Her instead, I was like, you know, what I need

633
00:27:13,040 --> 00:27:14,600
Speaker 2: to do is to continue doing the thing that we've

634
00:27:14,600 --> 00:27:16,960
Speaker 2: been doing. Yeah, that she's been all about, which is

635
00:27:17,200 --> 00:27:20,800
Speaker 2: us working out together, me providing her the instruction, commenting

636
00:27:20,840 --> 00:27:22,520
Speaker 2: on her technique so that she doesn't get hurt. Like,

637
00:27:22,560 --> 00:27:24,720
Speaker 2: these are the things that she cares about as opposed

638
00:27:24,760 --> 00:27:26,959
Speaker 2: to the data. Yeah, the science.

639
00:27:27,080 --> 00:27:29,280
Speaker 1: Yeah, she's not into that not everyone, not everyone cares

640
00:27:29,320 --> 00:27:30,960
Speaker 1: at that level, and it makes me think too, it's

641
00:27:30,960 --> 00:27:33,959
Speaker 1: important to have like regular check ins, right, especially especially

642
00:27:33,960 --> 00:27:36,080
Speaker 1: in the beginning. Put it on the calendar and make

643
00:27:36,119 --> 00:27:39,880
Speaker 1: it fun, so like whether it's over your favorite craft

644
00:27:39,960 --> 00:27:42,440
Speaker 1: beer after like before you watch a movie or something

645
00:27:42,480 --> 00:27:44,159
Speaker 1: like that. This do the twenty minute money check in.

646
00:27:45,280 --> 00:27:47,200
Speaker 1: You know, I think you might feel like those money

647
00:27:47,280 --> 00:27:50,159
Speaker 1: dates are overkilled because of how in sync you are

648
00:27:50,240 --> 00:27:53,639
Speaker 1: with your finances. But she she's going to need to

649
00:27:53,680 --> 00:27:55,760
Speaker 1: be let in in some way, and I think having

650
00:27:55,800 --> 00:27:57,840
Speaker 1: those on the calendar will be a way to do that. Matt,

651
00:27:58,000 --> 00:28:00,720
Speaker 1: you text Kate like, that's the way you involve her

652
00:28:00,760 --> 00:28:03,480
Speaker 1: in finances is like, hey, here's where things stand for

653
00:28:03,520 --> 00:28:04,800
Speaker 1: this month, and so it's a monthly thing.

654
00:28:04,920 --> 00:28:06,520
Speaker 2: In a similar way, she's not going to log in

655
00:28:06,800 --> 00:28:08,840
Speaker 2: or she's not going to open up the file and

656
00:28:08,960 --> 00:28:11,280
Speaker 2: dive in to excel. But what she will do is

657
00:28:11,320 --> 00:28:13,240
Speaker 2: look at her phone when I am sitting there on

658
00:28:13,280 --> 00:28:15,879
Speaker 2: the computer, and I send her an update on spending

659
00:28:15,920 --> 00:28:18,119
Speaker 2: that much. And you probably felt early on, well, we

660
00:28:18,200 --> 00:28:21,760
Speaker 2: need to have more sit down meetings. But especially it's

661
00:28:21,880 --> 00:28:25,080
Speaker 2: running on all cylinders at this point, you don't feel

662
00:28:25,119 --> 00:28:27,480
Speaker 2: like a text message suffice is at this point, but

663
00:28:27,560 --> 00:28:29,359
Speaker 2: early on you might need a little more face to

664
00:28:29,400 --> 00:28:31,639
Speaker 2: face and to allocate a little more time for And

665
00:28:31,720 --> 00:28:33,280
Speaker 2: of course like once a year we'll have a big

666
00:28:33,359 --> 00:28:36,399
Speaker 2: sit down where we are spending some time on it,

667
00:28:36,560 --> 00:28:39,360
Speaker 2: diving into the numbers. But yeah, beyond that, it's just like, okay,

668
00:28:39,640 --> 00:28:41,960
Speaker 2: let's just tie this to some of the different goals

669
00:28:42,000 --> 00:28:42,840
Speaker 2: and priorities that we have.

670
00:28:43,440 --> 00:28:45,120
Speaker 1: Last thing I wanted to mention real quick is just

671
00:28:45,240 --> 00:28:48,840
Speaker 1: to not forget to change the beneficiaries on your accounts

672
00:28:49,280 --> 00:28:52,160
Speaker 1: because you might not need a will yet maybe that's

673
00:28:52,200 --> 00:28:54,080
Speaker 1: coming down the pike, but make sure that you have

674
00:28:54,680 --> 00:28:56,880
Speaker 1: you've listed each other as beneficiaries in the back end

675
00:28:56,920 --> 00:28:59,920
Speaker 1: of your retirement accounts. That just supersedes a will in

676
00:29:00,080 --> 00:29:03,520
Speaker 1: most cases anyway. But that just makes sure that your

677
00:29:03,560 --> 00:29:06,640
Speaker 1: money if you were to pass goes to your new

678
00:29:06,720 --> 00:29:09,960
Speaker 1: spouse instead of going to whoever else you already had

679
00:29:10,000 --> 00:29:12,480
Speaker 1: listed on your account. You've probably already done it, but

680
00:29:12,640 --> 00:29:15,000
Speaker 1: just a reminder, it's really important thing to do. That's right, Joel.

681
00:29:15,040 --> 00:29:16,760
Speaker 2: Let's get to our next question from a listener who

682
00:29:17,000 --> 00:29:19,560
Speaker 2: has a mortgage. He's not here to brag, but he

683
00:29:19,680 --> 00:29:21,200
Speaker 2: has an enviable mortgage rate.

684
00:29:22,080 --> 00:29:24,920
Speaker 5: Hi, Matt and Joel. This is Steve from Plainfield, Illinois.

685
00:29:25,560 --> 00:29:28,960
Speaker 5: I was calling because I recently received a letter from

686
00:29:29,240 --> 00:29:32,600
Speaker 5: my mortgage company telling me that I have the option

687
00:29:32,760 --> 00:29:36,720
Speaker 5: to cancel my escrow because my loan to value ratio

688
00:29:36,760 --> 00:29:39,240
Speaker 5: has dropped below sixty five percent and I've been making

689
00:29:39,320 --> 00:29:40,080
Speaker 5: payments on time.

690
00:29:41,360 --> 00:29:42,680
Speaker 1: I just didn't know if that was the right thing

691
00:29:42,720 --> 00:29:43,120
Speaker 1: to do or not.

692
00:29:43,160 --> 00:29:46,280
Speaker 5: I didn't even know that this was an option. Just

693
00:29:46,360 --> 00:29:48,760
Speaker 5: give you some big basics about my mortgage. I still

694
00:29:48,800 --> 00:29:51,160
Speaker 5: owe about one hundred and fifteen thousand with that sweet

695
00:29:51,240 --> 00:29:53,760
Speaker 5: sweet two point seventy five percent, so that means that

696
00:29:53,880 --> 00:29:56,760
Speaker 5: my escrow payments are actually slightly more than my principle

697
00:29:56,800 --> 00:30:02,120
Speaker 5: and interest in each month. In terms of what is

698
00:30:02,200 --> 00:30:05,600
Speaker 5: sent to escrow, I pay about fifty four hundred and

699
00:30:05,640 --> 00:30:10,440
Speaker 5: property taxes and about fifteen hundred insurance. It adds up

700
00:30:10,480 --> 00:30:14,160
Speaker 5: to just under seven thousand in scrow on a yearly basis.

701
00:30:15,120 --> 00:30:16,720
Speaker 5: So I just didn't know if there was some any

702
00:30:16,840 --> 00:30:19,800
Speaker 5: upsides or downsides to canceling the escrow and just paying

703
00:30:20,000 --> 00:30:22,800
Speaker 5: the insurance and property taxes. Myself, I figured I'm the

704
00:30:22,840 --> 00:30:24,720
Speaker 5: type of person that would be able to plant that

705
00:30:25,400 --> 00:30:28,520
Speaker 5: money into a high yield savings account and you know,

706
00:30:28,760 --> 00:30:30,600
Speaker 5: just benefit from the interest.

707
00:30:31,200 --> 00:30:33,040
Speaker 1: But I didn't know if there's anything I was overlooking, So.

708
00:30:33,040 --> 00:30:36,160
Speaker 5: I'd appreciate any insights you have. Thank you very much,

709
00:30:36,640 --> 00:30:37,760
Speaker 5: Best listener out.

710
00:30:38,320 --> 00:30:40,400
Speaker 1: Matt Some listeners might be might have just heard that

711
00:30:40,480 --> 00:30:42,400
Speaker 1: and said, what makes you think you're the best Steve.

712
00:30:42,720 --> 00:30:46,080
Speaker 2: But well, if you said best Steve, then he only

713
00:30:46,200 --> 00:30:47,719
Speaker 2: limits offending all the Steves.

714
00:30:47,760 --> 00:30:48,440
Speaker 1: That's right, that's right.

715
00:30:48,480 --> 00:30:50,680
Speaker 2: It's like best Wayne, but that last week or a

716
00:30:50,680 --> 00:30:51,240
Speaker 2: couple weeks ago.

717
00:30:51,280 --> 00:30:52,080
Speaker 1: Yeah, best Wayne out.

718
00:30:52,120 --> 00:30:53,680
Speaker 2: It's not long ago, Steve. You should have gone with

719
00:30:53,760 --> 00:30:54,280
Speaker 2: best Steve out.

720
00:30:54,320 --> 00:30:57,320
Speaker 1: That's right, that's right. But you might be the best

721
00:30:57,320 --> 00:31:00,640
Speaker 1: listener Steve, but I think two point seventy five. Yeah,

722
00:31:00,640 --> 00:31:02,760
Speaker 1: a lot of people heard that, especially in today's environment.

723
00:31:02,800 --> 00:31:06,280
Speaker 1: They're like, you lucky son of a gun. Yeah, that's

724
00:31:06,320 --> 00:31:08,800
Speaker 1: a so good. It really is sweet. Like give me

725
00:31:08,880 --> 00:31:11,840
Speaker 1: that mortgage rate straight into the veins, Matthew. And congrats

726
00:31:11,880 --> 00:31:14,720
Speaker 1: to Steve on being able to make substantially more in

727
00:31:14,880 --> 00:31:17,840
Speaker 1: savings and you're paying towards your mortgage debt. That is

728
00:31:18,040 --> 00:31:21,280
Speaker 1: just like a rarity upon rarities, right, and we just

729
00:31:21,600 --> 00:31:23,680
Speaker 1: I think mostly at the time, we didn't realize just

730
00:31:23,760 --> 00:31:26,440
Speaker 1: how good we had it those sub three percent mortgage rates.

731
00:31:26,560 --> 00:31:28,760
Speaker 1: Now we do, and to be able to make more

732
00:31:28,960 --> 00:31:31,120
Speaker 1: in just a straight up hiled saying us, it's crazy,

733
00:31:31,200 --> 00:31:34,280
Speaker 1: it's incredible to make a spread on money. Yeah, that's nuts.

734
00:31:34,560 --> 00:31:37,440
Speaker 2: But let's talk about ditching escrow, because the argument for

735
00:31:37,520 --> 00:31:40,560
Speaker 2: sticking with the escrow model is that it's easier from

736
00:31:40,560 --> 00:31:43,520
Speaker 2: a budgeting perspective. Right, you know your monthly payment amount,

737
00:31:43,640 --> 00:31:46,640
Speaker 2: you pay it like clockwork. There's actual real benefits to that, right,

738
00:31:46,720 --> 00:31:48,240
Speaker 2: like the fact that this is not something that takes

739
00:31:48,320 --> 00:31:50,560
Speaker 2: up space in your brain, on your it's not on

740
00:31:50,640 --> 00:31:53,160
Speaker 2: your mind, and that's because it's incumbent on your mortgage

741
00:31:53,200 --> 00:31:56,720
Speaker 2: provider to pay the taxes and the insurance. Because those

742
00:31:56,760 --> 00:31:59,440
Speaker 2: bills tend to be pretty hefty. Some folks might find

743
00:31:59,480 --> 00:32:02,360
Speaker 2: themselves in position of not having the cash on hand

744
00:32:02,440 --> 00:32:05,120
Speaker 2: when when it's needed, and so having your mortgage to

745
00:32:05,600 --> 00:32:08,160
Speaker 2: escrow it essentially forces you to do the right thing

746
00:32:08,560 --> 00:32:10,320
Speaker 2: without you having to think about it. It prevents you

747
00:32:10,400 --> 00:32:13,400
Speaker 2: from getting too used to a smaller monthly payment that

748
00:32:13,520 --> 00:32:17,000
Speaker 2: doesn't then reflect the real underlying costs. So first of all,

749
00:32:17,040 --> 00:32:18,160
Speaker 2: you need to make sure that you're the kind of

750
00:32:18,240 --> 00:32:20,800
Speaker 2: person who doesn't just see a smaller payment is just

751
00:32:20,920 --> 00:32:23,520
Speaker 2: like sweet, Now I got more money to spend towards this. None,

752
00:32:23,600 --> 00:32:25,480
Speaker 2: of course, you need to be organized about it, you

753
00:32:25,520 --> 00:32:27,640
Speaker 2: need to be on top of it. And you're supersized

754
00:32:27,720 --> 00:32:30,720
Speaker 2: socking that money my vacation budget thanks to you know,

755
00:32:30,880 --> 00:32:33,360
Speaker 2: ditching escrow, and then the tax bill comes around and

756
00:32:33,360 --> 00:32:36,320
Speaker 2: you're like, oh, crap, like that that's position you don't

757
00:32:36,680 --> 00:32:39,320
Speaker 2: want to want to find yourself in. And with property

758
00:32:39,400 --> 00:32:41,960
Speaker 2: tax and insurance bills going up, you're having an escrow

759
00:32:41,960 --> 00:32:44,120
Speaker 2: account means you won't have to come up with the

760
00:32:44,240 --> 00:32:46,760
Speaker 2: one thousand dollars plus more than you thought you'd need

761
00:32:47,080 --> 00:32:48,920
Speaker 2: in one fell swoop because those two bills came in

762
00:32:49,000 --> 00:32:51,440
Speaker 2: much higher than you assumed, which is happening to a

763
00:32:51,480 --> 00:32:52,560
Speaker 2: lot of people right now.

764
00:32:53,000 --> 00:32:55,000
Speaker 1: Right. So if your if your tax bill from last

765
00:32:55,080 --> 00:32:57,480
Speaker 1: year was six thousand bucks, and you're like, it's probably

766
00:32:57,480 --> 00:32:59,960
Speaker 1: gonna go up, maybe I'll just like save seven thousand

767
00:33:00,080 --> 00:33:03,360
Speaker 1: dollars conservatively, I'd save eight right, Like I would be

768
00:33:03,720 --> 00:33:06,200
Speaker 1: I would be a little more conservative, just because I

769
00:33:06,440 --> 00:33:08,360
Speaker 1: wouldn't want to screw that up and not have the

770
00:33:08,440 --> 00:33:10,480
Speaker 1: cash on hand. To pay that tax bill. That would

771
00:33:10,480 --> 00:33:13,520
Speaker 1: be a tough situation to find myself in. And I

772
00:33:13,520 --> 00:33:15,560
Speaker 1: would also note that while it might be a really

773
00:33:15,600 --> 00:33:17,760
Speaker 1: good idea to dit chess Crow, it's not going to

774
00:33:17,800 --> 00:33:19,560
Speaker 1: be a massive money win. So this is kind of

775
00:33:19,640 --> 00:33:23,080
Speaker 1: a yeah, could it be better for you? Might be

776
00:33:23,280 --> 00:33:25,280
Speaker 1: it might be the best way to go. You'll be

777
00:33:25,320 --> 00:33:27,360
Speaker 1: able to keep money which would have otherwise been held

778
00:33:27,400 --> 00:33:29,560
Speaker 1: by your mortgage company in your savings, and yes, you're

779
00:33:29,600 --> 00:33:32,200
Speaker 1: going to earn interest on that, but I think at

780
00:33:32,240 --> 00:33:33,360
Speaker 1: the end of the day or at the end of

781
00:33:33,560 --> 00:33:35,440
Speaker 1: a year, you might be talking about one hundred bucks

782
00:33:35,520 --> 00:33:38,680
Speaker 1: or so in savings. So you know, while we'll dig

783
00:33:38,760 --> 00:33:40,800
Speaker 1: in further, just know that this is more of a

784
00:33:40,920 --> 00:33:44,280
Speaker 1: minor optimization question, and we're fans of optimizing. But yeah,

785
00:33:44,280 --> 00:33:46,080
Speaker 1: the stakes aren't gargang to in here. Yeah, I guess

786
00:33:46,120 --> 00:33:47,320
Speaker 1: it does depend on what you're paying.

787
00:33:47,360 --> 00:33:49,280
Speaker 2: So I mean, I guess Steve said he's got like

788
00:33:49,360 --> 00:33:52,560
Speaker 2: maybe around seven thousand dollars in total. Again, not that

789
00:33:52,680 --> 00:33:56,760
Speaker 2: you have seven thousand dollars that's earning that annualized three

790
00:33:56,800 --> 00:33:58,480
Speaker 2: and a half to four percent a year, but like

791
00:33:58,560 --> 00:34:00,680
Speaker 2: you're building that up, so it's not as simple as

792
00:34:00,760 --> 00:34:03,160
Speaker 2: running with the rates, what the return would be on

793
00:34:03,360 --> 00:34:05,479
Speaker 2: eight seven eight thousand dollars at the end of the year,

794
00:34:05,480 --> 00:34:07,520
Speaker 2: because it's something that you're building up towards, it's.

795
00:34:07,400 --> 00:34:08,480
Speaker 1: Not quite that much.

796
00:34:09,120 --> 00:34:12,120
Speaker 2: But it also does depend on how much your your

797
00:34:12,120 --> 00:34:14,759
Speaker 2: property taxes are and what you're paying on insurance. Because

798
00:34:14,800 --> 00:34:17,120
Speaker 2: if you are in some communities where it's like, dude,

799
00:34:17,560 --> 00:34:20,080
Speaker 2: you have no idea how much I pay in property taxes,

800
00:34:20,280 --> 00:34:22,400
Speaker 2: I could see that being more of an argument to

801
00:34:22,960 --> 00:34:26,200
Speaker 2: drop escrow and instead banking that money, because if you

802
00:34:26,320 --> 00:34:28,239
Speaker 2: were to do that right, if you're thinking ahead, you

803
00:34:28,360 --> 00:34:30,400
Speaker 2: are sticking that money in your savings account, you will

804
00:34:30,400 --> 00:34:33,080
Speaker 2: earn interest on that money. And it might sound like

805
00:34:33,680 --> 00:34:36,480
Speaker 2: we're not fans of ditching escrow, we're actually I'm actually

806
00:34:36,520 --> 00:34:36,719
Speaker 2: for it.

807
00:34:37,440 --> 00:34:38,239
Speaker 1: And one of.

808
00:34:38,239 --> 00:34:40,440
Speaker 2: My favorite reasons is because if like you are a

809
00:34:40,480 --> 00:34:42,839
Speaker 2: diligent saver, if you're a type A person, you've checked

810
00:34:42,880 --> 00:34:44,760
Speaker 2: all the boxes and you are going to do this properly.

811
00:34:44,840 --> 00:34:46,160
Speaker 2: But on top of that, it's going to make you

812
00:34:46,239 --> 00:34:49,800
Speaker 2: more aware of how much you're paying for insurance and taxes,

813
00:34:50,120 --> 00:34:52,359
Speaker 2: making it more likely that you're going to appeal your

814
00:34:52,400 --> 00:34:54,040
Speaker 2: tax bill. It's going to make it more likely that

815
00:34:54,080 --> 00:34:56,360
Speaker 2: you'll shop around with different insurance companies. It's going to

816
00:34:56,840 --> 00:34:59,520
Speaker 2: make you more civically engaged in your city or your town,

817
00:34:59,600 --> 00:35:01,880
Speaker 2: or your state, whatever, if you are paying attention to

818
00:35:01,960 --> 00:35:03,759
Speaker 2: these things as opposed to being like, oh, whatever, it

819
00:35:03,880 --> 00:35:05,520
Speaker 2: just gets paid. I don't have to worry about it. No, No,

820
00:35:05,840 --> 00:35:07,359
Speaker 2: you do have to worry about it. And when you're

821
00:35:07,400 --> 00:35:11,480
Speaker 2: more directly connected, I think it makes you more responsive

822
00:35:11,680 --> 00:35:13,879
Speaker 2: to some of the different fluctuations and prices. There really

823
00:35:13,920 --> 00:35:17,040
Speaker 2: is a most likely not fluctuations, but just increasing prices.

824
00:35:17,160 --> 00:35:19,400
Speaker 1: Yeah, and there really is a price sensitivity when it

825
00:35:19,480 --> 00:35:22,520
Speaker 1: comes to like how you feel the pain that you

826
00:35:22,640 --> 00:35:25,359
Speaker 1: feel because you're paying it out of your own checking

827
00:35:25,400 --> 00:35:27,319
Speaker 1: account instead of paying it over twelve months through your

828
00:35:27,400 --> 00:35:29,400
Speaker 1: escraal account, through your mortgage payment. That just feels like

829
00:35:29,440 --> 00:35:32,560
Speaker 1: it's baked in. It makes me think of like budget billing, right,

830
00:35:32,760 --> 00:35:35,439
Speaker 1: That's the vibes I get when when we talk about

831
00:35:35,520 --> 00:35:38,480
Speaker 1: paying your mortgage through ESCO's correlated man you are and

832
00:35:38,680 --> 00:35:41,040
Speaker 1: so you're just you're less likely, like you said, to

833
00:35:41,120 --> 00:35:43,560
Speaker 1: kind of challenge the property tax rate the bill that

834
00:35:43,600 --> 00:35:47,399
Speaker 1: you got if if it is abnormally high or something

835
00:35:47,440 --> 00:35:48,680
Speaker 1: like that. And there are easy ways to do that,

836
00:35:48,800 --> 00:35:51,080
Speaker 1: by the way, like out of sight, like own. Well,

837
00:35:51,400 --> 00:35:53,600
Speaker 1: but yeah, I think similarly to that budget billing you

838
00:35:53,880 --> 00:35:56,880
Speaker 1: on your electric bill, you're less likely to change your

839
00:35:56,920 --> 00:36:00,440
Speaker 1: thermostat because it's a straight up a hundred eighty five

840
00:36:00,480 --> 00:36:03,480
Speaker 1: dollars payment every single month. But if in the summer

841
00:36:03,719 --> 00:36:06,719
Speaker 1: you get a three hundred and twenty dollars bill from

842
00:36:06,800 --> 00:36:09,560
Speaker 1: your electricity company, you're like, well, well, I need to

843
00:36:09,920 --> 00:36:12,399
Speaker 1: think about what I'm doing with the thermostat. Same is true.

844
00:36:12,440 --> 00:36:15,319
Speaker 1: I think for property tax and for insurance, you're much

845
00:36:15,360 --> 00:36:19,080
Speaker 1: more likely to chopper on a save. Yeah, I totally agree.

846
00:36:19,239 --> 00:36:21,720
Speaker 2: I will say one of the other benefits of paying

847
00:36:22,520 --> 00:36:25,120
Speaker 2: your taxes and paying your insurance on your own is

848
00:36:25,239 --> 00:36:28,000
Speaker 2: the fact that if you are totally on top of it,

849
00:36:28,160 --> 00:36:30,120
Speaker 2: it's less likely for things to fall through the cracks.

850
00:36:30,160 --> 00:36:32,480
Speaker 2: And that's something we've talked about on the show here before.

851
00:36:33,080 --> 00:36:35,120
Speaker 2: But maybe it's time for It's like, this is confession

852
00:36:35,200 --> 00:36:39,320
Speaker 2: time now for Matt, because when you're expecting your mortgage

853
00:36:39,360 --> 00:36:42,040
Speaker 2: servicer to completely take care of it, that's not typically

854
00:36:42,120 --> 00:36:43,280
Speaker 2: something you'll worry about.

855
00:36:43,120 --> 00:36:43,920
Speaker 1: Jean, Is it right?

856
00:36:44,080 --> 00:36:45,360
Speaker 2: You're like, oh, I don't have to worry about that

857
00:36:45,719 --> 00:36:47,920
Speaker 2: ascro's got it. And in the case of some of

858
00:36:48,000 --> 00:36:51,880
Speaker 2: these mortgage servicers, when they are selling, so it's the

859
00:36:51,920 --> 00:36:55,600
Speaker 2: company that underwrote the mortgage typically doesn't always service the loan,

860
00:36:55,680 --> 00:36:56,880
Speaker 2: right they end up selling it to one of these

861
00:36:56,920 --> 00:36:58,920
Speaker 2: companies who is then trying to market you some other

862
00:36:58,960 --> 00:37:02,640
Speaker 2: Helock products. They've got a little bit of a slicker interface,

863
00:37:03,080 --> 00:37:05,400
Speaker 2: more bells and whistles. To be able to offer you

864
00:37:05,480 --> 00:37:07,400
Speaker 2: another website. You have to come up with the username

865
00:37:07,400 --> 00:37:09,839
Speaker 2: and passwords into it's like, hey, by the way, we're

866
00:37:09,880 --> 00:37:13,160
Speaker 2: transferring your mortgage over to this new servicer. Well, that

867
00:37:13,320 --> 00:37:15,880
Speaker 2: happened to me. And something that happened Joel was that

868
00:37:16,320 --> 00:37:19,319
Speaker 2: one of a tax bill, property tax bill for one

869
00:37:19,320 --> 00:37:22,719
Speaker 2: of my properties, rental property, did not get paid. And

870
00:37:23,360 --> 00:37:25,279
Speaker 2: so you're thinking, okay, well, no big deal. I'm sure

871
00:37:25,360 --> 00:37:29,080
Speaker 2: the mortgage servicer was notified. They were not notified. And

872
00:37:29,160 --> 00:37:31,840
Speaker 2: you would also say, well, I bet they sent you

873
00:37:31,960 --> 00:37:34,760
Speaker 2: a notice. Well, yes, they did send me a notice,

874
00:37:34,760 --> 00:37:38,040
Speaker 2: but they sent me one notice. One notice after we

875
00:37:38,160 --> 00:37:40,120
Speaker 2: moved to the new place. And it happened to be

876
00:37:40,280 --> 00:37:42,160
Speaker 2: earlier this year when we were in the middle of

877
00:37:42,640 --> 00:37:46,520
Speaker 2: renovating our home. So our life was a little unorganized.

878
00:37:46,760 --> 00:37:50,000
Speaker 2: I'll say, like, let's just say, bills and things arriving

879
00:37:50,040 --> 00:37:52,040
Speaker 2: in the mail were getting buried under other things.

880
00:37:52,840 --> 00:37:56,120
Speaker 1: And guess what. I had a property tax bill that

881
00:37:56,400 --> 00:37:56,960
Speaker 1: was sent.

882
00:37:56,880 --> 00:38:00,239
Speaker 2: To a collections agency or our collections purchased that from

883
00:38:00,320 --> 00:38:03,719
Speaker 2: the city, and I couldn't believe it. I was like this, Well,

884
00:38:03,719 --> 00:38:05,359
Speaker 2: first of all, I thought it was a scam because

885
00:38:05,400 --> 00:38:09,480
Speaker 2: I'm like, no, I don't have a lien on my house. No, indeed,

886
00:38:09,560 --> 00:38:11,040
Speaker 2: I did have a lien on my house, and so

887
00:38:11,600 --> 00:38:14,279
Speaker 2: this is just this is when you don't want to

888
00:38:14,280 --> 00:38:17,719
Speaker 2: be like Matt little warning out there. And of course

889
00:38:17,800 --> 00:38:19,800
Speaker 2: I immediately got it and made sure that it was

890
00:38:19,880 --> 00:38:21,960
Speaker 2: legit paid it off, but I ended up having to

891
00:38:22,000 --> 00:38:25,320
Speaker 2: pay a couple hundred more because of interest accrued, but

892
00:38:25,520 --> 00:38:27,600
Speaker 2: because they paid most of it but not all of it,

893
00:38:27,680 --> 00:38:30,960
Speaker 2: so it was the balance. But then also the collections

894
00:38:31,400 --> 00:38:35,160
Speaker 2: company they packed a couple hundred bucks on there for their.

895
00:38:35,120 --> 00:38:37,319
Speaker 1: Fee as well, because they're doing good work out there.

896
00:38:37,360 --> 00:38:39,520
Speaker 2: Oh my gosh, so super annoying. And I was so

897
00:38:39,719 --> 00:38:43,080
Speaker 2: angry at the new mortgage servicer that completely it fell

898
00:38:43,120 --> 00:38:45,879
Speaker 2: through the cracks, right, And so the more folks who

899
00:38:45,880 --> 00:38:49,920
Speaker 2: were involved, including a mortgage servicer. That doesn't necessarily mean

900
00:38:50,000 --> 00:38:51,960
Speaker 2: that they can't make a mistake. I guess that is

901
00:38:52,000 --> 00:38:54,080
Speaker 2: what I'm saying. If I'm going to already keep up

902
00:38:54,120 --> 00:38:56,520
Speaker 2: with it, I might be looking to drop. And this

903
00:38:56,680 --> 00:38:59,399
Speaker 2: is something we've I've harped on about before in the past,

904
00:38:59,480 --> 00:39:02,799
Speaker 2: but I'm more likely now to drop ASCO more than

905
00:39:02,840 --> 00:39:03,200
Speaker 2: ever before.

906
00:39:03,280 --> 00:39:05,120
Speaker 1: Yeah, that's all I'm so, Steve, as an individual can

907
00:39:05,160 --> 00:39:08,000
Speaker 1: make a mistake, but so can the mortgage company, and

908
00:39:08,280 --> 00:39:10,400
Speaker 1: it's important to recognize that and to stay on it.

909
00:39:10,480 --> 00:39:11,920
Speaker 2: And so if you're at this point, I'm more likely

910
00:39:11,960 --> 00:39:13,960
Speaker 2: to trust myself than the mortgage mortgage company. If you're

911
00:39:13,960 --> 00:39:15,520
Speaker 2: gonna be the cop on the beat anyway, even though

912
00:39:15,560 --> 00:39:17,080
Speaker 2: I did make a mistake, I might as well do it,

913
00:39:17,440 --> 00:39:18,839
Speaker 2: do it yourself and take some of the other perks

914
00:39:18,880 --> 00:39:21,120
Speaker 2: that come along with ditching escro. So, Steve, if you

915
00:39:21,160 --> 00:39:23,160
Speaker 2: find yourself in that camp and you're like, no, I

916
00:39:23,239 --> 00:39:25,319
Speaker 2: got this, I'll be I won't have a problem saving

917
00:39:25,400 --> 00:39:27,520
Speaker 2: up the cash and paying those bills directly, then go

918
00:39:27,680 --> 00:39:29,560
Speaker 2: for it. I don't see the downside. I think for

919
00:39:29,640 --> 00:39:33,960
Speaker 2: some people who are perpetually disorganized. Matt, which here you go, thanks.

920
00:39:33,800 --> 00:39:35,920
Speaker 1: For giving me an out. That's not you. That's definitely

921
00:39:36,000 --> 00:39:38,320
Speaker 1: not you. You were just disorganized for a short season.

922
00:39:38,640 --> 00:39:41,200
Speaker 1: So yeah, thanks for the question, Steve. We'll get We

923
00:39:41,239 --> 00:39:43,160
Speaker 1: got more to get to you, Matt, including what about

924
00:39:43,280 --> 00:39:45,840
Speaker 1: paying for childcare with a credit card. We'll talk about that.

925
00:39:46,239 --> 00:39:48,880
Speaker 1: Oh and we have a new emergency fund number you

926
00:39:48,920 --> 00:39:51,400
Speaker 1: should be shooting for. We'll talk about that too right

927
00:39:51,440 --> 00:40:01,879
Speaker 1: after this. All right, buddy, we are back from the break.

928
00:40:02,120 --> 00:40:04,520
Speaker 1: It is now signed for the Facebook question of the Week,

929
00:40:04,560 --> 00:40:08,320
Speaker 1: which is from Jessica. She wrote, my kid's daycare announced

930
00:40:08,320 --> 00:40:10,560
Speaker 1: that they will now be offering two options for payment,

931
00:40:10,719 --> 00:40:13,839
Speaker 1: automatic withdrawal from a paycheck with no fees, or by

932
00:40:13,880 --> 00:40:17,040
Speaker 1: credit card with a two point sixty five percent surcharge.

933
00:40:17,600 --> 00:40:19,239
Speaker 1: Until now, we paid with the credit card with no

934
00:40:19,360 --> 00:40:22,279
Speaker 1: surcharge to help earn reward points, and honestly, it's our

935
00:40:22,280 --> 00:40:24,560
Speaker 1: biggest single expense that we put on the credit card,

936
00:40:24,600 --> 00:40:26,839
Speaker 1: so it gets us a good chunk of points every month.

937
00:40:27,480 --> 00:40:29,840
Speaker 2: We have the Chase Safire Preferred which for this payment

938
00:40:29,920 --> 00:40:32,440
Speaker 2: is just one point per dollar. So if I pay

939
00:40:32,560 --> 00:40:34,200
Speaker 2: right now, we pay eight hundred and twelve dollars a

940
00:40:34,280 --> 00:40:36,239
Speaker 2: month with a two point six five percent charge that

941
00:40:36,560 --> 00:40:39,759
Speaker 2: is twenty one dollars fifty cents a month more, which

942
00:40:39,800 --> 00:40:43,120
Speaker 2: sounds crazy, I know, But if it gets us more points,

943
00:40:43,320 --> 00:40:45,600
Speaker 2: is it worth it. I'm leaning towards no, but I

944
00:40:45,640 --> 00:40:48,319
Speaker 2: guess you could view it as a twenty one dollars

945
00:40:48,400 --> 00:40:51,719
Speaker 2: vacation savings plan, and if we use the points to

946
00:40:51,840 --> 00:40:54,160
Speaker 2: the most effectiveness, it could be worth more.

947
00:40:54,719 --> 00:40:55,080
Speaker 1: I don't know.

948
00:40:55,280 --> 00:40:57,120
Speaker 2: Help me out, all these smart people. Also, we pay

949
00:40:57,160 --> 00:40:59,640
Speaker 2: off our entire card balance every month. We have a

950
00:40:59,680 --> 00:41:01,880
Speaker 2: fully fund an emergency satings plan we say for retirement.

951
00:41:01,880 --> 00:41:03,439
Speaker 1: Blah blah blah. All that, Joel.

952
00:41:03,480 --> 00:41:05,920
Speaker 2: What you think, yeah, which you think about? Well, specifically,

953
00:41:05,960 --> 00:41:08,800
Speaker 2: what do you think about businesses starting to they're passing

954
00:41:08,840 --> 00:41:11,080
Speaker 2: the buck, you know, they're making us feel the pain

955
00:41:12,040 --> 00:41:15,239
Speaker 2: that the credit card processors have been sticking them with.

956
00:41:15,320 --> 00:41:18,440
Speaker 1: I think it makes total and complete sense. And Jessica's

957
00:41:18,520 --> 00:41:21,560
Speaker 1: Daycare is not alone here, right, because small businesses like

958
00:41:21,680 --> 00:41:25,640
Speaker 1: that pay a lot to accept credit cards. And while

959
00:41:25,880 --> 00:41:28,120
Speaker 1: you know, many find it worthwhile to accept credit cards

960
00:41:28,360 --> 00:41:31,440
Speaker 1: despite the additional expense, they're saying, like, listen, if I

961
00:41:31,480 --> 00:41:34,719
Speaker 1: don't accept credit cards, people won't patronize my business, and

962
00:41:34,800 --> 00:41:36,920
Speaker 1: so it's a cost of doing business that I'm just

963
00:41:36,960 --> 00:41:40,279
Speaker 1: going to eat. Well, other companies are saying no, no, no, no, Yeah,

964
00:41:40,280 --> 00:41:42,239
Speaker 1: I mean yes, I'll accept credit cards, but I need

965
00:41:42,320 --> 00:41:45,400
Speaker 1: to pass that cost along, and consumers are getting more

966
00:41:45,400 --> 00:41:47,640
Speaker 1: and more used to it. Individuals are like, all right,

967
00:41:47,800 --> 00:41:50,000
Speaker 1: I guess the small business like, I'll if I really

968
00:41:50,000 --> 00:41:51,479
Speaker 1: want to use the credit card, I'll pay the fee.

969
00:41:51,800 --> 00:41:54,000
Speaker 1: And so those credit card exchange fees, I think they

970
00:41:54,040 --> 00:41:57,880
Speaker 1: could be like the third highest line item for restaurants

971
00:41:58,120 --> 00:42:00,800
Speaker 1: for instance, in particular, so a lot of small restaurants

972
00:42:00,880 --> 00:42:03,600
Speaker 1: like the credit card charges eat them alive, and if

973
00:42:03,600 --> 00:42:07,000
Speaker 1: people paid in cash, they would be doing better. And

974
00:42:07,440 --> 00:42:10,000
Speaker 1: I will say many businesses make more money by accepting

975
00:42:10,080 --> 00:42:12,400
Speaker 1: credit cards because people tend to spend more. So that

976
00:42:12,520 --> 00:42:15,520
Speaker 1: is part of the reason that they accept credit cards too. Yeah,

977
00:42:15,560 --> 00:42:17,399
Speaker 1: it comes with a fee, but it means that people

978
00:42:17,400 --> 00:42:20,320
Speaker 1: are actually going to spend more at my place of business,

979
00:42:20,400 --> 00:42:23,719
Speaker 1: then hey, it makes sense it's worth the trade off.

980
00:42:24,320 --> 00:42:27,200
Speaker 1: But that's far less likely with a daycare in particular. Right,

981
00:42:27,800 --> 00:42:29,279
Speaker 1: So I get that they're not willing to eat that

982
00:42:29,280 --> 00:42:31,759
Speaker 1: cost anymore. They're trying to pass it on. But as

983
00:42:31,920 --> 00:42:36,040
Speaker 1: the person with kids in that daycare, it's I get

984
00:42:36,080 --> 00:42:38,719
Speaker 1: why it's a little bit annoying at least because you're like, man,

985
00:42:38,760 --> 00:42:40,840
Speaker 1: this used to be this was my vacation, say explained,

986
00:42:40,840 --> 00:42:42,080
Speaker 1: they didn't cost me a dime, and now it's going

987
00:42:42,120 --> 00:42:42,719
Speaker 1: to cost me money.

988
00:42:42,880 --> 00:42:45,239
Speaker 2: The rules are a change, and so from like an

989
00:42:45,280 --> 00:42:47,759
Speaker 2: ongoing standpoint, I would not be looking to pay for

990
00:42:47,880 --> 00:42:51,320
Speaker 2: daycare with that credit card on a recurring regular basis. However,

991
00:42:51,640 --> 00:42:54,320
Speaker 2: one exception to that would be if you've got a

992
00:42:54,360 --> 00:42:56,800
Speaker 2: new card that's got a certain spend threshold. Right, So

993
00:42:56,840 --> 00:42:59,160
Speaker 2: if you're trying to hit a spending threshold for a

994
00:42:59,239 --> 00:43:01,600
Speaker 2: welcome offer, if you're looking at a certain number of

995
00:43:01,640 --> 00:43:04,640
Speaker 2: certain thousand dollars over the course of the first three months,

996
00:43:04,719 --> 00:43:07,000
Speaker 2: that sort of thing, then that is one hundred percent.

997
00:43:07,080 --> 00:43:09,279
Speaker 2: An instance where I would continue to pay the two

998
00:43:09,320 --> 00:43:12,760
Speaker 2: point was six y five percent because what you're receiving

999
00:43:12,960 --> 00:43:16,680
Speaker 2: is in far excess of what it is that the

1000
00:43:16,840 --> 00:43:17,800
Speaker 2: daycare is then charging.

1001
00:43:17,880 --> 00:43:21,439
Speaker 1: So let's say the daycare was charging one point eight percent, Well,

1002
00:43:21,680 --> 00:43:23,680
Speaker 1: I would keep using your credit card to pay it.

1003
00:43:24,080 --> 00:43:26,480
Speaker 1: No brainer, because you can get a two percent cash

1004
00:43:26,560 --> 00:43:29,320
Speaker 1: back credit card pretty easily, and so I would like

1005
00:43:29,480 --> 00:43:31,960
Speaker 1: the City Double Cash or the Fidelity Card and I would, well,

1006
00:43:32,080 --> 00:43:35,080
Speaker 1: just use that card, and no matter what, you're always

1007
00:43:35,120 --> 00:43:36,600
Speaker 1: going to be coming out ahead, even if it's only

1008
00:43:36,680 --> 00:43:40,160
Speaker 1: slightly ahead. And so maybe just the ease of being

1009
00:43:40,160 --> 00:43:41,560
Speaker 1: able to pay with a credit card on top of

1010
00:43:41,640 --> 00:43:44,279
Speaker 1: that makes it worth it, even though if it makes sense,

1011
00:43:44,400 --> 00:43:47,880
Speaker 1: it's it's a negligible it's a negligible win. So but

1012
00:43:47,960 --> 00:43:50,120
Speaker 1: if the cost of using the credit card outweighs the

1013
00:43:50,200 --> 00:43:52,799
Speaker 1: rewards using that credit card, then it just doesn't make sense.

1014
00:43:52,920 --> 00:43:55,000
Speaker 1: And I think she's sort of calculating the fact that

1015
00:43:55,120 --> 00:43:57,239
Speaker 1: points that she would earn are going to be worth

1016
00:43:57,360 --> 00:44:01,279
Speaker 1: more because of the just the what they're worth when

1017
00:44:01,320 --> 00:44:03,440
Speaker 1: it comes to redeeming those points, which is typically not

1018
00:44:03,480 --> 00:44:05,000
Speaker 1: true unless you're really really good.

1019
00:44:05,120 --> 00:44:07,600
Speaker 2: You've got to be on the gate, Like, yeah, you've

1020
00:44:07,600 --> 00:44:09,359
Speaker 2: got to be completely on top of the points game.

1021
00:44:09,520 --> 00:44:11,920
Speaker 2: But even still, I think that the likelihood of you

1022
00:44:12,000 --> 00:44:14,719
Speaker 2: coming on ahead is is slim compared to what the

1023
00:44:14,800 --> 00:44:17,440
Speaker 2: guaranteed rate that you're paying is well.

1024
00:44:17,520 --> 00:44:19,360
Speaker 1: And on top of that, we've talked regularly about the

1025
00:44:19,480 --> 00:44:22,120
Speaker 1: deflation of points and miles, and so you're you're like,

1026
00:44:22,480 --> 00:44:24,560
Speaker 1: you have an idea of how maybe skilled you're gonna

1027
00:44:24,560 --> 00:44:27,400
Speaker 1: be able to be in using those points. But if

1028
00:44:27,440 --> 00:44:30,400
Speaker 1: those if those points get deflated over what you know,

1029
00:44:30,480 --> 00:44:32,320
Speaker 1: why you're hanging on to them before you before you

1030
00:44:32,480 --> 00:44:35,799
Speaker 1: use them, then you might find that your calculations were

1031
00:44:35,840 --> 00:44:39,040
Speaker 1: off as well. One last ditch suggestion would be to

1032
00:44:39,160 --> 00:44:41,960
Speaker 1: use a different credit card that does offer more cash back,

1033
00:44:42,400 --> 00:44:45,760
Speaker 1: the like Bank of America's Customized Cash card and Citi's

1034
00:44:45,800 --> 00:44:47,840
Speaker 1: Custom Cash. Those are cards I was gonna mention you

1035
00:44:47,880 --> 00:44:49,800
Speaker 1: mentioned the double Cash if you're one point eight percent,

1036
00:44:49,880 --> 00:44:51,960
Speaker 1: but the City Custom Cash you're looking.

1037
00:44:51,840 --> 00:44:55,040
Speaker 2: At five percent, right, which is that could offset? I

1038
00:44:55,080 --> 00:44:57,279
Speaker 2: mean it does offset. It just depends if you're willing

1039
00:44:57,360 --> 00:44:58,319
Speaker 2: to well jump through.

1040
00:44:58,200 --> 00:45:01,279
Speaker 1: Those oops could offset because there are limits right every

1041
00:45:01,320 --> 00:45:03,799
Speaker 1: single month, So I do think the Custom Cash has

1042
00:45:03,800 --> 00:45:05,640
Speaker 1: a five hundred dollars a month limit. The Bank of

1043
00:45:05,680 --> 00:45:08,520
Speaker 1: America one has a twenty five hundred dollars a quarter limit.

1044
00:45:09,160 --> 00:45:13,080
Speaker 1: So for Jessica, that boa Customized Cash might be the

1045
00:45:13,160 --> 00:45:15,200
Speaker 1: best because you might be able to put literally every

1046
00:45:15,239 --> 00:45:18,400
Speaker 1: single single dollar of the custom assed cash. Is that

1047
00:45:18,840 --> 00:45:19,359
Speaker 1: is that three percent?

1048
00:45:20,040 --> 00:45:23,200
Speaker 2: Because then you're looking at being capped at five hundred Still,

1049
00:45:23,239 --> 00:45:25,120
Speaker 2: I think the custom Cash actually comes out ahead.

1050
00:45:25,120 --> 00:45:27,440
Speaker 1: Sligh Okay, So run the numbers. On the numbers, I

1051
00:45:27,480 --> 00:45:29,839
Speaker 1: would say, because yeah, one pays less percentage and has

1052
00:45:30,800 --> 00:45:34,120
Speaker 1: a higher cap and vice versa. But yeah, is the

1053
00:45:34,200 --> 00:45:36,040
Speaker 1: juice worth of the squeeze? It depends if you can

1054
00:45:36,120 --> 00:45:39,000
Speaker 1: out earn with rewards that you don't have to like

1055
00:45:39,120 --> 00:45:42,000
Speaker 1: jump through hoops to spend. And specifically, it's if it's

1056
00:45:42,040 --> 00:45:45,719
Speaker 1: a cash back for spending any particular category and this

1057
00:45:45,800 --> 00:45:49,240
Speaker 1: is your highest category using that card for that purpose especially,

1058
00:45:49,400 --> 00:45:51,440
Speaker 1: I think it can make sense. But you just want, yeah,

1059
00:45:51,480 --> 00:45:53,279
Speaker 1: want to look into the details, look into the fine print,

1060
00:45:53,600 --> 00:45:55,400
Speaker 1: know which credit card is actually going to allow you

1061
00:45:55,440 --> 00:45:58,160
Speaker 1: to come out ahead, because yeah, most of them will not.

1062
00:45:58,880 --> 00:46:03,120
Speaker 2: Let's take another quick one from myelin or mailing. She wrote,

1063
00:46:03,320 --> 00:46:06,960
Speaker 2: what is the new emergency funds number? I can't remember?

1064
00:46:07,040 --> 00:46:08,839
Speaker 2: And the money gear page on the website hasn't been

1065
00:46:08,920 --> 00:46:09,520
Speaker 2: updated yet.

1066
00:46:10,000 --> 00:46:12,839
Speaker 1: That's on us for slackers. But now I will say

1067
00:46:13,120 --> 00:46:15,240
Speaker 1: it is updated, updated, It is updated.

1068
00:46:15,360 --> 00:46:19,040
Speaker 2: Yeah, So thirty forty five, that's the number used to

1069
00:46:19,080 --> 00:46:21,160
Speaker 2: be two four six seven, two four six seven. Now

1070
00:46:21,239 --> 00:46:22,359
Speaker 2: it's thirty forty five.

1071
00:46:22,520 --> 00:46:25,800
Speaker 1: Yeah. Well, and that's because we adjusted it for inflation,

1072
00:46:25,920 --> 00:46:28,880
Speaker 1: because that number first came out in the year twenty nineteen,

1073
00:46:29,520 --> 00:46:32,719
Speaker 1: and the reason for that was what economists said, if

1074
00:46:32,760 --> 00:46:35,040
Speaker 1: you have twenty four hundred and sixty seven dollars in

1075
00:46:35,120 --> 00:46:37,560
Speaker 1: the bank, you're going to be prepared enough for the

1076
00:46:37,640 --> 00:46:42,279
Speaker 1: vast majority of potential financial emergencies. It's that that amount is,

1077
00:46:42,320 --> 00:46:43,800
Speaker 1: of course not going to be enough for a prolonged

1078
00:46:43,880 --> 00:46:46,480
Speaker 1: job loss, but it's it's going to be enough to

1079
00:46:46,480 --> 00:46:49,239
Speaker 1: handle most emergencies that come your way that you need

1080
00:46:49,360 --> 00:46:52,239
Speaker 1: money to deal with unforeseen expenses. Yeah, but we were like,

1081
00:46:52,400 --> 00:46:55,120
Speaker 1: it's twenty twenty five. How much do eggs cost versus

1082
00:46:55,280 --> 00:46:57,880
Speaker 1: in twenty twenty five versus twenty nineteen. Experienced some serious

1083
00:46:57,880 --> 00:47:00,560
Speaker 1: inflation in the past six years. Yeah, so we wanted

1084
00:47:00,640 --> 00:47:03,680
Speaker 1: to update that number. We did, and now it's officially

1085
00:47:03,719 --> 00:47:06,680
Speaker 1: updated on the website as well. Yeah, three zero four five.

1086
00:47:06,760 --> 00:47:09,319
Speaker 2: And I will say, there's nothing like magical about that number. Like, yes,

1087
00:47:09,400 --> 00:47:12,240
Speaker 2: the economists did say that, oh, this is the amount,

1088
00:47:12,360 --> 00:47:14,680
Speaker 2: but like they're also I mean, there's a range here,

1089
00:47:15,360 --> 00:47:19,400
Speaker 2: so there's not anything financially or like from an accounting

1090
00:47:19,400 --> 00:47:22,279
Speaker 2: standpoint that's super magic about that number. But I think

1091
00:47:22,320 --> 00:47:24,080
Speaker 2: the most of the power comes from it being a

1092
00:47:24,200 --> 00:47:26,520
Speaker 2: specific number. Yeah, and for you to have a goal,

1093
00:47:26,640 --> 00:47:29,200
Speaker 2: something that you are shooting for, and like, literally, I

1094
00:47:29,280 --> 00:47:30,840
Speaker 2: want folks out there who are hearing this for the

1095
00:47:30,880 --> 00:47:34,600
Speaker 2: first time to set aside three thousand, forty five dollars,

1096
00:47:34,719 --> 00:47:35,359
Speaker 2: not three grand.

1097
00:47:35,440 --> 00:47:36,920
Speaker 1: I don't want want them to shoot for that.

1098
00:47:37,239 --> 00:47:40,040
Speaker 2: The specificity of it matters, That's what matters exactly, And

1099
00:47:40,120 --> 00:47:41,879
Speaker 2: knowing that you've got that set aside, I think that's

1100
00:47:42,400 --> 00:47:44,239
Speaker 2: that's where most of the power comes from. When it

1101
00:47:44,280 --> 00:47:45,600
Speaker 2: comes to that first money gear.

1102
00:47:45,680 --> 00:47:48,000
Speaker 1: There used to be this like church event map that

1103
00:47:48,080 --> 00:47:51,040
Speaker 1: started at like a specific time and I can't even

1104
00:47:51,080 --> 00:47:51,960
Speaker 1: remember seven twenty two.

1105
00:47:52,080 --> 00:47:54,520
Speaker 2: Yeah, oh yeah, I remember that, and that like, that's

1106
00:47:54,560 --> 00:47:57,000
Speaker 2: so funny. Nobody forgot. I thought it wait to show

1107
00:47:57,080 --> 00:47:57,839
Speaker 2: up for years.

1108
00:47:58,080 --> 00:48:00,239
Speaker 1: Yeah. And I think the same is true of this,

1109
00:48:00,560 --> 00:48:03,920
Speaker 1: of this budgeting number, of this emergency fund number. It's like, wait,

1110
00:48:03,920 --> 00:48:04,600
Speaker 1: how much do I need it?

1111
00:48:04,640 --> 00:48:04,839
Speaker 5: Again?

1112
00:48:04,880 --> 00:48:07,000
Speaker 1: Oh, you're not gonna forget because it's not like roughly

1113
00:48:07,080 --> 00:48:08,839
Speaker 1: five grand or something like that. It's it's a it's

1114
00:48:08,840 --> 00:48:11,560
Speaker 1: a highly specific number. And I think that that stickiness,

1115
00:48:11,600 --> 00:48:14,320
Speaker 1: the way it bolts into our brains is really helpful

1116
00:48:14,360 --> 00:48:16,560
Speaker 1: because and it just makes it more likely that we're

1117
00:48:16,560 --> 00:48:19,719
Speaker 1: gonna achieve it, because we have something highly specific to

1118
00:48:19,760 --> 00:48:22,239
Speaker 1: focus on instead of something more generic. That's rights.

1119
00:48:22,320 --> 00:48:24,279
Speaker 2: Let's quickly get to the beer that you and I

1120
00:48:24,520 --> 00:48:27,440
Speaker 2: enjoyed today, which was called a white Ferrari. This is

1121
00:48:27,480 --> 00:48:30,360
Speaker 2: a hazy double I p a by the veil. It

1122
00:48:30,440 --> 00:48:32,879
Speaker 2: is not the only white Ferrari I can afford out

1123
00:48:32,920 --> 00:48:35,719
Speaker 2: of Richmond, Virginia. Which you think about this one? People

1124
00:48:35,920 --> 00:48:37,560
Speaker 2: drive white Ferrari's. I think they only came in red.

1125
00:48:38,000 --> 00:48:39,520
Speaker 1: I can tell you. I guess they come in black,

1126
00:48:39,560 --> 00:48:42,040
Speaker 1: two white, one, though I'm sure they exist in white

1127
00:48:42,120 --> 00:48:42,920
Speaker 1: probably somewhere.

1128
00:48:42,920 --> 00:48:45,319
Speaker 2: White feels more like Lamborghini to me, yeah, than Ferrari.

1129
00:48:45,440 --> 00:48:46,680
Speaker 1: Ferraris are red.

1130
00:48:46,920 --> 00:48:50,000
Speaker 2: Yeah, this plastic testaosa. This isn't isn't that literally translated

1131
00:48:50,239 --> 00:48:51,920
Speaker 2: as redhead? Maybe Italian?

1132
00:48:51,960 --> 00:48:54,360
Speaker 1: I think I don't know. No, I regret saying that.

1133
00:48:54,440 --> 00:48:58,600
Speaker 1: I don't know. But this beer was. It was fantastic.

1134
00:48:58,719 --> 00:49:00,279
Speaker 1: It was so good. It was it was deep, it

1135
00:49:00,360 --> 00:49:02,960
Speaker 1: was velvety. It was slightly bitter on the back end,

1136
00:49:03,280 --> 00:49:05,160
Speaker 1: which you don't always get in kind of one of

1137
00:49:05,239 --> 00:49:08,520
Speaker 1: those hazy East Coast styles. But I mean, the veil

1138
00:49:08,719 --> 00:49:10,240
Speaker 1: just continues to crush on ipa.

1139
00:49:10,440 --> 00:49:12,000
Speaker 2: It was really good and it was also a bit dry.

1140
00:49:12,080 --> 00:49:15,560
Speaker 2: It wasn't like like one of these tropical, fruity, juicy hazes.

1141
00:49:16,239 --> 00:49:18,279
Speaker 2: And so because of that, the dryness made me think

1142
00:49:18,400 --> 00:49:20,839
Speaker 2: of And now that I think about it, I think

1143
00:49:20,880 --> 00:49:22,800
Speaker 2: it's because of the fact that it's called white ferrari,

1144
00:49:22,920 --> 00:49:25,440
Speaker 2: but it reminded me of white pepper. You know that

1145
00:49:25,520 --> 00:49:27,920
Speaker 2: you've gotten all these different kinds of like fancy peppers

1146
00:49:27,960 --> 00:49:31,200
Speaker 2: and like crack it fresh or whatever, and pepper always

1147
00:49:31,200 --> 00:49:33,760
Speaker 2: has like this, It's got like a dry kind of spice.

1148
00:49:34,440 --> 00:49:35,799
Speaker 2: I think of white pepper for some reason.

1149
00:49:36,200 --> 00:49:37,240
Speaker 1: I don't know why. I bet pepper.

1150
00:49:37,239 --> 00:49:40,800
Speaker 2: I feel like it had this dry, hoppy, even a little.

1151
00:49:40,640 --> 00:49:43,200
Speaker 1: Peppery action going on. Yeah, I wish we got more

1152
00:49:43,239 --> 00:49:44,759
Speaker 1: of their beers because I feel like that's one of

1153
00:49:44,800 --> 00:49:47,839
Speaker 1: the that's one of the better East Coast breweries, the Veil. Yeah,

1154
00:49:47,880 --> 00:49:49,640
Speaker 1: and I just want to try like all the beers

1155
00:49:49,760 --> 00:49:52,080
Speaker 1: they brew. So maybe one of these days, well one

1156
00:49:52,120 --> 00:49:54,759
Speaker 1: of these days we'll take a road trip up the

1157
00:49:54,840 --> 00:49:57,239
Speaker 1: coasts in a white Ferrari go to the Veil. What

1158
00:49:57,239 --> 00:49:58,600
Speaker 1: do you think Maybe this is like one of the

1159
00:49:58,640 --> 00:50:00,920
Speaker 1: things you know we were talking earlier about, like different

1160
00:50:00,960 --> 00:50:03,160
Speaker 1: side hustles we have. I wonder if just like the

1161
00:50:03,280 --> 00:50:05,719
Speaker 1: days of visiting all the different breweries, is that just

1162
00:50:05,800 --> 00:50:09,640
Speaker 1: like in the rear view to continue the White Ferrari metaphor, Yeah, no,

1163
00:50:10,160 --> 00:50:12,719
Speaker 1: I don't think so. I've not set out to go

1164
00:50:12,880 --> 00:50:15,360
Speaker 1: to a brewery for like specifically for that reason. But

1165
00:50:15,440 --> 00:50:17,359
Speaker 1: if there's it's it comes down to what's close by,

1166
00:50:17,680 --> 00:50:19,080
Speaker 1: right Like if I'm with the family and if I

1167
00:50:19,160 --> 00:50:21,160
Speaker 1: can look something up and I'm like, oh, is this

1168
00:50:21,239 --> 00:50:23,400
Speaker 1: a decent brewery, well, then we'll hit it up, especially

1169
00:50:23,400 --> 00:50:25,799
Speaker 1: if they've got a cool outdoor space. I'm actually looking

1170
00:50:25,800 --> 00:50:27,880
Speaker 1: forward to that. We're talking about the road trip earlier

1171
00:50:27,920 --> 00:50:32,719
Speaker 1: in the episode, There's Drowned Lands is a brewery in

1172
00:50:32,800 --> 00:50:36,200
Speaker 1: New York, Okay that I came across their stuff because

1173
00:50:36,200 --> 00:50:38,320
Speaker 1: they had it at a local shop here in Marietta.

1174
00:50:38,480 --> 00:50:41,239
Speaker 1: But the I literally put it on the on the map,

1175
00:50:41,480 --> 00:50:43,239
Speaker 1: I green flagged love it because I was just like, oh,

1176
00:50:43,280 --> 00:50:44,200
Speaker 1: that sounds like cool.

1177
00:50:44,440 --> 00:50:46,200
Speaker 2: First of all, it's a cool sounding brewery, but then

1178
00:50:46,239 --> 00:50:48,600
Speaker 2: also they had a nice look an outdoor space for

1179
00:50:48,640 --> 00:50:49,920
Speaker 2: the kids to run around and be free.

1180
00:50:50,160 --> 00:50:51,239
Speaker 1: That's huge rust at this point.

1181
00:50:51,360 --> 00:50:53,920
Speaker 2: Yeah, man, you know they want that full sized Jenga

1182
00:50:54,000 --> 00:50:57,320
Speaker 2: set A little bit of cornhole. I don't know what

1183
00:50:57,560 --> 00:50:57,759
Speaker 2: they do.

1184
00:50:59,239 --> 00:51:02,839
Speaker 1: Yeah, dicks, all sorts of a lot of things. Kids

1185
00:51:02,840 --> 00:51:04,640
Speaker 1: are easy to please. All right, that's gonna do it.

1186
00:51:04,680 --> 00:51:07,160
Speaker 1: For this episode. We'll link to some of the resources

1187
00:51:07,239 --> 00:51:09,279
Speaker 1: we mentioned in the show notes up on our site

1188
00:51:09,280 --> 00:51:11,440
Speaker 1: at how to mooney dot com. That's right, buddy, So

1189
00:51:11,520 --> 00:51:26,480
Speaker 1: until next time, Best friends out, best friends out. Yeah.

1190
00:51:26,520 --> 00:51:29,320
Speaker 1: Have you have you seen yourself add two birds? What

1191
00:51:29,440 --> 00:51:29,920
Speaker 1: did you call them?