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Speaker 1: Welcome to how to Money.

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Speaker 2: I'm Joel and I'm Matt, and today we're answering your

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Speaker 2: listener questions.

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Speaker 1: Welcome back for the weekend. Everybody, glad you are joining

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Speaker 1: us here on how to Money. Mister Rogers, Now that's

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Speaker 1: not how we Yeah, that's what it sounds like right now.

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Speaker 1: This is an ask how to Money episode. We're like

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Speaker 1: answering listener questions. A listener is choosing between investing and

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Speaker 1: saving up for a down payment, which one should he do?

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Speaker 1: Another listener she's looking for a retirement calculator, specifically one

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Speaker 1: that will take into account variable income. Good news, we've

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Speaker 1: found one for her. It might be the only one

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Speaker 1: in existence, seriously. And then a small business owner out there,

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Speaker 1: he is looking for the absolute best business checking account.

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Speaker 1: And we've also found that the one that is paying

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Speaker 1: the best rate. So we're gonna also hidden shoulders above

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Speaker 1: the rest easily. Yeah, we're gonna share our answers there,

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Speaker 1: and we're gonna get to a couple other topics during

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Speaker 1: this episode. Are looking forward to this one? Can I

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Speaker 1: share something personal before we again? It depends is I

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Speaker 1: have to do with a skin rask? I was gonna.

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Speaker 2: Say this trash. No, this is not quite that personal,

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Speaker 2: but I was good. Recently, I was booking a couple

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Speaker 2: of nights at a hotel for our family that we're

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Speaker 2: gonna stay in Florida for a couple of nights over

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Speaker 2: Christmas break, and I was like, wait a second, let

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Speaker 2: me go, let me check price Line. I'm checking all

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Speaker 2: the places to see where the best price is. And

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Speaker 2: then I'm like a good Hot to money podcast, right exactly,

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Speaker 2: It's like, this is what I have to do, but

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Speaker 2: also what I enjoyed doing, whether or not you like

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Speaker 2: it or not. Yeah, but I want to save the money, right,

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Speaker 2: I want to get the lowest price possible. That is

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Speaker 2: kind of core to my identity and what I'm into.

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Speaker 2: But so I was looking around with the internet found

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Speaker 2: that the best price that I could find, at least

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Speaker 2: was on price Line. And then I noticed, wait a second,

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Speaker 2: this is a Hilton hotel. I've heard of this Hilton

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Speaker 2: price match guarantee. Let me see this is all about? Okay, Oh,

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Speaker 2: Hilton basically says, hey, if you found a better price elsewhere,

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Speaker 2: we will not only match it, we'll beat it by

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Speaker 2: twenty five percent. And I was like, oh, that's the

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Speaker 2: significant savings.

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Speaker 1: I like it.

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Speaker 2: Let me let me hop on the hop on the

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Speaker 2: phone here and see what they can do. So I

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Speaker 2: talked to someone over at Hilton and they said, what

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Speaker 2: do you look at? You know, they have run through

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Speaker 2: the rigam roll. Where are you finding this price?

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Speaker 1: Blah blah blah.

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Speaker 2: Blah blah, and and basically what it comes down to

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Speaker 2: is they say, ah, I'm sorry, I can't see that

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Speaker 2: price or we're not we're probably not able to match

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Speaker 2: this thing.

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Speaker 1: And I'm like why. And one of the things that

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Speaker 1: came down to it seems like a false promise. Yeah.

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Speaker 2: I ended up talking to someone else at the Hilton

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Speaker 2: price Match Guarantee headquarters later on and they were like, well,

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Speaker 2: you know, actually this one has a five that you're

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Speaker 2: looking at on price line. You can cancel. You have

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Speaker 2: five nights to cancel ours. You only have one night

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Speaker 2: to cancel. So because they're not apples to apples, we're

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Speaker 2: not going to match the price.

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Speaker 1: And I was like, because our offering is actually inferior

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Speaker 1: that you found, we're also not able to That's a.

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Speaker 2: That's almost frustrating to me. I was like, that's pretty

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Speaker 2: ridiculous on a technicality like that, to not match the

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Speaker 2: price and to not honor that guarantee was pretty frustrating.

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Speaker 2: I did finally convince them to honor that because I

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Speaker 2: could be convincing that.

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Speaker 1: But okay, did you had you booked it on Priceline

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Speaker 1: or you just found the price?

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Speaker 3: No?

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Speaker 2: I just found the price, Okay. Yeah, because with price

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Speaker 2: lines sometimes depending on how you book it, it might

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Speaker 2: be non refundable completely, it might be refundable if you

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Speaker 2: typically pay more for the refundable bookings.

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Speaker 1: Yeah.

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Speaker 2: So no, I did end up getting the discount, but

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Speaker 2: it's one of those things where you kind of have

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Speaker 2: to push for it because at least in my encounter

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Speaker 2: with Hilton, they did not want to honor what they had,

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Speaker 2: and they have these hoops that you need to jump

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Speaker 2: through in order to ensure that that rate you're seeing

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Speaker 2: elsewhere is matchable. Most of the time they don't want

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Speaker 2: to match folks like price Line, I guess because they

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Speaker 2: usually have better prices.

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Speaker 1: True. Yeah, so it makes me think of sort of

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Speaker 1: like the hidden benefits that we've called them hidden benefits before,

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Speaker 1: or they often not used benefits when when it comes

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Speaker 1: to credit card. There are all these different features that

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Speaker 1: they have, but it does oftentimes take you taking a

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Speaker 1: few extra steps, jumping through a couple of hoops in

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Speaker 1: order to take full advantage of those they like to

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Speaker 1: advertise them. But that doesn't necessarily mean that they're going

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Speaker 1: to make it easy. Like there's a psychological component as

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Speaker 1: well that where you have to steal yourself and say,

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Speaker 1: am I willing to engage at this level in order

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Speaker 1: to take advantage? They want to make it sound great

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Speaker 1: on the commercials, and then when it comes to it's

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Speaker 1: talking exactly. It's a talking point as opposed as something

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Speaker 1: that they're more than willing to provide you, as opposed

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Speaker 1: to the awesome retailers out there, Like I guess I'm

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Speaker 1: thinking of retailers in particular where there's like zero questions

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Speaker 1: asked as far as what it is that they're willing

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Speaker 1: to accept as a return. You return something at Costco

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Speaker 1: and nobody beats it up. Yeah, They're just like, why

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Speaker 1: didn't you like it? And they just like look through

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Speaker 1: the box, make sure it's actually in there, and then

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Speaker 1: you just yeah, give you your money back, right, So

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Speaker 1: glad you got your discount. So do they beat up

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Speaker 1: by twenty five percent?

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Speaker 2: They did sign it up, saving more than one hundred

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Speaker 2: bucks on those two nights, and so yeah, big big savings.

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Speaker 2: I'm glad I pushed. But it's also one of those

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Speaker 2: things I just want to let people know. It's nice

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Speaker 2: that it exists, but you also have to advocate for yourself,

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Speaker 2: and you might have to. I didn't actually have to

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Speaker 2: actually ask to speak to a manager, but I was

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Speaker 2: about to be like, can I speave a manager because

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Speaker 2: this feels like really uncool, but they ended up doing it,

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Speaker 2: and I didn't even have to be like.

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Speaker 1: Do you know who I am? Which is why? Which

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Speaker 1: is what I usually pull immediately pull out the big

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Speaker 1: guns and like that, never immediately go to the nuclear option.

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Speaker 1: We heard of that quaint little podcast. Actually, yeah, and

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Speaker 1: it's good to point out. Interesting to point out too

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Speaker 1: that how you booked a hotel not an airbnb. That's

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Speaker 1: a topic for another day.

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Speaker 2: That's another I like both, Yeah, equal opportunity just depends

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Speaker 2: on where, and hotels don't get enough love what I'm

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Speaker 2: trying to accomplish. But Matt, let's let's mention the beer

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Speaker 2: we're having on this episode. This one's called Green Flowers.

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Speaker 2: It's by Other Half. Brilliant's a West Coast I PA

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Speaker 2: and big thanks to Jason for sending this one our way.

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Speaker 2: We'll give give our thoughts on this beer at the

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Speaker 2: end of the episode. Man a double dry hopped West

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Speaker 2: Coast IP.

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Speaker 1: I mean a unique style of the way. Yeah, that's

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Speaker 1: not a typical typical beer I've had, but I'm excited

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Speaker 1: for this one. Yeah, we'll share our thoughts at the end.

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Speaker 1: And of course this is an ask how to Money episodes,

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Speaker 1: so you can send us your query. If you have

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Speaker 1: a question for us, record a voice memo, send it

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Speaker 1: over to us at howdomoneypod at gmail dot com. It's

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Speaker 1: incredibly easy and plus it's just fun to hear other

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Speaker 1: folks voices here on the podcast. I'm sure folks get

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Speaker 1: tired of hearing you and me a banter back and forth.

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Speaker 1: So if you've got a money question, please please do

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Speaker 1: senator away. We love hearing from you. We love the

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Speaker 1: weirder the better featuring your questions on the podcast. So, Matt,

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Speaker 1: but let's get to our first one for this episode.

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Speaker 1: This one is specifically about finding the right business bank account.

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Speaker 3: Hey, Joel and Matt, this is Mike from Durham, North Carolina.

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Speaker 3: Longtime listener, first time caller. I've been listening to your

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Speaker 3: podcast for quite a while now, and I have a

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Speaker 3: high Yield personal savings account for emergency purposes and I've

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Speaker 3: opened that with CIIT about seven months ago. Have about

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Speaker 3: sixty thousand dollars in that account used for emergencies, rainy

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Speaker 3: day things like that. But I'm also a business owner

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Speaker 3: and I own my own dental practice, which is held

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Speaker 3: in an escorp. I have cash on hand within my

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Speaker 3: business checking account as well, which again I use for

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Speaker 3: business emergencies and or brainy day funds. That cash balance

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Speaker 3: is a fairly significant It's usually sitting at around one

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Speaker 3: hundred and fifty thousand dollars. I have all the money

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Speaker 3: here is covered, and so I'd like to funnel this

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Speaker 3: cash into a business version of a HIGHILD savings account

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Speaker 3: as well. And since I've been with CIIT on the

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Speaker 3: personal side, I've learned that ciit does not have a

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Speaker 3: business version of that product. And so my question to

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Speaker 3: you is is can you recommend some top business versions

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Speaker 3: of HILD savings account for this same purpose. Love all

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Speaker 3: that you guys do, really appreciate the work you do,

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Speaker 3: really enjoy listening to your podcast, and I look forward

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Speaker 3: to your guidance. Take care all.

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Speaker 1: Right, Mike when it pounds on that CIT account, he's

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Speaker 1: got that high yield savings account. Now he's looking for

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Speaker 1: the business equivalent.

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Speaker 2: Yeah, I mean, you and I have We've been talking

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Speaker 2: about CI for a long time, and that's largely because

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Speaker 2: Mike has proven the fact that he does listen.

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Speaker 1: To our shaw.

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Speaker 2: Yeah, and there are other great highield savings accounts, but

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Speaker 2: even our other favorites, well, they're just they're just not

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Speaker 2: quite up a CI's level when it comes to the

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Speaker 2: interest rate they're paying CI's more than five percent right now.

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Speaker 1: And even even the other great ones are in the

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Speaker 1: four point three four four point four rings, which isn't bad,

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Speaker 1: but five percent on sixty thousand dollars that's pretty massive.

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Speaker 1: And of course he's got a whole lot more there

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Speaker 1: in that business account, which makes sense. Ra they're more overhead,

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Speaker 1: I'm sure when it comes to running a business like that,

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Speaker 1: more folks on payroll, you gotta pay rent. But yeah,

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Speaker 1: C I t they do not have a similar account

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Speaker 1: for business owners out there. I wish they did, because

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Speaker 1: I feel like what it is that they do we

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Speaker 1: can totally get behind. But that being said, we will

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Speaker 1: kind of get this the grand finale, the grand reveal

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Speaker 1: later on, but I think we have found something that

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Speaker 1: might actually be better for business than what CIT is

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Speaker 1: offering for personal use, because see it is great, but

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Speaker 1: we're kind of impressed at another offering. Yeah, we'll share

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Speaker 1: it here like in just ninety seconds. Yeah, stay tuned.

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Speaker 1: That's partly because though for so long that the business

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Speaker 1: bank account offerings have been so paltry, like there wasn't

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Speaker 1: really a good answer for a long time. The fees

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Speaker 1: were high, the interest rate was low, the features were

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Speaker 1: poor to minimal. There was just not much Conversation's like

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Speaker 1: this zero interest rate, right, I mean literally nobody was

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Speaker 1: offering anything like you weren't paying through the nose for

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Speaker 1: in order to maintain a business checking account. Then that

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Speaker 1: was a win. Yeah. The first turtle was no fees,

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Speaker 1: right exactly. So it was no fees and mobile check deposits.

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Speaker 2: Yeah yeah, yeah, And it's like, if I can just

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Speaker 2: get those two things, that's plenty good enough because nobody's

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Speaker 2: offering anything better. But there has steadily been improvement in

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Speaker 2: the space. There's been there's been more and more decent

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Speaker 2: business banking options coming online and So that good news

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Speaker 2: for anybody who has a business who's looking for improved features,

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Speaker 2: fewer fees, fewer monthly fees, and then higher interest on

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Speaker 2: their savings as well. And the truth is, not every

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Speaker 2: small business has a ton of money in their bank account, right.

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Speaker 2: Mike is certainly has a small business that requires more

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Speaker 2: overhead where he's got to have more cash on hand.

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Speaker 2: But then there are other small businesses where you know,

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Speaker 2: they might have five, eight, ten thousand dollars maybe in

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Speaker 2: their business account. Most of their money stays in personal

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Speaker 2: accounts as they pay themselves every single month or whatever.

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Speaker 2: So Mike has an even bigger reason, I think to

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Speaker 2: pursue a great business bank account.

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Speaker 1: Yeah. I think one of the other benefits or side

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Speaker 1: effects of business accounts becoming more accessible is the fact

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Speaker 1: that I think more folks are going to start businesses

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Speaker 1: right like if you've got because before like you imagine

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Speaker 1: the old days where oh you've got to go into

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Speaker 1: an actual brick and mortar in order to open an

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Speaker 1: account like literally that the first business checking account I opened,

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Speaker 1: I had to do that. Luckily, it was like a

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Speaker 1: couple of years later that I was able to then

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Speaker 1: open up far Superior Online. Actually had to take business check.

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Speaker 2: Corse strong carriage to the brick and mortar in order

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Speaker 2: to open that business.

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Speaker 1: It's ridiculous, but it seemed like such even at that

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Speaker 1: point in time. It's like a little of a little

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Speaker 1: over fifteen years ago, but it felt like such an

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Speaker 1: antiquated process that I had to go to. So I'm

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Speaker 1: certainly happy to see that the general industry, you know,

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Speaker 1: the general space, the landscape, I guess, is improving that.

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Speaker 1: What was it like living in little house on the

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Speaker 1: Fairy Times? It was glorious before social media exists. But

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Speaker 1: first let's mention, you know, I already teased to like

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Speaker 1: the best option. Let's mentioned a couple of some of

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Speaker 1: the better uh business accounts that are out there, and

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Speaker 1: specifically I got to give a little shout out to

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Speaker 1: Axos because they do a good job and they were

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Speaker 1: actually when I moved from that traditional brick and mortar

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Speaker 1: business checking, Axos was work it and I had our

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Speaker 1: photography companies. Business checking was wasn't it originally called Bank

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Speaker 1: of Internet? Oh my gosh, I totally forgot about.

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Speaker 2: That, but always to me sounded like a scam.

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Speaker 1: Yeah, I feel like you just unearthed a part of

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Speaker 1: my brain that I had just yeah, completely kicked off

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Speaker 1: to the recesses and wasn't reservice. You're totally right, but

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Speaker 1: Access currently they've got this partnership with Nationwide. It seems

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Speaker 1: like they're paying some customers four percent, but you actually

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Speaker 1: have to google it. You can't find it by navigating

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Speaker 1: on their sites. That's kind of weird. So I'm not

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Speaker 1: even sure if that's actually I don't know if that's

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Speaker 1: still an offering anymore. But American Express they have a

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Speaker 1: solid business checking product as well. If you're kind of

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Speaker 1: into them and what it is that they offer, maybe

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Speaker 1: you've already got an amixed business card. I don't know,

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Speaker 1: but they pay one point three percent. They essentially have

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Speaker 1: no fees. And then you've got some of the newer players.

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Speaker 1: You've got like Blue Vine, you've got Novo, they're like

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Speaker 1: the younger, sexier attempts at creating a fle business banking product.

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Speaker 1: Those are totally legit, they're fine, they're worth looking into.

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Speaker 1: But all of these solid options fall short of what

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Speaker 1: is clearly the best business banking product in existence right now.

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Speaker 1: And Joel, I'll give you the honors, okay, right, I'll

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Speaker 1: do it. Yeah.

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Speaker 2: No, it's amazing. As the deeper we dove into this map,

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Speaker 2: the more clearly one bank account for businesses stead out

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Speaker 2: out as like far superior to the rest. It's it's

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Speaker 2: almost like putting Shaquille O'Neil in a room with like

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Speaker 2: normal people. You're like, you point them out pretty easily, right,

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Speaker 2: And it's Lily. The bank's called Lily, l I l

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Speaker 2: I and they're sure it's not le Maybe I don't know,

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Speaker 2: it's Lily.

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Speaker 1: I don't know. I they're Penancy.

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Speaker 2: Yeah, I think it is, really, but their tops in

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Speaker 2: our books will tell you why. They have a combo

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Speaker 2: of a ridiculously high rate on money that you have

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Speaker 2: in savings, alongside a bunch of other features, a lot

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Speaker 2: of bells and whistles that could make running your business

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Speaker 2: significantly easier. You might be able to kick an expensive

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Speaker 2: bill paid software to the curb because your fancy new

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Speaker 2: bank account at Lily has a lot of that functionality

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Speaker 2: built in. And this is Mike, I think what's going

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Speaker 2: to help you out the most, what's going to be

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Speaker 2: most thrilling to you? What are they paying in terms

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Speaker 2: of interest rate? Four point one percent?

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Speaker 1: Oh yeah, yeah.

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Speaker 2: So while these other business bank accounts they're dabbling, they're saying, oh, yeah,

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Speaker 2: well by one percent, maybe a little over one percent,

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Speaker 2: and we got a couple of features. Well, Lily says, no, no, no, no,

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Speaker 2: we're going to go at least in the realm of

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Speaker 2: what people are getting paid for just regular consumer accounts.

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Speaker 2: So it's you get that four point one five percent

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Speaker 2: rate if you sign up for the Lily pro plan.

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Speaker 2: And this is the only catch, only catch, you have

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Speaker 2: to pay a nine dollars a month fee in order

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Speaker 2: to get that higher rate. But the thing is, you

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Speaker 2: get that rate on any amount in that account, up

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Speaker 2: to one hundred thousand dollars. So when you're talking about

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Speaker 2: making forty one hundred dollars a year in interest versus

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Speaker 2: the much inferior rate of interest you get another business

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Speaker 2: bank account. Yeah, you can handle the hundred bucks a

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Speaker 2: month in fee you have to pay to Lily a year.

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Speaker 1: Not not a month.

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Speaker 2: Oh yeah, sorry, one hundred bucks a year. Hundred a

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Speaker 2: month would be slightly that that would change that. What yeah,

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Speaker 2: a hundred bucks a year, that would change it. Yeah,

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Speaker 2: But so one hundred bucks a year to Lily in

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Speaker 2: order to get that much increased rate of earning. Switch,

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Speaker 2: especially for how much money you have my email account,

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Speaker 2: it makes tons of sense.

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Speaker 1: Yeah. Well, and not to mention too that, like they've

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Speaker 1: got some additional features on there as well, some additional

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Speaker 1: functionality that might make it more appealing, and I dug

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Speaker 1: it to it some more. I don't think like if

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Speaker 1: you've if you're a small business owner and you've already

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Speaker 1: found yourself in need of accounting software or invoice software.

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Speaker 1: If you find yourself in that position, I don't think

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Speaker 1: it would make sense for you to kick that to

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Speaker 1: the curb and to then move to Lily, because I

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Speaker 1: think there's more functionality, there's more. It's just you know,

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Speaker 1: like fresh books or quick books. It's a more professional offering.

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Speaker 1: But especially if you are a solopreneur or especially if

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Speaker 1: you are just getting started and you don't have anything,

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Speaker 1: I think this could be an awesome path forward for

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Speaker 1: you to start getting a little more organized when it

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Speaker 1: comes to your business books. And again, even aside from that,

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Speaker 1: the fact that they are paying such a high rate,

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Speaker 1: as long as you keep like a few thousand dollars

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Speaker 1: in there, it's more it's going to more than pay

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Speaker 1: for it.

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Speaker 2: Yeah, you're gonna more than makeup for the monthly fee.

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Speaker 2: And I think that's probably a natural question that a

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Speaker 2: lot of people would have who've listened to us for

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Speaker 2: a number for a number of years.

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Speaker 1: They might say, but Matten Jill hate monthly fees. Why

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Speaker 1: would they.

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Speaker 2: Be recommending this bank account that has this nine dollars

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Speaker 2: a month monthly fee. Isn't there a free option out

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Speaker 2: there that's got something has similar offer. So the truth is, no,

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Speaker 2: there's not. And like we always talk about credit cards

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Speaker 2: with the annual fees, we're not.

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Speaker 1: Exactly what I was about saying.

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Speaker 2: As the annual fee as long a cash American Express

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Speaker 2: preferred a ninety five dollars a year annual fee, guess what,

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Speaker 2: I'm more than happy to pay that because I more

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Speaker 2: than make up that difference every single year when it

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Speaker 2: comes to the six percent that I'm getting back in

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Speaker 2: grocery or the same thing's true with the Chase Hafire preferred.

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Speaker 2: The ninety five dollars annual fee easily makes up for

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Speaker 2: itself based on all of the benefits that you get.

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Speaker 1: With that card.

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Speaker 2: You got to think about the trade offs with that stuff.

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Speaker 2: So nine dollars fee given all the other things Lily

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Speaker 2: is bringing to the table. It's kind of a no

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Speaker 2: brainer for most folks to do their business banking there.

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Speaker 1: We'd say, well, specifically too, what it means like literally,

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Speaker 1: it's just like three thousand dollars. As long as you

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Speaker 1: maintain a balance of three thousand dollars a month, you're

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Speaker 1: going to out earn that nine dollars.

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Speaker 2: A month exactly. And so just to mention some of

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Speaker 2: those other features. By the way, this sounds like an

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Speaker 2: ad for Lily, we promise it's not like this is

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Speaker 2: just truly the best bank that.

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Speaker 1: They don't even have an affiliate program. No.

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Speaker 2: Yeah, so this is the best thing we found in

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Speaker 2: this space, and we're just honest truth here. But they

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Speaker 2: have like bookkeeping abilities, financial report abilities, pre filled business

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Speaker 2: tax form abilities. There are all these other benefits you

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Speaker 2: can get, and you can actually move up and pay

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Speaker 2: for more expensive tiers of Lily, which might or might

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Speaker 2: not be necessary, kind of depending on your business and

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Speaker 2: how your business functions mean. So much really depends on

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Speaker 2: what you're looking for, what your business looks like, how

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Speaker 2: much cash you stash in your savings, and whether or

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Speaker 2: not Lily is going it's gonna make sense to jump

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Speaker 2: ship where you currently are to head to lily or not.

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Speaker 1: And we were so convinced as well that what had

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Speaker 1: an open an account for the poor not poor LLC

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Speaker 1: there we get so we might be I figured with

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Speaker 1: us going to twenty twenty four, it might be a

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Speaker 1: good time to kind of transition. Okay, so we haven't

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Speaker 1: even shared who Like, we have been with Capital One

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Speaker 1: and they've been fine, but it's only because we have

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Speaker 1: been grandfathered into an old business checking account that they

403
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Speaker 1: used to offer where they don't charge any fees, but

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Speaker 1: you have to maintain certain minimums as well at this point.

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Speaker 1: Otherwise you do have to pay monthly or annual fees

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Speaker 1: or whatever. But you know what, regardless, they're not paying

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Speaker 1: anything when it comes to the money that we do.

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Speaker 2: Keep in our business check. And it's again not that

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Speaker 2: Capital One is like a bad business bank.

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Speaker 1: Now they're great, they're one of the better ones, but

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Speaker 1: they don't have to offer competitive rates though because of

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Speaker 1: the name recognition, right, And it comes down to they've

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Speaker 1: got a great online consumer bank too, like that I've

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Speaker 1: been I've had my account there.

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Speaker 2: For a lot of years. So no hate on them,

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Speaker 2: but it is. It is just I mean the Lily offering.

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Speaker 2: They've been around for a few years now. They're just

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Speaker 2: vastly doing something vastly superior to what all the other guys.

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Speaker 1: I think they've been around since twenty eighteen. And that

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Speaker 1: might be something else that folks ask as they're thinking, well,

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Speaker 1: are they legit? Obviously this is like a fin tech company.

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Speaker 1: They're not an actual bank, but they're backed by a

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Speaker 1: bank that is FDIC insured, so you don't have to

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Speaker 1: worry about that again. So much so that we're looking

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Speaker 1: into moving our money over there as well when it

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Speaker 1: comes to our business checking here at the podcast. But Joe,

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Speaker 1: we've got more to get to during this episode, including

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Speaker 1: a listener is asking about the best way to go

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Speaker 1: about screening tenants. They've got a little investment property that

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Speaker 1: they're looking to make sure is running smoothly. We'll get

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Speaker 1: to that plus more right after this. All right, man,

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Speaker 1: let's be taken listener questions.

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Speaker 2: We've got more to get to on this episode, and

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Speaker 2: our next question comes from a listener who wants to

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00:19:15,720 --> 00:19:18,840
Speaker 2: know who's who's wants to one of those nerdy glasses

436
00:19:18,840 --> 00:19:20,120
Speaker 2: and do some calculations.

437
00:19:20,520 --> 00:19:24,920
Speaker 4: Hi, guys, This is Amy from Connecticut, and I'm wondering

438
00:19:25,080 --> 00:19:28,720
Speaker 4: if you know of a retirement calculator that allows me

439
00:19:29,119 --> 00:19:34,240
Speaker 4: to adjust my savings amount each year. All the calculators

440
00:19:34,280 --> 00:19:38,000
Speaker 4: I'm seeing online have an income and then they you

441
00:19:38,080 --> 00:19:41,080
Speaker 4: put in the percentage that you save and it stays

442
00:19:41,560 --> 00:19:44,679
Speaker 4: you constant or increase the steadily. But my situation varies

443
00:19:44,680 --> 00:19:47,440
Speaker 4: widely each year, and so I would like a calculator

444
00:19:47,840 --> 00:19:49,879
Speaker 4: where I could put in a really high amount for

445
00:19:49,920 --> 00:19:52,760
Speaker 4: one year and then a lower amount for other years.

446
00:19:53,359 --> 00:19:54,639
Speaker 4: Does this exist?

447
00:19:54,920 --> 00:19:55,320
Speaker 1: That's it?

448
00:19:55,400 --> 00:19:56,119
Speaker 3: That's my question.

449
00:19:56,320 --> 00:19:57,160
Speaker 4: Thank you so much.

450
00:19:58,200 --> 00:20:00,240
Speaker 1: All right, Amy is a woman after my own heart,

451
00:20:00,280 --> 00:20:02,680
Speaker 1: wanting to dive into the numbers to get a little

452
00:20:02,720 --> 00:20:06,160
Speaker 1: granular with it, and specifically the ability to tweak her

453
00:20:06,200 --> 00:20:08,560
Speaker 1: income every single year. If you couldn't find one, though

454
00:20:08,680 --> 00:20:12,520
Speaker 1: you would probably make one, you'd just be like, no calculatory.

455
00:20:13,000 --> 00:20:14,800
Speaker 1: It's funnier because early on when we started the working

456
00:20:14,920 --> 00:20:18,760
Speaker 1: of code, we yes, we there were certain things that

457
00:20:18,800 --> 00:20:20,959
Speaker 1: we were wanting to be able to provide listeners, and

458
00:20:21,000 --> 00:20:23,199
Speaker 1: we had kind of had to decide whether we're going

459
00:20:23,240 --> 00:20:25,840
Speaker 1: to become like the next nerd wallet and have all

460
00:20:25,880 --> 00:20:30,160
Speaker 1: these like fancy mancy calculators or if we're going to

461
00:20:30,240 --> 00:20:32,640
Speaker 1: create a podcast where you and I get to, let's

462
00:20:32,680 --> 00:20:35,240
Speaker 1: be honest, sitting down and talking about money having beers.

463
00:20:35,240 --> 00:20:37,800
Speaker 1: That's a lot more fun than calculator sitting down and

464
00:20:38,440 --> 00:20:42,160
Speaker 1: creating calculators and algorithms and all the more. I guess

465
00:20:42,280 --> 00:20:45,040
Speaker 1: data heavy number crunching kind of software that's out there.

466
00:20:45,080 --> 00:20:47,760
Speaker 1: But this is a fun question, Amy, and the truth

467
00:20:47,840 --> 00:20:51,119
Speaker 1: is there truly isn't a shortage of financial calculators that

468
00:20:51,160 --> 00:20:54,119
Speaker 1: are out there, and what you offer, it's going to

469
00:20:54,160 --> 00:20:57,920
Speaker 1: depend on just the complexity of your situation, what you're

470
00:20:57,920 --> 00:21:00,480
Speaker 1: trying to project, how nerdy it is that you want

471
00:21:00,480 --> 00:21:02,800
Speaker 1: to get. But on most of these calculators, there is

472
00:21:02,840 --> 00:21:05,399
Speaker 1: going to be an input for your annual salary, and

473
00:21:05,560 --> 00:21:07,879
Speaker 1: they base most of the projections on that specific number

474
00:21:08,000 --> 00:21:10,840
Speaker 1: because that influences how much you're going to contribute to

475
00:21:10,920 --> 00:21:13,320
Speaker 1: retirement and therefore how much you are likely to have

476
00:21:13,440 --> 00:21:17,960
Speaker 1: down the road. But it's a massive limiting factor for

477
00:21:18,040 --> 00:21:21,399
Speaker 1: those who have a variable income like us, Joel, you

478
00:21:21,400 --> 00:21:24,000
Speaker 1: and I we got variable incomes. But honestly, even for

479
00:21:24,040 --> 00:21:26,560
Speaker 1: folks who don't have a variable income, the projections can

480
00:21:26,600 --> 00:21:28,720
Speaker 1: be helpful. It's they're kind of like a nice wake

481
00:21:28,800 --> 00:21:31,080
Speaker 1: up call. Honestly, it's the ability to look ahead a

482
00:21:31,119 --> 00:21:34,160
Speaker 1: little bit and to realize, oh, this is what it's

483
00:21:34,200 --> 00:21:35,960
Speaker 1: going to take. It makes me think of the face

484
00:21:35,960 --> 00:21:38,639
Speaker 1: app Remember this is something we've talked about before, but

485
00:21:38,720 --> 00:21:42,480
Speaker 1: it anchors your current present reality to the future reality

486
00:21:42,520 --> 00:21:44,600
Speaker 1: of like what will happen at some point you will

487
00:21:44,600 --> 00:21:46,680
Speaker 1: get old. We've done this before. But maybe I'll share

488
00:21:46,720 --> 00:21:49,200
Speaker 1: the picture of you, old Joel and old Mat hanging out.

489
00:21:49,240 --> 00:21:54,879
Speaker 1: I think we're at legal that photo. But these projections

490
00:21:54,880 --> 00:21:57,560
Speaker 1: in these calculators, even though they're limited, I think they

491
00:21:57,560 --> 00:22:00,920
Speaker 1: can help provide folks with just a idea. At least

492
00:22:00,920 --> 00:22:02,400
Speaker 1: they get you in the ballpark and it can help

493
00:22:02,440 --> 00:22:05,080
Speaker 1: you to realize, oh, maybe some of the spending that

494
00:22:05,160 --> 00:22:08,439
Speaker 1: I'm incurring at the moment isn't aligning with the future

495
00:22:08,480 --> 00:22:10,000
Speaker 1: reality that I want to see myself in.

496
00:22:10,119 --> 00:22:11,919
Speaker 2: Well, and let's be honest too, even though you have

497
00:22:11,920 --> 00:22:14,040
Speaker 2: a variable income, it's really hard to project what your

498
00:22:14,119 --> 00:22:16,040
Speaker 2: variable income is going to be an upcoming year. So

499
00:22:16,080 --> 00:22:18,400
Speaker 2: even if that feature exists, which it kind of sort

500
00:22:18,440 --> 00:22:19,960
Speaker 2: of does in a calculator that we'll talk about here

501
00:22:20,000 --> 00:22:21,879
Speaker 2: in a second, you're gonna have a hard time note, well,

502
00:22:21,920 --> 00:22:23,199
Speaker 2: how much am I going to make next year? Like

503
00:22:23,240 --> 00:22:26,000
Speaker 2: projecting your income from year to year when you know

504
00:22:26,160 --> 00:22:28,680
Speaker 2: that it varies, it's kind of hard hard to do.

505
00:22:28,760 --> 00:22:31,600
Speaker 2: So I think that's why most calculators don't allow for

506
00:22:31,640 --> 00:22:33,240
Speaker 2: something like this, because they're who's actually gonna do that?

507
00:22:33,240 --> 00:22:34,840
Speaker 2: Who's going to say I'm going to make one hundred

508
00:22:34,880 --> 00:22:36,480
Speaker 2: K this year, but I'm going to make fifty K

509
00:22:36,600 --> 00:22:38,560
Speaker 2: next year, or next year're gonna make ninety five, yeah,

510
00:22:38,600 --> 00:22:42,400
Speaker 2: and then seventy, Like most people's income doesn't vary that widely,

511
00:22:42,880 --> 00:22:45,199
Speaker 2: and even if it does, it's hard to know that

512
00:22:45,280 --> 00:22:47,560
Speaker 2: in advance, right, And so one of the more popular

513
00:22:47,880 --> 00:22:50,159
Speaker 2: calculators out there, by the way personal finance calculators, is

514
00:22:50,160 --> 00:22:52,040
Speaker 2: called net worth of Fire. We'll we'll link to all

515
00:22:52,040 --> 00:22:53,639
Speaker 2: these in the show notes, but this has a whin

516
00:22:53,720 --> 00:22:56,080
Speaker 2: can I retire calculator that's that's pretty good, but it's

517
00:22:56,119 --> 00:22:59,240
Speaker 2: taking a similar tact as some of those other calculators

518
00:22:59,240 --> 00:23:03,119
Speaker 2: across the internet. But hopefully, even given your variable income status,

519
00:23:03,160 --> 00:23:04,560
Speaker 2: you can kind of, like Matt was saying, come up

520
00:23:04,560 --> 00:23:07,080
Speaker 2: with a number that's kind of an average annual salary

521
00:23:07,200 --> 00:23:10,040
Speaker 2: in order to create a reasonably accurate projection. That's kind

522
00:23:10,040 --> 00:23:10,959
Speaker 2: of the goal we're going for here.

523
00:23:10,960 --> 00:23:11,880
Speaker 1: We're going for ballpark.

524
00:23:12,000 --> 00:23:15,040
Speaker 2: We're not going for specificity because it's just not one

525
00:23:15,080 --> 00:23:17,680
Speaker 2: hundred percent necessary. I mean, I get the desire for

526
00:23:17,760 --> 00:23:20,320
Speaker 2: that to get, but they're just too many variables. It's

527
00:23:20,359 --> 00:23:22,080
Speaker 2: not like a life insurance policy that you can count

528
00:23:22,160 --> 00:23:23,119
Speaker 2: on one hundred percent.

529
00:23:23,200 --> 00:23:26,040
Speaker 1: It's like, Okay, this is roughly what we can Expectcause

530
00:23:26,040 --> 00:23:26,439
Speaker 1: that's the other thing.

531
00:23:26,480 --> 00:23:29,600
Speaker 2: Even if you're basing your annual returns in the stock

532
00:23:29,640 --> 00:23:31,760
Speaker 2: market based on what's happened let's say over the last

533
00:23:31,840 --> 00:23:34,679
Speaker 2: eighty ninety hundred years, that has the potential to be

534
00:23:34,760 --> 00:23:37,440
Speaker 2: in excess of what actual returns are over the next

535
00:23:37,520 --> 00:23:38,480
Speaker 2: ten to fifteen twenty years.

536
00:23:38,960 --> 00:23:41,320
Speaker 1: We just don't know, dude. That's the thing. It's not

537
00:23:41,359 --> 00:23:43,680
Speaker 1: only the income that's unknown. It's not only your your

538
00:23:43,720 --> 00:23:46,280
Speaker 1: expenses that are unknown. It's also the rate of return

539
00:23:46,320 --> 00:23:47,840
Speaker 1: that you're going to experience in the market. There are

540
00:23:47,840 --> 00:23:51,159
Speaker 1: so many variables at stake or at play here that

541
00:23:51,160 --> 00:23:52,320
Speaker 1: it's tough to truly know.

542
00:23:52,480 --> 00:23:54,280
Speaker 2: But you shift that up or down by one percent

543
00:23:54,280 --> 00:23:56,320
Speaker 2: and guess that's a difference, a big difference.

544
00:23:56,520 --> 00:23:59,520
Speaker 1: But that being said, I do think networthfy Specifically for me,

545
00:23:59,600 --> 00:24:01,480
Speaker 1: that was one that kind of opened my eyes to

546
00:24:01,480 --> 00:24:04,240
Speaker 1: help me just see, oh, this is what's possible. This

547
00:24:04,280 --> 00:24:07,080
Speaker 1: is clearly what's not possible. But I think it can

548
00:24:07,080 --> 00:24:09,560
Speaker 1: help folks even if you're not wanting to pay for

549
00:24:09,640 --> 00:24:12,160
Speaker 1: something fancy or have to link your accounts. That's what's

550
00:24:12,200 --> 00:24:15,040
Speaker 1: great about net Worth of high. But you can enter

551
00:24:15,040 --> 00:24:17,399
Speaker 1: all your numbers in there and just get a simple

552
00:24:17,440 --> 00:24:20,000
Speaker 1: snapshot as opposed to signing up for a whole service.

553
00:24:20,040 --> 00:24:22,040
Speaker 1: Because let's be honest, a lot of folks are looking

554
00:24:22,080 --> 00:24:25,760
Speaker 1: to decrease the number of additional counts that you're opening

555
00:24:25,880 --> 00:24:26,360
Speaker 1: in your name.

556
00:24:26,480 --> 00:24:29,359
Speaker 2: True, all right, so I got to announce the best

557
00:24:29,359 --> 00:24:31,840
Speaker 2: bank account for small businesses. But Matt, how about you

558
00:24:31,920 --> 00:24:35,040
Speaker 2: do the reveal on right? Maybe our favorite retirement calculator

559
00:24:35,040 --> 00:24:37,040
Speaker 2: that goes a little bit above and beyond what most

560
00:24:37,040 --> 00:24:39,919
Speaker 2: of these other semi basic calculators on the internet do.

561
00:24:40,080 --> 00:24:44,119
Speaker 1: Sure, okay, so it's called Projection Lab. This is a

562
00:24:44,160 --> 00:24:46,360
Speaker 1: calculator that was a drum roll there, Yeah, that's fine,

563
00:24:46,359 --> 00:24:49,439
Speaker 1: that's my bad, fix it and post. But this was

564
00:24:49,880 --> 00:24:52,840
Speaker 1: a calculator software that was actually created by an individual,

565
00:24:52,920 --> 00:24:55,240
Speaker 1: not a company, which is kind of cool and specifically

566
00:24:55,240 --> 00:24:58,320
Speaker 1: it looks like this calculator. It has the income variability

567
00:24:58,359 --> 00:25:01,320
Speaker 1: input that you are looking for amy And so as

568
00:25:01,359 --> 00:25:03,320
Speaker 1: you're creating a new budget, a new plan, you can

569
00:25:03,520 --> 00:25:05,760
Speaker 1: enter in your current salary and then you can either

570
00:25:05,840 --> 00:25:10,720
Speaker 1: have your income increase to track inflation, or you can

571
00:25:10,760 --> 00:25:13,359
Speaker 1: click advanced. And this is this is where you getting

572
00:25:13,359 --> 00:25:15,720
Speaker 1: nerdy with it. You can raise or lower your income

573
00:25:15,760 --> 00:25:19,479
Speaker 1: in future years. So that functionality that you're looking for,

574
00:25:19,680 --> 00:25:23,280
Speaker 1: it might be best implemented in this very cool projection

575
00:25:23,520 --> 00:25:24,520
Speaker 1: Lab calculator.

576
00:25:24,720 --> 00:25:27,560
Speaker 2: Even as something when you and you're projecting retirement costs

577
00:25:27,720 --> 00:25:33,280
Speaker 2: and this standard calculator will say, well, we'll track healthcare

578
00:25:33,320 --> 00:25:36,760
Speaker 2: expenses and maybe mirror them to inflation or inflation plus

579
00:25:36,760 --> 00:25:38,600
Speaker 2: two percent or something like that. Well, if you believe

580
00:25:38,840 --> 00:25:41,080
Speaker 2: that healthcare is going to cost is going to go

581
00:25:41,160 --> 00:25:43,680
Speaker 2: up faster than the rate that projection Lab says as

582
00:25:43,680 --> 00:25:45,760
Speaker 2: their standard, you can go in there and you can you.

583
00:25:45,720 --> 00:25:46,919
Speaker 1: Can edit that too, you can tweak it.

584
00:25:46,960 --> 00:25:49,600
Speaker 2: So it's really cool the functionality and the ability to

585
00:25:49,640 --> 00:25:52,359
Speaker 2: manipulate all these little data points to get a more

586
00:25:52,760 --> 00:25:56,200
Speaker 2: accurate picture, at least according to your estimates. Projection Lab

587
00:25:56,400 --> 00:25:59,399
Speaker 2: is like one of the neatest calculators out there on

588
00:25:59,400 --> 00:26:01,359
Speaker 2: the internet if you just want to like fiddle around

589
00:26:01,359 --> 00:26:03,639
Speaker 2: with financial stuff and get more insight. And even the

590
00:26:03,640 --> 00:26:05,520
Speaker 2: free version, by the way, is really helpful. Right, So

591
00:26:05,560 --> 00:26:08,320
Speaker 2: this is freemium business model, Matt. But the free version

592
00:26:08,359 --> 00:26:10,640
Speaker 2: isn't going to save your data. That's kind of a problem.

593
00:26:10,760 --> 00:26:11,399
Speaker 2: So you're gonna have.

594
00:26:11,480 --> 00:26:12,639
Speaker 1: To like revisit it.

595
00:26:12,920 --> 00:26:14,520
Speaker 2: And yeah, yeah, if you want to go there once

596
00:26:14,560 --> 00:26:17,639
Speaker 2: projections and just like tool around, mess around, you can

597
00:26:17,680 --> 00:26:20,439
Speaker 2: totally do that, not save your data, and it's free.

598
00:26:20,760 --> 00:26:22,720
Speaker 2: But if you want to be able to log back

599
00:26:22,760 --> 00:26:25,400
Speaker 2: in see stuff, edit stuff based on all the work

600
00:26:25,400 --> 00:26:27,600
Speaker 2: you've previously done, that's when you're gonna have to pay

601
00:26:27,680 --> 00:26:30,359
Speaker 2: for the premium features. It's nine dollars a month or

602
00:26:30,359 --> 00:26:32,040
Speaker 2: one hundred and eight dollars a year, And so you

603
00:26:32,040 --> 00:26:35,160
Speaker 2: can then get super extra nerdy wonky with the stuff

604
00:26:35,160 --> 00:26:37,960
Speaker 2: you're tracking and projecting the other parts that we like

605
00:26:38,080 --> 00:26:40,920
Speaker 2: or that you can identify and work to fund specific goals. Right,

606
00:26:41,160 --> 00:26:44,359
Speaker 2: you can even project tax estimations if you have to

607
00:26:44,359 --> 00:26:47,119
Speaker 2: pay for the paid version and not just for the US,

608
00:26:47,160 --> 00:26:50,000
Speaker 2: Like what if I move to Thailand or Canada or

609
00:26:50,040 --> 00:26:52,880
Speaker 2: something like that, or Portugal, which is like the hotspot

610
00:26:52,920 --> 00:26:55,800
Speaker 2: these days. This is a really interesting calculator that has

611
00:26:55,800 --> 00:26:58,639
Speaker 2: a ton of functionality, and it's the coolest one we

612
00:26:58,720 --> 00:26:59,680
Speaker 2: found so Amy.

613
00:26:59,680 --> 00:27:01,080
Speaker 1: I don't know if it's actually going to meet all

614
00:27:01,080 --> 00:27:03,000
Speaker 1: of your needs or exactly what you're looking for, but.

615
00:27:03,160 --> 00:27:04,959
Speaker 2: I sounds like this is what you're looking for. This

616
00:27:05,000 --> 00:27:07,040
Speaker 2: is probably what you're looking for. It's it's at least

617
00:27:07,400 --> 00:27:11,280
Speaker 2: in the ballpark. It's a better version, the better version

618
00:27:11,320 --> 00:27:13,200
Speaker 2: than anything else we've seen on the internet.

619
00:27:13,280 --> 00:27:15,640
Speaker 1: Now, And what's up with everybody charging nine dollars per month?

620
00:27:15,640 --> 00:27:17,159
Speaker 1: By the way, I guess they're wanting to get it

621
00:27:17,200 --> 00:27:19,920
Speaker 1: to that maximum before you hit two digits. Maybe that's

622
00:27:19,920 --> 00:27:22,000
Speaker 1: the case, right, But depending on who you are, this

623
00:27:22,040 --> 00:27:24,320
Speaker 1: could make a whole lot of sense for you. It

624
00:27:24,320 --> 00:27:26,560
Speaker 1: could be worth it. Joe, let's get to our next question.

625
00:27:26,600 --> 00:27:29,439
Speaker 1: This has to do with becoming a landlord. How to

626
00:27:29,480 --> 00:27:30,440
Speaker 1: do that effectively?

627
00:27:30,840 --> 00:27:35,720
Speaker 5: Hey, what's up, Matt and Joel. This is Joe from Atlanta, Georgia.

628
00:27:35,920 --> 00:27:37,920
Speaker 5: My wife and I are about to have our very

629
00:27:37,960 --> 00:27:41,240
Speaker 5: first baby and we are about to move to our

630
00:27:41,400 --> 00:27:46,000
Speaker 5: third house. We've had a plan to slowly build a

631
00:27:46,119 --> 00:27:50,960
Speaker 5: very small real estate empire by buying homes to live

632
00:27:51,000 --> 00:27:53,919
Speaker 5: in and then rent it out and start over again.

633
00:27:54,200 --> 00:27:56,320
Speaker 5: That way, we get better interest rates on the homes,

634
00:27:56,400 --> 00:27:58,639
Speaker 5: we get to know the homes, and we can build

635
00:27:58,720 --> 00:28:02,600
Speaker 5: up real estate cash flow slowly over time in tandem

636
00:28:02,640 --> 00:28:06,119
Speaker 5: with our stock market baskets. In our first home, we

637
00:28:06,200 --> 00:28:09,720
Speaker 5: have had a great tenant who is responsible and also

638
00:28:09,760 --> 00:28:13,680
Speaker 5: an awesome friend, and he just so happened to need

639
00:28:13,720 --> 00:28:16,040
Speaker 5: a home right when we were moving out, so everything

640
00:28:16,160 --> 00:28:19,280
Speaker 5: was super easy for a current home though we were

641
00:28:19,320 --> 00:28:22,320
Speaker 5: moving out of. We are curious if we will have

642
00:28:22,480 --> 00:28:26,320
Speaker 5: as easy as of a time finding a tenant. What

643
00:28:26,359 --> 00:28:29,479
Speaker 5: are some of your favorite ways to find and screen

644
00:28:29,600 --> 00:28:32,960
Speaker 5: tenants for a rental home. By the way, this is

645
00:28:33,000 --> 00:28:36,040
Speaker 5: a three bed to bath. Thanks so much and we

646
00:28:36,080 --> 00:28:37,280
Speaker 5: look forward to your answer.

647
00:28:37,800 --> 00:28:40,360
Speaker 2: Matt is right in our wheelhouse you and me for

648
00:28:40,440 --> 00:28:43,800
Speaker 2: multiple reasons. Mama pop landlords here huh Yeah? And well

649
00:28:43,800 --> 00:28:45,880
Speaker 2: what I just want to say. This is our friend Joe.

650
00:28:45,960 --> 00:28:48,200
Speaker 2: He lives not too far away. Yeah, we actually were

651
00:28:48,200 --> 00:28:50,440
Speaker 2: not friends until the podcast, but Joe's been listening to podcast.

652
00:28:50,440 --> 00:28:53,000
Speaker 2: He's been to multiple multiple How to Money meetups to.

653
00:28:53,040 --> 00:28:54,560
Speaker 1: Him and Holly. Didn't they come out to like the

654
00:28:54,640 --> 00:28:57,520
Speaker 1: very first, how to money, make sure hang at the garage,

655
00:28:57,680 --> 00:28:59,400
Speaker 1: Money night garage. Good good folks.

656
00:28:59,400 --> 00:29:02,880
Speaker 2: So we're so stoked for them having a base all anonymous,

657
00:29:04,080 --> 00:29:06,360
Speaker 2: but Joe, we appreciate you. Yeah, he goes way back,

658
00:29:07,200 --> 00:29:09,440
Speaker 2: So thank thank you for this question, Joe. And we

659
00:29:09,480 --> 00:29:12,160
Speaker 2: also we might be biased, right because this is I

660
00:29:12,200 --> 00:29:13,360
Speaker 2: don't know, this is a route we took, This is

661
00:29:13,360 --> 00:29:15,680
Speaker 2: a route I took, Matt, But we love this path

662
00:29:15,720 --> 00:29:18,479
Speaker 2: to slowly building up a rental property portfolio. It's the

663
00:29:18,560 --> 00:29:21,120
Speaker 2: it's essentially the Chad Carson philosophy of small and mighty

664
00:29:21,200 --> 00:29:23,520
Speaker 2: right where it's like, who needs one hundred and fifty

665
00:29:23,560 --> 00:29:26,680
Speaker 2: units to be a great real estate investor? Just a few,

666
00:29:26,800 --> 00:29:30,000
Speaker 2: you know between somewhere south of ten can be ideal

667
00:29:30,040 --> 00:29:31,720
Speaker 2: for a lot of people when it comes to real

668
00:29:31,840 --> 00:29:34,200
Speaker 2: estate investing. No need to overdo it. And Joe, he

669
00:29:34,280 --> 00:29:36,120
Speaker 2: mentioned some of the perks of going this route. It's

670
00:29:36,160 --> 00:29:38,200
Speaker 2: the most accessible way for a whole lot of folks

671
00:29:38,240 --> 00:29:40,479
Speaker 2: to get into the rental property game. And if the

672
00:29:40,480 --> 00:29:43,120
Speaker 2: home that they currently own, if it makes sense as

673
00:29:43,160 --> 00:29:45,560
Speaker 2: a rental and they're looking to increase their square footage too,

674
00:29:45,880 --> 00:29:48,640
Speaker 2: then this is I think kind of a slam dug move,

675
00:29:48,760 --> 00:29:51,400
Speaker 2: like save up the money, buy that slightly bigger house.

676
00:29:51,440 --> 00:29:54,040
Speaker 2: If as your family expands, you know, make sure that

677
00:29:54,080 --> 00:29:56,080
Speaker 2: you're taking that money out of savings for that next

678
00:29:56,080 --> 00:29:58,200
Speaker 2: down payment. Hold on to the old one if it's

679
00:29:58,320 --> 00:30:00,320
Speaker 2: got good financing, right and if it does, if the

680
00:30:00,400 --> 00:30:02,840
Speaker 2: numbers make sense from a cash flow perspective, and keep

681
00:30:02,920 --> 00:30:03,719
Speaker 2: slowly building.

682
00:30:03,880 --> 00:30:06,160
Speaker 1: Yeah, and if that's something that you want to take on, right,

683
00:30:06,160 --> 00:30:08,120
Speaker 1: Like that's another thing. Like a friend of ours they

684
00:30:08,280 --> 00:30:11,000
Speaker 1: recently sold a house and I remember talking to him

685
00:30:11,000 --> 00:30:12,120
Speaker 1: and be like, don't you want to hang on to

686
00:30:12,200 --> 00:30:14,160
Speaker 1: that thing? It would make a killer It was like

687
00:30:14,200 --> 00:30:15,760
Speaker 1: a perfect I think it was a three to two,

688
00:30:15,880 --> 00:30:18,360
Speaker 1: not unlike Joe's house, and in a part of town

689
00:30:18,400 --> 00:30:20,240
Speaker 1: that's going to see a lot of growth, huh. And

690
00:30:20,440 --> 00:30:21,920
Speaker 1: ultimately it came down to the fact that he just

691
00:30:21,920 --> 00:30:23,360
Speaker 1: didn't want to deal with it. Yeah, for it was

692
00:30:23,360 --> 00:30:25,040
Speaker 1: more like a part time job. It is. It's taking

693
00:30:25,040 --> 00:30:27,960
Speaker 1: money of your form. It's not purely passive income. And

694
00:30:28,400 --> 00:30:30,040
Speaker 1: if you don't want to do it, it's going to

695
00:30:30,160 --> 00:30:33,920
Speaker 1: become a hassle for you, as opposed to if it's

696
00:30:33,920 --> 00:30:35,479
Speaker 1: something that you want to do well, all of a sudden,

697
00:30:36,000 --> 00:30:37,920
Speaker 1: you look at it completely differently, like all of a

698
00:30:37,920 --> 00:30:40,400
Speaker 1: sudden you see it as an opportunity, not something that's

699
00:30:40,440 --> 00:30:43,400
Speaker 1: just gonna bog you down. But Joe specifically, it sounds

700
00:30:43,400 --> 00:30:45,680
Speaker 1: like they're moving close by because they love the area.

701
00:30:45,760 --> 00:30:48,240
Speaker 1: That's also awesome because that's going to allow you to

702
00:30:48,240 --> 00:30:51,719
Speaker 1: self manage pretty easily. You know the property well, but

703
00:30:51,760 --> 00:30:53,560
Speaker 1: you're still in the neighborhood to check on it, which

704
00:30:53,600 --> 00:30:57,640
Speaker 1: is totally the cost effective way of going about things. Man.

705
00:30:57,640 --> 00:30:59,840
Speaker 2: I used to literally throw the lawnmower in the back

706
00:30:59,880 --> 00:31:03,240
Speaker 2: of my niece on leaf and I would go, yeah,

707
00:31:03,320 --> 00:31:05,440
Speaker 2: so because because it also didn't take too long before

708
00:31:05,480 --> 00:31:07,720
Speaker 2: like that got pretty old. Yeah, So I did it

709
00:31:07,720 --> 00:31:09,280
Speaker 2: for a while for a couple of years, and then

710
00:31:09,320 --> 00:31:10,720
Speaker 2: it was like, oh, yeah, I'm not doing that anymore.

711
00:31:10,760 --> 00:31:14,120
Speaker 2: But that's the cool thing about investing locally and investing

712
00:31:14,240 --> 00:31:16,480
Speaker 2: via a home that you already own is like, you

713
00:31:16,520 --> 00:31:19,120
Speaker 2: know some of those quirks, you're close by. You can

714
00:31:19,160 --> 00:31:21,280
Speaker 2: be a little more involved, at least in the beginning

715
00:31:21,280 --> 00:31:23,520
Speaker 2: as you're learning the ropes, which I think like actually

716
00:31:23,720 --> 00:31:26,120
Speaker 2: goes a long way towards being an effective real estate

717
00:31:26,160 --> 00:31:27,360
Speaker 2: investor over the long haul.

718
00:31:27,480 --> 00:31:30,040
Speaker 1: Sure, and and again, he's got the right size home,

719
00:31:30,120 --> 00:31:31,720
Speaker 1: yeah as well, right, because if it was like a

720
00:31:31,760 --> 00:31:33,960
Speaker 1: massive home, then all of a sudden the numbers don't

721
00:31:34,000 --> 00:31:35,760
Speaker 1: work out as much. You're excluding a lot of the

722
00:31:35,920 --> 00:31:39,280
Speaker 1: like your potential tenant renter pool. Same thing if it's

723
00:31:39,280 --> 00:31:40,960
Speaker 1: too small, right, because like if it's just a one

724
00:31:41,040 --> 00:31:43,080
Speaker 1: to one, it's like, all right, well, a lot of

725
00:31:43,080 --> 00:31:45,400
Speaker 1: folks want maybe a couple of rooms, like they want

726
00:31:45,440 --> 00:31:47,200
Speaker 1: the home office kind of thing. And so if it's

727
00:31:47,400 --> 00:31:50,640
Speaker 1: he's got the Goldilocks, yeah, of golden three to two,

728
00:31:50,640 --> 00:31:51,520
Speaker 1: where is just right?

729
00:31:51,600 --> 00:31:52,880
Speaker 2: If it's like the eight five and a half with

730
00:31:52,920 --> 00:31:54,960
Speaker 2: gold toilets, you know, that's that's too much too. That's

731
00:31:54,960 --> 00:31:56,560
Speaker 2: probably better just to sell that house. It doesn't make

732
00:31:56,560 --> 00:31:58,440
Speaker 2: a good rental most of the time. And so and

733
00:31:58,880 --> 00:32:00,400
Speaker 2: he mentioned he asked the question like, am I gonna

734
00:32:00,400 --> 00:32:01,720
Speaker 2: have trouble doing this? Because I've run it out to

735
00:32:01,720 --> 00:32:03,360
Speaker 2: a friend in the past. Am I going to have

736
00:32:03,360 --> 00:32:05,800
Speaker 2: trouble finding tenants? I would say that depends on the

737
00:32:05,800 --> 00:32:08,600
Speaker 2: specific location, but probably not if you list it well, right,

738
00:32:08,600 --> 00:32:10,600
Speaker 2: if you take great pictures and you price it correctly.

739
00:32:11,000 --> 00:32:13,320
Speaker 2: And by the way, that when you list that property

740
00:32:13,360 --> 00:32:17,920
Speaker 2: for rent matters to the springtime that February March April

741
00:32:17,960 --> 00:32:20,240
Speaker 2: timeline is typically the best time to rent that puppy

742
00:32:20,280 --> 00:32:22,440
Speaker 2: out and a friendly approach and how you describe your

743
00:32:22,440 --> 00:32:25,680
Speaker 2: home that can help people see the potential, see past

744
00:32:25,920 --> 00:32:27,800
Speaker 2: just the pictures, even if those pictures are good, right,

745
00:32:28,120 --> 00:32:31,200
Speaker 2: and given the entrance of Wall Street firms, especially in Atlanta,

746
00:32:31,240 --> 00:32:33,040
Speaker 2: by the way, when you look at the stats, which

747
00:32:33,080 --> 00:32:35,040
Speaker 2: is where Joe is, which ye here in Atlanta, right

748
00:32:35,080 --> 00:32:38,160
Speaker 2: around the corner from us, Given their entrance into the

749
00:32:38,280 --> 00:32:41,240
Speaker 2: single family home rental space, that human touch goes along

750
00:32:41,440 --> 00:32:43,400
Speaker 2: a long way. I was talking to a friend recently, Matt,

751
00:32:43,400 --> 00:32:45,520
Speaker 2: and she was like, we're looking to move just in town,

752
00:32:45,560 --> 00:32:48,280
Speaker 2: but somewhere else. But all of these like impersonal Wall

753
00:32:48,280 --> 00:32:50,560
Speaker 2: Street firms are listing these homes and I'm just not

754
00:32:50,600 --> 00:32:52,840
Speaker 2: interested in running from them. And so she's not even

755
00:32:52,880 --> 00:32:54,880
Speaker 2: applying to live in homes, even if they look cute

756
00:32:54,880 --> 00:32:56,560
Speaker 2: in the place where she wants to live. And I

757
00:32:56,560 --> 00:32:58,640
Speaker 2: think if you, as a landlord, you can capitalize on

758
00:32:58,680 --> 00:33:01,200
Speaker 2: that right. Talk about the nearby amenities, the walkability, the

759
00:33:01,240 --> 00:33:03,440
Speaker 2: cool restaurants, the schools, the things that you and your

760
00:33:03,440 --> 00:33:05,680
Speaker 2: family loved about living in that house. That can go

761
00:33:05,680 --> 00:33:07,880
Speaker 2: a long way to a perspective tenant. As they're reading

762
00:33:07,880 --> 00:33:10,080
Speaker 2: through listings, it can set yours apart totally.

763
00:33:10,240 --> 00:33:13,720
Speaker 1: Though, I will say, don't discount American homes or well, like,

764
00:33:13,760 --> 00:33:17,040
Speaker 1: what's the other big one? Imitation? Imitation, that's one so literally,

765
00:33:17,120 --> 00:33:20,000
Speaker 1: that's one that was listening a house in our neighborhood

766
00:33:20,200 --> 00:33:22,920
Speaker 1: and the folks that live there now, because it's such

767
00:33:22,920 --> 00:33:25,440
Speaker 1: a big player, they were able to snag a really

768
00:33:25,560 --> 00:33:30,640
Speaker 1: dang good great basically a discounted amount. They didn't know

769
00:33:30,920 --> 00:33:34,360
Speaker 1: what that house was worth, and so I don't know. Simultaneously,

770
00:33:34,480 --> 00:33:36,240
Speaker 1: I understand folks who don't want to deal with some

771
00:33:36,280 --> 00:33:38,520
Speaker 1: of the bigger players. But I literally asked her a

772
00:33:38,600 --> 00:33:40,200
Speaker 1: few weeks ago. I was just like, hey, by the way,

773
00:33:40,200 --> 00:33:42,520
Speaker 1: how has it been working with Invitation? And she's like,

774
00:33:42,560 --> 00:33:44,920
Speaker 1: it's been fine, It's been totally fine. I've seen a

775
00:33:44,920 --> 00:33:46,600
Speaker 1: lot of horror stories. I know, well that's what you

776
00:33:46,640 --> 00:33:48,520
Speaker 1: hear about. But that being said, I don't know, maybe

777
00:33:48,560 --> 00:33:53,560
Speaker 1: there's the diamond diamond in the rough, but I agree, yeah,

778
00:33:53,560 --> 00:33:55,600
Speaker 1: how it is that you present the home, though, I

779
00:33:55,600 --> 00:33:58,160
Speaker 1: will say, make sure that you don't run a foul

780
00:33:58,280 --> 00:34:02,280
Speaker 1: of the protected classes in the fair housing act because

781
00:34:02,280 --> 00:34:04,120
Speaker 1: what you don't want to say when you're listening that

782
00:34:04,360 --> 00:34:05,760
Speaker 1: because yes, you want to kind of be like a

783
00:34:05,800 --> 00:34:08,000
Speaker 1: tour guide, right, Like you want to be like, oh,

784
00:34:08,040 --> 00:34:09,799
Speaker 1: and by the way, there's a coffee shop right there.

785
00:34:09,840 --> 00:34:12,399
Speaker 1: Imagine waking up Saturday mornings and walking to the local

786
00:34:12,400 --> 00:34:14,719
Speaker 1: coffee shop, sitting on the porch swing that's on the Like,

787
00:34:14,760 --> 00:34:16,279
Speaker 1: that's the kind of image that you want to paint.

788
00:34:16,280 --> 00:34:18,520
Speaker 1: But what you don't want to say is, oh, this

789
00:34:18,640 --> 00:34:20,600
Speaker 1: is a home that's going to be perfect for a

790
00:34:20,640 --> 00:34:24,719
Speaker 1: young family because guess what. Familial status that is a

791
00:34:24,760 --> 00:34:27,520
Speaker 1: protected class. And so you might think, well, I'm a

792
00:34:27,520 --> 00:34:30,239
Speaker 1: decent person, I'm not going to discriminate against somebody. But

793
00:34:30,320 --> 00:34:33,360
Speaker 1: it's something that you might do accidentally. Sure, And familial

794
00:34:33,400 --> 00:34:36,400
Speaker 1: status is one that really caught me by surprise, like

795
00:34:36,440 --> 00:34:38,560
Speaker 1: in the early days, because I was thinking, oh, well,

796
00:34:38,560 --> 00:34:41,040
Speaker 1: this would make a great house for a family.

797
00:34:41,840 --> 00:34:43,279
Speaker 2: It took me a couple of years of landlording to

798
00:34:43,320 --> 00:34:45,080
Speaker 2: realize that that, yeah.

799
00:34:44,920 --> 00:34:47,400
Speaker 1: You can't say, oh, no kids allowed in this house. No,

800
00:34:47,520 --> 00:34:50,879
Speaker 1: you can't discriminate when it comes you can say no dogs,

801
00:34:50,920 --> 00:34:51,440
Speaker 1: no kids.

802
00:34:51,520 --> 00:34:54,440
Speaker 2: Exactly, there's a difference between pets and kids and when

803
00:34:54,440 --> 00:34:57,279
Speaker 2: it comes to the specific amount of listing that property.

804
00:34:56,960 --> 00:34:58,080
Speaker 1: I'm of the.

805
00:34:58,000 --> 00:34:59,800
Speaker 2: Belief that Zilo has kind of become this one stop

806
00:34:59,800 --> 00:35:02,080
Speaker 2: shop for landlords. They make it easy to list your

807
00:35:02,080 --> 00:35:04,160
Speaker 2: property and to syndicate to a bunch of other sites

808
00:35:04,160 --> 00:35:06,719
Speaker 2: like hot pads and stuff like that. I would say

809
00:35:06,719 --> 00:35:08,600
Speaker 2: it can't hurt the stick a sign in the yard

810
00:35:08,640 --> 00:35:10,120
Speaker 2: as well and put that listing on Facebook.

811
00:35:10,160 --> 00:35:12,800
Speaker 1: Oh see, I disagree with the yard sign. Well, so Facebook,

812
00:35:12,880 --> 00:35:15,799
Speaker 1: I'm four, but the yard sign anytime or I used

813
00:35:15,840 --> 00:35:17,080
Speaker 1: to do that and you always end up with a

814
00:35:17,120 --> 00:35:18,960
Speaker 1: bunch of folks calling you or texting you, and they

815
00:35:18,960 --> 00:35:21,440
Speaker 1: don't know anything about the house, and I feel like

816
00:35:21,440 --> 00:35:23,520
Speaker 1: I've never gotten this thing is a serious lead. So

817
00:35:23,560 --> 00:35:25,319
Speaker 1: the one thing, and by Facebook, I actually think that

818
00:35:25,360 --> 00:35:28,440
Speaker 1: the neighborhood Facebook groups are better than just listening in

819
00:35:28,680 --> 00:35:29,480
Speaker 1: a marketplace. Yeah.

820
00:35:29,560 --> 00:35:31,319
Speaker 2: Yeah, then just listening on marketplace. You're going to let

821
00:35:31,320 --> 00:35:32,560
Speaker 2: a lot of scams that way, But I think it

822
00:35:32,600 --> 00:35:34,600
Speaker 2: alerts your neighbors and they might have friends in the

823
00:35:34,640 --> 00:35:36,160
Speaker 2: area who are looking. That's true, And so you're right,

824
00:35:36,160 --> 00:35:37,920
Speaker 2: you're probably going to get some bogus leads and some

825
00:35:38,000 --> 00:35:40,080
Speaker 2: bogus phone calls, but are also probably going to get

826
00:35:40,080 --> 00:35:42,000
Speaker 2: neighbors who maybe reach out to you directly and say, hey,

827
00:35:42,040 --> 00:35:44,440
Speaker 2: was my cousin's moving down and she's looking for a

828
00:35:44,440 --> 00:35:46,160
Speaker 2: place to live or whatever, and so maybe you get

829
00:35:46,160 --> 00:35:47,080
Speaker 2: the hook up that way.

830
00:35:47,120 --> 00:35:49,560
Speaker 1: They have scenario. You've got the number of the folks

831
00:35:49,560 --> 00:35:51,600
Speaker 1: who live all around and you can let them know

832
00:35:51,800 --> 00:35:53,560
Speaker 1: and then they're actively reaching out exactly.

833
00:35:53,880 --> 00:35:55,839
Speaker 2: Yeah, but when it comes to Zillo, like I mean,

834
00:35:55,880 --> 00:35:59,080
Speaker 2: this is how I find tennis these days, I basically

835
00:35:59,080 --> 00:36:01,120
Speaker 2: stick it on there at Syndicate all these other places,

836
00:36:01,480 --> 00:36:03,760
Speaker 2: and it's really easy for tennis to apply, to submit

837
00:36:03,800 --> 00:36:06,080
Speaker 2: their pay stubs, for you to see their credit history,

838
00:36:06,120 --> 00:36:08,279
Speaker 2: all that in one place. It's one hundred percent free

839
00:36:08,280 --> 00:36:10,759
Speaker 2: for landlords. I think for a while they flirted with

840
00:36:10,920 --> 00:36:13,560
Speaker 2: charging like ten bucks for a listing, and even still

841
00:36:13,600 --> 00:36:15,799
Speaker 2: I was more than happy to pay it because it

842
00:36:16,080 --> 00:36:18,200
Speaker 2: saved me a lot of time and hassle and energy

843
00:36:18,239 --> 00:36:22,480
Speaker 2: finding good tenants. But now it's free again. And so yeah,

844
00:36:22,480 --> 00:36:24,400
Speaker 2: if you're like, where do I go to find good tenants?

845
00:36:24,640 --> 00:36:27,960
Speaker 2: I think tossing it up on the Zillo rental manager

846
00:36:28,160 --> 00:36:29,160
Speaker 2: that's the easiest way to go.

847
00:36:29,280 --> 00:36:32,160
Speaker 1: Yeah, My smart Move was a site that we used

848
00:36:32,200 --> 00:36:34,520
Speaker 1: to so which is owned by trans Union, by the way,

849
00:36:35,080 --> 00:36:37,760
Speaker 1: but that was the site that we used to enjoy using.

850
00:36:37,840 --> 00:36:41,200
Speaker 1: But honestly, the Zillo rental manager makes it so easy.

851
00:36:41,840 --> 00:36:44,560
Speaker 1: It kind of made my smart movie irrelevant. It truly did.

852
00:36:44,600 --> 00:36:48,040
Speaker 1: But that being said, don't forget to actually follow through

853
00:36:48,200 --> 00:36:50,160
Speaker 1: with some of their references, whether it's like their previous

854
00:36:50,239 --> 00:36:54,400
Speaker 1: landlord or when it comes to verifying their income, because

855
00:36:55,120 --> 00:36:56,920
Speaker 1: like Zillo isn't going to do the heavy lifting for you,

856
00:36:56,960 --> 00:37:00,040
Speaker 1: it's gonna basically the data that they have is the

857
00:37:00,120 --> 00:37:03,719
Speaker 1: data that the potential tenant enters in. And if you

858
00:37:03,760 --> 00:37:05,520
Speaker 1: just see it and it says like they put a

859
00:37:05,520 --> 00:37:08,719
Speaker 1: big ten x rent amount and income every single month.

860
00:37:08,880 --> 00:37:10,760
Speaker 1: And if you see that, you might think, oh sweet,

861
00:37:10,800 --> 00:37:13,960
Speaker 1: this is gonna be a perfect, a great renter. But

862
00:37:14,040 --> 00:37:16,360
Speaker 1: do they actually still work for that employer? Yeah? And

863
00:37:16,600 --> 00:37:19,480
Speaker 1: have you called their previous landlord and just talked with them?

864
00:37:19,480 --> 00:37:22,400
Speaker 1: I think that that goes a really long way, like

865
00:37:22,520 --> 00:37:25,799
Speaker 1: asking them specific questions like did they pay rent on time?

866
00:37:26,239 --> 00:37:29,680
Speaker 1: Or did you have any repairs or any maintenance that

867
00:37:29,760 --> 00:37:32,279
Speaker 1: was very expensive because of that renter? Would you rent

868
00:37:32,280 --> 00:37:34,360
Speaker 1: to them again? Yeah? Well, so what's funny? Like that

869
00:37:34,480 --> 00:37:36,360
Speaker 1: used to be a question I asked a bunch, but

870
00:37:36,440 --> 00:37:38,440
Speaker 1: I feel like I don't ask that anymore because I

871
00:37:38,480 --> 00:37:40,920
Speaker 1: feel like it's too subjective, Like it comes down to

872
00:37:40,920 --> 00:37:43,960
Speaker 1: the individual. Because let's imagine that person has a bunch

873
00:37:44,520 --> 00:37:47,520
Speaker 1: of rentals and they're all let's just say that they're

874
00:37:47,520 --> 00:37:49,640
Speaker 1: all crummy rentals. They are not take well taken care of,

875
00:37:49,719 --> 00:37:51,880
Speaker 1: and this person relative to the rest of them, of

876
00:37:52,000 --> 00:37:55,040
Speaker 1: this person is great, they pay mostly on time, or

877
00:37:55,080 --> 00:37:57,080
Speaker 1: even on the opposite end of the spectrum, Let's say

878
00:37:57,640 --> 00:38:01,520
Speaker 1: somebody has only the very finest best tenants possible, and

879
00:38:01,560 --> 00:38:03,799
Speaker 1: maybe they're late, like one time, and they would say,

880
00:38:03,840 --> 00:38:05,560
Speaker 1: oh never again would I rent to them, And they

881
00:38:05,560 --> 00:38:08,520
Speaker 1: didn't have a pet poodle, so exactly, So like in

882
00:38:08,560 --> 00:38:12,040
Speaker 1: my mind, that's less of an objective measure, and so

883
00:38:12,120 --> 00:38:15,960
Speaker 1: literally asking have they always paid on time and basically repairs?

884
00:38:16,400 --> 00:38:20,400
Speaker 1: Was there outsized maintenance costs? Because more of the objective

885
00:38:20,440 --> 00:38:23,240
Speaker 1: metrics as many as possible from the landlord.

886
00:38:23,280 --> 00:38:25,520
Speaker 2: Do they pay on time every every month? Or oh no,

887
00:38:25,520 --> 00:38:27,080
Speaker 2: they were a couple of days late once or twice,

888
00:38:27,120 --> 00:38:28,200
Speaker 2: But that's then.

889
00:38:28,120 --> 00:38:29,719
Speaker 1: You can make a decision based on some of those

890
00:38:29,719 --> 00:38:32,200
Speaker 1: hard facts. Yeah, because of that, Like I used to

891
00:38:32,239 --> 00:38:34,279
Speaker 1: ask would hey, would you rent to them? Again? I

892
00:38:34,360 --> 00:38:36,440
Speaker 1: used to ask that all the time, but then I realized, man,

893
00:38:36,680 --> 00:38:38,840
Speaker 1: you I think you and I might have different opinions,

894
00:38:38,840 --> 00:38:41,719
Speaker 1: whether good or bad, as to what makes a good tenant. Yeah, yeah,

895
00:38:42,120 --> 00:38:43,000
Speaker 1: those are good questions.

896
00:38:43,080 --> 00:38:45,480
Speaker 2: We're basically talking about holistic information gathering, right, and so

897
00:38:45,880 --> 00:38:48,440
Speaker 2: part of that is the stuff that Zilla will help

898
00:38:48,480 --> 00:38:50,080
Speaker 2: you gather. A lot of that is stuff you need

899
00:38:50,080 --> 00:38:52,440
Speaker 2: to double check and also other information that you need

900
00:38:52,480 --> 00:38:55,040
Speaker 2: to gather in order to screen a tenant effectively. And Matt,

901
00:38:55,040 --> 00:38:56,560
Speaker 2: you and I have talked about how it's like the

902
00:38:56,560 --> 00:38:59,359
Speaker 2: most important stet. I think the second most important set though,

903
00:38:59,360 --> 00:39:01,680
Speaker 2: the most coortant step is having a home that you

904
00:39:01,719 --> 00:39:03,640
Speaker 2: feel proud to rent, that you would live in yourself,

905
00:39:03,680 --> 00:39:05,840
Speaker 2: or at least former you maybe like, Okay, wait, this

906
00:39:05,880 --> 00:39:08,359
Speaker 2: is a three two, and so now you know I've

907
00:39:08,400 --> 00:39:10,759
Speaker 2: got eighteen kids and so I'm not going to live

908
00:39:10,760 --> 00:39:12,359
Speaker 2: in the three two anymore. But is it a home

909
00:39:12,400 --> 00:39:14,239
Speaker 2: that you're like, oh, I think I would live in that,

910
00:39:14,239 --> 00:39:16,880
Speaker 2: it's clean, it's good location, blah blah blah blah blah.

911
00:39:16,920 --> 00:39:21,520
Speaker 2: Like then, I think the next step is vetting tenants thoroughly,

912
00:39:21,640 --> 00:39:24,200
Speaker 2: because that is what. That is what why so many

913
00:39:24,239 --> 00:39:27,000
Speaker 2: people end up saying, Oh, landlording is not for me.

914
00:39:27,320 --> 00:39:29,960
Speaker 2: I've just heard so many horror stories, even from from

915
00:39:30,040 --> 00:39:34,160
Speaker 2: good people who are just subpar landlords, right, who just

916
00:39:34,400 --> 00:39:36,400
Speaker 2: miss a couple of these steps and they end up

917
00:39:36,400 --> 00:39:38,680
Speaker 2: renting to people who put them through hell and who

918
00:39:38,840 --> 00:39:42,799
Speaker 2: like trash their apartments their landlord dreams. Yeah, and I'm

919
00:39:42,800 --> 00:39:45,600
Speaker 2: not I think even for someone who screens tenants effectively,

920
00:39:45,920 --> 00:39:48,480
Speaker 2: there are issues that arise. I have had my own

921
00:39:48,520 --> 00:39:51,799
Speaker 2: tenant issues, but nothing nearly as extreme as what I've

922
00:39:51,800 --> 00:39:53,919
Speaker 2: heard other people who've been in it for a long

923
00:39:53,960 --> 00:39:56,600
Speaker 2: time that don't go through the theme things I go through, Like,

924
00:39:56,640 --> 00:39:58,560
Speaker 2: I haven't had nearly as bad of an experience as

925
00:39:58,600 --> 00:40:01,000
Speaker 2: some of those folks. It's definitely worth it, and I

926
00:40:01,000 --> 00:40:02,799
Speaker 2: think it's a great way to build wealth over time.

927
00:40:02,840 --> 00:40:05,319
Speaker 2: So mad props to Joe for kind of going through

928
00:40:05,320 --> 00:40:07,600
Speaker 2: this process.

929
00:40:07,600 --> 00:40:08,120
Speaker 1: I think there's so.

930
00:40:08,120 --> 00:40:10,000
Speaker 2: Much more we can say too about rental property investing,

931
00:40:10,080 --> 00:40:13,200
Speaker 2: but we'll leave it there for today. You've already dipped

932
00:40:13,200 --> 00:40:15,000
Speaker 2: your toes in the water, Joe. Now's the time to

933
00:40:15,040 --> 00:40:18,680
Speaker 2: kind of continue to grow that rental property portfolio wisely.

934
00:40:18,360 --> 00:40:20,479
Speaker 1: And your family as well. Man, So congrats to you guys,

935
00:40:20,560 --> 00:40:22,759
Speaker 1: ngrats on the new baby. But man, we've got more

936
00:40:22,800 --> 00:40:25,240
Speaker 1: to get to. We're gonna share our thoughts on maybe

937
00:40:25,239 --> 00:40:29,160
Speaker 1: some affordable ways to celebrate the holidays with loved ones.

938
00:40:29,200 --> 00:40:39,440
Speaker 1: We'll get to that plus more right after this. Man,

939
00:40:39,440 --> 00:40:41,600
Speaker 1: we got a couple more questions to get to on

940
00:40:41,640 --> 00:40:42,399
Speaker 1: this Friday flight.

941
00:40:43,200 --> 00:40:45,680
Speaker 2: These ones come from Facebook because we got a great

942
00:40:45,920 --> 00:40:49,200
Speaker 2: robust community there in on the how of Money Facebook page,

943
00:40:49,320 --> 00:40:51,759
Speaker 2: eleven thousand people strong. If you're not a member yet

944
00:40:51,800 --> 00:40:53,799
Speaker 2: and you're on Facebook, well you're missing out on one

945
00:40:53,800 --> 00:40:55,879
Speaker 2: of the highlights of being on Facebook. Actually, I don't

946
00:40:55,920 --> 00:40:57,279
Speaker 2: know that there are many good things about being on

947
00:40:57,280 --> 00:40:59,320
Speaker 2: Facebook besides the how of Money Facebook page.

948
00:41:00,040 --> 00:41:00,759
Speaker 1: It's acsessible.

949
00:41:00,800 --> 00:41:05,319
Speaker 2: But yeah, this one this questions from Weston who's named

950
00:41:05,320 --> 00:41:05,799
Speaker 2: after your son?

951
00:41:05,840 --> 00:41:07,640
Speaker 1: I believe Matt. Yeah, yeah, I saw this one. I

952
00:41:07,640 --> 00:41:08,480
Speaker 1: was like, eh, I like.

953
00:41:08,440 --> 00:41:12,000
Speaker 2: His name well, And he said, I want to ask

954
00:41:12,040 --> 00:41:14,319
Speaker 2: a pretty standard question. I'm twenty eight years old. I've

955
00:41:14,320 --> 00:41:16,160
Speaker 2: started saving up for a down payment on the house.

956
00:41:16,360 --> 00:41:18,600
Speaker 2: I've stopped contributing to my roth Ira in order to

957
00:41:18,640 --> 00:41:21,680
Speaker 2: save up faster. Should I restart contributions with the goal

958
00:41:21,760 --> 00:41:24,640
Speaker 2: of maxing out my roth IRA again and just accept

959
00:41:24,640 --> 00:41:26,239
Speaker 2: that it will take me twice as long to build

960
00:41:26,280 --> 00:41:28,600
Speaker 2: up my down payment roughly four years. Or do I

961
00:41:28,680 --> 00:41:31,319
Speaker 2: wait to restart IRA investments until I have a down

962
00:41:31,360 --> 00:41:35,239
Speaker 2: payment saved roughly two years time. I'm working with a

963
00:41:35,280 --> 00:41:37,799
Speaker 2: single income of sixty thousand dollars a year, I'm still

964
00:41:37,840 --> 00:41:40,480
Speaker 2: getting my company wroth four ol one k match. Thank

965
00:41:40,480 --> 00:41:41,920
Speaker 2: you for any insights you can provide.

966
00:41:42,120 --> 00:41:44,480
Speaker 1: Nice, Okay, So I'll kick it off by saying, Weston,

967
00:41:44,560 --> 00:41:47,440
Speaker 1: it sounds like you are doing great, and I'm glad

968
00:41:47,440 --> 00:41:50,040
Speaker 1: to hear that. It does not sound like you're willing

969
00:41:50,080 --> 00:41:52,320
Speaker 1: to give up that four oh one k match from

970
00:41:52,360 --> 00:41:55,319
Speaker 1: your employer. That's incredibly important. Yeah, even to save up

971
00:41:55,320 --> 00:41:57,480
Speaker 1: for a down payment, It's like no, no, yeah, that's

972
00:41:57,560 --> 00:41:59,840
Speaker 1: that free money. That'd be too far. Never want to

973
00:41:59,880 --> 00:42:02,520
Speaker 1: say too, but what about the roth IRA? Should you

974
00:42:02,520 --> 00:42:06,839
Speaker 1: prioritize investing more or saving for that down payment? And

975
00:42:06,920 --> 00:42:09,360
Speaker 1: to be honest, man, this is a tough question. It's

976
00:42:09,880 --> 00:42:12,560
Speaker 1: it's truly a personal one. Like I think you could

977
00:42:12,600 --> 00:42:16,080
Speaker 1: go either way and be making a solid, solid decision,

978
00:42:16,440 --> 00:42:18,959
Speaker 1: which one though, is going to actually lead to better

979
00:42:19,000 --> 00:42:21,719
Speaker 1: financial health. It's hard to know without knowing your specifics

980
00:42:21,719 --> 00:42:24,319
Speaker 1: and knowing your motivations. But that being said, like, since

981
00:42:24,360 --> 00:42:26,439
Speaker 1: you are investing right, like you are at least getting

982
00:42:26,440 --> 00:42:30,320
Speaker 1: that employer match. Personally, I would be comfortable hitting pause

983
00:42:30,440 --> 00:42:33,920
Speaker 1: on some of the other accounts where you would be

984
00:42:34,239 --> 00:42:37,959
Speaker 1: investing additional dollars if something like purchasing a home would

985
00:42:38,040 --> 00:42:40,279
Speaker 1: be a goal of yours. I mean, and I say

986
00:42:40,280 --> 00:42:42,200
Speaker 1: that because that's something that I personally did as well.

987
00:42:42,239 --> 00:42:44,600
Speaker 1: And I feel like in retrospect is when you can

988
00:42:44,600 --> 00:42:46,680
Speaker 1: look back and say, was that a smart decision or not?

989
00:42:47,080 --> 00:42:49,680
Speaker 1: And in retrospect, had the market gone up or down?

990
00:42:49,719 --> 00:42:52,200
Speaker 1: Regardless of whether or not we're talking about housing or

991
00:42:52,239 --> 00:42:54,520
Speaker 1: the market, I think the decision that we made was

992
00:42:54,560 --> 00:42:57,960
Speaker 1: the right decision for us. It's not just about saving

993
00:42:58,000 --> 00:42:58,160
Speaker 1: for the.

994
00:42:58,160 --> 00:43:01,680
Speaker 2: Cat's when we mentioned the cliche that personal finances personal math, right,

995
00:43:01,719 --> 00:43:03,640
Speaker 2: and it's true, it is true, like it's a cliche

996
00:43:03,680 --> 00:43:05,440
Speaker 2: and it sounds silly, but it is also true that

997
00:43:05,480 --> 00:43:09,040
Speaker 2: there's aspects to well, definitely don't screw this up, or

998
00:43:09,080 --> 00:43:12,120
Speaker 2: definitely don't take on credit card credit card debt, or

999
00:43:12,160 --> 00:43:13,960
Speaker 2: definitely don't pass up on the free money to your

1000
00:43:13,960 --> 00:43:15,680
Speaker 2: four one K. But then there are other there's shades

1001
00:43:15,719 --> 00:43:18,000
Speaker 2: of grain, there's nuance right in personal finances, and this

1002
00:43:18,080 --> 00:43:19,960
Speaker 2: is one of those one of those areas where there's

1003
00:43:20,000 --> 00:43:21,719
Speaker 2: just a lot of it going on, and I think

1004
00:43:21,719 --> 00:43:24,560
Speaker 2: it's probably important Weston maybe to ask yourself a few questions.

1005
00:43:24,600 --> 00:43:28,440
Speaker 2: Maybe those questions can actually highlight your answer to this question.

1006
00:43:28,520 --> 00:43:30,759
Speaker 2: And so I would say, maybe ask yourself, like, why

1007
00:43:30,760 --> 00:43:32,479
Speaker 2: do you want to buy a home? Is it because

1008
00:43:32,480 --> 00:43:34,880
Speaker 2: you think it's a great financial decision, Because the truth

1009
00:43:34,920 --> 00:43:38,000
Speaker 2: is it probably isn't compared to investing in the market

1010
00:43:38,080 --> 00:43:40,520
Speaker 2: via a rock ra right, So if your data shows yeah,

1011
00:43:40,520 --> 00:43:42,040
Speaker 2: So if you're like, if you're saying I'm going to

1012
00:43:42,120 --> 00:43:44,520
Speaker 2: I gotta buy home because this is this is it's

1013
00:43:44,520 --> 00:43:47,160
Speaker 2: been drilled into be says childhood that this is the

1014
00:43:47,239 --> 00:43:50,960
Speaker 2: right financial move. Well, it's not going to typically lead

1015
00:43:51,000 --> 00:43:53,799
Speaker 2: to higher returns for you. Granted these past few years

1016
00:43:53,840 --> 00:43:56,640
Speaker 2: we've seen skyrocketing home prices and so you maybe feel

1017
00:43:56,719 --> 00:43:59,440
Speaker 2: left out, but that is not a typical housing market.

1018
00:43:59,680 --> 00:44:01,759
Speaker 2: So I would say if that's your reasoning, lean in

1019
00:44:01,760 --> 00:44:04,920
Speaker 2: the roth Hira direction. And then maybe another question is

1020
00:44:05,160 --> 00:44:07,319
Speaker 2: is it to buy a place that you can make

1021
00:44:07,320 --> 00:44:08,960
Speaker 2: your own in order to put down routes for ten

1022
00:44:09,000 --> 00:44:11,839
Speaker 2: plus years. Is if it's about community and staying put

1023
00:44:12,520 --> 00:44:15,759
Speaker 2: and investing in a locale, then buying home could be

1024
00:44:15,760 --> 00:44:18,200
Speaker 2: a killer lifestyle move for you, and it's unlikely to

1025
00:44:18,239 --> 00:44:20,799
Speaker 2: be a financially stupid move as well. So getting to

1026
00:44:20,840 --> 00:44:24,120
Speaker 2: the bottom of kind of the motivation behind your timeline

1027
00:44:24,200 --> 00:44:26,640
Speaker 2: and why you're trying to go in this direction. Nothing

1028
00:44:26,640 --> 00:44:28,880
Speaker 2: wrong with buying a home, it can be great. Typically,

1029
00:44:28,920 --> 00:44:32,680
Speaker 2: if you're looking for just you know, best ROI, then

1030
00:44:32,880 --> 00:44:35,120
Speaker 2: buying a home isn't the best move. But it's also

1031
00:44:35,600 --> 00:44:38,040
Speaker 2: it's also a forced method of savings for so many people.

1032
00:44:38,640 --> 00:44:41,000
Speaker 1: That's why it's like the number one asset for most

1033
00:44:41,040 --> 00:44:43,400
Speaker 1: Americans is because it's something that they have to pay towards,

1034
00:44:43,520 --> 00:44:45,520
Speaker 1: not because investment, because it's the one.

1035
00:44:45,440 --> 00:44:47,440
Speaker 2: Most people make when they actually do and they don't

1036
00:44:47,440 --> 00:44:48,640
Speaker 2: actually invest in many otherwise.

1037
00:44:48,680 --> 00:44:51,239
Speaker 1: Well, I think Weston should consider the market dynamics of

1038
00:44:51,280 --> 00:44:53,920
Speaker 1: where he lives as well, and so western like, if

1039
00:44:53,960 --> 00:44:57,120
Speaker 1: you're in San Jose, California, for instance, well, renting is

1040
00:44:57,160 --> 00:45:00,200
Speaker 1: going to be a better financial move than buying for

1041
00:45:00,320 --> 00:45:03,239
Speaker 1: almost everyone out there, because the gap between rents and

1042
00:45:03,320 --> 00:45:06,120
Speaker 1: a monthly mortgage amount is insane. Out there. But let's

1043
00:45:06,120 --> 00:45:10,160
Speaker 1: say you are in Montgomery, Alabama, Well, buying is going

1044
00:45:10,200 --> 00:45:13,319
Speaker 1: to be a much easier decision. It actually turns out

1045
00:45:13,360 --> 00:45:16,799
Speaker 1: so western. He's in Salt Lake City, which is surprising. Well,

1046
00:45:16,840 --> 00:45:19,359
Speaker 1: I don't want to say surprising, but they're experiencing a

1047
00:45:19,360 --> 00:45:21,880
Speaker 1: bit of a renaissance, and so I'm not surprised, are

1048
00:45:21,920 --> 00:45:25,120
Speaker 1: you not? You've never been out there before? Based on

1049
00:45:25,160 --> 00:45:27,960
Speaker 1: what I've seen, the data shows that the difference out

1050
00:45:27,960 --> 00:45:30,400
Speaker 1: there in Salt Lake City, in your your market rent

1051
00:45:30,520 --> 00:45:33,239
Speaker 1: versus what you could be paying towards a mortgage is

1052
00:45:33,280 --> 00:45:36,319
Speaker 1: pretty significant. It's something like three thousand dollars a month

1053
00:45:36,360 --> 00:45:40,840
Speaker 1: in mortgage costs verse sixteen hundred dollars ish in rent

1054
00:45:40,840 --> 00:45:44,480
Speaker 1: for a tepal median amount for median amount exactly. And

1055
00:45:44,520 --> 00:45:46,759
Speaker 1: then not to mention the additional cost of owning a home,

1056
00:45:47,080 --> 00:45:49,080
Speaker 1: You've got to factor that in as well, not only

1057
00:45:49,120 --> 00:45:51,239
Speaker 1: maintenance costs, but then typically when you buy a place,

1058
00:45:51,280 --> 00:45:53,680
Speaker 1: you're looking to outfit it, make it look maybe a

1059
00:45:53,680 --> 00:45:56,000
Speaker 1: little bit better than the old apartment used to to be.

1060
00:45:56,120 --> 00:45:57,879
Speaker 1: So just the water heater goes could put it in boom,

1061
00:45:57,880 --> 00:45:59,759
Speaker 1: you got it. So we're not trying to shoot it

1062
00:45:59,800 --> 00:46:01,800
Speaker 1: down and shoot down the idea of you buying a home.

1063
00:46:02,200 --> 00:46:04,319
Speaker 1: But this is all important data to keep in mind

1064
00:46:04,320 --> 00:46:05,200
Speaker 1: as well, for sure.

1065
00:46:05,440 --> 00:46:08,080
Speaker 2: So the New York Times actually has this killer calculator

1066
00:46:08,080 --> 00:46:11,040
Speaker 2: where you can put a bunch of info, specific information

1067
00:46:11,120 --> 00:46:13,560
Speaker 2: about your market, your situation, And I would check that

1068
00:46:13,600 --> 00:46:15,839
Speaker 2: calculator out because I think it can at least help

1069
00:46:15,880 --> 00:46:19,400
Speaker 2: provide some more data to inform you on your decision

1070
00:46:19,400 --> 00:46:19,960
Speaker 2: moving forward.

1071
00:46:20,160 --> 00:46:23,040
Speaker 1: For everyone else out there who doesn't live in Slix, yeah, exactly,

1072
00:46:23,120 --> 00:46:25,919
Speaker 1: or Montgomery, Alabama for San Jose. That's right, that's right.

1073
00:46:26,160 --> 00:46:27,960
Speaker 2: And I don't necessarily want to give a cop out

1074
00:46:28,000 --> 00:46:30,759
Speaker 2: answer here, but maybe, just maybe you go the fifty

1075
00:46:30,760 --> 00:46:32,600
Speaker 2: to fifty route, right, you stick three thousand bucks in

1076
00:46:32,600 --> 00:46:34,880
Speaker 2: your roth IRA each year you add the rest to

1077
00:46:34,920 --> 00:46:38,160
Speaker 2: your down payment fund, your your savings account, saving up

1078
00:46:38,160 --> 00:46:40,760
Speaker 2: for that eventual home purchase. That way, you're getting closer

1079
00:46:40,800 --> 00:46:43,160
Speaker 2: to your home ownership goal. But you're also not missing

1080
00:46:43,160 --> 00:46:45,360
Speaker 2: out on years of investing in one of the absolute

1081
00:46:45,400 --> 00:46:48,319
Speaker 2: best retirement accounts that Matt and I love. And by

1082
00:46:48,320 --> 00:46:51,160
Speaker 2: the way, you could always pull out contributions from that

1083
00:46:51,320 --> 00:46:54,879
Speaker 2: ROTH for the home purchase, for that down payments. It's

1084
00:46:54,920 --> 00:46:57,680
Speaker 2: not smart to bank on that. Given your timeline, you

1085
00:46:57,680 --> 00:46:59,400
Speaker 2: don't want to invest that money and then in two

1086
00:46:59,480 --> 00:47:01,359
Speaker 2: years time have less money than you started off with.

1087
00:47:01,440 --> 00:47:03,719
Speaker 2: That's not ideal, right, But just to know that you

1088
00:47:03,719 --> 00:47:05,799
Speaker 2: can pull some of that money out if like the

1089
00:47:05,800 --> 00:47:09,239
Speaker 2: perfect situation comes along, I think should provide some peace

1090
00:47:09,239 --> 00:47:09,879
Speaker 2: of mind as well.

1091
00:47:10,000 --> 00:47:11,960
Speaker 1: Yeah, that's a way to have your cake and eat

1092
00:47:12,000 --> 00:47:13,640
Speaker 1: it as well. I feel like that's something that's how

1093
00:47:13,680 --> 00:47:16,360
Speaker 1: I would approach it if it were you. Well, hyperdection. Yeah,

1094
00:47:16,360 --> 00:47:17,840
Speaker 1: all right, let's get to our last one. This was

1095
00:47:17,920 --> 00:47:21,279
Speaker 1: from Marla and she says that the holiday season is

1096
00:47:21,360 --> 00:47:23,920
Speaker 1: upon us. I'm starting to think through gifts. I'd love

1097
00:47:24,000 --> 00:47:27,759
Speaker 1: to start incorporating more non traditional gifts like experiences, donations,

1098
00:47:27,960 --> 00:47:32,080
Speaker 1: homemade gifts, or gifts with sentimental value. Basically, I'm sick

1099
00:47:32,120 --> 00:47:35,000
Speaker 1: of giving people more meaningless stuff. All my siblings are

1100
00:47:35,040 --> 00:47:37,600
Speaker 1: adults in their twenties and thirties, and my parents are

1101
00:47:37,640 --> 00:47:42,120
Speaker 1: empty nesters who are downsizing ideas. Is what she asks for.

1102
00:47:42,680 --> 00:47:45,120
Speaker 2: To take a page out of Matt's book, take get

1103
00:47:45,120 --> 00:47:48,000
Speaker 2: headshots made of yourself and get wallet's sized photos printed,

1104
00:47:48,000 --> 00:47:49,319
Speaker 2: and then hand them out to everybody you love.

1105
00:47:49,600 --> 00:47:52,440
Speaker 1: It would be novel at the very least, but what

1106
00:47:52,480 --> 00:47:55,280
Speaker 1: are you in kindergarten? I do like this goal because,

1107
00:47:55,320 --> 00:47:57,520
Speaker 1: like when you're an adult, like we pretty much we

1108
00:47:57,600 --> 00:48:00,120
Speaker 1: buy our needs, We buy our once and those gifts

1109
00:48:00,160 --> 00:48:02,560
Speaker 1: that come in this time of year, they might or

1110
00:48:02,880 --> 00:48:05,960
Speaker 1: might not be something that we're thrilled to receive. And

1111
00:48:05,960 --> 00:48:07,320
Speaker 1: then on top of that, as the gift giver, we

1112
00:48:07,400 --> 00:48:09,360
Speaker 1: end up spending more than we should. We end up

1113
00:48:09,400 --> 00:48:12,640
Speaker 1: stressing ourselves out in an attempt to buy that perfect gift.

1114
00:48:13,000 --> 00:48:15,200
Speaker 1: And I think that kind of effort might be warranted

1115
00:48:15,200 --> 00:48:18,200
Speaker 1: for somebody like your significant other, but like, so, who

1116
00:48:18,239 --> 00:48:20,680
Speaker 1: you really really love, Well, I'm sure you really love

1117
00:48:20,760 --> 00:48:23,120
Speaker 1: all your family members, but somebody who you're closer with,

1118
00:48:23,320 --> 00:48:26,719
Speaker 1: but it's probably not the case for just dozens of

1119
00:48:27,040 --> 00:48:29,000
Speaker 1: family members that feels sleep in the same bed with them.

1120
00:48:29,040 --> 00:48:31,400
Speaker 1: You might want to stress out a lots exactly in

1121
00:48:31,440 --> 00:48:34,279
Speaker 1: that case, put forth a little more effort. And it's

1122
00:48:34,320 --> 00:48:36,600
Speaker 1: not even it's your dog, It's not about effort. The

1123
00:48:36,640 --> 00:48:40,120
Speaker 1: fact is you just you just know more about someone

1124
00:48:40,880 --> 00:48:43,200
Speaker 1: like your spouse or your partner, your significant other, your

1125
00:48:43,200 --> 00:48:45,840
Speaker 1: boyfriend or girlfriend. You're gonna know more about them and

1126
00:48:45,840 --> 00:48:47,319
Speaker 1: what it is that they want and what they need

1127
00:48:47,560 --> 00:48:49,840
Speaker 1: as opposed to more distant family members. It's just the

1128
00:48:49,920 --> 00:48:52,840
Speaker 1: reality of the limited time that we have. It's difficult

1129
00:48:52,880 --> 00:48:56,240
Speaker 1: to find the absolute perfect gift for all of those folks.

1130
00:48:56,239 --> 00:48:58,600
Speaker 1: Our cats sleep in our bed that they curl up

1131
00:48:58,600 --> 00:49:00,000
Speaker 1: with Emily. I don't know how y'all do that.

1132
00:49:00,080 --> 00:49:02,440
Speaker 2: It's really well, I don't. They don't curl up with me.

1133
00:49:02,520 --> 00:49:04,320
Speaker 2: They curled with Emily. We got a king size, so

1134
00:49:04,360 --> 00:49:06,160
Speaker 2: there's plenty of room, but like they just like they're

1135
00:49:06,200 --> 00:49:08,239
Speaker 2: all upon her like white on rice. Still even though

1136
00:49:08,239 --> 00:49:09,440
Speaker 2: they sleep in our bed and we're not getting them

1137
00:49:09,440 --> 00:49:12,400
Speaker 2: any Sorry, sorry Keillys, but yeah, I think coming to

1138
00:49:12,440 --> 00:49:13,759
Speaker 2: a creative solution makes more sense.

1139
00:49:13,840 --> 00:49:13,960
Speaker 1: Right.

1140
00:49:14,560 --> 00:49:16,600
Speaker 2: I'm not sure if your family lives close by, Marla,

1141
00:49:16,719 --> 00:49:18,919
Speaker 2: but you know, our thing for a number of years

1142
00:49:18,960 --> 00:49:21,719
Speaker 2: was to buy someone like a local experience. So this

1143
00:49:21,920 --> 00:49:24,520
Speaker 2: was like a siblings and their spouse sort of gift.

1144
00:49:24,800 --> 00:49:26,200
Speaker 2: And so whether that was a gift card to a

1145
00:49:26,239 --> 00:49:28,600
Speaker 2: restaurant they've never been to, or tickets to a play

1146
00:49:28,719 --> 00:49:31,200
Speaker 2: or a sporting event, but it was like, hey, take

1147
00:49:31,239 --> 00:49:33,120
Speaker 2: advantage of this cool local thing that you might not

1148
00:49:33,200 --> 00:49:36,080
Speaker 2: otherwise do, but we're going to as a Christmas gift,

1149
00:49:36,080 --> 00:49:39,120
Speaker 2: like incentivize you to go take advantage of this cool

1150
00:49:39,120 --> 00:49:41,680
Speaker 2: local happening. And now we just have a sibling dinner

1151
00:49:41,680 --> 00:49:43,320
Speaker 2: where we all get together one night in December.

1152
00:49:43,400 --> 00:49:43,799
Speaker 1: I love that.

1153
00:49:44,000 --> 00:49:46,279
Speaker 2: Yeah, it's like time together without anyone having to host

1154
00:49:46,360 --> 00:49:48,600
Speaker 2: or clean up that. That's kind of what we've decided

1155
00:49:48,640 --> 00:49:52,640
Speaker 2: on is best. But this like location where that makes

1156
00:49:52,680 --> 00:49:54,840
Speaker 2: great cocktails or something like that. That's that feels like

1157
00:49:54,880 --> 00:49:57,000
Speaker 2: the best approach for us, and that's something we settled on.

1158
00:49:57,000 --> 00:49:59,080
Speaker 2: It's like we pay our own way, but we we

1159
00:50:00,000 --> 00:50:03,439
Speaker 2: prioritize kind of time together that we otherwise normally don't

1160
00:50:03,480 --> 00:50:05,759
Speaker 2: get in that way. Yeah, I like that a lot,

1161
00:50:05,800 --> 00:50:09,640
Speaker 2: because what you're doing is prioritizing relationship as opposed to consumption,

1162
00:50:09,840 --> 00:50:12,400
Speaker 2: which is I think can be the I don't know,

1163
00:50:12,520 --> 00:50:14,799
Speaker 2: like the biggest factor when it comes to feeling like

1164
00:50:14,800 --> 00:50:17,360
Speaker 2: you're receiving or giving sort of meaningless gifts.

1165
00:50:17,400 --> 00:50:21,480
Speaker 1: We're consuming cocktails and food, food and drink. That's necessary.

1166
00:50:22,080 --> 00:50:25,360
Speaker 1: I wanted to share a few other mentions there in

1167
00:50:25,360 --> 00:50:27,680
Speaker 1: the Facebook group, but Caine he mentioned that the fam

1168
00:50:27,800 --> 00:50:30,160
Speaker 1: is renting a house together. I feel like that is

1169
00:50:30,320 --> 00:50:32,000
Speaker 1: similar to what it is that y'all do. We know

1170
00:50:32,080 --> 00:50:34,040
Speaker 1: that we're all getting together. You're kind of renting a

1171
00:50:34,040 --> 00:50:37,839
Speaker 1: space together. You're basically spending on quality time together. That's

1172
00:50:37,840 --> 00:50:39,680
Speaker 1: actually something we did from my parents last Christmas. We

1173
00:50:39,719 --> 00:50:41,480
Speaker 1: were like one a week in they've got everything, and

1174
00:50:41,560 --> 00:50:43,360
Speaker 1: so we were like, let's just buy a long weekend

1175
00:50:43,440 --> 00:50:46,240
Speaker 1: in the mountains and at this cabin it was like perfect,

1176
00:50:46,320 --> 00:50:48,480
Speaker 1: we have to take a page of y'all's book for

1177
00:50:48,960 --> 00:50:50,879
Speaker 1: and we all have to enjoy prison folks this year.

1178
00:50:51,239 --> 00:50:54,520
Speaker 1: But another one met Megan. She mentioned cocktail ingredients with

1179
00:50:54,560 --> 00:50:57,520
Speaker 1: a recipe attached. This is something that we've done and

1180
00:50:57,560 --> 00:50:59,319
Speaker 1: where we've passed it out to neighbors before. We've done

1181
00:50:59,320 --> 00:51:02,160
Speaker 1: a cocktail ingreden before, we've done like a spice blend,

1182
00:51:02,239 --> 00:51:05,480
Speaker 1: like a spice mix nice on, like homemade bitters before too,

1183
00:51:05,800 --> 00:51:08,600
Speaker 1: We've done a lot of these more kind of diy

1184
00:51:08,800 --> 00:51:13,200
Speaker 1: homemade hay and crafted sort of gifts. What are your

1185
00:51:13,200 --> 00:51:15,800
Speaker 1: thoughts on people passing out like cookies like baked goods,

1186
00:51:16,920 --> 00:51:18,040
Speaker 1: all about pies? Cakes?

1187
00:51:18,440 --> 00:51:21,080
Speaker 2: Are you if you bring me cookies, I'll eat them.

1188
00:51:21,160 --> 00:51:25,200
Speaker 1: Isn't that the food equivalent of Chatsky's that people are

1189
00:51:25,239 --> 00:51:27,640
Speaker 1: just giving without even thinking about it. That's how good

1190
00:51:27,640 --> 00:51:31,279
Speaker 1: you are making cookies, I guess because it's okay. I

1191
00:51:31,280 --> 00:51:33,279
Speaker 1: don't want to sound like a grinch or anything like that,

1192
00:51:33,360 --> 00:51:35,600
Speaker 1: but it's the fact that you are receiving all of

1193
00:51:35,600 --> 00:51:37,800
Speaker 1: these sweets and baked goods and cookies all at the

1194
00:51:37,840 --> 00:51:40,399
Speaker 1: same time. And for somebody like me who hates seeing

1195
00:51:40,440 --> 00:51:43,759
Speaker 1: food go to waste, I find myself eating all of

1196
00:51:43,800 --> 00:51:49,360
Speaker 1: these sweets and a cookie. It's not providing you much nutrition. Yeah,

1197
00:51:49,600 --> 00:51:52,520
Speaker 1: it's I always find myself just feeling terrible around the

1198
00:51:52,560 --> 00:51:54,799
Speaker 1: holidays because I'm eating all of this stuff as what

1199
00:51:54,880 --> 00:51:57,920
Speaker 1: I need to do. Truly, just sick in the freezer.

1200
00:51:58,000 --> 00:51:59,560
Speaker 1: I get. The problem is you keep it on those

1201
00:52:00,120 --> 00:52:01,960
Speaker 1: the counter, it starts getting a little bit old, and

1202
00:52:02,200 --> 00:52:03,759
Speaker 1: at that point you feel like you can't put it

1203
00:52:03,760 --> 00:52:05,400
Speaker 1: in the freezer. Yeah, and so you go ahead and

1204
00:52:05,440 --> 00:52:07,000
Speaker 1: just like in my case, I just down it and

1205
00:52:07,920 --> 00:52:09,000
Speaker 1: consume it. Yeah.

1206
00:52:09,360 --> 00:52:10,960
Speaker 2: I think if that's your love language, if like you're

1207
00:52:11,000 --> 00:52:13,640
Speaker 2: great at making cookies, no, hey, I mean bring them

1208
00:52:13,680 --> 00:52:15,600
Speaker 2: to my doorstep. Yep, I think it's I think it's great,

1209
00:52:15,600 --> 00:52:17,120
Speaker 2: and I don't have the same qualms Matt does.

1210
00:52:17,719 --> 00:52:20,319
Speaker 1: I will consume your cookies. It's a great it It just

1211
00:52:20,320 --> 00:52:22,320
Speaker 1: fosters community as well as I don't cross fit like you.

1212
00:52:22,440 --> 00:52:24,600
Speaker 1: I want folks going door to door like that and

1213
00:52:24,680 --> 00:52:27,000
Speaker 1: ye entering into each other's lives. You got carol and

1214
00:52:27,000 --> 00:52:28,480
Speaker 1: sing me a song when you drop them home. Yeah,

1215
00:52:28,560 --> 00:52:30,799
Speaker 1: do it or I won't accept it. I love actually stuff.

1216
00:52:32,239 --> 00:52:34,560
Speaker 2: At Amy on the Facebook group, she said the white elephant.

1217
00:52:34,719 --> 00:52:37,480
Speaker 2: Obviously that's a classic instead of and you can get

1218
00:52:37,520 --> 00:52:39,400
Speaker 2: something around your house, right that's already kind of goofy,

1219
00:52:39,480 --> 00:52:41,800
Speaker 2: maybe unopened or something like that. We've actually got like

1220
00:52:41,840 --> 00:52:43,800
Speaker 2: a small box of white Elephant gifts that we reuse

1221
00:52:43,800 --> 00:52:45,440
Speaker 2: every year. So that can be a great thing. No

1222
00:52:45,600 --> 00:52:47,600
Speaker 2: need to buy anything, but it adds a lot of fun,

1223
00:52:48,080 --> 00:52:49,920
Speaker 2: fun element to the holiday vibes.

1224
00:52:50,280 --> 00:52:52,560
Speaker 1: Jessica said an escape.

1225
00:52:52,360 --> 00:52:54,720
Speaker 2: Room hang is like what she does with her family,

1226
00:52:54,840 --> 00:52:56,439
Speaker 2: and I was like, I've never done an escape room,

1227
00:52:56,440 --> 00:52:57,800
Speaker 2: but maybe I need to do that with my family.

1228
00:52:57,800 --> 00:53:01,040
Speaker 2: Maybe it's a bonding experience. And she'll an ornament exchange.

1229
00:53:01,040 --> 00:53:02,200
Speaker 2: I thought that was cool. Maybe you had to make

1230
00:53:02,200 --> 00:53:04,480
Speaker 2: an ornament or something like that. And then Amanda she

1231
00:53:04,560 --> 00:53:07,399
Speaker 2: mentioned a museum membership, and I think memberships are actually

1232
00:53:07,440 --> 00:53:11,080
Speaker 2: a killer gift. Oh we've done my parents or My

1233
00:53:11,080 --> 00:53:13,440
Speaker 2: grandma usually does that for our family every year. It's

1234
00:53:13,440 --> 00:53:15,760
Speaker 2: like whether it's the Botanical Gardens or it's the zoo

1235
00:53:16,160 --> 00:53:17,839
Speaker 2: or the High Museum of Art or something like that.

1236
00:53:17,880 --> 00:53:20,480
Speaker 2: It's always every year it's a different membership and so

1237
00:53:20,520 --> 00:53:22,879
Speaker 2: we get to like go to that four or five

1238
00:53:22,920 --> 00:53:24,920
Speaker 2: times over the course of the year. We get our

1239
00:53:24,920 --> 00:53:27,239
Speaker 2: money's worth or my grandma's money's worth, and it's just

1240
00:53:27,360 --> 00:53:29,120
Speaker 2: it's one of the best gifts that we get excited

1241
00:53:29,160 --> 00:53:31,719
Speaker 2: about about opening. It doesn't have any clutter, but it

1242
00:53:31,760 --> 00:53:35,399
Speaker 2: gives our family a lot of experience, this experiential joy.

1243
00:53:35,080 --> 00:53:37,520
Speaker 1: Totally, and not only for kids, like it's certainly great

1244
00:53:37,560 --> 00:53:40,440
Speaker 1: for kids, but even folks out there who don't have kids.

1245
00:53:40,440 --> 00:53:42,400
Speaker 1: It's just a great, like affordable way. Once you have

1246
00:53:42,400 --> 00:53:44,040
Speaker 1: that membership, you can go as many times as you want.

1247
00:53:44,080 --> 00:53:47,480
Speaker 1: Oh yeah, and you're not feeling sucked into say, oh,

1248
00:53:47,560 --> 00:53:49,799
Speaker 1: let's go down and see the dumb movie that's in

1249
00:53:49,840 --> 00:53:53,160
Speaker 1: the theater because why not. Well maybe instead you could

1250
00:53:53,160 --> 00:53:55,000
Speaker 1: go to this other thing that has already been paid for.

1251
00:53:55,120 --> 00:53:58,440
Speaker 1: Yeah yeah, exactly, good cost saving measure as well. But uh,

1252
00:53:58,560 --> 00:54:02,720
Speaker 1: you know, some donations, like donating to a charitable organization

1253
00:54:02,760 --> 00:54:05,200
Speaker 1: that's something that some extended family actually used to do

1254
00:54:05,239 --> 00:54:08,800
Speaker 1: as well. Was it what was the micro loan organization

1255
00:54:09,080 --> 00:54:12,359
Speaker 1: Kiva Kiva loans or something like that. For a while

1256
00:54:12,360 --> 00:54:15,640
Speaker 1: there we were doing those. We were like, Hey, you

1257
00:54:15,680 --> 00:54:19,640
Speaker 1: just gifted this family a cow, three goats or three

1258
00:54:19,640 --> 00:54:22,279
Speaker 1: goats exactly, or the capital that they need to start

1259
00:54:22,360 --> 00:54:24,319
Speaker 1: up this small business. I think that can be another

1260
00:54:24,360 --> 00:54:26,839
Speaker 1: way to not only do good in the world and

1261
00:54:26,920 --> 00:54:29,640
Speaker 1: not only not consume, but finding a way to tie

1262
00:54:29,719 --> 00:54:32,160
Speaker 1: that to whatever it is that maybe your loved one

1263
00:54:32,280 --> 00:54:34,399
Speaker 1: is interested in, like what they have, the what they

1264
00:54:34,440 --> 00:54:36,760
Speaker 1: have interests and could go along with I love goats

1265
00:54:36,800 --> 00:54:40,080
Speaker 1: as well. All right, let's get back to the beer

1266
00:54:40,320 --> 00:54:42,560
Speaker 1: that you and I enjoyed. This was a Green Flowers

1267
00:54:42,680 --> 00:54:45,520
Speaker 1: by Other Half. This one was donated to the show

1268
00:54:45,520 --> 00:54:48,399
Speaker 1: by Jason. Like I mentioned before, it's a double dry

1269
00:54:48,400 --> 00:54:50,879
Speaker 1: hopped West Coast I pa, what were your thoughts?

1270
00:54:51,000 --> 00:54:53,200
Speaker 2: Okay, So this one almost felt like a combo between

1271
00:54:53,239 --> 00:54:56,279
Speaker 2: a Hoppy Pills and a West Coast IPA because it

1272
00:54:56,320 --> 00:54:59,720
Speaker 2: almost had like this this Cleanish vibe in the beginning,

1273
00:54:59,800 --> 00:55:02,000
Speaker 2: so clean, yeah, so grassy.

1274
00:55:02,120 --> 00:55:04,160
Speaker 1: It was like a super like it. Like what I

1275
00:55:04,160 --> 00:55:06,680
Speaker 1: wrote down was that it almost had like fresh hop

1276
00:55:06,920 --> 00:55:10,879
Speaker 1: IPA one hundreds going on because green flowers doesn't hurt

1277
00:55:10,920 --> 00:55:12,799
Speaker 1: as well, because it just makes you think.

1278
00:55:12,719 --> 00:55:15,680
Speaker 2: You're imagining, Yeah, you're imagining those hops throwing on the vine,

1279
00:55:15,719 --> 00:55:18,360
Speaker 2: just freshly picked, and it has that fresh hot vibe.

1280
00:55:18,440 --> 00:55:20,719
Speaker 2: But it also it has some of that West Coast

1281
00:55:20,760 --> 00:55:23,000
Speaker 2: bitter bitterness without being over the top, like just that

1282
00:55:23,200 --> 00:55:27,080
Speaker 2: touch of West Coast ipa bitterness, not the full mouthfield

1283
00:55:27,120 --> 00:55:29,840
Speaker 2: juicy vibe that you get from the typical other IPI.

1284
00:55:29,920 --> 00:55:32,880
Speaker 1: Not overly pithy, not overly piny, very green.

1285
00:55:33,040 --> 00:55:35,279
Speaker 2: These guys are not known for West Coast IPAs, and

1286
00:55:35,360 --> 00:55:38,200
Speaker 2: West Coast IPAs are not typically my jam. But if they,

1287
00:55:38,239 --> 00:55:39,839
Speaker 2: if more of them tasted like this, I would drink

1288
00:55:39,840 --> 00:55:40,440
Speaker 2: them more frequently.

1289
00:55:40,480 --> 00:55:42,440
Speaker 1: I would be all about it. I loved it as well. Yeah,

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00:55:42,520 --> 00:55:44,120
Speaker 1: glad you and I got to enjoy this one. Will

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00:55:44,120 --> 00:55:46,520
Speaker 1: make sure to link to some of the different resources,

1292
00:55:46,840 --> 00:55:50,959
Speaker 1: whether it's projection Lab, that online calculator, or Lily, which

1293
00:55:51,080 --> 00:55:53,440
Speaker 1: was the best business checking account that we've come across.

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00:55:53,480 --> 00:55:55,080
Speaker 1: We'll leak to all that in our show notes for

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00:55:55,200 --> 00:55:58,399
Speaker 1: this episode up at howdomoney dot com. No doubt, all right, Matt,

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00:55:58,400 --> 00:56:00,000
Speaker 1: that's gonna do it for this episode until next time.

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00:56:00,480 --> 00:56:02,839
Speaker 1: Best Friends Out, best Friends Out,