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Speaker 1: Welcome to Out of Money.

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Speaker 2: I'm Joel, I am mat and today we're gonna answer

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Speaker 2: some of your listener questions.

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Speaker 1: Jill, it's always a great Monday when we can hear

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Speaker 1: directly from some of our listeners, some of our favorite listeners. Actually,

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Speaker 1: we'll get to how that's the how that's the case

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Speaker 1: during this episode. But we're gonna take a credit card

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Speaker 1: question from a team and this is a teenager who

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Speaker 1: doesn't want to ruin his chances to purchase a home.

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Speaker 2: A teenager, it's more mature than most teenagers. I'd say

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Speaker 2: to one more mature than I was at his age.

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Speaker 2: We'll get to that one. We're gonna talk about term

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Speaker 2: life insurance. It's kind of like a like a life

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Speaker 2: insurance primer of sorts. We're gonna talk about when you

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Speaker 2: don't need it, when you do need it. We're gonna

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Speaker 2: talk about securities lending and whether or not that's something

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Speaker 2: that we're fans of. Yeah, that's and plenty more during our.

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Speaker 1: Episode today, Buddy, a lot of fun ones quick, real quick.

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Speaker 2: I wanted to mention something we've talked about, the buy once,

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Speaker 2: cry once movement and the fact that hey buying something.

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Speaker 1: It's gonna last longer. Darn tough socks. Yeah, buy for life.

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Speaker 2: That's kind of the staplehole thing that we reference this

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Speaker 2: Darn tough socks. But there are a lot of other

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Speaker 2: brands and companies that you might kind of put in

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Speaker 2: this vein as well, whether it's just a retailer with

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Speaker 2: a good return policy or a specific brand that says, hey,

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Speaker 2: we're gonna stand behind this with like a superior warranty.

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Speaker 2: We're gonna create stuff that last a whole lot longer.

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Speaker 2: There's this like European cell phonemaker.

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Speaker 1: Do you remember what are they called? Do you remember that?

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Speaker 1: That would I don't know. It's easier to repair, to

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Speaker 1: replace the scroll. Oh, oh the gosh, what's that called?

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Speaker 1: I really yeah, we'll look it up. We'll put it

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Speaker 1: in this like a Lego phone. Yeah. Like that's less

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Speaker 1: about the quality and more about resisting planned opso lessons.

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Speaker 1: The fact that you can go in there tinker with it, remove. Oh,

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Speaker 1: I'm gonna upgrade the camera now, drink, drink. It's like that.

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Speaker 1: It's like the Big Monster truck racing game on It's

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Speaker 1: back back in the nineties and you could upgrade your

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Speaker 1: your tires. I'm gonna get a bigger engine, better suspension.

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Speaker 1: You know the game I'm talking about. What was they called?

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Speaker 1: I don't remember, and that's called cognitive declimb, my friend,

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Speaker 1: I can't remember anything anymore.

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Speaker 2: But what I wanted to highlight was a brand in

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Speaker 2: particular that I hadn't really thought about much. And but

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Speaker 2: Speed Queen washers and dryers. Yeah, you've you've heard about

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Speaker 2: Speed Queen, right.

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Speaker 1: I don't have personal experience with them. I've just seen

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Speaker 1: pictures of them. They're like, like they are these very boxy,

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Speaker 1: industrial looking, tough mofo washer and dryers.

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Speaker 2: They do not look sexy in any way former fashion.

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Speaker 2: And the only reason that it came to my mind

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Speaker 2: was I was staying at my friend owns an Airbnb,

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Speaker 2: and I stated at his house a Speed Queen.

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Speaker 1: He has speA.

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Speaker 2: Queens, and he got Speed Queens the Great Wood experiment

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Speaker 2: as well, and that you out to see how they are.

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Speaker 2: So he got Speak Queens for two reasons. One, they

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Speaker 2: apparently do the laundry a lot faster, and so he

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Speaker 2: has to pay the cleaning crew less money because thus

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Speaker 2: Speed Queen they're finished quicker, right, since so it's faster.

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Speaker 2: Then secondarily, the warranty is insane on those things. I

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Speaker 2: think it's like seven years for a speakqueen to washer

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Speaker 2: and dryer, and then I and that includes the service

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Speaker 2: technician coming out to your house to hurt some labor. Yep,

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Speaker 2: the whole kid koboodle. So it's one of those things.

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Speaker 2: But I looked up the price. I was like, oh

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Speaker 2: my gosh, it's like twenty five hundred bucks for the pair.

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Speaker 1: Oh my gosh. So it's expensive, Oh for the pair. Yeah,

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Speaker 1: that's better.

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Speaker 2: But this is the kind of thing where and maybe

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Speaker 2: you could, I don't know, get some used on Facebook

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Speaker 2: marketplace and you're like, great, these things are going to

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Speaker 2: stand the test of time. My guess is if there's

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Speaker 2: a seven If these things come with a seven year warranty,

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Speaker 2: and from everything I've been able to read, they're gonna

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Speaker 2: last something like three times longer than the average washer

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Speaker 2: and dryer. So that's just one more place where you

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Speaker 2: can look, I think too, especially if you're in the

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Speaker 2: market for a washer and dryer right now, buying the

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Speaker 2: right thing, spending more upfront, and then saying this is

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Speaker 2: something I won't have to deal with for hopefully decades

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Speaker 2: to come.

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Speaker 1: Yeah, I like that and are you also drawn to

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Speaker 1: the fact that it's made in the US. I was

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Speaker 1: actually surprised to see. I did a quick search because

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Speaker 1: I was wondering how many other brains are made in

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Speaker 1: the US, and I was surprised to see that. Ge

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Speaker 1: they've got a big factory up in Kentucky, so speak queen.

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Speaker 1: They're made up in Wisconsin. So it's kind of got

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Speaker 1: that American exceptionalism baked into it to sell to the

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Speaker 1: earth Midwesterners creating those speed queens. Uh, that's not what

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Speaker 1: we have at our house. I've gotten I've got LG

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Speaker 1: or something to me. I've got one of the ones

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Speaker 1: that play the music. That's that's what I have. It

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Speaker 1: plays music. Yeah, dude, that seems unnecessary. It's very your

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Speaker 1: speaking's Japanese and they don't play music like it's a

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Speaker 1: same it's either a same sung or LG. But you

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Speaker 1: turn it on and he does the don okay, And

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Speaker 1: anyone who has my washer driver knows exactly the song

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Speaker 1: that I'm singing right now. That's when you change the thing.

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Speaker 2: I mean, mine's got like little but it doesn't play

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Speaker 2: like music or anything, but but it's got a little

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Speaker 2: ring tone.

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Speaker 1: Tony sort of thing like at the end, Yeah, at

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Speaker 1: the end of the cycle as well, plays a little

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Speaker 1: ditty for you.

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Speaker 2: Yeah, a little baby and annoying if it's going off

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Speaker 2: when you're trying to fall asleep. But the I think

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Speaker 2: that this is just a good remindered folks. Yes, check

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Speaker 2: out checkout speed Queen. Not it's not always about going

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Speaker 2: for the absolute cheapest.

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Speaker 1: I don't know one, but if I if my go dead,

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Speaker 1: that might be the next thing. Totally consider it. Yeah,

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Speaker 1: the ones we have is just because we inherited it

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Speaker 1: when we purchase the house. It's what was already in there.

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Speaker 1: Same question. You've got a front loader, uh huh, right,

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Speaker 1: so one of the which typically they don't those don't

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Speaker 1: last as long as well, and when they don't do

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Speaker 1: a good job cleaning. Because it's funny. It's funny you

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Speaker 1: mentioned the speed Queen and how you got to try

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Speaker 1: this out, like than the Airbnb. Anytime I've used a

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Speaker 1: front load washer at an Airbnb, I swear they never Yeah,

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Speaker 1: it's like they don't rinse as well. It just smells

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Speaker 1: like detergent. Have you found that to be the case

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Speaker 1: or you're kind of like mine's mine's fine.

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Speaker 2: Good it's fine, but like I will say, they break

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Speaker 2: down a whole lot more because of the I think

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Speaker 2: you know, the way the drum is and stuff. This

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Speaker 2: is coming from a guy who really doesn't know what

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Speaker 2: he's talking about right.

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Speaker 1: Now, but from what it opens sideways, I mean, yeah, exactly,

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Speaker 1: the toploaders just do better, do a better job. Naturally.

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Speaker 2: It's like we got these these these improved appliances that

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Speaker 2: use less water, and then what happens is they breakdown

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Speaker 2: five years sooner. So the trade off wasn't worth it.

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Speaker 1: The design principle behind putting a door that's side facing

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Speaker 1: asn't put James and the Giant peach. They didn't go

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Speaker 1: out the side door. What door do they go out?

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Speaker 1: When they suspected that they were bobbing out on the

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Speaker 1: oceans right up the tip, they climbed up the top

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Speaker 1: virtually or almost. You guys just read that book Vertical. Yeah,

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Speaker 1: we're going through all that. We just as and I

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Speaker 1: just read that. Yeah.

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Speaker 2: Yeah, it's so good, it's so classic. I'm like the

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Speaker 2: biggest rolled dolph In of all time. All Right, we

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Speaker 2: should probably take listen our questions. Well, first let's mention

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Speaker 2: the beer we were having today.

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Speaker 1: This one's called Doom Volume.

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Speaker 2: It's by the Veil Awesome Brewery out of Virginia, I believe,

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Speaker 2: and we'll give our thoughts on this one at the

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Speaker 2: end of the episode. If you have a money question,

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Speaker 2: we'd love to hear from you, just Got to Have

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Speaker 2: Money dot com, slash ask, or do the simple task

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Speaker 2: of recording that question and emailing it over to us.

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Speaker 2: We would love to take your question, hopefully next week

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Speaker 2: on the pod. But let's kick it off. Let's get

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Speaker 2: to a question now about maybe a prompt you've received

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Speaker 2: inside of your investing app and whether or not you

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Speaker 2: should follow through and make it happen.

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Speaker 3: Hey, the Matt and Joel, this is our best friend

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Speaker 3: Wayne from Philadelphia contacting you with yet another question.

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Speaker 4: So.

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Speaker 5: I have a roth Ira account open with m one

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Speaker 5: and recently I noticed that I had a interest payment.

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Speaker 5: I did a little digging and found out that m

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Speaker 5: one Finance has a fully paid security lending program which

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Speaker 5: they automatically sign everyone up for and that you can

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Speaker 5: opt out of. I should also note that you are

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Speaker 5: not always lending out your assets, and it seems to

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Speaker 5: be some kind of lottery system that decides whose assets

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Speaker 5: are lent out and when so onto my question. How

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Speaker 5: do you guys feel about the lending of retirement securities?

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Speaker 5: Would you opt out or would you stay involved? Apparently

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Speaker 5: you get ten percent of any of the profits they

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Speaker 5: get from the lending, which seems really on the low side,

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Speaker 5: especially since it sounds like we as the customers, are

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Speaker 5: taking the majority of the risk.

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Speaker 3: So while making this recording, I found out that Fidelity

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Speaker 3: has its own lending program. How does that compare to

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Speaker 3: M one? Are there other lending programs out there? Am

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Speaker 3: I leaving money on the table by not participating in

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Speaker 3: these types of programs? Thanks again for taking my question,

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Speaker 3: and I look forward to your answer. Best Wayne out,

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Speaker 3: Best Wayne out.

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Speaker 1: You know, Joe, I'm gonna go out on a limb

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Speaker 1: and say, Wayne, this Wayne is my favorite Wayne friend

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Speaker 1: that I have that might have you met Wayne? I RL? Well, no, okay,

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Speaker 1: but I don't know any other Wayne. You do like

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Speaker 1: he automatically gets the number one spot. Sorry, Wayne, this

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Speaker 1: is the competition, whether it's super super stuff, But I

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Speaker 1: feel like I would also be friends with Wayne irl

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Speaker 1: and also means that this Wayne is easily going to

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Speaker 1: get bumped if you do meet someone IRL. No, no

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Speaker 1: this Wayne. This Wayne's way cooler your top not Twain,

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Speaker 1: So no joke. I actually I just looked on my

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Speaker 1: phone and I do have a Wayne in there, but

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Speaker 1: I don't know who that is. It says it says

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Speaker 1: like Wayne, like Wayne Lania or something like that. I'm like,

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Speaker 1: I don't who the heck is this. I don't know.

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Speaker 1: Maybe the time you met Wayne Gretzky, you guys are palser. No,

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Speaker 1: it was not him, but Wayne, thank you for this question.

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Speaker 1: It's It's one that we're going to hear more and

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Speaker 1: more as brokerage firms make their customers aware of securities.

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Speaker 1: Stockland is also known as stock lending. Folks are going

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Speaker 1: to be enticed by the language they use. Right, who

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Speaker 1: doesn't want to earn more money on their investments? Why

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Speaker 1: not earn a little bit, a little, big, little, some

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Speaker 1: side money on my side.

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Speaker 2: Let me let my securities have a little side hustle

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Speaker 2: bringing me more money in right, it sounds like.

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Speaker 1: Not only are they just earning me the regular sort

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Speaker 1: of dividends, maybe I can also do some of this

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Speaker 1: on the side. Yeah, what what's not to like? What's

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Speaker 1: not to like? There are some pitfalls that we do

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Speaker 1: need to cover before we send Wayning all in on

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Speaker 1: this direction and say, yeah, lend your stocks out, no worries. Well, ye,

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Speaker 1: stock lending is available to a whole bunch of people

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Speaker 1: now and there are so many fewer hurdles to lending

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Speaker 1: out your stocks. And you know, on like some of

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Speaker 1: the riskier types of investing you can do, you don't

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Speaker 1: need to be an a credit accredited investor. So usually

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Speaker 1: there's hurdle you have to overcome, which involves a network

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Speaker 1: that you have to have, or you have to have

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Speaker 1: a super high income. That's how you're able to make

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Speaker 1: more risky types of investments. But on when it comes

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Speaker 1: to stock lending, that's not the case. You just have

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Speaker 1: to make more than twenty five thousand bucks I think

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Speaker 1: with an accredited investor it's usually two hundred and fifty thousand,

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Speaker 1: or you have to check a box on the back

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Speaker 1: end of your account saying hey, I know the risks.

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Speaker 1: And so with most of these brokerage firms who are

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Speaker 1: offering this, like getting into stock lending is easypsy anybody

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Speaker 1: can do it. But that's not necessarily a good thing, right,

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Speaker 1: you know, stock lending, it's it's kind of in some ways,

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Speaker 1: like owning a rental property. Right, the property is yours,

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Speaker 1: but you lease that property to someone for a specified

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Speaker 1: period of time, most of the time over a year

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Speaker 1: basis right, So you make a little money while you

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Speaker 1: rent to that person, but you retain ownership of the property.

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Speaker 1: And so at the end of that year you can

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Speaker 1: say you're out of here, or I'm upping rent, or

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Speaker 1: please stick around. But there are reasons that stock lending

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Speaker 1: is unlike investing in real estate. And if we're going

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Speaker 1: to give the short answer, I'm going to say, I

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Speaker 1: just don't know that I would participate. I don't know

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Speaker 1: that it's the best idea for most folks. Agreed, I

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Speaker 1: don't think it's worth the squeeze. And the reason being

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Speaker 1: is because oftentimes folks want to borrow your stocks, typically

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Speaker 1: because they want to short the stock that you own.

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Speaker 1: They're basically betting that the price for that stock is

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Speaker 1: going to go down, and if it does, as they hope,

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Speaker 1: they make some money. So do you, so everyone wins.

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Speaker 1: But if the short seller is substantially wrong, there is

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Speaker 1: a chance that you could actually lose money. Even when

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Speaker 1: lending your stocks out again, you still retain the stock

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Speaker 1: in your account while you're lending it out, but you

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Speaker 1: know this is an actual legit way to make some money.

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Speaker 1: That being said, the safety is a bit questionable, and

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Speaker 1: I think we will see this becoming a bit more

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Speaker 1: normalized with the different brokerages out there, especially ones who

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Speaker 1: are counting on I don't know that. I feel like

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Speaker 1: you tend to see it more. He mentioned Fidelity specifically

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Speaker 1: they do this, but also with Robinhood folks who are

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Speaker 1: leaning into because the other side of this securities lending,

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Speaker 1: but then you also have margin investing. That's the other

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Speaker 1: that is what is made available because of stock lending

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Speaker 1: and the part I just don't like the aspect of

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Speaker 1: it that it's all it feels like it's built on

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Speaker 1: a house of cards. Yeah, that sort of approach. I

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Speaker 1: want you to be careful.

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Speaker 2: It's not all about the passive investing approach that that

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Speaker 2: you and I are typically fans of Matt and most

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Speaker 2: of the time you'd be fine lending out your securities

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Speaker 2: ultimately under in one or Robin Hood's program or Fidelities

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Speaker 2: really whoever's. But when you look at the disclosures, it

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Speaker 2: can also raise eyebrows and so you typically encounter a

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Speaker 2: clause about risk of default. I would read that clause carefully.

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Speaker 2: Most of the time, Matt, when we're agreeing to terms

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Speaker 2: of service, we're not looking at that stuff. We just

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Speaker 2: like scroll down to the bottom and we click okay.

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Speaker 2: But Robinhood and in one they've got, by the way,

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Speaker 2: their own cash collateral in the case of an event

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Speaker 2: where there's some sort of abnormal market behavior, but even

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Speaker 2: that may not be enough to cover your losses. They

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Speaker 2: Robinhood in particular, almost didn't have enough cash during some

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Speaker 2: of the massive memestock trading where there was just incredible

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Speaker 2: volatility in specific stocks. So if you were lending out

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Speaker 2: let's say your game Stop stock, well, there was a

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Speaker 2: chance that you were gonna get screwed, you know, and

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Speaker 2: and that Robinhood wasn't going to have the collateral to

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Speaker 2: cover your losses. And so in addition, you know your

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Speaker 2: stock portfolio. It's typically ensured by the SIPC, but securities

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Speaker 2: you've lean out they're not covered, which adds more risk

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Speaker 2: to this whole endeavor. So there are risks here that

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Speaker 2: are are meaningful. And when you look at some of

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Speaker 2: the terms, it frightens me. It makes me want to

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Speaker 2: not participate well in this process.

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Speaker 1: Especially because we're not talking about making a ton of money.

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Speaker 1: If the reward was sky high, like you mentioned real estates,

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Speaker 1: you know, there is some decent money to be made

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Speaker 1: in real estate when you invest in rental properties or

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Speaker 1: just different types of real estate investing. If that was

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Speaker 1: the case here when it came to securities lending, it

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Speaker 1: might be worth the risk. But the rewards are actually

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Speaker 1: pretty paltry. We don't have personal experience, so Wayne, that

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Speaker 1: should tell you again, this reinforces our opinion that this

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Speaker 1: is not something that we recommend. But if you dig

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Speaker 1: around and you look at like, for instance, over on Reddit,

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Speaker 1: some folks have shared that with a two hundred and

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Speaker 1: fifty thousand dollars investment balance, they're making somewhere in the

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Speaker 1: neighborhood of one to two dollars a month. And so

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Speaker 1: that's the kind of conversation we're having here.

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Speaker 2: They make it sound so much better when the pop

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Speaker 2: up happens and it's like, do you want to turn

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Speaker 2: on securities lending? Like you could make money on your

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Speaker 2: stocks that you own.

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Speaker 1: Part of that is because it's not like your entire

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Speaker 1: portfolio is going to be lent out at the same

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Speaker 1: time because it's often the riskiest stocks that are likely

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Speaker 1: to be borrowed. Basically folks that want to borrow bland ole, boring, Voo,

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Speaker 1: the s and P five hundred, etf. You mentioned it

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Speaker 1: being a lottery as to who it is that gets chosen,

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Speaker 1: who gets the honor of being chosen to participate in

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Speaker 1: securities lending. Oftentimes it is those riskiest stocks because there

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Speaker 1: is not stock available when it comes to the clearing

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Speaker 1: of the stocks, So they're trying to facilitate in the

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Speaker 1: purchasing the selling of these different securities, which means most

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Speaker 1: hot of money listeners they're not going to receive much

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Speaker 1: benefit from participating. And the brokerage firms, as you alluded to,

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Speaker 1: they are the ones who stay in a profit the

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Speaker 1: most here, and of course you know they charge fees.

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Speaker 1: They take the bulk of the profit while you get

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Speaker 1: to you get a small, small, small, little.

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Speaker 2: Slide, something like eighty five to ninety percent of the

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Speaker 2: profit I think from securities lending is taken by the

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Speaker 2: brokerage firms. From what I've been able to glean from

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Speaker 2: in one robinhood, it's like, hey, take do this and

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Speaker 2: earn some money. But really we want you to do

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Speaker 2: it because we make money. It helps us. And there

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Speaker 2: are some you know, idiosyncratic tax possibilities for lending stocks

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Speaker 2: right that have to do with what you rate your

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Speaker 2: dividends or taxed out, So be careful of that. There's actually,

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Speaker 2: you know, a possibility of losing money even if it

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Speaker 2: looks like you're making money lending stocks out because it

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Speaker 2: creates some sort of tax nightmare on the back end.

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Speaker 1: All in all, it's not as favorable as receiving qualified

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Speaker 1: or arry dividends. Yeah.

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Speaker 2: So I think when it comes down to it, lending

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Speaker 2: out your securities to make money, it sounds cool, but

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Speaker 2: there's so many downsides.

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Speaker 1: You're not going to make much.

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Speaker 2: Potential tax consequences along with increased risks. It just makes

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Speaker 2: it makes us hesitant to recommend it. I've turned the

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Speaker 2: feature off. I'm not playing on participating. Didn't Wayne say

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Speaker 2: that that.

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Speaker 1: His broker is automatically Yeah, that's actually pretty crazy. I

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Speaker 1: don't know. That's a huge red flag in my books,

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Speaker 1: So I don't know if maybe that's something he autom

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Speaker 1: I mean that being said, I'm not over there playing

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Speaker 1: in the N one sandbox.

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Speaker 2: So I would go back in there, and I would

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Speaker 2: make sure that that was turned completely off. I wouldn't

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Speaker 2: want to participate in this because of all the reasons

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Speaker 2: that we mentioned, but one of the primary ones again,

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Speaker 2: like the risk might be worth the reward, Matt, if

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Speaker 2: we were talking about making real money from lending your

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Speaker 2: securities out, but we're talking about making almost next to

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Speaker 2: nothing from everything. I've seen, even people with like massive

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Speaker 2: stock portfolios just saying yeah, it didn't really met me much.

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Speaker 2: So in that case, why would you even uh, why

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Speaker 2: would you even try?

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Speaker 1: Exactly? All right, man, we've got more to get to.

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Speaker 1: It's been a minute since we've heard from a teenage listener,

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Speaker 1: so I'm looking forward to that one plus more right

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Speaker 1: after this.

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Speaker 2: All right, just the second, we're going to take a

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Speaker 2: question about the Apple credit card?

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Speaker 1: Is is it? Should we sign up for? That?

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Speaker 4: Is that?

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Speaker 1: Yeah? It's I gave it away. Keep listening too. Yeah,

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Speaker 1: there's actually I like it, but I don't have it.

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Speaker 1: Oh why not? Man, mystery. We'll get there, but first

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Speaker 1: let's get to a question. That's what they call a cliffhanger.

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Speaker 2: I'm hanging off the edge. I'll las Sylvester salone. All right,

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Speaker 2: let's get to a question from listener Colin specifically about

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Speaker 2: life insurance, when to buy and how much.

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Speaker 4: I'm at Joel, This is Colin from Leincaster, Pennsylvania. I

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Speaker 4: just wanted to get your guys input on life insurance.

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Speaker 4: My wife and I currently are renting and do not

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Speaker 4: have any children, so we don't have any life insurance

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Speaker 4: apart from a small group life plan that I have

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Speaker 4: through my employer, and the next year or two we're

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Speaker 4: probably going to start looking to buy a home and

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Speaker 4: start having children, so I wanted to make sure we

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Speaker 4: got everything squared away as far as life insurance goes.

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Speaker 4: So I just wanted to get your guys' input on

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Speaker 4: what you guys recommend. I've heard from most experts that

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Speaker 4: they recommend term life insurance. We also have friends that

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Speaker 4: are in an index universal life plan called Kaizen. Would

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Speaker 4: love to hear your input on that kind of idea

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Speaker 4: right now, my plan is to this to term life

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Speaker 4: insurance and keep it simple, but I just wanted to

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Speaker 4: hear what your guys thoughts were on that. I also

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Speaker 4: wanted to get your guys input on what kind of

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Speaker 4: level of coverage we should get. Currently, our household income

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Speaker 4: is ninety thousand dollars a year. I make about sixty

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Speaker 4: percent of that. So I wanted to just hear your

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Speaker 4: thoughts on, you know, what kind of strategy we should

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Speaker 4: have for the coverage and what kind of coverage we

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Speaker 4: should get on whom. So yeah, I would just appreciate

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Speaker 4: your guys's advice. As always, I appreciate everything you guys

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Speaker 4: do for us, and just yeah, the way you guys

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Speaker 4: make finances sound simple and enjoyable, we just I just

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Speaker 4: really appreciate that. So yeah, I would love to hear

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Speaker 4: from you guys, and thanks again.

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Speaker 1: Bye Joe. Did you notice how Colin just slipped it

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Speaker 1: in casually there that he's got this group life insurance

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Speaker 1: plan that's provided by his employer for free. I'm not bitter. Yeah, no, okay,

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Speaker 1: that's that's.

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Speaker 2: That's not abnormal. I will say when I worked for

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Speaker 2: the man, I had the man. Actually I did work

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Speaker 2: for the man for a small stand. It's a long

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Speaker 2: time because a smaller man that he was like a big,

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Speaker 2: big man, which means I didn't get some of these

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Speaker 2: sweet benefits. And so I like the fact that Colin's

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Speaker 2: got this available to him, but like he's realizing that's

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Speaker 2: not enough to you know, it's a good.

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Speaker 1: Point, it's not enough mustard to cut it. What is

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Speaker 1: that the term mustard?

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Speaker 2: Yeah, let's talk about workplace plans for just a second,

432
00:19:55,760 --> 00:19:57,920
Speaker 2: because some people think, oh, maybe that's the best place

433
00:19:57,920 --> 00:20:00,400
Speaker 2: to buy life insurance, And the truth is the time

434
00:20:00,400 --> 00:20:03,040
Speaker 2: it's not. Take the free amount that you're allotted, which

435
00:20:03,080 --> 00:20:07,480
Speaker 2: is often half or one x your current salary, which

436
00:20:07,480 --> 00:20:09,159
Speaker 2: is nice, that's a nice perk, But then if you

437
00:20:09,160 --> 00:20:11,000
Speaker 2: want to buy more, it's typically going to cost you more,

438
00:20:11,080 --> 00:20:14,160
Speaker 2: especially for somebody like Colin, who's so young, probably so healthy.

439
00:20:14,200 --> 00:20:16,840
Speaker 2: I can tell Colin, you listen to Andrew Kuberman's podcast

440
00:20:16,840 --> 00:20:19,719
Speaker 2: and that you're just an incredible shape, which means that

441
00:20:19,760 --> 00:20:21,520
Speaker 2: you're probably going to pay a whole lot less on

442
00:20:21,560 --> 00:20:24,120
Speaker 2: the open market than you would to get additional insurance

443
00:20:24,160 --> 00:20:26,520
Speaker 2: through your employer. So be glad that you have a

444
00:20:26,560 --> 00:20:29,040
Speaker 2: little bit. But the truth is, in the near future,

445
00:20:29,080 --> 00:20:31,840
Speaker 2: you're probably going to want to have more insurance because

446
00:20:31,840 --> 00:20:34,639
Speaker 2: as you take on more financial obligations, as your family

447
00:20:34,680 --> 00:20:37,399
Speaker 2: continues to grow, it's going to be important to increase

448
00:20:37,400 --> 00:20:40,359
Speaker 2: the amount of insurance that you have to protect that

449
00:20:40,440 --> 00:20:41,040
Speaker 2: growing family.

450
00:20:41,080 --> 00:20:44,200
Speaker 1: In your growing assets but specifically, what kind of insurance

451
00:20:44,280 --> 00:20:46,600
Speaker 1: should he have? Jol Let's sing the praises of term

452
00:20:46,840 --> 00:20:50,280
Speaker 1: life don't make me sing, I really will. I'm glad

453
00:20:50,280 --> 00:20:53,080
Speaker 1: that that's what Colin's considering. It easily makes the most

454
00:20:53,119 --> 00:20:56,159
Speaker 1: sense for the overwhelming majority of folks out there, and

455
00:20:56,400 --> 00:21:00,000
Speaker 1: almost every other type of insurance you buy is overly complicated,

456
00:21:00,119 --> 00:21:02,560
Speaker 1: it costs way too much money. You might get a

457
00:21:02,600 --> 00:21:05,040
Speaker 1: pushy salesperson who tries to sell you on the benefits

458
00:21:05,440 --> 00:21:08,680
Speaker 1: of something like Index Universal Life like your friends have,

459
00:21:08,840 --> 00:21:12,200
Speaker 1: and make it sounds so good, just like the timeshare salesperson. Exactly.

460
00:21:12,560 --> 00:21:15,640
Speaker 1: It's very similar or even some I've heard of even

461
00:21:15,680 --> 00:21:18,560
Speaker 1: funkier life insurance products out there. They're gonna talk about

462
00:21:18,560 --> 00:21:21,080
Speaker 1: the tax advantages, how you can borrow from it, but

463
00:21:21,160 --> 00:21:25,080
Speaker 1: the monthly premium is often more than ten times what

464
00:21:25,160 --> 00:21:27,879
Speaker 1: your simple term life premium is going to be.

465
00:21:27,880 --> 00:21:29,359
Speaker 2: But it's okay because you're gonna be able to borrow

466
00:21:29,400 --> 00:21:31,880
Speaker 2: from yourself down the road, and man, the tax benefits

467
00:21:31,920 --> 00:21:33,520
Speaker 2: are incredible, so don't do it.

468
00:21:33,520 --> 00:21:35,720
Speaker 1: It's worth a much higher premium amount, right. I don't

469
00:21:35,760 --> 00:21:38,760
Speaker 1: think this is the right product for you, Colin. It

470
00:21:38,800 --> 00:21:42,520
Speaker 1: can possibly make sense for some folks who are incredibly wealthy,

471
00:21:42,520 --> 00:21:45,119
Speaker 1: who have very high incomes, like Matt, but not like

472
00:21:45,119 --> 00:21:46,919
Speaker 1: for ninety nine percent of folks. I think it comes

473
00:21:46,960 --> 00:21:50,040
Speaker 1: down to term life and instead what you do, instead

474
00:21:50,080 --> 00:21:53,240
Speaker 1: of paying ten times more, you save that money, and

475
00:21:53,280 --> 00:21:55,600
Speaker 1: those extra dollars would just then be better put to

476
00:21:55,680 --> 00:21:59,520
Speaker 1: use investing in tax advantaged accounts like roth iras, like

477
00:21:59,520 --> 00:22:03,680
Speaker 1: your hs, say, even workplace workplace sponsored retirement account like

478
00:22:03,720 --> 00:22:05,760
Speaker 1: a four one K and so in this case, the

479
00:22:05,800 --> 00:22:09,119
Speaker 1: bare minimum product term life insurance. It should provide you

480
00:22:09,640 --> 00:22:12,160
Speaker 1: all that you need and more, which is a simple

481
00:22:12,200 --> 00:22:14,760
Speaker 1: death benefit during your most vulnerable financial years.

482
00:22:14,880 --> 00:22:16,960
Speaker 2: No more bells and whistles needed. I love, by the way,

483
00:22:17,320 --> 00:22:20,600
Speaker 2: when I make comments about how absolutely loaded you are, Matt,

484
00:22:20,640 --> 00:22:21,199
Speaker 2: you just ignore me.

485
00:22:21,240 --> 00:22:22,800
Speaker 1: Now, You just you just chalk it up to Joe

486
00:22:22,880 --> 00:22:24,760
Speaker 1: being and I just I just try to keep on trucking.

487
00:22:25,960 --> 00:22:27,879
Speaker 1: We should, we should probably just answer the question. I know,

488
00:22:27,920 --> 00:22:31,120
Speaker 1: if you're watching the clock, all right, yeah, they probably

489
00:22:31,200 --> 00:22:32,760
Speaker 1: we can talk about how long can we talk about

490
00:22:32,760 --> 00:22:34,720
Speaker 1: life matures for people to turn us off? Well, you know,

491
00:22:34,800 --> 00:22:39,320
Speaker 1: the goal is to to like you said, cover yourself

492
00:22:39,359 --> 00:22:41,840
Speaker 1: and your family during those most vulnerable financial years and

493
00:22:42,160 --> 00:22:44,159
Speaker 1: The other problem, Matt, when people sign up for the

494
00:22:44,200 --> 00:22:49,040
Speaker 1: more expensive policies, one, they're typically unnecessary bells and whistles,

495
00:22:49,080 --> 00:22:52,119
Speaker 1: and they're paying more than they need to. And because

496
00:22:52,119 --> 00:22:55,679
Speaker 1: of that, many people end up ditching that policy before

497
00:22:55,720 --> 00:22:59,320
Speaker 1: they end up using it, and and because they realize, oh,

498
00:22:59,320 --> 00:23:01,119
Speaker 1: it's eating up touch on my budget, they're like, they

499
00:23:01,160 --> 00:23:01,919
Speaker 1: can't sustain it.

500
00:23:01,960 --> 00:23:04,439
Speaker 2: This life insurance is too expensive. I've got if I

501
00:23:04,440 --> 00:23:06,040
Speaker 2: have to cut something, this is what I'm going to cut.

502
00:23:06,160 --> 00:23:07,800
Speaker 2: They forked over a lot of money over the years,

503
00:23:07,840 --> 00:23:09,440
Speaker 2: and then and then it turns out they don't have

504
00:23:09,480 --> 00:23:11,280
Speaker 2: coverage when they need it. We don't want you in

505
00:23:11,320 --> 00:23:15,080
Speaker 2: that position. That's just another check mark in the hey

506
00:23:15,600 --> 00:23:18,480
Speaker 2: go for term life insurance ins dead category. And it's

507
00:23:18,520 --> 00:23:20,880
Speaker 2: just important for us to mention also that you don't

508
00:23:20,880 --> 00:23:23,200
Speaker 2: have to get all the coverage you might ever need

509
00:23:23,520 --> 00:23:26,480
Speaker 2: in one fell swoop, partly because that can be hard

510
00:23:26,520 --> 00:23:29,239
Speaker 2: to predict ahead of time. You don't know what your

511
00:23:29,280 --> 00:23:31,320
Speaker 2: insurable need is going to be, you don't know where

512
00:23:31,359 --> 00:23:32,760
Speaker 2: your income is going to go, you don't know what

513
00:23:32,800 --> 00:23:35,280
Speaker 2: sort of assets you're going to have, and so you know,

514
00:23:35,400 --> 00:23:38,440
Speaker 2: life insurance laddering can be a great way to allow

515
00:23:38,480 --> 00:23:41,040
Speaker 2: you to have some coverage now, but not feel like

516
00:23:41,080 --> 00:23:43,600
Speaker 2: you have to go all the way and just like

517
00:23:43,640 --> 00:23:47,040
Speaker 2: get a multimillion dollar term life insurance policy, forking over

518
00:23:47,080 --> 00:23:49,200
Speaker 2: more than you want to, because you can always add

519
00:23:49,240 --> 00:23:53,200
Speaker 2: on more during years when you have a higher insurance need,

520
00:23:53,640 --> 00:23:55,520
Speaker 2: and then later on in your life you can essentially

521
00:23:55,560 --> 00:23:58,240
Speaker 2: kind of reduce coverage as let's say kids are leaving

522
00:23:58,280 --> 00:24:01,800
Speaker 2: the house and your insurance needs decline because your net

523
00:24:01,800 --> 00:24:04,920
Speaker 2: worth has increased and you have just you have a

524
00:24:05,000 --> 00:24:07,760
Speaker 2: higher net worth, you have more cash at your disposal,

525
00:24:07,800 --> 00:24:10,800
Speaker 2: and so becomes that becomes less necessary. So we have

526
00:24:10,840 --> 00:24:13,480
Speaker 2: a whole article about life insurance laddering that will link

527
00:24:13,520 --> 00:24:15,000
Speaker 2: to in the show notes. But I think that's such

528
00:24:15,000 --> 00:24:18,560
Speaker 2: an important thing for people to consider, and it's often

529
00:24:19,000 --> 00:24:20,920
Speaker 2: it's often not thought through enough because it can help

530
00:24:20,960 --> 00:24:23,199
Speaker 2: not only reduce premiums, but ensure that you have the

531
00:24:23,200 --> 00:24:26,040
Speaker 2: coverage you need during the times when you need it most.

532
00:24:26,160 --> 00:24:30,479
Speaker 1: Totally, I prefer personally the term layering as opposed to laddering,

533
00:24:30,520 --> 00:24:33,320
Speaker 1: because I envision you stepping out into a rainstorm or

534
00:24:33,359 --> 00:24:35,680
Speaker 1: something and you're like, oh, let me get the umbrella,

535
00:24:35,840 --> 00:24:37,920
Speaker 1: but then you're out there with the umbrella walking around

536
00:24:37,960 --> 00:24:40,040
Speaker 1: and you're like, holy oh man, I'm getting soaked. I

537
00:24:40,040 --> 00:24:41,800
Speaker 1: actually need to put the rain jacket on. So you

538
00:24:41,800 --> 00:24:43,679
Speaker 1: put the rain jacket on, and you've got the umbrella.

539
00:24:43,960 --> 00:24:45,640
Speaker 1: Maybe you're like, I don't want my legs to get wet.

540
00:24:46,040 --> 00:24:47,520
Speaker 1: You know, my pants are getting wet, and then you

541
00:24:47,520 --> 00:24:50,439
Speaker 1: put on like the full on. Well. I don't even

542
00:24:50,480 --> 00:24:52,160
Speaker 1: know what you call it rain suit or something like that,

543
00:24:52,200 --> 00:24:53,960
Speaker 1: but you have one of those rainsuits. I've got a

544
00:24:54,040 --> 00:24:56,120
Speaker 1: rain jacket. I don't have any rain pants. I thought

545
00:24:56,119 --> 00:24:58,800
Speaker 1: about getting them though. Skip commuting to you know, riding

546
00:24:58,800 --> 00:25:01,280
Speaker 1: the bike to work. Want to be protected from the rain.

547
00:25:01,440 --> 00:25:03,280
Speaker 2: If you're a bike commuter, you gotta have a pair.

548
00:25:03,480 --> 00:25:05,080
Speaker 2: But for most people who are just walking in the rain,

549
00:25:05,119 --> 00:25:06,720
Speaker 2: you probably don't. Yeah, or you just get wet.

550
00:25:06,720 --> 00:25:08,240
Speaker 1: I mean that's what I do. I'm like, I bring

551
00:25:08,240 --> 00:25:09,960
Speaker 1: a change of short and just don't whine about it. Yeah.

552
00:25:10,400 --> 00:25:13,600
Speaker 1: I'm tough, buddy, I'm a tough guy. I'm a tough boy.

553
00:25:13,720 --> 00:25:16,600
Speaker 1: So I want to give an example. Imagine you want

554
00:25:16,640 --> 00:25:18,880
Speaker 1: to have the five hundred thousand dollars of coverage now,

555
00:25:19,400 --> 00:25:21,439
Speaker 1: and you're like, great, that's what I can afford. That

556
00:25:21,840 --> 00:25:24,440
Speaker 1: kind of aligns with our needs. Right now, we're one

557
00:25:24,440 --> 00:25:27,480
Speaker 1: of us to croak. And then maybe you're saying, I'm

558
00:25:27,480 --> 00:25:29,680
Speaker 1: gonna add another five hundred thousand dollars or maybe even

559
00:25:29,720 --> 00:25:32,760
Speaker 1: a million dollars of coverage five ten years from now

560
00:25:32,800 --> 00:25:35,800
Speaker 1: as your net worth grows, as maybe you take on

561
00:25:36,400 --> 00:25:39,280
Speaker 1: more responsibilities with let's say a house, right, you've got

562
00:25:39,320 --> 00:25:41,280
Speaker 1: a fat mortgage, maybe you've got a bunch of kids

563
00:25:41,280 --> 00:25:44,479
Speaker 1: on hand. Yeah, depending on your needs. And you are

564
00:25:44,640 --> 00:25:48,320
Speaker 1: specifically asking too, how much should you have on you

565
00:25:48,400 --> 00:25:51,480
Speaker 1: as opposed to your wife or your partner. Well, it's

566
00:25:51,480 --> 00:25:54,560
Speaker 1: not just about income. It's certainly a factor because he

567
00:25:54,640 --> 00:25:57,040
Speaker 1: mentioned did he say he brings in like sixty percent

568
00:25:57,320 --> 00:25:59,680
Speaker 1: of their overall income? You do want to take that

569
00:25:59,720 --> 00:26:03,080
Speaker 1: into account. But even non working spouses, they should also

570
00:26:03,119 --> 00:26:06,280
Speaker 1: be insured because of the valuable services that they provide

571
00:26:06,320 --> 00:26:08,720
Speaker 1: for the household, for the for the family, and the

572
00:26:08,800 --> 00:26:10,960
Speaker 1: increased costs that you're likely going to be faced with

573
00:26:11,320 --> 00:26:14,320
Speaker 1: if they were to pass away early. And it also

574
00:26:14,359 --> 00:26:17,320
Speaker 1: comes down to your life circumstances and your family situation.

575
00:26:17,480 --> 00:26:20,080
Speaker 1: I know for us early on, that's something we talked

576
00:26:20,080 --> 00:26:23,080
Speaker 1: through and we kind of came to the realization that like, Okay,

577
00:26:23,200 --> 00:26:26,240
Speaker 1: I think one of us would likely get the parents involved,

578
00:26:26,280 --> 00:26:28,360
Speaker 1: and then they're young enough and would want to be involved.

579
00:26:28,400 --> 00:26:31,200
Speaker 1: They were retired and I think would gladly step up

580
00:26:31,600 --> 00:26:34,240
Speaker 1: into that role to say help out with the kids.

581
00:26:34,760 --> 00:26:37,719
Speaker 1: But then subsequent conversations led us to say, you know what,

582
00:26:37,800 --> 00:26:39,760
Speaker 1: things are changing a little bit, let's make sure that

583
00:26:39,800 --> 00:26:42,240
Speaker 1: we are set in a more independent way when it

584
00:26:42,280 --> 00:26:43,639
Speaker 1: came when it came to the kids, like, you just

585
00:26:43,640 --> 00:26:46,520
Speaker 1: have different needs and even those needs change, right, Like

586
00:26:46,560 --> 00:26:49,520
Speaker 1: we're dynamic over time, and so it's something willing to adjust. Yeah,

587
00:26:49,520 --> 00:26:52,000
Speaker 1: it makes me something worth reevaluating of mothers. Mother's Day

588
00:26:52,040 --> 00:26:52,760
Speaker 1: was about a month ago.

589
00:26:52,760 --> 00:26:54,400
Speaker 2: I remember seeing this cartoon and it was like, hey,

590
00:26:54,640 --> 00:26:56,080
Speaker 2: we gave you the day off today, mom, and we

591
00:26:56,160 --> 00:26:58,240
Speaker 2: hired everyone else to do all these tasks for you.

592
00:26:58,280 --> 00:26:59,720
Speaker 2: And think about all the people you would have to

593
00:26:59,800 --> 00:27:02,920
Speaker 2: hire to replace the task that to stay at home

594
00:27:03,119 --> 00:27:07,200
Speaker 2: spouse crew does. I mean it's incredible, Like there's chef,

595
00:27:07,240 --> 00:27:10,080
Speaker 2: there's taxi service, there's all of these things that would

596
00:27:10,080 --> 00:27:12,240
Speaker 2: not to mention just the time that you might want

597
00:27:12,280 --> 00:27:16,240
Speaker 2: to spend grieving or working less yourself because your spouse

598
00:27:16,280 --> 00:27:19,320
Speaker 2: has passed away, Like those are big things that also

599
00:27:19,359 --> 00:27:21,120
Speaker 2: have a financial angle to them totally.

600
00:27:21,160 --> 00:27:23,119
Speaker 1: But the typical suggestion there is a good rule of

601
00:27:23,119 --> 00:27:25,080
Speaker 1: fum out there, and that's to get ten times your

602
00:27:25,080 --> 00:27:28,399
Speaker 1: income in life insurance, which is a helpful starting point.

603
00:27:28,440 --> 00:27:31,840
Speaker 1: But policy genius they actually have a solid calculator that

604
00:27:32,160 --> 00:27:34,800
Speaker 1: takes your savings into account, it takes into account how

605
00:27:34,880 --> 00:27:38,040
Speaker 1: much debt you have, and then again, ultimately, some of

606
00:27:38,080 --> 00:27:39,399
Speaker 1: this kind of comes down to you and what it

607
00:27:39,480 --> 00:27:40,959
Speaker 1: is that you and a half. Right, Like, let's say

608
00:27:40,960 --> 00:27:43,359
Speaker 1: you've got a non working spouse and you're just like, okay,

609
00:27:44,320 --> 00:27:46,280
Speaker 1: let's say two fifty, But then you're thinking, all right,

610
00:27:46,280 --> 00:27:48,199
Speaker 1: I don't want more than that, let's do five hundred thousand.

611
00:27:49,119 --> 00:27:50,439
Speaker 1: It kind of comes down to what it is that

612
00:27:50,480 --> 00:27:53,240
Speaker 1: you're comfortable taking on. Obviously, you would receive the bigger benefit,

613
00:27:53,320 --> 00:27:56,600
Speaker 1: which means you're gonna be paying more for that luxury,

614
00:27:56,920 --> 00:27:59,480
Speaker 1: but that's something else to take into account too. It's

615
00:27:59,520 --> 00:28:00,600
Speaker 1: not just math equation.

616
00:28:00,720 --> 00:28:02,720
Speaker 2: Yeah, and part of it also comes down to finding

617
00:28:02,800 --> 00:28:06,760
Speaker 2: the sweet spot in length of term and the amount

618
00:28:06,760 --> 00:28:09,159
Speaker 2: of coverage, because you might say, well, two hundred and

619
00:28:09,160 --> 00:28:11,160
Speaker 2: fifty thousand bucks for twenty years is going to cost

620
00:28:11,200 --> 00:28:13,880
Speaker 2: me eleven dollars a month, but five hundred thousand dollars

621
00:28:13,880 --> 00:28:15,880
Speaker 2: a year for twenty months is gonna cost me sixteen

622
00:28:15,920 --> 00:28:17,600
Speaker 2: dollars a month, Like, well, it's probably worth an extra

623
00:28:17,600 --> 00:28:19,600
Speaker 2: five bucks a month to get the additional coverage. So

624
00:28:19,640 --> 00:28:22,680
Speaker 2: then you can like decide as you run the numbers, well,

625
00:28:23,000 --> 00:28:25,719
Speaker 2: is it worth that extra little bit of premium for

626
00:28:25,760 --> 00:28:29,200
Speaker 2: me to get the superior coverage. That's part of doing

627
00:28:29,200 --> 00:28:31,720
Speaker 2: the shopping too, And so I would I would plug

628
00:28:31,760 --> 00:28:33,720
Speaker 2: those in. Well, then maybe look at a thirty year policy,

629
00:28:33,720 --> 00:28:36,000
Speaker 2: then maybe look at a ten year policy. Typically I

630
00:28:36,040 --> 00:28:38,760
Speaker 2: would say a twenty year policy is probably going to

631
00:28:38,840 --> 00:28:40,240
Speaker 2: be best at least to start out with. Then you

632
00:28:40,240 --> 00:28:41,920
Speaker 2: can get another policy kind of like Matt was talking

633
00:28:41,960 --> 00:28:45,000
Speaker 2: about with layering, Like here you go five or ten

634
00:28:45,040 --> 00:28:46,280
Speaker 2: years hence and.

635
00:28:46,680 --> 00:28:49,360
Speaker 1: I get the laddering analogy right, Like it's as if

636
00:28:49,440 --> 00:28:51,440
Speaker 1: you have ladders in your backpack or something and you're

637
00:28:51,560 --> 00:28:53,880
Speaker 1: kind of scaling a mountain, But who actually has ladders?

638
00:28:53,920 --> 00:28:58,200
Speaker 1: That's a backpacking which is why the layering always.

639
00:28:57,880 --> 00:29:00,840
Speaker 2: Makes Yeah, and we talk about this just even in

640
00:29:00,840 --> 00:29:03,000
Speaker 2: the ads surrounding the shoil just be honest policy genius.

641
00:29:03,000 --> 00:29:05,720
Speaker 1: They're a great place to shop because yeah, other shows

642
00:29:05,760 --> 00:29:09,720
Speaker 1: do like the disclosure. Yeah, and so genis just so

643
00:29:09,760 --> 00:29:12,280
Speaker 1: you know policy Genius is a paying.

644
00:29:12,400 --> 00:29:14,400
Speaker 2: Advertiser for the show, and they are. They are, but

645
00:29:14,440 --> 00:29:16,760
Speaker 2: they're also we'd be talking about it regardless. They're a

646
00:29:16,760 --> 00:29:19,080
Speaker 2: great company place to shop. Another place you could consider

647
00:29:19,120 --> 00:29:22,120
Speaker 2: shopping is if you're a Costco customer. They partner with

648
00:29:22,160 --> 00:29:24,800
Speaker 2: the company that offers term life insurance. And I do

649
00:29:24,880 --> 00:29:27,480
Speaker 2: believe that you get a discount on the first five

650
00:29:27,560 --> 00:29:30,560
Speaker 2: years of Premium starby shopping both places. And see, Okay,

651
00:29:30,600 --> 00:29:33,400
Speaker 2: where am I getting the best rate for the coverage

652
00:29:33,560 --> 00:29:34,000
Speaker 2: we need?

653
00:29:34,080 --> 00:29:35,560
Speaker 1: But and they give you a sixty four ho Ols

654
00:29:35,600 --> 00:29:38,440
Speaker 1: cup to fill up with coke? If only this isn't

655
00:29:38,480 --> 00:29:40,680
Speaker 1: a quick trip, Matt, this is Costco. We're talking right,

656
00:29:40,880 --> 00:29:43,640
Speaker 1: you know. It's funny. I'm picturing the food court there

657
00:29:43,640 --> 00:29:46,000
Speaker 1: at Costco and I still have not purchased an eaten

658
00:29:46,120 --> 00:29:48,960
Speaker 1: a hot dog at the food court. Okay, I'm making

659
00:29:49,000 --> 00:29:51,560
Speaker 1: it my mission to take you there on a how

660
00:29:51,600 --> 00:29:53,880
Speaker 1: to money hand. I hope that we are together when

661
00:29:54,080 --> 00:29:55,520
Speaker 1: you get to see the look on my face, when

662
00:29:55,560 --> 00:29:58,120
Speaker 1: I get to enjoy this, I'll be frank, which I

663
00:29:58,160 --> 00:30:00,320
Speaker 1: think that's what you try to convince me once another

664
00:30:00,360 --> 00:30:02,600
Speaker 1: a high quality dog there. I don't know if that's true, though,

665
00:30:02,600 --> 00:30:03,640
Speaker 1: I'm gonna make you go. I have to.

666
00:30:03,640 --> 00:30:05,280
Speaker 2: We have to bring our boys too, because my son,

667
00:30:05,400 --> 00:30:07,360
Speaker 2: he's like a big fan of the costume West. He

668
00:30:07,440 --> 00:30:11,000
Speaker 2: does like a good hot dog. So heat tearing, all right,

669
00:30:11,040 --> 00:30:13,880
Speaker 2: Let's get to another question. This is about adding another

670
00:30:13,920 --> 00:30:16,120
Speaker 2: credit card to the mix. If you've already got three

671
00:30:16,160 --> 00:30:16,840
Speaker 2: d you need a fourth.

672
00:30:17,320 --> 00:30:18,240
Speaker 1: Hi, Joel and Matt.

673
00:30:18,320 --> 00:30:22,520
Speaker 6: My name is Caiden Hires and I am from Council Bluffs, Iowa.

674
00:30:22,880 --> 00:30:27,920
Speaker 6: My question was regarding credit cards. I currently have three

675
00:30:27,960 --> 00:30:30,920
Speaker 6: credit cards at the age of nineteen with a total

676
00:30:31,400 --> 00:30:35,880
Speaker 6: credit limit of thirty three hundred dollars. I was wondering

677
00:30:36,000 --> 00:30:39,960
Speaker 6: if you guys think it would be a good decision

678
00:30:40,080 --> 00:30:44,080
Speaker 6: to get an Apple card with three percent cash back

679
00:30:44,120 --> 00:30:47,800
Speaker 6: on everyday purchases with a limit of sixty five hundred dollars.

680
00:30:49,680 --> 00:30:53,560
Speaker 6: The only gist is my fiance and I plan on

681
00:30:53,880 --> 00:30:57,240
Speaker 6: trying to buy a house within the next around two years,

682
00:30:58,000 --> 00:30:59,520
Speaker 6: So I don't know if that would be a bad

683
00:30:59,640 --> 00:31:01,080
Speaker 6: thing or if it would be a good thing and

684
00:31:01,280 --> 00:31:04,240
Speaker 6: show that I'm more responsible with more money by keeping

685
00:31:04,280 --> 00:31:08,680
Speaker 6: my usage below ten percent and paying them off every

686
00:31:08,760 --> 00:31:12,880
Speaker 6: month in full. Thank you for listening to my question,

687
00:31:13,000 --> 00:31:14,600
Speaker 6: and I hope you guys have a great day and

688
00:31:14,880 --> 00:31:15,560
Speaker 6: enjoy the beer.

689
00:31:16,160 --> 00:31:18,880
Speaker 1: So I just realized that Cayden said he's nineteen, which

690
00:31:18,920 --> 00:31:21,800
Speaker 1: means he's not partaking in the finer things in life

691
00:31:21,920 --> 00:31:23,600
Speaker 1: when it comes to the fancier craft beer.

692
00:31:23,720 --> 00:31:26,760
Speaker 2: So two years from now, Cayden, you can start to

693
00:31:27,080 --> 00:31:29,080
Speaker 2: enjoy some of the beers that Matt and I have

694
00:31:29,160 --> 00:31:29,440
Speaker 2: enjoyed it.

695
00:31:29,600 --> 00:31:32,400
Speaker 1: And if you head our way, we'll take you by

696
00:31:32,520 --> 00:31:35,480
Speaker 1: your first one. I would love to do that, Joe Caiden,

697
00:31:35,480 --> 00:31:38,479
Speaker 1: if you want to reach out, and we will totally

698
00:31:38,480 --> 00:31:41,280
Speaker 1: one percent honor this offer right here on the podcast

699
00:31:41,320 --> 00:31:44,080
Speaker 1: by you the best hazy ipa and also a nice

700
00:31:44,160 --> 00:31:46,720
Speaker 1: fruited tower. Ooh well, it also depends on the time

701
00:31:46,760 --> 00:31:48,080
Speaker 1: of year. There's a whole lot of thought that goes

702
00:31:48,080 --> 00:31:51,000
Speaker 1: into craft beer in our world, Cayden. But I love

703
00:31:51,000 --> 00:31:52,760
Speaker 1: that you were doing so many positive things with your

704
00:31:52,760 --> 00:31:54,920
Speaker 1: money already at the age of nineteen, he's already got

705
00:31:54,960 --> 00:31:58,520
Speaker 1: three cards. I feel like when I was his age,

706
00:31:58,560 --> 00:32:00,480
Speaker 1: I was pretty smart about the credit card because this

707
00:32:00,520 --> 00:32:02,040
Speaker 1: is back when you could get credit cards, when you're

708
00:32:02,040 --> 00:32:04,640
Speaker 1: like fourteen or fifteen. They were just like trying to

709
00:32:04,640 --> 00:32:06,800
Speaker 1: give him out like candy on college campuses. Yeah. Well,

710
00:32:06,840 --> 00:32:09,360
Speaker 1: and I wasn't in college at that age, and so

711
00:32:09,360 --> 00:32:11,800
Speaker 1: it wasn't that smart. But even still, I mean, I

712
00:32:11,840 --> 00:32:13,840
Speaker 1: guess the rules were much lax, and I remember my

713
00:32:13,920 --> 00:32:15,480
Speaker 1: dad saying, yeah, go ahead and get a card and

714
00:32:15,520 --> 00:32:18,320
Speaker 1: you can start learning how to handle this properly. But

715
00:32:18,400 --> 00:32:21,640
Speaker 1: before the Card Act, I believe the Card Act, which

716
00:32:21,720 --> 00:32:22,840
Speaker 1: sense that they would call it that.

717
00:32:22,960 --> 00:32:26,000
Speaker 2: Yeah, which prevented credit card companies from offering like free

718
00:32:26,000 --> 00:32:29,000
Speaker 2: pizzas to grab a credit card on campus, which I

719
00:32:29,080 --> 00:32:31,960
Speaker 2: get that probably doomed a lot of people right from

720
00:32:32,000 --> 00:32:32,200
Speaker 2: the k.

721
00:32:32,400 --> 00:32:34,160
Speaker 1: I also did that too, because I wanted the free pizzas.

722
00:32:34,240 --> 00:32:36,240
Speaker 2: Yeah, but but if you were intelligent and you just

723
00:32:36,240 --> 00:32:38,200
Speaker 2: scored a free pizza and well, and I don't even

724
00:32:38,240 --> 00:32:40,560
Speaker 2: cast us spursions on people's intelligence. It was more like

725
00:32:40,640 --> 00:32:42,280
Speaker 2: it was a rigged system in a lot of ways,

726
00:32:42,280 --> 00:32:45,040
Speaker 2: pushing people towards credit card debt who didn't really know better.

727
00:32:45,320 --> 00:32:47,640
Speaker 2: But yep, yeah, let's talk about the Apple credit.

728
00:32:47,520 --> 00:32:49,680
Speaker 1: Card like Cocade's thinking about it though, Yeah, like him

729
00:32:49,800 --> 00:32:52,000
Speaker 1: and his fiance like they are going to be.

730
00:32:52,440 --> 00:32:54,479
Speaker 2: Like, they're on this awesome path and I'm really excited

731
00:32:54,480 --> 00:32:56,959
Speaker 2: for him. I agreed, I think he should get this

732
00:32:57,200 --> 00:32:58,000
Speaker 2: Apple credit card.

733
00:32:58,120 --> 00:33:00,680
Speaker 1: And when did you become an out fanboys?

734
00:33:01,760 --> 00:33:04,840
Speaker 2: I wouldn't say I'm a fanboy. I'm I'm fine with Apple,

735
00:33:04,920 --> 00:33:08,360
Speaker 2: but I have no really super emotional feelings towards that.

736
00:33:08,360 --> 00:33:10,120
Speaker 2: I don't love them or hate them. Yea, they just

737
00:33:10,200 --> 00:33:12,680
Speaker 2: exist and I utilize our products sometimes. But this card

738
00:33:12,720 --> 00:33:14,760
Speaker 2: in particular, I think does a couple of nice things

739
00:33:14,840 --> 00:33:15,320
Speaker 2: for Kayden.

740
00:33:15,360 --> 00:33:15,560
Speaker 1: Here.

741
00:33:15,840 --> 00:33:18,080
Speaker 2: One, it adds a credit card that doesn't have an

742
00:33:18,120 --> 00:33:20,560
Speaker 2: annual fee. I think that's a good thing, right. It

743
00:33:20,600 --> 00:33:22,800
Speaker 2: allows you to have another card in your arsenal. Not

744
00:33:22,800 --> 00:33:25,280
Speaker 2: that I'm against annual fees, right, if you're getting enough

745
00:33:25,280 --> 00:33:28,000
Speaker 2: bang for your buck with the annual fee, but it's

746
00:33:28,080 --> 00:33:29,920
Speaker 2: just kind of a we don't know that, we don't

747
00:33:29,920 --> 00:33:31,400
Speaker 2: know what you're spending is like, and Caden at the

748
00:33:31,440 --> 00:33:33,520
Speaker 2: age of nineteen, I don't know if you're if you're

749
00:33:33,560 --> 00:33:36,120
Speaker 2: spending enough or traveling enough right to get kind of

750
00:33:36,120 --> 00:33:37,719
Speaker 2: the bang for your buck from signing up for one

751
00:33:37,720 --> 00:33:40,680
Speaker 2: of those more expensive credit cards. But I think this

752
00:33:40,720 --> 00:33:43,520
Speaker 2: could help essentially with optimization of cash back on some

753
00:33:43,560 --> 00:33:46,080
Speaker 2: of the purchases you make by having this credit card

754
00:33:46,560 --> 00:33:49,560
Speaker 2: in your digital wallet. And I will explain why we

755
00:33:49,600 --> 00:33:51,360
Speaker 2: say digital wallet in the second right. That's the best part.

756
00:33:51,480 --> 00:33:54,080
Speaker 1: Yeah about the Apple Apple Wallet, I know, double click

757
00:33:54,120 --> 00:33:55,000
Speaker 1: to pay baby.

758
00:33:54,800 --> 00:33:57,920
Speaker 2: Yeah, it makes things simple. But the bigger reason this

759
00:33:57,960 --> 00:34:00,239
Speaker 2: could be helpful to you, though, I think is, is

760
00:34:00,360 --> 00:34:02,920
Speaker 2: the larger credit limit that you're going to have available.

761
00:34:03,240 --> 00:34:06,240
Speaker 2: The goal, as we've discussed many times before on the show,

762
00:34:06,720 --> 00:34:09,520
Speaker 2: is to have a large credit limit, but to not

763
00:34:09,640 --> 00:34:12,160
Speaker 2: use much of that available credit. That is what helps

764
00:34:12,280 --> 00:34:15,120
Speaker 2: make your credit score look awesome. It's what makes you

765
00:34:15,160 --> 00:34:17,759
Speaker 2: look like a super credit worthy person. And so this

766
00:34:17,800 --> 00:34:20,919
Speaker 2: new card alone would essentially double your credit limit, which

767
00:34:20,920 --> 00:34:24,839
Speaker 2: makes it easier to increase your credit score, because hey,

768
00:34:24,920 --> 00:34:27,600
Speaker 2: now that instead of having three thousand dollars worth available credit,

769
00:34:27,680 --> 00:34:30,520
Speaker 2: you've got something closer to seven thousand dollars of available credit.

770
00:34:30,719 --> 00:34:32,640
Speaker 2: If you're spending the same amount although you have an

771
00:34:32,680 --> 00:34:34,959
Speaker 2: extra card, you're still spending the same amount every month.

772
00:34:35,160 --> 00:34:38,160
Speaker 2: It just makes you look better to the credit barrows,

773
00:34:38,160 --> 00:34:40,840
Speaker 2: which is awesome, and that in particular is going to

774
00:34:40,840 --> 00:34:43,600
Speaker 2: be helpful for you as you work towards buying this house.

775
00:34:43,640 --> 00:34:45,759
Speaker 1: A couple of years from this, right, your credit utilization

776
00:34:45,920 --> 00:34:48,200
Speaker 1: rate has gone down. Let's talk about timing here as well,

777
00:34:48,239 --> 00:34:50,640
Speaker 1: because we would tell you to not get this card

778
00:34:51,080 --> 00:34:53,680
Speaker 1: if you are planning on making offers and if you're

779
00:34:53,719 --> 00:34:56,000
Speaker 1: planning to apply for a mortgage over the next couple

780
00:34:56,040 --> 00:34:57,680
Speaker 1: of months. But you said you're looking to buy a

781
00:34:57,719 --> 00:35:00,600
Speaker 1: house in a couple of years, which means that small

782
00:35:00,640 --> 00:35:03,319
Speaker 1: credit ding that you're gonna receive applying for this card,

783
00:35:03,560 --> 00:35:06,080
Speaker 1: it's not going to negatively impact you at that point

784
00:35:06,080 --> 00:35:08,440
Speaker 1: in time. It's gonna Yeah, it's gonna be in the

785
00:35:08,440 --> 00:35:09,520
Speaker 1: rear view mirror for sure.

786
00:35:09,520 --> 00:35:11,560
Speaker 2: It's a short it's a short lived ding that that

787
00:35:11,640 --> 00:35:14,480
Speaker 2: might hit for a couple three months maybe, Yeah, I

788
00:35:14,480 --> 00:35:15,080
Speaker 2: was gonna say.

789
00:35:14,920 --> 00:35:16,720
Speaker 1: Sixty to ninety days if I if I had a guess.

790
00:35:16,960 --> 00:35:19,319
Speaker 1: But then the smart usage of that new card is

791
00:35:19,440 --> 00:35:21,879
Speaker 1: gonna help on multiple fronts because the base level goal

792
00:35:21,920 --> 00:35:24,840
Speaker 1: is to use less than thirty percent of your available credit.

793
00:35:25,520 --> 00:35:28,480
Speaker 1: And given the fact that he's at like thirty did

794
00:35:28,520 --> 00:35:30,560
Speaker 1: you say thirty three hundred is something like that? Overall,

795
00:35:30,840 --> 00:35:32,839
Speaker 1: like I don't, it wouldn't be that difficult to see

796
00:35:32,840 --> 00:35:35,960
Speaker 1: your spending start creeping above that, And so Yeah, like

797
00:35:36,000 --> 00:35:37,279
Speaker 1: you said, Kayen, for you to be able to keep

798
00:35:37,320 --> 00:35:40,279
Speaker 1: that to ten percent or less is even better. And

799
00:35:40,320 --> 00:35:42,520
Speaker 1: then you're aiming for that score, that credit score and

800
00:35:42,560 --> 00:35:44,960
Speaker 1: the seven to forty plus range that will help you

801
00:35:45,000 --> 00:35:47,279
Speaker 1: to qualify for the best rates possible when you are

802
00:35:47,320 --> 00:35:49,480
Speaker 1: ready to buy. And of course, like you said, make

803
00:35:49,480 --> 00:35:51,600
Speaker 1: sure that you are paying your card off on time

804
00:35:51,680 --> 00:35:55,520
Speaker 1: infull every single month. Otherwise just the crucial part that's

805
00:35:55,520 --> 00:35:57,480
Speaker 1: not Otherwise you're not allowed to have the credit card. Like, no,

806
00:35:57,640 --> 00:35:59,400
Speaker 1: no more credit cards for you. If you're not paying off,

807
00:35:59,440 --> 00:36:01,319
Speaker 1: it's not worth it. Yeah, agreed, But.

808
00:36:01,320 --> 00:36:03,200
Speaker 2: It sounds like he's already got three Hopefully he's handling

809
00:36:03,200 --> 00:36:06,720
Speaker 2: those well, he's got this minimal line of credit. Hopefully

810
00:36:06,719 --> 00:36:09,879
Speaker 2: he's like developed the right habits over the past year

811
00:36:10,000 --> 00:36:12,880
Speaker 2: or whatever length of time he's had those credit cards available,

812
00:36:13,000 --> 00:36:15,160
Speaker 2: And now adding this next one into the mix, isn't

813
00:36:15,160 --> 00:36:18,520
Speaker 2: some sort of added temptation. Is just gaming the system

814
00:36:18,680 --> 00:36:21,480
Speaker 2: right to increase his credit score and to increase the

815
00:36:21,480 --> 00:36:24,400
Speaker 2: benefits that he gets from spending the way he's spending.

816
00:36:25,160 --> 00:36:27,359
Speaker 2: One of our favorite things too about the Apple card

817
00:36:27,520 --> 00:36:30,120
Speaker 2: is the user interface. I think it's worth mentioning that

818
00:36:30,160 --> 00:36:33,000
Speaker 2: Matt because anybody who has this from everything I've read

819
00:36:33,120 --> 00:36:35,160
Speaker 2: like love it. I don't have the Apple card personally,

820
00:36:35,200 --> 00:36:37,640
Speaker 2: although I'm not against it, I would totally consider it.

821
00:36:37,680 --> 00:36:40,840
Speaker 2: But people who are like Apple fanboys and fangirls, they

822
00:36:40,840 --> 00:36:43,760
Speaker 2: absolutely love this card, and for good reason, right, because

823
00:36:43,960 --> 00:36:46,280
Speaker 2: Apple's doing it differently than most of the other credit

824
00:36:46,320 --> 00:36:49,440
Speaker 2: card companies, and in fact, they seem to be helping

825
00:36:49,480 --> 00:36:52,560
Speaker 2: you visualize how much interest.

826
00:36:51,840 --> 00:36:54,120
Speaker 1: That you would owe. There's like a lot of charts,

827
00:36:54,160 --> 00:36:56,879
Speaker 1: a lot of graphs, yes, interactive graphs as well, which

828
00:36:57,160 --> 00:36:58,960
Speaker 1: what's more fun than a graph and interactive that you

829
00:36:58,960 --> 00:37:00,000
Speaker 1: can put your finger on to move around?

830
00:37:00,120 --> 00:37:01,839
Speaker 2: Right, I mean you love the stuff. I guess I'm

831
00:37:01,840 --> 00:37:04,160
Speaker 2: surprised you don't have this card, but all right, I'll

832
00:37:04,200 --> 00:37:07,719
Speaker 2: apply right now. But they're suggesting payment amounts right to

833
00:37:07,760 --> 00:37:11,640
Speaker 2: help you pay off your balance faster, which most credit

834
00:37:11,640 --> 00:37:14,560
Speaker 2: card companies they're not actually wanting you to do that.

835
00:37:14,719 --> 00:37:16,839
Speaker 2: Their favorite customers are the ones who don't pay off

836
00:37:16,840 --> 00:37:20,960
Speaker 2: their balance, and so any sort of added interactive graph

837
00:37:21,120 --> 00:37:23,680
Speaker 2: to help incentivize you or get you excited about paying

838
00:37:23,680 --> 00:37:25,520
Speaker 2: off your balance faster, well, they want to hide that

839
00:37:25,560 --> 00:37:27,600
Speaker 2: from you. So I love that Apple is doing the

840
00:37:28,080 --> 00:37:31,120
Speaker 2: exact opposite, and the card lives inside your Apple wallet,

841
00:37:31,160 --> 00:37:33,080
Speaker 2: which is also where you can sign up for Apple's

842
00:37:33,120 --> 00:37:36,680
Speaker 2: Cash account, which pays a competitive interest rate. So Apple

843
00:37:36,760 --> 00:37:40,200
Speaker 2: kind of created this semi banking system that I think

844
00:37:40,239 --> 00:37:43,520
Speaker 2: a lot of Apple customers are tending to like Apple.

845
00:37:43,880 --> 00:37:45,920
Speaker 2: They also don't charge bogus fees like some of the

846
00:37:45,960 --> 00:37:48,680
Speaker 2: credit card companies charged, so if you use it well,

847
00:37:49,080 --> 00:37:51,000
Speaker 2: it really is a good card for a lot of

848
00:37:51,080 --> 00:37:53,240
Speaker 2: folks to have, and I think for a lot of people, Matt,

849
00:37:53,440 --> 00:37:55,480
Speaker 2: it probably will be their first credit card or it

850
00:37:55,520 --> 00:37:57,719
Speaker 2: will be one of their go to credit cards, just

851
00:37:57,719 --> 00:38:01,239
Speaker 2: because of the nature of the way Apple people use

852
00:38:01,320 --> 00:38:05,840
Speaker 2: their devices and the way Apple caters to its customers

853
00:38:05,840 --> 00:38:07,319
Speaker 2: and gives them kind of what they're looking for.

854
00:38:07,440 --> 00:38:09,480
Speaker 1: Yeah, Okay, one thing you mentioned though, was getting three

855
00:38:09,480 --> 00:38:11,879
Speaker 1: percent cash back. But I don't want folks to hear

856
00:38:11,960 --> 00:38:13,919
Speaker 1: too rosy of a picture that we're pinning here, because

857
00:38:13,920 --> 00:38:16,200
Speaker 1: the Apple card it really only offers two percent cash

858
00:38:16,239 --> 00:38:18,799
Speaker 1: back for every purchase that you make when you use

859
00:38:18,840 --> 00:38:22,120
Speaker 1: Apple Pay, which is accepted at most places, which is good.

860
00:38:22,480 --> 00:38:24,279
Speaker 1: You know, it's still rivals one of our you know,

861
00:38:24,320 --> 00:38:26,200
Speaker 1: like our favorite cards out there, like the City Double

862
00:38:26,239 --> 00:38:29,759
Speaker 1: Cash and the Fidelity card. That three percent cash back rate,

863
00:38:30,000 --> 00:38:33,320
Speaker 1: it's limited to purchases that you make specifically at Apple,

864
00:38:33,719 --> 00:38:37,279
Speaker 1: with a few other selected retailers that they highlight, and

865
00:38:37,360 --> 00:38:40,279
Speaker 1: that list of selected retailers has actually been shrinking over

866
00:38:40,320 --> 00:38:42,960
Speaker 1: the past year or two. So I wouldn't go into

867
00:38:43,000 --> 00:38:44,520
Speaker 1: it thinking I don't want folks out there to hear

868
00:38:44,600 --> 00:38:46,879
Speaker 1: us talking about three percent cash back with the Apple

869
00:38:46,920 --> 00:38:50,640
Speaker 1: credit cards. That certainly beats the Double Cash well not really,

870
00:38:51,320 --> 00:38:53,720
Speaker 1: it's it's very very limited in scope. But two percent

871
00:38:53,760 --> 00:38:56,359
Speaker 1: cash back too for every purchase with Apple Pay. Two

872
00:38:56,400 --> 00:38:56,680
Speaker 1: is great.

873
00:38:56,880 --> 00:38:59,200
Speaker 2: That's that's pretty good. And it's not hard to use

874
00:38:59,239 --> 00:39:01,680
Speaker 2: Apple Pay almost everywhere you go now online too.

875
00:39:01,760 --> 00:39:03,360
Speaker 1: Oh sure, yeah, I mean, and you just load the

876
00:39:03,360 --> 00:39:05,520
Speaker 1: cards there onto your digital wallet double click to pay,

877
00:39:05,520 --> 00:39:08,120
Speaker 1: like I mentioned before, But Cadence sounds like he's starting

878
00:39:08,120 --> 00:39:11,279
Speaker 1: to get into the optimization game, and if so, I

879
00:39:11,280 --> 00:39:14,240
Speaker 1: would recommend not just looking at three percent, but something

880
00:39:14,280 --> 00:39:17,080
Speaker 1: like six percent cash back if you get the Amex

881
00:39:17,440 --> 00:39:20,399
Speaker 1: Blue Cash Preferred card at grocery stores. The combination of

882
00:39:20,760 --> 00:39:25,720
Speaker 1: getting six percent there looking at a specific category of spending,

883
00:39:25,840 --> 00:39:28,560
Speaker 1: So for us specifically, that's restaurants, that's where we use

884
00:39:28,560 --> 00:39:32,040
Speaker 1: our City Custom Cash card. Well, we are earning five percent.

885
00:39:32,360 --> 00:39:36,080
Speaker 1: And then what's another universal expense that everyone has gas,

886
00:39:36,480 --> 00:39:40,439
Speaker 1: So if you have a Costco warehouse anywhere near where

887
00:39:40,440 --> 00:39:43,240
Speaker 1: you are, the ability to get the Costco anywhere visa

888
00:39:44,000 --> 00:39:46,240
Speaker 1: and getting that five percent cash back man like six

889
00:39:46,440 --> 00:39:50,200
Speaker 1: five five on like a large, large percentage of your

890
00:39:50,200 --> 00:39:53,680
Speaker 1: monthly spending, it is hard to beat that cash back.

891
00:39:53,719 --> 00:39:55,359
Speaker 1: And then the Apple card two percent out of the water.

892
00:39:55,400 --> 00:39:56,800
Speaker 1: Then the Apple card with Apple Pay.

893
00:39:56,640 --> 00:39:58,880
Speaker 2: Becomes kind of your go to for every other category,

894
00:39:59,080 --> 00:40:01,320
Speaker 2: which is same with like City Double cash or Fidelic.

895
00:40:01,360 --> 00:40:02,839
Speaker 1: That's kind of how I think about it and can get

896
00:40:02,840 --> 00:40:04,120
Speaker 1: on board with that and how I use mine.

897
00:40:04,120 --> 00:40:06,439
Speaker 2: And that's the most basic way to get the best

898
00:40:06,440 --> 00:40:09,600
Speaker 2: cash back returns on normal spending you're doing every day

899
00:40:09,680 --> 00:40:13,120
Speaker 2: without feeling like you got to get into the travel

900
00:40:13,120 --> 00:40:13,680
Speaker 2: hacking game.

901
00:40:13,680 --> 00:40:15,640
Speaker 1: If you're not so inclined or keeping up with like

902
00:40:15,680 --> 00:40:19,399
Speaker 1: revolving categories of spending. Yeah, that's just not something I'm interested.

903
00:40:19,560 --> 00:40:21,360
Speaker 2: That's annoying to me. Yeah, and it also feels like

904
00:40:21,400 --> 00:40:25,799
Speaker 2: it's like incentivizing more consumption. Then that's true, otherwise will

905
00:40:25,840 --> 00:40:27,360
Speaker 2: be pertaking in it's like, oh, five percent off at

906
00:40:27,360 --> 00:40:29,000
Speaker 2: home depot this quarter. Let me go there and load

907
00:40:29,080 --> 00:40:31,120
Speaker 2: up on stuff when you might not otherwise do it?

908
00:40:31,239 --> 00:40:33,399
Speaker 2: All right, We've got more to get to, including a

909
00:40:33,800 --> 00:40:37,120
Speaker 2: repair or replace your automobile question. What do you need

910
00:40:37,160 --> 00:40:39,080
Speaker 2: to think through before you make that decision? We'll talk

911
00:40:39,080 --> 00:40:40,239
Speaker 2: about that and more right after this.

912
00:40:47,960 --> 00:40:50,399
Speaker 1: All right, buddy, we are back from the break and

913
00:40:50,880 --> 00:40:53,080
Speaker 1: it is now tign for the Facebook question of the Week,

914
00:40:53,120 --> 00:40:58,319
Speaker 1: which is from Sharisa. She wrote, repair versus replace. I

915
00:40:58,320 --> 00:41:00,560
Speaker 1: know usually it's better to repair your car rather than

916
00:41:00,560 --> 00:41:03,760
Speaker 1: get a different used car, but I'm second guessing myself.

917
00:41:03,960 --> 00:41:05,799
Speaker 1: Could you give me your opinion. I have a twenty

918
00:41:05,880 --> 00:41:09,239
Speaker 1: eleven Cadillac SRX that has a small timing belt leak

919
00:41:09,640 --> 00:41:12,160
Speaker 1: thirty seven hundred dollars to fix. Doesn't sound all that

920
00:41:12,200 --> 00:41:15,320
Speaker 1: small to me. Two of the catlet converters have failed

921
00:41:15,760 --> 00:41:19,640
Speaker 1: four thousand dollars to fix and required to pass emissions

922
00:41:19,880 --> 00:41:23,120
Speaker 1: and other standard wear tear stuff, torn ball joints, cracking

923
00:41:23,160 --> 00:41:27,240
Speaker 1: control arm bushings, engine transmission mounts. There's also a small

924
00:41:27,440 --> 00:41:29,720
Speaker 1: evaporation leak I don't even know what that is, Joel,

925
00:41:30,120 --> 00:41:33,520
Speaker 1: which might be as simple as changing the gas cap Okay,

926
00:41:34,000 --> 00:41:36,440
Speaker 1: she's chugging horribly due to the needed repairs and has

927
00:41:36,480 --> 00:41:39,279
Speaker 1: one hundred and sixty seven thousand miles without issues. The

928
00:41:39,320 --> 00:41:42,640
Speaker 1: car is worth around seven or eight thousand dollars. Would

929
00:41:42,719 --> 00:41:45,279
Speaker 1: you dump money into repairing all of this or get

930
00:41:45,320 --> 00:41:47,640
Speaker 1: something newer with fewer miles? What would you do in

931
00:41:47,640 --> 00:41:49,040
Speaker 1: her shoes? Okay?

932
00:41:49,320 --> 00:41:51,759
Speaker 2: I feel like typically this is a tough question, right

933
00:41:51,840 --> 00:41:54,960
Speaker 2: because my bent is almost always to say keep your

934
00:41:54,960 --> 00:41:57,440
Speaker 2: car on the road, and I think most of the

935
00:41:57,480 --> 00:42:00,440
Speaker 2: time when this debate happens, there's a whole lot of

936
00:42:00,440 --> 00:42:03,200
Speaker 2: emotion involved. It's like you're just kind of tired of

937
00:42:03,239 --> 00:42:05,920
Speaker 2: the thing, and that makes it so much easier to

938
00:42:06,600 --> 00:42:09,880
Speaker 2: get rid of it and opt into something new, because

939
00:42:10,000 --> 00:42:11,800
Speaker 2: you're just assuming that this new thing isn't going to

940
00:42:11,880 --> 00:42:14,719
Speaker 2: have nearly as many headaches going along with it, and

941
00:42:14,760 --> 00:42:17,520
Speaker 2: you're tired of the headaches, which I get, But you know,

942
00:42:17,560 --> 00:42:19,520
Speaker 2: that makes it more likely that someone's going to take

943
00:42:19,520 --> 00:42:23,360
Speaker 2: the expedient route of trading in that automobile. That's like,

944
00:42:23,400 --> 00:42:25,200
Speaker 2: what she say is chugging along.

945
00:42:26,320 --> 00:42:27,080
Speaker 1: And a horribly though.

946
00:42:27,080 --> 00:42:29,279
Speaker 2: That is what she's said, Yeah, which is such, which

947
00:42:29,280 --> 00:42:31,239
Speaker 2: again I believe, but that makes it more likely you're

948
00:42:31,239 --> 00:42:33,239
Speaker 2: going to trade that puppy in for a new car,

949
00:42:33,320 --> 00:42:35,320
Speaker 2: even if the costs are steep, even if you're like

950
00:42:35,360 --> 00:42:38,400
Speaker 2: let's say, rolling negative equity into alone. It's just that

951
00:42:38,440 --> 00:42:41,440
Speaker 2: sort of emotional release that you're looking for, but that

952
00:42:41,480 --> 00:42:44,760
Speaker 2: comes at a massive financial cost. The cost of repairing

953
00:42:44,760 --> 00:42:47,640
Speaker 2: your car, though, Sharissa are getting intense, right, equaling the

954
00:42:47,640 --> 00:42:49,600
Speaker 2: current value of the automobile.

955
00:42:49,680 --> 00:42:50,320
Speaker 1: That's the problem.

956
00:42:50,360 --> 00:42:52,239
Speaker 2: So I think in this case, getting rid of this

957
00:42:52,320 --> 00:42:54,680
Speaker 2: car and opting for another used car that's in better

958
00:42:54,680 --> 00:42:57,200
Speaker 2: condition that makes the most sense to me.

959
00:42:57,320 --> 00:42:59,520
Speaker 1: Yeah, multiple big repairs like this at the same time,

960
00:42:59,560 --> 00:43:02,319
Speaker 1: it can be seriously tough. But I would say one

961
00:43:02,360 --> 00:43:04,600
Speaker 1: thing before you go and do that before you make

962
00:43:04,640 --> 00:43:07,120
Speaker 1: the repairs, or before in this, like Joel mentioned, because

963
00:43:07,160 --> 00:43:09,520
Speaker 1: you are getting close to the total cost of that

964
00:43:09,600 --> 00:43:12,560
Speaker 1: vehicle before you go and replace it. Get a second

965
00:43:12,560 --> 00:43:15,920
Speaker 1: opinion from another mechanic. These are some I wish I

966
00:43:15,960 --> 00:43:19,120
Speaker 1: would have actually checked the Kelly Blue Book repair prices

967
00:43:19,200 --> 00:43:22,480
Speaker 1: or whatever, because some of these prices sound pretty dang high.

968
00:43:22,680 --> 00:43:25,360
Speaker 1: I would certainly want you to do your perform your

969
00:43:25,440 --> 00:43:27,640
Speaker 1: due diligence. I do not want you to be hasty.

970
00:43:27,840 --> 00:43:29,680
Speaker 2: Well, yeah, I don't even know what a timing belt

971
00:43:29,920 --> 00:43:32,040
Speaker 2: leak is. Does a timing belt leak? I thought, I

972
00:43:32,040 --> 00:43:33,919
Speaker 2: know it needs to change. There's a water pump.

973
00:43:34,000 --> 00:43:36,000
Speaker 1: There's a pump that's involved, so maybe it's but.

974
00:43:36,000 --> 00:43:38,680
Speaker 2: That sounds like high for a timing belt water pump fix,

975
00:43:38,680 --> 00:43:40,239
Speaker 2: Like I would think maybe you could get that done

976
00:43:40,320 --> 00:43:41,400
Speaker 2: for half as much.

977
00:43:41,520 --> 00:43:43,680
Speaker 1: And some of these other things aren't. I mean she

978
00:43:43,760 --> 00:43:46,600
Speaker 1: mentioned like engine mounts. It just depends, I guess on

979
00:43:46,640 --> 00:43:50,160
Speaker 1: the specific vehicle. Some engine mounts can be faincy, they're

980
00:43:50,200 --> 00:43:52,800
Speaker 1: like electronic and they automatically bounce. Some are just rubber,

981
00:43:53,160 --> 00:43:55,520
Speaker 1: So it just that varies as well. But I just

982
00:43:55,560 --> 00:43:58,279
Speaker 1: want you to make sure that you've talked to a

983
00:43:58,280 --> 00:44:01,040
Speaker 1: couple at least a couple other mechanics to see what

984
00:44:01,080 --> 00:44:03,600
Speaker 1: it's going to cost. If it is going to cost

985
00:44:03,680 --> 00:44:05,960
Speaker 1: that much, I would be reluctant toss that much money

986
00:44:06,000 --> 00:44:09,000
Speaker 1: into it. Sure, And instead, if it is still running,

987
00:44:09,000 --> 00:44:12,479
Speaker 1: even if it's running horribly or chugging horribly, the fact

988
00:44:12,480 --> 00:44:14,560
Speaker 1: that it's running at all is a good thing. Yeah,

989
00:44:14,600 --> 00:44:17,360
Speaker 1: And what stops running, then the value decreases. Yeah, we

990
00:44:17,440 --> 00:44:19,040
Speaker 1: get more. Somebody could come along and be like, Okay,

991
00:44:19,080 --> 00:44:20,160
Speaker 1: I know, I know what to do here. But if

992
00:44:20,200 --> 00:44:21,600
Speaker 1: it's not running, it's just like, well, how long has

993
00:44:21,640 --> 00:44:23,319
Speaker 1: it not been running? How long has it been sitting here?

994
00:44:23,680 --> 00:44:25,360
Speaker 1: You know, pulled off on the side of your driveway,

995
00:44:25,480 --> 00:44:28,560
Speaker 1: exactly flat looking tires and the weeds are grown up

996
00:44:28,560 --> 00:44:31,040
Speaker 1: around it. I'm not sure how much you know you've

997
00:44:31,080 --> 00:44:33,399
Speaker 1: saved up for this, but I would love to see

998
00:44:33,440 --> 00:44:37,240
Speaker 1: you pay cash, assuming you either get some better quotes

999
00:44:37,239 --> 00:44:40,000
Speaker 1: back or if you do, decide to get some different

1000
00:44:40,719 --> 00:44:43,759
Speaker 1: But of course don't forget Consumer Reports. Head over there

1001
00:44:43,800 --> 00:44:47,960
Speaker 1: for reliability ratings, because you know, I would also feel

1002
00:44:47,960 --> 00:44:49,960
Speaker 1: a little bit differently if this was some type of

1003
00:44:50,040 --> 00:44:52,759
Speaker 1: Toyota or Honda. But the fact that's the Catillac that

1004
00:44:52,840 --> 00:44:55,400
Speaker 1: also steers me in the direction of like, I'm not

1005
00:44:55,440 --> 00:44:57,760
Speaker 1: sure if I were in her shoes that I wouldn't

1006
00:44:57,760 --> 00:45:00,160
Speaker 1: make all those ring. Consumer Reports lately has been and

1007
00:45:00,200 --> 00:45:03,080
Speaker 1: pumping the old school hond of fits as like essentially

1008
00:45:03,160 --> 00:45:07,000
Speaker 1: the best economical choice for people trying to buy it

1009
00:45:07,080 --> 00:45:09,839
Speaker 1: and got the Cadillac kind of luxury. But I don't know,

1010
00:45:09,880 --> 00:45:12,920
Speaker 1: I think surious I might be past that. Regardless of

1011
00:45:12,920 --> 00:45:14,719
Speaker 1: what type of vehicle it is, though, make sure to

1012
00:45:15,120 --> 00:45:18,000
Speaker 1: get it inspected because you know, the ability to snag

1013
00:45:18,040 --> 00:45:20,800
Speaker 1: a car that is less likely to have major repair

1014
00:45:20,840 --> 00:45:22,640
Speaker 1: issues moving forward. That's going to be a massive win,

1015
00:45:22,760 --> 00:45:23,200
Speaker 1: no doubt.

1016
00:45:23,520 --> 00:45:25,359
Speaker 2: Let's get to a question from Trevor here. Matt He says,

1017
00:45:25,360 --> 00:45:27,600
Speaker 2: a few years ago, I signed up for a robo advisor.

1018
00:45:27,640 --> 00:45:29,080
Speaker 1: It's called Bloom. It's not defunct.

1019
00:45:29,400 --> 00:45:30,919
Speaker 2: Not sure if it was worth the cost, but that's

1020
00:45:30,920 --> 00:45:33,480
Speaker 2: not the question. I have maintained the asset allocation that

1021
00:45:33,520 --> 00:45:34,880
Speaker 2: it had me in and my four oh one A.

1022
00:45:35,360 --> 00:45:36,280
Speaker 1: I'm wondering though.

1023
00:45:36,200 --> 00:45:38,640
Speaker 2: If I should just switch it to a lower fee

1024
00:45:38,640 --> 00:45:41,279
Speaker 2: fund like VU. I'm with Fidelity. What do they have

1025
00:45:41,320 --> 00:45:44,280
Speaker 2: that's equivalent to VOO? I like this question. I remember

1026
00:45:44,560 --> 00:45:48,560
Speaker 2: Bloom is another one of those fintech startups basically analyzing

1027
00:45:48,600 --> 00:45:51,920
Speaker 2: people's retirement accounts for them in an effort to make

1028
00:45:51,960 --> 00:45:53,759
Speaker 2: sure that they weren't paying egregious fees and that they

1029
00:45:53,760 --> 00:45:56,440
Speaker 2: were well diversified. I think the heart the mission behind

1030
00:45:56,600 --> 00:46:00,439
Speaker 2: Bloom was great. They did this, of course for a fee.

1031
00:46:00,719 --> 00:46:02,560
Speaker 2: It was much lower fee than what they were hoping

1032
00:46:02,560 --> 00:46:05,160
Speaker 2: to save people. So it was an attempt to kind

1033
00:46:05,200 --> 00:46:09,839
Speaker 2: of merge altruism and money savings for you and then

1034
00:46:09,880 --> 00:46:12,560
Speaker 2: also met them a profit. It didn't work out though

1035
00:46:12,640 --> 00:46:16,240
Speaker 2: ultimately for Bloom. But yeah, I didn't have a problem

1036
00:46:16,239 --> 00:46:18,799
Speaker 2: with Bloom per se. But I also Matt, you and

1037
00:46:18,800 --> 00:46:20,960
Speaker 2: I talk about DIY investing and how for most people

1038
00:46:21,480 --> 00:46:26,920
Speaker 2: it's not overly complicated, and obviously there just weren't enough

1039
00:46:26,920 --> 00:46:29,799
Speaker 2: paying customers to sustain Bloom. But this is just one

1040
00:46:29,800 --> 00:46:31,960
Speaker 2: of those things too. About fintech companies in general, there's

1041
00:46:32,000 --> 00:46:35,400
Speaker 2: some cool ones that stand the test of time. There's Acorns, Venmo,

1042
00:46:35,800 --> 00:46:37,960
Speaker 2: they could why nab something we talk about regularly that

1043
00:46:37,960 --> 00:46:40,040
Speaker 2: hastood the test of time. People still benefit from that.

1044
00:46:40,360 --> 00:46:43,280
Speaker 2: Robinhood is another fintech that's been around a long time,

1045
00:46:43,440 --> 00:46:44,839
Speaker 2: but a whole lot of them over time. You might

1046
00:46:44,880 --> 00:46:46,920
Speaker 2: say that's cool. I love what they're doing, but they

1047
00:46:46,960 --> 00:46:48,600
Speaker 2: just don't make a big enough DBT in the market

1048
00:46:48,600 --> 00:46:51,440
Speaker 2: and they go bust or they sell to a mainstream company.

1049
00:46:51,520 --> 00:46:54,920
Speaker 2: So Bloom sadly is in the fintech graveyard totally.

1050
00:46:55,280 --> 00:46:57,680
Speaker 1: I think the heart of what Trevor's asking is whether

1051
00:46:57,760 --> 00:47:01,160
Speaker 1: or not he should just simplify things essentially, and the

1052
00:47:01,200 --> 00:47:02,960
Speaker 1: way I like to like I was thinking about it,

1053
00:47:03,000 --> 00:47:04,759
Speaker 1: I was just like, what is this like in our life? Right?

1054
00:47:04,800 --> 00:47:08,360
Speaker 1: He's asking, like, do I need to maintain this super customized,

1055
00:47:08,400 --> 00:47:12,720
Speaker 1: super bespoke investing portfolio to suit my personal needs? Because

1056
00:47:12,760 --> 00:47:16,719
Speaker 1: I'm an individual? I am unique, Joels. That's what Trevor's saying.

1057
00:47:16,920 --> 00:47:19,000
Speaker 2: That's how I think every time I do a personality test,

1058
00:47:19,000 --> 00:47:20,040
Speaker 2: I'm like, I'm not like all the other.

1059
00:47:19,920 --> 00:47:22,279
Speaker 1: People in these categories, Like these folks unique. But here's

1060
00:47:22,280 --> 00:47:24,520
Speaker 1: the thing. If like, when we're talking about something like

1061
00:47:24,560 --> 00:47:27,400
Speaker 1: a suit or a dress, do we need bespoke, do

1062
00:47:27,440 --> 00:47:31,040
Speaker 1: we need our arms measured and our waist and all that? Absolutely,

1063
00:47:31,160 --> 00:47:33,719
Speaker 1: because you need to take all those things into account.

1064
00:47:33,880 --> 00:47:36,839
Speaker 1: But investment portfolios, in my opinion, are they are more

1065
00:47:36,880 --> 00:47:40,520
Speaker 1: like tables than suits or t shirts. Do you need

1066
00:47:40,880 --> 00:47:43,640
Speaker 1: to take your hair color into account or your eye color,

1067
00:47:43,840 --> 00:47:46,440
Speaker 1: or the width of your the circumference of your waist,

1068
00:47:46,480 --> 00:47:48,279
Speaker 1: or your shoe size or any like any of these

1069
00:47:48,320 --> 00:47:52,440
Speaker 1: things when you're buying a table. No, Like, basically, it's

1070
00:47:52,440 --> 00:47:53,880
Speaker 1: gonna be thirty inches off the ground. You want it

1071
00:47:53,920 --> 00:47:55,920
Speaker 1: to be solid, and beyond that, you can like find

1072
00:47:56,160 --> 00:47:58,960
Speaker 1: the type of table that that you're attracted to. You

1073
00:47:59,000 --> 00:48:01,640
Speaker 1: don't need to think through all the different scenarios and

1074
00:48:01,760 --> 00:48:03,600
Speaker 1: just all the different ways that you could customize this

1075
00:48:03,680 --> 00:48:05,480
Speaker 1: and make it unique and different and have all these

1076
00:48:05,480 --> 00:48:08,880
Speaker 1: different slices of your pie. I think in this way

1077
00:48:09,239 --> 00:48:12,759
Speaker 1: that switching things up, taking the more simple path to wealth,

1078
00:48:12,840 --> 00:48:15,359
Speaker 1: going with something like an index fund, an S ANDP

1079
00:48:15,480 --> 00:48:18,040
Speaker 1: index fund, or a total stock market fund is absolutely

1080
00:48:18,040 --> 00:48:21,239
Speaker 1: what Trevor should be doing as opposed to the customized

1081
00:48:21,400 --> 00:48:22,280
Speaker 1: bespoke portfolio.

1082
00:48:22,440 --> 00:48:25,799
Speaker 2: So basically you're overthinking it if you're opting for that.

1083
00:48:26,160 --> 00:48:30,240
Speaker 2: And yet maybe it'll have some positive benefits, but maybe

1084
00:48:30,239 --> 00:48:33,600
Speaker 2: maybe not, but the negative realities over time of them

1085
00:48:33,680 --> 00:48:37,200
Speaker 2: having to rebalance and pay attention to all the particulars

1086
00:48:37,239 --> 00:48:42,279
Speaker 2: of your custom making portfolio might be unnecessary. And by

1087
00:48:42,280 --> 00:48:44,760
Speaker 2: the way he mentioned VU, it could be too costly

1088
00:48:44,800 --> 00:48:47,920
Speaker 2: as well to have that custom portfolio for yourself when

1089
00:48:47,920 --> 00:48:51,560
Speaker 2: you're talking about higher expense ratios. But VU you can

1090
00:48:51,600 --> 00:48:54,520
Speaker 2: buy that from Fidelity as a customer, and you're not

1091
00:48:54,600 --> 00:48:56,920
Speaker 2: charge extra for buying Voo there. So you can buy

1092
00:48:56,960 --> 00:48:59,000
Speaker 2: it from paying card, you can buy it on Robinhood,

1093
00:48:59,000 --> 00:49:00,399
Speaker 2: you can buy Voo almost any right.

1094
00:49:00,280 --> 00:49:02,560
Speaker 1: He doesn't have to get something like VU. You can

1095
00:49:02,600 --> 00:49:05,000
Speaker 1: buy VU, right. Yeah, this is one of the reasons

1096
00:49:05,040 --> 00:49:08,160
Speaker 1: that Vanguard is so awesome. They're not like, no, this

1097
00:49:08,320 --> 00:49:11,600
Speaker 1: is our walled private personal garden. You guys can't play

1098
00:49:11,640 --> 00:49:12,600
Speaker 1: over here. No, they're there.

1099
00:49:12,680 --> 00:49:14,879
Speaker 2: It's like a public park mans right. They let everyone part,

1100
00:49:15,640 --> 00:49:17,960
Speaker 2: which is beautiful. But the other thing is, yeah, Fidelity

1101
00:49:17,960 --> 00:49:20,120
Speaker 2: does have similar funds. They have a mutual fund that's

1102
00:49:20,120 --> 00:49:24,399
Speaker 2: almost an exact replica. It's fx AIX, which is also great,

1103
00:49:24,400 --> 00:49:25,120
Speaker 2: which is also great.

1104
00:49:25,120 --> 00:49:26,799
Speaker 1: I also own a ton of that, yeah, in our

1105
00:49:27,280 --> 00:49:29,600
Speaker 1: in our for one case, that's right, our solo Fomer case.

1106
00:49:29,440 --> 00:49:32,399
Speaker 2: That we have with Fidelity. And if you want more diversification, well,

1107
00:49:32,520 --> 00:49:34,400
Speaker 2: I think a low cost target date fund is a

1108
00:49:34,560 --> 00:49:37,040
Speaker 2: reasonable choice. Although we have talked about some of the

1109
00:49:37,080 --> 00:49:40,000
Speaker 2: downsides of target date funds too. We think they solve

1110
00:49:40,040 --> 00:49:43,240
Speaker 2: a meaningful problem, but they're also not necessarily the greatest

1111
00:49:43,360 --> 00:49:46,000
Speaker 2: choice for everyone, especially for young investors. But you know,

1112
00:49:46,040 --> 00:49:48,880
Speaker 2: while Bloom I think was of course making an effort

1113
00:49:49,080 --> 00:49:53,600
Speaker 2: to make more complex diversification efforts simple. That's cool, It's

1114
00:49:53,640 --> 00:49:55,560
Speaker 2: just it's just unnecessary for a whole lot of folks.

1115
00:49:55,640 --> 00:49:57,919
Speaker 1: Kind Of with your table example, Matt, it's like, yeah,

1116
00:49:57,960 --> 00:49:59,960
Speaker 1: don't you run over complex. You want a solid table

1117
00:50:00,120 --> 00:50:03,359
Speaker 1: that's affordable that maybe it's like, you know, you don't

1118
00:50:03,400 --> 00:50:05,440
Speaker 1: want a table that's like rickety, like make sure it's

1119
00:50:05,480 --> 00:50:08,200
Speaker 1: got solid legs. But then there's nothing else really that

1120
00:50:08,239 --> 00:50:10,799
Speaker 1: you need to take into account. Agree, So Trevor hope

1121
00:50:10,800 --> 00:50:13,560
Speaker 1: that helps man head over to Fidelity, get those low

1122
00:50:13,640 --> 00:50:17,279
Speaker 1: cost index funds, and yeah, your investing life is going

1123
00:50:17,320 --> 00:50:19,319
Speaker 1: to be simpler and more of your money is going

1124
00:50:19,400 --> 00:50:21,839
Speaker 1: to be working for you in the future. Joel our

1125
00:50:21,880 --> 00:50:24,560
Speaker 1: beer Doom volume. And we're gonna make this review short

1126
00:50:24,560 --> 00:50:27,560
Speaker 1: because I got a call to catch. Yeah, I gotta

1127
00:50:27,560 --> 00:50:29,360
Speaker 1: hop out of here. This is the beer by the Veil.

1128
00:50:29,760 --> 00:50:31,400
Speaker 1: This is a hazy ip A.

1129
00:50:31,600 --> 00:50:36,360
Speaker 2: I'll give three words. You think thick, rich, velvety, the

1130
00:50:36,440 --> 00:50:38,480
Speaker 2: veil Man. We don't get enough of their beers down

1131
00:50:38,520 --> 00:50:40,280
Speaker 2: here where we live. This was awesome.

1132
00:50:40,480 --> 00:50:43,439
Speaker 1: I would drink the Veil any day of the week

1133
00:50:43,480 --> 00:50:46,000
Speaker 1: that I was able to. So that's so funny because

1134
00:50:46,000 --> 00:50:48,239
Speaker 1: I wrote down dry and crisp really like it's a

1135
00:50:48,280 --> 00:50:50,680
Speaker 1: hazy but to me, it drink like a West Coast ipa.

1136
00:50:50,800 --> 00:50:53,080
Speaker 1: It kind of had like this sharp crispness to it.

1137
00:50:53,520 --> 00:50:56,759
Speaker 1: As hazy IPAs go. To me, this was more on

1138
00:50:56,800 --> 00:51:00,560
Speaker 1: the crispier side. It almost drink like a logger, not

1139
00:51:00,760 --> 00:51:03,920
Speaker 1: like like a burial beer tends to be. I don't know.

1140
00:51:03,920 --> 00:51:07,239
Speaker 1: It tastes like dirt, kind of very vegetable in the

1141
00:51:07,280 --> 00:51:10,160
Speaker 1: best way possible, whereas this very much have the hot

1142
00:51:10,160 --> 00:51:12,759
Speaker 1: flavors going on. But yeah, it finished nice and clean

1143
00:51:12,840 --> 00:51:14,279
Speaker 1: like in that way. It reminded me a lot of

1144
00:51:14,440 --> 00:51:16,520
Speaker 1: West Coast ipa. Yeah, this is the most West Coast

1145
00:51:16,640 --> 00:51:18,520
Speaker 1: hazy ipay that I feel like I've had in a minute.

1146
00:51:18,560 --> 00:51:20,560
Speaker 2: Well, the veil didn't screw it up. They don't screw

1147
00:51:20,640 --> 00:51:22,759
Speaker 2: up anything very tasty, not that I've experienced. All Right,

1148
00:51:22,840 --> 00:51:24,720
Speaker 2: that's gonna do it, Matt, Go make that call. Until

1149
00:51:24,719 --> 00:51:26,719
Speaker 2: next time, Best friends Out, Best Friends Out,