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Speaker 1: Welcome to How the Money. I'm Joel and I and Matt.

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Speaker 1: Today we are answering your listener questions. That is right, Joel.

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Speaker 1: We have five excellent questions that we're gonna answer during

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Speaker 1: our ask How the Money episode. Today, We're gonna take

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Speaker 1: a question regarding car insurance limits, what we think the

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Speaker 1: proper limits should be, and basically just how to think

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Speaker 1: about some of the different types of coverage as well

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Speaker 1: as the limits that we need for those, because not

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Speaker 1: having enough can hurt you financially. Exactly. Man, We've got

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Speaker 1: a listener question who is asking about having a money

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Speaker 1: conversation with a family member. He wants to make sure

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Speaker 1: that he's not overstepping his bounds. That one's gonna be fun.

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Speaker 1: And we're also going to talk about the merits of

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Speaker 1: the fifteen year mortgage versus a thirty year. We've got

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Speaker 1: some good thoughts on that one. Plus we have two

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Speaker 1: other questions that we're gonna get to during this episode.

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Speaker 1: I am looking forward to it, all right. Speaking of

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Speaker 1: those relational money questions, Oh my gosh, you have a

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Speaker 1: relational money issue you're dealing with you. I gave you

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Speaker 1: a little a little preview as to what I wanted

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Speaker 1: to talk about for our little pre episode Bainter segment

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Speaker 1: that we we tend to have here. I've got a

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Speaker 1: little predicament, right, So, I've got a good friend from college.

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Speaker 1: He is getting married this fall, and he's having a

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Speaker 1: bachelor weekend. And I am torn because this bachelor weekend

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Speaker 1: is going to cost a lot of money. And before

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Speaker 1: listeners started judging me, I am not opposed to spending money,

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Speaker 1: especially when it comes to celebrating a friend. Right. However,

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Speaker 1: here's the rub with this particular friend. Like, we were

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Speaker 1: pretty much best friends in college for for a number

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Speaker 1: of years, really close. But in the past ten years

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Speaker 1: or so, we've you know, we've kind of gone separate ways.

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Speaker 1: We're still friends, but we don't really talk much, right,

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Speaker 1: I mean, we we rarely talk on the phone, we

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Speaker 1: don't really text all that much, and we rarely ever

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Speaker 1: see each other. And even though you live in the

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Speaker 1: same city, we live in the same city. And not

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Speaker 1: only that, man, like we kind of live in the

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Speaker 1: same part of town, he don't live all that far away.

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Speaker 1: And even still, like we don't really we just don't

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Speaker 1: really hang out, Like honestly, we just have less in

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Speaker 1: common than we used to. And that's fine, right, I Mean,

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Speaker 1: people grow, they change, and I think it's okay that

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Speaker 1: our relationship has also changed. And so when it comes

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Speaker 1: to be spending a large amount of money or you

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Speaker 1: know what I perceived to be a large amount of

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Speaker 1: money on, say a batchelor weekend down in a city,

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Speaker 1: that's not cheap. You know, like it's gonna involve a

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Speaker 1: plane ticket, it's gonna involve some you know, a few

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Speaker 1: nights at a nice hotel, lots of other things that

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Speaker 1: we're gonna be spending money on as well. What are

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Speaker 1: your thoughts, sude, what do you think I should do?

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Speaker 1: All right? So always a tough one, right, like, because

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Speaker 1: relationships are involved, and you don't want to be the

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Speaker 1: cheap guy who's like always saying no to stuff. Either way,

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Speaker 1: I'm going to be the cheap guy no matter what.

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Speaker 1: That's just you're the guy who hosts a personal finance

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Speaker 1: podcasts out of money. They know that's me obviously, But

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Speaker 1: I'm just not sure what exactly to do in this situation. Yeah,

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Speaker 1: I mean I think it is a tough one. But

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Speaker 1: I think open lines of communication are key here in

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Speaker 1: whatever decision you make, and you know if for you guys,

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Speaker 1: you know, based on kind of how you've allocated your budget,

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Speaker 1: this just doesn't fit in because it's kind of more expensive.

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Speaker 1: I think there's other ways because it's a bachelor party,

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Speaker 1: it's for a wedding and upcoming like super happy event.

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Speaker 1: I think there's ways for you to show your friend

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Speaker 1: that you still love him and find ways to connect here, uh,

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Speaker 1: without having to necessarily splurge on this big trip because

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Speaker 1: it's like, yeah, a little too out of reach for

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Speaker 1: what kind of you know, where your budgets at right now? Well, well, yeah,

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Speaker 1: I mean that's the thing though, Like it's it's less

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Speaker 1: about the budget, right, Like I we can afford it,

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Speaker 1: it's just that it feels it kind of feels unnecessary

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Speaker 1: given that we hardly even hang out in person when

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Speaker 1: we live in the same city, you know, and so

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Speaker 1: here here's what kind of where my head was is

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Speaker 1: that I've kind of casually mentioned, you know, hanging out

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Speaker 1: in person recently, but I think I'm going to make

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Speaker 1: a more pointed effort to set up some in person

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Speaker 1: hangs like you mentioned, you know, like getting beer or

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Speaker 1: something like that, because if it's still an important relationship

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Speaker 1: and in both of our lives. It's something that I

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Speaker 1: think we will both prioritize and make sure it actually

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Speaker 1: happens now. Right. It's just the disconnect from not like

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Speaker 1: hanging out in person at all when we live in

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Speaker 1: the same city, you know, very is then going and

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Speaker 1: spending like a lot of money in a different city

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Speaker 1: when we don't ever really hang out in our hometown.

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Speaker 1: That's the part of it that kind of rubs me

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Speaker 1: the wrong way, that makes me feel that it's something

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Speaker 1: that I shouldn't spend money on. But I yeah, like

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Speaker 1: you said, I think going out for beers finding ways

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Speaker 1: to make that connection happen now might lead me to think, okay, cool,

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Speaker 1: this is something that I do feel better about spending

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Speaker 1: money on, which is not either or if you don't

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Speaker 1: have to commit right now, if you can write wit

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Speaker 1: you have a couple of hangs here in town first

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Speaker 1: and then be like, yeah, wait a second, I miss this, dude, Like,

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Speaker 1: let's let's make this happen exactly now. Then um, then

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Speaker 1: you can pull the trigger at that point in time.

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Speaker 1: But yeah, I also think it's okay to say no

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Speaker 1: to some of those things, Like all of us know

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Speaker 1: who has a budget for stuff like that. That's a

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Speaker 1: tough ask. I feel like in our in our how

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Speaker 1: money Facebook group, that's like a topic that comes up

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Speaker 1: from time to time. It's like a destination wedding or

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Speaker 1: it's going on a bachelor or bachelorette trip, and it's like,

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Speaker 1: I kind of can you know, get get to get

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Speaker 1: the funds together, but I'm not sure if it's worth it.

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Speaker 1: I'm not sure if I want to, And we all

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Speaker 1: have to make trade offs like that when it comes

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Speaker 1: to our budget. Those are tough decisions, especially when they

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Speaker 1: involve relationships. Um. But yeah, I think connecting with your friend,

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Speaker 1: reconnecting um, since you live in the same city is

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Speaker 1: is probably at least the first step and then you

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Speaker 1: can kind of reassess from there. Yeah, totally. I think

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Speaker 1: you're right because if you can't afford it, it it makes

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Speaker 1: the decision easy, right, you just don't do it, like,

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Speaker 1: don't go into debt, like we would say, you have

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Speaker 1: an easy excuse to exactly, Whereas if you have the money,

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Speaker 1: you're like, that's not interested, dude. Yes, that's where it

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Speaker 1: feels tough, and that's where I'm torn. And yeah, I

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Speaker 1: would love to hear listeners thoughts. On this as well.

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Speaker 1: If they want to leave a comment in the group

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Speaker 1: or on the episode, post up on our website at

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Speaker 1: how the Money dot com. There you go. All right, Well,

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Speaker 1: let's um Matt get onto the subject at hand. First off,

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Speaker 1: we're drinking a beer. This one's called Seeing Green by

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Speaker 1: Civil Society. Oh yes, it's a double I p a. Well, yeah,

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Speaker 1: talk about this one at the end of the episode.

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Speaker 1: But let's get onto listener questions. For anybody out there

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Speaker 1: who wants to submit a question for a future episode,

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Speaker 1: just go to our website how to money dot com

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Speaker 1: slash ask their simple instructions there for you to record

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Speaker 1: your voice memo, send it our way. It takes no

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Speaker 1: time at all, and hopefully we can take it on

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Speaker 1: an upcoming episode. But let's get to that first question.

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Speaker 1: This one is about budgeting and budgeting when your paychecks

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Speaker 1: are slightly irregular. Hi, this is Ashley. My husband gets

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Speaker 1: paid bi weekly and so about every five to six

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Speaker 1: months we get a third paycheck that hits our budget.

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Speaker 1: How do I budget that extra cash? Oh, the bi

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Speaker 1: weekly paycheck, Joel, It's been maybe over thirteen fourteen years

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Speaker 1: or so since I've had a regular paycheck from an

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Speaker 1: employer that you know, where I was a W two

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Speaker 1: wage earner. That being said, I still got some thoughts

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Speaker 1: on this. What do you think about the the bi

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Speaker 1: weekly or the bi monthly. It depends on people have

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Speaker 1: different definitions. I know, yes, it's it's difficult language. I

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Speaker 1: know that that's true. It is. It's yeah, I never

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Speaker 1: know if bi weekly is or bi monthly is twice

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Speaker 1: a month or every other months. Yeah, but we're talking

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Speaker 1: about the paycheck that shows up once every two weeks, right, Yeah,

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Speaker 1: So I mean I actually personally really like the bi

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Speaker 1: weekly paycheck for budgeting purposes. And yeah, I have been

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Speaker 1: a regular paycheck employee up until you know a few

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Speaker 1: months ago, and so yeah, transitioning away from that is

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Speaker 1: actually is difficult, like trying to figure out how to

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Speaker 1: bude it on a highly a regular income. Um. But yeah,

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Speaker 1: I'm here for you, Thank you, Thank you, my friend.

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Speaker 1: I mean, I know if I can go anywhere for

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Speaker 1: advice as you, right, But yeah, you get slightly smaller paychecks,

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Speaker 1: and you get if you were to get paid twice

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Speaker 1: a month, right, So basically we're getting paid every every

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Speaker 1: other Friday as opposed to twice a month, which could

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Speaker 1: fall on a different calendar date. And I actually specifically

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Speaker 1: remember Matt when my employer changed that, and I was

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Speaker 1: a little confused at the beginning, but I actually ended

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Speaker 1: up liking that more because I always like to pretend

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Speaker 1: that those paychecks didn't exist, that those two odd paychecks

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Speaker 1: every single year didn't exist, and then continue to budget

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Speaker 1: based on getting just two checks a month. So, yeah,

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Speaker 1: slightly smaller checks, but living on those instead. And for me,

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Speaker 1: that helped accelerate my savings for other uses, just to

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Speaker 1: have my savings account, but then also to accrue down

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Speaker 1: payments to buy that next real estate property. I always

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Speaker 1: kind of treated it like a tax return or something

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Speaker 1: like that, like a small little windfall. Yeah exactly, And

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Speaker 1: I was like, moom, this is just accelerated my ability

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Speaker 1: to make that next house purchase. Yeah that's true. Man.

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Speaker 1: This is a great actic to take for for I

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Speaker 1: think a lot of folks. And the thing is to

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Speaker 1: actually mentioned in her email that her family doesn't have

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Speaker 1: the disposable income to pretend that this money doesn't exist,

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Speaker 1: you know, and funnel it towards savings. Uh. So let's

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Speaker 1: talk about how she should be handling her budget. Uh.

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Speaker 1: And one way that we know about is that folks

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Speaker 1: can go about literally having a bi weekly budget instead

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Speaker 1: of a monthly budget. And so what this means is

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Speaker 1: that instead of breaking your expenses out into twelve months,

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Speaker 1: instead you break it out into twenty six two week periods.

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Speaker 1: And you know, so that's I want to grown after

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Speaker 1: you say that, because that sounds that sounds annoying. Okay,

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Speaker 1: So to be honest, it sounds even annoying to me.

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Speaker 1: And like I'm kind of the nerdier numbers guy, but

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Speaker 1: like it just doesn't really line up, you know. But

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Speaker 1: I mean, this is one way to go about it,

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Speaker 1: but it can just be really annoying because you're gonna

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Speaker 1: have to deal with these weird numbers, you know, like

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Speaker 1: rent gets paid twelve times a year, you're not making

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Speaker 1: twenty six smaller payments. And so in a way, I

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Speaker 1: feel like I'm not a huge fan of this because

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Speaker 1: it feels like it overcomplicates things and individuals often times

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Speaker 1: have a hard time sticking with the budget as it is.

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Speaker 1: I can imagine creating your own sort of framework that

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Speaker 1: is outside of the monthly expenses that we realized every

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Speaker 1: single month, right, And so like, I mean, all the

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Speaker 1: expenses we do with on a monthly basis, like rent,

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Speaker 1: the mortgage, Netflix, you know, just your cell phone bill.

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Speaker 1: I mean, I guess sometimes you pay that months in advance.

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Speaker 1: It's just great, But like utility is all, all of

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Speaker 1: these things fall on a monthly basis, not every you know,

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Speaker 1: not like half of it every two weeks kind of thing.

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Speaker 1: And so, in my opinion, I feel like that kind

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Speaker 1: of overcomplicates things. Yeah. So, so I think when it

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Speaker 1: comes down to it, Ashley, if you can't afford to

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Speaker 1: live on twenty four of the paychecks that you're getting,

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Speaker 1: it's really important to take a hard look at your

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Speaker 1: expenses and to attempt to make some reductions wherever you can,

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Speaker 1: because that's going to be the simplest way to approach

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Speaker 1: your budget is essentially kind of doing what I did

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Speaker 1: and counting those extra two as bonus savings or a

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Speaker 1: lump so that you can also put towards investing, just

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Speaker 1: pretending that they don't exist, yeah for the time being,

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Speaker 1: until they land in your lap and you're like boom,

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Speaker 1: now now this extra money has a mission to and

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Speaker 1: its savings are investing, you know. We suggest starting with

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Speaker 1: some of the the easy things first, like shopping your

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Speaker 1: insurance with other companies, you can save like a thousand

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Speaker 1: dollars or more a year. By doing that, you can

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Speaker 1: cut your yourself on one bill likely in half or more,

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Speaker 1: saving five hundred bucks a year and reevaluating maybe how

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Speaker 1: many streaming services you're signed up for. Man, I feel

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Speaker 1: like that's becoming a bigger and bigger problem, is streaming

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Speaker 1: service proliferation. Maybe save two or more a year just

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Speaker 1: by doing that. Um so yeah, I think then after that,

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Speaker 1: after taking some of those simple steps, you can dig

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Speaker 1: a level deeper to remove or reduce other expenses that

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Speaker 1: are holding you back, but in order to make your

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Speaker 1: budgeting easier and to increase the amount of savings you

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Speaker 1: have in your life that leads to more margin. Um,

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Speaker 1: this is really how you're gonna want to skin this guy.

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Speaker 1: That's how you're gonna want to tackle this. Yeah. Essentially,

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Speaker 1: what we're trying to do here is get you kind

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Speaker 1: of out of that cycle of of kind of living

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Speaker 1: paycheck to paycheck, right because if every one of those

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Speaker 1: dollars has a name on it, then that means you

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Speaker 1: just don't have that margin in your life. And so

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Speaker 1: we hate to be the bearer of bad news here,

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Speaker 1: But truly the solution here is going to be just

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Speaker 1: to make some of those cuts, like like Joel mentioned, uh,

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Speaker 1: and those are sustained norble cuts, right. I think it

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Speaker 1: is also worth pointing out to that there are cuts

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Speaker 1: that you can make in your life that are going

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Speaker 1: to be drastic, that you know are unsustainable, just to

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Speaker 1: get ahead of the ball, right, just to get ahead

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Speaker 1: of those expenses. Because truly, when you know that with

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Speaker 1: your money, you have to get ahead to paychecks. And

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Speaker 1: then once you achieve that point, once you can float

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Speaker 1: along like that, once your two paychecks ahead, uh, those

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Speaker 1: two additional paychecks won't be necessary because you can then

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Speaker 1: funnel those towards different saving skulls, different things that you're

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Speaker 1: trying to achieve with your money. So ultimately, your your

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Speaker 1: goal is to get to the point where you're essentially

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Speaker 1: paying for this month's bills, this month's expenses with last

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Speaker 1: month's money, and so getting to the point where you

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Speaker 1: can use those two extra paychecks for those bigger financial

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Speaker 1: goals and and and budget as though you only got

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Speaker 1: paid twice a month is a great goal to strive for.

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Speaker 1: That financial margin is going to be crucial to lower

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Speaker 1: the level of stress you know that you might be

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Speaker 1: feeling now towards your money as well as your ability

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Speaker 1: to ramp up uh and achieve bigger financial goals over time. Uh,

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Speaker 1: you know, And we talked about different ways maybe that

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Speaker 1: you can cut back in your life and to lower

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Speaker 1: those expenses, but also see if you can creature income. Right,

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Speaker 1: see if there's ways that whether that means working overtime,

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Speaker 1: even something as simple as signing up for a new

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Speaker 1: credit card that's got a sweet sign up bonus. If

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Speaker 1: you have control over your spending and you pay off

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Speaker 1: those cards in full every single month, well, taking advantage

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Speaker 1: of some of those offers can be a great way

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Speaker 1: to you know, inject an extra four to six hundred

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Speaker 1: to seven eight hundred dollars into your monthly income. Yeah, Matt,

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Speaker 1: Just about a month ago, the New York Times to

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Speaker 1: have this article and they feature like six different families

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Speaker 1: and kind of how they spent and it's just interesting

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Speaker 1: to kind of actually to take a beak behind the

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Speaker 1: curtain see how other people are spending what they're spending

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Speaker 1: money on. And as someone who obviously thinks about personal

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Speaker 1: finances a lot, and I was like, man, there's some

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Speaker 1: like easy fat to trim from a lot of these budgets,

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Speaker 1: and not not as much from some of the other families,

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Speaker 1: but there were certainly a lot of families, and I

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Speaker 1: was like, man, you could totally cut this bill down

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Speaker 1: in a big way. And so I think, actually, it's

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Speaker 1: important to look at your budget with a critical eye,

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Speaker 1: especially until you get to that point where you have

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Speaker 1: more margin, where you are spending dollars that you earned

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Speaker 1: a month ago. You know, you have that much savings

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Speaker 1: on hand. It's gonna feel really good to have that

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Speaker 1: kind of financial margin in your life. And I think

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Speaker 1: it's worth it to go after that. Um so that

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Speaker 1: one budgetings easier and that too, you're just in a

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Speaker 1: better overall financial position. So best of luck to you

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Speaker 1: actually and your husband and Matt. We got more questions

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Speaker 1: to get to, including one about you know, what kind

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Speaker 1: of limits should you have on your car insurance? It

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Speaker 1: feels like a nerdy question, but it's an important one.

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

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Speaker 1: All right, we are back. This is how the money.

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Speaker 1: Just in case you forgot, we're taking a listener questions

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Speaker 1: and before we get to the insurance question, we have

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Speaker 1: one here about talking to a family member about their investments. Hey,

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Speaker 1: Matt and Jeel, this is Jared from Columbus, Ohio. My

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Speaker 1: brother in law asked me to take a look at

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Speaker 1: a stock that he wanted to sell, and when I

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Speaker 1: was reviewing it, I also noticed four oh one K

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Speaker 1: that he had rolled over that was just sitting in

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Speaker 1: a cash settlement fund from when he left the company

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Speaker 1: over seven years ago. I mentioned to him that he

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Speaker 1: really needs to get this into the market. And it's

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Speaker 1: been over a year now and he's still done nothing.

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Speaker 1: I imagine he's just intimidated by the whole process, and

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Speaker 1: I really want to help him out. There's a part

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Speaker 1: of me that thinks it's none of my business, but

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Speaker 1: he is married to my sister. What do you guys

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Speaker 1: think I should do? All right, Matt? I love a

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Speaker 1: good question like this. I love inserting myself into other

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Speaker 1: families financial stuff like and and uh, you know, just

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Speaker 1: getting all up in their mess exactly exactly. It's one

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Speaker 1: of my favorite things to do, kind of like you know,

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Speaker 1: Gordon Ramsey does, and like the kitchens of people of

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Speaker 1: like restaurants that are failing. He just gets all up

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Speaker 1: in there and wants to fix it. That's what I

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Speaker 1: want to do for people's finance. What show is it? Uh,

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Speaker 1: kitchen Nightmares? I want to There's been so many Gordon

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Speaker 1: Ramsey shows how could I even remember? But yeah, I'm

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Speaker 1: not gonna yell as loud as he does, so person

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Speaker 1: I don't want to make people cry. That's right, Well, Jared,

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Speaker 1: I love what you said. I think Matt one of

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Speaker 1: the most important things that he said was he really

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Speaker 1: wants to help his brother in law out. And I

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Speaker 1: think coming from that posture, coming from that dance is

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Speaker 1: huge And I agree to that. Jared does have a

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Speaker 1: little bit of skin in this game with his sister

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Speaker 1: being married to to his brother in law. It's like, yeah, yeah,

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Speaker 1: you don't want your sister to be destitute someday. I

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Speaker 1: understand that you want to make sure that she's well

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Speaker 1: taken care of. Plus at the same time, Matt, his

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Speaker 1: brother in law, has already asked for Jared's help before. Yeah,

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Speaker 1: that's that's what I think is super key here. Yeah, yeah, right,

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Speaker 1: So like the fact that that he has come to you,

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Speaker 1: Jared before, for help, would is a reason enough for

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Speaker 1: me to feel comfortable saying uh, saying something in this case,

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Speaker 1: if I were you, he seems to appreciate your wisdom

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Speaker 1: when it comes to finances, so offering that wisdom up

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Speaker 1: even though he hasn't asked specifically this time, I think

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Speaker 1: it's still okay. His brother in law knows that that

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Speaker 1: Jared listens to how the money. That's twice now that

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Speaker 1: I've mentioned our show like going third person, and I'm

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Speaker 1: feeling the need to sell the show for some reason.

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Speaker 1: I don't know. I don't know why that is. But

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Speaker 1: but like you said, yeah, he already has like he

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Speaker 1: has permission in my opinion, to give some of that input.

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Speaker 1: And specifically, it doesn't sound like he was just looking

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Speaker 1: at a stock that his brother asked him about. It

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Speaker 1: looked like it sounded like he has access to his

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Speaker 1: actual retirement account, his four O one K, which means

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Speaker 1: like he's logged in. There's a lot of trust there.

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Speaker 1: If you're sitting down looking at someone's you know, like

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Speaker 1: basically it's like pulling open someone's underwear drawer, like you're

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Speaker 1: seeing everything, the good and the bad, right, And so

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Speaker 1: I think that's another reason why I feel that he's

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Speaker 1: got kind of permission to say something. Um And I

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Speaker 1: almost sort of see it as like, imagine if his

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Speaker 1: brother in law went to a doctor, right, say he

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Speaker 1: went to a dermatologist to get like a little spot

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Speaker 1: like that on his back. He's like, I want to

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Speaker 1: make sure it's not cancer. But if he's got high

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Speaker 1: blood pressure and you know, the dermatologist has seen that,

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Speaker 1: that's something he needs to know, right, Like he didn't.

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Speaker 1: Maybe maybe he didn't come in asking about that. But

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Speaker 1: if that's something that you notice, like it's something that

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Speaker 1: you have to mention, it's in the same way he

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Speaker 1: wasn't necessarily asking about all this money that's sitting there

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Speaker 1: is idle cash. But in this instance, I think Jared

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Speaker 1: needs to say something. Yeah, I guess Jared has kind

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Speaker 1: of like a hippocratic oath to his brother in law

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Speaker 1: to let him do no harm to himself him like that. Yeah,

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Speaker 1: And I think to like, if intimidation is the reason

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Speaker 1: he's not taking action, which is the case for so

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Speaker 1: many people acting like a helpful sure, but can be

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Speaker 1: like the perfect tac to take And it sounds like

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Speaker 1: that's Jared's approach to right. I don't think Jared's coming

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Speaker 1: in like like I would like Gordon Ramsey style like

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Speaker 1: together man um and gusting him out. But I think

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Speaker 1: one of the most important things is to help your

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Speaker 1: brother in law see why leaving that money in a

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Speaker 1: cash settlement account is going to be through his long

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Speaker 1: term destroments, and to not make him feel like a

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Speaker 1: dummy for making a big mistake, but to help him

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Speaker 1: maybe see more like the power that his money can

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Speaker 1: have if he chooses to do something else with it,

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Speaker 1: especially with all the concerns around inflation right now, Matt,

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Speaker 1: that's worth bringing up, right. The biggest goal for that

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Speaker 1: money is to ensure that it's not slowly being eroded

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Speaker 1: by inflationary forces, and the only way to do that

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Speaker 1: is to invest it instead of just letting it chill

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Speaker 1: on the sidelines. It's already in the account now, it

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Speaker 1: just needs to be funneled in the right direction. Yeah,

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Speaker 1: he's just one step short of the finish line. That's right.

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Speaker 1: It's like you're already in the race, your run, and

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Speaker 1: just make sure you get it across the finish line

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Speaker 1: that money invested. And Jared also realized too that you can, uh,

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Speaker 1: you know the house of the saying go like you

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Speaker 1: can you can lead a horse to water, but you

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Speaker 1: can't make him drink. If your brother in law just

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Speaker 1: isn't interested in hearing more of your perspective once you

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Speaker 1: begin that conversation, just change the topic, right. This might

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Speaker 1: be something where maybe we're just completely mistaken here. Maybe

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Speaker 1: he doesn't want to hear this information from you. Maybe

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Speaker 1: he only wanted your opinion on Tesla or whatever that

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Speaker 1: stock or fund is because he knows maybe you're also

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Speaker 1: interested in it. Some people are happy to get device

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Speaker 1: from a loved one who cares about them, but others

428
00:18:31,040 --> 00:18:33,640
Speaker 1: can feel like maybe you're stepping on their toes and

429
00:18:33,720 --> 00:18:36,200
Speaker 1: you never know when that conversation might hit them, maybe

430
00:18:36,280 --> 00:18:38,159
Speaker 1: even in a different way, causing them to kind of

431
00:18:38,160 --> 00:18:40,320
Speaker 1: open up the lines of communication again. You know, he

432
00:18:40,400 --> 00:18:42,800
Speaker 1: might read a headline or hear something on a podcast

433
00:18:43,240 --> 00:18:46,159
Speaker 1: that helps him to realize the error of his ways,

434
00:18:46,600 --> 00:18:48,560
Speaker 1: and you know that might cause him to reach back

435
00:18:48,600 --> 00:18:50,480
Speaker 1: out in a few months down the road. And so

436
00:18:50,520 --> 00:18:55,320
Speaker 1: it's crucial to prioritize the relationship here over this financial fix. Uh.

437
00:18:55,359 --> 00:18:57,119
Speaker 1: In the long term, that's probably gonna lead to more

438
00:18:57,119 --> 00:19:01,040
Speaker 1: fruitful conversations than this one specific example. So best of

439
00:19:01,080 --> 00:19:02,880
Speaker 1: luck to you as you you naviget the waters there

440
00:19:02,880 --> 00:19:04,679
Speaker 1: with your brother in law, and yeah, let us know

441
00:19:04,760 --> 00:19:07,440
Speaker 1: how it goes. I hope the conversation uh ends up

442
00:19:07,440 --> 00:19:09,600
Speaker 1: on a positive note. Yeah, me too, reach back out

443
00:19:09,640 --> 00:19:10,960
Speaker 1: via email. Let us not how it goes for sure.

444
00:19:11,040 --> 00:19:12,840
Speaker 1: All right, let's get to the next question. This one

445
00:19:12,960 --> 00:19:15,400
Speaker 1: is about car in turance limits and if you're going

446
00:19:15,440 --> 00:19:18,240
Speaker 1: with the statement MS, are you putting yourself at risk? Hey,

447
00:19:18,320 --> 00:19:22,200
Speaker 1: this is less calling for Minneapolis. My question involves liability

448
00:19:22,240 --> 00:19:25,040
Speaker 1: insurance on my car. Until recently, I thought I was

449
00:19:25,080 --> 00:19:28,040
Speaker 1: being frugal by only having the statement of months. But

450
00:19:28,119 --> 00:19:29,480
Speaker 1: now that I have built a net worth of a

451
00:19:29,520 --> 00:19:32,199
Speaker 1: hundred and I'm thinking that I need to protect myself

452
00:19:32,200 --> 00:19:34,119
Speaker 1: from getting sued if I were to make a mistake

453
00:19:34,160 --> 00:19:37,840
Speaker 1: and injure someone. I'm curious if you recommend protection equal

454
00:19:37,880 --> 00:19:40,400
Speaker 1: to net worth or even higher. Thanks guys, and I'm

455
00:19:40,440 --> 00:19:43,280
Speaker 1: a huge fan of the show. Hey, great question, Lex,

456
00:19:43,640 --> 00:19:47,040
Speaker 1: So getting sued it's not likely, right, but it is

457
00:19:47,359 --> 00:19:49,960
Speaker 1: a threat. It's something to keep in mind and it's

458
00:19:50,040 --> 00:19:54,320
Speaker 1: worth doing something about, especially as your net worth is increasing.

459
00:19:54,440 --> 00:19:56,760
Speaker 1: So kudos on doing a good job with your money

460
00:19:56,800 --> 00:19:58,639
Speaker 1: as well. We wanted to point out, though, it's important

461
00:19:58,680 --> 00:20:01,560
Speaker 1: to note that some maybe even most of your net

462
00:20:01,560 --> 00:20:04,679
Speaker 1: worth might not be at risk in the event of

463
00:20:04,720 --> 00:20:07,440
Speaker 1: an at fault accident. That mostly depends on the laws

464
00:20:07,440 --> 00:20:09,000
Speaker 1: of the state where you live. And so if you

465
00:20:09,040 --> 00:20:11,160
Speaker 1: have most of your money tied up in retirement accounts

466
00:20:11,160 --> 00:20:13,800
Speaker 1: like four oh one case and i ras, even if

467
00:20:13,800 --> 00:20:17,639
Speaker 1: you were sued, that money might be protected. Deposit accounts, however,

468
00:20:17,680 --> 00:20:20,560
Speaker 1: so like your savings account will be at risk, and

469
00:20:20,640 --> 00:20:22,280
Speaker 1: in any real estate you own would also be at

470
00:20:22,320 --> 00:20:24,960
Speaker 1: risk in the event of a lawsuit. Uh, And so

471
00:20:25,200 --> 00:20:27,040
Speaker 1: we wanted to mention that just first off, because if

472
00:20:27,080 --> 00:20:28,919
Speaker 1: most of your net worth is in a checking account

473
00:20:28,960 --> 00:20:32,320
Speaker 1: or tied to equity and a primary or rental property,

474
00:20:32,359 --> 00:20:34,600
Speaker 1: it would be maybe even risky or free to have

475
00:20:34,680 --> 00:20:38,040
Speaker 1: just the statementimum amounts of car insurance coverage. Right. Yeah,

476
00:20:38,080 --> 00:20:42,119
Speaker 1: So we're definitely hoping that this theoretical lawsuit never happens

477
00:20:42,160 --> 00:20:44,800
Speaker 1: in Lex's case, really in anyone's case, right, But it's

478
00:20:44,840 --> 00:20:47,960
Speaker 1: not a bad idea to do some planning for potential

479
00:20:47,960 --> 00:20:50,320
Speaker 1: snaffoos as your wealth grows, right, Matt. It's like one

480
00:20:50,320 --> 00:20:52,440
Speaker 1: of those things. It's like getting life insurance after you

481
00:20:52,840 --> 00:20:56,560
Speaker 1: have your first child. It's um, it's really important to

482
00:20:56,600 --> 00:20:58,679
Speaker 1: make sure that your family is taken care of in

483
00:20:58,960 --> 00:21:02,120
Speaker 1: the unlikely case that you passed away prematurely. So like you're,

484
00:21:02,200 --> 00:21:04,000
Speaker 1: you know, twenty eight years old or thirty two years

485
00:21:04,040 --> 00:21:06,359
Speaker 1: old buying a life insurance policy and the likelihood that

486
00:21:06,359 --> 00:21:09,600
Speaker 1: you're gonna die is slim, but it's still incredibly cheap

487
00:21:09,640 --> 00:21:12,520
Speaker 1: coverage and it's something worth planning for, right and so

488
00:21:12,640 --> 00:21:15,639
Speaker 1: like on the similar notes, you know, having only the

489
00:21:15,680 --> 00:21:18,679
Speaker 1: statementimum coverage, it's likely cheap instead of frugal. But it

490
00:21:18,720 --> 00:21:21,240
Speaker 1: also depends on what state turin. For instance, New Hampshire

491
00:21:21,280 --> 00:21:24,240
Speaker 1: doesn't require you to have any coverage whatsoever. Like it's

492
00:21:24,240 --> 00:21:26,920
Speaker 1: like the only state I think that doesn't require uh,

493
00:21:26,960 --> 00:21:30,280
Speaker 1: there's its citizens to have car insurance. So I don't

494
00:21:30,320 --> 00:21:32,280
Speaker 1: know that that would treat me out a little bit. Yeah,

495
00:21:32,280 --> 00:21:35,000
Speaker 1: their state mottoes have a your way, no it is

496
00:21:35,040 --> 00:21:36,920
Speaker 1: lit for you or die, which actually does make sense,

497
00:21:36,920 --> 00:21:39,760
Speaker 1: I guess. So, I mean, I can't imagine, you know,

498
00:21:39,840 --> 00:21:42,119
Speaker 1: going without it, but yeah, you're on the hook for

499
00:21:42,160 --> 00:21:45,639
Speaker 1: whatever costs are incurred above the coverage limits that you've

500
00:21:45,720 --> 00:21:48,120
Speaker 1: chosen in the event of an accident. So, for instance,

501
00:21:48,359 --> 00:21:51,840
Speaker 1: if the driver you hit is severely injured, medical costs right,

502
00:21:51,880 --> 00:21:54,960
Speaker 1: could skyrocket pretty quickly, So I would say, yeah, one

503
00:21:55,000 --> 00:21:59,040
Speaker 1: hundred three hundred one hundred for body injury liability, property

504
00:21:59,119 --> 00:22:01,439
Speaker 1: damage liability, That's what I've got, And I think more

505
00:22:01,520 --> 00:22:04,439
Speaker 1: people should be paying for higher levels of coverage. But

506
00:22:04,480 --> 00:22:06,920
Speaker 1: if that jacks up the price too much, obviously think

507
00:22:06,920 --> 00:22:11,200
Speaker 1: the minimum amount worth going for is I think personally

508
00:22:11,200 --> 00:22:13,800
Speaker 1: going below those limits is cheap. It's just it's not frugal,

509
00:22:13,840 --> 00:22:16,800
Speaker 1: it's you're being penny wise and pound foolish at that point. Yeah,

510
00:22:16,800 --> 00:22:19,160
Speaker 1: that one hundred three one hundred coverage is a good

511
00:22:19,200 --> 00:22:21,680
Speaker 1: rule of thumb for for most folks out there, honestly,

512
00:22:22,119 --> 00:22:24,040
Speaker 1: and lex It's important to note as well that your

513
00:22:24,040 --> 00:22:27,760
Speaker 1: car insurance policy covers a few different things depending on

514
00:22:27,840 --> 00:22:29,720
Speaker 1: the types of coverage that you have. If you have

515
00:22:29,760 --> 00:22:33,720
Speaker 1: health insurance, putting more money towards your personal injury likely

516
00:22:33,840 --> 00:22:37,400
Speaker 1: isn't necessary. That doesn't add a lot typically to your premiums.

517
00:22:37,400 --> 00:22:39,439
Speaker 1: But again, if it's not necessarily, why why even have

518
00:22:39,480 --> 00:22:41,960
Speaker 1: it at all. However, you'll definitely want to have uninsured

519
00:22:42,000 --> 00:22:45,479
Speaker 1: motorist protection because that could cost you a pretty penny

520
00:22:45,720 --> 00:22:49,040
Speaker 1: if someone without insurance causes an accident. To say, somebody

521
00:22:49,080 --> 00:22:52,040
Speaker 1: moved from New Hampshire, they weren't aware of the state minimums,

522
00:22:52,080 --> 00:22:54,000
Speaker 1: and then all of a sudden, yeah, you're stuck with

523
00:22:54,400 --> 00:22:56,880
Speaker 1: a bill, but with no insurance. Well, even in states

524
00:22:56,920 --> 00:23:00,040
Speaker 1: that require, you know, car insurance, there are still a

525
00:23:00,080 --> 00:23:02,119
Speaker 1: lot of folks driving around who don't have it. So

526
00:23:02,240 --> 00:23:04,920
Speaker 1: that's that's really what you're protecting yourself because their statementums

527
00:23:04,920 --> 00:23:08,239
Speaker 1: doesn't mean everybody follows the lass and alex is well,

528
00:23:08,280 --> 00:23:10,480
Speaker 1: one piece of coverage that we're a fan of ditching

529
00:23:10,880 --> 00:23:13,359
Speaker 1: if you have an older car, especially and if you've

530
00:23:13,359 --> 00:23:17,200
Speaker 1: build up a solid savings is collision and comprehensive coverage.

531
00:23:17,520 --> 00:23:20,280
Speaker 1: If that's you, then we feel that liability only is

532
00:23:20,320 --> 00:23:22,359
Speaker 1: fine if you have a car and the say in

533
00:23:22,480 --> 00:23:24,520
Speaker 1: like the five to ten tho dollar range that you

534
00:23:24,560 --> 00:23:27,760
Speaker 1: could easily replace in the event of an accident. I

535
00:23:27,760 --> 00:23:29,120
Speaker 1: feel like we're kind of on the line. We kind

536
00:23:29,119 --> 00:23:31,360
Speaker 1: of have a somewhat newer Van. I mean it's still

537
00:23:31,400 --> 00:23:34,040
Speaker 1: almost like teen years old, but those Hondas are still expensive,

538
00:23:34,080 --> 00:23:36,160
Speaker 1: even the older ones, and so in our case will

539
00:23:36,240 --> 00:23:41,320
Speaker 1: actually still have maintained comprehensive coverage. Specifically because so our

540
00:23:41,400 --> 00:23:45,120
Speaker 1: Honda is how we park how under this hundred year

541
00:23:45,119 --> 00:23:47,080
Speaker 1: old tree that's kind of like on the back of

542
00:23:47,080 --> 00:23:49,440
Speaker 1: our property. And if that tree were too I mean,

543
00:23:49,520 --> 00:23:51,640
Speaker 1: even a branch falling off that tree on the car

544
00:23:51,720 --> 00:23:54,119
Speaker 1: would essentially total the thing you like to live dangerously with.

545
00:23:54,160 --> 00:23:58,000
Speaker 1: How Uh well, that's just word driveway, so see that

546
00:23:58,080 --> 00:24:00,399
Speaker 1: around the street. But because of that, we still maintain

547
00:24:00,440 --> 00:24:03,840
Speaker 1: our comprehensive policy. Uh not because I'm afraid I'm gonna

548
00:24:03,960 --> 00:24:05,520
Speaker 1: hit a deer and I think that, you know, I'm

549
00:24:05,520 --> 00:24:07,360
Speaker 1: gonna need to use my insurance for that. But if

550
00:24:07,359 --> 00:24:08,840
Speaker 1: the car has parked in the driveway and if the

551
00:24:08,840 --> 00:24:10,280
Speaker 1: tree falls on it, or if a big old branch

552
00:24:10,280 --> 00:24:12,159
Speaker 1: falls on it, that's the kind of coverage that we

553
00:24:12,160 --> 00:24:14,520
Speaker 1: want to make sure that we've got. Well, my Van Homer,

554
00:24:14,640 --> 00:24:17,000
Speaker 1: I do not have full coverage on and that is

555
00:24:17,040 --> 00:24:19,520
Speaker 1: particularly because it's worth so little. Yea yours is even

556
00:24:19,520 --> 00:24:23,000
Speaker 1: older than that. It's probably worth I don't know, and

557
00:24:23,320 --> 00:24:25,399
Speaker 1: I can self insure for that amount. Plus when you

558
00:24:25,400 --> 00:24:27,280
Speaker 1: think about it, I'm not to pay the deductible, so

559
00:24:27,440 --> 00:24:29,679
Speaker 1: minded and I have a high deductible. It's not forty five,

560
00:24:29,720 --> 00:24:32,760
Speaker 1: it's more like thirty five. Well, assuming you have a thousand,

561
00:24:34,200 --> 00:24:37,320
Speaker 1: So yeah, that's that's really um what what you're looking at.

562
00:24:37,359 --> 00:24:39,960
Speaker 1: The lower and value your car gets, the more important

563
00:24:40,000 --> 00:24:41,600
Speaker 1: it is to have that cash to the bank can

564
00:24:41,640 --> 00:24:45,120
Speaker 1: be self insured and to Matt, lower rates on insurance

565
00:24:45,119 --> 00:24:47,880
Speaker 1: can be nice, right, Paying less every single month on

566
00:24:47,880 --> 00:24:50,600
Speaker 1: on that car insurance premium sounds nice. But while opting

567
00:24:50,640 --> 00:24:53,240
Speaker 1: for two little coverage can keep the premiums low, it

568
00:24:53,320 --> 00:24:56,080
Speaker 1: also can put you at risk and you can't mitigate

569
00:24:56,119 --> 00:24:57,920
Speaker 1: every potential risk in life. I think that's important to

570
00:24:57,960 --> 00:25:00,679
Speaker 1: mention too. But going with the minimum mom coverage I

571
00:25:00,680 --> 00:25:04,679
Speaker 1: think puts you at undue risk, and it puts you

572
00:25:04,720 --> 00:25:06,840
Speaker 1: at the risk of undoing some of the hard financial

573
00:25:06,840 --> 00:25:09,480
Speaker 1: work that you've that you've been doing lives. So it

574
00:25:09,640 --> 00:25:11,560
Speaker 1: is a good rule of thumb to have enough coverage

575
00:25:11,600 --> 00:25:14,560
Speaker 1: to equal to your overall assets. Yeah, I mean, I

576
00:25:14,640 --> 00:25:16,400
Speaker 1: honestly feel that it's okay to get even a little

577
00:25:16,440 --> 00:25:18,199
Speaker 1: bit more coverage because it kind of comes down to

578
00:25:18,400 --> 00:25:20,520
Speaker 1: how comfortable you are with risk. Right. If if you

579
00:25:20,520 --> 00:25:22,600
Speaker 1: want to eliminate all risk from your life, obviously you

580
00:25:22,640 --> 00:25:24,119
Speaker 1: can't ever do that. Don't drive a car if that's

581
00:25:24,160 --> 00:25:26,040
Speaker 1: the case. True, Yeah, but you can also decrease the

582
00:25:26,119 --> 00:25:28,280
Speaker 1: levels of risk that you're exposed to by paying a

583
00:25:28,280 --> 00:25:30,879
Speaker 1: little bit more every single month or annually assuming you

584
00:25:30,880 --> 00:25:33,040
Speaker 1: get a discount. There, Yeah, and there. There are other

585
00:25:33,080 --> 00:25:35,800
Speaker 1: ways to to lower the cost of your insurance without

586
00:25:35,800 --> 00:25:39,200
Speaker 1: skimping on coverage. Right, So raising your deductible up even higher,

587
00:25:39,200 --> 00:25:41,439
Speaker 1: like I mentioned, to save money on premiums instead of

588
00:25:41,480 --> 00:25:43,359
Speaker 1: lowering your coverage is a good way to go. I

589
00:25:43,400 --> 00:25:45,440
Speaker 1: want to mention to Matt that that for folks who

590
00:25:45,760 --> 00:25:48,359
Speaker 1: have built up a lot of assets, umbrella insurance is

591
00:25:48,400 --> 00:25:51,159
Speaker 1: another great option for people who have high networks and

592
00:25:51,200 --> 00:25:53,240
Speaker 1: need to protect bigger sums of money that they built up.

593
00:25:53,240 --> 00:25:56,159
Speaker 1: If they've got a portfolio of rental properties, or they

594
00:25:56,200 --> 00:25:58,120
Speaker 1: just have a lot of money and savings and and

595
00:25:58,400 --> 00:26:00,639
Speaker 1: or let's say in their state there were tirement accounts

596
00:26:00,640 --> 00:26:03,639
Speaker 1: aren't protected, then an umbrella insurance policy is going to

597
00:26:03,680 --> 00:26:05,960
Speaker 1: be worth considering. You can often get like a million

598
00:26:06,000 --> 00:26:08,160
Speaker 1: dollars of coverage for a few hundred dollars a year.

599
00:26:08,160 --> 00:26:11,320
Speaker 1: It's really not that expensive. Also, to lex, don't forget

600
00:26:11,320 --> 00:26:14,720
Speaker 1: to snag quotes from other insurers and don't just blindly

601
00:26:14,720 --> 00:26:16,320
Speaker 1: go with the one that you're with. You might find

602
00:26:16,359 --> 00:26:18,760
Speaker 1: that you can get that increased coverage and not pay

603
00:26:18,800 --> 00:26:21,879
Speaker 1: anything more just by switching to another provider at the

604
00:26:21,920 --> 00:26:24,320
Speaker 1: same time. That's right, Yeah, make sure to shop it around,

605
00:26:24,560 --> 00:26:26,440
Speaker 1: so Lex. We hope that gets you pointed in the

606
00:26:26,520 --> 00:26:28,719
Speaker 1: right direction. Joel, We've got a couple more questions we're

607
00:26:28,720 --> 00:26:30,840
Speaker 1: gonna get to right after the break. We've got a

608
00:26:30,920 --> 00:26:33,400
Speaker 1: question about I bonds. We're gonna talk about what they are,

609
00:26:33,440 --> 00:26:36,000
Speaker 1: who they're for, and we're gonna talk about the fifteen

610
00:26:36,119 --> 00:26:38,280
Speaker 1: versus thirty year mortgage. We'll get to both of those

611
00:26:38,440 --> 00:26:49,360
Speaker 1: right after the break. All right, we're back and we're

612
00:26:49,359 --> 00:26:51,400
Speaker 1: about to get to that mortgage question. But but first

613
00:26:51,480 --> 00:26:54,080
Speaker 1: let's talk about I bonds and whether they're a good

614
00:26:54,119 --> 00:26:57,960
Speaker 1: decision for this listener. Hey man, Joel, this is Dana

615
00:26:58,040 --> 00:27:03,359
Speaker 1: from Louisiana. Consider I have enough emergency fund stash away

616
00:27:03,359 --> 00:27:07,439
Speaker 1: and savings. I am interested in moving some extras to

617
00:27:07,800 --> 00:27:11,160
Speaker 1: an ibon. It appears their interest rate for the next

618
00:27:11,160 --> 00:27:13,280
Speaker 1: six months is going to be around three point four

619
00:27:13,359 --> 00:27:17,000
Speaker 1: or three point five. Is this a good move? Thanks

620
00:27:17,000 --> 00:27:19,879
Speaker 1: for your input? All right, Dana, thank you so much

621
00:27:19,880 --> 00:27:22,560
Speaker 1: for that question. And we love that you've built up

622
00:27:22,680 --> 00:27:25,920
Speaker 1: a solid emergency fund and your savings there and that you're,

623
00:27:26,000 --> 00:27:27,919
Speaker 1: you know, planning to put even more money into I

624
00:27:28,040 --> 00:27:32,000
Speaker 1: bonds potentially. Folks are definitely getting more and more interested

625
00:27:32,040 --> 00:27:34,680
Speaker 1: in I bons right now. They are, they are, and

626
00:27:34,880 --> 00:27:37,639
Speaker 1: it's understandable because inflation continues to be a topic of

627
00:27:37,760 --> 00:27:41,560
Speaker 1: concern and since the rate of return on I bonds

628
00:27:41,640 --> 00:27:44,480
Speaker 1: has gone up nicely, the rate on those reset in May,

629
00:27:44,480 --> 00:27:47,639
Speaker 1: and you can now earn just above three point five percent,

630
00:27:48,320 --> 00:27:50,000
Speaker 1: and we might even see that rate go up in

631
00:27:50,000 --> 00:27:52,560
Speaker 1: the coming months because inflation looks to be at least

632
00:27:52,560 --> 00:27:56,520
Speaker 1: temporarily increasing, which will raise that yield. Uh and so

633
00:27:56,880 --> 00:27:58,720
Speaker 1: Dana and others who are interested, you can go to

634
00:27:58,720 --> 00:28:01,720
Speaker 1: Treasury Direct dot of to learn more and to purchase

635
00:28:01,800 --> 00:28:04,160
Speaker 1: those I bonds there. Yeah, it definitely makes me think

636
00:28:04,160 --> 00:28:06,439
Speaker 1: of zoo Lander. Hansel was so hot, you know, he

637
00:28:06,520 --> 00:28:08,000
Speaker 1: was a hot model of the time, dared zoo Lander

638
00:28:08,040 --> 00:28:10,280
Speaker 1: was really bummed. And I bonds right now so much

639
00:28:10,320 --> 00:28:13,440
Speaker 1: better than than savings accounts. Savings they are for different things,

640
00:28:13,440 --> 00:28:15,640
Speaker 1: but you know, if you're looking for a medium term

641
00:28:15,720 --> 00:28:18,600
Speaker 1: savings vehicle, I bonds are huge. They're way better than

642
00:28:18,640 --> 00:28:20,480
Speaker 1: c d s, right, I would say they're they're probably

643
00:28:20,480 --> 00:28:22,800
Speaker 1: more similar when you're making a comparison, because CDs you're

644
00:28:22,840 --> 00:28:24,440
Speaker 1: locking your money up for a little bit of time.

645
00:28:24,520 --> 00:28:27,640
Speaker 1: I bonds similarly, you have to be willing to lock

646
00:28:27,720 --> 00:28:30,040
Speaker 1: up your money for at least a year. But yeah,

647
00:28:30,200 --> 00:28:33,920
Speaker 1: especially with solid interest rates on savings being essentially non existent,

648
00:28:34,200 --> 00:28:37,920
Speaker 1: I bonds are a great medium term savings option. So, Dana,

649
00:28:37,960 --> 00:28:40,480
Speaker 1: if that's what you're looking for, then this is probably

650
00:28:40,520 --> 00:28:42,880
Speaker 1: the way to go. There are a couple of downsides though.

651
00:28:42,920 --> 00:28:45,320
Speaker 1: You know, you're limited to only putting ten thousand dollars

652
00:28:45,360 --> 00:28:48,480
Speaker 1: a year into I bonds and and that's actually a

653
00:28:48,560 --> 00:28:50,800
Speaker 1: lot for most folks. Yeah, that's a good amount, but

654
00:28:50,800 --> 00:28:52,240
Speaker 1: I mean it depends on how much you're looking to

655
00:28:52,280 --> 00:28:55,200
Speaker 1: stock away though. I mean, if you're looking to put say,

656
00:28:55,520 --> 00:28:59,560
Speaker 1: you know, over down on a expensive house, Uh, you're

657
00:28:59,640 --> 00:29:01,280
Speaker 1: probably be wishing that you could put away more than

658
00:29:01,320 --> 00:29:03,360
Speaker 1: ten thousand dollars a year, right right, Yeah, And like

659
00:29:03,400 --> 00:29:05,680
Speaker 1: I said, the minimum holding period is a year, so

660
00:29:05,720 --> 00:29:09,239
Speaker 1: it's not great for that super short term emergency fund need. Um.

661
00:29:09,520 --> 00:29:12,120
Speaker 1: Ideally you would actually hold onto that I bond for

662
00:29:12,160 --> 00:29:14,800
Speaker 1: the full five years or longer that you don't surrender

663
00:29:14,840 --> 00:29:17,720
Speaker 1: any interest either, because if you do decide to roteem

664
00:29:17,760 --> 00:29:19,920
Speaker 1: that bond before that five year period, you have to

665
00:29:19,920 --> 00:29:22,560
Speaker 1: pay back some of that interest. But they're just an

666
00:29:22,600 --> 00:29:24,600
Speaker 1: excellent vehicle map for a lot of folks to consider

667
00:29:24,680 --> 00:29:28,360
Speaker 1: right now to score a reasonable and guaranteed return. And

668
00:29:28,560 --> 00:29:30,880
Speaker 1: like we said, that's just pretty much impossible to find

669
00:29:31,040 --> 00:29:33,840
Speaker 1: anywhere else. So, Dana, we hope we've addressed any concerns

670
00:29:33,840 --> 00:29:36,000
Speaker 1: that you might have. And Uh, yeah, for what it

671
00:29:36,000 --> 00:29:38,600
Speaker 1: sounds like, if you're looking for a medium term savings vehicle,

672
00:29:38,920 --> 00:29:41,520
Speaker 1: then I bonds are going to be for you. Joel,

673
00:29:41,600 --> 00:29:44,960
Speaker 1: We've got our next question, our last question for this episode,

674
00:29:45,080 --> 00:29:46,640
Speaker 1: and it has to do with we've got a listener

675
00:29:46,640 --> 00:29:49,040
Speaker 1: who's looking to refinance. Uh. And this is a debate

676
00:29:49,040 --> 00:29:50,600
Speaker 1: that you and I have actually had recently where it's

677
00:29:50,640 --> 00:29:52,600
Speaker 1: just like, Okay, should we be looking at fifteen year

678
00:29:52,640 --> 00:29:55,200
Speaker 1: mortgages or should we be looking at a thirty year? Uh.

679
00:29:55,280 --> 00:29:58,120
Speaker 1: So let's hear what Jeremy has to say. Hey, guys,

680
00:29:58,200 --> 00:30:01,080
Speaker 1: Jeremy here from Charlotte. I'm two questions, so I'll jump

681
00:30:01,160 --> 00:30:04,000
Speaker 1: right in. I'm getting the ball rolling on refinancing and

682
00:30:04,000 --> 00:30:05,920
Speaker 1: would love to get your thoughts on my term options,

683
00:30:06,040 --> 00:30:07,920
Speaker 1: just to double check that I'm thinking through it all.

684
00:30:07,960 --> 00:30:10,440
Speaker 1: The right way. We're in a townhouse that we're going

685
00:30:10,480 --> 00:30:12,280
Speaker 1: to hold onto, maybe not all the way through paying

686
00:30:12,320 --> 00:30:14,720
Speaker 1: it off, but at least the next tennis years, hoping

687
00:30:14,720 --> 00:30:16,480
Speaker 1: to make it a rental within the next three or so.

688
00:30:17,280 --> 00:30:19,479
Speaker 1: I know our long run savings on the total payoff

689
00:30:19,480 --> 00:30:21,440
Speaker 1: costs could be way higher with a fifteen year mortgage,

690
00:30:21,440 --> 00:30:24,280
Speaker 1: but I'm actually leaning towards the third year. Our current

691
00:30:24,360 --> 00:30:25,920
Speaker 1: rate is four and a half, so anything I get

692
00:30:25,960 --> 00:30:27,840
Speaker 1: now should be a full point or more below that.

693
00:30:28,200 --> 00:30:29,720
Speaker 1: Plus we'll be getting rid of our p m I,

694
00:30:29,960 --> 00:30:31,840
Speaker 1: so either way we're going to be saving something off

695
00:30:31,880 --> 00:30:34,680
Speaker 1: the original terms. But my thinking is that the financial

696
00:30:34,680 --> 00:30:37,440
Speaker 1: focus of this property is going to be monthly rental income.

697
00:30:38,000 --> 00:30:41,120
Speaker 1: I should maximize that by minimizing the new monthly mortgage payment.

698
00:30:42,120 --> 00:30:44,360
Speaker 1: That way, we have more on hand every month, so

699
00:30:44,400 --> 00:30:47,400
Speaker 1: we can immediately start stockpiling a dedicated savings account for

700
00:30:47,440 --> 00:30:50,800
Speaker 1: rental expenses, and then use the difference to jump start

701
00:30:50,840 --> 00:30:53,720
Speaker 1: our retirement accounts, which we haven't really done yet. And

702
00:30:53,760 --> 00:30:55,280
Speaker 1: then once we have some of those things in a

703
00:30:55,320 --> 00:30:58,080
Speaker 1: better place, we still have the flexibility to pay extra

704
00:30:58,120 --> 00:31:01,880
Speaker 1: above the thirty year lower monthly amount and make up

705
00:31:01,920 --> 00:31:03,920
Speaker 1: some of the difference between the fifteen and thirty years

706
00:31:03,920 --> 00:31:06,960
Speaker 1: savings numbers, which brings me to the second question for

707
00:31:07,040 --> 00:31:09,400
Speaker 1: long term wealth building. You guys are big proponents of

708
00:31:09,440 --> 00:31:11,800
Speaker 1: rental properties, and we intend to have at least this

709
00:31:11,880 --> 00:31:15,000
Speaker 1: one rental as an extra monthly income stream. But my

710
00:31:15,000 --> 00:31:17,240
Speaker 1: wife works for a home builder and her boss is

711
00:31:17,280 --> 00:31:19,520
Speaker 1: pushing her more towards the path of building or buying

712
00:31:19,560 --> 00:31:22,320
Speaker 1: a house and reselling every few years, which seems like

713
00:31:22,360 --> 00:31:25,080
Speaker 1: it could earn more than two years worth of rental

714
00:31:25,120 --> 00:31:28,800
Speaker 1: profits all in one lump sum instead of incrementally. That's

715
00:31:28,840 --> 00:31:30,600
Speaker 1: not a strategy you guys have really talked about, so

716
00:31:30,600 --> 00:31:33,160
Speaker 1: I'm curious what the pros and cons are there. Thanks

717
00:31:33,160 --> 00:31:35,080
Speaker 1: for taking my question and for the podcast in general.

718
00:31:35,120 --> 00:31:37,560
Speaker 1: You guys are doing great work. Cheers all right, Matt,

719
00:31:37,600 --> 00:31:39,120
Speaker 1: there's a lot to get too in this one, so

720
00:31:39,200 --> 00:31:41,720
Speaker 1: let's get to it. Do it first, Cheers to Jeremy.

721
00:31:42,000 --> 00:31:45,160
Speaker 1: And here's the beginning of your investment real estate journey. Yeah,

722
00:31:45,400 --> 00:31:47,720
Speaker 1: very proud of you. And yeah, let's let's start too

723
00:31:47,880 --> 00:31:50,760
Speaker 1: with the very first part of your question, your current home.

724
00:31:51,200 --> 00:31:54,000
Speaker 1: I gotta say we love the idea of living in

725
00:31:54,040 --> 00:31:56,320
Speaker 1: a place before you rent it out. Matt and I.

726
00:31:56,360 --> 00:31:58,720
Speaker 1: We think that purchasing a place knowing that at some

727
00:31:58,720 --> 00:32:00,840
Speaker 1: point you're going to move out and turn that into

728
00:32:00,840 --> 00:32:03,320
Speaker 1: a rental is the best way for lots of folks

729
00:32:03,360 --> 00:32:06,160
Speaker 1: to get started investing in real estate if they're interested.

730
00:32:06,680 --> 00:32:09,280
Speaker 1: That's actually the route I took. I did it multiple times.

731
00:32:09,480 --> 00:32:11,520
Speaker 1: You get better terms, you have to put less money down,

732
00:32:11,720 --> 00:32:13,800
Speaker 1: you know the house. There's just a lot of pros

733
00:32:14,120 --> 00:32:16,160
Speaker 1: to living in a house for a little while and

734
00:32:16,160 --> 00:32:19,520
Speaker 1: then renting it out. But not all homes make great rentals,

735
00:32:19,720 --> 00:32:22,800
Speaker 1: which is why it's good to know this before you purchase.

736
00:32:23,120 --> 00:32:25,520
Speaker 1: Let's say you buy a three quarters of a million

737
00:32:25,560 --> 00:32:29,160
Speaker 1: dollar house in Atlanta, Georgia, where we live. The likelihood

738
00:32:29,160 --> 00:32:30,880
Speaker 1: that the numbers are gonna make sense for you, that

739
00:32:30,880 --> 00:32:33,080
Speaker 1: you're actually gonna be able to make money running that out,

740
00:32:33,200 --> 00:32:35,680
Speaker 1: they're not that good. May not be Yeah, the best rental.

741
00:32:35,760 --> 00:32:37,840
Speaker 1: Yeah you could make a good rental, but maybe yeah,

742
00:32:37,880 --> 00:32:40,840
Speaker 1: not the greatest rental. Right, And honestly, the likelihood that

743
00:32:40,840 --> 00:32:42,640
Speaker 1: it's gonna make an even good rental is is low.

744
00:32:42,840 --> 00:32:45,120
Speaker 1: But yeah, in your case, we're assuming that you've crunched

745
00:32:45,160 --> 00:32:47,440
Speaker 1: the numbers and at that town home is going to

746
00:32:47,520 --> 00:32:49,800
Speaker 1: be able to pull in decent rent numbers for you.

747
00:32:50,000 --> 00:32:53,320
Speaker 1: And if that's the case, that's a great strategy. That's rights. Uh.

748
00:32:53,320 --> 00:32:55,680
Speaker 1: And then let's let's move on with your question refinancing.

749
00:32:55,920 --> 00:32:57,600
Speaker 1: We we think that's still a great idea for a

750
00:32:57,640 --> 00:32:59,520
Speaker 1: lot of folks if they're gonna be in the home

751
00:32:59,520 --> 00:33:01,800
Speaker 1: for quite a while. So, Jeremy, it sounds like you'll

752
00:33:01,840 --> 00:33:04,600
Speaker 1: own that home for a good while if you're gonna

753
00:33:04,680 --> 00:33:06,600
Speaker 1: save a full point, you know, that's a good rule

754
00:33:06,640 --> 00:33:09,440
Speaker 1: of thumb for refinancing, especially since you're gonna be able

755
00:33:09,440 --> 00:33:12,080
Speaker 1: to eliminate your p m I, your private mortgage insurance.

756
00:33:12,120 --> 00:33:15,080
Speaker 1: That's awesome, that's really good. Yeah, But but be sure

757
00:33:15,160 --> 00:33:16,680
Speaker 1: to know how long it will take for you to

758
00:33:16,760 --> 00:33:20,200
Speaker 1: break even with those closing costs. That's helpful knowledge just

759
00:33:20,280 --> 00:33:21,840
Speaker 1: to have on hand. But again, you know, it sounds

760
00:33:21,840 --> 00:33:23,800
Speaker 1: like that you are thinking long term, which makes the

761
00:33:23,840 --> 00:33:26,720
Speaker 1: likelihood of this refinance. Uh, it makes a lot more

762
00:33:26,760 --> 00:33:29,400
Speaker 1: financial sense. But directly to your question, I am with

763
00:33:29,480 --> 00:33:33,640
Speaker 1: you on getting a thirty year mortgage, especially if you

764
00:33:33,640 --> 00:33:36,760
Speaker 1: plan on investing in other properties. Uh. And so this

765
00:33:36,840 --> 00:33:39,080
Speaker 1: keeps your debt to income ratio lower, which is helpful

766
00:33:39,120 --> 00:33:41,080
Speaker 1: when it comes to getting a loan on the next

767
00:33:41,080 --> 00:33:43,840
Speaker 1: property that you will likely purchase. So since the money

768
00:33:43,840 --> 00:33:46,040
Speaker 1: that you save on that monthly mortgage payment is going

769
00:33:46,040 --> 00:33:50,040
Speaker 1: towards future investments, uh, and not going towards you spending

770
00:33:50,040 --> 00:33:52,400
Speaker 1: more money, we would say for you to go for it.

771
00:33:52,400 --> 00:33:54,560
Speaker 1: It's all about what you're gonna do with the additional

772
00:33:54,600 --> 00:33:57,000
Speaker 1: money that you're saving by not going with a fifteen

773
00:33:57,080 --> 00:33:59,400
Speaker 1: year right Bexactly, Yeah, because if you're just gonna spend

774
00:33:59,440 --> 00:34:01,320
Speaker 1: that money, So say you get the thirty year, you

775
00:34:01,360 --> 00:34:03,600
Speaker 1: have a lower payment every single month, and with that

776
00:34:03,640 --> 00:34:05,400
Speaker 1: extra money, though, what are you gonna do If it's

777
00:34:05,400 --> 00:34:07,400
Speaker 1: just gonna end up going towards your lifestyle, then that

778
00:34:07,440 --> 00:34:10,880
Speaker 1: money would be better served as equity in the property

779
00:34:10,920 --> 00:34:13,000
Speaker 1: with the fifteen year mortgage, right, playing off that mortgage

780
00:34:13,040 --> 00:34:16,200
Speaker 1: more quickly. Exactly. Yeah. But yeah, I totally agree, Matt,

781
00:34:16,200 --> 00:34:18,520
Speaker 1: and I think, yeah, especially if it's your goal to

782
00:34:18,600 --> 00:34:21,440
Speaker 1: invest more, you're gonna want more cash flow and you're

783
00:34:21,440 --> 00:34:24,040
Speaker 1: gonna also want that lower debt to income ratio. But

784
00:34:24,120 --> 00:34:26,680
Speaker 1: let's talk also to about your other option, what you

785
00:34:26,719 --> 00:34:30,240
Speaker 1: talked about flipping homes, and yeah, that's a really different

786
00:34:30,239 --> 00:34:32,880
Speaker 1: ball game than buy and hold long term real estate investing,

787
00:34:32,920 --> 00:34:35,600
Speaker 1: which is what we're the biggest fans of, and Matt

788
00:34:35,640 --> 00:34:37,400
Speaker 1: and I we would say there are some benefits to

789
00:34:37,440 --> 00:34:39,960
Speaker 1: going this route that you mentioned Jeremy, Like, if you

790
00:34:40,000 --> 00:34:42,480
Speaker 1: live in a home for two years or longer, you're

791
00:34:42,520 --> 00:34:44,839
Speaker 1: not gonna pay taxes on the games to realize when

792
00:34:44,840 --> 00:34:48,160
Speaker 1: you sell that home, which is great and especially for

793
00:34:48,280 --> 00:34:51,280
Speaker 1: living flippers, this can make a whole lot of sense,

794
00:34:51,560 --> 00:34:55,080
Speaker 1: but there are some potential downsides too, especially I think

795
00:34:55,080 --> 00:34:57,520
Speaker 1: with the way you might be approaching it a home

796
00:34:57,560 --> 00:34:59,880
Speaker 1: that's brand new build, well, that home could actually go

797
00:35:00,200 --> 00:35:02,960
Speaker 1: down in value in a short time frame like two years,

798
00:35:03,320 --> 00:35:05,960
Speaker 1: or it maybe just stays the same. Let's say it

799
00:35:06,000 --> 00:35:08,279
Speaker 1: doesn't increase in value at all, but it at least

800
00:35:08,280 --> 00:35:11,040
Speaker 1: stays the same. Well because of the transaction costs of

801
00:35:11,080 --> 00:35:14,160
Speaker 1: real estate, that you might lose money on that investment,

802
00:35:14,160 --> 00:35:16,719
Speaker 1: and in fact, you're going to lose money on that

803
00:35:16,800 --> 00:35:19,480
Speaker 1: investment because of those transaction costs when you hit the

804
00:35:19,480 --> 00:35:21,680
Speaker 1: cell money. So we we feel like, yeah, it's it's

805
00:35:21,800 --> 00:35:25,719
Speaker 1: definitely riskier to invest in this way to live in

806
00:35:25,760 --> 00:35:27,560
Speaker 1: a brand new build and try to sell that after

807
00:35:27,560 --> 00:35:30,040
Speaker 1: two years and reap some profits as opposed to a

808
00:35:30,120 --> 00:35:33,040
Speaker 1: longer term buy and hold strategy. Yeah, that short term

809
00:35:33,080 --> 00:35:36,600
Speaker 1: real estate investing approach, it can pay off, I would

810
00:35:36,600 --> 00:35:39,400
Speaker 1: say too, especially if there's some sort of discount that

811
00:35:39,440 --> 00:35:41,840
Speaker 1: your wife could get, you know, say, working for that builder.

812
00:35:41,880 --> 00:35:44,279
Speaker 1: If there's a way that you essentially have an advantage

813
00:35:44,280 --> 00:35:46,680
Speaker 1: over the open market. That's something that you didn't mention,

814
00:35:46,840 --> 00:35:49,239
Speaker 1: but certainly something to keep in mind. And so we're

815
00:35:49,239 --> 00:35:52,440
Speaker 1: not completely against it. Uh. And in real estate is

816
00:35:52,480 --> 00:35:54,759
Speaker 1: the perfect place too, in our opinion, to make some

817
00:35:54,800 --> 00:35:57,759
Speaker 1: money on a on a shorter timetable if that's what

818
00:35:57,800 --> 00:36:00,400
Speaker 1: you're into. But if you want to make money in

819
00:36:00,440 --> 00:36:02,799
Speaker 1: a short period of time, you'll likely have to take

820
00:36:02,840 --> 00:36:05,960
Speaker 1: a different tact. We think that moving into a new

821
00:36:06,000 --> 00:36:08,840
Speaker 1: home and selling that that two years later isn't nearly

822
00:36:08,880 --> 00:36:11,120
Speaker 1: going to make you as much money as buying an

823
00:36:11,200 --> 00:36:13,640
Speaker 1: ugly house, living in it while you fix it up,

824
00:36:13,840 --> 00:36:16,319
Speaker 1: and then selling that two years down the road. That's

825
00:36:16,360 --> 00:36:20,640
Speaker 1: because forced appreciation is how most house flippers make their money. Uh,

826
00:36:20,680 --> 00:36:23,359
Speaker 1: not just by hoping that the market just gradually goes up.

827
00:36:23,400 --> 00:36:25,719
Speaker 1: They're not expecting that rising tide just to lift all

828
00:36:25,760 --> 00:36:27,920
Speaker 1: boats kind of approach, right, And this is important to

829
00:36:27,960 --> 00:36:30,880
Speaker 1: mention because We have seen home value skyrocket over the

830
00:36:30,920 --> 00:36:33,160
Speaker 1: past year, but we just don't want you to count

831
00:36:33,200 --> 00:36:36,600
Speaker 1: on it increasing at that same rate moving into the future. Yeah, Matt,

832
00:36:36,960 --> 00:36:39,279
Speaker 1: Like we said about buying ugly houses, that's crucial when

833
00:36:39,320 --> 00:36:42,680
Speaker 1: it comes to actually making money short term in real estate.

834
00:36:42,719 --> 00:36:44,920
Speaker 1: You have to buy something that smells bad, that looks bad.

835
00:36:45,160 --> 00:36:47,640
Speaker 1: There's bad pictures, right, Like most people want to go

836
00:36:47,680 --> 00:36:50,560
Speaker 1: see the home where there's like the drone footage from

837
00:36:50,680 --> 00:36:52,600
Speaker 1: you know, from way of high and like, you know,

838
00:36:52,640 --> 00:36:54,759
Speaker 1: there's a super sweet fish high lens that makes all

839
00:36:54,960 --> 00:36:57,719
Speaker 1: the rooms look bigger and everything's clean and tidy. That's

840
00:36:57,719 --> 00:36:59,279
Speaker 1: not the houses you want to be looking for if

841
00:36:59,320 --> 00:37:01,359
Speaker 1: you want to make any when it comes to real

842
00:37:01,440 --> 00:37:04,720
Speaker 1: estate investing, you're gonna want to find something pretty ugly

843
00:37:04,760 --> 00:37:06,839
Speaker 1: that most people don't want to see. That's how you're

844
00:37:06,840 --> 00:37:09,440
Speaker 1: able to make money in the space. Um not often

845
00:37:09,560 --> 00:37:12,080
Speaker 1: the brand new builds and selling it within two years.

846
00:37:12,400 --> 00:37:14,080
Speaker 1: I think to Matt that the biggest reason that you

847
00:37:14,160 --> 00:37:16,520
Speaker 1: and I we don't do any sort of flips really

848
00:37:16,600 --> 00:37:18,680
Speaker 1: is is because it takes a lot more work to

849
00:37:18,800 --> 00:37:21,640
Speaker 1: force that appreciation into that ugly house. To write, like

850
00:37:21,719 --> 00:37:24,840
Speaker 1: putting the work into increase at home's value while living

851
00:37:24,840 --> 00:37:26,799
Speaker 1: in it is a much better bet than buying a

852
00:37:26,840 --> 00:37:28,759
Speaker 1: new finished house and then living in it for a

853
00:37:28,800 --> 00:37:31,359
Speaker 1: couple of years hoping to profit. But that's also kind

854
00:37:31,360 --> 00:37:33,880
Speaker 1: of a full time job and you're you're living on

855
00:37:33,920 --> 00:37:36,040
Speaker 1: the job scene at the same time too. It's a

856
00:37:36,040 --> 00:37:38,879
Speaker 1: lot going on. It takes more time and energy than

857
00:37:38,960 --> 00:37:41,640
Speaker 1: managing rentals. So yeah, that that's not where either of

858
00:37:41,719 --> 00:37:43,239
Speaker 1: us are at at the moment. I don't want to

859
00:37:43,239 --> 00:37:45,640
Speaker 1: move my family into one of those ugly houses I

860
00:37:45,719 --> 00:37:48,160
Speaker 1: was just describing. But if you could see your life

861
00:37:48,200 --> 00:37:50,600
Speaker 1: looking like that, then yeah, live in flips might be

862
00:37:50,640 --> 00:37:52,799
Speaker 1: a good path for you to take. Um. I just

863
00:37:52,840 --> 00:37:54,960
Speaker 1: don't know that it makes sense the way you described

864
00:37:55,000 --> 00:37:57,239
Speaker 1: it in your question. Um, it's unlikely and less. Like

865
00:37:57,280 --> 00:37:59,160
Speaker 1: Matt said, you do get some sort of a discount

866
00:37:59,160 --> 00:38:01,120
Speaker 1: because you work for the build. Um, if that was

867
00:38:01,200 --> 00:38:03,640
Speaker 1: the case and it was a steve enough discount, then

868
00:38:03,640 --> 00:38:06,000
Speaker 1: there's a chance that it could, you know, could potentially

869
00:38:06,000 --> 00:38:07,400
Speaker 1: work out for you. You'd also just want to make

870
00:38:07,440 --> 00:38:09,799
Speaker 1: sure you maintained flexibility. If it was your goal to

871
00:38:09,840 --> 00:38:12,040
Speaker 1: move every two years but the market wasn't in that position,

872
00:38:12,200 --> 00:38:13,759
Speaker 1: you might have to stay in that house a little

873
00:38:13,800 --> 00:38:18,000
Speaker 1: bit longer to eventually, you know, profit from from the sale. Yeah, so, Jeremy,

874
00:38:18,040 --> 00:38:19,839
Speaker 1: hopefully we've given you a lot to chew on. Joel

875
00:38:19,840 --> 00:38:21,680
Speaker 1: and I were big fans of real estate. Uh, and

876
00:38:21,680 --> 00:38:24,000
Speaker 1: I will say I could see myself doing more short

877
00:38:24,120 --> 00:38:25,920
Speaker 1: term kind of real estate stuff down the road, like

878
00:38:25,920 --> 00:38:28,520
Speaker 1: when I'm older, when I've got more time to dedicate

879
00:38:28,560 --> 00:38:30,000
Speaker 1: to it. Like I feel like that's the biggest thing

880
00:38:30,080 --> 00:38:31,560
Speaker 1: keeping me from it. It's just the amount of time.

881
00:38:31,640 --> 00:38:33,160
Speaker 1: You and I. We've got enough going on right now

882
00:38:33,200 --> 00:38:34,879
Speaker 1: with all you know, you've got a house full of kids.

883
00:38:34,920 --> 00:38:37,000
Speaker 1: I got a house full of kids. We've got our

884
00:38:37,040 --> 00:38:38,799
Speaker 1: rental properties that we managed and take care of them.

885
00:38:38,920 --> 00:38:41,520
Speaker 1: Got the podcast here. So but again, it's not something

886
00:38:41,560 --> 00:38:43,840
Speaker 1: that we're discounting completely. We think there's a lot of

887
00:38:43,840 --> 00:38:46,520
Speaker 1: folks who are making a great living doing that while

888
00:38:46,560 --> 00:38:49,239
Speaker 1: also bringing a good amount of value to the neighborhoods

889
00:38:49,280 --> 00:38:51,120
Speaker 1: that they're working in as well. Yeah, you just gotta

890
00:38:51,120 --> 00:38:53,120
Speaker 1: take the right approach to make sure, yeah, you don't

891
00:38:53,160 --> 00:38:55,479
Speaker 1: lose money. Um, because short term place just a little

892
00:38:55,480 --> 00:38:57,719
Speaker 1: bit harder to get right exactly. Yeah, all right, let's

893
00:38:57,760 --> 00:38:59,279
Speaker 1: get back to the beer Joel that you and I

894
00:38:59,800 --> 00:39:02,400
Speaker 1: that we enjoyed on this episode. This one's called Seeing Green.

895
00:39:02,920 --> 00:39:06,040
Speaker 1: Speaking of making a profit. Uh, I noticed the seeing

896
00:39:06,080 --> 00:39:08,440
Speaker 1: on the label here. It's a little dollar sign on

897
00:39:08,520 --> 00:39:11,120
Speaker 1: the S. It's not just an S, it's a dollar sign.

898
00:39:11,120 --> 00:39:12,880
Speaker 1: There you go. Do you notice? I did not, But

899
00:39:12,920 --> 00:39:15,520
Speaker 1: now I see it a tiny little line. This is

900
00:39:15,520 --> 00:39:19,080
Speaker 1: a double I P A from Civil Society Brewing Company.

901
00:39:19,239 --> 00:39:21,080
Speaker 1: I could have sworn that these guys are out of California,

902
00:39:21,080 --> 00:39:22,480
Speaker 1: but I'm looking at the label and it says they're

903
00:39:22,520 --> 00:39:25,239
Speaker 1: out of Jupiter, Florida, and had no clue. Man, what

904
00:39:25,280 --> 00:39:26,839
Speaker 1: were your thoughts on this beer? Yeah? Man, I've only

905
00:39:26,880 --> 00:39:30,160
Speaker 1: had a few beers from from this brewery, but everything

906
00:39:30,200 --> 00:39:32,239
Speaker 1: I had has been really delicious, so good, and this

907
00:39:32,280 --> 00:39:34,880
Speaker 1: beer was no exception. It was very, very good. It

908
00:39:34,960 --> 00:39:38,200
Speaker 1: was like I would say, super green. The hops had

909
00:39:38,280 --> 00:39:41,600
Speaker 1: its earthy vibe to them. Um. I felt like the

910
00:39:41,680 --> 00:39:43,600
Speaker 1: hot it was hopped out the wazoo too, Like they

911
00:39:43,680 --> 00:39:45,439
Speaker 1: must have used a lot of hops making this beer.

912
00:39:45,719 --> 00:39:47,799
Speaker 1: But it wasn't too juicy either. I think, you know,

913
00:39:47,880 --> 00:39:50,400
Speaker 1: some of the modern I P A s Um I

914
00:39:50,520 --> 00:39:52,480
Speaker 1: like some of the juicy I PA s, but sometimes

915
00:39:52,520 --> 00:39:54,760
Speaker 1: they can be like over the top. This one wasn't.

916
00:39:54,960 --> 00:39:57,200
Speaker 1: It was just like a perfect double I p A

917
00:39:57,719 --> 00:40:01,000
Speaker 1: that had a ton of hops, brought the hot flavor,

918
00:40:01,120 --> 00:40:04,400
Speaker 1: you know, without being overwhelming in any direction. Yep, I

919
00:40:04,400 --> 00:40:07,440
Speaker 1: couldn't agree more. Man, it was a perfectly balanced hazy

920
00:40:07,480 --> 00:40:09,239
Speaker 1: I p A. It doesn't say hazy on the can,

921
00:40:09,320 --> 00:40:11,000
Speaker 1: but I mean as we poured it, you couldn't see

922
00:40:11,040 --> 00:40:14,640
Speaker 1: through it as one of those hazy dank copy uh

923
00:40:14,680 --> 00:40:16,360
Speaker 1: double I p A s. But it was like a

924
00:40:16,440 --> 00:40:18,960
Speaker 1: nice balance that between the happy dankness as well as

925
00:40:19,000 --> 00:40:21,680
Speaker 1: like the fruity floral notes that you get from it

926
00:40:21,760 --> 00:40:24,720
Speaker 1: as well. And I say fruity and floral that's relative

927
00:40:24,760 --> 00:40:27,160
Speaker 1: to I p A s. Not many folks are gonna

928
00:40:27,200 --> 00:40:28,480
Speaker 1: drink this and be like, oh, yeah, there's a lot

929
00:40:28,480 --> 00:40:30,840
Speaker 1: of fruit here. But if you're into I p A

930
00:40:30,960 --> 00:40:33,480
Speaker 1: and this one was just perfectly balanced, really enjoyed it

931
00:40:33,520 --> 00:40:35,080
Speaker 1: and glad that this is one that you and I

932
00:40:35,120 --> 00:40:37,319
Speaker 1: got to share on the episode. Buddy. Yeah, that's what's

933
00:40:37,320 --> 00:40:39,680
Speaker 1: so fascinating about hops, Like the different varieties can bring

934
00:40:39,719 --> 00:40:42,359
Speaker 1: so many different flavors. Like so there's like this never

935
00:40:42,520 --> 00:40:45,080
Speaker 1: ending concoction of I pas that can be dreamed up,

936
00:40:45,239 --> 00:40:47,440
Speaker 1: and I feel like we're seeing that on the store shelves,

937
00:40:47,640 --> 00:40:49,840
Speaker 1: and there really is no end to the i pas

938
00:40:49,840 --> 00:40:51,759
Speaker 1: that are being generated. But it makes me think about

939
00:40:51,760 --> 00:40:54,600
Speaker 1: a local brewery here near us that we visited recently,

940
00:40:54,600 --> 00:40:56,839
Speaker 1: and they had some i pas that were brewed with

941
00:40:57,080 --> 00:40:59,399
Speaker 1: a type of hop that lends itself a coconut kind

942
00:40:59,400 --> 00:41:01,360
Speaker 1: of flavor, and so it gives it like this almost

943
00:41:01,400 --> 00:41:05,040
Speaker 1: like tropical cocktail kind of vibe going on with him,

944
00:41:05,040 --> 00:41:07,719
Speaker 1: you know, like a tiki drinker. Yeah. I don't know

945
00:41:07,760 --> 00:41:09,560
Speaker 1: what it is about me, but yeah, I never get

946
00:41:09,600 --> 00:41:11,759
Speaker 1: tired of trying a new I P. A man, someone's like, oh,

947
00:41:11,800 --> 00:41:13,160
Speaker 1: there's a new one over there. I'm like, all right, cool,

948
00:41:13,160 --> 00:41:15,680
Speaker 1: I'm driving. I'm gonna get it to it. Yeah, alright,

949
00:41:15,680 --> 00:41:18,240
Speaker 1: Well that's gonna do it for this episode. For listeners

950
00:41:18,320 --> 00:41:20,399
Speaker 1: who want the show notes for this episode, any links

951
00:41:20,440 --> 00:41:22,520
Speaker 1: to to stuff that we mentioned, we'll put those up

952
00:41:22,560 --> 00:41:24,839
Speaker 1: on our website at how to money dot com. That's right,

953
00:41:24,960 --> 00:41:27,439
Speaker 1: And if you have a question for us for the show,

954
00:41:27,600 --> 00:41:29,400
Speaker 1: we would love it if you were to record a

955
00:41:29,440 --> 00:41:31,680
Speaker 1: voice memo email it into us at how the Money

956
00:41:31,680 --> 00:41:33,920
Speaker 1: Pod at gmail dot com. Up on the website will

957
00:41:33,960 --> 00:41:36,960
Speaker 1: make sure to link to the easy to follow instructions

958
00:41:37,160 --> 00:41:39,719
Speaker 1: that explain how you can do that, no doubt. So

959
00:41:39,840 --> 00:41:42,319
Speaker 1: that's gonna do it for this episode, but until next time,

960
00:41:42,560 --> 00:41:44,520
Speaker 1: best Friends Out, Best Friends Out,