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Speaker 1: Welcome to Had of Money.

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Speaker 2: I'm Joel, I'm Matt.

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Speaker 1: Today we're going to take some of your listener questions.

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Speaker 2: Dude, it's gonna be so good to get to some

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Speaker 2: listener questions. I wonder if I've missed this one of

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Speaker 2: the most the ability to directly respond to listeners. I

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Speaker 2: feel like it's been something that's been missing in our lives.

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Speaker 1: Hearing their voices. I hear them in my sleep usually, but.

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Speaker 2: That's different the unique questions that they have for us.

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Speaker 2: For instance, a listener she's determining whether or not she

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Speaker 2: should be going back to work. She's got a few

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Speaker 2: factors that she's weighing in her mind. Another listener, he

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Speaker 2: is wondering if he should take out a hee lock.

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Speaker 2: He essentially wants to know if it's like the Golden

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Speaker 2: ticket and if it's going to solve all of his problems.

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Speaker 2: And there are also multiple factors when it comes to

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Speaker 2: getting back to him as well hopefully provide some good feedback.

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Speaker 2: The listener is asking about some free life insurance that

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Speaker 2: was sent their way. Wanted to know whether or not

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Speaker 2: it was legit. So we will get to those three

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Speaker 2: plus more during our episode today.

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Speaker 1: This is it a scam or not. And by the way,

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Speaker 1: this also means the catch people have like kind of

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Speaker 1: mostly stopped sending in listener questions Matt because they were

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Speaker 1: like those guys are gone questions folk. Some folks still

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Speaker 1: they trickled in. Yeah, but we just to let you

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Speaker 1: know if you have a money question.

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Speaker 2: We love page out with it. Way, we're back at it.

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Speaker 2: We got to do it back in the seat. What

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Speaker 2: you got? You got a little story for us here.

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Speaker 1: Well, I was one listener email we did get while

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Speaker 1: we were away that I was impressed by because it's

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Speaker 1: something that we've talked about. How just AI chat gpt

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Speaker 1: that kind of stuff. I've mostly stayed away and uh,

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Speaker 1: but I am curious about the use cases Kate used

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Speaker 1: AI apparently a lot on your road trip, right, especially

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Speaker 1: to find.

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Speaker 2: The ability to type include a prompts and say, hey,

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Speaker 2: give us a three day itinerary for this city. It's

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Speaker 2: just another tool, Yeah, essentially, right, it's not to replace.

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Speaker 2: Oh maybe I should look this place up and see

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Speaker 2: whether or not they're going to be open because oh,

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Speaker 2: in fact, we're going to be there on Sunday. What

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Speaker 2: does that mean? Are the hours different? How do I

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Speaker 2: get the tickets things like that. Yeah, and of course

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Speaker 2: it can't replace your own judgment as to whether or

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Speaker 2: not you want to go there, like just because it's

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Speaker 2: fed to you. Yeah, obviously look it up, make sure

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Speaker 2: it's not an AI hallucination. But on top of that,

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Speaker 2: you personally need to decide whether or not this is

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Speaker 2: going to be something that you're going to be interested in.

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Speaker 3: Well.

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Speaker 1: One of the use is still a great tool though

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Speaker 1: for AI that I had not thought about was like

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Speaker 1: as a decision making tool and listener. Chris sent in

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Speaker 1: his thoughts on how his how he used it essentially

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Speaker 1: to decide which air conditioner to go withaus he had

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Speaker 1: to replace one at his home.

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Speaker 2: I don't think I saw this email.

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Speaker 1: Oh really, So he was basically saying like, hey, so

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Speaker 1: many people tell you to go with the more energy

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Speaker 1: efficient twenty.

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Speaker 2: Sure, right, but is a go to twenty, I don't

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Speaker 2: know how it goes high? This one goes up to eleven.

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Speaker 2: But so he was like, all.

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Speaker 1: Right, there's this massive price difference. Though if I go

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Speaker 1: for the more energy of vision one, how is it

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Speaker 1: going to save me enough over the life of the

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Speaker 1: unit to justify the increased cost? So he was asked

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Speaker 1: chat Cheapt, and chat Chept was like, Nah, man, go

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Speaker 1: with the cheaper unit, because yeah, you'll pay a little

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Speaker 1: bit more every single month, but you won't pay so

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Speaker 1: much that over the lifespan of the unit, which I

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Speaker 1: think they've estimated at something like twenty years, that it'll

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Speaker 1: be worth it. So go for the cheaper unit. You'll

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Speaker 1: save more money now, you won't pay more over the

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Speaker 1: life of the unit. And I think you probably maybe

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Speaker 1: could have done the math on a piece of paper

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Speaker 1: or something like that. But that's AI can be useful for.

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Speaker 1: It's a nice shortcut. Yeah, it's say it is a

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Speaker 1: nice short.

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Speaker 2: I think that's one of the best use cases when

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Speaker 2: you have the ability to just truncate or just drastically

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Speaker 2: shortened the amount of time that you're spending researching something. Yeah,

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Speaker 2: because yeah, what was his name, maybe Chris? He was like, oh,

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Speaker 2: should I go with the stainless steel? Should I go

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Speaker 2: with the platinum in case air conditioning unit? Sure, does thelignize,

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Speaker 2: maybe it'll be more efficient. No, not worth its Out'm

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Speaker 2: not worth it.

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Speaker 1: Yeah, it makes me think that maybe AI would be

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Speaker 1: a great tool for rental properties and just kind of

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Speaker 1: saying as you're thinking about making offers, Well, under what

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Speaker 1: parameters does it make sense for me to make an offer?

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Speaker 1: Or what price do I need to pay to ensure

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Speaker 1: that this is a good investment? There are you could

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Speaker 1: feed a bunch of stuff in the chat GPT and say, hey,

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Speaker 1: this is what I'm looking for. This is kind of

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Speaker 1: my bybox, as Chad Carson calls it, and we had.

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Speaker 2: His episode not too long ago, Yeah, a couple of weeks.

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Speaker 1: Yeah, And maybe AI could help you make an informed

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Speaker 1: decision there too. So maybe I have short sold AI,

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Speaker 1: not used it in the ways that I could. I

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Speaker 1: appreciate here from other people who are using.

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Speaker 2: It, Well, I completely understand, Like is it gonna be

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Speaker 2: worth the vast amounts of money that all the companies

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Speaker 2: are pouring into it, you know, like Meta, Microsoft, Google,

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Speaker 2: Like they are all dumping ridiculous amounts of money into

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Speaker 2: AI thinking it's the next best thing. And I think

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Speaker 2: it's gonna be good, It's gonna be helpful, But is

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Speaker 2: it going to be as life changing? I don't know

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Speaker 2: right now, At least it feels more like fancy Google.

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Speaker 2: It's like this, Honestly, the same queries I punched into

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Speaker 2: Chat or into groc. I used rock some when we

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Speaker 2: were planning out our trip. Those are the same things

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Speaker 2: I punched into Google. You know, it's not all that

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Speaker 2: different the ability to then take that information and then

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Speaker 2: formulate what it is you're gonna do. I I don't know.

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Speaker 2: There's still magic that lies with us as humans to

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Speaker 2: make that best decision for ourselves.

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Speaker 1: But let's mention the beer we're having on this episode.

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Speaker 1: This is a summer leaking mango sour from Lannie Kai.

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Speaker 1: Brewing with Kai picked up when I was in Hawaii.

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Speaker 1: So we'll give our thoughts on this at the end

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Speaker 1: of the episode.

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Speaker 2: Any kind did Do you remember Indiana Jones and the

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Speaker 2: Temple of Doom? I do Lanni Kai? Sounds like the

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Speaker 2: thing that that one the priest. I don't know, the

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Speaker 2: guy that's like pulling people's hearts out est. Is that

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Speaker 2: what he says? Lenny Kay? Maybe Kai. It's been a while.

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Speaker 2: I don't think that's what he says.

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Speaker 1: But I don't think they named it after Indian Jones.

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Speaker 1: I think it's literally named after like a beach or something.

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Speaker 2: But the number of times I watched Indiana Jones and

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Speaker 2: the Temple of Doom as like probably too young, probably

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Speaker 2: as like an eight year old or something like that.

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Speaker 1: Man, I loved, their parents would have been hauled off

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Speaker 1: to jail these days.

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Speaker 2: The eighties, man, that's just like what you did.

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Speaker 1: Everything flew in the eighties. All right, If you've got

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Speaker 1: a Bundy question, go to how to money dot com

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Speaker 1: slash ask for the simple directions on how to submit

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Speaker 1: yours over to us, and hopefully we'll take it next

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Speaker 1: week on the show. Matt, let's get to that question

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Speaker 1: about whether or not to go back to work? Does

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Speaker 1: it make financial sense?

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Speaker 4: Hi? This is Bee and I hope you could help

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Speaker 4: me with this question. How do I calculate whether me

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Speaker 4: going back to work is worth doing. We don't necessarily

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Speaker 4: need me to go back to work because my husband's

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Speaker 4: income can handle all our bill's expenses and loans, but

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Speaker 4: we do want to try to pay off our house faster.

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Speaker 1: I have a.

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Speaker 4: Friend that said that for me going back to work,

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Speaker 4: it's not going to be worth it because after they

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Speaker 4: take out all the taxes and such for my income.

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Speaker 1: If that is.

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Speaker 4: True, I'm hoping to know soon so I can switch

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Speaker 4: schools for my kids. If I need to to open

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Speaker 4: up that option, it would be a sacrifice of time

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Speaker 4: away from taking care of my family in one way

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Speaker 4: or another if I decided to work. So I do

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Speaker 4: want to make sure it's worth doing. Please help you

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Speaker 4: make an informed decision.

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Speaker 2: Man.

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Speaker 1: I think if we had to go back to work,

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Speaker 1: Be should have to as well, don't you.

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Speaker 2: Oh yeah, now that we're back from the bee, Yeah, yeah,

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Speaker 2: so there you go, Be. I hope you enjoy your work. No,

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Speaker 2: it's interesting because what she said was that I'm trying

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Speaker 2: to calculate whether or not this makes sense, and I

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Speaker 2: think at the maybe we'll get to it eventually, but

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Speaker 2: I think this feels more like an emotional not emotional,

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Speaker 2: but just like a personal fulfillment question as opposed to

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Speaker 2: being numbers based. But we will specifically talk about the

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Speaker 2: numbers here because the first play a role for her.

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Speaker 1: You can't discount them exactly. Other stuff at play.

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Speaker 2: Yeah. Yeah, And there are obvious benefits of going back

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Speaker 2: into the labor force. Let's say your kids are you know,

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Speaker 2: they're at school all day long like ours? Finally are Yeah, kindergartener's. Man,

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Speaker 2: it's amazing.

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Speaker 1: I thought that day would never come from that, and

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Speaker 1: now it's here. I'm dropping them all off literally eight

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Speaker 1: oh five. I'm like, see, what does this stay hold

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Speaker 1: for me?

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Speaker 2: Now? But maybe b is finding herself in a position

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Speaker 2: like that. I'm not totally sure because she did mention

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Speaker 2: like kids in schooling. But if that's the case, she's

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Speaker 2: got her day back. That's where Kate's at. She's like,

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Speaker 2: all right, what do I get to? What am I gonna?

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Speaker 3: Well?

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Speaker 2: Right now, I still feel like we're catching up getting

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Speaker 2: life back in order after the summer. But that being said,

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Speaker 2: for be there might be a world of new possibilities

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Speaker 2: that have just opened up for her. And even if

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Speaker 2: that's the case, though, I think a full time job

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Speaker 2: it might feel like too much. So we're gonna kind

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Speaker 2: of hopefully be run through the pros and cons with

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Speaker 2: you here.

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Speaker 1: Let's talk about the advice from Bee's friend, and we

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Speaker 1: would say your friend's probably awesome, probably super smart, but

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Speaker 1: they're not quite right here. And yes, you're gonna pay

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Speaker 1: taxes on your income if you go back to work.

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Speaker 2: That's a given.

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Speaker 1: But the tax you pay it's not going to be

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Speaker 1: anywhere close to being in excess of your earnings. Right, So,

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Speaker 1: it is true that going from a one income house

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Speaker 1: hold to having two incomes. Yeah, it could bump you

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Speaker 1: up into a higher tax bracket, and yeah, you might

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Speaker 1: even pay a slightly higher rate on a portion of

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Speaker 1: your income. Right, But because we have a progressive tax system,

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Speaker 1: it's not going to mean that all of your income,

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Speaker 1: right that your family's bringing in, is going to be

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Speaker 1: taxed at this higher rate. Some people think that Matt

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Speaker 1: where it's like, well, but if we bump our income

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Speaker 1: up forty five thousand dollars, weren't in a new tax bracket,

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Speaker 1: all of a sudden, we're paying a higher percentage. It's like, no,

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Speaker 1: it's the next dollar beyond that tax tax bracket move

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Speaker 1: up that gets taxed at the high rate'll get taxed,

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Speaker 1: not all the preceding dollars, right, Yeah. Yeah, So that's

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Speaker 1: the difference between your marginal tax rate and your effective

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Speaker 1: tax rate, because a lot of times folks get confused

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Speaker 1: and they get it mixed up. They focus on the

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Speaker 1: marginal tax.

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Speaker 2: Rate and you're like, oh, no, I'm now we're going

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Speaker 2: to be adding the twenty four percent tax bracket, and

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Speaker 2: it's like, well, your effective tax rate is much less

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Speaker 2: because it's including all the other previous tax brackets that

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Speaker 2: your income essentially flowed through before you arrived at that

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Speaker 2: twenty four percent.

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Speaker 1: So I'm just pulling these numbers out of my butt.

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Speaker 1: But if you went from like the twenty two to

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Speaker 1: twenty four percent bracket, and let's say ten thousand of

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Speaker 1: the dollars to be earned at work, were it then

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Speaker 1: taxed in the twenty four percent bracket, well maybe her

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Speaker 1: effective tax rate goes from something like ten point eight

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Speaker 1: to eleven point five or something like.

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Speaker 2: That, right to small increase.

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Speaker 1: Yeah, it does go up, and you are paying a

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Speaker 1: higher percentage overall, but still it doesn't it doesn't negate

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Speaker 1: the benefits that you would get from increased income.

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Speaker 2: So that's talking about the numbers. I think the biggest

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Speaker 2: deterrent to actually going back to work should be that

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Speaker 2: you just don't want to. Like it sounds like you've

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Speaker 2: got financial goals that you do want to accelerate, and

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Speaker 2: increasing your income getting that job is certainly going to

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Speaker 2: help you to get rid of that mortgage faster. You're

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Speaker 2: likely going to be able to pay it off in

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Speaker 2: years instead of decades. But I guess maybe I want

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Speaker 2: to push back against that particular goal because if that

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Speaker 2: is the only reason that you're looking to potentially upend

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Speaker 2: your life. The particulars matter. The details of your specific

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Speaker 2: more mortgage matter, and if you're doing I'll.

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Speaker 5: He off that two and a half percent, that would yeah, yeah, yeah,

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Speaker 5: And so this is what a lot of times we

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Speaker 5: don't like to get into the details, but this is

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Speaker 5: an instance where knowing the terms of and you be

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Speaker 5: being familiar with the terms of your loan are incredibly

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Speaker 5: important because yeah, if you.

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Speaker 2: Locked down a pre pandemic amazing thirty year mortgage rate,

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Speaker 2: I would not advise for you to pay that thing

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Speaker 2: off early. Other financial goals would be more pressing. Yes,

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Speaker 2: that being said, Let's say you just got this house

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Speaker 2: a couple of years ago and oh man, we're sitting

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Speaker 2: at like six point seven five percent. Well, if that

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Speaker 2: was me, I would be focusing on eliminating that mortgage

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Speaker 2: as soon as possible as well, because it's tough to

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Speaker 2: get you can't get a guaranteed rate of return that high,

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Speaker 2: and that's essentially what you'd be doing by tackling this

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Speaker 2: mortgage sooner.

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Speaker 1: Well, the other thing about going back to work, when

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Speaker 1: be talking about, hey, this is going to help me

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Speaker 1: accelerate financial goals, well, she might have access to a

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Speaker 1: retirement plan via this new employer, which could help accelerate

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Speaker 1: investing goals. So maybe it's hey, all right, guys, I'll

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Speaker 1: listen to you and not pay off the mortgage quickly,

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Speaker 1: but hey, the four to one K with the match,

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Speaker 1: that's going to help me achieve my investing goals and

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Speaker 1: the desired amount that I'm trying to save up a lot.

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Speaker 2: More quickly too. And that is true.

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Speaker 1: So I think if your goal is kind of in

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Speaker 1: that direction of increasing the amount of money that you

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Speaker 1: have in retirement accounts, then that can make sense. If

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Speaker 1: you're like, how we feel like we're behind or we're

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Speaker 1: just trying to accelerate because we want to achieve financial

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Speaker 1: independence faster than going back to work, certainly.

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Speaker 2: We'll help you do that, right, And from an orders

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Speaker 2: of operation standpoint, that would come before paying off a

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Speaker 2: high a mortgage that's high, that's low. Yeah, all of

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Speaker 2: a sudden, that low rate mortgage becomes a.

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Speaker 1: Low priority, especially taking advantage of the match, which as

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Speaker 1: employers offer, and then yes, going back to work, it

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Speaker 1: means financial freedom, and then full financial independence could be

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Speaker 1: achieved a whole lot more quickly, especially especially and this

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Speaker 1: is key if you're spending doesn't change in a meaningful way,

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Speaker 1: because some times that happens, Matt, especially when the second

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Speaker 1: spouse goes to work, and it's like, well, now you know.

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Speaker 2: What we need.

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Speaker 1: We need more help, We need to pay for this

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Speaker 1: person to watch our kids in the afternoons. And then

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Speaker 1: you know what, we probably need to pay for grocery delivery.

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Speaker 1: And you know we're probably gonna eat out more because

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Speaker 1: it's a heck of a lot more convenient when I

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Speaker 1: work late nights and cooking those meals just becomes more onerous.

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Speaker 1: I get that, that makes sense, but you have to

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Speaker 1: factor all that stuff in, even have to factor in well,

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Speaker 1: so I need to buy a whole new wardrobe because

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Speaker 1: I'm going back to work and I'm going into the office,

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Speaker 1: a hidden costs and what about the miles I'm going

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Speaker 1: to put on my car and the gas and the intro.

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Speaker 1: I mean, like a lot of different costs could go

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Speaker 1: up as you go back to work. So I would

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Speaker 1: want to have clear eyes about what costs might increase,

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Speaker 1: what costs definitely will increase as I'm going back to work,

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Speaker 1: and just say, well, is it going to be as

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Speaker 1: beneficial as I thought it? Would because it's going to

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Speaker 1: involve trade offs. Right of time, it will and could

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Speaker 1: help accelerate towards those goals, but it could also increase

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Speaker 1: costs in other parts of your life.

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Speaker 2: You know, I think even considering going back part time

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Speaker 2: could be a good solution for be And I just

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Speaker 2: want to put that on your radar because, like even

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Speaker 2: a twenty hour work week, that might feel more doable,

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Speaker 2: especially if you're juggling other responsibilities right like let's say

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Speaker 2: maybe the kids aren't somewhere full time in school, and

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Speaker 2: even if they are, man you have to coordinate like

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Speaker 2: who's going to pick up the kids or who's going

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Speaker 2: to be aware. Since you don't need to work, I

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Speaker 2: think you might be able to have your cake and

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Speaker 2: eat it too in this case, so you're earning some

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Speaker 2: additional money, but at the same time, you're not sacrificing

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Speaker 2: in all those other ways that Joel just talked about

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Speaker 2: from a lifestyle standpoint. And also, if your spouse gets

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Speaker 2: great benefits through his job, like health care for the

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Speaker 2: whole family, well that park that you would miss out

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Speaker 2: on by having a part time job, well it doesn't

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Speaker 2: even matter to you because it almost feels like a win, right,

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Speaker 2: because you've got more balance, you've got more family availability,

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Speaker 2: while also accelerating towards those financial goals, albeit of course

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Speaker 2: at a slower pace. But hey, if the goal is

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Speaker 2: to retire earlier someday, I do think you're kind of

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Speaker 2: getting a little bit of practice with a diminished work

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Speaker 2: life now. I think part time work could be the

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Speaker 2: best way to thread this needle.

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Speaker 1: Yeah, yeah, I agree. And often when you choose part

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Speaker 1: time work because that you might not be receiving some

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Speaker 1: of the benefits that full time employees might be receiving.

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Speaker 1: Contractors can get paid a higher average hourly rate. So

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Speaker 1: we have a friend who got let go from his job,

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Speaker 1: and now he's contracting with that employer, contracting back to

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Speaker 1: work for them, and his hourly rates a heck of

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Speaker 1: a lot more than it was when he was a

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Speaker 1: full time employee. So in some ways it's actually been

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Speaker 1: kind of a win. So I would at least consider

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Speaker 1: that be And I think it bears mentioning that if

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Speaker 1: you're going back to work just for the paycheck, it's

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Speaker 1: going to be more mentally taxing. I would rather you

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Speaker 1: search for something that you're actually going to enjoy. This

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Speaker 1: going to kind of move the happiness needle for you inside,

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Speaker 1: even if maybe, let's say it means a smaller salary,

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Speaker 1: because it will make this transition back into work more sustainable.

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Speaker 1: And we're also fans of looking for an employer that

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Speaker 1: offers like a good work environment and some flexibility, who

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Speaker 1: might understand if something happens and you got to go,

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Speaker 1: you know, to your kid's school to pick them up

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Speaker 1: early for an orthodonist appointment or something like that, which

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Speaker 1: sounds like my life right now, and Matt graciously allows

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Speaker 1: me the.

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Speaker 2: Opportunity to do that, I'd do what I can.

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Speaker 1: I go give those braces on man, you know, and

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Speaker 1: I think that's going to help you avoid burnout. And

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Speaker 1: there's just like a lot of factors when you're trying

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Speaker 1: to come up with an answer to this question of

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Speaker 1: whether or not you go back to work. And you

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Speaker 1: mentioned having to change your kids' school if you decide

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Speaker 1: to go back to work, So that seems like a

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Speaker 1: big deal. That seems like a really big deal. That

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Speaker 1: could be a really big deal for them emotionally, friend wise.

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Speaker 1: So have a discussion with your spouse about the pros

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Speaker 1: and cons of this move, you know, paying off the

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Speaker 1: mortgage early. It's not a bad goal if you've accomplished

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Speaker 1: a lot of those other financial goals incredibly well. But

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Speaker 1: the price, I think doesn't have to be twelve hour workdays.

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Speaker 1: Maybe you can find some happy medium solution that's not

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Speaker 1: like all or nothing. I'm going back to work full time,

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Speaker 1: knows to the grindstone versus kind of something with a

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Speaker 1: little more balance that could help you achieve those goals faster,

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Speaker 1: but maybe just not nearly as quickly as as you

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Speaker 1: might have otherwise been able to do.

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Speaker 2: That's right, all right, b We hope that gets you

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Speaker 2: pointed in the right direction. And Joel, you know we've

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Speaker 2: got more to get to. We're gonna hear from plenty

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Speaker 2: of listeners. We're gonna hear from a listener who's asking

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Speaker 2: about social Security and whether or not to take it

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Speaker 2: early or not. We'll get to that more right after this.

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Speaker 1: All right, Matt, we're back. We've got more listener questions

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Speaker 1: to get to. This next one is about moving debt around.

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Speaker 1: Is it just moving chairs around on the Titanic? Or

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Speaker 1: can it make sense to swap one debt for another?

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Speaker 6: Yes, Kevin, here, my question is what it would be

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Speaker 6: smart to pull out a fifty thousand dollars he lock

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Speaker 6: on my home with an eight point two interest rate,

402
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Speaker 6: which is basically gonna pay off my travel trailer, a

403
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Speaker 6: personal loan, and a couple of credit cards that equal

404
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Speaker 6: a little over one thousand dollars a month, and my

405
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Speaker 6: payment for the heelock is going to be four thirty

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Speaker 6: to four fifty.

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Speaker 2: A month for fifteen years.

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Speaker 3: Is that a good idea?

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Speaker 6: Or should I just bite the bullet?

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Speaker 2: Whether or not he should buy the bullet and just

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Speaker 2: pay off the debts he currently has. I think it's

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Speaker 2: what he's asking their.

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Speaker 1: Angel versus trying to diminish.

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Speaker 2: Finagle it and yeah, make yeah, make it happen. And

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Speaker 2: I get this.

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Speaker 1: I totally get how you might in the initial thought

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Speaker 1: is turning credit card debt that's I don't know what

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Speaker 1: twenty twenty one twenty two percent right now into maybe higher,

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Speaker 1: less offensive eight point two percent debt that that kind

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Speaker 1: of squares upon your initial observation, and you're like, why

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Speaker 1: wouldn't I do this?

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Speaker 2: Well, especially given to how many different mortgage servicers have

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Speaker 2: been sending out the different mailers and emails saying, Hey,

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Speaker 2: wouldn't you like to tap your home for some some

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Speaker 2: home equity. Think about all that you can do perhaps

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Speaker 2: with all this money that you've all this equity that

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Speaker 2: you've accrued over the pastage.

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Speaker 1: And of course your mortgage servicer do you know what

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Speaker 1: they know? They know roughly what your home is worth,

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Speaker 1: and they know how much you owe, and so they

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Speaker 1: you know what they do. They give you a specific

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Speaker 1: number so that you might get that mailer and they

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Speaker 1: might say, hey, Kevin, you've got two hundred and nineteen

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Speaker 1: thousand dollars and twenty two cents of home equity that

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Speaker 1: you can tap right now.

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Speaker 2: Yeah, the specific number, you start thinking about, oh, I

437
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Speaker 2: could totally see that amount of money, am I? Well

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Speaker 2: you went and it's a helock, so it's not like

439
00:19:29,359 --> 00:19:32,800
Speaker 2: a home equity loan, right. So but I feel like

440
00:19:32,880 --> 00:19:34,080
Speaker 2: a lot of folks would see that number and they

441
00:19:34,119 --> 00:19:35,840
Speaker 2: would just immediately just like move that over to their

442
00:19:35,840 --> 00:19:38,239
Speaker 2: savings account or the check account and be like, oh,

443
00:19:38,280 --> 00:19:39,000
Speaker 2: that would look.

444
00:19:38,880 --> 00:19:41,600
Speaker 1: Nice sitting over there. It's come out all that I

445
00:19:41,600 --> 00:19:43,119
Speaker 1: could do with that. There's a reason they send the

446
00:19:43,119 --> 00:19:44,520
Speaker 1: mailers out, and it's because it works, I think.

447
00:19:44,640 --> 00:19:48,560
Speaker 2: Is it's effective. Yeah, But this isn't as easy as that, Kevin,

448
00:19:48,680 --> 00:19:51,040
Speaker 2: I'm going to say, first of all, be careful overly

449
00:19:51,080 --> 00:19:53,800
Speaker 2: focusing on just the monthly payment. Yes, it is going

450
00:19:53,840 --> 00:19:56,199
Speaker 2: to be nicer to lower the interest rate and the

451
00:19:56,200 --> 00:19:59,960
Speaker 2: monthly payment amount, keep in your monthly payment in check,

452
00:20:00,160 --> 00:20:03,119
Speaker 2: providing more breathing room every single month, But doing so

453
00:20:03,440 --> 00:20:07,200
Speaker 2: it could keep you in debt longer than you otherwise

454
00:20:07,240 --> 00:20:09,200
Speaker 2: would be. It's sort of like, let's say you've owned

455
00:20:09,200 --> 00:20:11,000
Speaker 2: a home for ten years and you're like, you know, well,

456
00:20:11,080 --> 00:20:12,720
Speaker 2: let's go ahead to refinance this thing. It's gonna make

457
00:20:12,760 --> 00:20:14,840
Speaker 2: things a bit easier. But guess what, now you just

458
00:20:14,920 --> 00:20:17,560
Speaker 2: hit the You just reset the clock on another thirty years.

459
00:20:17,640 --> 00:20:19,600
Speaker 1: It's then instead of paying until you're sixty on that house,

460
00:20:19,640 --> 00:20:20,520
Speaker 1: you're paying till you're seventy.

461
00:20:20,600 --> 00:20:22,879
Speaker 2: Yeah, you're seventy years old. And so I think it

462
00:20:22,880 --> 00:20:24,919
Speaker 2: could also help you to feel more comfortable taking on

463
00:20:25,000 --> 00:20:27,360
Speaker 2: even more debt. Right, So this is it could potentially

464
00:20:27,359 --> 00:20:29,159
Speaker 2: be a behavioral thing. You're like, oh, you got that

465
00:20:29,200 --> 00:20:31,919
Speaker 2: cleaned up, and maybe you're used to the amount that

466
00:20:31,960 --> 00:20:33,880
Speaker 2: was going out every month to service that debt, and

467
00:20:33,960 --> 00:20:36,520
Speaker 2: all of a sudden you hadn't changed a thing. Yeah,

468
00:20:36,560 --> 00:20:39,320
Speaker 2: and now you uh yeah, you've got more more debt

469
00:20:39,359 --> 00:20:39,720
Speaker 2: to boot.

470
00:20:39,800 --> 00:20:41,720
Speaker 1: And I think this happens a lot, man. I think

471
00:20:41,760 --> 00:20:44,919
Speaker 1: this is a tactic that the people take, which is,

472
00:20:45,440 --> 00:20:49,280
Speaker 1: if I can just get that monthly amount lower, even

473
00:20:49,359 --> 00:20:51,760
Speaker 1: if it means let's say a higher interest rate or

474
00:20:51,800 --> 00:20:55,720
Speaker 1: worse terms, then that is going to give me some

475
00:20:55,760 --> 00:20:57,919
Speaker 1: breathing room. And what ends up happening with that breathing

476
00:20:58,000 --> 00:21:00,680
Speaker 1: room is typically that it gets spent a lot of people.

477
00:21:00,800 --> 00:21:04,800
Speaker 1: It is now you're paying off that debt item for

478
00:21:04,880 --> 00:21:08,120
Speaker 1: a longer period of time, and then you also take

479
00:21:08,119 --> 00:21:10,720
Speaker 1: on other obligations with the extra money that you would

480
00:21:10,720 --> 00:21:12,640
Speaker 1: have had in your budget instead have gone towards saving

481
00:21:12,720 --> 00:21:15,199
Speaker 1: or investing. So maybe, if you're incredibly disciplined, you can

482
00:21:15,240 --> 00:21:18,320
Speaker 1: make this payoff, but most people aren't. Yeah, except you

483
00:21:18,359 --> 00:21:20,399
Speaker 1: said if with worse terms, like a higher interest rate.

484
00:21:20,480 --> 00:21:22,520
Speaker 1: That's the thing though with in Kevin's case, he's like, man,

485
00:21:22,560 --> 00:21:25,200
Speaker 1: this is so much better, guys, truly, this.

486
00:21:25,119 --> 00:21:27,320
Speaker 2: Is a slam dunk, right, And that's where we're even

487
00:21:27,359 --> 00:21:28,680
Speaker 2: going to push back a little bit on that.

488
00:21:28,960 --> 00:21:29,200
Speaker 3: Yeah.

489
00:21:29,240 --> 00:21:31,000
Speaker 1: I think it's also important to mention here, Matt, that

490
00:21:31,080 --> 00:21:33,760
Speaker 1: the eight point two percent rate, it's not bad, right,

491
00:21:33,800 --> 00:21:36,520
Speaker 1: It's not terrible in today's environment, but that rate is

492
00:21:36,560 --> 00:21:40,240
Speaker 1: also subject to change, and so it's true your your

493
00:21:40,320 --> 00:21:42,640
Speaker 1: rates could go up, your payment could go up at

494
00:21:42,640 --> 00:21:45,160
Speaker 1: the same time. The biggest, one of the biggest risk

495
00:21:45,160 --> 00:21:48,119
Speaker 1: factors here is you're taking unsecured debt. You're turning into

496
00:21:48,280 --> 00:21:51,439
Speaker 1: secured debt against your home, and if you're unable to

497
00:21:51,680 --> 00:21:54,760
Speaker 1: pay your hee lock, well, you'd be risking losing your home.

498
00:21:55,080 --> 00:21:57,880
Speaker 1: And so there's this a massive difference between not paying

499
00:21:57,880 --> 00:22:00,200
Speaker 1: your credit card bill, which is an ideal, but the

500
00:22:00,280 --> 00:22:02,880
Speaker 1: risks just aren't the same because American Express they don't

501
00:22:02,880 --> 00:22:05,280
Speaker 1: have the power to foreclothes on you, to essentially kick

502
00:22:05,320 --> 00:22:07,280
Speaker 1: you out and take the roof from over your head,

503
00:22:07,520 --> 00:22:11,000
Speaker 1: whereas your mortgage service provider does because they've got this

504
00:22:11,160 --> 00:22:13,439
Speaker 1: interest in the property if you're not paying on it.

505
00:22:13,520 --> 00:22:15,280
Speaker 2: Yeah, I think at the end of the day, this

506
00:22:15,440 --> 00:22:19,840
Speaker 2: answer comes down to you knowing yourself, Kevin, because yeah,

507
00:22:19,880 --> 00:22:22,600
Speaker 2: this really might be the best decision, but only if

508
00:22:22,600 --> 00:22:24,879
Speaker 2: you are motivated to pay off that balance as quickly

509
00:22:24,880 --> 00:22:28,879
Speaker 2: as possible, if you are disciplined in your approach, like

510
00:22:28,920 --> 00:22:32,080
Speaker 2: the fact that he was willing to to say, hey,

511
00:22:32,160 --> 00:22:33,480
Speaker 2: I'm going to be locked into this for the next

512
00:22:33,480 --> 00:22:35,960
Speaker 2: fifteen years. Like what that tells me though, is that

513
00:22:36,000 --> 00:22:39,320
Speaker 2: he doesn't have the ability to quickly or to easily

514
00:22:39,359 --> 00:22:43,040
Speaker 2: eliminate the collection of debt that he has, right, And

515
00:22:43,119 --> 00:22:46,000
Speaker 2: so that's another benefit of the heelock is just to

516
00:22:46,080 --> 00:22:47,640
Speaker 2: clean things up. Like right now, it feels like he's

517
00:22:47,640 --> 00:22:50,560
Speaker 2: got like this rats nest of debts going out every

518
00:22:50,560 --> 00:22:51,120
Speaker 2: single month.

519
00:22:51,359 --> 00:22:53,600
Speaker 1: It feels like an organizational tool of sorts.

520
00:22:53,840 --> 00:22:56,920
Speaker 2: Yeah, and I totally get that. But the behavioral side

521
00:22:56,920 --> 00:23:00,240
Speaker 2: of things, I think is incredibly important because if you, yeah,

522
00:23:00,280 --> 00:23:03,280
Speaker 2: if you consolidate all that debt onto the heelock and

523
00:23:03,280 --> 00:23:05,000
Speaker 2: you stretch that out for fifteen years, and then you

524
00:23:05,040 --> 00:23:07,560
Speaker 2: take that additional savings that I think he said it

525
00:23:07,600 --> 00:23:10,320
Speaker 2: was around one thousand per month and he's getting it

526
00:23:10,359 --> 00:23:13,280
Speaker 2: down to like four hundred for something. Yeah, so basically

527
00:23:13,280 --> 00:23:15,159
Speaker 2: he's got like six hundred dollars worth of savings. I

528
00:23:15,200 --> 00:23:17,880
Speaker 2: would I think I would be very willing and very

529
00:23:17,920 --> 00:23:20,880
Speaker 2: okay with Kevin saying, all right, I'm gonna consolidate, we're

530
00:23:20,880 --> 00:23:23,879
Speaker 2: gonna do the helock, and now I'm gonna take that

531
00:23:23,920 --> 00:23:26,720
Speaker 2: additional six hundred dollars and how about instead of locking

532
00:23:26,760 --> 00:23:28,760
Speaker 2: into the fifteen years. How about we start paying down

533
00:23:28,760 --> 00:23:31,280
Speaker 2: extra every single month, putting that towards the principle, because

534
00:23:31,280 --> 00:23:34,199
Speaker 2: then he's not going to be in that debt for

535
00:23:34,520 --> 00:23:36,280
Speaker 2: a full fifteen years. He's going to get out of

536
00:23:36,280 --> 00:23:37,480
Speaker 2: that thing way sooner.

537
00:23:37,280 --> 00:23:39,080
Speaker 1: Four to five years, maybe so much faster.

538
00:23:39,440 --> 00:23:42,119
Speaker 2: I think that is more of sort of the again,

539
00:23:42,200 --> 00:23:44,359
Speaker 2: he can't like go after it crazy right now, based

540
00:23:44,400 --> 00:23:46,320
Speaker 2: on how he was talking about, like, yeah, I'm kind

541
00:23:46,320 --> 00:23:48,280
Speaker 2: of resigning myself to the fifteen year thing, but you

542
00:23:48,320 --> 00:23:50,440
Speaker 2: also don't have to do the whole fifteen year thing

543
00:23:50,680 --> 00:23:52,399
Speaker 2: that I said that weird. You also don't have to

544
00:23:52,400 --> 00:23:54,920
Speaker 2: resign yourself to the full fifteen years, right like, you

545
00:23:55,160 --> 00:23:57,560
Speaker 2: have the ability to find somewhere there in the middle,

546
00:23:57,560 --> 00:23:58,240
Speaker 2: and I think that's.

547
00:23:58,080 --> 00:23:59,560
Speaker 1: Where I would I'd love to see you, Kevin, and

548
00:23:59,640 --> 00:24:02,119
Speaker 1: especially at an eight plus percent rate, holding on to

549
00:24:02,200 --> 00:24:04,040
Speaker 1: that for fifteen years isn't going to be the best

550
00:24:04,040 --> 00:24:05,399
Speaker 1: thing for your finance. Is trying to get rid of

551
00:24:05,440 --> 00:24:08,280
Speaker 1: it as quickly as possible would be the goal. But yeah,

552
00:24:08,280 --> 00:24:09,920
Speaker 1: I think this isn't as much of a no brainer

553
00:24:09,920 --> 00:24:11,959
Speaker 1: as it might seem on the surface to a lot

554
00:24:11,960 --> 00:24:13,760
Speaker 1: of people. And that behavioral side, your right.

555
00:24:13,640 --> 00:24:15,679
Speaker 2: Matter is what you do with that additional money, what

556
00:24:15,720 --> 00:24:15,960
Speaker 2: you do.

557
00:24:15,920 --> 00:24:19,840
Speaker 1: With the additional money? And also, are you now, once

558
00:24:19,840 --> 00:24:22,680
Speaker 1: you've got all your credit card debts wiped away, well,

559
00:24:22,720 --> 00:24:24,439
Speaker 1: what about the habits that led you into credit card

560
00:24:24,480 --> 00:24:26,119
Speaker 1: debt in the first place? Are you going to have

561
00:24:26,160 --> 00:24:28,200
Speaker 1: this heelock debt that it's going to take potentially fifteen

562
00:24:28,280 --> 00:24:29,840
Speaker 1: years to pay off? And then are you also going

563
00:24:29,880 --> 00:24:31,960
Speaker 1: to crew more credit card debt? The habits have to

564
00:24:32,080 --> 00:24:35,360
Speaker 1: change or else the strategy, even this helock strategy isn't

565
00:24:35,359 --> 00:24:36,960
Speaker 1: going to work. It's actually gonna blow up in your face.

566
00:24:37,160 --> 00:24:38,520
Speaker 1: You totally need to commit to that.

567
00:24:38,600 --> 00:24:40,679
Speaker 2: Yeah, I guess I wanted to say that because I

568
00:24:40,680 --> 00:24:42,600
Speaker 2: feel like we're downplaying the interest rate thing because as

569
00:24:42,680 --> 00:24:44,440
Speaker 2: I was thinking that three, I'm like, geez, yeah, twenty

570
00:24:44,760 --> 00:24:47,359
Speaker 2: going from twenty two to twenty four percent down to

571
00:24:47,520 --> 00:24:50,720
Speaker 2: eight something like that is a massive difference, especially if

572
00:24:50,760 --> 00:24:54,200
Speaker 2: you are looking out over the years, over the even decades. Yeah,

573
00:24:54,440 --> 00:24:56,320
Speaker 2: if you're looking at a short term, like a short

574
00:24:56,320 --> 00:24:58,040
Speaker 2: period of time where you're just going to attack it,

575
00:24:58,240 --> 00:25:00,000
Speaker 2: the rate doesn't matter that much because you're talking about

576
00:25:00,160 --> 00:25:02,520
Speaker 2: what maybe one year's worth of payments, maybe two years.

577
00:25:02,800 --> 00:25:04,760
Speaker 2: But when you stretch it out like that. Gosh, that

578
00:25:04,920 --> 00:25:07,159
Speaker 2: is a ton of money going to interest. But like

579
00:25:07,240 --> 00:25:08,520
Speaker 2: Joel said, yeah, we want to make sure that you

580
00:25:08,560 --> 00:25:10,679
Speaker 2: address You gotta nip it in the bud. We're not

581
00:25:10,760 --> 00:25:13,160
Speaker 2: just going to gloss over the surface. Yeah, Joel. Let's

582
00:25:13,200 --> 00:25:17,000
Speaker 2: hear from our next listener who has a question. It's

583
00:25:17,040 --> 00:25:20,440
Speaker 2: a quasi earlier retirement question. Quasi how much should it

584
00:25:20,440 --> 00:25:23,080
Speaker 2: be depending on the government. Let's hear from Ian.

585
00:25:23,960 --> 00:25:27,240
Speaker 3: Hey, Matt, and Joel. This is Ian from Virginia. I

586
00:25:27,320 --> 00:25:31,120
Speaker 3: really enjoyed your discussion on social security last week, particularly

587
00:25:31,760 --> 00:25:35,600
Speaker 3: break even analysis. I was wondering if you could address

588
00:25:35,960 --> 00:25:40,679
Speaker 3: the break even analysis with the including the impact of

589
00:25:40,800 --> 00:25:44,560
Speaker 3: growth rates. I was once in a social Security seminar

590
00:25:44,640 --> 00:25:47,520
Speaker 3: a couple of years ago, and I remember them showing

591
00:25:47,520 --> 00:25:51,119
Speaker 3: a chart where the break even point would be like

592
00:25:51,240 --> 00:25:54,320
Speaker 3: eighty seven or eighty eight years old if you'd take

593
00:25:54,320 --> 00:25:58,520
Speaker 3: it earlier, you know, assuming some sort of return on

594
00:25:59,160 --> 00:26:03,959
Speaker 3: that money that you beginning versus waiting to full retirement age.

595
00:26:04,840 --> 00:26:07,040
Speaker 3: They have since taken that off of the sold Security

596
00:26:07,080 --> 00:26:11,640
Speaker 3: website because they said it was pushing people to take

597
00:26:11,640 --> 00:26:15,600
Speaker 3: it sooner. And I guess maybe they don't want people

598
00:26:15,640 --> 00:26:18,639
Speaker 3: taking it sooner. But yeah, if you could take a

599
00:26:18,640 --> 00:26:22,680
Speaker 3: look at that, I've included a resource in the email.

600
00:26:22,720 --> 00:26:27,040
Speaker 3: But also even the Seeking Alpha has a chart where

601
00:26:27,400 --> 00:26:31,080
Speaker 3: they're with a two percent real return assumed. You're still

602
00:26:31,119 --> 00:26:33,480
Speaker 3: looking at a break even point in the early eighties.

603
00:26:34,280 --> 00:26:37,119
Speaker 3: And I just don't know how much people are going

604
00:26:37,200 --> 00:26:39,680
Speaker 3: to be doing past eighty. But you can if you

605
00:26:39,760 --> 00:26:43,800
Speaker 3: take it sooner at sixty two, you'll have all those

606
00:26:43,880 --> 00:26:46,800
Speaker 3: extra years to you know, play pick a ball and

607
00:26:47,680 --> 00:26:50,680
Speaker 3: do other things. So thanks a lot and join the show.

608
00:26:51,119 --> 00:26:52,960
Speaker 1: Matt, you plan on playing pickleball in your eighties?

609
00:26:53,240 --> 00:26:55,199
Speaker 2: Pickleball's fun. Have you been playing?

610
00:26:55,359 --> 00:26:55,399
Speaker 4: No?

611
00:26:55,560 --> 00:26:57,560
Speaker 2: I would like to though, so well, we talked about

612
00:26:57,560 --> 00:26:59,439
Speaker 2: our local court. How I was like, oh, it's going

613
00:26:59,480 --> 00:27:01,919
Speaker 2: to get rests. Well, they did restripe it, but it's

614
00:27:01,920 --> 00:27:03,520
Speaker 2: still a tennis court. They did, you know, did you

615
00:27:03,520 --> 00:27:06,159
Speaker 2: see the pies? They put the lines on it. But

616
00:27:06,200 --> 00:27:09,080
Speaker 2: it's real subtle. Okay, So there's there's I saw folks

617
00:27:09,080 --> 00:27:11,960
Speaker 2: out there today during my post lunch walk. I saw

618
00:27:11,960 --> 00:27:14,320
Speaker 2: some they're playing pick out there. No, they're doing the.

619
00:27:14,720 --> 00:27:17,920
Speaker 1: Okay, okay, No, I'd like to get mix. But are

620
00:27:17,920 --> 00:27:21,000
Speaker 1: people how how how long? Like, what's the timeframe. How

621
00:27:21,040 --> 00:27:23,480
Speaker 1: old is too old to play pickleball? Are people still

622
00:27:23,480 --> 00:27:24,240
Speaker 1: playing in their eighties?

623
00:27:24,560 --> 00:27:27,600
Speaker 2: Yeah? Okay, that's it's a low impact sport. The I mean,

624
00:27:27,920 --> 00:27:31,280
Speaker 2: we've heard folks talk about it from a very competitive standpoint,

625
00:27:31,359 --> 00:27:33,439
Speaker 2: but it's like a low impact, kind of chill, social

626
00:27:33,480 --> 00:27:35,679
Speaker 2: way to to play tennis. Essentially, they're playing it if

627
00:27:35,680 --> 00:27:36,919
Speaker 2: you don't want to run as much. They're playing at

628
00:27:36,920 --> 00:27:38,800
Speaker 2: the villages down in Florida's what you're telling me, Yeah,

629
00:27:38,840 --> 00:27:41,560
Speaker 2: Which it sounds like Ian is considering. Like he doesn't

630
00:27:41,600 --> 00:27:44,560
Speaker 2: sound he's got retirement like questions on his mind, but

631
00:27:44,680 --> 00:27:47,720
Speaker 2: he doesn't sound like he's necessarily rich. Does he sound

632
00:27:47,800 --> 00:27:49,439
Speaker 2: like he's sixty two? No, he's old. You who?

633
00:27:49,880 --> 00:27:51,199
Speaker 1: I think he's still away from this, but I think

634
00:27:51,240 --> 00:27:51,879
Speaker 1: he's really I.

635
00:27:51,880 --> 00:27:53,719
Speaker 2: Don't know though, because he said he went he went

636
00:27:53,760 --> 00:27:56,680
Speaker 2: to a Social Security retirement seminar. Yeah, that's something.

637
00:27:56,520 --> 00:27:59,240
Speaker 1: You doing for his grandma or just for his own edification.

638
00:27:59,359 --> 00:28:00,920
Speaker 1: Like it sounds like he's trying to get his mind

639
00:28:00,920 --> 00:28:03,040
Speaker 1: around this asking for a friend. He just doesn't sound

640
00:28:03,080 --> 00:28:05,399
Speaker 1: super old. So maybe you are in and your voice

641
00:28:05,440 --> 00:28:07,720
Speaker 1: just sounds young. I don't know, but it sounds young

642
00:28:07,760 --> 00:28:09,720
Speaker 1: to me. I think it's important before we get into

643
00:28:09,720 --> 00:28:11,440
Speaker 1: this question just to say that there's a lot of

644
00:28:11,480 --> 00:28:13,680
Speaker 1: nuance and there's not one single answer that makes sense

645
00:28:13,680 --> 00:28:16,720
Speaker 1: for everyone. So much of this depends on whether you

646
00:28:16,960 --> 00:28:21,400
Speaker 1: are married or single, right, it depends on how long

647
00:28:21,480 --> 00:28:24,400
Speaker 1: you expect to live, and then what bumps happen along

648
00:28:24,440 --> 00:28:26,399
Speaker 1: the way. So we'll do our best to offer some

649
00:28:26,440 --> 00:28:28,760
Speaker 1: of those caveats and response to your question, Ian, but

650
00:28:29,200 --> 00:28:32,959
Speaker 1: we also just just know that there's just there are

651
00:28:32,960 --> 00:28:34,919
Speaker 1: a lot of moving parts, and so we don't have

652
00:28:34,960 --> 00:28:37,280
Speaker 1: any advice like, well, everyone should take social security at

653
00:28:37,280 --> 00:28:40,120
Speaker 1: age seventy or everyone should take it at their first

654
00:28:40,160 --> 00:28:43,520
Speaker 1: possible available date at age sixty two. Like, there's no

655
00:28:43,640 --> 00:28:47,160
Speaker 1: clear and precise answer that everyone can do the same thing,

656
00:28:47,200 --> 00:28:48,200
Speaker 1: and it makes sense totally.

657
00:28:48,280 --> 00:28:52,720
Speaker 2: That being said, like the general conventional wisdom and recommendation

658
00:28:53,000 --> 00:28:56,360
Speaker 2: is to claim your social security later that for most

659
00:28:56,400 --> 00:28:58,320
Speaker 2: folks on average, that is going to be the best

660
00:28:58,400 --> 00:29:01,360
Speaker 2: choice for them. One of the major reasons to consider

661
00:29:01,680 --> 00:29:04,400
Speaker 2: taking social Security later is because of the higher guaranteed

662
00:29:04,440 --> 00:29:07,320
Speaker 2: income that you're going to receive. So you choose to

663
00:29:07,360 --> 00:29:09,520
Speaker 2: take your social Security early on when you are sixty

664
00:29:09,560 --> 00:29:12,160
Speaker 2: two years old, is it a like a thirty percent

665
00:29:12,280 --> 00:29:15,440
Speaker 2: reduction as opposed to a wedding to full retirement.

666
00:29:15,560 --> 00:29:16,640
Speaker 1: Yeah, something like that.

667
00:29:16,720 --> 00:29:18,560
Speaker 2: And so essentially you wait a little bit and it's

668
00:29:18,600 --> 00:29:21,080
Speaker 2: a it's sort of like we're talking, we talk about

669
00:29:21,080 --> 00:29:22,960
Speaker 2: this all the time. By paying off debt, that is

670
00:29:23,000 --> 00:29:25,800
Speaker 2: a guaranteed rate of return essentially on the money that

671
00:29:25,840 --> 00:29:27,160
Speaker 2: you are using to pay on that debt. In a

672
00:29:27,160 --> 00:29:28,600
Speaker 2: similar way, it's just like all you got to do

673
00:29:28,680 --> 00:29:30,640
Speaker 2: is wait and there is a guaranteed return. There's no

674
00:29:30,920 --> 00:29:34,240
Speaker 2: risk associated here, and that's important because the older we get,

675
00:29:34,360 --> 00:29:37,400
Speaker 2: the more we need to take some risk off the table. Right,

676
00:29:37,600 --> 00:29:40,480
Speaker 2: one hundred percent stocks, Well, that can work out well

677
00:29:40,800 --> 00:29:44,000
Speaker 2: during those wealth building years maybe when you're younger, but

678
00:29:44,080 --> 00:29:47,520
Speaker 2: once you reach wealth preservation status for a lot of folks,

679
00:29:47,520 --> 00:29:49,720
Speaker 2: it's going to be a bit too stomach churning.

680
00:29:49,800 --> 00:29:52,600
Speaker 1: Yeah, Like think about the COVID downturn twenty twenty two

681
00:29:52,680 --> 00:29:55,880
Speaker 1: when we saw stocks decline pretty meaningfully.

682
00:29:55,920 --> 00:29:57,320
Speaker 2: Could you have held on those?

683
00:29:57,360 --> 00:29:59,440
Speaker 1: Feel like not much of a gut punch to me

684
00:29:59,680 --> 00:30:02,760
Speaker 1: when I'm late thirties, early forties, But the older i get,

685
00:30:02,840 --> 00:30:05,200
Speaker 1: the more I'm gonna start looking at that balance and

686
00:30:05,240 --> 00:30:07,760
Speaker 1: a giant drop is certainly going to impact me mentally,

687
00:30:07,800 --> 00:30:09,880
Speaker 1: and it makes sense that it would.

688
00:30:09,920 --> 00:30:12,760
Speaker 2: And plus just the guaranteed income, it's something like an

689
00:30:12,760 --> 00:30:17,320
Speaker 2: eight percent higher payout every single year that you wait,

690
00:30:18,120 --> 00:30:20,000
Speaker 2: and so it's just a great way to shelter you

691
00:30:20,040 --> 00:30:23,360
Speaker 2: from that potential stock market turbulence that you're going to experience.

692
00:30:23,720 --> 00:30:24,880
Speaker 2: That's the price of admission.

693
00:30:25,080 --> 00:30:27,440
Speaker 1: Yeah, right, Like, I mean, you could get and I've

694
00:30:27,480 --> 00:30:29,800
Speaker 1: heard people claim this, matt Hey, if you start taking

695
00:30:29,800 --> 00:30:32,200
Speaker 1: Social Security at sixty two and you invest that money

696
00:30:32,280 --> 00:30:35,240
Speaker 1: instead in the overall stock market, in something like Voo,

697
00:30:35,760 --> 00:30:38,840
Speaker 1: you could do better actually then waiting and delaying your

698
00:30:38,840 --> 00:30:41,120
Speaker 1: Social Security payments till age seventy.

699
00:30:41,160 --> 00:30:42,520
Speaker 2: There's a very good chance you'll do better.

700
00:30:42,560 --> 00:30:44,640
Speaker 1: And there's yeah, there's a decent chance of that if

701
00:30:45,000 --> 00:30:47,880
Speaker 1: you're a savvy investor and you are actually investing most

702
00:30:47,880 --> 00:30:50,920
Speaker 1: of those dollars. But the truth is, are you going

703
00:30:51,000 --> 00:30:52,440
Speaker 1: to do it? Are you going to be able to

704
00:30:52,440 --> 00:30:54,240
Speaker 1: actually do that? Are you going to actually invest the money?

705
00:30:54,280 --> 00:30:55,520
Speaker 1: And are you going to be able to invest it

706
00:30:55,560 --> 00:30:58,760
Speaker 1: in such a way where you can stomach the volatility

707
00:30:59,160 --> 00:31:00,600
Speaker 1: and eke out higher returns?

708
00:31:01,120 --> 00:31:01,560
Speaker 2: I don't know.

709
00:31:02,240 --> 00:31:05,040
Speaker 1: Ian said, well, what even is the break even point,

710
00:31:05,080 --> 00:31:07,320
Speaker 1: and a lot of charts are different charts factoring in

711
00:31:07,400 --> 00:31:10,040
Speaker 1: different things that will tell you different predictions of what

712
00:31:10,080 --> 00:31:12,520
Speaker 1: the break even point will be depending on when you

713
00:31:12,520 --> 00:31:16,960
Speaker 1: take those security and I would say that most charts

714
00:31:17,040 --> 00:31:19,520
Speaker 1: show that you're gonna break even in your late seventies

715
00:31:19,560 --> 00:31:22,680
Speaker 1: or your very early eighties. It does get more complicated,

716
00:31:22,760 --> 00:31:24,600
Speaker 1: right if you opt to take those security early and

717
00:31:24,600 --> 00:31:26,400
Speaker 1: you do invest kind of like I was just talking about,

718
00:31:26,400 --> 00:31:29,000
Speaker 1: You invest those dollars instead of spending them, which is

719
00:31:29,040 --> 00:31:31,320
Speaker 1: not what most people do. Most people are not like, hey,

720
00:31:31,320 --> 00:31:34,760
Speaker 1: what's the most optimized route for me to grow those

721
00:31:34,800 --> 00:31:38,040
Speaker 1: dollars to the biggest amount possible, because that's not typically

722
00:31:38,120 --> 00:31:40,880
Speaker 1: the goal at that point in your life. But if

723
00:31:40,920 --> 00:31:43,280
Speaker 1: they do, if someone takes that route, they might be

724
00:31:43,280 --> 00:31:45,880
Speaker 1: able to hit that break even point much later in

725
00:31:45,920 --> 00:31:48,640
Speaker 1: the spectrum, or it definitely pushes it out, yeah, into

726
00:31:48,720 --> 00:31:50,960
Speaker 1: like what typically what like eighty eighty seven, eighty eight.

727
00:31:50,960 --> 00:31:52,240
Speaker 2: It just depends on what your returns are.

728
00:31:52,280 --> 00:31:53,840
Speaker 1: It depends on what your returns are, because it might

729
00:31:53,880 --> 00:31:57,520
Speaker 1: actually be the most the most intelligent move from an

730
00:31:57,560 --> 00:32:00,840
Speaker 1: overall return standpoint, But again, you're adding a more risky

731
00:32:01,240 --> 00:32:03,840
Speaker 1: into the equation. If you do that, so, but because

732
00:32:03,840 --> 00:32:06,480
Speaker 1: you're investing your check right that that break even date

733
00:32:06,480 --> 00:32:09,240
Speaker 1: gets pushed out further. And it just makes sense because

734
00:32:09,240 --> 00:32:12,200
Speaker 1: you're growing your wealth by investing those checks instead of

735
00:32:12,640 --> 00:32:15,200
Speaker 1: using them to fund and supplement your monthly lifestyle. But

736
00:32:15,240 --> 00:32:18,520
Speaker 1: most people are claiming early, Matt. Almost everyone claiming early

737
00:32:18,840 --> 00:32:22,240
Speaker 1: is doing it because they need the money to support themselves,

738
00:32:22,320 --> 00:32:25,120
Speaker 1: because it's the majority of the income they have coming

739
00:32:25,160 --> 00:32:26,040
Speaker 1: in at that point in their lives.

740
00:32:26,120 --> 00:32:28,440
Speaker 2: Yeah, I will say I would not be surprised if

741
00:32:28,520 --> 00:32:31,320
Speaker 2: a larger percentage of how to Money listeners might be

742
00:32:31,560 --> 00:32:34,000
Speaker 2: in the camp of, you know what, We've got some

743
00:32:34,000 --> 00:32:35,760
Speaker 2: of this additional money on hand, what should we do

744
00:32:35,800 --> 00:32:38,720
Speaker 2: with it? We do want to take the more optimized approach.

745
00:32:39,000 --> 00:32:42,160
Speaker 2: I know a retiree who took Social Security early. For

746
00:32:42,200 --> 00:32:45,080
Speaker 2: the past five years, he has been investing those dollars

747
00:32:45,440 --> 00:32:47,800
Speaker 2: and dude, he's done well. He's done really well, and

748
00:32:47,880 --> 00:32:49,440
Speaker 2: I don't think he's ever going to hit that break

749
00:32:49,480 --> 00:32:52,719
Speaker 2: even point had he waited and taken the higher payout

750
00:32:52,720 --> 00:32:56,239
Speaker 2: because of his returns over the past five years, and

751
00:32:57,200 --> 00:33:00,280
Speaker 2: if he continues to invest in a non flashy way,

752
00:33:00,040 --> 00:33:02,800
Speaker 2: he has the ability like he's never going to be

753
00:33:02,840 --> 00:33:06,200
Speaker 2: able to hit the breake even point because of because

754
00:33:06,240 --> 00:33:07,360
Speaker 2: his returns have been so high.

755
00:33:07,640 --> 00:33:09,520
Speaker 1: So typically the only people who can do that is

756
00:33:09,520 --> 00:33:12,160
Speaker 1: the people who have been great savers and investors for many,

757
00:33:12,160 --> 00:33:15,120
Speaker 1: many decades, so they have enough of a margin.

758
00:33:15,240 --> 00:33:17,160
Speaker 2: Yeah. See that is so key. That Like that is

759
00:33:17,240 --> 00:33:18,719
Speaker 2: how you have your cake and eat it too. If

760
00:33:18,760 --> 00:33:22,880
Speaker 2: you have that income, whether it's additional money from investments,

761
00:33:22,920 --> 00:33:25,280
Speaker 2: whether maybe you're still working, right, like, maybe you're still

762
00:33:25,320 --> 00:33:27,600
Speaker 2: paying the bills because you're like, you know what, I

763
00:33:27,680 --> 00:33:29,480
Speaker 2: tried the retirement thing for a few years, and I'm

764
00:33:29,480 --> 00:33:31,640
Speaker 2: going to pick up this part time because it provides fulfillment.

765
00:33:31,720 --> 00:33:33,960
Speaker 2: I love it. I get to talk to folks. And

766
00:33:34,000 --> 00:33:35,720
Speaker 2: by the way, check it out, I get to pay

767
00:33:35,720 --> 00:33:37,520
Speaker 2: my bills every single month. Or you got a pension

768
00:33:37,520 --> 00:33:39,200
Speaker 2: coming in, right, or a pension. Yeah, if you've got

769
00:33:39,200 --> 00:33:42,280
Speaker 2: these additional sources of income, well you have the ability.

770
00:33:42,400 --> 00:33:45,480
Speaker 2: You're not counting on that money, right, and so if

771
00:33:45,480 --> 00:33:47,840
Speaker 2: you are able to take those social Security checks and

772
00:33:47,840 --> 00:33:50,400
Speaker 2: stick them in the market, you can stomach more the

773
00:33:50,480 --> 00:33:53,480
Speaker 2: ups and downs because you're not needing to tap these

774
00:33:53,520 --> 00:33:55,720
Speaker 2: dollars immediately. I think that's certainly a way to be

775
00:33:55,760 --> 00:33:57,600
Speaker 2: able to have your cake and eat it too. But

776
00:33:57,720 --> 00:34:00,000
Speaker 2: even as we're crunching these numbers, there are other factors

777
00:34:00,320 --> 00:34:04,040
Speaker 2: like your health that you need to main I don't know.

778
00:34:04,600 --> 00:34:06,440
Speaker 2: You can't just get bogged down in the spreadsheets and

779
00:34:06,640 --> 00:34:08,960
Speaker 2: be like, well, this is the optimized path. There are

780
00:34:09,000 --> 00:34:12,520
Speaker 2: so many other external factors, like your health, how you're feeling.

781
00:34:13,400 --> 00:34:15,680
Speaker 1: We're not promised tomorrow, so that's a really difficult thing.

782
00:34:15,719 --> 00:34:18,560
Speaker 1: But also there are a lot of predictive signs along

783
00:34:18,600 --> 00:34:21,120
Speaker 1: the way, especially as you enter into your early sixties,

784
00:34:21,400 --> 00:34:24,000
Speaker 1: like how long do I think I'm gonna live, what's

785
00:34:24,040 --> 00:34:26,080
Speaker 1: going on with me health wise, how often am I

786
00:34:26,120 --> 00:34:28,400
Speaker 1: going to the doctor, and what for That can influence

787
00:34:28,440 --> 00:34:28,880
Speaker 1: your decision.

788
00:34:28,960 --> 00:34:31,520
Speaker 2: Yeah, let's say you were planning on holding off. You're like,

789
00:34:31,560 --> 00:34:34,600
Speaker 2: you know what, I'm gonna get the fattest check from

790
00:34:34,640 --> 00:34:36,920
Speaker 2: the government as possible. I don't know, let's wait until

791
00:34:37,000 --> 00:34:39,839
Speaker 2: I'm seven years old to maximize it. Well, it's gonna

792
00:34:39,840 --> 00:34:42,399
Speaker 2: be a good idea to remain flexible. Perhaps the change

793
00:34:42,400 --> 00:34:45,880
Speaker 2: your strategy. If you encounter health problems earlier than you thought,

794
00:34:46,200 --> 00:34:48,880
Speaker 2: you can't ignore the real risk of dying early than

795
00:34:48,920 --> 00:34:51,120
Speaker 2: you are expecting to. Because this is an instance where

796
00:34:52,120 --> 00:34:54,279
Speaker 2: perhaps it's like gertreat mcfuzz, like too much of a

797
00:34:54,440 --> 00:34:58,719
Speaker 2: good thing leads to poor results. Joel defer gratification. It's

798
00:34:58,760 --> 00:35:01,520
Speaker 2: like typically always to be a helpful skill, right, the

799
00:35:01,520 --> 00:35:04,600
Speaker 2: marshmallow test? Can you say no to the one marshmallo

800
00:35:04,600 --> 00:35:06,760
Speaker 2: announce so that you can have two in five minutes

801
00:35:06,920 --> 00:35:08,799
Speaker 2: when the scientist comes back into the room that you're

802
00:35:08,840 --> 00:35:10,280
Speaker 2: being held in as a five year old.

803
00:35:10,120 --> 00:35:11,680
Speaker 1: Would you say no to one beer now for two

804
00:35:11,760 --> 00:35:12,239
Speaker 1: beers later?

805
00:35:12,680 --> 00:35:16,160
Speaker 2: It just depends on helper, It depends on the given situation,

806
00:35:16,239 --> 00:35:19,920
Speaker 2: depends on the types of beers. Delay gratification, deferred gratification.

807
00:35:20,040 --> 00:35:23,239
Speaker 2: This is great until it's not because you don't have

808
00:35:23,280 --> 00:35:24,920
Speaker 2: the ability to spend that money because you've died.

809
00:35:25,000 --> 00:35:27,560
Speaker 1: You're delaying gratification for a reason, and that is for

810
00:35:27,800 --> 00:35:32,160
Speaker 1: those golden years. And typically those early sixties are the

811
00:35:32,760 --> 00:35:35,680
Speaker 1: most fluid. Right, Your body is working better than it

812
00:35:35,719 --> 00:35:38,080
Speaker 1: will ten years down the road. So maybe you do

813
00:35:38,160 --> 00:35:40,480
Speaker 1: want a front load so that you can take vacations

814
00:35:40,840 --> 00:35:43,480
Speaker 1: realizing that you've I've saved an investment enough for those

815
00:35:43,560 --> 00:35:46,240
Speaker 1: later years of my life, but I want more financial

816
00:35:46,280 --> 00:35:48,080
Speaker 1: flexibility now, and I actually want to spend some of

817
00:35:48,080 --> 00:35:49,759
Speaker 1: those dollars. I want to go have some fun. That's

818
00:35:49,800 --> 00:35:52,839
Speaker 1: a reasonable choice. It might not be the most optimized

819
00:35:52,880 --> 00:35:55,880
Speaker 1: financial choice. You might say, hey, I lived once, you're

820
00:35:55,920 --> 00:35:58,480
Speaker 1: eighty nine, and you're like, my paycheck is my check

821
00:35:58,480 --> 00:36:01,160
Speaker 1: from Social Security is still smaller than what I would

822
00:36:01,200 --> 00:36:02,879
Speaker 1: have gotten if I had waited. But man, I look

823
00:36:02,920 --> 00:36:05,440
Speaker 1: back at those pictures from all those great trips that.

824
00:36:05,520 --> 00:36:07,200
Speaker 2: I had the ability to get out there and do

825
00:36:07,239 --> 00:36:09,120
Speaker 2: all the fun things, and I can't take anymore. I'm

826
00:36:09,120 --> 00:36:11,840
Speaker 2: thinking of another couple who this is like an ongoing

827
00:36:11,880 --> 00:36:14,319
Speaker 2: conversation with them, Like we're there's one who wants to

828
00:36:14,320 --> 00:36:16,080
Speaker 2: spend I think that wants to spend more of the

829
00:36:16,080 --> 00:36:18,880
Speaker 2: money now, and the other wants to hold off because

830
00:36:18,880 --> 00:36:22,080
Speaker 2: they've seen more of the high costs towards the end

831
00:36:22,120 --> 00:36:24,480
Speaker 2: of life, right, because it does taper off a bit

832
00:36:24,800 --> 00:36:27,799
Speaker 2: as you're not out there exploring the world. But then

833
00:36:27,840 --> 00:36:30,560
Speaker 2: some of those those final years can be really expensive

834
00:36:30,560 --> 00:36:32,960
Speaker 2: to you've got some of that some of that long

835
00:36:33,040 --> 00:36:36,160
Speaker 2: term care that you're paying for, especially out of the home. Yeah. Yeah,

836
00:36:36,200 --> 00:36:38,520
Speaker 2: And it's a tough tight rope to walk.

837
00:36:38,560 --> 00:36:40,960
Speaker 1: Talk about pivoting your strategy. You know, my parents pivoted

838
00:36:41,000 --> 00:36:43,960
Speaker 1: their strategy because of health concerns, and it just makes sense,

839
00:36:44,040 --> 00:36:46,040
Speaker 1: like you, I think you want to retain some flexibility

840
00:36:46,080 --> 00:36:48,680
Speaker 1: in that decision. Married folks have even more to consider

841
00:36:48,680 --> 00:36:51,000
Speaker 1: because it can often be smart to claim the lower

842
00:36:51,040 --> 00:36:56,120
Speaker 1: earning spouses early claim that maybe in those earlier retirement years,

843
00:36:56,280 --> 00:36:59,799
Speaker 1: then wait until like age seventy to claim the other.

844
00:37:00,160 --> 00:37:03,279
Speaker 1: But that depends on other factors too, including health. But

845
00:37:03,320 --> 00:37:05,920
Speaker 1: if you fall into the camp of not having enough

846
00:37:05,960 --> 00:37:08,600
Speaker 1: money to make it without social Security, and that's hopefully

847
00:37:08,680 --> 00:37:11,319
Speaker 1: something that how the money listeners are not falling into

848
00:37:11,320 --> 00:37:14,640
Speaker 1: that camp because they're taking action, they're being proactive, investing

849
00:37:14,640 --> 00:37:17,320
Speaker 1: and saving for their future. You just might have fewer choices,

850
00:37:17,520 --> 00:37:19,880
Speaker 1: less ability to optimize your claim date. Totally good, and

851
00:37:19,880 --> 00:37:21,960
Speaker 1: so yeah, you might be able to hold out six

852
00:37:22,040 --> 00:37:24,760
Speaker 1: more months extra or a year extra for that slightly

853
00:37:24,800 --> 00:37:27,320
Speaker 1: increased check, but you're not able to hold out multiple

854
00:37:27,400 --> 00:37:29,200
Speaker 1: years in order to increase your check even more.

855
00:37:29,360 --> 00:37:32,400
Speaker 2: Yeah, But there's also kind of an elephant in the room,

856
00:37:32,560 --> 00:37:35,840
Speaker 2: which is the solvency of Social Security, and this is

857
00:37:35,840 --> 00:37:38,640
Speaker 2: something that we've covered a few times. Bottom Line, I

858
00:37:38,680 --> 00:37:41,239
Speaker 2: don't think social security is going to go away completely

859
00:37:41,640 --> 00:37:46,440
Speaker 2: but if our politicians don't do something, if our members

860
00:37:46,480 --> 00:37:50,399
Speaker 2: of Congress don't take action, benefits will be reduced I think,

861
00:37:50,600 --> 00:37:52,400
Speaker 2: I mean likely by twenty five percent or so in

862
00:37:52,440 --> 00:37:53,920
Speaker 2: the next eight to ten years. And I feel like

863
00:37:53,920 --> 00:37:58,239
Speaker 2: they keep kind of bumping up the solvency date. And

864
00:37:58,560 --> 00:38:01,759
Speaker 2: that doesn't mean that that younger how money listeners should

865
00:38:01,800 --> 00:38:05,160
Speaker 2: just discount any hope of getting any social security at all.

866
00:38:05,480 --> 00:38:07,480
Speaker 2: But it is not a bad idea to save and

867
00:38:07,560 --> 00:38:10,800
Speaker 2: invest in such a way that you see that check

868
00:38:10,840 --> 00:38:13,120
Speaker 2: more as gravy on top, because you have done such

869
00:38:13,160 --> 00:38:16,359
Speaker 2: a great job preparing for retirement on your own. It

870
00:38:16,400 --> 00:38:18,640
Speaker 2: was earlier this month, Joe I was thinking about I

871
00:38:18,640 --> 00:38:20,520
Speaker 2: was reviewing the numbers with Kate, which we do either

872
00:38:20,560 --> 00:38:21,840
Speaker 2: at the end of the month or the beginning of

873
00:38:21,840 --> 00:38:23,680
Speaker 2: the next month. And I always like to get in

874
00:38:23,719 --> 00:38:26,400
Speaker 2: there with our investments and kind do some projections and

875
00:38:26,680 --> 00:38:28,399
Speaker 2: tweak the numbers a little bit, see what that change

876
00:38:28,400 --> 00:38:30,160
Speaker 2: and lifestyle would do for us when it comes to

877
00:38:30,200 --> 00:38:32,160
Speaker 2: a number of years in retirement and all that kind

878
00:38:32,160 --> 00:38:34,120
Speaker 2: of stuff. Blah blah blah blah. But there's always a

879
00:38:34,120 --> 00:38:37,239
Speaker 2: caveat where I say that being said, this is a

880
00:38:37,239 --> 00:38:40,920
Speaker 2: bit conservative because I never include social security. Again, I'm

881
00:38:40,920 --> 00:38:44,640
Speaker 2: trying to not count on that just in case something

882
00:38:44,680 --> 00:38:47,759
Speaker 2: does happen with it. And again, that does seem like

883
00:38:47,800 --> 00:38:50,000
Speaker 2: an extreme position, but I do think it's a worthwhile

884
00:38:50,600 --> 00:38:52,880
Speaker 2: goal to have. It's just like financial independence. I think

885
00:38:52,880 --> 00:38:54,440
Speaker 2: there's a lot of folks who push back against that,

886
00:38:54,480 --> 00:38:57,239
Speaker 2: and they're just like, yeah, you and your like pie

887
00:38:57,280 --> 00:39:00,800
Speaker 2: in the sky heading the clouds kind of for folks

888
00:39:00,840 --> 00:39:04,000
Speaker 2: to strive after this. But I do think it's something

889
00:39:04,000 --> 00:39:06,040
Speaker 2: that's totally worthwhile striving after. Agreed.

890
00:39:06,400 --> 00:39:08,160
Speaker 1: All right, We've got a few more questions we need

891
00:39:08,160 --> 00:39:11,319
Speaker 1: to get to, including one about free life insurance and

892
00:39:11,400 --> 00:39:13,440
Speaker 1: problems with a student loan servicer.

893
00:39:13,480 --> 00:39:23,239
Speaker 2: We'll get to those right after this. All right, buddy,

894
00:39:23,280 --> 00:39:25,560
Speaker 2: we are back for the break. It is now time

895
00:39:25,640 --> 00:39:28,680
Speaker 2: for the Facebook question of the Week, which is from

896
00:39:28,840 --> 00:39:31,680
Speaker 2: karm You think that's short for Carmen? Makes you think

897
00:39:31,719 --> 00:39:35,040
Speaker 2: of the bear Carmel? Carme? Oh? Is that how he

898
00:39:35,080 --> 00:39:36,879
Speaker 2: spelt it? I don't know what was his full name.

899
00:39:37,800 --> 00:39:39,960
Speaker 2: I don't remember it was Carmen. I think they called

900
00:39:40,000 --> 00:39:42,960
Speaker 2: him Carmen. I think so. Okay, season three that's a

901
00:39:43,000 --> 00:39:44,799
Speaker 2: great was it. I haven't watched season four? I've heard

902
00:39:44,840 --> 00:39:46,959
Speaker 2: good things. Oh when did it come out a couple

903
00:39:46,960 --> 00:39:51,440
Speaker 2: months ago? Okay, I totally felt off. Okay, Karm said,

904
00:39:51,480 --> 00:39:54,080
Speaker 2: I got an offer for two thousand dollars in life

905
00:39:54,080 --> 00:39:57,560
Speaker 2: insurance for free from my credit union. What's the catch, Joel?

906
00:39:57,800 --> 00:40:03,239
Speaker 2: Should CARM be eliminating their membership? Well, the credit union should?

907
00:40:03,239 --> 00:40:05,480
Speaker 2: They should be fleeing. What do you think?

908
00:40:05,600 --> 00:40:09,080
Speaker 1: Maybe you know, throw a molotov cocktail through their window.

909
00:40:09,120 --> 00:40:10,879
Speaker 2: That's what I would do. What are you guys trying

910
00:40:10,880 --> 00:40:11,080
Speaker 2: to do?

911
00:40:11,120 --> 00:40:12,920
Speaker 1: It's like violence. No, don't look at gift horse in

912
00:40:12,920 --> 00:40:17,520
Speaker 1: the mouth. Calm domestic terrorism is advocating.

913
00:40:16,040 --> 00:40:17,520
Speaker 2: For total joke. Please do that.

914
00:40:17,719 --> 00:40:21,000
Speaker 1: Don't do that. Uh no, a joke. Don't look at

915
00:40:21,040 --> 00:40:22,759
Speaker 1: gift horse in the mouth. But this, I think is

916
00:40:22,800 --> 00:40:26,080
Speaker 1: a fully fledged free offer. It sounds like a sweet

917
00:40:26,080 --> 00:40:28,960
Speaker 1: park and it could be. But but yes, of course,

918
00:40:29,200 --> 00:40:33,080
Speaker 1: the credit union also has self interested reasons for sending

919
00:40:33,080 --> 00:40:35,439
Speaker 1: this out to you. One they want to They want

920
00:40:35,440 --> 00:40:37,360
Speaker 1: you to continue to be a member because if you

921
00:40:37,440 --> 00:40:40,359
Speaker 1: value this perk that they're offering that doesn't cost them

922
00:40:40,440 --> 00:40:42,880
Speaker 1: very much at all, you might stick around as a customer.

923
00:40:43,040 --> 00:40:45,359
Speaker 2: Yeah, you're not going to go running for the hills. Yeah.

924
00:40:45,440 --> 00:40:48,359
Speaker 1: In fact, you think, uh, well that's the place I'm

925
00:40:48,360 --> 00:40:49,759
Speaker 1: going to turn when I need not a loan or

926
00:40:49,800 --> 00:40:52,719
Speaker 1: a home loan. Because they're such sweethearts. You know you're

927
00:40:52,719 --> 00:40:55,239
Speaker 1: gonna be endeared to the credit union, which makes sense.

928
00:40:55,600 --> 00:40:58,040
Speaker 1: And you know the number one thing your love. Yeah,

929
00:40:58,320 --> 00:41:01,960
Speaker 1: to a certain extent, that's all business works, is that

930
00:41:02,000 --> 00:41:03,120
Speaker 1: what sales are just a.

931
00:41:03,360 --> 00:41:05,120
Speaker 2: Way to sweeten the sweeten the pot a little bit,

932
00:41:05,200 --> 00:41:07,759
Speaker 2: sometimes trying to buy your allegiance. I was gonna say

933
00:41:07,760 --> 00:41:09,480
Speaker 2: the number one thing that credit unions need to do

934
00:41:09,719 --> 00:41:12,319
Speaker 2: is just like to update their websites. Yeah, dude, like

935
00:41:12,360 --> 00:41:14,839
Speaker 2: the interfaces, the what do you call it, like when

936
00:41:14,880 --> 00:41:17,960
Speaker 2: you log in, the platforms, the dashboards, interface, the user interface.

937
00:41:18,520 --> 00:41:20,960
Speaker 2: With every single credit union that I have dealt with,

938
00:41:21,000 --> 00:41:22,640
Speaker 2: the local ones, Yeah, that's true.

939
00:41:22,640 --> 00:41:23,640
Speaker 1: The national ones are much better.

940
00:41:23,680 --> 00:41:25,799
Speaker 2: They are better. Yeah, I'm thinking about the local ones,

941
00:41:25,840 --> 00:41:27,799
Speaker 2: which tend to offer the best rates when it comes

942
00:41:27,840 --> 00:41:30,960
Speaker 2: to different loan products. They're terrible. Yeah, Like it's the

943
00:41:30,960 --> 00:41:33,520
Speaker 2: most backwards thing to go in there and to like

944
00:41:33,640 --> 00:41:36,880
Speaker 2: link an account or to try to find any information.

945
00:41:37,000 --> 00:41:39,440
Speaker 1: But we still love credit unions because they offer the

946
00:41:39,480 --> 00:41:41,800
Speaker 1: best rates fairly most of the time.

947
00:41:42,280 --> 00:41:44,759
Speaker 2: On most loan products, so I was saying, I said

948
00:41:44,760 --> 00:41:46,960
Speaker 2: barely too. We still love them, yeah, yeah, yeah, we

949
00:41:47,000 --> 00:41:50,080
Speaker 2: still love they most definitely offer the best, the best rates. Yeah,

950
00:41:50,120 --> 00:41:53,040
Speaker 2: we still love them. Barely. They're like hanging on by

951
00:41:53,040 --> 00:41:54,960
Speaker 2: a wire. Okay, Well back.

952
00:41:54,840 --> 00:41:57,360
Speaker 1: To Carm's question though, I think the main reason that

953
00:41:57,360 --> 00:41:59,600
Speaker 1: they're sending this out is that they're hoping that KARM

954
00:42:00,040 --> 00:42:02,200
Speaker 1: buys more life insurance. Right, it's kind of this, like

955
00:42:03,080 --> 00:42:05,200
Speaker 1: this teaser. It's like a, well, we're gonna give you

956
00:42:05,239 --> 00:42:07,839
Speaker 1: this for free, but really you're gonna be left wanting more.

957
00:42:07,840 --> 00:42:09,440
Speaker 1: It's kind of like a laced potato chip or something

958
00:42:09,480 --> 00:42:11,239
Speaker 1: like that. You can't eat just one, and they're like, bet,

959
00:42:11,320 --> 00:42:13,040
Speaker 1: you can't survive on just two thousand dollars with a

960
00:42:13,080 --> 00:42:15,960
Speaker 1: life insurance. And now that you know that you need

961
00:42:16,000 --> 00:42:18,319
Speaker 1: some life insurance and you got a little bit, they're

962
00:42:18,360 --> 00:42:22,279
Speaker 1: gonna assume that you're gonna be knocking down their door

963
00:42:22,400 --> 00:42:24,640
Speaker 1: to get more. Right, that's true. Two thousand bucks in

964
00:42:24,640 --> 00:42:26,719
Speaker 1: life insurance, it's not going to go very far. But

965
00:42:26,800 --> 00:42:29,200
Speaker 1: now that they've welet your appetite, maybe you're gonna want

966
00:42:29,200 --> 00:42:31,600
Speaker 1: that five hundred thousand dollars or maybe even a million

967
00:42:31,640 --> 00:42:33,359
Speaker 1: dollar policy and then you know.

968
00:42:33,320 --> 00:42:34,840
Speaker 2: They just they just scored a little rep in thee

969
00:42:34,920 --> 00:42:37,040
Speaker 2: heck yeah, so it's just a marketing ploy for them.

970
00:42:37,520 --> 00:42:39,799
Speaker 2: That being said, you probably don't want to call that

971
00:42:39,880 --> 00:42:41,799
Speaker 2: number and to get a policy in the heat of

972
00:42:41,840 --> 00:42:43,759
Speaker 2: the moment. I think it would be better for you

973
00:42:43,800 --> 00:42:46,759
Speaker 2: to shop around, and Policy Genius is great for that.

974
00:42:46,800 --> 00:42:49,719
Speaker 2: We are seriously big fans of what it is that

975
00:42:49,760 --> 00:42:52,799
Speaker 2: they're doing Costco. They actually offer dis kind of life

976
00:42:52,840 --> 00:42:56,160
Speaker 2: insurance policies for their customers as well. I think those

977
00:42:56,200 --> 00:42:58,480
Speaker 2: are probably going to be the two best recommendations we have.

978
00:42:59,000 --> 00:43:01,160
Speaker 2: But check out our site for more details on how

979
00:43:01,239 --> 00:43:04,480
Speaker 2: to figure out what term that you should be opting for,

980
00:43:04,600 --> 00:43:06,719
Speaker 2: how much coverage it is that you need because it's

981
00:43:06,719 --> 00:43:09,200
Speaker 2: more than two thousand dollars a year. Yeah, yeah, yeah.

982
00:43:09,239 --> 00:43:11,640
Speaker 2: And by the way, term life is most definitely what

983
00:43:11,680 --> 00:43:13,600
Speaker 2: it is that you want to go with. We'll take

984
00:43:13,640 --> 00:43:16,160
Speaker 2: questions from time to time about whole life. Some of

985
00:43:16,200 --> 00:43:18,960
Speaker 2: the different types of life insurance out there gets funky

986
00:43:19,120 --> 00:43:20,879
Speaker 2: and it's also going to cost you way too much

987
00:43:20,920 --> 00:43:23,400
Speaker 2: money and it kind of co mingles that investing slash

988
00:43:23,480 --> 00:43:24,960
Speaker 2: life insurance benefit.

989
00:43:24,640 --> 00:43:27,640
Speaker 1: Those those premiums can be ten to fifteen times higher

990
00:43:28,120 --> 00:43:29,719
Speaker 1: and stay away. You got better things to do with

991
00:43:29,760 --> 00:43:32,239
Speaker 1: that money. Some folks might say, well, I have this

992
00:43:32,280 --> 00:43:34,600
Speaker 1: sake free policy from my employer, so maybe I don't

993
00:43:34,640 --> 00:43:37,800
Speaker 1: need additional coverage. That's also not true, because those policies

994
00:43:37,840 --> 00:43:41,799
Speaker 1: typically cover like one times your wages, maybe a little

995
00:43:41,800 --> 00:43:44,200
Speaker 1: more if you have a generous employer. But these two,

996
00:43:44,520 --> 00:43:47,200
Speaker 1: even just those two policies together, you might be like, great, mind,

997
00:43:47,200 --> 00:43:49,359
Speaker 1: I get paid seventy five thousand dollars a year, got

998
00:43:49,360 --> 00:43:52,080
Speaker 1: this extra two grand seventy seven thousand dollars worth coverage,

999
00:43:52,120 --> 00:43:53,760
Speaker 1: Look at me. That's awesome.

1000
00:43:53,840 --> 00:43:56,120
Speaker 2: And that is thirty times thirty five times better than

1001
00:43:56,160 --> 00:43:58,919
Speaker 2: what it is that carm got a offul Yeah, that'd

1002
00:43:58,920 --> 00:44:00,919
Speaker 2: be great if you had that much, But you also

1003
00:44:00,920 --> 00:44:01,520
Speaker 2: probably need more.

1004
00:44:01,560 --> 00:44:04,279
Speaker 1: You need a policy of your own right, and you

1005
00:44:04,320 --> 00:44:06,560
Speaker 1: can buy more through your employer. But it's a lot

1006
00:44:06,600 --> 00:44:08,760
Speaker 1: more expensive typically, and it's only a good idea unless

1007
00:44:08,760 --> 00:44:11,640
Speaker 1: you if you have like extreme pre existing conditions.

1008
00:44:11,719 --> 00:44:13,479
Speaker 2: Yeah, and again it's it is kind of like a

1009
00:44:13,520 --> 00:44:15,440
Speaker 2: marketing ploy a little bit. It's just like, oh, they

1010
00:44:15,520 --> 00:44:18,280
Speaker 2: tease you, it's a little free, free, little sampler. It's

1011
00:44:18,360 --> 00:44:20,439
Speaker 2: just like costco They give you the taste, and it's

1012
00:44:20,440 --> 00:44:23,000
Speaker 2: just like, oh, before you know it, dropping way too

1013
00:44:23,080 --> 00:44:26,640
Speaker 2: much money on AUSI bites, which are so delicious, but

1014
00:44:26,640 --> 00:44:29,480
Speaker 2: it's so expensive. Let's get to this email from Riley.

1015
00:44:29,600 --> 00:44:31,279
Speaker 2: He wrote, at the beginning of this year, I was

1016
00:44:31,320 --> 00:44:33,680
Speaker 2: notified by my credit card account that my credit took

1017
00:44:33,719 --> 00:44:35,879
Speaker 2: a hit. So I pulled it up. Turned out that

1018
00:44:35,960 --> 00:44:39,279
Speaker 2: for some reason, my auto pay was on a That

1019
00:44:39,320 --> 00:44:41,560
Speaker 2: turns out my autopay on a student loan account, which

1020
00:44:41,560 --> 00:44:44,360
Speaker 2: had been fine for years, got messed up and wasn't paying.

1021
00:44:44,640 --> 00:44:47,640
Speaker 2: This notification hit me in February, and the account stopped

1022
00:44:47,640 --> 00:44:50,680
Speaker 2: paying in January. So that was two installments of what

1023
00:44:50,760 --> 00:44:53,200
Speaker 2: is technically three loans, even though they are through the

1024
00:44:53,239 --> 00:44:56,480
Speaker 2: same creditor. That was a pretty hard hits my credit,

1025
00:44:56,520 --> 00:44:58,520
Speaker 2: and I thought there was nothing I could do. But

1026
00:44:58,600 --> 00:45:02,200
Speaker 2: I just came across the good will adjustments where you

1027
00:45:02,200 --> 00:45:05,600
Speaker 2: can basically ask for forgiveness. Anyway, I'm looking into it,

1028
00:45:05,600 --> 00:45:07,520
Speaker 2: but wasn't sure if you had already gone over that

1029
00:45:07,640 --> 00:45:10,279
Speaker 2: or with that something you could do. Sometimes, Joel, let's

1030
00:45:10,280 --> 00:45:13,200
Speaker 2: talk about goodwill and not that cunting. Not that good will.

1031
00:45:13,280 --> 00:45:14,919
Speaker 1: Yeah, go get your t shirts there, they're much cheaper

1032
00:45:14,920 --> 00:45:17,239
Speaker 1: and not goodwill hunting. Don't buy your underwear though that's weird,

1033
00:45:17,480 --> 00:45:22,479
Speaker 1: don't do that. So Riley's not alone in getting dinged

1034
00:45:22,520 --> 00:45:24,480
Speaker 1: on his credit score right now due to his student loans.

1035
00:45:24,560 --> 00:45:27,600
Speaker 1: That is happening across the country to literally millions of people,

1036
00:45:27,680 --> 00:45:29,360
Speaker 1: and it's only going to get worse in the fall.

1037
00:45:29,640 --> 00:45:32,200
Speaker 1: A lot of folks being impacted negatively by the restart

1038
00:45:32,239 --> 00:45:36,040
Speaker 1: of payments, not having yeah, maybe not having a connected

1039
00:45:36,040 --> 00:45:38,640
Speaker 1: account anymore, or not having the money to pay for

1040
00:45:38,960 --> 00:45:41,520
Speaker 1: their payment because they weren't assuming it was going to

1041
00:45:41,560 --> 00:45:43,920
Speaker 1: come back. There's just a lot of and we'll continue

1042
00:45:43,960 --> 00:45:46,040
Speaker 1: to cover it on Friday flights and stuff. What's happening

1043
00:45:46,080 --> 00:45:48,600
Speaker 1: in the student loan space. It's not pretty, and yes,

1044
00:45:49,200 --> 00:45:51,960
Speaker 1: for Riley in particular, maybe for others as well. If

1045
00:45:52,000 --> 00:45:54,640
Speaker 1: you have a significant impact to your credit score because

1046
00:45:54,680 --> 00:45:56,520
Speaker 1: of an inability to pay a student loan payment or

1047
00:45:56,760 --> 00:45:59,800
Speaker 1: some kerfuffle like Riley experienced, a good will letter I

1048
00:45:59,800 --> 00:46:02,520
Speaker 1: think can be a smart way to proceed. You're not

1049
00:46:02,600 --> 00:46:04,640
Speaker 1: telling the servicer that they screwed up and they need

1050
00:46:04,680 --> 00:46:06,600
Speaker 1: to fix it. You're not pointing the finger and being

1051
00:46:06,640 --> 00:46:09,640
Speaker 1: like you've done me wrong. You're telling them that you

1052
00:46:09,719 --> 00:46:11,799
Speaker 1: made a mistake and then you're asking for grace, And

1053
00:46:11,840 --> 00:46:15,960
Speaker 1: I think that can be a smart tactic, like I

1054
00:46:16,000 --> 00:46:18,040
Speaker 1: would do it probably after I made a couple of

1055
00:46:18,280 --> 00:46:21,440
Speaker 1: on time payments. They're more likely to grant you this

1056
00:46:21,520 --> 00:46:24,120
Speaker 1: goodwill adjustment and say, all right, we'll remove that mark

1057
00:46:24,160 --> 00:46:26,400
Speaker 1: from your credit report if you're back on track and

1058
00:46:26,440 --> 00:46:28,920
Speaker 1: you're paying on time. But you have a pretty good

1059
00:46:28,960 --> 00:46:32,480
Speaker 1: track record over the prior years, so I would think

1060
00:46:32,760 --> 00:46:34,680
Speaker 1: I would think that they would be at least willing

1061
00:46:34,680 --> 00:46:35,560
Speaker 1: to entertain the idea.

1062
00:46:35,680 --> 00:46:37,319
Speaker 2: I get it, that's right, And I'll say too, you

1063
00:46:37,320 --> 00:46:40,600
Speaker 2: don't have to start from scratch. Student loan lawyer stan

1064
00:46:40,680 --> 00:46:42,960
Speaker 2: Lee Tate, He's actually got some great resources that will

1065
00:46:42,960 --> 00:46:44,920
Speaker 2: link to. He's got a good template over on a

1066
00:46:45,000 --> 00:46:47,439
Speaker 2: site that we will link to in our show notes.

1067
00:46:47,520 --> 00:46:49,919
Speaker 2: That way, you can take that make it your own,

1068
00:46:50,000 --> 00:46:53,359
Speaker 2: offer a great explanation Riley as to what went on

1069
00:46:53,440 --> 00:46:55,239
Speaker 2: what happened there. I guess you could like.

1070
00:46:55,239 --> 00:46:57,400
Speaker 1: Ask Chatchipt to write you something, But the fact that

1071
00:46:57,440 --> 00:46:59,359
Speaker 1: Stanley's already got something up on his site, I feel

1072
00:46:59,360 --> 00:47:02,680
Speaker 1: like that's that's helpful. Stanley does a great job covering

1073
00:47:02,719 --> 00:47:04,600
Speaker 1: the student loans base and kind of what's happening and

1074
00:47:04,600 --> 00:47:05,319
Speaker 1: the changes, and we.

1075
00:47:05,280 --> 00:47:06,960
Speaker 2: Tried to get him on the show once, didn't we did.

1076
00:47:07,040 --> 00:47:07,799
Speaker 2: I think he said no.

1077
00:47:07,920 --> 00:47:10,239
Speaker 1: I think he was like, I'm too busy for laying

1078
00:47:10,320 --> 00:47:12,640
Speaker 1: podcasts like yours. And we're like, oh, okay, that's that's

1079
00:47:12,680 --> 00:47:13,879
Speaker 1: a bummer, because we really like what.

1080
00:47:13,800 --> 00:47:15,680
Speaker 2: You do, Stanley. If you hear about this, we would

1081
00:47:15,680 --> 00:47:17,520
Speaker 2: still love to have you on. Yeah, for sure anytime.

1082
00:47:17,719 --> 00:47:19,560
Speaker 2: I can't remember why it was that it didn't work out,

1083
00:47:19,560 --> 00:47:22,960
Speaker 2: but we'll go barking up that tree against all right, well,

1084
00:47:23,000 --> 00:47:25,000
Speaker 2: we hope that helps Riley. Matt.

1085
00:47:25,080 --> 00:47:26,880
Speaker 1: Let's get back to the beer that we had on

1086
00:47:26,920 --> 00:47:27,400
Speaker 1: this episode.

1087
00:47:27,600 --> 00:47:28,160
Speaker 2: Let's do it.

1088
00:47:28,200 --> 00:47:31,279
Speaker 1: This was again a summer leaking mango sour ale from

1089
00:47:31,360 --> 00:47:32,080
Speaker 1: Lonni Kai Brewing.

1090
00:47:32,239 --> 00:47:35,000
Speaker 2: So you started to explain to me what leeking means.

1091
00:47:36,000 --> 00:47:38,560
Speaker 2: What is it? It's like this this sour powder dust.

1092
00:47:38,640 --> 00:47:40,920
Speaker 1: Yeah, made from plums, I want to say, and we

1093
00:47:41,120 --> 00:47:44,319
Speaker 1: mixed with other things and it becomes it's like when

1094
00:47:44,320 --> 00:47:46,440
Speaker 1: you if you've had like sour gummy bears or gummy

1095
00:47:46,440 --> 00:47:48,640
Speaker 1: worms or sour patch kids or something like that, if

1096
00:47:48,680 --> 00:47:52,279
Speaker 1: you've had so those who's never had this is like

1097
00:47:52,360 --> 00:47:56,000
Speaker 1: the the less intense Hawaiian version of sour powder that

1098
00:47:56,040 --> 00:47:58,000
Speaker 1: they make, and so they put it that's all that.

1099
00:47:58,120 --> 00:47:59,920
Speaker 2: Stuff, that's all natural. That's right. If it's made from

1100
00:48:00,280 --> 00:48:02,120
Speaker 2: that's right exactly. That grows on trees.

1101
00:48:02,239 --> 00:48:05,280
Speaker 1: So I really, I mean, this is like true Hawaiian

1102
00:48:05,360 --> 00:48:09,480
Speaker 1: ingredients here. Here, mango's super cool hang from every tree there.

1103
00:48:09,600 --> 00:48:11,120
Speaker 1: So again this, did you get much mango in the

1104
00:48:11,200 --> 00:48:13,399
Speaker 1: actual beer, because when I cracked it and smelled it,

1105
00:48:13,680 --> 00:48:15,560
Speaker 1: I'm like, oh man, it's like I'm standing in the

1106
00:48:15,600 --> 00:48:18,720
Speaker 1: kitchen at the cutting board right now peeling a mango.

1107
00:48:18,880 --> 00:48:19,759
Speaker 1: That's what it smelled like.

1108
00:48:19,760 --> 00:48:21,160
Speaker 2: But I didn't. I didn't pick up a whole lot

1109
00:48:21,160 --> 00:48:24,239
Speaker 2: of the mango fruit, and it I don't know I got.

1110
00:48:24,239 --> 00:48:27,080
Speaker 2: I got more of the leeking than I did the mango. Yeah,

1111
00:48:27,239 --> 00:48:29,280
Speaker 2: more of the tart going on. And maybe that's because

1112
00:48:29,520 --> 00:48:31,040
Speaker 2: maybe if it was a little bit sweeter it would

1113
00:48:31,040 --> 00:48:34,560
Speaker 2: have tasted maybe more of that mango flavor would have shown.

1114
00:48:34,719 --> 00:48:37,160
Speaker 2: But man, it was like aggressively tart. It almost felt

1115
00:48:37,200 --> 00:48:40,040
Speaker 2: like it was electric. But then it stopped and it

1116
00:48:40,080 --> 00:48:42,800
Speaker 2: switched to more of this whea tea, like a WHAEDI

1117
00:48:42,880 --> 00:48:45,120
Speaker 2: profile like I felt like I was tasting this Captain

1118
00:48:45,160 --> 00:48:47,319
Speaker 2: crunch notes like in the mid where I was like,

1119
00:48:47,320 --> 00:48:50,799
Speaker 2: oh interesting, after the after I took my tongue off

1120
00:48:50,800 --> 00:48:52,279
Speaker 2: of the nine volt battery, and that's what it felt

1121
00:48:52,280 --> 00:48:56,520
Speaker 2: like when I first first sipped it. And then interestingly enough,

1122
00:48:56,560 --> 00:48:59,480
Speaker 2: it finished like quite bitter like, it's got the sours

1123
00:49:00,040 --> 00:49:03,879
Speaker 2: after taste. The after taste is surprisingly bitter like. It's

1124
00:49:03,920 --> 00:49:07,000
Speaker 2: not quite that hoppy bitterness that you expect with a

1125
00:49:07,040 --> 00:49:09,600
Speaker 2: New England Hazy, but it's like a totally different I

1126
00:49:09,640 --> 00:49:12,920
Speaker 2: think it's the way the leaking changes and it's hitting

1127
00:49:12,920 --> 00:49:17,719
Speaker 2: different taste. Budu again, my entire tongue a workout, like

1128
00:49:17,800 --> 00:49:20,400
Speaker 2: there was no part of my song that was unscathed

1129
00:49:20,480 --> 00:49:25,000
Speaker 2: after not unscathed, un stimulated. Well, so this beer, this.

1130
00:49:24,960 --> 00:49:28,400
Speaker 1: Brewery had a second location in Volcano, which is right

1131
00:49:28,440 --> 00:49:31,400
Speaker 1: outside of Volcanoes National Park where we stayed, and we

1132
00:49:31,520 --> 00:49:33,040
Speaker 1: drove by it and there was like a line out

1133
00:49:33,080 --> 00:49:35,279
Speaker 1: the door, and so we opted to go elsewhere. But

1134
00:49:35,320 --> 00:49:36,960
Speaker 1: I'm kind of bummed that we didn't get to hit

1135
00:49:37,000 --> 00:49:39,800
Speaker 1: it up while we were there, because this beer, I

1136
00:49:39,920 --> 00:49:42,480
Speaker 1: really enjoyed it pretty and I wish I'd tried more

1137
00:49:42,480 --> 00:49:43,560
Speaker 1: of their stuff, but I.

1138
00:49:43,480 --> 00:49:47,880
Speaker 2: Could totally see many folks saying after they hiked some volcanoes, like,

1139
00:49:47,920 --> 00:49:50,720
Speaker 2: you know what I want now, a fruity electric sour

1140
00:49:50,960 --> 00:49:54,640
Speaker 2: beer to quench my third hits the spot after likesh

1141
00:49:54,719 --> 00:49:56,640
Speaker 2: a hike around the room above a volcano, right, so

1142
00:49:56,640 --> 00:49:58,960
Speaker 2: that sounds perfect. Yeah, thanks for bringing this on. It's

1143
00:49:59,000 --> 00:50:01,560
Speaker 2: quite beat up, I feel like, and it made it though.

1144
00:50:01,760 --> 00:50:03,920
Speaker 2: I was looking at the can. You can's quite beat up.

1145
00:50:04,000 --> 00:50:06,719
Speaker 2: Should have seen me at the airport? Were you wrapping it?

1146
00:50:06,840 --> 00:50:07,040
Speaker 3: Well?

1147
00:50:07,239 --> 00:50:09,520
Speaker 1: Yeah, well so I wrapped it up pretty well. But

1148
00:50:09,560 --> 00:50:11,960
Speaker 1: then when you get to the airport and we checked

1149
00:50:12,000 --> 00:50:14,279
Speaker 1: one bag because you had to check a bag to

1150
00:50:14,360 --> 00:50:18,040
Speaker 1: bring beer, and the you know, you weigh the bag

1151
00:50:18,080 --> 00:50:19,640
Speaker 1: and they say, oh this, sorry, sir, this is fifty

1152
00:50:19,680 --> 00:50:21,799
Speaker 1: seven pounds. You need to get down to fifty and

1153
00:50:21,840 --> 00:50:24,200
Speaker 1: they were really serious about the weight amount. And so

1154
00:50:24,200 --> 00:50:26,839
Speaker 1: I'm stuffing every you know, everything I can into other

1155
00:50:26,960 --> 00:50:30,800
Speaker 1: I've been through this before with beer packages in other places,

1156
00:50:30,960 --> 00:50:34,640
Speaker 1: and I've had lenient flight attendance or people there at

1157
00:50:34,640 --> 00:50:35,880
Speaker 1: the at the counter.

1158
00:50:36,280 --> 00:50:38,160
Speaker 2: This person was not lenient, oh man. And it's not

1159
00:50:38,200 --> 00:50:39,640
Speaker 2: like this liquid, so it's not like you could have

1160
00:50:39,640 --> 00:50:41,520
Speaker 2: put that in your pocket. So that means you had

1161
00:50:41,520 --> 00:50:43,440
Speaker 2: to stick on like five sweaters. Yeah, is that what

1162
00:50:43,480 --> 00:50:43,719
Speaker 2: you were?

1163
00:50:43,880 --> 00:50:46,320
Speaker 1: And then it's not as well protected, so it's a

1164
00:50:46,360 --> 00:50:48,960
Speaker 1: little dented up, but it made it so well. Regardless

1165
00:50:48,960 --> 00:50:50,640
Speaker 1: of glad you were able to bring that one back,

1166
00:50:50,920 --> 00:50:53,200
Speaker 1: I enjoyed sharing it with you, my friend. You can

1167
00:50:53,239 --> 00:50:55,960
Speaker 1: find our show notes up on the website at howtomoney

1168
00:50:56,080 --> 00:50:58,440
Speaker 1: dot com. That's going to be it for this episode,

1169
00:50:58,480 --> 00:51:01,680
Speaker 1: so until next time, best Friends Out, Best Friends Out,