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Speaker 1: If I had a million dollars.

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Speaker 2: I love it when you sing.

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Speaker 1: Uh. What's funny is I can't even remember if we

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Speaker 1: even in my mind we may have actually mentioned this

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Speaker 1: song when when we recorded this episode, but of course

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Speaker 1: this is the best episode and we wanted to talk

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Speaker 1: about what it's like to be a millionaire or even

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Speaker 1: perhaps a billionaire. Well. By the way, so that song

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Speaker 1: Bear Naked Ladies, if I had a million dollars, did

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Speaker 1: you ever listen to them back in the day?

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Speaker 2: A little bit on the radio?

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Speaker 1: A little bit?

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Speaker 2: Yeah? Okay, So somebody actually won a billion dollars for

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Speaker 2: sing not a million, a billion million the million winning

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Speaker 2: tickets and one million dollars the winning ticket came from

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Speaker 2: and actually a ton of money Los Angeles, right, And uh,

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Speaker 2: I didn't know. I don't know if you know this, Matt,

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Speaker 2: But something I found interesting reading some of the coverage

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Speaker 2: about this was that the store that sells the ticket,

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Speaker 2: the owner of the store gets a million bucks. They

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Speaker 2: get a cut. Yeah, so I thought that was kind

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Speaker 2: of cool. And that's actually what fas fascinated me the most,

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Speaker 2: because you, honestly, I wouldn't want a billion dollars, but

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Speaker 2: a million millions see these people like, that's life changing

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Speaker 2: for those people, and act the people who get a billion,

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Speaker 2: I mean that's most lottery winners go bankrupt. We talk

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Speaker 2: about that episode.

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Speaker 1: You need to be well adjusted if you I mean, honestly,

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Speaker 1: if you're going to receive any large, ridiculous sum of money,

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Speaker 1: but you go ahead and not for the million, I'll.

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Speaker 2: Take the billion.

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Speaker 1: Well.

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Speaker 2: I think going from zero to a billion can be

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Speaker 2: can kind of mess with your head. And I think a.

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Speaker 1: Lot of people are going to if there's no foundation

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Speaker 1: of understanding how it is that you should handle your money.

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Speaker 1: But if you have been making the right moves over time,

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Speaker 1: I think you could find yourself with a large sum

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Speaker 1: of money and actually not completely ruin your life. Right,

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Speaker 1: there's certainly some ways you're probably gonna mess up your kids,

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Speaker 1: you know, because that's the thing like we we even

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Speaker 1: just as we're working and trying to provide for our families,

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Speaker 1: there's things that we do that are very well intentioned,

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Speaker 1: but the fact is we just don't know how that

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Speaker 1: money is going to impact you, you aim your family.

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Speaker 2: Yeah, So I was impressed with the store owners, like

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Speaker 2: when they were interviewed the million dollars. They said, listen,

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Speaker 2: it's going in savings and it's going to go help

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Speaker 2: fund the next generation going to college. I'm like, that's cool.

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Speaker 2: You got your head on your shoulders straight, and you know,

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Speaker 2: there's probably some other things they can do to try

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Speaker 2: to make sure that nest egg doesn't dwindle. But I

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Speaker 2: was glad to see that they were doing the right

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Speaker 2: things at least. And was that person gonna do with

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Speaker 2: the billion Who knows, But I hope they also take

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Speaker 2: a slow and steady approach.

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Speaker 1: But yeah, well, so, speaking in besting up your kids,

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Speaker 1: I just started reading Fortune's Children, which is the story

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Speaker 1: of all the Vanderbilt kids. Oh, just basically how they

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Speaker 1: just kind of lost it all. Yeah, not lost it all,

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Speaker 1: I don't know.

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Speaker 2: But that happens to it, Like by the third generation,

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Speaker 2: that's some money's typically gone in family wealth.

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Speaker 1: So yeah, man, without further ado, though, let's hear what

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Speaker 1: you and I what we would do if we receive

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Speaker 1: some giant sack of money. Were we to receive some

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Speaker 1: large windfall.

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Speaker 2: Welcome to had of money.

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Speaker 1: I'm Joel and I am Matt.

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Speaker 2: Today we are asking the question, what if you won

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Speaker 2: the lottery?

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Speaker 1: Yeah, Joel, this is gonna be a fun episode. We

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Speaker 1: are going to talk about what to do not only

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Speaker 1: if you win the lottery, but also too if you

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Speaker 1: came into possession of a lump sum, right, if you

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Speaker 1: just had some sort of large windfall. Because let's be honest,

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Speaker 1: a few of us are going to actually be lottery winners.

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Speaker 1: That is not the path to wealth that we would recommend.

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Speaker 1: And so we've got a lot of great thoughts to

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Speaker 1: share regarding what to actually do though, were you to

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Speaker 1: win the lottery or if you came into possession of

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Speaker 1: a large amount of money.

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Speaker 2: Yeah, at some point in your life, there's a chance

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Speaker 2: that somehow you're going to have more money than you

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Speaker 2: know what to do with. And that could be from

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Speaker 2: a whole bunch of different things. That could be like

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Speaker 2: a bonus at work, that could be selling a house

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Speaker 2: and having a pile of money and you're like, what

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Speaker 2: do I do now? You know, a lot of people

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Speaker 2: are granted putting it directly into the down payment on

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Speaker 2: their next house, But there are these moments that arise,

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Speaker 2: and even if that moment never happened for you, I

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Speaker 2: think there are some important things we can gain by

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Speaker 2: asking ourselves this question, like what would we do if

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Speaker 2: we won the lottery? And I feel like we should

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Speaker 2: actually be giving away some money on this episode, where

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Speaker 2: not you.

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Speaker 1: Don't have a lot of bills to toss out there

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Speaker 1: to the folks who are listening.

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Speaker 2: Sadly, No, but we'll still discuss this in depth. We'll

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Speaker 2: do this this like mind exercise essentially today about what

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Speaker 2: would it look like, and Matt, you and I will

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Speaker 2: actually share our thoughts on kind of how our lives

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Speaker 2: would change if we won the lottery. Not that we're

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Speaker 2: going to that's right, man. But before we get to that,

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Speaker 2: I had a quick question for you. Do you pick

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Speaker 2: up money on the side of the road, Like, like,

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Speaker 2: if you see, say a dollar on the sidewalk, yeah,

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Speaker 2: I think, you know, order unless it's there's gum attached

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Speaker 2: to it or something. Yeah, and then I'm probably just

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Speaker 2: gonna let it be.

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Speaker 1: If it's a poop dollar, you would avoid Like would

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Speaker 1: you pick up a dime? Yeah, I'd probably pick up

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Speaker 1: a dime. Okay, penny, what about a penny?

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Speaker 2: No? Not a penny? Really, I leave the pennies be.

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Speaker 2: I would I want to see we've talked about this

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Speaker 2: on the show before. I want to see pennies banned anyway.

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Speaker 1: So it's still money though it is, you know, so

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Speaker 1: regardless of what you about it, it still exists and it's

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Speaker 1: worth something, even though it's not worth much. I would

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Speaker 1: pick up a penny, I think, depending on what kind

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Speaker 1: of condition it's in, right, Because if it's laying there

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Speaker 1: and it's like shiny, like super shiny and fresh looking,

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Speaker 1: looking like it was just mented, you know, last week,

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Speaker 1: that kind of thing, I'd be willing to pick it up.

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Speaker 1: But if it's looking nasty, I'm not willing to risk

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Speaker 1: my health for something that looks disgusting. But okay, So

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Speaker 1: on a similar note, would you do if you received

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Speaker 1: a check I.

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Speaker 2: Thought you're gonna say for a Klondike bar.

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Speaker 1: No, okay, this isn't like nineties television. What would you

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Speaker 1: do with a check that you received from, say, a

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Speaker 1: credit card company for one cent?

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Speaker 2: So I would deposit it, okay, because I think. But

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Speaker 2: there's a reason I think for the difference one the penny.

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Speaker 2: It's going to go into my into my like pocket,

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Speaker 2: and I'm gonna have to figure out it's some later

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Speaker 2: date what to do with it. I'll stick it in

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Speaker 2: like a little change drawer in the car or something

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Speaker 2: like that in the jar, yea.

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Speaker 1: And eventually you can, you know, take that into a

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Speaker 1: credit union or somewhere local where you can actually deposit

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Speaker 1: that into a real account of cany.

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Speaker 2: I guess you're right. But it's just a little more

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Speaker 2: com or some than is to quickly deposit a check,

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Speaker 2: even if it's a check for just a penny, I

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Speaker 2: would probably deposit. I wouldn't be so bold as to

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Speaker 2: crumple it up and throw it in the trash without depositing.

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Speaker 1: It, because principally that feels terrible, right, like to actually

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Speaker 1: throw money away. But even though we still like we

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Speaker 1: might bypass money that's on the sidewalk. I ask you

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Speaker 1: this because this actually happened to us last week. We

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Speaker 1: received a one cent check from a credit card that

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Speaker 1: we had closed, and we had a credit of one cent,

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Speaker 1: and they went through the trouble of mailing us a

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Speaker 1: check in the mail. I mean, what does it cost

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Speaker 1: to mail a check or you know, a letter these days?

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Speaker 1: Didn't it like fifty eight cents? The price went up

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Speaker 1: and so.

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Speaker 2: They bust the cost of printing the check.

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Speaker 1: And let's not even count that. Let's let let's quantify

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Speaker 1: the known expenses. They spent fifty eight times more money

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Speaker 1: on just getting that stupid check to us than the

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Speaker 1: actual amount of money. It's ridiculous. So I think Kate

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Speaker 1: thought I was just going to toss it, but like you,

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Speaker 1: I was like, of course, not flip that thing over.

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Speaker 1: I signed it, pulled out my phone, took a picture

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Speaker 1: of it, loaded it in the you know, the mobile app.

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Speaker 2: Deposited it.

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Speaker 1: But I agree there's almost a removed barrier when it

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Speaker 1: comes to depositing money via a mobile deposit as opposed

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Speaker 1: to it sitting in the jar for who knows how long.

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Speaker 1: But we want to encourage folks to be frugal. Don't

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Speaker 1: bypass money, even money that you see on the sidewalk,

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Speaker 1: because I'm like, Joel, you can take that money home,

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Speaker 1: maybe wash it if it looks extra nasty. I'm saying

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Speaker 1: this for myself too.

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Speaker 2: Are you going to give your penny a bath? Come on? Yeah?

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Speaker 1: Have you have you never washed money? I've even watched

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Speaker 1: bills before where like just put it under the running

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Speaker 1: water in the scenk with a little bit of dish

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Speaker 1: soapen just set it over the side to drive. I

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Speaker 1: think if it's it's money money laundering in a way.

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Speaker 2: That's the legal kind of money laundering. Yeah. No, I

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Speaker 2: don't think I've done that, but I totally have. I

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Speaker 2: know people that because I eron their bills sometimes, and

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Speaker 2: I've found that to be kind of fascinating and something

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Speaker 2: I'm probably also not going to partake in.

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Speaker 1: Well, I wanted to share that with you because I

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Speaker 1: thought it was a funny story because Kate was sure

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Speaker 1: that I wasn't actually going to deposit that that one

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Speaker 1: since but I felt like I had to.

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Speaker 2: I feel like she should know you better at this point,

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Speaker 2: you know, she should have known that you were definitely

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Speaker 2: going to deposit that.

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Speaker 1: I could have Yeah, I could have phoned on the

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Speaker 1: other side, where I was just like, this is ridiculous.

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Speaker 1: I'm not going to waste my time. I'm being cheap

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Speaker 1: with my time or to go through all that. But

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Speaker 1: it isn't very hard to make a mobile deposit anymore.

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Speaker 2: That's right. Your time's not worth that much yet, you know.

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Speaker 2: All right, Well, let's move on. Matt. Let's mention the

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Speaker 2: beer that we're going to have on this episode. This

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Speaker 2: one's called Crucial, Crucial Taunt, Taunt Enhanced fascinating beer name

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Speaker 2: by the Veil Brewery out of Virginia, and they make

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Speaker 2: some great stuff. Man, looking forward to having this beer

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Speaker 2: today on the show with you. But we'll get to

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Speaker 2: that in just a little bit. Let's get onto the

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Speaker 2: subject at hand, Matt. We are asking the question, what

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Speaker 2: if you won the lottery? And there was actually a

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Speaker 2: recent lottery winner from Myrtle Beach, South Carolina. This guy

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Speaker 2: actually he won the lottery two weeks in a row.

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Speaker 2: Never heard of this before. He won forty thousand dollars

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Speaker 2: the first time, and then he decided, you know what,

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Speaker 2: I like my chances. I think this is going to

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Speaker 2: happen again. And he was right, because he won four

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Speaker 2: million dollars with the second ticket. Yeah. But here's the thing, right,

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Speaker 2: you have a greater chance of being struck dead by

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Speaker 2: falling airplane parts than winning the powerball lottery.

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Speaker 1: Actually, you're thirty times more likely to get hits by

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Speaker 1: falling debris from a plane than you are to actually

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Speaker 1: win the powerball jackpot.

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Speaker 2: Yeah. So I mean, if that doesn't put things in respective,

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Speaker 2: I don't know what it does. But I think what

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Speaker 2: that really says is that playing the lottery is really

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Speaker 2: just a complete waste of your time and money. Even

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Speaker 2: if this one anecdote of this guy in Myrtle Beach,

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Speaker 2: South Carolina makes it seem like it isn't. It's like, oh,

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Speaker 2: that guy won it twice. I mean I could probably

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Speaker 2: win it once. Right, Well, the answer is no, and

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Speaker 2: I guess.

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Speaker 1: You could, but it's incredibly highly unlikely.

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Speaker 2: Right. And so the question is, well, how much money

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Speaker 2: are we wasting playing the lottery each year? And over

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Speaker 2: one thousand dollars per person a year on average is

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Speaker 2: what people are spending playing the lottery. Some people obviously

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Speaker 2: more than that. Somebody is spending two thousand dollars a

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Speaker 2: year compared to my zero. I guess. But today on

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Speaker 2: the show, we want to get a little imaginative and

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Speaker 2: talk about what life could or should be like if

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Speaker 2: you actually did win the lottery or came into a

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Speaker 2: lump sum. But we want to say, you're not actually

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Speaker 2: going to win the lottery, so don't even try. That

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Speaker 2: in and of itself, is a bad idea to waste

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Speaker 2: your time and money.

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Speaker 1: Yeah, we've all heard of the phrase easy come, easy go,

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Speaker 1: And when it comes to winning the lottery, man, there

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Speaker 1: is a whole lot of truth to this one, because

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Speaker 1: most lottery winners actually go broke. Seventy percent declare bankruptcy

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Speaker 1: in fact, and most of these folks go from you know,

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Speaker 1: having very little to becoming you know, filthy rich, and

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Speaker 1: then going back to having nothing within a span of

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Speaker 1: three or five years.

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Speaker 2: Yeah, it's a short lived cycle. It's not like it

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Speaker 2: even lasts like it wasn't a great twenty year run

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Speaker 2: or anything like that. It's like just a few years, yes, exactly.

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Speaker 1: And receiving just an insane amount of money like this

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Speaker 1: actually ends up causing financial troubles, which is kind of crazy.

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Speaker 1: Studies showed that lottery winners don't end up any happier

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Speaker 1: as well. Winning the lottery is actually a quite miserable

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Speaker 1: experience for many. But still we want to pose this

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Speaker 1: question today. We think that there's a lot that we

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Speaker 1: can learn by mulling it over, by you know, talking

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Speaker 1: it over with a friend or a partner, if you're

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Speaker 1: sitting at home listening. Because even though statistically speaking, you're

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Speaker 1: not going to win millions of dollars, we feel that

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Speaker 1: this exercise can provide some insights just about the ways

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Speaker 1: that we want our time and our money to change.

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Speaker 1: And so yeah, we want you to ask the question,

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Speaker 1: what would I do with a large sum of money

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Speaker 1: that fell into my lap?

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Speaker 2: Well, yeah, many of us are likely, I would say,

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Speaker 2: to see some sort of a windfall at some point

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Speaker 2: in our lives. Some of us actually recently saw it

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Speaker 2: this past year when it came to stimulus checks. That

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Speaker 2: was kind of a windfall for a lot of people.

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Speaker 2: That was unexpected. And I know a lot of how

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Speaker 2: the money listeners were responding and saying, listen, I'm still

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Speaker 2: employed and I got this. You know, some tossed into

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Speaker 2: my lap, especially if you had a couple of kids.

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Speaker 2: I'm not sure what to do with it. It could

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Speaker 2: be a huge bonus at work that you weren't expecting.

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Speaker 2: Or maybe you sold a house, like I said earlier,

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Speaker 2: for fifty thousand more than you thought you were going

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Speaker 2: to which is not unheard of in this market. Oh yeah,

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Speaker 2: Or you know, maybe it is an inheritance that you

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Speaker 2: weren't expecting. Some uncle that you like hadn't spoken to

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Speaker 2: in years left you in as will and you got

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Speaker 2: some cash and you don't know what to do with it.

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Speaker 2: And if we haven't taken the time to think through

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Speaker 2: what we would do in these scenarios, there's a good

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Speaker 2: chance that we can make the wrong decision in the

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Speaker 2: heat of the moment. It's really it's the reason that

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Speaker 2: office buildings and schools have fire trails, right, It's important

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Speaker 2: to plan ahead because when you smell smoke, the alarm's blasting,

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Speaker 2: there's like hundreds of coworkers, or in the case of

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Speaker 2: a school, little kids running around, it's easy to panic

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Speaker 2: and make the wrong decision. So, yeah, having that plan

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Speaker 2: and then practicing it helps everyone know what to do

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Speaker 2: when a real fire happens. It helps that muscle memory

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Speaker 2: to kind of take over as opposed to trying to

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Speaker 2: figure it out in the moment.

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Speaker 1: Yeah, that's true. Yeah, without a plan, we just get

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Speaker 1: swept up into the crowd and just do what everyone

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Speaker 1: else is doing.

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Speaker 2: Freak out, run and circle kind of stuff.

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Speaker 1: And here, you know, that might actually work out if

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Speaker 1: you're just trying to get out of a building, because

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Speaker 1: most folks are probably running for the exits, you know.

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Speaker 1: But this could be treacherous when it comes to what

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Speaker 1: we should be doing with our money, because, yeah, have

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Speaker 1: you seen the kind of financial decisions that everyone else

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Speaker 1: is making out there? If you don't have a good

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Speaker 1: reason to not go with the flow. Well, why wouldn't

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Speaker 1: you do what everyone else is doing? Why wouldn't you

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Speaker 1: live your life in a way that just mirrors your

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Speaker 1: parents or mirror is your coworkers. Why not buy that

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Speaker 1: new gadget that everyone else has or that's being marketed

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Speaker 1: to you, that popped up in your Instagram feed, which

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Speaker 1: I'm telling you, man, those ads are getting so targeted

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Speaker 1: and so specific it's ridiculous.

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Speaker 2: By the way, I saw that TikTok just launched the

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Speaker 2: by feature in that feed too, So it's coming at

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Speaker 2: you from everywhere.

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Speaker 1: People are going to be buying left and right. And

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Speaker 1: so if you haven't given it much or honestly any

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Speaker 1: thought at all, we're likely going to just drift through life.

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Speaker 1: We're going to be like a ship without a rudder

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Speaker 1: if we don't proactively and intentionally think about what we're

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Speaker 1: going to do, not only with our life, but with

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Speaker 1: our money.

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Speaker 2: Yeah, and I guess some of the things that we

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Speaker 2: see other people doing, they're not always inherently bad, right right.

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Speaker 2: There are people around us who are doing good things

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Speaker 2: as well. For example, like taking on an ambitious project

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Speaker 2: at work, stepping up and you're looking for ways to

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Speaker 2: prove yourself, to demonstrate that you have the leadership and

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Speaker 2: the brains to get it done. Go what it digs exactly. Yeah,

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Speaker 2: and that sounds like that's always a good thing, right,

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Speaker 2: in order to move up the corporate ladder and get ahead.

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Speaker 2: That probably does mean that you're closer to that next

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Speaker 2: promotion and maybe even closer to that C suite career

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Speaker 2: path that you had hoped would potentially happen, and a

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Speaker 2: salary that's commensurate with it. But it also means working

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Speaker 2: over seventy hours every single week if that's the pursuit

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Speaker 2: you take on, and when you realize that, it's crucial

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Speaker 2: to do some soul searching before you end up embarking

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Speaker 2: on that path. Case in point, Matt, look at the

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Speaker 2: junior bankers on Wall Street who make one hundred thousand

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Speaker 2: dollars plus. That's the starting salary for someone fresh out

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Speaker 2: of college. But they don't have a life like they

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Speaker 2: don't have anywhere to spend that money because they're working

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Speaker 2: so much. And I guess the question is, like, are

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Speaker 2: the sacrifices worth it? Right? Is it worth the sacrifice

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Speaker 2: of your friends, your health and to be able to

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Speaker 2: even see your family, is that what you want your

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Speaker 2: life to look like? It's really really important that we're

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Speaker 2: intentional with our lives. And so it's not even always

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Speaker 2: bad things that are leading us astray. It's things that

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Speaker 2: look good, but they're like wolves and cheap clothing, they're

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Speaker 2: actually bad because it's not what we want. We're just

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Speaker 2: kind of following some stock trajectory.

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Speaker 1: So not only do we feel that it's an important

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Speaker 1: exercise to think through what you do with a load

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Speaker 1: of money, but it's also a fun exercise. It's a

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Speaker 1: fun mind game as well.

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Speaker 2: It's like Brewster's Millions. Man, did you ever watch that

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Speaker 2: movie back in the day, Uh, Richard Pryor? So, I

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Speaker 2: think the premise was basically that he could inherit three

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Speaker 2: hundred million, but first he had to spend thirty million

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Speaker 2: dollars in thirty days and he couldn't have anything left

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Speaker 2: to show for it. So it's just kind of like

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Speaker 2: it's a comedy with Richard Pryor John Candy. We should

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Speaker 2: go back and watch it. Man. That was like, yeah,

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Speaker 2: just kind of a fun exercise, right.

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Speaker 1: But even so thinking through that, like you know, like

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Speaker 1: what's interesting about this is that it opens up this

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Speaker 1: whole realm of questions that are worth pursuing. And you know,

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Speaker 1: like you mentioned earlier, we're gonna get personal and share

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Speaker 1: hour response too. Hopefully we've already made a compelling case

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Speaker 1: why winning the lottery is actually a terrible goal and

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Speaker 1: nearly impossible and impossible true. But rather, dude, I want

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Speaker 1: us to strive to build wealth instead of just striking

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Speaker 1: it rich. And this might sound like semantics, but there's

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Speaker 1: actually an important distinction here. I think the biggest difference

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Speaker 1: is that someone who is rich is going to be

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Speaker 1: focused on spending and consumption, whereas someone who is wealthy,

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Speaker 1: they're going to focus on how to preserve, how to invest,

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Speaker 1: and how to grow that money. Riches are just kind

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Speaker 1: of like a flash in the pan, whereas wealth is

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Speaker 1: going to be able to endure not only years, but

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Speaker 1: decades and even generations as well. And so investing and

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Speaker 1: spending are both important when it comes to living a

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Speaker 1: balanced life. And so we're going to walk you through

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Speaker 1: what steps you should take if you did happen to

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Speaker 1: find yourself the recipient of a load of cash, and

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Speaker 1: so we will actually get to more of that right

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Speaker 1: after this.

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Speaker 2: Car we're back from the break, we are asking the

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Speaker 2: question and posing it to you. Dear out how to

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Speaker 2: money listener, what would you do if you won the lottery? And,

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Speaker 2: like Matt said before the break, if you only focus

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Speaker 2: on the spending side of the equation, you might be

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Speaker 2: rich for the moment, but it's likely not going to

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Speaker 2: last very long. Right, First, it's important to make sure

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Speaker 2: that you're making wise decisions with your money, and we

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Speaker 2: believe that there are practical steps that everyone needs to take.

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Speaker 2: There's a hierarchy and an order that we want to

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Speaker 2: make sure that you've got in line, and you go

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Speaker 2: in order of importance, and we call them the seven

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Speaker 2: money Gears. They lay out essentially that pecking order of

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Speaker 2: financial priorities and it's just really really easy to see, oh,

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Speaker 2: I'm right here, I'm on money gear two, or I'm

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Speaker 2: on money gear four, and here's what I need to

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Speaker 2: do next. So, yeah, where you are on your financial

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Speaker 2: journey will determine the actual money moves that you should

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Speaker 2: be making. And the best way we know to help

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Speaker 2: you pinpoint exactly where you are is that seven money

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Speaker 2: Gears formula that we came up with. That's right.

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Speaker 1: Yeah, So for example, if you're on money gear number three,

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Speaker 1: this lone some that you might receive will act like

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Speaker 1: a supercharger to help you tackle some high interest rate

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Speaker 1: credit card debt that you might have way more quickly,

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Speaker 1: maybe even in one fell swoop. Just depends on how

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Speaker 1: much debt that you've accrued and how big that random

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Speaker 1: sum of money is that just ended your life. Or

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Speaker 1: maybe you're in money gear number six. If that's the case,

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Speaker 1: then you'll have more options at your disposal. You've been

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Speaker 1: handling your money well for years. If you're at this

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Speaker 1: point where the only debt that you have is a mortgage,

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Speaker 1: but you now have the added benefit of your financial

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Speaker 1: life becoming a whole lot simpler, which is really appealing

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Speaker 1: for some folks. And so we're not going to go

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Speaker 1: through all the money gears right now here on this episode.

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Speaker 1: We've talked about it in previous episodes, but we would

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00:18:37,359 --> 00:18:39,640
Speaker 1: highly recommend you to head over to how tomoney dot

437
00:18:39,640 --> 00:18:43,640
Speaker 1: com slash start dash here and you can find links

438
00:18:43,680 --> 00:18:46,760
Speaker 1: to that from our landing page on our website. But

439
00:18:46,800 --> 00:18:49,000
Speaker 1: we've got all the different money gears listed out and

440
00:18:49,040 --> 00:18:52,199
Speaker 1: you can easily and quickly determine where you are on

441
00:18:52,240 --> 00:18:53,040
Speaker 1: your money journey.

442
00:18:53,119 --> 00:18:55,560
Speaker 2: Yeah, and it can be incredibly satisfying to work your

443
00:18:55,560 --> 00:18:57,679
Speaker 2: way through the money gears. It's kind of like watching

444
00:18:57,720 --> 00:18:58,639
Speaker 2: the dominoes fall. Oh.

445
00:18:58,680 --> 00:19:00,280
Speaker 1: Actually, you know what makes me think of you ever

446
00:19:00,320 --> 00:19:03,080
Speaker 1: seen the like this demonstration where you've got like these

447
00:19:03,200 --> 00:19:05,680
Speaker 1: dominoes that get way bigger. So there's like a small one,

448
00:19:05,920 --> 00:19:08,320
Speaker 1: but it's just just big enough to knock over this

449
00:19:08,440 --> 00:19:10,479
Speaker 1: bigger one, which is just big enough to knock over

450
00:19:10,520 --> 00:19:11,400
Speaker 1: this other one which.

451
00:19:11,200 --> 00:19:12,960
Speaker 2: Is huge, and eventually the dominoes.

452
00:19:12,560 --> 00:19:15,000
Speaker 1: Can like no, I mean yeah, seven down the line

453
00:19:15,040 --> 00:19:16,960
Speaker 1: or whatever that I mean, it's able to knock over

454
00:19:17,000 --> 00:19:19,919
Speaker 1: this massive board that's a giant domino. And that's kind

455
00:19:19,920 --> 00:19:21,080
Speaker 1: of what we're doing here with our money gears.

456
00:19:21,119 --> 00:19:24,280
Speaker 2: Yeah. So maybe you're currently contributing four percent to your

457
00:19:24,280 --> 00:19:26,440
Speaker 2: four one k at work, and you know what, you

458
00:19:26,480 --> 00:19:28,960
Speaker 2: need to contribute two more percentage points in order to

459
00:19:28,960 --> 00:19:31,400
Speaker 2: get that full match. Well that's money gear number two.

460
00:19:31,560 --> 00:19:33,480
Speaker 2: So once you're able to do that, you're like, boom,

461
00:19:33,520 --> 00:19:35,399
Speaker 2: I'm onto the next thing. I'm paying off high interest

462
00:19:35,680 --> 00:19:37,959
Speaker 2: credit card debt and any sort of high interest debt

463
00:19:38,000 --> 00:19:40,120
Speaker 2: that's hanging in your life. Yes, and it really can

464
00:19:40,240 --> 00:19:42,600
Speaker 2: be motivating as you start to see the dominoes fall

465
00:19:42,880 --> 00:19:45,080
Speaker 2: and continue to work your way through. It just gets

466
00:19:45,080 --> 00:19:47,280
Speaker 2: more fun the more dominoes that fall.

467
00:19:47,320 --> 00:19:49,200
Speaker 1: Right, And it's not that it's not fun to knock

468
00:19:49,240 --> 00:19:51,119
Speaker 1: over some of those first few dominoes. You can have

469
00:19:51,160 --> 00:19:53,720
Speaker 1: a lot of fun in life before you reach you know,

470
00:19:53,760 --> 00:19:56,000
Speaker 1: this pinnacle where you're able to to spend and invest

471
00:19:56,040 --> 00:19:56,919
Speaker 1: a lot of money.

472
00:19:56,680 --> 00:19:59,280
Speaker 2: Exactly exactly, But there's just more freedom when it comes

473
00:19:59,280 --> 00:20:03,320
Speaker 2: to like how you want to appropriate that money when

474
00:20:03,480 --> 00:20:05,720
Speaker 2: you're further along in the money gears, right, But we

475
00:20:05,760 --> 00:20:08,119
Speaker 2: want to make sure that you are doing the smart

476
00:20:08,119 --> 00:20:10,720
Speaker 2: things with your money first, and then you begin to

477
00:20:10,720 --> 00:20:14,320
Speaker 2: start dreaming big. So, yeah, if you won the lottery tomorrow,

478
00:20:14,720 --> 00:20:16,840
Speaker 2: that's great, but we want to make sure that you

479
00:20:16,920 --> 00:20:19,560
Speaker 2: know which money gear you're on and which money priorities

480
00:20:19,880 --> 00:20:23,560
Speaker 2: you would be tackling first before you start to think

481
00:20:23,600 --> 00:20:26,040
Speaker 2: about the kind of fun things that you would spend

482
00:20:26,040 --> 00:20:26,439
Speaker 2: that money on.

483
00:20:26,800 --> 00:20:28,800
Speaker 1: Yeah, for the most part, what we're basically saying here

484
00:20:28,840 --> 00:20:32,160
Speaker 1: is that money years one through six are kind of

485
00:20:32,359 --> 00:20:35,119
Speaker 1: like required reading before you you're able to move on

486
00:20:35,160 --> 00:20:35,960
Speaker 1: to number seven.

487
00:20:36,200 --> 00:20:37,480
Speaker 2: Yeah, It's like it's like, why would you start with

488
00:20:37,480 --> 00:20:39,440
Speaker 2: the Harry Potter book seven. You wouldn't you'd read the

489
00:20:39,480 --> 00:20:42,399
Speaker 2: first six first, yuh, exactly, you wouldn't even really know

490
00:20:42,400 --> 00:20:42,919
Speaker 2: what's happening.

491
00:20:43,520 --> 00:20:45,520
Speaker 1: But I would say, you know, if you haven't spent

492
00:20:45,600 --> 00:20:48,159
Speaker 1: much time thinking about what your life would look like

493
00:20:48,440 --> 00:20:51,840
Speaker 1: if you received a massive windfall, then like some out there,

494
00:20:51,920 --> 00:20:54,480
Speaker 1: might feel it difficult to bring themself to spend any

495
00:20:54,520 --> 00:20:56,320
Speaker 1: of it. You know, maybe you're paralyzed by the fear

496
00:20:56,320 --> 00:20:59,000
Speaker 1: of doing the wrong thing with that money. But one

497
00:20:59,040 --> 00:21:00,760
Speaker 1: of the ways to do this is to create a

498
00:21:00,800 --> 00:21:03,960
Speaker 1: personal mission statement here on the show, oftentimes we call

499
00:21:04,000 --> 00:21:06,600
Speaker 1: this the why behind your money. But being able to

500
00:21:07,000 --> 00:21:09,919
Speaker 1: hone in on what is important to you like that

501
00:21:10,000 --> 00:21:12,840
Speaker 1: will also dictate what you should do with this money,

502
00:21:13,000 --> 00:21:14,560
Speaker 1: or at least it should dictate what you do with

503
00:21:14,560 --> 00:21:17,560
Speaker 1: that money. And so think through some of the longer

504
00:21:17,680 --> 00:21:19,679
Speaker 1: term goals and what it is that you'd like to

505
00:21:19,720 --> 00:21:22,720
Speaker 1: achieve over the next five years or over your lifetime.

506
00:21:22,880 --> 00:21:25,040
Speaker 1: Another question you can ask yourself if I'm going to

507
00:21:25,119 --> 00:21:27,960
Speaker 1: die next year, like what are my actual priorities into

508
00:21:27,960 --> 00:21:30,240
Speaker 1: here and now? And we've actually got a great free

509
00:21:30,280 --> 00:21:32,879
Speaker 1: worksheet up on the website that we will link to,

510
00:21:33,240 --> 00:21:35,680
Speaker 1: but you'll be prompted to answer some questions like these,

511
00:21:36,080 --> 00:21:38,800
Speaker 1: and it'll give you some clear direction as to what

512
00:21:38,920 --> 00:21:41,320
Speaker 1: you should be doing, not only with your life, but

513
00:21:41,400 --> 00:21:44,080
Speaker 1: then what you should be doing with your money. We

514
00:21:44,119 --> 00:21:45,800
Speaker 1: will make sure to link to that in our show notes,

515
00:21:45,800 --> 00:21:47,960
Speaker 1: but you can go directly there as well by going

516
00:21:48,000 --> 00:21:51,080
Speaker 1: to head to money dot com forward slash Money Mission Statement.

517
00:21:51,240 --> 00:21:54,160
Speaker 2: Yeah. I love giving our listeners homework assignments on occasion, Matt.

518
00:21:54,160 --> 00:21:56,000
Speaker 2: We don't do it very often, but yeah, this one

519
00:21:56,080 --> 00:21:58,879
Speaker 2: we think is worth your time. You know, if you

520
00:21:58,880 --> 00:22:02,080
Speaker 2: go through that link, and we're not trying to sell anything,

521
00:22:02,119 --> 00:22:04,640
Speaker 2: we just really want you to take the time, be introspective,

522
00:22:04,880 --> 00:22:06,639
Speaker 2: take an hour to go through some of the questions

523
00:22:06,640 --> 00:22:08,879
Speaker 2: that we've listed out and to think through some of

524
00:22:08,880 --> 00:22:12,320
Speaker 2: this stuff, because it's going to be really instructive into

525
00:22:12,640 --> 00:22:16,159
Speaker 2: not only how you move forward with your money, regardless

526
00:22:16,160 --> 00:22:18,240
Speaker 2: of whether or not you won the lottery, but also

527
00:22:18,400 --> 00:22:20,000
Speaker 2: just kind of like how you think about what it

528
00:22:20,040 --> 00:22:22,600
Speaker 2: looks like to live a good life. And it's also

529
00:22:22,840 --> 00:22:25,840
Speaker 2: helpful to keep in mind like your favorite things to do.

530
00:22:25,960 --> 00:22:28,080
Speaker 2: That's one of the other things we talk about actually

531
00:22:28,080 --> 00:22:31,280
Speaker 2: in that Money Mission statement. Research shows that the happiest

532
00:22:31,320 --> 00:22:34,440
Speaker 2: retirees aren't the ones that have saved the most money,

533
00:22:34,440 --> 00:22:38,040
Speaker 2: they're actually the ones who have a comprehensive lifestyle plan.

534
00:22:38,480 --> 00:22:40,600
Speaker 2: And a friend of the show, Wes Moss, has actually

535
00:22:40,600 --> 00:22:43,840
Speaker 2: written extensively on this subject. He's a financial planner in

536
00:22:43,880 --> 00:22:46,520
Speaker 2: the Atlanta area, and he's found that it's the hobbies

537
00:22:46,840 --> 00:22:49,000
Speaker 2: and the people you have around you once you're done

538
00:22:49,000 --> 00:22:52,240
Speaker 2: working that make retirements great for you or not so great.

539
00:22:52,440 --> 00:22:52,560
Speaker 1: You know.

540
00:22:52,640 --> 00:22:55,639
Speaker 2: He found that the average happy retiree has three point

541
00:22:55,720 --> 00:22:58,920
Speaker 2: six core pursuits, while the unhappy person in retirement has

542
00:22:59,119 --> 00:23:02,520
Speaker 2: less than two. Saving money obviously, we're big fans of that.

543
00:23:02,560 --> 00:23:04,640
Speaker 2: We think it's really important. We talk about it a lot,

544
00:23:05,040 --> 00:23:07,560
Speaker 2: but it's not enough. If you become too focused on

545
00:23:07,560 --> 00:23:09,280
Speaker 2: the money side of things, you'll be missing out on

546
00:23:09,320 --> 00:23:11,919
Speaker 2: the really good stuff. And so that's why this Money

547
00:23:11,960 --> 00:23:15,159
Speaker 2: Mission statement. We think it's really instructive for individuals to

548
00:23:15,240 --> 00:23:18,320
Speaker 2: spend a bit of time answering those questions because it's

549
00:23:18,400 --> 00:23:22,000
Speaker 2: going to inform how you decide to allocate your money

550
00:23:22,119 --> 00:23:24,560
Speaker 2: and whether you decide to allocate a little more towards

551
00:23:24,600 --> 00:23:27,439
Speaker 2: retirement because you're not prioritizing it enough right now, or

552
00:23:27,480 --> 00:23:29,919
Speaker 2: whether you say, actually, right now I'm overdoing it. I

553
00:23:29,960 --> 00:23:31,640
Speaker 2: need to live life a little more in the here

554
00:23:31,680 --> 00:23:33,480
Speaker 2: and now. But we hope you give it a shot,

555
00:23:33,600 --> 00:23:35,000
Speaker 2: and we hope you find it helpful.

556
00:23:35,240 --> 00:23:36,880
Speaker 1: Yeah, going through these steps will help you to think

557
00:23:36,880 --> 00:23:40,600
Speaker 1: about the most important things in life. And what's fascinating too,

558
00:23:40,640 --> 00:23:43,600
Speaker 1: is that many of the things that you're going to

559
00:23:43,720 --> 00:23:46,520
Speaker 1: likely write down don't even cost much money. But you know,

560
00:23:46,640 --> 00:23:49,760
Speaker 1: they might help you to realize that you want to, say, workless,

561
00:23:49,800 --> 00:23:52,919
Speaker 1: maybe cut back to part time hours eventually, or even

562
00:23:53,080 --> 00:23:56,119
Speaker 1: like take an extended leave of absence. But at the

563
00:23:56,119 --> 00:23:59,080
Speaker 1: same time, it also might not mean doing less. That

564
00:23:59,119 --> 00:24:01,960
Speaker 1: kind of depends on you. Depends on the individual, because

565
00:24:01,960 --> 00:24:04,240
Speaker 1: maybe you've always wanted to start your own business or

566
00:24:04,240 --> 00:24:06,320
Speaker 1: write a book. The slump sum of money can help

567
00:24:06,400 --> 00:24:09,159
Speaker 1: you to do something that you've been putting off, and

568
00:24:09,200 --> 00:24:12,040
Speaker 1: these questions can help you to pinpoint the things that

569
00:24:12,119 --> 00:24:13,840
Speaker 1: you really want to accomplish with your life.

570
00:24:14,000 --> 00:24:16,720
Speaker 2: Yeah, or maybe I made the c suite example earlier, Matt,

571
00:24:16,880 --> 00:24:19,239
Speaker 2: Maybe you realize that that is actually something that you

572
00:24:19,320 --> 00:24:21,400
Speaker 2: want to do and you want to work seventy hours

573
00:24:21,440 --> 00:24:24,199
Speaker 2: a week and that is truly fulfilling for you. Like

574
00:24:24,240 --> 00:24:26,480
Speaker 2: we all find fulfillment in different ways. And we don't

575
00:24:26,480 --> 00:24:30,840
Speaker 2: want to knock anybody's pursuit of doing something that they

576
00:24:31,040 --> 00:24:32,560
Speaker 2: love and enjoy. We just want them to do it

577
00:24:32,560 --> 00:24:35,760
Speaker 2: with intentionality. Yes and yeah. Even if a giant lump

578
00:24:35,840 --> 00:24:38,399
Speaker 2: sum never falls into your life, you're likely to find

579
00:24:38,520 --> 00:24:42,080
Speaker 2: that doing this introspection can help you to begin to

580
00:24:42,119 --> 00:24:45,240
Speaker 2: fund certain things that you haven't prioritized yet and that

581
00:24:45,320 --> 00:24:48,080
Speaker 2: you realize, Man, I should have gotten started, I should

582
00:24:48,119 --> 00:24:50,679
Speaker 2: be putting money where my mouth is. Now that I

583
00:24:50,800 --> 00:24:52,280
Speaker 2: know and I've got it in writing that this is

584
00:24:52,320 --> 00:24:54,440
Speaker 2: important to me, I'm going to do so. And you

585
00:24:54,520 --> 00:24:57,359
Speaker 2: might realize that you actually have the money right now

586
00:24:57,440 --> 00:24:59,680
Speaker 2: to make some of those things a priority. Even though

587
00:24:59,720 --> 00:25:03,359
Speaker 2: it felt like, maybe, you know, a multi month trip

588
00:25:03,480 --> 00:25:06,479
Speaker 2: to Ecuador, or that pivot to starting your own business

589
00:25:06,640 --> 00:25:09,399
Speaker 2: was out of reach. Maybe you'll realize that it's not

590
00:25:09,680 --> 00:25:12,560
Speaker 2: that you actually have the money on hand now and

591
00:25:12,600 --> 00:25:15,000
Speaker 2: it's important enough to you that you actually begin to

592
00:25:15,040 --> 00:25:17,200
Speaker 2: get the ball rolling earlier than you thought you could.

593
00:25:17,600 --> 00:25:18,960
Speaker 2: I think you're gonna be able to use some of

594
00:25:18,960 --> 00:25:22,200
Speaker 2: these responses to help you create short and concise money

595
00:25:22,240 --> 00:25:25,280
Speaker 2: mission statements that guide you through good times and bad

596
00:25:26,000 --> 00:25:29,080
Speaker 2: through market ups and downs, through employment ups and downs,

597
00:25:29,320 --> 00:25:31,800
Speaker 2: and through just yeah, the shifting landscape of your life.

598
00:25:31,920 --> 00:25:33,600
Speaker 2: So yeah, that's why we think putting pen to paper,

599
00:25:33,840 --> 00:25:36,960
Speaker 2: going through an exercise like this can be just immensely helpful,

600
00:25:37,280 --> 00:25:39,320
Speaker 2: not just in the here and now, but also if

601
00:25:39,359 --> 00:25:41,960
Speaker 2: you were to stumble upon just quite a bit of money.

602
00:25:42,160 --> 00:25:44,520
Speaker 2: And yeah, so Matt, after the break, you and I

603
00:25:44,600 --> 00:25:46,280
Speaker 2: were going to talk about what we would do if

604
00:25:46,280 --> 00:25:48,320
Speaker 2: we stumbled into a whole lot of money, and then

605
00:25:48,400 --> 00:25:51,840
Speaker 2: we're going to give some lessons, five specific things you

606
00:25:51,920 --> 00:25:54,919
Speaker 2: need to do if a lump sum does land in

607
00:25:54,920 --> 00:25:57,240
Speaker 2: your lap. We'll get to that right after this.

608
00:26:06,160 --> 00:26:08,600
Speaker 1: All right, we are back and jolly unkind. I talked

609
00:26:08,600 --> 00:26:11,200
Speaker 1: about this before the break, But what would you do

610
00:26:11,480 --> 00:26:13,160
Speaker 1: if if you win the lottery? You want to kick

611
00:26:13,160 --> 00:26:15,359
Speaker 1: it off first? So I would not go to Vegas.

612
00:26:15,440 --> 00:26:20,199
Speaker 1: That's that's, you know, actual talk about going to the

613
00:26:20,200 --> 00:26:23,720
Speaker 1: casinos before. Specifically, is it blackjack that you enjoy?

614
00:26:23,840 --> 00:26:26,160
Speaker 2: Yes, So my mother in law lives thirty minutes from

615
00:26:26,680 --> 00:26:29,160
Speaker 2: the casino, and once every like two or three years,

616
00:26:29,200 --> 00:26:30,800
Speaker 2: I'll go there and I'll, you know, take a hundred

617
00:26:30,800 --> 00:26:32,920
Speaker 2: bucks and I'll play some blackjack, and I do find

618
00:26:32,960 --> 00:26:35,320
Speaker 2: it very enjoyable, but I would not ramp up my

619
00:26:35,760 --> 00:26:39,480
Speaker 2: gambling if if I won the lottery. What I would do?

620
00:26:39,520 --> 00:26:41,760
Speaker 2: I think, Matt it really you know, you and I've

621
00:26:41,760 --> 00:26:43,840
Speaker 2: spent a lot of time talking about this because we're

622
00:26:43,880 --> 00:26:45,440
Speaker 2: best friends. We talked about this kind of stuff off

623
00:26:45,440 --> 00:26:48,120
Speaker 2: the air, and you know it's my goal to live

624
00:26:48,200 --> 00:26:50,400
Speaker 2: life in such a way that winning the lottery would

625
00:26:50,440 --> 00:26:53,359
Speaker 2: really have like a minimal impact on my life. I

626
00:26:53,400 --> 00:26:57,200
Speaker 2: wouldn't want some massive lump sum to change much about

627
00:26:57,560 --> 00:27:00,800
Speaker 2: the way I do the day to day. Really, I

628
00:27:00,880 --> 00:27:03,479
Speaker 2: don't have any We actually write about this on our

629
00:27:03,480 --> 00:27:05,480
Speaker 2: about page on our site too. We don't have any

630
00:27:05,520 --> 00:27:07,800
Speaker 2: desire to be the next Jeff Bezos or Elon Musk, Like,

631
00:27:07,840 --> 00:27:09,919
Speaker 2: we don't want billions of dollars to our name. So

632
00:27:10,080 --> 00:27:12,320
Speaker 2: if I somehow landed in that position, my first instinct

633
00:27:12,359 --> 00:27:14,679
Speaker 2: would be to invest a chunk for the future, just

634
00:27:14,680 --> 00:27:17,280
Speaker 2: to make sure that it's growing and that I keep

635
00:27:17,280 --> 00:27:18,080
Speaker 2: my options open.

636
00:27:18,160 --> 00:27:20,600
Speaker 1: Right, Yeah, that's many years one through six. Make sure

637
00:27:20,600 --> 00:27:23,000
Speaker 1: that you are doing eliminating debt and making sure that

638
00:27:23,040 --> 00:27:25,880
Speaker 1: you're preserving your money and hopefully making it grow exactly.

639
00:27:26,280 --> 00:27:28,320
Speaker 2: And even if I'm not sure what to do with

640
00:27:28,400 --> 00:27:30,560
Speaker 2: it right now. I love the idea of saying, all right,

641
00:27:30,560 --> 00:27:33,160
Speaker 2: it's going into the market just so that I can

642
00:27:33,160 --> 00:27:35,879
Speaker 2: prepare for the eventual things I want to do with it.

643
00:27:36,240 --> 00:27:38,800
Speaker 2: That gives me time to decide. Then, Matt, I think

644
00:27:38,840 --> 00:27:41,080
Speaker 2: I would find a way to go all Mackenzie Bezos

645
00:27:41,119 --> 00:27:43,240
Speaker 2: on like a huge swath of that money. I've been

646
00:27:43,520 --> 00:27:46,840
Speaker 2: really impressed by her approach to philanthropy and her desire

647
00:27:46,880 --> 00:27:49,000
Speaker 2: to give away like a huge chunks of her fortune.

648
00:27:50,000 --> 00:27:53,720
Speaker 2: You can tell that her desire is not to absorb

649
00:27:53,800 --> 00:27:56,880
Speaker 2: this and live some lives of the rich and famous lifestyle,

650
00:27:56,920 --> 00:27:58,600
Speaker 2: but it really is to say, like, what good can

651
00:27:58,640 --> 00:28:00,560
Speaker 2: I do with this money? And I think it's awesome.

652
00:28:01,160 --> 00:28:02,520
Speaker 2: I think on top of that, I would try to

653
00:28:02,520 --> 00:28:05,400
Speaker 2: find ways to incorporate some of that money to give

654
00:28:05,520 --> 00:28:08,879
Speaker 2: a small boost to some of my current financial priorities,

655
00:28:09,359 --> 00:28:11,520
Speaker 2: especially when it comes to like spending more on lifestyle

656
00:28:11,520 --> 00:28:13,639
Speaker 2: things for my family and I, you know, maybe a

657
00:28:13,680 --> 00:28:15,440
Speaker 2: little bit more on some of the art that we love.

658
00:28:15,440 --> 00:28:18,040
Speaker 2: I've talked about my love for local art and ful

659
00:28:18,200 --> 00:28:21,439
Speaker 2: art on the show before, and taking trips with my family,

660
00:28:21,680 --> 00:28:24,440
Speaker 2: taking some maybe trips that were a little bit further

661
00:28:24,480 --> 00:28:26,840
Speaker 2: off in the distance for us maybe take some of

662
00:28:26,840 --> 00:28:28,719
Speaker 2: those trips a little bit earlier than our thoughts. But

663
00:28:28,800 --> 00:28:31,320
Speaker 2: other than that, like, I don't think much would change

664
00:28:31,359 --> 00:28:33,600
Speaker 2: even if millions of dollars were thrust into my lap,

665
00:28:33,920 --> 00:28:36,639
Speaker 2: which I don't imagine that happening anytime soon. But you know,

666
00:28:36,680 --> 00:28:38,600
Speaker 2: we would keep our house, we would keep our old

667
00:28:38,640 --> 00:28:40,239
Speaker 2: school two thousand and six mini van. I don't think

668
00:28:40,280 --> 00:28:42,160
Speaker 2: I would upgrade either of those things, you know, from

669
00:28:42,200 --> 00:28:45,520
Speaker 2: the outside, if it wasn't on the news, like Joel

670
00:28:45,560 --> 00:28:48,000
Speaker 2: won the lottery, most people. I don't think most of

671
00:28:48,120 --> 00:28:50,800
Speaker 2: my friends wouldn't know about that windfall unless I actually

672
00:28:50,880 --> 00:28:53,200
Speaker 2: told them, because I don't think they would be like, WHOA,

673
00:28:53,720 --> 00:28:56,200
Speaker 2: what's that guy doing over there? He's obviously just spending

674
00:28:56,400 --> 00:28:58,240
Speaker 2: He's spending so much money. He didn't used to live

675
00:28:58,240 --> 00:29:00,160
Speaker 2: life like that. That's not the kind of lie. I'd

676
00:29:00,160 --> 00:29:02,000
Speaker 2: really want to keep things very similar to the way

677
00:29:02,040 --> 00:29:02,800
Speaker 2: they are now, totally.

678
00:29:02,920 --> 00:29:04,400
Speaker 1: Yeah. I mean, I think we're we're in a really

679
00:29:04,400 --> 00:29:06,560
Speaker 1: similar boat, you know, Like over the years, we've given

680
00:29:06,600 --> 00:29:08,440
Speaker 1: a lot of thought to what we want our lives

681
00:29:08,480 --> 00:29:11,080
Speaker 1: to look like like right now, and we've just worked

682
00:29:11,080 --> 00:29:13,440
Speaker 1: towards that goal. And so I feel like we're kind

683
00:29:13,440 --> 00:29:16,160
Speaker 1: of almost living like we're millionaires now, like almost like

684
00:29:16,160 --> 00:29:18,360
Speaker 1: we already have won the lottery, right like, And so

685
00:29:18,360 --> 00:29:21,000
Speaker 1: I wouldn't foresee any massive changes to the way we

686
00:29:21,040 --> 00:29:24,160
Speaker 1: live our life, but rather maybe a gradual ramping up

687
00:29:24,160 --> 00:29:25,800
Speaker 1: of the things that we're already doing, sort of like

688
00:29:25,840 --> 00:29:27,840
Speaker 1: you said, like I could see how we could just

689
00:29:27,880 --> 00:29:30,760
Speaker 1: maybe increase the spending on some of those categories, just

690
00:29:30,880 --> 00:29:33,680
Speaker 1: slowly over time. And you know, like another practice that

691
00:29:33,680 --> 00:29:36,120
Speaker 1: I think some folks might find helpful is to think

692
00:29:36,200 --> 00:29:39,320
Speaker 1: through what you want your everyday life to look like,

693
00:29:39,320 --> 00:29:41,320
Speaker 1: Like I know, for Kate and I like, because we

694
00:29:41,400 --> 00:29:44,120
Speaker 1: have kids, like, the next sixteen years of my life, like,

695
00:29:44,160 --> 00:29:47,040
Speaker 1: they're probably going to look a specific way, right like,

696
00:29:47,080 --> 00:29:49,160
Speaker 1: and it's going to include going to elementary, going to

697
00:29:49,200 --> 00:29:51,840
Speaker 1: middle school, going to high school, and so like, at

698
00:29:51,840 --> 00:29:55,360
Speaker 1: the moment, I can't think of many massive life goals

699
00:29:55,360 --> 00:29:57,280
Speaker 1: that I want to have accomplished by the end of

700
00:29:57,280 --> 00:29:59,719
Speaker 1: my life. But as a parent to kids in school,

701
00:30:00,120 --> 00:30:02,800
Speaker 1: I have a pretty clear view of what my ideal

702
00:30:02,880 --> 00:30:05,200
Speaker 1: day to day life should look like. Now. You know,

703
00:30:05,240 --> 00:30:06,720
Speaker 1: like earlier we're talking about you're.

704
00:30:06,640 --> 00:30:10,200
Speaker 2: Saying your biggest priority is more family than career oriented,

705
00:30:10,240 --> 00:30:11,760
Speaker 2: like you really are more.

706
00:30:11,640 --> 00:30:13,680
Speaker 1: Focused not in family, but just what I want to

707
00:30:13,680 --> 00:30:16,520
Speaker 1: fill my days with. Yeah, sometimes it doesn't include family things, right.

708
00:30:16,840 --> 00:30:18,320
Speaker 1: I guess I mentioned this because earlier we were talking

709
00:30:18,360 --> 00:30:20,520
Speaker 1: about mission statements, and I think sometimes it can be

710
00:30:20,560 --> 00:30:23,800
Speaker 1: difficult for some individuals to latch onto like the big

711
00:30:23,840 --> 00:30:26,040
Speaker 1: thing that they want to have accomplished in twenty years.

712
00:30:26,280 --> 00:30:28,040
Speaker 1: And so if that's you and you have a difficult

713
00:30:28,080 --> 00:30:31,680
Speaker 1: time thinking of this money mission statement that you want

714
00:30:31,680 --> 00:30:33,200
Speaker 1: to wrap your head around, sometimes it can be more

715
00:30:33,200 --> 00:30:35,400
Speaker 1: helpful to think about what you want your day to

716
00:30:35,480 --> 00:30:36,440
Speaker 1: day to look like.

717
00:30:37,080 --> 00:30:39,000
Speaker 2: Yeah, your money can then inform it doesn't have to

718
00:30:39,040 --> 00:30:41,479
Speaker 2: be all these big future things. It really can be like,

719
00:30:41,840 --> 00:30:45,480
Speaker 2: how can my money allow me to live every single

720
00:30:45,520 --> 00:30:48,080
Speaker 2: day right now in just a way this more conducive,

721
00:30:48,120 --> 00:30:50,480
Speaker 2: Like it can mean less hours worked on a consistent

722
00:30:50,560 --> 00:30:54,720
Speaker 2: daily basis, like or just more flexibility in your work

723
00:30:54,800 --> 00:30:57,280
Speaker 2: or commute options totally, and you can say, you know what,

724
00:30:57,640 --> 00:31:00,440
Speaker 2: right now, I can take less money or to make

725
00:31:00,480 --> 00:31:04,080
Speaker 2: that a reality without actually having to win the lottery totally. Yeah.

726
00:31:04,120 --> 00:31:06,520
Speaker 1: Yeah, So thinking through sort of like that daily rhythm

727
00:31:06,800 --> 00:31:09,000
Speaker 1: of what you want your life to be like, that

728
00:31:09,040 --> 00:31:11,560
Speaker 1: could be really helpful for some In previous episodes, we've

729
00:31:11,600 --> 00:31:14,240
Speaker 1: even kind of referred to it as like designing your life,

730
00:31:14,600 --> 00:31:17,880
Speaker 1: and we've included some questions that pertain to that in

731
00:31:18,000 --> 00:31:20,880
Speaker 1: the money mission statement. And so yeah, you know, like

732
00:31:20,920 --> 00:31:22,280
Speaker 1: at the end of it, like while I wouldn't see

733
00:31:22,320 --> 00:31:24,040
Speaker 1: us making any serious changes to our life, I can

734
00:31:24,360 --> 00:31:26,440
Speaker 1: definitely see ways that we could use that money to

735
00:31:26,600 --> 00:31:30,600
Speaker 1: essentially reinforce and to complement the life that we are

736
00:31:30,640 --> 00:31:31,640
Speaker 1: seeking to live right now.

737
00:31:31,640 --> 00:31:33,080
Speaker 2: You're not going to go get out and get like

738
00:31:33,120 --> 00:31:35,560
Speaker 2: that new electric hummer or anything like that.

739
00:31:36,400 --> 00:31:38,480
Speaker 1: Well, if there's like a new electric van, I don't know,

740
00:31:38,560 --> 00:31:40,760
Speaker 1: like maybe we would do that, but yeah, hummer, that would.

741
00:31:40,560 --> 00:31:42,320
Speaker 2: Be talking about that for years. Okay, don't steal my

742
00:31:42,360 --> 00:31:43,239
Speaker 2: BW electric van.

743
00:31:43,320 --> 00:31:45,480
Speaker 1: That would be a drastic change. And so we're less

744
00:31:45,560 --> 00:31:47,320
Speaker 1: I'm at this point in my life, I'm less interested

745
00:31:47,360 --> 00:31:49,640
Speaker 1: in making serious changes to my life as opposed to

746
00:31:50,080 --> 00:31:52,440
Speaker 1: like more wind in the sales that are pushing me

747
00:31:52,440 --> 00:31:54,320
Speaker 1: towards the things that I'm already pursuing.

748
00:31:54,480 --> 00:31:56,200
Speaker 2: Yeah, and I hope that you know, most of our

749
00:31:56,240 --> 00:32:00,040
Speaker 2: listeners find themselves in a position like that where a

750
00:32:00,120 --> 00:32:04,080
Speaker 2: lump sum of money would be helpful, but not life changing,

751
00:32:04,240 --> 00:32:07,280
Speaker 2: right in the way that so many lottery winners want

752
00:32:07,320 --> 00:32:09,600
Speaker 2: it to be. They want to completely change our life,

753
00:32:09,720 --> 00:32:12,960
Speaker 2: and hopefully we are able to find enough satisfaction where

754
00:32:12,960 --> 00:32:17,040
Speaker 2: we are currently that it would be more fuel for

755
00:32:17,080 --> 00:32:19,480
Speaker 2: the fire than it would be just like, all right,

756
00:32:19,560 --> 00:32:21,800
Speaker 2: I'm buying a private island. You know that kind of responds.

757
00:32:22,160 --> 00:32:24,600
Speaker 2: But yeah, let's talk about matt lessons that we can

758
00:32:24,680 --> 00:32:27,840
Speaker 2: learn if we did somehow win the lottery, or you know,

759
00:32:27,880 --> 00:32:30,120
Speaker 2: at least what to do if an unexpected lump sum

760
00:32:30,160 --> 00:32:31,080
Speaker 2: falls into your lap.

761
00:32:31,200 --> 00:32:33,600
Speaker 1: Yeah, just some practical steps, like make sure that you

762
00:32:33,760 --> 00:32:36,120
Speaker 1: think through some of these things before you do anything.

763
00:32:36,240 --> 00:32:38,680
Speaker 2: Yes, yes, yeah, hopefully you know if you won the

764
00:32:38,680 --> 00:32:41,480
Speaker 2: lottery because you just like randomly found a ticket lying

765
00:32:41,480 --> 00:32:43,920
Speaker 2: on the ground, as opposed to actually going into the

766
00:32:43,920 --> 00:32:45,640
Speaker 2: gas station and buying that ticket, or would you pick

767
00:32:45,640 --> 00:32:48,720
Speaker 2: it up off the ground? Yeah, outfit of the winning

768
00:32:48,760 --> 00:32:51,280
Speaker 2: ticket off the ground. That goes back to our early discussion.

769
00:32:51,320 --> 00:32:55,239
Speaker 2: But yeah, this advice ultimately extends far beyond just winning millions, right.

770
00:32:55,280 --> 00:32:57,720
Speaker 2: It speaks to what you would do if you receive

771
00:32:57,760 --> 00:33:00,560
Speaker 2: an inheritance of let's say, even you know, fifty thousand dollars,

772
00:33:00,560 --> 00:33:02,360
Speaker 2: which is a big sum of money, and for most

773
00:33:02,360 --> 00:33:04,760
Speaker 2: of us, that would have the ability to jump start

774
00:33:04,800 --> 00:33:08,160
Speaker 2: a whole lot of our career or money goals. That's

775
00:33:08,600 --> 00:33:10,480
Speaker 2: a lot that could fall into your lap, and you

776
00:33:10,520 --> 00:33:12,320
Speaker 2: want to have at least thought through what you would

777
00:33:12,360 --> 00:33:14,880
Speaker 2: do with it. You want to use it wisely, not

778
00:33:14,960 --> 00:33:16,960
Speaker 2: in a spur of the moment decision. You don't want

779
00:33:17,000 --> 00:33:19,240
Speaker 2: life changing money to hit and then to screw it

780
00:33:19,240 --> 00:33:22,240
Speaker 2: off like that. That would be demoralizing. That's right.

781
00:33:22,520 --> 00:33:24,360
Speaker 1: And so the first tip, the first lesson that we

782
00:33:24,360 --> 00:33:27,360
Speaker 1: have for folks that we would recommend is to stay anonymous,

783
00:33:28,040 --> 00:33:30,920
Speaker 1: not living in a flashy kind of way, even if

784
00:33:30,960 --> 00:33:34,920
Speaker 1: you can afford to. It's probably good for you mentally anyway.

785
00:33:35,120 --> 00:33:36,959
Speaker 1: I think that would probably be a good sign of

786
00:33:37,040 --> 00:33:40,920
Speaker 1: overall health. Even if we're just talking about a smaller inheritance,

787
00:33:41,040 --> 00:33:43,280
Speaker 1: is probably best to not spread that news around to

788
00:33:43,400 --> 00:33:45,920
Speaker 1: your entire friend group. We would recommend for you to

789
00:33:45,920 --> 00:33:48,440
Speaker 1: be a little more discerning with who you talk to

790
00:33:48,520 --> 00:33:50,760
Speaker 1: about it. And this might sound like it kind of

791
00:33:50,760 --> 00:33:53,280
Speaker 1: flies in the face of our goal to get people

792
00:33:53,360 --> 00:33:55,080
Speaker 1: to open up and talk about their money, but it

793
00:33:55,120 --> 00:33:58,080
Speaker 1: actually doesn't. Talking about the big money that you've come

794
00:33:58,080 --> 00:34:02,800
Speaker 1: into can create jealousy and create division even amongst good friends.

795
00:34:03,320 --> 00:34:05,920
Speaker 1: It can really hurt your relationships, and so we want

796
00:34:05,920 --> 00:34:08,080
Speaker 1: you to keep that in mind. You know, even on

797
00:34:08,120 --> 00:34:10,239
Speaker 1: an individual level, it can be difficult to figure out

798
00:34:10,280 --> 00:34:12,640
Speaker 1: what you want to do with this money. And I

799
00:34:12,640 --> 00:34:15,480
Speaker 1: can imagine it would only be even harder if you

800
00:34:15,560 --> 00:34:18,120
Speaker 1: have a litany of folks who are also speaking into

801
00:34:18,160 --> 00:34:21,000
Speaker 1: your life, projecting their values and how you know they

802
00:34:21,040 --> 00:34:23,320
Speaker 1: feel that they wish that they could spend their time

803
00:34:23,760 --> 00:34:25,040
Speaker 1: and kind of pushing that on.

804
00:34:24,920 --> 00:34:28,239
Speaker 2: You, or they might come asking you for, you know,

805
00:34:28,320 --> 00:34:30,520
Speaker 2: some seed money to start their business or a handout

806
00:34:30,560 --> 00:34:31,080
Speaker 2: or something like that.

807
00:34:31,200 --> 00:34:33,000
Speaker 1: To be like Mark Cuban and get this thing off

808
00:34:33,040 --> 00:34:33,880
Speaker 1: the ground exactly.

809
00:34:34,080 --> 00:34:36,200
Speaker 2: You can be the shark tank for me now, and

810
00:34:36,360 --> 00:34:39,120
Speaker 2: that can create a whole lot of awkwardness. So I agree, Matt.

811
00:34:39,160 --> 00:34:42,160
Speaker 2: I think staying anonymous and not like blasting it out

812
00:34:42,160 --> 00:34:44,239
Speaker 2: there to everyone how much money you just landed upon,

813
00:34:44,520 --> 00:34:46,640
Speaker 2: that's a really good thing to avoid. If you just

814
00:34:46,680 --> 00:34:50,120
Speaker 2: stumbled upon some life changing money, whether it's to an

815
00:34:50,160 --> 00:34:54,200
Speaker 2: inheritance or whatnot. Another lesson that we think that anybody

816
00:34:54,239 --> 00:34:57,279
Speaker 2: inheriting a good sum of money should should implement is

817
00:34:57,320 --> 00:35:01,000
Speaker 2: to slowly increase spending in a few areas that you've

818
00:35:01,040 --> 00:35:04,560
Speaker 2: identified as being the places that move the needle for you.

819
00:35:05,040 --> 00:35:08,120
Speaker 2: I mentioned full heart and travel as two spending categories

820
00:35:08,120 --> 00:35:10,400
Speaker 2: that I would amplify. I know that now, and so

821
00:35:10,480 --> 00:35:14,480
Speaker 2: if I do, somehow, for some reason inherit more money,

822
00:35:14,800 --> 00:35:17,000
Speaker 2: then I know that those are two places I am

823
00:35:17,040 --> 00:35:20,320
Speaker 2: more than happy and more than willing to increase my spending.

824
00:35:20,520 --> 00:35:23,120
Speaker 2: But then there are other spending categories that would stay

825
00:35:23,160 --> 00:35:25,520
Speaker 2: the same for me, like keeping that old car and

826
00:35:25,600 --> 00:35:28,360
Speaker 2: staying in my current home. I think for all of

827
00:35:28,440 --> 00:35:31,799
Speaker 2: us we would find that additional money. It's easy to

828
00:35:31,840 --> 00:35:34,160
Speaker 2: just absorb it into your lifestyle, but it's going to

829
00:35:34,160 --> 00:35:36,680
Speaker 2: have an amplified effect if it's targeted towards just a

830
00:35:36,680 --> 00:35:39,319
Speaker 2: couple of areas that you get a lot of pleasure from.

831
00:35:39,520 --> 00:35:41,600
Speaker 2: Otherwise it's going to be that easy come, easy go.

832
00:35:41,760 --> 00:35:43,920
Speaker 2: It is going to be funneled out really quickly, and

833
00:35:43,960 --> 00:35:46,560
Speaker 2: it's not going to have the impact on your well

834
00:35:46,600 --> 00:35:49,279
Speaker 2: being and your happiness that you want it to. That's right.

835
00:35:49,400 --> 00:35:52,200
Speaker 1: Another lesson we have for folks is that no matter

836
00:35:52,360 --> 00:35:56,160
Speaker 1: what money gear you're in, spending a small amounts like

837
00:35:56,239 --> 00:35:58,600
Speaker 1: maybe ten percent of a lump sum, or maybe even

838
00:35:58,680 --> 00:36:01,040
Speaker 1: less than that, if you're talking about millions of dollars,

839
00:36:01,320 --> 00:36:04,600
Speaker 1: but spending that in any way you choose, we feel

840
00:36:04,640 --> 00:36:06,600
Speaker 1: that that might be able to provide the strength for

841
00:36:06,640 --> 00:36:09,520
Speaker 1: you to do smarter things. With the other ninety percent.

842
00:36:09,840 --> 00:36:11,880
Speaker 1: We feel that it's okay to splurge, but we would

843
00:36:11,960 --> 00:36:14,400
Speaker 1: want you to splurge thoughtfully in a way that aligns

844
00:36:14,400 --> 00:36:18,080
Speaker 1: with your money mission statement. Because again, we've referred to

845
00:36:18,120 --> 00:36:21,040
Speaker 1: this almost as like a pressure release valve in the past.

846
00:36:21,360 --> 00:36:24,040
Speaker 1: And if you've got this iron tank and if the

847
00:36:24,040 --> 00:36:27,279
Speaker 1: pressure gets too high, well, if there's no release valve,

848
00:36:27,320 --> 00:36:29,640
Speaker 1: and you know, the alternative is just for it to

849
00:36:29,760 --> 00:36:32,280
Speaker 1: explode and for you to lose all that pressure, well,

850
00:36:32,280 --> 00:36:34,400
Speaker 1: we would rather you lose a little bit of pressure

851
00:36:34,440 --> 00:36:37,560
Speaker 1: off on the side in order to maintain the you know,

852
00:36:37,600 --> 00:36:40,680
Speaker 1: the overall majority, the bulk of that pressure to do

853
00:36:40,760 --> 00:36:42,200
Speaker 1: good things that you want to be able to see

854
00:36:42,239 --> 00:36:42,920
Speaker 1: get accomplished.

855
00:36:43,000 --> 00:36:44,560
Speaker 2: Yeah, matter, I think of like a yo yo diet

856
00:36:44,600 --> 00:36:48,240
Speaker 2: where people just are constantly bouncing back and forth between

857
00:36:49,080 --> 00:36:52,640
Speaker 2: gaining weight or losing weight. If it's not sustainable, then

858
00:36:52,760 --> 00:36:55,080
Speaker 2: it's going to lead to something like that exactly, and

859
00:36:55,160 --> 00:36:57,439
Speaker 2: so I think, yeah, you need almost that pressure release

860
00:36:57,520 --> 00:37:00,360
Speaker 2: valve so that you can pursue the greater good. Good

861
00:37:00,760 --> 00:37:06,319
Speaker 2: by being able to apportion a small percentage towards some spending. Now,

862
00:37:06,480 --> 00:37:09,120
Speaker 2: that's going to allow you to stay the course. I

863
00:37:09,120 --> 00:37:11,440
Speaker 2: think one of the other lessons that it's important to

864
00:37:11,480 --> 00:37:13,640
Speaker 2: heed if you do end up with a lumps of

865
00:37:13,640 --> 00:37:15,759
Speaker 2: mo money as well, is to pay attention to the

866
00:37:15,880 --> 00:37:18,640
Speaker 2: secondary costs of any of the stuff that you end

867
00:37:18,760 --> 00:37:21,759
Speaker 2: up buying. Like let's say you did inherit some money

868
00:37:21,760 --> 00:37:23,440
Speaker 2: and you were like, it's been a priority for us

869
00:37:23,480 --> 00:37:26,279
Speaker 2: to get into bigger housing and now is the time. Well,

870
00:37:26,320 --> 00:37:28,760
Speaker 2: that's great, but it's important to note that a bigger

871
00:37:28,760 --> 00:37:32,160
Speaker 2: house means higher property taxes and more money to upkeep right,

872
00:37:32,160 --> 00:37:35,000
Speaker 2: you're going to be spending more on repairs. And yeah,

873
00:37:35,200 --> 00:37:38,000
Speaker 2: let's say a new car is something like I've been

874
00:37:38,120 --> 00:37:39,880
Speaker 2: meaning to upgrade my wheels. Now that I got this

875
00:37:39,960 --> 00:37:42,520
Speaker 2: lump sum, it's the perfect time for me to get

876
00:37:42,560 --> 00:37:44,120
Speaker 2: a new car in my life. Well, it's going to

877
00:37:44,120 --> 00:37:47,160
Speaker 2: mean higher insurance costs, and those are the kind of

878
00:37:47,239 --> 00:37:49,840
Speaker 2: secondary costs that we want you to prioritize and to

879
00:37:49,920 --> 00:37:52,640
Speaker 2: think about before you make that spend.

880
00:37:52,680 --> 00:37:54,400
Speaker 1: Let's take it to the extreme. I'm thinking about like

881
00:37:54,520 --> 00:37:56,399
Speaker 1: mc hammer back in the day when he was worth

882
00:37:56,440 --> 00:37:58,360
Speaker 1: a ton and he bought like this huge house and

883
00:37:58,400 --> 00:38:01,480
Speaker 1: bought a bunch of race horses. You had, like, I

884
00:38:01,520 --> 00:38:04,239
Speaker 1: don't know, like a full a dozen race horses. And

885
00:38:04,360 --> 00:38:06,279
Speaker 1: you know what, horses cause a lot of money. There's

886
00:38:06,320 --> 00:38:08,520
Speaker 1: a lot of people that are required in order to

887
00:38:08,600 --> 00:38:09,560
Speaker 1: keep these horses healthy.

888
00:38:09,800 --> 00:38:11,920
Speaker 2: It's it's way more than just the price of that horse.

889
00:38:12,600 --> 00:38:14,200
Speaker 2: He's the price of the land and the stables and

890
00:38:14,239 --> 00:38:15,880
Speaker 2: the food and the people that are gonna, you know,

891
00:38:15,960 --> 00:38:17,640
Speaker 2: help you keep those horses in good shape.

892
00:38:17,640 --> 00:38:20,560
Speaker 1: And then of course ultimately he ended up bankrupt. Yeah,

893
00:38:20,600 --> 00:38:23,799
Speaker 1: so don't follow don't be like mc hammer. Exactly the

894
00:38:23,800 --> 00:38:25,400
Speaker 1: same thing Matt on a smaller level too. If you

895
00:38:25,400 --> 00:38:27,120
Speaker 1: buy some golf clubs, it's like, well, now I'm gonna

896
00:38:27,160 --> 00:38:29,960
Speaker 1: go want to play play more golf, and right, it's

897
00:38:29,960 --> 00:38:32,120
Speaker 1: gonna mean higher greens fees for you, or even like

898
00:38:32,120 --> 00:38:34,279
Speaker 1: the reverse, if you be going fresh new polos, if yeah,

899
00:38:34,280 --> 00:38:36,080
Speaker 1: well if you flip it right, and if you join

900
00:38:36,120 --> 00:38:38,319
Speaker 1: a fancy club and it's say, oh man, everybody here

901
00:38:38,320 --> 00:38:41,160
Speaker 1: at this fancy club, I've upgraded my friends. And so

902
00:38:41,360 --> 00:38:44,240
Speaker 1: now these new friends require that I have for new clubs,

903
00:38:44,560 --> 00:38:46,560
Speaker 1: a new car. Oh, maybe we should move into the

904
00:38:46,560 --> 00:38:48,200
Speaker 1: same part of town that they move into. These are

905
00:38:48,200 --> 00:38:50,719
Speaker 1: all things that we want you to consider when you're

906
00:38:50,760 --> 00:38:53,120
Speaker 1: thinking about making some changes to your life that could

907
00:38:53,200 --> 00:38:54,319
Speaker 1: drastically upend it.

908
00:38:54,440 --> 00:38:57,000
Speaker 2: That would be an example of the dinnero effect. Right

909
00:38:57,000 --> 00:38:59,480
Speaker 2: where what was it that French philosopher He got a

910
00:38:59,520 --> 00:39:01,640
Speaker 2: new row and then he was like, man, everything else

911
00:39:01,719 --> 00:39:02,240
Speaker 2: looks dingy.

912
00:39:02,280 --> 00:39:05,960
Speaker 1: Now like my waistcoat is beautiful, everything else looks terrible.

913
00:39:06,080 --> 00:39:08,120
Speaker 2: Right. You don't want to be in that position. You know,

914
00:39:08,120 --> 00:39:10,560
Speaker 2: it's okay to spend some of the lump sum that

915
00:39:10,600 --> 00:39:12,759
Speaker 2: you receive, just don't spend more of it than you

916
00:39:12,760 --> 00:39:15,320
Speaker 2: want to. And if you don't factor in the secondary costs,

917
00:39:15,480 --> 00:39:17,799
Speaker 2: well you're bound to do exactly that. You are going

918
00:39:17,840 --> 00:39:19,760
Speaker 2: to spend more than you want to because you haven't

919
00:39:19,760 --> 00:39:22,719
Speaker 2: really thought through the full ramifications of where that first

920
00:39:22,719 --> 00:39:24,879
Speaker 2: dollar goes and how other dollars are going to flow

921
00:39:24,880 --> 00:39:25,600
Speaker 2: in that direction too.

922
00:39:25,800 --> 00:39:28,880
Speaker 1: Yeah, in that vein, be cognizant of taxes. You know,

923
00:39:29,400 --> 00:39:32,120
Speaker 1: while there's no federal tax on inherited money, at least

924
00:39:32,120 --> 00:39:33,920
Speaker 1: below a high, really high threshold.

925
00:39:34,080 --> 00:39:35,680
Speaker 2: Some states do have.

926
00:39:35,600 --> 00:39:39,040
Speaker 1: An inheritance tax on the books, others don't, So if

927
00:39:39,080 --> 00:39:41,160
Speaker 1: you inherit an IRA, it is important to know about

928
00:39:41,160 --> 00:39:43,560
Speaker 1: the ten year rule. It's important to know about the

929
00:39:43,680 --> 00:39:46,360
Speaker 1: ordinary income taxes that you'll owe when you start pulling

930
00:39:46,400 --> 00:39:48,440
Speaker 1: money out, and so keep that in mind because port

931
00:39:48,480 --> 00:39:51,360
Speaker 1: planning can mean that you aren't prepared for a major

932
00:39:51,400 --> 00:39:54,080
Speaker 1: tax bill that comes due. You don't want to find

933
00:39:54,080 --> 00:39:55,120
Speaker 1: yourself in that situation.

934
00:39:55,360 --> 00:39:57,319
Speaker 2: Yep. So those are the main rules we would say

935
00:39:57,320 --> 00:39:59,520
Speaker 2: to pay attention to. If you did somehow win the

936
00:39:59,520 --> 00:40:02,720
Speaker 2: lottery or just to get a lump sum in your lap,

937
00:40:02,880 --> 00:40:05,680
Speaker 2: which sounds like it's great, It sounds all good, but

938
00:40:05,760 --> 00:40:07,480
Speaker 2: there are some downsides and there are things that you

939
00:40:07,520 --> 00:40:09,719
Speaker 2: have to think through so that you don't squander that

940
00:40:09,800 --> 00:40:12,120
Speaker 2: kind of money. Right, And it's kind of funny to

941
00:40:12,200 --> 00:40:14,480
Speaker 2: sit back and dream about what you would do with

942
00:40:14,640 --> 00:40:16,880
Speaker 2: millions of dollars. That seems like an easy thing, like

943
00:40:17,160 --> 00:40:19,200
Speaker 2: just sit back and think about it and bask in

944
00:40:19,200 --> 00:40:22,040
Speaker 2: the glory that would be your riches. But when we

945
00:40:22,040 --> 00:40:25,840
Speaker 2: look at the evidence of how instant millionaires actually react,

946
00:40:26,120 --> 00:40:28,400
Speaker 2: the eventual results that happen in the years that follow

947
00:40:28,440 --> 00:40:30,960
Speaker 2: within three to five years, most of them are bankrupt.

948
00:40:31,280 --> 00:40:33,319
Speaker 2: We see that this question is actually it's harder than

949
00:40:33,320 --> 00:40:35,840
Speaker 2: it initially seems, or then it appears on its face.

950
00:40:36,480 --> 00:40:40,680
Speaker 2: Some real introspection is necessary if we're going to be

951
00:40:40,760 --> 00:40:44,080
Speaker 2: able to handle money that comes into our lives well,

952
00:40:44,200 --> 00:40:47,080
Speaker 2: especially unexpected money. And while a lump sum of money

953
00:40:47,080 --> 00:40:49,160
Speaker 2: can be a big help when it comes to paying

954
00:40:49,200 --> 00:40:52,319
Speaker 2: off debt or jump starting another financial goal, we might

955
00:40:52,400 --> 00:40:55,120
Speaker 2: just find that money isn't the only solution to some

956
00:40:55,200 --> 00:40:57,640
Speaker 2: of our biggest goals and desires. I think a lot

957
00:40:57,680 --> 00:40:59,399
Speaker 2: of how the money listeners Matt are going to find

958
00:40:59,680 --> 00:41:03,120
Speaker 2: that they actually have enough on hand now to pursue

959
00:41:03,160 --> 00:41:05,520
Speaker 2: some of those goals without delay, that they're not going

960
00:41:05,600 --> 00:41:09,120
Speaker 2: to have to wait until they do stumble upon some

961
00:41:09,120 --> 00:41:12,279
Speaker 2: sort of inheritance from an unknown relative. As they ask

962
00:41:12,320 --> 00:41:14,440
Speaker 2: themselves some of these questions, they're going to realize, you

963
00:41:14,480 --> 00:41:17,040
Speaker 2: know what, I have more ability to pursue some of

964
00:41:17,080 --> 00:41:18,880
Speaker 2: those things that I say are important that I just

965
00:41:18,920 --> 00:41:21,200
Speaker 2: haven't started pursuing yet. Many folks are going to be

966
00:41:21,239 --> 00:41:24,040
Speaker 2: able to get started on their dreams and on those goals,

967
00:41:24,239 --> 00:41:26,600
Speaker 2: I think, sooner than they thought possible. That's right.

968
00:41:26,680 --> 00:41:28,560
Speaker 1: Yeah, it doesn't take a million dollars. It doesn't take

969
00:41:28,560 --> 00:41:30,719
Speaker 1: winning the lottery in order to live the kind of

970
00:41:30,760 --> 00:41:34,840
Speaker 1: life that you would be happy living right now. And

971
00:41:34,960 --> 00:41:37,560
Speaker 1: on that note, Joel, a life that we're happy living

972
00:41:37,600 --> 00:41:40,200
Speaker 1: is one that includes craft beer. On this episode, you

973
00:41:40,200 --> 00:41:42,440
Speaker 1: and I enjoyed a crucial crucial tunt tunt.

974
00:41:43,000 --> 00:41:43,480
Speaker 2: What is that?

975
00:41:43,520 --> 00:41:45,359
Speaker 1: There's like some sort of kids song or kids saying

976
00:41:45,400 --> 00:41:48,040
Speaker 1: that's like, uh, dun du du du dun du Now

977
00:41:48,040 --> 00:41:48,839
Speaker 1: I want my money back?

978
00:41:48,880 --> 00:41:49,200
Speaker 2: What is that?

979
00:41:49,280 --> 00:41:50,040
Speaker 1: What is that saying?

980
00:41:50,880 --> 00:41:53,000
Speaker 2: Circle circle dot dot? Yeah, circle cicle dot. Do I

981
00:41:53,000 --> 00:41:54,160
Speaker 2: want my cootie shot? Yeah?

982
00:41:54,160 --> 00:41:56,040
Speaker 1: Okay, that's that's what I'm thinking of something like that.

983
00:41:56,239 --> 00:41:57,920
Speaker 1: On that note, make sure to get your vaccine if

984
00:41:57,920 --> 00:42:01,200
Speaker 1: you haven't got your cootie shot. But yeah, this is crucial,

985
00:42:01,239 --> 00:42:05,920
Speaker 1: crucial enhanced. This is a beer by the Veil out

986
00:42:05,920 --> 00:42:09,160
Speaker 1: of Richmond, Virginia, the last of a few Veil beers

987
00:42:09,160 --> 00:42:11,400
Speaker 1: that we've been having recently. What were your thoughts on

988
00:42:11,400 --> 00:42:11,680
Speaker 1: this one?

989
00:42:11,680 --> 00:42:13,960
Speaker 2: But dude, this was another great one from them. They're

990
00:42:14,000 --> 00:42:15,920
Speaker 2: one of my new favorite breweries. I love it. They're

991
00:42:16,080 --> 00:42:18,760
Speaker 2: not too far up the coast from us. But the hops,

992
00:42:18,800 --> 00:42:21,560
Speaker 2: I would say, oh, yeah, are vicious in the best way,

993
00:42:21,680 --> 00:42:25,120
Speaker 2: like they are attacking. It's like a band of marauding

994
00:42:25,120 --> 00:42:28,000
Speaker 2: hops has just come and assaulted my tongue. But I

995
00:42:28,000 --> 00:42:32,360
Speaker 2: am more than happy with that because it was delightfully tasty.

996
00:42:32,560 --> 00:42:35,960
Speaker 2: It was refreshing. But it's not thirst quenching. It's not

997
00:42:36,000 --> 00:42:39,040
Speaker 2: that kind of beer. It's not juicy, I would not say,

998
00:42:39,560 --> 00:42:40,600
Speaker 2: although it has elements of.

999
00:42:40,640 --> 00:42:42,880
Speaker 1: It, like the fruity elements, but it does kind of

1000
00:42:42,960 --> 00:42:43,799
Speaker 1: end on a dry note.

1001
00:42:43,920 --> 00:42:46,520
Speaker 2: Yeah. Yeah, And it's just so intense it's hard to

1002
00:42:46,520 --> 00:42:49,439
Speaker 2: be refreshing. But on occasion I like a really intense beer,

1003
00:42:49,440 --> 00:42:52,120
Speaker 2: and this was a good example of a really intense IPA. Yeah.

1004
00:42:52,160 --> 00:42:54,840
Speaker 1: I think the intensity for me is translated through like

1005
00:42:54,880 --> 00:42:58,160
Speaker 1: that tingle yeah, that you feel sometimes with like a

1006
00:42:58,200 --> 00:43:00,879
Speaker 1: freshly hopped ipa or in this case, a double dry

1007
00:43:00,880 --> 00:43:01,920
Speaker 1: hopped ipa.

1008
00:43:02,040 --> 00:43:03,759
Speaker 2: It's like pop rocks in a beer kind.

1009
00:43:03,640 --> 00:43:05,960
Speaker 1: Of almost Yeah, yeah, it's almost. It almost has this

1010
00:43:06,280 --> 00:43:08,799
Speaker 1: like numbing effect on your mouth. But I don't know

1011
00:43:09,040 --> 00:43:11,280
Speaker 1: that makes it sound like it's not good like numbing

1012
00:43:11,320 --> 00:43:14,200
Speaker 1: in a good way, but super dank, juicy in the

1013
00:43:14,200 --> 00:43:16,160
Speaker 1: sense that it had like the fruit going, you know,

1014
00:43:16,200 --> 00:43:18,240
Speaker 1: going on it wasn't like this, It wasn't like drinking

1015
00:43:18,239 --> 00:43:21,080
Speaker 1: orange juice. But above everything else, it had that tingly

1016
00:43:21,239 --> 00:43:24,719
Speaker 1: nature going on in a sharpness that accompanied it that

1017
00:43:24,800 --> 00:43:26,040
Speaker 1: oftentimes you find in.

1018
00:43:25,960 --> 00:43:26,880
Speaker 2: A blue cheese.

1019
00:43:27,480 --> 00:43:29,840
Speaker 1: Not what most folks are looking for when they're drinking

1020
00:43:29,840 --> 00:43:32,600
Speaker 1: a beer, but I still can't remove myself from thinking

1021
00:43:32,640 --> 00:43:35,560
Speaker 1: about that dry sharpness when it comes to some of

1022
00:43:35,600 --> 00:43:37,120
Speaker 1: these beers that are really hot like this.

1023
00:43:37,280 --> 00:43:39,440
Speaker 2: That's why the Veil is not gonna have us to

1024
00:43:39,440 --> 00:43:41,560
Speaker 2: do any of their commercials anytime soon. I'm sure. I

1025
00:43:41,600 --> 00:43:43,240
Speaker 2: don't even know if they do commercials. But it tasts

1026
00:43:43,239 --> 00:43:46,880
Speaker 2: like a Caesar salad, but it really is good, and

1027
00:43:46,960 --> 00:43:47,359
Speaker 2: they make.

1028
00:43:47,560 --> 00:43:49,360
Speaker 1: It makes just some really good beer, so really delicious,

1029
00:43:49,400 --> 00:43:51,600
Speaker 1: and it's got this dope label where it almost looks

1030
00:43:51,640 --> 00:43:53,759
Speaker 1: like you should be wearing like three d glasses. Yes,

1031
00:43:53,880 --> 00:43:55,759
Speaker 1: you're looking at it. Actually, I wonder what it would

1032
00:43:55,760 --> 00:43:57,319
Speaker 1: look like if you had on like this red and

1033
00:43:57,320 --> 00:43:58,040
Speaker 1: blue glasses.

1034
00:43:58,280 --> 00:43:59,839
Speaker 2: I wish I had a pair hanging out here. I don't.

1035
00:44:00,040 --> 00:44:03,880
Speaker 1: Fortunately we don't. But yeah, this was out of Richmond, Virginia,

1036
00:44:03,880 --> 00:44:06,839
Speaker 1: and again this is the Veil Brewing Company, and I'm

1037
00:44:06,840 --> 00:44:08,200
Speaker 1: glad that you and I got to enjoy this one

1038
00:44:08,239 --> 00:44:10,440
Speaker 1: on the show, but that is going to be it

1039
00:44:10,480 --> 00:44:12,879
Speaker 1: for this episode. Listeners can find all of our show

1040
00:44:12,880 --> 00:44:15,600
Speaker 1: notes up on the websites how to money dot com,

1041
00:44:15,640 --> 00:44:18,000
Speaker 1: and we will make sure to link to that worksheet

1042
00:44:18,320 --> 00:44:21,560
Speaker 1: for you to fill out your own money mission statement.

1043
00:44:21,640 --> 00:44:23,440
Speaker 1: We think that that could help you tremendously when it

1044
00:44:23,520 --> 00:44:26,360
Speaker 1: comes to knowing what you should be setting your sights

1045
00:44:26,400 --> 00:44:27,440
Speaker 1: on with your money.

1046
00:44:27,520 --> 00:44:29,040
Speaker 2: Yeah, and just know that Matt and I we always

1047
00:44:29,080 --> 00:44:31,080
Speaker 2: love to hear from listeners. Feel free to drop us

1048
00:44:31,080 --> 00:44:33,880
Speaker 2: a line at how to moneypod at gmail dot com,

1049
00:44:34,000 --> 00:44:36,080
Speaker 2: especially if you do have a chance to do this

1050
00:44:36,120 --> 00:44:38,279
Speaker 2: money mission statement. Let us know if it's helpful. But

1051
00:44:38,480 --> 00:44:40,360
Speaker 2: that is going to do it for this episode, Matt.

1052
00:44:40,480 --> 00:44:43,920
Speaker 2: Until next time, best Friends Out, Best Friends Out.