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Speaker 1: Welcome to Head of Money. I'm Joel, I am Matt, and.

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Speaker 2: Today we're answering your listener questions.

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Speaker 1: Yeah, buddy, episode ten twenty seven. Did you know that

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Speaker 1: this was episode ten twenty seven? L I could assume

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Speaker 1: we were in that percent. You could have like done

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Speaker 1: the math. I just wanted to highlight this unorthodox milestone.

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Speaker 1: Episode ten twenty seven does not sound like the number

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Speaker 1: of episodes that we've done, but somehow we've finished to

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Speaker 1: pull it off. I guess here we are.

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Speaker 2: Wasn't too long ago that we did the episode one thousand,

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Speaker 2: ask me anything, so it makes sense.

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Speaker 1: But the one thousand, there's something about just being in

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Speaker 1: like the ten whatevers. Yeah, you know, it's just kind

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Speaker 1: of like and we're still plugging along.

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Speaker 2: We're still loving it, and you know what, it is

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Speaker 2: one of the joys of my life doing the show.

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Speaker 1: Hanging out with you. I love it. Man. Also answering

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Speaker 1: listener questions because while we're drinking a delicious craft beer.

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Speaker 2: As people know, personal finance can be confusing. We want

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Speaker 2: to demystify and so we'll hopefully demystify a few things

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Speaker 2: today on the shop.

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Speaker 1: Well, like, in particular, there's a listener who's wondering how

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Speaker 1: to get started with investing. Specifically, he's wondering if he

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Speaker 1: should look to acorns. We remember when that app rolled

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Speaker 1: out Blast from the Past. Yeah, we're gonna give our

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Speaker 1: hot takes on Social Security, talk about some of the

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Speaker 1: different factors that we are paying attention to there, and

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Speaker 1: then we're gonna take some payment questions. We're gonna talk

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Speaker 1: about Auto Carlo and payments. We're gonna talk about mortgage payments,

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Speaker 1: that and more during our episode.

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Speaker 2: Today, Buddy, can I reveal a quick story a battle

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Speaker 2: for customer service with WoT, which is technically Amazon Now.

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Speaker 1: WoT is like a discount site. I did not know

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Speaker 1: WoT still existed with my friend. Well, I think WoT

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Speaker 1: is doing quite well. You are the king of shopping

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Speaker 1: at websites and companies that I either A have not

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Speaker 1: heard of or b did not things still like, is

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Speaker 1: this like twenty ten is two thousand and nine old? Well,

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Speaker 1: I'm gonna go to Big Lots after we finished this

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Speaker 1: episode and see big Lots I've heard of because I've

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Speaker 1: drive past it. You might see it, but I haven't

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Speaker 1: been to a Big Lots in forever. That loo But

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Speaker 1: I haven't either, but that sounds that's more familiar to

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Speaker 1: me than Woot, which I feel like I haven't heard

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Speaker 1: of since like smash Mouth was coming out with hits or.

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Speaker 3: So.

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Speaker 2: Loot still exists by Amazon now and I didn't know that.

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Speaker 2: I don't actually just like shop on Woot for fun,

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Speaker 2: because I think a lot of it is just kind

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Speaker 2: of Amazon trying to clear stuff out and they charged

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Speaker 2: less for it, so it's like a clearance site where

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Speaker 2: you can get stuff on the cheap, but sometimes okay.

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Speaker 1: Sorry quick aside. Do they still do loot offs? I

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Speaker 1: think so, but I don't know, because that's what I

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Speaker 1: remember from like the eight nine era when I first

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Speaker 1: discovered WoT. Yeah, out offhether with a countdown time or

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Speaker 1: the countdown of like how many items they have, and

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Speaker 1: so they were they would drive that demand and try

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Speaker 1: to get you to spend your money. Sure, yeah, it's

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Speaker 1: like limited time only right on a camping hammock. Get

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Speaker 1: it while it's hot and then it's gone. Well, in

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Speaker 1: this case, I was buying a refurbished Apple Watch for

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Speaker 1: my daughter because new Apple Watch is crazy expensive, especially

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Speaker 1: the ones with cellular connections. It's I don't know, why

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Speaker 1: but Apple charges a lot more for those. I don't

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Speaker 1: know if it's a much more expensive component to stick

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Speaker 1: in there, a little cellular motim in there.

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Speaker 2: But once the watch gets a few years old, it

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Speaker 2: seems like similar to like a luxury car in a

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Speaker 2: regular car, like the price disparity becomes almost non existent.

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Speaker 2: And so I was looking for an older model and

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Speaker 2: I found WoT had a pretty good deal on I

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Speaker 2: think it was the series seven is what I was buying.

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Speaker 1: And it's like Beamers, right, so seven series Apple, I

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Speaker 1: means it's like four generations old or something. Okay. I

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Speaker 1: was like, oh, I'll still be supported for a couple

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Speaker 1: more years.

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Speaker 2: And when I the other good thing about buying from

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Speaker 2: WoT was that there was a two year warranty on

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Speaker 2: the watch, and I was like, okay, that nice, that's good.

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Speaker 2: It seemed like the warranty was solid. That gave me

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Speaker 2: some peace of mind when I was buying a refer watch. Well,

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Speaker 2: the what I didn't factor in, Well I got the watch,

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Speaker 2: she was super excited. The battery life was terrible, and

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Speaker 2: so go into the back end settings and it turns

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Speaker 2: out this the battery life was inferior to the quality

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Speaker 2: they promised. So the battery life says you can go

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Speaker 2: into your Apple Watch. I guess yeah, percentage battery life

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Speaker 2: left exactly. And it was like, hey, this this ain't great.

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Speaker 2: It's basically the messages that the Apple Watch told me.

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Speaker 1: Did you give a percentage? It gives a percentage.

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Speaker 2: I think it was like seventy three percent, and then

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Speaker 2: it like eighty yeah, yeah yeah. And so because it

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Speaker 2: was below that, I reached out and they're like, hey,

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Speaker 2: well we'll give you twenty five bucks and that'll help

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Speaker 2: you out.

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Speaker 1: How much was the watch? The watch was like one

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Speaker 1: thirty something like that. Okay, that's not twenty five I'm picture,

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Speaker 1: I'm thinking two hundred dollars. Twenty five bucks sounds like,

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Speaker 1: I mean a pittance like that sounds like nothing. It does.

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Speaker 1: But but if you have to replace the battery, which

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Speaker 1: my gosh, the battery was super not satisfactory a lot more.

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Speaker 2: Yeah, it's like a hundred bucks, right, So I was like, yeah,

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Speaker 2: that's that's not going to cut it. Actually, I'd rather

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Speaker 2: send this back and get YEP, another watch with the

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Speaker 2: higher battery life. And they said, actually, we source these

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Speaker 2: watches through a different vendor. They don't have any more

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Speaker 2: of these right now, so we can't do that. What

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Speaker 2: they ended up doing was saying, actually, we're just gonna

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Speaker 2: give you a full refund and you can keep to watch.

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Speaker 1: Yeah. I was like, oh, dude, how about one hundred

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Speaker 1: and twenty five dollars off right? But this, this is

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Speaker 1: just how much How long did it take before the

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Speaker 1: initial contact of you reaching out to WoT versus them

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Speaker 1: finally caving and.

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Speaker 2: Not too bad? It was like four or five days,

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Speaker 2: like a few back and forth. It didn't take too long.

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Speaker 2: So I was impressed with the customer service, like it,

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Speaker 2: and with the resolution, and I just got to say, like,

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Speaker 2: you know, we you and I we've talked on the

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Speaker 2: past in the past about asking for her a discount.

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Speaker 2: We've talked about standing up for yourself, and these are

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Speaker 2: the don't say yes to the first thing that a

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Speaker 2: company offers. Yeah, you're trying to get your problem resolved.

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Speaker 2: Often just that extra little pushback and saying, well, batteries

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Speaker 2: are one hundred bucks and you're offering me twenty five

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Speaker 2: and this battery it's it's not great. Like she was,

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Speaker 2: you know, pretty disappointed. The battery died quickly when she

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Speaker 2: just used it.

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Speaker 1: A little bit often. You have to Yeah, if it's

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Speaker 1: a seventy three percent battery life left or whatever battery expectancy,

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Speaker 1: what does that mean from a daily use standpoint, because

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Speaker 1: I we don't have any yeah, wash Apple Watch.

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Speaker 2: She doesn't use it very often, and so she would

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Speaker 2: just use it for a few minutes, put it down on,

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Speaker 2: pick it back cup later, use it for a few minutes.

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Speaker 2: Then she'd be like, now it's it like forty two

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Speaker 2: percent What in the world one day? Ye oh yeah,

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Speaker 2: in like hours, So oh dude, that's very frustrating.

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Speaker 1: Yeah. Yeah, And again it's not like she was addicted

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Speaker 1: to it using in a bunch. That's boy.

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Speaker 2: Stick up for yourself. Yeah, and recognize that you can

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Speaker 2: get better customer service. You just have to push for

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Speaker 2: it and check in.

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Speaker 1: No, you're right.

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Speaker 2: It's like, no, Hey, what's the standard actually that you're

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Speaker 2: that I'm supposed to get when I buy this product

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Speaker 2: from you. This was substandard and they made it right.

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Speaker 1: Yeah. Well, I am glad that they were able to

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Speaker 1: make it right for you. Glad that you held out

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Speaker 1: and I think, like you said, looking specifically for metrics.

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Speaker 1: That's why I asked, Okay, what was the actual percentage,

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Speaker 1: because if they are saying, oh yeah, it's a pretty

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Speaker 1: good battery, right, all right, well that's incredibly subjective as

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Speaker 1: opposed to oh no, it will be at least eighty

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Speaker 1: percent or higher. Yeah, nexs man, I'm glad you were

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Speaker 1: able to make that happen. And also I would recommend

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Speaker 1: it for folks to not just go on their shopping

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Speaker 1: because if they're still doing that wood off, it can

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Speaker 1: be addicting as opposed to looking for a specific item, right, like,

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Speaker 1: don't go shopping for stuff, go looking for an actual

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Speaker 1: piece of equipment that you might need, an actual, a

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Speaker 1: specific item. But I'll go ahead and introduce the beer

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Speaker 1: that you and I are gonna enjoy during this episode, Buddy,

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Speaker 1: which is a down Patroller by Hana Koa. This is

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Speaker 1: the is it the last one that you brought back

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Speaker 1: from Hawaii? It is that we're gonna enjoy. But don't

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Speaker 1: you worry, folks, We've got more that we're gonna be

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Speaker 1: able to get to. So here's from your trip. Yeah, yeah, exactly.

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Speaker 2: All right, Well, if you have a money question, we'd

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Speaker 2: love to take it on the show. Hopefully we can

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Speaker 2: take it next week. Just go to have the Money

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Speaker 2: dot com slash ask for the simple instructions. It's basically

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Speaker 2: recording a voice memo on your phone. Emailing it to

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Speaker 2: us takes no time at all, and we would love

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Speaker 2: to take your question.

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Speaker 1: Holler at us. Matt.

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Speaker 2: Let's get to one from a young listener, specifically about

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Speaker 2: investing and whether some of those apps are going to

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Speaker 2: be best for getting started.

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Speaker 4: Hey Joel, Hey Matt. My name is Denali. I'm twenty

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Speaker 4: four years old and I'm a full time carpenter for

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Speaker 4: a custom home builder. Worker on co op just outside

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Speaker 4: of Asheville, North Carolina. Great beer, great mountains, Come hang out.

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Speaker 4: It's pretty cool over here. I have a couple questions

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Speaker 4: for you guys. My first question is is an app

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Speaker 4: or a platform like Acorns something that you would personally use?

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Speaker 3: Is it?

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Speaker 4: Would you advise people use it? And if you do

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Speaker 4: recommend using it, is it worth paying their ridiculous subscription

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Speaker 4: fees for I'd like to start investing my own money.

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Speaker 4: I just don't know how. I don't know where to start,

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Speaker 4: So if you guys could please pour me in the

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Speaker 4: right direction, that would be super awesome. My second question

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Speaker 4: would be how do I start investing in real estate

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Speaker 4: off of a forty five thousand dollars salary. I have family,

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Speaker 4: that is, we're willing to put down some money with

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Speaker 4: a legal contract, but I don't want to get in

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Speaker 4: a sticky st issue and let my family down. So yeah,

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Speaker 4: where do I start? How do I start?

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Speaker 1: And that's it?

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Speaker 5: All right?

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Speaker 1: Cheers guys? Wait, wait, wait, wait?

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Speaker 4: Do you guys prefer to drink a beer in a can,

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Speaker 4: a bottle or a nice cold glass? Super curious how

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Speaker 4: you guys are drinking beer over there?

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Speaker 1: All right? Danali out, Matt. We're obviously familiar with Ashville.

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Speaker 1: Come on. Oh yeah, I was there in the spring.

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Speaker 1: It was lovely. I Oh, I don't know if I've

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Speaker 1: been up there yet this year. Normally, can I at

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Speaker 1: least get up there for like a couple's tripe? But

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Speaker 1: I might have to make sure that happens before we

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Speaker 1: make a pilgrimage on the rag. Yes, but yeah, we

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Speaker 1: actually we've been doing other other travels. I wanted to

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Speaker 1: get to Danali's, which is, if that's his real name,

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Speaker 1: that's an awesome, awesome name. Let's get to his as

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Speaker 1: his beer glass are drinking beverage? Question? Which I mean,

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Speaker 1: I'm pretty sure I know what you're gonna answer. You're

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Speaker 1: a fan of tulip glasses. Perhaps that's what we drink

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Speaker 1: out off here on the show. Honestly, I don't even

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Speaker 1: necessarily love the fact that it's got a stem. It's

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Speaker 1: just because early on, when we first started the show,

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Speaker 1: we just wanted to make it clear that we weren't

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Speaker 1: like your dad's frosted mug full of like beer from Cheers.

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Speaker 2: Yeah, I'd rather drink beer out of like a Cereal

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Speaker 2: bowl than a frosted mug.

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Speaker 3: What.

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Speaker 1: Yeah, I'm gonna I'm not gonna take frosted mugs with

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Speaker 1: a passion. I'm not gonna take it that far. I

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Speaker 1: will Why because fasted mug well one, I think a

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Speaker 1: lot of great beers taste better at a slightly elevated temperature. Sure,

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Speaker 1: you don't need the Rockies to be blue, you know

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Speaker 1: what I'm saying. It doesn't need to be ice cold,

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Speaker 1: but I don't mind the little boosts in uh or

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Speaker 1: actually slight decline in temperature in order because it's gonna

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Speaker 1: it always warms up those mugs. They're also incredibly heavy,

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Speaker 1: which makes it ridiculous. You just need to get strong king.

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Speaker 2: You know, I come from a lineage of Vikings, but

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Speaker 2: I'm not one, So I would rather drink out of

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Speaker 2: like a chindler, more gentlemanly glass, yeah, or a can.

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Speaker 1: I'm down with a can bottles, I don't really, I'm

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Speaker 1: pretty much. Yeah, Yeah, I feel like craft beer. Initially

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Speaker 1: it was all about the bottle, but it's all the

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Speaker 1: great I feel like all the great breweries are caning

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Speaker 1: these days. Specifically, I I'm not really drinking out of the can,

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Speaker 1: but at home, I would say ninety nine percent of

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Speaker 1: the time I'm drinking out of our little glasses. And

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Speaker 1: I know I've shared a beer with you. Yeah, but

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Speaker 1: they are these eight ounce and they're called no Nick glasses.

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Speaker 1: And they're called that because I'm pretty sure they were

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Speaker 1: originated or invented in the UK in like a bar

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Speaker 1: or like a pub kind of setting. And it's like

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Speaker 1: a normal glass, but imagine towards the top it bubbles

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Speaker 1: out a little bit before it tapers back in to

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Speaker 1: wear the rim of the glasses. And they're called no

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Speaker 1: Nicks because we're the glass to fall over. What hits

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Speaker 1: what hits the bar? First? Oh, the bubble part, The

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Speaker 1: bubble part which is stronger than the fragile lip or

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Speaker 1: the fragile edge. And so it was a way to

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Speaker 1: create a more robust glass that's not going to have

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Speaker 1: little nicks along the edge of the glass where you

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Speaker 1: you would drink out of. And specifically, we have eight

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Speaker 1: ouncers which are perfect for splitting a sixteen ounce beer,

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Speaker 1: just like you and I are doing today my friends

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Speaker 1: and splitting beers. And I do like ninety nine percent

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Speaker 1: of the Splitting beers is the way.

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Speaker 2: To go one because you're drinking less, you get to

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Speaker 2: enjoy it, you kind of sip and savor the flavor more,

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Speaker 2: and you get to drink something awesome with someone that

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Speaker 2: you love and care about.

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Speaker 1: And if you're paying a little more attention to your health, yeah,

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Speaker 1: I made a little less alcohol consumption. For dudes like

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Speaker 1: us who are getting to be a bit older, we're

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Speaker 1: paying a little more attention to that kind of thing,

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Speaker 1: not as young as Denali.

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Speaker 2: So no, let's get let's get to Denali's questions specifically

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Speaker 2: about investing as kind of starting out, and you know

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Speaker 2: he's asking about acorns. Would I personally use acorns? No,

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Speaker 2: I would not use acorns. But it's not because Acorns

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Speaker 2: is bad, right, Why he's such a hater And well,

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Speaker 2: Acorns was one of like the first fintech companies in existence.

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Speaker 2: I remember when they launched and I was like, this

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Speaker 2: is a pretty cool novel. Yeah, this is awesome. And

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Speaker 2: I will say they have changed their business model a

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Speaker 2: bit since then, which has made me less supportive. But

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Speaker 2: still I think it can be helpful to some folks,

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Speaker 2: but it's just really for people who want to get

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Speaker 2: set up investing and they have no idea what to do,

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Speaker 2: and so they've created this tech, technological solution to help

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Speaker 2: them do the thing that they otherwise really wouldn't do.

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Speaker 2: And to be honest, you know, the flat fees that

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Speaker 2: Acorn charges now for small accounts, they might seem reasonable

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Speaker 2: as you look at it, You're like three bucks a month,

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Speaker 2: that's not terrible, but when you do the math and when

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Speaker 2: you think of it as a percentage of assets, it

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Speaker 2: can be insane. And so that's I think my major

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Speaker 2: beef is it used to be a percentage of assets,

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Speaker 2: but then when they changed to a flat fee model

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Speaker 2: for some accounts that that was kind of a killer

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Speaker 2: for me, and it made Acorns and similar apps just

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Speaker 2: less attractive overall.

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Speaker 1: Totally. Yeah, So in part, I think it's personal preference

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Speaker 1: because you could get started with acorns and if it

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Speaker 1: is a decision between using them and investing or going

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Speaker 1: another path and not investing at all, I would say

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Speaker 1: go for it with acorns on. But it sounds like,

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Speaker 1: you know, despite you just getting started on the investing front,

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Speaker 1: it sounds like you're keen to figure it out, that

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Speaker 1: you're looking to do the right thing from the get go.

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Speaker 1: You send a voice memo in to a personal finance show,

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Speaker 1: So just adding let's say, a tiny bit more complexity,

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Speaker 1: getting a bit more comfortable with some of the different

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Speaker 1: platforms out there, and then some of the different account

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Speaker 1: names I think is going to allow you to have

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Speaker 1: more of your money working for you, which is going

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Speaker 1: to be clush. And our favorites haven't changed since we

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Speaker 1: basically started the show. Fidelity, Vanguard, Schwab, they are all fantastic.

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Speaker 1: We're kind of singing the same song all these years. Yeah,

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Speaker 1: I will say I feel like Robinhood is a newer

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Speaker 1: and I know we've got mixed feelings there, but initially

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Speaker 1: it's just like, oh no, they're really encouraging single stock investing,

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Speaker 1: but then they added iras. Then they started offering the.

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Speaker 2: Match robinhood and Bottomood is up there both like come

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Speaker 2: into our good graces, but the the ogs are still great.

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Speaker 1: Totally Yeah for you, Denali, know yourself because if you

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Speaker 1: you are tempted to get in there, mess with it.

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Speaker 1: Perhaps do some single stock investing, maybe allocate more of

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Speaker 1: your portfolio to crypto than you otherwise should stay trading

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Speaker 1: trash coins. You don't want to do that, and instead

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Speaker 1: go with the boring, low cost brokerage suggestions of Fideli,

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Speaker 1: Vanguard or Schwab. Where it is that you invest it matters,

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Speaker 1: and I think starting or you just to start off

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Speaker 1: like with the on the right foot. You're starting with

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Speaker 1: a top notch brokerage as opposed to one that's just

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Speaker 1: okay that's going to literally pay dividends over time.

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Speaker 2: I think there's something about I feel like we've had

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Speaker 2: people on in the past, Matt and guests on the show,

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Speaker 2: and they're like, well, it's okay if people make a

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Speaker 2: lot of mistakes early on, because the goal is eventually

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Speaker 2: to get it right and they see kind of what

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Speaker 2: they're trying to say. But there's also validity to starting

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Speaker 2: off doing the best thing or a much better thing,

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Speaker 2: because inertia bias leads us to kind of continuing going

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Speaker 2: down the path that we started on just a couple.

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Speaker 1: Degrees off right up in the wrong state.

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Speaker 2: Yeah, so maybe you're like, all right, I'm gonna do

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Speaker 2: acorns to get started, and then six years later you're

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Speaker 2: still doing it when you could have done better, experienced

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Speaker 2: lower fees. Maybe you would have been more incentivized to

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Speaker 2: invest more by going with a different brokerage account. So

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Speaker 2: I think, yeah, doing making a better decision from the

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Speaker 2: get go is a good thing, not a bad thing.

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Speaker 2: And speaking of accounts, Matt, I think the wroth ira

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Speaker 2: is going to be the best account for Denali. You

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Speaker 2: can read more about it on our site. But especially

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Speaker 2: for folks in the early wealth building stages, roths are

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Speaker 2: clutch and it's really all about avoiding future taxes. You

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Speaker 2: mentioned kind of what you're making well, you know, when

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Speaker 2: you don't have a massive income. The roth ira is

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Speaker 2: particularly attractive because you're paying the tax now at a

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Speaker 2: really low tax rate, and then you don't pay money

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Speaker 2: ever again right on the wroth money that you accrue,

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Speaker 2: which is brilliant and beautiful. We're also fans of low

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Speaker 2: cost index funds. We say it a lot, but check

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Speaker 2: that out. Check those out. We have articles on the

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Speaker 2: side about that as well. But yeah, go ahead, get

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Speaker 2: that recurring contribution set up so it comes out of

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Speaker 2: your bank account automatically every single month, not having to

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Speaker 2: think about it, making it seamless. That's crucial because it's

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Speaker 2: really easy to fall off the horse. Otherwise you totally

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Speaker 2: might start with the best of intentions, might fund it

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Speaker 2: with one hundred bucks, two hundred bucks or something like that,

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Speaker 2: and you're like, yeah, I'm gonna I'm gonna keep going.

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Speaker 2: But if it's not kind of automatically paying yourself first,

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Speaker 2: coming out of your account every single month, you're likely

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Speaker 2: to forget and then stop making it a happen.

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Speaker 1: Yeah, that's and honestly, I think that's a part of

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Speaker 1: why denials. Asking specifically about Acorns, I'm assuming he's drawn

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Speaker 1: to that one because of the round up feature, And

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Speaker 1: that's what I mean, that's how Acorns kind of made

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Speaker 1: their name. No, initially it was it's all about rounding up,

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Speaker 1: essentially automating your investing and so like to that extent,

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Speaker 1: if you are not going to and I already said this,

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Speaker 1: but I'm gonna just put a pin in it. If

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Speaker 1: you're not going to invest otherwise, and for you, if

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Speaker 1: this is how you're gonna be able to jump start

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Speaker 1: your investing, I think it's worth it. Maybe you want

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Speaker 1: to do the right thing, but you just haven't found

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Speaker 1: a way. If this is the tool that allows you

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Speaker 1: to practically literally to start investing your dollars, then I

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Speaker 1: think this could be money well spent. It makes me

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Speaker 1: think about like when I first started working working out

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Speaker 1: of the gym doing CrossFit, like I could have tried

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Speaker 1: to figure it out on my own at home like

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Speaker 1: I am doing now, but it would have taken a

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Speaker 1: really long time and I probably would have made a

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Speaker 1: lot of mistakes. But I was like, you know what,

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Speaker 1: I want to pay too much money for a period

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Speaker 1: of time. But over the course of a couple years,

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Speaker 1: I was able to learn. They had coaches there, they

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Speaker 1: had trainers making sure my form was right. I was

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Speaker 1: learning the ropes, and then finally I was like, okay,

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Speaker 1: I can this is actually not all that difficult. Now

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Speaker 1: I do it myself. Now you're ready to fly solo exactly,

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Speaker 1: And so I think I would love to see to

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Speaker 1: not like if he's saying that, no, I need this

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Speaker 1: to get started, I would love for him to find

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Speaker 1: a way to not be signed up with Acorns essentially

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Speaker 1: for the rest of his life, because that's the part

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Speaker 1: where I'm just you know, because eventually they're going to

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Speaker 1: up the prices, up the percentage.

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Speaker 2: Which just means that the percentage if you have a

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Speaker 2: really small amount in there, can be really high. Under

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Speaker 2: the flat fems significant and it really does eat into

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Speaker 2: your ability to build wealth. So yeah, again, three bucks

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Speaker 2: seems like nothing, and then you're like, but I've only

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Speaker 2: got one hundred bucks in There's that three bucks a

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Speaker 2: month actually was significant massive. Yeah, let's talk about real

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Speaker 2: estate for a second, because I like the goal of

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Speaker 2: owning real estate, and I think it's amazing to knowledge

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Speaker 2: that you've got others who are willing to support you

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Speaker 2: in that endeavor. Your question was really about how to

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Speaker 2: build up a down payment on a smaller salary. I

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Speaker 2: would say, wow, this kind of personal finance basics here

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Speaker 2: to pay close attention to your spending, work hard to

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Speaker 2: increase your income. I think it sounds simplistic, but every

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Speaker 2: extra dollar matters when you're trying to scrape together a

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Speaker 2: nest egg to buy a place. And so yeah, we

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Speaker 2: often don't sing the praises of side hustles, but in

430
00:19:39,560 --> 00:19:41,840
Speaker 2: those early years, trading your time for money can make

431
00:19:41,880 --> 00:19:44,000
Speaker 2: a big difference, right. It allows you to accomplish some

432
00:19:44,000 --> 00:19:47,959
Speaker 2: of those primary financial goals that you have earlier. And

433
00:19:48,240 --> 00:19:51,359
Speaker 2: you start with a cheaper place it's gonna meet your needs,

434
00:19:51,680 --> 00:19:53,920
Speaker 2: preferably one that allows you to either make money, like

435
00:19:53,960 --> 00:19:57,160
Speaker 2: a multifamily or something that you can increase the equity

436
00:19:57,200 --> 00:20:01,000
Speaker 2: of through your own sweat. So heck, yes, lean into that.

437
00:20:01,040 --> 00:20:02,919
Speaker 2: Maybe you move into something that's like, I don't know,

438
00:20:03,160 --> 00:20:05,600
Speaker 2: kind of sort of a dump ish, yes, but you

439
00:20:05,640 --> 00:20:07,520
Speaker 2: can over time make those repairs.

440
00:20:07,920 --> 00:20:09,919
Speaker 1: And because he's a home builder or he works for

441
00:20:09,920 --> 00:20:11,879
Speaker 1: a home builder, right, so I'm assuming that means he's

442
00:20:11,920 --> 00:20:15,199
Speaker 1: got some skills and so like that's like the golden

443
00:20:15,200 --> 00:20:18,520
Speaker 1: path I see for Denale. Here is the fact that

444
00:20:18,560 --> 00:20:21,240
Speaker 1: he can potentially finds. He's young, so he doesn't care necessarily.

445
00:20:21,240 --> 00:20:23,960
Speaker 1: Maybe if it's a dump, he's got the skills. Maybe

446
00:20:23,960 --> 00:20:26,600
Speaker 1: he's even got the tools, and so to be able

447
00:20:26,640 --> 00:20:29,840
Speaker 1: to kind of combine all of these superpowers like that, Denelly,

448
00:20:29,920 --> 00:20:33,440
Speaker 1: I think is essentially your golden ticket, and I don't know,

449
00:20:33,480 --> 00:20:35,480
Speaker 1: maybe you don't have the tools. This gets me thinking,

450
00:20:35,560 --> 00:20:37,879
Speaker 1: I don't love the idea of your family quote unquote

451
00:20:37,920 --> 00:20:40,159
Speaker 1: investing with you, because I hear you you don't want

452
00:20:40,160 --> 00:20:42,080
Speaker 1: to let them down. Things start getting kind of weird,

453
00:20:42,520 --> 00:20:46,119
Speaker 1: and maybe if they could like gift you some tools

454
00:20:46,240 --> 00:20:47,960
Speaker 1: or even some money, I think that's a much better

455
00:20:48,240 --> 00:20:50,040
Speaker 1: path to take as opposed to there being sort of

456
00:20:50,080 --> 00:20:54,880
Speaker 1: this ongoing investor client sort of relationship where it's like, well,

457
00:20:55,080 --> 00:20:57,360
Speaker 1: I feel like I have a fiduciary responsibility to make

458
00:20:57,359 --> 00:20:59,320
Speaker 1: sure that I'm giving them a return on their money.

459
00:20:59,359 --> 00:21:03,640
Speaker 1: You money the water. Yeah, I would personally avoid that instead,

460
00:21:04,200 --> 00:21:06,000
Speaker 1: just practice some of the basics. Like Joel, like you

461
00:21:06,080 --> 00:21:08,440
Speaker 1: just mentioned finding ways to raise your own money, even

462
00:21:08,480 --> 00:21:10,040
Speaker 1: if that means it takes a little bit longer to

463
00:21:10,359 --> 00:21:12,840
Speaker 1: get started in real estate. I think that that's just

464
00:21:12,840 --> 00:21:13,919
Speaker 1: the better path forward for you.

465
00:21:13,960 --> 00:21:16,679
Speaker 2: It's what I would do were I in Denali's shoes.

466
00:21:16,880 --> 00:21:18,720
Speaker 2: I think it's supportable. He just said being willing to

467
00:21:18,720 --> 00:21:20,760
Speaker 2: wait a little bit longer, Like, Hey, this is a goal,

468
00:21:20,920 --> 00:21:24,399
Speaker 2: but what can my realistic timeline be run the numbers? Well,

469
00:21:24,400 --> 00:21:26,080
Speaker 2: what if I make this change to my budget. What

470
00:21:26,080 --> 00:21:28,960
Speaker 2: if I cut back here or increase my earnings a

471
00:21:29,000 --> 00:21:31,400
Speaker 2: little bit over here, how does that change the timeline

472
00:21:31,400 --> 00:21:32,760
Speaker 2: that I should be able to buy the place that

473
00:21:32,800 --> 00:21:35,120
Speaker 2: I want? And wait a second, can that place actually

474
00:21:35,200 --> 00:21:37,480
Speaker 2: provide a little bit of an income at the same

475
00:21:37,520 --> 00:21:40,480
Speaker 2: time negating some of my housing costs once I do

476
00:21:40,560 --> 00:21:42,920
Speaker 2: reach that point? Like, those are good questions to ask,

477
00:21:42,960 --> 00:21:46,200
Speaker 2: but I would just say, yeah, don't rush it, especially

478
00:21:46,200 --> 00:21:50,720
Speaker 2: if it means potentially harming relationships because you're you're borrowing money,

479
00:21:50,720 --> 00:21:53,080
Speaker 2: which can which can be awkward, especially with family.

480
00:21:53,359 --> 00:21:55,320
Speaker 1: That's right, dude, We've got more to get to. We're

481
00:21:55,359 --> 00:21:58,000
Speaker 1: going to take a question about an FHA alone. We're

482
00:21:58,000 --> 00:22:00,760
Speaker 1: going to get to car payments as well, or right

483
00:22:00,880 --> 00:22:11,480
Speaker 1: after the break a hard Matt, Let's get to our

484
00:22:11,520 --> 00:22:12,080
Speaker 1: next question.

485
00:22:12,240 --> 00:22:16,040
Speaker 2: This one comes from a listener who is worried about

486
00:22:16,040 --> 00:22:18,600
Speaker 2: Social Security not being there in her future.

487
00:22:19,640 --> 00:22:23,000
Speaker 5: Hey, Matt, Angel, this is Katie Colin from Ithaco, New York.

488
00:22:23,640 --> 00:22:26,960
Speaker 5: Beautiful area if you guys ever wanted to come visit.

489
00:22:27,040 --> 00:22:31,440
Speaker 5: There's a lot of beer tasting and wine tasting opportunities

490
00:22:31,440 --> 00:22:36,560
Speaker 5: here and some beautiful hiking and waterfalls. I am a

491
00:22:36,600 --> 00:22:40,440
Speaker 5: newer listener to the podcast. I've really enjoyed it. I've

492
00:22:40,880 --> 00:22:44,720
Speaker 5: learned so much from you guys, and I'm really appreciative

493
00:22:44,760 --> 00:22:48,960
Speaker 5: of that. I just listened to episode number eight seventy

494
00:22:49,000 --> 00:22:52,280
Speaker 5: two with Jesse Kramer, and I thought that was a

495
00:22:52,280 --> 00:22:56,959
Speaker 5: great conversation overall. I have a question specifically about social security.

496
00:22:57,600 --> 00:23:00,439
Speaker 5: So you guys were talking about social security, you know,

497
00:23:00,480 --> 00:23:03,440
Speaker 5: in the trust running out in the mid twenty thirties,

498
00:23:04,320 --> 00:23:09,200
Speaker 5: but then after that there's still being funds available because

499
00:23:09,560 --> 00:23:15,080
Speaker 5: you know, workers continue to pay into that system. I'm

500
00:23:15,119 --> 00:23:18,080
Speaker 5: wondering if you folks could talk a little bit about

501
00:23:19,000 --> 00:23:26,240
Speaker 5: fluctuations in population and numbers of folks in the workforce

502
00:23:26,320 --> 00:23:29,840
Speaker 5: and how that will change the way social security works,

503
00:23:29,920 --> 00:23:32,400
Speaker 5: or if you could talk about what your your thoughts

504
00:23:32,440 --> 00:23:35,439
Speaker 5: about that are. Okay, thanks a lot. I love the

505
00:23:35,440 --> 00:23:38,360
Speaker 5: podcast and appreciate everything that you do for us.

506
00:23:38,600 --> 00:23:41,240
Speaker 1: Matt, you've ever been to Ithaca? No? No, I was

507
00:23:41,240 --> 00:23:42,399
Speaker 1: gonna say, Kay is a part of the How to

508
00:23:42,400 --> 00:23:45,680
Speaker 1: Money Nation. Now she's a newer listener. Okay, so she

509
00:23:45,760 --> 00:23:48,639
Speaker 1: read that before the HTM Nation. Yeah, should we do that?

510
00:23:48,680 --> 00:23:50,000
Speaker 1: I don't know, does it feel too browie?

511
00:23:50,040 --> 00:23:53,560
Speaker 2: I don't feel good about it, really, You're like, I

512
00:23:53,560 --> 00:23:55,520
Speaker 2: feel a little ichy when our besties.

513
00:23:55,640 --> 00:23:58,119
Speaker 1: You know that's true. Yeah, it's better there are buds, no,

514
00:23:58,280 --> 00:24:00,720
Speaker 1: I you know, I love looking up where people live,

515
00:24:00,960 --> 00:24:04,200
Speaker 1: not like they're specific. Katie didn't send her her actual

516
00:24:04,240 --> 00:24:06,679
Speaker 1: address that's like a nice house, but she did a

517
00:24:06,680 --> 00:24:09,960
Speaker 1: living room at the front. She did Mission Ithaca, And

518
00:24:10,560 --> 00:24:12,760
Speaker 1: like when you search a town or a city, Google

519
00:24:12,760 --> 00:24:16,680
Speaker 1: puts like this rotating banner of pictures in like three

520
00:24:16,800 --> 00:24:19,159
Speaker 1: or four the top ten or the first ten or

521
00:24:19,200 --> 00:24:21,720
Speaker 1: twelve photos that popped up. We're in fact waterfalls this

522
00:24:21,920 --> 00:24:24,600
Speaker 1: it's like a very beautiful place to go hiking. So

523
00:24:24,640 --> 00:24:26,440
Speaker 1: I'm all for it. I actually might build that into

524
00:24:26,840 --> 00:24:29,640
Speaker 1: I'm already thinking about road trip two point zero Joel

525
00:24:29,800 --> 00:24:31,399
Speaker 1: Nice next summer. We're not going to go all the

526
00:24:31,440 --> 00:24:33,359
Speaker 1: way up to the East coast or go out west necessarily,

527
00:24:33,359 --> 00:24:36,280
Speaker 1: but maybe extending it off of our Michigan trip, maybe

528
00:24:36,320 --> 00:24:38,440
Speaker 1: like doing a little bit of Upper Peninsula action, which

529
00:24:38,440 --> 00:24:42,320
Speaker 1: we've never done. But the New York Ithaca isn't all

530
00:24:42,359 --> 00:24:45,120
Speaker 1: that far. I guess really, I'm just sad we never

531
00:24:45,160 --> 00:24:47,199
Speaker 1: made it over to Vermont, which is where all the

532
00:24:47,240 --> 00:24:49,480
Speaker 1: good good Year is. I'll never been Ey there on,

533
00:24:49,560 --> 00:24:51,200
Speaker 1: So I'm trying to find a way to make that happen.

534
00:24:51,320 --> 00:24:54,719
Speaker 2: Yeah, but let's talk about social security, because yeah, this

535
00:24:54,840 --> 00:24:57,760
Speaker 2: is this is a problem, right, The Social Security Trust

536
00:24:57,800 --> 00:25:00,680
Speaker 2: Fund talked about it in that episode, and actually, if

537
00:25:00,680 --> 00:25:03,879
Speaker 2: you look at the numbers, it's gotten worse. So the

538
00:25:03,920 --> 00:25:06,080
Speaker 2: Social Security Trust Fund is set to run out in

539
00:25:06,200 --> 00:25:09,280
Speaker 2: roughly eight years. Twenty thirty three, I think is the

540
00:25:09,359 --> 00:25:10,560
Speaker 2: last estimate I saw.

541
00:25:10,800 --> 00:25:13,720
Speaker 1: Yeah, of used to be, not that, I'm pretty sure.

542
00:25:14,359 --> 00:25:15,880
Speaker 1: Maybe the first time we talked about it on the show,

543
00:25:15,880 --> 00:25:19,399
Speaker 1: they're like, it's totally fine until twenty thirty five. The

544
00:25:19,480 --> 00:25:20,960
Speaker 1: fuse it's gotten shorter.

545
00:25:21,000 --> 00:25:23,680
Speaker 2: That's right, that's right, and it sounds like a ways away,

546
00:25:23,760 --> 00:25:27,359
Speaker 2: but it's not really right. So this game of Chicken

547
00:25:27,600 --> 00:25:30,160
Speaker 2: is kind of starting to get scary in my book,

548
00:25:30,359 --> 00:25:34,560
Speaker 2: and it's hard to fathom how no adult in power

549
00:25:34,920 --> 00:25:38,680
Speaker 2: has been willing to veer the car away from impending disaster.

550
00:25:39,080 --> 00:25:41,600
Speaker 2: They're just like, nothing to see here, and they get

551
00:25:41,640 --> 00:25:43,840
Speaker 2: their hands locked on the wheel, keeping it straight ahead.

552
00:25:44,600 --> 00:25:47,119
Speaker 2: What's going to happen is kind of as you noted, Katie,

553
00:25:47,160 --> 00:25:49,600
Speaker 2: benefits are automatically going to get cut by twenty three

554
00:25:49,680 --> 00:25:52,439
Speaker 2: percent roughly at that time if nothing is done to

555
00:25:52,480 --> 00:25:56,040
Speaker 2: change the system. Also, more retirees have been claiming at

556
00:25:56,080 --> 00:25:59,720
Speaker 2: an earlier age because of the troubled social security system

557
00:25:59,760 --> 00:26:04,280
Speaker 2: they keep reading about, which compounds the problem. And still

558
00:26:04,600 --> 00:26:07,400
Speaker 2: still there seems to be zero political will to address

559
00:26:07,440 --> 00:26:10,320
Speaker 2: this elephant in the rumor, to even acknowledge it exists.

560
00:26:10,320 --> 00:26:13,080
Speaker 2: It's like nothing to see here, Everything's fine, social Security rocks.

561
00:26:13,960 --> 00:26:16,880
Speaker 1: These aren't the funds that you're looking for. This does

562
00:26:16,960 --> 00:26:19,719
Speaker 1: make sense, though, because honestly, I feel like as a country,

563
00:26:19,800 --> 00:26:23,320
Speaker 1: like voters, we have lost our stomach to hear the

564
00:26:23,359 --> 00:26:25,919
Speaker 1: hard news, right to deal with the hard stuff. But

565
00:26:25,960 --> 00:26:27,680
Speaker 1: still it is shocking. Just tell me what I want

566
00:26:27,680 --> 00:26:30,679
Speaker 1: to hear. Please. Yeah, that's basically how it works in

567
00:26:30,720 --> 00:26:32,920
Speaker 1: politics now. But what Katie is asking though, is could

568
00:26:32,960 --> 00:26:35,800
Speaker 1: things get worse? So we're gonna go full doomsday on

569
00:26:36,400 --> 00:26:41,440
Speaker 1: Katie here, let's go htm nation. We got to stop

570
00:26:41,440 --> 00:26:45,440
Speaker 1: saying that the projections now are based on a bunch

571
00:26:45,480 --> 00:26:48,560
Speaker 1: of assumptions about how much payroll tax will likely be collected.

572
00:26:49,000 --> 00:26:51,919
Speaker 1: And so yeah, birth rates are factoring into this analysis

573
00:26:51,920 --> 00:26:54,760
Speaker 1: as well, so yes, the drop dead date it has

574
00:26:54,880 --> 00:26:58,320
Speaker 1: reflected these negative trends in the past few years and

575
00:26:58,359 --> 00:27:02,200
Speaker 1: it gets reassessed by the Trustee of Social Security annually,

576
00:27:03,040 --> 00:27:05,840
Speaker 1: and it, yes, most definitely could get worse because if

577
00:27:05,920 --> 00:27:09,360
Speaker 1: unemployment numbers, let's say they meaningfully increase, or let's say

578
00:27:09,400 --> 00:27:12,480
Speaker 1: the birth rate decline, let's say doesn't taper. Let's say

579
00:27:12,520 --> 00:27:15,120
Speaker 1: what if it just even speeds up at a faster pace.

580
00:27:15,200 --> 00:27:17,960
Speaker 1: Let's say Elon Musk stops having babies. Matt, I mean,

581
00:27:18,040 --> 00:27:20,520
Speaker 1: compared to most the typical American, you and I are

582
00:27:20,560 --> 00:27:22,440
Speaker 1: both outliers as well. We have too many kids.

583
00:27:22,480 --> 00:27:24,399
Speaker 2: I don't know if I'm an outlier at three because

584
00:27:24,400 --> 00:27:26,520
Speaker 2: what two point one is the birth No, it's like

585
00:27:26,520 --> 00:27:27,280
Speaker 2: one point seven?

586
00:27:27,480 --> 00:27:28,160
Speaker 1: Is it one point seven?

587
00:27:28,240 --> 00:27:28,320
Speaker 5: Now?

588
00:27:28,440 --> 00:27:31,120
Speaker 1: Now, yeah, it's below it's below replacement, right, Like two

589
00:27:31,160 --> 00:27:34,040
Speaker 1: point one is replacement? Right, yeah, that's right because to

590
00:27:34,119 --> 00:27:37,280
Speaker 1: account for death. Unfortunately, You're right, I'm prolific, you are.

591
00:27:37,600 --> 00:27:39,920
Speaker 1: And four is just like, man, We've got friends who

592
00:27:39,920 --> 00:27:42,560
Speaker 1: have like seven kids. They are like, what could do

593
00:27:42,640 --> 00:27:43,400
Speaker 1: they belong to you?

594
00:27:43,480 --> 00:27:45,959
Speaker 2: I have friends who had like ten siblings growing up,

595
00:27:45,960 --> 00:27:47,000
Speaker 2: and I'm like, what was that?

596
00:27:47,119 --> 00:27:50,720
Speaker 1: Like, I'm curious. It's a different time, man. But all

597
00:27:50,760 --> 00:27:54,320
Speaker 1: that to say, yes, if there's few folks paying in well,

598
00:27:54,560 --> 00:27:58,680
Speaker 1: payroll tax collections would decline, meaning that it would essentially

599
00:27:58,680 --> 00:28:02,600
Speaker 1: speed up the Yeah, it's just like smashing the gas

600
00:28:02,640 --> 00:28:06,560
Speaker 1: pedal on the accelerator towards this social security cliff. Even

601
00:28:06,560 --> 00:28:08,520
Speaker 1: more so, it could in fact get worse.

602
00:28:08,560 --> 00:28:12,040
Speaker 2: You sitting Adam Sandler movie where that family is heading

603
00:28:12,080 --> 00:28:15,000
Speaker 2: towards the cliff and the car hits a banana rules.

604
00:28:15,080 --> 00:28:17,280
Speaker 1: Yeah is that Billy Madison?

605
00:28:17,520 --> 00:28:17,679
Speaker 5: Was it?

606
00:28:17,720 --> 00:28:17,960
Speaker 1: Okay?

607
00:28:18,040 --> 00:28:19,800
Speaker 2: Yeah, well so that's what makes you think. It's like

608
00:28:19,840 --> 00:28:23,720
Speaker 2: it's the banana peel that could just accelerate everything and

609
00:28:23,760 --> 00:28:26,360
Speaker 2: the Yeah, it's one relief to know the things could

610
00:28:26,400 --> 00:28:26,760
Speaker 2: get worse.

611
00:28:26,800 --> 00:28:29,160
Speaker 1: You are such you are a big Adam Taylor fan

612
00:28:29,440 --> 00:28:31,359
Speaker 1: back in the day. Yeah, but yeah, oh wait, no,

613
00:28:31,400 --> 00:28:32,480
Speaker 1: I'm getting him confused.

614
00:28:32,600 --> 00:28:34,360
Speaker 2: Jim Carries, Jim Carried, that's who you're a big fan.

615
00:28:34,440 --> 00:28:36,879
Speaker 2: I liked Adam Seller's respectable. I haven't watched Happy Gi

616
00:28:36,920 --> 00:28:37,399
Speaker 2: Moore too.

617
00:28:37,240 --> 00:28:39,480
Speaker 1: But that's what I was asking. I'm curious. It did

618
00:28:39,520 --> 00:28:42,040
Speaker 1: really well opening weekend and it was all online too,

619
00:28:42,120 --> 00:28:44,320
Speaker 1: wasn't it. I think it was just ont Flix Netflix only? Yeah,

620
00:28:44,480 --> 00:28:46,880
Speaker 1: pretty amazing. Yeah, okay, so what do you do with

621
00:28:46,920 --> 00:28:50,400
Speaker 1: this information? This slightly depressing information? That if people won't

622
00:28:50,400 --> 00:28:53,320
Speaker 1: start having more babies and trying to put a positive

623
00:28:53,320 --> 00:28:54,880
Speaker 1: spin on it, but like that at the end of

624
00:28:54,920 --> 00:28:57,600
Speaker 1: the day, this is sad news. He's like, guys, why

625
00:28:57,600 --> 00:29:00,000
Speaker 1: are y'all laughing so much and making jokes? We gotta

626
00:29:00,080 --> 00:29:00,920
Speaker 1: do something. It's true.

627
00:29:00,960 --> 00:29:03,600
Speaker 2: Yeah, cat, you'all through this in the face of impending disaster.

628
00:29:03,640 --> 00:29:05,320
Speaker 2: If you don't, don't retain your sense of humor, what

629
00:29:05,440 --> 00:29:06,160
Speaker 2: kind of person are you?

630
00:29:06,400 --> 00:29:06,600
Speaker 5: Right?

631
00:29:07,080 --> 00:29:09,160
Speaker 2: But for for younger listeners, I think it should be

632
00:29:09,200 --> 00:29:11,640
Speaker 2: a wake up call to elect folks who actually tell

633
00:29:11,720 --> 00:29:14,160
Speaker 2: us the truth. So maybe on a political side, non

634
00:29:14,160 --> 00:29:16,960
Speaker 2: part is in political side, that's something you've taken into consideration.

635
00:29:17,000 --> 00:29:18,640
Speaker 2: Don't just tell me what I want to hear. Ask

636
00:29:18,680 --> 00:29:20,800
Speaker 2: the hard questions, what are you going to do about

637
00:29:21,080 --> 00:29:24,520
Speaker 2: the impending disaster that social security is? Even if it's

638
00:29:24,560 --> 00:29:27,000
Speaker 2: not fun. I want politicians who are going to tell

639
00:29:27,000 --> 00:29:30,160
Speaker 2: me what's up. That authenticity, I think builds trust. Also

640
00:29:30,320 --> 00:29:32,520
Speaker 2: another thing you can do practically on the personal finance

641
00:29:32,520 --> 00:29:35,920
Speaker 2: side of thing. Increase your wroth in foural one k contributions,

642
00:29:35,920 --> 00:29:37,640
Speaker 2: more money in your roth ira, more in your fal

643
00:29:37,680 --> 00:29:40,880
Speaker 2: one k. Because I think a lot of people assume

644
00:29:41,160 --> 00:29:43,120
Speaker 2: that they're going to get more more Social Security than

645
00:29:43,160 --> 00:29:45,440
Speaker 2: they are. And guess what if you're making assumptions based

646
00:29:45,440 --> 00:29:47,240
Speaker 2: on what it says on social Security dot gov when

647
00:29:47,280 --> 00:29:51,040
Speaker 2: you log in, well that assumption could be improper and

648
00:29:51,080 --> 00:29:54,560
Speaker 2: it could lead you to underinvesting and not having as

649
00:29:54,640 --> 00:29:56,680
Speaker 2: much as you hoped or as much as you need

650
00:29:56,720 --> 00:29:59,160
Speaker 2: in retirement. And I do think, Matt, you and I

651
00:29:59,200 --> 00:30:02,080
Speaker 2: believe that Congress will do something one of these days.

652
00:30:02,200 --> 00:30:03,960
Speaker 2: Well speak for yourself, man, you don't think that, you

653
00:30:04,000 --> 00:30:05,120
Speaker 2: don't think anything will be done.

654
00:30:05,200 --> 00:30:07,760
Speaker 1: I honestly like at this point, I really don't like

655
00:30:08,120 --> 00:30:09,960
Speaker 1: because of the fact that the American like that as

656
00:30:09,960 --> 00:30:12,560
Speaker 1: a nation we've lost like again, like we don't want

657
00:30:12,600 --> 00:30:15,120
Speaker 1: to be told no. We all want our cake and

658
00:30:15,200 --> 00:30:16,360
Speaker 1: to be able to eat it too. We all want

659
00:30:16,400 --> 00:30:19,120
Speaker 1: our candy, Joel, and also to be super fit and

660
00:30:19,160 --> 00:30:22,920
Speaker 1: strong and to tip the muzzle because well, think about it,

661
00:30:23,440 --> 00:30:26,600
Speaker 1: the default action by Congress and legislators were they to

662
00:30:26,640 --> 00:30:28,600
Speaker 1: not take any action, is that things are gonna have

663
00:30:28,600 --> 00:30:31,000
Speaker 1: to change. So who is gonna, like in the right mind,

664
00:30:31,000 --> 00:30:32,520
Speaker 1: go out there and put their neck on the chopping block,

665
00:30:32,600 --> 00:30:34,160
Speaker 1: or who's gonna put their neck out on the line

666
00:30:34,600 --> 00:30:36,840
Speaker 1: to say and be the bearer of bad news. But

667
00:30:37,160 --> 00:30:39,920
Speaker 1: when by default it's gonna happen anyway.

668
00:30:39,560 --> 00:30:42,720
Speaker 2: When the Social Security checks get cut, seniors are gonna

669
00:30:42,720 --> 00:30:45,200
Speaker 2: be riled up, and those are the seniors vote. So

670
00:30:45,400 --> 00:30:47,080
Speaker 2: I do think at some point someone's gonna have to

671
00:30:47,080 --> 00:30:49,800
Speaker 2: do something sure, and that will mean changes to the system.

672
00:30:49,840 --> 00:30:52,520
Speaker 2: I think that could mean payouts decrease slightly, maybe not

673
00:30:52,520 --> 00:30:54,680
Speaker 2: twenty three percent. If there's a change, man, I think

674
00:30:54,680 --> 00:30:57,800
Speaker 2: it can mean that dates for being able to claim

675
00:30:57,800 --> 00:31:01,360
Speaker 2: Social Security go up, which should have happened already. Payroll

676
00:31:01,440 --> 00:31:04,240
Speaker 2: taxes could rise. There are all sorts of changes that

677
00:31:04,280 --> 00:31:07,400
Speaker 2: can be made to the system to give it some longevity,

678
00:31:07,440 --> 00:31:10,400
Speaker 2: maybe some legs. But yeah, where the political will is

679
00:31:10,440 --> 00:31:13,240
Speaker 2: to make that happen, That's that's a good question. Yeah,

680
00:31:13,240 --> 00:31:15,160
Speaker 2: we have to take potical will. It is not there,

681
00:31:15,200 --> 00:31:17,320
Speaker 2: so it's more incumbent on us as individuals to save

682
00:31:17,360 --> 00:31:20,160
Speaker 2: for ourselves. Yes, the government isn't going to short up

683
00:31:20,200 --> 00:31:21,000
Speaker 2: social Security system.

684
00:31:21,080 --> 00:31:24,320
Speaker 1: That's the thing I think as as legislators are looking

685
00:31:24,360 --> 00:31:26,800
Speaker 1: at it, they're like, why are we looking to prolong

686
00:31:27,600 --> 00:31:30,520
Speaker 1: what is the inevitable death of this terrible program? Like

687
00:31:30,560 --> 00:31:32,560
Speaker 1: if you look at social Security as like, what's the

688
00:31:32,680 --> 00:31:35,200
Speaker 1: ROI on that is terrible? Yeah, Like if you if

689
00:31:35,240 --> 00:31:36,840
Speaker 1: someone came to me and said, hey, I'm thinking about

690
00:31:37,400 --> 00:31:41,880
Speaker 1: investing in this ETF it's called SS and social security, Yes,

691
00:31:42,160 --> 00:31:44,480
Speaker 1: but I'm also contrasting it and comparing it to this

692
00:31:44,520 --> 00:31:47,880
Speaker 1: other one that's VU, I would say, why are you

693
00:31:48,000 --> 00:31:52,240
Speaker 1: even considering SS? It is terrible. But the fact is

694
00:31:52,520 --> 00:31:54,800
Speaker 1: we all have to. We all like, essentially we are

695
00:31:54,840 --> 00:31:58,760
Speaker 1: forced to pay into payroll taxes. Faika. This is why

696
00:31:58,800 --> 00:32:01,520
Speaker 1: I think that legislation, like nobody is excited because the

697
00:32:01,560 --> 00:32:05,640
Speaker 1: outcomes have been so dismal that as I try to

698
00:32:05,680 --> 00:32:08,040
Speaker 1: put myself in the shoes of a legislator, I'm thinking, yeah, like,

699
00:32:08,080 --> 00:32:11,400
Speaker 1: nobody wants to touch this because it's just a sorry Unfortunately,

700
00:32:11,400 --> 00:32:14,160
Speaker 1: it's a sorry product. And as more folks, like you said,

701
00:32:14,320 --> 00:32:16,960
Speaker 1: are investing more for themselves, there is a shift that's

702
00:32:17,000 --> 00:32:19,560
Speaker 1: taking place of where it is that retirees are turning

703
00:32:19,560 --> 00:32:22,680
Speaker 1: for their money. Yes, you've got folks who are most

704
00:32:22,720 --> 00:32:25,560
Speaker 1: definitely in retirement who are going to be negatively impacted,

705
00:32:26,320 --> 00:32:30,440
Speaker 1: but you also have I mean, how much has retirement

706
00:32:30,440 --> 00:32:33,160
Speaker 1: wealth in this country on an individual level grown over

707
00:32:33,200 --> 00:32:36,080
Speaker 1: the past ten twenty thirty years, it's skyrocketed, and so

708
00:32:36,120 --> 00:32:38,760
Speaker 1: there are more and more folks who are looking to

709
00:32:38,760 --> 00:32:41,800
Speaker 1: rely less on Social Security for the vast majority of

710
00:32:41,880 --> 00:32:42,680
Speaker 1: the retirements.

711
00:32:42,360 --> 00:32:45,520
Speaker 2: And younger generations have gotten the message and they're saving

712
00:32:45,560 --> 00:32:49,880
Speaker 2: it higher percentage rates than their parents were at because

713
00:32:49,920 --> 00:32:51,920
Speaker 2: they realize that it is more incumbent upon them. And

714
00:32:51,960 --> 00:32:53,600
Speaker 2: I think that's a message that just has to get

715
00:32:53,640 --> 00:32:55,200
Speaker 2: hammered home from shows like ours.

716
00:32:55,240 --> 00:32:57,440
Speaker 1: That's why we talk about it. Yeah, yep, you gotta

717
00:32:57,480 --> 00:33:01,440
Speaker 1: do it, because this thing ain't guaranteed for older listeners. Matt.

718
00:33:01,520 --> 00:33:04,040
Speaker 2: This really could mean that claiming early is a better idea,

719
00:33:04,080 --> 00:33:07,640
Speaker 2: which does exacerbate the situation right the social Security finds

720
00:33:07,680 --> 00:33:10,040
Speaker 2: itself in. But I guess it makes me think. You know,

721
00:33:10,040 --> 00:33:12,440
Speaker 2: we took a question recently about the break even age

722
00:33:12,440 --> 00:33:15,239
Speaker 2: of Social Security and when you take it, well, if

723
00:33:15,280 --> 00:33:17,680
Speaker 2: you're in your early sixties and you're thinking about holding

724
00:33:17,720 --> 00:33:19,720
Speaker 2: off to get a better check for decades to come,

725
00:33:20,280 --> 00:33:23,280
Speaker 2: this should probably factor into your decision making sure because

726
00:33:23,320 --> 00:33:26,200
Speaker 2: there is literally a drop dead date, a ticking time bomb,

727
00:33:26,800 --> 00:33:29,200
Speaker 2: and so with all this uncertainty, it's really hard to

728
00:33:29,280 --> 00:33:33,320
Speaker 2: know what's best. Definitively, we're looking at a moving target here,

729
00:33:33,520 --> 00:33:36,040
Speaker 2: But I do think that taking the check earlier, even

730
00:33:36,080 --> 00:33:39,400
Speaker 2: if you don't need it, and then investing conservatively, if

731
00:33:39,400 --> 00:33:42,320
Speaker 2: you can holds more water because of this looming Social

732
00:33:42,320 --> 00:33:45,320
Speaker 2: Security cliff, It's yeah, goes kind of counting it.

733
00:33:45,480 --> 00:33:47,400
Speaker 1: You can't ignore the fact that something is going to

734
00:33:47,480 --> 00:33:51,320
Speaker 1: happen and what exactly. We're not totally sure. It's not

735
00:33:51,520 --> 00:33:53,200
Speaker 1: likely going to be good. It's not like they're going

736
00:33:53,240 --> 00:33:54,480
Speaker 1: to be like, you know what, we're actually going to

737
00:33:54,520 --> 00:33:56,800
Speaker 1: increase the payoff, Like that's not going to happen, right,

738
00:33:56,800 --> 00:34:00,520
Speaker 1: You're not holding out for something. Well, obviously you as

739
00:34:00,520 --> 00:34:02,440
Speaker 1: an individual get a fatter check, you know, as you

740
00:34:02,480 --> 00:34:04,920
Speaker 1: wait to full retirement age. But I doubt that they're

741
00:34:04,920 --> 00:34:06,960
Speaker 1: going to say, and we're also going to across the

742
00:34:06,960 --> 00:34:09,319
Speaker 1: board increase payments. That's not what we're looking at here.

743
00:34:09,320 --> 00:34:11,040
Speaker 2: But if you wait six more years for the higher

744
00:34:11,120 --> 00:34:12,600
Speaker 2: check and then right when you get the higher check

745
00:34:12,640 --> 00:34:14,759
Speaker 2: they cut it by twenty something percent.

746
00:34:14,840 --> 00:34:16,800
Speaker 1: Oh, I would have been better off having claimed it

747
00:34:16,840 --> 00:34:18,120
Speaker 1: three years ago and not even waiting.

748
00:34:18,200 --> 00:34:20,160
Speaker 2: That's right, Yeah, so it does. It should factor in

749
00:34:20,600 --> 00:34:23,840
Speaker 2: to your analysis, Katie, great question. Hope that helps, and

750
00:34:23,840 --> 00:34:26,319
Speaker 2: I hope it wasn't too depressing, all right, Matt, Let's

751
00:34:26,320 --> 00:34:29,600
Speaker 2: get to the question from a listener who wants to

752
00:34:29,640 --> 00:34:32,120
Speaker 2: know if she needs to hire a financial pro to

753
00:34:32,120 --> 00:34:32,560
Speaker 2: help her out.

754
00:34:33,080 --> 00:34:36,640
Speaker 3: Hello, my name is Wendy. I'm thinking of growing with

755
00:34:36,719 --> 00:34:41,359
Speaker 3: a financial advisor, so I spoke with my sister goes

756
00:34:41,400 --> 00:34:47,719
Speaker 3: through him. Yet they're moving from Charles Schwab over to LPL,

757
00:34:48,000 --> 00:34:50,680
Speaker 3: which kind of scares me. I've read some things that

758
00:34:50,719 --> 00:34:53,600
Speaker 3: are not that great. What is your opinion?

759
00:34:54,560 --> 00:34:57,360
Speaker 1: Thank you, Wendy, Thank you so much for your question,

760
00:34:57,440 --> 00:34:59,759
Speaker 1: and we will specifically get to LPL here in a

761
00:34:59,800 --> 00:35:03,800
Speaker 1: minut But whether or not you need a financial advisor

762
00:35:03,840 --> 00:35:07,680
Speaker 1: is a pretty complicated question. Some questions that I would

763
00:35:07,680 --> 00:35:10,399
Speaker 1: be asking myself is like how much wealth do I have?

764
00:35:10,840 --> 00:35:13,280
Speaker 1: What have I been doing up until this point? Because

765
00:35:13,320 --> 00:35:14,879
Speaker 1: here on the show, and we said this many times,

766
00:35:14,920 --> 00:35:17,279
Speaker 1: but a lot of folks who start to wake up

767
00:35:17,280 --> 00:35:19,600
Speaker 1: in terms of their finances, they start to look for

768
00:35:19,680 --> 00:35:23,279
Speaker 1: a financial advisor immediately. They're thinking that, I don't know,

769
00:35:23,320 --> 00:35:24,880
Speaker 1: there's like a sense of magic that's going to take

770
00:35:24,920 --> 00:35:27,400
Speaker 1: place when they reach out to the quote unquote professional

771
00:35:27,400 --> 00:35:29,399
Speaker 1: like such joy, I have seen the light. I should

772
00:35:29,480 --> 00:35:31,120
Speaker 1: hire a pro. It feels like going to the doctor.

773
00:35:31,120 --> 00:35:32,640
Speaker 1: It's like, oh, no, I should this is the right

774
00:35:32,640 --> 00:35:33,080
Speaker 1: thing to do.

775
00:35:33,520 --> 00:35:35,319
Speaker 2: But really it'd be like going on a first eight

776
00:35:35,360 --> 00:35:37,560
Speaker 2: and being like that was pretty good. I should marry

777
00:35:37,560 --> 00:35:39,120
Speaker 2: this person. It's like no, no, no.

778
00:35:39,080 --> 00:35:41,680
Speaker 1: Maybe it is where like yeah, But it depends on

779
00:35:41,719 --> 00:35:44,319
Speaker 1: how much Wendy knows as well, because as you are

780
00:35:44,400 --> 00:35:48,960
Speaker 1: learning about building your wealth retiring, I think just doing

781
00:35:49,000 --> 00:35:53,160
Speaker 1: some of that DIY research, making some personal changes to

782
00:35:53,280 --> 00:35:55,440
Speaker 1: your savings, to what it is that you're spending on,

783
00:35:55,840 --> 00:35:57,759
Speaker 1: that's going to increase your margin, that's going to give

784
00:35:57,760 --> 00:36:00,160
Speaker 1: you more money to invest. And I would say that

785
00:36:00,920 --> 00:36:03,080
Speaker 1: if you feel completely lost and you do in fact

786
00:36:03,120 --> 00:36:06,600
Speaker 1: need some one on one guidance, a money coach is

787
00:36:06,600 --> 00:36:11,160
Speaker 1: typically more valuable. I think financial advisors they can be helpful.

788
00:36:11,800 --> 00:36:14,440
Speaker 1: They can make more sense down the road. I think

789
00:36:14,480 --> 00:36:17,759
Speaker 1: once you've amassed a good chunk of money, when there's

790
00:36:17,800 --> 00:36:20,400
Speaker 1: more yeah, when there's more money on the line, that

791
00:36:20,480 --> 00:36:22,719
Speaker 1: can make a lot more sense, especially on the tax

792
00:36:22,760 --> 00:36:24,719
Speaker 1: side of things. I think that's where a professional can

793
00:36:25,000 --> 00:36:26,000
Speaker 1: really step in and help out.

794
00:36:26,080 --> 00:36:28,240
Speaker 2: I think for a lot of folks, Matt, they realize

795
00:36:28,280 --> 00:36:30,600
Speaker 2: there's a problem and then they think, I should hire

796
00:36:30,920 --> 00:36:35,439
Speaker 2: someone to be the solution, and I think you need

797
00:36:35,480 --> 00:36:37,879
Speaker 2: to start off being the solution, and so that means

798
00:36:37,880 --> 00:36:40,440
Speaker 2: like learning the ropes through podcasts, through books. That's going

799
00:36:40,480 --> 00:36:44,160
Speaker 2: to help you get started and not only get started

800
00:36:44,239 --> 00:36:46,160
Speaker 2: doing the right thing yourself, but it'll help you know

801
00:36:46,200 --> 00:36:48,960
Speaker 2: the right questions to ask a potential advisor if you

802
00:36:49,000 --> 00:36:51,359
Speaker 2: opt to go in that direction in the future. It's

803
00:36:51,440 --> 00:36:53,560
Speaker 2: kind of like when we talk about self managing a

804
00:36:53,600 --> 00:36:56,880
Speaker 2: rental property and it's like you could start, you know,

805
00:36:56,920 --> 00:36:58,560
Speaker 2: you should. You could buy a rental property and start

806
00:36:58,600 --> 00:37:03,200
Speaker 2: hiring property manager. Interviewing property managers is immediately, but because

807
00:37:03,239 --> 00:37:06,400
Speaker 2: you haven't been doing it yourself for a couple of years,

808
00:37:06,560 --> 00:37:08,920
Speaker 2: you're just more in the dark about what questions you're

809
00:37:08,960 --> 00:37:10,400
Speaker 2: even asking them. And I think the same thing is

810
00:37:10,440 --> 00:37:13,440
Speaker 2: true of financial advisors because you haven't done your own

811
00:37:13,560 --> 00:37:16,959
Speaker 2: due diligence, which is crucial, and they're just different ways

812
00:37:16,960 --> 00:37:19,960
Speaker 2: by the way that relationships with an advisor can be structured.

813
00:37:20,200 --> 00:37:24,040
Speaker 2: The most common are advisors to charge in assets under

814
00:37:24,160 --> 00:37:27,640
Speaker 2: management fee, typically in the one percent range.

815
00:37:27,880 --> 00:37:28,440
Speaker 1: We don't love.

816
00:37:28,600 --> 00:37:32,759
Speaker 2: I mean, I think just from hearing that with your

817
00:37:32,760 --> 00:37:36,239
Speaker 2: two ears, you might say one percent seems reasonable, Right,

818
00:37:36,360 --> 00:37:38,880
Speaker 2: that's how big of a deal can that be? Well,

819
00:37:38,960 --> 00:37:42,040
Speaker 2: it adds up significantly over the time, over time, in

820
00:37:42,080 --> 00:37:45,560
Speaker 2: particular over decades. That one percent fee can really be

821
00:37:45,640 --> 00:37:48,480
Speaker 2: hundreds of thousands of dollars for diligent savers.

822
00:37:48,600 --> 00:37:51,839
Speaker 1: Yeah, that's a big check mark over in the cons

823
00:37:51,880 --> 00:37:54,640
Speaker 1: side of the equation. And I don't know what you said.

824
00:37:54,680 --> 00:37:57,040
Speaker 1: You said something about something in addition to hiring it

825
00:37:57,080 --> 00:37:59,279
Speaker 1: pro But essentially, I think a lot of folks when

826
00:37:59,320 --> 00:38:01,400
Speaker 1: they hire a financial advisor, they're almost like looking for

827
00:38:01,440 --> 00:38:04,600
Speaker 1: a savior, right, Like they're almost looking to somebody they

828
00:38:04,600 --> 00:38:06,200
Speaker 1: want to farm out the hard work. Well, and it's

829
00:38:06,239 --> 00:38:09,279
Speaker 1: not just the hard work, but they're unfortunately, I think,

830
00:38:09,320 --> 00:38:11,600
Speaker 1: sometimes in a tough position, and they're looking for like

831
00:38:11,680 --> 00:38:13,879
Speaker 1: a magic trick. They're looking for a magician to pull

832
00:38:13,920 --> 00:38:17,960
Speaker 1: a rabbit out of a hat and building wealth, building

833
00:38:17,960 --> 00:38:21,879
Speaker 1: your net worth, growing a nice retirement nest eggs. It's

834
00:38:21,960 --> 00:38:24,960
Speaker 1: less a magic trick, and it is more like taking

835
00:38:25,120 --> 00:38:28,120
Speaker 1: like cultivating a seedling like a tree, right, and early

836
00:38:28,160 --> 00:38:31,040
Speaker 1: on the inputs what it is that you do for

837
00:38:31,080 --> 00:38:33,560
Speaker 1: that thing matters a lot because it's this tiny little

838
00:38:33,560 --> 00:38:35,160
Speaker 1: thing and you need to help it along. You need

839
00:38:35,200 --> 00:38:37,560
Speaker 1: to make. You got to water the little seedling that

840
00:38:37,719 --> 00:38:39,640
Speaker 1: is at some point going to grow into this big,

841
00:38:39,719 --> 00:38:42,520
Speaker 1: beastly white oak. And guess what, at a certain point,

842
00:38:42,719 --> 00:38:45,160
Speaker 1: there's almost nothing that you can do that's really going

843
00:38:45,239 --> 00:38:48,040
Speaker 1: to impact that tree, right, Like, for the most part,

844
00:38:48,120 --> 00:38:49,759
Speaker 1: it's going to take care of itself and it can

845
00:38:49,800 --> 00:38:55,520
Speaker 1: withstand storms and wind and lightning strikes. Even that's what

846
00:38:55,560 --> 00:38:57,279
Speaker 1: it is to build your net worth. That's what it

847
00:38:57,320 --> 00:38:59,120
Speaker 1: is to build up a nice nest egg. It's not

848
00:38:59,120 --> 00:39:01,439
Speaker 1: something you can rush or you talk in six bags

849
00:39:01,480 --> 00:39:03,759
Speaker 1: of miracle grow or whatever, and you can try to

850
00:39:03,840 --> 00:39:06,960
Speaker 1: rush it, but then you get mixed results. I think, yeah, perhaps,

851
00:39:07,040 --> 00:39:09,239
Speaker 1: but like there's something about just doing the right thing

852
00:39:09,440 --> 00:39:11,919
Speaker 1: day by day, like day and day out over time

853
00:39:12,360 --> 00:39:15,160
Speaker 1: that is just it's really difficult to skip that stuff.

854
00:39:15,200 --> 00:39:17,560
Speaker 2: And because we don't have more information about where Wendy

855
00:39:17,719 --> 00:39:20,319
Speaker 2: is at, it's really hard to answer this question. But

856
00:39:20,320 --> 00:39:22,480
Speaker 2: I would say, if you really do feel like you're

857
00:39:22,480 --> 00:39:25,440
Speaker 2: ready to hire a financial advisor, We're fans of some

858
00:39:25,520 --> 00:39:28,040
Speaker 2: of the newer models that align better with the interests

859
00:39:28,040 --> 00:39:30,880
Speaker 2: of individuals, So paying for hourly advice can be a

860
00:39:30,920 --> 00:39:33,640
Speaker 2: smart way to proceed instead of the assets under management model,

861
00:39:33,680 --> 00:39:35,960
Speaker 2: you're paying somebody literally for an hour of their time

862
00:39:36,320 --> 00:39:38,800
Speaker 2: to talk to you, and you might need many hours

863
00:39:38,800 --> 00:39:41,919
Speaker 2: of their time, and that's okay. But there's a site

864
00:39:41,920 --> 00:39:44,600
Speaker 2: Hello Nectarine where you can hire an individual advisor and

865
00:39:44,640 --> 00:39:46,239
Speaker 2: pay them somewhere between one hundred and fifty and three

866
00:39:46,320 --> 00:39:50,240
Speaker 2: hundred bucks an hour, depending on a lot of factors,

867
00:39:50,280 --> 00:39:54,799
Speaker 2: including their level of expertise. But I think a few

868
00:39:54,800 --> 00:39:58,880
Speaker 2: hours of that time could cost you far less than

869
00:39:58,920 --> 00:40:02,640
Speaker 2: what that one percent charge absolutely adds up to over time,

870
00:40:02,960 --> 00:40:03,400
Speaker 2: or where.

871
00:40:03,239 --> 00:40:05,640
Speaker 1: You're signing this long contract where you're yeah, yeah, we're

872
00:40:05,640 --> 00:40:07,520
Speaker 1: gonna be with you for five to ten years yep,

873
00:40:07,560 --> 00:40:09,520
Speaker 1: as opposed to just a singular appointment. Yeah.

874
00:40:09,520 --> 00:40:12,239
Speaker 2: And there are also models like domain money, where you're

875
00:40:12,239 --> 00:40:14,719
Speaker 2: paying a lot more thousands of dollars, but you're also

876
00:40:14,760 --> 00:40:17,600
Speaker 2: getting more of a robust financial plan instead of like, hey,

877
00:40:17,719 --> 00:40:20,240
Speaker 2: let's meet, I got some questions because I feel pretty informed.

878
00:40:20,520 --> 00:40:22,839
Speaker 2: This is where it's like, hey, start from scratch, let's

879
00:40:22,840 --> 00:40:25,480
Speaker 2: look at my overall financial picture and where things are headed.

880
00:40:25,840 --> 00:40:28,279
Speaker 2: And they're asking you a bunch of questions and there

881
00:40:28,320 --> 00:40:31,279
Speaker 2: really are getting down to some changes that you can

882
00:40:31,360 --> 00:40:34,239
Speaker 2: make in ways that you can tweak your investments if

883
00:40:34,320 --> 00:40:37,680
Speaker 2: need be. But it's I think of that as a

884
00:40:37,760 --> 00:40:41,000
Speaker 2: more of like an intermediate step that maybe some people

885
00:40:41,040 --> 00:40:43,320
Speaker 2: could really benefit from after they've gotten to a certain

886
00:40:43,719 --> 00:40:45,080
Speaker 2: place in their wealth building journey.

887
00:40:45,280 --> 00:40:47,560
Speaker 1: That's right. Let's get specific here, because Wendy, you mention

888
00:40:47,640 --> 00:40:52,640
Speaker 1: that your sister's advisor is leaving Schwab and going to LPL.

889
00:40:54,080 --> 00:40:58,279
Speaker 1: We think very highly of Chuck of Charles Schwab and

890
00:40:58,360 --> 00:41:02,359
Speaker 1: specifically their emphasis on lowc So the fact that they're

891
00:41:02,360 --> 00:41:05,560
Speaker 1: moving that doesn't bode well. And we actually looked up

892
00:41:05,600 --> 00:41:08,880
Speaker 1: what LPL advisors get paid, and it depends on how

893
00:41:08,920 --> 00:41:11,560
Speaker 1: much money you have invested. Now they're doing that AUM model,

894
00:41:11,680 --> 00:41:14,200
Speaker 1: but on top of that, it could actually be north

895
00:41:14,440 --> 00:41:19,080
Speaker 1: of one percent, so it's perhaps even worse. And it's

896
00:41:19,120 --> 00:41:21,600
Speaker 1: again it's not that advisors can't offer you any benefit,

897
00:41:21,680 --> 00:41:25,400
Speaker 1: but the cost does matter. Yeah, this is a conversation

898
00:41:25,480 --> 00:41:28,239
Speaker 1: I continue to have with folks who are more in

899
00:41:28,239 --> 00:41:32,880
Speaker 1: their retirement years. The opaque nature of assets under management models.

900
00:41:33,440 --> 00:41:35,600
Speaker 1: That's just something that we dislike, and so we want

901
00:41:35,640 --> 00:41:37,760
Speaker 1: you to exercise extreme caution.

902
00:41:37,920 --> 00:41:40,560
Speaker 2: Yes, we got more questions to get to get to

903
00:41:40,560 --> 00:41:42,840
Speaker 2: one about buying a new car, and about whether or

904
00:41:42,880 --> 00:41:45,360
Speaker 2: not it makes sense to save up longer for a

905
00:41:45,400 --> 00:41:47,439
Speaker 2: down payment or just buy that house. We'll talk about

906
00:41:47,480 --> 00:41:48,640
Speaker 2: that and more right after this.

907
00:41:56,760 --> 00:41:59,359
Speaker 1: All right, buddy, let's keep chugging along. It is now

908
00:41:59,440 --> 00:42:01,040
Speaker 1: time for the face. It's been a question of the week.

909
00:42:01,480 --> 00:42:05,799
Speaker 1: Wish this week is by somebody named authentic ELK.

910
00:42:06,080 --> 00:42:08,399
Speaker 2: Well, you could post nicknames now, apparently in the Facebook group.

911
00:42:08,440 --> 00:42:09,919
Speaker 2: I didn't realize this until this week.

912
00:42:10,200 --> 00:42:14,040
Speaker 1: So are they following the anonymous Google user where it's

913
00:42:14,040 --> 00:42:15,000
Speaker 1: just like busy beaver.

914
00:42:15,520 --> 00:42:16,880
Speaker 2: I don't know, because I don't know if you get

915
00:42:16,920 --> 00:42:18,759
Speaker 2: to choose the nickname or if it's assigned to you.

916
00:42:18,760 --> 00:42:20,719
Speaker 1: But well, you know, I'm pretty sure on Google, if

917
00:42:20,760 --> 00:42:23,239
Speaker 1: it's an anonymous user, like on a shared spreadsheet or something,

918
00:42:23,239 --> 00:42:24,680
Speaker 1: I'm sure a lot of folks know what we're talking about.

919
00:42:24,680 --> 00:42:26,640
Speaker 1: I think those are just like randomly as start parks

920
00:42:26,640 --> 00:42:30,880
Speaker 1: and yeah, stuff like that. Yeah, but this person posted

921
00:42:31,600 --> 00:42:34,800
Speaker 1: buying a new car soon and we are gifted funds

922
00:42:34,800 --> 00:42:37,560
Speaker 1: to help with payment. How long do the new funds

923
00:42:37,640 --> 00:42:39,960
Speaker 1: need to be in our account to see a boost

924
00:42:40,160 --> 00:42:43,239
Speaker 1: in our credit score. There's a couple different things that

925
00:42:43,280 --> 00:42:46,200
Speaker 1: I think are being asked here. Joel so which one

926
00:42:46,239 --> 00:42:46,920
Speaker 1: do you want to start with.

927
00:42:47,000 --> 00:42:49,920
Speaker 2: Let's let's clear through this one, matt It's this is

928
00:42:49,960 --> 00:42:52,240
Speaker 2: not like buying a house where funds need to season,

929
00:42:52,320 --> 00:42:55,279
Speaker 2: right because typically in that case, if your parents were

930
00:42:55,320 --> 00:42:56,960
Speaker 2: super generous, matt you were buying a new house and

931
00:42:56,960 --> 00:42:59,640
Speaker 2: they said, here's one hundred thousand dollars, Mattie, you would

932
00:42:59,680 --> 00:43:02,319
Speaker 2: have to to declare that to the bank unless your

933
00:43:02,360 --> 00:43:05,879
Speaker 2: parents had the foresight or to give it to you,

934
00:43:05,920 --> 00:43:08,759
Speaker 2: like more than sixty days in advance. So if that

935
00:43:08,880 --> 00:43:11,400
Speaker 2: money sits in your account for a while, then you

936
00:43:11,480 --> 00:43:14,240
Speaker 2: don't need to go through the process of documenting the gift,

937
00:43:14,640 --> 00:43:17,960
Speaker 2: which can be annoying. So that's seasoning of funds. But

938
00:43:18,000 --> 00:43:21,040
Speaker 2: that's in buying a house and with a car purchase,

939
00:43:21,160 --> 00:43:25,560
Speaker 2: the requirements are not the same, right, So not typically

940
00:43:25,600 --> 00:43:27,760
Speaker 2: the same. So it's going to very lender to lender.

941
00:43:28,160 --> 00:43:29,960
Speaker 2: Some will want you to document a lump sum that

942
00:43:30,000 --> 00:43:34,200
Speaker 2: recently came into your account. Others won't really care. But yeah,

943
00:43:34,280 --> 00:43:37,400
Speaker 2: typically that seasoning thing. It's when we're talking about home loans.

944
00:43:37,160 --> 00:43:39,520
Speaker 1: That's right. So you addressed the how long do the

945
00:43:39,520 --> 00:43:42,680
Speaker 1: new funds need to sit or wait part of the question.

946
00:43:43,120 --> 00:43:45,200
Speaker 1: I'm going to talk about the credit score side of

947
00:43:45,280 --> 00:43:47,839
Speaker 1: the question that I guess here he was specifically asking

948
00:43:47,880 --> 00:43:51,359
Speaker 1: about the impact on his credit score, and guess what,

949
00:43:51,520 --> 00:43:54,239
Speaker 1: it doesn't make a difference. The credit bureau is they

950
00:43:54,239 --> 00:43:57,160
Speaker 1: aren't privy to what is in your savings account. They

951
00:43:57,560 --> 00:44:00,799
Speaker 1: look at how well you pay your debts payments, right,

952
00:44:00,840 --> 00:44:03,000
Speaker 1: whether or not you pay your car payment in full

953
00:44:03,040 --> 00:44:04,600
Speaker 1: and on time every month, whether or not you make

954
00:44:04,680 --> 00:44:08,080
Speaker 1: your your credit card statement payments. That is going to

955
00:44:08,120 --> 00:44:10,880
Speaker 1: improve your score. Not keeping a lump sum in your

956
00:44:10,880 --> 00:44:14,120
Speaker 1: account for longer sounds kind of backwards. But lenders they

957
00:44:14,120 --> 00:44:16,120
Speaker 1: don't care how much money you actually have. They just

958
00:44:16,160 --> 00:44:20,560
Speaker 1: want to see consistent behavior. Essentially, it's amazing.

959
00:44:20,600 --> 00:44:23,279
Speaker 2: It doesn't matter if you had a ten million dollars

960
00:44:23,320 --> 00:44:25,880
Speaker 2: net worth, it would not raise your credit score. Like

961
00:44:25,920 --> 00:44:27,800
Speaker 2: that's just not one of the factors they consenter.

962
00:44:27,880 --> 00:44:29,680
Speaker 1: Keep talking, Joe, you're gonna start ended up sounding like

963
00:44:29,719 --> 00:44:33,440
Speaker 1: Dave Ramsey over here. If I could buy the dealership

964
00:44:33,800 --> 00:44:35,480
Speaker 1: and I wouldn't be able to get a car. I mean,

965
00:44:35,520 --> 00:44:37,399
Speaker 1: that's what he says there is or what he used

966
00:44:37,400 --> 00:44:39,759
Speaker 1: to say to your truth to that, but it's true. Yeah,

967
00:44:40,000 --> 00:44:42,120
Speaker 1: So I've got to say this though, speaking of having

968
00:44:42,160 --> 00:44:44,839
Speaker 1: cash on hand to buy whatever it is you want

969
00:44:44,880 --> 00:44:48,160
Speaker 1: to buy. I'm not sure where you are in this

970
00:44:48,239 --> 00:44:52,640
Speaker 1: whole car purchase process, Authentic ELK. But could that cash

971
00:44:52,719 --> 00:44:55,799
Speaker 1: gift and what you have on hand just allow you

972
00:44:55,840 --> 00:44:59,759
Speaker 1: to actually buy this car in cash? It sounds like

973
00:45:00,520 --> 00:45:03,560
Speaker 1: I don't know, maybe I should just assume that when

974
00:45:03,560 --> 00:45:06,200
Speaker 1: they said they were gifted funds to help with the payment,

975
00:45:07,000 --> 00:45:09,720
Speaker 1: to not think payment like car payment, but in fact

976
00:45:09,880 --> 00:45:13,239
Speaker 1: to pay for the vehicle, like as far as cash down.

977
00:45:13,560 --> 00:45:15,880
Speaker 1: But that's I think a route that we should be

978
00:45:15,960 --> 00:45:18,480
Speaker 1: looking at here, Hey, use that cash on hand to

979
00:45:18,520 --> 00:45:20,720
Speaker 1: actually purchase a vehicle. Maybe I'm just going to assume

980
00:45:21,120 --> 00:45:23,560
Speaker 1: that that was, in fact what you're thinking, because you're

981
00:45:23,560 --> 00:45:25,040
Speaker 1: a part of the how to Money Nation. Yeah, I

982
00:45:25,040 --> 00:45:25,279
Speaker 1: mean I.

983
00:45:27,080 --> 00:45:30,839
Speaker 2: Assumed too that this doesn't like it, no, not doing

984
00:45:30,840 --> 00:45:34,359
Speaker 2: it for me. I'm assuming as well that this is Hey, well,

985
00:45:34,360 --> 00:45:37,200
Speaker 2: we're gonna have payments and this gift is going to

986
00:45:37,239 --> 00:45:38,480
Speaker 2: help help us with those payments.

987
00:45:38,719 --> 00:45:41,200
Speaker 1: But maybe not. Yeah, let's pivot. Yeah, let's assume the

988
00:45:41,200 --> 00:45:42,640
Speaker 1: best yes out of Authentic hel.

989
00:45:42,600 --> 00:45:45,240
Speaker 2: Because truly having no car payment is such a gift.

990
00:45:45,239 --> 00:45:46,920
Speaker 2: It's one of the greatest special gifts you can give

991
00:45:46,920 --> 00:45:50,120
Speaker 2: to yourself. You and I, Matt were I'm not allergic

992
00:45:50,160 --> 00:45:52,160
Speaker 2: to gluten. Of course we drink good beer. I am

993
00:45:52,200 --> 00:45:55,600
Speaker 2: allergic to car payments, and so I would prefer to

994
00:45:55,640 --> 00:45:58,800
Speaker 2: spread this allergy through this microphone into the earbuts of

995
00:45:58,840 --> 00:46:01,879
Speaker 2: everyone listening. I don't want anybody to be like, car

996
00:46:01,960 --> 00:46:04,920
Speaker 2: payment's totally fine, no big deal, because they are a

997
00:46:04,920 --> 00:46:07,600
Speaker 2: big deal, and it's surprising how much financial progress you

998
00:46:07,640 --> 00:46:10,040
Speaker 2: can make if you avoid them altogether.

999
00:46:10,280 --> 00:46:13,200
Speaker 1: Yeah. By the way, allergies don't spread. They're not contagious.

1000
00:46:13,280 --> 00:46:15,840
Speaker 1: Joll viruses do, though, I want this allergy. So we

1001
00:46:15,880 --> 00:46:17,840
Speaker 1: want car payments to feel like a virus. Okay for

1002
00:46:18,280 --> 00:46:22,080
Speaker 1: an aversion to car payments to feel like a super content, Like,

1003
00:46:22,280 --> 00:46:24,560
Speaker 1: what's the most contagious thing? Ebola?

1004
00:46:24,800 --> 00:46:25,080
Speaker 3: Is it?

1005
00:46:25,160 --> 00:46:27,280
Speaker 1: I was gonna say, pink eye. You're thinking much darker

1006
00:46:27,320 --> 00:46:32,440
Speaker 1: than much more drastic outcomes than I guess, pink eye.

1007
00:46:33,200 --> 00:46:35,640
Speaker 1: But all right, let's get to our next one from Cayden,

1008
00:46:35,920 --> 00:46:37,719
Speaker 1: who wrote, my wife and I are currently trying to

1009
00:46:37,719 --> 00:46:39,919
Speaker 1: save for a down payment on our first house. I've

1010
00:46:39,920 --> 00:46:42,160
Speaker 1: been debating this for a while now, but is it

1011
00:46:42,200 --> 00:46:44,360
Speaker 1: worth it to take the extra two to three years

1012
00:46:44,680 --> 00:46:47,840
Speaker 1: to save up a twenty percent down payment, or what

1013
00:46:48,000 --> 00:46:49,960
Speaker 1: it make more sense to just go with an fah

1014
00:46:50,120 --> 00:46:52,359
Speaker 1: loan for three and a half percent down and end

1015
00:46:52,480 --> 00:46:56,000
Speaker 1: up paying PMI Private Morgan's Insurance. Part of me doesn't

1016
00:46:56,040 --> 00:46:57,799
Speaker 1: want to pay the extra one hundred to two hundred

1017
00:46:57,800 --> 00:47:00,000
Speaker 1: dollars a month, but then we would have to weigh

1018
00:47:00,000 --> 00:47:02,600
Speaker 1: way longer to have more money for the down payment.

1019
00:47:03,239 --> 00:47:04,880
Speaker 1: Thanks which you think, Buddy.

1020
00:47:05,560 --> 00:47:08,239
Speaker 2: Well, when I first read this question, it made me

1021
00:47:08,560 --> 00:47:11,360
Speaker 2: think about the questions we were getting as housing prices

1022
00:47:11,400 --> 00:47:14,800
Speaker 2: were rising quickly over the past few years, and folks

1023
00:47:14,880 --> 00:47:18,640
Speaker 2: were worried that taking longer to say it would mean

1024
00:47:18,640 --> 00:47:20,680
Speaker 2: that they wouldn't be able to afford the house right

1025
00:47:20,760 --> 00:47:23,920
Speaker 2: that they wanted, that their needed down payment was a

1026
00:47:23,960 --> 00:47:25,799
Speaker 2: moving target that they never hit. Hey, guess what the

1027
00:47:25,800 --> 00:47:27,640
Speaker 2: house I wanted two years ago? Well, it was five

1028
00:47:27,680 --> 00:47:30,200
Speaker 2: hundred thousand dollars. Now it's seven hundred thousand dollars. Constantly

1029
00:47:30,280 --> 00:47:33,920
Speaker 2: feels just out of reach. Yes, yes, our advice. And

1030
00:47:33,960 --> 00:47:36,279
Speaker 2: this was hard to say, Matt at the time, because

1031
00:47:36,320 --> 00:47:38,640
Speaker 2: it felt like it felt like we just like weren't

1032
00:47:38,680 --> 00:47:40,680
Speaker 2: with it, and we weren't hip to the fact that

1033
00:47:40,719 --> 00:47:43,360
Speaker 2: housing prices were going to escalate forever an eternity, and

1034
00:47:43,400 --> 00:47:44,720
Speaker 2: so we had to get it on the ground floor

1035
00:47:44,760 --> 00:47:48,280
Speaker 2: now or we're idiots, right, Well, our advice was patience

1036
00:47:48,880 --> 00:47:51,720
Speaker 2: and that real estate prices couldn't continue at that upward

1037
00:47:51,719 --> 00:47:54,120
Speaker 2: clip in perpetuity. That was hard for a lot of

1038
00:47:54,160 --> 00:47:57,800
Speaker 2: people to believe, and I think I'm sure some people

1039
00:47:57,800 --> 00:47:59,960
Speaker 2: bought a house that maybe they regret because they were

1040
00:47:59,840 --> 00:48:03,360
Speaker 2: trying to time it right. Fortunately, we have seen price

1041
00:48:04,160 --> 00:48:06,959
Speaker 2: increases start to chill out, and many markets we're seeing

1042
00:48:06,960 --> 00:48:10,120
Speaker 2: home prices decline, so for the first time in something

1043
00:48:10,160 --> 00:48:13,560
Speaker 2: like fifteen years, maybe waiting longer will actually mean that

1044
00:48:13,600 --> 00:48:16,280
Speaker 2: you can buy the home you want for less money. Sure,

1045
00:48:16,680 --> 00:48:18,680
Speaker 2: there's a chance, it's not guaranteed. It's hard to know

1046
00:48:18,680 --> 00:48:20,440
Speaker 2: what's going to happen with the housing market. But I

1047
00:48:20,560 --> 00:48:24,040
Speaker 2: love to see at least a plateau where people aren't

1048
00:48:24,120 --> 00:48:26,760
Speaker 2: and especially younger buyers, are not worried about just prices

1049
00:48:26,800 --> 00:48:28,120
Speaker 2: continuing to escalate and run away.

1050
00:48:28,160 --> 00:48:30,040
Speaker 1: I think it can feel like you can finally try

1051
00:48:30,040 --> 00:48:32,000
Speaker 1: to catch your breath a little bit. So hopefully that's

1052
00:48:32,040 --> 00:48:34,440
Speaker 1: the case that you're finding yourself in Caden. And I

1053
00:48:34,480 --> 00:48:36,800
Speaker 1: think the problem with putting less money down and buying

1054
00:48:36,840 --> 00:48:38,400
Speaker 1: sooner is that you're going to have less skin in

1055
00:48:38,440 --> 00:48:41,080
Speaker 1: the game as well, So essentially you're ramping up the

1056
00:48:41,160 --> 00:48:43,600
Speaker 1: level of risk that you're taking on. Your payment's going

1057
00:48:43,680 --> 00:48:46,239
Speaker 1: to be higher. And then if you lost your job

1058
00:48:46,320 --> 00:48:48,120
Speaker 1: or if you're forced to sell, if you had to move,

1059
00:48:48,880 --> 00:48:51,600
Speaker 1: you would then have to bring money to the closing table,

1060
00:48:52,000 --> 00:48:54,040
Speaker 1: especially when you're looking at something like with only three

1061
00:48:54,040 --> 00:48:56,160
Speaker 1: and a half percent down. This is a part of

1062
00:48:56,160 --> 00:48:59,080
Speaker 1: why we don't feel comfortable with smaller down payments. And

1063
00:48:59,120 --> 00:49:00,600
Speaker 1: then of course the yeah, the debt that you're going

1064
00:49:00,640 --> 00:49:02,680
Speaker 1: to be taking on will be at a higher interest

1065
00:49:02,760 --> 00:49:06,080
Speaker 1: rate these days as well, compared to what you would

1066
00:49:06,080 --> 00:49:09,480
Speaker 1: score with twenty percent down on a conventional loan.

1067
00:49:09,719 --> 00:49:13,000
Speaker 2: Also, on conventional loans, you can typically get rid of

1068
00:49:13,200 --> 00:49:16,840
Speaker 2: private mortgage insurance after you reach the seventy eight percent

1069
00:49:17,080 --> 00:49:20,560
Speaker 2: loan to value thresholds. On an FHA loans, though, where

1070
00:49:20,560 --> 00:49:23,160
Speaker 2: you put down less than ten percent, typically you pay

1071
00:49:23,520 --> 00:49:26,759
Speaker 2: that mortgage insurance for the life of the loan. So

1072
00:49:27,000 --> 00:49:30,080
Speaker 2: it doesn't matter, right, how quickly you pay down on

1073
00:49:30,120 --> 00:49:33,120
Speaker 2: the loan. It's stuck with you, right, It's like glue,

1074
00:49:33,680 --> 00:49:36,440
Speaker 2: and so nobody wants to wait longer be told to

1075
00:49:36,480 --> 00:49:37,560
Speaker 2: wait longer, but.

1076
00:49:37,480 --> 00:49:38,120
Speaker 1: That's what we do.

1077
00:49:38,880 --> 00:49:41,719
Speaker 2: And so I think maybe in the opposite way, this

1078
00:49:41,760 --> 00:49:44,040
Speaker 2: could actually light a fire under you to increase your

1079
00:49:44,040 --> 00:49:46,560
Speaker 2: savings rate so that you can shorten the timeline to

1080
00:49:46,640 --> 00:49:48,440
Speaker 2: home ownership, because it sounds like this is a really

1081
00:49:48,480 --> 00:49:51,040
Speaker 2: important goal of yours. But our suggestion would be to

1082
00:49:51,160 --> 00:49:53,960
Speaker 2: not skip over what we see as pretty much a

1083
00:49:54,000 --> 00:49:57,160
Speaker 2: necessity to save up a bigger down payment. Matt, I

1084
00:49:57,239 --> 00:50:00,200
Speaker 2: just couldn't stomach saying I really want the house now,

1085
00:50:00,239 --> 00:50:03,120
Speaker 2: and so I'm gonna sign up for the bigger payment

1086
00:50:03,480 --> 00:50:06,359
Speaker 2: and the potential perils that come along with that, alongside

1087
00:50:06,520 --> 00:50:09,360
Speaker 2: mortgage insurance in perpetuity, because I just got to have

1088
00:50:09,440 --> 00:50:13,279
Speaker 2: the thing immediately. It yeah, similar to buy now, pay later.

1089
00:50:13,600 --> 00:50:15,879
Speaker 2: It's like I want the thing before I actually have

1090
00:50:16,120 --> 00:50:19,320
Speaker 2: the money to really afford it, and it can create problems.

1091
00:50:19,400 --> 00:50:22,239
Speaker 1: That's right, Caden is laying out like option A or

1092
00:50:22,280 --> 00:50:24,120
Speaker 1: Option B, you can go with a conventional alone where

1093
00:50:24,160 --> 00:50:26,759
Speaker 1: you are not putting down a full twenty percent. Let's

1094
00:50:26,760 --> 00:50:29,120
Speaker 1: say you get a fifteen percent down and then you

1095
00:50:29,160 --> 00:50:30,759
Speaker 1: come you know, that's so much you've saved up, and

1096
00:50:30,760 --> 00:50:32,480
Speaker 1: then you come across the home your dreams and you're like,

1097
00:50:32,480 --> 00:50:35,239
Speaker 1: we got a pounds now, well, yeah, you're gonna get

1098
00:50:35,280 --> 00:50:37,200
Speaker 1: hit with PMI, but then you can still eventually at

1099
00:50:37,239 --> 00:50:39,920
Speaker 1: some point drop that hopefully, so it's not just the

1100
00:50:40,000 --> 00:50:42,040
Speaker 1: faha or a full twenty percent down. There are other

1101
00:50:42,080 --> 00:50:44,280
Speaker 1: options out there, granted, and you put less down fifteen percent,

1102
00:50:44,280 --> 00:50:47,600
Speaker 1: you're gonna see higher rates. There's a favorable terms, but

1103
00:50:47,640 --> 00:50:50,120
Speaker 1: there's the middle. There's a spectrum. Yeah, exactly, it's a spectrum.

1104
00:50:50,200 --> 00:50:52,080
Speaker 1: All right, buddy, real quick, let's get to the beer

1105
00:50:52,080 --> 00:50:53,960
Speaker 1: that you and I enjoyed during this episode, which is

1106
00:50:54,000 --> 00:50:57,080
Speaker 1: called a dawn patroller, which is I guess that's what

1107
00:50:57,120 --> 00:51:00,000
Speaker 1: they call people who get up early and hit the beach. Yeah,

1108
00:51:00,040 --> 00:51:03,080
Speaker 1: down there in Hawaii. I'm gonna take the jewel route

1109
00:51:03,080 --> 00:51:06,960
Speaker 1: and give three words to describe as beer fresh, melanie,

1110
00:51:07,120 --> 00:51:10,640
Speaker 1: and crispy. And I say fresh because I recently had

1111
00:51:11,040 --> 00:51:14,800
Speaker 1: a quote unquote really good beer that was not fresh,

1112
00:51:14,880 --> 00:51:17,080
Speaker 1: and dude, that just kills it. I drink the first

1113
00:51:17,080 --> 00:51:18,839
Speaker 1: one and thought, man, this wasn't that great, and then

1114
00:51:18,920 --> 00:51:20,560
Speaker 1: like a week later, I cracked up in another one.

1115
00:51:20,600 --> 00:51:23,920
Speaker 1: I'm like, wait a minute, this tastes like old and stale,

1116
00:51:24,360 --> 00:51:26,120
Speaker 1: and I checked the date on the bottom. It was

1117
00:51:26,120 --> 00:51:29,000
Speaker 1: a year old, which for an ipa is not what

1118
00:51:29,040 --> 00:51:31,480
Speaker 1: you want. You could tell that this was canned just

1119
00:51:31,800 --> 00:51:35,080
Speaker 1: like yesterday. Basically it tasted so good. Well that's a

1120
00:51:35,080 --> 00:51:37,000
Speaker 1: good point. I think we just should tell people, especially

1121
00:51:37,040 --> 00:51:41,480
Speaker 1: with like IPAs the hops, that they just man, they

1122
00:51:41,520 --> 00:51:45,040
Speaker 1: lose their luster and the taste can change dramatically if

1123
00:51:45,080 --> 00:51:47,000
Speaker 1: it's not if it's not if you don't drink it

1124
00:51:47,080 --> 00:51:47,640
Speaker 1: fairly fresh.

1125
00:51:47,680 --> 00:51:49,600
Speaker 2: So there's some beers that are meant to age, or

1126
00:51:49,600 --> 00:51:52,560
Speaker 2: at least can taste awesome aged like or can handle

1127
00:51:52,600 --> 00:51:54,960
Speaker 2: the aging barely age stouts or sours. It's like, oh yeah,

1128
00:51:55,080 --> 00:51:56,000
Speaker 2: drink that two years from now.

1129
00:51:56,000 --> 00:52:00,480
Speaker 1: It's fine. Spontaneously fermented beers from Belgium, those best Kenti beers, Yeah,

1130
00:52:00,480 --> 00:52:02,080
Speaker 1: they're lay up the shelf life of like twenty years.

1131
00:52:02,160 --> 00:52:02,880
Speaker 1: They're fantastic.

1132
00:52:03,000 --> 00:52:04,960
Speaker 2: This this kind of beer does not Nope, But I

1133
00:52:05,000 --> 00:52:06,359
Speaker 2: thought this was great. I thought it was like kind

1134
00:52:06,360 --> 00:52:09,279
Speaker 2: of tropical hoppy and which just you know, reminds me

1135
00:52:09,320 --> 00:52:11,240
Speaker 2: of all the palm trees on that lovely visits.

1136
00:52:11,280 --> 00:52:13,040
Speaker 1: Can you hear him swing in the wings? Yeah, I

1137
00:52:13,160 --> 00:52:13,640
Speaker 1: bet you can.

1138
00:52:13,719 --> 00:52:16,319
Speaker 2: Beautiful trip all right, and it's you know what, that's

1139
00:52:16,360 --> 00:52:18,480
Speaker 2: it's fun to bring beers back and then while you

1140
00:52:18,560 --> 00:52:20,839
Speaker 2: drink them, reminisce the awesome time you had.

1141
00:52:20,880 --> 00:52:24,080
Speaker 1: It's a souvenir that you can drink. That's the best

1142
00:52:24,120 --> 00:52:26,759
Speaker 1: kind of souvenir. My friend, that's gonna be it For

1143
00:52:26,880 --> 00:52:28,640
Speaker 1: this episode. You can find our show notes up on

1144
00:52:28,680 --> 00:52:31,000
Speaker 1: the website. Thank you to everyone who sent us a question,

1145
00:52:31,040 --> 00:52:34,520
Speaker 1: and again, reach out to howdomoney dot com forward slash

1146
00:52:34,680 --> 00:52:37,280
Speaker 1: ask if you'd like instructions on how to send along

1147
00:52:37,480 --> 00:52:40,640
Speaker 1: your query. The weirder, the better, bring it, buddy, that's

1148
00:52:40,680 --> 00:52:41,120
Speaker 1: gonna be it.

1149
00:52:41,160 --> 00:52:41,319
Speaker 3: Someone.

1150
00:52:41,360 --> 00:52:44,440
Speaker 1: Until next time, Best Friends Out, Best Friends Out,