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

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Speaker 1: Matt and today, of course it's Monday. We're answering your

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Speaker 1: listener questions.

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Speaker 2: Yeah, buddy, I had to say my name real clearly there,

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Speaker 2: just to make sure everyone knew knew my name. I

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Speaker 2: don't want anybody to forget about me, Joel. But we've

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Speaker 2: got do you worry about that? We've got a listener

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Speaker 2: question Monday episode lined up for folks. We've got a

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Speaker 2: question from a newlywed couple. They've got a money question,

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Speaker 2: specifically about combining their finances. Another listener is asking about

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Speaker 2: dental insurance, wanted to know whether or not it's worth it.

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Speaker 2: And another listener she has a less than ideal insurance product,

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Speaker 2: and we're gonna talk about that. Plus we're gonna get

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Speaker 2: to two additional questions.

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Speaker 1: I feel like two of these questions are right in

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Speaker 1: your wheelhouse because people always ask you questions about marriage

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Speaker 1: and dental work, you know, because it's it's two things.

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Speaker 2: You've got a lot of expertise on where'd you get

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Speaker 2: yourdental work? So you no, oh man, this is all

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Speaker 2: natural right here. So literally, I think we've even talked

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Speaker 2: about this before sitting at a particular light nearish our house.

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Speaker 2: There's this giant billboard and it's a billboard for I

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Speaker 2: don't think it's a dentist. It's somebody that does Veneers.

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Speaker 2: And they've got the most gnarly before and after pictures

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Speaker 2: of these guys that I swear must have done meth

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Speaker 2: or something like that. But their teeth. I hear that. Yeah,

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Speaker 2: it looks I mean, their teeth look terrible. And then

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Speaker 2: it's like twenty four hours later and it's a picture

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Speaker 2: of this handsome dude and it's literally the exact same dude.

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Speaker 2: It's crazy. The mirror dentistry. Yeah, what new teeth do?

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Speaker 2: And the girls are like, is that really the same guy?

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Speaker 2: I'm like, sweetie, I think it is. That's what Veneers do. Yeah,

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Speaker 2: it's impressed. Because of that, I feel like we talk

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Speaker 2: about dental work more than the average bear, more than

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Speaker 2: the average family at home. But yeah, we are gonna

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Speaker 2: get to those question.

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Speaker 1: And just the heads up to listeners if you missed

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Speaker 1: our announcement last week, we're taking listener questions every single

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Speaker 1: Monday from here on out, and so if you have

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Speaker 1: a money question, holler at us. You can always submit

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Speaker 1: one at out how toomoney dot com, slash ask, or

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Speaker 1: just email us with your voice memo. But we're gonna

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Speaker 1: be taking a lot more double the listener questions we used,

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Speaker 1: like a higher chance of your question getting answered. Yes,

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Speaker 1: So please submit one. But Matt, real quick, I just

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Speaker 1: want to mention my my buddy, Tim, our mutual buddy

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Speaker 1: Tim He so I know that Tim. He did he

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Speaker 1: booked a flight via Delta. And the thing about booking

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Speaker 1: with the major airlines and not booking with one of

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Speaker 1: the discounters, or specifically Southwest, is that there are change

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Speaker 1: fees involved when you are, you know, looking to switch

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Speaker 1: up your dates or your times or something like that,

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Speaker 1: and often they're pretty inflexible. Uh, Southwest is great for

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Speaker 1: that because.

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Speaker 2: They can be and you know they've got that they've

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Speaker 2: got a premium product, so like, we don't have to

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Speaker 2: cave to your request, your demands.

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Speaker 1: I guess that's what they think, at least right I

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Speaker 1: personally impartial to Southwest, but he'd called anyway and he said, listen,

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Speaker 1: I know this is like not your policy, but could

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Speaker 1: you help a guy out?

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Speaker 2: And old delataly, well.

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Speaker 1: I mean, Delta probably doesn't want me revealing this, but

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Speaker 1: Delta said, okay, sure, yeah, well yeah, they don't want

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Speaker 1: other people doing this. But this is one of those

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Speaker 1: things where we always talk about asking for a discount

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Speaker 1: or asking for some help in one way or another,

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Speaker 1: and lots of times a business like that is gonna

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Speaker 1: be like no way. But if you ask nicely and

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Speaker 1: if you ask the right person, you really might get help.

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Speaker 1: You might get your flight changed without having to pay

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Speaker 1: a fee. Like there are all sorts of ways that

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Speaker 1: you can ask to be refunded for something or to

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Speaker 1: change something about a service that you've received, and the

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Speaker 1: worst they can do is say no. The worst that

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Speaker 1: happens is that the policy as stated is what you

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Speaker 1: is what you have to like abide by.

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Speaker 2: So that's right.

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Speaker 1: Just kudos to Tim for doing the right thing asking yeah,

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Speaker 1: and encouragements everyone else out there listening, like, ask for

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Speaker 1: the discount.

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Speaker 2: Yeah. It gets to show that even though you know

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Speaker 2: it's like, well, I know what the rules are, like

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Speaker 2: they're going to say no, but you don't know what

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Speaker 2: they just announced earlier that week, like what HR or whoever,

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Speaker 2: like the performance folks, what they send out and what

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Speaker 2: they're willing to make concessions on giving the industry, given

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Speaker 2: what's going on, giving internal changes that might be have

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Speaker 2: might be happening given what their earnings are that quarter

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Speaker 2: where you're like, Okay, we got to turn things around.

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Speaker 2: We're going to start making some concessions.

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Speaker 1: Maybe like demands lower or actually they want to switch

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Speaker 1: to you've heard is less packed, and so we want

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Speaker 1: him to be on this other earlier flight. So we'll

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Speaker 1: do it because it helps us out. You never know exactly.

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Speaker 2: I love it. Yeah, it does not hurt to ask Joel.

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Speaker 2: Let's introduce the beer. Are you ready for a big

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Speaker 2: one here on this Monday always? This is a yeah,

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Speaker 2: this is a bigger beer. This is Angel of Darkness

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Speaker 2: by Wicked Weed. And what's crazy you can tell that

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Speaker 2: this is Wicked Weed from a couple of years ago

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Speaker 2: because it's like the old label because you know, they

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Speaker 2: did a rebrand.

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Speaker 1: That's a great thing about a good sour is sometimes

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Speaker 1: it tastes better a few years left in the bottle.

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

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Speaker 1: end of the episode.

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Speaker 2: It smells great.

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Speaker 1: But Matt, let's get to the topic of hand. We're

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Speaker 1: answering listener questions on this episode and let's get to

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Speaker 1: the first one. This one is about your Pearly Whites.

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Speaker 3: Hi'm Matt and Joel. This is Phil from Annapolis. I

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Speaker 3: wanted to get your opinion on dental insurance. I know

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Speaker 3: you've mentioned other financial instruments in the past, such as

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Speaker 3: home warranties and so forth, and episode number seven hundred,

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Speaker 3: I thought that you might have a unique take on

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Speaker 3: dental insurance. From what I understand, most dental insurance does

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Speaker 3: have a cap as what they pay out, and also

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Speaker 3: there seems to be a fifty dollars deductible pretty frequently.

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Speaker 3: So anyway, I welcome your input and thank you very much.

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Speaker 1: I feel like Phil needs to take the mat route,

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Speaker 1: which is not only avoiding dental insurance, but avoiding dental work.

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Speaker 2: Just it has been ten years. Well, so I got

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Speaker 2: my teeth checked out last was it last year? Is

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Speaker 2: right before we moved, and it had been ten years

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Speaker 2: before I had previously seen the seen the dentists. Well,

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Speaker 2: your philosophy has always been today broke my teeth weren't broke.

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Speaker 2: I mean, it depends on why do I need one? Hey,

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Speaker 2: it's true, but it is a personal thing. Right, I'm

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Speaker 2: lucky enough to have healthy teeth, healthy gums when I

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Speaker 2: went last year, no Cavity's baby do So okay, let

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Speaker 2: me throw let me.

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Speaker 1: Some people are naturally predisposed to have clean mouth, I guess,

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Speaker 1: and you're one of them.

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Speaker 2: So here's the thing I might be assuming that all

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Speaker 2: of our family members also have the same teeth as

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Speaker 2: I do. So this is where the real fill I

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Speaker 2: probably will get to your will answer your question here

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Speaker 2: in a second. But Joel, so I haven't take We

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Speaker 2: haven't taken any of the kids in to get their

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Speaker 2: teeth checked. And our oldest is ten, she has not

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Speaker 2: yet been into the dentist. Obviously, we've got younger kids

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Speaker 2: as well, And so that's the potential frugal or cheap

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Speaker 2: where I might wear Kate and I. It's both of

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Speaker 2: us where we might be going a little cheap because

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Speaker 2: we haven't taken them into the dentist. But it's also

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Speaker 2: because in the state of Georgia, you need a certain

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Speaker 2: form filled out in order for them to go to

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Speaker 2: the public school. It's the Georgia Department of Health Form

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Speaker 2: thirty three hundred. I know it because it's always kind

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Speaker 2: of a battle to get your pediatrician to sign it,

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Speaker 2: but they are authorized. They can sign off and say, oh, yep,

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Speaker 2: I looked at their teeth.

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Speaker 1: They're good, and I figure's so authorized to roll their

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Speaker 1: eyes when you ask them to do it. They're like,

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Speaker 1: just take your kid to the dentists.

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Speaker 2: But I figure, if there's something bad enough that a ptry,

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Speaker 2: your family.

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Speaker 1: Doctor will be able to catch it. Sure, but at

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Speaker 1: some point I do know there's.

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Speaker 2: Something really wrong.

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Speaker 1: Hopefully your patric shop like, dude, come on exactly and

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Speaker 1: speak to you forthrightly. But at some point, yes, I

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Speaker 1: do know.

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Speaker 2: Everybody, don't send in the hate, noil I we will

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Speaker 2: take our kids to the dentist, but it's a thing

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Speaker 2: in our household. Literally, Kate Man, this is long winded.

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Speaker 2: Last point. Did did I have I shared that Kate

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Speaker 2: got me dental tools for Christmas last year?

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Speaker 4: No?

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Speaker 2: Did I have ever even told you this?

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Speaker 4: No?

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Speaker 2: I didn't know that. It was like a stocking stuffer.

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Speaker 2: It was like a joke, but literally like the little

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Speaker 2: pick with like little scraper she got me a little

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Speaker 2: like it was a pack that you could buy of

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Speaker 2: dental tools. And I'm like, babe, you're just you're taking

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Speaker 2: things a little too far here, because I'm not going

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Speaker 2: to like poke my up myself in the gun, you know,

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Speaker 2: like that's like the painful part. Let me reinforce getting

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Speaker 2: your Partically, anything you hear on this podcast should not

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Speaker 2: be done for batim. You should listen to the advice

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Speaker 2: of a trusted medical professional. And I have not used

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Speaker 2: these tools. I'm just saying it, Okay, I think it

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Speaker 2: was part joke, part he actually might want to give

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Speaker 2: us a shot. So let's get it. Let's get to

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Speaker 2: Phil's question.

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Speaker 1: Sorry, Phil, let's get to it and specifically talk about

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Speaker 1: dental insurance and our thoughts on it. Monetarily, we won't

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Speaker 1: let insurance that's not dental care. Lack of desire to

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Speaker 1: go to the dentist impact our advice here.

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Speaker 2: I don't mind it, actually, I don't. Yeah, like when

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Speaker 2: I go into the dentists, it's actually I think I

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Speaker 2: almost view it like you getting a massage where somebody

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Speaker 2: is working on me making so weird, healthier and better.

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Speaker 2: You're the only person who thinks that. I think. Do

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Speaker 2: you feel that way when you get it to get

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Speaker 2: your cartooned up? Like I feel so good after getting

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Speaker 2: my car tune decks? I'm just like, oh man, this

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Speaker 2: thing is perfect, and I'm glad I did it, But

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Speaker 2: in the moment, I'm like, this is painful from not

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Speaker 2: terribly painful.

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Speaker 1: My teeth are frying too. But uh, okay, let's get

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Speaker 1: to Phil's question. And first the question is like, how

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Speaker 1: are you getting this dental insurance policy?

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Speaker 2: Right?

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Speaker 1: That's true because if it's subsidized through your employer, it's

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Speaker 1: likely still worth it because you're paying a fraction of

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Speaker 1: what it actually costs to have that insurance. But if

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Speaker 1: you're buying it as an individual, it's it's not nearly

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Speaker 1: as important as you as you think. From specifically, from

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Speaker 1: the financial perspective, it doesn't mean that you shouldn't go

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Speaker 1: see the dentists, but it means that you're you might

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Speaker 1: not need the insurance, you might not come ahead having

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Speaker 1: that insurance. And so, like all insurance policies, the specifics matter.

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Speaker 1: Health insurance is a no brainer for most people, and

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Speaker 1: not because it allows you to get cheaper prescription drugs

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Speaker 1: or you know, doctor's visits with a cope. We should

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Speaker 1: do away with cope is in my estimation, I don't

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Speaker 1: think it's a good part of the insurance system. But

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Speaker 1: the whole reason to have medical insurance is because how

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Speaker 1: you're going to be covered if something catastrophic were to happen.

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Speaker 1: The annual out of pocket limit is like the best

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Speaker 1: benefit you have. That's the best part of health insurance.

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Speaker 1: Knowing that you're not on the hook beyond a certain amount. Yes,

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Speaker 1: you get the worst, most devastating diagnosis, a life threatening

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Speaker 1: disease or injury, and you know the hospital bills could

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Speaker 1: rack up, and saying guess what, I'm capped at ten

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Speaker 1: K or twelve K out of pocket for my family whatever.

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Speaker 1: That annual out of pocket max is your saving grace.

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Speaker 1: It's not the wellnesses or checkups that allow you to

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Speaker 1: come out ahead, because cash payers actually often do pretty

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Speaker 1: well for themselves pricing wise. So I would say this, Phil,

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Speaker 1: I would say, don't be afraid to ask your dentist

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Speaker 1: office for discounts for paying in full when you get

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Speaker 1: the procedure done.

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Speaker 2: Be like old tim Yeah, never hears it.

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Speaker 1: Ask unless you have this like massively discounted dental insurance

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Speaker 1: policy through your work, which in case, like I said,

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Speaker 1: it might make sense, but if you're looking at buying

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Speaker 1: one on your own on the open market, it might

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Speaker 1: make sense instead to deal directly with your dentist for

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Speaker 1: the work you need to get done.

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Speaker 2: Yeah. I like that direct to patient model too. And

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Speaker 2: is it the concierge medical services that are starting to

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Speaker 2: crop up? But yeah, I totally agree.

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Speaker 3: Man.

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Speaker 2: The thing that makes health insurance so crucial like that

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Speaker 2: is the same thing that makes dental insurance far less

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Speaker 2: necessary because most people are just using their dental insurance

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Speaker 2: to lower the cost of their routine visits. Right to

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Speaker 2: get a free cleaning except for your paying for the

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Speaker 2: premiums you know, throughout the year. It's like a credit.

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Speaker 2: You're like pre paying. It's like it's like you've joined

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Speaker 2: some sort of dental club and you've all agreed to

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Speaker 2: keep your teeth extra straight and white, right, something like that,

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Speaker 2: which is fine, But I'm just saying there's something to

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Speaker 2: be said for the British model where everyone's got crooked teeth.

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Speaker 2: What's ConTroll with that? Come on? But so, yeah, if

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Speaker 2: you're getting your teeth cleaned, you know your insurance it

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Speaker 2: might cover the cost. Actually, there's there's basically like one

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Speaker 2: hundred and eighty fifty model, right, so it's one hundred

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Speaker 2: Like if you're going in for routine maintenance like just

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Speaker 2: a cleaning, they typically cover one hundred percent of it.

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Speaker 2: If you even have a cavity a lot of plans

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Speaker 2: they only cover eighty percent of that. But if there's

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Speaker 2: something even bigger, like something more catastrophic like a crown

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Speaker 2: or something, they only cover fifty percent oftentimes of that procedure.

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Speaker 2: So sometimes even less.

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Speaker 1: Lot of times it's twenty And it really depends on

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Speaker 1: the policy, which is why the details are moth exactly.

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Speaker 1: But like I had something that where my Dennis was

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Speaker 1: recommending that I get some sort of mouthguard, but it

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Speaker 1: was no. The insurance company then said, and this was

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Speaker 1: back when I had traditional health interants in my employer,

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Speaker 1: they said, actually, this is orthodontic, and we only cover

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Speaker 1: orthodontia stuff up until you're eighteen or twenty five. Everget

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Speaker 1: I was like, I'm much older than that now, so

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Speaker 1: you're not going to cover it.

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Speaker 2: It's just a part of it. Like at the same

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Speaker 2: mouthguard at like the sports score like the football players.

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Speaker 2: Yeah right, so, and so I literally did buy one

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Speaker 2: on Amazon and I can live that. What it was, Yeah,

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Speaker 2: where you like take the measurements or you take the

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Speaker 2: impression in your mouth. Yeah, okay, nice but it's one

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Speaker 2: of those things where you don't know sometimes how your

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Speaker 2: insurance is going to classify it, or what work you

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Speaker 2: need to get done and what percentage is covered at.

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Speaker 2: That's why it's important to dive into the details. Yeah,

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Speaker 2: the key question to ask before you opt in to

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Speaker 2: go out there and maybe get dental insurance if you're

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Speaker 2: so inclinent, is what your premiums are going to be,

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Speaker 2: and then what the policy covers. Because if let's just

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Speaker 2: say a routine cleaning it costs hundred and fifty bucks,

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Speaker 2: and then your plan, let's say it costs you three

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Speaker 2: hundred dollars a year in premiums, and say you're only

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Speaker 2: allowed you're only able to get cleaning done like once

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Speaker 2: a year or something like that. Well, for you in

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Speaker 2: this specific instance, the insurance, it probably doesn't make a

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Speaker 2: whole lot of sense.

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Speaker 1: Yes, And like Phil alluded to, Matt, dental coverage usually

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Speaker 1: has an annual max payout and certain procedures have ridiculously

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Speaker 1: high co insurance payments, and so dental insurance is a

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Speaker 1: case where ditching it and opting to self insure really

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Speaker 1: can make a lot more sense. So instead of paying

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Speaker 1: for a portion of the work being done. Just pay

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Speaker 1: the full price of the cleaning, the cavity fill, whatever

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Speaker 1: it is. The premium money you've been able to save

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Speaker 1: by canceling your insurance policy, funnel that into a savings

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Speaker 1: account to pay for those procedures that you need done.

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Speaker 1: Plus it allows you this added flexibility being able to

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Speaker 1: shop around before you actually go in to see the doctor.

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Speaker 1: But again, so much of the equation comes down to

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Speaker 1: your own dental needs, the price and the coverage. So

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Speaker 1: it's not like we're mass recommending everyone to ditch dental insurance,

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Speaker 1: but it just really depends on the individual and depends

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Speaker 1: on your own dental needs.

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Speaker 2: That's right. Yeah, Okay, So one interesting additional option if

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Speaker 2: it's looking like you might need more significant dental work

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Speaker 2: done is medical tourism, which sounds kind of crazy, but

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Speaker 2: it's actually becoming more and more more popular.

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Speaker 1: My preferred destination Antarctica. Yeah, the Polar Bears work.

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Speaker 2: Okay, it's becoming more popular specifically because because it's becoming

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Speaker 2: more affordable to go to another country to fly and

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Speaker 2: pay for medical procedures, specifically dental care.

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Speaker 1: In this case, oftentimes you're able to stay in a

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Speaker 1: nice hotel on the beach kind of thing. And that's

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Speaker 1: timber one way.

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Speaker 2: Way nicer than just running an errand, and you know,

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Speaker 2: like make a make a trip out of it. Sure,

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Speaker 2: literally we've talked about was it with Marshall Allen. We

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Speaker 2: talked about Molar City. We talked down to Mexico. Yeah,

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Speaker 2: down in Mexico that people are crossing the border to

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Speaker 2: get solid dental work done at a fraction of the

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Speaker 2: price costa Rica. That's another top destination. But for you

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Speaker 2: run the numbers because you know, even after paying for

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Speaker 2: the airfare, paying for the hotel, not to mention if

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Speaker 2: you're able to get it at a discount because you

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Speaker 2: got points. But it might make sense to get on

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Speaker 2: a plane get some dental work done abroad. And you

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Speaker 2: definitely don't need dental insurance in order to do this

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Speaker 2: in order to partake. It's the medical tourism. So we

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Speaker 2: want you Phil to take care of this Jompers man.

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Speaker 1: But figure a disclaimer here. Floss every day, brush it

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Speaker 1: brush twice a day, maybe three times a day, like

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Speaker 1: do those things you lost every day. That's the biggest

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Speaker 1: kind of insurance. It's kind of like I'll get to

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Speaker 1: that one stone. It's kind of like the cell phone case,

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Speaker 1: like the case yourself.

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Speaker 2: Preventative medicine is always is always the best.

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Speaker 1: You don't need the expensive insurance coverage. If you can

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Speaker 1: take a prevention is worth a pound of cure. And

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Speaker 1: does that mean that your phone will never ever get

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Speaker 1: a cracks screen. No, but you've done ninety percent of

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Speaker 1: it for the cheapest possible price, and so that is

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Speaker 1: that's the thing to do as long as you're If

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Speaker 1: you're doing those main things every day and going to

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Speaker 1: see it for ess often enough, I think you can

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Speaker 1: ditch dental insurance. You don't need it, but run the numbers.

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Speaker 1: Run the numbers, and I floss twice week, Okay, I

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Speaker 1: should floss every day.

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Speaker 2: Yeah, I've been doing it more regularly because my daughter

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Speaker 2: and I were like talking about it, UNTI. We're both

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Speaker 2: kind of trying to well with kids. You want to

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Speaker 2: instill the habit, but their teeth are their little mouths.

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Speaker 2: But then their teeth are so far apart. They're like,

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Speaker 2: why would you floss? I'm like, food gets in between

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Speaker 2: your teeth and they're like, no, it doesn't. I'm like, what,

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Speaker 2: show me your teeth open and I'm like, oh yeah,

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Speaker 2: there's like, let me poke around with this fisher, but

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Speaker 2: your mom got me. It's all it's all gappy in here.

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Speaker 2: You don't have your grown up teeth yet. Yeah, but

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Speaker 2: it's still get a instill some of those habits. On

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Speaker 2: a related note, Kate just bought do you okay? Do

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Speaker 2: y'all use string floss that you wrap around your fingers

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Speaker 2: or do you use flossers? So they just like they

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Speaker 2: make it so easy. They make it easy and fun.

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Speaker 2: They do.

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Speaker 1: I used to always talk a little more, but it

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Speaker 1: makes it more likely that I'm gonna do it.

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Speaker 2: You buy the bolt pack at Costco, which is what

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Speaker 2: Kate did. Anyway, I'm a recent floss or convert. I'm

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Speaker 2: a fan. There you go. Yeah, I'm doing it way

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Speaker 2: more often because of that.

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Speaker 1: Nice are We've got more questions to get to fill.

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Speaker 1: I hope that helps.

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Speaker 2: And talk about other body parts now yeah, yeah, well yeah,

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Speaker 2: this is really going to we're going to dive down

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Speaker 2: the medical rabbit hole in a big way.

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Speaker 1: Well, we're going to talk about life insurance in a second.

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Speaker 1: And that's like you know something you need if you die, well,

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Speaker 1: but what kindy you need? And can you get too

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Speaker 1: much or something that's too expensive. We'll talk about that

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Speaker 1: and more right after this.

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Speaker 2: All right, man, we are back from the break, and

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Speaker 2: yes we will get to that question on life insurance.

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Speaker 2: But first, let's here from a listener who has just

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Speaker 2: recently gotten to money Gear number five.

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Speaker 5: Hi, Matt and Joel, this is Renee from Pennsylvania. First time,

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Speaker 5: long time. I love your down to earth advice and

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Speaker 5: the fact that you're not trying to scam your listeners

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Speaker 5: with time shares. My husband and I work full time.

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Speaker 5: We don't have children, and we are not planning to

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Speaker 5: have children. Our debts include our mortgage, zero percent interest

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Speaker 5: loan for our new HVAC system, and just under twenty

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Speaker 5: thousand dollars in school loans. We're finally at a point

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Speaker 5: in our finances where we can think about investing aka

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Speaker 5: money Gear five. We are both contributing to our employee

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Speaker 5: match four oh one k's and employer hsas, with plans

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Speaker 5: to increase those contributions each year. We have about sixty

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Speaker 5: thousand dollars in a high heeled savings account, earning four

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Speaker 5: point twenty five percent, and we continue to put money

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Speaker 5: in that account almost every month. I would like to

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Speaker 5: start investing some of that money, but I'm not sure

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Speaker 5: where to start. When I look at CD rates, they

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Speaker 5: don't seem that much better than our savings account unless

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Speaker 5: I'm misunderstanding the rates. I'm interested in something like a

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Speaker 5: practice money market account that has a positive social impact

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Speaker 5: associated with it. What do you suggest for our next move? Thanks?

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Speaker 1: Oh, Renee. Those timeshare scams are coming. We're going to

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Speaker 1: start pitching those probably tomorrow, is my guest. It's been

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Speaker 1: a minute since we've talked about time shares.

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Speaker 2: Yeah, no, that's false. I'm just joking.

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Speaker 1: We're not going to add something we like. We'll never

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Speaker 1: go down that rabbit hole. Because timeshares are the worst.

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Speaker 1: People should avoid them. And it's it's very very rare

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Speaker 1: that I hear someone Matt who's like, I love my

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Speaker 1: time share. Most people are like, how do I get

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Speaker 1: out of this about losing my shirt?

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Speaker 2: Where? What's the little website where I can go to

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Speaker 2: trade or sell? Because folks, yeah, they're tired of them.

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Speaker 2: Sell it for literally pennies on the dollar because I'll

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Speaker 2: pay nobody value to take over. Yes, the responsibilities, like

434
00:18:18,400 --> 00:18:20,520
Speaker 2: nobody values timeshares on the secondary market, that's for sure.

435
00:18:20,520 --> 00:18:23,399
Speaker 2: They're sold, not bought. That's right, Renee. But onto your question.

436
00:18:24,000 --> 00:18:25,760
Speaker 2: It sounds like you've paid down a lot of debt,

437
00:18:25,760 --> 00:18:28,200
Speaker 2: it sounds like you created a sizeable chunk of savings.

438
00:18:28,240 --> 00:18:31,360
Speaker 2: Plus you are investing in some smart ways as well,

439
00:18:31,760 --> 00:18:34,359
Speaker 2: so you're yeah, the question, you're asking what are the

440
00:18:34,359 --> 00:18:37,639
Speaker 2: next steps? How can you invest some more? And we

441
00:18:37,920 --> 00:18:41,400
Speaker 2: want you focused less on the like within the savings sphere,

442
00:18:41,440 --> 00:18:43,760
Speaker 2: the different savings products here, and more on those actual

443
00:18:43,840 --> 00:18:47,360
Speaker 2: investment accounts that you mentioned, because while it's a spectacular

444
00:18:47,400 --> 00:18:50,320
Speaker 2: thing that savers that they're not getting collaborated anymore, except

445
00:18:50,320 --> 00:18:53,040
Speaker 2: for the ones specifically with the big banks, they're still

446
00:18:53,040 --> 00:18:55,960
Speaker 2: getting paid the absolute least that being sevent raised rates

447
00:18:56,000 --> 00:18:58,920
Speaker 2: at all. No, Yeah, ramping up your savings even more,

448
00:18:58,960 --> 00:19:01,320
Speaker 2: it's not going to necessarily get you where you're looking

449
00:19:01,359 --> 00:19:04,200
Speaker 2: to go. It's a good idea for short term, short

450
00:19:04,240 --> 00:19:06,600
Speaker 2: term goals that you might be saving up for in

451
00:19:06,680 --> 00:19:10,040
Speaker 2: quote unquote investing for, but when it comes to long

452
00:19:10,240 --> 00:19:14,440
Speaker 2: term investments, you need to change. Basically your mindset shift

453
00:19:14,440 --> 00:19:17,000
Speaker 2: out is that you're looking at your money because you

454
00:19:17,040 --> 00:19:20,119
Speaker 2: might feel more comfortable adding to your high yel savings account.

455
00:19:20,160 --> 00:19:22,679
Speaker 2: Right's socking more money into a CD or that money

456
00:19:22,720 --> 00:19:24,800
Speaker 2: market fund that you mentioned. But the way that you're

457
00:19:24,840 --> 00:19:27,960
Speaker 2: actually going to make bigger strides and in order to

458
00:19:28,000 --> 00:19:31,000
Speaker 2: grow your wealth is by embracing the risk but also

459
00:19:31,040 --> 00:19:34,200
Speaker 2: the reward that comes with investing your money. I think

460
00:19:34,200 --> 00:19:37,080
Speaker 2: it's gotten more volatility that you're going to expose yourself to,

461
00:19:37,160 --> 00:19:38,359
Speaker 2: but that is how you're actually going to grow.

462
00:19:38,760 --> 00:19:41,320
Speaker 1: It's become easier to be more comfortable being a saver

463
00:19:41,520 --> 00:19:44,119
Speaker 1: because rates aren't complete crap, right, They're not all the

464
00:19:44,119 --> 00:19:45,800
Speaker 1: way down to the dumps like they were for a

465
00:19:45,840 --> 00:19:48,440
Speaker 1: decade plus, and so now it feels like, oh cool,

466
00:19:48,520 --> 00:19:51,320
Speaker 1: I can make close to five percent on savings. So

467
00:19:51,400 --> 00:19:53,479
Speaker 1: maybe I'll just be happy savings and I won't think

468
00:19:53,520 --> 00:19:55,800
Speaker 1: about investing as much. But the truth is, over the years,

469
00:19:55,840 --> 00:19:59,320
Speaker 1: over the decades, you're losing out on meaningful additional returns

470
00:19:59,359 --> 00:20:02,040
Speaker 1: by priority tizing safes. And yes, you need liquid cash,

471
00:20:02,080 --> 00:20:04,760
Speaker 1: you need savings, but you don't want to save so

472
00:20:04,840 --> 00:20:06,480
Speaker 1: much that you're not investing as much as you could

473
00:20:06,520 --> 00:20:06,840
Speaker 1: or should.

474
00:20:07,200 --> 00:20:08,760
Speaker 2: And so I think one of the tricks is the

475
00:20:08,760 --> 00:20:12,439
Speaker 2: fact that we most folks aren't necessarily comparing their expenses today, right,

476
00:20:12,480 --> 00:20:15,800
Speaker 2: So we've all experienced inflation. Yeah, and we're not necessarily

477
00:20:15,880 --> 00:20:18,399
Speaker 2: some folks are, which is great. But at the end

478
00:20:18,400 --> 00:20:20,320
Speaker 2: of the year, when it comes to your savings account,

479
00:20:20,600 --> 00:20:22,359
Speaker 2: you get a little statement and it tells you this

480
00:20:22,440 --> 00:20:23,840
Speaker 2: is how much you earned this year. And you're going

481
00:20:23,920 --> 00:20:26,639
Speaker 2: to say, oh, wow, that's so much more than last year.

482
00:20:26,680 --> 00:20:29,840
Speaker 2: I'm earning so much money by investing my money in

483
00:20:29,880 --> 00:20:32,640
Speaker 2: a high yo savings. But what they're not looking at

484
00:20:32,760 --> 00:20:35,680
Speaker 2: is the itemized breakdown of how much they spent on groceries,

485
00:20:35,680 --> 00:20:37,760
Speaker 2: for instance. And if you were automatically sent that, I

486
00:20:37,760 --> 00:20:39,280
Speaker 2: think that would have an impact on how it is

487
00:20:39,320 --> 00:20:41,840
Speaker 2: that you view the money that you're spending and the

488
00:20:41,840 --> 00:20:44,800
Speaker 2: money that you're saving, not necessarily investing, you'd be like, oh, man,

489
00:20:44,840 --> 00:20:47,680
Speaker 2: I need to out earn this inflation exactly, which is

490
00:20:47,720 --> 00:20:49,239
Speaker 2: the main reason to invest in the first place. Right,

491
00:20:49,200 --> 00:20:51,720
Speaker 2: That inflation is steadily eating away at our money, and

492
00:20:51,760 --> 00:20:54,200
Speaker 2: so we need to invest to grow that money so

493
00:20:54,440 --> 00:20:57,640
Speaker 2: that you know, we're not getting stung by inflation over time,

494
00:20:57,640 --> 00:20:59,600
Speaker 2: that we're able to kind of mitigate that and actually

495
00:20:59,600 --> 00:21:00,119
Speaker 2: outpace it.

496
00:21:00,160 --> 00:21:00,320
Speaker 3: Right.

497
00:21:00,359 --> 00:21:03,720
Speaker 1: And so the thing is, I think Renee doesn't even

498
00:21:03,760 --> 00:21:06,320
Speaker 1: necessarily need to open up a new account. You've got

499
00:21:06,320 --> 00:21:09,000
Speaker 1: plenty of good ones already at your disposal. It sounds like,

500
00:21:09,280 --> 00:21:10,919
Speaker 1: and I love that you already have plans to increase

501
00:21:10,920 --> 00:21:12,679
Speaker 1: what you're putting into that four oh one K and

502
00:21:12,720 --> 00:21:15,159
Speaker 1: that HSA, but it might make sense to ramp up

503
00:21:15,200 --> 00:21:17,720
Speaker 1: contributions to those even sooner than maybe you thought, like

504
00:21:17,960 --> 00:21:19,880
Speaker 1: we're all about liquid savings, But it's a good idea

505
00:21:19,920 --> 00:21:22,480
Speaker 1: to see how many months of expenses that sixty thousand

506
00:21:22,520 --> 00:21:24,359
Speaker 1: dollars you mentioned you had. How much would that cover?

507
00:21:24,640 --> 00:21:27,119
Speaker 1: Like do you need that much or would forty thousand

508
00:21:27,119 --> 00:21:29,720
Speaker 1: dollars suffice? Would that be enough? Like if that would

509
00:21:29,760 --> 00:21:33,200
Speaker 1: be plenty to cover five or six months of expenses

510
00:21:33,240 --> 00:21:35,919
Speaker 1: and your jobs feel steady, I would be funneling more

511
00:21:35,960 --> 00:21:38,840
Speaker 1: of that cash into those investment accounts for the increased

512
00:21:38,840 --> 00:21:40,439
Speaker 1: tax and wealth building benefits that you're.

513
00:21:40,280 --> 00:21:42,800
Speaker 2: Going to receive. Yeah, I would say, as you're looking

514
00:21:42,880 --> 00:21:44,480
Speaker 2: at the amount of money that you have to decide

515
00:21:44,480 --> 00:21:46,560
Speaker 2: to make sure you have because you mentioned a zero

516
00:21:46,600 --> 00:21:50,480
Speaker 2: percent loan that you've got on your HVAC, which I

517
00:21:50,520 --> 00:21:53,119
Speaker 2: get it. Sometimes we're in situations where we don't have

518
00:21:53,160 --> 00:21:54,440
Speaker 2: the money on hand. But it sounds like you have

519
00:21:54,520 --> 00:21:56,520
Speaker 2: the money on hand, and maybe you chose to go

520
00:21:56,560 --> 00:21:59,439
Speaker 2: with a zero percent HVAC loan because you're like, well,

521
00:21:59,480 --> 00:22:01,359
Speaker 2: why not, you can hang on my money for longer.

522
00:22:01,600 --> 00:22:02,639
Speaker 2: I just want to make sure that you have a

523
00:22:02,640 --> 00:22:07,280
Speaker 2: plan to pay that off once that zero percent window closes, sure,

524
00:22:07,760 --> 00:22:10,280
Speaker 2: because like, okay, so they're not really like quote unquote

525
00:22:10,359 --> 00:22:13,840
Speaker 2: HVAC loans oftentimes, they're just personal loans, and personal loan

526
00:22:13,960 --> 00:22:16,800
Speaker 2: rates very widely. Like it's so like anywhere from like

527
00:22:16,840 --> 00:22:19,399
Speaker 2: seven percent all we up to thirty, like thirty five percent,

528
00:22:19,880 --> 00:22:22,960
Speaker 2: and so they're counting on folks getting used to perhaps

529
00:22:23,160 --> 00:22:24,679
Speaker 2: not paying that and then all of a sudden they

530
00:22:24,800 --> 00:22:27,159
Speaker 2: roll out of that window and boom, if your credit

531
00:22:27,200 --> 00:22:29,080
Speaker 2: is not so stellar, you're gonna be on that higher

532
00:22:29,160 --> 00:22:31,520
Speaker 2: end of that unsecured loan and you're all of a

533
00:22:31,520 --> 00:22:34,119
Speaker 2: sudden paying thirty percent on something that you didn't have

534
00:22:34,160 --> 00:22:35,760
Speaker 2: a plan to pay off, and so renee.

535
00:22:35,840 --> 00:22:37,800
Speaker 1: It's like those furniture commercials you see on TV and

536
00:22:37,800 --> 00:22:40,800
Speaker 1: it's yeah, no payments, no interest until twenty thirty five,

537
00:22:40,880 --> 00:22:43,520
Speaker 1: and it's like they're hoping that you're gonna forget commediately

538
00:22:43,560 --> 00:22:44,200
Speaker 1: about when.

539
00:22:44,480 --> 00:22:46,919
Speaker 2: They're gonna come calling. Yes, and then you owe a

540
00:22:46,920 --> 00:22:51,040
Speaker 2: lot of money and exactly yes, But Renee, she seems organized,

541
00:22:51,080 --> 00:22:53,680
Speaker 2: and I'm guessing they have a lump sum set aside

542
00:22:53,720 --> 00:22:55,800
Speaker 2: that when the time comes, you're gonna blute pay that

543
00:22:55,840 --> 00:22:57,920
Speaker 2: thing off. But yeah, just make sure if not, though,

544
00:22:57,960 --> 00:23:00,000
Speaker 2: make sure that you do have a plan for them,

545
00:23:00,200 --> 00:23:02,480
Speaker 2: and that you've got that much money set aside in

546
00:23:02,520 --> 00:23:05,359
Speaker 2: addition to your emergency fund. But make sure you're taking

547
00:23:05,359 --> 00:23:08,720
Speaker 2: that into account as well as student loans resuming as well,

548
00:23:08,760 --> 00:23:11,720
Speaker 2: because it sounds like you've got a couple more twenty

549
00:23:11,760 --> 00:23:15,240
Speaker 2: thousand in student loans that will be resuming. Yeah, So

550
00:23:15,359 --> 00:23:17,679
Speaker 2: just a quick note on savings and making sure that

551
00:23:17,680 --> 00:23:19,760
Speaker 2: you're not fully depleting those that you're looking out in

552
00:23:19,760 --> 00:23:21,560
Speaker 2: the full picture. Yeah, And I guess I mentioned that

553
00:23:21,880 --> 00:23:25,920
Speaker 2: Renee doesn't in all likelihood need another account. She doesn't

554
00:23:25,960 --> 00:23:27,479
Speaker 2: need to add anything else to the mix. I think

555
00:23:27,520 --> 00:23:29,760
Speaker 2: if she's just kind of getting closer to maxing out

556
00:23:29,760 --> 00:23:33,360
Speaker 2: both those two accounts, so she's currently investing in she's

557
00:23:33,400 --> 00:23:34,840
Speaker 2: a lot of the way there right, Like she is

558
00:23:34,960 --> 00:23:38,159
Speaker 2: doing a lot more than most people can or do.

559
00:23:38,880 --> 00:23:40,919
Speaker 2: But there is one other thing that's probably worth mentioning

560
00:23:41,000 --> 00:23:43,680
Speaker 2: mentioning when it comes to crushing your retirement account goals

561
00:23:43,720 --> 00:23:47,080
Speaker 2: more fully, and that is adding one additional account account

562
00:23:47,119 --> 00:23:49,159
Speaker 2: to the mix and RENEE you and your husband you

563
00:23:49,200 --> 00:23:53,360
Speaker 2: could likely consider and you probably should consider the roth IRA's.

564
00:23:53,920 --> 00:23:56,879
Speaker 2: That would be like the trifecta essentially all that with

565
00:23:56,960 --> 00:23:59,480
Speaker 2: the other two HSA four oh one k roth ira

566
00:23:59,680 --> 00:24:03,480
Speaker 2: doing all above funneling and the maxing out the wroth

567
00:24:03,520 --> 00:24:07,120
Speaker 2: IRA and the HSA those two together would be incredible

568
00:24:07,160 --> 00:24:08,720
Speaker 2: and then getting at least a match on the four

569
00:24:08,760 --> 00:24:10,920
Speaker 2: one K and then any additional dollar I would say

570
00:24:11,119 --> 00:24:13,320
Speaker 2: should go into the four to one K. After those

571
00:24:13,359 --> 00:24:14,000
Speaker 2: two are maxed.

572
00:24:14,240 --> 00:24:16,600
Speaker 1: You can contribute up to sixty five hundred dollars annually

573
00:24:16,760 --> 00:24:19,800
Speaker 1: each into those wroth iras. And if you're doing all

574
00:24:19,840 --> 00:24:21,679
Speaker 1: the above, that would be a lot of investing, right

575
00:24:21,760 --> 00:24:23,680
Speaker 1: which you might not be able to do all the above,

576
00:24:24,359 --> 00:24:25,840
Speaker 1: or at least be able to do all the above

577
00:24:26,280 --> 00:24:29,320
Speaker 1: this year, But even just opening the wrath investing a little,

578
00:24:29,359 --> 00:24:32,160
Speaker 1: that would be a great start. And so we would say, yeah, again,

579
00:24:32,240 --> 00:24:34,879
Speaker 1: saving money is important, but savings alone aren't going to

580
00:24:34,960 --> 00:24:37,840
Speaker 1: fund retirement, So make sure you're not leaning too hard

581
00:24:37,880 --> 00:24:40,159
Speaker 1: in that direction. Just because rates are higher and it

582
00:24:40,160 --> 00:24:42,159
Speaker 1: feels a little more comfortable. It doesn't mean that you

583
00:24:42,200 --> 00:24:44,800
Speaker 1: should rest on your laurels and just kind of allow

584
00:24:44,880 --> 00:24:48,200
Speaker 1: your savings to accumulate and accumulate unless you have specific

585
00:24:48,359 --> 00:24:50,960
Speaker 1: short term to medium term goals that you're saving for.

586
00:24:51,240 --> 00:24:53,879
Speaker 1: If these are long term goals, we want you putting

587
00:24:53,880 --> 00:24:55,760
Speaker 1: more aside in those retirement accounts.

588
00:24:55,760 --> 00:24:56,040
Speaker 4: That's right.

589
00:24:56,119 --> 00:24:58,439
Speaker 2: Yeah. And you asked specifically too, about putting your money

590
00:24:58,520 --> 00:25:01,840
Speaker 2: with maybe a money mark fund that has like a

591
00:25:01,880 --> 00:25:05,439
Speaker 2: social bent or something like that, and we would caution

592
00:25:05,560 --> 00:25:09,720
Speaker 2: you against going with a bank or somebody that's paying

593
00:25:09,720 --> 00:25:11,160
Speaker 2: you less than what it is that you can get

594
00:25:11,520 --> 00:25:14,560
Speaker 2: competitively on the open market. You specifically asked about practice

595
00:25:14,960 --> 00:25:16,600
Speaker 2: and they're actually at you know, we look them up.

596
00:25:16,600 --> 00:25:19,359
Speaker 2: They're paying four point eight percent, which is pretty dang

597
00:25:19,359 --> 00:25:22,240
Speaker 2: good that they're paying that out to customers, but also

598
00:25:22,880 --> 00:25:26,880
Speaker 2: have a social benefit that they're providing providing the community, right, Yeah,

599
00:25:26,920 --> 00:25:28,760
Speaker 2: and so and that's a question whether or not that

600
00:25:28,880 --> 00:25:30,399
Speaker 2: is good. It's more of a question about whether or

601
00:25:30,440 --> 00:25:32,800
Speaker 2: not she should be doing more savings and less investing

602
00:25:32,920 --> 00:25:36,400
Speaker 2: exactly exactly. But as far as those medium term goals,

603
00:25:36,440 --> 00:25:38,040
Speaker 2: if you are looking to move your money into to

604
00:25:38,119 --> 00:25:40,000
Speaker 2: something like that, that's totally fine, I just want to

605
00:25:40,000 --> 00:25:43,280
Speaker 2: see you necessarily getting like two to three percent at

606
00:25:43,320 --> 00:25:45,760
Speaker 2: the expense of that they happen to be doing some

607
00:25:45,800 --> 00:25:48,600
Speaker 2: quote unquote good when you don't, you may not necessarily

608
00:25:48,600 --> 00:25:50,480
Speaker 2: know what good it is that they're providing for a community.

609
00:25:50,480 --> 00:25:52,840
Speaker 2: It makes me think of like ESG Investing and even

610
00:25:53,680 --> 00:25:56,720
Speaker 2: SMP like the rating agency, Like they just dropped ESG

611
00:25:57,280 --> 00:26:00,199
Speaker 2: like the rating because it's like, what is does that

612
00:26:00,240 --> 00:26:04,240
Speaker 2: even mean anymore to different companies because so many eye

613
00:26:04,240 --> 00:26:08,159
Speaker 2: of the beholders and it's gotten pretty murky well on,

614
00:26:08,880 --> 00:26:10,920
Speaker 2: and we've been covering that for a while in the show.

615
00:26:10,960 --> 00:26:14,200
Speaker 2: It's not that we're against doing good or caring about this.

616
00:26:14,320 --> 00:26:17,199
Speaker 2: Vironment do it separately from your savings and investing, and

617
00:26:17,240 --> 00:26:19,560
Speaker 2: so for instance, like if they were only paying out

618
00:26:19,560 --> 00:26:22,439
Speaker 2: like two percent, I would say, well, shoot, get with

619
00:26:22,440 --> 00:26:25,240
Speaker 2: the high held savings us paying you five percent, but

620
00:26:26,160 --> 00:26:28,080
Speaker 2: then take a portion of your money and donate it

621
00:26:28,119 --> 00:26:30,480
Speaker 2: directly to the different causes that you believe and just

622
00:26:30,560 --> 00:26:33,080
Speaker 2: keep them separate, specifically the good that you're able to

623
00:26:33,119 --> 00:26:35,680
Speaker 2: provide the community in the world. It just helps things

624
00:26:35,680 --> 00:26:39,040
Speaker 2: to remain a little more clear. Proper alignment, you know, yeah, exactly,

625
00:26:39,119 --> 00:26:41,280
Speaker 2: all right, let's hear from our listener who has that

626
00:26:41,400 --> 00:26:43,360
Speaker 2: less than ideal insurance product.

627
00:26:43,880 --> 00:26:47,160
Speaker 6: Hey, Matt and Joel, this is Robin from northern Colorado.

628
00:26:48,000 --> 00:26:50,880
Speaker 6: I have a question for you guys regarding whole life insurance.

629
00:26:51,640 --> 00:26:53,639
Speaker 6: Back in the nineties, I was in the Marine Corps

630
00:26:53,680 --> 00:26:56,879
Speaker 6: and started investing with an investment bank that caters largely

631
00:26:56,920 --> 00:27:00,679
Speaker 6: to the military in general. It's a good company. However,

632
00:27:00,720 --> 00:27:03,080
Speaker 6: I have learned that perhaps they did not always have

633
00:27:03,200 --> 00:27:05,720
Speaker 6: my best interest in mind with regard to their near

634
00:27:05,760 --> 00:27:09,200
Speaker 6: insistence on getting whole life insurance, which I ended up doing.

635
00:27:10,000 --> 00:27:13,440
Speaker 6: My three children also have their own whole life insurance policies.

636
00:27:14,320 --> 00:27:16,879
Speaker 6: In recent years, mainly from the good advice from my

637
00:27:16,960 --> 00:27:20,520
Speaker 6: fiancee and also from reading some articles on your website.

638
00:27:20,840 --> 00:27:23,400
Speaker 6: I am now convinced that whole life insurance is not

639
00:27:23,480 --> 00:27:26,320
Speaker 6: all it's cracked up to be, and I probably would

640
00:27:26,320 --> 00:27:29,000
Speaker 6: do better with a term life insurance policy for the

641
00:27:29,000 --> 00:27:32,000
Speaker 6: remaining years that my children are dependent upon my income.

642
00:27:32,920 --> 00:27:36,520
Speaker 6: My question is what should I do. I wonder what

643
00:27:36,600 --> 00:27:39,360
Speaker 6: the tax or any other financial implications might be if

644
00:27:39,400 --> 00:27:42,720
Speaker 6: I close out the policy. Should I invest what remaining

645
00:27:42,720 --> 00:27:45,760
Speaker 6: cash I get back into some other investment vehicle? Or

646
00:27:45,800 --> 00:27:49,639
Speaker 6: maybe put it towards a term policy instead. I appreciate

647
00:27:49,680 --> 00:27:52,440
Speaker 6: your thoughts on this rather confusing financial matter that has

648
00:27:52,480 --> 00:27:55,440
Speaker 6: bothered me for quite some time now. If you guys

649
00:27:55,520 --> 00:27:58,640
Speaker 6: ever find yourself in the northern Colorado area, I'd love

650
00:27:58,680 --> 00:28:01,720
Speaker 6: to recommend some of my favors breweries, and if the

651
00:28:01,760 --> 00:28:03,679
Speaker 6: timing is right, you might even get to see some

652
00:28:03,760 --> 00:28:06,879
Speaker 6: of my artwork on display at these breweries. I have

653
00:28:06,920 --> 00:28:09,960
Speaker 6: a super cool side hustle painting art and recycle wood

654
00:28:09,960 --> 00:28:11,359
Speaker 6: that features the Colorado flag.

655
00:28:11,920 --> 00:28:13,480
Speaker 2: Thanks guys, Robin.

656
00:28:13,520 --> 00:28:15,720
Speaker 1: First off, we dig the side hustle, the small business

657
00:28:15,760 --> 00:28:17,719
Speaker 1: that you're starting right, And it's true that there are

658
00:28:17,720 --> 00:28:19,960
Speaker 1: some good companies out there, by the way, that don't

659
00:28:19,960 --> 00:28:22,560
Speaker 1: do a good job advising their customers as they're making

660
00:28:22,560 --> 00:28:26,560
Speaker 1: big financial decisions. Even companies that we like don't necessarily

661
00:28:26,600 --> 00:28:28,800
Speaker 1: do the due diligence, especially some of these financial companies,

662
00:28:29,000 --> 00:28:31,840
Speaker 1: that they should do with their customers. My mom was

663
00:28:31,840 --> 00:28:33,960
Speaker 1: thinking about rolling over a Wroth four oh one k

664
00:28:34,080 --> 00:28:38,080
Speaker 1: recently into a roth Ira with Fidelity, and they were like, cool,

665
00:28:38,120 --> 00:28:40,200
Speaker 1: let's do it. And they didn't really ask her any

666
00:28:40,240 --> 00:28:42,760
Speaker 1: important questions, and they didn't notify her about the five

667
00:28:42,840 --> 00:28:45,080
Speaker 1: year rule. It doesn't mean that Fidelity's not a great

668
00:28:45,120 --> 00:28:47,120
Speaker 1: company with low fees, But man, that was a little

669
00:28:47,120 --> 00:28:50,280
Speaker 1: disconcerting to hear that they didn't like ask those questions

670
00:28:50,280 --> 00:28:50,720
Speaker 1: of her, right.

671
00:28:50,760 --> 00:28:52,440
Speaker 2: Or she didn't get an email that said this is

672
00:28:52,440 --> 00:28:54,840
Speaker 2: what you should expect. Yeah, got it?

673
00:28:54,960 --> 00:28:57,800
Speaker 1: Yes, So once again, I think this reveals the need

674
00:28:57,840 --> 00:29:01,120
Speaker 1: for more basic financial education in schools and maybe less

675
00:29:01,120 --> 00:29:04,200
Speaker 1: complexity in the rules overall. But it's something that impacts

676
00:29:04,240 --> 00:29:06,240
Speaker 1: all of us every single day of our lives, this

677
00:29:07,000 --> 00:29:09,000
Speaker 1: money thing, right, We're dealing with it all the time,

678
00:29:09,280 --> 00:29:11,520
Speaker 1: yet most of us we graduate learning nothing about it.

679
00:29:11,880 --> 00:29:14,040
Speaker 1: And the truth is a lot of financial mistakes can

680
00:29:14,080 --> 00:29:16,719
Speaker 1: be mitigated. But man, wouldn't it be nice if we

681
00:29:16,760 --> 00:29:20,480
Speaker 1: work to prevent more of these financial issues from the

682
00:29:20,520 --> 00:29:23,960
Speaker 1: get go. I think we owe it to generations of

683
00:29:24,000 --> 00:29:26,400
Speaker 1: future Americans to help teach them what it looks like

684
00:29:26,640 --> 00:29:29,640
Speaker 1: to handle personal finance as well, especially something like a

685
00:29:29,680 --> 00:29:32,920
Speaker 1: life insurance policy that you're stuck with paying for decades

686
00:29:32,960 --> 00:29:34,920
Speaker 1: down the road. You might not realize until a decade

687
00:29:35,160 --> 00:29:37,360
Speaker 1: is gone and you're like, Wow, that's a decade of

688
00:29:37,440 --> 00:29:40,480
Speaker 1: returns on money I could have instead invested that.

689
00:29:40,480 --> 00:29:43,120
Speaker 2: I lost out on that's true. Yeah, And so the

690
00:29:43,120 --> 00:29:46,640
Speaker 2: whole life policies that she has specifically on our kids, Robin,

691
00:29:46,680 --> 00:29:50,120
Speaker 2: those are the absolute most unnecessary that you have. They're

692
00:29:50,160 --> 00:29:53,400
Speaker 2: all kind of unnecessary. Not life insurance in Geril but

693
00:29:53,440 --> 00:29:56,880
Speaker 2: whole life specifically. But the entire purpose of life insurance

694
00:29:56,920 --> 00:29:59,800
Speaker 2: is to cover loss of income in the case of

695
00:30:00,120 --> 00:30:03,200
Speaker 2: or untimely death. And so unless your kids, I think

696
00:30:03,240 --> 00:30:05,160
Speaker 2: you said you have three of them, unless they earn

697
00:30:05,200 --> 00:30:10,160
Speaker 2: you money, right, like if they're child stars like Mcallai Culkin, right,

698
00:30:10,960 --> 00:30:15,200
Speaker 2: they're probably not contributing to the family finances. On More

699
00:30:15,240 --> 00:30:17,600
Speaker 2: than likely they're actually a drain on them. They cost

700
00:30:17,680 --> 00:30:19,200
Speaker 2: you money. Not to say that kids aren't worth it,

701
00:30:19,240 --> 00:30:21,680
Speaker 2: but they're not bringing in. They're not carrying their own

702
00:30:21,720 --> 00:30:24,960
Speaker 2: weight right when it comes to the financial situation. That's

703
00:30:25,000 --> 00:30:26,640
Speaker 2: what I'm saying is that there is not even a

704
00:30:26,800 --> 00:30:29,680
Speaker 2: need to have term life insurance on them at all,

705
00:30:30,000 --> 00:30:33,600
Speaker 2: which is our absolute whole life on them. But any

706
00:30:33,640 --> 00:30:36,240
Speaker 2: sort of life insurany life insurance, exactly, it's a cheaper

707
00:30:36,320 --> 00:30:38,880
Speaker 2: kind zero life insurance that is the right amount for

708
00:30:38,920 --> 00:30:41,280
Speaker 2: each one of your kiddos. If are you, I'd be

709
00:30:41,280 --> 00:30:43,760
Speaker 2: getting rid of those policies as soon as possible.

710
00:30:43,800 --> 00:30:45,800
Speaker 1: Yeah, and some people will say, oh, but we need

711
00:30:45,840 --> 00:30:48,560
Speaker 1: a policy on our kids to cover potential burial costs.

712
00:30:49,040 --> 00:30:51,040
Speaker 1: That's a case for self insurance, not a case for

713
00:30:51,080 --> 00:30:54,000
Speaker 1: life insurance, because that is not the purpose of life insurance.

714
00:30:54,280 --> 00:30:56,360
Speaker 1: But yeah, so cancel those things to get those premiums

715
00:30:56,360 --> 00:30:58,479
Speaker 1: back in your life every single month. And then when

716
00:30:58,520 --> 00:31:00,320
Speaker 1: it comes to the whole life policy that you and

717
00:31:00,360 --> 00:31:03,400
Speaker 1: your fiance you're soon to be husband have, well, whether

718
00:31:03,480 --> 00:31:05,640
Speaker 1: or not you're gonna want to ditch those that depends

719
00:31:05,960 --> 00:31:08,320
Speaker 1: on how long you've had those policies in place and

720
00:31:08,400 --> 00:31:10,680
Speaker 1: what changes there may have been to your health in

721
00:31:10,720 --> 00:31:14,560
Speaker 1: the meantime, Because on average, the premiums are ten x

722
00:31:14,920 --> 00:31:17,160
Speaker 1: sometimes more than what a term policy would be. So

723
00:31:17,360 --> 00:31:19,400
Speaker 1: in the case of term you might pay eighteen dollars

724
00:31:19,440 --> 00:31:21,200
Speaker 1: a month, Well, for your whole life it might be

725
00:31:21,400 --> 00:31:25,080
Speaker 1: two hundred dollars a month, But your age and your

726
00:31:25,120 --> 00:31:28,160
Speaker 1: health factor into those premiums and what you're actually paying.

727
00:31:28,360 --> 00:31:30,040
Speaker 1: So that's a pretty good rule of thumb, I would

728
00:31:30,040 --> 00:31:32,160
Speaker 1: say when it comes to thinking about how much cheaper

729
00:31:32,240 --> 00:31:35,240
Speaker 1: term insurance is likely to be. But like, let's say,

730
00:31:35,240 --> 00:31:37,800
Speaker 1: for instance, you've been diagnosed to something that would impact

731
00:31:38,040 --> 00:31:40,480
Speaker 1: rates on a future policy. You might be better off

732
00:31:40,520 --> 00:31:43,120
Speaker 1: keeping your whole life policy intact because rates on that

733
00:31:43,160 --> 00:31:45,600
Speaker 1: new policy, even a term one which comes with on

734
00:31:45,720 --> 00:31:48,719
Speaker 1: average ten x less, will be affected. And again, if

735
00:31:48,920 --> 00:31:52,160
Speaker 1: you've got this policy fifteen years ago, well, rates are

736
00:31:52,160 --> 00:31:54,680
Speaker 1: going to go up just by factor of just by

737
00:31:54,720 --> 00:31:57,560
Speaker 1: consequence of your age, So that's important to take into considerable.

738
00:31:57,560 --> 00:31:59,360
Speaker 2: Well, so the flip side of the coin would be

739
00:31:59,400 --> 00:32:01,840
Speaker 2: if you're actually in better health. For instance, it makes

740
00:32:01,840 --> 00:32:04,200
Speaker 2: me think if you, like, say you smoked back when

741
00:32:04,200 --> 00:32:07,560
Speaker 2: you got that policy, you could actually save drastically more

742
00:32:07,600 --> 00:32:09,960
Speaker 2: money now by getting a new policy in addition to

743
00:32:10,000 --> 00:32:11,840
Speaker 2: the fact that you're going to pay you know, ten

744
00:32:11,920 --> 00:32:15,080
Speaker 2: times less for a term policy over that whole life policy.

745
00:32:15,120 --> 00:32:17,120
Speaker 2: But also it's not only how long that you've had

746
00:32:17,120 --> 00:32:19,960
Speaker 2: the policy, right, but it's also how much longer you're

747
00:32:19,960 --> 00:32:22,480
Speaker 2: going to need that policy moving forward, how much longer

748
00:32:22,520 --> 00:32:25,040
Speaker 2: that you'll have folks who are dependent on your income. So,

749
00:32:25,440 --> 00:32:27,800
Speaker 2: for instance, let's say your kids are let's say your

750
00:32:27,840 --> 00:32:30,640
Speaker 2: youngest kid is twelve years old, Well, that means there

751
00:32:30,680 --> 00:32:33,280
Speaker 2: might be only like six years where they are solely

752
00:32:33,320 --> 00:32:36,400
Speaker 2: dependent on your income, at which point you could potentially

753
00:32:36,520 --> 00:32:38,480
Speaker 2: cancel if you wanted to, Like, you could potentially be

754
00:32:38,520 --> 00:32:40,880
Speaker 2: without life insurance altogether because you don't have anybody who

755
00:32:41,000 --> 00:32:45,200
Speaker 2: is dependent on that income. If you're your partner, maybe

756
00:32:45,240 --> 00:32:48,960
Speaker 2: they're not necessarily in a position where they need your income. Yeah,

757
00:32:49,080 --> 00:32:52,120
Speaker 2: it might be certainly the icing on top. Certainly life

758
00:32:52,160 --> 00:32:53,600
Speaker 2: would look a whole lot different where you did not

759
00:32:53,640 --> 00:32:55,800
Speaker 2: be there, But it may not be necessary.

760
00:32:55,480 --> 00:32:57,880
Speaker 1: Especially if your savings and your investments are robust. You

761
00:32:57,960 --> 00:32:59,840
Speaker 1: might say, oh, in six years time, based on the

762
00:33:00,000 --> 00:33:02,400
Speaker 1: out we're talking a size often, sure, baby, we don't

763
00:33:02,400 --> 00:33:03,400
Speaker 1: need that policy anymore.

764
00:33:03,400 --> 00:33:05,040
Speaker 2: Exactly. Kind of goes back to the whole dental thing,

765
00:33:05,080 --> 00:33:06,720
Speaker 2: which is why we recommend term in the first place,

766
00:33:06,760 --> 00:33:10,640
Speaker 2: because usually covering a specific period of time where kids

767
00:33:10,680 --> 00:33:12,040
Speaker 2: are under the roof, for where your spouse is going

768
00:33:12,120 --> 00:33:14,360
Speaker 2: to need that, and hopefully hopefully over that twenty or

769
00:33:14,400 --> 00:33:18,080
Speaker 2: thirty year term policy you have built financial independence, beef

770
00:33:18,120 --> 00:33:20,240
Speaker 2: up your nest day in the meantime to be set. Yes,

771
00:33:20,360 --> 00:33:21,680
Speaker 2: and then you don't need.

772
00:33:21,520 --> 00:33:24,440
Speaker 1: The life insurance anymore because it covered the period of

773
00:33:24,480 --> 00:33:27,040
Speaker 1: time where you weren't financially in and then now you are.

774
00:33:27,160 --> 00:33:29,840
Speaker 2: The designated period of time exactly and you also so

775
00:33:29,880 --> 00:33:31,880
Speaker 2: you mentioned the tax implications as well. So if you've

776
00:33:31,920 --> 00:33:34,800
Speaker 2: surrendered the policy, you actually you only have to pay

777
00:33:34,840 --> 00:33:37,520
Speaker 2: taxes on anything that you receive that is over what

778
00:33:37,600 --> 00:33:40,440
Speaker 2: you paid. So the dollar amount of the cash basis,

779
00:33:40,560 --> 00:33:42,280
Speaker 2: so what it is that you paid into it, you

780
00:33:42,320 --> 00:33:44,800
Speaker 2: will receive that back tax free, no income tax on

781
00:33:44,840 --> 00:33:46,640
Speaker 2: that amount of money. I think it's also important to

782
00:33:46,640 --> 00:33:49,360
Speaker 2: mention Matt like term life yes, better, But we were

783
00:33:49,360 --> 00:33:51,720
Speaker 2: mentioning all these little caveats because yeah, it depends on

784
00:33:51,760 --> 00:33:53,080
Speaker 2: how long you've had that. There's a lot of different

785
00:33:53,120 --> 00:33:54,959
Speaker 2: factors that you plan to have it taken into account.

786
00:33:55,040 --> 00:33:57,960
Speaker 1: Yeah, health stuff, and what the actual cost you would

787
00:33:58,000 --> 00:33:59,720
Speaker 1: be paying for term life policy. I think it's probably

788
00:33:59,760 --> 00:34:04,080
Speaker 1: worth getting quotes on term life policies for yourself. And

789
00:34:04,240 --> 00:34:08,279
Speaker 1: you're soon to be, you know, in your fiance to see, okay,

790
00:34:08,280 --> 00:34:10,239
Speaker 1: well how much could we actually say and are we

791
00:34:10,360 --> 00:34:13,239
Speaker 1: ensurable at a decent rate? But I would also say this,

792
00:34:13,320 --> 00:34:15,880
Speaker 1: there's the devil's in the details. And there's a nonprofit

793
00:34:15,920 --> 00:34:18,759
Speaker 1: called the Consumer Federation of America that will review your

794
00:34:18,800 --> 00:34:21,640
Speaker 1: policy for a reasonable one hundred and fifty dollars fee.

795
00:34:21,719 --> 00:34:23,560
Speaker 1: And since this is such a big decision, and there

796
00:34:23,600 --> 00:34:25,319
Speaker 1: are a lot of factors that go into whether or

797
00:34:25,360 --> 00:34:28,120
Speaker 1: not you opt to keep her ditchit. It's probably worth

798
00:34:28,120 --> 00:34:30,160
Speaker 1: getting insight from a pro. So we'll put a link

799
00:34:30,200 --> 00:34:33,640
Speaker 1: in the show notes to this website, the Consumer Federation

800
00:34:33,719 --> 00:34:35,440
Speaker 1: of America. The service they offer is it just run

801
00:34:35,480 --> 00:34:37,160
Speaker 1: by this one guy. It's this one guy. Okay, this

802
00:34:37,200 --> 00:34:39,400
Speaker 1: one guy whose name is James Hunts, and he has

803
00:34:39,480 --> 00:34:42,279
Speaker 1: literally been reviewing life insurance policies since I was born

804
00:34:42,320 --> 00:34:45,800
Speaker 1: in nineteen eighty four. That's thirty nine years of experience.

805
00:34:46,080 --> 00:34:47,040
Speaker 1: And he does it now.

806
00:34:47,080 --> 00:34:49,759
Speaker 2: Talk about laser focus, right right. This guy does one

807
00:34:49,760 --> 00:34:51,960
Speaker 2: thing and he does it really well exactly. So yeah,

808
00:34:52,160 --> 00:34:54,400
Speaker 2: he literally says on the website, I've basically seen everything.

809
00:34:55,080 --> 00:34:56,719
Speaker 2: Nothing you send my way is going to shock well.

810
00:34:56,719 --> 00:34:59,879
Speaker 2: And before that, he used to be the tax commissioner

811
00:35:00,080 --> 00:35:02,400
Speaker 2: for Vermont and so he was in the industry before.

812
00:35:02,400 --> 00:35:04,160
Speaker 2: This guy is a pro. He's been doing this specifically

813
00:35:04,200 --> 00:35:06,640
Speaker 2: for a long time. I honestly, I really like the

814
00:35:06,680 --> 00:35:09,759
Speaker 2: simplicity of his model, like this business.

815
00:35:09,520 --> 00:35:11,600
Speaker 1: And that he's set up public servant basically in a

816
00:35:11,640 --> 00:35:13,120
Speaker 1: lot of ways, like he's doing this as a way

817
00:35:13,120 --> 00:35:15,000
Speaker 1: to help people and just cover costs and so, but I.

818
00:35:14,920 --> 00:35:16,719
Speaker 2: Think he probably makes decent money doing it too. Maybe

819
00:35:16,719 --> 00:35:18,200
Speaker 2: he does, Okay, I don't know, I've heard of anybody

820
00:35:18,200 --> 00:35:20,880
Speaker 2: else doing this, But he'll talk it through with you

821
00:35:20,920 --> 00:35:22,920
Speaker 2: too after he runs the numbers. I just think it's

822
00:35:22,920 --> 00:35:24,520
Speaker 2: one of those things where it's like, well, hey, if

823
00:35:24,520 --> 00:35:27,399
Speaker 2: you've had this policy for in that borderline ten to

824
00:35:27,440 --> 00:35:29,279
Speaker 2: fifteen year period and you're not sure where to go,

825
00:35:29,360 --> 00:35:32,640
Speaker 2: and I think it's borderline, running it through with him

826
00:35:32,680 --> 00:35:34,960
Speaker 2: and having him crunch the numbers will help provide some

827
00:35:34,960 --> 00:35:36,680
Speaker 2: peace of mind knowing that then you're making the right

828
00:35:36,719 --> 00:35:39,440
Speaker 2: decision on whether to keep it or cancel it. But Robin,

829
00:35:39,480 --> 00:35:42,879
Speaker 2: hopefully that's helpful again if we can all go back

830
00:35:42,920 --> 00:35:45,520
Speaker 2: like almost everyone would get term life and not whole

831
00:35:45,520 --> 00:35:48,080
Speaker 2: life policies. And I'm sorry, I'm sorry that someone even

832
00:35:48,120 --> 00:35:50,880
Speaker 2: at a decent company, led you astray in the beginning,

833
00:35:50,960 --> 00:35:53,319
Speaker 2: because I'm sure, yeah, that of course has cost you

834
00:35:53,400 --> 00:35:56,000
Speaker 2: over the years. But while that's a bummer, you can

835
00:35:56,040 --> 00:35:58,480
Speaker 2: still make hopefully a smart move here in the here

836
00:35:58,520 --> 00:36:00,400
Speaker 2: and now. Right, But Matt, let's get too a couple

837
00:36:00,400 --> 00:36:03,879
Speaker 2: more questions, including a frugal or cheap we'll talk about

838
00:36:03,920 --> 00:36:05,960
Speaker 2: one listener going to the County Fair, whether he made

839
00:36:05,960 --> 00:36:07,719
Speaker 2: a wise decision or not. We'll get to that and

840
00:36:07,800 --> 00:36:19,680
Speaker 2: more right after this. All right, we are back and

841
00:36:19,719 --> 00:36:22,560
Speaker 2: we will get to that frugal or cheap County Fair edition.

842
00:36:22,640 --> 00:36:24,880
Speaker 2: But before that, let's hear from a listener who is

843
00:36:24,920 --> 00:36:26,000
Speaker 2: going to be getting married soon.

844
00:36:26,600 --> 00:36:29,240
Speaker 4: Hi there, my name is Cassie and I'm from British Columbia.

845
00:36:29,840 --> 00:36:31,680
Speaker 4: I'm also getting married soon. So I was wondering what

846
00:36:31,719 --> 00:36:34,680
Speaker 4: the best way to manage finances together slash blend our money.

847
00:36:34,920 --> 00:36:36,640
Speaker 4: I've heard that it's one of the most difficult things

848
00:36:36,640 --> 00:36:39,040
Speaker 4: in marriage, and so what do you guys suggest from

849
00:36:39,080 --> 00:36:42,560
Speaker 4: your experiences, like what credit cards or budgeting? Will also

850
00:36:42,640 --> 00:36:44,840
Speaker 4: be in a university during this time, so if you

851
00:36:44,880 --> 00:36:46,200
Speaker 4: have any extra advice.

852
00:36:46,000 --> 00:36:46,680
Speaker 7: Please let me know.

853
00:36:46,920 --> 00:36:49,319
Speaker 1: Thank you, Matt. Cassie is north of the border. We

854
00:36:49,360 --> 00:36:51,960
Speaker 1: have a nice contingent of international listeners.

855
00:36:52,320 --> 00:36:54,080
Speaker 2: We some number of folks up there in Canada. Yeah,

856
00:36:54,080 --> 00:36:55,680
Speaker 2: and I know that there's a lot of advice we offer,

857
00:36:55,680 --> 00:36:58,120
Speaker 2: hopefully on the show that is applicable to people that

858
00:36:58,280 --> 00:37:00,239
Speaker 2: fans orders living on shore, Ye.

859
00:37:00,320 --> 00:37:02,000
Speaker 1: Live in Canada, live in you know whatever. There's a

860
00:37:02,000 --> 00:37:02,960
Speaker 1: lot of people in Europe as well.

861
00:37:03,239 --> 00:37:05,960
Speaker 2: But there's certain principles that hold no matter what the

862
00:37:06,000 --> 00:37:09,759
Speaker 2: actual products investment accounts, that you can invest with it

863
00:37:09,840 --> 00:37:11,920
Speaker 2: even if you don't care about the roth Hira income

864
00:37:12,160 --> 00:37:14,400
Speaker 2: contribution limits where I just keep over the last one

865
00:37:14,280 --> 00:37:15,440
Speaker 2: where Yeah.

866
00:37:15,280 --> 00:37:17,520
Speaker 1: Now, I guess we have talked about loonies. Not that's

867
00:37:17,560 --> 00:37:20,320
Speaker 1: what they're called. Yeah, I think they're actually Canadian dollars,

868
00:37:20,320 --> 00:37:22,600
Speaker 1: but loonies and tuonies. That's like the common vernaxt right

869
00:37:22,680 --> 00:37:25,399
Speaker 1: one dollar two dollar coin. Right, Yeah, but I've never again,

870
00:37:25,440 --> 00:37:28,520
Speaker 1: I've never been. But all right, question for you, do

871
00:37:28,600 --> 00:37:31,640
Speaker 1: you think that combining finances is the most difficult thing

872
00:37:31,640 --> 00:37:32,240
Speaker 1: in marriage?

873
00:37:33,239 --> 00:37:35,080
Speaker 2: I think it can be, right, It's always it's like

874
00:37:35,120 --> 00:37:37,400
Speaker 2: it's either money, it's how many kids you're going to have?

875
00:37:37,680 --> 00:37:40,319
Speaker 2: It is what is your relationship going to look like

876
00:37:40,320 --> 00:37:43,279
Speaker 2: with your in laws? Like those are all the they're

877
00:37:43,320 --> 00:37:46,840
Speaker 2: like snares and waiting, like they could all potentially be

878
00:37:47,719 --> 00:37:50,440
Speaker 2: topics that lead to the worst arguments or fights that

879
00:37:50,480 --> 00:37:51,600
Speaker 2: you have, but they don't have to be, and I

880
00:37:51,600 --> 00:37:53,000
Speaker 2: don't think they're going to be when it comes to

881
00:37:53,040 --> 00:37:56,200
Speaker 2: Cassie because I love for her that she's being proactive. Yeah,

882
00:37:56,360 --> 00:37:59,560
Speaker 2: and I love that Cassie, I feel like you're the

883
00:37:59,600 --> 00:38:01,640
Speaker 2: type A I don't know, you remind me of me

884
00:38:01,760 --> 00:38:03,439
Speaker 2: a little bit because this is something I was worried

885
00:38:03,480 --> 00:38:05,719
Speaker 2: about before I got married. We were super intentional and

886
00:38:05,760 --> 00:38:08,240
Speaker 2: made sure that we sat down because we had premieral

887
00:38:08,280 --> 00:38:10,600
Speaker 2: counseling before we got married, and we talked through some

888
00:38:10,840 --> 00:38:13,239
Speaker 2: really important life stuff. We talked about faith stuff, we

889
00:38:13,239 --> 00:38:15,120
Speaker 2: talked about we even talked about kids. Guess what we

890
00:38:15,120 --> 00:38:18,200
Speaker 2: didn't talk about at all? Money? And I was just like,

891
00:38:18,239 --> 00:38:20,640
Speaker 2: wait a minute, I feel like there's a big sort

892
00:38:20,640 --> 00:38:24,279
Speaker 2: of sector here that that just went untouched. Again, it's

893
00:38:24,520 --> 00:38:26,720
Speaker 2: because of that I had to be a little little proactive.

894
00:38:26,800 --> 00:38:28,200
Speaker 1: Amazing that gets left out of a lot of those

895
00:38:28,239 --> 00:38:30,200
Speaker 1: combos when it's such an important topic for us all

896
00:38:30,200 --> 00:38:32,120
Speaker 1: to be discussing. But I agree with you, Matt. I

897
00:38:32,160 --> 00:38:34,160
Speaker 1: think the fact that Cassie is asking the question that

898
00:38:34,200 --> 00:38:36,239
Speaker 1: she is being intentional on the front end. She's so

899
00:38:36,239 --> 00:38:38,480
Speaker 1: ahead of the game already. You're you're setting yourself up

900
00:38:38,520 --> 00:38:39,400
Speaker 1: for success because you.

901
00:38:39,400 --> 00:38:42,920
Speaker 2: Care exactly yeah, yeah, you know. And money finances, it's

902
00:38:42,960 --> 00:38:45,439
Speaker 2: just one of the like the mini areas that you're

903
00:38:45,440 --> 00:38:48,360
Speaker 2: combining in, all of which require a lot of communication,

904
00:38:49,040 --> 00:38:51,080
Speaker 2: you know, like when you're single, you used to make

905
00:38:51,280 --> 00:38:53,759
Speaker 2: that decision and you just keep on moving with your day,

906
00:38:53,800 --> 00:38:55,560
Speaker 2: like how it is you're gonna spend money, what is

907
00:38:55,600 --> 00:38:57,720
Speaker 2: it that you're gonna do? But now there's someone else's

908
00:38:57,719 --> 00:39:01,040
Speaker 2: feelings to take into account to take into consideration. And

909
00:39:01,040 --> 00:39:03,560
Speaker 2: that's true whether we're talking about spending and saving or

910
00:39:03,600 --> 00:39:05,240
Speaker 2: whether we're just talking about going out with your friends

911
00:39:05,600 --> 00:39:06,279
Speaker 2: on a Friday night.

912
00:39:06,320 --> 00:39:08,000
Speaker 1: But I thought we were going to Netflix and chill together,

913
00:39:08,080 --> 00:39:10,600
Speaker 1: baby was like, and then there's hurt feelings.

914
00:39:11,440 --> 00:39:15,880
Speaker 2: Yeah, So what I'm getting at is regular, healthy communication,

915
00:39:16,520 --> 00:39:19,040
Speaker 2: Like that's going to be key to all of these discussions,

916
00:39:19,040 --> 00:39:21,719
Speaker 2: whether you're talking about money, whether you're talking about friendships,

917
00:39:22,200 --> 00:39:24,080
Speaker 2: whether you're talking about kids and in law is all.

918
00:39:24,000 --> 00:39:27,160
Speaker 1: That And I think that means humility and asking for forgiveness.

919
00:39:27,239 --> 00:39:29,480
Speaker 1: I've realized this with my kids too, Matt. The more

920
00:39:29,920 --> 00:39:32,600
Speaker 1: I'm able to apologize for things that I've done, the

921
00:39:32,600 --> 00:39:35,120
Speaker 1: ways I've hurt them, or ways that I was rude

922
00:39:35,200 --> 00:39:37,239
Speaker 1: or short or something like that, that I feel like

923
00:39:37,320 --> 00:39:40,040
Speaker 1: that is building a level of trust in our relationship,

924
00:39:40,120 --> 00:39:42,560
Speaker 1: even when I've done something that hurt them or that

925
00:39:42,640 --> 00:39:43,600
Speaker 1: wasn't that was short sighted.

926
00:39:43,719 --> 00:39:46,719
Speaker 2: Yeah, and so Cassie sounds like a humble lady. Yeah,

927
00:39:46,760 --> 00:39:48,239
Speaker 2: but you got to just got this on lot. Both

928
00:39:48,280 --> 00:39:50,320
Speaker 2: of those are really important in that relationship dynamic.

929
00:39:50,400 --> 00:39:50,520
Speaker 3: Right.

930
00:39:50,560 --> 00:39:52,359
Speaker 1: The more you can kind of incorporate those two things,

931
00:39:52,440 --> 00:39:55,239
Speaker 1: the more firm foundation foundation you're going to build. And

932
00:39:55,280 --> 00:39:57,040
Speaker 1: I would say our advice for most folks who get

933
00:39:57,080 --> 00:40:01,440
Speaker 1: married is to combine finances. That advice is somewhat malleable, right,

934
00:40:01,440 --> 00:40:04,360
Speaker 1: It might change a little for a duo who's getting

935
00:40:04,360 --> 00:40:06,200
Speaker 1: married later in life. Let's say you're getting married in

936
00:40:06,239 --> 00:40:08,839
Speaker 1: your forties or fifties or whatever, or you've had a

937
00:40:08,880 --> 00:40:11,960
Speaker 1: previous relationship that failed. I mean, those that can impact

938
00:40:11,960 --> 00:40:14,800
Speaker 1: our advice here. But studies show that couples who combine

939
00:40:14,800 --> 00:40:17,560
Speaker 1: finances are happier and they also tend to build more

940
00:40:17,600 --> 00:40:19,880
Speaker 1: wealth with that approach. And so it doesn't mean that

941
00:40:19,920 --> 00:40:23,480
Speaker 1: you can't or shouldn't have some level of autonomy and

942
00:40:23,560 --> 00:40:26,160
Speaker 1: ability to spend how you want. You should still remain

943
00:40:26,760 --> 00:40:29,560
Speaker 1: a distinct individual inside of that relationship, and we do

944
00:40:29,600 --> 00:40:32,440
Speaker 1: want you to create room for that in your budget.

945
00:40:32,600 --> 00:40:35,320
Speaker 1: It's just important to be able to spend without getting

946
00:40:35,320 --> 00:40:38,840
Speaker 1: approval for everything. But that doesn't necessarily mean that you

947
00:40:38,880 --> 00:40:41,560
Speaker 1: should not be combining most things, because I think it's

948
00:40:41,560 --> 00:40:43,799
Speaker 1: going to help accentuate your goals and your ability to

949
00:40:44,120 --> 00:40:46,000
Speaker 1: achieve them, and it's going to put you guys on

950
00:40:46,000 --> 00:40:47,880
Speaker 1: the same page. It's actually going to force some of

951
00:40:47,880 --> 00:40:50,480
Speaker 1: those discussions that are necessary to make the progress you're

952
00:40:50,480 --> 00:40:52,000
Speaker 1: going to want to make with your money.

953
00:40:52,120 --> 00:40:54,520
Speaker 2: Yeah. Yeah, so you said goals, Like, some advice I

954
00:40:54,520 --> 00:40:56,640
Speaker 2: would have is just to dream together, right, like, come

955
00:40:56,719 --> 00:40:59,439
Speaker 2: up with shared goals together, because I think that common

956
00:40:59,480 --> 00:41:01,680
Speaker 2: division is to ensure that you both feel like that

957
00:41:01,680 --> 00:41:04,600
Speaker 2: you're on the same team, which is exactly why those

958
00:41:04,640 --> 00:41:08,640
Speaker 2: couples in that research. We can link to the article

959
00:41:08,680 --> 00:41:11,120
Speaker 2: as well that talked about that research about happier and

960
00:41:11,160 --> 00:41:14,040
Speaker 2: wealthier couples who have combined their money. But I think

961
00:41:14,040 --> 00:41:16,279
Speaker 2: that's why they tend to be better at building wealth. Yeah,

962
00:41:16,520 --> 00:41:20,359
Speaker 2: there is serious legit power in two people who are

963
00:41:20,360 --> 00:41:24,080
Speaker 2: going hard after the same thing. And which also makes

964
00:41:24,120 --> 00:41:25,799
Speaker 2: me think about prenups by the way, because there's going

965
00:41:25,840 --> 00:41:28,360
Speaker 2: to be some folks who tell you to get a prenup.

966
00:41:28,560 --> 00:41:31,960
Speaker 2: I am personally not a fan. I feel like by

967
00:41:32,360 --> 00:41:35,120
Speaker 2: someone somebody getting those, there is like a lack of

968
00:41:35,160 --> 00:41:37,680
Speaker 2: trust that is implicit with that, right, and it almost

969
00:41:37,719 --> 00:41:40,279
Speaker 2: becomes like a self fulfilling prophecy when it's just like, oh,

970
00:41:40,320 --> 00:41:43,000
Speaker 2: I trust you with everything except for this, you know,

971
00:41:43,080 --> 00:41:45,240
Speaker 2: my money, the thing that allows me to do everything

972
00:41:45,239 --> 00:41:47,160
Speaker 2: else that I'm able to do in life with.

973
00:41:47,320 --> 00:41:49,360
Speaker 1: Yeah, you're like, hey, there's a distinct chance this doesn't

974
00:41:49,400 --> 00:41:52,280
Speaker 1: work out, and you are exoing seeds.

975
00:41:52,360 --> 00:41:54,480
Speaker 2: Yes, yeah, it's self fulfilling. It's a self fulfilling prophecy.

976
00:41:54,520 --> 00:41:57,040
Speaker 2: You're some of those seeds. I think with the inherent

977
00:41:57,160 --> 00:42:00,799
Speaker 2: act of creating a prenups a negative for your money,

978
00:42:00,840 --> 00:42:02,839
Speaker 2: which I don't like. And I know that there are

979
00:42:02,840 --> 00:42:05,439
Speaker 2: plenty of couples who are going to say, oh, I've

980
00:42:05,440 --> 00:42:08,239
Speaker 2: got a perfectly happy relationship, but I would venture to

981
00:42:08,280 --> 00:42:10,719
Speaker 2: guess that they would be even happier, that they would

982
00:42:10,719 --> 00:42:13,440
Speaker 2: be even wealthier, that that relationship would last even longer

983
00:42:13,600 --> 00:42:14,680
Speaker 2: if they didn't have a prenup.

984
00:42:14,719 --> 00:42:16,400
Speaker 1: Well, there are a lot of couples that where they're

985
00:42:16,440 --> 00:42:19,319
Speaker 1: that relationship fell apart in the prenup process, right, Like

986
00:42:19,360 --> 00:42:22,560
Speaker 1: they really just that one step of trying to hammer

987
00:42:22,560 --> 00:42:24,640
Speaker 1: out a bunch of those things. And maybe you would

988
00:42:24,640 --> 00:42:26,880
Speaker 1: just say, well, that revealed kind of the underlying dysfunction

989
00:42:26,960 --> 00:42:29,279
Speaker 1: to begin with, maybe, but I do think like.

990
00:42:29,200 --> 00:42:34,399
Speaker 2: A crash course of its better to identify these cracks now, right,

991
00:42:34,480 --> 00:42:37,200
Speaker 2: Like identify this fact the potential cracks in the foundation

992
00:42:37,400 --> 00:42:39,680
Speaker 2: now uh. And as to whether or not these are

993
00:42:39,719 --> 00:42:41,720
Speaker 2: things that can be mended or I think my advice

994
00:42:41,760 --> 00:42:43,760
Speaker 2: would be if you if you think that a prenup

995
00:42:43,800 --> 00:42:47,040
Speaker 2: is necessary, then why I guess it makes me question

996
00:42:47,120 --> 00:42:51,560
Speaker 2: why marriage is the ultimate goal then, because there are

997
00:42:51,840 --> 00:42:53,960
Speaker 2: other ways to have a long term, committed partner partnership.

998
00:42:54,000 --> 00:42:54,480
Speaker 2: Valid question.

999
00:42:54,560 --> 00:42:56,160
Speaker 1: But if you're saying listen, no, no, I'm going to commit

1000
00:42:56,200 --> 00:42:57,160
Speaker 1: to you for the rest of my life. We are

1001
00:42:57,200 --> 00:43:00,960
Speaker 1: going to get married in the eyes of the state

1002
00:43:01,360 --> 00:43:04,640
Speaker 1: and my church or whatever, then at why at the

1003
00:43:04,640 --> 00:43:06,640
Speaker 1: same time would you have to have this backup?

1004
00:43:07,000 --> 00:43:09,719
Speaker 2: Yeah, well, I feel like we could potentially go down

1005
00:43:09,840 --> 00:43:14,440
Speaker 2: this path. But like it raises the question of like

1006
00:43:14,520 --> 00:43:16,560
Speaker 2: marriage in general, and I think that there are a

1007
00:43:16,600 --> 00:43:19,640
Speaker 2: lot of folks who are entering into marriages and relationships

1008
00:43:19,680 --> 00:43:22,160
Speaker 2: like that that aren't taking those seriously enough.

1009
00:43:22,200 --> 00:43:22,279
Speaker 4: Ye.

1010
00:43:22,360 --> 00:43:23,600
Speaker 2: Like, I feel like that that's what it's a more,

1011
00:43:24,080 --> 00:43:26,120
Speaker 2: it's a larger indicator of But I feel like we're

1012
00:43:26,160 --> 00:43:28,560
Speaker 2: getting a little too heavy here, So I'm gonna like

1013
00:43:28,600 --> 00:43:29,279
Speaker 2: back out a little bit.

1014
00:43:29,480 --> 00:43:30,839
Speaker 1: You just have to be careful if you're saying I'm

1015
00:43:30,840 --> 00:43:32,399
Speaker 1: going to commit to all these things and then you say,

1016
00:43:32,400 --> 00:43:34,640
Speaker 1: but I'm not committing to combining my finances, I think

1017
00:43:34,640 --> 00:43:37,520
Speaker 1: it just raises some deeper questions totally. Cassie also mentioned

1018
00:43:37,640 --> 00:43:40,880
Speaker 1: credit cards and budgeting, and so yeah, a couple suggestions

1019
00:43:40,920 --> 00:43:43,319
Speaker 1: on that front. Use credit cards responsibly, of course, but

1020
00:43:43,360 --> 00:43:45,680
Speaker 1: which ones that's really up to you. I mean, you

1021
00:43:45,719 --> 00:43:49,200
Speaker 1: can choose to optimize cash back or travel rewards, and

1022
00:43:49,360 --> 00:43:51,800
Speaker 1: I don't know if you're interested in traveling for free,

1023
00:43:52,160 --> 00:43:54,880
Speaker 1: that is definitely one one route to go. We have

1024
00:43:55,040 --> 00:43:58,759
Speaker 1: content related to that in previous podcast episodes and up

1025
00:43:58,800 --> 00:44:02,399
Speaker 1: on the website. But really, how complex do you want

1026
00:44:02,400 --> 00:44:04,080
Speaker 1: to get and what are you shooting for? That should

1027
00:44:04,120 --> 00:44:06,640
Speaker 1: inform which credit cards you opt to get. For budgeting,

1028
00:44:06,719 --> 00:44:09,200
Speaker 1: that's also personal, right If you prefer digital we love

1029
00:44:09,280 --> 00:44:11,640
Speaker 1: wine ab you need a budget that rocks. But there

1030
00:44:11,680 --> 00:44:13,839
Speaker 1: are lots of ways to skin that cat too, So

1031
00:44:14,280 --> 00:44:16,920
Speaker 1: Matt does the old school Excel spreadsheet. I mean, really,

1032
00:44:17,239 --> 00:44:19,920
Speaker 1: whatever floats your boat on that front and whatever allows

1033
00:44:19,920 --> 00:44:22,880
Speaker 1: you really like, I think whatever aids communication for the

1034
00:44:22,880 --> 00:44:25,279
Speaker 1: two of you and makes it easy for both to

1035
00:44:25,360 --> 00:44:27,719
Speaker 1: kind of get in on the money things so you

1036
00:44:27,719 --> 00:44:30,000
Speaker 1: can have good conversations. I would prioritize that.

1037
00:44:30,160 --> 00:44:33,360
Speaker 2: Yeah, which makes me think that Cassie should prioritize simplicity

1038
00:44:33,400 --> 00:44:35,560
Speaker 2: because you're saying like it depends on how complex you

1039
00:44:35,560 --> 00:44:37,200
Speaker 2: want to go with it. That kind of determines maybe

1040
00:44:37,239 --> 00:44:40,120
Speaker 2: what card you get, Cassie. I mean, if I I'm looking,

1041
00:44:40,160 --> 00:44:41,799
Speaker 2: I'm thinking back to when I first started out, and

1042
00:44:41,840 --> 00:44:44,960
Speaker 2: I think this simpler the better, especially if your partner

1043
00:44:45,640 --> 00:44:49,160
Speaker 2: may not be one hundred percent on board all in,

1044
00:44:49,239 --> 00:44:51,080
Speaker 2: because I'm guessing, like again, you kind of sound like

1045
00:44:51,080 --> 00:44:54,080
Speaker 2: the type a personality, and I think if you put

1046
00:44:54,080 --> 00:44:57,279
Speaker 2: together this really elaborate, complex plan, and even if you

1047
00:44:57,719 --> 00:45:00,319
Speaker 2: have a special fun date night where you make you know,

1048
00:45:00,360 --> 00:45:01,600
Speaker 2: it's like, oh, we're going to talk about this and

1049
00:45:01,640 --> 00:45:03,279
Speaker 2: it's gonna be great, and you have a bottle line

1050
00:45:03,360 --> 00:45:06,719
Speaker 2: or craft beer or whatever, even still I think your

1051
00:45:06,719 --> 00:45:09,480
Speaker 2: partner could have there might be a sense of resentment

1052
00:45:09,719 --> 00:45:11,960
Speaker 2: where he's just like, man, I feel like she's trying

1053
00:45:11,960 --> 00:45:13,000
Speaker 2: to control.

1054
00:45:12,640 --> 00:45:14,520
Speaker 1: How it is like we're going to live our lives,

1055
00:45:14,600 --> 00:45:15,120
Speaker 1: or how.

1056
00:45:15,040 --> 00:45:17,279
Speaker 2: It is I can spend or when am I going

1057
00:45:17,360 --> 00:45:19,880
Speaker 2: to give my input statements like that, And even on

1058
00:45:19,920 --> 00:45:22,799
Speaker 2: your part, if he doesn't stick with a plan, you

1059
00:45:22,880 --> 00:45:24,880
Speaker 2: might have like a sense of resentment a little bit

1060
00:45:24,920 --> 00:45:26,719
Speaker 2: because you're like, man, I work so hard to put

1061
00:45:26,719 --> 00:45:28,440
Speaker 2: together this awesome plan that's going to allow us to

1062
00:45:28,480 --> 00:45:31,200
Speaker 2: achieve our goals, but it's not really panning out. And

1063
00:45:31,239 --> 00:45:33,280
Speaker 2: so I think for now at least keeping being simple

1064
00:45:33,320 --> 00:45:35,839
Speaker 2: and then kind of slowly taking some baby steps and

1065
00:45:36,000 --> 00:45:38,879
Speaker 2: upping the level of complexity, especially early on while you're

1066
00:45:38,880 --> 00:45:40,080
Speaker 2: in school you've got other stuff going on.

1067
00:45:40,080 --> 00:45:41,600
Speaker 1: I feel like what you're pointing to here is that

1068
00:45:41,640 --> 00:45:43,839
Speaker 1: the process matters more than the results. And that's something

1069
00:45:43,880 --> 00:45:46,319
Speaker 1: Emily says a whole lot at my wife, who is

1070
00:45:46,560 --> 00:45:48,319
Speaker 1: studying to become a therapist. I think she's spot on.

1071
00:45:48,400 --> 00:45:52,560
Speaker 1: It's like how you tackle this together, even the forming

1072
00:45:52,840 --> 00:45:56,880
Speaker 1: of the methodology, and like how you communicate about it

1073
00:45:56,920 --> 00:45:59,120
Speaker 1: and the tools you use, and how you incorporate each

1074
00:45:59,160 --> 00:46:02,800
Speaker 1: other into that place process that matters, and that shows

1075
00:46:02,880 --> 00:46:05,960
Speaker 1: a lot of love and respect if you're able to

1076
00:46:06,640 --> 00:46:08,680
Speaker 1: make sure they feel comfortable with the process too, not

1077
00:46:08,800 --> 00:46:10,719
Speaker 1: just saying like, all right, I figured it out, here's

1078
00:46:10,719 --> 00:46:11,400
Speaker 1: what we're doing.

1079
00:46:11,480 --> 00:46:14,640
Speaker 2: And so I'm making that other party feel seen and

1080
00:46:14,719 --> 00:46:16,600
Speaker 2: heard as they're able to kind of come to the

1081
00:46:16,640 --> 00:46:18,239
Speaker 2: table with their own ideas as well.

1082
00:46:18,320 --> 00:46:20,799
Speaker 1: So yeah, yep, casey, best of luck. We can't wait

1083
00:46:20,840 --> 00:46:22,560
Speaker 1: to be invited to the wedding. It'll be our first

1084
00:46:22,560 --> 00:46:26,719
Speaker 1: stop in Canada, so I might go, hey, don't invite

1085
00:46:26,760 --> 00:46:28,000
Speaker 1: me a let you're serious road trip.

1086
00:46:28,080 --> 00:46:28,600
Speaker 2: Let's do it.

1087
00:46:29,160 --> 00:46:31,759
Speaker 1: Matt will even perform the ceremony. All right, let's get

1088
00:46:31,800 --> 00:46:33,960
Speaker 1: to our last question for this episode. This is a

1089
00:46:34,000 --> 00:46:37,040
Speaker 1: frugaler cheap, a fun one from a listener in Indiana.

1090
00:46:37,280 --> 00:46:40,160
Speaker 7: Hey man, Angel, my name is Bobby from Bellpraizo, Indiana.

1091
00:46:40,840 --> 00:46:43,800
Speaker 7: I have a frugaler cheap situation for you. So I

1092
00:46:43,840 --> 00:46:45,560
Speaker 7: took my family to the fair the other day, the

1093
00:46:45,560 --> 00:46:47,759
Speaker 7: County Fair, and it was a lot of fun, but

1094
00:46:48,320 --> 00:46:49,719
Speaker 7: a little bit of prep work. I was able to

1095
00:46:49,760 --> 00:46:51,879
Speaker 7: save about forty bucks on lemonade. I'll tell you how.

1096
00:46:52,440 --> 00:46:55,600
Speaker 7: So I had some of those souvenir sand castle cups

1097
00:46:55,680 --> 00:46:59,400
Speaker 7: from previous years. So before we left, we stopped at

1098
00:46:59,400 --> 00:47:02,200
Speaker 7: all the gots lemonade, got a nice and cold and

1099
00:47:02,280 --> 00:47:04,640
Speaker 7: I washed those old cups out real good. We went

1100
00:47:04,680 --> 00:47:06,759
Speaker 7: to the fair, had a nice picnic, and then as

1101
00:47:06,800 --> 00:47:09,480
Speaker 7: we're walking around, we're thirsty. I just busted out my

1102
00:47:09,600 --> 00:47:12,880
Speaker 7: ald lemonade from the cooler, filled up our sand castle cups,

1103
00:47:12,880 --> 00:47:16,480
Speaker 7: and were sipping lemonade in style. Except our three jugs

1104
00:47:16,480 --> 00:47:20,080
Speaker 7: cost me about six dollars instead of forty five. So

1105
00:47:20,120 --> 00:47:23,880
Speaker 7: my question is is that frugal or is that you Bobby?

1106
00:47:24,680 --> 00:47:27,840
Speaker 2: Love it, buddy, sipping and style. Okay, what is the

1107
00:47:27,880 --> 00:47:30,960
Speaker 2: sand castle cup? I don't know. I have a specimply

1108
00:47:31,160 --> 00:47:34,359
Speaker 2: related to that county fair for the Indiana County whatever

1109
00:47:34,400 --> 00:47:36,719
Speaker 2: state fair. I love it. Okay, So this actually I

1110
00:47:36,760 --> 00:47:38,280
Speaker 2: was getting, by the way when I was like hearing

1111
00:47:38,280 --> 00:47:40,200
Speaker 2: his question, getting like Charlotte's web vibes to make me

1112
00:47:40,239 --> 00:47:42,440
Speaker 2: think of Wilberg going to the what is it the

1113
00:47:42,680 --> 00:47:45,440
Speaker 2: Prettiest Pig Contest whatever it is show. Yeah, yeah, I'm like,

1114
00:47:45,480 --> 00:47:48,480
Speaker 2: oh man, that's such a good book. It's a nice throwback. Okay.

1115
00:47:48,520 --> 00:47:51,480
Speaker 2: So Bobby's situation here, it kind of reminds me I

1116
00:47:51,719 --> 00:47:54,319
Speaker 2: shared maybe not too long ago, about when we went

1117
00:47:54,320 --> 00:47:58,000
Speaker 2: to six Flags we got a refillable you had unlimited

1118
00:47:58,000 --> 00:48:00,520
Speaker 2: refills on a single cup, and you know we're taking

1119
00:48:00,520 --> 00:48:02,120
Speaker 2: all six of us in. I'm like, man, these cups

1120
00:48:02,160 --> 00:48:05,760
Speaker 2: are twenty five bucks. So I don't know, it reminded

1121
00:48:05,800 --> 00:48:07,799
Speaker 2: me of that because there's a part of me that

1122
00:48:08,000 --> 00:48:11,680
Speaker 2: was like, oh, this feels a little bit cheap. And specifically,

1123
00:48:11,760 --> 00:48:15,520
Speaker 2: like I guess to Bobby's question here is I wonder

1124
00:48:16,040 --> 00:48:19,040
Speaker 2: how his family felt, right, because our kids were young

1125
00:48:19,160 --> 00:48:21,480
Speaker 2: enough that they didn't. I don't think they felt the

1126
00:48:21,480 --> 00:48:23,960
Speaker 2: stigma of us all sharing the same cup. You know,

1127
00:48:24,000 --> 00:48:26,720
Speaker 2: like there's other families walking around and they each person

1128
00:48:26,800 --> 00:48:28,600
Speaker 2: has their own cup. There's other groups, each one of

1129
00:48:28,600 --> 00:48:30,759
Speaker 2: them has their own cup. Here's our family walking around

1130
00:48:30,800 --> 00:48:32,680
Speaker 2: waiting in line for the rides. We got one cup

1131
00:48:32,680 --> 00:48:35,200
Speaker 2: and we're all like passing it back and forth. But

1132
00:48:35,280 --> 00:48:36,919
Speaker 2: I think they're young enough that they're just like, oh whatever,

1133
00:48:36,960 --> 00:48:38,680
Speaker 2: we're just this is just how we're doing it. Yeah,

1134
00:48:38,719 --> 00:48:40,799
Speaker 2: And so I think that's a consideration, Bobby, is your

1135
00:48:40,880 --> 00:48:44,200
Speaker 2: family family members, were they on board as well? As

1136
00:48:44,239 --> 00:48:47,960
Speaker 2: you're busting out the jugs of all the lemonade are

1137
00:48:48,040 --> 00:48:50,160
Speaker 2: lapping their foreheads, They're like, oh damn, are there people

1138
00:48:50,160 --> 00:48:52,080
Speaker 2: around you giving you the eye? And all of a sudden,

1139
00:48:52,080 --> 00:48:54,600
Speaker 2: they feel they're just embarrassed at the fact that this

1140
00:48:54,680 --> 00:48:56,759
Speaker 2: is a step that y'all are taking in order to

1141
00:48:56,800 --> 00:48:59,799
Speaker 2: save money. Because that's way back when when we did

1142
00:48:59,800 --> 00:49:02,239
Speaker 2: the original Frugal or Cheap episode where we talked to

1143
00:49:02,239 --> 00:49:03,960
Speaker 2: spend a whole episode talking about what it means to

1144
00:49:03,960 --> 00:49:06,920
Speaker 2: be frugal, what it means to be cheap. Imposing your

1145
00:49:06,920 --> 00:49:10,200
Speaker 2: frugalness on somebody else without necessarily giving them a choice

1146
00:49:10,640 --> 00:49:14,200
Speaker 2: is might be a form of cheapness. And in this way, but.

1147
00:49:14,120 --> 00:49:16,480
Speaker 1: You also might say, hey, listen, even if we don't

1148
00:49:16,520 --> 00:49:19,120
Speaker 1: do this, like we're not buying a fourteen dollars leimonade

1149
00:49:19,160 --> 00:49:20,480
Speaker 1: or whatever it is at the count of care, like

1150
00:49:20,520 --> 00:49:22,200
Speaker 1: that's not our budget.

1151
00:49:22,200 --> 00:49:26,440
Speaker 2: There's always trade offs, right, And so I welcome that conversation, right,

1152
00:49:26,480 --> 00:49:28,200
Speaker 2: the ability because if your kids are like, oh my gosh,

1153
00:49:28,200 --> 00:49:31,200
Speaker 2: I'm so embarrassed, Well, that's a learning opportunity. That's that's

1154
00:49:31,200 --> 00:49:33,960
Speaker 2: an ability for you to for them to learn the

1155
00:49:34,080 --> 00:49:37,200
Speaker 2: value of money and to even get them on board

1156
00:49:37,200 --> 00:49:39,759
Speaker 2: a little bit and say, hey, we might save a

1157
00:49:39,800 --> 00:49:42,520
Speaker 2: ton of money here, and hey, you're gonna be on

1158
00:49:42,560 --> 00:49:44,799
Speaker 2: the receiving end of this because of this, each one

1159
00:49:44,800 --> 00:49:45,840
Speaker 2: of us is going to be able to get an

1160
00:49:45,880 --> 00:49:48,600
Speaker 2: extra ice cream snack. Oh, we'll be able to go

1161
00:49:48,719 --> 00:49:51,560
Speaker 2: do this ride when before we weren't able to. And

1162
00:49:51,600 --> 00:49:54,799
Speaker 2: I think that's the important lesson and moving forward. If

1163
00:49:54,840 --> 00:49:57,640
Speaker 2: they're like, nah, I really want to get this year's

1164
00:49:57,960 --> 00:50:00,400
Speaker 2: sand Castle Cup, And what if changed the cup? The

1165
00:50:00,400 --> 00:50:02,560
Speaker 2: cup it's tied eye this year, dad, and those are

1166
00:50:02,600 --> 00:50:04,680
Speaker 2: all green or something like that. It's like, oh man,

1167
00:50:04,719 --> 00:50:07,000
Speaker 2: we're the only ones with the green sand Castle Cup.

1168
00:50:07,040 --> 00:50:09,160
Speaker 2: There are all these small things that take into account,

1169
00:50:09,200 --> 00:50:11,400
Speaker 2: and I think different folks are going to make different decisions.

1170
00:50:11,719 --> 00:50:13,840
Speaker 2: But it's all sort of like you're saying, like the

1171
00:50:13,840 --> 00:50:16,400
Speaker 2: Emily's counseling thing, it's it's all the process is so

1172
00:50:16,440 --> 00:50:20,600
Speaker 2: important in hearing your kids and your spouse, and I

1173
00:50:20,640 --> 00:50:22,160
Speaker 2: don't know, just you got to take all that into

1174
00:50:22,200 --> 00:50:23,880
Speaker 2: account as you're trying to make the best decision not

1175
00:50:23,920 --> 00:50:26,279
Speaker 2: only for your money, but for your family and the

1176
00:50:26,280 --> 00:50:27,799
Speaker 2: culture and everyone around you too.

1177
00:50:27,840 --> 00:50:29,640
Speaker 1: So one other thing that I think could make this

1178
00:50:29,760 --> 00:50:32,520
Speaker 1: land in squarely in the cheap category instead of frugal

1179
00:50:33,000 --> 00:50:36,200
Speaker 1: is if the money that you spend on those lemonades

1180
00:50:36,200 --> 00:50:38,920
Speaker 1: and the special sand Castle cups goes to like a

1181
00:50:38,960 --> 00:50:43,040
Speaker 1: community organization or a nonprofit proceeds go to charity. Yeah,

1182
00:50:43,080 --> 00:50:46,239
Speaker 1: and then if you're like being super super cheap with that,

1183
00:50:46,360 --> 00:50:49,279
Speaker 1: then that that feels that's just cheap instead of frugal

1184
00:50:49,000 --> 00:50:51,080
Speaker 1: total totally. It makes me think of like Emily and

1185
00:50:51,120 --> 00:50:53,640
Speaker 1: I we took the kids to this mini pony petting

1186
00:50:53,680 --> 00:50:56,000
Speaker 1: thing which it was all about a fundraiser for ponies

1187
00:50:56,000 --> 00:50:57,680
Speaker 1: and pastries and animal rescue organizations.

1188
00:50:57,719 --> 00:50:58,239
Speaker 2: Yeah, that's right.

1189
00:50:58,880 --> 00:51:01,080
Speaker 1: And so they they were selling pace trees there and

1190
00:51:01,360 --> 00:51:04,800
Speaker 1: there was a whole pie that someone had made from scratch.

1191
00:51:04,800 --> 00:51:07,279
Speaker 1: It looked delicious. They were selling it nice and like

1192
00:51:07,280 --> 00:51:08,759
Speaker 1: they had cookies on the table too. There were two

1193
00:51:08,840 --> 00:51:10,560
Speaker 1: or three bucks. But then this pie. I was like, hey,

1194
00:51:10,960 --> 00:51:13,239
Speaker 1: how much for the pie? There was no dollars tign

1195
00:51:13,239 --> 00:51:14,719
Speaker 1: attached to it. He was like, oh, do we take

1196
00:51:14,800 --> 00:51:16,799
Speaker 1: like five bucks? And I was like, no way, I'm

1197
00:51:16,800 --> 00:51:18,680
Speaker 1: not paying you five. I'm paying you a lot more

1198
00:51:18,719 --> 00:51:21,000
Speaker 1: than that because this is a nonprofit man, and like,

1199
00:51:21,000 --> 00:51:23,399
Speaker 1: I want to help them. Came here distinctly to help

1200
00:51:23,400 --> 00:51:25,520
Speaker 1: support it, and so so you talked them up. Yes,

1201
00:51:25,640 --> 00:51:27,120
Speaker 1: I was like, I'm giving you twenty five bucks for

1202
00:51:27,160 --> 00:51:27,480
Speaker 1: this pile.

1203
00:51:27,520 --> 00:51:30,400
Speaker 2: Oh yes, because look at you, who are you rich

1204
00:51:30,400 --> 00:51:35,080
Speaker 2: steady fat sacks? Who are you being cheap towards night. Yeah,

1205
00:51:35,120 --> 00:51:39,080
Speaker 2: and if it's a nonprofit or community fundraiser, I would say,

1206
00:51:39,160 --> 00:51:42,320
Speaker 2: I'm going to buy those those cups with gusto because

1207
00:51:42,360 --> 00:51:44,360
Speaker 2: I want to support what's going on here. It's a

1208
00:51:44,440 --> 00:51:47,080
Speaker 2: badge of honor that you're paying that much. It's one

1209
00:51:47,080 --> 00:51:49,200
Speaker 2: thing if you're doing it with that in mind. It's

1210
00:51:49,200 --> 00:51:51,520
Speaker 2: a completely different thing if you are just partaking in

1211
00:51:51,600 --> 00:51:54,640
Speaker 2: mindless consumption. And that's I guess the sort of the

1212
00:51:54,680 --> 00:51:57,080
Speaker 2: angle I was coming at it with is if everyone's

1213
00:51:57,280 --> 00:51:59,200
Speaker 2: doing it, and because everyone's doing it, you feel that

1214
00:51:59,239 --> 00:52:01,200
Speaker 2: you have to do it and it's not even a

1215
00:52:01,280 --> 00:52:05,239
Speaker 2: question that gets raised whether or not we UH used

1216
00:52:05,239 --> 00:52:07,520
Speaker 2: our cups from last year. That's what I'm pushing back on,

1217
00:52:07,560 --> 00:52:09,680
Speaker 2: and I think that's the lesson that you can that

1218
00:52:09,719 --> 00:52:11,960
Speaker 2: you're able to share with your kids. But it makes me, oh,

1219
00:52:12,000 --> 00:52:13,640
Speaker 2: it makes me think of y'all went to Disney and

1220
00:52:13,719 --> 00:52:14,920
Speaker 2: y'all came back with some bucket.

1221
00:52:14,960 --> 00:52:17,320
Speaker 1: What's the bucket thing? It's like the popcorn bucket. Popcorn bucket,

1222
00:52:17,320 --> 00:52:19,120
Speaker 1: you pay like thirteen bucks, but then you get refills

1223
00:52:19,120 --> 00:52:20,960
Speaker 1: for two dollars and twenty five cents every time.

1224
00:52:20,880 --> 00:52:23,279
Speaker 2: And you guys loaned us the bucket and we're going

1225
00:52:23,360 --> 00:52:24,719
Speaker 2: to use it when we go down there next month.

1226
00:52:24,719 --> 00:52:27,280
Speaker 2: I think that's frugal, right, I think that's frugal, totally frugal.

1227
00:52:27,360 --> 00:52:29,879
Speaker 2: So yeah, but you're asking the question, which is good

1228
00:52:29,960 --> 00:52:31,440
Speaker 2: just say, hey, who am I? Who am I harming?

1229
00:52:31,520 --> 00:52:33,400
Speaker 2: Am I having the right conversations with the right people

1230
00:52:33,880 --> 00:52:34,879
Speaker 2: in order to pull this off?

1231
00:52:35,000 --> 00:52:37,640
Speaker 1: And yeah, hopefully that'll help you think about whether it's

1232
00:52:37,680 --> 00:52:39,640
Speaker 1: frugal or cheap in your case, it's kind of hard

1233
00:52:39,680 --> 00:52:42,080
Speaker 1: not knowing all the details. And again this is like, uh,

1234
00:52:42,520 --> 00:52:45,319
Speaker 1: somewhat silly the frugaler cheap sometimes, right, But it's also

1235
00:52:45,520 --> 00:52:47,959
Speaker 1: I think it brings to light something that is something

1236
00:52:48,000 --> 00:52:50,200
Speaker 1: that we're all faced with every day every week in

1237
00:52:50,239 --> 00:52:51,600
Speaker 1: our own lives, like am I being cheaper?

1238
00:52:51,640 --> 00:52:52,240
Speaker 2: Am I being frugal?

1239
00:52:52,320 --> 00:52:54,040
Speaker 1: Especially as you're trying to save money, You're trying to

1240
00:52:54,040 --> 00:52:56,479
Speaker 1: cut back so that you can save and invest more

1241
00:52:56,680 --> 00:52:58,759
Speaker 1: so you can live the life you want. Sometimes you're

1242
00:52:58,760 --> 00:53:01,799
Speaker 1: going to come to a junction point. You've got to

1243
00:53:01,800 --> 00:53:04,239
Speaker 1: figure out am I frugal or am I cheap? And

1244
00:53:04,320 --> 00:53:07,040
Speaker 1: which path am I going to go? And sometimes yeah,

1245
00:53:07,080 --> 00:53:09,560
Speaker 1: even if it is supporting a community or nonprofit organization,

1246
00:53:09,600 --> 00:53:11,600
Speaker 1: you might say I'm not there right now. Yeah, and

1247
00:53:11,640 --> 00:53:15,359
Speaker 1: so I have to just avoid it altogether. But it's

1248
00:53:15,400 --> 00:53:17,080
Speaker 1: clearly a fork in the road that all of us

1249
00:53:17,080 --> 00:53:19,279
Speaker 1: come to on our financial journey a different points, that's right.

1250
00:53:19,320 --> 00:53:22,680
Speaker 2: And either way, Bobby's being frugal by being a patron

1251
00:53:22,880 --> 00:53:25,520
Speaker 2: of Aldi, Like, there's no way that you're not gonna

1252
00:53:25,520 --> 00:53:29,120
Speaker 2: be able to save boatloads of cash. Literally when we

1253
00:53:29,160 --> 00:53:31,080
Speaker 2: switch over to all the like years ago, we were

1254
00:53:31,160 --> 00:53:34,799
Speaker 2: able to slash our grocery budget by thirty percent. Huge

1255
00:53:34,840 --> 00:53:38,480
Speaker 2: win there, Bobby. And if you haven't given Aldi a shot,

1256
00:53:38,719 --> 00:53:40,640
Speaker 2: and there happens to be one near you, definitely give

1257
00:53:41,040 --> 00:53:42,959
Speaker 2: it a go. You're missing out, Joel. Let's go ahead.

1258
00:53:42,960 --> 00:53:44,880
Speaker 2: Get back to the beer that you and I enjoyed

1259
00:53:45,000 --> 00:53:48,640
Speaker 2: during this episode. This is a Angel of Darkness. This

1260
00:53:48,719 --> 00:53:51,320
Speaker 2: is a beer by Wicked Weed Brewing. What were your thoughts?

1261
00:53:51,360 --> 00:53:54,160
Speaker 1: So this one had red wine vibes in my estimation, Yeah,

1262
00:53:54,160 --> 00:53:56,200
Speaker 1: but it was like a tart red wine with a

1263
00:53:56,200 --> 00:53:59,840
Speaker 1: bunch of fruit in there. So I'm kind I'm not

1264
00:54:00,040 --> 00:54:02,439
Speaker 1: definitely not into wine, I'll say that, but I am

1265
00:54:02,560 --> 00:54:06,520
Speaker 1: trying out some more Kirkland signature wines on occasion, like

1266
00:54:06,600 --> 00:54:09,000
Speaker 1: four Paints once a month a twelve or thirteen dollars

1267
00:54:09,040 --> 00:54:12,000
Speaker 1: bottle of Kirkland signature wine. We've moved beyond the box

1268
00:54:12,040 --> 00:54:16,000
Speaker 1: wine finally as we near our forties, but this still

1269
00:54:16,040 --> 00:54:18,040
Speaker 1: craft beer is my favorite. I prefer craft beer, and

1270
00:54:18,080 --> 00:54:22,080
Speaker 1: I love Kraft beer that has wine ish kind of qualities,

1271
00:54:22,280 --> 00:54:24,359
Speaker 1: and so this one fits that fits that note. And

1272
00:54:24,480 --> 00:54:26,680
Speaker 1: it's a good sour lots of good fruit coming through.

1273
00:54:26,760 --> 00:54:31,640
Speaker 2: Yeah, barrel aged American sour ale with boys and berries, blackberries, raspberries,

1274
00:54:31,920 --> 00:54:34,560
Speaker 2: and cherries as well. I was gonna say it almost

1275
00:54:34,560 --> 00:54:38,360
Speaker 2: had like it had a lot of berry fruity tartness

1276
00:54:38,400 --> 00:54:40,759
Speaker 2: going on, but it almost had like this leatheriness that

1277
00:54:40,840 --> 00:54:44,880
Speaker 2: I think came from it aging in oak. Do you

1278
00:54:44,880 --> 00:54:47,680
Speaker 2: ever drink craymerry juice? I have? You know, there's like

1279
00:54:47,680 --> 00:54:50,240
Speaker 2: the a minute you kind of have like this feeling

1280
00:54:50,280 --> 00:54:52,719
Speaker 2: on your tongue, Like it leaves like a leathery feeling. Yeah,

1281
00:54:52,760 --> 00:54:55,120
Speaker 2: that's what I get with this. I see it kind

1282
00:54:55,120 --> 00:54:57,400
Speaker 2: of has like this in the texture or the feeling

1283
00:54:57,400 --> 00:54:59,560
Speaker 2: that it leaves in your mouth from the darkness translates

1284
00:54:59,600 --> 00:55:01,279
Speaker 2: into fl a little bit. And so even though this

1285
00:55:01,320 --> 00:55:03,080
Speaker 2: is a tart cherry, it makes me think of like

1286
00:55:03,760 --> 00:55:07,440
Speaker 2: dark wood and weathered leather kind of you know, like

1287
00:55:07,520 --> 00:55:09,680
Speaker 2: it makes me think of like their frontier or like

1288
00:55:09,680 --> 00:55:14,000
Speaker 2: a well appointed library. Flavors that would accompany that, like

1289
00:55:14,000 --> 00:55:16,480
Speaker 2: a cigar smoking room where yeah, yeah, that's there's like

1290
00:55:16,480 --> 00:55:18,279
Speaker 2: a richness that you need to be in anything like this,

1291
00:55:18,360 --> 00:55:22,000
Speaker 2: a dark, moody room with mahogany and enjoy this beer. Absolutely. Yeah.

1292
00:55:22,040 --> 00:55:25,040
Speaker 2: So anyway, yeah that's what I was thinking, well while

1293
00:55:25,040 --> 00:55:28,360
Speaker 2: we're drinking this one. But yeah, Angel of Darkness by Wicked.

1294
00:55:28,400 --> 00:55:30,479
Speaker 2: We we've had tons of beers by them, all right.

1295
00:55:30,480 --> 00:55:32,200
Speaker 1: Let's gonna do it for this episode though, Bud. Yeah,

1296
00:55:32,239 --> 00:55:34,279
Speaker 1: we'll have show notes and links to some of the

1297
00:55:34,320 --> 00:55:36,239
Speaker 1: things we mentioned up on the website at how some

1298
00:55:36,280 --> 00:55:37,920
Speaker 1: money dot Com. You can always find out there. You

1299
00:55:37,960 --> 00:55:39,879
Speaker 1: can always find our credit card tool. If you're looking

1300
00:55:39,920 --> 00:55:41,640
Speaker 1: for a new credit card tool, looking for the one

1301
00:55:41,840 --> 00:55:43,560
Speaker 1: that's best for you, you can find that up and

1302
00:55:43,640 --> 00:55:45,200
Speaker 1: how the Money dot Com up in the right hand

1303
00:55:45,200 --> 00:55:48,279
Speaker 1: corner clip on credit card tool. But Matt until next time,

1304
00:55:48,560 --> 00:55:50,759
Speaker 1: Best turns out Messed Friends out

1305
00:56:00,200 --> 00:56:02,040
Speaker 2: The wool